# EDGAR Filing Document

**Accession Number:** 0001039803
**File Stem:** 0001104659-25-096469
**Filing Date:** 2025-10
**Character Count:** 2436590
**Document Hash:** de6f6a1bf42e3dc2fc0a70d22f26040c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-096469.hdr.sgml**: 20251003

**ACCESSION NUMBER**: 0001104659-25-096469

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 155

**CONFORMED PERIOD OF REPORT**: 20250731

**FILED AS OF DATE**: 20251003

**DATE AS OF CHANGE**: 20251003

**EFFECTIVENESS DATE**: 20251003

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ProFunds
- **CENTRAL INDEX KEY:** 0001039803

**ORGANIZATION NAME:**
- **EIN:** 522035197
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08239
- **FILM NUMBER:** 251372617

**BUSINESS ADDRESS:**
- **STREET 1:** 7272 WISCONSIN AVENUE
- **STREET 2:** 21ST FLOOR
- **CITY:** BETHESDA
- **STATE:** MD
- **ZIP:** 20814
- **BUSINESS PHONE:** 2404976428

**MAIL ADDRESS:**
- **STREET 1:** 7272 WISCONSIN AVENUE
- **STREET 2:** 21ST FLOOR
- **CITY:** BETHESDA
- **STATE:** MD
- **ZIP:** 20814

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PROFUNDS
- **DATE OF NAME CHANGE:** 19970521

## Series and Classes Contracts Data

### BULL PROFUND (Series ID: S000003059)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000008334 | BULL PROFUND INVESTOR CLASS | BLPIX           |
| C000008335 | BULL PROFUND SERVICE CLASS  | BLPSX           |

### SMALL-CAP GROWTH PROFUND (Series ID: S000003060)

| Class ID   | Class Name                              | Ticker Symbol   |
|:---|:---|:---|
| C000008336 | SMALL-CAP GROWTH PROFUND INVESTOR CLASS | SGPIX           |
| C000008337 | SMALL-CAP GROWTH PROFUND SERVICE CLASS  | SGPSX           |

### EUROPE 30 PROFUND (Series ID: S000003061)

| Class ID   | Class Name                       | Ticker Symbol   |
|:---|:---|:---|
| C000008338 | EUROPE 30 PROFUND INVESTOR CLASS | UEPIX           |
| C000008339 | EUROPE 30 PROFUND SERVICE CLASS  | UEPSX           |

### ULTRABULL PROFUND (Series ID: S000003062)

| Class ID   | Class Name                       | Ticker Symbol   |
|:---|:---|:---|
| C000008340 | ULTRABULL PROFUND INVESTOR CLASS | ULPIX           |
| C000008341 | ULTRABULL PROFUND SERVICE CLASS  | ULPSX           |

### ULTRAMID-CAP PROFUND (Series ID: S000003063)

| Class ID   | Class Name                          | Ticker Symbol   |
|:---|:---|:---|
| C000008342 | ULTRAMID-CAP PROFUND INVESTOR CLASS | UMPIX           |
| C000008343 | ULTRAMID-CAP PROFUND SERVICE CLASS  | UMPSX           |

### ULTRASMALL-CAP PROFUND (Series ID: S000003064)

| Class ID   | Class Name                            | Ticker Symbol   |
|:---|:---|:---|
| C000008344 | ULTRASMALL-CAP PROFUND INVESTOR CLASS | UAPIX           |
| C000008345 | ULTRASMALL-CAP PROFUND SERVICE CLASS  | UAPSX           |

### ULTRADOW 30 PROFUND (Series ID: S000003065)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000008346 | ULTRADOW 30 PROFUND INVESTOR CLASS | UDPIX           |
| C000008347 | ULTRADOW 30 PROFUND SERVICE CLASS  | UDPSX           |

### ULTRANASDAQ-100 PROFUND (Series ID: S000003066)

| Class ID   | Class Name                             | Ticker Symbol   |
|:---|:---|:---|
| C000008348 | ULTRANASDAQ-100 PROFUND INVESTOR CLASS | UOPIX           |
| C000008349 | ULTRANASDAQ-100 PROFUND SERVICE CLASS  | UOPSX           |

### ULTRAJAPAN PROFUND (Series ID: S000003067)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000008350 | ULTRAJAPAN PROFUND INVESTOR CLASS | UJPIX           |
| C000008351 | ULTRAJAPAN PROFUND SERVICE CLASS  | UJPSX           |

### MID-CAP PROFUND (Series ID: S000003068)

| Class ID   | Class Name                     | Ticker Symbol   |
|:---|:---|:---|
| C000008352 | MID-CAP PROFUND INVESTOR CLASS | MDPIX           |
| C000008353 | MID-CAP PROFUND SERVICE CLASS  | MDPSX           |

### SMALL-CAP PROFUND (Series ID: S000003069)

| Class ID   | Class Name                       | Ticker Symbol   |
|:---|:---|:---|
| C000008354 | SMALL-CAP PROFUND INVESTOR CLASS | SLPIX           |
| C000008355 | SMALL-CAP PROFUND SERVICE CLASS  | SLPSX           |

### NASDAQ-100 PROFUND (Series ID: S000003070)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000008356 | NASDAQ-100 PROFUND INVESTOR CLASS | OTPIX           |
| C000008357 | NASDAQ-100 PROFUND SERVICE CLASS  | OTPSX           |

### LARGE-CAP VALUE PROFUND (Series ID: S000003071)

| Class ID   | Class Name                             | Ticker Symbol   |
|:---|:---|:---|
| C000008358 | LARGE-CAP VALUE PROFUND INVESTOR CLASS | LVPIX           |
| C000008359 | LARGE-CAP VALUE PROFUND SERVICE CLASS  | LVPSX           |

### LARGE-CAP GROWTH PROFUND (Series ID: S000003072)

| Class ID   | Class Name                              | Ticker Symbol   |
|:---|:---|:---|
| C000008360 | LARGE-CAP GROWTH PROFUND INVESTOR CLASS | LGPIX           |
| C000008361 | LARGE-CAP GROWTH PROFUND SERVICE CLASS  | LGPSX           |

### MID-CAP VALUE PROFUND (Series ID: S000003073)

| Class ID   | Class Name                           | Ticker Symbol   |
|:---|:---|:---|
| C000008362 | MID-CAP VALUE PROFUND INVESTOR CLASS | MLPIX           |
| C000008363 | MID-CAP VALUE PROFUND SERVICE CLASS  | MLPSX           |

### MID-CAP GROWTH PROFUND (Series ID: S000003074)

| Class ID   | Class Name                            | Ticker Symbol   |
|:---|:---|:---|
| C000008364 | MID-CAP GROWTH PROFUND INVESTOR CLASS | MGPIX           |
| C000008365 | MID-CAP GROWTH PROFUND SERVICE CLASS  | MGPSX           |

### SMALL-CAP VALUE PROFUND (Series ID: S000003075)

| Class ID   | Class Name                             | Ticker Symbol   |
|:---|:---|:---|
| C000008366 | SMALL-CAP VALUE PROFUND INVESTOR CLASS | SVPIX           |
| C000008367 | SMALL-CAP VALUE PROFUND SERVICE CLASS  | SVPSX           |

### BEAR PROFUND (Series ID: S000003076)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000008368 | BEAR PROFUND INVESTOR CLASS | BRPIX           |
| C000008369 | BEAR PROFUND SERVICE CLASS  | BRPSX           |

### SHORT REAL ESTATE PROFUND (Series ID: S000003077)

| Class ID   | Class Name                               | Ticker Symbol   |
|:---|:---|:---|
| C000008370 | SHORT REAL ESTATE PROFUND INVESTOR CLASS | SRPIX           |
| C000008371 | SHORT REAL ESTATE PROFUND SERVICE CLASS  | SRPSX           |

### SHORT SMALL-CAP PROFUND (Series ID: S000003078)

| Class ID   | Class Name                             | Ticker Symbol   |
|:---|:---|:---|
| C000008372 | SHORT SMALL-CAP PROFUND INVESTOR CLASS | SHPIX           |
| C000008373 | SHORT SMALL-CAP PROFUND SERVICE CLASS  | SHPSX           |

### SHORT NASDAQ-100 PROFUND (Series ID: S000003079)

| Class ID   | Class Name                              | Ticker Symbol   |
|:---|:---|:---|
| C000008374 | SHORT NASDAQ-100 PROFUND INVESTOR CLASS | SOPIX           |
| C000008375 | SHORT NASDAQ-100 PROFUND SERVICE CLASS  | SOPSX           |

### ULTRABEAR PROFUND (Series ID: S000003080)

| Class ID   | Class Name                       | Ticker Symbol   |
|:---|:---|:---|
| C000008376 | ULTRABEAR PROFUND INVESTOR CLASS | URPIX           |
| C000008377 | ULTRABEAR PROFUND SERVICE CLASS  | URPSX           |

### ULTRASHORT MID-CAP PROFUND (Series ID: S000003081)

| Class ID   | Class Name                                | Ticker Symbol   |
|:---|:---|:---|
| C000008378 | ULTRASHORT MID-CAP PROFUND INVESTOR CLASS | UIPIX           |
| C000008379 | ULTRASHORT MID-CAP PROFUND SERVICE CLASS  | UIPSX           |

### ULTRASHORT SMALL-CAP PROFUND (Series ID: S000003082)

| Class ID   | Class Name                                  | Ticker Symbol   |
|:---|:---|:---|
| C000008380 | ULTRASHORT SMALL-CAP PROFUND INVESTOR CLASS | UCPIX           |
| C000008381 | ULTRASHORT SMALL-CAP PROFUND SERVICE CLASS  | UCPSX           |

### ULTRASHORT DOW 30 PROFUND (Series ID: S000003083)

| Class ID   | Class Name                               | Ticker Symbol   |
|:---|:---|:---|
| C000008382 | ULTRASHORT DOW 30 PROFUND INVESTOR CLASS | UWPIX           |
| C000008383 | ULTRASHORT DOW 30 PROFUND SERVICE CLASS  | UWPSX           |

### ULTRASHORT NASDAQ-100 PROFUND (Series ID: S000003084)

| Class ID   | Class Name                                   | Ticker Symbol   |
|:---|:---|:---|
| C000008384 | ULTRASHORT NASDAQ-100 PROFUND INVESTOR CLASS | USPIX           |
| C000008385 | ULTRASHORT NASDAQ-100 PROFUND SERVICE CLASS  | USPSX           |

### SHORT ENERGY PROFUND (Series ID: S000003085)

| Class ID   | Class Name                          | Ticker Symbol   |
|:---|:---|:---|
| C000008386 | SHORT ENERGY PROFUND INVESTOR CLASS | SNPIX           |
| C000008387 | SHORT ENERGY PROFUND SERVICE CLASS  | SNPSX           |

### BANKS ULTRASECTOR PROFUND (Series ID: S000003091)

| Class ID   | Class Name                               | Ticker Symbol   |
|:---|:---|:---|
| C000008397 | BANKS ULTRASECTOR PROFUND INVESTOR CLASS | BKPIX           |
| C000008398 | BANKS ULTRASECTOR PROFUND SERVICE CLASS  | BKPSX           |

### INTERNET ULTRASECTOR PROFUND (Series ID: S000003092)

| Class ID   | Class Name                                  | Ticker Symbol   |
|:---|:---|:---|
| C000008399 | INTERNET ULTRASECTOR PROFUND INVESTOR CLASS | INPIX           |
| C000008400 | INTERNET ULTRASECTOR PROFUND SERVICE CLASS  | INPSX           |

### PHARMACEUTICALS ULTRASECTOR PROFUND (Series ID: S000003093)

| Class ID   | Class Name                                         | Ticker Symbol   |
|:---|:---|:---|
| C000008401 | PHARMACEUTICALS ULTRASECTOR PROFUND INVESTOR CLASS | PHPIX           |
| C000008402 | PHARMACEUTICALS ULTRASECTOR PROFUND SERVICE CLASS  | PHPSX           |

### PRECIOUS METALS ULTRASECTOR PROFUND (Series ID: S000003094)

| Class ID   | Class Name                                         | Ticker Symbol   |
|:---|:---|:---|
| C000008403 | PRECIOUS METALS ULTRASECTOR PROFUND INVESTOR CLASS | PMPIX           |
| C000008404 | PRECIOUS METALS ULTRASECTOR PROFUND SERVICE CLASS  | PMPSX           |

### REAL ESTATE ULTRASECTOR PROFUND (Series ID: S000003095)

| Class ID   | Class Name                                     | Ticker Symbol   |
|:---|:---|:---|
| C000008405 | REAL ESTATE ULTRASECTOR PROFUND INVESTOR CLASS | REPIX           |
| C000008406 | REAL ESTATE ULTRASECTOR PROFUND SERVICE CLASS  | REPSX           |

### SEMICONDUCTOR ULTRASECTOR PROFUND (Series ID: S000003096)

| Class ID   | Class Name                                       | Ticker Symbol   |
|:---|:---|:---|
| C000008407 | SEMICONDUCTOR ULTRASECTOR PROFUND INVESTOR CLASS | SMPIX           |
| C000008408 | SEMICONDUCTOR ULTRASECTOR PROFUND SERVICE CLASS  | SMPSX           |

### TECHNOLOGY ULTRASECTOR PROFUND (Series ID: S000003097)

| Class ID   | Class Name                                    | Ticker Symbol   |
|:---|:---|:---|
| C000008409 | TECHNOLOGY ULTRASECTOR PROFUND INVESTOR CLASS | TEPIX           |
| C000008410 | TECHNOLOGY ULTRASECTOR PROFUND SERVICE CLASS  | TEPSX           |

### UTILITIES ULTRASECTOR PROFUND (Series ID: S000003099)

| Class ID   | Class Name                                   | Ticker Symbol   |
|:---|:---|:---|
| C000008413 | UTILITIES ULTRASECTOR PROFUND INVESTOR CLASS | UTPIX           |
| C000008414 | UTILITIES ULTRASECTOR PROFUND SERVICE CLASS  | UTPSX           |

### COMMUNICATION SERVICES ULTRASECTOR PROFUND (Series ID: S000003100)

| Class ID   | Class Name                                                | Ticker Symbol   |
|:---|:---|:---|
| C000008415 | COMMUNICATION SERVICES ULTRASECTOR PROFUND INVESTOR CLASS | WCPIX           |
| C000008416 | COMMUNICATION SERVICES ULTRASECTOR PROFUND SERVICE CLASS  | WCPSX           |

### U.S. GOVERNMENT PLUS PROFUND (Series ID: S000003101)

| Class ID   | Class Name                                  | Ticker Symbol   |
|:---|:---|:---|
| C000008417 | U.S. GOVERNMENT PLUS PROFUND INVESTOR CLASS | GVPIX           |
| C000008418 | U.S. GOVERNMENT PLUS PROFUND SERVICE CLASS  | GVPSX           |

### MATERIALS ULTRASECTOR PROFUND (Series ID: S000003102)

| Class ID   | Class Name                                   | Ticker Symbol   |
|:---|:---|:---|
| C000008419 | MATERIALS ULTRASECTOR PROFUND INVESTOR CLASS | BMPIX           |
| C000008420 | MATERIALS ULTRASECTOR PROFUND SERVICE CLASS  | BMPSX           |

### RISING RATES OPPORTUNITY 10 PROFUND (Series ID: S000003103)

| Class ID   | Class Name                                         | Ticker Symbol   |
|:---|:---|:---|
| C000008421 | RISING RATES OPPORTUNITY 10 PROFUND INVESTOR CLASS | RTPIX           |
| C000008422 | RISING RATES OPPORTUNITY 10 PROFUND SERVICE CLASS  | RTPSX           |

### RISING RATES OPPORTUNITY PROFUND (Series ID: S000003104)

| Class ID   | Class Name                                      | Ticker Symbol   |
|:---|:---|:---|
| C000008423 | RISING RATES OPPORTUNITY PROFUND INVESTOR CLASS | RRPIX           |
| C000008424 | RISING RATES OPPORTUNITY PROFUND SERVICE CLASS  | RRPSX           |

### RISING U.S. DOLLAR PROFUND (Series ID: S000003105)

| Class ID   | Class Name                                | Ticker Symbol   |
|:---|:---|:---|
| C000008425 | RISING U.S. DOLLAR PROFUND INVESTOR CLASS | RDPIX           |
| C000008426 | RISING U.S. DOLLAR PROFUND SERVICE CLASS  | RDPSX           |

### FALLING U.S. DOLLAR PROFUND (Series ID: S000003106)

| Class ID   | Class Name                                 | Ticker Symbol   |
|:---|:---|:---|
| C000008427 | FALLING U.S. DOLLAR PROFUND INVESTOR CLASS | FDPIX           |
| C000008428 | FALLING U.S. DOLLAR PROFUND SERVICE CLASS  | FDPSX           |

### BIOTECHNOLOGY ULTRASECTOR PROFUND (Series ID: S000003107)

| Class ID   | Class Name                                       | Ticker Symbol   |
|:---|:---|:---|
| C000008429 | BIOTECHNOLOGY ULTRASECTOR PROFUND INVESTOR CLASS | BIPIX           |
| C000008430 | BIOTECHNOLOGY ULTRASECTOR PROFUND SERVICE CLASS  | BIPSX           |

### CONSUMER DISCRETIONARY ULTRASECTOR PROFUND (Series ID: S000003108)

| Class ID   | Class Name                                                | Ticker Symbol   |
|:---|:---|:---|
| C000008431 | CONSUMER DISCRETIONARY ULTRASECTOR PROFUND INVESTOR CLASS | CYPIX           |
| C000008432 | CONSUMER DISCRETIONARY ULTRASECTOR PROFUND SERVICE CLASS  | CYPSX           |

### CONSUMER STAPLES ULTRASECTOR PROFUND (Series ID: S000003109)

| Class ID   | Class Name                                          | Ticker Symbol   |
|:---|:---|:---|
| C000008433 | CONSUMER STAPLES ULTRASECTOR PROFUND INVESTOR CLASS | CNPIX           |
| C000008434 | CONSUMER STAPLES ULTRASECTOR PROFUND SERVICE CLASS  | CNPSX           |

### ENERGY ULTRASECTOR PROFUND (Series ID: S000003110)

| Class ID   | Class Name                                | Ticker Symbol   |
|:---|:---|:---|
| C000008435 | ENERGY ULTRASECTOR PROFUND INVESTOR CLASS | ENPIX           |
| C000008436 | ENERGY ULTRASECTOR PROFUND SERVICE CLASS  | ENPSX           |

### FINANCIALS ULTRASECTOR PROFUND (Series ID: S000003111)

| Class ID   | Class Name                                    | Ticker Symbol   |
|:---|:---|:---|
| C000008437 | FINANCIALS ULTRASECTOR PROFUND INVESTOR CLASS | FNPIX           |
| C000008438 | FINANCIALS ULTRASECTOR PROFUND SERVICE CLASS  | FNPSX           |

### HEALTH CARE ULTRASECTOR PROFUND (Series ID: S000003112)

| Class ID   | Class Name                                     | Ticker Symbol   |
|:---|:---|:---|
| C000008439 | HEALTH CARE ULTRASECTOR PROFUND INVESTOR CLASS | HCPIX           |
| C000008440 | HEALTH CARE ULTRASECTOR PROFUND SERVICE CLASS  | HCPSX           |

### INDUSTRIALS ULTRASECTOR PROFUND (Series ID: S000003113)

| Class ID   | Class Name                                     | Ticker Symbol   |
|:---|:---|:---|
| C000008441 | INDUSTRIALS ULTRASECTOR PROFUND INVESTOR CLASS | IDPIX           |
| C000008442 | INDUSTRIALS ULTRASECTOR PROFUND SERVICE CLASS  | IDPSX           |

### SHORT PRECIOUS METALS PROFUND (Series ID: S000004469)

| Class ID   | Class Name                                   | Ticker Symbol   |
|:---|:---|:---|
| C000012306 | SHORT PRECIOUS METALS PROFUND INVESTOR CLASS | SPPIX           |
| C000012307 | SHORT PRECIOUS METALS PROFUND SERVICE CLASS  | SPPSX           |

### OIL & GAS EQUIPMENT & SERVICES ULTRASECTOR PROFUND (Series ID: S000004473)

| Class ID   | Class Name                                                        | Ticker Symbol   |
|:---|:---|:---|
| C000012315 | OIL & GAS EQUIPMENT & SERVICES ULTRASECTOR PROFUND INVESTOR CLASS | OEPIX           |
| C000012316 | OIL & GAS EQUIPMENT & SERVICES ULTRASECTOR PROFUND SERVICE CLASS  | OEPSX           |

### ULTRAEMERGING MARKETS PROFUND (Series ID: S000008839)

| Class ID   | Class Name                                   | Ticker Symbol   |
|:---|:---|:---|
| C000024060 | ULTRAEMERGING MARKETS PROFUND INVESTOR CLASS | UUPIX           |
| C000024061 | ULTRAEMERGING MARKETS PROFUND SERVICE CLASS  | UUPSX           |

### ULTRAINTERNATIONAL PROFUND (Series ID: S000008846)

| Class ID   | Class Name                                | Ticker Symbol   |
|:---|:---|:---|
| C000024071 | ULTRAINTERNATIONAL PROFUND INVESTOR CLASS | UNPIX           |
| C000024072 | ULTRAINTERNATIONAL PROFUND SERVICE CLASS  | UNPSX           |

### ULTRASHORT EMERGING MARKETS PROFUND (Series ID: S000008847)

| Class ID   | Class Name                                         | Ticker Symbol   |
|:---|:---|:---|
| C000024074 | ULTRASHORT EMERGING MARKETS PROFUND INVESTOR CLASS | UVPIX           |
| C000024075 | ULTRASHORT EMERGING MARKETS PROFUND SERVICE CLASS  | UVPSX           |

### ULTRASHORT JAPAN PROFUND (Series ID: S000008849)

| Class ID   | Class Name                              | Ticker Symbol   |
|:---|:---|:---|
| C000024080 | ULTRASHORT JAPAN PROFUND INVESTOR CLASS | UKPIX           |
| C000024081 | ULTRASHORT JAPAN PROFUND SERVICE CLASS  | UKPSX           |

### ULTRASHORT INTERNATIONAL PROFUND (Series ID: S000008850)

| Class ID   | Class Name                                      | Ticker Symbol   |
|:---|:---|:---|
| C000024083 | ULTRASHORT INTERNATIONAL PROFUND INVESTOR CLASS | UXPIX           |
| C000024084 | ULTRASHORT INTERNATIONAL PROFUND SERVICE CLASS  | UXPSX           |

### ULTRASHORT LATIN AMERICA PROFUND (Series ID: S000012863)

| Class ID   | Class Name                                      | Ticker Symbol   |
|:---|:---|:---|
| C000034786 | ULTRASHORT LATIN AMERICA PROFUND INVESTOR CLASS | UFPIX           |
| C000034787 | ULTRASHORT LATIN AMERICA PROFUND SERVICE CLASS  | UFPSX           |

### ULTRALATIN AMERICA PROFUND (Series ID: S000012879)

| Class ID   | Class Name                                | Ticker Symbol   |
|:---|:---|:---|
| C000034818 | ULTRALATIN AMERICA PROFUND INVESTOR CLASS | UBPIX           |
| C000034819 | ULTRALATIN AMERICA PROFUND SERVICE CLASS  | UBPSX           |

### UltraChina ProFund (Series ID: S000020739)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000057897 | UltraChina ProFund Investor Class | UGPIX           |
| C000057898 | UltraChina ProFund Service Class  | UGPSX           |

### UltraShort China ProFund (Series ID: S000020741)

| Class ID   | Class Name                              | Ticker Symbol   |
|:---|:---|:---|
| C000057903 | UltraShort China ProFund Investor Class | UHPIX           |
| C000057904 | UltraShort China ProFund Service Class  | UHPSX           |

### Access Flex High Yield ProFund (Series ID: S000071542)

| Class ID   | Class Name                                    | Ticker Symbol   |
|:---|:---|:---|
| C000226849 | Access Flex High Yield ProFund Investor Class | FYAIX           |
| C000226850 | Access Flex High Yield ProFund Service Class  | FYASX           |

### Access Flex Bear High Yield ProFund (Series ID: S000071543)

| Class ID   | Class Name                                         | Ticker Symbol   |
|:---|:---|:---|
| C000226851 | Access Flex Bear High Yield ProFund Investor Class | AFBIX           |
| C000226852 | Access Flex Bear High Yield ProFund Service Class  | AFBSX           |

### Bitcoin ProFund (Series ID: S000072628)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000229022 | Investor Class | BTCFX           |

### Short Bitcoin ProFund (Series ID: S000076603)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000236592 | Investor Class | BITIX           |

### Ether ProFund (Series ID: S000085708)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000251052 | Investor Class | ETHFX           |

?xml version='1.0' encoding='ASCII'? Consolidated ssr-output-EDGAR XBRL File

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED**

**MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act file number <u>811-08239</u>

ProFunds

------

(Exact name of registrant as specified in charter)

7272 Wisconsin Avenue, 21<sup>st</sup> Floor Bethesda, MD 20814 <br> (Address of principal executive offices) (Zip code)

Ultimus Fund Solutions, LLC, 225 Pictoria Drive, Suite 450, Cincinnati, OH 45246

------

(Name and address of agent for service)

Registrant's telephone number, including area code: <u>(240) 497-6400</u>

Date of fiscal year end: <u>July 31</u>

Date of reporting period: <u>July 31, 2025</u>

**Item 1. Reports to Stockholders.**

(a) The following is a copy of the report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1)

**TABLE OF CONTENTS**

---

| |
|:---|
|  [Access Flex Bear High Yield ProFund](#classname348c9ef3-7373-43dd-b5f7-b5203296b839)<br> **[Investor - AFBIX](#classname348c9ef3-7373-43dd-b5f7-b5203296b839)**  |
|  [Access Flex Bear High Yield ProFund](#classname7defe4be-4a44-4b4e-9222-265973a53519)<br> **[Service - AFBSX](#classname7defe4be-4a44-4b4e-9222-265973a53519)**  |
|  [Access Flex High Yield ProFund](#classname8c041a45-ff54-4803-9ea6-55baea1dd818)<br> **[Investor - FYAIX](#classname8c041a45-ff54-4803-9ea6-55baea1dd818)**  |
|  [Access Flex High Yield ProFund](#classname913892e0-13b3-4641-aeb7-76f9975f1db1)<br> **[Service - FYASX](#classname913892e0-13b3-4641-aeb7-76f9975f1db1)**  |
|  [Banks UltraSector ProFund](#classname76605eca-d5b0-4b7c-b949-8eb1fb9974a8)<br> **[Investor - BKPIX](#classname76605eca-d5b0-4b7c-b949-8eb1fb9974a8)**  |
|  [Banks UltraSector ProFund](#classname4c67237f-5fb7-4f7d-ad70-129a9c92465d)<br> **[Service - BKPSX](#classname4c67237f-5fb7-4f7d-ad70-129a9c92465d)**  |
|  [Bear ProFund](#classname2998694b-0d5d-488a-9706-7d910bda3c15)<br> **[Investor - BRPIX](#classname2998694b-0d5d-488a-9706-7d910bda3c15)**  |
|  [Bear ProFund](#classname76cf2f79-916d-4e83-803c-ab9972b4f59e)<br> **[Service - BRPSX](#classname76cf2f79-916d-4e83-803c-ab9972b4f59e)**  |
|  [Biotechnology UltraSector ProFund](#classnameccd6e8f3-a985-4cc8-aa7b-38e3c3751c85)<br> **[Investor - BIPIX](#classnameccd6e8f3-a985-4cc8-aa7b-38e3c3751c85)**  |
|  [Biotechnology UltraSector ProFund](#classnamed05e7de9-dac5-407c-afa2-2db3946737d4)<br> **[Service - BIPSX](#classnamed05e7de9-dac5-407c-afa2-2db3946737d4)**  |
|  [Bitcoin ProFund](#classnamea7c0499c-0546-49ea-a672-ce2380874ded)<br> **[Investor - BTCFX](#classnamea7c0499c-0546-49ea-a672-ce2380874ded)**  |
|  [Bull ProFund](#classname6a6a1987-b016-49d5-a458-59f8c7c28f36)<br> **[Investor - BLPIX](#classname6a6a1987-b016-49d5-a458-59f8c7c28f36)**  |
|  [Bull ProFund](#classname5acb5017-a15a-48b3-853e-5c4cca292ade)<br> **[Service - BLPSX](#classname5acb5017-a15a-48b3-853e-5c4cca292ade)**  |
|  [Communication Services UltraSector ProFund](#classnameb8eb091f-b98b-4828-891f-fd393d736e68)<br> **[Investor - WCPIX](#classnameb8eb091f-b98b-4828-891f-fd393d736e68)**  |
|  [Communication Services UltraSector ProFund](#classnameddfcef62-38a7-4b4e-851d-64e20e15aec8)<br> **[Service - WCPSX](#classnameddfcef62-38a7-4b4e-851d-64e20e15aec8)**  |
|  [Consumer Discretionary UltraSector ProFund](#classname4ff8b92d-1828-4b05-bced-6b10b496f8f2)<br> **[Investor - CYPIX](#classname4ff8b92d-1828-4b05-bced-6b10b496f8f2)**  |
|  [Consumer Discretionary UltraSector ProFund](#classnameb04beb85-2099-41cc-9dca-e00867d9c01b)<br> **[Service - CYPSX](#classnameb04beb85-2099-41cc-9dca-e00867d9c01b)**  |
|  [Consumer Staples UltraSector ProFund](#classname6e1154a5-49d2-4fa2-ae4f-400816a8dd16)<br> **[Investor - CNPIX](#classname6e1154a5-49d2-4fa2-ae4f-400816a8dd16)**  |
|  [Consumer Staples UltraSector ProFund](#classname93528622-9a73-4d46-98e0-b7670ba6f91a)<br> **[Service - CNPSX](#classname93528622-9a73-4d46-98e0-b7670ba6f91a)**  |
|  [Ether ProFund](#classnamed41ff53c-12c5-45be-b2c9-9e5606f13c08)<br> **[Investor - ETHFX](#classnamed41ff53c-12c5-45be-b2c9-9e5606f13c08)**  |
|  [Energy UltraSector ProFund](#classnamee23417f3-77d3-41e6-b653-2bfe266952bd)<br> **[Investor - ENPIX](#classnamee23417f3-77d3-41e6-b653-2bfe266952bd)**  |
|  [Energy UltraSector ProFund](#classname0a17f3da-3546-4ef7-9f3f-62c642361e70)<br> **[Service - ENPSX](#classname0a17f3da-3546-4ef7-9f3f-62c642361e70)**  |
|  [Europe 30 ProFund](#classnamef1f85083-18a8-4c4b-b950-cd9b60373273)<br> **[Investor - UEPIX](#classnamef1f85083-18a8-4c4b-b950-cd9b60373273)**  |
|  [Europe 30 ProFund](#classnamef4efaad8-5698-432b-8226-2af446415e85)<br> **[Service - UEPSX](#classnamef4efaad8-5698-432b-8226-2af446415e85)**  |
|  [Falling U.S. Dollar ProFund](#classnamed7f65f50-a938-43f6-a00e-a6324345524f)<br> **[Investor - FDPIX](#classnamed7f65f50-a938-43f6-a00e-a6324345524f)**  |
|  [Falling U.S. Dollar ProFund](#classname00414716-57cd-4e90-ab4c-f59a7b616604)<br> **[Service - FDPSX](#classname00414716-57cd-4e90-ab4c-f59a7b616604)**  |
|  [Financials UltraSector ProFund](#classnamef1e59c3b-2d0c-4aaa-a6ab-a1e9ff1ca13d)<br> **[Investor - FNPIX](#classnamef1e59c3b-2d0c-4aaa-a6ab-a1e9ff1ca13d)**  |
|  [Financials UltraSector ProFund](#classnameff281457-b788-4928-a2cf-5103c2bc504b)<br> **[Service - FNPSX](#classnameff281457-b788-4928-a2cf-5103c2bc504b)**  |
|  [Health Care UltraSector ProFund](#classname2570cf7d-87f4-4f5b-883e-5b6d9cdce616)<br> **[Investor - HCPIX](#classname2570cf7d-87f4-4f5b-883e-5b6d9cdce616)**  |
|  [Health Care UltraSector ProFund](#classnamee2c3b7a7-9386-4796-a4cc-472d12122bf8)<br> **[Service - HCPSX](#classnamee2c3b7a7-9386-4796-a4cc-472d12122bf8)**  |
|  [Industrials UltraSector ProFund](#classname20e14caa-ece4-4cba-b2dd-874707853fd3)<br> **[Investor - IDPIX](#classname20e14caa-ece4-4cba-b2dd-874707853fd3)**  |
|  [Industrials UltraSector ProFund](#classname898ca122-4f5f-4bfa-9e22-c416b09eaea5)<br> **[Service - IDPSX](#classname898ca122-4f5f-4bfa-9e22-c416b09eaea5)**  |
|  [Internet UltraSector ProFund](#classnamed785ee1b-73cb-486c-b5da-3dadd77adea8)<br> **[Investor - INPIX](#classnamed785ee1b-73cb-486c-b5da-3dadd77adea8)**  |
|  [Internet UltraSector ProFund](#classname66fa0cf2-8a2a-4f6d-b507-e69071435c40)<br> **[Service - INPSX](#classname66fa0cf2-8a2a-4f6d-b507-e69071435c40)**  |
|  [Large-Cap Growth ProFund](#classnamedbb4977d-37b5-486d-9ed2-c08cb2c6321d)<br> **[Investor - LGPIX](#classnamedbb4977d-37b5-486d-9ed2-c08cb2c6321d)**  |
|  [Large-Cap Growth ProFund](#classnamecaab6e70-5006-4f18-946d-9dc150bf2735)<br> **[Service - LGPSX](#classnamecaab6e70-5006-4f18-946d-9dc150bf2735)**  |
|  [Large-Cap Value ProFund](#classnamee4ec5695-5290-490f-80a5-57a323dc6aea)<br> **[Investor - LVPIX](#classnamee4ec5695-5290-490f-80a5-57a323dc6aea)**  |
|  [Large-Cap Value ProFund](#classnamed3b1bffc-4d51-4213-b028-bf9c382671f5)<br> **[Service - LVPSX](#classnamed3b1bffc-4d51-4213-b028-bf9c382671f5)**  |
|  [Materials UltraSector ProFund](#classnamec193cac6-5f9a-4e4f-8abf-f0d36c7b1ef5)<br> **[Investor - BMPIX](#classnamec193cac6-5f9a-4e4f-8abf-f0d36c7b1ef5)**  |
|  [Materials UltraSector ProFund](#classname7b1655da-7bea-44c2-b65c-ba07bb2f3ccc)<br> **[Service - BMPSX](#classname7b1655da-7bea-44c2-b65c-ba07bb2f3ccc)**  |
|  [Mid-Cap Growth ProFund](#classname4c94d8bd-5b00-4ed2-b5bf-db2e46e12415)<br> **[Investor - MGPIX](#classname4c94d8bd-5b00-4ed2-b5bf-db2e46e12415)**  |
|  [Mid-Cap Growth ProFund](#classname21068c20-edcd-4e5e-919d-5702c5ab1fb6)<br> **[Service - MGPSX](#classname21068c20-edcd-4e5e-919d-5702c5ab1fb6)**  |
|  [Mid-Cap ProFund](#classname4669c9c0-cae3-4f75-8dab-543aa17ec892)<br> **[Investor - MDPIX](#classname4669c9c0-cae3-4f75-8dab-543aa17ec892)**  |
|  [Mid-Cap ProFund](#classnamec53f313f-7b58-4c28-9b07-bb2d6712cc8d)<br> **[Service - MDPSX](#classnamec53f313f-7b58-4c28-9b07-bb2d6712cc8d)**  |
|  [Mid-Cap Value ProFund](#classname789ea4bd-1b5f-458f-b17e-a89a071aeffb)<br> **[Investor - MLPIX](#classname789ea4bd-1b5f-458f-b17e-a89a071aeffb)**  |
|  [Mid-Cap Value ProFund](#classname91c83388-0433-4004-93db-3fbbfe4f6625)<br> **[Service - MLPSX](#classname91c83388-0433-4004-93db-3fbbfe4f6625)**  |
|  [Nasdaq-100 ProFund](#classname2ee6c6dd-15e6-48fe-843a-d5556772a50c)<br> **[Investor - OTPIX](#classname2ee6c6dd-15e6-48fe-843a-d5556772a50c)**  |
|  [Nasdaq-100 ProFund](#classname45dbc186-52ad-4c2b-8705-7f75d5ab404c)<br> **[Service - OTPSX](#classname45dbc186-52ad-4c2b-8705-7f75d5ab404c)**  |
|  [Oil & Gas Equipment & Services UltraSector ProFund](#classname05d6b206-0ce2-43c3-9c56-f9c09c261eda)<br> **[Investor - OEPIX](#classname05d6b206-0ce2-43c3-9c56-f9c09c261eda)**  |
|  [Oil & Gas Equipment & Services UltraSector ProFund](#classnamec01f2543-45b9-4f0d-ae9f-4d166305eb08)<br> **[Service - OEPSX](#classnamec01f2543-45b9-4f0d-ae9f-4d166305eb08)**  |
|  [Pharmaceuticals UltraSector ProFund](#classnamec3818dc2-5d26-43d3-ad51-4d92a66d9839)<br> **[Investor - PHPIX](#classnamec3818dc2-5d26-43d3-ad51-4d92a66d9839)**  |
|  [Pharmaceuticals UltraSector ProFund](#classname93064728-2998-4d56-a349-6c3b3a36aa2d)<br> **[Service - PHPSX](#classname93064728-2998-4d56-a349-6c3b3a36aa2d)**  |
|  [Precious Metals UltraSector ProFund](#classname4a25aa61-33a1-44c0-ae3a-12892567aa98)<br> **[Investor - PMPIX](#classname4a25aa61-33a1-44c0-ae3a-12892567aa98)**  |
|  [Precious Metals UltraSector ProFund](#classname7359bb99-3a89-4a4e-9b2c-b10d93aa7b69)<br> **[Service - PMPSX](#classname7359bb99-3a89-4a4e-9b2c-b10d93aa7b69)**  |
|  [Real Estate UltraSector ProFund](#classname82d80cc9-90cf-4250-8587-f76607f275d7)<br> **[Investor - REPIX](#classname82d80cc9-90cf-4250-8587-f76607f275d7)**  |
|  [Real Estate UltraSector ProFund](#classname8be7d55e-7eeb-46d9-898e-2b6d6b7fc11a)<br> **[Service - REPSX](#classname8be7d55e-7eeb-46d9-898e-2b6d6b7fc11a)**  |
|  [Rising Rates Opportunity 10 ProFund](#classname518771f4-9c34-4dec-af4d-c77eed2e57d8)<br> **[Investor - RTPIX](#classname518771f4-9c34-4dec-af4d-c77eed2e57d8)**  |
|  [Rising Rates Opportunity 10 ProFund](#classnamed88ad37c-db35-43d6-8a68-050fdaac4b30)<br> **[Service - RTPSX](#classnamed88ad37c-db35-43d6-8a68-050fdaac4b30)**  |
|  [Rising Rates Opportunity ProFund](#classnamebbbf70a7-1682-466b-ba39-2c4dc2fba917)<br> **[Investor - RRPIX](#classnamebbbf70a7-1682-466b-ba39-2c4dc2fba917)**  |
|  [Rising Rates Opportunity ProFund](#classname2ec67faa-cc7f-4b6c-b3dd-5c89e71a4b30)<br> **[Service - RRPSX](#classname2ec67faa-cc7f-4b6c-b3dd-5c89e71a4b30)**  |
|  [Rising U.S. Dollar ProFund](#classnamea2e5a6a7-fc77-40be-8116-778aecca4e2c)<br> **[Investor - RDPIX](#classnamea2e5a6a7-fc77-40be-8116-778aecca4e2c)**  |
|  [Rising U.S. Dollar ProFund](#classname2734895b-d4f1-433f-86f9-8c564e1e5725)<br> **[Service - RDPSX](#classname2734895b-d4f1-433f-86f9-8c564e1e5725)**  |
|  [Semiconductor UltraSector ProFund](#classname44a99b97-ff69-471e-a96c-6e1312b07cb6)<br> **[Investor - SMPIX](#classname44a99b97-ff69-471e-a96c-6e1312b07cb6)**  |
|  [Semiconductor UltraSector ProFund](#classnamec9f66389-34b6-4541-90ce-2a61566a2f41)<br> **[Service - SMPSX](#classnamec9f66389-34b6-4541-90ce-2a61566a2f41)**  |
|  [Short Bitcoin ProFund](#classname97da71e7-743f-4621-881a-dd2c80fe7e87)<br> **[Investor - BITIX](#classname97da71e7-743f-4621-881a-dd2c80fe7e87)**  |
|  [Short Energy ProFund](#classname62093d3d-afff-4a2d-b832-74a2361a6e7b)<br> **[Investor - SNPIX](#classname62093d3d-afff-4a2d-b832-74a2361a6e7b)**  |
|  [Short Energy ProFund](#classname751272e1-51a0-49e7-b6b4-6330dc196d02)<br> **[Service - SNPSX](#classname751272e1-51a0-49e7-b6b4-6330dc196d02)**  |
|  [Short Nasdaq-100 ProFund](#classname902c25a0-f2d2-4cf3-800d-d681b325e3a4)<br> **[Investor - SOPIX](#classname902c25a0-f2d2-4cf3-800d-d681b325e3a4)**  |
|  [Short Nasdaq-100 ProFund](#classname6497b96d-b3da-4407-a7e0-456ca65b795b)<br> **[Service - SOPSX](#classname6497b96d-b3da-4407-a7e0-456ca65b795b)**  |
|  [Short Precious Metals ProFund](#classname00b05cd7-ab32-47c2-a0ad-d97246d39cac)<br> **[Investor - SPPIX](#classname00b05cd7-ab32-47c2-a0ad-d97246d39cac)**  |
|  [Short Precious Metals ProFund](#classname2c8be416-9735-4393-9959-17207afebaf2)<br> **[Service - SPPSX](#classname2c8be416-9735-4393-9959-17207afebaf2)**  |
|  [Short Real Estate ProFund](#classname15d60a46-6c66-4450-89ff-da50e040e361)<br> **[Investor - SRPIX](#classname15d60a46-6c66-4450-89ff-da50e040e361)**  |
|  [Short Real Estate ProFund](#classname7dcf4073-e1fa-4d3c-902e-1414223a78b8)<br> **[Service - SRPSX](#classname7dcf4073-e1fa-4d3c-902e-1414223a78b8)**  |
|  [Short Small-Cap ProFund](#classname16aabe70-6000-466c-9487-bc6571c612e2)<br> **[Investor - SHPIX](#classname16aabe70-6000-466c-9487-bc6571c612e2)**  |
|  [Short Small-Cap ProFund](#classname32049164-ae65-4317-99f0-d0e1228f4efa)<br> **[Service - SHPSX](#classname32049164-ae65-4317-99f0-d0e1228f4efa)**  |
|  [Small-Cap Growth ProFund](#classname069c5c53-07f9-4e56-b5e8-36d3975ac3ee)<br> **[Investor - SGPIX](#classname069c5c53-07f9-4e56-b5e8-36d3975ac3ee)**  |
|  [Small-Cap Growth ProFund](#classname3371796b-2a5f-43b2-b8df-e3c9b689308f)<br> **[Service - SGPSX](#classname3371796b-2a5f-43b2-b8df-e3c9b689308f)**  |
|  [Small-Cap ProFund](#classname16a61ca4-f961-4c65-804f-e350d831c02b)<br> **[Investor - SLPIX](#classname16a61ca4-f961-4c65-804f-e350d831c02b)**  |
|  [Small-Cap ProFund](#classnameec95784f-9d7f-4ec1-a871-c3f729174a2d)<br> **[Service - SLPSX](#classnameec95784f-9d7f-4ec1-a871-c3f729174a2d)**  |
|  [Small-Cap Value ProFund](#classname85ad06f5-11de-4ddc-8ef8-6c1bde0188f3)<br> **[Investor - SVPIX](#classname85ad06f5-11de-4ddc-8ef8-6c1bde0188f3)**  |
|  [Small-Cap Value ProFund](#classnamea655a67b-15e0-476a-be56-a7ef3457f025)<br> **[Service - SVPSX](#classnamea655a67b-15e0-476a-be56-a7ef3457f025)**  |
|  [Technology UltraSector ProFund](#classname5799e2c6-730a-41ba-a1ab-ba200056ca83)<br> **[Investor - TEPIX](#classname5799e2c6-730a-41ba-a1ab-ba200056ca83)**  |
|  [Technology UltraSector ProFund](#classnameba7d6a0a-19bd-48f3-bf79-8526ad62a5d7)<br> **[Service - TEPSX](#classnameba7d6a0a-19bd-48f3-bf79-8526ad62a5d7)**  |
|  [UltraBear ProFund](#classnamece05b911-e8ad-4880-ac98-89519c1180f5)<br> **[Investor - URPIX](#classnamece05b911-e8ad-4880-ac98-89519c1180f5)**  |
|  [UltraBear ProFund](#classname9fc1e354-87ae-466e-b443-16e358456695)<br> **[Service - URPSX](#classname9fc1e354-87ae-466e-b443-16e358456695)**  |
|  [UltraBull ProFund](#classname5abfa895-9d08-47c2-b8a1-5bebeeaca620)<br> **[Investor - ULPIX](#classname5abfa895-9d08-47c2-b8a1-5bebeeaca620)**  |
|  [UltraBull ProFund](#classname1ae7f273-b845-4ecf-b3f1-dc9c6e5cab7a)<br> **[Service - ULPSX](#classname1ae7f273-b845-4ecf-b3f1-dc9c6e5cab7a)**  |
|  [UltraChina ProFund](#classname2fffe859-35de-4ac5-935b-54faff9d078a)<br> **[Investor - UGPIX](#classname2fffe859-35de-4ac5-935b-54faff9d078a)**  |
|  [UltraChina ProFund](#classname98d1efdf-0ce1-4a82-836a-185fc12882e9)<br> **[Service - UGPSX](#classname98d1efdf-0ce1-4a82-836a-185fc12882e9)**  |
|  [UltraDow 30 ProFund](#classname35a5c997-01be-4dd8-b3dc-5050e8201400)<br> **[Investor - UDPIX](#classname35a5c997-01be-4dd8-b3dc-5050e8201400)**  |
|  [UltraDow 30 ProFund](#classnamebca58326-f6a0-41dd-a156-0d20fcc82f25)<br> **[Service - UDPSX](#classnamebca58326-f6a0-41dd-a156-0d20fcc82f25)**  |
|  [UltraEmerging Markets ProFund](#classnamecc2eb4c1-a80d-4e05-abf7-f137fde27938)<br> **[Investor - UUPIX](#classnamecc2eb4c1-a80d-4e05-abf7-f137fde27938)**  |
|  [UltraEmerging Markets ProFund](#classnameb253a27f-b9d3-4966-88fe-6af3df83521d)<br> **[Service - UUPSX](#classnameb253a27f-b9d3-4966-88fe-6af3df83521d)**  |
|  [UltraInternational ProFund](#classnamebae7a093-5f1e-4fe6-af35-be77d132cc40)<br> **[Investor - UNPIX](#classnamebae7a093-5f1e-4fe6-af35-be77d132cc40)**  |
|  [UltraInternational ProFund](#classname58a069d6-e412-4f39-aaa6-9efede9ea6e7)<br> **[Service - UNPSX](#classname58a069d6-e412-4f39-aaa6-9efede9ea6e7)**  |
|  [UltraJapan ProFund](#classname1f845a14-57fb-40b5-9ff1-b3e124746214)<br> **[Investor - UJPIX](#classname1f845a14-57fb-40b5-9ff1-b3e124746214)**  |
|  [UltraJapan ProFund](#classname0d64d09b-223f-492d-a54d-5c6c1c9d6903)<br> **[Service - UJPSX](#classname0d64d09b-223f-492d-a54d-5c6c1c9d6903)**  |
|  [UltraLatin America ProFund](#classname20d7ccb2-6e63-4bbb-9f2d-974cc00affb6)<br> **[Investor - UBPIX](#classname20d7ccb2-6e63-4bbb-9f2d-974cc00affb6)**  |
|  [UltraLatin America ProFund](#classnameca721710-1d00-48f7-aeb2-f513ddd58afe)<br> **[Service - UBPSX](#classnameca721710-1d00-48f7-aeb2-f513ddd58afe)**  |
|  [UltraMid-Cap ProFund](#classnamebff413d1-e9ea-4d88-829b-f422a313c4cd)<br> **[Investor - UMPIX](#classnamebff413d1-e9ea-4d88-829b-f422a313c4cd)**  |
|  [UltraMid-Cap ProFund](#classname6153bf14-42ca-4edc-b91e-7cc15e34193c)<br> **[Service - UMPSX](#classname6153bf14-42ca-4edc-b91e-7cc15e34193c)**  |
|  [UltraNasdaq-100 ProFund](#classname7a07e112-a3ec-4cc1-8503-a7571d5af3a9)<br> **[Investor - UOPIX](#classname7a07e112-a3ec-4cc1-8503-a7571d5af3a9)**  |
|  [UltraNasdaq-100 ProFund](#classnamed56a06ae-fa4b-41b4-ab55-0ebaaddde569)<br> **[Service - UOPSX](#classnamed56a06ae-fa4b-41b4-ab55-0ebaaddde569)**  |
|  [UltraShort China ProFund](#classname8942509e-c25b-48d0-bea3-08cbb361bad6)<br> **[Investor - UHPIX](#classname8942509e-c25b-48d0-bea3-08cbb361bad6)**  |
|  [UltraShort China ProFund](#classnameb591f786-1e86-4738-ae35-83b7bff20c9a)<br> **[Service - UHPSX](#classnameb591f786-1e86-4738-ae35-83b7bff20c9a)**  |
|  [UltraShort Dow 30 ProFund](#classnamea2e019e1-ecf4-43d8-89f2-ddfa56f9ac67)<br> **[Investor - UWPIX](#classnamea2e019e1-ecf4-43d8-89f2-ddfa56f9ac67)**  |
|  [UltraShort Dow 30 ProFund](#classnamee56b8fa9-49c4-4624-a6ff-162a11fe39df)<br> **[Service - UWPSX](#classnamee56b8fa9-49c4-4624-a6ff-162a11fe39df)**  |
|  [UltraShort Emerging Markets ProFund](#classnamee69cf8ff-75a1-49ab-ac6e-620c55eb7e2e)<br> **[Investor - UVPIX](#classnamee69cf8ff-75a1-49ab-ac6e-620c55eb7e2e)**  |
|  [UltraShort Emerging Markets ProFund](#classname47b1473c-3815-481b-af5f-cee0f6c3a2ab)<br> **[Service - UVPSX](#classname47b1473c-3815-481b-af5f-cee0f6c3a2ab)**  |
|  [UltraShort International ProFund](#classnamedb0ab248-3b1b-4d21-b885-aea781f0732a)<br> **[Investor - UXPIX](#classnamedb0ab248-3b1b-4d21-b885-aea781f0732a)**  |
|  [UltraShort International ProFund](#classnamed4bae6d7-0043-4ac7-b255-1cb863a7c274)<br> **[Service - UXPSX](#classnamed4bae6d7-0043-4ac7-b255-1cb863a7c274)**  |
|  [UltraShort Japan ProFund](#classname2d75668b-8c5e-434b-ba35-967c1894f646)<br> **[Investor - UKPIX](#classname2d75668b-8c5e-434b-ba35-967c1894f646)**  |
|  [UltraShort Japan ProFund](#classnameeb087e60-5291-4dd4-9d24-df5aaca3fd07)<br> **[Service - UKPSX](#classnameeb087e60-5291-4dd4-9d24-df5aaca3fd07)**  |
|  [UltraShort Latin America ProFund](#classname4073f407-9508-45d0-b035-9dcb44f117e1)<br> **[Investor - UFPIX](#classname4073f407-9508-45d0-b035-9dcb44f117e1)**  |
|  [UltraShort Latin America ProFund](#classname9f60b87a-71d5-48ce-a4db-140cc5042733)<br> **[Service - UFPSX](#classname9f60b87a-71d5-48ce-a4db-140cc5042733)**  |
|  [UltraShort Mid-Cap ProFund](#classname1a03e59e-3f41-4c58-9a21-13dc8f28491d)<br> **[Investor - UIPIX](#classname1a03e59e-3f41-4c58-9a21-13dc8f28491d)**  |
|  [UltraShort Mid-Cap ProFund](#classnamebd6ed770-9505-4dbe-8c93-4cff8aad08e7)<br> **[Service - UIPSX](#classnamebd6ed770-9505-4dbe-8c93-4cff8aad08e7)**  |
|  [UltraShort Nasdaq-100 ProFund](#classname92eee89b-0f81-4e18-bc62-c87464f24aff)<br> **[Investor - USPIX](#classname92eee89b-0f81-4e18-bc62-c87464f24aff)**  |
|  [UltraShort Nasdaq-100 ProFund](#classname0effce98-c598-4618-abb5-9302d3ee737f)<br> **[Service - USPSX](#classname0effce98-c598-4618-abb5-9302d3ee737f)**  |
|  [UltraShort Small-Cap ProFund](#classnamebb7bee5e-9688-4c27-ad53-a010b4fa00a3)<br> **[Investor - UCPIX](#classnamebb7bee5e-9688-4c27-ad53-a010b4fa00a3)**  |
|  [UltraShort Small-Cap ProFund](#classname20b75bbe-9346-4c4f-8cdd-03c20b1e8f04)<br> **[Service - UCPSX](#classname20b75bbe-9346-4c4f-8cdd-03c20b1e8f04)**  |
|  [UltraSmall-Cap ProFund](#classname96ec3c40-30cd-4f19-9013-2c88642a091e)<br> **[Investor - UAPIX](#classname96ec3c40-30cd-4f19-9013-2c88642a091e)**  |
|  [UltraSmall-Cap ProFund](#classnamec248f091-5283-4c3d-9c3c-b264d38fc711)<br> **[Service - UAPSX](#classnamec248f091-5283-4c3d-9c3c-b264d38fc711)**  |
|  [U.S. Government Plus ProFund](#classname9850d0bd-992d-4371-b58e-7af6e12d10db)<br> **[Investor - GVPIX](#classname9850d0bd-992d-4371-b58e-7af6e12d10db)**  |
|  [U.S. Government Plus ProFund](#classname728ca860-2266-4823-b955-2d9c89344c43)<br> **[Service - GVPSX](#classname728ca860-2266-4823-b955-2d9c89344c43)**  |
|  [Utilities UltraSector ProFund](#classname0578b618-f671-416c-98bf-1962c2e6af8c)<br> **[Investor - UTPIX](#classname0578b618-f671-416c-98bf-1962c2e6af8c)**  |
|  [Utilities UltraSector ProFund](#classname2e31aa18-90fc-41ae-8a6e-70ac86428835)<br> **[Service - UTPSX](#classname2e31aa18-90fc-41ae-8a6e-70ac86428835)**  |

---

![Image](tm2510928d1_ncsrimg005.jpg)

# Access Flex Bear High Yield ProFund

#### Investor Class AFBIX
Annual Shareholder Report — July 31, 2025

## Fund Overview
This Annual shareholder report contains important information about the Access Flex Bear High Yield ProFund (the "Fund") for the period of August 1, 2024 to July 31, 2025. You can find additional information about the Fund at www.profunds.com/shareholder-reports. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor Class | $174 | 1.78% |

---

### How did the Fund perform last year?
**Access Flex Bear High Yield ProFund** (the "Fund") seeks to provide investment results that correspond generally to the inverse of the total return of the high yield market consistent with maintaining reasonable liquidity.

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.

During the period, the index performance was driven in part by tightening spreads that offset a modest decline in yields. For the year ended July 31, 2025, the Markit iBoxx $ Liquid High Yield Index, a widely used measure of high yield market performance had a total return of 8.85%.

Primary factors affecting Fund performance include the total return of the derivatives held by the Fund, the performance of the reference assets to which the derivatives are linked, financing rates paid or earned, the types of derivative contracts used (and their correlation to the high yield market), expenses, transaction costs, the impact of compounding, and other miscellaneous factors.

#### Total Return Based on a $10,000 Investment

##### Cumulative performance: August 1, 2015 through July 31, 2025
![30](tm2510928d1_ncsrimg015.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Fund** | **Bloomberg U.S. Aggregate Bond Index** | **Markit iBoxx $ Liquid High Yield Index** |
| **Jul 15** | $10000 | $10000 | $10000 |
| **Jul 16** | $8840 | $10594 | $10399 |
| **Jul 17** | $8363 | $10539 | $11427 |
| **Jul 18** | $8120 | $10455 | $11685 |
| **Jul 19** | $7465 | $11299 | $12555 |
| **Jul 20** | $7184 | $12443 | $12917 |
| **Jul 21** | $6438 | $12356 | $14045 |
| **Jul 22** | $6825 | $11229 | $13082 |
| **Jul 23** | $6681 | $10851 | $13496 |
| **Jul 24** | $6284 | $11405 | $14956 |
| **Jul 25** | $6030 | $11790 | $16280 |

---

The chart above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter), assuming the reinvestment of distributions.

### Average Annual Total Return

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Fund NAV | -4.03% | -3.44% | -4.93% |
| Bloomberg U.S. Aggregate Bond Index | 3.38% | -1.07% | 1.66% |
| Markit iBoxx $ Liquid High Yield Index | 8.85% | 4.74% | 4.99% |

---

**Performance data quoted represents past performance and does not guarantee future results. Updated performance information is available on our website at www.profunds.com/fund_performance.com. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of fund shares.**

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $3601031 |
| Number of Holdings\* | 6 |
| Net Investment Advisory Fees | $0 |
| Portfolio Turnover | 0% |

---

\* No. of Holdings excludes any derivatives and collateral for securities loaned.

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| iShares iBoxx $ High Yield Corporate Bond ETF Swap Agreements | (99)% |
| **Total** | **(99)%** |

---

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments and instruments used for cash management.

# Industry Exposure

---

| | |
|:---|:---|
| Consumer Cyclical | (28)% |
| Consumer Non-Cyclical | (17)% |
| Communications | (12)% |
| Financials | (11)% |
| Energy | (8)% |
| Industrials | (8)% |

---

###### Holdings
The Access Flex Bear High Yield ProFund primarily invests in non-equity securities, which may include: swap agreements, futures contracts, repurchase agreements and U.S. Government securities.

![Image](tm2510928d1_ncsrimg006.jpg)

![QR Code](tm2510928d1_ncsrimg127.jpg)

#### Access Flex Bear High Yield ProFund
Investor Class AFBIX

Annual Shareholder Report — July 31, 2025

Additional information about the Fund including the Financial Statements, Prospectus and Statement of Additional Information is available: On the Fund's website, www.profunds.com/shareholder-reports, or upon request, by calling 888-776-3637.

![Image](tm2510928d1_ncsrimg005.jpg)

#### Service Class AFBSX
Annual Shareholder Report — July 31, 2025

## Fund Overview
This Annual shareholder report contains important information about the Access Flex Bear High Yield ProFund (the "Fund") for the period of August 1, 2024 to July 31, 2025. You can find additional information about the Fund at www.profunds.com/shareholder-reports. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Service Class | $271 | 2.78% |

---

### How did the Fund perform last year?
**Access Flex Bear High Yield ProFund** (the "Fund") seeks to provide investment results that correspond generally to the inverse of the total return of the high yield market consistent with maintaining reasonable liquidity.

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.

During the period, the index performance was driven in part by tightening spreads that offset a modest decline in yields. For the year ended July 31, 2025, the Markit iBoxx $ Liquid High Yield Index, a widely used measure of high yield market performance had a total return of 8.85%.

Primary factors affecting Fund performance include the total return of the derivatives held by the Fund, the performance of the reference assets to which the derivatives are linked, financing rates paid or earned, the types of derivative contracts used (and their correlation to the high yield market), expenses, transaction costs, the impact of compounding, and other miscellaneous factors.

#### Total Return Based on a $10,000 Investment

##### Cumulative performance: August 1, 2015 through July 31, 2025
![30](tm2510928d1_ncsrimg002.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Fund** | **Bloomberg U.S. Aggregate Bond Index** | **Markit iBoxx $ Liquid High Yield Index** |
| **Jul 15** | $10000 | $10000 | $10000 |
| **Jul 16** | $8734 | $10594 | $10399 |
| **Jul 17** | $8232 | $10539 | $11427 |
| **Jul 18** | $7917 | $10455 | $11685 |
| **Jul 19** | $7205 | $11299 | $12555 |
| **Jul 20** | $6864 | $12443 | $12917 |
| **Jul 21** | $6092 | $12356 | $14045 |
| **Jul 22** | $6391 | $11229 | $13082 |
| **Jul 23** | $6201 | $10851 | $13496 |
| **Jul 24** | $5773 | $11405 | $14956 |
| **Jul 25** | $5484 | $11790 | $16280 |

---

The chart above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter), assuming the reinvestment of distributions.

### Average Annual Total Return

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Fund NAV | -5.00% | -4.39% | -5.83% |
| Bloomberg U.S. Aggregate Bond Index | 3.38% | -1.07% | 1.66% |
| Markit iBoxx $ Liquid High Yield Index | 8.85% | 4.74% | 4.99% |

---

**Performance data quoted represents past performance and does not guarantee future results. Updated performance information is available on our website at www.profunds.com/fund_performance.com. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of fund shares.**

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $3601031 |
| Number of Holdings\* | 6 |
| Net Investment Advisory Fees | $0 |
| Portfolio Turnover | 0% |

---

\* No. of Holdings excludes any derivatives and collateral for securities loaned.

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| iShares iBoxx $ High Yield Corporate Bond ETF Swap Agreements | (99)% |
| **Total** | **(99)%** |

---

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments and instruments used for cash management.

# Industry Exposure

---

| | |
|:---|:---|
| Consumer Cyclical | (28)% |
| Consumer Non-Cyclical | (17)% |
| Communications | (12)% |
| Financials | (11)% |
| Energy | (8)% |
| Industrials | (8)% |

---

###### Holdings
The Access Flex Bear High Yield ProFund primarily invests in non-equity securities, which may include: swap agreements, futures contracts, repurchase agreements and U.S. Government securities.

![Image](tm2510928d1_ncsrimg006.jpg)

![QR Code](tm2510928d1_ncsrimg127.jpg)

#### Access Flex Bear High Yield ProFund
Service Class AFBSX

Annual Shareholder Report — July 31, 2025

Additional information about the Fund including the Financial Statements, Prospectus and Statement of Additional Information is available: On the Fund's website, www.profunds.com/shareholder-reports, or upon request, by calling 888-776-3637.

![Image](tm2510928d1_ncsrimg005.jpg)

# Access Flex High Yield ProFund

#### Investor Class FYAIX
Annual Shareholder Report — July 31, 2025

## Fund Overview
This Annual shareholder report contains important information about the Access Flex High Yield ProFund (the "Fund") for the period of August 1, 2024 to July 31, 2025. You can find additional information about the Fund at www.profunds.com/shareholder-reports. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor Class | $182 | 1.77% |

---

### How did the Fund perform last year?
**Access Flex High Yield ProFund** (the "Fund") seeks to provide investment results that correspond generally to the total return of the high yield market consistent with maintaining reasonable liquidity.

The Fund invests primarily in financial instruments that ProFund Advisors believes, in combination, should provide investment results that correspond generally to the high yield market. During the period, the index performance was driven in part by tightening spreads that offset a modest decline in yields.

For the year ended July 31, 2025, the Markit iBoxx $ Liquid High Yield Index, a widely used measure of high yield market performance had a total return of 8.85%.

Primary factors affecting Fund performance include the total return of the derivatives held by the Fund, the performance of the reference assets to which the derivatives are linked, financing rates paid or earned, the types of derivative contracts used (and their correlation to the high yield market), expenses, transaction costs, the impact of compounding, and other miscellaneous factors.

#### Total Return Based on a $10,000 Investment

##### Cumulative performance: August 1, 2015 through July 31, 2025
![30](tm2510928d1_ncsrimg012.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Fund** | **Bloomberg U.S. Aggregate Bond Index** | **Markit iBoxx $ Liquid High Yield Index** |
| **Jul 15** | $10000 | $10000 | $10000 |
| **Jul 16** | $10654 | $10594 | $10399 |
| **Jul 17** | $11208 | $10539 | $11427 |
| **Jul 18** | $11316 | $10455 | $11685 |
| **Jul 19** | $12195 | $11299 | $12555 |
| **Jul 20** | $12010 | $12443 | $12917 |
| **Jul 21** | $12741 | $12356 | $14045 |
| **Jul 22** | $11606 | $11229 | $13082 |
| **Jul 23** | $12178 | $10851 | $13496 |
| **Jul 24** | $13460 | $11405 | $14956 |
| **Jul 25** | $14251 | $11790 | $16280 |

---

The chart above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter), assuming the reinvestment of distributions.

### Average Annual Total Return

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Fund NAV | 5.88% | 3.48% | 3.61% |
| Bloomberg U.S. Aggregate Bond Index | 3.38% | -1.07% | 1.66% |
| Markit iBoxx $ Liquid High Yield Index | 8.85% | 4.74% | 4.99% |

---

**Performance data quoted represents past performance and does not guarantee future results. Updated performance information is available on our website at www.profunds.com/fund_performance.com. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of fund shares.**

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $18115157 |
| Number of Holdings\* | 6 |
| Net Investment Advisory Fees | $135985 |
| Portfolio Turnover | 1308% |

---

\* No. of Holdings excludes any derivatives and collateral for securities loaned.

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| iShares iBoxx $ High Yield Corporate Bond ETF Swap Agreements | 100% |
| **Total** | **100%** |

---

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments and instruments used for cash management.

# Industry Exposure

---

| | |
|:---|:---|
| Consumer Cyclical | 28% |
| Consumer Non-Cyclical | 17% |
| Communications | 12% |
| Financials | 11% |
| Energy | 8% |
| Industrials | 8% |

---

###### Holdings
The Access Flex High Yield ProFund primarily invests in non-equity securities, which may include: swap agreements, futures contracts, repurchase agreements and U.S. Government securities.

![Image](tm2510928d1_ncsrimg006.jpg)

![QR Code](tm2510928d1_ncsrimg127.jpg)

#### Access Flex High Yield ProFund
Investor Class FYAIX

Annual Shareholder Report — July 31, 2025

Additional information about the Fund including the Financial Statements, Prospectus and Statement of Additional Information is available: On the Fund's website, www.profunds.com/shareholder-reports, or upon request, by calling 888-776-3637.

![Image](tm2510928d1_ncsrimg005.jpg)

#### Service Class FYASX
Annual Shareholder Report — July 31, 2025

## Fund Overview
This Annual shareholder report contains important information about the Access Flex High Yield ProFund (the "Fund") for the period of August 1, 2024 to July 31, 2025. You can find additional information about the Fund at www.profunds.com/shareholder-reports. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Service Class | $283 | 2.77% |

---

### How did the Fund perform last year?
**Access Flex High Yield ProFund** (the "Fund") seeks to provide investment results that correspond generally to the total return of the high yield market consistent with maintaining reasonable liquidity.

The Fund invests primarily in financial instruments that ProFund Advisors believes, in combination, should provide investment results that correspond generally to the high yield market. During the period, the index performance was driven in part by tightening spreads that offset a modest decline in yields.

For the year ended July 31, 2025, the Markit iBoxx $ Liquid High Yield Index, a widely used measure of high yield market performance had a total return of 8.85%.

Primary factors affecting Fund performance include the total return of the derivatives held by the Fund, the performance of the reference assets to which the derivatives are linked, financing rates paid or earned, the types of derivative contracts used (and their correlation to the high yield market), expenses, transaction costs, the impact of compounding, and other miscellaneous factors.

#### Total Return Based on a $10,000 Investment

##### Cumulative performance: August 1, 2015 through July 31, 2025
![30](tm2510928d1_ncsrimg036.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Fund** | **Bloomberg U.S. Aggregate Bond Index** | **Markit iBoxx $ Liquid High Yield Index** |
| **Jul 15** | $10000 | $10000 | $10000 |
| **Jul 16** | $10556 | $10594 | $10399 |
| **Jul 17** | $10997 | $10539 | $11427 |
| **Jul 18** | $10995 | $10455 | $11685 |
| **Jul 19** | $11731 | $11299 | $12555 |
| **Jul 20** | $11432 | $12443 | $12917 |
| **Jul 21** | $12011 | $12356 | $14045 |
| **Jul 22** | $10834 | $11229 | $13082 |
| **Jul 23** | $11255 | $10851 | $13496 |
| **Jul 24** | $12315 | $11405 | $14956 |
| **Jul 25** | $12891 | $11790 | $16280 |

---

The chart above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter), assuming the reinvestment of distributions.

### Average Annual Total Return

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Fund NAV | 4.68% | 2.43% | 2.57% |
| Bloomberg U.S. Aggregate Bond Index | 3.38% | -1.07% | 1.66% |
| Markit iBoxx $ Liquid High Yield Index | 8.85% | 4.74% | 4.99% |

---

**Performance data quoted represents past performance and does not guarantee future results. Updated performance information is available on our website at www.profunds.com/fund_performance.com. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of fund shares.**

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $18115157 |
| Number of Holdings\* | 6 |
| Net Investment Advisory Fees | $135985 |
| Portfolio Turnover | 1308% |

---

\* No. of Holdings excludes any derivatives and collateral for securities loaned.

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| iShares iBoxx $ High Yield Corporate Bond ETF Swap Agreements | 100% |
| **Total** | **100%** |

---

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments and instruments used for cash management.

# Industry Exposure

---

| | |
|:---|:---|
| Consumer Cyclical | 28% |
| Consumer Non-Cyclical | 17% |
| Communications | 12% |
| Financials | 11% |
| Energy | 8% |
| Industrials | 8% |

---

###### Holdings
The Access Flex High Yield ProFund primarily invests in non-equity securities, which may include: swap agreements, futures contracts, repurchase agreements and U.S. Government securities.

![Image](tm2510928d1_ncsrimg006.jpg)

![QR Code](tm2510928d1_ncsrimg127.jpg)

#### Access Flex High Yield ProFund
Service Class FYASX

Annual Shareholder Report — July 31, 2025

Additional information about the Fund including the Financial Statements, Prospectus and Statement of Additional Information is available: On the Fund's website, www.profunds.com/shareholder-reports, or upon request, by calling 888-776-3637.

![Image](tm2510928d1_ncsrimg005.jpg)

# Banks UltraSector ProFund

#### Investor Class BKPIX
Annual Shareholder Report — July 31, 2025

## Fund Overview
This Annual shareholder report contains important information about the Banks UltraSector ProFund (the "Fund") for the period of August 1, 2024 to July 31, 2025. You can find additional information about the Fund at www.profunds.com/shareholder-reports. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor Class | $172 | 1.69% |

---

### How did the Fund perform last year?
**Banks UltraSector ProFund** (the "Fund") seeks daily investment results, before fees and expenses, that correspond to one and one-half times (1.5x) the return of the S&P Banks Select Industry Index (the "Index").

The Fund invests in financial instruments that ProFund Advisors believes, in combination, should produce daily returns consistent with the Fund's investment objective.

For the year ended July 31, 2025, the Fund had an average daily statistical correlation of over 0.99 to one and one-half times the daily performance of the Index. For the same period, the Index had a total return of 7.31% and a volatility of 29.33%. The index performance was driven by banks lagging in a period of technology outperformance.

Primary factors affecting Fund performance include the total return of the securities and derivatives held by the Fund, the performance of the reference assets to which the derivatives are linked, financing rates paid or earned, expenses, transaction costs, the volatility of the Fund's Index, the impact of compounding, and other miscellaneous factors.

#### Total Return Based on a $10,000 Investment

##### Cumulative performance: August 1, 2015 through July 31, 2025
![30](tm2510928d1_ncsrimg033.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Fund** | **S&P Banks Select Industry Index** | **S&P Total Market Index** |
| **Jul 15** | $10000 | $10000 | $10000 |
| **Jul 16** | $7859 | $9000 | $10442 |
| **Jul 17** | $12846 | $12493 | $12128 |
| **Jul 18** | $15715 | $14168 | $14121 |
| **Jul 19** | $14663 | $13488 | $15096 |
| **Jul 20** | $8321 | $9630 | $16726 |
| **Jul 21** | $16577 | $15839 | $23237 |
| **Jul 22** | $13249 | $15996 | $21429 |
| **Jul 23** | $12276 | $14300 | $24133 |
| **Jul 24** | $17469 | $19020 | $29227 |
| **Jul 25** | $17999 | $20410 | $33824 |

---

The chart above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter), assuming the reinvestment of distributions.

### Average Annual Total Return

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Fund NAV | 3.03% | 16.69% | 6.05% |
| S&P Banks Select Industry Index | 7.31% | 16.21% | 7.40% |
| S&P Total Market Index | 15.73% | 15.12% | 12.96% |

---

**Performance data quoted represents past performance and does not guarantee future results. Updated performance information is available on our website at www.profunds.com/fund_performance.com. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of fund shares.**

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $7621668 |
| Number of Holdings\* | 104 |
| Net Investment Advisory Fees | $120150 |
| Portfolio Turnover | 184% |

---

\* No. of Holdings excludes any derivatives and collateral for securities loaned.

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| Equity Securities | 85% |
| S&P Banks Select Industry Index Swap Agreements | 66% |
| **Total** | **151%** |

---

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments and instruments used for cash management.

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Regional Banks | 74% |
| Diversified Banks | 11% |
| Commercial & Residential Mortgage Finance | 8% |
| Other Diversified Financial Services | 5% |
| Asset Management & Custody Banks | 2% |

---

###### Largest Equity Holdings

---

| | |
|:---|:---|
| **Holding** | **% of Net Assets** |
| Northern Trust Corp. | 1.0% |
| Axos Financial, Inc. | 1.0% |
| Citigroup, Inc. | 1.0% |
| The Bancorp, Inc. | 1.0% |
| Comerica, Inc. | 1.0% |

---

"Standard & Poor's<sup>®</sup>", "S&P<sup>®</sup>" and "S&P Banks Select Industry Index" are trademarks of Standard & Poor's Financial Services LLC ("S&P") and have been licensed for use by ProFunds. This Fund is not sponsored, licensed, sold or promoted by Standard & Poor's and Standard & Poor's makes no representation regarding the advisability of investing in ProFunds.

![Image](tm2510928d1_ncsrimg006.jpg)

![QR Code](tm2510928d1_ncsrimg127.jpg)

#### Banks UltraSector ProFund
Investor Class BKPIX

Annual Shareholder Report — July 31, 2025

Additional information about the Fund including the Financial Statements, Prospectus and Statement of Additional Information is available: On the Fund's website, www.profunds.com/shareholder-reports, or upon request, by calling 888-776-3637.

![Image](tm2510928d1_ncsrimg005.jpg)

#### Service Class BKPSX
Annual Shareholder Report — July 31, 2025

## Fund Overview
This Annual shareholder report contains important information about the Banks UltraSector ProFund (the "Fund") for the period of August 1, 2024 to July 31, 2025. You can find additional information about the Fund at www.profunds.com/shareholder-reports. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Service Class | $272 | 2.69% |

---

### How did the Fund perform last year?
**Banks UltraSector ProFund** (the "Fund") seeks daily investment results, before fees and expenses, that correspond to one and one-half times (1.5x) the return of the S&P Banks Select Industry Index (the "Index").

The Fund invests in financial instruments that ProFund Advisors believes, in combination, should produce daily returns consistent with the Fund's investment objective.

For the year ended July 31, 2025, the Fund had an average daily statistical correlation of over 0.99 to one and one-half times the daily performance of the Index. For the same period, the Index had a total return of 7.31% and a volatility of 29.33%. The index performance was driven by banks lagging in a period of technology outperformance.

Primary factors affecting Fund performance include the total return of the securities and derivatives held by the Fund, the performance of the reference assets to which the derivatives are linked, financing rates paid or earned, expenses, transaction costs, the volatility of the Fund's Index, the impact of compounding, and other miscellaneous factors.

#### Total Return Based on a $10,000 Investment

##### Cumulative performance: August 1, 2015 through July 31, 2025
![30](tm2510928d1_ncsrimg087.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Fund** | **S&P Banks Select Industry Index** | **S&P Total Market Index** |
| **Jul 15** | $10000 | $10000 | $10000 |
| **Jul 16** | $7779 | $9000 | $10442 |
| **Jul 17** | $12584 | $12493 | $12128 |
| **Jul 18** | $15243 | $14168 | $14121 |
| **Jul 19** | $14080 | $13488 | $15096 |
| **Jul 20** | $7908 | $9630 | $16726 |
| **Jul 21** | $15591 | $15839 | $23237 |
| **Jul 22** | $12335 | $15996 | $21429 |
| **Jul 23** | $11319 | $14300 | $24133 |
| **Jul 24** | $15942 | $19020 | $29227 |
| **Jul 25** | $16261 | $20410 | $33824 |

---

The chart above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter), assuming the reinvestment of distributions.

### Average Annual Total Return

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Fund NAV | 2.01% | 15.51% | 4.98% |
| S&P Banks Select Industry Index | 7.31% | 16.21% | 7.40% |
| S&P Total Market Index | 15.73% | 15.12% | 12.96% |

---

**Performance data quoted represents past performance and does not guarantee future results. Updated performance information is available on our website at www.profunds.com/fund_performance.com. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of fund shares.**

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $7621668 |
| Number of Holdings\* | 104 |
| Net Investment Advisory Fees | $120150 |
| Portfolio Turnover | 184% |

---

\* No. of Holdings excludes any derivatives and collateral for securities loaned.

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| Equity Securities | 85% |
| S&P Banks Select Industry Index Swap Agreements | 66% |
| **Total** | **151%** |

---

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments and instruments used for cash management.

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Regional Banks | 74% |
| Diversified Banks | 11% |
| Commercial & Residential Mortgage Finance | 8% |
| Other Diversified Financial Services | 5% |
| Asset Management & Custody Banks | 2% |

---

###### Largest Equity Holdings

---

| | |
|:---|:---|
| **Holding** | **% of Net Assets** |
| Northern Trust Corp. | 1.0% |
| Axos Financial, Inc. | 1.0% |
| Citigroup, Inc. | 1.0% |
| The Bancorp, Inc. | 1.0% |
| Comerica, Inc. | 1.0% |

---

"Standard & Poor's<sup>®</sup>", "S&P<sup>®</sup>" and "S&P Banks Select Industry Index" are trademarks of Standard & Poor's Financial Services LLC ("S&P") and have been licensed for use by ProFunds. This Fund is not sponsored, licensed, sold or promoted by Standard & Poor's and Standard & Poor's makes no representation regarding the advisability of investing in ProFunds.

![Image](tm2510928d1_ncsrimg006.jpg)

![QR Code](tm2510928d1_ncsrimg127.jpg)

#### Banks UltraSector ProFund
Service Class BKPSX

Annual Shareholder Report — July 31, 2025

Additional information about the Fund including the Financial Statements, Prospectus and Statement of Additional Information is available: On the Fund's website, www.profunds.com/shareholder-reports, or upon request, by calling 888-776-3637.

![Image](tm2510928d1_ncsrimg005.jpg)

# Bear ProFund

#### Investor Class BRPIX
Annual Shareholder Report — July 31, 2025

## Fund Overview
This Annual shareholder report contains important information about the Bear ProFund (the "Fund") for the period of August 1, 2024 to July 31, 2025. You can find additional information about the Fund at www.profunds.com/shareholder-reports. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor Class | $168 | 1.78% |

---

### How did the Fund perform last year?
**Bear ProFund** (the "Fund") seeks daily investment results, before fees and expenses, that correspond to the inverse (-1x) of the daily performance of the S&P 500<sup>®</sup> Index (the "Index").

The Fund invests in financial instruments that ProFund Advisors believes, in combination, should produce daily returns consistent with the Fund's investment objective.

For the year ended July 31, 2025, the Fund had an average daily statistical correlation of over 0.99 to the inverse of the daily performance of the Index. For the same period, the Index had a total return of 16.33% and a volatility of 19.45%. The index performance was driven by technology outperformance which fueled strong returns.

Primary factors affecting Fund performance include the total return of the derivatives held by the Fund, the performance of the reference assets to which the derivatives are linked, financing rates paid or earned, the types of derivative contracts used (and their correlation to the Index), expenses, transaction costs, the volatility of the Fund's Index, the impact of compounding, and other miscellaneous factors.

#### Total Return Based on a $10,000 Investment

##### Cumulative performance: August 1, 2015 through July 31, 2025
![30](tm2510928d1_ncsrimg042.jpg)

---

| | | |
|:---|:---|:---|
| | **Fund** | **S&P 500<sup>®</sup> Index** |
| **Jul 15** | $10000 | $10000 |
| **Jul 16** | $9072 | $10561 |
| **Jul 17** | $7745 | $12256 |
| **Jul 18** | $6648 | $14246 |
| **Jul 19** | $6194 | $15384 |
| **Jul 20** | $4963 | $17223 |
| **Jul 21** | $3507 | $23500 |
| **Jul 22** | $3507 | $22410 |
| **Jul 23** | $3201 | $25327 |
| **Jul 24** | $2823 | $30936 |
| **Jul 25** | $2512 | $35989 |

---

The chart above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter), assuming the reinvestment of distributions.

### Average Annual Total Return

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Fund NAV | -10.99% | -12.73% | -12.90% |
| S&P 500<sup>®</sup> Index | 16.33% | 15.88% | 13.66% |

---

**Performance data quoted represents past performance and does not guarantee future results. Updated performance information is available on our website at www.profunds.com/fund_performance.com. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of fund shares.**

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $43851023 |
| Number of Holdings\* | 6 |
| Net Investment Advisory Fees | $73329 |
| Portfolio Turnover | 0% |

---

\* No. of Holdings excludes any derivatives and collateral for securities loaned.

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| S&P 500 Swap Agreements | (99)% |
| E-mini S&P 500 Futures Contracts | (1)% |
| **Total** | **(100)%** |

---

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments and instruments used for cash management.

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Information Technology | 34% |
| Financials | 14% |
| Consumer Discretionary | 10% |
| Communication Services | 10% |
| Health Care | 9% |

---

###### Holdings
The Bear ProFund primarily invests in non-equity securities, which may include: swap agreements, futures contracts, repurchase agreements and U.S. Government securities.

"Standard & Poor's<sup>®</sup>", "S&P<sup>®</sup>", "S&P 500<sup>®</sup>" and "Standard & Poor's 500<sup>TM</sup>" are trademarks of Standard & Poor's Financial Services LLC ("S&P") and have been licensed for use by ProFunds. This Fund is not sponsored, licensed, sold or promoted by Standard & Poor's and Standard & Poor's makes no representation regarding the advisability of investing in ProFunds.

![Image](tm2510928d1_ncsrimg006.jpg)

![QR Code](tm2510928d1_ncsrimg127.jpg)

#### Bear ProFund
Investor Class BRPIX

Annual Shareholder Report — July 31, 2025

Additional information about the Fund including the Financial Statements, Prospectus and Statement of Additional Information is available: On the Fund's website, www.profunds.com/shareholder-reports, or upon request, by calling 888-776-3637.

![Image](tm2510928d1_ncsrimg005.jpg)

#### Service Class BRPSX
Annual Shareholder Report — July 31, 2025

## Fund Overview
This Annual shareholder report contains important information about the Bear ProFund (the "Fund") for the period of August 1, 2024 to July 31, 2025. You can find additional information about the Fund at www.profunds.com/shareholder-reports. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Service Class | $262 | 2.78% |

---

### How did the Fund perform last year?
**Bear ProFund** (the "Fund") seeks daily investment results, before fees and expenses, that correspond to the inverse (-1x) of the daily performance of the S&P 500<sup>®</sup> Index (the "Index").

The Fund invests in financial instruments that ProFund Advisors believes, in combination, should produce daily returns consistent with the Fund's investment objective.

For the year ended July 31, 2025, the Fund had an average daily statistical correlation of over 0.99 to the inverse of the daily performance of the Index. For the same period, the Index had a total return of 16.33% and a volatility of 19.45%. The index performance was driven by technology outperformance which fueled strong returns.

Primary factors affecting Fund performance include the total return of the derivatives held by the Fund, the performance of the reference assets to which the derivatives are linked, financing rates paid or earned, the types of derivative contracts used (and their correlation to the Index), expenses, transaction costs, the volatility of the Fund's Index, the impact of compounding, and other miscellaneous factors.

#### Total Return Based on a $10,000 Investment

##### Cumulative performance: August 1, 2015 through July 31, 2025
![30](tm2510928d1_ncsrimg027.jpg)

---

| | | |
|:---|:---|:---|
| | **Fund** | **S&P 500<sup>®</sup> Index** |
| **Jul 15** | $10000 | $10000 |
| **Jul 16** | $8980 | $10561 |
| **Jul 17** | $7590 | $12256 |
| **Jul 18** | $6449 | $14246 |
| **Jul 19** | $5948 | $15384 |
| **Jul 20** | $4721 | $17223 |
| **Jul 21** | $3302 | $23500 |
| **Jul 22** | $3270 | $22410 |
| **Jul 23** | $2961 | $25327 |
| **Jul 24** | $2586 | $30936 |
| **Jul 25** | $2282 | $35989 |

---

The chart above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter), assuming the reinvestment of distributions.

### Average Annual Total Return

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Fund NAV | -11.73% | -13.53% | -13.73% |
| S&P 500<sup>®</sup> Index | 16.33% | 15.88% | 13.66% |

---

**Performance data quoted represents past performance and does not guarantee future results. Updated performance information is available on our website at www.profunds.com/fund_performance.com. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of fund shares.**

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $43851023 |
| Number of Holdings\* | 6 |
| Net Investment Advisory Fees | $73329 |
| Portfolio Turnover | 0% |

---

\* No. of Holdings excludes any derivatives and collateral for securities loaned.

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| S&P 500 Swap Agreements | (99)% |
| E-mini S&P 500 Futures Contracts | (1)% |
| **Total** | **(100)%** |

---

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments and instruments used for cash management.

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Information Technology | 34% |
| Financials | 14% |
| Consumer Discretionary | 10% |
| Communication Services | 10% |
| Health Care | 9% |

---

###### Holdings
The Bear ProFund primarily invests in non-equity securities, which may include: swap agreements, futures contracts, repurchase agreements and U.S. Government securities.

"Standard & Poor's<sup>®</sup>", "S&P<sup>®</sup>", "S&P 500<sup>®</sup>" and "Standard & Poor's 500<sup>TM</sup>" are trademarks of Standard & Poor's Financial Services LLC ("S&P") and have been licensed for use by ProFunds. This Fund is not sponsored, licensed, sold or promoted by Standard & Poor's and Standard & Poor's makes no representation regarding the advisability of investing in ProFunds.

![Image](tm2510928d1_ncsrimg006.jpg)

![QR Code](tm2510928d1_ncsrimg127.jpg)

#### Bear ProFund
Service Class BRPSX

Annual Shareholder Report — July 31, 2025

Additional information about the Fund including the Financial Statements, Prospectus and Statement of Additional Information is available: On the Fund's website, www.profunds.com/shareholder-reports, or upon request, by calling 888-776-3637.

![Image](tm2510928d1_ncsrimg005.jpg)

# Biotechnology UltraSector ProFund

#### Investor Class BIPIX
Annual Shareholder Report — July 31, 2025

## Fund Overview
This Annual shareholder report contains important information about the Biotechnology UltraSector ProFund (the "Fund") for the period of August 1, 2024 to July 31, 2025. You can find additional information about the Fund at www.profunds.com/shareholder-reports. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor Class | $133 | 1.52% |

---

### How did the Fund perform last year?
**Biotechnology UltraSector ProFund** (the "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&P Biotechnology Select Industry Index (the "Index").

The Fund invests in financial instruments that ProFund Advisors believes, in combination, should produce daily returns consistent with the Fund's investment objective.

For the year ended July 31, 2025, the Fund had an average daily statistical correlation of over 0.99 to one and one-half times the daily performance of the Index. For the same period, the Index had a total return of -13.32% and a volatility of 28.04%. The index performance was driven by potential policy headwinds that impacted the broader healthcare sector.

Primary factors affecting Fund performance include the total return of the securities and derivatives held by the Fund, the performance of the reference assets to which the derivatives are linked, financing rates paid or earned, expenses, transaction costs, the volatility of the Fund's Index, the impact of compounding, and other miscellaneous factors.

#### Total Return Based on a $10,000 Investment

##### Cumulative performance: August 1, 2015 through July 31, 2025
![30](tm2510928d1_ncsrimg035.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Fund** | **S&P Biotechnology Select Industry Index** | **S&P Total Market Index** |
| **Jul 15** | $10000 | $10000 | $10000 |
| **Jul 16** | $7235 | $7307 | $10442 |
| **Jul 17** | $8207 | $9225 | $12128 |
| **Jul 18** | $9100 | $11253 | $14121 |
| **Jul 19** | $7544 | $10146 | $15096 |
| **Jul 20** | $10834 | $12933 | $16726 |
| **Jul 21** | $14303 | $14662 | $23237 |
| **Jul 22** | $11305 | $9646 | $21429 |
| **Jul 23** | $12484 | $10025 | $24133 |
| **Jul 24** | $14829 | $11838 | $29227 |
| **Jul 25** | $11104 | $10262 | $33824 |

---

The chart above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter), assuming the reinvestment of distributions.

### Average Annual Total Return

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Fund NAV | -25.12% | 0.49% | 1.05% |
| S&P Biotechnology Select Industry Index | -13.32% | -4.52% | 0.26% |
| S&P Total Market Index | 15.73% | 15.12% | 12.96% |

---

**Performance data quoted represents past performance and does not guarantee future results. Updated performance information is available on our website at www.profunds.com/fund_performance.com. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of fund shares.**

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $62519571 |
| Number of Holdings\* | 128 |
| Net Investment Advisory Fees | $624913 |
| Portfolio Turnover | 52% |

---

\* No. of Holdings excludes any derivatives and collateral for securities loaned.

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| Equity Securities | 80% |
| S&P Biotechnology Select Industry Index Swap Agreements | 70% |
| **Total** | **150%** |

---

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments and instruments used for cash management.

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Biotechnology | 100% |

---

###### Largest Equity Holdings

---

| | |
|:---|:---|
| **Holding** | **% of Net Assets** |
| Alnylam Pharmaceuticals, Inc. | 2.6% |
| Halozyme Therapeutics, Inc. | 2.2% |
| Insmed, Inc. | 2.1% |
| Incyte Corp. | 2.1% |
| Moderna, Inc. | 2.1% |

---

"Standard & Poor's<sup>®</sup>", "S&P<sup>®</sup>" and "S&P Biotechnology Select Industry Index" are trademarks of Standard & Poor's Financial Services LLC ("S&P") and have been licensed for use by ProFunds. This Fund is not sponsored, licensed, sold or promoted by Standard & Poor's and Standard & Poor's makes no representation regarding the advisability of investing in ProFunds.

![Image](tm2510928d1_ncsrimg006.jpg)

![QR Code](tm2510928d1_ncsrimg127.jpg)

#### Biotechnology UltraSector ProFund
Investor Class BIPIX

Annual Shareholder Report — July 31, 2025

Additional information about the Fund including the Financial Statements, Prospectus and Statement of Additional Information is available: On the Fund's website, www.profunds.com/shareholder-reports, or upon request, by calling 888-776-3637.

![Image](tm2510928d1_ncsrimg005.jpg)

#### Service Class BIPSX
Annual Shareholder Report — July 31, 2025

## Fund Overview
This Annual shareholder report contains important information about the Biotechnology UltraSector ProFund (the "Fund") for the period of August 1, 2024 to July 31, 2025. You can find additional information about the Fund at www.profunds.com/shareholder-reports. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Service Class | $219 | 2.51% |

---

### How did the Fund perform last year?
**Biotechnology UltraSector ProFund** (the "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&P Biotechnology Select Industry Index (the "Index").

The Fund invests in financial instruments that ProFund Advisors believes, in combination, should produce daily returns consistent with the Fund's investment objective.

For the year ended July 31, 2025, the Fund had an average daily statistical correlation of over 0.99 to one and one-half times the daily performance of the Index. For the same period, the Index had a total return of -13.32% and a volatility of 28.04%. The index performance was driven by potential policy headwinds that impacted the broader healthcare sector.

Primary factors affecting Fund performance include the total return of the securities and derivatives held by the Fund, the performance of the reference assets to which the derivatives are linked, financing rates paid or earned, expenses, transaction costs, the volatility of the Fund's Index, the impact of compounding, and other miscellaneous factors.

#### Total Return Based on a $10,000 Investment

##### Cumulative performance: August 1, 2015 through July 31, 2025
![30](tm2510928d1_ncsrimg056.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Fund** | **S&P Biotechnology Select Industry Index** | **S&P Total Market Index** |
| **Jul 15** | $10000 | $10000 | $10000 |
| **Jul 16** | $7163 | $7307 | $10442 |
| **Jul 17** | $8044 | $9225 | $12128 |
| **Jul 18** | $8832 | $11253 | $14121 |
| **Jul 19** | $7248 | $10146 | $15096 |
| **Jul 20** | $10307 | $12933 | $16726 |
| **Jul 21** | $13475 | $14662 | $23237 |
| **Jul 22** | $10543 | $9646 | $21429 |
| **Jul 23** | $11524 | $10025 | $24133 |
| **Jul 24** | $13553 | $11838 | $29227 |
| **Jul 25** | $10047 | $10262 | $33824 |

---

The chart above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter), assuming the reinvestment of distributions.

### Average Annual Total Return

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Fund NAV | -25.87% | -0.51% | 0.05% |
| S&P Biotechnology Select Industry Index | -13.32% | -4.52% | 0.26% |
| S&P Total Market Index | 15.73% | 15.12% | 12.96% |

---

**Performance data quoted represents past performance and does not guarantee future results. Updated performance information is available on our website at www.profunds.com/fund_performance.com. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of fund shares.**

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $62519571 |
| Number of Holdings\* | 128 |
| Net Investment Advisory Fees | $624913 |
| Portfolio Turnover | 52% |

---

\* No. of Holdings excludes any derivatives and collateral for securities loaned.

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| Equity Securities | 80% |
| S&P Biotechnology Select Industry Index Swap Agreements | 70% |
| **Total** | **150%** |

---

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments and instruments used for cash management.

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Biotechnology | 100% |

---

###### Largest Equity Holdings

---

| | |
|:---|:---|
| **Holding** | **% of Net Assets** |
| Alnylam Pharmaceuticals, Inc. | 2.6% |
| Halozyme Therapeutics, Inc. | 2.2% |
| Insmed, Inc. | 2.1% |
| Incyte Corp. | 2.1% |
| Moderna, Inc. | 2.1% |

---

"Standard & Poor's<sup>®</sup>", "S&P<sup>®</sup>" and "S&P Biotechnology Select Industry Index" are trademarks of Standard & Poor's Financial Services LLC ("S&P") and have been licensed for use by ProFunds. This Fund is not sponsored, licensed, sold or promoted by Standard & Poor's and Standard & Poor's makes no representation regarding the advisability of investing in ProFunds.

![Image](tm2510928d1_ncsrimg006.jpg)

![QR Code](tm2510928d1_ncsrimg127.jpg)

#### Biotechnology UltraSector ProFund
Service Class BIPSX

Annual Shareholder Report — July 31, 2025

Additional information about the Fund including the Financial Statements, Prospectus and Statement of Additional Information is available: On the Fund's website, www.profunds.com/shareholder-reports, or upon request, by calling 888-776-3637.

![Image](tm2510928d1_ncsrimg005.jpg)

# Bitcoin ProFund

#### Investor Class BTCFX
Annual Shareholder Report — July 31, 2025

## Fund Overview
This Annual shareholder report contains important information about the Bitcoin ProFund (the "Fund") for the period of August 1, 2024 to July 31, 2025. You can find additional information about the Fund at www.profunds.com/shareholder-reports. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor Class | $158 | 1.18% |

---

### How did the Fund perform last year?
**Bitcoin ProFund** (the "Fund") seeks investment results, before fees and expenses, that correspond to bitcoin returns.

The Fund seeks to achieve its investment objective primarily through managed exposure to bitcoin futures contracts. In this manner, the Fund seeks to provide investment results that correspond to the performance of bitcoin. The index performance was driven by strong bitcoin performance which significantly outperformed Ether.

For the year ended July 31, 2025, the Fund had a total return of 67.59%. For the same period, the Bloomberg Bitcoin Index, a proxy for the bitcoin market, had a total return of 78.85%.

Primary factors affecting Fund performance include the total return of the derivatives held by the Fund, the performance of the reference assets to which the derivatives are linked, financing rates paid or earned, the types of derivative contracts used, expenses, transaction costs, and other miscellaneous factors.

#### Total Return Based on a $10,000 Investment

##### Cumulative performance: July 28, 2021 through July 31, 2025
![30](tm2510928d1_ncsrimg095.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Fund** | **Bloomberg Bitcoin Index** | **S&P 500<sup>®</sup> Index** |
| **Jul 21** | $10000 | $10000 | $10000 |
| **Jul 21** | $9880 | $10165 | $9990 |
| **Jul 22** | $5596 | $5967 | $9526 |
| **Jul 23** | $6616 | $7293 | $10766 |
| **Jul 24** | $13444 | $16326 | $13151 |
| **Jul 25** | $22531 | $29199 | $15298 |

---

The chart above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter), assuming the reinvestment of distributions.

### Average Annual Total Return

---

| | | |
|:---|:---|:---|
| | **1 Year** | **Since Inception** |
| Fund NAV | 67.59% | 22.47% |
| Bloomberg Bitcoin Index | 78.85% | 30.65% |
| S&P 500<sup>®</sup> Index | 16.33% | 11.19% |

---

**Performance data quoted represents past performance and does not guarantee future results. Updated performance information is available on our website at www.profunds.com/fund_performance.com. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of fund shares.**

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $625148848 |
| Number of Holdings\* | 3 |
| Net Investment Advisory Fees | $1906931 |
| Portfolio Turnover | 0% |

---

\* No. of Holdings excludes any derivatives and collateral for securities loaned.

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| CME Bitcoin Futures Contracts | 100% |
| **Total** | **100%** |

---

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments and instruments used for cash management.

###### Holdings
The Bitcoin ProFund (formerly Bitcoin Strategy ProFund) primarily invests in non-equity securities, which may include: futures contracts, Canadian Exchange Traded Funds, repurchase agreements and reverse repurchase agreements and U.S. Government securities.

Bloomberg is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Neither Bloomberg nor Bloomberg's licensors approve or endorse this material, or guarantee the accuracy or completeness of any information herein, or make any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.

![Image](tm2510928d1_ncsrimg006.jpg)

![QR Code](tm2510928d1_ncsrimg127.jpg)

#### Bitcoin ProFund
Investor Class BTCFX

Annual Shareholder Report — July 31, 2025

Additional information about the Fund including the Financial Statements, Prospectus and Statement of Additional Information is available: On the Fund's website, www.profunds.com/shareholder-reports, or upon request, by calling 888-776-3637.

![Image](tm2510928d1_ncsrimg005.jpg)

# Bull ProFund

#### Investor Class BLPIX
Annual Shareholder Report — July 31, 2025

## Fund Overview
This Annual shareholder report contains important information about the Bull ProFund (the "Fund") for the period of August 1, 2024 to July 31, 2025. You can find additional information about the Fund at www.profunds.com/shareholder-reports. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor Class | $159 | 1.49% |

---

### How did the Fund perform last year?
**Bull ProFund** (the "Fund") seeks daily investment results, before fees and expenses, that tracks performance of the S&P 500<sup>®</sup> Index (the "Index").

The Fund invests in financial instruments that ProFund Advisors believes, in combination, should track the performance of the Index.

For the year ended July 31, 2025, the Fund had an average daily statistical correlation of over 0.99 to the daily performance of the Index. For the same period, the Index had a total return of 16.33% and a volatility of 19.45%. The index performance was driven by technology outperformance which fueled strong returns.

Primary factors affecting Fund performance include the total return of the securities and derivatives held by the Fund, the performance of the reference assets to which the derivatives are linked, financing rates paid or earned, types of derivative contracts used (and their correlation to the Fund's Index), expenses, transaction costs, the volatility of the Fund's Index, and other miscellaneous factors.

#### Total Return Based on a $10,000 Investment

##### Cumulative performance: August 1, 2015 through July 31, 2025
![30](tm2510928d1_ncsrimg128.jpg)

---

| | | |
|:---|:---|:---|
| | **Fund** | **S&P 500<sup>®</sup> Index** |
| **Jul 15** | $10000 | $10000 |
| **Jul 16** | $10361 | $10561 |
| **Jul 17** | $11782 | $12256 |
| **Jul 18** | $13450 | $14246 |
| **Jul 19** | $14257 | $15384 |
| **Jul 20** | $15637 | $17223 |
| **Jul 21** | $20959 | $23500 |
| **Jul 22** | $19620 | $22410 |
| **Jul 23** | $21751 | $25327 |
| **Jul 24** | $26095 | $30936 |
| **Jul 25** | $29600 | $35989 |

---

The chart above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter), assuming the reinvestment of distributions.

### Average Annual Total Return

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Fund NAV | 13.43% | 13.61% | 11.46% |
| S&P 500<sup>®</sup> Index | 16.33% | 15.88% | 13.66% |

---

**Performance data quoted represents past performance and does not guarantee future results. Updated performance information is available on our website at www.profunds.com/fund_performance.com. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of fund shares.**

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $54777519 |
| Number of Holdings\* | 510 |
| Net Investment Advisory Fees | $447573 |
| Portfolio Turnover | 167% |

---

\* No. of Holdings excludes any derivatives and collateral for securities loaned.

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| Equity Securities | 66% |
| S&P 500 Swap Agreements | 27% |
| E-mini S&P 500 Futures Contracts | 7% |
| **Total** | **100%** |

---

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments and instruments used for cash management.

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Information Technology | 34% |
| Financials | 14% |
| Consumer Discretionary | 10% |
| Communication Services | 10% |
| Health Care | 9% |

---

###### Largest Equity Holdings

---

| | |
|:---|:---|
| **Holding** | **% of Net Assets** |
| NVIDIA Corp. | 5.3% |
| Microsoft Corp. | 4.8% |
| Apple, Inc. | 3.8% |
| Amazon.com, Inc. | 2.7% |
| Meta Platforms, Inc. - Class A | 2.0% |

---

"Standard & Poor's<sup>®</sup>", "S&P<sup>®</sup>", "S&P 500<sup>®</sup>" and "Standard & Poor's 500<sup>TM</sup>" are trademarks of Standard & Poor's Financial Services LLC ("S&P") and have been licensed for use by ProFunds. This Fund is not sponsored, licensed, sold or promoted by Standard & Poor's and Standard & Poor's makes no representation regarding the advisability of investing in ProFunds.

![Image](tm2510928d1_ncsrimg006.jpg)

![QR Code](tm2510928d1_ncsrimg127.jpg)

#### Bull ProFund
Investor Class BLPIX

Annual Shareholder Report — July 31, 2025

Additional information about the Fund including the Financial Statements, Prospectus and Statement of Additional Information is available: On the Fund's website, www.profunds.com/shareholder-reports, or upon request, by calling 888-776-3637.

![Image](tm2510928d1_ncsrimg005.jpg)

#### Service Class BLPSX
Annual Shareholder Report — July 31, 2025

## Fund Overview
This Annual shareholder report contains important information about the Bull ProFund (the "Fund") for the period of August 1, 2024 to July 31, 2025. You can find additional information about the Fund at www.profunds.com/shareholder-reports. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Service Class | $264 | 2.49% |

---

### How did the Fund perform last year?
**Bull ProFund** (the "Fund") seeks daily investment results, before fees and expenses, that tracks performance of the S&P 500<sup>®</sup> Index (the "Index").

The Fund invests in financial instruments that ProFund Advisors believes, in combination, should track the performance of the Index.

For the year ended July 31, 2025, the Fund had an average daily statistical correlation of over 0.99 to the daily performance of the Index. For the same period, the Index had a total return of 16.33% and a volatility of 19.45%. The index performance was driven by technology outperformance which fueled strong returns.

Primary factors affecting Fund performance include the total return of the securities and derivatives held by the Fund, the performance of the reference assets to which the derivatives are linked, financing rates paid or earned, types of derivative contracts used (and their correlation to the Fund's Index), expenses, transaction costs, the volatility of the Fund's Index, and other miscellaneous factors.

#### Total Return Based on a $10,000 Investment

##### Cumulative performance: August 1, 2015 through July 31, 2025
![30](tm2510928d1_ncsrimg021.jpg)

---

| | | |
|:---|:---|:---|
| | **Fund** | **S&P 500<sup>®</sup> Index** |
| **Jul 15** | $10000 | $10000 |
| **Jul 16** | $10260 | $10561 |
| **Jul 17** | $11552 | $12256 |
| **Jul 18** | $13057 | $14246 |
| **Jul 19** | $13703 | $15384 |
| **Jul 20** | $14877 | $17223 |
| **Jul 21** | $19746 | $23500 |
| **Jul 22** | $18301 | $22410 |
| **Jul 23** | $20096 | $25327 |
| **Jul 24** | $23874 | $30936 |
| **Jul 25** | $26806 | $35989 |

---

The chart above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter), assuming the reinvestment of distributions.

### Average Annual Total Return

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Fund NAV | 12.28% | 12.50% | 10.36% |
| S&P 500<sup>®</sup> Index | 16.33% | 15.88% | 13.66% |

---

**Performance data quoted represents past performance and does not guarantee future results. Updated performance information is available on our website at www.profunds.com/fund_performance.com. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of fund shares.**

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $54777519 |
| Number of Holdings\* | 510 |
| Net Investment Advisory Fees | $447573 |
| Portfolio Turnover | 167% |

---

\* No. of Holdings excludes any derivatives and collateral for securities loaned.

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| Equity Securities | 66% |
| S&P 500 Swap Agreements | 27% |
| E-mini S&P 500 Futures Contracts | 7% |
| **Total** | **100%** |

---

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments and instruments used for cash management.

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Information Technology | 34% |
| Financials | 14% |
| Consumer Discretionary | 10% |
| Communication Services | 10% |
| Health Care | 9% |

---

###### Largest Equity Holdings

---

| | |
|:---|:---|
| **Holding** | **% of Net Assets** |
| NVIDIA Corp. | 5.3% |
| Microsoft Corp. | 4.8% |
| Apple, Inc. | 3.8% |
| Amazon.com, Inc. | 2.7% |
| Meta Platforms, Inc. - Class A | 2.0% |

---

"Standard & Poor's<sup>®</sup>", "S&P<sup>®</sup>", "S&P 500<sup>®</sup>" and "Standard & Poor's 500<sup>TM</sup>" are trademarks of Standard & Poor's Financial Services LLC ("S&P") and have been licensed for use by ProFunds. This Fund is not sponsored, licensed, sold or promoted by Standard & Poor's and Standard & Poor's makes no representation regarding the advisability of investing in ProFunds.

![Image](tm2510928d1_ncsrimg006.jpg)

![QR Code](tm2510928d1_ncsrimg127.jpg)

#### Bull ProFund
Service Class BLPSX

Annual Shareholder Report — July 31, 2025

Additional information about the Fund including the Financial Statements, Prospectus and Statement of Additional Information is available: On the Fund's website, www.profunds.com/shareholder-reports, or upon request, by calling 888-776-3637.

![Image](tm2510928d1_ncsrimg005.jpg)

# Communication Services UltraSector ProFund

#### Investor Class WCPIX
Annual Shareholder Report — July 31, 2025

## Fund Overview
This Annual shareholder report contains important information about the Communication Services UltraSector ProFund (the "Fund") for the period of August 1, 2024 to July 31, 2025. You can find additional information about the Fund at www.profunds.com/shareholder-reports. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor Class | $208 | 1.78% |

---

### How did the Fund perform last year?
**Communication Services UltraSector ProFund** (the "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&P Communication Services Select Sector Index (the "Index").

The Fund invests in financial instruments that ProFund Advisors believes, in combination, should produce daily returns consistent with the Fund's investment objective.

For the year ended July 31, 2025, the Fund had an average daily statistical correlation of over 0.99 to one and one-half times the daily performance of the Index. For the same period, the Index had a total return of 26.66% and a volatility of 19.39%. The index performance was driven by strong performance from companies such as Meta and Alphabet.

Primary factors affecting Fund performance include the total return of the securities and derivatives held by the Fund, the performance of the reference assets to which the derivatives are linked, financing rates paid or earned, expenses, transaction costs, the volatility of the Fund's Index, the impact of compounding, and other miscellaneous factors.

#### Total Return Based on a $10,000 Investment

##### Cumulative performance: August 1, 2015 through July 31, 2025
![30](tm2510928d1_ncsrimg034.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Fund** | **S&P Communication Services Select Sector Index** | **S&P 500<sup>®</sup> Index** |
| **Jul 15** | $10000 | $10000 | $10000 |
| **Jul 16** | $11035 | $11041 | $10561 |
| **Jul 17** | $13062 | $13678 | $12256 |
| **Jul 18** | $13143 | $15247 | $14246 |
| **Jul 19** | $16774 | $16159 | $15384 |
| **Jul 20** | $19469 | $18681 | $17223 |
| **Jul 21** | $32133 | $26733 | $23500 |
| **Jul 22** | $17499 | $18455 | $22410 |
| **Jul 23** | $22363 | $22736 | $25327 |
| **Jul 24** | $29904 | $28694 | $30936 |
| **Jul 25** | $40019 | $36343 | $35989 |

---

The chart above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter), assuming the reinvestment of distributions.

### Average Annual Total Return

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Fund NAV | 33.83% | 15.50% | 14.88% |
| S&P Communication Services Select Sector Index | 26.66% | 14.24% | 13.77% |
| S&P 500<sup>®</sup> Index | 16.33% | 15.88% | 13.66% |

---

**Performance data quoted represents past performance and does not guarantee future results. Updated performance information is available on our website at www.profunds.com/fund_performance.com. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of fund shares.**

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $30407337 |
| Number of Holdings\* | 30 |
| Net Investment Advisory Fees | $199724 |
| Portfolio Turnover | 395% |

---

\* No. of Holdings excludes any derivatives and collateral for securities loaned.

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| Equity Securities | 75% |
| S&P Communication Services Select Sector Index Swap Agreements | 75% |
| **Total** | **150%** |

---

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments and instruments used for cash management.

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Interactive Media & Services | 41% |
| Entertainment | 30% |
| Media | 17% |
| Diversified Telecommunication Services | 8% |
| Wireless Telecommunication Services | 4% |

---

###### Largest Equity Holdings

---

| | |
|:---|:---|
| **Holding** | **% of Net Assets** |
| Meta Platforms, Inc. - Class A | 14.8% |
| Alphabet, Inc. - Class A | 8.0% |
| Alphabet, Inc. - Class C | 6.4% |
| Netflix, Inc. | 5.7% |
| Electronic Arts, Inc. | 3.4% |

---

"Standard & Poor's<sup>®</sup>", "S&P<sup>®</sup>" and "S&P Communication Services Select Index" are trademarks of Standard & Poor's Financial Services LLC ("S&P") and have been licensed for use by ProFunds. This Fund is not sponsored, licensed, sold or promoted by Standard & Poor's and Standard & Poor's makes no representation regarding the advisability of investing in ProFunds.

![Image](tm2510928d1_ncsrimg006.jpg)

![QR Code](tm2510928d1_ncsrimg127.jpg)

#### Communication Services UltraSector ProFund
Investor Class WCPIX

Annual Shareholder Report — July 31, 2025

Additional information about the Fund including the Financial Statements, Prospectus and Statement of Additional Information is available: On the Fund's website, www.profunds.com/shareholder-reports, or upon request, by calling 888-776-3637.

![Image](tm2510928d1_ncsrimg005.jpg)

#### Service Class WCPSX
Annual Shareholder Report — July 31, 2025

## Fund Overview
This Annual shareholder report contains important information about the Communication Services UltraSector ProFund (the "Fund") for the period of August 1, 2024 to July 31, 2025. You can find additional information about the Fund at www.profunds.com/shareholder-reports. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Service Class | $323 | 2.78% |

---

### How did the Fund perform last year?
**Communication Services UltraSector ProFund** (the "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&P Communication Services Select Sector Index (the "Index").

The Fund invests in financial instruments that ProFund Advisors believes, in combination, should produce daily returns consistent with the Fund's investment objective.

For the year ended July 31, 2025, the Fund had an average daily statistical correlation of over 0.99 to one and one-half times the daily performance of the Index. For the same period, the Index had a total return of 26.66% and a volatility of 19.39%. The index performance was driven by strong performance from companies such as Meta and Alphabet.

Primary factors affecting Fund performance include the total return of the securities and derivatives held by the Fund, the performance of the reference assets to which the derivatives are linked, financing rates paid or earned, expenses, transaction costs, the volatility of the Fund's Index, the impact of compounding, and other miscellaneous factors.

#### Total Return Based on a $10,000 Investment

##### Cumulative performance: August 1, 2015 through July 31, 2025
![30](tm2510928d1_ncsrimg068.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Fund** | **S&P Communication Services Select Sector Index** | **S&P 500<sup>®</sup> Index** |
| **Jul 15** | $10000 | $10000 | $10000 |
| **Jul 16** | $10927 | $11041 | $10561 |
| **Jul 17** | $12808 | $13678 | $12256 |
| **Jul 18** | $12760 | $15247 | $14246 |
| **Jul 19** | $16122 | $16159 | $15384 |
| **Jul 20** | $18523 | $18681 | $17223 |
| **Jul 21** | $30271 | $26733 | $23500 |
| **Jul 22** | $16321 | $18455 | $22410 |
| **Jul 23** | $20658 | $22736 | $25327 |
| **Jul 24** | $27347 | $28694 | $30936 |
| **Jul 25** | $36229 | $36343 | $35989 |

---

The chart above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter), assuming the reinvestment of distributions.

### Average Annual Total Return

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Fund NAV | 32.48% | 14.36% | 13.74% |
| S&P Communication Services Select Sector Index | 26.66% | 14.24% | 13.77% |
| S&P 500<sup>®</sup> Index | 16.33% | 15.88% | 13.66% |

---

**Performance data quoted represents past performance and does not guarantee future results. Updated performance information is available on our website at www.profunds.com/fund_performance.com. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of fund shares.**

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $30407337 |
| Number of Holdings\* | 30 |
| Net Investment Advisory Fees | $199724 |
| Portfolio Turnover | 395% |

---

\* No. of Holdings excludes any derivatives and collateral for securities loaned.

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| Equity Securities | 75% |
| S&P Communication Services Select Sector Index Swap Agreements | 75% |
| **Total** | **150%** |

---

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments and instruments used for cash management.

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Interactive Media & Services | 41% |
| Entertainment | 30% |
| Media | 17% |
| Diversified Telecommunication Services | 8% |
| Wireless Telecommunication Services | 4% |

---

###### Largest Equity Holdings

---

| | |
|:---|:---|
| **Holding** | **% of Net Assets** |
| Meta Platforms, Inc. - Class A | 14.8% |
| Alphabet, Inc. - Class A | 8.0% |
| Alphabet, Inc. - Class C | 6.4% |
| Netflix, Inc. | 5.7% |
| Electronic Arts, Inc. | 3.4% |

---

"Standard & Poor's<sup>®</sup>", "S&P<sup>®</sup>" and "S&P Communication Services Select Index" are trademarks of Standard & Poor's Financial Services LLC ("S&P") and have been licensed for use by ProFunds. This Fund is not sponsored, licensed, sold or promoted by Standard & Poor's and Standard & Poor's makes no representation regarding the advisability of investing in ProFunds.

![Image](tm2510928d1_ncsrimg006.jpg)

![QR Code](tm2510928d1_ncsrimg127.jpg)

#### Communication Services UltraSector ProFund
Service Class WCPSX

Annual Shareholder Report — July 31, 2025

Additional information about the Fund including the Financial Statements, Prospectus and Statement of Additional Information is available: On the Fund's website, www.profunds.com/shareholder-reports, or upon request, by calling 888-776-3637.

![Image](tm2510928d1_ncsrimg005.jpg)

# Consumer Discretionary UltraSector ProFund

#### Investor Class CYPIX
Annual Shareholder Report — July 31, 2025

## Fund Overview
This Annual shareholder report contains important information about the Consumer Discretionary UltraSector ProFund (the "Fund") for the period of August 1, 2024 to July 31, 2025. You can find additional information about the Fund at www.profunds.com/shareholder-reports. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor Class | $178 | 1.61% |

---

### How did the Fund perform last year?
**Consumer Discretionary UltraSector ProFund** (the "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&P Consumer Discretionary Select Sector Index (the "Index").

The Fund invests in financial instruments that ProFund Advisors believes, in combination, should produce daily returns consistent with the Fund's investment objective.

For the year ended July 31, 2025, the Fund had an average daily statistical correlation of over 0.99 to one and one-half times the daily performance of the Index. For the same period, the Index had a total return of 19.24% and a volatility of 25.43%. The index performance was driven by strong performance from companies such as Meta and Alphabet.

Primary factors affecting Fund performance include the total return of the securities and derivatives held by the Fund, the performance of the reference assets to which the derivatives are linked, financing rates paid or earned, expenses, transaction costs, the volatility of the Fund's Index, the impact of compounding, and other miscellaneous factors.

#### Total Return Based on a $10,000 Investment

##### Cumulative performance: August 1, 2015 through July 31, 2025
![30](tm2510928d1_ncsrimg054.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Fund** | **S&P Consumer Discretionary Select Sector Index** | **S&P 500<sup>®</sup> Index** |
| **Jul 15** | $10000 | $10000 | $10000 |
| **Jul 16** | $9790 | $10353 | $10561 |
| **Jul 17** | $11531 | $11792 | $12256 |
| **Jul 18** | $14740 | $14563 | $14246 |
| **Jul 19** | $16724 | $16049 | $15384 |
| **Jul 20** | $19478 | $18469 | $17223 |
| **Jul 21** | $27202 | $24533 | $23500 |
| **Jul 22** | $18584 | $22306 | $22410 |
| **Jul 23** | $21973 | $24055 | $25327 |
| **Jul 24** | $23554 | $26197 | $30936 |
| **Jul 25** | $28622 | $31238 | $35989 |

---

The chart above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter), assuming the reinvestment of distributions.

### Average Annual Total Return

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Fund NAV | 21.52% | 8.00% | 11.09% |
| S&P Consumer Discretionary Select Sector Index | 19.24% | 11.08% | 12.06% |
| S&P 500<sup>®</sup> Index | 16.33% | 15.88% | 13.66% |

---

**Performance data quoted represents past performance and does not guarantee future results. Updated performance information is available on our website at www.profunds.com/fund_performance.com. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of fund shares.**

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $50782151 |
| Number of Holdings\* | 57 |
| Net Investment Advisory Fees | $298154 |
| Portfolio Turnover | 264% |

---

\* No. of Holdings excludes any derivatives and collateral for securities loaned.

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| Equity Securities | 78% |
| S&P Consumer Discretionary Select Sector Index Swap Agreements | 71% |
| **Total** | **149%** |

---

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments and instruments used for cash management.

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Retailing | 48% |
| Consumer Services | 26% |
| Automobiles & Components | 18% |
| Consumer Durables & Apparel | 8% |

---

###### Largest Equity Holdings

---

| | |
|:---|:---|
| **Holding** | **% of Net Assets** |
| Amazon.com, Inc. | 19.1% |
| Tesla, Inc. | 12.2% |
| The Home Depot, Inc. | 5.1% |
| Booking Holdings, Inc. | 3.4% |
| McDonald's Corp. | 3.4% |

---

"Standard & Poor's<sup>®</sup>", "S&P<sup>®</sup>" and "S&P Consumer Discretionary Select Sector Index" are trademarks of Standard & Poor's Financial Services LLC ("S&P") and have been licensed for use by ProFunds. This Fund is not sponsored, licensed, sold or promoted by Standard & Poor's and Standard & Poor's makes no representation regarding the advisability of investing in ProFunds.

![Image](tm2510928d1_ncsrimg006.jpg)

![QR Code](tm2510928d1_ncsrimg127.jpg)

#### Consumer Discretionary UltraSector ProFund
Investor Class CYPIX

Annual Shareholder Report — July 31, 2025

Additional information about the Fund including the Financial Statements, Prospectus and Statement of Additional Information is available: On the Fund's website, www.profunds.com/shareholder-reports, or upon request, by calling 888-776-3637.

![Image](tm2510928d1_ncsrimg005.jpg)

#### Service Class CYPSX
Annual Shareholder Report — July 31, 2025

## Fund Overview
This Annual shareholder report contains important information about the Consumer Discretionary UltraSector ProFund (the "Fund") for the period of August 1, 2024 to July 31, 2025. You can find additional information about the Fund at www.profunds.com/shareholder-reports. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Service Class | $288 | 2.61% |

---

### How did the Fund perform last year?
**Consumer Discretionary UltraSector ProFund** (the "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&P Consumer Discretionary Select Sector Index (the "Index").

The Fund invests in financial instruments that ProFund Advisors believes, in combination, should produce daily returns consistent with the Fund's investment objective.

For the year ended July 31, 2025, the Fund had an average daily statistical correlation of over 0.99 to one and one-half times the daily performance of the Index. For the same period, the Index had a total return of 19.24% and a volatility of 25.43%. The index performance was driven by strong performance from companies such as Meta and Alphabet.

Primary factors affecting Fund performance include the total return of the securities and derivatives held by the Fund, the performance of the reference assets to which the derivatives are linked, financing rates paid or earned, expenses, transaction costs, the volatility of the Fund's Index, the impact of compounding, and other miscellaneous factors.

#### Total Return Based on a $10,000 Investment

##### Cumulative performance: August 1, 2015 through July 31, 2025
![30](tm2510928d1_ncsrimg097.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Fund** | **S&P Consumer Discretionary Select Sector Index** | **S&P 500<sup>®</sup> Index** |
| **Jul 15** | $10000 | $10000 | $10000 |
| **Jul 16** | $9694 | $10353 | $10561 |
| **Jul 17** | $11304 | $11792 | $12256 |
| **Jul 18** | $14304 | $14563 | $14246 |
| **Jul 19** | $16069 | $16049 | $15384 |
| **Jul 20** | $18528 | $18469 | $17223 |
| **Jul 21** | $25622 | $24533 | $23500 |
| **Jul 22** | $17329 | $22306 | $22410 |
| **Jul 23** | $20287 | $24055 | $25327 |
| **Jul 24** | $21527 | $26197 | $30936 |
| **Jul 25** | $25910 | $31238 | $35989 |

---

The chart above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter), assuming the reinvestment of distributions.

### Average Annual Total Return

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Fund NAV | 20.32% | 6.94% | 9.99% |
| S&P Consumer Discretionary Select Sector Index | 19.24% | 11.08% | 12.06% |
| S&P 500<sup>®</sup> Index | 16.33% | 15.88% | 13.66% |

---

**Performance data quoted represents past performance and does not guarantee future results. Updated performance information is available on our website at www.profunds.com/fund_performance.com. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of fund shares.**

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $50782151 |
| Number of Holdings\* | 57 |
| Net Investment Advisory Fees | $298154 |
| Portfolio Turnover | 264% |

---

\* No. of Holdings excludes any derivatives and collateral for securities loaned.

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| Equity Securities | 78% |
| S&P Consumer Discretionary Select Sector Index Swap Agreements | 71% |
| **Total** | **149%** |

---

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments and instruments used for cash management.

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Retailing | 48% |
| Consumer Services | 26% |
| Automobiles & Components | 18% |
| Consumer Durables & Apparel | 8% |

---

###### Largest Equity Holdings

---

| | |
|:---|:---|
| **Holding** | **% of Net Assets** |
| Amazon.com, Inc. | 19.1% |
| Tesla, Inc. | 12.2% |
| The Home Depot, Inc. | 5.1% |
| Booking Holdings, Inc. | 3.4% |
| McDonald's Corp. | 3.4% |

---

"Standard & Poor's<sup>®</sup>", "S&P<sup>®</sup>" and "S&P Consumer Discretionary Select Sector Index" are trademarks of Standard & Poor's Financial Services LLC ("S&P") and have been licensed for use by ProFunds. This Fund is not sponsored, licensed, sold or promoted by Standard & Poor's and Standard & Poor's makes no representation regarding the advisability of investing in ProFunds.

![Image](tm2510928d1_ncsrimg006.jpg)

![QR Code](tm2510928d1_ncsrimg127.jpg)

#### Consumer Discretionary UltraSector ProFund
Service Class CYPSX

Annual Shareholder Report — July 31, 2025

Additional information about the Fund including the Financial Statements, Prospectus and Statement of Additional Information is available: On the Fund's website, www.profunds.com/shareholder-reports, or upon request, by calling 888-776-3637.

![Image](tm2510928d1_ncsrimg005.jpg)

# Consumer Staples UltraSector ProFund

#### Investor Class CNPIX
Annual Shareholder Report — July 31, 2025

## Fund Overview
This Annual shareholder report contains important information about the Consumer Staples UltraSector ProFund (the "Fund") for the period of August 1, 2024 to July 31, 2025. You can find additional information about the Fund at www.profunds.com/shareholder-reports. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor Class | $180 | 1.78% |

---

### How did the Fund perform last year?
**Consumer Staples UltraSector ProFund** (the "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&P Consumer Staples Select Sector Index (the "Index").

The Fund invests in financial instruments that ProFund Advisors believes, in combination, should produce daily returns consistent with the Fund's investment objective.

For the year ended July 31, 2025, the Fund had an average daily statistical correlation of over 0.99 to one and one-half times the daily performance of the Index. For the same period, the Index had a total return of 5.16% and a volatility of 13.42%. The index performance was driven by the absence of the Magnificent 7 and technology-related names.

Primary factors affecting Fund performance include the total return of the securities and derivatives held by the Fund, the performance of the reference assets to which the derivatives are linked, financing rates paid or earned, expenses, transaction costs, the volatility of the Fund's Index, the impact of compounding, and other miscellaneous factors.

#### Total Return Based on a $10,000 Investment

##### Cumulative performance: August 1, 2015 through July 31, 2025
![30](tm2510928d1_ncsrimg124.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Fund** | **S&P Consumer Staples Select Sector Index** | **S&P 500<sup>®</sup> Index** |
| **Jul 15** | $10000 | $10000 | $10000 |
| **Jul 16** | $11289 | $11174 | $10561 |
| **Jul 17** | $12167 | $11620 | $12256 |
| **Jul 18** | $11939 | $11571 | $14246 |
| **Jul 19** | $12584 | $13246 | $15384 |
| **Jul 20** | $14431 | $14371 | $17223 |
| **Jul 21** | $22378 | $16839 | $23500 |
| **Jul 22** | $21183 | $18022 | $22410 |
| **Jul 23** | $18588 | $18815 | $25327 |
| **Jul 24** | $19182 | $19931 | $30936 |
| **Jul 25** | $19512 | $20959 | $35989 |

---

The chart above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter), assuming the reinvestment of distributions.

### Average Annual Total Return

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Fund NAV | 1.72% | 6.22% | 6.91% |
| S&P Consumer Staples Select Sector Index | 5.16% | 7.84% | 7.68% |
| S&P 500<sup>®</sup> Index | 16.33% | 15.88% | 13.66% |

---

**Performance data quoted represents past performance and does not guarantee future results. Updated performance information is available on our website at www.profunds.com/fund_performance.com. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of fund shares.**

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $3775392 |
| Number of Holdings\* | 44 |
| Net Investment Advisory Fees | $8780 |
| Portfolio Turnover | 551% |

---

\* No. of Holdings excludes any derivatives and collateral for securities loaned.

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| Equity Securities | 84% |
| S&P Consumer Staples Select Sector Index Swap Agreements | 67% |
| **Total** | **151%** |

---

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments and instruments used for cash management.

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Food, Beverage & Tobacco | 48% |
| Food & Staples Retailing | 31% |
| Household & Personal Products | 21% |

---

###### Largest Equity Holdings

---

| | |
|:---|:---|
| **Holding** | **% of Net Assets** |
| Walmart, Inc. | 8.2% |
| Costco Wholesale Corp. | 8.1% |
| The Procter & Gamble Co. | 6.9% |
| The Coca-Cola Co. | 5.1% |
| Philip Morris International, Inc. | 4.9% |

---

"Standard & Poor's<sup>®</sup>", "S&P<sup>®</sup>" and "S&P Consumer Staples Select Sector Index" are trademarks of Standard & Poor's Financial Services LLC ("S&P") and have been licensed for use by ProFunds. This Fund is not sponsored, licensed, sold or promoted by Standard & Poor's and Standard & Poor's makes no representation regarding the advisability of investing in ProFunds.

![Image](tm2510928d1_ncsrimg006.jpg)

![QR Code](tm2510928d1_ncsrimg127.jpg)

#### Consumer Staples UltraSector ProFund
Investor Class CNPIX

Annual Shareholder Report — July 31, 2025

Additional information about the Fund including the Financial Statements, Prospectus and Statement of Additional Information is available: On the Fund's website, www.profunds.com/shareholder-reports, or upon request, by calling 888-776-3637.

![Image](tm2510928d1_ncsrimg005.jpg)

#### Service Class CNPSX
Annual Shareholder Report — July 31, 2025

## Fund Overview
This Annual shareholder report contains important information about the Consumer Staples UltraSector ProFund (the "Fund") for the period of August 1, 2024 to July 31, 2025. You can find additional information about the Fund at www.profunds.com/shareholder-reports. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Service Class | $278 | 2.77% |

---

### How did the Fund perform last year?
**Consumer Staples UltraSector ProFund** (the "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&P Consumer Staples Select Sector Index (the "Index").

The Fund invests in financial instruments that ProFund Advisors believes, in combination, should produce daily returns consistent with the Fund's investment objective.

For the year ended July 31, 2025, the Fund had an average daily statistical correlation of over 0.99 to one and one-half times the daily performance of the Index. For the same period, the Index had a total return of 5.16% and a volatility of 13.42%. The index performance was driven by the absence of the Magnificent 7 and technology-related names.

Primary factors affecting Fund performance include the total return of the securities and derivatives held by the Fund, the performance of the reference assets to which the derivatives are linked, financing rates paid or earned, expenses, transaction costs, the volatility of the Fund's Index, the impact of compounding, and other miscellaneous factors.

#### Total Return Based on a $10,000 Investment

##### Cumulative performance: August 1, 2015 through July 31, 2025
![30](tm2510928d1_ncsrimg121.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Fund** | **S&P Consumer Staples Select Sector Index** | **S&P 500<sup>®</sup> Index** |
| **Jul 15** | $10000 | $10000 | $10000 |
| **Jul 16** | $11176 | $11174 | $10561 |
| **Jul 17** | $11927 | $11620 | $12256 |
| **Jul 18** | $11587 | $11571 | $14246 |
| **Jul 19** | $12094 | $13246 | $15384 |
| **Jul 20** | $13731 | $14371 | $17223 |
| **Jul 21** | $21080 | $16839 | $23500 |
| **Jul 22** | $19762 | $18022 | $22410 |
| **Jul 23** | $17170 | $18815 | $25327 |
| **Jul 24** | $17539 | $19931 | $30936 |
| **Jul 25** | $17662 | $20959 | $35989 |

---

The chart above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter), assuming the reinvestment of distributions.

### Average Annual Total Return

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Fund NAV | 0.70% | 5.16% | 5.85% |
| S&P Consumer Staples Select Sector Index | 5.16% | 7.84% | 7.68% |
| S&P 500<sup>®</sup> Index | 16.33% | 15.88% | 13.66% |

---

**Performance data quoted represents past performance and does not guarantee future results. Updated performance information is available on our website at www.profunds.com/fund_performance.com. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of fund shares.**

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $3775392 |
| Number of Holdings\* | 44 |
| Net Investment Advisory Fees | $8780 |
| Portfolio Turnover | 551% |

---

\* No. of Holdings excludes any derivatives and collateral for securities loaned.

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| Equity Securities | 84% |
| S&P Consumer Staples Select Sector Index Swap Agreements | 67% |
| **Total** | **151%** |

---

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments and instruments used for cash management.

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Food, Beverage & Tobacco | 48% |
| Food & Staples Retailing | 31% |
| Household & Personal Products | 21% |

---

###### Largest Equity Holdings

---

| | |
|:---|:---|
| **Holding** | **% of Net Assets** |
| Walmart, Inc. | 8.2% |
| Costco Wholesale Corp. | 8.1% |
| The Procter & Gamble Co. | 6.9% |
| The Coca-Cola Co. | 5.1% |
| Philip Morris International, Inc. | 4.9% |

---

"Standard & Poor's<sup>®</sup>", "S&P<sup>®</sup>" and "S&P Consumer Staples Select Sector Index" are trademarks of Standard & Poor's Financial Services LLC ("S&P") and have been licensed for use by ProFunds. This Fund is not sponsored, licensed, sold or promoted by Standard & Poor's and Standard & Poor's makes no representation regarding the advisability of investing in ProFunds.

![Image](tm2510928d1_ncsrimg006.jpg)

![QR Code](tm2510928d1_ncsrimg127.jpg)

#### Consumer Staples UltraSector ProFund
Service Class CNPSX

Annual Shareholder Report — July 31, 2025

Additional information about the Fund including the Financial Statements, Prospectus and Statement of Additional Information is available: On the Fund's website, www.profunds.com/shareholder-reports, or upon request, by calling 888-776-3637.

![Image](tm2510928d1_ncsrimg005.jpg)

# Ether ProFund

#### Investor Class ETHFX
Annual Shareholder Report — July 31, 2025

## Fund Overview
This Annual shareholder report contains important information about the Ether ProFund (the "Fund") for the period of February 25, 2025 to July 31, 2025. You can find additional information about the Fund at www.profunds.com/shareholder-reports. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor | $80<sup>Footnote Reference\*</sup> | 1.54% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | The reporting period is less than a full annual reporting period. Expenses paid for a full annual reporting period would be higher. |

---

### How did the Fund perform during the period?
**Ether ProFund** (the "Fund") seeks investment results, before fees and expenses, that correspond to the performance of ether.

The Fund currently seeks to achieve this objective primarily through investments in ether futures contracts. The Fund does not invest directly in ether. The index performance was driven in part by an improving regulatory environment and increased institutional adoption.

For the period February 25, 2025, through July 31, 2025, the Fund had a total return of 43.82%. For the same period, the Bloomberg Ethereum Index had a total return of 50.02%.

Primary factors affecting Fund performance include the total return of the derivatives held by the Fund, the performance of the reference assets to which the derivatives are linked, financing rates paid or earned, the types of derivative contracts used, expenses, transaction costs, and other miscellaneous factors.

#### Total Return Based on a $10,000 Investment

##### Cumulative performance: February 25, 2025 through July 31, 2025
![30](tm2510928d1_ncsrimg070.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Fund** | **Bloomberg Ethereum Index** | **S&P 500<sup>®</sup> Index** |
| **Feb 25** | $10000 | $10000 | $10000 |
| **Feb 25** | $8900 | $8883 | $10000 |
| **Mar 25** | $7276 | $7340 | $9437 |
| **Apr 25** | $7084 | $7168 | $9373 |
| **May 25** | $10124 | $10333 | $9963 |
| **Jun 25** | $9827 | $10084 | $10469 |
| **Jul 25** | $14382 | $15002 | $10704 |

---

The chart above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter), assuming the reinvestment of distributions.

### Average Annual Total Return

---

| | |
|:---|:---|
| | **Since Inception** |
| Fund NAV | 43.82% |
| Bloomberg Ethereum Index | 50.02% |
| S&P 500<sup>®</sup> Index | 7.04% |

---

**Performance data quoted represents past performance and does not guarantee future results. Updated performance information is available on our website at www.profunds.com/fund_performance.com. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of fund shares.**

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $3287422 |
| Number of Holdings\* | 3 |
| Net Investment Advisory Fees | $24 |
| Portfolio Turnover | 0% |

---

\* No. of Holdings excludes any derivatives and collateral for securities loaned.

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| CME Ether Futures Contracts | 91% |
| CME Micro Ether Futures Contracts | 7% |
| **Total** | **98%** |

---

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments and instruments used for cash management.

###### Holdings
The Ether ProFund primarily invests in non-equity securities, which may include: futures contracts, Canadian Exchange Traded Funds, repurchase agreements and reverse repurchase agreements and U.S. Government securities.

Bloomberg is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Neither Bloomberg nor Bloomberg's licensors approve or endorse this material, or guarantee the accuracy or completeness of any information herein, or make any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.

![Image](tm2510928d1_ncsrimg006.jpg)

![QR Code](tm2510928d1_ncsrimg127.jpg)

#### Ether ProFund
Investor Class ETHFX

Annual Shareholder Report — July 31, 2025

Additional information about the Fund including the Financial Statements, Prospectus and Statement of Additional Information is available: On the Fund's website, www.profunds.com/shareholder-reports, or upon request, by calling 888-776-3637.

![Image](tm2510928d1_ncsrimg005.jpg)

# Energy UltraSector ProFund

#### Investor Class ENPIX
Annual Shareholder Report — July 31, 2025

## Fund Overview
This Annual shareholder report contains important information about the Energy UltraSector ProFund (the "Fund") for the period of August 1, 2024 to July 31, 2025. You can find additional information about the Fund at www.profunds.com/shareholder-reports. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor Class | $156 | 1.65% |

---

### How did the Fund perform last year?
**Energy UltraSector ProFund** (the "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&P Energy Select Sector Index (the "Index").

The Fund invests in financial instruments that ProFund Advisors believes, in combination, should produce daily returns consistent with the Fund's investment objective.

For the year ended July 31, 2025, the Fund had an average daily statistical correlation of over 0.99 to one and one-half times the daily performance of the Index. For the same period, the Index had a total return of -3.29% and a volatility of 25.45%. The index performance was driven by materially lower oil prices from the year prior.

Primary factors affecting Fund performance include the total return of the securities and derivatives held by the Fund, the performance of the reference assets to which the derivatives are linked, financing rates paid or earned, expenses, transaction costs, the volatility of the Fund's Index, the impact of compounding, and other miscellaneous factors.

#### Total Return Based on a $10,000 Investment

##### Cumulative performance: August 1, 2015 through July 31, 2025
![30](tm2510928d1_ncsrimg102.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Fund** | **S&P Energy Select Sector Index** | **S&P 500<sup>®</sup> Index** |
| **Jul 15** | $10000 | $10000 | $10000 |
| **Jul 16** | $9444 | $10016 | $10561 |
| **Jul 17** | $9017 | $10154 | $12256 |
| **Jul 18** | $11495 | $12169 | $14246 |
| **Jul 19** | $8110 | $10226 | $15384 |
| **Jul 20** | $3360 | $6380 | $17223 |
| **Jul 21** | $5526 | $9213 | $23500 |
| **Jul 22** | $11101 | $15330 | $22410 |
| **Jul 23** | $12736 | $17822 | $25327 |
| **Jul 24** | $13894 | $19644 | $30936 |
| **Jul 25** | $12319 | $18999 | $35989 |

---

The chart above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter), assuming the reinvestment of distributions.

### Average Annual Total Return

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Fund NAV | -11.33% | 29.67% | 2.11% |
| S&P Energy Select Sector Index | -3.29% | 24.39% | 6.63% |
| S&P 500<sup>®</sup> Index | 16.33% | 15.88% | 13.66% |

---

**Performance data quoted represents past performance and does not guarantee future results. Updated performance information is available on our website at www.profunds.com/fund_performance.com. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of fund shares.**

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $17639833 |
| Number of Holdings\* | 28 |
| Net Investment Advisory Fees | $184913 |
| Portfolio Turnover | 374% |

---

\* No. of Holdings excludes any derivatives and collateral for securities loaned.

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| Equity Securities | 82% |
| S&P Energy Select Sector Index Swap Agreements | 67% |
| **Total** | **149%** |

---

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments and instruments used for cash management.

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Oil, Gas & Consumable Fuels | 92% |
| Energy Equipment & Services | 8% |

---

###### Largest Equity Holdings

---

| | |
|:---|:---|
| **Holding** | **% of Net Assets** |
| Exxon Mobil Corp. | 19.0% |
| Chevron Corp. | 14.9% |
| ConocoPhillips | 6.1% |
| The Williams Cos., Inc. | 3.7% |
| EOG Resources, Inc. | 3.6% |

---

"Standard & Poor's<sup>®</sup>", "S&P<sup>®</sup>" and "S&P Energy Select Sector Index" are trademarks of Standard & Poor's Financial Services LLC ("S&P") and have been licensed for use by ProFunds. This Fund is not sponsored, licensed, sold or promoted by Standard & Poor's and Standard & Poor's makes no representation regarding the advisability of investing in ProFunds.

![Image](tm2510928d1_ncsrimg006.jpg)

![QR Code](tm2510928d1_ncsrimg127.jpg)

#### Energy UltraSector ProFund
Investor Class ENPIX

Annual Shareholder Report — July 31, 2025

Additional information about the Fund including the Financial Statements, Prospectus and Statement of Additional Information is available: On the Fund's website, www.profunds.com/shareholder-reports, or upon request, by calling 888-776-3637.

![Image](tm2510928d1_ncsrimg005.jpg)

#### Service Class ENPSX
Annual Shareholder Report — July 31, 2025

## Fund Overview
This Annual shareholder report contains important information about the Energy UltraSector ProFund (the "Fund") for the period of August 1, 2024 to July 31, 2025. You can find additional information about the Fund at www.profunds.com/shareholder-reports. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Service Class | $249 | 2.65% |

---

### How did the Fund perform last year?
**Energy UltraSector ProFund** (the "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&P Energy Select Sector Index (the "Index").

The Fund invests in financial instruments that ProFund Advisors believes, in combination, should produce daily returns consistent with the Fund's investment objective.

For the year ended July 31, 2025, the Fund had an average daily statistical correlation of over 0.99 to one and one-half times the daily performance of the Index. For the same period, the Index had a total return of -3.29% and a volatility of 25.45%. The index performance was driven by materially lower oil prices from the year prior.

Primary factors affecting Fund performance include the total return of the securities and derivatives held by the Fund, the performance of the reference assets to which the derivatives are linked, financing rates paid or earned, expenses, transaction costs, the volatility of the Fund's Index, the impact of compounding, and other miscellaneous factors.

#### Total Return Based on a $10,000 Investment

##### Cumulative performance: August 1, 2015 through July 31, 2025
![30](tm2510928d1_ncsrimg114.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Fund** | **S&P Energy Select Sector Index** | **S&P 500<sup>®</sup> Index** |
| **Jul 15** | $10000 | $10000 | $10000 |
| **Jul 16** | $9350 | $10016 | $10561 |
| **Jul 17** | $8839 | $10154 | $12256 |
| **Jul 18** | $11158 | $12169 | $14246 |
| **Jul 19** | $7793 | $10226 | $15384 |
| **Jul 20** | $3201 | $6380 | $17223 |
| **Jul 21** | $5208 | $9213 | $23500 |
| **Jul 22** | $10358 | $15330 | $22410 |
| **Jul 23** | $11762 | $17822 | $25327 |
| **Jul 24** | $12704 | $19644 | $30936 |
| **Jul 25** | $11149 | $18999 | $35989 |

---

The chart above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter), assuming the reinvestment of distributions.

### Average Annual Total Return

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Fund NAV | -12.24% | 28.35% | 1.09% |
| S&P Energy Select Sector Index | -3.29% | 24.39% | 6.63% |
| S&P 500<sup>®</sup> Index | 16.33% | 15.88% | 13.66% |

---

**Performance data quoted represents past performance and does not guarantee future results. Updated performance information is available on our website at www.profunds.com/fund_performance.com. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of fund shares.**

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $17639833 |
| Number of Holdings\* | 28 |
| Net Investment Advisory Fees | $184913 |
| Portfolio Turnover | 374% |

---

\* No. of Holdings excludes any derivatives and collateral for securities loaned.

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| Equity Securities | 82% |
| S&P Energy Select Sector Index Swap Agreements | 67% |
| **Total** | **149%** |

---

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments and instruments used for cash management.

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Oil, Gas & Consumable Fuels | 92% |
| Energy Equipment & Services | 8% |

---

###### Largest Equity Holdings

---

| | |
|:---|:---|
| **Holding** | **% of Net Assets** |
| Exxon Mobil Corp. | 19.0% |
| Chevron Corp. | 14.9% |
| ConocoPhillips | 6.1% |
| The Williams Cos., Inc. | 3.7% |
| EOG Resources, Inc. | 3.6% |

---

"Standard & Poor's<sup>®</sup>", "S&P<sup>®</sup>" and "S&P Energy Select Sector Index" are trademarks of Standard & Poor's Financial Services LLC ("S&P") and have been licensed for use by ProFunds. This Fund is not sponsored, licensed, sold or promoted by Standard & Poor's and Standard & Poor's makes no representation regarding the advisability of investing in ProFunds.

![Image](tm2510928d1_ncsrimg006.jpg)

![QR Code](tm2510928d1_ncsrimg127.jpg)

#### Energy UltraSector ProFund
Service Class ENPSX

Annual Shareholder Report — July 31, 2025

Additional information about the Fund including the Financial Statements, Prospectus and Statement of Additional Information is available: On the Fund's website, www.profunds.com/shareholder-reports, or upon request, by calling 888-776-3637.

![Image](tm2510928d1_ncsrimg005.jpg)

# Europe 30 ProFund

#### Investor Class UEPIX
Annual Shareholder Report — July 31, 2025

## Fund Overview
This Annual shareholder report contains important information about the Europe 30 ProFund (the "Fund") for the period of August 1, 2024 to July 31, 2025. You can find additional information about the Fund at www.profunds.com/shareholder-reports. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor Class | $184 | 1.78% |

---

### How did the Fund perform last year?
**Europe 30 ProFund** (the "Fund") seeks investment results, before fees and expenses, that track the performance of the ProFunds Europe 30 Index<sup>®</sup> (the "Index").

The Fund invests in securities that ProFund Advisors believes, in combination, should track the performance of the Index.

For the year ended July 31, 2025, the Fund had an average daily statistical correlation of over 0.99 to the daily performance of the Index. For the same period, the Index had a price return of 6.47% and a volatility of 17.31%. The index performance was driven by optimism around European expansionary fiscal policy.

Primary factors affecting Fund performance include the total return of the securities held by the Fund, expenses, transaction costs, the volatility of a Fund's index, and other miscellaneous factors.

#### Total Return Based on a $10,000 Investment

##### Cumulative performance: August 1, 2015 through July 31, 2025
![30](tm2510928d1_ncsrimg088.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Fund** | **ProFunds Europe 30 Index<sup>®</sup>** | **S&P Global 1200 Index** | **STOXX Europe 50<sup>®</sup> Index** |
| **Jul 15** | $10000 | $10000 | $9999 | $10000 |
| **Jul 16** | $9182 | $8978 | $10075 | $8796 |
| **Jul 17** | $11064 | $10621 | $11851 | $10263 |
| **Jul 18** | $11650 | $10947 | $13297 | $10810 |
| **Jul 19** | $11190 | $10055 | $13808 | $10686 |
| **Jul 20** | $9800 | $8874 | $14881 | $10696 |
| **Jul 21** | $12876 | $11593 | $20007 | $13417 |
| **Jul 22** | $12053 | $10759 | $18395 | $12208 |
| **Jul 23** | $13394 | $11728 | $20973 | $15007 |
| **Jul 24** | $15532 | $13170 | $24918 | $16766 |
| **Jul 25** | $16655 | $14022 | $28888 | $18136 |

---

The chart above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter), assuming the reinvestment of distributions.

### Average Annual Total Return

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Fund NAV | 7.23% | 11.19% | 5.23% |
| ProFunds Europe 30 Index<sup>®</sup> | 6.47% | 9.58% | 3.44% |
| S&P Global 1200 Index | 15.95% | 14.19% | 11.19% |
| STOXX Europe 50<sup>®</sup> Index | 8.17% | 11.14% | 6.13% |

---

**Performance data quoted represents past performance and does not guarantee future results. Updated performance information is available on our website at www.profunds.com/fund_performance.com. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of fund shares.**

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $4266804 |
| Number of Holdings\* | 30 |
| Net Investment Advisory Fees | $3527 |
| Portfolio Turnover | 712% |

---

\* No. of Holdings excludes any derivatives and collateral for securities loaned.

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| Equity Securities | 100% |
| **Total** | **100%** |

---

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments and instruments used for cash management.

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Health Care | 20% |
| Information Technology | 19% |
| Energy | 16% |
| Financials | 13% |
| Consumer Staples | 11% |

---

###### Largest Equity Holdings

---

| | |
|:---|:---|
| **Holding** | **% of Net Assets** |
| SAP SE | 7.4% |
| HSBC Holdings PLC | 5.6% |
| British American Tobacco PLC | 4.5% |
| ARM Holdings PLC | 4.3% |
| Shell PLC | 3.9% |

---

#### Largest Countries

---

| | |
|:---|:---|
| United Kingdom | 49.1% |
| Germany | 11.6% |
| Netherlands | 10.5% |
| France | 7.1% |
| Luxembourg | 4.9% |

---

![Image](tm2510928d1_ncsrimg006.jpg)

![QR Code](tm2510928d1_ncsrimg127.jpg)

#### Europe 30 ProFund
Investor Class UEPIX

Annual Shareholder Report — July 31, 2025

Additional information about the Fund including the Financial Statements, Prospectus and Statement of Additional Information is available: On the Fund's website, www.profunds.com/shareholder-reports, or upon request, by calling 888-776-3637.

![Image](tm2510928d1_ncsrimg005.jpg)

#### Service Class UEPSX
Annual Shareholder Report — July 31, 2025

## Fund Overview
This Annual shareholder report contains important information about the Europe 30 ProFund (the "Fund") for the period of August 1, 2024 to July 31, 2025. You can find additional information about the Fund at www.profunds.com/shareholder-reports. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Service Class | $287 | 2.78% |

---

### How did the Fund perform last year?
**Europe 30 ProFund** (the "Fund") seeks investment results, before fees and expenses, that track the performance of the ProFunds Europe 30 Index<sup>®</sup> (the "Index").

The Fund invests in securities that ProFund Advisors believes, in combination, should track the performance of the Index.

For the year ended July 31, 2025, the Fund had an average daily statistical correlation of over 0.99 to the daily performance of the Index. For the same period, the Index had a price return of 6.47% and a volatility of 17.31%. The index performance was driven by optimism around European expansionary fiscal policy.

Primary factors affecting Fund performance include the total return of the securities held by the Fund, expenses, transaction costs, the volatility of a Fund's index, and other miscellaneous factors.

#### Total Return Based on a $10,000 Investment

##### Cumulative performance: August 1, 2015 through July 31, 2025
![30](tm2510928d1_ncsrimg010.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Fund** | **ProFunds Europe 30 Index<sup>®</sup>** | **S&P Global 1200 Index** | **STOXX Europe 50<sup>®</sup> Index** |
| **Jul 15** | $10000 | $10000 | $9999 | $10000 |
| **Jul 16** | $9096 | $8978 | $10075 | $8796 |
| **Jul 17** | $10851 | $10621 | $11851 | $10263 |
| **Jul 18** | $11300 | $10947 | $13297 | $10810 |
| **Jul 19** | $10758 | $10055 | $13808 | $10686 |
| **Jul 20** | $9309 | $8874 | $14881 | $10696 |
| **Jul 21** | $12115 | $11593 | $20007 | $13417 |
| **Jul 22** | $11230 | $10759 | $18395 | $12208 |
| **Jul 23** | $12351 | $11728 | $20973 | $15007 |
| **Jul 24** | $14176 | $13170 | $24918 | $16766 |
| **Jul 25** | $15056 | $14022 | $28888 | $18136 |

---

The chart above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter), assuming the reinvestment of distributions.

### Average Annual Total Return

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Fund NAV | 6.21% | 10.09% | 4.18% |
| ProFunds Europe 30 Index<sup>®</sup> | 6.47% | 9.58% | 3.44% |
| S&P Global 1200 Index | 15.95% | 14.19% | 11.19% |
| STOXX Europe 50<sup>®</sup> Index | 8.17% | 11.14% | 6.13% |

---

**Performance data quoted represents past performance and does not guarantee future results. Updated performance information is available on our website at www.profunds.com/fund_performance.com. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of fund shares.**

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $4266804 |
| Number of Holdings\* | 30 |
| Net Investment Advisory Fees | $3527 |
| Portfolio Turnover | 712% |

---

\* No. of Holdings excludes any derivatives and collateral for securities loaned.

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| Equity Securities | 100% |
| **Total** | **100%** |

---

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments and instruments used for cash management.

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Health Care | 20% |
| Information Technology | 19% |
| Energy | 16% |
| Financials | 13% |
| Consumer Staples | 11% |

---

###### Largest Equity Holdings

---

| | |
|:---|:---|
| **Holding** | **% of Net Assets** |
| SAP SE | 7.4% |
| HSBC Holdings PLC | 5.6% |
| British American Tobacco PLC | 4.5% |
| ARM Holdings PLC | 4.3% |
| Shell PLC | 3.9% |

---

#### Largest Countries

---

| | |
|:---|:---|
| United Kingdom | 49.1% |
| Germany | 11.6% |
| Netherlands | 10.5% |
| France | 7.1% |
| Luxembourg | 4.9% |

---

![Image](tm2510928d1_ncsrimg006.jpg)

![QR Code](tm2510928d1_ncsrimg127.jpg)

#### Europe 30 ProFund
Service Class UEPSX

Annual Shareholder Report — July 31, 2025

Additional information about the Fund including the Financial Statements, Prospectus and Statement of Additional Information is available: On the Fund's website, www.profunds.com/shareholder-reports, or upon request, by calling 888-776-3637.

![Image](tm2510928d1_ncsrimg005.jpg)

# Falling U.S. Dollar ProFund

#### Investor Class FDPIX
Annual Shareholder Report — July 31, 2025

## Fund Overview
This Annual shareholder report contains important information about the Falling U.S. Dollar ProFund (the "Fund") for the period of August 1, 2024 to July 31, 2025. You can find additional information about the Fund at www.profunds.com/shareholder-reports. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor Class | $182 | 1.78% |

---

### How did the Fund perform last year?
**Falling U.S. Dollar ProFund** (the "Fund") seeks daily investment results, before fees and expenses, that correspond to the daily performance of the basket of non-U.S. currencies included in the ICE U.S. Dollar Index (the "Index").

The Fund invests in financial instruments that ProFund Advisors believes, in combination, should track the performance of the Index.

For the year ended July 31, 2025, the Fund had an average daily statistical correlation of over 0.99 to the daily performance of the Index. For the same period, the Index had a price return of -3.97% and a volatility of 7.56%. The index performance was driven by a falling US dollar.

Primary factors affecting Fund performance include the total return of the derivatives held by the Fund, the performance of the reference assets to which the derivatives are linked, financing rates paid or earned, the types of derivative contracts used (and their correlation to the Fund's Index), expenses, transaction costs, the volatility of the Fund's Index, and other miscellaneous factors.

#### Total Return Based on a $10,000 Investment

##### Cumulative performance: August 1, 2015 through July 31, 2025
![30](tm2510928d1_ncsrimg071.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Fund** | **ICE<sup>®</sup> U.S. Dollar Index** | **Bloomberg U.S. Aggregate Bond Index** | **S&P 500<sup>®</sup> Index** |
| **Jul 15** | $10000 | $10000 | $10000 | $10000 |
| **Jul 16** | $9961 | $9814 | $10594 | $10561 |
| **Jul 17** | $9966 | $9540 | $10539 | $12256 |
| **Jul 18** | $9551 | $9713 | $10455 | $14246 |
| **Jul 19** | $8957 | $10121 | $11299 | $15384 |
| **Jul 20** | $9204 | $9590 | $12443 | $17223 |
| **Jul 21** | $9103 | $9469 | $12356 | $23500 |
| **Jul 22** | $7751 | $10879 | $11229 | $22410 |
| **Jul 23** | $8054 | $10464 | $10851 | $25327 |
| **Jul 24** | $7993 | $10694 | $11405 | $30936 |
| **Jul 25** | $8347 | $10270 | $11790 | $35989 |

---

The chart above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter), assuming the reinvestment of distributions.

### Average Annual Total Return

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Fund NAV | 4.42% | -1.94% | -1.79% |
| ICE<sup>®</sup> U.S. Dollar Index | -3.97% | 1.38% | 0.27% |
| Bloomberg U.S. Aggregate Bond Index | 3.38% | -1.07% | 1.66% |
| S&P 500<sup>®</sup> Index | 16.33% | 15.88% | 13.66% |

---

**Performance data quoted represents past performance and does not guarantee future results. Updated performance information is available on our website at www.profunds.com/fund_performance.com. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of fund shares.**

**After the close of business on October 23, 2024, the Fund's broad-based securities market index was changed from the S&P 500 Index to the Bloomberg U.S. Aggregate Bond Index to provide a broader measure of performance for comparative purpose.**

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $1404853 |
| Number of Holdings\* | 6 |
| Net Investment Advisory Fees | $0 |
| Portfolio Turnover | 0% |

---

\* No. of Holdings excludes any derivatives and collateral for securities loaned.

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| Forward Currency Contracts | 100% |
| **Total** | **100%** |

---

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments and instruments used for cash management.

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Euro | 57% |
| Japanese yen | 14% |
| British pound | 12% |
| Canadian dollar | 9% |
| Swedish krona | 4% |

---

###### Holdings
The Falling U.S. Dollar ProFund primarily invests in non-equity securities, which may include: swap agreements, futures contracts, repurchase agreements and U.S. Government securities.

The "U.S. Dollar Index<sup>®</sup>" is a trademark of ICE Data Indices, LLC ("IDI") and has been licensed for use by ProFunds. ProFunds have not been passed on by IDI as to their legality or suitability. ProFunds based on IDI indexes are not sponsored, endorsed, sold or promoted by IDI or its afﬁliates, and they make no representation regarding the advisability of investing in ProFunds, or the ability of the index to track general ﬁnancial market performance.

![Image](tm2510928d1_ncsrimg006.jpg)

![QR Code](tm2510928d1_ncsrimg127.jpg)

#### Falling U.S. Dollar ProFund
Investor Class FDPIX

Annual Shareholder Report — July 31, 2025

Additional information about the Fund including the Financial Statements, Prospectus and Statement of Additional Information is available: On the Fund's website, www.profunds.com/shareholder-reports, or upon request, by calling 888-776-3637.

![Image](tm2510928d1_ncsrimg005.jpg)

#### Service Class FDPSX
Annual Shareholder Report — July 31, 2025

## Fund Overview
This Annual shareholder report contains important information about the Falling U.S. Dollar ProFund (the "Fund") for the period of August 1, 2024 to July 31, 2025. You can find additional information about the Fund at www.profunds.com/shareholder-reports. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Service Class | $283 | 2.78% |

---

### How did the Fund perform last year?
**Falling U.S. Dollar ProFund** (the "Fund") seeks daily investment results, before fees and expenses, that correspond to the daily performance of the basket of non-U.S. currencies included in the ICE U.S. Dollar Index (the "Index").

The Fund invests in financial instruments that ProFund Advisors believes, in combination, should track the performance of the Index.

For the year ended July 31, 2025, the Fund had an average daily statistical correlation of over 0.99 to the daily performance of the Index. For the same period, the Index had a price return of -3.97% and a volatility of 7.56%. The index performance was driven by a falling US dollar.

Primary factors affecting Fund performance include the total return of the derivatives held by the Fund, the performance of the reference assets to which the derivatives are linked, financing rates paid or earned, the types of derivative contracts used (and their correlation to the Fund's Index), expenses, transaction costs, the volatility of the Fund's Index, and other miscellaneous factors.

#### Total Return Based on a $10,000 Investment

##### Cumulative performance: August 1, 2015 through July 31, 2025
![30](tm2510928d1_ncsrimg117.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Fund** | **ICE<sup>®</sup> U.S. Dollar Index** | **Bloomberg U.S. Aggregate Bond Index** | **S&P 500<sup>®</sup> Index** |
| **Jul 15** | $10000 | $10000 | $10000 | $10000 |
| **Jul 16** | $9866 | $9814 | $10594 | $10561 |
| **Jul 17** | $9779 | $9540 | $10539 | $12256 |
| **Jul 18** | $9283 | $9713 | $10455 | $14246 |
| **Jul 19** | $8625 | $10121 | $11299 | $15384 |
| **Jul 20** | $8782 | $9590 | $12443 | $17223 |
| **Jul 21** | $8596 | $9469 | $12356 | $23500 |
| **Jul 22** | $7238 | $10879 | $11229 | $22410 |
| **Jul 23** | $7442 | $10464 | $10851 | $25327 |
| **Jul 24** | $7337 | $10694 | $11405 | $30936 |
| **Jul 25** | $7582 | $10270 | $11790 | $35989 |

---

The chart above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter), assuming the reinvestment of distributions.

### Average Annual Total Return

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Fund NAV | 3.35% | -2.90% | -2.73% |
| ICE<sup>®</sup> U.S. Dollar Index | -3.97% | 1.38% | 0.27% |
| Bloomberg U.S. Aggregate Bond Index | 3.38% | -1.07% | 1.66% |
| S&P 500<sup>®</sup> Index | 16.33% | 15.88% | 13.66% |

---

**Performance data quoted represents past performance and does not guarantee future results. Updated performance information is available on our website at www.profunds.com/fund_performance.com. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of fund shares.**

**After the close of business on October 23, 2024, the Fund's broad-based securities market index was changed from the S&P 500 Index to the Bloomberg U.S. Aggregate Bond Index to provide a broader measure of performance for comparative purpose.**

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $1404853 |
| Number of Holdings\* | 6 |
| Net Investment Advisory Fees | $0 |
| Portfolio Turnover | 0% |

---

\* No. of Holdings excludes any derivatives and collateral for securities loaned.

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| Forward Currency Contracts | 100% |
| **Total** | **100%** |

---

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments and instruments used for cash management.

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Euro | 57% |
| Japanese yen | 14% |
| British pound | 12% |
| Canadian dollar | 9% |
| Swedish krona | 4% |

---

###### Holdings
The Falling U.S. Dollar ProFund primarily invests in non-equity securities, which may include: swap agreements, futures contracts, repurchase agreements and U.S. Government securities.

The "U.S. Dollar Index<sup>®</sup>" is a trademark of ICE Data Indices, LLC ("IDI") and has been licensed for use by ProFunds. ProFunds have not been passed on by IDI as to their legality or suitability. ProFunds based on IDI indexes are not sponsored, endorsed, sold or promoted by IDI or its afﬁliates, and they make no representation regarding the advisability of investing in ProFunds, or the ability of the index to track general ﬁnancial market performance.

![Image](tm2510928d1_ncsrimg006.jpg)

![QR Code](tm2510928d1_ncsrimg127.jpg)

#### Falling U.S. Dollar ProFund
Service Class FDPSX

Annual Shareholder Report — July 31, 2025

Additional information about the Fund including the Financial Statements, Prospectus and Statement of Additional Information is available: On the Fund's website, www.profunds.com/shareholder-reports, or upon request, by calling 888-776-3637.

![Image](tm2510928d1_ncsrimg005.jpg)

# Financials UltraSector ProFund

#### Investor Class FNPIX
Annual Shareholder Report — July 31, 2025

## Fund Overview
This Annual shareholder report contains important information about the Financials UltraSector ProFund (the "Fund") for the period of August 1, 2024 to July 31, 2025. You can find additional information about the Fund at www.profunds.com/shareholder-reports. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor Class | $189 | 1.67% |

---

### How did the Fund perform last year?
**Financials UltraSector ProFund** (the "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&P Financial Select Sector Index (the "Index").

The Fund invests in financial instruments that ProFund Advisors believes, in combination, should produce daily returns consistent with the Fund's investment objective.

For the year ended July 31, 2025, the Fund had an average daily statistical correlation of over 0.99 to one and one-half times the daily performance of the Index. For the same period, the Index had a total return of 21.54% and a volatility of 20.48%. The index performance was driven by in part by a steepening yield curve.

Primary factors affecting Fund performance include the total return of the securities and derivatives held by the Fund, the performance of the reference assets to which the derivatives are linked, financing rates paid or earned, expenses, transaction costs, the volatility of the Fund's Index, the impact of compounding, and other miscellaneous factors.

#### Total Return Based on a $10,000 Investment

##### Cumulative performance: August 1, 2015 through July 31, 2025
![30](tm2510928d1_ncsrimg031.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Fund** | **S&P Financial Select Sector Index** | **S&P 500<sup>®</sup> Index** |
| **Jul 15** | $10000 | $10000 | $10000 |
| **Jul 16** | $9373 | $9623 | $10561 |
| **Jul 17** | $12738 | $12797 | $12256 |
| **Jul 18** | $14824 | $14521 | $14246 |
| **Jul 19** | $15880 | $15024 | $15384 |
| **Jul 20** | $12482 | $13098 | $17223 |
| **Jul 21** | $21469 | $20330 | $23500 |
| **Jul 22** | $18829 | $19116 | $22410 |
| **Jul 23** | $19373 | $20471 | $25327 |
| **Jul 24** | $25929 | $25816 | $30936 |
| **Jul 25** | $32676 | $31376 | $35989 |

---

The chart above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter), assuming the reinvestment of distributions.

### Average Annual Total Return

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Fund NAV | 26.02% | 21.22% | 12.57% |
| S&P Financial Select Sector Index | 21.54% | 19.09% | 12.11% |
| S&P 500<sup>®</sup> Index | 16.33% | 15.88% | 13.66% |

---

**Performance data quoted represents past performance and does not guarantee future results. Updated performance information is available on our website at www.profunds.com/fund_performance.com. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of fund shares.**

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $35668006 |
| Number of Holdings\* | 81 |
| Net Investment Advisory Fees | $218796 |
| Portfolio Turnover | 313% |

---

\* No. of Holdings excludes any derivatives and collateral for securities loaned.

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| Equity Securities | 81% |
| S&P Financial Select Sector Index Swap Agreements | 70% |
| **Total** | **151%** |

---

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments and instruments used for cash management.

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Diversified Financials | 60% |
| Banks | 26% |
| Insurance | 14% |

---

###### Largest Equity Holdings

---

| | |
|:---|:---|
| **Holding** | **% of Net Assets** |
| Berkshire Hathaway, Inc. - Class B | 9.5% |
| JPMorgan Chase & Co. | 9.0% |
| Visa, Inc. - Class A | 6.5% |
| MasterCard, Inc. - Class A | 5.0% |
| Bank of America Corp. | 3.4% |

---

"Standard & Poor's<sup>®</sup>", "S&P<sup>®</sup>" and "S&P Financial Select Sector Index" are trademarks of Standard & Poor's Financial Services LLC ("S&P") and have been licensed for use by ProFunds. This Fund is not sponsored, licensed, sold or promoted by Standard & Poor's and Standard & Poor's makes no representation regarding the advisability of investing in ProFunds.

![Image](tm2510928d1_ncsrimg006.jpg)

![QR Code](tm2510928d1_ncsrimg127.jpg)

#### Financials UltraSector ProFund
Investor Class FNPIX

Annual Shareholder Report — July 31, 2025

Additional information about the Fund including the Financial Statements, Prospectus and Statement of Additional Information is available: On the Fund's website, www.profunds.com/shareholder-reports, or upon request, by calling 888-776-3637.

![Image](tm2510928d1_ncsrimg005.jpg)

#### Service Class FNPSX
Annual Shareholder Report — July 31, 2025

## Fund Overview
This Annual shareholder report contains important information about the Financials UltraSector ProFund (the "Fund") for the period of August 1, 2024 to July 31, 2025. You can find additional information about the Fund at www.profunds.com/shareholder-reports. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Service Class | $300 | 2.67% |

---

### How did the Fund perform last year?
**Financials UltraSector ProFund** (the "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&P Financial Select Sector Index (the "Index").

The Fund invests in financial instruments that ProFund Advisors believes, in combination, should produce daily returns consistent with the Fund's investment objective.

For the year ended July 31, 2025, the Fund had an average daily statistical correlation of over 0.99 to one and one-half times the daily performance of the Index. For the same period, the Index had a total return of 21.54% and a volatility of 20.48%. The index performance was driven by in part by a steepening yield curve.

Primary factors affecting Fund performance include the total return of the securities and derivatives held by the Fund, the performance of the reference assets to which the derivatives are linked, financing rates paid or earned, expenses, transaction costs, the volatility of the Fund's Index, the impact of compounding, and other miscellaneous factors.

#### Total Return Based on a $10,000 Investment

##### Cumulative performance: August 1, 2015 through July 31, 2025
![30](tm2510928d1_ncsrimg047.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Fund** | **S&P Financial Select Sector Index** | **S&P 500<sup>®</sup> Index** |
| **Jul 15** | $10000 | $10000 | $10000 |
| **Jul 16** | $9284 | $9623 | $10561 |
| **Jul 17** | $12495 | $12797 | $12256 |
| **Jul 18** | $14396 | $14521 | $14246 |
| **Jul 19** | $15264 | $15024 | $15384 |
| **Jul 20** | $11875 | $13098 | $17223 |
| **Jul 21** | $20211 | $20330 | $23500 |
| **Jul 22** | $17554 | $19116 | $22410 |
| **Jul 23** | $17887 | $20471 | $25327 |
| **Jul 24** | $23683 | $25816 | $30936 |
| **Jul 25** | $29553 | $31376 | $35989 |

---

The chart above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter), assuming the reinvestment of distributions.

### Average Annual Total Return

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Fund NAV | 24.79% | 20.00% | 11.45% |
| S&P Financial Select Sector Index | 21.54% | 19.09% | 12.11% |
| S&P 500<sup>®</sup> Index | 16.33% | 15.88% | 13.66% |

---

**Performance data quoted represents past performance and does not guarantee future results. Updated performance information is available on our website at www.profunds.com/fund_performance.com. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of fund shares.**

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $35668006 |
| Number of Holdings\* | 81 |
| Net Investment Advisory Fees | $218796 |
| Portfolio Turnover | 313% |

---

\* No. of Holdings excludes any derivatives and collateral for securities loaned.

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| Equity Securities | 81% |
| S&P Financial Select Sector Index Swap Agreements | 70% |
| **Total** | **151%** |

---

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments and instruments used for cash management.

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Diversified Financials | 60% |
| Banks | 26% |
| Insurance | 14% |

---

###### Largest Equity Holdings

---

| | |
|:---|:---|
| **Holding** | **% of Net Assets** |
| Berkshire Hathaway, Inc. - Class B | 9.5% |
| JPMorgan Chase & Co. | 9.0% |
| Visa, Inc. - Class A | 6.5% |
| MasterCard, Inc. - Class A | 5.0% |
| Bank of America Corp. | 3.4% |

---

"Standard & Poor's<sup>®</sup>", "S&P<sup>®</sup>" and "S&P Financial Select Sector Index" are trademarks of Standard & Poor's Financial Services LLC ("S&P") and have been licensed for use by ProFunds. This Fund is not sponsored, licensed, sold or promoted by Standard & Poor's and Standard & Poor's makes no representation regarding the advisability of investing in ProFunds.

![Image](tm2510928d1_ncsrimg006.jpg)

![QR Code](tm2510928d1_ncsrimg127.jpg)

#### Financials UltraSector ProFund
Service Class FNPSX

Annual Shareholder Report — July 31, 2025

Additional information about the Fund including the Financial Statements, Prospectus and Statement of Additional Information is available: On the Fund's website, www.profunds.com/shareholder-reports, or upon request, by calling 888-776-3637.

![Image](tm2510928d1_ncsrimg005.jpg)

# Health Care UltraSector ProFund

#### Investor Class HCPIX
Annual Shareholder Report — July 31, 2025

## Fund Overview
This Annual shareholder report contains important information about the Health Care UltraSector ProFund (the "Fund") for the period of August 1, 2024 to July 31, 2025. You can find additional information about the Fund at www.profunds.com/shareholder-reports. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor Class | $157 | 1.76% |

---

### How did the Fund perform last year?
**Health Care UltraSector ProFund** (the "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&P Health Care Select Sector Index (the "Index").

The Fund invests in financial instruments that ProFund Advisors believes, in combination, should produce daily returns consistent with the Fund's investment objective.

For the year ended July 31, 2025, the Fund had an average daily statistical correlation of over 0.99 to one and one-half times the daily performance of the Index. For the same period, the Index had a total return of -11.32% and a volatility of 16.58%. The index performance was driven by potential policy headwinds that impacted the broader healthcare sector.

Primary factors affecting Fund performance include the total return of the securities and derivatives held by the Fund, the performance of the reference assets to which the derivatives are linked, financing rates paid or earned, expenses, transaction costs, the volatility of the Fund's Index, the impact of compounding, and other miscellaneous factors.

#### Total Return Based on a $10,000 Investment

##### Cumulative performance: August 1, 2015 through July 31, 2025
![30](tm2510928d1_ncsrimg020.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Fund** | **S&P Health Care Select Sector Index** | **S&P 500<sup>®</sup> Index** |
| **Jul 15** | $10000 | $10000 | $10000 |
| **Jul 16** | $9391 | $10001 | $10561 |
| **Jul 17** | $10357 | $10802 | $12256 |
| **Jul 18** | $12352 | $12240 | $14246 |
| **Jul 19** | $12542 | $12765 | $15384 |
| **Jul 20** | $15390 | $15160 | $17223 |
| **Jul 21** | $21604 | $19304 | $23500 |
| **Jul 22** | $20340 | $19654 | $22410 |
| **Jul 23** | $20139 | $20249 | $25327 |
| **Jul 24** | $23126 | $22979 | $30936 |
| **Jul 25** | $18257 | $20377 | $35989 |

---

The chart above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter), assuming the reinvestment of distributions.

### Average Annual Total Return

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Fund NAV | -21.05% | 3.47% | 6.20% |
| S&P Health Care Select Sector Index | -11.32% | 6.09% | 7.38% |
| S&P 500<sup>®</sup> Index | 16.33% | 15.88% | 13.66% |

---

**Performance data quoted represents past performance and does not guarantee future results. Updated performance information is available on our website at www.profunds.com/fund_performance.com. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of fund shares.**

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $9652048 |
| Number of Holdings\* | 66 |
| Net Investment Advisory Fees | $106296 |
| Portfolio Turnover | 99% |

---

\* No. of Holdings excludes any derivatives and collateral for securities loaned.

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| Equity Securities | 83% |
| S&P Health Care Select Sector Index Swap Agreements | 68% |
| **Total** | **151%** |

---

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments and instruments used for cash management.

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Pharmaceuticals | 30% |
| Health Care Equipment & Supplies | 25% |
| Biotechnology | 18% |
| Health Care Providers & Services | 17% |
| Life Sciences Tools & Services | 10% |

---

###### Largest Equity Holdings

---

| | |
|:---|:---|
| **Holding** | **% of Net Assets** |
| Eli Lilly & Co. | 10.2% |
| Johnson & Johnson | 6.9% |
| AbbVie, Inc. | 5.8% |
| UnitedHealth Group, Inc. | 4.0% |
| Abbott Laboratories | 3.8% |

---

"Standard & Poor's<sup>®</sup>", "S&P<sup>®</sup>" and "S&P Health Care Select Sector Index" are trademarks of Standard & Poor's Financial Services LLC ("S&P") and have been licensed for use by ProFunds. This Fund is not sponsored, licensed, sold or promoted by Standard & Poor's and Standard & Poor's makes no representation regarding the advisability of investing in ProFunds.

![Image](tm2510928d1_ncsrimg006.jpg)

![QR Code](tm2510928d1_ncsrimg127.jpg)

#### Health Care UltraSector ProFund
Investor Class HCPIX

Annual Shareholder Report — July 31, 2025

Additional information about the Fund including the Financial Statements, Prospectus and Statement of Additional Information is available: On the Fund's website, www.profunds.com/shareholder-reports, or upon request, by calling 888-776-3637.

![Image](tm2510928d1_ncsrimg005.jpg)

#### Service Class HCPSX
Annual Shareholder Report — July 31, 2025

## Fund Overview
This Annual shareholder report contains important information about the Health Care UltraSector ProFund (the "Fund") for the period of August 1, 2024 to July 31, 2025. You can find additional information about the Fund at www.profunds.com/shareholder-reports. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Service Class | $246 | 2.76% |

---

### How did the Fund perform last year?
**Health Care UltraSector ProFund** (the "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&P Health Care Select Sector Index (the "Index").

The Fund invests in financial instruments that ProFund Advisors believes, in combination, should produce daily returns consistent with the Fund's investment objective.

For the year ended July 31, 2025, the Fund had an average daily statistical correlation of over 0.99 to one and one-half times the daily performance of the Index. For the same period, the Index had a total return of -11.32% and a volatility of 16.58%. The index performance was driven by potential policy headwinds that impacted the broader healthcare sector.

Primary factors affecting Fund performance include the total return of the securities and derivatives held by the Fund, the performance of the reference assets to which the derivatives are linked, financing rates paid or earned, expenses, transaction costs, the volatility of the Fund's Index, the impact of compounding, and other miscellaneous factors.

#### Total Return Based on a $10,000 Investment

##### Cumulative performance: August 1, 2015 through July 31, 2025
![30](tm2510928d1_ncsrimg104.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Fund** | **S&P Health Care Select Sector Index** | **S&P 500<sup>®</sup> Index** |
| **Jul 15** | $10000 | $10000 | $10000 |
| **Jul 16** | $9296 | $10001 | $10561 |
| **Jul 17** | $10153 | $10802 | $12256 |
| **Jul 18** | $11989 | $12240 | $14246 |
| **Jul 19** | $12055 | $12765 | $15384 |
| **Jul 20** | $14652 | $15160 | $17223 |
| **Jul 21** | $20370 | $19304 | $23500 |
| **Jul 22** | $18987 | $19654 | $22410 |
| **Jul 23** | $18611 | $20249 | $25327 |
| **Jul 24** | $21158 | $22979 | $30936 |
| **Jul 25** | $16541 | $20377 | $35989 |

---

The chart above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter), assuming the reinvestment of distributions.

### Average Annual Total Return

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Fund NAV | -21.82% | 2.45% | 5.16% |
| S&P Health Care Select Sector Index | -11.32% | 6.09% | 7.38% |
| S&P 500<sup>®</sup> Index | 16.33% | 15.88% | 13.66% |

---

**Performance data quoted represents past performance and does not guarantee future results. Updated performance information is available on our website at www.profunds.com/fund_performance.com. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of fund shares.**

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $9652048 |
| Number of Holdings\* | 66 |
| Net Investment Advisory Fees | $106296 |
| Portfolio Turnover | 99% |

---

\* No. of Holdings excludes any derivatives and collateral for securities loaned.

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| Equity Securities | 83% |
| S&P Health Care Select Sector Index Swap Agreements | 68% |
| **Total** | **151%** |

---

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments and instruments used for cash management.

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Pharmaceuticals | 30% |
| Health Care Equipment & Supplies | 25% |
| Biotechnology | 18% |
| Health Care Providers & Services | 17% |
| Life Sciences Tools & Services | 10% |

---

###### Largest Equity Holdings

---

| | |
|:---|:---|
| **Holding** | **% of Net Assets** |
| Eli Lilly & Co. | 10.2% |
| Johnson & Johnson | 6.9% |
| AbbVie, Inc. | 5.8% |
| UnitedHealth Group, Inc. | 4.0% |
| Abbott Laboratories | 3.8% |

---

"Standard & Poor's<sup>®</sup>", "S&P<sup>®</sup>" and "S&P Health Care Select Sector Index" are trademarks of Standard & Poor's Financial Services LLC ("S&P") and have been licensed for use by ProFunds. This Fund is not sponsored, licensed, sold or promoted by Standard & Poor's and Standard & Poor's makes no representation regarding the advisability of investing in ProFunds.

![Image](tm2510928d1_ncsrimg006.jpg)

![QR Code](tm2510928d1_ncsrimg127.jpg)

#### Health Care UltraSector ProFund
Service Class HCPSX

Annual Shareholder Report — July 31, 2025

Additional information about the Fund including the Financial Statements, Prospectus and Statement of Additional Information is available: On the Fund's website, www.profunds.com/shareholder-reports, or upon request, by calling 888-776-3637.

![Image](tm2510928d1_ncsrimg005.jpg)

# Industrials UltraSector ProFund

#### Investor Class IDPIX
Annual Shareholder Report — July 31, 2025

## Fund Overview
This Annual shareholder report contains important information about the Industrials UltraSector ProFund (the "Fund") for the period of August 1, 2024 to July 31, 2025. You can find additional information about the Fund at www.profunds.com/shareholder-reports. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor Class | $200 | 1.78% |

---

### How did the Fund perform last year?
**Industrials UltraSector ProFund** (the "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&P Industrials Select Sector Index (the "Index").

The Fund invests in financial instruments that ProFund Advisors believes, in combination, should produce daily returns consistent with the Fund's investment objective.

For the year ended July 31, 2025, the Fund had an average daily statistical correlation of over 0.99 to one and one-half times the daily performance of the Index. For the same period, the Index had a total return of 20.67% and a volatility of 19.63%. The index performance was driven in part by a soft economic landing.

Primary factors affecting Fund performance include the total return of the securities and derivatives held by the Fund, the performance of the reference assets to which the derivatives are linked, financing rates paid or earned, expenses, transaction costs, the volatility of the Fund's Index, the impact of compounding, and other miscellaneous factors.

#### Total Return Based on a $10,000 Investment

##### Cumulative performance: August 1, 2015 through July 31, 2025
![30](tm2510928d1_ncsrimg105.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Fund** | **S&P Industrials Select Sector Index** | **S&P 500<sup>®</sup> Index** |
| **Jul 15** | $10000 | $10000 | $10000 |
| **Jul 16** | $11123 | $10965 | $10561 |
| **Jul 17** | $14088 | $13187 | $12256 |
| **Jul 18** | $16904 | $15136 | $14246 |
| **Jul 19** | $17955 | $15678 | $15384 |
| **Jul 20** | $16737 | $14785 | $17223 |
| **Jul 21** | $27994 | $21650 | $23500 |
| **Jul 22** | $22258 | $20345 | $22410 |
| **Jul 23** | $24975 | $23929 | $25327 |
| **Jul 24** | $30162 | $28181 | $30936 |
| **Jul 25** | $37513 | $34007 | $35989 |

---

The chart above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter), assuming the reinvestment of distributions.

### Average Annual Total Return

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Fund NAV | 24.37% | 17.52% | 14.13% |
| S&P Industrials Select Sector Index | 20.67% | 18.13% | 13.02% |
| S&P 500<sup>®</sup> Index | 16.33% | 15.88% | 13.66% |

---

**Performance data quoted represents past performance and does not guarantee future results. Updated performance information is available on our website at www.profunds.com/fund_performance.com. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of fund shares.**

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $7384613 |
| Number of Holdings\* | 84 |
| Net Investment Advisory Fees | $32890 |
| Portfolio Turnover | 805% |

---

\* No. of Holdings excludes any derivatives and collateral for securities loaned.

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| Equity Securities | 79% |
| S&P Industrials Select Sector Index Swap Agreements | 71% |
| **Total** | **150%** |

---

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments and instruments used for cash management.

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Capital Goods | 72% |
| Transportation | 15% |
| Commercial & Professional Services | 13% |

---

###### Largest Equity Holdings

---

| | |
|:---|:---|
| **Holding** | **% of Net Assets** |
| General Electric Co. | 4.9% |
| Raytheon Technologies Corp. | 3.6% |
| Caterpillar, Inc. | 3.5% |
| Uber Technologies, Inc. | 3.1% |
| GE Vernova, Inc. | 3.1% |

---

"Standard & Poor's<sup>®</sup>", "S&P<sup>®</sup>" and "S&P Industrials Select Sector Index" are trademarks of Standard & Poor's Financial Services LLC ("S&P") and have been licensed for use by ProFunds. This Fund is not sponsored, licensed, sold or promoted by Standard & Poor's and Standard & Poor's makes no representation regarding the advisability of investing in ProFunds.

![Image](tm2510928d1_ncsrimg006.jpg)

![QR Code](tm2510928d1_ncsrimg127.jpg)

#### Industrials UltraSector ProFund
Investor Class IDPIX

Annual Shareholder Report — July 31, 2025

Additional information about the Fund including the Financial Statements, Prospectus and Statement of Additional Information is available: On the Fund's website, www.profunds.com/shareholder-reports, or upon request, by calling 888-776-3637.

![Image](tm2510928d1_ncsrimg005.jpg)

#### Service Class IDPSX
Annual Shareholder Report — July 31, 2025

## Fund Overview
This Annual shareholder report contains important information about the Industrials UltraSector ProFund (the "Fund") for the period of August 1, 2024 to July 31, 2025. You can find additional information about the Fund at www.profunds.com/shareholder-reports. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Service Class | $310 | 2.78% |

---

### How did the Fund perform last year?
**Industrials UltraSector ProFund** (the "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&P Industrials Select Sector Index (the "Index").

The Fund invests in financial instruments that ProFund Advisors believes, in combination, should produce daily returns consistent with the Fund's investment objective.

For the year ended July 31, 2025, the Fund had an average daily statistical correlation of over 0.99 to one and one-half times the daily performance of the Index. For the same period, the Index had a total return of 20.67% and a volatility of 19.63%. The index performance was driven in part by a soft economic landing.

Primary factors affecting Fund performance include the total return of the securities and derivatives held by the Fund, the performance of the reference assets to which the derivatives are linked, financing rates paid or earned, expenses, transaction costs, the volatility of the Fund's Index, the impact of compounding, and other miscellaneous factors.

#### Total Return Based on a $10,000 Investment

##### Cumulative performance: August 1, 2015 through July 31, 2025
![30](tm2510928d1_ncsrimg045.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Fund** | **S&P Industrials Select Sector Index** | **S&P 500<sup>®</sup> Index** |
| **Jul 15** | $10000 | $10000 | $10000 |
| **Jul 16** | $11014 | $10965 | $10561 |
| **Jul 17** | $13812 | $13187 | $12256 |
| **Jul 18** | $16408 | $15136 | $14246 |
| **Jul 19** | $17254 | $15678 | $15384 |
| **Jul 20** | $15926 | $14785 | $17223 |
| **Jul 21** | $26371 | $21650 | $23500 |
| **Jul 22** | $20757 | $20345 | $22410 |
| **Jul 23** | $23051 | $23929 | $25327 |
| **Jul 24** | $27555 | $28181 | $30936 |
| **Jul 25** | $33914 | $34007 | $35989 |

---

The chart above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter), assuming the reinvestment of distributions.

### Average Annual Total Return

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Fund NAV | 23.07% | 16.32% | 12.99% |
| S&P Industrials Select Sector Index | 20.67% | 18.13% | 13.02% |
| S&P 500<sup>®</sup> Index | 16.33% | 15.88% | 13.66% |

---

**Performance data quoted represents past performance and does not guarantee future results. Updated performance information is available on our website at www.profunds.com/fund_performance.com. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of fund shares.**

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $7384613 |
| Number of Holdings\* | 84 |
| Net Investment Advisory Fees | $32890 |
| Portfolio Turnover | 805% |

---

\* No. of Holdings excludes any derivatives and collateral for securities loaned.

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| Equity Securities | 79% |
| S&P Industrials Select Sector Index Swap Agreements | 71% |
| **Total** | **150%** |

---

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments and instruments used for cash management.

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Capital Goods | 72% |
| Transportation | 15% |
| Commercial & Professional Services | 13% |

---

###### Largest Equity Holdings

---

| | |
|:---|:---|
| **Holding** | **% of Net Assets** |
| General Electric Co. | 4.9% |
| Raytheon Technologies Corp. | 3.6% |
| Caterpillar, Inc. | 3.5% |
| Uber Technologies, Inc. | 3.1% |
| GE Vernova, Inc. | 3.1% |

---

"Standard & Poor's<sup>®</sup>", "S&P<sup>®</sup>" and "S&P Industrials Select Sector Index" are trademarks of Standard & Poor's Financial Services LLC ("S&P") and have been licensed for use by ProFunds. This Fund is not sponsored, licensed, sold or promoted by Standard & Poor's and Standard & Poor's makes no representation regarding the advisability of investing in ProFunds.

![Image](tm2510928d1_ncsrimg006.jpg)

![QR Code](tm2510928d1_ncsrimg127.jpg)

#### Industrials UltraSector ProFund
Service Class IDPSX

Annual Shareholder Report — July 31, 2025

Additional information about the Fund including the Financial Statements, Prospectus and Statement of Additional Information is available: On the Fund's website, www.profunds.com/shareholder-reports, or upon request, by calling 888-776-3637.

![Image](tm2510928d1_ncsrimg005.jpg)

# Internet UltraSector ProFund

#### Investor Class INPIX
Annual Shareholder Report — July 31, 2025

## Fund Overview
This Annual shareholder report contains important information about the Internet UltraSector ProFund (the "Fund") for the period of August 1, 2024 to July 31, 2025. You can find additional information about the Fund at www.profunds.com/shareholder-reports. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor Class | $186 | 1.48% |

---

### How did the Fund perform last year?
**Internet UltraSector ProFund** (the "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 Dow Jones Internet Composite Index (the "Index").

The Fund invests in financial instruments that ProFund Advisors believes, in combination, should produce daily returns consistent with the Fund's investment objective.

For the year ended July 31, 2025, the Fund had an average daily statistical correlation of over 0.99 to one and one-half times the daily performance of the Index. For the same period, the Index had a total return of 38.30% and a volatility of 25.32%. The index performance was driven by strength in the technology sector and technology-related companies.

Primary factors affecting Fund performance include the total return of the securities and derivatives held by the Fund, the performance of the reference assets to which the derivatives are linked, financing rates paid or earned, expenses, transaction costs, the volatility of the Fund's Index, the impact of compounding, and other miscellaneous factors.

#### Total Return Based on a $10,000 Investment

##### Cumulative performance: August 1, 2015 through July 31, 2025
![30](tm2510928d1_ncsrimg023.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Fund** | **Dow Jones Internet Composite Index** | **S&P 500<sup>®</sup> Index** |
| **Jul 15** | $10000 | $10000 | $10000 |
| **Jul 16** | $10712 | $10767 | $10561 |
| **Jul 17** | $15109 | $13805 | $12256 |
| **Jul 18** | $23493 | $19010 | $14246 |
| **Jul 19** | $25240 | $20653 | $15384 |
| **Jul 20** | $33647 | $26140 | $17223 |
| **Jul 21** | $48960 | $34532 | $23500 |
| **Jul 22** | $20612 | $20367 | $22410 |
| **Jul 23** | $26053 | $25068 | $25327 |
| **Jul 24** | $30276 | $28838 | $30936 |
| **Jul 25** | $45994 | $39882 | $35989 |

---

The chart above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter), assuming the reinvestment of distributions.

### Average Annual Total Return

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Fund NAV | 51.92% | 6.45% | 16.49% |
| Dow Jones Internet Composite Index | 38.30% | 8.82% | 14.84% |
| S&P 500<sup>®</sup> Index | 16.33% | 15.88% | 13.66% |

---

**Performance data quoted represents past performance and does not guarantee future results. Updated performance information is available on our website at www.profunds.com/fund_performance.com. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of fund shares.**

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $106428025 |
| Number of Holdings\* | 46 |
| Net Investment Advisory Fees | $814339 |
| Portfolio Turnover | 112% |

---

\* No. of Holdings excludes any derivatives and collateral for securities loaned.

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| Equity Securities | 79% |
| Dow Jones Composite Internet Index Swap Agreements | 71% |
| **Total** | **150%** |

---

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments and instruments used for cash management.

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Interactive Media & Services | 21% |
| Software | 13% |
| Hotels, Restaurants & Leisure | 13% |
| Multiline Retail | 12% |
| Entertainment | 12% |

---

###### Largest Equity Holdings

---

| | |
|:---|:---|
| **Holding** | **% of Net Assets** |
| Meta Platforms, Inc. - Class A | 8.3% |
| Amazon.com, Inc. | 8.2% |
| Netflix, Inc. | 7.1% |
| Alphabet, Inc. - Class A | 4.4% |
| Arista Networks, Inc. | 4.0% |

---

"The Dow 30 " and "Dow Jones Industrial Average" are products of "Dow Jones Indexes", the marketing name and a licensed trademark of CME Group Index Services LLC ("CME Indexes"). "Dow Jones ", "DJ", "Dow Jones Indexes", "The Dow 30" and "Dow Jones Internet Composite Index" are service marks of Dow Jones Trademark Holdings, LLC ("Dow Jones") and have been licensed to CME Indexes and sublicensed to ProFunds. ProFunds have not been passed on by CME Indexes or Dow Jones as to their legality or suitability. ProFunds based on The Dow 30 are not sponsored, endorsed, sold or promoted by CME Indexes or Dow Jones, and they make no representation regarding the advisability of investing in ProFunds.

![Image](tm2510928d1_ncsrimg006.jpg)

![QR Code](tm2510928d1_ncsrimg127.jpg)

#### Internet UltraSector ProFund
Investor Class INPIX

Annual Shareholder Report — July 31, 2025

Additional information about the Fund including the Financial Statements, Prospectus and Statement of Additional Information is available: On the Fund's website, www.profunds.com/shareholder-reports, or upon request, by calling 888-776-3637.

![Image](tm2510928d1_ncsrimg005.jpg)

#### Service Class INPSX
Annual Shareholder Report — July 31, 2025

## Fund Overview
This Annual shareholder report contains important information about the Internet UltraSector ProFund (the "Fund") for the period of August 1, 2024 to July 31, 2025. You can find additional information about the Fund at www.profunds.com/shareholder-reports. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Service Class | $310 | 2.48% |

---

### How did the Fund perform last year?
**Internet UltraSector ProFund** (the "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 Dow Jones Internet Composite Index (the "Index").

The Fund invests in financial instruments that ProFund Advisors believes, in combination, should produce daily returns consistent with the Fund's investment objective.

For the year ended July 31, 2025, the Fund had an average daily statistical correlation of over 0.99 to one and one-half times the daily performance of the Index. For the same period, the Index had a total return of 38.30% and a volatility of 25.32%. The index performance was driven by strength in the technology sector and technology-related companies.

Primary factors affecting Fund performance include the total return of the securities and derivatives held by the Fund, the performance of the reference assets to which the derivatives are linked, financing rates paid or earned, expenses, transaction costs, the volatility of the Fund's Index, the impact of compounding, and other miscellaneous factors.

#### Total Return Based on a $10,000 Investment

##### Cumulative performance: August 1, 2015 through July 31, 2025
![30](tm2510928d1_ncsrimg059.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Fund** | **Dow Jones Internet Composite Index** | **S&P 500<sup>®</sup> Index** |
| **Jul 15** | $10000 | $10000 | $10000 |
| **Jul 16** | $10602 | $10767 | $10561 |
| **Jul 17** | $14805 | $13805 | $12256 |
| **Jul 18** | $22792 | $19010 | $14246 |
| **Jul 19** | $24241 | $20653 | $15384 |
| **Jul 20** | $32001 | $26140 | $17223 |
| **Jul 21** | $46104 | $34532 | $23500 |
| **Jul 22** | $19214 | $20367 | $22410 |
| **Jul 23** | $24046 | $25068 | $25327 |
| **Jul 24** | $27662 | $28838 | $30936 |
| **Jul 25** | $41602 | $39882 | $35989 |

---

The chart above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter), assuming the reinvestment of distributions.

### Average Annual Total Return

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Fund NAV | 50.39% | 5.39% | 15.32% |
| Dow Jones Internet Composite Index | 38.30% | 8.82% | 14.84% |
| S&P 500<sup>®</sup> Index | 16.33% | 15.88% | 13.66% |

---

**Performance data quoted represents past performance and does not guarantee future results. Updated performance information is available on our website at www.profunds.com/fund_performance.com. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of fund shares.**

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $106428025 |
| Number of Holdings\* | 46 |
| Net Investment Advisory Fees | $814339 |
| Portfolio Turnover | 112% |

---

\* No. of Holdings excludes any derivatives and collateral for securities loaned.

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| Equity Securities | 79% |
| Dow Jones Composite Internet Index Swap Agreements | 71% |
| **Total** | **150%** |

---

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments and instruments used for cash management.

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Interactive Media & Services | 21% |
| Software | 13% |
| Hotels, Restaurants & Leisure | 13% |
| Multiline Retail | 12% |
| Entertainment | 12% |

---

###### Largest Equity Holdings

---

| | |
|:---|:---|
| **Holding** | **% of Net Assets** |
| Meta Platforms, Inc. - Class A | 8.3% |
| Amazon.com, Inc. | 8.2% |
| Netflix, Inc. | 7.1% |
| Alphabet, Inc. - Class A | 4.4% |
| Arista Networks, Inc. | 4.0% |

---

"The Dow 30 " and "Dow Jones Industrial Average" are products of "Dow Jones Indexes", the marketing name and a licensed trademark of CME Group Index Services LLC ("CME Indexes"). "Dow Jones ", "DJ", "Dow Jones Indexes", "The Dow 30" and "Dow Jones Internet Composite Index" are service marks of Dow Jones Trademark Holdings, LLC ("Dow Jones") and have been licensed to CME Indexes and sublicensed to ProFunds. ProFunds have not been passed on by CME Indexes or Dow Jones as to their legality or suitability. ProFunds based on The Dow 30 are not sponsored, endorsed, sold or promoted by CME Indexes or Dow Jones, and they make no representation regarding the advisability of investing in ProFunds.

![Image](tm2510928d1_ncsrimg006.jpg)

![QR Code](tm2510928d1_ncsrimg127.jpg)

#### Internet UltraSector ProFund
Service Class INPSX

Annual Shareholder Report — July 31, 2025

Additional information about the Fund including the Financial Statements, Prospectus and Statement of Additional Information is available: On the Fund's website, www.profunds.com/shareholder-reports, or upon request, by calling 888-776-3637.

![Image](tm2510928d1_ncsrimg005.jpg)

# Large-Cap Growth ProFund

#### Investor Class LGPIX
Annual Shareholder Report — July 31, 2025

## Fund Overview
This Annual shareholder report contains important information about the Large-Cap Growth ProFund (the "Fund") for the period of August 1, 2024 to July 31, 2025. You can find additional information about the Fund at www.profunds.com/shareholder-reports. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor Class | $190 | 1.70% |

---

### How did the Fund perform last year?
**Large-Cap Growth ProFund** (the "Fund") seeks investment results, before fees and expenses, that track the performance of the S&P 500<sup>®</sup> Growth Index (the "Index").

The Fund invests in financial instruments that ProFund Advisors believes, in combination, should track the performance of the Index.

For the year ended July 31, 2025, the Fund had an average daily statistical correlation of over 0.99 to the daily performance of the Index. For the same period, the Index had a total return of 25.65% and a volatility of 24.36%. The index performance was driven by mega cap growth outperformance.

Primary factors affecting Fund performance include the total return of the securities held by the Fund, expenses, transaction costs, the volatility of a Fund's index, and other miscellaneous factors.

#### Total Return Based on a $10,000 Investment

##### Cumulative performance: August 1, 2015 through July 31, 2025
![30](tm2510928d1_ncsrimg022.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Fund** | **S&P 500<sup>®</sup> Growth Index** | **S&P 500<sup>®</sup> Index** |
| **Jul 15** | $10000 | $9999 | $10000 |
| **Jul 16** | $10323 | $10527 | $10561 |
| **Jul 17** | $11860 | $12313 | $12256 |
| **Jul 18** | $14161 | $14974 | $14246 |
| **Jul 19** | $15232 | $16404 | $15384 |
| **Jul 20** | $18549 | $20431 | $17223 |
| **Jul 21** | $25032 | $28017 | $23500 |
| **Jul 22** | $22355 | $25459 | $22410 |
| **Jul 23** | $23691 | $27496 | $25327 |
| **Jul 24** | $29489 | $34899 | $30936 |
| **Jul 25** | $36339 | $43843 | $35989 |

---

The chart above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter), assuming the reinvestment of distributions.

### Average Annual Total Return

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Fund NAV | 23.23% | 14.40% | 13.77% |
| S&P 500<sup>®</sup> Growth Index | 25.65% | 16.50% | 15.93% |
| S&P 500<sup>®</sup> Index | 16.33% | 15.88% | 13.66% |

---

**Performance data quoted represents past performance and does not guarantee future results. Updated performance information is available on our website at www.profunds.com/fund_performance.com. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of fund shares.**

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $26634739 |
| Number of Holdings\* | 219 |
| Net Investment Advisory Fees | $245864 |
| Portfolio Turnover | 1217% |

---

\* No. of Holdings excludes any derivatives and collateral for securities loaned.

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| Equity Securities | 101% |
| **Total** | **101%** |

---

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments and instruments used for cash management.

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Information Technology | 42% |
| Communication Services | 15% |
| Consumer Discretionary | 12% |
| Financials | 11% |
| Industrials | 9% |

---

###### Largest Equity Holdings

---

| | |
|:---|:---|
| **Holding** | **% of Net Assets** |
| NVIDIA Corp. | 15.0% |
| Microsoft Corp. | 7.1% |
| Meta Platforms, Inc. - Class A | 5.8% |
| Apple, Inc. | 4.9% |
| Broadcom, Inc. | 4.8% |

---

"Standard & Poor's<sup>®</sup>", "S&P<sup>®</sup>", and "S&P 500 Growth Index" are trademarks of Standard & Poor's Financial Services LLC ("S&P") and have been licensed for use by ProFunds. This Fund is not sponsored, licensed, sold or promoted by Standard & Poor's and Standard & Poor's makes no representation regarding the advisability of investing in ProFunds.

![Image](tm2510928d1_ncsrimg006.jpg)

![QR Code](tm2510928d1_ncsrimg127.jpg)

#### Large-Cap Growth ProFund
Investor Class LGPIX

Annual Shareholder Report — July 31, 2025

Additional information about the Fund including the Financial Statements, Prospectus and Statement of Additional Information is available: On the Fund's website, www.profunds.com/shareholder-reports, or upon request, by calling 888-776-3637.

![Image](tm2510928d1_ncsrimg005.jpg)

#### Service Class LGPSX
Annual Shareholder Report — July 31, 2025

## Fund Overview
This Annual shareholder report contains important information about the Large-Cap Growth ProFund (the "Fund") for the period of August 1, 2024 to July 31, 2025. You can find additional information about the Fund at www.profunds.com/shareholder-reports. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Service Class | $297 | 2.68% |

---

### How did the Fund perform last year?
**Large-Cap Growth ProFund** (the "Fund") seeks investment results, before fees and expenses, that track the performance of the S&P 500<sup>®</sup> Growth Index (the "Index").

The Fund invests in financial instruments that ProFund Advisors believes, in combination, should track the performance of the Index.

For the year ended July 31, 2025, the Fund had an average daily statistical correlation of over 0.99 to the daily performance of the Index. For the same period, the Index had a total return of 25.65% and a volatility of 24.36%. The index performance was driven by mega cap growth outperformance.

Primary factors affecting Fund performance include the total return of the securities held by the Fund, expenses, transaction costs, the volatility of a Fund's index, and other miscellaneous factors.

#### Total Return Based on a $10,000 Investment

##### Cumulative performance: August 1, 2015 through July 31, 2025
![30](tm2510928d1_ncsrimg111.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Fund** | **S&P 500<sup>®</sup> Growth Index** | **S&P 500<sup>®</sup> Index** |
| **Jul 15** | $10000 | $9999 | $10000 |
| **Jul 16** | $10219 | $10527 | $10561 |
| **Jul 17** | $11624 | $12313 | $12256 |
| **Jul 18** | $13740 | $14974 | $14246 |
| **Jul 19** | $14633 | $16404 | $15384 |
| **Jul 20** | $17638 | $20431 | $17223 |
| **Jul 21** | $23565 | $28017 | $23500 |
| **Jul 22** | $20840 | $25459 | $22410 |
| **Jul 23** | $21869 | $27496 | $25327 |
| **Jul 24** | $26951 | $34899 | $30936 |
| **Jul 25** | $32879 | $43843 | $35989 |

---

The chart above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter), assuming the reinvestment of distributions.

### Average Annual Total Return

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Fund NAV | 22.00% | 13.26% | 12.64% |
| S&P 500<sup>®</sup> Growth Index | 25.65% | 16.50% | 15.93% |
| S&P 500<sup>®</sup> Index | 16.33% | 15.88% | 13.66% |

---

**Performance data quoted represents past performance and does not guarantee future results. Updated performance information is available on our website at www.profunds.com/fund_performance.com. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of fund shares.**

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $26634739 |
| Number of Holdings\* | 219 |
| Net Investment Advisory Fees | $245864 |
| Portfolio Turnover | 1217% |

---

\* No. of Holdings excludes any derivatives and collateral for securities loaned.

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| Equity Securities | 101% |
| **Total** | **101%** |

---

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments and instruments used for cash management.

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Information Technology | 42% |
| Communication Services | 15% |
| Consumer Discretionary | 12% |
| Financials | 11% |
| Industrials | 9% |

---

###### Largest Equity Holdings

---

| | |
|:---|:---|
| **Holding** | **% of Net Assets** |
| NVIDIA Corp. | 15.0% |
| Microsoft Corp. | 7.1% |
| Meta Platforms, Inc. - Class A | 5.8% |
| Apple, Inc. | 4.9% |
| Broadcom, Inc. | 4.8% |

---

"Standard & Poor's<sup>®</sup>", "S&P<sup>®</sup>", and "S&P 500 Growth Index" are trademarks of Standard & Poor's Financial Services LLC ("S&P") and have been licensed for use by ProFunds. This Fund is not sponsored, licensed, sold or promoted by Standard & Poor's and Standard & Poor's makes no representation regarding the advisability of investing in ProFunds.

![Image](tm2510928d1_ncsrimg006.jpg)

![QR Code](tm2510928d1_ncsrimg127.jpg)

#### Large-Cap Growth ProFund
Service Class LGPSX

Annual Shareholder Report — July 31, 2025

Additional information about the Fund including the Financial Statements, Prospectus and Statement of Additional Information is available: On the Fund's website, www.profunds.com/shareholder-reports, or upon request, by calling 888-776-3637.

![Image](tm2510928d1_ncsrimg005.jpg)

# Large-Cap Value ProFund

#### Investor Class LVPIX
Annual Shareholder Report — July 31, 2025

## Fund Overview
This Annual shareholder report contains important information about the Large-Cap Value ProFund (the "Fund") for the period of August 1, 2024 to July 31, 2025. You can find additional information about the Fund at www.profunds.com/shareholder-reports. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor Class | $181 | 1.78% |

---

### How did the Fund perform last year?
**Large-Cap Value ProFund** (the "Fund") seeks investment results, before fees and expenses, that track the performance of the S&P 500<sup>®</sup> Value Index (the "Index").

The Fund invests in financial instruments that ProFund Advisors believes, in combination, should track the performance of the Index.

For the year ended July 31, 2025, the Fund had an average daily statistical correlation of over 0.99 to the daily performance of the Index. For the same period, the Index had a total return of 5.59% and a volatility of 16.13%. The index performance was driven by value lagging during a period of mega cap growth outperformance.

Primary factors affecting Fund performance include the total return of the securities held by the Fund, expenses, transaction costs, the volatility of a Fund's index, and other miscellaneous factors.

#### Total Return Based on a $10,000 Investment

##### Cumulative performance: August 1, 2015 through July 31, 2025
![30](tm2510928d1_ncsrimg064.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Fund** | **S&P 500<sup>®</sup> Value Index** | **S&P 500<sup>®</sup> Index** |
| **Jul 15** | $10000 | $10000 | $10000 |
| **Jul 16** | $10411 | $10579 | $10561 |
| **Jul 17** | $11674 | $12095 | $12256 |
| **Jul 18** | $12664 | $13357 | $14246 |
| **Jul 19** | $13225 | $14195 | $15384 |
| **Jul 20** | $12622 | $13809 | $17223 |
| **Jul 21** | $16823 | $18735 | $23500 |
| **Jul 22** | $16534 | $18730 | $22410 |
| **Jul 23** | $18998 | $21944 | $25327 |
| **Jul 24** | $21730 | $25627 | $30936 |
| **Jul 25** | $22547 | $27059 | $35989 |

---

The chart above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter), assuming the reinvestment of distributions.

### Average Annual Total Return

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Fund NAV | 3.76% | 12.30% | 8.47% |
| S&P 500<sup>®</sup> Value Index | 5.59% | 14.40% | 10.47% |
| S&P 500<sup>®</sup> Index | 16.33% | 15.88% | 13.66% |

---

**Performance data quoted represents past performance and does not guarantee future results. Updated performance information is available on our website at www.profunds.com/fund_performance.com. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of fund shares.**

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $4573676 |
| Number of Holdings\* | 400 |
| Net Investment Advisory Fees | $131033 |
| Portfolio Turnover | 1805% |

---

\* No. of Holdings excludes any derivatives and collateral for securities loaned.

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| Equity Securities | 100% |
| **Total** | **100%** |

---

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments and instruments used for cash management.

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Information Technology | 24% |
| Financials | 17% |
| Health Care | 13% |
| Industrials | 9% |
| Consumer Discretionary | 9% |

---

###### Largest Equity Holdings

---

| | |
|:---|:---|
| **Holding** | **% of Net Assets** |
| Microsoft Corp. | 7.7% |
| Apple, Inc. | 6.8% |
| Amazon.com, Inc. | 3.7% |
| Exxon Mobil Corp. | 2.0% |
| Berkshire Hathaway, Inc. - Class B | 1.8% |

---

"Standard & Poor's<sup>®</sup>", "S&P<sup>®</sup>", and "S&P 500 Value Index" are trademarks of Standard & Poor's Financial Services LLC ("S&P") and have been licensed for use by ProFunds. This Fund is not sponsored, licensed, sold or promoted by Standard & Poor's and Standard & Poor's makes no representation regarding the advisability of investing in ProFunds.

![Image](tm2510928d1_ncsrimg006.jpg)

![QR Code](tm2510928d1_ncsrimg127.jpg)

#### Large-Cap Value ProFund
Investor Class LVPIX

Annual Shareholder Report — July 31, 2025

Additional information about the Fund including the Financial Statements, Prospectus and Statement of Additional Information is available: On the Fund's website, www.profunds.com/shareholder-reports, or upon request, by calling 888-776-3637.

![Image](tm2510928d1_ncsrimg005.jpg)

#### Service Class LVPSX
Annual Shareholder Report — July 31, 2025

## Fund Overview
This Annual shareholder report contains important information about the Large-Cap Value ProFund (the "Fund") for the period of August 1, 2024 to July 31, 2025. You can find additional information about the Fund at www.profunds.com/shareholder-reports. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Service Class | $282 | 2.78% |

---

### How did the Fund perform last year?
**Large-Cap Value ProFund** (the "Fund") seeks investment results, before fees and expenses, that track the performance of the S&P 500<sup>®</sup> Value Index (the "Index").

The Fund invests in financial instruments that ProFund Advisors believes, in combination, should track the performance of the Index.

For the year ended July 31, 2025, the Fund had an average daily statistical correlation of over 0.99 to the daily performance of the Index. For the same period, the Index had a total return of 5.59% and a volatility of 16.13%. The index performance was driven by value lagging during a period of mega cap growth outperformance.

Primary factors affecting Fund performance include the total return of the securities held by the Fund, expenses, transaction costs, the volatility of a Fund's index, and other miscellaneous factors.

#### Total Return Based on a $10,000 Investment

##### Cumulative performance: August 1, 2015 through July 31, 2025
![30](tm2510928d1_ncsrimg085.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Fund** | **S&P 500<sup>®</sup> Value Index** | **S&P 500<sup>®</sup> Index** |
| **Jul 15** | $10000 | $10000 | $10000 |
| **Jul 16** | $10306 | $10579 | $10561 |
| **Jul 17** | $11441 | $12095 | $12256 |
| **Jul 18** | $12288 | $13357 | $14246 |
| **Jul 19** | $12707 | $14195 | $15384 |
| **Jul 20** | $12003 | $13809 | $17223 |
| **Jul 21** | $15841 | $18735 | $23500 |
| **Jul 22** | $15414 | $18730 | $22410 |
| **Jul 23** | $17529 | $21944 | $25327 |
| **Jul 24** | $19846 | $25627 | $30936 |
| **Jul 25** | $20389 | $27059 | $35989 |

---

The chart above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter), assuming the reinvestment of distributions.

### Average Annual Total Return

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Fund NAV | 2.74% | 11.18% | 7.38% |
| S&P 500<sup>®</sup> Value Index | 5.59% | 14.40% | 10.47% |
| S&P 500<sup>®</sup> Index | 16.33% | 15.88% | 13.66% |

---

**Performance data quoted represents past performance and does not guarantee future results. Updated performance information is available on our website at www.profunds.com/fund_performance.com. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of fund shares.**

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $4573676 |
| Number of Holdings\* | 400 |
| Net Investment Advisory Fees | $131033 |
| Portfolio Turnover | 1805% |

---

\* No. of Holdings excludes any derivatives and collateral for securities loaned.

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| Equity Securities | 100% |
| **Total** | **100%** |

---

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments and instruments used for cash management.

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Information Technology | 24% |
| Financials | 17% |
| Health Care | 13% |
| Industrials | 9% |
| Consumer Discretionary | 9% |

---

###### Largest Equity Holdings

---

| | |
|:---|:---|
| **Holding** | **% of Net Assets** |
| Microsoft Corp. | 7.7% |
| Apple, Inc. | 6.8% |
| Amazon.com, Inc. | 3.7% |
| Exxon Mobil Corp. | 2.0% |
| Berkshire Hathaway, Inc. - Class B | 1.8% |

---

"Standard & Poor's<sup>®</sup>", "S&P<sup>®</sup>", and "S&P 500 Value Index" are trademarks of Standard & Poor's Financial Services LLC ("S&P") and have been licensed for use by ProFunds. This Fund is not sponsored, licensed, sold or promoted by Standard & Poor's and Standard & Poor's makes no representation regarding the advisability of investing in ProFunds.

![Image](tm2510928d1_ncsrimg006.jpg)

![QR Code](tm2510928d1_ncsrimg127.jpg)

#### Large-Cap Value ProFund
Service Class LVPSX

Annual Shareholder Report — July 31, 2025

Additional information about the Fund including the Financial Statements, Prospectus and Statement of Additional Information is available: On the Fund's website, www.profunds.com/shareholder-reports, or upon request, by calling 888-776-3637.

![Image](tm2510928d1_ncsrimg005.jpg)

# Materials UltraSector ProFund

#### Investor Class BMPIX
Annual Shareholder Report — July 31, 2025

## Fund Overview
This Annual shareholder report contains important information about the Materials UltraSector ProFund (the "Fund") for the period of August 1, 2024 to July 31, 2025. You can find additional information about the Fund at www.profunds.com/shareholder-reports. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor Class | $169 | 1.78% |

---

### How did the Fund perform last year?
**Materials UltraSector ProFund** (the "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&P Materials Select Sector Index (the "Index").

The Fund invests in financial instruments that ProFund Advisors believes, in combination, should produce daily returns consistent with the Fund's investment objective.

For the year ended July 31, 2025, the Fund had an average daily statistical correlation of over 0.99 to one and one-half times the daily performance of the Index. For the same period, the Index had a total return of -2.80% and a volatility of 19.87%. The index performance was driven by the absence of the Magnificent 7 and technology-related names.

Primary factors affecting Fund performance include the total return of the securities and derivatives held by the Fund, the performance of the reference assets to which the derivatives are linked, financing rates paid or earned, expenses, transaction costs, the volatility of the Fund's Index, the impact of compounding, and other miscellaneous factors.

#### Total Return Based on a $10,000 Investment

##### Cumulative performance: August 1, 2015 through July 31, 2025
![30](tm2510928d1_ncsrimg039.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Fund** | **S&P Materials Select Sector Index** | **S&P 500<sup>®</sup> Index** |
| **Jul 15** | $10000 | $10000 | $10000 |
| **Jul 16** | $10960 | $10854 | $10561 |
| **Jul 17** | $13336 | $12431 | $12256 |
| **Jul 18** | $15556 | $13832 | $14246 |
| **Jul 19** | $13403 | $13828 | $15384 |
| **Jul 20** | $13235 | $14643 | $17223 |
| **Jul 21** | $21313 | $20737 | $23500 |
| **Jul 22** | $19389 | $19693 | $22410 |
| **Jul 23** | $22992 | $22088 | $25327 |
| **Jul 24** | $24990 | $24244 | $30936 |
| **Jul 25** | $22579 | $23565 | $35989 |

---

The chart above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter), assuming the reinvestment of distributions.

### Average Annual Total Return

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Fund NAV | -9.65% | 11.27% | 8.49% |
| S&P Materials Select Sector Index | -2.80% | 9.98% | 8.95% |
| S&P 500<sup>®</sup> Index | 16.33% | 15.88% | 13.66% |

---

**Performance data quoted represents past performance and does not guarantee future results. Updated performance information is available on our website at www.profunds.com/fund_performance.com. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of fund shares.**

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $3438906 |
| Number of Holdings\* | 32 |
| Net Investment Advisory Fees | $20803 |
| Portfolio Turnover | 764% |

---

\* No. of Holdings excludes any derivatives and collateral for securities loaned.

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| Equity Securities | 86% |
| S&P Materials Select Sector Index Swap Agreements | 65% |
| **Total** | **151%** |

---

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments and instruments used for cash management.

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Chemicals | 58% |
| Metals & Mining | 17% |
| Containers & Packaging | 16% |
| Construction Materials | 9% |

---

###### Largest Equity Holdings

---

| | |
|:---|:---|
| **Holding** | **% of Net Assets** |
| Linde PLC | 13.9% |
| The Sherwin-Williams Co. | 4.9% |
| Newmont Corp. | 4.5% |
| Ecolab, Inc. | 4.3% |
| Air Products & Chemicals, Inc. | 4.1% |

---

"Standard & Poor's<sup>®</sup>", "S&P<sup>®</sup>" and "S&P Materials Select Sector Index" are trademarks of Standard & Poor's Financial Services LLC ("S&P") and have been licensed for use by ProFunds. This Fund is not sponsored, licensed, sold or promoted by Standard & Poor's and Standard & Poor's makes no representation regarding the advisability of investing in ProFunds.

![Image](tm2510928d1_ncsrimg006.jpg)

![QR Code](tm2510928d1_ncsrimg127.jpg)

#### Materials UltraSector ProFund
Investor Class BMPIX

Annual Shareholder Report — July 31, 2025

Additional information about the Fund including the Financial Statements, Prospectus and Statement of Additional Information is available: On the Fund's website, www.profunds.com/shareholder-reports, or upon request, by calling 888-776-3637.

![Image](tm2510928d1_ncsrimg005.jpg)

#### Service Class BMPSX
Annual Shareholder Report — July 31, 2025

## Fund Overview
This Annual shareholder report contains important information about the Materials UltraSector ProFund (the "Fund") for the period of August 1, 2024 to July 31, 2025. You can find additional information about the Fund at www.profunds.com/shareholder-reports. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Service Class | $263 | 2.78% |

---

### How did the Fund perform last year?
**Materials UltraSector ProFund** (the "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&P Materials Select Sector Index (the "Index").

The Fund invests in financial instruments that ProFund Advisors believes, in combination, should produce daily returns consistent with the Fund's investment objective.

For the year ended July 31, 2025, the Fund had an average daily statistical correlation of over 0.99 to one and one-half times the daily performance of the Index. For the same period, the Index had a total return of -2.80% and a volatility of 19.87%. The index performance was driven by the absence of the Magnificent 7 and technology-related names.

Primary factors affecting Fund performance include the total return of the securities and derivatives held by the Fund, the performance of the reference assets to which the derivatives are linked, financing rates paid or earned, expenses, transaction costs, the volatility of the Fund's Index, the impact of compounding, and other miscellaneous factors.

#### Total Return Based on a $10,000 Investment

##### Cumulative performance: August 1, 2015 through July 31, 2025
![30](tm2510928d1_ncsrimg089.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Fund** | **S&P Materials Select Sector Index** | **S&P 500<sup>®</sup> Index** |
| **Jul 15** | $10000 | $10000 | $10000 |
| **Jul 16** | $10854 | $10854 | $10561 |
| **Jul 17** | $13080 | $12431 | $12256 |
| **Jul 18** | $15106 | $13832 | $14246 |
| **Jul 19** | $12883 | $13828 | $15384 |
| **Jul 20** | $12594 | $14643 | $17223 |
| **Jul 21** | $20080 | $20737 | $23500 |
| **Jul 22** | $18090 | $19693 | $22410 |
| **Jul 23** | $21233 | $22088 | $25327 |
| **Jul 24** | $22850 | $24244 | $30936 |
| **Jul 25** | $20438 | $23565 | $35989 |

---

The chart above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter), assuming the reinvestment of distributions.

### Average Annual Total Return

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Fund NAV | -10.56% | 10.17% | 7.41% |
| S&P Materials Select Sector Index | -2.80% | 9.98% | 8.95% |
| S&P 500<sup>®</sup> Index | 16.33% | 15.88% | 13.66% |

---

**Performance data quoted represents past performance and does not guarantee future results. Updated performance information is available on our website at www.profunds.com/fund_performance.com. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of fund shares.**

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $3438906 |
| Number of Holdings\* | 32 |
| Net Investment Advisory Fees | $20803 |
| Portfolio Turnover | 764% |

---

\* No. of Holdings excludes any derivatives and collateral for securities loaned.

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| Equity Securities | 86% |
| S&P Materials Select Sector Index Swap Agreements | 65% |
| **Total** | **151%** |

---

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments and instruments used for cash management.

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Chemicals | 58% |
| Metals & Mining | 17% |
| Containers & Packaging | 16% |
| Construction Materials | 9% |

---

###### Largest Equity Holdings

---

| | |
|:---|:---|
| **Holding** | **% of Net Assets** |
| Linde PLC | 13.9% |
| The Sherwin-Williams Co. | 4.9% |
| Newmont Corp. | 4.5% |
| Ecolab, Inc. | 4.3% |
| Air Products & Chemicals, Inc. | 4.1% |

---

"Standard & Poor's<sup>®</sup>", "S&P<sup>®</sup>" and "S&P Materials Select Sector Index" are trademarks of Standard & Poor's Financial Services LLC ("S&P") and have been licensed for use by ProFunds. This Fund is not sponsored, licensed, sold or promoted by Standard & Poor's and Standard & Poor's makes no representation regarding the advisability of investing in ProFunds.

![Image](tm2510928d1_ncsrimg006.jpg)

![QR Code](tm2510928d1_ncsrimg127.jpg)

#### Materials UltraSector ProFund
Service Class BMPSX

Annual Shareholder Report — July 31, 2025

Additional information about the Fund including the Financial Statements, Prospectus and Statement of Additional Information is available: On the Fund's website, www.profunds.com/shareholder-reports, or upon request, by calling 888-776-3637.

![Image](tm2510928d1_ncsrimg005.jpg)

# Mid-Cap Growth ProFund

#### Investor Class MGPIX
Annual Shareholder Report — July 31, 2025

## Fund Overview
This Annual shareholder report contains important information about the Mid-Cap Growth ProFund (the "Fund") for the period of August 1, 2024 to July 31, 2025. You can find additional information about the Fund at www.profunds.com/shareholder-reports. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor Class | $178 | 1.78% |

---

### How did the Fund perform last year?
**Mid-Cap Growth ProFund** (the "Fund") seeks investment results, before fees and expenses, that track the performance of the S&P MidCap 400<sup>®</sup> Growth Index (the "Index").

The Fund invests in financial instruments that ProFund Advisors believes, in combination, should track the performance of the Index.

For the year ended July 31, 2025, the Fund had an average daily statistical correlation of over 0.99 to the daily performance of the Index. For the same period, the Index had a total return of 2.23% and a volatility of 22.60%. The index performance was driven by mid-caps lagging during a period of mega cap outperformance.

Primary factors affecting Fund performance include the total return of the securities held by the Fund, expenses, transaction costs, the volatility of a Fund's index, and other miscellaneous factors.

#### Total Return Based on a $10,000 Investment

##### Cumulative performance: August 1, 2015 through July 31, 2025
![30](tm2510928d1_ncsrimg107.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Fund** | **S&P MidCap 400<sup>®</sup> Growth Index** | **S&P Composite 1500<sup>®</sup> Index** |
| **Jul 15** | $10000 | $9999 | $10000 |
| **Jul 16** | $10160 | $10331 | $10560 |
| **Jul 17** | $11360 | $11748 | $12250 |
| **Jul 18** | $12956 | $13670 | $14250 |
| **Jul 19** | $12981 | $13917 | $15254 |
| **Jul 20** | $13393 | $14666 | $16840 |
| **Jul 21** | $18207 | $20292 | $23159 |
| **Jul 22** | $15834 | $18007 | $22061 |
| **Jul 23** | $17077 | $19773 | $24859 |
| **Jul 24** | $20002 | $23591 | $30222 |
| **Jul 25** | $20059 | $24119 | $34764 |

---

The chart above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter), assuming the reinvestment of distributions.

### Average Annual Total Return

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Fund NAV | 0.29% | 8.42% | 7.21% |
| S&P MidCap 400<sup>®</sup> Growth Index | 2.23% | 10.46% | 9.20% |
| S&P Composite 1500<sup>®</sup> Index | 15.03% | 15.60% | 13.27% |

---

**Performance data quoted represents past performance and does not guarantee future results. Updated performance information is available on our website at www.profunds.com/fund_performance.com. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of fund shares.**

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $4250095 |
| Number of Holdings\* | 243 |
| Net Investment Advisory Fees | $20238 |
| Portfolio Turnover | 457% |

---

\* No. of Holdings excludes any derivatives and collateral for securities loaned.

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| Equity Securities | 100% |
| **Total** | **100%** |

---

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments and instruments used for cash management.

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Industrials | 29% |
| Financials | 16% |
| Information Technology | 14% |
| Consumer Discretionary | 14% |
| Health Care | 10% |

---

###### Largest Equity Holdings

---

| | |
|:---|:---|
| **Holding** | **% of Net Assets** |
| Interactive Brokers Group, Inc. - Class A | 1.8% |
| EMCOR Group, Inc. | 1.8% |
| Comfort Systems USA, Inc. | 1.6% |
| Rb Global, Inc. | 1.3% |
| Guidewire Software, Inc. | 1.2% |

---

"Standard & Poor's<sup>®</sup>", "S&P<sup>®</sup>", and "S&P MidCap 400 Growth Index" are trademarks of Standard & Poor's Financial Services LLC ("S&P") and have been licensed for use by ProFunds. This Fund is not sponsored, licensed, sold or promoted by Standard & Poor's and Standard & Poor's makes no representation regarding the advisability of investing in ProFunds.

![Image](tm2510928d1_ncsrimg006.jpg)

![QR Code](tm2510928d1_ncsrimg127.jpg)

#### Mid-Cap Growth ProFund
Investor Class MGPIX

Annual Shareholder Report — July 31, 2025

Additional information about the Fund including the Financial Statements, Prospectus and Statement of Additional Information is available: On the Fund's website, www.profunds.com/shareholder-reports, or upon request, by calling 888-776-3637.

![Image](tm2510928d1_ncsrimg005.jpg)

#### Service Class MGPSX
Annual Shareholder Report — July 31, 2025

## Fund Overview
This Annual shareholder report contains important information about the Mid-Cap Growth ProFund (the "Fund") for the period of August 1, 2024 to July 31, 2025. You can find additional information about the Fund at www.profunds.com/shareholder-reports. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Service Class | $277 | 2.78% |

---

### How did the Fund perform last year?
**Mid-Cap Growth ProFund** (the "Fund") seeks investment results, before fees and expenses, that track the performance of the S&P MidCap 400<sup>®</sup> Growth Index (the "Index").

The Fund invests in financial instruments that ProFund Advisors believes, in combination, should track the performance of the Index.

For the year ended July 31, 2025, the Fund had an average daily statistical correlation of over 0.99 to the daily performance of the Index. For the same period, the Index had a total return of 2.23% and a volatility of 22.60%. The index performance was driven by mid-caps lagging during a period of mega cap outperformance.

Primary factors affecting Fund performance include the total return of the securities held by the Fund, expenses, transaction costs, the volatility of a Fund's index, and other miscellaneous factors.

#### Total Return Based on a $10,000 Investment

##### Cumulative performance: August 1, 2015 through July 31, 2025
![30](tm2510928d1_ncsrimg011.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Fund** | **S&P MidCap 400<sup>®</sup> Growth Index** | **S&P Composite 1500<sup>®</sup> Index** |
| **Jul 15** | $10000 | $9999 | $10000 |
| **Jul 16** | $10057 | $10331 | $10560 |
| **Jul 17** | $11132 | $11748 | $12250 |
| **Jul 18** | $12570 | $13670 | $14250 |
| **Jul 19** | $12471 | $13917 | $15254 |
| **Jul 20** | $12736 | $14666 | $16840 |
| **Jul 21** | $17144 | $20292 | $23159 |
| **Jul 22** | $14762 | $18007 | $22061 |
| **Jul 23** | $15760 | $19773 | $24859 |
| **Jul 24** | $18272 | $23591 | $30222 |
| **Jul 25** | $18143 | $24119 | $34764 |

---

The chart above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter), assuming the reinvestment of distributions.

### Average Annual Total Return

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Fund NAV | -0.70% | 7.33% | 6.14% |
| S&P MidCap 400<sup>®</sup> Growth Index | 2.23% | 10.46% | 9.20% |
| S&P Composite 1500<sup>®</sup> Index | 15.03% | 15.60% | 13.27% |

---

**Performance data quoted represents past performance and does not guarantee future results. Updated performance information is available on our website at www.profunds.com/fund_performance.com. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of fund shares.**

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $4250095 |
| Number of Holdings\* | 243 |
| Net Investment Advisory Fees | $20238 |
| Portfolio Turnover | 457% |

---

\* No. of Holdings excludes any derivatives and collateral for securities loaned.

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| Equity Securities | 100% |
| **Total** | **100%** |

---

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments and instruments used for cash management.

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Industrials | 29% |
| Financials | 16% |
| Information Technology | 14% |
| Consumer Discretionary | 14% |
| Health Care | 10% |

---

###### Largest Equity Holdings

---

| | |
|:---|:---|
| **Holding** | **% of Net Assets** |
| Interactive Brokers Group, Inc. - Class A | 1.8% |
| EMCOR Group, Inc. | 1.8% |
| Comfort Systems USA, Inc. | 1.6% |
| Rb Global, Inc. | 1.3% |
| Guidewire Software, Inc. | 1.2% |

---

"Standard & Poor's<sup>®</sup>", "S&P<sup>®</sup>", and "S&P MidCap 400 Growth Index" are trademarks of Standard & Poor's Financial Services LLC ("S&P") and have been licensed for use by ProFunds. This Fund is not sponsored, licensed, sold or promoted by Standard & Poor's and Standard & Poor's makes no representation regarding the advisability of investing in ProFunds.

![Image](tm2510928d1_ncsrimg006.jpg)

![QR Code](tm2510928d1_ncsrimg127.jpg)

#### Mid-Cap Growth ProFund
Service Class MGPSX

Annual Shareholder Report — July 31, 2025

Additional information about the Fund including the Financial Statements, Prospectus and Statement of Additional Information is available: On the Fund's website, www.profunds.com/shareholder-reports, or upon request, by calling 888-776-3637.

![Image](tm2510928d1_ncsrimg005.jpg)

# Mid-Cap ProFund

#### Investor Class MDPIX
Annual Shareholder Report — July 31, 2025

## Fund Overview
This Annual shareholder report contains important information about the Mid-Cap ProFund (the "Fund") for the period of August 1, 2024 to July 31, 2025. You can find additional information about the Fund at www.profunds.com/shareholder-reports. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor Class | $179 | 1.78% |

---

### How did the Fund perform last year?
**Mid-Cap ProFund** (the "Fund") seeks investment results, before fees and expenses, that track the performance of the S&P MidCap 400<sup>®</sup> Index (the "Index").

The Fund invests in financial instruments that ProFund Advisors believes, in combination, should track the performance of the Index.

For the year ended July 31, 2025, the Fund had an average daily statistical correlation of over 0.99 to the daily performance of the Index. For the same period, the Index had a total return of 3.27% and a volatility of 21.61%. The index performance was driven by mid-caps lagging during a period of mega cap outperformance.

Primary factors affecting Fund performance include the total return of the securities and derivatives held by the Fund, the performance of the reference assets to which the derivatives are linked, financing rates paid or earned, the types of derivative contracts used (and their correlation to the Fund's Index), expenses, transaction costs, the volatility of the Fund's Index, and other miscellaneous factors.

#### Total Return Based on a $10,000 Investment

##### Cumulative performance: August 1, 2015 through July 31, 2025
![30](tm2510928d1_ncsrimg014.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Fund** | **S&P MidCap 400<sup>®</sup> Index** | **S&P Composite 1500<sup>®</sup> Index** |
| **Jul 15** | $10000 | $10000 | $10000 |
| **Jul 16** | $10364 | $10553 | $10560 |
| **Jul 17** | $11665 | $12104 | $12250 |
| **Jul 18** | $13107 | $13858 | $14250 |
| **Jul 19** | $12943 | $13968 | $15254 |
| **Jul 20** | $12229 | $13473 | $16840 |
| **Jul 21** | $17598 | $19804 | $23159 |
| **Jul 22** | $16266 | $18675 | $22061 |
| **Jul 23** | $17607 | $20631 | $24859 |
| **Jul 24** | $19914 | $23809 | $30222 |
| **Jul 25** | $20130 | $24589 | $34764 |

---

The chart above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter), assuming the reinvestment of distributions.

### Average Annual Total Return

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Fund NAV | 1.09% | 10.48% | 7.25% |
| S&P MidCap 400<sup>®</sup> Index | 3.27% | 12.79% | 9.41% |
| S&P Composite 1500<sup>®</sup> Index | 15.03% | 15.60% | 13.27% |

---

**Performance data quoted represents past performance and does not guarantee future results. Updated performance information is available on our website at www.profunds.com/fund_performance.com. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of fund shares.**

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $7616569 |
| Number of Holdings\* | 407 |
| Net Investment Advisory Fees | $49202 |
| Portfolio Turnover | 486% |

---

\* No. of Holdings excludes any derivatives and collateral for securities loaned.

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| Equity Securities | 63% |
| S&P MidCap 400 Swap Agreements | 37% |
| **Total** | **100%** |

---

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments and instruments used for cash management.

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Industrials | 24% |
| Financials | 18% |
| Consumer Discretionary | 13% |
| Information Technology | 12% |
| Health Care | 8% |

---

###### Largest Equity Holdings

---

| | |
|:---|:---|
| **Holding** | **% of Net Assets** |
| Interactive Brokers Group, Inc. - Class A | 0.6% |
| EMCOR Group, Inc. | 0.6% |
| Comfort Systems USA, Inc. | 0.5% |
| Rb Global, Inc. | 0.4% |
| Casey's General Stores, Inc. | 0.4% |

---

"Standard & Poor's<sup>®</sup>", "S&P<sup>®</sup>", and "S&P MidCap 400 Index" are trademarks of Standard & Poor's Financial Services LLC ("S&P") and have been licensed for use by ProFunds. This Fund is not sponsored, licensed, sold or promoted by Standard & Poor's and Standard & Poor's makes no representation regarding the advisability of investing in ProFunds.

![Image](tm2510928d1_ncsrimg006.jpg)

![QR Code](tm2510928d1_ncsrimg127.jpg)

#### Mid-Cap ProFund
Investor Class MDPIX

Annual Shareholder Report — July 31, 2025

Additional information about the Fund including the Financial Statements, Prospectus and Statement of Additional Information is available: On the Fund's website, www.profunds.com/shareholder-reports, or upon request, by calling 888-776-3637.

![Image](tm2510928d1_ncsrimg005.jpg)

#### Service Class MDPSX
Annual Shareholder Report — July 31, 2025

## Fund Overview
This Annual shareholder report contains important information about the Mid-Cap ProFund (the "Fund") for the period of August 1, 2024 to July 31, 2025. You can find additional information about the Fund at www.profunds.com/shareholder-reports. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Service Class | $278 | 2.78% |

---

### How did the Fund perform last year?
**Mid-Cap ProFund** (the "Fund") seeks investment results, before fees and expenses, that track the performance of the S&P MidCap 400<sup>®</sup> Index (the "Index").

The Fund invests in financial instruments that ProFund Advisors believes, in combination, should track the performance of the Index.

For the year ended July 31, 2025, the Fund had an average daily statistical correlation of over 0.99 to the daily performance of the Index. For the same period, the Index had a total return of 3.27% and a volatility of 21.61%. The index performance was driven by mid-caps lagging during a period of mega cap outperformance.

Primary factors affecting Fund performance include the total return of the securities and derivatives held by the Fund, the performance of the reference assets to which the derivatives are linked, financing rates paid or earned, the types of derivative contracts used (and their correlation to the Fund's Index), expenses, transaction costs, the volatility of the Fund's Index, and other miscellaneous factors.

#### Total Return Based on a $10,000 Investment

##### Cumulative performance: August 1, 2015 through July 31, 2025
![30](tm2510928d1_ncsrimg126.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Fund** | **S&P MidCap 400<sup>®</sup> Index** | **S&P Composite 1500<sup>®</sup> Index** |
| **Jul 15** | $10000 | $10000 | $10000 |
| **Jul 16** | $10257 | $10553 | $10560 |
| **Jul 17** | $11430 | $12104 | $12250 |
| **Jul 18** | $12714 | $13858 | $14250 |
| **Jul 19** | $12430 | $13968 | $15254 |
| **Jul 20** | $11629 | $13473 | $16840 |
| **Jul 21** | $16567 | $19804 | $23159 |
| **Jul 22** | $15163 | $18675 | $22061 |
| **Jul 23** | $16249 | $20631 | $24859 |
| **Jul 24** | $18195 | $23809 | $30222 |
| **Jul 25** | $18208 | $24589 | $34764 |

---

The chart above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter), assuming the reinvestment of distributions.

### Average Annual Total Return

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Fund NAV | 0.08% | 9.38% | 6.18% |
| S&P MidCap 400<sup>®</sup> Index | 3.27% | 12.79% | 9.41% |
| S&P Composite 1500<sup>®</sup> Index | 15.03% | 15.60% | 13.27% |

---

**Performance data quoted represents past performance and does not guarantee future results. Updated performance information is available on our website at www.profunds.com/fund_performance.com. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of fund shares.**

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $7616569 |
| Number of Holdings\* | 407 |
| Net Investment Advisory Fees | $49202 |
| Portfolio Turnover | 486% |

---

\* No. of Holdings excludes any derivatives and collateral for securities loaned.

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| Equity Securities | 63% |
| S&P MidCap 400 Swap Agreements | 37% |
| **Total** | **100%** |

---

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments and instruments used for cash management.

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Industrials | 24% |
| Financials | 18% |
| Consumer Discretionary | 13% |
| Information Technology | 12% |
| Health Care | 8% |

---

###### Largest Equity Holdings

---

| | |
|:---|:---|
| **Holding** | **% of Net Assets** |
| Interactive Brokers Group, Inc. - Class A | 0.6% |
| EMCOR Group, Inc. | 0.6% |
| Comfort Systems USA, Inc. | 0.5% |
| Rb Global, Inc. | 0.4% |
| Casey's General Stores, Inc. | 0.4% |

---

"Standard & Poor's<sup>®</sup>", "S&P<sup>®</sup>", and "S&P MidCap 400 Index" are trademarks of Standard & Poor's Financial Services LLC ("S&P") and have been licensed for use by ProFunds. This Fund is not sponsored, licensed, sold or promoted by Standard & Poor's and Standard & Poor's makes no representation regarding the advisability of investing in ProFunds.

![Image](tm2510928d1_ncsrimg006.jpg)

![QR Code](tm2510928d1_ncsrimg127.jpg)

#### Mid-Cap ProFund
Service Class MDPSX

Annual Shareholder Report — July 31, 2025

Additional information about the Fund including the Financial Statements, Prospectus and Statement of Additional Information is available: On the Fund's website, www.profunds.com/shareholder-reports, or upon request, by calling 888-776-3637.

![Image](tm2510928d1_ncsrimg005.jpg)

# Mid-Cap Value ProFund

#### Investor Class MLPIX
Annual Shareholder Report — July 31, 2025

## Fund Overview
This Annual shareholder report contains important information about the Mid-Cap Value ProFund (the "Fund") for the period of August 1, 2024 to July 31, 2025. You can find additional information about the Fund at www.profunds.com/shareholder-reports. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor Class | $180 | 1.78% |

---

### How did the Fund perform last year?
**Mid-Cap Value ProFund** (the "Fund") seeks investment results, before fees and expenses, that track the performance of the S&P MidCap 400<sup>®</sup> Value Index (the "Index").

The Fund invests in financial instruments that ProFund Advisors believes, in combination, should track the performance of the Index.

For the year ended July 31, 2025, the Fund had an average daily statistical correlation of over 0.99 to the daily performance of the Index. For the same period, the Index had a total return of 4.32% and a volatility of 21.61%. The index performance was driven by mid-caps lagging during a period of mega cap outperformance.

Primary factors affecting Fund performance include the total return of the securities held by the Fund, expenses, transaction costs, the volatility of a Fund's index, and other miscellaneous factors.

#### Total Return Based on a $10,000 Investment

##### Cumulative performance: August 1, 2015 through July 31, 2025
![30](tm2510928d1_ncsrimg025.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Fund** | **S&P MidCap 400<sup>®</sup> Value Index** | **S&P Composite 1500<sup>®</sup> Index** |
| **Jul 15** | $10000 | $10000 | $10000 |
| **Jul 16** | $10614 | $10781 | $10560 |
| **Jul 17** | $11984 | $12388 | $12250 |
| **Jul 18** | $13284 | $13936 | $14250 |
| **Jul 19** | $13026 | $13903 | $15254 |
| **Jul 20** | $11095 | $12041 | $16840 |
| **Jul 21** | $17071 | $18885 | $23159 |
| **Jul 22** | $16754 | $18876 | $22061 |
| **Jul 23** | $18268 | $20944 | $24859 |
| **Jul 24** | $20006 | $23325 | $30222 |
| **Jul 25** | $20403 | $24333 | $34764 |

---

The chart above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter), assuming the reinvestment of distributions.

### Average Annual Total Return

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Fund NAV | 1.98% | 12.96% | 7.39% |
| S&P MidCap 400<sup>®</sup> Value Index | 4.32% | 15.11% | 9.30% |
| S&P Composite 1500<sup>®</sup> Index | 15.03% | 15.60% | 13.27% |

---

**Performance data quoted represents past performance and does not guarantee future results. Updated performance information is available on our website at www.profunds.com/fund_performance.com. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of fund shares.**

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $2041132 |
| Number of Holdings\* | 295 |
| Net Investment Advisory Fees | $21275 |
| Portfolio Turnover | 988% |

---

\* No. of Holdings excludes any derivatives and collateral for securities loaned.

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| Equity Securities | 100% |
| **Total** | **100%** |

---

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments and instruments used for cash management.

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Financials | 21% |
| Industrials | 18% |
| Consumer Discretionary | 12% |
| Real Estate | 9% |
| Information Technology | 9% |

---

###### Largest Equity Holdings

---

| | |
|:---|:---|
| **Holding** | **% of Net Assets** |
| US Foods Holding Corp. | 1.4% |
| Flex, Ltd. | 1.4% |
| Performance Food Group Co. | 1.1% |
| Reliance Steel & Aluminum Co. | 1.1% |
| Fidelity National Financial, Inc. | 1.1% |

---

"Standard & Poor's<sup>®</sup>", "S&P<sup>®</sup>", and "S&P MidCap 400 Value Index" are trademarks of Standard & Poor's Financial Services LLC ("S&P") and have been licensed for use by ProFunds. This Fund is not sponsored, licensed, sold or promoted by Standard & Poor's and Standard & Poor's makes no representation regarding the advisability of investing in ProFunds.

![Image](tm2510928d1_ncsrimg006.jpg)

![QR Code](tm2510928d1_ncsrimg127.jpg)

#### Mid-Cap Value ProFund
Investor Class MLPIX

Annual Shareholder Report — July 31, 2025

Additional information about the Fund including the Financial Statements, Prospectus and Statement of Additional Information is available: On the Fund's website, www.profunds.com/shareholder-reports, or upon request, by calling 888-776-3637.

![Image](tm2510928d1_ncsrimg005.jpg)

#### Service Class MLPSX
Annual Shareholder Report — July 31, 2025

## Fund Overview
This Annual shareholder report contains important information about the Mid-Cap Value ProFund (the "Fund") for the period of August 1, 2024 to July 31, 2025. You can find additional information about the Fund at www.profunds.com/shareholder-reports. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Service Class | $279 | 2.78% |

---

### How did the Fund perform last year?
**Mid-Cap Value ProFund** (the "Fund") seeks investment results, before fees and expenses, that track the performance of the S&P MidCap 400<sup>®</sup> Value Index (the "Index").

The Fund invests in financial instruments that ProFund Advisors believes, in combination, should track the performance of the Index.

For the year ended July 31, 2025, the Fund had an average daily statistical correlation of over 0.99 to the daily performance of the Index. For the same period, the Index had a total return of 4.32% and a volatility of 21.61%. The index performance was driven by mid-caps lagging during a period of mega cap outperformance.

Primary factors affecting Fund performance include the total return of the securities held by the Fund, expenses, transaction costs, the volatility of a Fund's index, and other miscellaneous factors.

#### Total Return Based on a $10,000 Investment

##### Cumulative performance: August 1, 2015 through July 31, 2025
![30](tm2510928d1_ncsrimg103.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Fund** | **S&P MidCap 400<sup>®</sup> Value Index** | **S&P Composite 1500<sup>®</sup> Index** |
| **Jul 15** | $10000 | $10000 | $10000 |
| **Jul 16** | $10498 | $10781 | $10560 |
| **Jul 17** | $11735 | $12388 | $12250 |
| **Jul 18** | $12877 | $13936 | $14250 |
| **Jul 19** | $12504 | $13903 | $15254 |
| **Jul 20** | $10544 | $12041 | $16840 |
| **Jul 21** | $16064 | $18885 | $23159 |
| **Jul 22** | $15609 | $18876 | $22061 |
| **Jul 23** | $16852 | $20944 | $24859 |
| **Jul 24** | $18271 | $23325 | $30222 |
| **Jul 25** | $18451 | $24333 | $34764 |

---

The chart above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter), assuming the reinvestment of distributions.

### Average Annual Total Return

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Fund NAV | 0.99% | 11.84% | 6.32% |
| S&P MidCap 400<sup>®</sup> Value Index | 4.32% | 15.11% | 9.30% |
| S&P Composite 1500<sup>®</sup> Index | 15.03% | 15.60% | 13.27% |

---

**Performance data quoted represents past performance and does not guarantee future results. Updated performance information is available on our website at www.profunds.com/fund_performance.com. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of fund shares.**

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $2041132 |
| Number of Holdings\* | 295 |
| Net Investment Advisory Fees | $21275 |
| Portfolio Turnover | 988% |

---

\* No. of Holdings excludes any derivatives and collateral for securities loaned.

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| Equity Securities | 100% |
| **Total** | **100%** |

---

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments and instruments used for cash management.

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Financials | 21% |
| Industrials | 18% |
| Consumer Discretionary | 12% |
| Real Estate | 9% |
| Information Technology | 9% |

---

###### Largest Equity Holdings

---

| | |
|:---|:---|
| **Holding** | **% of Net Assets** |
| US Foods Holding Corp. | 1.4% |
| Flex, Ltd. | 1.4% |
| Performance Food Group Co. | 1.1% |
| Reliance Steel & Aluminum Co. | 1.1% |
| Fidelity National Financial, Inc. | 1.1% |

---

"Standard & Poor's<sup>®</sup>", "S&P<sup>®</sup>", and "S&P MidCap 400 Value Index" are trademarks of Standard & Poor's Financial Services LLC ("S&P") and have been licensed for use by ProFunds. This Fund is not sponsored, licensed, sold or promoted by Standard & Poor's and Standard & Poor's makes no representation regarding the advisability of investing in ProFunds.

![Image](tm2510928d1_ncsrimg006.jpg)

![QR Code](tm2510928d1_ncsrimg127.jpg)

#### Mid-Cap Value ProFund
Service Class MLPSX

Annual Shareholder Report — July 31, 2025

Additional information about the Fund including the Financial Statements, Prospectus and Statement of Additional Information is available: On the Fund's website, www.profunds.com/shareholder-reports, or upon request, by calling 888-776-3637.

![Image](tm2510928d1_ncsrimg005.jpg)

# Nasdaq-100 ProFund

#### Investor Class OTPIX
Annual Shareholder Report — July 31, 2025

## Fund Overview
This Annual shareholder report contains important information about the Nasdaq-100 ProFund (the "Fund") for the period of August 1, 2024 to July 31, 2025. You can find additional information about the Fund at www.profunds.com/shareholder-reports. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor Class | $160 | 1.47% |

---

### How did the Fund perform last year?
**Nasdaq-100 ProFund** (the "Fund") seeks investment results, before fees and expenses, that track the performance of the Nasdaq-100<sup>®</sup> Index (the "Index").

The Fund invests in financial instruments that ProFund Advisors believes, in combination, should track the performance of the Index.

For the year ended July 31, 2025, the Fund had an average daily statistical correlation of over 0.99 to the daily performance of the Index. For the same period, the Index had a total return of 20.83% and a volatility of 24.66%. The index performance was driven by strength in technology stocks and the rising demand of AI.

Primary factors affecting Fund performance include the total return of the securities and derivatives held by the Fund, the performance of the reference assets to which the derivatives are linked, financing rates paid or earned, the types of derivative contracts used (and their correlation to the Fund's Index), expenses, transaction costs, the volatility of the Fund's Index, and other miscellaneous factors.

#### Total Return Based on a $10,000 Investment

##### Cumulative performance: August 1, 2015 through July 31, 2025
![30](tm2510928d1_ncsrimg094.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Fund** | **Nasdaq-100<sup>®</sup> Index** | **Nasdaq Composite Index** |
| **Jul 15** | $10000 | $10000 | $10000 |
| **Jul 16** | $10230 | $10441 | $10192 |
| **Jul 17** | $12621 | $13137 | $12680 |
| **Jul 18** | $15385 | $16329 | $15486 |
| **Jul 19** | $16562 | $17919 | $16685 |
| **Jul 20** | $22661 | $25153 | $22156 |
| **Jul 21** | $30608 | $34758 | $30471 |
| **Jul 22** | $25957 | $30309 | $25914 |
| **Jul 23** | $31064 | $37211 | $30272 |
| **Jul 24** | $37684 | $46115 | $37423 |
| **Jul 25** | $44402 | $55719 | $45228 |

---

The chart above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter), assuming the reinvestment of distributions.

### Average Annual Total Return

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Fund NAV | 17.83% | 14.40% | 16.08% |
| Nasdaq-100<sup>®</sup> Index | 20.83% | 17.24% | 18.74% |
| Nasdaq Composite Index | 20.85% | 15.34% | 16.29% |

---

**Performance data quoted represents past performance and does not guarantee future results. Updated performance information is available on our website at www.profunds.com/fund_performance.com. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of fund shares.**

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $127759634 |
| Number of Holdings\* | 107 |
| Net Investment Advisory Fees | $844106 |
| Portfolio Turnover | 131% |

---

\* No. of Holdings excludes any derivatives and collateral for securities loaned.

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| Equity Securities | 71% |
| Nasdaq-100 Index Swap Agreements | 21% |
| E-mini Nasdaq-100 Index Futures Contracts | 7% |
| **Total** | **99%** |

---

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments and instruments used for cash management.

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Information Technology | 54% |
| Communication Services | 15% |
| Consumer Discretionary | 13% |
| Consumer Staples | 5% |
| Industrials | 5% |

---

###### Largest Equity Holdings

---

| | |
|:---|:---|
| **Holding** | **% of Net Assets** |
| NVIDIA Corp. | 7.1% |
| Microsoft Corp. | 6.5% |
| Apple, Inc. | 5.1% |
| Amazon.com, Inc. | 4.0% |
| Broadcom, Inc. | 3.7% |

---

"QQQ<sup>®</sup>", "Nasdaq-100 Index<sup>®</sup>" and "Nasdaq-100<sup>®</sup>" are registered trademarks of The Nasdaq OMX Group Inc. and have been licensed for use by ProFunds. This Fund is not sponsored, endorsed, sold or promoted by The Nasdaq OMX Group Inc. and The Nasdaq OMX Group Inc. makes no representation regarding the advisability of investing in ProFunds.

![Image](tm2510928d1_ncsrimg006.jpg)

![QR Code](tm2510928d1_ncsrimg127.jpg)

#### Nasdaq-100 ProFund
Investor Class OTPIX

Annual Shareholder Report — July 31, 2025

Additional information about the Fund including the Financial Statements, Prospectus and Statement of Additional Information is available: On the Fund's website, www.profunds.com/shareholder-reports, or upon request, by calling 888-776-3637.

![Image](tm2510928d1_ncsrimg005.jpg)

#### Service Class OTPSX
Annual Shareholder Report — July 31, 2025

## Fund Overview
This Annual shareholder report contains important information about the Nasdaq-100 ProFund (the "Fund") for the period of August 1, 2024 to July 31, 2025. You can find additional information about the Fund at www.profunds.com/shareholder-reports. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Service Class | $268 | 2.47% |

---

### How did the Fund perform last year?
**Nasdaq-100 ProFund** (the "Fund") seeks investment results, before fees and expenses, that track the performance of the Nasdaq-100<sup>®</sup> Index (the "Index").

The Fund invests in financial instruments that ProFund Advisors believes, in combination, should track the performance of the Index.

For the year ended July 31, 2025, the Fund had an average daily statistical correlation of over 0.99 to the daily performance of the Index. For the same period, the Index had a total return of 20.83% and a volatility of 24.66%. The index performance was driven by strength in technology stocks and the rising demand of AI.

Primary factors affecting Fund performance include the total return of the securities and derivatives held by the Fund, the performance of the reference assets to which the derivatives are linked, financing rates paid or earned, the types of derivative contracts used (and their correlation to the Fund's Index), expenses, transaction costs, the volatility of the Fund's Index, and other miscellaneous factors.

#### Total Return Based on a $10,000 Investment

##### Cumulative performance: August 1, 2015 through July 31, 2025
![30](tm2510928d1_ncsrimg065.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Fund** | **Nasdaq-100<sup>®</sup> Index** | **Nasdaq Composite Index** |
| **Jul 15** | $10000 | $10000 | $10000 |
| **Jul 16** | $10127 | $10441 | $10192 |
| **Jul 17** | $12368 | $13137 | $12680 |
| **Jul 18** | $14926 | $16329 | $15486 |
| **Jul 19** | $15908 | $17919 | $16685 |
| **Jul 20** | $21553 | $25153 | $22156 |
| **Jul 21** | $28825 | $34758 | $30471 |
| **Jul 22** | $24203 | $30309 | $25914 |
| **Jul 23** | $28666 | $37211 | $30272 |
| **Jul 24** | $34421 | $46115 | $37423 |
| **Jul 25** | $40137 | $55719 | $45228 |

---

The chart above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter), assuming the reinvestment of distributions.

### Average Annual Total Return

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Fund NAV | 16.61% | 13.24% | 14.91% |
| Nasdaq-100<sup>®</sup> Index | 20.83% | 17.24% | 18.74% |
| Nasdaq Composite Index | 20.85% | 15.34% | 16.29% |

---

**Performance data quoted represents past performance and does not guarantee future results. Updated performance information is available on our website at www.profunds.com/fund_performance.com. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of fund shares.**

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $127759634 |
| Number of Holdings\* | 107 |
| Net Investment Advisory Fees | $844106 |
| Portfolio Turnover | 131% |

---

\* No. of Holdings excludes any derivatives and collateral for securities loaned.

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| Equity Securities | 71% |
| Nasdaq-100 Index Swap Agreements | 21% |
| E-mini Nasdaq-100 Index Futures Contracts | 7% |
| **Total** | **99%** |

---

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments and instruments used for cash management.

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Information Technology | 54% |
| Communication Services | 15% |
| Consumer Discretionary | 13% |
| Consumer Staples | 5% |
| Industrials | 5% |

---

###### Largest Equity Holdings

---

| | |
|:---|:---|
| **Holding** | **% of Net Assets** |
| NVIDIA Corp. | 7.1% |
| Microsoft Corp. | 6.5% |
| Apple, Inc. | 5.1% |
| Amazon.com, Inc. | 4.0% |
| Broadcom, Inc. | 3.7% |

---

"QQQ<sup>®</sup>", "Nasdaq-100 Index<sup>®</sup>" and "Nasdaq-100<sup>®</sup>" are registered trademarks of The Nasdaq OMX Group Inc. and have been licensed for use by ProFunds. This Fund is not sponsored, endorsed, sold or promoted by The Nasdaq OMX Group Inc. and The Nasdaq OMX Group Inc. makes no representation regarding the advisability of investing in ProFunds.

![Image](tm2510928d1_ncsrimg006.jpg)

![QR Code](tm2510928d1_ncsrimg127.jpg)

#### Nasdaq-100 ProFund
Service Class OTPSX

Annual Shareholder Report — July 31, 2025

Additional information about the Fund including the Financial Statements, Prospectus and Statement of Additional Information is available: On the Fund's website, www.profunds.com/shareholder-reports, or upon request, by calling 888-776-3637.

![Image](tm2510928d1_ncsrimg005.jpg)

# Oil & Gas Equipment & Services UltraSector ProFund

#### Investor Class OEPIX
Annual Shareholder Report — July 31, 2025

## Fund Overview
This Annual shareholder report contains important information about the Oil & Gas Equipment & Services UltraSector ProFund (the "Fund") for the period of August 1, 2024 to July 31, 2025. You can find additional information about the Fund at www.profunds.com/shareholder-reports. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor Class | $132 | 1.74% |

---

### How did the Fund perform last year?
**Oil & Gas Equipment & Services UltraSector ProFund** (the "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&P Oil & Gas Equipment & Services Select Industry Index (the "Index").

The Fund invests in financial instruments that ProFund Advisors believes, in combination, should produce daily returns consistent with the Fund's investment objective.

For the year ended July 31, 2025, the Fund had an average daily statistical correlation of over 0.99 to one and one-half times the daily performance of the Index. For the same period, the Index had a total return of -30.72% and a volatility of 21.54%. The index performance was driven by materially lower oil prices from the year prior.

Primary factors affecting Fund performance include the total return of the securities and derivatives held by the Fund, the performance of the reference assets to which the derivatives are linked, financing rates paid or earned, expenses, transaction costs, the volatility of the Fund's Index, the impact of compounding, and other miscellaneous factors.

#### Total Return Based on a $10,000 Investment

##### Cumulative performance: August 1, 2015 through July 31, 2025
![30](tm2510928d1_ncsrimg053.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Fund** | **S&P Oil & Gas Equipment & Services Select Industry Index** | **S&P Total Market Index** |
| **Jul 15** | $10000 | $10000 | $10000 |
| **Jul 16** | $7652 | $8302 | $10442 |
| **Jul 17** | $7133 | $7255 | $12128 |
| **Jul 18** | $7348 | $8227 | $14121 |
| **Jul 19** | $3099 | $4501 | $15096 |
| **Jul 20** | $681 | $1706 | $16726 |
| **Jul 21** | $1149 | $2701 | $23237 |
| **Jul 22** | $1444 | $3288 | $21429 |
| **Jul 23** | $2321 | $4893 | $24133 |
| **Jul 24** | $2331 | $5163 | $29227 |
| **Jul 25** | $1201 | $3577 | $33824 |

---

The chart above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter), assuming the reinvestment of distributions.

### Average Annual Total Return

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Fund NAV | -48.48% | 12.02% | -19.10% |
| S&P Oil & Gas Equipment & Services Select Industry Index | -30.72% | 15.96% | -9.77% |
| S&P Total Market Index | 15.73% | 15.12% | 12.96% |

---

**Performance data quoted represents past performance and does not guarantee future results. Updated performance information is available on our website at www.profunds.com/fund_performance.com. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of fund shares.**

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $10654049 |
| Number of Holdings\* | 36 |
| Net Investment Advisory Fees | $82631 |
| Portfolio Turnover | 149% |

---

\* No. of Holdings excludes any derivatives and collateral for securities loaned.

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| Equity Securities | 74% |
| S&P Oil & Gas Equipment & Services Select Sector Index Swap Agreements | 76% |
| **Total** | **150%** |

---

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments and instruments used for cash management.

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Oil & Gas Equipment & Services | 76% |
| Oil & Gas Drilling | 24% |

---

###### Largest Equity Holdings

---

| | |
|:---|:---|
| **Holding** | **% of Net Assets** |
| Baker Hughes Co. | 4.3% |
| Weatherford International PLC | 4.0% |
| Valaris, Ltd. | 4.0% |
| TechnipFMC PLC | 3.9% |
| Halliburton Co. | 3.7% |

---

"Standard & Poor's<sup>®</sup>", "S&P<sup>®</sup>" and "S&P Oil & Gas Equipment & Services Select Industry Index" are trademarks of Standard & Poor's Financial Services LLC ("S&P") and have been licensed for use by ProFunds. This Fund is not sponsored, licensed, sold or promoted by Standard & Poor's and Standard & Poor's makes no representation regarding the advisability of investing in ProFunds.

![Image](tm2510928d1_ncsrimg006.jpg)

![QR Code](tm2510928d1_ncsrimg127.jpg)

#### Oil & Gas Equipment & Services UltraSector ProFund
Investor Class OEPIX

Annual Shareholder Report — July 31, 2025

Additional information about the Fund including the Financial Statements, Prospectus and Statement of Additional Information is available: On the Fund's website, www.profunds.com/shareholder-reports, or upon request, by calling 888-776-3637.

![Image](tm2510928d1_ncsrimg005.jpg)

#### Service Class OEPSX
Annual Shareholder Report — July 31, 2025

## Fund Overview
This Annual shareholder report contains important information about the Oil & Gas Equipment & Services UltraSector ProFund (the "Fund") for the period of August 1, 2024 to July 31, 2025. You can find additional information about the Fund at www.profunds.com/shareholder-reports. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Service Class | $207 | 2.74% |

---

### How did the Fund perform last year?
**Oil & Gas Equipment & Services UltraSector ProFund** (the "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&P Oil & Gas Equipment & Services Select Industry Index (the "Index").

The Fund invests in financial instruments that ProFund Advisors believes, in combination, should produce daily returns consistent with the Fund's investment objective.

For the year ended July 31, 2025, the Fund had an average daily statistical correlation of over 0.99 to one and one-half times the daily performance of the Index. For the same period, the Index had a total return of -30.72% and a volatility of 21.54%. The index performance was driven by materially lower oil prices from the year prior.

Primary factors affecting Fund performance include the total return of the securities and derivatives held by the Fund, the performance of the reference assets to which the derivatives are linked, financing rates paid or earned, expenses, transaction costs, the volatility of the Fund's Index, the impact of compounding, and other miscellaneous factors.

#### Total Return Based on a $10,000 Investment

##### Cumulative performance: August 1, 2015 through July 31, 2025
![30](tm2510928d1_ncsrimg123.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Fund** | **S&P Oil & Gas Equipment & Services Select Industry Index** | **S&P Total Market Index** |
| **Jul 15** | $10000 | $10000 | $10000 |
| **Jul 16** | $7576 | $8302 | $10442 |
| **Jul 17** | $6992 | $7255 | $12128 |
| **Jul 18** | $7131 | $8227 | $14121 |
| **Jul 19** | $2976 | $4501 | $15096 |
| **Jul 20** | $646 | $1706 | $16726 |
| **Jul 21** | $1081 | $2701 | $23237 |
| **Jul 22** | $1345 | $3288 | $21429 |
| **Jul 23** | $2140 | $4893 | $24133 |
| **Jul 24** | $2128 | $5163 | $29227 |
| **Jul 25** | $1085 | $3577 | $33824 |

---

The chart above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter), assuming the reinvestment of distributions.

### Average Annual Total Return

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Fund NAV | -49.03% | 10.91% | -19.92% |
| S&P Oil & Gas Equipment & Services Select Industry Index | -30.72% | 15.96% | -9.77% |
| S&P Total Market Index | 15.73% | 15.12% | 12.96% |

---

**Performance data quoted represents past performance and does not guarantee future results. Updated performance information is available on our website at www.profunds.com/fund_performance.com. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of fund shares.**

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $10654049 |
| Number of Holdings\* | 36 |
| Net Investment Advisory Fees | $82631 |
| Portfolio Turnover | 149% |

---

\* No. of Holdings excludes any derivatives and collateral for securities loaned.

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| Equity Securities | 74% |
| S&P Oil & Gas Equipment & Services Select Sector Index Swap Agreements | 76% |
| **Total** | **150%** |

---

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments and instruments used for cash management.

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Oil & Gas Equipment & Services | 76% |
| Oil & Gas Drilling | 24% |

---

###### Largest Equity Holdings

---

| | |
|:---|:---|
| **Holding** | **% of Net Assets** |
| Baker Hughes Co. | 4.3% |
| Weatherford International PLC | 4.0% |
| Valaris, Ltd. | 4.0% |
| TechnipFMC PLC | 3.9% |
| Halliburton Co. | 3.7% |

---

"Standard & Poor's<sup>®</sup>", "S&P<sup>®</sup>" and "S&P Oil & Gas Equipment & Services Select Industry Index" are trademarks of Standard & Poor's Financial Services LLC ("S&P") and have been licensed for use by ProFunds. This Fund is not sponsored, licensed, sold or promoted by Standard & Poor's and Standard & Poor's makes no representation regarding the advisability of investing in ProFunds.

![Image](tm2510928d1_ncsrimg006.jpg)

![QR Code](tm2510928d1_ncsrimg127.jpg)

#### Oil & Gas Equipment & Services UltraSector ProFund
Service Class OEPSX

Annual Shareholder Report — July 31, 2025

Additional information about the Fund including the Financial Statements, Prospectus and Statement of Additional Information is available: On the Fund's website, www.profunds.com/shareholder-reports, or upon request, by calling 888-776-3637.

![Image](tm2510928d1_ncsrimg005.jpg)

# Pharmaceuticals UltraSector ProFund

#### Investor Class PHPIX
Annual Shareholder Report — July 31, 2025

## Fund Overview
This Annual shareholder report contains important information about the Pharmaceuticals UltraSector ProFund (the "Fund") for the period of August 1, 2024 to July 31, 2025. You can find additional information about the Fund at www.profunds.com/shareholder-reports. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor Class | $168 | 1.78% |

---

### How did the Fund perform last year?
**Pharmaceuticals UltraSector ProFund** (the "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&P Pharmaceuticals Select Industry Index (the "Index").

The Fund invests in financial instruments that ProFund Advisors believes, in combination, should produce daily returns consistent with the Fund's investment objective.

For the year ended July 31, 2025, the Fund had an average daily statistical correlation of over 0.99 to one and one-half times the daily performance of the Index. For the same period, the Index had a total return of -3.71% and a volatility of 21.54%. The index performance was driven by potential policy headwinds that impacted the broader healthcare sector.

Primary factors affecting Fund performance include the total return of the securities and derivatives held by the Fund, the performance of the reference assets to which the derivatives are linked, financing rates paid or earned, expenses, transaction costs, the volatility of the Fund's Index, the impact of compounding, and other miscellaneous factors.

#### Total Return Based on a $10,000 Investment

##### Cumulative performance: August 1, 2015 through July 31, 2025
![30](tm2510928d1_ncsrimg076.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Fund** | **S&P Pharmaceuticals Select Industry Index** | **S&P Total Market Index** |
| **Jul 15** | $10000 | $10000 | $10000 |
| **Jul 16** | $10108 | $7532 | $10442 |
| **Jul 17** | $9874 | $7123 | $12128 |
| **Jul 18** | $10554 | $7728 | $14121 |
| **Jul 19** | $8686 | $6368 | $15096 |
| **Jul 20** | $9603 | $7210 | $16726 |
| **Jul 21** | $12843 | $8589 | $23237 |
| **Jul 22** | $12623 | $7394 | $21429 |
| **Jul 23** | $11840 | $7627 | $24133 |
| **Jul 24** | $11250 | $7660 | $29227 |
| **Jul 25** | $9979 | $7376 | $33824 |

---

The chart above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter), assuming the reinvestment of distributions.

### Average Annual Total Return

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Fund NAV | -11.30% | 0.77% | -0.02% |
| S&P Pharmaceuticals Select Industry Index | -3.71% | 0.45% | -3.00% |
| S&P Total Market Index | 15.73% | 15.12% | 12.96% |

---

**Performance data quoted represents past performance and does not guarantee future results. Updated performance information is available on our website at www.profunds.com/fund_performance.com. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of fund shares.**

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $2385225 |
| Number of Holdings\* | 48 |
| Net Investment Advisory Fees | $3309 |
| Portfolio Turnover | 178% |

---

\* No. of Holdings excludes any derivatives and collateral for securities loaned.

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| Equity Securities | 81% |
| S&P Pharmaceuticals Select Industry Index Swap Agreements | 68% |
| **Total** | **149%** |

---

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments and instruments used for cash management.

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Pharmaceuticals | 100% |

---

###### Largest Equity Holdings

---

| | |
|:---|:---|
| **Holding** | **% of Net Assets** |
| Royalty Pharma PLC - Class A | 3.3% |
| Johnson & Johnson | 3.2% |
| Jazz Pharmaceuticals PLC | 3.2% |
| Perrigo Co. PLC | 3.0% |
| Viatris, Inc. | 3.0% |

---

"Standard & Poor's<sup>®</sup>", "S&P<sup>®</sup>" and "S&P Pharmaceuticals Select Industry Index" are trademarks of Standard & Poor's Financial Services LLC ("S&P") and have been licensed for use by ProFunds. This Fund is not sponsored, licensed, sold or promoted by Standard & Poor's and Standard & Poor's makes no representation regarding the advisability of investing in ProFunds.

![Image](tm2510928d1_ncsrimg006.jpg)

![QR Code](tm2510928d1_ncsrimg127.jpg)

#### Pharmaceuticals UltraSector ProFund
Investor Class PHPIX

Annual Shareholder Report — July 31, 2025

Additional information about the Fund including the Financial Statements, Prospectus and Statement of Additional Information is available: On the Fund's website, www.profunds.com/shareholder-reports, or upon request, by calling 888-776-3637.

![Image](tm2510928d1_ncsrimg005.jpg)

#### Service Class PHPSX
Annual Shareholder Report — July 31, 2025

## Fund Overview
This Annual shareholder report contains important information about the Pharmaceuticals UltraSector ProFund (the "Fund") for the period of August 1, 2024 to July 31, 2025. You can find additional information about the Fund at www.profunds.com/shareholder-reports. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Service Class | $261 | 2.78% |

---

### How did the Fund perform last year?
**Pharmaceuticals UltraSector ProFund** (the "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&P Pharmaceuticals Select Industry Index (the "Index").

The Fund invests in financial instruments that ProFund Advisors believes, in combination, should produce daily returns consistent with the Fund's investment objective.

For the year ended July 31, 2025, the Fund had an average daily statistical correlation of over 0.99 to one and one-half times the daily performance of the Index. For the same period, the Index had a total return of -3.71% and a volatility of 21.54%. The index performance was driven by potential policy headwinds that impacted the broader healthcare sector.

Primary factors affecting Fund performance include the total return of the securities and derivatives held by the Fund, the performance of the reference assets to which the derivatives are linked, financing rates paid or earned, expenses, transaction costs, the volatility of the Fund's Index, the impact of compounding, and other miscellaneous factors.

#### Total Return Based on a $10,000 Investment

##### Cumulative performance: August 1, 2015 through July 31, 2025
![30](tm2510928d1_ncsrimg037.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Fund** | **S&P Pharmaceuticals Select Industry Index** | **S&P Total Market Index** |
| **Jul 15** | $10000 | $10000 | $10000 |
| **Jul 16** | $10009 | $7532 | $10442 |
| **Jul 17** | $9677 | $7123 | $12128 |
| **Jul 18** | $10241 | $7728 | $14121 |
| **Jul 19** | $8344 | $6368 | $15096 |
| **Jul 20** | $9135 | $7210 | $16726 |
| **Jul 21** | $12096 | $8589 | $23237 |
| **Jul 22** | $11770 | $7394 | $21429 |
| **Jul 23** | $10937 | $7627 | $24133 |
| **Jul 24** | $10283 | $7660 | $29227 |
| **Jul 25** | $9036 | $7376 | $33824 |

---

The chart above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter), assuming the reinvestment of distributions.

### Average Annual Total Return

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Fund NAV | -12.13% | -0.22% | -1.01% |
| S&P Pharmaceuticals Select Industry Index | -3.71% | 0.45% | -3.00% |
| S&P Total Market Index | 15.73% | 15.12% | 12.96% |

---

**Performance data quoted represents past performance and does not guarantee future results. Updated performance information is available on our website at www.profunds.com/fund_performance.com. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of fund shares.**

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $2385225 |
| Number of Holdings\* | 48 |
| Net Investment Advisory Fees | $3309 |
| Portfolio Turnover | 178% |

---

\* No. of Holdings excludes any derivatives and collateral for securities loaned.

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| Equity Securities | 81% |
| S&P Pharmaceuticals Select Industry Index Swap Agreements | 68% |
| **Total** | **149%** |

---

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments and instruments used for cash management.

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Pharmaceuticals | 100% |

---

###### Largest Equity Holdings

---

| | |
|:---|:---|
| **Holding** | **% of Net Assets** |
| Royalty Pharma PLC - Class A | 3.3% |
| Johnson & Johnson | 3.2% |
| Jazz Pharmaceuticals PLC | 3.2% |
| Perrigo Co. PLC | 3.0% |
| Viatris, Inc. | 3.0% |

---

"Standard & Poor's<sup>®</sup>", "S&P<sup>®</sup>" and "S&P Pharmaceuticals Select Industry Index" are trademarks of Standard & Poor's Financial Services LLC ("S&P") and have been licensed for use by ProFunds. This Fund is not sponsored, licensed, sold or promoted by Standard & Poor's and Standard & Poor's makes no representation regarding the advisability of investing in ProFunds.

![Image](tm2510928d1_ncsrimg006.jpg)

![QR Code](tm2510928d1_ncsrimg127.jpg)

#### Pharmaceuticals UltraSector ProFund
Service Class PHPSX

Annual Shareholder Report — July 31, 2025

Additional information about the Fund including the Financial Statements, Prospectus and Statement of Additional Information is available: On the Fund's website, www.profunds.com/shareholder-reports, or upon request, by calling 888-776-3637.

![Image](tm2510928d1_ncsrimg005.jpg)

# Precious Metals UltraSector ProFund

#### Investor Class PMPIX
Annual Shareholder Report — July 31, 2025

## Fund Overview
This Annual shareholder report contains important information about the Precious Metals UltraSector ProFund (the "Fund") for the period of August 1, 2024 to July 31, 2025. You can find additional information about the Fund at www.profunds.com/shareholder-reports. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor Class | $192 | 1.53% |

---

### How did the Fund perform last year?
**Precious Metals UltraSector ProFund** (the "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 Dow Jones Precious Metals<sup>SM</sup> Index (the "Index").

The Fund invests in financial instruments that ProFund Advisors believes, in combination, should produce daily returns consistent with the Fund's investment objective.

For the year ended July 31, 2025, the Fund had an average daily statistical correlation of over 0.99 to one and one-half times the daily performance of the Index. For the same period, the Index had a total return of 39.61% and a volatility of 34.12%. The index performance was driven by rising gold, platinum, and silver prices.

Primary factors affecting Fund performance include the total return of the securities and derivatives held by the Fund, the performance of the reference assets to which the derivatives are linked, financing rates paid or earned, expenses, transaction costs, the volatility of the Fund's Index, the impact of compounding, and other miscellaneous factors.

#### Total Return Based on a $10,000 Investment

##### Cumulative performance: August 1, 2015 through July 31, 2025
![30](tm2510928d1_ncsrimg130.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Fund** | **Dow Jones Precious Metals℠ Index** | **S&P 500<sup>®</sup> Index** |
| **Jul 15** | $10000 | $10000 | $10000 |
| **Jul 16** | $29899 | $22581 | $10561 |
| **Jul 17** | $18069 | $17022 | $12256 |
| **Jul 18** | $14860 | $15409 | $14246 |
| **Jul 19** | $18947 | $18873 | $15384 |
| **Jul 20** | $41356 | $34099 | $17223 |
| **Jul 21** | $30161 | $28923 | $23500 |
| **Jul 22** | $18556 | $21924 | $22410 |
| **Jul 23** | $21693 | $25805 | $25327 |
| **Jul 24** | $26804 | $31434 | $30936 |
| **Jul 25** | $40375 | $43886 | $35989 |

---

The chart above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter), assuming the reinvestment of distributions.

### Average Annual Total Return

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Fund NAV | 50.63% | -0.48% | 14.98% |
| Dow Jones Precious Metals℠ Index | 39.61% | 5.18% | 15.94% |
| S&P 500<sup>®</sup> Index | 16.33% | 15.88% | 13.66% |

---

**Performance data quoted represents past performance and does not guarantee future results. Updated performance information is available on our website at www.profunds.com/fund_performance.com. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of fund shares.**

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $38480195 |
| Number of Holdings\* | 41 |
| Net Investment Advisory Fees | $247904 |
| Portfolio Turnover | 229% |

---

\* No. of Holdings excludes any derivatives and collateral for securities loaned.

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| Equity Securities | 80% |
| Dow Jones Precious Metals Index Swap Agreements | 69% |
| **Total** | **149%** |

---

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments and instruments used for cash management.

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Gold | 96% |
| Silver | 3% |
| Precious Metals & Minerals | 1% |

---

###### Largest Equity Holdings

---

| | |
|:---|:---|
| **Holding** | **% of Net Assets** |
| Newmont Corp. | 13.6% |
| Agnico Eagle Mines, Ltd. | 12.3% |
| Wheaton Precious Metals Corp. | 8.2% |
| Barrick Mining Corp. | 7.1% |
| Franco-Nevada Corp. | 6.0% |

---

"The Dow 30 " and "Dow Jones Industrial Average" are products of "Dow Jones Indexes", the marketing name and a licensed trademark of CME Group Index Services LLC ("CME Indexes"). "Dow Jones ", "DJ", "Dow Jones Indexes", "The Dow 30" and "Dow Jones Precious Metals Index" are service marks of Dow Jones Trademark Holdings, LLC ("Dow Jones") and have been licensed to CME Indexes and sublicensed to ProFunds. ProFunds have not been passed on by CME Indexes or Dow Jones as to their legality or suitability. ProFunds based on The Dow 30 are not sponsored, endorsed, sold or promoted by CME Indexes or Dow Jones, and they make no representation regarding the advisability of investing in ProFunds.

![Image](tm2510928d1_ncsrimg006.jpg)

![QR Code](tm2510928d1_ncsrimg127.jpg)

#### Precious Metals UltraSector ProFund
Investor Class PMPIX

Annual Shareholder Report — July 31, 2025

Additional information about the Fund including the Financial Statements, Prospectus and Statement of Additional Information is available: On the Fund's website, www.profunds.com/shareholder-reports, or upon request, by calling 888-776-3637.

![Image](tm2510928d1_ncsrimg005.jpg)

#### Service Class PMPSX
Annual Shareholder Report — July 31, 2025

## Fund Overview
This Annual shareholder report contains important information about the Precious Metals UltraSector ProFund (the "Fund") for the period of August 1, 2024 to July 31, 2025. You can find additional information about the Fund at www.profunds.com/shareholder-reports. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Service Class | $315 | 2.53% |

---

### How did the Fund perform last year?
**Precious Metals UltraSector ProFund** (the "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 Dow Jones Precious Metals<sup>SM</sup> Index (the "Index").

The Fund invests in financial instruments that ProFund Advisors believes, in combination, should produce daily returns consistent with the Fund's investment objective.

For the year ended July 31, 2025, the Fund had an average daily statistical correlation of over 0.99 to one and one-half times the daily performance of the Index. For the same period, the Index had a total return of 39.61% and a volatility of 34.12%. The index performance was driven by rising gold, platinum, and silver prices.

Primary factors affecting Fund performance include the total return of the securities and derivatives held by the Fund, the performance of the reference assets to which the derivatives are linked, financing rates paid or earned, expenses, transaction costs, the volatility of the Fund's Index, the impact of compounding, and other miscellaneous factors.

#### Total Return Based on a $10,000 Investment

##### Cumulative performance: August 1, 2015 through July 31, 2025
![30](tm2510928d1_ncsrimg069.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Fund** | **Dow Jones Precious Metals℠ Index** | **S&P 500<sup>®</sup> Index** |
| **Jul 15** | $10000 | $10000 | $10000 |
| **Jul 16** | $29562 | $22581 | $10561 |
| **Jul 17** | $17690 | $17022 | $12256 |
| **Jul 18** | $14407 | $15409 | $14246 |
| **Jul 19** | $18178 | $18873 | $15384 |
| **Jul 20** | $39282 | $34099 | $17223 |
| **Jul 21** | $28361 | $28923 | $23500 |
| **Jul 22** | $17277 | $21924 | $22410 |
| **Jul 23** | $19990 | $25805 | $25327 |
| **Jul 24** | $24459 | $31434 | $30936 |
| **Jul 25** | $36490 | $43886 | $35989 |

---

The chart above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter), assuming the reinvestment of distributions.

### Average Annual Total Return

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Fund NAV | 49.19% | -1.46% | 13.82% |
| Dow Jones Precious Metals℠ Index | 39.61% | 5.18% | 15.94% |
| S&P 500<sup>®</sup> Index | 16.33% | 15.88% | 13.66% |

---

**Performance data quoted represents past performance and does not guarantee future results. Updated performance information is available on our website at www.profunds.com/fund_performance.com. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of fund shares.**

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $38480195 |
| Number of Holdings\* | 41 |
| Net Investment Advisory Fees | $247904 |
| Portfolio Turnover | 229% |

---

\* No. of Holdings excludes any derivatives and collateral for securities loaned.

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| Equity Securities | 80% |
| Dow Jones Precious Metals Index Swap Agreements | 69% |
| **Total** | **149%** |

---

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments and instruments used for cash management.

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Gold | 96% |
| Silver | 3% |
| Precious Metals & Minerals | 1% |

---

###### Largest Equity Holdings

---

| | |
|:---|:---|
| **Holding** | **% of Net Assets** |
| Newmont Corp. | 13.6% |
| Agnico Eagle Mines, Ltd. | 12.3% |
| Wheaton Precious Metals Corp. | 8.2% |
| Barrick Mining Corp. | 7.1% |
| Franco-Nevada Corp. | 6.0% |

---

"The Dow 30 " and "Dow Jones Industrial Average" are products of "Dow Jones Indexes", the marketing name and a licensed trademark of CME Group Index Services LLC ("CME Indexes"). "Dow Jones ", "DJ", "Dow Jones Indexes", "The Dow 30" and "Dow Jones Precious Metals Index" are service marks of Dow Jones Trademark Holdings, LLC ("Dow Jones") and have been licensed to CME Indexes and sublicensed to ProFunds. ProFunds have not been passed on by CME Indexes or Dow Jones as to their legality or suitability. ProFunds based on The Dow 30 are not sponsored, endorsed, sold or promoted by CME Indexes or Dow Jones, and they make no representation regarding the advisability of investing in ProFunds.

![Image](tm2510928d1_ncsrimg006.jpg)

![QR Code](tm2510928d1_ncsrimg127.jpg)

#### Precious Metals UltraSector ProFund
Service Class PMPSX

Annual Shareholder Report — July 31, 2025

Additional information about the Fund including the Financial Statements, Prospectus and Statement of Additional Information is available: On the Fund's website, www.profunds.com/shareholder-reports, or upon request, by calling 888-776-3637.

![Image](tm2510928d1_ncsrimg005.jpg)

# Real Estate UltraSector ProFund

#### Investor Class REPIX
Annual Shareholder Report — July 31, 2025

## Fund Overview
This Annual shareholder report contains important information about the Real Estate UltraSector ProFund (the "Fund") for the period of August 1, 2024 to July 31, 2025. You can find additional information about the Fund at www.profunds.com/shareholder-reports. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor Class | $178 | 1.78% |

---

### How did the Fund perform last year?
**Real Estate UltraSector ProFund** (the "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&P Real Estate Select Sector Index (the "Index").

The Fund invests in financial instruments that ProFund Advisors believes, in combination, should produce daily returns consistent with the Fund's investment objective.

For the year ended July 31, 2025, the Fund had an average daily statistical correlation of over 0.99 to one and one-half times the daily performance of the Index. For the same period, the Index had a total return of 4.05% and a volatility of 25.45%. The index performance was driven by rising longer-term interest rates.

Primary factors affecting Fund performance include the total return of the securities and derivatives held by the Fund, the performance of the reference assets to which the derivatives are linked, financing rates paid or earned, expenses, transaction costs, the volatility of the Fund's Index, the impact of compounding, and other miscellaneous factors.

#### Total Return Based on a $10,000 Investment

##### Cumulative performance: August 1, 2015 through July 31, 2025
![30](tm2510928d1_ncsrimg096.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Fund** | **S&P Real Estate Select Sector Index** | **S&P 500<sup>®</sup> Index** |
| **Jul 15** | $10000 | $10000 | $10000 |
| **Jul 16** | $12677 | $11974 | $10561 |
| **Jul 17** | $12073 | $11726 | $12256 |
| **Jul 18** | $12473 | $12300 | $14246 |
| **Jul 19** | $14531 | $14461 | $15384 |
| **Jul 20** | $12273 | $14484 | $17223 |
| **Jul 21** | $18315 | $19235 | $23500 |
| **Jul 22** | $16668 | $18920 | $22410 |
| **Jul 23** | $13286 | $16921 | $25327 |
| **Jul 24** | $14775 | $18922 | $30936 |
| **Jul 25** | $14733 | $19688 | $35989 |

---

The chart above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter), assuming the reinvestment of distributions.

### Average Annual Total Return

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Fund NAV | -0.28% | 3.72% | 3.95% |
| S&P Real Estate Select Sector Index | 4.05% | 6.33% | 7.01% |
| S&P 500<sup>®</sup> Index | 16.33% | 15.88% | 13.66% |

---

**Performance data quoted represents past performance and does not guarantee future results. Updated performance information is available on our website at www.profunds.com/fund_performance.com. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of fund shares.**

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $3260882 |
| Number of Holdings\* | 37 |
| Net Investment Advisory Fees | $36672 |
| Portfolio Turnover | 640% |

---

\* No. of Holdings excludes any derivatives and collateral for securities loaned.

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| Equity Securities | 80% |
| S&P Real Estate Select Sector Index Swap Agreements | 70% |
| **Total** | **150%** |

---

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments and instruments used for cash management.

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Specialized REITs | 42% |
| Health Care REITs | 15% |
| Retail REITs | 13% |
| Residential REITs | 11% |
| Industrial REITs | 9% |

---

###### Largest Equity Holdings

---

| | |
|:---|:---|
| **Holding** | **% of Net Assets** |
| Welltower, Inc. | 7.7% |
| Prologis, Inc. | 7.4% |
| American Tower Corp. - Class A | 7.3% |
| Equinix, Inc. | 5.8% |
| Digital Realty Trust, Inc. | 4.2% |

---

"Standard & Poor's<sup>®</sup>", "S&P<sup>®</sup>" and "S&P Real Estate Select Sector Index" are trademarks of Standard & Poor's Financial Services LLC ("S&P") and have been licensed for use by ProFunds. This Fund is not sponsored, licensed, sold or promoted by Standard & Poor's and Standard & Poor's makes no representation regarding the advisability of investing in ProFunds.

![Image](tm2510928d1_ncsrimg006.jpg)

![QR Code](tm2510928d1_ncsrimg127.jpg)

#### Real Estate UltraSector ProFund
Investor Class REPIX

Annual Shareholder Report — July 31, 2025

Additional information about the Fund including the Financial Statements, Prospectus and Statement of Additional Information is available: On the Fund's website, www.profunds.com/shareholder-reports, or upon request, by calling 888-776-3637.

![Image](tm2510928d1_ncsrimg005.jpg)

#### Service Class REPSX
Annual Shareholder Report — July 31, 2025

## Fund Overview
This Annual shareholder report contains important information about the Real Estate UltraSector ProFund (the "Fund") for the period of August 1, 2024 to July 31, 2025. You can find additional information about the Fund at www.profunds.com/shareholder-reports. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Service Class | $276 | 2.78% |

---

### How did the Fund perform last year?
**Real Estate UltraSector ProFund** (the "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&P Real Estate Select Sector Index (the "Index").

The Fund invests in financial instruments that ProFund Advisors believes, in combination, should produce daily returns consistent with the Fund's investment objective.

For the year ended July 31, 2025, the Fund had an average daily statistical correlation of over 0.99 to one and one-half times the daily performance of the Index. For the same period, the Index had a total return of 4.05% and a volatility of 25.45%. The index performance was driven by rising longer-term interest rates.

Primary factors affecting Fund performance include the total return of the securities and derivatives held by the Fund, the performance of the reference assets to which the derivatives are linked, financing rates paid or earned, expenses, transaction costs, the volatility of the Fund's Index, the impact of compounding, and other miscellaneous factors.

#### Total Return Based on a $10,000 Investment

##### Cumulative performance: August 1, 2015 through July 31, 2025
![30](tm2510928d1_ncsrimg119.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Fund** | **S&P Real Estate Select Sector Index** | **S&P 500<sup>®</sup> Index** |
| **Jul 15** | $10000 | $10000 | $10000 |
| **Jul 16** | $12549 | $11974 | $10561 |
| **Jul 17** | $11837 | $11726 | $12256 |
| **Jul 18** | $12109 | $12300 | $14246 |
| **Jul 19** | $13967 | $14461 | $15384 |
| **Jul 20** | $11678 | $14484 | $17223 |
| **Jul 21** | $17257 | $19235 | $23500 |
| **Jul 22** | $15549 | $18920 | $22410 |
| **Jul 23** | $12274 | $16921 | $25327 |
| **Jul 24** | $13512 | $18922 | $30936 |
| **Jul 25** | $13344 | $19688 | $35989 |

---

The chart above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter), assuming the reinvestment of distributions.

### Average Annual Total Return

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Fund NAV | -1.24% | 2.70% | 2.93% |
| S&P Real Estate Select Sector Index | 4.05% | 6.33% | 7.01% |
| S&P 500<sup>®</sup> Index | 16.33% | 15.88% | 13.66% |

---

**Performance data quoted represents past performance and does not guarantee future results. Updated performance information is available on our website at www.profunds.com/fund_performance.com. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of fund shares.**

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $3260882 |
| Number of Holdings\* | 37 |
| Net Investment Advisory Fees | $36672 |
| Portfolio Turnover | 640% |

---

\* No. of Holdings excludes any derivatives and collateral for securities loaned.

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| Equity Securities | 80% |
| S&P Real Estate Select Sector Index Swap Agreements | 70% |
| **Total** | **150%** |

---

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments and instruments used for cash management.

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Specialized REITs | 42% |
| Health Care REITs | 15% |
| Retail REITs | 13% |
| Residential REITs | 11% |
| Industrial REITs | 9% |

---

###### Largest Equity Holdings

---

| | |
|:---|:---|
| **Holding** | **% of Net Assets** |
| Welltower, Inc. | 7.7% |
| Prologis, Inc. | 7.4% |
| American Tower Corp. - Class A | 7.3% |
| Equinix, Inc. | 5.8% |
| Digital Realty Trust, Inc. | 4.2% |

---

"Standard & Poor's<sup>®</sup>", "S&P<sup>®</sup>" and "S&P Real Estate Select Sector Index" are trademarks of Standard & Poor's Financial Services LLC ("S&P") and have been licensed for use by ProFunds. This Fund is not sponsored, licensed, sold or promoted by Standard & Poor's and Standard & Poor's makes no representation regarding the advisability of investing in ProFunds.

![Image](tm2510928d1_ncsrimg006.jpg)

![QR Code](tm2510928d1_ncsrimg127.jpg)

#### Real Estate UltraSector ProFund
Service Class REPSX

Annual Shareholder Report — July 31, 2025

Additional information about the Fund including the Financial Statements, Prospectus and Statement of Additional Information is available: On the Fund's website, www.profunds.com/shareholder-reports, or upon request, by calling 888-776-3637.

![Image](tm2510928d1_ncsrimg005.jpg)

# Rising Rates Opportunity 10 ProFund

#### Investor Class RTPIX
Annual Shareholder Report — July 31, 2025

## Fund Overview
This Annual shareholder report contains important information about the Rising Rates Opportunity 10 ProFund (the "Fund") for the period of August 1, 2024 to July 31, 2025. You can find additional information about the Fund at www.profunds.com/shareholder-reports. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor Class | $182 | 1.78% |

---

### How did the Fund perform last year?
**Rising Rates Opportunity 10 ProFund** (the "Fund") seeks daily 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").

The Fund invests in financial instruments that ProFund Advisors believes, in combination, should produce daily returns consistent with the Fund's investment objective.

For the year ended July 31, 2025, the Fund had an average daily statistical correlation of over 0.99 to the inverse of the daily price movement of the Note. For the same period, the Note, as measured by the S&P U.S. Treasury Bond Current 10-Year Total Return Index, had a total return of 1.71% and a volatility of 7.01%. The index performance was driven by rising longer-term interest rates.

Primary factors affecting Fund performance include the total return of the derivatives held by the Fund, the performance of the reference assets to which the derivatives are linked, financing rates paid or earned, the types of derivative contracts used (and their correlation to the Index), expenses, transaction costs, the impact of compounding, and other miscellaneous factors.

#### Total Return Based on a $10,000 Investment

##### Cumulative performance: August 1, 2015 through July 31, 2025
![30](tm2510928d1_ncsrimg129.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Fund** | **S&P U.S. Treasury Bond Current 10-Year Total Return Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **Jul 15** | $10000 | $10000 | $10000 |
| **Jul 16** | $9032 | $10844 | $10594 |
| **Jul 17** | $9443 | $10224 | $10539 |
| **Jul 18** | $9785 | $9859 | $10455 |
| **Jul 19** | $8962 | $10953 | $11299 |
| **Jul 20** | $7652 | $12656 | $12443 |
| **Jul 21** | $7843 | $12031 | $12356 |
| **Jul 22** | $8562 | $10790 | $11229 |
| **Jul 23** | $9696 | $10004 | $10851 |
| **Jul 24** | $10175 | $10306 | $11405 |
| **Jul 25** | $10649 | $10482 | $11790 |

---

The chart above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter), assuming the reinvestment of distributions.

### Average Annual Total Return

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Fund NAV | 4.66% | 6.83% | 0.63% |
| S&P U.S. Treasury Bond Current 10-Year Total Return Index | 1.71% | -3.70% | 0.47% |
| Bloomberg U.S. Aggregate Bond Index | 3.38% | -1.07% | 1.66% |

---

**Performance data quoted represents past performance and does not guarantee future results. Updated performance information is available on our website at www.profunds.com/fund_performance.com. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of fund shares.**

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $592810 |
| Number of Holdings\* | 6 |
| Net Investment Advisory Fees | $0 |
| Portfolio Turnover | 0% |

---

\* No. of Holdings excludes any derivatives and collateral for securities loaned.

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| 10-Year U.S. Treasury Note, 4.25%, due 5/15/35 Swap Agreements | (100)% |
| **Total** | **(100)%** |

---

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments and instruments used for cash management.

###### Holdings
The Rising Rates Opportunity 10 ProFund primarily invests in non-equity securities, which may include: swap agreements, futures contracts, repurchase agreements and U.S. Government securities.

![Image](tm2510928d1_ncsrimg006.jpg)

![QR Code](tm2510928d1_ncsrimg127.jpg)

#### Rising Rates Opportunity 10 ProFund
Investor Class RTPIX

Annual Shareholder Report — July 31, 2025

Additional information about the Fund including the Financial Statements, Prospectus and Statement of Additional Information is available: On the Fund's website, www.profunds.com/shareholder-reports, or upon request, by calling 888-776-3637.

![Image](tm2510928d1_ncsrimg005.jpg)

#### Service Class RTPSX
Annual Shareholder Report — July 31, 2025

## Fund Overview
This Annual shareholder report contains important information about the Rising Rates Opportunity 10 ProFund (the "Fund") for the period of August 1, 2024 to July 31, 2025. You can find additional information about the Fund at www.profunds.com/shareholder-reports. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Service Class | $283 | 2.78% |

---

### How did the Fund perform last year?
**Rising Rates Opportunity 10 ProFund** (the "Fund") seeks daily 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").

The Fund invests in financial instruments that ProFund Advisors believes, in combination, should produce daily returns consistent with the Fund's investment objective.

For the year ended July 31, 2025, the Fund had an average daily statistical correlation of over 0.99 to the inverse of the daily price movement of the Note. For the same period, the Note, as measured by the S&P U.S. Treasury Bond Current 10-Year Total Return Index, had a total return of 1.71% and a volatility of 7.01%. The index performance was driven by rising longer-term interest rates.

Primary factors affecting Fund performance include the total return of the derivatives held by the Fund, the performance of the reference assets to which the derivatives are linked, financing rates paid or earned, the types of derivative contracts used (and their correlation to the Index), expenses, transaction costs, the impact of compounding, and other miscellaneous factors.

#### Total Return Based on a $10,000 Investment

##### Cumulative performance: August 1, 2015 through July 31, 2025
![30](tm2510928d1_ncsrimg082.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Fund** | **S&P U.S. Treasury Bond Current 10-Year Total Return Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **Jul 15** | $10000 | $10000 | $10000 |
| **Jul 16** | $8944 | $10844 | $10594 |
| **Jul 17** | $9263 | $10224 | $10539 |
| **Jul 18** | $9498 | $9859 | $10455 |
| **Jul 19** | $8618 | $10953 | $11299 |
| **Jul 20** | $7288 | $12656 | $12443 |
| **Jul 21** | $7392 | $12031 | $12356 |
| **Jul 22** | $7992 | $10790 | $11229 |
| **Jul 23** | $8957 | $10004 | $10851 |
| **Jul 24** | $9309 | $10306 | $11405 |
| **Jul 25** | $9648 | $10482 | $11790 |

---

The chart above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter), assuming the reinvestment of distributions.

### Average Annual Total Return

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Fund NAV | 3.65% | 5.77% | -0.36% |
| S&P U.S. Treasury Bond Current 10-Year Total Return Index | 1.71% | -3.70% | 0.47% |
| Bloomberg U.S. Aggregate Bond Index | 3.38% | -1.07% | 1.66% |

---

**Performance data quoted represents past performance and does not guarantee future results. Updated performance information is available on our website at www.profunds.com/fund_performance.com. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of fund shares.**

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $592810 |
| Number of Holdings\* | 6 |
| Net Investment Advisory Fees | $0 |
| Portfolio Turnover | 0% |

---

\* No. of Holdings excludes any derivatives and collateral for securities loaned.

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| 10-Year U.S. Treasury Note, 4.25%, due 5/15/35 Swap Agreements | (100)% |
| **Total** | **(100)%** |

---

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments and instruments used for cash management.

###### Holdings
The Rising Rates Opportunity 10 ProFund primarily invests in non-equity securities, which may include: swap agreements, futures contracts, repurchase agreements and U.S. Government securities.

![Image](tm2510928d1_ncsrimg006.jpg)

![QR Code](tm2510928d1_ncsrimg127.jpg)

#### Rising Rates Opportunity 10 ProFund
Service Class RTPSX

Annual Shareholder Report — July 31, 2025

Additional information about the Fund including the Financial Statements, Prospectus and Statement of Additional Information is available: On the Fund's website, www.profunds.com/shareholder-reports, or upon request, by calling 888-776-3637.

![Image](tm2510928d1_ncsrimg005.jpg)

# Rising Rates Opportunity ProFund

#### Investor Class RRPIX
Annual Shareholder Report — July 31, 2025

## Fund Overview
This Annual shareholder report contains important information about the Rising Rates Opportunity ProFund (the "Fund") for the period of August 1, 2024 to July 31, 2025. You can find additional information about the Fund at www.profunds.com/shareholder-reports. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor Class | $204 | 1.92% |

---

### How did the Fund perform last year?
**Rising Rates Opportunity ProFund** (the "Fund") seeks daily 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").

The Fund invests in financial instruments that ProFund Advisors believes, in combination, should produce daily returns consistent with the Fund's investment objective.

For the year ended July 31, 2025, the Fund achieved an average daily statistical correlation of over 0.99 to one and one-quarter times the inverse of the daily price movement of the Long Bond. For the same period, the Long Bond, as measured by the S&P U.S. Treasury Bond Current 30-Year Total Return Index, had a total return of -4.72% and a volatility of 13.69%. The index performance was driven by rising longer-term interest rates.

Primary factors affecting Fund performance include the total return of the derivatives held by the Fund, the performance of the reference assets to which the derivatives are linked, financing rates paid or earned, the types of derivative contracts used (and their correlation to the Index), expenses, transaction costs, the impact of compounding, and other miscellaneous factors.

#### Total Return Based on a $10,000 Investment

##### Cumulative performance: August 1, 2015 through July 31, 2025
![30](tm2510928d1_ncsrimg098.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Fund** | **S&P U.S. Treasury Bond Current 30-Year Total Return Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **Jul 15** | $10000 | $10000 | $10000 |
| **Jul 16** | $7740 | $11878 | $10594 |
| **Jul 17** | $8838 | $10440 | $10539 |
| **Jul 18** | $8893 | $10339 | $10455 |
| **Jul 19** | $7596 | $11865 | $11299 |
| **Jul 20** | $4725 | $16231 | $12443 |
| **Jul 21** | $5465 | $13818 | $12356 |
| **Jul 22** | $6813 | $10943 | $11229 |
| **Jul 23** | $8426 | $9374 | $10851 |
| **Jul 24** | $9175 | $9197 | $11405 |
| **Jul 25** | $10277 | $8763 | $11790 |

---

The chart above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter), assuming the reinvestment of distributions.

### Average Annual Total Return

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Fund NAV | 12.01% | 16.81% | 0.27% |
| S&P U.S. Treasury Bond Current 30-Year Total Return Index | -4.72% | -11.60% | -1.31% |
| Bloomberg U.S. Aggregate Bond Index | 3.38% | -1.07% | 1.66% |

---

**Performance data quoted represents past performance and does not guarantee future results. Updated performance information is available on our website at www.profunds.com/fund_performance.com. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of fund shares.**

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $9558120 |
| Number of Holdings\* | 6 |
| Net Investment Advisory Fees | $71612 |
| Portfolio Turnover | 0% |

---

\* No. of Holdings excludes any derivatives and collateral for securities loaned.

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| 30-Year U.S. Treasury Bond, 4.75%, due 5/15/55 Swap Agreements | (125)% |
| **Total** | **(125)%** |

---

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments and instruments used for cash management.

###### Holdings
The Rising Rates Opportunity ProFund primarily invests in non-equity securities, which may include: swap agreements, futures contracts, repurchase agreements and U.S. Government securities.

![Image](tm2510928d1_ncsrimg006.jpg)

![QR Code](tm2510928d1_ncsrimg127.jpg)

#### Rising Rates Opportunity ProFund
Investor Class RRPIX

Annual Shareholder Report — July 31, 2025

Additional information about the Fund including the Financial Statements, Prospectus and Statement of Additional Information is available: On the Fund's website, www.profunds.com/shareholder-reports, or upon request, by calling 888-776-3637.

![Image](tm2510928d1_ncsrimg005.jpg)

#### Service Class RRPSX
Annual Shareholder Report — July 31, 2025

## Fund Overview
This Annual shareholder report contains important information about the Rising Rates Opportunity ProFund (the "Fund") for the period of August 1, 2024 to July 31, 2025. You can find additional information about the Fund at www.profunds.com/shareholder-reports. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Service Class | $308 | 2.92% |

---

### How did the Fund perform last year?
**Rising Rates Opportunity ProFund** (the "Fund") seeks daily 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").

The Fund invests in financial instruments that ProFund Advisors believes, in combination, should produce daily returns consistent with the Fund's investment objective.

For the year ended July 31, 2025, the Fund achieved an average daily statistical correlation of over 0.99 to one and one-quarter times the inverse of the daily price movement of the Long Bond. For the same period, the Long Bond, as measured by the S&P U.S. Treasury Bond Current 30-Year Total Return Index, had a total return of -4.72% and a volatility of 13.69%. The index performance was driven by rising longer-term interest rates.

Primary factors affecting Fund performance include the total return of the derivatives held by the Fund, the performance of the reference assets to which the derivatives are linked, financing rates paid or earned, the types of derivative contracts used (and their correlation to the Index), expenses, transaction costs, the impact of compounding, and other miscellaneous factors.

#### Total Return Based on a $10,000 Investment

##### Cumulative performance: August 1, 2015 through July 31, 2025
![30](tm2510928d1_ncsrimg060.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Fund** | **S&P U.S. Treasury Bond Current 30-Year Total Return Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **Jul 15** | $10000 | $10000 | $10000 |
| **Jul 16** | $7644 | $11878 | $10594 |
| **Jul 17** | $8650 | $10440 | $10539 |
| **Jul 18** | $8620 | $10339 | $10455 |
| **Jul 19** | $7287 | $11865 | $11299 |
| **Jul 20** | $4487 | $16231 | $12443 |
| **Jul 21** | $5139 | $13818 | $12356 |
| **Jul 22** | $6345 | $10943 | $11229 |
| **Jul 23** | $7767 | $9374 | $10851 |
| **Jul 24** | $8377 | $9197 | $11405 |
| **Jul 25** | $9293 | $8763 | $11790 |

---

The chart above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter), assuming the reinvestment of distributions.

### Average Annual Total Return

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Fund NAV | 10.94% | 15.67% | -0.73% |
| S&P U.S. Treasury Bond Current 30-Year Total Return Index | -4.72% | -11.60% | -1.31% |
| Bloomberg U.S. Aggregate Bond Index | 3.38% | -1.07% | 1.66% |

---

**Performance data quoted represents past performance and does not guarantee future results. Updated performance information is available on our website at www.profunds.com/fund_performance.com. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of fund shares.**

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $9558120 |
| Number of Holdings\* | 6 |
| Net Investment Advisory Fees | $71612 |
| Portfolio Turnover | 0% |

---

\* No. of Holdings excludes any derivatives and collateral for securities loaned.

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| 30-Year U.S. Treasury Bond, 4.75%, due 5/15/55 Swap Agreements | (125)% |
| **Total** | **(125)%** |

---

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments and instruments used for cash management.

###### Holdings
The Rising Rates Opportunity ProFund primarily invests in non-equity securities, which may include: swap agreements, futures contracts, repurchase agreements and U.S. Government securities.

![Image](tm2510928d1_ncsrimg006.jpg)

![QR Code](tm2510928d1_ncsrimg127.jpg)

#### Rising Rates Opportunity ProFund
Service Class RRPSX

Annual Shareholder Report — July 31, 2025

Additional information about the Fund including the Financial Statements, Prospectus and Statement of Additional Information is available: On the Fund's website, www.profunds.com/shareholder-reports, or upon request, by calling 888-776-3637.

![Image](tm2510928d1_ncsrimg005.jpg)

# Rising U.S. Dollar ProFund

#### Investor Class RDPIX
Annual Shareholder Report — July 31, 2025

## Fund Overview
This Annual shareholder report contains important information about the Rising U.S. Dollar ProFund (the "Fund") for the period of August 1, 2024 to July 31, 2025. You can find additional information about the Fund at www.profunds.com/shareholder-reports. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor Class | $178 | 1.78% |

---

### How did the Fund perform last year?
**Rising U.S. Dollar ProFund** (the "Fund") seeks daily investment 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<sup>®</sup> U.S. Dollar Index<sup>®</sup> (the "Index").

The Fund invests in financial instruments that ProFund Advisors believes, in combination, should produce daily returns consistent with the Fund's investment objective.

For the year ended July 31, 2025, the Fund achieved an average daily statistical correlation of over 0.99 to the daily performance of the Index. For the same period, the Index had a price return of -3.97% and a volatility of 7.56%. The index performance was driven by a falling US dollar.

Primary factors affecting Fund performance include the total return of the derivatives held by the Fund, the performance of the reference assets to which the derivatives are linked, financing rates paid or earned, the types of derivative contracts used (and their correlation to the Index), expenses, transaction costs, the volatility of the Fund's Index, the impact of compounding, and other miscellaneous factors.

#### Total Return Based on a $10,000 Investment

##### Cumulative performance: August 1, 2015 through July 31, 2025
![30](tm2510928d1_ncsrimg083.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Fund** | **ICE<sup>®</sup> U.S. Dollar Index** | **Bloomberg U.S. Aggregate Bond Index** | **S&P 500<sup>®</sup> Index** |
| **Jul 15** | $10000 | $10000 | $10000 | $10000 |
| **Jul 16** | $9656 | $9814 | $10594 | $10561 |
| **Jul 17** | $9332 | $9540 | $10539 | $12256 |
| **Jul 18** | $9570 | $9713 | $10455 | $14246 |
| **Jul 19** | $10225 | $10121 | $11299 | $15384 |
| **Jul 20** | $9698 | $9590 | $12443 | $17223 |
| **Jul 21** | $9411 | $9469 | $12356 | $23500 |
| **Jul 22** | $10620 | $10879 | $11229 | $22410 |
| **Jul 23** | $10565 | $10464 | $10851 | $25327 |
| **Jul 24** | $11292 | $10694 | $11405 | $30936 |
| **Jul 25** | $11264 | $10270 | $11790 | $35989 |

---

The chart above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter), assuming the reinvestment of distributions.

### Average Annual Total Return

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Fund NAV | -0.24% | 3.04% | 1.20% |
| ICE<sup>®</sup> U.S. Dollar Index | -3.97% | 1.38% | 0.27% |
| Bloomberg U.S. Aggregate Bond Index | 3.38% | -1.07% | 1.66% |
| S&P 500<sup>®</sup> Index | 16.33% | 15.88% | 13.66% |

---

**Performance data quoted represents past performance and does not guarantee future results. Updated performance information is available on our website at www.profunds.com/fund_performance.com. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of fund shares.**

**After the close of business on October 23, 2024, the Fund's broad-based securities market index was changed from the S&P 500 Index to the Bloomberg U.S. Aggregate Bond Index to provide a broader measure of performance for comparative purpose.**

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $8415469 |
| Number of Holdings\* | 6 |
| Net Investment Advisory Fees | $33733 |
| Portfolio Turnover | 0% |

---

\* No. of Holdings excludes any derivatives and collateral for securities loaned.

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| Forward Currency Contracts | (100)% |
| **Total** | **(100)%** |

---

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments and instruments used for cash management.

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Euro | 57% |
| Japanese yen | 14% |
| British pound | 12% |
| Canadian dollar | 9% |
| Swedish krona | 4% |

---

###### Holdings
The Rising U.S. Dollar ProFund primarily invests in non-equity securities, which may include: swap agreements, futures contracts, repurchase agreements and U.S. Government securities.

The "U.S. Dollar Index<sup>®</sup>" is a trademark of ICE Data Indices, LLC ("IDI") and has been licensed for use by ProFunds. ProFunds have not been passed on by IDI as to their legality or suitability. ProFunds based on IDI indexes are not sponsored, endorsed, sold or promoted by IDI or its afﬁliates, and they make no representation regarding the advisability of investing in ProFunds, or the ability of the index to track general ﬁnancial market performance.

![Image](tm2510928d1_ncsrimg006.jpg)

![QR Code](tm2510928d1_ncsrimg127.jpg)

#### Rising U.S. Dollar ProFund
Investor Class RDPIX

Annual Shareholder Report — July 31, 2025

Additional information about the Fund including the Financial Statements, Prospectus and Statement of Additional Information is available: On the Fund's website, www.profunds.com/shareholder-reports, or upon request, by calling 888-776-3637.

![Image](tm2510928d1_ncsrimg005.jpg)

#### Service Class RDPSX
Annual Shareholder Report — July 31, 2025

## Fund Overview
This Annual shareholder report contains important information about the Rising U.S. Dollar ProFund (the "Fund") for the period of August 1, 2024 to July 31, 2025. You can find additional information about the Fund at www.profunds.com/shareholder-reports. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Service Class | $276 | 2.78% |

---

### How did the Fund perform last year?
**Rising U.S. Dollar ProFund** (the "Fund") seeks daily investment 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<sup>®</sup> U.S. Dollar Index<sup>®</sup> (the "Index").

The Fund invests in financial instruments that ProFund Advisors believes, in combination, should produce daily returns consistent with the Fund's investment objective.

For the year ended July 31, 2025, the Fund achieved an average daily statistical correlation of over 0.99 to the daily performance of the Index. For the same period, the Index had a price return of -3.97% and a volatility of 7.56%. The index performance was driven by a falling US dollar.

Primary factors affecting Fund performance include the total return of the derivatives held by the Fund, the performance of the reference assets to which the derivatives are linked, financing rates paid or earned, the types of derivative contracts used (and their correlation to the Index), expenses, transaction costs, the volatility of the Fund's Index, the impact of compounding, and other miscellaneous factors.

#### Total Return Based on a $10,000 Investment

##### Cumulative performance: August 1, 2015 through July 31, 2025
![30](tm2510928d1_ncsrimg050.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Fund** | **ICE<sup>®</sup> U.S. Dollar Index** | **Bloomberg U.S. Aggregate Bond Index** | **S&P 500<sup>®</sup> Index** |
| **Jul 15** | $10000 | $10000 | $10000 | $10000 |
| **Jul 16** | $9558 | $9814 | $10594 | $10561 |
| **Jul 17** | $9142 | $9540 | $10539 | $12256 |
| **Jul 18** | $9291 | $9713 | $10455 | $14246 |
| **Jul 19** | $9827 | $10121 | $11299 | $15384 |
| **Jul 20** | $9230 | $9590 | $12443 | $17223 |
| **Jul 21** | $8868 | $9469 | $12356 | $23500 |
| **Jul 22** | $9905 | $10879 | $11229 | $22410 |
| **Jul 23** | $9751 | $10464 | $10851 | $25327 |
| **Jul 24** | $10328 | $10694 | $11405 | $30936 |
| **Jul 25** | $10200 | $10270 | $11790 | $35989 |

---

The chart above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter), assuming the reinvestment of distributions.

### Average Annual Total Return

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Fund NAV | -1.16% | 2.02% | 0.20% |
| ICE<sup>®</sup> U.S. Dollar Index | -3.97% | 1.38% | 0.27% |
| Bloomberg U.S. Aggregate Bond Index | 3.38% | -1.07% | 1.66% |
| S&P 500<sup>®</sup> Index | 16.33% | 15.88% | 13.66% |

---

**Performance data quoted represents past performance and does not guarantee future results. Updated performance information is available on our website at www.profunds.com/fund_performance.com. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of fund shares.**

**After the close of business on October 23, 2024, the Fund's broad-based securities market index was changed from the S&P 500 Index to the Bloomberg U.S. Aggregate Bond Index to provide a broader measure of performance for comparative purpose.**

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $8415469 |
| Number of Holdings\* | 6 |
| Net Investment Advisory Fees | $33733 |
| Portfolio Turnover | 0% |

---

\* No. of Holdings excludes any derivatives and collateral for securities loaned.

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| Forward Currency Contracts | (100)% |
| **Total** | **(100)%** |

---

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments and instruments used for cash management.

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Euro | 57% |
| Japanese yen | 14% |
| British pound | 12% |
| Canadian dollar | 9% |
| Swedish krona | 4% |

---

###### Holdings
The Rising U.S. Dollar ProFund primarily invests in non-equity securities, which may include: swap agreements, futures contracts, repurchase agreements and U.S. Government securities.

The "U.S. Dollar Index<sup>®</sup>" is a trademark of ICE Data Indices, LLC ("IDI") and has been licensed for use by ProFunds. ProFunds have not been passed on by IDI as to their legality or suitability. ProFunds based on IDI indexes are not sponsored, endorsed, sold or promoted by IDI or its afﬁliates, and they make no representation regarding the advisability of investing in ProFunds, or the ability of the index to track general ﬁnancial market performance.

![Image](tm2510928d1_ncsrimg006.jpg)

![QR Code](tm2510928d1_ncsrimg127.jpg)

#### Rising U.S. Dollar ProFund
Service Class RDPSX

Annual Shareholder Report — July 31, 2025

Additional information about the Fund including the Financial Statements, Prospectus and Statement of Additional Information is available: On the Fund's website, www.profunds.com/shareholder-reports, or upon request, by calling 888-776-3637.

![Image](tm2510928d1_ncsrimg005.jpg)

# Semiconductor UltraSector ProFund

#### Investor Class SMPIX
Annual Shareholder Report — July 31, 2025

## Fund Overview
This Annual shareholder report contains important information about the Semiconductor UltraSector ProFund (the "Fund") for the period of August 1, 2024 to July 31, 2025. You can find additional information about the Fund at www.profunds.com/shareholder-reports. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor Class | $176 | 1.46% |

---

### How did the Fund perform last year?
**Semiconductor UltraSector ProFund** (the "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 Dow Jones U.S. Semiconductor<sup>SM</sup> Index (the "Index").

The Fund invests in financial instruments that ProFund Advisors believes, in combination, should produce daily returns consistent with the Fund's investment objective.

For the year ended July 31, 2025, the Fund had an average daily statistical correlation of over 0.99 to one and one-half times the daily performance of the Index. For the same period, the Index had a total return of 36.83% and a volatility of 47.06%. The index performance was driven by strength in semiconductor companies fueled by the rising demand of AI.

Primary factors affecting Fund performance include the total return of the securities and derivatives held by the Fund, the performance of the reference assets to which the derivatives are linked, financing rates paid or earned, expenses, transaction costs, the volatility of the Fund's Index, the impact of compounding, and other miscellaneous factors.

#### Total Return Based on a $10,000 Investment

##### Cumulative performance: August 1, 2015 through July 31, 2025
![30](tm2510928d1_ncsrimg101.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Fund** | **Dow Jones U.S. Semiconductors℠ Index** | **S&P 500<sup>®</sup> Index** |
| **Jul 15** | $10000 | $10000 | $10000 |
| **Jul 16** | $13259 | $12436 | $10561 |
| **Jul 17** | $19442 | $16423 | $12256 |
| **Jul 18** | $27277 | $21256 | $14246 |
| **Jul 19** | $28790 | $22978 | $15384 |
| **Jul 20** | $40961 | $31198 | $17223 |
| **Jul 21** | $76043 | $48919 | $23500 |
| **Jul 22** | $62408 | $45299 | $22410 |
| **Jul 23** | $107540 | $69148 | $25327 |
| **Jul 24** | $229535 | $122118 | $30936 |
| **Jul 25** | $323315 | $167090 | $35989 |

---

The chart above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter), assuming the reinvestment of distributions.

### Average Annual Total Return

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Fund NAV | 40.86% | 51.16% | 41.57% |
| Dow Jones U.S. Semiconductors℠ Index | 36.83% | 39.88% | 32.52% |
| S&P 500<sup>®</sup> Index | 16.33% | 15.88% | 13.66% |

---

**Performance data quoted represents past performance and does not guarantee future results. Updated performance information is available on our website at www.profunds.com/fund_performance.com. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of fund shares.**

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $452997932 |
| Number of Holdings\* | 39 |
| Net Investment Advisory Fees | $2697892 |
| Portfolio Turnover | 205% |

---

\* No. of Holdings excludes any derivatives and collateral for securities loaned.

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| Equity Securities | 42% |
| Dow Jones U.S. Semiconductors Index Swap Agreements | 108% |
| **Total** | **150%** |

---

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments and instruments used for cash management.

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Semiconductors & Semiconductor Equipment | 100% |

---

###### Largest Equity Holdings

---

| | |
|:---|:---|
| **Holding** | **% of Net Assets** |
| NVIDIA Corp. | 24.8% |
| Broadcom, Inc. | 7.9% |
| Advanced Micro Devices, Inc. | 1.6% |
| Texas Instruments, Inc. | 1.0% |
| QUALCOMM, Inc. | 0.9% |

---

"The Dow 30 " and "Dow Jones U.S. Semiconductors<sup>SM</sup> Index" are products of "Dow Jones Indexes", the marketing name and a licensed trademark of CME Group Index Services LLC ("CME Indexes"). "Dow Jones ", "DJ", "Dow Jones Indexes", "The Dow 30" and "Dow Jones U.S. Semiconductors<sup>SM</sup> Index" are service marks of Dow Jones Trademark Holdings, LLC ("Dow Jones") and have been licensed to CME Indexes and sublicensed to ProFunds. ProFunds have not been passed on by CME Indexes or Dow Jones as to their legality or suitability. ProFunds based on The Dow 30 are not sponsored, endorsed, sold or promoted by CME Indexes or Dow Jones, and they make no representation regarding the advisability of investing in ProFunds.

![Image](tm2510928d1_ncsrimg006.jpg)

![QR Code](tm2510928d1_ncsrimg127.jpg)

#### Semiconductor UltraSector ProFund
Investor Class SMPIX

Annual Shareholder Report — July 31, 2025

Additional information about the Fund including the Financial Statements, Prospectus and Statement of Additional Information is available: On the Fund's website, www.profunds.com/shareholder-reports, or upon request, by calling 888-776-3637.

![Image](tm2510928d1_ncsrimg005.jpg)

#### Service Class SMPSX
Annual Shareholder Report — July 31, 2025

## Fund Overview
This Annual shareholder report contains important information about the Semiconductor UltraSector ProFund (the "Fund") for the period of August 1, 2024 to July 31, 2025. You can find additional information about the Fund at www.profunds.com/shareholder-reports. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Service Class | $295 | 2.46% |

---

### How did the Fund perform last year?
**Semiconductor UltraSector ProFund** (the "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 Dow Jones U.S. Semiconductor<sup>SM</sup> Index (the "Index").

The Fund invests in financial instruments that ProFund Advisors believes, in combination, should produce daily returns consistent with the Fund's investment objective.

For the year ended July 31, 2025, the Fund had an average daily statistical correlation of over 0.99 to one and one-half times the daily performance of the Index. For the same period, the Index had a total return of 36.83% and a volatility of 47.06%. The index performance was driven by strength in semiconductor companies fueled by the rising demand of AI.

Primary factors affecting Fund performance include the total return of the securities and derivatives held by the Fund, the performance of the reference assets to which the derivatives are linked, financing rates paid or earned, expenses, transaction costs, the volatility of the Fund's Index, the impact of compounding, and other miscellaneous factors.

#### Total Return Based on a $10,000 Investment

##### Cumulative performance: August 1, 2015 through July 31, 2025
![30](tm2510928d1_ncsrimg001.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Fund** | **Dow Jones U.S. Semiconductors℠ Index** | **S&P 500<sup>®</sup> Index** |
| **Jul 15** | $10000 | $10000 | $10000 |
| **Jul 16** | $13126 | $12436 | $10561 |
| **Jul 17** | $19056 | $16423 | $12256 |
| **Jul 18** | $26469 | $21256 | $14246 |
| **Jul 19** | $27657 | $22978 | $15384 |
| **Jul 20** | $38945 | $31198 | $17223 |
| **Jul 21** | $71583 | $48919 | $23500 |
| **Jul 22** | $58156 | $45299 | $22410 |
| **Jul 23** | $99226 | $69148 | $25327 |
| **Jul 24** | $209666 | $122118 | $30936 |
| **Jul 25** | $292416 | $167090 | $35989 |

---

The chart above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter), assuming the reinvestment of distributions.

### Average Annual Total Return

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Fund NAV | 39.47% | 49.66% | 40.15% |
| Dow Jones U.S. Semiconductors℠ Index | 36.83% | 39.88% | 32.52% |
| S&P 500<sup>®</sup> Index | 16.33% | 15.88% | 13.66% |

---

**Performance data quoted represents past performance and does not guarantee future results. Updated performance information is available on our website at www.profunds.com/fund_performance.com. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of fund shares.**

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $452997932 |
| Number of Holdings\* | 39 |
| Net Investment Advisory Fees | $2697892 |
| Portfolio Turnover | 205% |

---

\* No. of Holdings excludes any derivatives and collateral for securities loaned.

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| Equity Securities | 42% |
| Dow Jones U.S. Semiconductors Index Swap Agreements | 108% |
| **Total** | **150%** |

---

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments and instruments used for cash management.

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Semiconductors & Semiconductor Equipment | 100% |

---

###### Largest Equity Holdings

---

| | |
|:---|:---|
| **Holding** | **% of Net Assets** |
| NVIDIA Corp. | 24.8% |
| Broadcom, Inc. | 7.9% |
| Advanced Micro Devices, Inc. | 1.6% |
| Texas Instruments, Inc. | 1.0% |
| QUALCOMM, Inc. | 0.9% |

---

"The Dow 30 " and "Dow Jones U.S. Semiconductors<sup>SM</sup> Index" are products of "Dow Jones Indexes", the marketing name and a licensed trademark of CME Group Index Services LLC ("CME Indexes"). "Dow Jones ", "DJ", "Dow Jones Indexes", "The Dow 30" and "Dow Jones U.S. Semiconductors<sup>SM</sup> Index" are service marks of Dow Jones Trademark Holdings, LLC ("Dow Jones") and have been licensed to CME Indexes and sublicensed to ProFunds. ProFunds have not been passed on by CME Indexes or Dow Jones as to their legality or suitability. ProFunds based on The Dow 30 are not sponsored, endorsed, sold or promoted by CME Indexes or Dow Jones, and they make no representation regarding the advisability of investing in ProFunds.

![Image](tm2510928d1_ncsrimg006.jpg)

![QR Code](tm2510928d1_ncsrimg127.jpg)

#### Semiconductor UltraSector ProFund
Service Class SMPSX

Annual Shareholder Report — July 31, 2025

Additional information about the Fund including the Financial Statements, Prospectus and Statement of Additional Information is available: On the Fund's website, www.profunds.com/shareholder-reports, or upon request, by calling 888-776-3637.

![Image](tm2510928d1_ncsrimg005.jpg)

# Short Bitcoin ProFund

#### Investor Class BITIX
Annual Shareholder Report — July 31, 2025

## Fund Overview
This Annual shareholder report contains important information about the Short Bitcoin ProFund (the "Fund") for the period of August 1, 2024 to July 31, 2025. You can find additional information about the Fund at www.profunds.com/shareholder-reports. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor Class | $85 | 1.16% |

---

### How did the Fund perform last year?
**Short Bitcoin ProFund** (the "Fund") seeks daily investment results, before fees and expenses, that correspond to the inverse (-1x) of the daily performance of the Bloomberg Bitcoin Index (the "Index").

The Fund invests in financial instruments that ProFund Advisors believes, in combination, should produce daily returns consistent with the Fund's investment objective. The index performance was driven by strong bitcoin performance which significantly outperformed Ether.

For the year ended July 31, 2025, the Fund had a total return of -53.14%. For the same period, the Index had a total return of 78.85%.

Primary factors affecting Fund performance include the total return of the derivatives held by the Fund, the performance of the reference assets to which the derivatives are linked, financing rates paid or earned, the types of derivative contracts used, expenses, transaction costs, the volatility of the Fund's Index, the impact of compounding, and other miscellaneous factors.

#### Total Return Based on a $10,000 Investment

##### Cumulative performance: June 21, 2022 through July 31, 2025
![30](tm2510928d1_ncsrimg029.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Fund** | **Bloomberg Bitcoin Index** | **S&P 500<sup>®</sup> Index** |
| **Jun 22** | $10000 | $10000 | $10000 |
| **Jul 22** | $8264 | $11404 | $10986 |
| **Jul 23** | $4816 | $13936 | $12416 |
| **Jul 24** | $1853 | $31199 | $15166 |
| **Jul 25** | $868 | $55799 | $17643 |

---

The chart above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter), assuming the reinvestment of distributions.

### Average Annual Total Return

---

| | | |
|:---|:---|:---|
| | **1 Year** | **Since Inception** |
| Fund NAV | -53.14% | -54.43% |
| Bloomberg Bitcoin Index | 78.85% | 73.82% |
| S&P 500<sup>®</sup> Index | 16.33% | 20.03% |

---

**Performance data quoted represents past performance and does not guarantee future results. Updated performance information is available on our website at www.profunds.com/fund_performance.com. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of fund shares.**

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $1176536 |
| Number of Holdings\* | 3 |
| Net Investment Advisory Fees | $0 |
| Portfolio Turnover | 0% |

---

\* No. of Holdings excludes any derivatives and collateral for securities loaned.

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| CME Bitcoin Futures Contracts | (100)% |
| **Total** | **(100)%** |

---

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments and instruments used for cash management.

###### Holdings
The Short Bitcoin ProFund primarily invests in non-equity securities, which may include: futures contracts, Canadian Exchange Traded Funds, repurchase agreements and reverse repurchase agreements and U.S. Government securities.

Bloomberg is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Neither Bloomberg nor Bloomberg's licensors approve or endorse this material, or guarantee the accuracy or completeness of any information herein, or make any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.

![Image](tm2510928d1_ncsrimg006.jpg)

![QR Code](tm2510928d1_ncsrimg127.jpg)

#### Short Bitcoin ProFund
Investor Class BITIX

Annual Shareholder Report — July 31, 2025

Additional information about the Fund including the Financial Statements, Prospectus and Statement of Additional Information is available: On the Fund's website, www.profunds.com/shareholder-reports, or upon request, by calling 888-776-3637.

![Image](tm2510928d1_ncsrimg005.jpg)

# Short Energy ProFund

#### Investor Class SNPIX
Annual Shareholder Report — July 31, 2025

## Fund Overview
This Annual shareholder report contains important information about the Short Energy ProFund (the "Fund") for the period of August 1, 2024 to July 31, 2025. You can find additional information about the Fund at www.profunds.com/shareholder-reports. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor Class | $182 | 1.78% |

---

### How did the Fund perform last year?
**Short Energy ProFund** (the "Fund") seeks daily investment results, before fees and expenses, that correspond to the inverse (-1x) of the daily performance of the S&P Energy Select Sector Index (the "Index").

The Fund invests in financial instruments that ProFund Advisors believes, in combination, should produce daily returns consistent with the Fund's investment objective.

For the year ended July 31, 2025, the Fund had an average daily statistical correlation of over 0.99 to the inverse of the daily performance of the Index. For the same period, the Index had a total return of -3.29% and a volatility of 25.45%. The index performance was driven by materially lower oil prices from the year prior.

Primary factors affecting Fund performance include the total return of the derivatives held by the Fund, the performance of the reference assets to which the derivatives are linked, financing rates paid or earned, the types of derivative contracts used (and their correlation to the Index), expenses, transaction costs, the volatility of the Fund's Index, the impact of compounding, and other miscellaneous factors.

#### Total Return Based on a $10,000 Investment

##### Cumulative performance: August 1, 2015 through July 31, 2025
![30](tm2510928d1_ncsrimg026.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Fund** | **S&P Energy Select Sector Index** | **S&P 500<sup>®</sup> Index** |
| **Jul 15** | $10000 | $10000 | $10000 |
| **Jul 16** | $9086 | $10016 | $10561 |
| **Jul 17** | $8790 | $10154 | $12256 |
| **Jul 18** | $7110 | $12169 | $14246 |
| **Jul 19** | $8496 | $10226 | $15384 |
| **Jul 20** | $10169 | $6380 | $17223 |
| **Jul 21** | $5971 | $9213 | $23500 |
| **Jul 22** | $3197 | $15330 | $22410 |
| **Jul 23** | $2720 | $17822 | $25327 |
| **Jul 24** | $2605 | $19644 | $30936 |
| **Jul 25** | $2728 | $18999 | $35989 |

---

The chart above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter), assuming the reinvestment of distributions.

### Average Annual Total Return

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Fund NAV | 4.74% | -23.14% | -12.18% |
| S&P Energy Select Sector Index | -3.29% | 24.39% | 6.63% |
| S&P 500<sup>®</sup> Index | 16.33% | 15.88% | 13.66% |

---

**Performance data quoted represents past performance and does not guarantee future results. Updated performance information is available on our website at www.profunds.com/fund_performance.com. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of fund shares.**

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $1272167 |
| Number of Holdings\* | 6 |
| Net Investment Advisory Fees | $0 |
| Portfolio Turnover | 0% |

---

\* No. of Holdings excludes any derivatives and collateral for securities loaned.

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| S&P Energy Select Sector Index Swap Agreements | (100)% |
| **Total** | **(100)%** |

---

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments and instruments used for cash management.

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Oil, Gas & Consumable Fuels | 92% |
| Energy Equipment & Services | 8% |

---

###### Holdings
The Short Energy ProFund primarily invests in non-equity securities, which may include: swap agreements, futures contracts, repurchase agreements and U.S. Government securities.

"Standard & Poor's<sup>®</sup>", "S&P<sup>®</sup>" and "S&P Energy Select Sector Index" are trademarks of Standard & Poor's Financial Services LLC ("S&P") and have been licensed for use by ProFunds. This Fund is not sponsored, licensed, sold or promoted by Standard & Poor's and Standard & Poor's makes no representation regarding the advisability of investing in ProFunds.

![Image](tm2510928d1_ncsrimg006.jpg)

![QR Code](tm2510928d1_ncsrimg127.jpg)

#### Short Energy ProFund
Investor Class SNPIX

Annual Shareholder Report — July 31, 2025

Additional information about the Fund including the Financial Statements, Prospectus and Statement of Additional Information is available: On the Fund's website, www.profunds.com/shareholder-reports, or upon request, by calling 888-776-3637.

![Image](tm2510928d1_ncsrimg005.jpg)

#### Service Class SNPSX
Annual Shareholder Report — July 31, 2025

## Fund Overview
This Annual shareholder report contains important information about the Short Energy ProFund (the "Fund") for the period of August 1, 2024 to July 31, 2025. You can find additional information about the Fund at www.profunds.com/shareholder-reports. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Service Class | $285 | 2.78% |

---

### How did the Fund perform last year?
**Short Energy ProFund** (the "Fund") seeks daily investment results, before fees and expenses, that correspond to the inverse (-1x) of the daily performance of the S&P Energy Select Sector Index (the "Index").

The Fund invests in financial instruments that ProFund Advisors believes, in combination, should produce daily returns consistent with the Fund's investment objective.

For the year ended July 31, 2025, the Fund had an average daily statistical correlation of over 0.99 to the inverse of the daily performance of the Index. For the same period, the Index had a total return of -3.29% and a volatility of 25.45%. The index performance was driven by materially lower oil prices from the year prior.

Primary factors affecting Fund performance include the total return of the derivatives held by the Fund, the performance of the reference assets to which the derivatives are linked, financing rates paid or earned, the types of derivative contracts used (and their correlation to the Index), expenses, transaction costs, the volatility of the Fund's Index, the impact of compounding, and other miscellaneous factors.

#### Total Return Based on a $10,000 Investment

##### Cumulative performance: August 1, 2015 through July 31, 2025
![30](tm2510928d1_ncsrimg062.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Fund** | **S&P Energy Select Sector Index** | **S&P 500<sup>®</sup> Index** |
| **Jul 15** | $10000 | $10000 | $10000 |
| **Jul 16** | $8982 | $10016 | $10561 |
| **Jul 17** | $8604 | $10154 | $12256 |
| **Jul 18** | $6888 | $12169 | $14246 |
| **Jul 19** | $8155 | $10226 | $15384 |
| **Jul 20** | $9674 | $6380 | $17223 |
| **Jul 21** | $5629 | $9213 | $23500 |
| **Jul 22** | $2985 | $15330 | $22410 |
| **Jul 23** | $2513 | $17822 | $25327 |
| **Jul 24** | $2382 | $19644 | $30936 |
| **Jul 25** | $2493 | $18999 | $35989 |

---

The chart above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter), assuming the reinvestment of distributions.

### Average Annual Total Return

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Fund NAV | 4.70% | -23.75% | -12.97% |
| S&P Energy Select Sector Index | -3.29% | 24.39% | 6.63% |
| S&P 500<sup>®</sup> Index | 16.33% | 15.88% | 13.66% |

---

**Performance data quoted represents past performance and does not guarantee future results. Updated performance information is available on our website at www.profunds.com/fund_performance.com. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of fund shares.**

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $1272167 |
| Number of Holdings\* | 6 |
| Net Investment Advisory Fees | $0 |
| Portfolio Turnover | 0% |

---

\* No. of Holdings excludes any derivatives and collateral for securities loaned.

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| S&P Energy Select Sector Index Swap Agreements | (100)% |
| **Total** | **(100)%** |

---

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments and instruments used for cash management.

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Oil, Gas & Consumable Fuels | 92% |
| Energy Equipment & Services | 8% |

---

###### Holdings
The Short Energy ProFund primarily invests in non-equity securities, which may include: swap agreements, futures contracts, repurchase agreements and U.S. Government securities.

"Standard & Poor's<sup>®</sup>", "S&P<sup>®</sup>" and "S&P Energy Select Sector Index" are trademarks of Standard & Poor's Financial Services LLC ("S&P") and have been licensed for use by ProFunds. This Fund is not sponsored, licensed, sold or promoted by Standard & Poor's and Standard & Poor's makes no representation regarding the advisability of investing in ProFunds.

![Image](tm2510928d1_ncsrimg006.jpg)

![QR Code](tm2510928d1_ncsrimg127.jpg)

#### Short Energy ProFund
Service Class SNPSX

Annual Shareholder Report — July 31, 2025

Additional information about the Fund including the Financial Statements, Prospectus and Statement of Additional Information is available: On the Fund's website, www.profunds.com/shareholder-reports, or upon request, by calling 888-776-3637.

![Image](tm2510928d1_ncsrimg005.jpg)

# Short Nasdaq-100 ProFund

#### Investor Class SOPIX
Annual Shareholder Report — July 31, 2025

## Fund Overview
This Annual shareholder report contains important information about the Short Nasdaq-100 ProFund (the "Fund") for the period of August 1, 2024 to July 31, 2025. You can find additional information about the Fund at www.profunds.com/shareholder-reports. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor Class | $170 | 1.84% |

---

### How did the Fund perform last year?
**Short Nasdaq-100 ProFund** (the "Fund") seeks daily investment results, before fees and expenses, that correspond to the inverse (-1x) of the daily performance of the Nasdaq-100<sup>®</sup> Index (the "Index").

The Fund invests in financial instruments that ProFund Advisors believes, in combination, should produce daily returns consistent with the Fund's investment objective.

For the year ended July 31, 2025, the Fund had an average daily statistical correlation of over 0.99 to the inverse of the daily performance of the Index. For the same period, the Index had a total return of 20.83% and a volatility of 24.66%. The index performance was driven by strength in technology stocks and the rising demand of AI.

Primary factors affecting Fund performance include the total return of the derivatives held by the Fund, the performance of the reference assets to which the derivatives are linked, financing rates paid or earned, the types of derivative contracts used (and their correlation to the Index), expenses, transaction costs, the volatility of the Fund's Index, the impact of compounding, and other miscellaneous factors.

#### Total Return Based on a $10,000 Investment

##### Cumulative performance: August 1, 2015 through July 31, 2025
![30](tm2510928d1_ncsrimg084.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Fund** | **Nasdaq-100<sup>®</sup> Index** | **Nasdaq Composite Index** |
| **Jul 15** | $10000 | $10000 | $10000 |
| **Jul 16** | $8999 | $10441 | $10192 |
| **Jul 17** | $7050 | $13137 | $12680 |
| **Jul 18** | $5594 | $16329 | $15486 |
| **Jul 19** | $5012 | $17919 | $16685 |
| **Jul 20** | $3142 | $25153 | $22156 |
| **Jul 21** | $2148 | $34758 | $30471 |
| **Jul 22** | $2226 | $30309 | $25914 |
| **Jul 23** | $1825 | $37211 | $30272 |
| **Jul 24** | $1563 | $46115 | $37423 |
| **Jul 25** | $1324 | $55719 | $45228 |

---

The chart above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter), assuming the reinvestment of distributions.

### Average Annual Total Return

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Fund NAV | -15.25% | -15.87% | -18.30% |
| Nasdaq-100<sup>®</sup> Index | 20.83% | 17.24% | 18.74% |
| Nasdaq Composite Index | 20.85% | 15.34% | 16.29% |

---

**Performance data quoted represents past performance and does not guarantee future results. Updated performance information is available on our website at www.profunds.com/fund_performance.com. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of fund shares.**

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $2250403 |
| Number of Holdings\* | 6 |
| Net Investment Advisory Fees | $0 |
| Portfolio Turnover | 0% |

---

\* No. of Holdings excludes any derivatives and collateral for securities loaned.

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| Nasdaq-100 Index Swap Agreements | (99)% |
| E-mini Nasdaq-100 Index Futures Contracts | 0% |
| **Total** | **(99)%** |

---

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments and instruments used for cash management.

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Information Technology | 54% |
| Communication Services | 15% |
| Consumer Discretionary | 13% |
| Consumer Staples | 5% |
| Industrials | 5% |

---

###### Holdings
The Short Nasdaq-100 ProFund primarily invests in non-equity securities, which may include: swap agreements, futures contracts, repurchase agreements and U.S. Government securities.

"QQQ<sup>®</sup>", "Nasdaq-100 Index<sup>®</sup>" and "Nasdaq-100<sup>®</sup>" are registered trademarks of The Nasdaq OMX Group Inc. and have been licensed for use by ProFunds. This Fund is not sponsored, endorsed, sold or promoted by The Nasdaq OMX Group Inc. and The Nasdaq OMX Group Inc. makes no representation regarding the advisability of investing in ProFunds.

![Image](tm2510928d1_ncsrimg006.jpg)

![QR Code](tm2510928d1_ncsrimg127.jpg)

#### Short Nasdaq-100 ProFund
Investor Class SOPIX

Annual Shareholder Report — July 31, 2025

Additional information about the Fund including the Financial Statements, Prospectus and Statement of Additional Information is available: On the Fund's website, www.profunds.com/shareholder-reports, or upon request, by calling 888-776-3637.

![Image](tm2510928d1_ncsrimg005.jpg)

#### Service Class SOPSX
Annual Shareholder Report — July 31, 2025

## Fund Overview
This Annual shareholder report contains important information about the Short Nasdaq-100 ProFund (the "Fund") for the period of August 1, 2024 to July 31, 2025. You can find additional information about the Fund at www.profunds.com/shareholder-reports. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Service Class | $261 | 2.84% |

---

### How did the Fund perform last year?
**Short Nasdaq-100 ProFund** (the "Fund") seeks daily investment results, before fees and expenses, that correspond to the inverse (-1x) of the daily performance of the Nasdaq-100<sup>®</sup> Index (the "Index").

The Fund invests in financial instruments that ProFund Advisors believes, in combination, should produce daily returns consistent with the Fund's investment objective.

For the year ended July 31, 2025, the Fund had an average daily statistical correlation of over 0.99 to the inverse of the daily performance of the Index. For the same period, the Index had a total return of 20.83% and a volatility of 24.66%. The index performance was driven by strength in technology stocks and the rising demand of AI.

Primary factors affecting Fund performance include the total return of the derivatives held by the Fund, the performance of the reference assets to which the derivatives are linked, financing rates paid or earned, the types of derivative contracts used (and their correlation to the Index), expenses, transaction costs, the volatility of the Fund's Index, the impact of compounding, and other miscellaneous factors.

#### Total Return Based on a $10,000 Investment

##### Cumulative performance: August 1, 2015 through July 31, 2025
![30](tm2510928d1_ncsrimg067.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Fund** | **Nasdaq-100<sup>®</sup> Index** | **Nasdaq Composite Index** |
| **Jul 15** | $10000 | $10000 | $10000 |
| **Jul 16** | $8924 | $10441 | $10192 |
| **Jul 17** | $6925 | $13137 | $12680 |
| **Jul 18** | $5439 | $16329 | $15486 |
| **Jul 19** | $4830 | $17919 | $16685 |
| **Jul 20** | $2998 | $25153 | $22156 |
| **Jul 21** | $2031 | $34758 | $30471 |
| **Jul 22** | $2077 | $30309 | $25914 |
| **Jul 23** | $1688 | $37211 | $30272 |
| **Jul 24** | $1432 | $46115 | $37423 |
| **Jul 25** | $1203 | $55719 | $45228 |

---

The chart above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter), assuming the reinvestment of distributions.

### Average Annual Total Return

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Fund NAV | -15.99% | -16.70% | -19.09% |
| Nasdaq-100<sup>®</sup> Index | 20.83% | 17.24% | 18.74% |
| Nasdaq Composite Index | 20.85% | 15.34% | 16.29% |

---

**Performance data quoted represents past performance and does not guarantee future results. Updated performance information is available on our website at www.profunds.com/fund_performance.com. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of fund shares.**

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $2250403 |
| Number of Holdings\* | 6 |
| Net Investment Advisory Fees | $0 |
| Portfolio Turnover | 0% |

---

\* No. of Holdings excludes any derivatives and collateral for securities loaned.

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| Nasdaq-100 Index Swap Agreements | (99)% |
| E-mini Nasdaq-100 Index Futures Contracts | 0% |
| **Total** | **(99)%** |

---

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments and instruments used for cash management.

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Information Technology | 54% |
| Communication Services | 15% |
| Consumer Discretionary | 13% |
| Consumer Staples | 5% |
| Industrials | 5% |

---

###### Holdings
The Short Nasdaq-100 ProFund primarily invests in non-equity securities, which may include: swap agreements, futures contracts, repurchase agreements and U.S. Government securities.

"QQQ<sup>®</sup>", "Nasdaq-100 Index<sup>®</sup>" and "Nasdaq-100<sup>®</sup>" are registered trademarks of The Nasdaq OMX Group Inc. and have been licensed for use by ProFunds. This Fund is not sponsored, endorsed, sold or promoted by The Nasdaq OMX Group Inc. and The Nasdaq OMX Group Inc. makes no representation regarding the advisability of investing in ProFunds.

![Image](tm2510928d1_ncsrimg006.jpg)

![QR Code](tm2510928d1_ncsrimg127.jpg)

#### Short Nasdaq-100 ProFund
Service Class SOPSX

Annual Shareholder Report — July 31, 2025

Additional information about the Fund including the Financial Statements, Prospectus and Statement of Additional Information is available: On the Fund's website, www.profunds.com/shareholder-reports, or upon request, by calling 888-776-3637.

![Image](tm2510928d1_ncsrimg005.jpg)

# Short Precious Metals ProFund

#### Investor Class SPPIX
Annual Shareholder Report — July 31, 2025

## Fund Overview
This Annual shareholder report contains important information about the Short Precious Metals ProFund (the "Fund") for the period of August 1, 2024 to July 31, 2025. You can find additional information about the Fund at www.profunds.com/shareholder-reports. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor Class | $150 | 1.78% |

---

### How did the Fund perform last year?
**Short Precious Metals ProFund** (the "Fund") seeks daily investment results, before fees and expenses, that correspond to the inverse (-1x) of the daily performance of the Dow Jones Precious Metals<sup>SM</sup> Index (the "Index").

The Fund invests in financial instruments that ProFund Advisors believes, in combination, should produce daily returns consistent with the Fund's investment objective.

For the year ended July 31, 2025, the Fund had an average daily statistical correlation of over 0.99 to the inverse of the daily performance of the Index. For the same period, the Index had a total return of 39.61% and a volatility of 34.12%. The index performance was driven by rising gold, platinum, and silver prices.

Primary factors affecting Fund performance include the total return of the derivatives held by the Fund, the performance of the reference assets to which the derivatives are linked, financing rates paid or earned, the types of derivative contracts used (and their correlation to the Index), expenses, transaction costs, the volatility of the Fund's Index, the impact of compounding, and other miscellaneous factors.

#### Total Return Based on a $10,000 Investment

##### Cumulative performance: August 1, 2015 through July 31, 2025
![30](tm2510928d1_ncsrimg052.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Fund** | **Dow Jones Precious Metals℠ Index** | **S&P 500<sup>®</sup> Index** |
| **Jul 15** | $10000 | $10000 | $10000 |
| **Jul 16** | $3349 | $22581 | $10561 |
| **Jul 17** | $3837 | $17022 | $12256 |
| **Jul 18** | $4082 | $15409 | $14246 |
| **Jul 19** | $3134 | $18873 | $15384 |
| **Jul 20** | $1397 | $34099 | $17223 |
| **Jul 21** | $1425 | $28923 | $23500 |
| **Jul 22** | $1677 | $21924 | $22410 |
| **Jul 23** | $1350 | $25805 | $25327 |
| **Jul 24** | $1111 | $31434 | $30936 |
| **Jul 25** | $762 | $43886 | $35989 |

---

The chart above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter), assuming the reinvestment of distributions.

### Average Annual Total Return

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Fund NAV | -31.45% | -11.42% | -22.70% |
| Dow Jones Precious Metals℠ Index | 39.61% | 5.18% | 15.94% |
| S&P 500<sup>®</sup> Index | 16.33% | 15.88% | 13.66% |

---

**Performance data quoted represents past performance and does not guarantee future results. Updated performance information is available on our website at www.profunds.com/fund_performance.com. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of fund shares.**

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $12564696 |
| Number of Holdings\* | 6 |
| Net Investment Advisory Fees | $21753 |
| Portfolio Turnover | 0% |

---

\* No. of Holdings excludes any derivatives and collateral for securities loaned.

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| Dow Jones Precious Metals Index Swap Agreements | (100)% |
| **Total** | **(100)%** |

---

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments and instruments used for cash management.

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Gold | 96% |
| Silver | 3% |
| Precious Metals & Minerals | 1% |

---

###### Holdings
The Short Precious Metals ProFund primarily invests in non-equity securities, which may include: swap agreements, futures contracts, repurchase agreements and U.S. Government securities.

"The Dow 30 " and "Dow Jones Industrial Average" are products of "Dow Jones Indexes", the marketing name and a licensed trademark of CME Group Index Services LLC ("CME Indexes"). "Dow Jones ", "DJ", "Dow Jones Indexes", "The Dow 30" and "Dow Jones Precious Metals Index" are service marks of Dow Jones Trademark Holdings, LLC ("Dow Jones") and have been licensed to CME Indexes and sublicensed to ProFunds. ProFunds have not been passed on by CME Indexes or Dow Jones as to their legality or suitability. ProFunds based on The Dow 30 are not sponsored, endorsed, sold or promoted by CME Indexes or Dow Jones, and they make no representation regarding the advisability of investing in ProFunds.

![Image](tm2510928d1_ncsrimg006.jpg)

![QR Code](tm2510928d1_ncsrimg127.jpg)

#### Short Precious Metals ProFund
Investor Class SPPIX

Annual Shareholder Report — July 31, 2025

Additional information about the Fund including the Financial Statements, Prospectus and Statement of Additional Information is available: On the Fund's website, www.profunds.com/shareholder-reports, or upon request, by calling 888-776-3637.

![Image](tm2510928d1_ncsrimg005.jpg)

#### Service Class SPPSX
Annual Shareholder Report — July 31, 2025

## Fund Overview
This Annual shareholder report contains important information about the Short Precious Metals ProFund (the "Fund") for the period of August 1, 2024 to July 31, 2025. You can find additional information about the Fund at www.profunds.com/shareholder-reports. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Service Class | $233 | 2.78% |

---

### How did the Fund perform last year?
**Short Precious Metals ProFund** (the "Fund") seeks daily investment results, before fees and expenses, that correspond to the inverse (-1x) of the daily performance of the Dow Jones Precious Metals<sup>SM</sup> Index (the "Index").

The Fund invests in financial instruments that ProFund Advisors believes, in combination, should produce daily returns consistent with the Fund's investment objective.

For the year ended July 31, 2025, the Fund had an average daily statistical correlation of over 0.99 to the inverse of the daily performance of the Index. For the same period, the Index had a total return of 39.61% and a volatility of 34.12%. The index performance was driven by rising gold, platinum, and silver prices.

Primary factors affecting Fund performance include the total return of the derivatives held by the Fund, the performance of the reference assets to which the derivatives are linked, financing rates paid or earned, the types of derivative contracts used (and their correlation to the Index), expenses, transaction costs, the volatility of the Fund's Index, the impact of compounding, and other miscellaneous factors.

#### Total Return Based on a $10,000 Investment

##### Cumulative performance: August 1, 2015 through July 31, 2025
![30](tm2510928d1_ncsrimg078.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Fund** | **Dow Jones Precious Metals℠ Index** | **S&P 500<sup>®</sup> Index** |
| **Jul 15** | $10000 | $10000 | $10000 |
| **Jul 16** | $3309 | $22581 | $10561 |
| **Jul 17** | $3754 | $17022 | $12256 |
| **Jul 18** | $3955 | $15409 | $14246 |
| **Jul 19** | $3005 | $18873 | $15384 |
| **Jul 20** | $1327 | $34099 | $17223 |
| **Jul 21** | $1338 | $28923 | $23500 |
| **Jul 22** | $1557 | $21924 | $22410 |
| **Jul 23** | $1244 | $25805 | $25327 |
| **Jul 24** | $1015 | $31434 | $30936 |
| **Jul 25** | $689 | $43886 | $35989 |

---

The chart above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter), assuming the reinvestment of distributions.

### Average Annual Total Return

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Fund NAV | -32.06% | -12.28% | -23.47% |
| Dow Jones Precious Metals℠ Index | 39.61% | 5.18% | 15.94% |
| S&P 500<sup>®</sup> Index | 16.33% | 15.88% | 13.66% |

---

**Performance data quoted represents past performance and does not guarantee future results. Updated performance information is available on our website at www.profunds.com/fund_performance.com. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of fund shares.**

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $12564696 |
| Number of Holdings\* | 6 |
| Net Investment Advisory Fees | $21753 |
| Portfolio Turnover | 0% |

---

\* No. of Holdings excludes any derivatives and collateral for securities loaned.

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| Dow Jones Precious Metals Index Swap Agreements | (100)% |
| **Total** | **(100)%** |

---

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments and instruments used for cash management.

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Gold | 96% |
| Silver | 3% |
| Precious Metals & Minerals | 1% |

---

###### Holdings
The Short Precious Metals ProFund primarily invests in non-equity securities, which may include: swap agreements, futures contracts, repurchase agreements and U.S. Government securities.

"The Dow 30 " and "Dow Jones Industrial Average" are products of "Dow Jones Indexes", the marketing name and a licensed trademark of CME Group Index Services LLC ("CME Indexes"). "Dow Jones ", "DJ", "Dow Jones Indexes", "The Dow 30" and "Dow Jones Precious Metals Index" are service marks of Dow Jones Trademark Holdings, LLC ("Dow Jones") and have been licensed to CME Indexes and sublicensed to ProFunds. ProFunds have not been passed on by CME Indexes or Dow Jones as to their legality or suitability. ProFunds based on The Dow 30 are not sponsored, endorsed, sold or promoted by CME Indexes or Dow Jones, and they make no representation regarding the advisability of investing in ProFunds.

![Image](tm2510928d1_ncsrimg006.jpg)

![QR Code](tm2510928d1_ncsrimg127.jpg)

#### Short Precious Metals ProFund
Service Class SPPSX

Annual Shareholder Report — July 31, 2025

Additional information about the Fund including the Financial Statements, Prospectus and Statement of Additional Information is available: On the Fund's website, www.profunds.com/shareholder-reports, or upon request, by calling 888-776-3637.

![Image](tm2510928d1_ncsrimg005.jpg)

# Short Real Estate ProFund

#### Investor Class SRPIX
Annual Shareholder Report — July 31, 2025

## Fund Overview
This Annual shareholder report contains important information about the Short Real Estate ProFund (the "Fund") for the period of August 1, 2024 to July 31, 2025. You can find additional information about the Fund at www.profunds.com/shareholder-reports. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor Class | $178 | 1.78% |

---

### How did the Fund perform last year?
**Short Real Estate ProFund** (the "Fund") seeks daily investment results, before fees and expenses, that correspond to the inverse (-1x) of the daily performance of the S&P Real Estate Select Sector Index (the "Index").

The Fund invests in financial instruments that ProFund Advisors believes, in combination, should produce daily returns consistent with the Fund's investment objective.

For the year ended July 31, 2025, the Fund had an average daily statistical correlation of over 0.99 to the inverse of the daily performance of the Index. For the same period, the Index had a total return of 4.05% and a volatility of 25.45%. The index performance was driven by rising longer-term interest rates.

Primary factors affecting Fund performance include the total return of the derivatives held by the Fund, the performance of the reference assets to which the derivatives are linked, financing rates paid or earned, the types of derivative contracts used (and their correlation to the Index), expenses, transaction costs, the volatility of the Fund's Index, the impact of compounding, and other miscellaneous factors.

#### Total Return Based on a $10,000 Investment

##### Cumulative performance: August 1, 2015 through July 31, 2025
![30](tm2510928d1_ncsrimg024.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Fund** | **S&P Real Estate Select Sector Index** | **S&P 500<sup>®</sup> Index** |
| **Jul 15** | $10000 | $10000 | $10000 |
| **Jul 16** | $7975 | $11974 | $10561 |
| **Jul 17** | $7852 | $11726 | $12256 |
| **Jul 18** | $7435 | $12300 | $14246 |
| **Jul 19** | $6560 | $14461 | $15384 |
| **Jul 20** | $5827 | $14484 | $17223 |
| **Jul 21** | $4168 | $19235 | $23500 |
| **Jul 22** | $4122 | $18920 | $22410 |
| **Jul 23** | $4651 | $16921 | $25327 |
| **Jul 24** | $4386 | $18922 | $30936 |
| **Jul 25** | $4387 | $19688 | $35989 |

---

The chart above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter), assuming the reinvestment of distributions.

### Average Annual Total Return

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Fund NAV | 0.02% | -5.52% | -7.91% |
| S&P Real Estate Select Sector Index | 4.05% | 6.33% | 7.01% |
| S&P 500<sup>®</sup> Index | 16.33% | 15.88% | 13.66% |

---

**Performance data quoted represents past performance and does not guarantee future results. Updated performance information is available on our website at www.profunds.com/fund_performance.com. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of fund shares.**

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $712538 |
| Number of Holdings\* | 6 |
| Net Investment Advisory Fees | $0 |
| Portfolio Turnover | 0% |

---

\* No. of Holdings excludes any derivatives and collateral for securities loaned.

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| S&P Real Estate Select Sector Index Swap Agreements | (100)% |
| **Total** | **(100)%** |

---

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments and instruments used for cash management.

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Specialized REITs | 42% |
| Health Care REITs | 15% |
| Retail REITs | 13% |
| Residential REITs | 11% |
| Industrial REITs | 9% |

---

###### Holdings
The Short Real Estate ProFund primarily invests in non-equity securities, which may include: swap agreements, futures contracts, repurchase agreements and U.S. Government securities.

"Standard & Poor's<sup>®</sup>", "S&P<sup>®</sup>" and "S&P Real Estate Select Sector Index" are trademarks of Standard & Poor's Financial Services LLC ("S&P") and have been licensed for use by ProFunds. This Fund is not sponsored, licensed, sold or promoted by Standard & Poor's and Standard & Poor's makes no representation regarding the advisability of investing in ProFunds.

![Image](tm2510928d1_ncsrimg006.jpg)

![QR Code](tm2510928d1_ncsrimg127.jpg)

#### Short Real Estate ProFund
Investor Class SRPIX

Annual Shareholder Report — July 31, 2025

Additional information about the Fund including the Financial Statements, Prospectus and Statement of Additional Information is available: On the Fund's website, www.profunds.com/shareholder-reports, or upon request, by calling 888-776-3637.

![Image](tm2510928d1_ncsrimg005.jpg)

#### Service Class SRPSX
Annual Shareholder Report — July 31, 2025

## Fund Overview
This Annual shareholder report contains important information about the Short Real Estate ProFund (the "Fund") for the period of August 1, 2024 to July 31, 2025. You can find additional information about the Fund at www.profunds.com/shareholder-reports. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Service Class | $276 | 2.78% |

---

### How did the Fund perform last year?
**Short Real Estate ProFund** (the "Fund") seeks daily investment results, before fees and expenses, that correspond to the inverse (-1x) of the daily performance of the S&P Real Estate Select Sector Index (the "Index").

The Fund invests in financial instruments that ProFund Advisors believes, in combination, should produce daily returns consistent with the Fund's investment objective.

For the year ended July 31, 2025, the Fund had an average daily statistical correlation of over 0.99 to the inverse of the daily performance of the Index. For the same period, the Index had a total return of 4.05% and a volatility of 25.45%. The index performance was driven by rising longer-term interest rates.

Primary factors affecting Fund performance include the total return of the derivatives held by the Fund, the performance of the reference assets to which the derivatives are linked, financing rates paid or earned, the types of derivative contracts used (and their correlation to the Index), expenses, transaction costs, the volatility of the Fund's Index, the impact of compounding, and other miscellaneous factors.

#### Total Return Based on a $10,000 Investment

##### Cumulative performance: August 1, 2015 through July 31, 2025
![30](tm2510928d1_ncsrimg061.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Fund** | **S&P Real Estate Select Sector Index** | **S&P 500<sup>®</sup> Index** |
| **Jul 15** | $10000 | $10000 | $10000 |
| **Jul 16** | $7900 | $11974 | $10561 |
| **Jul 17** | $7698 | $11726 | $12256 |
| **Jul 18** | $7217 | $12300 | $14246 |
| **Jul 19** | $6309 | $14461 | $15384 |
| **Jul 20** | $5549 | $14484 | $17223 |
| **Jul 21** | $3931 | $19235 | $23500 |
| **Jul 22** | $3844 | $18920 | $22410 |
| **Jul 23** | $4292 | $16921 | $25327 |
| **Jul 24** | $4008 | $18922 | $30936 |
| **Jul 25** | $3936 | $19688 | $35989 |

---

The chart above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter), assuming the reinvestment of distributions.

### Average Annual Total Return

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Fund NAV | -1.79% | -6.64% | -8.90% |
| S&P Real Estate Select Sector Index | 4.05% | 6.33% | 7.01% |
| S&P 500<sup>®</sup> Index | 16.33% | 15.88% | 13.66% |

---

**Performance data quoted represents past performance and does not guarantee future results. Updated performance information is available on our website at www.profunds.com/fund_performance.com. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of fund shares.**

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $712538 |
| Number of Holdings\* | 6 |
| Net Investment Advisory Fees | $0 |
| Portfolio Turnover | 0% |

---

\* No. of Holdings excludes any derivatives and collateral for securities loaned.

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| S&P Real Estate Select Sector Index Swap Agreements | (100)% |
| **Total** | **(100)%** |

---

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments and instruments used for cash management.

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Specialized REITs | 42% |
| Health Care REITs | 15% |
| Retail REITs | 13% |
| Residential REITs | 11% |
| Industrial REITs | 9% |

---

###### Holdings
The Short Real Estate ProFund primarily invests in non-equity securities, which may include: swap agreements, futures contracts, repurchase agreements and U.S. Government securities.

"Standard & Poor's<sup>®</sup>", "S&P<sup>®</sup>" and "S&P Real Estate Select Sector Index" are trademarks of Standard & Poor's Financial Services LLC ("S&P") and have been licensed for use by ProFunds. This Fund is not sponsored, licensed, sold or promoted by Standard & Poor's and Standard & Poor's makes no representation regarding the advisability of investing in ProFunds.

![Image](tm2510928d1_ncsrimg006.jpg)

![QR Code](tm2510928d1_ncsrimg127.jpg)

#### Short Real Estate ProFund
Service Class SRPSX

Annual Shareholder Report — July 31, 2025

Additional information about the Fund including the Financial Statements, Prospectus and Statement of Additional Information is available: On the Fund's website, www.profunds.com/shareholder-reports, or upon request, by calling 888-776-3637.

![Image](tm2510928d1_ncsrimg005.jpg)

# Short Small-Cap ProFund

#### Investor Class SHPIX
Annual Shareholder Report — July 31, 2025

## Fund Overview
This Annual shareholder report contains important information about the Short Small-Cap ProFund (the "Fund") for the period of August 1, 2024 to July 31, 2025. You can find additional information about the Fund at www.profunds.com/shareholder-reports. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor Class | $180 | 1.78% |

---

### How did the Fund perform last year?
**Short Small-Cap ProFund** (the "Fund") seeks daily investment results, before fees and expenses, that correspond to the inverse (-1x) of the daily performance of the Russell 2000<sup>®</sup> Index (the "Index").

The Fund invests in financial instruments that ProFund Advisors believes, in combination, should produce daily returns consistent with the Fund's investment objective.

For the year ended July 31, 2025, the Fund had an average daily statistical correlation of over 0.99 to the inverse of the daily performance of the Index. For the same period, the Index had a total return of -0.55% and a volatility of 24.19%. The index performance was driven by small caps lagging during a period of mega cap outperformance.

Primary factors affecting Fund performance include the total return of the derivatives held by the Fund, the performance of the reference assets to which the derivatives are linked, financing rates paid or earned, the types of derivative contracts used (and their correlation to the Index), expenses, transaction costs, the volatility of the Fund's Index, the impact of compounding, and other miscellaneous factors.

#### Total Return Based on a $10,000 Investment

##### Cumulative performance: August 1, 2015 through July 31, 2025
![30](tm2510928d1_ncsrimg122.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Fund** | **Russell 2000<sup>®</sup> Index** | **Russell 3000<sup>®</sup> Index** |
| **Jul 15** | $10000 | $10000 | $10000 |
| **Jul 16** | $9417 | $10000 | $10444 |
| **Jul 17** | $7683 | $11845 | $12130 |
| **Jul 18** | $6372 | $14064 | $14118 |
| **Jul 19** | $6583 | $13443 | $15113 |
| **Jul 20** | $5787 | $12826 | $16765 |
| **Jul 21** | $3517 | $19491 | $23258 |
| **Jul 22** | $3755 | $16706 | $21548 |
| **Jul 23** | $3496 | $18027 | $24273 |
| **Jul 24** | $3165 | $20596 | $29389 |
| **Jul 25** | $3236 | $20481 | $33998 |

---

The chart above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter), assuming the reinvestment of distributions.

### Average Annual Total Return

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Fund NAV | 2.23% | -10.98% | -10.67% |
| Russell 2000<sup>®</sup> Index | -0.55% | 9.81% | 7.43% |
| Russell 3000<sup>®</sup> Index | 15.68% | 15.19% | 13.02% |

---

**Performance data quoted represents past performance and does not guarantee future results. Updated performance information is available on our website at www.profunds.com/fund_performance.com. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of fund shares.**

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $831110 |
| Number of Holdings\* | 6 |
| Net Investment Advisory Fees | $0 |
| Portfolio Turnover | 0% |

---

\* No. of Holdings excludes any derivatives and collateral for securities loaned.

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| Russell 2000 Index Swap Agreements | (100)% |
| **Total** | **(100)%** |

---

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments and instruments used for cash management.

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Financials | 19% |
| Industrials | 18% |
| Health Care | 15% |
| Information Technology | 15% |
| Consumer Discretionary | 10% |

---

###### Holdings
The Short Small-Cap ProFund primarily invests in non-equity securities, which may include: swap agreements, futures contracts, repurchase agreements and U.S. Government securities.

"Russell 2000<sup>®</sup>" and "Russell<sup>®</sup>" are trademarks of Russell Investment Group ("Russell") and have been licensed for use by ProFunds. This Fund is not sponsored, endorsed, sold or promoted by Russell Investments and Russell Investments makes no representation regarding the advisability of investing in ProFunds.

![Image](tm2510928d1_ncsrimg006.jpg)

![QR Code](tm2510928d1_ncsrimg127.jpg)

#### Short Small-Cap ProFund
Investor Class SHPIX

Annual Shareholder Report — July 31, 2025

Additional information about the Fund including the Financial Statements, Prospectus and Statement of Additional Information is available: On the Fund's website, www.profunds.com/shareholder-reports, or upon request, by calling 888-776-3637.

![Image](tm2510928d1_ncsrimg005.jpg)

#### Service Class SHPSX
Annual Shareholder Report — July 31, 2025

## Fund Overview
This Annual shareholder report contains important information about the Short Small-Cap ProFund (the "Fund") for the period of August 1, 2024 to July 31, 2025. You can find additional information about the Fund at www.profunds.com/shareholder-reports. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Service Class | $281 | 2.78% |

---

### How did the Fund perform last year?
**Short Small-Cap ProFund** (the "Fund") seeks daily investment results, before fees and expenses, that correspond to the inverse (-1x) of the daily performance of the Russell 2000<sup>®</sup> Index (the "Index").

The Fund invests in financial instruments that ProFund Advisors believes, in combination, should produce daily returns consistent with the Fund's investment objective.

For the year ended July 31, 2025, the Fund had an average daily statistical correlation of over 0.99 to the inverse of the daily performance of the Index. For the same period, the Index had a total return of -0.55% and a volatility of 24.19%. The index performance was driven by small caps lagging during a period of mega cap outperformance.

Primary factors affecting Fund performance include the total return of the derivatives held by the Fund, the performance of the reference assets to which the derivatives are linked, financing rates paid or earned, the types of derivative contracts used (and their correlation to the Index), expenses, transaction costs, the volatility of the Fund's Index, the impact of compounding, and other miscellaneous factors.

#### Total Return Based on a $10,000 Investment

##### Cumulative performance: August 1, 2015 through July 31, 2025
![30](tm2510928d1_ncsrimg109.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Fund** | **Russell 2000<sup>®</sup> Index** | **Russell 3000<sup>®</sup> Index** |
| **Jul 15** | $10000 | $10000 | $10000 |
| **Jul 16** | $9318 | $10000 | $10444 |
| **Jul 17** | $7528 | $11845 | $12130 |
| **Jul 18** | $6179 | $14064 | $14118 |
| **Jul 19** | $6319 | $13443 | $15113 |
| **Jul 20** | $5496 | $12826 | $16765 |
| **Jul 21** | $3305 | $19491 | $23258 |
| **Jul 22** | $3485 | $16706 | $21548 |
| **Jul 23** | $3220 | $18027 | $24273 |
| **Jul 24** | $2885 | $20596 | $29389 |
| **Jul 25** | $2941 | $20481 | $33998 |

---

The chart above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter), assuming the reinvestment of distributions.

### Average Annual Total Return

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Fund NAV | 1.88% | -11.76% | -11.52% |
| Russell 2000<sup>®</sup> Index | -0.55% | 9.81% | 7.43% |
| Russell 3000<sup>®</sup> Index | 15.68% | 15.19% | 13.02% |

---

**Performance data quoted represents past performance and does not guarantee future results. Updated performance information is available on our website at www.profunds.com/fund_performance.com. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of fund shares.**

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $831110 |
| Number of Holdings\* | 6 |
| Net Investment Advisory Fees | $0 |
| Portfolio Turnover | 0% |

---

\* No. of Holdings excludes any derivatives and collateral for securities loaned.

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| Russell 2000 Index Swap Agreements | (100)% |
| **Total** | **(100)%** |

---

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments and instruments used for cash management.

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Financials | 19% |
| Industrials | 18% |
| Health Care | 15% |
| Information Technology | 15% |
| Consumer Discretionary | 10% |

---

###### Holdings
The Short Small-Cap ProFund primarily invests in non-equity securities, which may include: swap agreements, futures contracts, repurchase agreements and U.S. Government securities.

"Russell 2000<sup>®</sup>" and "Russell<sup>®</sup>" are trademarks of Russell Investment Group ("Russell") and have been licensed for use by ProFunds. This Fund is not sponsored, endorsed, sold or promoted by Russell Investments and Russell Investments makes no representation regarding the advisability of investing in ProFunds.

![Image](tm2510928d1_ncsrimg006.jpg)

![QR Code](tm2510928d1_ncsrimg127.jpg)

#### Short Small-Cap ProFund
Service Class SHPSX

Annual Shareholder Report — July 31, 2025

Additional information about the Fund including the Financial Statements, Prospectus and Statement of Additional Information is available: On the Fund's website, www.profunds.com/shareholder-reports, or upon request, by calling 888-776-3637.

![Image](tm2510928d1_ncsrimg005.jpg)

# Small-Cap Growth ProFund

#### Investor Class SGPIX
Annual Shareholder Report — July 31, 2025

## Fund Overview
This Annual shareholder report contains important information about the Small-Cap Growth ProFund (the "Fund") for the period of August 1, 2024 to July 31, 2025. You can find additional information about the Fund at www.profunds.com/shareholder-reports. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor Class | $173 | 1.78% |

---

### How did the Fund perform last year?
**Small-Cap Growth ProFund** (the "Fund") seeks investment results, before fees and expenses, that track the performance of the S&P SmallCap 600<sup>®</sup> Growth Index (the "Index")

The Fund invests in financial instruments that ProFund Advisors believes, in combination, should track the performance of the Index.

For the year ended July 31, 2025, the Fund had an average daily statistical correlation of over 0.99 to the daily performance of the Index. For the same period, the Index had a total return of -4.14% and a volatility of 23.80%. The index performance was driven by small caps lagging during a period of mega cap outperformance.

Primary factors affecting Fund performance include the total return of the securities held by the Fund, expenses, transaction costs, the volatility of a Fund's index, and other miscellaneous factors.

#### Total Return Based on a $10,000 Investment

##### Cumulative performance: August 1, 2015 through July 31, 2025
![30](tm2510928d1_ncsrimg125.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Fund** | **S&P Small Cap 600<sup>®</sup> Growth Index** | **S&P Composite 1500<sup>®</sup> Index** |
| **Jul 15** | $10000 | $10000 | $10000 |
| **Jul 16** | $10121 | $10327 | $10560 |
| **Jul 17** | $11790 | $12237 | $12250 |
| **Jul 18** | $14530 | $15361 | $14250 |
| **Jul 19** | $13581 | $14622 | $15254 |
| **Jul 20** | $13118 | $14391 | $16840 |
| **Jul 21** | $19237 | $21458 | $23159 |
| **Jul 22** | $16923 | $19272 | $22061 |
| **Jul 23** | $17326 | $20056 | $24859 |
| **Jul 24** | $20143 | $23726 | $30222 |
| **Jul 25** | $18951 | $22743 | $34764 |

---

The chart above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter), assuming the reinvestment of distributions.

### Average Annual Total Return

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Fund NAV | -5.92% | 7.63% | 6.60% |
| S&P Small Cap 600<sup>®</sup> Growth Index | -4.14% | 9.58% | 8.56% |
| S&P Composite 1500<sup>®</sup> Index | 15.03% | 15.60% | 13.27% |

---

**Performance data quoted represents past performance and does not guarantee future results. Updated performance information is available on our website at www.profunds.com/fund_performance.com. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of fund shares.**

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $4380421 |
| Number of Holdings\* | 340 |
| Net Investment Advisory Fees | $35088 |
| Portfolio Turnover | 1201% |

---

\* No. of Holdings excludes any derivatives and collateral for securities loaned.

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| Equity Securities | 100% |
| **Total** | **100%** |

---

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments and instruments used for cash management.

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Industrials | 23% |
| Financials | 15% |
| Information Technology | 14% |
| Health Care | 13% |
| Consumer Discretionary | 12% |

---

###### Largest Equity Holdings

---

| | |
|:---|:---|
| **Holding** | **% of Net Assets** |
| SPX Technologies, Inc. | 1.2% |
| Armstrong World Industries, Inc. | 1.2% |
| Sterling Infrastructure, Inc. | 1.2% |
| Dycom Industries, Inc. | 1.1% |
| Federal Signal Corp. | 1.1% |

---

"Standard & Poor's<sup>®</sup>", "S&P<sup>®</sup>", and "S&P SmallCap 600 Growth Index" are trademarks of Standard & Poor's Financial Services LLC ("S&P") and have been licensed for use by ProFunds. This Fund is not sponsored, licensed, sold or promoted by Standard & Poor's and Standard & Poor's makes no representation regarding the advisability of investing in ProFunds.

![Image](tm2510928d1_ncsrimg006.jpg)

![QR Code](tm2510928d1_ncsrimg127.jpg)

#### Small-Cap Growth ProFund
Investor Class SGPIX

Annual Shareholder Report — July 31, 2025

Additional information about the Fund including the Financial Statements, Prospectus and Statement of Additional Information is available: On the Fund's website, www.profunds.com/shareholder-reports, or upon request, by calling 888-776-3637.

![Image](tm2510928d1_ncsrimg005.jpg)

#### Service Class SGPSX
Annual Shareholder Report — July 31, 2025

## Fund Overview
This Annual shareholder report contains important information about the Small-Cap Growth ProFund (the "Fund") for the period of August 1, 2024 to July 31, 2025. You can find additional information about the Fund at www.profunds.com/shareholder-reports. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Service Class | $268 | 2.78% |

---

### How did the Fund perform last year?
**Small-Cap Growth ProFund** (the "Fund") seeks investment results, before fees and expenses, that track the performance of the S&P SmallCap 600<sup>®</sup> Growth Index (the "Index")

The Fund invests in financial instruments that ProFund Advisors believes, in combination, should track the performance of the Index.

For the year ended July 31, 2025, the Fund had an average daily statistical correlation of over 0.99 to the daily performance of the Index. For the same period, the Index had a total return of -4.14% and a volatility of 23.80%. The index performance was driven by small caps lagging during a period of mega cap outperformance.

Primary factors affecting Fund performance include the total return of the securities held by the Fund, expenses, transaction costs, the volatility of a Fund's index, and other miscellaneous factors.

#### Total Return Based on a $10,000 Investment

##### Cumulative performance: August 1, 2015 through July 31, 2025
![30](tm2510928d1_ncsrimg099.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Fund** | **S&P Small Cap 600<sup>®</sup> Growth Index** | **S&P Composite 1500<sup>®</sup> Index** |
| **Jul 15** | $10000 | $10000 | $10000 |
| **Jul 16** | $10018 | $10327 | $10560 |
| **Jul 17** | $11548 | $12237 | $12250 |
| **Jul 18** | $14091 | $15361 | $14250 |
| **Jul 19** | $13039 | $14622 | $15254 |
| **Jul 20** | $12471 | $14391 | $16840 |
| **Jul 21** | $18103 | $21458 | $23159 |
| **Jul 22** | $15770 | $19272 | $22061 |
| **Jul 23** | $15988 | $20056 | $24859 |
| **Jul 24** | $18402 | $23726 | $30222 |
| **Jul 25** | $17141 | $22743 | $34764 |

---

The chart above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter), assuming the reinvestment of distributions.

### Average Annual Total Return

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Fund NAV | -6.86% | 6.57% | 5.54% |
| S&P Small Cap 600<sup>®</sup> Growth Index | -4.14% | 9.58% | 8.56% |
| S&P Composite 1500<sup>®</sup> Index | 15.03% | 15.60% | 13.27% |

---

**Performance data quoted represents past performance and does not guarantee future results. Updated performance information is available on our website at www.profunds.com/fund_performance.com. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of fund shares.**

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $4380421 |
| Number of Holdings\* | 340 |
| Net Investment Advisory Fees | $35088 |
| Portfolio Turnover | 1201% |

---

\* No. of Holdings excludes any derivatives and collateral for securities loaned.

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| Equity Securities | 100% |
| **Total** | **100%** |

---

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments and instruments used for cash management.

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Industrials | 23% |
| Financials | 15% |
| Information Technology | 14% |
| Health Care | 13% |
| Consumer Discretionary | 12% |

---

###### Largest Equity Holdings

---

| | |
|:---|:---|
| **Holding** | **% of Net Assets** |
| SPX Technologies, Inc. | 1.2% |
| Armstrong World Industries, Inc. | 1.2% |
| Sterling Infrastructure, Inc. | 1.2% |
| Dycom Industries, Inc. | 1.1% |
| Federal Signal Corp. | 1.1% |

---

"Standard & Poor's<sup>®</sup>", "S&P<sup>®</sup>", and "S&P SmallCap 600 Growth Index" are trademarks of Standard & Poor's Financial Services LLC ("S&P") and have been licensed for use by ProFunds. This Fund is not sponsored, licensed, sold or promoted by Standard & Poor's and Standard & Poor's makes no representation regarding the advisability of investing in ProFunds.

![Image](tm2510928d1_ncsrimg006.jpg)

![QR Code](tm2510928d1_ncsrimg127.jpg)

#### Small-Cap Growth ProFund
Service Class SGPSX

Annual Shareholder Report — July 31, 2025

Additional information about the Fund including the Financial Statements, Prospectus and Statement of Additional Information is available: On the Fund's website, www.profunds.com/shareholder-reports, or upon request, by calling 888-776-3637.

![Image](tm2510928d1_ncsrimg005.jpg)

# Small-Cap ProFund

#### Investor Class SLPIX
Annual Shareholder Report — July 31, 2025

## Fund Overview
This Annual shareholder report contains important information about the Small-Cap ProFund (the "Fund") for the period of August 1, 2024 to July 31, 2025. You can find additional information about the Fund at www.profunds.com/shareholder-reports. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor Class | $174 | 1.78% |

---

### How did the Fund perform last year?
**Small-Cap ProFund** (the "Fund") seeks investment results, before fees and expenses, that track the performance of the Russell 2000<sup>®</sup> Index (the "Index").

The Fund invests in financial instruments that ProFund Advisors believes, in combination, should track the performance of the Index.

For the year ended July 31, 2025, the Fund had an average daily statistical correlation of over 0.99 to the daily performance of the Index. For the same period, the Index had a total return of -0.55% and a volatility of 24.19%. The index performance was driven by small caps lagging during a period of mega cap outperformance.

Primary factors affecting Fund performance include the total return of the securities and derivatives held by the Fund, the performance of the reference assets to which the derivatives are linked, financing rates paid or earned, the types of derivative contracts used (and their correlation to the Fund's Index), expenses, transaction costs, the volatility of the Fund's Index, and other miscellaneous factors.

#### Total Return Based on a $10,000 Investment

##### Cumulative performance: August 1, 2015 through July 31, 2025
![30](tm2510928d1_ncsrimg046.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Fund** | **Russell 2000<sup>®</sup> Index** | **Russell 3000<sup>®</sup> Index** |
| **Jul 15** | $10000 | $10000 | $10000 |
| **Jul 16** | $9895 | $10000 | $10444 |
| **Jul 17** | $11443 | $11845 | $12130 |
| **Jul 18** | $13290 | $14064 | $14118 |
| **Jul 19** | $12475 | $13443 | $15113 |
| **Jul 20** | $11502 | $12826 | $16765 |
| **Jul 21** | $17125 | $19491 | $23258 |
| **Jul 22** | $14347 | $16706 | $21548 |
| **Jul 23** | $15149 | $18027 | $24273 |
| **Jul 24** | $16966 | $20596 | $29389 |
| **Jul 25** | $16270 | $20481 | $33998 |

---

The chart above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter), assuming the reinvestment of distributions.

### Average Annual Total Return

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Fund NAV | -4.10% | 7.18% | 4.99% |
| Russell 2000<sup>®</sup> Index | -0.55% | 9.81% | 7.43% |
| Russell 3000<sup>®</sup> Index | 15.68% | 15.19% | 13.02% |

---

**Performance data quoted represents past performance and does not guarantee future results. Updated performance information is available on our website at www.profunds.com/fund_performance.com. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of fund shares.**

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $6440728 |
| Number of Holdings\* | 1984 |
| Net Investment Advisory Fees | $18276 |
| Portfolio Turnover | 405% |

---

\* No. of Holdings excludes any derivatives and collateral for securities loaned.

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| Equity Securities | 36% |
| Russell 2000 Index Swap Agreements | 59% |
| CME E-mini Russell 2000 Index Futures Contracts | 5% |
| **Total** | **100%** |

---

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments and instruments used for cash management.

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Financials | 19% |
| Industrials | 18% |
| Health Care | 15% |
| Information Technology | 15% |
| Consumer Discretionary | 10% |

---

###### Largest Equity Holdings

---

| | |
|:---|:---|
| **Holding** | **% of Net Assets** |
| Credo Technology Group Holding, Ltd. | 0.2% |
| Hims & Hers Health, Inc. | 0.2% |
| Fabrinet | 0.2% |
| Kratos Defense & Security Solutions, Inc. | 0.1% |
| Fluor Corp. | 0.1% |

---

"Russell 2000<sup>®</sup>" and "Russell<sup>®</sup>" are trademarks of Russell Investment Group ("Russell") and have been licensed for use by ProFunds. This Fund is not sponsored, endorsed, sold or promoted by Russell Investments and Russell Investments makes no representation regarding the advisability of investing in ProFunds.

![Image](tm2510928d1_ncsrimg006.jpg)

![QR Code](tm2510928d1_ncsrimg127.jpg)

#### Small-Cap ProFund
Investor Class SLPIX

Annual Shareholder Report — July 31, 2025

Additional information about the Fund including the Financial Statements, Prospectus and Statement of Additional Information is available: On the Fund's website, www.profunds.com/shareholder-reports, or upon request, by calling 888-776-3637.

![Image](tm2510928d1_ncsrimg005.jpg)

#### Service Class SLPSX
Annual Shareholder Report — July 31, 2025

## Fund Overview
This Annual shareholder report contains important information about the Small-Cap ProFund (the "Fund") for the period of August 1, 2024 to July 31, 2025. You can find additional information about the Fund at www.profunds.com/shareholder-reports. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Service Class | $271 | 2.78% |

---

### How did the Fund perform last year?
**Small-Cap ProFund** (the "Fund") seeks investment results, before fees and expenses, that track the performance of the Russell 2000<sup>®</sup> Index (the "Index").

The Fund invests in financial instruments that ProFund Advisors believes, in combination, should track the performance of the Index.

For the year ended July 31, 2025, the Fund had an average daily statistical correlation of over 0.99 to the daily performance of the Index. For the same period, the Index had a total return of -0.55% and a volatility of 24.19%. The index performance was driven by small caps lagging during a period of mega cap outperformance.

Primary factors affecting Fund performance include the total return of the securities and derivatives held by the Fund, the performance of the reference assets to which the derivatives are linked, financing rates paid or earned, the types of derivative contracts used (and their correlation to the Fund's Index), expenses, transaction costs, the volatility of the Fund's Index, and other miscellaneous factors.

#### Total Return Based on a $10,000 Investment

##### Cumulative performance: August 1, 2015 through July 31, 2025
![30](tm2510928d1_ncsrimg055.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Fund** | **Russell 2000<sup>®</sup> Index** | **Russell 3000<sup>®</sup> Index** |
| **Jul 15** | $10000 | $10000 | $10000 |
| **Jul 16** | $9798 | $10000 | $10444 |
| **Jul 17** | $11221 | $11845 | $12130 |
| **Jul 18** | $12911 | $14064 | $14118 |
| **Jul 19** | $12001 | $13443 | $15113 |
| **Jul 20** | $10952 | $12826 | $16765 |
| **Jul 21** | $16146 | $19491 | $23258 |
| **Jul 22** | $13394 | $16706 | $21548 |
| **Jul 23** | $14002 | $18027 | $24273 |
| **Jul 24** | $15525 | $20596 | $29389 |
| **Jul 25** | $14735 | $20481 | $33998 |

---

The chart above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter), assuming the reinvestment of distributions.

### Average Annual Total Return

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Fund NAV | -5.09% | 6.11% | 3.95% |
| Russell 2000<sup>®</sup> Index | -0.55% | 9.81% | 7.43% |
| Russell 3000<sup>®</sup> Index | 15.68% | 15.19% | 13.02% |

---

**Performance data quoted represents past performance and does not guarantee future results. Updated performance information is available on our website at www.profunds.com/fund_performance.com. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of fund shares.**

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $6440728 |
| Number of Holdings\* | 1984 |
| Net Investment Advisory Fees | $18276 |
| Portfolio Turnover | 405% |

---

\* No. of Holdings excludes any derivatives and collateral for securities loaned.

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| Equity Securities | 36% |
| Russell 2000 Index Swap Agreements | 59% |
| CME E-mini Russell 2000 Index Futures Contracts | 5% |
| **Total** | **100%** |

---

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments and instruments used for cash management.

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Financials | 19% |
| Industrials | 18% |
| Health Care | 15% |
| Information Technology | 15% |
| Consumer Discretionary | 10% |

---

###### Largest Equity Holdings

---

| | |
|:---|:---|
| **Holding** | **% of Net Assets** |
| Credo Technology Group Holding, Ltd. | 0.2% |
| Hims & Hers Health, Inc. | 0.2% |
| Fabrinet | 0.2% |
| Kratos Defense & Security Solutions, Inc. | 0.1% |
| Fluor Corp. | 0.1% |

---

"Russell 2000<sup>®</sup>" and "Russell<sup>®</sup>" are trademarks of Russell Investment Group ("Russell") and have been licensed for use by ProFunds. This Fund is not sponsored, endorsed, sold or promoted by Russell Investments and Russell Investments makes no representation regarding the advisability of investing in ProFunds.

![Image](tm2510928d1_ncsrimg006.jpg)

![QR Code](tm2510928d1_ncsrimg127.jpg)

#### Small-Cap ProFund
Service Class SLPSX

Annual Shareholder Report — July 31, 2025

Additional information about the Fund including the Financial Statements, Prospectus and Statement of Additional Information is available: On the Fund's website, www.profunds.com/shareholder-reports, or upon request, by calling 888-776-3637.

![Image](tm2510928d1_ncsrimg005.jpg)

# Small-Cap Value ProFund

#### Investor Class SVPIX
Annual Shareholder Report — July 31, 2025

## Fund Overview
This Annual shareholder report contains important information about the Small-Cap Value ProFund (the "Fund") for the period of August 1, 2024 to July 31, 2025. You can find additional information about the Fund at www.profunds.com/shareholder-reports. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor Class | $171 | 1.78% |

---

### How did the Fund perform last year?
**Small-Cap Value ProFund** (the "Fund") seeks investment results, before fees and expenses, that track the performance of the S&P SmallCap 600<sup>®</sup> Value Index (the "Index").

The Fund invests in financial instruments that ProFund Advisors believes, in combination, should track the performance of the Index.

For the year ended July 31, 2025, the Fund had an average daily statistical correlation of over 0.99 to the daily performance of the Index. For the same period, the Index had a total return of -5.45% and a volatility of 16.13%. The index performance was driven by small caps lagging during a period of mega cap outperformance.

Primary factors affecting Fund performance include the total return of the securities held by the Fund, expenses, transaction costs, the volatility of a Fund's index, and other miscellaneous factors.

#### Total Return Based on a $10,000 Investment

##### Cumulative performance: August 1, 2015 through July 31, 2025
![30](tm2510928d1_ncsrimg090.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Fund** | **S&P Small Cap 600<sup>®</sup> Value Index** | **S&P Composite 1500<sup>®</sup> Index** |
| **Jul 15** | $10000 | $10000 | $10000 |
| **Jul 16** | $10640 | $10895 | $10560 |
| **Jul 17** | $12181 | $12703 | $12250 |
| **Jul 18** | $14449 | $15335 | $14250 |
| **Jul 19** | $13010 | $14035 | $15254 |
| **Jul 20** | $10727 | $11745 | $16840 |
| **Jul 21** | $17449 | $19435 | $23159 |
| **Jul 22** | $16761 | $18996 | $22061 |
| **Jul 23** | $17411 | $20186 | $24859 |
| **Jul 24** | $18747 | $22162 | $30222 |
| **Jul 25** | $17360 | $20955 | $34764 |

---

The chart above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter), assuming the reinvestment of distributions.

### Average Annual Total Return

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Fund NAV | -7.40% | 10.11% | 5.67% |
| S&P Small Cap 600<sup>®</sup> Value Index | -5.45% | 12.28% | 7.68% |
| S&P Composite 1500<sup>®</sup> Index | 15.03% | 15.60% | 13.27% |

---

**Performance data quoted represents past performance and does not guarantee future results. Updated performance information is available on our website at www.profunds.com/fund_performance.com. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of fund shares.**

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $1790145 |
| Number of Holdings\* | 466 |
| Net Investment Advisory Fees | $59748 |
| Portfolio Turnover | 1642% |

---

\* No. of Holdings excludes any derivatives and collateral for securities loaned.

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| Equity Securities | 100% |
| **Total** | **100%** |

---

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments and instruments used for cash management.

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Financials | 24% |
| Industrials | 16% |
| Consumer Discretionary | 15% |
| Information Technology | 11% |
| Real Estate | 7% |

---

###### Largest Equity Holdings

---

| | |
|:---|:---|
| **Holding** | **% of Net Assets** |
| Mr. Cooper Group, Inc. | 1.5% |
| BorgWarner, Inc. | 1.2% |
| Qorvo, Inc. | 1.2% |
| Lincoln National Corp. | 1.0% |
| Jackson Financial, Inc. - Class A | 1.0% |

---

"Standard & Poor's<sup>®</sup>", "S&P<sup>®</sup>", and "S&P SmallCap 600 Value Index" are trademarks of Standard & Poor's Financial Services LLC ("S&P") and have been licensed for use by ProFunds. This Fund is not sponsored, licensed, sold or promoted by Standard & Poor's and Standard & Poor's makes no representation regarding the advisability of investing in ProFunds.

![Image](tm2510928d1_ncsrimg006.jpg)

![QR Code](tm2510928d1_ncsrimg127.jpg)

#### Small-Cap Value ProFund
Investor Class SVPIX

Annual Shareholder Report — July 31, 2025

Additional information about the Fund including the Financial Statements, Prospectus and Statement of Additional Information is available: On the Fund's website, www.profunds.com/shareholder-reports, or upon request, by calling 888-776-3637.

![Image](tm2510928d1_ncsrimg005.jpg)

#### Service Class SVPSX
Annual Shareholder Report — July 31, 2025

## Fund Overview
This Annual shareholder report contains important information about the Small-Cap Value ProFund (the "Fund") for the period of August 1, 2024 to July 31, 2025. You can find additional information about the Fund at www.profunds.com/shareholder-reports. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Service Class | $266 | 2.78% |

---

### How did the Fund perform last year?
**Small-Cap Value ProFund** (the "Fund") seeks investment results, before fees and expenses, that track the performance of the S&P SmallCap 600<sup>®</sup> Value Index (the "Index").

The Fund invests in financial instruments that ProFund Advisors believes, in combination, should track the performance of the Index.

For the year ended July 31, 2025, the Fund had an average daily statistical correlation of over 0.99 to the daily performance of the Index. For the same period, the Index had a total return of -5.45% and a volatility of 16.13%. The index performance was driven by small caps lagging during a period of mega cap outperformance.

Primary factors affecting Fund performance include the total return of the securities held by the Fund, expenses, transaction costs, the volatility of a Fund's index, and other miscellaneous factors.

#### Total Return Based on a $10,000 Investment

##### Cumulative performance: August 1, 2015 through July 31, 2025
![30](tm2510928d1_ncsrimg093.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Fund** | **S&P Small Cap 600<sup>®</sup> Value Index** | **S&P Composite 1500<sup>®</sup> Index** |
| **Jul 15** | $10000 | $10000 | $10000 |
| **Jul 16** | $10537 | $10895 | $10560 |
| **Jul 17** | $11943 | $12703 | $12250 |
| **Jul 18** | $14027 | $15335 | $14250 |
| **Jul 19** | $12508 | $14035 | $15254 |
| **Jul 20** | $10210 | $11745 | $16840 |
| **Jul 21** | $16446 | $19435 | $23159 |
| **Jul 22** | $15640 | $18996 | $22061 |
| **Jul 23** | $16083 | $20186 | $24859 |
| **Jul 24** | $17141 | $22162 | $30222 |
| **Jul 25** | $15710 | $20955 | $34764 |

---

The chart above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter), assuming the reinvestment of distributions.

### Average Annual Total Return

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Fund NAV | -8.35% | 9.00% | 4.62% |
| S&P Small Cap 600<sup>®</sup> Value Index | -5.45% | 12.28% | 7.68% |
| S&P Composite 1500<sup>®</sup> Index | 15.03% | 15.60% | 13.27% |

---

**Performance data quoted represents past performance and does not guarantee future results. Updated performance information is available on our website at www.profunds.com/fund_performance.com. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of fund shares.**

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $1790145 |
| Number of Holdings\* | 466 |
| Net Investment Advisory Fees | $59748 |
| Portfolio Turnover | 1642% |

---

\* No. of Holdings excludes any derivatives and collateral for securities loaned.

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| Equity Securities | 100% |
| **Total** | **100%** |

---

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments and instruments used for cash management.

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Financials | 24% |
| Industrials | 16% |
| Consumer Discretionary | 15% |
| Information Technology | 11% |
| Real Estate | 7% |

---

###### Largest Equity Holdings

---

| | |
|:---|:---|
| **Holding** | **% of Net Assets** |
| Mr. Cooper Group, Inc. | 1.5% |
| BorgWarner, Inc. | 1.2% |
| Qorvo, Inc. | 1.2% |
| Lincoln National Corp. | 1.0% |
| Jackson Financial, Inc. - Class A | 1.0% |

---

"Standard & Poor's<sup>®</sup>", "S&P<sup>®</sup>", and "S&P SmallCap 600 Value Index" are trademarks of Standard & Poor's Financial Services LLC ("S&P") and have been licensed for use by ProFunds. This Fund is not sponsored, licensed, sold or promoted by Standard & Poor's and Standard & Poor's makes no representation regarding the advisability of investing in ProFunds.

![Image](tm2510928d1_ncsrimg006.jpg)

![QR Code](tm2510928d1_ncsrimg127.jpg)

#### Small-Cap Value ProFund
Service Class SVPSX

Annual Shareholder Report — July 31, 2025

Additional information about the Fund including the Financial Statements, Prospectus and Statement of Additional Information is available: On the Fund's website, www.profunds.com/shareholder-reports, or upon request, by calling 888-776-3637.

![Image](tm2510928d1_ncsrimg005.jpg)

# Technology UltraSector ProFund

#### Investor Class TEPIX
Annual Shareholder Report — July 31, 2025

## Fund Overview
This Annual shareholder report contains important information about the Technology UltraSector ProFund (the "Fund") for the period of August 1, 2024 to July 31, 2025. You can find additional information about the Fund at www.profunds.com/shareholder-reports. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor Class | $171 | 1.53% |

---

### How did the Fund perform last year?
**Technology UltraSector ProFund** (the "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&P Technology Select Sector Index (the "Index").

The Fund invests in financial instruments that ProFund Advisors believes, in combination, should produce daily returns consistent with the Fund's investment objective.

For the year ended July 31, 2025, the Fund had an average daily statistical correlation of over 0.99 to one and one-half times the daily performance of the Index. For the same period, the Index had a total return of 20.91% and a volatility of 29.01%. The index performance was driven by strength in technology stocks and the rising demand of AI.

Primary factors affecting Fund performance include the total return of the securities and derivatives held by the Fund, the performance of the reference assets to which the derivatives are linked, financing rates paid or earned, expenses, transaction costs, the volatility of the Fund's Index, the impact of compounding, and other miscellaneous factors.

#### Total Return Based on a $10,000 Investment

##### Cumulative performance: August 1, 2015 through July 31, 2025
![30](tm2510928d1_ncsrimg081.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Fund** | **S&P Technology Select Sector Index** | **S&P Total Market Index** |
| **Jul 15** | $10000 | $10000 | $10000 |
| **Jul 16** | $10903 | $11151 | $10442 |
| **Jul 17** | $15470 | $13985 | $12128 |
| **Jul 18** | $21450 | $17622 | $14121 |
| **Jul 19** | $25032 | $20401 | $15096 |
| **Jul 20** | $38176 | $28338 | $16726 |
| **Jul 21** | $64596 | $39754 | $23237 |
| **Jul 22** | $49934 | $37713 | $21429 |
| **Jul 23** | $64277 | $47138 | $24133 |
| **Jul 24** | $83255 | $58328 | $29227 |
| **Jul 25** | $102499 | $70527 | $33824 |

---

The chart above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter), assuming the reinvestment of distributions.

### Average Annual Total Return

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Fund NAV | 23.11% | 21.84% | 26.20% |
| S&P Technology Select Sector Index | 20.91% | 20.00% | 21.57% |
| S&P Total Market Index | 15.73% | 15.12% | 12.96% |

---

**Performance data quoted represents past performance and does not guarantee future results. Updated performance information is available on our website at www.profunds.com/fund_performance.com. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of fund shares.**

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $92291583 |
| Number of Holdings\* | 74 |
| Net Investment Advisory Fees | $571651 |
| Portfolio Turnover | 111% |

---

\* No. of Holdings excludes any derivatives and collateral for securities loaned.

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| Equity Securities | 77% |
| S&P Technology Select Sector Index Swap Agreements | 73% |
| **Total** | **150%** |

---

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments and instruments used for cash management.

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Software & Services | 42% |
| Semiconductors & Semiconductor Equipment | 36% |
| Technology Hardware & Equipment | 22% |

---

###### Largest Equity Holdings

---

| | |
|:---|:---|
| **Holding** | **% of Net Assets** |
| NVIDIA Corp. | 12.4% |
| Microsoft Corp. | 11.3% |
| Apple, Inc. | 8.8% |
| Broadcom, Inc. | 3.9% |
| Oracle Corp. | 3.1% |

---

"Standard & Poor's<sup>®</sup>", "S&P<sup>®</sup>" and "S&P Technology Select Sector Index" are trademarks of Standard & Poor's Financial Services LLC ("S&P") and have been licensed for use by ProFunds. This Fund is not sponsored, licensed, sold or promoted by Standard & Poor's and Standard & Poor's makes no representation regarding the advisability of investing in ProFunds.

![Image](tm2510928d1_ncsrimg006.jpg)

![QR Code](tm2510928d1_ncsrimg127.jpg)

#### Technology UltraSector ProFund
Investor Class TEPIX

Annual Shareholder Report — July 31, 2025

Additional information about the Fund including the Financial Statements, Prospectus and Statement of Additional Information is available: On the Fund's website, www.profunds.com/shareholder-reports, or upon request, by calling 888-776-3637.

![Image](tm2510928d1_ncsrimg005.jpg)

#### Service Class TEPSX
Annual Shareholder Report — July 31, 2025

## Fund Overview
This Annual shareholder report contains important information about the Technology UltraSector ProFund (the "Fund") for the period of August 1, 2024 to July 31, 2025. You can find additional information about the Fund at www.profunds.com/shareholder-reports. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Service Class | $281 | 2.53% |

---

### How did the Fund perform last year?
**Technology UltraSector ProFund** (the "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&P Technology Select Sector Index (the "Index").

The Fund invests in financial instruments that ProFund Advisors believes, in combination, should produce daily returns consistent with the Fund's investment objective.

For the year ended July 31, 2025, the Fund had an average daily statistical correlation of over 0.99 to one and one-half times the daily performance of the Index. For the same period, the Index had a total return of 20.91% and a volatility of 29.01%. The index performance was driven by strength in technology stocks and the rising demand of AI.

Primary factors affecting Fund performance include the total return of the securities and derivatives held by the Fund, the performance of the reference assets to which the derivatives are linked, financing rates paid or earned, expenses, transaction costs, the volatility of the Fund's Index, the impact of compounding, and other miscellaneous factors.

#### Total Return Based on a $10,000 Investment

##### Cumulative performance: August 1, 2015 through July 31, 2025
![30](tm2510928d1_ncsrimg057.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Fund** | **S&P Technology Select Sector Index** | **S&P Total Market Index** |
| **Jul 15** | $10000 | $10000 | $10000 |
| **Jul 16** | $10796 | $11151 | $10442 |
| **Jul 17** | $15167 | $13985 | $12128 |
| **Jul 18** | $20818 | $17622 | $14121 |
| **Jul 19** | $24051 | $20401 | $15096 |
| **Jul 20** | $36309 | $28338 | $16726 |
| **Jul 21** | $60844 | $39754 | $23237 |
| **Jul 22** | $46557 | $37713 | $21429 |
| **Jul 23** | $59337 | $47138 | $24133 |
| **Jul 24** | $76072 | $58328 | $29227 |
| **Jul 25** | $92720 | $70527 | $33824 |

---

The chart above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter), assuming the reinvestment of distributions.

### Average Annual Total Return

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Fund NAV | 21.88% | 20.62% | 24.94% |
| S&P Technology Select Sector Index | 20.91% | 20.00% | 21.57% |
| S&P Total Market Index | 15.73% | 15.12% | 12.96% |

---

**Performance data quoted represents past performance and does not guarantee future results. Updated performance information is available on our website at www.profunds.com/fund_performance.com. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of fund shares.**

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $92291583 |
| Number of Holdings\* | 74 |
| Net Investment Advisory Fees | $571651 |
| Portfolio Turnover | 111% |

---

\* No. of Holdings excludes any derivatives and collateral for securities loaned.

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| Equity Securities | 77% |
| S&P Technology Select Sector Index Swap Agreements | 73% |
| **Total** | **150%** |

---

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments and instruments used for cash management.

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Software & Services | 42% |
| Semiconductors & Semiconductor Equipment | 36% |
| Technology Hardware & Equipment | 22% |

---

###### Largest Equity Holdings

---

| | |
|:---|:---|
| **Holding** | **% of Net Assets** |
| NVIDIA Corp. | 12.4% |
| Microsoft Corp. | 11.3% |
| Apple, Inc. | 8.8% |
| Broadcom, Inc. | 3.9% |
| Oracle Corp. | 3.1% |

---

"Standard & Poor's<sup>®</sup>", "S&P<sup>®</sup>" and "S&P Technology Select Sector Index" are trademarks of Standard & Poor's Financial Services LLC ("S&P") and have been licensed for use by ProFunds. This Fund is not sponsored, licensed, sold or promoted by Standard & Poor's and Standard & Poor's makes no representation regarding the advisability of investing in ProFunds.

![Image](tm2510928d1_ncsrimg006.jpg)

![QR Code](tm2510928d1_ncsrimg127.jpg)

#### Technology UltraSector ProFund
Service Class TEPSX

Annual Shareholder Report — July 31, 2025

Additional information about the Fund including the Financial Statements, Prospectus and Statement of Additional Information is available: On the Fund's website, www.profunds.com/shareholder-reports, or upon request, by calling 888-776-3637.

![Image](tm2510928d1_ncsrimg005.jpg)

# UltraBear ProFund

#### Investor Class URPIX
Annual Shareholder Report — July 31, 2025

## Fund Overview
This Annual shareholder report contains important information about the UltraBear ProFund (the "Fund") for the period of August 1, 2024 to July 31, 2025. You can find additional information about the Fund at www.profunds.com/shareholder-reports. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor Class | $156 | 1.78% |

---

### How did the Fund perform last year?
**UltraBear ProFund** (the "Fund") seeks daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the S&P 500<sup>®</sup> Index (the "Index").

The Fund invests in financial instruments that ProFund Advisors believes, in combination, should produce daily returns consistent with the Fund's investment objective.

For the year ended July 31, 2025, the Fund had an average daily statistical correlation of over 0.99 to twice the inverse of the daily performance of the Index. For the same period, the Index had a total return of 16.33% and a volatility of 19.45%. The index performance was driven by technology outperformance which fueled strong returns.

Primary factors affecting Fund performance include the total return of the derivatives held by the Fund, the performance of the reference assets to which the derivatives are linked, financing rates paid or earned, the types of derivative contracts used (and their correlation to the Index), expenses, transaction costs, the volatility of the Fund's Index, the impact of compounding, and other miscellaneous factors.

#### Total Return Based on a $10,000 Investment

##### Cumulative performance: August 1, 2015 through July 31, 2025
![30](tm2510928d1_ncsrimg049.jpg)

---

| | | |
|:---|:---|:---|
| | **Fund** | **S&P 500<sup>®</sup> Index** |
| **Jul 15** | $10000 | $10000 |
| **Jul 16** | $8159 | $10561 |
| **Jul 17** | $5966 | $12256 |
| **Jul 18** | $4328 | $14246 |
| **Jul 19** | $3641 | $15384 |
| **Jul 20** | $2068 | $17223 |
| **Jul 21** | $1021 | $23500 |
| **Jul 22** | $987 | $22410 |
| **Jul 23** | $776 | $25327 |
| **Jul 24** | $578 | $30936 |
| **Jul 25** | $434 | $35989 |

---

The chart above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter), assuming the reinvestment of distributions.

### Average Annual Total Return

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Fund NAV | -24.82% | -26.81% | -26.92% |
| S&P 500<sup>®</sup> Index | 16.33% | 15.88% | 13.66% |

---

**Performance data quoted represents past performance and does not guarantee future results. Updated performance information is available on our website at www.profunds.com/fund_performance.com. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of fund shares.**

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $6688171 |
| Number of Holdings\* | 6 |
| Net Investment Advisory Fees | $47217 |
| Portfolio Turnover | 0% |

---

\* No. of Holdings excludes any derivatives and collateral for securities loaned.

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| S&P 500 Swap Agreements | (192)% |
| E-mini S&P 500 Futures Contracts | (10)% |
| **Total** | **(202)%** |

---

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments and instruments used for cash management.

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Information Technology | 34% |
| Financials | 14% |
| Consumer Discretionary | 10% |
| Communication Services | 10% |
| Health Care | 9% |

---

###### Holdings
The UltraBear ProFund primarily invests in non-equity securities, which may include: swap agreements, futures contracts, repurchase agreements and U.S. Government securities.

"Standard & Poor's<sup>®</sup>", "S&P<sup>®</sup>", "S&P 500<sup>®</sup>" and "Standard & Poor's 500<sup>TM</sup>" are trademarks of Standard & Poor's Financial Services LLC ("S&P") and have been licensed for use by ProFunds. This Fund is not sponsored, licensed, sold or promoted by Standard & Poor's and Standard & Poor's makes no representation regarding the advisability of investing in ProFunds.

![Image](tm2510928d1_ncsrimg006.jpg)

![QR Code](tm2510928d1_ncsrimg127.jpg)

#### UltraBear ProFund
Investor Class URPIX

Annual Shareholder Report — July 31, 2025

Additional information about the Fund including the Financial Statements, Prospectus and Statement of Additional Information is available: On the Fund's website, www.profunds.com/shareholder-reports, or upon request, by calling 888-776-3637.

![Image](tm2510928d1_ncsrimg005.jpg)

#### Service Class URPSX
Annual Shareholder Report — July 31, 2025

## Fund Overview
This Annual shareholder report contains important information about the UltraBear ProFund (the "Fund") for the period of August 1, 2024 to July 31, 2025. You can find additional information about the Fund at www.profunds.com/shareholder-reports. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Service Class | $242 | 2.78% |

---

### How did the Fund perform last year?
**UltraBear ProFund** (the "Fund") seeks daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the S&P 500<sup>®</sup> Index (the "Index").

The Fund invests in financial instruments that ProFund Advisors believes, in combination, should produce daily returns consistent with the Fund's investment objective.

For the year ended July 31, 2025, the Fund had an average daily statistical correlation of over 0.99 to twice the inverse of the daily performance of the Index. For the same period, the Index had a total return of 16.33% and a volatility of 19.45%. The index performance was driven by technology outperformance which fueled strong returns.

Primary factors affecting Fund performance include the total return of the derivatives held by the Fund, the performance of the reference assets to which the derivatives are linked, financing rates paid or earned, the types of derivative contracts used (and their correlation to the Index), expenses, transaction costs, the volatility of the Fund's Index, the impact of compounding, and other miscellaneous factors.

#### Total Return Based on a $10,000 Investment

##### Cumulative performance: August 1, 2015 through July 31, 2025
![30](tm2510928d1_ncsrimg066.jpg)

---

| | | |
|:---|:---|:---|
| | **Fund** | **S&P 500<sup>®</sup> Index** |
| **Jul 15** | $10000 | $10000 |
| **Jul 16** | $8092 | $10561 |
| **Jul 17** | $5861 | $12256 |
| **Jul 18** | $4211 | $14246 |
| **Jul 19** | $3506 | $15384 |
| **Jul 20** | $1970 | $17223 |
| **Jul 21** | $964 | $23500 |
| **Jul 22** | $921 | $22410 |
| **Jul 23** | $722 | $25327 |
| **Jul 24** | $533 | $30936 |
| **Jul 25** | $396 | $35989 |

---

The chart above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter), assuming the reinvestment of distributions.

### Average Annual Total Return

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Fund NAV | -25.62% | -27.44% | -27.59% |
| S&P 500<sup>®</sup> Index | 16.33% | 15.88% | 13.66% |

---

**Performance data quoted represents past performance and does not guarantee future results. Updated performance information is available on our website at www.profunds.com/fund_performance.com. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of fund shares.**

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $6688171 |
| Number of Holdings\* | 6 |
| Net Investment Advisory Fees | $47217 |
| Portfolio Turnover | 0% |

---

\* No. of Holdings excludes any derivatives and collateral for securities loaned.

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| S&P 500 Swap Agreements | (192)% |
| E-mini S&P 500 Futures Contracts | (10)% |
| **Total** | **(202)%** |

---

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments and instruments used for cash management.

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Information Technology | 34% |
| Financials | 14% |
| Consumer Discretionary | 10% |
| Communication Services | 10% |
| Health Care | 9% |

---

###### Holdings
The UltraBear ProFund primarily invests in non-equity securities, which may include: swap agreements, futures contracts, repurchase agreements and U.S. Government securities.

"Standard & Poor's<sup>®</sup>", "S&P<sup>®</sup>", "S&P 500<sup>®</sup>" and "Standard & Poor's 500<sup>TM</sup>" are trademarks of Standard & Poor's Financial Services LLC ("S&P") and have been licensed for use by ProFunds. This Fund is not sponsored, licensed, sold or promoted by Standard & Poor's and Standard & Poor's makes no representation regarding the advisability of investing in ProFunds.

![Image](tm2510928d1_ncsrimg006.jpg)

![QR Code](tm2510928d1_ncsrimg127.jpg)

#### UltraBear ProFund
Service Class URPSX

Annual Shareholder Report — July 31, 2025

Additional information about the Fund including the Financial Statements, Prospectus and Statement of Additional Information is available: On the Fund's website, www.profunds.com/shareholder-reports, or upon request, by calling 888-776-3637.

![Image](tm2510928d1_ncsrimg005.jpg)

# UltraBull ProFund

#### Investor Class ULPIX
Annual Shareholder Report — July 31, 2025

## Fund Overview
This Annual shareholder report contains important information about the UltraBull ProFund (the "Fund") for the period of August 1, 2024 to July 31, 2025. You can find additional information about the Fund at www.profunds.com/shareholder-reports. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor Class | $162 | 1.47% |

---

### How did the Fund perform last year?
**UltraBull ProFund** (the "Fund") seeks daily investment results, before fees and expenses, that correspond to two times (2x) of the daily performance of the S&P 500<sup>®</sup> Index (the "Index").

The Fund invests in financial instruments that ProFund Advisors believes, in combination, should produce daily returns consistent with the Fund's investment objective.

For the year ended July 31, 2025, the Fund had an average daily statistical correlation of over 0.99 to twice that of the daily performance of the Index. For the same period, the Index had a total return of 16.33% and a volatility of 19.45%. The index performance was driven by technology outperformance which fueled strong returns.

Primary factors affecting Fund performance include the total return of the securities and derivatives held by the Fund, the performance of the reference assets to which the derivatives are linked, financing rates paid or earned, expenses, transaction costs, the volatility of the Fund's Index, the impact of compounding, and other miscellaneous factors.

#### Total Return Based on a $10,000 Investment

##### Cumulative performance: August 1, 2015 through July 31, 2025
![30](tm2510928d1_ncsrimg115.jpg)

---

| | | |
|:---|:---|:---|
| | **Fund** | **S&P 500<sup>®</sup> Index** |
| **Jul 15** | $10000 | $10000 |
| **Jul 16** | $10569 | $10561 |
| **Jul 17** | $13722 | $12256 |
| **Jul 18** | $17543 | $14246 |
| **Jul 19** | $19040 | $15384 |
| **Jul 20** | $20274 | $17223 |
| **Jul 21** | $35976 | $23500 |
| **Jul 22** | $30595 | $22410 |
| **Jul 23** | $35356 | $25327 |
| **Jul 24** | $48147 | $30936 |
| **Jul 25** | $58297 | $35989 |

---

The chart above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter), assuming the reinvestment of distributions.

### Average Annual Total Return

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Fund NAV | 21.08% | 23.52% | 19.28% |
| S&P 500<sup>®</sup> Index | 16.33% | 15.88% | 13.66% |

---

**Performance data quoted represents past performance and does not guarantee future results. Updated performance information is available on our website at www.profunds.com/fund_performance.com. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of fund shares.**

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $166041305 |
| Number of Holdings\* | 511 |
| Net Investment Advisory Fees | $1173647 |
| Portfolio Turnover | 104% |

---

\* No. of Holdings excludes any derivatives and collateral for securities loaned.

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| Equity Securities | 72% |
| S&P 500 Swap Agreements | 79% |
| SPDR S&P 500 ETF Swap Agreements | 31% |
| E-mini S&P 500 Futures Contracts | 17% |
| **Total** | **199%** |

---

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments and instruments used for cash management.

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Information Technology | 34% |
| Financials | 14% |
| Consumer Discretionary | 10% |
| Communication Services | 10% |
| Health Care | 9% |

---

###### Largest Equity Holdings

---

| | |
|:---|:---|
| **Holding** | **% of Net Assets** |
| NVIDIA Corp. | 5.8% |
| Microsoft Corp. | 5.3% |
| Apple, Inc. | 4.2% |
| Amazon.com, Inc. | 3.0% |
| Meta Platforms, Inc. - Class A | 2.3% |

---

"Standard & Poor's<sup>®</sup>", "S&P<sup>®</sup>", "S&P 500<sup>®</sup>" and "Standard & Poor's 500<sup>TM</sup>" are trademarks of Standard & Poor's Financial Services LLC ("S&P") and have been licensed for use by ProFunds. This Fund is not sponsored, licensed, sold or promoted by Standard & Poor's and Standard & Poor's makes no representation regarding the advisability of investing in ProFunds.

![Image](tm2510928d1_ncsrimg006.jpg)

![QR Code](tm2510928d1_ncsrimg127.jpg)

#### UltraBull ProFund
Investor Class ULPIX

Annual Shareholder Report — July 31, 2025

Additional information about the Fund including the Financial Statements, Prospectus and Statement of Additional Information is available: On the Fund's website, www.profunds.com/shareholder-reports, or upon request, by calling 888-776-3637.

![Image](tm2510928d1_ncsrimg005.jpg)

#### Service Class ULPSX
Annual Shareholder Report — July 31, 2025

## Fund Overview
This Annual shareholder report contains important information about the UltraBull ProFund (the "Fund") for the period of August 1, 2024 to July 31, 2025. You can find additional information about the Fund at www.profunds.com/shareholder-reports. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Service Class | $271 | 2.47% |

---

### How did the Fund perform last year?
**UltraBull ProFund** (the "Fund") seeks daily investment results, before fees and expenses, that correspond to two times (2x) of the daily performance of the S&P 500<sup>®</sup> Index (the "Index").

The Fund invests in financial instruments that ProFund Advisors believes, in combination, should produce daily returns consistent with the Fund's investment objective.

For the year ended July 31, 2025, the Fund had an average daily statistical correlation of over 0.99 to twice that of the daily performance of the Index. For the same period, the Index had a total return of 16.33% and a volatility of 19.45%. The index performance was driven by technology outperformance which fueled strong returns.

Primary factors affecting Fund performance include the total return of the securities and derivatives held by the Fund, the performance of the reference assets to which the derivatives are linked, financing rates paid or earned, expenses, transaction costs, the volatility of the Fund's Index, the impact of compounding, and other miscellaneous factors.

#### Total Return Based on a $10,000 Investment

##### Cumulative performance: August 1, 2015 through July 31, 2025
![30](tm2510928d1_ncsrimg080.jpg)

---

| | | |
|:---|:---|:---|
| | **Fund** | **S&P 500<sup>®</sup> Index** |
| **Jul 15** | $10000 | $10000 |
| **Jul 16** | $10465 | $10561 |
| **Jul 17** | $13451 | $12256 |
| **Jul 18** | $17026 | $14246 |
| **Jul 19** | $18297 | $15384 |
| **Jul 20** | $19283 | $17223 |
| **Jul 21** | $33877 | $23500 |
| **Jul 22** | $28525 | $22410 |
| **Jul 23** | $32636 | $25327 |
| **Jul 24** | $43999 | $30936 |
| **Jul 25** | $52693 | $35989 |

---

The chart above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter), assuming the reinvestment of distributions.

### Average Annual Total Return

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Fund NAV | 19.76% | 22.27% | 18.08% |
| S&P 500<sup>®</sup> Index | 16.33% | 15.88% | 13.66% |

---

**Performance data quoted represents past performance and does not guarantee future results. Updated performance information is available on our website at www.profunds.com/fund_performance.com. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of fund shares.**

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $166041305 |
| Number of Holdings\* | 511 |
| Net Investment Advisory Fees | $1173647 |
| Portfolio Turnover | 104% |

---

\* No. of Holdings excludes any derivatives and collateral for securities loaned.

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| Equity Securities | 72% |
| S&P 500 Swap Agreements | 79% |
| SPDR S&P 500 ETF Swap Agreements | 31% |
| E-mini S&P 500 Futures Contracts | 17% |
| **Total** | **199%** |

---

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments and instruments used for cash management.

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Information Technology | 34% |
| Financials | 14% |
| Consumer Discretionary | 10% |
| Communication Services | 10% |
| Health Care | 9% |

---

###### Largest Equity Holdings

---

| | |
|:---|:---|
| **Holding** | **% of Net Assets** |
| NVIDIA Corp. | 5.8% |
| Microsoft Corp. | 5.3% |
| Apple, Inc. | 4.2% |
| Amazon.com, Inc. | 3.0% |
| Meta Platforms, Inc. - Class A | 2.3% |

---

"Standard & Poor's<sup>®</sup>", "S&P<sup>®</sup>", "S&P 500<sup>®</sup>" and "Standard & Poor's 500<sup>TM</sup>" are trademarks of Standard & Poor's Financial Services LLC ("S&P") and have been licensed for use by ProFunds. This Fund is not sponsored, licensed, sold or promoted by Standard & Poor's and Standard & Poor's makes no representation regarding the advisability of investing in ProFunds.

![Image](tm2510928d1_ncsrimg006.jpg)

![QR Code](tm2510928d1_ncsrimg127.jpg)

#### UltraBull ProFund
Service Class ULPSX

Annual Shareholder Report — July 31, 2025

Additional information about the Fund including the Financial Statements, Prospectus and Statement of Additional Information is available: On the Fund's website, www.profunds.com/shareholder-reports, or upon request, by calling 888-776-3637.

![Image](tm2510928d1_ncsrimg005.jpg)

# UltraChina ProFund

#### Investor Class UGPIX
Annual Shareholder Report — July 31, 2025

## Fund Overview
This Annual shareholder report contains important information about the UltraChina ProFund (the "Fund") for the period of August 1, 2024 to July 31, 2025. You can find additional information about the Fund at www.profunds.com/shareholder-reports. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor Class | $198 | 1.70% |

---

### How did the Fund perform last year?
**UltraChina ProFund** (the "Fund") seeks daily investment results, before fees and expenses, that correspond to two times (2x) of the daily performance of the S&P China Select ADR Index (USD) (the "Index").

The Fund invests in financial instruments that ProFund Advisors believes, in combination, should produce daily returns consistent with the Fund's investment objective.

For the year ended July 31, 2025, the Fund had an average daily statistical correlation of over 0.99 to twice that of the daily performance of the Index. For the same period, the Index had a total return of 29.03% and a volatility of 39.43%. The index performance was driven by strong economic growth and low inflation.

Primary factors affecting Fund performance include the total return of the securities and derivatives held by the Fund, the performance of the reference assets to which the derivatives are linked, financing rates paid or earned, expenses, transaction costs, the volatility of the Fund's Index, the impact of compounding, and other miscellaneous factors.

#### Total Return Based on a $10,000 Investment

##### Cumulative performance: August 1, 2015 through July 31, 2025
![30](tm2510928d1_ncsrimg009.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Fund** | **S&P China Select ADR Index (USD)** | **S&P Global 1200 Index** |
| **Jul 15** | $10000 | $10000 | $9999 |
| **Jul 16** | $7853 | $9329 | $10075 |
| **Jul 17** | $13986 | $12813 | $11851 |
| **Jul 18** | $15270 | $13923 | $13297 |
| **Jul 19** | $9802 | $11814 | $13808 |
| **Jul 20** | $14869 | $15543 | $14881 |
| **Jul 21** | $10136 | $13688 | $20007 |
| **Jul 22** | $2946 | $8740 | $18395 |
| **Jul 23** | $3071 | $10219 | $20973 |
| **Jul 24** | $1733 | $8300 | $24918 |
| **Jul 25** | $2304 | $10709 | $28888 |

---

The chart above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter), assuming the reinvestment of distributions.

### Average Annual Total Return

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Fund NAV | 32.90% | -31.13% | -13.65% |
| S&P China Select ADR Index (USD) | 29.03% | -7.18% | 0.69% |
| S&P Global 1200 Index | 15.95% | 14.19% | 11.19% |

---

**Performance data quoted represents past performance and does not guarantee future results. Updated performance information is available on our website at www.profunds.com/fund_performance.com. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of fund shares.**

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $25379565 |
| Number of Holdings\* | 54 |
| Net Investment Advisory Fees | $171295 |
| Portfolio Turnover | 254% |

---

\* No. of Holdings excludes any derivatives and collateral for securities loaned.

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| Equity Securities | 86% |
| S&P China Select ADR Index (USD) Swap Agreements | 114% |
| **Total** | **200%** |

---

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments and instruments used for cash management.

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Consumer Discretionary | 60% |
| Communication Services | 19% |
| Health Care | 7% |
| Industrials | 5% |
| Real Estate | 4% |

---

###### Largest Equity Holdings

---

| | |
|:---|:---|
| **Holding** | **% of Net Assets** |
| Alibaba Group Holding, Ltd. | 17.0% |
| PDD Holdings, Inc. | 10.3% |
| JD.com, Inc. | 5.6% |
| NetEase, Inc. | 5.5% |
| BeiGene, Ltd. | 4.4% |

---

#### Largest Countries

---

| | |
|:---|:---|
| China | 85.5% |

---

"Standard & Poor's<sup>®</sup>", "S&P<sup>®</sup>" and "S&P China Select ADR Index" are trademarks of Standard & Poor's Financial Services LLC ("S&P") and have been licensed for use by ProFunds. This Fund is not sponsored, licensed, sold or promoted by Standard & Poor's and Standard & Poor's makes no representation regarding the advisability of investing in ProFunds.

![Image](tm2510928d1_ncsrimg006.jpg)

![QR Code](tm2510928d1_ncsrimg127.jpg)

#### UltraChina ProFund
Investor Class UGPIX

Annual Shareholder Report — July 31, 2025

Additional information about the Fund including the Financial Statements, Prospectus and Statement of Additional Information is available: On the Fund's website, www.profunds.com/shareholder-reports, or upon request, by calling 888-776-3637.

![Image](tm2510928d1_ncsrimg005.jpg)

#### Service Class UGPSX
Annual Shareholder Report — July 31, 2025

## Fund Overview
This Annual shareholder report contains important information about the UltraChina ProFund (the "Fund") for the period of August 1, 2024 to July 31, 2025. You can find additional information about the Fund at www.profunds.com/shareholder-reports. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Service Class | $313 | 2.70% |

---

### How did the Fund perform last year?
**UltraChina ProFund** (the "Fund") seeks daily investment results, before fees and expenses, that correspond to two times (2x) of the daily performance of the S&P China Select ADR Index (USD) (the "Index").

The Fund invests in financial instruments that ProFund Advisors believes, in combination, should produce daily returns consistent with the Fund's investment objective.

For the year ended July 31, 2025, the Fund had an average daily statistical correlation of over 0.99 to twice that of the daily performance of the Index. For the same period, the Index had a total return of 29.03% and a volatility of 39.43%. The index performance was driven by strong economic growth and low inflation.

Primary factors affecting Fund performance include the total return of the securities and derivatives held by the Fund, the performance of the reference assets to which the derivatives are linked, financing rates paid or earned, expenses, transaction costs, the volatility of the Fund's Index, the impact of compounding, and other miscellaneous factors.

#### Total Return Based on a $10,000 Investment

##### Cumulative performance: August 1, 2015 through July 31, 2025
![30](tm2510928d1_ncsrimg110.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Fund** | **S&P China Select ADR Index (USD)** | **S&P Global 1200 Index** |
| **Jul 15** | $10000 | $10000 | $9999 |
| **Jul 16** | $7782 | $9329 | $10075 |
| **Jul 17** | $13721 | $12813 | $11851 |
| **Jul 18** | $14832 | $13923 | $13297 |
| **Jul 19** | $9419 | $11814 | $13808 |
| **Jul 20** | $14142 | $15543 | $14881 |
| **Jul 21** | $9548 | $13688 | $20007 |
| **Jul 22** | $2753 | $8740 | $18395 |
| **Jul 23** | $2834 | $10219 | $20973 |
| **Jul 24** | $1583 | $8300 | $24918 |
| **Jul 25** | $2085 | $10709 | $28888 |

---

The chart above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter), assuming the reinvestment of distributions.

### Average Annual Total Return

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Fund NAV | 31.70% | -31.81% | -14.51% |
| S&P China Select ADR Index (USD) | 29.03% | -7.18% | 0.69% |
| S&P Global 1200 Index | 15.95% | 14.19% | 11.19% |

---

**Performance data quoted represents past performance and does not guarantee future results. Updated performance information is available on our website at www.profunds.com/fund_performance.com. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of fund shares.**

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $25379565 |
| Number of Holdings\* | 54 |
| Net Investment Advisory Fees | $171295 |
| Portfolio Turnover | 254% |

---

\* No. of Holdings excludes any derivatives and collateral for securities loaned.

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| Equity Securities | 86% |
| S&P China Select ADR Index (USD) Swap Agreements | 114% |
| **Total** | **200%** |

---

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments and instruments used for cash management.

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Consumer Discretionary | 60% |
| Communication Services | 19% |
| Health Care | 7% |
| Industrials | 5% |
| Real Estate | 4% |

---

###### Largest Equity Holdings

---

| | |
|:---|:---|
| **Holding** | **% of Net Assets** |
| Alibaba Group Holding, Ltd. | 17.0% |
| PDD Holdings, Inc. | 10.3% |
| JD.com, Inc. | 5.6% |
| NetEase, Inc. | 5.5% |
| BeiGene, Ltd. | 4.4% |

---

#### Largest Countries

---

| | |
|:---|:---|
| China | 85.5% |

---

"Standard & Poor's<sup>®</sup>", "S&P<sup>®</sup>" and "S&P China Select ADR Index" are trademarks of Standard & Poor's Financial Services LLC ("S&P") and have been licensed for use by ProFunds. This Fund is not sponsored, licensed, sold or promoted by Standard & Poor's and Standard & Poor's makes no representation regarding the advisability of investing in ProFunds.

![Image](tm2510928d1_ncsrimg006.jpg)

![QR Code](tm2510928d1_ncsrimg127.jpg)

#### UltraChina ProFund
Service Class UGPSX

Annual Shareholder Report — July 31, 2025

Additional information about the Fund including the Financial Statements, Prospectus and Statement of Additional Information is available: On the Fund's website, www.profunds.com/shareholder-reports, or upon request, by calling 888-776-3637.

![Image](tm2510928d1_ncsrimg005.jpg)

# UltraDow 30 ProFund

#### Investor Class UDPIX
Annual Shareholder Report — July 31, 2025

## Fund Overview
This Annual shareholder report contains important information about the UltraDow 30 ProFund (the "Fund") for the period of August 1, 2024 to July 31, 2025. You can find additional information about the Fund at www.profunds.com/shareholder-reports. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor Class | $160 | 1.53% |

---

### How did the Fund perform last year?
**UltraDow 30 ProFund** (the "Fund") seeks daily investment results, before fees and expenses, that correspond to two times (2x) of the daily performance of the Dow Jones Industrial Average<sup>SM</sup> (the "Index").

The Fund invests in financial instruments that ProFund Advisors believes, in combination, should produce daily returns consistent with the Fund's investment objective.

For the year ended July 31, 2025, the Fund had an average daily statistical correlation of over 0.99 to twice that of the daily performance of the Index. For the same period, the Index had a total return of 9.95% and a volatility of 17.30%. The index performance was driven by smaller exposure to technology stocks which muted performance compared to the S&P 500.

Primary factors affecting Fund performance include the total return of the securities and derivatives held by the Fund, the performance of the reference assets to which the derivatives are linked, financing rates paid or earned, expenses, transaction costs, the volatility of the Fund's Index, the impact of compounding, and other miscellaneous factors.

#### Total Return Based on a $10,000 Investment

##### Cumulative performance: August 1, 2015 through July 31, 2025
![30](tm2510928d1_ncsrimg004.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Fund** | **Dow Jones Industrial Average℠** | **S&P 500<sup>®</sup> Index** |
| **Jul 15** | $10000 | $10000 | $10000 |
| **Jul 16** | $10851 | $10701 | $10561 |
| **Jul 17** | $15479 | $13035 | $12256 |
| **Jul 18** | $20575 | $15479 | $14246 |
| **Jul 19** | $22420 | $16751 | $15384 |
| **Jul 20** | $19023 | $16890 | $17223 |
| **Jul 21** | $33020 | $22766 | $23500 |
| **Jul 22** | $28705 | $21825 | $22410 |
| **Jul 23** | $32108 | $24142 | $25327 |
| **Jul 24** | $40441 | $28300 | $30936 |
| **Jul 25** | $44099 | $31114 | $35989 |

---

The chart above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter), assuming the reinvestment of distributions.

### Average Annual Total Return

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Fund NAV | 9.05% | 18.31% | 16.00% |
| Dow Jones Industrial Average℠ | 9.95% | 13.00% | 12.02% |
| S&P 500<sup>®</sup> Index | 16.33% | 15.88% | 13.66% |

---

**Performance data quoted represents past performance and does not guarantee future results. Updated performance information is available on our website at www.profunds.com/fund_performance.com. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of fund shares.**

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $38536349 |
| Number of Holdings\* | 36 |
| Net Investment Advisory Fees | $298270 |
| Portfolio Turnover | 45% |

---

\* No. of Holdings excludes any derivatives and collateral for securities loaned.

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| Equity Securities | 76% |
| Dow Jones Industrial Average Swap Agreements | 93% |
| SPDR Dow Jones Industrial Average ETF Swap Agreements | 27% |
| E-mini Dow Jones Futures Contracts | 4% |
| **Total** | **200%** |

---

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments and instruments used for cash management.

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Financials | 27% |
| Information Technology | 21% |
| Industrials | 14% |
| Consumer Discretionary | 14% |
| Health Care | 11% |

---

###### Largest Equity Holdings

---

| | |
|:---|:---|
| **Holding** | **% of Net Assets** |
| The Goldman Sachs Group, Inc. | 7.6% |
| Microsoft Corp. | 5.6% |
| Caterpillar, Inc. | 4.6% |
| The Home Depot, Inc. | 3.9% |
| Visa, Inc. - Class A | 3.6% |

---

"The Dow 30 " and "Dow Jones Industrial Average" are products of "Dow Jones Indexes", the marketing name and a licensed trademark of CME Group Index Services LLC ("CME Indexes"). "Dow Jones ", "DJ", "Dow Jones Indexes", "The Dow 30" and "Dow Jones Industrial Average" are service marks of Dow Jones Trademark Holdings, LLC ("Dow Jones") and have been licensed to CME Indexes and sublicensed to ProFunds. ProFunds have not been passed on by CME Indexes or Dow Jones as to their legality or suitability. ProFunds based on The Dow 30 are not sponsored, endorsed, sold or promoted by CME Indexes or Dow Jones, and they make no representation regarding the advisability of investing in ProFunds.

![Image](tm2510928d1_ncsrimg006.jpg)

![QR Code](tm2510928d1_ncsrimg127.jpg)

#### UltraDow 30 ProFund
Investor Class UDPIX

Annual Shareholder Report — July 31, 2025

Additional information about the Fund including the Financial Statements, Prospectus and Statement of Additional Information is available: On the Fund's website, www.profunds.com/shareholder-reports, or upon request, by calling 888-776-3637.

![Image](tm2510928d1_ncsrimg005.jpg)

#### Service Class UDPSX
Annual Shareholder Report — July 31, 2025

## Fund Overview
This Annual shareholder report contains important information about the UltraDow 30 ProFund (the "Fund") for the period of August 1, 2024 to July 31, 2025. You can find additional information about the Fund at www.profunds.com/shareholder-reports. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Service Class | $263 | 2.53% |

---

### How did the Fund perform last year?
**UltraDow 30 ProFund** (the "Fund") seeks daily investment results, before fees and expenses, that correspond to two times (2x) of the daily performance of the Dow Jones Industrial Average<sup>SM</sup> (the "Index").

The Fund invests in financial instruments that ProFund Advisors believes, in combination, should produce daily returns consistent with the Fund's investment objective.

For the year ended July 31, 2025, the Fund had an average daily statistical correlation of over 0.99 to twice that of the daily performance of the Index. For the same period, the Index had a total return of 9.95% and a volatility of 17.30%. The index performance was driven by smaller exposure to technology stocks which muted performance compared to the S&P 500.

Primary factors affecting Fund performance include the total return of the securities and derivatives held by the Fund, the performance of the reference assets to which the derivatives are linked, financing rates paid or earned, expenses, transaction costs, the volatility of the Fund's Index, the impact of compounding, and other miscellaneous factors.

#### Total Return Based on a $10,000 Investment

##### Cumulative performance: August 1, 2015 through July 31, 2025
![30](tm2510928d1_ncsrimg113.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Fund** | **Dow Jones Industrial Average℠** | **S&P 500<sup>®</sup> Index** |
| **Jul 15** | $10000 | $10000 | $10000 |
| **Jul 16** | $10743 | $10701 | $10561 |
| **Jul 17** | $15178 | $13035 | $12256 |
| **Jul 18** | $19975 | $15479 | $14246 |
| **Jul 19** | $21547 | $16751 | $15384 |
| **Jul 20** | $18111 | $16890 | $17223 |
| **Jul 21** | $31124 | $22766 | $23500 |
| **Jul 22** | $26785 | $21825 | $22410 |
| **Jul 23** | $29666 | $24142 | $25327 |
| **Jul 24** | $36998 | $28300 | $30936 |
| **Jul 25** | $39945 | $31114 | $35989 |

---

The chart above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter), assuming the reinvestment of distributions.

### Average Annual Total Return

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Fund NAV | 7.96% | 17.14% | 14.85% |
| Dow Jones Industrial Average℠ | 9.95% | 13.00% | 12.02% |
| S&P 500<sup>®</sup> Index | 16.33% | 15.88% | 13.66% |

---

**Performance data quoted represents past performance and does not guarantee future results. Updated performance information is available on our website at www.profunds.com/fund_performance.com. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of fund shares.**

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $38536349 |
| Number of Holdings\* | 36 |
| Net Investment Advisory Fees | $298270 |
| Portfolio Turnover | 45% |

---

\* No. of Holdings excludes any derivatives and collateral for securities loaned.

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| Equity Securities | 76% |
| Dow Jones Industrial Average Swap Agreements | 93% |
| SPDR Dow Jones Industrial Average ETF Swap Agreements | 27% |
| E-mini Dow Jones Futures Contracts | 4% |
| **Total** | **200%** |

---

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments and instruments used for cash management.

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Financials | 27% |
| Information Technology | 21% |
| Industrials | 14% |
| Consumer Discretionary | 14% |
| Health Care | 11% |

---

###### Largest Equity Holdings

---

| | |
|:---|:---|
| **Holding** | **% of Net Assets** |
| The Goldman Sachs Group, Inc. | 7.6% |
| Microsoft Corp. | 5.6% |
| Caterpillar, Inc. | 4.6% |
| The Home Depot, Inc. | 3.9% |
| Visa, Inc. - Class A | 3.6% |

---

"The Dow 30 " and "Dow Jones Industrial Average" are products of "Dow Jones Indexes", the marketing name and a licensed trademark of CME Group Index Services LLC ("CME Indexes"). "Dow Jones ", "DJ", "Dow Jones Indexes", "The Dow 30" and "Dow Jones Industrial Average" are service marks of Dow Jones Trademark Holdings, LLC ("Dow Jones") and have been licensed to CME Indexes and sublicensed to ProFunds. ProFunds have not been passed on by CME Indexes or Dow Jones as to their legality or suitability. ProFunds based on The Dow 30 are not sponsored, endorsed, sold or promoted by CME Indexes or Dow Jones, and they make no representation regarding the advisability of investing in ProFunds.

![Image](tm2510928d1_ncsrimg006.jpg)

![QR Code](tm2510928d1_ncsrimg127.jpg)

#### UltraDow 30 ProFund
Service Class UDPSX

Annual Shareholder Report — July 31, 2025

Additional information about the Fund including the Financial Statements, Prospectus and Statement of Additional Information is available: On the Fund's website, www.profunds.com/shareholder-reports, or upon request, by calling 888-776-3637.

![Image](tm2510928d1_ncsrimg005.jpg)

# UltraEmerging Markets ProFund

#### Investor Class UUPIX
Annual Shareholder Report — July 31, 2025

## Fund Overview
This Annual shareholder report contains important information about the UltraEmerging Markets ProFund (the "Fund") for the period of August 1, 2024 to July 31, 2025. You can find additional information about the Fund at www.profunds.com/shareholder-reports. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor Class | $210 | 1.78% |

---

### How did the Fund perform last year?
**UltraEmerging Markets ProFund** (the "Fund") seeks daily investment results, before fees and expenses, that correspond to two times (2x) of the daily performance of the S&P Emerging 50 ADR Index (USD) (the "Index").

The Fund invests in financial instruments that ProFund Advisors believes, in combination, should produce daily returns consistent with the Fund's investment objective.

For the year ended July 31, 2025, the Fund had an average daily statistical correlation of over 0.99 to twice that of the daily performance of the Index. For the same period, the Index had a total return of 24.32% and a volatility of 23.56%. The index performance was driven by rising commodity prices that helped drive emerging markets equity performance.

Primary factors affecting Fund performance include the total return of the securities and derivatives held by the Fund, the performance of the reference assets to which the derivatives are linked, financing rates paid or earned, expenses, transaction costs, the volatility of the Fund's Index, the impact of compounding, and other miscellaneous factors.

#### Total Return Based on a $10,000 Investment

##### Cumulative performance: August 1, 2015 through July 31, 2025
![30](tm2510928d1_ncsrimg116.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Fund** | **S&P<sup>®</sup> Emerging 50 ADR Index (USD)** | **S&P Global 1200 Index** |
| **Jul 15** | $10000 | $10000 | $9999 |
| **Jul 16** | $9788 | $10306 | $10075 |
| **Jul 17** | $15374 | $13255 | $11851 |
| **Jul 18** | $15754 | $13867 | $13297 |
| **Jul 19** | $12966 | $13140 | $13808 |
| **Jul 20** | $15636 | $15461 | $14881 |
| **Jul 21** | $20017 | $18214 | $20007 |
| **Jul 22** | $10500 | $14012 | $18395 |
| **Jul 23** | $12391 | $16219 | $20973 |
| **Jul 24** | $12449 | $17152 | $24918 |
| **Jul 25** | $16895 | $21324 | $28888 |

---

The chart above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter), assuming the reinvestment of distributions.

### Average Annual Total Return

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Fund NAV | 35.71% | 1.56% | 5.38% |
| S&P<sup>®</sup> Emerging 50 ADR Index (USD) | 24.32% | 6.64% | 7.87% |
| S&P Global 1200 Index | 15.95% | 14.19% | 11.19% |

---

**Performance data quoted represents past performance and does not guarantee future results. Updated performance information is available on our website at www.profunds.com/fund_performance.com. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of fund shares.**

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $9420506 |
| Number of Holdings\* | 56 |
| Net Investment Advisory Fees | $48388 |
| Portfolio Turnover | 290% |

---

\* No. of Holdings excludes any derivatives and collateral for securities loaned.

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| Equity Securities | 86% |
| S&P Emerging 50 ADR Index (USD) Swap Agreements | 114% |
| **Total** | **200%** |

---

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments and instruments used for cash management.

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Information Technology | 28% |
| Consumer Discretionary | 27% |
| Financials | 20% |
| Communication Services | 8% |
| Materials | 6% |

---

###### Largest Equity Holdings

---

| | |
|:---|:---|
| **Holding** | **% of Net Assets** |
| Taiwan Semiconductor Manufacturing Co., Ltd. | 18.9% |
| Alibaba Group Holding, Ltd. | 12.5% |
| HDFC Bank, Ltd. | 7.5% |
| PDD Holdings, Inc. | 4.1% |
| ICICI Bank, Ltd. | 3.8% |

---

#### Largest Countries

---

| | |
|:---|:---|
| China | 30.5% |
| Taiwan | 21.4% |
| India | 15.2% |
| Brazil | 8.9% |
| South Korea | 4.2% |

---

"Standard & Poor's<sup>®</sup>", "S&P<sup>®</sup>" and "S&P Emerging 50 ADR Index" are trademarks of Standard & Poor's Financial Services LLC ("S&P") and have been licensed for use by ProFunds. This Fund is not sponsored, licensed, sold or promoted by Standard & Poor's and Standard & Poor's makes no representation regarding the advisability of investing in ProFunds.

![Image](tm2510928d1_ncsrimg006.jpg)

![QR Code](tm2510928d1_ncsrimg127.jpg)

#### UltraEmerging Markets ProFund
Investor Class UUPIX

Annual Shareholder Report — July 31, 2025

Additional information about the Fund including the Financial Statements, Prospectus and Statement of Additional Information is available: On the Fund's website, www.profunds.com/shareholder-reports, or upon request, by calling 888-776-3637.

![Image](tm2510928d1_ncsrimg005.jpg)

#### Service Class UUPSX
Annual Shareholder Report — July 31, 2025

## Fund Overview
This Annual shareholder report contains important information about the UltraEmerging Markets ProFund (the "Fund") for the period of August 1, 2024 to July 31, 2025. You can find additional information about the Fund at www.profunds.com/shareholder-reports. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Service Class | $326 | 2.78% |

---

### How did the Fund perform last year?
**UltraEmerging Markets ProFund** (the "Fund") seeks daily investment results, before fees and expenses, that correspond to two times (2x) of the daily performance of the S&P Emerging 50 ADR Index (USD) (the "Index").

The Fund invests in financial instruments that ProFund Advisors believes, in combination, should produce daily returns consistent with the Fund's investment objective.

For the year ended July 31, 2025, the Fund had an average daily statistical correlation of over 0.99 to twice that of the daily performance of the Index. For the same period, the Index had a total return of 24.32% and a volatility of 23.56%. The index performance was driven by rising commodity prices that helped drive emerging markets equity performance.

Primary factors affecting Fund performance include the total return of the securities and derivatives held by the Fund, the performance of the reference assets to which the derivatives are linked, financing rates paid or earned, expenses, transaction costs, the volatility of the Fund's Index, the impact of compounding, and other miscellaneous factors.

#### Total Return Based on a $10,000 Investment

##### Cumulative performance: August 1, 2015 through July 31, 2025
![30](tm2510928d1_ncsrimg073.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Fund** | **S&P<sup>®</sup> Emerging 50 ADR Index (USD)** | **S&P Global 1200 Index** |
| **Jul 15** | $10000 | $10000 | $9999 |
| **Jul 16** | $9674 | $10306 | $10075 |
| **Jul 17** | $15060 | $13255 | $11851 |
| **Jul 18** | $15274 | $13867 | $13297 |
| **Jul 19** | $12441 | $13140 | $13808 |
| **Jul 20** | $14856 | $15461 | $14881 |
| **Jul 21** | $18836 | $18214 | $20007 |
| **Jul 22** | $9783 | $14012 | $18395 |
| **Jul 23** | $11423 | $16219 | $20973 |
| **Jul 24** | $11368 | $17152 | $24918 |
| **Jul 25** | $15286 | $21324 | $28888 |

---

The chart above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter), assuming the reinvestment of distributions.

### Average Annual Total Return

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Fund NAV | 34.46% | 0.57% | 4.33% |
| S&P<sup>®</sup> Emerging 50 ADR Index (USD) | 24.32% | 6.64% | 7.87% |
| S&P Global 1200 Index | 15.95% | 14.19% | 11.19% |

---

**Performance data quoted represents past performance and does not guarantee future results. Updated performance information is available on our website at www.profunds.com/fund_performance.com. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of fund shares.**

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $9420506 |
| Number of Holdings\* | 56 |
| Net Investment Advisory Fees | $48388 |
| Portfolio Turnover | 290% |

---

\* No. of Holdings excludes any derivatives and collateral for securities loaned.

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| Equity Securities | 86% |
| S&P Emerging 50 ADR Index (USD) Swap Agreements | 114% |
| **Total** | **200%** |

---

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments and instruments used for cash management.

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Information Technology | 28% |
| Consumer Discretionary | 27% |
| Financials | 20% |
| Communication Services | 8% |
| Materials | 6% |

---

###### Largest Equity Holdings

---

| | |
|:---|:---|
| **Holding** | **% of Net Assets** |
| Taiwan Semiconductor Manufacturing Co., Ltd. | 18.9% |
| Alibaba Group Holding, Ltd. | 12.5% |
| HDFC Bank, Ltd. | 7.5% |
| PDD Holdings, Inc. | 4.1% |
| ICICI Bank, Ltd. | 3.8% |

---

#### Largest Countries

---

| | |
|:---|:---|
| China | 30.5% |
| Taiwan | 21.4% |
| India | 15.2% |
| Brazil | 8.9% |
| South Korea | 4.2% |

---

"Standard & Poor's<sup>®</sup>", "S&P<sup>®</sup>" and "S&P Emerging 50 ADR Index" are trademarks of Standard & Poor's Financial Services LLC ("S&P") and have been licensed for use by ProFunds. This Fund is not sponsored, licensed, sold or promoted by Standard & Poor's and Standard & Poor's makes no representation regarding the advisability of investing in ProFunds.

![Image](tm2510928d1_ncsrimg006.jpg)

![QR Code](tm2510928d1_ncsrimg127.jpg)

#### UltraEmerging Markets ProFund
Service Class UUPSX

Annual Shareholder Report — July 31, 2025

Additional information about the Fund including the Financial Statements, Prospectus and Statement of Additional Information is available: On the Fund's website, www.profunds.com/shareholder-reports, or upon request, by calling 888-776-3637.

![Image](tm2510928d1_ncsrimg005.jpg)

# UltraInternational ProFund

#### Investor Class UNPIX
Annual Shareholder Report — July 31, 2025

## Fund Overview
This Annual shareholder report contains important information about the UltraInternational ProFund (the "Fund") for the period of August 1, 2024 to July 31, 2025. You can find additional information about the Fund at www.profunds.com/shareholder-reports. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor Class | $189 | 1.78% |

---

### How did the Fund perform last year?
**UltraInternational ProFund** (the "Fund") seeks daily investment results, before fees and expenses, that correspond to two times (2x) of the daily performance of the MSCI EAFE Index (the "Index").

The Fund invests in financial instruments that ProFund Advisors believes, in combination, should produce daily returns consistent with the Fund's investment objective.

For the year ended July 31, 2025, the Fund had an average daily statistical correlation of over 0.99 to twice that of the daily performance of the U.S.-traded MSCI EAFE futures contract. For the same period, the Index had a total return of 12.77% and a volatility of 16.65%. The index performance was driven by optimism around European expansionary fiscal policy.

Primary factors affecting Fund performance include the total return of the derivatives held by the Fund, the performance of the reference assets to which the derivatives are linked, financing rates paid or earned, expenses, transaction costs, the volatility of the Fund's Index, the impact of compounding, and other miscellaneous factors.

#### Total Return Based on a $10,000 Investment

##### Cumulative performance: August 1, 2015 through July 31, 2025
![30](tm2510928d1_ncsrimg112.jpg)

---

| | | |
|:---|:---|:---|
| | **Fund** | **MSCI EAFE Index** |
| **Jul 15** | $10000 | $10000 |
| **Jul 16** | $7798 | $9247 |
| **Jul 17** | $10345 | $10890 |
| **Jul 18** | $10883 | $11587 |
| **Jul 19** | $9425 | $11286 |
| **Jul 20** | $7961 | $11097 |
| **Jul 21** | $12861 | $14460 |
| **Jul 22** | $8899 | $12390 |
| **Jul 23** | $10653 | $14471 |
| **Jul 24** | $11863 | $16093 |
| **Jul 25** | $13297 | $18148 |

---

The chart above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter), assuming the reinvestment of distributions.

### Average Annual Total Return

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Fund NAV | 12.09% | 10.80% | 2.89% |
| MSCI EAFE Index | 12.77% | 10.34% | 6.14% |

---

**Performance data quoted represents past performance and does not guarantee future results. Updated performance information is available on our website at www.profunds.com/fund_performance.com. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of fund shares.**

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $7358481 |
| Number of Holdings\* | 6 |
| Net Investment Advisory Fees | $22211 |
| Portfolio Turnover | 0% |

---

\* No. of Holdings excludes any derivatives and collateral for securities loaned.

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| MSCI EAFE Index Swap Agreements | 200% |
| **Total** | **200%** |

---

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments and instruments used for cash management.

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Financials | 25% |
| Industrials | 19% |
| Health Care | 11% |
| Consumer Discretionary | 10% |
| Information Technology | 8% |

---

###### Holdings
The UltraInternational ProFund primarily invests in non-equity securities, which may include: swap agreements, futures contracts, repurchase agreements and U.S. Government securities.

"MSCI" and "EAFE" are service marks of MSCI and have been licensed for use by ProFunds. This Fund is not sponsored, endorsed, sold or promoted by MSCI and MSCI makes no representation regarding the advisability of investing in ProFunds.

![Image](tm2510928d1_ncsrimg006.jpg)

![QR Code](tm2510928d1_ncsrimg127.jpg)

#### UltraInternational ProFund
Investor Class UNPIX

Annual Shareholder Report — July 31, 2025

Additional information about the Fund including the Financial Statements, Prospectus and Statement of Additional Information is available: On the Fund's website, www.profunds.com/shareholder-reports, or upon request, by calling 888-776-3637.

![Image](tm2510928d1_ncsrimg005.jpg)

#### Service Class UNPSX
Annual Shareholder Report — July 31, 2025

## Fund Overview
This Annual shareholder report contains important information about the UltraInternational ProFund (the "Fund") for the period of August 1, 2024 to July 31, 2025. You can find additional information about the Fund at www.profunds.com/shareholder-reports. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Service Class | $293 | 2.78% |

---

### How did the Fund perform last year?
**UltraInternational ProFund** (the "Fund") seeks daily investment results, before fees and expenses, that correspond to two times (2x) of the daily performance of the MSCI EAFE Index (the "Index").

The Fund invests in financial instruments that ProFund Advisors believes, in combination, should produce daily returns consistent with the Fund's investment objective.

For the year ended July 31, 2025, the Fund had an average daily statistical correlation of over 0.99 to twice that of the daily performance of the U.S.-traded MSCI EAFE futures contract. For the same period, the Index had a total return of 12.77% and a volatility of 16.65%. The index performance was driven by optimism around European expansionary fiscal policy.

Primary factors affecting Fund performance include the total return of the derivatives held by the Fund, the performance of the reference assets to which the derivatives are linked, financing rates paid or earned, expenses, transaction costs, the volatility of the Fund's Index, the impact of compounding, and other miscellaneous factors.

#### Total Return Based on a $10,000 Investment

##### Cumulative performance: August 1, 2015 through July 31, 2025
![30](tm2510928d1_ncsrimg043.jpg)

---

| | | |
|:---|:---|:---|
| | **Fund** | **MSCI EAFE Index** |
| **Jul 15** | $10000 | $10000 |
| **Jul 16** | $7716 | $9247 |
| **Jul 17** | $10143 | $10890 |
| **Jul 18** | $10560 | $11587 |
| **Jul 19** | $9057 | $11286 |
| **Jul 20** | $7573 | $11097 |
| **Jul 21** | $12134 | $14460 |
| **Jul 22** | $8308 | $12390 |
| **Jul 23** | $9863 | $14471 |
| **Jul 24** | $10846 | $16093 |
| **Jul 25** | $12049 | $18148 |

---

The chart above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter), assuming the reinvestment of distributions.

### Average Annual Total Return

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Fund NAV | 11.10% | 9.73% | 1.88% |
| MSCI EAFE Index | 12.77% | 10.34% | 6.14% |

---

**Performance data quoted represents past performance and does not guarantee future results. Updated performance information is available on our website at www.profunds.com/fund_performance.com. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of fund shares.**

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $7358481 |
| Number of Holdings\* | 6 |
| Net Investment Advisory Fees | $22211 |
| Portfolio Turnover | 0% |

---

\* No. of Holdings excludes any derivatives and collateral for securities loaned.

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| MSCI EAFE Index Swap Agreements | 200% |
| **Total** | **200%** |

---

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments and instruments used for cash management.

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Financials | 25% |
| Industrials | 19% |
| Health Care | 11% |
| Consumer Discretionary | 10% |
| Information Technology | 8% |

---

###### Holdings
The UltraInternational ProFund primarily invests in non-equity securities, which may include: swap agreements, futures contracts, repurchase agreements and U.S. Government securities.

"MSCI" and "EAFE" are service marks of MSCI and have been licensed for use by ProFunds. This Fund is not sponsored, endorsed, sold or promoted by MSCI and MSCI makes no representation regarding the advisability of investing in ProFunds.

![Image](tm2510928d1_ncsrimg006.jpg)

![QR Code](tm2510928d1_ncsrimg127.jpg)

#### UltraInternational ProFund
Service Class UNPSX

Annual Shareholder Report — July 31, 2025

Additional information about the Fund including the Financial Statements, Prospectus and Statement of Additional Information is available: On the Fund's website, www.profunds.com/shareholder-reports, or upon request, by calling 888-776-3637.

![Image](tm2510928d1_ncsrimg005.jpg)

# UltraJapan ProFund

#### Investor Class UJPIX
Annual Shareholder Report — July 31, 2025

## Fund Overview
This Annual shareholder report contains important information about the UltraJapan ProFund (the "Fund") for the period of August 1, 2024 to July 31, 2025. You can find additional information about the Fund at www.profunds.com/shareholder-reports. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor Class | $175 | 1.70% |

---

### How did the Fund perform last year?
**UltraJapan ProFund** (the "Fund") seeks daily investment results, before fees and expenses, that correspond to two times (2x) of the daily performance of the Nikkei 225 Stock Average (the "Index").

The Fund invests in financial instruments that ProFund Advisors believes, in combination, should produce daily returns consistent with the Fund's investment objective.

For the year ended July 31, 2025, the Fund had an average daily statistical correlation of over 0.99 to twice that of the daily performance of the U.S.-traded U.S. dollar-denominated futures contract on the Index. For the same period, the Index has a total return of 7.00%, as measured in unhedged U.S. dollar terms, or 7.09% in local (Japanese yen) terms and a volatility of 29.96%. The index performance was driven by a stable yen that preserved modest underlying positive performance.

Primary factors affecting Fund performance include the total return of the derivatives held by the Fund, the performance of the reference assets to which the derivatives are linked, financing rates paid or earned, expenses, transaction costs, the volatility of the Fund's Index, the impact of compounding, and other miscellaneous factors.

#### Total Return Based on a $10,000 Investment

##### Cumulative performance: August 1, 2015 through July 31, 2025
![30](tm2510928d1_ncsrimg041.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Fund** | **Nikkei 225 Stock Average-USD** | **Nikkei 225 Stock Average - JPY** | **S&P Global 1200 Index** |
| **Jul 15** | $10000 | $10000 | $10000 | $9999 |
| **Jul 16** | $5674 | $9936 | $8202 | $10075 |
| **Jul 17** | $8235 | $11287 | $10052 | $11851 |
| **Jul 18** | $10379 | $12861 | $11597 | $13297 |
| **Jul 19** | $9263 | $12907 | $11305 | $13808 |
| **Jul 20** | $8814 | $13643 | $11647 | $14881 |
| **Jul 21** | $13448 | $16797 | $14875 | $20007 |
| **Jul 22** | $13442 | $14375 | $15457 | $18395 |
| **Jul 23** | $19346 | $16454 | $18862 | $20973 |
| **Jul 24** | $26622 | $18647 | $22645 | $24918 |
| **Jul 25** | $28157 | $19953 | $24252 | $28888 |

---

The chart above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter), assuming the reinvestment of distributions.

### Average Annual Total Return

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Fund NAV | 5.76% | 26.15% | 10.91% |
| Nikkei 225 Stock Average-USD | 7.00% | 7.90% | 7.15% |
| Nikkei 225 Stock Average - JPY | 7.09% | 15.80% | 9.26% |
| S&P Global 1200 Index | 15.95% | 14.19% | 11.19% |

---

**Performance data quoted represents past performance and does not guarantee future results. Updated performance information is available on our website at www.profunds.com/fund_performance.com. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of fund shares.**

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $18251461 |
| Number of Holdings\* | 6 |
| Net Investment Advisory Fees | $175248 |
| Portfolio Turnover | 0% |

---

\* No. of Holdings excludes any derivatives and collateral for securities loaned.

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| Nikkei 225 Stock Average Swap Agreements | 1% |
| Nikkei 225 Index Futures Contracts | 199% |
| **Total** | **200%** |

---

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments and instruments used for cash management.

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Information Technology | 25% |
| Consumer Discretionary | 20% |
| Industrials | 19% |
| Communication Services | 12% |
| Health Care | 9% |

---

###### Holdings
The UltraJapan ProFund primarily invests in non-equity securities, which may include: swap agreements, futures contracts, repurchase agreements and U.S. Government securities.

"Nikkei 225 Stock Index" is a registered trademark of The Nikkei 225 Stock Average and have been licensed for use by ProFunds. This Fund is not sponsored, endorsed, sold or promoted by The Nikkei 225 Stock Average and The Nikkei 225 Stock Average makes no representation regarding the advisability of investing in ProFunds.

![Image](tm2510928d1_ncsrimg006.jpg)

![QR Code](tm2510928d1_ncsrimg127.jpg)

#### UltraJapan ProFund
Investor Class UJPIX

Annual Shareholder Report — July 31, 2025

Additional information about the Fund including the Financial Statements, Prospectus and Statement of Additional Information is available: On the Fund's website, www.profunds.com/shareholder-reports, or upon request, by calling 888-776-3637.

![Image](tm2510928d1_ncsrimg005.jpg)

#### Service Class UJPSX
Annual Shareholder Report — July 31, 2025

## Fund Overview
This Annual shareholder report contains important information about the UltraJapan ProFund (the "Fund") for the period of August 1, 2024 to July 31, 2025. You can find additional information about the Fund at www.profunds.com/shareholder-reports. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Service Class | $276 | 2.70% |

---

### How did the Fund perform last year?
**UltraJapan ProFund** (the "Fund") seeks daily investment results, before fees and expenses, that correspond to two times (2x) of the daily performance of the Nikkei 225 Stock Average (the "Index").

The Fund invests in financial instruments that ProFund Advisors believes, in combination, should produce daily returns consistent with the Fund's investment objective.

For the year ended July 31, 2025, the Fund had an average daily statistical correlation of over 0.99 to twice that of the daily performance of the U.S.-traded U.S. dollar-denominated futures contract on the Index. For the same period, the Index has a total return of 7.00%, as measured in unhedged U.S. dollar terms, or 7.09% in local (Japanese yen) terms and a volatility of 29.96%. The index performance was driven by a stable yen that preserved modest underlying positive performance.

Primary factors affecting Fund performance include the total return of the derivatives held by the Fund, the performance of the reference assets to which the derivatives are linked, financing rates paid or earned, expenses, transaction costs, the volatility of the Fund's Index, the impact of compounding, and other miscellaneous factors.

#### Total Return Based on a $10,000 Investment

##### Cumulative performance: August 1, 2015 through July 31, 2025
![30](tm2510928d1_ncsrimg030.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Fund** | **Nikkei 225 Stock Average-USD** | **Nikkei 225 Stock Average - JPY** | **S&P Global 1200 Index** |
| **Jul 15** | $10000 | $10000 | $10000 | $9999 |
| **Jul 16** | $5624 | $9936 | $8202 | $10075 |
| **Jul 17** | $8086 | $11287 | $10052 | $11851 |
| **Jul 18** | $10094 | $12861 | $11597 | $13297 |
| **Jul 19** | $8920 | $12907 | $11305 | $13808 |
| **Jul 20** | $8403 | $13643 | $11647 | $14881 |
| **Jul 21** | $12696 | $16797 | $14875 | $20007 |
| **Jul 22** | $12564 | $14375 | $15457 | $18395 |
| **Jul 23** | $17906 | $16454 | $18862 | $20973 |
| **Jul 24** | $24409 | $18647 | $22645 | $24918 |
| **Jul 25** | $25562 | $19953 | $24252 | $28888 |

---

The chart above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter), assuming the reinvestment of distributions.

### Average Annual Total Return

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Fund NAV | 4.72% | 24.92% | 9.84% |
| Nikkei 225 Stock Average-USD | 7.00% | 7.90% | 7.15% |
| Nikkei 225 Stock Average - JPY | 7.09% | 15.80% | 9.26% |
| S&P Global 1200 Index | 15.95% | 14.19% | 11.19% |

---

**Performance data quoted represents past performance and does not guarantee future results. Updated performance information is available on our website at www.profunds.com/fund_performance.com. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of fund shares.**

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $18251461 |
| Number of Holdings\* | 6 |
| Net Investment Advisory Fees | $175248 |
| Portfolio Turnover | 0% |

---

\* No. of Holdings excludes any derivatives and collateral for securities loaned.

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| Nikkei 225 Stock Average Swap Agreements | 1% |
| Nikkei 225 Index Futures Contracts | 199% |
| **Total** | **200%** |

---

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments and instruments used for cash management.

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Information Technology | 25% |
| Consumer Discretionary | 20% |
| Industrials | 19% |
| Communication Services | 12% |
| Health Care | 9% |

---

###### Holdings
The UltraJapan ProFund primarily invests in non-equity securities, which may include: swap agreements, futures contracts, repurchase agreements and U.S. Government securities.

"Nikkei 225 Stock Index" is a registered trademark of The Nikkei 225 Stock Average and have been licensed for use by ProFunds. This Fund is not sponsored, endorsed, sold or promoted by The Nikkei 225 Stock Average and The Nikkei 225 Stock Average makes no representation regarding the advisability of investing in ProFunds.

![Image](tm2510928d1_ncsrimg006.jpg)

![QR Code](tm2510928d1_ncsrimg127.jpg)

#### UltraJapan ProFund
Service Class UJPSX

Annual Shareholder Report — July 31, 2025

Additional information about the Fund including the Financial Statements, Prospectus and Statement of Additional Information is available: On the Fund's website, www.profunds.com/shareholder-reports, or upon request, by calling 888-776-3637.

![Image](tm2510928d1_ncsrimg005.jpg)

# UltraLatin America ProFund

#### Investor Class UBPIX
Annual Shareholder Report — July 31, 2025

## Fund Overview
This Annual shareholder report contains important information about the UltraLatin America ProFund (the "Fund") for the period of August 1, 2024 to July 31, 2025. You can find additional information about the Fund at www.profunds.com/shareholder-reports. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor Class | $187 | 1.78% |

---

### How did the Fund perform last year?
**UltraLatin America ProFund** (the "Fund") seeks daily investment results, before fees and expenses, that correspond to two times (2x) of the daily performance of the S&P Latin America 35 ADR Index (USD) (the "Index").

The Fund invests in financial instruments that ProFund Advisors believes, in combination, should produce daily returns consistent with the Fund's investment objective.

For the year ended July 31, 2025, the Fund had an average daily statistical correlation of over 0.99 to twice that of the daily performance of the Index. For the same period, the Index had a total return of 12.16% and a volatility of 21.12%. The index performance was driven by decent economic growth and falling inflation.

Primary factors affecting Fund performance include the total return of the securities and derivatives held by the Fund, the performance of the reference assets to which the derivatives are linked, financing rates paid or earned, expenses, transaction costs, the volatility of the Fund's Index, the impact of compounding, and other miscellaneous factors.

#### Total Return Based on a $10,000 Investment

##### Cumulative performance: August 1, 2015 through July 31, 2025
![30](tm2510928d1_ncsrimg040.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Fund** | **S&P Latin America 35 ADR Index** | **S&P Global 1200 Index** |
| **Jul 15** | $10000 | $10000 | $9999 |
| **Jul 16** | $9314 | $10352 | $10075 |
| **Jul 17** | $12541 | $12643 | $11851 |
| **Jul 18** | $11763 | $12745 | $13297 |
| **Jul 19** | $11349 | $13240 | $13808 |
| **Jul 20** | $3828 | $9008 | $14881 |
| **Jul 21** | $6920 | $12777 | $20007 |
| **Jul 22** | $5644 | $12112 | $18395 |
| **Jul 23** | $8166 | $15590 | $20973 |
| **Jul 24** | $6418 | $14602 | $24918 |
| **Jul 25** | $7063 | $16378 | $28888 |

---

The chart above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter), assuming the reinvestment of distributions.

### Average Annual Total Return

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Fund NAV | 10.05% | 13.03% | -3.42% |
| S&P Latin America 35 ADR Index | 12.16% | 12.70% | 5.06% |
| S&P Global 1200 Index | 15.95% | 14.19% | 11.19% |

---

**Performance data quoted represents past performance and does not guarantee future results. Updated performance information is available on our website at www.profunds.com/fund_performance.com. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of fund shares.**

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $7885187 |
| Number of Holdings\* | 41 |
| Net Investment Advisory Fees | $40160 |
| Portfolio Turnover | 150% |

---

\* No. of Holdings excludes any derivatives and collateral for securities loaned.

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| Equity Securities | 83% |
| S&P Latin America 35 ADR Index (USD) Swap Agreements | 116% |
| **Total** | **199%** |

---

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments and instruments used for cash management.

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Materials | 22% |
| Financials | 22% |
| Energy | 20% |
| Industrials | 11% |
| Consumer Staples | 10% |

---

###### Largest Equity Holdings

---

| | |
|:---|:---|
| **Holding** | **% of Net Assets** |
| Petroleo Brasileiro S.A. | 12.3% |
| Vale S.A. | 8.7% |
| Itau Unibanco Holding S.A. | 8.5% |
| America Movil S.A.B. de C.V. | 4.3% |
| Fomento Economico Mexicano S.A.B. de C.V. | 3.9% |

---

#### Largest Countries

---

| | |
|:---|:---|
| Brazil | 50.4% |
| Mexico | 20.2% |
| Chile | 5.3% |
| Argentina | 4.3% |
| Colombia | 2.0% |

---

"Standard & Poor's<sup>®</sup>", "S&P<sup>®</sup>" and "S&P Latin America 35 ADR Index" are trademarks of Standard & Poor's Financial Services LLC ("S&P") and have been licensed for use by ProFunds. This Fund is not sponsored, licensed, sold or promoted by Standard & Poor's and Standard & Poor's makes no representation regarding the advisability of investing in ProFunds.

![Image](tm2510928d1_ncsrimg006.jpg)

![QR Code](tm2510928d1_ncsrimg127.jpg)

#### UltraLatin America ProFund
Investor Class UBPIX

Annual Shareholder Report — July 31, 2025

Additional information about the Fund including the Financial Statements, Prospectus and Statement of Additional Information is available: On the Fund's website, www.profunds.com/shareholder-reports, or upon request, by calling 888-776-3637.

![Image](tm2510928d1_ncsrimg005.jpg)

#### Service Class UBPSX
Annual Shareholder Report — July 31, 2025

## Fund Overview
This Annual shareholder report contains important information about the UltraLatin America ProFund (the "Fund") for the period of August 1, 2024 to July 31, 2025. You can find additional information about the Fund at www.profunds.com/shareholder-reports. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Service Class | $290 | 2.78% |

---

### How did the Fund perform last year?
**UltraLatin America ProFund** (the "Fund") seeks daily investment results, before fees and expenses, that correspond to two times (2x) of the daily performance of the S&P Latin America 35 ADR Index (USD) (the "Index").

The Fund invests in financial instruments that ProFund Advisors believes, in combination, should produce daily returns consistent with the Fund's investment objective.

For the year ended July 31, 2025, the Fund had an average daily statistical correlation of over 0.99 to twice that of the daily performance of the Index. For the same period, the Index had a total return of 12.16% and a volatility of 21.12%. The index performance was driven by decent economic growth and falling inflation.

Primary factors affecting Fund performance include the total return of the securities and derivatives held by the Fund, the performance of the reference assets to which the derivatives are linked, financing rates paid or earned, expenses, transaction costs, the volatility of the Fund's Index, the impact of compounding, and other miscellaneous factors.

#### Total Return Based on a $10,000 Investment

##### Cumulative performance: August 1, 2015 through July 31, 2025
![30](tm2510928d1_ncsrimg120.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Fund** | **S&P Latin America 35 ADR Index** | **S&P Global 1200 Index** |
| **Jul 15** | $10000 | $10000 | $9999 |
| **Jul 16** | $9216 | $10352 | $10075 |
| **Jul 17** | $12280 | $12643 | $11851 |
| **Jul 18** | $11404 | $12745 | $13297 |
| **Jul 19** | $10890 | $13240 | $13808 |
| **Jul 20** | $3638 | $9008 | $14881 |
| **Jul 21** | $6511 | $12777 | $20007 |
| **Jul 22** | $5253 | $12112 | $18395 |
| **Jul 23** | $7545 | $15590 | $20973 |
| **Jul 24** | $5876 | $14602 | $24918 |
| **Jul 25** | $6372 | $16378 | $28888 |

---

The chart above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter), assuming the reinvestment of distributions.

### Average Annual Total Return

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Fund NAV | 8.44% | 11.86% | -4.41% |
| S&P Latin America 35 ADR Index | 12.16% | 12.70% | 5.06% |
| S&P Global 1200 Index | 15.95% | 14.19% | 11.19% |

---

**Performance data quoted represents past performance and does not guarantee future results. Updated performance information is available on our website at www.profunds.com/fund_performance.com. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of fund shares.**

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $7885187 |
| Number of Holdings\* | 41 |
| Net Investment Advisory Fees | $40160 |
| Portfolio Turnover | 150% |

---

\* No. of Holdings excludes any derivatives and collateral for securities loaned.

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| Equity Securities | 83% |
| S&P Latin America 35 ADR Index (USD) Swap Agreements | 116% |
| **Total** | **199%** |

---

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments and instruments used for cash management.

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Materials | 22% |
| Financials | 22% |
| Energy | 20% |
| Industrials | 11% |
| Consumer Staples | 10% |

---

###### Largest Equity Holdings

---

| | |
|:---|:---|
| **Holding** | **% of Net Assets** |
| Petroleo Brasileiro S.A. | 12.3% |
| Vale S.A. | 8.7% |
| Itau Unibanco Holding S.A. | 8.5% |
| America Movil S.A.B. de C.V. | 4.3% |
| Fomento Economico Mexicano S.A.B. de C.V. | 3.9% |

---

#### Largest Countries

---

| | |
|:---|:---|
| Brazil | 50.4% |
| Mexico | 20.2% |
| Chile | 5.3% |
| Argentina | 4.3% |
| Colombia | 2.0% |

---

"Standard & Poor's<sup>®</sup>", "S&P<sup>®</sup>" and "S&P Latin America 35 ADR Index" are trademarks of Standard & Poor's Financial Services LLC ("S&P") and have been licensed for use by ProFunds. This Fund is not sponsored, licensed, sold or promoted by Standard & Poor's and Standard & Poor's makes no representation regarding the advisability of investing in ProFunds.

![Image](tm2510928d1_ncsrimg006.jpg)

![QR Code](tm2510928d1_ncsrimg127.jpg)

#### UltraLatin America ProFund
Service Class UBPSX

Annual Shareholder Report — July 31, 2025

Additional information about the Fund including the Financial Statements, Prospectus and Statement of Additional Information is available: On the Fund's website, www.profunds.com/shareholder-reports, or upon request, by calling 888-776-3637.

![Image](tm2510928d1_ncsrimg005.jpg)

# UltraMid-Cap ProFund

#### Investor Class UMPIX
Annual Shareholder Report — July 31, 2025

## Fund Overview
This Annual shareholder report contains important information about the UltraMid-Cap ProFund (the "Fund") for the period of August 1, 2024 to July 31, 2025. You can find additional information about the Fund at www.profunds.com/shareholder-reports. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor Class | $152 | 1.56% |

---

### How did the Fund perform last year?
**UltraMid-Cap ProFund** (the "Fund") seeks daily investment results, before fees and expenses, that correspond to two times (2x) of the daily performance of the S&P MidCap 400<sup>®</sup> Index (the "Index").

The Fund invests in financial instruments that ProFund Advisors believes, in combination, should produce daily returns consistent with the Fund's investment objective.

For the year ended July 31, 2025, the Fund had an average daily statistical correlation of over 0.99 to twice that of the daily performance of the Index. For the same period, the Index had a total return of 3.27% and a volatility of 21.61%. The index performance was driven by mid-caps lagging during a period of mega cap outperformance.

Primary factors affecting Fund performance include the total return of the securities and derivatives held by the Fund, the performance of the reference assets to which the derivatives are linked, financing rates paid or earned, expenses, transaction costs, the volatility of the Fund's Index, the impact of compounding, and other miscellaneous factors.

#### Total Return Based on a $10,000 Investment

##### Cumulative performance: August 1, 2015 through July 31, 2025
![30](tm2510928d1_ncsrimg072.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Fund** | **S&P MidCap 400<sup>®</sup> Index** | **S&P Composite 1500<sup>®</sup> Index** |
| **Jul 15** | $10000 | $10000 | $10000 |
| **Jul 16** | $10511 | $10553 | $10560 |
| **Jul 17** | $13269 | $12104 | $12250 |
| **Jul 18** | $16420 | $13858 | $14250 |
| **Jul 19** | $15497 | $13968 | $15254 |
| **Jul 20** | $11740 | $13473 | $16840 |
| **Jul 21** | $23885 | $19804 | $23159 |
| **Jul 22** | $19688 | $18675 | $22061 |
| **Jul 23** | $21541 | $20631 | $24859 |
| **Jul 24** | $25914 | $23809 | $30222 |
| **Jul 25** | $24545 | $24589 | $34764 |

---

The chart above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter), assuming the reinvestment of distributions.

### Average Annual Total Return

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Fund NAV | -5.28% | 15.89% | 9.39% |
| S&P MidCap 400<sup>®</sup> Index | 3.27% | 12.79% | 9.41% |
| S&P Composite 1500<sup>®</sup> Index | 15.03% | 15.60% | 13.27% |

---

**Performance data quoted represents past performance and does not guarantee future results. Updated performance information is available on our website at www.profunds.com/fund_performance.com. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of fund shares.**

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $36277970 |
| Number of Holdings\* | 407 |
| Net Investment Advisory Fees | $277429 |
| Portfolio Turnover | 70% |

---

\* No. of Holdings excludes any derivatives and collateral for securities loaned.

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| Equity Securities | 68% |
| S&P MidCap 400 Swap Agreements | 89% |
| SPDR S&P MidCap 400 ETF Swap Agreements | 34% |
| E-mini S&P MidCap 400 Futures Contracts | 9% |
| **Total** | **200%** |

---

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments and instruments used for cash management.

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Industrials | 24% |
| Financials | 18% |
| Consumer Discretionary | 13% |
| Information Technology | 12% |
| Health Care | 8% |

---

###### Largest Equity Holdings

---

| | |
|:---|:---|
| **Holding** | **% of Net Assets** |
| Interactive Brokers Group, Inc. - Class A | 0.7% |
| EMCOR Group, Inc. | 0.6% |
| Comfort Systems USA, Inc. | 0.6% |
| Rb Global, Inc. | 0.5% |
| Casey's General Stores, Inc. | 0.5% |

---

"Standard & Poor's<sup>®</sup>", "S&P<sup>®</sup>", and "S&P MidCap 400 Index" are trademarks of Standard & Poor's Financial Services LLC ("S&P") and have been licensed for use by ProFunds. This Fund is not sponsored, licensed, sold or promoted by Standard & Poor's and Standard & Poor's makes no representation regarding the advisability of investing in ProFunds.

![Image](tm2510928d1_ncsrimg006.jpg)

![QR Code](tm2510928d1_ncsrimg127.jpg)

#### UltraMid-Cap ProFund
Investor Class UMPIX

Annual Shareholder Report — July 31, 2025

Additional information about the Fund including the Financial Statements, Prospectus and Statement of Additional Information is available: On the Fund's website, www.profunds.com/shareholder-reports, or upon request, by calling 888-776-3637.

![Image](tm2510928d1_ncsrimg005.jpg)

#### Service Class UMPSX
Annual Shareholder Report — July 31, 2025

## Fund Overview
This Annual shareholder report contains important information about the UltraMid-Cap ProFund (the "Fund") for the period of August 1, 2024 to July 31, 2025. You can find additional information about the Fund at www.profunds.com/shareholder-reports. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Service Class | $248 | 2.56% |

---

### How did the Fund perform last year?
**UltraMid-Cap ProFund** (the "Fund") seeks daily investment results, before fees and expenses, that correspond to two times (2x) of the daily performance of the S&P MidCap 400<sup>®</sup> Index (the "Index").

The Fund invests in financial instruments that ProFund Advisors believes, in combination, should produce daily returns consistent with the Fund's investment objective.

For the year ended July 31, 2025, the Fund had an average daily statistical correlation of over 0.99 to twice that of the daily performance of the Index. For the same period, the Index had a total return of 3.27% and a volatility of 21.61%. The index performance was driven by mid-caps lagging during a period of mega cap outperformance.

Primary factors affecting Fund performance include the total return of the securities and derivatives held by the Fund, the performance of the reference assets to which the derivatives are linked, financing rates paid or earned, expenses, transaction costs, the volatility of the Fund's Index, the impact of compounding, and other miscellaneous factors.

#### Total Return Based on a $10,000 Investment

##### Cumulative performance: August 1, 2015 through July 31, 2025
![30](tm2510928d1_ncsrimg016.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Fund** | **S&P MidCap 400<sup>®</sup> Index** | **S&P Composite 1500<sup>®</sup> Index** |
| **Jul 15** | $10000 | $10000 | $10000 |
| **Jul 16** | $10409 | $10553 | $10560 |
| **Jul 17** | $13015 | $12104 | $12250 |
| **Jul 18** | $15947 | $13858 | $14250 |
| **Jul 19** | $14892 | $13968 | $15254 |
| **Jul 20** | $11170 | $13473 | $16840 |
| **Jul 21** | $22505 | $19804 | $23159 |
| **Jul 22** | $18363 | $18675 | $22061 |
| **Jul 23** | $19893 | $20631 | $24859 |
| **Jul 24** | $23702 | $23809 | $30222 |
| **Jul 25** | $22221 | $24589 | $34764 |

---

The chart above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter), assuming the reinvestment of distributions.

### Average Annual Total Return

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Fund NAV | -6.25% | 14.75% | 8.31% |
| S&P MidCap 400<sup>®</sup> Index | 3.27% | 12.79% | 9.41% |
| S&P Composite 1500<sup>®</sup> Index | 15.03% | 15.60% | 13.27% |

---

**Performance data quoted represents past performance and does not guarantee future results. Updated performance information is available on our website at www.profunds.com/fund_performance.com. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of fund shares.**

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $36277970 |
| Number of Holdings\* | 407 |
| Net Investment Advisory Fees | $277429 |
| Portfolio Turnover | 70% |

---

\* No. of Holdings excludes any derivatives and collateral for securities loaned.

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| Equity Securities | 68% |
| S&P MidCap 400 Swap Agreements | 89% |
| SPDR S&P MidCap 400 ETF Swap Agreements | 34% |
| E-mini S&P MidCap 400 Futures Contracts | 9% |
| **Total** | **200%** |

---

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments and instruments used for cash management.

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Industrials | 24% |
| Financials | 18% |
| Consumer Discretionary | 13% |
| Information Technology | 12% |
| Health Care | 8% |

---

###### Largest Equity Holdings

---

| | |
|:---|:---|
| **Holding** | **% of Net Assets** |
| Interactive Brokers Group, Inc. - Class A | 0.7% |
| EMCOR Group, Inc. | 0.6% |
| Comfort Systems USA, Inc. | 0.6% |
| Rb Global, Inc. | 0.5% |
| Casey's General Stores, Inc. | 0.5% |

---

"Standard & Poor's<sup>®</sup>", "S&P<sup>®</sup>", and "S&P MidCap 400 Index" are trademarks of Standard & Poor's Financial Services LLC ("S&P") and have been licensed for use by ProFunds. This Fund is not sponsored, licensed, sold or promoted by Standard & Poor's and Standard & Poor's makes no representation regarding the advisability of investing in ProFunds.

![Image](tm2510928d1_ncsrimg006.jpg)

![QR Code](tm2510928d1_ncsrimg127.jpg)

#### UltraMid-Cap ProFund
Service Class UMPSX

Annual Shareholder Report — July 31, 2025

Additional information about the Fund including the Financial Statements, Prospectus and Statement of Additional Information is available: On the Fund's website, www.profunds.com/shareholder-reports, or upon request, by calling 888-776-3637.

![Image](tm2510928d1_ncsrimg005.jpg)

# UltraNasdaq-100 ProFund

#### Investor Class UOPIX
Annual Shareholder Report — July 31, 2025

## Fund Overview
This Annual shareholder report contains important information about the UltraNasdaq-100 ProFund (the "Fund") for the period of August 1, 2024 to July 31, 2025. You can find additional information about the Fund at www.profunds.com/shareholder-reports. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor Class | $165 | 1.45% |

---

### How did the Fund perform last year?
**UltraNasdaq-100 ProFund** (the "Fund") seeks daily investment results, before fees and expenses, that correspond to two times (2x) of the daily performance of the Nasdaq-100<sup>®</sup> Index (the "Index").

The Fund invests in financial instruments that ProFund Advisors believes, in combination, should produce daily returns consistent with the Fund's investment objective.

For the year ended July 31, 2025, the Fund had an average daily statistical correlation of over 0.99 to twice that of the daily performance of the Index. For the same period, the Index had a total return of 20.83% and a volatility of 24.66%. The index performance was driven by strength in technology stocks and the rising demand of AI.

Primary factors affecting Fund performance include the total return of the securities and derivatives held by the Fund, the performance of the reference assets to which the derivatives are linked, financing rates paid or earned, expenses, transaction costs, the volatility of the Fund's Index, the impact of compounding, and other miscellaneous factors.

#### Total Return Based on a $10,000 Investment

##### Cumulative performance: August 1, 2015 through July 31, 2025
![30](tm2510928d1_ncsrimg063.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Fund** | **Nasdaq-100<sup>®</sup> Index** | **Nasdaq Composite Index** |
| **Jul 15** | $10000 | $10000 | $10000 |
| **Jul 16** | $10200 | $10441 | $10192 |
| **Jul 17** | $15448 | $13137 | $12680 |
| **Jul 18** | $22260 | $16329 | $15486 |
| **Jul 19** | $24356 | $17919 | $16685 |
| **Jul 20** | $40825 | $25153 | $22156 |
| **Jul 21** | $72055 | $34758 | $30471 |
| **Jul 22** | $49062 | $30309 | $25914 |
| **Jul 23** | $65051 | $37211 | $30272 |
| **Jul 24** | $89793 | $46115 | $37423 |
| **Jul 25** | $114785 | $55719 | $45228 |

---

The chart above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter), assuming the reinvestment of distributions.

### Average Annual Total Return

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Fund NAV | 27.83% | 22.97% | 27.64% |
| Nasdaq-100<sup>®</sup> Index | 20.83% | 17.24% | 18.74% |
| Nasdaq Composite Index | 20.85% | 15.34% | 16.29% |

---

**Performance data quoted represents past performance and does not guarantee future results. Updated performance information is available on our website at www.profunds.com/fund_performance.com. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of fund shares.**

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $1188790426 |
| Number of Holdings\* | 107 |
| Net Investment Advisory Fees | $7600473 |
| Portfolio Turnover | 52% |

---

\* No. of Holdings excludes any derivatives and collateral for securities loaned.

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| Equity Securities | 74% |
| Invesco QQQ Trust, Series 1 ETF Swap Agreements | 29% |
| Nasdaq-100 Index Swap Agreements | 90% |
| E-mini Nasdaq-100 Index Futures Contracts | 7% |
| **Total** | **200%** |

---

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments and instruments used for cash management.

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Information Technology | 54% |
| Communication Services | 15% |
| Consumer Discretionary | 13% |
| Consumer Staples | 5% |
| Industrials | 5% |

---

###### Largest Equity Holdings

---

| | |
|:---|:---|
| **Holding** | **% of Net Assets** |
| NVIDIA Corp. | 7.4% |
| Microsoft Corp. | 6.8% |
| Apple, Inc. | 5.3% |
| Amazon.com, Inc. | 4.3% |
| Broadcom, Inc. | 3.9% |

---

"QQQ<sup>®</sup>", "Nasdaq-100 Index<sup>®</sup>" and "Nasdaq-100<sup>®</sup>" are registered trademarks of The Nasdaq OMX Group Inc. and have been licensed for use by ProFunds. This Fund is not sponsored, endorsed, sold or promoted by The Nasdaq OMX Group Inc. and The Nasdaq OMX Group Inc. makes no representation regarding the advisability of investing in ProFunds.

![Image](tm2510928d1_ncsrimg006.jpg)

![QR Code](tm2510928d1_ncsrimg127.jpg)

#### UltraNasdaq-100 ProFund
Investor Class UOPIX

Annual Shareholder Report — July 31, 2025

Additional information about the Fund including the Financial Statements, Prospectus and Statement of Additional Information is available: On the Fund's website, www.profunds.com/shareholder-reports, or upon request, by calling 888-776-3637.

![Image](tm2510928d1_ncsrimg005.jpg)

#### Service Class UOPSX
Annual Shareholder Report — July 31, 2025

## Fund Overview
This Annual shareholder report contains important information about the UltraNasdaq-100 ProFund (the "Fund") for the period of August 1, 2024 to July 31, 2025. You can find additional information about the Fund at www.profunds.com/shareholder-reports. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Service Class | $276 | 2.44% |

---

### How did the Fund perform last year?
**UltraNasdaq-100 ProFund** (the "Fund") seeks daily investment results, before fees and expenses, that correspond to two times (2x) of the daily performance of the Nasdaq-100<sup>®</sup> Index (the "Index").

The Fund invests in financial instruments that ProFund Advisors believes, in combination, should produce daily returns consistent with the Fund's investment objective.

For the year ended July 31, 2025, the Fund had an average daily statistical correlation of over 0.99 to twice that of the daily performance of the Index. For the same period, the Index had a total return of 20.83% and a volatility of 24.66%. The index performance was driven by strength in technology stocks and the rising demand of AI.

Primary factors affecting Fund performance include the total return of the securities and derivatives held by the Fund, the performance of the reference assets to which the derivatives are linked, financing rates paid or earned, expenses, transaction costs, the volatility of the Fund's Index, the impact of compounding, and other miscellaneous factors.

#### Total Return Based on a $10,000 Investment

##### Cumulative performance: August 1, 2015 through July 31, 2025
![30](tm2510928d1_ncsrimg100.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Fund** | **Nasdaq-100<sup>®</sup> Index** | **Nasdaq Composite Index** |
| **Jul 15** | $10000 | $10000 | $10000 |
| **Jul 16** | $10097 | $10441 | $10192 |
| **Jul 17** | $15140 | $13137 | $12680 |
| **Jul 18** | $21598 | $16329 | $15486 |
| **Jul 19** | $23396 | $17919 | $16685 |
| **Jul 20** | $38826 | $25153 | $22156 |
| **Jul 21** | $67859 | $34758 | $30471 |
| **Jul 22** | $45740 | $30309 | $25914 |
| **Jul 23** | $60032 | $37211 | $30272 |
| **Jul 24** | $82041 | $46115 | $37423 |
| **Jul 25** | $103837 | $55719 | $45228 |

---

The chart above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter), assuming the reinvestment of distributions.

### Average Annual Total Return

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Fund NAV | 26.57% | 21.74% | 26.37% |
| Nasdaq-100<sup>®</sup> Index | 20.83% | 17.24% | 18.74% |
| Nasdaq Composite Index | 20.85% | 15.34% | 16.29% |

---

**Performance data quoted represents past performance and does not guarantee future results. Updated performance information is available on our website at www.profunds.com/fund_performance.com. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of fund shares.**

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $1188790426 |
| Number of Holdings\* | 107 |
| Net Investment Advisory Fees | $7600473 |
| Portfolio Turnover | 52% |

---

\* No. of Holdings excludes any derivatives and collateral for securities loaned.

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| Equity Securities | 74% |
| Invesco QQQ Trust, Series 1 ETF Swap Agreements | 29% |
| Nasdaq-100 Index Swap Agreements | 90% |
| E-mini Nasdaq-100 Index Futures Contracts | 7% |
| **Total** | **200%** |

---

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments and instruments used for cash management.

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Information Technology | 54% |
| Communication Services | 15% |
| Consumer Discretionary | 13% |
| Consumer Staples | 5% |
| Industrials | 5% |

---

###### Largest Equity Holdings

---

| | |
|:---|:---|
| **Holding** | **% of Net Assets** |
| NVIDIA Corp. | 7.4% |
| Microsoft Corp. | 6.8% |
| Apple, Inc. | 5.3% |
| Amazon.com, Inc. | 4.3% |
| Broadcom, Inc. | 3.9% |

---

"QQQ<sup>®</sup>", "Nasdaq-100 Index<sup>®</sup>" and "Nasdaq-100<sup>®</sup>" are registered trademarks of The Nasdaq OMX Group Inc. and have been licensed for use by ProFunds. This Fund is not sponsored, endorsed, sold or promoted by The Nasdaq OMX Group Inc. and The Nasdaq OMX Group Inc. makes no representation regarding the advisability of investing in ProFunds.

![Image](tm2510928d1_ncsrimg006.jpg)

![QR Code](tm2510928d1_ncsrimg127.jpg)

#### UltraNasdaq-100 ProFund
Service Class UOPSX

Annual Shareholder Report — July 31, 2025

Additional information about the Fund including the Financial Statements, Prospectus and Statement of Additional Information is available: On the Fund's website, www.profunds.com/shareholder-reports, or upon request, by calling 888-776-3637.

![Image](tm2510928d1_ncsrimg005.jpg)

# UltraShort China ProFund

#### Investor Class UHPIX
Annual Shareholder Report — July 31, 2025

## Fund Overview
This Annual shareholder report contains important information about the UltraShort China ProFund (the "Fund") for the period of August 1, 2024 to July 31, 2025. You can find additional information about the Fund at www.profunds.com/shareholder-reports. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor Class | $125 | 1.78% |

---

### How did the Fund perform last year?
**UltraShort China ProFund** (the "Fund") seeks daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the S&P China Select ADR Index (USD) (the "Index").

The Fund invests in financial instruments that ProFund Advisors believes, in combination, should produce daily returns consistent with the Fund's investment objective.

For the year ended July 31, 2025, the Fund had an average daily statistical correlation of over 0.99 to twice the inverse of the daily performance of the Index. For the same period, the Index had a total return of 29.03% and a volatility of 39.43%. The index performance was driven by strong economic growth and low inflation.

Primary factors affecting Fund performance include the total return of the derivatives held by the Fund, the performance of the reference assets to which the derivatives are linked, financing rates paid or earned, the types of derivative contracts used (and their correlation to the Index), expenses, transaction costs, the volatility of the Fund's Index, the impact of compounding, and other miscellaneous factors.

#### Total Return Based on a $10,000 Investment

##### Cumulative performance: August 1, 2015 through July 31, 2025
![30](tm2510928d1_ncsrimg077.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Fund** | **S&P China Select ADR Index (USD)** | **S&P Global 1200 Index** |
| **Jul 15** | $10000 | $10000 | $9999 |
| **Jul 16** | $8910 | $9329 | $10075 |
| **Jul 17** | $4290 | $12813 | $11851 |
| **Jul 18** | $3232 | $13923 | $13297 |
| **Jul 19** | $3735 | $11814 | $13808 |
| **Jul 20** | $1602 | $15543 | $14881 |
| **Jul 21** | $1418 | $13688 | $20007 |
| **Jul 22** | $1007 | $8740 | $18395 |
| **Jul 23** | $434 | $10219 | $20973 |
| **Jul 24** | $583 | $8300 | $24918 |
| **Jul 25** | $238 | $10709 | $28888 |

---

The chart above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter), assuming the reinvestment of distributions.

### Average Annual Total Return

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Fund NAV | -59.24% | -31.73% | -31.20% |
| S&P China Select ADR Index (USD) | 29.03% | -7.18% | 0.69% |
| S&P Global 1200 Index | 15.95% | 14.19% | 11.19% |

---

**Performance data quoted represents past performance and does not guarantee future results. Updated performance information is available on our website at www.profunds.com/fund_performance.com. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of fund shares.**

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $1695842 |
| Number of Holdings\* | 6 |
| Net Investment Advisory Fees | $0 |
| Portfolio Turnover | 0% |

---

\* No. of Holdings excludes any derivatives and collateral for securities loaned.

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| S&P China Select ADR Index (USD) Swap Agreements | (201)% |
| **Total** | **(201)%** |

---

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments and instruments used for cash management.

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Consumer Discretionary | 60% |
| Communication Services | 19% |
| Health Care | 7% |
| Industrials | 5% |
| Real Estate | 4% |

---

###### Holdings
The UltraShort China ProFund primarily invests in non-equity securities, which may include: swap agreements, futures contracts, repurchase agreements and U.S. Government securities.

"Standard & Poor's<sup>®</sup>", "S&P<sup>®</sup>" and "S&P China Select ADR Index" are trademarks of Standard & Poor's Financial Services LLC ("S&P") and have been licensed for use by ProFunds. This Fund is not sponsored, licensed, sold or promoted by Standard & Poor's and Standard & Poor's makes no representation regarding the advisability of investing in ProFunds.

![Image](tm2510928d1_ncsrimg006.jpg)

![QR Code](tm2510928d1_ncsrimg127.jpg)

#### UltraShort China ProFund
Investor Class UHPIX

Annual Shareholder Report — July 31, 2025

Additional information about the Fund including the Financial Statements, Prospectus and Statement of Additional Information is available: On the Fund's website, www.profunds.com/shareholder-reports, or upon request, by calling 888-776-3637.

![Image](tm2510928d1_ncsrimg005.jpg)

#### Service Class UHPSX
Annual Shareholder Report — July 31, 2025

## Fund Overview
This Annual shareholder report contains important information about the UltraShort China ProFund (the "Fund") for the period of August 1, 2024 to July 31, 2025. You can find additional information about the Fund at www.profunds.com/shareholder-reports. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Service Class | $195 | 2.78% |

---

### How did the Fund perform last year?
**UltraShort China ProFund** (the "Fund") seeks daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the S&P China Select ADR Index (USD) (the "Index").

The Fund invests in financial instruments that ProFund Advisors believes, in combination, should produce daily returns consistent with the Fund's investment objective.

For the year ended July 31, 2025, the Fund had an average daily statistical correlation of over 0.99 to twice the inverse of the daily performance of the Index. For the same period, the Index had a total return of 29.03% and a volatility of 39.43%. The index performance was driven by strong economic growth and low inflation.

Primary factors affecting Fund performance include the total return of the derivatives held by the Fund, the performance of the reference assets to which the derivatives are linked, financing rates paid or earned, the types of derivative contracts used (and their correlation to the Index), expenses, transaction costs, the volatility of the Fund's Index, the impact of compounding, and other miscellaneous factors.

#### Total Return Based on a $10,000 Investment

##### Cumulative performance: August 1, 2015 through July 31, 2025
![30](tm2510928d1_ncsrimg075.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Fund** | **S&P China Select ADR Index (USD)** | **S&P Global 1200 Index** |
| **Jul 15** | $10000 | $10000 | $9999 |
| **Jul 16** | $8821 | $9329 | $10075 |
| **Jul 17** | $4206 | $12813 | $11851 |
| **Jul 18** | $3137 | $13923 | $13297 |
| **Jul 19** | $3589 | $11814 | $13808 |
| **Jul 20** | $1524 | $15543 | $14881 |
| **Jul 21** | $1334 | $13688 | $20007 |
| **Jul 22** | $939 | $8740 | $18395 |
| **Jul 23** | $404 | $10219 | $20973 |
| **Jul 24** | $536 | $8300 | $24918 |
| **Jul 25** | $217 | $10709 | $28888 |

---

The chart above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter), assuming the reinvestment of distributions.

### Average Annual Total Return

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Fund NAV | -59.57% | -32.30% | -31.83% |
| S&P China Select ADR Index (USD) | 29.03% | -7.18% | 0.69% |
| S&P Global 1200 Index | 15.95% | 14.19% | 11.19% |

---

**Performance data quoted represents past performance and does not guarantee future results. Updated performance information is available on our website at www.profunds.com/fund_performance.com. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of fund shares.**

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $1695842 |
| Number of Holdings\* | 6 |
| Net Investment Advisory Fees | $0 |
| Portfolio Turnover | 0% |

---

\* No. of Holdings excludes any derivatives and collateral for securities loaned.

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| S&P China Select ADR Index (USD) Swap Agreements | (201)% |
| **Total** | **(201)%** |

---

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments and instruments used for cash management.

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Consumer Discretionary | 60% |
| Communication Services | 19% |
| Health Care | 7% |
| Industrials | 5% |
| Real Estate | 4% |

---

###### Holdings
The UltraShort China ProFund primarily invests in non-equity securities, which may include: swap agreements, futures contracts, repurchase agreements and U.S. Government securities.

"Standard & Poor's<sup>®</sup>", "S&P<sup>®</sup>" and "S&P China Select ADR Index" are trademarks of Standard & Poor's Financial Services LLC ("S&P") and have been licensed for use by ProFunds. This Fund is not sponsored, licensed, sold or promoted by Standard & Poor's and Standard & Poor's makes no representation regarding the advisability of investing in ProFunds.

![Image](tm2510928d1_ncsrimg006.jpg)

![QR Code](tm2510928d1_ncsrimg127.jpg)

#### UltraShort China ProFund
Service Class UHPSX

Annual Shareholder Report — July 31, 2025

Additional information about the Fund including the Financial Statements, Prospectus and Statement of Additional Information is available: On the Fund's website, www.profunds.com/shareholder-reports, or upon request, by calling 888-776-3637.

![Image](tm2510928d1_ncsrimg005.jpg)

# UltraShort Dow 30 ProFund

#### Investor Class UWPIX
Annual Shareholder Report — July 31, 2025

## Fund Overview
This Annual shareholder report contains important information about the UltraShort Dow 30 ProFund (the "Fund") for the period of August 1, 2024 to July 31, 2025. You can find additional information about the Fund at www.profunds.com/shareholder-reports. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor Class | $164 | 1.78% |

---

### How did the Fund perform last year?
**UltraShort Dow 30 ProFund** (the "Fund") seeks daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the Dow Jones Industrial Average<sup>SM</sup> (the "Index").

The Fund invests in financial instruments that ProFund Advisors believes, in combination, should produce daily returns consistent with the Fund's investment objective.

For the year ended July 31, 2025, the Fund had an average daily statistical correlation of over 0.99 to twice the inverse of the daily performance of the Index. For the same period, the Index had a total return of 9.95% and a volatility of 17.30%. The index performance was driven by smaller exposure to technology stocks which muted performance compared to the S&P 500<sup>®</sup>Index.

Primary factors affecting Fund performance include the total return of the derivatives held by the Fund, the performance of the reference assets to which the derivatives are linked, financing rates paid or earned, the types of derivative contracts used (and their correlation to the Index), expenses, transaction costs, the volatility of the Fund's Index, the impact of compounding, and other miscellaneous factors.

#### Total Return Based on a $10,000 Investment

##### Cumulative performance: August 1, 2015 through July 31, 2025
![30](tm2510928d1_ncsrimg092.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Fund** | **Dow Jones Industrial Average℠** | **S&P 500<sup>®</sup> Index** |
| **Jul 15** | $10000 | $10000 | $10000 |
| **Jul 16** | $7967 | $10701 | $10561 |
| **Jul 17** | $5291 | $13035 | $12256 |
| **Jul 18** | $3642 | $15479 | $14246 |
| **Jul 19** | $3057 | $16751 | $15384 |
| **Jul 20** | $2042 | $16890 | $17223 |
| **Jul 21** | $1042 | $22766 | $23500 |
| **Jul 22** | $1038 | $21825 | $22410 |
| **Jul 23** | $871 | $24142 | $25327 |
| **Jul 24** | $710 | $28300 | $30936 |
| **Jul 25** | $595 | $31114 | $35989 |

---

The chart above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter), assuming the reinvestment of distributions.

### Average Annual Total Return

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Fund NAV | -16.29% | -21.86% | -24.59% |
| Dow Jones Industrial Average℠ | 9.95% | 13.00% | 12.02% |
| S&P 500<sup>®</sup> Index | 16.33% | 15.88% | 13.66% |

---

**Performance data quoted represents past performance and does not guarantee future results. Updated performance information is available on our website at www.profunds.com/fund_performance.com. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of fund shares.**

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $1702395 |
| Number of Holdings\* | 6 |
| Net Investment Advisory Fees | $0 |
| Portfolio Turnover | 0% |

---

\* No. of Holdings excludes any derivatives and collateral for securities loaned.

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| Dow Jones Industrial Average Swap Agreements | (199)% |
| **Total** | **(199)%** |

---

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments and instruments used for cash management.

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Financials | 27% |
| Information Technology | 21% |
| Industrials | 14% |
| Consumer Discretionary | 14% |
| Health Care | 11% |

---

###### Holdings
The UltraShort Dow 30 ProFund primarily invests in non-equity securities, which may include: swap agreements, futures contracts, repurchase agreements and U.S. Government securities.

"The Dow 30 " and "Dow Jones Industrial Average" are products of "Dow Jones Indexes", the marketing name and a licensed trademark of CME Group Index Services LLC ("CME Indexes"). "Dow Jones ", "DJ", "Dow Jones Indexes", "The Dow 30" and "Dow Jones Industrial Average" are service marks of Dow Jones Trademark Holdings, LLC ("Dow Jones") and have been licensed to CME Indexes and sublicensed to ProFunds. ProFunds have not been passed on by CME Indexes or Dow Jones as to their legality or suitability. ProFunds based on The Dow 30 are not sponsored, endorsed, sold or promoted by CME Indexes or Dow Jones, and they make no representation regarding the advisability of investing in ProFunds.

![Image](tm2510928d1_ncsrimg006.jpg)

![QR Code](tm2510928d1_ncsrimg127.jpg)

#### UltraShort Dow 30 ProFund
Investor Class UWPIX

Annual Shareholder Report — July 31, 2025

Additional information about the Fund including the Financial Statements, Prospectus and Statement of Additional Information is available: On the Fund's website, www.profunds.com/shareholder-reports, or upon request, by calling 888-776-3637.

![Image](tm2510928d1_ncsrimg005.jpg)

#### Service Class UWPSX
Annual Shareholder Report — July 31, 2025

## Fund Overview
This Annual shareholder report contains important information about the UltraShort Dow 30 ProFund (the "Fund") for the period of August 1, 2024 to July 31, 2025. You can find additional information about the Fund at www.profunds.com/shareholder-reports. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Service Class | $254 | 2.78% |

---

### How did the Fund perform last year?
**UltraShort Dow 30 ProFund** (the "Fund") seeks daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the Dow Jones Industrial Average<sup>SM</sup> (the "Index").

The Fund invests in financial instruments that ProFund Advisors believes, in combination, should produce daily returns consistent with the Fund's investment objective.

For the year ended July 31, 2025, the Fund had an average daily statistical correlation of over 0.99 to twice the inverse of the daily performance of the Index. For the same period, the Index had a total return of 9.95% and a volatility of 17.30%. The index performance was driven by smaller exposure to technology stocks which muted performance compared to the S&P 500<sup>®</sup>Index.

Primary factors affecting Fund performance include the total return of the derivatives held by the Fund, the performance of the reference assets to which the derivatives are linked, financing rates paid or earned, the types of derivative contracts used (and their correlation to the Index), expenses, transaction costs, the volatility of the Fund's Index, the impact of compounding, and other miscellaneous factors.

#### Total Return Based on a $10,000 Investment

##### Cumulative performance: August 1, 2015 through July 31, 2025
![30](tm2510928d1_ncsrimg058.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Fund** | **Dow Jones Industrial Average℠** | **S&P 500<sup>®</sup> Index** |
| **Jul 15** | $10000 | $10000 | $10000 |
| **Jul 16** | $7891 | $10701 | $10561 |
| **Jul 17** | $5182 | $13035 | $12256 |
| **Jul 18** | $3533 | $15479 | $14246 |
| **Jul 19** | $2935 | $16751 | $15384 |
| **Jul 20** | $1940 | $16890 | $17223 |
| **Jul 21** | $981 | $22766 | $23500 |
| **Jul 22** | $968 | $21825 | $22410 |
| **Jul 23** | $806 | $24142 | $25327 |
| **Jul 24** | $651 | $28300 | $30936 |
| **Jul 25** | $539 | $31114 | $35989 |

---

The chart above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter), assuming the reinvestment of distributions.

### Average Annual Total Return

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Fund NAV | -17.22% | -22.60% | -25.33% |
| Dow Jones Industrial Average℠ | 9.95% | 13.00% | 12.02% |
| S&P 500<sup>®</sup> Index | 16.33% | 15.88% | 13.66% |

---

**Performance data quoted represents past performance and does not guarantee future results. Updated performance information is available on our website at www.profunds.com/fund_performance.com. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of fund shares.**

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $1702395 |
| Number of Holdings\* | 6 |
| Net Investment Advisory Fees | $0 |
| Portfolio Turnover | 0% |

---

\* No. of Holdings excludes any derivatives and collateral for securities loaned.

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| Dow Jones Industrial Average Swap Agreements | (199)% |
| **Total** | **(199)%** |

---

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments and instruments used for cash management.

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Financials | 27% |
| Information Technology | 21% |
| Industrials | 14% |
| Consumer Discretionary | 14% |
| Health Care | 11% |

---

###### Holdings
The UltraShort Dow 30 ProFund primarily invests in non-equity securities, which may include: swap agreements, futures contracts, repurchase agreements and U.S. Government securities.

"The Dow 30 " and "Dow Jones Industrial Average" are products of "Dow Jones Indexes", the marketing name and a licensed trademark of CME Group Index Services LLC ("CME Indexes"). "Dow Jones ", "DJ", "Dow Jones Indexes", "The Dow 30" and "Dow Jones Industrial Average" are service marks of Dow Jones Trademark Holdings, LLC ("Dow Jones") and have been licensed to CME Indexes and sublicensed to ProFunds. ProFunds have not been passed on by CME Indexes or Dow Jones as to their legality or suitability. ProFunds based on The Dow 30 are not sponsored, endorsed, sold or promoted by CME Indexes or Dow Jones, and they make no representation regarding the advisability of investing in ProFunds.

![Image](tm2510928d1_ncsrimg006.jpg)

![QR Code](tm2510928d1_ncsrimg127.jpg)

#### UltraShort Dow 30 ProFund
Service Class UWPSX

Annual Shareholder Report — July 31, 2025

Additional information about the Fund including the Financial Statements, Prospectus and Statement of Additional Information is available: On the Fund's website, www.profunds.com/shareholder-reports, or upon request, by calling 888-776-3637.

![Image](tm2510928d1_ncsrimg005.jpg)

# UltraShort Emerging Markets ProFund

#### Investor Class UVPIX
Annual Shareholder Report — July 31, 2025

## Fund Overview
This Annual shareholder report contains important information about the UltraShort Emerging Markets ProFund (the "Fund") for the period of August 1, 2024 to July 31, 2025. You can find additional information about the Fund at www.profunds.com/shareholder-reports. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor Class | $144 | 1.78% |

---

### How did the Fund perform last year?
**UltraShort Emerging Markets ProFund** (the "Fund") seeks daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the S&P Emerging 50 ADR Index (USD) (the "Index").

The Fund invests in financial instruments that ProFund Advisors believes, in combination, should produce daily returns consistent with the Fund's investment objective.

For the year ended July 31, 2025, the Fund had an average daily statistical correlation of over 0.99 to twice the inverse of the daily performance of the Index. For the same period, the Index had a total return of 24.32% and a volatility of 23.56%. The index performance was driven by rising commodity prices that helped drive emerging markets equity performance.

Primary factors affecting Fund performance include the total return of the derivatives held by the Fund, the performance of the reference assets to which the derivatives are linked, financing rates paid or earned, the types of derivative contracts used (and their correlation to the Index), expenses, transaction costs, the volatility of the Fund's Index, the impact of compounding, and other miscellaneous factors.

#### Total Return Based on a $10,000 Investment

##### Cumulative performance: August 1, 2015 through July 31, 2025
![30](tm2510928d1_ncsrimg008.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Fund** | **S&P<sup>®</sup> Emerging 50 ADR Index (USD)** | **S&P Global 1200 Index** |
| **Jul 15** | $10000 | $10000 | $9999 |
| **Jul 16** | $7763 | $10306 | $10075 |
| **Jul 17** | $4322 | $13255 | $11851 |
| **Jul 18** | $3660 | $13867 | $13297 |
| **Jul 19** | $3765 | $13140 | $13808 |
| **Jul 20** | $1972 | $15461 | $14881 |
| **Jul 21** | $1158 | $18214 | $20007 |
| **Jul 22** | $1445 | $14012 | $18395 |
| **Jul 23** | $980 | $16219 | $20973 |
| **Jul 24** | $898 | $17152 | $24918 |
| **Jul 25** | $556 | $21324 | $28888 |

---

The chart above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter), assuming the reinvestment of distributions.

### Average Annual Total Return

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Fund NAV | -38.16% | -22.38% | -25.10% |
| S&P<sup>®</sup> Emerging 50 ADR Index (USD) | 24.32% | 6.64% | 7.87% |
| S&P Global 1200 Index | 15.95% | 14.19% | 11.19% |

---

**Performance data quoted represents past performance and does not guarantee future results. Updated performance information is available on our website at www.profunds.com/fund_performance.com. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of fund shares.**

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $840554 |
| Number of Holdings\* | 6 |
| Net Investment Advisory Fees | $0 |
| Portfolio Turnover | 0% |

---

\* No. of Holdings excludes any derivatives and collateral for securities loaned.

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| S&P Emerging 50 ADR Index (USD) Swap Agreements | (201)% |
| **Total** | **(201)%** |

---

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments and instruments used for cash management.

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Information Technology | 28% |
| Consumer Discretionary | 27% |
| Financials | 20% |
| Communication Services | 8% |
| Materials | 6% |

---

###### Holdings
The UltraShort Emerging Markets ProFund primarily invests in non-equity securities, which may include: swap agreements, futures contracts, repurchase agreements and U.S. Government securities.

"Standard & Poor's<sup>®</sup>", "S&P<sup>®</sup>" and "S&P Emerging 50 ADR Index" are trademarks of Standard & Poor's Financial Services LLC ("S&P") and have been licensed for use by ProFunds. This Fund is not sponsored, licensed, sold or promoted by Standard & Poor's and Standard & Poor's makes no representation regarding the advisability of investing in ProFunds.

![Image](tm2510928d1_ncsrimg006.jpg)

![QR Code](tm2510928d1_ncsrimg127.jpg)

#### UltraShort Emerging Markets ProFund
Investor Class UVPIX

Annual Shareholder Report — July 31, 2025

Additional information about the Fund including the Financial Statements, Prospectus and Statement of Additional Information is available: On the Fund's website, www.profunds.com/shareholder-reports, or upon request, by calling 888-776-3637.

![Image](tm2510928d1_ncsrimg005.jpg)

#### Service Class UVPSX
Annual Shareholder Report — July 31, 2025

## Fund Overview
This Annual shareholder report contains important information about the UltraShort Emerging Markets ProFund (the "Fund") for the period of August 1, 2024 to July 31, 2025. You can find additional information about the Fund at www.profunds.com/shareholder-reports. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Service Class | $224 | 2.78% |

---

### How did the Fund perform last year?
**UltraShort Emerging Markets ProFund** (the "Fund") seeks daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the S&P Emerging 50 ADR Index (USD) (the "Index").

The Fund invests in financial instruments that ProFund Advisors believes, in combination, should produce daily returns consistent with the Fund's investment objective.

For the year ended July 31, 2025, the Fund had an average daily statistical correlation of over 0.99 to twice the inverse of the daily performance of the Index. For the same period, the Index had a total return of 24.32% and a volatility of 23.56%. The index performance was driven by rising commodity prices that helped drive emerging markets equity performance.

Primary factors affecting Fund performance include the total return of the derivatives held by the Fund, the performance of the reference assets to which the derivatives are linked, financing rates paid or earned, the types of derivative contracts used (and their correlation to the Index), expenses, transaction costs, the volatility of the Fund's Index, the impact of compounding, and other miscellaneous factors.

#### Total Return Based on a $10,000 Investment

##### Cumulative performance: August 1, 2015 through July 31, 2025
![30](tm2510928d1_ncsrimg028.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Fund** | **S&P<sup>®</sup> Emerging 50 ADR Index (USD)** | **S&P Global 1200 Index** |
| **Jul 15** | $10000 | $10000 | $9999 |
| **Jul 16** | $7683 | $10306 | $10075 |
| **Jul 17** | $4238 | $13255 | $11851 |
| **Jul 18** | $3555 | $13867 | $13297 |
| **Jul 19** | $3620 | $13140 | $13808 |
| **Jul 20** | $1879 | $15461 | $14881 |
| **Jul 21** | $1092 | $18214 | $20007 |
| **Jul 22** | $1349 | $14012 | $18395 |
| **Jul 23** | $906 | $16219 | $20973 |
| **Jul 24** | $822 | $17152 | $24918 |
| **Jul 25** | $502 | $21324 | $28888 |

---

The chart above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter), assuming the reinvestment of distributions.

### Average Annual Total Return

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Fund NAV | -38.93% | -23.21% | -25.86% |
| S&P<sup>®</sup> Emerging 50 ADR Index (USD) | 24.32% | 6.64% | 7.87% |
| S&P Global 1200 Index | 15.95% | 14.19% | 11.19% |

---

**Performance data quoted represents past performance and does not guarantee future results. Updated performance information is available on our website at www.profunds.com/fund_performance.com. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of fund shares.**

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $840554 |
| Number of Holdings\* | 6 |
| Net Investment Advisory Fees | $0 |
| Portfolio Turnover | 0% |

---

\* No. of Holdings excludes any derivatives and collateral for securities loaned.

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| S&P Emerging 50 ADR Index (USD) Swap Agreements | (201)% |
| **Total** | **(201)%** |

---

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments and instruments used for cash management.

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Information Technology | 28% |
| Consumer Discretionary | 27% |
| Financials | 20% |
| Communication Services | 8% |
| Materials | 6% |

---

###### Holdings
The UltraShort Emerging Markets ProFund primarily invests in non-equity securities, which may include: swap agreements, futures contracts, repurchase agreements and U.S. Government securities.

"Standard & Poor's<sup>®</sup>", "S&P<sup>®</sup>" and "S&P Emerging 50 ADR Index" are trademarks of Standard & Poor's Financial Services LLC ("S&P") and have been licensed for use by ProFunds. This Fund is not sponsored, licensed, sold or promoted by Standard & Poor's and Standard & Poor's makes no representation regarding the advisability of investing in ProFunds.

![Image](tm2510928d1_ncsrimg006.jpg)

![QR Code](tm2510928d1_ncsrimg127.jpg)

#### UltraShort Emerging Markets ProFund
Service Class UVPSX

Annual Shareholder Report — July 31, 2025

Additional information about the Fund including the Financial Statements, Prospectus and Statement of Additional Information is available: On the Fund's website, www.profunds.com/shareholder-reports, or upon request, by calling 888-776-3637.

![Image](tm2510928d1_ncsrimg005.jpg)

# UltraShort International ProFund

#### Investor Class UXPIX
Annual Shareholder Report — July 31, 2025

## Fund Overview
This Annual shareholder report contains important information about the UltraShort International ProFund (the "Fund") for the period of August 1, 2024 to July 31, 2025. You can find additional information about the Fund at www.profunds.com/shareholder-reports. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor Class | $161 | 1.78% |

---

### How did the Fund perform last year?
**UltraShort International ProFund** (the "Fund") seeks daily 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").

The Fund invests in financial instruments that ProFund Advisors believes, in combination, should produce daily returns consistent with the Fund's investment objective.

For the year ended July 31, 2025, the Fund had an average daily statistical correlation of over 0.99 to twice the inverse of the daily performance of the U.S.-traded MSCI EAFE futures contract. For the same period, the Index had a total return of 12.77% and a volatility of 16.65%. The index performance was driven by optimism around European expansionary fiscal policy.

Primary factors affecting Fund performance include the total return of the derivatives held by the Fund, the performance of the reference assets to which the derivatives are linked, financing rates paid or earned, the types of derivative contracts used (and their correlation to the Index), expenses, transaction costs, the volatility of the Fund's Index, the impact of compounding, and other miscellaneous factors.

#### Total Return Based on a $10,000 Investment

##### Cumulative performance: August 1, 2015 through July 31, 2025
![30](tm2510928d1_ncsrimg032.jpg)

---

| | | |
|:---|:---|:---|
| | **Fund** | **MSCI EAFE Index** |
| **Jul 15** | $10000 | $10000 |
| **Jul 16** | $10088 | $9247 |
| **Jul 17** | $6920 | $10890 |
| **Jul 18** | $6007 | $11587 |
| **Jul 19** | $6305 | $11286 |
| **Jul 20** | $4939 | $11097 |
| **Jul 21** | $2627 | $14460 |
| **Jul 22** | $3113 | $12390 |
| **Jul 23** | $2317 | $14471 |
| **Jul 24** | $2057 | $16093 |
| **Jul 25** | $1670 | $18148 |

---

The chart above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter), assuming the reinvestment of distributions.

### Average Annual Total Return

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Fund NAV | -18.80% | -19.49% | -16.39% |
| MSCI EAFE Index | 12.77% | 10.34% | 6.14% |

---

**Performance data quoted represents past performance and does not guarantee future results. Updated performance information is available on our website at www.profunds.com/fund_performance.com. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of fund shares.**

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $2035442 |
| Number of Holdings\* | 6 |
| Net Investment Advisory Fees | $2729 |
| Portfolio Turnover | 0% |

---

\* No. of Holdings excludes any derivatives and collateral for securities loaned.

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| MSCI EAFE Index Swap Agreements | (200)% |
| **Total** | **(200)%** |

---

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments and instruments used for cash management.

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Financials | 25% |
| Industrials | 19% |
| Health Care | 11% |
| Consumer Discretionary | 10% |
| Information Technology | 8% |

---

###### Holdings
The UltraShort International ProFund primarily invests in non-equity securities, which may include: swap agreements, futures contracts, repurchase agreements and U.S. Government securities.

"MSCI" and "EAFE" are service marks of MSCI and have been licensed for use by ProFunds. This Fund is not sponsored, endorsed, sold or promoted by MSCI and MSCI makes no representation regarding the advisability of investing in ProFunds.

![Image](tm2510928d1_ncsrimg006.jpg)

![QR Code](tm2510928d1_ncsrimg127.jpg)

#### UltraShort International ProFund
Investor Class UXPIX

Annual Shareholder Report — July 31, 2025

Additional information about the Fund including the Financial Statements, Prospectus and Statement of Additional Information is available: On the Fund's website, www.profunds.com/shareholder-reports, or upon request, by calling 888-776-3637.

![Image](tm2510928d1_ncsrimg005.jpg)

#### Service Class UXPSX
Annual Shareholder Report — July 31, 2025

## Fund Overview
This Annual shareholder report contains important information about the UltraShort International ProFund (the "Fund") for the period of August 1, 2024 to July 31, 2025. You can find additional information about the Fund at www.profunds.com/shareholder-reports. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Service Class | $251 | 2.77% |

---

### How did the Fund perform last year?
**UltraShort International ProFund** (the "Fund") seeks daily 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").

The Fund invests in financial instruments that ProFund Advisors believes, in combination, should produce daily returns consistent with the Fund's investment objective.

For the year ended July 31, 2025, the Fund had an average daily statistical correlation of over 0.99 to twice the inverse of the daily performance of the U.S.-traded MSCI EAFE futures contract. For the same period, the Index had a total return of 12.77% and a volatility of 16.65%. The index performance was driven by optimism around European expansionary fiscal policy.

Primary factors affecting Fund performance include the total return of the derivatives held by the Fund, the performance of the reference assets to which the derivatives are linked, financing rates paid or earned, the types of derivative contracts used (and their correlation to the Index), expenses, transaction costs, the volatility of the Fund's Index, the impact of compounding, and other miscellaneous factors.

#### Total Return Based on a $10,000 Investment

##### Cumulative performance: August 1, 2015 through July 31, 2025
![30](tm2510928d1_ncsrimg079.jpg)

---

| | | |
|:---|:---|:---|
| | **Fund** | **MSCI EAFE Index** |
| **Jul 15** | $10000 | $10000 |
| **Jul 16** | $9985 | $9247 |
| **Jul 17** | $6782 | $10890 |
| **Jul 18** | $5834 | $11587 |
| **Jul 19** | $6061 | $11286 |
| **Jul 20** | $4699 | $11097 |
| **Jul 21** | $2475 | $14460 |
| **Jul 22** | $2904 | $12390 |
| **Jul 23** | $2140 | $14471 |
| **Jul 24** | $1878 | $16093 |
| **Jul 25** | $1510 | $18148 |

---

The chart above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter), assuming the reinvestment of distributions.

### Average Annual Total Return

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Fund NAV | -19.61% | -20.31% | -17.22% |
| MSCI EAFE Index | 12.77% | 10.34% | 6.14% |

---

**Performance data quoted represents past performance and does not guarantee future results. Updated performance information is available on our website at www.profunds.com/fund_performance.com. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of fund shares.**

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $2035442 |
| Number of Holdings\* | 6 |
| Net Investment Advisory Fees | $2729 |
| Portfolio Turnover | 0% |

---

\* No. of Holdings excludes any derivatives and collateral for securities loaned.

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| MSCI EAFE Index Swap Agreements | (200)% |
| **Total** | **(200)%** |

---

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments and instruments used for cash management.

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Financials | 25% |
| Industrials | 19% |
| Health Care | 11% |
| Consumer Discretionary | 10% |
| Information Technology | 8% |

---

###### Holdings
The UltraShort International ProFund primarily invests in non-equity securities, which may include: swap agreements, futures contracts, repurchase agreements and U.S. Government securities.

"MSCI" and "EAFE" are service marks of MSCI and have been licensed for use by ProFunds. This Fund is not sponsored, endorsed, sold or promoted by MSCI and MSCI makes no representation regarding the advisability of investing in ProFunds.

![Image](tm2510928d1_ncsrimg006.jpg)

![QR Code](tm2510928d1_ncsrimg127.jpg)

#### UltraShort International ProFund
Service Class UXPSX

Annual Shareholder Report — July 31, 2025

Additional information about the Fund including the Financial Statements, Prospectus and Statement of Additional Information is available: On the Fund's website, www.profunds.com/shareholder-reports, or upon request, by calling 888-776-3637.

![Image](tm2510928d1_ncsrimg005.jpg)

# UltraShort Japan ProFund

#### Investor Class UKPIX
Annual Shareholder Report — July 31, 2025

## Fund Overview
This Annual shareholder report contains important information about the UltraShort Japan ProFund (the "Fund") for the period of August 1, 2024 to July 31, 2025. You can find additional information about the Fund at www.profunds.com/shareholder-reports. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor Class | $160 | 1.78% |

---

### How did the Fund perform last year?
**UltraShort Japan ProFund** (the "Fund") seeks daily investment 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").

The Fund invests in financial instruments that ProFund Advisors believes, in combination, should produce daily returns consistent with the Fund's investment objective.

For the year ended July 31, 2025, the Fund had an average daily statistical correlation of over 0.99 to twice the inverse of the daily performance of the U.S.-traded U.S. dollar-denominated futures contract on the Index. For the same period, the Index had a total return of 7.00%, as measured in unhedged U.S. Dollar terms, or 7.09% in local (Japanese yen) terms and a volatility of 29.96%. The index performance was driven by a stable yen that preserved modest underlying positive performance.

Primary factors affecting Fund performance include the total return of the derivatives held by the Fund, the performance of the reference assets to which the derivatives are linked, financing rates paid or earned, the types of derivative contracts used (and their correlation to the Index), expenses, transaction costs, the volatility of the Fund's Index, the impact of compounding, and other miscellaneous factors.

#### Total Return Based on a $10,000 Investment

##### Cumulative performance: August 1, 2015 through July 31, 2025
![30](tm2510928d1_ncsrimg018.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Fund** | **Nikkei 225 Stock Average-USD** | **Nikkei 225 Stock Average - JPY** | **S&P Global 1200 Index** |
| **Jul 15** | $10000 | $10000 | $10000 | $9999 |
| **Jul 16** | $12107 | $9936 | $8202 | $10075 |
| **Jul 17** | $7564 | $11287 | $10052 | $11851 |
| **Jul 18** | $5250 | $12861 | $11597 | $13297 |
| **Jul 19** | $5183 | $12907 | $11305 | $13808 |
| **Jul 20** | $3562 | $13643 | $11647 | $14881 |
| **Jul 21** | $2008 | $16797 | $14875 | $20007 |
| **Jul 22** | $1631 | $14375 | $15457 | $18395 |
| **Jul 23** | $1085 | $16454 | $18862 | $20973 |
| **Jul 24** | $777 | $18647 | $22645 | $24918 |
| **Jul 25** | $624 | $19953 | $24252 | $28888 |

---

The chart above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter), assuming the reinvestment of distributions.

### Average Annual Total Return

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Fund NAV | -19.74% | -29.43% | -24.23% |
| Nikkei 225 Stock Average-USD | 7.00% | 7.90% | 7.15% |
| Nikkei 225 Stock Average - JPY | 7.09% | 15.80% | 9.26% |
| S&P Global 1200 Index | 15.95% | 14.19% | 11.19% |

---

**Performance data quoted represents past performance and does not guarantee future results. Updated performance information is available on our website at www.profunds.com/fund_performance.com. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of fund shares.**

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $1472531 |
| Number of Holdings\* | 6 |
| Net Investment Advisory Fees | $0 |
| Portfolio Turnover | 0% |

---

\* No. of Holdings excludes any derivatives and collateral for securities loaned.

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| Nikkei 225 Stock Average Swap Agreements | (34)% |
| Nikkei 225 Index Futures Contracts | (166)% |
| **Total** | **(200)%** |

---

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments and instruments used for cash management.

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Information Technology | 25% |
| Consumer Discretionary | 20% |
| Industrials | 19% |
| Communication Services | 12% |
| Health Care | 9% |

---

###### Holdings
The UltraShort Japan ProFund primarily invests in non-equity securities, which may include: swap agreements, futures contracts, repurchase agreements and U.S. Government securities.

"Nikkei 225 Stock Index" is a registered trademark of The Nikkei 225 Stock Average and have been licensed for use by ProFunds. This Fund is not sponsored, endorsed, sold or promoted by The Nikkei 225 Stock Average and The Nikkei 225 Stock Average makes no representation regarding the advisability of investing in ProFunds.

![Image](tm2510928d1_ncsrimg006.jpg)

![QR Code](tm2510928d1_ncsrimg127.jpg)

#### UltraShort Japan ProFund
Investor Class UKPIX

Annual Shareholder Report — July 31, 2025

Additional information about the Fund including the Financial Statements, Prospectus and Statement of Additional Information is available: On the Fund's website, www.profunds.com/shareholder-reports, or upon request, by calling 888-776-3637.

![Image](tm2510928d1_ncsrimg005.jpg)

#### Service Class UKPSX
Annual Shareholder Report — July 31, 2025

## Fund Overview
This Annual shareholder report contains important information about the UltraShort Japan ProFund (the "Fund") for the period of August 1, 2024 to July 31, 2025. You can find additional information about the Fund at www.profunds.com/shareholder-reports. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Service Class | $251 | 2.75% |

---

### How did the Fund perform last year?
**UltraShort Japan ProFund** (the "Fund") seeks daily investment 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").

The Fund invests in financial instruments that ProFund Advisors believes, in combination, should produce daily returns consistent with the Fund's investment objective.

For the year ended July 31, 2025, the Fund had an average daily statistical correlation of over 0.99 to twice the inverse of the daily performance of the U.S.-traded U.S. dollar-denominated futures contract on the Index. For the same period, the Index had a total return of 7.00%, as measured in unhedged U.S. Dollar terms, or 7.09% in local (Japanese yen) terms and a volatility of 29.96%. The index performance was driven by a stable yen that preserved modest underlying positive performance.

Primary factors affecting Fund performance include the total return of the derivatives held by the Fund, the performance of the reference assets to which the derivatives are linked, financing rates paid or earned, the types of derivative contracts used (and their correlation to the Index), expenses, transaction costs, the volatility of the Fund's Index, the impact of compounding, and other miscellaneous factors.

#### Total Return Based on a $10,000 Investment

##### Cumulative performance: August 1, 2015 through July 31, 2025
![30](tm2510928d1_ncsrimg003.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Fund** | **Nikkei 225 Stock Average-USD** | **Nikkei 225 Stock Average - JPY** | **S&P Global 1200 Index** |
| **Jul 15** | $10000 | $10000 | $10000 | $9999 |
| **Jul 16** | $11992 | $9936 | $8202 | $10075 |
| **Jul 17** | $7415 | $11287 | $10052 | $11851 |
| **Jul 18** | $5093 | $12861 | $11597 | $13297 |
| **Jul 19** | $4978 | $12907 | $11305 | $13808 |
| **Jul 20** | $3392 | $13643 | $11647 | $14881 |
| **Jul 21** | $1892 | $16797 | $14875 | $20007 |
| **Jul 22** | $1519 | $14375 | $15457 | $18395 |
| **Jul 23** | $998 | $16454 | $18862 | $20973 |
| **Jul 24** | $708 | $18647 | $22645 | $24918 |
| **Jul 25** | $589 | $19953 | $24252 | $28888 |

---

The chart above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter), assuming the reinvestment of distributions.

### Average Annual Total Return

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Fund NAV | -16.69% | -29.53% | -24.66% |
| Nikkei 225 Stock Average-USD | 7.00% | 7.90% | 7.15% |
| Nikkei 225 Stock Average - JPY | 7.09% | 15.80% | 9.26% |
| S&P Global 1200 Index | 15.95% | 14.19% | 11.19% |

---

**Performance data quoted represents past performance and does not guarantee future results. Updated performance information is available on our website at www.profunds.com/fund_performance.com. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of fund shares.**

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $1472531 |
| Number of Holdings\* | 6 |
| Net Investment Advisory Fees | $0 |
| Portfolio Turnover | 0% |

---

\* No. of Holdings excludes any derivatives and collateral for securities loaned.

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| Nikkei 225 Stock Average Swap Agreements | (34)% |
| Nikkei 225 Index Futures Contracts | (166)% |
| **Total** | **(200)%** |

---

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments and instruments used for cash management.

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Information Technology | 25% |
| Consumer Discretionary | 20% |
| Industrials | 19% |
| Communication Services | 12% |
| Health Care | 9% |

---

###### Holdings
The UltraShort Japan ProFund primarily invests in non-equity securities, which may include: swap agreements, futures contracts, repurchase agreements and U.S. Government securities.

"Nikkei 225 Stock Index" is a registered trademark of The Nikkei 225 Stock Average and have been licensed for use by ProFunds. This Fund is not sponsored, endorsed, sold or promoted by The Nikkei 225 Stock Average and The Nikkei 225 Stock Average makes no representation regarding the advisability of investing in ProFunds.

![Image](tm2510928d1_ncsrimg006.jpg)

![QR Code](tm2510928d1_ncsrimg127.jpg)

#### UltraShort Japan ProFund
Service Class UKPSX

Annual Shareholder Report — July 31, 2025

Additional information about the Fund including the Financial Statements, Prospectus and Statement of Additional Information is available: On the Fund's website, www.profunds.com/shareholder-reports, or upon request, by calling 888-776-3637.

![Image](tm2510928d1_ncsrimg005.jpg)

# UltraShort Latin America ProFund

#### Investor Class UFPIX
Annual Shareholder Report — July 31, 2025

## Fund Overview
This Annual shareholder report contains important information about the UltraShort Latin America ProFund (the "Fund") for the period of August 1, 2024 to July 31, 2025. You can find additional information about the Fund at www.profunds.com/shareholder-reports. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor Class | $158 | 1.78% |

---

### How did the Fund perform last year?
**UltraShort Latin America ProFund** (the "Fund") seeks daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the S&P Latin America 35 ADR Index (USD) (the "Index").

The Fund invests in financial instruments that ProFund Advisors believes, in combination, should produce daily returns consistent with the Fund's investment objective.

For the year ended July 31, 2025, the Fund had an average daily statistical correlation of over 0.99 to twice the inverse of the daily performance of the Index. For the same period, the Index had a total return of 12.16% and a volatility of 21.12%. The index performance was driven by decent economic growth and falling inflation.

Primary factors affecting Fund performance include the total return of the derivatives held by the Fund, the performance of the reference assets to which the derivatives are linked, financing rates paid or earned, the types of derivative contracts used (and their correlation to the Index), expenses, transaction costs, the volatility of the Fund's Index, the impact of compounding, and other miscellaneous factors.

#### Total Return Based on a $10,000 Investment

##### Cumulative performance: August 1, 2015 through July 31, 2025
![30](tm2510928d1_ncsrimg108.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Fund** | **S&P Latin America 35 ADR Index** | **S&P Global 1200 Index** |
| **Jul 15** | $10000 | $10000 | $9999 |
| **Jul 16** | $6537 | $10352 | $10075 |
| **Jul 17** | $3533 | $12643 | $11851 |
| **Jul 18** | $3089 | $12745 | $13297 |
| **Jul 19** | $2445 | $13240 | $13808 |
| **Jul 20** | $2450 | $9008 | $14881 |
| **Jul 21** | $909 | $12777 | $20007 |
| **Jul 22** | $813 | $12112 | $18395 |
| **Jul 23** | $441 | $15590 | $20973 |
| **Jul 24** | $514 | $14602 | $24918 |
| **Jul 25** | $402 | $16378 | $28888 |

---

The chart above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter), assuming the reinvestment of distributions.

### Average Annual Total Return

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Fund NAV | -21.93% | -30.35% | -27.49% |
| S&P Latin America 35 ADR Index | 12.16% | 12.70% | 5.06% |
| S&P Global 1200 Index | 15.95% | 14.19% | 11.19% |

---

**Performance data quoted represents past performance and does not guarantee future results. Updated performance information is available on our website at www.profunds.com/fund_performance.com. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of fund shares.**

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $1153861 |
| Number of Holdings\* | 6 |
| Net Investment Advisory Fees | $0 |
| Portfolio Turnover | 0% |

---

\* No. of Holdings excludes any derivatives and collateral for securities loaned.

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| S&P Latin America 35 ADR Index (USD) Swap Agreements | (200)% |
| **Total** | **(200)%** |

---

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments and instruments used for cash management.

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Materials | 22% |
| Financials | 22% |
| Energy | 20% |
| Industrials | 11% |
| Consumer Staples | 10% |

---

###### Holdings
The UltraShort Latin America ProFund primarily invests in non-equity securities, which may include: swap agreements, futures contracts, repurchase agreements and U.S. Government securities.

"Standard & Poor's<sup>®</sup>", "S&P<sup>®</sup>" and "S&P Latin America 35 ADR Index" are trademarks of Standard & Poor's Financial Services LLC ("S&P") and have been licensed for use by ProFunds. This Fund is not sponsored, licensed, sold or promoted by Standard & Poor's and Standard & Poor's makes no representation regarding the advisability of investing in ProFunds.

![Image](tm2510928d1_ncsrimg006.jpg)

![QR Code](tm2510928d1_ncsrimg127.jpg)

#### UltraShort Latin America ProFund
Investor Class UFPIX

Annual Shareholder Report — July 31, 2025

Additional information about the Fund including the Financial Statements, Prospectus and Statement of Additional Information is available: On the Fund's website, www.profunds.com/shareholder-reports, or upon request, by calling 888-776-3637.

![Image](tm2510928d1_ncsrimg005.jpg)

#### Service Class UFPSX
Annual Shareholder Report — July 31, 2025

## Fund Overview
This Annual shareholder report contains important information about the UltraShort Latin America ProFund (the "Fund") for the period of August 1, 2024 to July 31, 2025. You can find additional information about the Fund at www.profunds.com/shareholder-reports. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Service Class | $247 | 2.78% |

---

### How did the Fund perform last year?
**UltraShort Latin America ProFund** (the "Fund") seeks daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the S&P Latin America 35 ADR Index (USD) (the "Index").

The Fund invests in financial instruments that ProFund Advisors believes, in combination, should produce daily returns consistent with the Fund's investment objective.

For the year ended July 31, 2025, the Fund had an average daily statistical correlation of over 0.99 to twice the inverse of the daily performance of the Index. For the same period, the Index had a total return of 12.16% and a volatility of 21.12%. The index performance was driven by decent economic growth and falling inflation.

Primary factors affecting Fund performance include the total return of the derivatives held by the Fund, the performance of the reference assets to which the derivatives are linked, financing rates paid or earned, the types of derivative contracts used (and their correlation to the Index), expenses, transaction costs, the volatility of the Fund's Index, the impact of compounding, and other miscellaneous factors.

#### Total Return Based on a $10,000 Investment

##### Cumulative performance: August 1, 2015 through July 31, 2025
![30](tm2510928d1_ncsrimg106.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Fund** | **S&P Latin America 35 ADR Index** | **S&P Global 1200 Index** |
| **Jul 15** | $10000 | $10000 | $9999 |
| **Jul 16** | $6475 | $10352 | $10075 |
| **Jul 17** | $3463 | $12643 | $11851 |
| **Jul 18** | $2995 | $12745 | $13297 |
| **Jul 19** | $2346 | $13240 | $13808 |
| **Jul 20** | $2326 | $9008 | $14881 |
| **Jul 21** | $855 | $12777 | $20007 |
| **Jul 22** | $757 | $12112 | $18395 |
| **Jul 23** | $407 | $15590 | $20973 |
| **Jul 24** | $470 | $14602 | $24918 |
| **Jul 25** | $365 | $16378 | $28888 |

---

The chart above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter), assuming the reinvestment of distributions.

### Average Annual Total Return

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Fund NAV | -22.31% | -30.94% | -28.18% |
| S&P Latin America 35 ADR Index | 12.16% | 12.70% | 5.06% |
| S&P Global 1200 Index | 15.95% | 14.19% | 11.19% |

---

**Performance data quoted represents past performance and does not guarantee future results. Updated performance information is available on our website at www.profunds.com/fund_performance.com. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of fund shares.**

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $1153861 |
| Number of Holdings\* | 6 |
| Net Investment Advisory Fees | $0 |
| Portfolio Turnover | 0% |

---

\* No. of Holdings excludes any derivatives and collateral for securities loaned.

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| S&P Latin America 35 ADR Index (USD) Swap Agreements | (200)% |
| **Total** | **(200)%** |

---

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments and instruments used for cash management.

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Materials | 22% |
| Financials | 22% |
| Energy | 20% |
| Industrials | 11% |
| Consumer Staples | 10% |

---

###### Holdings
The UltraShort Latin America ProFund primarily invests in non-equity securities, which may include: swap agreements, futures contracts, repurchase agreements and U.S. Government securities.

"Standard & Poor's<sup>®</sup>", "S&P<sup>®</sup>" and "S&P Latin America 35 ADR Index" are trademarks of Standard & Poor's Financial Services LLC ("S&P") and have been licensed for use by ProFunds. This Fund is not sponsored, licensed, sold or promoted by Standard & Poor's and Standard & Poor's makes no representation regarding the advisability of investing in ProFunds.

![Image](tm2510928d1_ncsrimg006.jpg)

![QR Code](tm2510928d1_ncsrimg127.jpg)

#### UltraShort Latin America ProFund
Service Class UFPSX

Annual Shareholder Report — July 31, 2025

Additional information about the Fund including the Financial Statements, Prospectus and Statement of Additional Information is available: On the Fund's website, www.profunds.com/shareholder-reports, or upon request, by calling 888-776-3637.

![Image](tm2510928d1_ncsrimg005.jpg)

# UltraShort Mid-Cap ProFund

#### Investor Class UIPIX
Annual Shareholder Report — July 31, 2025

## Fund Overview
This Annual shareholder report contains important information about the UltraShort Mid-Cap ProFund (the "Fund") for the period of August 1, 2024 to July 31, 2025. You can find additional information about the Fund at www.profunds.com/shareholder-reports. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor Class | $173 | 1.78% |

---

### How did the Fund perform last year?
**UltraShort Mid-Cap ProFund** (the "Fund") seeks daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the S&P MidCap 400<sup>®</sup> Index (the "Index").

The Fund invests in financial instruments that ProFund Advisors believes, in combination, should produce daily returns consistent with the Fund's investment objective.

For the year ended July 31, 2025, the Fund had an average daily statistical correlation of 0.99 to twice the inverse of the daily performance of the Index. For the same period, the Index had a total return of 3.27% and a volatility of 21.61%. The index performance was driven by mid caps lagging during a period of mega cap outperformance.

Primary factors affecting Fund performance include the total return of the derivatives held by the Fund, the performance of the reference assets to which the derivatives are linked, financing rates paid or earned, the types of derivative contracts used (and their correlation to the Index), expenses, transaction costs, the volatility of the Fund's Index, the impact of compounding, and other miscellaneous factors.

#### Total Return Based on a $10,000 Investment

##### Cumulative performance: August 1, 2015 through July 31, 2025
![30](tm2510928d1_ncsrimg007.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Fund** | **S&P MidCap 400<sup>®</sup> Index** | **S&P Composite 1500<sup>®</sup> Index** |
| **Jul 15** | $10000 | $10000 | $10000 |
| **Jul 16** | $8000 | $10553 | $10560 |
| **Jul 17** | $5846 | $12104 | $12250 |
| **Jul 18** | $4364 | $13858 | $14250 |
| **Jul 19** | $4173 | $13968 | $15254 |
| **Jul 20** | $2784 | $13473 | $16840 |
| **Jul 21** | $1134 | $19804 | $23159 |
| **Jul 22** | $1083 | $18675 | $22061 |
| **Jul 23** | $859 | $20631 | $24859 |
| **Jul 24** | $689 | $23809 | $30222 |
| **Jul 25** | $648 | $24589 | $34764 |

---

The chart above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter), assuming the reinvestment of distributions.

### Average Annual Total Return

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Fund NAV | -5.98% | -25.29% | -23.94% |
| S&P MidCap 400<sup>®</sup> Index | 3.27% | 12.79% | 9.41% |
| S&P Composite 1500<sup>®</sup> Index | 15.03% | 15.60% | 13.27% |

---

**Performance data quoted represents past performance and does not guarantee future results. Updated performance information is available on our website at www.profunds.com/fund_performance.com. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of fund shares.**

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $492105 |
| Number of Holdings\* | 6 |
| Net Investment Advisory Fees | $0 |
| Portfolio Turnover | 0% |

---

\* No. of Holdings excludes any derivatives and collateral for securities loaned.

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| S&P MidCap 400 Swap Agreements | (200)% |
| **Total** | **(200)%** |

---

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments and instruments used for cash management.

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Industrials | 24% |
| Financials | 18% |
| Consumer Discretionary | 13% |
| Information Technology | 12% |
| Health Care | 8% |

---

###### Holdings
The UltraShort Mid-Cap ProFund primarily invests in non-equity securities, which may include: swap agreements, futures contracts, repurchase agreements and U.S. Government securities.

"Standard & Poor's<sup>®</sup>", "S&P<sup>®</sup>", and "S&P MidCap 400 Index" are trademarks of Standard & Poor's Financial Services LLC ("S&P") and have been licensed for use by ProFunds. This Fund is not sponsored, licensed, sold or promoted by Standard & Poor's and Standard & Poor's makes no representation regarding the advisability of investing in ProFunds.

![Image](tm2510928d1_ncsrimg006.jpg)

![QR Code](tm2510928d1_ncsrimg127.jpg)

#### UltraShort Mid-Cap ProFund
Investor Class UIPIX

Annual Shareholder Report — July 31, 2025

Additional information about the Fund including the Financial Statements, Prospectus and Statement of Additional Information is available: On the Fund's website, www.profunds.com/shareholder-reports, or upon request, by calling 888-776-3637.

![Image](tm2510928d1_ncsrimg005.jpg)

#### Service Class UIPSX
Annual Shareholder Report — July 31, 2025

## Fund Overview
This Annual shareholder report contains important information about the UltraShort Mid-Cap ProFund (the "Fund") for the period of August 1, 2024 to July 31, 2025. You can find additional information about the Fund at www.profunds.com/shareholder-reports. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Service Class | $269 | 2.78% |

---

### How did the Fund perform last year?
**UltraShort Mid-Cap ProFund** (the "Fund") seeks daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the S&P MidCap 400<sup>®</sup> Index (the "Index").

The Fund invests in financial instruments that ProFund Advisors believes, in combination, should produce daily returns consistent with the Fund's investment objective.

For the year ended July 31, 2025, the Fund had an average daily statistical correlation of 0.99 to twice the inverse of the daily performance of the Index. For the same period, the Index had a total return of 3.27% and a volatility of 21.61%. The index performance was driven by mid caps lagging during a period of mega cap outperformance.

Primary factors affecting Fund performance include the total return of the derivatives held by the Fund, the performance of the reference assets to which the derivatives are linked, financing rates paid or earned, the types of derivative contracts used (and their correlation to the Index), expenses, transaction costs, the volatility of the Fund's Index, the impact of compounding, and other miscellaneous factors.

#### Total Return Based on a $10,000 Investment

##### Cumulative performance: August 1, 2015 through July 31, 2025
![30](tm2510928d1_ncsrimg017.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Fund** | **S&P MidCap 400<sup>®</sup> Index** | **S&P Composite 1500<sup>®</sup> Index** |
| **Jul 15** | $10000 | $10000 | $10000 |
| **Jul 16** | $7896 | $10553 | $10560 |
| **Jul 17** | $5726 | $12104 | $12250 |
| **Jul 18** | $4238 | $13858 | $14250 |
| **Jul 19** | $4009 | $13968 | $15254 |
| **Jul 20** | $2649 | $13473 | $16840 |
| **Jul 21** | $1070 | $19804 | $23159 |
| **Jul 22** | $1014 | $18675 | $22061 |
| **Jul 23** | $794 | $20631 | $24859 |
| **Jul 24** | $631 | $23809 | $30222 |
| **Jul 25** | $589 | $24589 | $34764 |

---

The chart above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter), assuming the reinvestment of distributions.

### Average Annual Total Return

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Fund NAV | -6.43% | -25.97% | -24.66% |
| S&P MidCap 400<sup>®</sup> Index | 3.27% | 12.79% | 9.41% |
| S&P Composite 1500<sup>®</sup> Index | 15.03% | 15.60% | 13.27% |

---

**Performance data quoted represents past performance and does not guarantee future results. Updated performance information is available on our website at www.profunds.com/fund_performance.com. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of fund shares.**

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $492105 |
| Number of Holdings\* | 6 |
| Net Investment Advisory Fees | $0 |
| Portfolio Turnover | 0% |

---

\* No. of Holdings excludes any derivatives and collateral for securities loaned.

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| S&P MidCap 400 Swap Agreements | (200)% |
| **Total** | **(200)%** |

---

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments and instruments used for cash management.

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Industrials | 24% |
| Financials | 18% |
| Consumer Discretionary | 13% |
| Information Technology | 12% |
| Health Care | 8% |

---

###### Holdings
The UltraShort Mid-Cap ProFund primarily invests in non-equity securities, which may include: swap agreements, futures contracts, repurchase agreements and U.S. Government securities.

"Standard & Poor's<sup>®</sup>", "S&P<sup>®</sup>", and "S&P MidCap 400 Index" are trademarks of Standard & Poor's Financial Services LLC ("S&P") and have been licensed for use by ProFunds. This Fund is not sponsored, licensed, sold or promoted by Standard & Poor's and Standard & Poor's makes no representation regarding the advisability of investing in ProFunds.

![Image](tm2510928d1_ncsrimg006.jpg)

![QR Code](tm2510928d1_ncsrimg127.jpg)

#### UltraShort Mid-Cap ProFund
Service Class UIPSX

Annual Shareholder Report — July 31, 2025

Additional information about the Fund including the Financial Statements, Prospectus and Statement of Additional Information is available: On the Fund's website, www.profunds.com/shareholder-reports, or upon request, by calling 888-776-3637.

![Image](tm2510928d1_ncsrimg005.jpg)

# UltraShort Nasdaq-100 ProFund

#### Investor Class USPIX
Annual Shareholder Report — July 31, 2025

## Fund Overview
This Annual shareholder report contains important information about the UltraShort Nasdaq-100 ProFund (the "Fund") for the period of August 1, 2024 to July 31, 2025. You can find additional information about the Fund at www.profunds.com/shareholder-reports. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor Class | $150 | 1.83% |

---

### How did the Fund perform last year?
**UltraShort Nasdaq-100 ProFund** (the "Fund") seeks daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the Nasdaq-100<sup>®</sup> Index (the "Index").

The Fund invests in financial instruments that ProFund Advisors believes, in combination, should produce daily returns consistent with the Fund's investment objective.

For the year ended July 31, 2025, the Fund had an average daily statistical correlation of over 0.99 to twice the inverse of the daily performance of the Index. For the same period, the Index had a total return of 20.83% and a volatility of 24.66%. The index performance was driven by strength in technology stocks and the rising demand of AI.

Primary factors affecting Fund performance include the total return of the derivatives held by the Fund, the performance of the reference assets to which the derivatives are linked, financing rates paid or earned, the types of derivative contracts used (and their correlation to the Index), expenses, transaction costs, the volatility of the Fund's Index, the impact of compounding, and other miscellaneous factors.

#### Total Return Based on a $10,000 Investment

##### Cumulative performance: August 1, 2015 through July 31, 2025
![30](tm2510928d1_ncsrimg086.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Fund** | **Nasdaq-100<sup>®</sup> Index** | **Nasdaq Composite Index** |
| **Jul 15** | $10000 | $10000 | $10000 |
| **Jul 16** | $8063 | $10441 | $10192 |
| **Jul 17** | $4924 | $13137 | $12680 |
| **Jul 18** | $3018 | $16329 | $15486 |
| **Jul 19** | $2341 | $17919 | $16685 |
| **Jul 20** | $824 | $25153 | $22156 |
| **Jul 21** | $364 | $34758 | $30471 |
| **Jul 22** | $366 | $30309 | $25914 |
| **Jul 23** | $224 | $37211 | $30272 |
| **Jul 24** | $155 | $46115 | $37423 |
| **Jul 25** | $100 | $55719 | $45228 |

---

The chart above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter), assuming the reinvestment of distributions.

### Average Annual Total Return

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Fund NAV | -35.59% | -34.46% | -36.93% |
| Nasdaq-100<sup>®</sup> Index | 20.83% | 17.24% | 18.74% |
| Nasdaq Composite Index | 20.85% | 15.34% | 16.29% |

---

**Performance data quoted represents past performance and does not guarantee future results. Updated performance information is available on our website at www.profunds.com/fund_performance.com. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of fund shares.**

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $20195601 |
| Number of Holdings\* | 6 |
| Net Investment Advisory Fees | $105822 |
| Portfolio Turnover | 0% |

---

\* No. of Holdings excludes any derivatives and collateral for securities loaned.

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| Nasdaq-100 Index Swap Agreements | (191)% |
| E-mini Nasdaq-100 Index Futures Contracts | (9)% |
| **Total** | **(200)%** |

---

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments and instruments used for cash management.

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Information Technology | 54% |
| Communication Services | 15% |
| Consumer Discretionary | 13% |
| Consumer Staples | 5% |
| Industrials | 5% |

---

###### Holdings
The UltraShort Nasdaq-100 ProFund primarily invests in non-equity securities, which may include: swap agreements, futures contracts, repurchase agreements and U.S. Government securities.

"QQQ<sup>®</sup>", "Nasdaq-100 Index<sup>®</sup>" and "Nasdaq-100<sup>®</sup>" are registered trademarks of The Nasdaq OMX Group Inc. and have been licensed for use by ProFunds. This Fund is not sponsored, endorsed, sold or promoted by The Nasdaq OMX Group Inc. and The Nasdaq OMX Group Inc. makes no representation regarding the advisability of investing in ProFunds.

![Image](tm2510928d1_ncsrimg006.jpg)

![QR Code](tm2510928d1_ncsrimg127.jpg)

#### UltraShort Nasdaq-100 ProFund
Investor Class USPIX

Annual Shareholder Report — July 31, 2025

Additional information about the Fund including the Financial Statements, Prospectus and Statement of Additional Information is available: On the Fund's website, www.profunds.com/shareholder-reports, or upon request, by calling 888-776-3637.

![Image](tm2510928d1_ncsrimg005.jpg)

#### Service Class USPSX
Annual Shareholder Report — July 31, 2025

## Fund Overview
This Annual shareholder report contains important information about the UltraShort Nasdaq-100 ProFund (the "Fund") for the period of August 1, 2024 to July 31, 2025. You can find additional information about the Fund at www.profunds.com/shareholder-reports. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Service Class | $232 | 2.83% |

---

### How did the Fund perform last year?
**UltraShort Nasdaq-100 ProFund** (the "Fund") seeks daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the Nasdaq-100<sup>®</sup> Index (the "Index").

The Fund invests in financial instruments that ProFund Advisors believes, in combination, should produce daily returns consistent with the Fund's investment objective.

For the year ended July 31, 2025, the Fund had an average daily statistical correlation of over 0.99 to twice the inverse of the daily performance of the Index. For the same period, the Index had a total return of 20.83% and a volatility of 24.66%. The index performance was driven by strength in technology stocks and the rising demand of AI.

Primary factors affecting Fund performance include the total return of the derivatives held by the Fund, the performance of the reference assets to which the derivatives are linked, financing rates paid or earned, the types of derivative contracts used (and their correlation to the Index), expenses, transaction costs, the volatility of the Fund's Index, the impact of compounding, and other miscellaneous factors.

#### Total Return Based on a $10,000 Investment

##### Cumulative performance: August 1, 2015 through July 31, 2025
![30](tm2510928d1_ncsrimg044.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Fund** | **Nasdaq-100<sup>®</sup> Index** | **Nasdaq Composite Index** |
| **Jul 15** | $10000 | $10000 | $10000 |
| **Jul 16** | $7976 | $10441 | $10192 |
| **Jul 17** | $4828 | $13137 | $12680 |
| **Jul 18** | $2933 | $16329 | $15486 |
| **Jul 19** | $2255 | $17919 | $16685 |
| **Jul 20** | $787 | $25153 | $22156 |
| **Jul 21** | $343 | $34758 | $30471 |
| **Jul 22** | $342 | $30309 | $25914 |
| **Jul 23** | $208 | $37211 | $30272 |
| **Jul 24** | $142 | $46115 | $37423 |
| **Jul 25** | $90 | $55719 | $45228 |

---

The chart above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter), assuming the reinvestment of distributions.

### Average Annual Total Return

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Fund NAV | -36.37% | -35.16% | -37.55% |
| Nasdaq-100<sup>®</sup> Index | 20.83% | 17.24% | 18.74% |
| Nasdaq Composite Index | 20.85% | 15.34% | 16.29% |

---

**Performance data quoted represents past performance and does not guarantee future results. Updated performance information is available on our website at www.profunds.com/fund_performance.com. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of fund shares.**

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $20195601 |
| Number of Holdings\* | 6 |
| Net Investment Advisory Fees | $105822 |
| Portfolio Turnover | 0% |

---

\* No. of Holdings excludes any derivatives and collateral for securities loaned.

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| Nasdaq-100 Index Swap Agreements | (191)% |
| E-mini Nasdaq-100 Index Futures Contracts | (9)% |
| **Total** | **(200)%** |

---

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments and instruments used for cash management.

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Information Technology | 54% |
| Communication Services | 15% |
| Consumer Discretionary | 13% |
| Consumer Staples | 5% |
| Industrials | 5% |

---

###### Holdings
The UltraShort Nasdaq-100 ProFund primarily invests in non-equity securities, which may include: swap agreements, futures contracts, repurchase agreements and U.S. Government securities.

"QQQ<sup>®</sup>", "Nasdaq-100 Index<sup>®</sup>" and "Nasdaq-100<sup>®</sup>" are registered trademarks of The Nasdaq OMX Group Inc. and have been licensed for use by ProFunds. This Fund is not sponsored, endorsed, sold or promoted by The Nasdaq OMX Group Inc. and The Nasdaq OMX Group Inc. makes no representation regarding the advisability of investing in ProFunds.

![Image](tm2510928d1_ncsrimg006.jpg)

![QR Code](tm2510928d1_ncsrimg127.jpg)

#### UltraShort Nasdaq-100 ProFund
Service Class USPSX

Annual Shareholder Report — July 31, 2025

Additional information about the Fund including the Financial Statements, Prospectus and Statement of Additional Information is available: On the Fund's website, www.profunds.com/shareholder-reports, or upon request, by calling 888-776-3637.

![Image](tm2510928d1_ncsrimg005.jpg)

# UltraShort Small-Cap ProFund

#### Investor Class UCPIX
Annual Shareholder Report — July 31, 2025

## Fund Overview
This Annual shareholder report contains important information about the UltraShort Small-Cap ProFund (the "Fund") for the period of August 1, 2024 to July 31, 2025. You can find additional information about the Fund at www.profunds.com/shareholder-reports. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor Class | $174 | 1.78% |

---

### How did the Fund perform last year?
**UltraShort Small-Cap ProFund** (the "Fund") seeks daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the Russell 2000<sup>®</sup> Index (the "Index").

The Fund invests in financial instruments that ProFund Advisors believes, in combination, should produce daily returns consistent with the Fund's investment objective.

For the year ended July 31, 2025, the Fund had an average daily statistical correlation of over 0.99 to twice the inverse of the daily performance of the Index. For the same period, the Index had a total return of -0.55% and a volatility of 24.19%. The index performance was driven by small caps lagging during a period of mega cap outperformance.

Primary factors affecting Fund performance include the total return of the derivatives held by the Fund, the performance of the reference assets to which the derivatives are linked, financing rates paid or earned, the types of derivative contracts used (and their correlation to the Index), expenses, transaction costs, the volatility of the Fund's Index, the impact of compounding, and other miscellaneous factors.

#### Total Return Based on a $10,000 Investment

##### Cumulative performance: August 1, 2015 through July 31, 2025
![30](tm2510928d1_ncsrimg091.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Fund** | **Russell 2000<sup>®</sup> Index** | **Russell 3000<sup>®</sup> Index** |
| **Jul 15** | $10000 | $10000 | $10000 |
| **Jul 16** | $8651 | $10000 | $10444 |
| **Jul 17** | $5729 | $11845 | $12130 |
| **Jul 18** | $3897 | $14064 | $14118 |
| **Jul 19** | $4022 | $13443 | $15113 |
| **Jul 20** | $2637 | $12826 | $16765 |
| **Jul 21** | $953 | $19491 | $23258 |
| **Jul 22** | $1056 | $16706 | $21548 |
| **Jul 23** | $852 | $18027 | $24273 |
| **Jul 24** | $662 | $20596 | $29389 |
| **Jul 25** | $629 | $20481 | $33998 |

---

The chart above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter), assuming the reinvestment of distributions.

### Average Annual Total Return

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Fund NAV | -4.97% | -24.93% | -24.17% |
| Russell 2000<sup>®</sup> Index | -0.55% | 9.81% | 7.43% |
| Russell 3000<sup>®</sup> Index | 15.68% | 15.19% | 13.02% |

---

**Performance data quoted represents past performance and does not guarantee future results. Updated performance information is available on our website at www.profunds.com/fund_performance.com. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of fund shares.**

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $4847098 |
| Number of Holdings\* | 6 |
| Net Investment Advisory Fees | $1276 |
| Portfolio Turnover | 0% |

---

\* No. of Holdings excludes any derivatives and collateral for securities loaned.

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| Russell 2000 Index Swap Agreements | (194)% |
| CME E-mini Russell 2000 Index Futures Contracts | (7)% |
| **Total** | **(201)%** |

---

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments and instruments used for cash management.

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Financials | 19% |
| Industrials | 18% |
| Health Care | 15% |
| Information Technology | 15% |
| Consumer Discretionary | 10% |

---

###### Holdings
The UltraShort Small-Cap ProFund primarily invests in non-equity securities, which may include: swap agreements, futures contracts, repurchase agreements and U.S. Government securities.

"Russell 2000<sup>®</sup>" and "Russell<sup>®</sup>" are trademarks of Russell Investment Group ("Russell") and have been licensed for use by ProFunds. This Fund is not sponsored, endorsed, sold or promoted by Russell Investments and Russell Investments makes no representation regarding the advisability of investing in ProFunds.

![Image](tm2510928d1_ncsrimg006.jpg)

![QR Code](tm2510928d1_ncsrimg127.jpg)

#### UltraShort Small-Cap ProFund
Investor Class UCPIX

Annual Shareholder Report — July 31, 2025

Additional information about the Fund including the Financial Statements, Prospectus and Statement of Additional Information is available: On the Fund's website, www.profunds.com/shareholder-reports, or upon request, by calling 888-776-3637.

![Image](tm2510928d1_ncsrimg005.jpg)

#### Service Class UCPSX
Annual Shareholder Report — July 31, 2025

## Fund Overview
This Annual shareholder report contains important information about the UltraShort Small-Cap ProFund (the "Fund") for the period of August 1, 2024 to July 31, 2025. You can find additional information about the Fund at www.profunds.com/shareholder-reports. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Service Class | $270 | 2.78% |

---

### How did the Fund perform last year?
**UltraShort Small-Cap ProFund** (the "Fund") seeks daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the Russell 2000<sup>®</sup> Index (the "Index").

The Fund invests in financial instruments that ProFund Advisors believes, in combination, should produce daily returns consistent with the Fund's investment objective.

For the year ended July 31, 2025, the Fund had an average daily statistical correlation of over 0.99 to twice the inverse of the daily performance of the Index. For the same period, the Index had a total return of -0.55% and a volatility of 24.19%. The index performance was driven by small caps lagging during a period of mega cap outperformance.

Primary factors affecting Fund performance include the total return of the derivatives held by the Fund, the performance of the reference assets to which the derivatives are linked, financing rates paid or earned, the types of derivative contracts used (and their correlation to the Index), expenses, transaction costs, the volatility of the Fund's Index, the impact of compounding, and other miscellaneous factors.

#### Total Return Based on a $10,000 Investment

##### Cumulative performance: August 1, 2015 through July 31, 2025
![30](tm2510928d1_ncsrimg118.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Fund** | **Russell 2000<sup>®</sup> Index** | **Russell 3000<sup>®</sup> Index** |
| **Jul 15** | $10000 | $10000 | $10000 |
| **Jul 16** | $8555 | $10000 | $10444 |
| **Jul 17** | $5607 | $11845 | $12130 |
| **Jul 18** | $3779 | $14064 | $14118 |
| **Jul 19** | $3860 | $13443 | $15113 |
| **Jul 20** | $2507 | $12826 | $16765 |
| **Jul 21** | $898 | $19491 | $23258 |
| **Jul 22** | $984 | $16706 | $21548 |
| **Jul 23** | $784 | $18027 | $24273 |
| **Jul 24** | $603 | $20596 | $29389 |
| **Jul 25** | $567 | $20481 | $33998 |

---

The chart above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter), assuming the reinvestment of distributions.

### Average Annual Total Return

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Fund NAV | -5.80% | -25.71% | -24.94% |
| Russell 2000<sup>®</sup> Index | -0.55% | 9.81% | 7.43% |
| Russell 3000<sup>®</sup> Index | 15.68% | 15.19% | 13.02% |

---

**Performance data quoted represents past performance and does not guarantee future results. Updated performance information is available on our website at www.profunds.com/fund_performance.com. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of fund shares.**

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $4847098 |
| Number of Holdings\* | 6 |
| Net Investment Advisory Fees | $1276 |
| Portfolio Turnover | 0% |

---

\* No. of Holdings excludes any derivatives and collateral for securities loaned.

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| Russell 2000 Index Swap Agreements | (194)% |
| CME E-mini Russell 2000 Index Futures Contracts | (7)% |
| **Total** | **(201)%** |

---

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments and instruments used for cash management.

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Financials | 19% |
| Industrials | 18% |
| Health Care | 15% |
| Information Technology | 15% |
| Consumer Discretionary | 10% |

---

###### Holdings
The UltraShort Small-Cap ProFund primarily invests in non-equity securities, which may include: swap agreements, futures contracts, repurchase agreements and U.S. Government securities.

"Russell 2000<sup>®</sup>" and "Russell<sup>®</sup>" are trademarks of Russell Investment Group ("Russell") and have been licensed for use by ProFunds. This Fund is not sponsored, endorsed, sold or promoted by Russell Investments and Russell Investments makes no representation regarding the advisability of investing in ProFunds.

![Image](tm2510928d1_ncsrimg006.jpg)

![QR Code](tm2510928d1_ncsrimg127.jpg)

#### UltraShort Small-Cap ProFund
Service Class UCPSX

Annual Shareholder Report — July 31, 2025

Additional information about the Fund including the Financial Statements, Prospectus and Statement of Additional Information is available: On the Fund's website, www.profunds.com/shareholder-reports, or upon request, by calling 888-776-3637.

![Image](tm2510928d1_ncsrimg005.jpg)

# UltraSmall-Cap ProFund

#### Investor Class UAPIX
Annual Shareholder Report — July 31, 2025

## Fund Overview
This Annual shareholder report contains important information about the UltraSmall-Cap ProFund (the "Fund") for the period of August 1, 2024 to July 31, 2025. You can find additional information about the Fund at www.profunds.com/shareholder-reports. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor Class | $156 | 1.67% |

---

### How did the Fund perform last year?
**UltraSmall-Cap ProFund** (the "Fund") seeks daily investment results, before fees and expenses, that correspond to two times (2x) of the daily performance of the Russell 2000<sup>®</sup> Index (the "Index").

The Fund invests in financial instruments that ProFund Advisors believes, in combination, should produce daily returns consistent with the Fund's investment objective.

For the year ended July 31, 2025, the Fund had an average daily statistical correlation of over 0.99 to twice that of the daily performance of the Index. For the same period, the Index had a total return of -0.55% and a volatility of 24.19%. The index performance was driven by small caps lagging during a period of mega cap outperformance.

Primary factors affecting Fund performance include the total return of the securities and derivatives held by the Fund, the performance of the reference assets to which the derivatives are linked, financing rates paid or earned, expenses, transaction costs, the volatility of the Fund's Index, the impact of compounding, and other miscellaneous factors.

#### Total Return Based on a $10,000 Investment

##### Cumulative performance: August 1, 2015 through July 31, 2025
![30](tm2510928d1_ncsrimg074.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Fund** | **Russell 2000<sup>®</sup> Index** | **Russell 3000<sup>®</sup> Index** |
| **Jul 15** | $10000 | $10000 | $10000 |
| **Jul 16** | $9408 | $10000 | $10444 |
| **Jul 17** | $12581 | $11845 | $12130 |
| **Jul 18** | $16679 | $14064 | $14118 |
| **Jul 19** | $14070 | $13443 | $15113 |
| **Jul 20** | $10151 | $12826 | $16765 |
| **Jul 21** | $21745 | $19491 | $23258 |
| **Jul 22** | $14590 | $16706 | $21548 |
| **Jul 23** | $15112 | $18027 | $24273 |
| **Jul 24** | $17597 | $20596 | $29389 |
| **Jul 25** | $15246 | $20481 | $33998 |

---

The chart above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter), assuming the reinvestment of distributions.

### Average Annual Total Return

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Fund NAV | -13.36% | 8.47% | 4.31% |
| Russell 2000<sup>®</sup> Index | -0.55% | 9.81% | 7.43% |
| Russell 3000<sup>®</sup> Index | 15.68% | 15.19% | 13.02% |

---

**Performance data quoted represents past performance and does not guarantee future results. Updated performance information is available on our website at www.profunds.com/fund_performance.com. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of fund shares.**

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $40269429 |
| Number of Holdings\* | 1984 |
| Net Investment Advisory Fees | $369499 |
| Portfolio Turnover | 69% |

---

\* No. of Holdings excludes any derivatives and collateral for securities loaned.

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| Equity Securities | 71% |
| iShares Russell 2000 ETF Swap Agreements | 32% |
| Russell 2000 Index Swap Agreeements | 85% |
| CME E-mini Russell 2000 Index Futures Contracts | 11% |
| **Total** | **199%** |

---

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments and instruments used for cash management.

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Financials | 19% |
| Industrials | 18% |
| Health Care | 15% |
| Information Technology | 15% |
| Consumer Discretionary | 10% |

---

###### Largest Equity Holdings

---

| | |
|:---|:---|
| **Holding** | **% of Net Assets** |
| Credo Technology Group Holding, Ltd. | 0.5% |
| Hims & Hers Health, Inc. | 0.4% |
| Fabrinet | 0.3% |
| Kratos Defense & Security Solutions, Inc. | 0.3% |
| Fluor Corp. | 0.3% |

---

"Russell 2000<sup>®</sup>" and "Russell<sup>®</sup>" are trademarks of Russell Investment Group ("Russell") and have been licensed for use by ProFunds. This Fund is not sponsored, endorsed, sold or promoted by Russell Investments and Russell Investments makes no representation regarding the advisability of investing in ProFunds.

![Image](tm2510928d1_ncsrimg006.jpg)

![QR Code](tm2510928d1_ncsrimg127.jpg)

#### UltraSmall-Cap ProFund
Investor Class UAPIX

Annual Shareholder Report — July 31, 2025

Additional information about the Fund including the Financial Statements, Prospectus and Statement of Additional Information is available: On the Fund's website, www.profunds.com/shareholder-reports, or upon request, by calling 888-776-3637.

![Image](tm2510928d1_ncsrimg005.jpg)

#### Service Class UAPSX
Annual Shareholder Report — July 31, 2025

## Fund Overview
This Annual shareholder report contains important information about the UltraSmall-Cap ProFund (the "Fund") for the period of August 1, 2024 to July 31, 2025. You can find additional information about the Fund at www.profunds.com/shareholder-reports. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Service Class | $247 | 2.66% |

---

### How did the Fund perform last year?
**UltraSmall-Cap ProFund** (the "Fund") seeks daily investment results, before fees and expenses, that correspond to two times (2x) of the daily performance of the Russell 2000<sup>®</sup> Index (the "Index").

The Fund invests in financial instruments that ProFund Advisors believes, in combination, should produce daily returns consistent with the Fund's investment objective.

For the year ended July 31, 2025, the Fund had an average daily statistical correlation of over 0.99 to twice that of the daily performance of the Index. For the same period, the Index had a total return of -0.55% and a volatility of 24.19%. The index performance was driven by small caps lagging during a period of mega cap outperformance.

Primary factors affecting Fund performance include the total return of the securities and derivatives held by the Fund, the performance of the reference assets to which the derivatives are linked, financing rates paid or earned, expenses, transaction costs, the volatility of the Fund's Index, the impact of compounding, and other miscellaneous factors.

#### Total Return Based on a $10,000 Investment

##### Cumulative performance: August 1, 2015 through July 31, 2025
![30](tm2510928d1_ncsrimg019.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Fund** | **Russell 2000<sup>®</sup> Index** | **Russell 3000<sup>®</sup> Index** |
| **Jul 15** | $10000 | $10000 | $10000 |
| **Jul 16** | $9307 | $10000 | $10444 |
| **Jul 17** | $12325 | $11845 | $12130 |
| **Jul 18** | $16163 | $14064 | $14118 |
| **Jul 19** | $13501 | $13443 | $15113 |
| **Jul 20** | $9644 | $12826 | $16765 |
| **Jul 21** | $20452 | $19491 | $23258 |
| **Jul 22** | $13589 | $16706 | $21548 |
| **Jul 23** | $13933 | $18027 | $24273 |
| **Jul 24** | $16063 | $20596 | $29389 |
| **Jul 25** | $13784 | $20481 | $33998 |

---

The chart above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter), assuming the reinvestment of distributions.

### Average Annual Total Return

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Fund NAV | -14.18% | 7.41% | 3.26% |
| Russell 2000<sup>®</sup> Index | -0.55% | 9.81% | 7.43% |
| Russell 3000<sup>®</sup> Index | 15.68% | 15.19% | 13.02% |

---

**Performance data quoted represents past performance and does not guarantee future results. Updated performance information is available on our website at www.profunds.com/fund_performance.com. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of fund shares.**

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $40269429 |
| Number of Holdings\* | 1984 |
| Net Investment Advisory Fees | $369499 |
| Portfolio Turnover | 69% |

---

\* No. of Holdings excludes any derivatives and collateral for securities loaned.

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| Equity Securities | 71% |
| iShares Russell 2000 ETF Swap Agreements | 32% |
| Russell 2000 Index Swap Agreeements | 85% |
| CME E-mini Russell 2000 Index Futures Contracts | 11% |
| **Total** | **199%** |

---

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments and instruments used for cash management.

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Financials | 19% |
| Industrials | 18% |
| Health Care | 15% |
| Information Technology | 15% |
| Consumer Discretionary | 10% |

---

###### Largest Equity Holdings

---

| | |
|:---|:---|
| **Holding** | **% of Net Assets** |
| Credo Technology Group Holding, Ltd. | 0.5% |
| Hims & Hers Health, Inc. | 0.4% |
| Fabrinet | 0.3% |
| Kratos Defense & Security Solutions, Inc. | 0.3% |
| Fluor Corp. | 0.3% |

---

"Russell 2000<sup>®</sup>" and "Russell<sup>®</sup>" are trademarks of Russell Investment Group ("Russell") and have been licensed for use by ProFunds. This Fund is not sponsored, endorsed, sold or promoted by Russell Investments and Russell Investments makes no representation regarding the advisability of investing in ProFunds.

![Image](tm2510928d1_ncsrimg006.jpg)

![QR Code](tm2510928d1_ncsrimg127.jpg)

#### UltraSmall-Cap ProFund
Service Class UAPSX

Annual Shareholder Report — July 31, 2025

Additional information about the Fund including the Financial Statements, Prospectus and Statement of Additional Information is available: On the Fund's website, www.profunds.com/shareholder-reports, or upon request, by calling 888-776-3637.

![Image](tm2510928d1_ncsrimg005.jpg)

# U.S. Government Plus ProFund

#### Investor Class GVPIX
Annual Shareholder Report — July 31, 2025

## Fund Overview
This Annual shareholder report contains important information about the U.S. Government Plus ProFund (the "Fund") for the period of August 1, 2024 to July 31, 2025. You can find additional information about the Fund at www.profunds.com/shareholder-reports. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor Class | $162 | 1.70% |

---

### How did the Fund perform last year?
**U.S. Government Plus ProFund** (the "Fund") seeks daily 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").

The Fund invests in financial instruments that ProFund Advisors believes, in combination, should produce daily returns consistent with the Fund's investment objective.

For the year ended July 31, 2025, the Fund had an average daily statistical correlation of over 0.99 to one and one-quarter times the daily price movement of the Long Bond. For the same period, the Long Bond, as measured by the S&P U.S. Treasury Bond Current 30 Year Total Return Index, had a total return of -4.72% and a volatility of 13.69%. The index performance was driven by rising longer-term interest rates.

Primary factors affecting Fund performance include the total return of the derivatives held by the Fund, the performance of the reference assets to which any derivatives are linked, financing rates paid or earned, expenses, transaction costs, the volatility of the Fund's Index, the impact of compounding, and other miscellaneous factors.

#### Total Return Based on a $10,000 Investment

##### Cumulative performance: August 1, 2015 through July 31, 2025
![30](tm2510928d1_ncsrimg048.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Fund** | **S&P U.S. Treasury Bond Current 30-Year Total Return Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **Jul 15** | $10000 | $10000 | $10000 |
| **Jul 16** | $12222 | $11878 | $10594 |
| **Jul 17** | $10288 | $10440 | $10539 |
| **Jul 18** | $9983 | $10339 | $10455 |
| **Jul 19** | $11634 | $11865 | $11299 |
| **Jul 20** | $16692 | $16231 | $12443 |
| **Jul 21** | $13442 | $13818 | $12356 |
| **Jul 22** | $9845 | $10943 | $11229 |
| **Jul 23** | $7849 | $9374 | $10851 |
| **Jul 24** | $7397 | $9197 | $11405 |
| **Jul 25** | $6728 | $8763 | $11790 |

---

The chart above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter), assuming the reinvestment of distributions.

### Average Annual Total Return

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Fund NAV | -9.05% | -16.62% | -3.89% |
| S&P U.S. Treasury Bond Current 30-Year Total Return Index | -4.72% | -11.60% | -1.31% |
| Bloomberg U.S. Aggregate Bond Index | 3.38% | -1.07% | 1.66% |

---

**Performance data quoted represents past performance and does not guarantee future results. Updated performance information is available on our website at www.profunds.com/fund_performance.com. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of fund shares.**

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $3943009 |
| Number of Holdings\* | 6 |
| Net Investment Advisory Fees | $25162 |
| Portfolio Turnover | 0% |

---

\* No. of Holdings excludes any derivatives and collateral for securities loaned.

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| 30-Year U.S. Treasury Bond, 4.75%, due 5/15/55 Swap Agreements | 125% |
| **Total** | **125%** |

---

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments and instruments used for cash management.

###### Holdings
The U.S. Government Plus ProFund primarily invests in non-equity securities, which may include: swap agreements, futures contracts, repurchase agreements and U.S. Government securities.

![Image](tm2510928d1_ncsrimg006.jpg)

![QR Code](tm2510928d1_ncsrimg127.jpg)

#### U.S. Government Plus ProFund
Investor Class GVPIX

Annual Shareholder Report — July 31, 2025

Additional information about the Fund including the Financial Statements, Prospectus and Statement of Additional Information is available: On the Fund's website, www.profunds.com/shareholder-reports, or upon request, by calling 888-776-3637.

![Image](tm2510928d1_ncsrimg005.jpg)

#### Service Class GVPSX
Annual Shareholder Report — July 31, 2025

## Fund Overview
This Annual shareholder report contains important information about the U.S. Government Plus ProFund (the "Fund") for the period of August 1, 2024 to July 31, 2025. You can find additional information about the Fund at www.profunds.com/shareholder-reports. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Service Class | $257 | 2.70% |

---

### How did the Fund perform last year?
**U.S. Government Plus ProFund** (the "Fund") seeks daily 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").

The Fund invests in financial instruments that ProFund Advisors believes, in combination, should produce daily returns consistent with the Fund's investment objective.

For the year ended July 31, 2025, the Fund had an average daily statistical correlation of over 0.99 to one and one-quarter times the daily price movement of the Long Bond. For the same period, the Long Bond, as measured by the S&P U.S. Treasury Bond Current 30 Year Total Return Index, had a total return of -4.72% and a volatility of 13.69%. The index performance was driven by rising longer-term interest rates.

Primary factors affecting Fund performance include the total return of the derivatives held by the Fund, the performance of the reference assets to which any derivatives are linked, financing rates paid or earned, expenses, transaction costs, the volatility of the Fund's Index, the impact of compounding, and other miscellaneous factors.

#### Total Return Based on a $10,000 Investment

##### Cumulative performance: August 1, 2015 through July 31, 2025
![30](tm2510928d1_ncsrimg038.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Fund** | **S&P U.S. Treasury Bond Current 30-Year Total Return Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **Jul 15** | $10000 | $10000 | $10000 |
| **Jul 16** | $12102 | $11878 | $10594 |
| **Jul 17** | $10083 | $10440 | $10539 |
| **Jul 18** | $9683 | $10339 | $10455 |
| **Jul 19** | $11166 | $11865 | $11299 |
| **Jul 20** | $15868 | $16231 | $12443 |
| **Jul 21** | $12649 | $13818 | $12356 |
| **Jul 22** | $9171 | $10943 | $11229 |
| **Jul 23** | $7233 | $9374 | $10851 |
| **Jul 24** | $6758 | $9197 | $11405 |
| **Jul 25** | $6089 | $8763 | $11790 |

---

The chart above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter), assuming the reinvestment of distributions.

### Average Annual Total Return

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Fund NAV | -9.90% | -17.43% | -4.84% |
| S&P U.S. Treasury Bond Current 30-Year Total Return Index | -4.72% | -11.60% | -1.31% |
| Bloomberg U.S. Aggregate Bond Index | 3.38% | -1.07% | 1.66% |

---

**Performance data quoted represents past performance and does not guarantee future results. Updated performance information is available on our website at www.profunds.com/fund_performance.com. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of fund shares.**

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $3943009 |
| Number of Holdings\* | 6 |
| Net Investment Advisory Fees | $25162 |
| Portfolio Turnover | 0% |

---

\* No. of Holdings excludes any derivatives and collateral for securities loaned.

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| 30-Year U.S. Treasury Bond, 4.75%, due 5/15/55 Swap Agreements | 125% |
| **Total** | **125%** |

---

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments and instruments used for cash management.

###### Holdings
The U.S. Government Plus ProFund primarily invests in non-equity securities, which may include: swap agreements, futures contracts, repurchase agreements and U.S. Government securities.

![Image](tm2510928d1_ncsrimg006.jpg)

![QR Code](tm2510928d1_ncsrimg127.jpg)

#### U.S. Government Plus ProFund
Service Class GVPSX

Annual Shareholder Report — July 31, 2025

Additional information about the Fund including the Financial Statements, Prospectus and Statement of Additional Information is available: On the Fund's website, www.profunds.com/shareholder-reports, or upon request, by calling 888-776-3637.

![Image](tm2510928d1_ncsrimg005.jpg)

# Utilities UltraSector ProFund

#### Investor Class UTPIX
Annual Shareholder Report — July 31, 2025

## Fund Overview
This Annual shareholder report contains important information about the Utilities UltraSector ProFund (the "Fund") for the period of August 1, 2024 to July 31, 2025. You can find additional information about the Fund at www.profunds.com/shareholder-reports. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor Class | $194 | 1.71% |

---

### How did the Fund perform last year?
**Utilities UltraSector ProFund** (the "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&P Utilities Select Sector Index (the "Index").

The Fund invests in financial instruments that ProFund Advisors believes, in combination, should produce daily returns consistent with the Fund's investment objective.

For the year ended July 31, 2025, the Fund had an average daily statistical correlation of over 0.99 to one and one-half times the daily performance of the Index. For the same period, the Index had a total return of 21.26% and a volatility of 17.18%. The index performance was driven by rotation into traditionally defensive sectors and increased energy consumption demands from emerging technologies.

Primary factors affecting Fund performance include the total return of the securities and derivatives held by the Fund, the performance of the reference assets to which the derivatives are linked, financing rates paid or earned, expenses, transaction costs, the volatility of the Fund's Index, the impact of compounding, and other miscellaneous factors.

#### Total Return Based on a $10,000 Investment

##### Cumulative performance: August 1, 2015 through July 31, 2025
![30](tm2510928d1_ncsrimg051.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Fund** | **S&P Utilities Select Sector Index** | **S&P Total Market Index** |
| **Jul 15** | $10000 | $10000 | $10000 |
| **Jul 16** | $13341 | $12310 | $10442 |
| **Jul 17** | $14184 | $13012 | $12128 |
| **Jul 18** | $14483 | $13380 | $14121 |
| **Jul 19** | $17278 | $15592 | $15096 |
| **Jul 20** | $16717 | $16501 | $16726 |
| **Jul 21** | $19199 | $18486 | $23237 |
| **Jul 22** | $22988 | $21366 | $21429 |
| **Jul 23** | $19711 | $19989 | $24133 |
| **Jul 24** | $22088 | $22460 | $29227 |
| **Jul 25** | $28018 | $27236 | $33824 |

---

The chart above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter), assuming the reinvestment of distributions.

### Average Annual Total Return

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Fund NAV | 26.85% | 10.88% | 10.85% |
| S&P Utilities Select Sector Index | 21.26% | 10.54% | 10.54% |
| S&P Total Market Index | 15.73% | 15.12% | 12.96% |

---

**Performance data quoted represents past performance and does not guarantee future results. Updated performance information is available on our website at www.profunds.com/fund_performance.com. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of fund shares.**

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $15574286 |
| Number of Holdings\* | 37 |
| Net Investment Advisory Fees | $145039 |
| Portfolio Turnover | 278% |

---

\* No. of Holdings excludes any derivatives and collateral for securities loaned.

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| Equity Securities | 75% |
| S&P Utilities Select Sector Index Swap Agreements | 74% |
| **Total** | **149%** |

---

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments and instruments used for cash management.

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Electric Utilities | 64% |
| Multi-Utilities | 26% |
| Independent Power and Renewable Electricity Producers | 6% |
| Water Utilities | 2% |
| Gas Utilities | 2% |

---

###### Largest Equity Holdings

---

| | |
|:---|:---|
| **Holding** | **% of Net Assets** |
| NextEra Energy, Inc. | 8.4% |
| Constellation Energy Corp. | 6.2% |
| The Southern Co. | 5.9% |
| Duke Energy Corp. | 5.4% |
| Vistra Corp. | 4.1% |

---

"Standard & Poor's<sup>®</sup>", "S&P<sup>®</sup>" and "S&P Utilities Select Sector Index" are trademarks of Standard & Poor's Financial Services LLC ("S&P") and have been licensed for use by ProFunds. This Fund is not sponsored, licensed, sold or promoted by Standard & Poor's and Standard & Poor's makes no representation regarding the advisability of investing in ProFunds.

![Image](tm2510928d1_ncsrimg006.jpg)

![QR Code](tm2510928d1_ncsrimg127.jpg)

#### Utilities UltraSector ProFund
Investor Class UTPIX

Annual Shareholder Report — July 31, 2025

Additional information about the Fund including the Financial Statements, Prospectus and Statement of Additional Information is available: On the Fund's website, www.profunds.com/shareholder-reports, or upon request, by calling 888-776-3637.

![Image](tm2510928d1_ncsrimg005.jpg)

#### Service Class UTPSX
Annual Shareholder Report — July 31, 2025

## Fund Overview
This Annual shareholder report contains important information about the Utilities UltraSector ProFund (the "Fund") for the period of August 1, 2024 to July 31, 2025. You can find additional information about the Fund at www.profunds.com/shareholder-reports. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Service Class | $306 | 2.71% |

---

### How did the Fund perform last year?
**Utilities UltraSector ProFund** (the "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&P Utilities Select Sector Index (the "Index").

The Fund invests in financial instruments that ProFund Advisors believes, in combination, should produce daily returns consistent with the Fund's investment objective.

For the year ended July 31, 2025, the Fund had an average daily statistical correlation of over 0.99 to one and one-half times the daily performance of the Index. For the same period, the Index had a total return of 21.26% and a volatility of 17.18%. The index performance was driven by rotation into traditionally defensive sectors and increased energy consumption demands from emerging technologies.

Primary factors affecting Fund performance include the total return of the securities and derivatives held by the Fund, the performance of the reference assets to which the derivatives are linked, financing rates paid or earned, expenses, transaction costs, the volatility of the Fund's Index, the impact of compounding, and other miscellaneous factors.

#### Total Return Based on a $10,000 Investment

##### Cumulative performance: August 1, 2015 through July 31, 2025
![30](tm2510928d1_ncsrimg013.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Fund** | **S&P Utilities Select Sector Index** | **S&P Total Market Index** |
| **Jul 15** | $10000 | $10000 | $10000 |
| **Jul 16** | $13209 | $12310 | $10442 |
| **Jul 17** | $13901 | $13012 | $12128 |
| **Jul 18** | $14052 | $13380 | $14121 |
| **Jul 19** | $16609 | $15592 | $15096 |
| **Jul 20** | $15930 | $16501 | $16726 |
| **Jul 21** | $18123 | $18486 | $23237 |
| **Jul 22** | $21483 | $21366 | $21429 |
| **Jul 23** | $18236 | $19989 | $24133 |
| **Jul 24** | $20238 | $22460 | $29227 |
| **Jul 25** | $25409 | $27236 | $33824 |

---

The chart above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter), assuming the reinvestment of distributions.

### Average Annual Total Return

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Fund NAV | 25.55% | 9.79% | 9.77% |
| S&P Utilities Select Sector Index | 21.26% | 10.54% | 10.54% |
| S&P Total Market Index | 15.73% | 15.12% | 12.96% |

---

**Performance data quoted represents past performance and does not guarantee future results. Updated performance information is available on our website at www.profunds.com/fund_performance.com. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of fund shares.**

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $15574286 |
| Number of Holdings\* | 37 |
| Net Investment Advisory Fees | $145039 |
| Portfolio Turnover | 278% |

---

\* No. of Holdings excludes any derivatives and collateral for securities loaned.

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| Equity Securities | 75% |
| S&P Utilities Select Sector Index Swap Agreements | 74% |
| **Total** | **149%** |

---

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments and instruments used for cash management.

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Electric Utilities | 64% |
| Multi-Utilities | 26% |
| Independent Power and Renewable Electricity Producers | 6% |
| Water Utilities | 2% |
| Gas Utilities | 2% |

---

###### Largest Equity Holdings

---

| | |
|:---|:---|
| **Holding** | **% of Net Assets** |
| NextEra Energy, Inc. | 8.4% |
| Constellation Energy Corp. | 6.2% |
| The Southern Co. | 5.9% |
| Duke Energy Corp. | 5.4% |
| Vistra Corp. | 4.1% |

---

"Standard & Poor's<sup>®</sup>", "S&P<sup>®</sup>" and "S&P Utilities Select Sector Index" are trademarks of Standard & Poor's Financial Services LLC ("S&P") and have been licensed for use by ProFunds. This Fund is not sponsored, licensed, sold or promoted by Standard & Poor's and Standard & Poor's makes no representation regarding the advisability of investing in ProFunds.

![Image](tm2510928d1_ncsrimg006.jpg)

![QR Code](tm2510928d1_ncsrimg127.jpg)

#### Utilities UltraSector ProFund
Service Class UTPSX

Annual Shareholder Report — July 31, 2025

Additional information about the Fund including the Financial Statements, Prospectus and Statement of Additional Information is available: On the Fund's website, www.profunds.com/shareholder-reports, or upon request, by calling 888-776-3637.

(b) Include a copy of each notice transmitted to stockholders in reliance on Rule 30e-3 under the Act (17 CFR 270.30e-3) that contains disclosures specified by paragraph (c)(3) of that rule.

Not applicable.

**Item 2. Code of Ethics.**

The registrant has adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. This code of ethics is included as Exhibit 19(a)(1).

During the period covered by the report, with respect to the registrant's code of ethics that applies to its principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions; there have been no amendments to, nor any waivers granted from, a provision that relates to any element of the code of ethics definition enumerated in paragraph (b) of this Item 2.

 ****

**Item 3. Audit Committee Financial Expert.**

3(a)(1) The registrant's board of directors has determined that the registrant has at least one audit committee financial expert serving on its audit committee.

3(a)(2) The audit committee financial experts are Michael C. Wachs and William D. Fertig, who are "independent" for purposes of this Item 3 of Form N-CSR.

**Item 4. Principal Accountant Fees and Services.**

(a) Audit Fees:

2025 $870,975

2024 $857,800

The fees relate to the audit of the registrant's annual financial statements and the review of the annual post-effective registration statements paid to KPMG LLP.

(b) Audit-Related Fees:

2025 $0

2024 $0

(c) Tax Fees:

2025 $375,953

2024 $358,050

The fees relate to the preparation of the registrant's tax returns and review of income and capital gain distribution calculations paid to KPMG LLP.

(d) All Other Fees:

2025 $0

2024 $0

---

| | |
|:---|:---|
| (e)(1) | The Audit Committee may pre-approve at any regularly scheduled Audit Committee meeting audit, audit-related, tax and other non-audit services to be rendered or that may be rendered by the Auditor to the Trust and certain non-audit services to be rendered by the Auditor to the Advisor which require pre-approval by the Audit Committee. In connection with such pre-approvals, the Auditor, or a Trust officer, with the assistance of the Auditor, shall provide the Audit Committee with a report containing information about each type of service to be pre-approved at the meeting. |

---

The Trust will use a combination of the two approaches for pre-approving proposed services: (1) the proposed service be specifically pre-approved by the Audit Committee ("specific pre-approval") or (2) may be pre-approved without consideration of specific case-by-case services by the audit committee ("general pre-approval"). Unless a type of service has received general pre-approval, it will require specific pre-approval by the Audit Committee. Additionally, any proposed services exceeding pre-approved cost levels will also require specific pre-approval by the Audit Committee.

(e)(2) No Services included in (b)-(d) above were approved pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) Not applicable as less than 50%.

(g) 2025 $375,953

2024 $358,050

These aggregate fees were billed in the Reporting Periods for non-audit services by the principal accountant to the Registrant and Fund Management.

(h) Not applicable.

(i) Not applicable.

(j) Not applicable.

**Item 5.** **Audit Committee of Listed Registrants.**

Not applicable.

**Item 6.** **Investments.**

(a) The Schedule of Investments in Securities of unaffiliated issuers
is included as part of the Financial Statements filed under Item 7(a) of this Form.

(b) Not applicable.

**Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.**

(a) ![](j25109283_aa001.jpg)

![](j25109283_aa002.jpg)

**Annual Financial Statements and Other Information**

July 31, 2025

---

| | |
|:---|:---|
| | Investor |
| Bitcoin ProFund | BTCFX |
| Ether ProFund | ETHFX |
| Short Bitcoin ProFund | BITIX |

---

------

**Table of Contents**

---

| | |
|:---|:---|
| | [**Consolidated Schedules of Portfolio Investments**](#consscheofportinvest-3) |
| **2** | [Bitcoin ProFund](#bitcoinprofund-3) |
| **3** | [Ether ProFund](#etherprofund-3) |
| **4** | [Short Bitcoin ProFund](#shortbitcoinprofund-3) |
| **5** | [**Consolidated Statements of Assets and Liabilities**](#consstateofassetsandliab-3) |
| **7** | [**Consolidated Statements of Operations**](#consstateofoper-3) |
| **9** | [**Consolidated Statements of Changes in Net Assets**](#consstateofchaninnetassets-3) |
| **13** | [**Consolidated Statements of Cash Flows**](#consstateofcash-3) |
| **15** | [**Consolidated Financial Highlights**](#consfinanhigh-3) |
| **19** | [**Notes to Consolidated Financial Statements**](#notestocons-3) |
| **35** | [**Report of Independent Registered Public Accounting Firm**](#reportofinderegispublicaccfirm-3) |
| **37** | [**Form N-CSR – Items 8-11 (unaudited)**](#formncsritem-3) |

---

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------

**Consolidated Schedules of Portfolio Investments**

------

**2 :: Bitcoin ProFund ::** Consolidated Schedule of Portfolio Investments :: July 31, 2025

**U.S. Treasury Obligations (60.7%)**

---

| | | |
|:---|:---|:---|
| | Principal<br>Amount | Value |
| U.S. Treasury Bills, 3.97%<sup>(a)</sup>, 8/14/25<sup>(b)</sup> | $380000000 | $379413204 |
| **TOTAL U.S. TREASURY OBLIGATIONS**<br> (Cost $379,423,666) |  | **379413204** |

---

**Repurchase Agreements (6.5%)**

---

| | |
|:---|:---|
| Repurchase Agreements with <br>UMB Bank, N.A.,4.30%, dated <br>7/31/25, due 8/1/25, total to be <br>received $40,726,169 (Collateralized <br>by U.S. Treasury Notes, 4.00%, <br>due 2/29/28, total value $41,535,755) | 40721305 |
| **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $40,721,305) | **40721305** |
| **TOTAL INVESTMENT SECURITIES**<br> (Cost $420,144,971)—67.2% | **420134509** |
| Reverse Repurchase Agreements <br>including accrued interest—(47.9%) | (299575692) |
| Net other assets (liabilities)—80.7% | 504590031 |
| **NET ASSETS—100.0%** | $**625148848** |

---

<sup>(a)</sup> Reflects the effective yield or interest rate in effect at July 31, 2025.

<sup>(b)</sup> $299,538,000 of this security has been pledged as collateral for reverse repurchase agreements.

**Futures Contracts Purchased**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Number <br>of <br>Contracts | Expiration<br>Date | Notional<br>Amount | Value and <br>Unrealized <br>Appreciation/ <br>(Depreciation) |
| CME Bitcoin Futures Contracts | 1065 | 9/2/25 | $625341375 | $(9677400) |

---

**See accompanying notes to the consolidated financial statements.**

------

July 31, 2025 :: Consolidated Schedule of Portfolio Investments **:: Ether ProFund :: 3**

**U.S. Treasury Obligations (53.2%)**

---

| | | |
|:---|:---|:---|
| | Principal<br>Amount | Value |
| U.S. Treasury Bills, 3.97%<sup>(a)</sup>, 8/14/25<sup>(b)</sup> | $1750000 | $1747308 |
| **TOTAL U.S. TREASURY OBLIGATIONS**<br> (Cost $1,747,344) |  | **1747308** |

---

**Repurchase Agreements (9.6%)**

---

| | |
|:---|:---|
| Repurchase Agreements with <br>UMB Bank, N.A.,4.30%, dated <br>7/31/25, due 8/1/25, total to be <br>received $316,980 (Collateralized <br>by U.S. Treasury Notes, 4.25%, <br>due 1/31/26, total value $323,323) | 316942 |
| **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $316,942) | **316942** |
| **TOTAL INVESTMENT SECURITIES**<br> (Cost $2,064,286)—62.8% | **2064250** |
| Reverse Repurchase Agreements <br>including accrued interest—(53.2%) | (1747525) |
| Net other assets (liabilities)—90.4% | 2970697 |
| **NET ASSETS—100.0%** | $**3287422** |

---

<sup>(a)</sup> Reflects the effective yield or interest rate in effect at July 31, 2025.

<sup>(b)</sup> $1,747,305 of this security has been pledged as collateral for reverse repurchase agreements.

**Futures Contracts Purchased**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Number <br>of <br>Contracts | Expiration<br>Date | Notional<br>Amount | Value and <br>Unrealized <br>Appreciation/ <br>(Depreciation) |
| CME Ether Futures Contracts | 16 | 9/2/25 | $3006401 | $(20845) |
| CME Micro Ether Futures Contracts | 613 | 9/2/25 | 230365 | 392 |
|  |  |  | $**3236766** | $**(20453)** |

---

**See accompanying notes to the consolidated financial statements.**

------

**4 :: Short Bitcoin ProFund ::** Consolidated Schedule of Portfolio Investments :: July 31, 2025

**U.S. Treasury Obligations (59.4%)**

---

| | | |
|:---|:---|:---|
| | Principal<br>Amount | Value |
| U.S. Treasury Bills, 3.97%<sup>(a)</sup>, 8/14/25<sup>(b)</sup> | $700000 | $698923 |
| **TOTAL U.S. TREASURY OBLIGATIONS**<br> (Cost $698,938) |  | **698923** |

---

**Repurchase Agreements (9.3%)**

---

| | |
|:---|:---|
| Repurchase Agreements with <br>UMB Bank, N.A.,4.30%, dated <br>7/31/25, due 8/1/25, total to be <br>received $109,684 (Collateralized <br>by U.S. Treasury Notes, 4.25%, <br>due 1/31/26, total value $111,939) | 109671 |
| **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $109,671) | **109671** |
| **TOTAL INVESTMENT SECURITIES**<br> (Cost $808,609)—68.7% | **808594** |
| Reverse Repurchase Agreements <br>including accrued interest—(59.4%) | (699010) |
| Net other assets (liabilities)—90.7% | 1066952 |
| **NET ASSETS—100.0%** | $**1176536** |

---

<sup>(a)</sup> Reflects the effective yield or interest rate in effect at July 31, 2025.

<sup>(b)</sup> $698,922 of this security has been pledged as collateral for reverse repurchase agreements.

**Futures Contracts Sold**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Number <br>of <br>Contracts | Expiration<br>Date | Notional<br>Amount | Value and <br>Unrealized <br>Appreciation/ <br>(Depreciation) |
| CME Micro Bitcoin Futures Contracts | 100 | 9/2/25 | $(1174350) | $26596 |

---

**See accompanying notes to the consolidated financial statements.**

------

**Consolidated Statements of Assets and Liabilities**

------

**6 :: Consolidated Statements of Assets and Liabilities ::** July 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| | Bitcoin <br>ProFund | Ether<br>ProFund | Short Bitcoin <br>ProFund |
| ASSETS: | ASSETS: | ASSETS: | ASSETS: |
| Total Investment Securities, at cost | $420144971 | $2064286 | $808609 |

---

---

| | | | |
|:---|:---|:---|:---|
| Securities, at value | 379413204 | 1747308 | 698923 |
| Repurchase agreements, at value | 40721305 | 316942 | 109671 |
| Total Investment Securities, at value | 420134509 | 2064250 | 808594 |
| Cash | 338694985 | 1728605 | 744381 |
| Segregated cash balances for futures | Segregated cash balances for futures | Segregated cash balances for futures | Segregated cash balances for futures |
| contracts with brokers | 167616969 | 1115133 | 310530 |
| Interest receivable | 434240 | 1958 | 924 |
| Receivable for capital shares issued | 1544800 | 454893 | 250 |
| Due from Advisor under an expense | Due from Advisor under an expense | Due from Advisor under an expense | Due from Advisor under an expense |
| limitation agreement |  | 4915 | 4217 |
| Variation margin on futures contracts |  |  | 1850 |
| Prepaid expenses | 43953 | 6432 | 10716 |
| TOTAL ASSETS | 928469456 | 5376186 | 1881462 |
| LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: |
| Reverse repurchase agreements, including accrued interest | 299575692 | 1747525 | 699010 |
| Payable to broker for futures transactions | 93393 | 456 | 214 |
| Payable for capital shares redeemed | 1772464 | 312503 | 141 |
| Variation margin on futures contracts | 985125 | 20656 |  |
| Advisory fees payable | 413001 |  |  |
| Management services fees payable | 137666 |  |  |
| Administration and fund accounting | Administration and fund accounting | Administration and fund accounting | Administration and fund accounting |
| fees payable | 68330 | 648 | 567 |
| Transfer agent fees payable | 28426 | 168 | 92 |
| Trustee fees payable | 39 |  |  |
| Compliance services fees payable | 662 | 2 | 1 |
| Service fees payable | 1149 | 4 | 2 |
| Other accrued expenses | 244661 | 6802 | 4899 |
| TOTAL LIABILITIES | 303320608 | 2088764 | 704926 |
| Commitments and contingencies (Note 4) | Commitments and contingencies (Note 4) | Commitments and contingencies (Note 4) | Commitments and contingencies (Note 4) |
| NET ASSETS | $625148848 | $3287422 | $1176536 |
| NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: |
| Capital | $461111431 | $2614854 | $1555085 |
| Total distributable earnings (loss) | 164037417 | 672568 | (378549) |
| NET ASSETS | $625148848 | $3287422 | $1176536 |
| NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: |
| Investor Class | $625148848 | $3287422 | $1176536 |
| SHARES OF BENEFICAL INTEREST OUTSTANDING<br>(Unlimited number of shares authorized, no par value): | SHARES OF BENEFICAL INTEREST OUTSTANDING<br>(Unlimited number of shares authorized, no par value): | SHARES OF BENEFICAL INTEREST OUTSTANDING<br>(Unlimited number of shares authorized, no par value): | SHARES OF BENEFICAL INTEREST OUTSTANDING<br>(Unlimited number of shares authorized, no par value): |
| Investor Class | 19647536 | 92710 | 56058 |
| NET ASSET VALUE<br>(offering and redemption price per share): | NET ASSET VALUE<br>(offering and redemption price per share): | NET ASSET VALUE<br>(offering and redemption price per share): | NET ASSET VALUE<br>(offering and redemption price per share): |
| Investor Class | $31.82 | $35.46 | $20.99 |

---

Amounts designated as ' – ' are $0 or have been rounded to $0.

**See accompanying notes to the consolidated financial statements.**

------

**Consolidated Statements of Operations**

------

**8 :: Consolidated Statements of Operations ::** For the Periods Indicated

---

| | | | |
|:---|:---|:---|:---|
| | Bitcoin <br>ProFund | Ether<br>ProFund | Short Bitcoin <br>ProFund |
| | <br>Year Ended<br>July 31, 2025 | February 25, <br>2025 through <br>July 31, 2025<sup>(a)</sup> | <br>Year Ended<br>July 31, 2025 |
| INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: |
| Interest | $15425857 | $12221 | $31377 |
| TOTAL INVESTMENT INCOME | 15425857 | 12221 | 31377 |
| EXPENSES: | EXPENSES: | EXPENSES: | EXPENSES: |
| Advisory fees | 1861651 | 2673 | 3733 |
| Management services fees | 620552 | 535 | 1244 |
| Administration and fund accounting fees | 594121 | 2595 | 8877 |
| Transfer agency fees | 136071 | 354 | 568 |
| Administrative services fees | 797161 | 3 | 1167 |
| Registration and filing fees | 77220 | 1651 | 19503 |
| Custody fees | 89521 | 32 | 2455 |
| Trustee fees | 4850 | 2 | 10 |
| Compliance service fees | 3866 | 4 | 10 |
| Legal fees | 15920 | 3506 | 2918 |
| Licensing fees |  |  | 6755 |
| Service fees | 12834 | 10 | 26 |
| Interest expense | 320050 | 513 | 470 |
| Futures commission merchant (FCM) fees |  |  | 56 |
| Other fees | 323634 | 2445 | 1366 |
| Recoupment of prior expenses reduced by Advisor | 105000 |  | – |
| Total Gross Expenses before reductions | 4962451 | 14323 | 49158 |
| Expenses reduced and reimbursed by the Advisor | (64419) | (8820) | (39507) |
| Fees paid indirectly | (27286) |  |  |
| TOTAL NET EXPENSES | 4870746 | 5503 | 9651 |
| NET INVESTMENT INCOME (LOSS) | 10555111 | 6718 | 21726 |
| REALIZED AND UNREALIZED GAINS (LOSSES) <br>ON INVESTMENTS: | REALIZED AND UNREALIZED GAINS (LOSSES) <br>ON INVESTMENTS: | REALIZED AND UNREALIZED GAINS (LOSSES) <br>ON INVESTMENTS: | REALIZED AND UNREALIZED GAINS (LOSSES) <br>ON INVESTMENTS: |
| Net realized gains (losses) on investment securities | (2107) | (7) | (16) |
| Net realized gains (losses) on futures contracts | 197114192 | 696089 | (552957) |
| Change in net unrealized appreciation/depreciation <br>on investment securities | (10018) | (36) | (15) |
| Change in net unrealized appreciation/depreciation <br>on futures contracts | (2158143) | (20453) | 26886 |
| NET REALIZED AND UNREALIZED GAINS <br>(LOSSES) ON INVESTMENTS | 194943924 | 675593 | (526102) |
| CHANGE IN NET ASSETS RESULTING FROM <br>OPERATIONS | $205499035 | $682311 | $(504376) |

---

<sup>(a)</sup> Period from commencement of operations.

Amounts designated as ' – ' are $0 or have been rounded to $0.

**See accompanying notes to the consolidated financial statements.**

------

**Consolidated Statements of Changes in Net Assets**

------

**10 :: Consolidated Statements of Changes in Net Assets ::** For the Periods Indicated

---

| | | | |
|:---|:---|:---|:---|
| | Bitcoin ProFund | Bitcoin ProFund | Ether ProFund |
| | Year Ended <br>July 31, 2025 | <br>Year Ended<br>July 31, 2024 | February 25, <br>2025 through<br>July 31, 2025<sup>(a)</sup> |
| FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: |
| OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: |
| Net investment income (loss) | $10555111 | $4466540 | $6718 |
| Net realized gains (losses) on investments | 197112085 | 74123799 | 696082 |
| Change in unrealized appreciation/depreciation <br>on investments | (2168161) | (6077967) | (20489) |
| Change in net assets resulting from operations | 205499035 | 72512372 | 682311 |
| DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: |
| Total distributions | Total distributions | Total distributions | Total distributions |
| Investor Class | (105649638) | (34632997) | (9743) |
| Change in net assets resulting from distributions | (105649638) | (34632997) | (9743) |
| Change in net assets resulting from capital transactions | 273260543 | 158991232 | 2614854 |
| Change in net assets | 373109940 | 196870607 | 3287422 |
| NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: |
| Beginning of year | 252038908 | 55168301 |  |
| End of year | $625148848 | $252038908 | $3287422 |
| CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: |
| Investor Class | Investor Class | Investor Class | Investor Class |
| Proceeds from shares issued | $658735858 | $335135730 | $5535951 |
| Distributions reinvested | 105394197 | 34540048 | 9683 |
| Value of shares redeemed | (490869512) | (210684546) | (2930780) |
| Change in net assets resulting from capital transactions | $273260543 | $158991232 | $2614854 |
| SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: |
| Investor Class | Investor Class | Investor Class | Investor Class |
| Issued | 22921286 | 14281923 | 190864 |
| Reinvested | 3834654 | 1371525 | 394 |
| Redeemed | (17269784) | (9249824) | (98548) |
| Change in shares | 9486156 | 6403624 | 92710 |

---

<sup>(a)</sup> Period from commencement of operations.

Amounts designated as ' – ' are $0 or have been rounded to $0.

**See accompanying notes to the consolidated financial statements.**

------

For the Periods Indicated **:: Consolidated Statements of Changes in Net Assets :: 11**

---

| | | |
|:---|:---|:---|
| | Short Bitcoin ProFund | Short Bitcoin ProFund |
| | Year Ended <br>July 31, 2025 | Year Ended <br>July 31, 2024 |
| FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: |
| OPERATIONS: | OPERATIONS: | OPERATIONS: |
| Net investment income (loss) | $21726 | $17597 |
| Net realized gains (losses) on investments | (552973) | (356189) |
| Change in unrealized appreciation/depreciation <br>on investments | 26871 | (1898) |
| Change in net assets resulting from operations | (504376) | (340490) |
| DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: |
| Total distributions | Total distributions | Total distributions |
| Investor Class | (18310) | (1707) |
| Change in net assets resulting from distributions | (18310) | (1707) |
| Change in net assets resulting from capital transactions | 1397872 | (218647) |
| Change in net assets | 875186 | (560844) |
| NET ASSETS: | NET ASSETS: | NET ASSETS: |
| Beginning of year | 301350 | 862194 |
| End of year | $1176536 | $301350 |
| CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: |
| Investor Class | Investor Class | Investor Class |
| Proceeds from shares issued | $29162421 | $20997535 |
| Distributions reinvested | 18084 | 1707 |
| Value of shares redeemed | (27782633) | (21217889) |
| Change in net assets resulting from capital transactions | $1397872 | $(218647) |
| SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: |
| Investor Class | Investor Class | Investor Class |
| Issued | 946579<br> <sup>(b)</sup> | 337990<br> <sup>(b)</sup> |
| Reinvested | 643<br> <sup>(b)</sup> | 22<br> <sup>(b)</sup> |
| Redeemed | (897711)<sup>(b)</sup> | (338626)<sup>(b)</sup> |
| Change in shares | 49511 | (614) |

---

<sup>(b)</sup> As described in the accompanying notes to financial statements, share amounts have been adjusted for 1:10 reverse share split that occurred on October 14, 2024.

**See accompanying notes to the consolidated financial statements.**

------

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------

**Consolidated Statements of Cash Flows**

------

**14 :: Consolidated Statements of Cash Flows ::** For the Periods Indicated

---

| | | | |
|:---|:---|:---|:---|
| | Bitcoin <br>ProFund | Ether<br>ProFund | Short Bitcoin<br>ProFund |
| | Year Ended<br>July 31, 2025 | February 25, <br>2025 through<br>July 31, 2025<sup>(a)</sup> | Year Ended<br>July 31, 2025 |
| Cash Flows from Operating Activities: | Cash Flows from Operating Activities: | Cash Flows from Operating Activities: | Cash Flows from Operating Activities: |
| Change in net assets resulting from operations | $205499035 | $682311 | $(504376) |
| Less: Net realized gains (losses) on investment securities | 2107 | 7 | 16 |
| Less: Change in net unrealized appreciation/depreciation on investment securities | 10018 | 36 | 15 |
| Adjustments to reconcile the net increase (decrease) in net assets from operations <br>to net cash provided by (used in) operating activities | Adjustments to reconcile the net increase (decrease) in net assets from operations <br>to net cash provided by (used in) operating activities | Adjustments to reconcile the net increase (decrease) in net assets from operations <br>to net cash provided by (used in) operating activities | Adjustments to reconcile the net increase (decrease) in net assets from operations <br>to net cash provided by (used in) operating activities |
| Proceeds from (purchase of) short-term investments, net | (132297161) | (2063519) | (433895) |
| Amortization (accretion) of premiums and discounts, net | (5755755) | (774) | (725) |
| (Increase) decrease in: | (Increase) decrease in: | (Increase) decrease in: | (Increase) decrease in: |
| Due from Advisor under an expense limitation agreement |  | (4915) | 694 |
| Interest receivable | (411344) | (1958) | (896) |
| Variation margin receivable on futures contracts |  |  | 1229 |
| Prepaid expenses | (6442) | (6432) | 837 |
| Increase (decrease) in: | Increase (decrease) in: | Increase (decrease) in: | Increase (decrease) in: |
| Interest payable (on reverse repurchase agreements) | 22624 | 220 | 62 |
| Payable to broker for futures transactions | 54831 | 456 | 27 |
| Variation margin payable on futures contracts | (1699375) | 20656 |  |
| Advisor fees payable | 347276 |  |  |
| Management fees payable | 115757 |  |  |
| Administration and fund accounting fees payable | 44445 | 648 | (798) |
| Transfer agency fees payable | 16489 | 168 | (45) |
| Compliance services fees payable | 113 | 2 | (1) |
| Service fees payable | 277 | 4 | (2) |
| Trustee fees payable | 39 |  |  |
| Other accrued expenses | 88835 | 6802 | (250) |
| Net cash provided by (used in) operating activities | $66031769 | $(1366288) | $(938108) |
| Cash Flows from Financing Activities: | Cash Flows from Financing Activities: | Cash Flows from Financing Activities: | Cash Flows from Financing Activities: |
| Proceeds from reverse repurchase agreements | 1928635250 | 4080506 | 3036148 |
| (Repayments of) reverse repurchase agreements | (1728994250) | (2333201) | (2512046) |
| Proceeds from capital shares issued | 658637029 | 5081058 | 29162321 |
| Cash paid for capital shares redeemed | (490344409) | (2618277) | (27782992) |
| Cash distributions paid to shareholders | (255441) | (60) | (226) |
| Net cash provided by (used in) financing activities | $367678179 | $4210026 | $1903205 |
| Net Increase (Decrease) in Cash and Segregated Cash Balances <br>for Futures Contracts with Brokers | 433709948 | 2843738 | 965097 |
| Cash and segregated cash balances for futures contracts with brokers at <br>the beginning of period | 72602006 |  | 89814 |
| Cash and segregated cash balances for futures contracts with brokers at <br>the end of period | $506311954 | $2843738 | $1054911 |
| The following table provides a reconciliation of cash and segregated cash balances for <br>futures contracts with brokers to the consolidated statements of assets and liabilities: | The following table provides a reconciliation of cash and segregated cash balances for <br>futures contracts with brokers to the consolidated statements of assets and liabilities: | The following table provides a reconciliation of cash and segregated cash balances for <br>futures contracts with brokers to the consolidated statements of assets and liabilities: | The following table provides a reconciliation of cash and segregated cash balances for <br>futures contracts with brokers to the consolidated statements of assets and liabilities: |
| Cash | 338694985 | 1728605 | 744381 |
| Segregated cash balances for futures contracts with brokers | 167616969 | 1115133 | 310530 |
| Total cash and segregated cash balances for futures contracts with brokers | $506311954 | $2843738 | $1054911 |
| Supplemental Disclosure of Cash Flow Information | Supplemental Disclosure of Cash Flow Information | Supplemental Disclosure of Cash Flow Information | Supplemental Disclosure of Cash Flow Information |
| Cash paid for interest (excluding costs) | $297426 | $293 | $408 |
| Non-cash financing activities not included herein consist of reinvestments <br>of distributions | 105394197 | 9683 | 18084 |

---

<sup>(a)</sup> Period from commencement of operations.

Amounts designated as ' – ' are $0 or have been rounded to $0.

**See accompanying notes to the consolidated financial statements.**

------

**Consolidated Financial Highlights**

------

**16 :: Consolidated Financial Highlights**

**ProFunds Consolidated Financial Highlights** FOR THE PERIODS INDICATED

**Selected data for a share of beneficial interest outstanding throughout the periods indicated.**

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | Investment Activities | Investment Activities | Investment Activities | Distributions to<br>Shareholders From | Distributions to<br>Shareholders From | | | Ratios to <br>Average Net Assets | Ratios to <br>Average Net Assets | Ratios to <br>Average Net Assets | Supplemental<br>Data | Supplemental<br>Data |
| |<br>Net Asset<br>Value,<br>Beginning<br>of Period | Net<br>Investment<br>Income<br>(Loss)<sup>(a)</sup> | Net<br>Realized<br>and<br>Unrealized<br>Gains<br>(Losses) on<br>Investments | Total from<br>Investment<br>Activities | Net<br>Investment<br>Income | Total<br>Distributions | <br>Net<br>Asset<br>Value,<br>End of<br>Period | <br>Total<br>Return<sup>(b)</sup> | Gross<br>Expenses<sup>(c)(d)</sup> | Net<br>Expenses<sup>(c)(d)</sup> | Net<br>Investment<br>Income<br>(Loss)<sup>(c)</sup> | Net<br>Assets,<br>End of<br>Period<br>(000's) | Portfolio<br>Turnover<br>Rate<sup>(b)(e)</sup> |
| **Bitcoin ProFund** | **Bitcoin ProFund** | **Bitcoin ProFund** | **Bitcoin ProFund** | **Bitcoin ProFund** | **Bitcoin ProFund** | **Bitcoin ProFund** | **Bitcoin ProFund** | **Bitcoin ProFund** | **Bitcoin ProFund** | **Bitcoin ProFund** | **Bitcoin ProFund** | **Bitcoin ProFund** | **Bitcoin ProFund** |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
| Year Ended July 31, 2025 | $24.80 | 0.72 | 13.59 | 14.31 | (7.29) | (7.29) | $31.82 | 67.59% | 1.20% | 1.18<br> %<sup>(f)</sup> | 2.55% | $625149 |  |
| Year Ended July 31, 2024 | $14.68 | 0.71 | 13.99 | 14.70 | (4.58) | (4.58) | $24.80 | 103.21% | 1.26% | 1.16<br> %<sup>(f)</sup> | 3.08% | $252039 |  |
| Year Ended July 31, 2023 | $13.99 | 0.06 | 2.46 | 2.52 | (1.83) | (1.83) | $14.68 | 18.23% | 1.61% | 1.35<br> %<sup>(f)</sup> | 0.46% | $55168 |  |
| Year Ended July 31, 2022 | $24.70 | (0.27) | (10.44) | (10.71) |  |  | $13.99 | (43.36)% | 1.93% | 1.25<br> %<sup>(f)</sup> | (1.17)% | $23548 |  |
| July 28, 2021 through <br>July 31, 2021<sup>(g)</sup> | $25.00 | —<br> <sup>(h)</sup> | (0.30) | (0.30) |  |  | $24.70 | (1.20)% | 24.80% | 1.30<br> %<sup>(f)</sup> | (1.28)% | $524 |  |
| **Ether ProFund** | **Ether ProFund** | **Ether ProFund** | **Ether ProFund** | **Ether ProFund** | **Ether ProFund** | **Ether ProFund** | **Ether ProFund** | **Ether ProFund** | **Ether ProFund** | **Ether ProFund** | **Ether ProFund** | **Ether ProFund** | **Ether ProFund** |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
| February 25, 2025 through <br>July 31, 2025<sup>(g)</sup> | $25.00 | 0.21 | 10.59 | 10.80 | (0.34) | (0.34) | $35.46 | 43.82% | 4.02% | 1.54<br> %<sup>(i)</sup> | 1.89% | $3287 |  |

---

(a) Per share net investment income (loss) has been calculated using the average daily shares method.

(b) Not annualized for periods less than one year.

(c) Annualized for periods less than one year.

(d) The expense ratios reflect all interest expense and other costs related to reverse repurchase agreements and trading of Bitcoin and Ether futures contracts.

(e) Portfolio turnover rate is calculated without regard to instruments having a maturity of less than one year from acquisition or derivative instruments (including swap agreements and futures contracts).

(f) Excluding interest expense and other costs related to reverse repurchase agreements and trading of Bitcoin futures contracts, the net expense ratio would have been 1.10%, 1.10%, 1.04%, 0.84% and 0.84% for the years ended July 31, 2025, July 31, 2024, July 31, 2023, and July 31, 2022, and the period ended July 31, 2021, respectively.

(g) Period from commencement of operations.

(h) Amount is less than $0.005.

(i) Excluding interest expense and other costs related to reverse repurchase agreements and trading of Ether futures contracts, the net expense ratio would have been 1.40% for the period ended July 31, 2025.

**See accompanying notes to the consolidated financial statements.**

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**Consolidated Financial Highlights :: 17**

**ProFunds Consolidated Financial Highlights** FOR THE PERIODS INDICATED

**Selected data for a share of beneficial interest outstanding throughout the periods indicated.**

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| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | Investment Activities | Investment Activities | Investment Activities | Distributions to<br>Shareholders From | Distributions to<br>Shareholders From | | | Ratios to <br>Average Net Assets | Ratios to <br>Average Net Assets | Ratios to <br>Average Net Assets | Supplemental<br>Data | Supplemental<br>Data |
| |<br>Net Asset<br>Value,<br>Beginning<br>of Period | Net<br>Investment<br>Income<br>(Loss)<sup>(a)</sup> | Net<br>Realized<br>and<br>Unrealized<br>Gains<br>(Losses) on<br>Investments | Total from<br>Investment<br>Activities | Net<br>Investment<br>Income | Total<br>Distributions | <br>Net<br>Asset<br>Value,<br>End of<br>Period | <br>Total<br>Return<sup>(b)</sup> | Gross<br>Expenses<sup>(c)(d)</sup> | Net<br>Expenses<sup>(c)(d)</sup> | Net<br>Investment<br>Income<br>(Loss)<sup>(c)</sup> | Net<br>Assets,<br>End of<br>Period<br>(000's) | Portfolio<br>Turnover<br>Rate<sup>(b)(e)</sup> |
| **Short Bitcoin ProFund** | **Short Bitcoin ProFund** | **Short Bitcoin ProFund** | **Short Bitcoin ProFund** | **Short Bitcoin ProFund** | **Short Bitcoin ProFund** | **Short Bitcoin ProFund** | **Short Bitcoin ProFund** | **Short Bitcoin ProFund** | **Short Bitcoin ProFund** | **Short Bitcoin ProFund** | **Short Bitcoin ProFund** | **Short Bitcoin ProFund** | **Short Bitcoin ProFund** |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
| Year Ended July 31, 2025<sup>(f)</sup> | $46.03 | 0.74 | (25.02) | (24.28) | (0.76) | (0.76) | $20.99 | (53.14)% | 5.92% | 1.16<br> %<sup>(g)</sup> | 2.62% | $1177 |  |
| Year Ended July 31, 2024<sup>(f)</sup> | $120.40 | 1.50 | (75.37) | (73.87) | (0.50) | (0.50) | $46.03 | (61.53)% | 7.01% | 1.17<br> %<sup>(g)(h)</sup> | 2.53% | $301 |  |
| Year Ended July 31, 2023<sup>(f)</sup> | $206.53 | (0.20) | (85.93) | (86.13) |  |  | $120.40 | (41.69)% | 13.36% | 1.35<br> %<sup>(g)(h)</sup> | (0.10)% | $862 |  |
| June 21, 2022 through <br>July 31, 2022<sup>(f)(i)</sup> | $250.00 |  | (43.07) | (43.47) |  |  | $206.53 | (17.40)% | 17.68% | 1.88<br> %<sup>(g)(j)</sup> | (1.39)% | $405 |  |

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(a) Per share net investment income (loss) has been calculated using the average daily shares method.

(b) Not annualized for periods less than one year.

(c) Annualized for periods less than one year.

(d) The expense ratios reflect all interest expense and other costs related to reverse repurchase agreements and trading of Bitcoin futures contracts.

(e) Portfolio turnover rate is calculated without regard to instruments having a maturity of less than one year from acquisition or derivative instruments (including swap agreements and futures contracts).

(f) As described in the accompanying notes to financial statements, share amounts have been adjusted for 1:10 reverse share split that occurred on October 14, 2024.

(g) Excluding interest expense and other costs related to reverse repurchase agreements and trading of Bitcoin futures contracts, the net expense ratio would have been 1.10%, 1.09%, 1.06%, and 1.26% for the the years ended July 31, 2025, July 31, 2024, and July 31, 2023, and the period ended July 31, 2022, respectively.

(h) For the period August 1, 2023 through November 30, 2023, and for the year ended July 31, 2023, the Advisor voluntarily waived fees and expenses to limit the expense ratio, including interest expense and other costs related to reverse repurchase agreements and trading of Bitcoin futures contracts, to 1.35%.

(i) Period from commencement of operations.

(j) For the period June 21, 2022 through July 31, 2022, the Advisor voluntarily waived fees and expenses to limit the expense ratio (excluding interest expense and certain other costs) to 1.26%.

**See accompanying notes to the consolidated financial statements.**

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**Notes to Consolidated Financial Statements**

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**20 :: Notes to Consolidated Financial Statements ::** July 31, 2025

**1. Organization**

ProFunds (the "Trust") consists of 117 separate investment portfolios and is registered as an open-end management investment company under the Investment Company Act of 1940, as amended (the "1940 Act") and thus follows accounting and reporting guidance for investment companies. The Trust is organized as a Delaware statutory trust and is authorized to issue an unlimited number of shares of beneficial interest of no par value which may be issued in more than one class or series.

These accompanying consolidated financial statements ("financial statements") relate to the following portfolios of the Trust included in this report (collectively, the "ProFunds" and individually, a "ProFund"):

**Digital Assets ProFunds:**

Bitcoin ProFund <br> Ether ProFund <br> Short Bitcoin ProFund

Each ProFund's investment objective is disclosed in its prospectus. Each ProFund is classified as non-diversified under the 1940 Act and has one class of shares: an Investor Class. The Ether ProFund commenced operations on February 25, 2025.

Under the Trust's organizational documents, its Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, in the normal course of business, the Trust enters into contracts with its vendors and others that provide for general indemnifications. The Trust and ProFunds' maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the ProFunds.

In this reporting period, the ProFunds adopted FASB Accounting Standards 2023-07, Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of the enhanced standard impacted financial statement disclosures only and did not affect each ProFund's financial position or results of operations. Operating segments are components of an entity that engage in business activities, have discrete financial information available, and have their operating results regularly reviewed by a chief operating decision maker ("CODM") when assessing segment performance and making decisions about segment resources. Each ProFund included herein is deemed to be an individual reporting segment and Officers of the Trust collectively act as the ProFund's CODM. The CODM monitors the operating results of each ProFund as a whole and each ProFund's long-term strategic asset allocation is guided by the ProFund's investment objective and principal investment strategies as described in its prospectus and executed by ProFund Advisors LLC (the "Advisor"). The financial information provided to and reviewed by the CODM is consistent with that presented in the ProFund's financial statements.

**2. Significant Accounting Policies**

The following is a summary of significant accounting policies followed by each ProFund in the preparation of its financial statements. These policies are in conformity with U.S. generally accepted accounting principles ("GAAP"). The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the

reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. The actual results could differ from those estimates.

**Basis of Consolidation**

The accompanying Consolidated Schedules of Portfolio Investments, Consolidated Statements of Assets and Liabilities, Consolidated Statements of Operations, Consolidated Statements of Changes in Net Assets, Consolidated Statements of Cash Flows, and Consolidated Financial Highlights of Bitcoin ProFund, Ether ProFund, and Short Bitcoin ProFund include the accounts of the ProFunds Bitcoin Strategy Portfolio, ProFunds Cayman Ether Strategy Portfolio, and ProFunds Cayman Short Bitcoin Strategy Portfolio, respectively (each a "Subsidiary") Each Subsidiary is a wholly-owned subsidiary of the Bitcoin ProFund, Ether ProFund and Short Bitcoin ProFund, respectively, organized under the laws of the Cayman Islands, and primarily invests in Bitcoin and Ether related instruments. Each Subsidiary enables the respective ProFund to hold these Bitcoin-related and Ether-related instruments and satisfy regulated investment company ("RIC") tax requirements. Each of the Digital Assets ProFunds will invest a significant portion of its total assets in its respective Subsidiary. As of July 31, 2025, the net assets of ProFund Bitcoin Strategy Portfolio were 19.6% of the adjusted net assets of Bitcoin ProFund, the net assets of ProFund Ether Strategy Portfolio were 21.8% of the adjusted net assets of Ether ProFund, and the net assets of ProFunds Cayman Short Bitcoin Strategy Portfolio were 18.9% of the adjusted net assets of Short Bitcoin ProFund (as adjusted for reverse repurchase agreements). Intercompany accounts and transactions, if any, have been eliminated. Each Subsidiary is subject to the same investment policies and restrictions that apply to Bitcoin ProFund, Ether ProFund, and Short Bitcoin ProFund, respectively, except that each Subsidiary may invest without limitation in Bitcoin-related and Ether-related instruments.

**Investment in a Subsidiary**

Each ProFund intends to achieve commodity exposure through investment in its respective Subsidiary. The ProFund's investment in its Subsidiary is intended to provide each ProFund with exposure to commodity and financial markets in accordance with applicable rules and regulations. The Subsidiaries may invest in derivatives, including futures, forwards, options and other investments intended to serve as margin or collateral or otherwise support the Subsidiary's derivatives positions. The Subsidiaries are not registered under the 1940 Act, and will not have all the protections offered to investors in RICs. The Board, however, has oversight responsibility for the investment activities of the ProFunds, including its investment in its respective Subsidiary, and each ProFund's role as the sole shareholder of its respective Subsidiary. Changes in the laws of the United States and/or the Cayman Islands, under which the ProFunds and the Subsidiaries are organized, respectively, could result in the inability of the ProFunds and/or its Subsidiary to operate as described in the ProFunds Statement of Additional Information and could negatively affect the ProFunds and its' shareholders. For example, the Cayman Islands does not currently impose any income, corporate or capital gains tax, estate duty, inheritance tax, gift tax or withholding tax on a Subsidiary. If Cayman Islands law changes

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July 31, 2025 **:: Notes to Consolidated Financial Statements :: 21**

such that a Subsidiary must pay Cayman Islands taxes, ProFunds shareholders would likely suffer decreased investment returns. In this report, the financial statements of each Subsidiary have been consolidated with the financial statements of the respective ProFund by which it is wholly-owned.

**Investment Valuation**

The ProFunds record their investments at fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The valuation techniques used to determine fair value are further described in Note 3.

**Repurchase Agreements**

Each ProFund may enter into repurchase agreements with financial institutions in pursuit of its investment objective, as "cover" for the investment techniques it employs, or for liquidity purposes. Repurchase agreements are primarily used by the ProFunds as short-term investments for cash positions. Under a repurchase agreement, a ProFund purchases a debt security and simultaneously agrees to sell the security back to the seller at a mutually agreed-upon future price and date, normally one business day. The resale price is typically greater than the purchase price, reflecting an agreed-upon market interest rate during the purchaser's holding period. While the maturities of the underlying securities in repurchase transactions may be more than one year, the term of each repurchase agreement will always be less than one year.

The ProFunds follow certain procedures designed to minimize the risks inherent in such agreements. These procedures include effecting repurchase transactions generally with major, global

financial institutions whose creditworthiness is continuously monitored by the Advisor. In addition, the value of the collateral underlying the repurchase agreement will always be at least equal to the repurchase price, including any accrued interest earned on the repurchase agreement. The collateral underlying the repurchase agreement is held by the ProFund's custodian. In the event of a default or bankruptcy by a selling financial institution, a ProFund will seek to liquidate such collateral which could involve certain costs or delays and, to the extent that proceeds from any sale upon a default of the obligation to repurchase were less than the repurchase price, the ProFund could suffer a loss. A ProFund also may experience difficulties and incur certain costs in exercising its rights to the collateral and may lose the interest the ProFund expected to receive under the repurchase agreement. Repurchase agreements usually are for short periods, such as one week or less, but may be longer. It is the current policy of the ProFunds not to invest in repurchase agreements that do not mature within seven days if any such investment, together with any other illiquid assets held by the ProFund, amounts to more than 15% of the ProFund's total net assets. The investments of each of the ProFunds in repurchase agreements at times may be substantial when, in the view of the Advisor, liquidity, investment, regulatory, or other considerations so warrant. During periods of high demand for repurchase agreements, the ProFunds may be unable to invest available cash in these instruments to the extent desired by the Advisor.

Information concerning the counterparties, value of, collateralization and amounts due under repurchase agreement transactions may be found on a ProFund's Consolidated Schedule of Portfolio Investments.

**Reverse Repurchase Agreements**

Each ProFund may enter into reverse repurchase agreements as part of its investment strategy, which may be viewed as a form of borrowing. Reverse repurchase agreements involve sales by the ProFunds of portfolio assets for cash concurrently with an agreement by the ProFunds to repurchase those same assets at a later date at a fixed price. Generally, the effect of such a transaction is that the ProFunds can recover all or most of the cash invested in the portfolio securities involved during the term of the reverse repurchase agreement, while the ProFunds will be able to keep the interest income associated with those portfolio securities. Such transactions are advantageous only if the interest cost to the ProFunds of the reverse repurchase transaction is less than the cost of obtaining the cash otherwise. Opportunities to achieve this advantage may not always be available, and the ProFunds intend to use the reverse repurchase technique only when it will be to the ProFunds' advantage to do so. The ProFunds will each segregate with its custodian bank cash or liquid instruments equal in value to each ProFund's obligations with respect to reverse repurchase agreements.

As of July 31, 2025, the ProFunds' outstanding balances on reverse repurchase agreements were as follows:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Counterparty | Interest Rate | Principal<br>Amount | Maturity | Value | Value &<br>Accrued<br>Interest |
| Bitcoin ProFund | UMB Bank N.A. | 4.30% | $(299538000) | 8/1/2025 | $(299538000) | $(299575692) |
| Ether ProFund | UMB Bank N.A. | 4.30% | (1747305) | 8/1/2025 | (1747305) | (1747525) |
| Short Bitcoin ProFund | UMB Bank N.A. | 4.30% | (698922) | 8/1/2025 | (698922) | (699010) |

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For the year ended July 31, 2025, the average daily balance outstanding and average interest rate on the ProFunds' reverse repurchase agreements were as follows:

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| | |
|:---|:---|
| Bitcoin ProFund | Bitcoin ProFund |
| Average daily balance outstanding | $(231674386) |
| Average interest rate | 4.55% |
| Ether ProFund | Ether ProFund |
| Average daily balance outstanding | $(816101) |
| Average interest rate | 4.50% |

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**22 :: Notes to Consolidated Financial Statements ::** July 31, 2025

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| | |
|:---|:---|
| Short Bitcoin ProFund | Short Bitcoin ProFund |
| Average daily balance outstanding | $(373590) |
| Average interest rate | 4.57% |

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The following table presents the reverse repurchase agreements subject to netting agreements and the collateral delivered related to those reverse repurchase agreements:

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| | | | |
|:---|:---|:---|:---|
| | Counterparty | Reverse<br>Repurchase<br>Agreements<sup>(1)</sup> | Collateral<br>Pledged to<br>Counterparty |
| Bitcoin ProFund | UMB Bank N.A. | $(299575692) | $299538000 |
| Ether ProFund | UMB Bank N.A. | (1747525) | 1747305 |
| Short Bitcoin ProFund | UMB Bank N.A. | (699010) | 698922 |

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<sup>(1)</sup> Represents gross value and accrued interest for the counterparty as reported in the preceding table.

**Derivative Instruments**

In seeking to achieve Short Bitcoin ProFund's investment objective, the Advisor uses a mathematical approach to investing. Using this approach, the Advisor determines the type, quantity and mix of investment positions. The Short Bitcoin ProFund may obtain investment exposure through derivative instruments such as futures contracts, that the ProFund should hold to approximate the inverse (-1x) of the daily performance of its benchmark. All derivative instruments held during the year ended July 31, 2025, were utilized to gain inverse exposure to the ProFund's benchmark (e.g., index, etc.) to meet its investment objective. The Short Bitcoin ProFund does not seek to achieve its investment objective over a period of time greater than a single day.

Bitcoin ProFund and Ether ProFund are actively managed, in that the Advisor selects investments and makes investment decisions that it believes are suited to achieving the Bitcoin ProFund's and Ether ProFund's investment objective. Accordingly, the Bitcoin ProFund and Ether ProFund may also obtain investment exposure through derivative instruments, such as futures contracts.

All open derivative positions at year end are reflected on each respective ProFund's Consolidated Schedule of Portfolio Investments. The volume associated with derivative positions varies on a daily basis as each ProFund transacts in derivative contracts in order to achieve the appropriate exposure, as expressed in notional amount, in comparison to net assets consistent with each ProFund's investment objective.

The ProFunds utilized a varying level of derivative instruments in conjunction with the investment securities to meet their investment objective during the year ended July 31, 2025. The notional amount of open derivative positions relative to each ProFund's net assets at year end is generally representative of the notional amount of open positions to net assets throughout the year.

In connection with its management of the three series of the Trust included in this report (Bitcoin ProFund, Ether ProFund, and Short Bitcoin ProFund (the "Commodity Pools")), the Advisor is registered as a commodity pool operator (a "CPO") and the Commodity Pools are commodity pools under the Commodity Exchange Act (the "CEA"). The Advisor also registered as a commodity trading advisor (a "CTA") under the CEA as a result of its role as subadvisor to funds outside the Trust. Accordingly, the Advisor is subject to registration and regulation as a CPO and CTA under the CEA and must comply with various regulatory requirements under the CEA and the rules and regulations of the Commodity Futures Trading Commission ("CFTC") and the

National Futures Association ("NFA"), including investor protection requirements, antifraud provisions, disclosure requirements and reporting and recordkeeping requirements. The Advisor is also subject to periodic inspections and audits by the CFTC and NFA. Compliance with these regulatory requirements could adversely affect the Commodity Pools' total return. In this regard, any further amendment to the CEA or its related regulations that subject the Advisor or the Commodity Pools to additional regulation may have adverse impacts on the Commodity Pools' operations and expenses.

The following is a description of the derivative instruments utilized by the ProFunds, including certain risks related to each instrument type.

Futures Contracts

Each ProFund may purchase or sell futures contracts as a substitute for a comparable market position in the underlying securities or to satisfy regulatory requirements. A cash-settled futures contract obligates the seller to deliver (and the purchaser to accept) an amount of cash equal to a specific dollar amount (the contract multiplier) multiplied by the difference between the final settlement price of a specific futures contract and the price at which the agreement is made. No physical delivery of the underlying asset is made.

Each ProFund generally engages in closing or offsetting transactions before final settlement of a futures contract, wherein a second identical futures contract is sold to offset a long position (or bought to offset a short position). In such cases, the obligation is to deliver (or take delivery of) cash equal to a specific dollar amount (the contract multiplier) multiplied by the difference between the price of the offsetting transaction and the price at which the original contract was entered into. If the original position entered into is a long position (futures contract purchased), there will be a gain (loss) if the offsetting sell transaction is carried out at a higher (lower) price, inclusive of commissions. If the original position entered into is a short position (futures contract sold), there will be a gain (loss) if the offsetting buy transaction is carried out at a lower (higher) price, inclusive of commissions.

Whether a ProFund realizes a gain or loss from futures activities depends generally upon movements in the underlying currency, commodity, security, or index. The extent of a ProFund's loss from an unhedged short position in futures contracts is potentially unlimited and investors may lose the amount that they invest plus

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July 31, 2025 **:: Notes to Consolidated Financial Statements :: 23**

any profits recognized on that investment. Each ProFund will engage in transactions in futures contracts that are traded on a U.S. exchange or board of trade or that have been approved for sale in the U.S. by the CFTC.

Upon entering into a futures contract, each ProFund will be required to deposit with the broker an amount of cash or cash equivalents in the range of approximately 5% to 10% of the contract amount (this amount is subject to change by the exchange on which the contract is traded). This amount, known as "initial margin," is in the nature of a performance bond or good faith deposit on the contract and is returned to the ProFund upon termination of the futures contract, assuming all contractual obligations have been satisfied. Subsequent payments, known as "variation margin," to and from the broker will be made daily as the price of the asset underlying the futures contract fluctuates, making the long and short positions in the futures contract more or less valuable, a process known as "marking-to-market." At any time prior to expiration of a futures contract, a ProFund may elect to close its position by taking an opposite position, which will operate to terminate the ProFund's existing position in the contract.

The primary risks associated with the use of futures contracts are imperfect correlation between movements in the price of futures and the market value of the underlying assets, and the possibility

of an illiquid market for a futures contract. Although each ProFund intends to sell futures contracts only if there is an active market for such contracts, no assurance can be given that a liquid market will exist for any particular contract at any particular time. Many futures exchanges and boards of trade limit the amount of fluctuation permitted in futures contract prices during a single trading day. Once the daily limit has been reached in a particular contract, no trades may be made that day at a price beyond that limit or trading may be suspended for specified periods during the day. Futures contract prices could move to the limit for several consecutive trading days with little or no trading, thereby preventing prompt liquidation of futures positions and potentially subjecting a ProFund to substantial losses. If trading is not possible, or if a ProFund determines not to close a futures position in anticipation of adverse price movements, the ProFund will be required to make daily cash payments of variation margin. The risk that the ProFund will be unable to close out a futures position will be minimized by entering into such transactions on a national exchange with an active and liquid secondary market. In addition, although the counterparty to a futures contract is often a clearing organization, backed by a group of financial institutions, there may be instances in which the counterparty could fail to perform its obligations, causing significant losses to a ProFund.

Summary of Derivative Instruments

The following table summarizes the fair values of derivative instruments on the ProFund's Consolidated Statement of Assets and Liabilities, categorized by risk exposure, as of July 31, 2025.

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| | | |
|:---|:---|:---|
| | Assets | Liabilities |
| Fund Name | Variation Margin on<br>Futures Contracts\* | Variation Margin on<br>Futures Contracts\* |
| Commodity Risk Exposure: | Commodity Risk Exposure: | Commodity Risk Exposure: |
| Bitcoin ProFund | $— | $9677400 |
| Ether ProFund |  | 20453 |
| Short Bitcoin ProFund | 26596 |  |

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\* Includes cumulative appreciation/depreciation of futures contracts as reported in the Consolidated Schedules of Portfolio Investments. Only current day's variation margin is reported within the Consolidated Statements of Assets and Liabilities.

The following table presents the effect of derivative instruments on the ProFund's Consolidated Statement of Operations, categorized by risk exposure, for the year ended July 31, 2025.

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| | | |
|:---|:---|:---|
| Fund Name | Realized Gain (Loss)<br>on Futures Contracts<br>as a Result from Operations | Change in Net Unrealized Appreciation/<br>Depreciation on Futures Contracts<br>Recognized as a Result from Operations |
| Commodity Risk Exposure: | Commodity Risk Exposure: | Commodity Risk Exposure: |
| Bitcoin ProFund | $197114192 | $(2158143) |
| Ether ProFund | 696089 | (20453) |
| Short Bitcoin ProFund | (552957) | 26886 |

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**Investment Transactions and Related Income**

Throughout the reporting period, investment transactions are accounted for no later than one business day following the trade date. For financial reporting purposes, investment transactions are accounted for on trade date on the last business day of the reporting period. Interest income is recognized on an accrual basis and includes, where applicable, the amortization of premium or accretion of discount. Dividend income is recorded on the ex-dividend date except in the case of depositary receipts, in which case dividends are recorded as soon as such information

becomes available. Pay-in-kind interest income and non-cash dividend income received in the form of securities in-lieu of cash, if any, are recorded at the fair value of the securities received. Gains or losses realized on sales of securities are determined using the specific identification method by comparing the identified cost of the security lot sold with the net sales proceeds. Gains or losses from class action settlements are recorded when such information becomes known or can be reasonably estimated; for non-recurring class action settlements, this generally occurs with the receipt or payment of cash consistent with the terms of such settlement.

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**24 :: Notes to Consolidated Financial Statements ::** July 31, 2025

**Allocations**

Expenses directly attributable to a ProFund are charged to that ProFund, while expenses which are attributable to more than one fund in the Trust, or jointly with an affiliate, are allocated among the respective funds in the Trust and/or affiliate based upon relative net assets or another reasonable basis.

**Distributions to Shareholders**

Each ProFund intends to declare and distribute net investment income at least monthly, if any. Net realized capital gains, if any, will be distributed at least annually.

The amount of distributions from net investment income and net realized gains are determined in accordance with federal income tax regulations which may differ from GAAP. These "book/tax" differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature (e.g., investment in commodity subsidiaries), such amounts are reclassified within the composition of net assets based on their federal tax-basis treatment; temporary differences (e.g., wash sales) do not require a reclassification. The ProFunds may utilize equalization accounting for tax purposes and designate earnings and profits, including net realized gains distributed to shareholders on redemption of shares, as a part of the dividends paid deduction for income tax purposes.

**Federal Income Taxes**

Each of the ProFunds intends to continue to qualify each year as a RIC under Subchapter M of the Internal Revenue Code of 1986, as amended. A RIC generally is not subject to federal income tax on income and gains distributed in a timely manner to its shareholders. The ProFunds intend to make timely distributions in order to avoid tax liability. Accordingly, no provision for federal income taxes is required in the financial statements. The ProFunds have an October 31st tax year end.

Management of the ProFunds has reviewed tax positions taken in tax years that remain subject to examination by all major tax jurisdictions, including federal (i.e., the last four tax year ends and the interim tax period since then, as applicable). Management believes that there is no tax liability resulting from unrecognized tax benefits related to uncertain tax positions taken and the ProFunds are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

**Other**

Expense offsets to custody fees that arise from credits on cash balances maintained on deposit are reflected on the Consolidated Statement of Operations, as applicable, as "Fees paid indirectly."

**3. Investment Valuation Summary**

Pursuant to Rule 2a-5 (the "Rule"), the Trust's Board of Trustees designated the Advisor the "Valuation Designee" as contemplated by the Rule. The Valuation Designee is responsible for assessing and managing valuation risks, administering the pricing and valuation guidelines approved by the Board of Trustees, and overseeing pricing services utilized in valuing the Trust's security holdings, among other responsibilities outlined in the Rule. When the Advisor determines that the market price of a security is not

readily available or deemed unreliable (e.g., an approved pricing service does not provide a price, a furnished price is in error, certain stale prices, or an event occurs that materially affects the furnished price), it may in good faith establish a fair value for that security in accordance with the pricing and valuation guidelines. Fair value pricing may require subjective determinations about the value of a security. While the Trust's policy is intended to result in a calculation of a ProFund's NAV that fairly reflects security values as of the time of pricing, the Trust cannot ensure that fair values determined by the Advisor or persons acting at their direction would accurately reflect the price that a ProFund could obtain for a security if it were to dispose of that security as of the time of pricing (for instance, in a forced or distressed sale). The prices used by a ProFund may differ from the value that would be realized if the securities were sold and the differences could be material to the financial statements. Depending on the source and relative significance of valuation inputs, these instruments may be classified as Level 2 or Level 3 in the fair value hierarchy, as described below. The valuation techniques employed by the ProFunds, described below, maximize the use of observable inputs and minimize the use of unobservable inputs in determining fair value. These valuation techniques distinguish between market participant assumptions developed based on market data obtained from sources independent of the ProFunds (observable inputs) and the ProFunds' own assumptions about market participant assumptions developed based on the best information available under the circumstances (unobservable inputs). The inputs used for valuing the ProFunds' investments are summarized in the three broad levels listed below:

• **Level 1**–quoted prices in active markets for identical assets

• **Level 2**–other significant observable inputs (including quoted prices for similar securities, interest rates, prepayments speeds, credit risk, etc.)

• **Level 3**–significant unobservable inputs (including the ProFunds' own assumptions in determining the fair value of investments)

The inputs or methodology used for valuing investments are not necessarily an indication of the risk associated with investing in those investments. For example, repurchase agreements are generally valued at amortized cost. Generally, amortized cost approximates the current fair value of a security, but since the valuation is not obtained from a quoted price in an active market, such securities are reflected as Level 2. Fair value measurements may also require additional disclosure when the volume and level of activity for the asset or liability have significantly decreased, as well as when circumstances indicate that a transaction is not orderly. Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The Trust determines transfers between fair value hierarchy levels at the reporting period end.

Security prices are generally valued at their market value using information provided by a third-party pricing service or market quotations or other procedures approved by the Trust's Board of Trustees. The securities in the portfolio of a ProFund, except as otherwise noted, that are listed or traded on a stock exchange or the Nasdaq National Market System ("Nasdaq/NMS"), are valued at the official closing price, if available, or the last sale price, on the exchange or system where the security is principally traded. If there have been no sales for that day on the exchange or system where the security is principally traded, then the value may be

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July 31, 2025 **:: Notes to Consolidated Financial Statements :: 25**

determined with reference to the last sale price, or the official closing price, if applicable, on any other exchange or system. In each of these situations, valuations are typically categorized as Level 1 in the fair value hierarchy. If there have been no sales for that day on any exchange or system, the security will be valued using fair value procedures in accordance with procedures approved by the Trust's Board of Trustees as described above.

Securities regularly traded in the OTC markets, including securities listed on an exchange, but that are primarily traded OTC other than those traded on the Nasdaq/NMS, are generally valued on the basis of the mean between the bid and asked quotes furnished by dealers actively trading those instruments. Fixed-income securities are generally valued according to prices as furnished by an independent pricing service, generally at the mean of the bid and asked quotes for those instruments. Short-term fixed-income securities maturing in sixty days or less, and of sufficient credit quality, may be valued at amortized cost, which approximates market value. In each of these situations, valuations are typically categorized as Level 2 in the fair value hierarchy.

Derivatives are generally valued using independent pricing services and/or agreements with counterparties or other procedures approved by the Trust's Board of Trustees. Futures contracts are generally valued at their last sale price prior to the time at which the net asset value per share of a ProFund is determined and are typically categorized as Level 1 in the fair value hierarchy. If there was no sale on that day, fair valuation procedures as described above may be applied.

For the year ended July 31, 2025, there were no Level 3 investments for which significant unobservable inputs were used to determine fair value, nor were there any transfers in or out of Level 3 investments for the year.

A summary of the valuations as of July 31, 2025, based upon the three levels defined above, is included in the table below while the breakdown, by category, of equity securities is disclosed on the Consolidated Schedule of Portfolio Investments for each ProFund:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | LEVEL 1 - Quoted Prices | LEVEL 1 - Quoted Prices | LEVEL 2 - Other Significant<br>Observable Inputs | LEVEL 2 - Other Significant<br>Observable Inputs | Total | Total |
| | Investment<br>Securities | Other Financial<br>Instruments^ | Investment<br>Securities | Other Financial<br>Instruments^ | Investment<br>Securities | Other Financial<br>Instruments^ |
| **Bitcoin ProFund** | **Bitcoin ProFund** | **Bitcoin ProFund** | **Bitcoin ProFund** | **Bitcoin ProFund** | **Bitcoin ProFund** | **Bitcoin ProFund** |
| U.S. Treasury Obligations | $— | $— | $379413204 | $— | $379413204 | $— |
| Repurchase Agreements |  |  | 40721305 |  | 40721305 |  |
| Futures Contracts |  | (9677400) |  |  |  | (9677400) |
| Total | $— | $(9677400) | $420134509 | $— | $420134509 | $(9677400) |
| **Ether ProFund** | **Ether ProFund** | **Ether ProFund** | **Ether ProFund** | **Ether ProFund** | **Ether ProFund** | **Ether ProFund** |
| U.S. Treasury Obligations | $— | $— | $1747308 | $— | $1747308 | $— |
| Repurchase Agreements |  |  | 316942 |  | 316942 |  |
| Futures Contracts |  | (20453) |  |  |  | (20453) |
| Total | $— | $(20453) | $2064250 | $— | $2064250 | $(20453) |
| **Short Bitcoin ProFund** | **Short Bitcoin ProFund** | **Short Bitcoin ProFund** | **Short Bitcoin ProFund** | **Short Bitcoin ProFund** | **Short Bitcoin ProFund** | **Short Bitcoin ProFund** |
| U.S. Treasury Obligations | $— | $— | $698923 | $— | $698923 | $— |
| Repurchase Agreements |  |  | 109671 |  | 109671 |  |
| Futures Contracts |  | 26596 |  |  |  | 26596 |
| Total | $— | $26596 | $808594 | $— | $808594 | $26596 |

---

^ Other financial instruments include any derivative instruments not reflected in the Consolidated Schedule of Portfolio Investments as Investment Securities, such as futures contracts. These instruments are generally recorded in the financial statements at the unrealized appreciation/(depreciation) on the investment.

**4. Fees and Transactions with Affiliates and Other Parties**

The ProFunds have entered into an Investment Advisory Agreement with the Advisor. Under this agreement, the Bitcoin ProFund and Short Bitcoin ProFund each pay the advisor a fee at an annualized rate of 0.45% of their average daily net assets, and the Ether ProFund pays the advisor a fee at an annualized rate of 0.75% of its average daily net assets.

In addition, subject to the condition that the aggregate daily net assets of the Trust be equal to or greater than $10 billion, the Advisor has agreed to the following fee reductions with respect to each individual ProFund: 0.025% of the ProFund's daily net assets in excess of $500 million to $1 billion, 0.05% of the ProFund's daily net assets in excess of $1 billion to $2 billion, and 0.075% of

the ProFund's net assets in excess of $2 billion. During the year ended July 31, 2025, no ProFund's annual investment advisory fee was subject to such reductions.

Effective November 4, 2024, Ultimus Fund Solutions, LLC ("Ultimus") replaced Citi Fund Services Ohio, Inc. ("Citi") as the Trust's administrator (the "Administrator") and fund accounting agent.

Prior to November 4, 2024, the Trust paid Citi for its services as Administrator, an annual fee based on the Trust's aggregate average net assets at a tier rate ranging from 0.00375% to 0.05%, and a base fee for certain filings. Administration fees also included additional fees paid to Citi by the Trust for additional services provided, including support of the Trust's compliance program. The Trust also paid Citi for its services as fund accounting agent,

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**26 :: Notes to Consolidated Financial Statements ::** July 31, 2025

an annual fee based on the Trust's aggregate average net assets at a tier rate ranging from 0.00375% to 0.03%, a base fee, and reimbursement of certain expenses.

Effective November 4, 2024, the Trust pays Ultimus for its services as Administrator and fund accounting agent, an annual fee based on the Trust's aggregate average net assets at a tier rate ranging from 0.0075% to 0.08%, and an annual base fee. Administration and fund accounting fees also include additional fees paid to Ultimus by the Trust for additional services provided, including support of the Trust's compliance program. Additionally, effective January 1, 2025, Ultimus provides legal administration services to the Trust pursuant to a separate agreement. The Trust pays Ultimus a monthly fee for its services as Legal Administrator. Fees paid for the year ended July 31, 2025, to Citi and Ultimus by the ProFunds for administrator and fund accounting services, are reflected on the Consolidated Statements of Operations as "Administration and fund accounting fees".

FIS Investor Services LLC ("FIS") acts as transfer agent for the Trust. For these services, the Trust pays FIS a base fee, account and service charges, and reimbursement of certain expenses.

ProFunds Distributors, Inc. (the "Distributor"), a wholly owned subsidiary of the Advisor, serves as the Trust's distributor. Under a Distribution Plan, adopted by the Trust's Board of Trustees pursuant to Rule 12b-1 under the 1940 Act, the ProFunds may pay financial intermediaries such as broker-dealers, investment advisors, and the Distributor up to 0.25%, on an annualized basis, of the average daily net assets attributable to Investor Class shares as compensation for service and distribution-related activities and/or shareholder services with respect to Investor Class shares. For the year ended July 31, 2025, no payments were made under this plan by the ProFunds.

The Advisor, pursuant to a separate Management Services Agreement, performs certain client support services and other administrative services on behalf of the ProFunds. For these services, each ProFund pays the Advisor a fee at the annual rate of 0.15% of its average daily net assets.

The Advisor, pursuant to a separate Services Agreement, performs certain services related to the operation and maintenance of a shareholder trading platform. For these services, the Trust pays the Advisor a monthly base fee as reflected on the Consolidated Statements of Operations as "Service fees."

The ProFunds pay fees to certain intermediaries or financial institutions for record keeping, sub-accounting services, transfer agency and other administrative services as reflected on the Consolidated Statements of Operations as "Administrative services fees."

Certain Officers and a Trustee of the Trust are affiliated with the Advisor or the Administrator. Except as noted below with respect to the Trust's Chief Compliance Officer, such Officers and Trustee receive no compensation from the ProFunds for serving in their respective roles. Effective September 1, 2025, the Trust, together with affiliated Trusts, pays each Independent Trustee compensation for their services at an annual rate of $375,000, inclusive of all meetings. During the year ended July 31, 2025, actual Trustee compensation was $975,000 in aggregate from the Trust and affiliated trusts. Prior to September 1, 2025, the Trust, together with affiliated Trusts, paid each Independent Trustee compensation for their services at an annual rate of $325,000, inclusive of all meetings. There are certain employees of the Advisor, such as the Trust's Chief Compliance Officer and staff who administer the Trust's compliance program, in which the ProFunds reimburse the Advisor for their related compensation and certain other expenses incurred as reflected on the Consolidated Statements of Operations as "Compliance services fees."

The Advisor has contractually agreed to waive advisory and management services fees, and if necessary, reimburse certain other expenses of the ProFunds for the periods listed below in order to limit the annual operating expenses (exclusive of brokerage costs, interest, Futures Commission Merchant fees, taxes, dividends (including dividend expenses on securities sold short), litigation, indemnification, and extraordinary expenses) as shown in the table below. Amounts due from the Advisor under an expense limitation agreement are settled following each month end.

---

| | | |
|:---|:---|:---|
| | For the Period December 1, 2024<br>through November 30, 2025 | For the Period December 1, 2023<br>through November 30, 2024 |
| Bitcoin ProFund | 1.10% | 1.10% |
| Short Bitcoin ProFund | 1.10% | 1.10% |

---

---

| | |
|:---|:---|
| | For the Period<br>through February 28, 2026\* |
| Ether ProFund | 1.40% |

---

\* Period from commencement of operations.

Amounts waived under the contractual expense limitation agreement are allocated proportionally as waivers of advisory and management services fees, to the extent of these fees as reflected on the Consolidated Statements of Operations. During the year, the allocation of expenses reduced and reimbursed by the Advisor between advisory and management services fees, and if necessary, reimbursement of other expenses was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Expenses<br>reduced and<br>reimbursed by<br>the Advisor | Waivers of<br>advisory fees | Waivers of<br>management<br>services fees | Reimbursements of<br>other expenses |
| Bitcoin ProFund | $(64419) | $(33470) | $(11157) | $(19792) |
| Ether ProFund | (8820) | (2649) | (530) | (5641) |
| Short Bitcoin ProFund | (39507) | (3733) | (1244) | (34530) |

---

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July 31, 2025 **:: Notes to Consolidated Financial Statements :: 27**

The Advisor may recoup the advisory and management services fees contractually waived or limited and other expenses reimbursed by it within three years of the end of the contractual period; however, such recoupment will be limited to the lesser of any expense limitation in place at the time of recoupment or the expense limitation in place at the time of waiver or reimbursement. Any amounts recouped by the Advisor during the period are reflected on the Consolidated Statements of Operations as "Recoupment of prior expenses reduced by the Advisor." These amounts are allocated proportionally as recoupments of advisory and management services fees, respectively, as shown in the table below.

---

| | | | |
|:---|:---|:---|:---|
| | Recoupment of<br>prior expenses<br>reduced by<br>the Advisor | Recoupment<br>allocated to<br>advisory fees | Recoupment<br>allocated to<br>management<br>service fees |
| Bitcoin ProFund | $105000 | $78750 | $26250 |

---

As of July 31, 2025, the recoupments that may potentially be made by the ProFunds are as shown in the table below. As of July 31, 2025, no commitment or contingent liability is expected.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Expires<br>11/30/25 | Expires<br>11/30/26 | Expires<br>11/30/27 | Expires<br>11/30/28 | Total |
| Bitcoin ProFund | $82791 | $64595 | $145928 | $7764 | $301078 |
| Short Bitcoin ProFund |  |  | 48233 | 16532 | 64765 |

---

---

| | | |
|:---|:---|:---|
| | Expires<br>2/28/29 | Total |
| Ether ProFund | $8820 | $8820 |

---

**5. Securities Transactions**

Each ProFund generally invests in U.S. Government securities maturing less than one year from acquisition.

**6. Investment Risks**

Some risks apply to all ProFunds, while others are specific to the investment strategy of certain ProFunds. Each ProFund may be subject to other risks in addition to these identified risks. This section discusses certain common principal risks encountered by the ProFunds. The risks are presented in an order intended to facilitate readability, and their order does not imply that the realization of one risk is likely to occur more frequently than another risk, nor does it imply that the realization of one risk is likely to have a greater adverse impact than another risk.

**Risks Associated with the Use of Derivatives**

The ProFunds will obtain exposure to Bitcoin and Ether through derivatives (i.e., Bitcoin futures contracts and Ether futures contracts). Investing in derivatives may be considered aggressive and may expose the ProFunds to risks different from, or possibly greater than, the risks associated with investing directly in the reference asset(s) underlying the derivative. The use of derivatives may result in larger losses or smaller gains than directly investing in securities. The risks of using derivatives include: 1) the risk that there may be imperfect correlation between the price of the financial instruments and movements in the prices of the reference asset(s); 2) the risk that an instrument is mispriced; 3) credit or counterparty risk on the amount a ProFund expects to receive from a counterparty; 4) the risk that securities prices, interest rates and currency markets will move adversely and the ProFund will incur significant losses; 5) the risk that the cost of holding a financial instrument might exceed its total return; and 6) the possible absence of a liquid secondary market for a particular instrument and possible exchange imposed price fluctuation limits, either of which may make it difficult or impossible to adjust each ProFund's position in a particular instrument when desired. Each of these factors may prevent the ProFunds from achieving

their respective investment objectives and may increase the volatility (i.e., fluctuations) of each ProFund's returns. Because derivatives often require limited initial investment, the use of derivatives also may expose the ProFunds to losses in excess of those amounts initially invested.

**Bitcoin Risk**

The Bitcoin ProFund and Short Bitcoin ProFund do not invest directly in Bitcoin. The ProFunds invest primarily in Bitcoin futures contracts.

Bitcoin is a relatively new innovation and the market for Bitcoin is subject to rapid price swings, changes and uncertainty. The further development of the Bitcoin Network and the acceptance and use of Bitcoin are subject to a variety of factors that are difficult to evaluate. The slowing, stopping or reversing of the development of the Bitcoin Network or the acceptance of Bitcoin may adversely affect the price of Bitcoin. Bitcoin is subject to the risk of fraud, theft, manipulation or security failures, operational or other problems that impact Bitcoin trading venues. Additionally, if one or a coordinated group of miners were to gain control of 51% of the Bitcoin Network, they would have the ability to manipulate transactions, halt payments and fraudulently obtain Bitcoin. A significant portion of Bitcoin is held by a small number of holders sometimes referred to as "whales". These holders have the ability to manipulate the price of Bitcoin. Unlike the exchanges for more traditional assets, such as equity securities and futures contracts, Bitcoin and Bitcoin trading venues are largely unregulated. As a result of the lack of regulation, individuals or groups may engage in fraud or market manipulation and investors may be more exposed to the risk of theft, fraud and market manipulation than when investing in more traditional asset classes. Over the past several years, a number of Bitcoin trading venues have been closed due to fraud, failure or security breaches. Investors in Bitcoin may have little or no recourse should such theft, fraud or manipulation occur and could suffer significant losses. Legal or regulatory changes may negatively impact the operation of the Bitcoin Network or restrict the use of Bitcoin. In addition, digital asset

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**28 :: Notes to Consolidated Financial Statements ::** July 31, 2025

trading venues, bitcoin miners, and other participants may have significant exposure to other digital assets. Instability in the price, availability or legal or regulatory status of those instruments may adversely impact the operation of the digital asset trading venues and the Bitcoin Network. As a result, events that are not necessarily related to the security or utility of bitcoin can nonetheless cause a significant decline in the price of bitcoin (e.g., the collapse of TerraUSD in May 2022 and FTX Trading Ltd. in November 2022). The realization of any of these risks could result in a decline in the acceptance of Bitcoin and consequently a reduction in the value of Bitcoin, Bitcoin futures, and the ProFund. The Bitcoin Network is collectively maintained by (1) a decentralized group of participants who run computer software that results in the recording and validation of transactions (commonly referred to as "miners"), (2) developers who propose improvements to the Bitcoin Protocol and the software that enforces the protocol and (3) users who choose which version of the bitcoin software to run. From time to time, the developers suggest changes to the bitcoin software. If a sufficient number of users and miners elect not to adopt the changes, a new digital asset, operating on the earlier version of the bitcoin software, may be created. This is often referred to as a "fork." The creation of a "fork" or a substantial giveaway of Bitcoin (sometimes referred to as an "air drop") may result in a significant and unexpected declines in the value of Bitcoin, Bitcoin futures, and the ProFunds.

**Ether Risk**

The Ether ProFund does not invest directly in ether. The Fund invests primarily in ether futures contracts.

Ether is a relatively new innovation and is subject to unique and substantial risks. The market for ether is subject to rapid price swings, changes and uncertainty. A significant portion of the demand for ether may be the result of speculation. Consequently, the value of ether has been, and may continue to be, substantially dependent on speculation. Such speculation regarding the potential future appreciation of the price of ether may artificially inflate or deflate the price of ether and increase volatility.The further development of the Ethereum Network and the acceptance and use of ether are subject to a variety of factors that are difficult to evaluate. The slowing, stopping or reversing of the development of the Ethereum Network or the acceptance of ether may adversely affect the price and liquidity of ether. Ether is subject to the risk of fraud, theft, manipulation or security failures, operational or other problems that impact ether trading venues. Additionally, if one or a coordinated group of validators were to gain control of 33% or more of staked ether, they would have the ability to execute extensive attacks, manipulate transactions and fraudulently obtain ether. If such a validator or group of validators were to gain control of onethird of staked ether, they could halt payments. A significant portion of ether is held by a small number of holders sometimes referred to as "whales". Transactions by these holders may influence the price of ether and these holders may have the ability to manipulate the price of ether. Unlike the exchanges for more traditional assets, such as equity securities and futures contracts, ether and ether trading venues are largely unregulated and may be operating out of compliance with applicable regulation. As a result of the lack of regulation, individuals or groups may engage in fraud or market manipulation (including using social media to promote ether in a way that artificially increases the price of ether). Investors may be more exposed to the risk of theft, fraud and

market manipulation than when investing in more traditional asset classes. Over the past several years, a number of ether trading venues have been closed due to fraud, failure or security breaches. Investors in ether may have little or no recourse should such theft, fraud or manipulation occur and could suffer significant losses. Legal or regulatory changes may negatively impact the operation of the Ethereum Network or restrict the use of ether. For example, if ether were determined to be or were expected to be determined to be a security under the federal securities laws, it is possible certain trading venues would no longer facilitate trading in ether, trading in ether futures may become significantly more volatile and/or completely halted, and the value of an investment in the Fund could decline significantly and without warning, including to zero. In addition, digital asset trading venues and other participants may have significant exposure to other digital assets. Instability in the price, availability, or legal or regulatory status of those instruments may adversely impact the operation of the digital asset trading venues and the Ethereum Network. As a result, events that are not necessarily related to the security or utility of ether can nonetheless cause a significant decline in the price of ether (e.g., the collapse of TerraUSD in May 2022 and FTX Trading Ltd. in November 2022). Additionally, the Ethereum blockchain's protocol, including the code of smart contracts running on the Ethereum blockchain, may contain flaws that can be, and have been, exploited by attackers (e.g., the exploit of The DAO's smart contract in June 2016 that result in a permanent hard fork). The realization of any of these risks could result in a decline in the acceptance of ether and consequently a reduction in the value of ether, ether futures, and the Fund. Finally, the creation of a "fork" (as described above) or a substantial giveaway of ether (sometimes referred to as an "air drop") may result in significant and unexpected declines in the value of ether, ether futures, and the Fund. A fork may be intentional, such as the 'Merge.' The 'Merge' refers to protocol changes altering the method by which transactions are validated.

**Holding Period Risk**

The Short Bitcoin ProFund is a "geared" fund ("Geared Fund") in the sense that the ProFund has an investment objective to match the inverse of the daily performance of a benchmark. A Geared Fund does not seek to achieve the stated inverse of the daily performance of its underlying benchmark (the "Daily Target") for any period other than a day. The performance of a Geared Fund over periods other than a day may be higher or lower than the Daily Target, and this difference may be significant. Factors that contribute to returns that are worse than the Daily Target include smaller index gains or losses and higher index volatility, as well as longer holding periods when these factors apply. Factors that contribute to returns that are better than the Daily Target include larger index gains or losses and lower index volatility, as well as longer holding periods when these factors apply. The more extreme these factors are, and the more they occur together, the more returns will tend to deviate from the Daily Target.

**Bitcoin Futures Risk**

The market for Bitcoin futures may be less developed, and potentially less liquid and more volatile, than more established futures markets. While the Bitcoin futures market has grown substantially since Bitcoin futures commenced trading, there can be no assurance that this growth will continue. Bitcoin futures are

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July 31, 2025 **:: Notes to Consolidated Financial Statements :: 29**

subject to collateral requirements and daily limits that may limit a ProFund's ability to achieve the desired exposure. If a ProFund is unable to meet its investment objective, a ProFund's returns may be lower than expected. Additionally, these collateral requirements may require a ProFund to liquidate its position when it otherwise would not do so.

When a Bitcoin futures contract is nearing expiration, a ProFund will generally sell it and use the proceeds to buy a Bitcoin futures contract with a later expiration date. This is commonly referred to as "rolling". The costs associated with rolling Bitcoin futures typically are substantially higher than the costs associated with other futures contracts and may have a significant adverse impact on the performance of a ProFund.

**Ether Futures Risk**

The market for ether futures may be less developed, and potentially less liquid and more volatile, than more established futures markets. While the ether futures market has grown substantially since ether futures commenced trading, there can be no assurance that this growth will continue. The price for ether futures contracts is based on a number of factors, including the supply of and the demand for ether futures contracts. Market conditions and expectations, regulatory limitations or limitations imposed by the listing exchanges or futures commission merchants ("FCMs") (e.g., margin requirements, position limits, and accountability levels), collateral requirements, availability of counterparties, and other factors each can impact the supply of and demand for ether futures contracts. When a ether futures contract is nearing expiration, the ProFund will "roll" the futures contract. The price difference between the expiring contract and longer-dated contract associated with rolling ether futures is typically substantially higher than the price difference associated with rolling other futures contracts.

**Borrowing Risk**

The ProFunds may borrow for investment purposes using reverse repurchase agreements. Borrowing may cause the ProFunds to liquidate positions under adverse market conditions to satisfy its repayment obligations. Borrowing increases the risk of loss and may increase the volatility of the ProFunds.

**Correlation Risk**

The Short Bitcoin ProFund is subject to correlation risk. A number of factors may affect the ProFund's ability to achieve a high degree of inverse correlation with the Index, and there is no guarantee that the ProFund will achieve a high degree of inverse correlation. Failure to achieve a high degree of correlation may prevent a ProFund from achieving its investment objective, and the percentage change of the ProFund's NAV each day may differ, perhaps significantly, from the inverse (-1x) of the percentage change of the Index on such day. In order to achieve a high degree of correlation with the Index, the ProFund seeks to rebalance its portfolio daily to keep exposure consistent with its investment objective. Being materially under- or overexposed to the Index may prevent the ProFund from achieving a high degree of inverse correlation with the Index. Market disruptions or closures, regulatory restrictions, market volatility, illiquidity in the markets for the financial instruments in which the ProFund invests, and other factors will adversely affect the ProFund's ability to adjust exposure to requisite levels. The target amount of portfolio

exposure is impacted dynamically by the Index's movements. Because of this, it is unlikely that the ProFund will have perfect inverse (-1x) exposure during the day or at the end of each day and the likelihood of being materially under- or overexposed is higher on days when the Index level is volatile, particularly when the Index is volatile at or near the close of the trading day.

A number of other factors may adversely affect a ProFund's correlation with its benchmark, including fees, expenses, transaction costs, financing costs associated with the use of derivatives, income items, valuation methodology, accounting standards and disruptions or illiquidity in the markets for the securities or financial instruments in which a ProFund invests. The ProFund may not have investment exposure to all of the financial instruments in the Index, or its weighting of investment exposure to financial instruments may be different from that of the Index.

In addition, the ProFund may invest in financial instruments not included in the Index. The ProFund may take or refrain from taking positions in order to improve tax efficiency, comply with regulatory restrictions, or for other reasons, each of which may negatively affect the ProFund's correlation with the Index. The ProFund may also be subject to large movements of assets into and out of the ProFund, potentially resulting in the ProFund being under- or overexposed to the Index and may be impacted by Index reconstitutions and Index rebalancing events. Additionally, Bitcoin and Bitcoin futures contracts may trade on markets that may not be open at the same time or on the same day as the ProFund. In particular, Bitcoin trades 24 hours per day, seven days per week. These differences in trading hours may cause differences between the performance of the ProFund and the performance of the Index. Any of these factors could decrease correlation between the performance of the ProFund and the Index and may hinder the ProFund's ability to meet its daily investment objective.

**Counterparty Risk**

The ProFunds will be subject to credit risk (i.e., the risk that a counterparty is unwilling or unable to make timely payments or otherwise meet its contractual obligations) with respect to the amount a ProFund expects to receive from counterparties to financial instruments (including derivatives) entered into by the ProFund. The ProFunds generally structure the agreements such that either party can terminate the contract without penalty prior to the termination date. If a counterparty terminates a contract, a ProFund may not be able to invest in other derivatives to achieve the desired exposure, or achieving such exposure may be more expensive. A ProFund may be negatively impacted if a counterparty becomes bankrupt or otherwise fails to perform its obligations under such an agreement.

**Liquidity Risk**

In certain circumstances, such as the disruption of the orderly markets for the securities or financial instruments in which a ProFund invests, the ProFund might not be able to acquire or dispose of certain holdings quickly or at prices that represent true fair value in the judgment of the Advisor. Markets for the securities or financial instruments in which a ProFund invests may be disrupted by a number of events, including but not limited to economic crises, natural disasters, new legislation, or regulatory changes inside or outside of the U.S. For example, regulation limiting the ability of certain financial institutions to invest in certain securities would likely reduce the liquidity of those

------

**30 :: Notes to Consolidated Financial Statements ::** July 31, 2025

securities. These situations may prevent a ProFund from limiting losses, realizing gains, or from achieving a high correlation (or inverse correlation) with its underlying benchmark.

The market for the Bitcoin and Ether futures contracts is still developing and may be subject to periods of illiquidity. During such times it may be difficult or impossible to buy or sell a position at the desired price. Market disruptions or volatility can also make it difficult to find a counterparty willing to transact at a reasonable price and sufficient size. Illiquid markets may cause losses, which could be significant. The large size of the positions which the ProFund may acquire increases the risk of illiquidity, may make its positions more difficult to liquidate, and increase the losses incurred while trying to do so.

**Inflation Risk**

Inflation risk is the risk that the value of assets or income from a ProFund's investments will be worth less in the future as inflation decreases the value of payments at future dates. As inflation increases, the real value of a ProFund's portfolio could decline. Inflation rates may change frequently and drastically as a result of various factors and the ProFund's investments may not keep pace with inflation, which may result in losses to ProFund investors or adversely affect the real value of shareholders' investments in a ProFund. Inflation has recently increased and it cannot be predicted whether it may decline.

**Subsidiary Investment Risk**

Changes in the laws of the United States and/or the Cayman Islands, under which each ProFund and each Subsidiary are organized, respectively, could result in the inability of the ProFunds to operate as intended and could negatively affect the ProFunds and their shareholders. Each ProFund complies with the provisions of the 1940 Act governing investment policies, capital structure, and leverage on an aggregate basis with its respective Subsidiary.

**Active Management Risk**

Bitcoin ProFund and Ether ProFund are actively managed. The performance of an actively managed fund reflects, in part, the ability of the Advisor to select investments and make investment decisions that are suited to achieving each ProFund's investment objective. The Advisor's judgements about each ProFund's investments may prove to be incorrect. If the investments selected and strategies employed by the ProFunds fail to produce the intended results, the ProFunds could underperform or have negative returns as compared to other funds with similar investment objectives and/or strategies.

**Short Sale Exposure Risk**

The Short Bitcoin ProFund seeks to obtain inverse or "short" exposure to Bitcoin futures contracts. The risks of short exposure include, under certain market conditions, an increase in the volatility and decrease in the liquidity of Bitcoin futures contracts. To the extent that, at any particular point in time, Bitcoin futures contracts may be thinly traded or have a limited market, the ProFund may be unable to meet its investment objective due to a lack of available financial instruments or counterparties. During such periods, the Short Bitcoin ProFund's ability to achieve its investment objective may be adversely affected. Obtaining inverse

exposure through Bitcoin futures contracts may be considered an aggressive investment technique.

**Bitcoin Futures Capacity Risk**

If the Bitcoin ProFund or Short Bitcoin ProFunds' ability to obtain exposure to Bitcoin futures contracts consistent with its investment objective is disrupted for any reason including, limited liquidity in the Bitcoin futures market, a disruption to the Bitcoin futures market, or as a result of margin requirements or position limits imposed by the ProFunds' futures commission merchants ("FCMs"), the listing exchanges, or the CFTC, the ProFunds would not be able to achieve their investment objective and may experience significant losses. In such circumstances, the Adviser intends to take such action as it believes appropriate and in the best interest of each ProFund.

Any disruption in a ProFund's ability to obtain exposure to Bitcoin futures contracts will cause the ProFund's performance to deviate from the performance of Bitcoin and Bitcoin futures. Additionally, the ability of the ProFund to obtain exposure to Bitcoin futures contracts is limited by certain tax rules that limit the amount the ProFund can invest in its wholly-owned subsidiary as of the end of each tax quarter.

**Ether Futures Capacity Risk**

If the Fund's ability to obtain exposure to ether futures contracts consistent with its investment objective is disrupted for any reason including, for example, limited liquidity in the ether futures market, or a disruption to the ether futures market, as a result of margin requirements, position limit, accountability levels, or other limitations imposed by the Fund's futures commission merchants ("FCMs"), the listing exchanges or the CFTC, the Fund may not be able to achieve its investment objective and may experience significant losses. In such circumstances, the Advisor intends to take such actions as it believes appropriate and in the best interest of the Fund. Any disruption in the Fund's ability to obtain exposure to ether futures contracts will cause the Fund's performance to deviate from the performance of ether and ether futures. Additionally, the ability of the Fund to obtain exposure to ether futures contracts is limited by certain tax rules that limit the amount the Fund can invest in its wholly-owned subsidiary as of the end of each tax quarter.

**Market and Volatility Risk**

The prices of Bitcoin and Bitcoin futures have historically been highly volatile. The value of the Short Bitcoin ProFund's inverse exposure to bitcoin futures – and therefore the value of an investment in the ProFund – could decline significantly and without warning, including to zero.

**Rolling Futures Contract Risk**

Each ProFund (through their investments in their respective Subsidiaries) has exposure to futures contracts and are subject to risks related to "rolling" of such contracts. Each ProFund does not intend to hold futures contracts through their expiration date, but instead intends to "roll" its futures positions. Rolling occurs when a ProFund closes out of futures contracts as they near their expiration date and is replaced with contracts that have a later expiration date. When the market for these futures contracts is such

------

July 31, 2025 **:: Notes to Consolidated Financial Statements :: 31**

that the prices are higher in the more distant delivery months than in the nearer delivery months, the sale during the course of the rolling process of the more nearby contract would take place at a price that is lower than the price of the more distant contract. This pattern of higher futures contract prices for longer expiration contracts is often referred to as "contango." Alternatively, when the market for futures contracts is such that the prices are higher in the nearer months than in the more distant months, the sale during the course of the rolling process of the more nearby contract would take place at a price that is higher than the price of the more distant contract. This pattern of higher futures prices for shorter expiration futures contracts is referred to as "backwardation." Extended periods of contango or backwardation have occurred in the past and can in the future cause significant losses for a ProFund. The Advisor will utilize active management techniques to seek to mitigate the negative impact or, in certain cases, benefit from the contango or backwardation present in the various futures contract markets, but there can be no guarantee that it will be successful in doing so.

**Cybersecurity Risk**

With the increased use of technologies such as the Internet and the dependence on computer systems to perform necessary business functions, each ProFund, financial intermediaries, service providers and the relevant listing exchange are susceptible to operational, information security and related "cyber" risks. In general, cyber incidents can result from deliberate attacks or unintentional events. Cyber attacks include, but are not limited to gaining unauthorized access to digital systems for purposes of misappropriating assets or sensitive information, corrupting data, or causing operational disruption. Cyber attacks may also be carried out in a manner that does not require gaining unauthorized access, such as causing among other behaviors, stealing or corrupting data maintained online or digitally, and denial of service attacks on websites. Cybersecurity failures or breaches of a ProFund's third party service provider (including, but not limited to, index providers, the administrator and transfer agent) or the issuers of securities and/or financial instruments in which the ProFund invests, have the ability to cause disruptions and impact business operations, potentially resulting in financial losses, the inability of ProFund shareholders to transact business, violations of applicable privacy and other laws. For instance, cyber attacks may interfere with the processing of shareholder transactions, impact the ProFund's ability to calculate its NAV, cause the release of private shareholder information or confidential ProFund information, impede trading, cause reputational damage, and subject the ProFund to regulatory fines, reputational damage, penalties or financial losses, reimbursement or other compensation costs, and/or additional compliance costs. In addition, substantial costs may be incurred in order to prevent any cyber incidents in the future. A ProFund and its shareholders could be negatively impacted as a result. While a ProFund or its service providers may have established business continuity plans and systems designed to guard against such cyber attacks or adverse effects of such attacks, there are inherent limitations in such plans and systems including the possibility that certain risks have not been identified, in large part because different unknown threats may emerge in the future. Similar types of cybersecurity risks also are present for issuers of securities in which a ProFund invests, which could result in material adverse consequences for such issuers, and may cause the ProFund's investments in such securities to lose value. In

addition, cyber attacks involving a counterparty to a ProFund could affect such a counterparty's ability to meet its obligations to the ProFund, which may result in losses to the ProFund and its shareholders. The Advisor and the Trust do not control the cybersecurity plans and systems put in place by third party service providers, and such third party service providers may have no or limited indemnification obligations to the Advisor or to a ProFund.

**Portfolio Turnover Risk**

Each ProFund may incur high portfolio turnover in connection with managing the ProFund's investment exposure. Additionally, active trading of a ProFund's shares is expected to cause more frequent purchase and sale activities that could, in certain circumstances, increase the number of portfolio transactions. High levels of portfolio transactions increase transaction costs and may result in increased taxable gains. Each of these factors could have a negative impact on the performance of a ProFund.

**Valuation Risk**

In certain circumstances (e.g., if ProFund Advisors believes market quotations are not reliable, or a trading halt closes an exchange or market early), ProFund Advisors may, pursuant to procedures approved by the Board of Trustees of a ProFund, choose to determine a fair value price as the basis for determining the value of such investment for such day. The fair value of an investment determined by ProFund Advisors may be different from other value determinations of the same investment. Portfolio investments that are valued using techniques other than market quotations, including "fair valued" investments, may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. In addition, there is no assurance that a ProFund could sell a portfolio investment for the value established for it at any time, and it is possible that a ProFund would incur a loss because a portfolio investment is sold at a discount to its established value. The fair value of a ProFund's Bitcoin futures may be determined by reference, in whole or in part, to the cash market in Bitcoin. These circumstances may be more likely to occur with respect to Bitcoin futures than with respect to futures on more traditional assets. In addition, the Bitcoin futures held by a ProFund and Bitcoin may be traded in markets on days and at times when a Fund is not open for business. As a result, the value of a ProFund's holdings may vary, perhaps significantly, on days and at times when investors are unable to purchase or sell a ProFund's shares.

**Tax Risk**

In order to qualify for the special tax treatment accorded a RIC and its shareholders, a ProFund must derive at least 90% of its gross income for each taxable year from "qualifying income," meet certain asset diversification tests at the end of each taxable quarter, and meet annual distribution requirements. A ProFund's pursuit of its investment strategies will potentially be limited by the ProFund's intention to qualify for such treatment and could adversely affect its ability to so qualify. A ProFund may make certain investments, the treatment of which for these purposes is unclear. In particular, direct investments by a ProFund in futures are not expected to produce qualifying income for purposes of the ProFund's qualification as a RIC. A ProFund, however, expects to gain exposure to futures and generate qualifying income by investing a portion of its assets in a wholly-owned subsidiary of

------

**32 :: Notes to Consolidated Financial Statements ::** July 31, 2025

the ProFund organized under the laws of the Cayman Islands. To comply with the asset diversification test applicable to a RIC, a ProFund will limit its investments in such subsidiary to 25% of the ProFund's total assets at the end of each tax quarter. A ProFund may, however, exceed this amount from time to time if the Advisor believes doing so is in the best interests of the ProFund, provided, however, that the ProFund intends to continue to comply with the asset diversification test applicable to RICs. If a ProFund's investments in the subsidiary were to exceed 25% of the Fund's total assets at the end of a tax quarter, the ProFund may no longer be eligible to be treated as a RIC. The Advisor will carefully monitor a ProFund's investments in the subsidiary to ensure that no more than 25% of the ProFund's assets are invested in the subsidiary at the end of each tax quarter. A ProFund intends to invest in complex derivatives for which there is not clear guidance from the Internal Revenue Service ("IRS") as to the calculation of such investments under the asset diversification test applicable to RICs. There are no assurances that the IRS will agree with a ProFund's calculation under the asset diversification test which could cause the ProFund to fail to qualify as a RIC. If, in any year, a ProFund were to fail to qualify for the special tax treatment accorded a RIC and its shareholders, and were ineligible to or were not to cure such failure, the ProFund would be taxed in the same manner as an ordinary corporation subject to U.S. federal income tax on all its income at the fund level. The resulting taxes could substantially reduce a ProFund's net assets and the amount of income available for distribution. In addition, in order to requalify for taxation as a RIC, a ProFund could be required to recognize unrealized gains, pay substantial taxes and interest, and make certain distributions.

**Risk of Investing in Other U.S. Investment Companies**

If a ProFund is unable to obtain its desired exposure to Bitcoin and Ether futures contracts because it is approaching or has exceeded position limits or because of liquidity or other constraints, the ProFund may obtain exposure by investing in other U.S. investment companies, such as ETFs, that provide investment exposure to Bitcoin and Ether futures contracts or Bitcoin-related and Ether-related companies. Such investments subject a ProFund to those risks affecting the underlying ETFs, such as risks that the investment management strategy of the underlying fund may not produce its intended results (management risk) and the risk that the underlying fund could lose money over short periods due to short-term market movements and over longer periods during market downturns (market risk). In addition, ETFs may trade at a price below their net asset value. Moreover, the ProFund will incur its pro rata share of the expenses of the underlying fund's expenses.

**Early Close/Late Close/Trading Halt Risk**

An exchange or market may close early, close late or issue trading halts on specific securities or financial instruments. As a result, the ability to trade certain securities or financial instruments may be restricted, which may disrupt a ProFund's purchase and redemption process and/or result in a ProFund being unable to trade certain securities or financial instruments at all. In these circumstances, the ProFund may be unable to rebalance its portfolio, may be unable to accurately price its investments and/or may incur substantial trading losses.

**Natural Disaster/Epidemic Risk**

Natural or environmental disasters, such as earthquakes, fires, floods, hurricanes, tsunamis and other severe weather-related phenomena generally, and widespread disease, including pandemics and epidemics (for example, the novel coronavirus (COVID-19)), have been and can be highly disruptive to economies and markets and have recently led, and may continue to lead, to increased market volatility and significant market losses. Such as natural disaster and health crises could exacerbate political, social, and economic risks previously mentioned, and result in significant breakdowns, delays, shutdowns, social isolation, and other disruptions to important global, local and regional supply chains affected, with potential corresponding results on the operating performance of the ProFund and its investments. A climate of uncertainty and panic, including the contagion of infectious viruses or diseases, may adversely affect global, regional, and local economies and reduce the availability of potential investment opportunities, and increases the difficulty of performing due diligence and modeling market conditions, potentially reducing the accuracy of financial projections. Under these circumstances, the ProFund may have difficulty achieving its investment objective which may adversely impact performance. Further, such events can be highly disruptive to economies and markets, significantly disrupt the operations of individual companies (including, but not limited to, the ProFund's investment advisor and third party service providers), sectors, industries, markets, securities and commodity exchanges, currencies, interest and inflation rates, credit ratings, investor sentiment, and other factors affecting the value of the ProFund's investments. These factors can cause substantial market volatility, exchange trading suspensions and closures and can impact the ability of the ProFund to complete redemptions and otherwise affect ProFund performance and ProFund trading in the secondary market. A widespread crisis may also affect the global economy in ways that cannot necessarily be foreseen at the current time. How long such events will last and whether they will continue or recur cannot be predicted. Impacts from these events could have a significant impact on the ProFund's performance, resulting in losses to your investment.

**Risk of Global Economic Shock**

Widespread disease, including public health disruptions, pandemics and epidemics (for example, COVID-19 including its variants), have been and may continue to be highly disruptive to economies and markets. Health crises could exacerbate political, social, and economic risks, and result in breakdowns, delays, shutdowns, social isolation, civil unrest, periods of high unemployment, shortages in and disruptions to the medical care and consumer goods and services industries, and other disruptions to important global, local and regional supply chains, with potential corresponding results on the performance of a ProFund and its investments.

Additionally, war, military conflicts, sanctions, acts of terrorism, sustained elevated inflation, supply chain issues or other events could have a significant negative impact on global financial markets and economies. Russia's military incursions in Ukraine have led to, and may lead to additional sanctions being levied by the United States, European Union, and other countries against Russia. The ongoing hostilities between the two countries could

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July 31, 2025 **:: Notes to Consolidated Financial Statements :: 33**

result in additional widespread conflict and could have a severe adverse effect on the region and certain markets. Sanctions on Russian exports could have a significant adverse impact on the Russian economy and related markets and could affect the value of the ProFund's investments, even beyond any direct exposure a ProFund may have to the region or to adjoining geographic regions. The extent and duration of the military action, sanctions and resulting market disruptions are impossible to predict, but could have a severe adverse effect on the region, including significant negative impacts on the economy and the markets for certain securities and commodities, such as oil and natural gas. Furthermore, the possibility of a prolonged conflict between Hamas and Israel, and the potential expansion of the conflict in the surrounding areas and the involvement of other nations in the conflict, such as the Houthi movement's attacks on marine vessels in the Red Sea, could further destabilize the Middle East region and introduce new uncertainties in global markets, including the

oil and natural gas markets. How long such tensions and related events will last cannot be predicted. These tensions and any related events could have a significant impact on the ProFund performance and the value of an investment in the ProFund.

**Risks of Government Regulation**

The Financial Industry Regulatory Authority ("FINRA") issued a notice on March 8, 2022 seeking comment on measures that could prevent or restrict investors from buying a broad range of public securities designated as "complex products" – which could include the cryptocurrency (such as Bitcoin and Ether) funds offered by ProFund Advisors. The ultimate impact, if any, of these measures remains unclear. However, if regulations are adopted, they could, among other things, prevent or restrict investors' ability to buy the ProFunds.

**7. Federal Income Tax Information**

The tax character of distributions paid to shareholders during the applicable tax years ended as noted below, were as follows:

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Year Ended 2024 | Year Ended 2024 | Year Ended 2024 | Year Ended 2024 | Year Ended 2023 | Year Ended 2023 | Year Ended 2023 | Year Ended 2023 |
| | Distributions<br>Paid from<br>Ordinary<br>Income | Distributions<br>Paid from<br>Net Long-Term<br>Capital Gains | Tax Return<br>of Capital | Total<br>Distributions<br>Paid | Distributions<br>Paid from<br>Ordinary<br>Income | Distributions<br>Paid from<br>Net Long-Term<br>Capital Gains | Tax Return<br>of Capital | Total<br>Distributions<br>Paid |
| Bitcoin ProFund | $52041264 | $— | $— | $52041264 | $6230808 | $— | $— | $6230808 |
| Short Bitcoin ProFund | 1707 |  |  | 1707 |  |  |  |  |

---

As of the latest tax year ended October 31, 2024, the components of accumulated earnings (deficit) on a tax basis were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Undistributed<br>Ordinary<br>Income | Undistributed<br>Long-Term<br>Capital Gains | Accumulated<br>Capital and<br>Other Losses | Unrealized<br>Appreciation<br>(Depreciation) | Total<br>Accumulated<br>Earnings<br>(Deficit) |
| Bitcoin ProFund | $16811837 | $— | $(11390) | $66926563 | $83727010 |
| Short Bitcoin ProFund | 15578 |  | (73) | (444184) | (428679) |

---

As of the latest tax year ended October 31, 2024, the following ProFunds have capital loss carry forwards ("CLCFs") as summarized in the table below. CLCFs subject to expiration are applied as short-term capital loss regardless of whether the originating capital loss was short-term or long-term.

---

| | |
|:---|:---|
| | No Expiration<br>Date |
| Bitcoin ProFund | $11390 |
| Short Bitcoin ProFund | 73 |

---

Unused limitations accumulate and increase limited CLCFs available for use in offsetting net capital gains. The tax character of current year distributions paid and the tax basis of the current components of accumulated earnings (deficit) and any CLCFs will be determined at the end of the current tax years. The Trust's Board of Trustees does not intend to authorize a distribution of any realized gain for a ProFund until any applicable CLCF has been offset or expires.

As of October 31, 2024, the cost of securities, including derivatives, gross unrealized appreciation and gross unrealized depreciation on investment securities, for federal income tax purposes, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Tax Cost | Tax <br>Unrealized <br>Appreciation | Tax <br>Unrealized <br>Depreciation | Net Unrealized <br>Appreciation <br>(Depreciation) |
| Bitcoin ProFund | $187813992 | $66926563 | $— | $66926563 |
| Short Bitcoin ProFund | 941369 | 1 | (444185) | (444184) |

---

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**34 :: Notes to Consolidated Financial Statements ::** July 31, 2025

**8. Reverse Share Splits**

Effective October 14, 2024, the Short Bitcoin ProFund underwent a 1-for-10 reverse share split.

The effect of the reverse share split transactions was to divide the number of outstanding shares of the ProFund by the respective reverse split factor, with a corresponding increase in the net asset value per share. These transactions did not change the net assets of the ProFund or the value of a shareholder's investment.

The historical share transactions presented in the Statements of Changes in Net Assets and per share data presented in the Financial Highlights have been adjusted retroactively to give effect to the reverse share split. Additionally, when the application of reverse share splits resulted in fractional shares for beneficial shareholders, a portion of the cost of shares redeemed as presented in the Statements of Changes in Net Assets, reflects payment of fractional share balances on beneficial shareholder accounts.

**9. New Accounting Pronouncements**

In December 2023, the FASB issued Accounting Standards Update 2023-09 ("ASU 2023-09"), Improvements to Income Tax Disclosures, which enhances quantitative and qualitative income tax disclosure requirements for disclosure consistency through providing specific categories in the rate reconciliation and income taxes paid. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024. Fund Management is currently evaluating the amendment and its impact to the financial statements.

**10. Subsequent Events**

The ProFunds have evaluated the need for additional disclosures or adjustments resulting from subsequent events through the date these financial statements were issued. Based on this evaluation, there were no additional subsequent events to report that would have a material impact on the ProFunds' financial statements.

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**Report of Independent Registered Public Accounting Firm :: 35**

To the Shareholders and Board of Trustees

ProFunds:

***Opinion on the Consolidated Financial Statements***

We have audited the accompanying consolidated statement of assets and liabilities of the ProFunds listed in the Appendix (each a Fund and collectively, the Funds), including the consolidated schedule of portfolio investments, as of July 31, 2025, the related consolidated statements of operations and cash flows for the year or period listed in the Appendix, the consolidated statements of changes in net assets for each of the years or periods listed in the Appendix, and the related notes (collectively, the consolidated financial statements) and the consolidated financial highlights for each of the years or periods in the five-year period then ended. In our opinion, the consolidated financial statements and financial highlights present fairly, in all material respects, the financial position of the Funds as of July 31, 2025, the results of their operations and their cash flows for the year or period listed in the Appendix, the changes in their net assets for each of the years or periods listed in the Appendix, and the financial highlights for each of the years or periods in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.

***Basis for Opinion***

These consolidated financial statements and financial highlights are the responsibility of the Funds' management. Our responsibility is to express an opinion on these consolidated financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements and financial highlights. Such procedures also included confirmation of securities owned as of July 31, 2025, by correspondence with the custodian and brokers or by other appropriate auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

![](j25109283_fc003.jpg)

We have served as the auditor of one or more ProFunds investment companies since 2010.

Columbus, Ohio

September 26, 2025

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**36 :: Report of Independent Registered Public Accounting Firm**

**Appendix**

Consolidated statements of assets and liabilities, including the consolidated schedules of portfolio investments, as of July 31, 2025, the related consolidated statements of operations and cash flows for the year then ended, and changes in net assets for each of the years in the two-year period then ended.

Bitcoin ProFund

Short Bitcoin ProFund

Consolidated statement of assets and liabilities, including the consolidated schedule of portfolio investments, as of July 31, 2025 and the related consolidated statements of operations, changes in net assets and cash flows for the period from February 25, 2025 (commencement of operations) through July 31, 2025.

Ether ProFund

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**Form N-CSR – Items 8-11 (unaudited)**

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**38 :: Form N-CSR – Items 8-11 ::** July 31, 2025 (unaudited)

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.**

Not Applicable.

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.**

Not Applicable.

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.**

Remuneration paid to Trustees, Officers, and others is part of the Financial Statements filed under Item 7(a) of this Form.

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.**

Not Applicable.

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![](j25109283_za004.jpg)

P.O. Box 182800

Columbus, OH 43218-2800

**ProFunds®**

Post Office Mailing Address for Investments

P.O. Box 182800

Columbus, OH 43218-2800

Phone Numbers

For Individual Investors Only: 888-776-3637 Or: 614-470-8122

Institutions and Financial Professionals Only: 888-776-5717 Or: 240-497-6552

Fax Number: (800) 782-4797

Website Address: ProFunds.com

This report is submitted for the general information of the shareholders of the ProFunds. It is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus. To receive the most recent month end performance information for each Fund, please call toll-free 888-776-5717.

A description of the policies and procedures that the ProFunds uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, by calling toll-free 888-776-3637; and on the Securities and Exchange Commission's website at sec.gov. Information regarding how the ProFund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available. (i) without change by calling toll-free 888-776-3637; (ii) on the ProFunds' website at ProFunds.com; and (iii) on the Commission's website at sec.gov.

ProFunds files complete lists of portfolio holdings with the Commission for the first and third quarters of each fiscal year on Form N-PORT (and successor Forms). Schedules of Portfolio Holding for the Funds in this report are available without charge on the Commission's website at sec.gov, or may be reviewed and copied at the Commission's Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330.

07/25

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![](j25109282_aa001.jpg)

**Annual Financial Statements and Other Information**

July 31, 2025

![](j25109282_aa002.jpg)

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| | | |
|:---|:---|:---|
| | Investor | Service |
| Access Flex Bear High Yield <br>ProFund | AFBIX | AFBSX |
| Access Flex High Yield ProFund | FYAIX | FYASX |
| Banks UltraSector ProFund | BKPIX | BKPSX |
| Bear ProFund | BRPIX | BRPSX |
| Biotechnology UltraSector <br>ProFund | BIPIX | BIPSX |
| Bull ProFund | BLPIX | BLPSX |
| Communication Services <br>UltraSector ProFund | WCPIX | WCPSX |
| Consumer Discretionary <br>UltraSector ProFund | CYPIX | CYPSX |
| Consumer Staples UltraSector <br>ProFund | CNPIX | CNPSX |
| Energy UltraSector ProFund | ENPIX | ENPSX |
| Europe 30 ProFund | UEPIX | UEPSX |
| Falling U.S. Dollar ProFund | FDPIX | FDPSX |
| Financials UltraSector ProFund | FNPIX | FNPSX |
| Health Care UltraSector ProFund | HCPIX | HCPSX |
| Industrials UltraSector ProFund | IDPIX | IDPSX |
| Internet UltraSector ProFund | INPIX | INPSX |
| Large-Cap Growth ProFund | LGPIX | LGPSX |
| Large-Cap Value ProFund | LVPIX | LVPSX |
| Materials UltraSector ProFund | BMPIX | BMPSX |
| Mid-Cap Growth ProFund | MGPIX | MGPSX |
| Mid-Cap ProFund | MDPIX | MDPSX |
| Mid-Cap Value ProFund | MLPIX | MLPSX |
| Nasdaq-100 ProFund | OTPIX | OTPSX |
| Oil & Gas Equipment & <br>Services UltraSector ProFund | OEPIX | OEPSX |
| Pharmaceuticals <br>UltraSector ProFund | PHPIX | PHPSX |
| Precious Metals UltraSector <br>ProFund | PMPIX | PMPSX |
| Real Estate UltraSector ProFund | REPIX | REPSX |
| Rising Rates Opportunity ProFund | RRPIX | RRPSX |

---

---

| | | |
|:---|:---|:---|
| | Investor | Service |
| Rising Rates Opportunity 10 <br>ProFund | RTPIX | RTPSX |
| Rising U.S. Dollar ProFund | RDPIX | RDPSX |
| Semiconductor UltraSector ProFund | SMPIX | SMPSX |
| Short Energy ProFund | SNPIX | SNPSX |
| Short Nasdaq-100 ProFund | SOPIX | SOPSX |
| Short Precious Metals ProFund | SPPIX | SPPSX |
| Short Real Estate ProFund | SRPIX | SRPSX |
| Short Small-Cap ProFund | SHPIX | SHPSX |
| Small-Cap Growth ProFund | SGPIX | SGPSX |
| Small-Cap ProFund | SLPIX | SLPSX |
| Small-Cap Value ProFund | SVPIX | SVPSX |
| Technology UltraSector ProFund | TEPIX | TEPSX |
| UltraBear ProFund | URPIX | URPSX |
| UltraBull ProFund | ULPIX | ULPSX |
| UltraChina ProFund | UGPIX | UGPSX |
| UltraDow 30 ProFund | UDPIX | UDPSX |
| UltraEmerging Markets ProFund | UUPIX | UUPSX |
| UltraInternational ProFund | UNPIX | UNPSX |
| UltraJapan ProFund | UJPIX | UJPSX |
| UltraLatin America ProFund | UBPIX | UBPSX |
| UltraMid-Cap ProFund | UMPIX | UMPSX |
| UltraNasdaq-100 ProFund | UOPIX | UOPSX |
| UltraShort China ProFund | UHPIX | UHPSX |
| UltraShort Dow 30 ProFund | UWPIX | UWPSX |
| UltraShort Emerging Markets <br>ProFund | UVPIX | UVPSX |
| UltraShort International ProFund | UXPIX | UXPSX |
| UltraShort Japan ProFund | UKPIX | UKPSX |
| UltraShort Latin America ProFund | UFPIX | UFPSX |
| UltraShort Mid-Cap ProFund | UIPIX | UIPSX |
| UltraShort Nasdaq-100 ProFund | USPIX | USPSX |
| UltraShort Small-Cap ProFund | UCPIX | UCPSX |
| UltraSmall-Cap ProFund | UAPIX | UAPSX |
| U.S. Government Plus ProFund | GVPIX | GVPSX |
| Utilities UltraSector ProFund | UTPIX | UTPSX |

---

------

**Table of Contents**

---

| | |
|:---|:---|
|  | **Schedules of Portfolio Investments** |
| 2.0 | [Access Flex Bear High Yield ProFund](#accessflexbearhighyieldprofund-2) |
| 3.0 | [Access Flex High Yield ProFund](#accessflexhighyieldprofund-2) |
| 4.0 | [Banks UltraSector ProFund](#banksultrasectorprofund-2) |
| 6.0 | [Bear ProFund](#bearprofund-2) |
| 7.0 | [Biotechnology UltraSector ProFund](#biotechnologyprofund-2) |
| 10.0 | [Bull ProFund](#bullprofund-2) |
| 18.0 | [Communication Services UltraSector ProFund](#communicationservicesprofund-2) |
| 20.0 | [Consumer Discretionary UltraSector ProFund](#consumerdiscretionaryprofund-2) |
| 22.0 | [Consumer Staples UltraSector ProFund](#consumerstaplesprofund-2) |
| 24.0 | [Energy UltraSector ProFund](#energyprofund-2) |
| 25.0 | [Europe 30 ProFund](#europeprofund-2) |
| 26.0 | [Falling U.S. Dollar ProFund](#fallingdollarprofund-2) |
| 27.0 | [Financials UltraSector ProFund](#financialsprofund-2) |
| 29.0 | [Health Care UltraSector ProFund](#healthcareprofund-2) |
| 31.0 | [Industrials UltraSector ProFund](#industrialsprofund-2) |
| 33.0 | [Internet UltraSector ProFund](#internetprofund-2) |
| 35.0 | [Large-Cap Growth ProFund](#largecapgrowthprofund-2) |
| 39.0 | [Large-Cap Value ProFund](#largecapvalueprofund-2) |
| 45.0 | [Materials UltraSector ProFund](#materialsprofund-2) |
| 46.0 | [Mid-Cap Growth ProFund](#midcapgrowthprofund-2) |
| 50.0 | [Mid-Cap ProFund](#midcapprofund-2) |
| 56.0 | [Mid-Cap Value ProFund](#midcapvalueprofund-2) |
| 61.0 | [Nasdaq-100 ProFund](#nasdaq-100profund-2) |
| 64.0 | [Oil & Gas Equipment & Services UltraSector <br>ProFund](#oilgasservicesprofund-2) |
| 66.0 | [Pharmaceuticals UltraSector ProFund](#pharmaceuticalsprofund-2) |
| 68.0 | [Precious Metals UltraSector ProFund](#preciousmetalsprofund-2) |
| 69.0 | [Real Estate UltraSector ProFund](#realestateprofund-2) |
| 71.0 | [Rising Rates Opportunity ProFund](#risingratesopportunityprofund-2) |
| 72.0 | [Rising Rates Opportunity 10 ProFund](#risingratesopportunit10yprofund-2) |
| 73.0 | [Rising U.S. Dollar ProFund](#risingdollarprofund-2) |
| 74.0 | [Semiconductor UltraSector ProFund](#semiconductorprofund-2) |
| 76.0 | [Short Energy ProFund](#shortenergyprofund-2) |
| 77.0 | [Short Nasdaq-100 ProFund](#shortprofund-2) |
| 78.0 | [Short Precious Metals ProFund](#shortpreciousmetalsprofund-2) |

---

---

| | |
|:---|:---|
| 79 | [Short Real Estate ProFund](#shortrealestateprofund-2) |
| 80 | [Short Small-Cap ProFund](#shortsmallcapprofund-2) |
| 81 | [Small-Cap Growth ProFund](#smallcapgrowthprofund-2) |
| 86 | [Small-Cap ProFund](#smallprofund-2) |
| 110 | [Small-Cap Value ProFund](#smallcapvalueprofund-2) |
| 117 | [Technology UltraSector ProFund](#technologyprofund-2) |
| 119 | [UltraBear ProFund](#ultrabearprofund-2) |
| 120 | [UltraBull ProFund](#ultrabullprofund-2) |
| 128 | [UltraChina ProFund](#ultrachinaprofund-2) |
| 130 | [UltraDow 30 ProFund](#ultradow30profund-2) |
| 132 | [UltraEmerging Markets ProFund](#ultraemergingmarketsprofund-2) |
| 134 | [UltraInternational ProFund](#ultrainternationalprofund-2) |
| 135 | [UltraJapan ProFund](#ultrajapanprofund-2) |
| 136 | [UltraLatin America ProFund](#ultralatinamericaprofund-2) |
| 138 | [UltraMid-Cap ProFund](#ultramidcapprofund-2) |
| 145 | [UltraNasdaq-100 ProFund](#ultranasdaq100profund-2) |
| 148 | [UltraShort China ProFund](#ultrashortchinaprofund-2) |
| 149 | [UltraShort Dow 30 ProFund](#ultrashortdow30profund-2) |
| 150 | [UltraShort Emerging Markets ProFund](#ultrashortemergingmarketsprofund-2) |
| 151 | [UltraShort International ProFund](#ultrashortinternationalprofund-2) |
| 152 | [UltraShort Japan ProFund](#ultrashortjapanprofund-2) |
| 153 | [UltraShort Latin America ProFund](#ultrashortlatinamericaprofund-2) |
| 154 | [UltraShort Mid-Cap ProFund](#ultrashortmidcapprofund-2) |
| 155 | [UltraShort Nasdaq-100 ProFund](#ultrashortNasdaq100profund-2) |
| 156 | [UltraShort Small-Cap ProFund](#ultrashortsmallcapprofund-2) |
| 157 | [UltraSmall-Cap ProFund](#ultrasmallcapprofund-2) |
| 185 | [U.S. Government Plus ProFund](#usgovernmentplusprofund-2) |
| 186 | [Utilities UltraSector ProFund](#utilitiesultrasectorprofund-2) |
| **189** | [**Statements of Assets and Liabilities**](#statementsofassetsandliabilities-2) |
| **203** | [**Statements of Operations**](#statementsofoperations-2) |
| **217** | [**Statements of Changes in Net Assets**](#statementsofchangesinnetassets-2) |
| **243** | [**Financial Highlights**](#financialhighlights-2) |
| **275** | [**Notes to Financial Statements**](#NotestoFinancialStatements-2) |
| **315** | [**Report of Independent Registered Public Accounting Firm**](#reportofindependentfirm-2) |
| **317** | [**Form N-CSR – Items 8-11 (unaudited)**](#formncsritems8-11-2) |

---

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------

**Schedules of Portfolio Investments**

------

**2 :: Access Flex Bear High Yield ProFund ::** Schedule of Portfolio Investments :: July 31, 2025

**Repurchase Agreements<sup>(a)</sup> (89.9%)**

---

| | | |
|:---|:---|:---|
| | Principal<br>Amount | Value |
| Repurchase Agreements with various <br>counterparties, rates 4.09%–4.25%, <br>dated 7/31/25, due 8/1/25, total to be <br>received $3,238,378 | $3238000 | $3238000 |
| **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $3,238,000) |  | **3238000** |
| **TOTAL INVESTMENT SECURITIES**<br> (Cost $3,238,000)—89.9% |  | **3238000** |
| Net other assets (liabilities)—10.1% |  | 363031 |
| **NET ASSETS—100.0%** |  | $**3601031** |

---

<sup>(a)</sup> The ProFund invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" under Note 2 in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.

**Total Return Swap Agreements—Short**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Underlying Instrument | Counterparty | Termination<br>Date<sup>(1)</sup> | Rate Paid <br>(Received)<sup>(2)</sup> | Notional<br>Amount | Value and <br>Unrealized<br>Appreciation/ <br>(Depreciation) |
| iShares iBoxx $ High Yield <br>Corporate Bond ETF | Goldman Sachs International | 8/25/25 | (1.33)% | $(251364) | $575 |
| iShares iBoxx $ High Yield <br>Corporate Bond ETF | UBS AG | 8/25/25 | (4.63)% | (3328140) | 8028 |
|  |  |  |  | $**(3579504)** | $**8603** |

---

<sup>(1)</sup> Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

<sup>(2)</sup> Reflects the floating financing rate, as of July 31, 2025, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

**See accompanying notes to financial statements.**

------

July 31, 2025 :: Schedule of Portfolio Investments **:: Access Flex High Yield ProFund :: 3**

**Repurchase Agreements<sup>(a)</sup> (90.3%)**

---

| | | |
|:---|:---|:---|
| | Principal<br>Amount | Value |
| Repurchase Agreements with various <br>counterparties, rates 4.09%–4.25%, <br>dated 7/31/25, due 8/1/25, total to be <br>received $16,351,908 | $16350000 | $16350000 |
| **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $16,350,000) |  | **16350000** |
| **TOTAL INVESTMENT SECURITIES**<br> (Cost $16,350,000)—90.3% |  | **16350000** |
| Net other assets (liabilities)—9.7% |  | 1765157 |
| **NET ASSETS—100.0%** |  | $**18115157** |

---

<sup>(a)</sup> The ProFund invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" under Note 2 in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.

**Total Return Swap Agreements—Long**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Underlying Instrument | Counterparty | Termination<br>Date<sup>(1)</sup> | Rate Paid <br>(Received)<sup>(2)</sup> | Notional<br>Amount | Value and <br>Unrealized<br>Appreciation/ <br>(Depreciation) |
| iShares iBoxx $ High Yield <br>Corporate Bond ETF | Goldman Sachs International | 8/25/25 | 3.33% | $13795805 | $(37653) |
| iShares iBoxx $ High Yield <br>Corporate Bond ETF | UBS AG | 8/25/25 | 5.13% | 4405694 | (13768) |
|  |  |  |  | $**18201499** | $**(51421)** |

---

<sup>(1)</sup> Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

<sup>(2)</sup> Reflects the floating financing rate, as of July 31, 2025, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

**See accompanying notes to financial statements.**

------

**4 :: Banks UltraSector ProFund ::** Schedule of Portfolio Investments :: July 31, 2025

**Common Stocks (84.6%)**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Ameris Bancorp (Banks) | 1054 | $72041 |
| Apollo Global Management, Inc. (Financial <br>Services) | 478 | 69463 |
| Associated Banc-Corp. (Banks) | 2779 | 68752 |
| Atlantic Union Bankshares Corp. (Banks) | 2080 | 65936 |
| Axos Financial, Inc.\* (Banks) | 914 | 78923 |
| Banc of California, Inc. (Banks) | 4678 | 67925 |
| BancFirst Corp. (Banks) | 397 | 49434 |
| Bank of America Corp. (Banks) | 1476 | 69771 |
| Bank of Hawaii Corp. (Banks) | 982 | 60766 |
| Bank OZK (Banks) | 1444 | 71189 |
| BankUnited, Inc. (Banks) | 1893 | 69038 |
| Banner Corp. (Banks) | 978 | 60709 |
| BOK Financial Corp. (Banks) | 690 | 70056 |
| Cadence Bank (Banks) | 2123 | 73987 |
| Cathay General Bancorp (Banks) | 1474 | 66654 |
| Citigroup, Inc. (Banks) | 842 | 78894 |
| Citizens Financial Group, Inc. (Banks) | 1594 | 76066 |
| Columbia Banking System, Inc. (Banks) | 2790 | 66402 |
| Comerica, Inc. (Banks) | 1139 | 76962 |
| Commerce Bancshares, Inc. (Banks) | 1061 | 64933 |
| Community Financial System, Inc. (Banks) | 993 | 52331 |
| Corebridge Financial, Inc (Financial Services) | 2023 | 71938 |
| Cullen/Frost Bankers, Inc. (Banks) | 517 | 65871 |
| CVB Financial Corp. (Banks) | 3130 | 58500 |
| East West Bancorp, Inc. (Banks) | 704 | 70576 |
| Eastern Bankshares, Inc. (Banks) | 4331 | 66914 |
| Equitable Holdings, Inc. (Financial Services) | 1232 | 63263 |
| Essent Group, Ltd. (Financial Services) | 1128 | 63157 |
| F.N.B. Corp. (Banks) | 4695 | 71927 |
| Fifth Third Bancorp (Banks) | 1687 | 70129 |
| First Bancorp (Banks) | 3252 | 67739 |
| First Citizens BancShares, Inc.—Class A <br>(Banks) | 35 | 69817 |
| First Financial Bancorp (Banks) | 1768 | 42856 |
| First Financial Bankshares, Inc. (Banks) | 1790 | 61970 |
| First Hawaiian, Inc. (Banks) | 2732 | 66251 |
| First Horizon Corp. (Banks) | 3307 | 72135 |
| First Interstate BancSystem, Inc.—Class A <br>(Banks) | 2379 | 68491 |
| First Merchants Corp. (Banks) | 1190 | 45363 |
| Fulton Financial Corp. (Banks) | 3757 | 67438 |
| Glacier Bancorp, Inc. (Banks) | 1537 | 67367 |
| Hancock Whitney Corp. (Banks) | 1202 | 71783 |
| Hilltop Holdings, Inc. (Banks) | 1528 | 45229 |
| Home BancShares, Inc. (Banks) | 2324 | 65444 |
| Huntington Bancshares, Inc. (Banks) | 4103 | 67412 |
| Independent Bank Corp. (Banks) | 1012 | 64313 |
| International Bancshares Corp. (Banks) | 1021 | 69612 |
| Jackson Financial, Inc.—Class A (Financial <br>Services) | 788 | 68997 |
| JPMorgan Chase & Co. (Banks) | 246 | 72875 |
| KeyCorp (Banks) | 4067 | 72881 |
| Lakeland Financial Corp. (Banks) | 755 | 47844 |
| M&T Bank Corp. (Banks) | 358 | 67555 |
| MGIC Investment Corp. (Financial Services) | 2487 | 64413 |
| Mr. Cooper Group, Inc.\* (Financial Services) | 462 | 71943 |
| NBT Bancorp, Inc. (Banks) | 1153 | 47711 |
| New York Community Bancorp, Inc.\* (Banks) | 5715 | 64522 |
| NMI Holdings, Inc.\*—Class A (Financial <br>Services) | 1634 | 60981 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Northern Trust Corp. (Capital Markets) | 609 | $79170 |
| OFG Bancorp (Banks) | 1406 | 59924 |
| Old National Bancorp (Banks) | 3118 | 65821 |
| Pacific Premier Bancorp, Inc. (Banks) | 3076 | 66657 |
| Park National Corp. (Banks) | 230 | 37230 |
| Pathward Financial, Inc. (Banks) | 858 | 64886 |
| PennyMac Financial Services, Inc. (Financial <br>Services) | 678 | 63149 |
| Pinnacle Financial Partners, Inc. (Banks) | 621 | 54580 |
| PNC Financial Services Group, Inc. (Banks) | 371 | 70590 |
| Popular, Inc. (Banks) | 627 | 71842 |
| Prosperity Bancshares, Inc. (Banks) | 943 | 62823 |
| Provident Financial Services, Inc. (Banks) | 2852 | 51963 |
| Radian Group, Inc. (Financial Services) | 1942 | 63329 |
| Regions Financial Corp. (Banks) | 2961 | 75002 |
| Renasant Corp. (Banks) | 1826 | 66905 |
| Rocket Cos, Inc.\*<sup>(a)</sup> (Financial Services) | 4822 | 71221 |
| Seacoast Banking Corp. of Florida (Banks) | 1813 | 51108 |
| ServisFirst Bancshares, Inc. (Banks) | 882 | 69369 |
| Simmons First National Corp.—Class A (Banks) | 2915 | 55881 |
| SouthState Corp. (Banks) | 742 | 69874 |
| Synovus Financial Corp. (Banks) | 1348 | 63680 |
| Texas Capital Bancshares, Inc.\* (Banks) | 862 | 72382 |
| The Bancorp, Inc.\* (Banks) | 1229 | 77623 |
| The Bank of New York Mellon Corp. (Capital <br>Markets) | 737 | 74769 |
| Triumph Financial, Inc.\* (Banks) | 950 | 53884 |
| Truist Financial Corp. (Banks) | 1640 | 71684 |
| Trustmark Corp. (Banks) | 1352 | 50362 |
| U.S. Bancorp (Banks) | 1493 | 67125 |
| UMB Financial Corp. (Banks) | 630 | 69294 |
| United Bankshares, Inc. (Banks) | 1810 | 64291 |
| United Community Banks, Inc. (Banks) | 2263 | 69022 |
| Valley National Bancorp (Banks) | 7376 | 68376 |
| Voya Financial, Inc. (Financial Services) | 985 | 68950 |
| Walker & Dunlop, Inc. (Financial Services) | 930 | 69759 |
| Washington Federal, Inc. (Banks) | 2268 | 66010 |
| Webster Financial Corp. (Banks) | 1225 | 70621 |
| Wells Fargo & Co. (Banks) | 881 | 71035 |
| WesBanco, Inc. (Banks) | 2082 | 62731 |
| Western Alliance Bancorp (Banks) | 887 | 68796 |
| Wintrust Financial Corp. (Banks) | 546 | 69877 |
| WSFS Financial Corp. (Banks) | 1240 | 68002 |
| Zions Bancorp N.A. (Banks) | 1350 | 72387 |
| **TOTAL COMMON STOCKS**<br> (Cost $3,813,427) |  | **6447433** |

---

**Repurchase Agreements<sup>(b)(c)</sup> (19.0%)**

---

| | | |
|:---|:---|:---|
| | Principal<br>Amount | Value |
| Repurchase Agreements with various <br>counterparties, rates 4.09%–4.25%, <br>dated 7/31/25, due 8/1/25, total to be <br>received $1,451,169 | $1451000 | $1451000 |
| **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $1,451,000) |  | **1451000** |

---

**See accompanying notes to financial statements.**

------

July 31, 2025 :: Schedule of Portfolio Investments **:: Banks UltraSector ProFund :: 5**

**Collateral for Securities Loaned<sup>(d)</sup> (0.9%)**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Invesco Government & Agency Portfolio—<br>Institutional Shares, 4.34%<sup>(e)</sup> | 68505 | $68505 |
| **TOTAL COLLATERAL FOR SECURITIES LOANED**<br> (Cost $68,505) |  | **68505** |
| **TOTAL INVESTMENT SECURITIES**<br> (Cost $5,332,932)—104.5% |  | **7966938** |
| Net other assets (liabilities)—(4.5)% |  | (345270) |
| **NET ASSETS—100.0%** |  | $**7621668** |

---

\* Non-income producing security.

<sup>(a)</sup> All or part of this security was on loan as of July 31, 2025. The total value of securities on loan as of July 31, 2025 was $67,455.

<sup>(b)</sup> The ProFund invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" under Note 2 in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.

<sup>(c)</sup> A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. At July 31, 2025, the aggregate amount held in a segregated account was $850,000.

<sup>(d)</sup> Securities were purchased with cash collateral held from securities on loan at July 31, 2025.

<sup>(e)</sup> Rate periodically changes. Rate disclosed is the daily yield as of July 31, 2025.

**Total Return Swap Agreements—Long**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Underlying Instrument | Counterparty | Termination<br>Date<sup>(1)</sup> | Rate Paid <br>(Received)<sup>(2)</sup> | Notional<br>Amount | Value and <br>Unrealized<br>Appreciation/ <br>(Depreciation) |
| S&P Banks Select Industry Index | Goldman Sachs International | 8/25/25 | 5.08% | $2227109 | $(122364) |
| S&P Banks Select Industry Index | UBS AG | 8/25/25 | 5.13% | 2774249 | (133761) |
|  |  |  |  | $**5001358** | $**(256125)** |

---

<sup>(1)</sup> Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

<sup>(2)</sup> Reflects the floating financing rate, as of July 31, 2025, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

Banks UltraSector ProFund invested in the following industries as of July 31, 2025:

---

| | | |
|:---|:---|:---|
| | Value | % of <br>Net Assets |
| Banks | $5422932 | 71.2% |
| Capital Markets | 153939 | 2.0% |
| Financial Services | 870562 | 11.4% |
| Other\*\* | 1174235 | 15.4% |
| **Total** | $**7621668** | **100.0%** |

---

\*\* Includes any non-equity securities and other net assets (liabilities), which includes any receivable for capital shares issued and payable for capital shares redeemed.

**See accompanying notes to financial statements.**

------

**6 :: Bear ProFund ::** Schedule of Portfolio Investments :: July 31, 2025

**Repurchase Agreements<sup>(a)(b)</sup> (99.1%)**

---

| | | |
|:---|:---|:---|
| | Principal<br>Amount | Value |
| Repurchase Agreements with various <br>counterparties, rates 4.09%–4.25%, <br>dated 7/31/25, due 8/1/25, total to be <br>received $43,470,071 | $43465000 | $43465000 |
| **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $43,465,000) |  | **43465000** |
| **TOTAL INVESTMENT SECURITIES**<br> (Cost $43,465,000)—99.1% |  | **43465000** |
| Net other assets (liabilities)—0.9% |  | 386023 |
| **NET ASSETS—100.0%** |  | $**43851023** |

---

<sup>(a)</sup> The ProFund invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" in the Appendix to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.

<sup>(b)</sup> A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. At July 31, 2025, the aggregate amount held in a segregated account was $4,572,000.

**Futures Contracts Sold**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Number<br>of<br>Contracts | Expiration<br>Date | Notional<br>Amount | Value and <br>Unrealized<br>Appreciation/ <br>(Depreciation) |
| E-mini S&P 500 Futures Contracts | 2 | 9/22/25 | $(637425) | $(27548) |

---

**Total Return Swap Agreements—Short**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Underlying Instrument | Counterparty | Termination<br>Date<sup>(1)</sup> | Rate Paid <br>(Received)<sup>(2)</sup> | Notional<br>Amount | Value and <br>Unrealized<br>Appreciation/ <br>(Depreciation) |
| S&P 500 | Goldman Sachs International | 8/27/25 | (4.83)% | $(39373951) | $318427 |
| S&P 500 | UBS AG | 8/27/25 | (4.73)% | (3835331) | 31661 |
|  |  |  |  | $**(43209282)** | $**350088** |

---

<sup>(1)</sup> Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

<sup>(2)</sup> Reflects the floating financing rate, as of July 31, 2025, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

**See accompanying notes to financial statements.**

------

July 31, 2025 :: Schedule of Portfolio Investments **:: Biotechnology UltraSector ProFund :: 7**

**Common Stocks (79.6%)**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| 89bio, Inc.\* (Biotechnology) | 15467 | $146937 |
| AbbVie, Inc. (Biotechnology) | 6346 | 1199521 |
| ACADIA Pharmaceuticals, Inc.\* <br>(Biotechnology) | 15895 | 378778 |
| ADMA Biologics, Inc.\* (Biotechnology) | 33617 | 628638 |
| Agios Pharmaceuticals, Inc.\* (Biotechnology) | 6245 | 232439 |
| Akebia Therapeutics, Inc.\* (Biotechnology) | 32104 | 118303 |
| Akero Therapeutics, Inc.\* (Biotechnology) | 11773 | 575111 |
| Alkermes PLC\* (Biotechnology) | 20389 | 540105 |
| Alnylam Pharmaceuticals, Inc.\* <br>(Biotechnology) | 4070 | 1596416 |
| Altimmune, Inc.\*<sup>(a)</sup> (Biotechnology) | 12896 | 47586 |
| Amgen, Inc. (Biotechnology) | 4164 | 1228796 |
| Amicus Therapeutics, Inc.\* (Biotechnology) | 52467 | 314277 |
| AnaptysBio, Inc.\* (Biotechnology) | 3392 | 83274 |
| Anavex Life Sciences Corp.\* <br>(Biotechnology) | 11649 | 131634 |
| Apellis Pharmaceuticals, Inc.\* <br>(Biotechnology) | 18185 | 406253 |
| Apogee Therapeutics, Inc.\* (Biotechnology) | 5336 | 204155 |
| Arbutus Biopharma Corp.\* (Biotechnology) | 11182 | 36677 |
| Arcellx, Inc.\* (Biotechnology) | 7126 | 508725 |
| Arcturus Therapeutics Holdings, Inc.\* <br>(Biotechnology) | 4759 | 58107 |
| Arcus Biosciences, Inc.\* (Biotechnology) | 12476 | 113906 |
| Arcutis Biotherapeutics, Inc.\* (Biotechnology) | 19512 | 284485 |
| Ardelyx, Inc.\* (Biotechnology) | 45446 | 192691 |
| ArriVent Biopharma, Inc.\* (Biotechnology) | 1991 | 38844 |
| Arrowhead Pharmaceuticals, Inc.\* <br>(Biotechnology) | 17941 | 283468 |
| ARS Pharmaceuticals, Inc.\* (Biotechnology) | 10220 | 180690 |
| Avidity Biosciences, Inc.\* (Biotechnology) | 16040 | 588828 |
| Beam Therapeutics, Inc.\* (Biotechnology) | 15528 | 306057 |
| BioCryst Pharmaceuticals, Inc.\* <br>(Biotechnology) | 38045 | 309686 |
| Biogen, Inc.\* (Biotechnology) | 9133 | 1169024 |
| Biohaven, Ltd.\* (Biotechnology) | 15320 | 231332 |
| BioMarin Pharmaceutical, Inc.\* <br>(Biotechnology) | 21260 | 1229891 |
| Bridgebio Pharma, Inc.\* (Biotechnology) | 24876 | 1175889 |
| Capricor Therapeutics, Inc.\* (Biotechnology) | 6061 | 49579 |
| CareDx, Inc.\* (Biotechnology) | 9022 | 110835 |
| Catalyst Pharmaceuticals, Inc.\* <br>(Biotechnology) | 12100 | 258093 |
| Celldex Therapeutics, Inc.\* (Biotechnology) | 9046 | 198831 |
| CG Oncology, Inc.\* (Biotechnology) | 10142 | 270690 |
| Cogent Biosciences, Inc.\* (Biotechnology) | 11587 | 132324 |
| Crinetics Pharmaceuticals, Inc.\* <br>(Biotechnology) | 11473 | 328013 |
| CRISPR Therapeutics AG\*<sup>(a)</sup> (Biotechnology) | 14455 | 813238 |
| Cullinan Therapeutics, Inc.\* (Biotechnology) | 4958 | 38524 |
| Cytokinetics, Inc.\* (Biotechnology) | 21427 | 806512 |
| Day One Biopharmaceuticals, Inc.\* <br>(Biotechnology) | 12476 | 83714 |
| Denali Therapeutics, Inc.\* (Biotechnology) | 15456 | 213756 |
| Dianthus Therapeutics, Inc.\* (Biotechnology) | 3605 | 74515 |
| Disc Medicine, Inc.\* (Biotechnology) | 3981 | 237905 |
| Dynavax Technologies Corp.\* <br>(Biotechnology) | 20567 | 225826 |
| Dyne Therapeutics, Inc.\* (Biotechnology) | 13937 | 137279 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Emergent BioSolutions, Inc.\* <br>(Biotechnology) | 9849 | $57912 |
| Exact Sciences Corp.\* (Biotechnology) | 21833 | 1025059 |
| Exelixis, Inc.\* (Biotechnology) | 29332 | 1062405 |
| Geron Corp.\* (Biotechnology) | 104736 | 120446 |
| Gilead Sciences, Inc. (Biotechnology) | 11118 | 1248440 |
| GRAIL, Inc.\* (Biotechnology) | 5187 | 177447 |
| Halozyme Therapeutics, Inc.\* <br>(Biotechnology) | 22567 | 1353342 |
| Humacyte, Inc.\* (Biotechnology) | 23419 | 56206 |
| Ideaya Biosciences, Inc.\* (Biotechnology) | 13881 | 338002 |
| ImmunityBio, Inc.\*<sup>(a)</sup> (Biotechnology) | 31916 | 78513 |
| Immunome, Inc.\* (Biotechnology) | 9658 | 101602 |
| Immunovant, Inc.\* (Biotechnology) | 13459 | 216421 |
| Incyte Corp.\* (Biotechnology) | 17650 | 1321809 |
| Insmed, Inc.\* (Biotechnology) | 12403 | 1330593 |
| Intellia Therapeutics, Inc.\* (Biotechnology) | 16281 | 189511 |
| Ionis Pharmaceuticals, Inc.\* (Biotechnology) | 18301 | 786577 |
| Iovance Biotherapeutics, Inc.\* (Biotechnology) | 36970 | 95013 |
| Janux Therapeutics, Inc.\* (Biotechnology) | 5932 | 142457 |
| KalVista Pharmaceuticals, Inc.\* <br>(Biotechnology) | 5929 | 80812 |
| Keros Therapeutics, Inc.\* (Biotechnology) | 6863 | 98278 |
| Krystal Biotech, Inc.\* (Biotechnology) | 4382 | 674258 |
| Kura Oncology, Inc.\* (Biotechnology) | 13288 | 80392 |
| Kymera Therapeutics, Inc.\* (Biotechnology) | 5074 | 221988 |
| Madrigal Pharmaceuticals, Inc.\* <br>(Biotechnology) | 3101 | 938084 |
| Mannkind Corp.\* (Biotechnology) | 29745 | 112436 |
| Metsera, Inc.\*<sup>(a)</sup> (Biotechnology) | 2439 | 80463 |
| MiMedx Group, Inc.\* (Biotechnology) | 7961 | 57240 |
| Mineralys Therapeutics, Inc.\* <br>(Biotechnology) | 7253 | 102630 |
| Mirum Pharmaceuticals, Inc.\* <br>(Biotechnology) | 4703 | 243051 |
| Moderna, Inc.\* (Biotechnology) | 43792 | 1294492 |
| Myriad Genetics, Inc.\* (Biotechnology) | 14278 | 54828 |
| Natera, Inc.\* (Biotechnology) | 7287 | 973980 |
| Neurocrine Biosciences, Inc.\* <br>(Biotechnology) | 9787 | 1254987 |
| Novavax, Inc.\* (Biotechnology) | 32111 | 213538 |
| Nurix Therapeutics, Inc.\* (Biotechnology) | 9573 | 107792 |
| Nuvalent, Inc.\*—Class A (Biotechnology) | 6116 | 479189 |
| ORIC Pharmaceuticals, Inc.\* (Biotechnology) | 5391 | 53748 |
| Praxis Precision Medicines, Inc.\* <br>(Biotechnology) | 3136 | 170034 |
| Protagonist Therapeutics, Inc.\* <br>(Biotechnology) | 10182 | 548403 |
| PTC Therapeutics, Inc.\* (Biotechnology) | 12342 | 643142 |
| Recursion Pharmaceuticals, Inc.\*<sup>(a)</sup>—Class A <br>(Biotechnology) | 45025 | 267899 |
| Regeneron Pharmaceuticals, Inc.\* <br>(Biotechnology) | 2343 | 1278013 |
| REGENXBIO, Inc.\* (Biotechnology) | 7668 | 65255 |
| Relay Therapeutics, Inc.\* (Biotechnology) | 23002 | 80967 |
| Replimune Group, Inc.\* (Biotechnology) | 10054 | 70680 |
| REVOLUTION Medicines, Inc.\* <br>(Biotechnology) | 19338 | 720727 |
| Rhythm Pharmaceuticals, Inc.\* <br>(Biotechnology) | 6524 | 556041 |

---

**See accompanying notes to financial statements.**

------

**8 :: Biotechnology UltraSector ProFund ::** Schedule of Portfolio Investments :: July 31, 2025

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Rigel Pharmaceuticals, Inc.\* (Biotechnology) | 2313 | $48712 |
| Roivant Sciences, Ltd.\* (Biotechnology) | 74696 | 848547 |
| Sarepta Therapeutics, Inc.\* (Biotechnology) | 18715 | 307300 |
| Scholar Rock Holding Corp.\* <br>(Biotechnology) | 12623 | 467682 |
| Soleno Therapeutics, Inc.\* (Biotechnology) | 5992 | 518128 |
| Spyre Therapeutics, Inc.\* (Biotechnology) | 6442 | 109321 |
| Stoke Therapeutics, Inc.\* (Biotechnology) | 6505 | 83589 |
| Summit Therapeutics, Inc.\*<sup>(a)</sup> <br>(Biotechnology) | 25138 | 662889 |
| Syndax Pharmaceuticals, Inc.\* <br>(Biotechnology) | 15934 | 158065 |
| Taysha Gene Therapies, Inc.\* <br>(Biotechnology) | 15003 | 40958 |
| TG Therapeutics, Inc.\* (Biotechnology) | 23794 | 844687 |
| Travere Therapeutics, Inc.\* (Biotechnology) | 15657 | 241901 |
| Twist Bioscience Corp.\* (Biotechnology) | 9564 | 321063 |
| Ultragenyx Pharmaceutical, Inc.\* <br>(Biotechnology) | 10252 | 280085 |
| uniQure N.V.\* (Biotechnology) | 8698 | 121076 |
| United Therapeutics Corp.\* (Biotechnology) | 4395 | 1207307 |
| Vaxcyte, Inc.\* (Biotechnology) | 20836 | 707382 |
| Vera Therapeutics, Inc.\* (Biotechnology) | 9111 | 189418 |
| Veracyte, Inc.\* (Biotechnology) | 13757 | 323427 |
| Verastem, Inc.\* (Biotechnology) | 13255 | 81783 |
| Vericel Corp.\* (Biotechnology) | 6003 | 209745 |
| Vertex Pharmaceuticals, Inc.\* <br>(Biotechnology) | 2686 | 1227153 |
| Viking Therapeutics, Inc.\* (Biotechnology) | 19910 | 648469 |
| Vir Biotechnology, Inc.\* (Biotechnology) | 16689 | 84613 |
| Viridian Therapeutics, Inc.\* (Biotechnology) | 9660 | 169243 |
| Xencor, Inc.\* (Biotechnology) | 11453 | 95289 |
| **TOTAL COMMON STOCKS**<br> (Cost $44,224,537) |  | **49743091** |

---

**Rights<sup>NM</sup>**

---

| | | |
|:---|:---|:---|
| Eli Lilly & Company<sup>†CVR</sup> (Biotechnology) | 9511 | 5992 |
| **TOTAL RIGHTS**<br> (Cost $5,992) |  | **5992** |

---

**Repurchase Agreements<sup>(b)(c)</sup> (23.3%)**

---

| | | |
|:---|:---|:---|
| | Principal<br>Amount | Value |
| Repurchase Agreements with various <br>counterparties, rates 4.09%–4.25%, <br>dated 7/31/25, due 8/1/25, total to be <br>received $14,559,698 | $14558000 | $14558000 |
| **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $14,558,000) |  | **14558000** |

---

**Collateral for Securities Loaned<sup>(d)</sup> (2.8%)**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Invesco Government & Agency Portfolio—<br>Institutional Shares, 4.34%<sup>(e)</sup> | 1773710 | $1773710 |
| **TOTAL COLLATERAL FOR SECURITIES LOANED**<br> (Cost $1,773,710) |  | **1773710** |
| **TOTAL INVESTMENT SECURITIES**<br> (Cost $60,562,239)—105.7% |  | **66080793** |
| Net other assets (liabilities)—(5.7)% |  | (3561222) |
| **NET ASSETS—100.0%** |  | $**62519571** |

---

\* Non-income producing security.

<sup>†</sup> These securities were fair valued based on procedures approved by the Board of Trustees. As of July 31, 2025, these securities represented less than 0.05% of the net assets of the Fund.

<sup>(a)</sup> All or part of this security was on loan as of July 31, 2025. The total value of securities on loan as of July 31, 2025 was $1,698,407.

<sup>(b)</sup> The ProFund invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" under Note 2 in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.

<sup>(c)</sup> A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. At July 31, 2025, the aggregate amount held in a segregated account was $9,640,000.

<sup>(d)</sup> Securities were purchased with cash collateral held from securities on loan at July 31, 2025.

<sup>(e)</sup> Rate periodically changes. Rate disclosed is the daily yield as of July 31, 2025.

<sup>CVR</sup> Contingent Value Rights

**Total Return Swap Agreements—Long**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Underlying Instrument | Counterparty | Termination <br>Date<sup>(1)</sup> | Rate Paid <br>(Received)<sup>(2)</sup> | Notional <br>Amount | Value and <br>Unrealized<br>Appreciation/ <br>(Depreciation) |
| S&P Biotechnology Select Industry Index | Goldman Sachs International | 8/25/25 | 5.08% | $21409036 | $(721153) |
| S&P Biotechnology Select Industry Index | UBS AG | 8/25/25 | 5.13% | 22623260 | (738724) |
|  |  |  |  | $**44032296** | $**(1459877)** |

---

<sup>(1)</sup> Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

<sup>(2)</sup> Reflects the floating financing rate, as of July 31, 2025, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

**See accompanying notes to financial statements.**

------

July 31, 2025 :: Schedule of Portfolio Investments **:: Biotechnology UltraSector ProFund :: 9**

Biotechnology UltraSector ProFund invested in the following industries as of July 31, 2025:

---

| | | |
|:---|:---|:---|
| | Value | % of <br>Net Assets |
| Biotechnology | $49749083 | 79.6% |
| Other\*\* | 12770488 | 20.4% |
| **Total** | $**62519571** | **100.0%** |

---

\*\* Includes any non-equity securities and other net assets (liabilities), which includes any receivable for capital shares issued and payable for capital shares redeemed.

**See accompanying notes to financial statements.**

------

**10 :: Bull ProFund ::** Schedule of Portfolio Investments :: July 31, 2025

**Common Stocks (65.5%)**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| 3M Co. (Industrial Conglomerates) | 359 | $53570 |
| A.O. Smith Corp. (Building Products) | 79 | 5592 |
| Abbott Laboratories (Health Care Equipment & <br>Supplies) | 1163 | 146758 |
| AbbVie, Inc. (Biotechnology) | 1181 | 223232 |
| Accenture PLC—Class A (IT Services) | 418 | 111648 |
| Adobe, Inc.\* (Software) | 284 | 101584 |
| Advanced Micro Devices, Inc.\* <br>(Semiconductors & Semiconductor <br>Equipment) | 1083 | 190944 |
| Aflac, Inc. (Insurance) | 325 | 32292 |
| Agilent Technologies, Inc. (Life Sciences <br>Tools & Services) | 190 | 21814 |
| Air Products & Chemicals, Inc. (Chemicals) | 149 | 42894 |
| Airbnb, Inc.\*—Class A (Hotels, Restaurants & <br>Leisure) | 288 | 38134 |
| Akamai Technologies, Inc.\* (IT Services) | 98 | 7478 |
| Albemarle Corp. (Chemicals) | 79 | 5360 |
| Alexandria Real Estate Equities, Inc. <br>(Office REITs) | 103 | 7872 |
| Align Technology, Inc.\* (Health Care <br>Equipment & Supplies) | 46 | 5934 |
| Allegion PLC (Building Products) | 57 | 9457 |
| Alliant Energy Corp. (Electric Utilities) | 173 | 11247 |
| Allstate Corp. (Insurance) | 177 | 35975 |
| Alphabet, Inc.—Class A (Interactive Media & <br>Services) | 3889 | 746299 |
| Alphabet, Inc.—Class C (Interactive Media & <br>Services) | 3137 | 605002 |
| Altria Group, Inc. (Tobacco) | 1127 | 69806 |
| Amazon.com, Inc.\* (Broadline Retail) | 6314 | 1478172 |
| Amcor PLC (Containers & Packaging) | 1535 | 14352 |
| Ameren Corp. (Multi-Utilities) | 180 | 18203 |
| American Electric Power Co., Inc. (Electric <br>Utilities) | 357 | 40391 |
| American Express Co. (Consumer Finance) | 370 | 110745 |
| American International Group, Inc. (Insurance) | 385 | 29888 |
| American Tower Corp.—Class A (Specialized <br>REITs) | 313 | 65227 |
| American Water Works Co., Inc. (Water <br>Utilities) | 130 | 18231 |
| Ameriprise Financial, Inc. (Capital Markets) | 64 | 33164 |
| AMETEK, Inc. (Electrical Equipment) | 154 | 28467 |
| Amgen, Inc. (Biotechnology) | 359 | 105941 |
| Amphenol Corp.—Class A (Electronic <br>Equipment, Instruments & Components) | 808 | 86059 |
| Analog Devices, Inc. (Semiconductors & <br>Semiconductor Equipment) | 331 | 74353 |
| Aon PLC—Class A (Insurance) | 144 | 51222 |
| APA Corp. (Oil, Gas & Consumable Fuels) | 245 | 4726 |
| Apollo Global Management, Inc. (Financial <br>Services) | 301 | 43741 |
| Apple, Inc. (Technology Hardware, Storage & <br>Peripherals) | 9979 | 2071341 |
| Applied Materials, Inc. (Semiconductors & <br>Semiconductor Equipment) | 543 | 97773 |
| Aptiv PLC\* (Automobile Components) | 146 | 10021 |
| Arch Capital Group, Ltd. (Insurance) | 249 | 21429 |
| Archer-Daniels-Midland Co. (Food Products) | 322 | 17446 |
| Arista Networks, Inc.\* (Communications <br>Equipment) | 688 | 84775 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Arthur J. Gallagher & Co. (Insurance) | 172 | $49407 |
| Assurant, Inc. (Insurance) | 33 | 6181 |
| AT&T, Inc. (Diversified Telecommunication <br>Services) | 4812 | 131897 |
| Atmos Energy Corp. (Gas Utilities) | 106 | 16528 |
| Autodesk, Inc.\* (Software) | 144 | 43648 |
| Automatic Data Processing, Inc. (Professional <br>Services) | 270 | 83566 |
| AutoZone, Inc.\* (Specialty Retail) | 11 | 41452 |
| AvalonBay Communities, Inc. <br>(Residential REITs) | 95 | 17696 |
| Avery Dennison Corp. (Containers & <br>Packaging) | 53 | 8892 |
| Axon Enterprise, Inc.\* (Aerospace & Defense) | 49 | 37019 |
| Baker Hughes Co. (Energy Equipment & <br>Services) | 664 | 29913 |
| Ball Corp. (Containers & Packaging) | 186 | 10650 |
| Bank of America Corp. (Banks) | 4380 | 207043 |
| Baxter International, Inc. (Health Care <br>Equipment & Supplies) | 346 | 7529 |
| Becton, Dickinson & Co. (Health Care <br>Equipment & Supplies) | 191 | 34046 |
| Berkshire Hathaway, Inc.\*—Class B (Financial <br>Services) | 1224 | 577580 |
| Best Buy Co., Inc. (Specialty Retail) | 129 | 8393 |
| Biogen, Inc.\* (Biotechnology) | 98 | 12544 |
| Bio-Techne Corp. (Life Sciences Tools & <br>Services) | 106 | 5801 |
| BlackRock, Inc. (Capital Markets) | 97 | 107283 |
| Blackstone, Inc. (Capital Markets) | 488 | 84404 |
| Block, Inc.\* (Financial Services) | 370 | 28586 |
| Booking Holdings, Inc. (Hotels, Restaurants & <br>Leisure) | 21 | 115584 |
| Boston Properties, Inc. (Office REITs) | 97 | 6347 |
| Boston Scientific Corp.\* (Health Care <br>Equipment & Supplies) | 988 | 103661 |
| Bristol-Myers Squibb Co. (Pharmaceuticals) | 1362 | 58988 |
| Broadcom, Inc. (Semiconductors & <br>Semiconductor Equipment) | 3141 | 922511 |
| Broadridge Financial Solutions, Inc. <br>(Professional Services) | 79 | 19553 |
| Brown & Brown, Inc. (Insurance) | 159 | 14528 |
| Brown-Forman Corp.—Class B (Beverages) | 125 | 3606 |
| Builders FirstSource, Inc.\* (Building Products) | 73 | 9280 |
| Bunge Global SA (Food Products) | 90 | 7178 |
| C.H. Robinson Worldwide, Inc. (Air Freight & <br>Logistics) | 80 | 9226 |
| Cadence Design Systems, Inc.\* (Software) | 182 | 66352 |
| Caesars Entertainment, Inc.\* (Hotels, <br>Restaurants & Leisure) | 142 | 3789 |
| Camden Property Trust (Residential REITs) | 71 | 7753 |
| Campbell Soup Co. (Food Products) | 134 | 4277 |
| Capital One Financial Corp. (Consumer <br>Finance) | 427 | 91805 |
| Cardinal Health, Inc. (Health Care Providers & <br>Services) | 160 | 24835 |
| CarMax, Inc.\* (Specialty Retail) | 103 | 5831 |
| Carnival Corp.\* (Hotels, Restaurants & Leisure) | 705 | 20988 |
| Carrier Global Corp. (Building Products) | 533 | 36574 |

---

**See accompanying notes to financial statements.**

------

July 31, 2025 :: Schedule of Portfolio Investments **:: Bull ProFund :: 11**

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Caterpillar, Inc. (Machinery) | 314 | $137537 |
| Cboe Global Markets, Inc. (Capital Markets) | 69 | 16632 |
| CBRE Group, Inc.\*—Class A (Real Estate <br>Management & Development) | 196 | 30525 |
| CDW Corp. (Electronic Equipment, <br>Instruments & Components) | 87 | 15171 |
| Cencora, Inc. (Health Care Providers & <br>Services) | 115 | 32899 |
| Centene Corp.\* (Health Care Providers & <br>Services) | 336 | 8760 |
| CenterPoint Energy, Inc. (Multi-Utilities) | 439 | 17042 |
| CF Industries Holdings, Inc. (Chemicals) | 109 | 10118 |
| Charles River Laboratories International, Inc.\* <br>(Life Sciences Tools & Services) | 33 | 5598 |
| Charter Communications, Inc.\*—Class A <br>(Media) | 64 | 17239 |
| Chevron Corp. (Oil, Gas & Consumable Fuels) | 1274 | 193189 |
| Chipotle Mexican Grill, Inc.\* (Hotels, <br>Restaurants & Leisure) | 902 | 38678 |
| Chubb, Ltd. (Insurance) | 249 | 66244 |
| Church & Dwight Co., Inc. (Household <br>Products) | 165 | 15472 |
| Cincinnati Financial Corp. (Insurance) | 104 | 15341 |
| Cintas Corp. (Commercial Services & Supplies) | 230 | 51187 |
| Cisco Systems, Inc. (Communications <br>Equipment) | 2659 | 181025 |
| Citigroup, Inc. (Banks) | 1248 | 116938 |
| Citizens Financial Group, Inc. (Banks) | 291 | 13887 |
| CME Group, Inc. (Capital Markets) | 241 | 67065 |
| CMS Energy Corp. (Multi-Utilities) | 200 | 14760 |
| Cognizant Technology Solutions <br>Corp.—Class A (IT Services) | 330 | 23681 |
| Coinbase Global, Inc.\*—Class A (Capital <br>Markets) | 142 | 53642 |
| Colgate-Palmolive Co. (Household Products) | 542 | 45447 |
| Comcast Corp.—Class A (Media) | 2492 | 82810 |
| Conagra Brands, Inc. (Food Products) | 322 | 5880 |
| ConocoPhillips (Oil, Gas & Consumable Fuels) | 842 | 80276 |
| Consolidated Edison, Inc. (Multi-Utilities) | 241 | 24944 |
| Constellation Brands, Inc.—Class A <br>(Beverages) | 102 | 17038 |
| Constellation Energy Corp. (Electric Utilities) | 209 | 72699 |
| Copart, Inc.\* (Commercial Services & Supplies) | 590 | 26745 |
| Corning, Inc. (Electronic Equipment, <br>Instruments & Components) | 517 | 32695 |
| Corpay, Inc.\* (Software) | 47 | 15183 |
| Corteva, Inc. (Chemicals) | 456 | 32891 |
| CoStar Group, Inc.\* (Real Estate <br>Management & Development) | 281 | 26748 |
| Costco Wholesale Corp. (Consumer Staples <br>Distribution & Retail) | 296 | 278134 |
| Coterra Energy, Inc. (Oil, Gas & Consumable <br>Fuels) | 514 | 12536 |
| Crowdstrike Holdings, Inc.\*—Class A (Software) | 166 | 75459 |
| Crown Castle International Corp. (Specialized <br>REITs) | 291 | 30581 |
| CSX Corp. (Ground Transportation) | 1257 | 44674 |
| Cummins, Inc. (Machinery) | 92 | 33821 |
| CVS Health Corp. (Health Care Providers & <br>Services) | 845 | 52475 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| D.R. Horton, Inc. (Household Durables) | 185 | $26426 |
| Danaher Corp. (Life Sciences Tools & Services) | 425 | 83793 |
| Darden Restaurants, Inc. (Hotels, <br>Restaurants & Leisure) | 78 | 15730 |
| Datadog, Inc.\*—Class A (Software) | 212 | 29676 |
| DaVita, Inc.\* (Health Care Providers & Services) | 28 | 3930 |
| Dayforce, Inc.\* (Professional Services) | 108 | 6228 |
| Deckers Outdoor Corp.\* (Textiles, Apparel & <br>Luxury Goods) | 101 | 10723 |
| Deere & Co. (Machinery) | 169 | 88619 |
| Dell Technologies, Inc.—Class C (Technology <br>Hardware, Storage & Peripherals) | 201 | 26671 |
| Delta Air Lines, Inc. (Passenger Airlines) | 437 | 23252 |
| Devon Energy Corp. (Oil, Gas & Consumable <br>Fuels) | 432 | 14351 |
| Dexcom, Inc.\* (Health Care Equipment & <br>Supplies) | 262 | 21162 |
| Diamondback Energy, Inc. (Oil, Gas & <br>Consumable Fuels) | 125 | 18583 |
| Digital Realty Trust, Inc. (Specialized REITs) | 211 | 37229 |
| Dollar General Corp. (Consumer Staples <br>Distribution & Retail) | 147 | 15420 |
| Dollar Tree, Inc.\* (Consumer Staples <br>Distribution & Retail) | 132 | 14989 |
| Dominion Energy, Inc. (Multi-Utilities) | 571 | 33375 |
| Domino's Pizza, Inc. (Hotels, Restaurants & <br>Leisure) | 24 | 11117 |
| DoorDash, Inc.\*—Class A (Hotels, <br>Restaurants & Leisure) | 230 | 57558 |
| Dover Corp. (Machinery) | 92 | 16665 |
| Dow, Inc. (Chemicals) | 475 | 11063 |
| DTE Energy Co. (Multi-Utilities) | 138 | 19101 |
| Duke Energy Corp. (Electric Utilities) | 519 | 63131 |
| DuPont de Nemours, Inc. (Chemicals) | 281 | 20204 |
| Eastman Chemical Co. (Chemicals) | 78 | 5664 |
| Eaton Corp. PLC (Electrical Equipment) | 262 | 100797 |
| eBay, Inc. (Broadline Retail) | 308 | 28259 |
| Ecolab, Inc. (Chemicals) | 169 | 44237 |
| Edison International (Electric Utilities) | 258 | 13447 |
| Edwards LifeSciences Corp.\* (Health Care <br>Equipment & Supplies) | 392 | 31090 |
| Electronic Arts, Inc. (Entertainment) | 152 | 23178 |
| Elevance Health, Inc. (Health Care Providers & <br>Services) | 151 | 42745 |
| Eli Lilly & Co. (Pharmaceuticals) | 526 | 389278 |
| Emerson Electric Co. (Electrical Equipment) | 377 | 54857 |
| Enphase Energy, Inc.\* (Semiconductors & <br>Semiconductor Equipment) | 91 | 2945 |
| Entergy Corp. (Electric Utilities) | 299 | 27039 |
| EOG Resources, Inc. (Oil, Gas & Consumable <br>Fuels) | 364 | 43687 |
| EPAM Systems, Inc.\* (IT Services) | 39 | 6151 |
| EQT Corp. (Oil, Gas & Consumable Fuels) | 401 | 21554 |
| Equifax, Inc. (Professional Services) | 83 | 19939 |
| Equinix, Inc. (Specialized REITs) | 65 | 51037 |
| Equity Residential (Residential REITs) | 229 | 14472 |
| Erie Indemnity Co.—Class A (Insurance) | 17 | 6056 |
| Essex Property Trust, Inc. (Residential REITs) | 43 | 11188 |

---

**See accompanying notes to financial statements.**

------

**12 :: Bull ProFund ::** Schedule of Portfolio Investments :: July 31, 2025

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Everest Group, Ltd. (Insurance) | 28 | $9402 |
| Evergy, Inc. (Electric Utilities) | 155 | 10974 |
| Eversource Energy (Electric Utilities) | 246 | 16261 |
| Exelon Corp. (Electric Utilities) | 677 | 30424 |
| Expand Energy Corp. (Oil, Gas & Consumable <br>Fuels) | 145 | 15193 |
| Expedia Group, Inc.\* (Hotels, Restaurants & <br>Leisure) | 82 | 14778 |
| Expeditors International of Washington, Inc. <br>(Air Freight & Logistics) | 91 | 10578 |
| Extra Space Storage, Inc. (Specialized REITs) | 142 | 19079 |
| Exxon Mobil Corp. (Oil, Gas & Consumable <br>Fuels) | 2881 | 321635 |
| F5, Inc.\* (Communications Equipment) | 39 | 12223 |
| FactSet Research Systems, Inc. (Capital <br>Markets) | 26 | 10475 |
| Fair Isaac Corp.\* (Software) | 17 | 24424 |
| Fastenal Co. (Trading Companies & <br>Distributors) | 768 | 35428 |
| Federal Realty Investment Trust (Retail REITs) | 53 | 4884 |
| FedEx Corp. (Air Freight & Logistics) | 147 | 32853 |
| Fidelity National Information Services, Inc. <br>(Financial Services) | 352 | 27952 |
| Fifth Third Bancorp (Banks) | 448 | 18623 |
| First Horizon Corp. (Banks) | —<br> <sup>(a)</sup> | 8 |
| First Solar, Inc.\* (Semiconductors & <br>Semiconductor Equipment) | 72 | 12581 |
| FirstEnergy Corp. (Electric Utilities) | 344 | 14692 |
| Fiserv, Inc.\* (Financial Services) | 370 | 51408 |
| Ford Motor Co. (Automobiles) | 2614 | 28937 |
| Fortinet, Inc.\* (Software) | 425 | 42458 |
| Fortive Corp. (Machinery) | 229 | 10976 |
| Fox Corp.—Class A (Media) | 144 | 8029 |
| Fox Corp.—Class B (Media) | 89 | 4551 |
| Franklin Resources, Inc. (Capital Markets) | 210 | 5040 |
| Freeport-McMoRan, Inc. (Metals & Mining) | 962 | 38711 |
| Garmin, Ltd. (Household Durables) | 103 | 22532 |
| Gartner, Inc.\* (IT Services) | 51 | 17271 |
| GE HealthCare Technologies, Inc. (Health Care <br>Equipment & Supplies) | 306 | 21824 |
| GE Vernova, Inc. (Electrical Equipment) | 182 | 120172 |
| Gen Digital, Inc. (Software) | 368 | 10852 |
| Generac Holdings, Inc.\* (Electrical Equipment) | 40 | 7788 |
| General Dynamics Corp. (Aerospace & <br>Defense) | 168 | 52350 |
| General Electric Co. (Industrial <br>Conglomerates) | 713 | 193280 |
| General Mills, Inc. (Food Products) | 368 | 18025 |
| General Motors Co. (Automobiles) | 644 | 34351 |
| Genuine Parts Co. (Distributors) | 93 | 11985 |
| Gilead Sciences, Inc. (Biotechnology) | 830 | 93201 |
| Global Payments, Inc. (Financial Services) | 163 | 13032 |
| Globe Life, Inc. (Insurance) | 55 | 7726 |
| GoDaddy, Inc.\*—Class A (IT Services) | 95 | 15350 |
| Halliburton Co. (Energy Equipment & Services) | 578 | 12947 |
| Hasbro, Inc. (Leisure Products) | 88 | 6614 |
| HCA Healthcare, Inc. (Health Care Providers & <br>Services) | 116 | 41063 |
| Healthpeak Properties, Inc. (Health Care REITs) | 467 | 7911 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Henry Schein, Inc.\* (Health Care Providers & <br>Services) | 83 | $5615 |
| Hewlett Packard Enterprise Co. (Technology <br>Hardware, Storage & Peripherals) | 881 | 18228 |
| Hilton Worldwide Holdings, Inc. (Hotels, <br>Restaurants & Leisure) | 159 | 42625 |
| Hologic, Inc.\* (Health Care Equipment & <br>Supplies) | 150 | 10023 |
| Honeywell International, Inc. (Industrial <br>Conglomerates) | 429 | 95388 |
| Hormel Foods Corp. (Food Products) | 198 | 5562 |
| Host Hotels & Resorts, Inc. (Hotel & Resort <br>REITs) | 467 | 7341 |
| Howmet Aerospace, Inc. (Aerospace & <br>Defense) | 270 | 48538 |
| HP, Inc. (Technology Hardware, Storage & <br>Peripherals) | 633 | 15698 |
| Hubbell, Inc. (Electrical Equipment) | 35 | 15312 |
| Humana, Inc. (Health Care Providers & <br>Services) | 80 | 19990 |
| Huntington Bancshares, Inc. (Banks) | 977 | 16052 |
| Huntington Ingalls Industries, Inc. <br>(Aerospace & Defense) | 27 | 7529 |
| IDEX Corp. (Machinery) | 50 | 8176 |
| IDEXX Laboratories, Inc.\* (Health Care <br>Equipment & Supplies) | 54 | 28853 |
| Illinois Tool Works, Inc. (Machinery) | 178 | 45563 |
| Incyte Corp.\* (Biotechnology) | 108 | 8088 |
| Ingersoll Rand, Inc. (Machinery) | 270 | 22850 |
| Insulet Corp.\* (Health Care Equipment & <br>Supplies) | 47 | 13555 |
| Intel Corp. (Semiconductors & Semiconductor <br>Equipment) | 2918 | 57776 |
| Intercontinental Exchange, Inc. (Capital <br>Markets) | 384 | 70975 |
| International Business Machines Corp. <br>(IT Services) | 622 | 157459 |
| International Flavors & Fragrances, Inc. <br>(Chemicals) | 172 | 12217 |
| International Paper Co. (Containers & <br>Packaging) | 355 | 16593 |
| Intuit, Inc. (Software) | 187 | 146819 |
| Intuitive Surgical, Inc.\* (Health Care <br>Equipment & Supplies) | 239 | 114980 |
| Invesco, Ltd. (Capital Markets) | 302 | 6345 |
| Invitation Homes, Inc. (Residential REITs) | 384 | 11770 |
| IQVIA Holdings, Inc.\* (Life Sciences Tools & <br>Services) | 110 | 20445 |
| Iron Mountain, Inc. (Specialized REITs) | 198 | 19277 |
| J.B. Hunt Transport Services, Inc. (Ground <br>Transportation) | 53 | 7635 |
| Jabil, Inc. (Electronic Equipment, <br>Instruments & Components) | 72 | 16068 |
| Jack Henry & Associates, Inc. (Financial <br>Services) | 49 | 8321 |
| Jacobs Solutions, Inc. (Professional Services) | 80 | 11350 |
| Johnson & Johnson (Pharmaceuticals) | 1607 | 264737 |
| Johnson Controls International PLC <br>(Building Products) | 440 | 46201 |
| JPMorgan Chase & Co. (Banks) | 1856 | 549821 |
| Kellanova (Food Products) | 180 | 14369 |

---

**See accompanying notes to financial statements.**

------

July 31, 2025 :: Schedule of Portfolio Investments **:: Bull ProFund :: 13**

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Kenvue, Inc. (Personal Care Products) | 1286 | $27572 |
| Keurig Dr Pepper, Inc. (Beverages) | 911 | 29744 |
| KeyCorp (Banks) | 662 | 11863 |
| Keysight Technologies, Inc.\* (Electronic <br>Equipment, Instruments & Components) | 115 | 18850 |
| Kimberly-Clark Corp. (Household Products) | 222 | 27666 |
| Kimco Realty Corp. (Retail REITs) | 456 | 9681 |
| Kinder Morgan, Inc. (Oil, Gas & Consumable <br>Fuels) | 1294 | 36310 |
| KKR & Co., Inc. (Capital Markets) | 453 | 66401 |
| KLA Corp. (Semiconductors & Semiconductor <br>Equipment) | 89 | 78234 |
| L3Harris Technologies, Inc. (Aerospace & <br>Defense) | 125 | 34353 |
| Labcorp Holdings, Inc. (Health Care <br>Providers & Services) | 57 | 14825 |
| Lam Research Corp. (Semiconductors & <br>Semiconductor Equipment) | 856 | 81183 |
| Lamb Weston Holdings, Inc. (Food Products) | 96 | 5479 |
| Las Vegas Sands Corp. (Hotels, <br>Restaurants & Leisure) | 229 | 12000 |
| Leidos Holdings, Inc. (Professional Services) | 86 | 13730 |
| Lennar Corp.—Class A (Household Durables) | 155 | 17388 |
| Lennox International, Inc. (Building Products) | 21 | 12789 |
| Linde PLC (Chemicals) | 314 | 144521 |
| Live Nation Entertainment, Inc.\* <br>(Entertainment) | 105 | 15509 |
| LKQ Corp. (Distributors) | 176 | 5187 |
| Lockheed Martin Corp. (Aerospace & Defense) | 139 | 58516 |
| Loews Corp. (Insurance) | 116 | 10503 |
| Lowe's Cos., Inc. (Specialty Retail) | 374 | 83615 |
| Lululemon Athletica, Inc.\* (Textiles, Apparel & <br>Luxury Goods) | 73 | 14639 |
| LyondellBasell Industries N.V.—Class A <br>(Chemicals) | 173 | 10022 |
| M&T Bank Corp. (Banks) | 107 | 20191 |
| Marathon Petroleum Corp. (Oil, Gas & <br>Consumable Fuels) | 205 | 34889 |
| MarketAxess Holdings, Inc. (Capital Markets) | 25 | 5138 |
| Marriott International, Inc., Class A <br>(Hotels, Restaurants & Leisure) | 152 | 39999 |
| Marsh & McLennan Cos., Inc. (Insurance) | 328 | 65338 |
| Martin Marietta Materials, Inc. (Construction <br>Materials) | 41 | 23570 |
| Masco Corp. (Building Products) | 142 | 9674 |
| MasterCard, Inc.—Class A (Financial Services) | 542 | 307027 |
| Match Group, Inc. (Interactive Media & <br>Services) | 166 | 5689 |
| McCormick & Co., Inc. (Food Products) | 170 | 12007 |
| McDonald's Corp. (Hotels, Restaurants & <br>Leisure) | 478 | 143432 |
| McKesson Corp. (Health Care Providers & <br>Services) | 84 | 58257 |
| Medtronic PLC (Health Care Equipment & <br>Supplies) | 858 | 77426 |
| Merck & Co., Inc. (Pharmaceuticals) | 1678 | 131085 |
| Meta Platforms, Inc.—Class A (Interactive <br>Media & Services) | 1450 | 1121488 |
| MetLife, Inc. (Insurance) | 377 | 28633 |
| Mettler-Toledo International, Inc.\* (Life <br>Sciences Tools & Services) | 14 | 17272 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| MGM Resorts International\* (Hotels, <br>Restaurants & Leisure) | 141 | $5139 |
| Microchip Technology, Inc. (Semiconductors & <br>Semiconductor Equipment) | 360 | 24332 |
| Micron Technology, Inc. (Semiconductors & <br>Semiconductor Equipment) | 748 | 81637 |
| Microsoft Corp. (Software) | 4966 | 2649360 |
| Mid-America Apartment Communities, Inc. <br>(Residential REITs) | 78 | 11110 |
| Moderna, Inc.\* (Biotechnology) | 230 | 6799 |
| Mohawk Industries, Inc.\* (Household <br>Durables) | 35 | 4008 |
| Molina Healthcare, Inc.\* (Health Care <br>Providers & Services) | 36 | 5683 |
| Molson Coors Beverage Co.—Class B <br>(Beverages) | 116 | 5652 |
| Mondelez International, Inc.—Class A <br>(Food Products) | 865 | 55957 |
| Monolithic Power Systems, Inc. <br>(Semiconductors & Semiconductor <br>Equipment) | 32 | 22760 |
| Monster Beverage Corp.\* (Beverages) | 470 | 27613 |
| Moody's Corp. (Capital Markets) | 104 | 53636 |
| Morgan Stanley (Capital Markets) | 826 | 117672 |
| Motorola Solutions, Inc. (Communications <br>Equipment) | 112 | 49166 |
| MSCI, Inc. (Capital Markets) | 51 | 28629 |
| Nasdaq, Inc. (Capital Markets) | 276 | 26557 |
| NetApp, Inc. (Technology Hardware, <br>Storage & Peripherals) | 136 | 14162 |
| Netflix, Inc.\* (Entertainment) | 284 | 329271 |
| Newmont Corp. (Metals & Mining) | 744 | 46202 |
| News Corp.—Class A (Media) | 255 | 7477 |
| News Corp.—Class B (Media) | 77 | 2573 |
| NextEra Energy, Inc. (Electric Utilities) | 1377 | 97849 |
| NIKE, Inc.—Class B (Textiles, Apparel & <br>Luxury Goods) | 787 | 58781 |
| NiSource, Inc. (Multi-Utilities) | 317 | 13457 |
| Nordson Corp. (Machinery) | 36 | 7712 |
| Norfolk Southern Corp. (Ground <br>Transportation) | 151 | 41978 |
| Northern Trust Corp. (Capital Markets) | 130 | 16900 |
| Northrop Grumman Corp. (Aerospace & <br>Defense) | 90 | 51895 |
| Norwegian Cruise Lines Holdings, Ltd.\* <br>(Hotels, Restaurants & Leisure) | 301 | 7694 |
| NRG Energy, Inc. (Electric Utilities) | 131 | 21903 |
| Nucor Corp. (Metals & Mining) | 154 | 22033 |
| NVIDIA Corp. (Semiconductors & <br>Semiconductor Equipment) | 16294 | 2898213 |
| NVR, Inc.\* (Household Durables) | 1 | 7549 |
| NXP Semiconductors N.V. (Semiconductors & <br>Semiconductor Equipment) | 169 | 36127 |
| Occidental Petroleum Corp. (Oil, Gas & <br>Consumable Fuels) | 476 | 20915 |
| Old Dominion Freight Line, Inc. (Ground <br>Transportation) | 124 | 18507 |
| Omnicom Group, Inc. (Media) | 130 | 9367 |
| ON Semiconductor Corp.\* (Semiconductors & <br>Semiconductor Equipment) | 281 | 15837 |
| ONEOK, Inc. (Oil, Gas & Consumable Fuels) | 418 | 34322 |

---

**See accompanying notes to financial statements.**

------

**14 :: Bull ProFund ::** Schedule of Portfolio Investments :: July 31, 2025

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Oracle Corp. (Software) | 1087 | $275848 |
| O'Reilly Automotive, Inc.\* (Specialty Retail) | 571 | 56141 |
| Otis Worldwide Corp. (Machinery) | 263 | 22536 |
| PACCAR, Inc. (Machinery) | 350 | 34566 |
| Packaging Corp. of America (Containers & <br>Packaging) | 60 | 11625 |
| Palantir Technologies, Inc.\*—Class A <br>(Software) | 1421 | 225015 |
| Palo Alto Networks, Inc.\* (Software) | 443 | 76905 |
| Paramount Global<sup>(b)</sup>—Class B (Media) | 406 | 5103 |
| Parker-Hannifin Corp. (Machinery) | 86 | 62943 |
| Paychex, Inc. (Professional Services) | 215 | 31031 |
| Paycom Software, Inc. (Professional Services) | 32 | 7409 |
| PayPal Holdings, Inc.\* (Financial Services) | 650 | 44694 |
| Pentair PLC (Machinery) | 111 | 11344 |
| PepsiCo, Inc. (Beverages) | 916 | 126335 |
| Pfizer, Inc. (Pharmaceuticals) | 3803 | 88572 |
| PG&E Corp. (Electric Utilities) | 1472 | 20637 |
| Philip Morris International, Inc. (Tobacco) | 1040 | 170612 |
| Phillips 66 (Oil, Gas & Consumable Fuels) | 272 | 33614 |
| Pinnacle West Capital Corp. (Electric Utilities) | 80 | 7250 |
| PNC Financial Services Group, Inc. (Banks) | 264 | 50231 |
| Pool Corp. (Distributors) | 25 | 7704 |
| PPG Industries, Inc. (Chemicals) | 151 | 15931 |
| PPL Corp. (Electric Utilities) | 497 | 17738 |
| Principal Financial Group, Inc. (Insurance) | 138 | 10741 |
| Prologis, Inc. (Industrial REITs) | 621 | 66310 |
| Prudential Financial, Inc. (Insurance) | 237 | 24548 |
| PTC, Inc.\* (Software) | 80 | 17185 |
| Public Service Enterprise Group, Inc. <br>(Multi-Utilities) | 334 | 29990 |
| Public Storage (Specialized REITs) | 105 | 28554 |
| PulteGroup, Inc. (Household Durables) | 134 | 15131 |
| QUALCOMM, Inc. (Semiconductors & <br>Semiconductor Equipment) | 733 | 107575 |
| Quanta Services, Inc. (Construction & <br>Engineering) | 100 | 40613 |
| Quest Diagnostics, Inc. (Health Care <br>Providers & Services) | 75 | 12556 |
| Ralph Lauren Corp. (Textiles, Apparel & <br>Luxury Goods) | 27 | 8066 |
| Raymond James Financial, Inc. (Capital <br>Markets) | 121 | 20223 |
| Raytheon Technologies Corp. (Aerospace & <br>Defense) | 894 | 140867 |
| Realty Income Corp. (Retail REITs) | 605 | 33959 |
| Regency Centers Corp. (Retail REITs) | 110 | 7854 |
| Regeneron Pharmaceuticals, Inc.\* <br>(Biotechnology) | 69 | 37637 |
| Regions Financial Corp. (Banks) | 605 | 15325 |
| Republic Services, Inc. (Commercial <br>Services & Supplies) | 136 | 31368 |
| ResMed, Inc. (Health Care Equipment & <br>Supplies) | 98 | 26650 |
| Revvity, Inc. (Life Sciences Tools & Services) | 79 | 6944 |
| Rockwell Automation, Inc. (Electrical <br>Equipment) | 75 | 26378 |
| Rollins, Inc. (Commercial Services & Supplies) | 190 | 10881 |
| Roper Technologies, Inc. (Software) | 72 | 39629 |
| Ross Stores, Inc. (Specialty Retail) | 220 | 30039 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Royal Caribbean Cruises, Ltd.\* (Hotels, <br>Restaurants & Leisure) | 167 | $53084 |
| S&P Global, Inc. (Capital Markets) | 209 | 115180 |
| Salesforce, Inc. (Software) | 641 | 165590 |
| SBA Communications Corp.—Class A <br>(Specialized REITs) | 72 | 16180 |
| Schlumberger N.V. (Energy Equipment & <br>Services) | 912 | 30826 |
| Seagate Technology Holdings PLC <br>(Technology Hardware, Storage & <br>Peripherals) | 142 | 22295 |
| Sempra (Multi-Utilities) | 436 | 35611 |
| ServiceNow, Inc.\* (Software) | 138 | 130151 |
| Simon Property Group, Inc. (Retail REITs) | 205 | 33577 |
| Skyworks Solutions, Inc. (Semiconductors & <br>Semiconductor Equipment) | 101 | 6923 |
| Smurfit WestRock PLC (Containers & <br>Packaging) | 333 | 14779 |
| Snap-on, Inc. (Machinery) | 35 | 11242 |
| Solventum Corp.\* (Health Care Equipment & <br>Supplies) | 94 | 6708 |
| Southwest Airlines Co. (Passenger Airlines) | 384 | 11877 |
| Stanley Black & Decker, Inc. (Machinery) | 104 | 7036 |
| Starbucks Corp. (Hotels, Restaurants & <br>Leisure) | 760 | 67762 |
| State Street Corp. (Capital Markets) | 190 | 21233 |
| Steel Dynamics, Inc. (Metals & Mining) | 92 | 11736 |
| STERIS PLC (Health Care Equipment & <br>Supplies) | 65 | 14722 |
| Stryker Corp. (Health Care Equipment & <br>Supplies) | 230 | 90328 |
| Super Micro Computer, Inc.\* (Technology <br>Hardware, Storage & Peripherals) | 344 | 20286 |
| Synchrony Financial (Consumer Finance) | 255 | 17766 |
| Synopsys, Inc.\* (Software) | 143 | 90586 |
| Sysco Corp. (Consumer Staples Distribution & <br>Retail) | 324 | 25790 |
| T. Rowe Price Group, Inc. (Capital Markets) | 147 | 14913 |
| Take-Two Interactive Software, Inc.\* <br>(Entertainment) | 114 | 25391 |
| Tapestry, Inc. (Textiles, Apparel & Luxury <br>Goods) | 140 | 15124 |
| Targa Resources Corp. (Oil, Gas & <br>Consumable Fuels) | 145 | 24129 |
| Target Corp. (Consumer Staples Distribution & <br>Retail) | 304 | 30552 |
| TE Connectivity, Ltd. (Electronic Equipment, <br>Instruments & Components) | 198 | 40739 |
| Teledyne Technologies, Inc.\* (Electronic <br>Equipment, Instruments & Components) | 31 | 17082 |
| Teradyne, Inc. (Semiconductors & <br>Semiconductor Equipment) | 107 | 11495 |
| Tesla, Inc.\* (Automobiles) | 1871 | 576773 |
| Texas Instruments, Inc. (Semiconductors & <br>Semiconductor Equipment) | 607 | 109903 |
| Texas Pacific Land Corp. (Oil, Gas & <br>Consumable Fuels) | 12 | 11618 |
| Textron, Inc. (Aerospace & Defense) | 121 | 9410 |
| The AES Corp. (Independent Power/<br>Renewable Electricity Producers) | 479 | 6299 |

---

**See accompanying notes to financial statements.**

------

July 31, 2025 :: Schedule of Portfolio Investments **:: Bull ProFund :: 15**

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| The Bank of New York Mellon Corp. <br>(Capital Markets) | 479 | $48595 |
| The Boeing Co.\* (Aerospace & Defense) | 503 | 111586 |
| The Charles Schwab Corp. (Capital Markets) | 1142 | 111608 |
| The Cigna Group (Health Care Providers & <br>Services) | 178 | 47594 |
| The Clorox Co. (Household Products) | 82 | 10296 |
| The Coca-Cola Co. (Beverages) | 2589 | 175766 |
| The Cooper Cos., Inc.\* (Health Care <br>Equipment & Supplies) | 133 | 9402 |
| The Estee Lauder Cos., Inc. (Personal Care <br>Products) | 157 | 14654 |
| The Goldman Sachs Group, Inc. (Capital <br>Markets) | 205 | 148335 |
| The Hartford Financial Services Group, Inc. <br>(Insurance) | 190 | 23634 |
| The Hershey Co. (Food Products) | 99 | 18427 |
| The Home Depot, Inc. (Specialty Retail) | 664 | 244027 |
| The Interpublic Group of Cos., Inc. (Media) | 250 | 6150 |
| The J.M. Smucker Co. (Food Products) | 71 | 7621 |
| The Kraft Heinz Co. (Food Products) | 581 | 15954 |
| The Kroger Co. (Consumer Staples <br>Distribution & Retail) | 409 | 28671 |
| The Mosaic Co. (Chemicals) | 215 | 7742 |
| The Procter & Gamble Co. (Household <br>Products) | 1565 | 235485 |
| The Progressive Corp. (Insurance) | 392 | 94880 |
| The Sherwin-Williams Co. (Chemicals) | 154 | 50956 |
| The Southern Co. (Electric Utilities) | 734 | 69348 |
| The TJX Cos., Inc. (Specialty Retail) | 747 | 93024 |
| The Trade Desk, Inc.\*—Class A (Media) | 301 | 26175 |
| The Travelers Cos., Inc. (Insurance) | 151 | 39296 |
| The Walt Disney Co. (Entertainment) | 1202 | 143170 |
| The Williams Cos., Inc. (Oil, Gas & <br>Consumable Fuels) | 817 | 48979 |
| Thermo Fisher Scientific, Inc. (Life <br>Sciences Tools & Services) | 252 | 117856 |
| TKO Group Holdings, Inc.\* (Entertainment) | 45 | 7560 |
| T-Mobile U.S., Inc. (Wireless <br>Telecommunication Services) | 319 | 76053 |
| Tractor Supply Co. (Specialty Retail) | 356 | 20274 |
| Trane Technologies PLC (Building Products) | 149 | 65275 |
| TransDigm Group, Inc. (Aerospace & Defense) | 37 | 59513 |
| Trimble, Inc.\* (Electronic Equipment, <br>Instruments & Components) | 159 | 13339 |
| Truist Financial Corp. (Banks) | 877 | 38334 |
| Tyler Technologies, Inc.\* (Software) | 29 | 16952 |
| Tyson Foods, Inc.—Class A (Food Products) | 194 | 10146 |
| U.S. Bancorp (Banks) | 1044 | 46938 |
| Uber Technologies, Inc.\* (Ground <br>Transportation) | 1398 | 122674 |
| UDR, Inc. (Residential REITs) | 203 | 7976 |
| Ulta Beauty, Inc.\* (Specialty Retail) | 29 | 14935 |
| Union Pacific Corp. (Ground Transportation) | 399 | 88566 |
| United Airlines Holdings, Inc.\* (Passenger <br>Airlines) | 218 | 19252 |
| United Parcel Service, Inc.—Class B (Air <br>Freight & Logistics) | 490 | 42218 |
| United Rentals, Inc. (Trading Companies & <br>Distributors) | 43 | 37966 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| UnitedHealth Group, Inc. (Health Care <br>Providers & Services) | 606 | $151232 |
| Universal Health Services, Inc.—Class B <br>(Health Care Providers & Services) | 39 | 6492 |
| Valero Energy Corp. (Oil, Gas & Consumable <br>Fuels) | 209 | 28698 |
| Ventas, Inc. (Health Care REITs) | 302 | 20288 |
| Veralto Corp. (Commercial Services & <br>Supplies) | 165 | 17297 |
| VeriSign, Inc. (IT Services) | 54 | 14519 |
| Verisk Analytics, Inc. (Professional Services) | 93 | 25920 |
| Verizon Communications, Inc. (Diversified <br>Telecommunication Services) | 2819 | 120540 |
| Vertex Pharmaceuticals, Inc.\* (Biotechnology) | 172 | 78582 |
| Viatris, Inc. (Pharmaceuticals) | 787 | 6878 |
| VICI Properties, Inc. (Specialized REITs) | 709 | 23113 |
| Visa, Inc.—Class A (Financial Services) | 1144 | 395218 |
| Vistra Corp. (Independent Power/Renewable <br>Electricity Producers) | 226 | 47130 |
| Vulcan Materials Co. (Construction Materials) | 89 | 24446 |
| W.R. Berkley Corp. (Insurance) | 201 | 13831 |
| W.W. Grainger, Inc. (Trading Companies & <br>Distributors) | 29 | 30147 |
| Wabtec Corp. (Machinery) | 115 | 22086 |
| Walgreens Boots Alliance, Inc. (Consumer <br>Staples Distribution & Retail) | 483 | 5622 |
| Walmart, Inc. (Consumer Staples<br> Distribution & Retail) | 2886 | 282771 |
| Warner Bros. Discovery, Inc.\* (Entertainment) | 1508 | 19860 |
| Waste Management, Inc. (Commercial <br>Services & Supplies) | 244 | 55915 |
| Waters Corp.\* (Life Sciences Tools & Services) | 40 | 11550 |
| WEC Energy Group, Inc. (Multi-Utilities) | 213 | 23234 |
| Wells Fargo & Co. (Banks) | 2175 | 175370 |
| Welltower, Inc. (Health Care REITs) | 415 | 68504 |
| West Pharmaceutical Services, Inc. <br>(Life Sciences Tools & Services) | 48 | 11484 |
| Western Digital Corp.\* (Technology Hardware, <br>Storage & Peripherals) | 233 | 18335 |
| Weyerhaeuser Co. (Specialized REITs) | 488 | 12224 |
| Williams-Sonoma, Inc. (Specialty Retail) | 82 | 15338 |
| Willis Towers Watson PLC (Insurance) | 66 | 20843 |
| Workday, Inc.\*—Class A (Software) | 145 | 33260 |
| Wynn Resorts, Ltd. (Hotels, Restaurants & <br>Leisure) | 59 | 6433 |
| Xcel Energy, Inc. (Electric Utilities) | 386 | 28348 |
| Xylem, Inc. (Machinery) | 162 | 23428 |
| Yum! Brands, Inc. (Hotels, Restaurants & <br>Leisure) | 186 | 26812 |
| Zebra Technologies Corp.\* (Electronic <br>Equipment, Instruments & Components) | 33 | 11188 |
| Zimmer Biomet Holdings, Inc. (Health Care <br>Equipment & Supplies) | 133 | 12189 |
| Zoetis, Inc. (Pharmaceuticals) | 298 | 43445 |
| **TOTAL COMMON STOCKS**<br> (Cost $7,884,455) |  | **35905964** |

---

**See accompanying notes to financial statements.**

------

**16 :: Bull ProFund ::** Schedule of Portfolio Investments :: July 31, 2025

**Repurchase Agreements<sup>(c)(d)</sup> (27.9%)**

---

| | | |
|:---|:---|:---|
| | Principal <br>Amount | Value |
| Repurchase Agreements with various <br>counterparties, rates 4.09%–4.25%, <br>dated 7/31/25, due 8/1/25, total to be <br>received $15,257,780 | $15256000 | $15256000 |
| **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $15,256,000) |  | **15256000** |

---

**Collateral for Securities Loaned<sup>(e)(NM)</sup>**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Invesco Government & Agency <br>Portfolio—Institutional Shares, 4.34%<sup>(f)</sup> | 5280 | $5280 |
| **TOTAL COLLATERAL FOR SECURITIES LOANED**<br> (Cost $5,280) |  | **5280** |
| **TOTAL INVESTMENT SECURITIES**<br> (Cost $23,145,735)—93.4% |  | **51167244** |
| Net other assets (liabilities)—6.6% |  | 3610275 |
| **NET ASSETS—100.0%** |  | $**54777519** |

---

\* Non-income producing security.

<sup>(a)</sup> Number of shares is less than 0.50.

<sup>(b)</sup> All or part of this security was on loan as of July 31, 2025. The total value of securities on loan as of July 31, 2025 was $4,827.

<sup>(c)</sup> The ProFund invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" in the Appendix to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.

<sup>(d)</sup> A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. At July 31, 2025, the aggregate amount held in a segregated account was $1,361,000.

<sup>(e)</sup> Securities were purchased with cash collateral held from securities on loan at July 31, 2025.

<sup>(f)</sup> Rate periodically changes. Rate disclosed is the daily yield as of July 31, 2025.

<sup>NM</sup> Not meaningful, amount is less than 0.05%

<sup>REIT</sup> Real Estate Investment Trust

**Futures Contracts Purchased**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Number <br>of <br>Contracts | Expiration <br>Date | Notional <br>Amount | Value and <br>Unrealized<br>Appreciation/ <br>(Depreciation) |
| E-mini S&P 500 Futures Contracts | 12 | 9/22/25 | $3824550 | $165210 |

---

**Total Return Swap Agreements—Long**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Underlying Instrument | Counterparty | Termination <br>Date<sup>(1)</sup> | Rate Paid <br>(Received)<sup>(2)</sup> | Notional<br>Amount | Value and<br>Unrealized<br>Appreciation/<br>(Depreciation) |
| S&P 500 | Goldman Sachs International | 8/27/25 | 5.08% | $9721455 | $(73450) |
| S&P 500 | UBS AG | 8/27/25 | 5.13% | 5312409 | (23578) |
|  |  |  |  | $**15033864** | $**(97028)** |

---

<sup>(1)</sup> Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

<sup>(2)</sup> Reflects the floating financing rate, as of July 31, 2025, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

**See accompanying notes to financial statements.**

------

July 31, 2025 :: Schedule of Portfolio Investments **:: Bull ProFund :: 17**

Bull ProFund invested in the following industries as of July 31, 2025:

---

| | | |
|:---|:---|:---|
| | Value | % of <br>Net Assets |
| Aerospace & Defense | $611577 | 1.1% |
| Air Freight & Logistics | 94875 | 0.2% |
| Automobile Components | 10021 | <sup>NM</sup> |
| Automobiles | 640061 | 1.2% |
| Banks | 1280624 | 2.4% |
| Beverages | 385755 | 0.7% |
| Biotechnology | 566024 | 1.0% |
| Broadline Retail | 1506430 | 2.8% |
| Building Products | 194842 | 0.4% |
| Capital Markets | 1250045 | 2.3% |
| Chemicals | 413820 | 0.8% |
| Commercial Services & Supplies | 193393 | 0.3% |
| Communications Equipment | 327189 | 0.6% |
| Construction & Engineering | 40613 | 0.1% |
| Construction Materials | 48016 | 0.1% |
| Consumer Finance | 220315 | 0.4% |
| Consumer Staples Distribution & Retail | 681948 | 1.2% |
| Containers & Packaging | 76891 | 0.1% |
| Distributors | 24876 | <sup>NM</sup> |
| Diversified Telecommunication Services | 252437 | 0.5% |
| Electric Utilities | 563378 | 1.0% |
| Electrical Equipment | 353771 | 0.6% |
| Electronic Equipment, Instruments & <br>Components | 251191 | 0.5% |
| Energy Equipment & Services | 73686 | 0.1% |
| Entertainment | 563939 | 1.0% |
| Financial Services | 1497560 | 2.7% |
| Food Products | 198328 | 0.4% |
| Gas Utilities | 16528 | <sup>NM</sup> |
| Ground Transportation | 324034 | 0.6% |
| Health Care Equipment & Supplies | 776840 | 1.4% |
| Health Care Providers & Services | 528951 | 1.0% |
| Health Care REITs | 96704 | 0.2% |
| Hotel & Resort REITs | 7341 | <sup>NM</sup> |
| Hotels, Restaurants & Leisure | 721337 | 1.3% |
| Household Durables | 93034 | 0.2% |
| Household Products | 334366 | 0.6% |
| Independent Power/Renewable <br>Electricity Producers | 53429 | 0.1% |
| Industrial Conglomerates | 342238 | 0.6% |
| Industrial REITs | 66310 | 0.1% |

---

---

| | | |
|:---|:---|:---|
| | Value | % of <br>Net Assets |
| Insurance | $677938 | 1.2% |
| Interactive Media & Services | 2478478 | 4.5% |
| IT Services | 353557 | 0.6% |
| Leisure Products | 6614 | <sup>NM</sup> |
| Life Sciences Tools & Services | 302557 | 0.6% |
| Machinery | 567100 | 1.0% |
| Media | 169474 | 0.3% |
| Metals & Mining | 118682 | 0.2% |
| Multi-Utilities | 229717 | 0.4% |
| Office REITs | 14219 | <sup>NM</sup> |
| Oil, Gas & Consumable Fuels | 999204 | 1.8% |
| Passenger Airlines | 54381 | 0.1% |
| Personal Care Products | 42226 | 0.1% |
| Pharmaceuticals | 982983 | 1.8% |
| Professional Services | 218725 | 0.4% |
| Real Estate Management & <br>Development | 57273 | 0.1% |
| Residential REITs | 81965 | 0.1% |
| Retail REITs | 89955 | 0.2% |
| Semiconductors & Semiconductor <br>Equipment | 4833102 | 8.9% |
| Software | 4276936 | 7.8% |
| Specialized REITs | 302500 | 0.6% |
| Specialty Retail | 613069 | 1.1% |
| Technology Hardware, Storage & <br>Peripherals | 2207016 | 4.0% |
| Textiles, Apparel & Luxury Goods | 107333 | 0.2% |
| Tobacco | 240418 | 0.4% |
| Trading Companies & Distributors | 103541 | 0.2% |
| Water Utilities | 18231 | 0.1% |
| Wireless Telecommunication Services | 76053 | 0.2% |
| Other\*\* | 18871555 | 34.5% |
| **Total** | $**54777519** | **100.0%** |

---

\*\* Includes any non-equity securities and other net assets (liabilities), which includes any receivable for capital shares issued and payable for capital shares redeemed.

<sup>NM</sup> Not meaningful, amount is less than 0.05%

<sup>REIT</sup> Real Estate Investment Trust

**See accompanying notes to financial statements.**

------

**18 :: Communication Services UltraSector ProFund ::** Schedule of Portfolio Investments :: July 31, 2025

**Common Stocks (74.9%)**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Alphabet, Inc.—Class A (Interactive <br>Media & Services) | 12576 | $2413334 |
| Alphabet, Inc.—Class C (Interactive <br>Media & Services) | 10144 | 1956372 |
| AT&T, Inc. (Diversified Telecommunication <br>Services) | 35005 | 959487 |
| Charter Communications, Inc.\*—Class A <br>(Media) | 2481 | 668282 |
| Comcast Corp.—Class A (Media) | 28199 | 937053 |
| Electronic Arts, Inc. (Entertainment) | 6718 | 1024428 |
| Fox Corp.—Class A (Media) | 7009 | 390822 |
| Fox Corp.—Class B (Media) | 4320 | 220925 |
| Live Nation Entertainment, Inc.\* <br>(Entertainment) | 5161 | 762280 |
| Match Group, Inc.\* (Interactive Media & <br>Services) | 8030 | 275188 |
| Meta Platforms, Inc.—Class A (Interactive <br>Media & Services) | 5826 | 4506061 |
| Netflix, Inc.\* (Entertainment) | 1502 | 1741419 |
| News Corp.—Class A (Media) | 12352 | 362161 |
| News Corp.—Class B (Media) | 3650 | 121983 |
| Omnicom Group, Inc. (Media) | 6389 | 460327 |
| Paramount Global<sup>(a)</sup>—Class B (Media) | 19706 | 247704 |
| Take-Two Interactive Software, Inc.\* <br>(Entertainment) | 4226 | 941257 |
| The Interpublic Group of Cos., Inc. (Media) | 12108 | 297857 |
| The Trade Desk, Inc.\*—Class A (Media) | 1983 | 172442 |
| The Walt Disney Co. (Entertainment) | 8300 | 988613 |
| TKO Group Holdings, Inc.\* (Entertainment) | 2195 | 368782 |
| T-Mobile U.S., Inc. (Wireless <br>Telecommunication Services) | 4296 | 1024209 |
| Verizon Communications, Inc. (Diversified <br>Telecommunication Services) | 22680 | 969797 |
| Warner Bros. Discovery, Inc.\* (Entertainment) | 73726 | 970971 |
| **TOTAL COMMON STOCKS**<br> (Cost $18,828,721) |  | **22781754** |

---

**Repurchase Agreements<sup>(b)(c)</sup> (26.3%)**

---

| | | |
|:---|:---|:---|
| | Principal<br>Amount | Value |
| Repurchase Agreements with various <br>counterparties, rates 4.09%–4.25%, <br>dated 7/31/25, due 8/1/25, total to be <br>received $7,991,932 | $7991000 | $7991000 |
| **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $7,991,000) |  | **7991000** |

---

**Collateral for Securities Loaned<sup>(d)</sup> (0.8%)**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Invesco Government & Agency <br>Portfolio—Institutional Shares, 4.34%<sup>(e)</sup> | 236803 | $236803 |
| **TOTAL COLLATERAL FOR SECURITIES LOANED**<br> (Cost $236,803) |  | **236803** |
| **TOTAL INVESTMENT SECURITIES**<br> (Cost $27,056,524)—102.0% |  | **31009557** |
| Net other assets (liabilities)—(2.0)% |  | (602220) |
| **NET ASSETS—100.0%** |  | $**30407337** |

---

\* Non-income producing security.

<sup>(a)</sup> All or part of this security was on loan as of July 31, 2025. The total value of securities on loan as of July 31, 2025 was $216,481.

<sup>(b)</sup> The ProFund invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" in the Appendix to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.

<sup>(c)</sup> A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. At July 31, 2025, the aggregate amount held in a segregated account was $2,072,000.

<sup>(d)</sup> Securities were purchased with cash collateral held from securities on loan at July 31, 2025.

<sup>(e)</sup> Rate periodically changes. Rate disclosed is the daily yield as of July 31, 2025.

**Total Return Swap Agreements—Long**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Underlying Instrument | Counterparty | Termination <br>Date<sup>(1)</sup> | Rate Paid <br>(Received)<sup>(2)</sup> | Notional <br>Amount | Value and <br>Unrealized <br>Appreciation/<br>(Depreciation) |
| S&P Communication Services Select Sector Index | Goldman Sachs International | 8/25/25 | 5.08% | $14131966 | $(75454) |
| S&P Communication Services Select Sector Index | UBS AG | 8/25/25 | 5.13% | 8715807 | (118599) |
|  |  |  |  | $**22847773** | $**(194053)** |

---

<sup>(1)</sup> Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

<sup>(2)</sup> Reflects the floating financing rate, as of July 31, 2025, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

**See accompanying notes to financial statements.**

------

July 31, 2025 :: Schedule of Portfolio Investments **:: Communication Services UltraSector ProFund :: 19**

Communication Services UltraSector ProFund invested in the following industries as of July 31, 2025:

---

| | | |
|:---|:---|:---|
| | Value | % of <br>Net Assets |
| Diversified Telecommunication Services | $1929284 | 6.3% |
| Entertainment | 6797750 | 22.3% |
| Interactive Media & Services | 9150956 | 30.1% |
| Media | 3879555 | 12.8% |
| Wireless Telecommunication Services | 1024209 | 3.4% |
| Other\*\* | 7625583 | 25.1% |
| **Total** | $**30407337** | **100.0%** |

---

\*\* Includes any non-equity securities and other net assets (liabilities), which includes any receivable for capital shares issued and payable for capital shares redeemed.

**See accompanying notes to financial statements.**

------

**20 :: Consumer Discretionary UltraSector ProFund ::** Schedule of Portfolio Investments :: July 31, 2025

**Common Stocks (78.2%)**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Airbnb, Inc.\*—Class A (Hotels, <br>Restaurants & Leisure) | 4368 | $578367 |
| Amazon.com, Inc.\* (Broadline Retail) | 41471 | 9708776 |
| Aptiv PLC\* (Automobile Components) | 2203 | 151214 |
| AutoZone, Inc.\* (Specialty Retail) | 169 | 636856 |
| Best Buy Co., Inc. (Specialty Retail) | 1950 | 126867 |
| Booking Holdings, Inc. (Hotels, Restaurants & <br>Leisure) | 317 | 1744786 |
| Caesars Entertainment, Inc.\* (Hotels, <br>Restaurants & Leisure) | 2104 | 56135 |
| CarMax, Inc.\* (Specialty Retail) | 1542 | 87293 |
| Carnival Corp.\* (Hotels, Restaurants & Leisure) | 10622 | 316217 |
| Chipotle Mexican Grill, Inc.\* (Hotels, <br>Restaurants & Leisure) | 13630 | 584454 |
| D.R. Horton, Inc. (Household Durables) | 2798 | 399666 |
| Darden Restaurants, Inc. (Hotels, <br>Restaurants & Leisure) | 1185 | 238979 |
| Deckers Outdoor Corp.\* (Textiles, Apparel & <br>Luxury Goods) | 1538 | 163289 |
| Domino's Pizza, Inc. (Hotels, Restaurants & <br>Leisure) | 346 | 160271 |
| DoorDash, Inc.\*—Class A (Hotels, <br>Restaurants & Leisure) | 3468 | 867867 |
| eBay, Inc. (Broadline Retail) | 4665 | 428014 |
| Expedia Group, Inc.\* (Hotels, Restaurants & <br>Leisure) | 1232 | 222031 |
| Ford Motor Co. (Automobiles) | 39511 | 437387 |
| Garmin, Ltd. (Household Durables) | 1560 | 341266 |
| General Motors Co. (Automobiles) | 9726 | 518785 |
| Genuine Parts Co. (Distributors) | 1405 | 181076 |
| Hasbro, Inc. (Leisure Products) | 1335 | 100339 |
| Hilton Worldwide Holdings, Inc. (Hotels, <br>Restaurants & Leisure) | 2404 | 644464 |
| Las Vegas Sands Corp. (Hotels, <br>Restaurants & Leisure) | 3433 | 179889 |
| Lennar Corp.—Class A (Household Durables) | 2350 | 263623 |
| LKQ Corp. (Distributors) | 2614 | 77035 |
| Lowe's Cos., Inc. (Specialty Retail) | 5663 | 1266077 |
| Lululemon Athletica, Inc.\* (Textiles, <br>Apparel & Luxury Goods) | 1118 | 224193 |
| Marriott International, Inc., Class A <br>(Hotels, Restaurants & Leisure) | 2300 | 606848 |
| McDonald's Corp. (Hotels, Restaurants & <br>Leisure) | 5736 | 1721201 |
| MGM Resorts International\* (Hotels, <br>Restaurants & Leisure) | 2094 | 76326 |
| Mohawk Industries, Inc.\* (Household <br>Durables) | 526 | 60232 |
| NIKE, Inc.—Class B (Textiles, Apparel & <br>Luxury Goods) | 11920 | 890305 |
| Norwegian Cruise Lines Holdings, Ltd.\* <br>(Hotels, Restaurants & Leisure) | 4522 | 115582 |
| NVR, Inc.\* (Household Durables) | 28 | 211386 |
| O'Reilly Automotive, Inc.\* (Specialty Retail) | 8650 | 850468 |
| Pool Corp. (Distributors) | 381 | 117401 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| PulteGroup, Inc. (Household Durables) | 2030 | $229228 |
| Ralph Lauren Corp. (Textiles, Apparel & <br>Luxury Goods) | 405 | 120994 |
| Ross Stores, Inc. (Specialty Retail) | 3328 | 454405 |
| Royal Caribbean Cruises, Ltd. (Hotels, <br>Restaurants & Leisure) | 2528 | 803575 |
| Starbucks Corp. (Hotels, Restaurants & <br>Leisure) | 11497 | 1025073 |
| Tapestry, Inc. (Textiles, Apparel & Luxury <br>Goods) | 2103 | 227187 |
| Tesla, Inc.\* (Automobiles) | 20087 | 6192219 |
| The Home Depot, Inc. (Specialty Retail) | 7125 | 2618509 |
| The TJX Cos., Inc. (Specialty Retail) | 11297 | 1406815 |
| Tractor Supply Co. (Specialty Retail) | 5366 | 305594 |
| Ulta Beauty, Inc.\* (Specialty Retail) | 457 | 235360 |
| Williams-Sonoma, Inc. (Specialty Retail) | 1246 | 233064 |
| Wynn Resorts, Ltd. (Hotels, Restaurants & <br>Leisure) | 892 | 97255 |
| Yum! Brands, Inc. (Hotels, Restaurants & <br>Leisure) | 2813 | 405494 |
| **TOTAL COMMON STOCKS**<br> (Cost $25,474,545) |  | **39709737** |

---

**Repurchase Agreements<sup>(a)(b)</sup> (23.9%)**

---

| | | |
|:---|:---|:---|
| | Principal<br>Amount | Value |
| Repurchase Agreements with various <br>counterparties, rates 4.09%–4.25%, <br>dated 7/31/25, due 8/1/25, total to be <br>received $12,117,414 | $12116000 | $12116000 |
| **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $12,116,000) |  | **12116000** |
| **TOTAL INVESTMENT SECURITIES**<br> (Cost $37,590,545)—102.1% |  | **51825737** |
| Net other assets (liabilities)—(2.1)% |  | (1043586) |
| **NET ASSETS—100.0%** |  | $**50782151** |

---

\* Non-income producing security.

<sup>(a)</sup> The ProFund invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" in the Appendix to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.

<sup>(b)</sup> A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. At July 31, 2025, the aggregate amount held in a segregated account was $7,761,000.

**See accompanying notes to financial statements.**

------

July 31, 2025 :: Schedule of Portfolio Investments **:: Consumer Discretionary UltraSector ProFund :: 21**

**Total Return Swap Agreements—Long**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Underlying Instrument | Counterparty | Termination<br>Date<sup>(1)</sup> | Rate Paid <br>(Received)<sup>(2)</sup> | Notional<br>Amount | Value and<br>Unrealized<br>Appreciation/ <br>(Depreciation) |
| S&P Consumer Discretionary Select Sector Index | Goldman Sachs International | 8/25/25 | 5.08% | $18247800 | $(567021) |
| S&P Consumer Discretionary Select Sector Index | UBS AG | 8/25/25 | 5.13% | 18053079 | (518245) |
|  |  |  |  | $**36300879** | $**(1085266)** |

---

<sup>(1)</sup> Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

<sup>(2)</sup> Reflects the floating financing rate, as of July 31, 2025, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

Consumer Discretionary UltraSector ProFund invested in the following industries as of July 31, 2025:

---

| | | |
|:---|:---|:---|
| | Value | % of<br>Net Assets |
| Automobile Components | $151214 | 0.3% |
| Automobiles | 7148391 | 14.1% |
| Broadline Retail | 10136790 | 19.9% |
| Distributors | 375512 | 0.7% |
| Hotels, Restaurants & Leisure | 10444815 | 20.6% |
| Household Durables | 1505400 | 3.0% |
| Leisure Products | 100339 | 0.2% |
| Specialty Retail | 8221308 | 16.2% |
| Textiles, Apparel & Luxury Goods | 1625968 | 3.2% |
| Other\*\* | 11072414 | 21.8% |
| **Total** | $**50782151** | **100.0%** |

---

\*\* Includes any non-equity securities and other net assets (liabilities), which includes any receivable for capital shares issued and payable for capital shares redeemed.

**See accompanying notes to financial statements.**

------

**22 :: Consumer Staples UltraSector ProFund ::** Schedule of Portfolio Investments :: July 31, 2025

**Common Stocks (84.0%)**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Altria Group, Inc. (Tobacco) | 2427 | $150328 |
| Archer-Daniels-Midland Co. (Food Products) | 973 | 52717 |
| Brown-Forman Corp.—Class B (Beverages) | 368 | 10617 |
| Bunge Global SA (Food Products) | 273 | 21774 |
| Campbell Soup Co. (Food Products) | 398 | 12704 |
| Church & Dwight Co., Inc. (Household <br>Products) | 499 | 46791 |
| Colgate-Palmolive Co. (Household Products) | 1578 | 132315 |
| Conagra Brands, Inc. (Food Products) | 966 | 17639 |
| Constellation Brands, Inc.—Class A <br>(Beverages) | 310 | 51782 |
| Costco Wholesale Corp. (Consumer Staples <br>Distribution & Retail) | 326 | 306322 |
| Dollar General Corp. (Consumer Staples <br>Distribution & Retail) | 446 | 46785 |
| Dollar Tree, Inc.\* (Consumer Staples <br>Distribution & Retail) | 401 | 45534 |
| General Mills, Inc. (Food Products) | 1110 | 54368 |
| Hormel Foods Corp. (Food Products) | 590 | 16573 |
| Kellanova (Food Products) | 544 | 43428 |
| Kenvue, Inc. (Personal Care Products) | 3889 | 83380 |
| Keurig Dr Pepper, Inc. (Beverages) | 2752 | 89853 |
| Kimberly-Clark Corp. (Household Products) | 672 | 83745 |
| Lamb Weston Holdings, Inc. (Food Products) | 285 | 16265 |
| McCormick & Co., Inc. (Food Products) | 512 | 36163 |
| Molson Coors Beverage Co.—Class B <br>(Beverages) | 347 | 16906 |
| Mondelez International, Inc.—Class A <br>(Food Products) | 2172 | 140507 |
| Monster Beverage Corp.\* (Beverages) | 1422 | 83543 |
| PepsiCo, Inc. (Beverages) | 1119 | 154332 |
| Philip Morris International, Inc. (Tobacco) | 1143 | 187510 |
| Sysco Corp. (Consumer Staples Distribution & <br>Retail) | 982 | 78167 |
| Target Corp. (Consumer Staples <br>Distribution & Retail) | 921 | 92561 |
| The Clorox Co. (Household Products) | 249 | 31264 |
| The Coca-Cola Co. (Beverages) | 2846 | 193215 |
| The Estee Lauder Cos., Inc. (Personal Care <br>Products) | 475 | 44337 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| The Hershey Co. (Food Products) | 300 | $55839 |
| The J.M. Smucker Co. (Food Products) | 216 | 23185 |
| The Kraft Heinz Co. (Food Products) | 1750 | 48055 |
| The Kroger Co. (Consumer Staples <br>Distribution & Retail) | 1242 | 87064 |
| The Procter & Gamble Co. (Household <br>Products) | 1722 | 259110 |
| Tyson Foods, Inc.—Class A (Food Products) | 579 | 30282 |
| Walgreens Boots Alliance, Inc. (Consumer <br>Staples Distribution & Retail) | 1455 | 16936 |
| Walmart, Inc. (Consumer Staples <br>Distribution & Retail) | 3174 | 310988 |
| **TOTAL COMMON STOCKS**<br> (Cost $2,095,742) |  | **3172884** |

---

**Repurchase Agreements<sup>(a)(b)</sup> (20.3%)**

---

| | | |
|:---|:---|:---|
| | Principal<br>Amount | Value |
| Repurchase Agreements with various <br>counterparties, rates 4.09%–4.25%, <br>dated 7/31/25, due 8/1/25, total to be <br>received $766,089 | $766000 | $766000 |
| **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $766,000) |  | **766000** |
| **TOTAL INVESTMENT SECURITIES**<br> (Cost $2,861,742)—104.3% |  | **3938884** |
| Net other assets (liabilities)—(4.3)% |  | (163492) |
| **NET ASSETS—100.0%** |  | $**3775392** |

---

\* Non-income producing security.

<sup>(a)</sup> The ProFund invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" in the Appendix to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.

<sup>(b)</sup> A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. At July 31, 2025, the aggregate amount held in a segregated account was $503,000.

**Total Return Swap Agreements—Long**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Underlying Instrument | Counterparty | Termination<br>Date<sup>(1)</sup> | Rate Paid<br>(Received)<sup>(2)</sup> | Notional<br>Amount | Value and<br>Unrealized<br>Appreciation/<br>(Depreciation) |
| S&P Consumer Staples Select Sector Index | Goldman Sachs International | 8/25/25 | 5.08% | $1212789 | $(28426) |
| S&P Consumer Staples Select Sector Index | UBS AG | 8/25/25 | 5.13% | 1306267 | (36060) |
|  |  |  |  | $**2519056** | $**(64486)** |

---

<sup>(1)</sup> Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

<sup>(2)</sup> Reflects the floating financing rate, as of July 31, 2025, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

**See accompanying notes to financial statements.**

------

July 31, 2025 :: Schedule of Portfolio Investments **:: Consumer Staples UltraSector ProFund :: 23**

Consumer Staples UltraSector ProFund invested in the following industries as of July 31, 2025:

---

| | | |
|:---|:---|:---|
| | Value | % of<br>Net Assets |
| Beverages | $600248 | 15.9% |
| Consumer Staples Distribution & Retail | 984358 | 26.1% |
| Food Products | 569499 | 15.1% |
| Household Products | 553225 | 14.6% |
| Personal Care Products | 127717 | 3.4% |
| Tobacco | 337837 | 8.9% |
| Other\*\* | 602508 | 16.0% |
| **Total** | $**3775392** | **100.0%** |

---

\*\* Includes any non-equity securities and other net assets (liabilities), which includes any receivable for capital shares issued and payable for capital shares redeemed.

**See accompanying notes to financial statements.**

------

**24 :: Energy UltraSector ProFund ::** Schedule of Portfolio Investments :: July 31, 2025

**Common Stocks (82.1%)**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| APA Corp. (Oil, Gas & Consumable Fuels) | 3813 | $73553 |
| Baker Hughes Co. (Energy Equipment & <br>Services) | 10470 | 471674 |
| Chevron Corp. (Oil, Gas & Consumable Fuels) | 17322 | 2626708 |
| ConocoPhillips (Oil, Gas & Consumable Fuels) | 11403 | 1087162 |
| Coterra Energy, Inc. (Oil, Gas & Consumable <br>Fuels) | 8066 | 196730 |
| Devon Energy Corp. (Oil, Gas & Consumable <br>Fuels) | 6786 | 225431 |
| Diamondback Energy, Inc. (Oil, Gas & <br>Consumable Fuels) | 1976 | 293752 |
| EOG Resources, Inc. (Oil, Gas & Consumable <br>Fuels) | 5345 | 641507 |
| EQT Corp. (Oil, Gas & Consumable Fuels) | 6326 | 340023 |
| Expand Energy Corp. (Oil, Gas & Consumable <br>Fuels) | 2289 | 239841 |
| Exxon Mobil Corp. (Oil, Gas & Consumable <br>Fuels) | 29969 | 3345739 |
| Halliburton Co. (Energy Equipment & <br>Services) | 9085 | 203504 |
| Kinder Morgan, Inc. (Oil, Gas & Consumable <br>Fuels) | 20430 | 573266 |
| Marathon Petroleum Corp. (Oil, Gas & <br>Consumable Fuels) | 3247 | 552607 |
| Occidental Petroleum Corp. (Oil, Gas & <br>Consumable Fuels) | 7488 | 329023 |
| ONEOK, Inc. (Oil, Gas & Consumable Fuels) | 6601 | 542008 |
| Phillips 66 (Oil, Gas & Consumable Fuels) | 4306 | 532135 |
| Schlumberger N.V. (Energy Equipment & <br>Services) | 15861 | 536101 |
| Targa Resources Corp. (Oil, Gas & <br>Consumable Fuels) | 2293 | 381578 |
| Texas Pacific Land Corp. (Oil, Gas & <br>Consumable Fuels) | 199 | 192658 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| The Williams Cos., Inc. (Oil, Gas & <br>Consumable Fuels) | 10787 | $646681 |
| Valero Energy Corp. (Oil, Gas & Consumable <br>Fuels) | 3310 | 454496 |
| **TOTAL COMMON STOCKS**<br> (Cost $4,610,195) |  | **14486177** |

---

**Repurchase Agreements<sup>(a)(b)</sup> (17.2%)**

---

| | | |
|:---|:---|:---|
| | Principal<br>Amount | Value |
| Repurchase Agreements with various <br>counterparties, rates 4.09%–4.25%, <br>dated 7/31/25, due 8/1/25, total to be <br>received $3,034,354 | $3034000 | $3034000 |
| **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $3,034,000) |  | **3034000** |
| **TOTAL INVESTMENT SECURITIES**<br> (Cost $7,644,195)—99.3% |  | **17520177** |
| Net other assets (liabilities)—0.7% |  | 119656 |
| **NET ASSETS—100.0%** |  | $**17639833** |

---

<sup>(a)</sup> The ProFund invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" in the Appendix to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.

<sup>(b)</sup> A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. At July 31, 2025, the aggregate amount held in a segregated account was $2,178,000.

**Total Return Swap Agreements—Long**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Underlying Instrument | Counterparty | Termination<br>Date<sup>(1)</sup> | Rate Paid<br>(Received)<sup>(2)</sup> | Notional<br>Amount | Value and<br>Unrealized<br>Appreciation/<br>(Depreciation) |
| S&P Energy Select Sector Index | Goldman Sachs International | 8/25/25 | 5.08% | $5612714 | $(43149) |
| S&P Energy Select Sector Index | UBS AG | 8/25/25 | 5.13% | 6259382 | 11210 |
|  |  |  |  | $**11872096** | $**(31939)** |

---

<sup>(1)</sup> Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

<sup>(2)</sup> Reflects the floating financing rate, as of July 31, 2025, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

Energy UltraSector ProFund invested in the following industries as of July 31, 2025:

---

| | | |
|:---|:---|:---|
| | Value | % of<br>Net Assets |
| Energy Equipment & Services | $1211279 | 6.9% |
| Oil, Gas & Consumable Fuels | 13274898 | 75.2% |
| Other\*\* | 3153656 | 17.9% |
| **Total** | $**17639833** | **100.0%** |

---

\*\* Includes any non-equity securities and other net assets (liabilities), which includes any receivable for capital shares issued and payable for capital shares redeemed.

**See accompanying notes to financial statements.**

------

July 31, 2025 :: Schedule of Portfolio Investments **:: Europe 30 ProFund :: 25**

**Common Stocks (99.7%)**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Anheuser-Busch InBev S.A./N.V.<sup>ADR(a)</sup> <br>(Beverages) | 2857 | $164763 |
| ArcelorMittal SA<sup>ADR</sup> (Metals & Mining) | 3917 | 123895 |
| Argenx SE\*<sup>ADR</sup> (Biotechnology) | 230 | 154176 |
| ARM Holdings PLC\*<sup>ADR(a)</sup> (Semiconductors & <br>Semiconductor Equipment) | 1291 | 182515 |
| ASML Holding N.V.<sup>ADR</sup> (Semiconductors & <br>Semiconductor Equipment) | 184 | 127827 |
| AstraZeneca PLC<sup>ADR</sup> (Pharmaceuticals) | 1659 | 121256 |
| Barclays PLC<sup>ADR</sup> (Banks) | 8157 | 160040 |
| BioNTech SE\*<sup>ADR(a)</sup> (Biotechnology) | 830 | 89225 |
| BP PLC<sup>ADR</sup> (Oil, Gas & Consumable Fuels) | 4470 | 143711 |
| British American Tobacco PLC<sup>ADR</sup> (Tobacco) | 3595 | 192980 |
| Diageo PLC<sup>ADR</sup> (Beverages) | 968 | 94816 |
| Equinor ASA<sup>ADR(a)</sup> (Oil, Gas & Consumable <br>Fuels) | 5254 | 135291 |
| GSK PLC<sup>ADR</sup> (Pharmaceuticals) | 3639 | 135189 |
| Haleon PLC<sup>ADR</sup> (Personal Care Products) | 10969 | 103438 |
| HSBC Holdings PLC<sup>ADR</sup> (Banks) | 3917 | 240113 |
| ING Groep N.V.<sup>ADR</sup> (Banks) | 7097 | 165785 |
| Jumia Technologies AG\*<sup>ADR(a)</sup> (Advertising & <br>Marketing) | 19218 | 90132 |
| National Grid PLC<sup>ADR</sup> (Multi-Utilities) | 1982 | 139513 |
| Nokia Oyj<sup>ADR</sup> (Communications Equipment) | 21062 | 85933 |
| Novo Nordisk A/S<sup>ADR</sup> (Pharmaceuticals) | 2120 | 99788 |
| RELX PLC<sup>ADR</sup> (Professional Services) | 2903 | 150637 |
| Rio Tinto PLC<sup>ADR</sup> (Metals & Mining) | 2443 | 146018 |
| Ryanair Holdings PLC<sup>ADR</sup> (Passenger Airlines) | 2120 | 132012 |
| Sanofi S.A.<sup>ADR</sup> (Pharmaceuticals) | 3226 | 147235 |
| SAP SE<sup>ADR</sup> (Software) | 1106 | 317091 |
| Shell PLC<sup>ADR</sup> (Oil, Gas & Consumable Fuels) | 2304 | 166371 |
| Telefonaktiebolaget LM Ericsson<sup>ADR</sup> <br>(Communications Equipment) | 11752 | 84849 |
| Tenaris S.A.<sup>ADR</sup> (Energy Equipment & <br>Services) | 2443 | 85358 |
| TotalEnergies SE<sup>ADR</sup> (Oil, Gas & Consumable <br>Fuels) | 2627 | 156437 |
| Vodafone Group PLC<sup>ADR</sup> (Wireless <br>Telecommunication Services) | 10922 | 118067 |
| **TOTAL COMMON STOCKS**<br> (Cost $3,332,077) |  | **4254461** |

---

**Collateral for Securities Loaned<sup>(b)</sup> (17.0%)**

---

| | |
|:---|:---|
| Invesco Government & Agency Portfolio—<br>Institutional Shares, 4.34%<sup>(c)</sup> | 726328 |
| **TOTAL COLLATERAL FOR SECURITIES LOANED**<br> (Cost $726,328) | **726328** |
| **TOTAL INVESTMENT SECURITIES**<br> (Cost $4,058,405)—116.7% | **4980789** |
| Net other assets (liabilities)—(16.7)% | (713985) |
| **NET ASSETS—100.0%** | $**4266804** |

---

\* Non-income producing security.

<sup>(a)</sup> All or part of this security was on loan as of July 31, 2025. The total value of securities on loan as of July 31, 2025 was $655,144.

<sup>(b)</sup> Securities were purchased with cash collateral held from securities on loan at July 31, 2025.

<sup>(c)</sup> Rate periodically changes. Rate disclosed is the daily yield as of July 31, 2025.

<sup>ADR</sup> American Depositary Receipt

Europe 30 ProFund invested in the following industries as of

July 31, 2025:

---

| | | |
|:---|:---|:---|
| | Value | % of<br>Net Assets |
| Advertising & Marketing | $90133 | 2.1% |
| Banks | 565938 | 13.3% |
| Beverages | 259579 | 6.1% |
| Biotechnology | 243401 | 5.7% |
| Communications Equipment | 170782 | 4.0% |
| Energy Equipment & Services | 85358 | 2.0% |
| Metals & Mining | 269913 | 6.3% |
| Multi-Utilities | 139513 | 3.3% |
| Oil, Gas & Consumable Fuels | 601811 | 14.1% |
| Passenger Airlines | 132012 | 3.1% |
| Personal Care Products | 103438 | 2.4% |
| Pharmaceuticals | 503468 | 11.8% |
| Professional Services | 150637 | 3.5% |
| Semiconductors & Semiconductor <br>Equipment | 310342 | 7.3% |
| Software | 317090 | 7.4% |
| Tobacco | 192979 | 4.5% |
| Wireless Telecommunication Services | 118067 | 2.8% |
| Other\*\* | 12343 | 0.3% |
| **Total** | $**4266804** | **100.0%** |

---

Europe 30 ProFund invested in securities with exposure to the following countries as of July 31, 2025:

---

| | | |
|:---|:---|:---|
| | Value | % of<br>Net Assets |
| Belgium | $164763 | 3.9% |
| Denmark | 99788 | 2.3% |
| Finland | 85933 | 2.0% |
| France | 303673 | 7.1% |
| Germany | 496448 | 11.6% |
| Ireland | 132012 | 3.1% |
| Luxembourg | 209253 | 4.9% |
| Netherlands | 447789 | 10.5% |
| Norway | 135291 | 3.2% |
| Sweden | 84849 | 2.0% |
| United Kingdom | 2094662 | 49.1% |
| Other\*\* | 12343 | 0.3% |
| **Total** | $**4266804** | **100.0%** |

---

\*\* Includes any non-equity securities and other net assets (liabilities), which includes any receivable for capital shares issued and payable for capital shares redeemed.

**See accompanying notes to financial statements.**

------

**26 :: Falling U.S. Dollar ProFund ::** Schedule of Portfolio Investments :: July 31, 2025

**Repurchase Agreements<sup>(a)(b)</sup> (89.3%)**

---

| | | |
|:---|:---|:---|
| | Principal<br>Amount | Value |
| Repurchase Agreements with various <br>counterparties, rates 4.09%–4.25%, <br>dated 7/31/25, due 8/1/25, total to be <br>received $1,255,146 | $1255000 | $1255000 |
| **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $1,255,000) |  | **1255000** |
| **TOTAL INVESTMENT SECURITIES**<br> (Cost $1,255,000)—89.3% |  | **1255000** |
| Net other assets (liabilities)—10.7% |  | 149853 |
| **NET ASSETS—100.0%** |  | $**1404853** |

---

<sup>(a)</sup> The ProFund invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" in the Appendix to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.

<sup>(b)</sup> A portion of these securities were held in a segregated account for the benefit of forward currency contract counterparties in the event of default. At July 31, 2025, the aggregate amount held in a segregated account was $26,000.

As of July 31, 2025, the Falling U.S. Dollar ProFund's forward currency contracts with Goldman Sachs International were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description and amount of<br>currency purchased | Description and amount of<br>currency purchased | Description and amount of<br>currency sold | Description and amount of<br>currency sold | Delivery<br>Date | Fair<br>Value | Unrealized<br>Appreciation/<br>(Depreciation) |
| **Short:** | **Short:** | **Short:** | **Short:** | **Short:** | **Short:** | **Short:** |
| U.S. dollar | $102389 | British pound | 75465 | 08/08/25 | $100972 | $1417 |
| U.S. dollar | 79173 | Canadian dollar | 108489 | 08/08/25 | 78341 | 832 |
| U.S. dollar | 493297 | Euro | 424729 | 08/08/25 | 484923 | 8374 |
| U.S. dollar | 116484 | Japanese yen | 17232217 | 08/08/25 | 114393 | 2091 |
| U.S. dollar | 35442 | Swedish krona | 344157 | 08/08/25 | 35186 | 256 |
| U.S. dollar | 30801 | Swiss franc | 24683 | 08/08/25 | 30430 | 371 |
| Total Short Contracts | $857586 |  |  |  | $844245 | $13341 |
| **Long:** | **Long:** | **Long:** | **Long:** | **Long:** | **Long:** | **Long:** |
| British pound | 152721 | U.S. dollar | $207575 | 08/08/25 | $201668 | $(5907) |
| Canadian dollar | 248130 | U.S. dollar | 181469 | 08/08/25 | 179179 | (2290) |
| Euro | 658014 | U.S. dollar | 771704 | 08/08/25 | 751270 | (20434) |
| Japanese yen | 28038297 | U.S. dollar | 191948 | 08/08/25 | 186127 | (5821) |
| Swedish krona | 596495 | U.S. dollar | 62680 | 08/08/25 | 60985 | (1695) |
| Swiss franc | 50749 | U.S. dollar | 64018 | 08/08/25 | 62564 | (1454) |
| Total Long Contracts |  |  | $1479394 |  | $1441793 | $(37601) |

---

As of July 31, 2025, the Falling U.S. Dollar ProFund's forward currency contracts with UBS AG were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description and amount of<br>currency purchased | Description and amount of<br>currency purchased | Description and amount of<br>currency sold | Description and amount of<br>currency sold | Delivery<br>Date | Fair<br>Value | Unrealized<br>Appreciation/<br>(Depreciation) |
| **Short:** | **Short:** | **Short:** | **Short:** | **Short:** | **Short:** | **Short:** |
| U.S. dollar | $141464 | British pound | 105375 | 08/08/25 | $139148 | $2316 |
| U.S. dollar | 109840 | Canadian dollar | 150412 | 08/08/25 | 108615 | 1225 |
| U.S. dollar | 691689 | Euro | 594080 | 08/08/25 | 678275 | 13414 |
| U.S. dollar | 160931 | Japanese yen | 23755200 | 08/08/25 | 157695 | 3236 |
| U.S. dollar | 49098 | Swedish krona | 473681 | 08/08/25 | 48429 | 669 |
| U.S. dollar | 43183 | Swiss franc | 34507 | 08/08/25 | 42541 | 642 |
| Total Short Contracts | $1196205 |  |  |  | $1174703 | $21502 |
| **Long:** | **Long:** | **Long:** | **Long:** | **Long:** | **Long:** | **Long:** |
| British pound | 155700 | U.S. dollar | $210660 | 08/08/25 | $205602 | $(5058) |
| Canadian dollar | 187858 | U.S. dollar | 137166 | 08/08/25 | 135655 | (1511) |
| Euro | 1069222 | U.S. dollar | 1250259 | 08/08/25 | 1220755 | (29504) |
| Japanese yen | 41751848 | U.S. dollar | 284824 | 08/08/25 | 277162 | (7662) |
| Swedish krona | 798043 | U.S. dollar | 83629 | 08/08/25 | 81591 | (2038) |
| Swiss franc | 49481 | U.S. dollar | 62195 | 08/08/25 | 61001 | (1194) |
| Total Long Contracts |  |  | $2028733 |  | $1981766 | $(46967) |
| Total unrealized appreciation | Total unrealized appreciation | Total unrealized appreciation | Total unrealized appreciation | Total unrealized appreciation | Total unrealized appreciation | $34843 |
| Total unrealized (depreciation) | Total unrealized (depreciation) | Total unrealized (depreciation) | Total unrealized (depreciation) | Total unrealized (depreciation) | Total unrealized (depreciation) | (84568) |
| Total net unrealized appreciation/(depreciation) | Total net unrealized appreciation/(depreciation) | Total net unrealized appreciation/(depreciation) | Total net unrealized appreciation/(depreciation) | Total net unrealized appreciation/(depreciation) | Total net unrealized appreciation/(depreciation) | $(49725) |

---

**See accompanying notes to financial statements.**

------

July 31, 2025 :: Schedule of Portfolio Investments **:: Financials UltraSector ProFund :: 27**

**Common Stocks (80.8%)**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Aflac, Inc. (Insurance) | 1896 | $188387 |
| Allstate Corp. (Insurance) | 1032 | 209754 |
| American Express Co. (Consumer Finance) | 2157 | 645611 |
| American International Group, Inc. (Insurance) | 2246 | 174357 |
| Ameriprise Financial, Inc. (Capital Markets) | 371 | 192248 |
| Aon PLC—Class A (Insurance) | 842 | 299508 |
| Apollo Global Management, Inc. (Financial <br>Services) | 1759 | 255618 |
| Arch Capital Group, Ltd.\* (Insurance) | 1454 | 125131 |
| Arthur J. Gallagher & Co. (Insurance) | 998 | 286676 |
| Assurant, Inc. (Insurance) | 198 | 37085 |
| Bank of America Corp. (Banks) | 25536 | 1207087 |
| Berkshire Hathaway, Inc.\*—Class B (Financial <br>Services) | 7146 | 3372054 |
| BlackRock, Inc. (Capital Markets) | 568 | 628214 |
| Blackstone, Inc. (Capital Markets) | 2843 | 491725 |
| Block, Inc.\* (Financial Services) | 2165 | 167268 |
| Brown & Brown, Inc. (Insurance) | 1092 | 99776 |
| Capital One Financial Corp. (Consumer <br>Finance) | 2493 | 535995 |
| Cboe Global Markets, Inc. (Capital Markets) | 408 | 98344 |
| Chubb, Ltd. (Insurance) | 1452 | 386290 |
| Cincinnati Financial Corp. (Insurance) | 609 | 89834 |
| Citigroup, Inc. (Banks) | 7279 | 682042 |
| Citizens Financial Group, Inc. (Banks) | 1690 | 80647 |
| CME Group, Inc. (Capital Markets) | 1404 | 390705 |
| Coinbase Global, Inc.\*—Class A (Capital <br>Markets) | 824 | 311274 |
| Corpay, Inc.\* (Software) | 275 | 88839 |
| Erie Indemnity Co.—Class A (Insurance) | 97 | 34555 |
| Everest Group, Ltd. (Insurance) | 166 | 55743 |
| FactSet Research Systems, Inc. (Capital <br>Markets) | 148 | 59629 |
| Fidelity National Information Services, Inc. <br>(Financial Services) | 2048 | 162632 |
| Fifth Third Bancorp (Banks) | 2601 | 108124 |
| First Horizon Corp. (Banks) | 1 | 16 |
| Fiserv, Inc.\* (Financial Services) | 2161 | 300249 |
| Franklin Resources, Inc. (Capital Markets) | 1208 | 28992 |
| Global Payments, Inc. (Financial Services) | 950 | 75953 |
| Globe Life, Inc. (Insurance) | 322 | 45231 |
| Huntington Bancshares, Inc. (Banks) | 5677 | 93273 |
| Intercontinental Exchange, Inc. (Capital <br>Markets) | 2235 | 413095 |
| Invesco, Ltd. (Capital Markets) | 1744 | 36641 |
| Jack Henry & Associates, Inc. (Financial <br>Services) | 284 | 48227 |
| JPMorgan Chase & Co. (Banks) | 10830 | 3208280 |
| KeyCorp (Banks) | 3844 | 68884 |
| KKR & Co., Inc. (Capital Markets) | 2638 | 386678 |
| Loews Corp. (Insurance) | 678 | 61386 |
| M&T Bank Corp. (Banks) | 626 | 118126 |
| MarketAxess Holdings, Inc. (Capital Markets) | 146 | 30003 |
| Marsh & McLennan Cos., Inc. (Insurance) | 1920 | 382464 |
| MasterCard, Inc.—Class A (Financial Services) | 3161 | 1790612 |
| MetLife, Inc. (Insurance) | 2198 | 166938 |
| Moody's Corp. (Capital Markets) | 603 | 310985 |
| Morgan Stanley (Capital Markets) | 4814 | 685803 |
| MSCI, Inc. (Capital Markets) | 302 | 169531 |
| Nasdaq, Inc. (Capital Markets) | 1611 | 155010 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Northern Trust Corp. (Capital Markets) | 758 | $98540 |
| PayPal Holdings, Inc.\* (Financial Services) | 3790 | 260600 |
| PNC Financial Services Group, Inc. (Banks) | 1542 | 293396 |
| Principal Financial Group, Inc. (Insurance) | 804 | 62575 |
| Prudential Financial, Inc. (Insurance) | 1380 | 142940 |
| Raymond James Financial, Inc. (Capital <br>Markets) | 708 | 118328 |
| Regions Financial Corp. (Banks) | 3503 | 88731 |
| S&P Global, Inc. (Capital Markets) | 1223 | 673995 |
| State Street Corp. (Capital Markets) | 1111 | 124154 |
| Synchrony Financial (Consumer Finance) | 1483 | 103321 |
| T. Rowe Price Group, Inc. (Capital Markets) | 859 | 87146 |
| The Bank of New York Mellon Corp. (Capital <br>Markets) | 2788 | 282843 |
| The Charles Schwab Corp. (Capital Markets) | 6656 | 650491 |
| The Goldman Sachs Group, Inc. (Capital <br>Markets) | 1196 | 865415 |
| The Hartford Financial Services Group, Inc. <br>(Insurance) | 1107 | 137700 |
| The Progressive Corp. (Insurance) | 2285 | 553061 |
| The Travelers Cos., Inc. (Insurance) | 883 | 229792 |
| Truist Financial Corp. (Banks) | 5103 | 223052 |
| U.S. Bancorp (Banks) | 6072 | 272997 |
| Visa, Inc.—Class A (Financial Services) | 6668 | 2303594 |
| W.R. Berkley Corp. (Insurance) | 1168 | 80370 |
| Wells Fargo & Co. (Banks) | 12682 | 1022550 |
| Willis Towers Watson PLC (Insurance) | 386 | 121903 |
| **TOTAL COMMON STOCKS**<br> (Cost $23,524,638) |  | **28839023** |

---

**Repurchase Agreements<sup>(a)(b)</sup> (20.6%)**

---

| | | |
|:---|:---|:---|
| | Principal<br>Amount | Value |
| Repurchase Agreements with various <br>counterparties, rates 4.09%–4.25%, <br>dated 7/31/25, due 8/1/25, total to be <br>received $7,334,856 | $7334000 | $7334000 |
| **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $7,334,000) |  | **7334000** |
| **TOTAL INVESTMENT SECURITIES**<br> (Cost $30,858,638)—101.4% |  | **36173023** |
| Net other assets (liabilities)—(1.4)% |  | (505017) |
| **NET ASSETS—100.0%** |  | $**35668006** |

---

\* Non-income producing security.

<sup>(a)</sup> The ProFund invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" in the Appendix to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.

<sup>(b)</sup> A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. At July 31, 2025, the aggregate amount held in a segregated account was $4,824,000.

**See accompanying notes to financial statements.**

------

**28 :: Financials UltraSector ProFund ::** Schedule of Portfolio Investments :: July 31, 2025

**Total Return Swap Agreements—Long**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Underlying Instrument | Counterparty | Termination<br>Date<sup>(1)</sup> | Rate Paid<br>(Received)<sup>(2)</sup> | Notional<br>Amount | Value and<br>Unrealized<br>Appreciation/<br>(Depreciation) |
| S&P Financial Select Sector Index | Goldman Sachs International | 8/25/25 | 5.08% | $13155086 | $(200988) |
| S&P Financial Select Sector Index | UBS AG | 8/25/25 | 5.13% | 11639276 | (176552) |
|  |  |  |  | $**24794362** | $**(377540)** |

---

<sup>(1)</sup> Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

<sup>(2)</sup> Reflects the floating financing rate, as of July 31, 2025, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

Financials UltraSector ProFund invested in the following industries as of July 31, 2025:

---

| | | |
|:---|:---|:---|
| | Value | % of<br>Net Assets |
| Banks | $7467205 | 20.9% |
| Capital Markets | 7289789 | 20.4% |
| Consumer Finance | 1284927 | 3.6% |
| Financial Services | 8736807 | 24.5% |
| Insurance | 3971456 | 11.1% |
| Software | 88839 | 0.3% |
| Other\*\* | 6828983 | 19.2% |
| **Total** | $**35668006** | **100.0%** |

---

\*\* Includes any non-equity securities and other net assets (liabilities), which includes any receivable for capital shares issued and payable for capital shares redeemed.

**See accompanying notes to financial statements.**

------

July 31, 2025 :: Schedule of Portfolio Investments **:: Health Care UltraSector ProFund :: 29**

**Common Stocks (82.5%)**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Abbott Laboratories (Health Care <br>Equipment & Supplies) | 2932 | $369989 |
| AbbVie, Inc. (Biotechnology) | 2977 | 562712 |
| Agilent Technologies, Inc. (Life Sciences <br>Tools & Services) | 480 | 55109 |
| Align Technology, Inc.\* (Health Care <br>Equipment & Supplies) | 115 | 14836 |
| Amgen, Inc. (Biotechnology) | 906 | 267361 |
| Baxter International, Inc. (Health Care <br>Equipment & Supplies) | 865 | 18822 |
| Becton, Dickinson & Co. (Health Care <br>Equipment & Supplies) | 483 | 86095 |
| Biogen, Inc.\* (Biotechnology) | 247 | 31616 |
| Bio-Techne Corp. (Life Sciences Tools & <br>Services) | 264 | 14449 |
| Boston Scientific Corp.\* (Health Care <br>Equipment & Supplies) | 2493 | 261566 |
| Bristol-Myers Squibb Co. (Pharmaceuticals) | 3430 | 148553 |
| Cardinal Health, Inc. (Health Care Providers & <br>Services) | 402 | 62398 |
| Cencora, Inc. (Health Care Providers & Services) | 291 | 83249 |
| Centene Corp.\* (Health Care Providers & <br>Services) | 839 | 21873 |
| Charles River Laboratories International, Inc.\* <br>(Life Sciences Tools & Services) | 83 | 14080 |
| CVS Health Corp. (Health Care Providers & <br>Services) | 2132 | 132397 |
| Danaher Corp. (Life Sciences Tools & Services) | 1073 | 211553 |
| DaVita, Inc.\* (Health Care Providers & Services) | 70 | 9826 |
| Dexcom, Inc.\* (Health Care Equipment & <br>Supplies) | 661 | 53389 |
| Edwards LifeSciences Corp.\* (Health Care <br>Equipment & Supplies) | 989 | 78438 |
| Elevance Health, Inc. (Health Care Providers & <br>Services) | 381 | 107853 |
| Eli Lilly & Co. (Pharmaceuticals) | 1326 | 981333 |
| GE HealthCare Technologies, Inc. (Health <br>Care Equipment & Supplies) | 772 | 55059 |
| Gilead Sciences, Inc. (Biotechnology) | 2096 | 235360 |
| HCA Healthcare, Inc. (Health Care Providers & <br>Services) | 292 | 103365 |
| Henry Schein, Inc.\* (Health Care Providers & <br>Services) | 205 | 13868 |
| Hologic, Inc.\* (Health Care Equipment & <br>Supplies) | 376 | 25124 |
| Humana, Inc. (Health Care Providers & Services) | 203 | 50724 |
| IDEXX Laboratories, Inc.\* (Health Care <br>Equipment & Supplies) | 136 | 72666 |
| Incyte Corp.\* (Biotechnology) | 271 | 20295 |
| Insulet Corp.\* (Health Care Equipment & <br>Supplies) | 119 | 34320 |
| Intuitive Surgical, Inc.\* (Health Care <br>Equipment & Supplies) | 604 | 290578 |
| IQVIA Holdings, Inc.\* (Life Sciences Tools & <br>Services) | 277 | 51483 |
| Johnson & Johnson (Pharmaceuticals) | 4055 | 668021 |
| Labcorp Holdings, Inc. (Health Care <br>Providers & Services) | 141 | 36671 |
| McKesson Corp. (Health Care Providers & <br>Services) | 211 | 146338 |
| Medtronic PLC (Health Care Equipment & <br>Supplies) | 2161 | 195009 |
| Merck & Co., Inc. (Pharmaceuticals) | 4232 | 330604 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Mettler-Toledo International, Inc.\* (Life <br>Sciences Tools & Services) | 35 | $43179 |
| Moderna, Inc.\* (Biotechnology) | 574 | 16967 |
| Molina Healthcare, Inc.\* (Health Care <br>Providers & Services) | 91 | 14366 |
| Pfizer, Inc. (Pharmaceuticals) | 9581 | 223141 |
| Quest Diagnostics, Inc. (Health Care <br>Providers & Services) | 188 | 31473 |
| Regeneron Pharmaceuticals, Inc.\* <br>(Biotechnology) | 175 | 95456 |
| ResMed, Inc. (Health Care Equipment & <br>Supplies) | 247 | 67169 |
| Revvity, Inc. (Life Sciences Tools & Services) | 199 | 17492 |
| Solventum Corp.\* (Health Care Equipment & <br>Supplies) | 233 | 16627 |
| STERIS PLC (Health Care Equipment & Supplies) | 166 | 37597 |
| Stryker Corp. (Health Care Equipment & <br>Supplies) | 580 | 227783 |
| The Cigna Group (Health Care Providers & <br>Services) | 450 | 120321 |
| The Cooper Cos., Inc.\* (Health Care <br>Equipment & Supplies) | 337 | 23823 |
| Thermo Fisher Scientific, Inc. (Life Sciences <br>Tools & Services) | 636 | 297444 |
| UnitedHealth Group, Inc. (Health Care <br>Providers & Services) | 1529 | 381578 |
| Universal Health Services, Inc.—Class B <br>(Health Care Providers & Services) | 96 | 15979 |
| Vertex Pharmaceuticals, Inc.\* (Biotechnology) | 433 | 197825 |
| Viatris, Inc. (Pharmaceuticals) | 1978 | 17288 |
| Waters Corp.\* (Life Sciences Tools & Services) | 100 | 28876 |
| West Pharmaceutical Services, Inc. (Life <br>Sciences Tools & Services) | 121 | 28950 |
| Zimmer Biomet Holdings, Inc. (Health Care <br>Equipment & Supplies) | 333 | 30519 |
| Zoetis, Inc. (Pharmaceuticals) | 750 | 109343 |
| **TOTAL COMMON STOCKS**<br> (Cost $1,563,127) |  | **7960178** |

---

**Repurchase Agreements<sup>(a)(b)</sup> (20.5%)**

---

| | | |
|:---|:---|:---|
| | Principal<br>Amount | Value |
| Repurchase Agreements with various <br>counterparties, rates 4.09%–4.25%, <br>dated 7/31/25, due 8/1/25, total to be <br>received $1,978,231 | $1978000 | $1978000 |
| **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $1,978,000) |  | **1978000** |
| **TOTAL INVESTMENT SECURITIES**<br> (Cost $3,541,127)—103.0% |  | **9938178** |
| Net other assets (liabilities)—(3.0)% |  | (286130) |
| **NET ASSETS—100.0%** |  | $**9652048** |

---

\* Non-income producing security.

<sup>(a)</sup> The ProFund invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" in the Appendix to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.

<sup>(b)</sup> A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. At July 31, 2025, the aggregate amount held in a segregated account was $1,306,000.

**See accompanying notes to financial statements.**

------

**30 :: Health Care UltraSector ProFund ::** Schedule of Portfolio Investments :: July 31, 2025

**Total Return Swap Agreements—Long**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Underlying Instrument | Counterparty | Termination<br>Date<sup>(1)</sup> | Rate Paid<br>(Received)<sup>(2)</sup> | Notional<br>Amount | Value and<br>Unrealized<br>Appreciation/<br>(Depreciation) |
| S&P Health Care Select Sector Index | Goldman Sachs International | 8/25/25 | 5.08% | $3358647 | $(156160) |
| S&P Health Care Select Sector Index | UBS AG | 8/25/25 | 4.83% | 3220404 | (163682) |
|  |  |  |  | $**6579051** | $**(319842)** |

---

<sup>(1)</sup> Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

<sup>(2)</sup> Reflects the floating financing rate, as of July 31, 2025, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

Health Care UltraSector ProFund invested in the following industries as of July 31, 2025:

---

| | | |
|:---|:---|:---|
| | Value | % of<br>Net Assets |
| Biotechnology | $1427592 | 14.8% |
| Health Care Equipment & Supplies | 1959410 | 20.3% |
| Health Care Providers & Services | 1332279 | 13.8% |
| Life Sciences Tools & Services | 762615 | 7.9% |
| Pharmaceuticals | 2478282 | 25.7% |
| Other\*\* | 1691870 | 17.5% |
| **Total** | $**9652048** | **100.0%** |

---

\*\* Includes any non-equity securities and other net assets (liabilities), which includes any receivable for capital shares issued and payable for capital shares redeemed.

**See accompanying notes to financial statements.**

------

July 31, 2025 :: Schedule of Portfolio Investments **:: Industrials UltraSector ProFund :: 31**

**Common Stocks (78.5%)**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| 3M Co. (Industrial Conglomerates) | 672 | $100276 |
| A.O. Smith Corp. (Building Products) | 145 | 10265 |
| Allegion PLC (Building Products) | 107 | 17753 |
| AMETEK, Inc. (Electrical Equipment) | 288 | 53237 |
| Automatic Data Processing, Inc. (Professional <br>Services) | 507 | 156916 |
| Axon Enterprise, Inc.\* (Aerospace & Defense) | 92 | 69505 |
| Broadridge Financial Solutions, Inc. <br>(Professional Services) | 147 | 36384 |
| Builders FirstSource, Inc.\* (Building Products) | 138 | 17544 |
| C.H. Robinson Worldwide, Inc. (Air Freight & <br>Logistics) | 148 | 17067 |
| Carrier Global Corp. (Building Products) | 996 | 68346 |
| Caterpillar, Inc. (Machinery) | 588 | 257556 |
| Cintas Corp. (Commercial Services & Supplies) | 429 | 95474 |
| Copart, Inc.\* (Commercial Services & Supplies) | 1098 | 49772 |
| CSX Corp. (Ground Transportation) | 2347 | 83412 |
| Cummins, Inc. (Machinery) | 172 | 63231 |
| Dayforce, Inc.\* (Professional Services) | 200 | 11534 |
| Deere & Co. (Machinery) | 315 | 165177 |
| Delta Air Lines, Inc. (Passenger Airlines) | 816 | 43420 |
| Dover Corp. (Machinery) | 171 | 30975 |
| Eaton Corp. PLC (Electrical Equipment) | 489 | 188128 |
| Emerson Electric Co. (Electrical Equipment) | 703 | 102294 |
| Equifax, Inc. (Professional Services) | 155 | 37236 |
| Expeditors International of Washington, Inc. <br>(Air Freight & Logistics) | 171 | 19877 |
| Fastenal Co. (Trading Companies & Distributors) | 1433 | 66104 |
| FedEx Corp. (Air Freight & Logistics) | 275 | 61460 |
| Fortive Corp. (Machinery) | 425 | 20370 |
| GE Vernova, Inc. (Electrical Equipment) | 341 | 225159 |
| Generac Holdings, Inc.\* (Electrical Equipment) | 74 | 14407 |
| General Dynamics Corp. (Aerospace & Defense) | 315 | 98157 |
| General Electric Co. (Industrial Conglomerates) | 1332 | 361078 |
| Honeywell International, Inc. (Industrial <br>Conglomerates) | 803 | 178547 |
| Howmet Aerospace, Inc. (Aerospace & Defense) | 504 | 90604 |
| Hubbell, Inc. (Electrical Equipment) | 67 | 29311 |
| Huntington Ingalls Industries, Inc. <br>(Aerospace & Defense) | 49 | 13664 |
| IDEX Corp. (Machinery) | 94 | 15370 |
| Illinois Tool Works, Inc. (Machinery) | 333 | 85238 |
| Ingersoll Rand, Inc. (Machinery) | 504 | 42654 |
| J.B. Hunt Transport Services, Inc. (Ground <br>Transportation) | 98 | 14117 |
| Jacobs Solutions, Inc. (Professional Services) | 150 | 21281 |
| Johnson Controls International PLC (Building <br>Products) | 822 | 86310 |
| L3Harris Technologies, Inc. (Aerospace & <br>Defense) | 234 | 64308 |
| Leidos Holdings, Inc. (Professional Services) | 161 | 25704 |
| Lennox International, Inc. (Building Products) | 40 | 24360 |
| Lockheed Martin Corp. (Aerospace & Defense) | 260 | 109455 |
| Masco Corp. (Building Products) | 264 | 17986 |
| Nordson Corp. (Machinery) | 68 | 14566 |
| Norfolk Southern Corp. (Ground Transportation) | 282 | 78396 |
| Northrop Grumman Corp. (Aerospace & <br>Defense) | 169 | 97447 |
| Old Dominion Freight Line, Inc. (Ground <br>Transportation) | 232 | 34626 |
| Otis Worldwide Corp. (Machinery) | 493 | 42245 |
| PACCAR, Inc. (Machinery) | 656 | 64787 |
| Parker-Hannifin Corp. (Machinery) | 160 | 117104 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Paychex, Inc. (Professional Services) | 400 | $57731 |
| Paycom Software, Inc. (Professional Services) | 61 | 14124 |
| Pentair PLC (Machinery) | 206 | 21053 |
| Quanta Services, Inc. (Construction & <br>Engineering) | 185 | 75134 |
| Raytheon Technologies Corp. (Aerospace & <br>Defense) | 1669 | 262985 |
| Republic Services, Inc. (Commercial <br>Services & Supplies) | 254 | 58585 |
| Rockwell Automation, Inc. (Electrical Equipment) | 141 | 49591 |
| Rollins, Inc. (Commercial Services & Supplies) | 351 | 20102 |
| Snap-on, Inc. (Machinery) | 65 | 20877 |
| Southwest Airlines Co. (Passenger Airlines) | 712 | 22022 |
| Stanley Black & Decker, Inc. (Machinery) | 193 | 13056 |
| Textron, Inc. (Aerospace & Defense) | 226 | 17576 |
| The Boeing Co.\* (Aerospace & Defense) | 942 | 208973 |
| Trane Technologies PLC (Building Products) | 279 | 122224 |
| TransDigm Group, Inc. (Aerospace & Defense) | 70 | 112592 |
| Uber Technologies, Inc.\* (Ground Transportation) | 2612 | 229203 |
| Union Pacific Corp. (Ground Transportation) | 746 | 165590 |
| United Airlines Holdings, Inc.\* (Passenger <br>Airlines) | 408 | 36030 |
| United Parcel Service, Inc.—Class B (Air <br>Freight & Logistics) | 917 | 79009 |
| United Rentals, Inc. (Trading Companies & <br>Distributors) | 81 | 71518 |
| Veralto Corp. (Commercial Services & Supplies) | 310 | 32497 |
| Verisk Analytics, Inc. (Professional Services) | 175 | 48774 |
| W.W. Grainger, Inc. (Trading Companies & <br>Distributors) | 55 | 57175 |
| Wabtec Corp. (Machinery) | 214 | 41099 |
| Waste Management, Inc. (Commercial <br>Services & Supplies) | 457 | 104727 |
| Xylem, Inc. (Machinery) | 304 | 43964 |
| **TOTAL COMMON STOCKS**<br> (Cost $2,912,120) |  | **5796405** |

---

**Repurchase Agreements<sup>(a)(b)</sup> (21.1%)**

---

| | | |
|:---|:---|:---|
| | Principal<br>Amount | Value |
| Repurchase Agreements with various <br>counterparties, rates 4.09%–4.25%, <br>dated 7/31/25, due 8/1/25, total to be <br>received $1,555,181 | $1555000 | $1555000 |
| **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $1,555,000) |  | **1555000** |
| **TOTAL INVESTMENT SECURITIES**<br> (Cost $4,467,120)—99.6% |  | **7351405** |
| Net other assets (liabilities)—0.4% |  | 33208 |
| **NET ASSETS—100.0%** |  | $**7384613** |

---

\* Non-income producing security.

<sup>(a)</sup> The ProFund invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" under Note 2 in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.

<sup>(b)</sup> A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. At July 31, 2025, the aggregate amount held in a segregated account was $956,000.

**See accompanying notes to financial statements.**

------

**32 :: Industrials UltraSector ProFund ::** Schedule of Portfolio Investments :: July 31, 2025

**Total Return Swap Agreements—Long**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Underlying Instrument | Counterparty | Termination<br>Date<sup>(1)</sup> | Rate Paid<br>(Received)<sup>(2)</sup> | Notional<br>Amount | Value and<br>Unrealized<br>Appreciation/<br>(Depreciation) |
| S&P Industrials Select Sector Index | Goldman Sachs International | 8/25/25 | 5.08% | $2378331 | $(66911) |
| S&P Industrials Select Sector Index | UBS AG | 8/25/25 | 5.13% | 2880968 | (38257) |
|  |  |  |  | $**5259299** | $**(105168)** |

---

<sup>(1)</sup> Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

<sup>(2)</sup> Reflects the floating financing rate, as of July 31, 2025, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

Industrials UltraSector ProFund invested in the following industries as of July 31, 2025:

---

| | | |
|:---|:---|:---|
| | Value | % of<br>Net Assets |
| Aerospace & Defense | $1145266 | 15.5% |
| Air Freight & Logistics | 177413 | 2.4% |
| Building Products | 364788 | 4.9% |
| Commercial Services & Supplies | 361157 | 4.9% |
| Construction & Engineering | 75134 | 1.0% |
| Electrical Equipment | 662127 | 9.0% |
| Ground Transportation | 605344 | 8.2% |
| Industrial Conglomerates | 639901 | 8.7% |
| Machinery | 1059322 | 14.3% |
| Passenger Airlines | 101472 | 1.4% |
| Professional Services | 409684 | 5.6% |
| Trading Companies & Distributors | 194797 | 2.6% |
| Other\*\* | 1588208 | 21.5% |
| **Total** | $**7384613** | **100.0%** |

---

\*\* Includes any non-equity securities and other net assets (liabilities), which includes any receivable for capital shares issued and payable for capital shares redeemed.

**See accompanying notes to financial statements.**

------

July 31, 2025 :: Schedule of Portfolio Investments **:: Internet UltraSector ProFund :: 33**

**Common Stocks (78.5%)**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Airbnb, Inc.\*—Class A (Hotels, <br>Restaurants & Leisure) | 14406 | $1907498 |
| Akamai Technologies, Inc.\* (IT Services) | 4880 | 372393 |
| Alphabet, Inc.—Class A (Interactive <br>Media & Services) | 24692 | 4738395 |
| Alphabet, Inc.—Class C (Interactive <br>Media & Services) | 19918 | 3841385 |
| Amazon.com, Inc.\* (Broadline Retail) | 37244 | 8719193 |
| Arista Networks, Inc.\* (Communications <br>Equipment) | 34374 | 4235564 |
| Atlassian Corp.\*—Class A (Software) | 5515 | 1057667 |
| Booking Holdings, Inc. (Hotels, <br>Restaurants & Leisure) | 654 | 3599655 |
| Box, Inc.\*—Class A (Software) | 4833 | 155139 |
| Carvana Co.\* (Specialty Retail) | 4146 | 1617645 |
| Ciena Corp.\* (Communications Equipment) | 4744 | 440433 |
| Cisco Systems, Inc. (Communications <br>Equipment) | 61851 | 4210816 |
| Cloudflare, Inc.\*—Class A (IT Services) | 10366 | 2152811 |
| Confluent, Inc.\*—Class A (Software) | 9557 | 169398 |
| Copart, Inc.\* (Commercial Services & <br>Supplies) | 29344 | 1330163 |
| Datadog, Inc.\*—Class A (Software) | 10664 | 1492747 |
| DocuSign, Inc.\* (Software) | 6759 | 511251 |
| DoorDash, Inc.\*—Class A (Hotels, <br>Restaurants & Leisure) | 11444 | 2863861 |
| DraftKings, Inc.\* (Hotels, Restaurants & <br>Leisure) | 16565 | 746088 |
| Dropbox, Inc.\*—Class A (Software) | 6549 | 177936 |
| Duolingo, Inc.\* (Diversified Consumer <br>Services) | 1310 | 453981 |
| eBay, Inc. (Broadline Retail) | 15387 | 1411757 |
| F5, Inc.\* (Communications Equipment) | 1917 | 600826 |
| Flutter Entertainment PLC\* (Hotels, <br>Restaurants & Leisure) | 5897 | 1782427 |
| GoDaddy, Inc.\*—Class A (IT Services) | 4756 | 768474 |
| HubSpot, Inc.\* (Software) | 1760 | 914584 |
| MARA Holdings, Inc.\* (Software) | 11747 | 188892 |
| Meta Platforms, Inc.—Class A (Interactive <br>Media & Services) | 11439 | 8847380 |
| Netflix, Inc.\* (Entertainment) | 6509 | 7546535 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Nutanix, Inc.\*—Class A (Software) | 8277 | $622182 |
| Okta, Inc.\* (IT Services) | 5579 | 545626 |
| Paycom Software, Inc. (Professional <br>Services) | 1627 | 376716 |
| PayPal Holdings, Inc.\* (Financial Services) | 32461 | 2232018 |
| ROBLOX Corp.\*—Class A (Entertainment) | 18504 | 2549666 |
| Salesforce, Inc. (Software) | 13438 | 3471439 |
| Snowflake, Inc.\*—Class A (IT Services) | 11136 | 2488897 |
| Veeva Systems, Inc.\*—Class A (Health <br>Care Technology) | 5004 | 1422137 |
| VeriSign, Inc. (IT Services) | 2805 | 754180 |
| Workday, Inc.\*—Class A (Software) | 7231 | 1658647 |
| Zoom Video Communications, Inc.\* <br>(Software) | 8765 | 649048 |
| **TOTAL COMMON STOCKS**<br> (Cost $31,356,415) |  | **83625450** |

---

**Repurchase Agreements<sup>(a)(b)</sup> (20.5%)**

---

| | | |
|:---|:---|:---|
| | Principal<br>Amount | Value |
| Repurchase Agreements with various <br>counterparties, rates 4.09%–4.25%, <br>dated 7/31/25, due 8/1/25, total to be <br>received $21,789,542 | $21787000 | $21787000 |
| **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $21,787,000) |  | **21787000** |
| **TOTAL INVESTMENT SECURITIES**<br> (Cost $53,143,415)—99.0% |  | **105412450** |
| Net other assets (liabilities)—1.0% |  | 1015575 |
| **NET ASSETS—100.0%** |  | $**106428025** |

---

\* Non-income producing security.

<sup>(a)</sup> The ProFund invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" in the Appendix to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.

<sup>(b)</sup> A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. At July 31, 2025, the aggregate amount held in a segregated account was $13,621,000.

**Total Return Swap Agreements—Long**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Underlying Instrument | Counterparty | Termination<br>Date<sup>(1)</sup> | Rate Paid <br>(Received)<sup>(2)</sup> | Notional <br>Amount | Value and <br>Unrealized <br>Appreciation/ <br>(Depreciation) |
| Dow Jones Composite Internet Index | Goldman Sachs International | 8/25/25 | 5.08% | $36440526 | $444355 |
| Dow Jones Composite Internet Index | UBS AG | 8/25/25 | 5.13% | 39082070 | 476193 |
|  |  |  |  | $**75522596** | $**920548** |

---

<sup>(1)</sup> Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

<sup>(2)</sup> Reflects the floating financing rate, as of July 31, 2025, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

**See accompanying notes to financial statements.**

------

**34 :: Internet UltraSector ProFund ::** Schedule of Portfolio Investments :: July 31, 2025

Internet UltraSector ProFund invested in the following industries as of July 31, 2025:

---

| | | |
|:---|:---|:---|
| | Value | % of <br>Net Assets |
| Broadline Retail | $10130950 | 9.5% |
| Commercial Services & Supplies | 1330163 | 1.2% |
| Communications Equipment | 9487639 | 8.9% |
| Diversified Consumer Services | 453980 | 0.4% |
| Entertainment | 10096201 | 9.5% |
| Financial Services | 2232019 | 2.1% |
| Health Care Technology | 1422137 | 1.3% |
| Hotels, Restaurants & Leisure | 10899530 | 10.3% |
| Interactive Media & Services | 17427160 | 16.3% |
| IT Services | 7082381 | 6.7% |
| Professional Services | 376716 | 0.4% |
| Software | 11068929 | 10.4% |
| Specialty Retail | 1617645 | 1.5% |
| Other\*\* | 22802575 | 21.5% |
| **Total** | $**106428025** | **100.0%** |

---

\*\* Includes any non-equity securities and other net assets (liabilities), which includes any receivable for capital shares issued and payable for capital shares redeemed.

**See accompanying notes to financial statements.**

------

July 31, 2025 :: Schedule of Portfolio Investments **:: Large-Cap Growth ProFund :: 35**

**Common Stocks (100.6%)**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| AbbVie, Inc. (Biotechnology) | 684 | $129291 |
| Adobe, Inc.\* (Software) | 165 | 59019 |
| Airbnb, Inc.\*—Class A (Hotels, Restaurants & <br>Leisure) | 398 | 52699 |
| Allegion PLC (Building Products) | 42 | 6969 |
| Alphabet, Inc.—Class A (Interactive Media & <br>Services) | 5362 | 1028967 |
| Alphabet, Inc.—Class C (Interactive Media & <br>Services) | 4325 | 834120 |
| Altria Group, Inc. (Tobacco) | 712 | 44101 |
| Amazon.com, Inc.\* (Broadline Retail) | 5048 | 1181787 |
| American Express Co. (Consumer Finance) | 510 | 152648 |
| Ameriprise Financial, Inc. (Capital Markets) | 87 | 45083 |
| AMETEK, Inc. (Electrical Equipment) | 100 | 18485 |
| Amgen, Inc. (Biotechnology) | 213 | 62856 |
| Amphenol Corp.—Class A (Electronic <br>Equipment, Instruments & Components) | 1114 | 118653 |
| Aon PLC—Class A (Insurance) | 101 | 35927 |
| Apollo Global Management, Inc. (Financial <br>Services) | 416 | 60453 |
| Apple, Inc. (Technology Hardware, Storage & <br>Peripherals) | 6329 | 1313711 |
| Applied Materials, Inc. (Semiconductors & <br>Semiconductor Equipment) | 314 | 56539 |
| Arch Capital Group, Ltd.\* (Insurance) | 344 | 29605 |
| Arista Networks, Inc.\* (Communications <br>Equipment) | 948 | 116812 |
| Arthur J. Gallagher & Co. (Insurance) | 106 | 30449 |
| Autodesk, Inc.\* (Software) | 197 | 59713 |
| Automatic Data Processing, Inc. (Professional <br>Services) | 213 | 65924 |
| AutoZone, Inc.\* (Specialty Retail) | 16 | 60294 |
| AvalonBay Communities, Inc. (Residential <br>REITs) | 58 | 10804 |
| Axon Enterprise, Inc.\* (Aerospace & Defense) | 68 | 51373 |
| Berkshire Hathaway, Inc.\*—Class B (Financial <br>Services) | 827 | 390245 |
| Block, Inc.\* (Financial Services) | 189 | 14602 |
| Booking Holdings, Inc. (Hotels, Restaurants & <br>Leisure) | 30 | 165122 |
| Boston Scientific Corp.\* (Health Care <br>Equipment & Supplies) | 1363 | 143006 |
| Broadcom, Inc. (Semiconductors & <br>Semiconductor Equipment) | 4332 | 1272307 |
| Broadridge Financial Solutions, Inc. <br>(Professional Services) | 48 | 11880 |
| Brown & Brown, Inc. (Insurance) | 257 | 23482 |
| Builders FirstSource, Inc.\* (Building Products) | 52 | 6611 |
| Cadence Design Systems, Inc.\* (Software) | 138 | 50311 |
| Camden Property Trust (Residential REITs) | 50 | 5460 |
| Carnival Corp.\* (Hotels, Restaurants & <br>Leisure) | 966 | 28758 |
| Carrier Global Corp. (Building Products) | 351 | 24086 |
| Caterpillar, Inc. (Machinery) | 434 | 190100 |
| CBRE Group, Inc.\*—Class A (Real Estate <br>Management & Development) | 271 | 42206 |
| Chipotle Mexican Grill, Inc.\* (Hotels, <br>Restaurants & Leisure) | 1240 | 53171 |
| Cincinnati Financial Corp. (Insurance) | 76 | 11211 |
| Cintas Corp. (Commercial Services & <br>Supplies) | 317 | 70549 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Coinbase Global, Inc.\*—Class A (Capital <br>Markets) | 95 | $35887 |
| Colgate-Palmolive Co. (Household Products) | 328 | 27503 |
| Constellation Energy Corp. (Electric Utilities) | 289 | 100525 |
| Copart, Inc.\* (Commercial Services & Supplies) | 809 | 36672 |
| Corpay, Inc.\* (Software) | 64 | 20675 |
| Costco Wholesale Corp. (Consumer Staples <br>Distribution & Retail) | 409 | 384312 |
| Crowdstrike Holdings, Inc.\*—Class A <br>(Software) | 229 | 104097 |
| CSX Corp. (Ground Transportation) | 795 | 28254 |
| Cummins, Inc. (Machinery) | 127 | 46688 |
| Darden Restaurants, Inc. (Hotels, <br>Restaurants & Leisure) | 47 | 9478 |
| Datadog, Inc.\*—Class A (Software) | 295 | 41294 |
| DaVita, Inc.\* (Health Care Providers & Services) | 38 | 5334 |
| Dayforce, Inc.\* (Professional Services) | 146 | 8420 |
| Deckers Outdoor Corp.\* (Textiles, Apparel & <br>Luxury Goods) | 139 | 14758 |
| Deere & Co. (Machinery) | 102 | 53486 |
| Dell Technologies, Inc.—Class C (Technology <br>Hardware, Storage & Peripherals) | 130 | 17250 |
| Delta Air Lines, Inc. (Passenger Airlines) | 600 | 31926 |
| Dexcom, Inc.\* (Health Care Equipment & <br>Supplies) | 155 | 12519 |
| Domino's Pizza, Inc. (Hotels, Restaurants & <br>Leisure) | 13 | 6022 |
| DoorDash, Inc.\*—Class A (Hotels, <br>Restaurants & Leisure) | 316 | 79079 |
| Dover Corp. (Machinery) | 56 | 10144 |
| Eaton Corp. PLC (Electrical Equipment) | 360 | 138499 |
| eBay, Inc. (Broadline Retail) | 284 | 26057 |
| Ecolab, Inc. (Chemicals) | 114 | 29841 |
| Electronic Arts, Inc. (Entertainment) | 84 | 12809 |
| Eli Lilly & Co. (Pharmaceuticals) | 724 | 535811 |
| Emerson Electric Co. (Electrical Equipment) | 352 | 51220 |
| Equinix, Inc. (Specialized REITs) | 43 | 33762 |
| Erie Indemnity Co.—Class A (Insurance) | 23 | 8194 |
| Essex Property Trust, Inc. (Residential REITs) | 29 | 7545 |
| Expedia Group, Inc.\* (Hotels, Restaurants & <br>Leisure) | 112 | 20185 |
| Extra Space Storage, Inc. (Specialized REITs) | 88 | 11824 |
| F5, Inc.\* (Communications Equipment) | 25 | 7836 |
| FactSet Research Systems, Inc. (Capital <br>Markets) | 16 | 6446 |
| Fair Isaac Corp.\* (Software) | 23 | 33045 |
| Fastenal Co. (Trading Companies & <br>Distributors) | 601 | 27724 |
| First Horizon Corp. (Banks) | 1 | 17 |
| First Solar, Inc.\* (Semiconductors & <br>Semiconductor Equipment) | 53 | 9261 |
| Fiserv, Inc.\* (Financial Services) | 511 | 70998 |
| Fortinet, Inc.\* (Software) | 585 | 58442 |
| Garmin, Ltd. (Household Durables) | 142 | 31064 |
| Gartner, Inc.\* (IT Services) | 70 | 23706 |
| GE Vernova, Inc. (Electrical Equipment) | 251 | 165733 |
| Gen Digital, Inc. (Software) | 291 | 8582 |
| Generac Holdings, Inc.\* (Electrical Equipment) | 34 | 6619 |
| General Electric Co. (Industrial Conglomerates) | 403 | 109245 |
| GoDaddy, Inc.\*—Class A (IT Services) | 131 | 21167 |

---

**See accompanying notes to financial statements.**

------

**36 :: Large-Cap Growth ProFund ::** Schedule of Portfolio Investments :: July 31, 2025

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| HCA Healthcare, Inc. (Health Care Providers & <br>Services) | 94 | $33275 |
| Hilton Worldwide Holdings, Inc. (Hotels, <br>Restaurants & Leisure) | 219 | 58710 |
| Host Hotels & Resorts, Inc. (Hotel & Resort <br>REITs) | 401 | 6304 |
| Howmet Aerospace, Inc. (Aerospace & <br>Defense) | 372 | 66874 |
| Hubbell, Inc. (Electrical Equipment) | 50 | 21874 |
| Illinois Tool Works, Inc. (Machinery) | 100 | 25597 |
| Incyte Corp.\* (Biotechnology) | 88 | 6590 |
| Ingersoll Rand, Inc. (Machinery) | 371 | 31398 |
| Insulet Corp.\* (Health Care Equipment & <br>Supplies) | 64 | 18458 |
| Intercontinental Exchange, Inc. (Capital <br>Markets) | 275 | 50828 |
| International Business Machines Corp. <br>(IT Services) | 856 | 216696 |
| Intuit, Inc. (Software) | 258 | 202564 |
| Intuitive Surgical, Inc.\* (Health Care <br>Equipment & Supplies) | 330 | 158759 |
| Iron Mountain, Inc. (Specialized REITs) | 271 | 26385 |
| Jack Henry & Associates, Inc. (Financial <br>Services) | 27 | 4585 |
| JPMorgan Chase & Co. (Banks) | 1460 | 432511 |
| KKR & Co., Inc. (Capital Markets) | 275 | 40310 |
| KLA Corp. (Semiconductors & Semiconductor <br>Equipment) | 122 | 107242 |
| Las Vegas Sands Corp. (Hotels, Restaurants & <br>Leisure) | 312 | 16349 |
| Leidos Holdings, Inc. (Professional Services) | 61 | 9739 |
| Lennox International, Inc. (Building Products) | 30 | 18270 |
| Live Nation Entertainment, Inc.\* <br>(Entertainment) | 145 | 21417 |
| Lululemon Athletica, Inc.\* (Textiles, Apparel & <br>Luxury Goods) | 47 | 9425 |
| Marriott International, Inc. (Hotels, <br>Restaurants & Leisure) | 210 | 55326 |
| Marsh & McLennan Cos., Inc. (Insurance) | 199 | 39640 |
| Martin Marietta Materials, Inc. (Construction <br>Materials) | 29 | 16672 |
| Masco Corp. (Building Products) | 78 | 5314 |
| MasterCard, Inc.—Class A (Financial Services) | 747 | 423153 |
| Meta Platforms, Inc.—Class A (Interactive <br>Media & Services) | 2000 | 1546879 |
| Mettler-Toledo International, Inc.\* (Life <br>Sciences Tools & Services) | 8 | 9869 |
| Microsoft Corp. (Software) | 3560 | 1899259 |
| Mid-America Apartment Communities, Inc. <br>(Residential REITs) | 44 | 6267 |
| Monolithic Power Systems, Inc. <br>(Semiconductors & Semiconductor <br>Equipment) | 44 | 31295 |
| Monster Beverage Corp.\* (Beverages) | 284 | 16685 |
| Moody's Corp. (Capital Markets) | 74 | 38164 |
| Morgan Stanley (Capital Markets) | 512 | 72939 |
| Motorola Solutions, Inc. (Communications <br>Equipment) | 154 | 67603 |
| MSCI, Inc. (Capital Markets) | 71 | 39857 |
| Nasdaq, Inc. (Capital Markets) | 155 | 14914 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| NetApp, Inc. (Technology Hardware, <br>Storage & Peripherals) | 88 | $9163 |
| Netflix, Inc.\* (Entertainment) | 392 | 454484 |
| NextEra Energy, Inc. (Electric Utilities) | 1270 | 90246 |
| Norwegian Cruise Lines Holdings, Ltd.\* <br>(Hotels, Restaurants & Leisure) | 411 | 10505 |
| NRG Energy, Inc. (Electric Utilities) | 180 | 30096 |
| NVIDIA Corp. (Semiconductors & <br>Semiconductor Equipment) | 22466 | 3996026 |
| NVR, Inc.\* (Household Durables) | 2 | 15099 |
| NXP Semiconductors N.V. (Semiconductors & <br>Semiconductor Equipment) | 93 | 19881 |
| Old Dominion Freight Line, Inc. (Ground <br>Transportation) | 78 | 11642 |
| ONEOK, Inc. (Oil, Gas & Consumable Fuels) | 322 | 26439 |
| Oracle Corp. (Software) | 1498 | 380146 |
| O'Reilly Automotive, Inc.\* (Specialty Retail) | 787 | 77378 |
| PACCAR, Inc. (Machinery) | 265 | 26171 |
| Packaging Corp. of America (Containers & <br>Packaging) | 41 | 7944 |
| Palantir Technologies, Inc.—Class A (Software) | 1959 | 310207 |
| Palo Alto Networks, Inc.\* (Software) | 610 | 105896 |
| Parker-Hannifin Corp. (Machinery) | 118 | 86364 |
| Paychex, Inc. (Professional Services) | 139 | 20062 |
| Paycom Software, Inc. (Professional Services) | 45 | 10419 |
| PayPal Holdings, Inc.\* (Financial Services) | 599 | 41187 |
| Pentair PLC (Machinery) | 98 | 10016 |
| Philip Morris International, Inc. (Tobacco) | 774 | 126975 |
| PPL Corp. (Electric Utilities) | 353 | 12599 |
| PTC, Inc.\* (Software) | 52 | 11170 |
| Public Service Enterprise Group, Inc. <br>(Multi-Utilities) | 216 | 19395 |
| Public Storage (Specialized REITs) | 146 | 39702 |
| PulteGroup, Inc. (Household Durables) | 184 | 20777 |
| Quanta Services, Inc. (Construction & <br>Engineering) | 137 | 55640 |
| Ralph Lauren Corp. (Textiles, Apparel & Luxury <br>Goods) | 37 | 11054 |
| Raymond James Financial, Inc. (Capital <br>Markets) | 104 | 17382 |
| Raytheon Technologies Corp. (Aerospace & <br>Defense) | 701 | 110457 |
| Republic Services, Inc. (Commercial <br>Services & Supplies) | 188 | 43362 |
| ResMed, Inc. (Health Care Equipment & <br>Supplies) | 135 | 36712 |
| Rollins, Inc. (Commercial Services & Supplies) | 149 | 8533 |
| Royal Caribbean Cruises, Ltd.\* (Hotels, <br>Restaurants & Leisure) | 230 | 73110 |
| S&P Global, Inc. (Capital Markets) | 136 | 74949 |
| Salesforce, Inc. (Software) | 884 | 228364 |
| ServiceNow, Inc.\* (Software) | 191 | 180136 |
| Simon Property Group, Inc. (Retail REITs) | 283 | 46353 |
| Stryker Corp. (Health Care Equipment & <br>Supplies) | 168 | 65979 |
| Super Micro Computer, Inc.\* (Technology <br>Hardware, Storage & Peripherals) | 472 | 27834 |
| Synchrony Financial (Consumer Finance) | 349 | 24315 |
| Synopsys, Inc.\* (Software) | 88 | 55745 |
| Tapestry, Inc. (Textiles, Apparel & Luxury <br>Goods) | 191 | 20633 |

---

**See accompanying notes to financial statements.**

------

July 31, 2025 :: Schedule of Portfolio Investments **:: Large-Cap Growth ProFund :: 37**

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Targa Resources Corp. (Oil, Gas & <br>Consumable Fuels) | 199 | $33116 |
| Tesla, Inc.\* (Automobiles) | 2582 | 795953 |
| Texas Pacific Land Corp. (Oil, Gas & <br>Consumable Fuels) | 18 | 17426 |
| The Bank of New York Mellon Corp. (Capital <br>Markets) | 356 | 36116 |
| The Hartford Financial Services Group, Inc. <br>(Insurance) | 144 | 17912 |
| The Home Depot, Inc. (Specialty Retail) | 403 | 148106 |
| The Progressive Corp. (Insurance) | 540 | 130701 |
| The Sherwin-Williams Co. (Chemicals) | 121 | 40036 |
| The TJX Cos., Inc. (Specialty Retail) | 607 | 75590 |
| The Trade Desk, Inc.\*—Class A (Media) | 412 | 35828 |
| The Williams Cos., Inc. (Oil, Gas & Consumable <br>Fuels) | 583 | 34951 |
| TKO Group Holdings, Inc.\* (Entertainment) | 61 | 10249 |
| T-Mobile U.S., Inc. (Wireless <br>Telecommunication Services) | 233 | 55550 |
| Tractor Supply Co. (Specialty Retail) | 263 | 14978 |
| Trane Technologies PLC (Building Products) | 205 | 89806 |
| TransDigm Group, Inc. (Aerospace & Defense) | 52 | 83640 |
| Trimble, Inc.\* (Electronic Equipment, <br>Instruments & Components) | 96 | 8053 |
| Tyler Technologies, Inc.\* (Software) | 40 | 23382 |
| Uber Technologies, Inc.\* (Ground <br>Transportation) | 1926 | 169006 |
| UDR, Inc. (Residential REITs) | 124 | 4872 |
| United Airlines Holdings, Inc.\* (Passenger <br>Airlines) | 300 | 26493 |
| United Rentals, Inc. (Trading Companies & <br>Distributors) | 60 | 52977 |
| Veralto Corp. (Commercial Services & <br>Supplies) | 109 | 11426 |
| Verisk Analytics, Inc. (Professional Services) | 57 | 15886 |
| Vertex Pharmaceuticals, Inc.\* (Biotechnology) | 236 | 107821 |
| Visa, Inc.—Class A (Financial Services) | 1577 | 544807 |
| Vistra Corp. (Independent Power/Renewable <br>Electricity Producers) | 313 | 65273 |
| Vulcan Materials Co. (Construction Materials) | 75 | 20600 |
| W.R. Berkley Corp. (Insurance) | 151 | 10390 |
| W.W. Grainger, Inc. (Trading Companies & <br>Distributors) | 41 | 42621 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Wabtec Corp. (Machinery) | 158 | $30344 |
| Walmart, Inc. (Consumer Staples <br>Distribution & Retail) | 2666 | 261215 |
| Waste Management, Inc. (Commercial <br>Services & Supplies) | 179 | 41020 |
| Waters Corp.\* (Life Sciences Tools & Services) | 25 | 7219 |
| Welltower, Inc. (Health Care REITs) | 308 | 50842 |
| Williams-Sonoma, Inc. (Specialty Retail) | 113 | 21137 |
| Willis Towers Watson PLC (Insurance) | 44 | 13896 |
| Workday, Inc.\*—Class A (Software) | 94 | 21562 |
| Wynn Resorts, Ltd.\* (Hotels, Restaurants & <br>Leisure) | 81 | 8831 |
| Yum! Brands, Inc. (Hotels, Restaurants & <br>Leisure) | 105 | 15136 |
| Zebra Technologies Corp.\* (Electronic <br>Equipment, Instruments & Components) | 21 | 7119 |
| **TOTAL COMMON STOCKS**<br> (Cost $16,054,537) |  | **26779773** |

---

**Repurchase Agreements<sup>(a)</sup> (0.1%)**

---

| | | |
|:---|:---|:---|
| | Principal<br>Amount | Value |
| Repurchase Agreements with various <br>counterparties, rates 4.09%–4.25%, <br>dated 7/31/25, due 8/1/25, total to be <br>received $31,004 | $31000 | $31000 |
| **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $31,000) |  | **31000** |
| **TOTAL INVESTMENT SECURITIES**<br> (Cost $16,085,537)—100.7% |  | **26810773** |
| Net other assets (liabilities)—(0.7)% |  | (176034) |
| **NET ASSETS—100.0%** |  | $**26634739** |

---

\* Non-income producing security.

<sup>(a)</sup> The ProFund invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" under Note 2 in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.

<sup>REIT</sup> Real Estate Investment Trust

**See accompanying notes to financial statements.**

------

**38 :: Large-Cap Growth ProFund ::** Schedule of Portfolio Investments :: July 31, 2025

Large-Cap Growth ProFund invested in the following industries as of July 31, 2025:

---

| | | |
|:---|:---|:---|
| | Value | % of <br>Net Assets |
| Aerospace & Defense | $312344 | 1.2% |
| Automobiles | 795953 | 3.0% |
| Banks | 432528 | 1.6% |
| Beverages | 16685 | 0.1% |
| Biotechnology | 306558 | 1.2% |
| Broadline Retail | 1207844 | 4.5% |
| Building Products | 151056 | 0.6% |
| Capital Markets | 472875 | 1.8% |
| Chemicals | 69877 | 0.3% |
| Commercial Services & Supplies | 211562 | 0.8% |
| Communications Equipment | 192251 | 0.7% |
| Construction & Engineering | 55640 | 0.2% |
| Construction Materials | 37272 | 0.1% |
| Consumer Finance | 176963 | 0.7% |
| Consumer Staples Distribution & Retail | 645527 | 2.4% |
| Containers & Packaging | 7944 | <sup>NM</sup> |
| Electric Utilities | 233466 | 0.9% |
| Electrical Equipment | 402430 | 1.5% |
| Electronic Equipment, Instruments & <br>Components | 133825 | 0.5% |
| Entertainment | 498959 | 1.9% |
| Financial Services | 1550030 | 5.8% |
| Ground Transportation | 208902 | 0.8% |
| Health Care Equipment & Supplies | 435433 | 1.6% |
| Health Care Providers & Services | 38609 | 0.1% |
| Health Care REITs | 50841 | 0.2% |
| Hotel & Resort REITs | 6304 | <sup>NM</sup> |
| Hotels, Restaurants & Leisure | 652481 | 2.4% |
| Household Durables | 66940 | 0.3% |
| Household Products | 27503 | 0.1% |
| Independent Power/Renewable <br>Electricity Producers | 65273 | 0.2% |
| Industrial Conglomerates | 109245 | 0.4% |
| Insurance | 351407 | 1.3% |
| Interactive Media & Services | 3409967 | 12.8% |

---

---

| | | |
|:---|:---|:---|
| | Value | % of <br>Net Assets |
| IT Services | $261569 | 1.0% |
| Life Sciences Tools & Services | 17088 | 0.1% |
| Machinery | 510308 | 1.9% |
| Media | 35827 | 0.1% |
| Multi-Utilities | 19395 | 0.1% |
| Oil, Gas & Consumable Fuels | 111932 | 0.4% |
| Passenger Airlines | 58419 | 0.2% |
| Pharmaceuticals | 535811 | 2.0% |
| Professional Services | 142330 | 0.5% |
| Real Estate Management & <br>Development | 42205 | 0.2% |
| Residential REITs | 34948 | 0.2% |
| Retail REITs | 46353 | 0.2% |
| Semiconductors & Semiconductor <br>Equipment | 5492552 | 20.6% |
| Software | 3853609 | 14.5% |
| Specialized REITs | 111674 | 0.4% |
| Specialty Retail | 397483 | 1.5% |
| Technology Hardware, Storage & <br>Peripherals | 1367958 | 5.2% |
| Textiles, Apparel & Luxury Goods | 55870 | 0.2% |
| Tobacco | 171076 | 0.6% |
| Trading Companies & Distributors | 123322 | 0.5% |
| Wireless Telecommunication Services | 55550 | 0.2% |
| Other\*\* | (145034) | (0.6)% |
| **Total** | $**26634739** | **100.0%** |

---

\*\* Includes any non-equity securities and other net assets (liabilities), which includes any receivable for capital shares issued and payable for capital shares redeemed.

<sup>NM</sup> Not meaningful, amount is less than 0.05%

<sup>REIT</sup> Real Estate Investment Trust

**See accompanying notes to financial statements.**

------

July 31, 2025 :: Schedule of Portfolio Investments **:: Large-Cap Value ProFund :: 39**

**Common Stocks (99.7%)**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| 3M Co. (Industrial Conglomerates) | 99 | $14773 |
| A.O. Smith Corp. (Building Products) | 22 | 1557 |
| Abbott Laboratories (Health Care <br>Equipment & Supplies) | 322 | 40632 |
| AbbVie, Inc. (Biotechnology) | 190 | 35914 |
| Accenture PLC—Class A (IT Services) | 116 | 30984 |
| Adobe, Inc.\* (Software) | 44 | 15738 |
| Advanced Micro Devices, Inc.\* <br>(Semiconductors & Semiconductor <br>Equipment) | 299 | 52718 |
| Aflac, Inc. (Insurance) | 91 | 9042 |
| Agilent Technologies, Inc. (Life Sciences <br>Tools & Services) | 54 | 6200 |
| Air Products & Chemicals, Inc. (Chemicals) | 40 | 11516 |
| Akamai Technologies, Inc.\* (IT Services) | 28 | 2137 |
| Albemarle Corp. (Chemicals) | 22 | 1493 |
| Alexandria Real Estate Equities, Inc. (Office <br>REITs) | 29 | 2216 |
| Align Technology, Inc.\* (Health Care <br>Equipment & Supplies) | 12 | 1548 |
| Allegion PLC (Building Products) | 8 | 1327 |
| Alliant Energy Corp. (Electric Utilities) | 47 | 3055 |
| Allstate Corp. (Insurance) | 50 | 10163 |
| Altria Group, Inc. (Tobacco) | 168 | 10406 |
| Amazon.com, Inc.\* (Broadline Retail) | 733 | 171602 |
| Amcor PLC (Containers & Packaging) | 423 | 3955 |
| Ameren Corp. (Multi-Utilities) | 51 | 5158 |
| American Electric Power Co., Inc. (Electric <br>Utilities) | 99 | 11201 |
| American International Group, Inc. (Insurance) | 104 | 8074 |
| American Tower Corp.—Class A (Specialized <br>REITs) | 87 | 18130 |
| American Water Works Co., Inc. (Water <br>Utilities) | 35 | 4908 |
| AMETEK, Inc. (Electrical Equipment) | 23 | 4252 |
| Amgen, Inc. (Biotechnology) | 57 | 16821 |
| Analog Devices, Inc. (Semiconductors & <br>Semiconductor Equipment) | 92 | 20666 |
| Aon PLC—Class A (Insurance) | 20 | 7114 |
| APA Corp. (Oil, Gas & Consumable Fuels) | 66 | 1273 |
| Apple, Inc. (Technology Hardware, Storage & <br>Peripherals) | 1491 | 309487 |
| Applied Materials, Inc. (Semiconductors & <br>Semiconductor Equipment) | 88 | 15845 |
| Aptiv PLC\* (Automobile Components) | 40 | 2746 |
| Archer-Daniels-Midland Co. (Food Products) | 88 | 4768 |
| Arthur J. Gallagher & Co. (Insurance) | 26 | 7469 |
| Assurant, Inc. (Insurance) | 10 | 1873 |
| AT&T, Inc. (Diversified Telecommunication <br>Services) | 1329 | 36428 |
| Atmos Energy Corp. (Gas Utilities) | 30 | 4678 |
| Automatic Data Processing, Inc. (Professional <br>Services) | 33 | 10213 |
| AvalonBay Communities, Inc. (Residential <br>REITs) | 14 | 2608 |
| Avery Dennison Corp. (Containers & <br>Packaging) | 14 | 2349 |
| Baker Hughes Co. (Energy Equipment & <br>Services) | 183 | 8244 |
| Ball Corp. (Containers & Packaging) | 51 | 2920 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Bank of America Corp. (Banks) | 1212 | $57291 |
| Baxter International, Inc. (Health Care <br>Equipment & Supplies) | 95 | 2067 |
| Becton, Dickinson & Co. (Health Care <br>Equipment & Supplies) | 54 | 9626 |
| Berkshire Hathaway, Inc.\*—Class B (Financial <br>Services) | 173 | 81634 |
| Best Buy Co., Inc. (Specialty Retail) | 34 | 2212 |
| Biogen, Inc.\* (Biotechnology) | 28 | 3584 |
| Bio-Techne Corp. (Life Sciences Tools & <br>Services) | 28 | 1532 |
| BlackRock, Inc. (Capital Markets) | 27 | 29861 |
| Blackstone, Inc. (Capital Markets) | 134 | 23177 |
| Block, Inc.\* (Financial Services) | 65 | 5022 |
| Boston Properties, Inc. (Office REITs) | 27 | 1767 |
| Bristol-Myers Squibb Co. (Pharmaceuticals) | 376 | 16285 |
| Broadridge Financial Solutions, Inc. <br>(Professional Services) | 11 | 2723 |
| Brown-Forman Corp.\*—Class B (Beverages) | 32 | 923 |
| Builders FirstSource, Inc.\* (Building Products) | 10 | 1271 |
| Bunge Global SA (Food Products) | 25 | 1994 |
| C.H. Robinson Worldwide, Inc. (Air Freight & <br>Logistics) | 22 | 2537 |
| Cadence Design Systems, Inc.\* (Software) | 23 | 8385 |
| Caesars Entertainment, Inc.\* (Hotels, <br>Restaurants & Leisure) | 37 | 987 |
| Camden Property Trust (Residential REITs) | 10 | 1092 |
| Campbell Soup Co. (Food Products) | 35 | 1117 |
| Capital One Financial Corp. (Consumer <br>Finance) | 118 | 25370 |
| Cardinal Health, Inc. (Health Care Providers & <br>Services) | 43 | 6674 |
| CarMax, Inc.\* (Specialty Retail) | 28 | 1585 |
| Carrier Global Corp. (Building Products) | 77 | 5284 |
| Cboe Global Markets, Inc.\* (Capital Markets) | 20 | 4821 |
| CDW Corp. (Electronic Equipment, <br>Instruments & Components) | 25 | 4360 |
| Cencora, Inc. (Health Care Providers & <br>Services) | 32 | 9155 |
| Centene Corp.\* (Health Care Providers & <br>Services) | 92 | 2398 |
| CenterPoint Energy, Inc. (Multi-Utilities) | 119 | 4620 |
| CF Industries Holdings, Inc. (Chemicals) | 30 | 2785 |
| Charles River Laboratories International, Inc.\*<br>(Life Sciences Tools & Services) | 9 | 1527 |
| Charter Communications, Inc.\*—Class A <br>(Media) | 18 | 4848 |
| Chevron Corp. (Oil, Gas & Consumable Fuels) | 355 | 53832 |
| Chubb, Ltd. (Insurance) | 69 | 18356 |
| Church & Dwight Co., Inc. (Household <br>Products) | 45 | 4220 |
| Cincinnati Financial Corp. (Insurance) | 13 | 1918 |
| Cisco Systems, Inc. (Communications <br>Equipment) | 736 | 50106 |
| Citigroup, Inc. (Banks) | 345 | 32327 |
| Citizens Financial Group, Inc. (Banks) | 80 | 3818 |
| CME Group, Inc. (Capital Markets) | 67 | 18645 |
| CMS Energy Corp. (Multi-Utilities) | 56 | 4133 |
| Cognizant Technology Solutions <br>Corp.—Class A (IT Services) | 90 | 6458 |

---

**See accompanying notes to financial statements.**

------

**40 :: Large-Cap Value ProFund ::** Schedule of Portfolio Investments :: July 31, 2025

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Coinbase Global, Inc.\*—Class A (Capital <br>Markets) | 20 | $7555 |
| Colgate-Palmolive Co. (Household Products) | 84 | 7043 |
| Comcast Corp.—Class A (Media) | 688 | 22863 |
| Conagra Brands, Inc. (Food Products) | 88 | 1607 |
| ConocoPhillips (Oil, Gas & Consumable Fuels) | 233 | 22214 |
| Consolidated Edison, Inc. (Multi-Utilities) | 67 | 6935 |
| Constellation Brands, Inc.—Class A <br>(Beverages) | 29 | 4844 |
| Corning, Inc. (Electronic Equipment, <br>Instruments & Components) | 142 | 8981 |
| Corteva, Inc. (Chemicals) | 126 | 9088 |
| CoStar Group, Inc.\* (Real Estate <br>Management & Development) | 79 | 7520 |
| Coterra Energy, Inc. (Oil, Gas & Consumable <br>Fuels) | 142 | 3463 |
| Crown Castle International Corp. (Specialized <br>REITs) | 81 | 8512 |
| CSX Corp. (Ground Transportation) | 187 | 6646 |
| CVS Health Corp. (Health Care Providers & <br>Services) | 234 | 14531 |
| D.R. Horton, Inc. (Household Durables) | 52 | 7428 |
| Danaher Corp. (Life Sciences Tools & <br>Services) | 118 | 23265 |
| Darden Restaurants, Inc. (Hotels, <br>Restaurants & Leisure) | 12 | 2420 |
| Deere & Co. (Machinery) | 27 | 14158 |
| Dell Technologies, Inc.—Class C (Technology <br>Hardware, Storage & Peripherals) | 30 | 3981 |
| Devon Energy Corp. (Oil, Gas & Consumable <br>Fuels) | 117 | 3887 |
| Dexcom, Inc.\* (Health Care Equipment & <br>Supplies) | 41 | 3312 |
| Diamondback Energy, Inc. (Oil, Gas & <br>Consumable Fuels) | 34 | 5054 |
| Digital Realty Trust, Inc. (Specialized REITs) | 59 | 10410 |
| Dollar General Corp. (Consumer Staples <br>Distribution & Retail) | 40 | 4196 |
| Dollar Tree, Inc.\* (Consumer Staples <br>Distribution & Retail) | 35 | 3974 |
| Dominion Energy, Inc. (Multi-Utilities) | 156 | 9118 |
| Domino's Pizza, Inc. (Hotels, Restaurants & <br>Leisure) | 4 | 1853 |
| Dover Corp. (Machinery) | 13 | 2355 |
| Dow, Inc. (Chemicals) | 129 | 3004 |
| DTE Energy Co. (Multi-Utilities) | 37 | 5121 |
| Duke Energy Corp. (Electric Utilities) | 145 | 17637 |
| DuPont de Nemours, Inc. (Chemicals) | 78 | 5608 |
| Eastman Chemical Co. (Chemicals) | 22 | 1597 |
| eBay, Inc. (Broadline Retail) | 29 | 2661 |
| Ecolab, Inc. (Chemicals) | 24 | 6282 |
| Edison International (Electric Utilities) | 69 | 3596 |
| Edwards LifeSciences Corp.\* (Health Care <br>Equipment & Supplies) | 109 | 8645 |
| Electronic Arts, Inc. (Entertainment) | 26 | 3965 |
| Elevance Health, Inc. (Health Care Providers & <br>Services) | 40 | 11323 |
| Emerson Electric Co. (Electrical Equipment) | 33 | 4802 |
| Enphase Energy, Inc.\* (Semiconductors & <br>Semiconductor Equipment) | 23 | 744 |
| Entergy Corp. (Electric Utilities) | 83 | 7506 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| EOG Resources, Inc. (Oil, Gas & Consumable <br>Fuels) | 101 | $12122 |
| EPAM Systems, Inc.\* (IT Services) | 11 | 1735 |
| EQT Corp. (Oil, Gas & Consumable Fuels) | 111 | 5966 |
| Equifax, Inc. (Professional Services) | 23 | 5525 |
| Equinix, Inc. (Specialized REITs) | 10 | 7852 |
| Equity Residential (Residential REITs) | 62 | 3919 |
| Essex Property Trust, Inc. (Residential REITs) | 6 | 1561 |
| Everest Group, Ltd. (Insurance) | 8 | 2686 |
| Evergy, Inc. (Electric Utilities) | 42 | 2974 |
| Eversource Energy (Electric Utilities) | 67 | 4429 |
| Exelon Corp. (Electric Utilities) | 186 | 8359 |
| Expand Energy Corp. (Oil, Gas & Consumable <br>Fuels) | 40 | 4191 |
| Expeditors International of Washington, Inc. <br>(Air Freight & Logistics) | 26 | 3022 |
| Extra Space Storage, Inc. (Specialized REITs) | 22 | 2956 |
| Exxon Mobil Corp. (Oil, Gas & Consumable <br>Fuels) | 797 | 88978 |
| F5, Inc.\* (Communications Equipment) | 6 | 1881 |
| FactSet Research Systems, Inc. (Capital <br>Markets) | 4 | 1612 |
| Fastenal Co. (Trading Companies & <br>Distributors) | 91 | 4198 |
| Federal Realty Investment Trust (Retail REITs) | 14 | 1290 |
| FedEx Corp. (Air Freight & Logistics) | 39 | 8716 |
| Fidelity National Information Services, Inc. <br>(Financial Services) | 97 | 7703 |
| Fifth Third Bancorp (Banks) | 122 | 5072 |
| First Horizon Corp. (Banks) | 1 | 19 |
| First Solar, Inc.\* (Semiconductors & <br>Semiconductor Equipment) | 9 | 1573 |
| FirstEnergy Corp. (Electric Utilities) | 95 | 4057 |
| Ford Motor Co. (Automobiles) | 721 | 7981 |
| Fortive Corp.\* (Machinery) | 62 | 2972 |
| Fox Corp.\*—Class A (Media) | 38 | 2119 |
| Fox Corp.—Class B (Media) | 24 | 1227 |
| Franklin Resources, Inc. (Capital Markets) | 57 | 1368 |
| Freeport-McMoRan, Inc. (Metals & Mining) | 264 | 10623 |
| GE HealthCare Technologies, Inc. (Health Care <br>Equipment & Supplies) | 84 | 5991 |
| Gen Digital, Inc. (Software) | 40 | 1180 |
| Generac Holdings, Inc.\* (Electrical Equipment) | 4 | 779 |
| General Dynamics Corp. (Aerospace & <br>Defense) | 47 | 14646 |
| General Electric Co. (Industrial Conglomerates) | 116 | 31444 |
| General Mills, Inc. (Food Products) | 101 | 4947 |
| General Motors Co. (Automobiles) | 178 | 9495 |
| Genuine Parts Co. (Distributors) | 26 | 3350 |
| Gilead Sciences, Inc. (Biotechnology) | 231 | 25939 |
| Global Payments, Inc. (Financial Services) | 45 | 3598 |
| Globe Life, Inc. (Insurance) | 16 | 2248 |
| Halliburton Co. (Energy Equipment & Services) | 159 | 3562 |
| Hasbro, Inc. (Leisure Products) | 25 | 1879 |
| HCA Healthcare, Inc. (Health Care Providers & <br>Services) | 12 | 4248 |
| Healthpeak Properties, Inc. (Health Care <br>REITs) | 127 | 2151 |
| Henry Schein, Inc.\* (Health Care Providers & <br>Services) | 23 | 1556 |

---

**See accompanying notes to financial statements.**

------

July 31, 2025 :: Schedule of Portfolio Investments **:: Large-Cap Value ProFund :: 41**

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Hewlett Packard Enterprise Co. (Technology <br>Hardware, Storage & Peripherals) | 241 | $4986 |
| Hologic, Inc.\* (Health Care Equipment & <br>Supplies) | 40 | 2673 |
| Honeywell International, Inc. (Industrial <br>Conglomerates) | 119 | 26460 |
| Hormel Foods Corp. (Food Products) | 53 | 1489 |
| Host Hotels & Resorts, Inc. (Hotel & Resort <br>REITs) | 46 | 723 |
| HP, Inc. (Technology Hardware, Storage & <br>Peripherals) | 173 | 4290 |
| Humana, Inc. (Health Care Providers & <br>Services) | 23 | 5747 |
| Huntington Bancshares, Inc. (Banks) | 268 | 4403 |
| Huntington Ingalls Industries, Inc. <br>(Aerospace & Defense) | 7 | 1952 |
| IDEX Corp. (Machinery) | 13 | 2126 |
| IDEXX Laboratories, Inc.\* (Health Care <br>Equipment & Supplies) | 14 | 7480 |
| Illinois Tool Works, Inc. (Machinery) | 30 | 7679 |
| Incyte Corp.\* (Biotechnology) | 11 | 824 |
| Intel Corp. (Semiconductors & Semiconductor <br>Equipment) | 805 | 15939 |
| Intercontinental Exchange, Inc. (Capital <br>Markets) | 52 | 9611 |
| International Flavors & Fragrances, Inc. <br>(Chemicals) | 48 | 3409 |
| International Paper Co. (Containers & <br>Packaging) | 97 | 4533 |
| Invesco, Ltd. (Capital Markets) | 82 | 1723 |
| Invitation Homes, Inc. (Residential REITs) | 104 | 3188 |
| IQVIA Holdings, Inc.\* (Life Sciences Tools & <br>Services) | 31 | 5762 |
| J.B. Hunt Transport Services, Inc. (Ground <br>Transportation) | 14 | 2017 |
| Jabil, Inc. (Electronic Equipment, <br>Instruments & Components) | 20 | 4463 |
| Jack Henry & Associates, Inc. (Financial <br>Services) | 8 | 1359 |
| Jacobs Solutions, Inc. (Professional Services) | 23 | 3263 |
| Johnson & Johnson (Pharmaceuticals) | 445 | 73308 |
| Johnson Controls International PLC (Building <br>Products) | 122 | 12811 |
| JPMorgan Chase & Co. (Banks) | 221 | 65469 |
| Kellanova (Food Products) | 51 | 4071 |
| Kenvue, Inc. (Personal Care Products) | 354 | 7589 |
| Keurig Dr Pepper, Inc. (Beverages) | 249 | 8130 |
| KeyCorp (Banks) | 181 | 3244 |
| Keysight Technologies, Inc.\* (Electronic <br>Equipment, Instruments & Components) | 33 | 5409 |
| Kimberly-Clark Corp. (Household Products) | 61 | 7602 |
| Kimco Realty Corp. (Retail REITs) | 124 | 2633 |
| Kinder Morgan, Inc. (Oil, Gas & Consumable <br>Fuels) | 357 | 10017 |
| KKR & Co., Inc. (Capital Markets) | 70 | 10261 |
| L3Harris Technologies, Inc. (Aerospace & <br>Defense) | 34 | 9344 |
| Labcorp Holdings, Inc. (Health Care <br>Providers & Services) | 16 | 4161 |
| Lam Research Corp. (Semiconductors & <br>Semiconductor Equipment) | 237 | 22477 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Lamb Weston Holdings, Inc. (Food <br>Products) | 26 | $1484 |
| Leidos Holdings, Inc. (Professional Services) | 11 | 1756 |
| Lennar Corp.—Class A (Household Durables) | 43 | 4824 |
| Linde PLC (Chemicals) | 88 | 40504 |
| LKQ Corp. (Distributors) | 46 | 1356 |
| Lockheed Martin Corp. (Aerospace & Defense) | 37 | 15576 |
| Loews Corp. (Insurance) | 33 | 2988 |
| Lowe's Cos., Inc. (Specialty Retail) | 102 | 22804 |
| Lululemon Athletica, Inc.\* (Textiles, Apparel & <br>Luxury Goods) | 11 | 2206 |
| LyondellBasell Industries N.V.—Class A <br>(Chemicals) | 47 | 2723 |
| M&T Bank Corp. (Banks) | 30 | 5661 |
| Marathon Petroleum Corp. (Oil, Gas & <br>Consumable Fuels) | 57 | 9701 |
| MarketAxess Holdings, Inc. (Capital Markets) | 7 | 1439 |
| Marriott International, Inc. (Hotels, <br>Restaurants & Leisure) | 1 | 170 |
| Marsh & McLennan Cos., Inc. (Insurance) | 52 | 10358 |
| Martin Marietta Materials, Inc. (Construction <br>Materials) | 5 | 2874 |
| Masco Corp. (Building Products) | 23 | 1567 |
| Match Group, Inc. (Interactive Media & <br>Services) | 44 | 1508 |
| McCormick & Co., Inc. (Food Products) | 48 | 3390 |
| McDonald's Corp. (Hotels, Restaurants & <br>Leisure) | 131 | 39308 |
| McKesson Corp. (Health Care Providers & <br>Services) | 24 | 16645 |
| Medtronic PLC (Health Care Equipment & <br>Supplies) | 237 | 21387 |
| Merck & Co., Inc. (Pharmaceuticals) | 464 | 36248 |
| MetLife, Inc. (Insurance) | 102 | 7747 |
| Mettler-Toledo International, Inc.\* (Life <br>Sciences Tools & Services) | 2 | 2467 |
| MGM Resorts International\* (Hotels, <br>Restaurants & Leisure) | 37 | 1349 |
| Microchip Technology, Inc. (Semiconductors & <br>Semiconductor Equipment) | 99 | 6691 |
| Micron Technology, Inc. (Semiconductors & <br>Semiconductor Equipment) | 207 | 22592 |
| Microsoft Corp. (Software) | 660 | 352109 |
| Mid-America Apartment Communities, Inc. <br>(Residential REITs) | 12 | 1709 |
| Moderna, Inc.\* (Biotechnology) | 63 | 1862 |
| Mohawk Industries, Inc.\* (Household <br>Durables) | 10 | 1145 |
| Molina Healthcare, Inc.\* (Health Care <br>Providers & Services) | 10 | 1579 |
| Molson Coors Beverage Co.\*—Class B <br>(Beverages) | 30 | 1462 |
| Mondelez International, Inc.—Class A (Food <br>Products) | 239 | 15460 |
| Monster Beverage Corp.\* (Beverages) | 71 | 4171 |
| Moody's Corp. (Capital Markets) | 13 | 6704 |
| Morgan Stanley (Capital Markets) | 125 | 17808 |
| Nasdaq, Inc. (Capital Markets) | 45 | 4330 |
| NetApp, Inc. (Technology Hardware, <br>Storage & Peripherals) | 20 | 2083 |
| Newmont Corp. (Metals & Mining) | 206 | 12792 |
| News Corp.\*—Class A (Media) | 69 | 2023 |

---

**See accompanying notes to financial statements.**

------

**42 :: Large-Cap Value ProFund ::** Schedule of Portfolio Investments :: July 31, 2025

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| News Corp.\*—Class B (Media) | 20 | $668 |
| NextEra Energy, Inc. (Electric Utilities) | 126 | 8954 |
| NIKE, Inc.—Class B (Textiles, Apparel & <br>Luxury Goods) | 217 | 16208 |
| NiSource, Inc. (Multi-Utilities) | 87 | 3693 |
| Nordson Corp. (Machinery) | 10 | 2142 |
| Norfolk Southern Corp. (Ground <br>Transportation) | 40 | 11120 |
| Northern Trust Corp. (Capital Markets) | 35 | 4550 |
| Northrop Grumman Corp. (Aerospace & <br>Defense) | 25 | 14415 |
| Nucor Corp. (Metals & Mining) | 41 | 5866 |
| NXP Semiconductors N.V. (Semiconductors & <br>Semiconductor Equipment) | 29 | 6199 |
| Occidental Petroleum Corp. (Oil, Gas & <br>Consumable Fuels) | 130 | 5712 |
| Old Dominion Freight Line, Inc. (Ground <br>Transportation) | 19 | 2836 |
| Omnicom Group, Inc. (Media) | 36 | 2594 |
| ON Semiconductor Corp.\* (Semiconductors & <br>Semiconductor Equipment) | 76 | 4283 |
| ONEOK, Inc. (Oil, Gas & Consumable Fuels) | 52 | 4270 |
| Otis Worldwide Corp. (Machinery) | 73 | 6255 |
| PACCAR, Inc. (Machinery) | 43 | 4247 |
| Packaging Corp. of America (Containers & <br>Packaging) | 8 | 1550 |
| Paramount Global<sup>(a)</sup>—Class B (Media) | 110 | 1383 |
| Paychex, Inc. (Professional Services) | 32 | 4619 |
| PayPal Holdings, Inc.\* (Financial Services) | 59 | 4057 |
| Pentair PLC (Machinery) | 11 | 1124 |
| PepsiCo, Inc. (Beverages) | 253 | 34894 |
| Pfizer, Inc. (Pharmaceuticals) | 1050 | 24455 |
| PG&E Corp. (Electric Utilities) | 404 | 5664 |
| Philip Morris International, Inc. (Tobacco) | 132 | 21655 |
| Phillips 66 (Oil, Gas & Consumable Fuels) | 76 | 9392 |
| Pinnacle West Capital Corp. (Electric Utilities) | 22 | 1994 |
| PNC Financial Services Group, Inc. (Banks) | 73 | 13890 |
| Pool Corp. (Distributors) | 7 | 2157 |
| PPG Industries, Inc. (Chemicals) | 42 | 4431 |
| PPL Corp. (Electric Utilities) | 66 | 2356 |
| Principal Financial Group, Inc. (Insurance) | 38 | 2958 |
| Prologis, Inc. (Industrial REITs) | 172 | 18366 |
| Prudential Financial, Inc. (Insurance) | 66 | 6836 |
| PTC, Inc.\* (Software) | 11 | 2363 |
| Public Service Enterprise Group, Inc. <br>(Multi-Utilities) | 50 | 4490 |
| QUALCOMM, Inc. (Semiconductors & <br>Semiconductor Equipment) | 203 | 29792 |
| Quest Diagnostics, Inc. (Health Care <br>Providers & Services) | 21 | 3516 |
| Ralliant Corp.\* (Electrical Equipment) | 1 | 46 |
| Raymond James Financial, Inc. (Capital <br>Markets) | 12 | 2006 |
| Raytheon Technologies Corp. (Aerospace & <br>Defense) | 105 | 16545 |
| Realty Income Corp. (Retail REITs) | 167 | 9374 |
| Regency Centers Corp. (Retail REITs) | 31 | 2213 |
| Regeneron Pharmaceuticals, Inc.\* <br>(Biotechnology) | 20 | 10909 |
| Regions Financial Corp. (Banks) | 165 | 4179 |
| Revvity, Inc. (Life Sciences Tools & Services) | 22 | 1934 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Rockwell Automation, Inc. (Electrical <br>Equipment) | 21 | $7385 |
| Rollins, Inc. (Commercial Services & Supplies) | 21 | 1203 |
| Roper Technologies, Inc. (Software) | 20 | 11008 |
| Ross Stores, Inc. (Specialty Retail) | 61 | 8329 |
| S&P Global, Inc. (Capital Markets) | 31 | 17084 |
| SBA Communications Corp.—Class A <br>(Specialized REITs) | 20 | 4494 |
| Schlumberger N.V. (Energy Equipment & <br>Services) | 275 | 9295 |
| Seagate Technology Holdings PLC <br>(Technology Hardware, Storage & <br>Peripherals) | 38 | 5966 |
| Sempra (Multi-Utilities) | 121 | 9882 |
| Skyworks Solutions, Inc. (Semiconductors & <br>Semiconductor Equipment) | 28 | 1919 |
| Smurfit WestRock PLC (Containers & <br>Packaging) | 91 | 4039 |
| Snap-on, Inc. (Machinery) | 10 | 3212 |
| Solventum Corp.\* (Health Care Equipment & <br>Supplies) | 26 | 1855 |
| Southwest Airlines Co. (Passenger Airlines) | 104 | 3217 |
| Stanley Black & Decker, Inc. (Machinery) | 29 | 1962 |
| Starbucks Corp. (Hotels, Restaurants & <br>Leisure) | 211 | 18813 |
| State Street Corp. (Capital Markets) | 54 | 6035 |
| Steel Dynamics, Inc. (Metals & Mining) | 26 | 3317 |
| STERIS PLC (Health Care Equipment & <br>Supplies) | 18 | 4077 |
| Stryker Corp. (Health Care Equipment & <br>Supplies) | 30 | 11782 |
| Synopsys, Inc.\* (Software) | 17 | 10769 |
| Sysco Corp. (Consumer Staples Distribution & <br>Retail) | 89 | 7084 |
| T. Rowe Price Group, Inc. (Capital Markets) | 40 | 4058 |
| Take-Two Interactive Software, Inc.\* <br>(Entertainment) | 32 | 7127 |
| Target Corp. (Consumer Staples Distribution & <br>Retail) | 84 | 8442 |
| TE Connectivity, Ltd. (Electronic Equipment, <br>Instruments & Components) | 56 | 11522 |
| Teledyne Technologies, Inc.\* (Electronic <br>Equipment, Instruments & Components) | 9 | 4959 |
| Teradyne, Inc. (Semiconductors & <br>Semiconductor Equipment) | 29 | 3115 |
| Texas Instruments, Inc. (Semiconductors & <br>Semiconductor Equipment) | 168 | 30419 |
| Textron, Inc.\* (Aerospace & Defense) | 34 | 2644 |
| The AES Corp. (Independent Power/Renewable <br>Electricity Producers) | 130 | 1710 |
| The Bank of New York Mellon Corp. (Capital <br>Markets) | 61 | 6188 |
| The Boeing Co.\* (Aerospace & Defense) | 141 | 31279 |
| The Charles Schwab Corp. (Capital Markets) | 315 | 30784 |
| The Cigna Group (Health Care Providers & <br>Services) | 50 | 13369 |
| The Clorox Co. (Household Products) | 23 | 2888 |
| The Coca-Cola Co. (Beverages) | 716 | 48609 |
| The Cooper Cos., Inc.\* (Health Care <br>Equipment & Supplies) | 37 | 2616 |

---

**See accompanying notes to financial statements.**

------

July 31, 2025 :: Schedule of Portfolio Investments **:: Large-Cap Value ProFund :: 43**

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| The Estee Lauder Cos., Inc. (Personal Care <br>Products) | 43 | $4014 |
| The Goldman Sachs Group, Inc. (Capital <br>Markets) | 57 | 41244 |
| The Hartford Financial Services Group, Inc. <br>(Insurance) | 24 | 2985 |
| The Hershey Co. (Food Products) | 28 | 5212 |
| The Home Depot, Inc. (Specialty Retail) | 102 | 37486 |
| The Interpublic Group of Cos., Inc. (Media) | 68 | 1673 |
| The J.M. Smucker Co. (Food Products) | 20 | 2147 |
| The Kraft Heinz Co. (Food Products) | 160 | 4394 |
| The Kroger Co. (Consumer Staples <br>Distribution & Retail) | 113 | 7921 |
| The Mosaic Co. (Chemicals) | 58 | 2089 |
| The Procter & Gamble Co. (Household <br>Products) | 433 | 65153 |
| The Sherwin-Williams Co. (Chemicals) | 19 | 6287 |
| The Southern Co. (Electric Utilities) | 203 | 19178 |
| The TJX Cos., Inc. (Specialty Retail) | 85 | 10585 |
| The Travelers Cos., Inc. (Insurance) | 41 | 10669 |
| The Walt Disney Co. (Entertainment) | 332 | 39544 |
| The Williams Cos., Inc. (Oil, Gas & <br>Consumable Fuels) | 108 | 6475 |
| Thermo Fisher Scientific, Inc. (Life Sciences <br>Tools & Services) | 70 | 32737 |
| T-Mobile U.S., Inc. (Wireless <br>Telecommunication Services) | 40 | 9536 |
| Tractor Supply Co. (Specialty Retail) | 45 | 2563 |
| Trimble, Inc.\* (Electronic Equipment, <br>Instruments & Components) | 25 | 2097 |
| Truist Financial Corp. (Banks) | 242 | 10578 |
| Tyson Foods, Inc.—Class A (Food Products) | 53 | 2772 |
| U.S. Bancorp (Banks) | 288 | 12948 |
| UDR, Inc. (Residential REITs) | 29 | 1139 |
| Ulta Beauty, Inc.\* (Specialty Retail) | 8 | 4120 |
| Union Pacific Corp. (Ground Transportation) | 110 | 24416 |
| United Parcel Service, Inc.—Class B (Air <br>Freight & Logistics) | 136 | 11718 |
| UnitedHealth Group, Inc. (Health Care <br>Providers & Services) | 168 | 41926 |
| Universal Health Services, Inc.—Class B <br>(Health Care Providers & Services) | 11 | 1831 |
| Valero Energy Corp. (Oil, Gas & Consumable <br>Fuels) | 58 | 7964 |
| Ventas, Inc. (Health Care REITs) | 82 | 5509 |
| Veralto Corp. (Commercial Services & <br>Supplies) | 24 | 2516 |
| VeriSign, Inc. (IT Services) | 14 | 3764 |
| Verisk Analytics, Inc. (Professional Services) | 14 | 3902 |
| Verizon Communications, Inc. (Diversified <br>Telecommunication Services) | 779 | 33310 |
| Viatris, Inc. (Pharmaceuticals) | 217 | 1897 |
| VICI Properties, Inc. (Specialized REITs) | 195 | 6357 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Vulcan Materials Co. (Construction Materials) | 9 | $2472 |
| W.R. Berkley Corp. (Insurance) | 25 | 1720 |
| Walgreens Boots Alliance, Inc. (Consumer <br>Staples Distribution & Retail) | 131 | 1525 |
| Walmart, Inc. (Consumer Staples <br>Distribution & Retail) | 263 | 25770 |
| Warner Bros. Discovery, Inc.\* (Entertainment) | 416 | 5479 |
| Waste Management, Inc. (Commercial <br>Services & Supplies) | 32 | 7333 |
| Waters Corp.\* (Life Sciences Tools & Services) | 6 | 1733 |
| WEC Energy Group, Inc. (Multi-Utilities) | 59 | 6436 |
| Wells Fargo & Co. (Banks) | 602 | 48539 |
| Welltower, Inc. (Health Care REITs) | 54 | 8914 |
| West Pharmaceutical Services, Inc. (Life <br>Sciences Tools & Services) | 13 | 3110 |
| Western Digital Corp.\* (Technology <br>Hardware, Storage & Peripherals) | 65 | 5115 |
| Weyerhaeuser Co. (Specialized REITs) | 132 | 3307 |
| Willis Towers Watson PLC (Insurance) | 10 | 3158 |
| Workday, Inc.\*—Class A (Software) | 22 | 5046 |
| Xcel Energy, Inc. (Electric Utilities) | 105 | 7711 |
| Xylem, Inc. (Machinery) | 44 | 6363 |
| Yum! Brands, Inc. (Hotels, Restaurants & <br>Leisure) | 31 | 4469 |
| Zebra Technologies Corp.\* (Electronic <br>Equipment, Instruments & Components) | 5 | 1695 |
| Zimmer Biomet Holdings, Inc. (Health Care <br>Equipment & Supplies) | 36 | 3299 |
| Zoetis, Inc. (Pharmaceuticals) | 83 | 12101 |
| **TOTAL COMMON STOCKS**<br> (Cost $2,803,381) |  | **4558683** |

---

**Collateral for Securities Loaned<sup>(b)(NM)</sup>**

---

| | |
|:---|:---|
| Invesco Government & Agency Portfolio—<br>Institutional Shares, 4.34%<sup>(c)</sup> | 839 |
| **TOTAL COLLATERAL FOR SECURITIES LOANED**<br> (Cost $839) | **839** |
| **TOTAL INVESTMENT SECURITIES**<br> (Cost $2,804,220)—99.7% | **4559522** |
| Net other assets (liabilities)—0.3% | 14154 |
| **NET ASSETS—100.0%** | $**4573676** |

---

\* Non-income producing security.

<sup>(a)</sup> All or part of this security was on loan as of July 31, 2025. The total value of securities on loan as of July 31, 2025 was $767.

<sup>(b)</sup> Securities were purchased with cash collateral held from securities on loan at July 31, 2025.

<sup>(c)</sup> Rate periodically changes. Rate disclosed is the daily yield as of July 31, 2025.

<sup>NM</sup> Not meaningful, amount is less than 0.05%

**See accompanying notes to financial statements.**

------

**44 :: Large-Cap Value ProFund ::** Schedule of Portfolio Investments :: July 31, 2025

Large-Cap Value ProFund invested in the following industries as of July 31, 2025:

---

| | | |
|:---|:---|:---|
| | Value | % of <br>Net Assets |
| Aerospace & Defense | $106401 | 2.3% |
| Air Freight & Logistics | 25993 | 0.6% |
| Automobile Components | 2746 | 0.1% |
| Automobiles | 17476 | 0.4% |
| Banks | 267437 | 5.8% |
| Beverages | 103033 | 2.2% |
| Biotechnology | 95853 | 2.1% |
| Broadline Retail | 174263 | 3.8% |
| Building Products | 23817 | 0.5% |
| Capital Markets | 250865 | 5.5% |
| Chemicals | 100815 | 2.2% |
| Commercial Services & Supplies | 11052 | 0.2% |
| Communications Equipment | 51987 | 1.1% |
| Construction Materials | 5346 | 0.1% |
| Consumer Finance | 25370 | 0.5% |
| Consumer Staples Distribution & Retail | 58912 | 1.3% |
| Containers & Packaging | 19347 | 0.5% |
| Distributors | 6863 | 0.1% |
| Diversified Telecommunication Services | 69738 | 1.5% |
| Electric Utilities | 108672 | 2.4% |
| Electrical Equipment | 17264 | 0.4% |
| Electronic Equipment, Instruments & <br>Components | 43486 | 1.0% |
| Energy Equipment & Services | 21101 | 0.4% |
| Entertainment | 56115 | 1.2% |
| Financial Services | 103373 | 2.3% |
| Food Products | 54852 | 1.2% |
| Gas Utilities | 4678 | 0.1% |
| Ground Transportation | 47035 | 1.0% |
| Health Care Equipment & Supplies | 126990 | 2.8% |
| Health Care Providers & Services | 138660 | 3.0% |
| Health Care REITs | 16574 | 0.4% |
| Hotel & Resort REITs | 723 | <sup>NM</sup> |
| Hotels, Restaurants & Leisure | 69369 | 1.5% |
| Household Durables | 13397 | 0.3% |
| Household Products | 86906 | 1.9% |
| Independent Power/Renewable Electricity <br>Producers | 1709 | <sup>NM</sup> |
| Industrial Conglomerates | 72678 | 1.6% |

---

---

| | | |
|:---|:---|:---|
| | Value | % of <br>Net Assets |
| Industrial REITs | $18366 | 0.4% |
| Insurance | 118362 | 2.6% |
| Interactive Media & Services | 1508 | 0.1% |
| IT Services | 45078 | 1.0% |
| Leisure Products | 1879 | <sup>NM</sup> |
| Life Sciences Tools & Services | 80267 | 1.7% |
| Machinery | 54594 | 1.2% |
| Media | 39398 | 0.9% |
| Metals & Mining | 32598 | 0.7% |
| Multi-Utilities | 59586 | 1.3% |
| Office REITs | 3983 | 0.1% |
| Oil, Gas & Consumable Fuels | 254511 | 5.6% |
| Passenger Airlines | 3217 | 0.1% |
| Personal Care Products | 11603 | 0.3% |
| Pharmaceuticals | 164293 | 3.6% |
| Professional Services | 32001 | 0.7% |
| Real Estate Management & Development | 7520 | 0.2% |
| Residential REITs | 15215 | 0.3% |
| Retail REITs | 15510 | 0.3% |
| Semiconductors & Semiconductor <br>Equipment | 234972 | 5.2% |
| Software | 406599 | 8.9% |
| Specialized REITs | 62018 | 1.4% |
| Specialty Retail | 89684 | 2.0% |
| Technology Hardware, Storage & <br>Peripherals | 335908 | 7.3% |
| Textiles, Apparel & Luxury Goods | 18414 | 0.4% |
| Tobacco | 32061 | 0.7% |
| Trading Companies & Distributors | 4198 | 0.1% |
| Water Utilities | 4908 | 0.1% |
| Wireless Telecommunication Services | 9536 | 0.2% |
| Other\*\* | 14993 | 0.3% |
| **Total** | $**4573676** | **100.0%** |

---

\*\* Includes any non-equity securities and other net assets (liabilities), which includes any receivable for capital shares issued and payable for capital shares redeemed.

<sup>NM</sup> Not meaningful, amount is less than 0.05%

**See accompanying notes to financial statements.**

------

July 31, 2025 :: Schedule of Portfolio Investments **:: Materials UltraSector ProFund :: 45**

**Common Stocks (85.8%)**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Air Products & Chemicals, Inc. (Chemicals) | 492 | $141637 |
| Albemarle Corp. (Chemicals) | 498 | 33789 |
| Amcor PLC (Containers & Packaging) | 9704 | 90732 |
| Avery Dennison Corp. (Containers & <br>Packaging) | 331 | 55532 |
| Ball Corp. (Containers & Packaging) | 1175 | 67281 |
| CF Industries Holdings, Inc. (Chemicals) | 686 | 63681 |
| Corteva, Inc. (Chemicals) | 1844 | 133008 |
| Dow, Inc. (Chemicals) | 2994 | 69730 |
| DuPont de Nemours, Inc. (Chemicals) | 1772 | 127407 |
| Eastman Chemical Co. (Chemicals) | 489 | 35506 |
| Ecolab, Inc. (Chemicals) | 558 | 146062 |
| Freeport-McMoRan, Inc. (Metals & Mining) | 3241 | 130418 |
| International Flavors & Fragrances, Inc. <br>(Chemicals) | 1083 | 76925 |
| International Paper Co. (Containers & <br>Packaging) | 2236 | 104510 |
| Linde PLC (Chemicals) | 1042 | 479592 |
| LyondellBasell Industries N.V.—Class A <br>(Chemicals) | 1089 | 63086 |
| Martin Marietta Materials, Inc. (Construction <br>Materials) | 244 | 140271 |
| Newmont Corp. (Metals & Mining) | 2494 | 154877 |
| Nucor Corp. (Metals & Mining) | 977 | 139779 |
| Packaging Corp. of America (Containers & <br>Packaging) | 378 | 73238 |
| PPG Industries, Inc. (Chemicals) | 961 | 101386 |
| Smurfit WestRock PLC (Containers & <br>Packaging) | 2100 | 93198 |
| Steel Dynamics, Inc. (Metals & Mining) | 585 | 74623 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| The Mosaic Co. (Chemicals) | 1344 | $48397 |
| The Sherwin-Williams Co. (Chemicals) | 510 | 168749 |
| Vulcan Materials Co. (Construction Materials) | 509 | 139807 |
| **TOTAL COMMON STOCKS**<br> (Cost $1,407,157) |  | **2953221** |

---

**Repurchase Agreements<sup>(a)(b)</sup> (24.6%)**

---

| | | |
|:---|:---|:---|
| | Principal<br>Amount | Value |
| Repurchase Agreements with various <br>counterparties, rates 4.09%–4.25%, <br>dated 7/31/25, due 8/1/25, total to be <br>received $845,099 | $845000 | $845000 |
| **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $845,000) |  | **845000** |
| **TOTAL INVESTMENT SECURITIES**<br> (Cost $2,252,157)—110.4% |  | **3798221** |
| Net other assets (liabilities)—(10.4)% |  | (359315) |
| **NET ASSETS—100.0%** |  | $**3438906** |

---

<sup>(a)</sup> The ProFund invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" in the Appendix to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.

<sup>(b)</sup> A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. At July 31, 2025, the aggregate amount held in a segregated account was $485,000.

**Total Return Swap Agreements—Long**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Underlying Instrument | Counterparty | Termination <br>Date<sup>(1)</sup> | Rate Paid <br>(Received)<sup>(2)</sup> | Notional <br>Amount | Value and <br>Unrealized <br>Appreciation/ <br>(Depreciation) |
| S&P Materials Select Sector Index | Goldman Sachs International | 8/25/25 | 5.08% | $1291319 | $(128504) |
| S&P Materials Select Sector Index | UBS AG | 8/25/25 | 5.13% | 931428 | (64180) |
|  |  |  |  | $**2222747** | $**(192684)** |

---

<sup>(1)</sup> Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

<sup>(2)</sup> Reflects the floating financing rate, as of July 31, 2025, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

Materials UltraSector ProFund invested in the following industries as of July 31, 2025:

---

| | | |
|:---|:---|:---|
| | Value | % of <br>Net Assets |
| Chemicals | $1688955 | 49.1% |
| Construction Materials | 280078 | 8.1% |
| Containers & Packaging | 484491 | 14.1% |
| Metals & Mining | 499697 | 14.5% |
| Other\*\* | 485685 | 14.2% |
| **Total** | $**3438906** | **100.0%** |

---

\*\* Includes any non-equity securities and other net assets (liabilities), which includes any receivable for capital shares issued and payable for capital shares redeemed.

**See accompanying notes to financial statements.**

------

**46 :: Mid-Cap Growth ProFund ::** Schedule of Portfolio Investments :: July 31, 2025

**Common Stocks (99.8%)**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| AAON, Inc. (Building Products) | 183 | $15281 |
| Abercrombie & Fitch Co.\*—Class A (Specialty <br>Retail) | 129 | 12387 |
| Acuity Brands, Inc. (Electrical Equipment) | 82 | 25531 |
| Advanced Drainage Systems, Inc. (Building <br>Products) | 91 | 10442 |
| AECOM (Construction & Engineering) | 189 | 21308 |
| AeroVironment, Inc.\* (Aerospace & Defense) | 85 | 22749 |
| Affiliated Managers Group, Inc. (Capital <br>Markets) | 32 | 6716 |
| Agree Realty Corp. (Retail REITs) | 122 | 8747 |
| Alaska Air Group, Inc.\* (Passenger Airlines) | 328 | 17371 |
| Allegro MicroSystems, Inc.\* <br>(Semiconductors & Semiconductor <br>Equipment) | 134 | 4209 |
| American Airlines Group, Inc.\* (Passenger <br>Airlines) | 1782 | 20475 |
| American Financial Group, Inc. (Insurance) | 85 | 10617 |
| American Homes 4 Rent—Class A (Residential <br>REITs) | 325 | 11274 |
| Antero Midstream Corp. (Oil, Gas & <br>Consumable Fuels) | 452 | 8294 |
| API Group Corp.\* (Industrial Support Services) | 582 | 20993 |
| Appfolio, Inc.\*—Class A (Software) | 62 | 16578 |
| Applied Industrial Technologies, Inc. (Trading <br>Companies & Distributors) | 103 | 27965 |
| AptarGroup, Inc. (Containers & Packaging) | 95 | 14928 |
| ATI, Inc.\* (Metals & Mining) | 382 | 29391 |
| Axalta Coating Systems, Ltd.\* (Chemicals) | 319 | 9034 |
| Bath & Body Works, Inc. (Retail—<br>Discretionary) | 294 | 8514 |
| Belden, Inc. (Electronic Equipment, <br>Instruments & Components) | 107 | 13231 |
| BellRing Brands, Inc.\* (Personal Care <br>Products) | 158 | 8624 |
| BJ's Wholesale Club Holdings, Inc.\* <br>(Consumer Staples Distribution & Retail) | 168 | 17791 |
| Blackbaud, Inc.\* (Software) | 50 | 3371 |
| Boyd Gaming Corp. (Hotels, Restaurants & <br>Leisure) | 101 | 8575 |
| Brixmor Property Group, Inc. (Retail REITs) | 446 | 11654 |
| Bruker Corp. (Life Sciences Tools & Services) | 137 | 5265 |
| Burlington Stores, Inc.\* (Specialty Retail) | 171 | 46676 |
| BWX Technologies, Inc. (Aerospace & <br>Defense) | 247 | 37527 |
| Cabot Corp. (Chemicals) | 81 | 5847 |
| CACI International, Inc.\*—Class A <br>(Professional Services) | 36 | 16581 |
| Carlisle Cos., Inc. (Building Products) | 117 | 41501 |
| Carpenter Technology Corp. (Metals & Mining) | 134 | 33418 |
| Casey's General Stores, Inc. (Consumer <br>Staples Distribution & Retail) | 69 | 35889 |
| Cava Group, Inc.\* (Leisure Facilities & <br>Services) | 174 | 15314 |
| Celsius Holdings, Inc.\* (Beverages) | 272 | 12332 |
| Chart Industries, Inc.\* (Machinery) | 122 | 24257 |
| Chemed Corp. (Health Care Providers & <br>Services) | 18 | 7421 |
| Chewy, Inc.\*—Class A (Specialty Retail) | 593 | 21763 |
| Choice Hotels International, Inc.<sup>(a)</sup> (Hotels, <br>Restaurants & Leisure) | 60 | 7663 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Churchill Downs, Inc. (Hotels, Restaurants & <br>Leisure) | 195 | $20873 |
| Ciena Corp.\* (Communications Equipment) | 231 | 21446 |
| Cirrus Logic, Inc.\* (Semiconductors & <br>Semiconductor Equipment) | 87 | 8762 |
| Clean Harbors, Inc.\* (Commercial Services & <br>Supplies) | 136 | 32070 |
| CNX Resources Corp.\* (Oil, Gas & Consumable <br>Fuels) | 390 | 11821 |
| Coca-Cola Consolidated, Inc. (Beverages) | 159 | 17769 |
| Cognex Corp. (Electronic Equipment, <br>Instruments & Components) | 181 | 7379 |
| Coherent Corp.\* (Electronic Equipment, <br>Instruments & Components) | 420 | 45193 |
| Comfort Systems USA, Inc. (Construction & <br>Engineering) | 95 | 66814 |
| Commerce Bancshares, Inc. (Banks) | 187 | 11444 |
| CommVault Systems, Inc.\* (Software) | 120 | 22794 |
| COPT Defense Properties (Office REITs) | 157 | 4283 |
| Core & Main, Inc.\*—Class A (Trading <br>Companies & Distributors) | 317 | 20174 |
| Crane Co. (Machinery) | 70 | 13704 |
| Crane NXT Co. (Electronic Equipment, <br>Instruments & Components) | 54 | 3204 |
| Crocs, Inc.\* (Textiles, Apparel & Luxury Goods) | 151 | 15059 |
| CubeSmart (Specialized REITs) | 332 | 12918 |
| Cullen/Frost Bankers, Inc. (Banks) | 122 | 15544 |
| Curtiss-Wright Corp. (Aerospace & Defense) | 102 | 50002 |
| Cytokinetics, Inc.\* (Biotechnology) | 161 | 6060 |
| Dick's Sporting Goods, Inc. (Specialty Retail) | 91 | 19247 |
| DocuSign, Inc.\* (Software) | 548 | 41451 |
| Donaldson Co., Inc. (Machinery) | 185 | 13314 |
| Doximity, Inc.\*—Class A (Health Care <br>Technology) | 361 | 21209 |
| Dropbox, Inc.\*—Class A (Software) | 323 | 8776 |
| DT Midstream, Inc. (Oil, Gas & Consumable <br>Fuels) | 274 | 28147 |
| Duolingo, Inc.\* (Diversified Consumer <br>Services) | 106 | 36734 |
| Dynatrace, Inc.\* (Software) | 811 | 42666 |
| Eagle Materials, Inc. (Construction Materials) | 89 | 19962 |
| East West Bancorp, Inc. (Banks) | 373 | 37394 |
| EastGroup Properties, Inc. (Industrial REITs) | 67 | 10937 |
| EchoStar Corp.\*—Class A (Media) | 177 | 5768 |
| elf Beauty, Inc.\* (Personal Care Products) | 152 | 18421 |
| EMCOR Group, Inc. (Construction & <br>Engineering) | 121 | 75925 |
| Encompass Health Corp. (Health Care <br>Providers & Services) | 193 | 21251 |
| Entegris, Inc. (Semiconductors & <br>Semiconductor Equipment) | 212 | 16634 |
| Equitable Holdings, Inc. (Financial Services) | 821 | 42159 |
| Equity LifeStyle Properties, Inc. (Residential <br>REITs) | 258 | 15460 |
| Esab Corp. (Machinery) | 155 | 20796 |
| Euronet Worldwide, Inc.\* (Financial Services) | 65 | 6317 |
| Evercore Partners, Inc. (Capital Markets) | 97 | 29210 |
| Exelixis, Inc.\* (Biotechnology) | 736 | 26658 |
| ExlService Holdings, Inc.\* (Professional <br>Services) | 439 | 19065 |
| Exponent, Inc. (Professional Services) | 82 | 5655 |

---

**See accompanying notes to financial statements.**

------

July 31, 2025 :: Schedule of Portfolio Investments **:: Mid-Cap Growth ProFund :: 47**

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Fabrinet\* (Electronic Equipment, <br>Instruments & Components) | 97 | $31402 |
| Federated Hermes, Inc.—B (Capital Markets) | 124 | 6147 |
| First Financial Bankshares, Inc. (Banks) | 194 | 6716 |
| First Industrial Realty Trust, Inc. (Industrial <br>REITs) | 193 | 9403 |
| FirstCash Holdings, Inc. (Consumer Finance) | 67 | 8930 |
| Floor & Decor Holdings, Inc.\*—Class A <br>(Specialty Retail) | 163 | 12492 |
| Flowserve Corp. (Machinery) | 247 | 13842 |
| GameStop Corp.\*—Class A (Specialty Retail) | 484 | 10866 |
| Gaming and Leisure Properties, Inc. <br>(Specialized REITs) | 319 | 14540 |
| GATX Corp. (Trading Companies & <br>Distributors) | 60 | 9161 |
| Genpact, Ltd. (Professional Services) | 230 | 10132 |
| Gentex Corp. (Automobile Components) | 248 | 6552 |
| Glacier Bancorp, Inc. (Banks) | 143 | 6268 |
| Globus Medical, Inc.\* (Health Care <br>Equipment & Supplies) | 305 | 16052 |
| Graco, Inc. (Machinery) | 222 | 18644 |
| Grand Canyon Education, Inc.\* (Diversified <br>Consumer Services) | 76 | 12816 |
| Graphic Packaging Holding Co. (Containers & <br>Packaging) | 317 | 7088 |
| Guidewire Software, Inc.\* (Software) | 227 | 51351 |
| H&R Block, Inc. (Diversified Consumer <br>Services) | 362 | 19671 |
| Haemonetics Corp.\* (Health Care Equipment & <br>Supplies) | 79 | 5849 |
| Halozyme Therapeutics, Inc.\* (Biotechnology) | 333 | 19970 |
| Hamilton Lane, Inc.—Class A (Capital Markets) | 118 | 17971 |
| HealthEquity, Inc.\* (Health Care Providers & <br>Services) | 235 | 22795 |
| Hexcel Corp. (Aerospace & Defense) | 109 | 6530 |
| Hilton Grand Vacations, Inc.\* (Hotels, <br>Restaurants & Leisure) | 157 | 7037 |
| Hims & Hers Health, Inc.\* (Health Care <br>Providers & Services) | 531 | 35142 |
| Home BancShares, Inc. (Banks) | 188 | 5294 |
| Houlihan Lokey, Inc. (Capital Markets) | 145 | 27646 |
| Hyatt Hotels Corp.—Class A (Hotels, <br>Restaurants & Leisure) | 114 | 16071 |
| IDACORP, Inc. (Electric Utilities) | 60 | 7520 |
| Illumina, Inc.\* (Life Sciences Tools & Services) | 223 | 22904 |
| Independence Realty Trust, Inc.\* (Residential <br>REITs) | 378 | 6339 |
| Ingredion, Inc. (Food Products) | 75 | 9865 |
| Interactive Brokers Group, Inc.—Class A <br>(Capital Markets) | 1179 | 77294 |
| International Bancshares Corp. (Banks) | 103 | 7023 |
| Iridium Communications, Inc. (Diversified <br>Telecommunication Services) | 142 | 3473 |
| ITT, Inc. (Machinery) | 151 | 25663 |
| Janus Henderson Group PLC (Capital Markets) | 136 | 5889 |
| Jefferies Financial Group, Inc. (Capital Markets) | 233 | 13435 |
| Jones Lang LaSalle, Inc.\* (Real Estate <br>Management & Development) | 68 | 18384 |
| KB Home (Household Durables) | 101 | 5581 |
| KBR, Inc. (Professional Services) | 147 | 6871 |
| Kinsale Capital Group, Inc. (Insurance) | 60 | 26441 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Kirby Corp.\* (Marine Transportation) | 151 | $14392 |
| Kite Realty Group Trust (Retail REITs) | 254 | 5583 |
| Knife River Corp.\* (Construction Materials) | 154 | 12702 |
| Kyndryl Holdings, Inc.\* (IT Services) | 352 | 13295 |
| Lamar Advertising Co.—Class A (Specialized <br>REITs) | 149 | 18215 |
| Lancaster Colony Corp. (Food Products) | 26 | 4622 |
| Lantheus Holdings, Inc.\* (Health Care <br>Equipment & Supplies) | 187 | 13313 |
| Lattice Semiconductor Corp.\* <br>(Semiconductors & Semiconductor <br>Equipment) | 182 | 9069 |
| Light & Wonder, Inc.\* (Hotels, Restaurants & <br>Leisure) | 229 | 22057 |
| Lincoln Electric Holdings, Inc. (Machinery) | 85 | 20698 |
| LivaNova PLC\* (Health Care Equipment & <br>Supplies) | 60 | 2531 |
| Louisiana-Pacific Corp. (Paper & Forest <br>Products) | 168 | 15189 |
| Lumentum Holdings, Inc.\* (Communications <br>Equipment) | 119 | 13100 |
| MACOM Technology Solutions Holdings, Inc.\* <br>(Semiconductors & Semiconductor <br>Equipment) | 161 | 22079 |
| Manhattan Associates, Inc.\* (Software) | 165 | 36244 |
| Maplebear, Inc.\* (Consumer Staples <br>Distribution & Retail) | 204 | 9786 |
| Masimo Corp.\* (Health Care Equipment & <br>Supplies) | 122 | 18763 |
| MasTec, Inc.\* (Construction & Engineering) | 166 | 31409 |
| Matador Resources Co. (Oil, Gas & <br>Consumable Fuels) | 201 | 10026 |
| Medpace Holdings, Inc.\* (Life Sciences Tools & <br>Services) | 64 | 27341 |
| MGIC Investment Corp. (Financial Services) | 307 | 7951 |
| MKS Instruments, Inc. (Semiconductors & <br>Semiconductor Equipment) | 75 | 7139 |
| Morningstar, Inc. (Capital Markets) | 72 | 19905 |
| MSA Safety, Inc. (Commercial Services & <br>Supplies) | 53 | 9427 |
| Mueller Industries, Inc. (Machinery) | 299 | 25526 |
| Murphy USA, Inc. (Specialty Retail) | 49 | 17762 |
| National Storage Affiliates Trust (Specialized <br>REITs) | 190 | 5597 |
| Neurocrine Biosciences, Inc.\* (Biotechnology) | 267 | 34238 |
| NewMarket Corp. (Chemicals) | 9 | 6183 |
| Novanta, Inc.\* (Electronic Equipment, <br>Instruments & Components) | 59 | 7258 |
| nVent Electric PLC (Electrical Equipment) | 445 | 34897 |
| Okta, Inc.\* (IT Services) | 452 | 44206 |
| Ollie's Bargain Outlet Holdings, Inc.\* (Broadline <br>Retail) | 98 | 13390 |
| Omega Healthcare Investors, Inc. (Health Care <br>REITs) | 313 | 12176 |
| Onto Innovation, Inc.\* (Semiconductors & <br>Semiconductor Equipment) | 74 | 7012 |
| Ormat Technologies, Inc. (Independent <br>Power/Renewable Electricity Producers) | 70 | 6259 |
| Owens Corning (Building Products) | 231 | 32208 |
| Park Hotels & Resorts, Inc. (Hotel & Resort <br>REITs) | 263 | 2804 |

---

**See accompanying notes to financial statements.**

------

**48 :: Mid-Cap Growth ProFund ::** Schedule of Portfolio Investments :: July 31, 2025

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Parsons Corp.\* (Professional Services) | 128 | $9498 |
| Paylocity Holding Corp.\* (Professional <br>Services) | 117 | 21630 |
| Pegasystems, Inc. (Software) | 240 | 14090 |
| Penumbra, Inc.\* (Health Care Equipment & <br>Supplies) | 68 | 17154 |
| Permian Resources Corp. (Oil, Gas & <br>Consumable Fuels) | 1723 | 24398 |
| Pilgrim's Pride Corp.\* (Food Products) | 109 | 5166 |
| Pinnacle Financial Partners, Inc. (Banks) | 133 | 11689 |
| Planet Fitness, Inc.\*—Class A (Hotels, <br>Restaurants & Leisure) | 227 | 24786 |
| Post Holdings, Inc.\* (Food Products) | 69 | 7301 |
| Power Integrations, Inc. (Semiconductors & <br>Semiconductor Equipment) | 52 | 2523 |
| Primerica, Inc. (Insurance) | 88 | 23375 |
| Pure Storage, Inc.\*—Class A (Technology <br>Hardware, Storage & Peripherals) | 841 | 50056 |
| Qualys, Inc.\* (Software) | 57 | 7585 |
| Rambus, Inc.\* (Semiconductors & <br>Semiconductor Equipment) | 291 | 21513 |
| Range Resources Corp. (Oil, Gas & <br>Consumable Fuels) | 297 | 10906 |
| Rb Global, Inc. (Commercial Services & <br>Supplies) | 501 | 54238 |
| RBC Bearings, Inc.\* (Machinery) | 84 | 32536 |
| RenaissanceRe Holdings, Ltd. (Insurance) | 132 | 32174 |
| Repligen Corp.\* (Life Sciences Tools & <br>Services) | 60 | 7024 |
| RH\* (Specialty Retail) | 21 | 4318 |
| RLI Corp. (Insurance) | 226 | 14914 |
| Roivant Sciences, Ltd.\* (Biotechnology) | 1137 | 12916 |
| Royal Gold, Inc. (Metals & Mining) | 80 | 12114 |
| RPM International, Inc. (Chemicals) | 197 | 23130 |
| Ryan Specialty Holdings, Inc. (Insurance) | 291 | 17806 |
| Ryder System, Inc. (Ground Transportation) | 59 | 10485 |
| Saia, Inc.\* (Ground Transportation) | 72 | 21761 |
| Sarepta Therapeutics, Inc.\* (Biotechnology) | 264 | 4335 |
| SEI Investments Co. (Capital Markets) | 156 | 13747 |
| Service Corp. International (Diversified <br>Consumer Services) | 235 | 17933 |
| Shift4 Payments, Inc.\*—Class A (Financial <br>Services) | 183 | 18849 |
| Silicon Laboratories, Inc.\* (Semiconductors & <br>Semiconductor Equipment) | 38 | 5007 |
| Simpson Manufacturing Co., Inc. (Building <br>Products) | 75 | 13457 |
| SLM Corp. (Consumer Finance) | 567 | 18031 |
| Sotera Health Co.\* (Life Sciences Tools & <br>Services) | 189 | 2172 |
| Sprouts Farmers Market, Inc.\* (Consumer <br>Staples Distribution & Retail) | 264 | 40006 |
| Stifel Financial Corp. (Capital Markets) | 197 | 22482 |
| Synovus Financial Corp. (Banks) | 184 | 8692 |
| Tempur Sealy International, Inc. (Household <br>Durables) | 329 | 23813 |
| Tenet Healthcare Corp.\* (Health Care <br>Providers & Services) | 154 | 24837 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Tetra Tech, Inc. (Commercial Services & <br>Supplies) | 712 | $26159 |
| Texas Roadhouse, Inc. (Hotels, Restaurants & <br>Leisure) | 180 | 33322 |
| The Brink's Co. (Commercial Services & <br>Supplies) | 57 | 4978 |
| The Carlyle Group, Inc. (Capital Markets) | 213 | 12921 |
| The Ensign Group, Inc. (Health Care <br>Providers & Services) | 155 | 23250 |
| The New York Times Co.—Class A (Media) | 237 | 12299 |
| The Scotts Miracle-Gro Co. (Chemicals) | 43 | 2694 |
| The Toro Co. (Machinery) | 114 | 8465 |
| The Wendy's Co. (Hotels, Restaurants & <br>Leisure) | 194 | 1911 |
| Toll Brothers, Inc. (Household Durables) | 269 | 31839 |
| TopBuild Corp.\* (Household Durables) | 77 | 28523 |
| Travel + Leisure Co. (Hotels, Restaurants & <br>Leisure) | 179 | 10606 |
| Trex Co., Inc.\* (Building Products) | 141 | 9058 |
| UMB Financial Corp. (Banks) | 112 | 12319 |
| United Therapeutics Corp.\* (Biotechnology) | 122 | 33513 |
| Universal Display Corp. (Semiconductors & <br>Semiconductor Equipment) | 55 | 7942 |
| Vail Resorts, Inc. (Hotels, Restaurants & <br>Leisure) | 54 | 8114 |
| Valaris, Ltd.\* (Energy Equipment & Services) | 176 | 8559 |
| Valmont Industries, Inc. (Construction & <br>Engineering) | 40 | 14558 |
| Valvoline, Inc.\* (Specialty Retail) | 344 | 12126 |
| Viper Energy, Inc. (Oil & Gas Producers) | 354 | 13332 |
| Vontier Corp. (Electronic Equipment, <br>Instruments & Components) | 167 | 6925 |
| Vornado Realty Trust (Office REITs) | 329 | 12640 |
| Voya Financial, Inc. (Financial Services) | 135 | 9450 |
| Warner Music Group Corp.—Class A <br>(Entertainment) | 189 | 5530 |
| Watsco, Inc. (Trading Companies & <br>Distributors) | 59 | 26602 |
| Watts Water Technologies, Inc.—Class A <br>(Machinery) | 38 | 9968 |
| Weatherford International PLC\* (Energy <br>Equipment & Services) | 94 | 5316 |
| Western Alliance Bancorp (Banks) | 295 | 22880 |
| WEX, Inc.\* (Financial Services) | 65 | 11029 |
| Wingstop, Inc. (Hotels, Restaurants & Leisure) | 76 | 28678 |
| Wintrust Financial Corp. (Banks) | 94 | 12030 |
| Woodward, Inc. (Aerospace & Defense) | 161 | 41390 |
| Wyndham Hotels & Resorts, Inc. (Hotels, <br>Restaurants & Leisure) | 208 | 17888 |
| XPO, Inc.\* (Ground Transportation) | 157 | 18886 |
| YETI Holdings, Inc.\* (Leisure Products) | 93 | 3417 |
| Zions Bancorp N.A. (Banks) | 160 | 8579 |
| **TOTAL COMMON STOCKS**<br> (Cost $2,850,535) |  | **4241528** |

---

**See accompanying notes to financial statements.**

------

July 31, 2025 :: Schedule of Portfolio Investments **:: Mid-Cap Growth ProFund :: 49**

**Collateral for Securities Loaned<sup>(b)</sup> (0.2%)**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Invesco Government & Agency Portfolio—<br>Institutional Shares, 4.34%<sup>(c)</sup> | 7476 | $7476 |
| **TOTAL COLLATERAL FOR SECURITIES LOANED**<br> (Cost $7,476) |  | **7476** |
| **TOTAL INVESTMENT SECURITIES**<br> (Cost $2,858,011)—100.0% |  | **4249004** |
| Net other assets (liabilities)—NM |  | 1091 |
| **NET ASSETS—100.0%** |  | $**4250095** |

---

\* Non-income producing security.

<sup>(a)</sup> All or part of this security was on loan as of July 31, 2025. The total value of securities on loan as of July 31, 2025 was $7,152.

<sup>(b)</sup> Securities were purchased with cash collateral held from securities on loan at July 31, 2025.

<sup>(c)</sup> Rate periodically changes. Rate disclosed is the daily yield as of July 31, 2025.

<sup>REIT</sup> Real Estate Investment Trust

Mid-Cap Growth ProFund invested in the following industries as of July 31, 2025:

---

| | | |
|:---|:---|:---|
| | Value | % of <br>Net Assets |
| Aerospace & Defense | $158198 | 3.7% |
| Automobile Components | 6552 | 0.1% |
| Banks | 165872 | 3.9% |
| Beverages | 30101 | 0.7% |
| Biotechnology | 137690 | 3.3% |
| Broadline Retail | 13390 | 0.3% |
| Building Products | 121947 | 2.9% |
| Capital Markets | 253363 | 6.0% |
| Chemicals | 46888 | 1.1% |
| Commercial Services & Supplies | 126873 | 3.0% |
| Communications Equipment | 34545 | 0.8% |
| Construction & Engineering | 210014 | 4.9% |
| Construction Materials | 32664 | 0.8% |
| Consumer Finance | 26961 | 0.6% |
| Consumer Staples Distribution & Retail | 103473 | 2.4% |
| Containers & Packaging | 22016 | 0.5% |
| Diversified Consumer Services | 87154 | 2.0% |
| Diversified Telecommunication Services | 3473 | 0.1% |
| Electric Utilities | 7520 | 0.2% |
| Electrical Equipment | 60427 | 1.4% |
| Electronic Equipment, Instruments & <br>Components | 114592 | 2.7% |
| Energy Equipment & Services | 13875 | 0.4% |
| Entertainment | 5530 | 0.2% |
| Financial Services | 95755 | 2.3% |
| Food Products | 26954 | 0.6% |
| Ground Transportation | 51132 | 1.2% |
| Health Care Equipment & Supplies | 73662 | 1.7% |
| Health Care Providers & Services | 134696 | 3.2% |
| Health Care REITs | 12176 | 0.3% |
| Health Care Technology | 21209 | 0.5% |
| Hotel & Resort REITs | 2803 | <sup>NM</sup> |
| Hotels, Restaurants & Leisure | 207581 | 4.9% |
| Household Durables | 89756 | 2.1% |
| Independent Power/Renewable Electricity <br>Producers | 6258 | 0.1% |
| Industrial REITs | 20340 | 0.5% |
| Industrial Support Services | 20993 | 0.5% |
| Insurance | 125327 | 2.9% |

---

---

| | | |
|:---|:---|:---|
| | Value | % of<br>Net Assets |
| IT Services | $57501 | 1.3% |
| Leisure Facilities & Services | 15314 | 0.4% |
| Leisure Products | 3417 | 0.1% |
| Life Sciences Tools & Services | 64706 | 1.5% |
| Machinery | 227414 | 5.4% |
| Marine Transportation | 14392 | 0.3% |
| Media | 18067 | 0.4% |
| Metals & Mining | 74923 | 1.8% |
| Office REITs | 16923 | 0.4% |
| Oil & Gas Producers | 13332 | 0.3% |
| Oil, Gas & Consumable Fuels | 93592 | 2.2% |
| Paper & Forest Products | 15189 | 0.3% |
| Passenger Airlines | 37846 | 0.9% |
| Personal Care Products | 27044 | 0.7% |
| Professional Services | 89432 | 2.1% |
| Real Estate Management & Development | 18384 | 0.4% |
| Residential REITs | 33073 | 0.8% |
| Retail—Discretionary | 8514 | 0.2% |
| Retail REITs | 25984 | 0.6% |
| Semiconductors & Semiconductor <br>Equipment | 111889 | 2.6% |
| Software | 244907 | 5.8% |
| Specialized REITs | 51271 | 1.2% |
| Specialty Retail | 157637 | 3.7% |
| Technology Hardware, Storage & <br>Peripherals | 50056 | 1.2% |
| Textiles, Apparel & Luxury Goods | 15059 | 0.4% |
| Trading Companies & Distributors | 83902 | 2.0% |
| Other\*\* | 8567 | 0.2% |
| **Total** | $**4250095** | **100.0%** |

---

\*\* Includes any non-equity securities and other net assets (liabilities), which includes any receivable for capital shares issued and payable for capital shares redeemed.

<sup>NM</sup> Not meaningful, amount is less than 0.05%

<sup>REIT</sup> Real Estate Investment Trust

**See accompanying notes to financial statements.**

------

**50 :: Mid-Cap ProFund ::** Schedule of Portfolio Investments :: July 31, 2025

**Common Stocks (62.6%)**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| AAON, Inc. (Building Products) | 109 | $9102 |
| Abercrombie & Fitch Co.\*—Class A (Specialty <br>Retail) | 77 | 7394 |
| Acadia Healthcare Company, Inc.\* (Health <br>Care Providers & Services) | 148 | 3222 |
| Acuity Brands, Inc. (Electrical Equipment) | 50 | 15568 |
| Advanced Drainage Systems, Inc. (Building <br>Products) | 114 | 13082 |
| AECOM (Construction & Engineering) | 214 | 24126 |
| AeroVironment, Inc.\* (Aerospace & Defense) | 51 | 13650 |
| Affiliated Managers Group, Inc. (Capital <br>Markets) | 46 | 9654 |
| AGCO Corp. (Machinery) | 99 | 11679 |
| Agree Realty Corp. (Retail REITs) | 177 | 12691 |
| Alaska Air Group, Inc.\* (Passenger Airlines) | 196 | 10380 |
| Albertsons Cos., Inc.—Class A (Consumer <br>Staples Distribution & Retail) | 650 | 12493 |
| Alcoa Corp. (Metals & Mining) | 418 | 12527 |
| Allegro MicroSystems, Inc.\* <br>(Semiconductors & Semiconductor <br>Equipment) | 211 | 6628 |
| ALLETE, Inc. (Electric Utilities) | 94 | 6197 |
| Ally Financial, Inc. (Consumer Finance) | 446 | 16881 |
| Amedisys, Inc.\* (Health Care Providers & <br>Services) | 53 | 5226 |
| American Airlines Group, Inc.\* (Passenger <br>Airlines) | 1063 | 12214 |
| American Financial Group, Inc. (Insurance) | 116 | 14488 |
| American Homes 4 Rent—Class A (Residential <br>REITs) | 512 | 17761 |
| Amkor Technology, Inc. (Semiconductors & <br>Semiconductor Equipment) | 182 | 4106 |
| Annaly Capital Management, Inc. (Mortgage <br>REITs) | 976 | 19842 |
| Antero Midstream Corp. (Oil, Gas & <br>Consumable Fuels) | 541 | 9927 |
| Antero Resources Corp.\* (Oil, Gas & <br>Consumable Fuels) | 471 | 16452 |
| API Group Corp.\* (Industrial Support Services) | 589 | 21245 |
| Appfolio, Inc.\*—Class A (Software) | 37 | 9893 |
| Applied Industrial Technologies, Inc. (Trading <br>Companies & Distributors) | 61 | 16562 |
| AptarGroup, Inc. (Containers & Packaging) | 106 | 16657 |
| Aramark (Hotels, Restaurants & Leisure) | 423 | 18003 |
| Arrow Electronics, Inc.\* (Electronic Equipment, <br>Instruments & Components) | 84 | 9744 |
| ASGN, Inc.\* (IT Services) | 70 | 3510 |
| Ashland, Inc. (Chemicals) | 74 | 3815 |
| Associated Banc-Corp. (Banks) | 263 | 6507 |
| ATI, Inc.\* (Metals & Mining) | 227 | 17465 |
| Autoliv, Inc. (Automobile Components) | 114 | 12717 |
| AutoNation, Inc.\* (Specialty Retail) | 41 | 7898 |
| Avantor, Inc.\* (Life Sciences Tools & Services) | 1099 | 14771 |
| Avient Corp. (Chemicals) | 147 | 4641 |
| Avis Budget Group, Inc. (Ground <br>Transportation) | 27 | 4596 |
| Avnet, Inc. (Electronic Equipment, <br>Instruments & Components) | 135 | 7147 |
| Axalta Coating Systems, Ltd.\* (Chemicals) | 353 | 9997 |
| Bank OZK (Banks) | 171 | 8430 |
| Bath & Body Works, Inc. (Retail—Discretionary) | 343 | 9933 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Belden, Inc. (Electronic Equipment, <br>Instruments & Components) | 63 | $7790 |
| BellRing Brands, Inc.\* (Personal Care Products) | 205 | 11189 |
| BILL Holdings, Inc.\* (Software) | 153 | 6556 |
| BioMarin Pharmaceutical, Inc.\* (Biotechnology) | 309 | 17876 |
| Bio-Rad Laboratories, Inc.\*—Class A (Life <br>Sciences Tools & Services) | 31 | 7500 |
| BJ's Wholesale Club Holdings, Inc.\* <br>(Consumer Staples Distribution & Retail) | 214 | 22663 |
| Black Hills Corp. (Multi-Utilities) | 118 | 6818 |
| Blackbaud, Inc.\* (Software) | 61 | 4113 |
| Boyd Gaming Corp. (Hotels, Restaurants & <br>Leisure) | 99 | 8405 |
| Brighthouse Financial, Inc.\* (Insurance) | 92 | 4402 |
| Brixmor Property Group, Inc. (Retail REITs) | 493 | 12882 |
| Bruker Corp. (Life Sciences Tools & Services) | 179 | 6879 |
| Brunswick Corp. (Leisure Products) | 106 | 6179 |
| Burlington Stores, Inc.\* (Specialty Retail) | 103 | 28114 |
| BWX Technologies, Inc. (Aerospace & Defense) | 147 | 22334 |
| Cabot Corp. (Chemicals) | 87 | 6280 |
| CACI International, Inc.\*—Class A (Professional <br>Services) | 36 | 16580 |
| Cadence Bank (Banks) | 301 | 10490 |
| Capri Holdings, Ltd.\* (Textiles, Apparel & <br>Luxury Goods) | 189 | 3438 |
| Carlisle Cos., Inc. (Building Products) | 70 | 24829 |
| Carpenter Technology Corp. (Metals & Mining) | 80 | 19951 |
| Casey's General Stores, Inc. (Consumer <br>Staples Distribution & Retail) | 60 | 31207 |
| Cava Group, Inc.\* (Leisure Facilities & Services) | 133 | 11705 |
| Celsius Holdings, Inc.\* (Beverages) | 254 | 11516 |
| Chart Industries, Inc.\* (Machinery) | 72 | 14316 |
| Chemed Corp. (Health Care Providers & <br>Services) | 24 | 9895 |
| Chewy, Inc.\*—Class A (Specialty Retail) | 354 | 12992 |
| Choice Hotels International, Inc. (Hotels, <br>Restaurants & Leisure) | 36 | 4598 |
| Chord Energy Corp. (Oil, Gas & Consumable <br>Fuels) | 94 | 10371 |
| Churchill Downs, Inc. (Hotels, Restaurants & <br>Leisure) | 116 | 12417 |
| Ciena Corp.\* (Communications Equipment) | 229 | 21260 |
| Cirrus Logic, Inc.\* (Semiconductors & <br>Semiconductor Equipment) | 85 | 8560 |
| Civitas Resources, Inc. (Oil, Gas & Consumable <br>Fuels) | 137 | 4159 |
| Clean Harbors, Inc.\* (Commercial Services & <br>Supplies) | 82 | 19336 |
| Cleveland-Cliffs, Inc.\* (Metals & Mining) | 782 | 8227 |
| CNH Industrial N.V.\* (Machinery) | 1409 | 18261 |
| CNO Financial Group, Inc. (Insurance) | 161 | 5931 |
| CNX Resources Corp.\* (Oil, Gas & Consumable <br>Fuels) | 234 | 7093 |
| Coca-Cola Consolidated, Inc. (Beverages) | 94 | 10505 |
| Cognex Corp. (Electronic Equipment, <br>Instruments & Components) | 272 | 11089 |
| Coherent Corp.\* (Electronic Equipment, <br>Instruments & Components) | 251 | 27008 |
| Columbia Banking System, Inc. (Banks) | 340 | 8092 |
| Columbia Sportswear Co. (Textiles, Apparel & <br>Luxury Goods) | 50 | 2829 |

---

**See accompanying notes to financial statements.**

------

July 31, 2025 :: Schedule of Portfolio Investments **:: Mid-Cap ProFund :: 51**

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Comerica, Inc. (Banks) | 211 | $14257 |
| Comfort Systems USA, Inc. (Construction & <br>Engineering) | 56 | 39385 |
| Commerce Bancshares, Inc. (Banks) | 196 | 11995 |
| Commercial Metals Co. (Metals & Mining) | 182 | 9439 |
| CommVault Systems, Inc.\* (Software) | 72 | 13676 |
| Concentrix Corp. (Professional Services) | 74 | 3846 |
| COPT Defense Properties (Office REITs) | 181 | 4938 |
| Core & Main, Inc.\*—Class A (Trading <br>Companies & Distributors) | 306 | 19474 |
| Coty, Inc.\*—Class A (Personal Care Products) | 590 | 2862 |
| Cousins Properties, Inc. (Office REITs) | 272 | 7371 |
| Crane Co. (Machinery) | 79 | 15466 |
| Crane NXT Co. (Electronic Equipment, <br>Instruments & Components) | 80 | 4747 |
| Crocs, Inc.\* (Textiles, Apparel & Luxury <br>Goods) | 90 | 8976 |
| Crown Holdings, Inc. (Containers & Packaging) | 186 | 18481 |
| CubeSmart (Specialized REITs) | 367 | 14280 |
| Cullen/Frost Bankers, Inc. (Banks) | 104 | 13251 |
| Curtiss-Wright Corp. (Aerospace & Defense) | 61 | 29903 |
| Cytokinetics, Inc.\* (Biotechnology) | 193 | 7265 |
| Darling Ingredients, Inc.\* (Food Products) | 254 | 8225 |
| DENTSPLY SIRONA, Inc. (Health Care <br>Equipment & Supplies) | 321 | 4594 |
| Dick's Sporting Goods, Inc. (Specialty Retail) | 90 | 19036 |
| DocuSign, Inc.\* (Software) | 326 | 24659 |
| Dolby Laboratories, Inc.—Class A (Software) | 99 | 7459 |
| Donaldson Co., Inc. (Machinery) | 193 | 13890 |
| Doximity, Inc.\*—Class A (Health Care <br>Technology) | 215 | 12631 |
| Dropbox, Inc.\*—Class A (Software) | 316 | 8586 |
| DT Midstream, Inc. (Oil, Gas & Consumable <br>Fuels) | 164 | 16848 |
| Duolingo, Inc.\* (Diversified Consumer <br>Services) | 63 | 21833 |
| Dynatrace, Inc.\* (Software) | 483 | 25410 |
| Eagle Materials, Inc. (Construction Materials) | 53 | 11888 |
| East West Bancorp, Inc. (Banks) | 222 | 22255 |
| EastGroup Properties, Inc. (Industrial REITs) | 85 | 13875 |
| EchoStar Corp.\*—Class A (Media) | 217 | 7072 |
| elf Beauty, Inc.\* (Personal Care Products) | 90 | 10907 |
| EMCOR Group, Inc. (Construction & <br>Engineering) | 72 | 45180 |
| Encompass Health Corp. (Health Care <br>Providers & Services) | 162 | 17838 |
| EnerSys (Electrical Equipment) | 63 | 5819 |
| Entegris, Inc. (Semiconductors & <br>Semiconductor Equipment) | 244 | 19144 |
| Envista Holdings Corp.\* (Health Care <br>Equipment & Supplies) | 273 | 5157 |
| EPR Properties (Specialized REITs) | 123 | 6770 |
| Equitable Holdings, Inc. (Financial Services) | 490 | 25161 |
| Equity LifeStyle Properties, Inc. (Residential <br>REITs) | 309 | 18516 |
| Esab Corp. (Machinery) | 92 | 12344 |
| Essent Group, Ltd. (Financial Services) | 164 | 9182 |
| Essential Utilities, Inc. (Water Utilities) | 417 | 15346 |
| Euronet Worldwide, Inc.\* (Financial Services) | 65 | 6317 |
| Evercore Partners, Inc. (Capital Markets) | 58 | 17466 |
| Exelixis, Inc.\* (Biotechnology) | 441 | 15973 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| ExlService Holdings, Inc.\* (Professional <br>Services) | 263 | $11422 |
| Exponent, Inc. (Professional Services) | 82 | 5655 |
| F.N.B. Corp. (Banks) | 580 | 8886 |
| Fabrinet\* (Electronic Equipment, Instruments & <br>Components) | 58 | 18776 |
| Federated Hermes, Inc.—Class B (Capital <br>Markets) | 121 | 5998 |
| Fidelity National Financial, Inc. (Insurance) | 422 | 23814 |
| First American Financial Corp. (Insurance) | 166 | 9968 |
| First Financial Bankshares, Inc. (Banks) | 208 | 7201 |
| First Horizon Corp. (Banks) | 818 | 17840 |
| First Industrial Realty Trust, Inc. (Industrial <br>REITs) | 214 | 10426 |
| FirstCash Holdings, Inc. (Consumer Finance) | 61 | 8131 |
| Five Below, Inc.\* (Specialty Retail) | 89 | 12150 |
| Flex, Ltd.\* (Electronic Equipment, <br>Instruments & Components) | 618 | 30821 |
| Floor & Decor Holdings, Inc.\*—Class A <br>(Specialty Retail) | 174 | 13335 |
| Flowers Foods, Inc. (Food Products) | 317 | 5024 |
| Flowserve Corp. (Machinery) | 211 | 11824 |
| Fluor Corp.\* (Construction & Engineering) | 266 | 15101 |
| Fortune Brands Innovations, Inc. (Building <br>Products) | 195 | 10635 |
| Frontier Communications Parent, Inc.\* <br>(Diversified Telecommunication Services) | 359 | 13190 |
| FTI Consulting, Inc.\* (Professional Services) | 55 | 9149 |
| GameStop Corp.\*—Class A (Specialty Retail) | 657 | 14750 |
| Gaming and Leisure Properties, Inc. <br>(Specialized REITs) | 444 | 20237 |
| GATX Corp. (Trading Companies & <br>Distributors) | 58 | 8856 |
| Genpact, Ltd. (Professional Services) | 259 | 11409 |
| Gentex Corp. (Automobile Components) | 362 | 9564 |
| Glacier Bancorp, Inc. (Banks) | 191 | 8372 |
| Globus Medical, Inc.\* (Health Care <br>Equipment & Supplies) | 182 | 9579 |
| Graco, Inc. (Machinery) | 270 | 22676 |
| Graham Holdings Co.—Class B (Diversified <br>Consumer Services) | 5 | 4771 |
| Grand Canyon Education, Inc.\* (Diversified <br>Consumer Services) | 45 | 7588 |
| Graphic Packaging Holding Co. (Containers & <br>Packaging) | 486 | 10867 |
| Greif, Inc.—Class A (Containers & Packaging) | 43 | 2727 |
| Guidewire Software, Inc.\* (Software) | 135 | 30539 |
| GXO Logistics, Inc.\* (Air Freight & Logistics) | 185 | 9196 |
| H&R Block, Inc. (Diversified Consumer <br>Services) | 217 | 11792 |
| Haemonetics Corp.\* (Health Care Equipment & <br>Supplies) | 80 | 5923 |
| Halozyme Therapeutics, Inc.\* (Biotechnology) | 198 | 11874 |
| Hamilton Lane, Inc.—Class A (Capital Markets) | 70 | 10661 |
| Hancock Whitney Corp. (Banks) | 138 | 8241 |
| Harley-Davidson, Inc. (Automobiles) | 176 | 4282 |
| Healthcare Realty Trust, Inc. (Health Care <br>REITs) | 567 | 8709 |
| HealthEquity, Inc.\* (Health Care Providers & <br>Services) | 140 | 13580 |
| Hexcel Corp. (Aerospace & Defense) | 130 | 7788 |

---

**See accompanying notes to financial statements.**

------

**52 :: Mid-Cap ProFund ::** Schedule of Portfolio Investments :: July 31, 2025

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| HF Sinclair Corp. (Oil, Gas & Consumable <br>Fuels) | 258 | $11337 |
| Hilton Grand Vacations, Inc.\* (Hotels, <br>Restaurants & Leisure) | 94 | 4213 |
| Hims & Hers Health, Inc.\* (Health Care <br>Providers & Services) | 316 | 20913 |
| Home BancShares, Inc. (Banks) | 297 | 8364 |
| Houlihan Lokey, Inc. (Capital Markets) | 87 | 16587 |
| Hyatt Hotels Corp.—Class A (Hotels, <br>Restaurants & Leisure) | 68 | 9586 |
| IDACORP, Inc. (Electric Utilities) | 87 | 10904 |
| Illumina, Inc.\* (Life Sciences Tools & Services) | 256 | 26294 |
| Independence Realty Trust, Inc. (Residential <br>REITs) | 377 | 6322 |
| Ingredion, Inc. (Food Products) | 104 | 13680 |
| Insperity, Inc. (Professional Services) | 58 | 3456 |
| Interactive Brokers Group, Inc.—Class A <br>(Capital Markets) | 703 | 46089 |
| International Bancshares Corp. (Banks) | 85 | 5795 |
| IPG Photonics Corp.\* (Electronic Equipment, <br>Instruments & Components) | 43 | 3220 |
| Iridium Communications, Inc. (Diversified <br>Telecommunication Services) | 174 | 4256 |
| ITT, Inc. (Machinery) | 126 | 21415 |
| Janus Henderson Group PLC (Capital Markets) | 203 | 8790 |
| Jazz Pharmaceuticals PLC\* (Pharmaceuticals) | 99 | 11348 |
| Jefferies Financial Group, Inc. (Capital Markets) | 263 | 15165 |
| Jones Lang LaSalle, Inc.\* (Real Estate <br>Management & Development) | 77 | 20818 |
| KB Home (Household Durables) | 116 | 6410 |
| KBR, Inc. (Professional Services) | 210 | 9815 |
| Kemper Corp. (Insurance) | 97 | 5974 |
| Kilroy Realty Corp. (Office REITs) | 172 | 6340 |
| Kinsale Capital Group, Inc. (Insurance) | 36 | 15865 |
| Kirby Corp.\* (Marine Transportation) | 90 | 8578 |
| Kite Realty Group Trust (Retail REITs) | 355 | 7803 |
| Knife River Corp.\* (Construction Materials) | 92 | 7588 |
| Knight-Swift Transportation Holdings, Inc. <br>(Ground Transportation) | 261 | 11093 |
| Kyndryl Holdings, Inc.\* (IT Services) | 375 | 14164 |
| Lamar Advertising Co.—Class A (Specialized <br>REITs) | 142 | 17359 |
| Lancaster Colony Corp. (Food Products) | 31 | 5511 |
| Landstar System, Inc. (Ground Transportation) | 56 | 7469 |
| Lantheus Holdings, Inc.\* (Health Care <br>Equipment & Supplies) | 111 | 7902 |
| Lattice Semiconductor Corp.\* <br>(Semiconductors & Semiconductor <br>Equipment) | 222 | 11062 |
| Lear Corp. (Automobile Components) | 87 | 8203 |
| Light & Wonder, Inc.\* (Hotels, Restaurants & <br>Leisure) | 137 | 13196 |
| Lincoln Electric Holdings, Inc. (Machinery) | 90 | 21916 |
| Lithia Motors, Inc.—A (Specialty Retail) | 43 | 12384 |
| Littelfuse, Inc. (Electronic Equipment, <br>Instruments & Components) | 39 | 10036 |
| LivaNova PLC\* (Health Care Equipment & <br>Supplies) | 89 | 3755 |
| Louisiana-Pacific Corp. (Paper & Forest <br>Products) | 101 | 9131 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Lumentum Holdings, Inc.\* (Communications <br>Equipment) | 113 | $12439 |
| MACOM Technology Solutions Holdings, Inc.\* <br>(Semiconductors & Semiconductor <br>Equipment) | 95 | 13028 |
| Macy's, Inc. (Broadline Retail) | 449 | 5671 |
| Manhattan Associates, Inc.\* (Software) | 97 | 21307 |
| ManpowerGroup, Inc. (Professional Services) | 75 | 3094 |
| Maplebear, Inc.\* (Consumer Staples <br>Distribution & Retail) | 264 | 12664 |
| Marriott Vacations Worldwide Corp. (Hotels, <br>Restaurants & Leisure) | 51 | 3798 |
| Masimo Corp.\* (Health Care Equipment & <br>Supplies) | 74 | 11380 |
| MasTec, Inc.\* (Construction & Engineering) | 99 | 18732 |
| Matador Resources Co. (Oil, Gas & <br>Consumable Fuels) | 188 | 9377 |
| Mattel, Inc.\* (Leisure Products) | 520 | 8846 |
| Maximus, Inc. (Professional Services) | 90 | 6647 |
| Medpace Holdings, Inc.\* (Life Sciences <br>Tools & Services) | 37 | 15806 |
| MGIC Investment Corp. (Financial Services) | 382 | 9894 |
| MKS Instruments, Inc. (Semiconductors & <br>Semiconductor Equipment) | 108 | 10279 |
| Morningstar, Inc. (Capital Markets) | 43 | 11888 |
| MSA Safety, Inc. (Commercial Services & <br>Supplies) | 63 | 11206 |
| MSC Industrial Direct Co., Inc. (Trading <br>Companies & Distributors) | 72 | 6237 |
| Mueller Industries, Inc. (Machinery) | 179 | 15281 |
| Murphy Oil Corp. (Oil, Gas & Consumable <br>Fuels) | 217 | 5384 |
| Murphy USA, Inc. (Specialty Retail) | 29 | 10512 |
| National Fuel Gas Co. (Gas Utilities) | 145 | 12584 |
| National Retail Properties, Inc. (Retail REITs) | 304 | 12543 |
| National Storage Affiliates Trust (Specialized <br>REITs) | 113 | 3329 |
| Neurocrine Biosciences, Inc.\* (Biotechnology) | 161 | 20644 |
| New Jersey Resources Corp. (Gas Utilities) | 162 | 7437 |
| New York Community Bancorp, Inc.\* (Banks) | 487 | 5498 |
| NewMarket Corp. (Chemicals) | 12 | 8244 |
| Nexstar Media Group, Inc. (Media) | 46 | 8607 |
| NEXTracker, Inc.\*—Class A (Electrical <br>Equipment) | 232 | 13516 |
| NorthWestern Energy Group, Inc. <br>(Multi-Utilities) | 99 | 5316 |
| NOV, Inc. (Energy Equipment & Services) | 606 | 7623 |
| Novanta, Inc.\* (Electronic Equipment, <br>Instruments & Components) | 58 | 7135 |
| nVent Electric PLC (Electrical Equipment) | 266 | 20859 |
| OGE Energy Corp. (Electric Utilities) | 324 | 14716 |
| Okta, Inc.\* (IT Services) | 270 | 26406 |
| Old National Bancorp (Banks) | 525 | 11083 |
| Old Republic International Corp. (Insurance) | 367 | 13274 |
| Olin Corp. (Chemicals) | 186 | 3523 |
| Ollie's Bargain Outlet Holdings, Inc.\* <br>(Broadline Retail) | 99 | 13526 |
| Omega Healthcare Investors, Inc. (Health <br>Care REITs) | 466 | 18127 |
| ONE Gas, Inc. (Gas Utilities) | 97 | 7052 |

---

**See accompanying notes to financial statements.**

------

July 31, 2025 :: Schedule of Portfolio Investments **:: Mid-Cap ProFund :: 53**

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Onto Innovation, Inc.\* (Semiconductors & <br>Semiconductor Equipment) | 79 | $7485 |
| Option Care Health, Inc.\* (Health Care <br>Providers & Services) | 264 | 7748 |
| Ormat Technologies, Inc. (Independent <br>Power/Renewable Electricity Producers) | 92 | 8226 |
| Oshkosh Corp. (Machinery) | 104 | 13159 |
| Ovintiv, Inc. (Oil, Gas & Consumable Fuels) | 420 | 17295 |
| Owens Corning (Building Products) | 137 | 19102 |
| Park Hotels & Resorts, Inc. (Hotel & Resort <br>REITs) | 322 | 3433 |
| Parsons Corp.\* (Professional Services) | 75 | 5565 |
| Paylocity Holding Corp.\* (Professional <br>Services) | 70 | 12942 |
| PBF Energy, Inc.—Class A (Oil, Gas & <br>Consumable Fuels) | 158 | 3571 |
| Pegasystems, Inc. (Software) | 143 | 8396 |
| Penske Automotive Group, Inc. (Specialty <br>Retail) | 31 | 5190 |
| Penumbra, Inc.\* (Health Care Equipment & <br>Supplies) | 63 | 15893 |
| Performance Food Group Co.\* (Consumer <br>Staples Distribution & Retail) | 251 | 25200 |
| Permian Resources Corp. (Oil, Gas & <br>Consumable Fuels) | 1029 | 14571 |
| Perrigo Co. PLC (Pharmaceuticals) | 222 | 5921 |
| Pilgrim's Pride Corp.\* (Food Products) | 65 | 3080 |
| Pinnacle Financial Partners, Inc. (Banks) | 124 | 10898 |
| Planet Fitness, Inc.\*—Class A (Hotels, <br>Restaurants & Leisure) | 135 | 14741 |
| Polaris Industries, Inc. (Leisure Products) | 85 | 4497 |
| Portland General Electric Co. (Electric Utilities) | 176 | 7237 |
| Post Holdings, Inc.\* (Food Products) | 74 | 7830 |
| PotlatchDeltic Corp. (Specialized REITs) | 116 | 4743 |
| Power Integrations, Inc. (Semiconductors & <br>Semiconductor Equipment) | 90 | 4367 |
| Primerica, Inc. (Insurance) | 53 | 14078 |
| Prosperity Bancshares, Inc. (Banks) | 153 | 10193 |
| Pure Storage, Inc.\*—Class A (Technology <br>Hardware, Storage & Peripherals) | 502 | 29879 |
| PVH Corp. (Textiles, Apparel & Luxury Goods) | 77 | 5653 |
| Qualys, Inc.\* (Software) | 58 | 7718 |
| Rambus, Inc.\* (Semiconductors & <br>Semiconductor Equipment) | 172 | 12716 |
| Range Resources Corp. (Oil, Gas & <br>Consumable Fuels) | 386 | 14174 |
| Rayonier, Inc. (Specialized REITs) | 225 | 5245 |
| Rb Global, Inc. (Commercial Services & <br>Supplies) | 299 | 32370 |
| RBC Bearings, Inc.\* (Machinery) | 51 | 19754 |
| Regal Rexnord Corp. (Electrical Equipment) | 108 | 16511 |
| Reinsurance Group of America, Inc. <br>(Insurance) | 106 | 20401 |
| Reliance Steel & Aluminum Co. (Metals & <br>Mining) | 85 | 24661 |
| RenaissanceRe Holdings, Ltd. (Insurance) | 79 | 19255 |
| Repligen Corp.\* (Life Sciences Tools & <br>Services) | 84 | 9834 |
| Rexford Industrial Realty, Inc. (Industrial <br>REITs) | 380 | 13882 |
| RH\* (Specialty Retail) | 24 | 4935 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| RLI Corp. (Insurance) | 135 | $8909 |
| Roivant Sciences, Ltd.\* (Biotechnology) | 679 | 7713 |
| Royal Gold, Inc. (Metals & Mining) | 106 | 16051 |
| RPM International, Inc. (Chemicals) | 206 | 24186 |
| Ryan Specialty Holdings, Inc. (Insurance) | 174 | 10647 |
| Ryder System, Inc. (Ground Transportation) | 66 | 11729 |
| Sabra Health Care REIT, Inc. (Health Care <br>REITs) | 384 | 6924 |
| Saia, Inc.\* (Ground Transportation) | 43 | 12996 |
| Sarepta Therapeutics, Inc.\* (Biotechnology) | 159 | 2611 |
| Science Applications International Corp. <br>(Professional Services) | 77 | 8584 |
| SEI Investments Co. (Capital Markets) | 152 | 13394 |
| Selective Insurance Group, Inc. (Insurance) | 97 | 7563 |
| Sensata Technologies Holding PLC (Electrical <br>Equipment) | 235 | 7229 |
| Service Corp. International (Diversified <br>Consumer Services) | 230 | 17551 |
| Shift4 Payments, Inc.\*<sup>(a)</sup>—Class A (Financial <br>Services) | 109 | 11227 |
| Silicon Laboratories, Inc.\* (Semiconductors & <br>Semiconductor Equipment) | 53 | 6984 |
| Siligan Holdings, Inc. (Containers & Packaging) | 132 | 6142 |
| Simpson Manufacturing Co., Inc. (Building <br>Products) | 68 | 12201 |
| Skechers U.S.A., Inc.\*—Class A (Textiles, <br>Apparel & Luxury Goods) | 210 | 13282 |
| SLM Corp. (Consumer Finance) | 338 | 10748 |
| Sonoco Products Co. (Containers & Packaging) | 159 | 7166 |
| Sotera Health Co.\* (Life Sciences Tools & <br>Services) | 247 | 2838 |
| SouthState Corp. (Banks) | 159 | 14973 |
| Southwest Gas Holdings, Inc. (Gas Utilities) | 97 | 7580 |
| Spire, Inc. (Gas Utilities) | 95 | 7075 |
| Sprouts Farmers Market, Inc.\* (Consumer <br>Staples Distribution & Retail) | 157 | 23792 |
| STAG Industrial, Inc. (Industrial REITs) | 301 | 10333 |
| Starwood Property Trust, Inc. (Mortgage REITs) | 559 | 10878 |
| Stifel Financial Corp. (Capital Markets) | 166 | 18944 |
| Synaptics, Inc.\* (Semiconductors & <br>Semiconductor Equipment) | 61 | 3825 |
| Synovus Financial Corp. (Banks) | 224 | 10582 |
| Taylor Morrison Home Corp.\* (Household <br>Durables) | 162 | 9603 |
| TD SYNNEX Corp. (Electronic Equipment, <br>Instruments & Components) | 121 | 17471 |
| Tempur Sealy International, Inc. (Household <br>Durables) | 333 | 24102 |
| Tenet Healthcare Corp.\* (Health Care <br>Providers & Services) | 150 | 24193 |
| Terex Corp. (Machinery) | 106 | 5391 |
| Tetra Tech, Inc. (Commercial Services & <br>Supplies) | 425 | 15615 |
| Texas Capital Bancshares, Inc.\* (Banks) | 74 | 6214 |
| Texas Roadhouse, Inc. (Hotels, Restaurants & <br>Leisure) | 108 | 19993 |
| The Boston Beer Co., Inc.\*—Class A <br>(Beverages) | 13 | 2692 |
| The Brink's Co. (Commercial Services & <br>Supplies) | 68 | 5939 |
| The Carlyle Group, Inc. (Capital Markets) | 343 | 20806 |

---

**See accompanying notes to financial statements.**

------

**54 :: Mid-Cap ProFund ::** Schedule of Portfolio Investments :: July 31, 2025

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| The Ensign Group, Inc. (Health Care <br>Providers & Services) | 92 | $13800 |
| The Gap, Inc. (Specialty Retail) | 358 | 6967 |
| The Goodyear Tire & Rubber Co.\* (Automobile <br>Components) | 460 | 4729 |
| The Hanover Insurance Group, Inc. (Insurance) | 58 | 9955 |
| The Middleby Corp.\* (Machinery) | 87 | 12632 |
| The New York Times Co.—Class A (Media) | 261 | 13543 |
| The Scotts Miracle-Gro Co. (Chemicals) | 70 | 4386 |
| The Timken Co. (Machinery) | 103 | 7837 |
| The Toro Co. (Machinery) | 161 | 11954 |
| The Wendy's Co. (Hotels, Restaurants & <br>Leisure) | 259 | 2551 |
| The Western Union Co. (Financial Services) | 533 | 4291 |
| Thor Industries, Inc. (Automobiles) | 85 | 7734 |
| Toll Brothers, Inc. (Household Durables) | 161 | 19056 |
| TopBuild Corp.\* (Household Durables) | 46 | 17040 |
| Travel + Leisure Co. (Hotels, Restaurants & <br>Leisure) | 108 | 6399 |
| Trex Co., Inc.\* (Building Products) | 172 | 11049 |
| TXNM Energy, Inc. (Electric Utilities) | 150 | 8519 |
| UFP Industries, Inc. (Building Products) | 97 | 9506 |
| UGI Corp. (Gas Utilities) | 346 | 12518 |
| UMB Financial Corp. (Banks) | 114 | 12539 |
| Under Armour, Inc.\*—Class A (Textiles, <br>Apparel & Luxury Goods) | 304 | 2019 |
| Under Armour, Inc.\*—Class C (Textiles, <br>Apparel & Luxury Goods) | 206 | 1298 |
| United Bankshares, Inc. (Banks) | 229 | 8134 |
| United Therapeutics Corp.\* (Biotechnology) | 74 | 20328 |
| Universal Display Corp. (Semiconductors & <br>Semiconductor Equipment) | 72 | 10397 |
| Unum Group (Insurance) | 259 | 18599 |
| US Foods Holding Corp.\* (Consumer Staples <br>Distribution & Retail) | 374 | 31165 |
| Vail Resorts, Inc. (Hotels, Restaurants & <br>Leisure) | 60 | 9016 |
| Valaris, Ltd.\* (Energy Equipment & Services) | 106 | 5155 |
| Valley National Bancorp (Banks) | 768 | 7119 |
| Valmont Industries, Inc. (Construction & <br>Engineering) | 32 | 11646 |
| Valvoline, Inc.\* (Specialty Retail) | 205 | 7226 |
| VF Corp. (Textiles, Apparel & Luxury Goods) | 534 | 6258 |
| Viper Energy, Inc. (Oil & Gas Producers) | 211 | 7946 |
| Visteon Corp. (Automobile Components) | 45 | 5002 |
| Vontier Corp. (Electronic Equipment, <br>Instruments & Components) | 239 | 9911 |
| Vornado Realty Trust (Office REITs) | 270 | 10373 |
| Voya Financial, Inc. (Financial Services) | 155 | 10850 |
| Warner Music Group Corp.—Class A <br>(Entertainment) | 235 | 6876 |
| Watsco, Inc. (Trading Companies & <br>Distributors) | 56 | 25248 |
| Watts Water Technologies, Inc.—Class A <br>(Machinery) | 45 | 11804 |
| Weatherford International PLC\* (Energy <br>Equipment & Services) | 118 | 6673 |
| Webster Financial Corp. (Banks) | 272 | 15681 |
| WESCO International, Inc. (Trading <br>Companies & Distributors) | 72 | 14901 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Western Alliance Bancorp (Banks) | 176 | $13651 |
| Westlake Corp. (Chemicals) | 55 | 4362 |
| WEX, Inc.\* (Financial Services) | 55 | 9332 |
| Whirlpool Corp.<sup>(a)</sup> (Household Durables) | 90 | 7474 |
| Wingstop, Inc. (Hotels, Restaurants & Leisure) | 45 | 16980 |
| Wintrust Financial Corp. (Banks) | 108 | 13822 |
| Woodward, Inc. (Aerospace & Defense) | 95 | 24423 |
| WP Carey, Inc. (Equity REIT—Diversified) | 354 | 22713 |
| Wyndham Hotels & Resorts, Inc. (Hotels, <br>Restaurants & Leisure) | 124 | 10664 |
| XPO, Inc.\* (Ground Transportation) | 190 | 22855 |
| YETI Holdings, Inc.\* (Leisure Products) | 133 | 4886 |
| Zions Bancorp N.A. (Banks) | 237 | 12708 |
| ZoomInfo Technologies, Inc.\* (Interactive <br>Media & Services) | 420 | 4549 |
| **TOTAL COMMON STOCKS**<br> (Cost $3,399,043) |  | **4770468** |

---

**Repurchase Agreements<sup>(b)(c)</sup> (38.2%)**

---

| | | |
|:---|:---|:---|
| | Principal<br>Amount | Value |
| Repurchase Agreements with various <br>counterparties, rates 4.09%–4.25%, <br>dated 7/31/25, due 8/1/25, total to be <br>received $2,910,339 | $2910000 | $2910000 |
| **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $2,910,000) |  | **2910000** |

---

**Collateral for Securities Loaned<sup>(d)</sup> (0.2%)**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Invesco Government & Agency Portfolio—<br>Institutional Shares, 4.34%<sup>(e)</sup> | 13451 | $13451 |
| **TOTAL COLLATERAL FOR SECURITIES LOANED**<br> (Cost $13,451) |  | **13451** |
| **TOTAL INVESTMENT SECURITIES**<br> (Cost $6,322,494)—101.0% |  | **7693919** |
| Net other assets (liabilities)—(1.0)% |  | (77350) |
| **NET ASSETS—100.0%** |  | $**7616569** |

---

\* Non-income producing security.

<sup>(a)</sup> All or part of this security was on loan as of July 31, 2025. The total value of securities on loan as of July 31, 2025 was $13,052.

<sup>(b)</sup> The ProFund invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" under Note 2 in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.

<sup>(c)</sup> A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. At July 31, 2025, the aggregate amount held in a segregated account was $325,000.

<sup>(d)</sup> Securities were purchased with cash collateral held from securities on loan at July 31, 2025.

<sup>(e)</sup> Rate periodically changes. Rate disclosed is the daily yield as of July 31, 2025.

<sup>REIT</sup> Real Estate Investment Trust

**See accompanying notes to financial statements.**

------

July 31, 2025 :: Schedule of Portfolio Investments **:: Mid-Cap ProFund :: 55**

**Total Return Swap Agreements—Long**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Underlying Instrument | Counterparty | Termination <br>Date<sup>(1)</sup> | Rate Paid <br>(Received)<sup>(2)</sup> | Notional <br>Amount | Value and <br>Unrealized <br>Appreciation/<br>(Depreciation) |
| S&P MidCap 400 | Goldman Sachs International | 8/27/25 | 4.98% | $2521914 | $(49105) |
| S&P MidCap 400 | UBS AG | 8/27/25 | 5.13% | 327730 | (6306) |
|  |  |  |  | $**2849644** | $**(55411)** |

---

<sup>(1)</sup> Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

<sup>(2)</sup> Reflects the floating financing rate, as of July 31, 2025, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

Mid-Cap ProFund invested in the following industries as of July 31, 2025:

---

| | | |
|:---|:---|:---|
| | Value | % of <br>Net Assets |
| Aerospace & Defense | $98098 | 1.3% |
| Air Freight & Logistics | 9196 | 0.1% |
| Automobile Components | 40215 | 0.5% |
| Automobiles | 12016 | 0.2% |
| Banks | 313071 | 4.1% |
| Beverages | 24713 | 0.3% |
| Biotechnology | 104285 | 1.4% |
| Broadline Retail | 19197 | 0.3% |
| Building Products | 109506 | 1.5% |
| Capital Markets | 195442 | 2.6% |
| Chemicals | 69434 | 0.9% |
| Commercial Services & Supplies | 84466 | 1.1% |
| Communications Equipment | 33699 | 0.4% |
| Construction & Engineering | 154170 | 2.0% |
| Construction Materials | 19476 | 0.3% |
| Consumer Finance | 35760 | 0.5% |
| Consumer Staples Distribution & Retail | 159185 | 2.1% |
| Containers & Packaging | 62040 | 0.8% |
| Diversified Consumer Services | 63535 | 0.8% |
| Diversified Telecommunication Services | 17446 | 0.2% |
| Electric Utilities | 47573 | 0.6% |
| Electrical Equipment | 79503 | 1.1% |
| Electronic Equipment, Instruments & <br>Components | 164895 | 2.2% |
| Energy Equipment & Services | 19451 | 0.3% |
| Entertainment | 6876 | 0.1% |
| Equity REIT—Diversified | 22713 | 0.3% |
| Financial Services | 86254 | 1.1% |
| Food Products | 43350 | 0.6% |
| Gas Utilities | 54246 | 0.7% |
| Ground Transportation | 70738 | 0.9% |
| Health Care Equipment & Supplies | 64183 | 0.8% |
| Health Care Providers & Services | 116414 | 1.5% |
| Health Care REITs | 33760 | 0.4% |
| Health Care Technology | 12631 | 0.2% |
| Hotel & Resort REITs | 3432 | 0.1% |
| Hotels, Restaurants & Leisure | 154560 | 2.0% |
| Household Durables | 83685 | 1.1% |
| Independent Power/Renewable <br>Electricity Producers | 8226 | 0.1% |
| Industrial REITs | 48516 | 0.6% |
| Industrial Support Services | 21245 | 0.3% |
| Insurance | 203123 | 2.7% |

---

---

| | | |
|:---|:---|:---|
| | Value | % of<br>Net Assets |
| Interactive Media & Services | $4549 | 0.1% |
| IT Services | 44080 | 0.6% |
| Leisure Facilities & Services | 11705 | 0.2% |
| Leisure Products | 24408 | 0.3% |
| Life Sciences Tools & Services | 83922 | 1.1% |
| Machinery | 261598 | 3.4% |
| Marine Transportation | 8578 | 0.1% |
| Media | 29222 | 0.4% |
| Metals & Mining | 108321 | 1.4% |
| Mortgage REITs | 30720 | 0.4% |
| Multi-Utilities | 12134 | 0.2% |
| Office REITs | 29022 | 0.4% |
| Oil & Gas Producers | 7946 | 0.1% |
| Oil, Gas & Consumable Fuels | 140559 | 1.8% |
| Paper & Forest Products | 9131 | 0.1% |
| Passenger Airlines | 22594 | 0.3% |
| Personal Care Products | 24957 | 0.3% |
| Pharmaceuticals | 17269 | 0.2% |
| Professional Services | 108164 | 1.4% |
| Real Estate Management & <br>Development | 20818 | 0.3% |
| Residential REITs | 42599 | 0.6% |
| Retail—Discretionary | 9933 | 0.1% |
| Retail REITs | 45919 | 0.6% |
| Semiconductors & Semiconductor <br>Equipment | 118581 | 1.5% |
| Software | 168312 | 2.2% |
| Specialized REITs | 71964 | 0.9% |
| Specialty Retail | 162883 | 2.1% |
| Technology Hardware, Storage & <br>Peripherals | 29879 | 0.4% |
| Textiles, Apparel & Luxury Goods | 43753 | 0.6% |
| Trading Companies & Distributors | 91278 | 1.2% |
| Water Utilities | 15346 | 0.2% |
| Other\*\* | 2846101 | 37.4% |
| **Total** | $**7616569** | **100.0%** |

---

\*\* Includes any non-equity securities and other net assets (liabilities), which includes any receivable for capital shares issued and payable for capital shares redeemed.

<sup>REIT</sup> Real Estate Investment Trust

**See accompanying notes to financial statements.**

------

**56 :: Mid-Cap Value ProFund ::** Schedule of Portfolio Investments :: July 31, 2025

**Common Stocks (99.7%)**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Acadia Healthcare Company, Inc.\* (Health <br>Care Providers & Services) | 134 | $2917 |
| Advanced Drainage Systems, Inc. (Building <br>Products) | 53 | 6082 |
| AECOM (Construction & Engineering) | 91 | 10259 |
| Affiliated Managers Group, Inc. (Capital <br>Markets) | 25 | 5247 |
| AGCO Corp. (Machinery) | 91 | 10735 |
| Agree Realty Corp. (Retail REITs) | 95 | 6812 |
| Albertsons Cos., Inc.—Class A (Consumer <br>Staples Distribution & Retail) | 590 | 11340 |
| Alcoa Corp. (Metals & Mining) | 379 | 11359 |
| Allegro MicroSystems, Inc.\* <br>(Semiconductors & Semiconductor <br>Equipment) | 118 | 3706 |
| ALLETE, Inc. (Electric Utilities) | 85 | 5604 |
| Ally Financial, Inc. (Consumer Finance) | 405 | 15329 |
| Amedisys, Inc.\* (Health Care Providers & <br>Services) | 48 | 4733 |
| American Financial Group, Inc. (Insurance) | 59 | 7369 |
| American Homes 4 Rent—Class A <br>(Residential REITs) | 289 | 10025 |
| Amkor Technology, Inc. (Semiconductors & <br>Semiconductor Equipment) | 166 | 3745 |
| Annaly Capital Management, Inc. (Mortgage <br>REITs) | 886 | 18013 |
| Antero Midstream Corp. (Oil, Gas & <br>Consumable Fuels) | 245 | 4496 |
| Antero Resources Corp.\* (Oil, Gas & <br>Consumable Fuels) | 427 | 14914 |
| API Group Corp.\* (Industrial Support Services) | 219 | 7899 |
| AptarGroup, Inc. (Containers & Packaging) | 46 | 7228 |
| Aramark (Hotels, Restaurants & Leisure) | 384 | 16342 |
| Arrow Electronics, Inc.\* (Electronic Equipment, <br>Instruments & Components) | 76 | 8816 |
| ASGN, Inc.\* (IT Services) | 64 | 3209 |
| Ashland, Inc. (Chemicals) | 67 | 3455 |
| Associated Banc-Corp. (Banks) | 239 | 5913 |
| Autoliv, Inc.\* (Automobile Components) | 104 | 11601 |
| AutoNation, Inc.\* (Specialty Retail) | 37 | 7128 |
| Avantor, Inc.\* (Life Sciences Tools & Services) | 998 | 13412 |
| Avient Corp. (Chemicals) | 133 | 4199 |
| Avis Budget Group, Inc.\* (Ground <br>Transportation) | 25 | 4256 |
| Avnet, Inc. (Electronic Equipment, <br>Instruments & Components) | 123 | 6512 |
| Axalta Coating Systems, Ltd.\* (Chemicals) | 147 | 4163 |
| Bank OZK (Banks) | 154 | 7592 |
| Bath & Body Works, Inc. (Retail—Discretionary) | 152 | 4402 |
| BellRing Brands, Inc.\* (Personal Care Products) | 101 | 5512 |
| BILL Holdings, Inc.\* (Software) | 138 | 5913 |
| BioMarin Pharmaceutical, Inc.\* (Biotechnology) | 281 | 16256 |
| Bio-Rad Laboratories, Inc.\*—Class A <br>(Life Sciences Tools & Services) | 28 | 6775 |
| BJ's Wholesale Club Holdings, Inc.\* <br>(Consumer Staples Distribution & Retail) | 103 | 10908 |
| Black Hills Corp. (Multi-Utilities) | 106 | 6125 |
| Blackbaud, Inc.\* (Software) | 28 | 1888 |
| Boyd Gaming Corp.\* (Hotels, Restaurants & <br>Leisure) | 35 | 2972 |
| Brighthouse Financial, Inc.\* (Insurance) | 84 | 4019 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Brixmor Property Group, Inc. (Retail REITs) | 205 | $5357 |
| Bruker Corp. (Life Sciences Tools & Services) | 87 | 3343 |
| Brunswick Corp. (Leisure Products) | 96 | 5596 |
| Cabot Corp. (Chemicals) | 35 | 2526 |
| CACI International, Inc.\*—Class A <br>(Professional Services) | 13 | 5987 |
| Cadence Bank (Banks) | 273 | 9514 |
| Capri Holdings, Ltd.\* (Textiles, Apparel & <br>Luxury Goods) | 172 | 3129 |
| Casey's General Stores, Inc. (Consumer <br>Staples Distribution & Retail) | 17 | 8842 |
| Cava Group, Inc.\* (Leisure Facilities & Services) | 27 | 2376 |
| Celsius Holdings, Inc.\* (Beverages) | 83 | 3763 |
| Chemed Corp. (Health Care Providers & <br>Services) | 12 | 4948 |
| Chord Energy Corp. (Oil, Gas & Consumable <br>Fuels) | 84 | 9268 |
| Ciena Corp.\* (Communications Equipment) | 83 | 7706 |
| Cirrus Logic, Inc.\* (Semiconductors & <br>Semiconductor Equipment) | 31 | 3122 |
| Civitas Resources, Inc. (Oil, Gas & Consumable <br>Fuels) | 124 | 3765 |
| Cleveland-Cliffs, Inc.\* (Metals & Mining) | 709 | 7459 |
| CNH Industrial N.V.\* (Machinery) | 1280 | 16589 |
| CNO Financial Group, Inc.\* (Insurance) | 145 | 5342 |
| Cognex Corp. (Electronic Equipment, <br>Instruments & Components) | 147 | 5993 |
| Columbia Banking System, Inc. (Banks) | 307 | 7307 |
| Columbia Sportswear Co.\* (Textiles, Apparel & <br>Luxury Goods) | 45 | 2546 |
| Comerica, Inc. (Banks) | 193 | 13041 |
| Commerce Bancshares, Inc. (Banks) | 76 | 4651 |
| Commercial Metals Co.\* (Metals & Mining) | 165 | 8557 |
| Concentrix Corp. (Professional Services) | 67 | 3482 |
| COPT Defense Properties (Office REITs) | 79 | 2155 |
| Core & Main, Inc.\*—Class A (Trading <br>Companies & Distributors) | 106 | 6746 |
| Coty, Inc.\*—Class A (Personal Care Products) | 536 | 2600 |
| Cousins Properties, Inc.\* (Office REITs) | 246 | 6667 |
| Crane Co. (Machinery) | 34 | 6656 |
| Crane NXT Co. (Electronic Equipment, <br>Instruments & Components) | 44 | 2611 |
| Crown Holdings, Inc. (Containers & Packaging) | 168 | 16693 |
| CubeSmart (Specialized REITs) | 153 | 5953 |
| Cullen/Frost Bankers, Inc. (Banks) | 29 | 3695 |
| Cytokinetics, Inc.\* (Biotechnology) | 87 | 3275 |
| Darling Ingredients, Inc.\* (Food Products) | 231 | 7480 |
| DENTSPLY SIRONA, Inc. (Health Care <br>Equipment & Supplies) | 291 | 4164 |
| Dick's Sporting Goods, Inc. (Specialty Retail) | 33 | 6980 |
| Dolby Laboratories, Inc.\*—Class A (Software) | 90 | 6780 |
| Donaldson Co., Inc. (Machinery) | 75 | 5398 |
| Dropbox, Inc.\*—Class A (Software) | 111 | 3016 |
| EastGroup Properties, Inc. (Industrial REITs) | 41 | 6693 |
| EchoStar Corp.\*—Class A (Media) | 100 | 3259 |
| Encompass Health Corp. (Health Care <br>Providers & Services) | 43 | 4735 |
| EnerSys (Electrical Equipment) | 57 | 5265 |
| Entegris, Inc. (Semiconductors & <br>Semiconductor Equipment) | 107 | 8396 |

---

**See accompanying notes to financial statements.**

------

July 31, 2025 :: Schedule of Portfolio Investments **:: Mid-Cap Value ProFund :: 57**

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Envista Holdings Corp.\* (Health Care <br>Equipment & Supplies) | 248 | $4685 |
| EPR Properties (Specialized REITs) | 112 | 6164 |
| Equity LifeStyle Properties, Inc. (Residential <br>REITs) | 140 | 8389 |
| Essent Group, Ltd. (Financial Services) | 148 | 8286 |
| Essential Utilities, Inc. (Water Utilities) | 378 | 13910 |
| Euronet Worldwide, Inc.\* (Financial Services) | 25 | 2430 |
| Exponent, Inc. (Professional Services) | 30 | 2069 |
| F.N.B. Corp.\* (Banks) | 527 | 8074 |
| Federated Hermes, Inc.—Class B (Capital <br>Markets) | 43 | 2132 |
| Fidelity National Financial, Inc. (Insurance) | 382 | 21556 |
| First American Financial Corp. (Insurance) | 150 | 9008 |
| First Financial Bankshares, Inc. (Banks) | 83 | 2873 |
| First Horizon Corp. (Banks) | 743 | 16204 |
| First Industrial Realty Trust, Inc. (Industrial <br>REITs) | 89 | 4336 |
| FirstCash Holdings, Inc.\* (Consumer Finance) | 21 | 2799 |
| Five Below, Inc.\* (Specialty Retail) | 80 | 10922 |
| Flex, Ltd.\* (Electronic Equipment, <br>Instruments & Components) | 561 | 27977 |
| Floor & Decor Holdings, Inc.\*—Class A <br>(Specialty Retail) | 69 | 5288 |
| Flowers Foods, Inc. (Food Products) | 287 | 4549 |
| Flowserve Corp. (Machinery) | 57 | 3194 |
| Fluor Corp.\* (Construction & Engineering) | 242 | 13738 |
| Fortune Brands Innovations, Inc. (Building <br>Products) | 176 | 9599 |
| Frontier Communications Parent, Inc.\* <br>(Diversified Telecommunication Services) | 326 | 11977 |
| FTI Consulting, Inc.\* (Professional Services) | 50 | 8317 |
| GameStop Corp.\*—Class A (Specialty Retail) | 333 | 7476 |
| Gaming and Leisure Properties, Inc. <br>(Specialized REITs) | 230 | 10484 |
| GATX Corp.\* (Trading Companies & <br>Distributors) | 20 | 3054 |
| Genpact, Ltd. (Professional Services) | 111 | 4890 |
| Gentex Corp. (Automobile Components) | 193 | 5099 |
| Glacier Bancorp, Inc. (Banks) | 95 | 4164 |
| Graco, Inc. (Machinery) | 125 | 10498 |
| Graham Holdings Co.\*—Class B (Diversified <br>Consumer Services) | 5 | 4771 |
| Graphic Packaging Holding Co. (Containers & <br>Packaging) | 268 | 5992 |
| Greif, Inc.\*—Class A (Containers & Packaging) | 39 | 2474 |
| GXO Logistics, Inc.\* (Air Freight & Logistics) | 167 | 8302 |
| Haemonetics Corp.\* (Health Care Equipment & <br>Supplies) | 31 | 2295 |
| Hancock Whitney Corp. (Banks) | 126 | 7525 |
| Harley-Davidson, Inc. (Automobiles) | 160 | 3893 |
| Healthcare Realty Trust, Inc. (Health Care REITs) | 514 | 7895 |
| Hexcel Corp. (Aerospace & Defense) | 59 | 3535 |
| HF Sinclair Corp. (Oil, Gas & Consumable <br>Fuels) | 234 | 10282 |
| Home BancShares, Inc. (Banks) | 167 | 4703 |
| IDACORP, Inc. (Electric Utilities) | 47 | 5891 |
| Illumina, Inc.\* (Life Sciences Tools & Services) | 111 | 11401 |
| Independence Realty Trust, Inc.\* (Residential <br>REITs) | 136 | 2281 |
| Ingredion, Inc. (Food Products) | 53 | 6972 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Insperity, Inc. (Professional Services) | 52 | $3098 |
| International Bancshares Corp. (Banks) | 23 | 1568 |
| IPG Photonics Corp.\* (Electronic Equipment, <br>Instruments & Components) | 39 | 2921 |
| Iridium Communications, Inc.\* (Diversified <br>Telecommunication Services) | 80 | 1957 |
| ITT, Inc. (Machinery) | 34 | 5779 |
| Janus Henderson Group PLC (Capital Markets) | 111 | 4806 |
| Jazz Pharmaceuticals PLC\* (Pharmaceuticals) | 90 | 10317 |
| Jefferies Financial Group, Inc. (Capital Markets) | 112 | 6458 |
| Jones Lang LaSalle, Inc.\* (Real Estate <br>Management & Development) | 33 | 8922 |
| KB Home (Household Durables) | 50 | 2763 |
| KBR, Inc. (Professional Services) | 110 | 5141 |
| Kemper Corp.\* (Insurance) | 88 | 5420 |
| Kilroy Realty Corp.\* (Office REITs) | 156 | 5750 |
| Kite Realty Group Trust (Retail REITs) | 182 | 4000 |
| Knight-Swift Transportation Holdings, Inc. <br>(Ground Transportation) | 237 | 10072 |
| Kyndryl Holdings, Inc.\* (IT Services) | 150 | 5665 |
| Lamar Advertising Co.—Class A (Specialized <br>REITs) | 48 | 5868 |
| Lancaster Colony Corp. (Food Products) | 15 | 2666 |
| Landstar System, Inc. (Ground Transportation) | 51 | 6802 |
| Lattice Semiconductor Corp.\* <br>(Semiconductors & Semiconductor <br>Equipment) | 103 | 5132 |
| Lear Corp. (Automobile Components) | 78 | 7355 |
| Lincoln Electric Holdings, Inc. (Machinery) | 36 | 8766 |
| Lithia Motors, Inc.—A (Specialty Retail) | 39 | 11231 |
| Littelfuse, Inc. (Electronic Equipment, <br>Instruments & Components) | 37 | 9521 |
| LivaNova PLC\* (Health Care Equipment & <br>Supplies) | 47 | 1983 |
| Lumentum Holdings, Inc.\* (Communications <br>Equipment) | 38 | 4183 |
| Macy's, Inc. (Broadline Retail) | 408 | 5153 |
| ManpowerGroup, Inc. (Professional Services) | 68 | 2805 |
| Maplebear, Inc.\* (Consumer Staples <br>Distribution & Retail) | 130 | 6236 |
| Marriott Vacations Worldwide Corp.\* (Hotels, <br>Restaurants & Leisure) | 47 | 3500 |
| Matador Resources Co. (Oil, Gas & <br>Consumable Fuels) | 61 | 3043 |
| Mattel, Inc.\* (Leisure Products) | 472 | 8028 |
| Maximus, Inc. (Professional Services) | 82 | 6057 |
| MGIC Investment Corp. (Financial Services) | 180 | 4662 |
| MKS Instruments, Inc.\* (Semiconductors & <br>Semiconductor Equipment) | 58 | 5521 |
| MSA Safety, Inc. (Commercial Services & <br>Supplies) | 29 | 5158 |
| MSC Industrial Direct Co., Inc. (Trading <br>Companies & Distributors) | 65 | 5630 |
| Murphy Oil Corp. (Oil, Gas & Consumable <br>Fuels) | 196 | 4863 |
| National Fuel Gas Co.\* (Gas Utilities) | 133 | 11543 |
| National Retail Properties, Inc. (Retail REITs) | 275 | 11346 |
| New Jersey Resources Corp. (Gas Utilities) | 147 | 6749 |
| New York Community Bancorp, Inc. (Banks) | 443 | 5001 |
| NewMarket Corp. (Chemicals) | 6 | 4122 |
| Nexstar Media Group, Inc. (Media) | 42 | 7859 |

---

**See accompanying notes to financial statements.**

------

**58 :: Mid-Cap Value ProFund ::** Schedule of Portfolio Investments :: July 31, 2025

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| NEXTracker, Inc.\*—Class A (Electrical <br>Equipment) | 211 | $12293 |
| NorthWestern Energy Group, Inc. <br>(Multi-Utilities) | 90 | 4833 |
| NOV, Inc. (Energy Equipment & Services) | 550 | 6919 |
| Novanta, Inc.\* (Electronic Equipment, <br>Instruments & Components) | 21 | 2583 |
| OGE Energy Corp. (Electric Utilities) | 295 | 13399 |
| Old National Bancorp\* (Banks) | 476 | 10048 |
| Old Republic International Corp. (Insurance) | 333 | 12045 |
| Olin Corp. (Chemicals) | 167 | 3163 |
| Ollie's Bargain Outlet Holdings, Inc.\* <br>(Broadline Retail) | 37 | 5055 |
| Omega Healthcare Investors, Inc. (Health Care <br>REITs) | 254 | 9881 |
| ONE Gas, Inc.\* (Gas Utilities) | 88 | 6398 |
| Onto Innovation, Inc.\* (Semiconductors & <br>Semiconductor Equipment) | 32 | 3032 |
| Option Care Health, Inc.\* (Health Care <br>Providers & Services) | 239 | 7015 |
| Ormat Technologies, Inc. (Independent <br>Power/Renewable Electricity Producers) | 47 | 4202 |
| Oshkosh Corp. (Machinery) | 94 | 11894 |
| Ovintiv, Inc. (Oil, Gas & Consumable Fuels) | 381 | 15689 |
| Park Hotels & Resorts, Inc. (Hotel & Resort <br>REITs) | 149 | 1588 |
| PBF Energy, Inc.—Class A (Oil, Gas & <br>Consumable Fuels) | 143 | 3232 |
| Penske Automotive Group, Inc.\* (Specialty <br>Retail) | 27 | 4520 |
| Penumbra, Inc.\* (Health Care Equipment & <br>Supplies) | 20 | 5046 |
| Performance Food Group Co.\* (Consumer <br>Staples Distribution & Retail) | 229 | 22992 |
| Perrigo Co. PLC (Pharmaceuticals) | 200 | 5334 |
| Pinnacle Financial Partners, Inc. (Banks) | 41 | 3603 |
| Polaris Industries, Inc.\* (Leisure Products) | 77 | 4074 |
| Portland General Electric Co. (Electric Utilities) | 160 | 6579 |
| Post Holdings, Inc.\* (Food Products) | 29 | 3068 |
| PotlatchDeltic Corp. (Specialized REITs) | 105 | 4293 |
| Power Integrations, Inc.\* (Semiconductors & <br>Semiconductor Equipment) | 54 | 2620 |
| Prosperity Bancshares, Inc.\* (Banks) | 140 | 9327 |
| PVH Corp. (Textiles, Apparel & Luxury Goods) | 70 | 5139 |
| Qualys, Inc.\* (Software) | 23 | 3061 |
| Range Resources Corp. (Oil, Gas & <br>Consumable Fuels) | 189 | 6940 |
| Rayonier, Inc. (Specialized REITs) | 205 | 4779 |
| Regal Rexnord Corp. (Electrical Equipment) | 97 | 14829 |
| Reinsurance Group of America, Inc. <br>(Insurance) | 97 | 18668 |
| Reliance Steel & Aluminum Co. (Metals & <br>Mining) | 77 | 22340 |
| Repligen Corp.\* (Life Sciences Tools & <br>Services) | 45 | 5268 |
| Rexford Industrial Realty, Inc. (Industrial REITs) | 345 | 12603 |
| RH\* (Specialty Retail) | 11 | 2262 |
| Royal Gold, Inc. (Metals & Mining) | 53 | 8025 |
| RPM International, Inc. (Chemicals) | 81 | 9510 |
| Ryder System, Inc. (Ground Transportation) | 29 | 5154 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Sabra Health Care REIT, Inc. (Health Care <br>REITs) | 348 | $6274 |
| Science Applications International Corp. <br>(Professional Services) | 69 | 7692 |
| SEI Investments Co. (Capital Markets) | 54 | 4758 |
| Selective Insurance Group, Inc. (Insurance) | 89 | 6939 |
| Sensata Technologies Holding PLC (Electrical <br>Equipment) | 214 | 6583 |
| Service Corp. International (Diversified <br>Consumer Services) | 81 | 6181 |
| Silicon Laboratories, Inc.\* (Semiconductors & <br>Semiconductor Equipment) | 27 | 3558 |
| Siligan Holdings, Inc. (Containers & Packaging) | 119 | 5537 |
| Simpson Manufacturing Co., Inc. (Building <br>Products) | 21 | 3768 |
| Skechers U.S.A., Inc.\*—Class A (Textiles, <br>Apparel & Luxury Goods) | 191 | 12081 |
| Sonoco Products Co.\* (Containers & <br>Packaging) | 144 | 6490 |
| Sotera Health Co.\* (Life Sciences Tools & <br>Services) | 121 | 1390 |
| SouthState Corp. (Banks) | 145 | 13655 |
| Southwest Gas Holdings, Inc. (Gas Utilities) | 88 | 6876 |
| Spire, Inc.\* (Gas Utilities) | 86 | 6404 |
| STAG Industrial, Inc. (Industrial REITs) | 273 | 9372 |
| Starwood Property Trust, Inc. (Mortgage REITs) | 507 | 9866 |
| Stifel Financial Corp. (Capital Markets) | 44 | 5021 |
| Synaptics, Inc.\* (Semiconductors & <br>Semiconductor Equipment) | 56 | 3511 |
| Synovus Financial Corp. (Banks) | 104 | 4913 |
| Taylor Morrison Home Corp.\* (Household <br>Durables) | 148 | 8773 |
| TD SYNNEX Corp. (Electronic Equipment, <br>Instruments & Components) | 110 | 15883 |
| Tempur Sealy International, Inc. (Household <br>Durables) | 124 | 8976 |
| Tenet Healthcare Corp.\* (Health Care <br>Providers & Services) | 53 | 8547 |
| Terex Corp. (Machinery) | 96 | 4883 |
| Texas Capital Bancshares, Inc.\* (Banks) | 67 | 5626 |
| The Boston Beer Co., Inc.\*—Class A <br>(Beverages) | 12 | 2485 |
| The Brink's Co.\* (Commercial Services & <br>Supplies) | 31 | 2708 |
| The Carlyle Group, Inc. (Capital Markets) | 197 | 11950 |
| The Gap, Inc. (Specialty Retail) | 325 | 6325 |
| The Goodyear Tire & Rubber Co.\* (Automobile <br>Components) | 418 | 4297 |
| The Hanover Insurance Group, Inc.\* <br>(Insurance) | 52 | 8925 |
| The Middleby Corp.\* (Machinery) | 78 | 11326 |
| The New York Times Co.—Class A (Media) | 109 | 5656 |
| The Scotts Miracle-Gro Co.\* (Chemicals) | 40 | 2506 |
| The Timken Co. (Machinery) | 93 | 7076 |
| The Toro Co. (Machinery) | 85 | 6311 |
| The Wendy's Co. (Hotels, Restaurants & <br>Leisure) | 129 | 1271 |
| The Western Union Co. (Financial Services) | 483 | 3888 |
| Thor Industries, Inc. (Automobiles) | 78 | 7097 |
| Trex Co., Inc.\* (Building Products) | 80 | 5139 |
| TXNM Energy, Inc. (Electric Utilities) | 136 | 7723 |

---

**See accompanying notes to financial statements.**

------

July 31, 2025 :: Schedule of Portfolio Investments **:: Mid-Cap Value ProFund :: 59**

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| UFP Industries, Inc. (Building Products) | 88 | $8624 |
| UGI Corp. (Gas Utilities) | 314 | 11361 |
| UMB Financial Corp. (Banks) | 44 | 4840 |
| Under Armour, Inc.\*—Class A (Textiles, <br>Apparel & Luxury Goods) | 275 | 1826 |
| Under Armour, Inc.\*—Class C (Textiles, <br>Apparel & Luxury Goods) | 187 | 1178 |
| United Bankshares, Inc. (Banks) | 208 | 7388 |
| Universal Display Corp. (Semiconductors & <br>Semiconductor Equipment) | 35 | 5054 |
| Unum Group (Insurance) | 235 | 16875 |
| US Foods Holding Corp.\* (Consumer Staples <br>Distribution & Retail) | 339 | 28249 |
| Vail Resorts, Inc. (Hotels, Restaurants & <br>Leisure) | 26 | 3907 |
| Valley National Bancorp (Banks) | 697 | 6461 |
| Valmont Industries, Inc. (Construction & <br>Engineering) | 8 | 2912 |
| VF Corp. (Textiles, Apparel & Luxury Goods) | 484 | 5672 |
| Visteon Corp. (Automobile Components) | 40 | 4446 |
| Vontier Corp.\* (Electronic Equipment, <br>Instruments & Components) | 125 | 5184 |
| Vornado Realty Trust (Office REITs) | 66 | 2536 |
| Voya Financial, Inc. (Financial Services) | 67 | 4690 |
| Warner Music Group Corp.\*—Class A <br>(Entertainment) | 110 | 3219 |
| Watsco, Inc. (Trading Companies & <br>Distributors) | 20 | 9018 |
| Watts Water Technologies, Inc.—Class A <br>(Machinery) | 20 | 5246 |
| Weatherford International PLC (Energy <br>Equipment & Services) | 55 | 3110 |
| Webster Financial Corp. (Banks) | 247 | 14240 |
| WESCO International, Inc. (Trading <br>Companies & Distributors) | 65 | 13452 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Westlake Corp.\* (Chemicals) | 49 | $3886 |
| WEX, Inc.\* (Financial Services) | 15 | 2545 |
| Whirlpool Corp.<sup>(a)</sup> (Household Durables) | 81 | 6726 |
| Wintrust Financial Corp. (Banks) | 48 | 6143 |
| WP Carey, Inc. (Equity REIT—Diversified) | 321 | 20595 |
| XPO, Inc.\* (Ground Transportation) | 88 | 10585 |
| YETI Holdings, Inc.\* (Leisure Products) | 70 | 2572 |
| Zions Bancorp N.A. (Banks) | 130 | 6971 |
| ZoomInfo Technologies, Inc.\* (Interactive <br>Media & Services) | 380 | 4115 |
| **TOTAL COMMON STOCKS**<br> (Cost $1,423,356) |  | **2035548** |

---

**Collateral for Securities Loaned<sup>(b)</sup> (0.3%)**

---

| | |
|:---|:---|
| Invesco Government & Agency Portfolio—<br>Institutional Shares, 4.34%<sup>(c)</sup> | 6413 |
| **TOTAL COLLATERAL FOR SECURITIES LOANED**<br> (Cost $6,413) | **6413** |
| **TOTAL INVESTMENT SECURITIES**<br> (Cost $1,429,769)—100.0% | **2041961** |
| Net other assets (liabilities)—NM% | (829) |
| **NET ASSETS—100.0%** | $**2041132** |

---

\* Non-income producing security.

<sup>(a)</sup> All or part of this security was on loan as of July 31, 2025. The total value of securities on loan as of July 31, 2025 was $6,228.

<sup>(b)</sup> Securities were purchased with cash collateral held from securities on loan at July 31, 2025.

<sup>(c)</sup> Rate periodically changes. Rate disclosed is the daily yield as of July 31, 2025.

**See accompanying notes to financial statements.**

------

**60 :: Mid-Cap Value ProFund ::** Schedule of Portfolio Investments :: July 31, 2025

Mid-Cap Value ProFund invested in the following industries as of July 31, 2025:

---

| | | |
|:---|:---|:---|
| | Value | % of <br>Net Assets |
| Aerospace & Defense | $3535 | 0.2% |
| Air Freight & Logistics | 8302 | 0.4% |
| Automobile Components | 32798 | 1.6% |
| Automobiles | 10990 | 0.5% |
| Banks | 195040 | 9.5% |
| Beverages | 6248 | 0.3% |
| Biotechnology | 19531 | 1.0% |
| Broadline Retail | 10208 | 0.5% |
| Building Products | 33212 | 1.6% |
| Capital Markets | 40372 | 2.0% |
| Chemicals | 37530 | 1.8% |
| Commercial Services & Supplies | 7866 | 0.4% |
| Communications Equipment | 11889 | 0.6% |
| Construction & Engineering | 26909 | 1.3% |
| Consumer Finance | 18128 | 0.9% |
| Consumer Staples Distribution & Retail | 88567 | 4.3% |
| Containers & Packaging | 44414 | 2.2% |
| Diversified Consumer Services | 10952 | 0.5% |
| Diversified Telecommunication Services | 13934 | 0.7% |
| Electric Utilities | 39196 | 1.9% |
| Electrical Equipment | 38970 | 1.9% |
| Electronic Equipment, Instruments & <br>Components | 88001 | 4.3% |
| Energy Equipment & Services | 10029 | 0.5% |
| Entertainment | 3219 | 0.2% |
| Equity REIT—Diversified | 20595 | 1.0% |
| Financial Services | 26501 | 1.3% |
| Food Products | 24735 | 1.2% |
| Gas Utilities | 49331 | 2.4% |
| Ground Transportation | 36870 | 1.8% |
| Health Care Equipment & Supplies | 18172 | 0.9% |
| Health Care Providers & Services | 32895 | 1.6% |
| Health Care REITs | 24050 | 1.2% |
| Hotel & Resort REITs | 1588 | 0.1% |
| Hotels, Restaurants & Leisure | 27992 | 1.4% |
| Household Durables | 27238 | 1.3% |
| Independent Power/Renewable <br>Electricity Producers | 4202 | 0.2% |

---

---

| | | |
|:---|:---|:---|
| | Value | % of<br>Net Assets |
| Industrial REITs | $33004 | 1.6% |
| Industrial Support Services | 7899 | 0.4% |
| Insurance | 116166 | 5.7% |
| Interactive Media & Services | 4115 | 0.2% |
| IT Services | 8874 | 0.5% |
| Leisure Facilities & Services | 2376 | 0.1% |
| Leisure Products | 20270 | 1.0% |
| Life Sciences Tools & Services | 41590 | 2.0% |
| Machinery | 114350 | 5.6% |
| Media | 16774 | 0.8% |
| Metals & Mining | 57740 | 2.8% |
| Mortgage REITs | 27879 | 1.4% |
| Multi-Utilities | 10958 | 0.6% |
| Office REITs | 17108 | 0.8% |
| Oil, Gas & Consumable Fuels | 76492 | 3.7% |
| Personal Care Products | 8112 | 0.4% |
| Pharmaceuticals | 15651 | 0.8% |
| Professional Services | 49538 | 2.4% |
| Real Estate Management & Development | 8922 | 0.4% |
| Residential REITs | 20695 | 1.0% |
| Retail—Discretionary | 4402 | 0.2% |
| Retail REITs | 27515 | 1.4% |
| Semiconductors & Semiconductor <br>Equipment | 47397 | 2.3% |
| Software | 20658 | 1.0% |
| Specialized REITs | 37541 | 1.8% |
| Specialty Retail | 62132 | 3.1% |
| Textiles, Apparel & Luxury Goods | 31571 | 1.6% |
| Trading Companies & Distributors | 37900 | 1.9% |
| Water Utilities | 13910 | 0.7% |
| Other\*\* | 5584 | 0.3% |
| **Total** | $**2041132** | **100.0%** |

---

\*\* Includes any non-equity securities and other net assets (liabilities), which includes any receivable for capital shares issued and payable for capital shares redeemed.

**See accompanying notes to financial statements.**

------

July 31, 2025 :: Schedule of Portfolio Investments **:: Nasdaq-100 ProFund :: 61**

**Common Stocks (70.5%)**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Adobe, Inc.\* (Software) | 2187 | $782268 |
| Advanced Micro Devices, Inc.\* <br>(Semiconductors & Semiconductor <br>Equipment) | 8319 | 1466723 |
| Airbnb, Inc.\*—Class A (Hotels, <br>Restaurants & Leisure) | 2214 | 293156 |
| Alphabet, Inc.—Class A (Interactive <br>Media & Services) | 12138 | 2329282 |
| Alphabet, Inc.—Class C (Interactive <br>Media & Services) | 11385 | 2195711 |
| Amazon.com, Inc.\* (Broadline Retail) | 22140 | 5183196 |
| American Electric Power Co., Inc. <br>(Electric Utilities) | 2741 | 310117 |
| Amgen, Inc. (Biotechnology) | 2759 | 814181 |
| Analog Devices, Inc. (Semiconductors & <br>Semiconductor Equipment) | 2546 | 571908 |
| Apple, Inc. (Technology Hardware, <br>Storage & Peripherals) | 31148 | 6465390 |
| Applied Materials, Inc. (Semiconductors & <br>Semiconductor Equipment) | 4117 | 741307 |
| AppLovin Corp\*—Class A (Software) | 1579 | 616915 |
| ARM Holdings PLC\*<sup>ADR(a)</sup> (Semiconductors & <br>Semiconductor Equipment) | 686 | 96983 |
| ASML Holding N.V.<sup>ADR</sup> (Semiconductors & <br>Semiconductor Equipment) | 448 | 311231 |
| AstraZeneca PLC<sup>ADR</sup> (Pharmaceuticals) | 3058 | 223509 |
| Atlassian Corp.\*—Class A (Software) | 848 | 162629 |
| Autodesk, Inc.\* (Software) | 1098 | 332815 |
| Automatic Data Processing, Inc. <br>(Professional Services) | 2083 | 644688 |
| Axon Enterprise, Inc.\* (Aerospace & <br>Defense) | 399 | 301441 |
| Baker Hughes Co. (Energy Equipment & <br>Services) | 5083 | 228989 |
| Biogen, Inc.\* (Biotechnology) | 752 | 96256 |
| Booking Holdings, Inc. (Hotels, <br>Restaurants & Leisure) | 167 | 919177 |
| Broadcom, Inc. (Semiconductors & <br>Semiconductor Equipment) | 16218 | 4763227 |
| Cadence Design Systems, Inc.\* (Software) | 1401 | 510763 |
| CDW Corp. (Electronic Equipment, <br>Instruments & Components) | 676 | 117881 |
| Charter Communications, Inc.\*—Class A <br>(Media) | 720 | 193939 |
| Cintas Corp. (Commercial Services & <br>Supplies) | 2072 | 461123 |
| Cisco Systems, Inc. (Communications <br>Equipment) | 20318 | 1383249 |
| Coca-Cola European Partners PLC <br>(Beverages) | 2356 | 228344 |
| Cognizant Technology Solutions Corp.—<br>Class A (IT Services) | 2529 | 181481 |
| Comcast Corp.—Class A (Media) | 19109 | 634992 |
| Constellation Energy Corp. (Electric <br>Utilities) | 1608 | 559327 |
| Copart, Inc.\* (Commercial Services & <br>Supplies) | 4957 | 224701 |
| CoStar Group, Inc.\* (Real Estate <br>Management & Development) | 2165 | 206086 |
| Costco Wholesale Corp. (Consumer <br>Staples Distribution & Retail) | 2276 | 2138620 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Crowdstrike Holdings, Inc.\*—Class A <br>(Software) | 1278 | $580940 |
| CSX Corp. (Ground Transportation) | 9638 | 342535 |
| Datadog, Inc.\*—Class A (Software) | 1639 | 229427 |
| Dexcom, Inc.\* (Health Care Equipment & <br>Supplies) | 2012 | 162509 |
| Diamondback Energy, Inc. (Oil, Gas & <br>Consumable Fuels) | 1499 | 222841 |
| DoorDash, Inc.\*—Class A (Hotels, <br>Restaurants & Leisure) | 2046 | 512012 |
| Electronic Arts, Inc. (Entertainment) | 1287 | 196255 |
| Exelon Corp. (Electric Utilities) | 5180 | 232789 |
| Fastenal Co. (Trading Companies & <br>Distributors) | 5886 | 271521 |
| Fortinet, Inc.\* (Software) | 3927 | 392307 |
| GE HealthCare Technologies, Inc. (Health <br>Care Equipment & Supplies) | 2349 | 167531 |
| Gilead Sciences, Inc. (Biotechnology) | 6382 | 716635 |
| GLOBALFOUNDRIES, Inc.\* <br>(Semiconductors & Semiconductor <br>Equipment) | 2837 | 106075 |
| Honeywell International, Inc. (Industrial <br>Conglomerates) | 3297 | 733088 |
| IDEXX Laboratories, Inc.\* (Health Care <br>Equipment & Supplies) | 413 | 220670 |
| Intel Corp. (Semiconductors & <br>Semiconductor Equipment) | 22381 | 443144 |
| Intuit, Inc. (Software) | 1431 | 1123521 |
| Intuitive Surgical, Inc.\* (Health Care <br>Equipment & Supplies) | 1839 | 884724 |
| Keurig Dr Pepper, Inc. (Beverages) | 6969 | 227538 |
| KLA Corp. (Semiconductors & <br>Semiconductor Equipment) | 679 | 596861 |
| Lam Research Corp. (Semiconductors & <br>Semiconductor Equipment) | 6563 | 622435 |
| Linde PLC (Chemicals) | 2415 | 1111528 |
| Lululemon Athletica, Inc.\* (Textiles, <br>Apparel & Luxury Goods) | 590 | 118313 |
| Marriott International, Inc. (Hotels, <br>Restaurants & Leisure) | 1405 | 370681 |
| Marvell Technology, Inc. (Semiconductors & <br>Semiconductor Equipment) | 4424 | 355557 |
| MercadoLibre, Inc.\* (Broadline Retail) | 260 | 617211 |
| Meta Platforms, Inc.—Class A (Interactive <br>Media & Services) | 4528 | 3502136 |
| Microchip Technology, Inc. <br>(Semiconductors & Semiconductor <br>Equipment) | 2768 | 187089 |
| Micron Technology, Inc. (Semiconductors & <br>Semiconductor Equipment) | 5734 | 625809 |
| Microsoft Corp. (Software) | 15500 | 8269251 |
| MicroStrategy, Inc.\*—Class A (Software) | 1302 | 523222 |
| Mondelez International, Inc.—Class A <br>(Food Products) | 6643 | 429735 |
| Monster Beverage Corp.\* (Beverages) | 5004 | 293985 |
| Netflix, Inc.\* (Entertainment) | 2184 | 2532129 |
| NVIDIA Corp. (Semiconductors & <br>Semiconductor Equipment) | 50886 | 9051092 |
| NXP Semiconductors N.V. <br>(Semiconductors & Semiconductor <br>Equipment) | 1296 | 277046 |

---

**See accompanying notes to financial statements.**

------

**62 :: Nasdaq-100 ProFund ::** Schedule of Portfolio Investments :: July 31, 2025

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Old Dominion Freight Line, Inc. (Ground <br>Transportation) | 1084 | $161787 |
| ON Semiconductor Corp.\* <br>(Semiconductors & Semiconductor <br>Equipment) | 2144 | 120836 |
| O'Reilly Automotive, Inc.\* (Specialty Retail) | 4386 | 431232 |
| PACCAR, Inc. (Machinery) | 2693 | 265961 |
| Palantir Technologies, Inc.\*—Class A <br>(Software) | 11611 | 1838602 |
| Palo Alto Networks, Inc.\* (Software) | 3421 | 593886 |
| Paychex, Inc. (Professional Services) | 1848 | 266722 |
| PayPal Holdings, Inc.\* (Financial Services) | 4990 | 343112 |
| PDD Holdings, Inc.\*<sup>ADR</sup> (Broadline Retail) | 3427 | 388793 |
| PepsiCo, Inc. (Beverages) | 7035 | 970267 |
| QUALCOMM, Inc. (Semiconductors & <br>Semiconductor Equipment) | 5634 | 826846 |
| Regeneron Pharmaceuticals, Inc.\* <br>(Biotechnology) | 545 | 297276 |
| Roper Technologies, Inc. (Software) | 552 | 303821 |
| Ross Stores, Inc. (Specialty Retail) | 1687 | 230343 |
| Shopify, Inc.\*—Class A (IT Services) | 6250 | 763813 |
| Starbucks Corp. (Hotels, Restaurants & <br>Leisure) | 5831 | 519892 |
| Synopsys, Inc.\* (Software) | 949 | 601163 |
| Take-Two Interactive Software, Inc.\* <br>(Entertainment) | 935 | 208253 |
| Tesla, Inc.\* (Automobiles) | 7590 | 2339769 |
| Texas Instruments, Inc. (Semiconductors & <br>Semiconductor Equipment) | 4661 | 843921 |
| The Kraft Heinz Co. (Food Products) | 6073 | 166765 |
| The Trade Desk, Inc.\*—Class A (Media) | 2299 | 199921 |
| Thomson Reuters Corp. (Professional <br>Services) | 2309 | 463901 |
| T-Mobile U.S., Inc. (Wireless <br>Telecommunication Services) | 5826 | 1388977 |
| Verisk Analytics, Inc. (Professional Services) | 718 | 200114 |
| Vertex Pharmaceuticals, Inc.\* <br>(Biotechnology) | 1318 | 602155 |
| Warner Bros. Discovery, Inc.\* <br>(Entertainment) | 12694 | 167180 |
| Workday, Inc.\*—Class A (Software) | 1108 | 254153 |
| Xcel Energy, Inc. (Electric Utilities) | 2959 | 217309 |
| Zscaler, Inc.\* (Software) | 799 | 228162 |
| **TOTAL COMMON STOCKS**<br> (Cost $39,213,272) |  | **90146679** |

---

**Repurchase Agreements<sup>(b)(c)</sup> (27.7%)**

---

| | | |
|:---|:---|:---|
| | Principal<br>Amount | Value |
| Repurchase Agreements with various <br>counterparties, rates 4.09%–4.25%, <br>dated 7/31/25, due 8/1/25, total to be <br>received $35,366,126 | $35362000 | $35362000 |
| **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $35,362,000) |  | **35362000** |

---

**Collateral for Securities Loaned<sup>(d)</sup> (0.1%)**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Invesco Government & Agency <br>Portfolio—Institutional Shares, 4.34%<sup>(e)</sup> | 108388 | $108388 |
| **TOTAL COLLATERAL FOR SECURITIES LOANED**<br> (Cost $108,388) |  | **108388** |
| **TOTAL INVESTMENT SECURITIES**<br> (Cost $74,683,660)—98.3% |  | **125617067** |
| Net other assets (liabilities)—1.7% |  | 2142567 |
| **NET ASSETS—100.0%** |  | $**127759634** |

---

\* Non-income producing security.

<sup>(a)</sup> All or part of this security was on loan as of July 31, 2025. The total value of securities on loan as of July 31, 2025 was $91,894.

<sup>(b)</sup> The ProFund invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" under Note 2 in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.

<sup>(c)</sup> A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. At July 31, 2025, the aggregate amount held in a segregated account was $4,267,000.

<sup>(d)</sup> Securities were purchased with cash collateral held from securities on loan at July 31, 2025.

<sup>(e)</sup> Rate periodically changes. Rate disclosed is the daily yield as of July 31, 2025.

<sup>ADR</sup> American Depositary Receipt

**Futures Contracts Purchased**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Number <br>of <br>Contracts | Expiration <br>Date | Notional <br>Amount | Value and <br>Unrealized <br>Appreciation/ <br>(Depreciation) |
| E-mini Nasdaq-100 Futures Contracts | 20 | 9/22/25 | $9346000 | $469598 |

---

**See accompanying notes to financial statements.**

------

July 31, 2025 :: Schedule of Portfolio Investments **:: Nasdaq-100 ProFund :: 63**

**Total Return Swap Agreements—Long**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Underlying Instrument | Counterparty | Termination <br>Date<sup>(1)</sup> | Rate Paid <br>(Received)<sup>(2)</sup> | Notional <br>Amount | Value and <br>Unrealized <br>Appreciation/ <br>(Depreciation) |
| Nasdaq-100 Index | Goldman Sachs International | 8/27/25 | 5.08% | $3955207 | $(22407) |
| Nasdaq-100 Index | UBS AG | 8/27/25 | 5.13% | 23078811 | (145078) |
|  |  |  |  | $**27034018** | $**(167485)** |

---

<sup>(1)</sup> Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

<sup>(2)</sup> Reflects the floating financing rate, as of July 31, 2025, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

Nasdaq-100 ProFund invested in the following industries as of

July 31, 2025:

---

| | | |
|:---|:---|:---|
| | Value | % of <br>Net Assets |
| Aerospace & Defense | $301441 | 0.2% |
| Automobiles | 2339769 | 1.8% |
| Beverages | 1720133 | 1.3% |
| Biotechnology | 2526502 | 2.0% |
| Broadline Retail | 6189200 | 4.8% |
| Chemicals | 1111528 | 0.9% |
| Commercial Services & Supplies | 685824 | 0.6% |
| Communications Equipment | 1383249 | 1.1% |
| Consumer Staples Distribution & Retail | 2138621 | 1.7% |
| Electric Utilities | 1319542 | 1.0% |
| Electronic Equipment, Instruments & <br>Components | 117881 | 0.1% |
| Energy Equipment & Services | 228989 | 0.2% |
| Entertainment | 3103817 | 2.4% |
| Financial Services | 343112 | 0.3% |
| Food Products | 596500 | 0.5% |
| Ground Transportation | 504322 | 0.4% |
| Health Care Equipment & Supplies | 1435435 | 1.1% |
| Hotels, Restaurants & Leisure | 2614918 | 2.1% |
| Industrial Conglomerates | 733088 | 0.6% |
| Interactive Media & Services | 8027129 | 6.3% |
| IT Services | 945294 | 0.7% |

---

---

| | | |
|:---|:---|:---|
| | Value | % of<br>Net Assets |
| Machinery | $265961 | 0.2% |
| Media | 1028852 | 0.8% |
| Oil, Gas & Consumable Fuels | 222841 | 0.1% |
| Pharmaceuticals | 223509 | 0.2% |
| Professional Services | 1575425 | 1.2% |
| Real Estate Management & <br>Development | 206086 | 0.1% |
| Semiconductors & Semiconductor <br>Equipment | 22008090 | 17.2% |
| Software | 17343845 | 13.6% |
| Specialty Retail | 661575 | 0.5% |
| Technology Hardware, Storage & <br>Peripherals | 6465390 | 5.1% |
| Textiles, Apparel & Luxury Goods | 118313 | 0.1% |
| Trading Companies & Distributors | 271521 | 0.2% |
| Wireless Telecommunication Services | 1388977 | 1.1% |
| Other\*\* | 37612955 | 29.5% |
| **Total** | $**127759634** | **100.0%** |

---

\*\* Includes any non-equity securities and other net assets (liabilities), which includes any receivable for capital shares issued and payable for capital shares redeemed.

**See accompanying notes to financial statements.**

------

**64 :: Oil & Gas Equipment & Services UltraSector ProFund ::** Schedule of Portfolio Investments :: July 31, 2025

**Common Stocks (73.8%)**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Archrock, Inc. (Energy Equipment & <br>Services) | 15932 | $372172 |
| Aris Water Solutions, Inc.—Class A <br>(Commercial Services & Supplies) | 5210 | 110817 |
| Atlas Energy Solutions, Inc.<sup>(a)</sup> (Energy <br>Equipment & Services) | 12927 | 168051 |
| Baker Hughes Co. (Energy Equipment & <br>Services) | 10119 | 455860 |
| Bristow Group, Inc.\* (Energy Equipment & <br>Services) | 2098 | 72528 |
| Cactus, Inc.—Class A (Energy Equipment & <br>Services) | 8396 | 355235 |
| Core Laboratories, Inc. (Energy Equipment & <br>Services) | 7675 | 83965 |
| Expro Group Holdings N.V.\* (Energy <br>Equipment & Services) | 17644 | 190202 |
| Halliburton Co. (Energy Equipment & <br>Services) | 17799 | 398698 |
| Helix Energy Solutions Group, Inc.\* <br>(Energy Equipment & Services) | 26087 | 154696 |
| Helmerich & Payne, Inc. (Energy <br>Equipment & Services) | 17571 | 284826 |
| Innovex International, Inc.\* (Energy <br>Equipment & Services) | 4957 | 81394 |
| Kodiak Gas Services, Inc.\* (Energy <br>Equipment & Services) | 8608 | 278297 |
| Liberty Energy, Inc. (Energy Equipment & <br>Services) | 29451 | 363425 |
| Nabors Industries, Ltd.\* (Energy <br>Equipment & Services) | 2323 | 80794 |
| Noble Corp. PLC (Energy Equipment & <br>Services) | 13540 | 363007 |
| NOV, Inc. (Energy Equipment & Services) | 29540 | 371613 |
| Oceaneering International, Inc.\* (Energy <br>Equipment & Services) | 12993 | 281948 |
| Patterson-UTI Energy, Inc. (Energy <br>Equipment & Services) | 62198 | 367590 |
| ProPetro Holding Corp.\* (Energy <br>Equipment & Services) | 14140 | 75790 |
| RPC, Inc. (Energy Equipment & Services) | 15915 | 74005 |
| Schlumberger N.V. (Energy Equipment & <br>Services) | 11066 | 374031 |
| Select Energy Services, Inc.—Class A <br>(Energy Equipment & Services) | 17199 | 165626 |
| Solaris Energy Infrastructure, Inc.\* (Energy <br>Equipment & Services) | 8253 | 269626 |
| TechnipFMC PLC (Energy Equipment & <br>Services) | 11525 | 419164 |
| TETRA Technologies, Inc.\* (Energy <br>Equipment & Services) | 12965 | 53157 |
| Tidewater, Inc.\* (Energy Equipment & <br>Services) | 7878 | 393979 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Transocean, Ltd.\* (Energy Equipment & <br>Services) | 123423 | $360395 |
| Valaris, Ltd.\* (Energy Equipment & <br>Services) | 8688 | 422497 |
| Weatherford International PLC\* (Energy <br>Equipment & Services) | 7558 | 427405 |
| **TOTAL COMMON STOCKS**<br> (Cost $5,570,460) |  | **7870793** |

---

**Repurchase Agreements<sup>(b)(c)</sup> (28.2%)**

---

| | | |
|:---|:---|:---|
| | Principal<br>Amount | Value |
| Repurchase Agreements with various <br>counterparties, rates 4.09%–4.25%, <br>dated 7/31/25, due 8/1/25, total to be <br>received $3,000,350 | $3000000 | $3000000 |
| **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $3,000,000) |  | **3000000** |

---

**Collateral for Securities Loaned<sup>(d)</sup> (1.5%)**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Invesco Government & Agency <br>Portfolio—Institutional Shares, 4.34%<sup>(e)</sup> | 154913 | $154913 |
| **TOTAL COLLATERAL FOR SECURITIES LOANED**<br> (Cost $154,913) |  | **154913** |
| **TOTAL INVESTMENT SECURITIES**<br> (Cost $8,725,373)—103.5% |  | **11025706** |
| Net other assets (liabilities)—(3.5)% |  | (371657) |
| **NET ASSETS—100.0%** |  | $**10654049** |

---

\* Non-income producing security.

<sup>(a)</sup> All or part of this security was on loan as of July 31, 2025. The total value of securities on loan as of July 31, 2025 was $149,175.

<sup>(b)</sup> The ProFund invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" under Note 2 in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.

<sup>(c)</sup> A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. At July 31, 2025, the aggregate amount held in a segregated account was $1,553,000.

<sup>(d)</sup> Securities were purchased with cash collateral held from securities on loan at July 31, 2025.

<sup>(e)</sup> Rate periodically changes. Rate disclosed is the daily yield as of July 31, 2025.

**See accompanying notes to financial statements.**

------

July 31, 2025 :: Schedule of Portfolio Investments **:: Oil & Gas Equipment & Services UltraSector ProFund :: 65**

**Total Return Swap Agreements—Long**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Underlying Instrument | Counterparty | Termination<br>Date<sup>(1)</sup> | Rate Paid<br>(Received)<sup>(2)</sup> | Notional <br>Amount | Value and<br>Unrealized<br>Appreciation/<br>(Depreciation) |
| S&P Oil & Gas Equipment &<br>Services Select Sector Index | Goldman Sachs International | 8/25/25 | 5.08% | $4068891 | $(100352) |
| S&P Oil & Gas Equipment & <br>Services Select Sector Index | UBS AG | 8/25/25 | 5.13% | 4008483 | (129577) |
|  |  |  |  | $**8077374** | $**(229929)** |

---

<sup>(1)</sup> Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

<sup>(2)</sup> Reflects the floating financing rate, as of July 31, 2025, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

Oil & Gas Equipment & Services UltraSector ProFund invested in the following industries as of July 31, 2025:

---

| | | |
|:---|:---|:---|
| | Value | % of<br>Net Assets |
| Commercial Services & Supplies | $110817 | 1.0% |
| Energy Equipment & Services | 7759976 | 72.8% |
| Other\*\* | 2783256 | 26.2% |
| **Total** | $**10654049** | **100.0%** |

---

\*\* Includes any non-equity securities and other net assets (liabilities), which includes any receivable for capital shares issued and payable for capital shares redeemed.

**See accompanying notes to financial statements.**

------

**66 :: Pharmaceuticals UltraSector ProFund ::** Schedule of Portfolio Investments :: July 31, 2025

**Common Stocks (81.1%)**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Amneal Pharmaceuticals, Inc.\* <br>(Pharmaceuticals) | 5224 | $40852 |
| Amphastar Pharmaceuticals, Inc.\* <br>(Pharmaceuticals) | 1597 | 33457 |
| ANI Pharmaceuticals, Inc.\* <br>(Pharmaceuticals) | 705 | 44662 |
| Arvinas, Inc.\* (Pharmaceuticals) | 2821 | 20988 |
| Axsome Therapeutics, Inc.\* <br>(Pharmaceuticals) | 676 | 68533 |
| Bristol-Myers Squibb Co. (Pharmaceuticals) | 1458 | 63146 |
| Collegium Pharmaceutical, Inc.\* <br>(Pharmaceuticals) | 989 | 29532 |
| Corcept Therapeutics, Inc.\* <br>(Pharmaceuticals) | 1026 | 68916 |
| CorMedix, Inc.\* (Pharmaceuticals) | 2170 | 25324 |
| Edgewise Therapeutics, Inc.\* <br>(Pharmaceuticals) | 2787 | 39743 |
| Elanco Animal Health, Inc.\* <br>(Pharmaceuticals) | 5123 | 70083 |
| Eli Lilly & Co. (Pharmaceuticals) | 90 | 66606 |
| Enliven Therapeutics, Inc.\* <br>(Pharmaceuticals) | 776 | 14597 |
| Evolus, Inc.\* (Pharmaceuticals) | 1998 | 17822 |
| EyePoint Pharmaceuticals, Inc.\* <br>(Pharmaceuticals) | 1609 | 15800 |
| Harmony Biosciences Holdings, Inc.\* <br>(Pharmaceuticals) | 1672 | 58821 |
| Harrow, Inc.\* (Pharmaceuticals) | 1103 | 35031 |
| Innoviva, Inc.\* (Pharmaceuticals) | 1934 | 35141 |
| Jazz Pharmaceuticals PLC\* <br>(Pharmaceuticals) | 662 | 75885 |
| Johnson & Johnson (Pharmaceuticals) | 471 | 77593 |
| LENZ Therapeutics, Inc.\* (Biotechnology) | 539 | 16046 |
| Ligand Pharmaceuticals, Inc.\* <br>(Pharmaceuticals) | 312 | 41053 |
| Liquidia Corp.\* (Pharmaceuticals) | 2238 | 41828 |
| Merck & Co., Inc. (Pharmaceuticals) | 910 | 71089 |
| Mind Medicine MindMed, Inc.\* <br>(Pharmaceuticals) | 2501 | 22734 |
| Nuvation Bio, Inc.\* (Pharmaceuticals) | 8726 | 20593 |
| Ocular Therapeutix, Inc.\* (Pharmaceuticals) | 4126 | 47779 |
| Organon & Co. (Pharmaceuticals) | 7253 | 70354 |
| Pacira BioSciences, Inc.\* (Pharmaceuticals) | 2079 | 43846 |
| Perrigo Co. PLC (Pharmaceuticals) | 2671 | 71236 |
| Pfizer, Inc. (Pharmaceuticals) | 2986 | 69544 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Phibro Animal Health Corp.—Class A <br>(Pharmaceuticals) | 624 | $16536 |
| Prestige Consumer Healthcare, Inc.\* <br>(Pharmaceuticals) | 859 | 63523 |
| Royalty Pharma PLC—Class A <br>(Pharmaceuticals) | 2147 | 79009 |
| Supernus Pharmaceuticals, Inc.\* <br>(Pharmaceuticals) | 1240 | 43524 |
| Tarsus Pharmaceuticals, Inc.\* <br>(Pharmaceuticals) | 1775 | 68906 |
| Trevi Therapeutics, Inc.\* (Pharmaceuticals) | 3378 | 25014 |
| Viatris, Inc. (Pharmaceuticals) | 8141 | 71152 |
| WaVe Life Sciences, Ltd.\* (Pharmaceuticals) | 4147 | 33591 |
| Xeris Biopharma Holdings, Inc.\* <br>(Pharmaceuticals) | 7968 | 40557 |
| Zevra Therapeutics, Inc.\* (Pharmaceuticals) | 1056 | 11732 |
| Zoetis, Inc. (Pharmaceuticals) | 440 | 64148 |
| **TOTAL COMMON STOCKS**<br> (Cost $1,313,228) |  | **1936326** |

---

**Repurchase Agreements<sup>(a)(b)</sup> (25.4%)**

---

| | | |
|:---|:---|:---|
| | Principal<br>Amount | Value |
| Repurchase Agreements with various <br>counterparties, rates 4.09%–4.25%, <br>dated 7/31/25, due 8/1/25, total to be <br>received $605,071 | $605000 | $605000 |
| **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $605,000) |  | **605000** |
| **TOTAL INVESTMENT SECURITIES**<br> (Cost $1,918,228)—106.5% |  | **2541326** |
| Net other assets (liabilities)—(6.5)% |  | (156101) |
| **NET ASSETS—100.0%** |  | $**2385225** |

---

\* Non-income producing security.

<sup>(a)</sup> The ProFund invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" in the Appendix to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.

<sup>(b)</sup> A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. At July 31, 2025, the aggregate amount held in a segregated account was $255,000.

**See accompanying notes to financial statements.**

------

July 31, 2025 :: Schedule of Portfolio Investments **:: Pharmaceuticals UltraSector ProFund :: 67**

**Total Return Swap Agreements—Long**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Underlying Instrument | Counterparty | Termination<br>Date<sup>(1)</sup> | Rate Paid<br>(Received)<sup>(2)</sup> | Notional<br>Amount | Value and<br>Unrealized<br>Appreciation/<br>(Depreciation) |
| S&P Pharmaceuticals Select <br>Industry Index | Goldman Sachs International | 8/25/25 | 5.08% | $845813 | $(45278) |
| S&P Pharmaceuticals Select <br>Industry Index | UBS AG | 8/25/25 | 5.13% | 784385 | (47488) |
|  |  |  |  | $**1630198** | $**(92766)** |

---

<sup>(1)</sup> Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

<sup>(2)</sup> Reflects the floating financing rate, as of July 31, 2025, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

Pharmaceuticals UltraSector ProFund invested in the following industries as of July 31, 2025:

---

| | | |
|:---|:---|:---|
| | Value | % of<br>Net Assets |
| Biotechnology | $16046 | 0.6% |
| Pharmaceuticals | 1920280 | 80.5% |
| Other\*\* | 448899 | 18.9% |
| **Total** | $**2385225** | **100.0%** |

---

\*\* Includes any non-equity securities and other net assets (liabilities), which includes any receivable for capital shares issued and payable for capital shares redeemed.

**See accompanying notes to financial statements.**

------

**68 :: Precious Metals UltraSector ProFund ::** Schedule of Portfolio Investments :: July 31, 2025

**Common Stocks (80.0%)**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Agnico Eagle Mines, Ltd. (Metals & Mining) | 38146 | $4743837 |
| Alamos Gold, Inc.—Class A (Metals & Mining) | 31878 | 774635 |
| Anglogold Ashanti PLC (Metals & Mining) | 32440 | 1500350 |
| B2Gold Corp. (Metals & Mining) | 100051 | 337172 |
| Barrick Mining Corp. (Metals & Mining) | 130330 | 2752570 |
| Centerra Gold Inc\* (Metals & Mining) | 15906 | 108161 |
| Cia De Minas Buenaventura S.A.A<sup>ADR</sup> <br>(Metals & Mining) | 18127 | 308340 |
| Coeur Mining, Inc.\* (Metals & Mining) | 48487 | 421352 |
| DRDGOLD Ltd.<sup>ADR</sup> (Metals & Mining) | 3211 | 42835 |
| Eldorado Gold Corp.\* (Metals & Mining) | 15574 | 319267 |
| Endeavour Silver Corp.\* (Metals & Mining) | 21946 | 111266 |
| Equinox Gold Corp.\* (Metals & Mining) | 54903 | 334908 |
| First Majestic Silver Corp. (Metals & Mining) | 32301 | 256793 |
| Fortuna Mining Corp.\* (Metals & Mining) | 23267 | 150072 |
| Franco-Nevada Corp. (Metals & Mining) | 14595 | 2325421 |
| Gold Fields, Ltd.<sup>ADR</sup> (Metals & Mining) | 67840 | 1652582 |
| Harmony Gold Mining Co., Ltd.<sup>ADR</sup> (Metals & <br>Mining) | 42340 | 569896 |
| Hecla Mining Co. (Metals & Mining) | 47947 | 275216 |
| IAMGOLD Corp.\* (Metals & Mining) | 43587 | 294648 |
| Kinross Gold Corp. (Metals & Mining) | 93264 | 1492224 |
| MAG Silver Corp.\* (Metals & Mining) | 7058 | 144124 |
| New Gold, Inc.\* (Metals & Mining) | 59988 | 251350 |
| Newmont Corp. (Metals & Mining) | 84362 | 5238881 |
| NovaGold Resources, Inc.\* (Metals & Mining) | 23026 | 119505 |
| OR Royalties, Inc.\* (Metals & Mining) | 14190 | 393205 |
| Orla Mining Ltd.\* (Metals & Mining) | 15881 | 148011 |
| Pan American Silver Corp. (Metals & Mining) | 27453 | 741780 |
| Perpetua Resources Corp.\* (Metals & Mining) | 5161 | 77931 |
| Royal Gold, Inc. (Metals & Mining) | 4989 | 755434 |
| Sandstorm Gold, Ltd. (Metals & Mining) | 18444 | 172636 |
| Seabridge Gold, Inc.\* (Metals & Mining) | 6478 | 99243 |
| Sibanye Stillwater, Ltd.\*<sup>ADR</sup> (Metals & Mining) | 53637 | 448405 |
| SSR Mining, Inc.\* (Metals & Mining) | 15370 | 183672 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Triple Flag Precious Metals Corp\* (Metals & <br>Mining) | 5133 | $117135 |
| Wheaton Precious Metals Corp. (Metals & <br>Mining) | 34400 | 3147944 |
| **TOTAL COMMON STOCKS**<br> (Cost $11,170,337) |  | **30810801** |

---

**Repurchase Agreements<sup>(a)(b)</sup> (21.2%)**

---

| | | |
|:---|:---|:---|
| | Principal<br>Amount | Value |
| Repurchase Agreements with various <br>counterparties, rates 4.09%–4.25%, <br>dated 7/31/25, due 8/1/25, total to be <br>received $8,142,950 | $8142000 | $8142000 |
| **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $8,142,000) |  | **8142000** |
| **TOTAL INVESTMENT SECURITIES**<br> (Cost $19,312,337)—101.2% |  | **38952801** |
| Net other assets (liabilities)—(1.2)% |  | (472606) |
| **NET ASSETS—100.0%** |  | $**38480195** |

---

\* Non-income producing security.

<sup>(a)</sup> The ProFund invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" in the Appendix to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.

<sup>(b)</sup> A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. At July 31, 2025, the aggregate amount held in a segregated account was $4,416,000.

<sup>ADR</sup> American Depositary Receipt

**Total Return Swap Agreements—Long**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Underlying Instrument | Counterparty | Termination<br>Date<sup>(1)</sup> | Rate Paid<br>(Received)<sup>(2)</sup> | Notional <br>Amount | Value and<br>Unrealized<br>Appreciation/ <br>(Depreciation) |
| Dow Jones Precious Metals Index | Goldman Sachs International | 8/25/25 | 5.08% | $13939629 | $(527709) |
| Dow Jones Precious Metals Index | UBS AG | 8/25/25 | 5.13% | 12619474 | (497565) |
|  |  |  |  | $**26559103** | $**(1025274)** |

---

<sup>(1)</sup> Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

<sup>(2)</sup> Reflects the floating financing rate, as of July 31, 2025, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

Precious Metals UltraSector ProFund invested in the following industries as of July 31, 2025:

---

| | | |
|:---|:---|:---|
| | Value | % of <br>Net Assets |
| Metals & Mining | $30810801 | 80.0% |
| Other\*\* | 7669394 | 20.0% |
| **Total** | $**38480195** | **100.0%** |

---

\*\* Includes any non-equity securities and other net assets (liabilities), which includes any receivable for capital shares issued and payable for capital shares redeemed.

**See accompanying notes to financial statements.**

------

July 31, 2025 :: Schedule of Portfolio Investments **:: Real Estate UltraSector ProFund :: 69**

**Common Stocks (80.4%)**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Alexandria Real Estate Equities, Inc. <br>(Office REITs) | 377 | $28814 |
| American Tower Corp.—Class A <br>(Specialized REITs) | 1145 | 238606 |
| AvalonBay Communities, Inc. <br>(Residential REITs) | 348 | 64826 |
| Boston Properties, Inc. (Office REITs) | 356 | 23293 |
| Camden Property Trust (Residential REITs) | 261 | 28501 |
| CBRE Group, Inc.\*—Class A (Real Estate <br>Management & Development) | 718 | 111821 |
| CoStar Group, Inc.\* (Real Estate <br>Management & Development) | 1032 | 98236 |
| Crown Castle International Corp. <br>(Specialized REITs) | 1065 | 111921 |
| Digital Realty Trust, Inc. (Specialized REITs) | 774 | 136565 |
| Equinix, Inc. (Specialized REITs) | 239 | 187655 |
| Equity Residential (Residential REITs) | 836 | 52835 |
| Essex Property Trust, Inc. (Residential REITs) | 157 | 40848 |
| Extra Space Storage, Inc. (Specialized REITs) | 519 | 69733 |
| Federal Realty Investment Trust (Retail REITs) | 190 | 17510 |
| Healthpeak Properties, Inc. (Health Care REITs) | 1699 | 28781 |
| Host Hotels & Resorts, Inc. (Hotel & <br>Resort REITs) | 1697 | 26677 |
| Invitation Homes, Inc. (Residential REITs) | 1394 | 42726 |
| Iron Mountain, Inc. (Specialized REITs) | 722 | 70294 |
| Kimco Realty Corp. (Retail REITs) | 1655 | 35136 |
| Mid-America Apartment Communities, Inc. <br>(Residential REITs) | 286 | 40735 |
| Prologis, Inc. (Industrial REITs) | 2270 | 242391 |
| Public Storage (Specialized REITs) | 386 | 104969 |
| Realty Income Corp. (Retail REITs) | 2209 | 123992 |
| Regency Centers Corp. (Retail REITs) | 400 | 28560 |
| SBA Communications Corp.—Class A <br>(Specialized REITs) | 263 | 59101 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Simon Property Group, Inc. (Retail REITs) | 751 | $123006 |
| UDR, Inc. (Residential REITs) | 737 | 28957 |
| Ventas, Inc. (Health Care REITs) | 1104 | 74167 |
| VICI Properties, Inc. (Specialized REITs) | 2585 | 84271 |
| Welltower, Inc. (Health Care REITs) | 1520 | 250906 |
| Weyerhaeuser Co. (Specialized REITs) | 1774 | 44439 |
| **TOTAL COMMON STOCKS**<br> (Cost $870,402) |  | **2620272** |

---

**Repurchase Agreements<sup>(a)(b)</sup> (21.1%)**

---

| | | |
|:---|:---|:---|
| | Principal<br>Amount | Value |
| Repurchase Agreements with various <br>counterparties, rates 4.09%–4.25%, <br>dated 7/31/25, due 8/1/25, total to be <br>received $688,080 | $688000 | $688000 |
| **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $688,000) |  | **688000** |
| **TOTAL INVESTMENT SECURITIES**<br> (Cost $1,558,402)—101.5% |  | **3308272** |
| Net other assets (liabilities)—(1.5)% |  | (47390) |
| **NET ASSETS—100.0%** |  | $**3260882** |

---

\* Non-income producing security.

<sup>(a)</sup> The ProFund invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" in the Appendix to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.

<sup>(b)</sup> A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. At July 31, 2025, the aggregate amount held in a segregated account was $442,000.

<sup>REIT</sup> Real Estate Investment Trust

**Total Return Swap Agreements—Long**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Underlying Instrument | Counterparty | Termination<br>Date<sup>(1)</sup> | Rate Paid<br>(Received)<sup>(2)</sup> | Notional <br>Amount | Value and <br>Unrealized<br>Appreciation/<br>(Depreciation) |
| S&P Real Estate Select Sector Index | Goldman Sachs International | 8/25/25 | 5.08% | $1107647 | $(49500) |
| S&P Real Estate Select Sector Index | UBS AG | 8/25/25 | 5.13% | 1172516 | (41554) |
|  |  |  |  | $**2280163** | $**(91054)** |

---

<sup>(1)</sup> Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

<sup>(2)</sup> Reflects the floating financing rate, as of July 31, 2025, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

**See accompanying notes to financial statements.**

------

**70 :: Real Estate UltraSector ProFund ::** Schedule of Portfolio Investments :: July 31, 2025

Real Estate UltraSector ProFund invested in the following industries as of July 31, 2025:

---

| | | |
|:---|:---|:---|
| | Value | % of<br>Net Assets |
| Health Care REITs | $353854 | 10.8% |
| Hotel & Resort REITs | 26677 | 0.8% |
| Industrial REITs | 242391 | 7.4% |
| Office REITs | 52107 | 1.6% |
| Real Estate Management & Development | 210057 | 6.5% |
| Residential REITs | 299428 | 9.2% |
| Retail REITs | 328204 | 10.1% |
| Specialized REITs | 1107554 | 34.0% |
| Other\*\* | 640610 | 19.6% |
| **Total** | $**3260882** | **100.0%** |

---

\*\* Includes any non-equity securities and other net assets (liabilities), which includes any receivable for capital shares issued and payable for capital shares redeemed.

<sup>REIT</sup> Real Estate Investment Trust

**See accompanying notes to financial statements.**

------

July 31, 2025 :: Schedule of Portfolio Investments **:: Rising Rates Opportunity ProFund :: 71**

**Repurchase Agreements<sup>(a)(b)</sup> (104.3%)**

---

| | | |
|:---|:---|:---|
| | Principal<br>Amount | Value |
| Repurchase Agreements with various <br>counterparties, rates 4.09%–4.25%, <br>dated 7/31/25, due 8/1/25, total to be <br>received $9,967,163 | $9966000 | $9966000 |
| **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $9,966,000) |  | **9966000** |
| **TOTAL INVESTMENT SECURITIES**<br> (Cost $9,966,000)—104.3% |  | **9966000** |
| Net other assets (liabilities)—(4.3)% |  | (407880) |
| **NET ASSETS—100.0%** |  | $**9558120** |

---

<sup>(a)</sup> The ProFund invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" in the Appendix to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.

<sup>(b)</sup> A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. At July 31, 2025, the aggregate amount held in a segregated account was $819,000.

**Total Return Swap Agreements—Short**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Underlying Instrument | Counterparty | Termination<br>Date<sup>(1)</sup> | Rate Paid<br>(Received)<sup>(2)</sup> | Notional<br>Amount | Value and<br>Unrealized<br>Appreciation/<br>(Depreciation) |
| 30-Year U.S. Treasury Bond, <br>4.75%, due 5/15/55 | Citibank North America | 8/15/25 | (4.26)% | $(7006842) | $(261219) |
| 30-Year U.S. Treasury Bond, <br>4.75%, due 5/15/55 | Societe Generale | 8/15/25 | (4.19)% | (4911707) | (93070) |
|  |  |  |  | $**(11918549)** | $**(354289)** |

---

<sup>(1)</sup> Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

<sup>(2)</sup> Reflects the floating financing rate, as of July 31, 2025, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

**See accompanying notes to financial statements.**

------

**72 :: Rising Rates Opportunity 10 ProFund ::** Schedule of Portfolio Investments :: July 31, 2025

**Repurchase Agreements<sup>(a)(b)</sup> (99.7%)**

---

| | | |
|:---|:---|:---|
| | Principal<br>Amount | Value |
| Repurchase Agreements with various <br>counterparties, rates 4.09%–4.25%, <br>dated 7/31/25, due 8/1/25, total to be <br>received $591,069 | $591000 | $591000 |
| **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $591,000) |  | **591000** |
| **TOTAL INVESTMENT SECURITIES**<br> (Cost $591,000)—99.7% |  | **591000** |
| Net other assets (liabilities)—0.3% |  | 1810 |
| **NET ASSETS—100.0%** |  | $**592810** |

---

<sup>(a)</sup> The ProFund invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" in the Appendix to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.

<sup>(b)</sup> A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. At July 31, 2025, the aggregate amount held in a segregated account was $64,000.

**Total Return Swap Agreements—Short**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Underlying Instrument | Counterparty | Termination<br>Date<sup>(1)</sup> | Rate Paid<br>(Received)<sup>(2)</sup> | Notional <br>Amount | Value and<br>Unrealized<br>Appreciation/ <br>(Depreciation) |
| 10-Year U.S. Treasury Note, <br>4.25%, due 5/15/35 | Citibank North America | 8/15/25 | (4.24)% | $(140047) | $(1680) |
| 10-Year U.S. Treasury Note, <br>4.25%, due 5/15/35 | Societe Generale | 8/15/25 | (4.17)% | (450151) | (4375) |
|  |  |  |  | $**(590198)** | $**(6055)** |

---

<sup>(1)</sup> Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

<sup>(2)</sup> Reflects the floating financing rate, as of July 31, 2025, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

**See accompanying notes to financial statements.**

------

July 31, 2025 :: Schedule of Portfolio Investments **:: Rising U.S. Dollar ProFund :: 73**

**Repurchase Agreements<sup>(a)(b)</sup> (89.7%)**

---

| | | |
|:---|:---|:---|
| | Principal<br>Amount | Value |
| Repurchase Agreements with various <br>counterparties, rates 4.09%–4.25%, <br>dated 7/31/25, due 8/1/25, total to be <br>received $7,548,881 | $7548000 | $7548000 |
| **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $7,548,000) |  | **7548000** |
| **TOTAL INVESTMENT SECURITIES**<br> (Cost $7,548,000)—89.7% |  | **7548000** |
| Net other assets (liabilities)—10.3% |  | 867469 |
| **NET ASSETS—100.0%** |  | $**8415469** |

---

<sup>(a)</sup> The ProFund invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" in the Appendix to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.

<sup>(b)</sup> A portion of these securities were held in a segregated account for the benefit of forward currency contract counterparties in the event of default. At July 31, 2025, the aggregate amount held in a segregated account was $181,000.

As of July 31, 2025, the Rising U.S. Dollar ProFund's forward currency contracts with Goldman Sachs International were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description and amount of <br>currency purchased | Description and amount of <br>currency purchased | Description and amount of<br>currency sold | Description and amount of<br>currency sold | Delivery<br>Date | Fair <br>Value | Unrealized<br>Appreciation/<br>(Depreciation) |
| **Short:** | **Short:** | **Short:** | **Short:** | **Short:** | **Short:** | **Short:** |
| U.S. dollar | $490146 | British pound | 360952 | 08/08/25 | $476637 | $13509 |
| U.S. dollar | 380234 | Canadian dollar | 520023 | 08/08/25 | 375517 | 4717 |
| U.S. dollar | 2714197 | Euro | 2315566 | 08/08/25 | 2643735 | 70462 |
| U.S. dollar | 222061 | Japanese yen | 32548826 | 08/08/25 | 216070 | 5991 |
| U.S. dollar | 220784 | Swedish krona | 2103231 | 08/08/25 | 215033 | 5751 |
| U.S. dollar | 271803 | Swiss franc | 215551 | 08/08/25 | 265735 | 6068 |
| Total Short Contracts | $4299225 |  |  |  | $4192727 | $106498 |
| **Long:** | **Long:** | **Long:** | **Long:** | **Long:** | **Long:** | **Long:** |
| British pound | 27293 | U.S. dollar | $36808 | 08/08/25 | $36040 | $(768) |
| Canadian dollar | 35911 | U.S. dollar | 26265 | 08/08/25 | 25932 | (333) |
| Euro | 156058 | U.S. dollar | 182628 | 08/08/25 | 178175 | (4453) |
| Japanese yen | 6936841 | U.S. dollar | 47158 | 08/08/25 | 46049 | (1109) |
| Swedish krona | 140150 | U.S. dollar | 14643 | 08/08/25 | 14329 | (314) |
| Swiss franc | 8619 | U.S. dollar | 10819 | 08/08/25 | 10626 | (193) |
| Total Long Contracts |  |  | $318321 |  | $311151 | $(7170) |

---

As of July 31, 2025, the Rising U.S. Dollar ProFund's forward currency contracts with UBS AG were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description and amount of<br>currency purchased | Description and amount of<br>currency purchased | Description and amount of<br>currency sold | Description and amount of<br>currency sold | Delivery<br>Date | Fair <br>Value | Unrealized<br>Appreciation/<br>(Depreciation) |
| **Short:** | **Short:** | **Short:** | **Short:** | **Short:** | **Short:** | **Short:** |
| U.S. dollar | $596864 | British pound | 440487 | 08/08/25 | $581663 | $15201 |
| U.S. dollar | 441029 | Canadian dollar | 603509 | 08/08/25 | 435803 | 5226 |
| U.S. dollar | 2558448 | Euro | 2186703 | 08/08/25 | 2496609 | 61839 |
| U.S. dollar | 1032243 | Japanese yen | 151076441 | 08/08/25 | 1002894 | 29349 |
| U.S. dollar | 163800 | Swedish krona | 1563253 | 08/08/25 | 159826 | 3974 |
| U.S. dollar | 56253 | Swiss franc | 44877 | 08/08/25 | 55325 | 928 |
| Total Short Contracts | $4848637 |  |  |  | $4732120 | $116517 |
| **Long:** | **Long:** | **Long:** | **Long:** | **Long:** | **Long:** | **Long:** |
| British pound | 17726 | U.S. dollar | $23807 | 08/08/25 | $23407 | $(400) |
| Canadian dollar | 29393 | U.S. dollar | 21487 | 08/08/25 | 21225 | (262) |
| Euro | 112824 | U.S. dollar | 131890 | 08/08/25 | 128814 | (3076) |
| Japanese yen | 4570369 | U.S. dollar | 31027 | 08/08/25 | 30340 | (687) |
| Swedish krona | 80113 | U.S. dollar | 8350 | 08/08/25 | 8191 | (159) |
| Swiss franc | 6565 | U.S. dollar | 8251 | 08/08/25 | 8093 | (158) |
| Total Long Contracts |  |  | $224812 |  | $220070 | $(4742) |
| Total unrealized appreciation | Total unrealized appreciation | Total unrealized appreciation | Total unrealized appreciation | Total unrealized appreciation | Total unrealized appreciation | $223015 |
| Total unrealized (depreciation) | Total unrealized (depreciation) | Total unrealized (depreciation) | Total unrealized (depreciation) | Total unrealized (depreciation) | Total unrealized (depreciation) | (11912) |
| Total net unrealized appreciation/(depreciation) | Total net unrealized appreciation/(depreciation) | Total net unrealized appreciation/(depreciation) | Total net unrealized appreciation/(depreciation) | Total net unrealized appreciation/(depreciation) | Total net unrealized appreciation/(depreciation) | $211103 |

---

**See accompanying notes to financial statements.**

------

**74 :: Semiconductor UltraSector ProFund ::** Schedule of Portfolio Investments :: July 31, 2025

**Common Stocks (42.0%)**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Advanced Micro Devices, Inc.\* <br>(Semiconductors & Semiconductor <br>Equipment) | 41986 | $7402552 |
| Allegro MicroSystems, Inc.\* <br>(Semiconductors & Semiconductor <br>Equipment) | 3385 | 106323 |
| Amkor Technology, Inc. <br>(Semiconductors & Semiconductor <br>Equipment) | 2943 | 66394 |
| Analog Devices, Inc. <br>(Semiconductors & Semiconductor <br>Equipment) | 12843 | 2884923 |
| Applied Materials, Inc. <br>(Semiconductors & <br>Semiconductor Equipment) | 21038 | 3788102 |
| Axcelis Technologies, Inc.\* <br>(Semiconductors & Semiconductor <br>Equipment) | 832 | 56318 |
| Broadcom, Inc. (Semiconductors & <br>Semiconductor Equipment) | 121757 | 35760030 |
| Cirrus Logic, Inc.\* (Semiconductors & <br>Semiconductor Equipment) | 1376 | 138577 |
| Enphase Energy, Inc.\* <br>(Semiconductors & Semiconductor <br>Equipment) | 3398 | 109959 |
| Entegris, Inc. (Semiconductors & <br>Semiconductor Equipment) | 3921 | 307642 |
| GLOBALFOUNDRIES, Inc.\* <br>(Semiconductors & Semiconductor <br>Equipment) | 2155 | 80575 |
| Intel Corp. (Semiconductors & <br>Semiconductor Equipment) | 112954 | 2236489 |
| KLA Corp. (Semiconductors & <br>Semiconductor Equipment) | 3424 | 3009799 |
| Lam Research Corp. (Semiconductors & <br>Semiconductor Equipment) | 33123 | 3141385 |
| Lattice Semiconductor Corp.\* <br>(Semiconductors & Semiconductor <br>Equipment) | 3561 | 177445 |
| Marvell Technology, Inc. <br>(Semiconductors & Semiconductor <br>Equipment) | 22369 | 1797797 |
| Microchip Technology, Inc. <br>(Semiconductors & Semiconductor <br>Equipment) | 13927 | 941326 |
| Micron Technology, Inc. <br>(Semiconductors & Semiconductor <br>Equipment) | 28940 | 3158512 |
| MKS Instruments, Inc. <br>(Semiconductors & Semiconductor <br>Equipment) | 1737 | 165328 |
| Monolithic Power Systems, Inc. <br>(Semiconductors & Semiconductor <br>Equipment) | 1240 | 881938 |
| NVIDIA Corp. (Semiconductors & <br>Semiconductor Equipment) | 631518 | 112328106 |
| NXP Semiconductors N.V. <br>(Semiconductors & Semiconductor <br>Equipment) | 6542 | 1398483 |
| ON Semiconductor Corp.\* <br>(Semiconductors & Semiconductor <br>Equipment) | 10821 | 609872 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Onto Innovation, Inc.\* (Semiconductors & <br>Semiconductor Equipment) | 1266 | $119954 |
| Power Integrations, Inc. (Semiconductors & <br>Semiconductor Equipment) | 1458 | 70742 |
| Qorvo, Inc.\* (Semiconductors & <br>Semiconductor Equipment) | 2419 | 202228 |
| QUALCOMM, Inc. (Semiconductors & <br>Semiconductor Equipment) | 28412 | 4169745 |
| Rambus, Inc.\* (Semiconductors & <br>Semiconductor Equipment) | 2781 | 205599 |
| Silicon Laboratories, Inc.\* <br>(Semiconductors & Semiconductor <br>Equipment) | 843 | 111082 |
| Skyworks Solutions, Inc. (Semiconductors & <br>Semiconductor Equipment) | 3888 | 266484 |
| Teradyne, Inc. (Semiconductors & <br>Semiconductor Equipment) | 4154 | 446264 |
| Texas Instruments, Inc. (Semiconductors & <br>Semiconductor Equipment) | 23525 | 4259437 |
| Universal Display Corp. (Semiconductors & <br>Semiconductor Equipment) | 1145 | 165338 |
| **TOTAL COMMON STOCKS**<br> (Cost $29,068,512) |  | **190564748** |

---

**Repurchase Agreements<sup>(a)(b)</sup> (27.2%)**

---

| | | |
|:---|:---|:---|
| | Principal<br>Amount | Value |
| Repurchase Agreements with various <br>counterparties, rates 4.09%–4.25%, <br>dated 7/31/25, due 8/1/25, total to be <br>received $123,079,358 | $123065000 | $123065000 |
| **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $123,065,000) |  | **123065000** |
| **TOTAL INVESTMENT SECURITIES**<br> (Cost $152,133,512)—69.2% |  | **313629748** |
| Net other assets (liabilities)—30.8% |  | 139368184 |
| **NET ASSETS—100.0%** |  | $**452997932** |

---

\* Non-income producing security.

<sup>(a)</sup> The ProFund invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" in the Appendix to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.

<sup>(b)</sup> A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. At July 31, 2025, the aggregate amount held in a segregated account was $65,093,000.

**See accompanying notes to financial statements.**

------

July 31, 2025 :: Schedule of Portfolio Investments **:: Semiconductor UltraSector ProFund :: 75**

**Total Return Swap Agreements—Long**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Underlying Instrument | Counterparty | Termination<br>Date<sup>(1)</sup> | Rate Paid <br>(Received)<sup>(2)</sup> | Notional<br>Amount | Value and<br>Unrealized<br>Appreciation/<br>(Depreciation) |
| Dow Jones U.S. <br>Semiconductors Index | Goldman Sachs International | 8/25/25 | 5.08% | $183016512 | $4287314 |
| Dow Jones U.S. <br>Semiconductors Index | UBS AG | 8/25/25 | 5.13% | 303962030 | 4664272 |
|  |  |  |  | $**486978542** | $**8951586** |

---

<sup>(1)</sup> Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

<sup>(2)</sup> Reflects the floating financing rate, as of July 31, 2025, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

Semiconductor UltraSector ProFund invested in the following industries as of July 31, 2025:

---

| | | |
|:---|:---|:---|
| | Value | % of <br>Net Assets |
| Semiconductors & Semiconductor <br>Equipment | $190564748 | 42.0% |
| Other\*\* | 262433184 | 58.0% |
| **Total** | $**452997932** | **100.0%** |

---

\*\* Includes any non-equity securities and other net assets (liabilities), which includes any receivable for capital shares issued and payable for capital shares redeemed.

**See accompanying notes to financial statements.**

------

**76 :: Short Energy ProFund ::** Schedule of Portfolio Investments :: July 31, 2025

**Repurchase Agreements<sup>(a)(b)</sup> (98.6%)**

---

| | | |
|:---|:---|:---|
| | Principal<br>Amount | Value |
| Repurchase Agreements with various <br>counterparties, rates 4.09%–4.25%, <br>dated 7/31/25, due 8/1/25, total to be <br>received $1,254,146 | $1254000 | $1254000 |
| **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $1,254,000) |  | **1254000** |
| **TOTAL INVESTMENT SECURITIES**<br> (Cost $1,254,000)—98.6% |  | **1254000** |
| Net other assets (liabilities)—1.4% |  | 18167 |
| **NET ASSETS—100.0%** |  | $**1272167** |

---

<sup>(a)</sup> The ProFund invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" under Note 2 in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.

<sup>(b)</sup> A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. At July 31, 2025, the aggregate amount held in a segregated account was $245,000.

**Total Return Swap Agreements—Short**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Underlying Instrument | Counterparty | Termination <br>Date<sup>(1)</sup> | Rate Paid <br>(Received)<sup>(2)</sup> | Notional<br>Amount | Value and <br>Unrealized<br>Appreciation/ <br>(Depreciation) |
| S&P Energy Select <br>Sector Index | Goldman Sachs International | 8/25/25 | (4.58)% | $(854886) | $(176) |
| S&P Energy Select <br>Sector Index | UBS AG | 8/25/25 | (4.63)% | (415519) | (1454) |
|  |  |  |  | $**(1270405)** | $**(1630)** |

---

<sup>(1)</sup> Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

<sup>(2)</sup> Reflects the floating financing rate, as of July 31, 2025, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

**See accompanying notes to financial statements.**

------

July 31, 2025 :: Schedule of Portfolio Investments **:: Short Nasdaq-100 ProFund :: 77**

**Repurchase Agreements<sup>(a)(b)</sup> (96.6%)**

---

| | | |
|:---|:---|:---|
| | Principal<br>Amount | Value |
| Repurchase Agreements with various <br>counterparties, rates 4.09%–4.25%, <br>dated 7/31/25, due 8/1/25, total to be <br>received $2,174,254 | $2174000 | $2174000 |
| **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $2,174,000) |  | **2174000** |
| **TOTAL INVESTMENT SECURITIES**<br> (Cost $2,174,000)—96.6% |  | **2174000** |
| Net other assets (liabilities)—3.4% |  | 76403 |
| **NET ASSETS—100.0%** |  | $**2250403** |

---

<sup>(a)</sup> The ProFund invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" in the Appendix to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.

<sup>(b)</sup> A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. At July 31, 2025, the aggregate amount held in a segregated account was $351,000.

**Total Return Swap Agreements—Short**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Underlying Instrument | Counterparty | Termination <br>Date<sup>(1)</sup> | Rate Paid <br>(Received)<sup>(2)</sup> | Notional<br>Amount | Value and <br>Unrealized<br>Appreciation/ <br>(Depreciation) |
| Nasdaq-100 Index | Goldman Sachs International | 8/27/25 | (4.83)% | $(762715) | $5091 |
| Nasdaq-100 Index | UBS AG | 8/27/25 | (4.73)% | (1474351) | 8783 |
|  |  |  |  | $**(2237066)** | $**13874** |

---

<sup>(1)</sup> Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

<sup>(2)</sup> Reflects the floating financing rate, as of July 31, 2025, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

**See accompanying notes to financial statements.**

------

**78 :: Short Precious Metals ProFund ::** Schedule of Portfolio Investments :: July 31, 2025

**Repurchase Agreements<sup>(a)(b)</sup> (96.9%)**

---

| | | |
|:---|:---|:---|
| | Principal<br>Amount | Value |
| Repurchase Agreements with various <br>counterparties, rates 4.09%–4.25%, <br>dated 7/31/25, due 8/1/25, total to be <br>received $12,176,420 | $12175000 | $12175000 |
| **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $12,175,000) |  | **12175000** |
| **TOTAL INVESTMENT SECURITIES**<br> (Cost $12,175,000)—96.9% |  | **12175000** |
| Net other assets (liabilities)—3.1% |  | 389696 |
| **NET ASSETS—100.0%** |  | $**12564696** |

---

<sup>(a)</sup> The ProFund invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" in the Appendix to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.

<sup>(b)</sup> A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. At July 31, 2025, the aggregate amount held in a segregated account was $2,364,000.

**Total Return Swap Agreements—Short**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Underlying Instrument | Counterparty | Termination <br>Date<sup>(1)</sup> | Rate Paid <br>(Received)<sup>(2)</sup> | Notional<br>Amount | Value and <br>Unrealized<br>Appreciation/ <br>(Depreciation) |
| Dow Jones Precious <br>Metals Index | Goldman Sachs International | 8/25/25 | (4.58)% | $(5458966) | $206991 |
| Dow Jones Precious <br>Metals Index | UBS AG | 8/25/25 | (4.63)% | (7104456) | 246951 |
|  |  |  |  | $**(12563422)** | $**453942** |

---

<sup>(1)</sup> Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

<sup>(2)</sup> Reflects the floating financing rate, as of July 31, 2025, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

**See accompanying notes to financial statements.**

------

July 31, 2025 :: Schedule of Portfolio Investments **:: Short Real Estate ProFund :: 79**

**Repurchase Agreements<sup>(a)(b)</sup> (91.5%)**

---

| | | |
|:---|:---|:---|
| | Principal<br>Amount | Value |
| Repurchase Agreements with various <br>counterparties, rates 4.09%–4.25%, <br>dated 7/31/25, due 8/1/25, total to be <br>received $652,076 | $652000 | $652000 |
| **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $652,000) |  | **652000** |
| **TOTAL INVESTMENT SECURITIES**<br> (Cost $652,000)—91.5% |  | **652000** |
| Net other assets (liabilities)—8.5% |  | 60538 |
| **NET ASSETS—100.0%** |  | $**712538** |

---

<sup>(a)</sup> The ProFund invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" in the Appendix to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.

<sup>(b)</sup> A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. At July 31, 2025, the aggregate amount held in a segregated account was $151,000.

**Total Return Swap Agreements—Short**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Underlying Instrument | Counterparty | Termination <br>Date<sup>(1)</sup> | Rate Paid <br>(Received)<sup>(2)</sup> | Notional<br>Amount | Value and <br>Unrealized<br>Appreciation/ <br>(Depreciation) |
| S&P Real Estate Select <br>Sector Index | Goldman Sachs International | 8/25/25 | (4.58)% | $(315396) | $11620 |
| S&P Real Estate Select <br>Sector Index | UBS AG | 8/25/25 | (4.63)% | (394702) | 13969 |
|  |  |  |  | $**(710098)** | $**25589** |

---

<sup>(1)</sup> Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

<sup>(2)</sup> Reflects the floating financing rate, as of July 31, 2025, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

**See accompanying notes to financial statements.**

------

**80 :: Short Small-Cap ProFund ::** Schedule of Portfolio Investments :: July 31, 2025

**Repurchase Agreements<sup>(a)(b)</sup> (90.2%)**

---

| | | |
|:---|:---|:---|
| | Principal<br>Amount | Value |
| Repurchase Agreements with various <br>counterparties, rates 4.09%–4.25%, <br>dated 7/31/25, due 8/1/25, total to be <br>received $750,087 | $750000 | $750000 |
| **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $750,000) |  | **750000** |
| **TOTAL INVESTMENT SECURITIES**<br> (Cost $750,000)—90.2% |  | **750000** |
| Net other assets (liabilities)—9.8% |  | 81110 |
| **NET ASSETS—100.0%** |  | $**831110** |

---

<sup>(a)</sup> The ProFund invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" in the Appendix to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.

<sup>(b)</sup> A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. At July 31, 2025, the aggregate amount held in a segregated account was $154,000.

**Total Return Swap Agreements—Short**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Underlying Instrument | Counterparty | Termination <br>Date<sup>(1)</sup> | Rate Paid <br>(Received)<sup>(2)</sup> | Notional<br>Amount | Value and <br>Unrealized<br>Appreciation/ <br>(Depreciation) |
| Russell 2000 Index | Goldman Sachs International | 8/27/25 | (4.48)% | $(316266) | $4270 |
| Russell 2000 Index | UBS AG | 8/27/25 | (4.63)% | (513103) | 10629 |
|  |  |  |  | $**(829369)** | $**14899** |

---

<sup>(1)</sup> Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

<sup>(2)</sup> Reflects the floating financing rate, as of July 31, 2025, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

**See accompanying notes to financial statements.**

------

July 31, 2025 :: Schedule of Portfolio Investments **:: Small-Cap Growth ProFund :: 81**

**Common Stocks (100.3%)**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| A10 Networks, Inc.\* (Software) | 277 | $5102 |
| ACADIA Pharmaceuticals, Inc.\* <br>(Biotechnology) | 545 | 12987 |
| Acadia Realty Trust (Retail REITs) | 578 | 10820 |
| Acadian Asset Management, Inc. (Capital <br>Markets) | 171 | 7146 |
| ACI Worldwide, Inc.\* (Software) | 671 | 28558 |
| Acushnet Holdings Corp. (Leisure Products) | 95 | 7564 |
| Addus HomeCare Corp.\* (Health Care <br>Providers & Services) | 73 | 7795 |
| Adeia, Inc. (Software) | 255 | 3302 |
| ADMA Biologics, Inc.\* (Biotechnology) | 1526 | 28536 |
| Adtalem Global Education, Inc.\* (Diversified <br>Consumer Services) | 230 | 26282 |
| Advanced Energy Industries, Inc. (Electronic <br>Equipment, Instruments & Components) | 118 | 16393 |
| Agilysys, Inc.\* (Software) | 143 | 16313 |
| Alamo Group, Inc. (Machinery) | 29 | 6455 |
| Alarm.com Holdings, Inc.\* (Software) | 191 | 10434 |
| Albany International Corp.\* (Machinery) | 97 | 5256 |
| Alkermes PLC\* (Biotechnology) | 675 | 17881 |
| Alpha and Omega Semiconductor, Ltd.\* <br>(Semiconductors & Semiconductor <br>Equipment) | 76 | 1936 |
| Alpha Metallurgical Resources, Inc.\* <br>(Metals & Mining) | 44 | 5195 |
| American Assets Trust, Inc. (Equity REIT—<br>Diversified) | 178 | 3387 |
| American States Water Co. (Water Utilities) | 123 | 9051 |
| Ameris Bancorp (Banks) | 197 | 13465 |
| AMERISAFE, Inc. (Insurance) | 55 | 2463 |
| Amphastar Pharmaceuticals, Inc.\* <br>(Pharmaceuticals) | 147 | 3080 |
| ANI Pharmaceuticals, Inc.\* (Pharmaceuticals) | 109 | 6905 |
| Apogee Enterprises, Inc. (Building Products) | 138 | 5795 |
| Apollo Medical Holdings, Inc.\* (Health Care <br>Providers & Services) | 265 | 6323 |
| Apple Hospitality REIT, Inc. (Hotel & Resort <br>REITs) | 693 | 8143 |
| Archrock, Inc. (Energy Equipment & Services) | 1131 | 26421 |
| Arcosa, Inc. (Construction & Engineering) | 199 | 17090 |
| Arcus Biosciences, Inc.\* (Biotechnology) | 432 | 3944 |
| Arlo Technologies, Inc.\* (Electronic <br>Equipment, Instruments & Components) | 376 | 6091 |
| Armada Hoffler Properties, Inc. (Equity <br>REIT—Diversified) | 327 | 2233 |
| Armstrong World Industries, Inc. (Building <br>Products) | 278 | 52310 |
| Arrowhead Pharmaceuticals, Inc.\* <br>(Biotechnology) | 312 | 4930 |
| Artisan Partners Asset Management, Inc.—<br>Class A (Capital Markets) | 216 | 9774 |
| Artivion, Inc.\* (Health Care Equipment & <br>Supplies) | 246 | 7604 |
| Assured Guaranty, Ltd. (Insurance) | 144 | 12180 |
| Atlas Energy Solutions, Inc.\*<sup>(a)</sup> (Energy <br>Equipment & Services) | 466 | 6058 |
| Axcelis Technologies, Inc.\* (Semiconductors & <br>Semiconductor Equipment) | 121 | 8190 |
| Axos Financial, Inc.\* (Banks) | 342 | 29531 |
| Azenta, Inc.\* (Life Sciences Tools & Services) | 143 | 4676 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| AZZ, Inc. (Building Products) | 191 | $20915 |
| Badger Meter, Inc. (Electronic Equipment, <br>Instruments & Components) | 188 | 35486 |
| Balchem Corp. (Chemicals) | 208 | 31714 |
| BancFirst Corp. (Banks) | 127 | 15814 |
| Bank of Hawaii Corp. (Banks) | 116 | 7178 |
| BankUnited, Inc. (Banks) | 221 | 8060 |
| Banner Corp. (Banks) | 112 | 6952 |
| Benchmark Electronics, Inc. (Electronic <br>Equipment, Instruments & Components) | 129 | 4967 |
| BGC Group, Inc.—Class A (Capital Markets) | 1330 | 12329 |
| BioLife Solutions, Inc.\* (Life Sciences Tools & <br>Services) | 237 | 5038 |
| BlackLine, Inc.\* (Software) | 331 | 17801 |
| Boot Barn Holdings, Inc.\* (Specialty Retail) | 195 | 33521 |
| Box, Inc.\*—Class A (Software) | 925 | 29693 |
| Brady Corp.—Class A (Commercial Services & <br>Supplies) | 179 | 12632 |
| Brinker International, Inc.\* (Hotels, <br>Restaurants & Leisure) | 285 | 44916 |
| Cactus, Inc.—Class A (Energy Equipment & <br>Services) | 437 | 18489 |
| Calix, Inc.\* (Communications Equipment) | 147 | 8332 |
| Cal-Maine Foods, Inc. (Food Products) | 276 | 30674 |
| CareTrust REIT, Inc. (Health Care REITs) | 600 | 19080 |
| Cargurus, Inc.\* (Interactive Media & Services) | 541 | 17757 |
| Cars.com, Inc.\* (Interactive Media & Services) | 162 | 2085 |
| Catalyst Pharmaceuticals, Inc.\* <br>(Biotechnology) | 733 | 15635 |
| Cathay General Bancorp (Banks) | 224 | 10129 |
| Cavco Industries, Inc.\* (Household Durables) | 51 | 20587 |
| Centerspace (Residential REITs) | 60 | 3266 |
| Central Pacific Financial Corp. (Banks) | 107 | 2853 |
| Century Aluminum Co.\* (Metals & Mining) | 333 | 7053 |
| CEVA, Inc.\* (Semiconductors & <br>Semiconductor Equipment) | 74 | 1581 |
| Champion Homes, Inc.\* (Household Durables) | 336 | 20462 |
| Chesapeake Utilities Corp.\* (Gas Utilities) | 85 | 10190 |
| Cinemark Holdings, Inc.\* (Entertainment) | 645 | 17331 |
| City Holding Co. (Banks) | 93 | 11355 |
| Cleanspark, Inc.\* (Software) | 1777 | 20204 |
| Clear Secure, Inc.—Class A (Software) | 589 | 17322 |
| Cogent Communications Holdings, Inc. <br>(Diversified Telecommunication Services) | 271 | 12355 |
| Cohen & Steers, Inc. (Capital Markets) | 173 | 12726 |
| Collegium Pharmaceutical, Inc.\* <br>(Pharmaceuticals) | 205 | 6121 |
| Community Financial System, Inc. (Banks) | 216 | 11383 |
| Comstock Resources, Inc.\* (Oil, Gas & <br>Consumable Fuels) | 297 | 5307 |
| Concentra Group Holdings Parent, Inc. <br>(Health Care Providers & Services) | 286 | 5711 |
| Corcept Therapeutics, Inc.\* (Pharmaceuticals) | 603 | 40504 |
| Core Laboratories, Inc. (Energy Equipment & <br>Services) | 143 | 1564 |
| Core Natural Resources, Inc.\* (Oil, Gas & <br>Consumable Fuels) | 320 | 23620 |
| CoreCivic, Inc.\* (Commercial Services & <br>Supplies) | 369 | 7395 |
| CorVel Corp.\* (Health Care Providers & <br>Services) | 174 | 15416 |

---

**See accompanying notes to financial statements.**

------

**82 :: Small-Cap Growth ProFund ::** Schedule of Portfolio Investments :: July 31, 2025

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| CSG Systems International, Inc. (Professional <br>Services) | 90 | $5621 |
| CSW Industrials, Inc. (Building Products) | 108 | 28024 |
| CTS Corp. (Electronic Equipment, <br>Instruments & Components) | 114 | 4468 |
| Curbline Properties Corp. (Retail REITs) | 605 | 13371 |
| CVB Financial Corp. (Banks) | 339 | 6336 |
| Dave & Buster's Entertainment, Inc.\* <br>(Hotels, Restaurants & Leisure) | 177 | 5175 |
| DiamondRock Hospitality Co. (Hotel & <br>Resort REITs) | 1318 | 10175 |
| Digi International, Inc.\* (Communications <br>Equipment) | 139 | 4533 |
| DigitalOcean Holdings, Inc.\* (IT Services) | 402 | 11200 |
| DNOW, Inc.\* (Trading Companies & <br>Distributors) | 384 | 5975 |
| Donnelley Financial Solutions, Inc.\* (Capital <br>Markets) | 69 | 3654 |
| Dorman Products, Inc.\* (Automobile <br>Components) | 173 | 20867 |
| DoubleVerify Holdings, Inc.\* (Software) | 482 | 7384 |
| Douglas Emmett, Inc. (Office REITs) | 621 | 9414 |
| Dream Finders Homes, Inc.\*—Class A <br>(Household Durables) | 183 | 4634 |
| DXP Enterprises, Inc.\* (Trading Companies & <br>Distributors) | 82 | 9287 |
| Dycom Industries, Inc.\* (Construction & <br>Engineering) | 184 | 49460 |
| Dynavax Technologies Corp.\* (Biotechnology) | 292 | 3206 |
| Element Solutions, Inc. (Chemicals) | 656 | 15482 |
| Elme Communities (Residential REITs) | 332 | 5006 |
| Employers Holdings, Inc. (Insurance) | 81 | 3344 |
| Enact Holdings, Inc.\* (Financial Services) | 42 | 1460 |
| Energizer Holdings, Inc. (Household <br>Products) | 176 | 3964 |
| Enerpac Tool Group Corp. (Machinery) | 345 | 13286 |
| Enova International, Inc.\* (Consumer <br>Finance) | 162 | 16938 |
| Enpro, Inc. (Machinery) | 84 | 17842 |
| ePlus, Inc.\* (Electronic Equipment, <br>Instruments & Components) | 80 | 5182 |
| ESCO Technologies, Inc. (Machinery) | 165 | 31961 |
| Essential Properties Realty Trust, Inc. <br>(Equity REIT—Diversified) | 1262 | 38479 |
| Etsy, Inc.\* (Broadline Retail) | 327 | 19054 |
| EVERTEC, Inc. (Financial Services) | 264 | 9544 |
| Everus Construction Group, Inc.\* <br>(Construction & Engineering) | 156 | 11585 |
| Extreme Networks, Inc.\* (Communications <br>Equipment) | 409 | 7223 |
| FB Financial Corp. (Banks) | 116 | 5656 |
| Federal Signal Corp. (Machinery) | 389 | 49235 |
| First Bancorp (Banks) | 626 | 13040 |
| First Commonwealth Financial Corp.\* (Banks) | 313 | 5168 |
| First Financial Bancorp (Banks) | 288 | 6981 |
| First Hawaiian, Inc. (Banks) | 345 | 8366 |
| FormFactor, Inc.\* (Semiconductors & <br>Semiconductor Equipment) | 222 | 6307 |
| Forward Air Corp.\* (Air Freight & Logistics) | 53 | 1611 |
| Four Corners Property Trust, Inc. (Specialized <br>REITs) | 347 | 8758 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Franklin Electric Co., Inc. (Machinery) | 152 | $14280 |
| Freshpet, Inc.\* (Retail—Discretionary) | 312 | 21316 |
| Frontdoor, Inc.\* (Diversified Consumer <br>Services) | 471 | 27554 |
| Fulton Financial Corp. (Banks) | 545 | 9783 |
| Gates Industrial Corp. PLC\* (Machinery) | 969 | 24031 |
| Getty Realty Corp. (Retail REITs) | 139 | 3863 |
| Glaukos Corp.\* (Health Care Equipment & <br>Supplies) | 364 | 31337 |
| GMS, Inc.\* (Trading Companies & <br>Distributors) | 157 | 17214 |
| Gogo, Inc.\* (Wireless Telecommunication <br>Services) | 176 | 2791 |
| Goosehead Insurance, Inc.\*—Class A <br>(Insurance) | 160 | 14545 |
| Granite Construction, Inc. (Construction & <br>Engineering) | 280 | 26452 |
| Green Brick Partners, Inc.\* (Household <br>Durables) | 194 | 12016 |
| Grid Dynamics Holdings, Inc.\* (IT Services) | 263 | 2496 |
| Griffon Corp. (Building Products) | 250 | 20318 |
| Group 1 Automotive, Inc. (Specialty Retail) | 40 | 16486 |
| HA Sustainable Infrastructure Capital, Inc. <br>(Financial Services) | 417 | 10829 |
| Hanesbrands, Inc.\* (Textiles, Apparel & <br>Luxury Goods) | 1198 | 4900 |
| Harmonic, Inc.\* (Communications <br>Equipment) | 368 | 3132 |
| Harmony Biosciences Holdings, Inc.\* <br>(Pharmaceuticals) | 246 | 8654 |
| Hawkins, Inc. (Chemicals) | 121 | 19757 |
| HCI Group, Inc.\* (Insurance) | 60 | 8402 |
| HealthStream, Inc.\* (Health Care Technology) | 89 | 2328 |
| Heidrick & Struggles International, Inc. <br>(Professional Services) | 72 | 3206 |
| Helix Energy Solutions Group, Inc.\* (Energy <br>Equipment & Services) | 519 | 3078 |
| Helmerich & Payne, Inc. (Energy Equipment & <br>Services) | 368 | 5965 |
| Highwoods Properties, Inc. (Office REITs) | 420 | 12184 |
| HNI Corp. (Commercial Services & Supplies) | 154 | 7922 |
| ICU Medical, Inc.\* (Health Care Equipment & <br>Supplies) | 157 | 20160 |
| Impinj, Inc.\* (Semiconductors & <br>Semiconductor Equipment) | 149 | 23032 |
| Ingevity Corp.\* (Chemicals) | 119 | 4973 |
| Innospec, Inc. (Chemicals) | 81 | 6472 |
| Innovative Industrial Properties, Inc. (Industrial <br>REITs) | 121 | 6256 |
| Innoviva, Inc.\* (Pharmaceuticals) | 195 | 3543 |
| Inspire Medical Systems, Inc.\* (Health Care <br>Equipment & Supplies) | 189 | 23538 |
| Installed Building Products, Inc. (Household <br>Durables) | 145 | 29333 |
| Integer Holdings Corp.\* (Health Care <br>Equipment & Supplies) | 223 | 24198 |
| Inter Parfums, Inc. (Personal Care Products) | 115 | 13869 |
| InterDigital, Inc. (Software) | 166 | 42862 |
| Interface, Inc. (Commercial Services & <br>Supplies) | 374 | 7712 |
| International Seaways, Inc.\* (Oil, Gas & <br>Consumable Fuels) | 147 | 5865 |

---

**See accompanying notes to financial statements.**

------

July 31, 2025 :: Schedule of Portfolio Investments **:: Small-Cap Growth ProFund :: 83**

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Itron, Inc.\* (Electronic Equipment, <br>Instruments & Components) | 292 | $36365 |
| J & J Snack Foods Corp. (Food Products) | 55 | 6209 |
| John Bean Technologies Corp. (Machinery) | 124 | 17087 |
| John Wiley & Sons, Inc.—Class A (Media) | 154 | 5944 |
| Kadant, Inc. (Machinery) | 76 | 25291 |
| KAR Auction Services, Inc.\* (Commercial <br>Services & Supplies) | 687 | 16928 |
| Kennedy-Wilson Holdings, Inc. (Real Estate <br>Management & Development) | 281 | 2057 |
| Kontoor Brands, Inc. (Textiles, Apparel & <br>Luxury Goods) | 320 | 17811 |
| Korn Ferry (Professional Services) | 204 | 14457 |
| Kratos Defense & Security Solutions, Inc.\* <br>(Aerospace & Defense) | 617 | 36218 |
| Krystal Biotech, Inc.\* (Biotechnology) | 162 | 24927 |
| Lakeland Financial Corp. (Banks) | 88 | 5577 |
| LeMaitre Vascular, Inc. (Health Care <br>Equipment & Supplies) | 131 | 10642 |
| Liberty Energy, Inc. (Energy Equipment & <br>Services) | 569 | 7021 |
| Ligand Pharmaceuticals, Inc.\* <br>(Pharmaceuticals) | 68 | 8947 |
| Lindsay Corp. (Machinery) | 31 | 4232 |
| Liquidity Services, Inc.\* (Commercial <br>Services & Supplies) | 145 | 3463 |
| LiveRamp Holdings, Inc.\* (Software) | 218 | 7155 |
| LTC Properties, Inc. (Health Care REITs) | 138 | 4698 |
| Lumen Technologies, Inc.\* (Diversified <br>Telecommunication Services) | 3344 | 14881 |
| M/I Homes, Inc.\* (Household Durables) | 91 | 10937 |
| Mack-Cali Realty Corp.\* (Residential REITs) | 223 | 3140 |
| Madison Square Garden Sports Corp.\* <br>(Entertainment) | 108 | 21827 |
| Magnolia Oil & Gas Corp.—Class A (Oil, <br>Gas & Consumable Fuels) | 765 | 18223 |
| MARA Holdings, Inc.\* (Software) | 2250 | 36181 |
| Matson, Inc. (Marine Transportation) | 134 | 14309 |
| Mercury General Corp. (Insurance) | 170 | 11773 |
| Merit Medical Systems, Inc.\* (Health Care <br>Equipment & Supplies) | 377 | 31992 |
| Mesa Laboratories, Inc. (Life Sciences Tools & <br>Services) | 24 | 1836 |
| MGE Energy, Inc. (Electric Utilities) | 144 | 12231 |
| Middlesex Water Co. (Water Utilities) | 58 | 2993 |
| Mister Car Wash, Inc.\* (Diversified <br>Consumer Services) | 282 | 1629 |
| Moelis & Co.—Class A (Capital Markets) | 242 | 16974 |
| Monarch Casino & Resort, Inc. (Hotels, <br>Restaurants & Leisure) | 82 | 8443 |
| Moog, Inc.—Class A (Aerospace & Defense) | 181 | 35038 |
| MP Materials Corp.\* (Metals & Mining) | 374 | 23001 |
| Mueller Water Products, Inc.—Class A <br>(Machinery) | 1001 | 24785 |
| MYR Group, Inc.\* (Construction & Engineering) | 57 | 11030 |
| N-able, Inc.\* (Software) | 202 | 1632 |
| National Bank Holdings Corp.—Class A (Banks) | 110 | 4077 |
| National Beverage Corp.\* (Beverages) | 79 | 3620 |
| National HealthCare Corp. (Health Care <br>Providers & Services) | 51 | 4898 |
| NBT Bancorp, Inc. (Banks) | 146 | 6041 |
| NCR Atleos Corp.\* (Financial Services) | 206 | 6304 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| NeoGenomics, Inc.\* (Health Care Providers & <br>Services) | 369 | $1786 |
| NexPoint Residential Trust, Inc. (Residential <br>REITs) | 140 | 4365 |
| NMI Holdings, Inc.\*—Class A (Financial <br>Services) | 500 | 18660 |
| Northern Oil and Gas, Inc. (Oil, Gas & <br>Consumable Fuels) | 628 | 17684 |
| Oceaneering International, Inc.\* (Energy <br>Equipment & Services) | 642 | 13931 |
| OFG Bancorp (Banks) | 169 | 7203 |
| OSI Systems, Inc.\* (Electronic Equipment, <br>Instruments & Components) | 100 | 22101 |
| Otter Tail Corp. (Electric Utilities) | 120 | 9262 |
| Outfront Media, Inc.\* (Specialized REITs) | 887 | 15549 |
| Palomar Holdings, Inc.\* (Insurance) | 171 | 22655 |
| Park National Corp. (Banks) | 62 | 10036 |
| Pathward Financial, Inc. (Banks) | 150 | 11344 |
| Patrick Industries, Inc. (Automobile <br>Components) | 103 | 10016 |
| Payoneer Global, Inc.\* (Financial Services) | 1663 | 10926 |
| PDF Solutions, Inc.\* (Semiconductors & <br>Semiconductor Equipment) | 200 | 4446 |
| Pebblebrook Hotel Trust (Hotel & Resort REITs) | 378 | 3791 |
| Perdoceo Education Corp. (Diversified <br>Consumer Services) | 208 | 5986 |
| Phibro Animal Health Corp.—Class A <br>(Pharmaceuticals) | 130 | 3445 |
| Phillips Edison & Co., Inc. (Retail REITs) | 353 | 11928 |
| Phinia, Inc. (Automobile Components) | 130 | 6591 |
| Photronics, Inc.\* (Semiconductors & <br>Semiconductor Equipment) | 170 | 3461 |
| Piper Sandler Cos. (Capital Markets) | 105 | 33109 |
| Pitney Bowes, Inc. (Commercial Services & <br>Supplies) | 472 | 5362 |
| PJT Partners, Inc.—Class A (Capital Markets) | 156 | 27865 |
| Plexus Corp.\* (Electronic Equipment, <br>Instruments & Components) | 117 | 14918 |
| Powell Industries, Inc. (Electrical Equipment) | 61 | 14463 |
| Preferred Bank (Banks) | 75 | 6812 |
| Prestige Consumer Healthcare, Inc.\* <br>(Pharmaceuticals) | 190 | 14051 |
| Privia Health Group, Inc.\* (Health Care <br>Providers & Services) | 463 | 9038 |
| PROG Holdings, Inc.\* (Consumer Finance) | 258 | 8215 |
| Progress Software Corp. (Software) | 275 | 13222 |
| Progyny, Inc.\* (Health Care Providers & <br>Services) | 239 | 5619 |
| Protagonist Therapeutics, Inc.\* (Biotechnology) | 396 | 21329 |
| QuinStreet, Inc.\* (Interactive Media & <br>Services) | 363 | 5957 |
| Radian Group, Inc. (Financial Services) | 386 | 12587 |
| RadNet, Inc.\* (Health Care Providers & <br>Services) | 432 | 23643 |
| RPC, Inc. (Energy Equipment & Services) | 281 | 1307 |
| Rush Enterprises, Inc.—Class A (Trading <br>Companies & Distributors) | 243 | 13156 |
| RXO, Inc.\* (Ground Transportation) | 428 | 6613 |
| Ryman Hospitality Properties, Inc. (Hotel & <br>Resort REITs) | 383 | 36409 |
| S&T Bancorp, Inc.\* (Banks) | 130 | 4763 |
| Sabre Corp.\* (Hotels, Restaurants & Leisure) | 2477 | 7505 |

---

**See accompanying notes to financial statements.**

------

**84 :: Small-Cap Growth ProFund ::** Schedule of Portfolio Investments :: July 31, 2025

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Sanmina Corp.\* (Electronic Equipment, <br>Instruments & Components) | 164 | $19031 |
| Saul Centers, Inc. (Retail REITs) | 41 | 1321 |
| Schrodinger, Inc.\* (Health Care Technology) | 190 | 3863 |
| Sealed Air Corp. (Containers & Packaging) | 366 | 10713 |
| Semtech Corp.\* (Semiconductors & <br>Semiconductor Equipment) | 553 | 28259 |
| Sensient Technologies Corp. (Chemicals) | 143 | 16057 |
| ServisFirst Bancshares, Inc. (Banks) | 321 | 25246 |
| Shake Shack, Inc.\*—Class A (Hotels, <br>Restaurants & Leisure) | 257 | 30927 |
| Simulations Plus, Inc.\* (Health Care <br>Technology) | 57 | 742 |
| SiTime Corp.\* (Semiconductors & <br>Semiconductor Equipment) | 134 | 27182 |
| Six Flags Entertainment Corp.\* (Hotels, <br>Restaurants & Leisure) | 600 | 17976 |
| SkyWest, Inc.\* (Passenger Airlines) | 258 | 29918 |
| SL Green Realty Corp. (Office REITs) | 318 | 18206 |
| SM Energy Co. (Oil, Gas & Consumable Fuels) | 365 | 10070 |
| SolarEdge Technologies, Inc.\* <br>(Semiconductors & Semiconductor <br>Equipment) | 113 | 2900 |
| Sprinklr, Inc.\*—Class A (Software) | 278 | 2505 |
| SPS Commerce, Inc.\* (Software) | 243 | 26454 |
| SPX Technologies, Inc.\* (Machinery) | 299 | 54534 |
| STAAR Surgical Co.\* (Health Care <br>Equipment & Supplies) | 180 | 3225 |
| Standex International Corp. (Machinery) | 50 | 8237 |
| StepStone Group, Inc.—Class A (Capital <br>Markets) | 241 | 14306 |
| Sterling Infrastructure, Inc.\* (Construction & <br>Engineering) | 195 | 52179 |
| Steven Madden, Ltd. (Textiles, Apparel & <br>Luxury Goods) | 306 | 7346 |
| StoneX Group, Inc.\* (Capital Markets) | 147 | 14294 |
| Stride, Inc.\* (Diversified Consumer Services) | 275 | 35263 |
| Summit Hotel Properties, Inc. (Hotel & <br>Resort REITs) | 341 | 1780 |
| Sunstone Hotel Investors, Inc. (Hotel & <br>Resort REITs) | 1270 | 11113 |
| Supernus Pharmaceuticals, Inc.\* <br>(Pharmaceuticals) | 183 | 6423 |
| Sylvamo Corp. (Paper & Forest Products) | 219 | 10089 |
| Tandem Diabetes Care, Inc.\* (Health Care <br>Equipment & Supplies) | 425 | 6622 |
| Tanger, Inc. (Retail REITs) | 485 | 14560 |
| TechTarget, Inc.\* (Media) | 78 | 565 |
| Teradata Corp.\* (Software) | 214 | 4479 |
| Terreno Realty Corp. (Industrial REITs) | 324 | 17978 |
| TG Therapeutics, Inc.\* (Biotechnology) | 866 | 30742 |
| The Bancorp, Inc.\* (Banks) | 299 | 18885 |
| The Buckle, Inc. (Specialty Retail) | 97 | 4789 |
| The Cheesecake Factory, Inc.<sup>(a)</sup> (Hotels, <br>Restaurants & Leisure) | 193 | 12335 |
| The Chefs' Warehouse, Inc.\* (Consumer <br>Staples Distribution & Retail) | 226 | 15495 |
| The GEO Group, Inc.\* (Commercial Services & <br>Supplies) | 886 | 22964 |
| The Greenbrier Cos., Inc. (Machinery) | 200 | 9100 |
| The Macerich Co. (Retail REITs) | 1066 | 17812 |
| The Simply Good Foods Co.\* (Food Products) | 270 | 8224 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| The St. Joe Co. (Real Estate Management & <br>Development) | 242 | $12220 |
| Thryv Holdings, Inc.\* (Media) | 96 | 1263 |
| Tidewater, Inc.\* (Energy Equipment & <br>Services) | 291 | 14553 |
| Tompkins Financial Corp.\* (Banks) | 32 | 2070 |
| Tootsie Roll Industries, Inc.\* (Food <br>Products) | 61 | 2314 |
| TransMedics Group, Inc.\* (Health Care <br>Equipment & Supplies) | 216 | 25698 |
| Tri Pointe Homes, Inc.\* (Household Durables) | 296 | 9117 |
| Trinity Industries, Inc. (Machinery) | 522 | 12163 |
| TripAdvisor, Inc.\* (Interactive Media & <br>Services) | 505 | 8832 |
| Triumph Financial, Inc.\* (Banks) | 87 | 4935 |
| Trupanion, Inc.\* (Insurance) | 216 | 10241 |
| TTM Technologies, Inc.\* (Electronic <br>Equipment, Instruments & Components) | 337 | 15923 |
| U.S. Physical Therapy, Inc. (Health Care <br>Providers & Services) | 48 | 3511 |
| UFP Technologies, Inc.\* (Health Care <br>Equipment & Supplies) | 47 | 10640 |
| UniFirst Corp. (Commercial Services & <br>Supplies) | 43 | 7354 |
| Uniti Group, Inc.\* (Specialized REITs) | 737 | 3921 |
| Unitil Corp. (Multi-Utilities) | 40 | 2063 |
| Universal Health Realty Income Trust\* <br>(Health Care REITs) | 41 | 1590 |
| Urban Edge Properties (Retail REITs) | 482 | 9505 |
| Urban Outfitters, Inc.\* (Specialty Retail) | 162 | 12195 |
| Veracyte, Inc.\* (Biotechnology) | 501 | 11779 |
| Vericel Corp.\* (Biotechnology) | 322 | 11251 |
| Verra Mobility Corp.\* (Professional Services) | 1019 | 25741 |
| Viad Corp.\* (Commercial Services & Supplies) | 137 | 4143 |
| Viavi Solutions, Inc.\* (Communications <br>Equipment) | 612 | 6151 |
| Vicor Corp.\* (Electrical Equipment) | 84 | 3733 |
| Victory Capital Holdings, Inc.\*—Class A <br>(Capital Markets) | 238 | 16401 |
| Virtu Financial, Inc.—Class A (Capital Markets) | 517 | 22820 |
| Virtus Investment Partners, Inc. (Capital <br>Markets) | 17 | 3286 |
| Warrior Met Coal, Inc. (Metals & Mining) | 335 | 17212 |
| WD-40 Co. (Household Products) | 53 | 11363 |
| Westamerica Bancorp\* (Banks) | 92 | 4407 |
| Whitestone REIT (Retail REITs) | 142 | 1731 |
| WillScot Mobile Mini Holdings Corp.\* <br>(Biotech & Pharma) | 723 | 21220 |
| WisdomTree, Inc. (Capital Markets) | 740 | 9820 |
| WK Kellogg Co. (Food Products) | 263 | 6062 |
| Wolverine World Wide, Inc. (Textiles, <br>Apparel & Luxury Goods) | 352 | 7948 |
| WSFS Financial Corp. (Banks) | 167 | 9158 |
| Xencor, Inc.\* (Biotechnology) | 190 | 1581 |
| Xenia Hotels & Resorts, Inc. (Hotel & Resort <br>REITs) | 631 | 8020 |
| XPEL, Inc.\* (Automobile Components) | 144 | 4707 |
| Yelp, Inc.\* (Interactive Media & Services) | 224 | 7712 |
| Zurn Elkay Water Solutions Corp. (Building <br>Products) | 904 | 40002 |
| **TOTAL COMMON STOCKS**<br> (Cost $3,009,626) |  | **4391008** |

---

**See accompanying notes to financial statements.**

------

July 31, 2025 :: Schedule of Portfolio Investments **:: Small-Cap Growth ProFund :: 85**

**Collateral for Securities Loaned<sup>(b)</sup> (0.4%)**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Invesco Government & Agency Portfolio—<br>Institutional Shares, 4.34%<sup>(c)</sup> | 18195 | $18195 |
| **TOTAL COLLATERAL FOR SECURITIES LOANED**<br> (Cost $18,195) |  | **18195** |
| **TOTAL INVESTMENT SECURITIES**<br> (Cost $3,027,821)—100.7% |  | **4409203** |
| Net other assets (liabilities)—(0.7)% |  | (28782) |
| **NET ASSETS—100.0%** |  | $**4380421** |

---

\* Non-income producing security.

<sup>(a)</sup> All or part of this security was on loan as of July 31, 2025. The total value of securities on loan as of July 31, 2025 was $17,235.

<sup>(b)</sup> Securities were purchased with cash collateral held from securities on loan at July 31, 2025.

<sup>(c)</sup> Rate periodically changes. Rate disclosed is the daily yield as of July 31, 2025.

<sup>REIT</sup> Real Estate Investment Trust

Small-Cap Growth ProFund invested in the following industries as of July 31, 2025:

---

| | | |
|:---|:---|:---|
| | Value | % of <br>Net Assets |
| Aerospace & Defense | $71256 | 1.6% |
| Air Freight & Logistics | 1611 | <sup>NM</sup> |
| Automobile Components | 42181 | 1.0% |
| Banks | 292604 | 6.7% |
| Beverages | 3620 | 0.1% |
| Biotech & Pharma | 21220 | 0.5% |
| Biotechnology | 188728 | 4.3% |
| Broadline Retail | 19054 | 0.4% |
| Building Products | 167364 | 3.8% |
| Capital Markets | 204504 | 4.7% |
| Chemicals | 94455 | 2.2% |
| Commercial Services & Supplies | 95875 | 2.2% |
| Communications Equipment | 29371 | 0.7% |
| Construction & Engineering | 167797 | 3.8% |
| Consumer Finance | 25153 | 0.6% |
| Consumer Staples Distribution & Retail | 15494 | 0.4% |
| Containers & Packaging | 10713 | 0.2% |
| Diversified Consumer Services | 96714 | 2.2% |
| Diversified Telecommunication Services | 27236 | 0.6% |
| Electric Utilities | 21493 | 0.5% |
| Electrical Equipment | 18196 | 0.4% |
| Electronic Equipment, Instruments & <br>Components | 180925 | 4.1% |
| Energy Equipment & Services | 98387 | 2.3% |
| Entertainment | 39158 | 0.9% |
| Equity REIT—Diversified | 44099 | 1.0% |
| Financial Services | 70310 | 1.6% |
| Food Products | 53484 | 1.2% |
| Gas Utilities | 10190 | 0.2% |
| Ground Transportation | 6612 | 0.2% |
| Health Care Equipment & Supplies | 195656 | 4.5% |
| Health Care Providers & Services | 83740 | 1.9% |
| Health Care REITs | 25368 | 0.6% |
| Health Care Technology | 6933 | 0.1% |
| Hotel & Resort REITs | 79430 | 1.8% |
| Hotels, Restaurants & Leisure | 127277 | 2.9% |
| Household Durables | 107086 | 2.4% |
| Household Products | 15327 | 0.3% |
| Industrial REITs | 24235 | 0.6% |

---

---

| | | |
|:---|:---|:---|
| | Value | % of<br>Net Assets |
| Insurance | $85603 | 1.9% |
| Interactive Media & Services | 42342 | 1.0% |
| IT Services | 13696 | 0.3% |
| Leisure Products | 7564 | 0.2% |
| Life Sciences Tools & Services | 11550 | 0.3% |
| Machinery | 317776 | 7.3% |
| Marine Transportation | 14308 | 0.3% |
| Media | 7773 | 0.2% |
| Metals & Mining | 52461 | 1.2% |
| Multi-Utilities | 2063 | 0.1% |
| Office REITs | 39804 | 0.9% |
| Oil, Gas & Consumable Fuels | 80769 | 1.8% |
| Paper & Forest Products | 10089 | 0.2% |
| Passenger Airlines | 29918 | 0.7% |
| Personal Care Products | 13869 | 0.3% |
| Pharmaceuticals | 101673 | 2.3% |
| Professional Services | 49025 | 1.1% |
| Real Estate Management & Development | 14278 | 0.4% |
| Residential REITs | 15777 | 0.4% |
| Retail—Discretionary | 21316 | 0.5% |
| Retail REITs | 84910 | 1.9% |
| Semiconductors & Semiconductor <br>Equipment | 107294 | 2.5% |
| Software | 290603 | 6.6% |
| Specialized REITs | 28228 | 0.6% |
| Specialty Retail | 66991 | 1.5% |
| Textiles, Apparel & Luxury Goods | 38005 | 0.9% |
| Trading Companies & Distributors | 45632 | 1.1% |
| Water Utilities | 12044 | 0.3% |
| Wireless Telecommunication Services | 2791 | <sup>NM</sup> |
| Other\*\* | (10587) | (0.3)% |
| **Total** | $**4380421** | **100.0%** |

---

\*\* Includes any non-equity securities and other net assets (liabilities), which includes any receivable for capital shares issued and payable for capital shares redeemed.

<sup>NM</sup> Not meaningful, amount is less than 0.05%

<sup>REIT</sup> Real Estate Investment Trust

**See accompanying notes to financial statements.**

------

**86 :: Small-Cap ProFund ::** Schedule of Portfolio Investments :: July 31, 2025

**Common Stocks (35.7%)**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| 10X Genomics Inc\*—Class A (Medical <br>Equipment & Devices) | 95 | $1279 |
| 1-800-Flowers.com, Inc.\*—Class A <br>(Specialty Retail) | 20 | 118 |
| 1st Source Corp. (Banks) | 17 | 1017 |
| 3D Systems Corp.\* (Machinery) | 118 | 192 |
| 4D Molecular Therapeutics, Inc.\* <br>(Biotechnology) | 36 | 162 |
| 89bio, Inc.\* (Biotechnology) | 112 | 1064 |
| 8x8, Inc.\* (Software) | 117 | 227 |
| 908 Devices, Inc.\* (Electronic <br>Equipment, Instruments & Components) | 25 | 164 |
| A10 Networks, Inc. (Software) | 66 | 1216 |
| AAR Corp.\* (Aerospace & Defense) | 32 | 2391 |
| Aardvark Therapeutics, Inc.\* (Biotech & <br>Pharma) | 5 | 60 |
| Abeona Therapeutics, Inc.\* (Biotech & <br>Pharma) | 39 | 248 |
| Abercrombie & Fitch Co.\*—Class A <br>(Specialty Retail) | 42 | 4033 |
| ABM Industries, Inc. (Commercial <br>Services & Supplies) | 56 | 2583 |
| Absci Corp.\* (Biotechnology) | 98 | 277 |
| Acacia Research Corp.\* (Financial Services) | 31 | 110 |
| Academy Sports & Outdoors, Inc. <br>(Specialty Retail) | 60 | 3047 |
| ACADIA Pharmaceuticals, Inc.\* <br>(Biotechnology) | 112 | 2669 |
| Acadia Realty Trust (Retail REITs) | 119 | 2228 |
| Acadian Asset Management, Inc. (Capital <br>Markets) | 25 | 1045 |
| Accel Entertainment, Inc.\* (Hotels, <br>Restaurants & Leisure) | 49 | 630 |
| ACCO Brands Corp. (Commercial <br>Services & Supplies) | 79 | 296 |
| Accuray, Inc.\* (Health Care Equipment & <br>Supplies) | 91 | 119 |
| ACI Worldwide, Inc.\* (Software) | 95 | 4043 |
| Aclaris Therapeutics, Inc.\* (Biotech & Pharma) | 82 | 125 |
| ACM Research, Inc.\*—Class A <br>(Semiconductors & Semiconductor <br>Equipment) | 45 | 1366 |
| Acme United Corp. (Wholesale—Discretionary) | 3 | 121 |
| ACNB Corp. (Banks) | 9 | 379 |
| ACRES Commercial Realty Corp.\* <br>(Specialty Finance) | 6 | 118 |
| Actuate Therapeutics, Inc.\* (Biotech & Pharma) | 5 | 36 |
| Acuren Corp.\* (Asset Management) | 93 | 1031 |
| Acushnet Holdings Corp. (Leisure Products) | 25 | 1991 |
| ACV Auctions, Inc.\*—Class A <br>(Commercial Services & Supplies) | 151 | 2146 |
| AdaptHealth Corp.\* (Health Care <br>Providers & Services) | 83 | 745 |
| Adaptive Biotechnologies Corp.\* (Life <br>Sciences Tools & Services) | 134 | 1373 |
| ADC Therapeutics SA\* (Biotechnology) | 65 | 180 |
| Addus HomeCare Corp.\* (Health Care <br>Providers & Services) | 16 | 1708 |
| Adeia, Inc. (Software) | 98 | 1269 |
| Adient PLC\* (Automobile Components) | 76 | 1629 |
| ADMA Biologics, Inc.\* (Biotechnology) | 208 | 3890 |
| Adtalem Global Education, Inc.\* <br>(Diversified Consumer Services) | 33 | 3771 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| ADTRAN Holdings, Inc. (Communications <br>Equipment) | 67 | $622 |
| Advance Auto Parts, Inc. (Specialty Retail) | 54 | 2866 |
| Advanced Emissions Solutions, Inc.\* <br>(Chemicals) | 28 | 150 |
| Advanced Energy Industries, Inc. <br>(Electronic Equipment, Instruments & <br>Components) | 34 | 4723 |
| AdvanSix, Inc. (Chemicals) | 24 | 483 |
| Advantage Solutions, Inc.\* (Media) | 85 | 116 |
| Aebi Schmidt Holding AG\* (Machinery) | 30 | 309 |
| Aehr Test Systems\* (Semiconductors & <br>Semiconductor Equipment) | 26 | 439 |
| Aeluma, Inc.\* (Semiconductors) | 9 | 199 |
| AeroVironment, Inc.\* (Aerospace & <br>Defense) | 29 | 7761 |
| AerSale Corp.\* (Aerospace & Defense) | 29 | 175 |
| Aeva Technologies, Inc.\* (Electronic <br>Equipment, Instruments & Components) | 28 | 522 |
| AFC Gamma, Inc. (Mortgage REITs) | 16 | 71 |
| AG Mortgage Investment Trust, Inc. <br>(Mortgage REITs) | 25 | 189 |
| agilon health, Inc.\* (Health Care <br>Providers & Services) | 277 | 496 |
| Agilysys, Inc.\* (Software) | 23 | 2624 |
| Agios Pharmaceuticals, Inc.\* (Biotechnology) | 51 | 1898 |
| AirJoule Technologies Corp.\* (Electrical <br>Equipment) | 19 | 78 |
| AirSculpt Technologies, Inc.\* (Health <br>Care Providers & Services) | 11 | 73 |
| Airship AI Holdings, Inc.\* (Software) | 18 | 93 |
| Akebia Therapeutics, Inc.\* (Biotechnology) | 225 | 829 |
| Akero Therapeutics, Inc.\* (Biotechnology) | 63 | 3078 |
| Alamo Group, Inc. (Machinery) | 9 | 2003 |
| Alarm.com Holdings, Inc.\* (Software) | 43 | 2349 |
| Albany International Corp. (Machinery) | 27 | 1463 |
| Aldeyra Therapeutics, Inc.\* (Biotechnology) | 49 | 245 |
| Alector, Inc.\* (Biotechnology) | 72 | 107 |
| Alerus Financial Corp. (Financial Services) | 20 | 423 |
| Alexander & Baldwin, Inc. (Equity REIT—<br>Diversified) | 66 | 1187 |
| Alexander's, Inc. (Retail REITs) | 2 | 502 |
| Alico, Inc. (Food Products) | 5 | 161 |
| Alight, Inc.\*—Class A (Professional Services) | 388 | 2080 |
| Alignment Healthcare, Inc.\* (Health Care <br>Providers & Services) | 115 | 1585 |
| Alkami Technology, Inc.\* (Software) | 61 | 1360 |
| Alkermes PLC\* (Biotechnology) | 146 | 3868 |
| Allegiant Travel Co. (Passenger Airlines) | 13 | 671 |
| ALLETE, Inc. (Electric Utilities) | 53 | 3494 |
| Allied Motion Technologies, Inc. <br>(Electrical Equipment) | 13 | 524 |
| Allogene Therapeutics, Inc.\* <br>(Biotechnology) | 136 | 167 |
| Alpha and Omega Semiconductor, Ltd.\* <br>(Semiconductors & Semiconductor <br>Equipment) | 22 | 560 |
| Alpha Metallurgical Resources, Inc. <br>(Metals & Mining) | 11 | 1299 |
| Alpha Teknova, Inc.\* (Biotech & Pharma) | 10 | 45 |
| Alphatec Holdings, Inc.\* (Health Care <br>Equipment & Supplies) | 104 | 1100 |

---

**See accompanying notes to financial statements.**

------

July 31, 2025 :: Schedule of Portfolio Investments **:: Small-Cap ProFund :: 87**

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Alpine Income Property Trust, Inc. <br>(Equity REIT—Diversified) | 11 | $155 |
| Alta Equipment Group, Inc. (Trading <br>Companies & Distributors) | 18 | 140 |
| AlTi Global, Inc.\* (Capital Markets) | 38 | 155 |
| Altice USA, Inc.\*—Class A (Cable & Satellite) | 235 | 611 |
| Altimmune, Inc.\* (Biotechnology) | 70 | 258 |
| Alumis, Inc.\* (Pharmaceuticals) | 43 | 178 |
| Amalgamated Financial Corp. (Banks) | 21 | 609 |
| A-Mark Precious Metals, Inc. (Distributors) | 17 | 362 |
| Ambac Financial Group, Inc.\* (Insurance) | 43 | 361 |
| Ambarella, Inc.\* (Semiconductors & <br>Semiconductor Equipment) | 37 | 2445 |
| AMC Entertainment Holdings, Inc.\* <br>(Entertainment) | 391 | 1134 |
| AMC Networks, Inc.\*—Class A (Media) | 29 | 174 |
| Amerant Bancorp, Inc. (Banks) | 33 | 637 |
| Ameresco, Inc.\*—Class A (Construction & <br>Engineering) | 29 | 491 |
| American Assets Trust, Inc. (Equity REIT—<br>Diversified) | 47 | 894 |
| American Axle & Manufacturing Holdings, <br>Inc.\* (Automobile Components) | 104 | 463 |
| American Battery Technology Co.\* <br>(Metals & Mining) | 73 | 158 |
| American Eagle Outfitters, Inc. (Specialty <br>Retail) | 146 | 1577 |
| American Healthcare REIT, Inc. (Health <br>Care REITs) | 143 | 5526 |
| American Outdoor Brands Inc.\* (Leisure <br>Products) | 11 | 104 |
| American Public Education, Inc.\* <br>(Diversified Consumer Services) | 16 | 472 |
| American Reality Investors, Inc.\* (Real <br>Estate Management & Development) | 1 | 13 |
| American States Water Co. (Water Utilities) | 35 | 2577 |
| American Superconductor Corp.\* <br>(Electrical Equipment) | 34 | 1933 |
| American Vanguard Corp. (Chemicals) | 23 | 89 |
| American Woodmark Corp.\* (Building <br>Products) | 13 | 684 |
| America's Car-Mart, Inc.\* (Specialty Retail) | 7 | 315 |
| Ameris Bancorp (Banks) | 59 | 4033 |
| AMERISAFE, Inc. (Insurance) | 17 | 761 |
| Ames National Corp. (Banks) | 8 | 144 |
| Amicus Therapeutics, Inc.\* (Biotechnology) | 250 | 1498 |
| AMMO, Inc.\* (Leisure Products) | 79 | 93 |
| AMN Healthcare Services, Inc.\* (Health <br>Care Providers & Services) | 34 | 624 |
| Amneal Pharmaceuticals, Inc.\* <br>(Pharmaceuticals) | 135 | 1056 |
| Amphastar Pharmaceuticals, Inc.\* <br>(Pharmaceuticals) | 33 | 691 |
| Amplitude, Inc.\*—Class A (Software) | 78 | 954 |
| Amprius Technologies, Inc.\* (Electrical <br>Equipment) | 84 | 582 |
| Amylyx Pharmaceuticals, Inc.\* (Biotech & <br>Pharma) | 62 | 498 |
| AnaptysBio, Inc.\* (Biotechnology) | 18 | 442 |
| Anavex Life Sciences Corp.\* <br>(Biotechnology) | 75 | 848 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Angel Oak Mortgage REIT, Inc. <br>(Mortgage REITs) | 11 | $102 |
| Angi, Inc.\* (Interactive Media & Services) | 39 | 633 |
| AngioDynamics, Inc.\* (Health Care <br>Equipment & Supplies) | 35 | 310 |
| ANI Pharmaceuticals, Inc.\* (Pharmaceuticals) | 16 | 1014 |
| Anika Therapeutics, Inc.\* (Biotechnology) | 11 | 91 |
| Annexon, Inc.\* (Biotechnology) | 86 | 206 |
| Anteris Technologies Global Corp.\* <br>(Medical Equipment & Devices) | 19 | 61 |
| Anterix, Inc.\* (Diversified Telecommunication <br>Services) | 12 | 267 |
| Anywhere Real Estate, Inc.\* (Real <br>Estate Management & Development) | 95 | 439 |
| Apartment Investment and Management Co.\* <br>(Residential REITs) | 119 | 1001 |
| Apogee Enterprises, Inc. (Building Products) | 19 | 798 |
| Apogee Therapeutics, Inc.\* (Biotechnology) | 29 | 1110 |
| Apollo Commercial Real Estate Finance, Inc. <br>(Mortgage REITs) | 126 | 1211 |
| Apollo Medical Holdings, Inc.\* (Health <br>Care Providers & Services) | 37 | 883 |
| Appian Corp.\*—Class A (Software) | 35 | 966 |
| Apple Hospitality REIT, Inc. (Hotel & <br>Resort REITs) | 201 | 2362 |
| Applied Digital Corp.\*<sup>(a)</sup> (IT Services) | 159 | 2089 |
| Applied Optoelectronics, Inc.\* <br>(Communications Equipment) | 48 | 1098 |
| Aquestive Therapeutics, Inc.\* <br>(Pharmaceuticals) | 77 | 296 |
| Arbor Realty Trust, Inc.<sup>(a)</sup> (Mortgage REITs) | 172 | 1919 |
| Arbutus Biopharma Corp.\* (Biotechnology) | 136 | 446 |
| ArcBest Corp. (Ground Transportation) | 21 | 1536 |
| Arcellx, Inc.\* (Biotechnology) | 33 | 2356 |
| Archer Aviation, Inc.\*—Class A <br>(Aerospace & Defense) | 490 | 4915 |
| Archrock, Inc. (Energy Equipment & Services) | 149 | 3482 |
| Arcosa, Inc. (Construction & Engineering) | 44 | 3779 |
| Arcturus Therapeutics Holdings, Inc.\* <br>(Biotechnology) | 23 | 281 |
| Arcus Biosciences, Inc.\* (Biotechnology) | 62 | 566 |
| Arcutis Biotherapeutics, Inc.\* (Biotechnology) | 96 | 1400 |
| Ardagh Metal Packaging SA <br>(Containers & Packaging) | 125 | 495 |
| Ardelyx, Inc.\* (Biotechnology) | 212 | 899 |
| Ardent Health Partners, Inc.\* (Health <br>Care Providers & Services) | 21 | 223 |
| Ardmore Shipping Corp. (Oil, Gas & <br>Consumable Fuels) | 31 | 337 |
| Ares Commercial Real Estate Corp. <br>(Mortgage REITs) | 48 | 215 |
| Argan, Inc. (Construction & Engineering) | 12 | 2940 |
| Arhaus, Inc. (Specialty Retail) | 46 | 403 |
| Aris Water Solutions, Inc.—Class A <br>(Commercial Services & Supplies) | 28 | 596 |
| Arko Corp. (Specialty Retail) | 69 | 288 |
| Arlo Technologies, Inc.\* (Electronic <br>Equipment, Instruments & Components) | 89 | 1442 |
| Armada Hoffler Properties, Inc. (Equity <br>REIT—Diversified) | 72 | 492 |
| ARMOUR Residential REIT, Inc. <br>(Mortgage REITs) | 74 | 1207 |

---

**See accompanying notes to financial statements.**

------

**88 :: Small-Cap ProFund ::** Schedule of Portfolio Investments :: July 31, 2025

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Array Technologies, Inc.\* (Electrical <br>Equipment) | 136 | $884 |
| ArriVent Biopharma, Inc.\* (Biotechnology) | 21 | 410 |
| Arrow Financial Corp. (Banks) | 15 | 402 |
| Arrowhead Pharmaceuticals, Inc.\* <br>(Biotechnology) | 108 | 1706 |
| ARS Pharmaceuticals, Inc.\* (Biotechnology) | 49 | 866 |
| Arteris, Inc.\* (Software) | 25 | 247 |
| Artisan Partners Asset Management, <br>Inc.—Class A (Capital Markets) | 56 | 2534 |
| Artivion, Inc.\* (Health Care Equipment & <br>Supplies) | 34 | 1051 |
| Arvinas, Inc.\* (Pharmaceuticals) | 59 | 439 |
| Asana, Inc.\*—Class A (Software) | 84 | 1233 |
| Asbury Automotive Group, Inc.\* <br>(Specialty Retail) | 18 | 3998 |
| Ascent Industries Co.\* (Steel) | 7 | 90 |
| ASGN, Inc.\* (IT Services) | 38 | 1905 |
| ASP Isotopes, Inc.\* (Chemicals) | 51 | 463 |
| Aspen Aerogels, Inc.\* (Chemicals) | 60 | 460 |
| Associated Banc-Corp. (Banks) | 150 | 3711 |
| Astec Industries, Inc. (Machinery) | 21 | 833 |
| Astria Therapeutics, Inc.\* (Biotechnology) | 38 | 263 |
| Astronics Corp.\* (Aerospace & Defense) | 27 | 975 |
| Asure Software, Inc.\* (Professional Services) | 22 | 213 |
| Atea Pharmaceuticals, Inc.\* (Pharmaceuticals) | 69 | 251 |
| Atkore, Inc. (Electrical Equipment) | 31 | 2388 |
| Atlanta Braves Holdings, Inc.\* (Entertainment) | 41 | 1827 |
| Atlanta Braves Holdings, Inc.\* (Entertainment) | 6 | 283 |
| Atlantic International Corp.\* (Biotech & <br>Pharma) | 10 | 15 |
| Atlantic Union Bankshares Corp. (Banks) | 128 | 4058 |
| Atlanticus Holdings Corp.\* (Consumer <br>Finance) | 5 | 248 |
| Atlas Energy Solutions, Inc.<sup>(a)</sup> (Energy <br>Equipment & Services) | 70 | 910 |
| Atmus Filtration Technologies, Inc. <br>(Machinery) | 75 | 2918 |
| ATN International, Inc. (Diversified <br>Telecommunication Services) | 9 | 154 |
| Atomera, Inc.\* (Semiconductors) | 26 | 130 |
| AtriCure, Inc.\* (Health Care Equipment & <br>Supplies) | 43 | 1509 |
| aTyr Pharma, Inc.\* (Biotech & Pharma) | 78 | 368 |
| AudioEye, Inc.\* (Software) | 7 | 90 |
| Aura Biosciences, Inc.\* (Biotechnology) | 34 | 234 |
| Aurinia Pharmaceuticals, Inc.\* (Biotechnology) | 106 | 980 |
| Avadel Pharmaceuticals PLC\* <br>(Pharmaceuticals) | 80 | 841 |
| Avanos Medical, Inc.\* (Health Care <br>Equipment & Supplies) | 40 | 447 |
| Aveanna Healthcare Holdings, Inc.\* <br>(Health Care Providers & Services) | 42 | 167 |
| AvePoint, Inc.\* (Software) | 119 | 2271 |
| Aviat Networks, Inc.\* (Communications <br>Equipment) | 10 | 216 |
| Avidity Biosciences, Inc.\* (Biotechnology) | 103 | 3781 |
| AvidXchange Holdings, Inc.\* (Financial <br>Services) | 154 | 1518 |
| Avient Corp. (Chemicals) | 83 | 2620 |
| Avista Corp. (Multi-Utilities) | 72 | 2686 |
| Avita Medical, Inc.\*<sup>(a)</sup> (Biotechnology) | 24 | 127 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Axcelis Technologies, Inc.\* (Semiconductors & <br>Semiconductor Equipment) | 29 | $1963 |
| Axogen, Inc.\* (Health Care Equipment & <br>Supplies) | 39 | 511 |
| Axos Financial, Inc.\* (Banks) | 47 | 4058 |
| Axsome Therapeutics, Inc.\* (Pharmaceuticals) | 36 | 3649 |
| Azenta, Inc.\* (Life Sciences Tools & Services) | 37 | 1210 |
| AZZ, Inc. (Building Products) | 27 | 2957 |
| B&G Foods, Inc. (Food Products) | 69 | 283 |
| Backblaze, Inc.\*—Class A (IT Services) | 48 | 240 |
| Badger Meter, Inc. (Electronic <br>Equipment, Instruments & Components) | 27 | 5097 |
| Bakkt Holdings, Inc.\* (Institutional Financial <br>Services) | 5 | 50 |
| Balchem Corp. (Chemicals) | 30 | 4573 |
| Bally's Corp.\* (Leisure Facilities & Services) | 7 | 65 |
| Banc of California, Inc. (Banks) | 125 | 1815 |
| BancFirst Corp. (Banks) | 19 | 2366 |
| Banco Latinoamericano de Comercio <br>Exterior S.A.—Class E (Financial Services) | 26 | 1039 |
| Bandwidth, Inc.\*—Class A (Diversified <br>Telecommunication Services) | 24 | 334 |
| Bank First Corp. (Banks) | 8 | 951 |
| Bank of Hawaii Corp. (Banks) | 35 | 2166 |
| Bank of Marin Bancorp (Banks) | 13 | 294 |
| Bank7 Corp. (Banks) | 4 | 177 |
| BankFinancial Corp.\* (Banking) | 10 | 111 |
| BankUnited, Inc. (Banks) | 68 | 2480 |
| Bankwell Financial Group, Inc. (Banks) | 6 | 239 |
| Banner Corp. (Banks) | 31 | 1924 |
| Bar Harbor Bankshares (Banks) | 14 | 407 |
| BARK, Inc.\* (Specialty Retail) | 96 | 83 |
| Barnes & Noble Education, Inc.\* (Retail—<br>Discretionary) | 13 | 115 |
| Barrett Business Services, Inc. (Professional <br>Services) | 22 | 1011 |
| Bassett Furniture Industries, Inc.\* (Retail—<br>Discretionary) | 7 | 111 |
| BayCom Corp. (Banks) | 9 | 243 |
| BCB Bancorp, Inc. (Banks) | 14 | 117 |
| Beam Therapeutics, Inc.\* (Biotechnology) | 86 | 1695 |
| Beazer Homes USA, Inc.\* (Household <br>Durables) | 26 | 611 |
| Bel Fuse, Inc.—Class A (Electronic <br>Equipment, Instruments & Components) | 1 | 115 |
| Bel Fuse, Inc.—Class B (Electronic <br>Equipment, Instruments & Components) | 9 | 1170 |
| Belden, Inc. (Electronic Equipment, <br>Instruments & Components) | 36 | 4451 |
| Benchmark Electronics, Inc. (Electronic <br>Equipment, Instruments & Components) | 32 | 1232 |
| Benitec Biopharma, Inc.\* (Biotech & <br>Pharma) | 13 | 142 |
| Berkshire Hills Bancorp, Inc. (Banks) | 42 | 1035 |
| Berry Corp.\* (Oil, Gas & Consumable Fuels) | 69 | 208 |
| Beta Bionics, Inc.\* (Biotechnology) | 12 | 201 |
| Better Home & Finance Holding Co.\* <br>(Specialty Finance) | 4 | 52 |
| Beyond Meat, Inc.\*<sup>(a)</sup> (Food Products) | 66 | 201 |
| Beyond, Inc.\* (Specialty Retail) | 49 | 439 |
| BGC Group, Inc.—Class A (Capital Markets) | 322 | 2985 |

---

**See accompanying notes to financial statements.**

------

July 31, 2025 :: Schedule of Portfolio Investments **:: Small-Cap ProFund :: 89**

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Bicara Therapeutics, Inc.\* (Biotechnology) | 31 | $344 |
| BigBear.ai Holdings, Inc.\*<sup>(a)</sup> (IT Services) | 260 | 1651 |
| BigCommerce Holdings, Inc.\*—Class 1 <br>(IT Services) | 59 | 282 |
| Biglari Holdings, Inc.\*—Class B (Hotels, <br>Restaurants & Leisure) | 1 | 308 |
| BioAge Labs, Inc.\* (Pharmaceuticals) | 21 | 92 |
| BioCryst Pharmaceuticals, Inc.\* <br>(Biotechnology) | 188 | 1530 |
| Biohaven, Ltd.\* (Biotechnology) | 81 | 1223 |
| BioLife Solutions, Inc.\* (Life Sciences <br>Tools & Services) | 34 | 723 |
| Biote Corp.\*—Class A (Pharmaceuticals) | 26 | 106 |
| Bioventus, Inc.\*—Class A (Health Care <br>Equipment & Supplies) | 41 | 267 |
| Bit Digital, Inc.\* (Software) | 163 | 474 |
| Bitdeer Technologies Group\* <br>(Technology Services) | 81 | 1045 |
| BJ's Restaurants, Inc.\* (Hotels, <br>Restaurants & Leisure) | 19 | 673 |
| BK Technologies Corp\* (Technology <br>Hardware) | 2 | 78 |
| BKV Corp.\* (Oil, Gas & Consumable Fuels) | 15 | 310 |
| Black Hills Corp. (Multi-Utilities) | 65 | 3755 |
| Blackbaud, Inc.\* (Software) | 34 | 2292 |
| BlackLine, Inc.\* (Software) | 47 | 2528 |
| BlackSky Technology, Inc.\* <br>(Professional Services) | 25 | 481 |
| Blackstone Mortgage Trust, Inc.—Class A <br>(Mortgage REITs) | 146 | 2697 |
| Blade Air Mobility, Inc.\*—Class A <br>(Passenger Airlines) | 58 | 231 |
| Blend Labs, Inc.\*—Class A (Software) | 189 | 626 |
| Bloom Energy Corp.\*—Class A <br>(Electrical Equipment) | 184 | 6880 |
| Bloomin' Brands, Inc. (Hotels, <br>Restaurants & Leisure) | 75 | 683 |
| Blue Bird Corp.\* (Machinery) | 29 | 1299 |
| Blue Foundry Bancorp\* (Banks) | 17 | 145 |
| Blue Ridge Bankshares, Inc.\* (Banking) | 58 | 212 |
| BlueLinx Holdings, Inc.\* (Trading <br>Companies & Distributors) | 7 | 513 |
| Bluerock Homes Trust, Inc. (Residential <br>REITs) | —<br> <sup>(b)</sup> | 2 |
| Boise Cascade Co. (Trading Companies & <br>Distributors) | 34 | 2850 |
| Boot Barn Holdings, Inc.\* (Specialty Retail) | 28 | 4812 |
| Borr Drilling, Ltd. (Energy Equipment & <br>Services) | 200 | 406 |
| Boston Omaha Corp.\*—Class A (Media) | 20 | 269 |
| Bowhead Specialty Holdings, Inc.\* (Insurance) | 14 | 455 |
| Bowman Consulting Group, Ltd.\* <br>(Construction & Engineering) | 13 | 451 |
| Box, Inc.\*—Class A (Software) | 126 | 4045 |
| Braemar Hotels & Resorts, Inc. (Hotel & <br>Resort REITs) | 53 | 117 |
| Brandywine Realty Trust (Office REITs) | 155 | 620 |
| Braze, Inc.\*—Class A (Software) | 69 | 1923 |
| BRC, Inc.\*—Class A (Food Products) | 56 | 95 |
| Bread Financial Holdings, Inc. <br>(Consumer Finance) | 42 | 2575 |
| Bridgebio Pharma, Inc.\* (Biotechnology) | 140 | 6617 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Bridgewater Bancshares, Inc.\* (Banks) | 19 | $296 |
| Bright Minds Biosciences, Inc.\* <br>(Biotech & Pharma) | 4 | 135 |
| BrightSpire Capital, Inc. (Mortgage REITs) | 116 | 601 |
| BrightSpring Health Services, Inc.\* <br>(Health Care Providers & Services) | 76 | 1569 |
| BrightView Holdings, Inc.\* (Commercial <br>Services & Supplies) | 54 | 861 |
| Brinker International, Inc.\* (Hotels, <br>Restaurants & Leisure) | 40 | 6303 |
| Bristow Group, Inc.\* (Energy Equipment & <br>Services) | 26 | 899 |
| Broadstone Net Lease, Inc. (Equity REIT—<br>Diversified) | 171 | 2777 |
| Brookdale Senior Living, Inc.\* (Health <br>Care Providers & Services) | 206 | 1597 |
| Brookfield Business Corp.—Class A <br>(Industrial Conglomerates) | 21 | 646 |
| Brookfield Infrastructure Corp.—Class A <br>(Gas & Water Utilities) | 108 | 4216 |
| Brookline Bancorp, Inc. (Banks) | 79 | 815 |
| BRT Apartments Corp. (Residential REITs) | 10 | 146 |
| Build-A-Bear Workshop, Inc. (Specialty Retail) | 11 | 558 |
| Bumble, Inc.\*—Class A (Interactive <br>Media & Services) | 65 | 506 |
| Burford Capital, Ltd. (Financial Services) | 172 | 2210 |
| Burke & Herbert Financial Services Corp. <br>(Banks) | 12 | 696 |
| Business First Bancshares, Inc. (Banks) | 26 | 618 |
| Butterfly Network, Inc.\* (Medical <br>Equipment & Devices) | 173 | 296 |
| BV Financial, Inc.\* (Banking) | 8 | 125 |
| Byline Bancorp, Inc. (Banks) | 25 | 658 |
| Byrna Technologies, Inc.\* (Aerospace & <br>Defense) | 16 | 355 |
| C&F Financial Corp.\* (Banking) | 3 | 191 |
| C3.ai, Inc.\*—Class A (Software) | 109 | 2568 |
| Cable One, Inc. (Media) | 5 | 640 |
| Cabot Corp. (Chemicals) | 49 | 3537 |
| Cactus, Inc.—Class A (Energy Equipment & <br>Services) | 62 | 2623 |
| Cadence Bank (Banks) | 158 | 5505 |
| Cadiz, Inc.\* (Water Utilities) | 49 | 156 |
| Cadre Holdings, Inc. (Aerospace & Defense) | 26 | 860 |
| Calavo Growers, Inc. (Food Products) | 15 | 395 |
| Caledonia Mining Corp. PLC (Metals & Mining) | 15 | 295 |
| Caleres, Inc. (Specialty Retail) | 30 | 412 |
| California Resources Corp. (Oil, Gas & <br>Consumable Fuels) | 59 | 2843 |
| California Water Service Group (Water Utilities) | 54 | 2455 |
| Calix, Inc.\* (Communications Equipment) | 53 | 3005 |
| Cal-Maine Foods, Inc. (Food Products) | 41 | 4556 |
| Calumet, Inc.\* (Chemicals) | 62 | 988 |
| Camden National Corp. (Banks) | 15 | 566 |
| Camping World Holdings, Inc.—Class A <br>(Specialty Retail) | 54 | 747 |
| Candel Therapeutics, Inc.\* <br>(Biotechnology) | 35 | 226 |
| Cannae Holdings, Inc. (Financial Services) | 52 | 1112 |
| Cantaloupe, Inc.\* (Financial Services) | 48 | 531 |

---

**See accompanying notes to financial statements.**

------

**90 :: Small-Cap ProFund ::** Schedule of Portfolio Investments :: July 31, 2025

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Capital Bancorp, Inc. (Banks) | 11 | $346 |
| Capital City Bank Group, Inc. (Banks) | 12 | 475 |
| Capitol Federal Financial, Inc. (Banks) | 111 | 668 |
| Capri Holdings, Ltd.\* (Textiles, Apparel & <br>Luxury Goods) | 105 | 1910 |
| Capricor Therapeutics, Inc.\* (Biotechnology) | 35 | 286 |
| Cardiff Oncology, Inc.\* (Biotechnology) | 56 | 133 |
| CareDx, Inc.\* (Biotechnology) | 49 | 602 |
| CareTrust REIT, Inc. (Health Care REITs) | 170 | 5406 |
| Cargo Therapeutics, Inc.\* (Biotechnology) | 32 | 143 |
| Cargurus, Inc.\* (Interactive Media & Services) | 74 | 2428 |
| Carriage Services, Inc. (Diversified <br>Consumer Services) | 13 | 584 |
| Cars.com, Inc.\* (Interactive Media & Services) | 52 | 669 |
| Carter Bankshares, Inc.\* (Banks) | 21 | 365 |
| Carter's, Inc. (Textiles, Apparel & Luxury <br>Goods) | 32 | 776 |
| Cartesian Therapeutics, Inc.\* (Biotechnology) | 8 | 102 |
| Casella Waste Systems, Inc.\*—Class A <br>(Commercial Services & Supplies) | 57 | 6199 |
| Cass Information Systems, Inc. <br>(Financial Services) | 11 | 440 |
| Castle Biosciences, Inc.\* (Health Care <br>Providers & Services) | 26 | 394 |
| Catalyst Pharmaceuticals, Inc.\* (Biotechnology) | 104 | 2218 |
| Cathay General Bancorp (Banks) | 61 | 2758 |
| Cavco Industries, Inc.\* (Household Durables) | 7 | 2826 |
| CB Financial Services, Inc.\* (Banking) | 4 | 127 |
| CBIZ, Inc.\* (Professional Services) | 47 | 2873 |
| CBL & Associates Properties, Inc. <br>(Retail REITs) | 16 | 433 |
| CECO Environmental Corp.\* <br>(Commercial Services & Supplies) | 26 | 1169 |
| Celcuity, Inc.\* (Biotechnology) | 26 | 1018 |
| Celldex Therapeutics, Inc.\* (Biotechnology) | 59 | 1297 |
| Centerspace (Residential REITs) | 15 | 816 |
| Central Garden & Pet Co.\* (Household <br>Products) | 8 | 312 |
| Central Garden & Pet Co.\*—Class A <br>(Household Products) | 46 | 1634 |
| Central Pacific Financial Corp. (Banks) | 24 | 640 |
| Centrus Energy Corp.\*—Class A (Oil, <br>Gas & Consumable Fuels) | 13 | 2800 |
| Centuri Holdings, Inc.\* (Construction & <br>Engineering) | 15 | 327 |
| Century Aluminum Co.\* (Metals & Mining) | 47 | 995 |
| Century Communities, Inc. (Household <br>Durables) | 24 | 1351 |
| Cerence, Inc.\* (Software) | 39 | 335 |
| CeriBell, Inc.\* (Health Care Equipment & <br>Supplies) | 22 | 317 |
| Cerus Corp.\* (Health Care Equipment & <br>Supplies) | 166 | 212 |
| CEVA, Inc.\* (Semiconductors & <br>Semiconductor Equipment) | 21 | 449 |
| CF Bankshares, Inc.\* (Banking) | 3 | 71 |
| CG Oncology, Inc.\* (Biotechnology) | 50 | 1335 |
| Chain Bridge Bancorp Inc\* (Banking) | 2 | 53 |
| Champion Homes, Inc.\* (Household <br>Durables) | 49 | 2984 |
| Chart Industries, Inc.\* (Machinery) | 41 | 8153 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Chatham Lodging Trust (Hotel & Resort <br>REITs) | 42 | $286 |
| Chemung Financial Corp. (Banks) | 4 | 202 |
| Chesapeake Utilities Corp. (Gas Utilities) | 21 | 2517 |
| Chicago Atlantic Real Estate Finance, Inc. <br>(Mortgage REITs) | 16 | 208 |
| Chimera Investment Corp. (Mortgage REITs) | 72 | 963 |
| ChoiceOne Financial Services, Inc. (Banks) | 13 | 382 |
| ChromaDex Corp.\* (Life Sciences Tools & <br>Services) | 47 | 439 |
| Cidara Therapeutics, Inc.\* (Biotech & Pharma) | 15 | 950 |
| Cimpress PLC\* (Commercial Services & <br>Supplies) | 13 | 719 |
| Cinemark Holdings, Inc.\* (Entertainment) | 96 | 2581 |
| Cipher Mining, Inc.\* (Software) | 238 | 1299 |
| Citi Trends, Inc.\* (Specialty Retail) | 4 | 122 |
| Citizens & Northern Corp. (Banks) | 13 | 247 |
| Citizens Community Bancorp, Inc./WI\* <br>(Banking) | 9 | 133 |
| Citizens Financial Services, Inc. (Banks) | 4 | 215 |
| CITIZENS, INC.\* (Insurance) | 41 | 157 |
| City Holding Co. (Banks) | 13 | 1587 |
| City Office REIT, Inc. (Office REITs) | 35 | 243 |
| Civista Bancshares, Inc. (Banks) | 14 | 273 |
| Claritev Corp.\* (Technology Services) | 7 | 279 |
| Claros Mortgage Trust, Inc. (Mortgage REITs) | 83 | 237 |
| Clarus Corp. (Leisure Products) | 27 | 97 |
| Clean Energy Fuels Corp.\* (Oil, Gas & <br>Consumable Fuels) | 158 | 321 |
| Cleanspark, Inc.\* (Software) | 249 | 2831 |
| Clear Secure, Inc.—Class A (Software) | 75 | 2206 |
| Clearfield, Inc.\* (Communications Equipment) | 11 | 482 |
| ClearPoint Neuro, Inc.\* (Medical <br>Equipment & Devices) | 23 | 239 |
| Clearwater Analytics Holdings, Inc.\*—<br>Class A (Software) | 222 | 4498 |
| Clearwater Paper Corp.\* (Paper & Forest <br>Products) | 14 | 316 |
| Climb Global Solutions, Inc. (Electronic <br>Equipment, Instruments & Components) | 3 | 354 |
| Clipper Realty, Inc. (Residential REITs) | 12 | 42 |
| Clover Health Investments Corp.\* <br>(Health Care Facilities & Services) | 363 | 1048 |
| CNB Financial Corp. (Banks) | 25 | 574 |
| CNO Financial Group, Inc. (Insurance) | 89 | 3279 |
| CNX Resources Corp.\* (Oil, Gas & <br>Consumable Fuels) | 128 | 3879 |
| Coastal Financial Corp.\* (Banks) | 12 | 1154 |
| Codexis, Inc.\* (Life Sciences Tools & Services) | 74 | 198 |
| Coeur Mining, Inc.\* (Metals & Mining) | 576 | 5005 |
| Cogent Biosciences, Inc.\* (Biotechnology) | 95 | 1085 |
| Cogent Communications Holdings, Inc. <br>(Diversified Telecommunication Services) | 40 | 1824 |
| Cohen & Steers, Inc. (Capital Markets) | 25 | 1839 |
| Coherus Biosciences, Inc.\* (Biotechnology) | 95 | 89 |
| Cohu, Inc.\* (Semiconductors & <br>Semiconductor Equipment) | 41 | 732 |
| Collegium Pharmaceutical, Inc.\* <br>(Pharmaceuticals) | 29 | 866 |
| Colony Bankcorp, Inc. (Banks) | 15 | 246 |
| Columbia Financial, Inc.\* (Banks) | 24 | 345 |
| Columbus McKinnon Corp. (Machinery) | 25 | 366 |

---

**See accompanying notes to financial statements.**

------

July 31, 2025 :: Schedule of Portfolio Investments **:: Small-Cap ProFund :: 91**

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Commercial Metals Co. (Metals & Mining) | 102 | $5290 |
| CommScope Holding Co., Inc.\* <br>(Communications Equipment) | 192 | 1574 |
| Community Financial System, Inc. (Banks) | 48 | 2530 |
| Community Health Systems, Inc.\* <br>(Health Care Providers & Services) | 117 | 304 |
| Community Healthcare Trust, Inc. <br>(Health Care REITs) | 25 | 384 |
| Community Trust Bancorp, Inc. (Banks) | 14 | 756 |
| Community West Bancshares (Banks) | 15 | 289 |
| CommVault Systems, Inc.\* (Software) | 40 | 7597 |
| Compass Diversified Holdings <br>(Financial Services) | 60 | 383 |
| Compass Minerals International, Inc. <br>(Metals & Mining) | 31 | 618 |
| Compass Therapeutics, Inc.\* (Biotechnology) | 82 | 244 |
| Compass, Inc.\*—Class A (Real Estate <br>Management & Development) | 410 | 3254 |
| Complete Solaria Inc\* (Renewable Energy) | 54 | 85 |
| CompoSecure, Inc.—Class A (Technology <br>Hardware, Storage & Peripherals) | 39 | 554 |
| Computer Programs & Systems, Inc.\* <br>(Software) | 9 | 187 |
| CompX International, Inc. (Commercial <br>Services & Supplies) | 1 | 23 |
| Comstock Resources, Inc. (Oil, Gas & <br>Consumable Fuels) | 67 | 1197 |
| Concentra Group Holdings Parent, Inc. <br>(Health Care Providers & Services) | 105 | 2097 |
| Concrete Pumping Holdings, Inc.\* <br>(Construction & Engineering) | 20 | 137 |
| Conduent, Inc.\* (Professional Services) | 134 | 356 |
| CONMED Corp. (Health Care <br>Equipment & Supplies) | 28 | 1432 |
| ConnectOne Bancorp, Inc. (Banks) | 43 | 990 |
| Consensus Cloud Solutions, Inc.\* (Software) | 17 | 343 |
| Consolidated Water Co., Ltd. (Water Utilities) | 14 | 407 |
| Constellium SE\* (Metals & Mining) | 128 | 1755 |
| Construction Partners, Inc.\*—Class A <br>(Construction & Engineering) | 42 | 4236 |
| Consumer Portfolio Services, Inc.\* (Consumer <br>Finance) | 8 | 63 |
| Contango ORE, Inc.\* (Metals & Mining) | 8 | 149 |
| Cooper-Standard Holdings, Inc.\* (Automobile <br>Components) | 15 | 362 |
| COPT Defense Properties (Office REITs) | 102 | 2783 |
| Core Laboratories, Inc. (Energy Equipment & <br>Services) | 42 | 459 |
| Core Molding Technologies, Inc.\* (Chemicals) | 8 | 133 |
| Core Natural Resources, Inc.\* (Oil, Gas & <br>Consumable Fuels) | 48 | 3543 |
| Core Scientific, Inc.\*<sup>(a)</sup> (IT Services) | 248 | 3358 |
| CoreCard Corp.\* (Software) | 5 | 145 |
| CoreCivic, Inc.\* (Commercial Services & <br>Supplies) | 97 | 1944 |
| CorMedix, Inc.\* (Pharmaceuticals) | 58 | 677 |
| Corsair Gaming, Inc.\* (Technology <br>Hardware, Storage & Peripherals) | 42 | 381 |
| CorVel Corp.\* (Health Care Providers & <br>Services) | 26 | 2304 |
| Corvus Pharmaceuticals, Inc.\* (Biotech & <br>Pharma) | 47 | 196 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Costamare Bulkers Holdings Ltd.\* (Marine <br>Transportation) | 8 | $72 |
| Costamare, Inc. (Marine Transportation) | 40 | 404 |
| Couchbase, Inc.\* (IT Services) | 39 | 946 |
| Coursera, Inc.\* (Diversified Consumer <br>Services) | 124 | 1567 |
| Covenant Logistics Group, Inc. (Ground <br>Transportation) | 15 | 362 |
| CPI Card Group, Inc.\* (Technology <br>Hardware, Storage & Peripherals) | 5 | 97 |
| CRA International, Inc. (Professional Services) | 6 | 1060 |
| Cracker Barrel Old Country Store, Inc. <br>(Hotels, Restaurants & Leisure) | 20 | 1240 |
| Crawford & Co.—Class A (Insurance) | 15 | 144 |
| Credo Technology Group Holding, Ltd.\* <br>(Semiconductors & Semiconductor <br>Equipment) | 132 | 14725 |
| Crescent Energy Co.—Class A (Oil, Gas & <br>Consumable Fuels) | 161 | 1488 |
| Crexendo, Inc.\* (Technology Services) | 13 | 72 |
| Cricut, Inc.—Class A (Household Durables) | 41 | 201 |
| Crinetics Pharmaceuticals, Inc.\* <br>(Biotechnology) | 81 | 2316 |
| CRISPR Therapeutics AG\* (Biotechnology) | 74 | 4163 |
| Critical Metals Corp.\* (Metals & Mining) | 29 | 109 |
| Cross Country Healthcare, Inc.\* (Health Care <br>Providers & Services) | 28 | 377 |
| CryoPort, Inc.\* (Life Sciences Tools & Services) | 44 | 323 |
| CS Disco, Inc.\* (Software) | 21 | 83 |
| CSG Systems International, Inc. (Professional <br>Services) | 25 | 1562 |
| CSP, Inc.\* (Technology Services) | 6 | 62 |
| CSW Industrials, Inc. (Building Products) | 15 | 3892 |
| CTO Realty Growth, Inc. (Equity REIT—<br>Diversified) | 27 | 446 |
| CTS Corp. (Electronic Equipment, <br>Instruments & Components) | 27 | 1058 |
| Cullinan Therapeutics, Inc.\* (Biotechnology) | 46 | 357 |
| Curbline Properties Corp. (Retail REITs) | 88 | 1944 |
| CuriosityStream, Inc.\* (Entertainment Content) | 29 | 141 |
| Cushman & Wakefield PLC\* (Real Estate <br>Management & Development) | 208 | 2535 |
| Custom Truck One Source, Inc.\* (Trading <br>Companies & Distributors) | 54 | 334 |
| Customers Bancorp, Inc.\* (Banks) | 27 | 1721 |
| CVB Financial Corp. (Banks) | 119 | 2224 |
| CVR Energy, Inc. (Oil, Gas & Consumable Fuels) | 28 | 750 |
| CVRx, Inc.\* (Health Care Equipment & <br>Supplies) | 14 | 111 |
| Cytek Biosciences, Inc.\* (Life Sciences Tools & <br>Services) | 105 | 378 |
| Cytokinetics, Inc.\* (Biotechnology) | 105 | 3952 |
| Daily Journal Corp.\* (Software) | 1 | 400 |
| Dakota Gold Corp.\* (Metals & Mining) | 77 | 277 |
| Daktronics, Inc.\* (Electronic Equipment, <br>Instruments & Components) | 37 | 600 |
| Dana, Inc. (Automobile Components) | 119 | 1894 |
| Dave & Buster's Entertainment, Inc.\* (Hotels, <br>Restaurants & Leisure) | 24 | 702 |
| Dave, Inc.\* (Software) | 8 | 1886 |
| Day One Biopharmaceuticals, Inc.\* <br>(Biotechnology) | 65 | 436 |

---

**See accompanying notes to financial statements.**

------

**92 :: Small-Cap ProFund ::** Schedule of Portfolio Investments :: July 31, 2025

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Definitive Healthcare Corp.\* (Health Care <br>Technology) | 32 | $125 |
| Delcath Systems Inc\* (Medical Equipment & <br>Devices) | 27 | 290 |
| Delek US Holdings, Inc. (Oil, Gas & <br>Consumable Fuels) | 55 | 1230 |
| Deluxe Corp. (Commercial Services & Supplies) | 40 | 644 |
| Denali Therapeutics, Inc.\* <br>(Biotechnology) | 119 | 1646 |
| Denny's Corp.\* (Hotels, Restaurants & Leisure) | 45 | 167 |
| Designer Brands, Inc.—Class A (Specialty <br>Retail) | 29 | 82 |
| DHT Holdings, Inc. (Oil, Gas & Consumable <br>Fuels) | 115 | 1275 |
| DiaMedica Therapeutics, Inc.\* (Biotech & <br>Pharma) | 24 | 101 |
| Diamond Hill Investment Group, Inc. (Capital <br>Markets) | 2 | 271 |
| DiamondRock Hospitality Co. (Hotel & Resort <br>REITs) | 188 | 1451 |
| Dianthus Therapeutics, Inc.\* (Biotechnology) | 18 | 372 |
| Diebold Nixdorf, Inc.\* (Technology Hardware, <br>Storage & Peripherals) | 23 | 1295 |
| Digi International, Inc.\* (Communications <br>Equipment) | 33 | 1076 |
| Digimarc Corp.\* (Software) | 14 | 167 |
| Digital Turbine, Inc.\* (Software) | 92 | 501 |
| DigitalBridge Group, Inc. (Real Estate <br>Management & Development) | 154 | 1654 |
| DigitalOcean Holdings, Inc.\* (IT Services) | 58 | 1616 |
| Dime Community Bancshares, Inc. (Banks) | 36 | 998 |
| Dine Brands Global, Inc. (Hotels, <br>Restaurants & Leisure) | 14 | 317 |
| Diodes, Inc.\* (Semiconductors & <br>Semiconductor Equipment) | 41 | 2024 |
| Disc Medicine, Inc.\* (Biotechnology) | 22 | 1315 |
| Diversified Energy Co. PLC (Oil, Gas & <br>Consumable Fuels) | 49 | 738 |
| Diversified Healthcare Trust (Health Care <br>REITs) | 197 | 644 |
| DMC Global, Inc.\* (Energy Equipment & <br>Services) | 17 | 138 |
| DNOW, Inc.\* (Trading Companies & <br>Distributors) | 97 | 1509 |
| DocGo, Inc.\* (Health Care Providers & <br>Services) | 82 | 112 |
| Dole PLC (Food Products) | 60 | 854 |
| Domo, Inc.\*—Class B (Software) | 31 | 510 |
| Donegal Group, Inc.—Class A (Insurance) | 15 | 257 |
| Donnelley Financial Solutions, Inc.\* (Capital <br>Markets) | 24 | 1271 |
| Dorian LPG, Ltd. (Oil, Gas & Consumable Fuels) | 33 | 950 |
| Dorman Products, Inc.\* (Automobile <br>Components) | 25 | 3016 |
| Douglas Dynamics, Inc. (Machinery) | 20 | 572 |
| Douglas Elliman, Inc.\* (Real Estate Services) | 66 | 182 |
| Douglas Emmett, Inc. (Office REITs) | 146 | 2213 |
| Dream Finders Homes, Inc.\*—Class A <br>(Household Durables) | 27 | 684 |
| Driven Brands Holdings, Inc.\* (Commercial <br>Services & Supplies) | 54 | 913 |
| Ducommun, Inc.\* (Aerospace & Defense) | 12 | 1092 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| D-Wave Quantum, Inc.\* (Software) | 259 | $4452 |
| DXP Enterprises, Inc.\* (Trading Companies & <br>Distributors) | 12 | 1359 |
| Dycom Industries, Inc.\* (Construction & <br>Engineering) | 25 | 6720 |
| Dynavax Technologies Corp.\* (Biotechnology) | 95 | 1043 |
| Dyne Therapeutics, Inc.\* (Biotechnology) | 84 | 827 |
| Dynex Capital, Inc. (Mortgage REITs) | 95 | 1182 |
| E2open Parent Holdings, Inc.\* (Software) | 164 | 541 |
| Eagle Bancorp Montana, Inc.\* (Banking) | 7 | 113 |
| Eagle Bancorp, Inc. (Banks) | 27 | 434 |
| Eagle Financial Services, Inc.\* (Banking) | 4 | 132 |
| Easterly Government Properties, Inc. (Office <br>REITs) | 36 | 792 |
| Eastern Bankshares, Inc. (Banks) | 177 | 2735 |
| Eastman Kodak Co.\* (Technology Hardware, <br>Storage & Peripherals) | 57 | 382 |
| ECB BanCorp., Inc./MD\* (Banking) | 7 | 109 |
| EchoStar Corp.\*—Class A (Media) | 122 | 3975 |
| Ecovyst, Inc.\* (Chemicals) | 97 | 835 |
| Edgewell Personal Care Co. (Personal Care <br>Products) | 42 | 1060 |
| Edgewise Therapeutics, Inc.\* (Pharmaceuticals) | 66 | 941 |
| Editas Medicine, Inc.\* (Biotechnology) | 76 | 191 |
| eGain Corp.\* (Software) | 16 | 99 |
| eHealth, Inc.\* (Insurance) | 26 | 88 |
| El Pollo Loco Holdings, Inc.\* (Hotels, <br>Restaurants & Leisure) | 24 | 247 |
| ELECTROMED, INC.\* (Medical Equipment & <br>Devices) | 6 | 109 |
| Eledon Pharmaceuticals, Inc.\* (Biotech & <br>Pharma) | 53 | 167 |
| Ellington Financial, Inc. (Mortgage REITs) | 83 | 1053 |
| Elme Communities (Residential REITs) | 79 | 1191 |
| Embecta Corp. (Health Care Equipment & <br>Supplies) | 53 | 538 |
| Emerald Holding, Inc.\* (Media) | 13 | 65 |
| Emergent BioSolutions, Inc.\* (Biotechnology) | 48 | 282 |
| Empire Petroleum Corp.\* (Oil, Gas & <br>Consumable Fuels) | 13 | 59 |
| Empire State Realty Trust, Inc. (Equity REIT—<br>Diversified) | 124 | 898 |
| Employers Holdings, Inc. (Insurance) | 22 | 908 |
| Enact Holdings, Inc. (Financial Services) | 26 | 904 |
| Enanta Pharmaceuticals, Inc.\* (Biotechnology) | 18 | 136 |
| Encore Capital Group, Inc.\* (Consumer Finance) | 21 | 774 |
| Encore Energy Corp.\* (Oil, Gas & Consumable <br>Fuels) | 165 | 436 |
| Energizer Holdings, Inc. (Household Products) | 60 | 1351 |
| Energy Fuels, Inc.\* (Oil, Gas & Consumable <br>Fuels) | 187 | 1700 |
| Energy Recovery, Inc.\* (Machinery) | 48 | 646 |
| Energy Services of America Corp.\* <br>(Engineering & Construction) | 11 | 120 |
| Enerpac Tool Group Corp. (Machinery) | 49 | 1887 |
| EnerSys (Electrical Equipment) | 35 | 3233 |
| Enhabit, Inc.\* (Health Care Providers & <br>Services) | 45 | 302 |
| Enliven Therapeutics, Inc.\* (Pharmaceuticals) | 29 | 545 |
| Ennis, Inc. (Commercial Services & Supplies) | 22 | 392 |
| Enova International, Inc.\* (Consumer Finance) | 22 | 2300 |

---

**See accompanying notes to financial statements.**

------

July 31, 2025 :: Schedule of Portfolio Investments **:: Small-Cap ProFund :: 93**

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Enovis Corp.\* (Health Care Equipment & <br>Supplies) | 51 | $1367 |
| Enovix Corp.\*<sup>(a)</sup> (Electrical Equipment) | 149 | 1997 |
| Enpro, Inc. (Machinery) | 19 | 4036 |
| Enterprise Financial Services Corp. (Banks) | 33 | 1821 |
| Entrada Therapeutics, Inc.\* (Biotechnology) | 25 | 147 |
| Entravision Communications Corp.—Class A <br>(Media) | 56 | 124 |
| Envela Corp.\* (Renewable Energy) | 6 | 33 |
| Enviri Corp.\* (Commercial Services & Supplies) | 68 | 612 |
| Eos Energy Enterprises, Inc.\* (Renewable <br>Energy) | 200 | 1140 |
| ePlus, Inc.\* (Electronic Equipment, <br>Instruments & Components) | 24 | 1555 |
| Epsilon Energy Ltd.\* (Oil & Gas Producers) | 17 | 106 |
| Equity Bancshares, Inc.—Class A (Banks) | 14 | 526 |
| Erasca, Inc.\* (Biotechnology) | 156 | 221 |
| Ermenegildo Zegna NV\* (Apparel & Textile <br>Products) | 56 | 451 |
| Escalade, Inc. (Leisure Products) | 9 | 111 |
| ESCO Technologies, Inc. (Machinery) | 23 | 4455 |
| Esperion Therapeutics, Inc.\* (Pharmaceuticals) | 179 | 254 |
| Esquire Financial Holdings, Inc. (Banks) | 6 | 575 |
| Essent Group, Ltd. (Financial Services) | 89 | 4983 |
| Essential Properties Realty Trust, Inc. (Equity <br>REIT—Diversified) | 179 | 5458 |
| Ethan Allen Interiors, Inc. (Household Durables) | 21 | 625 |
| Eton Pharmaceuticals, Inc.\* (Biotech & <br>Pharma) | 23 | 326 |
| European Wax Center, Inc.\*—Class A <br>(Diversified Consumer Services) | 26 | 122 |
| Eve Holding, Inc.\* (Aerospace & Defense) | 46 | 299 |
| Eventbrite, Inc.\*—Class A (Entertainment) | 67 | 163 |
| EverCommerce, Inc.\* (Software) | 13 | 139 |
| EverQuote, Inc.\*—Class A (Interactive Media & <br>Services) | 25 | 615 |
| EVERTEC, Inc. (Financial Services) | 58 | 2097 |
| EVgo, Inc.\* (Specialty Retail) | 115 | 388 |
| EVI Industries, Inc. (Trading Companies & <br>Distributors) | 5 | 111 |
| Evolent Health, Inc.\*—Class A (Health Care <br>Technology) | 105 | 1055 |
| Evolus, Inc.\* (Pharmaceuticals) | 48 | 428 |
| Evolution Petroleum Corp. (Oil, Gas & <br>Consumable Fuels) | 28 | 135 |
| Evolv Technologies Holdings, Inc.\* (Electronic <br>Equipment, Instruments & Components) | 104 | 682 |
| Excelerate Energy, Inc.—Class A (Oil, Gas & <br>Consumable Fuels) | 21 | 539 |
| eXp World Holdings, Inc. (Real Estate <br>Management & Development) | 70 | 755 |
| Expensify, Inc.\* (Software) | 54 | 110 |
| Exponent, Inc. (Professional Services) | 46 | 3172 |
| Expro Group Holdings N.V.\* (Energy <br>Equipment & Services) | 93 | 1003 |
| Extreme Networks, Inc.\* (Communications <br>Equipment) | 119 | 2102 |
| EyePoint Pharmaceuticals, Inc.\* <br>(Pharmaceuticals) | 56 | 550 |
| F&G Annuities & Life, Inc. (Insurance) | 19 | 606 |
| Fabrinet\* (Electronic Equipment, Instruments & <br>Components) | 32 | 10358 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Faraday Future Intelligent Electric, Inc.\* <br>(Software) | 80 | $170 |
| Farmers & Merchants Bancorp, Inc. (Banks) | 11 | 264 |
| Farmers National Banc Corp. (Banks) | 33 | 447 |
| Farmland Partners, Inc. (Specialized REITs) | 37 | 387 |
| Fastly, Inc.\*—Class A (IT Services) | 123 | 835 |
| Fate Therapeutics, Inc.\* (Biotechnology) | 98 | 108 |
| FB BanCorp, Inc.\* (Banking) | 16 | 187 |
| FB Financial Corp. (Banks) | 38 | 1853 |
| Federal Agricultural Mortgage Corp.—Class C <br>(Financial Services) | 8 | 1378 |
| Federal Signal Corp. (Machinery) | 54 | 6835 |
| Fennec Pharmaceuticals, Inc.\* (Biotechnology) | 21 | 172 |
| Ferroglobe PLC\* (Metals & Mining) | 107 | 453 |
| Fidelis Insurance Holdings, Ltd. (Insurance) | 54 | 816 |
| Fidelity D&D Bancorp, Inc. (Banks) | 4 | 162 |
| Figs, Inc.\*—Class A (Textiles, Apparel & <br>Luxury Goods) | 80 | 520 |
| Finance Of America Cos, Inc.\* (Specialty <br>Finance) | 4 | 86 |
| Financial Institutions, Inc. (Banks) | 18 | 459 |
| Finward BanCorp.\* (Banking) | 3 | 83 |
| Finwise BanCorp.\* (Banking) | 8 | 143 |
| First Advantage Corp. (Professional Services) | 71 | 1228 |
| First Bancorp (Banks) | 145 | 3020 |
| First Bancorp (Banks) | 36 | 1803 |
| First Bank/Hamilton NJ (Banks) | 19 | 283 |
| First Busey Corp. (Banks) | 77 | 1719 |
| First Business Financial Services, Inc. (Banks) | 7 | 333 |
| First Capital, Inc.\* (Banking) | 3 | 107 |
| First Commonwealth Financial Corp. (Banks) | 91 | 1502 |
| First Community Bancshares, Inc. (Banks) | 14 | 511 |
| First Community Corp./SC\* (Banking) | 7 | 173 |
| First Financial Bancorp (Banks) | 86 | 2085 |
| First Financial Bankshares, Inc. (Banks) | 121 | 4188 |
| First Financial Corp. (Banks) | 10 | 536 |
| First Foundation, Inc. (Banks) | 57 | 278 |
| First Internet Bancorp (Banks) | 7 | 154 |
| First Interstate BancSystem, Inc.—Class A <br>(Banks) | 79 | 2274 |
| First Merchants Corp. (Banks) | 52 | 1982 |
| First Mid Bancshares, Inc. (Banks) | 19 | 721 |
| First National Corp.\* (Banking) | 7 | 151 |
| First Savings Financial Group, Inc.\* (Banking) | 5 | 128 |
| First United Corp.\* (Banking) | 5 | 164 |
| First Watch Restaurant Group, Inc.\* (Hotels, <br>Restaurants & Leisure) | 37 | 640 |
| First Western Financial, Inc.\* (Banks) | 7 | 152 |
| FirstCash Holdings, Inc. (Consumer Finance) | 36 | 4799 |
| Firstsun Capital BanCorp.\* (Banking) | 11 | 390 |
| FitLife Brands, Inc.\* (Biotech & Pharma) | 4 | 50 |
| Five Star Bancorp (Banks) | 14 | 421 |
| Five9, Inc.\* (Software) | 69 | 1783 |
| FLEX LNG, Ltd. (Oil, Gas & Consumable Fuels) | 28 | 702 |
| Flexsteel Industries, Inc. (Household Durables) | 3 | 102 |
| Flotek Industries Inc\* (Oil & Gas Services & <br>Equipment) | 13 | 157 |
| Flowco Holdings, Inc.\*—Class A (Oil & Gas <br>Services & Equipment) | 17 | 318 |
| Fluence Energy, Inc.\* (Electrical Equipment) | 68 | 552 |
| Fluor Corp.\* (Construction & Engineering) | 150 | 8515 |
| Flushing Financial Corp. (Banks) | 29 | 348 |

---

**See accompanying notes to financial statements.**

------

**94 :: Small-Cap ProFund ::** Schedule of Portfolio Investments :: July 31, 2025

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Flywire Corp.\* (Financial Services) | 105 | $1143 |
| Foghorn Therapeutics, Inc.\* (Biotechnology) | 29 | 152 |
| Foot Locker, Inc. (Specialty Retail) | 77 | 1928 |
| Forafric Global PLC\* (Food Products) | 5 | 39 |
| Forestar Group, Inc.\* (Real Estate <br>Management & Development) | 17 | 422 |
| Forge Global Holdings, Inc.\* (Institutional <br>Financial Services) | 9 | 197 |
| FormFactor, Inc.\* (Semiconductors & <br>Semiconductor Equipment) | 70 | 1989 |
| Forrester Research, Inc.\* (Professional Services) | 10 | 97 |
| Fortrea Holdings, Inc.\* (Life Sciences Tools & <br>Services) | 82 | 471 |
| Forum Energy Technologies, Inc.\* (Energy <br>Equipment & Services) | 10 | 197 |
| Forward Air Corp. (Air Freight & Logistics) | 20 | 608 |
| Four Corners Property Trust, Inc. (Specialized <br>REITs) | 90 | 2272 |
| Fox Factory Holding Corp.\* (Automobile <br>Components) | 38 | 1154 |
| Franklin BSP Realty Trust, Inc. (Mortgage <br>REITs) | 74 | 747 |
| Franklin Covey Co.\* (Professional Services) | 10 | 197 |
| Franklin Electric Co., Inc. (Machinery) | 36 | 3382 |
| Franklin Financial Services Corp.\* (Banking) | 4 | 161 |
| Franklin Street Properties Corp. (Office REITs) | 68 | 112 |
| Frequency Electronics Inc\* (Technology <br>Hardware) | 6 | 160 |
| Fresh Del Monte Produce, Inc. (Food Products) | 30 | 1128 |
| Freshworks, Inc.\*—Class A (Software) | 183 | 2377 |
| Freyr Battery, Inc.\* (Electrical Equipment) | 100 | 119 |
| Friedman Industries, Inc.\* (Steel) | 6 | 91 |
| Frontdoor, Inc.\* (Diversified Consumer <br>Services) | 67 | 3920 |
| Frontier Group Holdings, Inc.\* (Passenger <br>Airlines) | 76 | 333 |
| FrontView REIT, Inc.\* (Retail REITs) | 16 | 188 |
| FRP Holdings, Inc.\* (Real Estate <br>Management & Development) | 10 | 264 |
| FS Bancorp, Inc. (Banks) | 6 | 235 |
| FTAI Infrastructure, Inc. (Ground <br>Transportation) | 88 | 552 |
| fuboTV, Inc.\* (Interactive Media & Services) | 300 | 1194 |
| Fulcrum Therapeutics, Inc.\* (Pharmaceuticals) | 48 | 323 |
| Fulgent Genetics, Inc.\* (Health Care <br>Providers & Services) | 19 | 326 |
| Fulton Financial Corp. (Banks) | 164 | 2944 |
| Funko, Inc.\*—Class A (Leisure Products) | 31 | 119 |
| FutureFuel Corp. (Oil, Gas & Consumable <br>Fuels) | 23 | 93 |
| FVCBankcorp, Inc.\* (Banks) | 14 | 179 |
| Gaia, Inc.\* (Retail—Discretionary) | 15 | 63 |
| Gambling.com Group, Ltd.\* (Media) | 15 | 159 |
| Gannett Co., Inc.\* (Media) | 127 | 484 |
| Garret Motion, Inc.\* (Automotive) | 114 | 1487 |
| GATX Corp. (Trading Companies & Distributors) | 32 | 4887 |
| GBank Financial Holdings, Inc.\* (Specialty <br>Finance) | 8 | 300 |
| GCM Grosvenor, Inc.—Class A (Capital <br>Markets) | 40 | 472 |
| Genco Shipping & Trading, Ltd. (Marine <br>Transportation) | 35 | 558 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Gencor Industries, Inc.\* (Machinery) | 9 | $131 |
| GeneDx Holdings Corp.\* (Health Care <br>Providers & Services) | 17 | 1733 |
| Genesco, Inc.\* (Specialty Retail) | 9 | 217 |
| Genie Energy, Ltd.—Class B (Electric Utilities) | 19 | 386 |
| Genius Sports Ltd.\* (Leisure Facilities & <br>Services) | 199 | 2239 |
| Gentherm, Inc.\* (Automobile Components) | 27 | 865 |
| Genworth Financial, Inc.\*—Class A (Insurance) | 370 | 2908 |
| German American Bancorp, Inc. (Banks) | 33 | 1268 |
| Geron Corp.\* (Biotechnology) | 545 | 627 |
| Getty Images Holdings, Inc.\* (Interactive <br>Media & Services) | 99 | 175 |
| Getty Realty Corp. (Retail REITs) | 47 | 1306 |
| Gevo, Inc.\* (Renewable Energy) | 208 | 270 |
| Gibraltar Industries, Inc.\* (Building Products) | 27 | 1783 |
| GigaCloud Technology, Inc.\*—Class A <br>(Distributors) | 24 | 535 |
| G-III Apparel Group, Ltd.\* (Textiles, Apparel & <br>Luxury Goods) | 35 | 826 |
| Ginkgo Bioworks Holdings, Inc.\* (Health Care <br>Facilities & Services) | 35 | 460 |
| Glacier Bancorp, Inc. (Banks) | 103 | 4513 |
| Gladstone Commercial Corp. (Equity REIT—<br>Diversified) | 41 | 539 |
| Gladstone Land Corp. (Specialized REITs) | 31 | 285 |
| Glaukos Corp.\* (Health Care Equipment & <br>Supplies) | 50 | 4305 |
| Global Business Travel Group, Inc.\* (Hotels, <br>Restaurants & Leisure) | 85 | 547 |
| Global Industrial Co. (Trading Companies & <br>Distributors) | 13 | 443 |
| Global Medical REIT, Inc. (Health Care REITs) | 57 | 381 |
| Global Net Lease, Inc. (Equity REIT—Diversified) | 178 | 1244 |
| Global Water Resources, Inc. (Water Utilities) | 11 | 105 |
| Globalstar, Inc.\* (Telecommunications) | 46 | 1081 |
| GMS, Inc.\* (Trading Companies & Distributors) | 35 | 3838 |
| Gogo, Inc.\* (Wireless Telecommunication <br>Services) | 62 | 983 |
| GoHealth, Inc.\*—Class A (Insurance) | 4 | 25 |
| Golar LNG, Ltd. (Oil, Gas & Consumable Fuels) | 90 | 3703 |
| Golden Entertainment, Inc. ARS (Hotels, <br>Restaurants & Leisure) | 18 | 506 |
| Golden Matrix Group, Inc.\* (Entertainment) | 13 | 19 |
| Golden Ocean Group, Ltd. (Marine <br>Transportation) | 92 | 751 |
| Goosehead Insurance, Inc.\*—Class A <br>(Insurance) | 21 | 1909 |
| Gossamer Bio, Inc.\* (Biotech & Pharma) | 171 | 349 |
| Graham Corp.\* (Machinery) | 9 | 514 |
| Graham Holdings Co.—Class B (Diversified <br>Consumer Services) | 3 | 2863 |
| GRAIL, Inc.\* (Biotechnology) | 27 | 924 |
| Granite Construction, Inc. (Construction & <br>Engineering) | 39 | 3684 |
| Granite Ridge Resources, Inc. (Oil, Gas & <br>Consumable Fuels) | 49 | 254 |
| Gray Television, Inc. (Media) | 79 | 356 |
| Great Ajax Corp.\* (Specialty Finance) | 38 | 99 |
| Great Lakes Dredge & Dock Corp.\* <br>(Construction & Engineering) | 60 | 665 |
| Great Southern Bancorp, Inc. (Banks) | 8 | 456 |

---

**See accompanying notes to financial statements.**

------

July 31, 2025 :: Schedule of Portfolio Investments **:: Small-Cap ProFund :: 95**

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Green Brick Partners, Inc.\* (Household <br>Durables) | 28 | $1734 |
| Green Dot Corp.\*—Class A (Consumer Finance) | 48 | 486 |
| Green Plains, Inc.\* (Oil, Gas & Consumable <br>Fuels) | 58 | 480 |
| Greene County Bancorp, Inc. (Banks) | 6 | 142 |
| Greenlight Capital Re, Ltd.\*—Class A <br>(Insurance) | 24 | 312 |
| Greenwich Lifesciences, Inc.\* (Biotechnology) | 5 | 55 |
| Greif, Inc.—Class A (Containers & Packaging) | 23 | 1459 |
| Greif, Inc.—Class B (Containers & Packaging) | 4 | 263 |
| Grid Dynamics Holdings, Inc.\* (IT Services) | 59 | 560 |
| Griffon Corp. (Building Products) | 35 | 2844 |
| Grindr, Inc.\* (Interactive Media & Services) | 30 | 524 |
| Grocery Outlet Holding Corp.\* (Consumer <br>Staples Distribution & Retail) | 85 | 1119 |
| Group 1 Automotive, Inc. (Specialty Retail) | 11 | 4533 |
| Groupon, Inc.\* (Broadline Retail) | 22 | 678 |
| Guaranty Bancshares, Inc. (Banks) | 8 | 349 |
| Guardant Health, Inc.\* (Health Care <br>Providers & Services) | 107 | 4384 |
| Guardian Pharmacy Services, Inc.\* (Consumer <br>Staples Distribution & Retail) | 11 | 230 |
| Gulfport Energy Corp.\* (Oil, Gas & Consumable <br>Fuels) | 14 | 2438 |
| Gyre Therapeutics, Inc.\* (Biotechnology) | 12 | 85 |
| H.B. Fuller Co. (Chemicals) | 49 | 2754 |
| HA Sustainable Infrastructure Capital, Inc. <br>(Financial Services) | 110 | 2857 |
| Haemonetics Corp.\* (Health Care <br>Equipment & Supplies) | 45 | 3332 |
| Hallador Energy Co.\* (Oil, Gas & Consumable <br>Fuels) | 28 | 494 |
| Hamilton Beach Brands Holding Co.—Class A <br>(Household Durables) | 6 | 93 |
| Hamilton Insurance Group, Ltd.\*—Class B <br>(Insurance) | 40 | 860 |
| Hancock Whitney Corp. (Banks) | 77 | 4597 |
| Hanesbrands, Inc.\* (Textiles, Apparel & Luxury <br>Goods) | 316 | 1292 |
| Hanmi Financial Corp. (Banks) | 27 | 616 |
| Hanover Bancorp, Inc.\* (Banking) | 4 | 83 |
| HarborOne Bancorp, Inc. (Banks) | 34 | 402 |
| Harmonic, Inc.\* (Communications Equipment) | 101 | 860 |
| Harmony Biosciences Holdings, Inc.\* <br>(Pharmaceuticals) | 39 | 1372 |
| Harrow, Inc.\* (Pharmaceuticals) | 28 | 889 |
| Haverty Furniture Cos., Inc. (Specialty Retail) | 12 | 248 |
| Hawaiian Electric Industries, Inc. (Electric <br>Utilities) | 157 | 1683 |
| Hawkins, Inc. (Chemicals) | 18 | 2939 |
| Hawthorn Bancshares, Inc.\* (Banking) | 5 | 143 |
| HBT Financial, Inc. (Banks) | 11 | 274 |
| HCI Group, Inc. (Insurance) | 8 | 1120 |
| Health Catalyst, Inc.\* (Health Care Technology) | 61 | 223 |
| Healthcare Services Group, Inc.\* <br>(Commercial Services & Supplies) | 66 | 859 |
| HealthEquity, Inc.\* (Health Care Providers & <br>Services) | 77 | 7468 |
| HealthStream, Inc. (Health Care Technology) | 22 | 576 |
| Heartland Express, Inc. (Ground Transportation) | 46 | 360 |
| Hecla Mining Co. (Metals & Mining) | 539 | 3094 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Heidrick & Struggles International, Inc. <br>(Professional Services) | 18 | $802 |
| Helios Technologies, Inc. (Machinery) | 30 | 1101 |
| Helen of Troy, Ltd.\* (Household Durables) | 21 | 462 |
| Helix Energy Solutions Group, Inc.\* (Energy <br>Equipment & Services) | 129 | 765 |
| Helmerich & Payne, Inc. (Energy Equipment & <br>Services) | 87 | 1410 |
| Herbalife, Ltd.\* (Personal Care Products) | 91 | 837 |
| Herc Holdings, Inc. (Trading Companies & <br>Distributors) | 29 | 3387 |
| Heritage Commerce Corp. (Banks) | 54 | 500 |
| Heritage Financial Corp. (Banks) | 31 | 699 |
| Heritage Insurance Holdings, Inc.\* (Insurance) | 20 | 422 |
| Heron Therapeutics, Inc.\* (Biotechnology) | 137 | 237 |
| Hertz Global Holdings, Inc.\* (Ground <br>Transportation) | 106 | 679 |
| HF Foods Group, Inc.\* (Consumer Staples <br>Distribution & Retail) | 36 | 98 |
| HighPeak Energy, Inc. (Oil, Gas & Consumable <br>Fuels) | 16 | 160 |
| Hillenbrand, Inc. (Machinery) | 63 | 1305 |
| Hillman Solutions Corp.\* (Machinery) | 178 | 1404 |
| Hilltop Holdings, Inc. (Banks) | 41 | 1214 |
| Hilton Grand Vacations, Inc.\* (Hotels, <br>Restaurants & Leisure) | 55 | 2465 |
| Himalaya Shipping, Ltd. (Marine Transportation) | 27 | 184 |
| Hims & Hers Health, Inc.\* (Health Care <br>Providers & Services) | 171 | 11316 |
| Hingham Institution for Savings (Banks) | 1 | 245 |
| Hippo Holdings, Inc.\* (Insurance) | 16 | 413 |
| HireQuest, Inc. (Professional Services) | 5 | 51 |
| HNI Corp. (Commercial Services & Supplies) | 42 | 2160 |
| Holley, Inc.\* (Automobile Components) | 54 | 112 |
| Hologic, Inc.\* (Biotechnology) | 28 | 108 |
| Home Bancorp, Inc. (Banks) | 6 | 314 |
| Home BancShares, Inc. (Banks) | 169 | 4758 |
| HomeStreet, Inc. (Banks) | 17 | 222 |
| HomeTrust Bancshares, Inc. (Banks) | 14 | 544 |
| Hope Bancorp, Inc. (Banks) | 105 | 1049 |
| Horace Mann Educators Corp. (Insurance) | 37 | 1574 |
| Horizon Bancorp, Inc. (Banks) | 39 | 604 |
| Hovnanian Enterprises, Inc.\*—Class A <br>(Household Durables) | 4 | 478 |
| Hub Group, Inc.—Class A (Air Freight & <br>Logistics) | 54 | 1891 |
| Hudson Pacific Properties, Inc. (Office REITs) | 287 | 703 |
| Hudson Technologies, Inc.\* (Trading <br>Companies & Distributors) | 35 | 329 |
| Humacyte, Inc.\* (Biotechnology) | 113 | 271 |
| Huron Consulting Group, Inc.\* (Professional <br>Services) | 15 | 1981 |
| Hut 8 Corp.\* (Software) | 85 | 1805 |
| Hyliion Holdings Corp.\* (Machinery) | 116 | 174 |
| Hyster-Yale, Inc.—Class A (Machinery) | 11 | 462 |
| I3 Verticals, Inc.\*—Class A (Financial Services) | 21 | 588 |
| IBEX Holdings, Ltd.\* (Professional Services) | 9 | 266 |
| Ibotta, Inc.\*—Class A (Media) | 12 | 436 |
| ICF International, Inc. (Professional Services) | 17 | 1426 |
| Ichor Holdings, Ltd.\* (Semiconductors & <br>Semiconductor Equipment) | 31 | 613 |

---

**See accompanying notes to financial statements.**

------

**96 :: Small-Cap ProFund ::** Schedule of Portfolio Investments :: July 31, 2025

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| ICU Medical, Inc.\* (Health Care Equipment & <br>Supplies) | 22 | $2825 |
| Idaho Strategic Resources, Inc.\* (Metals & <br>Mining) | 11 | 180 |
| Ideaya Biosciences, Inc.\* (Biotechnology) | 75 | 1826 |
| IDT Corp.—Class B (Diversified <br>Telecommunication Services) | 15 | 884 |
| IES Holdings, Inc.\* (Construction & <br>Engineering) | 8 | 2825 |
| iHeartMedia, Inc.\*—Class A (Media) | 107 | 200 |
| IMAX Corp.\* (Entertainment) | 39 | 1006 |
| Immersion Corp. (Technology Hardware, <br>Storage & Peripherals) | 27 | 188 |
| ImmunityBio, Inc.\*<sup>(a)</sup> (Biotechnology) | 207 | 509 |
| Immunome, Inc.\* (Biotechnology) | 66 | 694 |
| Immunovant, Inc.\* (Biotechnology) | 61 | 981 |
| Impinj, Inc.\* (Semiconductors & <br>Semiconductor Equipment) | 23 | 3555 |
| Independence Realty Trust, Inc. (Residential <br>REITs) | 209 | 3504 |
| Independent Bank Corp. (Banks) | 18 | 550 |
| Independent Bank Corp. (Banks) | 43 | 2733 |
| indie Semiconductor, Inc.\*<sup>(a)</sup>—Class A <br>(Semiconductors & Semiconductor <br>Equipment) | 174 | 680 |
| Indivior PLC\* (Biotech & Pharma) | 109 | 2202 |
| Industrial Logistics Properties Trust (Industrial <br>REITs) | 48 | 255 |
| Infinity Natural Resources, Inc.\*—Class A <br>(Oil & Gas Producers) | 13 | 194 |
| Information Services Group, Inc. (IT Services) | 32 | 138 |
| Ingevity Corp.\* (Chemicals) | 33 | 1379 |
| Ingles Markets, Inc.—Class A (Consumer <br>Staples Distribution & Retail) | 13 | 818 |
| Inhibikase Therapeutics, Inc.\* (Biotech & <br>Pharma) | 54 | 85 |
| Inhibrx Biosciences, Inc.\* (Biotechnology) | 8 | 175 |
| Inmune Bio, Inc.\* (Biotechnology) | 15 | 41 |
| Innodata, Inc.\* (Professional Services) | 27 | 1482 |
| Innospec, Inc. (Chemicals) | 23 | 1838 |
| Innovage Holding Corp.\* (Health Care <br>Providers & Services) | 18 | 60 |
| Innovative Industrial Properties, Inc. (Industrial <br>REITs) | 25 | 1293 |
| Innovex International, Inc.\* (Energy <br>Equipment & Services) | 35 | 575 |
| Innoviva, Inc.\* (Pharmaceuticals) | 57 | 1036 |
| Inogen, Inc.\* (Health Care Equipment & <br>Supplies) | 21 | 133 |
| Inseego Corp.\* (Technology Hardware) | 11 | 73 |
| Insight Enterprises, Inc.\* (Electronic <br>Equipment, Instruments & Components) | 25 | 2965 |
| Insperity, Inc. (Professional Services) | 32 | 1907 |
| Inspired Entertainment, Inc.\* (Hotels, <br>Restaurants & Leisure) | 22 | 198 |
| Installed Building Products, Inc. (Household <br>Durables) | 21 | 4248 |
| Insteel Industries, Inc. (Building Products) | 17 | 614 |
| Intapp, Inc.\* (Software) | 50 | 2003 |
| Integer Holdings Corp.\* (Health Care <br>Equipment & Supplies) | 31 | 3364 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Integra LifeSciences Holdings Corp.\* <br>(Health Care Equipment & Supplies) | 60 | $788 |
| Integral Ad Science Holding Corp.\* (Media) | 68 | 558 |
| Intellia Therapeutics, Inc.\* (Biotechnology) | 93 | 1083 |
| Inter Parfums, Inc. (Personal Care Products) | 16 | 1929 |
| InterDigital, Inc. (Software) | 23 | 5939 |
| Interface, Inc. (Commercial Services & <br>Supplies) | 52 | 1072 |
| International Bancshares Corp. (Banks) | 49 | 3341 |
| International Game Technology PLC (Hotels, <br>Restaurants & Leisure) | 101 | 1499 |
| International Money Express, Inc.\* (Financial <br>Services) | 25 | 225 |
| International Seaways, Inc. (Oil, Gas & <br>Consumable Fuels) | 36 | 1436 |
| Intrepid Potash, Inc.\* (Chemicals) | 10 | 333 |
| Intuitive Machines, Inc.\* (Aerospace & <br>Defense) | 98 | 1094 |
| InvenTrust Properties Corp. (Retail REITs) | 70 | 1930 |
| Invesco Mortgage Capital, Inc. (Mortgage <br>REITs) | 59 | 445 |
| Investar Holding Corp. (Banks) | 8 | 174 |
| Investors Title Co. (Insurance) | 1 | 211 |
| IonQ, Inc.\* (Technology Hardware, Storage & <br>Peripherals) | 213 | 8492 |
| Iovance Biotherapeutics, Inc.\* (Biotechnology) | 230 | 591 |
| iRadimed Corp. (Health Care Equipment & <br>Supplies) | 7 | 408 |
| iRhythm Technologies, Inc.\* (Health Care <br>Equipment & Supplies) | 29 | 4065 |
| Ironwood Pharmaceuticals, Inc.\* <br>(Biotechnology) | 144 | 110 |
| Ispire Technology, Inc.\* (Tobacco) | 17 | 47 |
| iTeos Therapeutics, Inc.\* (Biotechnology) | 27 | 274 |
| Itron, Inc.\* (Electronic Equipment, <br>Instruments & Components) | 41 | 5106 |
| Ivanhoe Electric, Inc.\* (Metals & Mining) | 77 | 736 |
| J & J Snack Foods Corp. (Food Products) | 14 | 1580 |
| J Jill, Inc. (Specialty Retail) | 7 | 110 |
| Jack in the Box, Inc. (Hotels, Restaurants & <br>Leisure) | 17 | 335 |
| Jackson Financial, Inc.—Class A (Financial <br>Services) | 64 | 5603 |
| Jade Biosciences, Inc.\* (Biotech & Pharma) | 29 | 209 |
| JAKKS Pacific, Inc.\* (Leisure Products) | 8 | 142 |
| James River Group Holdings, Ltd. (Insurance) | 33 | 188 |
| Jamf Holding Corp.\* (Software) | 61 | 484 |
| Janus International Group, Inc.\* (Building <br>Products) | 122 | 1046 |
| Janux Therapeutics, Inc.\* (Biotechnology) | 35 | 841 |
| JBG SMITH Properties (Office REITs) | 66 | 1398 |
| JELD-WEN Holding, Inc.\* (Building Products) | 76 | 342 |
| JetBlue Airways Corp.\* (Passenger Airlines) | 289 | 1283 |
| Joby Aviation, Inc.\* (Passenger Airlines) | 415 | 6914 |
| John B. Sanfilippo & Son, Inc. (Food Products) | 7 | 443 |
| John Bean Technologies Corp. (Machinery) | 47 | 6477 |
| John Marshall Bancorp, Inc. (Banks) | 11 | 203 |
| John Wiley & Sons, Inc.—Class A (Media) | 37 | 1428 |
| Johnson Outdoors, Inc.—Class A (Leisure <br>Products) | 5 | 166 |
| Journey Medical Corp.\* (Biotech & Pharma) | 11 | 81 |
| Kadant, Inc. (Machinery) | 11 | 3660 |

---

**See accompanying notes to financial statements.**

------

July 31, 2025 :: Schedule of Portfolio Investments **:: Small-Cap ProFund :: 97**

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Kaiser Aluminum Corp. (Metals & Mining) | 14 | $1082 |
| Kaltura, Inc.\* (Software) | 73 | 131 |
| KalVista Pharmaceuticals, Inc.\* (Biotechnology) | 34 | 463 |
| KAR Auction Services, Inc.\* (Commercial <br>Services & Supplies) | 96 | 2365 |
| Karat Packaging, Inc. (Trading Companies & <br>Distributors) | 6 | 163 |
| KB Home (Household Durables) | 63 | 3481 |
| Kearney Financial Corp. (Banks) | 51 | 302 |
| Kelly Services, Inc.—Class A (Professional <br>Services) | 27 | 331 |
| Kennametal, Inc. (Machinery) | 69 | 1708 |
| Kennedy-Wilson Holdings, Inc. (Real <br>Estate Management & Development) | 109 | 798 |
| Keros Therapeutics, Inc.\* (Biotechnology) | 30 | 430 |
| Kestra Medical Technologies Ltd.\* (Medical <br>Equipment & Devices) | 12 | 198 |
| Kforce, Inc. (Professional Services) | 16 | 558 |
| Kimball Electronics, Inc.\* (Electronic <br>Equipment, Instruments & Components) | 22 | 413 |
| KinderCare Learning Cos., Inc.\* (Diversified <br>Consumer Services) | 28 | 269 |
| Kinetik Holdings, Inc. (Oil, Gas & Consumable <br>Fuels) | 40 | 1735 |
| Kingstone Companies, Inc.\* (Insurance) | 10 | 164 |
| Kingsway Financial Services, Inc.\* (Insurance) | 16 | 224 |
| Kite Realty Group Trust (Retail REITs) | 199 | 4375 |
| KKR Real Estate Finance Trust, Inc. (Mortgage <br>REITs) | 51 | 461 |
| Knife River Corp.\* (Construction Materials) | 51 | 4206 |
| Knowles Corp.\* (Electronic Equipment, <br>Instruments & Components) | 78 | 1584 |
| Kodiak Gas Services, Inc. (Energy Equipment & <br>Services) | 48 | 1552 |
| Kodiak Sciences, Inc.\* (Biotechnology) | 29 | 191 |
| Kohl's Corp.<sup>(a)</sup> (Broadline Retail) | 98 | 1062 |
| Kolibri Global Energy, Inc.\* (Oil & Gas <br>Producers) | 32 | 196 |
| Kontoor Brands, Inc. (Textiles, Apparel & <br>Luxury Goods) | 50 | 2783 |
| Kopin Corp.\* (Technology Hardware) | 134 | 239 |
| Koppers Holdings, Inc. (Chemicals) | 17 | 559 |
| Korn Ferry (Professional Services) | 46 | 3260 |
| Korro Bio, Inc.\* (Biotechnology) | 6 | 90 |
| Kosmos Energy, Ltd.\* (Oil, Gas & Consumable <br>Fuels) | 426 | 916 |
| Kratos Defense & Security Solutions, Inc.\* <br>(Aerospace & Defense) | 148 | 8687 |
| Krispy Kreme, Inc. (Hotels, Restaurants & <br>Leisure) | 69 | 250 |
| Kronos Worldwide, Inc. (Chemicals) | 20 | 107 |
| Krystal Biotech, Inc.\* (Biotechnology) | 22 | 3385 |
| Kulicke & Soffa Industries, Inc. <br>(Semiconductors & Semiconductor <br>Equipment) | 47 | 1540 |
| KULR Technology Group, Inc.\* (Technology <br>Hardware) | 30 | 165 |
| Kura Oncology, Inc.\* (Biotechnology) | 71 | 430 |
| Kura Sushi USA, Inc.\*—Class A (Hotels, <br>Restaurants & Leisure) | 6 | 526 |
| Kymera Therapeutics, Inc.\* (Biotechnology) | 42 | 1838 |
| L.B. Foster Co.\*—Class A (Machinery) | 9 | 212 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Ladder Capital Corp. (Mortgage REITs) | 103 | $1125 |
| Lakeland Financial Corp. (Banks) | 23 | 1458 |
| Lakeland Industries, Inc.\* (Apparel & Textile <br>Products) | 8 | 111 |
| Lancaster Colony Corp. (Food Products) | 18 | 3199 |
| Landec Corp.\* (Life Sciences Tools & Services) | 25 | 175 |
| Landmark BanCorp, Inc./Manhattan KS\* <br>(Banking) | 4 | 97 |
| Lands' End, Inc.\* (Specialty Retail) | 11 | 129 |
| Lantheus Holdings, Inc.\* (Health Care <br>Equipment & Supplies) | 61 | 4343 |
| Larimar Therapeutics, Inc.\* (Biotechnology) | 38 | 131 |
| Latham Group, Inc.\* (Leisure Products) | 40 | 271 |
| Laureate Education, Inc. (Diversified Consumer <br>Services) | 116 | 2622 |
| Lawson Products, Inc.\* (Trading Companies & <br>Distributors) | 9 | 270 |
| La-Z-Boy, Inc. (Household Durables) | 37 | 1331 |
| LCI Industries (Automobile Components) | 22 | 2090 |
| LCNB Corp. (Banks) | 12 | 177 |
| Legacy Housing Corp.\* (Household Durables) | 8 | 179 |
| Legalzoom.com, Inc.\* (Professional Services) | 100 | 899 |
| Leggett & Platt, Inc. (Household Durables) | 120 | 1146 |
| LeMaitre Vascular, Inc. (Health Care <br>Equipment & Supplies) | 19 | 1544 |
| Lemonade, Inc.\* (Insurance) | 50 | 1884 |
| LendingClub Corp.\* (Consumer Finance) | 102 | 1590 |
| LendingTree, Inc.\* (Consumer Finance) | 10 | 467 |
| LENSAR, Inc.\* (Medical Equipment & Devices) | 8 | 103 |
| LENZ Therapeutics, Inc.\* (Biotechnology) | 16 | 476 |
| Lexeo Therapeutics, Inc.\* (Biotechnology) | 21 | 99 |
| Lexington Realty Trust (Industrial REITs) | 262 | 2033 |
| LGI Homes, Inc.\* (Household Durables) | 19 | 1012 |
| Liberty Energy, Inc. (Energy Equipment & <br>Services) | 142 | 1752 |
| Liberty Latin America, Ltd.\*—Class A <br>(Diversified Telecommunication Services) | 26 | 183 |
| Liberty Latin America, Ltd.\*—Class C <br>(Diversified Telecommunication Services) | 113 | 807 |
| Life Time Group Holdings, Inc.\* (Hotels, <br>Restaurants & Leisure) | 122 | 3504 |
| Life360, Inc.\* (Software) | 14 | 1072 |
| LifeMD, Inc.\* (Health Care Technology) | 33 | 344 |
| LifeStance Health Group, Inc.\* (Health Care <br>Providers & Services) | 119 | 474 |
| LIFEVANTAGE CORPORATION\* (Food <br>Products) | 10 | 126 |
| Lifeway Foods, Inc.\* (Food Products) | 5 | 126 |
| Lifezone Metals, Ltd.\* (Metals & Mining) | 25 | 110 |
| Ligand Pharmaceuticals, Inc.\* <br>(Pharmaceuticals) | 17 | 2237 |
| Lightbridge Corp.\* (Electrical Equipment) | 17 | 229 |
| Limbach Holdings, Inc.\* (Construction & <br>Engineering) | 10 | 1370 |
| Limoneira Co. (Food Products) | 15 | 220 |
| Lincoln Educational Services Corp.\* <br>(Diversified Consumer Services) | 27 | 617 |
| Lindblad Expeditions Holdings, Inc.\* (Hotels, <br>Restaurants & Leisure) | 34 | 406 |
| Lindsay Corp. (Machinery) | 10 | 1365 |
| LINKBANCORP, Inc. (Banks) | 19 | 131 |
| Lionsgate Studios Corp.\* (Entertainment) | 172 | 1018 |

---

**See accompanying notes to financial statements.**

------

**98 :: Small-Cap ProFund ::** Schedule of Portfolio Investments :: July 31, 2025

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Liquidia Corp.\* (Pharmaceuticals) | 58 | $1084 |
| Liquidity Services, Inc.\* (Commercial <br>Services & Supplies) | 21 | 501 |
| LivaNova PLC\* (Health Care Equipment & <br>Supplies) | 49 | 2067 |
| Live Oak Bancshares, Inc. (Banks) | 32 | 1012 |
| LiveRamp Holdings, Inc.\* (Software) | 58 | 1904 |
| Livewire Group, Inc.\* (Automobiles) | 33 | 124 |
| loanDepot, Inc.\* (Specialty Finance) | 73 | 116 |
| Logistic Properties Of The Americas\* (Real <br>Estate Owners & Developers) | 3 | 18 |
| LSB Industries, Inc.\* (Chemicals) | 48 | 371 |
| LSI Industries, Inc. (Electrical Equipment) | 24 | 439 |
| LTC Properties, Inc. (Health Care REITs) | 41 | 1396 |
| Lucid Diagnostics, Inc.\* (Medical Equipment & <br>Devices) | 62 | 61 |
| Lumen Technologies, Inc.\* (Diversified <br>Telecommunication Services) | 858 | 3817 |
| Lument Finance Trust Inc\* (Specialty Finance) | 41 | 89 |
| Luminar Technologies, Inc.\* (Automobile <br>Components) | 36 | 107 |
| Luxfer Holdings PLC (Machinery) | 24 | 288 |
| M/I Homes, Inc.\* (Household Durables) | 24 | 2885 |
| Mack-Cali Realty Corp.\* (Residential REITs) | 71 | 1000 |
| Madison Square Garden Entertainment <br>Corp.\* (Entertainment) | 36 | 1360 |
| Madrigal Pharmaceuticals, Inc.\* (Biotechnology) | 15 | 4537 |
| Magnera Corp.\* (Forestry, Paper & Wood <br>Products) | 30 | 374 |
| Magnite, Inc.\* (Media) | 126 | 2899 |
| Magnolia Oil & Gas Corp.—Class A (Oil, Gas & <br>Consumable Fuels) | 167 | 3977 |
| MainStreet Bancshares, Inc.\* (Banking) | 6 | 121 |
| Malibu Boats, Inc.\*—Class A (Leisure Products) | 17 | 566 |
| Mama's Creations, Inc.\* (Food Products) | 31 | 256 |
| Mammoth Energy Services, Inc.\* (Energy <br>Equipment & Services) | 22 | 57 |
| Mannkind Corp.\* (Biotechnology) | 272 | 1028 |
| MARA Holdings, Inc.\* (Software) | 312 | 5017 |
| Maravai LifeSciences Holdings, Inc.\*—Class A <br>(Life Sciences Tools & Services) | 110 | 257 |
| Marcus & Millichap, Inc. (Real Estate <br>Management & Development) | 22 | 686 |
| Marex Group PLC\* (Institutional Financial <br>Services) | 29 | 1119 |
| Marine Products Corp. (Leisure Products) | 8 | 69 |
| MarineMax, Inc.\* (Specialty Retail) | 17 | 386 |
| MarketWise, Inc. (Capital Markets) | 2 | 37 |
| Marqeta, Inc.\*—Class A (Financial Services) | 346 | 1972 |
| Marriott Vacations Worldwide Corp.\* (Hotels, <br>Restaurants & Leisure) | 29 | 2160 |
| Marten Transport, Ltd. (Ground Transportation) | 52 | 632 |
| Masterbrand, Inc.\* (Building Products) | 114 | 1257 |
| MasterCraft Boat Holdings, Inc.\* (Leisure <br>Products) | 15 | 290 |
| Materion Corp. (Metals & Mining) | 19 | 2001 |
| Mativ Holdings, Inc. (Chemicals) | 49 | 324 |
| Matrix Service Co.\* (Construction & <br>Engineering) | 24 | 367 |
| Matson, Inc. (Marine Transportation) | 29 | 3096 |
| Matthews International Corp.—Class A <br>(Commercial Services & Supplies) | 27 | 634 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Maui Land & Pineapple Co., Inc.\* (Real Estate <br>Management & Development) | 6 | $102 |
| MaxCyte, Inc.\* (Life Sciences Tools & Services) | 91 | 187 |
| Maximus, Inc. (Professional Services) | 51 | 3766 |
| MaxLinear, Inc.\* (Semiconductors & <br>Semiconductor Equipment) | 73 | 1155 |
| Mayville Engineering Co., Inc.\* (Machinery) | 13 | 218 |
| Maze Therapeutics, Inc.\* (Biotechnology) | 8 | 118 |
| MBIA, Inc. (Insurance) | 41 | 219 |
| MBX Biosciences, Inc.\* (Pharmaceuticals) | 15 | 199 |
| McGrath RentCorp (Trading Companies & <br>Distributors) | 22 | 2745 |
| Medallion Financial Corp. (Consumer Finance) | 15 | 153 |
| MediaAlpha, Inc.\*—Class A (Interactive <br>Media & Services) | 30 | 301 |
| Medifast, Inc. (Personal Care Products) | 10 | 138 |
| MediWound, Ltd.\* (Pharmaceuticals) | 7 | 130 |
| Mednax, Inc.\* (Health Care Providers & <br>Services) | 77 | 943 |
| MeiraGTx Holdings PLC\* (Biotechnology) | 37 | 283 |
| Mercantile Bank Corp. (Banks) | 14 | 640 |
| Merchants Bancorp (Financial Services) | 23 | 674 |
| Mercurity Fintech Holding, Inc.\* (Commercial <br>Support Services) | 29 | 119 |
| Mercury General Corp. (Insurance) | 24 | 1662 |
| Mercury Systems, Inc.\* (Aerospace & Defense) | 47 | 2472 |
| Meridian Bank of Malvern, PA (Banking) | 8 | 118 |
| MeridianLink, Inc.\* (Software) | 29 | 463 |
| Merit Medical Systems, Inc.\* (Health Care <br>Equipment & Supplies) | 53 | 4497 |
| Meritage Homes Corp. (Household Durables) | 64 | 4310 |
| Mesa Laboratories, Inc. (Life Sciences Tools & <br>Services) | 5 | 382 |
| Metals Acquisition, Ltd.\*—Class A (Metals & <br>Mining) | 64 | 770 |
| Methode Electronics, Inc. (Electronic <br>Equipment, Instruments & Components) | 30 | 197 |
| Metrocity Bankshares, Inc. (Banks) | 18 | 497 |
| Metropolitan Bank Holding Corp.\* (Banks) | 9 | 635 |
| Metsera, Inc.\* (Biotechnology) | 16 | 528 |
| MFA Financial, Inc. (Mortgage REITs) | 93 | 845 |
| MGE Energy, Inc. (Electric Utilities) | 33 | 2803 |
| MGP Ingredients, Inc. (Beverages) | 13 | 368 |
| Microvast Holdings, Inc.\* (Automotive) | 179 | 567 |
| MicroVision, Inc.\*<sup>(a)</sup> (Electronic Equipment, <br>Instruments & Components) | 220 | 244 |
| Mid Penn Bancorp, Inc. (Banks) | 18 | 494 |
| Middlefield Banc Corp. (Banks) | 7 | 195 |
| Middlesex Water Co. (Water Utilities) | 16 | 826 |
| Midland States Bankcorp, Inc. (Banks) | 19 | 322 |
| MidWestOne Financial Group, Inc. (Banks) | 18 | 496 |
| Miller Industries, Inc. (Machinery) | 10 | 408 |
| MillerKnoll, Inc. (Commercial Services & <br>Supplies) | 61 | 1158 |
| MiMedx Group, Inc.\* (Biotechnology) | 106 | 762 |
| Mind Medicine MindMed, Inc.\* <br>(Pharmaceuticals) | 68 | 618 |
| Minerals Technologies, Inc. (Chemicals) | 29 | 1686 |
| Mineralys Therapeutics, Inc.\* (Biotechnology) | 35 | 495 |
| Mirion Technologies, Inc.\* (Electronic <br>Equipment, Instruments & Components) | 189 | 4224 |
| Mirum Pharmaceuticals, Inc.\* (Biotechnology) | 39 | 2016 |

---

**See accompanying notes to financial statements.**

------

July 31, 2025 :: Schedule of Portfolio Investments **:: Small-Cap ProFund :: 99**

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Mission Produce, Inc.\* (Food Products) | 43 | $531 |
| Mister Car Wash, Inc.\* (Diversified Consumer <br>Services) | 89 | 514 |
| Mistras Group, Inc.\* (Professional Services) | 15 | 119 |
| Mitek Systems, Inc.\* (Software) | 40 | 361 |
| Mobile Infrastructure Corp.\* (Real Estate <br>Owners & Developers) | 13 | 48 |
| Modine Manufacturing Co.\* (Automobile <br>Components) | 47 | 6323 |
| Modiv Industrial, Inc.\* (Retail REITs) | 8 | 115 |
| Moelis & Co.—Class A (Capital Markets) | 67 | 4699 |
| Monarch Casino & Resort, Inc. (Hotels, <br>Restaurants & Leisure) | 12 | 1236 |
| Monopar Therapeutics, Inc.\* (Biotech & <br>Pharma) | 4 | 165 |
| Monro, Inc. (Specialty Retail) | 27 | 381 |
| Montauk Renewables, Inc.\* (Independent <br>Power/Renewable Electricity Producers) | 60 | 130 |
| Monte Rosa Therapeutics, Inc.\* (Biotechnology) | 42 | 208 |
| Montrose Environmental Group, Inc.\* <br>(Commercial Services & Supplies) | 29 | 658 |
| Moog, Inc.—Class A (Aerospace & Defense) | 25 | 4840 |
| Motorcar Parts of America, Inc.\* (Automotive) | 16 | 166 |
| Movado Group, Inc. (Textiles, Apparel & <br>Luxury Goods) | 14 | 217 |
| MRC Global, Inc.\* (Trading Companies & <br>Distributors) | 77 | 1130 |
| M-Tron Industries, Inc.\* (Electrical Equipment) | 2 | 88 |
| Mueller Water Products, Inc.—Class A <br>(Machinery) | 140 | 3466 |
| Murphy Oil Corp. (Oil, Gas & Consumable <br>Fuels) | 122 | 3027 |
| MVB Financial Corp. (Banks) | 10 | 227 |
| Myers Industries, Inc. (Containers & Packaging) | 33 | 483 |
| Myomo, Inc.\* (Medical Equipment & Devices) | 29 | 56 |
| MYR Group, Inc.\* (Construction & Engineering) | 14 | 2709 |
| Myriad Genetics, Inc.\* (Biotechnology) | 82 | 315 |
| N-able, Inc.\* (Software) | 65 | 525 |
| Nabors Industries, Ltd.\* (Energy Equipment & <br>Services) | 13 | 452 |
| NACCO Industries, Inc.—Class A (Oil, Gas & <br>Consumable Fuels) | 4 | 152 |
| NANO Nuclear Energy, Inc.\* (Electrical <br>Equipment) | 24 | 850 |
| Nano-X Imaging, Ltd.\* (Health Care Providers & <br>Services) | 58 | 273 |
| Napco Security Technologies, Inc. (Electronic <br>Equipment, Instruments & Components) | 32 | 977 |
| Nathan's Famous, Inc. (Hotels, Restaurants & <br>Leisure) | 2 | 190 |
| National Bank Holdings Corp.—Class A (Banks) | 34 | 1260 |
| National Bankshares, Inc. (Banks) | 6 | 167 |
| National Beverage Corp. (Beverages) | 22 | 1008 |
| National CineMedia, Inc.\* (Media) | 58 | 279 |
| National Energy Services Reunited <br>Corp.\* (Oil & Gas Services & Equipment) | 55 | 366 |
| National Health Investors, Inc. (Health Care <br>REITs) | 42 | 2934 |
| National HealthCare Corp. (Health Care <br>Providers & Services) | 11 | 1056 |
| National Presto Industries, Inc. (Aerospace & <br>Defense) | 5 | 482 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| National Research Corp. (Health Care <br>Providers & Services) | 11 | $138 |
| National Vision Holdings, Inc.\* (Specialty Retail) | 70 | 1698 |
| Natural Gas Services Group, Inc.\* (Energy <br>Equipment & Services) | 9 | 217 |
| Natural Grocers by Vitamin Cottage, Inc. <br>(Consumer Staples Distribution & Retail) | 11 | 417 |
| Nature's Sunshine Products, Inc.\* (Personal <br>Care Products) | 13 | 182 |
| Navient Corp. (Consumer Finance) | 63 | 815 |
| Navigator Holdings Ltd.\* (Transportation & <br>Logistics) | 29 | 457 |
| Navitas Semiconductor Corp.\* <br>(Semiconductors & Semiconductor <br>Equipment) | 120 | 880 |
| NB Bancorp, Inc.\* (Banks) | 31 | 534 |
| NBT Bancorp, Inc. (Banks) | 46 | 1903 |
| NCR Atleos Corp.\* (Financial Services) | 66 | 2020 |
| NCR Voyix Corp.\* (Software) | 125 | 1703 |
| Nektar Therapeutics\* (Pharmaceuticals) | 1 | 22 |
| Nelnet, Inc.—Class A (Consumer Finance) | 12 | 1497 |
| Neogen Corp.\* (Health Care Equipment & <br>Supplies) | 197 | 916 |
| NeoGenomics, Inc.\* (Health Care Providers & <br>Services) | 116 | 561 |
| Neonode, Inc.\* (Technology Hardware) | 9 | 181 |
| NerdWallet, Inc.\*—Class A (Consumer Finance) | 37 | 392 |
| Nerdy, Inc.\* (Diversified Consumer Services) | 52 | 79 |
| NET Lease Office Properties\* (Office REITs) | 13 | 431 |
| Net Power, Inc.\* (Electrical Equipment) | 31 | 89 |
| NETGEAR, Inc.\* (Communications Equipment) | 25 | 581 |
| NetScout Systems, Inc.\* (Communications <br>Equipment) | 63 | 1349 |
| NETSTREIT Corp. (Retail REITs) | 74 | 1349 |
| Neurogene, Inc.\* (Biotechnology) | 9 | 196 |
| Neuronetics, Inc.\* (Health Care Facilities & <br>Services) | 32 | 140 |
| NeuroPace, Inc.\* (Health Care Equipment & <br>Supplies) | 22 | 187 |
| New Fortress Energy Inc<sup>(a)</sup> (Oil & Gas Producers) | 152 | 415 |
| New Jersey Resources Corp. (Gas Utilities) | 91 | 4178 |
| New York Community Bancorp, Inc.\* (Banks) | 273 | 3082 |
| New York Mortgage Trust, Inc. (Mortgage <br>REITs) | 76 | 481 |
| Newmark Group, Inc.—Class A (Real Estate <br>Management & Development) | 123 | 1865 |
| Newpark Resources, Inc.\* (Energy Equipment & <br>Services) | 72 | 649 |
| Newsmax, Inc.\* (Internet Media & Services) | 7 | 93 |
| NewtekOne, Inc. (Financial Services) | 22 | 252 |
| NexPoint Diversified Real Estate Trust\* (Equity <br>REIT—Diversified) | 32 | 140 |
| Nexpoint Real Estate Finance, Inc. (Mortgage <br>REITs) | 7 | 97 |
| NexPoint Residential Trust, Inc. (Residential <br>REITs) | 20 | 624 |
| NextDecade Corp.\* (Oil, Gas & Consumable <br>Fuels) | 120 | 1363 |
| Nextdoor Holdings, Inc.\* (Interactive Media & <br>Services) | 190 | 333 |
| NextNav, Inc.\* (Software) | 79 | 1168 |
| NextNRG, Inc.\* (Oil & Gas Producers) | 16 | 21 |

---

**See accompanying notes to financial statements.**

------

**100 :: Small-Cap ProFund ::** Schedule of Portfolio Investments :: July 31, 2025

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| NEXTracker, Inc.\*—Class A (Electrical <br>Equipment) | 128 | $7457 |
| Nexxen International Ltd.\* (Advertising & <br>Marketing) | 34 | 350 |
| NI Holdings, Inc.\* (Insurance) | 6 | 76 |
| Nicolet Bankshares, Inc. (Banks) | 12 | 1548 |
| NioCorp Developments Ltd.\* (Metals & Mining) | 47 | 133 |
| Nkarta, Inc.\* (Biotechnology) | 48 | 104 |
| NL Industries, Inc. (Commercial Services & <br>Supplies) | 8 | 49 |
| nLight, Inc.\* (Electronic Equipment, <br>Instruments & Components) | 43 | 903 |
| NMI Holdings, Inc.\*—Class A (Financial <br>Services) | 70 | 2612 |
| Noble Corp. PLC (Energy Equipment & <br>Services) | 114 | 3057 |
| Nordic American Tankers, Ltd. (Oil, Gas & <br>Consumable Fuels) | 184 | 513 |
| Northeast Bank (Banks) | 7 | 694 |
| Northeast Community Bancorp, Inc. (Banks) | 11 | 227 |
| Northern Oil and Gas, Inc. (Oil, Gas & <br>Consumable Fuels) | 83 | 2337 |
| Northfield Bancorp, Inc. (Banks) | 34 | 362 |
| Northpointe Bancshares, Inc.\* (Banking) | 9 | 132 |
| Northrim Bancorp, Inc. (Banks) | 5 | 418 |
| Northwest Bancshares, Inc. (Banks) | 115 | 1346 |
| Northwest Natural Holding Co. (Gas Utilities) | 36 | 1437 |
| Northwest Pipe Co.\* (Construction & <br>Engineering) | 9 | 376 |
| NorthWestern Energy Group, Inc. <br>(Multi-Utilities) | 55 | 2954 |
| Norwood Financial Corp. (Banks) | 8 | 194 |
| NovaGold Resources, Inc.\* (Metals & <br>Mining) | 224 | 1163 |
| Novanta, Inc.\* (Electronic Equipment, <br>Instruments & Components) | 32 | 3937 |
| Novavax, Inc.\* (Biotechnology) | 135 | 898 |
| Novocure, Ltd.\* (Health Care Equipment & <br>Supplies) | 91 | 1053 |
| Nu Skin Enterprises, Inc.—Class A (Personal <br>Care Products) | 44 | 369 |
| Nurix Therapeutics, Inc.\* (Biotechnology) | 68 | 766 |
| NuScale Power Corp.\* (Electrical Equipment) | 114 | 5724 |
| Nutex Health, Inc.\* (Software) | 3 | 254 |
| Nuvalent, Inc.\*—Class A (Biotechnology) | 39 | 3056 |
| Nuvation Bio, Inc.\* (Pharmaceuticals) | 224 | 529 |
| Nuvectis Pharma, Inc.\* (Biotech & Pharma) | 12 | 84 |
| NV5 Global, Inc.\* (Professional Services) | 52 | 1167 |
| NVE Corp. (Semiconductors & Semiconductor <br>Equipment) | 4 | 253 |
| Oak Valley Bancorp. (Banks) | 6 | 160 |
| Oceaneering International, Inc.\* (Energy <br>Equipment & Services) | 84 | 1823 |
| OceanFirst Financial Corp. (Banks) | 51 | 856 |
| Ocular Therapeutix, Inc.\* (Pharmaceuticals) | 126 | 1459 |
| OFG Bancorp (Banks) | 41 | 1747 |
| Ohio Valley Banc Corp.\* (Asset Management) | 3 | 97 |
| O-I Glass, Inc.\* (Containers & Packaging) | 138 | 1796 |
| Oil States International, Inc.\* (Energy <br>Equipment & Services) | 53 | 264 |
| Oil-Dri Corp. of America (Household Products) | 9 | 508 |
| Oklo, Inc.\* (Electric Utilities) | 92 | 7046 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Olaplex Holdings, Inc.\* (Personal Care Products) | 126 | $175 |
| Old National Bancorp (Banks) | 288 | 6079 |
| Old Point Financial Corp\* (Banking) | 4 | 161 |
| Old Second Bancorp, Inc. (Banks) | 39 | 662 |
| Olema Pharmaceuticals, Inc.\* (Biotechnology) | 54 | 278 |
| Olo, Inc.\* (Software) | 104 | 1090 |
| Olympic Steel, Inc. (Metals & Mining) | 9 | 280 |
| Omega Flex, Inc. (Machinery) | 3 | 96 |
| Omeros Corp.\* (Pharmaceuticals) | 51 | 197 |
| OmniAb, Inc.\* (Life Sciences Tools & Services) | 90 | 172 |
| Omnicell, Inc.\* (Health Care Equipment & <br>Supplies) | 42 | 1302 |
| ON24, Inc.\* (Software) | 34 | 169 |
| Oncology Institute, Inc./The\* (Health Care <br>Facilities & Services) | 53 | 195 |
| ONE Gas, Inc. (Gas Utilities) | 54 | 3926 |
| One Liberty Properties, Inc. (Equity REIT—<br>Diversified) | 16 | 358 |
| OneSpan, Inc.\* (Software) | 32 | 472 |
| OneSpaWorld Holdings, Ltd.\* (Diversified <br>Consumer Services) | 85 | 1880 |
| OneWater Marine, Inc.\* (Specialty Retail) | 10 | 153 |
| Onity Group, Inc.\* (Financial Services) | 6 | 226 |
| Ooma, Inc.\* (Software) | 23 | 262 |
| OP Bancorp (Banking) | 11 | 141 |
| OPAL Fuels, Inc.\* (Renewable Energy) | 19 | 45 |
| Open Lending Corp.\* (Capital Markets) | 92 | 201 |
| OPKO Health, Inc.\* (Health Care Providers & <br>Services) | 325 | 416 |
| Oportun Financial Corp.\* (Specialty Finance) | 30 | 184 |
| OppFi, Inc. (Consumer Finance) | 22 | 234 |
| OptimizeRx Corp.\* (Health Care Technology) | 16 | 202 |
| Option Care Health, Inc.\* (Health Care <br>Providers & Services) | 148 | 4344 |
| Orange County Bancorp, Inc. (Banks) | 9 | 225 |
| OraSure Technologies, Inc.\* (Health Care <br>Equipment & Supplies) | 68 | 216 |
| Orchid Island Capital, Inc. (Mortgage REITs) | 97 | 675 |
| Organogenesis Holdings, Inc.\* (Biotechnology) | 61 | 282 |
| ORIC Pharmaceuticals, Inc.\* (Biotechnology) | 40 | 399 |
| Origin Bancorp, Inc.\* (Banks) | 27 | 987 |
| Orion Group Holdings, Inc.\* (Construction & <br>Engineering) | 34 | 252 |
| Orion SA (Chemicals) | 50 | 485 |
| Ormat Technologies, Inc. (Independent <br>Power/Renewable Electricity Producers) | 55 | 4918 |
| Orrstown Financial Services, Inc. (Banks) | 17 | 559 |
| Orthofix Medical, Inc.\* (Health Care <br>Equipment & Supplies) | 35 | 386 |
| OrthoPediatrics Corp.\* (Health Care <br>Equipment & Supplies) | 15 | 311 |
| Oruka Therapeutics Inc\* (Biotech & Pharma) | 24 | 326 |
| Oscar Health, Inc.\*<sup>(a)</sup>—Class A (Insurance) | 165 | 2318 |
| OSI Systems, Inc.\* (Electronic Equipment, <br>Instruments & Components) | 14 | 3094 |
| Otter Tail Corp. (Electric Utilities) | 35 | 2701 |
| Ouster, Inc.\* (Electronic Equipment, <br>Instruments & Components) | 46 | 1075 |
| Outbrain, Inc.\* (Interactive Media & Services) | 32 | 81 |
| Outfront Media, Inc. (Specialized REITs) | 125 | 2191 |
| Outset Medical, Inc.\* (Software) | 16 | 257 |
| Owens & Minor, Inc.\* (Health Care Providers & <br>Services) | 68 | 471 |

---

**See accompanying notes to financial statements.**

------

July 31, 2025 :: Schedule of Portfolio Investments **:: Small-Cap ProFund :: 101**

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Oxford Industries, Inc. (Textiles, Apparel & <br>Luxury Goods) | 13 | $496 |
| P10, Inc.—Class A (Capital Markets) | 49 | 603 |
| Pacific Biosciences of California, Inc.\* (Life <br>Sciences Tools & Services) | 248 | 342 |
| Pacific Premier Bancorp, Inc. (Banks) | 86 | 1864 |
| Pacira BioSciences, Inc.\* (Pharmaceuticals) | 41 | 865 |
| PACS Group, Inc.\* (Health Care Providers & <br>Services) | 40 | 442 |
| Pagaya Technologies, Ltd.\*—Class A (Software) | 38 | 1142 |
| PagerDuty, Inc.\* (Software) | 76 | 1225 |
| Pagseguro Digital, Ltd.\*—Class A (Financial <br>Services) | 159 | 1245 |
| Palladyne AI Corp.\* (Machinery) | 23 | 188 |
| Palomar Holdings, Inc.\* (Insurance) | 24 | 3180 |
| Palvella Therapeutics, Inc.\* (Biotech & Pharma) | 6 | 219 |
| PAM Transportation Services, Inc.\* (Ground <br>Transportation) | 5 | 57 |
| Pangaea Logistics Solutions, Ltd. (Marine <br>Transportation) | 27 | 131 |
| Papa John's International, Inc. (Hotels, <br>Restaurants & Leisure) | 29 | 1230 |
| Par Pacific Holdings, Inc.\* (Oil, Gas & <br>Consumable Fuels) | 48 | 1506 |
| PAR Technology Corp.\* (Electronic Equipment, <br>Instruments & Components) | 36 | 2188 |
| Paramount Group, Inc. (Office REITs) | 168 | 1028 |
| Park Aerospace Corp. (Aerospace & Defense) | 16 | 288 |
| Park National Corp. (Banks) | 13 | 2104 |
| Parke Bancorp, Inc. (Banks) | 9 | 186 |
| Park-Ohio Holdings Corp. (Machinery) | 9 | 148 |
| Pathward Financial, Inc. (Banks) | 21 | 1588 |
| Patria Investments, Ltd.—Class A (Capital <br>Markets) | 54 | 753 |
| Patrick Industries, Inc. (Automobile <br>Components) | 29 | 2820 |
| Patriot National Bancorp Inc\* (Banking) | 39 | 61 |
| Patterson-UTI Energy, Inc. (Energy <br>Equipment & Services) | 317 | 1873 |
| Payoneer Global, Inc.\* (Financial Services) | 250 | 1643 |
| Paysafe, Ltd.\* (Financial Services) | 29 | 352 |
| Paysign, Inc.\* (Financial Services) | 31 | 231 |
| PBF Energy, Inc.—Class A (Oil, Gas & <br>Consumable Fuels) | 75 | 1695 |
| PC Connection, Inc. (Electronic <br>Equipment, Instruments & Components) | 10 | 616 |
| PCB Bancorp (Banks) | 10 | 204 |
| PDF Solutions, Inc.\* (Semiconductors & <br>Semiconductor Equipment) | 29 | 645 |
| Peabody Energy Corp. (Oil, Gas & Consumable <br>Fuels) | 110 | 1777 |
| Peakstone Realty Trust (Office REITs) | 33 | 449 |
| Peapack-Gladstone Financial Corp. (Banks) | 14 | 357 |
| Pebblebrook Hotel Trust (Hotel & Resort REITs) | 106 | 1063 |
| Peloton Interactive, Inc.\*—Class A (Leisure <br>Products) | 331 | 2363 |
| Penguin Solutions, Inc.\* (Semiconductors & <br>Semiconductor Equipment) | 48 | 1131 |
| PennyMac Financial Services, Inc. (Financial <br>Services) | 26 | 2422 |
| PennyMac Mortgage Investment Trust <br>(Mortgage REITs) | 78 | 920 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Peoples Bancorp of North Carolina, Inc. (Banks) | 4 | $115 |
| Peoples Bancorp, Inc. (Banks) | 31 | 888 |
| Peoples Financial Services Corp. (Banks) | 8 | 390 |
| Perdoceo Education Corp. (Diversified <br>Consumer Services) | 55 | 1583 |
| Perella Weinberg Partners (Capital Markets) | 55 | 1097 |
| Performant Financial Corp.\* (Commercial <br>Services & Supplies) | 63 | 224 |
| Perimeter Solutions SA\* (Chemicals) | 125 | 2016 |
| Perma-Fix Environmental Services, Inc.\* <br>(Commercial Services & Supplies) | 16 | 184 |
| Perpetua Resources Corp.\* (Metals & Mining) | 41 | 619 |
| Personalis, Inc.\* (Health Care Facilities & <br>Services) | 45 | 247 |
| Perspective Therapeutics, Inc.\* (Biotechnology) | 54 | 207 |
| Petco Health & Wellness Co., Inc.\* (Specialty <br>Retail) | 71 | 214 |
| Phathom Pharmaceuticals, Inc.\* <br>(Pharmaceuticals) | 38 | 325 |
| Phibro Animal Health Corp.—Class A <br>(Pharmaceuticals) | 18 | 477 |
| Phillips Edison & Co., Inc. (Retail REITs) | 114 | 3852 |
| Phinia, Inc. (Automobile Components) | 35 | 1775 |
| Photronics, Inc.\* (Semiconductors & <br>Semiconductor Equipment) | 55 | 1120 |
| Phreesia, Inc.\* (Health Care Technology) | 51 | 1375 |
| Piedmont Lithium, Inc.\* (Metals & Mining) | 19 | 139 |
| Piedmont Office Realty Trust, Inc. (Office REITs) | 112 | 847 |
| Pioneer Bancorp, Inc.\* (Banks) | 10 | 123 |
| Piper Sandler Cos. (Capital Markets) | 16 | 5045 |
| Pitney Bowes, Inc. (Commercial Services & <br>Supplies) | 165 | 1874 |
| PJT Partners, Inc.—Class A (Capital Markets) | 21 | 3751 |
| Planet Labs PBC\* (Professional Services) | 192 | 1200 |
| Playstudios, Inc.\* (Entertainment) | 79 | 91 |
| Playtika Holding, Corp.\* (Entertainment <br>Content) | 51 | 227 |
| Plexus Corp.\* (Electronic Equipment, <br>Instruments & Components) | 24 | 3060 |
| Plug Power, Inc.\*<sup>(a)</sup> (Electrical Equipment) | 821 | 1232 |
| Plumas Bancorp (Banks) | 5 | 206 |
| Plymouth Industrial REIT, Inc. (Industrial REITs) | 37 | 537 |
| Polaris Industries, Inc.\* (Leisure Products) | 48 | 2539 |
| Ponce Financial Group, Inc.\* (Banks) | 18 | 253 |
| Porch Group, Inc.\* (Software) | 72 | 909 |
| Portillo's, Inc.\*—Class A (Hotels, Restaurants & <br>Leisure) | 51 | 508 |
| Portland General Electric Co. (Electric Utilities) | 99 | 4071 |
| Postal Realty Trust, Inc.—Class A (Office REITs) | 20 | 274 |
| Potbelly Corp.\* (Hotels, Restaurants & Leisure) | 23 | 277 |
| PotlatchDeltic Corp. (Specialized REITs) | 70 | 2862 |
| Powell Industries, Inc. (Electrical Equipment) | 9 | 2134 |
| Power Integrations, Inc. (Semiconductors & <br>Semiconductor Equipment) | 51 | 2475 |
| Power Solutions International, Inc.\* (Machinery) | 6 | 563 |
| Powerfleet, Inc.\* (Electronic Equipment, <br>Instruments & Components) | 112 | 455 |
| PRA Group, Inc.\* (Consumer Finance) | 35 | 532 |
| Prairie Operating Co.\* (Software) | 19 | 59 |
| Praxis Precision Medicines, Inc.\* <br>(Biotechnology) | 16 | 868 |
| Precigen, Inc.\* (Biotechnology) | 135 | 231 |

---

**See accompanying notes to financial statements.**

------

**102 :: Small-Cap ProFund ::** Schedule of Portfolio Investments :: July 31, 2025

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Preferred Bank (Banks) | 11 | $999 |
| Preformed Line Products Co. (Electrical <br>Equipment) | 2 | 309 |
| Premier, Inc.—Class A (Health Care Providers & <br>Services) | 82 | 1761 |
| Prestige Consumer Healthcare, Inc.\* <br>(Pharmaceuticals) | 44 | 3253 |
| PriceSmart, Inc. (Consumer Staples <br>Distribution & Retail) | 23 | 2473 |
| Prime Medicine, Inc.\* (Biotechnology) | 52 | 194 |
| Primis Financial Corp. (Banks) | 19 | 213 |
| Primoris Services Corp. (Construction & <br>Engineering) | 49 | 4614 |
| Princeton Bancorp, Inc. (Banks) | 5 | 151 |
| Priority Technology Holdings, Inc.\* (Financial <br>Services) | 22 | 151 |
| Privia Health Group, Inc.\* (Health Care <br>Providers & Services) | 103 | 2011 |
| ProAssurance Corp.\* (Insurance) | 46 | 1093 |
| PROCEPT BioRobotics Corp.\* (Health Care <br>Equipment & Supplies) | 47 | 2280 |
| Pro-Dex, Inc.\* (Medical Equipment & Devices) | 2 | 100 |
| Proficient Auto Logistics, Inc.\* (Ground <br>Transportation) | 21 | 145 |
| ProFrac Holding Corp.\*—Class A (Energy <br>Equipment & Services) | 11 | 77 |
| PROG Holdings, Inc. (Consumer Finance) | 36 | 1146 |
| Progress Software Corp. (Software) | 38 | 1827 |
| Progyny, Inc.\* (Health Care Providers & <br>Services) | 62 | 1458 |
| ProPetro Holding Corp.\* (Energy Equipment & <br>Services) | 72 | 386 |
| PROS Holdings, Inc.\* (Software) | 39 | 612 |
| Protagonist Therapeutics, Inc.\* (Biotechnology) | 52 | 2801 |
| Protalix Biotherapeutics Inc\* (Biotech & <br>Pharma) | 63 | 92 |
| Protara Therapeutics, Inc.\* (Biotech & Pharma) | 29 | 90 |
| Prothena Corp. PLC\* (Biotechnology) | 35 | 240 |
| Proto Labs, Inc.\* (Machinery) | 21 | 906 |
| Provident Bancorp, Inc.\* (Banks) | 14 | 171 |
| Provident Financial Services, Inc. (Banks) | 116 | 2114 |
| PTC Therapeutics, Inc.\* (Biotechnology) | 70 | 3648 |
| PubMatic, Inc.\*—Class A (Media) | 38 | 456 |
| Pulmonx Corp.\* (Health Care Equipment & <br>Supplies) | 34 | 63 |
| Pulse Biosciences, Inc.\* (Health Care <br>Equipment & Supplies) | 16 | 240 |
| Puma Biotechnology, Inc.\* (Biotechnology) | 38 | 118 |
| Pure Cycle Corp.\* (Water Utilities) | 18 | 176 |
| PureCycle Technologies, Inc.\* (Chemicals) | 117 | 1569 |
| Q2 Holdings, Inc.\* (Software) | 56 | 4547 |
| QCR Holdings, Inc. (Banks) | 15 | 1065 |
| Quad/Graphics, Inc. (Commercial Services & <br>Supplies) | 26 | 139 |
| Quaker Chemical Corp. (Chemicals) | 13 | 1487 |
| Qualys, Inc.\* (Software) | 33 | 4391 |
| Quanex Building Products Corp. (Building <br>Products) | 43 | 838 |
| Quanterix Corp.\* (Life Sciences Tools & <br>Services) | 33 | 196 |
| Quantum Computing Inc\*<sup>(a)</sup> (Software) | 104 | 1543 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Quantum-Si, Inc.\* (Life Sciences Tools & <br>Services) | 127 | $188 |
| QuidelOrtho Corp.\* (Health Care Equipment & <br>Supplies) | 61 | 1404 |
| QuinStreet, Inc.\* (Interactive Media & Services) | 49 | 804 |
| Rackspace Technology, Inc.\* (IT Services) | 75 | 91 |
| Radian Group, Inc. (Financial Services) | 127 | 4141 |
| Radiant Logistics, Inc.\* (Air Freight & Logistics) | 30 | 177 |
| RadNet, Inc.\* (Health Care Providers & <br>Services) | 60 | 3284 |
| Ramaco Resources, Inc.—Class A (Metals & <br>Mining) | 32 | 651 |
| Rambus, Inc.\* (Semiconductors & <br>Semiconductor Equipment) | 97 | 7171 |
| Ranger Bermuda Topco Ltd.\* (Insurance) | 2 | 54 |
| Ranger Energy Services, Inc. (Energy <br>Equipment & Services) | 15 | 201 |
| Ranpak Holdings Corp.\* (Containers & <br>Packaging) | 42 | 153 |
| Rapid7, Inc.\* (Software) | 57 | 1204 |
| Rapport Therapeutics, Inc.\* (Pharmaceuticals) | 16 | 230 |
| Rayonier Advanced Materials, Inc.\* (Chemicals) | 58 | 223 |
| RBB Bancorp (Banks) | 15 | 272 |
| RCI Hospitality Holdings, Inc. (Hotels, <br>Restaurants & Leisure) | 7 | 251 |
| RCM TECHNOLOGIES, INC.\* (Technology <br>Services) | 4 | 96 |
| RE/MAX Holdings, Inc.—Class A (Real Estate <br>Management & Development) | 16 | 123 |
| Ready Capital Corp. (Mortgage REITs) | 150 | 632 |
| Recursion Pharmaceuticals, Inc.\*<sup>(a)</sup>—Class A <br>(Biotechnology) | 305 | 1815 |
| Red Cat Holdings, Inc.\* (Aerospace & Defense) | 67 | 555 |
| Red River Bancshares, Inc. (Banks) | 4 | 241 |
| Red Rock Resorts, Inc.—Class A (Hotels, <br>Restaurants & Leisure) | 44 | 2699 |
| Red Violet, Inc.\* (Software) | 10 | 443 |
| Redwire Corp.\* (Aerospace & Defense) | 30 | 429 |
| Redwood Trust, Inc. (Mortgage REITs) | 119 | 650 |
| REGENXBIO, Inc.\* (Biotechnology) | 42 | 357 |
| Regional Management Corp. (Consumer <br>Finance) | 8 | 266 |
| Relay Therapeutics, Inc.\* (Biotechnology) | 119 | 419 |
| Remitly Global, Inc.\* (Financial Services) | 139 | 2294 |
| Renasant Corp. (Banks) | 85 | 3114 |
| Repay Holdings Corp.\* (Financial Services) | 70 | 344 |
| Replimune Group, Inc.\* (Biotechnology) | 59 | 415 |
| ReposiTrak, Inc. (Software) | 10 | 165 |
| Repro-Med Systems, Inc.\* (Medical <br>Equipment & Devices) | 38 | 131 |
| Republic Bancorp, Inc.—Class A (Banks) | 8 | 551 |
| Reservoir Media, Inc.\* (Entertainment) | 18 | 143 |
| Resideo Technologies, Inc.\* (Building Products) | 134 | 3658 |
| Resolute Holdings Management, Inc.\* (Asset <br>Management) | 4 | 162 |
| Resources Connection, Inc. (Professional <br>Services) | 29 | 147 |
| REV Group, Inc. (Machinery) | 46 | 2279 |
| Revolve Group, Inc.\* (Specialty Retail) | 36 | 747 |
| REX American Resources Corp.\* (Oil, Gas & <br>Consumable Fuels) | 13 | 680 |
| Rezolute, Inc.\* (Biotech & Pharma) | 60 | 357 |

---

**See accompanying notes to financial statements.**

------

July 31, 2025 :: Schedule of Portfolio Investments **:: Small-Cap ProFund :: 103**

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Rezolve AI PLC\*<sup>(a)</sup> (Software) | 82 | $240 |
| RGC Resources, Inc. (Gas Utilities) | 7 | 141 |
| Rhinebeck BanCorp, Inc.\* (Banking) | 4 | 51 |
| Rhythm Pharmaceuticals, Inc.\* (Biotechnology) | 49 | 4176 |
| Ribbon Communications, Inc.\* <br>(Communications Equipment) | 84 | 316 |
| Richardson Electronics, Ltd. (Electronic <br>Equipment, Instruments & Components) | 11 | 111 |
| Richmond Mutual BanCorp, Inc.\* (Banking) | 8 | 111 |
| Richtech Robotics, Inc.\* (Machinery) | 62 | 118 |
| Rigel Pharmaceuticals, Inc.\* (Biotechnology) | 16 | 337 |
| Rigetti Computing, Inc.\* (Semiconductors & <br>Semiconductor Equipment) | 254 | 3683 |
| Riley Exploration Permian, Inc. (Oil, Gas & <br>Consumable Fuels) | 12 | 315 |
| Rimini Street, Inc.\* (Software) | 44 | 211 |
| Riot Platforms, Inc.\* (Software) | 297 | 3983 |
| Riverview Bancorp, Inc.\* (Banking) | 18 | 89 |
| RLJ Lodging Trust (Hotel & Resort REITs) | 133 | 984 |
| Rocket Pharmaceuticals, Inc.\* (Biotechnology) | 75 | 229 |
| Rocky Brands, Inc. (Textiles, Apparel & Luxury <br>Goods) | 6 | 157 |
| Rogers Corp.\* (Electronic Equipment, <br>Instruments & Components) | 17 | 1115 |
| Root, Inc.\*—Class A (Insurance) | 10 | 1210 |
| RPC, Inc. (Energy Equipment & Services) | 80 | 372 |
| Rumble, Inc.\* (Internet Media & Services) | 71 | 599 |
| Rush Enterprises, Inc.—Class A (Trading <br>Companies & Distributors) | 56 | 3032 |
| Rush Enterprises, Inc.—Class B (Trading <br>Companies & Distributors) | 8 | 434 |
| Rush Street Interactive, Inc.\* (Hotels, <br>Restaurants & Leisure) | 80 | 1613 |
| RXO, Inc.\* (Ground Transportation) | 146 | 2255 |
| RxSight, Inc.\* (Health Care Equipment & <br>Supplies) | 33 | 257 |
| Ryerson Holding Corp. (Metals & Mining) | 24 | 494 |
| Ryman Hospitality Properties, Inc. (Hotel & <br>Resort REITs) | 53 | 5037 |
| S&T Bancorp, Inc. (Banks) | 34 | 1246 |
| Sable Offshore Corp.\* (Oil, Gas & Consumable <br>Fuels) | 61 | 1871 |
| Sabra Health Care REIT, Inc. (Health Care <br>REITs) | 214 | 3858 |
| Sabre Corp.\* (Hotels, Restaurants & Leisure) | 326 | 988 |
| Safe Builders, Inc.\* (Marine Transportation) | 52 | 204 |
| Safehold, Inc. (Specialized REITs) | 50 | 700 |
| Safety Insurance Group, Inc. (Insurance) | 13 | 915 |
| Sally Beauty Holdings, Inc.\* (Specialty Retail) | 92 | 896 |
| Sana Biotechnology, Inc.\* (Biotechnology) | 120 | 487 |
| Sanara Medtech, Inc.\* (Health Care <br>Equipment & Supplies) | 3 | 73 |
| SandRidge Energy, Inc. (Oil, Gas & <br>Consumable Fuels) | 33 | 343 |
| Sanmina Corp.\* (Electronic Equipment, <br>Instruments & Components) | 47 | 5453 |
| SANUWAVE Health, Inc.\* (Medical <br>Equipment & Devices) | 6 | 231 |
| Sapiens International Corp. N.V. (Software) | 28 | 767 |
| Satellogic, Inc.\* (Telecommunications) | 62 | 203 |
| Saul Centers, Inc. (Retail REITs) | 11 | 354 |
| Savara, Inc.\* (Biotechnology) | 114 | 295 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Savers Value Village, Inc.\* (Broadline Retail) | 21 | $219 |
| SB Financial Group\* (Banking) | 5 | 94 |
| SBC Medical Group Holdings, Inc.\* <br>(Health Care Facilities & Services) | 5 | 22 |
| ScanSource, Inc.\* (Electronic Equipment, <br>Instruments & Components) | 20 | 777 |
| Scholar Rock Holding Corp.\* (Biotechnology) | 73 | 2705 |
| Scholastic Corp. (Media) | 19 | 469 |
| Schrodinger, Inc.\* (Health Care Technology) | 51 | 1037 |
| Scilex Holding Co.\* (Biotech & Pharma) | 1 | 18 |
| Scorpio Tankers, Inc. (Oil, Gas & Consumable <br>Fuels) | 39 | 1763 |
| scPharmaceuticals, Inc.\* (Pharmaceuticals) | 31 | 157 |
| Seacoast Banking Corp. of Florida (Banks) | 76 | 2142 |
| SEACOR Marine Holdings, Inc.\* (Energy <br>Equipment & Services) | 18 | 90 |
| Seadrill, Ltd.\* (Energy Equipment & Services) | 56 | 1633 |
| Seaport Entertainment Group Inc\* (Real Estate <br>Owners & Developers) | 7 | 162 |
| SeaWorld Entertainment, Inc.\* (Hotels, <br>Restaurants & Leisure) | 24 | 1136 |
| Security National Financial Corp.\*—Class A <br>(Specialty Finance) | 14 | 119 |
| Select Energy Services, Inc.—Class A <br>(Energy Equipment & Services) | 84 | 809 |
| Select Medical Holdings Corp. (Health Care <br>Providers & Services) | 100 | 1479 |
| Selective Insurance Group, Inc. (Insurance) | 55 | 4289 |
| Selectquote, Inc.\* (Insurance) | 123 | 216 |
| SELLAS Life Sciences Group, Inc.\* (Biotech & <br>Pharma) | 86 | 137 |
| Semler Scientific, Inc.\* (Health Care <br>Equipment & Supplies) | 8 | 287 |
| SEMrush Holdings, Inc.\* (Software) | 41 | 367 |
| Semtech Corp.\* (Semiconductors & <br>Semiconductor Equipment) | 78 | 3986 |
| Seneca Foods Corp.\*—Class A (Food Products) | 4 | 419 |
| Sensient Technologies Corp. (Chemicals) | 38 | 4267 |
| Septerna, Inc.\* (Pharmaceuticals) | 19 | 236 |
| Serve Robotics, Inc.\* (Internet Media & <br>Services) | 42 | 428 |
| Service Properties Trust (Hotel & Resort REITs) | 139 | 366 |
| ServisFirst Bancshares, Inc. (Banks) | 46 | 3618 |
| Seven Hills Realty Trust (Mortgage REITs) | 13 | 134 |
| Sezzle, Inc.\* (Financial Services) | 13 | 2013 |
| SFL Corp., Ltd. (Oil, Gas & Consumable Fuels) | 109 | 1001 |
| Shake Shack, Inc.\*—Class A (Hotels, <br>Restaurants & Leisure) | 35 | 4211 |
| Shenandoah Telecommunications Co. <br>(Diversified Telecommunication Services) | 46 | 675 |
| Shoals Technologies Group, Inc.\*—Class A <br>(Electrical Equipment) | 151 | 814 |
| Shoe Carnival, Inc. (Specialty Retail) | 16 | 327 |
| Shore Bancshares, Inc. (Banks) | 28 | 434 |
| ShotSpotter, Inc.\* (Software) | 9 | 103 |
| Shutterstock, Inc. (Interactive Media & Services) | 22 | 422 |
| SI-BONE, Inc.\* (Health Care Equipment & <br>Supplies) | 34 | 579 |
| Siebert Financial Corp.\* (Asset Management) | 13 | 53 |
| Sierra Bancorp (Banks) | 11 | 323 |
| SIGA Technologies, Inc. (Pharmaceuticals) | 37 | 245 |

---

**See accompanying notes to financial statements.**

------

**104 :: Small-Cap ProFund ::** Schedule of Portfolio Investments :: July 31, 2025

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Sight Sciences, Inc.\* (Health Care Equipment & <br>Supplies) | 37 | $123 |
| Signet Jewelers, Ltd. (Specialty Retail) | 38 | 3006 |
| Sila Realty Trust, Inc.\* (Health Care REITs) | 50 | 1222 |
| Silicon Laboratories, Inc.\* (Semiconductors & <br>Semiconductor Equipment) | 29 | 3821 |
| Silvaco Group, Inc.\* (Software) | 7 | 31 |
| Silvercrest Asset Management Group, Inc.—<br>Class A (Capital Markets) | 7 | 115 |
| Simmons First National Corp.—Class A (Banks) | 127 | 2435 |
| Simulations Plus, Inc. (Health Care Technology) | 15 | 195 |
| Sinclair, Inc. (Media) | 35 | 506 |
| Sionna Therapeutics, Inc.\* (Medical <br>Equipment & Devices) | 11 | 184 |
| SiriusPoint, Ltd.\* (Insurance) | 92 | 1804 |
| SITE Centers Corp. (Retail REITs) | 45 | 485 |
| SiTime Corp.\* (Semiconductors & <br>Semiconductor Equipment) | 18 | 3651 |
| Sitio Royalties Corp.—Class A (Oil, Gas & <br>Consumable Fuels) | 70 | 1272 |
| Six Flags Entertainment Corp.\* (Hotels, <br>Restaurants & Leisure) | 86 | 2577 |
| SJW Group (Water Utilities) | 29 | 1400 |
| Skillsoft Corp.\* (Software) | 4 | 57 |
| Sky Harbour Group Corp.\* (Transportation <br>Infrastructure) | 19 | 186 |
| Skyward Specialty Insurance Group, Inc.\* <br>(Insurance) | 32 | 1619 |
| SkyWater Technology, Inc.\* (Semiconductors & <br>Semiconductor Equipment) | 24 | 215 |
| SkyWest, Inc.\* (Passenger Airlines) | 36 | 4175 |
| SKYX Platforms Corp.\* (Electrical Equipment) | 55 | 55 |
| SL Green Realty Corp. (Office REITs) | 65 | 3722 |
| Sleep Number Corp.\* (Specialty Retail) | 19 | 139 |
| SM Energy Co. (Oil, Gas & Consumable Fuels) | 103 | 2842 |
| SmartFinancial, Inc. (Banks) | 13 | 445 |
| Smartstop Self Storage REIT, Inc.\* (REITS & <br>Real Estate Management) | 25 | 847 |
| Smith & Wesson Brands, Inc. (Leisure <br>Products) | 39 | 310 |
| Smith-Midland Corp.\* (Construction Materials) | 2 | 70 |
| Solaris Energy Infrastructure, Inc.\* (Energy <br>Equipment & Services) | 33 | 1078 |
| Soleno Therapeutics, Inc.\* (Biotechnology) | 36 | 3113 |
| Solesence, Inc.\* (Household Products) | 17 | 58 |
| Solid Biosciences, Inc.\* (Biotechnology) | 59 | 404 |
| Solid Power, Inc.\* (Automobile Components) | 130 | 415 |
| Sonic Automotive, Inc.—Class A (Specialty <br>Retail) | 13 | 941 |
| Sonida Senior Living, Inc.\* (Health Care <br>Providers & Services) | 5 | 122 |
| Sonos, Inc.\* (Household Durables) | 106 | 1146 |
| Sound Financial Bancorp, Inc.\* (Banking) | 2 | 92 |
| SoundHound AI, Inc.\*<sup>(a)</sup>—Class A (Software) | 329 | 3399 |
| South Plains Financial, Inc. (Banks) | 12 | 445 |
| Southern California BanCorp\* (Banks) | 20 | 300 |
| Southern First Bancshares, Inc.\* (Banks) | 7 | 291 |
| Southern Missouri Bancorp, Inc. (Banks) | 9 | 487 |
| Southland Holdings, Inc.\* (Construction & <br>Engineering) | 10 | 43 |
| Southside Bancshares, Inc. (Banks) | 26 | 765 |
| Southwest Gas Holdings, Inc. (Gas Utilities) | 58 | 4533 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| SpartanNash Co. (Consumer Staples <br>Distribution & Retail) | 30 | $796 |
| Spectrum Brands Holdings, Inc. (Household <br>Products) | 23 | 1231 |
| Sphere Entertainment Co.\* (Entertainment) | 25 | 1076 |
| Spire Global, Inc.\* (Professional Services) | 25 | 251 |
| Spire, Inc. (Gas Utilities) | 52 | 3872 |
| Spirit Aviation Holdings, Inc. (Transportation & <br>Logistics) | 14 | 57 |
| Spok Holdings, Inc. (Wireless <br>Telecommunication Services) | 18 | 330 |
| Sprinklr, Inc.\*—Class A (Software) | 99 | 892 |
| Sprout Social, Inc.\*—Class A (Software) | 46 | 789 |
| SPS Commerce, Inc.\* (Software) | 34 | 3701 |
| SPX Technologies, Inc.\* (Machinery) | 41 | 7478 |
| Spyre Therapeutics, Inc.\* (Biotechnology) | 45 | 764 |
| SR BanCorp, Inc.\* (Banking) | 7 | 97 |
| SSR Mining, Inc.\* (Metals & Mining) | 183 | 2187 |
| STAAR Surgical Co.\* (Health Care Equipment & <br>Supplies) | 45 | 806 |
| Stagwell, Inc.\* (Media) | 104 | 596 |
| Standard BioTools, Inc.\* (Life Sciences Tools & <br>Services) | 269 | 358 |
| Standard Motor Products, Inc. (Automobile <br>Components) | 19 | 577 |
| Standex International Corp. (Machinery) | 11 | 1812 |
| Starz Entertainment Corp.\* (Entertainment) | 11 | 160 |
| Steelcase, Inc.—Class A (Commercial <br>Services & Supplies) | 75 | 775 |
| Stellar Bancorp, Inc. (Banks) | 42 | 1240 |
| Stepan Co. (Chemicals) | 19 | 965 |
| StepStone Group, Inc.—Class A (Capital <br>Markets) | 56 | 3324 |
| Stereotaxis, Inc.\* (Health Care Equipment & <br>Supplies) | 51 | 116 |
| Sterling Infrastructure, Inc.\* (Construction & <br>Engineering) | 27 | 7224 |
| Steven Madden, Ltd. (Textiles, Apparel & <br>Luxury Goods) | 62 | 1488 |
| Stewart Information Services Corp. (Insurance) | 25 | 1623 |
| Stitch Fix, Inc.\*—Class A (Specialty Retail) | 95 | 449 |
| Stock Yards Bancorp, Inc. (Banks) | 24 | 1794 |
| Stoke Therapeutics, Inc.\* (Biotechnology) | 37 | 475 |
| StoneCo, Ltd.\* (Financial Services) | 218 | 2786 |
| StoneX Group, Inc.\* (Capital Markets) | 41 | 3987 |
| Strategic Education, Inc. (Diversified Consumer <br>Services) | 22 | 1631 |
| Strattec Security Corporation\* (Industrial <br>Intermediate Products) | 3 | 190 |
| Stratus Properties, Inc.\* (Real Estate <br>Management & Development) | 6 | 96 |
| Strawberry Fields REIT, Inc. (Health Care REITs) | 6 | 62 |
| Stride, Inc.\* (Diversified Consumer Services) | 38 | 4872 |
| Sturm Ruger & Co., Inc. (Leisure Products) | 14 | 478 |
| Summit Hotel Properties, Inc. (Hotel & Resort <br>REITs) | 99 | 517 |
| Summit Midstream Corp.\* (Oil & Gas <br>Producers) | 9 | 229 |
| Sun Country Airlines Holdings, Inc.\* <br>(Passenger Airlines) | 46 | 533 |
| SunCoke Energy, Inc. (Metals & Mining) | 76 | 562 |
| SunOpta, Inc.\* (Food Products) | 86 | 501 |

---

**See accompanying notes to financial statements.**

------

July 31, 2025 :: Schedule of Portfolio Investments **:: Small-Cap ProFund :: 105**

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Sunrise Realty Trust, Inc.\* (Mortgage REITs) | 9 | $90 |
| Sunrun, Inc.\* (Electrical Equipment) | 188 | 1929 |
| Sunstone Hotel Investors, Inc. (Hotel & Resort <br>REITs) | 173 | 1514 |
| Super Group SGHC, Ltd. (Hotels, Restaurants & <br>Leisure) | 143 | 1537 |
| Superior Group of Cos., Inc. (Textiles, <br>Apparel & Luxury Goods) | 10 | 97 |
| Supernus Pharmaceuticals, Inc.\* <br>(Pharmaceuticals) | 48 | 1685 |
| Surgery Partners, Inc.\* (Health Care Providers & <br>Services) | 69 | 1515 |
| Surmodics, Inc.\* (Health Care Equipment & <br>Supplies) | 13 | 467 |
| Sweetgreen, Inc.\*—Class A (Hotels, <br>Restaurants & Leisure) | 93 | 1198 |
| SWK Holdings Corp.\* (Financial Services) | 3 | 45 |
| Sylvamo Corp. (Paper & Forest Products) | 31 | 1428 |
| Synaptics, Inc.\* (Semiconductors & <br>Semiconductor Equipment) | 35 | 2195 |
| Synchronoss Technologies, Inc.\* (Software) | 10 | 73 |
| Syndax Pharmaceuticals, Inc.\* (Biotechnology) | 77 | 764 |
| Tactile Systems Technology, Inc.\* <br>(Health Care Equipment & Supplies) | 21 | 210 |
| Talkspace, Inc.\* (Health Care Providers & <br>Services) | 111 | 270 |
| Talos Energy, Inc.\* (Oil, Gas & Consumable <br>Fuels) | 108 | 923 |
| Tandem Diabetes Care, Inc.\* (Health Care <br>Equipment & Supplies) | 60 | 935 |
| Tanger, Inc. (Retail REITs) | 100 | 3002 |
| Tango Therapeutics, Inc.\* (Biotechnology) | 69 | 417 |
| Target Hospitality Corp.\* (Hotels, <br>Restaurants & Leisure) | 29 | 220 |
| Tarsus Pharmaceuticals, Inc.\* (Pharmaceuticals) | 35 | 1359 |
| Taylor Morrison Home Corp.\* <br>(Household Durables) | 89 | 5276 |
| Taysha Gene Therapies, Inc.\* (Biotechnology) | 149 | 407 |
| TechTarget, Inc.\* (Media) | 24 | 174 |
| Tecnoglass, Inc. (Building Products) | 22 | 1717 |
| Tectonic Therapeutic, Inc.\* (Biotech & Pharma) | 10 | 222 |
| Teekay Corp.\* (Transportation & Logistics) | 47 | 338 |
| Teekay Tankers, Ltd.—Class A <br>(Transportation & Logistics) | 22 | 933 |
| TEGNA, Inc. (Media) | 145 | 2422 |
| Tejon Ranch Co.\* (Real Estate <br>Management & Development) | 19 | 341 |
| Teladoc Health, Inc.\* (Health Care Technology) | 158 | 1139 |
| Telephone and Data Systems, Inc. <br>(Wireless Telecommunication Services) | 88 | 3436 |
| Telos Corp.\* (Software) | 49 | 126 |
| Tenable Holdings, Inc.\* (Software) | 107 | 3350 |
| Tennant Co. (Machinery) | 17 | 1403 |
| Terawulf, Inc.\* (Software) | 239 | 1233 |
| Terex Corp. (Machinery) | 59 | 3001 |
| Terns Pharmaceuticals, Inc.\* (Pharmaceuticals) | 65 | 379 |
| Terreno Realty Corp. (Industrial REITs) | 92 | 5105 |
| TETRA Technologies, Inc.\* (Energy <br>Equipment & Services) | 114 | 467 |
| Tevogen Bio Holdings, Inc.\* (Biotechnology) | 25 | 25 |
| Texas Capital Bancshares, Inc.\* (Banks) | 41 | 3443 |
| TG Therapeutics, Inc.\* (Biotechnology) | 130 | 4614 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| The Andersons, Inc. (Consumer Staples <br>Distribution & Retail) | 29 | $1042 |
| The Arena Group Holdings, Inc.\* <br>(Advertising & Marketing) | 12 | 73 |
| The Baldwin Insurance Group, Inc.\* (Insurance) | 63 | 2321 |
| The Bancorp, Inc.\* (Banks) | 41 | 2590 |
| The Bank of NT Butterfield & Son, Ltd. (Banks) | 39 | 1775 |
| The Beauty Health Co.\* (Personal Care <br>Products) | 103 | 159 |
| The Brink's Co. (Commercial Services & <br>Supplies) | 39 | 3406 |
| The Buckle, Inc. (Specialty Retail) | 28 | 1382 |
| The Cheesecake Factory, Inc.<sup>(a)</sup> (Hotels, <br>Restaurants & Leisure) | 42 | 2684 |
| The Chefs' Warehouse, Inc.\* (Consumer <br>Staples Distribution & Retail) | 33 | 2262 |
| The Chemours Co.\* (Chemicals) | 135 | 1617 |
| The E.W. Scripps Co.\*—Class A (Media) | 56 | 167 |
| The Eastern Co. (Machinery) | 5 | 115 |
| The Ensign Group, Inc. (Health Care <br>Providers & Services) | 50 | 7499 |
| The First Bancorp, Inc. (Banks) | 10 | 252 |
| The GEO Group, Inc.\* (Commercial Services & <br>Supplies) | 123 | 3188 |
| The Goodyear Tire & Rubber Co.\* (Automobile <br>Components) | 235 | 2416 |
| The Gorman-Rupp Co. (Machinery) | 19 | 782 |
| The Greenbrier Cos., Inc. (Machinery) | 28 | 1274 |
| The Hackett Group, Inc. (IT Services) | 23 | 538 |
| The Hain Celestial Group, Inc.\* (Food Products) | 81 | 127 |
| The Honest Co., Inc.\* (Personal Care Products) | 84 | 387 |
| The Joint Corp.\* (Health Care Providers & <br>Services) | 14 | 155 |
| The Lovesac Co.\* (Household Durables) | 12 | 216 |
| The Macerich Co. (Retail REITs) | 228 | 3810 |
| The Manitowoc Co., Inc.\* (Machinery) | 31 | 395 |
| The Marcus Corp. (Entertainment) | 21 | 344 |
| The ODP Corp.\* (Specialty Retail) | 25 | 446 |
| The Pennant Group, Inc.\* (Health Care <br>Providers & Services) | 30 | 665 |
| The Real Brokerage, Inc.\* (Real Estate <br>Management & Development) | 95 | 375 |
| The RealReal, Inc.\* (Specialty Retail) | 86 | 452 |
| The RMR Group, Inc.—Class A (Real <br>Estate Management & Development) | 14 | 225 |
| The Simply Good Foods Co.\* (Food Products) | 84 | 2559 |
| The St. Joe Co. (Real Estate Management & <br>Development) | 34 | 1717 |
| The Vita Coco Co., Inc.\* (Beverages) | 36 | 1269 |
| The York Water Co. (Water Utilities) | 13 | 393 |
| Theravance Biopharma, Inc.\* (Pharmaceuticals) | 34 | 379 |
| Thermon Group Holdings, Inc.\* (Electrical <br>Equipment) | 30 | 848 |
| Third Coast Bancshares, Inc.\* (Banks) | 12 | 452 |
| Third Harmonic Bio, Inc.\*<sup>†</sup> (Pharmaceuticals) | 23 | 124 |
| ThredUp, Inc.\*—Class A (Specialty Retail) | 82 | 677 |
| Thryv Holdings, Inc.\* (Media) | 34 | 447 |
| Tidewater, Inc.\* (Energy Equipment & Services) | 45 | 2250 |
| Tile Shop Holdings, Inc.\* (Specialty Retail) | 26 | 164 |
| Timberland Bancorp, Inc./WA (Banks) | 7 | 219 |
| TimkenSteel Corp.\* (Metals & Mining) | 33 | 521 |
| Tiptree, Inc. (Insurance) | 21 | 436 |

---

**See accompanying notes to financial statements.**

------

**106 :: Small-Cap ProFund ::** Schedule of Portfolio Investments :: July 31, 2025

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Titan America SA\* (Construction Materials) | 22 | $316 |
| Titan International, Inc.\* (Machinery) | 44 | 372 |
| Titan Machinery, Inc.\* (Trading Companies & <br>Distributors) | 19 | 367 |
| Tompkins Financial Corp. (Banks) | 12 | 776 |
| Tonix Pharmaceuticals Holding Corp.\* <br>(Biotech & Pharma) | 7 | 264 |
| Tootsie Roll Industries, Inc.\* (Food Products) | 16 | 607 |
| Topgolf Callaway Brands Corp.\* (Leisure <br>Products) | 119 | 1101 |
| Torrid Holdings, Inc.\* (Specialty Retail) | 21 | 52 |
| Tourmaline Bio, Inc.\* (Biotechnology) | 17 | 376 |
| TowneBank (Banks) | 64 | 2242 |
| TPG RE Finance Trust, Inc. (Mortgage REITs) | 62 | 539 |
| Traeger, Inc.\* (Household Durables) | 28 | 45 |
| Transcat, Inc.\* (Trading Companies & <br>Distributors) | 8 | 611 |
| Transcontinental Realty Investors, Inc.\* <br>(Real Estate Management & Development) | 2 | 82 |
| TransMedics Group, Inc.\* (Health Care <br>Equipment & Supplies) | 30 | 3569 |
| Transocean, Ltd.\* (Energy Equipment & <br>Services) | 670 | 1956 |
| TRAVELZOO INC.\* (Internet Media & Services) | 6 | 60 |
| Travere Therapeutics, Inc.\* (Biotechnology) | 79 | 1221 |
| Treace Medical Concepts, Inc.\* (Health Care <br>Equipment & Supplies) | 43 | 231 |
| Tredegar Corp.\* (Metals & Mining) | 24 | 209 |
| TreeHouse Foods, Inc.\* (Food Products) | 45 | 865 |
| Trevi Therapeutics, Inc.\* (Pharmaceuticals) | 68 | 504 |
| Tri Pointe Homes, Inc.\* (Household Durables) | 80 | 2464 |
| TriCo Bancshares (Banks) | 28 | 1151 |
| Triller Group, Inc.\* (Internet Media & Services) | 93 | 50 |
| TriMas Corp. (Containers & Packaging) | 30 | 1072 |
| TriNet Group, Inc. (Professional Services) | 27 | 1831 |
| Trinity Industries, Inc. (Machinery) | 74 | 1724 |
| Trinseo PLC\* (Chemicals) | 31 | 83 |
| TripAdvisor, Inc.\* (Interactive Media & Services) | 105 | 1836 |
| TriSalus Life Sciences, Inc.\* (Biotech & Pharma) | 14 | 59 |
| Triumph Financial, Inc.\* (Banks) | 20 | 1134 |
| Tronox Holdings PLC—Class A (Chemicals) | 107 | 341 |
| TrueBlue, Inc.\* (Professional Services) | 26 | 188 |
| TrueCar, Inc.\* (Interactive Media & Services) | 71 | 130 |
| Trupanion, Inc.\* (Insurance) | 33 | 1565 |
| TrustCo Bank Corp. (Banks) | 17 | 571 |
| Trustmark Corp. (Banks) | 51 | 1900 |
| TSS Inc/MD\*<sup>(a)</sup> (Engineering & Construction) | 16 | 435 |
| TTEC Holdings, Inc. (Professional Services) | 18 | 90 |
| TTM Technologies, Inc.\* (Electronic <br>Equipment, Instruments & Components) | 91 | 4300 |
| Tucows, Inc.\*—Class A (IT Services) | 6 | 103 |
| TuHURA Biosciences, Inc.\* (Biotech & Pharma) | 23 | 57 |
| Turning Point Brands, Inc. (Tobacco) | 15 | 1244 |
| Turtle Beach Corp.\* (Technology Hardware, <br>Storage & Peripherals) | 13 | 189 |
| Tutor Perini Corp.\* (Construction & <br>Engineering) | 40 | 1926 |
| Tvardi Therapeutics, Inc.\* (Biotech & Pharma) | 3 | 78 |
| Twist Bioscience Corp.\* (Biotechnology) | 53 | 1779 |
| Two Harbors Investment Corp. (Mortgage <br>REITs) | 94 | 917 |
| TXNM Energy, Inc. (Electric Utilities) | 83 | 4714 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Tyra Biosciences, Inc.\* (Biotechnology) | 22 | $240 |
| U.S. Physical Therapy, Inc. (Health Care <br>Providers & Services) | 14 | 1024 |
| Udemy, Inc.\* (Diversified Consumer Services) | 87 | 662 |
| UFP Industries, Inc. (Building Products) | 54 | 5292 |
| UFP Technologies, Inc.\* (Health Care <br>Equipment & Supplies) | 7 | 1585 |
| Ultra Clean Holdings, Inc.\* (Semiconductors & <br>Semiconductor Equipment) | 40 | 901 |
| UMB Financial Corp. (Banks) | 65 | 7148 |
| UMH Properties, Inc. (Residential REITs) | 70 | 1140 |
| UniFirst Corp. (Commercial Services & <br>Supplies) | 14 | 2394 |
| Union Bankshares, Inc./Morrisville VT\* <br>(Banking) | 3 | 82 |
| Unisys Corp.\* (IT Services) | 60 | 248 |
| United Bankshares, Inc. (Banks) | 127 | 4510 |
| United Community Banks, Inc. (Banks) | 108 | 3294 |
| United Fire Group, Inc. (Insurance) | 19 | 504 |
| United Insurance Holdings Corp.\* (Insurance) | 22 | 229 |
| United Natural Foods, Inc.\* (Consumer Staples <br>Distribution & Retail) | 54 | 1493 |
| United Security Bancshares/Fresno CA\* <br>(Banking) | 12 | 103 |
| United States Antimony Corp.\* (Metals & <br>Mining) | 82 | 251 |
| United States Lime & Minerals, Inc. <br>(Construction Materials) | 10 | 996 |
| Uniti Group, Inc. (Specialized REITs) | 213 | 1133 |
| Unitil Corp. (Multi-Utilities) | 14 | 722 |
| Unity Bancorp, Inc. (Banks) | 7 | 344 |
| Universal Corp. (Tobacco) | 22 | 1198 |
| Universal Health Realty Income Trust (Health <br>Care REITs) | 12 | 465 |
| Universal Insurance Holdings, Inc. (Insurance) | 23 | 544 |
| Universal Logistics Holdings, Inc. (Ground <br>Transportation) | 6 | 144 |
| Universal Technical Institute, Inc.\* (Diversified <br>Consumer Services) | 40 | 1289 |
| Univest Financial Corp. (Banks) | 26 | 750 |
| Upbound Group, Inc. (Specialty Retail) | 47 | 970 |
| Upstart Holdings, Inc.\* (Consumer Finance) | 76 | 6213 |
| Upstream Bio, Inc.\* (Biotechnology) | 31 | 475 |
| Upwork, Inc.\* (Professional Services) | 112 | 1340 |
| Uranium Energy Corp.\* (Oil, Gas & <br>Consumable Fuels) | 383 | 3321 |
| Urban Edge Properties (Retail REITs) | 114 | 2248 |
| Urban Outfitters, Inc.\* (Specialty Retail) | 57 | 4290 |
| UroGen Pharma, Ltd.\* (Biotechnology) | 33 | 629 |
| US Gold Corp.\* (Metals & Mining) | 10 | 102 |
| US Goldmining, Inc.\* (Metals & Mining) | 1 | 8 |
| USANA Health Sciences, Inc.\* (Personal Care <br>Products) | 10 | 294 |
| USCB Financial Holdings, Inc. (Banks) | 10 | 166 |
| Utah Medical Products, Inc. (Health Care <br>Equipment & Supplies) | 3 | 167 |
| Utz Brands, Inc. (Food Products) | 65 | 847 |
| V2X, Inc.\* (Aerospace & Defense) | 15 | 711 |
| VAALCO Energy, Inc. (Oil, Gas & Consumable <br>Fuels) | 93 | 346 |
| Valaris, Ltd.\* (Energy Equipment & Services) | 57 | 2772 |
| Valhi, Inc. (Chemicals) | 2 | 31 |

---

**See accompanying notes to financial statements.**

------

July 31, 2025 :: Schedule of Portfolio Investments **:: Small-Cap ProFund :: 107**

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Valley National Bancorp (Banks) | 436 | $4042 |
| Value Line, Inc. (Capital Markets) | 1 | 37 |
| Vanda Pharmaceuticals, Inc.\* (Biotechnology) | 50 | 213 |
| Varex Imaging Corp.\* (Health Care <br>Equipment & Supplies) | 37 | 269 |
| Varonis Systems, Inc.\* (Software) | 99 | 5527 |
| Vaxcyte, Inc.\* (Biotechnology) | 113 | 3836 |
| Veeco Instruments, Inc.\* (Semiconductors & <br>Semiconductor Equipment) | 51 | 1060 |
| Velocity Financial, Inc.\* (Financial Services) | 10 | 166 |
| Vera Therapeutics, Inc.\* (Biotechnology) | 46 | 956 |
| Veracyte, Inc.\* (Biotechnology) | 70 | 1646 |
| Verastem, Inc.\* (Biotechnology) | 41 | 253 |
| Verde Clean Fuels, Inc.\* (Oil, Gas & <br>Consumable Fuels) | 4 | 12 |
| Vericel Corp.\* (Biotechnology) | 45 | 1572 |
| Verint Systems, Inc.\* (Software) | 56 | 1192 |
| Veritex Holdings, Inc. (Banks) | 48 | 1523 |
| Verra Mobility Corp.\* (Professional Services) | 144 | 3637 |
| Vertex, Inc.\*—Class A (Software) | 58 | 1924 |
| Vestis Corp. (Commercial Services & Supplies) | 104 | 630 |
| Viad Corp.\* (Commercial Services & Supplies) | 19 | 575 |
| Viant Technology, Inc.\*—Class A (Software) | 14 | 203 |
| Viasat, Inc.\* (Communications Equipment) | 102 | 1676 |
| Viavi Solutions, Inc.\* (Communications <br>Equipment) | 199 | 2000 |
| Vicor Corp.\* (Electrical Equipment) | 21 | 933 |
| Victoria's Secret & Co.\* (Specialty Retail) | 62 | 1166 |
| Victory Capital Holdings, Inc.—Class A <br>(Capital Markets) | 40 | 2756 |
| Viemed Healthcare, Inc.\* (Health Care <br>Providers & Services) | 31 | 189 |
| Village Super Market, Inc.—Class A <br>(Consumer Staples Distribution & Retail) | 8 | 275 |
| Vimeo, Inc.\* (Interactive Media & Services) | 141 | 534 |
| Vir Biotechnology, Inc.\* (Biotechnology) | 80 | 406 |
| Virco Mfg. Corp. (Commercial Services & <br>Supplies) | 10 | 77 |
| Virginia National Bankshares Corp. (Banks) | 4 | 147 |
| Viridian Therapeutics, Inc.\* (Biotechnology) | 62 | 1086 |
| Virtus Investment Partners, Inc. (Capital <br>Markets) | 6 | 1160 |
| Vishay Intertechnology, Inc. (Electronic <br>Equipment, Instruments & Components) | 109 | 1787 |
| Vishay Precision Group, Inc.\* (Electronic <br>Equipment, Instruments & Components) | 11 | 292 |
| Visteon Corp. (Automobile Components) | 25 | 2779 |
| Vital Energy, Inc.\* (Oil, Gas & Consumable <br>Fuels) | 27 | 505 |
| Vital Farms, Inc.\* (Food Products) | 31 | 1153 |
| Vitesse Energy, Inc. (Oil, Gas & Consumable <br>Fuels) | 26 | 622 |
| Vivid Seats, Inc.\*—Class A (Entertainment) | 59 | 91 |
| Vox Royalty Corp.\* (Metals & Mining) | 36 | 114 |
| Voyager Therapeutics, Inc.\* (Biotechnology) | 42 | 134 |
| Vroom, Inc.\* (Specialty Finance) | 1 | 25 |
| VSE Corp. (Commercial Services & Supplies) | 18 | 2818 |
| VTEX\* (Software) | 52 | 310 |
| Vuzix Corp.\* (Technology Hardware) | 58 | 117 |
| W&T Offshore, Inc. (Oil, Gas & Consumable <br>Fuels) | 89 | 158 |
| Wabash National Corp. (Machinery) | 37 | 369 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| WaFd, Inc. (Banks) | 17 | $458 |
| Waldencast PLC\*—Class A (Personal Care <br>Products) | 38 | 68 |
| Walker & Dunlop, Inc. (Financial Services) | 30 | 2250 |
| Warby Parker, Inc.\*—Class A (Specialty Retail) | 88 | 2108 |
| Warrior Met Coal, Inc. (Metals & Mining) | 47 | 2415 |
| Washington Federal, Inc. (Banks) | 72 | 2096 |
| Waterstone Financial, Inc. (Financial Services) | 14 | 186 |
| Watts Water Technologies, Inc.—Class A <br>(Machinery) | 25 | 6558 |
| WaVe Life Sciences, Ltd.\* (Pharmaceuticals) | 101 | 818 |
| Waystar Holding Corp.\* (Health Care <br>Technology) | 82 | 3031 |
| WD-40 Co. (Household Products) | 12 | 2573 |
| Weave Communications, Inc.\* (Software) | 52 | 380 |
| WEBTOON Entertainment, Inc.\* (Interactive <br>Media & Services) | 16 | 161 |
| Weis Markets, Inc. (Consumer Staples <br>Distribution & Retail) | 15 | 1086 |
| Werner Enterprises, Inc. (Ground <br>Transportation) | 54 | 1497 |
| WesBanco, Inc. (Banks) | 85 | 2561 |
| West Bancorp, Inc. (Banks) | 14 | 252 |
| Westamerica Bancorp (Banks) | 23 | 1102 |
| Western New England Bancorp, Inc.\* (Banking) | 17 | 181 |
| Westrock Coffee Co.\* (Food Products) | 32 | 213 |
| WESTWOOD HOLDINGS GROUP INC\* <br>(Asset Management) | 7 | 122 |
| Weyco Group, Inc. (Distributors) | 6 | 174 |
| Whitestone REIT (Retail REITs) | 41 | 500 |
| WideOpenWest, Inc.\* (Media) | 45 | 152 |
| Willdan Group, Inc.\* (Professional Services) | 12 | 1024 |
| Willis Lease Finance Corp. (Trading <br>Companies & Distributors) | 3 | 425 |
| Winmark Corp. (Specialty Retail) | 3 | 1132 |
| Winnebago Industries, Inc. (Automobiles) | 25 | 743 |
| WisdomTree, Inc. (Capital Markets) | 108 | 1433 |
| WK Kellogg Co. (Food Products) | 56 | 1291 |
| WM Technology, Inc.\* (Software) | 78 | 70 |
| WNS Holdings, Ltd.\* (Professional Services) | 36 | 2692 |
| Wolverine World Wide, Inc. (Textiles, Apparel & <br>Luxury Goods) | 72 | 1626 |
| Workiva, Inc.\* (Software) | 45 | 2872 |
| World Acceptance Corp.\* (Consumer Finance) | 3 | 472 |
| World Kinect Corp. (Oil, Gas & Consumable <br>Fuels) | 50 | 1364 |
| Worthington Enterprises, Inc. (Household <br>Durables) | 28 | 1735 |
| Worthington Steel, Inc. (Metals & Mining) | 30 | 916 |
| WSFS Financial Corp. (Banks) | 52 | 2852 |
| Xencor, Inc.\* (Biotechnology) | 63 | 524 |
| Xenia Hotels & Resorts, Inc. (Hotel & Resort <br>REITs) | 91 | 1157 |
| Xenon Pharmaceuticals, Inc.\* (Biotech & <br>Pharma) | 68 | 2077 |
| Xeris Biopharma Holdings, Inc.\* <br>(Pharmaceuticals) | 135 | 687 |
| Xerox Holdings Corp. (Technology Hardware, <br>Storage & Peripherals) | 106 | 429 |
| XOMA Royalty Corp.\* (Biotechnology) | 8 | 199 |
| Xometry, Inc.\*—Class A (Trading Companies & <br>Distributors) | 39 | 1261 |
| XPEL, Inc.\* (Automobile Components) | 22 | 719 |

---

**See accompanying notes to financial statements.**

------

**108 :: Small-Cap ProFund ::** Schedule of Portfolio Investments :: July 31, 2025

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Xperi, Inc.\* (Software) | 40 | $241 |
| Xponential Fitness, Inc.\*—Class A (Hotels, <br>Restaurants & Leisure) | 25 | 262 |
| Yelp, Inc.\* (Interactive Media & Services) | 56 | 1927 |
| Yext, Inc.\* (Software) | 93 | 755 |
| Y-mAbs Therapeutics, Inc.\* (Biotechnology) | 33 | 148 |
| Zenas Biopharma, Inc.\* (Biotechnology) | 15 | 236 |
| Zeta Global Holdings Corp.\*—Class A <br>(Software) | 169 | 2645 |
| Zevia PBC\* (Beverages) | 28 | 87 |
| Zevra Therapeutics, Inc.\* (Pharmaceuticals) | 49 | 544 |
| Ziff Davis, Inc.\* (Interactive Media & Services) | 38 | 1183 |
| Zimvie, Inc.\* (Health Care Equipment & <br>Supplies) | 25 | 470 |
| ZipRecruiter, Inc.\* (Interactive Media & <br>Services) | 59 | 248 |
| Zspace, Inc.\* (Software) | 2 | 6 |
| Zumiez, Inc.\* (Specialty Retail) | 14 | 192 |
| Zurn Elkay Water Solutions Corp. (Building <br>Products) | 135 | 5973 |
| Zymeworks, Inc.\* (Biotechnology) | 44 | 553 |
| **TOTAL COMMON STOCKS**<br> (Cost $1,283,481) |  | **2303105** |

---

**Rights (0.0%)**

---

| | |
|:---|:---|
| Cartesian Therapeutics, Inc.\*<sup>†CVR</sup> <br>(Biotechnology) | 98 |
| Chinook Therapeutics\*<sup>†CVR</sup> (Biotechnology) | 56 |
| Empire Petroleum Corp.<sup>†</sup> (Oil & Gas Producers) | 13 |
| **TOTAL RIGHTS**<br> (Cost $—) |  |

---

**Trust (0.0%)**

---

| | | |
|:---|:---|:---|
| | Interest<br>Units | Value |
| Ferroglobe Representation and Warranty<br>Insurance\*<sup>†</sup> (Metals & Mining) | 290 | $— |
| **TOTAL TRUST**<br> (Cost $—) |  | **—** |

---

**Repurchase Agreements<sup>(c)(d)</sup> (18.5%)**

---

| | | |
|:---|:---|:---|
| | Principal<br>Amount | Value |
| Repurchase Agreements with various <br>counterparties, rates 4.09%–4.25%, <br>dated 7/31/25, due 8/1/25, total to be <br>received $1,189,139 | $1189000 | $1189000 |
| **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $1,189,000) |  | **1189000** |

---

**Collateral for Securities Loaned<sup>(e)</sup> (0.4%)**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Invesco Government & Agency Portfolio—<br>Institutional Shares, 4.34%<sup>(f)</sup> | 26087 | $26087 |
| **TOTAL COLLATERAL FOR SECURITIES LOANED**<br> (Cost $26,087) |  | **26087** |
| **TOTAL INVESTMENT SECURITIES**<br> (Cost $2,498,568)—54.6% |  | **3518192** |
| Net other assets (liabilities)—45.4% |  | 2922536 |
| **NET ASSETS—100.0%** |  | $**6440728** |

---

\* Non-income producing security.

<sup>†</sup> These securities were fair valued based on procedures approved by the Board of Trustees. As of July 31, 2025, these securities represented 0.0% of the net assets of the Fund.

<sup>(a)</sup> All or part of this security was on loan as of July 31, 2025. The total value of securities on loan as of July 31, 2025 was $25,383.

<sup>(b)</sup> Number of shares is less than 0.50.

<sup>(c)</sup> The ProFund invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" in the Appendix to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.

<sup>(d)</sup> A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. At July 31, 2025, the aggregate amount held in a segregated account was $130,000.

<sup>(e)</sup> Securities were purchased with cash collateral held from securities on loan at July 31, 2025.

<sup>(f)</sup> Rate periodically changes. Rate disclosed is the daily yield as of July 31, 2025.

<sup>CVR</sup> Contingent Value Rights

<sup>REIT</sup> Real Estate Investment Trust

**Futures Contracts Purchased**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Number <br>of <br>Contracts | Expiration<br>Date | Notional<br>Amount | Value and <br>Unrealized<br>Appreciation/ <br>(Depreciation) |
| CME E-mini Russell 2000 Index Futures Contracts | 3 | 9/22/25 | $333030 | $6461 |

---

**Total Return Swap Agreements—Long**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Underlying Instrument | Counterparty | Termination <br>Date<sup>(1)</sup> | Rate Paid <br>(Received)<sup>(2)</sup> | Notional<br>Amount | Value and <br>Unrealized<br>Appreciation/ <br>(Depreciation) |
| Russell 2000 Index | Goldman Sachs International | 8/27/25 | 4.88% | $3505465 | $(78681) |
| Russell 2000 Index | UBS AG | 8/27/25 | 5.03% | 300784 | (6241) |
|  |  |  |  | $**3806249** | $**(84922)** |

---

<sup>(1)</sup> Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

<sup>(2)</sup> Reflects the floating financing rate, as of July 31, 2025, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

**See accompanying notes to financial statements.**

------

July 31, 2025 :: Schedule of Portfolio Investments **:: Small-Cap ProFund :: 109**

Small-Cap ProFund invested in the following industries as of

July 31, 2025:

---

| | | |
|:---|:---|:---|
| | Value | % of <br>Net Assets |
| Advertising & Marketing | $423 | <sup>NM</sup> |
| Aerospace & Defense | 38381 | 0.6% |
| Air Freight & Logistics | 2676 | 0.1% |
| Apparel & Textile Products | 561 | <sup>NM</sup> |
| Asset Management | 1465 | <sup>NM</sup> |
| Automobile Components | 29516 | 0.5% |
| Automobiles | 867 | <sup>NM</sup> |
| Automotive | 2220 | <sup>NM</sup> |
| Banking | 5021 | 0.1% |
| Banks | 237737 | 3.7% |
| Beverages | 2732 | <sup>NM</sup> |
| Biotech & Pharma | 10633 | 0.2% |
| Biotechnology | 155666 | 2.4% |
| Broadline Retail | 1959 | <sup>NM</sup> |
| Building Products | 33695 | 0.5% |
| Cable & Satellite | 611 | <sup>NM</sup> |
| Capital Markets | 39570 | 0.6% |
| Chemicals | 39706 | 0.6% |
| Commercial Services & Supplies | 44837 | 0.7% |
| Commercial Support Services | 119 | <sup>NM</sup> |
| Communications Equipment | 16957 | 0.3% |
| Construction & Engineering | 53651 | 0.8% |
| Construction Materials | 5588 | 0.1% |
| Consumer Finance | 25022 | 0.4% |
| Consumer Staples Distribution & Retail | 12108 | 0.2% |
| Containers & Packaging | 5721 | 0.1% |
| Distributors | 1071 | <sup>NM</sup> |
| Diversified Consumer Services | 29317 | 0.5% |
| Diversified Telecommunication Services | 8945 | 0.1% |
| Electric Utilities | 26898 | 0.4% |
| Electrical Equipment | 42300 | 0.7% |
| Electronic Equipment, Instruments & <br>Components | 78396 | 1.2% |
| Energy Equipment & Services | 36654 | 0.6% |
| Engineering & Construction | 555 | <sup>NM</sup> |
| Entertainment | 11296 | 0.2% |
| Entertainment Content | 368 | <sup>NM</sup> |
| Equity REIT—Diversified | 14588 | 0.2% |
| Financial Services | 55569 | 0.9% |
| Food Products | 22776 | 0.4% |
| Forestry, Paper & Wood Products | 373 | <sup>NM</sup> |
| Gas & Water Utilities | 4216 | 0.1% |
| Gas Utilities | 20604 | 0.3% |
| Ground Transportation | 8219 | 0.1% |
| Health Care Equipment & Supplies | 59465 | 0.9% |
| Health Care Facilities & Services | 2112 | <sup>NM</sup> |
| Health Care Providers & Services | 71397 | 1.1% |
| Health Care REITs | 22278 | 0.4% |
| Health Care Technology | 9302 | 0.1% |
| Hotel & Resort REITs | 14855 | 0.2% |
| Hotels, Restaurants & Leisure | 47123 | 0.7% |
| Household Durables | 41625 | 0.7% |
| Household Products | 7667 | 0.1% |
| Independent Power/Renewable Electricity <br>Producers | 5048 | 0.1% |
| Industrial Conglomerates | 646 | <sup>NM</sup> |
| Industrial Intermediate Products | 190 | <sup>NM</sup> |
| Industrial REITs | 9223 | 0.1% |
| Institutional Financial Services | 1366 | <sup>NM</sup> |
| Insurance | 45923 | 0.7% |

---

---

| | | |
|:---|:---|:---|
| | Value | % of<br>Net Assets |
| Interactive Media & Services | $14704 | 0.2% |
| Internet Media & Services | 1230 | <sup>NM</sup> |
| IT Services | 14600 | 0.2% |
| Leisure Facilities & Services | 2304 | <sup>NM</sup> |
| Leisure Products | 10810 | 0.2% |
| Life Sciences Tools & Services | 7372 | 0.1% |
| Machinery | 91823 | 1.4% |
| Marine Transportation | 5401 | 0.1% |
| Media | 17551 | 0.3% |
| Medical Equipment & Devices | 3338 | 0.1% |
| Metals & Mining | 35140 | 0.6% |
| Mortgage REITs | 20613 | 0.3% |
| Multi-Utilities | 10117 | 0.2% |
| Office REITs | 15615 | 0.2% |
| Oil & Gas Producers | 1161 | <sup>NM</sup> |
| Oil & Gas Services & Equipment | 841 | <sup>NM</sup> |
| Oil, Gas & Consumable Fuels | 70834 | 1.1% |
| Paper & Forest Products | 1744 | <sup>NM</sup> |
| Passenger Airlines | 14140 | 0.2% |
| Personal Care Products | 5597 | 0.1% |
| Pharmaceuticals | 35236 | 0.6% |
| Professional Services | 44745 | 0.7% |
| Real Estate Management & Development | 15747 | 0.3% |
| Real Estate Owners & Developers | 227 | <sup>NM</sup> |
| Real Estate Services | 181 | <sup>NM</sup> |
| REITS & Real Estate Management | 847 | <sup>NM</sup> |
| Renewable Energy | 1573 | <sup>NM</sup> |
| Residential REITs | 9466 | 0.2% |
| Retail—Discretionary | 289 | <sup>NM</sup> |
| Retail REITs | 28621 | 0.4% |
| Semiconductors | 329 | <sup>NM</sup> |
| Semiconductors & Semiconductor <br>Equipment | 67422 | 1.0% |
| Software | 144651 | 2.3% |
| Specialized REITs | 9830 | 0.2% |
| Specialty Finance | 1188 | <sup>NM</sup> |
| Specialty Retail | 53822 | 0.8% |
| Steel | 181 | <sup>NM</sup> |
| Technology Hardware | 1013 | <sup>NM</sup> |
| Technology Hardware, Storage & <br>Peripherals | 12007 | 0.2% |
| Technology Services | 1553 | <sup>NM</sup> |
| Telecommunications | 1284 | 0.1% |
| Textiles, Apparel & Luxury Goods | 12188 | 0.2% |
| Tobacco | 2489 | <sup>NM</sup> |
| Trading Companies & Distributors | 30138 | 0.5% |
| Transportation & Logistics | 1785 | <sup>NM</sup> |
| Transportation Infrastructure | 186 | <sup>NM</sup> |
| Water Utilities | 8495 | 0.1% |
| Wholesale—Discretionary | 121 | <sup>NM</sup> |
| Wireless Telecommunication Services | 4749 | 0.1% |
| Other\*\* | 4137623 | 64.3% |
| **Total** | $**6440728** | **100.0%** |

---

\*\* Includes any non-equity securities and other net assets (liabilities), which includes any receivable for capital shares issued and payable for capital shares redeemed.

<sup>NM</sup> Not meaningful, amount is less than 0.05%

<sup>REIT</sup> Real Estate Investment Trust

**See accompanying notes to financial statements.**

------

**110 :: Small-Cap Value ProFund ::** Schedule of Portfolio Investments :: July 31, 2025

**Common Stocks (99.7%)**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| A10 Networks, Inc.\* (Software) | 80 | $1474 |
| AAR Corp.\* (Aerospace & Defense) | 98 | 7322 |
| ABM Industries, Inc. (Commercial Services & <br>Supplies) | 170 | 7841 |
| Academy Sports & Outdoors, Inc. (Specialty <br>Retail) | 183 | 9295 |
| ACADIA Pharmaceuticals, Inc.\* <br>(Biotechnology) | 106 | 2526 |
| Acadia Realty Trust (Retail REITs) | 112 | 2097 |
| Acushnet Holdings Corp. (Leisure Products) | 32 | 2548 |
| AdaptHealth Corp.\* (Health Care Providers & <br>Services) | 291 | 2610 |
| Addus HomeCare Corp.\* (Health Care <br>Providers & Services) | 19 | 2029 |
| Adeia, Inc. (Software) | 189 | 2448 |
| Adient PLC\* (Automobile Components) | 231 | 4953 |
| Advance Auto Parts, Inc. (Specialty Retail) | 165 | 8757 |
| Advanced Energy Industries, Inc. (Electronic <br>Equipment, Instruments & Components) | 52 | 7224 |
| AdvanSix, Inc. (Chemicals) | 74 | 1489 |
| Air Lease Corp. (Trading Companies & <br>Distributors) | 286 | 15845 |
| Alamo Group, Inc. (Machinery) | 16 | 3561 |
| Alarm.com Holdings, Inc.\* (Software) | 54 | 2950 |
| Albany International Corp.\* (Machinery) | 41 | 2222 |
| Alexander & Baldwin, Inc. (Equity REIT—<br>Diversified) | 200 | 3596 |
| Alkermes PLC\* (Biotechnology) | 163 | 4318 |
| Allegiant Travel Co.\* (Passenger Airlines) | 39 | 2014 |
| Alpha and Omega Semiconductor, Ltd.\* <br>(Semiconductors & Semiconductor <br>Equipment) | 35 | 891 |
| Alpha Metallurgical Resources, Inc.\* <br>(Metals & Mining) | 12 | 1417 |
| Amentum Holdings, Inc.\* (Technology <br>Services) | 415 | 10363 |
| American Assets Trust, Inc. (Equity REIT—<br>Diversified) | 54 | 1028 |
| American Axle & Manufacturing Holdings, <br>Inc.\* (Automobile Components) | 327 | 1455 |
| American Eagle Outfitters, Inc. (Specialty <br>Retail) | 433 | 4676 |
| American States Water Co. (Water Utilities) | 53 | 3900 |
| American Woodmark Corp.\* (Building <br>Products) | 40 | 2104 |
| Ameris Bancorp (Banks) | 92 | 6288 |
| AMERISAFE, Inc. (Insurance) | 29 | 1299 |
| AMN Healthcare Services, Inc.\* (Health Care <br>Providers & Services) | 106 | 1944 |
| Amphastar Pharmaceuticals, Inc.\* <br>(Pharmaceuticals) | 39 | 817 |
| Angi, Inc.\* (Interactive Media & Services) | 116 | 1882 |
| Apollo Commercial Real Estate Finance, Inc. <br>(Mortgage REITs) | 351 | 3377 |
| Apple Hospitality REIT, Inc. (Hotel & Resort <br>REITs) | 311 | 3654 |
| Arbor Realty Trust, Inc.<sup>(a)</sup> (Mortgage REITs) | 528 | 5892 |
| ArcBest Corp. (Ground Transportation) | 63 | 4607 |
| Arcosa, Inc. (Construction & Engineering) | 48 | 4122 |
| Arlo Technologies, Inc.\* (Electronic <br>Equipment, Instruments & Components) | 122 | 1976 |
| Armada Hoffler Properties, Inc. (Equity <br>REIT—Diversified) | 80 | 546 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| ARMOUR Residential REIT, Inc. (Mortgage <br>REITs) | 225 | $3670 |
| Arrowhead Pharmaceuticals, Inc.\* <br>(Biotechnology) | 211 | 3334 |
| Artisan Partners Asset Management, Inc.—<br>Class A (Capital Markets) | 101 | 4570 |
| Asbury Automotive Group, Inc.\* (Specialty <br>Retail) | 54 | 11993 |
| Assured Guaranty, Ltd. (Insurance) | 64 | 5413 |
| Astec Industries, Inc. (Machinery) | 63 | 2499 |
| Atlantic Union Bankshares Corp. (Banks) | 391 | 12396 |
| Avanos Medical, Inc.\* (Health Care <br>Equipment & Supplies) | 128 | 1430 |
| Avista Corp. (Multi-Utilities) | 220 | 8206 |
| Axcelis Technologies, Inc.\* <br>(Semiconductors & Semiconductor <br>Equipment) | 36 | 2437 |
| Azenta, Inc.\* (Life Sciences Tools & Services) | 63 | 2061 |
| B&G Foods, Inc. (Food Products) | 220 | 902 |
| Banc of California, Inc. (Banks) | 352 | 5111 |
| Bank of Hawaii Corp. (Banks) | 59 | 3651 |
| BankUnited, Inc. (Banks) | 112 | 4085 |
| Banner Corp. (Banks) | 46 | 2855 |
| Benchmark Electronics, Inc. (Electronic <br>Equipment, Instruments & Components) | 43 | 1656 |
| Berkshire Hills Bancorp, Inc. (Banks) | 125 | 3080 |
| BGC Group, Inc.—Class A (Capital Markets) | 469 | 4348 |
| BJ's Restaurants, Inc.\* (Hotels, Restaurants & <br>Leisure) | 61 | 2161 |
| Blackstone Mortgage Trust, Inc.—Class A <br>(Mortgage REITs) | 465 | 8593 |
| Bloomin' Brands, Inc. (Hotels, Restaurants & <br>Leisure) | 209 | 1904 |
| Boise Cascade Co. (Trading Companies & <br>Distributors) | 104 | 8716 |
| BorgWarner, Inc. (Automobile Components) | 602 | 22154 |
| Brady Corp.—Class A (Commercial Services & <br>Supplies) | 43 | 3035 |
| Brandywine Realty Trust (Office REITs) | 476 | 1904 |
| Bread Financial Holdings, Inc. (Consumer <br>Finance) | 128 | 7846 |
| Bristow Group, Inc.\* (Energy Equipment & <br>Services) | 67 | 2316 |
| Brookline Bancorp, Inc.\* (Banks) | 245 | 2528 |
| Cable One, Inc. (Media) | 13 | 1664 |
| Caleres, Inc. (Specialty Retail) | 94 | 1291 |
| California Resources Corp. (Oil, Gas & <br>Consumable Fuels) | 191 | 9202 |
| California Water Service Group (Water Utilities) | 164 | 7457 |
| Calix, Inc.\* (Communications Equipment) | 95 | 5385 |
| Capitol Federal Financial, Inc. (Banks) | 336 | 2023 |
| CareTrust REIT, Inc. (Health Care REITs) | 268 | 8522 |
| Cars.com, Inc.\* (Interactive Media & Services) | 90 | 1158 |
| Carter's, Inc. (Textiles, Apparel & Luxury <br>Goods) | 100 | 2424 |
| Cathay General Bancorp (Banks) | 96 | 4341 |
| Celanese Corp. (Chemicals) | 300 | 15668 |
| Centerspace (Residential REITs) | 20 | 1089 |
| Central Garden & Pet Co.\* (Household <br>Products) | 23 | 897 |
| Central Garden & Pet Co.\*—Class A <br>(Household Products) | 136 | 4830 |
| Central Pacific Financial Corp. (Banks) | 28 | 746 |

---

**See accompanying notes to financial statements.**

------

July 31, 2025 :: Schedule of Portfolio Investments **:: Small-Cap Value ProFund :: 111**

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Century Communities, Inc. (Household <br>Durables) | 73 | $4109 |
| Certara, Inc.\* (Health Care Technology) | 304 | 2992 |
| CEVA, Inc.\* (Semiconductors & Semiconductor <br>Equipment) | 34 | 727 |
| Chesapeake Utilities Corp.\* (Gas Utilities) | 27 | 3237 |
| Clearway Energy, Inc.\*—Class A (Independent <br>Power/Renewable Electricity Producers) | 95 | 2924 |
| Clearway Energy, Inc.—Class C (Independent <br>Power/Renewable Electricity Producers) | 228 | 7440 |
| Cohu, Inc.\* (Semiconductors & Semiconductor <br>Equipment) | 128 | 2286 |
| Community Financial System, Inc. (Banks) | 52 | 2740 |
| Comstock Resources, Inc.\* (Oil, Gas & <br>Consumable Fuels) | 122 | 2180 |
| Concentra Group Holdings Parent, Inc. <br>(Health Care Providers & Services) | 176 | 3515 |
| CONMED Corp. (Health Care Equipment & <br>Supplies) | 85 | 4347 |
| Core Laboratories, Inc. (Energy Equipment & <br>Services) | 67 | 733 |
| CoreCivic, Inc.\* (Commercial Services & <br>Supplies) | 141 | 2826 |
| Corsair Gaming, Inc.\* (Technology Hardware, <br>Storage & Peripherals) | 126 | 1142 |
| Cracker Barrel Old Country Store, Inc. (Hotels, <br>Restaurants & Leisure) | 61 | 3783 |
| Crescent Energy Co.—Class A (Oil, Gas & <br>Consumable Fuels) | 505 | 4666 |
| CSG Systems International, Inc. (Professional <br>Services) | 37 | 2311 |
| CTS Corp. (Electronic Equipment, <br>Instruments & Components) | 33 | 1293 |
| Cushman & Wakefield PLC\* (Real Estate <br>Management & Development) | 635 | 7740 |
| Customers Bancorp, Inc.\* (Banks) | 80 | 5100 |
| CVB Financial Corp. (Banks) | 211 | 3944 |
| CVR Energy, Inc. (Oil, Gas & Consumable <br>Fuels) | 94 | 2517 |
| Cytek Biosciences, Inc.\* (Life Sciences <br>Tools & Services) | 284 | 1022 |
| Dana, Inc. (Automobile Components) | 357 | 5683 |
| Deluxe Corp. (Commercial Services & <br>Supplies) | 123 | 1980 |
| Digi International, Inc.\* (Communications <br>Equipment) | 41 | 1337 |
| Dime Community Bancshares, Inc. (Banks) | 109 | 3020 |
| Diodes, Inc.\* (Semiconductors & <br>Semiconductor Equipment) | 128 | 6319 |
| DNOW, Inc.\* (Trading Companies & <br>Distributors) | 125 | 1945 |
| Donnelley Financial Solutions, Inc.\* (Capital <br>Markets) | 40 | 2118 |
| Dorian LPG, Ltd. (Oil, Gas & Consumable <br>Fuels) | 100 | 2879 |
| DoubleVerify Holdings, Inc.\* (Software) | 164 | 2512 |
| Douglas Emmett, Inc. (Office REITs) | 193 | 2926 |
| DXC Technology Co.\* (IT Services) | 499 | 6791 |
| Dynavax Technologies Corp.\* (Biotechnology) | 182 | 1998 |
| Eagle Bancorp, Inc. (Banks) | 84 | 1352 |
| Easterly Government Properties, Inc.\* (Office <br>REITs) | 116 | 2552 |
| Edgewell Personal Care Co. (Personal Care <br>Products) | 129 | 3254 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Element Solutions, Inc. (Chemicals) | 331 | $7812 |
| Ellington Financial, Inc. (Mortgage REITs) | 260 | 3299 |
| Elme Communities (Residential REITs) | 99 | 1493 |
| Embecta Corp. (Health Care Equipment & <br>Supplies) | 162 | 1646 |
| Employers Holdings, Inc. (Insurance) | 32 | 1321 |
| Enact Holdings, Inc.\* (Financial Services) | 60 | 2086 |
| Encore Capital Group, Inc.\* (Consumer <br>Finance) | 63 | 2323 |
| Energizer Holdings, Inc. (Household Products) | 105 | 2365 |
| Enovis Corp.\* (Health Care Equipment & <br>Supplies) | 157 | 4207 |
| Enpro, Inc. (Machinery) | 22 | 4673 |
| Enviri Corp.\* (Commercial Services & Supplies) | 221 | 1989 |
| ePlus, Inc.\* (Electronic Equipment, <br>Instruments & Components) | 38 | 2462 |
| Ethan Allen Interiors, Inc. (Household <br>Durables) | 62 | 1846 |
| Etsy, Inc.\* (Broadline Retail) | 146 | 8507 |
| EVERTEC, Inc. (Financial Services) | 61 | 2205 |
| Everus Construction Group, Inc.\* <br>(Construction & Engineering) | 72 | 5347 |
| eXp World Holdings, Inc. (Real Estate <br>Management & Development) | 237 | 2555 |
| Extreme Networks, Inc.\* (Communications <br>Equipment) | 191 | 3373 |
| EZCORP, Inc.\*—Class A (Consumer Finance) | 143 | 2048 |
| FB Financial Corp. (Banks) | 61 | 2974 |
| First Bancorp (Banks) | 114 | 5710 |
| First Bancorp (Banks) | 171 | 3562 |
| First Commonwealth Financial Corp.\* (Banks) | 152 | 2510 |
| First Financial Bancorp (Banks) | 140 | 3394 |
| First Hawaiian, Inc. (Banks) | 196 | 4753 |
| FMC Corp. (Chemicals) | 343 | 13391 |
| Foot Locker, Inc.\* (Specialty Retail) | 228 | 5709 |
| FormFactor, Inc.\* (Semiconductors & <br>Semiconductor Equipment) | 116 | 3296 |
| Fortrea Holdings, Inc.\* (Life Sciences Tools & <br>Services) | 250 | 1435 |
| Forward Air Corp.\* (Air Freight & Logistics) | 35 | 1064 |
| Four Corners Property Trust, Inc. (Specialized <br>REITs) | 127 | 3205 |
| Fox Factory Holding Corp.\* (Automobile <br>Components) | 115 | 3493 |
| Franklin BSP Realty Trust, Inc. (Mortgage <br>REITs) | 226 | 2283 |
| Franklin Electric Co., Inc. (Machinery) | 41 | 3852 |
| Fresh Del Monte Produce, Inc. (Food <br>Products) | 92 | 3458 |
| Fulton Financial Corp. (Banks) | 265 | 4757 |
| Gates Industrial Corp. PLC\* (Machinery) | 214 | 5307 |
| Gentherm, Inc.\* (Automobile Components) | 86 | 2755 |
| Genworth Financial, Inc.\*—Class A <br>(Insurance) | 1138 | 8945 |
| Getty Realty Corp. (Retail REITs) | 80 | 2223 |
| Gibraltar Industries, Inc.\* (Building Products) | 81 | 5348 |
| G-III Apparel Group, Ltd.\* (Textiles, Apparel & <br>Luxury Goods) | 105 | 2478 |
| Global Net Lease, Inc. (Equity REIT—<br>Diversified) | 528 | 3691 |
| GMS, Inc.\* (Trading Companies & Distributors) | 38 | 4166 |
| Gogo, Inc.\* (Wireless Telecommunication <br>Services) | 90 | 1427 |

---

**See accompanying notes to financial statements.**

------

**112 :: Small-Cap Value ProFund ::** Schedule of Portfolio Investments :: July 31, 2025

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Golden Entertainment, Inc. ARS (Hotels, <br>Restaurants & Leisure) | 54 | $1518 |
| Grid Dynamics Holdings, Inc.\* (IT Services) | 59 | 560 |
| Grocery Outlet Holding Corp.\* (Consumer <br>Staples Distribution & Retail) | 269 | 3543 |
| Group 1 Automotive, Inc. (Specialty Retail) | 17 | 7007 |
| Guess?, Inc. (Specialty Retail) | 76 | 988 |
| H.B. Fuller Co. (Chemicals) | 149 | 8374 |
| HA Sustainable Infrastructure Capital, Inc. <br>(Financial Services) | 153 | 3973 |
| Hanesbrands, Inc.\* (Textiles, Apparel & <br>Luxury Goods) | 458 | 1873 |
| Hanmi Financial Corp. (Banks) | 83 | 1893 |
| Harmonic, Inc.\* (Communications Equipment) | 153 | 1302 |
| Hayward Holdings, Inc.\* (Building Products) | 393 | 6045 |
| Healthcare Services Group, Inc.\* (Commercial <br>Services & Supplies) | 201 | 2615 |
| HealthStream, Inc.\* (Health Care Technology) | 28 | 732 |
| Heartland Express, Inc.\* (Ground <br>Transportation) | 120 | 938 |
| Heidrick & Struggles International, Inc. <br>(Professional Services) | 26 | 1158 |
| Helen of Troy, Ltd.\* (Household Durables) | 64 | 1407 |
| Helix Energy Solutions Group, Inc.\* (Energy <br>Equipment & Services) | 170 | 1008 |
| Helmerich & Payne, Inc. (Energy Equipment & <br>Services) | 115 | 1864 |
| Heritage Financial Corp.\* (Banks) | 94 | 2119 |
| Hertz Global Holdings, Inc.\* (Ground <br>Transportation) | 341 | 2186 |
| Highwoods Properties, Inc. (Office REITs) | 115 | 3336 |
| Hillenbrand, Inc. (Machinery) | 193 | 3997 |
| Hilltop Holdings, Inc.\* (Banks) | 125 | 3700 |
| HNI Corp. (Commercial Services & Supplies) | 61 | 3138 |
| Hope Bancorp, Inc. (Banks) | 349 | 3487 |
| Horace Mann Educators Corp.\* (Insurance) | 113 | 4806 |
| Hub Group, Inc.—Class A (Air Freight & <br>Logistics) | 166 | 5813 |
| IAC Inc.\* (Interactive Media & Services) | 179 | 7034 |
| Ichor Holdings, Ltd.\* (Semiconductors & <br>Semiconductor Equipment) | 94 | 1860 |
| Independent Bank Corp. (Banks) | 134 | 8516 |
| Ingevity Corp.\* (Chemicals) | 49 | 2048 |
| Innospec, Inc. (Chemicals) | 34 | 2717 |
| Innovative Industrial Properties, Inc. <br>(Industrial REITs) | 24 | 1241 |
| Innovex International, Inc.\* (Energy <br>Equipment & Services) | 107 | 1757 |
| Innoviva, Inc.\* (Pharmaceuticals) | 68 | 1236 |
| Insight Enterprises, Inc.\* (Electronic <br>Equipment, Instruments & Components) | 75 | 8893 |
| Insteel Industries, Inc. (Building Products) | 53 | 1913 |
| Integra LifeSciences Holdings Corp.\* <br>(Health Care Equipment & Supplies) | 185 | 2431 |
| International Seaways, Inc.\* (Oil, Gas & <br>Consumable Fuels) | 47 | 1875 |
| J & J Snack Foods Corp. (Food Products) | 19 | 2145 |
| Jack in the Box, Inc. (Hotels, Restaurants & <br>Leisure) | 53 | 1044 |
| Jackson Financial, Inc.—Class A (Financial <br>Services) | 196 | 17162 |
| JBG SMITH Properties (Office REITs) | 200 | 4236 |
| JetBlue Airways Corp.\* (Passenger Airlines) | 838 | 3721 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| John B. Sanfilippo & Son, Inc.\* (Food <br>Products) | 25 | $1583 |
| John Bean Technologies Corp. (Machinery) | 73 | 10058 |
| John Wiley & Sons, Inc.—Class A (Media) | 45 | 1737 |
| Kaiser Aluminum Corp.\* (Metals & Mining) | 43 | 3324 |
| Kennametal, Inc. (Machinery) | 209 | 5175 |
| Kennedy-Wilson Holdings, Inc. (Real Estate <br>Management & Development) | 206 | 1508 |
| KKR Real Estate Finance Trust, Inc. (Mortgage <br>REITs) | 158 | 1428 |
| Knowles Corp.\* (Electronic Equipment, <br>Instruments & Components) | 240 | 4874 |
| Kohl's Corp.<sup>(a)</sup> (Broadline Retail) | 307 | 3328 |
| Koppers Holdings, Inc.\* (Chemicals) | 55 | 1807 |
| Korn Ferry (Professional Services) | 54 | 3827 |
| Kratos Defense & Security Solutions, Inc.\* <br>(Aerospace & Defense) | 191 | 11211 |
| Kulicke & Soffa Industries, Inc. <br>(Semiconductors & Semiconductor <br>Equipment) | 145 | 4750 |
| Lakeland Financial Corp. (Banks) | 32 | 2028 |
| La-Z-Boy, Inc. (Household Durables) | 114 | 4101 |
| LCI Industries (Automobile Components) | 69 | 6555 |
| Leggett & Platt, Inc. (Household Durables) | 372 | 3553 |
| Lexington Realty Trust (Industrial REITs) | 813 | 6309 |
| LGI Homes, Inc.\* (Household Durables) | 56 | 2983 |
| Liberty Energy, Inc. (Energy Equipment & <br>Services) | 201 | 2480 |
| Ligand Pharmaceuticals, Inc.\* <br>(Pharmaceuticals) | 24 | 3158 |
| Lincoln National Corp. (Insurance) | 469 | 17873 |
| Lindsay Corp. (Machinery) | 16 | 2184 |
| LiveRamp Holdings, Inc.\* (Software) | 88 | 2888 |
| LTC Properties, Inc. (Health Care REITs) | 66 | 2247 |
| Lumen Technologies, Inc.\* (Diversified <br>Telecommunication Services) | 1382 | 6150 |
| M/I Homes, Inc.\* (Household Durables) | 35 | 4207 |
| Mack-Cali Realty Corp.\* (Residential REITs) | 127 | 1788 |
| Magnolia Oil & Gas Corp.—Class A (Oil, <br>Gas & Consumable Fuels) | 185 | 4407 |
| Marcus & Millichap, Inc. (Real Estate <br>Management & Development) | 66 | 2057 |
| MarineMax, Inc.\* (Specialty Retail) | 53 | 1202 |
| Marten Transport, Ltd. (Ground Transportation) | 160 | 1946 |
| Masterbrand, Inc.\* (Building Products) | 348 | 3838 |
| Materion Corp. (Metals & Mining) | 57 | 6002 |
| Matson, Inc. (Marine Transportation) | 32 | 3417 |
| Matthews International Corp.\*—Class A <br>(Commercial Services & Supplies) | 86 | 2020 |
| MaxLinear, Inc.\* (Semiconductors & <br>Semiconductor Equipment) | 217 | 3433 |
| MDU Resources Group, Inc.\* (Construction & <br>Engineering) | 561 | 9677 |
| Medical Properties Trust, Inc.<sup>(a)</sup> (Health Care <br>REITs) | 1650 | 6798 |
| Mednax, Inc.\* (Health Care Providers & <br>Services) | 232 | 2842 |
| Mercury Systems, Inc.\* (Aerospace & Defense) | 140 | 7363 |
| Meritage Homes Corp. (Household Durables) | 197 | 13265 |
| Mesa Laboratories, Inc. (Life Sciences Tools & <br>Services) | 5 | 382 |
| MGE Energy, Inc. (Electric Utilities) | 38 | 3228 |
| MGP Ingredients, Inc.\* (Beverages) | 38 | 1075 |
| Middlesex Water Co. (Water Utilities) | 24 | 1238 |

---

**See accompanying notes to financial statements.**

------

July 31, 2025 :: Schedule of Portfolio Investments **:: Small-Cap Value ProFund :: 113**

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| MillerKnoll, Inc. (Commercial Services & <br>Supplies) | 186 | $3530 |
| Millrose Properties Inc\* (Specialized REITs) | 330 | 9896 |
| Minerals Technologies, Inc. (Chemicals) | 87 | 5059 |
| Mister Car Wash, Inc.\* (Diversified Consumer <br>Services) | 139 | 803 |
| Moelis & Co.—Class A (Capital Markets) | 100 | 7014 |
| Monro, Inc. (Specialty Retail) | 83 | 1170 |
| MP Materials Corp.\* (Metals & Mining) | 205 | 12607 |
| Mr. Cooper Group, Inc.\* (Financial Services) | 175 | 27252 |
| MYR Group, Inc.\* (Construction & <br>Engineering) | 18 | 3483 |
| Myriad Genetics, Inc.\* (Biotechnology) | 255 | 979 |
| N-able, Inc.\* (Software) | 112 | 905 |
| National Bank Holdings Corp.—Class A <br>(Banks) | 57 | 2112 |
| National Beverage Corp.\* (Beverages) | 31 | 1420 |
| National HealthCare Corp. (Health Care <br>Providers & Services) | 13 | 1248 |
| National Presto Industries, Inc.\* (Aerospace & <br>Defense) | 14 | 1350 |
| National Vision Holdings, Inc.\* (Specialty <br>Retail) | 217 | 5264 |
| Navient Corp.\* (Consumer Finance) | 201 | 2601 |
| NBT Bancorp, Inc. (Banks) | 80 | 3310 |
| NCR Atleos Corp.\* (Financial Services) | 114 | 3488 |
| NCR Voyix Corp.\* (Software) | 379 | 5162 |
| Neogen Corp.\* (Health Care Equipment & <br>Supplies) | 543 | 2525 |
| NeoGenomics, Inc.\* (Health Care Providers & <br>Services) | 196 | 949 |
| NetScout Systems, Inc.\* (Communications <br>Equipment) | 195 | 4177 |
| New York Mortgage Trust, Inc. (Mortgage <br>REITs) | 250 | 1581 |
| Newell Brands, Inc. (Household Durables) | 1147 | 6434 |
| Northwest Bancshares, Inc. (Banks) | 397 | 4645 |
| Northwest Natural Holding Co.\* (Gas Utilities) | 111 | 4431 |
| NV5 Global, Inc.\* (Professional Services) | 144 | 3233 |
| OFG Bancorp (Banks) | 50 | 2131 |
| O-I Glass, Inc.\* (Containers & Packaging) | 425 | 5529 |
| Omnicell, Inc.\* (Health Care Equipment & <br>Supplies) | 129 | 4000 |
| Organon & Co. (Pharmaceuticals) | 714 | 6926 |
| Otter Tail Corp. (Electric Utilities) | 63 | 4862 |
| Owens & Minor, Inc.\* (Health Care Providers & <br>Services) | 202 | 1400 |
| Oxford Industries, Inc. (Textiles, Apparel & <br>Luxury Goods) | 38 | 1451 |
| Pacific Premier Bancorp, Inc. (Banks) | 267 | 5786 |
| Pacira BioSciences, Inc.\* (Pharmaceuticals) | 127 | 2678 |
| Papa John's International, Inc. (Hotels, <br>Restaurants & Leisure) | 89 | 3774 |
| Par Pacific Holdings, Inc.\* (Oil, Gas & <br>Consumable Fuels) | 141 | 4425 |
| Park National Corp. (Banks) | 13 | 2104 |
| Patrick Industries, Inc. (Automobile <br>Components) | 47 | 4570 |
| Patterson-UTI Energy, Inc. (Energy <br>Equipment & Services) | 965 | 5704 |
| PC Connection, Inc. (Electronic Equipment, <br>Instruments & Components) | 33 | 2032 |
| Peabody Energy Corp.\* (Oil, Gas & <br>Consumable Fuels) | 334 | 5394 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Pebblebrook Hotel Trust (Hotel & Resort REITs) | 164 | $1645 |
| Penguin Solutions, Inc.\* (Semiconductors & <br>Semiconductor Equipment) | 145 | 3418 |
| PENN Entertainment, Inc.\* (Hotels, <br>Restaurants & Leisure) | 400 | 7225 |
| PennyMac Mortgage Investment Trust <br>(Mortgage REITs) | 240 | 2830 |
| Perdoceo Education Corp. (Diversified <br>Consumer Services) | 80 | 2302 |
| Phillips Edison & Co., Inc. (Retail REITs) | 192 | 6489 |
| Phinia, Inc. (Automobile Components) | 53 | 2687 |
| Photronics, Inc.\* (Semiconductors & <br>Semiconductor Equipment) | 102 | 2077 |
| Pitney Bowes, Inc. (Commercial Services & <br>Supplies) | 230 | 2613 |
| Plexus Corp.\* (Electronic Equipment, <br>Instruments & Components) | 24 | 3060 |
| PRA Group, Inc.\* (Consumer Finance) | 109 | 1657 |
| Premier, Inc.—Class A (Health Care <br>Providers & Services) | 226 | 4854 |
| Prestige Consumer Healthcare, Inc.\* <br>(Pharmaceuticals) | 54 | 3993 |
| PriceSmart, Inc. (Consumer Staples <br>Distribution & Retail) | 68 | 7311 |
| Privia Health Group, Inc.\* (Health Care <br>Providers & Services) | 90 | 1757 |
| ProAssurance Corp.\* (Insurance) | 141 | 3350 |
| Progyny, Inc.\* (Health Care Providers & <br>Services) | 103 | 2422 |
| ProPetro Holding Corp.\* (Energy <br>Equipment & Services) | 221 | 1185 |
| Proto Labs, Inc.\* (Machinery) | 64 | 2760 |
| Provident Financial Services, Inc. (Banks) | 359 | 6541 |
| Qorvo, Inc.\* (Semiconductors & <br>Semiconductor Equipment) | 256 | 21401 |
| Quaker Chemical Corp. (Chemicals) | 38 | 4348 |
| Quanex Building Products Corp. (Building <br>Products) | 129 | 2513 |
| QuidelOrtho Corp.\* (Health Care <br>Equipment & Supplies) | 182 | 4190 |
| Radian Group, Inc. (Financial Services) | 203 | 6620 |
| Ralliant Corp.\* (Electrical Equipment) | 311 | 14219 |
| Ready Capital Corp. (Mortgage REITs) | 470 | 1979 |
| Redwood Trust, Inc. (Mortgage REITs) | 366 | 1998 |
| Renasant Corp. (Banks) | 252 | 9233 |
| Resideo Technologies, Inc.\* (Building <br>Products) | 407 | 11112 |
| REX American Resources Corp.\* (Oil, Gas & <br>Consumable Fuels) | 39 | 2039 |
| Robert Half, Inc. (Professional Services) | 276 | 10187 |
| Rogers Corp.\* (Electronic Equipment, <br>Instruments & Components) | 46 | 3017 |
| RPC, Inc. (Energy Equipment & Services) | 113 | 525 |
| Rush Enterprises, Inc.—Class A (Trading <br>Companies & Distributors) | 63 | 3411 |
| RXO, Inc.\* (Ground Transportation) | 208 | 3214 |
| S&T Bancorp, Inc.\* (Banks) | 49 | 1795 |
| Safehold, Inc. (Specialized REITs) | 126 | 1763 |
| Safety Insurance Group, Inc. (Insurance) | 40 | 2814 |
| Sally Beauty Holdings, Inc.\* (Specialty Retail) | 278 | 2708 |
| Sandisk Corp.\* (Semiconductors) | 370 | 15880 |
| Sanmina Corp.\* (Electronic Equipment, <br>Instruments & Components) | 76 | 8819 |
| Saul Centers, Inc. (Retail REITs) | 15 | 483 |

---

**See accompanying notes to financial statements.**

------

**114 :: Small-Cap Value ProFund ::** Schedule of Portfolio Investments :: July 31, 2025

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| ScanSource, Inc.\* (Electronic Equipment, <br>Instruments & Components) | 57 | $2214 |
| Schneider National, Inc.\*—Class B (Ground <br>Transportation) | 129 | 3154 |
| Scholastic Corp. (Media) | 65 | 1604 |
| Schrodinger, Inc.\* (Health Care Technology) | 72 | 1464 |
| Seacoast Banking Corp. of Florida (Banks) | 233 | 6568 |
| Sealed Air Corp. (Containers & Packaging) | 245 | 7171 |
| Select Medical Holdings Corp. (Health Care <br>Providers & Services) | 286 | 4230 |
| Sensient Technologies Corp. (Chemicals) | 55 | 6176 |
| Shenandoah Telecommunications Co. <br>(Diversified Telecommunication Services) | 127 | 1864 |
| Shoe Carnival, Inc. (Specialty Retail) | 49 | 1003 |
| Shutterstock, Inc. (Interactive Media & <br>Services) | 67 | 1284 |
| Signet Jewelers, Ltd. (Specialty Retail) | 118 | 9333 |
| Simmons First National Corp.—Class A <br>(Banks) | 391 | 7495 |
| Simulations Plus, Inc.\* (Health Care <br>Technology) | 21 | 273 |
| SiriusPoint, Ltd.\* (Insurance) | 253 | 4961 |
| SITE Centers Corp.\* (Retail REITs) | 131 | 1411 |
| SJW Group (Water Utilities) | 85 | 4105 |
| SL Green Realty Corp. (Office REITs) | 58 | 3321 |
| SM Energy Co. (Oil, Gas & Consumable Fuels) | 157 | 4332 |
| SolarEdge Technologies, Inc.\* <br>(Semiconductors & Semiconductor <br>Equipment) | 114 | 2925 |
| Sonic Automotive, Inc.—Class A (Specialty <br>Retail) | 39 | 2822 |
| Sonos, Inc.\* (Household Durables) | 331 | 3578 |
| Southside Bancshares, Inc.\* (Banks) | 79 | 2326 |
| SpartanNash Co. (Consumer Staples <br>Distribution & Retail) | 93 | 2468 |
| Sprinklr, Inc.\*—Class A (Software) | 196 | 1766 |
| STAAR Surgical Co.\* (Health Care <br>Equipment & Supplies) | 59 | 1057 |
| Standard Motor Products, Inc. (Automobile <br>Components) | 57 | 1731 |
| Standex International Corp. (Machinery) | 12 | 1977 |
| Stellar Bancorp, Inc. (Banks) | 126 | 3721 |
| Stepan Co. (Chemicals) | 58 | 2945 |
| StepStone Group, Inc.—Class A (Capital <br>Markets) | 77 | 4571 |
| Steven Madden, Ltd. (Textiles, Apparel & <br>Luxury Goods) | 68 | 1632 |
| Stewart Information Services Corp. (Insurance) | 76 | 4935 |
| StoneX Group, Inc.\* (Capital Markets) | 56 | 5445 |
| Strategic Education, Inc. (Diversified <br>Consumer Services) | 65 | 4820 |
| Sturm Ruger & Co., Inc.\* (Leisure Products) | 45 | 1537 |
| Summit Hotel Properties, Inc. (Hotel & Resort <br>REITs) | 155 | 809 |
| Sun Country Airlines Holdings, Inc.\* <br>(Passenger Airlines) | 110 | 1275 |
| SunCoke Energy, Inc. (Metals & Mining) | 233 | 1722 |
| Sunrun, Inc.\* (Electrical Equipment) | 627 | 6433 |
| Supernus Pharmaceuticals, Inc.\* <br>(Pharmaceuticals) | 75 | 2633 |
| Talos Energy, Inc.\* (Oil, Gas & Consumable <br>Fuels) | 339 | 2898 |
| Tanger, Inc. (Retail REITs) | 103 | 3092 |
| TechTarget, Inc.\* (Media) | 42 | 304 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| TEGNA, Inc.\* (Media) | 442 | $7381 |
| Teleflex, Inc. (Health Care Equipment & <br>Supplies) | 121 | 14459 |
| Telephone and Data Systems, Inc. (Wireless <br>Telecommunication Services) | 271 | 10580 |
| Tennant Co. (Machinery) | 51 | 4210 |
| Teradata Corp.\* (Software) | 170 | 3558 |
| Terreno Realty Corp. (Industrial REITs) | 144 | 7990 |
| The Andersons, Inc. (Consumer Staples <br>Distribution & Retail) | 88 | 3161 |
| The Buckle, Inc. (Specialty Retail) | 41 | 2024 |
| The Cheesecake Factory, Inc.<sup>(a)</sup> (Hotels, <br>Restaurants & Leisure) | 42 | 2684 |
| The Chemours Co.\* (Chemicals) | 411 | 4924 |
| The Macerich Co. (Retail REITs) | 237 | 3960 |
| The Simply Good Foods Co.\* (Food Products) | 137 | 4172 |
| Thryv Holdings, Inc.\* (Media) | 71 | 934 |
| TimkenSteel Corp.\* (Metals & Mining) | 102 | 1612 |
| Titan International, Inc.\* (Machinery) | 134 | 1134 |
| Tompkins Financial Corp.\* (Banks) | 20 | 1294 |
| Tootsie Roll Industries, Inc.\* (Food Products) | 19 | 721 |
| Topgolf Callaway Brands Corp.\* (Leisure <br>Products) | 389 | 3598 |
| TreeHouse Foods, Inc.\* (Food Products) | 125 | 2403 |
| Tri Pointe Homes, Inc.\* (Household Durables) | 122 | 3758 |
| TripAdvisor, Inc.\* (Interactive Media & <br>Services) | 108 | 1889 |
| Triumph Financial, Inc.\* (Banks) | 24 | 1361 |
| TrustCo Bank Corp.\* (Banks) | 52 | 1745 |
| Trustmark Corp. (Banks) | 166 | 6184 |
| TTM Technologies, Inc.\* (Electronic <br>Equipment, Instruments & Components) | 134 | 6332 |
| Two Harbors Investment Corp.\* (Mortgage <br>REITs) | 287 | 2798 |
| U.S. Physical Therapy, Inc. (Health Care <br>Providers & Services) | 21 | 1536 |
| Ultra Clean Holdings, Inc.\* (Semiconductors & <br>Semiconductor Equipment) | 124 | 2792 |
| UniFirst Corp. (Commercial Services & <br>Supplies) | 22 | 3763 |
| United Community Banks, Inc. (Banks) | 334 | 10187 |
| United Fire Group, Inc. (Insurance) | 59 | 1566 |
| United Natural Foods, Inc.\* (Consumer <br>Staples Distribution & Retail) | 166 | 4588 |
| Uniti Group, Inc.\* (Specialized REITs) | 358 | 1905 |
| Unitil Corp. (Multi-Utilities) | 27 | 1393 |
| Universal Corp.\* (Tobacco) | 67 | 3649 |
| Universal Health Realty Income Trust\* <br>(Health Care REITs) | 17 | 659 |
| Upbound Group, Inc.\* (Specialty Retail) | 141 | 2910 |
| Urban Edge Properties (Retail REITs) | 139 | 2741 |
| Urban Outfitters, Inc.\* (Specialty Retail) | 85 | 6399 |
| USANA Health Sciences, Inc.\* (Personal Care <br>Products) | 30 | 882 |
| Veeco Instruments, Inc.\* (Semiconductors & <br>Semiconductor Equipment) | 165 | 3429 |
| Veritex Holdings, Inc. (Banks) | 149 | 4726 |
| Vestis Corp. (Commercial Services & Supplies) | 316 | 1915 |
| Viasat, Inc.\* (Communications Equipment) | 235 | 3861 |
| Viavi Solutions, Inc.\* (Communications <br>Equipment) | 350 | 3518 |
| Vicor Corp.\* (Electrical Equipment) | 28 | 1244 |
| Victoria's Secret & Co.\* (Specialty Retail) | 219 | 4117 |

---

**See accompanying notes to financial statements.**

------

July 31, 2025 :: Schedule of Portfolio Investments **:: Small-Cap Value ProFund :: 115**

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Victory Capital Holdings, Inc.\*—Class A <br>(Capital Markets) | 27 | $1861 |
| Vir Biotechnology, Inc.\* (Biotechnology) | 256 | 1298 |
| Virtus Investment Partners, Inc. (Capital <br>Markets) | 11 | 2126 |
| Vishay Intertechnology, Inc. (Electronic <br>Equipment, Instruments & Components) | 309 | 5065 |
| Vital Energy, Inc.\* (Oil, Gas & Consumable <br>Fuels) | 75 | 1402 |
| Walker & Dunlop, Inc. (Financial Services) | 89 | 6676 |
| Washington Federal, Inc. (Banks) | 219 | 6374 |
| WD-40 Co. (Household Products) | 14 | 3002 |
| Werner Enterprises, Inc.\* (Ground <br>Transportation) | 169 | 4684 |
| Westamerica Bancorp\* (Banks) | 32 | 1533 |
| Whitestone REIT (Retail REITs) | 63 | 768 |
| WillScot Mobile Mini Holdings Corp.\* <br>(Biotech & Pharma) | 191 | 5606 |
| Winnebago Industries, Inc. (Automobiles) | 77 | 2288 |
| WK Kellogg Co. (Food Products) | 70 | 1614 |
| Wolverine World Wide, Inc. (Textiles, <br>Apparel & Luxury Goods) | 72 | 1626 |
| World Acceptance Corp.\* (Consumer Finance) | 9 | 1416 |
| World Kinect Corp. (Oil, Gas & Consumable <br>Fuels) | 156 | 4254 |
| Worthington Enterprises, Inc.\* (Household <br>Durables) | 85 | 5267 |
| Worthington Steel, Inc.\* (Metals & Mining) | 96 | 2930 |
| WSFS Financial Corp. (Banks) | 84 | 4607 |
| Xencor, Inc.\* (Biotechnology) | 115 | 957 |
| Xerox Holdings Corp. (Technology Hardware, <br>Storage & Peripherals) | 323 | 1308 |
| Yelp, Inc.\* (Interactive Media & Services) | 78 | 2686 |
| Ziff Davis, Inc.\* (Interactive Media & Services) | 115 | 3579 |
| **TOTAL COMMON STOCKS**<br> (Cost $1,371,993) |  | **1785200** |

---

**Repurchase Agreements<sup>(b)</sup> (1.7%)**

---

| | | |
|:---|:---|:---|
| | Principal<br>Amount | Value |
| Repurchase Agreements with various <br>counterparties, rates 4.09%–4.25%, <br>dated 7/31/25, due 8/1/25, total to be <br>received $30,003 | $30000 | $30000 |
| **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $30,000) |  | **30000** |

---

**Collateral for Securities Loaned<sup>(c)</sup> (1.0%)**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Invesco Government & Agency Portfolio—<br>Institutional Shares, 4.34%<sup>(d)</sup> | 18694 | $18694 |
| **TOTAL COLLATERAL FOR SECURITIES LOANED**<br> (Cost $18,694) |  | **18694** |
| **TOTAL INVESTMENT SECURITIES**<br> (Cost $1,420,687)—102.4% |  | **1833894** |
| Net other assets (liabilities)—(2.4)% |  | (43749) |
| **NET ASSETS—100.0%** |  | $**1790145** |

---

\* Non-income producing security.

<sup>(a)</sup> All or part of this security was on loan as of July 31, 2025. The total value of securities on loan as of July 31, 2025 was $17,761.

<sup>(b)</sup> The ProFund invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" in the Appendix to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.

<sup>(c)</sup> Securities were purchased with cash collateral held from securities on loan at July 31, 2025.

<sup>(d)</sup> Rate periodically changes. Rate disclosed is the daily yield as of July 31, 2025.

<sup>REIT</sup> Real Estate Investment Trust

**See accompanying notes to financial statements.**

------

**116 :: Small-Cap Value ProFund ::** Schedule of Portfolio Investments :: July 31, 2025

Small-Cap Value ProFund invested in the following industries as of July 31, 2025:

---

| | | |
|:---|:---|:---|
| | Value | % of <br>Net Assets |
| Aerospace & Defense | $27246 | 1.5% |
| Air Freight & Logistics | 6877 | 0.4% |
| Automobile Components | 56036 | 3.1% |
| Automobiles | 2288 | 0.1% |
| Banks | 208440 | 11.6% |
| Beverages | 2495 | 0.1% |
| Biotech & Pharma | 5606 | 0.3% |
| Biotechnology | 15410 | 0.9% |
| Broadline Retail | 11835 | 0.7% |
| Building Products | 32873 | 1.8% |
| Capital Markets | 32053 | 1.8% |
| Chemicals | 76757 | 4.3% |
| Commercial Services & Supplies | 37265 | 2.1% |
| Communications Equipment | 22953 | 1.3% |
| Construction & Engineering | 22629 | 1.3% |
| Consumer Finance | 17891 | 1.0% |
| Consumer Staples Distribution & Retail | 21070 | 1.2% |
| Containers & Packaging | 12701 | 0.7% |
| Diversified Consumer Services | 7925 | 0.4% |
| Diversified Telecommunication Services | 8014 | 0.4% |
| Electric Utilities | 8090 | 0.5% |
| Electrical Equipment | 21896 | 1.2% |
| Electronic Equipment, Instruments & <br>Components | 58916 | 3.3% |
| Energy Equipment & Services | 17572 | 1.0% |
| Equity REIT—Diversified | 8861 | 0.5% |
| Financial Services | 69461 | 3.9% |
| Food Products | 16998 | 1.0% |
| Gas Utilities | 7668 | 0.4% |
| Ground Transportation | 20729 | 1.2% |
| Health Care Equipment & Supplies | 40293 | 2.3% |
| Health Care Providers & Services | 31336 | 1.7% |
| Health Care REITs | 18226 | 1.0% |
| Health Care Technology | 5461 | 0.3% |
| Hotel & Resort REITs | 6108 | 0.3% |
| Hotels, Restaurants & Leisure | 24093 | 1.4% |
| Household Durables | 54508 | 3.1% |
| Household Products | 11094 | 0.6% |
| Independent Power/Renewable Electricity <br>Producers | 10364 | 0.6% |
| Industrial REITs | 15540 | 0.9% |

---

---

| | | |
|:---|:---|:---|
| | Value | % of <br>Net Assets |
| Insurance | $57284 | 3.2% |
| Interactive Media & Services | 19512 | 1.1% |
| IT Services | 7351 | 0.4% |
| Leisure Products | 7683 | 0.4% |
| Life Sciences Tools & Services | 4900 | 0.3% |
| Machinery | 53609 | 3.0% |
| Marine Transportation | 3417 | 0.2% |
| Media | 13624 | 0.8% |
| Metals & Mining | 29614 | 1.6% |
| Mortgage REITs | 39728 | 2.2% |
| Multi-Utilities | 9599 | 0.5% |
| Office REITs | 18275 | 1.0% |
| Oil, Gas & Consumable Fuels | 52471 | 2.9% |
| Passenger Airlines | 7010 | 0.4% |
| Personal Care Products | 4136 | 0.2% |
| Pharmaceuticals | 21440 | 1.2% |
| Professional Services | 20716 | 1.1% |
| Real Estate Management & Development | 13860 | 0.8% |
| Residential REITs | 4370 | 0.3% |
| Retail REITs | 23263 | 1.3% |
| Semiconductors | 15880 | 0.9% |
| Semiconductors & Semiconductor <br>Equipment | 62042 | 3.5% |
| Software | 23663 | 1.3% |
| Specialized REITs | 16770 | 0.9% |
| Specialty Retail | 88668 | 5.0% |
| Technology Hardware, Storage & <br>Peripherals | 2450 | 0.1% |
| Technology Services | 10363 | 0.6% |
| Textiles, Apparel & Luxury Goods | 11484 | 0.6% |
| Tobacco | 3650 | 0.2% |
| Trading Companies & Distributors | 34083 | 1.9% |
| Water Utilities | 16700 | 0.9% |
| Wireless Telecommunication Services | 12007 | 0.7% |
| Other\*\* | 4945 | 0.3% |
| **Total** | $**1790145** | **100.0%** |

---

\*\* Includes any non-equity securities and other net assets (liabilities), which includes any receivable for capital shares issued and payable for capital shares redeemed.

<sup>REIT</sup> Real Estate Investment Trust

**See accompanying notes to financial statements.**

------

July 31, 2025 :: Schedule of Portfolio Investments **:: Technology UltraSector ProFund :: 117**

**Common Stocks (77.3%)**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Accenture PLC—Class A (IT Services) | 4299 | $1148263 |
| Adobe, Inc.\* (Software) | 2927 | 1046959 |
| Advanced Micro Devices, Inc.\* <br>(Semiconductors & Semiconductor <br>Equipment) | 11133 | 1962859 |
| Akamai Technologies, Inc.\* (IT Services) | 1003 | 76539 |
| Amphenol Corp.—Class A (Electronic <br>Equipment, Instruments & Components) | 8306 | 884673 |
| Analog Devices, Inc. (Semiconductors & <br>Semiconductor Equipment) | 3406 | 765090 |
| Apple, Inc. (Technology Hardware, Storage & <br>Peripherals) | 39303 | 8158124 |
| Applied Materials, Inc. (Semiconductors & <br>Semiconductor Equipment) | 5579 | 1004555 |
| Arista Networks, Inc.\* (Communications <br>Equipment) | 7072 | 871412 |
| Autodesk, Inc.\* (Software) | 1469 | 445269 |
| Broadcom, Inc. (Semiconductors & <br>Semiconductor Equipment) | 12373 | 3633950 |
| Cadence Design Systems, Inc.\* (Software) | 1875 | 683569 |
| CDW Corp. (Electronic Equipment, <br>Instruments & Components) | 904 | 157640 |
| Cisco Systems, Inc. (Communications <br>Equipment) | 27318 | 1859810 |
| Cognizant Technology Solutions Corp.—<br>Class A (IT Services) | 3385 | 242908 |
| Corning, Inc. (Electronic Equipment, <br>Instruments & Components) | 5293 | 334729 |
| Crowdstrike Holdings, Inc.\*—Class A <br>(Software) | 1710 | 777315 |
| Datadog, Inc.\*—Class A (Software) | 1269 | 177635 |
| Dell Technologies, Inc.—Class C (Technology <br>Hardware, Storage & Peripherals) | 2057 | 272943 |
| Enphase Energy, Inc.\* (Semiconductors & <br>Semiconductor Equipment) | 900 | 29124 |
| EPAM Systems, Inc.\* (IT Services) | 389 | 61349 |
| F5, Inc.\* (Communications Equipment) | 394 | 123487 |
| Fair Isaac Corp.\* (Software) | 167 | 239932 |
| First Solar, Inc.\* (Semiconductors & <br>Semiconductor Equipment) | 736 | 128601 |
| Fortinet, Inc.\* (Software) | 4363 | 435864 |
| Gartner, Inc.\* (IT Services) | 528 | 178807 |
| Gen Digital, Inc. (Software) | 3747 | 110499 |
| GoDaddy, Inc.\*—Class A (IT Services) | 979 | 158187 |
| Hewlett Packard Enterprise Co. (Technology <br>Hardware, Storage & Peripherals) | 9020 | 186624 |
| HP, Inc. (Technology Hardware, Storage & <br>Peripherals) | 6473 | 160530 |
| Intel Corp. (Semiconductors & Semiconductor <br>Equipment) | 29953 | 593069 |
| International Business Machines Corp. <br>(IT Services) | 6382 | 1615603 |
| Intuit, Inc. (Software) | 1920 | 1507450 |
| Jabil, Inc. (Electronic Equipment, <br>Instruments & Components) | 737 | 164476 |
| Keysight Technologies, Inc.\* (Electronic <br>Equipment, Instruments & Components) | 1186 | 194397 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| KLA Corp. (Semiconductors & Semiconductor <br>Equipment) | 908 | $798159 |
| Lam Research Corp. (Semiconductors & <br>Semiconductor Equipment) | 8783 | 832980 |
| Microchip Technology, Inc. (Semiconductors & <br>Semiconductor Equipment) | 3693 | 249610 |
| Micron Technology, Inc. (Semiconductors & <br>Semiconductor Equipment) | 7674 | 837540 |
| Microsoft Corp. (Software) | 19559 | 10434726 |
| Monolithic Power Systems, Inc. <br>(Semiconductors & Semiconductor <br>Equipment) | 328 | 233287 |
| Motorola Solutions, Inc. (Communications <br>Equipment) | 1146 | 503071 |
| NetApp, Inc. (Technology Hardware, Storage & <br>Peripherals) | 1396 | 145365 |
| NVIDIA Corp. (Semiconductors & <br>Semiconductor Equipment) | 64175 | 11414807 |
| NXP Semiconductors N.V. (Semiconductors & <br>Semiconductor Equipment) | 1735 | 370891 |
| ON Semiconductor Corp.\* (Semiconductors & <br>Semiconductor Equipment) | 2869 | 161697 |
| Oracle Corp. (Software) | 11168 | 2834103 |
| Palantir Technologies, Inc.\*—Class A <br>(Software) | 14607 | 2313018 |
| Palo Alto Networks, Inc.\* (Software) | 4547 | 789359 |
| PTC, Inc.\* (Software) | 824 | 177003 |
| QUALCOMM, Inc. (Semiconductors & <br>Semiconductor Equipment) | 7534 | 1105690 |
| Roper Technologies, Inc. (Software) | 738 | 406195 |
| Salesforce, Inc. (Software) | 6589 | 1702136 |
| Seagate Technology Holdings PLC (Technology <br>Hardware, Storage & Peripherals) | 1457 | 228764 |
| ServiceNow, Inc.\* (Software) | 1421 | 1340174 |
| Skyworks Solutions, Inc. (Semiconductors & <br>Semiconductor Equipment) | 1031 | 70665 |
| Super Micro Computer, Inc.\* (Technology <br>Hardware, Storage & Peripherals) | 3524 | 207810 |
| Synopsys, Inc.\* (Software) | 1267 | 802606 |
| TE Connectivity, Ltd. (Electronic Equipment, <br>Instruments & Components) | 2036 | 418907 |
| Teledyne Technologies, Inc.\* (Electronic <br>Equipment, Instruments & Components) | 322 | 177428 |
| Teradyne, Inc. (Semiconductors & <br>Semiconductor Equipment) | 1102 | 118388 |
| Texas Instruments, Inc. (Semiconductors & <br>Semiconductor Equipment) | 6238 | 1129452 |
| Trimble, Inc.\* (Electronic Equipment, <br>Instruments & Components) | 1638 | 137412 |
| Tyler Technologies, Inc.\* (Software) | 296 | 173030 |
| VeriSign, Inc. (IT Services) | 577 | 155138 |
| Western Digital Corp.\* (Technology Hardware, <br>Storage & Peripherals) | 2395 | 188463 |
| Workday, Inc.\*—Class A (Software) | 1488 | 341317 |
| Zebra Technologies Corp.\* (Electronic <br>Equipment, Instruments & Components) | 349 | 118318 |
| **TOTAL COMMON STOCKS**<br> (Cost $37,615,700) |  | **71309750** |

---

**See accompanying notes to financial statements.**

------

**118 :: Technology UltraSector ProFund ::** Schedule of Portfolio Investments :: July 31, 2025

**Repurchase Agreements<sup>(a)(b)</sup> (27.3%)**

---

| | | |
|:---|:---|:---|
| | Principal <br>Amount | Value |
| Repurchase Agreements with various <br>counterparties, rates 4.09%–4.25%, <br>dated 7/31/25, due 8/1/25, total to be <br>received $25,213,941 | $25211000 | $25211000 |
| **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $25,211,000) |  | **25211000** |
| **TOTAL INVESTMENT SECURITIES**<br> (Cost $62,826,700)—104.6% |  | **96520750** |
| Net other assets (liabilities)—(4.6)% |  | (4229167) |
| **NET ASSETS—100.0%** |  | $**92291583** |

---

\* Non-income producing security.

<sup>(a)</sup> The ProFund invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" in the Appendix to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.

<sup>(b)</sup> A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. At July 31, 2025, the aggregate amount held in a segregated account was $13,620,000.

**Total Return Swap Agreements—Long**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Underlying Instrument | Counterparty | Termination<br>Date<sup>(1)</sup> | Rate Paid<br>(Received)<sup>(2)</sup> | Notional<br>Amount | Value and<br>Unrealized<br>Appreciation/<br>(Depreciation) |
| S&P Technology Select Sector Index | Goldman Sachs International | 8/25/25 | 5.08% | $38373741 | $167988 |
| S&P Technology Select Sector Index | UBS AG | 8/25/25 | 5.13% | 29205285 | 260460 |
|  |  |  |  | $**67579026** | $**428448** |

---

<sup>(1)</sup> Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

<sup>(2)</sup> Reflects the floating financing rate, as of July 31, 2025, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

Technology UltraSector ProFund invested in the following industries as of July 31, 2025:

---

| | | |
|:---|:---|:---|
| | Value | % of<br>Net Assets |
| Communications Equipment | $3357780 | 3.6% |
| Electronic Equipment, Instruments & <br>Components | 2587980 | 2.9% |
| IT Services | 3636794 | 3.9% |
| Semiconductors & Semiconductor <br>Equipment | 25440414 | 27.6% |
| Software | 26738159 | 29.0% |
| Technology Hardware, Storage & <br>Peripherals | 9548623 | 10.3% |
| Other\*\* | 20981833 | 22.7% |
| **Total** | $**92291583** | **100.0%** |

---

\*\* Includes any non-equity securities and other net assets (liabilities), which includes any receivable for capital shares issued and payable for capital shares redeemed.

**See accompanying notes to financial statements.**

------

July 31, 2025 :: Schedule of Portfolio Investments **:: UltraBear ProFund :: 119**

**Repurchase Agreements<sup>(a)(b)</sup> (89.5%)**

---

| | | |
|:---|:---|:---|
| | Principal<br>Amount | Value |
| Repurchase Agreements with various <br>counterparties, rates 4.09%–4.25%, <br>dated 7/31/25, due 8/1/25, total to be <br>received $5,985,698 | $5985000 | $5985000 |
| **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $5,985,000) |  | **5985000** |
| **TOTAL INVESTMENT SECURITIES**<br> (Cost $5,985,000)—89.5% |  | **5985000** |
| Net other assets (liabilities)—10.5% |  | 703171 |
| **NET ASSETS—100.0%** |  | $**6688171** |

---

<sup>(a)</sup> The ProFund invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" in the Appendix to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.

<sup>(b)</sup> A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. At July 31, 2025, the aggregate amount held in a segregated account was $1,606,000.

**Futures Contracts Sold**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Number<br>of<br>Contracts | Expiration<br>Date | Notional<br>Amount | Value and<br>Unrealized<br>Appreciation/<br>(Depreciation) |
| E-mini S&P 500 Futures Contracts | 2 | 9/22/25 | $(637425) | $(27548) |

---

**Total Return Swap Agreements—Short**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Underlying Instrument | Counterparty | Termination<br>Date<sup>(1)</sup> | Rate Paid<br>(Received)<sup>(2)</sup> | Notional<br>Amount | Value and<br>Unrealized<br>Appreciation/<br>(Depreciation) |
| S&P 500 | Goldman Sachs International | 8/27/25 | (4.83)% | $(8367995) | $59479 |
| S&P 500 | UBS AG | 8/27/25 | (4.73)% | (4374179) | 36109 |
|  |  |  |  | $**(12742174)** | $**95588** |

---

<sup>(1)</sup> Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

<sup>(2)</sup> Reflects the floating financing rate, as of July 31, 2025, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

**See accompanying notes to financial statements.**

------

**120 :: UltraBull ProFund ::** Schedule of Portfolio Investments :: July 31, 2025

**Common Stocks (72.4%)**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| 3M Co. (Industrial Conglomerates) | 1203 | $179512 |
| A.O. Smith Corp. (Building Products) | 260 | 18405 |
| Abbott Laboratories (Health Care <br>Equipment & Supplies) | 3888 | 490627 |
| AbbVie, Inc. (Biotechnology) | 3947 | 746061 |
| Accenture PLC—Class A (IT Services) | 1399 | 373673 |
| Adobe, Inc.\* (Software) | 952 | 340521 |
| Advanced Micro Devices, Inc.\* <br>(Semiconductors & Semiconductor <br>Equipment) | 3623 | 638771 |
| Aflac, Inc. (Insurance) | 1087 | 108004 |
| Agilent Technologies, Inc. (Life Sciences <br>Tools & Services) | 637 | 73134 |
| Air Products & Chemicals, Inc. (Chemicals) | 497 | 143076 |
| Airbnb, Inc.\*—Class A (Hotels, Restaurants & <br>Leisure) | 964 | 127643 |
| Akamai Technologies, Inc.\* (IT Services) | 327 | 24953 |
| Albemarle Corp. (Chemicals) | 263 | 17845 |
| Alexandria Real Estate Equities, Inc. <br>(Office REITs) | 344 | 26292 |
| Align Technology, Inc.\* (Health Care <br>Equipment & Supplies) | 152 | 19610 |
| Allegion PLC (Building Products) | 192 | 31857 |
| Alliant Energy Corp. (Electric Utilities) | 574 | 37316 |
| Allstate Corp. (Insurance) | 592 | 120324 |
| Alphabet, Inc.—Class A (Interactive Media & <br>Services) | 13004 | 2495468 |
| Alphabet, Inc.—Class C (Interactive Media & <br>Services) | 10490 | 2023101 |
| Altria Group, Inc. (Tobacco) | 3764 | 233142 |
| Amazon.com, Inc.\* (Broadline Retail) | 21112 | 4942529 |
| Amcor PLC (Containers & Packaging) | 5120 | 47872 |
| Ameren Corp. (Multi-Utilities) | 604 | 61083 |
| American Electric Power Co., Inc. (Electric <br>Utilities) | 1194 | 135089 |
| American Express Co. (Consumer Finance) | 1237 | 370247 |
| American International Group, Inc. (Insurance) | 1288 | 99987 |
| American Tower Corp.—Class A (Specialized <br>REITs) | 1046 | 217975 |
| American Water Works Co., Inc. (Water <br>Utilities) | 436 | 61145 |
| Ameriprise Financial, Inc. (Capital Markets) | 213 | 110374 |
| AMETEK, Inc. (Electrical Equipment) | 516 | 95383 |
| Amgen, Inc. (Biotechnology) | 1201 | 354415 |
| Amphenol Corp.—Class A (Electronic <br>Equipment, Instruments & Components) | 2703 | 287897 |
| Analog Devices, Inc. (Semiconductors & <br>Semiconductor Equipment) | 1108 | 248890 |
| Aon PLC—Class A (Insurance) | 483 | 171808 |
| APA Corp. (Oil, Gas & Consumable Fuels) | 806 | 15548 |
| Apollo Global Management, Inc. (Financial <br>Services) | 1009 | 146628 |
| Apple, Inc. (Technology Hardware, Storage & <br>Peripherals) | 33373 | 6927233 |
| Applied Materials, Inc. (Semiconductors & <br>Semiconductor Equipment) | 1815 | 326809 |
| Aptiv PLC\* (Automobile Components) | 487 | 33428 |
| Arch Capital Group, Ltd.\* (Insurance) | 834 | 71774 |
| Archer-Daniels-Midland Co. (Food Products) | 1074 | 58189 |
| Arista Networks, Inc.\* (Communications <br>Equipment) | 2301 | 283529 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Arthur J. Gallagher & Co. (Insurance) | 572 | $164307 |
| Assurant, Inc. (Insurance) | 113 | 21165 |
| AT&T, Inc. (Diversified Telecommunication <br>Services) | 16078 | 440698 |
| Atmos Energy Corp. (Gas Utilities) | 355 | 55352 |
| Autodesk, Inc.\* (Software) | 478 | 144887 |
| Automatic Data Processing, Inc. (Professional <br>Services) | 907 | 280717 |
| AutoZone, Inc.\* (Specialty Retail) | 37 | 139430 |
| AvalonBay Communities, Inc. (Residential <br>REITs) | 318 | 59237 |
| Avery Dennison Corp. (Containers & <br>Packaging) | 175 | 29360 |
| Axon Enterprise, Inc.\* (Aerospace & Defense) | 165 | 124656 |
| Baker Hughes Co. (Energy Equipment & <br>Services) | 2214 | 99741 |
| Ball Corp. (Containers & Packaging) | 620 | 35501 |
| Bank of America Corp. (Banks) | 14642 | 692127 |
| Baxter International, Inc. (Health Care <br>Equipment & Supplies) | 1147 | 24959 |
| Becton, Dickinson & Co. (Health Care <br>Equipment & Supplies) | 640 | 114080 |
| Berkshire Hathaway, Inc.\*—Class B (Financial <br>Services) | 4097 | 1933292 |
| Best Buy Co., Inc. (Specialty Retail) | 430 | 27976 |
| Biogen, Inc.\* (Biotechnology) | 327 | 41856 |
| Bio-Techne Corp. (Life Sciences Tools & <br>Services) | 350 | 19156 |
| BlackRock, Inc. (Capital Markets) | 325 | 359453 |
| Blackstone, Inc. (Capital Markets) | 1630 | 281925 |
| Block, Inc.\* (Financial Services) | 1236 | 95493 |
| Booking Holdings, Inc. (Hotels, Restaurants & <br>Leisure) | 73 | 401797 |
| Boston Properties, Inc. (Office REITs) | 325 | 21265 |
| Boston Scientific Corp.\* (Health Care <br>Equipment & Supplies) | 3306 | 346866 |
| Bristol-Myers Squibb Co. (Pharmaceuticals) | 4547 | 196931 |
| Broadcom, Inc. (Semiconductors & <br>Semiconductor Equipment) | 10506 | 3085612 |
| Broadridge Financial Solutions, Inc. <br>(Professional Services) | 262 | 64848 |
| Brown & Brown, Inc. (Insurance) | 532 | 48609 |
| Brown-Forman Corp.—Class B (Beverages) | 407 | 11742 |
| Builders FirstSource, Inc.\* (Building Products) | 247 | 31401 |
| Bunge Global SA (Food Products) | 300 | 23928 |
| C.H. Robinson Worldwide, Inc. (Air Freight & <br>Logistics) | 265 | 30560 |
| Cadence Design Systems, Inc.\* (Software) | 610 | 222388 |
| Caesars Entertainment, Inc.\* (Hotels, <br>Restaurants & Leisure) | 465 | 12406 |
| Camden Property Trust (Residential REITs) | 239 | 26099 |
| Campbell Soup Co. (Food Products) | 440 | 14045 |
| Capital One Financial Corp. (Consumer <br>Finance) | 1429 | 307235 |
| Cardinal Health, Inc. (Health Care Providers & <br>Services) | 533 | 82732 |
| CarMax, Inc.\* (Specialty Retail) | 340 | 19247 |
| Carnival Corp.\* (Hotels, Restaurants & Leisure) | 2346 | 69840 |
| Carrier Global Corp. (Building Products) | 1781 | 122212 |

---

**See accompanying notes to financial statements.**

------

July 31, 2025 :: Schedule of Portfolio Investments **:: UltraBull ProFund :: 121**

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Caterpillar, Inc. (Machinery) | 1051 | $460360 |
| Cboe Global Markets, Inc. (Capital Markets) | 234 | 56403 |
| CBRE Group, Inc.\*—Class A (Real Estate <br>Management & Development) | 656 | 102166 |
| CDW Corp. (Electronic Equipment, <br>Instruments & Components) | 294 | 51268 |
| Cencora, Inc. (Health Care Providers & <br>Services) | 385 | 110141 |
| Centene Corp.\* (Health Care Providers & <br>Services) | 1112 | 28990 |
| CenterPoint Energy, Inc. (Multi-Utilities) | 1458 | 56600 |
| CF Industries Holdings, Inc. (Chemicals) | 362 | 33604 |
| Charles River Laboratories International, Inc.\* <br>(Life Sciences Tools & Services) | 110 | 18660 |
| Charter Communications, Inc.\*—Class A <br>(Media) | 213 | 57374 |
| Chevron Corp. (Oil, Gas & Consumable Fuels) | 4263 | 646441 |
| Chipotle Mexican Grill, Inc.\* (Hotels, <br>Restaurants & Leisure) | 3011 | 129112 |
| Chubb, Ltd. (Insurance) | 833 | 221611 |
| Church & Dwight Co., Inc. (Household <br>Products) | 550 | 51574 |
| Cincinnati Financial Corp. (Insurance) | 349 | 51481 |
| Cintas Corp. (Commercial Services & Supplies) | 767 | 170696 |
| Cisco Systems, Inc. (Communications <br>Equipment) | 8889 | 605163 |
| Citigroup, Inc. (Banks) | 4173 | 391010 |
| Citizens Financial Group, Inc. (Banks) | 969 | 46241 |
| CME Group, Inc. (Capital Markets) | 805 | 224015 |
| CMS Energy Corp. (Multi-Utilities) | 668 | 49298 |
| Cognizant Technology Solutions Corp.—<br>Class A (IT Services) | 1101 | 79008 |
| Coinbase Global, Inc.\*—Class A (Capital <br>Markets) | 472 | 178303 |
| Colgate-Palmolive Co. (Household Products) | 1811 | 151852 |
| Comcast Corp.—Class A (Media) | 8322 | 276539 |
| Conagra Brands, Inc. (Food Products) | 1067 | 19483 |
| ConocoPhillips (Oil, Gas & Consumable Fuels) | 2821 | 268954 |
| Consolidated Edison, Inc. (Multi-Utilities) | 805 | 83318 |
| Constellation Brands, Inc.—Class A <br>(Beverages) | 342 | 57128 |
| Constellation Energy Corp. (Electric Utilities) | 700 | 243488 |
| Copart, Inc.\* (Commercial Services & <br>Supplies) | 1964 | 89028 |
| Corning, Inc. (Electronic Equipment, <br>Instruments & Components) | 1722 | 108899 |
| Corpay, Inc.\* (Software) | 158 | 51042 |
| Corteva, Inc. (Chemicals) | 1524 | 109926 |
| CoStar Group, Inc.\* (Real Estate <br>Management & Development) | 943 | 89764 |
| Costco Wholesale Corp. (Consumer Staples <br>Distribution & Retail) | 991 | 931182 |
| Coterra Energy, Inc. (Oil, Gas & Consumable <br>Fuels) | 1705 | 41585 |
| Crowdstrike Holdings, Inc.\*—Class A <br>(Software) | 557 | 253195 |
| Crown Castle International Corp. (Specialized <br>REITs) | 973 | 102253 |
| CSX Corp. (Ground Transportation) | 4197 | 149161 |
| Cummins, Inc. (Machinery) | 308 | 113227 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| CVS Health Corp. (Health Care Providers & <br>Services) | 2827 | $175557 |
| D.R. Horton, Inc. (Household Durables) | 618 | 88276 |
| Danaher Corp. (Life Sciences Tools & Services) | 1423 | 280559 |
| Darden Restaurants, Inc. (Hotels, <br>Restaurants & Leisure) | 261 | 52636 |
| Datadog, Inc.\*—Class A (Software) | 712 | 99666 |
| DaVita, Inc.\* (Health Care Providers & Services) | 93 | 13054 |
| Dayforce, Inc.\* (Professional Services) | 357 | 20588 |
| Deckers Outdoor Corp.\* (Textiles, Apparel & <br>Luxury Goods) | 339 | 35992 |
| Deere & Co. (Machinery) | 564 | 295745 |
| Dell Technologies, Inc.—Class C (Technology <br>Hardware, Storage & Peripherals) | 669 | 88770 |
| Delta Air Lines, Inc. (Passenger Airlines) | 1459 | 77634 |
| Devon Energy Corp. (Oil, Gas & Consumable <br>Fuels) | 1435 | 47671 |
| Dexcom, Inc.\* (Health Care Equipment & <br>Supplies) | 876 | 70755 |
| Diamondback Energy, Inc. (Oil, Gas & <br>Consumable Fuels) | 418 | 62140 |
| Digital Realty Trust, Inc. (Specialized REITs) | 707 | 124743 |
| Dollar General Corp. (Consumer Staples <br>Distribution & Retail) | 491 | 51506 |
| Dollar Tree, Inc.\* (Consumer Staples <br>Distribution & Retail) | 441 | 50076 |
| Dominion Energy, Inc. (Multi-Utilities) | 1905 | 111347 |
| Domino's Pizza, Inc. (Hotels, Restaurants & <br>Leisure) | 77 | 35667 |
| DoorDash, Inc.\*—Class A (Hotels, <br>Restaurants & Leisure) | 766 | 191692 |
| Dover Corp. (Machinery) | 306 | 55429 |
| Dow, Inc. (Chemicals) | 1579 | 36775 |
| DTE Energy Co. (Multi-Utilities) | 464 | 64222 |
| Duke Energy Corp. (Electric Utilities) | 1737 | 211289 |
| DuPont de Nemours, Inc. (Chemicals) | 935 | 67227 |
| Eastman Chemical Co. (Chemicals) | 258 | 18733 |
| Eaton Corp. PLC (Electrical Equipment) | 874 | 336245 |
| eBay, Inc. (Broadline Retail) | 1030 | 94503 |
| Ecolab, Inc. (Chemicals) | 564 | 147633 |
| Edison International (Electric Utilities) | 860 | 44823 |
| Edwards LifeSciences Corp.\* (Health Care <br>Equipment & Supplies) | 1311 | 103975 |
| Electronic Arts, Inc. (Entertainment) | 510 | 77770 |
| Elevance Health, Inc. (Health Care Providers & <br>Services) | 505 | 142955 |
| Eli Lilly & Co. (Pharmaceuticals) | 1758 | 1301044 |
| Emerson Electric Co. (Electrical Equipment) | 1257 | 182906 |
| Enphase Energy, Inc.\* (Semiconductors & <br>Semiconductor Equipment) | 293 | 9481 |
| Entergy Corp. (Electric Utilities) | 997 | 90159 |
| EOG Resources, Inc. (Oil, Gas & Consumable <br>Fuels) | 1220 | 146424 |
| EPAM Systems, Inc.\* (IT Services) | 127 | 20029 |
| EQT Corp. (Oil, Gas & Consumable Fuels) | 1338 | 71918 |
| Equifax, Inc. (Professional Services) | 278 | 66784 |
| Equinix, Inc. (Specialized REITs) | 219 | 171952 |
| Equity Residential (Residential REITs) | 764 | 48285 |
| Erie Indemnity Co.—Class A (Insurance) | 56 | 19949 |
| Essex Property Trust, Inc. (Residential REITs) | 144 | 37466 |

---

**See accompanying notes to financial statements.**

------

**122 :: UltraBull ProFund ::** Schedule of Portfolio Investments :: July 31, 2025

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Everest Group, Ltd. (Insurance) | 95 | $31901 |
| Evergy, Inc. (Electric Utilities) | 514 | 36391 |
| Eversource Energy (Electric Utilities) | 821 | 54268 |
| Exelon Corp. (Electric Utilities) | 2256 | 101385 |
| Expand Energy Corp. (Oil, Gas & Consumable <br>Fuels) | 484 | 50714 |
| Expedia Group, Inc.\* (Hotels, Restaurants & <br>Leisure) | 272 | 49020 |
| Expeditors International of Washington, Inc. <br>(Air Freight & Logistics) | 306 | 35569 |
| Extra Space Storage, Inc. (Specialized REITs) | 474 | 63687 |
| Exxon Mobil Corp. (Oil, Gas & Consumable <br>Fuels) | 9630 | 1075092 |
| F5, Inc.\* (Communications Equipment) | 128 | 40118 |
| FactSet Research Systems, Inc. (Capital <br>Markets) | 85 | 34247 |
| Fair Isaac Corp.\* (Software) | 54 | 77583 |
| Fastenal Co. (Trading Companies & <br>Distributors) | 2563 | 118231 |
| Federal Realty Investment Trust (Retail REITs) | 173 | 15944 |
| FedEx Corp. (Air Freight & Logistics) | 493 | 110181 |
| Fidelity National Information Services, Inc. <br>(Financial Services) | 1174 | 93227 |
| Fifth Third Bancorp (Banks) | 1491 | 61981 |
| First Horizon Corp. (Banks) | —<br> <sup>(a)</sup> | 6 |
| First Solar, Inc.\* (Semiconductors & <br>Semiconductor Equipment) | 240 | 41935 |
| FirstEnergy Corp. (Electric Utilities) | 1148 | 49031 |
| Fiserv, Inc.\* (Financial Services) | 1239 | 172147 |
| Ford Motor Co. (Automobiles) | 8727 | 96608 |
| Fortinet, Inc.\* (Software) | 1420 | 141858 |
| Fortive Corp. (Machinery) | 759 | 36379 |
| Fox Corp.—Class A (Media) | 478 | 26653 |
| Fox Corp.—Class B (Media) | 295 | 15086 |
| Franklin Resources, Inc. (Capital Markets) | 693 | 16632 |
| Freeport-McMoRan, Inc. (Metals & Mining) | 3209 | 129130 |
| Garmin, Ltd. (Household Durables) | 344 | 75254 |
| Gartner, Inc.\* (IT Services) | 172 | 58248 |
| GE HealthCare Technologies, Inc. (Health Care <br>Equipment & Supplies) | 1023 | 72960 |
| GE Vernova, Inc. (Electrical Equipment) | 610 | 402777 |
| Gen Digital, Inc. (Software) | 1220 | 35978 |
| Generac Holdings, Inc.\* (Electrical Equipment) | 132 | 25699 |
| General Dynamics Corp. (Aerospace & <br>Defense) | 563 | 175436 |
| General Electric Co. (Industrial Conglomerates) | 2383 | 645983 |
| General Mills, Inc. (Food Products) | 1224 | 59952 |
| General Motors Co. (Automobiles) | 2148 | 114574 |
| Genuine Parts Co. (Distributors) | 310 | 39953 |
| Gilead Sciences, Inc. (Biotechnology) | 2779 | 312054 |
| Global Payments, Inc. (Financial Services) | 545 | 43573 |
| Globe Life, Inc. (Insurance) | 184 | 25846 |
| GoDaddy, Inc.\*—Class A (IT Services) | 318 | 51382 |
| Halliburton Co. (Energy Equipment & Services) | 1921 | 43030 |
| Hasbro, Inc. (Leisure Products) | 294 | 22097 |
| HCA Healthcare, Inc. (Health Care Providers & <br>Services) | 387 | 136994 |
| Healthpeak Properties, Inc. (Health Care REITs) | 1552 | 26291 |
| Henry Schein, Inc.\* (Health Care Providers & <br>Services) | 272 | 18401 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Hewlett Packard Enterprise Co. (Technology <br>Hardware, Storage & Peripherals) | 2935 | $60725 |
| Hilton Worldwide Holdings, Inc. (Hotels, <br>Restaurants & Leisure) | 531 | 142350 |
| Hologic, Inc.\* (Health Care Equipment & <br>Supplies) | 498 | 33276 |
| Honeywell International, Inc. (Industrial <br>Conglomerates) | 1436 | 319295 |
| Hormel Foods Corp. (Food Products) | 651 | 18287 |
| Host Hotels & Resorts, Inc. (Hotel & Resort <br>REITs) | 1550 | 24366 |
| Howmet Aerospace, Inc. (Aerospace & <br>Defense) | 902 | 162153 |
| HP, Inc. (Technology Hardware, Storage & <br>Peripherals) | 2106 | 52229 |
| Hubbell, Inc. (Electrical Equipment) | 119 | 52060 |
| Humana, Inc. (Health Care Providers & <br>Services) | 270 | 67465 |
| Huntington Bancshares, Inc. (Banks) | 3255 | 53480 |
| Huntington Ingalls Industries, Inc. <br>(Aerospace & Defense) | 88 | 24540 |
| IDEX Corp. (Machinery) | 169 | 27633 |
| IDEXX Laboratories, Inc.\* (Health Care <br>Equipment & Supplies) | 180 | 96176 |
| Illinois Tool Works, Inc. (Machinery) | 596 | 152558 |
| Incyte Corp.\* (Biotechnology) | 359 | 26886 |
| Ingersoll Rand, Inc. (Machinery) | 902 | 76336 |
| Insulet Corp.\* (Health Care Equipment & <br>Supplies) | 157 | 45279 |
| Intel Corp. (Semiconductors & Semiconductor <br>Equipment) | 9747 | 192991 |
| Intercontinental Exchange, Inc. (Capital <br>Markets) | 1282 | 236952 |
| International Business Machines Corp. <br>(IT Services) | 2077 | 525793 |
| International Flavors & Fragrances, Inc. <br>(Chemicals) | 572 | 40629 |
| International Paper Co. (Containers & <br>Packaging) | 1180 | 55153 |
| Intuit, Inc. (Software) | 625 | 490706 |
| Intuitive Surgical, Inc.\* (Health Care <br>Equipment & Supplies) | 801 | 385353 |
| Invesco, Ltd. (Capital Markets) | 1000 | 21010 |
| Invitation Homes, Inc. (Residential REITs) | 1274 | 39048 |
| IQVIA Holdings, Inc.\* (Life Sciences Tools & <br>Services) | 367 | 68211 |
| Iron Mountain, Inc. (Specialized REITs) | 659 | 64160 |
| J.B. Hunt Transport Services, Inc. (Ground <br>Transportation) | 175 | 25209 |
| Jabil, Inc. (Electronic Equipment, <br>Instruments & Components) | 240 | 53561 |
| Jack Henry & Associates, Inc. (Financial <br>Services) | 163 | 27680 |
| Jacobs Solutions, Inc. (Professional Services) | 268 | 38021 |
| Johnson & Johnson (Pharmaceuticals) | 5376 | 885642 |
| Johnson Controls International PLC (Building <br>Products) | 1470 | 154350 |
| JPMorgan Chase & Co. (Banks) | 6210 | 1839650 |
| Kellanova (Food Products) | 601 | 47978 |
| Kenvue, Inc. (Personal Care Products) | 4290 | 91977 |
| Keurig Dr Pepper, Inc. (Beverages) | 3035 | 99093 |

---

**See accompanying notes to financial statements.**

------

July 31, 2025 :: Schedule of Portfolio Investments **:: UltraBull ProFund :: 123**

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| KeyCorp (Banks) | 2204 | $39496 |
| Keysight Technologies, Inc.\* (Electronic <br>Equipment, Instruments & Components) | 386 | 63269 |
| Kimberly-Clark Corp. (Household Products) | 741 | 92343 |
| Kimco Realty Corp. (Retail REITs) | 1512 | 32100 |
| Kinder Morgan, Inc. (Oil, Gas & Consumable <br>Fuels) | 4320 | 121219 |
| KKR & Co., Inc. (Capital Markets) | 1512 | 221629 |
| KLA Corp. (Semiconductors & Semiconductor <br>Equipment) | 295 | 259314 |
| L3Harris Technologies, Inc. (Aerospace & <br>Defense) | 418 | 114875 |
| Labcorp Holdings, Inc. (Health Care <br>Providers & Services) | 187 | 48635 |
| Lam Research Corp. (Semiconductors & <br>Semiconductor Equipment) | 2858 | 271052 |
| Lamb Weston Holdings, Inc. (Food Products) | 315 | 17977 |
| Las Vegas Sands Corp. (Hotels, Restaurants & <br>Leisure) | 758 | 39719 |
| Leidos Holdings, Inc. (Professional Services) | 288 | 45979 |
| Lennar Corp.—Class A (Household Durables) | 519 | 58221 |
| Lennox International, Inc. (Building Products) | 71 | 43239 |
| Linde PLC (Chemicals) | 1052 | 484194 |
| Live Nation Entertainment, Inc.\* <br>(Entertainment) | 352 | 51990 |
| LKQ Corp. (Distributors) | 577 | 17004 |
| Lockheed Martin Corp. (Aerospace & Defense) | 466 | 196177 |
| Loews Corp. (Insurance) | 389 | 35220 |
| Lowe's Cos., Inc. (Specialty Retail) | 1251 | 279686 |
| Lululemon Athletica, Inc.\* (Textiles, Apparel & <br>Luxury Goods) | 247 | 49531 |
| LyondellBasell Industries N.V.—Class A <br>(Chemicals) | 575 | 33310 |
| M&T Bank Corp. (Banks) | 359 | 67743 |
| Marathon Petroleum Corp. (Oil, Gas & <br>Consumable Fuels) | 686 | 116750 |
| MarketAxess Holdings, Inc. (Capital Markets) | 84 | 17262 |
| Marriott International, Inc., Class A (Hotels, <br>Restaurants & Leisure) | 509 | 134160 |
| Marsh & McLennan Cos., Inc. (Insurance) | 1101 | 219319 |
| Martin Marietta Materials, Inc. (Construction <br>Materials) | 135 | 77609 |
| Masco Corp. (Building Products) | 471 | 32089 |
| MasterCard, Inc.—Class A (Financial Services) | 1812 | 1026444 |
| Match Group, Inc. (Interactive Media & <br>Services) | 548 | 18780 |
| McCormick & Co., Inc. (Food Products) | 565 | 39906 |
| McDonald's Corp. (Hotels, Restaurants & <br>Leisure) | 1598 | 479513 |
| McKesson Corp. (Health Care Providers & <br>Services) | 280 | 194191 |
| Medtronic PLC (Health Care Equipment & <br>Supplies) | 2866 | 258628 |
| Merck & Co., Inc. (Pharmaceuticals) | 5611 | 438331 |
| Meta Platforms, Inc.—Class A (Interactive <br>Media & Services) | 4851 | 3751958 |
| MetLife, Inc. (Insurance) | 1260 | 95697 |
| Mettler-Toledo International, Inc.\* (Life <br>Sciences Tools & Services) | 46 | 56749 |
| MGM Resorts International\* (Hotels, <br>Restaurants & Leisure) | 462 | 16840 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Microchip Technology, Inc. (Semiconductors & <br>Semiconductor Equipment) | 1202 | $81243 |
| Micron Technology, Inc. (Semiconductors & <br>Semiconductor Equipment) | 2497 | 272523 |
| Microsoft Corp. (Software) | 16607 | 8859834 |
| Mid-America Apartment Communities, Inc. <br>(Residential REITs) | 262 | 37317 |
| Moderna, Inc.\* (Biotechnology) | 760 | 22466 |
| Mohawk Industries, Inc.\* (Household <br>Durables) | 116 | 13283 |
| Molina Healthcare, Inc.\* (Health Care <br>Providers & Services) | 121 | 19102 |
| Molson Coors Beverage Co.\*—Class B <br>(Beverages) | 383 | 18660 |
| Mondelez International, Inc.—Class A <br>(Food Products) | 2893 | 187148 |
| Monolithic Power Systems, Inc. <br>(Semiconductors & Semiconductor <br>Equipment) | 107 | 76103 |
| Monster Beverage Corp.\* (Beverages) | 1569 | 92179 |
| Moody's Corp. (Capital Markets) | 346 | 178443 |
| Morgan Stanley (Capital Markets) | 2760 | 393190 |
| Motorola Solutions, Inc. (Communications <br>Equipment) | 373 | 163740 |
| MSCI, Inc. (Capital Markets) | 173 | 97115 |
| Nasdaq, Inc. (Capital Markets) | 924 | 88907 |
| NetApp, Inc. (Technology Hardware, Storage & <br>Peripherals) | 455 | 47379 |
| Netflix, Inc.\* (Entertainment) | 951 | 1102589 |
| Newmont Corp. (Metals & Mining) | 2487 | 154443 |
| News Corp.—Class A (Media) | 843 | 24717 |
| News Corp.—Class B (Media) | 249 | 8322 |
| NextEra Energy, Inc. (Electric Utilities) | 4600 | 326875 |
| NIKE, Inc.—Class B (Textiles, Apparel & Luxury <br>Goods) | 2632 | 196583 |
| NiSource, Inc. (Multi-Utilities) | 1052 | 44657 |
| Nordson Corp. (Machinery) | 121 | 25919 |
| Norfolk Southern Corp. (Ground Transportation) | 504 | 140112 |
| Northern Trust Corp. (Capital Markets) | 435 | 56550 |
| Northrop Grumman Corp. (Aerospace & <br>Defense) | 302 | 174136 |
| Norwegian Cruise Lines Holdings, Ltd.\* <br>(Hotels, Restaurants & Leisure) | 998 | 25509 |
| NRG Energy, Inc. (Electric Utilities) | 437 | 73066 |
| Nucor Corp. (Metals & Mining) | 516 | 73824 |
| NVIDIA Corp. (Semiconductors & <br>Semiconductor Equipment) | 54492 | 9692491 |
| NVR, Inc.\* (Household Durables) | 7 | 52846 |
| NXP Semiconductors N.V. (Semiconductors & <br>Semiconductor Equipment) | 564 | 120566 |
| Occidental Petroleum Corp. (Oil, Gas & <br>Consumable Fuels) | 1583 | 69557 |
| Old Dominion Freight Line, Inc. (Ground <br>Transportation) | 416 | 62088 |
| Omnicom Group, Inc. (Media) | 436 | 31414 |
| ON Semiconductor Corp.\* (Semiconductors & <br>Semiconductor Equipment) | 934 | 52640 |
| ONEOK, Inc. (Oil, Gas & Consumable Fuels) | 1396 | 114626 |
| Oracle Corp. (Software) | 3634 | 922199 |
| O'Reilly Automotive, Inc.\* (Specialty Retail) | 1910 | 187791 |
| Otis Worldwide Corp. (Machinery) | 882 | 75579 |

---

**See accompanying notes to financial statements.**

------

**124 :: UltraBull ProFund ::** Schedule of Portfolio Investments :: July 31, 2025

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| PACCAR, Inc. (Machinery) | 1173 | $115845 |
| Packaging Corp. of America (Containers & <br>Packaging) | 200 | 38750 |
| Palantir Technologies, Inc.\*—Class A (Software) | 4753 | 752638 |
| Palo Alto Networks, Inc.\* (Software) | 1479 | 256754 |
| Paramount Global<sup>(b)</sup>—Class B (Media) | 1345 | 16907 |
| Parker-Hannifin Corp. (Machinery) | 286 | 209323 |
| Paychex, Inc. (Professional Services) | 716 | 103340 |
| Paycom Software, Inc. (Professional Services) | 109 | 25238 |
| PayPal Holdings, Inc.\* (Financial Services) | 2173 | 149415 |
| Pentair PLC (Machinery) | 368 | 37610 |
| PepsiCo, Inc. (Beverages) | 3064 | 422587 |
| Pfizer, Inc. (Pharmaceuticals) | 12703 | 295853 |
| PG&E Corp. (Electric Utilities) | 4911 | 68852 |
| Philip Morris International, Inc. (Tobacco) | 3478 | 570566 |
| Phillips 66 (Oil, Gas & Consumable Fuels) | 910 | 112458 |
| Pinnacle West Capital Corp. (Electric Utilities) | 267 | 24196 |
| PNC Financial Services Group, Inc. (Banks) | 884 | 168199 |
| Pool Corp. (Distributors) | 84 | 25884 |
| PPG Industries, Inc. (Chemicals) | 507 | 53489 |
| PPL Corp. (Electric Utilities) | 1652 | 58960 |
| Principal Financial Group, Inc. (Insurance) | 461 | 35880 |
| Prologis, Inc. (Industrial REITs) | 2073 | 221355 |
| Prudential Financial, Inc. (Insurance) | 791 | 81932 |
| PTC, Inc.\* (Software) | 268 | 57569 |
| Public Service Enterprise Group, Inc. <br>(Multi-Utilities) | 1115 | 100116 |
| Public Storage (Specialized REITs) | 353 | 95995 |
| PulteGroup, Inc. (Household Durables) | 448 | 50588 |
| QUALCOMM, Inc. (Semiconductors & <br>Semiconductor Equipment) | 2452 | 359856 |
| Quanta Services, Inc. (Construction & <br>Engineering) | 331 | 134429 |
| Quest Diagnostics, Inc. (Health Care <br>Providers & Services) | 249 | 41685 |
| Ralliant Corp.\* (Electrical Equipment) | 1 | 46 |
| Ralph Lauren Corp. (Textiles, Apparel & <br>Luxury Goods) | 89 | 26589 |
| Raymond James Financial, Inc. (Capital <br>Markets) | 406 | 67855 |
| Raytheon Technologies Corp. (Aerospace & <br>Defense) | 2985 | 470347 |
| Realty Income Corp. (Retail REITs) | 2018 | 113270 |
| Regency Centers Corp. (Retail REITs) | 365 | 26061 |
| Regeneron Pharmaceuticals, Inc.\* <br>(Biotechnology) | 232 | 126547 |
| Regions Financial Corp. (Banks) | 2009 | 50888 |
| Republic Services, Inc. (Commercial Services & <br>Supplies) | 454 | 104715 |
| ResMed, Inc. (Health Care Equipment & <br>Supplies) | 328 | 89196 |
| Revvity, Inc. (Life Sciences Tools & Services) | 263 | 23118 |
| Rockwell Automation, Inc. (Electrical <br>Equipment) | 252 | 88631 |
| Rollins, Inc. (Commercial Services & Supplies) | 628 | 35966 |
| Roper Technologies, Inc. (Software) | 240 | 132096 |
| Ross Stores, Inc. (Specialty Retail) | 735 | 100357 |
| Royal Caribbean Cruises, Ltd.\* (Hotels, <br>Restaurants & Leisure) | 558 | 177371 |
| S&P Global, Inc. (Capital Markets) | 701 | 386321 |
| Salesforce, Inc. (Software) | 2144 | 553860 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| SBA Communications Corp.—Class A <br>(Specialized REITs) | 240 | $53933 |
| Schlumberger N.V. (Energy Equipment & <br>Services) | 3039 | 102718 |
| Seagate Technology Holdings PLC (Technology <br>Hardware, Storage & Peripherals) | 474 | 74423 |
| Sempra (Multi-Utilities) | 1457 | 119007 |
| ServiceNow, Inc.\* (Software) | 463 | 436665 |
| Simon Property Group, Inc. (Retail REITs) | 686 | 112360 |
| Skyworks Solutions, Inc. (Semiconductors & <br>Semiconductor Equipment) | 335 | 22961 |
| Smurfit WestRock PLC (Containers & <br>Packaging) | 1108 | 49173 |
| Snap-on, Inc. (Machinery) | 117 | 37579 |
| Solventum Corp.\* (Health Care Equipment & <br>Supplies) | 309 | 22050 |
| Southwest Airlines Co. (Passenger Airlines) | 1273 | 39374 |
| Stanley Black & Decker, Inc. (Machinery) | 346 | 23407 |
| Starbucks Corp. (Hotels, Restaurants & Leisure) | 2539 | 226377 |
| State Street Corp. (Capital Markets) | 637 | 71185 |
| Steel Dynamics, Inc. (Metals & Mining) | 308 | 39288 |
| STERIS PLC (Health Care Equipment & <br>Supplies) | 220 | 49828 |
| Stryker Corp. (Health Care Equipment & <br>Supplies) | 769 | 302009 |
| Super Micro Computer, Inc.\* (Technology <br>Hardware, Storage & Peripherals) | 1147 | 67639 |
| Synchrony Financial (Consumer Finance) | 851 | 59289 |
| Synopsys, Inc.\* (Software) | 476 | 301532 |
| Sysco Corp. (Consumer Staples Distribution & <br>Retail) | 1083 | 86207 |
| T. Rowe Price Group, Inc. (Capital Markets) | 492 | 49913 |
| Take-Two Interactive Software, Inc.\* <br>(Entertainment) | 379 | 84415 |
| Tapestry, Inc. (Textiles, Apparel & Luxury <br>Goods) | 464 | 50126 |
| Targa Resources Corp. (Oil, Gas & <br>Consumable Fuels) | 485 | 80709 |
| Target Corp. (Consumer Staples Distribution & <br>Retail) | 1015 | 102008 |
| TE Connectivity, Ltd. (Electronic Equipment, <br>Instruments & Components) | 663 | 136412 |
| Teledyne Technologies, Inc.\* (Electronic <br>Equipment, Instruments & Components) | 105 | 57857 |
| Teradyne, Inc. (Semiconductors & <br>Semiconductor Equipment) | 358 | 38460 |
| Tesla, Inc.\* (Automobiles) | 6261 | 1930079 |
| Texas Instruments, Inc. (Semiconductors & <br>Semiconductor Equipment) | 2030 | 367552 |
| Texas Pacific Land Corp. (Oil, Gas & <br>Consumable Fuels) | 42 | 40661 |
| Textron, Inc. (Aerospace & Defense) | 403 | 31341 |
| The AES Corp. (Independent Power/Renewable <br>Electricity Producers) | 1591 | 20922 |
| The Bank of New York Mellon Corp. (Capital <br>Markets) | 1599 | 162219 |
| The Boeing Co.\* (Aerospace & Defense) | 1685 | 373800 |
| The Charles Schwab Corp. (Capital Markets) | 3816 | 372938 |
| The Cigna Group (Health Care Providers & <br>Services) | 597 | 159626 |
| The Clorox Co. (Household Products) | 275 | 34529 |
| The Coca-Cola Co. (Beverages) | 8655 | 587587 |

---

**See accompanying notes to financial statements.**

------

July 31, 2025 :: Schedule of Portfolio Investments **:: UltraBull ProFund :: 125**

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| The Cooper Cos., Inc.\* (Health Care <br>Equipment & Supplies) | 447 | $31598 |
| The Estee Lauder Cos., Inc. (Personal Care <br>Products) | 523 | 48817 |
| The Goldman Sachs Group, Inc. (Capital <br>Markets) | 686 | 496382 |
| The Hartford Financial Services Group, Inc. <br>(Insurance) | 635 | 78988 |
| The Hershey Co. (Food Products) | 331 | 61609 |
| The Home Depot, Inc. (Specialty Retail) | 2221 | 816240 |
| The Interpublic Group of Cos., Inc. (Media) | 826 | 20320 |
| The J.M. Smucker Co. (Food Products) | 238 | 25547 |
| The Kraft Heinz Co. (Food Products) | 1931 | 53025 |
| The Kroger Co. (Consumer Staples <br>Distribution & Retail) | 1369 | 95967 |
| The Mosaic Co. (Chemicals) | 709 | 25531 |
| The Procter & Gamble Co. (Household <br>Products) | 5239 | 788313 |
| The Progressive Corp. (Insurance) | 1310 | 317073 |
| The Sherwin-Williams Co. (Chemicals) | 515 | 170403 |
| The Southern Co. (Electric Utilities) | 2456 | 232043 |
| The TJX Cos., Inc. (Specialty Retail) | 2495 | 310702 |
| The Trade Desk, Inc.\*—Class A (Media) | 1007 | 87568 |
| The Travelers Cos., Inc. (Insurance) | 506 | 131681 |
| The Walt Disney Co. (Entertainment) | 4017 | 478465 |
| The Williams Cos., Inc. (Oil, Gas & <br>Consumable Fuels) | 2728 | 163544 |
| Thermo Fisher Scientific, Inc. (Life Sciences <br>Tools & Services) | 843 | 394253 |
| TKO Group Holdings, Inc.\* (Entertainment) | 150 | 25202 |
| T-Mobile U.S., Inc. (Wireless <br>Telecommunication Services) | 1066 | 254145 |
| Tractor Supply Co. (Specialty Retail) | 1185 | 67486 |
| Trane Technologies PLC (Building Products) | 498 | 218164 |
| TransDigm Group, Inc. (Aerospace & Defense) | 126 | 202666 |
| Trimble, Inc.\* (Electronic Equipment, <br>Instruments & Components) | 533 | 44713 |
| Truist Financial Corp. (Banks) | 2926 | 127895 |
| Tyler Technologies, Inc.\* (Software) | 96 | 56118 |
| Tyson Foods, Inc.—Class A (Food Products) | 640 | 33472 |
| U.S. Bancorp (Banks) | 3481 | 156506 |
| Uber Technologies, Inc.\* (Ground <br>Transportation) | 4673 | 410056 |
| UDR, Inc. (Residential REITs) | 674 | 26481 |
| Ulta Beauty, Inc.\* (Specialty Retail) | 101 | 52016 |
| Union Pacific Corp. (Ground Transportation) | 1335 | 296330 |
| United Airlines Holdings, Inc.\* (Passenger <br>Airlines) | 730 | 64466 |
| United Parcel Service, Inc.—Class B <br>(Air Freight & Logistics) | 1639 | 141216 |
| United Rentals, Inc. (Trading Companies & <br>Distributors) | 145 | 128026 |
| UnitedHealth Group, Inc. (Health Care <br>Providers & Services) | 2027 | 505858 |
| Universal Health Services, Inc.—Class B <br>(Health Care Providers & Services) | 128 | 21306 |
| Valero Energy Corp. (Oil, Gas & Consumable <br>Fuels) | 700 | 96117 |
| Ventas, Inc. (Health Care REITs) | 1008 | 67717 |
| Veralto Corp. (Commercial Services & <br>Supplies) | 554 | 58076 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| VeriSign, Inc. (IT Services) | 180 | $48397 |
| Verisk Analytics, Inc. (Professional Services) | 313 | 87236 |
| Verizon Communications, Inc. (Diversified <br>Telecommunication Services) | 9420 | 402799 |
| Vertex Pharmaceuticals, Inc.\* (Biotechnology) | 574 | 262243 |
| Viatris, Inc. (Pharmaceuticals) | 2622 | 22916 |
| VICI Properties, Inc. (Specialized REITs) | 2361 | 76969 |
| Visa, Inc.—Class A (Financial Services) | 3823 | 1320732 |
| Vistra Corp. (Independent Power/Renewable <br>Electricity Producers) | 758 | 158073 |
| Vulcan Materials Co. (Construction Materials) | 295 | 81027 |
| W.R. Berkley Corp. (Insurance) | 670 | 46103 |
| W.W. Grainger, Inc. (Trading Companies & <br>Distributors) | 98 | 101875 |
| Wabtec Corp. (Machinery) | 382 | 73363 |
| Walgreens Boots Alliance, Inc. (Consumer <br>Staples Distribution & Retail) | 1604 | 18671 |
| Walmart, Inc. (Consumer Staples <br>Distribution & Retail) | 9654 | 945898 |
| Warner Bros. Discovery, Inc.\* (Entertainment) | 5031 | 66258 |
| Waste Management, Inc. (Commercial <br>Services & Supplies) | 818 | 187452 |
| Waters Corp.\* (Life Sciences Tools & Services) | 133 | 38405 |
| WEC Energy Group, Inc. (Multi-Utilities) | 713 | 77774 |
| Wells Fargo & Co. (Banks) | 7271 | 586261 |
| Welltower, Inc. (Health Care REITs) | 1388 | 229117 |
| West Pharmaceutical Services, Inc. <br>(Life Sciences Tools & Services) | 161 | 38521 |
| Western Digital Corp.\* (Technology <br>Hardware, Storage & Peripherals) | 780 | 61378 |
| Weyerhaeuser Co. (Specialized REITs) | 1621 | 40606 |
| Williams-Sonoma, Inc. (Specialty Retail) | 275 | 51439 |
| Willis Towers Watson PLC (Insurance) | 222 | 70110 |
| Workday, Inc.\*—Class A (Software) | 484 | 111020 |
| Wynn Resorts, Ltd. (Hotels, Restaurants & <br>Leisure) | 197 | 21479 |
| Xcel Energy, Inc. (Electric Utilities) | 1289 | 94664 |
| Xylem, Inc. (Machinery) | 544 | 78673 |
| Yum! Brands, Inc. (Hotels, Restaurants & <br>Leisure) | 621 | 89517 |
| Zebra Technologies Corp.\* (Electronic <br>Equipment, Instruments & Components) | 114 | 38648 |
| Zimmer Biomet Holdings, Inc. (Health Care <br>Equipment & Supplies) | 442 | 40509 |
| Zoetis, Inc. (Pharmaceuticals) | 995 | 145061 |
| **TOTAL COMMON STOCKS**<br> (Cost $39,494,502) |  | **120092473** |

---

**Repurchase Agreements<sup>(c)(d)</sup> (27.1%)**

---

| | | |
|:---|:---|:---|
| | Principal<br>Amount | Value |
| Repurchase Agreements with various <br>counterparties, rates 4.09%–4.25%, <br>dated 7/31/25, due 8/1/25, total to be <br>received $45,043,255 | $45038000 | $45038000 |
| **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $45,038,000) |  | **45038000** |

---

**See accompanying notes to financial statements.**

------

**126 :: UltraBull ProFund ::** Schedule of Portfolio Investments :: July 31, 2025

**Collateral for Securities Loaned<sup>(e)(NM)</sup>**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Invesco Government & Agency Portfolio—<br>Institutional Shares, 4.34%<sup>(f)</sup> | 17545 | $17545 |
| **TOTAL COLLATERAL FOR SECURITIES LOANED**<br> (Cost $17,545) |  | **17545** |
| **TOTAL INVESTMENT SECURITIES**<br> (Cost $84,550,047)—99.5% |  | **165148018** |
| Net other assets (liabilities)—0.5% |  | 893287 |
| **NET ASSETS—100.0%** |  | $**166041305** |

---

\* Non-income producing security.

<sup>(a)</sup> Number of shares is less than 0.50.

<sup>(b)</sup> All or part of this security was on loan as of July 31, 2025. The total value of securities on loan as of July 31, 2025 was $16,039.

<sup>(c)</sup> The ProFund invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" under Note 2 in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.

<sup>(d)</sup> A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. At July 31, 2025, the aggregate amount held in a segregated account was $24,908,000.

<sup>(e)</sup> Securities were purchased with cash collateral held from securities on loan at July 31, 2025.

<sup>(f)</sup> Rate periodically changes. Rate disclosed is the daily yield as of July 31, 2025.

<sup>NM</sup> Not meaningful, amount is less than 0.05%

<sup>REIT</sup> Real Estate Investment Trust

**Futures Contracts Purchased**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Number<br>of<br>Contracts | Expiration<br>Date | Notional<br>Amount | Value and<br>Unrealized<br>Appreciation/<br>(Depreciation) |
| E-mini S&P 500 Futures Contracts | 88 | 9/22/25 | $28046700 | $1211540 |

---

**Total Return Swap Agreements—Long**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Underlying Instrument | Counterparty | Termination<br>Date<sup>(1)</sup> | Rate Paid<br>(Received)<sup>(2)</sup> | Notional<br>Amount | Value and<br>Unrealized<br>Appreciation/<br>(Depreciation) |
| S&P 500 | Goldman Sachs International | 8/27/25 | 5.08% | $70703217 | $(585304) |
| SPDR S&P 500 ETF | Goldman Sachs International | 8/27/25 | 4.99% | 27034014 | (228642) |
|  |  |  |  | $97737231 | $(813946) |
| S&P 500 | UBS AG | 8/27/25 | 5.13% | $59939566 | $(496815) |
| SPDR S&P 500 ETF | UBS AG | 8/27/25 | 5.13% | 25192415 | (204532) |
|  |  |  |  | $85131981 | $(701347) |
|  |  |  |  | $**182869212** | $**(1515293)** |

---

<sup>(1)</sup> Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

<sup>(2)</sup> Reflects the floating financing rate, as of July 31, 2025, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

**See accompanying notes to financial statements.**

------

July 31, 2025 :: Schedule of Portfolio Investments **:: UltraBull ProFund :: 127**

UltraBull ProFund invested in the following industries as of July 31, 2025:

---

| | | |
|:---|:---|:---|
| | Value | % of<br>Net Assets |
| Aerospace & Defense | $2050126 | 1.2% |
| Air Freight & Logistics | 317526 | 0.2% |
| Automobile Components | 33428 | <sup>NM</sup> |
| Automobiles | 2141261 | 1.3% |
| Banks | 4281483 | 2.6% |
| Beverages | 1288976 | 0.8% |
| Biotechnology | 1892528 | 1.1% |
| Broadline Retail | 5037033 | 3.0% |
| Building Products | 651718 | 0.4% |
| Capital Markets | 4179223 | 2.5% |
| Chemicals | 1382374 | 0.8% |
| Commercial Services & Supplies | 645933 | 0.4% |
| Communications Equipment | 1092550 | 0.6% |
| Construction & Engineering | 134429 | 0.1% |
| Construction Materials | 158636 | 0.1% |
| Consumer Finance | 736771 | 0.5% |
| Consumer Staples Distribution & Retail | 2281515 | 1.4% |
| Containers & Packaging | 255809 | 0.2% |
| Distributors | 82841 | 0.1% |
| Diversified Telecommunication Services | 843497 | 0.5% |
| Electric Utilities | 1881895 | 1.1% |
| Electrical Equipment | 1183747 | 0.7% |
| Electronic Equipment, Instruments & <br>Components | 842524 | 0.5% |
| Energy Equipment & Services | 245489 | 0.2% |
| Entertainment | 1886689 | 1.1% |
| Financial Services | 5008631 | 3.0% |
| Food Products | 660546 | 0.4% |
| Gas Utilities | 55352 | <sup>NM</sup> |
| Ground Transportation | 1082956 | 0.7% |
| Health Care Equipment & Supplies | 2597734 | 1.6% |
| Health Care Providers & Services | 1766692 | 1.1% |
| Health Care REITs | 323125 | 0.2% |
| Hotel & Resort REITs | 24366 | <sup>NM</sup> |
| Hotels, Restaurants & Leisure | 2422647 | 1.5% |
| Household Durables | 338468 | 0.2% |
| Household Products | 1118611 | 0.6% |
| Independent Power/Renewable <br>Electricity Producers | 178995 | 0.1% |
| Industrial Conglomerates | 1144790 | 0.7% |

---

---

| | | |
|:---|:---|:---|
| | Value | % of<br>Net Assets |
| Industrial REITs | $221355 | 0.2% |
| Insurance | 2268769 | 1.4% |
| Interactive Media & Services | 8289306 | 5.0% |
| IT Services | 1181483 | 0.7% |
| Leisure Products | 22097 | <sup>NM</sup> |
| Life Sciences Tools & Services | 1010766 | 0.6% |
| Machinery | 1894965 | 1.1% |
| Media | 564901 | 0.3% |
| Metals & Mining | 396686 | 0.2% |
| Multi-Utilities | 767422 | 0.5% |
| Office REITs | 47557 | <sup>NM</sup> |
| Oil, Gas & Consumable Fuels | 3342128 | 2.0% |
| Passenger Airlines | 181474 | 0.1% |
| Personal Care Products | 140794 | 0.1% |
| Pharmaceuticals | 3285778 | 2.0% |
| Professional Services | 732751 | 0.4% |
| Real Estate Management & <br>Development | 191930 | 0.1% |
| Residential REITs | 273933 | 0.2% |
| Retail REITs | 299735 | 0.2% |
| Semiconductors & Semiconductor <br>Equipment | 16159252 | 9.8% |
| Software | 14298108 | 8.6% |
| Specialized REITs | 1012273 | 0.6% |
| Specialty Retail | 2052370 | 1.2% |
| Technology Hardware, Storage & <br>Peripherals | 7379775 | 4.4% |
| Textiles, Apparel & Luxury Goods | 358821 | 0.2% |
| Tobacco | 803708 | 0.5% |
| Trading Companies & Distributors | 348132 | 0.2% |
| Water Utilities | 61145 | 0.1% |
| Wireless Telecommunication Services | 254145 | 0.2% |
| Other\*\* | 45948832 | 27.6% |
| **Total** | $**166041305** | **100.0%** |

---

\*\* Includes any non-equity securities and other net assets (liabilities), which includes any receivable for capital shares issued and payable for capital shares redeemed.

<sup>NM</sup> Not meaningful, amount is less than 0.05%

<sup>REIT</sup> Real Estate Investment Trust

**See accompanying notes to financial statements.**

------

**128 :: UltraChina ProFund ::** Schedule of Portfolio Investments :: July 31, 2025

**Common Stocks (85.5%)**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| 21VIANET GROUP INC-ADR\*<sup>ADR</sup> (IT Services) | 9240 | $76784 |
| Agora, Inc.\*<sup>ADR</sup> (Software) | 3580 | 13783 |
| Alibaba Group Holding, Ltd.<sup>ADR</sup> (Broadline <br>Retail) | 35722 | 4309144 |
| Atour Lifestyle Holdings Ltd\*<sup>ADR</sup> (Hotels, <br>Restaurants & Leisure) | 2562 | 86647 |
| Autohome, Inc.<sup>ADR</sup> (Interactive Media & <br>Services) | 3795 | 102807 |
| Baidu, Inc.\*<sup>ADR(a)</sup> (Interactive Media & <br>Services) | 10959 | 962967 |
| BeiGene, Ltd.\*<sup>ADR</sup> (Biotechnology) | 3656 | 1100931 |
| Bilibili, Inc.\*<sup>ADR(a)</sup> (Entertainment) | 16730 | 381779 |
| Daqo New Energy Corp.\*<sup>ADR</sup> <br>(Semiconductors & Semiconductor <br>Equipment) | 2866 | 62364 |
| EHang Holdings, Ltd.\*<sup>ADR</sup> (Aerospace & <br>Defense) | 3114 | 54495 |
| FinVolution Group\*<sup>ADR</sup> (Consumer Finance) | 7565 | 64983 |
| Full Truck Alliance Co., Ltd.\*<sup>ADR</sup> (Ground <br>Transportation) | 44030 | 508547 |
| GDS Holdings, Ltd.\*<sup>ADR</sup> (IT Services) | 7179 | 258948 |
| GSX Techedu, Inc.\*<sup>ADR</sup> (Diversified <br>Consumer Services) | 7600 | 26752 |
| H World Group, Ltd.<sup>ADR</sup> (Hotels, <br>Restaurants & Leisure) | 9657 | 301492 |
| Hello Group, Inc.\*<sup>ADR</sup> (Interactive Media & <br>Services) | 6363 | 52367 |
| Hesai Group\*<sup>ADR</sup> (Electrical Equipment) | 3630 | 68970 |
| HUYA Inc\*<sup>ADR</sup> (Entertainment) | 4339 | 14579 |
| iQIYI, Inc.\*<sup>ADR</sup> (Entertainment) | 27288 | 50210 |
| JD.com, Inc.\*<sup>ADR</sup> (Broadline Retail) | 45336 | 1427631 |
| JinkoSolar Holding Co., Ltd\*<sup>ADR</sup> <br>(Semiconductors & Semiconductor <br>Equipment) | 2391 | 52459 |
| JOYY, Inc.\*<sup>ADR</sup> (Interactive Media & Services) | 1681 | 84386 |
| Kanzhun, Ltd.\*<sup>ADR</sup> (Interactive Media & <br>Services) | 20327 | 385400 |
| KE Holdings, Inc.\*<sup>ADR</sup> (Real Estate <br>Management & Development) | 41733 | 768722 |
| Kingsoft Cloud Holdings, Ltd.\*<sup>ADR</sup> <br>(IT Services) | 8651 | 125266 |
| Legend Biotech Corp.\*<sup>ADR</sup> (Biotechnology) | 4812 | 188005 |
| LexinFintech Holding, Ltd.\*<sup>ADR</sup> (Consumer <br>Finance) | 5980 | 38093 |
| Li Auto, Inc.\*<sup>ADR(a)</sup> (Automobiles) | 32636 | 851799 |
| Lufax Holding, Ltd.\*<sup>ADR</sup> (Consumer Finance) | 28284 | 81741 |
| MINISO Group Holding, Ltd.\*<sup>ADR</sup> (Broadline <br>Retail) | 6869 | 131267 |
| NetEase, Inc.<sup>ADR</sup> (Entertainment) | 10685 | 1392256 |
| New Oriental Education & Technology <br>Group, Inc.\*<sup>ADR</sup> (Diversified Consumer <br>Services) | 7276 | 320944 |
| NIO, Inc.\*<sup>ADR(a)</sup> (Automobiles) | 104739 | 510079 |
| PDD Holdings, Inc.\*<sup>ADR</sup> (Broadline Retail) | 23076 | 2617972 |
| Qifu Technology, Inc.<sup>ADR</sup> (Consumer Finance) | 5829 | 200109 |
| RLX Technology, Inc.\*<sup>ADR</sup> (Tobacco) | 37449 | 85758 |
| Structure Therapeutics, Inc.\*<sup>ADR(a)</sup> <br>(Pharmaceuticals) | 3073 | 54699 |
| TAL Education Group\*<sup>ADR</sup> (Diversified <br>Consumer Services) | 33062 | 361699 |
| Tencent Music Entertainment Group<sup>ADR</sup> <br>(Entertainment) | 31896 | 669497 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Trip.com Group, Ltd.\*<sup>ADR</sup> (Hotels, <br>Restaurants & Leisure) | 15663 | $970323 |
| Tuya, Inc.\*<sup>ADR</sup> (Software) | 16895 | 40379 |
| Up Fintech Holding, Ltd.\*<sup>ADR</sup> (Capital <br>Markets) | 6136 | 60071 |
| Vipshop Holdings, Ltd.<sup>ADR</sup> (Broadline Retail) | 20489 | 309179 |
| Weibo Corp.<sup>ADR</sup> (Interactive Media & <br>Services) | 5033 | 48518 |
| XPeng, Inc.\*<sup>ADR(a)</sup> (Automobiles) | 39216 | 714123 |
| Zai Lab, Ltd.\*<sup>ADR</sup> (Biotechnology) | 5698 | 215384 |
| ZEEKR Intelligent Technology Holding, <br>Ltd.\*<sup>ADR</sup> (Automobiles) | 1207 | 34086 |
| ZTO Express Cayman, Inc.<sup>ADR</sup> (Air Freight & <br>Logistics) | 22017 | 433515 |
| **TOTAL COMMON STOCKS**<br> (Cost $14,312,141) |  | **21671909** |

---

**Repurchase Agreements<sup>(b)(c)</sup> (15.9%)**

---

| | | |
|:---|:---|:---|
| | Principal<br>Amount | Value |
| Repurchase Agreements with various <br>counterparties, rates 4.09%–4.25%, <br>dated 7/31/25, due 8/1/25, total to be <br>received $4,045,472 | $4045000 | $4045000 |
| **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $4,045,000) |  | **4045000** |

---

**Collateral for Securities Loaned<sup>(d)</sup> (12.1%)**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Invesco Government & Agency Portfolio—<br>Institutional Shares, 4.34%<sup>(e)</sup> | 3081614 | $3081614 |
| **TOTAL COLLATERAL FOR SECURITIES LOANED**<br> (Cost $3,081,614) |  | **3081614** |
| **TOTAL INVESTMENT SECURITIES**<br> (Cost $21,438,755)—113.5% |  | **28798523** |
| Net other assets (liabilities)—(13.5)% |  | (3418958) |
| **NET ASSETS—100.0%** |  | $**25379565** |

---

\* Non-income producing security.

<sup>(a)</sup> All or part of this security was on loan as of July 31, 2025. The total value of securities on loan as of July 31, 2025 was $3,056,351.

<sup>(b)</sup> The ProFund invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" under Note 2 in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.

<sup>(c)</sup> A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. At July 31, 2025, the aggregate amount held in a segregated account was $1,894,000.

<sup>(d)</sup> Securities were purchased with cash collateral held from securities on loan at July 31, 2025.

<sup>(e)</sup> Rate periodically changes. Rate disclosed is the daily yield as of July 31, 2025.

<sup>ADR</sup> American Depositary Receipt

**See accompanying notes to financial statements.**

------

July 31, 2025 :: Schedule of Portfolio Investments **:: UltraChina ProFund :: 129**

**Total Return Swap Agreements—Long**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Underlying Instrument | Counterparty | Termination<br>Date<sup>(1)</sup> | Rate Paid<br>(Received)<sup>(2)</sup> | Notional<br>Amount | Value and<br>Unrealized<br>Appreciation/<br>(Depreciation) |
| S&P China Select ADR Index (USD) | Goldman Sachs International | 8/27/25 | 5.08% | $3198554 | $(126063) |
| S&P China Select ADR Index (USD) | UBS AG | 8/27/25 | 4.93% | 25702128 | (653602) |
|  |  |  |  | $**28900682** | $**(779665)** |

---

<sup>(1)</sup> Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

<sup>(2)</sup> Reflects the floating financing rate, as of July 31, 2025, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

UltraChina ProFund invested in the following industries as of July 31, 2025:

---

| | | |
|:---|:---|:---|
| | Value | % of<br>Net Assets |
| Aerospace & Defense | $54495 | 0.2% |
| Air Freight & Logistics | 433515 | 1.7% |
| Automobiles | 2110088 | 8.3% |
| Biotechnology | 1504320 | 6.0% |
| Broadline Retail | 8795193 | 34.6% |
| Capital Markets | 60072 | 0.3% |
| Consumer Finance | 384926 | 1.5% |
| Diversified Consumer Services | 709395 | 2.8% |
| Electrical Equipment | 68970 | 0.3% |
| Entertainment | 2508321 | 10.0% |
| Ground Transportation | 508546 | 2.0% |
| Hotels, Restaurants & Leisure | 1358461 | 5.4% |
| Interactive Media & Services | 1636445 | 6.4% |
| IT Services | 460997 | 1.8% |
| Pharmaceuticals | 54700 | 0.2% |
| Real Estate Management & <br>Development | 768722 | 3.0% |
| Semiconductors & Semiconductor <br>Equipment | 114823 | 0.4% |
| Software | 54162 | 0.3% |
| Tobacco | 85758 | 0.3% |
| Other\*\* | 3707656 | 14.5% |
| **Total** | $**25379565** | **100.0%** |

---

UltraChina ProFund invested in securities with exposure to the following countries as of July 31, 2025:

---

| | | |
|:---|:---|:---|
| | Value | % of<br>Net Assets |
| China | $21671909 | 85.5% |
| Other\*\* | 3707656 | 14.5% |
| **Total** | $**25379565** | **100.0%** |

---

\*\* Includes any non-equity securities and other net assets (liabilities), which includes any receivable for capital shares issued and payable for capital shares redeemed.

**See accompanying notes to financial statements.**

------

**130 :: UltraDow 30 ProFund ::** Schedule of Portfolio Investments :: July 31, 2025

**Common Stocks (75.5%)**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| 3M Co. (Industrial Conglomerates) | 4052 | $604639 |
| Amazon.com, Inc.\* (Broadline Retail) | 4050 | 948146 |
| American Express Co. (Consumer Finance) | 4054 | 1213403 |
| Amgen, Inc. (Biotechnology) | 4055 | 1196630 |
| Apple, Inc. (Technology Hardware, Storage & <br>Peripherals) | 4050 | 840659 |
| Caterpillar, Inc. (Machinery) | 4055 | 1776171 |
| Chevron Corp. (Oil, Gas & Consumable Fuels) | 4051 | 614294 |
| Cisco Systems, Inc. (Communications <br>Equipment) | 4053 | 275928 |
| Honeywell International, Inc. (Industrial <br>Conglomerates) | 4049 | 900296 |
| International Business Machines Corp. <br>(IT Services) | 4051 | 1025511 |
| Johnson & Johnson (Pharmaceuticals) | 4051 | 667362 |
| JPMorgan Chase & Co. (Banks) | 4051 | 1200068 |
| McDonald's Corp. (Hotels, Restaurants & <br>Leisure) | 4055 | 1216784 |
| Merck & Co., Inc. (Pharmaceuticals) | 4053 | 316620 |
| Microsoft Corp. (Software) | 4055 | 2163342 |
| NIKE, Inc.—Class B (Textiles, Apparel & <br>Luxury Goods) | 4053 | 302719 |
| NVIDIA Corp. (Semiconductors & <br>Semiconductor Equipment) | 4051 | 720551 |
| Salesforce, Inc. (Software) | 4052 | 1046753 |
| The Boeing Co.\* (Aerospace & Defense) | 4050 | 898452 |
| The Coca-Cola Co. (Beverages) | 4054 | 275226 |
| The Goldman Sachs Group, Inc. (Capital <br>Markets) | 4055 | 2934158 |
| The Home Depot, Inc. (Specialty Retail) | 4055 | 1490252 |
| The Procter & Gamble Co. (Household <br>Products) | 4050 | 609404 |
| The Sherwin-Williams Co. (Chemicals) | 4055 | 1341718 |
| The Travelers Cos., Inc. (Insurance) | 4051 | 1054232 |
| The Walt Disney Co. (Entertainment) | 4052 | 482634 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| UnitedHealth Group, Inc. (Health Care <br>Providers & Services) | 4055 | $1011966 |
| Verizon Communications, Inc. (Diversified <br>Telecommunication Services) | 4053 | 173306 |
| Visa, Inc.—Class A (Financial Services) | 4055 | 1400881 |
| Walmart, Inc. (Consumer Staples <br>Distribution & Retail) | 4051 | 396917 |
| **TOTAL COMMON STOCKS**<br> (Cost $9,891,584) |  | **29099022** |

---

**Repurchase Agreements<sup>(a)(b)</sup> (25.2%)**

---

| | | |
|:---|:---|:---|
| | Principal<br>Amount | Value |
| Repurchase Agreements with various <br>counterparties, rates 4.09%–4.25%, <br>dated 7/31/25, due 8/1/25, total to be <br>received $9,704,132 | $9703000 | $9703000 |
| **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $9,703,000) |  | **9703000** |
| **TOTAL INVESTMENT SECURITIES**<br> (Cost $19,594,584)—100.7% |  | **38802022** |
| Net other assets (liabilities)—(0.7)% |  | (265673) |
| **NET ASSETS—100.0%** |  | $**38536349** |

---

\* Non-income producing security.

<sup>(a)</sup> The ProFund invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" under Note 2 in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.

<sup>(b)</sup> A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. At July 31, 2025, the aggregate amount held in a segregated account was $6,110,000.

**Futures Contracts Purchased**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Number<br>of<br>Contracts | Expiration<br>Date | Notional<br>Amount | Value and<br>Unrealized<br>Appreciation/<br>(Depreciation) |
| E-mini Dow Jones Industrial Average Index Futures | 7 | 9/22/25 | $1550675 | $40895 |

---

**Total Return Swap Agreements—Long**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Underlying Instrument | Counterparty | Termination<br>Date<sup>(1)</sup> | Rate Paid<br>(Received)<sup>(2)</sup> | Notional<br>Amount | Value and<br>Unrealized<br>Appreciation/<br>(Depreciation) |
| Dow Jones Industrial Average | Goldman Sachs International | 8/27/25 | 5.08% | $21689582 | $(359318) |
| SPDR Dow Jones Industrial Average ETF | Goldman Sachs International | 8/27/25 | 4.92% | 8211615 | (148092) |
|  |  |  |  | $29901197 | $(507410) |
| Dow Jones Industrial Average | UBS AG | 8/27/25 | 5.13% | $14151027 | $(232718) |
| SPDR Dow Jones Industrial Average ETF | UBS AG | 8/27/25 | 5.13% | 2150661 | (35094) |
|  |  |  |  | $16301688 | $(267812) |
|  |  |  |  | $**46202885** | $**(775222)** |

---

<sup>(1)</sup> Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

<sup>(2)</sup> Reflects the floating financing rate, as of July 31, 2025, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

**See accompanying notes to financial statements.**

------

July 31, 2025 :: Schedule of Portfolio Investments **:: UltraDow 30 ProFund :: 131**

UltraDow 30 ProFund invested in the following industries as of July 31, 2025:

---

| | | |
|:---|:---|:---|
| | Value | % of<br>Net Assets |
| Aerospace & Defense | $898452 | 2.3% |
| Banks | 1200068 | 3.1% |
| Beverages | 275226 | 0.7% |
| Biotechnology | 1196630 | 3.1% |
| Broadline Retail | 948145 | 2.5% |
| Capital Markets | 2934158 | 7.6% |
| Chemicals | 1341718 | 3.5% |
| Communications Equipment | 275928 | 0.7% |
| Consumer Finance | 1213403 | 3.2% |
| Consumer Staples Distribution & Retail | 396917 | 1.0% |
| Diversified Telecommunication Services | 173306 | 0.4% |
| Entertainment | 482634 | 1.3% |
| Financial Services | 1400881 | 3.6% |
| Health Care Providers & Services | 1011966 | 2.6% |
| Hotels, Restaurants & Leisure | 1216784 | 3.1% |
| Household Products | 609404 | 1.6% |
| Industrial Conglomerates | 1504935 | 3.9% |
| Insurance | 1054232 | 2.7% |
| IT Services | 1025511 | 2.7% |
| Machinery | 1776171 | 4.6% |
| Oil, Gas & Consumable Fuels | 614294 | 1.6% |
| Pharmaceuticals | 983982 | 2.6% |
| Semiconductors & Semiconductor <br>Equipment | 720551 | 1.9% |
| Software | 3210096 | 8.3% |
| Specialty Retail | 1490253 | 3.9% |
| Technology Hardware, Storage & <br>Peripherals | 840658 | 2.2% |
| Textiles, Apparel & Luxury Goods | 302719 | 0.8% |
| Other\*\* | 9437327 | 24.5% |
| **Total** | $**38536349** | **100.0%** |

---

\*\* Includes any non-equity securities and other net assets (liabilities), which includes any receivable for capital shares issued and payable for capital shares redeemed.

**See accompanying notes to financial statements.**

------

**132 :: UltraEmerging Markets ProFund ::** Schedule of Portfolio Investments :: July 31, 2025

**Common Stocks (84.3%)**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Alibaba Group Holding, Ltd.<sup>ADR</sup> <br>(Broadline Retail) | 9739 | $1174815 |
| Ambev S.A.<sup>ADR</sup> (Beverages) | 21520 | 46914 |
| America Movil S.A.B. de C.V.<sup>ADR</sup> (Wireless <br>Telecommunication Services) | 4587 | 82886 |
| ASE Technology Holding Co., Ltd.<sup>ADR</sup> <br>(Semiconductors & Semiconductor <br>Equipment) | 8406 | 79857 |
| Baidu, Inc.\*<sup>ADR(a)</sup> (Interactive Media & Services) | 1357 | 119240 |
| Banco Bradesco S.A.<sup>ADR</sup> (Banks) | 25822 | 71527 |
| Banco de Chile<sup>ADR</sup> (Banks) | 1084 | 29615 |
| BeiGene, Ltd.\*<sup>ADR</sup> (Biotechnology) | 310 | 93350 |
| Cemex S.A.B. de C.V.<sup>ADR</sup> (Construction <br>Materials) | 7387 | 64267 |
| Centrais Eletricas Brasileiras S.A.<sup>ADR(a)</sup> <br>(Electric Utilities) | 4452 | 30096 |
| Chunghwa Telecom Co., Ltd.<sup>ADR</sup> (Diversified <br>Telecommunication Services) | 1853 | 80420 |
| Cia de Saneamento Basico do Estado de <br>Sao Paulo SABESP<sup>ADR</sup> (Water Utilities) | 2231 | 43014 |
| Dr. Reddy's Laboratories, Ltd.<sup>ADR</sup> <br>(Pharmaceuticals) | 2974 | 42290 |
| Embraer S.A.\*<sup>ADR</sup> (Aerospace & Defense) | 849 | 48885 |
| Fomento Economico Mexicano S.A.B. de <br>C.V.<sup>ADR</sup> (Beverages) | 841 | 76077 |
| Full Truck Alliance Co., Ltd.<sup>ADR</sup> (Ground <br>Transportation) | 3623 | 41846 |
| Gold Fields, Ltd.<sup>ADR</sup> (Metals & Mining) | 4370 | 106454 |
| Grupo Aeroportuario del Pacifico S.A.B. de <br>C.V.<sup>ADR</sup> (Transportation Infrastructure) | 199 | 45729 |
| Grupo Aeroportuario del Sureste S.A.B. de <br>C.V.<sup>ADR</sup> (Transportation Infrastructure) | 85 | 25781 |
| H World Group, Ltd.<sup>ADR</sup> (Hotels, Restaurants & <br>Leisure) | 794 | 24789 |
| Harmony Gold Mining Co., Ltd.<sup>ADR</sup> (Metals & <br>Mining) | 2727 | 36705 |
| HDFC Bank, Ltd.<sup>ADR</sup> (Banks) | 9210 | 707052 |
| ICICI Bank, Ltd.<sup>ADR</sup> (Banks) | 10587 | 356782 |
| Infosys, Ltd.<sup>ADR</sup> (IT Services) | 17637 | 294891 |
| Itau Unibanco Holding S.A.<sup>ADR</sup> (Banks) | 26024 | 163169 |
| JD.com, Inc.<sup>ADR</sup> (Broadline Retail) | 7075 | 222792 |
| Kanzhun, Ltd.<sup>ADR</sup> (Interactive Media & Services) | 1672 | 31701 |
| KB Financial Group, Inc.<sup>ADR</sup> (Banks) | 1805 | 142865 |
| KE Holdings, Inc.<sup>ADR</sup> (Real Estate <br>Management & Development) | 3433 | 63236 |
| Li Auto, Inc.\*<sup>ADR(a)</sup> (Automobiles) | 3129 | 81667 |
| NetEase, Inc.<sup>ADR</sup> (Entertainment) | 1669 | 217470 |
| New Oriental Education & Technology Group, <br>Inc.\*<sup>ADR</sup> (Diversified Consumer Services) | 598 | 26378 |
| NIO, Inc.\*<sup>ADR(a)</sup> (Automobiles) | 8612 | 41940 |
| PDD Holdings, Inc.\*<sup>ADR</sup> (Broadline Retail) | 3432 | 389360 |
| Petroleo Brasileiro S.A.<sup>ADR</sup> (Oil, Gas & <br>Consumable Fuels) | 9082 | 115705 |
| POSCO Holdings, Inc.<sup>ADR</sup> (Metals & Mining) | 1423 | 77753 |
| Shinhan Financial Group Co., Ltd.<sup>ADR</sup> (Banks) | 2421 | 117903 |
| Suzano S.A.<sup>ADR</sup> (Paper & Forest Products) | 3391 | 31435 |
| Taiwan Semiconductor Manufacturing Co., <br>Ltd.<sup>ADR</sup> (Semiconductors & Semiconductor <br>Equipment) | 7349 | 1775666 |
| TAL Education Group\*<sup>ADR</sup> (Diversified <br>Consumer Services) | 2720 | 29757 |
| Telekomunikasi Indonesia Persero Tbk.\*<sup>ADR</sup> <br>(Diversified Telecommunication Services) | 2320 | 40832 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Tencent Music Entertainment Group<sup>ADR</sup> <br>(Entertainment) | 2626 | $55120 |
| Trip.com Group, Ltd.\*<sup>ADR</sup> (Hotels, <br>Restaurants & Leisure) | 2616 | 162061 |
| United Microelectronics Corp.<sup>ADR</sup> <br>(Semiconductors & Semiconductor <br>Equipment) | 11400 | 77976 |
| Vale S.A.<sup>ADR</sup> (Metals & Mining) | 17503 | 166803 |
| Wipro, Ltd.<sup>ADR(a)</sup> (IT Services) | 13792 | 37514 |
| Woori Financial Group, Inc.<sup>ADR</sup> (Banks) | 1075 | 56857 |
| XPeng, Inc.\*<sup>ADR(a)</sup> (Automobiles) | 3222 | 58673 |
| ZTO Express Cayman, Inc.<sup>ADR</sup> (Air Freight & <br>Logistics) | 1811 | 35659 |
| **TOTAL COMMON STOCKS**<br> (Cost $4,374,330) |  | **7943574** |

---

**Preferred Stocks (1.3%)**

---

| | | |
|:---|:---|:---|
| Petroleo Brasileiro S.A.<sup>ADR</sup> (Oil, Gas & <br>Consumable Fuels) | 10489 | 121882 |
| **TOTAL PREFERRED STOCKS**<br> (Cost $43,932) |  | **121882** |

---

**Repurchase Agreements<sup>(b)(c)</sup> (13.5%)**

---

| | | |
|:---|:---|:---|
| | Principal<br>Amount | Value |
| Repurchase Agreements with various <br>counterparties, rates 4.09%–4.25%, <br>dated 7/31/25, due 8/1/25, total to be <br>received $1,273,149 | $1273000 | $1273000 |
| **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $1,273,000) |  | **1273000** |

---

**Collateral for Securities Loaned<sup>(d)</sup> (3.8%)**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Invesco Government & Agency Portfolio—<br>Institutional Shares, 4.34%<sup>(e)</sup> | 358782 | $358782 |
| **TOTAL COLLATERAL FOR SECURITIES LOANED**<br> (Cost $358,782) |  | **358782** |
| **TOTAL INVESTMENT SECURITIES**<br> (Cost $6,050,044)—102.9% |  | **9697238** |
| Net other assets (liabilities)—(2.9)% |  | (276732) |
| **NET ASSETS—100.0%** |  | $**9420506** |

---

\* Non-income producing security.

<sup>(a)</sup> All or part of this security was on loan as of July 31, 2025. The total value of securities on loan as of July 31, 2025 was $351,633.

<sup>(b)</sup> The ProFund invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" in the Appendix to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.

<sup>(c)</sup> A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. At July 31, 2025, the aggregate amount held in a segregated account was $276,000.

<sup>(d)</sup> Securities were purchased with cash collateral held from securities on loan at July 31, 2025.

<sup>(e)</sup> Rate periodically changes. Rate disclosed is the daily yield as of July 31, 2025.

<sup>ADR</sup> American Depositary Receipt

**See accompanying notes to financial statements.**

------

July 31, 2025 :: Schedule of Portfolio Investments **:: UltraEmerging Markets ProFund :: 133**

**Total Return Swap Agreements—Long**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Underlying Instrument | Counterparty | Termination<br>Date<sup>(1)</sup> | Rate Paid<br>(Received)<sup>(2)</sup> | Notional<br>Amount | Value and<br>Unrealized<br>Appreciation/<br>(Depreciation) |
| S&P Emerging 50 ADR Index (USD) | Goldman Sachs International | 8/27/25 | 5.08% | $5423770 | $(76091) |
| S&P Emerging 50 ADR Index (USD) | UBS AG | 8/27/25 | 5.13% | 5359004 | (68405) |
|  |  |  |  | $**10782774** | $**(144496)** |

---

<sup>(1)</sup> Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

<sup>(2)</sup> Reflects the floating financing rate, as of July 31, 2025, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

UltraEmerging Markets ProFund invested in the following industries as of July 31, 2025:

---

| | | |
|:---|:---|:---|
| | Value | % of<br>Net Assets |
| Aerospace & Defense | $48885 | 0.5% |
| Air Freight & Logistics | 35659 | 0.4% |
| Automobiles | 182280 | 1.9% |
| Banks | 1645771 | 17.5% |
| Beverages | 122991 | 1.3% |
| Biotechnology | 93351 | 1.0% |
| Broadline Retail | 1786968 | 19.0% |
| Construction Materials | 64267 | 0.7% |
| Diversified Consumer Services | 56134 | 0.6% |
| Diversified Telecommunication Services | 121252 | 1.3% |
| Electric Utilities | 30095 | 0.3% |
| Entertainment | 272591 | 2.9% |
| Ground Transportation | 41846 | 0.4% |
| Hotels, Restaurants & Leisure | 186850 | 2.0% |
| Interactive Media & Services | 150941 | 1.6% |
| IT Services | 332405 | 3.5% |
| Metals & Mining | 387715 | 4.1% |
| Oil, Gas & Consumable Fuels | 237587 | 2.5% |
| Paper & Forest Products | 31434 | 0.3% |
| Pharmaceuticals | 42290 | 0.4% |
| Real Estate Management & Development | 63236 | 0.7% |
| Semiconductors & Semiconductor <br>Equipment | 1933498 | 20.5% |
| Transportation Infrastructure | 71509 | 0.8% |
| Water Utilities | 43014 | 0.5% |
| Wireless Telecommunication Services | 82887 | 0.9% |
| Other\*\* | 1355050 | 14.4% |
| **Total** | $**9420506** | **100.0%** |

---

UltraEmerging Markets ProFund invested in securities with exposure to the following countries as of July 31, 2025:

---

| | | |
|:---|:---|:---|
| | Value | % of<br>Net Assets |
| Brazil | $839430 | 8.9% |
| Chile | 29615 | 0.3% |
| China | 2869856 | 30.5% |
| India | 1438528 | 15.2% |
| Indonesia | 40832 | 0.4% |
| Mexico | 294740 | 3.2% |
| South Africa | 143158 | 1.5% |
| South Korea | 395379 | 4.2% |
| Taiwan | 2013918 | 21.4% |
| Other\*\* | 1355050 | 14.4% |
| **Total** | $**9420506** | **100.0%** |

---

\*\* Includes any non-equity securities and other net assets (liabilities), which includes any receivable for capital shares issued and payable for capital shares redeemed.

**See accompanying notes to financial statements.**

------

**134 :: UltraInternational ProFund ::** Schedule of Portfolio Investments :: July 31, 2025

**Repurchase Agreements<sup>(a)(b)</sup> (105.0%)**

---

| | | |
|:---|:---|:---|
| | Principal <br>Amount | Value |
| Repurchase Agreements with various <br>counterparties, rates 4.09%–4.25%, <br>dated 7/31/25, due 8/1/25, total to be <br>received $7,724,901 | $7724000 | $7724000 |
| **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $7,724,000) |  | **7724000** |
| **TOTAL INVESTMENT SECURITIES**<br> (Cost $7,724,000)—105.0% |  | **7724000** |
| Net other assets (liabilities)—(5.0)% |  | (365519) |
| **NET ASSETS—100.0%** |  | $**7358481** |

---

<sup>(a)</sup> The ProFund invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" in the Appendix to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.

<sup>(b)</sup> A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. At July 31, 2025, the aggregate amount held in a segregated account was $406,000.

**Total Return Swap Agreements—Long**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Underlying Instrument | Counterparty | Termination <br>Date<sup>(1)</sup> | Rate Paid <br>(Received)<sup>(2)</sup> | Notional<br>Amount | Value and <br>Unrealized <br>Appreciation/ <br>(Depreciation) |
| MSCI EAFE Index | Goldman Sachs International | 8/27/25 | 4.98% | $7328968 | $(153823) |
| MSCI EAFE Index | UBS AG | 8/27/25 | 5.13% | 7396928 | (161141) |
|  |  |  |  | $**14725896** | $**(314964)** |

---

<sup>(1)</sup> Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

<sup>(2)</sup> Reflects the floating financing rate, as of July 31, 2025, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

**See accompanying notes to financial statements.**

------

July 31, 2025 :: Schedule of Portfolio Investments **:: UltraJapan ProFund :: 135**

**Repurchase Agreements<sup>(a)(b)</sup> (75.8%)**

---

| | | |
|:---|:---|:---|
| | Principal <br>Amount | Value |
| Repurchase Agreements with various <br>counterparties, rates 4.09%–4.25%, <br>dated 7/31/25, due 8/1/25, total to be <br>received $13,829,613 | $13828000 | $13828000 |
| **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $13,828,000) |  | **13828000** |
| **TOTAL INVESTMENT SECURITIES**<br> (Cost $13,828,000)—75.8% |  | **13828000** |
| Net other assets (liabilities)—24.2% |  | 4423461 |
| **NET ASSETS—100.0%** |  | $**18251461** |

---

<sup>(a)</sup> The ProFund invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" in the Appendix to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.

<sup>(b)</sup> A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. At July 31, 2025, the aggregate amount held in a segregated account was $50,000.

**Futures Contracts Purchased**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Number <br>of <br>Contracts | Expiration<br>Date | Notional<br>Amount | Value and <br>Unrealized <br>Appreciation/ <br>(Depreciation) |
| Nikkei 225 Index Futures Contracts | 178 | 9/12/25 | $36307550 | $2351000 |

---

**Total Return Swap Agreements—Long**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Underlying Instrument | Counterparty | Termination <br>Date<sup>(1)</sup> | Rate Paid <br>(Received)<sup>(2)</sup> | Notional<br>Amount | Value and <br>Unrealized <br>Appreciation/ <br>(Depreciation) |
| Nikkei 225 Stock Average | Goldman Sachs International | 8/27/25 | 4.78% | $215688 | $(746) |

---

<sup>(1)</sup> Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

<sup>(2)</sup> Reflects the floating financing rate, as of July 31, 2025, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

**See accompanying notes to financial statements.**

------

**136 :: UltraLatin America ProFund ::** Schedule of Portfolio Investments :: July 31, 2025

**Common Stocks (77.1%)**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Ambev S.A.\*<sup>ADR</sup> (Beverages) | 99928 | $217843 |
| America Movil S.A.B. de C.V.\*<sup>ADR</sup> (Wireless <br>Telecommunication Services) | 18793 | 339589 |
| Banco Bradesco S.A.<sup>ADR</sup> (Banks) | 101320 | 280656 |
| Banco de Chile\*<sup>ADR</sup> (Banks) | 5032 | 137474 |
| Banco Santander Chile ADR\*<sup>ADR</sup> (Banks) | 3520 | 80995 |
| Cemex S.A.B. de C.V.<sup>ADR</sup> (Construction <br>Materials) | 34275 | 298193 |
| Centrais Eletricas Brasileiras S.A.\*<sup>ADR(a)</sup> <br>(Electric Utilities) | 20654 | 139621 |
| Cia De Minas Buenaventura S.A.A\*<sup>ADR</sup> <br>(Metals & Mining) | 5415 | 92109 |
| Cia de Saneamento Basico do Estado de <br>Sao Paulo SABESP\*<sup>ADR</sup> (Water Utilities) | 10369 | 199914 |
| Cia Energetica de Minas Gerais<sup>ADR</sup> (Electric <br>Utilities) | 43139 | 78081 |
| Cia Paranaense de Energia—Copel<sup>ADR</sup> <br>(Electric Utilities) | 5894 | 50335 |
| Coca-Cola FEMSA SAB de CV\*<sup>ADR</sup> <br>(Beverages) | 1189 | 98735 |
| Corp Inmobiliaria Vesta SAB de CV<sup>ADR</sup> <br>(Real Estate Management & Development) | 1998 | 56124 |
| Ecopetrol S.A.\*<sup>ADR(a)</sup> (Oil, Gas & Consumable <br>Fuels) | 5586 | 46922 |
| Embraer S.A.\*<sup>ADR</sup> (Aerospace & Defense) | 3940 | 226865 |
| Fomento Economico Mexicano <br>S.A.B. de C.V.<sup>ADR</sup> (Beverages) | 3443 | 311454 |
| Gerdau S.A.\*<sup>ADR</sup> (Metals & Mining) | 29659 | 87791 |
| Grupo Aeroportuario del Centro Norte\*<sup>ADR</sup> <br>(Transportation Infrastructure) | 780 | 83015 |
| Grupo Aeroportuario del Pacifico <br>S.A.B. de C.V.\*<sup>ADR</sup> (Transportation <br>Infrastructure) | 924 | 212326 |
| Grupo Aeroportuario del Sureste <br>S.A.B. de C.V.\*<sup>ADR</sup> (Transportation <br>Infrastructure) | 395 | 119807 |
| Grupo Cibest, SA.\*<sup>ADR</sup> (Banks) | 2559 | 111112 |
| Grupo Financiero Galicia S.A.\*<sup>ADR</sup> (Banks) | 2760 | 139297 |
| Itau Unibanco Holding S.A.<sup>ADR</sup> (Banks) | 106600 | 668383 |
| Latam Airlines Group S.A.\*<sup>ADR</sup> (Airlines) | 2087 | 90555 |
| Pampa Energia SA\*<sup>ADR</sup> (Electric Utilities) | 655 | 49813 |
| Petroleo Brasileiro S.A.<sup>ADR</sup> (Oil, Gas & <br>Consumable Fuels) | 37208 | 474030 |
| Sociedad Quimica y Minera de Chile <br>S.A.\*<sup>ADR(a)</sup> (Chemicals) | 3234 | 118850 |
| Suzano S.A.<sup>ADR(a)</sup> (Paper & Forest Products) | 15743 | 145938 |
| Telefonica Brasil S.A.<sup>ADR</sup> (Diversified <br>Telecommunication Services) | 8861 | 99420 |
| TIM SA Brazil<sup>ADR(a)</sup> (Wireless <br>Telecommunication Services) | 3618 | 66499 |
| Ultrapar Participacoes S.A.\*<sup>ADR</sup> (Oil, Gas & <br>Consumable Fuels) | 16418 | 50239 |
| Vale S.A.<sup>ADR</sup> (Metals & Mining) | 71711 | 683406 |
| Vista Energy SAB de CV\*<sup>ADR</sup> (Oil, Gas & <br>Consumable Fuels) | 1743 | 77912 |
| YPF S.A.\*<sup>ADR</sup> (Oil, Gas & Consumable Fuels) | 4363 | 146335 |
| **TOTAL COMMON STOCKS**<br> (Cost $3,366,512) |  | **6079638** |

---

**Preferred Stocks (6.3%)**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Petroleo Brasileiro S.A.<sup>ADR</sup> (Oil, Gas & <br>Consumable Fuels) | 43024 | $499939 |
| **TOTAL PREFERRED STOCKS**<br> (Cost $96,152) |  | **499939** |

---

**Repurchase Agreements<sup>(b)(c)</sup> (13.8%)**

---

| | | |
|:---|:---|:---|
| | Principal <br>Amount | Value |
| Repurchase Agreements with various <br>counterparties, rates 4.09%–4.25%, <br>dated 7/31/25, due 8/1/25, total to be <br>received $1,091,127 | $1091000 | $1091000 |
| **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $1,091,000) |  | **1091000** |

---

**Collateral for Securities Loaned<sup>(d)</sup> (4.8%)**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Invesco Government & Agency Portfolio—<br>Institutional Shares, 4.34%<sup>(e)</sup> | 376114 | $376114 |
| **TOTAL COLLATERAL FOR SECURITIES LOANED**<br> (Cost $376,114) |  | **376114** |
| **TOTAL INVESTMENT SECURITIES**<br> (Cost $4,929,778)—102.0% |  | **8046691** |
| Net other assets (liabilities)—(2.0)% |  | (161504) |
| **NET ASSETS—100.0%** |  | $**7885187** |

---

\* Non-income producing security.

<sup>(a)</sup> All or part of this security was on loan as of July 31, 2025. The total value of securities on loan as of July 31, 2025 was $363,901.

<sup>(b)</sup> The ProFund invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" in the Appendix to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.

<sup>(c)</sup> A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. At July 31, 2025, the aggregate amount held in a segregated account was $235,000.

<sup>(d)</sup> Securities were purchased with cash collateral held from securities on loan at July 31, 2025.

<sup>(e)</sup> Rate periodically changes. Rate disclosed is the daily yield as of July 31, 2025.

<sup>ADR</sup> American Depositary Receipt

**See accompanying notes to financial statements.**

------

July 31, 2025 :: Schedule of Portfolio Investments **:: UltraLatin America ProFund :: 137**

**Total Return Swap Agreements—Long**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Underlying Instrument | Counterparty | Termination <br>Date<sup>(1)</sup> | Rate Paid <br>(Received)<sup>(2)</sup> | Notional<br>Amount | Value and <br>Unrealized <br>Appreciation/ <br>(Depreciation) |
| S&P Latin America 35 ADR Index (USD) | Goldman Sachs International | 8/27/25 | 5.08% | $6187464 | $38891 |
| S&P Latin America 35 ADR Index (USD) | UBS AG | 8/27/25 | 4.93% | 2981940 | 13379 |
|  |  |  |  | $**9169404** | $**52270** |

---

<sup>(1)</sup> Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

<sup>(2)</sup> Reflects the floating financing rate, as of July 31, 2025, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

UltraLatin America ProFund invested in the following industries as of July 31, 2025:

---

| | | |
|:---|:---|:---|
| | Value | % of<br>Net Assets |
| Aerospace & Defense | $226865 | 2.9% |
| Airlines | 90555 | 1.1% |
| Banks | 1417917 | 18.0% |
| Beverages | 628032 | 7.9% |
| Chemicals | 118849 | 1.5% |
| Construction Materials | 298192 | 3.8% |
| Diversified Telecommunication Services | 99420 | 1.3% |
| Electric Utilities | 317850 | 4.1% |
| Metals & Mining | 863306 | 11.0% |
| Oil, Gas & Consumable Fuels | 1295378 | 16.4% |
| Paper & Forest Products | 145938 | 1.8% |
| Real Estate Management & Development | 56124 | 0.7% |
| Transportation Infrastructure | 415149 | 5.3% |
| Water Utilities | 199914 | 2.5% |
| Wireless Telecommunication Services | 406088 | 5.1% |
| Other\*\* | 1305610 | 16.6% |
| **Total** | $**7885187** | **100.0%** |

---

UltraLatin America ProFund invested in securities with exposure to the following countries as of July 31, 2025:

---

| | | |
|:---|:---|:---|
| | Value | % of<br>Net Assets |
| Argentina | $335445 | 4.3% |
| Brazil | 3968960 | 50.4% |
| Chile | 427873 | 5.3% |
| Colombia | 158035 | 2.0% |
| Mexico | 1597155 | 20.2% |
| Peru | 92109 | 1.2% |
| Other\*\* | 1305610 | 16.6% |
| **Total** | $**7885187** | **100.0%** |

---

\*\* Includes any non-equity securities and other net assets (liabilities), which includes any receivable for capital shares issued and payable for capital shares redeemed.

**See accompanying notes to financial statements.**

------

**138 :: UltraMid-Cap ProFund ::** Schedule of Portfolio Investments :: July 31, 2025

**Common Stocks (68.1%)**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| AAON, Inc. (Building Products) | 565 | $47178 |
| Abercrombie & Fitch Co.\*—Class A <br>(Specialty Retail) | 399 | 38312 |
| Acadia Healthcare Company, Inc.\* <br>(Health Care Providers & Services) | 771 | 16785 |
| Acuity Brands, Inc. (Electrical Equipment) | 256 | 79706 |
| Advanced Drainage Systems, Inc. <br>(Building Products) | 591 | 67817 |
| AECOM (Construction & Engineering) | 1107 | 124803 |
| AeroVironment, Inc.\* (Aerospace & Defense) | 263 | 70389 |
| Affiliated Managers Group, Inc. (Capital <br>Markets) | 238 | 49949 |
| AGCO Corp. (Machinery) | 518 | 61108 |
| Agree Realty Corp. (Retail REITs) | 919 | 65892 |
| Alaska Air Group, Inc.\* (Passenger Airlines) | 1016 | 53807 |
| Albertsons Cos., Inc.—Class A <br>(Consumer Staples Distribution & Retail) | 3372 | 64810 |
| Alcoa Corp. (Metals & Mining) | 2166 | 64915 |
| Allegro MicroSystems, Inc.\* <br>(Semiconductors & Semiconductor <br>Equipment) | 1094 | 34363 |
| ALLETE, Inc. (Electric Utilities) | 484 | 31910 |
| Ally Financial, Inc. (Consumer Finance) | 2313 | 87547 |
| Amedisys, Inc.\* (Health Care Providers & <br>Services) | 274 | 27016 |
| American Airlines Group, Inc.\* (Passenger <br>Airlines) | 5518 | 63402 |
| American Financial Group, Inc. (Insurance) | 601 | 75065 |
| American Homes 4 Rent—Class A (Residential <br>REITs) | 2659 | 92241 |
| Amkor Technology, Inc. (Semiconductors & <br>Semiconductor Equipment) | 951 | 21455 |
| Annaly Capital Management, Inc. (Mortgage <br>REITs) | 5063 | 102931 |
| Antero Midstream Corp. (Oil, Gas & <br>Consumable Fuels) | 2807 | 51508 |
| Antero Resources Corp.\* (Oil, Gas & <br>Consumable Fuels) | 2442 | 85299 |
| API Group Corp.\* (Industrial Support Services) | 3057 | 110266 |
| Appfolio, Inc.\*—Class A (Software) | 193 | 51604 |
| Applied Industrial Technologies, Inc. <br>(Trading Companies & Distributors) | 319 | 86609 |
| AptarGroup, Inc. (Containers & Packaging) | 553 | 86898 |
| Aramark (Hotels, Restaurants & Leisure) | 2193 | 93334 |
| Arrow Electronics, Inc.\* (Electronic <br>Equipment, Instruments & Components) | 434 | 50344 |
| ASGN, Inc.\* (IT Services) | 366 | 18351 |
| Ashland, Inc. (Chemicals) | 382 | 19696 |
| Associated Banc-Corp. (Banks) | 1367 | 33820 |
| ATI, Inc.\* (Metals & Mining) | 1180 | 90789 |
| Autoliv, Inc.\* (Automobile Components) | 595 | 66373 |
| AutoNation, Inc.\* (Specialty Retail) | 208 | 40069 |
| Avantor, Inc.\* (Life Sciences Tools & Services) | 5702 | 76635 |
| Avient Corp. (Chemicals) | 766 | 24183 |
| Avis Budget Group, Inc.\* (Ground <br>Transportation) | 141 | 24004 |
| Avnet, Inc. (Electronic Equipment, <br>Instruments & Components) | 702 | 37164 |
| Axalta Coating Systems, Ltd.\* (Chemicals) | 1829 | 51797 |
| Bank OZK (Banks) | 884 | 43581 |
| Bath & Body Works, Inc. (Retail—Discretionary) | 1782 | 51607 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Belden, Inc. (Electronic Equipment, <br>Instruments & Components) | 330 | $40805 |
| BellRing Brands, Inc.\* (Personal Care <br>Products) | 1063 | 58018 |
| BILL Holdings, Inc.\* (Software) | 793 | 33980 |
| BioMarin Pharmaceutical, Inc.\* <br>(Biotechnology) | 1605 | 92849 |
| Bio-Rad Laboratories, Inc.\*—Class A <br>(Life Sciences Tools & Services) | 156 | 37744 |
| BJ's Wholesale Club Holdings, Inc.\* <br>(Consumer Staples Distribution & Retail) | 1105 | 117020 |
| Black Hills Corp. (Multi-Utilities) | 607 | 35072 |
| Blackbaud, Inc.\* (Software) | 315 | 21237 |
| Boyd Gaming Corp.\* (Hotels, Restaurants & <br>Leisure) | 511 | 43384 |
| Brighthouse Financial, Inc.\* (Insurance) | 480 | 22968 |
| Brixmor Property Group, Inc. (Retail REITs) | 2561 | 66919 |
| Bruker Corp. (Life Sciences Tools & Services) | 926 | 35586 |
| Brunswick Corp. (Leisure Products) | 550 | 32060 |
| Burlington Stores, Inc.\* (Specialty Retail) | 527 | 143849 |
| BWX Technologies, Inc. (Aerospace & Defense) | 764 | 116075 |
| Cabot Corp. (Chemicals) | 450 | 32481 |
| CACI International, Inc.\*—Class A <br>(Professional Services) | 184 | 84744 |
| Cadence Bank (Banks) | 1559 | 54331 |
| Capri Holdings, Ltd.\* (Textiles, Apparel & <br>Luxury Goods) | 987 | 17954 |
| Carlisle Cos., Inc. (Building Products) | 361 | 128050 |
| Carpenter Technology Corp. (Metals & Mining) | 417 | 103996 |
| Casey's General Stores, Inc. (Consumer <br>Staples Distribution & Retail) | 311 | 161761 |
| Cava Group, Inc.\* (Leisure Facilities & Services) | 687 | 60463 |
| Celsius Holdings, Inc.\* (Beverages) | 1316 | 59666 |
| Chart Industries, Inc.\* (Machinery) | 376 | 74760 |
| Chemed Corp. (Health Care Providers & <br>Services) | 122 | 50301 |
| Chewy, Inc.\*—Class A (Specialty Retail) | 1833 | 67271 |
| Choice Hotels International, Inc. (Hotels, <br>Restaurants & Leisure) | 185 | 23626 |
| Chord Energy Corp. (Oil, Gas & <br>Consumable Fuels) | 483 | 53289 |
| Churchill Downs, Inc. (Hotels, Restaurants & <br>Leisure) | 604 | 64652 |
| Ciena Corp.\* (Communications Equipment) | 1189 | 110387 |
| Cirrus Logic, Inc.\* (Semiconductors & <br>Semiconductor Equipment) | 445 | 44816 |
| Civitas Resources, Inc. (Oil, Gas & <br>Consumable Fuels) | 713 | 21647 |
| Clean Harbors, Inc.\* (Commercial Services & <br>Supplies) | 421 | 99276 |
| Cleveland-Cliffs, Inc.\* (Metals & Mining) | 4056 | 42669 |
| CNH Industrial N.V.\* (Machinery) | 7318 | 94841 |
| CNO Financial Group, Inc.\* (Insurance) | 830 | 30577 |
| CNX Resources Corp.\* (Oil, Gas & <br>Consumable Fuels) | 1211 | 36705 |
| Coca-Cola Consolidated, Inc. (Beverages) | 490 | 54758 |
| Cognex Corp. (Electronic Equipment, <br>Instruments & Components) | 1405 | 57282 |
| Coherent Corp.\* (Electronic Equipment, <br>Instruments & Components) | 1301 | 139988 |
| Columbia Banking System, Inc. (Banks) | 1759 | 41864 |

---

**See accompanying notes to financial statements.**

------

July 31, 2025 :: Schedule of Portfolio Investments **:: UltraMid-Cap ProFund :: 139**

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Columbia Sportswear Co.\* (Textiles, Apparel & <br>Luxury Goods) | 257 | $14538 |
| Comerica, Inc. (Banks) | 1100 | 74327 |
| Comfort Systems USA, Inc. (Construction & <br>Engineering) | 294 | 206770 |
| Commerce Bancshares, Inc. (Banks) | 1016 | 62179 |
| Commercial Metals Co.\* (Metals & Mining) | 946 | 49060 |
| CommVault Systems, Inc.\* (Software) | 369 | 70092 |
| Concentrix Corp. (Professional Services) | 385 | 20008 |
| COPT Defense Properties (Office REITs) | 943 | 25725 |
| Core & Main, Inc.\*—Class A (Trading <br>Companies & Distributors) | 1585 | 100869 |
| Coty, Inc.\*—Class A (Personal Care Products) | 3065 | 14865 |
| Cousins Properties, Inc.\* (Office REITs) | 1405 | 38076 |
| Crane Co. (Machinery) | 409 | 80070 |
| Crane NXT Co. (Electronic Equipment, <br>Instruments & Components) | 413 | 24507 |
| Crocs, Inc.\* (Textiles, Apparel & Luxury Goods) | 469 | 46773 |
| Crown Holdings, Inc. (Containers & Packaging) | 963 | 95684 |
| CubeSmart (Specialized REITs) | 1907 | 74201 |
| Cullen/Frost Bankers, Inc. (Banks) | 538 | 68547 |
| Curtiss-Wright Corp. (Aerospace & Defense) | 315 | 154419 |
| Cytokinetics, Inc.\* (Biotechnology) | 999 | 37602 |
| Darling Ingredients, Inc.\* (Food Products) | 1323 | 42839 |
| DENTSPLY SIRONA, Inc. (Health Care <br>Equipment & Supplies) | 1668 | 23869 |
| Dick's Sporting Goods, Inc. (Specialty Retail) | 473 | 100043 |
| DocuSign, Inc.\* (Software) | 1694 | 128134 |
| Dolby Laboratories, Inc.\*—Class A (Software) | 514 | 38725 |
| Donaldson Co., Inc. (Machinery) | 1000 | 71970 |
| Doximity, Inc.\*—Class A (Health Care <br>Technology) | 1117 | 65624 |
| Dropbox, Inc.\*—Class A (Software) | 1642 | 44613 |
| DT Midstream, Inc. (Oil, Gas & Consumable <br>Fuels) | 850 | 87321 |
| Duolingo, Inc.\* (Diversified Consumer <br>Services) | 329 | 114015 |
| Dynatrace, Inc.\* (Software) | 2509 | 131999 |
| Eagle Materials, Inc. (Construction Materials) | 279 | 62576 |
| East West Bancorp, Inc. (Banks) | 1153 | 115587 |
| EastGroup Properties, Inc. (Industrial REITs) | 439 | 71662 |
| EchoStar Corp.\*—Class A (Media) | 1123 | 36599 |
| elf Beauty, Inc.\* (Personal Care Products) | 472 | 57202 |
| EMCOR Group, Inc. (Construction & <br>Engineering) | 375 | 235309 |
| Encompass Health Corp. (Health Care <br>Providers & Services) | 843 | 92823 |
| EnerSys (Electrical Equipment) | 330 | 30482 |
| Entegris, Inc. (Semiconductors & <br>Semiconductor Equipment) | 1267 | 99408 |
| Envista Holdings Corp.\* (Health Care <br>Equipment & Supplies) | 1418 | 26786 |
| EPR Properties (Specialized REITs) | 636 | 35005 |
| Equitable Holdings, Inc. (Financial Services) | 2543 | 130584 |
| Equity LifeStyle Properties, Inc. (Residential <br>REITs) | 1600 | 95872 |
| Esab Corp. (Machinery) | 477 | 63999 |
| Essent Group, Ltd. (Financial Services) | 848 | 47480 |
| Essential Utilities, Inc. (Water Utilities) | 2158 | 79414 |
| Euronet Worldwide, Inc.\* (Financial Services) | 340 | 33041 |
| Evercore Partners, Inc. (Capital Markets) | 301 | 90643 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Exelixis, Inc.\* (Biotechnology) | 2282 | $82654 |
| ExlService Holdings, Inc.\* (Professional <br>Services) | 1361 | 59108 |
| Exponent, Inc. (Professional Services) | 425 | 29308 |
| F.N.B. Corp.\* (Banks) | 3011 | 46129 |
| Fabrinet\* (Electronic Equipment, <br>Instruments & Components) | 300 | 97119 |
| Federated Hermes, Inc.—Class B (Capital <br>Markets) | 631 | 31279 |
| Fidelity National Financial, Inc. (Insurance) | 2183 | 123186 |
| First American Financial Corp. (Insurance) | 861 | 51703 |
| First Financial Bankshares, Inc. (Banks) | 1077 | 37286 |
| First Horizon Corp. (Banks) | 4244 | 92561 |
| First Industrial Realty Trust, Inc. (Industrial <br>REITs) | 1108 | 53982 |
| FirstCash Holdings, Inc.\* (Consumer Finance) | 323 | 43053 |
| Five Below, Inc.\* (Specialty Retail) | 461 | 62936 |
| Flex, Ltd.\* (Electronic Equipment, <br>Instruments & Components) | 3206 | 159882 |
| Floor & Decor Holdings, Inc.\*—Class A <br>(Specialty Retail) | 900 | 68976 |
| Flowers Foods, Inc. (Food Products) | 1643 | 26042 |
| Flowserve Corp. (Machinery) | 1094 | 61308 |
| Fluor Corp.\* (Construction & Engineering) | 1378 | 78229 |
| Fortune Brands Innovations, Inc. (Building <br>Products) | 1006 | 54867 |
| Frontier Communications Parent, Inc.\* <br>(Diversified Telecommunication Services) | 1864 | 68484 |
| FTI Consulting, Inc.\* (Professional Services) | 282 | 46911 |
| GameStop Corp.\*—Class A (Specialty Retail) | 3406 | 76465 |
| Gaming and Leisure Properties, Inc. <br>(Specialized REITs) | 2300 | 104834 |
| GATX Corp.\* (Trading Companies & <br>Distributors) | 299 | 45654 |
| Genpact, Ltd. (Professional Services) | 1346 | 59291 |
| Gentex Corp. (Automobile Components) | 1881 | 49696 |
| Glacier Bancorp, Inc. (Banks) | 991 | 43436 |
| Globus Medical, Inc.\* (Health Care <br>Equipment & Supplies) | 945 | 49735 |
| Graco, Inc. (Machinery) | 1398 | 117403 |
| Graham Holdings Co.\*—Class B (Diversified <br>Consumer Services) | 28 | 26717 |
| Grand Canyon Education, Inc.\* (Diversified <br>Consumer Services) | 234 | 39459 |
| Graphic Packaging Holding Co. (Containers & <br>Packaging) | 2525 | 56459 |
| Greif, Inc.\*—Class A (Containers & Packaging) | 218 | 13828 |
| Guidewire Software, Inc.\* (Software) | 702 | 158807 |
| GXO Logistics, Inc.\* (Air Freight & Logistics) | 957 | 47572 |
| H&R Block, Inc. (Diversified Consumer <br>Services) | 1120 | 60861 |
| Haemonetics Corp.\* (Health Care <br>Equipment & Supplies) | 420 | 31097 |
| Halozyme Therapeutics, Inc.\* (Biotechnology) | 1031 | 61829 |
| Hamilton Lane, Inc.—Class A (Capital Markets) | 363 | 55285 |
| Hancock Whitney Corp. (Banks) | 717 | 42819 |
| Harley-Davidson, Inc. (Automobiles) | 915 | 22262 |
| Healthcare Realty Trust, Inc. (Health Care <br>REITs) | 2940 | 45158 |
| HealthEquity, Inc.\* (Health Care Providers & <br>Services) | 725 | 70325 |

---

**See accompanying notes to financial statements.**

------

**140 :: UltraMid-Cap ProFund ::** Schedule of Portfolio Investments :: July 31, 2025

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Hexcel Corp. (Aerospace & Defense) | 673 | $40319 |
| HF Sinclair Corp. (Oil, Gas & Consumable <br>Fuels) | 1340 | 58880 |
| Hilton Grand Vacations, Inc.\* (Hotels, <br>Restaurants & Leisure) | 483 | 21648 |
| Hims & Hers Health, Inc.\* (Health <br>Care Providers & Services) | 1641 | 108600 |
| Home BancShares, Inc. (Banks) | 1537 | 43282 |
| Houlihan Lokey, Inc. (Capital Markets) | 450 | 85797 |
| Hyatt Hotels Corp.—Class A (Hotels, <br>Restaurants & Leisure) | 351 | 49480 |
| IDACORP, Inc. (Electric Utilities) | 452 | 56649 |
| Illumina, Inc.\* (Life Sciences Tools & Services) | 1325 | 136091 |
| Independence Realty Trust, Inc.\* (Residential <br>REITs) | 1953 | 32752 |
| Ingredion, Inc. (Food Products) | 538 | 70769 |
| Insperity, Inc. (Professional Services) | 299 | 17814 |
| Interactive Brokers Group, Inc.—Class A <br>(Capital Markets) | 3647 | 239096 |
| International Bancshares Corp. (Banks) | 447 | 30476 |
| IPG Photonics Corp.\* (Electronic Equipment, <br>Instruments & Components) | 221 | 16551 |
| Iridium Communications, Inc.\* (Diversified <br>Telecommunication Services) | 905 | 22136 |
| ITT, Inc. (Machinery) | 659 | 112004 |
| Janus Henderson Group PLC (Capital Markets) | 1055 | 45682 |
| Jazz Pharmaceuticals PLC\* (Pharmaceuticals) | 516 | 59149 |
| Jefferies Financial Group, Inc. (Capital Markets) | 1363 | 78591 |
| Jones Lang LaSalle, Inc.\* (Real Estate <br>Management & Development) | 397 | 107333 |
| KB Home (Household Durables) | 600 | 33156 |
| KBR, Inc. (Professional Services) | 1086 | 50760 |
| Kemper Corp.\* (Insurance) | 503 | 30980 |
| Kilroy Realty Corp.\* (Office REITs) | 891 | 32842 |
| Kinsale Capital Group, Inc. (Insurance) | 185 | 81528 |
| Kirby Corp.\* (Marine Transportation) | 469 | 44700 |
| Kite Realty Group Trust (Retail REITs) | 1839 | 40421 |
| Knife River Corp.\* (Construction Materials) | 474 | 39096 |
| Knight-Swift Transportation Holdings, Inc. <br>(Ground Transportation) | 1356 | 57630 |
| Kyndryl Holdings, Inc.\* (IT Services) | 1947 | 73538 |
| Lamar Advertising Co.—Class A <br>(Specialized REITs) | 736 | 89976 |
| Lancaster Colony Corp. (Food Products) | 161 | 28619 |
| Landstar System, Inc. (Ground Transportation) | 292 | 38944 |
| Lantheus Holdings, Inc.\* (Health Care <br>Equipment & Supplies) | 579 | 41219 |
| Lattice Semiconductor Corp.\* <br>(Semiconductors & Semiconductor <br>Equipment) | 1151 | 57354 |
| Lear Corp. (Automobile Components) | 447 | 42148 |
| Light & Wonder, Inc.\* (Hotels, Restaurants & <br>Leisure) | 706 | 68002 |
| Lincoln Electric Holdings, Inc. (Machinery) | 467 | 113715 |
| Lithia Motors, Inc.—A (Specialty Retail) | 218 | 62784 |
| Littelfuse, Inc. (Electronic Equipment, <br>Instruments & Components) | 207 | 53267 |
| LivaNova PLC\* (Health Care Equipment & <br>Supplies) | 456 | 19239 |
| Louisiana-Pacific Corp. (Paper & Forest <br>Products) | 518 | 46832 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Lumentum Holdings, Inc.\* (Communications <br>Equipment) | 581 | $63956 |
| MACOM Technology Solutions Holdings, Inc.\* <br>(Semiconductors & Semiconductor <br>Equipment) | 498 | 68296 |
| Macy's, Inc. (Broadline Retail) | 2331 | 29441 |
| Manhattan Associates, Inc.\* (Software) | 508 | 111587 |
| ManpowerGroup, Inc. (Professional Services) | 387 | 15964 |
| Maplebear, Inc.\* (Consumer Staples <br>Distribution & Retail) | 1374 | 65911 |
| Marriott Vacations Worldwide Corp.\* <br>(Hotels, Restaurants & Leisure) | 266 | 19809 |
| Masimo Corp.\* (Health Care Equipment & <br>Supplies) | 377 | 57979 |
| MasTec, Inc.\* (Construction & Engineering) | 513 | 97065 |
| Matador Resources Co. (Oil, Gas & <br>Consumable Fuels) | 974 | 48583 |
| Mattel, Inc.\* (Leisure Products) | 2702 | 45961 |
| Maximus, Inc. (Professional Services) | 471 | 34788 |
| Medpace Holdings, Inc.\* (Life Sciences <br>Tools & Services) | 197 | 84158 |
| MGIC Investment Corp. (Financial Services) | 1987 | 51463 |
| MKS Instruments, Inc.\* (Semiconductors & <br>Semiconductor Equipment) | 561 | 53396 |
| Morningstar, Inc. (Capital Markets) | 223 | 61651 |
| MSA Safety, Inc. (Commercial Services & <br>Supplies) | 329 | 58519 |
| MSC Industrial Direct Co., Inc. (Trading <br>Companies & Distributors) | 373 | 32309 |
| Mueller Industries, Inc. (Machinery) | 926 | 79053 |
| Murphy Oil Corp. (Oil, Gas & Consumable <br>Fuels) | 1122 | 27837 |
| Murphy USA, Inc. (Specialty Retail) | 150 | 54372 |
| National Fuel Gas Co.\* (Gas Utilities) | 756 | 65614 |
| National Retail Properties, Inc. (Retail REITs) | 1573 | 64902 |
| National Storage Affiliates Trust (Specialized <br>REITs) | 589 | 17352 |
| Neurocrine Biosciences, Inc.\* (Biotechnology) | 828 | 106175 |
| New Jersey Resources Corp. (Gas Utilities) | 840 | 38564 |
| New York Community Bancorp, Inc. (Banks) | 2535 | 28620 |
| NewMarket Corp. (Chemicals) | 63 | 43281 |
| Nexstar Media Group, Inc. (Media) | 237 | 44345 |
| NEXTracker, Inc.\*—Class A (Electrical <br>Equipment) | 1202 | 70029 |
| NorthWestern Energy Group, Inc. <br>(Multi-Utilities) | 514 | 27602 |
| NOV, Inc. (Energy Equipment & Services) | 3144 | 39551 |
| Novanta, Inc.\* (Electronic Equipment, <br>Instruments & Components) | 301 | 37029 |
| nVent Electric PLC (Electrical Equipment) | 1378 | 108063 |
| OGE Energy Corp. (Electric Utilities) | 1685 | 76533 |
| Okta, Inc.\* (IT Services) | 1399 | 136823 |
| Old National Bancorp\* (Banks) | 2724 | 57504 |
| Old Republic International Corp. (Insurance) | 1903 | 68832 |
| Olin Corp. (Chemicals) | 963 | 18239 |
| Ollie's Bargain Outlet Holdings, Inc.\* <br>(Broadline Retail) | 514 | 70227 |
| Omega Healthcare Investors, Inc. (Health Care <br>REITs) | 2421 | 94177 |
| ONE Gas, Inc.\* (Gas Utilities) | 501 | 36423 |

---

**See accompanying notes to financial statements.**

------

July 31, 2025 :: Schedule of Portfolio Investments **:: UltraMid-Cap ProFund :: 141**

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Onto Innovation, Inc.\* (Semiconductors & <br>Semiconductor Equipment) | 409 | $38753 |
| Option Care Health, Inc.\* (Health Care <br>Providers & Services) | 1370 | 40210 |
| Ormat Technologies, Inc. (Independent <br>Power/Renewable Electricity Producers) | 482 | 43096 |
| Oshkosh Corp. (Machinery) | 539 | 68200 |
| Ovintiv, Inc. (Oil, Gas & Consumable Fuels) | 2174 | 89525 |
| Owens Corning (Building Products) | 712 | 99274 |
| Park Hotels & Resorts, Inc. (Hotel & Resort <br>REITs) | 1673 | 17834 |
| Parsons Corp.\* (Professional Services) | 393 | 29161 |
| Paylocity Holding Corp.\* (Professional Services) | 360 | 66557 |
| PBF Energy, Inc.—Class A (Oil, Gas & <br>Consumable Fuels) | 823 | 18600 |
| Pegasystems, Inc. (Software) | 745 | 43739 |
| Penske Automotive Group, Inc.\* (Specialty <br>Retail) | 155 | 25949 |
| Penumbra, Inc.\* (Health Care Equipment & <br>Supplies) | 324 | 81735 |
| Performance Food Group Co.\* (Consumer <br>Staples Distribution & Retail) | 1306 | 131122 |
| Permian Resources Corp. (Oil, Gas & <br>Consumable Fuels) | 5336 | 75558 |
| Perrigo Co. PLC (Pharmaceuticals) | 1150 | 30671 |
| Pilgrim's Pride Corp.\* (Food Products) | 337 | 15970 |
| Pinnacle Financial Partners, Inc. (Banks) | 643 | 56513 |
| Planet Fitness, Inc.\*—Class A (Hotels, <br>Restaurants & Leisure) | 702 | 76651 |
| Polaris Industries, Inc.\* (Leisure Products) | 442 | 23386 |
| Portland General Electric Co. (Electric Utilities) | 916 | 37666 |
| Post Holdings, Inc.\* (Food Products) | 378 | 39996 |
| PotlatchDeltic Corp. (Specialized REITs) | 598 | 24452 |
| Power Integrations, Inc.\* (Semiconductors & <br>Semiconductor Equipment) | 471 | 22853 |
| Primerica, Inc. (Insurance) | 275 | 73048 |
| Prosperity Bancshares, Inc.\* (Banks) | 797 | 53096 |
| Pure Storage, Inc.\*—Class A (Technology <br>Hardware, Storage & Peripherals) | 2600 | 154752 |
| PVH Corp. (Textiles, Apparel & Luxury Goods) | 402 | 29515 |
| Qualys, Inc.\* (Software) | 304 | 40453 |
| Rambus, Inc.\* (Semiconductors & <br>Semiconductor Equipment) | 899 | 66463 |
| Range Resources Corp. (Oil, Gas & <br>Consumable Fuels) | 2000 | 73440 |
| Rayonier, Inc. (Specialized REITs) | 1173 | 27343 |
| Rb Global, Inc. (Commercial Services & <br>Supplies) | 1550 | 167803 |
| RBC Bearings, Inc.\* (Machinery) | 262 | 101483 |
| Regal Rexnord Corp. (Electrical Equipment) | 555 | 84848 |
| Reinsurance Group of America, Inc. <br>(Insurance) | 553 | 106425 |
| Reliance Steel & Aluminum Co. (Metals & <br>Mining) | 440 | 127658 |
| RenaissanceRe Holdings, Ltd. (Insurance) | 407 | 99202 |
| Repligen Corp.\* (Life Sciences Tools & <br>Services) | 437 | 51160 |
| Rexford Industrial Realty, Inc. (Industrial REITs) | 1976 | 72184 |
| RH\* (Specialty Retail) | 127 | 26114 |
| RLI Corp.\* (Insurance) | 699 | 46127 |
| Roivant Sciences, Ltd.\* (Biotechnology) | 3523 | 40021 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Royal Gold, Inc. (Metals & Mining) | 551 | $83432 |
| RPM International, Inc. (Chemicals) | 1075 | 126215 |
| Ryan Specialty Holdings, Inc. (Insurance) | 901 | 55132 |
| Ryder System, Inc. (Ground Transportation) | 346 | 61488 |
| Sabra Health Care REIT, Inc. (Health Care <br>REITs) | 1991 | 35898 |
| Saia, Inc.\* (Ground Transportation) | 223 | 67400 |
| Sarepta Therapeutics, Inc.\* (Biotechnology) | 822 | 13497 |
| Science Applications International Corp. <br>(Professional Services) | 395 | 44035 |
| SEI Investments Co. (Capital Markets) | 792 | 69791 |
| Selective Insurance Group, Inc. (Insurance) | 509 | 39687 |
| Sensata Technologies Holding PLC (Electrical <br>Equipment) | 1224 | 37650 |
| Service Corp. International (Diversified <br>Consumer Services) | 1191 | 90885 |
| Shift4 Payments, Inc.\*<sup>(a)</sup>—Class A <br>(Financial Services) | 565 | 58195 |
| Silicon Laboratories, Inc.\* (Semiconductors & <br>Semiconductor Equipment) | 273 | 35973 |
| Siligan Holdings, Inc. (Containers & Packaging) | 680 | 31640 |
| Simpson Manufacturing Co., Inc. (Building <br>Products) | 350 | 62801 |
| Skechers U.S.A., Inc.\*—Class A (Textiles, <br>Apparel & Luxury Goods) | 1090 | 68943 |
| SLM Corp. (Consumer Finance) | 1756 | 55841 |
| Sonoco Products Co.\* (Containers & <br>Packaging) | 825 | 37183 |
| Sotera Health Co.\* (Life Sciences Tools & <br>Services) | 1283 | 14742 |
| SouthState Corp. (Banks) | 824 | 77596 |
| Southwest Gas Holdings, Inc. (Gas Utilities) | 505 | 39461 |
| Spire, Inc.\* (Gas Utilities) | 494 | 36788 |
| Sprouts Farmers Market, Inc.\* (Consumer <br>Staples Distribution & Retail) | 819 | 124111 |
| STAG Industrial, Inc. (Industrial REITs) | 1561 | 53589 |
| Starwood Property Trust, Inc. (Mortgage REITs) | 2901 | 56453 |
| Stifel Financial Corp. (Capital Markets) | 860 | 98143 |
| Synaptics, Inc.\* (Semiconductors & <br>Semiconductor Equipment) | 323 | 20252 |
| Synovus Financial Corp. (Banks) | 1163 | 54940 |
| Taylor Morrison Home Corp.\* (Household <br>Durables) | 840 | 49795 |
| TD SYNNEX Corp. (Electronic Equipment, <br>Instruments & Components) | 625 | 90244 |
| Tempur Sealy International, Inc. (Household <br>Durables) | 1728 | 125072 |
| Tenet Healthcare Corp.\* (Health Care <br>Providers & Services) | 777 | 125314 |
| Terex Corp. (Machinery) | 549 | 27922 |
| Tetra Tech, Inc. (Commercial Services & <br>Supplies) | 2205 | 81012 |
| Texas Capital Bancshares, Inc.\* (Banks) | 384 | 32244 |
| Texas Roadhouse, Inc. (Hotels, Restaurants & <br>Leisure) | 555 | 102748 |
| The Boston Beer Co., Inc.\*—Class A <br>(Beverages) | 69 | 14289 |
| The Brink's Co.\* (Commercial Services & <br>Supplies) | 351 | 30656 |
| The Carlyle Group, Inc. (Capital Markets) | 1783 | 108157 |

---

**See accompanying notes to financial statements.**

------

**142 :: UltraMid-Cap ProFund ::** Schedule of Portfolio Investments :: July 31, 2025

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| The Ensign Group, Inc. (Health Care <br>Providers & Services) | 478 | $71700 |
| The Gap, Inc. (Specialty Retail) | 1859 | 36176 |
| The Goodyear Tire & Rubber Co.\* (Automobile <br>Components) | 2391 | 24579 |
| The Hanover Insurance Group, Inc.\* (Insurance) | 301 | 51661 |
| The Middleby Corp.\* (Machinery) | 448 | 65050 |
| The New York Times Co.—Class A (Media) | 1358 | 70467 |
| The Scotts Miracle-Gro Co.\* (Chemicals) | 362 | 22683 |
| The Timken Co. (Machinery) | 533 | 40556 |
| The Toro Co. (Machinery) | 835 | 61999 |
| The Wendy's Co. (Hotels, Restaurants & <br>Leisure) | 1350 | 13298 |
| The Western Union Co. (Financial Services) | 2766 | 22266 |
| Thor Industries, Inc. (Automobiles) | 445 | 40491 |
| Toll Brothers, Inc. (Household Durables) | 832 | 98476 |
| TopBuild Corp.\* (Household Durables) | 238 | 88162 |
| Travel + Leisure Co.\* (Hotels, Restaurants & <br>Leisure) | 556 | 32943 |
| Trex Co., Inc.\* (Building Products) | 897 | 57623 |
| TXNM Energy, Inc. (Electric Utilities) | 775 | 44012 |
| UFP Industries, Inc. (Building Products) | 505 | 49490 |
| UGI Corp. (Gas Utilities) | 1794 | 64907 |
| UMB Financial Corp. (Banks) | 597 | 65664 |
| Under Armour, Inc.\*—Class A (Textiles, <br>Apparel & Luxury Goods) | 1580 | 10491 |
| Under Armour, Inc.\*—Class C (Textiles, <br>Apparel & Luxury Goods) | 1072 | 6754 |
| United Bankshares, Inc. (Banks) | 1186 | 42127 |
| United Therapeutics Corp.\* (Biotechnology) | 377 | 103563 |
| Universal Display Corp. (Semiconductors & <br>Semiconductor Equipment) | 370 | 53428 |
| Unum Group (Insurance) | 1342 | 96369 |
| US Foods Holding Corp.\* (Consumer Staples <br>Distribution & Retail) | 1936 | 161327 |
| Vail Resorts, Inc. (Hotels, Restaurants & <br>Leisure) | 312 | 46881 |
| Valaris, Ltd.\* (Energy Equipment & Services) | 547 | 26601 |
| Valley National Bancorp (Banks) | 3985 | 36941 |
| Valmont Industries, Inc. (Construction & <br>Engineering) | 168 | 61144 |
| Valvoline, Inc.\* (Specialty Retail) | 1064 | 37506 |
| VF Corp. (Textiles, Apparel & Luxury Goods) | 2771 | 32476 |
| Viper Energy, Inc. (Oil & Gas Producers) | 1097 | 41313 |
| Visteon Corp. (Automobile Components) | 228 | 25342 |
| Vontier Corp.\* (Electronic Equipment, <br>Instruments & Components) | 1238 | 51340 |
| Vornado Realty Trust (Office REITs) | 1397 | 53673 |
| Voya Financial, Inc. (Financial Services) | 806 | 56420 |
| Warner Music Group Corp.\*—Class A <br>(Entertainment) | 1221 | 35726 |
| Watsco, Inc. (Trading Companies & <br>Distributors) | 292 | 131658 |
| Watts Water Technologies, Inc.—Class A <br>(Machinery) | 229 | 60071 |
| Weatherford International PLC (Energy <br>Equipment & Services) | 607 | 34326 |
| Webster Financial Corp. (Banks) | 1408 | 81171 |
| WESCO International, Inc. (Trading <br>Companies & Distributors) | 372 | 76989 |
| Western Alliance Bancorp (Banks) | 912 | 70735 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Westlake Corp.\* (Chemicals) | 279 | $22125 |
| WEX, Inc.\* (Financial Services) | 287 | 48698 |
| Whirlpool Corp.<sup>(a)</sup> (Household Durables) | 465 | 38614 |
| Wingstop, Inc. (Hotels, Restaurants & <br>Leisure) | 233 | 87920 |
| Wintrust Financial Corp. (Banks) | 560 | 71669 |
| Woodward, Inc. (Aerospace & Defense) | 498 | 128026 |
| WP Carey, Inc. (Equity REIT – Diversified) | 1832 | 117541 |
| Wyndham Hotels & Resorts, Inc. (Hotels, <br>Restaurants & Leisure) | 644 | 55384 |
| XPO, Inc.\* (Ground Transportation) | 986 | 118605 |
| YETI Holdings, Inc.\* (Leisure Products) | 693 | 25461 |
| Zions Bancorp N.A. (Banks) | 1235 | 66221 |
| ZoomInfo Technologies, Inc.\* (Interactive <br>Media & Services) | 2174 | 23544 |
| **TOTAL COMMON STOCKS**<br> (Cost $14,950,615) |  | **24741019** |

---

**Repurchase Agreements<sup>(b)(c)</sup> (34.0%)**

---

| | | |
|:---|:---|:---|
| | Principal<br>Amount | Value |
| Repurchase Agreements with various <br>counterparties, rates 4.09%–4.25%, <br>dated 7/31/25, due 8/1/25, total to be <br>received $12,328,438 | $12327000 | $12327000 |
| **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $12,327,000) |  | **12327000** |

---

**Collateral for Securities Loaned<sup>(d)</sup> (0.3%)**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Invesco Government & Agency Portfolio—<br>Institutional Shares, 4.34%<sup>(e)</sup> | 94464 | $94464 |
| **TOTAL COLLATERAL FOR SECURITIES LOANED**<br> (Cost $94,464) |  | **94464** |
| **TOTAL INVESTMENT SECURITIES**<br> (Cost $27,372,079)—102.4% |  | **37162483** |
| Net other assets (liabilities)—(2.4)% |  | (884513) |
| **NET ASSETS—100.0%** |  | $**36277970** |

---

\* Non-income producing security.

<sup>(a)</sup> All or part of this security was on loan as of July 31, 2025. The total value of securities on loan as of July 31, 2025 was $91,643.

<sup>(b)</sup> The ProFund invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" in the Appendix to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.

<sup>(c)</sup> A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. At July 31, 2025, the aggregate amount held in a segregated account was $6,264,000.

<sup>(d)</sup> Securities were purchased with cash collateral held from securities on loan at July 31, 2025.

<sup>(e)</sup> Rate periodically changes. Rate disclosed is the daily yield as of July 31, 2025.

**See accompanying notes to financial statements.**

------

July 31, 2025 :: Schedule of Portfolio Investments **:: UltraMid-Cap ProFund :: 143**

**Futures Contracts Purchased**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Number <br>of <br>Contracts | Expiration<br>Date | Notional<br>Amount | Value and <br>Unrealized <br>Appreciation/ <br>(Depreciation) |
| E-mini S&P MidCap 400 Futures Contracts | 10 | 9/22/25 | $3165100 | $69864 |

---

**Total Return Swap Agreements—Long**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Underlying Instrument | Counterparty | Termination <br>Date<sup>(1)</sup> | Rate Paid <br>(Received)<sup>(2)</sup> | Notional<br>Amount | Value and <br>Unrealized <br>Appreciation/ <br>(Depreciation) |
| S&P MidCap 400 | Goldman Sachs International | 8/27/25 | 4.98% | $14282499 | $(280789) |
| SPDR S&P MidCap 400 ETF | Goldman Sachs International | 8/27/25 | 4.75% | 9621459 | (202371) |
|  |  |  |  | $23903958 | $(483160) |
| S&P MidCap 400 | UBS AG | 8/27/25 | 5.13% | $17952435 | $(345448) |
| SPDR S&P MidCap 400 ETF | UBS AG | 8/27/25 | 5.13% | 2757259 | (53169) |
|  |  |  |  | $20709694 | $(398617) |
|  |  |  |  | $**44613652** | $**(881777)** |

---

<sup>(1)</sup> Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

<sup>(2)</sup> Reflects the floating financing rate, as of July 31, 2025, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

**See accompanying notes to financial statements.**

------

**144 :: UltraMid-Cap ProFund ::** Schedule of Portfolio Investments :: July 31, 2025

UltraMid-Cap ProFund invested in the following industries as of July 31, 2025:

---

| | | |
|:---|:---|:---|
| | Value | % of <br>Net Assets |
| Aerospace & Defense | $509228 | 1.4% |
| Air Freight & Logistics | 47573 | 0.1% |
| Automobile Components | 208138 | 0.6% |
| Automobiles | 62752 | 0.2% |
| Banks | 1625267 | 4.5% |
| Beverages | 128713 | 0.3% |
| Biotechnology | 538189 | 1.5% |
| Broadline Retail | 99668 | 0.3% |
| Building Products | 567100 | 1.6% |
| Capital Markets | 1014064 | 2.8% |
| Chemicals | 360700 | 1.0% |
| Commercial Services & Supplies | 437266 | 1.2% |
| Communications Equipment | 174343 | 0.5% |
| Construction & Engineering | 803320 | 2.2% |
| Construction Materials | 101673 | 0.3% |
| Consumer Finance | 186440 | 0.5% |
| Consumer Staples Distribution & Retail | 826061 | 2.3% |
| Containers & Packaging | 321692 | 0.9% |
| Diversified Consumer Services | 331937 | 0.9% |
| Diversified Telecommunication Services | 90620 | 0.2% |
| Electric Utilities | 246770 | 0.7% |
| Electrical Equipment | 410778 | 1.1% |
| Electronic Equipment, Instruments & <br>Components | 855522 | 2.4% |
| Energy Equipment & Services | 100478 | 0.3% |
| Entertainment | 35727 | 0.1% |
| Equity REIT-Diversified | 117541 | 0.3% |
| Financial Services | 448147 | 1.2% |
| Food Products | 224235 | 0.6% |
| Gas Utilities | 281756 | 0.8% |
| Ground Transportation | 368071 | 1.0% |
| Health Care Equipment & Supplies | 331659 | 0.9% |
| Health Care Providers & Services | 603075 | 1.7% |
| Health Care REITs | 175233 | 0.5% |
| Health Care Technology | 65624 | 0.2% |
| Hotel & Resort REITs | 17834 | <sup>NM</sup> |
| Hotels, Restaurants & Leisure | 799760 | 2.2% |
| Household Durables | 433275 | 1.2% |
| Independent Power/Renewable <br>Electricity Producers | 43096 | 0.1% |
| Industrial REITs | 251417 | 0.7% |

---

---

| | | |
|:---|:---|:---|
| | Value | % of <br>Net Assets |
| Industrial Support Services | $110266 | 0.3% |
| Insurance | 1052490 | 2.9% |
| Interactive Media & Services | 23544 | 0.1% |
| IT Services | 228712 | 0.6% |
| Leisure Facilities & Services | 60463 | 0.2% |
| Leisure Products | 126868 | 0.3% |
| Life Sciences Tools & Services | 436116 | 1.2% |
| Machinery | 1355512 | 3.8% |
| Marine Transportation | 44700 | 0.1% |
| Media | 151410 | 0.4% |
| Metals & Mining | 562518 | 1.6% |
| Mortgage REITs | 159384 | 0.4% |
| Multi-Utilities | 62674 | 0.2% |
| Office REITs | 150316 | 0.4% |
| Oil & Gas Producers | 41313 | 0.1% |
| Oil, Gas & Consumable Fuels | 728192 | 2.0% |
| Paper & Forest Products | 46832 | 0.1% |
| Passenger Airlines | 117209 | 0.3% |
| Personal Care Products | 130086 | 0.4% |
| Pharmaceuticals | 89820 | 0.2% |
| Professional Services | 558449 | 1.6% |
| Real Estate Management & Development | 107333 | 0.3% |
| Residential REITs | 220864 | 0.6% |
| Retail-Discretionary | 51607 | 0.1% |
| Retail REITs | 238134 | 0.7% |
| Semiconductors & Semiconductor <br>Equipment | 616810 | 1.7% |
| Software | 874970 | 2.4% |
| Specialized REITs | 373164 | 1.0% |
| Specialty Retail | 840823 | 2.3% |
| Technology Hardware, Storage & <br>Peripherals | 154752 | 0.4% |
| Textiles, Apparel & Luxury Goods | 227444 | 0.6% |
| Trading Companies & Distributors | 474088 | 1.3% |
| Water Utilities | 79414 | 0.2% |
| Other\*\* | 11536951 | 31.9% |
| **Total** | $**36277970** | **100.0%** |

---

\*\* Includes any non-equity securities and other net assets (liabilities), which includes any receivable for capital shares issued and payable for capital shares redeemed.

<sup>NM</sup> Not meaningful, amount is less than 0.05%

**See accompanying notes to financial statements.**

------

July 31, 2025 :: Schedule of Portfolio Investments **:: UltraNasdaq-100 ProFund :: 145**

**Common Stocks (73.6%)**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Adobe, Inc.\* (Software) | 21249 | $7600555 |
| Advanced Micro Devices, Inc.\* <br>(Semiconductors & Semiconductor <br>Equipment) | 80838 | 14252548 |
| Airbnb, Inc.\*—Class A (Hotels, <br>Restaurants & Leisure) | 21518 | 2849198 |
| Alphabet, Inc.—Class A (Interactive <br>Media & Services) | 117941 | 22632878 |
| Alphabet, Inc.—Class C (Interactive <br>Media & Services) | 110625 | 21335138 |
| Amazon.com, Inc.\* (Broadline Retail) | 215138 | 50365957 |
| American Electric Power Co., Inc. <br>(Electric Utilities) | 26633 | 3013258 |
| Amgen, Inc. (Biotechnology) | 26808 | 7911041 |
| Analog Devices, Inc. (Semiconductors & <br>Semiconductor Equipment) | 24741 | 5557571 |
| Apple, Inc. (Technology Hardware, <br>Storage & Peripherals) | 302671 | 62825419 |
| Applied Materials, Inc. (Semiconductors & <br>Semiconductor Equipment) | 40010 | 7204201 |
| AppLovin Corp\*—Class A (Software) | 15341 | 5993729 |
| ARM Holdings PLC\*<sup>ADR(a)</sup> (Semiconductors & <br>Semiconductor Equipment) | 6670 | 942971 |
| ASML Holding N.V.<sup>ADR</sup> (Semiconductors & <br>Semiconductor Equipment) | 4358 | 3027547 |
| AstraZeneca PLC<sup>ADR</sup> (Pharmaceuticals) | 29715 | 2171869 |
| Atlassian Corp.\*—Class A (Software) | 8239 | 1580075 |
| Autodesk, Inc.\* (Software) | 10669 | 3233881 |
| Automatic Data Processing, Inc. <br>(Professional Services) | 20238 | 6263661 |
| Axon Enterprise, Inc.\* (Aerospace & <br>Defense) | 3881 | 2932057 |
| Baker Hughes Co. (Energy Equipment & <br>Services) | 49395 | 2225244 |
| Biogen, Inc.\* (Biotechnology) | 7305 | 935040 |
| Booking Holdings, Inc. (Hotels, <br>Restaurants & Leisure) | 1622 | 8927586 |
| Broadcom, Inc. (Semiconductors & <br>Semiconductor Equipment) | 157591 | 46284476 |
| Cadence Design Systems, Inc.\* (Software) | 13613 | 4962891 |
| CDW Corp. (Electronic Equipment, <br>Instruments & Components) | 6565 | 1144805 |
| Charter Communications, Inc.\*—Class A <br>(Media) | 6998 | 1884981 |
| Cintas Corp. (Commercial Services & <br>Supplies) | 20131 | 4480154 |
| Cisco Systems, Inc. (Communications <br>Equipment) | 197432 | 13441171 |
| Coca-Cola European Partners PLC <br>(Beverages) | 22897 | 2219177 |
| Cognizant Technology Solutions <br>Corp.—Class A (IT Services) | 24576 | 1763574 |
| Comcast Corp.—Class A (Media) | 185679 | 6170114 |
| Constellation Energy Corp. <br>(Electric Utilities) | 15626 | 5435348 |
| Copart, Inc.\* (Commercial Services & <br>Supplies) | 48166 | 2183365 |
| CoStar Group, Inc.\* (Real Estate <br>Management & Development) | 21034 | 2002226 |
| Costco Wholesale Corp. (Consumer <br>Staples Distribution & Retail) | 22121 | 20785777 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Crowdstrike Holdings, Inc.\*—Class A <br>(Software) | 12417 | $5644396 |
| CSX Corp. (Ground Transportation) | 93658 | 3328605 |
| Datadog, Inc.\*—Class A (Software) | 15929 | 2229741 |
| Dexcom, Inc.\* (Health Care Equipment & <br>Supplies) | 19549 | 1578973 |
| Diamondback Energy, Inc. (Oil, Gas & <br>Consumable Fuels) | 14566 | 2165382 |
| DoorDash, Inc.\*—Class A (Hotels, <br>Restaurants & Leisure) | 19877 | 4974219 |
| Electronic Arts, Inc. (Entertainment) | 12502 | 1906430 |
| Exelon Corp. (Electric Utilities) | 50332 | 2261920 |
| Fastenal Co. (Trading Companies & <br>Distributors) | 57198 | 2638544 |
| Fortinet, Inc.\* (Software) | 38161 | 3812284 |
| GE HealthCare Technologies, Inc. <br>(Health Care Equipment & Supplies) | 22829 | 1628164 |
| Gilead Sciences, Inc. (Biotechnology) | 62018 | 6964001 |
| GLOBALFOUNDRIES, Inc.\* <br>(Semiconductors & Semiconductor <br>Equipment) | 27566 | 1030693 |
| Honeywell International, Inc. (Industrial <br>Conglomerates) | 32042 | 7124539 |
| IDEXX Laboratories, Inc.\* (Health Care <br>Equipment & Supplies) | 4010 | 2142583 |
| Intel Corp. (Semiconductors & <br>Semiconductor Equipment) | 217474 | 4305985 |
| Intuit, Inc. (Software) | 13907 | 10918803 |
| Intuitive Surgical, Inc.\* (Health Care <br>Equipment & Supplies) | 17870 | 8597078 |
| Keurig Dr Pepper, Inc. (Beverages) | 67714 | 2210862 |
| KLA Corp. (Semiconductors & <br>Semiconductor Equipment) | 6593 | 5795445 |
| Lam Research Corp. (Semiconductors & <br>Semiconductor Equipment) | 63772 | 6048136 |
| Linde PLC (Chemicals) | 23469 | 10801842 |
| Lululemon Athletica, Inc.\* (Textiles, <br>Apparel & Luxury Goods) | 5735 | 1150040 |
| Marriott International, Inc. (Hotels, <br>Restaurants & Leisure) | 13656 | 3602862 |
| Marvell Technology, Inc. <br>(Semiconductors & Semiconductor <br>Equipment) | 42986 | 3454785 |
| MercadoLibre, Inc.\* (Broadline Retail) | 2528 | 6001194 |
| Meta Platforms, Inc.—Class A (Interactive <br>Media & Services) | 43998 | 34029812 |
| Microchip Technology, Inc. <br>(Semiconductors & Semiconductor <br>Equipment) | 26893 | 1817698 |
| Micron Technology, Inc. (Semiconductors & <br>Semiconductor Equipment) | 55718 | 6081063 |
| Microsoft Corp. (Software) | 150619 | 80355237 |
| MicroStrategy, Inc.\*—Class A (Software) | 12652 | 5084333 |
| Mondelez International, Inc.—Class A <br>(Food Products) | 64555 | 4176063 |
| Monster Beverage Corp.\* (Beverages) | 48622 | 2856543 |
| Netflix, Inc.\* (Entertainment) | 21218 | 24600149 |
| NVIDIA Corp. (Semiconductors & <br>Semiconductor Equipment) | 494461 | 87949777 |
| NXP Semiconductors N.V. <br>(Semiconductors & Semiconductor <br>Equipment) | 12595 | 2692433 |

---

**See accompanying notes to financial statements.**

------

**146 :: UltraNasdaq-100 ProFund ::** Schedule of Portfolio Investments :: July 31, 2025

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Old Dominion Freight Line, Inc. <br>(Ground Transportation) | 10536 | $1572498 |
| ON Semiconductor Corp.\* <br>(Semiconductors & Semiconductor <br>Equipment) | 20834 | 1174204 |
| O'Reilly Automotive, Inc.\* (Specialty <br>Retail) | 42619 | 4190300 |
| PACCAR, Inc. (Machinery) | 26173 | 2584845 |
| Palantir Technologies, Inc.\*—Class A <br>(Software) | 112821 | 17865205 |
| Palo Alto Networks, Inc.\* (Software) | 33244 | 5771158 |
| Paychex, Inc. (Professional Services) | 17958 | 2591878 |
| PayPal Holdings, Inc.\* (Financial Services) | 48487 | 3333966 |
| PDD Holdings, Inc.\*<sup>ADR</sup> (Broadline Retail) | 33301 | 3777998 |
| PepsiCo, Inc. (Beverages) | 68357 | 9427797 |
| QUALCOMM, Inc. (Semiconductors & <br>Semiconductor Equipment) | 54743 | 8034083 |
| Regeneron Pharmaceuticals, Inc.\* <br>(Biotechnology) | 5292 | 2886574 |
| Roper Technologies, Inc. (Software) | 5360 | 2950144 |
| Ross Stores, Inc. (Specialty Retail) | 16395 | 2238573 |
| Shopify, Inc.\*—Class A (IT Services) | 60732 | 7422058 |
| Starbucks Corp. (Hotels, Restaurants & <br>Leisure) | 56657 | 5051539 |
| Synopsys, Inc.\* (Software) | 9226 | 5844394 |
| Take-Two Interactive Software, Inc.\* <br>(Entertainment) | 9083 | 2023057 |
| Tesla, Inc.\* (Automobiles) | 73757 | 22737070 |
| Texas Instruments, Inc. (Semiconductors & <br>Semiconductor Equipment) | 45293 | 8200751 |
| The Kraft Heinz Co. (Food Products) | 59007 | 1620332 |
| The Trade Desk, Inc.\*—Class A (Media) | 22343 | 1942947 |
| Thomson Reuters Corp. (Professional <br>Services) | 22440 | 4508420 |
| T-Mobile U.S., Inc. (Wireless <br>Telecommunication Services) | 56609 | 13496152 |
| Verisk Analytics, Inc. (Professional <br>Services) | 6974 | 1943724 |
| Vertex Pharmaceuticals, Inc.\* <br>(Biotechnology) | 12803 | 5849307 |
| Warner Bros. Discovery, Inc.\* <br>(Entertainment) | 123349 | 1624506 |
| Workday, Inc.\*—Class A (Software) | 10769 | 2470193 |
| Xcel Energy, Inc. (Electric Utilities) | 28755 | 2111767 |
| Zscaler, Inc.\* (Software) | 7762 | 2216517 |
| **TOTAL COMMON STOCKS**<br> (Cost $333,813,576) |  | **875962054** |

---

**Repurchase Agreements<sup>(b)(c)</sup> (26.2%)**

---

| | | |
|:---|:---|:---|
| | Principal<br>Amount | Value |
| Repurchase Agreements with various <br>counterparties, rates 4.09%–4.25%, <br>dated 7/31/25, due 8/1/25, total to <br>be received $311,122,295 | $311086000 | $311086000 |
| **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $311,086,000) |  | **311086000** |

---

**Collateral for Securities Loaned<sup>(d)</sup> (0.1%)**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Invesco Government & Agency Portfolio—<br>Institutional Shares, 4.34%<sup>(e)</sup> | 955853 | $955853 |
| **TOTAL COLLATERAL FOR SECURITIES LOANED**<br> (Cost $955,853) |  | **955853** |
| **TOTAL INVESTMENT SECURITIES**<br> (Cost $645,855,429)—99.9% |  | **1188003907** |
| Net other assets (liabilities)—0.1% |  | 786519 |
| **NET ASSETS—100.0%** |  | $**1188790426** |

---

\* Non-income producing security.

<sup>(a)</sup> All or part of this security was on loan as of July 31, 2025. The total value of securities on loan as of July 31, 2025 was $810,079.

<sup>(b)</sup> The ProFund invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" under Note 2 in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.

<sup>(c)</sup> A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. At July 31, 2025, the aggregate amount held in a segregated account was $185,931,000.

<sup>(d)</sup> Securities were purchased with cash collateral held from securities on loan at July 31, 2025.

<sup>(e)</sup> Rate periodically changes. Rate disclosed is the daily yield as of July 31, 2025.

<sup>ADR</sup> American Depositary Receipt

**See accompanying notes to financial statements.**

------

July 31, 2025 :: Schedule of Portfolio Investments **:: UltraNasdaq-100 ProFund :: 147**

**Futures Contracts Purchased**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Number<br>of<br>Contracts | Expiration<br>Date | Notional <br>Amount | Value and <br>Unrealized <br>Appreciation/ <br>(Depreciation) |
| E-mini Nasdaq-100 Futures Contracts | 182 | 9/22/25 | $85048600 | $3800524 |

---

**Total Return Swap Agreements—Long**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Underlying Instrument | Counterparty | Termination<br>Date<sup>(1)</sup> | Rate Paid<br>(Received)<sup>(2)</sup> | Notional<br>Amount | Value and <br>Unrealized<br>Appreciation/ <br>(Depreciation) |
| Invesco QQQ Trust, Series 1 ETF | Goldman Sachs International | 8/27/25 | 4.88% | $204917738 | $(1219114) |
| Nasdaq-100 Index | Goldman Sachs International | 8/27/25 | 5.08% | 597117573 | (3747392) |
|  |  |  |  | $802035311 | $(4966506) |
| Invesco QQQ Trust, Series 1 ETF | UBS AG | 8/27/25 | 5.13% | $135360406 | $(893504) |
| Nasdaq-100 Index | UBS AG | 8/27/25 | 5.13% | 477085930 | (2965489) |
|  |  |  |  | $612446336 | $(3858993) |
|  |  |  |  | $**1414481647** | $**(8825499)** |

---

<sup>(1)</sup> Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

<sup>(2)</sup> Reflects the floating financing rate, as of July 31, 2025, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

UltraNasdaq-100 ProFund invested in the following industries as of July 31, 2025:

---

| | | |
|:---|:---|:---|
| | Value | % of<br>Net Assets |
| Aerospace & Defense | $2932057 | 0.2% |
| Automobiles | 22737070 | 1.9% |
| Beverages | 16714379 | 1.4% |
| Biotechnology | 24545963 | 2.0% |
| Broadline Retail | 60145150 | 5.1% |
| Chemicals | 10801842 | 0.9% |
| Commercial Services & Supplies | 6663519 | 0.6% |
| Communications Equipment | 13441170 | 1.1% |
| Consumer Staples Distribution & <br>Retail | 20785777 | 1.7% |
| Electric Utilities | 12822293 | 1.1% |
| Electronic Equipment, Instruments & <br>Components | 1144805 | 0.1% |
| Energy Equipment & Services | 2225245 | 0.2% |
| Entertainment | 30154142 | 2.5% |
| Financial Services | 3333966 | 0.3% |
| Food Products | 5796395 | 0.5% |
| Ground Transportation | 4901103 | 0.4% |
| Health Care Equipment & Supplies | 13946798 | 1.2% |
| Hotels, Restaurants & Leisure | 25405403 | 2.1% |
| Industrial Conglomerates | 7124539 | 0.6% |
| Interactive Media & Services | 77997828 | 6.6% |
| IT Services | 9185632 | 0.8% |

---

---

| | | |
|:---|:---|:---|
| | Value | % of<br>Net Assets |
| Machinery | $2584845 | 0.2% |
| Media | 9998042 | 0.9% |
| Oil, Gas & Consumable Fuels | 2165381 | 0.2% |
| Pharmaceuticals | 2171869 | 0.2% |
| Professional Services | 15307683 | 1.3% |
| Real Estate Management & <br>Development | 2002226 | 0.2% |
| Semiconductors & Semiconductor <br>Equipment | 213854368 | 17.9% |
| Software | 168533536 | 14.2% |
| Specialty Retail | 6428873 | 0.5% |
| Technology Hardware, Storage & <br>Peripherals | 62825419 | 5.3% |
| Textiles, Apparel & Luxury Goods | 1150040 | 0.1% |
| Trading Companies & Distributors | 2638544 | 0.2% |
| Wireless Telecommunication Services | 13496152 | 1.1% |
| Other\*\* | 312828372 | 26.4% |
| **Total** | $**1188790426** | **100.0%** |

---

\*\* Includes any non-equity securities and other net assets (liabilities), which includes any receivable for capital shares issued and payable for capital shares redeemed.

**See accompanying notes to financial statements.**

------

**148 :: UltraShort China ProFund ::** Schedule of Portfolio Investments :: July 31, 2025

**Repurchase Agreements<sup>(a)(b)</sup> (85.0%)**

---

| | | |
|:---|:---|:---|
| | Principal<br>Amount | Value |
| Repurchase Agreements with various <br>counterparties, rates 4.09%–4.25%, <br>dated 7/31/25, due 8/1/25, total to be <br>received $1,442,168 | $1442000 | $1442000 |
| **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $1,442,000) |  | **1442000** |
| **TOTAL INVESTMENT SECURITIES**<br> (Cost $1,442,000)—85.0% |  | **1442000** |
| Net other assets (liabilities)—15.0% |  | 253842 |
| **NET ASSETS—100.0%** |  | $**1695842** |

---

<sup>(a)</sup> The ProFund invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" in the Appendix to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.

<sup>(b)</sup> A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. At July 31, 2025, the aggregate amount held in a segregated account was $93,000.

**Total Return Swap Agreements—Short**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Underlying Instrument | Counterparty | Termination<br>Date<sup>(1)</sup> | Rate Paid<br>(Received)<sup>(2)</sup> | Notional<br>Amount | Value and <br>Unrealized<br>Appreciation/ <br>(Depreciation) |
| S&P China Select ADR Index (USD) | Goldman Sachs International | 8/27/25 | (3.98)% | $(1584821) | $30754 |
| S&P China Select ADR Index (USD) | UBS AG | 8/27/25 | (4.13)% | (1816155) | 36412 |
|  |  |  |  | $**(3400976)** | $**67166** |

---

<sup>(1)</sup> Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

<sup>(2)</sup> Reflects the floating financing rate, as of July 31, 2025, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

**See accompanying notes to financial statements.**

------

July 31, 2025 :: Schedule of Portfolio Investments **:: UltraShort Dow 30 ProFund :: 149**

**Repurchase Agreements<sup>(a)(b)</sup> (95.3%)**

---

| | | |
|:---|:---|:---|
| | Principal<br>Amount | Value |
| Repurchase Agreements with various <br>counterparties, rates 4.09%–4.25%, <br>dated 7/31/25, due 8/1/25, total to be <br>received $1,623,189 | $1623000 | $1623000 |
| **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $1,623,000) |  | **1623000** |
| **TOTAL INVESTMENT SECURITIES**<br> (Cost $1,623,000)—95.3% |  | **1623000** |
| Net other assets (liabilities)—4.7% |  | 79395 |
| **NET ASSETS—100.0%** |  | $**1702395** |

---

<sup>(a)</sup> The ProFund invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" under Note 2 in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.

<sup>(b)</sup> A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. At July 31, 2025, the aggregate amount held in a segregated account was $520,000.

**Total Return Swap Agreements—Short**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Underlying Instrument | Counterparty | Termination<br>Date<sup>(1)</sup> | Rate Paid<br>(Received)<sup>(2)</sup> | Notional<br>Amount | Value and <br>Unrealized<br>Appreciation/ <br>(Depreciation) |
| Dow Jones Industrial Average | Goldman Sachs International | 8/27/25 | (4.83)% | $(1611046) | $21074 |
| Dow Jones Industrial Average | UBS AG | 8/27/25 | (4.73)% | (1782406) | 29252 |
|  |  |  |  | $**(3393452)** | $**50326** |

---

<sup>(1)</sup> Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

<sup>(2)</sup> Reflects the floating financing rate, as of July 31, 2025, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

**See accompanying notes to financial statements.**

------

**150 :: UltraShort Emerging Markets ProFund ::** Schedule of Portfolio Investments :: July 31, 2025

**Repurchase Agreements<sup>(a)(b)</sup> (90.9%)**

---

| | | |
|:---|:---|:---|
| | Principal<br>Amount | Value |
| Repurchase Agreements with various <br>counterparties, rates 4.09%–4.25%, <br>dated 7/31/25, due 8/1/25, total to be <br>received $764,089 | $764000 | $764000 |
| **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $764,000) |  | **764000** |
| **TOTAL INVESTMENT SECURITIES**<br> (Cost $764,000)—90.9% |  | **764000** |
| Net other assets (liabilities)—9.1% |  | 76554 |
| **NET ASSETS—100.0%** |  | $**840554** |

---

<sup>(a)</sup> The ProFund invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" in the Appendix to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.

<sup>(b)</sup> A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. At July 31, 2025, the aggregate amount held in a segregated account was $48,000.

**Total Return Swap Agreements—Short**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Underlying Instrument | Counterparty | Termination<br>Date<sup>(1)</sup> | Rate Paid<br>(Received)<sup>(2)</sup> | Notional<br>Amount | Value and <br>Unrealized<br>Appreciation/ <br>(Depreciation) |
| S&P Emerging 50 ADR Index (USD) | Goldman Sachs International | 8/27/25 | (4.13)% | $(916022) | $10529 |
| S&P Emerging 50 ADR Index (USD) | UBS AG | 8/27/25 | (4.33)% | (772333) | 5136 |
|  |  |  |  | $**(1688355)** | $**15665** |

---

<sup>(1)</sup> Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

<sup>(2)</sup> Reflects the floating financing rate, as of July 31, 2025, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

**See accompanying notes to financial statements.**

------

July 31, 2025 :: Schedule of Portfolio Investments **:: UltraShort International ProFund :: 151**

**Repurchase Agreements<sup>(a)(b)</sup> (93.2%)**

---

| | | |
|:---|:---|:---|
|  | Principal <br>Amount | Value |
| Repurchase Agreements with various <br>counterparties, rates 4.09%–4.25%, <br>dated 7/31/25, due 8/1/25, total to be <br>received $1,898,221 | $1898000 | $1898000 |
| **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $1,898,000) |  | **1898000** |
| **TOTAL INVESTMENT SECURITIES**<br> (Cost $1,898,000)—93.2% |  | **1898000** |
| Net other assets (liabilities)—6.8% |  | 137442 |
| **NET ASSETS—100.0%** |  | $**2035442** |

---

<sup>(a)</sup> The ProFund invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" in the Appendix to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.

<sup>(b)</sup> A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. At July 31, 2025, the aggregate amount held in a segregated account was $107,000.

**Total Return Swap Agreements—Short**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Underlying Instrument | Counterparty | Termination<br>Date<sup>(1)</sup> | Rate Paid <br>(Received)<sup>(2)</sup> | Notional <br>Amount | Value and <br>Unrealized <br>Appreciation/ <br>(Depreciation) |
| MSCI EAFE Index | Goldman Sachs International | 8/27/25 | (4.28)% | $(2264313) | $44562 |
| MSCI EAFE Index | UBS AG | 8/27/25 | (4.63)% | (1804780) | 35812 |
|  |  |  |  | $**(4069093)** | $**80374** |

---

<sup>(1)</sup> Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

<sup>(2)</sup> Reflects the floating financing rate, as of July 31, 2025, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

**See accompanying notes to financial statements.**

------

**152 :: UltraShort Japan ProFund ::** Schedule of Portfolio Investments :: July 31, 2025

**Repurchase Agreements<sup>(a)(b)</sup> (79.3%)**

---

| | | |
|:---|:---|:---|
|  | Principal <br>Amount | Value |
| Repurchase Agreements with various <br>counterparties, rates 4.09%–4.25%, <br>dated 7/31/25, due 8/1/25, total to be <br>received $1,167,136 | $1167000 | $1167000 |
| **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $1,167,000) |  | **1167000** |
| **TOTAL INVESTMENT SECURITIES**<br> (Cost $1,167,000)—79.3% |  | **1167000** |
| Net other assets (liabilities)—20.7% |  | 305531 |
| **NET ASSETS—100.0%** |  | $**1472531** |

---

<sup>(a)</sup> The ProFund invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" in the Appendix to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.

<sup>(b)</sup> A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. At July 31, 2025, the aggregate amount held in a segregated account was $55,000.

**Futures Contracts Sold**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Number <br>of <br>Contracts | Expiration <br>Date | Notional <br>Amount | Value and <br>Unrealized <br>Appreciation/ <br>(Depreciation) |
| Nikkei 225 Index Futures Contracts | 12 | 9/12/25 | $(2447700) | $(98425) |

---

**Total Return Swap Agreements—Short**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Underlying Instrument | Counterparty | Termination <br>Date<sup>(1)</sup> | Rate Paid <br>(Received)<sup>(2)</sup> | Notional <br>Amount | Value and <br>Unrealized <br>Appreciation/ <br>(Depreciation) |
| Nikkei 225 Stock Average | Goldman Sachs International | 8/27/25 | (4.58)% | $(494290) | $628 |

---

<sup>(1)</sup> Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

<sup>(2)</sup> Reflects the floating financing rate, as of July 31, 2025, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

**See accompanying notes to financial statements.**

------

July 31, 2025 :: Schedule of Portfolio Investments **:: UltraShort Latin America ProFund :: 153**

**Repurchase Agreements<sup>(a)(b)</sup> (140.1%)**

---

| | | |
|:---|:---|:---|
| | Principal <br>Amount | Value |
| Repurchase Agreements with various <br>counterparties, rates 4.09%–4.25%, <br>dated 7/31/25, due 8/1/25, total to be <br>received $1,617,189 | $1617000 | $1617000 |
| **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $1,617,000) |  | **1617000** |
| **TOTAL INVESTMENT SECURITIES**<br> (Cost $1,617,000)—140.1% |  | **1617000** |
| Net other assets (liabilities)—(40.1)% |  | (463139) |
| **NET ASSETS—100.0%** |  | $**1153861** |

---

<sup>(a)</sup> The ProFund invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" in the Appendix to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.

<sup>(b)</sup> A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. At July 31, 2025, the aggregate amount held in a segregated account was $86,000.

**Total Return Swap Agreements—Short**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Underlying Instrument | Counterparty | Termination <br>Date<sup>(1)</sup> | Rate Paid <br>(Received)<sup>(2)</sup> | Notional <br>Amount | Value and <br>Unrealized <br>Appreciation/ <br>(Depreciation) |
| S&P Latin America 35 ADR Index (USD) | Goldman Sachs International | 8/27/25 | (3.98)% | $(1943605) | $(16079) |
| S&P Latin America 35 ADR Index (USD) | UBS AG | 8/27/25 | (4.13)% | (365065) | (8435) |
|  |  |  |  | $**(2308670)** | $**(24514)** |

---

<sup>(1)</sup> Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

<sup>(2)</sup> Reflects the floating financing rate, as of July 31, 2025, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

**See accompanying notes to financial statements.**

------

**154 :: UltraShort Mid-Cap ProFund ::** Schedule of Portfolio Investments :: July 31, 2025

**Repurchase Agreements<sup>(a)(b)</sup> (87.6%)**

---

| | | |
|:---|:---|:---|
| | Principal <br>Amount | Value |
| Repurchase Agreements with various <br>counterparties, rates 4.09%–4.25%, <br>dated 7/31/25, due 8/1/25, total to be <br>received $431,050 | $431000 | $431000 |
| **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $431,000) |  | **431000** |
| **TOTAL INVESTMENT SECURITIES**<br> (Cost $431,000)—87.6% |  | **431000** |
| Net other assets (liabilities)—12.4% |  | 61105 |
| **NET ASSETS—100.0%** |  | $**492105** |

---

<sup>(a)</sup> The ProFund invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" in the Appendix to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.

<sup>(b)</sup> A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. At July 31, 2025, the aggregate amount held in a segregated account was $173,000.

**Total Return Swap Agreements—Short**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Underlying Instrument | Counterparty | Termination <br>Date<sup>(1)</sup> | Rate Paid <br>(Received)<sup>(2)</sup> | Notional <br>Amount | Value and <br>Unrealized <br>Appreciation/ <br>(Depreciation) |
| S&P MidCap 400 | Goldman Sachs International | 8/27/25 | (4.58)% | $(352310) | $5964 |
| S&P MidCap 400 | UBS AG | 8/27/25 | (4.73)% | (631983) | 12139 |
|  |  |  |  | $**(984293)** | $**18103** |

---

<sup>(1)</sup> Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

<sup>(2)</sup> Reflects the floating financing rate, as of July 31, 2025, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

**See accompanying notes to financial statements.**

------

July 31, 2025 :: Schedule of Portfolio Investments **:: UltraShort Nasdaq-100 ProFund :: 155**

**Repurchase Agreements<sup>(a)(b)</sup> (91.8%)**

---

| | | |
|:---|:---|:---|
| | Principal <br>Amount | Value |
| Repurchase Agreements with various <br>counterparties, rates 4.09%–4.25%, <br>dated 7/31/25, due 8/1/25, total to be <br>received $18,539,163 | $18537000 | $18537000 |
| **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $18,537,000) |  | **18537000** |
| **TOTAL INVESTMENT SECURITIES**<br> (Cost $18,537,000)—91.8% |  | **18537000** |
| Net other assets (liabilities)—8.2% |  | 1658601 |
| **NET ASSETS—100.0%** |  | $**20195601** |

---

<sup>(a)</sup> The ProFund invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" under Note 2 in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.

<sup>(b)</sup> A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. At July 31, 2025, the aggregate amount held in a segregated account was $4,321,000.

**Futures Contracts Sold**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Number <br>of <br>Contracts | Expiration <br>Date | Notional <br>Amount | Value and <br>Unrealized <br>Appreciation/ <br>(Depreciation) |
| E-mini Nasdaq-100 Futures Contracts | 4 | 9/22/25 | $(1869200) | $(93968) |

---

**Total Return Swap Agreements—Short**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Underlying Instrument | Counterparty | Termination <br>Date<sup>(1)</sup> | Rate Paid <br>(Received)<sup>(2)</sup> | Notional <br>Amount | Value and <br>Unrealized <br>Appreciation/ <br>(Depreciation) |
| Nasdaq-100 Index | Goldman Sachs International | 8/27/25 | (4.83)% | $(24488151) | $150124 |
| Nasdaq-100 Index | UBS AG | 8/27/25 | (4.73)% | (14046963) | 69249 |
|  |  |  |  | $**(38535114)** | $**219373** |

---

<sup>(1)</sup> Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

<sup>(2)</sup> Reflects the floating financing rate, as of July 31, 2025, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

**See accompanying notes to financial statements.**

------

**156 :: UltraShort Small-Cap ProFund ::** Schedule of Portfolio Investments :: July 31, 2025

**Repurchase Agreements<sup>(a)(b)</sup> (86.2%)**

---

| | | |
|:---|:---|:---|
|  | Principal <br>Amount | Value |
| Repurchase Agreements with various <br>counterparties, rates 4.09%–4.25%, <br>dated 7/31/25, due 8/1/25, total to be <br>received $4,179,488 | $4179000 | $4179000 |
| **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $4,179,000) |  | **4179000** |
| **TOTAL INVESTMENT SECURITIES**<br> (Cost $4,179,000)—86.2% |  | **4179000** |
| Net other assets (liabilities)—13.8% |  | 668098 |
| **NET ASSETS—100.0%** |  | $**4847098** |

---

<sup>(a)</sup> The ProFund invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" under Note 2 in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.

<sup>(b)</sup> A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. At July 31, 2025, the aggregate amount held in a segregated account was $1,111,000.

**Futures Contracts Sold**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Number <br>of <br>Contracts | Expiration <br>Date | Notional <br>Amount | Value and <br>Unrealized <br>Appreciation/ <br>(Depreciation) |
| CME E-mini Russell 2000 Index Futures Contracts | 3 | 9/22/25 | $(333030) | $(6478) |

---

**Total Return Swap Agreements—Short**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Underlying Instrument | Counterparty | Termination <br>Date<sup>(1)</sup> | Rate Paid <br>(Received)<sup>(2)</sup> | Notional <br>Amount | Value and <br>Unrealized <br>Appreciation/ <br>(Depreciation) |
| Russell 2000 Index | Goldman Sachs International | 8/27/25 | (4.48)% | $(7026412) | $99765 |
| Russell 2000 Index | UBS AG | 8/27/25 | (4.63)% | (2368677) | 49067 |
|  |  |  |  | $**(9395089)** | $**148832** |

---

<sup>(1)</sup> Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

<sup>(2)</sup> Reflects the floating financing rate, as of July 31, 2025, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

**See accompanying notes to financial statements.**

------

July 31, 2025 :: Schedule of Portfolio Investments **:: UltraSmall-Cap ProFund :: 157**

**Common Stocks (70.5%)**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| 10X Genomics Inc\*—Class A <br>(Medical Equipment & Devices) | 1170 | $15736 |
| 1-800-Flowers.com, Inc.\*—Class A <br>(Specialty Retail) | 243 | 1436 |
| 1st Source Corp. (Banks) | 211 | 12622 |
| 3D Systems Corp.\* (Machinery) | 1460 | 2380 |
| 4D Molecular Therapeutics, Inc.\* <br>(Biotechnology) | 445 | 2003 |
| 89bio, Inc.\* (Biotechnology) | 1382 | 13129 |
| 8x8, Inc.\* (Software) | 1444 | 2801 |
| 908 Devices, Inc.\* (Electronic Equipment, <br>Instruments & Components) | 303 | 1985 |
| A10 Networks, Inc. (Software) | 817 | 15049 |
| AAR Corp.\* (Aerospace & Defense) | 396 | 29585 |
| Aardvark Therapeutics, Inc.\* (Biotech & <br>Pharma) | 63 | 757 |
| Abeona Therapeutics, Inc.\* (Biotech & <br>Pharma) | 484 | 3083 |
| Abercrombie & Fitch Co.\*—Class A <br>(Specialty Retail) | 522 | 50122 |
| ABM Industries, Inc. (Commercial <br>Services & Supplies) | 686 | 31645 |
| Absci Corp.\* (Biotechnology) | 1209 | 3421 |
| Acacia Research Corp.\* (Financial <br>Services) | 379 | 1342 |
| Academy Sports & Outdoors, Inc. <br>(Specialty Retail) | 735 | 37331 |
| ACADIA Pharmaceuticals, Inc.\* <br>(Biotechnology) | 1377 | 32814 |
| Acadia Realty Trust (Retail REITs) | 1462 | 27369 |
| Acadian Asset Management, Inc. <br>(Capital Markets) | 308 | 12871 |
| Accel Entertainment, Inc.\* (Hotels, <br>Restaurants & Leisure) | 599 | 7703 |
| ACCO Brands Corp. (Commercial <br>Services & Supplies) | 968 | 3630 |
| Accuray, Inc.\* (Health Care Equipment & <br>Supplies) | 1123 | 1471 |
| ACI Worldwide, Inc.\* (Software) | 1169 | 49753 |
| Aclaris Therapeutics, Inc.\* (Biotech & <br>Pharma) | 1005 | 1538 |
| ACM Research, Inc.\*—Class A <br>(Semiconductors & Semiconductor <br>Equipment) | 560 | 17002 |
| Acme United Corp. <br>(Wholesale—Discretionary) | 37 | 1487 |
| ACNB Corp. (Banks) | 114 | 4799 |
| ACRES Commercial Realty Corp.\* <br>(Specialty Finance) | 68 | 1338 |
| Actuate Therapeutics, Inc.\* (Biotech & <br>Pharma) | 65 | 471 |
| Acuren Corp.\* (Asset Management) | 1146 | 12709 |
| Acushnet Holdings Corp. (Leisure <br>Products) | 312 | 24841 |
| ACV Auctions, Inc.\*—Class A <br>(Commercial Services & Supplies) | 1860 | 26431 |
| AdaptHealth Corp.\* (Health Care <br>Providers & Services) | 1025 | 9194 |
| Adaptive Biotechnologies Corp.\* (Life <br>Sciences Tools & Services) | 1655 | 16947 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| ADC Therapeutics SA\* <br>(Biotechnology) | 802 | $2222 |
| Addus HomeCare Corp.\* (Health Care <br>Providers & Services) | 201 | 21463 |
| Adeia, Inc. (Software) | 1204 | 15592 |
| Adient PLC\* (Automobile Components) | 933 | 20004 |
| ADMA Biologics, Inc.\* (Biotechnology) | 2568 | 48021 |
| Adtalem Global Education, Inc.\* <br>(Diversified Consumer Services) | 408 | 46622 |
| ADTRAN Holdings, Inc. <br>(Communications Equipment) | 824 | 7655 |
| Advance Auto Parts, Inc. (Specialty Retail) | 665 | 35292 |
| Advanced Emissions Solutions, Inc.\* <br>(Chemicals) | 350 | 1873 |
| Advanced Energy Industries, Inc. <br>(Electronic Equipment, Instruments & <br>Components) | 418 | 58069 |
| AdvanSix, Inc. (Chemicals) | 291 | 5855 |
| Advantage Solutions, Inc.\* (Media) | 1044 | 1430 |
| Aebi Schmidt Holding AG\* (Machinery) | 374 | 3852 |
| Aehr Test Systems\* (Semiconductors & <br>Semiconductor Equipment) | 315 | 5324 |
| Aeluma, Inc.\* (Semiconductors) | 107 | 2367 |
| AeroVironment, Inc.\* (Aerospace & <br>Defense) | 352 | 94209 |
| AerSale Corp.\* (Aerospace & Defense) | 356 | 2150 |
| Aeva Technologies, Inc.\* (Electronic <br>Equipment, Instruments & <br>Components) | 339 | 6319 |
| AFC Gamma, Inc. (Mortgage REITs) | 203 | 895 |
| AG Mortgage Investment Trust, Inc. <br>(Mortgage REITs) | 309 | 2336 |
| agilon health, Inc.\* (Health Care <br>Providers & Services) | 3418 | 6118 |
| Agilysys, Inc.\* (Software) | 287 | 32741 |
| Agios Pharmaceuticals, Inc.\* <br>(Biotechnology) | 626 | 23300 |
| AirJoule Technologies Corp.\* <br>(Electrical Equipment) | 238 | 981 |
| AirSculpt Technologies, Inc.\* (Health <br>Care Providers & Services) | 141 | 932 |
| Airship AI Holdings, Inc.\* (Software) | 222 | 1152 |
| Akebia Therapeutics, Inc.\* <br>(Biotechnology) | 2769 | 10204 |
| Akero Therapeutics, Inc.\* <br>(Biotechnology) | 774 | 37810 |
| Alamo Group, Inc. (Machinery) | 115 | 25597 |
| Alarm.com Holdings, Inc.\* (Software) | 528 | 28845 |
| Albany International Corp. (Machinery) | 335 | 18154 |
| Aldeyra Therapeutics, Inc.\* <br>(Biotechnology) | 601 | 2999 |
| Alector, Inc.\* (Biotechnology) | 883 | 1316 |
| Alerus Financial Corp. (Financial Services) | 249 | 5264 |
| Alexander & Baldwin, Inc. (Equity <br>REIT—Diversified) | 809 | 14546 |
| Alexander's, Inc. (Retail REITs) | 24 | 6029 |
| Alico, Inc. (Food Products) | 59 | 1905 |
| Alight, Inc.\*—Class A (Professional <br>Services) | 4778 | 25610 |
| Alignment Healthcare, Inc.\* (Health <br>Care Providers & Services) | 1414 | 19485 |
| Alkami Technology, Inc.\* (Software) | 756 | 16851 |

---

**See accompanying notes to financial statements.**

------

**158 :: UltraSmall-Cap ProFund ::** Schedule of Portfolio Investments :: July 31, 2025

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Alkermes PLC\* (Biotechnology) | 1795 | $47549 |
| Allegiant Travel Co. (Passenger Airlines) | 160 | 8262 |
| ALLETE, Inc. (Electric Utilities) | 648 | 42723 |
| Allied Motion Technologies, Inc. <br>(Electrical Equipment) | 160 | 6450 |
| Allogene Therapeutics, Inc.\* <br>(Biotechnology) | 1679 | 2065 |
| Alpha and Omega Semiconductor, Ltd.\* <br>(Semiconductors & Semiconductor <br>Equipment) | 274 | 6979 |
| Alpha Metallurgical Resources, Inc. <br>(Metals & Mining) | 130 | 15349 |
| Alpha Teknova, Inc.\* (Biotech & Pharma) | 120 | 542 |
| Alphatec Holdings, Inc.\* (Health Care <br>Equipment & Supplies) | 1285 | 13595 |
| Alpine Income Property Trust, Inc. <br>(Equity REIT—Diversified) | 140 | 1967 |
| Alta Equipment Group, Inc. (Trading <br>Companies & Distributors) | 225 | 1746 |
| AlTi Global, Inc.\* (Capital Markets) | 471 | 1926 |
| Altice USA, Inc.\*—Class A (Cable & <br>Satellite) | 2895 | 7527 |
| Altimmune, Inc.\* (Biotechnology) | 860 | 3173 |
| Alumis, Inc.\* (Pharmaceuticals) | 534 | 2211 |
| Amalgamated Financial Corp. (Banks) | 259 | 7508 |
| A-Mark Precious Metals, Inc. <br>(Distributors) | 210 | 4469 |
| Ambac Financial Group, Inc.\* (Insurance) | 526 | 4418 |
| Ambarella, Inc.\* (Semiconductors & <br>Semiconductor Equipment) | 451 | 29807 |
| AMC Entertainment Holdings, Inc.\* <br>(Entertainment) | 4821 | 13981 |
| AMC Networks, Inc.\*—Class A (Media) | 358 | 2144 |
| Amerant Bancorp, Inc. (Banks) | 412 | 7952 |
| Ameresco, Inc.\*—Class A <br>(Construction & Engineering) | 356 | 6024 |
| American Assets Trust, Inc. (Equity <br>REIT—Diversified) | 576 | 10961 |
| American Axle & Manufacturing <br>Holdings, Inc.\* (Automobile <br>Components) | 1281 | 5700 |
| American Battery Technology Co.\* <br>(Metals & Mining) | 899 | 1951 |
| American Eagle Outfitters, Inc. <br>(Specialty Retail) | 1801 | 19451 |
| American Healthcare REIT, Inc. <br>(Health Care REITs) | 1764 | 68162 |
| American Outdoor Brands Inc.\* <br>(Leisure Products) | 136 | 1280 |
| American Public Education, Inc.\* <br>(Diversified Consumer Services) | 193 | 5697 |
| American Reality Investors, Inc.\* (Real <br>Estate Management & Development) | 15 | 188 |
| American States Water Co. (Water <br>Utilities) | 429 | 31570 |
| American Superconductor Corp.\* <br>(Electrical Equipment) | 423 | 24048 |
| American Vanguard Corp. (Chemicals) | 289 | 1116 |
| American Woodmark Corp.\* (Building <br>Products) | 163 | 8575 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| America's Car-Mart, Inc.\* (Specialty <br>Retail) | 83 | $3738 |
| Ameris Bancorp (Banks) | 733 | 50101 |
| AMERISAFE, Inc. (Insurance) | 210 | 9404 |
| Ames National Corp. (Banks) | 99 | 1787 |
| Amicus Therapeutics, Inc.\* <br>(Biotechnology) | 3084 | 18473 |
| AMMO, Inc.\* (Leisure Products) | 974 | 1149 |
| AMN Healthcare Services, Inc.\* <br>(Health Care Providers & Services) | 424 | 7776 |
| Amneal Pharmaceuticals, Inc.\* <br>(Pharmaceuticals) | 1666 | 13028 |
| Amphastar Pharmaceuticals, Inc.\* <br>(Pharmaceuticals) | 411 | 8610 |
| Amplitude, Inc.\*—Class A (Software) | 965 | 11802 |
| Amprius Technologies, Inc.\* (Electrical <br>Equipment) | 1032 | 7152 |
| Amylyx Pharmaceuticals, Inc.\* <br>(Biotech & Pharma) | 768 | 6167 |
| AnaptysBio, Inc.\* (Biotechnology) | 216 | 5303 |
| Anavex Life Sciences Corp.\* <br>(Biotechnology) | 926 | 10464 |
| Angel Oak Mortgage REIT, Inc. <br>(Mortgage REITs) | 136 | 1259 |
| Angi, Inc.\* (Interactive Media & Services) | 480 | 7786 |
| AngioDynamics, Inc.\* (Health Care <br>Equipment & Supplies) | 430 | 3810 |
| ANI Pharmaceuticals, Inc.\* <br>(Pharmaceuticals) | 201 | 12733 |
| Anika Therapeutics, Inc.\* <br>(Biotechnology) | 138 | 1139 |
| Annexon, Inc.\* (Biotechnology) | 1061 | 2546 |
| Anteris Technologies Global Corp.\* <br>(Medical Equipment & Devices) | 238 | 764 |
| Anterix, Inc.\* (Diversified <br>Telecommunication Services) | 143 | 3176 |
| Anywhere Real Estate, Inc.\* (Real Estate <br>Management & Development) | 1169 | 5401 |
| Apartment Investment and <br>Management Co.\* (Residential REITs) | 1463 | 12304 |
| Apogee Enterprises, Inc. (Building <br>Products) | 235 | 9868 |
| Apogee Therapeutics, Inc.\* <br>(Biotechnology) | 354 | 13544 |
| Apollo Commercial Real Estate <br>Finance, Inc. (Mortgage REITs) | 1548 | 14892 |
| Apollo Medical Holdings, Inc.\* (Health <br>Care Providers & Services) | 452 | 10785 |
| Appian Corp.\*—Class A (Software) | 437 | 12066 |
| Apple Hospitality REIT, Inc. (Hotel & <br>Resort REITs) | 2482 | 29164 |
| Applied Digital Corp.\* (IT Services) | 1959 | 25742 |
| Applied Optoelectronics, Inc.\* <br>(Communications Equipment) | 595 | 13608 |
| Aquestive Therapeutics, Inc.\* <br>(Pharmaceuticals) | 953 | 3660 |
| Arbor Realty Trust, Inc. (Mortgage REITs) | 2114 | 23592 |
| Arbutus Biopharma Corp.\* <br>(Biotechnology) | 1677 | 5501 |
| ArcBest Corp. (Ground Transportation) | 256 | 18721 |

---

**See accompanying notes to financial statements.**

------

July 31, 2025 :: Schedule of Portfolio Investments **:: UltraSmall-Cap ProFund :: 159**

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Arcellx, Inc.\* (Biotechnology) | 405 | $28913 |
| Archer Aviation, Inc.\*—Class A <br>(Aerospace & Defense) | 6040 | 60581 |
| Archrock, Inc. (Energy Equipment & <br>Services) | 1832 | 42795 |
| Arcosa, Inc. (Construction & <br>Engineering) | 538 | 46203 |
| Arcturus Therapeutics Holdings, Inc.\* <br>(Biotechnology) | 280 | 3419 |
| Arcus Biosciences, Inc.\* (Biotechnology) | 763 | 6966 |
| Arcutis Biotherapeutics, Inc.\* <br>(Biotechnology) | 1186 | 17292 |
| Ardagh Metal Packaging SA <br>(Containers & Packaging) | 1545 | 6118 |
| Ardelyx, Inc.\* (Biotechnology) | 2613 | 11079 |
| Ardent Health Partners, Inc.\* (Health <br>Care Providers & Services) | 257 | 2724 |
| Ardmore Shipping Corp. (Oil, Gas & <br>Consumable Fuels) | 382 | 4156 |
| Ares Commercial Real Estate Corp. <br>(Mortgage REITs) | 586 | 2619 |
| Argan, Inc. (Construction & Engineering) | 147 | 36012 |
| Arhaus, Inc. (Specialty Retail) | 567 | 4967 |
| Aris Water Solutions, Inc.—Class A <br>(Commercial Services & Supplies) | 342 | 7274 |
| Arko Corp. (Specialty Retail) | 851 | 3549 |
| Arlo Technologies, Inc.\* (Electronic <br>Equipment, Instruments & <br>Components) | 1102 | 17852 |
| Armada Hoffler Properties, Inc. <br>(Equity REIT—Diversified) | 886 | 6051 |
| ARMOUR Residential REIT, Inc. <br>(Mortgage REITs) | 914 | 14907 |
| Array Technologies, Inc.\* (Electrical <br>Equipment) | 1682 | 10933 |
| ArriVent Biopharma, Inc.\* (Biotechnology) | 255 | 4975 |
| Arrow Financial Corp. (Banks) | 183 | 4904 |
| Arrowhead Pharmaceuticals, Inc.\* <br>(Biotechnology) | 1336 | 21109 |
| ARS Pharmaceuticals, Inc.\* <br>(Biotechnology) | 607 | 10732 |
| Arteris, Inc.\* (Software) | 312 | 3076 |
| Artisan Partners Asset Management, <br>Inc.—Class A (Capital Markets) | 694 | 31404 |
| Artivion, Inc.\* (Health Care Equipment & <br>Supplies) | 422 | 13044 |
| Arvinas, Inc.\* (Pharmaceuticals) | 727 | 5409 |
| Asana, Inc.\*—Class A (Software) | 1034 | 15179 |
| Asbury Automotive Group, Inc.\* <br>(Specialty Retail) | 218 | 48422 |
| Ascent Industries Co.\* (Steel) | 88 | 1129 |
| ASGN, Inc.\* (IT Services) | 474 | 23766 |
| ASP Isotopes, Inc.\* (Chemicals) | 629 | 5705 |
| Aspen Aerogels, Inc.\* (Chemicals) | 734 | 5622 |
| Associated Banc-Corp. (Banks) | 1844 | 45621 |
| Astec Industries, Inc. (Machinery) | 253 | 10034 |
| Astria Therapeutics, Inc.\* (Biotechnology) | 473 | 3273 |
| Astronics Corp.\* (Aerospace & Defense) | 335 | 12100 |
| Asure Software, Inc.\* (Professional <br>Services) | 273 | 2648 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Atea Pharmaceuticals, Inc.\* <br>(Pharmaceuticals) | 849 | $3090 |
| Atkore, Inc. (Electrical Equipment) | 381 | 29345 |
| Atlanta Braves Holdings, Inc.\* <br>(Entertainment) | 511 | 22770 |
| Atlanta Braves Holdings, Inc.\* <br>(Entertainment) | 75 | 3533 |
| Atlantic International Corp.\* (Biotech & <br>Pharma) | 119 | 183 |
| Atlantic Union Bankshares Corp. (Banks) | 1580 | 50086 |
| Atlanticus Holdings Corp.\* (Consumer <br>Finance) | 59 | 2928 |
| Atlas Energy Solutions, Inc. (Energy <br>Equipment & Services) | 860 | 11180 |
| Atmus Filtration Technologies, Inc. <br>(Machinery) | 925 | 35992 |
| ATN International, Inc. (Diversified <br>Telecommunication Services) | 110 | 1887 |
| Atomera, Inc.\* (Semiconductors) | 324 | 1620 |
| AtriCure, Inc.\* (Health Care Equipment & <br>Supplies) | 536 | 18814 |
| aTyr Pharma, Inc.\* (Biotech & Pharma) | 963 | 4545 |
| AudioEye, Inc.\* (Software) | 88 | 1127 |
| Aura Biosciences, Inc.\* (Biotechnology) | 415 | 2859 |
| Aurinia Pharmaceuticals, Inc.\* <br>(Biotechnology) | 1304 | 12055 |
| Avadel Pharmaceuticals PLC\* <br>(Pharmaceuticals) | 989 | 10394 |
| Avanos Medical, Inc.\* (Health Care <br>Equipment & Supplies) | 496 | 5540 |
| Aveanna Healthcare Holdings, Inc.\* <br>(Health Care Providers & Services) | 512 | 2033 |
| AvePoint, Inc.\* (Software) | 1472 | 28086 |
| Aviat Networks, Inc.\* (Communications <br>Equipment) | 128 | 2765 |
| Avidity Biosciences, Inc.\* (Biotechnology) | 1267 | 46512 |
| AvidXchange Holdings, Inc.\* (Financial <br>Services) | 1893 | 18665 |
| Avient Corp. (Chemicals) | 1019 | 32170 |
| Avista Corp. (Multi-Utilities) | 892 | 33272 |
| Avita Medical, Inc.\* (Biotechnology) | 294 | 1558 |
| Axcelis Technologies, Inc.\* <br>(Semiconductors & Semiconductor <br>Equipment) | 357 | 24165 |
| Axogen, Inc.\* (Health Care Equipment & <br>Supplies) | 486 | 6362 |
| Axos Financial, Inc.\* (Banks) | 577 | 49824 |
| Axsome Therapeutics, Inc.\* <br>(Pharmaceuticals) | 448 | 45419 |
| Azenta, Inc.\* (Life Sciences Tools & <br>Services) | 452 | 14780 |
| AZZ, Inc. (Building Products) | 329 | 36026 |
| B&G Foods, Inc. (Food Products) | 855 | 3506 |
| Backblaze, Inc.\*—Class A (IT Services) | 593 | 2959 |
| Badger Meter, Inc. (Electronic <br>Equipment, Instruments & <br>Components) | 329 | 62102 |
| Bakkt Holdings, Inc.\* (Institutional <br>Financial Services) | 57 | 564 |
| Balchem Corp. (Chemicals) | 364 | 55499 |

---

**See accompanying notes to financial statements.**

------

**160 :: UltraSmall-Cap ProFund ::** Schedule of Portfolio Investments :: July 31, 2025

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Bally's Corp.\* (Leisure Facilities & <br>Services) | 81 | $752 |
| Banc of California, Inc. (Banks) | 1535 | 22288 |
| BancFirst Corp. (Banks) | 231 | 28764 |
| Banco Latinoamericano de Comercio <br>Exterior S.A.—Class E (Financial <br>Services) | 322 | 12867 |
| Bandwidth, Inc.\*—Class A (Diversified <br>Telecommunication Services) | 298 | 4145 |
| Bank First Corp. (Banks) | 102 | 12120 |
| Bank of Hawaii Corp. (Banks) | 436 | 26980 |
| Bank of Marin Bancorp (Banks) | 163 | 3692 |
| Bank7 Corp. (Banks) | 47 | 2082 |
| BankFinancial Corp.\* (Banking) | 124 | 1379 |
| BankUnited, Inc. (Banks) | 836 | 30489 |
| Bankwell Financial Group, Inc. (Banks) | 78 | 3112 |
| Banner Corp. (Banks) | 378 | 23464 |
| Bar Harbor Bankshares (Banks) | 167 | 4850 |
| BARK, Inc.\* (Specialty Retail) | 1182 | 1018 |
| Barnes & Noble Education, Inc.\* <br>(Retail—Discretionary) | 166 | 1465 |
| Barrett Business Services, Inc. <br>(Professional Services) | 276 | 12688 |
| Bassett Furniture Industries, Inc.\* <br>(Retail—Discretionary) | 90 | 1424 |
| BayCom Corp. (Banks) | 115 | 3106 |
| BCB Bancorp, Inc. (Banks) | 172 | 1438 |
| Beam Therapeutics, Inc.\* (Biotechnology) | 1059 | 20873 |
| Beazer Homes USA, Inc.\* (Household <br>Durables) | 321 | 7544 |
| Bel Fuse, Inc.—Class A (Electronic <br>Equipment, Instruments & <br>Components) | 18 | 2062 |
| Bel Fuse, Inc.—Class B (Electronic <br>Equipment, Instruments & <br>Components) | 115 | 14955 |
| Belden, Inc. (Electronic Equipment, <br>Instruments & Components) | 439 | 54282 |
| Benchmark Electronics, Inc. <br>(Electronic Equipment, Instruments & <br>Components) | 396 | 15246 |
| Benitec Biopharma, Inc.\* (Biotech & <br>Pharma) | 160 | 1749 |
| Berkshire Hills Bancorp, Inc. (Banks) | 515 | 12690 |
| Berry Corp. (Oil, Gas & Consumable <br>Fuels) | 853 | 2576 |
| Beta Bionics, Inc.\* (Biotechnology) | 145 | 2435 |
| Better Home & Finance Holding Co.\* <br>(Specialty Finance) | 54 | 699 |
| Beyond Meat, Inc.\* (Food Products) | 816 | 2481 |
| Beyond, Inc.\* (Specialty Retail) | 609 | 5451 |
| BGC Group, Inc.—Class A (Capital <br>Markets) | 3971 | 36811 |
| Bicara Therapeutics, Inc.\* <br>(Biotechnology) | 379 | 4211 |
| BigBear.ai Holdings, Inc.\* (IT Services) | 3200 | 20320 |
| BigCommerce Holdings, Inc.\*—Class 1 <br>(IT Services) | 728 | 3480 |
| Biglari Holdings, Inc.\*—Class B <br>(Hotels, Restaurants & Leisure) | 7 | 2158 |
| BioAge Labs, Inc.\* (Pharmaceuticals) | 263 | 1157 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| BioCryst Pharmaceuticals, Inc.\* <br>(Biotechnology) | 2320 | $18885 |
| Biohaven, Ltd.\* (Biotechnology) | 1002 | 15130 |
| BioLife Solutions, Inc.\* (Life Sciences <br>Tools & Services) | 420 | 8929 |
| Biote Corp.\*—Class A <br>(Pharmaceuticals) | 323 | 1315 |
| Bioventus, Inc.\*—Class A (Health Care <br>Equipment & Supplies) | 511 | 3332 |
| Bit Digital, Inc.\* (Software) | 2009 | 5846 |
| Bitdeer Technologies Group\* <br>(Technology Services) | 994 | 12813 |
| BJ's Restaurants, Inc.\* (Hotels, <br>Restaurants & Leisure) | 237 | 8397 |
| BK Technologies Corp\* (Technology <br>Hardware) | 30 | 1165 |
| BKV Corp.\* (Oil, Gas & Consumable <br>Fuels) | 186 | 3839 |
| Black Hills Corp. (Multi-Utilities) | 806 | 46570 |
| Blackbaud, Inc.\* (Software) | 424 | 28586 |
| BlackLine, Inc.\* (Software) | 584 | 31408 |
| BlackSky Technology, Inc.\* <br>(Professional Services) | 310 | 5964 |
| Blackstone Mortgage Trust, <br>Inc.—Class A (Mortgage REITs) | 1802 | 33301 |
| Blade Air Mobility, Inc.\*—Class A <br>(Passenger Airlines) | 710 | 2833 |
| Blend Labs, Inc.\*—Class A (Software) | 2325 | 7696 |
| Bloom Energy Corp.\*—Class A <br>(Electrical Equipment) | 2269 | 84837 |
| Bloomin' Brands, Inc. (Hotels, <br>Restaurants & Leisure) | 930 | 8472 |
| Blue Bird Corp.\* (Machinery) | 357 | 15990 |
| Blue Foundry Bancorp\* (Banks) | 212 | 1813 |
| Blue Ridge Bankshares, Inc.\* (Banking) | 711 | 2609 |
| BlueLinx Holdings, Inc.\* (Trading <br>Companies & Distributors) | 86 | 6301 |
| Bluerock Homes Trust, Inc. <br>(Residential REITs) | —<br> <sup>(a)</sup> | 2 |
| Boise Cascade Co. (Trading <br>Companies & Distributors) | 423 | 35452 |
| Boot Barn Holdings, Inc.\* (Specialty <br>Retail) | 341 | 58619 |
| Borr Drilling, Ltd. (Energy Equipment & <br>Services) | 2465 | 5004 |
| Boston Omaha Corp.\*—Class A (Media) | 241 | 3241 |
| Bowhead Specialty Holdings, Inc.\* <br>(Insurance) | 175 | 5688 |
| Bowman Consulting Group, Ltd.\* <br>(Construction & Engineering) | 156 | 5410 |
| Box, Inc.\*—Class A (Software) | 1557 | 49980 |
| Braemar Hotels & Resorts, Inc. <br>(Hotel & Resort REITs) | 653 | 1437 |
| Brandywine Realty Trust (Office REITs) | 1908 | 7632 |
| Braze, Inc.\*—Class A (Software) | 846 | 23578 |
| BRC, Inc.\*—Class A (Food Products) | 687 | 1168 |
| Bread Financial Holdings, Inc. <br>(Consumer Finance) | 517 | 31692 |
| Bridgebio Pharma, Inc.\* (Biotechnology) | 1732 | 81871 |
| Bridgewater Bancshares, Inc.\* (Banks) | 231 | 3594 |

---

**See accompanying notes to financial statements.**

------

July 31, 2025 :: Schedule of Portfolio Investments **:: UltraSmall-Cap ProFund :: 161**

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Bright Minds Biosciences, Inc.\* <br>(Biotech & Pharma) | 51 | 1722 |
| BrightSpire Capital, Inc. (Mortgage <br>REITs) | 1429 | 7402 |
| BrightSpring Health Services, Inc.\* <br>(Health Care Providers & Services) | 936 | 19328 |
| BrightView Holdings, Inc.\* <br>(Commercial Services & Supplies) | 667 | 10639 |
| Brinker International, Inc.\* (Hotels, <br>Restaurants & Leisure) | 491 | 77383 |
| Bristow Group, Inc.\* (Energy <br>Equipment & Services) | 315 | 10890 |
| Broadstone Net Lease, Inc. (Equity <br>REIT—Diversified) | 2102 | 34136 |
| Brookdale Senior Living, Inc.\* (Health <br>Care Providers & Services) | 2543 | 19708 |
| Brookfield Business Corp.—Class A <br>(Industrial Conglomerates) | 265 | 8151 |
| Brookfield Infrastructure Corp.—Class A <br>(Gas & Water Utilities) | 1335 | 52118 |
| Brookline Bancorp, Inc. (Banks) | 973 | 10041 |
| BRT Apartments Corp. (Residential REITs) | 120 | 1746 |
| Build-A-Bear Workshop, Inc. <br>(Specialty Retail) | 138 | 6998 |
| Bumble, Inc.\*—Class A (Interactive <br>Media & Services) | 806 | 6271 |
| Burford Capital, Ltd. (Financial Services) | 2125 | 27306 |
| Burke & Herbert Financial Services <br>Corp. (Banks) | 150 | 8699 |
| Business First Bancshares, Inc. (Banks) | 315 | 7481 |
| Butterfly Network, Inc.\* (Medical <br>Equipment & Devices) | 2127 | 3636 |
| BV Financial, Inc.\* (Banking) | 96 | 1501 |
| Byline Bancorp, Inc. (Banks) | 302 | 7943 |
| Byrna Technologies, Inc.\* (Aerospace & <br>Defense) | 201 | 4464 |
| C&F Financial Corp.\* (Banking) | 34 | 2171 |
| C3.ai, Inc.\*—Class A (Software) | 1341 | 31594 |
| Cable One, Inc. (Media) | 57 | 7295 |
| Cabot Corp. (Chemicals) | 601 | 43380 |
| Cactus, Inc.—Class A (Energy <br>Equipment & Services) | 760 | 32156 |
| Cadence Bank (Banks) | 1943 | 67713 |
| Cadiz, Inc.\* (Water Utilities) | 609 | 1937 |
| Cadre Holdings, Inc. (Aerospace & <br>Defense) | 315 | 10417 |
| Calavo Growers, Inc. (Food Products) | 186 | 4892 |
| Caledonia Mining Corp. PLC (Metals & <br>Mining) | 183 | 3603 |
| Caleres, Inc. (Specialty Retail) | 366 | 5025 |
| California Resources Corp. (Oil, Gas & <br>Consumable Fuels) | 724 | 34882 |
| California Water Service Group (Water <br>Utilities) | 663 | 30147 |
| Calix, Inc.\* (Communications Equipment) | 653 | 37018 |
| Cal-Maine Foods, Inc. (Food Products) | 509 | 56569 |
| Calumet, Inc.\* (Chemicals) | 764 | 12178 |
| Camden National Corp. (Banks) | 186 | 7014 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Camping World Holdings, Inc.—Class A <br>(Specialty Retail) | 668 | $9245 |
| Candel Therapeutics, Inc.\* <br>(Biotechnology) | 436 | 2810 |
| Cannae Holdings, Inc. (Financial <br>Services) | 638 | 13640 |
| Cantaloupe, Inc.\* (Financial Services) | 589 | 6520 |
| Capital Bancorp, Inc. (Banks) | 130 | 4092 |
| Capital City Bank Group, Inc. (Banks) | 154 | 6097 |
| Capitol Federal Financial, Inc. (Banks) | 1365 | 8217 |
| Capri Holdings, Ltd.\* (Textiles, Apparel & <br>Luxury Goods) | 1289 | 23447 |
| Capricor Therapeutics, Inc.\* <br>(Biotechnology) | 426 | 3485 |
| Cardiff Oncology, Inc.\* (Biotechnology) | 687 | 1628 |
| CareDx, Inc.\* (Biotechnology) | 604 | 7420 |
| CareTrust REIT, Inc. (Health Care REITs) | 2094 | 66589 |
| Cargo Therapeutics, Inc.\* (Biotechnology) | 393 | 1757 |
| Cargurus, Inc.\* (Interactive Media & <br>Services) | 912 | 29931 |
| Carriage Services, Inc. (Diversified <br>Consumer Services) | 157 | 7052 |
| Cars.com, Inc.\* (Interactive Media & <br>Services) | 644 | 8288 |
| Carter Bankshares, Inc.\* (Banks) | 254 | 4415 |
| Carter's, Inc. (Textiles, Apparel & <br>Luxury Goods) | 394 | 9551 |
| Cartesian Therapeutics, Inc.\* <br>(Biotechnology) | 103 | 1319 |
| Casella Waste Systems, Inc.\* <br>(Commercial Services & Supplies) | 697 | 75784 |
| Cass Information Systems, Inc. <br>(Financial Services) | 134 | 5361 |
| Castle Biosciences, Inc.\* (Health Care <br>Providers & Services) | 315 | 4772 |
| Catalyst Pharmaceuticals, Inc.\* <br>(Biotechnology) | 1282 | 27345 |
| Cathay General Bancorp (Banks) | 747 | 33779 |
| Cavco Industries, Inc.\* (Household <br>Durables) | 85 | 34312 |
| CB Financial Services, Inc.\* (Banking) | 52 | 1646 |
| CBIZ, Inc.\* (Professional Services) | 581 | 35511 |
| CBL & Associates Properties, Inc. <br>(Retail REITs) | 202 | 5466 |
| CECO Environmental Corp.\* <br>(Commercial Services & Supplies) | 323 | 14519 |
| Celcuity, Inc.\* (Biotechnology) | 318 | 12454 |
| Celldex Therapeutics, Inc.\* <br>(Biotechnology) | 724 | 15914 |
| Centerspace (Residential REITs) | 187 | 10178 |
| Central Garden & Pet Co.\* (Household <br>Products) | 103 | 4019 |
| Central Garden & Pet Co.\*—Class A <br>(Household Products) | 573 | 20353 |
| Central Pacific Financial Corp. (Banks) | 294 | 7838 |
| Centrus Energy Corp.\*—Class A (Oil, <br>Gas & Consumable Fuels) | 164 | 35326 |
| Centuri Holdings, Inc.\* (Construction & <br>Engineering) | 188 | 4098 |
| Century Aluminum Co.\* (Metals & <br>Mining) | 579 | 12263 |

---

**See accompanying notes to financial statements.**

------

**162 :: UltraSmall-Cap ProFund ::** Schedule of Portfolio Investments :: July 31, 2025

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Century Communities, Inc. (Household <br>Durables) | 297 | $16718 |
| Cerence, Inc.\* (Software) | 484 | 4162 |
| CeriBell, Inc.\* (Health Care Equipment & <br>Supplies) | 276 | 3974 |
| Cerus Corp.\* (Health Care Equipment & <br>Supplies) | 2046 | 2619 |
| CEVA, Inc.\* (Semiconductors & <br>Semiconductor Equipment) | 259 | 5535 |
| CF Bankshares, Inc.\* (Banking) | 43 | 1015 |
| CG Oncology, Inc.\* (Biotechnology) | 619 | 16521 |
| Chain Bridge Bancorp Inc\* (Banking) | 26 | 687 |
| Champion Homes, Inc.\* (Household <br>Durables) | 599 | 36479 |
| Chart Industries, Inc.\* (Machinery) | 501 | 99613 |
| Chatham Lodging Trust (Hotel & <br>Resort REITs) | 516 | 3519 |
| Chemung Financial Corp. (Banks) | 46 | 2328 |
| Chesapeake Utilities Corp. (Gas Utilities) | 253 | 30330 |
| Chicago Atlantic Real Estate Finance, Inc. <br>(Mortgage REITs) | 192 | 2494 |
| Chimera Investment Corp. (Mortgage <br>REITs) | 882 | 11792 |
| ChoiceOne Financial Services, Inc. <br>(Banks) | 158 | 4645 |
| ChromaDex Corp.\* (Life Sciences <br>Tools & Services) | 578 | 5404 |
| Cidara Therapeutics, Inc.\* (Biotech & <br>Pharma) | 186 | 11776 |
| Cimpress PLC\* (Commercial Services & <br>Supplies) | 166 | 9181 |
| Cinemark Holdings, Inc.\* (Entertainment) | 1181 | 31732 |
| Cipher Mining, Inc.\* (Software) | 2937 | 16036 |
| Citi Trends, Inc.\* (Specialty Retail) | 53 | 1618 |
| Citizens & Northern Corp. (Banks) | 166 | 3157 |
| Citizens Community Bancorp, Inc./WI\* <br>(Banking) | 106 | 1562 |
| Citizens Financial Services, Inc. (Banks) | 50 | 2685 |
| CITIZENS, INC.\* (Insurance) | 501 | 1914 |
| City Holding Co. (Banks) | 158 | 19292 |
| City Office REIT, Inc. (Office REITs) | 433 | 3005 |
| Civista Bancshares, Inc. (Banks) | 169 | 3290 |
| Claritev Corp.\* (Technology Services) | 85 | 3389 |
| Claros Mortgage Trust, Inc. (Mortgage <br>REITs) | 1022 | 2913 |
| Clarus Corp. (Leisure Products) | 327 | 1177 |
| Clean Energy Fuels Corp.\* (Oil, Gas & <br>Consumable Fuels) | 1952 | 3963 |
| Cleanspark, Inc.\* (Software) | 3075 | 34963 |
| Clear Secure, Inc.—Class A (Software) | 927 | 27263 |
| Clearfield, Inc.\* (Communications <br>Equipment) | 130 | 5695 |
| ClearPoint Neuro, Inc.\* (Medical <br>Equipment & Devices) | 289 | 3006 |
| Clearwater Analytics Holdings, <br>Inc.\*—Class A (Software) | 2734 | 55391 |
| Clearwater Paper Corp.\* (Paper & <br>Forest Products) | 175 | 3948 |
| Climb Global Solutions, Inc. <br>(Electronic Equipment, Instruments & <br>Components) | 43 | 5074 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Clipper Realty, Inc. (Residential REITs) | 153 | $532 |
| Clover Health Investments Corp.\* <br>(Health Care Facilities & Services) | 4472 | 12925 |
| CNB Financial Corp. (Banks) | 311 | 7137 |
| CNO Financial Group, Inc. (Insurance) | 1099 | 40486 |
| CNX Resources Corp.\* (Oil, Gas & <br>Consumable Fuels) | 1578 | 47830 |
| Coastal Financial Corp.\* (Banks) | 143 | 13757 |
| Codexis, Inc.\* (Life Sciences Tools & <br>Services) | 907 | 2431 |
| Coeur Mining, Inc.\* (Metals & Mining) | 7096 | 61663 |
| Cogent Biosciences, Inc.\* <br>(Biotechnology) | 1176 | 13430 |
| Cogent Communications Holdings, <br>Inc. (Diversified Telecommunication <br>Services) | 499 | 22749 |
| Cohen & Steers, Inc. (Capital Markets) | 307 | 22583 |
| Coherus Biosciences, Inc.\* <br>(Biotechnology) | 1175 | 1105 |
| Cohu, Inc.\* (Semiconductors & <br>Semiconductor Equipment) | 507 | 9055 |
| Collegium Pharmaceutical, Inc.\* <br>(Pharmaceuticals) | 355 | 10600 |
| Colony Bankcorp, Inc. (Banks) | 188 | 3081 |
| Columbia Financial, Inc.\* (Banks) | 301 | 4331 |
| Columbus McKinnon Corp. (Machinery) | 314 | 4600 |
| Commercial Metals Co. (Metals & Mining) | 1257 | 65187 |
| CommScope Holding Co., Inc.\* <br>(Communications Equipment) | 2364 | 19385 |
| Community Financial System, Inc. (Banks) | 587 | 30935 |
| Community Health Systems, Inc.\* <br>(Health Care Providers & Services) | 1438 | 3739 |
| Community Healthcare Trust, Inc. <br>(Health Care REITs) | 303 | 4657 |
| Community Trust Bancorp, Inc. (Banks) | 177 | 9554 |
| Community West Bancshares (Banks) | 186 | 3581 |
| CommVault Systems, Inc.\* (Software) | 490 | 93075 |
| Compass Diversified Holdings <br>(Financial Services) | 744 | 4754 |
| Compass Minerals International, Inc. <br>(Metals & Mining) | 383 | 7633 |
| Compass Therapeutics, Inc.\* <br>(Biotechnology) | 1015 | 3015 |
| Compass, Inc.\*—Class A (Real Estate <br>Management & Development) | 5050 | 40096 |
| Complete Solaria Inc\* (Renewable <br>Energy) | 668 | 1049 |
| CompoSecure, Inc.—Class A <br>(Technology Hardware, Storage & <br>Peripherals) | 487 | 6920 |
| Computer Programs & Systems, Inc.\* <br>(Software) | 111 | 2311 |
| CompX International, Inc. <br>(Commercial Services & Supplies) | 17 | 396 |
| Comstock Resources, Inc. (Oil, Gas & <br>Consumable Fuels) | 821 | 14671 |
| Concentra Group Holdings Parent, <br>Inc. (Health Care Providers & Services) | 1294 | 25841 |
| Concrete Pumping Holdings, Inc.\* <br>(Construction & Engineering) | 251 | 1714 |
| Conduent, Inc.\* (Professional Services) | 1652 | 4394 |

---

**See accompanying notes to financial statements.**

------

July 31, 2025 :: Schedule of Portfolio Investments **:: UltraSmall-Cap ProFund :: 163**

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| CONMED Corp. (Health Care <br>Equipment & Supplies) | 345 | $17647 |
| ConnectOne Bancorp, Inc. (Banks) | 528 | 12160 |
| Consensus Cloud Solutions, Inc.\* <br>(Software) | 215 | 4339 |
| Consolidated Water Co., Ltd. (Water <br>Utilities) | 167 | 4858 |
| Constellium SE\* (Metals & Mining) | 1577 | 21621 |
| Construction Partners, Inc.\*—Class A <br>(Construction & Engineering) | 520 | 52442 |
| Consumer Portfolio Services, Inc.\* <br>(Consumer Finance) | 103 | 814 |
| Contango ORE, Inc.\* (Metals & Mining) | 95 | 1771 |
| Cooper-Standard Holdings, Inc.\* <br>(Automobile Components) | 187 | 4507 |
| COPT Defense Properties (Office REITs) | 1263 | 34455 |
| Core Laboratories, Inc. (Energy <br>Equipment & Services) | 520 | 5689 |
| Core Molding Technologies, Inc.\* <br>(Chemicals) | 94 | 1564 |
| Core Natural Resources, Inc.\* (Oil, Gas & <br>Consumable Fuels) | 586 | 43253 |
| Core Scientific, Inc.\* (IT Services) | 3059 | 41420 |
| CoreCard Corp.\* (Software) | 62 | 1795 |
| CoreCivic, Inc.\* (Commercial Services & <br>Supplies) | 1195 | 23948 |
| CorMedix, Inc.\* (Pharmaceuticals) | 712 | 8309 |
| Corsair Gaming, Inc.\* (Technology <br>Hardware, Storage & Peripherals) | 517 | 4684 |
| CorVel Corp.\* (Health Care Providers & <br>Services) | 323 | 28618 |
| Corvus Pharmaceuticals, Inc.\* <br>(Biotech & Pharma) | 580 | 2419 |
| Costamare Bulkers Holdings Ltd.\* <br>(Marine Transportation) | 95 | 855 |
| Costamare, Inc. (Marine Transportation) | 490 | 4944 |
| Couchbase, Inc.\* (IT Services) | 477 | 11572 |
| Coursera, Inc.\* (Diversified Consumer <br>Services) | 1532 | 19364 |
| Covenant Logistics Group, Inc. <br>(Ground Transportation) | 182 | 4395 |
| CPI Card Group, Inc.\* (Technology <br>Hardware, Storage & Peripherals) | 65 | 1262 |
| CRA International, Inc. (Professional <br>Services) | 73 | 12896 |
| Cracker Barrel Old Country Store, Inc. <br>(Hotels, Restaurants & Leisure) | 246 | 15252 |
| Crawford & Co.—Class A (Insurance) | 181 | 1732 |
| Credo Technology Group Holding, Ltd.\* <br>(Semiconductors & Semiconductor <br>Equipment) | 1624 | 181156 |
| Crescent Energy Co.—Class A (Oil, Gas & <br>Consumable Fuels) | 1982 | 18314 |
| Crexendo, Inc.\* (Technology Services) | 160 | 891 |
| Cricut, Inc.—Class A (Household <br>Durables) | 510 | 2499 |
| Crinetics Pharmaceuticals, Inc.\* <br>(Biotechnology) | 1001 | 28619 |
| CRISPR Therapeutics AG\* <br>(Biotechnology) | 917 | 51589 |
| Critical Metals Corp.\* (Metals & Mining) | 357 | 1346 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Cross Country Healthcare, Inc.\* <br>(Health Care Providers & Services) | 347 | $4667 |
| CryoPort, Inc.\* (Life Sciences Tools & <br>Services) | 541 | 3966 |
| CS Disco, Inc.\* (Software) | 264 | 1048 |
| CSG Systems International, Inc. <br>(Professional Services) | 308 | 19238 |
| CSP, Inc.\* (Technology Services) | 77 | 790 |
| CSW Industrials, Inc. (Building Products) | 181 | 46966 |
| CTO Realty Growth, Inc. (Equity REIT—<br>Diversified) | 337 | 5564 |
| CTS Corp. (Electronic Equipment, <br>Instruments & Components) | 328 | 12854 |
| Cullinan Therapeutics, Inc.\* <br>(Biotechnology) | 565 | 4390 |
| Curbline Properties Corp. (Retail REITs) | 1079 | 23846 |
| CuriosityStream, Inc.\* (Entertainment <br>Content) | 354 | 1717 |
| Cushman & Wakefield PLC\* (Real Estate <br>Management & Development) | 2565 | 31267 |
| Custom Truck One Source, Inc.\* <br>(Trading Companies & Distributors) | 668 | 4135 |
| Customers Bancorp, Inc.\* (Banks) | 328 | 20910 |
| CVB Financial Corp. (Banks) | 1465 | 27381 |
| CVR Energy, Inc. (Oil, Gas & <br>Consumable Fuels) | 343 | 9186 |
| CVRx, Inc.\* (Health Care Equipment & <br>Supplies) | 178 | 1417 |
| Cytek Biosciences, Inc.\* (Life Sciences <br>Tools & Services) | 1297 | 4669 |
| Cytokinetics, Inc.\* (Biotechnology) | 1294 | 48705 |
| Daily Journal Corp.\* (Software) | 14 | 5594 |
| Dakota Gold Corp.\* (Metals & Mining) | 953 | 3431 |
| Daktronics, Inc.\* (Electronic Equipment, <br>Instruments & Components) | 456 | 7396 |
| Dana, Inc. (Automobile Components) | 1467 | 23355 |
| Dave & Buster's Entertainment, Inc.\* <br>(Hotels, Restaurants & Leisure) | 301 | 8801 |
| Dave, Inc.\* (Software) | 103 | 24287 |
| Day One Biopharmaceuticals, Inc.\* <br>(Biotechnology) | 797 | 5348 |
| Definitive Healthcare Corp.\* (Health <br>Care Technology) | 393 | 1533 |
| Delcath Systems Inc\* (Medical <br>Equipment & Devices) | 334 | 3591 |
| Delek US Holdings, Inc. (Oil, Gas & <br>Consumable Fuels) | 674 | 15077 |
| Deluxe Corp. (Commercial Services & <br>Supplies) | 490 | 7889 |
| Denali Therapeutics, Inc.\* (Biotechnology) | 1467 | 20289 |
| Denny's Corp.\* (Hotels, Restaurants & <br>Leisure) | 558 | 2076 |
| Designer Brands, Inc.—Class A <br>(Specialty Retail) | 356 | 1004 |
| DHT Holdings, Inc. (Oil, Gas & <br>Consumable Fuels) | 1412 | 15659 |
| DiaMedica Therapeutics, Inc.\* <br>(Biotech & Pharma) | 293 | 1236 |
| Diamond Hill Investment Group, Inc. <br>(Capital Markets) | 30 | 4067 |

---

**See accompanying notes to financial statements.**

------

**164 :: UltraSmall-Cap ProFund ::** Schedule of Portfolio Investments :: July 31, 2025

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| DiamondRock Hospitality Co. (Hotel & <br>Resort REITs) | 2312 | $17849 |
| Dianthus Therapeutics, Inc.\* <br>(Biotechnology) | 216 | 4465 |
| Diebold Nixdorf, Inc.\* (Technology <br>Hardware, Storage & Peripherals) | 281 | 15817 |
| Digi International, Inc.\* <br>(Communications Equipment) | 404 | 13174 |
| Digimarc Corp.\* (Software) | 173 | 2066 |
| Digital Turbine, Inc.\* (Software) | 1128 | 6148 |
| DigitalBridge Group, Inc. (Real Estate <br>Management & Development) | 1898 | 20385 |
| DigitalOcean Holdings, Inc.\* (IT Services) | 717 | 19976 |
| Dime Community Bancshares, Inc. <br>(Banks) | 442 | 12248 |
| Dine Brands Global, Inc. (Hotels, <br>Restaurants & Leisure) | 169 | 3821 |
| Diodes, Inc.\* (Semiconductors & <br>Semiconductor Equipment) | 508 | 25080 |
| Disc Medicine, Inc.\* (Biotechnology) | 273 | 16314 |
| Diversified Energy Co. PLC (Oil, Gas & <br>Consumable Fuels) | 609 | 9172 |
| Diversified Healthcare Trust (Health <br>Care REITs) | 2432 | 7953 |
| DMC Global, Inc.\* (Energy Equipment & <br>Services) | 215 | 1739 |
| DNOW, Inc.\* (Trading Companies & <br>Distributors) | 1194 | 18579 |
| DocGo, Inc.\* (Health Care Providers & <br>Services) | 1009 | 1372 |
| Dole PLC (Food Products) | 735 | 10466 |
| Domo, Inc.\*—Class B (Software) | 382 | 6288 |
| Donegal Group, Inc.—Class A (Insurance) | 181 | 3104 |
| Donnelley Financial Solutions, Inc.\* <br>(Capital Markets) | 295 | 15623 |
| Dorian LPG, Ltd. (Oil, Gas & <br>Consumable Fuels) | 412 | 11861 |
| Dorman Products, Inc.\* (Automobile <br>Components) | 306 | 36910 |
| Douglas Dynamics, Inc. (Machinery) | 251 | 7179 |
| Douglas Elliman, Inc.\* (Real Estate <br>Services) | 812 | 2233 |
| Douglas Emmett, Inc. (Office REITs) | 1795 | 27212 |
| Dream Finders Homes, Inc.\*—Class A <br>(Household Durables) | 334 | 8457 |
| Driven Brands Holdings, Inc.\* <br>(Commercial Services & Supplies) | 662 | 11188 |
| Ducommun, Inc.\* (Aerospace & Defense) | 153 | 13920 |
| D-Wave Quantum, Inc.\* (Software) | 3192 | 54870 |
| DXP Enterprises, Inc.\* (Trading <br>Companies & Distributors) | 144 | 16309 |
| Dycom Industries, Inc.\* (Construction & <br>Engineering) | 311 | 83600 |
| Dynavax Technologies Corp.\* <br>(Biotechnology) | 1165 | 12792 |
| Dyne Therapeutics, Inc.\* (Biotechnology) | 1039 | 10234 |
| Dynex Capital, Inc. (Mortgage REITs) | 1168 | 14530 |
| E2open Parent Holdings, Inc.\* (Software) | 2027 | 6689 |
| Eagle Bancorp Montana, Inc.\* (Banking) | 82 | 1322 |
| Eagle Bancorp, Inc. (Banks) | 329 | 5294 |
| Eagle Financial Services, Inc.\* (Banking) | 51 | 1684 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Easterly Government Properties, Inc. <br>(Office REITs) | 441 | $9702 |
| Eastern Bankshares, Inc. (Banks) | 2179 | 33666 |
| Eastman Kodak Co.\* (Technology <br>Hardware, Storage & Peripherals) | 704 | 4717 |
| ECB BanCorp., Inc./MD\* (Banking) | 85 | 1323 |
| EchoStar Corp.\*—Class A (Media) | 1505 | 49047 |
| Ecovyst, Inc.\* (Chemicals) | 1196 | 10298 |
| Edgewell Personal Care Co. (Personal <br>Care Products) | 518 | 13068 |
| Edgewise Therapeutics, Inc.\* <br>(Pharmaceuticals) | 808 | 11522 |
| Editas Medicine, Inc.\* (Biotechnology) | 935 | 2347 |
| eGain Corp.\* (Software) | 203 | 1255 |
| eHealth, Inc.\* (Insurance) | 319 | 1085 |
| El Pollo Loco Holdings, Inc.\* (Hotels, <br>Restaurants & Leisure) | 293 | 3018 |
| ELECTROMED, INC.\* (Medical <br>Equipment & Devices) | 76 | 1384 |
| Eledon Pharmaceuticals, Inc.\* (Biotech & <br>Pharma) | 649 | 2044 |
| Ellington Financial, Inc. (Mortgage REITs) | 1023 | 12982 |
| Elme Communities (Residential REITs) | 975 | 14703 |
| Embecta Corp. (Health Care <br>Equipment & Supplies) | 648 | 6584 |
| Emerald Holding, Inc.\* (Media) | 154 | 765 |
| Emergent BioSolutions, Inc.\* <br>(Biotechnology) | 598 | 3516 |
| Empire Petroleum Corp.\* (Oil, Gas & <br>Consumable Fuels) | 162 | 732 |
| Empire State Realty Trust, Inc. (Equity <br>REIT—Diversified) | 1529 | 11070 |
| Employers Holdings, Inc. (Insurance) | 267 | 11022 |
| Enact Holdings, Inc. (Financial Services) | 321 | 11158 |
| Enanta Pharmaceuticals, Inc.\* <br>(Biotechnology) | 223 | 1690 |
| Encore Capital Group, Inc.\* <br>(Consumer Finance) | 256 | 9441 |
| Encore Energy Corp.\* (Oil, Gas & <br>Consumable Fuels) | 2040 | 5386 |
| Energizer Holdings, Inc. (Household <br>Products) | 734 | 16530 |
| Energy Fuels, Inc.\* (Oil, Gas & <br>Consumable Fuels) | 2307 | 20971 |
| Energy Recovery, Inc.\* (Machinery) | 590 | 7936 |
| Energy Services of America Corp.\* <br>(Engineering & Construction) | 131 | 1432 |
| Enerpac Tool Group Corp. (Machinery) | 601 | 23145 |
| EnerSys (Electrical Equipment) | 435 | 40180 |
| Enhabit, Inc.\* (Health Care Providers & <br>Services) | 549 | 3689 |
| Enliven Therapeutics, Inc.\* <br>(Pharmaceuticals) | 357 | 6715 |
| Ennis, Inc. (Commercial Services & <br>Supplies) | 275 | 4895 |
| Enova International, Inc.\* (Consumer <br>Finance) | 271 | 28336 |
| Enovis Corp.\* (Health Care Equipment & <br>Supplies) | 633 | 16964 |
| Enovix Corp.\* (Electrical Equipment) | 1832 | 24549 |
| Enpro, Inc. (Machinery) | 234 | 49704 |

---

**See accompanying notes to financial statements.**

------

July 31, 2025 :: Schedule of Portfolio Investments **:: UltraSmall-Cap ProFund :: 165**

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Enterprise Financial Services Corp. <br>(Banks) | 406 | $22407 |
| Entrada Therapeutics, Inc.\* <br>(Biotechnology) | 311 | 1829 |
| Entravision Communications <br>Corp.—Class A (Media) | 689 | 1523 |
| Envela Corp.\* (Renewable Energy) | 74 | 401 |
| Enviri Corp.\* (Commercial Services & <br>Supplies) | 842 | 7578 |
| Eos Energy Enterprises, Inc.\* <br>(Renewable Energy) | 2465 | 14050 |
| ePlus, Inc.\* (Electronic Equipment, <br>Instruments & Components) | 292 | 18916 |
| Epsilon Energy Ltd.\* (Oil & Gas <br>Producers) | 213 | 1331 |
| Equity Bancshares, Inc.—Class A (Banks) | 176 | 6614 |
| Erasca, Inc.\* (Biotechnology) | 1922 | 2720 |
| Ermenegildo Zegna NV\* (Apparel & <br>Textile Products) | 684 | 5499 |
| Escalade, Inc. (Leisure Products) | 112 | 1376 |
| ESCO Technologies, Inc. (Machinery) | 288 | 55786 |
| Esperion Therapeutics, Inc.\* <br>(Pharmaceuticals) | 2211 | 3140 |
| Esquire Financial Holdings, Inc. (Banks) | 79 | 7575 |
| Essent Group, Ltd. (Financial Services) | 1101 | 61646 |
| Essential Properties Realty Trust, Inc. <br>(Equity REIT—Diversified) | 2202 | 67140 |
| Ethan Allen Interiors, Inc. (Household <br>Durables) | 257 | 7651 |
| Eton Pharmaceuticals, Inc.\* (Biotech & <br>Pharma) | 284 | 4021 |
| European Wax Center, Inc.\*—Class A <br>(Diversified Consumer Services) | 323 | 1512 |
| Eve Holding, Inc.\* (Aerospace & Defense) | 565 | 3673 |
| Eventbrite, Inc.\*—Class A (Entertainment) | 825 | 2013 |
| EverCommerce, Inc.\* (Software) | 163 | 1749 |
| EverQuote, Inc.\*—Class A (Interactive <br>Media & Services) | 303 | 7451 |
| EVERTEC, Inc. (Financial Services) | 713 | 25775 |
| EVgo, Inc.\* (Specialty Retail) | 1420 | 4785 |
| EVI Industries, Inc. (Trading Companies & <br>Distributors) | 56 | 1248 |
| Evolent Health, Inc.\*—Class A (Health <br>Care Technology) | 1300 | 13065 |
| Evolus, Inc.\* (Pharmaceuticals) | 591 | 5272 |
| Evolution Petroleum Corp. (Oil, Gas & <br>Consumable Fuels) | 345 | 1666 |
| Evolv Technologies Holdings, Inc.\* <br>(Electronic Equipment, Instruments & <br>Components) | 1281 | 8397 |
| Excelerate Energy, Inc.—Class A (Oil, <br>Gas & Consumable Fuels) | 255 | 6543 |
| eXp World Holdings, Inc. (Real Estate <br>Management & Development) | 868 | 9357 |
| Expensify, Inc.\* (Software) | 662 | 1344 |
| Exponent, Inc. (Professional Services) | 563 | 38824 |
| Expro Group Holdings N.V.\* (Energy <br>Equipment & Services) | 1142 | 12311 |
| Extreme Networks, Inc.\* <br>(Communications Equipment) | 1462 | 25819 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| EyePoint Pharmaceuticals, Inc.\* <br>(Pharmaceuticals) | 687 | $6746 |
| F&G Annuities & Life, Inc. (Insurance) | 236 | 7531 |
| Fabrinet\* (Electronic Equipment, <br>Instruments & Components) | 400 | 129492 |
| Faraday Future Intelligent Electric, Inc.\* <br>(Software) | 986 | 2100 |
| Farmers & Merchants Bancorp, Inc. <br>(Banks) | 141 | 3385 |
| Farmers National Banc Corp. (Banks) | 405 | 5484 |
| Farmland Partners, Inc. (Specialized <br>REITs) | 459 | 4806 |
| Fastly, Inc.\*—Class A (IT Services) | 1518 | 10307 |
| Fate Therapeutics, Inc.\* (Biotechnology) | 1204 | 1324 |
| FB BanCorp, Inc.\* (Banking) | 198 | 2311 |
| FB Financial Corp. (Banks) | 464 | 22625 |
| Federal Agricultural Mortgage <br>Corp.—Class C (Financial Services) | 103 | 17744 |
| Federal Signal Corp. (Machinery) | 666 | 84295 |
| Fennec Pharmaceuticals, Inc.\* <br>(Biotechnology) | 260 | 2127 |
| Ferroglobe PLC\* (Metals & Mining) | 1324 | 5601 |
| Fidelis Insurance Holdings, Ltd. <br>(Insurance) | 660 | 9973 |
| Fidelity D&D Bancorp, Inc. (Banks) | 53 | 2143 |
| Figs, Inc.\*—Class A (Textiles, Apparel & <br>Luxury Goods) | 980 | 6370 |
| Finance Of America Cos, Inc.\* <br>(Specialty Finance) | 49 | 1055 |
| Financial Institutions, Inc. (Banks) | 220 | 5608 |
| Finward BanCorp.\* (Banking) | 38 | 1054 |
| Finwise BanCorp.\* (Banking) | 100 | 1787 |
| First Advantage Corp. (Professional <br>Services) | 877 | 15163 |
| First Bancorp (Banks) | 1791 | 37307 |
| First Bancorp (Banks) | 447 | 22390 |
| First Bank/Hamilton NJ (Banks) | 239 | 3561 |
| First Busey Corp. (Banks) | 949 | 21182 |
| First Business Financial Services, Inc. <br>(Banks) | 88 | 4191 |
| First Capital, Inc.\* (Banking) | 36 | 1279 |
| First Commonwealth Financial Corp. <br>(Banks) | 1122 | 18524 |
| First Community Bancshares, Inc. (Banks) | 173 | 6315 |
| First Community Corp./SC\* (Banking) | 82 | 2032 |
| First Financial Bancorp (Banks) | 1057 | 25622 |
| First Financial Bankshares, Inc. (Banks) | 1491 | 51618 |
| First Financial Corp. (Banks) | 126 | 6747 |
| First Foundation, Inc. (Banks) | 703 | 3424 |
| First Internet Bancorp (Banks) | 86 | 1886 |
| First Interstate BancSystem, <br>Inc.—Class A (Banks) | 976 | 28099 |
| First Merchants Corp. (Banks) | 646 | 24626 |
| First Mid Bancshares, Inc. (Banks) | 229 | 8695 |
| First National Corp.\* (Banking) | 86 | 1858 |
| First Savings Financial Group, Inc.\* <br>(Banking) | 61 | 1560 |
| First United Corp.\* (Banking) | 67 | 2202 |
| First Watch Restaurant Group, Inc.\* <br>(Hotels, Restaurants & Leisure) | 452 | 7815 |

---

**See accompanying notes to financial statements.**

------

**166 :: UltraSmall-Cap ProFund ::** Schedule of Portfolio Investments :: July 31, 2025

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| First Western Financial, Inc.\* (Banks) | 92 | $1991 |
| FirstCash Holdings, Inc.\* (Consumer <br>Finance) | 439 | 58514 |
| Firstsun Capital BanCorp.\* (Banking) | 140 | 4976 |
| FitLife Brands, Inc.\* (Biotech & Pharma) | 43 | 538 |
| Five Star Bancorp (Banks) | 173 | 5206 |
| Five9, Inc.\* (Software) | 847 | 21877 |
| FLEX LNG, Ltd. (Oil, Gas & <br>Consumable Fuels) | 346 | 8674 |
| Flexsteel Industries, Inc. (Household <br>Durables) | 41 | 1394 |
| Flotek Industries Inc\* (Oil & Gas <br>Services & Equipment) | 158 | 1904 |
| Flowco Holdings, Inc.\*—Class A (Oil & <br>Gas Services & Equipment) | 205 | 3834 |
| Fluence Energy, Inc.\* (Electrical <br>Equipment) | 841 | 6829 |
| Fluor Corp.\* (Construction & <br>Engineering) | 1855 | 105309 |
| Flushing Financial Corp. (Banks) | 357 | 4280 |
| Flywire Corp.\* (Financial Services) | 1299 | 14146 |
| Foghorn Therapeutics, Inc.\* <br>(Biotechnology) | 363 | 1906 |
| Foot Locker, Inc. (Specialty Retail) | 948 | 23738 |
| Forafric Global PLC\* (Food Products) | 56 | 436 |
| Forestar Group, Inc.\* (Real Estate <br>Management & Development) | 214 | 5307 |
| Forge Global Holdings, Inc.\* <br>(Institutional Financial Services) | 113 | 2477 |
| FormFactor, Inc.\* (Semiconductors & <br>Semiconductor Equipment) | 863 | 24518 |
| Forrester Research, Inc.\* (Professional <br>Services) | 127 | 1237 |
| Fortrea Holdings, Inc.\* (Life Sciences <br>Tools & Services) | 1012 | 5809 |
| Forum Energy Technologies, Inc.\* <br>(Energy Equipment & Services) | 123 | 2424 |
| Forward Air Corp. (Air Freight & <br>Logistics) | 249 | 7567 |
| Four Corners Property Trust, Inc. <br>(Specialized REITs) | 1106 | 27915 |
| Fox Factory Holding Corp.\* <br>(Automobile Components) | 466 | 14152 |
| Franklin BSP Realty Trust, Inc. <br>(Mortgage REITs) | 907 | 9161 |
| Franklin Covey Co.\* (Professional <br>Services) | 123 | 2424 |
| Franklin Electric Co., Inc. (Machinery) | 442 | 41526 |
| Franklin Financial Services Corp.\* <br>(Banking) | 46 | 1849 |
| Franklin Street Properties Corp. <br>(Office REITs) | 841 | 1388 |
| Frequency Electronics Inc\* <br>(Technology Hardware) | 73 | 1942 |
| Fresh Del Monte Produce, Inc. (Food <br>Products) | 368 | 13833 |
| Freshworks, Inc.\*—Class A (Software) | 2260 | 29357 |
| Freyr Battery, Inc.\* (Electrical Equipment) | 1235 | 1470 |
| Friedman Industries, Inc.\* (Steel) | 74 | 1122 |
| Frontdoor, Inc.\* (Diversified Consumer <br>Services) | 824 | 48205 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Frontier Group Holdings, Inc.\* <br>(Passenger Airlines) | 938 | $4108 |
| FrontView REIT, Inc.\* (Retail REITs) | 196 | 2307 |
| FRP Holdings, Inc.\* (Real Estate <br>Management & Development) | 129 | 3406 |
| FS Bancorp, Inc. (Banks) | 73 | 2854 |
| FTAI Infrastructure, Inc. (Ground <br>Transportation) | 1082 | 6784 |
| fuboTV, Inc.\* (Interactive Media & <br>Services) | 3696 | 14710 |
| Fulcrum Therapeutics, Inc.\* <br>(Pharmaceuticals) | 591 | 3977 |
| Fulgent Genetics, Inc.\* (Health Care <br>Providers & Services) | 232 | 3986 |
| Fulton Financial Corp. (Banks) | 2023 | 36313 |
| Funko, Inc.\*—Class A (Leisure Products) | 385 | 1478 |
| FutureFuel Corp. (Oil, Gas & <br>Consumable Fuels) | 279 | 1130 |
| FVCBankcorp, Inc.\* (Banks) | 175 | 2242 |
| Gaia, Inc.\* (Retail—Discretionary) | 189 | 794 |
| Gambling.com Group, Ltd.\* (Media) | 182 | 1924 |
| Gannett Co., Inc.\* (Media) | 1560 | 5944 |
| Garret Motion, Inc.\* (Automotive) | 1407 | 18347 |
| GATX Corp. (Trading Companies & <br>Distributors) | 398 | 60770 |
| GBank Financial Holdings, Inc.\* <br>(Specialty Finance) | 100 | 3754 |
| GCM Grosvenor, Inc.—Class A <br>(Capital Markets) | 491 | 5789 |
| Genco Shipping & Trading, Ltd. <br>(Marine Transportation) | 436 | 6945 |
| Gencor Industries, Inc.\* (Machinery) | 115 | 1677 |
| GeneDx Holdings Corp.\* (Health Care <br>Providers & Services) | 208 | 21206 |
| Genesco, Inc.\* (Specialty Retail) | 113 | 2719 |
| Genie Energy, Ltd.—Class B (Electric <br>Utilities) | 236 | 4796 |
| Genius Sports Ltd.\* (Leisure Facilities & <br>Services) | 2454 | 27607 |
| Gentherm, Inc.\* (Automobile <br>Components) | 337 | 10797 |
| Genworth Financial, Inc.\*—Class A <br>(Insurance) | 4564 | 35873 |
| German American Bancorp, Inc. (Banks) | 402 | 15445 |
| Geron Corp.\* (Biotechnology) | 6723 | 7731 |
| Getty Images Holdings, Inc.\* <br>(Interactive Media & Services) | 1219 | 2158 |
| Getty Realty Corp. (Retail REITs) | 575 | 15979 |
| Gevo, Inc.\* (Renewable Energy) | 2563 | 3332 |
| Gibraltar Industries, Inc.\* (Building <br>Products) | 331 | 21856 |
| GigaCloud Technology, Inc.\*—Class A <br>(Distributors) | 293 | 6525 |
| G-III Apparel Group, Ltd.\* (Textiles, <br>Apparel & Luxury Goods) | 434 | 10242 |
| Ginkgo Bioworks Holdings, Inc.\* <br>(Health Care Facilities & Services) | 431 | 5663 |
| Glacier Bancorp, Inc. (Banks) | 1267 | 55533 |
| Gladstone Commercial Corp. (Equity <br>REIT—Diversified) | 507 | 6667 |
| Gladstone Land Corp. (Specialized REITs) | 378 | 3478 |

---

**See accompanying notes to financial statements.**

------

July 31, 2025 :: Schedule of Portfolio Investments **:: UltraSmall-Cap ProFund :: 167**

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Glaukos Corp.\* (Health Care <br>Equipment & Supplies) | 619 | $53290 |
| Global Business Travel Group, Inc.\* <br>(Hotels, Restaurants & Leisure) | 1047 | 6732 |
| Global Industrial Co. (Trading <br>Companies & Distributors) | 159 | 5416 |
| Global Medical REIT, Inc. (Health Care <br>REITs) | 708 | 4729 |
| Global Net Lease, Inc. (Equity REIT—<br>Diversified) | 2190 | 15308 |
| Global Water Resources, Inc. (Water <br>Utilities) | 137 | 1308 |
| Globalstar, Inc.\* (Telecommunications) | 556 | 13060 |
| GMS, Inc.\* (Trading Companies & <br>Distributors) | 428 | 46926 |
| Gogo, Inc.\* (Wireless Telecommunication <br>Services) | 759 | 12038 |
| GoHealth, Inc.\*—Class A (Insurance) | 54 | 331 |
| Golar LNG, Ltd. (Oil, Gas & <br>Consumable Fuels) | 1107 | 45564 |
| Golden Entertainment, Inc. ARS <br>(Hotels, Restaurants & Leisure) | 216 | 6074 |
| Golden Matrix Group, Inc.\* <br>(Entertainment) | 160 | 238 |
| Golden Ocean Group, Ltd. (Marine <br>Transportation) | 1133 | 9245 |
| Goosehead Insurance, Inc.\*—Class A <br>(Insurance) | 264 | 24000 |
| Gossamer Bio, Inc.\* (Biotech & <br>Pharma) | 2103 | 4290 |
| Graham Corp.\* (Machinery) | 115 | 6572 |
| Graham Holdings Co.—Class B <br>(Diversified Consumer Services) | 36 | 34350 |
| GRAIL, Inc.\* (Biotechnology) | 338 | 11563 |
| Granite Construction, Inc. <br>(Construction & Engineering) | 485 | 45818 |
| Granite Ridge Resources, Inc. (Oil, Gas & <br>Consumable Fuels) | 599 | 3109 |
| Gray Television, Inc. (Media) | 974 | 4393 |
| Great Ajax Corp.\* (Specialty Finance) | 466 | 1212 |
| Great Lakes Dredge & Dock Corp.\* <br>(Construction & Engineering) | 737 | 8166 |
| Great Southern Bancorp, Inc. (Banks) | 95 | 5409 |
| Green Brick Partners, Inc.\* (Household <br>Durables) | 351 | 21741 |
| Green Dot Corp.\*—Class A (Consumer <br>Finance) | 594 | 6011 |
| Green Plains, Inc.\* (Oil, Gas & <br>Consumable Fuels) | 712 | 5888 |
| Greene County Bancorp, Inc. (Banks) | 78 | 1848 |
| Greenlight Capital Re, Ltd.\*—Class A <br>(Insurance) | 293 | 3809 |
| Greenwich Lifesciences, Inc.\* <br>(Biotechnology) | 68 | 744 |
| Greif, Inc.—Class A (Containers & <br>Packaging) | 281 | 17824 |
| Greif, Inc.—Class B (Containers & <br>Packaging) | 51 | 3348 |
| Grid Dynamics Holdings, Inc.\* (IT <br>Services) | 731 | 6937 |
| Griffon Corp. (Building Products) | 435 | 35352 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Grindr, Inc.\* (Interactive Media & <br>Services) | 370 | $6468 |
| Grocery Outlet Holding Corp.\* <br>(Consumer Staples Distribution & <br>Retail) | 1050 | 13829 |
| Group 1 Automotive, Inc. (Specialty <br>Retail) | 140 | 57701 |
| Groupon, Inc.\* (Broadline Retail) | 277 | 8543 |
| Guaranty Bancshares, Inc. (Banks) | 99 | 4317 |
| Guardant Health, Inc.\* (Health Care <br>Providers & Services) | 1323 | 54217 |
| Guardian Pharmacy Services, Inc.\* <br>(Consumer Staples Distribution & Retail) | 141 | 2947 |
| Gulfport Energy Corp.\* (Oil, Gas & <br>Consumable Fuels) | 169 | 29428 |
| Gyre Therapeutics, Inc.\* (Biotechnology) | 150 | 1058 |
| H.B. Fuller Co. (Chemicals) | 606 | 34057 |
| HA Sustainable Infrastructure Capital, <br>Inc. (Financial Services) | 1356 | 35215 |
| Haemonetics Corp.\* (Health Care <br>Equipment & Supplies) | 558 | 41314 |
| Hallador Energy Co.\* (Oil, Gas & <br>Consumable Fuels) | 344 | 6068 |
| Hamilton Beach Brands Holding <br>Co.—Class A (Household Durables) | 80 | 1246 |
| Hamilton Insurance Group, <br>Ltd.\*—Class B (Insurance) | 498 | 10702 |
| Hancock Whitney Corp. (Banks) | 954 | 56973 |
| Hanesbrands, Inc.\* (Textiles, Apparel & <br>Luxury Goods) | 3894 | 15926 |
| Hanmi Financial Corp. (Banks) | 333 | 7596 |
| Hanover Bancorp, Inc.\* (Banking) | 52 | 1082 |
| HarborOne Bancorp, Inc. (Banks) | 424 | 5016 |
| Harmonic, Inc.\* (Communications <br>Equipment) | 1246 | 10603 |
| Harmony Biosciences Holdings, Inc.\* <br>(Pharmaceuticals) | 484 | 17027 |
| Harrow, Inc.\* (Pharmaceuticals) | 350 | 11116 |
| Haverty Furniture Cos., Inc. (Specialty <br>Retail) | 149 | 3074 |
| Hawaiian Electric Industries, Inc. <br>(Electric Utilities) | 1932 | 20711 |
| Hawkins, Inc. (Chemicals) | 216 | 35268 |
| Hawthorn Bancshares, Inc.\* (Banking) | 64 | 1825 |
| HBT Financial, Inc. (Banks) | 141 | 3507 |
| HCI Group, Inc. (Insurance) | 95 | 13304 |
| Health Catalyst, Inc.\* (Health Care <br>Technology) | 749 | 2734 |
| Healthcare Services Group, Inc.\* <br>(Commercial Services & Supplies) | 808 | 10512 |
| HealthEquity, Inc.\* (Health Care <br>Providers & Services) | 945 | 91665 |
| HealthStream, Inc. (Health Care <br>Technology) | 271 | 7089 |
| Heartland Express, Inc. (Ground <br>Transportation) | 566 | 4426 |
| Hecla Mining Co. (Metals & Mining) | 6649 | 38164 |
| Heidrick & Struggles International, <br>Inc. (Professional Services) | 227 | 10108 |
| Helios Technologies, Inc. (Machinery) | 368 | 13502 |
| Helen of Troy, Ltd.\* (Household Durables) | 254 | 5583 |

---

**See accompanying notes to financial statements.**

------

**168 :: UltraSmall-Cap ProFund ::** Schedule of Portfolio Investments :: July 31, 2025

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Helix Energy Solutions Group, Inc.\* <br>(Energy Equipment & Services) | 1589 | $9423 |
| Helmerich & Payne, Inc. (Energy <br>Equipment & Services) | 1071 | 17361 |
| Herbalife, Ltd.\* (Personal Care Products) | 1120 | 10304 |
| Herc Holdings, Inc. (Trading <br>Companies & Distributors) | 362 | 42285 |
| Heritage Commerce Corp. (Banks) | 664 | 6142 |
| Heritage Financial Corp. (Banks) | 378 | 8520 |
| Heritage Insurance Holdings, Inc.\* <br>(Insurance) | 248 | 5230 |
| Heron Therapeutics, Inc.\* (Biotechnology) | 1694 | 2931 |
| Hertz Global Holdings, Inc.\* (Ground <br>Transportation) | 1308 | 8384 |
| HF Foods Group, Inc.\* (Consumer <br>Staples Distribution & Retail) | 445 | 1206 |
| HighPeak Energy, Inc. (Oil, Gas & <br>Consumable Fuels) | 203 | 2024 |
| Hillenbrand, Inc. (Machinery) | 782 | 16195 |
| Hillman Solutions Corp.\* (Machinery) | 2194 | 17311 |
| Hilltop Holdings, Inc. (Banks) | 509 | 15066 |
| Hilton Grand Vacations, Inc.\* (Hotels, <br>Restaurants & Leisure) | 679 | 30433 |
| Himalaya Shipping, Ltd. (Marine <br>Transportation) | 330 | 2251 |
| Hims & Hers Health, Inc.\* (Health Care <br>Providers & Services) | 2112 | 139771 |
| Hingham Institution for Savings (Banks) | 17 | 4163 |
| Hippo Holdings, Inc.\* (Insurance) | 198 | 5116 |
| HireQuest, Inc. (Professional Services) | 61 | 624 |
| HNI Corp. (Commercial Services & <br>Supplies) | 514 | 26440 |
| Holley, Inc.\* (Automobile Components) | 660 | 1373 |
| Hologic, Inc.\* (Biotechnology) | 350 | 1355 |
| Home Bancorp, Inc. (Banks) | 77 | 4026 |
| Home BancShares, Inc. (Banks) | 2088 | 58798 |
| HomeStreet, Inc. (Banks) | 204 | 2668 |
| HomeTrust Bancshares, Inc. (Banks) | 177 | 6878 |
| Hope Bancorp, Inc. (Banks) | 1295 | 12937 |
| Horace Mann Educators Corp. <br>(Insurance) | 452 | 19224 |
| Horizon Bancorp, Inc. (Banks) | 481 | 7451 |
| Hovnanian Enterprises, Inc.\*—Class A <br>(Household Durables) | 54 | 6451 |
| Hub Group, Inc.—Class A (Air Freight & <br>Logistics) | 662 | 23183 |
| Hudson Pacific Properties, Inc. (Office <br>REITs) | 3540 | 8673 |
| Hudson Technologies, Inc.\* (Trading <br>Companies & Distributors) | 431 | 4047 |
| Humacyte, Inc.\* (Biotechnology) | 1388 | 3331 |
| Huron Consulting Group, Inc.\* <br>(Professional Services) | 189 | 24963 |
| Hut 8 Corp.\* (Software) | 1044 | 22164 |
| Hyliion Holdings Corp.\* (Machinery) | 1435 | 2153 |
| Hyster-Yale, Inc.—Class A (Machinery) | 130 | 5461 |
| I3 Verticals, Inc.\*—Class A (Financial <br>Services) | 256 | 7163 |
| IBEX Holdings, Ltd.\* (Professional <br>Services) | 111 | 3282 |
| Ibotta, Inc.\*—Class A (Media) | 145 | 5271 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| ICF International, Inc. (Professional <br>Services) | 203 | $17030 |
| Ichor Holdings, Ltd.\* (Semiconductors & <br>Semiconductor Equipment) | 377 | 7461 |
| ICU Medical, Inc.\* (Health Care <br>Equipment & Supplies) | 268 | 34414 |
| Idaho Strategic Resources, Inc.\* <br>(Metals & Mining) | 139 | 2280 |
| Ideaya Biosciences, Inc.\* (Biotechnology) | 928 | 22597 |
| IDT Corp.—Class B (Diversified <br>Telecommunication Services) | 180 | 10604 |
| IES Holdings, Inc.\* (Construction & <br>Engineering) | 100 | 35307 |
| iHeartMedia, Inc.\*—Class A (Media) | 1321 | 2470 |
| IMAX Corp.\* (Entertainment) | 478 | 12328 |
| Immersion Corp. (Technology <br>Hardware, Storage & Peripherals) | 328 | 2286 |
| ImmunityBio, Inc.\* (Biotechnology) | 2548 | 6268 |
| Immunome, Inc.\* (Biotechnology) | 816 | 8584 |
| Immunovant, Inc.\* (Biotechnology) | 757 | 12173 |
| Impinj, Inc.\* (Semiconductors & <br>Semiconductor Equipment) | 288 | 44519 |
| Independence Realty Trust, Inc. <br>(Residential REITs) | 2577 | 43217 |
| Independent Bank Corp. (Banks) | 224 | 6843 |
| Independent Bank Corp. (Banks) | 540 | 34317 |
| indie Semiconductor, Inc.\*—Class A <br>(Semiconductors & Semiconductor <br>Equipment) | 2148 | 8399 |
| Indivior PLC\* (Biotech & Pharma) | 1344 | 27149 |
| Industrial Logistics Properties Trust <br>(Industrial REITs) | 592 | 3149 |
| Infinity Natural Resources, <br>Inc.\*—Class A (Oil & Gas Producers) | 162 | 2415 |
| Information Services Group, Inc. (IT <br>Services) | 390 | 1681 |
| Ingevity Corp.\* (Chemicals) | 404 | 16883 |
| Ingles Markets, Inc.—Class A <br>(Consumer Staples Distribution & Retail) | 162 | 10195 |
| Inhibikase Therapeutics, Inc.\* (Biotech & <br>Pharma) | 670 | 1059 |
| Inhibrx Biosciences, Inc.\* (Biotechnology) | 100 | 2192 |
| Inmune Bio, Inc.\* (Biotechnology) | 185 | 505 |
| Innodata, Inc.\* (Professional Services) | 336 | 18446 |
| Innospec, Inc. (Chemicals) | 278 | 22212 |
| Innovage Holding Corp.\* (Health Care <br>Providers & Services) | 224 | 744 |
| Innovative Industrial Properties, Inc. <br>(Industrial REITs) | 308 | 15924 |
| Innovex International, Inc.\* (Energy <br>Equipment & Services) | 429 | 7044 |
| Innoviva, Inc.\* (Pharmaceuticals) | 697 | 12664 |
| Inogen, Inc.\* (Health Care Equipment & <br>Supplies) | 263 | 1660 |
| Inseego Corp.\* (Technology Hardware) | 137 | 907 |
| Insight Enterprises, Inc.\* (Electronic <br>Equipment, Instruments & <br>Components) | 308 | 36523 |
| Insperity, Inc. (Professional Services) | 400 | 23832 |
| Inspired Entertainment, Inc.\* (Hotels, <br>Restaurants & Leisure) | 277 | 2496 |

---

**See accompanying notes to financial statements.**

------

July 31, 2025 :: Schedule of Portfolio Investments **:: UltraSmall-Cap ProFund :: 169**

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Installed Building Products, Inc. <br>(Household Durables) | 260 | $52595 |
| Insteel Industries, Inc. (Building Products) | 207 | 7473 |
| Intapp, Inc.\* (Software) | 614 | 24591 |
| Integer Holdings Corp.\* (Health Care <br>Equipment & Supplies) | 382 | 41451 |
| Integra LifeSciences Holdings Corp.\* <br>(Health Care Equipment & Supplies) | 743 | 9763 |
| Integral Ad Science Holding Corp.\* <br>(Media) | 844 | 6921 |
| Intellia Therapeutics, Inc.\* (Biotechnology) | 1141 | 13281 |
| Inter Parfums, Inc. (Personal Care <br>Products) | 203 | 24481 |
| InterDigital, Inc. (Software) | 287 | 74103 |
| Interface, Inc. (Commercial Services & <br>Supplies) | 642 | 13238 |
| International Bancshares Corp. (Banks) | 604 | 41181 |
| International Game Technology PLC <br>(Hotels, Restaurants & Leisure) | 1239 | 18387 |
| International Money Express, Inc.\* <br>(Financial Services) | 311 | 2796 |
| International Seaways, Inc. (Oil, Gas & <br>Consumable Fuels) | 446 | 17795 |
| Intrepid Potash, Inc.\* (Chemicals) | 119 | 3960 |
| Intuitive Machines, Inc.\* (Aerospace & <br>Defense) | 1212 | 13526 |
| InvenTrust Properties Corp. (Retail REITs) | 865 | 23848 |
| Invesco Mortgage Capital, Inc. <br>(Mortgage REITs) | 730 | 5512 |
| Investar Holding Corp. (Banks) | 101 | 2192 |
| Investors Title Co. (Insurance) | 16 | 3380 |
| IonQ, Inc.\* (Technology Hardware, <br>Storage & Peripherals) | 2628 | 104779 |
| Iovance Biotherapeutics, Inc.\* <br>(Biotechnology) | 2839 | 7296 |
| iRadimed Corp. (Health Care <br>Equipment & Supplies) | 90 | 5251 |
| iRhythm Technologies, Inc.\* (Health <br>Care Equipment & Supplies) | 353 | 49484 |
| Ironwood Pharmaceuticals, Inc.\* <br>(Biotechnology) | 1772 | 1354 |
| Ispire Technology, Inc.\* (Tobacco) | 209 | 573 |
| iTeos Therapeutics, Inc.\* (Biotechnology) | 331 | 3356 |
| Itron, Inc.\* (Electronic Equipment, <br>Instruments & Components) | 503 | 62644 |
| Ivanhoe Electric, Inc.\* (Metals & Mining) | 950 | 9082 |
| J & J Snack Foods Corp. (Food Products) | 172 | 19417 |
| J Jill, Inc. (Specialty Retail) | 81 | 1270 |
| Jack in the Box, Inc. (Hotels, <br>Restaurants & Leisure) | 208 | 4098 |
| Jackson Financial, Inc.—Class A <br>(Financial Services) | 794 | 69524 |
| Jade Biosciences, Inc.\* (Biotech & <br>Pharma) | 359 | 2581 |
| JAKKS Pacific, Inc.\* (Leisure Products) | 99 | 1753 |
| James River Group Holdings, Ltd. <br>(Insurance) | 408 | 2326 |
| Jamf Holding Corp.\* (Software) | 747 | 5931 |
| Janus International Group, Inc.\* <br>(Building Products) | 1502 | 12872 |
| Janux Therapeutics, Inc.\* (Biotechnology) | 436 | 10471 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| JBG SMITH Properties (Office REITs) | 818 | $17325 |
| JELD-WEN Holding, Inc.\* (Building <br>Products) | 942 | 4239 |
| JetBlue Airways Corp.\* (Passenger <br>Airlines) | 3564 | 15824 |
| Joby Aviation, Inc.\* (Passenger Airlines) | 5113 | 85184 |
| John B. Sanfilippo & Son, Inc. (Food <br>Products) | 86 | 5445 |
| John Bean Technologies Corp. <br>(Machinery) | 579 | 79785 |
| John Marshall Bancorp, Inc. (Banks) | 140 | 2577 |
| John Wiley & Sons, Inc.—Class A <br>(Media) | 456 | 17602 |
| Johnson Outdoors, Inc.—Class A <br>(Leisure Products) | 59 | 1959 |
| Journey Medical Corp.\* (Biotech & <br>Pharma) | 134 | 985 |
| Kadant, Inc. (Machinery) | 131 | 43593 |
| Kaiser Aluminum Corp. (Metals & <br>Mining) | 178 | 13761 |
| Kaltura, Inc.\* (Software) | 902 | 1615 |
| KalVista Pharmaceuticals, Inc.\* <br>(Biotechnology) | 418 | 5697 |
| KAR Auction Services, Inc.\* <br>(Commercial Services & Supplies) | 1178 | 29026 |
| Karat Packaging, Inc. (Trading <br>Companies & Distributors) | 76 | 2069 |
| KB Home (Household Durables) | 775 | 42827 |
| Kearney Financial Corp. (Banks) | 634 | 3760 |
| Kelly Services, Inc.—Class A <br>(Professional Services) | 336 | 4116 |
| Kennametal, Inc. (Machinery) | 856 | 21195 |
| Kennedy-Wilson Holdings, Inc. (Real <br>Estate Management & Development) | 1340 | 9809 |
| Keros Therapeutics, Inc.\* (Biotechnology) | 374 | 5356 |
| Kestra Medical Technologies Ltd.\* <br>(Medical Equipment & Devices) | 146 | 2409 |
| Kforce, Inc. (Professional Services) | 199 | 6935 |
| Kimball Electronics, Inc.\* (Electronic <br>Equipment, Instruments & Components) | 269 | 5046 |
| KinderCare Learning Cos., Inc.\* <br>(Diversified Consumer Services) | 349 | 3354 |
| Kinetik Holdings, Inc. (Oil, Gas & <br>Consumable Fuels) | 491 | 21300 |
| Kingstone Companies, Inc.\* (Insurance) | 122 | 2000 |
| Kingsway Financial Services, Inc.\* <br>(Insurance) | 201 | 2810 |
| Kite Realty Group Trust (Retail REITs) | 2448 | 53806 |
| KKR Real Estate Finance Trust, Inc. <br>(Mortgage REITs) | 633 | 5722 |
| Knife River Corp.\* (Construction <br>Materials) | 634 | 52292 |
| Knowles Corp.\* (Electronic Equipment, <br>Instruments & Components) | 959 | 19477 |
| Kodiak Gas Services, Inc. (Energy <br>Equipment & Services) | 598 | 19333 |
| Kodiak Sciences, Inc.\* (Biotechnology) | 363 | 2387 |
| Kohl's Corp. (Broadline Retail) | 1208 | 13094 |
| Kolibri Global Energy, Inc.\* (Oil & Gas <br>Producers) | 391 | 2401 |

---

**See accompanying notes to financial statements.**

------

**170 :: UltraSmall-Cap ProFund ::** Schedule of Portfolio Investments :: July 31, 2025

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Kontoor Brands, Inc. (Textiles, Apparel & <br>Luxury Goods) | 610 | $33954 |
| Kopin Corp.\* (Technology Hardware) | 1656 | 2964 |
| Koppers Holdings, Inc. (Chemicals) | 214 | 7032 |
| Korn Ferry (Professional Services) | 573 | 40609 |
| Korro Bio, Inc.\* (Biotechnology) | 73 | 1092 |
| Kosmos Energy, Ltd.\* (Oil, Gas & <br>Consumable Fuels) | 5255 | 11298 |
| Kratos Defense & Security Solutions, Inc.\* <br>(Aerospace & Defense) | 1822 | 106952 |
| Krispy Kreme, Inc. (Hotels, Restaurants & <br>Leisure) | 854 | 3091 |
| Kronos Worldwide, Inc. (Chemicals) | 242 | 1295 |
| Krystal Biotech, Inc.\* (Biotechnology) | 275 | 42314 |
| Kulicke & Soffa Industries, Inc. <br>(Semiconductors & Semiconductor <br>Equipment) | 578 | 18935 |
| KULR Technology Group, Inc.\* <br>(Technology Hardware) | 365 | 2004 |
| Kura Oncology, Inc.\* (Biotechnology) | 876 | 5300 |
| Kura Sushi USA, Inc.\*—Class A <br>(Hotels, Restaurants & Leisure) | 70 | 6142 |
| Kymera Therapeutics, Inc.\* <br>(Biotechnology) | 518 | 22663 |
| L.B. Foster Co.\*—Class A (Machinery) | 113 | 2656 |
| Ladder Capital Corp. (Mortgage REITs) | 1266 | 13825 |
| Lakeland Financial Corp. (Banks) | 284 | 17997 |
| Lakeland Industries, Inc.\* (Apparel & <br>Textile Products) | 101 | 1405 |
| Lancaster Colony Corp. (Food Products) | 223 | 39640 |
| Landec Corp.\* (Life Sciences Tools & <br>Services) | 306 | 2142 |
| Landmark BanCorp, Inc./Manhattan KS\* <br>(Banking) | 50 | 1215 |
| Lands' End, Inc.\* (Specialty Retail) | 132 | 1548 |
| Lantheus Holdings, Inc.\* (Health Care <br>Equipment & Supplies) | 748 | 53250 |
| Larimar Therapeutics, Inc.\* <br>(Biotechnology) | 469 | 1623 |
| Latham Group, Inc.\* (Leisure Products) | 498 | 3376 |
| Laureate Education, Inc. (Diversified <br>Consumer Services) | 1426 | 32228 |
| Lawson Products, Inc.\* (Trading <br>Companies & Distributors) | 109 | 3267 |
| La-Z-Boy, Inc. (Household Durables) | 460 | 16546 |
| LCI Industries (Automobile Components) | 273 | 25935 |
| LCNB Corp. (Banks) | 149 | 2199 |
| Legacy Housing Corp.\* (Household <br>Durables) | 96 | 2148 |
| Legalzoom.com, Inc.\* (Professional <br>Services) | 1228 | 11040 |
| Leggett & Platt, Inc. (Household Durables) | 1478 | 14115 |
| LeMaitre Vascular, Inc. (Health Care <br>Equipment & Supplies) | 231 | 18766 |
| Lemonade, Inc.\* (Insurance) | 616 | 23211 |
| LendingClub Corp.\* (Consumer Finance) | 1255 | 19565 |
| LendingTree, Inc.\* (Consumer Finance) | 124 | 5788 |
| LENSAR, Inc.\* (Medical Equipment & <br>Devices) | 104 | 1341 |
| LENZ Therapeutics, Inc.\* (Biotechnology) | 197 | 5865 |
| Lexeo Therapeutics, Inc.\* (Biotechnology) | 264 | 1249 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Lexington Realty Trust (Industrial REITs) | 3231 | $25073 |
| LGI Homes, Inc.\* (Household Durables) | 230 | 12252 |
| Liberty Energy, Inc. (Energy <br>Equipment & Services) | 1750 | 21595 |
| Liberty Latin America, Ltd.\*—Class A <br>(Diversified Telecommunication <br>Services) | 323 | 2277 |
| Liberty Latin America, Ltd.\*—Class C <br>(Diversified Telecommunication <br>Services) | 1389 | 9917 |
| Life Time Group Holdings, Inc.\* <br>(Hotels, Restaurants & Leisure) | 1504 | 43195 |
| Life360, Inc.\* (Software) | 178 | 13633 |
| LifeMD, Inc.\* (Health Care Technology) | 408 | 4247 |
| LifeStance Health Group, Inc.\* (Health <br>Care Providers & Services) | 1467 | 5839 |
| LIFEVANTAGE CORPORATION\* (Food <br>Products) | 117 | 1468 |
| Lifeway Foods, Inc.\* (Food Products) | 57 | 1438 |
| Lifezone Metals, Ltd.\* (Metals & Mining) | 307 | 1354 |
| Ligand Pharmaceuticals, Inc.\* <br>(Pharmaceuticals) | 211 | 27763 |
| Lightbridge Corp.\* (Electrical Equipment) | 208 | 2804 |
| Limbach Holdings, Inc.\* (Construction & <br>Engineering) | 117 | 16029 |
| Limoneira Co. (Food Products) | 184 | 2701 |
| Lincoln Educational Services Corp.\* <br>(Diversified Consumer Services) | 328 | 7501 |
| Lindblad Expeditions Holdings, Inc.\* <br>(Hotels, Restaurants & Leisure) | 417 | 4983 |
| Lindsay Corp. (Machinery) | 121 | 16518 |
| LINKBANCORP, Inc. (Banks) | 238 | 1637 |
| Lionsgate Studios Corp.\* (Entertainment) | 2124 | 12574 |
| Liquidia Corp.\* (Pharmaceuticals) | 711 | 13289 |
| Liquidity Services, Inc.\* (Commercial <br>Services & Supplies) | 258 | 6161 |
| LivaNova PLC\* (Health Care <br>Equipment & Supplies) | 604 | 25483 |
| Live Oak Bancshares, Inc. (Banks) | 392 | 12391 |
| LiveRamp Holdings, Inc.\* (Software) | 716 | 23499 |
| Livewire Group, Inc.\* (Automobiles) | 407 | 1526 |
| loanDepot, Inc.\* (Specialty Finance) | 904 | 1437 |
| Logistic Properties Of The Americas\* <br>(Real Estate Owners & Developers) | 35 | 212 |
| LSB Industries, Inc.\* (Chemicals) | 596 | 4607 |
| LSI Industries, Inc. (Electrical Equipment) | 295 | 5399 |
| LTC Properties, Inc. (Health Care REITs) | 504 | 17156 |
| Lucid Diagnostics, Inc.\* (Medical <br>Equipment & Devices) | 767 | 751 |
| Lumen Technologies, Inc.\* (Diversified <br>Telecommunication Services) | 10570 | 47037 |
| Lument Finance Trust Inc\* (Specialty <br>Finance) | 505 | 1091 |
| Luminar Technologies, Inc.\* <br>(Automobile Components) | 446 | 1325 |
| Luxfer Holdings PLC (Machinery) | 296 | 3558 |
| M/I Homes, Inc.\* (Household Durables) | 293 | 35216 |
| Mack-Cali Realty Corp.\* (Residential <br>REITs) | 875 | 12320 |
| Madison Square Garden <br>Entertainment Corp.\* (Entertainment) | 439 | 16590 |

---

**See accompanying notes to financial statements.**

------

July 31, 2025 :: Schedule of Portfolio Investments **:: UltraSmall-Cap ProFund :: 171**

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Madrigal Pharmaceuticals, Inc.\* <br>(Biotechnology) | 187 | $56568 |
| Magnera Corp.\* (Forestry, Paper & <br>Wood Products) | 369 | 4594 |
| Magnite, Inc.\* (Media) | 1551 | 35689 |
| Magnolia Oil & Gas Corp.—Class A <br>(Oil, Gas & Consumable Fuels) | 2064 | 49165 |
| MainStreet Bancshares, Inc.\* (Banking) | 78 | 1576 |
| Malibu Boats, Inc.\*—Class A (Leisure <br>Products) | 209 | 6962 |
| Mama's Creations, Inc.\* (Food Products) | 378 | 3122 |
| Mammoth Energy Services, Inc.\* <br>(Energy Equipment & Services) | 269 | 699 |
| Mannkind Corp.\* (Biotechnology) | 3353 | 12674 |
| MARA Holdings, Inc.\* (Software) | 3845 | 61828 |
| Maravai LifeSciences Holdings, <br>Inc.\*—Class A (Life Sciences Tools & <br>Services) | 1352 | 3164 |
| Marcus & Millichap, Inc. (Real Estate <br>Management & Development) | 266 | 8289 |
| Marex Group PLC\* (Institutional <br>Financial Services) | 353 | 13619 |
| Marine Products Corp. (Leisure Products) | 97 | 833 |
| MarineMax, Inc.\* (Specialty Retail) | 210 | 4763 |
| MarketWise, Inc. (Capital Markets) | 24 | 442 |
| Marqeta, Inc.\*—Class A (Financial <br>Services) | 4261 | 24288 |
| Marriott Vacations Worldwide Corp.\* <br>(Hotels, Restaurants & Leisure) | 354 | 26362 |
| Marten Transport, Ltd. (Ground <br>Transportation) | 646 | 7855 |
| Masterbrand, Inc.\* (Building Products) | 1407 | 15519 |
| MasterCraft Boat Holdings, Inc.\* <br>(Leisure Products) | 181 | 3501 |
| Materion Corp. (Metals & Mining) | 229 | 24114 |
| Mativ Holdings, Inc. (Chemicals) | 599 | 3965 |
| Matrix Service Co.\* (Construction & <br>Engineering) | 295 | 4508 |
| Matson, Inc. (Marine Transportation) | 360 | 38442 |
| Matthews International Corp.—Class <br>A (Commercial Services & Supplies) | 331 | 7775 |
| Maui Land & Pineapple Co., Inc.\* (Real <br>Estate Management & Development) | 76 | 1293 |
| MaxCyte, Inc.\* (Life Sciences Tools & <br>Services) | 1120 | 2307 |
| Maximus, Inc. (Professional Services) | 627 | 46311 |
| MaxLinear, Inc.\* (Semiconductors & <br>Semiconductor Equipment) | 904 | 14301 |
| Mayville Engineering Co., Inc.\* <br>(Machinery) | 158 | 2650 |
| Maze Therapeutics, Inc.\* (Biotechnology) | 98 | 1446 |
| MBIA, Inc. (Insurance) | 506 | 2697 |
| MBX Biosciences, Inc.\* (Pharmaceuticals) | 189 | 2504 |
| McGrath RentCorp (Trading <br>Companies & Distributors) | 272 | 33943 |
| Medallion Financial Corp. (Consumer <br>Finance) | 180 | 1838 |
| MediaAlpha, Inc.\*—Class A <br>(Interactive Media & Services) | 369 | 3697 |
| Medifast, Inc. (Personal Care Products) | 119 | 1639 |
| MediWound, Ltd.\* (Pharmaceuticals) | 85 | 1584 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Mednax, Inc.\* (Health Care Providers & <br>Services) | 946 | $11589 |
| MeiraGTx Holdings PLC\* (Biotechnology) | 462 | 3534 |
| Mercantile Bank Corp. (Banks) | 176 | 8041 |
| Merchants Bancorp (Financial Services) | 287 | 8409 |
| Mercurity Fintech Holding, Inc.\* <br>(Commercial Support Services) | 354 | 1458 |
| Mercury General Corp. (Insurance) | 298 | 20637 |
| Mercury Systems, Inc.\* (Aerospace & <br>Defense) | 577 | 30344 |
| Meridian Bank of Malvern, PA (Banking) | 100 | 1473 |
| MeridianLink, Inc.\* (Software) | 353 | 5641 |
| Merit Medical Systems, Inc.\* (Health <br>Care Equipment & Supplies) | 648 | 54989 |
| Meritage Homes Corp. (Household <br>Durables) | 788 | 53064 |
| Mesa Laboratories, Inc. (Life Sciences <br>Tools & Services) | 57 | 4359 |
| Metals Acquisition, Ltd.\*—Class A <br>(Metals & Mining) | 791 | 9516 |
| Methode Electronics, Inc. (Electronic <br>Equipment, Instruments & Components) | 375 | 2460 |
| Metrocity Bankshares, Inc. (Banks) | 217 | 5989 |
| Metropolitan Bank Holding Corp.\* (Banks) | 108 | 7618 |
| Metsera, Inc.\* (Biotechnology) | 197 | 6499 |
| MFA Financial, Inc. (Mortgage REITs) | 1141 | 10372 |
| MGE Energy, Inc. (Electric Utilities) | 409 | 34740 |
| MGP Ingredients, Inc. (Beverages) | 156 | 4412 |
| Microvast Holdings, Inc.\* (Automotive) | 2204 | 6987 |
| MicroVision, Inc.\* (Electronic Equipment, <br>Instruments & Components) | 2717 | 3016 |
| Mid Penn Bancorp, Inc. (Banks) | 221 | 6066 |
| Middlefield Banc Corp. (Banks) | 81 | 2256 |
| Middlesex Water Co. (Water Utilities) | 198 | 10217 |
| Midland States Bankcorp, Inc. (Banks) | 228 | 3867 |
| MidWestOne Financial Group, Inc. <br>(Banks) | 227 | 6252 |
| Miller Industries, Inc. (Machinery) | 122 | 4972 |
| MillerKnoll, Inc. (Commercial Services & <br>Supplies) | 750 | 14235 |
| MiMedx Group, Inc.\* (Biotechnology) | 1311 | 9426 |
| Mind Medicine MindMed, Inc.\* <br>(Pharmaceuticals) | 834 | 7581 |
| Minerals Technologies, Inc. (Chemicals) | 354 | 20585 |
| Mineralys Therapeutics, Inc.\* <br>(Biotechnology) | 433 | 6127 |
| Mirion Technologies, Inc.\* (Electronic <br>Equipment, Instruments & <br>Components) | 2327 | 52008 |
| Mirum Pharmaceuticals, Inc.\* <br>(Biotechnology) | 481 | 24858 |
| Mission Produce, Inc.\* (Food Products) | 534 | 6590 |
| Mister Car Wash, Inc.\* (Diversified <br>Consumer Services) | 1099 | 6347 |
| Mistras Group, Inc.\* (Professional <br>Services) | 182 | 1445 |
| Mitek Systems, Inc.\* (Software) | 493 | 4447 |
| Mobile Infrastructure Corp.\* (Real <br>Estate Owners & Developers) | 159 | 585 |
| Modine Manufacturing Co.\* <br>(Automobile Components) | 581 | 78180 |

---

**See accompanying notes to financial statements.**

------

**172 :: UltraSmall-Cap ProFund ::** Schedule of Portfolio Investments :: July 31, 2025

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Modiv Industrial, Inc.\* (Retail REITs) | 104 | $1492 |
| Moelis & Co.—Class A (Capital Markets) | 824 | 57795 |
| Monarch Casino & Resort, Inc. <br>(Hotels, Restaurants & Leisure) | 143 | 14723 |
| Monopar Therapeutics, Inc.\* (Biotech & <br>Pharma) | 45 | 1853 |
| Monro, Inc. (Specialty Retail) | 331 | 4665 |
| Montauk Renewables, Inc.\* <br>(Independent Power/Renewable <br>Electricity Producers) | 745 | 1617 |
| Monte Rosa Therapeutics, Inc.\* <br>(Biotechnology) | 517 | 2559 |
| Montrose Environmental Group, Inc.\* <br>(Commercial Services & Supplies) | 359 | 8146 |
| Moog, Inc.—Class A (Aerospace & <br>Defense) | 312 | 60397 |
| Motorcar Parts of America, Inc.\* <br>(Automotive) | 202 | 2095 |
| Movado Group, Inc. (Textiles, Apparel & <br>Luxury Goods) | 169 | 2621 |
| MRC Global, Inc.\* (Trading Companies & <br>Distributors) | 944 | 13858 |
| M-Tron Industries, Inc.\* (Electrical <br>Equipment) | 27 | 1187 |
| Mueller Water Products, Inc.—Class A<br>(Machinery) | 1729 | 42810 |
| Murphy Oil Corp. (Oil, Gas & <br>Consumable Fuels) | 1498 | 37165 |
| MVB Financial Corp. (Banks) | 128 | 2911 |
| Myers Industries, Inc. (Containers & <br>Packaging) | 411 | 6021 |
| Myomo, Inc.\* (Medical Equipment & <br>Devices) | 361 | 697 |
| MYR Group, Inc.\* (Construction & <br>Engineering) | 171 | 33089 |
| Myriad Genetics, Inc.\* (Biotechnology) | 1008 | 3871 |
| N-able, Inc.\* (Software) | 799 | 6456 |
| Nabors Industries, Ltd.\* (Energy <br>Equipment & Services) | 157 | 5460 |
| NACCO Industries, Inc.—Class A (Oil, <br>Gas & Consumable Fuels) | 44 | 1668 |
| NANO Nuclear Energy, Inc.\* (Electrical <br>Equipment) | 296 | 10487 |
| Nano-X Imaging, Ltd.\* (Health Care <br>Providers & Services) | 712 | 3354 |
| Napco Security Technologies, Inc. <br>(Electronic Equipment, Instruments & <br>Components) | 390 | 11907 |
| Nathan's Famous, Inc. (Hotels, <br>Restaurants & Leisure) | 29 | 2755 |
| National Bank Holdings Corp.—Class <br>A (Banks) | 420 | 15565 |
| National Bankshares, Inc. (Banks) | 69 | 1915 |
| National Beverage Corp. (Beverages) | 266 | 12188 |
| National CineMedia, Inc.\* (Media) | 710 | 3415 |
| National Energy Services Reunited <br>Corp.\* (Oil & Gas Services & Equipment) | 676 | 4508 |
| National Health Investors, Inc. (Health <br>Care REITs) | 512 | 35768 |
| National HealthCare Corp. (Health <br>Care Providers & Services) | 141 | 13540 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| National Presto Industries, Inc. <br>(Aerospace & Defense) | 58 | $5594 |
| National Research Corp. (Health Care <br>Providers & Services) | 140 | 1750 |
| National Vision Holdings, Inc.\* <br>(Specialty Retail) | 863 | 20936 |
| Natural Gas Services Group, Inc.\* <br>(Energy Equipment & Services) | 113 | 2722 |
| Natural Grocers by Vitamin Cottage, <br>Inc. (Consumer Staples Distribution & <br>Retail) | 141 | 5342 |
| Nature's Sunshine Products, Inc.\* <br>(Personal Care Products) | 162 | 2270 |
| Navient Corp. (Consumer Finance) | 782 | 10119 |
| Navigator Holdings Ltd.\* <br>(Transportation & Logistics) | 362 | 5709 |
| Navitas Semiconductor Corp.\* <br>(Semiconductors & Semiconductor <br>Equipment) | 1484 | 10878 |
| NB Bancorp, Inc.\* (Banks) | 388 | 6685 |
| NBT Bancorp, Inc. (Banks) | 567 | 23462 |
| NCR Atleos Corp.\* (Financial Services) | 812 | 24847 |
| NCR Voyix Corp.\* (Software) | 1541 | 20988 |
| Nelnet, Inc.—Class A (Consumer Finance) | 154 | 19215 |
| Neogen Corp.\* (Health Care <br>Equipment & Supplies) | 2422 | 11262 |
| NeoGenomics, Inc.\* (Health Care <br>Providers & Services) | 1429 | 6916 |
| Neonode, Inc.\* (Technology Hardware) | 116 | 2340 |
| NerdWallet, Inc.\*—Class A (Consumer <br>Finance) | 458 | 4850 |
| Nerdy, Inc.\* (Diversified Consumer <br>Services) | 640 | 966 |
| NET Lease Office Properties\* (Office <br>REITs) | 165 | 5476 |
| Net Power, Inc.\* (Electrical Equipment) | 376 | 1083 |
| NETGEAR, Inc.\* (Communications <br>Equipment) | 307 | 7138 |
| NetScout Systems, Inc.\* <br>(Communications Equipment) | 775 | 16601 |
| NETSTREIT Corp. (Retail REITs) | 911 | 16608 |
| Neurogene, Inc.\* (Biotechnology) | 109 | 2373 |
| Neuronetics, Inc.\* (Health Care <br>Facilities & Services) | 400 | 1756 |
| NeuroPace, Inc.\* (Health Care <br>Equipment & Supplies) | 266 | 2264 |
| New Fortress Energy Inc (Oil & Gas <br>Producers) | 1874 | 5107 |
| New Jersey Resources Corp. (Gas <br>Utilities) | 1120 | 51419 |
| New York Community Bancorp, Inc.\* <br>(Banks) | 3367 | 38013 |
| New York Mortgage Trust, Inc. <br>(Mortgage REITs) | 942 | 5963 |
| Newmark Group, Inc.—Class A (Real <br>Estate Management & Development) | 1510 | 22907 |
| Newpark Resources, Inc.\* (Energy <br>Equipment & Services) | 891 | 8037 |
| Newsmax, Inc.\* (Internet Media & <br>Services) | 84 | 1116 |
| NewtekOne, Inc. (Financial Services) | 275 | 3146 |

---

**See accompanying notes to financial statements.**

------

July 31, 2025 :: Schedule of Portfolio Investments **:: UltraSmall-Cap ProFund :: 173**

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| NexPoint Diversified Real Estate Trust\* <br>(Equity REIT—Diversified) | 390 | $1712 |
| Nexpoint Real Estate Finance, Inc. <br>(Mortgage REITs) | 85 | 1173 |
| NexPoint Residential Trust, Inc. <br>(Residential REITs) | 249 | 7764 |
| NextDecade Corp.\* (Oil, Gas & <br>Consumable Fuels) | 1482 | 16836 |
| Nextdoor Holdings, Inc.\* (Interactive <br>Media & Services) | 2345 | 4104 |
| NextNav, Inc.\* (Software) | 975 | 14420 |
| NextNRG, Inc.\* (Oil & Gas Producers) | 194 | 258 |
| NEXTracker, Inc.\*—Class A (Electrical <br>Equipment) | 1572 | 91584 |
| Nexxen International Ltd.\* (Advertising & <br>Marketing) | 419 | 4307 |
| NI Holdings, Inc.\* (Insurance) | 76 | 968 |
| Nicolet Bankshares, Inc. (Banks) | 150 | 19350 |
| NioCorp Developments Ltd.\* (Metals & <br>Mining) | 574 | 1619 |
| Nkarta, Inc.\* (Biotechnology) | 592 | 1285 |
| NL Industries, Inc. (Commercial <br>Services & Supplies) | 93 | 574 |
| nLight, Inc.\* (Electronic Equipment, <br>Instruments & Components) | 533 | 11198 |
| NMI Holdings, Inc.\*—Class A <br>(Financial Services) | 866 | 32319 |
| Noble Corp. PLC (Energy Equipment & <br>Services) | 1399 | 37506 |
| Nordic American Tankers, Ltd. (Oil, Gas & <br>Consumable Fuels) | 2272 | 6339 |
| Northeast Bank (Banks) | 82 | 8132 |
| Northeast Community Bancorp, Inc. <br>(Banks) | 137 | 2830 |
| Northern Oil and Gas, Inc. (Oil, Gas & <br>Consumable Fuels) | 1024 | 28836 |
| Northfield Bancorp, Inc. (Banks) | 418 | 4452 |
| Northpointe Bancshares, Inc.\* (Banking) | 117 | 1718 |
| Northrim Bancorp, Inc. (Banks) | 60 | 5012 |
| Northwest Bancshares, Inc. (Banks) | 1414 | 16544 |
| Northwest Natural Holding Co. (Gas <br>Utilities) | 448 | 17884 |
| Northwest Pipe Co.\* (Construction & <br>Engineering) | 108 | 4512 |
| NorthWestern Energy Group, Inc. <br>(Multi-Utilities) | 684 | 36731 |
| Norwood Financial Corp. (Banks) | 95 | 2303 |
| NovaGold Resources, Inc.\* (Metals & <br>Mining) | 2761 | 14330 |
| Novanta, Inc.\* (Electronic Equipment, <br>Instruments & Components) | 400 | 49208 |
| Novavax, Inc.\* (Biotechnology) | 1658 | 11026 |
| Novocure, Ltd.\* (Health Care <br>Equipment & Supplies) | 1125 | 13016 |
| Nu Skin Enterprises, Inc.—Class A <br>(Personal Care Products) | 542 | 4542 |
| Nurix Therapeutics, Inc.\* (Biotechnology) | 835 | 9402 |
| NuScale Power Corp.\* (Electrical <br>Equipment) | 1404 | 70494 |
| Nutex Health, Inc.\* (Software) | 38 | 3223 |
| Nuvalent, Inc.\*—Class A (Biotechnology) | 476 | 37295 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Nuvation Bio, Inc.\* (Pharmaceuticals) | 2764 | $6523 |
| Nuvectis Pharma, Inc.\* (Biotech & <br>Pharma) | 143 | 995 |
| NV5 Global, Inc.\* (Professional Services) | 644 | 14458 |
| NVE Corp. (Semiconductors & <br>Semiconductor Equipment) | 54 | 3420 |
| Oak Valley Bancorp. (Banks) | 76 | 2025 |
| Oceaneering International, Inc.\* <br>(Energy Equipment & Services) | 1041 | 22590 |
| OceanFirst Financial Corp. (Banks) | 633 | 10622 |
| Ocular Therapeutix, Inc.\* <br>(Pharmaceuticals) | 1557 | 18030 |
| OFG Bancorp (Banks) | 502 | 21395 |
| Ohio Valley Banc Corp.\* (Asset <br>Management) | 42 | 1354 |
| O-I Glass, Inc.\* (Containers & Packaging) | 1703 | 22156 |
| Oil States International, Inc.\* (Energy <br>Equipment & Services) | 648 | 3234 |
| Oil-Dri Corp. of America (Household <br>Products) | 110 | 6204 |
| Oklo, Inc.\* (Electric Utilities) | 1138 | 87159 |
| Olaplex Holdings, Inc.\* (Personal Care <br>Products) | 1556 | 2163 |
| Old National Bancorp (Banks) | 3552 | 74982 |
| Old Point Financial Corp\* (Banking) | 44 | 1767 |
| Old Second Bancorp, Inc. (Banks) | 481 | 8163 |
| Olema Pharmaceuticals, Inc.\* <br>(Biotechnology) | 660 | 3392 |
| Olo, Inc.\* (Software) | 1279 | 13404 |
| Olympic Steel, Inc. (Metals & Mining) | 110 | 3421 |
| Omega Flex, Inc. (Machinery) | 39 | 1244 |
| Omeros Corp.\* (Pharmaceuticals) | 625 | 2419 |
| OmniAb, Inc.\* (Life Sciences Tools & <br>Services) | 1111 | 2122 |
| Omnicell, Inc.\* (Health Care <br>Equipment & Supplies) | 516 | 16001 |
| ON24, Inc.\* (Software) | 415 | 2058 |
| Oncology Institute, Inc./The\* (Health <br>Care Facilities & Services) | 654 | 2400 |
| ONE Gas, Inc. (Gas Utilities) | 664 | 48273 |
| One Liberty Properties, Inc. (Equity <br>REIT—Diversified) | 203 | 4543 |
| OneSpan, Inc.\* (Software) | 400 | 5900 |
| OneSpaWorld Holdings, Ltd. <br>(Diversified Consumer Services) | 1051 | 23248 |
| OneWater Marine, Inc.\* (Specialty Retail) | 124 | 1902 |
| Onity Group, Inc.\* (Financial Services) | 74 | 2791 |
| Ooma, Inc.\* (Software) | 281 | 3198 |
| OP Bancorp (Banking) | 130 | 1664 |
| OPAL Fuels, Inc.\* (Renewable Energy) | 234 | 555 |
| Open Lending Corp.\* (Capital Markets) | 1135 | 2486 |
| OPKO Health, Inc.\* (Health Care <br>Providers & Services) | 4007 | 5129 |
| Oportun Financial Corp.\* (Specialty <br>Finance) | 371 | 2274 |
| OppFi, Inc. (Consumer Finance) | 269 | 2862 |
| OptimizeRx Corp.\* (Health Care <br>Technology) | 191 | 2410 |
| Option Care Health, Inc.\* (Health Care <br>Providers & Services) | 1826 | 53593 |
| Orange County Bancorp, Inc. (Banks) | 106 | 2649 |

---

**See accompanying notes to financial statements.**

------

**174 :: UltraSmall-Cap ProFund ::** Schedule of Portfolio Investments :: July 31, 2025

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| OraSure Technologies, Inc.\* (Health <br>Care Equipment & Supplies) | 833 | $2649 |
| Orchid Island Capital, Inc. (Mortgage <br>REITs) | 1194 | 8310 |
| Organogenesis Holdings, Inc.\* <br>(Biotechnology) | 756 | 3493 |
| ORIC Pharmaceuticals, Inc.\* <br>(Biotechnology) | 497 | 4955 |
| Origin Bancorp, Inc. (Banks) | 330 | 12062 |
| Orion Group Holdings, Inc.\* <br>(Construction & Engineering) | 418 | 3097 |
| Orion SA (Chemicals) | 614 | 5956 |
| Ormat Technologies, Inc. <br>(Independent Power/Renewable <br>Electricity Producers) | 677 | 60530 |
| Orrstown Financial Services, Inc. (Banks) | 207 | 6802 |
| Orthofix Medical, Inc.\* (Health Care <br>Equipment & Supplies) | 430 | 4747 |
| OrthoPediatrics Corp.\* (Health Care <br>Equipment & Supplies) | 187 | 3875 |
| Oruka Therapeutics Inc\* (Biotech & <br>Pharma) | 301 | 4091 |
| Oscar Health, Inc.\*—Class A (Insurance) | 2029 | 28507 |
| OSI Systems, Inc.\* (Electronic Equipment, <br>Instruments & Components) | 178 | 39340 |
| Otter Tail Corp. (Electric Utilities) | 427 | 32956 |
| Ouster, Inc.\* (Electronic Equipment, <br>Instruments & Components) | 563 | 13163 |
| Outbrain, Inc.\* (Interactive Media & <br>Services) | 400 | 1012 |
| Outfront Media, Inc. (Specialized REITs) | 1544 | 27066 |
| Outset Medical, Inc.\* (Software) | 196 | 3148 |
| Owens & Minor, Inc.\* (Health Care <br>Providers & Services) | 835 | 5787 |
| Oxford Industries, Inc. (Textiles, <br>Apparel & Luxury Goods) | 157 | 5994 |
| P10, Inc.—Class A (Capital Markets) | 602 | 7405 |
| Pacific Biosciences of California, Inc.\* <br>(Life Sciences Tools & Services) | 3058 | 4220 |
| Pacific Premier Bancorp, Inc. (Banks) | 1064 | 23057 |
| Pacira BioSciences, Inc.\* <br>(Pharmaceuticals) | 510 | 10756 |
| PACS Group, Inc.\* (Health Care <br>Providers & Services) | 488 | 5397 |
| Pagaya Technologies, Ltd.\*—Class A <br>(Software) | 465 | 13973 |
| PagerDuty, Inc.\* (Software) | 935 | 15072 |
| Pagseguro Digital, Ltd.\*—Class A <br>(Financial Services) | 1965 | 15386 |
| Palladyne AI Corp.\* (Machinery) | 283 | 2315 |
| Palomar Holdings, Inc.\* (Insurance) | 292 | 38687 |
| Palvella Therapeutics, Inc.\* (Biotech & <br>Pharma) | 76 | 2780 |
| PAM Transportation Services, Inc.\* <br>(Ground Transportation) | 67 | 759 |
| Pangaea Logistics Solutions, Ltd. <br>(Marine Transportation) | 330 | 1607 |
| Papa John's International, Inc. (Hotels, <br>Restaurants & Leisure) | 362 | 15352 |
| Par Pacific Holdings, Inc.\* (Oil, Gas & <br>Consumable Fuels) | 592 | 18577 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| PAR Technology Corp.\* (Electronic <br>Equipment, Instruments & Components) | 444 | $26986 |
| Paramount Group, Inc. (Office REITs) | 2070 | 12668 |
| Park Aerospace Corp. (Aerospace & <br>Defense) | 202 | 3640 |
| Park National Corp. (Banks) | 164 | 26547 |
| Parke Bancorp, Inc. (Banks) | 110 | 2272 |
| Park-Ohio Holdings Corp. (Machinery) | 106 | 1738 |
| Pathward Financial, Inc. (Banks) | 260 | 19663 |
| Patria Investments, Ltd.—Class A <br>(Capital Markets) | 666 | 9291 |
| Patrick Industries, Inc. (Automobile <br>Components) | 360 | 35006 |
| Patriot National Bancorp Inc\* (Banking) | 487 | 760 |
| Patterson-UTI Energy, Inc. (Energy <br>Equipment & Services) | 3914 | 23132 |
| Payoneer Global, Inc.\* (Financial Services) | 3085 | 20268 |
| Paysafe, Ltd.\* (Financial Services) | 360 | 4374 |
| Paysign, Inc.\* (Financial Services) | 380 | 2827 |
| PBF Energy, Inc.—Class A (Oil, Gas & <br>Consumable Fuels) | 929 | 20995 |
| PC Connection, Inc. (Electronic <br>Equipment, Instruments & Components) | 123 | 7576 |
| PCB Bancorp (Banks) | 121 | 2473 |
| PDF Solutions, Inc.\* (Semiconductors & <br>Semiconductor Equipment) | 354 | 7869 |
| Peabody Energy Corp. (Oil, Gas & <br>Consumable Fuels) | 1356 | 21899 |
| Peakstone Realty Trust (Office REITs) | 408 | 5549 |
| Peapack-Gladstone Financial Corp. <br>(Banks) | 177 | 4510 |
| Pebblebrook Hotel Trust (Hotel & <br>Resort REITs) | 1303 | 13069 |
| Peloton Interactive, Inc.\*—Class A <br>(Leisure Products) | 4085 | 29167 |
| Penguin Solutions, Inc.\* <br>(Semiconductors & Semiconductor <br>Equipment) | 591 | 13930 |
| PennyMac Financial Services, Inc. <br>(Financial Services) | 324 | 30177 |
| PennyMac Mortgage Investment Trust <br>(Mortgage REITs) | 967 | 11401 |
| Peoples Bancorp of North Carolina, Inc. <br>(Banks) | 47 | 1349 |
| Peoples Bancorp, Inc. (Banks) | 386 | 11055 |
| Peoples Financial Services Corp. (Banks) | 103 | 5017 |
| Perdoceo Education Corp. (Diversified <br>Consumer Services) | 682 | 19628 |
| Perella Weinberg Partners (Capital <br>Markets) | 675 | 13460 |
| Performant Financial Corp.\* <br>(Commercial Services & Supplies) | 777 | 2758 |
| Perimeter Solutions SA\* (Chemicals) | 1542 | 24872 |
| Perma-Fix Environmental Services, Inc.\* <br>(Commercial Services & Supplies) | 192 | 2212 |
| Perpetua Resources Corp.\* (Metals & <br>Mining) | 510 | 7701 |
| Personalis, Inc.\* (Health Care Facilities & <br>Services) | 555 | 3041 |
| Perspective Therapeutics, Inc.\* <br>(Biotechnology) | 660 | 2534 |

---

**See accompanying notes to financial statements.**

------

July 31, 2025 :: Schedule of Portfolio Investments **:: UltraSmall-Cap ProFund :: 175**

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Petco Health & Wellness Co., Inc.\* <br>(Specialty Retail) | 869 | $2616 |
| Phathom Pharmaceuticals, Inc.\* <br>(Pharmaceuticals) | 468 | 3997 |
| Phibro Animal Health Corp.—Class A <br>(Pharmaceuticals) | 226 | 5989 |
| Phillips Edison & Co., Inc. (Retail REITs) | 1399 | 47272 |
| Phinia, Inc. (Automobile Components) | 437 | 22156 |
| Photronics, Inc.\* (Semiconductors & <br>Semiconductor Equipment) | 681 | 13865 |
| Phreesia, Inc.\* (Health Care Technology) | 626 | 16877 |
| Piedmont Lithium, Inc.\* (Metals & Mining) | 229 | 1672 |
| Piedmont Office Realty Trust, Inc. <br>(Office REITs) | 1377 | 10410 |
| Pioneer Bancorp, Inc.\* (Banks) | 125 | 1534 |
| Piper Sandler Cos. (Capital Markets) | 194 | 61171 |
| Pitney Bowes, Inc. (Commercial <br>Services & Supplies) | 2033 | 23095 |
| PJT Partners, Inc.—Class A (Capital <br>Markets) | 255 | 45548 |
| Planet Labs PBC\* (Professional Services) | 2372 | 14825 |
| Playstudios, Inc.\* (Entertainment) | 978 | 1125 |
| Playtika Holding, Corp.\* (Entertainment <br>Content) | 623 | 2775 |
| Plexus Corp.\* (Electronic Equipment, <br>Instruments & Components) | 298 | 37995 |
| Plug Power, Inc.\* (Electrical Equipment) | 10126 | 15189 |
| Plumas Bancorp (Banks) | 59 | 2434 |
| Plymouth Industrial REIT, Inc. <br>(Industrial REITs) | 455 | 6607 |
| Polaris Industries, Inc.\* (Leisure Products) | 591 | 31271 |
| Ponce Financial Group, Inc.\* (Banks) | 218 | 3063 |
| Porch Group, Inc.\* (Software) | 892 | 11257 |
| Portillo's, Inc.\*—Class A (Hotels, <br>Restaurants & Leisure) | 625 | 6225 |
| Portland General Electric Co. (Electric <br>Utilities) | 1222 | 50249 |
| Postal Realty Trust, Inc.—Class A <br>(Office REITs) | 248 | 3400 |
| Potbelly Corp.\* (Hotels, Restaurants & <br>Leisure) | 283 | 3404 |
| PotlatchDeltic Corp. (Specialized REITs) | 868 | 35493 |
| Powell Industries, Inc. (Electrical <br>Equipment) | 106 | 25133 |
| Power Integrations, Inc. <br>(Semiconductors & Semiconductor <br>Equipment) | 628 | 30471 |
| Power Solutions International, Inc.\* <br>(Machinery) | 73 | 6844 |
| Powerfleet, Inc.\* (Electronic Equipment, <br>Instruments & Components) | 1377 | 5591 |
| PRA Group, Inc.\* (Consumer Finance) | 437 | 6642 |
| Prairie Operating Co.\* (Software) | 239 | 739 |
| Praxis Precision Medicines, Inc.\* <br>(Biotechnology) | 197 | 10681 |
| Precigen, Inc.\* (Biotechnology) | 1661 | 2840 |
| Preferred Bank (Banks) | 138 | 12533 |
| Preformed Line Products Co. <br>(Electrical Equipment) | 27 | 4167 |
| Premier, Inc.—Class A (Health Care <br>Providers & Services) | 1013 | 21759 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Prestige Consumer Healthcare, Inc.\* <br>(Pharmaceuticals) | 548 | $40526 |
| PriceSmart, Inc. (Consumer Staples <br>Distribution & Retail) | 284 | 30530 |
| Prime Medicine, Inc.\* (Biotechnology) | 646 | 2416 |
| PrimeEnergy Resources Corp.\* (Oil, <br>Gas & Consumable Fuels) | 6 | 1011 |
| Primis Financial Corp. (Banks) | 233 | 2607 |
| Primoris Services Corp. (Construction & <br>Engineering) | 600 | 56502 |
| Princeton Bancorp, Inc. (Banks) | 59 | 1781 |
| Priority Technology Holdings, Inc.\* <br>(Financial Services) | 276 | 1891 |
| Privia Health Group, Inc.\* (Health Care <br>Providers & Services) | 1274 | 24868 |
| ProAssurance Corp.\* (Insurance) | 566 | 13448 |
| PROCEPT BioRobotics Corp.\* (Health <br>Care Equipment & Supplies) | 582 | 28233 |
| Pro-Dex, Inc.\* (Medical Equipment & <br>Devices) | 23 | 1151 |
| Proficient Auto Logistics, Inc.\* <br>(Ground Transportation) | 261 | 1804 |
| ProFrac Holding Corp.\*—Class A <br>(Energy Equipment & Services) | 136 | 955 |
| PROG Holdings, Inc. (Consumer Finance) | 445 | 14169 |
| Progress Software Corp. (Software) | 475 | 22838 |
| Progyny, Inc.\* (Health Care Providers & <br>Services) | 761 | 17891 |
| ProPetro Holding Corp.\* (Energy <br>Equipment & Services) | 887 | 4754 |
| PROS Holdings, Inc.\* (Software) | 485 | 7610 |
| Protagonist Therapeutics, Inc.\* <br>(Biotechnology) | 645 | 34740 |
| Protalix Biotherapeutics Inc\* (Biotech & <br>Pharma) | 772 | 1127 |
| Protara Therapeutics, Inc.\* (Biotech & <br>Pharma) | 358 | 1110 |
| Prothena Corp. PLC\* (Biotechnology) | 429 | 2947 |
| Proto Labs, Inc.\* (Machinery) | 264 | 11384 |
| Provident Bancorp, Inc.\* (Banks) | 177 | 2161 |
| Provident Financial Services, Inc. (Banks) | 1427 | 26000 |
| PTC Therapeutics, Inc.\* (Biotechnology) | 861 | 44867 |
| PubMatic, Inc.\*—Class A (Media) | 462 | 5549 |
| Pulmonx Corp.\* (Health Care <br>Equipment & Supplies) | 423 | 778 |
| Pulse Biosciences, Inc.\* (Health Care <br>Equipment & Supplies) | 196 | 2944 |
| Puma Biotechnology, Inc.\* <br>(Biotechnology) | 470 | 1462 |
| Pure Cycle Corp.\* (Water Utilities) | 219 | 2146 |
| PureCycle Technologies, Inc.\* (Chemicals) | 1439 | 19297 |
| Q2 Holdings, Inc.\* (Software) | 689 | 55947 |
| QCR Holdings, Inc. (Banks) | 183 | 12993 |
| Quad/Graphics, Inc. (Commercial <br>Services & Supplies) | 320 | 1706 |
| Quaker Chemical Corp. (Chemicals) | 155 | 17735 |
| Qualys, Inc.\* (Software) | 405 | 53893 |
| Quanex Building Products Corp. <br>(Building Products) | 524 | 10208 |
| Quanterix Corp.\* (Life Sciences Tools & <br>Services) | 408 | 2424 |

---

**See accompanying notes to financial statements.**

------

**176 :: UltraSmall-Cap ProFund ::** Schedule of Portfolio Investments :: July 31, 2025

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Quantum Computing Inc\* (Software) | 1277 | $18950 |
| Quantum-Si, Inc.\* (Life Sciences Tools & <br>Services) | 1562 | 2312 |
| QuidelOrtho Corp.\* (Health Care <br>Equipment & Supplies) | 751 | 17288 |
| QuinStreet, Inc.\* (Interactive Media & <br>Services) | 603 | 9895 |
| Rackspace Technology, Inc.\* (IT Services) | 926 | 1120 |
| Radian Group, Inc. (Financial Services) | 1567 | 51100 |
| Radiant Logistics, Inc.\* (Air Freight & <br>Logistics) | 367 | 2169 |
| RadNet, Inc.\* (Health Care Providers & <br>Services) | 737 | 40336 |
| Ramaco Resources, Inc.—Class A <br>(Metals & Mining) | 394 | 8018 |
| Rambus, Inc.\* (Semiconductors & <br>Semiconductor Equipment) | 1196 | 88419 |
| Ranger Bermuda Topco Ltd.\* (Insurance) | 19 | 516 |
| Ranger Energy Services, Inc. (Energy <br>Equipment & Services) | 190 | 2544 |
| Ranpak Holdings Corp.\* (Containers & <br>Packaging) | 520 | 1898 |
| Rapid7, Inc.\* (Software) | 708 | 14953 |
| Rapport Therapeutics, Inc.\* <br>(Pharmaceuticals) | 194 | 2786 |
| Rayonier Advanced Materials, Inc.\* <br>(Chemicals) | 714 | 2742 |
| RBB Bancorp (Banks) | 187 | 3387 |
| RCI Hospitality Holdings, Inc. (Hotels, <br>Restaurants & Leisure) | 91 | 3261 |
| RCM TECHNOLOGIES, INC.\* <br>(Technology Services) | 54 | 1302 |
| RE/MAX Holdings, Inc.—Class A (Real <br>Estate Management & Development) | 203 | 1561 |
| Ready Capital Corp. (Mortgage REITs) | 1846 | 7772 |
| Recursion Pharmaceuticals, <br>Inc.\*—Class A (Biotechnology) | 3761 | 22378 |
| Red Cat Holdings, Inc.\* (Aerospace & <br>Defense) | 829 | 6864 |
| Red River Bancshares, Inc. (Banks) | 52 | 3129 |
| Red Rock Resorts, Inc.—Class A <br>(Hotels, Restaurants & Leisure) | 541 | 33190 |
| Red Violet, Inc.\* (Software) | 125 | 5541 |
| Redwire Corp.\* (Aerospace & Defense) | 372 | 5316 |
| Redwood Trust, Inc. (Mortgage REITs) | 1473 | 8043 |
| REGENXBIO, Inc.\* (Biotechnology) | 518 | 4408 |
| Regional Management Corp. <br>(Consumer Finance) | 103 | 3424 |
| Relay Therapeutics, Inc.\* (Biotechnology) | 1467 | 5164 |
| Remitly Global, Inc.\* (Financial Services) | 1718 | 28347 |
| Renasant Corp. (Banks) | 1045 | 38289 |
| Repay Holdings Corp.\* (Financial <br>Services) | 862 | 4241 |
| Replimune Group, Inc.\* (Biotechnology) | 729 | 5125 |
| ReposiTrak, Inc. (Software) | 125 | 2060 |
| Repro-Med Systems, Inc.\* (Medical <br>Equipment & Devices) | 470 | 1626 |
| Republic Bancorp, Inc.—Class A (Banks) | 93 | 6404 |
| Reservoir Media, Inc.\* (Entertainment) | 225 | 1787 |
| Resideo Technologies, Inc.\* (Building <br>Products) | 1646 | 44936 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Resolute Holdings Management, Inc.\* <br>(Asset Management) | 47 | $1905 |
| Resources Connection, Inc. <br>(Professional Services) | 360 | 1822 |
| REV Group, Inc. (Machinery) | 569 | 28194 |
| Revolve Group, Inc.\* (Specialty Retail) | 449 | 9317 |
| REX American Resources Corp.\* (Oil, <br>Gas & Consumable Fuels) | 164 | 8574 |
| Rezolute, Inc.\* (Biotech & Pharma) | 741 | 4409 |
| Rezolve AI PLC\* (Software) | 1007 | 2951 |
| RGC Resources, Inc. (Gas Utilities) | 92 | 1853 |
| Rhinebeck BanCorp, Inc.\* (Banking) | 50 | 635 |
| Rhythm Pharmaceuticals, Inc.\* <br>(Biotechnology) | 603 | 51393 |
| Ribbon Communications, Inc.\* <br>(Communications Equipment) | 1039 | 3907 |
| Richardson Electronics, Ltd. <br>(Electronic Equipment, Instruments & <br>Components) | 134 | 1351 |
| Richmond Mutual BanCorp, Inc.\* <br>(Banking) | 101 | 1398 |
| Richtech Robotics, Inc.\* (Machinery) | 766 | 1455 |
| Rigel Pharmaceuticals, Inc.\* <br>(Biotechnology) | 195 | 4107 |
| Rigetti Computing, Inc.\* <br>(Semiconductors & Semiconductor <br>Equipment) | 3135 | 45458 |
| Riley Exploration Permian, Inc. (Oil, <br>Gas & Consumable Fuels) | 145 | 3805 |
| Rimini Street, Inc.\* (Software) | 540 | 2592 |
| Riot Platforms, Inc.\* (Software) | 3662 | 49107 |
| Riverview Bancorp, Inc.\* (Banking) | 226 | 1114 |
| RLJ Lodging Trust (Hotel & Resort REITs) | 1645 | 12173 |
| Rocket Pharmaceuticals, Inc.\* <br>(Biotechnology) | 929 | 2833 |
| Rocky Brands, Inc. (Textiles, Apparel & <br>Luxury Goods) | 78 | 2040 |
| Rogers Corp.\* (Electronic Equipment, <br>Instruments & Components) | 206 | 13509 |
| Root, Inc.\*—Class A (Insurance) | 118 | 14282 |
| RPC, Inc. (Energy Equipment & Services) | 990 | 4604 |
| Rumble, Inc.\* (Internet Media & Services) | 873 | 7369 |
| Rush Enterprises, Inc.—Class A <br>(Trading Companies & Distributors) | 693 | 37519 |
| Rush Enterprises, Inc.—Class B <br>(Trading Companies & Distributors) | 102 | 5540 |
| Rush Street Interactive, Inc.\* (Hotels, <br>Restaurants & Leisure) | 983 | 19817 |
| RXO, Inc.\* (Ground Transportation) | 1801 | 27826 |
| RxSight, Inc.\* (Health Care Equipment & <br>Supplies) | 412 | 3205 |
| Ryerson Holding Corp. (Metals & Mining) | 300 | 6180 |
| Ryman Hospitality Properties, Inc. <br>(Hotel & Resort REITs) | 652 | 61978 |
| S&T Bancorp, Inc. (Banks) | 424 | 15535 |
| Sable Offshore Corp.\* (Oil, Gas & <br>Consumable Fuels) | 758 | 23248 |
| Sabra Health Care REIT, Inc. (Health <br>Care REITs) | 2635 | 47509 |
| Sabre Corp.\* (Hotels, Restaurants & <br>Leisure) | 4018 | 12175 |

---

**See accompanying notes to financial statements.**

------

July 31, 2025 :: Schedule of Portfolio Investments **:: UltraSmall-Cap ProFund :: 177**

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Safe Builders, Inc. (Marine Transportation) | 638 | $2507 |
| Safehold, Inc. (Specialized REITs) | 622 | 8702 |
| Safety Insurance Group, Inc. (Insurance) | 163 | 11467 |
| Sally Beauty Holdings, Inc.\* (Specialty <br>Retail) | 1132 | 11026 |
| Sana Biotechnology, Inc.\* (Biotechnology) | 1478 | 6001 |
| Sanara Medtech, Inc.\* (Health Care <br>Equipment & Supplies) | 34 | 822 |
| SandRidge Energy, Inc. (Oil, Gas & <br>Consumable Fuels) | 403 | 4187 |
| Sanmina Corp.\* (Electronic Equipment, <br>Instruments & Components) | 579 | 67187 |
| SANUWAVE Health, Inc.\* (Medical <br>Equipment & Devices) | 78 | 3001 |
| Sapiens International Corp. N.V. <br>(Software) | 344 | 9429 |
| Satellogic, Inc.\* (Telecommunications) | 763 | 2503 |
| Saul Centers, Inc. (Retail REITs) | 136 | 4382 |
| Savara, Inc.\* (Biotechnology) | 1401 | 3629 |
| Savers Value Village, Inc.\* (Broadline <br>Retail) | 258 | 2686 |
| SB Financial Group\* (Banking) | 66 | 1241 |
| SBC Medical Group Holdings, Inc.\* <br>(Health Care Facilities & Services) | 63 | 273 |
| ScanSource, Inc.\* (Electronic <br>Equipment, Instruments & <br>Components) | 241 | 9360 |
| Scholar Rock Holding Corp.\* <br>(Biotechnology) | 899 | 33308 |
| Scholastic Corp. (Media) | 240 | 5921 |
| Schrodinger, Inc.\* (Health Care <br>Technology) | 624 | 12686 |
| Scilex Holding Co.\* (Biotech & Pharma) | 29 | 393 |
| Scorpio Tankers, Inc. (Oil, Gas & <br>Consumable Fuels) | 482 | 21791 |
| scPharmaceuticals, Inc.\* <br>(Pharmaceuticals) | 379 | 1925 |
| Seacoast Banking Corp. of Florida (Banks) | 942 | 26555 |
| SEACOR Marine Holdings, Inc.\* <br>(Energy Equipment & Services) | 228 | 1140 |
| Seadrill, Ltd.\* (Energy Equipment & <br>Services) | 696 | 20295 |
| Seaport Entertainment Group Inc\* <br>(Real Estate Owners & Developers) | 83 | 1915 |
| SeaWorld Entertainment, Inc.\* (Hotels, <br>Restaurants & Leisure) | 301 | 14246 |
| Security National Financial <br>Corp.\*—Class A (Specialty Finance) | 171 | 1450 |
| Select Energy Services, Inc.—Class A <br>(Energy Equipment & Services) | 1034 | 9957 |
| Select Medical Holdings Corp. (Health <br>Care Providers & Services) | 1239 | 18325 |
| Selective Insurance Group, Inc. <br>(Insurance) | 674 | 52551 |
| Selectquote, Inc.\* (Insurance) | 1522 | 2679 |
| SELLAS Life Sciences Group, Inc.\* <br>(Biotech & Pharma) | 1057 | 1681 |
| Semler Scientific, Inc.\* (Health Care <br>Equipment & Supplies) | 93 | 3334 |
| SEMrush Holdings, Inc.\* (Software) | 509 | 4561 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Semtech Corp.\* (Semiconductors & <br>Semiconductor Equipment) | 966 | $49363 |
| Seneca Foods Corp.\*—Class A (Food <br>Products) | 51 | 5341 |
| Sensient Technologies Corp. (Chemicals) | 468 | 52552 |
| Septerna, Inc.\* (Pharmaceuticals) | 237 | 2941 |
| Serve Robotics, Inc.\* (Internet Media & <br>Services) | 519 | 5289 |
| Service Properties Trust (Hotel & <br>Resort REITs) | 1712 | 4503 |
| ServisFirst Bancshares, Inc. (Banks) | 572 | 44988 |
| Seven Hills Realty Trust (Mortgage REITs) | 161 | 1657 |
| Sezzle, Inc.\* (Financial Services) | 164 | 25394 |
| SFL Corp., Ltd. (Oil, Gas & <br>Consumable Fuels) | 1344 | 12338 |
| Shake Shack, Inc.\*—Class A (Hotels, <br>Restaurants & Leisure) | 431 | 51867 |
| Shenandoah Telecommunications Co. <br>(Diversified Telecommunication <br>Services) | 562 | 8250 |
| Shoals Technologies Group, <br>Inc.\*—Class A (Electrical Equipment) | 1863 | 10042 |
| Shoe Carnival, Inc. (Specialty Retail) | 201 | 4112 |
| Shore Bancshares, Inc. (Banks) | 342 | 5304 |
| ShotSpotter, Inc.\* (Software) | 106 | 1209 |
| Shutterstock, Inc. (Interactive Media & <br>Services) | 266 | 5097 |
| SI-BONE, Inc.\* (Health Care <br>Equipment & Supplies) | 421 | 7170 |
| Siebert Financial Corp.\* (Asset <br>Management) | 157 | 639 |
| Sierra Bancorp (Banks) | 139 | 4075 |
| SIGA Technologies, Inc. <br>(Pharmaceuticals) | 455 | 3008 |
| Sight Sciences, Inc.\* (Health Care <br>Equipment & Supplies) | 457 | 1522 |
| Signet Jewelers, Ltd. (Specialty Retail) | 463 | 36623 |
| Sila Realty Trust, Inc.\* (Health Care REITs) | 617 | 15079 |
| Silicon Laboratories, Inc.\* <br>(Semiconductors & Semiconductor <br>Equipment) | 358 | 47174 |
| Silvaco Group, Inc.\* (Software) | 85 | 378 |
| Silvercrest Asset Management Group, <br>Inc.—Class A (Capital Markets) | 89 | 1456 |
| Simmons First National Corp.—Class A <br>(Banks) | 1567 | 30039 |
| Simulations Plus, Inc. (Health Care <br>Technology) | 185 | 2409 |
| Sinclair, Inc. (Media) | 428 | 6189 |
| Sionna Therapeutics, Inc.\* (Medical <br>Equipment & Devices) | 137 | 2296 |
| SiriusPoint, Ltd.\* (Insurance) | 1136 | 22277 |
| SITE Centers Corp. (Retail REITs) | 556 | 5988 |
| SiTime Corp.\* (Semiconductors & <br>Semiconductor Equipment) | 233 | 47264 |
| Sitio Royalties Corp.—Class A (Oil, <br>Gas & Consumable Fuels) | 865 | 15717 |
| Six Flags Entertainment Corp.\* <br>(Hotels, Restaurants & Leisure) | 1063 | 31847 |
| SJW Group (Water Utilities) | 353 | 17046 |

---

**See accompanying notes to financial statements.**

------

**178 :: UltraSmall-Cap ProFund ::** Schedule of Portfolio Investments :: July 31, 2025

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Skillsoft Corp.\* (Software) | 49 | $699 |
| Sky Harbour Group Corp.\* <br>(Transportation Infrastructure) | 236 | 2306 |
| Skyward Specialty Insurance Group, Inc.\* <br>(Insurance) | 396 | 20030 |
| SkyWater Technology, Inc.\* <br>(Semiconductors & Semiconductor <br>Equipment) | 291 | 2604 |
| SkyWest, Inc.\* (Passenger Airlines) | 448 | 51950 |
| SKYX Platforms Corp.\* (Electrical <br>Equipment) | 678 | 678 |
| SL Green Realty Corp. (Office REITs) | 796 | 45572 |
| Sleep Number Corp.\* (Specialty Retail) | 231 | 1693 |
| SM Energy Co. (Oil, Gas & Consumable <br>Fuels) | 1265 | 34901 |
| SmartFinancial, Inc. (Banks) | 161 | 5516 |
| Smartstop Self Storage REIT, Inc.\* <br>(REITS & Real Estate Management) | 314 | 10638 |
| Smith & Wesson Brands, Inc. (Leisure <br>Products) | 487 | 3872 |
| Smith-Midland Corp.\* (Construction <br>Materials) | 30 | 1043 |
| Solaris Energy Infrastructure, Inc.\* <br>(Energy Equipment & Services) | 404 | 13199 |
| Soleno Therapeutics, Inc.\* <br>(Biotechnology) | 445 | 38479 |
| Solesence, Inc.\* (Household Products) | 208 | 713 |
| Solid Biosciences, Inc.\* (Biotechnology) | 731 | 5000 |
| Solid Power, Inc.\* (Automobile <br>Components) | 1606 | 5123 |
| Sonic Automotive, Inc.—Class A <br>(Specialty Retail) | 164 | 11865 |
| Sonida Senior Living, Inc.\* (Health <br>Care Providers & Services) | 61 | 1490 |
| Sonos, Inc.\* (Household Durables) | 1303 | 14085 |
| Sound Financial Bancorp, Inc.\* (Banking) | 24 | 1105 |
| SoundHound AI, Inc.\*—Class A <br>(Software) | 4058 | 41919 |
| South Plains Financial, Inc. (Banks) | 142 | 5270 |
| Southern California BanCorp\* (Banks) | 249 | 3733 |
| Southern First Bancshares, Inc.\* (Banks) | 86 | 3574 |
| Southern Missouri Bancorp, Inc. (Banks) | 107 | 5788 |
| Southland Holdings, Inc.\* <br>(Construction & Engineering) | 118 | 507 |
| Southside Bancshares, Inc. (Banks) | 320 | 9421 |
| Southwest Gas Holdings, Inc. (Gas <br>Utilities) | 718 | 56105 |
| SpartanNash Co. (Consumer Staples <br>Distribution & Retail) | 373 | 9899 |
| Spectrum Brands Holdings, Inc. <br>(Household Products) | 283 | 15143 |
| Sphere Entertainment Co.\* <br>(Entertainment) | 308 | 13259 |
| Spire Global, Inc.\* (Professional Services) | 304 | 3049 |
| Spire, Inc. (Gas Utilities) | 639 | 47586 |
| Spirit Aviation Holdings, Inc. <br>(Transportation & Logistics) | 178 | 728 |
| Spok Holdings, Inc. (Wireless <br>Telecommunication Services) | 226 | 4145 |
| Sprinklr, Inc.\*—Class A (Software) | 1220 | 10992 |
| Sprout Social, Inc.\*—Class A (Software) | 573 | 9827 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| SPS Commerce, Inc.\* (Software) | 422 | $45941 |
| SPX Technologies, Inc.\* (Machinery) | 506 | 92288 |
| Spyre Therapeutics, Inc.\* (Biotechnology) | 552 | 9367 |
| SR BanCorp, Inc.\* (Banking) | 87 | 1211 |
| SSR Mining, Inc.\* (Metals & Mining) | 2256 | 26959 |
| STAAR Surgical Co.\* (Health Care <br>Equipment & Supplies) | 553 | 9907 |
| Stagwell, Inc.\* (Media) | 1279 | 7329 |
| Standard BioTools, Inc.\* (Life Sciences <br>Tools & Services) | 3315 | 4409 |
| Standard Motor Products, Inc. <br>(Automobile Components) | 234 | 7104 |
| Standex International Corp. (Machinery) | 131 | 21581 |
| Starz Entertainment Corp.\* <br>(Entertainment) | 142 | 2066 |
| Steelcase, Inc.—Class A (Commercial <br>Services & Supplies) | 929 | 9597 |
| Stellar Bancorp, Inc. (Banks) | 521 | 15385 |
| Stepan Co. (Chemicals) | 239 | 12134 |
| StepStone Group, Inc.—Class A <br>(Capital Markets) | 695 | 41255 |
| Stereotaxis, Inc.\* (Health Care <br>Equipment & Supplies) | 634 | 1439 |
| Sterling Infrastructure, Inc.\* <br>(Construction & Engineering) | 331 | 88572 |
| Steven Madden, Ltd. (Textiles, <br>Apparel & Luxury Goods) | 769 | 18460 |
| Stewart Information Services Corp. <br>(Insurance) | 308 | 19998 |
| Stitch Fix, Inc.\*—Class A (Specialty Retail) | 1176 | 5562 |
| Stock Yards Bancorp, Inc. (Banks) | 291 | 21755 |
| Stoke Therapeutics, Inc.\* (Biotechnology) | 454 | 5834 |
| StoneCo, Ltd.\* (Financial Services) | 2686 | 34327 |
| StoneX Group, Inc.\* (Capital Markets) | 501 | 48717 |
| Strategic Education, Inc. (Diversified <br>Consumer Services) | 267 | 19797 |
| Strattec Security Corporation\* <br>(Industrial Intermediate Products) | 43 | 2729 |
| Stratus Properties, Inc.\* (Real Estate <br>Management & Development) | 74 | 1179 |
| Strawberry Fields REIT, Inc. (Health <br>Care REITs) | 80 | 821 |
| Stride, Inc.\* (Diversified Consumer <br>Services) | 473 | 60654 |
| Sturm Ruger & Co., Inc. (Leisure <br>Products) | 178 | 6080 |
| Summit Hotel Properties, Inc. (Hotel & <br>Resort REITs) | 1216 | 6348 |
| Summit Midstream Corp.\* (Oil & Gas <br>Producers) | 110 | 2803 |
| Sun Country Airlines Holdings, Inc.\* <br>(Passenger Airlines) | 566 | 6560 |
| SunCoke Energy, Inc. (Metals & Mining) | 941 | 6954 |
| SunOpta, Inc.\* (Food Products) | 1061 | 6186 |
| Sunrise Realty Trust, Inc.\* (Mortgage <br>REITs) | 113 | 1131 |
| Sunrun, Inc.\* (Electrical Equipment) | 2322 | 23824 |
| Sunstone Hotel Investors, Inc. (Hotel & <br>Resort REITs) | 2135 | 18681 |
| Super Group SGHC, Ltd. (Hotels, <br>Restaurants & Leisure) | 1765 | 18974 |

---

**See accompanying notes to financial statements.**

------

July 31, 2025 :: Schedule of Portfolio Investments **:: UltraSmall-Cap ProFund :: 179**

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Superior Group of Cos., Inc. (Textiles, <br>Apparel & Luxury Goods) | 125 | $1206 |
| Supernus Pharmaceuticals, Inc.\* <br>(Pharmaceuticals) | 598 | 20990 |
| Surgery Partners, Inc.\* (Health Care <br>Providers & Services) | 857 | 18811 |
| Surmodics, Inc.\* (Health Care <br>Equipment & Supplies) | 154 | 5529 |
| Sweetgreen, Inc.\*—Class A (Hotels, <br>Restaurants & Leisure) | 1147 | 14773 |
| SWK Holdings Corp.\* (Financial Services) | 34 | 506 |
| Sylvamo Corp. (Paper & Forest Products) | 381 | 17553 |
| Synaptics, Inc.\* (Semiconductors & <br>Semiconductor Equipment) | 432 | 27086 |
| Synchronoss Technologies, Inc.\* <br>(Software) | 119 | 871 |
| Syndax Pharmaceuticals, Inc.\* <br>(Biotechnology) | 944 | 9364 |
| Tactile Systems Technology, Inc.\* <br>(Health Care Equipment & Supplies) | 260 | 2595 |
| Talkspace, Inc.\* (Health Care Providers & <br>Services) | 1363 | 3312 |
| Talos Energy, Inc.\* (Oil, Gas & <br>Consumable Fuels) | 1334 | 11406 |
| Tandem Diabetes Care, Inc.\* (Health <br>Care Equipment & Supplies) | 740 | 11529 |
| Tanger, Inc. (Retail REITs) | 1239 | 37195 |
| Tango Therapeutics, Inc.\* (Biotechnology) | 849 | 5128 |
| Target Hospitality Corp.\* (Hotels, <br>Restaurants & Leisure) | 356 | 2702 |
| Tarsus Pharmaceuticals, Inc.\* <br>(Pharmaceuticals) | 429 | 16654 |
| Taylor Morrison Home Corp.\* <br>(Household Durables) | 1093 | 64792 |
| Taysha Gene Therapies, Inc.\* <br>(Biotechnology) | 1835 | 5010 |
| TechTarget, Inc.\* (Media) | 294 | 2129 |
| Tecnoglass, Inc. (Building Products) | 270 | 21068 |
| Tectonic Therapeutic, Inc.\* (Biotech & <br>Pharma) | 122 | 2707 |
| Teekay Corp.\* (Transportation & Logistics) | 578 | 4162 |
| Teekay Tankers, Ltd.—Class A <br>(Transportation & Logistics) | 266 | 11264 |
| TEGNA, Inc. (Media) | 1782 | 29759 |
| Tejon Ranch Co.\* (Real Estate <br>Management & Development) | 233 | 4185 |
| Teladoc Health, Inc.\* (Health Care <br>Technology) | 1948 | 14045 |
| Telephone and Data Systems, Inc. <br>(Wireless Telecommunication Services) | 1087 | 42436 |
| Telos Corp.\* (Software) | 608 | 1563 |
| Tenable Holdings, Inc.\* (Software) | 1324 | 41454 |
| Tennant Co. (Machinery) | 208 | 17168 |
| Terawulf, Inc.\* (Software) | 2950 | 15222 |
| Terex Corp. (Machinery) | 722 | 36721 |
| Terns Pharmaceuticals, Inc.\* <br>(Pharmaceuticals) | 801 | 4670 |
| Terreno Realty Corp. (Industrial REITs) | 1133 | 62869 |
| TETRA Technologies, Inc.\* (Energy <br>Equipment & Services) | 1407 | 5769 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Tevogen Bio Holdings, Inc.\* <br>(Biotechnology) | 314 | $311 |
| Texas Capital Bancshares, Inc.\* (Banks) | 504 | 42321 |
| TG Therapeutics, Inc.\* (Biotechnology) | 1609 | 57119 |
| The Andersons, Inc. (Consumer Staples <br>Distribution & Retail) | 363 | 13039 |
| The Arena Group Holdings, Inc.\* <br>(Advertising & Marketing) | 143 | 874 |
| The Baldwin Insurance Group, Inc.\* <br>(Insurance) | 779 | 28698 |
| The Bancorp, Inc.\* (Banks) | 505 | 31896 |
| The Bank of NT Butterfield & Son, Ltd. <br>(Banks) | 482 | 21936 |
| The Beauty Health Co.\* (Personal Care <br>Products) | 1266 | 1950 |
| The Brink's Co. (Commercial Services & <br>Supplies) | 480 | 41922 |
| The Buckle, Inc. (Specialty Retail) | 350 | 17280 |
| The Cheesecake Factory, Inc. (Hotels, <br>Restaurants & Leisure) | 512 | 32722 |
| The Chefs' Warehouse, Inc.\* <br>(Consumer Staples Distribution & Retail) | 404 | 27698 |
| The Chemours Co.\* (Chemicals) | 1669 | 19995 |
| The E.W. Scripps Co.\*—Class A (Media) | 696 | 2081 |
| The Eastern Co. (Machinery) | 64 | 1475 |
| The Ensign Group, Inc. (Health Care <br>Providers & Services) | 622 | 93300 |
| The First Bancorp, Inc. (Banks) | 119 | 3000 |
| The GEO Group, Inc.\* (Commercial <br>Services & Supplies) | 1516 | 39295 |
| The Goodyear Tire & Rubber Co.\* <br>(Automobile Components) | 2894 | 29750 |
| The Gorman-Rupp Co. (Machinery) | 232 | 9549 |
| The Greenbrier Cos., Inc. (Machinery) | 341 | 15516 |
| The Hackett Group, Inc. (IT Services) | 278 | 6502 |
| The Hain Celestial Group, Inc.\* (Food <br>Products) | 1003 | 1575 |
| The Honest Co., Inc.\* (Personal Care <br>Products) | 1034 | 4767 |
| The Joint Corp.\* (Health Care <br>Providers & Services) | 167 | 1844 |
| The Lovesac Co.\* (Household Durables) | 150 | 2702 |
| The Macerich Co. (Retail REITs) | 2815 | 47039 |
| The Manitowoc Co., Inc.\* (Machinery) | 382 | 4871 |
| The Marcus Corp. (Entertainment) | 263 | 4305 |
| The ODP Corp.\* (Specialty Retail) | 306 | 5459 |
| The Pennant Group, Inc.\* (Health Care <br>Providers & Services) | 375 | 8314 |
| The Real Brokerage, Inc.\* (Real Estate <br>Management & Development) | 1175 | 4641 |
| The RealReal, Inc.\* (Specialty Retail) | 1055 | 5549 |
| The RMR Group, Inc.—Class A (Real <br>Estate Management & Development) | 172 | 2762 |
| The Simply Good Foods Co.\* (Food <br>Products) | 1039 | 31648 |
| The St. Joe Co. (Real Estate <br>Management & Development) | 422 | 21311 |
| The Vita Coco Co., Inc.\* (Beverages) | 445 | 15690 |
| The York Water Co. (Water Utilities) | 160 | 4842 |
| Theravance Biopharma, Inc.\* <br>(Pharmaceuticals) | 419 | 4676 |

---

**See accompanying notes to financial statements.**

------

**180 :: UltraSmall-Cap ProFund ::** Schedule of Portfolio Investments :: July 31, 2025

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Thermon Group Holdings, Inc.\* <br>(Electrical Equipment) | 369 | $10435 |
| Third Coast Bancshares, Inc.\* (Banks) | 143 | 5384 |
| Third Harmonic Bio, Inc.\*<sup>†</sup> <br>(Pharmaceuticals) | 278 | 1496 |
| ThredUp, Inc.\*—Class A (Specialty <br>Retail) | 1008 | 8326 |
| Thryv Holdings, Inc.\* (Media) | 413 | 5435 |
| Tidewater, Inc.\* (Energy Equipment & <br>Services) | 560 | 28006 |
| Tile Shop Holdings, Inc.\* (Specialty <br>Retail) | 319 | 2013 |
| Timberland Bancorp, Inc./WA (Banks) | 83 | 2597 |
| TimkenSteel Corp.\* (Metals & Mining) | 407 | 6431 |
| Tiptree, Inc. (Insurance) | 261 | 5424 |
| Titan America SA\* (Construction <br>Materials) | 269 | 3860 |
| Titan International, Inc.\* (Machinery) | 539 | 4560 |
| Titan Machinery, Inc.\* (Trading <br>Companies & Distributors) | 231 | 4463 |
| Tompkins Financial Corp. (Banks) | 149 | 9637 |
| Tonix Pharmaceuticals Holding Corp.\* <br>(Biotech & Pharma) | 84 | 3165 |
| Tootsie Roll Industries, Inc.\* (Food <br>Products) | 195 | 7396 |
| Topgolf Callaway Brands Corp.\* <br>(Leisure Products) | 1463 | 13533 |
| Torrid Holdings, Inc.\* (Specialty Retail) | 262 | 652 |
| Tourmaline Bio, Inc.\* (Biotechnology) | 211 | 4669 |
| TowneBank (Banks) | 783 | 27428 |
| TPG RE Finance Trust, Inc. (Mortgage <br>REITs) | 759 | 6603 |
| Traeger, Inc.\* (Household Durables) | 351 | 569 |
| Transcat, Inc.\* (Trading Companies & <br>Distributors) | 102 | 7796 |
| Transcontinental Realty Investors, Inc.\* <br>(Real Estate Management & <br>Development) | 21 | 861 |
| TransMedics Group, Inc.\* (Health Care <br>Equipment & Supplies) | 368 | 43781 |
| Transocean, Ltd.\* (Energy Equipment & <br>Services) | 8255 | 24105 |
| TRAVELZOO INC.\* (Internet Media & <br>Services) | 70 | 699 |
| Travere Therapeutics, Inc.\* <br>(Biotechnology) | 976 | 15079 |
| Treace Medical Concepts, Inc.\* <br>(Health Care Equipment & Supplies) | 528 | 2835 |
| Tredegar Corp.\* (Metals & Mining) | 296 | 2578 |
| TreeHouse Foods, Inc.\* (Food Products) | 557 | 10706 |
| Trevi Therapeutics, Inc.\* <br>(Pharmaceuticals) | 840 | 6220 |
| Tri Pointe Homes, Inc.\* (Household <br>Durables) | 991 | 30523 |
| TriCo Bancshares (Banks) | 339 | 13940 |
| Triller Group, Inc.\* (Internet Media & <br>Services) | 1141 | 615 |
| TriMas Corp. (Containers & Packaging) | 368 | 13149 |
| TriNet Group, Inc. (Professional Services) | 332 | 22513 |
| Trinity Industries, Inc. (Machinery) | 907 | 21133 |
| Trinseo PLC\* (Chemicals) | 377 | 1007 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| TripAdvisor, Inc.\* (Interactive Media & <br>Services) | 1289 | $22544 |
| TriSalus Life Sciences, Inc.\* (Biotech & <br>Pharma) | 177 | 749 |
| Triumph Financial, Inc.\* (Banks) | 248 | 14067 |
| Tronox Holdings PLC—Class A <br>(Chemicals) | 1324 | 4224 |
| TrueBlue, Inc.\* (Professional Services) | 317 | 2289 |
| TrueCar, Inc.\* (Interactive Media & <br>Services) | 872 | 1596 |
| Trupanion, Inc.\* (Insurance) | 411 | 19486 |
| TrustCo Bank Corp. (Banks) | 206 | 6913 |
| Trustmark Corp. (Banks) | 629 | 23430 |
| TSS Inc/MD\* (Engineering & <br>Construction) | 202 | 5494 |
| TTEC Holdings, Inc. (Professional <br>Services) | 220 | 1096 |
| TTM Technologies, Inc.\* (Electronic <br>Equipment, Instruments & <br>Components) | 1116 | 52731 |
| Tucows, Inc.\*—Class A (IT Services) | 75 | 1292 |
| TuHURA Biosciences, Inc.\* (Biotech & <br>Pharma) | 284 | 704 |
| Turning Point Brands, Inc. (Tobacco) | 190 | 15758 |
| Turtle Beach Corp.\* (Technology <br>Hardware, Storage & Peripherals) | 166 | 2414 |
| Tutor Perini Corp.\* (Construction & <br>Engineering) | 493 | 23738 |
| Tvardi Therapeutics, Inc.\* (Biotech & <br>Pharma) | 38 | 986 |
| Twist Bioscience Corp.\* (Biotechnology) | 655 | 21988 |
| Two Harbors Investment Corp. <br>(Mortgage REITs) | 1157 | 11281 |
| TXNM Energy, Inc. (Electric Utilities) | 1027 | 58323 |
| Tyra Biosciences, Inc.\* (Biotechnology) | 267 | 2918 |
| U.S. Physical Therapy, Inc. (Health <br>Care Providers & Services) | 167 | 12216 |
| Udemy, Inc.\* (Diversified Consumer <br>Services) | 1076 | 8188 |
| UFP Industries, Inc. (Building Products) | 669 | 65562 |
| UFP Technologies, Inc.\* (Health Care <br>Equipment & Supplies) | 83 | 18790 |
| Ultra Clean Holdings, Inc.\* <br>(Semiconductors & Semiconductor <br>Equipment) | 495 | 11147 |
| UMB Financial Corp. (Banks) | 805 | 88541 |
| UMH Properties, Inc. (Residential REITs) | 865 | 14082 |
| UniFirst Corp. (Commercial Services & <br>Supplies) | 167 | 28562 |
| Union Bankshares, Inc./Morrisville VT\* <br>(Banking) | 40 | 1088 |
| Unisys Corp.\* (IT Services) | 739 | 3052 |
| United Bankshares, Inc. (Banks) | 1569 | 55731 |
| United Community Banks, Inc. (Banks) | 1335 | 40718 |
| United Fire Group, Inc. (Insurance) | 233 | 6186 |
| United Insurance Holdings Corp.\* <br>(Insurance) | 271 | 2821 |
| United Natural Foods, Inc.\* (Consumer <br>Staples Distribution & Retail) | 662 | 18298 |
| United Security Bancshares/Fresno CA\* <br>(Banking) | 153 | 1308 |

---

**See accompanying notes to financial statements.**

------

July 31, 2025 :: Schedule of Portfolio Investments **:: UltraSmall-Cap ProFund :: 181**

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| United States Antimony Corp.\* <br>(Metals & Mining) | 1014 | $3103 |
| United States Lime & Minerals, Inc. <br>(Construction Materials) | 120 | 11950 |
| Uniti Group, Inc. (Specialized REITs) | 2629 | 13986 |
| Unitil Corp. (Multi-Utilities) | 179 | 9233 |
| Unity Bancorp, Inc. (Banks) | 81 | 3978 |
| Universal Corp. (Tobacco) | 268 | 14598 |
| Universal Health Realty Income Trust <br>(Health Care REITs) | 143 | 5547 |
| Universal Insurance Holdings, Inc. <br>(Insurance) | 282 | 6666 |
| Universal Logistics Holdings, Inc. <br>(Ground Transportation) | 75 | 1795 |
| Universal Technical Institute, Inc.\* <br>(Diversified Consumer Services) | 497 | 16013 |
| Univest Financial Corp. (Banks) | 319 | 9200 |
| Upbound Group, Inc. (Specialty Retail) | 582 | 12010 |
| Upstart Holdings, Inc.\* (Consumer <br>Finance) | 933 | 76264 |
| Upstream Bio, Inc.\* (Biotechnology) | 386 | 5910 |
| Upwork, Inc.\* (Professional Services) | 1378 | 16481 |
| Uranium Energy Corp.\* (Oil, Gas & <br>Consumable Fuels) | 4716 | 40888 |
| Urban Edge Properties (Retail REITs) | 1410 | 27805 |
| Urban Outfitters, Inc.\* (Specialty Retail) | 701 | 52771 |
| UroGen Pharma, Ltd.\* (Biotechnology) | 409 | 7796 |
| US Gold Corp.\* (Metals & Mining) | 122 | 1247 |
| US Goldmining, Inc.\* (Metals & Mining) | 18 | 140 |
| USANA Health Sciences, Inc.\* <br>(Personal Care Products) | 123 | 3615 |
| USCB Financial Holdings, Inc. (Banks) | 118 | 1964 |
| Utah Medical Products, Inc. (Health <br>Care Equipment & Supplies) | 34 | 1890 |
| Utz Brands, Inc. (Food Products) | 802 | 10450 |
| V2X, Inc.\* (Aerospace & Defense) | 191 | 9050 |
| VAALCO Energy, Inc. (Oil, Gas & <br>Consumable Fuels) | 1147 | 4267 |
| Valaris, Ltd.\* (Energy Equipment & <br>Services) | 706 | 34333 |
| Valhi, Inc. (Chemicals) | 27 | 424 |
| Valley National Bancorp (Banks) | 5375 | 49826 |
| Value Line, Inc. (Capital Markets) | 9 | 334 |
| Vanda Pharmaceuticals, Inc.\* <br>(Biotechnology) | 617 | 2628 |
| Varex Imaging Corp.\* (Health Care <br>Equipment & Supplies) | 455 | 3312 |
| Varonis Systems, Inc.\* (Software) | 1223 | 68280 |
| Vaxcyte, Inc.\* (Biotechnology) | 1393 | 47291 |
| Veeco Instruments, Inc.\* <br>(Semiconductors & Semiconductor <br>Equipment) | 633 | 13154 |
| Velocity Financial, Inc.\* (Financial <br>Services) | 124 | 2058 |
| Vera Therapeutics, Inc.\* (Biotechnology) | 570 | 11850 |
| Veracyte, Inc.\* (Biotechnology) | 868 | 20407 |
| Verastem, Inc.\* (Biotechnology) | 503 | 3104 |
| Verde Clean Fuels, Inc.\* (Oil, Gas & <br>Consumable Fuels) | 46 | 135 |
| Vericel Corp.\* (Biotechnology) | 558 | 19497 |
| Verint Systems, Inc.\* (Software) | 689 | 14662 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Veritex Holdings, Inc. (Banks) | 587 | $18620 |
| Verra Mobility Corp.\* (Professional <br>Services) | 1770 | 44710 |
| Vertex, Inc.\*—Class A (Software) | 721 | 23916 |
| Vestis Corp. (Commercial Services & <br>Supplies) | 1278 | 7745 |
| Viad Corp.\* (Commercial Services & <br>Supplies) | 235 | 7106 |
| Viant Technology, Inc.\*—Class A <br>(Software) | 174 | 2523 |
| Viasat, Inc.\* (Communications <br>Equipment) | 1256 | 20636 |
| Viavi Solutions, Inc.\* (Communications <br>Equipment) | 2453 | 24653 |
| Vicor Corp.\* (Electrical Equipment) | 259 | 11510 |
| Victoria's Secret & Co.\* (Specialty Retail) | 758 | 14250 |
| Victory Capital Holdings, Inc.—Class A <br>(Capital Markets) | 490 | 33766 |
| Viemed Healthcare, Inc.\* (Health Care <br>Providers & Services) | 386 | 2351 |
| Village Super Market, Inc.—Class A <br>(Consumer Staples Distribution & Retail) | 101 | 3474 |
| Vimeo, Inc.\* (Interactive Media & <br>Services) | 1743 | 6606 |
| Vir Biotechnology, Inc.\* (Biotechnology) | 986 | 4999 |
| Virco Mfg. Corp. (Commercial Services & <br>Supplies) | 122 | 944 |
| Virginia National Bankshares Corp. <br>(Banks) | 53 | 1954 |
| Viridian Therapeutics, Inc.\* <br>(Biotechnology) | 769 | 13473 |
| Virtus Investment Partners, Inc. (Capital <br>Markets) | 73 | 14112 |
| Vishay Intertechnology, Inc. (Electronic <br>Equipment, Instruments & <br>Components) | 1342 | 21995 |
| Vishay Precision Group, Inc.\* (Electronic <br>Equipment, Instruments & Components) | 133 | 3527 |
| Visteon Corp. (Automobile Components) | 304 | 33790 |
| Vital Energy, Inc.\* (Oil, Gas & <br>Consumable Fuels) | 330 | 6168 |
| Vital Farms, Inc.\* (Food Products) | 384 | 14285 |
| Vitesse Energy, Inc. (Oil, Gas & <br>Consumable Fuels) | 327 | 7825 |
| Vivid Seats, Inc.\*—Class A <br>(Entertainment) | 724 | 1122 |
| Vox Royalty Corp.\* (Metals & Mining) | 444 | 1407 |
| Voyager Therapeutics, Inc.\* <br>(Biotechnology) | 516 | 1646 |
| Vroom, Inc.\* (Specialty Finance) | 12 | 301 |
| VSE Corp. (Commercial Services & <br>Supplies) | 225 | 35222 |
| VTEX\* (Software) | 640 | 3821 |
| Vuzix Corp.\* (Technology Hardware) | 711 | 1429 |
| W&T Offshore, Inc. (Oil, Gas & <br>Consumable Fuels) | 1099 | 1945 |
| Wabash National Corp. (Machinery) | 456 | 4542 |
| WaFd, Inc. (Banks) | 213 | 5738 |
| Waldencast PLC\*—Class A (Personal <br>Care Products) | 469 | 835 |
| Walker & Dunlop, Inc. (Financial Services) | 365 | 27379 |

---

**See accompanying notes to financial statements.**

------

**182 :: UltraSmall-Cap ProFund ::** Schedule of Portfolio Investments :: July 31, 2025

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Warby Parker, Inc.\*—Class A (Specialty <br>Retail) | 1087 | $26034 |
| Warrior Met Coal, Inc. (Metals & Mining) | 578 | 29698 |
| Washington Federal, Inc. (Banks) | 892 | 25962 |
| Waterstone Financial, Inc. (Financial <br>Services) | 175 | 2329 |
| Watts Water Technologies, Inc.—Class A <br>(Machinery) | 304 | 79744 |
| WaVe Life Sciences, Ltd.\* <br>(Pharmaceuticals) | 1241 | 10052 |
| Waystar Holding Corp.\* (Health Care <br>Technology) | 1010 | 37350 |
| WD-40 Co. (Household Products) | 151 | 32375 |
| Weave Communications, Inc.\* (Software) | 646 | 4716 |
| WEBTOON Entertainment, Inc.\* <br>(Interactive Media & Services) | 199 | 1998 |
| Weis Markets, Inc. (Consumer Staples <br>Distribution & Retail) | 183 | 13251 |
| Werner Enterprises, Inc. (Ground <br>Transportation) | 665 | 18434 |
| WesBanco, Inc. (Banks) | 1049 | 31606 |
| West Bancorp, Inc. (Banks) | 167 | 3004 |
| Westamerica Bancorp (Banks) | 282 | 13508 |
| Western New England Bancorp, Inc.\* <br>(Banking) | 204 | 2173 |
| Westrock Coffee Co.\* (Food Products) | 399 | 2653 |
| WESTWOOD HOLDINGS GROUP INC\* <br>(Asset Management) | 83 | 1451 |
| Weyco Group, Inc. (Distributors) | 68 | 1977 |
| Whitestone REIT (Retail REITs) | 500 | 6095 |
| WideOpenWest, Inc.\* (Media) | 560 | 1887 |
| Willdan Group, Inc.\* (Professional <br>Services) | 154 | 13136 |
| Willis Lease Finance Corp. (Trading <br>Companies & Distributors) | 40 | 5663 |
| Winmark Corp. (Specialty Retail) | 33 | 12455 |
| Winnebago Industries, Inc. (Automobiles) | 302 | 8976 |
| WisdomTree, Inc. (Capital Markets) | 1333 | 17689 |
| WK Kellogg Co. (Food Products) | 690 | 15905 |
| WM Technology, Inc.\* (Software) | 967 | 863 |
| WNS Holdings, Ltd.\* (Professional <br>Services) | 448 | 33506 |
| Wolverine World Wide, Inc. (Textiles, <br>Apparel & Luxury Goods) | 893 | 20164 |
| Workiva, Inc.\* (Software) | 557 | 35553 |
| World Acceptance Corp.\* (Consumer <br>Finance) | 37 | 5821 |
| World Kinect Corp. (Oil, Gas & <br>Consumable Fuels) | 612 | 16689 |
| Worthington Enterprises, Inc. <br>(Household Durables) | 349 | 21628 |
| Worthington Steel, Inc. (Metals & Mining) | 364 | 11109 |
| WSFS Financial Corp. (Banks) | 643 | 35262 |
| Xencor, Inc.\* (Biotechnology) | 780 | 6490 |
| Xenia Hotels & Resorts, Inc. (Hotel & <br>Resort REITs) | 1127 | 14324 |
| Xenon Pharmaceuticals, Inc.\* (Biotech & <br>Pharma) | 842 | 25715 |
| Xeris Biopharma Holdings, Inc.\* <br>(Pharmaceuticals) | 1660 | 8449 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Xerox Holdings Corp. (Technology <br>Hardware, Storage & Peripherals) | 1304 | $5281 |
| XOMA Royalty Corp.\* (Biotechnology) | 104 | 2588 |
| Xometry, Inc.\*—Class A (Trading <br>Companies & Distributors) | 482 | 15588 |
| XPEL, Inc.\* (Automobile Components) | 267 | 8728 |
| Xperi, Inc.\* (Software) | 495 | 2980 |
| Xponential Fitness, Inc.\*—Class A <br>(Hotels, Restaurants & Leisure) | 304 | 3180 |
| Yelp, Inc.\* (Interactive Media & Services) | 685 | 23584 |
| Yext, Inc.\* (Software) | 1144 | 9289 |
| Y-mAbs Therapeutics, Inc.\* <br>(Biotechnology) | 408 | 1824 |
| Zenas Biopharma, Inc.\* (Biotechnology) | 180 | 2828 |
| Zeta Global Holdings Corp.\*—Class A <br>(Software) | 2083 | 32599 |
| Zevia PBC\* (Beverages) | 349 | 1082 |
| Zevra Therapeutics, Inc.\* <br>(Pharmaceuticals) | 601 | 6677 |
| Ziff Davis, Inc.\* (Interactive Media & <br>Services) | 471 | 14658 |
| Zimvie, Inc.\* (Health Care Equipment & <br>Supplies) | 304 | 5712 |
| ZipRecruiter, Inc.\* (Interactive Media & <br>Services) | 726 | 3049 |
| Zspace, Inc.\* (Software) | 24 | 68 |
| Zumiez, Inc.\* (Specialty Retail) | 175 | 2399 |
| Zurn Elkay Water Solutions Corp. <br>(Building Products) | 1666 | 73720 |
| Zymeworks, Inc.\* (Biotechnology) | 543 | 6820 |
| **TOTAL COMMON STOCKS**<br> (Cost $16,744,584) |  | **28393104** |

---

**Rights (0.0%)**

---

| | |
|:---|:---|
| Cartesian Therapeutics, Inc.\*<sup>†CVR</sup> <br>(Biotechnology) | 1656 |
| Chinook Therapeutics\*<sup>†CVR</sup> <br>(Biotechnology) | 750 |
| Empire Petroleum Corp.<sup>†</sup> <br>(Oil & Gas Producers) | 162 |
| **TOTAL RIGHTS**<br> (Cost $—) |  |

---

**Trust (0.0%)**

---

| | | |
|:---|:---|:---|
| | Interest<br>Units | Value |
| Ferroglobe Representation and Warranty <br>Insurance\*<sup>†</sup> (Metals & Mining) | 1320 | $— |
| **TOTAL TRUST**<br> (Cost $—) |  | **—** |

---

**See accompanying notes to financial statements.**

------

July 31, 2025 :: Schedule of Portfolio Investments **:: UltraSmall-Cap ProFund :: 183**

**Repurchase Agreements<sup>(b)(c)</sup> (29.1%)**

---

| | | |
|:---|:---|:---|
| | Principal <br>Amount | Value |
| Repurchase Agreements with various <br>counterparties, rates 4.09%–4.25%, <br>dated 7/31/25, due 8/1/25, total to be <br>received $11,711,366 | $11710000 | $11710000 |
| **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $11,710,000) |  | **11710000** |
| **TOTAL INVESTMENT SECURITIES**<br> (Cost $28,454,584)—99.6% |  | **40103104** |
| Net other assets (liabilities)—0.4% |  | 166325 |
| **NET ASSETS—100.0%** |  | $**40269429** |

---

\* Non-income producing security.

<sup>†</sup> These securities were fair valued based on procedures approved by the Board of Trustees. As of July 31, 2025, these securities represented 0.0% of the net assets of the Fund.

<sup>(a)</sup> Number of shares is less than 0.50.

<sup>(b)</sup> The ProFund invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" under Note 2 in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.

<sup>(c)</sup> A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. At July 31, 2025, the aggregate amount held in a segregated account was $7,093,000.

<sup>CVR</sup> Contingent Value Rights

<sup>REIT</sup> Real Estate Investment Trust

**Futures Contracts Purchased**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Number<br>of<br>Contracts | Expiration<br>Date | Notional <br>Amount | Value and <br>Unrealized <br>Appreciation/ <br>(Depreciation) |
| CME E-mini Russell 2000 Index Futures Contracts | 40 | 9/22/25 | $4440400 | $(25120) |

---

**Total Return Swap Agreements—Long**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Underlying Instrument | Counterparty | Termination<br>Date<sup>(1)</sup> | Rate Paid<br>(Received)<sup>(2)</sup> | Notional<br>Amount | Value and <br>Unrealized<br>Appreciation/ <br>(Depreciation) |
| iShares Russell 2000 ETF | Goldman Sachs International | 8/27/25 | 4.53% | $8925011 | $(208255) |
| Russell 2000 Index | Goldman Sachs International | 8/27/25 | 4.88% | 14588043 | (303847) |
|  |  |  |  | $23513054 | $(512102) |
| iShares Russell 2000 ETF | UBS AG | 8/27/25 | 5.13% | $4139359 | $(91048) |
| Russell 2000 Index | UBS AG | 8/27/25 | 5.03% | 19652722 | (407769) |
|  |  |  |  | $23792081 | $(498817) |
|  |  |  |  | $**47305135** | $**(1010919)** |

---

<sup>(1)</sup> Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

<sup>(2)</sup> Reflects the floating financing rate, as of July 31, 2025, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

**See accompanying notes to financial statements.**

------

**184 :: UltraSmall-Cap ProFund ::** Schedule of Portfolio Investments :: July 31, 2025

UltraSmall-Cap ProFund invested in the following industries as of July 31, 2025:

---

| | | |
|:---|:---|:---|
| | Value | % of<br>Net Assets |
| Advertising & Marketing | $5181 | <sup>NM</sup> |
| Aerospace & Defense | 472782 | 1.2% |
| Air Freight & Logistics | 32919 | 0.1% |
| Apparel & Textile Products | 6904 | <sup>NM</sup> |
| Asset Management | 18058 | <sup>NM</sup> |
| Automobile Components | 363895 | 0.9% |
| Automobiles | 10502 | <sup>NM</sup> |
| Automotive | 27429 | 0.1% |
| Banking | 62160 | 0.2% |
| Banks | 2932067 | 7.3% |
| Beverages | 33373 | 0.1% |
| Biotech & Pharma | 131320 | 0.3% |
| Biotechnology | 1920919 | 4.8% |
| Broadline Retail | 24323 | 0.1% |
| Building Products | 414240 | 1.0% |
| Cable & Satellite | 7527 | <sup>NM</sup> |
| Capital Markets | 486001 | 1.2% |
| Chemicals | 486062 | 1.2% |
| Commercial Services & Supplies | 551268 | 1.4% |
| Commercial Support Services | 1459 | <sup>NM</sup> |
| Communications Equipment | 208656 | 0.5% |
| Construction & Engineering | 660657 | 1.6% |
| Construction Materials | 69145 | 0.2% |
| Consumer Finance | 308293 | 0.8% |
| Consumer Staples Distribution & Retail | 149708 | 0.3% |
| Containers & Packaging | 70514 | 0.2% |
| Distributors | 12971 | <sup>NM</sup> |
| Diversified Consumer Services | 360726 | 0.9% |
| Diversified Telecommunication Services | 110042 | 0.3% |
| Electric Utilities | 331657 | 0.8% |
| Electrical Equipment | 520790 | 1.3% |
| Electronic Equipment, Instruments & <br>Components | 968799 | 2.4% |
| Energy Equipment & Services | 451985 | 1.1% |
| Engineering & Construction | 6926 | <sup>NM</sup> |
| Entertainment | 139423 | 0.4% |
| Entertainment Content | 4492 | <sup>NM</sup> |
| Equity REIT—Diversified | 179665 | 0.4% |
| Financial Services | 687290 | 1.7% |
| Food Products | 281222 | 0.7% |
| Forestry, Paper & Wood Products | 4594 | <sup>NM</sup> |
| Gas & Water Utilities | 52118 | 0.1% |
| Gas Utilities | 253450 | 0.6% |
| Ground Transportation | 101183 | 0.2% |
| Health Care Equipment & Supplies | 730717 | 1.8% |
| Health Care Facilities & Services | 26058 | 0.1% |
| Health Care Providers & Services | 881544 | 2.2% |
| Health Care REITs | 273970 | 0.7% |
| Health Care Technology | 114445 | 0.3% |
| Hotel & Resort REITs | 183045 | 0.5% |
| Hotels, Restaurants & Leisure | 578102 | 1.4% |
| Household Durables | 513137 | 1.3% |
| Household Products | 95337 | 0.2% |
| Independent Power/Renewable <br>Electricity Producers | 62147 | 0.2% |
| Industrial Conglomerates | 8151 | <sup>NM</sup> |
| Industrial Intermediate Products | 2729 | <sup>NM</sup> |
| Industrial REITs | 113622 | 0.3% |
| Institutional Financial Services | 16660 | <sup>NM</sup> |
| Insurance | 565698 | 1.4% |

---

---

| | | |
|:---|:---|:---|
| | Value | % of <br>Net Assets |
| Interactive Media & Services | $180903 | 0.5% |
| Internet Media & Services | 15088 | <sup>NM</sup> |
| IT Services | 180126 | 0.4% |
| Leisure Facilities & Services | 28359 | 0.1% |
| Leisure Products | 133608 | 0.3% |
| Life Sciences Tools & Services | 90394 | 0.2% |
| Machinery | 1128712 | 2.8% |
| Marine Transportation | 66796 | 0.2% |
| Media | 215353 | 0.5% |
| Medical Equipment & Devices | 41389 | 0.1% |
| Metals & Mining | 432257 | 1.1% |
| Mortgage REITs | 253840 | 0.6% |
| Multi-Utilities | 125806 | 0.3% |
| Office REITs | 192467 | 0.5% |
| Oil & Gas Producers | 14315 | <sup>NM</sup> |
| Oil & Gas Services & Equipment | 10246 | <sup>NM</sup> |
| Oil, Gas & Consumable Fuels | 873716 | 2.2% |
| Paper & Forest Products | 21501 | <sup>NM</sup> |
| Passenger Airlines | 174721 | 0.4% |
| Personal Care Products | 69634 | 0.2% |
| Pharmaceuticals | 435619 | 1.1% |
| Professional Services | 553223 | 1.4% |
| Real Estate Management & <br>Development | 194205 | 0.5% |
| Real Estate Owners & Developers | 2712 | <sup>NM</sup> |
| Real Estate Services | 2233 | <sup>NM</sup> |
| REITS & Real Estate Management | 10638 | <sup>NM</sup> |
| Renewable Energy | 19387 | 0.1% |
| Residential REITs | 116848 | 0.3% |
| Retail—Discretionary | 3683 | <sup>NM</sup> |
| Retail REITs | 352526 | 0.9% |
| Semiconductors | 3987 | <sup>NM</sup> |
| Semiconductors & Semiconductor <br>Equipment | 834338 | 2.1% |
| Software | 1787881 | 4.5% |
| Specialized REITs | 121446 | 0.3% |
| Specialty Finance | 14611 | <sup>NM</sup> |
| Specialty Retail | 662399 | 1.6% |
| Steel | 2251 | <sup>NM</sup> |
| Technology Hardware | 12751 | <sup>NM</sup> |
| Technology Hardware, Storage & <br>Peripherals | 148160 | 0.4% |
| Technology Services | 19185 | 0.1% |
| Telecommunications | 15563 | 0.1% |
| Textiles, Apparel & Luxury Goods | 149975 | 0.4% |
| Tobacco | 30929 | 0.1% |
| Trading Companies & Distributors | 372920 | 0.9% |
| Transportation & Logistics | 21863 | 0.1% |
| Transportation Infrastructure | 2306 | <sup>NM</sup> |
| Water Utilities | 104071 | 0.3% |
| Wholesale—Discretionary | 1487 | <sup>NM</sup> |
| Wireless Telecommunication Services | 58619 | 0.1% |
| Other\*\* | 11876325 | 29.5% |
| **Total** | $**40269429** | **100.0%** |

---

\*\* Includes any non-equity securities and other net assets (liabilities), which includes any receivable for capital shares issued and payable for capital shares redeemed.

<sup>NM</sup> Not meaningful, amount is less than 0.05%

<sup>REIT</sup> Real Estate Investment Trust

**See accompanying notes to financial statements.**

------

July 31, 2025 :: Schedule of Portfolio Investments **:: U.S. Government Plus ProFund :: 185**

**Repurchase Agreements<sup>(a)(b)</sup> (283.0%)**

---

| | | |
|:---|:---|:---|
| | Principal<br>Amount | Value |
| Repurchase Agreements with various <br>counterparties, rates 4.09%–4.25%, <br>dated 7/31/25, due 8/1/25, total to be <br>received $11,160,302 | $11159000 | $11159000 |
| **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $11,159,000) |  | **11159000** |
| **TOTAL INVESTMENT SECURITIES**<br> (Cost $11,159,000)—283.0% |  | **11159000** |
| Net other assets (liabilities)—(183.0)% |  | (7215991) |
| **NET ASSETS—100.0%** |  | $**3943009** |

---

<sup>(a)</sup> The ProFund invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" in the Appendix to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.

<sup>(b)</sup> A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. At July 31, 2025, the aggregate amount held in a segregated account was $473,000.

**Total Return Swap Agreements—Long**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Underlying Instrument | Counterparty | Termination<br>Date<sup>(1)</sup> | Rate Paid<br>(Received)<sup>(2)</sup> | Notional<br>Amount | Value and<br>Unrealized<br>Appreciation/<br>(Depreciation) |
| 30-Year U.S. Treasury Bond, <br>4.75%, due 5/15/55 | Citibank North America | 8/15/25 | 4.56% | $3231646 | $47606 |
| 30-Year U.S. Treasury Bond, <br>4.75%, due 5/15/55 | Societe Generale | 8/15/25 | 4.63% | 1689944 | 31698 |
|  |  |  |  | $**4921590** | $**79304** |

---

<sup>(1)</sup> Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

<sup>(2)</sup> Reflects the floating financing rate, as of July 31, 2025, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

**See accompanying notes to financial statements.**

------

**186 :: Utilities UltraSector ProFund ::** Schedule of Portfolio Investments :: July 31, 2025

**Common Stocks (75.4%)**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Alliant Energy Corp. (Electric Utilities) | 2288 | $148743 |
| Ameren Corp. (Multi-Utilities) | 2408 | 243521 |
| American Electric Power Co., Inc. (Electric <br>Utilities) | 4759 | 538433 |
| American Water Works Co., Inc. (Water <br>Utilities) | 1737 | 243597 |
| Atmos Energy Corp. (Gas Utilities) | 1415 | 220627 |
| CenterPoint Energy, Inc. (Multi-Utilities) | 5814 | 225699 |
| CMS Energy Corp. (Multi-Utilities) | 2665 | 196677 |
| Consolidated Edison, Inc. (Multi-Utilities) | 3209 | 332132 |
| Constellation Energy Corp. (Electric Utilities) | 2792 | 971169 |
| Dominion Energy, Inc. (Multi-Utilities) | 7597 | 444045 |
| DTE Energy Co. (Multi-Utilities) | 1849 | 255920 |
| Duke Energy Corp. (Electric Utilities) | 6924 | 842235 |
| Edison International (Electric Utilities) | 3427 | 178615 |
| Entergy Corp. (Electric Utilities) | 3976 | 359550 |
| Evergy, Inc. (Electric Utilities) | 2050 | 145140 |
| Eversource Energy (Electric Utilities) | 3273 | 216345 |
| Exelon Corp. (Electric Utilities) | 8993 | 404145 |
| FirstEnergy Corp. (Electric Utilities) | 4576 | 195441 |
| NextEra Energy, Inc. (Electric Utilities) | 18338 | 1303098 |
| NiSource, Inc. (Multi-Utilities) | 4193 | 177993 |
| NRG Energy, Inc. (Electric Utilities) | 1742 | 291262 |
| PG&E Corp. (Electric Utilities) | 19577 | 274470 |
| Pinnacle West Capital Corp. (Electric Utilities) | 1064 | 96420 |
| PPL Corp. (Electric Utilities) | 6585 | 235019 |
| Public Service Enterprise Group, Inc. <br>(Multi-Utilities) | 4445 | 399117 |
| Sempra (Multi-Utilities) | 5809 | 474479 |
| The AES Corp. (Independent Power/<br>Renewable Electricity Producers) | 6342 | 83397 |
| The Southern Co. (Electric Utilities) | 9790 | 924959 |
| Vistra Corp. (Independent Power/<br>Renewable Electricity Producers) | 3023 | 630417 |
| WEC Energy Group, Inc. (Multi-Utilities) | 2843 | 310114 |
| Xcel Energy, Inc. (Electric Utilities) | 5138 | 377335 |
| **TOTAL COMMON STOCKS**<br> (Cost $6,317,924) |  | **11740114** |

---

**Repurchase Agreements<sup>(a)(b)</sup> (25.0%)**

---

| | | |
|:---|:---|:---|
| | Principal <br>Amount | Value |
| Repurchase Agreements with various <br>counterparties, rates 4.09%–4.25%, <br>dated 7/31/25, due 8/1/25, total to be <br>received $3,899,455 | $3899000 | $3899000 |
| **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $3,899,000) |  | **3899000** |
| **TOTAL INVESTMENT SECURITIES**<br> (Cost $10,216,924)—100.4% |  | **15639114** |
| Net other assets (liabilities)—(0.4)% |  | (64828) |
| **NET ASSETS—100.0%** |  | $**15574286** |

---

<sup>(a)</sup> The ProFund invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" in the Appendix to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.

<sup>(b)</sup> A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. At July 31, 2025, the aggregate amount held in a segregated account was $2,346,000.

**Total Return Swap Agreements—Long**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Underlying Instrument | Counterparty | Termination<br>Date<sup>(1)</sup> | Rate Paid<br>(Received)<sup>(2)</sup> | Notional<br>Amount | Value and <br>Unrealized<br>Appreciation/ <br>(Depreciation) |
| S&P Utilities Select Sector Index | Goldman Sachs International | 8/25/25 | 5.08% | $7674419 | $111646 |
| S&P Utilities Select Sector Index | UBS AG | 8/25/25 | 5.03% | 3816824 | 53404 |
|  |  |  |  | $**11491243** | $**165050** |

---

<sup>(1)</sup> Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

<sup>(2)</sup> Reflects the floating financing rate, as of July 31, 2025, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

**See accompanying notes to financial statements.**

------

July 31, 2025 :: Schedule of Portfolio Investments **:: Utilities UltraSector ProFund :: 187**

Utilities UltraSector ProFund invested in the following industries as of July 31, 2025:

---

| | | |
|:---|:---|:---|
| | Value | % of<br>Net Assets |
| Electric Utilities | $7502380 | 48.2% |
| Gas Utilities | 220627 | 1.4% |
| Independent Power/Renewable <br>Electricity Producers | 713813 | 4.6% |
| Multi-Utilities | 3059697 | 19.6% |
| Water Utilities | 243597 | 1.6% |
| Other\*\* | 3834172 | 24.6% |
| **Total** | $**15574286** | **100.0%** |

---

\*\* Includes any non-equity securities and other net assets (liabilities), which includes any receivable for capital shares issued and payable for capital shares redeemed.

**See accompanying notes to financial statements.**

------

This Page Intentionally Left Blank

------

**Statements of Assets and Liabilities**

------

**190 :: Statements of Assets and Liabilities ::** July 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Access Flex <br>Bear High<br>Yield ProFund | Access Flex <br>High Yield<br>ProFund | Banks <br>UltraSector<br>ProFund | Bear <br>ProFund | Biotechnology<br>UltraSector <br>ProFund |
| ASSETS: | ASSETS: | ASSETS: | ASSETS: | ASSETS: | ASSETS: |
| Total Investment Securities, at cost | $3238000 | $16350000 | $5332932 | $43465000 | $60562239 |
| Securities, at value<sup>(a)</sup> |  |  | 6515938 |  | 51522793 |
| Repurchase agreements, at value | 3238000 | 16350000 | 1451000 | 43465000 | 14558000 |
| Total Investment Securities, at value | 3238000 | 16350000 | 7966938 | 43465000 | 66080793 |
| Cash | 45102 | 193 | 796 | 931 | 404 |
| Segregated cash balances for futures contracts with brokers |  |  |  | 44044 |  |
| Segregated cash balances for swap agreements with custodian |  | 1833900 | 782 | 392 | 746 |
| Dividends and interest receivable | 378 | 1908 | 2472 | 5194 | 21210 |
| Receivable for capital shares issued |  | 38482 | 13067 | 93792 | 85149 |
| Receivable for closed swap positions | 3405 |  |  |  |  |
| Due from Advisor under a Receivables Agreement | 295048 |  |  |  |  |
| Due from Advisor under an expense limitation agreement | 2222 |  |  |  |  |
| Unrealized appreciation on swap agreements | 8603 |  |  | 350088 |  |
| Variation margin on futures contracts |  |  |  | 2223 |  |
| Prepaid expenses | 23458 | 8978 | 34279 | 7402 | 15258 |
| TOTAL ASSETS | 3616216 | 18233461 | 8018334 | 43969066 | 66203560 |
| LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: |
| Payable for collateral for securities loaned |  |  | 68505 |  | 1773710 |
| Payable for capital shares redeemed | 3015 | 20463 | 43363 | 50195 | 339550 |
| Unrealized depreciation on swap agreements |  | 51421 | 256125 |  | 1459877 |
| Variation margin on futures contracts |  |  |  |  |  |
| Advisory fees payable |  | 24943 | 5314 | 48051 | 41523 |
| Management services fees payable |  | 4989 | 1063 | 9610 | 8305 |
| Administration and fund accounting fees payable | 501 | 2228 | 1049 | 1148 | 7717 |
| Distribution and services fees payable—Service Class | 4 | 2439 | 536 | 325 | 1616 |
| Transfer agent fees payable | 126 | 1477 | 602 | 858 | 3706 |
| Trustee fees payable |  | 1 | 1 | 1 | 4 |
| Compliance services fees payable | 1 | 19 | 11 | 30 | 84 |
| Service fees payable | 3 | 38 | 16 | 18 | 124 |
| Other accrued expenses | 11535 | 10286 | 20081 | 7807 | 47773 |
| TOTAL LIABILITIES | 15185 | 118304 | 396666 | 118043 | 3683989 |
| Commitments and contingencies (Note 4) | Commitments and contingencies (Note 4) | Commitments and contingencies (Note 4) | Commitments and contingencies (Note 4) | Commitments and contingencies (Note 4) | Commitments and contingencies (Note 4) |
| NET ASSETS | $3601031 | $18115157 | $7621668 | $43851023 | $62519571 |
| NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: |
| Capital | $9018213 | $19341651 | $7929588 | $118068703 | $73276059 |
| Total distributable earnings (loss) | (5417182) | (1226494) | (307920) | (74217680) | (10756488) |
| NET ASSETS | $3601031 | $18115157 | $7621668 | $43851023 | $62519571 |
| NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: |
| Investor Class | $3596708 | $15342099 | $7061380 | $43468551 | $60720808 |
| Service Class | 4323 | 2773058 | 560288 | 382472 | 1798763 |
| SHARES OF BENEFICAL INTEREST OUTSTANDING<br>(unlimited number of shares authorized, no par value): | SHARES OF BENEFICAL INTEREST OUTSTANDING<br>(unlimited number of shares authorized, no par value): | SHARES OF BENEFICAL INTEREST OUTSTANDING<br>(unlimited number of shares authorized, no par value): | SHARES OF BENEFICAL INTEREST OUTSTANDING<br>(unlimited number of shares authorized, no par value): | SHARES OF BENEFICAL INTEREST OUTSTANDING<br>(unlimited number of shares authorized, no par value): | SHARES OF BENEFICAL INTEREST OUTSTANDING<br>(unlimited number of shares authorized, no par value): |
| Investor Class | 128151 | 501425 | 117671 | 4302569 | 1501204 |
| Service Class | 187 | 90408 | 10390 | 42461 | 85699 |
| NET ASSET VALUE<br>(offering and redemption price per share): | NET ASSET VALUE<br>(offering and redemption price per share): | NET ASSET VALUE<br>(offering and redemption price per share): | NET ASSET VALUE<br>(offering and redemption price per share): | NET ASSET VALUE<br>(offering and redemption price per share): | NET ASSET VALUE<br>(offering and redemption price per share): |
| Investor Class | $28.07 | $30.60 | $60.01 | $10.10 | $40.45 |
| Service Class | 23.17<br> <sup>(b)</sup> | 30.67 | 53.93 | 9.01 | 20.99 |
| <sup>(a)</sup> Includes securities on loan valued at: | $— | $— | $67455 | $— | $1698407 |

---

<sup>(b)</sup> The net asset value has been calculated using unrounded net assets of $4,323.13 and unrounded shares outstanding of 186.58.

Amounts designated as ' – ' are $0 or have been rounded to $0.

**See accompanying notes to financial statements.**

------

July 31, 2025 **:: Statements of Assets and Liabilities :: 191**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Bull <br>ProFund | Communication<br>Services <br>UltraSector<br>ProFund | Consumer <br>Discretionary<br>UltraSector <br>ProFund | Consumer <br>Staples<br>UltraSector <br>ProFund | Energy <br>UltraSector<br>ProFund |
| ASSETS: | ASSETS: | ASSETS: | ASSETS: | ASSETS: | ASSETS: |
| Total Investment Securities, at cost | $23145735 | $27056524 | $37590545 | $2861742 | $7644195 |
| Securities, at value<sup>(a)</sup> | 35911244 | 23018557 | 39709737 | 3172884 | 14486177 |
| Repurchase agreements, at value | 15256000 | 7991000 | 12116000 | 766000 | 3034000 |
| Total Investment Securities, at value | 51167244 | 31009557 | 51825737 | 3938884 | 17520177 |
| Cash | 534 | 172 | 466 | 976 | 703 |
| Segregated cash balances for futures contracts with brokers | 281536 |  |  |  |  |
| Segregated cash balances for swap agreements with custodian | 778 | 1220 | 1652 | 387 | 93 |
| Dividends and interest receivable | 26781 | 25554 | 10756 | 4273 | 13317 |
| Receivable for capital shares issued | 3551757 | 262481 | 373546 | 21021 | 470728 |
| Receivable for closed swap positions |  |  |  |  |  |
| Due from Advisor under a Receivables Agreement |  |  |  |  |  |
| Due from Advisor under an expense limitation agreement |  |  |  |  |  |
| Unrealized appreciation on swap agreements |  |  |  |  |  |
| Variation margin on futures contracts |  |  |  |  |  |
| Prepaid expenses | 19202 | 73132 | 27200 | 17800 | 47049 |
| TOTAL ASSETS | 55047832 | 31372116 | 52239357 | 3983341 | 18052067 |
| LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: |
| Payable for collateral for securities loaned | 5280 | 236803 |  |  |  |
| Payable for capital shares redeemed | 59716 | 443801 | 300268 | 128289 | 332775 |
| Unrealized depreciation on swap agreements | 97028 | 194053 | 1085266 | 64486 | 31939 |
| Variation margin on futures contracts | 13321 |  |  |  |  |
| Advisory fees payable | 40207 | 36697 | 32146 | 3907 | 11968 |
| Management services fees payable | 8041 | 7339 | 6429 | 781 | 2394 |
| Administration and fund accounting fees payable | 7661 | 3496 | 5726 | 474 | 2239 |
| Distribution and services fees payable—Service Class | 8007 | 505 | 729 | 136 | 681 |
| Transfer agent fees payable | 5605 | 1380 | 1962 | 300 | 1407 |
| Trustee fees payable | 4 | 1 | 2 |  | 1 |
| Compliance services fees payable | 74 | 33 | 51 | 6 | 58 |
| Service fees payable | 120 | 59 | 96 | 7 | 36 |
| Other accrued expenses | 25249 | 40612 | 24531 | 9563 | 28736 |
| TOTAL LIABILITIES | 270313 | 964779 | 1457206 | 207949 | 412234 |
| Commitments and contingencies (Note 4) | Commitments and contingencies (Note 4) | Commitments and contingencies (Note 4) | Commitments and contingencies (Note 4) | Commitments and contingencies (Note 4) | Commitments and contingencies (Note 4) |
| NET ASSETS | $54777519 | $30407337 | $50782151 | $3775392 | $17639833 |
| NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: |
| Capital | $25688612 | $25100427 | $39043805 | $3161082 | $19723964 |
| Total distributable earnings (loss) | 29088907 | 5306910 | 11738346 | 614310 | (2084131) |
| NET ASSETS | $54777519 | $30407337 | $50782151 | $3775392 | $17639833 |
| NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: |
| Investor Class | $50073402 | $29819535 | $49935966 | $3623018 | $16890450 |
| Service Class | 4704117 | 587802 | 846185 | 152374 | 749383 |
| SHARES OF BENEFICAL INTEREST OUTSTANDING<br>(unlimited number of shares authorized, no par value): | SHARES OF BENEFICAL INTEREST OUTSTANDING<br>(unlimited number of shares authorized, no par value): | SHARES OF BENEFICAL INTEREST OUTSTANDING<br>(unlimited number of shares authorized, no par value): | SHARES OF BENEFICAL INTEREST OUTSTANDING<br>(unlimited number of shares authorized, no par value): | SHARES OF BENEFICAL INTEREST OUTSTANDING<br>(unlimited number of shares authorized, no par value): | SHARES OF BENEFICAL INTEREST OUTSTANDING<br>(unlimited number of shares authorized, no par value): |
| Investor Class | 646724 | 559153 | 707730 | 48742 | 425742 |
| Service Class | 80769 | 14114 | 15166 | 2369 | 22374 |
| NET ASSET VALUE<br>(offering and redemption price per share): | NET ASSET VALUE<br>(offering and redemption price per share): | NET ASSET VALUE<br>(offering and redemption price per share): | NET ASSET VALUE<br>(offering and redemption price per share): | NET ASSET VALUE<br>(offering and redemption price per share): | NET ASSET VALUE<br>(offering and redemption price per share): |
| Investor Class | $77.43 | $53.33 | $70.56 | $74.33 | $39.67 |
| Service Class | 58.24 | 41.65 | 55.79 | 64.32 | 33.49 |
| <sup>(a)</sup> Includes securities on loan valued at: | $4827 | $216481 | $— | $— | $— |

---

**See accompanying notes to financial statements.**

------

**192 :: Statements of Assets and Liabilities ::** July 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Europe 30 <br>ProFund | Falling <br>U.S. Dollar<br>ProFund | Financials <br>UltraSector<br>ProFund | Health Care<br>UltraSector <br>ProFund | Industrials <br>UltraSector<br>ProFund |
| ASSETS: | ASSETS: | ASSETS: | ASSETS: | ASSETS: | ASSETS: |
| Total Investment Securities, at cost | $4058405 | $1255000 | $30858638 | $3541127 | $4467120 |
| Securities, at value<sup>(a)</sup> | 4980789 |  | 28839023 | 7960178 | 5796405 |
| Repurchase agreements, at value |  | 1255000 | 7334000 | 1978000 | 1555000 |
| Total Investment Securities, at value | 4980789 | 1255000 | 36173023 | 9938178 | 7351405 |
| Cash |  | 841 | 317 | 707 | 448 |
| Segregated cash balances for swap agreements with custodian |  |  | 266 | 698 | 43 |
| Segregated cash balances for forward currency contracts <br>with custodian |  | 1007 |  |  |  |
| Dividends and interest receivable | 6050 | 146 | 15516 | 14948 | 4010 |
| Receivable for capital shares issued | 224 | 201620 | 49725 | 28447 | 187972 |
| Receivable for investments sold | 225313 |  |  |  |  |
| Unrealized appreciation on swap agreements |  |  |  |  |  |
| Unrealized appreciation on forward currency contracts |  | 34843 |  |  |  |
| Prepaid expenses | 18984 | 6888 | 48514 | 25106 | 39022 |
| Receivable for tax reclaims | 6045 |  |  |  |  |
| TOTAL ASSETS | 5237405 | 1500345 | 36287361 | 10008084 | 7582900 |
| LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: |
| Cash overdraft | 47339 |  |  |  |  |
| Payable for collateral for securities loaned | 726328 |  |  |  |  |
| Payable for capital shares redeemed | 179949 | 944 | 179147 | 10371 | 56899 |
| Unrealized depreciation on forward currency contracts |  | 84568 |  |  |  |
| Unrealized depreciation on swap agreements |  |  | 377540 | 319842 | 105168 |
| Advisory fees payable | 4452 | 643 | 22465 | 6566 | 10700 |
| Management services fees payable | 890 | 128 | 4493 | 1313 | 2140 |
| Administration and fund accounting fees payable | 560 | 269 | 3989 | 1254 | 1273 |
| Distribution and services fees payable—Service Class | 534 | 3 | 501 | 688 | 468 |
| Transfer agent fees payable | 365 | 171 | 1434 | 742 | 636 |
| Trustee fees payable |  |  | 1 | 1 | 1 |
| Compliance services fees payable | 5 | 4 | 39 | 15 | 10 |
| Service fees payable | 9 | 4 | 67 | 20 | 20 |
| Other accrued expenses | 10170 | 8758 | 29679 | 15224 | 20972 |
| TOTAL LIABILITIES | 970601 | 95492 | 619355 | 356036 | 198287 |
| Commitments and contingencies (Note 4) | Commitments and contingencies (Note 4) | Commitments and contingencies (Note 4) | Commitments and contingencies (Note 4) | Commitments and contingencies (Note 4) | Commitments and contingencies (Note 4) |
| NET ASSETS | $4266804 | $1404853 | $35668006 | $9652048 | $7384613 |
| NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: |
| Capital | $8165644 | $3981840 | $30414109 | $5046663 | $3636809 |
| Total distributable earnings (loss) | (3898840) | (2576987) | 5253897 | 4605385 | 3747804 |
| NET ASSETS | $4266804 | $1404853 | $35668006 | $9652048 | $7384613 |
| NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: |
| Investor Class | $3771552 | $1399094 | $35205071 | $8906725 | $7065040 |
| Service Class | 495252 | 5759 | 462935 | 745323 | 319573 |
| SHARES OF BENEFICAL INTEREST OUTSTANDING<br>(unlimited number of shares authorized, no par value): | SHARES OF BENEFICAL INTEREST OUTSTANDING<br>(unlimited number of shares authorized, no par value): | SHARES OF BENEFICAL INTEREST OUTSTANDING<br>(unlimited number of shares authorized, no par value): | SHARES OF BENEFICAL INTEREST OUTSTANDING<br>(unlimited number of shares authorized, no par value): | SHARES OF BENEFICAL INTEREST OUTSTANDING<br>(unlimited number of shares authorized, no par value): | SHARES OF BENEFICAL INTEREST OUTSTANDING<br>(unlimited number of shares authorized, no par value): |
| Investor Class | 221161 | 101304 | 770893 | 100507 | 92376 |
| Service Class | 26818 | 463 | 12678 | 10600 | 5101 |
| NET ASSET VALUE<br>(offering and redemption price per share): | NET ASSET VALUE<br>(offering and redemption price per share): | NET ASSET VALUE<br>(offering and redemption price per share): | NET ASSET VALUE<br>(offering and redemption price per share): | NET ASSET VALUE<br>(offering and redemption price per share): | NET ASSET VALUE<br>(offering and redemption price per share): |
| Investor Class | $17.05 | $13.81 | $45.67 | $88.62 | $76.48 |
| Service Class | 18.47 | 12.44 | 36.51 | 70.31 | 62.65 |
| <sup>(a)</sup> Includes securities on loan valued at: | $655144 | $— | $— | $— | $— |

---

Amounts designated as ' – ' are $0 or have been rounded to $0.

**See accompanying notes to financial statements.**

------

July 31, 2025 **:: Statements of Assets and Liabilities :: 193**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Internet <br>UltraSector<br>ProFund | Large-Cap <br>Growth<br>ProFund | Large-Cap <br>Value<br>ProFund | Materials <br>UltraSector<br>ProFund | Mid-Cap <br>Growth<br>ProFund |
| ASSETS: | ASSETS: | ASSETS: | ASSETS: | ASSETS: | ASSETS: |
| Total Investment Securities, at cost | $53143415 | $16085537 | $2804220 | $2252157 | $2858011 |
| Securities, at value<sup>(a)</sup> | 83625450 | 26779773 | 4559522 | 2953221 | 4249004 |
| Repurchase agreements, at value | 21787000 | 31000 |  | 845000 |  |
| Total Investment Securities, at value | 105412450 | 26810773 | 4559522 | 3798221 | 4249004 |
| Cash | 712 | 966 |  | 739 |  |
| Segregated cash balances for swap agreements with custodian | 986 |  |  | 719 |  |
| Segregated cash balances for forward currency contracts <br>with custodian |  |  |  |  |  |
| Dividends and interest receivable | 2567 | 7554 | 4619 | 2093 | 581 |
| Receivable for capital shares issued | 337950 | 11214 | 9025 | 5364 | 3268 |
| Receivable for investments sold |  |  | 150175 |  | 79839 |
| Unrealized appreciation on swap agreements | 920548 |  |  |  |  |
| Unrealized appreciation on forward currency contracts |  |  |  |  |  |
| Prepaid expenses | 28579 | 40618 | 106894 | 41680 | 36294 |
| Receivable for tax reclaims |  |  |  |  |  |
| TOTAL ASSETS | 106703792 | 26871125 | 4830235 | 3848816 | 4368986 |
| LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: |
| Cash overdraft |  |  | 532 |  | 4434 |
| Payable for collateral for securities loaned |  |  | 839 |  | 7476 |
| Payable for capital shares redeemed | 107459 | 157765 | 174773 | 186494 | 79846 |
| Unrealized depreciation on forward currency contracts |  |  |  |  |  |
| Unrealized depreciation on swap agreements |  |  |  | 192684 |  |
| Advisory fees payable | 66935 | 35924 | 18209 | 6285 | 5919 |
| Management services fees payable | 13387 | 7185 | 3642 | 1257 | 1184 |
| Administration and fund accounting fees payable | 12328 | 6092 | 849 | 705 | 672 |
| Distribution and services fees payable—Service Class | 3863 | 1555 | 1467 | 291 | 552 |
| Transfer agent fees payable | 6439 | 3277 | 511 | 394 | 331 |
| Trustee fees payable | 7 | 2 |  |  |  |
| Compliance services fees payable | 131 | 46 | 36 | 6 | 5 |
| Service fees payable | 200 | 99 | 9 | 11 | 8 |
| Other accrued expenses | 65018 | 24441 | 55692 | 21783 | 18464 |
| TOTAL LIABILITIES | 275767 | 236386 | 256559 | 409910 | 118891 |
| Commitments and contingencies (Note 4) | Commitments and contingencies (Note 4) | Commitments and contingencies (Note 4) | Commitments and contingencies (Note 4) | Commitments and contingencies (Note 4) | Commitments and contingencies (Note 4) |
| NET ASSETS | $106428025 | $26634739 | $4573676 | $3438906 | $4250095 |
| NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: |
| Capital | $86196462 | $4292072 | $(1613599) | $3278511 | $3102947 |
| Total distributable earnings (loss) | 20231563 | 22342667 | 6187275 | 160395 | 1147148 |
| NET ASSETS | $106428025 | $26634739 | $4573676 | $3438906 | $4250095 |
| NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: |
| Investor Class | $101691663 | $24764092 | $2856659 | $3179372 | $3589033 |
| Service Class | 4736362 | 1870647 | 1717017 | 259534 | 661062 |
| SHARES OF BENEFICAL INTEREST OUTSTANDING<br>(unlimited number of shares authorized, no par value): | SHARES OF BENEFICAL INTEREST OUTSTANDING<br>(unlimited number of shares authorized, no par value): | SHARES OF BENEFICAL INTEREST OUTSTANDING<br>(unlimited number of shares authorized, no par value): | SHARES OF BENEFICAL INTEREST OUTSTANDING<br>(unlimited number of shares authorized, no par value): | SHARES OF BENEFICAL INTEREST OUTSTANDING<br>(unlimited number of shares authorized, no par value): | SHARES OF BENEFICAL INTEREST OUTSTANDING<br>(unlimited number of shares authorized, no par value): |
| Investor Class | 1593469 | 488665 | 26059 | 30143 | 33364 |
| Service Class | 117294 | 48050 | 18338 | 2879 | 8540 |
| NET ASSET VALUE<br>(offering and redemption price per share): | NET ASSET VALUE<br>(offering and redemption price per share): | NET ASSET VALUE<br>(offering and redemption price per share): | NET ASSET VALUE<br>(offering and redemption price per share): | NET ASSET VALUE<br>(offering and redemption price per share): | NET ASSET VALUE<br>(offering and redemption price per share): |
| Investor Class | $63.82 | $50.68 | $109.62 | $105.48 | $107.57 |
| Service Class | 40.38 | 38.93 | 93.63 | 90.15 | 77.41 |
| <sup>(a)</sup> Includes securities on loan valued at: | $— | $— | $767 | $— | $7152 |

---

**See accompanying notes to financial statements.**

------

**194 :: Statements of Assets and Liabilities ::** July 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Mid-Cap <br>ProFund | Mid-Cap Value <br>ProFund | Nasdaq-100 <br>ProFund | Oil & Gas <br>Equipment & <br>Services<br>UltraSector <br>ProFund | Pharmaceuticals<br>UltraSector <br>ProFund |
| ASSETS: | ASSETS: | ASSETS: | ASSETS: | ASSETS: | ASSETS: |
| Total Investment Securities, at cost | $6322494 | $1429769 | $74683660 | $8725373 | $1918228 |
| Securities, at value<sup>(a)</sup> | 4783919 | 2041961 | 90255067 | 8025706 | 1936326 |
| Repurchase agreements, at value | 2910000 |  | 35362000 | 3000000 | 605000 |
| Total Investment Securities, at value | 7693919 | 2041961 | 125617067 | 11025706 | 2541326 |
| Cash | 543 |  | 12299 | 279 | 572 |
| Segregated cash balances for futures contracts with brokers |  |  | 1343565 |  |  |
| Segregated cash balances for swap agreements with custodian | 888 |  | 355 | 856 | 890 |
| Segregated cash balances for forward currency contracts <br>with custodian |  |  |  |  |  |
| Dividends and interest receivable | 1191 | 618 | 17862 | 378 | 2569 |
| Receivable for capital shares issued |  | 2001 | 2129771 | 298572 | 56353 |
| Receivable for closed forward currency contracts |  |  |  |  |  |
| Due from Advisor under a Receivables Agreement |  |  |  |  |  |
| Due from Advisor under an expense limitation agreement |  |  |  |  |  |
| Unrealized appreciation on forward currency contracts |  |  |  |  |  |
| Prepaid expenses | 36732 | 55173 | 83498 | 20391 | 29768 |
| TOTAL ASSETS | 7733273 | 2099753 | 129204417 | 11346182 | 2631478 |
| LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: |
| Cash overdraft |  | 20325 |  |  |  |
| Payable for collateral for securities loaned | 13451 | 6413 | 108388 | 154913 |  |
| Payable for capital shares redeemed | 20213 |  | 906127 | 284591 | 132092 |
| Unrealized depreciation on forward currency contracts |  |  |  |  |  |
| Unrealized depreciation on swap agreements | 55411 |  | 167485 | 229929 | 92766 |
| Variation margin on futures contracts |  |  | 47030 |  |  |
| Advisory fees payable | 4712 | 2446 | 92181 | 6644 | 4226 |
| Management services fees payable | 942 | 489 | 19753 | 1329 | 845 |
| Administration and fund accounting fees payable | 880 | 483 | 18243 | 1250 | 356 |
| Distribution and services fees payable—Service Class | 1204 | 315 | 7717 | 201 | 371 |
| Transfer agent fees payable | 730 | 207 | 10809 | 729 | 202 |
| Trustee fees payable | 1 |  | 11 | 1 |  |
| Compliance services fees payable | 8 | 3 | 164 | 13 | 3 |
| Service fees payable | 9 | 4 | 295 | 20 | 5 |
| Other accrued expenses | 19143 | 27936 | 66580 | 12513 | 15387 |
| TOTAL LIABILITIES | 116704 | 58621 | 1444783 | 692133 | 246253 |
| Commitments and contingencies (Note 4) | Commitments and contingencies (Note 4) | Commitments and contingencies (Note 4) | Commitments and contingencies (Note 4) | Commitments and contingencies (Note 4) | Commitments and contingencies (Note 4) |
| NET ASSETS | $7616569 | $2041132 | $127759634 | $10654049 | $2385225 |
| NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: |
| Capital | $7387614 | $2550309 | $62463880 | $29758396 | $3480961 |
| Total distributable earnings (loss) | 228955 | (509177) | 65295754 | (19104347) | (1095736) |
| NET ASSETS | $7616569 | $2041132 | $127759634 | $10654049 | $2385225 |
| NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: |
| Investor Class | $3892940 | $1678614 | $118650517 | $10557922 | $2249437 |
| Service Class | 3723629 | 362518 | 9109117 | 96127 | 135788 |
| SHARES OF BENEFICAL INTEREST OUTSTANDING<br>(unlimited number of shares authorized, no par value): | SHARES OF BENEFICAL INTEREST OUTSTANDING<br>(unlimited number of shares authorized, no par value): | SHARES OF BENEFICAL INTEREST OUTSTANDING<br>(unlimited number of shares authorized, no par value): | SHARES OF BENEFICAL INTEREST OUTSTANDING<br>(unlimited number of shares authorized, no par value): | SHARES OF BENEFICAL INTEREST OUTSTANDING<br>(unlimited number of shares authorized, no par value): | SHARES OF BENEFICAL INTEREST OUTSTANDING<br>(unlimited number of shares authorized, no par value): |
| Investor Class | 31228 | 14789 | 2427403 | 165165 | 100126 |
| Service Class | 38518 | 4125 | 243655 | 1742 | 7326 |
| NET ASSET VALUE<br>(offering and redemption price per share): | NET ASSET VALUE<br>(offering and redemption price per share): | NET ASSET VALUE<br>(offering and redemption price per share): | NET ASSET VALUE<br>(offering and redemption price per share): | NET ASSET VALUE<br>(offering and redemption price per share): | NET ASSET VALUE<br>(offering and redemption price per share): |
| Investor Class | $124.66 | $113.50 | $48.88 | $63.92 | $22.47 |
| Service Class | 96.67 | 87.88 | 37.39 | 55.18 | 18.54 |
| <sup>(a)</sup> Includes securities on loan valued at: | $13052 | $6228 | $91894 | $149175 | $— |

---

Amounts designated as ' – ' are $0 or have been rounded to $0.

**See accompanying notes to financial statements.**

------

July 31, 2025 **:: Statements of Assets and Liabilities :: 195**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Precious <br>Metals<br>UltraSector <br>ProFund | Real Estate<br>UltraSector <br>ProFund | Rising Rates<br>Opportunity <br>ProFund | Rising Rates<br>Opportunity 10<br>ProFund | Rising <br>U.S. Dollar<br>ProFund |
| ASSETS: | ASSETS: | ASSETS: | ASSETS: | ASSETS: | ASSETS: |
| Total Investment Securities, at cost | $19312337 | $1558402 | $9966000 | $591000 | $7548000 |
| Securities, at value<sup>(a)</sup> | 30810801 | 2620272 |  |  |  |
| Repurchase agreements, at value | 8142000 | 688000 | 9966000 | 591000 | 7548000 |
| Total Investment Securities, at value | 38952801 | 3308272 | 9966000 | 591000 | 7548000 |
| Cash | 581 | 921 | 112 | 62 | 774 |
| Segregated cash balances for futures contracts with brokers |  |  |  |  |  |
| Segregated cash balances for swap agreements with custodian | 456 | 458 | 1000 |  |  |
| Segregated cash balances for forward currency contracts <br>with custodian |  |  |  |  | 556 |
| Dividends and interest receivable | 950 | 80 | 1163 | 69 | 881 |
| Receivable for capital shares issued | 1273566 | 83019 | 6346 |  | 2880 |
| Receivable for closed forward currency contracts |  |  |  |  | 5920 |
| Due from Advisor under a Receivables Agreement |  |  |  |  | 681052 |
| Due from Advisor under an expense limitation agreement |  | 1591 |  | 3233 |  |
| Unrealized appreciation on forward currency contracts |  |  |  |  | 223015 |
| Prepaid expenses | 28212 | 41505 | 26815 | 9485 | 7426 |
| TOTAL ASSETS | 40256566 | 3435846 | 10001436 | 603849 | 8470504 |
| LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: |
| Cash overdraft |  |  |  |  |  |
| Payable for collateral for securities loaned |  |  |  |  |  |
| Payable for capital shares redeemed | 679617 | 60750 | 64007 | 1 | 10733 |
| Unrealized depreciation on forward currency contracts |  |  |  |  | 11912 |
| Unrealized depreciation on swap agreements | 1025274 | 91054 | 354289 | 6055 |  |
| Variation margin on futures contracts |  |  |  |  |  |
| Advisory fees payable | 30476 |  | 6671 |  | 4535 |
| Management services fees payable | 6095 | 428 | 1334 | 77 | 907 |
| Administration and fund accounting fees payable | 5642 | 419 | 1238 | 71 | 937 |
| Distribution and services fees payable—Service Class | 2848 | 203 | 92 | 32 | 25 |
| Transfer agent fees payable | 3433 | 279 | 701 | 55 | 1130 |
| Trustee fees payable | 3 |  | 1 |  | 1 |
| Compliance services fees payable | 59 | 4 | 14 | 1 | 11 |
| Service fees payable | 91 | 6 | 20 | 1 | 15 |
| Other accrued expenses | 22833 | 21821 | 14949 | 4746 | 24829 |
| TOTAL LIABILITIES | 1776371 | 174964 | 443316 | 11039 | 55035 |
| Commitments and contingencies (Note 4) | Commitments and contingencies (Note 4) | Commitments and contingencies (Note 4) | Commitments and contingencies (Note 4) | Commitments and contingencies (Note 4) | Commitments and contingencies (Note 4) |
| NET ASSETS | $38480195 | $3260882 | $9558120 | $592810 | $8415469 |
| NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: |
| Capital | $76713416 | $5312756 | $50543623 | $4114000 | $10775660 |
| Total distributable earnings (loss) | (38233221) | (2051874) | (40985503) | (3521190) | (2360191) |
| NET ASSETS | $38480195 | $3260882 | $9558120 | $592810 | $8415469 |
| NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: |
| Investor Class | $35463311 | $2914395 | $9453027 | $560448 | $8391869 |
| Service Class | 3016884 | 346487 | 105093 | 32362 | 23600 |
| SHARES OF BENEFICAL INTEREST OUTSTANDING<br>(unlimited number of shares authorized, no par value): | SHARES OF BENEFICAL INTEREST OUTSTANDING<br>(unlimited number of shares authorized, no par value): | SHARES OF BENEFICAL INTEREST OUTSTANDING<br>(unlimited number of shares authorized, no par value): | SHARES OF BENEFICAL INTEREST OUTSTANDING<br>(unlimited number of shares authorized, no par value): | SHARES OF BENEFICAL INTEREST OUTSTANDING<br>(unlimited number of shares authorized, no par value): | SHARES OF BENEFICAL INTEREST OUTSTANDING<br>(unlimited number of shares authorized, no par value): |
| Investor Class | 416824 | 70764 | 219402 | 37789 | 284474 |
| Service Class | 42731 | 9105 | 2623 | 2352 | 941 |
| NET ASSET VALUE<br>(offering and redemption price per share): | NET ASSET VALUE<br>(offering and redemption price per share): | NET ASSET VALUE<br>(offering and redemption price per share): | NET ASSET VALUE<br>(offering and redemption price per share): | NET ASSET VALUE<br>(offering and redemption price per share): | NET ASSET VALUE<br>(offering and redemption price per share): |
| Investor Class | $85.08 | $41.18 | $43.09 | $14.83 | $29.50 |
| Service Class | 70.60 | 38.06 | 40.07 | 13.76 | 25.08 |
| <sup>(a)</sup> Includes securities on loan valued at: | $— | $— | $— | $— | $— |

---

**See accompanying notes to financial statements.**

------

**196 :: Statements of Assets and Liabilities ::** July 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Semiconductor <br>UltraSector<br>ProFund | Short <br>Energy <br>ProFund | Short <br>Nasdaq-100 <br>ProFund | Short <br>Precious <br>Metals<br>ProFund | Short <br>Real Estate<br>ProFund |
| ASSETS: | ASSETS: | ASSETS: | ASSETS: | ASSETS: | ASSETS: |
| Total Investment Securities, at cost | $152133512 | $1254000 | $2174000 | $12175000 | $652000 |
| Securities, at value<sup>(a)</sup> | 190564748 |  |  |  |  |
| Repurchase agreements, at value | 123065000 | 1254000 | 2174000 | 12175000 | 652000 |
| Total Investment Securities, at value | 313629748 | 1254000 | 2174000 | 12175000 | 652000 |
| Cash | 231 | 603 | 532 | 782 | 819 |
| Segregated cash balances for futures contracts with brokers |  |  |  |  |  |
| Segregated cash balances for swap agreements with custodian | 1348 | 889 | 990 | 261 | 181 |
| Dividends and interest receivable | 69180 | 146 | 254 | 1420 | 76 |
| Receivable for capital shares issued | 1214907 | 8769 | 59263 | 74905 | 15739 |
| Receivable for investments sold | 132003186 |  |  |  |  |
| Due from Advisor under an expense limitation agreement |  |  |  |  |  |
| Unrealized appreciation on swap agreements | 8951586 |  | 13874 | 453942 | 25589 |
| Prepaid expenses | 40272 | 41564 | 31649 | 5696 | 39951 |
| TOTAL ASSETS | 455910458 | 1305971 | 2280562 | 12712006 | 734355 |
| LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: |
| Cash overdraft |  |  |  |  |  |
| Payable for collateral for securities loaned |  |  |  |  |  |
| Payable for capital shares redeemed | 2283071 | 10401 | 7266 | 130963 |  |
| Unrealized depreciation on swap agreements |  | 1630 |  |  |  |
| Variation margin on futures contracts |  |  |  |  |  |
| Advisory fees payable | 274690 | 608 | 4920 | 9426 | 1349 |
| Management services fees payable | 54938 | 122 | 984 | 1885 | 270 |
| Administration and fund accounting fees payable | 50039 | 121 | 302 | 510 | 110 |
| Distribution and services fees payable—Service Class | 12144 | 13 | 104 | 17 | 12 |
| Transfer agent fees payable | 22878 | 75 | 195 | 202 | 65 |
| Trustee fees payable | 24 |  |  |  |  |
| Compliance services fees payable | 445 | 1 | 10 | 6 | 1 |
| Service fees payable | 822 | 2 | 5 | 9 | 2 |
| Other accrued expenses | 213475 | 20831 | 16373 | 4292 | 20008 |
| TOTAL LIABILITIES | 2912526 | 33804 | 30159 | 147310 | 21817 |
| Commitments and contingencies (Note 4) | Commitments and contingencies (Note 4) | Commitments and contingencies (Note 4) | Commitments and contingencies (Note 4) | Commitments and contingencies (Note 4) | Commitments and contingencies (Note 4) |
| NET ASSETS | $452997932 | $1272167 | $2250403 | $12564696 | $712538 |
| NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: |
| Capital | $230771690 | $3477915 | $21276830 | $23712773 | $5808185 |
| Total distributable earnings (loss) | 222226242 | (2205748) | (19026427) | (11148077) | (5095647) |
| NET ASSETS | $452997932 | $1272167 | $2250403 | $12564696 | $712538 |
| NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: |
| Investor Class | $438221252 | $1238976 | $2152969 | $12531979 | $691092 |
| Service Class | 14776680 | 33191 | 97434 | 32717 | 21446 |
| SHARES OF BENEFICAL INTEREST OUTSTANDING<br>(unlimited number of shares authorized, no par value): | SHARES OF BENEFICAL INTEREST OUTSTANDING<br>(unlimited number of shares authorized, no par value): | SHARES OF BENEFICAL INTEREST OUTSTANDING<br>(unlimited number of shares authorized, no par value): | SHARES OF BENEFICAL INTEREST OUTSTANDING<br>(unlimited number of shares authorized, no par value): | SHARES OF BENEFICAL INTEREST OUTSTANDING<br>(unlimited number of shares authorized, no par value): | SHARES OF BENEFICAL INTEREST OUTSTANDING<br>(unlimited number of shares authorized, no par value): |
| Investor Class | 8270081 | 89000 | 57622 | 1937401 | 87316 |
| Service Class | 411853 | 2623 | 3035 | 5253 | 3209 |
| NET ASSET VALUE<br>(offering and redemption price per share): | NET ASSET VALUE<br>(offering and redemption price per share): | NET ASSET VALUE<br>(offering and redemption price per share): | NET ASSET VALUE<br>(offering and redemption price per share): | NET ASSET VALUE<br>(offering and redemption price per share): | NET ASSET VALUE<br>(offering and redemption price per share): |
| Investor Class | $52.99 | $13.92 | $37.36 | $6.47 | $7.91 |
| Service Class | 35.88 | 12.65 | 32.10 | 6.23 | 6.68 |
| <sup>(a)</sup> Includes securities on loan valued at: | $— | $— | $— | $— | $— |

---

Amounts designated as ' – ' are $0 or have been rounded to $0.

**See accompanying notes to financial statements.**

------

July 31, 2025 **:: Statements of Assets and Liabilities :: 197**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Short <br>Small-Cap<br>ProFund | Small-Cap <br>Growth<br>ProFund | Small-Cap <br>ProFund | Small-Cap <br>Value<br>ProFund | Technology<br>UltraSector <br>ProFund |
| ASSETS: | ASSETS: | ASSETS: | ASSETS: | ASSETS: | ASSETS: |
| Total Investment Securities, at cost | $750000 | $3027821 | $2498568 | $1420687 | $62826700 |
| Securities, at value<sup>(a)</sup> |  | 4409203 | 2329192 | 1803894 | 71309750 |
| Repurchase agreements, at value | 750000 |  | 1189000 | 30000 | 25211000 |
| Total Investment Securities, at value | 750000 | 4409203 | 3518192 | 1833894 | 96520750 |
| Cash | 353 |  | 620 | 94 | 781 |
| Segregated cash balances for futures contracts with brokers |  |  | 61064 |  |  |
| Segregated cash balances for swap agreements with custodian | 759 |  | 355 |  | 899 |
| Dividends and interest receivable | 87 | 773 | 831 | 23532 | 18867 |
| Receivable for capital shares issued | 62776 | 20050 | 2964899 | 1 | 411026 |
| Receivable for investments sold |  |  |  | 59989 |  |
| Due from Advisor under an expense limitation agreement | 6884 |  | 177 |  |  |
| Unrealized appreciation on swap agreements | 14899 |  |  |  | 428448 |
| Prepaid expenses | 28770 | 54731 | 35921 | 46120 | 35720 |
| TOTAL ASSETS | 864528 | 4484757 | 6582059 | 1963630 | 97416491 |
| LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: |
| Cash overdraft |  | 6530 |  |  |  |
| Payable for collateral for securities loaned |  | 18195 | 26087 | 18694 |  |
| Payable for capital shares redeemed | 17931 | 39510 | 5621 | 70414 | 4990278 |
| Unrealized depreciation on swap agreements |  |  | 84922 |  |  |
| Variation margin on futures contracts |  |  | 3239 |  |  |
| Advisory fees payable |  | 8488 |  | 41824 | 57701 |
| Management services fees payable |  | 1698 |  | 8365 | 11540 |
| Administration and fund accounting fees payable | 95 | 929 | 1932 | 5599 | 10437 |
| Distribution and services fees payable—Service Class | 36 | 711 | 125 | 344 | 3953 |
| Transfer agent fees payable | 69 | 431 | 540 | 779 | 4919 |
| Trustee fees payable |  |  |  |  | 4 |
| Compliance services fees payable | 2 | 6 | 6 | 34 | 93 |
| Service fees payable | 2 | 11 | 9 | 92 | 172 |
| Other accrued expenses | 15283 | 27827 | 18850 | 27340 | 45811 |
| TOTAL LIABILITIES | 33418 | 104336 | 141331 | 173485 | 5124908 |
| Commitments and contingencies (Note 4) | Commitments and contingencies (Note 4) | Commitments and contingencies (Note 4) | Commitments and contingencies (Note 4) | Commitments and contingencies (Note 4) | Commitments and contingencies (Note 4) |
| NET ASSETS | $831110 | $4380421 | $6440728 | $1790145 | $92291583 |
| NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: |
| Capital | $17713806 | $4014982 | $6340870 | $7929139 | $52782742 |
| Total distributable earnings (loss) | (16882696) | 365439 | 99858 | (6138994) | 39508841 |
| NET ASSETS | $831110 | $4380421 | $6440728 | $1790145 | $92291583 |
| NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: |
| Investor Class | $772206 | $3597587 | $6292998 | $1394621 | $87436195 |
| Service Class | 58904 | 782834 | 147730 | 395524 | 4855388 |
| SHARES OF BENEFICAL INTEREST OUTSTANDING<br>(unlimited number of shares authorized, no par value): | SHARES OF BENEFICAL INTEREST OUTSTANDING<br>(unlimited number of shares authorized, no par value): | SHARES OF BENEFICAL INTEREST OUTSTANDING<br>(unlimited number of shares authorized, no par value): | SHARES OF BENEFICAL INTEREST OUTSTANDING<br>(unlimited number of shares authorized, no par value): | SHARES OF BENEFICAL INTEREST OUTSTANDING<br>(unlimited number of shares authorized, no par value): | SHARES OF BENEFICAL INTEREST OUTSTANDING<br>(unlimited number of shares authorized, no par value): |
| Investor Class | 14241 | 33400 | 56613 | 13703 | 2080527 |
| Service Class | 1179 | 9871 | 1689 | 5012 | 153720 |
| NET ASSET VALUE<br>(offering and redemption price per share): | NET ASSET VALUE<br>(offering and redemption price per share): | NET ASSET VALUE<br>(offering and redemption price per share): | NET ASSET VALUE<br>(offering and redemption price per share): | NET ASSET VALUE<br>(offering and redemption price per share): | NET ASSET VALUE<br>(offering and redemption price per share): |
| Investor Class | $54.22 | $107.71 | $111.16 | $101.77 | $42.03 |
| Service Class | 49.96 | 79.31 | 87.47 | 78.92 | 31.59 |
| <sup>(a)</sup> Includes securities on loan valued at: | $— | $17235 | $25383 | $17761 | $— |

---

**See accompanying notes to financial statements.**

------

**198 :: Statements of Assets and Liabilities ::** July 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | UltraBear <br>ProFund | UltraBull <br>ProFund | UltraChina <br>ProFund | UltraDow 30 <br>ProFund | UltraEmerging<br>Markets <br>ProFund |
| ASSETS: | ASSETS: | ASSETS: | ASSETS: | ASSETS: | ASSETS: |
| Total Investment Securities, at cost | $5985000 | $84550047 | $21438755 | $19594584 | $6050044 |
| Securities, at value<sup>(a)</sup> |  | 120110019 | 24753523 | 29099022 | 8424238 |
| Repurchase agreements, at value | 5985000 | 45038000 | 4045000 | 9703000 | 1273000 |
| Total Investment Securities, at value | 5985000 | 165148019 | 28798523 | 38802022 | 9697238 |
| Cash | 598 | 457 | 177 | 255 | 580 |
| Segregated cash balances for futures contracts with brokers | 44044 | 2064598 |  | 208289 |  |
| Segregated cash balances for swap agreements with custodian | 641 | 42 | 1544 | 643 | 972 |
| Dividends and interest receivable | 821 | 76821 | 1946 | 18102 | 27911 |
| Receivable for capital shares issued | 636298 | 930645 | 836470 | 385975 | 269734 |
| Receivable for closed swap positions |  |  |  | 169500 |  |
| Due from Advisor under an expense limitation agreement | 3767 |  |  |  |  |
| Unrealized appreciation on swap agreements | 95588 |  |  |  |  |
| Variation margin on futures contracts | 2223 |  |  |  |  |
| Prepaid expenses | 40926 | 51746 | 7478 | 18586 | 16271 |
| Receivable for tax reclaims |  |  |  |  | 939 |
| TOTAL ASSETS | 6809906 | 168272328 | 29646138 | 39603372 | 10013645 |
| LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: |
| Payable for collateral for securities loaned |  | 17545 | 3081614 |  | 358782 |
| Payable for capital shares redeemed | 98741 | 372720 | 358974 | 219346 | 58296 |
| Unrealized depreciation on swap agreements |  | 1515293 | 779665 | 775222 | 144496 |
| Variation margin on futures contracts |  | 97686 |  | 11658 |  |
| Advisory fees payable |  | 103123 | 15454 | 25153 | 15532 |
| Management services fees payable |  | 20625 | 3091 | 5031 | 3107 |
| Administration and fund accounting fees payable | 786 | 19225 | 2853 | 4624 | 1285 |
| Distribution and services fees payable—Service Class | 67 | 1977 | 451 | 1353 | 268 |
| Transfer agent fees payable | 512 | 10503 | 1525 | 2790 | 699 |
| Trustee fees payable |  | 11 | 2 | 3 | 1 |
| Compliance services fees payable | 11 | 187 | 30 | 49 | 11 |
| Service fees payable | 12 | 308 | 46 | 75 | 20 |
| Other accrued expenses | 21606 | 71820 | 22868 | 21719 | 10642 |
| TOTAL LIABILITIES | 121735 | 2231023 | 4266573 | 1067023 | 593139 |
| Commitments and contingencies (Note 4) | Commitments and contingencies (Note 4) | Commitments and contingencies (Note 4) | Commitments and contingencies (Note 4) | Commitments and contingencies (Note 4) | Commitments and contingencies (Note 4) |
| NET ASSETS | $6688171 | $166041305 | $25379565 | $38536349 | $9420506 |
| NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: |
| Capital | $114982017 | $87314093 | $72888437 | $20013445 | $12674564 |
| Total distributable earnings (loss) | (108293846) | 78727212 | (47508872) | 18522904 | (3254058) |
| NET ASSETS | $6688171 | $166041305 | $25379565 | $38536349 | $9420506 |
| NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: |
| Investor Class | $6590483 | $163660885 | $24845048 | $37107956 | $9283821 |
| Service Class | 97688 | 2380420 | 534517 | 1428393 | 136685 |
| SHARES OF BENEFICIAL INTEREST OUTSTANDING<br>(unlimited number of shares authorized, no par value): | SHARES OF BENEFICIAL INTEREST OUTSTANDING<br>(unlimited number of shares authorized, no par value): | SHARES OF BENEFICIAL INTEREST OUTSTANDING<br>(unlimited number of shares authorized, no par value): | SHARES OF BENEFICIAL INTEREST OUTSTANDING<br>(unlimited number of shares authorized, no par value): | SHARES OF BENEFICIAL INTEREST OUTSTANDING<br>(unlimited number of shares authorized, no par value): | SHARES OF BENEFICIAL INTEREST OUTSTANDING<br>(unlimited number of shares authorized, no par value): |
| Investor Class | 782808 | 1085940 | 984963 | 456427 | 144362 |
| Service Class | 13332 | 21679 | 24625 | 21351 | 2364 |
| NET ASSET VALUE<br>(offering and redemption price per share): | NET ASSET VALUE<br>(offering and redemption price per share): | NET ASSET VALUE<br>(offering and redemption price per share): | NET ASSET VALUE<br>(offering and redemption price per share): | NET ASSET VALUE<br>(offering and redemption price per share): | NET ASSET VALUE<br>(offering and redemption price per share): |
| Investor Class | $8.42 | $150.71 | $25.22 | $81.30 | $64.31 |
| Service Class | 7.33 | 109.80 | 21.71 | 66.90 | 57.82 |
| <sup>(a)</sup> Includes securities on loan valued at: | $— | $16039 | $3056351 | $— | $351633 |

---

Amounts designated as ' – ' are $0 or have been rounded to $0.

**See accompanying notes to financial statements.**

------

July 31, 2025 **:: Statements of Assets and Liabilities :: 199**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | UltraInternational<br>ProFund | UltraJapan <br>ProFund | UltraLatin<br>America<br>ProFund | UltraMid-Cap<br>ProFund | UltraNasdaq-100<br>ProFund |
| ASSETS: | ASSETS: | ASSETS: | ASSETS: | ASSETS: | ASSETS: |
| Total Investment Securities, at cost | $7724000 | $13828000 | $4929778 | $27372079 | $645855429 |
| Securities, at value<sup>(a)</sup> |  |  | 6955691 | 24835483 | 876917907 |
| Repurchase agreements, at value | 7724000 | 13828000 | 1091000 | 12327000 | 311086000 |
| Total Investment Securities, at value | 7724000 | 13828000 | 8046691 | 37162483 | 1188003907 |
| Cash | 151 | 790 | 849 | 411 | 104669 |
| Segregated cash balances for futures contracts with brokers |  | 4420274 |  | 237640 | 12226441 |
| Segregated cash balances for swap agreements with custodian | 840 |  | 84 | 1859 | 1067 |
| Dividends and interest receivable | 901 | 14350 | 49157 | 7449 | 169832 |
| Receivable for capital shares issued | 250632 | 2455 | 225790 | 239394 | 4094222 |
| Receivable for closed swap positions |  |  |  |  |  |
| Due from Advisor under an expense limitation agreement |  |  | 1184 |  |  |
| Unrealized appreciation on swap agreements |  |  | 52270 |  |  |
| Variation margin on futures contracts |  | 108906 |  |  |  |
| Prepaid expenses | 21973 | 8759 | 3736 | 10365 | 73136 |
| Receivable for tax reclaims |  |  |  |  |  |
| TOTAL ASSETS | 7998497 | 18383534 | 8379761 | 37659601 | 1204673274 |
| LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: |
| Payable for collateral for securities loaned |  |  | 376114 | 94464 | 955853 |
| Payable for capital shares redeemed | 300914 | 102725 | 108510 | 316370 | 4021394 |
| Unrealized depreciation on swap agreements | 314964 | 746 |  | 881777 | 8825499 |
| Variation margin on futures contracts |  |  |  | 35963 | 427972 |
| Advisory fees payable | 8782 | 14039 |  | 21963 | 757061 |
| Management services fees payable | 1756 | 2340 | 978 | 4393 | 151413 |
| Administration and fund accounting fees payable | 852 | 2256 | 918 | 4317 | 138416 |
| Distribution and services fees payable—Service Class | 148 | 177 | 149 | 1276 | 18733 |
| Transfer agent fees payable | 469 | 1678 | 989 | 2142 | 82879 |
| Trustee fees payable | 1 | 1 | 1 | 2 | 77 |
| Compliance services fees payable | 9 | 23 | 10 | 41 | 1310 |
| Service fees payable | 14 | 35 | 15 | 66 | 2261 |
| Other accrued expenses | 12107 | 8053 | 6890 | 18857 | 499980 |
| TOTAL LIABILITIES | 640016 | 132073 | 494574 | 1381631 | 15882848 |
| Commitments and contingencies (Note 4) | Commitments and contingencies (Note 4) | Commitments and contingencies (Note 4) | Commitments and contingencies (Note 4) | Commitments and contingencies (Note 4) | Commitments and contingencies (Note 4) |
| NET ASSETS | $7358481 | $18251461 | $7885187 | $36277970 | $1188790426 |
| NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: |
| Capital | $7041681 | $16283704 | $37326594 | $28509251 | $564634409 |
| Total distributable earnings (loss) | 316800 | 1967757 | (29441407) | 7768719 | 624156017 |
| NET ASSETS | $7358481 | $18251461 | $7885187 | $36277970 | $1188790426 |
| NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: |
| Investor Class | $7270547 | $18098584 | $7592797 | $32502860 | $1166423811 |
| Service Class | 87934 | 152877 | 292390 | 3775110 | 22366615 |
| SHARES OF BENEFICIAL INTEREST OUTSTANDING<br>(unlimited number of shares authorized, no par value): | SHARES OF BENEFICIAL INTEREST OUTSTANDING<br>(unlimited number of shares authorized, no par value): | SHARES OF BENEFICIAL INTEREST OUTSTANDING<br>(unlimited number of shares authorized, no par value): | SHARES OF BENEFICIAL INTEREST OUTSTANDING<br>(unlimited number of shares authorized, no par value): | SHARES OF BENEFICIAL INTEREST OUTSTANDING<br>(unlimited number of shares authorized, no par value): | SHARES OF BENEFICIAL INTEREST OUTSTANDING<br>(unlimited number of shares authorized, no par value): |
| Investor Class | 330833 | 328688 | 510930 | 505652 | 8999796 |
| Service Class | 4747 | 3591 | 20553 | 76525 | 252272 |
| NET ASSET VALUE<br>(offering and redemption price per share): | NET ASSET VALUE<br>(offering and redemption price per share): | NET ASSET VALUE<br>(offering and redemption price per share): | NET ASSET VALUE<br>(offering and redemption price per share): | NET ASSET VALUE<br>(offering and redemption price per share): | NET ASSET VALUE<br>(offering and redemption price per share): |
| Investor Class | $21.98 | $55.06 | $14.86 | $64.28 | $129.61 |
| Service Class | 18.52 | 42.57 | 14.23 | 49.33 | 88.66 |
| <sup>(a)</sup> Includes securities on loan valued at: | $— | $— | $363901 | $91643 | $810079 |

---

**See accompanying notes to financial statements.**

------

**200 :: Statements of Assets and Liabilities ::** July 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | UltraShort <br>China <br>ProFund | UltraShort <br>Dow 30<br>ProFund | UltraShort<br>Emerging<br>Markets <br>ProFund | UltraShort<br>International <br>ProFund | UltraShort <br>Japan<br>ProFund |
| ASSETS: | ASSETS: | ASSETS: | ASSETS: | ASSETS: | ASSETS: |
| Total Investment Securities, at cost | $1442000 | $1623000 | $764000 | $1898000 | $1167000 |
| Securities, at value<sup>(a)</sup> |  |  |  |  |  |
| Repurchase agreements, at value | 1442000 | 1623000 | 764000 | 1898000 | 1167000 |
| Total Investment Securities, at value | 1442000 | 1623000 | 764000 | 1898000 | 1167000 |
| Cash | 723 | 24 | 838 | 618 | 939 |
| Segregated cash balances for futures contracts with brokers |  |  |  |  | 286168 |
| Segregated cash balances for swap agreements with custodian | 811 | 70 | 288 | 736 |  |
| Dividends and interest receivable | 168 | 189 | 89 | 221 | 936 |
| Receivable for capital shares issued | 342085 | 43275 | 117507 | 47519 | 48348 |
| Due from Advisor under an expense limitation agreement |  |  | 2384 |  |  |
| Unrealized appreciation on swap agreements | 67166 | 50326 | 15665 | 80374 | 628 |
| Variation margin on futures contracts |  |  |  |  |  |
| Prepaid expenses | 12717 | 29924 | 23899 | 22542 | 21096 |
| TOTAL ASSETS | 1865670 | 1746808 | 924670 | 2050010 | 1525115 |
| LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: |
| Payable for capital shares redeemed | 161804 | 27095 | 71774 | 2005 | 25791 |
| Unrealized depreciation on swap agreements |  |  |  |  |  |
| Variation margin on futures contracts |  |  |  |  | 6595 |
| Advisory fees payable | 555 | 1418 |  | 428 | 7894 |
| Management services fees payable | 111 | 284 | 94 | 86 | 1316 |
| Administration and fund accounting fees payable | 152 | 179 | 87 | 247 | 179 |
| Distribution and services fees payable—Service Class | 11 | 17 | 7 | 9 | 7 |
| Transfer agent fees payable | 151 | 92 | 78 | 163 | 86 |
| Trustee fees payable |  |  |  |  |  |
| Compliance services fees payable | 3 | 3 | 1 | 3 | 1 |
| Service fees payable | 2 | 3 | 1 | 4 | 3 |
| Other accrued expenses | 7039 | 15322 | 12074 | 11623 | 10712 |
| TOTAL LIABILITIES | 169828 | 44413 | 84116 | 14568 | 52584 |
| Commitments and contingencies (Note 4) | Commitments and contingencies (Note 4) | Commitments and contingencies (Note 4) | Commitments and contingencies (Note 4) | Commitments and contingencies (Note 4) | Commitments and contingencies (Note 4) |
| NET ASSETS | $1695842 | $1702395 | $840554 | $2035442 | $1472531 |
| NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: |
| Capital | $12456520 | $27609164 | $14196997 | $21045399 | $12602253 |
| Total distributable earnings (loss) | (10760678) | (25906769) | (13356443) | (19009957) | (11129722) |
| NET ASSETS | $1695842 | $1702395 | $840554 | $2035442 | $1472531 |
| NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: |
| Investor Class | $1633701 | $1664739 | $835582 | $2008341 | $1459538 |
| Service Class | 62141 | 37656 | 4972 | 27101 | 12993 |
| SHARES OF BENEFICIAL INTEREST OUTSTANDING<br>(unlimited number of shares authorized, no par value): | SHARES OF BENEFICIAL INTEREST OUTSTANDING<br>(unlimited number of shares authorized, no par value): | SHARES OF BENEFICIAL INTEREST OUTSTANDING<br>(unlimited number of shares authorized, no par value): | SHARES OF BENEFICIAL INTEREST OUTSTANDING<br>(unlimited number of shares authorized, no par value): | SHARES OF BENEFICIAL INTEREST OUTSTANDING<br>(unlimited number of shares authorized, no par value): | SHARES OF BENEFICIAL INTEREST OUTSTANDING<br>(unlimited number of shares authorized, no par value): |
| Investor Class | 633656 | 154013 | 81684 | 150487 | 41821 |
| Service Class | 28525 | 4070 | 547 | 2272 | 374 |
| NET ASSET VALUE<br>(offering and redemption price per share): | NET ASSET VALUE<br>(offering and redemption price per share): | NET ASSET VALUE<br>(offering and redemption price per share): | NET ASSET VALUE<br>(offering and redemption price per share): | NET ASSET VALUE<br>(offering and redemption price per share): | NET ASSET VALUE<br>(offering and redemption price per share): |
| Investor Class | $2.58 | $10.81 | $10.23 | $13.35 | $34.90 |
| Service Class | 2.18 | 9.25 | 9.09 | 11.93 | 34.74 |

---

Amounts designated as ' – ' are $0 or have been rounded to $0.

**See accompanying notes to financial statements.**

------

July 31, 2025 **:: Statements of Assets and Liabilities :: 201**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | UltraShort <br>Latin<br>America <br>ProFund | UltraShort <br>Mid-Cap<br>ProFund | UltraShort<br>Nasdaq-100 <br>ProFund | UltraShort <br>Small-Cap<br>ProFund | UltraSmall-Cap<br>ProFund |
| ASSETS: | ASSETS: | ASSETS: | ASSETS: | ASSETS: | ASSETS: |
| Total Investment Securities, at cost | $1617000 | $431000 | $18537000 | $4179000 | $28454584 |
| Securities, at value<sup>(a)</sup> |  |  |  |  | 28393104 |
| Repurchase agreements, at value | 1617000 | 431000 | 18537000 | 4179000 | 11710000 |
| Total Investment Securities, at value | 1617000 | 431000 | 18537000 | 4179000 | 40103104 |
| Cash | 408 | 696 | 248 | 2031 |  |
| Segregated cash balances for futures contracts with brokers |  |  | 259770 | 55744 | 814191 |
| Segregated cash balances for swap agreements with custodian | 859 | 243 | 823 | 769 | 895 |
| Dividends and interest receivable | 189 | 50 | 2776 | 648 | 8456 |
| Receivable for capital shares issued | 67601 | 33800 | 1935868 | 1111490 | 993248 |
| Due from Advisor under an expense limitation agreement | 384 | 2016 |  |  |  |
| Unrealized appreciation on swap agreements |  | 18103 | 219373 | 148832 |  |
| Variation margin on futures contracts |  |  | 9434 | 3247 |  |
| Prepaid expenses | 4939 | 12587 | 58250 | 14393 | 12425 |
| TOTAL ASSETS | 1691380 | 498495 | 21023542 | 5516154 | 41932319 |
| LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: |
| Payable for capital shares redeemed | 509603 |  | 771720 | 657658 | 527153 |
| Unrealized depreciation on swap agreements | 24514 |  |  |  | 1010919 |
| Variation margin on futures contracts |  |  |  |  | 43188 |
| Advisory fees payable |  |  | 17860 | 1705 | 27230 |
| Management services fees payable | 161 |  | 3572 | 341 | 5446 |
| Administration and fund accounting fees payable | 147 | 62 | 1859 | 481 | 6383 |
| Distribution and services fees payable—Service Class | 19 | 2 | 15 | 10 | 443 |
| Transfer agent fees payable | 82 | 55 | 944 | 322 | 2884 |
| Trustee fees payable |  |  | 1 |  | 3 |
| Compliance services fees payable | 2 | 1 | 24 | 6 | 51 |
| Service fees payable | 2 | 1 | 29 | 7 | 81 |
| Other accrued expenses | 2989 | 6269 | 31917 | 8526 | 39109 |
| TOTAL LIABILITIES | 537519 | 6390 | 827941 | 669056 | 1662890 |
| Commitments and contingencies (Note 4) | Commitments and contingencies (Note 4) | Commitments and contingencies (Note 4) | Commitments and contingencies (Note 4) | Commitments and contingencies (Note 4) | Commitments and contingencies (Note 4) |
| NET ASSETS | $1153861 | $492105 | $20195601 | $4847098 | $40269429 |
| NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: |
| Capital | $18645080 | $11965705 | $127917345 | $61921607 | $61391481 |
| Total distributable earnings (loss) | (17491219) | (11473600) | (107721744) | (57074509) | (21122052) |
| NET ASSETS | $1153861 | $492105 | $20195601 | $4847098 | $40269429 |
| NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: |
| Investor Class | $1136409 | $480428 | $20168048 | $4816934 | $39783636 |
| Service Class | 17452 | 11677 | 27553 | 30164 | 485793 |
| SHARES OF BENEFICIAL INTEREST OUTSTANDING<br>(unlimited number of shares authorized, no par value): | SHARES OF BENEFICIAL INTEREST OUTSTANDING<br>(unlimited number of shares authorized, no par value): | SHARES OF BENEFICIAL INTEREST OUTSTANDING<br>(unlimited number of shares authorized, no par value): | SHARES OF BENEFICIAL INTEREST OUTSTANDING<br>(unlimited number of shares authorized, no par value): | SHARES OF BENEFICIAL INTEREST OUTSTANDING<br>(unlimited number of shares authorized, no par value): | SHARES OF BENEFICIAL INTEREST OUTSTANDING<br>(unlimited number of shares authorized, no par value): |
| Investor Class | 33262 | 17276 | 1052554 | 109854 | 644782 |
| Service Class | 586 | 487 | 1552 | 766 | 10004 |
| NET ASSET VALUE<br>(offering and redemption price per share): | NET ASSET VALUE<br>(offering and redemption price per share): | NET ASSET VALUE<br>(offering and redemption price per share): | NET ASSET VALUE<br>(offering and redemption price per share): | NET ASSET VALUE<br>(offering and redemption price per share): | NET ASSET VALUE<br>(offering and redemption price per share): |
| Investor Class | $34.17 | $27.81 | $19.16 | $43.85 | $61.70 |
| Service Class | 29.78 | 23.98 | 17.75 | 39.38 | 48.56 |

---

**See accompanying notes to financial statements.**

------

**202 :: Statements of Assets and Liabilities ::** July 31, 2025

---

| | | |
|:---|:---|:---|
| | U.S. <br>Government <br>Plus ProFund | Utilities <br>UltraSector <br>ProFund |
| ASSETS: | ASSETS: | ASSETS: |
| Total Investment Securities, at cost | $11159000 | $10216924 |
| Securities, at value<sup>(a)</sup> |  | 11740114 |
| Repurchase agreements, at value | 11159000 | 3899000 |
| Total Investment Securities, at value | 11159000 | 15639114 |
| Cash | 994 | 208 |
| Segregated cash balances for swap agreements with custodian | 2000 | 1288 |
| Dividends and interest receivable | 1302 | 2790 |
| Receivable for capital shares issued | 224528 | 42305 |
| Due from Advisor under an expense limitation agreement |  | 3823 |
| Unrealized appreciation on swap agreements | 79304 | 165050 |
| Prepaid expenses | 33046 | 43258 |
| TOTAL ASSETS | 11500174 | 15897836 |
| LIABILITIES: | LIABILITIES: | LIABILITIES: |
| Payable for capital shares redeemed | 7527706 | 296400 |
| Advisory fees payable | 6963 |  |
| Management services fees payable | 2089 |  |
| Administration and fund accounting fees payable | 728 | 1289 |
| Distribution and services fees payable—Service Class | 695 | 298 |
| Transfer agent fees payable | 626 | 629 |
| Trustee fees payable | 1 | 1 |
| Compliance services fees payable | 8 | 14 |
| Service fees payable | 11 | 21 |
| Other accrued expenses | 18338 | 24898 |
| TOTAL LIABILITIES | 7557165 | 323550 |
| Commitments and contingencies (Note 4) | Commitments and contingencies (Note 4) | Commitments and contingencies (Note 4) |
| NET ASSETS | $3943009 | $15574286 |
| NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: |
| Capital | $13409827 | $15747270 |
| Total distributable earnings (loss) | (9466818) | (172984) |
| NET ASSETS | $3943009 | $15574286 |
| NET ASSETS: | NET ASSETS: | NET ASSETS: |
| Investor Class | $3378278 | $15269412 |
| Service Class | 564731 | 304874 |
| SHARES OF BENEFICIAL INTEREST OUTSTANDING<br>(unlimited number of shares authorized, no par value): | SHARES OF BENEFICIAL INTEREST OUTSTANDING<br>(unlimited number of shares authorized, no par value): | SHARES OF BENEFICIAL INTEREST OUTSTANDING<br>(unlimited number of shares authorized, no par value): |
| Investor Class | 106166 | 185562 |
| Service Class | 19715 | 3995 |
| NET ASSET VALUE<br>(offering and redemption price per share): | NET ASSET VALUE<br>(offering and redemption price per share): | NET ASSET VALUE<br>(offering and redemption price per share): |
| Investor Class | $31.82 | $82.29 |
| Service Class | 28.64 | 76.31 |

---

Amounts designated as ' – ' are $0 or have been rounded to $0.

**See accompanying notes to financial statements.**

------

**Statements of Operations**

------

**204 :: Statements of Operations ::** For the Periods Indicated

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Access Flex <br>Bear <br>High Yield <br>ProFund | Access Flex <br>High Yield <br>ProFund | Banks<br>UltraSector<br>ProFund | Bear<br>ProFund | Biotechnology<br>UltraSector<br>ProFund |
| | Year Ended<br>July 31, 2025 | Year Ended<br>July 31, 2025 | Year Ended<br>July 31, 2025 | Year Ended<br>July 31, 2025 | Year Ended<br>July 31, 2025 |
| INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: |
| Dividends | $— | $— | $338445 | $— | $174323 |
| Interest | 17584 | 679877 | 169445 | 562604 | 837871 |
| Foreign tax withholding |  |  |  |  |  |
| Net income from securities lending |  |  | 805 |  | 39931 |
| TOTAL INVESTMENT INCOME | 17584 | 679877 | 508695 | 562604 | 1052125 |
| EXPENSES: | EXPENSES: | EXPENSES: | EXPENSES: | EXPENSES: | EXPENSES: |
| Advisory fees | 5567 | 124713 | 120150 | 95248 | 624913 |
| Management services fees | 1113 | 24943 | 24030 | 19050 | 124984 |
| Administration and fund accounting fees | 1373 | 25423 | 23500 | 20237 | 125533 |
| Distribution and service fees—Service Class | 103 | 25221 | 7608 | 4007 | 21796 |
| Transfer agency fees | 423 | 8633 | 7176 | 6822 | 33095 |
| Administrative services fees | 1037 | 35283 | 41074 | 28008 | 210195 |
| Registration and filing fees | 27773 | 44432 | 31196 | 68774 | 37496 |
| Custody fees | 145 | 2372 | 2430 | 1976 | 12714 |
| Trustee fees | 6 | 152 | 222 | 202 | 1227 |
| Compliance service fees | 8 | 206 | 162 | 119 | 685 |
| Service fees | 176 | 387 | 557 | 426 | 2927 |
| Other fees | 2048 | 15641 | 21055 | 11677 | 96741 |
| Recoupment of prior expenses reduced by Advisor |  | 13527 |  | 2600 |  |
| Total Gross Expenses before reductions | 39772 | 320933 | 279160 | 259146 | 1292306 |
| Expenses reduced and reimbursed by the Advisor | (26400) |  |  | (28903) |  |
| Fees paid indirectly | (57) | (1291) | (43) | (180) | (108) |
| TOTAL NET EXPENSES | 13315 | 319642 | 279117 | 230063 | 1292198 |
| NET INVESTMENT INCOME (LOSS) | 4269 | 360235 | 229578 | 332541 | (240073) |
| REALIZED AND UNREALIZED GAINS (LOSSES) <br>ON INVESTMENTS: | REALIZED AND UNREALIZED GAINS (LOSSES) <br>ON INVESTMENTS: | REALIZED AND UNREALIZED GAINS (LOSSES) <br>ON INVESTMENTS: | REALIZED AND UNREALIZED GAINS (LOSSES) <br>ON INVESTMENTS: | REALIZED AND UNREALIZED GAINS (LOSSES) <br>ON INVESTMENTS: | REALIZED AND UNREALIZED GAINS (LOSSES) <br>ON INVESTMENTS: |
| Net realized gains (losses) on investment securities |  | 96325 | 542376 |  | (3277792) |
| Net realized gains (losses) on futures contracts | 147 | 5188 |  | (37359) |  |
| Net realized gains (losses) on swap agreements | (73568) | 356582 | (47740) | (2514776) | (12647816) |
| Change in net unrealized appreciation/depreciation on <br>investment securities |  | (139232) | (362749) |  | (8461028) |
| Change in net unrealized appreciation/depreciation on <br>futures contracts | 5583 | (13818) |  | (20999) |  |
| Change in net unrealized appreciation/depreciation on <br>swap agreements | 7941 | (36974) | (318068) | 399981 | (752348) |
| NET REALIZED AND UNREALIZED GAINS <br>(LOSSES) ON INVESTMENTS | (59897) | 268071 | (186181) | (2173153) | (25138984) |
| CHANGE IN NET ASSETS RESULTING <br>FROM OPERATIONS | $(55628) | $628306 | $43397 | $(1840612) | $(25379057) |

---

Amounts designated as ' – ' are $0 or have been rounded to $0.

**See accompanying notes to financial statements.**

------

For the Periods Indicated **:: Statements of Operations :: 205**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Bull<br>ProFund | Communication<br>Services<br>UltraSector<br>ProFund | Consumer<br>Discretionary<br>UltraSector<br>ProFund | Consumer<br>Staples<br>UltraSector<br>ProFund | Energy<br>UltraSector<br>ProFund |
| | Year Ended<br>July 31, 2025 | Year Ended<br>July 31, 2025 | Year Ended<br>July 31, 2025 | Year Ended<br>July 31, 2025 | Year Ended<br>July 31, 2025 |
| INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: |
| Dividends | $575808 | $222634 | $287914 | $76767 | $575849 |
| Interest | 687151 | 240236 | 409745 | 37883 | 269294 |
| Foreign tax withholding | (154) |  |  |  |  |
| Net income from securities lending | 26 | 950 |  |  |  |
| TOTAL INVESTMENT INCOME | 1262831 | 463820 | 697659 | 114650 | 845143 |
| EXPENSES: | EXPENSES: | EXPENSES: | EXPENSES: | EXPENSES: | EXPENSES: |
| Advisory fees | 447573 | 179547 | 298154 | 28971 | 184913 |
| Management services fees | 89515 | 35910 | 59631 | 5794 | 36983 |
| Administration and fund accounting fees | 90509 | 34516 | 58673 | 5861 | 39464 |
| Distribution and service fees—Service Class | 81641 | 3730 | 6657 | 2046 | 8407 |
| Transfer agency fees | 36582 | 9011 | 14388 | 2100 | 12334 |
| Administrative services fees | 99930 | 61883 | 101521 | 7351 | 49446 |
| Registration and filing fees | 60397 | 45943 | 56117 | 35798 | 51934 |
| Custody fees | 8822 | 4404 | 6100 | 889 | 3688 |
| Trustee fees | 733 | 261 | 487 | 55 | 488 |
| Compliance service fees | 626 | 187 | 308 | 32 | 220 |
| Service fees | 1989 | 742 | 1270 | 129 | 833 |
| Other fees | 54977 | 29858 | 46360 | 6025 | 26136 |
| Recoupment of prior expenses reduced by Advisor |  | 24212 |  |  |  |
| Total Gross Expenses before reductions | 973294 | 430204 | 649666 | 95051 | 414846 |
| Expenses reduced and reimbursed by the Advisor |  |  |  | (24229) |  |
| Fees paid indirectly | (283) | (204) | (441) | (19) | (48) |
| TOTAL NET EXPENSES | 973011 | 430000 | 649225 | 70803 | 414798 |
| NET INVESTMENT INCOME (LOSS) | 289820 | 33820 | 48434 | 43847 | 430345 |
| REALIZED AND UNREALIZED GAINS (LOSSES) <br>ON INVESTMENTS: | REALIZED AND UNREALIZED GAINS (LOSSES) <br>ON INVESTMENTS: | REALIZED AND UNREALIZED GAINS (LOSSES) <br>ON INVESTMENTS: | REALIZED AND UNREALIZED GAINS (LOSSES) <br>ON INVESTMENTS: | REALIZED AND UNREALIZED GAINS (LOSSES) <br>ON INVESTMENTS: | REALIZED AND UNREALIZED GAINS (LOSSES) <br>ON INVESTMENTS: |
| Net realized gains (losses) on investment securities | 1710700 | 1052310 | (1678728) | 67596 | (3448456) |
| Net realized gains (losses) on futures contracts | (204175) |  |  |  |  |
| Net realized gains (losses) on swap agreements | 1698670 | 1839720 | (1250780) | (27414) | (7033615) |
| Change in net unrealized appreciation/depreciation on <br>investment securities | 3599412 | 1403047 | 683602 | (5676) | (4335068) |
| Change in net unrealized appreciation/depreciation on <br>futures contracts | 211983 |  |  |  |  |
| Change in net unrealized appreciation/depreciation on <br>swap agreements | (129773) | (165200) | (681037) | (61115) | (557227) |
| NET REALIZED AND UNREALIZED GAINS <br>(LOSSES) ON INVESTMENTS | 6886817 | 4129877 | (2926943) | (26609) | (15374366) |
| CHANGE IN NET ASSETS RESULTING <br>FROM OPERATIONS | $7176637 | $4163697 | $(2878509) | $17238 | $(14944021) |

---

**See accompanying notes to financial statements.**

------

**206 :: Statements of Operations ::** For the Periods Indicated

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Europe 30 <br>ProFund | Falling <br>U.S. Dollar <br>ProFund | Financials <br>UltraSector <br>ProFund | Health Care <br>UltraSector <br>ProFund | Industrials <br>UltraSector <br>ProFund |
| | Year Ended<br>July 31, 2025 | Year Ended<br>July 31, 2025 | Year Ended<br>July 31, 2025 | Year Ended<br>July 31, 2025 | Year Ended<br>July 31, 2025 |
| INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: |
| Dividends | $107275 | $— | $357078 | $191156 | $76231 |
| Interest | 13 | 78441 | 299524 | 150047 | 69887 |
| Foreign tax withholding | (7758) |  |  |  |  |
| Net income from securities lending | 1467 |  |  |  |  |
| TOTAL INVESTMENT INCOME | 100997 | 78441 | 656602 | 341203 | 146118 |
| EXPENSES: | EXPENSES: | EXPENSES: | EXPENSES: | EXPENSES: | EXPENSES: |
| Advisory fees | 21460 | 13566 | 217685 | 106296 | 51532 |
| Management services fees | 4292 | 2713 | 43537 | 21259 | 10306 |
| Administration and fund accounting fees | 4328 | 2641 | 42396 | 21408 | 11774 |
| Distribution and service fees—Service Class | 4910 | 76 | 5588 | 8929 | 3734 |
| Transfer agency fees | 1729 | 802 | 11555 | 6693 | 3410 |
| Administrative services fees | 4501 | 3298 | 73546 | 32218 | 14680 |
| Registration and filing fees | 26789 | 29837 | 56451 | 40821 | 43331 |
| Custody fees | 5148 | 12361 | 4607 | 2279 | 1360 |
| Trustee fees | 38 | 25 | 355 | 214 | 80 |
| Compliance service fees | 28 | 17 | 213 | 120 | 62 |
| Licensing fees |  | 8699 | 9189 | 3953 | 2231 |
| Service fees | 96 | 57 | 948 | 491 | 219 |
| Other fees | 4044 | 3878 | 24969 | 14051 | 5715 |
| Recoupment of prior expenses reduced by Advisor |  |  | 1333 |  |  |
| Total Gross Expenses before reductions | 77363 | 77970 | 492372 | 258732 | 148434 |
| Expenses reduced and reimbursed by the Advisor | (21520) | (45650) |  |  | (22370) |
| Fees paid indirectly | (1) | (47) | (185) | (20) | (29) |
| TOTAL NET EXPENSES | 55842 | 32273 | 492187 | 258712 | 126035 |
| NET INVESTMENT INCOME (LOSS) | 45155 | 46168 | 164415 | 82491 | 20083 |
| REALIZED AND UNREALIZED GAINS (LOSSES) <br>ON INVESTMENTS: | REALIZED AND UNREALIZED GAINS (LOSSES) <br>ON INVESTMENTS: | REALIZED AND UNREALIZED GAINS (LOSSES) <br>ON INVESTMENTS: | REALIZED AND UNREALIZED GAINS (LOSSES) <br>ON INVESTMENTS: | REALIZED AND UNREALIZED GAINS (LOSSES) <br>ON INVESTMENTS: | REALIZED AND UNREALIZED GAINS (LOSSES) <br>ON INVESTMENTS: |
| Net realized gains (losses) on investment securities | (6545) |  | 1240672 | 1693533 | 352325 |
| Net realized gains (losses) on swap agreements |  |  | 1367702 | (1429474) | 1140833 |
| Net realized gains (losses) on forward currency contracts |  | 156184 |  |  |  |
| Change in net unrealized appreciation/depreciation on <br>investment securities | 135271 |  | 171632 | (3076215) | 742591 |
| Change in net unrealized appreciation/depreciation on <br>swap agreements |  |  | (744449) | (363416) | (139562) |
| Change in net unrealized appreciation/depreciation on <br>forward currency contracts |  | (58347) |  |  |  |
| NET REALIZED AND UNREALIZED GAINS <br>(LOSSES) ON INVESTMENTS | 128726 | 97837 | 2035557 | (3175572) | 2096187 |
| CHANGE IN NET ASSETS RESULTING <br>FROM OPERATIONS | $173881 | $144005 | $2199972 | $(3093081) | $2116270 |

---

Amounts designated as ' – ' are $0 or have been rounded to $0.

**See accompanying notes to financial statements.**

------

For the Periods Indicated **:: Statements of Operations :: 207**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Internet <br>UltraSector <br>ProFund | Large-Cap <br>Growth <br>ProFund | Large-Cap <br>Value <br>ProFund | Materials <br>UltraSector <br>ProFund | Mid-Cap <br>Growth <br>ProFund |
| | Year Ended<br>July 31, 2025 | Year Ended<br>July 31, 2025 | Year Ended<br>July 31, 2025 | Year Ended<br>July 31, 2025 | Year Ended<br>July 31, 2025 |
| INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: |
| Dividends | $267250 | $245312 | $299036 | $70805 | $38075 |
| Interest | 1083030 | 4102 | 11196 | 44179 | 473 |
| Foreign tax withholding |  | (99) | (83) |  | (83) |
| Net income from securities lending | 59 |  | 7 | 1 | 60 |
| TOTAL INVESTMENT INCOME | 1350339 | 249315 | 310156 | 114985 | 38525 |
| EXPENSES: | EXPENSES: | EXPENSES: | EXPENSES: | EXPENSES: | EXPENSES: |
| Advisory fees | 814339 | 245865 | 133130 | 34881 | 32265 |
| Management services fees | 162869 | 49173 | 26626 | 6976 | 6453 |
| Administration and fund accounting fees | 164274 | 48449 | 28782 | 7075 | 7320 |
| Distribution and service fees—Service Class | 40845 | 16964 | 20151 | 3643 | 5235 |
| Transfer agency fees | 45795 | 13719 | 9981 | 2730 | 2241 |
| Administrative services fees | 243837 | 64785 | 32917 | 8564 | 7947 |
| Registration and filing fees | 46104 | 97666 | 64725 | 31664 | 28342 |
| Custody fees | 16750 | 6520 | 3354 | 832 | 806 |
| Trustee fees | 1263 | 318 | 311 | 63 | 60 |
| Compliance service fees | 841 | 233 | 144 | 40 | 30 |
| Licensing fees | 24001 | 2487 | 1016 | 1385 | 614 |
| Service fees | 3493 | 1013 | 628 | 157 | 144 |
| Other fees | 90057 | 26916 | 16865 | 5331 | 4789 |
| Recoupment of prior expenses reduced by Advisor |  | 3213 | 200 |  |  |
| Total Gross Expenses before reductions | 1654468 | 577321 | 338830 | 103341 | 96246 |
| Expenses reduced and reimbursed by the Advisor |  | (3213) | (2717) | (16894) | (14433) |
| Fees paid indirectly | (282) | (5) | (2) | (20) | (2) |
| TOTAL NET EXPENSES | 1654186 | 574103 | 336111 | 86427 | 81811 |
| NET INVESTMENT INCOME (LOSS) | (303847) | (324788) | (25955) | 28558 | (43286) |
| REALIZED AND UNREALIZED GAINS (LOSSES) <br>ON INVESTMENTS: | REALIZED AND UNREALIZED GAINS (LOSSES) <br>ON INVESTMENTS: | REALIZED AND UNREALIZED GAINS (LOSSES) <br>ON INVESTMENTS: | REALIZED AND UNREALIZED GAINS (LOSSES) <br>ON INVESTMENTS: | REALIZED AND UNREALIZED GAINS (LOSSES) <br>ON INVESTMENTS: | REALIZED AND UNREALIZED GAINS (LOSSES) <br>ON INVESTMENTS: |
| Net realized gains (losses) on investment securities | (7278625) | 13111836 | 5695016 | 434934 | 60046 |
| Net realized gains (losses) on swap agreements | 4232048 |  |  | (200406) |  |
| Net realized gains (losses) on forward currency contracts |  |  |  |  |  |
| Change in net unrealized appreciation/depreciation on <br>investment securities | 17262561 | 900899 | (646747) | (777644) | (11898) |
| Change in net unrealized appreciation/depreciation on <br>swap agreements | 1619779 |  |  | (240158) |  |
| Change in net unrealized appreciation/depreciation on <br>forward currency contracts |  |  |  |  |  |
| NET REALIZED AND UNREALIZED GAINS <br>(LOSSES) ON INVESTMENTS | 15835763 | 14012735 | 5048269 | (783274) | 48148 |
| CHANGE IN NET ASSETS RESULTING <br>FROM OPERATIONS | $15531916 | $13687947 | $5022314 | $(754716) | $4862 |

---

**See accompanying notes to financial statements.**

------

**208 :: Statements of Operations ::** For the Periods Indicated

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Mid-Cap <br>ProFund | Mid-Cap <br>Value <br>ProFund | Nasdaq-100 <br>ProFund | Oil & Gas<br>Equipment & <br>Services <br>UltraSector <br>ProFund | Pharmaceuticals <br>UltraSector <br>ProFund |
| | Year Ended<br>July 31, 2025 | Year Ended<br>July 31, 2025 | Year Ended<br>July 31, 2025 | Year Ended<br>July 31, 2025 | Year Ended<br>July 31, 2025 |
| INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: |
| Dividends | $72452 | $80570 | $546630 | $162408 | $27643 |
| Interest | 100179 | 415 | 2085956 | 127374 | 27240 |
| Foreign tax withholding | (80) |  | (1139) |  |  |
| Net income from securities lending | 59 | 35 | 93 | 78 | 5491 |
| TOTAL INVESTMENT INCOME | 172610 | 81020 | 2631540 | 289860 | 60374 |
| EXPENSES: | EXPENSES: | EXPENSES: | EXPENSES: | EXPENSES: | EXPENSES: |
| Advisory fees | 54474 | 36317 | 844106 | 82631 | 20566 |
| Management services fees | 10895 | 7263 | 180881 | 16526 | 4113 |
| Administration and fund accounting fees | 12726 | 8077 | 182118 | 17209 | 4279 |
| Distribution and service fees—Service Class | 18395 | 7561 | 98069 | 1417 | 2363 |
| Transfer agency fees | 4747 | 3038 | 55829 | 5392 | 1391 |
| Administrative services fees | 12131 | 8946 | 259006 | 24202 | 5613 |
| Registration and filing fees | 28827 | 33165 | 87864 | 28945 | 28293 |
| Custody fees | 2122 | 1700 | 18201 | 1813 | 410 |
| Trustee fees | 102 | 61 | 1548 | 159 | 38 |
| Compliance service fees | 62 | 27 | 1164 | 94 | 23 |
| Licensing fees | 983 | 101 | 39422 | 2984 | 773 |
| Service fees | 250 | 153 | 3986 | 378 | 93 |
| Other fees | 8275 | 5401 | 105473 | 11009 | 3962 |
| Recoupment of prior expenses reduced by Advisor | 1106 |  |  |  |  |
| Total Gross Expenses before reductions | 155095 | 111810 | 1877667 | 192759 | 71917 |
| Expenses reduced and reimbursed by the Advisor | (7433) | (18051) |  |  | (20708) |
| Fees paid indirectly | (18) | (6) | (1825) | (45) | (36) |
| TOTAL NET EXPENSES | 147644 | 93753 | 1875842 | 192714 | 51173 |
| NET INVESTMENT INCOME (LOSS) | 24966 | (12733) | 755698 | 97146 | 9201 |
| REALIZED AND UNREALIZED GAINS (LOSSES) <br>ON INVESTMENTS: | REALIZED AND UNREALIZED GAINS (LOSSES) <br>ON INVESTMENTS: | REALIZED AND UNREALIZED GAINS (LOSSES) <br>ON INVESTMENTS: | REALIZED AND UNREALIZED GAINS (LOSSES) <br>ON INVESTMENTS: | REALIZED AND UNREALIZED GAINS (LOSSES) <br>ON INVESTMENTS: | REALIZED AND UNREALIZED GAINS (LOSSES) <br>ON INVESTMENTS: |
| Net realized gains (losses) on investment securities | 272880 | (672932) | 6889674 | 172436 | 54733 |
| Net realized gains (losses) on futures contracts |  |  | 233677 |  |  |
| Net realized gains (losses) on swap agreements | (205902) |  | 9957322 | (2914815) | (77744) |
| Net realized gains (losses) on forward currency contracts |  |  |  |  |  |
| Change in net unrealized appreciation/depreciation on <br>investment securities | (678910) | (163657) | 7239470 | (4183710) | (134007) |
| Change in net unrealized appreciation/depreciation on <br>futures contracts |  |  | 560314 |  |  |
| Change in net unrealized appreciation/depreciation on <br>swap agreements | (103258) |  | (1191863) | (545634) | (138959) |
| Change in net unrealized appreciation/depreciation on <br>forward currency contracts |  |  |  |  |  |
| NET REALIZED AND UNREALIZED GAINS <br>(LOSSES) ON INVESTMENTS | (715190) | (836589) | 23688594 | (7471723) | (295977) |
| CHANGE IN NET ASSETS RESULTING <br>FROM OPERATIONS | $(690224) | $(849322) | $24444292 | $(7374577) | $(286776) |

---

Amounts designated as ' – ' are $0 or have been rounded to $0.

**See accompanying notes to financial statements.**

------

For the Periods Indicated **:: Statements of Operations :: 209**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Precious <br>Metals <br>UltraSector <br>ProFund | Real Estate <br>UltraSector <br>ProFund | Rising Rates <br>Opportunity <br>ProFund | Rising Rates <br>Opportunity 10 <br>ProFund | Rising <br>U.S. Dollar <br>ProFund |
| | Year Ended<br>July 31, 2025 | Year Ended<br>July 31, 2025 | Year Ended<br>July 31, 2025 | Year Ended<br>July 31, 2025 | Year Ended<br>July 31, 2025 |
| INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: |
| Dividends | $390054 | $147913 | $— | $— | $— |
| Interest | 334080 | 70791 | 423602 | 35453 | 368849 |
| Foreign tax withholding | (39039) |  |  |  |  |
| Net income from securities lending | 83 |  |  |  |  |
| TOTAL INVESTMENT INCOME | 685178 | 218704 | 423602 | 35453 | 368849 |
| EXPENSES: | EXPENSES: | EXPENSES: | EXPENSES: | EXPENSES: | EXPENSES: |
| Advisory fees | 247904 | 51379 | 71612 | 6054 | 66736 |
| Management services fees | 49581 | 10277 | 14323 | 1211 | 13347 |
| Administration and fund accounting fees | 49195 | 9674 | 15054 | 1275 | 13509 |
| Distribution and service fees—Service Class | 22900 | 3440 | 1387 | 879 | 393 |
| Transfer agency fees | 17282 | 3192 | 3921 | 443 | 7918 |
| Administrative services fees | 62150 | 16320 | 21118 | 1392 | 6693 |
| Registration and filing fees | 37618 | 36726 | 45039 | 31968 | 32837 |
| Custody fees | 5986 | 1027 | 1412 | 109 | 8732 |
| Trustee fees | 438 | 93 | 127 | 11 | 127 |
| Compliance service fees | 306 | 55 | 97 | 8 | 78 |
| Licensing fees | 7173 | 2328 |  |  | 38722 |
| Service fees | 1075 | 262 | 310 | 26 | 296 |
| Other fees | 27845 | 8304 | 10655 | 2094 | 9016 |
| Recoupment of prior expenses reduced by Advisor |  |  |  |  |  |
| Total Gross Expenses before reductions | 529453 | 143077 | 185055 | 45470 | 198404 |
| Expenses reduced and reimbursed by the Advisor |  | (17648) |  | (30199) | (39604) |
| Fees paid indirectly | (264) | (47) | (179) | (24) | (21) |
| TOTAL NET EXPENSES | 529189 | 125382 | 184876 | 15247 | 158779 |
| NET INVESTMENT INCOME (LOSS) | 155989 | 93322 | 238726 | 20206 | 210070 |
| REALIZED AND UNREALIZED GAINS (LOSSES) <br>ON INVESTMENTS: | REALIZED AND UNREALIZED GAINS (LOSSES) <br>ON INVESTMENTS: | REALIZED AND UNREALIZED GAINS (LOSSES) <br>ON INVESTMENTS: | REALIZED AND UNREALIZED GAINS (LOSSES) <br>ON INVESTMENTS: | REALIZED AND UNREALIZED GAINS (LOSSES) <br>ON INVESTMENTS: | REALIZED AND UNREALIZED GAINS (LOSSES) <br>ON INVESTMENTS: |
| Net realized gains (losses) on investment securities | 1139243 | 569677 |  |  |  |
| Net realized gains (losses) on futures contracts |  |  | 3692 |  |  |
| Net realized gains (losses) on swap agreements | 7532617 | 179905 | 441150 | (13891) |  |
| Net realized gains (losses) on forward currency contracts |  |  |  |  | (573260) |
| Change in net unrealized appreciation/depreciation on <br>investment securities | 6755328 | (236046) |  |  |  |
| Change in net unrealized appreciation/depreciation on <br>futures contracts |  |  |  |  |  |
| Change in net unrealized appreciation/depreciation on <br>swap agreements | (1432197) | (113109) | (133515) | 20614 |  |
| Change in net unrealized appreciation/depreciation on <br>forward currency contracts |  |  |  |  | 298855 |
| NET REALIZED AND UNREALIZED GAINS <br>(LOSSES) ON INVESTMENTS | 13994991 | 400427 | 311327 | 6723 | (274405) |
| CHANGE IN NET ASSETS RESULTING <br>FROM OPERATIONS | $14150980 | $493749 | $550053 | $26929 | $(64335) |

---

**See accompanying notes to financial statements.**

------

**210 :: Statements of Operations ::** For the Periods Indicated

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Semiconductor <br>UltraSector <br>ProFund | Short <br>Energy <br>ProFund | Short <br>Nasdaq-100 <br>ProFund | Short <br>Precious <br>Metals <br>ProFund | Short <br>Real Estate <br>ProFund |
| | Year Ended<br>July 31, 2025 | Year Ended<br>July 31, 2025 | Year Ended<br>July 31, 2025 | Year Ended<br>July 31, 2025 | Year Ended<br>July 31, 2025 |
| INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: |
| Dividends | $1371013 | $— | $— | $— | $— |
| Interest | 4839460 | 36272 | 186212 | 224999 | 45758 |
| Foreign tax withholding | (7198) |  |  |  |  |
| Net income from securities lending | 33 |  |  |  |  |
| TOTAL INVESTMENT INCOME | 6203308 | 36272 | 186212 | 224999 | 45758 |
| EXPENSES: | EXPENSES: | EXPENSES: | EXPENSES: | EXPENSES: | EXPENSES: |
| Advisory fees | 2697892 | 6324 | 30898 | 37870 | 7767 |
| Management services fees | 539582 | 1265 | 6181 | 7574 | 1553 |
| Administration and fund accounting fees | 525681 | 1217 | 6243 | 7735 | 1552 |
| Distribution and service fees—Service Class | 124267 | 267 | 1024 | 280 | 194 |
| Transfer agency fees | 145483 | 435 | 2458 | 2176 | 431 |
| Administrative services fees | 831552 | 2124 | 8666 | 12976 | 2317 |
| Registration and filing fees | 90908 | 26919 | 69124 | 32755 | 26243 |
| Custody fees | 54324 | 162 | 696 | 870 | 163 |
| Trustee fees | 4832 | 11 | 93 | 72 | 14 |
| Compliance service fees | 3264 | 8 | 29 | 41 | 9 |
| Licensing fees | 70312 | 376 | 1404 | 999 | 289 |
| Service fees | 12079 | 25 | 144 | 173 | 34 |
| Other fees | 299570 | 1406 | 4965 | 6033 | 2560 |
| Recoupment of prior expenses reduced by Advisor |  |  |  |  |  |
| Total Gross Expenses before reductions | 5399746 | 40539 | 131925 | 109554 | 43126 |
| Expenses reduced and reimbursed by the Advisor |  | (25239) | (55077) | (19340) | (24461) |
| Fees paid indirectly | (4630) | (24) | (57) | (55) | (37) |
| TOTAL NET EXPENSES | 5395116 | 15276 | 76791 | 90159 | 18628 |
| NET INVESTMENT INCOME (LOSS) | 808192 | 20996 | 109421 | 134840 | 27130 |
| REALIZED AND UNREALIZED GAINS (LOSSES) <br>ON INVESTMENTS: | REALIZED AND UNREALIZED GAINS (LOSSES) <br>ON INVESTMENTS: | REALIZED AND UNREALIZED GAINS (LOSSES) <br>ON INVESTMENTS: | REALIZED AND UNREALIZED GAINS (LOSSES) <br>ON INVESTMENTS: | REALIZED AND UNREALIZED GAINS (LOSSES) <br>ON INVESTMENTS: | REALIZED AND UNREALIZED GAINS (LOSSES) <br>ON INVESTMENTS: |
| Net realized gains (losses) on investment securities | 38139375 |  |  |  |  |
| Net realized gains (losses) on futures contracts |  |  | 30289 |  |  |
| Net realized gains (losses) on swap agreements | 34880558 | 17490 | (2113277) | (849158) | (51337) |
| Change in net unrealized appreciation/depreciation on <br>investment securities | 25371477 |  |  |  |  |
| Change in net unrealized appreciation/depreciation on <br>futures contracts |  |  | (5036) |  |  |
| Change in net unrealized appreciation/depreciation on <br>swap agreements | 17640061 | 18327 | 36376 | 370891 | 34429 |
| NET REALIZED AND UNREALIZED GAINS <br>(LOSSES) ON INVESTMENTS | 116031471 | 35817 | (2051648) | (478267) | (16908) |
| CHANGE IN NET ASSETS RESULTING <br>FROM OPERATIONS | $116839663 | $56813 | $(1942227) | $(343427) | $10222 |

---

Amounts designated as ' – ' are $0 or have been rounded to $0.

**See accompanying notes to financial statements.**

------

For the Periods Indicated **:: Statements of Operations :: 211**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Short <br>Small-Cap <br>ProFund | Small-Cap <br>Growth <br>ProFund | Small-Cap <br>ProFund | Small-Cap <br>Value <br>ProFund | Technology <br>UltraSector <br>ProFund |
| | Year Ended<br>July 31, 2025 | Year Ended<br>July 31, 2025 | Year Ended<br>July 31, 2025 | Year Ended<br>July 31, 2025 | Year Ended<br>July 31, 2025 |
| INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: |
| Dividends | $— | $59610 | $29998 | $186528 | $441658 |
| Interest | 254171 | 581 | 106335 | 744 | 814335 |
| Foreign tax withholding |  |  | (68) |  | (920) |
| Net income from securities lending |  | 218 | 770 | 1876 |  |
| TOTAL INVESTMENT INCOME | 254171 | 60409 | 137035 | 189148 | 1255073 |
| EXPENSES: | EXPENSES: | EXPENSES: | EXPENSES: | EXPENSES: | EXPENSES: |
| Advisory fees | 44309 | 43603 | 38828 | 79995 | 571651 |
| Management services fees | 8862 | 8721 | 7766 | 15999 | 114331 |
| Administration and fund accounting fees | 9517 | 9741 | 15127 | 14054 | 112822 |
| Distribution and service fees—Service Class | 531 | 8402 | 5052 | 8769 | 41893 |
| Transfer agency fees | 2809 | 2986 | 3863 | 3570 | 32816 |
| Administrative services fees | 17437 | 9706 | 6644 | 23804 | 167823 |
| Registration and filing fees | 115378 | 30736 | 30844 | 59880 | 62590 |
| Custody fees | 1099 | 1205 | 887 | 3703 | 11500 |
| Trustee fees | 49 | 63 | 73 | 186 | 1011 |
| Compliance service fees | 52 | 40 | 49 | 61 | 642 |
| Licensing fees | 11420 | 729 | 7379 | 1665 | 21846 |
| Service fees | 172 | 186 | 174 | 365 | 2568 |
| Other fees | 3986 | 5988 | 5282 | 10869 | 67287 |
| Recoupment of prior expenses reduced by Advisor |  |  |  | 10839 |  |
| Total Gross Expenses before reductions | 215621 | 122106 | 121968 | 233759 | 1208780 |
| Expenses reduced and reimbursed by the Advisor | (109903) | (10218) | (24662) | (35134) |  |
| Fees paid indirectly | (27) | (2) | (72) | (2) | (123) |
| TOTAL NET EXPENSES | 105691 | 111886 | 97234 | 198623 | 1208657 |
| NET INVESTMENT INCOME (LOSS) | 148480 | (51477) | 39801 | (9475) | 46416 |
| REALIZED AND UNREALIZED GAINS (LOSSES) <br>ON INVESTMENTS: | REALIZED AND UNREALIZED GAINS (LOSSES) <br>ON INVESTMENTS: | REALIZED AND UNREALIZED GAINS (LOSSES) <br>ON INVESTMENTS: | REALIZED AND UNREALIZED GAINS (LOSSES) <br>ON INVESTMENTS: | REALIZED AND UNREALIZED GAINS (LOSSES) <br>ON INVESTMENTS: | REALIZED AND UNREALIZED GAINS (LOSSES) <br>ON INVESTMENTS: |
| Net realized gains (losses) on investment securities |  | (689890) | (81904) | (4303097) | 3893877 |
| Net realized gains (losses) on futures contracts |  |  | (11021) |  |  |
| Net realized gains (losses) on swap agreements | 687698 |  | (686444) |  | 1925496 |
| Change in net unrealized appreciation/depreciation on <br>investment securities |  | (394052) | (122317) | (968084) | 2668040 |
| Change in net unrealized appreciation/depreciation on <br>futures contracts |  |  | (23732) |  |  |
| Change in net unrealized appreciation/depreciation on <br>swap agreements | 20385 |  | (116793) |  | 2403518 |
| NET REALIZED AND UNREALIZED GAINS <br>(LOSSES) ON INVESTMENTS | 708083 | (1083942) | (1042211) | (5271181) | 10890931 |
| CHANGE IN NET ASSETS RESULTING <br>FROM OPERATIONS | $856563 | $(1135419) | $(1002410) | $(5280656) | $10937347 |

---

**See accompanying notes to financial statements.**

------

**212 :: Statements of Operations ::** For the Periods Indicated

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | UltraBear <br>ProFund | UltraBull <br>ProFund | UltraChina <br>ProFund | UltraDow 30<br>ProFund | UltraEmerging <br>Markets <br>ProFund |
| | Year Ended<br>July 31, 2025 | Year Ended<br>July 31, 2025 | Year Ended<br>July 31, 2025 | Year Ended<br>July 31, 2025 | Year Ended<br>July 31, 2025 |
| INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: |
| Dividends | $— | $1486993 | $238989 | $503825 | $197522 |
| Non-cash dividends |  |  |  |  | 18106 |
| Interest | 402693 | 2024610 | 196108 | 492682 | 54712 |
| Foreign tax withholding |  | (360) |  |  | (20933) |
| Net income from securities lending |  | 78 | 11268 |  | 6770 |
| TOTAL INVESTMENT INCOME | 402693 | 3511321 | 446365 | 996507 | 256177 |
| EXPENSES: | EXPENSES: | EXPENSES: | EXPENSES: | EXPENSES: | EXPENSES: |
| Advisory fees | 65795 | 1173647 | 171295 | 298270 | 58437 |
| Management services fees | 13159 | 234731 | 34259 | 59654 | 11687 |
| Administration and fund accounting fees | 13915 | 232951 | 35447 | 58859 | 11939 |
| Distribution and service fees—Service Class | 2052 | 24444 | 7345 | 16945 | 1955 |
| Transfer agency fees | 4376 | 64575 | 10050 | 18934 | 3270 |
| Administrative services fees | 17191 | 305055 | 51431 | 79461 | 17193 |
| Registration and filing fees | 52098 | 117121 | 34326 | 39304 | 30918 |
| Custody fees | 1760 | 23417 | 26821 | 6487 | 7750 |
| Trustee fees | 122 | 1986 | 310 | 538 | 95 |
| Compliance service fees | 104 | 1471 | 180 | 340 | 73 |
| Service fees | 306 | 5261 | 763 | 1320 | 255 |
| Other fees | 9801 | 142298 | 24679 | 46736 | 9261 |
| Total Gross Expenses before reductions | 180679 | 2326957 | 396906 | 626848 | 152833 |
| Expenses reduced and reimbursed by the Advisor | (22293) |  |  |  | (12059) |
| Fees paid indirectly | (182) | (1477) | (314) | (505) | (129) |
| TOTAL NET EXPENSES | 158204 | 2325480 | 396592 | 626343 | 140645 |
| NET INVESTMENT INCOME (LOSS) | 244489 | 1185841 | 49773 | 370164 | 115532 |
| REALIZED AND UNREALIZED GAINS (LOSSES) <br>ON INVESTMENTS: | REALIZED AND UNREALIZED GAINS (LOSSES) <br>ON INVESTMENTS: | REALIZED AND UNREALIZED GAINS (LOSSES) <br>ON INVESTMENTS: | REALIZED AND UNREALIZED GAINS (LOSSES) <br>ON INVESTMENTS: | REALIZED AND UNREALIZED GAINS (LOSSES) <br>ON INVESTMENTS: | REALIZED AND UNREALIZED GAINS (LOSSES) <br>ON INVESTMENTS: |
| Net realized gains (losses) on investment securities |  | 917338 | (2014191) | (44224) | (378757) |
| Net realized gains (losses) on futures contracts | (56221) | 1281753 |  | 463549 |  |
| Net realized gains (losses) on swap agreements | (4327040) | 14443929 | 2657086 | 1444022 | 813535 |
| Change in net unrealized appreciation/depreciation on <br>investment securities |  | 13228091 | 3327599 | 1631496 | 961887 |
| Change in net unrealized appreciation/depreciation on <br>futures contracts | (17724) | 1194389 |  | (160660) |  |
| Change in net unrealized appreciation/depreciation on <br>swap agreements | 222720 | (3240475) | (708991) | (1126720) | (187100) |
| NET REALIZED AND UNREALIZED GAINS <br>(LOSSES) ON INVESTMENTS | (4178265) | 27825025 | 3261503 | 2207463 | 1209565 |
| CHANGE IN NET ASSETS RESULTING <br>FROM OPERATIONS | $(3933776) | $29010866 | $3311276 | $2577627 | $1325097 |

---

Amounts designated as ' – ' are $0 or have been rounded to $0.

**See accompanying notes to financial statements.**

------

For the Periods Indicated **:: Statements of Operations :: 213**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | UltraInternational<br>ProFund | UltraJapan <br>ProFund | UltraLatin <br>America <br>ProFund | UltraMid-Cap<br>ProFund | UltraNasdaq-100<br>ProFund |
| | Year Ended<br>July 31, 2025 | Year Ended<br>July 31, 2025 | Year Ended<br>July 31, 2025 | Year Ended<br>July 31, 2025 | Year Ended<br>July 31, 2025 |
| INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: |
| Dividends | $— | $— | $416841 | $393963 | $5607696 |
| Non-cash dividends |  |  | 59472 |  |  |
| Interest | 224000 | 852823 | 49275 | 473158 | 12270333 |
| Foreign tax withholding |  |  | (27539) | (314) | (10680) |
| Net income from securities lending |  |  | 8253 | 386 | 1579 |
| TOTAL INVESTMENT INCOME | 224000 | 852823 | 506302 | 867193 | 17868928 |
| EXPENSES: | EXPENSES: | EXPENSES: | EXPENSES: | EXPENSES: | EXPENSES: |
| Advisory fees | 37873 | 175248 | 53026 | 277429 | 7600473 |
| Management services fees | 7575 | 29208 | 10605 | 55486 | 1520105 |
| Administration and fund accounting fees | 7767 | 30730 | 11117 | 57178 | 1505931 |
| Distribution and service fees—Service Class | 1303 | 2131 | 1641 | 12640 | 211124 |
| Transfer agency fees | 2093 | 11813 | 6558 | 14812 | 467315 |
| Administrative services fees | 10729 | 31223 | 4845 | 86249 | 2058434 |
| Registration and filing fees | 35968 | 34268 | 30390 | 41096 | 236838 |
| Custody fees | 758 | 3046 | 15524 | 7604 | 153246 |
| Trustee fees | 62 | 275 | 102 | 505 | 12871 |
| Compliance service fees | 51 | 157 | 62 | 322 | 9541 |
| Service fees | 168 | 665 | 241 | 1270 | 33553 |
| Other fees | 5747 | 16977 | 8970 | 36712 | 1159548 |
| Total Gross Expenses before reductions | 110094 | 335741 | 143081 | 591303 | 14968979 |
| Expenses reduced and reimbursed by the Advisor | (18795) |  | (15439) |  |  |
| Fees paid indirectly | (110) | (1243) | (126) | (212) | (27131) |
| TOTAL NET EXPENSES | 91189 | 334498 | 127516 | 591091 | 14941848 |
| NET INVESTMENT INCOME (LOSS) | 132811 | 518325 | 378786 | 276102 | 2927080 |
| REALIZED AND UNREALIZED GAINS (LOSSES) <br>ON INVESTMENTS: | REALIZED AND UNREALIZED GAINS (LOSSES) <br>ON INVESTMENTS: | REALIZED AND UNREALIZED GAINS (LOSSES) <br>ON INVESTMENTS: | REALIZED AND UNREALIZED GAINS (LOSSES) <br>ON INVESTMENTS: | REALIZED AND UNREALIZED GAINS (LOSSES) <br>ON INVESTMENTS: | REALIZED AND UNREALIZED GAINS (LOSSES) <br>ON INVESTMENTS: |
| Net realized gains (losses) on investment securities |  |  | (134968) | 2165443 | 35612360 |
| Net realized gains (losses) on futures contracts |  | (2143799) |  | 216784 | 8382049 |
| Net realized gains (losses) on swap agreements | 534119 | (12680) | 168023 | (2021828) | 178814773 |
| Change in net unrealized appreciation/depreciation on <br>investment securities |  |  | 116957 | (2801729) | 79668224 |
| Change in net unrealized appreciation/depreciation on <br>futures contracts |  | 2389534 |  | (215864) | 4677998 |
| Change in net unrealized appreciation/depreciation on <br>swap agreements | (422518) | (4087) | (1739) | (1414346) | (25972742) |
| NET REALIZED AND UNREALIZED GAINS <br>(LOSSES) ON INVESTMENTS | 111601 | 228968 | 148273 | (4071540) | 281182662 |
| CHANGE IN NET ASSETS RESULTING <br>FROM OPERATIONS | $244412 | $747293 | $527059 | $(3795438) | $284109742 |

---

**See accompanying notes to financial statements.**

------

**214 :: Statements of Operations ::** For the Periods Indicated

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | UltraShort <br>China <br>ProFund | UltraShort <br>Dow 30 <br>ProFund | UltraShort <br>Emerging <br>Markets <br>ProFund | UltraShort<br>International <br>ProFund | UltraShort <br>Japan <br>ProFund |
| | Year Ended<br>July 31, 2025 | Year Ended<br>July 31, 2025 | Year Ended<br>July 31, 2025 | Year Ended<br>July 31, 2025 | Year Ended<br>July 31, 2025 |
| INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: |
| Dividends | $— | $— | $— | $— | $— |
| Interest | 96501 | 90526 | 31494 | 124772 | 38742 |
| Foreign tax withholding |  |  |  |  |  |
| TOTAL INVESTMENT INCOME | 96501 | 90526 | 31494 | 124772 | 38742 |
| EXPENSES: | EXPENSES: | EXPENSES: | EXPENSES: | EXPENSES: | EXPENSES: |
| Advisory fees | 15026 | 15083 | 5308 | 21092 | 8087 |
| Management services fees | 3005 | 3017 | 1062 | 4218 | 1348 |
| Administration and fund accounting fees | 3095 | 3337 | 1032 | 4158 | 1390 |
| Distribution and service fees—Service Class | 271 | 360 | 152 | 153 | 161 |
| Transfer agency fees | 993 | 834 | 357 | 1095 | 340 |
| Administrative services fees | 4167 | 4202 | 1169 | 6597 | 1467 |
| Registration and filing fees | 29309 | 33557 | 27206 | 30311 | 28420 |
| Custody fees | 315 | 322 | 100 | 464 | 109 |
| Trustee fees | 32 | 33 | 8 | 37 | 9 |
| Compliance service fees | 14 | 20 | 6 | 22 | 9 |
| Licensing fees | 547 | 451 | 114 |  |  |
| Service fees | 68 | 68 | 21 | 91 | 29 |
| Other fees | 3187 | 3158 | 2305 | 4082 | 2845 |
| Total Gross Expenses before reductions | 60029 | 64442 | 38840 | 72320 | 44214 |
| Expenses reduced and reimbursed by the Advisor | (23999) | (28232) | (26060) | (22036) | (28009) |
| Fees paid indirectly | (97) | (53) | (30) | (73) | (50) |
| TOTAL NET EXPENSES | 35933 | 36157 | 12750 | 50211 | 16155 |
| NET INVESTMENT INCOME (LOSS) | 60568 | 54369 | 18744 | 74561 | 22587 |
| REALIZED AND UNREALIZED GAINS (LOSSES) <br>ON INVESTMENTS: | REALIZED AND UNREALIZED GAINS (LOSSES) <br>ON INVESTMENTS: | REALIZED AND UNREALIZED GAINS (LOSSES) <br>ON INVESTMENTS: | REALIZED AND UNREALIZED GAINS (LOSSES) <br>ON INVESTMENTS: | REALIZED AND UNREALIZED GAINS (LOSSES) <br>ON INVESTMENTS: | REALIZED AND UNREALIZED GAINS (LOSSES) <br>ON INVESTMENTS: |
| Net realized gains (losses) on investment securities |  |  |  |  |  |
| Net realized gains (losses) on futures contracts |  |  |  |  | 258941 |
| Net realized gains (losses) on swap agreements | (876959) | (867383) | (17403) | (388624) | (14898) |
| Change in net unrealized appreciation/depreciation on <br>investment securities |  |  |  |  |  |
| Change in net unrealized appreciation/depreciation on <br>futures contracts |  |  |  |  | (199615) |
| Change in net unrealized appreciation/depreciation on <br>swap agreements | 58865 | 75717 | 23171 | 136369 | 5166 |
| NET REALIZED AND UNREALIZED GAINS <br>(LOSSES) ON INVESTMENTS | (818094) | (791666) | 5768 | (252255) | 49594 |
| CHANGE IN NET ASSETS RESULTING <br>FROM OPERATIONS | $(757526) | $(737297) | $24512 | $(177694) | $72181 |

---

Amounts designated as ' – ' are $0 or have been rounded to $0.

**See accompanying notes to financial statements.**

------

For the Periods Indicated **:: Statements of Operations :: 215**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | UltraShort <br>Latin America <br>ProFund | UltraShort <br>Mid-Cap <br>ProFund | UltraShort <br>Nasdaq-100 <br>ProFund | UltraShort <br>Small-Cap <br>ProFund | UltraSmall-Cap <br>ProFund |
| | Year Ended<br>July 31, 2025 | Year Ended<br>July 31, 2025 | Year Ended<br>July 31, 2025 | Year Ended<br>July 31, 2025 | Year Ended<br>July 31, 2025 |
| INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: |
| Dividends | $— | $— | $— | $— | $371022 |
| Interest | 55841 | 27367 | 744525 | 158432 | 714342 |
| Foreign tax withholding |  |  |  |  | (1161) |
| TOTAL INVESTMENT INCOME | 55841 | 27367 | 744525 | 158432 | 1084203 |
| EXPENSES: | EXPENSES: | EXPENSES: | EXPENSES: | EXPENSES: | EXPENSES: |
| Advisory fees | 9312 | 4721 | 122469 | 26565 | 369499 |
| Management services fees | 1862 | 944 | 24494 | 5313 | 73900 |
| Administration and fund accounting fees | 1918 | 976 | 26078 | 5692 | 80078 |
| Distribution and service fees—Service Class | 244 | 180 | 401 | 882 | 5110 |
| Transfer agency fees | 496 | 364 | 7098 | 1831 | 21302 |
| Administrative services fees | 3222 | 1112 | 32643 | 6014 | 113218 |
| Registration and filing fees | 27414 | 28730 | 81491 | 37857 | 47118 |
| Custody fees | 194 | 98 | 2774 | 527 | 10937 |
| Trustee fees | 17 | 9 | 235 | 52 | 644 |
| Compliance service fees | 11 | 5 | 174 | 34 | 469 |
| Licensing fees | 337 | 92 | 5990 | 4670 | 62159 |
| Service fees | 42 | 21 | 555 | 119 | 1686 |
| Other fees | 2632 | 2094 | 15459 | 4980 | 42500 |
| Total Gross Expenses before reductions | 47701 | 39346 | 319861 | 94536 | 828620 |
| Expenses reduced and reimbursed by the Advisor | (25329) | (27918) | (19977) | (30347) |  |
| Fees paid indirectly | (29) | (43) | (450) | (260) | (611) |
| TOTAL NET EXPENSES | 22343 | 11385 | 299434 | 63929 | 828009 |
| NET INVESTMENT INCOME (LOSS) | 33498 | 15982 | 445091 | 94503 | 256194 |
| REALIZED AND UNREALIZED GAINS (LOSSES) <br>ON INVESTMENTS: | REALIZED AND UNREALIZED GAINS (LOSSES) <br>ON INVESTMENTS: | REALIZED AND UNREALIZED GAINS (LOSSES) <br>ON INVESTMENTS: | REALIZED AND UNREALIZED GAINS (LOSSES) <br>ON INVESTMENTS: | REALIZED AND UNREALIZED GAINS (LOSSES) <br>ON INVESTMENTS: | REALIZED AND UNREALIZED GAINS (LOSSES) <br>ON INVESTMENTS: |
| Net realized gains (losses) on investment securities |  |  |  |  | (17928) |
| Net realized gains (losses) on futures contracts |  |  | (164709) | (33138) | (297031) |
| Net realized gains (losses) on swap agreements | (313948) | (74448) | (8441283) | (1413999) | (6204848) |
| Change in net unrealized appreciation/depreciation on <br>investment securities |  |  |  |  | (2299435) |
| Change in net unrealized appreciation/depreciation on <br>futures contracts |  |  | (124184) | (7718) | (454329) |
| Change in net unrealized appreciation/depreciation on <br>swap agreements | (8015) | 29293 | 424489 | 187361 | (1693615) |
| NET REALIZED AND UNREALIZED GAINS <br>(LOSSES) ON INVESTMENTS | (321963) | (45155) | (8305687) | (1267494) | (10967186) |
| CHANGE IN NET ASSETS RESULTING <br>FROM OPERATIONS | $(288465) | $(29173) | $(7860596) | $(1172991) | $(10710992) |

---

**See accompanying notes to financial statements.**

------

**216 :: Statements of Operations ::** For the Periods Indicated

---

| | | |
|:---|:---|:---|
| | U.S. <br>Government <br>Plus ProFund | Utilities<br>UltraSector<br>ProFund |
| | Year Ended<br>July 31, 2025 | Year Ended<br>July 31, 2025 |
| INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: |
| Dividends | $— | $475250 |
| Interest | 379084 | 223346 |
| TOTAL INVESTMENT INCOME | 379084 | 698596 |
| EXPENSES: | EXPENSES: | EXPENSES: |
| Advisory fees | 41384 | 155146 |
| Management services fees | 12415 | 31030 |
| Administration and fund accounting fees | 12266 | 29598 |
| Distribution and service fees—Service Class | 13031 | 4226 |
| Transfer agency fees | 5027 | 8400 |
| Administrative services fees | 15382 | 55125 |
| Registration and filing fees | 64745 | 54602 |
| Custody fees | 1314 | 4683 |
| Trustee fees | 131 | 294 |
| Compliance service fees | 70 | 209 |
| Service fees | 305 | 780 |
| Other fees | 9136 | 26018 |
| Total Gross Expenses before reductions | 175206 | 370111 |
| Expenses reduced and reimbursed by the Advisor | (21088) | (12129) |
| Fees paid indirectly | (381) | (105) |
| TOTAL NET EXPENSES | 153737 | 357877 |
| NET INVESTMENT INCOME (LOSS) | 225347 | 340719 |
| REALIZED AND UNREALIZED GAINS (LOSSES) <br>ON INVESTMENTS: | REALIZED AND UNREALIZED GAINS (LOSSES) <br>ON INVESTMENTS: | REALIZED AND UNREALIZED GAINS (LOSSES) <br>ON INVESTMENTS: |
| Net realized gains (losses) on investment securities |  | 927479 |
| Net realized gains (losses) on futures contracts | 1390 |  |
| Net realized gains (losses) on swap agreements | (1343133) | 1790652 |
| Change in net unrealized appreciation/depreciation on <br>investment securities |  | 838668 |
| Change in net unrealized appreciation/depreciation on <br>swap agreements | (192078) | (716564) |
| NET REALIZED AND UNREALIZED GAINS<br>(LOSSES) ON INVESTMENTS | (1533821) | 2840235 |
| CHANGE IN NET ASSETS RESULTING <br>FROM OPERATIONS | $(1308474) | $3180954 |

---

Amounts designated as ' – ' are $0 or have been rounded to $0.

**See accompanying notes to financial statements.**

------

**Statements of Changes in Net Assets**

------

**218 :: Statements of Changes in Net Assets ::** For the Periods Indicated

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Access Flex Bear <br>High Yield ProFund | Access Flex Bear <br>High Yield ProFund | Access Flex <br>High Yield ProFund | Access Flex <br>High Yield ProFund | Banks UltraSector ProFund | Banks UltraSector ProFund |
| | Year Ended <br>July 31, 2025 | Year Ended<br>July 31, 2024 | Year Ended<br>July 31, 2025 | Year Ended<br>July 31, 2024 | Year Ended<br>July 31, 2025 | Year Ended<br>July 31, 2024 |
| FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: |
| OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: |
| Net investment income (loss) | $4269 | $29879 | $360235 | $455297 | $229578 | $152187 |
| Net realized gains (losses) on investments | (73421) | (147964) | 458095 | 1074559 | 494636 | 1901379 |
| Change in unrealized appreciation/depreciation <br>on investments | 13524 | 44018 | (190024) | (797255) | (680817) | 733894 |
| Change in net assets resulting from operations | (55628) | (74067) | 628306 | 732601 | 43397 | 2787460 |
| DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: |
| Total distributions | Total distributions | Total distributions | Total distributions | Total distributions | Total distributions | Total distributions |
| Investor Class |  |  | (472168) | (1581676) | (248980) | (156828) |
| Service Class |  |  | (86960) | (134019) | (3137) | (816) |
| Change in net assets resulting from distributions |  |  | (559128) | (1715695) | (252117) | (157644) |
| Change in net assets resulting from capital transactions | 3263691 | (1905846) | 6789017 | (16891012) | (4334718) | (2057026) |
| Change in net assets | 3208063 | (1979913) | 6858195 | (17874106) | (4543438) | 572790 |
| NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: |
| Beginning of year | 392968 | 2372881 | 11256962 | 29131068 | 12165106 | 11592316 |
| End of year | $3601031 | $392968 | $18115157 | $11256962 | $7621668 | $12165106 |
| CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: |
| Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class |
| Proceeds from shares issued | $12574982 | $2811884 | $71717958 | $37380619 | $70700602 | $43789204 |
| Distributions reinvested |  |  | 471155 | 1576812 | 240994 | 152163 |
| Value of shares redeemed | (9297901) | (4720021) | (65941746) | (55791065) | (75151443) | (46038474) |
| Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class |
| Proceeds from shares issued |  | 15000 | 1359321 | 589457 | 7156354 | 2880555 |
| Distributions reinvested |  |  | 86960 | 134019 | 3137 | 815 |
| Value of shares redeemed | (13390) | (12709) | (904631) | (780854) | (7284362) | (2841289) |
| Change in net assets resulting from capital transactions | $3263691 | $(1905846) | $6789017 | $(16891012) | $(4334718) | $(2057026) |
| SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: |
| Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class |
| Issued | 442762 | 91100 | 2370855 | 1268571 | 1169796 | 989253 |
| Reinvested |  |  | 15554 | 54503 | 4009 | 3170 |
| Redeemed | (327427) | (154018) | (2182436) | (1920756) | (1251504) | (1060104) |
| Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class |
| Issued |  | 558 | 44639 | 19819 | 130707 | 72203 |
| Reinvested |  |  | 2878 | 4632 | 58 | 19 |
| Redeemed | (557) | (483) | (29643) | (27014) | (133598) | (74085) |
| Change in shares | 114778 | (62843) | 221847 | (600245) | (80532) | (69544) |

---

Amounts designated as ' – ' are $0 or have been rounded to $0.

**See accompanying notes to financial statements.**

------

For the Periods Indicated **:: Statements of Changes in Net Assets :: 219**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Bear ProFund | Bear ProFund | Biotechnology UltraSector ProFund | Biotechnology UltraSector ProFund |
| | Year Ended<br>July 31, 2025 | Year Ended<br>July 31, 2024 | Year Ended<br>July 31, 2025 | Year Ended<br>July 31, 2024 |
| FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: |
| OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: |
| Net investment income (loss) | $332541 | $340460 | $(240073) | $232004 |
| Net realized gains (losses) on investments | (2552135) | (3435393) | (15925608) | 17097229 |
| Change in unrealized appreciation/depreciation <br>on investments | 378982 | 40377 | (9213376) | (376086) |
| Change in net assets resulting from operations | (1840612) | (3054556) | (25379057) | 16953147 |
| DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: |
| Total distributions | Total distributions | Total distributions | Total distributions | Total distributions |
| Investor Class | (320726) | (361885) | (18763367) | (6891091) |
| Service Class | (24204) | (22605) | (798586) | (327100) |
| Change in net assets resulting from distributions | (344930) | (384490) | (19561953) | (7218191) |
| Change in net assets resulting from capital transactions | 40954698 | 1762693 | (1353356) | (18487171) |
| Change in net assets | 38769156 | (1676353) | (46294366) | (8752215) |
| NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: |
| Beginning of year | 5081867 | 6758220 | 108813937 | 117566152 |
| End of year | $43851023 | $5081867 | $62519571 | $108813937 |
| CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: |
| Investor Class | Investor Class | Investor Class | Investor Class | Investor Class |
| Proceeds from shares issued | $312113963 | $254128275 | $33200990 | $58965361 |
| Distributions reinvested | 261751 | 312999 | 18543194 | 6812289 |
| Value of shares redeemed | (271435295) | (252627557) | (53640527) | (83868631) |
| Service Class | Service Class | Service Class | Service Class | Service Class |
| Proceeds from shares issued | 1040875 | 1395224 | 6311103 | 7568501 |
| Distributions reinvested | 24204 | 22538 | 794036 | 325237 |
| Value of shares redeemed | (1050800) | (1468786) | (6562152) | (8289928) |
| Change in net assets resulting from capital transactions | $40954698 | $1762693 | $(1353356) | $(18487171) |
| SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: |
| Investor Class | Investor Class | Investor Class | Investor Class | Investor Class |
| Issued | 28172433 | 19136057 | 654498 | 975245 |
| Reinvested | 24125 | 23068 | 396910 | 123523 |
| Redeemed | (24273291) | (19202660) | (1080977) | (1396274) |
| Service Class | Service Class | Service Class | Service Class | Service Class |
| Issued | 102269 | 110453 | 229119 | 204312 |
| Reinvested | 2488 | 1844 | 32623 | 9335 |
| Redeemed | (104105) | (114913) | (240156) | (221699) |
| Change in shares | 3923919 | (46151) | (7983) | (305558) |

---

**See accompanying notes to financial statements.**

------

**220 :: Statements of Changes in Net Assets ::** For the Periods Indicated

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Bull ProFund | Bull ProFund | Communication Services <br>UltraSector ProFund | Communication Services <br>UltraSector ProFund | Consumer Discretionary <br>UltraSector ProFund | Consumer Discretionary <br>UltraSector ProFund |
| | Year Ended <br>July 31, 2025 | Year Ended<br>July 31, 2024 | Year Ended<br>July 31, 2025 | Year Ended<br>July 31, 2024 | Year Ended<br>July 31, 2025 | Year Ended<br>July 31, 2024 |
| FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: |
| OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: |
| Net investment income (loss) | $289820 | $435626 | $33820 | $18608 | $48434 | $73893 |
| Net realized gains (losses) on investments | 3205195 | 7152269 | 2892030 | 975345 | (2929508) | 2588786 |
| Change in unrealized appreciation/depreciation <br>on investments | 3681622 | 2682714 | 1237847 | 837085 | 2565 | (2365592) |
| Change in net assets resulting from operations | 7176637 | 10270609 | 4163697 | 1831038 | (2878509) | 297087 |
| DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: |
| Total distributions | Total distributions | Total distributions | Total distributions | Total distributions | Total distributions | Total distributions |
| Investor Class | (619800) | (640768) | (28084) |  | (41781) |  |
| Service Class | (45317) | (163539) | (56) |  |  |  |
| Change in net assets resulting from distributions | (665117) | (804307) | (28140) |  | (41781) |  |
| Change in net assets resulting from capital transactions | (2964501) | (11411944) | 16771524 | 818361 | 2611884 | (6165184) |
| Change in net assets | 3547019 | (1945642) | 20907081 | 2649399 | (308406) | (5868097) |
| NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: |
| Beginning of year | 51230500 | 53176142 | 9500256 | 6850857 | 51090557 | 56958654 |
| End of year | $54777519 | $51230500 | $30407337 | $9500256 | $50782151 | $51090557 |
| CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: |
| Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class |
| Proceeds from shares issued | $484340221 | $365340966 | $167088573 | $43080218 | $173823366 | $81544248 |
| Distributions reinvested | 615326 | 617106 | 28016 |  | 41431 |  |
| Value of shares redeemed | (484583255) | (371576547) | (150391970) | (41926908) | (171382282) | (87117479) |
| Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class |
| Proceeds from shares issued | 103509547 | 155737071 | 9432722 | 7411744 | 5341025 | 6032242 |
| Distributions reinvested | 45317 | 161908 | 24 |  |  |  |
| Value of shares redeemed | (106891657) | (161692448) | (9385841) | (7746693) | (5211656) | (6624195) |
| Change in net assets resulting from capital transactions | $(2964501) | $(11411944) | $16771524 | $818361 | $2611884 | $(6165184) |
| SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: |
| Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class |
| Issued | 6675661 | 6042712 | 3443715<br> <sup>(a)</sup> | 1277348<br> <sup>(a)</sup> | 2546404 | 1483636 |
| Reinvested | 8356 | 9028 | 595<br> <sup>(a)</sup> |  | 556 |  |
| Redeemed | (6685216) | (6122335) | (3112729)<sup>(a)</sup> | (1256428)<sup>(a)</sup> | (2708260) | (1644598) |
| Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class |
| Issued | 1918475 | 3343967 | 256524<br> <sup>(a)</sup> | 283352<br> <sup>(a)</sup> | 99065 | 142423 |
| Reinvested | 813 | 3100 | 1<br> <sup>(a)</sup> |  |  |  |
| Redeemed | (1967307) | (3475507) | (255887)<sup>(a)</sup> | (298788)<sup>(a)</sup> | (96709) | (155356) |
| Change in shares | (49218) | (199035) | 332219 | 5484 | (158944) | (173895) |

---

<sup>(a)</sup> As described in the accompanying notes to financial statements, share amounts have been adjusted for 4:1 share split that occurred on October 14, 2024.

Amounts designated as ' – ' are $0 or have been rounded to $0.

**See accompanying notes to financial statements.**

------

For the Periods Indicated **:: Statements of Changes in Net Assets :: 221**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Consumer Staples <br>UltraSector ProFund | Consumer Staples <br>UltraSector ProFund | Energy UltraSector ProFund | Energy UltraSector ProFund |
| | Year Ended<br>July 31, 2025 | Year Ended<br>July 31, 2024 | Year Ended<br>July 31, 2025 | Year Ended<br>July 31, 2024 |
| FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: |
| OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: |
| Net investment income (loss) | $43847 | $55066 | $430345 | $768979 |
| Net realized gains (losses) on investments | 40182 | (47529) | (10482071) | 2022140 |
| Change in unrealized appreciation/depreciation <br>on investments | (66791) | 55686 | (4892295) | (2354987) |
| Change in net assets resulting from operations | 17238 | 63223 | (14944021) | 436132 |
| DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: |
| Total distributions | Total distributions | Total distributions | Total distributions | Total distributions |
| Investor Class | (46862) | (46205) | (567697) | (433234) |
| Service Class | (1018) | (854) | (20946) |  |
| Change in net assets resulting from distributions | (47880) | (47059) | (588643) | (433234) |
| Change in net assets resulting from capital transactions | 445535 | (466053) | 8291381 | (8869604) |
| Change in net assets | 414893 | (449889) | (7241283) | (8866706) |
| NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: |
| Beginning of year | 3360499 | 3810388 | 24881116 | 33747822 |
| End of year | $3775392 | $3360499 | $17639833 | $24881116 |
| CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: |
| Investor Class | Investor Class | Investor Class | Investor Class | Investor Class |
| Proceeds from shares issued | $46228781 | $23346550 | $162712236 | $140181224 |
| Distributions reinvested | 46418 | 45452 | 564506 | 428557 |
| Value of shares redeemed | (45837383) | (23721935) | (154666921) | (149480666) |
| Service Class | Service Class | Service Class | Service Class | Service Class |
| Proceeds from shares issued | 5008347 | 1918105 | 9956466 | 9150021 |
| Distributions reinvested | 1018 | 854 | 20946 |  |
| Value of shares redeemed | (5001646) | (2055079) | (10295852) | (9148740) |
| Change in net assets resulting from capital transactions | $445535 | $(466053) | $8291381 | $(8869604) |
| SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: |
| Investor Class | Investor Class | Investor Class | Investor Class | Investor Class |
| Issued | 597233 | 336145 | 3881406 | 3274564 |
| Reinvested | 628 | 685 | 14335 | 10741 |
| Redeemed | (592362) | (341733) | (3983084) | (3535479) |
| Service Class | Service Class | Service Class | Service Class | Service Class |
| Issued | 74938 | 31888 | 294900 | 247547 |
| Reinvested | 16 | 15 | 626 |  |
| Redeemed | (74942) | (34170) | (303555) | (249271) |
| Change in shares | 5511 | (7170) | (95372) | (251898) |

---

**See accompanying notes to financial statements.**

------

**222 :: Statements of Changes in Net Assets ::** For the Periods Indicated

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Europe 30 ProFund | Europe 30 ProFund | Falling U.S. Dollar ProFund | Falling U.S. Dollar ProFund | Financials UltraSector ProFund | Financials UltraSector ProFund |
| | Year Ended <br>July 31, 2025 | Year Ended<br>July 31, 2024 | Year Ended<br>July 31, 2025 | Year Ended<br>July 31, 2024 | Year Ended<br>July 31, 2025 | Year Ended<br>July 31, 2024 |
| FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: |
| OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: |
| Net investment income (loss) | $45155 | $58776 | $46168 | $40262 | $164415 | $122805 |
| Net realized gains (losses) on investments | (6545) | 340004 | 156184 | (76452) | 2608374 | 3226990 |
| Change in unrealized appreciation/depreciation <br>on investments | 135271 | (89178) | (58347) | 26499 | (572817) | 3096113 |
| Change in net assets resulting from operations | 173881 | 309602 | 144005 | (9691) | 2199972 | 6445908 |
| DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: |
| Total distributions | Total distributions | Total distributions | Total distributions | Total distributions | Total distributions | Total distributions |
| Investor Class |  | (54806) | (41147) | (33375) | (670277) | (30422) |
| Service Class |  | (2145) | (66) | (271) | (15041) |  |
| Change in net assets resulting from distributions |  | (56951) | (41213) | (33646) | (685318) | (30422) |
| Change in net assets resulting from capital transactions | (121235) | (676412) | 154620 | (233729) | (312223) | 23287070 |
| Change in net assets | 52646 | (423761) | 257412 | (277066) | 1202431 | 29702556 |
| NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: |
| Beginning of year | 4214158 | 4637919 | 1147441 | 1424507 | 34465575 | 4763019 |
| End of year | $4266804 | $4214158 | $1404853 | $1147441 | $35668006 | $34465575 |
| CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: |
| Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class |
| Proceeds from shares issued | $19427468 | $21634125 | $20354156 | $9201601 | $173866470 | $87315019 |
| Distributions reinvested |  | 54727 | 40662 | 33055 | 655901 | 29843 |
| Value of shares redeemed | (19534889) | (22591851) | (20237710) | (9474661) | (174502477) | (64257906) |
| Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class |
| Proceeds from shares issued | 5696369 | 2668913 | 390994 | 614084 | 11013315 | 6095578 |
| Distributions reinvested |  | 2145 | 66 | 271 | 15041 |  |
| Value of shares redeemed | (5710183) | (2444471) | (393548) | (608079) | (11360473) | (5895464) |
| Change in net assets resulting from capital transactions | $(121235) | $(676412) | $154620 | $(233729) | $(312223) | $23287070 |
| SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: |
| Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class |
| Issued | 1177003 | 1445275 | 1485160 | 659596 | 4071721 | 2761025 |
| Reinvested |  | 3499 | 3194 | 2333 | 15593 | 987 |
| Redeemed | (1190577) | (1532452) | (1468979) | (679045) | (4229063) | (2009044) |
| Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class |
| Issued | 312401 | 165966 | 31943 | 49628 | 324512 | 234724 |
| Reinvested |  | 125 | 6 | 21 | 445 |  |
| Redeemed | (313239) | (152053) | (32166) | (49170) | (335037) | (226800) |
| Change in shares | (14412) | (69640) | 19158 | (16637) | (151829) | 760892 |

---

Amounts designated as ' – ' are $0 or have been rounded to $0.

**See accompanying notes to financial statements.**

------

For the Periods Indicated **:: Statements of Changes in Net Assets :: 223**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Health Care UltraSector ProFund | Health Care UltraSector ProFund | Industrials UltraSector ProFund | Industrials UltraSector ProFund |
| | Year Ended<br>July 31, 2025 | Year Ended<br>July 31, 2024 | Year Ended<br>July 31, 2025 | Year Ended<br>July 31, 2024 |
| FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: |
| OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: |
| Net investment income (loss) | $82491 | $124946 | $20083 | $97722 |
| Net realized gains (losses) on investments | 264059 | 706909 | 1493158 | 1499339 |
| Change in unrealized appreciation/depreciation <br>on investments | (3439631) | 1400129 | 603029 | 508441 |
| Change in net assets resulting from operations | (3093081) | 2231984 | 2116270 | 2105502 |
| DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: |
| Total distributions | Total distributions | Total distributions | Total distributions | Total distributions |
| Investor Class | (119414) | (36523) | (213011) |  |
| Service Class |  |  | (10521) |  |
| Change in net assets resulting from distributions | (119414) | (36523) | (223532) |  |
| Change in net assets resulting from capital transactions | (2139109) | (1574675) | (816281) | (4556469) |
| Change in net assets | (5351604) | 620786 | 1076457 | (2450967) |
| NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: |
| Beginning of year | 15003652 | 14383866 | 6308156 | 8759123 |
| End of year | $9652048 | $15003652 | $7384613 | $6308156 |
| CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: |
| Investor Class | Investor Class | Investor Class | Investor Class | Investor Class |
| Proceeds from shares issued | $42007220 | $36303065 | $80879559 | $78972664 |
| Distributions reinvested | 117990 | 35950 | 212891 |  |
| Value of shares redeemed | (44092608) | (37790213) | (81867148) | (83529796) |
| Service Class | Service Class | Service Class | Service Class | Service Class |
| Proceeds from shares issued | 7063263 | 3164255 | 6356013 | 2183037 |
| Distributions reinvested |  |  | 10521 |  |
| Value of shares redeemed | (7234974) | (3287732) | (6408117) | (2182374) |
| Change in net assets resulting from capital transactions | $(2139109) | $(1574675) | $(816281) | $(4556469) |
| SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: |
| Investor Class | Investor Class | Investor Class | Investor Class | Investor Class |
| Issued | 395918 | 344503 | 1156171 | 1415176 |
| Reinvested | 1204 | 359 | 3294 |  |
| Redeemed | (418903) | (356449) | (1161833) | (1482384) |
| Service Class | Service Class | Service Class | Service Class | Service Class |
| Issued | 89003 | 37949 | 110281 | 44574 |
| Reinvested |  |  | 197 |  |
| Redeemed | (91328) | (39602) | (110952) | (44571) |
| Change in shares | (24106) | (13240) | (2842) | (67205) |

---

**See accompanying notes to financial statements.**

------

**224 :: Statements of Changes in Net Assets ::** For the Periods Indicated

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Internet UltraSector ProFund | Internet UltraSector ProFund | Large-Cap Growth ProFund | Large-Cap Growth ProFund | Large-Cap Value ProFund | Large-Cap Value ProFund |
| | Year Ended <br>July 31, 2025 | Year Ended<br>July 31, 2024 | Year Ended<br>July 31, 2025 | Year Ended<br>July 31, 2024 | Year Ended<br>July 31, 2025 | Year Ended<br>July 31, 2024 |
| FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: |
| OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: |
| Net investment income (loss) | $(303847) | $(257164) | $(324788) | $(203209) | $(25955) | $29284 |
| Net realized gains (losses) on investments | (3046577) | 9287854 | 13111836 | 205726 | 5695016 | 4363048 |
| Change in unrealized appreciation/depreciation <br>on investments | 18882340 | 4392385 | 900899 | 3497160 | (646747) | (296298) |
| Change in net assets resulting from operations | 15531916 | 13423075 | 13687947 | 3499677 | 5022314 | 4096034 |
| DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: |
| Total distributions | Total distributions | Total distributions | Total distributions | Total distributions | Total distributions | Total distributions |
| Investor Class |  |  |  | (239315) | (87491) |  |
| Service Class |  |  |  | (27918) | (28631) |  |
| Change in net assets resulting from distributions |  |  |  | (267233) | (116122) |  |
| Change in net assets resulting from capital transactions | 12787388 | (23518471) | (10077545) | 5756592 | (7507489) | (4931063) |
| Change in net assets | 28319304 | (10095396) | 3610402 | 8989036 | (2601297) | (835029) |
| NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: |
| Beginning of year | 78108721 | 88204117 | 23024337 | 14035301 | 7174973 | 8010002 |
| End of year | $106428025 | $78108721 | $26634739 | $23024337 | $4573676 | $7174973 |
| CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: |
| Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class |
| Proceeds from shares issued | $161794421 | $39094477 | $400175653 | $271821062 | $381522254 | $135892637 |
| Distributions reinvested |  |  |  | 238789 | 85358 |  |
| Value of shares redeemed | (148904359) | (60862273) | (409777674) | (266884414) | (388471469) | (140335163) |
| Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class |
| Proceeds from shares issued | 9398793 | 13580095 | 1031541 | 1413602 | 3008104 | 4008033 |
| Distributions reinvested |  |  |  | 27918 | 28631 |  |
| Value of shares redeemed | (9501467) | (15330770) | (1507065) | (960365) | (3680367) | (4496570) |
| Change in net assets resulting from capital transactions | $12787388 | $(23518471) | $(10077545) | $5756592 | $(7507489) | $(4931063) |
| SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: |
| Investor Class  | Investor Class  | Investor Class  | Investor Class  | Investor Class  | Investor Class  | Investor Class  |
| Issued | 2763634 | 990846 | 8721242<br> <sup>(a)</sup> | 7646808<br> <sup>(a)</sup> | 3675837 | 1411090 |
| Reinvested |  |  |  | 7084<br> <sup>(a)</sup> | 794 |  |
| Redeemed | (2950337) | (1536241) | (8742953)<sup>(a)</sup> | (7526584)<sup>(a)</sup> | (3695002) | (1424568) |
| Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class |
| Issued | 264424 | 559350 | 29118<br> <sup>(a)</sup> | 51024<br> <sup>(a)</sup> | 33236 | 48220 |
| Reinvested |  |  |  | 1060<br> <sup>(a)</sup> | 310 |  |
| Redeemed | (271126) | (612431) | (44811)<sup>(a)</sup> | (32980)<sup>(a)</sup> | (40880) | (53644) |
| Change in shares | (193405) | (598476) | (37404) | 146412 | (25705) | (18902) |

---

<sup>(a)</sup> As described in the accompanying notes to financial statements, share amounts have been adjusted for 4:1 share split that occurred on October 14, 2024.

Amounts designated as ' – ' are $0 or have been rounded to $0.

**See accompanying notes to financial statements.**

------

For the Periods Indicated **:: Statements of Changes in Net Assets :: 225**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Materials UltraSector ProFund | Materials UltraSector ProFund | Mid-Cap Growth ProFund | Mid-Cap Growth ProFund |
| | Year Ended<br>July 31, 2025 | Year Ended<br>July 31, 2024 | Year Ended<br>July 31, 2025 | Year Ended<br>July 31, 2024 |
| FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: |
| OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: |
| Net investment income (loss) | $28558 | $43371 | $(43286) | $(45921) |
| Net realized gains (losses) on investments | 234528 | 643499 | 60046 | 1102197 |
| Change in unrealized appreciation/depreciation <br>on investments | (1017802) | (354556) | (11898) | (830342) |
| Change in net assets resulting from operations | (754716) | 332314 | 4862 | 225934 |
| DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: |
| Total distributions | Total distributions | Total distributions | Total distributions | Total distributions |
| Investor Class | (33718) | (45189) | (29180) |  |
| Service Class |  | (344) | (5673) |  |
| Change in net assets resulting from distributions | (33718) | (45533) | (34853) |  |
| Change in net assets resulting from capital transactions | (1144476) | (4411175) | (1368698) | (23508025) |
| Change in net assets | (1932910) | (4124394) | (1398689) | (23282091) |
| NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: |
| Beginning of year | 5371816 | 9496210 | 5648784 | 28930875 |
| End of year | $3438906 | $5371816 | $4250095 | $5648784 |
| CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: |
| Investor Class | Investor Class | Investor Class | Investor Class | Investor Class |
| Proceeds from shares issued | $45414158 | $20510930 | $19796902 | $47512087 |
| Distributions reinvested | 33609 | 43476 | 28737 |  |
| Value of shares redeemed | (46560655) | (24399651) | (21147849) | (71110777) |
| Service Class | Service Class | Service Class | Service Class | Service Class |
| Proceeds from shares issued | 5590752 | 2809663 | 285116 | 598272 |
| Distributions reinvested |  | 344 | 5673 |  |
| Value of shares redeemed | (5622340) | (3375937) | (337277) | (507607) |
| Change in net assets resulting from capital transactions | $(1144476) | $(4411175) | $(1368698) | $(23508025) |
| SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: |
| Investor Class  | Investor Class  | Investor Class  | Investor Class  | Investor Class  |
| Issued | 411236 | 185584 | 184857 | 464997 |
| Reinvested | 333 | 402 | 269 |  |
| Redeemed | (423727) | (221669) | (197352) | (726622) |
| Service Class | Service Class | Service Class | Service Class | Service Class |
| Issued | 62036 | 30114 | 3793 | 7836 |
| Reinvested |  | 4 | 73 |  |
| Redeemed | (62997) | (36535) | (4378) | (6765) |
| Change in shares | (13119) | (42100) | (12738) | (260554) |

---

**See accompanying notes to financial statements.**

------

**226 :: Statements of Changes in Net Assets ::** For the Periods Indicated

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Mid-Cap ProFund | Mid-Cap ProFund | Mid-Cap Value ProFund | Mid-Cap Value ProFund | Nasdaq-100 ProFund | Nasdaq-100 ProFund |
| | Year Ended <br>July 31, 2025 | Year Ended<br>July 31, 2024 | Year Ended<br>July 31, 2025 | Year Ended<br>July 31, 2024 | Year Ended<br>July 31, 2025 | Year Ended<br>July 31, 2024 |
| FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: |
| OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: |
| Net investment income (loss) | $24966 | $52436 | $(12733) | $(3380) | $755698 | $1914666 |
| Net realized gains (losses) on investments | 66978 | 397317 | (672932) | 253711 | 17080673 | 9587573 |
| Change in unrealized appreciation/depreciation <br>on investments | (782168) | 624958 | (163657) | (107762) | 6607921 | 13881391 |
| Change in net assets resulting from operations | (690224) | 1074711 | (849322) | 142569 | 24444292 | 25383630 |
| DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: |
| Total distributions | Total distributions | Total distributions | Total distributions | Total distributions | Total distributions | Total distributions |
| Investor Class | (56471) | (177) | (1829) |  | (830816) |  |
| Service Class | (3144) |  |  |  | (34052) |  |
| Change in net assets resulting from distributions | (59615) | (177) | (1829) |  | (864868) |  |
| Change in net assets resulting from capital transactions | (2151924) | 5087602 | (1656372) | 1507799 | (31983060) | (22846093) |
| Change in net assets | (2901763) | 6162136 | (2507523) | 1650368 | (8403636) | 2537537 |
| NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: |
| Beginning of year | 10518332 | 4356196 | 4548655 | 2898287 | 136163270 | 133625733 |
| End of year | $7616569 | $10518332 | $2041132 | $4548655 | $127759634 | $136163270 |
| CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: |
| Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class |
| Proceeds from shares issued | $25614648 | $25597528 | $69024951 | $7385684 | $1746902037 | $1519611327 |
| Distributions reinvested | 55623 | 175 | 1829 |  | 787407 |  |
| Value of shares redeemed | (27212320) | (24438029) | (70508827) | (5800971) | (1777818457) | (1542705547) |
| Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class |
| Proceeds from shares issued | 59612855 | 35656529 | 1701813 | 298921 | 43065459 | 50384974 |
| Distributions reinvested | 1543 |  |  |  | 34052 |  |
| Value of shares redeemed | (60224273) | (31728601) | (1876138) | (375835) | (44953558) | (50136847) |
| Change in net assets resulting from capital transactions | $(2151924) | $5087602 | $(1656372) | $1507799 | $(31983060) | $(22846093) |
| SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: |
| Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class |
| Issued | 205249 | 230247 | 589713 | 70139 | 40313714<br> <sup>(a)</sup> | 41805480<br> <sup>(a)</sup> |
| Reinvested | 449 | 2 | 16 |  | 17584<br> <sup>(a)</sup> |  |
| Redeemed | (221009) | (216092) | (610911) | (56985) | (40920315)<sup>(a)</sup> | (42436404)<sup>(a)</sup> |
| Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class |
| Issued | 621279 | 397908 | 18895 | 4317 | 1308980<br> <sup>(a)</sup> | 1848980<br> <sup>(a)</sup> |
| Reinvested | 16 |  |  |  | 988<br> <sup>(a)</sup> |  |
| Redeemed | (631391) | (358323) | (20993) | (5286) | (1379985)<sup>(a)</sup> | (1832640)<sup>(a)</sup> |
| Change in shares | (25407) | 53742 | (23280) | 12185 | (659034) | (614584) |

---

<sup>(a)</sup> As described in the accompanying notes to financial statements, share amounts have been adjusted for 4:1 share split that occurred on October 14, 2024.

Amounts designated as ' – ' are $0 or have been rounded to $0.

**See accompanying notes to financial statements.**

------

For the Periods Indicated **:: Statements of Changes in Net Assets :: 227**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Oil & Gas Equipment & Services<br>UltraSector ProFund | Oil & Gas Equipment & Services<br>UltraSector ProFund | Pharmaceuticals UltraSector ProFund | Pharmaceuticals UltraSector ProFund |
| | Year Ended<br>July 31, 2025 | Year Ended<br>July 31, 2024 | Year Ended<br>July 31, 2025 | Year Ended<br>July 31, 2024 |
| FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: |
| OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: |
| Net investment income (loss) | $97146 | $39959 | $9201 | $24177 |
| Net realized gains (losses) on investments | (2742379) | (177750) | (23011) | (214181) |
| Change in unrealized appreciation/depreciation <br>on investments | (4729344) | (470481) | (272966) | (66889) |
| Change in net assets resulting from operations | (7374577) | (608272) | (286776) | (256893) |
| DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: |
| Total distributions | Total distributions | Total distributions | Total distributions | Total distributions |
| Investor Class | (61433) |  | (24996) | (14006) |
| Service Class |  |  |  |  |
| Change in net assets resulting from distributions | (61433) |  | (24996) | (14006) |
| Change in net assets resulting from capital transactions | 3515115 | (2747086) | (309208) | (633771) |
| Change in net assets | (3920895) | (3355358) | (620980) | (904670) |
| NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: |
| Beginning of year | 14574944 | 17930302 | 3006205 | 3910875 |
| End of year | $10654049 | $14574944 | $2385225 | $3006205 |
| CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: |
| Investor Class | Investor Class | Investor Class | Investor Class | Investor Class |
| Proceeds from shares issued | $53808708 | $72229101 | $18349623 | $14384789 |
| Distributions reinvested | 59093 |  | 24546 | 13775 |
| Value of shares redeemed | (50436103) | (72310947) | (18573714) | (14820908) |
| Service Class | Service Class | Service Class | Service Class | Service Class |
| Proceeds from shares issued | 9689096 | 27246109 | 4593153 | 7113188 |
| Distributions reinvested |  |  |  |  |
| Value of shares redeemed | (9605679) | (29911349) | (4702816) | (7324615) |
| Change in net assets resulting from capital transactions | $3515115 | $(2747086) | $(309208) | $(633771) |
| SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: |
| Investor Class | Investor Class | Investor Class | Investor Class | Investor Class |
| Issued | 715965 | 653551 | 738975 | 596747 |
| Reinvested | 680 |  | 995 | 555 |
| Redeemed | (667639) | (655835) | (748035) | (616590) |
| Service Class | Service Class | Service Class | Service Class | Service Class |
| Issued | 146175 | 279481 | 238443 | 356305 |
| Reinvested |  |  |  |  |
| Redeemed | (145242) | (308278) | (242302) | (365613) |
| Change in shares | 49939 | (31081) | (11924) | (28596) |

---

**See accompanying notes to financial statements.**

------

**228 :: Statements of Changes in Net Assets ::** For the Periods Indicated

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Precious Metals <br>UltraSector ProFund | Precious Metals <br>UltraSector ProFund | Real Estate UltraSector ProFund | Real Estate UltraSector ProFund | Rising Rates Opportunity ProFund | Rising Rates Opportunity ProFund |
| | Year Ended <br>July 31, 2025 | Year Ended<br>July 31, 2024 | Year Ended<br>July 31, 2025 | Year Ended<br>July 31, 2024 | Year Ended<br>July 31, 2025 | Year Ended<br>July 31, 2024 |
| FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: |
| OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: |
| Net investment income (loss) | $155989 | $236901 | $93322 | $68036 | $238726 | $545424 |
| Net realized gains (losses) on investments | 8671860 | 1458721 | 749582 | (24920) | 444842 | (875171) |
| Change in unrealized appreciation/depreciation <br>on investments | 5323131 | 4422279 | (349155) | 358384 | (133515) | (422094) |
| Change in net assets resulting from operations | 14150980 | 6117901 | 493749 | 401500 | 550053 | (751841) |
| DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: |
| Total distributions | Total distributions | Total distributions | Total distributions | Total distributions | Total distributions | Total distributions |
| Investor Class | (357349) | (297411) | (119422) | (79688) | (406651) | (515586) |
| Service Class | (13503) | (7693) | (4727) | (2941) |  |  |
| Change in net assets resulting from distributions | (370852) | (305104) | (124149) | (82629) | (406651) | (515586) |
| Change in net assets resulting from capital transactions | (4331324) | (3529155) | (2509161) | 166918 | 386040 | (2568976) |
| Change in net assets | 9448804 | 2283642 | (2139561) | 485789 | 529442 | 3836403 |
| NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: |
| Beginning of year | 29031391 | 26747749 | 5400443 | 4914654 | 9028678 | 12865081 |
| End of year | $38480195 | $29031391 | $3260882 | $5400443 | $9558120 | $9028678 |
| CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: |
| Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class |
| Proceeds from shares issued | $248774581 | $162759440 | $71213938 | $19242416 | $149113415 | $157147437 |
| Distributions reinvested | 352688 | 290474 | 118600 | 76164 | 393665 | 502557 |
| Value of shares redeemed | (253335370) | (167351922) | (73863286) | (19342309) | (149059464) | (158810378) |
| Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class |
| Proceeds from shares issued | 21425822 | 10685878 | 7152127 | 5439679 | 525243 | 40893469 |
| Distributions reinvested | 13136 | 7692 | 4727 | 2941 |  |  |
| Value of shares redeemed | (21562181) | (9921617) | (7135267) | (5422973) | (586819) | (42302061) |
| Change in net assets resulting from capital transactions | $(4331324) | $(3529155) | $(2509161) | $166918 | $386040 | $(2568976) |
| SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: |
| Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class |
| Issued | 3700641 | 3830798 | 1617951 | 508624 | 3581242 | 3660609 |
| Reinvested | 7679 | 6488 | 2767 | 1942 | 9311 | 13553 |
| Redeemed | (3755567) | (3917312) | (1669850) | (510436) | (3591303) | (3744022) |
| Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class |
| Issued | 401008 | 293242 | 178940 | 162185 | 13712 | 1119715 |
| Reinvested | 343 | 206 | 126 | 77 |  |  |
| Redeemed | (407211) | (272269) | (178489) | (161409) | (15311) | (1163045) |
| Change in shares | (53107) | (58847) | (48555) | 983 | (2349) | (113190) |

---

Amounts designated as ' – ' are $0 or have been rounded to $0.

**See accompanying notes to financial statements.**

------

For the Periods Indicated **:: Statements of Changes in Net Assets :: 229**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Rising Rates Opportunity 10 ProFund | Rising Rates Opportunity 10 ProFund | Rising U.S. Dollar ProFund | Rising U.S. Dollar ProFund |
| | Year Ended<br>July 31, 2025 | Year Ended<br>July 31, 2024 | Year Ended<br>July 31, 2025 | Year Ended<br>July 31, 2024 |
| FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: |
| OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: |
| Net investment income (loss) | $20206 | $73333 | $210070 | $321820 |
| Net realized gains (losses) on investments | (13891) | 53571 | (573260) | 413744 |
| Change in unrealized appreciation/depreciation <br>on investments | 20614 | (53972) | 298855 | (168040) |
| Change in net assets resulting from operations | 26929 | 72932 | (64335) | 567524 |
| DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: |
| Total distributions | Total distributions | Total distributions | Total distributions | Total distributions |
| Investor Class | (49151) | (77619) | (293747) | (420636) |
| Service Class | (3119) | (4774) | (764) | (2359) |
| Change in net assets resulting from distributions | (52270) | (82393) | (294511) | (422995) |
| Change in net assets resulting from capital transactions | (1348931) | (586045) | (1066941) | 502059 |
| Change in net assets | (1374272) | (595506) | (1425787) | 646588 |
| NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: |
| Beginning of year | 1967082 | 2562588 | 9841256 | 9194668 |
| End of year | $592810 | $1967082 | $8415469 | $9841256 |
| CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: |
| Investor Class | Investor Class | Investor Class | Investor Class | Investor Class |
| Proceeds from shares issued | $1741474 | $7579723 | $27775108 | $44617839 |
| Distributions reinvested | 48839 | 77240 | 286821 | 411698 |
| Value of shares redeemed | (3032455) | (7855709) | (29103136) | (44478693) |
| Service Class | Service Class | Service Class | Service Class | Service Class |
| Proceeds from shares issued | 353522 | 1366860 | 913649 | 1232697 |
| Distributions reinvested | 3119 | 4774 | 764 | 1956 |
| Value of shares redeemed | (463430) | (1758933) | (940147) | (1283438) |
| Change in net assets resulting from capital transactions | $(1348931) | $(586045) | $(1066941) | $502059 |
| SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: |
| Investor Class | Investor Class | Investor Class | Investor Class | Investor Class |
| Issued | 115135 | 489595 | 914041 | 1459375 |
| Reinvested | 3262 | 5368 | 9155 | 14285 |
| Redeemed | (202755) | (506413) | (960509) | (1456874) |
| Service Class | Service Class | Service Class | Service Class | Service Class |
| Issued | 25406 | 96688 | 35531 | 47581 |
| Reinvested | 223 | 358 | 29 | 79 |
| Redeemed | (33193) | (125530) | (36546) | (49548) |
| Change in shares | (91922) | (39934) | (38299) | 14898 |

---

**See accompanying notes to financial statements.**

------

**230 :: Statements of Changes in Net Assets ::** For the Periods Indicated

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Semiconductor <br>UltraSector ProFund | Semiconductor <br>UltraSector ProFund | Short Energy ProFund | Short Energy ProFund | Short Nasdaq-100 ProFund | Short Nasdaq-100 ProFund |
| | Year Ended <br>July 31, 2025 | Year Ended<br>July 31, 2024 | Year Ended<br>July 31, 2025 | Year Ended<br>July 31, 2024 | Year Ended<br>July 31, 2025 | Year Ended<br>July 31, 2024 |
| FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: |
| OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: |
| Net investment income (loss) | $808192 | $249970 | $20996 | $21371 | $109421 | $200800 |
| Net realized gains (losses) on investments | 73019933 | 122373293 | 17490 | (52978) | (2082988) | 176557 |
| Change in unrealized appreciation/depreciation <br>on investments | 43011538 | 63396040 | 18327 | 322 | 31340 | 83668 |
| Change in net assets resulting from operations | 116839663 | 186019303 | 56813 | (31285) | (1942227) | 461025 |
| DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: |
| Total distributions | Total distributions | Total distributions | Total distributions | Total distributions | Total distributions | Total distributions |
| Investor Class | (46697717) |  | (17820) | (30431) | (168026) | (149475) |
| Service Class | (2176451) |  | (1890) | (918) | (9548) | (8916) |
| Change in net assets resulting from distributions | (48874168) |  | (19710) | (31349) | (177574) | (158391) |
| Change in net assets resulting from capital transactions | (10368676) | 75214506 | 734205 | (73371) | 2405843 | (1474400) |
| Change in net assets | 57596819 | 261233809 | 771308 | (136005) | 286042 | (1171766) |
| NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: |
| Beginning of year | 395401113 | 134167304 | 500859 | 636864 | 1964361 | 3136127 |
| End of year | $452997932 | $395401113 | $1272167 | $500859 | $2250403 | $1964361 |
| CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: |
| Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class |
| Proceeds from shares issued | $718509448 | $786768751 | $21402833 | $13392384 | $287634519<br> <sup>(a)</sup> | $431590545 |
| Distributions reinvested | 46341772 |  | 17495 | 26685 | 160032 | 148574 |
| Value of shares redeemed | (770663973) | (714249961) | (20702919) | (13512123) | (285391641) | (433273342) |
| Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class |
| Proceeds from shares issued | 27076542 | 40220711 | 1457958 | 1640256 | 1480068<br> <sup>(b)</sup> | 1246226 |
| Distributions reinvested | 2149838 |  | 1890 | 918 | 9548 | 8916 |
| Value of shares redeemed | (33782303) | (37524995) | (1443052) | (1621491) | (1486683) | (1195319) |
| Change in net assets resulting from capital transactions | $(10368676) | $75214506 | $734205 | $(73371) | $2405843 | $(1474400) |
| SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: |
| Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class |
| Issued | 17528296<br> <sup>(c)</sup> | 27149536<br> <sup>(c)</sup> | 1513414 | 913813 | 6039146 | 7608010 |
| Reinvested | 1096530<br> <sup>(c)</sup> |  | 1211 | 1778 | 3865 | 2745 |
| Redeemed | (19208425)<sup>(c)</sup> | (24664904)<sup>(c)</sup> | (1460736) | (922951) | (6023438) | (7622973) |
| Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class |
| Issued | 941965<br> <sup>(c)</sup> | 1847856<br> <sup>(c)</sup> | 112926 | 123220 | 39516 | 25828 |
| Reinvested | 74802<br> <sup>(c)</sup> |  | 144 | 67 | 267 | 189 |
| Redeemed | (1158402)<sup>(c)</sup> | (1750392)<sup>(c)</sup> | (111791) | (122071) | (39390) | (24999) |
| Change in shares | (725234) | 2582096 | 55168 | (6144) | 19966 | (11200) |

---

<sup>(a)</sup> Amount includes $73,716 related to a voluntary capital contribution from the Advisor.

<sup>(b)</sup> Amount includes $1,267 related to a voluntary capital contribution from the Advisor.

<sup>(c)</sup> As described in the accompanying notes to financial statements, share amounts have been adjusted for 8:1 share split that occurred on October 14, 2024.

Amounts designated as ' – ' are $0 or have been rounded to $0.

**See accompanying notes to financial statements.**

------

For the Periods Indicated **:: Statements of Changes in Net Assets :: 231**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Short Precious Metals ProFund | Short Precious Metals ProFund | Short Real Estate ProFund | Short Real Estate ProFund |
| | Year Ended<br>July 31, 2025 | Year Ended<br>July 31, 2024 | Year Ended<br>July 31, 2025 | Year Ended<br>July 31, 2024 |
| FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: |
| OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: |
| Net investment income (loss) | $134840 | $139088 | $27130 | $71334 |
| Net realized gains (losses) on investments | (849158) | (497791) | (51337) | (198868) |
| Change in unrealized appreciation/depreciation <br>on investments | 370891 | 159956 | 34429 | (45400) |
| Change in net assets resulting from operations | (343427) | (198747) | 10222 | (172934) |
| DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: |
| Total distributions | Total distributions | Total distributions | Total distributions | Total distributions |
| Investor Class | (148680) | (100288) | (59300) | (55021) |
| Service Class | (824) | (2108) | (1180) | (1514) |
| Change in net assets resulting from distributions | (149504) | (102396) | (60480) | (56535) |
| Change in net assets resulting from capital transactions | 11648447 | (1544662) | (396280) | (540457) |
| Change in net assets | 11155516 | (1845805) | (446538) | (769926) |
| NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: |
| Beginning of year | 1409180 | 3254985 | 1159076 | 1929002 |
| End of year | $12564696 | $1409180 | $712538 | $1159076 |
| CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: |
| Investor Class | Investor Class | Investor Class | Investor Class | Investor Class |
| Proceeds from shares issued | $150866628 | $62455790 | $9962782 | $17980136 |
| Distributions reinvested | 141687 | 54168 | 50797 | 54938 |
| Value of shares redeemed | (139391162) | (64051588) | (10427081) | (18468870) |
| Service Class | Service Class | Service Class | Service Class | Service Class |
| Proceeds from shares issued | 1252540 | 1463567 | 817001 | (982000) |
| Distributions reinvested | 824 | 2108 | 1180 | 1514 |
| Value of shares redeemed | (1222070) | (1468707) | (800959) | (1090175) |
| Change in net assets resulting from capital transactions | $11648447 | $(1544662) | $(396280) | $(540457) |
| SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: |
| Investor Class | Investor Class | Investor Class | Investor Class | Investor Class |
| Issued | 18302513 | 5057436 | 1259196 | 1908836 |
| Reinvested | 13507 | 4594 | 6318 | 6595 |
| Redeemed | (16523952) | (5147199) | (1316410) | (1976057) |
| Service Class | Service Class | Service Class | Service Class | Service Class |
| Issued | 150766 | 117143 | 119758 | 124335 |
| Reinvested | 81 | 184 | 171 | 211 |
| Redeemed | (146481) | 117882 | (117588) | (137931) |
| Change in shares | 1796434 | (85724) | (48555) | (74011) |

---

**See accompanying notes to financial statements.**

------

**232 :: Statements of Changes in Net Assets ::** For the Periods Indicated

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Short Small-Cap ProFund | Short Small-Cap ProFund | Small-Cap Growth ProFund | Small-Cap Growth ProFund | Small-Cap ProFund | Small-Cap ProFund |
| | Year Ended <br>July 31, 2025 | Year Ended<br>July 31, 2024 | Year Ended<br>July 31, 2025 | Year Ended<br>July 31, 2024 | Year Ended<br>July 31, 2025 | Year Ended<br>July 31, 2024 |
| FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: |
| OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: |
| Net investment income (loss) | $148480 | $240567 | $(51477) | $(28527) | $39801 | $60039 |
| Net realized gains (losses) on investments | 687698 | (2264400) | (689890) | 652119 | (779369) | 685747 |
| Change in unrealized appreciation/depreciation <br>on investments | 20385 | 37927 | (394052) | 99141 | (262842) | 309801 |
| Change in net assets resulting from operations | 856563 | (1985906) | (1135419) | 722733 | (1002410) | 1055587 |
| DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: |
| Total distributions | Total distributions | Total distributions | Total distributions | Total distributions | Total distributions | Total distributions |
| Investor Class | (138242) | (198606) | (64642) | (29959) |  |  |
| Service Class |  | (7648) | (20310) | (5307) |  |  |
| Change in net assets resulting from distributions | (138242) | (206254) | (84952) | (35266) |  |  |
| Change in net assets resulting from capital transactions | (535428) | 1065934 | (1170533) | 1781474 | 2416677 | (1747821) |
| Change in net assets | 182893 | (1126226) | (2390904) | 2468941 | 1414267 | (692234) |
| NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: |
| Beginning of year | 648217 | 1774443 | 6771325 | 4302384 | 5026461 | 5718695 |
| End of year | $831110 | $648217 | $4380421 | $6771325 | $6440728 | $5026461 |
| CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: |
| Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class |
| Proceeds from shares issued | $213764733 | $315394451 | $58417059 | $10884120 | $232901744 | $197869923 |
| Distributions reinvested | 137805 | 198338 | 64371 | 29845 |  |  |
| Value of shares redeemed | (214466489) | (314528735) | (59515976) | (9547680) | (229959019) | (199996477) |
| Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class |
| Proceeds from shares issued | 825001 | 721182 | 983985 | 1130782 | 2087689 | 772112 |
| Distributions reinvested |  | 7648 | 20310 | 5307 |  |  |
| Value of shares redeemed | (796478) | (726950) | (1140282) | (720900) | (2613737) | (393379) |
| Change in net assets resulting from capital transactions | $(535428) | $1065934 | $(1170533) | $1781474 | $2416677 | $(1747821) |
| SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: |
| Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class |
| Issued | 3762726<br> <sup>(a)</sup> | 4936013<br> <sup>(a)</sup> | 547908 | 101943 | 2100729 | 1981267 |
| Reinvested | 2562<br> <sup>(a)</sup> | 3431<br> <sup>(a)</sup> | 582 | 293 |  |  |
| Redeemed | (3762658)<sup>(a)</sup> | (4952879)<sup>(a)</sup> | (564686) | (90439) | (2080913) | (1996357) |
| Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class |
| Issued | 16265<br> <sup>(a)</sup> | 12327<br> <sup>(a)</sup> | 12202 | 14238 | 22626 | 8807 |
| Reinvested |  | 143<br> <sup>(a)</sup> | 248 | 69 |  |  |
| Redeemed | (15695)<sup>(a)</sup> | (12592)<sup>(a)</sup> | (13986) | (9231) | (29196) | (4737) |
| Change in shares | 3200 | (13557) | (17732) | 16873 | 13246 | (11020) |

---

<sup>(a)</sup> As described in the accompanying notes to financial statements, share amounts have been adjusted for 1:2 reverse share split that occurred on October 14, 2024.

<sup>(b)</sup> As described in the accompanying notes to financial statements, share amounts have been adjusted for 4:1 share split that occurred on October 14, 2024.

Amounts designated as ' – ' are $0 or have been rounded to $0.

**See accompanying notes to financial statements.**

------

For the Periods Indicated **:: Statements of Changes in Net Assets :: 233**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Small-Cap Value ProFund | Small-Cap Value ProFund | Technology UltraSector ProFund | Technology UltraSector ProFund |
| | Year Ended<br>July 31, 2025 | Year Ended<br>July 31, 2024 | Year Ended<br>July 31, 2025 | Year Ended<br>July 31, 2024 |
| FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: |
| OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: |
| Net investment income (loss) | $(9475) | $7395 | $46416 | $174245 |
| Net realized gains (losses) on investments | (4303097) | (878095) | 5819373 | 20963393 |
| Change in unrealized appreciation/depreciation <br>on investments | (968084) | 366221 | 5071558 | 338776 |
| Change in net assets resulting from operations | (5280656) | (504479) | 10937347 | 21476414 |
| DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: |
| Total distributions | Total distributions | Total distributions | Total distributions | Total distributions |
| Investor Class | (38107) |  | (6127170) | (319590) |
| Service Class | (7545) |  | (487205) | (26930) |
| Change in net assets resulting from distributions | (45652) |  | (6614375) | (346520) |
| Change in net assets resulting from capital transactions | (45108234) | 49444160 | (2828985) | (10078021) |
| Change in net assets | (50434542) | 48939681 | 1493987 | 11051873 |
| NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: |
| Beginning of year | 52224687 | 3285006 | 90797596 | 79745723 |
| End of year | $1790145 | $52224687 | $92291583 | $90797596 |
| CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: |
| Investor Class | Investor Class | Investor Class | Investor Class | Investor Class |
| Proceeds from shares issued | $152846191 | $107822405 | $198051009 | $139691194 |
| Distributions reinvested | 38071 |  | 6051602 | 316303 |
| Value of shares redeemed | (197729130) | (58608027) | (206577900) | (147469641) |
| Service Class | Service Class | Service Class | Service Class | Service Class |
| Proceeds from shares issued | 2700443 | 1186971 | 18616034 | 41900554 |
| Distributions reinvested | 7545 |  | 487205 | 26929 |
| Value of shares redeemed | (2971354) | (957189) | (19456935) | (44543360) |
| Change in net assets resulting from capital transactions | $(45108234) | $49444160 | $(2828985) | $(10078021) |
| SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: |
| Investor Class | Investor Class | Investor Class | Investor Class | Investor Class |
| Issued | 1451835 | 1017833 | 5281640<br> <sup>(b)</sup> | 4295764<br> <sup>(b)</sup> |
| Reinvested | 346 |  | 160105<br> <sup>(b)</sup> | 10092<br> <sup>(b)</sup> |
| Redeemed | (1902111) | (581046) | (5659190)<sup>(b)</sup> | (4582072)<sup>(b)</sup> |
| Service Class | Service Class | Service Class | Service Class | Service Class |
| Issued | 30840 | 14423 | 666398<br> <sup>(b)</sup> | 1615036<br> <sup>(b)</sup> |
| Reinvested | 88 |  | 17077<br> <sup>(b)</sup> | 1096<br> <sup>(b)</sup> |
| Redeemed | (35148) | (11583) | (683211)<sup>(b)</sup> | (1672700)<sup>(b)</sup> |
| Change in shares | (454150) | 439627 | (217181) | (332784) |

---

**See accompanying notes to financial statements.**

------

**234 :: Statements of Changes in Net Assets ::** For the Periods Indicated

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | UltraBear ProFund | UltraBear ProFund | UltraBull ProFund | UltraBull ProFund | UltraChina ProFund | UltraChina ProFund |
| | Year Ended <br>July 31, 2025 | Year Ended<br>July 31, 2024 | Year Ended<br>July 31, 2025 | Year Ended<br>July 31, 2024 | Year Ended<br>July 31, 2025 | Year Ended<br>July 31, 2024 |
| FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: |
| OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: |
| Net investment income (loss) | $244489 | $324117 | $1185841 | $1229230 | $49773 | $164791 |
| Net realized gains (losses) on investments | (4383261) | (2574371) | 16643020 | 26382999 | 642895 | (7346495) |
| Change in unrealized appreciation/depreciation <br>on investments | 204996 | 122461 | 11182005 | 13183329 | 2618608 | (3633599) |
| Change in net assets resulting from operations | (3933776) | (2127793) | 29010866 | 40795558 | 3311276 | (10815303) |
| DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: |
| Total distributions | Total distributions | Total distributions | Total distributions | Total distributions | Total distributions | Total distributions |
| Investor Class | (108411) | (411236) | (6098243) | (960834) | (579412) | (870345) |
| Service Class | (7254) | (5504) | (72200) | (2188) | (9095) | (16214) |
| Change in net assets resulting from distributions | (115665) | (416740) | (6170443) | (963022) | (588507) | (886559) |
| Change in net assets resulting from capital transactions | 4579928 | (774161) | (2090771) | (12607413) | 5188552 | 3834181 |
| Change in net assets | 530487 | (3318694) | 20749652 | 27225123 | 7911321 | (7867681) |
| NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: |
| Beginning of year | 6157684 | 9476378 | 145291653 | 118066530 | 17468244 | 25335925 |
| End of year | $6688171 | $6157684 | $166041305 | $145291653 | $25379565 | $17468244 |
| CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: |
| Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class |
| Proceeds from shares issued | $249227274 | $193827826 | $609514650 | $629114287 | $145851949 | $140324457 |
| Distributions reinvested | 107631 | 400742 | 6029995 | 936063 | 567158 | 854732 |
| Value of shares redeemed | (244781479) | (195098772) | (617165371) | (640193413) | (141699902) | (136972330) |
| Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class |
| Proceeds from shares issued | 1651989 | 1169545 | 18125200 | 37080304 | 14158547 | 6088833 |
| Distributions reinvested | 7254 | 5503 | 72200 | 2188 | 9095 | 16214 |
| Value of shares redeemed | (1632741) | (1079005) | (18667445) | (39546842) | (13698295) | (6477725) |
| Change in net assets resulting from capital transactions | $4579928 | $(774161) | $(2090771) | $(12607413) | $5188552 | $3834181 |
| SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: |
| Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class |
| Issued | 24364246 | 13517514 | 4465416 | 6454445 | 5846368 | 5981884 |
| Reinvested | 10657 | 30746 | 42645 | 7337 | 28892 | 33757 |
| Redeemed | (24123829) | (13597283) | (4544445) | (6553080) | (5765450) | (5815368) |
| Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class |
| Issued | 182050 | 91245 | 175431 | 496469 | 655057 | 304409 |
| Reinvested | 821 | 487 | 697 | 23 | 535 | 739 |
| Redeemed | (177698) | (85125) | (178978) | (525416) | (653214) | (322138) |
| Change in shares | 256247 | (42416) | (39234) | (120222) | 112188 | 183283 |

---

Amounts designated as ' – ' are $0 or have been rounded to $0.

**See accompanying notes to financial statements.**

------

For the Periods Indicated **:: Statements of Changes in Net Assets :: 235**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | UltraDow 30 ProFund | UltraDow 30 ProFund | UltraEmerging Markets ProFund | UltraEmerging Markets ProFund |
| | Year Ended<br>July 31, 2025 | Year Ended<br>July 31, 2024 | Year Ended<br>July 31, 2025 | Year Ended<br>July 31, 2024 |
| FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: |
| OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: |
| Net investment income (loss) | $370164 | $380209 | $115532 | $115734 |
| Net realized gains (losses) on investments | 1863347 | 4692310 | 434778 | 494172 |
| Change in unrealized appreciation/depreciation <br>on investments | 344116 | 3232079 | 774787 | (600774) |
| Change in net assets resulting from operations | 2577627 | 8304598 | 1325097 | 9132 |
| DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: |
| Total distributions | Total distributions | Total distributions | Total distributions | Total distributions |
| Investor Class | (1036790) | (327266) | (94322) | (125967) |
| Service Class | (42152) | (5006) | (385) | (940) |
| Change in net assets resulting from distributions | (1078942) | (332272) | (94707) | (126907) |
| Change in net assets resulting from capital transactions | (2367167) | 309904 | 688638 | (703458) |
| Change in net assets | (868482) | 8282230 | 1919028 | (821233) |
| NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: |
| Beginning of year | 39404831 | 31122601 | 7501478 | 8322711 |
| End of year | $38536349 | $39404831 | $9420506 | $7501478 |
| CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: |
| Investor Class | Investor Class | Investor Class | Investor Class | Investor Class |
| Proceeds from shares issued | $85735960 | $64377518 | $43477393 | $33122155 |
| Distributions reinvested | 1034254 | 324041 | 93192 | 120901 |
| Value of shares redeemed | (88792212) | (64601720) | (42809733) | (33936205) |
| Service Class | Service Class | Service Class | Service Class | Service Class |
| Proceeds from shares issued | 9135570 | 4656640 | 8262042 | 3787729 |
| Distributions reinvested | 42152 | 5006 | 385 | 940 |
| Value of shares redeemed | (9522891) | (4451581) | (8334641) | (3798978) |
| Change in net assets resulting from capital transactions | $(2367167) | $309904 | $688638 | $(703458) |
| SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: |
| Investor Class | Investor Class | Investor Class | Investor Class | Investor Class |
| Issued | 1060713 | 994424 | 775766 | 748405 |
| Reinvested | 12842 | 4837 | 1971 | 2687 |
| Redeemed | (1112010) | (994996) | (787445) | (765073) |
| Service Class | Service Class | Service Class | Service Class | Service Class |
| Issued | 135675 | 86332 | 171801 | 90283 |
| Reinvested | 631 | 90 | 9 | 23 |
| Redeemed | (141195) | (82413) | (171294) | (91279) |
| Change in shares | (43344) | 8274 | (9192) | (14954) |

---

**See accompanying notes to financial statements.**

------

**236 :: Statements of Changes in Net Assets ::** For the Periods Indicated

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | UltraInternational ProFund | UltraInternational ProFund | UltraJapan ProFund | UltraJapan ProFund | UltraLatin America ProFund | UltraLatin America ProFund |
| | Year Ended <br>July 31, 2025 | Year Ended<br>July 31, 2024 | Year Ended<br>July 31, 2025 | Year Ended<br>July 31, 2024 | Year Ended<br>July 31, 2025 | Year Ended<br>July 31, 2024 |
| FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: |
| OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: |
| Net investment income (loss) | $132811 | $140432 | $518325 | $800247 | $378786 | $472260 |
| Net realized gains (losses) on investments | 534119 | (147641) | (2156479) | 7404211 | 33055 | (302548) |
| Change in unrealized appreciation/depreciation <br>on investments | (422518) | 46128 | 2385447 | (1640158) | 115218 | (1784523) |
| Change in net assets resulting from operations | 244412 | 38919 | 747293 | 6564300 | 527059 | (1614811) |
| DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: |
| Total distributions | Total distributions | Total distributions | Total distributions | Total distributions | Total distributions | Total distributions |
| Investor Class |  |  |  | (1570191) | (391948) | (523218) |
| Service Class |  |  |  | (37779) | (10050) | (19315) |
| Change in net assets resulting from distributions |  |  |  | (1607970) | (401998) | (542533) |
| Change in net assets resulting from capital transactions | 3357674 | (1698496) | (6829026) | (2508745) | 471849 | (2132770) |
| Change in net assets | 3602086 | (1659577) | (6081733) | 2447585 | 596910 | (4290114) |
| NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: |
| Beginning of year | 3756395 | 5415972 | 24333194 | 21885609 | 7288277 | 11578391 |
| End of year | $7358481 | $3756395 | $18251461 | $24333194 | $7885187 | $7288277 |
| CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: |
| Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class |
| Proceeds from shares issued | $77195668 | $41080047 | $29475282 | $56904785 | $36773657 | $34410923 |
| Distributions reinvested |  |  |  | 1565081 | 388079 | 521160 |
| Value of shares redeemed | (73806714) | (42595625) | (36282242) | (60422186) | (36854201) | (37112497) |
| Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class |
| Proceeds from shares issued | 6137632 | 3510253 | 7206914 | 10013787 | 12855454 | 7847651 |
| Distributions reinvested |  |  |  | 34460 | 10050 | 19315 |
| Value of shares redeemed | (6168912) | (3693171) | (7228980) | (10604672) | (12701190) | (7819322) |
| Change in net assets resulting from capital transactions | $3357674 | $(1698496) | $(6829026) | $(2508745) | $471849 | $(2132770) |
| SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: |
| Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class |
| Issued | 3934736 | 2243179 | 615932 | 1172739 | 2661002 | 2021773 |
| Reinvested |  |  |  | 27666 | 34042 | 25435 |
| Redeemed | (3792862) | (2348572) | (751257) | (1261810) | (2684409) | (2144711) |
| Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class |
| Issued | 355660 | 230428 | 182324 | 265615 | 957693 | 470812 |
| Reinvested |  |  |  | 780 | 915 | 972 |
| Redeemed | (353992) | (242668) | (183072) | (282999) | (942599) | (473799) |
| Change in shares | 143542 | (117633) | (136073) | (78009) | 26644 | (99518) |

---

Amounts designated as ' – ' are $0 or have been rounded to $0.

**See accompanying notes to financial statements.**

------

For the Periods Indicated **:: Statements of Changes in Net Assets :: 237**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | UltraMid-Cap ProFund | UltraMid-Cap ProFund | UltraNasdaq-100 ProFund | UltraNasdaq-100 ProFund |
| | Year Ended<br>July 31, 2025 | Year Ended<br>July 31, 2024 | Year Ended<br>July 31, 2025 | Year Ended<br>July 31, 2024 |
| FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: |
| OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: |
| Net investment income (loss) | $276102 | $344834 | $2927080 | $5028200 |
| Net realized gains (losses) on investments | 360399 | 5328292 | 222809182 | 164916370 |
| Change in unrealized appreciation/depreciation <br>on investments | (4431939) | 870468 | 58373480 | 131342455 |
| Change in net assets resulting from operations | (3795438) | 6543594 | 284109742 | 301287025 |
| DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: |
| Total distributions | Total distributions | Total distributions | Total distributions | Total distributions |
| Investor Class | (441453) | (225341) |  | (4462904) |
| Service Class | (17969) | (22007) |  | (918) |
| Change in net assets resulting from distributions | (459422) | (247348) |  | (4463822) |
| Change in net assets resulting from capital transactions | (7233304) | 2528180 | (57011746) | (127424766) |
| Change in net assets | (11488164) | 8824426 | 227097996 | 169398437 |
| NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: |
| Beginning of year | 47766134 | 38941708 | 961692430 | 792293993 |
| End of year | $36277970 | $47766134 | $1188790426 | $961692430 |
| CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: |
| Investor Class | Investor Class | Investor Class | Investor Class | Investor Class |
| Proceeds from shares issued | $65033522 | $64966982 | $3220951988 | $2963932070 |
| Distributions reinvested | 428886 | 220734 |  | 4292378 |
| Value of shares redeemed | (72378015) | (66226071) | (3275615996) | (3092774100) |
| Service Class | Service Class | Service Class | Service Class | Service Class |
| Proceeds from shares issued | 31153611 | 40244808 | 72568681 | 60583371 |
| Distributions reinvested | 16937 | 22007 |  | 913 |
| Value of shares redeemed | (31488245) | (36700280) | (74916419) | (63459398) |
| Change in net assets resulting from capital transactions | $(7233304) | $2528180 | $(57011746) | $(127424766) |
| SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: |
| Investor Class | Investor Class | Investor Class | Investor Class | Investor Class |
| Issued | 970437 | 1105656 | 30137808 | 37451268 |
| Reinvested | 6401 | 3757 |  | 39221 |
| Redeemed | (1100673) | (1143561) | (30422727) | (38695810) |
| Service Class | Service Class | Service Class | Service Class | Service Class |
| Issued | 595853 | 872490 | 993149 | 1078298 |
| Reinvested | 325 | 484 |  | 12 |
| Redeemed | (605353) | (805937) | (1030564) | (1148995) |
| Change in shares | (133010) | 32889 | (322334) | (1276006) |

---

**See accompanying notes to financial statements.**

------

**238 :: Statements of Changes in Net Assets ::** For the Periods Indicated

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | UltraShort China ProFund | UltraShort China ProFund | UltraShort Dow 30 ProFund | UltraShort Dow 30 ProFund | UltraShort Emerging Markets ProFund | UltraShort Emerging Markets ProFund |
| | Year Ended <br>July 31, 2025 | Year Ended<br>July 31, 2024 | Year Ended<br>July 31, 2025 | Year Ended<br>July 31, 2024 | Year Ended<br>July 31, 2025 | Year Ended<br>July 31, 2024 |
| FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: |
| OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: |
| Net investment income (loss) | $60568 | $70329 | $54369 | $93577 | $18744 | $25847 |
| Net realized gains (losses) on investments | (876959) | 258450 | (867383) | (594170) | (17403) | (284398) |
| Change in unrealized appreciation/depreciation <br>on investments | 58865 | 492435 | 75717 | 21201 | 23171 | 28785 |
| Change in net assets resulting from operations | (757526) | 821214 | (737297) | (479392) | 24512 | (229766) |
| DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: |
| Total distributions | Total distributions | Total distributions | Total distributions | Total distributions | Total distributions | Total distributions |
| Investor Class | (67422) | (52912) | (87122) | (64768) | (22087) | (26345) |
| Service Class | (3258) | (681) | (1248) | (1475) | (109) | (669) |
| Change in net assets resulting from distributions | (70680) | (53593) | (88370) | (66243) | (22196) | (27014) |
| Change in net assets resulting from capital transactions | 1536851 | (2853965) | 569534 | (541075) | 476378 | 293689 |
| Change in net assets | 708645 | (2086344) | (256133) | (1086710) | 478694 | 36909 |
| NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: |
| Beginning of year | 987197 | 3073541 | 1958528 | 3045238 | 361860 | 324951 |
| End of year | $1695842 | $987197 | $1702395 | $1958528 | $840554 | $361860 |
| CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: |
| Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class |
| Proceeds from shares issued | $57423906 | $61460009 | $26018967 | $23763745 | $19339716 | $24658134 |
| Distributions reinvested | 67191 | 52520 | 86802 | 60719 | 22049 | 26048 |
| Value of shares redeemed | (55998779) | (64389688) | (25542325) | (24391985) | (18884496) | (24391887) |
| Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class |
| Proceeds from shares issued | 1231504 | 1048565 | 832428 | 1109682 | 209072 | 47179 |
| Distributions reinvested | 3258 | 681 | 1248 | 1475 | 109 | 669 |
| Value of shares redeemed | (1190229) | (1026052) | (827586) | (1084711) | (210072) | (46454) |
| Change in net assets resulting from capital transactions | $1536851 | $(2853965) | $569534 | $(541075) | $476378 | $293689 |
| SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: |
| Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class |
| Issued | 15309554 | 9012696 | 2091337 | 1516475 | 1449012 | 1198481 |
| Reinvested | 15306 | 8219 | 7168 | 3979 | 1417 | 1381 |
| Redeemed | (14827938) | (9448056) | (2085214) | (1555402) | (1389542) | (1194944) |
| Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class |
| Issued | 408712 | 169802 | 79807 | 80508 | 18111 | 2774 |
| Reinvested | 873 | 123 | 120 | 113 | 8 | 40 |
| Redeemed | (384132) | (167466) | (79503) | (79991) | (18439) | (2716) |
| Change in shares | 522375 | (424682) | 13715 | (34318) | 60567 | 5016 |

---

<sup>(a)</sup> As described in the accompanying notes to financial statements, share amounts have been adjusted for 1:10 reverse share split that occurred on October 14, 2024.

Amounts designated as ' – ' are $0 or have been rounded to $0.

**See accompanying notes to financial statements.**

------

For the Periods Indicated **:: Statements of Changes in Net Assets :: 239**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | UltraShort International ProFund | UltraShort International ProFund | UltraShort Japan ProFund | UltraShort Japan ProFund |
| | Year Ended<br>July 31, 2025 | Year Ended<br>July 31, 2024 | Year Ended<br>July 31, 2025 | Year Ended<br>July 31, 2024 |
| FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: |
| OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: |
| Net investment income (loss) | $74561 | $75543 | $22587 | $30017 |
| Net realized gains (losses) on investments | (388624) | (242387) | 244043 | (316118) |
| Change in unrealized appreciation/depreciation <br>on investments | 136369 | (20616) | (194449) | 101013 |
| Change in net assets resulting from operations | (177694) | (187460) | 72181 | (185088) |
| DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: |
| Total distributions | Total distributions | Total distributions | Total distributions | Total distributions |
| Investor Class | (71031) | (71316) | (29439) | (15820) |
| Service Class |  | (110) |  |  |
| Change in net assets resulting from distributions | (71031) | (71426) | (29439) | (15820) |
| Change in net assets resulting from capital transactions | 183772 | (213999) | 125646 | 543366 |
| Change in net assets | (64953) | (472885) | 168388 | 342458 |
| NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: |
| Beginning of year | 2100395 | 2573280 | 1304143 | 961685 |
| End of year | $2035442 | $2100395 | $1472531 | $1304143 |
| CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: |
| Investor Class | Investor Class | Investor Class | Investor Class | Investor Class |
| Proceeds from shares issued | $55753170 | $24833477 | $14450091 | $19851002 |
| Distributions reinvested | 71012 | 71219 | 29360 | 15809 |
| Value of shares redeemed | (55665129) | (25121185) | (14383257) | (19341984) |
| Service Class | Service Class | Service Class | Service Class | Service Class |
| Proceeds from shares issued | 549006 | 446485 | 973465 | 2872697 |
| Distributions reinvested |  | 108 |  |  |
| Value of shares redeemed | (524287) | (444103) | (944013) | (2854158) |
| Change in net assets resulting from capital transactions | $183772 | $(213999) | $125646 | $543366 |
| SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: |
| Investor Class | Investor Class | Investor Class | Investor Class | Investor Class |
| Issued | 3426724 | 1309788 | 319134<br> <sup>(a)</sup> | 364421<br> <sup>(a)</sup> |
| Reinvested | 3838 | 3819 | 753<br> <sup>(a)</sup> | 243<br> <sup>(a)</sup> |
| Redeemed | (3404442) | (1319372) | (305424)<sup>(a)</sup> | (351509)<sup>(a)</sup> |
| Service Class | Service Class | Service Class | Service Class | Service Class |
| Issued | 37982 | 26527 | 22649<br> <sup>(a)</sup> | 55317<br> <sup>(a)</sup> |
| Reinvested |  | 7 |  |  |
| Redeemed | (35964) | (26538) | (22286)<sup>(a)</sup> | (55317)<sup>(a)</sup> |
| Change in shares | 28138 | (5769) | 14826 | 13155 |

---

**See accompanying notes to financial statements.**

------

**240 :: Statements of Changes in Net Assets ::** For the Periods Indicated

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | UltraShort Latin America ProFund | UltraShort Latin America ProFund | UltraShort Mid-Cap ProFund | UltraShort Mid-Cap ProFund | UltraShort Nasdaq-100 ProFund | UltraShort Nasdaq-100 ProFund |
| | Year Ended <br>July 31, 2025 | Year Ended<br>July 31, 2024 | Year Ended<br>July 31, 2025 | Year Ended<br>July 31, 2024 | Year Ended<br>July 31, 2025 | Year Ended<br>July 31, 2024 |
| FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: |
| OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: |
| Net investment income (loss) | $33498 | $50509 | $15982 | $32193 | $445091 | $591389 |
| Net realized gains (losses) on investments | (313948) | 375177 | (74448) | (209755) | (8605992) | (7312006) |
| Change in unrealized appreciation/depreciation <br>on investments | (8015) | 55616 | 29293 | 30035 | 300305 | 522443 |
| Change in net assets resulting from operations | (288465) | 481302 | (29173) | (147527) | (7860596) | (6198174) |
| DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: |
| Total distributions | Total distributions | Total distributions | Total distributions | Total distributions | Total distributions | Total distributions |
| Investor Class | (37829) | (47078) | (26279) | (34612) | (519818) | (783254) |
| Service Class | (1632) |  | (946) | (926) | (1687) | (2986) |
| Change in net assets resulting from distributions | (39461) | (47078) | (27225) | (35538) | (521505) | (786240) |
| Change in net assets resulting from capital transactions | (13905) | (663282) | (5036) | (279728) | 18713095 | 364512 |
| Change in net assets | (341831) | (229058) | (61434) | (462793) | 10330994 | (6619902) |
| NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: |
| Beginning of year | 1495692 | 1724750 | 553539 | 1016332 | 9864607 | 16484509 |
| End of year | $1153861 | $1495692 | $492105 | $553539 | $20195601 | $9864607 |
| CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: |
| Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class |
| Proceeds from shares issued | $11955692 | $18096990 | $12750745 | $16643444 | $582346291 | $572806950 |
| Distributions reinvested | 36372 | 47070 | 26279 | 29881 | 514984 | 764751 |
| Value of shares redeemed | (11948050) | (18886705) | (12772254) | (16935862) | (564161050) | (573212324) |
| Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class |
| Proceeds from shares issued | 958500 | 1201960 | 182427 | 35 | 305524 | 442799 |
| Distributions reinvested | 1632 |  | 946 | 926 | 1687 | 2986 |
| Value of shares redeemed | (1018051) | (1122597) | (193179) | (18152) | (294341) | (440650) |
| Change in net assets resulting from capital transactions | $(13905) | $(663282) | $(5036) | $(279728) | $18713095 | $364512 |
| SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: |
| Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class |
| Issued | 292581<br> <sup>(a)</sup> | 436448<br> <sup>(a)</sup> | 421744 | 400810 | 21237275 | 13404230 |
| Reinvested | 731<br> <sup>(a)</sup> | 1425<br> <sup>(a)</sup> | 901 | 811 | 20403 | 18938 |
| Redeemed | (291202)<sup>(a)</sup> | (449934)<sup>(a)</sup> | (422497) | 408492 | (20516773) | (13450691) |
| Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class |
| Issued | 26218<br> <sup>(a)</sup> | 34169<br> <sup>(a)</sup> | 6683 | 1 | 11610 | 10548 |
| Reinvested | 37<br> <sup>(a)</sup> |  | 37 | 29 | 72 | 79 |
| Redeemed | (27820)<sup>(a)</sup> | (32118)<sup>(a)</sup> | (7025) | (421) | (11690) | 10614 |
| Change in shares | 545 | (10010) | (157) | (7262) | 740897 | (27510) |

---

<sup>(a)</sup> As described in the accompanying notes to financial statements, share amounts have been adjusted for 1:8 reverse share split that occurred on October 14, 2024.

<sup>(b)</sup> As described in the accompanying notes to financial statements, share amounts have been adjusted for 1:10 reverse share split that occurred on October 14, 2024.

Amounts designated as ' – ' are $0 or have been rounded to $0.

**See accompanying notes to financial statements.**

------

For the Periods Indicated **:: Statements of Changes in Net Assets :: 241**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | UltraShort Small-Cap ProFund | UltraShort Small-Cap ProFund | UltraSmall-Cap ProFund | UltraSmall-Cap ProFund |
| | Year Ended<br>July 31, 2025 | Year Ended<br>July 31, 2024 | Year Ended<br>July 31, 2025 | Year Ended<br>July 31, 2024 |
| FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: |
| OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: |
| Net investment income (loss) | $94503 | $167789 | $256194 | $352606 |
| Net realized gains (losses) on investments | (1447137) | (943709) | (6519807) | 9924674 |
| Change in unrealized appreciation/depreciation <br>on investments | 179643 | 258532 | (4447379) | 2008111 |
| Change in net assets resulting from operations | (1172991) | (517388) | (10710992) | 12285391 |
| DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: |
| Total distributions | Total distributions | Total distributions | Total distributions | Total distributions |
| Investor Class | (148295) | (168696) | (574109) | (374677) |
| Service Class | (4556) | (4993) | (2259) | (640) |
| Change in net assets resulting from distributions | (152851) | (173689) | (576368) | (375317) |
| Change in net assets resulting from capital transactions | 3248524 | (1514087) | (6722325) | (4158006) |
| Change in net assets | 1922682 | (2205164) | (18009685) | 7752068 |
| NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: |
| Beginning of year | 2924416 | 5129580 | 58279114 | 50527046 |
| End of year | $4847098 | $2924416 | $40269429 | $58279114 |
| CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: |
| Investor Class | Investor Class | Investor Class | Investor Class | Investor Class |
| Proceeds from shares issued | $75884590 | $107507177 | $289103806 | $309814049 |
| Distributions reinvested | 138104 | 162261 | 567592 | 363176 |
| Value of shares redeemed | (72690061) | (109204075) | (296330196) | (314693966) |
| Service Class | Service Class | Service Class | Service Class | Service Class |
| Proceeds from shares issued | 1091867 | 1069130 | 7416293 | 9274183 |
| Distributions reinvested | 4556 | 4986 | 2259 | 640 |
| Value of shares redeemed | (1180532) | (1053566) | (7482079) | (8916088) |
| Change in net assets resulting from capital transactions | $3248524 | $(1514087) | $(6722325) | $(4158006) |
| SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: |
| Investor Class | Investor Class | Investor Class | Investor Class | Investor Class |
| Issued | 1556918<br> <sup>(b)</sup> | 1620433<br> <sup>(b)</sup> | 4490066 | 5592526 |
| Reinvested | 2987<br> <sup>(b)</sup> | 2802<br> <sup>(b)</sup> | 8491 | 5752 |
| Redeemed | (1508629)<sup>(b)</sup> | (1641758)<sup>(b)</sup> | (4655888) | (5605017) |
| Service Class | Service Class | Service Class | Service Class | Service Class |
| Issued | 25280<br> <sup>(b)</sup> | 18060<br> <sup>(b)</sup> | 154835 | 203146 |
| Reinvested | 109<br> <sup>(b)</sup> | 95<br> <sup>(b)</sup> | 43 | 13 |
| Redeemed | (27071)<sup>(b)</sup> | (17757)<sup>(b)</sup> | (154625) | (197106) |
| Change in shares | 49594 | (18125) | (157078) | (686) |

---

**See accompanying notes to financial statements.**

------

**242 :: Statements of Changes in Net Assets ::** For the Periods Indicated

---

| | | | | |
|:---|:---|:---|:---|:---|
| | U.S. Government Plus ProFund | U.S. Government Plus ProFund | Utilities UltraSector ProFund | Utilities UltraSector ProFund |
| | Year Ended <br>July 31, 2025 | Year Ended<br>July 31, 2024 | Year Ended<br>July 31, 2025 | Year Ended<br>July 31, 2024 |
| FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: |
| OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: |
| Net investment income (loss) | $225347 | $263212 | $340719 | $159223 |
| Net realized gains (losses) on investments | (1341743) | (1546613) | 2718131 | (368462) |
| Change in unrealized appreciation/depreciation <br>on investments | (192078) | 485826 | 122104 | 2007312 |
| Change in net assets resulting from operations | (1308474) | (797575) | 3180954 | 1798073 |
| DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: |
| Total distributions | Total distributions | Total distributions | Total distributions | Total distributions |
| Investor Class | (199574) | (238218) | (364216) | (105818) |
| Service Class | (25802) | (24982) |  | (436) |
| Change in net assets resulting from distributions | (225376) | (263200) | (364216) | (106254) |
| Change in net assets resulting from capital transactions | (9051298) | 6992576 | (24854471) | 29078636 |
| Change in net assets | (10585148) | 5931801 | (22037733) | 30770455 |
| NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: |
| Beginning of year | 14528157 | 8596356 | 37612019 | 6841564 |
| End of year | $3943009 | $14528157 | $15574286 | $37612019 |
| CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: |
| Investor Class | Investor Class | Investor Class | Investor Class | Investor Class |
| Proceeds from shares issued | $353414259 | $340631406 | $138434553 | $73265823 |
| Distributions reinvested | 198044 | 236084 | 362020 | 105043 |
| Value of shares redeemed | (361636875) | (335545382) | (163391672) | (44503681) |
| Service Class | Service Class | Service Class | Service Class | Service Class |
| Proceeds from shares issued | 1569125 | 30640862 | 11136684 | 6801102 |
| Distributions reinvested | 25802 | 24980 |  | 436 |
| Value of shares redeemed | (2621653) | (28995374) | (11396056) | (6590087) |
| Change in net assets resulting from capital transactions | $(9051298) | $6992576 | $(24854471) | $29078636 |
| SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: |
| Investor Class | Investor Class | Investor Class | Investor Class | Investor Class |
| Issued | 10377833 | 9574475 | 1873904 | 1241667 |
| Reinvested | 5739 | 6653 | 5265 | 1948 |
| Redeemed | (10630605) | (9441464) | (2258176) | (788980) |
| Service Class | Service Class | Service Class | Service Class | Service Class |
| Issued | 51838 | 935695 | 164371 | 131580 |
| Reinvested | 825 | 767 |  | 9 |
| Redeemed | (88661) | (884170) | (169276) | (127953) |
| Change in shares | (283031) | 191956 | (383912) | 458271 |

---

Amounts designated as ' – ' are $0 or have been rounded to $0.

**See accompanying notes to financial statements.**

------

**Financial Highlights**

------

**244 :: Financial Highlights**

**ProFunds Financial Highlights** FOR THE PERIODS INDICATED

**Selected data for a share of beneficial interest outstanding throughout the periods indicated.**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | Investment Activities | Investment Activities | Investment Activities | Distributions to Shareholders From | Distributions to Shareholders From | Distributions to Shareholders From | Distributions to Shareholders From |
| |<br>Net Asset<br>Value,<br>Beginning<br>of Period | Net<br>Investment<br>Income<br>(Loss)<sup>(a)</sup> | Net<br>Realized<br>and<br>Unrealized<br>Gains<br>(Losses) on<br>Investments | Total from<br>Investment<br>Activities | Net<br>Investment<br>Income | In Excess<br>of Net<br>Investment<br>Income | Return<br>of<br>Capital | Total<br>Distributions |
| **Access Flex Bear High Yield ProFund** | **Access Flex Bear High Yield ProFund** | **Access Flex Bear High Yield ProFund** | **Access Flex Bear High Yield ProFund** | **Access Flex Bear High Yield ProFund** | **Access Flex Bear High Yield ProFund** | **Access Flex Bear High Yield ProFund** | **Access Flex Bear High Yield ProFund** | **Access Flex Bear High Yield ProFund** |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
| Year Ended July 31, 2025 | $29.25 | 0.17 | (1.35) | (1.18) |  |  |  |  |
| Year Ended July 31, 2024 | $31.10 | 0.69 | (2.54) | (1.85) |  |  |  |  |
| Year Ended July 31, 2023 | $31.71 | 0.44 | (1.05) | (0.61) |  |  |  |  |
| Year Ended July 31, 2022 | $29.93 | (0.43) | 2.21 | 1.78 |  |  |  |  |
| Nine Months Ended <br>July 31, 2021 | $33.20 | (0.41) | (2.86) | (3.27) |  |  |  |  |
| Year Ended October 31, 2020 | $33.78 | (0.53) | (0.05) | (0.58) |  |  |  |  |
| **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
| Year Ended July 31, 2025 | $24.40 | (0.07) | (1.16) | (1.23) |  |  |  |  |
| Year Ended July 31, 2024 | $26.19 | 0.43 | (2.22) | (1.79) |  |  |  |  |
| Year Ended July 31, 2023 | $26.94 | 0.16 | (0.91) | (0.75) |  |  |  |  |
| Year Ended July 31, 2022 | $25.68 | (0.69) | 1.95 | 1.26 |  |  |  |  |
| Nine Months Ended <br>July 31, 2021 | $28.71 | (0.61) | (2.42) | (3.03) |  |  |  |  |
| Year Ended October 31, 2020 | $29.49 | (0.82) | 0.04 | (0.78) |  |  |  |  |
| **Access Flex High Yield ProFund** | **Access Flex High Yield ProFund** | **Access Flex High Yield ProFund** | **Access Flex High Yield ProFund** | **Access Flex High Yield ProFund** | **Access Flex High Yield ProFund** | **Access Flex High Yield ProFund** | **Access Flex High Yield ProFund** | **Access Flex High Yield ProFund** |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
| Year Ended July 31, 2025 | $30.44 | 0.70 | 1.04 | 1.74 | (0.70) | (0.88) |  | (1.58) |
| Year Ended July 31, 2024 | $30.05 | 0.84 | 2.13 | 2.97 | (0.84) | (1.74) |  | (2.58) |
| Year Ended July 31, 2023 | $29.88 | 0.53 | 0.84 | 1.37 | (0.53) | (0.67) |  | (1.20) |
| Year Ended July 31, 2022 | $32.91 | (0.25) | (2.65) | (2.90) |  | (0.13) |  | (0.13) |
| Nine Months Ended <br>July 31, 2021 | $31.65 | (0.34) | 2.41 | 2.07 |  | (0.81) |  | (0.81) |
| Year Ended October 31, 2020 | $34.28 | (0.39) | (0.98) | (1.37) |  | (1.14) | (0.12) | (1.26) |
| **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
| Year Ended July 31, 2025 | $30.38 | 0.40 | 0.99 | 1.39 | (0.40) | (0.70) |  | (1.10) |
| Year Ended July 31, 2024 | $29.68 | 0.54 | 2.12 | 2.66 | (0.54) | (1.42) |  | (1.96) |
| Year Ended July 31, 2023 | $29.31 | 0.24 | 0.86 | 1.10 | (0.24) | (0.49) |  | (0.73) |
| Year Ended July 31, 2022 | $32.53 | (0.56) | (2.61) | (3.17) |  | (0.05) |  | (0.05) |
| Nine Months Ended <br>July 31, 2021 | $31.33 | (0.59) | 2.40 | 1.81 |  | (0.61) |  | (0.61) |
| Year Ended October 31, 2020 | $33.80 | (0.71) | (0.96) | (1.67) |  | (0.72) | (0.08) | (0.80) |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | | Ratios to<br>Average Net Assets | Ratios to<br>Average Net Assets | Ratios to<br>Average Net Assets | Supplemental<br>Data | Supplemental<br>Data |
| |<br>Net<br>Asset<br>Value,<br>End of<br>Period |<br>Total<br>Return<sup>(b)</sup> | Gross<br>Expenses<sup>(c)</sup> | Net<br>Expenses<sup>(c)</sup> | Net<br>Investment<br>Income<br>(Loss)<sup>(c)</sup> | Net<br>Assets,<br>End of<br>Period<br>(000's) | Portfolio<br>Turnover<br>Rate<sup>(b)(d)</sup> |
| **Access Flex Bear High Yield ProFund** | **Access Flex Bear High Yield ProFund** | **Access Flex Bear High Yield ProFund** | **Access Flex Bear High Yield ProFund** | **Access Flex Bear High Yield ProFund** | **Access Flex Bear High Yield ProFund** | **Access Flex Bear High Yield ProFund** | **Access Flex Bear High Yield ProFund** |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
| Year Ended July 31, 2025 | $28.07 | (4.03)% | 5.34% | 1.78% | 0.59% | $3597 |  |
| Year Ended July 31, 2024 | $29.25 | (5.95)% | 3.80% | 1.78% | 2.24% | $375 |  |
| Year Ended July 31, 2023 | $31.10 | (1.92)% | 2.53% | 1.78% | 1.38% | $2355 |  |
| Year Ended July 31, 2022 | $31.71 | 5.95% | 3.15% | 1.78% | (1.36)% | $2189 |  |
| Nine Months Ended <br>July 31, 2021 | $29.93 | (9.80)% | 9.92% | 1.78% | (1.78)% | $445 |  |
| Year Ended October 31, 2020 | $33.20 | (1.72)% | 5.56% | 1.78% | (1.56)% | $845 |  |
| **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
| Year Ended July 31, 2025 | $23.17 | (5.00)% | 6.34% | 2.78% | (0.41)% | $4 |  |
| Year Ended July 31, 2024 | $24.40 | (6.91)% | 4.80% | 2.78% | 1.24% | $18 |  |
| Year Ended July 31, 2023 | $26.19 | (2.78)% | 3.53% | 2.78% | 0.38% | $18 |  |
| Year Ended July 31, 2022 | $26.94 | 4.86% | 4.15% | 2.78% | (2.36)% | $28 |  |
| Nine Months Ended <br>July 31, 2021 | $25.68 | (10.45)% | 10.92% | 2.78% | (2.78)% | $11 |  |
| Year Ended October 31, 2020 | $28.71 | (2.64)% | 6.56% | 2.78% | (2.56)% | $14 |  |
| **Access Flex High Yield ProFund** | **Access Flex High Yield ProFund** | **Access Flex High Yield ProFund** | **Access Flex High Yield ProFund** | **Access Flex High Yield ProFund** | **Access Flex High Yield ProFund** | **Access Flex High Yield ProFund** | **Access Flex High Yield ProFund** |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
| Year Ended July 31, 2025 | $30.60 | 5.88% | 1.78% | 1.77% | 2.32% | $15342 | 1308% |
| Year Ended July 31, 2024 | $30.44 | 10.52% | 1.91% | 1.78% | 2.79% | $9054 | 1214% |
| Year Ended July 31, 2023 | $30.05 | 4.86% | 1.80% | 1.78% | 1.78% | $26902 | 1510% |
| Year Ended July 31, 2022 | $29.88 | (8.85)% | 1.78% | 1.78% | (0.81)% | $9819 | 1259% |
| Nine Months Ended <br>July 31, 2021 | $32.91 | 6.63% | 1.97% | 1.78% | (1.39)% | $13252 | 944% |
| Year Ended October 31, 2020 | $31.65 | (4.05)% | 2.07% | 1.88% | (1.17)% | $17557 | 1534% |
| **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
| Year Ended July 31, 2025 | $30.67 | 4.68% | 2.78% | 2.77% | 1.32% | $2773 | 1308% |
| Year Ended July 31, 2024 | $30.38 | 9.42% | 2.91% | 2.78% | 1.79% | $2203 | 1214% |
| Year Ended July 31, 2023 | $29.68 | 3.85% | 2.80% | 2.78% | 0.78% | $2229 | 1510% |
| Year Ended July 31, 2022 | $29.31 | (9.77)% | 2.78% | 2.78% | (1.81)% | $3259 | 1259% |
| Nine Months Ended <br>July 31, 2021 | $32.53 | 5.81% | 2.97% | 2.78% | (2.39)% | $3527 | 944% |
| Year Ended October 31, 2020 | $31.33 | (4.98)% | 3.07% | 2.88% | (2.17)% | $2806 | 1534% |

---

(a) Per share net investment income (loss) has been calculated using the average daily shares method.

(b) Not annualized for periods less than one year.

(c) Annualized for periods less than one year.

(d) Portfolio turnover rate is calculated without regard to instruments having a maturity of less than one year from acquisition or derivative instruments (including swap agreements and futures contracts). The portfolio turnover rate can be high and volatile due to the amount and timing of sales and purchases of fund shares during the period. Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued.

**See accompanying notes to financial statements.**

------

**Financial Highlights :: 245**

**ProFunds Financial Highlights** FOR THE PERIODS INDICATED

**Selected data for a share of beneficial interest outstanding throughout the periods indicated.**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | Investment Activities | Investment Activities | Investment Activities | Distributions to<br>Shareholders From | Distributions to<br>Shareholders From | |
| |<br>Net Asset<br>Value,<br>Beginning<br>of Period | Net <br>Investment<br>Income<br>(Loss)<sup>(a)</sup> | Net<br>Realized<br>and<br>Unrealized<br>Gains<br>(Losses) on<br>Investments | Total from<br>Investment<br>Activities | <br>Net<br>Investment<br>Income | Total<br>Distributions |<br>Net<br>Asset<br>Value,<br>End of<br>Period |
| **Banks UltraSector ProFund** | **Banks UltraSector ProFund** | **Banks UltraSector ProFund** | **Banks UltraSector ProFund** | **Banks UltraSector ProFund** | **Banks UltraSector ProFund** | **Banks UltraSector ProFund** | **Banks UltraSector ProFund** |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
| Year Ended July 31, 2025 | $58.68 | 0.88 | 0.90<br> <sup>(c)</sup> | 1.78 | (0.45) | (0.45) | $60.01 |
| Year Ended July 31, 2024 | $41.90 | 0.83 | 16.72 | 17.55 | (0.77) | (0.77) | $58.68 |
| Year Ended July 31, 2023 | $45.34 | 0.54 | (3.86) | (3.32) | (0.12) | (0.12) | $41.90 |
| Year Ended July 31, 2022 | $56.72 | 0.08 | (11.46) | (11.38) |  |  | $45.34 |
| Year Ended July 31, 2021 | $28.48 | 0.23 | 28.01 | 28.24 |  |  | $56.72 |
| **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
| Year Ended July 31, 2025 | $53.03 | 0.35 | 0.71<br> <sup>(c)</sup> | 1.06 | (0.16) | (0.16) | $53.93 |
| Year Ended July 31, 2024 | $37.76 | 0.44 | 14.95 | 15.39 | (0.12) | (0.12) | $53.03 |
| Year Ended July 31, 2023 | $41.14 | 0.18 | (3.56) | (3.38) |  |  | $37.76 |
| Year Ended July 31, 2022 | $51.99 | (0.48) | (10.37) | (10.85) |  |  | $41.14 |
| Year Ended July 31, 2021 | $26.38 | (0.19) | 25.80 | 25.61 |  |  | $51.99 |
| **Bear ProFund** | **Bear ProFund** | **Bear ProFund** | **Bear ProFund** | **Bear ProFund** | **Bear ProFund** | **Bear ProFund** | **Bear ProFund** |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
| Year Ended July 31, 2025 | $12.19 | 0.30 | (1.58) | (1.28) | (0.81) | (0.81) | $10.10 |
| Year Ended July 31, 2024 | $14.61 | 0.47 | (2.12) | (1.65) | (0.77) | (0.77) | $12.19 |
| Year Ended July 31, 2023 | $16.01 | 0.32 | (1.72) | (1.40) |  |  | $14.61 |
| Year Ended July 31, 2022 | $16.01 | (0.18) | 0.18 | —<br> <sup>(e)</sup> |  |  | $16.01 |
| Year Ended July 31, 2021 | $22.67 | (0.33) | (6.32) | (6.65) | (0.01) | (0.01) | $16.01 |
| **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
| Year Ended July 31, 2025 | $10.92 | 0.20 | (1.43) | (1.23) | (0.68) | (0.68) | $9.01 |
| Year Ended July 31, 2024 | $13.06 | 0.34 | (1.94) | (1.60) | (0.54) | (0.54) | $10.92 |
| Year Ended July 31, 2023 | $14.42 | 0.17 | (1.53) | (1.36) |  |  | $13.06 |
| Year Ended July 31, 2022 | $14.56 | (0.33) | 0.19 | (0.14) |  |  | $14.42 |
| Year Ended July 31, 2021 | $20.82 | (0.51) | (5.75) | (6.26) |  |  | $14.56 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | Ratios to <br>Average Net Assets | Ratios to <br>Average Net Assets | Ratios to <br>Average Net Assets | Supplemental<br>Data | Supplemental<br>Data |
| |<br>Total<br>Return | Gross<br>Expenses | Net<br>Expenses | Net<br>Investment<br>Income<br>(Loss) | Net<br>Assets,<br>End of<br>Period<br>(000's) | Portfolio<br>Turnover<br>Rate<sup>(b)</sup> |
| **Banks UltraSector ProFund** | **Banks UltraSector ProFund** | **Banks UltraSector ProFund** | **Banks UltraSector ProFund** | **Banks UltraSector ProFund** | **Banks UltraSector ProFund** | **Banks UltraSector ProFund** |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
| Year Ended July 31, 2025 | 3.03<br> %<sup>(d)</sup> | 1.69% | 1.69% | 1.48% | $7061 | 184% |
| Year Ended July 31, 2024 | 42.30% | 1.89% | 1.88% | 1.93% | $11464 | 163% |
| Year Ended July 31, 2023 | (7.34)% | 1.94% | 1.94% | 1.35% | $11023 | 150% |
| Year Ended July 31, 2022 | (20.05)% | 1.71% | 1.71% | 0.13% | $7788 | 73% |
| Year Ended July 31, 2021 | 99.16% | 1.53% | 1.53% | 0.43% | $122655 | 144% |
| **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
| Year Ended July 31, 2025 | 2.01<br> %<sup>(d)</sup> | 2.69% | 2.69% | 0.48% | $560 | 184% |
| Year Ended July 31, 2024 | 40.84% | 2.89% | 2.88% | 0.93% | $701 | 163% |
| Year Ended July 31, 2023 | (8.24)% | 2.94% | 2.94% | 0.35% | $570 | 150% |
| Year Ended July 31, 2022 | (20.85)% | 2.71% | 2.71% | (0.87)% | $452 | 73% |
| Year Ended July 31, 2021 | 97.08% | 2.53% | 2.53% | (0.57)% | $925 | 144% |
| **Bear ProFund** | **Bear ProFund** | **Bear ProFund** | **Bear ProFund** | **Bear ProFund** | **Bear ProFund** | **Bear ProFund** |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
| Year Ended July 31, 2025 | (10.99)% | 2.01% | 1.78% | 2.65% | $43469 |  |
| Year Ended July 31, 2024 | (11.81)% | 2.19% | 1.86% | 3.44% | $4625 |  |
| Year Ended July 31, 2023 | (8.74)% | 1.86% | 1.86% | 1.95% | $6178 |  |
| Year Ended July 31, 2022 | —<br> %<sup>(f)</sup> | 1.64% | 1.64% | (1.13)% | $12126 |  |
| Year Ended July 31, 2021 | (29.33)% | 1.74% | 1.74% | (1.73)% | $9799 |  |
| **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
| Year Ended July 31, 2025 | (11.73)% | 3.01% | 2.78% | 1.65% | $382 |  |
| Year Ended July 31, 2024 | (12.69)% | 3.19% | 2.86% | 2.44% | $456 |  |
| Year Ended July 31, 2023 | (9.43)% | 2.86% | 2.86% | 0.95% | $580 |  |
| Year Ended July 31, 2022 | (0.96)% | 2.64% | 2.64% | (2.13)% | $564 |  |
| Year Ended July 31, 2021 | (30.07)% | 2.74% | 2.74% | (2.73)% | $789 |  |

---

(a) Per share net investment income (loss) has been calculated using the average daily shares method.

(b) Portfolio turnover rate is calculated without regard to instruments having a maturity of less than one year from acquisition or derivative instruments (including swap agreements and futures contracts). The portfolio turnover rate can be high and volatile due to the amount and timing of sales and purchases of fund shares during the period. Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued.

(c) The amount shown for a share outstanding throughout the period does not accord with the change in aggregate gains and losses in the portfolio of securities during the period because of timing of sales and purchases of fund shares in relation to fluctuating market values during the period.

(d) During the year ended July 31, 2025, the Fund received monies related to certain nonrecurring litigation settlements. The corresponding impact to the total return was 0.20%.

(e) Amount is less than $0.005.

(f) Amount is less than 0.005%.

**See accompanying notes to financial statements.**

------

**246 :: Financial Highlights**

**ProFunds Financial Highlights** FOR THE PERIODS INDICATED

**Selected data for a share of beneficial interest outstanding throughout the periods indicated.**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | Investment Activities | Investment Activities | Investment Activities | Distributions to Shareholders From | Distributions to Shareholders From | Distributions to Shareholders From |
| |<br>Net Asset<br>Value,<br>Beginning<br>of Period | Net<br>Investment<br>Income<br>(Loss)<sup>(a)</sup> | Net<br>Realized<br>and<br>Unrealized<br>Gains<br>(Losses) on<br>Investments | Total from<br>Investment<br>Activities | Net<br>Investment<br>Income | Net<br>Realized<br>Gains on<br>Investments | Total<br>Distributions |
| **Biotechnology UltraSector ProFund** | **Biotechnology UltraSector ProFund** | **Biotechnology UltraSector ProFund** | **Biotechnology UltraSector ProFund** | **Biotechnology UltraSector ProFund** | **Biotechnology UltraSector ProFund** | **Biotechnology UltraSector ProFund** | **Biotechnology UltraSector ProFund** |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
| Year Ended July 31, 2025 | $69.26 | (0.13) | (15.54) | (15.67) | (0.10) | (13.04) | (13.14) |
| Year Ended July 31, 2024 | $62.67 | 0.15 | 10.57 | 10.72 |  | (4.13) | (4.13) |
| Year Ended July 31, 2023 | $56.74 | 0.07 | 5.86 | 5.93 |  |  |  |
| Year Ended July 31, 2022 | $85.26 | (0.24) | (15.49) | (15.73) |  | (12.79) | (12.79) |
| Year Ended July 31, 2021 | $72.23 | (0.27) | 21.37 | 21.10 |  | (8.07) | (8.07) |
| **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
| Year Ended July 31, 2025 | $43.49 | (0.41) | (9.05) | (9.46) |  | (13.04) | (13.04) |
| Year Ended July 31, 2024 | $41.36 | (0.23) | 6.49 | 6.26 |  | (4.13) | (4.13) |
| Year Ended July 31, 2023 | $37.83 | (0.32) | 3.85 | 3.53 |  |  |  |
| Year Ended July 31, 2022 | $61.86 | (0.71) | (10.53) | (11.24) |  | (12.79) | (12.79) |
| Year Ended July 31, 2021 | $55.00 | (0.80) | 15.73 | 14.93 |  | (8.07) | (8.07) |
| **Bull ProFund** | **Bull ProFund** | **Bull ProFund** | **Bull ProFund** | **Bull ProFund** | **Bull ProFund** | **Bull ProFund** | **Bull ProFund** |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
| Year Ended July 31, 2025 | $68.68 | 0.43 | 8.77 | 9.20 |  | (0.45) | (0.45) |
| Year Ended July 31, 2024 | $58.06 | 0.60 | 10.99 | 11.59 | (0.57) | (0.40) | (0.97) |
| Year Ended July 31, 2023 | $52.89 | 0.39 | 5.26 | 5.65 |  | (0.48) | (0.48) |
| Year Ended July 31, 2022 | $61.91 | (0.27) | (3.27) | (3.54) |  | (5.48) | (5.48) |
| Year Ended July 31, 2021 | $48.91 | (0.24) | 16.31 | 16.07 | (0.16) | (2.91) | (3.07) |
| **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
| Year Ended July 31, 2025 | $52.29 | (0.11) | 6.51 | 6.40 |  | (0.45) | (0.45) |
| Year Ended July 31, 2024 | $44.56 | 0.13 | 8.25 | 8.38 | (0.25) | (0.40) | (0.65) |
| Year Ended July 31, 2023 | $41.09 | (0.01) | 3.96 | 3.95 |  | (0.48) | (0.48) |
| Year Ended July 31, 2022 | $49.77 | (0.72) | (2.48) | (3.20) |  | (5.48) | (5.48) |
| Year Ended July 31, 2021 | $40.09 | (0.68) | 13.27 | 12.59 |  | (2.91) | (2.91) |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | Ratios to <br>Average Net Assets | Ratios to <br>Average Net Assets | Ratios to <br>Average Net Assets | Supplemental <br>Data | Supplemental <br>Data |
| |<br>Net<br>Asset<br>Value,<br>End of<br>Period |<br>Total<br>Return | Gross<br>Expenses | Net<br>Expenses | Net<br>Investment<br>Income<br>(Loss) | Net<br>Assets,<br>End of<br>Period<br>(000's) | Portfolio<br>Turnover<br>Rate<sup>(b)</sup> |
| **Biotechnology UltraSector ProFund** | **Biotechnology UltraSector ProFund** | **Biotechnology UltraSector ProFund** | **Biotechnology UltraSector ProFund** | **Biotechnology UltraSector ProFund** | **Biotechnology UltraSector ProFund** | **Biotechnology UltraSector ProFund** | **Biotechnology UltraSector ProFund** |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
| Year Ended July 31, 2025 | $40.45 | (25.12)% | 1.52% | 1.52% | (0.26)% | $60721 | 52% |
| Year Ended July 31, 2024 | $69.26 | 18.79<br> %<sup>(c)</sup> | 1.53% | 1.52% | 0.25% | $106026 | 196% |
| Year Ended July 31, 2023 | $62.67 | 10.43% | 1.54% | 1.54% | 0.11% | $114581 | 91% |
| Year Ended July 31, 2022 | $56.74 | (20.96)% | 1.49% | 1.49% | (0.37)% | $119791 | 28% |
| Year Ended July 31, 2021 | $85.26 | 32.02% | 1.55% | 1.55% | (0.37)% | $168280 | 62% |
| **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
| Year Ended July 31, 2025 | $20.99 | (25.87)% | 2.51% | 2.51% | (1.25)% | $1799 | 52% |
| Year Ended July 31, 2024 | $43.49 | 17.61<br> %<sup>(c)</sup> | 2.53% | 2.52% | (0.75)% | $2788 | 196% |
| Year Ended July 31, 2023 | $41.36 | 9.30% | 2.54% | 2.54% | (0.89)% | $2985 | 91% |
| Year Ended July 31, 2022 | $37.83 | (21.75)% | 2.49% | 2.49% | (1.37)% | $3734 | 28% |
| Year Ended July 31, 2021 | $61.86 | 30.74% | 2.54% | 2.54% | (1.36)% | $5358 | 62% |
| **Bull ProFund** | **Bull ProFund** | **Bull ProFund** | **Bull ProFund** | **Bull ProFund** | **Bull ProFund** | **Bull ProFund** | **Bull ProFund** |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
| Year Ended July 31, 2025 | $77.43 | 13.43% | 1.49% | 1.49% | 0.62% | $50073 | 167% |
| Year Ended July 31, 2024 | $68.68 | 19.97% | 1.53% | 1.53% | 1.02% | $44497 | 113% |
| Year Ended July 31, 2023 | $58.06 | 10.86% | 1.58% | 1.58% | 0.80% | $41714 | 112% |
| Year Ended July 31, 2022 | $52.89 | (6.39)% | 1.50% | 1.50% | (0.49)% | $33168 | 58% |
| Year Ended July 31, 2021 | $61.91 | 34.03% | 1.55% | 1.55% | (0.45)% | $56064 | 15% |
| **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
| Year Ended July 31, 2025 | $58.24 | 12.28% | 2.49% | 2.49% | (0.38)% | $4704 | 167% |
| Year Ended July 31, 2024 | $52.29 | 18.80% | 2.53% | 2.53% | 0.02% | $6734 | 113% |
| Year Ended July 31, 2023 | $44.56 | 9.81% | 2.58% | 2.58% | (0.20)% | $11462 | 112% |
| Year Ended July 31, 2022 | $41.09 | (7.32)% | 2.50% | 2.50% | (1.49)% | $10669 | 58% |
| Year Ended July 31, 2021 | $49.77 | 32.73% | 2.55% | 2.55% | (1.45)% | $7148 | 15% |

---

(a) Per share net investment income (loss) has been calculated using the average daily shares method.

(b) Portfolio turnover rate is calculated without regard to instruments having a maturity of less than one year from acquisition or derivative instruments (including swap agreements and futures contracts). The portfolio turnover rate can be high and volatile due to the amount and timing of sales and purchases of fund shares during the period. Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued.

(c) During the year ended July 31, 2024, the Fund received monies related to certain nonrecurring litigation settlements. The corresponding impact to the total return was 0.09%.

**See accompanying notes to financial statements.**

------

**Financial Highlights :: 247**

**ProFunds Financial Highlights** FOR THE PERIODS INDICATED

**Selected data for a share of beneficial interest outstanding throughout the periods indicated.**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | Investment Activities | Investment Activities | Investment Activities | Distributions to Shareholders From | Distributions to Shareholders From | Distributions to Shareholders From |
| |<br>Net Asset<br>Value,<br>Beginning<br>of Period | Net<br>Investment<br>Income<br>(Loss)<sup>(a)</sup> | Net<br>Realized<br>and<br>Unrealized<br>Gains<br>(Losses) on<br>Investments | Total from<br>Investment<br>Activities | Net<br>Investment<br>Income | Net<br>Realized<br>Gains on<br>Investments | Total<br>Distributions |
| **Communication Services UltraSector ProFund** | **Communication Services UltraSector ProFund** | **Communication Services UltraSector ProFund** | **Communication Services UltraSector ProFund** | **Communication Services UltraSector ProFund** | **Communication Services UltraSector ProFund** | **Communication Services UltraSector ProFund** | **Communication Services UltraSector ProFund** |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
| Year Ended July 31, 2025<sup>(c)</sup> | $39.88 | 0.07 | 13.42 | 13.49 | (0.04) | —<br> <sup>(d)</sup> | (0.04) |
| Year Ended July 31, 2024<sup>(c)</sup> | $29.83 | 0.10 | 9.95 | 10.05 |  |  |  |
| Year Ended July 31, 2023<sup>(c)</sup> | $23.34 | (0.01) | 6.50 | 6.49 |  |  |  |
| Year Ended July 31, 2022<sup>(c)</sup> | $43.18 | (0.36) | (19.19) | (19.55) |  | (0.29)<sup>(e)</sup> | (0.29) |
| Year Ended July 31, 2021<sup>(c)</sup> | $26.17 | (0.40) | 17.41 | 17.01 |  |  |  |
| **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
| Year Ended July 31, 2025<sup>(c)</sup> | $31.44 | (0.30) | 10.51 | 10.21 |  | —<br> <sup>(d)</sup> | —<br> <sup>(d)</sup> |
| Year Ended July 31, 2024<sup>(c)</sup> | $23.75 | (0.16) | 7.85 | 7.69 |  |  |  |
| Year Ended July 31, 2023<sup>(c)</sup> | $18.76 | (0.20) | 5.19 | 4.99 |  |  |  |
| Year Ended July 31, 2022<sup>(c)</sup> | $35.13 | (0.65) | (15.43) | (16.08) |  | (0.29)<sup>(e)</sup> | (0.29) |
| Year Ended July 31, 2021<sup>(c)</sup> | $21.49 | (0.68) | 14.32 | 13.64 |  |  |  |
| **Consumer Discretionary UltraSector ProFund** | **Consumer Discretionary UltraSector ProFund** | **Consumer Discretionary UltraSector ProFund** | **Consumer Discretionary UltraSector ProFund** | **Consumer Discretionary UltraSector ProFund** | **Consumer Discretionary UltraSector ProFund** | **Consumer Discretionary UltraSector ProFund** | **Consumer Discretionary UltraSector ProFund** |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
| Year Ended July 31, 2025 | $58.11 | 0.09 | 12.42<br> <sup>(f)</sup> | 12.51 | (0.06) |  | (0.06) |
| Year Ended July 31, 2024 | $54.21 | 0.11 | 3.79 | 3.90 |  |  |  |
| Year Ended July 31, 2023 | $45.84 | 0.02 | 8.35 | 8.37 |  |  |  |
| Year Ended July 31, 2022 | $72.77 | (0.53) | (20.66) | (21.19) |  | (5.74) | (5.74) |
| Year Ended July 31, 2021 | $54.08 | (0.64) | 21.74 | 21.10 |  | (2.41) | (2.41) |
| **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
| Year Ended July 31, 2025 | $46.37 | (0.44) | 9.86<br> <sup>(f)</sup> | 9.42 |  |  |  |
| Year Ended July 31, 2024 | $43.69 | (0.31) | 2.99 | 2.68 |  |  |  |
| Year Ended July 31, 2023 | $37.32 | (0.34) | 6.71 | 6.37 |  |  |  |
| Year Ended July 31, 2022 | $60.86 | (1.04) | (16.76) | (17.80) |  | (5.74) | (5.74) |
| Year Ended July 31, 2021 | $45.99 | (1.19) | 18.47 | 17.28 |  | (2.41) | (2.41) |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | | Ratios to <br>Average Net Assets | Ratios to <br>Average Net Assets | Ratios to <br>Average Net Assets | Supplemental <br>Data | Supplemental <br>Data |
| |<br>Net<br>Asset<br>Value,<br>End of<br>Period |<br>Total<br>Return | Gross<br>Expenses | Net<br>Expenses | Net<br>Investment<br>Income<br>(Loss) | Net<br>Assets,<br>End of<br>Period<br>(000's) | Portfolio<br>Turnover<br>Rate<sup>(b)</sup> |
| **Communication Services UltraSector ProFund** | **Communication Services UltraSector ProFund** | **Communication Services UltraSector ProFund** | **Communication Services UltraSector ProFund** | **Communication Services UltraSector ProFund** | **Communication Services UltraSector ProFund** | **Communication Services UltraSector ProFund** | **Communication Services UltraSector ProFund** |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
| Year Ended July 31, 2025<sup>(c)</sup> | $53.33 | 33.83% | 1.78% | 1.78% | 0.16% | $29820 | 395% |
| Year Ended July 31, 2024<sup>(c)</sup> | $39.88 | 33.72% | 1.94% | 1.78% | 0.29% | $9077 | 132% |
| Year Ended July 31, 2023<sup>(c)</sup> | $29.83 | 27.80% | 2.22% | 1.78% | (0.03)% | $6164 | 107% |
| Year Ended July 31, 2022<sup>(c)</sup> | $23.34 | (45.54)% | 1.94% | 1.78% | (1.04)% | $4623 | 63% |
| Year Ended July 31, 2021<sup>(c)</sup> | $43.18 | 65.05% | 1.91% | 1.82% | (1.17)% | $11327 | 138% |
| **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
| Year Ended July 31, 2025<sup>(c)</sup> | $41.65 | 32.48% | 2.78% | 2.78% | (0.84)% | $588 | 395% |
| Year Ended July 31, 2024<sup>(c)</sup> | $31.44 | 32.38% | 2.94% | 2.78% | (0.71)% | $424 | 132% |
| Year Ended July 31, 2023<sup>(c)</sup> | $23.75 | 26.58% | 3.22% | 2.78% | (1.03)% | $687 | 107% |
| Year Ended July 31, 2022<sup>(c)</sup> | $18.76 | (46.09)% | 2.94% | 2.78% | (2.04)% | $106 | 63% |
| Year Ended July 31, 2021<sup>(c)</sup> | $35.13 | 63.43% | 2.91% | 2.82% | (2.17)% | $205 | 138% |
| **Consumer Discretionary UltraSector ProFund** | **Consumer Discretionary UltraSector ProFund** | **Consumer Discretionary UltraSector ProFund** | **Consumer Discretionary UltraSector ProFund** | **Consumer Discretionary UltraSector ProFund** | **Consumer Discretionary UltraSector ProFund** | **Consumer Discretionary UltraSector ProFund** | **Consumer Discretionary UltraSector ProFund** |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
| Year Ended July 31, 2025 | $70.56 | 21.52% | 1.62% | 1.61% | 0.14% | $49936 | 264% |
| Year Ended July 31, 2024 | $58.11 | 7.19% | 1.59% | 1.59% | 0.21% | $50497 | 173% |
| Year Ended July 31, 2023 | $54.21 | 18.23% | 1.63% | 1.63% | 0.04% | $55834 | 83% |
| Year Ended July 31, 2022 | $45.84 | (31.68)% | 1.54% | 1.54% | (0.86)% | $30510 | 31% |
| Year Ended July 31, 2021 | $72.77 | 39.66% | 1.56% | 1.56% | (0.97)% | $76287 | 130% |
| **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
| Year Ended July 31, 2025 | $55.79 | 20.32% | 2.62% | 2.61% | (0.86)% | $846 | 264% |
| Year Ended July 31, 2024 | $46.37 | 6.11% | 2.59% | 2.59% | (0.79)% | $594 | 173% |
| Year Ended July 31, 2023 | $43.69 | 17.07% | 2.63% | 2.63% | (0.96)% | $1125 | 83% |
| Year Ended July 31, 2022 | $37.32 | (32.37)% | 2.54% | 2.54% | (1.86)% | $615 | 31% |
| Year Ended July 31, 2021 | $60.86 | 38.29% | 2.56% | 2.56% | (1.97)% | $1594 | 130% |

---

(a) Per share net investment income (loss) has been calculated using the average daily shares method.

(b) Portfolio turnover rate is calculated without regard to instruments having a maturity of less than one year from acquisition or derivative instruments (including swap agreements and futures contracts). The portfolio turnover rate can be high and volatile due to the amount and timing of sales and purchases of fund shares during the period. Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued.

(c) As described in the accompanying notes to financial statements, share amounts have been adjusted for 4:1 share split that occurred on October 14, 2024.

(d) Amount is less than $0.005.

(e) Subsequent to the issuance of the July 31, 2022 financial statements, $0.03 of the distribution was determined to be a return of capital.

(f) The amount shown for a share outstanding throughout the period does not accord with the change in aggregate gains and losses in the portfolio of securities during the period because of timing of sales and purchases of fund shares in relation to fluctuating market values during the period.

**See accompanying notes to financial statements.**

------

**248 :: Financial Highlights**

**ProFunds Financial Highlights** FOR THE PERIODS INDICATED

**Selected data for a share of beneficial interest outstanding throughout the periods indicated.**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | Investment Activities | Investment Activities | Investment Activities | Distributions to Shareholders From | Distributions to Shareholders From | Distributions to Shareholders From |
| |<br>Net Asset<br>Value,<br>Beginning<br>of Period | Net<br>Investment<br>Income<br>(Loss)<sup>(a)</sup> | Net<br>Realized<br>and<br>Unrealized<br>Gains<br>(Losses) on<br>Investments | Total from<br>Investment<br>Activities | Net<br>Investment<br>Income | Net<br>Realized<br>Gains on<br>Investments | Total<br>Distributions |
| **Consumer Staples UltraSector ProFund** | **Consumer Staples UltraSector ProFund** | **Consumer Staples UltraSector ProFund** | **Consumer Staples UltraSector ProFund** | **Consumer Staples UltraSector ProFund** | **Consumer Staples UltraSector ProFund** | **Consumer Staples UltraSector ProFund** | **Consumer Staples UltraSector ProFund** |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
| Year Ended July 31, 2025 | $74.21 | 0.91 | 0.36<br> <sup>(c)</sup> | 1.27 | (1.15) |  | (1.15) |
| Year Ended July 31, 2024 | $73.06 | 1.15 | 1.06 | 2.21 | (1.06) |  | (1.06) |
| Year Ended July 31, 2023 | $83.25 | 0.70 | (10.89) | (10.19) |  |  |  |
| Year Ended July 31, 2022 | $91.85 | (0.44) | (3.77) | (4.21) |  | (4.39) | (4.39) |
| Year Ended July 31, 2021<sup>(d)</sup> | $59.24 | (0.31) | 32.92 | 32.61 |  |  |  |
| **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
| Year Ended July 31, 2025 | $64.30 | 0.25 | 0.20<br> <sup>(c)</sup> | 0.45 | (0.43) |  | (0.43) |
| Year Ended July 31, 2024 | $63.32 | 0.55 | 0.77 | 1.32 | (0.34) |  | (0.34) |
| Year Ended July 31, 2023 | $72.87 | 0.08 | (9.63) | (9.55) |  |  |  |
| Year Ended July 31, 2022 | $81.66 | (1.27) | (3.13) | (4.40) |  | (4.39) | (4.39) |
| Year Ended July 31, 2021<sup>(d)</sup> | $53.19 | (1.01) | 29.48 | 28.47 |  |  |  |
| **Energy UltraSector ProFund** | **Energy UltraSector ProFund** | **Energy UltraSector ProFund** | **Energy UltraSector ProFund** | **Energy UltraSector ProFund** | **Energy UltraSector ProFund** | **Energy UltraSector ProFund** | **Energy UltraSector ProFund** |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
| Year Ended July 31, 2025 | $46.17 | 0.71 | (5.95) | (5.24) | (1.26) |  | (1.26) |
| Year Ended July 31, 2024 | $42.69 | 0.93 | 2.90<br> <sup>(c)</sup> | 3.83 | (0.35) |  | (0.35) |
| Year Ended July 31, 2023 | $38.26 | 0.87 | 4.76 | 5.63 | (0.77) | (0.43) | (1.20) |
| Year Ended July 31, 2022 | $19.35 | 0.44 | 18.84 | 19.28 | (0.37) |  | (0.37) |
| Year Ended July 31, 2021 | $11.97 | 0.23 | 7.38 | 7.61 | (0.23) |  | (0.23) |
| **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
| Year Ended July 31, 2025 | $39.14 | 0.36 | (5.15) | (4.79) | (0.86) |  | (0.86) |
| Year Ended July 31, 2024 | $36.24 | 0.56 | 2.34<br> <sup>(c)</sup> | 2.90 |  |  |  |
| Year Ended July 31, 2023 | $32.52 | 0.52 | 3.89 | 4.41 | (0.26) | (0.43) | (0.69) |
| Year Ended July 31, 2022 | $16.49 | 0.18 | 16.02 | 16.20 | (0.17) |  | (0.17) |
| Year Ended July 31, 2021 | $10.27 | 0.09 | 6.27 | 6.36 | (0.14) |  | (0.14) |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | Ratios to <br>Average Net Assets | Ratios to <br>Average Net Assets | Ratios to <br>Average Net Assets | Supplemental <br>Data | Supplemental <br>Data |
| |<br>Net<br>Asset<br>Value,<br>End of<br>Period |<br>Total<br>Return | Gross<br>Expenses | Net<br>Expenses | Net<br>Investment<br>Income<br>(Loss) | Net<br>Assets,<br>End of<br>Period<br>(000's) | Portfolio<br>Turnover<br>Rate<sup>(b)</sup> |
| **Consumer Staples UltraSector ProFund** | **Consumer Staples UltraSector ProFund** | **Consumer Staples UltraSector ProFund** | **Consumer Staples UltraSector ProFund** | **Consumer Staples UltraSector ProFund** | **Consumer Staples UltraSector ProFund** | **Consumer Staples UltraSector ProFund** | **Consumer Staples UltraSector ProFund** |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
| Year Ended July 31, 2025 | $74.33 | 1.72% | 2.41% | 1.78% | 1.19% | $3623 | 551% |
| Year Ended July 31, 2024 | $74.21 | 3.20% | 2.51% | 1.78% | 1.68% | $3209 | 173% |
| Year Ended July 31, 2023 | $73.06 | (12.25)% | 2.41% | 1.78% | 0.98% | $3518 | 173% |
| Year Ended July 31, 2022 | $83.25 | (5.34)% | 1.88% | 1.78% | (0.48)% | $3965 | 142% |
| Year Ended July 31, 2021<sup>(d)</sup> | $91.85 | 55.06% | 1.88% | 1.78% | (0.40)% | $4950 | 209% |
| **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
| Year Ended July 31, 2025 | $64.32 | 0.70% | 3.40% | 2.77% | 0.20% | $152 | 551% |
| Year Ended July 31, 2024 | $64.30 | 2.15% | 3.50% | 2.77% | 0.69% | $152 | 173% |
| Year Ended July 31, 2023 | $63.32 | (13.12)% | 3.40% | 2.77% | (0.01)% | $293 | 173% |
| Year Ended July 31, 2022 | $72.87 | (6.25)% | 2.88% | 2.78% | (1.48)% | $241 | 142% |
| Year Ended July 31, 2021<sup>(d)</sup> | $81.66 | 53.53% | 2.88% | 2.78% | (1.40)% | $441 | 209% |
| **Energy UltraSector ProFund** | **Energy UltraSector ProFund** | **Energy UltraSector ProFund** | **Energy UltraSector ProFund** | **Energy UltraSector ProFund** | **Energy UltraSector ProFund** | **Energy UltraSector ProFund** | **Energy UltraSector ProFund** |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
| Year Ended July 31, 2025 | $39.67 | (11.33)% | 1.65% | 1.65% | 1.78% | $16890 | 374% |
| Year Ended July 31, 2024 | $46.17 | 9.09% | 1.58% | 1.57% | 2.17% | $23691 | 158% |
| Year Ended July 31, 2023 | $42.69 | 14.73% | 1.58% | 1.58% | 2.13% | $32584 | 208% |
| Year Ended July 31, 2022 | $38.26 | 100.88% | 1.51% | 1.51% | 1.47% | $42754 | 117% |
| Year Ended July 31, 2021 | $19.35 | 64.47% | 1.64% | 1.64% | 1.36% | $29753 | 239% |
| **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
| Year Ended July 31, 2025 | $33.49 | (12.24)% | 2.65% | 2.65% | 0.78% | $749 | 374% |
| Year Ended July 31, 2024 | $39.14 | 8.00% | 2.58% | 2.57% | 1.17% | $1190 | 158% |
| Year Ended July 31, 2023 | $36.24 | 13.56% | 2.58% | 2.58% | 1.13% | $1164 | 208% |
| Year Ended July 31, 2022 | $32.52 | 98.87% | 2.51% | 2.51% | 0.47% | $2284 | 117% |
| Year Ended July 31, 2021 | $16.49 | 62.71% | 2.64% | 2.64% | 0.36% | $1395 | 239% |

---

(a) Per share net investment income (loss) has been calculated using the average daily shares method.

(b) Portfolio turnover rate is calculated without regard to instruments having a maturity of less than one year from acquisition or derivative instruments (including swap agreements and futures contracts). The portfolio turnover rate can be high and volatile due to the amount and timing of sales and purchases of fund shares during the period. Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued.

(c) The amount shown for a share outstanding throughout the period does not accord with the change in aggregate gains and losses in the portfolio of securities during the period because of timing of sales and purchases of fund shares in relation to fluctuating market values during the period.

(d) As described in the accompanying notes to financial statements, share amounts have been adjusted for 2:1 share split that occurred on December 14, 2020.

**See accompanying notes to financial statements.**

------

**Financial Highlights :: 249**

**ProFunds Financial Highlights** FOR THE PERIODS INDICATED

**Selected data for a share of beneficial interest outstanding throughout the periods indicated.**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | Investment Activities | Investment Activities | Investment Activities | Distributions to <br>Shareholders From | Distributions to <br>Shareholders From |
| |<br>Net Asset<br>Value,<br>Beginning<br>of Period | Net<br>Investment<br>Income<br>(Loss)<sup>(a)</sup> | Net<br>Realized<br>and<br>Unrealized<br>Gains<br>(Losses) on<br>Investments | Total from<br>Investment<br>Activities | Net<br>Investment<br>Income | Total<br>Distributions |
| **Europe 30 ProFund** | **Europe 30 ProFund** | **Europe 30 ProFund** | **Europe 30 ProFund** | **Europe 30 ProFund** | **Europe 30 ProFund** | **Europe 30 ProFund** |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
| Year Ended July 31, 2025 | $15.90 | 0.29 | 0.86 | 1.15 |  |  |
| Year Ended July 31, 2024 | $13.91 | 0.35 | 1.87 | 2.22 | (0.23) | (0.23) |
| Year Ended July 31, 2023 | $12.98 | 0.28 | 1.12 | 1.40 | (0.47) | (0.47) |
| Year Ended July 31, 2022 | $13.97 | 0.23 | (1.10) | (0.87) | (0.12) | (0.12) |
| Year Ended July 31, 2021 | $10.91 | 0.13 | 3.23 | 3.36 | (0.30) | (0.30) |
| **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
| Year Ended July 31, 2025 | $17.39 | 0.11 | 0.97 | 1.08 |  |  |
| Year Ended July 31, 2024 | $15.22 | 0.18 | 2.07 | 2.25 | (0.08) | (0.08) |
| Year Ended July 31, 2023 | $14.05 | 0.14 | 1.22 | 1.36 | (0.19) | (0.19) |
| Year Ended July 31, 2022 | $15.25 | 0.08 | (1.16) | (1.08) | (0.12) | (0.12) |
| Year Ended July 31, 2021 | $11.90 | (0.01) | 3.54 | 3.53 | (0.18) | (0.18) |
| **Falling U.S. Dollar ProFund** | **Falling U.S. Dollar ProFund** | **Falling U.S. Dollar ProFund** | **Falling U.S. Dollar ProFund** | **Falling U.S. Dollar ProFund** | **Falling U.S. Dollar ProFund** | **Falling U.S. Dollar ProFund** |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
| Year Ended July 31, 2025 | $13.90 | 0.35 | 0.21 | 0.56 | (0.65) | (0.65) |
| Year Ended July 31, 2024 | $14.36 | 0.48 | (0.58) | (0.10) | (0.36) | (0.36) |
| Year Ended July 31, 2023 | $13.81 | 0.33 | 0.22 | 0.55 |  |  |
| Year Ended July 31, 2022 | $16.23 | (0.23) | (2.19) | (2.42) |  |  |
| Year Ended July 31, 2021 | $16.41 | (0.29) | 0.11 | (0.18) |  |  |
| **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
| Year Ended July 31, 2025 | $12.34 | 0.23 | 0.16 | 0.39 | (0.29) | (0.29) |
| Year Ended July 31, 2024 | $12.76 | 0.36 | (0.52) | (0.16) | (0.26) | (0.26) |
| Year Ended July 31, 2023 | $12.44 | 0.21 | 0.11 | 0.32 |  |  |
| Year Ended July 31, 2022 | $14.71 | (0.37) | (1.90) | (2.27) |  |  |
| Year Ended July 31, 2021 | $15.05 | (0.44) | 0.10 | (0.34) |  |  |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | Ratios to <br>Average Net Assets | Ratios to <br>Average Net Assets | Ratios to <br>Average Net Assets | Supplemental<br>Data | Supplemental<br>Data |
| | Net<br>Asset<br>Value,<br>End of<br>Period | Total<br>Return | Gross<br>Expenses | Net<br>Expenses | Net<br>Investment<br>Income<br>(Loss) | Net<br>Assets,<br>End of<br>Period<br>(000's) | Portfolio<br>Turnover<br>Rate<sup>(b)</sup> |
| **Europe 30 ProFund** | **Europe 30 ProFund** | **Europe 30 ProFund** | **Europe 30 ProFund** | **Europe 30 ProFund** | **Europe 30 ProFund** | **Europe 30 ProFund** | **Europe 30 ProFund** |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
| Year Ended July 31, 2025 | $17.05 | 7.23% | 2.53% | 1.78% | 1.75% | $3772 | 712% |
| Year Ended July 31, 2024 | $15.90 | 15.96% | 2.93% | 1.78% | 2.31% | $3733 | 804% |
| Year Ended July 31, 2023 | $13.91 | 10.95% | 2.85% | 1.78% | 2.12% | $4431 | 716% |
| Year Ended July 31, 2022 | $12.98 | (6.25)% | 2.32% | 1.78% | 1.68% | $4540 | 954% |
| Year Ended July 31, 2021 | $13.97 | 31.39% | 2.15% | 1.78% | 1.03% | $3190 | 522% |
| **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
| Year Ended July 31, 2025 | $18.47 | 6.21% | 3.53% | 2.78% | 0.75% | $495 | 712% |
| Year Ended July 31, 2024 | $17.39 | 14.77% | 3.93% | 2.78% | 1.31% | $481 | 804% |
| Year Ended July 31, 2023 | $15.22 | 9.82% | 3.85% | 2.78% | 1.12% | $207 | 716% |
| Year Ended July 31, 2022 | $14.05 | (7.11)% | 3.32% | 2.78% | 0.68% | $187 | 954% |
| Year Ended July 31, 2021 | $15.25 | 30.05% | 3.15% | 2.78% | 0.03% | $212 | 522% |
| **Falling U.S. Dollar ProFund** | **Falling U.S. Dollar ProFund** | **Falling U.S. Dollar ProFund** | **Falling U.S. Dollar ProFund** | **Falling U.S. Dollar ProFund** | **Falling U.S. Dollar ProFund** | **Falling U.S. Dollar ProFund** | **Falling U.S. Dollar ProFund** |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
| Year Ended July 31, 2025 | $13.81 | 4.42% | 4.30% | 1.78% | 2.55% | $1399 |  |
| Year Ended July 31, 2024 | $13.90 | (0.75)% | 5.52% | 1.78% | 3.45% | $1139 |  |
| Year Ended July 31, 2023 | $14.36 | 3.91% | 4.53% | 1.78% | 2.37% | $1422 |  |
| Year Ended July 31, 2022 | $13.81 | (14.85)% | 4.94% | 1.78% | (1.53)% | $750 |  |
| Year Ended July 31, 2021 | $16.23 | (1.10)% | 3.20% | 1.78% | (1.77)% | $1240 |  |
| **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
| Year Ended July 31, 2025 | $12.44 | 3.35% | 5.30% | 2.78% | 1.55% | $6 |  |
| Year Ended July 31, 2024 | $12.34 | (1.41)% | 6.52% | 2.78% | 2.45% | $8 |  |
| Year Ended July 31, 2023 | $12.76 | 2.82% | 5.53% | 2.78% | 1.37% | $3 |  |
| Year Ended July 31, 2022 | $12.44 | (15.80)% | 5.94% | 2.78% | (2.53)% | $3 |  |
| Year Ended July 31, 2021 | $14.71 | (2.12)% | 4.20% | 2.78% | (2.77)% | $2 |  |

---

(a) Per share net investment income (loss) has been calculated using the average daily shares method.

(b) Portfolio turnover rate is calculated without regard to instruments having a maturity of less than one year from acquisition or derivative instruments (including swap agreements and futures contracts). The portfolio turnover rate can be high and volatile due to the amount and timing of sales and purchases of fund shares during the period. Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued.

**See accompanying notes to financial statements.**

------

**250 :: Financial Highlights**

**ProFunds Financial Highlights** FOR THE PERIODS INDICATED

**Selected data for a share of beneficial interest outstanding throughout the periods indicated.**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | Investment Activities | Investment Activities | Investment Activities | Distributions to Shareholders From | Distributions to Shareholders From | Distributions to Shareholders From |
| |<br>Net Asset<br>Value,<br>Beginning<br>of Period | Net<br>Investment<br>Income<br>(Loss)<sup>(a)</sup> | Net<br>Realized<br>and<br>Unrealized<br>Gains<br>(Losses) on<br>Investments | Total from<br>Investment<br>Activities | Net<br>Investment<br>Income | Net<br>Realized<br>Gains on<br>Investments | Total<br>Distributions |
| **Financials UltraSector ProFund** | **Financials UltraSector ProFund** | **Financials UltraSector ProFund** | **Financials UltraSector ProFund** | **Financials UltraSector ProFund** | **Financials UltraSector ProFund** | **Financials UltraSector ProFund** | **Financials UltraSector ProFund** |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
| Year Ended July 31, 2025 | $37.02 | 0.25 | 9.30 | 9.55 | (0.20) | (0.70) | (0.90) |
| Year Ended July 31, 2024 | $27.73 | 0.23 | 9.14 | 9.37 | (0.08) |  | (0.08) |
| Year Ended July 31, 2023 | $26.94 | 0.12 | 0.67 | 0.79 |  |  |  |
| Year Ended July 31, 2022 | $32.99 | (0.13) | (3.52) | (3.65) |  | (2.40)<sup>(e)</sup> | (2.40) |
| Year Ended July 31, 2021 | $19.18 | (0.11) | 13.92 | 13.81 |  |  |  |
| **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
| Year Ended July 31, 2025 | $29.87 | (0.09) | 7.43 | 7.34 |  | (0.70) | (0.70) |
| Year Ended July 31, 2024 | $22.56 | (0.02) | 7.33 | 7.31 |  |  |  |
| Year Ended July 31, 2023 | $22.14 | (0.09) | 0.51 | 0.42 |  |  |  |
| Year Ended July 31, 2022 | $27.76 | (0.40) | (2.82) | (3.22) |  | (2.40)<sup>(e)</sup> | (2.40) |
| Year Ended July 31, 2021 | $16.31 | (0.33) | 11.78 | 11.45 |  |  |  |
| **Health Care UltraSector ProFund** | **Health Care UltraSector ProFund** | **Health Care UltraSector ProFund** | **Health Care UltraSector ProFund** | **Health Care UltraSector ProFund** | **Health Care UltraSector ProFund** | **Health Care UltraSector ProFund** | **Health Care UltraSector ProFund** |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
| Year Ended July 31, 2025 | $113.18 | 0.67 | (24.42) | (23.75) | (0.81) |  | (0.81) |
| Year Ended July 31, 2024 | $98.82 | 0.87 | 13.75 | 14.62 | (0.26) |  | (0.26) |
| Year Ended July 31, 2023 | $99.80 | 0.46 | (1.44) | (0.98) |  |  |  |
| Year Ended July 31, 2022 | $106.01 | (0.51) | (5.70) | (6.21) |  |  |  |
| Year Ended July 31, 2021 | $75.52 | (0.50) | 30.99 | 30.49 |  |  |  |
| **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
| Year Ended July 31, 2025 | $89.95 | (0.16) | (19.48) | (19.64) |  |  |  |
| Year Ended July 31, 2024 | $79.12 | 0.05 | 10.78 | 10.83 |  |  |  |
| Year Ended July 31, 2023 | $80.71 | (0.32) | (1.27) | (1.59) |  |  |  |
| Year Ended July 31, 2022 | $86.59 | (1.35) | (4.53) | (5.88) |  |  |  |
| Year Ended July 31, 2021 | $62.29 | (1.19) | 25.49 | 24.30 |  |  |  |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | Ratios to <br>Average Net Assets | Ratios to <br>Average Net Assets | Ratios to <br>Average Net Assets | Supplemental <br>Data | Supplemental <br>Data |
| |<br>Net<br>Asset<br>Value,<br>End of<br>Period |<br>Total<br>Return | Gross<br>Expenses | Net<br>Expenses | Net<br>Investment<br>Income<br>(Loss) | Net<br>Assets,<br>End of<br>Period<br>(000's) | Portfolio<br>Turnover<br>Rate<sup>(b)</sup> |
| **Financials UltraSector ProFund** | **Financials UltraSector ProFund** | **Financials UltraSector ProFund** | **Financials UltraSector ProFund** | **Financials UltraSector ProFund** | **Financials UltraSector ProFund** | **Financials UltraSector ProFund** | **Financials UltraSector ProFund** |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
| Year Ended July 31, 2025 | $45.67 | 26.02<br> %<sup>(c)</sup> | 1.67% | 1.67% | 0.58% | $35205 | 313% |
| Year Ended July 31, 2024 | $37.02 | 33.84% | 1.82% | 1.80% | 0.72% | $33786 | 178% |
| Year Ended July 31, 2023 | $27.73 | 2.89<br> %<sup>(d)</sup> | 2.18% | 1.89% | 0.49% | $4428 | 68% |
| Year Ended July 31, 2022 | $26.94 | (12.30)% | 1.73% | 1.72% | (0.41)% | $5211 | 306% |
| Year Ended July 31, 2021 | $32.99 | 72.00% | 1.79% | 1.75% | (0.38)% | $11499 | 650% |
| **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
| Year Ended July 31, 2025 | $36.51 | 24.79<br> %<sup>(c)</sup> | 2.67% | 2.67% | (0.42)% | $463 | 313% |
| Year Ended July 31, 2024 | $29.87 | 32.40% | 2.82% | 2.80% | (0.28)% | $680 | 178% |
| Year Ended July 31, 2023 | $22.56 | 1.90<br> %<sup>(d)</sup> | 3.18% | 2.89% | (0.51)% | $335 | 68% |
| Year Ended July 31, 2022 | $22.14 | (13.15)% | 2.73% | 2.72% | (1.41)% | $535 | 306% |
| Year Ended July 31, 2021 | $27.76 | 70.20% | 2.79% | 2.75% | (1.38)% | $675 | 650% |
| **Health Care UltraSector ProFund** | **Health Care UltraSector ProFund** | **Health Care UltraSector ProFund** | **Health Care UltraSector ProFund** | **Health Care UltraSector ProFund** | **Health Care UltraSector ProFund** | **Health Care UltraSector ProFund** | **Health Care UltraSector ProFund** |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
| Year Ended July 31, 2025 | $88.62 | (21.05)% | 1.76% | 1.76% | 0.64% | $8907 | 99% |
| Year Ended July 31, 2024 | $113.18 | 14.83<br> %<sup>(f)</sup> | 1.69% | 1.68% | 0.86% | $13841 | 55% |
| Year Ended July 31, 2023 | $98.82 | (0.99)%<sup>(g)</sup> | 1.73% | 1.73% | 0.48% | $13229 | 77% |
| Year Ended July 31, 2022 | $99.80 | (5.85)% | 1.61% | 1.61% | (0.50)% | $16631 | 110% |
| Year Ended July 31, 2021 | $106.01 | 40.37% | 1.73% | 1.73% | (0.59)% | $40753 | 226% |
| **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
| Year Ended July 31, 2025 | $70.31 | (21.82)% | 2.76% | 2.76% | (0.36)% | $745 | 99% |
| Year Ended July 31, 2024 | $89.95 | 13.69<br> %<sup>(f)</sup> | 2.69% | 2.68% | (0.14)% | $1163 | 55% |
| Year Ended July 31, 2023 | $79.12 | (1.98)%<sup>(g)</sup> | 2.73% | 2.73% | (0.52)% | $1153 | 77% |
| Year Ended July 31, 2022 | $80.71 | (6.79)% | 2.61% | 2.61% | (1.50)% | $1075 | 110% |
| Year Ended July 31, 2021 | $86.59 | 39.03% | 2.71% | 2.71% | (1.57)% | $1213 | 226% |

---

(a) Per share net investment income (loss) has been calculated using the average daily shares method.

(b) Portfolio turnover rate is calculated without regard to instruments having a maturity of less than one year from acquisition or derivative instruments (including swap agreements and futures contracts). The portfolio turnover rate can be high and volatile due to the amount and timing of sales and purchases of fund shares during the period. Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued.

(c) During the year ended July 31, 2025, the Fund received monies related to certain nonrecurring litigation settlements. The corresponding impact to the total return was 0.10%.

(d) During the year ended July 31, 2023, the Fund received monies related to certain nonrecurring litigation settlements. The corresponding impact to the total return was 0.97%.

(e) Subsequent to the issuance of the July 31, 2022 financial statements, less than $0.005 of the distribution was determined to be a return of capital.

(f) During the year ended July 31, 2024, the Fund received monies related to certain nonrecurring litigation settlements. The corresponding impact to the total return was 0.10%.

(g) During the year ended July 31, 2023, the Fund received monies related to certain nonrecurring litigation settlements. The corresponding impact to the total return was 0.05%.

**See accompanying notes to financial statements.**

------

**Financial Highlights :: 251**

**ProFunds Financial Highlights** FOR THE PERIODS INDICATED

**Selected data for a share of beneficial interest outstanding throughout the periods indicated.**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | Investment Activities | Investment Activities | Investment Activities | Distributions to Shareholders From | Distributions to Shareholders From | Distributions to Shareholders From |
| |<br>Net Asset<br>Value,<br>Beginning<br>of Period | Net<br>Investment<br>Income<br>(Loss)<sup>(a)</sup> | Net<br>Realized<br>and<br>Unrealized<br>Gains<br>(Losses) on<br>Investments | Total from<br>Investment<br>Activities | Net<br>Investment<br>Income | Net<br>Realized<br>Gains on<br>Investments | Total<br>Distributions |
| **Industrials UltraSector ProFund** | **Industrials UltraSector ProFund** | **Industrials UltraSector ProFund** | **Industrials UltraSector ProFund** | **Industrials UltraSector ProFund** | **Industrials UltraSector ProFund** | **Industrials UltraSector ProFund** | **Industrials UltraSector ProFund** |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
| Year Ended July 31, 2025 | $63.50 | 0.23 | 14.84 | 15.07 | (0.89) | (1.20) | (2.09) |
| Year Ended July 31, 2024 | $52.58 | 0.40 | 10.52 | 10.92 |  |  |  |
| Year Ended July 31, 2023 | $46.85 | 0.19 | 5.54 | 5.73 |  |  |  |
| Year Ended July 31, 2022 | $61.05 | (0.40) | (11.73) | (12.13) | (2.07)<sup>(c)</sup> |  | (2.07) |
| Year Ended July 31, 2021 | $36.50 | (0.44) | 24.99 | 24.55 |  |  |  |
| **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
| Year Ended July 31, 2025 | $52.37 | (0.33) | 12.14 | 11.81 | (0.33) | (1.20) | (1.53) |
| Year Ended July 31, 2024 | $43.81 | (0.06) | 8.62 | 8.56 |  |  |  |
| Year Ended July 31, 2023 | $39.45 | (0.19) | 4.55 | 4.36 |  |  |  |
| Year Ended July 31, 2022 | $52.23 | (0.85) | (9.86) | (10.71) | (2.07)<sup>(c)</sup> |  | (2.07) |
| Year Ended July 31, 2021 | $31.55 | (0.89) | 21.57 | 20.68 |  |  |  |
| **Internet UltraSector ProFund** | **Internet UltraSector ProFund** | **Internet UltraSector ProFund** | **Internet UltraSector ProFund** | **Internet UltraSector ProFund** | **Internet UltraSector ProFund** | **Internet UltraSector ProFund** | **Internet UltraSector ProFund** |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
| Year Ended July 31, 2025 | $42.01 | (0.13) | 21.94 | 21.81 |  |  |  |
| Year Ended July 31, 2024 | $36.15 | (0.09) | 5.95 | 5.86 |  |  |  |
| Year Ended July 31, 2023 | $28.60 | (0.13) | 7.68 | 7.55 |  |  |  |
| Year Ended July 31, 2022 | $79.79 | (0.68) | (39.88) | (40.56) |  | (10.63) | (10.63) |
| Year Ended July 31, 2021<sup>(e)</sup> | $66.20 | (0.95) | 28.88 | 27.93 |  | (14.34) | (14.34) |
| **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
| Year Ended July 31, 2025 | $26.85 | (0.47) | 14.00 | 13.53 |  |  |  |
| Year Ended July 31, 2024 | $23.34 | (0.34) | 3.85 | 3.51 |  |  |  |
| Year Ended July 31, 2023 | $18.65 | (0.30) | 4.99 | 4.69 |  |  |  |
| Year Ended July 31, 2022 | $56.65 | (1.05) | (26.32) | (27.37) |  | (10.63) | (10.63) |
| Year Ended July 31, 2021<sup>(e)</sup> | $50.74 | (1.49) | 21.74 | 20.25 |  | (14.34) | (14.34) |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | Ratios to <br>Average Net Assets | Ratios to <br>Average Net Assets | Ratios to <br>Average Net Assets | Supplemental <br>Data | Supplemental <br>Data |
| |<br>Net<br>Asset<br>Value,<br>End of<br>Period |<br>Total<br>Return | Gross<br>Expenses | Net<br>Expenses | Net<br>Investment<br>Income<br>(Loss) | Net<br>Assets,<br>End of<br>Period<br>(000's) | Portfolio<br>Turnover<br>Rate<sup>(b)</sup> |
| **Industrials UltraSector ProFund** | **Industrials UltraSector ProFund** | **Industrials UltraSector ProFund** | **Industrials UltraSector ProFund** | **Industrials UltraSector ProFund** | **Industrials UltraSector ProFund** | **Industrials UltraSector ProFund** | **Industrials UltraSector ProFund** |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
| Year Ended July 31, 2025 | $76.48 | 24.37% | 2.10% | 1.78% | 0.35% | $7065 | 805% |
| Year Ended July 31, 2024 | $63.50 | 20.77% | 1.85% | 1.78% | 0.69% | $6016 | 391% |
| Year Ended July 31, 2023 | $52.58 | 12.21% | 2.30% | 1.78% | 0.42% | $8515 | 264% |
| Year Ended July 31, 2022 | $46.85 | (20.49)% | 1.88% | 1.75% | (0.70)% | $3354 | 174% |
| Year Ended July 31, 2021 | $61.05 | 67.26% | 1.86% | 1.78% | (0.84)% | $19362 | 427% |
| **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
| Year Ended July 31, 2025 | $62.65 | 23.07% | 3.10% | 2.78% | (0.65)% | $320 | 805% |
| Year Ended July 31, 2024 | $52.37 | 19.54% | 2.58% | 2.78% | (0.31)% | $292 | 391% |
| Year Ended July 31, 2023 | $43.81 | 11.05% | 3.30% | 2.78% | (0.58)% | $244 | 264% |
| Year Ended July 31, 2022 | $39.45 | (21.29)% | 2.88% | 2.75% | 1.70% | $276 | 174% |
| Year Ended July 31, 2021 | $52.23 | 65.58% | 2.86% | 2.78% | (1.84)% | $404 | 427% |
| **Internet UltraSector ProFund** | **Internet UltraSector ProFund** | **Internet UltraSector ProFund** | **Internet UltraSector ProFund** | **Internet UltraSector ProFund** | **Internet UltraSector ProFund** | **Internet UltraSector ProFund** | **Internet UltraSector ProFund** |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
| Year Ended July 31, 2025 | $63.82 | 51.92<br> %<sup>(d)</sup> | 1.48% | 1.48% | (0.24)% | $101692 | 112% |
| Year Ended July 31, 2024 | $42.01 | 16.21% | 1.50% | 1.49% | (0.25)% | $74779 | 40% |
| Year Ended July 31, 2023 | $36.15 | 26.40% | 1.55% | 1.55% | (0.47)% | $84071 | 24% |
| Year Ended July 31, 2022 | $28.60 | (57.90)% | 1.48% | 1.48% | (1.28)% | $76762 | 26% |
| Year Ended July 31, 2021<sup>(e)</sup> | $79.79 | 45.51% | 1.52% | 1.52% | (1.34)% | $224716 | 55% |
| **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
| Year Ended July 31, 2025 | $40.38 | 50.39<br> %<sup>(d)</sup> | 2.48% | 2.48% | (1.24)% | $4736 | 112% |
| Year Ended July 31, 2024 | $26.85 | 15.04% | 2.50% | 2.49% | (1.25)% | $3329 | 40% |
| Year Ended July 31, 2023 | $23.34 | 25.15% | 2.55% | 2.55% | (1.47)% | $4133 | 24% |
| Year Ended July 31, 2022 | $18.65 | (58.32)% | 2.48% | 2.48% | (2.28)% | $3642 | 26% |
| Year Ended July 31, 2021<sup>(e)</sup> | $56.65 | 44.07% | 2.52% | 2.52% | (2.34)% | $14190 | 55% |

---

(a) Per share net investment income (loss) has been calculated using the average daily shares method.

(b) Portfolio turnover rate is calculated without regard to instruments having a maturity of less than one year from acquisition or derivative instruments (including swap agreements and futures contracts). The portfolio turnover rate can be high and volatile due to the amount and timing of sales and purchases of fund shares during the period. Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued.

(c) Subsequent to the issuance of the July 31, 2022 financial statements, less than $0.005 of the distribution was determined to be a return of capital.

(d) During the year ended July 31, 2025, the Fund received monies related to certain nonrecurring litigation settlements. The corresponding impact to the total return was 0.10%.

(e) As described in the accompanying notes to financial statements, share amounts have been adjusted for 2:1 share split that occurred on December 14, 2020.

**See accompanying notes to financial statements.**

------

**252 :: Financial Highlights**

**ProFunds Financial Highlights** FOR THE PERIODS INDICATED

**Selected data for a share of beneficial interest outstanding throughout the periods indicated.**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | Investment Activities | Investment Activities | Investment Activities | Distributions to Shareholders From | Distributions to Shareholders From | Distributions to Shareholders From |
| |<br>Net Asset<br>Value,<br>Beginning<br>of Period | Net<br>Investment<br>Income<br>(Loss)<sup>(a)</sup> | Net<br>Realized<br>and<br>Unrealized<br>Gains<br>(Losses) on<br>Investments | Total from<br>Investment<br>Activities | Net<br>Investment<br>Income | Net<br>Realized<br>Gains on<br>Investments | Total<br>Distributions |
| **Large-Cap Growth ProFund** | **Large-Cap Growth ProFund** | **Large-Cap Growth ProFund** | **Large-Cap Growth ProFund** | **Large-Cap Growth ProFund** | **Large-Cap Growth ProFund** | **Large-Cap Growth ProFund** | **Large-Cap Growth ProFund** |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
| Year Ended July 31, 2025<sup>(c)</sup> | $41.13 | (0.42) | 9.97 | 9.55 |  |  |  |
| Year Ended July 31, 2024<sup>(c)</sup> | $33.56 | (0.31) | 8.41 | 8.10 |  | (0.53) | (0.53) |
| Year Ended July 31, 2023<sup>(c)</sup> | $32.29 | (0.18) | 1.99 | 1.81 |  | (0.54) | (0.54) |
| Year Ended July 31, 2022<sup>(c)</sup> | $36.51 | (0.30) | (3.53) | (3.83) |  | (0.39) | (0.39) |
| Year Ended July 31, 2021<sup>(c)</sup> | $27.97 | (0.20) | 9.78 | 9.58 |  | (1.04) | (1.04) |
| **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
| Year Ended July 31, 2025<sup>(c)</sup> | $31.91 | (0.76) | 7.78 | 7.02 |  |  |  |
| Year Ended July 31, 2024<sup>(c)</sup> | $26.41 | (0.59) | 6.62 | 6.03 |  | (0.53) | (0.53) |
| Year Ended July 31, 2023<sup>(c)</sup> | $25.80 | (0.41) | 1.56 | 1.15 |  | (0.54) | (0.54) |
| Year Ended July 31, 2022<sup>(c)</sup> | $29.53 | (0.58) | (2.76) | (3.34) |  | (0.39) | (0.39) |
| Year Ended July 31, 2021<sup>(c)</sup> | $23.02 | (0.46) | 8.01 | 7.55 |  | (1.04) | (1.04) |
| **Large-Cap Value ProFund** | **Large-Cap Value ProFund** | **Large-Cap Value ProFund** | **Large-Cap Value ProFund** | **Large-Cap Value ProFund** | **Large-Cap Value ProFund** | **Large-Cap Value ProFund** | **Large-Cap Value ProFund** |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
| Year Ended July 31, 2025 | $108.03 | (0.03) | 4.03 | 4.00 | (1.02) | (1.39) | (2.41) |
| Year Ended July 31, 2024 | $94.45 | 0.31 | 13.27 | 13.58 |  |  |  |
| Year Ended July 31, 2023 | $82.34 | 0.15 | 12.10 | 12.25 | (0.14) |  | (0.14) |
| Year Ended July 31, 2022 | $84.34 | 0.38 | (1.79) | (1.41) | (0.59) |  | (0.59) |
| Year Ended July 31, 2021 | $63.28 | 0.47 | 20.59 | 21.06 |  |  |  |
| **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
| Year Ended July 31, 2025 | $92.51 | (0.95) | 3.46 | 2.51 |  | (1.39) | (1.39) |
| Year Ended July 31, 2024 | $81.71 | (0.53) | 11.33 | 10.80 |  |  |  |
| Year Ended July 31, 2023 | $71.84 | (0.58) | 10.45 | 9.87 |  |  |  |
| Year Ended July 31, 2022 | $73.84 | (0.36) | (1.64) | (2.00) |  |  |  |
| Year Ended July 31, 2021 | $55.95 | (0.19) | 18.08 | 17.89 |  |  |  |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | Ratios to <br>Average Net Assets | Ratios to <br>Average Net Assets | Ratios to <br>Average Net Assets | Supplemental <br>Data | Supplemental <br>Data |
| |<br>Net<br>Asset<br>Value,<br>End of<br>Period |<br>Total<br>Return | Gross<br>Expenses | Net<br>Expenses | Net<br>Investment<br>Income<br>(Loss) | Net<br>Assets,<br>End of<br>Period<br>(000's) | Portfolio<br>Turnover<br>Rate<sup>(b)</sup> |
| **Large-Cap Growth ProFund** | **Large-Cap Growth ProFund** | **Large-Cap Growth ProFund** | **Large-Cap Growth ProFund** | **Large-Cap Growth ProFund** | **Large-Cap Growth ProFund** | **Large-Cap Growth ProFund** | **Large-Cap Growth ProFund** |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
| Year Ended July 31, 2025<sup>(c)</sup> | $50.68 | 23.23% | 1.71% | 1.70% | (0.94)% | $24764 | 1217% |
| Year Ended July 31, 2024<sup>(c)</sup> | $41.13 | 24.47% | 1.73% | 1.73% | (0.86)% | $20990 | 1061% |
| Year Ended July 31, 2023<sup>(c)</sup> | $33.56 | 5.98% | 1.82% | 1.82% | (0.60)% | $12856 | 322% |
| Year Ended July 31, 2022<sup>(c)</sup> | $32.29 | (10.69)%<sup>(d)</sup> | 1.57% | 1.57% | (0.84)% | $11048 | 756% |
| Year Ended July 31, 2021<sup>(c)</sup> | $36.51 | 34.95% | 1.59% | 1.59% | (0.66)% | $31409 | 297% |
| **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
| Year Ended July 31, 2025<sup>(c)</sup> | $38.93 | 22.00% | 2.69% | 2.68% | (1.92)% | $1871 | 1217% |
| Year Ended July 31, 2024<sup>(c)</sup> | $31.91 | 23.23% | 2.72% | 2.72% | (1.85)% | $2034 | 1061% |
| Year Ended July 31, 2023<sup>(c)</sup> | $26.41 | 4.94% | 2.81% | 2.81% | (1.59)% | $1179 | 322% |
| Year Ended July 31, 2022<sup>(c)</sup> | $25.80 | (11.56)%<sup>(d)</sup> | 2.56% | 2.56% | (1.83)% | $1234 | 756% |
| Year Ended July 31, 2021<sup>(c)</sup> | $29.53 | 33.61% | 2.58% | 2.58% | (1.66)% | $1467 | 297% |
| **Large-Cap Value ProFund** | **Large-Cap Value ProFund** | **Large-Cap Value ProFund** | **Large-Cap Value ProFund** | **Large-Cap Value ProFund** | **Large-Cap Value ProFund** | **Large-Cap Value ProFund** | **Large-Cap Value ProFund** |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
| Year Ended July 31, 2025 | $109.62 | 3.76<br> %<sup>(e)</sup> | 1.79% | 1.78% | (0.03)% | $2857 | 1805% |
| Year Ended July 31, 2024 | $108.03 | 14.38% | 1.82% | 1.82% | 0.33% | $4800 | 762% |
| Year Ended July 31, 2023 | $94.45 | 14.90% | 1.94% | 1.87% | 0.19% | $5469 | 647% |
| Year Ended July 31, 2022 | $82.34 | (1.72)% | 1.65% | 1.65% | 0.45% | $18196 | 1059% |
| Year Ended July 31, 2021 | $84.34 | 33.28% | 1.71% | 1.71% | 0.63% | $4334 | 769% |
| **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
| Year Ended July 31, 2025 | $93.63 | 2.74<br> %<sup>(e)</sup> | 2.79% | 2.78% | (1.02)% | $1717 | 1805% |
| Year Ended July 31, 2024 | $92.51 | 13.22% | 2.82% | 2.82% | (0.67)% | $2375 | 762% |
| Year Ended July 31, 2023 | $81.71 | 13.72% | 2.94% | 2.87% | (0.81)% | $2541 | 647% |
| Year Ended July 31, 2022 | $71.84 | (2.69)% | 2.65% | 2.65% | (0.55)% | $1784 | 1059% |
| Year Ended July 31, 2021 | $73.84 | 31.97% | 2.71% | 2.71% | (0.37)% | $1855 | 769% |

---

(a) Per share net investment income (loss) has been calculated using the average daily shares method.

(b) Portfolio turnover rate is calculated without regard to instruments having a maturity of less than one year from acquisition or derivative instruments (including swap agreements and futures contracts). The portfolio turnover rate can be high and volatile due to the amount and timing of sales and purchases of fund shares during the period. Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued.

(c) As described in the accompanying notes to financial statements, share amounts have been adjusted for 4:1 share split that occurred on October 14, 2024.

(d) During the year ended July 31, 2022, the Fund received monies related to certain nonrecurring litigation settlements. The corresponding impact to the total return was 0.03%.

(e) During the year ended July 31, 2025, the Fund received monies related to certain nonrecurring litigation settlements. The corresponding impact to the total return was 0.18%.

**See accompanying notes to financial statements.**

------

**Financial Highlights :: 253**

**ProFunds Financial Highlights** FOR THE PERIODS INDICATED

**Selected data for a share of beneficial interest outstanding throughout the periods indicated.**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | Investment Activities | Investment Activities | Investment Activities | Distributions to Shareholders From | Distributions to Shareholders From | Distributions to Shareholders From |
| |<br>Net Asset <br>Value, <br>Beginning <br>of Period | Net<br>Investment<br>Income<br>(Loss)<sup>(a)</sup> | Net<br>Realized<br>and<br>Unrealized<br>Gains<br>(Losses) on<br>Investments | Total from<br>Investment<br>Activities | Net<br>Investment<br>Income | Net<br>Realized<br>Gains on<br>Investments | Total<br>Distributions |
| **Materials UltraSector ProFund** | **Materials UltraSector ProFund** | **Materials UltraSector ProFund** | **Materials UltraSector ProFund** | **Materials UltraSector ProFund** | **Materials UltraSector ProFund** | **Materials UltraSector ProFund** | **Materials UltraSector ProFund** |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
| Year Ended July 31, 2025 | $117.84 | 0.75 | (12.16) | (11.41) | (0.95) |  | (0.95) |
| Year Ended July 31, 2024 | $109.45 | 0.91 | 8.51 | 9.42 | (1.03) |  | (1.03) |
| Year Ended July 31, 2023 | $92.29 | 0.69 | 16.47 | 17.16 |  |  |  |
| Year Ended July 31, 2022 | $101.46 | (0.29) | (8.88) | (9.17) |  |  |  |
| Year Ended July 31, 2021 | $63.17 | (0.16) | 38.67 | 38.51 | (0.01) | (0.21) | (0.22) |
| **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
| Year Ended July 31, 2025 | $100.78 | (0.19) | (10.44) | (10.63) |  |  |  |
| Year Ended July 31, 2024 | $93.71 | 0.03 | 7.08 | 7.11 | (0.04) |  | (0.04) |
| Year Ended July 31, 2023 | $79.82 | (0.15) | 14.04 | 13.89 |  |  |  |
| Year Ended July 31, 2022 | $88.60 | (1.18) | (7.60) | (8.78) |  |  |  |
| Year Ended July 31, 2021 | $55.74 | (0.92) | 33.99 | 33.07 |  | (0.21) | (0.21) |
| **Mid-Cap Growth ProFund** | **Mid-Cap Growth ProFund** | **Mid-Cap Growth ProFund** | **Mid-Cap Growth ProFund** | **Mid-Cap Growth ProFund** | **Mid-Cap Growth ProFund** | **Mid-Cap Growth ProFund** | **Mid-Cap Growth ProFund** |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
| Year Ended July 31, 2025 | $108.23 | (0.89) | 1.19 | 0.30 |  | (0.96) | (0.96) |
| Year Ended July 31, 2024 | $92.40 | (0.70) | 16.53 | 15.83 |  |  |  |
| Year Ended July 31, 2023 | $88.50 | (0.60) | 7.15 | 6.55 |  | (2.65) | (2.65) |
| Year Ended July 31, 2022 | $128.38 | (1.19) | (11.75) | (12.94) |  | (26.94) | (26.94) |
| Year Ended July 31, 2021 | $96.99 | (0.78) | 35.25 | 34.47 |  | (3.08) | (3.08) |
| **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
| Year Ended July 31, 2025 | $78.93 | (1.65) | 1.09 | (0.56) |  | (0.96) | (0.96) |
| Year Ended July 31, 2024 | $68.08 | (1.41) | 12.26 | 10.85 |  |  |  |
| Year Ended July 31, 2023 | $66.59 | (1.24) | 5.38 | 4.14 |  | (2.65) | (2.65) |
| Year Ended July 31, 2022 | $104.06 | (2.01) | (8.52) | (10.53) |  | (26.94) | (26.94) |
| Year Ended July 31, 2021 | $79.88 | (1.74) | 29.00 | 27.26 |  | (3.08) | (3.08) |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | Ratios to <br>Average Net Assets | Ratios to <br>Average Net Assets | Ratios to <br>Average Net Assets | Supplemental<br>Data | Supplemental<br>Data |
| |<br>Net<br>Asset<br>Value,<br>End of<br>Period |<br>Total<br>Return | Gross<br>Expenses | Net<br>Expenses | Net<br>Investment<br>Income<br>(Loss) | Net<br>Assets,<br>End of<br>Period<br>(000's) | Portfolio<br>Turnover<br>Rate<sup>(b)</sup> |
| **Materials UltraSector ProFund** | **Materials UltraSector ProFund** | **Materials UltraSector ProFund** | **Materials UltraSector ProFund** | **Materials UltraSector ProFund** | **Materials UltraSector ProFund** | **Materials UltraSector ProFund** | **Materials UltraSector ProFund** |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
| Year Ended July 31, 2025 | $105.48 | (9.65)% | 2.14% | 1.78% | 0.69% | $3179 | 764% |
| Year Ended July 31, 2024 | $117.84 | 8.69% | 2.05% | 1.78% | 0.87% | $4985 | 146% |
| Year Ended July 31, 2023 | $109.45 | 18.58% | 2.07% | 1.82% | 0.72% | $8535 | 188% |
| Year Ended July 31, 2022 | $92.29 | (9.03)% | 1.93% | 1.89% | (0.28)% | $4652 | 194% |
| Year Ended July 31, 2021 | $101.46 | 61.04% | 1.82% | 1.78% | (0.19)% | $10709 | 698% |
| **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
| Year Ended July 31, 2025 | $90.15 | (10.56)% | 3.14% | 2.78% | (0.31)% | $260 | 764% |
| Year Ended July 31, 2024 | $100.78 | 7.62% | 3.05% | 2.78% | (0.13)% | $387 | 146% |
| Year Ended July 31, 2023 | $93.71 | 17.37% | 3.07% | 2.82% | (0.28)% | $961 | 188% |
| Year Ended July 31, 2022 | $79.82 | (9.91)% | 2.93% | 2.89% | (1.28)% | $510 | 194% |
| Year Ended July 31, 2021 | $88.60 | 59.44% | 2.82% | 2.78% | (1.19)% | $983 | 698% |
| **Mid-Cap Growth ProFund** | **Mid-Cap Growth ProFund** | **Mid-Cap Growth ProFund** | **Mid-Cap Growth ProFund** | **Mid-Cap Growth ProFund** | **Mid-Cap Growth ProFund** | **Mid-Cap Growth ProFund** | **Mid-Cap Growth ProFund** |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
| Year Ended July 31, 2025 | $107.57 | 0.29% | 2.11% | 1.78% | (0.88)% | $3589 | 457% |
| Year Ended July 31, 2024 | $108.23 | 17.13<br> %<sup>(c)</sup> | 2.00% | 1.78% | (0.75)% | $4934 | 650% |
| Year Ended July 31, 2023 | $92.40 | 7.83% | 2.20% | 1.82% | (0.71)% | $28388 | 382% |
| Year Ended July 31, 2022 | $88.50 | (13.02)% | 2.35% | 2.04<br> %<sup>(d)</sup> | (1.19)% | $2708 | 197% |
| Year Ended July 31, 2021 | $128.38 | 35.95% | 1.69% | 1.69% | (0.74)% | $3719 | 233% |
| **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
| Year Ended July 31, 2025 | $77.41 | (0.70)% | 3.11% | 2.78% | (1.88)% | $661 | 457% |
| Year Ended July 31, 2024 | $78.93 | 15.94<br> %<sup>(c)</sup> | 3.00% | 2.78% | (1.75)% | $714 | 650% |
| Year Ended July 31, 2023 | $68.08 | 6.77% | 3.20% | 2.82% | (1.71)% | $543 | 382% |
| Year Ended July 31, 2022 | $66.59 | (13.90)% | 3.35% | 3.04<br> %<sup>(d)</sup> | (2.19)% | $522 | 197% |
| Year Ended July 31, 2021 | $104.06 | 34.61% | 2.69% | 2.69% | (1.74)% | $782 | 233% |

---

(a) Per share net investment income (loss) has been calculated using the average daily shares method.

(b) Portfolio turnover rate is calculated without regard to instruments having a maturity of less than one year from acquisition or derivative instruments (including swap agreements and futures contracts). The portfolio turnover rate can be high and volatile due to the amount and timing of sales and purchases of fund shares during the period. Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued.

(c) During the year ended July 31, 2024, the Fund received monies related to certain nonrecurring litigation settlements. The corresponding impact to the total return was 0.07%.

(d) The expense ratio does not correlate to the applicable expense limits in place during the period given that the annual contractual expense limitation is applied for the one year periods ended November 30th of each year, instead of coinciding with the July 31st year end.

**See accompanying notes to financial statements.**

------

**254 :: Financial Highlights**

**ProFunds Financial Highlights** FOR THE PERIODS INDICATED

**Selected data for a share of beneficial interest outstanding throughout the periods indicated.**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | Investment Activities | Investment Activities | Investment Activities | Distributions to Shareholders From | Distributions to Shareholders From | Distributions to Shareholders From |
| |<br>Net Asset <br>Value, <br>Beginning <br>of Period | Net<br>Investment<br>Income<br>(Loss)<sup>(a)</sup> | Net<br>Realized<br>and<br>Unrealized<br>Gains<br>(Losses) on<br>Investments | Total from<br>Investment<br>Activities | Net<br>Investment<br>Income | Net<br>Realized<br>Gains on<br>Investments | Total<br>Distributions |
| **Mid-Cap ProFund** | **Mid-Cap ProFund** | **Mid-Cap ProFund** | **Mid-Cap ProFund** | **Mid-Cap ProFund** | **Mid-Cap ProFund** | **Mid-Cap ProFund** | **Mid-Cap ProFund** |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
| Year Ended July 31, 2025 | $124.88 | 0.68 | 0.67<br> <sup>(c)</sup> | 1.35 | (1.57) |  | (1.57) |
| Year Ended July 31, 2024 | $110.42 | 0.90 | 13.56 | 14.46 | —<br> <sup>(d)</sup> |  | —<br> <sup>(d)</sup> |
| Year Ended July 31, 2023 | $102.00 | 0.42 | 8.00 | 8.42 |  |  |  |
| Year Ended July 31, 2022 | $112.82 | (0.80) | (7.51) | (8.31) |  | (2.51) | (2.51) |
| Year Ended July 31, 2021 | $78.62 | (1.05) | 35.48 | 34.43 |  | (0.23) | (0.23) |
| **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
| Year Ended July 31, 2025 | $96.81 | (0.27) | 0.34<br> <sup>(c)</sup> | 0.07 | (0.21) |  | (0.21) |
| Year Ended July 31, 2024 | $86.45 | 0.02 | 10.34 | 10.36 |  |  |  |
| Year Ended July 31, 2023 | $80.67 | (0.38) | 6.16 | 5.78 |  |  |  |
| Year Ended July 31, 2022 | $90.61 | (1.66) | (5.77) | (7.43) |  | (2.51) | (2.51) |
| Year Ended July 31, 2021 | $63.84 | (1.86) | 28.86 | 27.00 |  | (0.23) | (0.23) |
| **Mid-Cap Value ProFund** | **Mid-Cap Value ProFund** | **Mid-Cap Value ProFund** | **Mid-Cap Value ProFund** | **Mid-Cap Value ProFund** | **Mid-Cap Value ProFund** | **Mid-Cap Value ProFund** | **Mid-Cap Value ProFund** |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
| Year Ended July 31, 2025 | $111.40 | (0.12) | 2.33<br> <sup>(c)</sup> | 2.21 | (0.11) |  | (0.11) |
| Year Ended July 31, 2024 | $101.72 | 0.07 | 9.61 | 9.68 |  |  |  |
| Year Ended July 31, 2023 | $93.28 | 0.06 | 8.38 | 8.44 |  |  |  |
| Year Ended July 31, 2022 | $95.91 | 0.19 | (1.93) | (1.74) |  | (0.89) | (0.89) |
| Year Ended July 31, 2021 | $62.48 | 0.10 | 33.50 | 33.60 | (0.17) |  | (0.17) |
| **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
| Year Ended July 31, 2025 | $87.02 | (1.00) | 1.86<br> <sup>(c)</sup> | 0.86 |  |  |  |
| Year Ended July 31, 2024 | $80.26 | (0.72) | 7.48 | 6.76 |  |  |  |
| Year Ended July 31, 2023 | $74.33 | (0.68) | 6.61 | 5.93 |  |  |  |
| Year Ended July 31, 2022 | $77.37 | (0.57) | (1.58) | (2.15) |  | (0.89) | (0.89) |
| Year Ended July 31, 2021 | $50.79 | (0.57) | 27.15 | 26.58 |  |  |  |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | Ratios to <br>Average Net Assets | Ratios to <br>Average Net Assets | Ratios to <br>Average Net Assets | Supplemental<br>Data | Supplemental<br>Data |
| |<br>Net<br>Asset<br>Value,<br>End of<br>Period |<br>Total<br>Return | Gross<br>Expenses | Net<br>Expenses | Net<br>Investment<br>Income<br>(Loss) | Net<br>Assets,<br>End of<br>Period<br>(000's) | Portfolio<br>Turnover<br>Rate<sup>(b)</sup> |
| **Mid-Cap ProFund** | **Mid-Cap ProFund** | **Mid-Cap ProFund** | **Mid-Cap ProFund** | **Mid-Cap ProFund** | **Mid-Cap ProFund** | **Mid-Cap ProFund** | **Mid-Cap ProFund** |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
| Year Ended July 31, 2025 | $124.66 | 1.09% | 1.88% | 1.78% | 0.60% | $3893 | 486% |
| Year Ended July 31, 2024 | $124.88 | 13.10<br> %<sup>(e)</sup> | 1.86% | 1.78% | 0.84% | $5812 | 262% |
| Year Ended July 31, 2023 | $110.42 | 8.24<br> %<sup>(f)</sup> | 1.92% | 1.78% | 0.45% | $3576 | 767% |
| Year Ended July 31, 2022 | $102.00 | (7.57)%<sup>(g)</sup> | 1.95% | 1.82% | (0.76)% | $3106 | 18% |
| Year Ended July 31, 2021 | $112.82 | 43.91% | 1.83% | 1.83% | (1.06)% | $6198 | 107% |
| **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
| Year Ended July 31, 2025 | $96.67 | 0.08% | 2.88% | 2.78% | (0.40)% | $3724 | 486% |
| Year Ended July 31, 2024 | $96.81 | 11.97<br> %<sup>(e)</sup> | 2.86% | 2.78% | (0.16)% | $4707 | 262% |
| Year Ended July 31, 2023 | $86.45 | 7.16<br> %<sup>(f)</sup> | 2.92% | 2.78% | (0.55)% | $781 | 767% |
| Year Ended July 31, 2022 | $80.67 | (8.47)%<sup>(g)</sup> | 2.95% | 2.82% | (1.76)% | $795 | 18% |
| Year Ended July 31, 2021 | $90.61 | 42.47% | 2.83% | 2.83% | (2.06)% | $816 | 107% |
| **Mid-Cap Value ProFund** | **Mid-Cap Value ProFund** | **Mid-Cap Value ProFund** | **Mid-Cap Value ProFund** | **Mid-Cap Value ProFund** | **Mid-Cap Value ProFund** | **Mid-Cap Value ProFund** | **Mid-Cap Value ProFund** |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
| Year Ended July 31, 2025 | $113.50 | 1.98% | 2.15% | 1.78% | (0.11)% | $1679 | 988% |
| Year Ended July 31, 2024 | $111.40 | 9.52<br> %<sup>(h)</sup> | 2.72% | 1.78% | 0.07% | $4007 | 238% |
| Year Ended July 31, 2023 | $101.72 | 9.04<br> %<sup>(i)</sup> | 2.09% | 1.78% | 0.07% | $2321 | 495% |
| Year Ended July 31, 2022 | $93.28 | (1.86)%<sup>(j)</sup> | 1.85% | 1.78% | 0.21% | $21740 | 512% |
| Year Ended July 31, 2021 | $95.91 | 53.86% | 1.86% | 1.78% | 0.13% | $4856 | 772% |
| **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
| Year Ended July 31, 2025 | $87.88 | 0.99% | 3.15% | 2.78% | (1.11)% | $363 | 988% |
| Year Ended July 31, 2024 | $87.02 | 8.42<br> %<sup>(h)</sup> | 3.72% | 2.78% | (0.93)% | $541 | 238% |
| Year Ended July 31, 2023 | $80.26 | 7.96<br> %<sup>(i)</sup> | 3.09% | 2.78% | (0.93)% | $577 | 495% |
| Year Ended July 31, 2022 | $74.33 | (2.84)%<sup>(j)</sup> | 2.85% | 2.78% | (0.79)% | $620 | 512% |
| Year Ended July 31, 2021 | $77.37 | 52.35% | 2.86% | 2.78% | (0.87)% | $649 | 772% |

---

(a) Per share net investment income (loss) has been calculated using the average daily shares method.

(b) Portfolio turnover rate is calculated without regard to instruments having a maturity of less than one year from acquisition or derivative instruments (including swap agreements and futures contracts). The portfolio turnover rate can be high and volatile due to the amount and timing of sales and purchases of fund shares during the period. Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued.

(c) The amount shown for a share outstanding throughout the period does not accord with the change in aggregate gains and losses in the portfolio of securities during the period because of timing of sales and purchases of fund shares in relation to fluctuating market values during the period.

(d) Amount is less than $0.005.

(e) During the year ended July 31, 2024, the Fund received monies related to certain nonrecurring litigation settlements. The corresponding impact to the total return was 0.04%.

(f) During the year ended July 31, 2023, the Fund received monies related to certain nonrecurring litigation settlements. The corresponding impact to the total return was 0.03%.

(g) During the year ended July 31, 2022, the Fund received monies related to certain nonrecurring litigation settlements. The corresponding impact to the total return was 0.04%.

(h) During the year ended July 31, 2024, the Fund received monies related to certain nonrecurring litigation settlements. The corresponding impact to the total return was 0.21%.

(i) During the year ended July 31, 2023, the Fund received monies related to certain nonrecurring litigation settlements. The corresponding impact to the total return was 0.06%.

(j) During the year ended July 31, 2022, the Fund received monies related to certain nonrecurring litigation settlements. The corresponding impact to the total return was 0.06%.

**See accompanying notes to financial statements.**

------

**Financial Highlights :: 255**

**ProFunds Financial Highlights** FOR THE PERIODS INDICATED

**Selected data for a share of beneficial interest outstanding throughout the periods indicated.**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | Investment Activities | Investment Activities | Investment Activities | Distributions to Shareholders From | Distributions to Shareholders From | Distributions to Shareholders From |
| |<br>Net Asset <br>Value, <br>Beginning <br>of Period | Net<br>Investment<br>Income<br>(Loss)<sup>(a)</sup> | Net<br>Realized<br>and<br>Unrealized<br>Gains<br>(Losses) on<br>Investments | Total from<br>Investment<br>Activities | Net<br>Investment<br>Income | Net<br>Realized<br>Gains on<br>Investments | Total<br>Distributions |
| **Nasdaq-100 ProFund** | **Nasdaq-100 ProFund** | **Nasdaq-100 ProFund** | **Nasdaq-100 ProFund** | **Nasdaq-100 ProFund** | **Nasdaq-100 ProFund** | **Nasdaq-100 ProFund** | **Nasdaq-100 ProFund** |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
| Year Ended July 31, 2025<sup>(c)</sup> | $41.80 | 0.31 | 7.11 | 7.42 | (0.34) |  | (0.34) |
| Year Ended July 31, 2024<sup>(c)</sup> | $34.45 | 0.57 | 6.78 | 7.35 |  |  |  |
| Year Ended July 31, 2023<sup>(c)</sup> | $28.79 | 0.36 | 5.30 | 5.66 |  |  |  |
| Year Ended July 31, 2022<sup>(c)</sup> | $34.80 | (0.32) | (4.77) | (5.09) |  | (0.92) | (0.92) |
| Year Ended July 31, 2021<sup>(c)</sup> | $26.05 | (0.30) | 9.38 | 9.08 |  | (0.33) | (0.33) |
| **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
| Year Ended July 31, 2025<sup>(c)</sup> | $32.15 | (0.04) | 5.37 | 5.33 | (0.09) |  | (0.09) |
| Year Ended July 31, 2024<sup>(c)</sup> | $26.77 | 0.29 | 5.09 | 5.38 |  |  |  |
| Year Ended July 31, 2023<sup>(c)</sup> | $22.60 | 0.15 | 4.02 | 4.17 |  |  |  |
| Year Ended July 31, 2022<sup>(c)</sup> | $27.78 | (0.58) | (3.68) | (4.26) |  | (0.92) | (0.92) |
| Year Ended July 31, 2021<sup>(c)</sup> | $21.06 | (0.54) | 7.59 | 7.05 |  | (0.33) | (0.33) |
| **Oil & Gas Equipment & Services UltraSector ProFund** | **Oil & Gas Equipment & Services UltraSector ProFund** | **Oil & Gas Equipment & Services UltraSector ProFund** | **Oil & Gas Equipment & Services UltraSector ProFund** | **Oil & Gas Equipment & Services UltraSector ProFund** | **Oil & Gas Equipment & Services UltraSector ProFund** | **Oil & Gas Equipment & Services UltraSector ProFund** | **Oil & Gas Equipment & Services UltraSector ProFund** |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
| Year Ended July 31, 2025 | $124.72 | 0.70 | (61.05) | (60.35) | (0.45) |  | (0.45) |
| Year Ended July 31, 2024 | $124.18 | 0.41 | 0.13<br> <sup>(d)</sup> | 0.54 |  |  |  |
| Year Ended July 31, 2023 | $77.29 | 0.11 | 46.78 | 46.89 |  |  |  |
| Year Ended July 31, 2022 | $61.47 | (0.51) | 16.33 | 15.82 |  |  |  |
| Year Ended July 31, 2021<sup>(e)</sup> | $36.47 | (0.47) | 25.55 | 25.08 | (0.08) |  | (0.08) |
| **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
| Year Ended July 31, 2025 | $108.24 | 0.04 | (53.10) | (53.06) |  |  |  |
| Year Ended July 31, 2024 | $108.85 | (0.55) | (0.06) | (0.61) |  |  |  |
| Year Ended July 31, 2023 | $68.41 | (0.71) | 41.15 | 40.44 |  |  |  |
| Year Ended July 31, 2022 | $54.96 | (1.20) | 14.65 | 13.45 |  |  |  |
| Year Ended July 31, 2021<sup>(e)</sup> | $32.90 | (0.95) | 23.01 | 22.06 |  |  |  |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | Ratios to <br>Average Net Assets | Ratios to <br>Average Net Assets | Ratios to <br>Average Net Assets | Supplemental<br>Data | Supplemental<br>Data |
| |<br>Net<br>Asset<br>Value,<br>End of<br>Period |<br>Total<br>Return | Gross<br>Expenses | Net<br>Expenses | Net<br>Investment<br>Income<br>(Loss) | Net<br>Assets,<br>End of<br>Period<br>(000's) | Portfolio<br>Turnover<br>Rate<sup>(b)</sup> |
| **Nasdaq-100 ProFund** | **Nasdaq-100 ProFund** | **Nasdaq-100 ProFund** | **Nasdaq-100 ProFund** | **Nasdaq-100 ProFund** | **Nasdaq-100 ProFund** | **Nasdaq-100 ProFund** | **Nasdaq-100 ProFund** |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
| Year Ended July 31, 2025<sup>(c)</sup> | $48.88 | 17.83% | 1.47% | 1.47% | 0.71% | $118651 | 131% |
| Year Ended July 31, 2024<sup>(c)</sup> | $41.80 | 21.31% | 1.54% | 1.53% | 1.58% | $126080 | 30% |
| Year Ended July 31, 2023<sup>(c)</sup> | $34.45 | 19.68% | 1.52% | 1.52% | 1.32% | $125665 | 136% |
| Year Ended July 31, 2022<sup>(c)</sup> | $28.79 | (15.20)% | 1.46% | 1.46% | (0.97)% | $48382 | 635% |
| Year Ended July 31, 2021<sup>(c)</sup> | $34.80 | 35.07% | 1.48% | 1.48% | (1.01)% | $153313 | 440% |
| **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
| Year Ended July 31, 2025<sup>(c)</sup> | $37.39 | 16.61% | 2.47% | 2.47% | (0.29)% | $9109 | 131% |
| Year Ended July 31, 2024<sup>(c)</sup> | $32.15 | 20.08% | 2.54% | 2.53% | 0.58% | $10084 | 30% |
| Year Ended July 31, 2023<sup>(c)</sup> | $26.77 | 18.44% | 2.52% | 2.52% | 0.32% | $7960 | 136% |
| Year Ended July 31, 2022<sup>(c)</sup> | $22.60 | (16.03)% | 2.46% | 2.46% | (1.97)% | $6964 | 635% |
| Year Ended July 31, 2021<sup>(c)</sup> | $27.78 | 33.74% | 2.48% | 2.48% | (2.01)% | $7473 | 440% |
| **Oil & Gas Equipment & Services UltraSector ProFund** | **Oil & Gas Equipment & Services UltraSector ProFund** | **Oil & Gas Equipment & Services UltraSector ProFund** | **Oil & Gas Equipment & Services UltraSector ProFund** | **Oil & Gas Equipment & Services UltraSector ProFund** | **Oil & Gas Equipment & Services UltraSector ProFund** | **Oil & Gas Equipment & Services UltraSector ProFund** | **Oil & Gas Equipment & Services UltraSector ProFund** |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
| Year Ended July 31, 2025 | $63.92 | (48.48)% | 1.74% | 1.74% | 0.90% | $10558 | 149% |
| Year Ended July 31, 2024 | $124.72 | 0.43% | 1.69% | 1.69% | 0.38% | $14487 | 217% |
| Year Ended July 31, 2023 | $124.18 | 60.67% | 1.68% | 1.68% | 0.12% | $14708 | 255% |
| Year Ended July 31, 2022 | $77.29 | 25.74% | 1.65% | 1.65% | (0.69)% | $13020 | 218% |
| Year Ended July 31, 2021<sup>(e)</sup> | $61.47 | 68.77% | 1.73% | 1.71% | (0.80)% | $15229 | 727% |
| **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
| Year Ended July 31, 2025 | $55.18 | (49.03)% | 2.74% | 2.74% | (0.10)% | $96 | 149% |
| Year Ended July 31, 2024 | $108.24 | (0.55)% | 2.69% | 2.69% | (0.62)% | $88 | 217% |
| Year Ended July 31, 2023 | $108.85 | 59.09% | 2.68% | 2.68% | (0.88)% | $3223 | 255% |
| Year Ended July 31, 2022 | $68.41 | 24.49% | 2.65% | 2.65% | (1.69)% | $1247 | 218% |
| Year Ended July 31, 2021<sup>(e)</sup> | $54.96 | 67.15% | 2.73% | 2.71% | (1.80)% | $621 | 727% |

---

(a) Per share net investment income (loss) has been calculated using the average daily shares method.

(b) Portfolio turnover rate is calculated without regard to instruments having a maturity of less than one year from acquisition or derivative instruments (including swap agreements and futures contracts). The portfolio turnover rate can be high and volatile due to the amount and timing of sales and purchases of fund shares during the period. Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued.

(c) As described in the accompanying notes to financial statements, share amounts have been adjusted for 4:1 share split that occurred on October 14, 2024.

(d) The amount shown for a share outstanding throughout the period does not accord with the change in aggregate gains and losses in the portfolio of securities during the period because of timing of sales and purchases of fund shares in relation to fluctuating market values during the period.

(e) As described in the accompanying notes to financial statements, share amounts have been adjusted for 1:4 reverse share split that occurred on December 14, 2020.

**See accompanying notes to financial statements.**

------

**256 :: Financial Highlights**

**ProFunds Financial Highlights** FOR THE PERIODS INDICATED

**Selected data for a share of beneficial interest outstanding throughout the periods indicated.**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | Investment Activities | Investment Activities | Investment Activities | Distributions to Shareholders From | Distributions to Shareholders From | Distributions to Shareholders From |
| |<br>Net Asset <br>Value, <br>Beginning <br>of Period | Net<br>Investment<br>Income<br>(Loss)<sup>(a)</sup> | Net<br>Realized<br>and<br>Unrealized<br>Gains<br>(Losses) on<br>Investments | Total from<br>Investment<br>Activities | Net<br>Investment<br>Income | Net<br>Realized<br>Gains on<br>Investments | Total<br>Distributions |
| **Pharmaceuticals UltraSector ProFund** | **Pharmaceuticals UltraSector ProFund** | **Pharmaceuticals UltraSector ProFund** | **Pharmaceuticals UltraSector ProFund** | **Pharmaceuticals UltraSector ProFund** | **Pharmaceuticals UltraSector ProFund** | **Pharmaceuticals UltraSector ProFund** | **Pharmaceuticals UltraSector ProFund** |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
| Year Ended July 31, 2025 | $25.60 | 0.10 | (2.97) | (2.87) | (0.26) |  | (0.26) |
| Year Ended July 31, 2024 | $27.07 | 0.20 | (1.55) | (1.35) | (0.12) |  | (0.12) |
| Year Ended July 31, 2023 | $28.86 | 0.16 | (1.95) | (1.79) |  |  |  |
| Year Ended July 31, 2022 | $30.56 | (0.06) | (0.41) | (0.47) |  | (1.23) | (1.23) |
| Year Ended July 31, 2021 | $22.94 | (0.09) | 7.81 | 7.72 |  | (0.10) | (0.10) |
| **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
| Year Ended July 31, 2025 | $21.10 | (0.10) | (2.46) | (2.56) |  |  |  |
| Year Ended July 31, 2024 | $22.44 | 0.01 | (1.35) | (1.34) |  |  |  |
| Year Ended July 31, 2023 | $24.14 | (0.06) | (1.64) | (1.70) |  |  |  |
| Year Ended July 31, 2022 | $26.02 | (0.31) | (0.34) | (0.65) |  | (1.23) | (1.23) |
| Year Ended July 31, 2021 | $19.74 | (0.32) | 6.70 | 6.38 |  | (0.10) | (0.10) |
| **Precious Metals UltraSector ProFund** | **Precious Metals UltraSector ProFund** | **Precious Metals UltraSector ProFund** | **Precious Metals UltraSector ProFund** | **Precious Metals UltraSector ProFund** | **Precious Metals UltraSector ProFund** | **Precious Metals UltraSector ProFund** | **Precious Metals UltraSector ProFund** |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
| Year Ended July 31, 2025 | $57.55 | 0.35 | 28.05 | 28.40 | (0.87) |  | (0.87) |
| Year Ended July 31, 2024 | $47.18 | 0.46 | 10.49 | 10.95 | (0.58) |  | (0.58) |
| Year Ended July 31, 2023 | $40.36 | 0.49 | 6.33 | 6.82 | —<br> <sup>(c)</sup> |  | —<br> <sup>(c)</sup> |
| Year Ended July 31, 2022 | $65.60 | 0.19 | (25.43) | (25.24) |  |  |  |
| Year Ended July 31, 2021 | $89.95 | (0.28) | (24.07) | (24.35) |  |  |  |
| **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
| Year Ended July 31, 2025 | $47.80 | (0.20) | 23.39 | 23.19 | (0.39) |  | (0.39) |
| Year Ended July 31, 2024 | $39.28 | 0.09 | 8.63 | 8.72 | (0.20) |  | (0.20) |
| Year Ended July 31, 2023 | $33.94 | 0.11 | 5.23 | 5.34 |  |  |  |
| Year Ended July 31, 2022 | $55.73 | (0.32) | (21.47) | (21.79) |  |  |  |
| Year Ended July 31, 2021 | $77.19 | (0.88) | (20.58) | (21.46) |  |  |  |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | Ratios to <br>Average Net Assets | Ratios to <br>Average Net Assets | Ratios to <br>Average Net Assets | Supplemental<br>Data | Supplemental<br>Data |
| |<br>Net<br>Asset<br>Value,<br>End of<br>Period |<br>Total<br>Return | Gross<br>Expenses | Net<br>Expenses | Net<br>Investment<br>Income<br>(Loss) | Net<br>Assets,<br>End of<br>Period<br>(000's) | Portfolio<br>Turnover<br>Rate<sup>(b)</sup> |
| **Pharmaceuticals UltraSector ProFund** | **Pharmaceuticals UltraSector ProFund** | **Pharmaceuticals UltraSector ProFund** | **Pharmaceuticals UltraSector ProFund** | **Pharmaceuticals UltraSector ProFund** | **Pharmaceuticals UltraSector ProFund** | **Pharmaceuticals UltraSector ProFund** | **Pharmaceuticals UltraSector ProFund** |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
| Year Ended July 31, 2025 | $22.47 | (11.30)% | 2.53% | 1.78% | 0.42% | $2249 | 178% |
| Year Ended July 31, 2024 | $25.60 | (4.98)% | 2.47% | 1.78% | 0.87% | $2770 | 207% |
| Year Ended July 31, 2023 | $27.07 | (6.20)% | 2.21% | 1.78% | 0.62% | $3451 | 272% |
| Year Ended July 31, 2022 | $28.86 | (1.71)% | 2.13% | 1.78% | (0.20)% | $3828 | 185% |
| Year Ended July 31, 2021 | $30.56 | 33.74% | 2.27% | 1.78% | (0.33)% | $3961 | 204% |
| **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
| Year Ended July 31, 2025 | $18.54 | (12.13)% | 3.53% | 2.78% | (0.58)% | $136 | 178% |
| Year Ended July 31, 2024 | $21.10 | (5.97)% | 3.47% | 2.78% | (0.13)% | $236 | 207% |
| Year Ended July 31, 2023 | $22.44 | (7.08)% | 3.21% | 2.78% | (0.38)% | $460 | 272% |
| Year Ended July 31, 2022 | $24.14 | (2.69)% | 3.13% | 2.78% | (1.20)% | $289 | 185% |
| Year Ended July 31, 2021 | $26.02 | 32.41% | 3.27% | 2.78% | (1.33)% | $318 | 204% |
| **Precious Metals UltraSector ProFund** | **Precious Metals UltraSector ProFund** | **Precious Metals UltraSector ProFund** | **Precious Metals UltraSector ProFund** | **Precious Metals UltraSector ProFund** | **Precious Metals UltraSector ProFund** | **Precious Metals UltraSector ProFund** | **Precious Metals UltraSector ProFund** |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
| Year Ended July 31, 2025 | $85.08 | 50.63% | 1.53% | 1.53% | 0.54% | $35463 | 229% |
| Year Ended July 31, 2024 | $57.55 | 23.56% | 1.60% | 1.60% | 1.07% | $26709 | 204% |
| Year Ended July 31, 2023 | $47.18 | 16.90% | 1.63% | 1.63% | 1.09% | $25671 | 128% |
| Year Ended July 31, 2022 | $40.36 | (38.48)% | 1.53% | 1.53% | 0.33% | $18455 | 94% |
| Year Ended July 31, 2021 | $65.60 | (27.07)% | 1.59% | 1.59% | (0.39)% | $35750 | 128% |
| **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
| Year Ended July 31, 2025 | $70.60 | 49.19% | 2.53% | 2.53% | (0.46)% | $3017 | 229% |
| Year Ended July 31, 2024 | $47.80 | 22.36% | 2.60% | 2.60% | 0.07% | $2323 | 204% |
| Year Ended July 31, 2023 | $39.28 | 15.70% | 2.63% | 2.63% | 0.09% | $1077 | 128% |
| Year Ended July 31, 2022 | $33.94 | (39.08)% | 2.53% | 2.53% | (0.67)% | $1280 | 94% |
| Year Ended July 31, 2021 | $55.73 | (27.80)% | 2.59% | 2.59% | (1.39)% | $1755 | 128% |

---

(a) Per share net investment income (loss) has been calculated using the average daily shares method.

(b) Portfolio turnover rate is calculated without regard to instruments having a maturity of less than one year from acquisition or derivative instruments (including swap agreements and futures contracts). The portfolio turnover rate can be high and volatile due to the amount and timing of sales and purchases of fund shares during the period. Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued.

(c) Amount is less than $0.005.

**See accompanying notes to financial statements.**

------

**Financial Highlights :: 257**

**ProFunds Financial Highlights** FOR THE PERIODS INDICATED

**Selected data for a share of beneficial interest outstanding throughout the periods indicated.**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | Investment Activities | Investment Activities | Investment Activities | Distributions to Shareholders From | Distributions to Shareholders From | Distributions to Shareholders From |
| |<br>Net Asset <br>Value, <br>Beginning <br>of Period | Net<br>Investment<br>Income<br>(Loss)<sup>(a)</sup> | Net<br>Realized<br>and<br>Unrealized<br>Gains<br>(Losses) on<br>Investments | Total from<br>Investment<br>Activities | Net<br>Investment<br>Income | Net<br>Realized<br>Gains on<br>Investments | Total<br>Distributions |
| **Real Estate UltraSector ProFund** | **Real Estate UltraSector ProFund** | **Real Estate UltraSector ProFund** | **Real Estate UltraSector ProFund** | **Real Estate UltraSector ProFund** | **Real Estate UltraSector ProFund** | **Real Estate UltraSector ProFund** | **Real Estate UltraSector ProFund** |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
| Year Ended July 31, 2025 | $42.25 | 0.62 | (0.74)<sup>(c)</sup> | (0.12) | (0.95) |  | (0.95) |
| Year Ended July 31, 2024 | $38.73 | 0.63 | 3.65 | 4.28 | (0.76) |  | (0.76) |
| Year Ended July 31, 2023 | $50.52 | 0.08 | (10.40) | (10.32) | (0.22) | (1.25) | (1.47) |
| Year Ended July 31, 2022 | $63.02 | (0.20) | (4.17) | (4.37) | (0.56) | (7.57) | (8.13) |
| Year Ended July 31, 2021 | $42.23 | (0.18) | 20.97 | 20.79 |  |  |  |
| **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
| Year Ended July 31, 2025 | $39.20 | 0.22 | (0.71)<sup>(c)</sup> | (0.44) | (0.64) |  | (0.64) |
| Year Ended July 31, 2024 | $35.96 | 0.28 | 3.34 | 3.62 | (0.38) |  | (0.38) |
| Year Ended July 31, 2023 | $47.21 | (0.29) | (9.71) | (10.00) |  | (1.25) | (1.25) |
| Year Ended July 31, 2022 | $59.52 | (0.75) | (3.90) | (4.65) | (0.09) | (7.57) | (7.66) |
| Year Ended July 31, 2021 | $40.28 | (0.66) | 19.90 | 19.24 |  |  |  |
| **Rising Rates Opportunity ProFund** | **Rising Rates Opportunity ProFund** | **Rising Rates Opportunity ProFund** | **Rising Rates Opportunity ProFund** | **Rising Rates Opportunity ProFund** | **Rising Rates Opportunity ProFund** | **Rising Rates Opportunity ProFund** | **Rising Rates Opportunity ProFund** |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
| Year Ended July 31, 2025 | $40.32 | 1.05 | 3.75 | 4.80 | (2.03) |  | (2.03) |
| Year Ended July 31, 2024 | $38.87 | 1.46 | 1.83<br> <sup>(c)</sup> | 3.29 | (1.84) |  | (1.84) |
| Year Ended July 31, 2023 | $31.43 | 0.71 | 6.73 | 7.44 |  |  |  |
| Year Ended July 31, 2022 | $25.21 | (0.28) | 6.50 | 6.22 |  |  |  |
| Year Ended July 31, 2021 | $21.80 | (0.43) | 3.84 | 3.41 |  |  |  |
| **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
| Year Ended July 31, 2025 | $36.12 | 0.67 | 3.28 | 3.95 |  |  |  |
| Year Ended July 31, 2024 | $33.49 | 1.09 | 1.54<br> <sup>(c)</sup> | 2.63 |  |  |  |
| Year Ended July 31, 2023 | $27.36 | 0.39 | 5.74 | 6.13 |  |  |  |
| Year Ended July 31, 2022 | $22.15 | (0.53) | 5.74 | 5.21 |  |  |  |
| Year Ended July 31, 2021 | $19.35 | (0.67) | 3.47 | 2.80 |  |  |  |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | Ratios to <br>Average Net Assets | Ratios to <br>Average Net Assets | Ratios to <br>Average Net Assets | Supplemental<br>Data | Supplemental<br>Data |
| |<br>Net<br>Asset<br>Value,<br>End of<br>Period |<br>Total<br>Return | Gross<br>Expenses | Net<br>Expenses | Net<br>Investment<br>Income<br>(Loss) | Net<br>Assets,<br>End of<br>Period<br>(000's) | Portfolio<br>Turnover<br>Rate<sup>(b)</sup> |
| **Real Estate UltraSector ProFund** | **Real Estate UltraSector ProFund** | **Real Estate UltraSector ProFund** | **Real Estate UltraSector ProFund** | **Real Estate UltraSector ProFund** | **Real Estate UltraSector ProFund** | **Real Estate UltraSector ProFund** | **Real Estate UltraSector ProFund** |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
| Year Ended July 31, 2025 | $41.18 | (0.28)% | 2.03% | 1.78% | 1.41% | $2914 | 640% |
| Year Ended July 31, 2024 | $42.25 | 11.21<br> %<sup>(d)</sup> | 2.34% | 1.83% | 1.69% | $5066 | 153% |
| Year Ended July 31, 2023 | $38.73 | (20.29)% | 2.30% | 2.10<br> %<sup>(e)</sup> | 0.21% | $4639 | 75% |
| Year Ended July 31, 2022 | $50.52 | (8.99)%<sup>(f)</sup> | 1.55% | 1.55% | (0.32)% | $6793 | 253% |
| Year Ended July 31, 2021 | $63.02 | 49.23% | 1.86% | 1.81% | (0.33)% | $34877 | 175% |
| **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
| Year Ended July 31, 2025 | $38.06 | (1.24)% | 3.03% | 2.78% | 0.41% | $346 | 640% |
| Year Ended July 31, 2024 | $39.20 | 10.09<br> %<sup>(d)</sup> | 3.34% | 2.83% | 0.69% | $334 | 153% |
| Year Ended July 31, 2023 | $35.96 | (21.07)% | 3.30% | 3.10<br> %<sup>(e)</sup> | (0.79)% | $276 | 75% |
| Year Ended July 31, 2022 | $47.21 | (9.89)%<sup>(f)</sup> | 2.55% | 2.55% | (1.32)% | $534 | 253% |
| Year Ended July 31, 2021 | $59.52 | 47.77% | 2.86% | 2.81% | (1.33)% | $964 | 175% |
| **Rising Rates Opportunity ProFund** | **Rising Rates Opportunity ProFund** | **Rising Rates Opportunity ProFund** | **Rising Rates Opportunity ProFund** | **Rising Rates Opportunity ProFund** | **Rising Rates Opportunity ProFund** | **Rising Rates Opportunity ProFund** | **Rising Rates Opportunity ProFund** |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
| Year Ended July 31, 2025 | $43.09 | 12.01% | 1.92% | 1.92% | 2.51% | $9453 |  |
| Year Ended July 31, 2024 | $40.32 | 8.89% | 1.76% | 1.75% | 3.49% | $8876 |  |
| Year Ended July 31, 2023 | $38.87 | 23.67% | 1.61% | 1.61% | 1.97% | $11272 |  |
| Year Ended July 31, 2022 | $31.43 | 24.67% | 1.52% | 1.52% | (0.96)% | $44874 |  |
| Year Ended July 31, 2021 | $25.21 | 15.64% | 1.71% | 1.69% | (1.68)% | $9091 |  |
| **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
| Year Ended July 31, 2025 | $40.07 | 10.94% | 2.92% | 2.92% | 1.51% | $105 |  |
| Year Ended July 31, 2024 | $36.12 | 7.85% | 2.76% | 2.75% | 2.49% | $152 |  |
| Year Ended July 31, 2023 | $33.49 | 22.40% | 2.61% | 2.61% | 0.97% | $1593 |  |
| Year Ended July 31, 2022 | $27.36 | 23.47% | 2.52% | 2.52% | (1.96)% | $1173 |  |
| Year Ended July 31, 2021 | $22.15 | 14.52% | 2.71% | 2.69% | (2.68)% | $680 |  |

---

(a) Per share net investment income (loss) has been calculated using the average daily shares method.

(b) Portfolio turnover rate is calculated without regard to instruments having a maturity of less than one year from acquisition or derivative instruments (including swap agreements and futures contracts). The portfolio turnover rate can be high and volatile due to the amount and timing of sales and purchases of fund shares during the period. Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued.

(c) The amount shown for a share outstanding throughout the period does not accord with the change in aggregate gains and losses in the portfolio of securities during the period because of timing of sales and purchases of fund shares in relation to fluctuating market values during the period.

(d) During the year ended July 31, 2024, the Fund received monies related to certain nonrecurring litigation settlements. The corresponding impact to the total return was 0.19%.

(e) The expense ratio does not correlate to the applicable expense limits in place during the period given that the annual contractual expense limitation is applied for the one year periods ended November 30th of each year, instead of coinciding with the July 31st year end.

(f) During the year ended July 31, 2022, the Fund received monies related to certain nonrecurring litigation settlements. The corresponding impact to the total return was 0.03%.

**See accompanying notes to financial statements.**

------

**258 :: Financial Highlights**

**ProFunds Financial Highlights** FOR THE PERIODS INDICATED

**Selected data for a share of beneficial interest outstanding throughout the periods indicated.**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | Investment Activities | Investment Activities | Investment Activities | Distributions to Shareholders From | Distributions to Shareholders From | Distributions to Shareholders From |
| |<br>Net Asset<br>Value,<br>Beginning<br>of Period | Net<br>Investment<br>Income<br>(Loss)<sup>(a)</sup> | Net<br>Realized<br>and<br>Unrealized<br>Gains<br>(Losses) on<br>Investments | Total from<br>Investment<br>Activities | Net<br>Investment<br>Income | Net<br>Realized<br>Gains on<br>Investments | Total<br>Distributions |
| **Rising Rates Opportunity 10 ProFund** | **Rising Rates Opportunity 10 ProFund** | **Rising Rates Opportunity 10 ProFund** | **Rising Rates Opportunity 10 ProFund** | **Rising Rates Opportunity 10 ProFund** | **Rising Rates Opportunity 10 ProFund** | **Rising Rates Opportunity 10 ProFund** | **Rising Rates Opportunity 10 ProFund** |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
| Year Ended July 31, 2025 | $14.98 | 0.39 | 0.32 | 0.71 | (0.86) |  | (0.86) |
| Year Ended July 31, 2024 | $15.23 | 0.53 | 0.18<br> <sup>(c)</sup> | 0.71 | (0.96) |  | (0.96) |
| Year Ended July 31, 2023 | $13.45 | 0.29 | 1.49 | 1.78 |  |  |  |
| Year Ended July 31, 2022 | $12.32 | (0.17) | 1.30 | 1.13 |  |  |  |
| Year Ended July 31, 2021 | $12.02 | (0.22) | 0.52 | 0.30 |  |  |  |
| **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
| Year Ended July 31, 2025 | $13.81 | 0.25 | 0.26 | 0.51 | (0.56) |  | (0.56) |
| Year Ended July 31, 2024 | $13.74 | 0.38 | 0.14<br> <sup>(c)</sup> | 0.52 | (0.45) |  | (0.45) |
| Year Ended July 31, 2023 | $12.26 | 0.15 | 1.33 | 1.48 |  |  |  |
| Year Ended July 31, 2022 | $11.34 | (0.29) | 1.21 | 0.92 |  |  |  |
| Year Ended July 31, 2021 | $11.18 | (0.34) | 0.50 | 0.16 |  |  |  |
| **Rising U.S. Dollar ProFund** | **Rising U.S. Dollar ProFund** | **Rising U.S. Dollar ProFund** | **Rising U.S. Dollar ProFund** | **Rising U.S. Dollar ProFund** | **Rising U.S. Dollar ProFund** | **Rising U.S. Dollar ProFund** | **Rising U.S. Dollar ProFund** |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
| Year Ended July 31, 2025 | $30.43 | 0.71 | (0.73) | (0.02) | (0.91) |  | (0.91) |
| Year Ended July 31, 2024 | $29.83 | 0.95 | 1.03 | 1.98 | (1.38) |  | (1.38) |
| Year Ended July 31, 2023 | $30.65 | 0.56 | (0.72) | (0.16) |  | (0.66) | (0.66) |
| Year Ended July 31, 2022 | $27.16 | (0.38) | 3.87 | 3.49 |  |  |  |
| Year Ended July 31, 2021 | $27.99 | (0.48) | (0.35) | (0.83) |  |  |  |
| **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
| Year Ended July 31, 2025 | $25.86 | 0.45 | (0.72) | (0.27) | (0.51) |  | (0.51) |
| Year Ended July 31, 2024 | $25.48 | 0.69 | 0.75 | 1.44 | (1.06) |  | (1.06) |
| Year Ended July 31, 2023 | $26.56 | 0.29 | (0.71) | (0.42) |  | (0.66) | (0.66) |
| Year Ended July 31, 2022 | $23.77 | (0.63) | 3.42 | 2.79 |  |  |  |
| Year Ended July 31, 2021 | $24.74 | (0.72) | (0.25) | (0.97) |  |  |  |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | | Ratios to <br>Average Net Assets | Ratios to <br>Average Net Assets | Ratios to <br>Average Net Assets | Supplemental <br>Data | Supplemental <br>Data |
| |<br>Net<br>Asset<br>Value,<br>End of<br>Period |<br>Total<br>Return | Gross<br>Expenses | Net<br>Expenses | Net<br>Investment<br>Income<br>(Loss) | Net<br>Assets,<br>End of<br>Period<br>(000's) | Portfolio<br>Turnover<br>Rate<sup>(b)</sup> |
| **Rising Rates Opportunity 10 ProFund** | **Rising Rates Opportunity 10 ProFund** | **Rising Rates Opportunity 10 ProFund** | **Rising Rates Opportunity 10 ProFund** | **Rising Rates Opportunity 10 ProFund** | **Rising Rates Opportunity 10 ProFund** | **Rising Rates Opportunity 10 ProFund** | **Rising Rates Opportunity 10 ProFund** |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
| Year Ended July 31, 2025 | $14.83 | 4.66% | 5.52% | 1.78% | 2.61% | $560 |  |
| Year Ended July 31, 2024 | $14.98 | 4.94% | 3.11% | 1.78% | 3.42% | $1830 |  |
| Year Ended July 31, 2023 | $15.23 | 13.23% | 2.33% | 1.78% | 1.98% | $2035 |  |
| Year Ended July 31, 2022 | $13.45 | 9.17% | 2.62% | 1.78% | (1.31)% | $2933 |  |
| Year Ended July 31, 2021 | $12.32 | 2.50% | 2.69% | 1.78% | (1.77)% | $1832 |  |
| **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
| Year Ended July 31, 2025 | $13.76 | 3.65% | 6.52% | 2.78% | 1.61% | $32 |  |
| Year Ended July 31, 2024 | $13.81 | 3.93% | 4.11% | 2.78% | 2.42% | $137 |  |
| Year Ended July 31, 2023 | $13.74 | 12.07% | 3.33% | 2.78% | 0.98% | $528 |  |
| Year Ended July 31, 2022 | $12.26 | 8.11% | 3.62% | 2.78% | (2.31)% | $762 |  |
| Year Ended July 31, 2021 | $11.34 | 1.43% | 3.69% | 2.78% | (2.77)% | $121 |  |
| **Rising U.S. Dollar ProFund** | **Rising U.S. Dollar ProFund** | **Rising U.S. Dollar ProFund** | **Rising U.S. Dollar ProFund** | **Rising U.S. Dollar ProFund** | **Rising U.S. Dollar ProFund** | **Rising U.S. Dollar ProFund** | **Rising U.S. Dollar ProFund** |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
| Year Ended July 31, 2025 | $29.50 | (0.24)% | 2.22% | 1.78% | 2.36% | $8392 |  |
| Year Ended July 31, 2024 | $30.43 | 6.88% | 2.43% | 1.78% | 3.13% | $9791 |  |
| Year Ended July 31, 2023 | $29.83 | (0.52)% | 1.82% | 1.78% | 1.82% | $9097 |  |
| Year Ended July 31, 2022 | $30.65 | 12.85% | 1.82% | 1.78% | (1.32)% | $46695 |  |
| Year Ended July 31, 2021 | $27.16 | (2.97)% | 2.13% | 1.78% | (1.77)% | $6264 |  |
| **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
| Year Ended July 31, 2025 | $25.08 | (1.16)% | 3.22% | 2.78% | 1.36% | $24 |  |
| Year Ended July 31, 2024 | $25.86 | 5.92% | 3.43% | 2.78% | 2.13% | $50 |  |
| Year Ended July 31, 2023 | $25.48 | (1.56)% | 2.82% | 2.78% | 0.82% | $97 |  |
| Year Ended July 31, 2022 | $26.56 | 11.70% | 2.82% | 2.78% | (2.32)% | $182 |  |
| Year Ended July 31, 2021 | $23.77 | (3.92)% | 3.13% | 2.78% | (2.77)% | $52 |  |

---

(a) Per share net investment income (loss) has been calculated using the average daily shares method.

(b) Portfolio turnover rate is calculated without regard to instruments having a maturity of less than one year from acquisition or derivative instruments (including swap agreements and futures contracts). The portfolio turnover rate can be high and volatile due to the amount and timing of sales and purchases of fund shares during the period. Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued.

(c) The amount shown for a share outstanding throughout the period does not accord with the change in aggregate gains and losses in the portfolio of securities during the period because of timing of sales and purchases of fund shares in relation to fluctuating market values during the period.

**See accompanying notes to financial statements.**

------

**Financial Highlights :: 259**

**ProFunds Financial Highlights** FOR THE PERIODS INDICATED

**Selected data for a share of beneficial interest outstanding throughout the periods indicated.**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | Investment Activities | Investment Activities | Investment Activities | Distributions to Shareholders From | Distributions to Shareholders From | Distributions to Shareholders From |
| |<br>Net Asset<br>Value,<br>Beginning<br>of Period | Net<br>Investment<br>Income<br>(Loss)<sup>(a)</sup> | Net<br>Realized<br>and<br>Unrealized<br>Gains<br>(Losses) on<br>Investments | Total from<br>Investment<br>Activities | Net<br>Investment<br>Income | Net<br>Realized<br>Gains on<br>Investments | Total<br>Distributions |
| **Semiconductor UltraSector ProFund** | **Semiconductor UltraSector ProFund** | **Semiconductor UltraSector ProFund** | **Semiconductor UltraSector ProFund** | **Semiconductor UltraSector ProFund** | **Semiconductor UltraSector ProFund** | **Semiconductor UltraSector ProFund** | **Semiconductor UltraSector ProFund** |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
| Year Ended July 31, 2025<sup>(c)</sup> | $42.73 | 0.10 | 15.90 | 16.00 | (0.07) | (5.67) | (5.74) |
| Year Ended July 31, 2024<sup>(c)</sup> | $20.02 | 0.05 | 22.66 | 22.71 |  |  |  |
| Year Ended July 31, 2023<sup>(c)</sup> | $11.62 | 0.05 | 8.35 | 8.40 |  |  |  |
| Year Ended July 31, 2022<sup>(c)</sup> | $14.76 | (0.09) | (2.22) | (2.31) |  | (0.83) | (0.83) |
| Year Ended July 31, 2021<sup>(c)</sup> | $7.95 | (0.07) | 6.88 | 6.81 |  |  |  |
| **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
| Year Ended July 31, 2025<sup>(c)</sup> | $30.80 | (0.18) | 10.93 | 10.75 |  | (5.67) | (5.67) |
| Year Ended July 31, 2024<sup>(c)</sup> | $14.58 | (0.17) | 16.39 | 16.22 |  |  |  |
| Year Ended July 31, 2023<sup>(c)</sup> | $8.54 | (0.04) | 6.08 | 6.04 |  |  |  |
| Year Ended July 31, 2022<sup>(c)</sup> | $11.12 | (0.20) | (1.55) | (1.75) |  | (0.83) | (0.83) |
| Year Ended July 31, 2021<sup>(c)</sup> | $6.05 | (0.16) | 5.23 | 5.07 |  |  |  |
| **Short Energy ProFund** | **Short Energy ProFund** | **Short Energy ProFund** | **Short Energy ProFund** | **Short Energy ProFund** | **Short Energy ProFund** | **Short Energy ProFund** | **Short Energy ProFund** |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
| Year Ended July 31, 2025 | $13.79 | 0.36 | 0.31 | 0.67 | (0.54) |  | (0.54) |
| Year Ended July 31, 2024 | $14.95 | 0.49 | (1.08) | (0.59) | (0.57) |  | (0.57) |
| Year Ended July 31, 2023 | $17.57 | 0.34 | (2.96) | (2.62) |  |  |  |
| Year Ended July 31, 2022 | $32.82 | (0.29) | (14.96) | (15.25) |  |  |  |
| Year Ended July 31, 2021 | $55.89 | (0.85) | (22.22) | (23.07) |  |  |  |
| **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
| Year Ended July 31, 2025 | $12.51 | 0.23 | 0.38 | 0.61 | (0.47) |  | (0.47) |
| Year Ended July 31, 2024 | $13.59 | 0.36 | (0.99) | (0.63) | (0.45) |  | (0.45) |
| Year Ended July 31, 2023 | $16.20 | 0.19 | (2.80) | (2.61) |  |  |  |
| Year Ended July 31, 2022 | $30.52 | (0.53) | (13.79) | (14.32) |  |  |  |
| Year Ended July 31, 2021 | $52.45 | (1.25) | (20.68) | (21.93) |  |  |  |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | Ratios to <br>Average Net Assets | Ratios to <br>Average Net Assets | Ratios to <br>Average Net Assets | Supplemental <br>Data | Supplemental <br>Data |
| |<br>Net<br>Asset<br>Value,<br>End of<br>Period |<br>Total<br>Return | Gross<br>Expenses | Net<br>Expenses | Net<br>Investment<br>Income<br>(Loss) | Net<br>Assets,<br>End of<br>Period<br>(000's) | Portfolio<br>Turnover<br>Rate<sup>(b)</sup> |
| **Semiconductor UltraSector ProFund** | **Semiconductor UltraSector ProFund** | **Semiconductor UltraSector ProFund** | **Semiconductor UltraSector ProFund** | **Semiconductor UltraSector ProFund** | **Semiconductor UltraSector ProFund** | **Semiconductor UltraSector ProFund** | **Semiconductor UltraSector ProFund** |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
| Year Ended July 31, 2025<sup>(c)</sup> | $52.99 | 40.86% | 1.46% | 1.46% | 0.26% | $438221 | 205% |
| Year Ended July 31, 2024<sup>(c)</sup> | $42.73 | 113.44% | 1.49% | 1.48% | 0.15% | $378352 | 189% |
| Year Ended July 31, 2023<sup>(c)</sup> | $20.02 | 72.32% | 1.56% | 1.56% | 0.45% | $127520 | 72% |
| Year Ended July 31, 2022<sup>(c)</sup> | $11.62 | (17.93)% | 1.49% | 1.49% | (0.59)% | $64313 | 53% |
| Year Ended July 31, 2021<sup>(c)</sup> | $14.76 | 85.65% | 1.58% | 1.58% | (0.63)% | $79845 | 70% |
| **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
| Year Ended July 31, 2025<sup>(c)</sup> | $35.88 | 39.47% | 2.46% | 2.46% | (0.74)% | $14777 | 205% |
| Year Ended July 31, 2024<sup>(c)</sup> | $30.80 | 111.30% | 2.49% | 2.48% | (0.85)% | $17049 | 189% |
| Year Ended July 31, 2023<sup>(c)</sup> | $14.58 | 70.62% | 2.56% | 2.56% | (0.55)% | $6648 | 72% |
| Year Ended July 31, 2022<sup>(c)</sup> | $8.54 | (18.76)% | 2.49% | 2.49% | (1.59)% | $4254 | 53% |
| Year Ended July 31, 2021<sup>(c)</sup> | $11.12 | 83.81% | 2.58% | 2.58% | (1.63)% | $5376 | 70% |
| **Short Energy ProFund** | **Short Energy ProFund** | **Short Energy ProFund** | **Short Energy ProFund** | **Short Energy ProFund** | **Short Energy ProFund** | **Short Energy ProFund** | **Short Energy ProFund** |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
| Year Ended July 31, 2025 | $13.92 | 4.74% | 4.77% | 1.78% | 2.52% | $1239 |  |
| Year Ended July 31, 2024 | $13.79 | (4.24)% | 6.84% | 1.78% | 3.36% | $484 |  |
| Year Ended July 31, 2023 | $14.95 | (14.91)% | 3.63% | 1.78% | 2.14% | $635 |  |
| Year Ended July 31, 2022 | $17.57 | (46.47)% | 3.74% | 1.78% | (1.28)% | $2135 |  |
| Year Ended July 31, 2021 | $32.82 | (41.28)% | 3.16% | 1.78% | (1.76)% | $418 |  |
| **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
| Year Ended July 31, 2025 | $12.65 | 4.70% | 5.77% | 2.78% | 1.52% | $33 |  |
| Year Ended July 31, 2024 | $12.51 | (5.23)% | 7.84% | 2.78% | 2.36% | $17 |  |
| Year Ended July 31, 2023 | $13.59 | (15.81)% | 4.63% | 2.78% | 1.14% | $2 |  |
| Year Ended July 31, 2022 | $16.20 | (46.97)% | 4.74% | 2.78% | (2.28)% | $12 |  |
| Year Ended July 31, 2021 | $30.52 | (41.81)% | 4.15% | 2.77% | (2.75)% | $25 |  |

---

(a) Per share net investment income (loss) has been calculated using the average daily shares method.

(b) Portfolio turnover rate is calculated without regard to instruments having a maturity of less than one year from acquisition or derivative instruments (including swap agreements and futures contracts). The portfolio turnover rate can be high and volatile due to the amount and timing of sales and purchases of fund shares during the period. Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued.

(c) As described in the accompanying notes to financial statements, share amounts have been adjusted for 8:1 share split that occurred on October 14, 2024.

**See accompanying notes to financial statements.**

------

**260 :: Financial Highlights**

**ProFunds Financial Highlights** FOR THE PERIODS INDICATED

**Selected data for a share of beneficial interest outstanding throughout the periods indicated.**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | Investment Activities | Investment Activities | Investment Activities | Distributions to<br>Shareholders From | Distributions to<br>Shareholders From | |
| |<br>Net Asset<br>Value,<br>Beginning<br>of Period | Net<br>Investment<br>Income<br>(Loss)<sup>(a)</sup> | Net<br>Realized<br>and<br>Unrealized<br>Gains<br>(Losses) on<br>Investments | Total from<br>Investment<br>Activities | Net<br>Investment<br>Income | Total<br>Distributions |<br>Capital<br>Contributions |
| **Short Nasdaq-100 ProFund** | **Short Nasdaq-100 ProFund** | **Short Nasdaq-100 ProFund** | **Short Nasdaq-100 ProFund** | **Short Nasdaq-100 ProFund** | **Short Nasdaq-100 ProFund** | **Short Nasdaq-100 ProFund** | **Short Nasdaq-100 ProFund** |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
| Year Ended July 31, 2025 | $48.69 | 1.22 | (9.06) | (7.84) | (4.33) | (4.33) | 0.84<br> <sup>(c)</sup> |
| Year Ended July 31, 2024 | $60.69 | 1.82 | (10.17)<sup>(e)</sup> | (8.35) | (3.65) | (3.65) |  |
| Year Ended July 31, 2023<sup>(f)</sup> | $74.03 | 1.38 | (14.72) | (13.34) |  |  |  |
| Year Ended July 31, 2022<sup>(f)</sup> | $71.44 | (0.85) | 3.44 | 2.59 |  |  |  |
| Year Ended July 31, 2021<sup>(f)</sup> | $104.36 | (1.55) | (31.37) | (32.93) |  |  |  |
| **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
| Year Ended July 31, 2025 | $42.26 | 0.84 | (7.68) | (6.84) | (3.79) | (3.79) | 0.47<br> <sup>(g)</sup> |
| Year Ended July 31, 2024 | $52.72 | 1.34 | (9.08)<sup>(e)</sup> | (7.74) | (2.72) | (2.72) |  |
| Year Ended July 31, 2023<sup>(f)</sup> | $64.86 | 0.71 | (12.85) | (12.14) |  |  |  |
| Year Ended July 31, 2022<sup>(f)</sup> | $63.39 | (1.50) | 2.97 | 1.47 |  |  |  |
| Year Ended July 31, 2021<sup>(f)</sup> | $93.34 | (2.30) | (27.65) | (29.95) |  |  |  |
| **Short Precious Metals ProFund** | **Short Precious Metals ProFund** | **Short Precious Metals ProFund** | **Short Precious Metals ProFund** | **Short Precious Metals ProFund** | **Short Precious Metals ProFund** | **Short Precious Metals ProFund** | **Short Precious Metals ProFund** |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
| Year Ended July 31, 2025 | $9.64 | 0.23 | (3.18) | (2.95) | (0.22) | (0.22) |  |
| Year Ended July 31, 2024 | $14.04 | 0.44 | (2.50) | (2.06) | (2.34) | (2.34) |  |
| Year Ended July 31, 2023 | $17.45 | 0.34 | (3.75) | (3.41) |  |  |  |
| Year Ended July 31, 2022 | $14.83 | (0.22) | 2.84 | 2.62 |  |  |  |
| Year Ended July 31, 2021 | $14.53 | (0.27) | 0.57 | 0.30 |  |  |  |
| **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
| Year Ended July 31, 2025 | $9.31 | 0.15 | (3.08) | (2.93) | (0.15) | (0.15) |  |
| Year Ended July 31, 2024 | $13.40 | 0.31 | (2.39) | (2.08) | (2.01) | (2.01) |  |
| Year Ended July 31, 2023 | $16.80 | 0.19 | (3.59) | (3.40) |  |  |  |
| Year Ended July 31, 2022 | $14.43 | (0.37) | 2.74 | 2.37 |  |  |  |
| Year Ended July 31, 2021 | $14.31 | (0.42) | 0.54 | 0.12 |  |  |  |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | Ratios to <br>Average Net Assets | Ratios to <br>Average Net Assets | Ratios to <br>Average Net Assets | Supplemental <br>Data | Supplemental <br>Data |
| |<br>Net<br>Asset<br>Value,<br>End of<br>Period |<br>Total<br>Return | Gross<br>Expenses | Net<br>Expenses | Net<br>Investment<br>Income<br>(Loss) | Net<br>Assets,<br>End of<br>Period<br>(000's) | Portfolio<br>Turnover<br>Rate<sup>(b)</sup> |
| **Short Nasdaq-100 ProFund** | **Short Nasdaq-100 ProFund** | **Short Nasdaq-100 ProFund** | **Short Nasdaq-100 ProFund** | **Short Nasdaq-100 ProFund** | **Short Nasdaq-100 ProFund** | **Short Nasdaq-100 ProFund** | **Short Nasdaq-100 ProFund** |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
| Year Ended July 31, 2025 | $37.36 | (15.25)%<sup>(c)</sup> | 3.18% | 1.84<br> %<sup>(d)</sup> | 2.68% | $2153 |  |
| Year Ended July 31, 2024 | $48.69 | (14.36)% | 2.89% | 1.88% | 3.22% | $1853 |  |
| Year Ended July 31, 2023<sup>(f)</sup> | $60.69 | (18.04)% | 1.78% | 1.78% | 1.77% | $3051 |  |
| Year Ended July 31, 2022<sup>(f)</sup> | $74.03 | 3.64% | 1.81% | 1.78% | (1.13)% | $79796 |  |
| Year Ended July 31, 2021<sup>(f)</sup> | $71.44 | (31.63)% | 2.02% | 1.78% | (1.76)% | $1764 |  |
| **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
| Year Ended July 31, 2025 | $32.10 | (15.99)%<sup>(g)</sup> | 4.18% | 2.84<br> %<sup>(d)</sup> | 1.68% | $97 |  |
| Year Ended July 31, 2024 | $42.26 | (15.21)% | 3.89% | 2.88% | 2.22% | $112 |  |
| Year Ended July 31, 2023<sup>(f)</sup> | $52.72 | (18.72)% | 2.78% | 2.78% | 0.77% | $86 |  |
| Year Ended July 31, 2022<sup>(f)</sup> | $64.86 | 2.29% | 2.81% | 2.78% | (2.13)% | $241 |  |
| Year Ended July 31, 2021<sup>(f)</sup> | $63.39 | (32.26)% | 3.02% | 2.78% | (2.76)% | $111 |  |
| **Short Precious Metals ProFund** | **Short Precious Metals ProFund** | **Short Precious Metals ProFund** | **Short Precious Metals ProFund** | **Short Precious Metals ProFund** | **Short Precious Metals ProFund** | **Short Precious Metals ProFund** | **Short Precious Metals ProFund** |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
| Year Ended July 31, 2025 | $6.47 | (31.45)% | 2.16% | 1.78% | 2.67% | $12532 |  |
| Year Ended July 31, 2024 | $9.64 | (17.68)% | 2.32% | 1.78% | 3.52% | $1401 |  |
| Year Ended July 31, 2023 | $14.04 | (19.54)% | 2.38% | 1.78% | 2.26% | $3236 |  |
| Year Ended July 31, 2022 | $17.45 | 17.67% | 2.79% | 1.78% | (1.45)% | $2072 |  |
| Year Ended July 31, 2021 | $14.83 | 2.06% | 2.86% | 1.78% | (1.76)% | $2144 |  |
| **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
| Year Ended July 31, 2025 | $6.23 | (32.06)% | 3.16% | 2.78% | 1.67% | $33 |  |
| Year Ended July 31, 2024 | $9.31 | (18.40)% | 3.32% | 2.78% | 2.52% | $8 |  |
| Year Ended July 31, 2023 | $13.40 | (20.13)% | 3.38% | 2.78% | 1.26% | $19 |  |
| Year Ended July 31, 2022 | $16.80 | 16.35% | 3.79% | 2.78% | (2.45)% | $17 |  |
| Year Ended July 31, 2021 | $14.43 | 0.84% | 3.86% | 2.78% | (2.76)% | $14 |  |

---

(a) Per share net investment income (loss) has been calculated using the average daily shares method.

(b) Portfolio turnover rate is calculated without regard to instruments having a maturity of less than one year from acquisition or derivative instruments (including swap agreements and futures contracts). The portfolio turnover rate can be high and volatile due to the amount and timing of sales and purchases of fund shares during the period. Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued.

(c) The amount includes a voluntary capital contribution from the Advisor. The contribution represented $0.84 to the net asset value and 7.51% to the total return. Without this contribution, the net asset value and total return would have been lower.

(d) The expense ratio does not correlate to the applicable expense limits in place during the period given that the annual contractual expense limitation is applied for the one year periods ended April 30th of each year, instead of coinciding with the December 31st year end.

(e) The amount shown for a share outstanding throughout the period does not accord with the change in aggregate gains and losses in the portfolio of securities during the period because of timing of sales and purchases of fund shares in relation to fluctuating market values during the period.

(f) As described in the accompanying notes to financial statements, share amounts have been adjusted for 1:5 reverse share split that occurred on March 13, 2023.

(g) The amount includes a voluntary capital contribution from the Advisor. The contribution represented $0.47 to the net asset value and 7.47% to the total return. Without this contribution, the net asset value and total return would have been lower.

**See accompanying notes to financial statements.**

------

**Financial Highlights :: 261**

**ProFunds Financial Highlights** FOR THE PERIODS INDICATED

**Selected data for a share of beneficial interest outstanding throughout the periods indicated.**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | Investment Activities | Investment Activities | Investment Activities | Distributions to <br>Shareholders From | Distributions to <br>Shareholders From | |
| |<br>Net Asset<br>Value,<br>Beginning<br>of Period | Net<br>Investment<br>Income<br>(Loss)<sup>(a)</sup> | Net<br>Realized<br>and<br>Unrealized<br>Gains<br>(Losses) on<br>Investments | Total from<br>Investment<br>Activities | Net<br>Investment<br>Income | Total<br>Distributions |<br>Net<br>Asset<br>Value,<br>End of<br>Period |
| **Short Real Estate ProFund** | **Short Real Estate ProFund** | **Short Real Estate ProFund** | **Short Real Estate ProFund** | **Short Real Estate ProFund** | **Short Real Estate ProFund** | **Short Real Estate ProFund** | **Short Real Estate ProFund** |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
| Year Ended July 31, 2025 | $8.34 | 0.21 | (0.20) | 0.01 | (0.44) | (0.44) | $7.91 |
| Year Ended July 31, 2024 | $9.14 | 0.32 | (0.84) | (0.52) | (0.28) | (0.28) | $8.34 |
| Year Ended July 31, 2023 | $8.10 | 0.21 | 0.83 | 1.04 |  |  | $9.14 |
| Year Ended July 31, 2022 | $8.19 | (0.10) | 0.01 | (0.09) |  |  | $8.10 |
| Year Ended July 31, 2021 | $11.45 | (0.19) | (3.07) | (3.26) |  |  | $8.19 |
| **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
| Year Ended July 31, 2025 | $7.14 | 0.14 | (0.26) | (0.12) | (0.34) | (0.34) | $6.68 |
| Year Ended July 31, 2024 | $7.85 | 0.24 | (0.76) | (0.52) | (0.19) | (0.19) | $7.14 |
| Year Ended July 31, 2023 | $7.03 | 0.13 | 0.69 | 0.82 |  |  | $7.85 |
| Year Ended July 31, 2022 | $7.19 | (0.17) | 0.01 | (0.16) |  |  | $7.03 |
| Year Ended July 31, 2021 | $10.15 | (0.28) | (2.68) | (2.96) |  |  | $7.19 |
| **Short Small-Cap ProFund** | **Short Small-Cap ProFund** | **Short Small-Cap ProFund** | **Short Small-Cap ProFund** | **Short Small-Cap ProFund** | **Short Small-Cap ProFund** | **Short Small-Cap ProFund** | **Short Small-Cap ProFund** |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
| Year Ended July 31, 2025<sup>(c)</sup> | $53.26 | 1.41 | (0.22)<sup>(d)</sup> | 1.19 | (0.23) | (0.23) | $54.22 |
| Year Ended July 31, 2024<sup>(c)</sup> | $68.97 | 2.34 | (8.07) | (5.73) | (9.98) | (9.98) | $53.26 |
| Year Ended July 31, 2023<sup>(c)(e)</sup> | $74.11 | 1.96 | (7.10) | (5.14) |  |  | $68.97 |
| Year Ended July 31, 2022<sup>(c)(e)</sup> | $69.42 | (1.10) | 5.79 | 4.69 |  |  | $74.11 |
| Year Ended July 31, 2021<sup>(c)(e)</sup> | $114.26 | (1.50) | (43.34) | (44.84) |  |  | $69.42 |
| **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
| Year Ended July 31, 2025<sup>(c)</sup> | $49.03 | 0.90 | 0.03 | 0.93 |  |  | $49.96 |
| Year Ended July 31, 2024<sup>(c)</sup> | $64.18 | 1.72 | (7.57) | (5.85) | (9.30) | (9.30) | $49.03 |
| Year Ended July 31, 2023<sup>(c)(e)</sup> | $69.53 | 1.26 | (6.61) | (5.35) |  |  | $64.18 |
| Year Ended July 31, 2022<sup>(c)(e)</sup> | $65.92 | (1.80) | 5.41 | 3.61 |  |  | $69.53 |
| Year Ended July 31, 2021<sup>(c)(e)</sup> | $109.60 | (2.30) | (41.38) | (43.68) |  |  | $65.92 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | Ratios to <br>Average Net Assets | Ratios to <br>Average Net Assets | Ratios to <br>Average Net Assets | Supplemental <br>Data | Supplemental <br>Data |
| |<br>Total<br>Return | Gross<br>Expenses | Net<br>Expenses | Net<br>Investment<br>Income<br>(Loss) | Net<br>Assets,<br>End of<br>Period<br>(000's) | Portfolio<br>Turnover<br>Rate<sup>(b)</sup> |
| **Short Real Estate ProFund** | **Short Real Estate ProFund** | **Short Real Estate ProFund** | **Short Real Estate ProFund** | **Short Real Estate ProFund** | **Short Real Estate ProFund** | **Short Real Estate ProFund** |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
| Year Ended July 31, 2025 | 0.02% | 4.14% | 1.78% | 2.64% | $691 |  |
| Year Ended July 31, 2024 | (5.70)% | 2.98% | 1.78% | 3.49% | $1153 |  |
| Year Ended July 31, 2023 | 12.84% | 3.19% | 1.78% | 2.29% | $1817 |  |
| Year Ended July 31, 2022 | (1.10)% | 5.81% | 1.78% | (1.28)% | $1875 |  |
| Year Ended July 31, 2021 | (28.47)% | 4.69% | 1.78% | (1.76)% | $515 |  |
| **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
| Year Ended July 31, 2025 | (1.79)% | 5.14% | 2.78% | 1.64% | $21 |  |
| Year Ended July 31, 2024 | (6.63)% | 3.98% | 2.78% | 2.49% | $6 |  |
| Year Ended July 31, 2023 | 11.66% | 4.19% | 2.78% | 1.29% | $112 |  |
| Year Ended July 31, 2022 | (2.23)% | 6.81% | 2.78% | (2.28)% | $14 |  |
| Year Ended July 31, 2021 | (29.16)% | 5.69% | 2.78% | (2.76)% | $14 |  |
| **Short Small-Cap ProFund** | **Short Small-Cap ProFund** | **Short Small-Cap ProFund** | **Short Small-Cap ProFund** | **Short Small-Cap ProFund** | **Short Small-Cap ProFund** | **Short Small-Cap ProFund** |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
| Year Ended July 31, 2025<sup>(c)</sup> | 2.23% | 3.64% | 1.78% | 2.52% | $772 |  |
| Year Ended July 31, 2024<sup>(c)</sup> | (9.45)% | 2.71% | 1.78% | 3.44% | $618 |  |
| Year Ended July 31, 2023<sup>(c)(e)</sup> | (6.91)% | 2.29% | 1.78% | 2.57% | $1728 |  |
| Year Ended July 31, 2022<sup>(c)(e)</sup> | 6.77% | 2.26% | 1.78% | (1.56)% | $1412 |  |
| Year Ended July 31, 2021<sup>(c)(e)</sup> | (39.23)% | 3.63% | 1.78% | (1.77)% | $1089 |  |
| **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
| Year Ended July 31, 2025<sup>(c)</sup> | 1.88% | 4.64% | 2.78% | 1.52% | $59 |  |
| Year Ended July 31, 2024<sup>(c)</sup> | (10.39)% | 3.71% | 2.78% | 2.44% | $30 |  |
| Year Ended July 31, 2023<sup>(c)(e)</sup> | (7.63)% | 3.29% | 2.78% | 1.57% | $47 |  |
| Year Ended July 31, 2022<sup>(c)(e)</sup> | 5.46% | 3.26% | 2.78% | (2.56)% | $162 |  |
| Year Ended July 31, 2021<sup>(c)(e)</sup> | (39.87)% | 4.63% | 2.78% | (2.77)% | $24 |  |

---

(a) Per share net investment income (loss) has been calculated using the average daily shares method.

(b) Portfolio turnover rate is calculated without regard to instruments having a maturity of less than one year from acquisition or derivative instruments (including swap agreements and futures contracts). The portfolio turnover rate can be high and volatile due to the amount and timing of sales and purchases of fund shares during the period. Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued.

(c) As described in the accompanying notes to financial statements, share amounts have been adjusted for 1:2 reverse share split that occurred on October 14, 2024.

(d) The amount shown for a share outstanding throughout the period does not accord with the change in aggregate gains and losses in the portfolio of securities during the period because of timing of sales and purchases of fund shares in relation to fluctuating market values during the period.

(e) As described in the accompanying notes to financial statements, share amounts have been adjusted for 1:5 reverse share split that occurred on March 6, 2023.

**See accompanying notes to financial statements.**

------

**262 :: Financial Highlights**

**ProFunds Financial Highlights** FOR THE PERIODS INDICATED

**Selected data for a share of beneficial interest outstanding throughout the periods indicated.**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | Investment Activities | Investment Activities | Investment Activities | Distributions to <br>Shareholders From | Distributions to <br>Shareholders From | |
| |<br>Net Asset<br>Value,<br>Beginning<br>of Period | Net<br>Investment<br>Income<br>(Loss)<sup>(a)</sup> | Net<br>Realized<br>and<br>Unrealized<br>Gains<br>(Losses) on<br>Investments | Total from<br>Investment<br>Activities | Net<br>Realized<br>Gains on<br>Investments | Total<br>Distributions |<br>Net<br>Asset<br>Value,<br>End of<br>Period |
| **Small-Cap Growth ProFund** | **Small-Cap Growth ProFund** | **Small-Cap Growth ProFund** | **Small-Cap Growth ProFund** | **Small-Cap Growth ProFund** | **Small-Cap Growth ProFund** | **Small-Cap Growth ProFund** | **Small-Cap Growth ProFund** |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
| Year Ended July 31, 2025 | $116.48 | (0.77) | (6.08) | (6.85) | (1.92) | (1.92) | $107.71 |
| Year Ended July 31, 2024 | $101.00 | (0.47) | 16.77 | 16.30 | (0.82) | (0.82) | $116.48 |
| Year Ended July 31, 2023 | $102.43 | (0.43) | 2.47 | 2.04 | (3.47) | (3.47) | $101.00 |
| Year Ended July 31, 2022 | $126.49 | (0.96) | (13.02) | (13.98) | (10.08) | (10.08) | $102.43 |
| Year Ended July 31, 2021 | $86.21 | (0.88) | 41.16 | 40.28 |  |  | $126.49 |
| **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
| Year Ended July 31, 2025 | $87.16 | (1.58) | (4.35) | (5.93) | (1.92) | (1.92) | $79.31 |
| Year Ended July 31, 2024 | $76.53 | (1.24) | 12.69 | 11.45 | (0.82) | (0.82) | $87.16 |
| Year Ended July 31, 2023 | $79.28 | (1.17) | 1.89 | 0.72 | (3.47) | (3.47) | $76.53 |
| Year Ended July 31, 2022 | $101.09 | (1.86) | (9.87) | (11.73) | (10.08) | (10.08) | $79.28 |
| Year Ended July 31, 2021 | $69.60 | (1.76) | 33.25 | 31.49 |  |  | $101.09 |
| **Small-Cap ProFund** | **Small-Cap ProFund** | **Small-Cap ProFund** | **Small-Cap ProFund** | **Small-Cap ProFund** | **Small-Cap ProFund** | **Small-Cap ProFund** | **Small-Cap ProFund** |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
| Year Ended July 31, 2025 | $115.91 | 0.94 | (5.69) | (4.75) |  |  | $111.16 |
| Year Ended July 31, 2024 | $103.50 | 1.45 | 10.96 | 12.41 |  |  | $115.91 |
| Year Ended July 31, 2023 | $98.02 | 0.64 | 4.84 | 5.48 |  |  | $103.50 |
| Year Ended July 31, 2022 | $117.00 | (1.20) | (17.78) | (18.98) |  |  | $98.02 |
| Year Ended July 31, 2021 | $78.58 | (1.51) | 39.93 | 38.42 |  |  | $117.00 |
| **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
| Year Ended July 31, 2025 | $92.18 | 0.06 | (4.77) | (4.71) |  |  | $87.47 |
| Year Ended July 31, 2024 | $83.13 | 0.64 | 8.41 | 9.05 |  |  | $92.18 |
| Year Ended July 31, 2023 | $79.51 | (0.12) | 3.74 | 3.62 |  |  | $83.13 |
| Year Ended July 31, 2022 | $95.85 | (2.09) | (14.25) | (16.34) |  |  | $79.51 |
| Year Ended July 31, 2021 | $65.02 | (2.40) | 33.23 | 30.83 |  |  | $95.85 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | Ratios to <br>Average Net Assets | Ratios to <br>Average Net Assets | Ratios to <br>Average Net Assets | Supplemental <br>Data | Supplemental <br>Data |
| |<br>Total<br>Return | Gross<br>Expenses | Net<br>Expenses | Net<br>Investment<br>Income<br>(Loss) | Net<br>Assets,<br>End of<br>Period<br>(000's) | Portfolio<br>Turnover<br>Rate<sup>(b)</sup> |
| **Small-Cap Growth ProFund** | **Small-Cap Growth ProFund** | **Small-Cap Growth ProFund** | **Small-Cap Growth ProFund** | **Small-Cap Growth ProFund** | **Small-Cap Growth ProFund** | **Small-Cap Growth ProFund** |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
| Year Ended July 31, 2025 | (5.92)% | 1.95% | 1.78% | (0.74)% | $3598 | 1201% |
| Year Ended July 31, 2024 | 16.26<br> %<sup>(c)</sup> | 2.14% | 1.78% | (0.49)% | $5777 | 251% |
| Year Ended July 31, 2023 | 2.38<br> %<sup>(d)</sup> | 2.16% | 1.84% | (0.47)% | $3818 | 239% |
| Year Ended July 31, 2022 | (12.08)%<sup>(e)</sup> | 1.95% | 1.92% | (0.87)% | $9587 | 462% |
| Year Ended July 31, 2021 | 46.72% | 1.60% | 1.60% | (0.81)% | $9062 | 659% |
| **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
| Year Ended July 31, 2025 | (6.86)% | 2.95% | 2.78% | (1.74)% | $783 | 1201% |
| Year Ended July 31, 2024 | 15.10<br> %<sup>(c)</sup> | 3.14% | 2.78% | (1.49)% | $994 | 251% |
| Year Ended July 31, 2023 | 1.38<br> %<sup>(d)</sup> | 3.16% | 2.84% | (1.47)% | $485 | 239% |
| Year Ended July 31, 2022 | (12.94)%<sup>(e)</sup> | 2.95% | 2.92% | (1.87)% | $1235 | 462% |
| Year Ended July 31, 2021 | 45.24% | 2.60% | 2.60% | (1.81)% | $833 | 659% |
| **Small-Cap ProFund** | **Small-Cap ProFund** | **Small-Cap ProFund** | **Small-Cap ProFund** | **Small-Cap ProFund** | **Small-Cap ProFund** | **Small-Cap ProFund** |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
| Year Ended July 31, 2025 | (4.10)% | 2.26% | 1.78% | 0.87% | $6293 | 405% |
| Year Ended July 31, 2024 | 11.99<br> %<sup>(f)</sup> | 2.44% | 1.78% | 1.46% | $4265 | 641% |
| Year Ended July 31, 2023 | 5.59<br> %<sup>(g)</sup> | 2.76% | 1.78% | 0.69% | $5370 | 546% |
| Year Ended July 31, 2022 | (16.22)%<sup>(h)</sup> | 2.18% | 1.78% | (1.10)% | $2627 | 137% |
| Year Ended July 31, 2021 | 48.89% | 2.03% | 1.81% | (1.40)% | $9241 | 115% |
| **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
| Year Ended July 31, 2025 | (5.09)% | 3.26% | 2.78% | (0.13)% | $148 | 405% |
| Year Ended July 31, 2024 | 10.87<br> %<sup>(f)</sup> | 3.44% | 2.78% | 0.46% | $761 | 641% |
| Year Ended July 31, 2023 | 4.54<br> %<sup>(g)</sup> | 3.76% | 2.78% | (0.31)% | $348 | 546% |
| Year Ended July 31, 2022 | (17.05)%<sup>(h)</sup> | 3.18% | 2.78% | (2.10)% | $320 | 137% |
| Year Ended July 31, 2021 | 47.43% | 3.03% | 2.81% | (2.40)% | $668 | 115% |

---

(a) Per share net investment income (loss) has been calculated using the average daily shares method.

(b) Portfolio turnover rate is calculated without regard to instruments having a maturity of less than one year from acquisition or derivative instruments (including swap agreements and futures contracts). The portfolio turnover rate can be high and volatile due to the amount and timing of sales and purchases of fund shares during the period. Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued.

(c) During the year ended July 31, 2024, the Fund received monies related to certain nonrecurring litigation settlements. The corresponding impact to the total return was 0.13%.

(d) During the year ended July 31, 2023, the Fund received monies related to certain nonrecurring litigation settlements. The corresponding impact to the total return was 0.21%.

(e) During the year ended July 31, 2022, the Fund received monies related to certain nonrecurring litigation settlements. The corresponding impact to the total return was 0.04%.

(f) During the year ended July 31, 2024, the Fund received monies related to certain nonrecurring litigation settlements. The corresponding impact to the total return was 0.14%.

(g) During the year ended July 31, 2023, the Fund received monies related to certain nonrecurring litigation settlements. The corresponding impact to the total return was 0.05%.

(h) During the year ended July 31, 2022, the Fund received monies related to certain nonrecurring litigation settlements. The corresponding impact to the total return was 0.06%.

**See accompanying notes to financial statements.**

------

**Financial Highlights :: 263**

**ProFunds Financial Highlights** FOR THE PERIODS INDICATED

**Selected data for a share of beneficial interest outstanding throughout the periods indicated.**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | Investment Activities | Investment Activities | Investment Activities | Distributions to Shareholders From | Distributions to Shareholders From | Distributions to Shareholders From |
| |<br>Net Asset<br>Value,<br>Beginning<br>of Period | Net<br>Investment<br>Income<br>(Loss)<sup>(a)</sup> | Net<br>Realized<br>and<br>Unrealized<br>Gains<br>(Losses) on<br>Investments | Total from<br>Investment<br>Activities | Net<br>Investment<br>Income | Net<br>Realized<br>Gains on<br>Investments | Total<br>Distributions |
| **Small-Cap Value ProFund** | **Small-Cap Value ProFund** | **Small-Cap Value ProFund** | **Small-Cap Value ProFund** | **Small-Cap Value ProFund** | **Small-Cap Value ProFund** | **Small-Cap Value ProFund** | **Small-Cap Value ProFund** |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
| Year Ended July 31, 2025 | $110.92 | (0.01) | (8.12) | (8.13) | (1.02) |  | (1.02) |
| Year Ended July 31, 2024 | $103.01 | 0.25 | 7.66<br> <sup>(c)</sup> | 7.91 |  |  |  |
| Year Ended July 31, 2023 | $100.64 | (0.32) | 4.07 | 3.75 |  | (1.38) | (1.38) |
| Year Ended July 31, 2022 | $104.97 | (0.02) | (4.11) | (4.13) | (0.20) |  | (0.20) |
| Year Ended July 31, 2021 | $64.53 | 0.11 | 40.33 | 40.44 |  |  |  |
| **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
| Year Ended July 31, 2025 | $86.63 | (0.84) | (6.34) | (7.18) | (0.53) |  | (0.53) |
| Year Ended July 31, 2024 | $81.28 | (0.52) | 5.87<br> <sup>(c)</sup> | 5.35 |  |  |  |
| Year Ended July 31, 2023 | $80.51 | (1.08) | 3.23 | 2.15 |  | (1.38) | (1.38) |
| Year Ended July 31, 2022 | $84.68 | (0.86) | (3.31) | (4.17) |  |  |  |
| Year Ended July 31, 2021 | $52.57 | (0.67) | 32.78 | 32.11 |  |  |  |
| **Technology UltraSector ProFund** | **Technology UltraSector ProFund** | **Technology UltraSector ProFund** | **Technology UltraSector ProFund** | **Technology UltraSector ProFund** | **Technology UltraSector ProFund** | **Technology UltraSector ProFund** | **Technology UltraSector ProFund** |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
| Year Ended July 31, 2025<sup>(g)</sup> | $37.56 | 0.04 | 8.21 | 8.25 | (0.11) | (3.67) | (3.78) |
| Year Ended July 31, 2024<sup>(g)</sup> | $29.11 | 0.09 | 8.48 | 8.57 |  | (0.12) | (0.12) |
| Year Ended July 31, 2023<sup>(g)</sup> | $22.61 | 0.02 | 6.48 | 6.50 |  |  |  |
| Year Ended July 31, 2022<sup>(g)</sup> | $31.19 | (0.27) | (6.02) | (6.29) |  | (2.29) | (2.29) |
| Year Ended July 31, 2021<sup>(g)</sup> | $18.86 | (0.23) | 13.10 | 12.87 |  | (0.54) | (0.54) |
| **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
| Year Ended July 31, 2025<sup>(g)</sup> | $29.25 | (0.24) | 6.25 | 6.01 |  | (3.67) | (3.67) |
| Year Ended July 31, 2024<sup>(g)</sup> | $22.93 | (0.16) | 6.60 | 6.44 |  | (0.12) | (0.12) |
| Year Ended July 31, 2023<sup>(g)</sup> | $17.99 | (0.15) | 5.09 | 4.94 |  |  |  |
| Year Ended July 31, 2022<sup>(g)</sup> | $25.45 | (0.50) | (4.67) | (5.17) |  | (2.29) | (2.29) |
| Year Ended July 31, 2021<sup>(g)</sup> | $15.62 | (0.43) | 10.80 | 10.37 |  | (0.54) | (0.54) |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | Ratios to <br>Average Net Assets | Ratios to <br>Average Net Assets | Ratios to <br>Average Net Assets | Supplemental <br>Data | Supplemental <br>Data |
| |<br>Net<br>Asset<br>Value,<br>End of<br>Period |<br>Total<br>Return | Gross<br>Expenses | Net<br>Expenses | Net<br>Investment<br>Income<br>(Loss) | Net<br>Assets,<br>End of<br>Period<br>(000's) | Portfolio<br>Turnover<br>Rate<sup>(b)</sup> |
| **Small-Cap Value ProFund** | **Small-Cap Value ProFund** | **Small-Cap Value ProFund** | **Small-Cap Value ProFund** | **Small-Cap Value ProFund** | **Small-Cap Value ProFund** | **Small-Cap Value ProFund** | **Small-Cap Value ProFund** |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
| Year Ended July 31, 2025 | $101.77 | (7.40)% | 2.11% | 1.78% | (0.01)% | $1395 | 1642% |
| Year Ended July 31, 2024 | $110.92 | 7.68<br> %<sup>(d)</sup> | 2.34% | 1.82% | 0.26% | $51425 | 915% |
| Year Ended July 31, 2023 | $103.01 | 3.88<br> %<sup>(e)</sup> | 2.00% | 1.98<br> %<sup>(f)</sup> | (0.34)% | $2765 | 510% |
| Year Ended July 31, 2022 | $100.64 | (3.94)% | 1.68% | 1.68% | (0.02)% | $8441 | 638% |
| Year Ended July 31, 2021 | $104.97 | 62.67% | 1.61% | 1.61% | 0.12% | $14775 | 547% |
| **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
| Year Ended July 31, 2025 | $78.92 | (8.35)% | 3.11% | 2.78% | (1.01)% | $396 | 1642% |
| Year Ended July 31, 2024 | $86.63 | 6.58<br> %<sup>(d)</sup> | 3.34% | 2.82% | (0.74)% | $800 | 915% |
| Year Ended July 31, 2023 | $81.28 | 2.83<br> %<sup>(e)</sup> | 3.00% | 2.98<br> %<sup>(f)</sup> | (1.34)% | $520 | 510% |
| Year Ended July 31, 2022 | $80.51 | (4.90)% | 2.68% | 2.68% | (1.02)% | $790 | 638% |
| Year Ended July 31, 2021 | $84.68 | 61.08% | 2.61% | 2.61% | (0.88)% | $770 | 547% |
| **Technology UltraSector ProFund** | **Technology UltraSector ProFund** | **Technology UltraSector ProFund** | **Technology UltraSector ProFund** | **Technology UltraSector ProFund** | **Technology UltraSector ProFund** | **Technology UltraSector ProFund** | **Technology UltraSector ProFund** |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
| Year Ended July 31, 2025<sup>(g)</sup> | $42.03 | 23.11% | 1.53% | 1.53% | 0.12% | $87436 | 111% |
| Year Ended July 31, 2024<sup>(g)</sup> | $37.56 | 29.53% | 1.52% | 1.52% | 0.29% | $86309 | 116% |
| Year Ended July 31, 2023<sup>(g)</sup> | $29.11 | 28.72% | 1.58% | 1.58% | 0.11% | $74931 | 139% |
| Year Ended July 31, 2022<sup>(g)</sup> | $22.61 | (22.70)% | 1.48% | 1.48% | (0.93)% | $44187 | 51% |
| Year Ended July 31, 2021<sup>(g)</sup> | $31.19 | 69.21% | 1.55% | 1.55% | (0.97)% | $95384 | 114% |
| **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
| Year Ended July 31, 2025<sup>(g)</sup> | $31.59 | 21.88% | 2.53% | 2.53% | (0.88)% | $4855 | 111% |
| Year Ended July 31, 2024<sup>(g)</sup> | $29.25 | 28.20% | 2.52% | 2.52% | (0.71)% | $4488 | 116% |
| Year Ended July 31, 2023<sup>(g)</sup> | $22.93 | 27.45% | 2.58% | 2.58% | (0.89)% | $4815 | 139% |
| Year Ended July 31, 2022<sup>(g)</sup> | $17.99 | (23.48)% | 2.48% | 2.48% | (1.93)% | $3393 | 51% |
| Year Ended July 31, 2021<sup>(g)</sup> | $25.45 | 67.57% | 2.55% | 2.55% | (1.97)% | $6454 | 114% |

---

(a) Per share net investment income (loss) has been calculated using the average daily shares method.

(b) Portfolio turnover rate is calculated without regard to instruments having a maturity of less than one year from acquisition or derivative instruments (including swap agreements and futures contracts). The portfolio turnover rate can be high and volatile due to the amount and timing of sales and purchases of fund shares during the period. Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued.

(c) The amount shown for a share outstanding throughout the period does not accord with the change in aggregate gains and losses in the portfolio of securities during the period because of timing of sales and purchases of fund shares in relation to fluctuating market values during the period.

(d) During the year ended July 31, 2024, the Fund received monies related to certain nonrecurring litigation settlements. The corresponding impact to the total return was 0.13%.

(e) During the year ended July 31, 2023, the Fund received monies related to certain nonrecurring litigation settlements. The corresponding impact to the total return was 0.06%.

(f) The expense ratio does not correlate to the applicable expense limits in place during the period given that the annual contractual expense limitation is applied for the one year periods ended November 30th of each year, instead of coinciding with the July 31st year end.

(g) As described in the accompanying notes to financial statements, share amounts have been adjusted for 4:1 share split that occurred on October 14, 2024.

**See accompanying notes to financial statements.**

------

**264 :: Financial Highlights**

**ProFunds Financial Highlights** FOR THE PERIODS INDICATED

**Selected data for a share of beneficial interest outstanding throughout the periods indicated.**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | Investment Activities | Investment Activities | Investment Activities | Distributions to Shareholders From | Distributions to Shareholders From | Distributions to Shareholders From |
| |<br>Net Asset<br>Value,<br>Beginning<br>of Period | Net<br>Investment<br>Income<br>(Loss)<sup>(a)</sup> | Net<br>Realized<br>and<br>Unrealized<br>Gains<br>(Losses) on<br>Investments | Total from<br>Investment<br>Activities | Net<br>Investment<br>Income | Net<br>Realized<br>Gains on<br>Investments | Total<br>Distributions |
| **UltraBear ProFund** | **UltraBear ProFund** | **UltraBear ProFund** | **UltraBear ProFund** | **UltraBear ProFund** | **UltraBear ProFund** | **UltraBear ProFund** | **UltraBear ProFund** |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
| Year Ended July 31, 2025 | $11.43 | 0.29 | (3.09) | (2.80) | (0.21) |  | (0.21) |
| Year Ended July 31, 2024 | $16.28 | 0.52 | (4.58) | (4.06) | (0.79) |  | (0.79) |
| Year Ended July 31, 2023 | $20.70 | 0.50 | (4.92) | (4.42) |  |  |  |
| Year Ended July 31, 2022 | $21.42 | (0.29) | (0.43) | (0.72) |  |  |  |
| Year Ended July 31, 2021<sup>(c)</sup> | $43.58 | (0.53) | (21.48) | (22.01) | (0.15) |  | (0.15) |
| **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
| Year Ended July 31, 2025 | $10.04 | 0.20 | (2.74) | (2.54) | (0.17) |  | (0.17) |
| Year Ended July 31, 2024 | $14.39 | 0.40 | (4.10) | (3.70) | (0.65) |  | (0.65) |
| Year Ended July 31, 2023 | $18.33 | 0.40 | (4.34) | (3.94) |  |  |  |
| Year Ended July 31, 2022 | $19.19 | (0.48) | (0.38) | (0.86) |  |  |  |
| Year Ended July 31, 2021<sup>(c)</sup> | $39.25 | (0.81) | (19.25) | (20.06) |  |  |  |
| **UltraBull ProFund** | **UltraBull ProFund** | **UltraBull ProFund** | **UltraBull ProFund** | **UltraBull ProFund** | **UltraBull ProFund** | **UltraBull ProFund** | **UltraBull ProFund** |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
| Year Ended July 31, 2025 | $127.39 | 1.04 | 25.60 | 26.64 |  | (3.32) | (3.32) |
| Year Ended July 31, 2024 | $94.19 | 1.05 | 33.03 | 34.08 | (0.88) |  | (0.88) |
| Year Ended July 31, 2023 | $90.03 | 0.54 | 10.71 | 11.25 | (0.02) | (7.07) | (7.09) |
| Year Ended July 31, 2022 | $112.96 | (0.33) | (15.63) | (15.96) |  | (6.97) | (6.97) |
| Year Ended July 31, 2021 | $72.03 | (0.46) | 51.97 | 51.51 | (0.41) | (10.17) | (10.58) |
| **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
| Year Ended July 31, 2025 | $94.62 | 0.04 | 18.46 | 18.50 |  | (3.32) | (3.32) |
| Year Ended July 31, 2024 | $70.23 | 0.31 | 24.14 | 24.45 | (0.06) |  | (0.06) |
| Year Ended July 31, 2023 | $69.92 | (0.06) | 7.44 | 7.38 |  | (7.07) | (7.07) |
| Year Ended July 31, 2022 | $90.15 | (1.15) | (12.11) | (13.26) |  | (6.97) | (6.97) |
| Year Ended July 31, 2021 | $59.40 | (1.20) | 42.12 | 40.92 |  | (10.17) | (10.17) |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | Ratios to <br>Average Net Assets | Ratios to <br>Average Net Assets | Ratios to <br>Average Net Assets | Supplemental <br>Data | Supplemental <br>Data |
| |<br>Net<br>Asset<br>Value,<br>End of<br>Period |<br>Total<br>Return | Gross<br>Expenses | Net<br>Expenses | Net<br>Investment<br>Income<br>(Loss) | Net<br>Assets,<br>End of<br>Period<br>(000's) | Portfolio<br>Turnover<br>Rate<sup>(b)</sup> |
| **UltraBear ProFund** | **UltraBear ProFund** | **UltraBear ProFund** | **UltraBear ProFund** | **UltraBear ProFund** | **UltraBear ProFund** | **UltraBear ProFund** | **UltraBear ProFund** |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
| Year Ended July 31, 2025 | $8.42 | (24.82)% | 2.04% | 1.78% | 2.81% | $6590 |  |
| Year Ended July 31, 2024 | $11.43 | (25.54)% | 1.87% | 1.78% | 3.55% | $6076 |  |
| Year Ended July 31, 2023 | $16.28 | (21.35)% | 1.82% | 1.78% | 2.44% | $9454 |  |
| Year Ended July 31, 2022 | $20.70 | (3.36)% | 1.97% | 1.78% | (1.40)% | $11191 |  |
| Year Ended July 31, 2021<sup>(c)</sup> | $21.42 | (50.64)% | 2.08% | 1.78% | (1.77)% | $5438 |  |
| **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
| Year Ended July 31, 2025 | $7.33 | (25.62)% | 3.04% | 2.78% | 1.81% | $98 |  |
| Year Ended July 31, 2024 | $10.04 | (26.25)% | 2.87% | 2.78% | 2.55% | $82 |  |
| Year Ended July 31, 2023 | $14.39 | (21.58)% | 2.38% | 2.34% | 1.88% | $22 |  |
| Year Ended July 31, 2022 | $18.33 | (4.43)% | 2.97% | 2.78% | (2.40)% | $10 |  |
| Year Ended July 31, 2021<sup>(c)</sup> | $19.19 | (51.07)% | 3.08% | 2.78% | (2.77)% | $14 |  |
| **UltraBull ProFund** | **UltraBull ProFund** | **UltraBull ProFund** | **UltraBull ProFund** | **UltraBull ProFund** | **UltraBull ProFund** | **UltraBull ProFund** | **UltraBull ProFund** |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
| Year Ended July 31, 2025 | $150.71 | 21.08% | 1.47% | 1.47% | 0.77% | $163661 | 104% |
| Year Ended July 31, 2024 | $127.39 | 36.18% | 1.50% | 1.49% | 1.03% | $142971 | 217% |
| Year Ended July 31, 2023 | $94.19 | 15.56% | 1.52% | 1.52% | 0.69% | $114312 | 100% |
| Year Ended July 31, 2022 | $90.03 | (14.96)% | 1.46% | 1.46% | (0.31)% | $101714 | 16% |
| Year Ended July 31, 2021 | $112.96 | 77.44% | 1.51% | 1.51% | (0.51)% | $128079 | 31% |
| **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
| Year Ended July 31, 2025 | $109.80 | 19.76% | 2.47% | 2.47% | (0.23)% | $2380 | 104% |
| Year Ended July 31, 2024 | $94.62 | 34.82% | 2.50% | 2.49% | 0.03% | $2321 | 217% |
| Year Ended July 31, 2023 | $70.23 | 14.41% | 2.52% | 2.52% | (0.31)% | $3754 | 100% |
| Year Ended July 31, 2022 | $69.92 | (15.80)% | 2.46% | 2.46% | (1.31)% | $2036 | 16% |
| Year Ended July 31, 2021 | $90.15 | 75.68% | 2.51% | 2.51% | (1.51)% | $2785 | 31% |

---

(a) Per share net investment income (loss) has been calculated using the average daily shares method.

(b) Portfolio turnover rate is calculated without regard to instruments having a maturity of less than one year from acquisition or derivative instruments (including swap agreements and futures contracts). The portfolio turnover rate can be high and volatile due to the amount and timing of sales and purchases of fund shares during the period. Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued.

(c) As described in the accompanying notes to financial statements, share amounts have been adjusted for 1:4 reverse share split that occurred on December 14, 2020.

**See accompanying notes to financial statements.**

------

**Financial Highlights :: 265**

**ProFunds Financial Highlights** FOR THE PERIODS INDICATED

**Selected data for a share of beneficial interest outstanding throughout the periods indicated.**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | Investment Activities | Investment Activities | Investment Activities | Distributions to Shareholders From | Distributions to Shareholders From | Distributions to Shareholders From |
| |<br>Net Asset<br>Value,<br>Beginning<br>of Period | Net<br>Investment<br>Income<br>(Loss)<sup>(a)</sup> | Net<br>Realized<br>and<br>Unrealized<br>Gains<br>(Losses) on<br>Investments | Total from<br>Investment<br>Activities | Net<br>Investment<br>Income | Net<br>Realized<br>Gains on<br>Investments | Total<br>Distributions |
| **UltraChina ProFund** | **UltraChina ProFund** | **UltraChina ProFund** | **UltraChina ProFund** | **UltraChina ProFund** | **UltraChina ProFund** | **UltraChina ProFund** | **UltraChina ProFund** |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
| Year Ended July 31, 2025 | $19.53 | 0.06 | 6.20 | 6.26 | (0.57) |  | (0.57) |
| Year Ended July 31, 2024 | $35.75 | 0.18 | (15.56) | (15.38) | (0.84) |  | (0.84) |
| Year Ended July 31, 2023<sup>(d)</sup> | $34.33 | (0.17) | 1.59 | 1.42 |  |  |  |
| Year Ended July 31, 2022<sup>(d)</sup> | $118.04 | (0.20) | (83.51) | (83.71) |  |  |  |
| Year Ended July 31, 2021<sup>(d)</sup> | $173.10 | (2.30) | (52.76) | (55.06) |  |  |  |
| **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
| Year Ended July 31, 2025 | $16.81 | (0.15) | 5.39 | 5.24 | (0.34) |  | (0.34) |
| Year Ended July 31, 2024 | $30.78 | (0.03) | (13.44) | (13.47) | (0.50) |  | (0.50) |
| Year Ended July 31, 2023<sup>(d)</sup> | $29.87 | (0.44) | 1.35 | 0.91 |  |  |  |
| Year Ended July 31, 2022<sup>(d)</sup> | $103.68 | (0.60) | (73.21) | (73.81) |  |  |  |
| Year Ended July 31, 2021<sup>(d)</sup> | $153.59 | (4.20) | (45.71) | (49.91) |  |  |  |
| **UltraDow 30 ProFund** | **UltraDow 30 ProFund** | **UltraDow 30 ProFund** | **UltraDow 30 ProFund** | **UltraDow 30 ProFund** | **UltraDow 30 ProFund** | **UltraDow 30 ProFund** | **UltraDow 30 ProFund** |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
| Year Ended July 31, 2025 | $76.27 | 0.76 | 6.11 | 6.87 | (0.70) | (1.14) | (1.84) |
| Year Ended July 31, 2024 | $61.13 | 0.78 | 15.00 | 15.78 | (0.64) |  | (0.64) |
| Year Ended July 31, 2023 | $54.64 | 0.50 | 5.99 | 6.49 |  |  |  |
| Year Ended July 31, 2022 | $66.90 | (0.08) | (7.91) | (7.99) |  | (4.27) | (4.27) |
| Year Ended July 31, 2021 | $39.32 | (0.24) | 28.83 | 28.59 |  | (1.01) | (1.01) |
| **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
| Year Ended July 31, 2025 | $63.21 | 0.10 | 4.92 | 5.02 | (0.19) | (1.14) | (1.33) |
| Year Ended July 31, 2024 | $50.88 | 0.24 | 12.31 | 12.55 | (0.22) |  | (0.22) |
| Year Ended July 31, 2023 | $45.93 | 0.06 | 4.89 | 4.95 |  |  |  |
| Year Ended July 31, 2022 | $57.42 | (0.62) | (6.60) | (7.22) |  | (4.27) | (4.27) |
| Year Ended July 31, 2021 | $34.20 | (0.71) | 24.94 | 24.23 |  | (1.01) | (1.01) |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | Ratios to <br>Average Net Assets | Ratios to <br>Average Net Assets | Ratios to <br>Average Net Assets | Supplemental <br>Data | Supplemental <br>Data |
| |<br>Net<br>Asset<br>Value,<br>End of<br>Period |<br>Total<br>Return | Gross<br>Expenses | Net<br>Expenses | Net<br>Investment<br>Income<br>(Loss) | Net<br>Assets,<br>End of<br>Period<br>(000's) | Portfolio<br>Turnover<br>Rate<sup>(b)</sup> |
| **UltraChina ProFund** | **UltraChina ProFund** | **UltraChina ProFund** | **UltraChina ProFund** | **UltraChina ProFund** | **UltraChina ProFund** | **UltraChina ProFund** | **UltraChina ProFund** |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
| Year Ended July 31, 2025 | $25.22 | 32.90<br> %<sup>(c)</sup> | 1.70% | 1.70% | 0.25% | $24845 | 254% |
| Year Ended July 31, 2024 | $19.53 | (43.56)% | 1.77% | 1.77% | 0.76% | $17094 | 159% |
| Year Ended July 31, 2023<sup>(d)</sup> | $35.75 | 4.23% | 1.81% | 1.81% | (0.59)% | $24128 | 222% |
| Year Ended July 31, 2022<sup>(d)</sup> | $34.33 | (70.93)% | 1.74% | 1.74% | (0.37)% | $15352 | 243% |
| Year Ended July 31, 2021<sup>(d)</sup> | $118.04 | (31.83)% | 1.67% | 1.67% | (1.05)% | $17626 | 255% |
| **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
| Year Ended July 31, 2025 | $21.71 | 31.70<br> %<sup>(c)</sup> | 2.70% | 2.70% | (0.75)% | $535 | 254% |
| Year Ended July 31, 2024 | $16.81 | (44.14)% | 2.77% | 2.77% | (0.24)% | $374 | 159% |
| Year Ended July 31, 2023<sup>(d)</sup> | $30.78 | 2.94% | 2.80% | 2.80% | (1.58)% | $1208 | 222% |
| Year Ended July 31, 2022<sup>(d)</sup> | $29.87 | (71.17)% | 2.74% | 2.74% | (1.37)% | $788 | 243% |
| Year Ended July 31, 2021<sup>(d)</sup> | $103.68 | (32.49)% | 2.67% | 2.67% | (2.05)% | $423 | 255% |
| **UltraDow 30 ProFund** | **UltraDow 30 ProFund** | **UltraDow 30 ProFund** | **UltraDow 30 ProFund** | **UltraDow 30 ProFund** | **UltraDow 30 ProFund** | **UltraDow 30 ProFund** | **UltraDow 30 ProFund** |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
| Year Ended July 31, 2025 | $81.30 | 9.05% | 1.53% | 1.53% | 0.97% | $37108 | 45% |
| Year Ended July 31, 2024 | $76.27 | 25.95% | 1.58% | 1.57% | 1.21% | $37746 | 28% |
| Year Ended July 31, 2023 | $61.13 | 11.86% | 1.62% | 1.62% | 0.94% | $29992 | 31% |
| Year Ended July 31, 2022 | $54.64 | (13.07)% | 1.54% | 1.54% | (0.14)% | $32075 | 10% |
| Year Ended July 31, 2021 | $66.90 | 73.58% | 1.59% | 1.59% | (0.45)% | $39210 | 16% |
| **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
| Year Ended July 31, 2025 | $66.90 | 7.96% | 2.53% | 2.53% | (0.03)% | $1428 | 45% |
| Year Ended July 31, 2024 | $63.21 | 24.72% | 2.57% | 2.56% | 0.22% | $1659 | 28% |
| Year Ended July 31, 2023 | $50.88 | 10.75% | 2.60% | 2.60% | (0.04)% | $1131 | 31% |
| Year Ended July 31, 2022 | $45.93 | (13.94)% | 2.54% | 2.54% | (1.14)% | $738 | 10% |
| Year Ended July 31, 2021 | $57.42 | 71.85% | 2.59% | 2.59% | (1.45)% | $1203 | 16% |

---

(a) Per share net investment income (loss) has been calculated using the average daily shares method.

(b) Portfolio turnover rate is calculated without regard to instruments having a maturity of less than one year from acquisition or derivative instruments (including swap agreements and futures contracts). The portfolio turnover rate can be high and volatile due to the amount and timing of sales and purchases of fund shares during the period. Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued.

(c) During the year ended July 31, 2025, the Fund received monies related to certain nonrecurring litigation settlements. The corresponding impact to the total return was 0.17%.

(d) As described in the accompanying notes to financial statements, share amounts have been adjusted for 1:10 reverse share split that occurred on March 6, 2023.

**See accompanying notes to financial statements.**

------

**266 :: Financial Highlights**

**ProFunds Financial Highlights** FOR THE PERIODS INDICATED

**Selected data for a share of beneficial interest outstanding throughout the periods indicated.**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | Investment Activities | Investment Activities | Investment Activities | Distributions to<br>Shareholders From | Distributions to<br>Shareholders From | |
| |<br>Net Asset<br>Value,<br>Beginning<br>of Period | Net<br>Net <br>Investment<br>Income<br>(Loss)<sup>(a)</sup> | Realized<br>and<br>Unrealized<br>Gains<br>(Losses) on<br>Investments | Total from<br>Investment<br>Activities | Net<br>Investment<br>Income | Total<br>Distributions |<br>Net<br>Asset<br>Value,<br>End of<br>Period |
| **UltraEmerging Markets ProFund** | **UltraEmerging Markets ProFund** | **UltraEmerging Markets ProFund** | **UltraEmerging Markets ProFund** | **UltraEmerging Markets ProFund** | **UltraEmerging Markets ProFund** | **UltraEmerging Markets ProFund** | **UltraEmerging Markets ProFund** |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
| Year Ended July 31, 2025 | $48.17 | 0.82 | 16.10 | 16.92 | (0.78) | (0.78) | $64.31 |
| Year Ended July 31, 2024 | $48.79 | 0.75 | (0.58) | 0.17 | (0.79) | (0.79) | $48.17 |
| Year Ended July 31, 2023 | $41.78 | 0.74 | 6.66 | 7.40 | (0.39) | (0.39) | $48.79 |
| Year Ended July 31, 2022 | $79.62 | 0.57 | (38.41) | (37.84) |  |  | $41.78 |
| Year Ended July 31, 2021 | $62.20 | (0.56) | 17.98 | 17.42 |  |  | $79.62 |
| **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
| Year Ended July 31, 2025 | $43.17 | 0.33 | 14.49 | 14.82 | (0.17) | (0.17) | $57.82 |
| Year Ended July 31, 2024 | $43.74 | 0.35 | (0.58) | (0.23) | (0.34) | (0.34) | $43.17 |
| Year Ended July 31, 2023 | $37.48 | 0.38 | 5.88 | 6.26 |  |  | $43.74 |
| Year Ended July 31, 2022 | $72.13 | 0.02 | (34.67) | (34.65) |  |  | $37.48 |
| Year Ended July 31, 2021 | $56.90 | (1.36) | 16.59 | 15.23 |  |  | $72.13 |
| **UltraInternational ProFund** | **UltraInternational ProFund** | **UltraInternational ProFund** | **UltraInternational ProFund** | **UltraInternational ProFund** | **UltraInternational ProFund** | **UltraInternational ProFund** | **UltraInternational ProFund** |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
| Year Ended July 31, 2025 | $19.61 | 0.53 | 1.84 | 2.37 |  |  | $21.98 |
| Year Ended July 31, 2024 | $17.61 | 0.60 | 1.40<br> <sup>(f)</sup> | 2.00 |  |  | $19.61 |
| Year Ended July 31, 2023 | $14.71 | 0.38 | 2.52 | 2.90 |  |  | $17.61 |
| Year Ended July 31, 2022 | $21.26 | (0.29) | (6.26) | (6.55) |  |  | $14.71 |
| Year Ended July 31, 2021 | $13.16 | (0.32) | 8.42 | 8.10 |  |  | $21.26 |
| **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
| Year Ended July 31, 2025 | $16.67 | 0.36 | 1.49 | 1.85 |  |  | $18.52 |
| Year Ended July 31, 2024 | $15.16 | 0.45 | 1.06<br> <sup>(f)</sup> | 1.51 |  |  | $16.67 |
| Year Ended July 31, 2023 | $12.76 | 0.25 | 2.15 | 2.40 |  |  | $15.16 |
| Year Ended July 31, 2022 | $18.65 | (0.46) | (5.43) | (5.89) |  |  | $12.76 |
| Year Ended July 31, 2021 | $11.64 | (0.48) | 7.49 | 7.01 |  |  | $18.65 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | Ratios to <br>Average Net Assets | Ratios to <br>Average Net Assets | Ratios to <br>Average Net Assets | Supplemental<br>Data | Supplemental<br>Data |
| |<br>Total<br>Return | Gross<br>Expenses | Net<br>Expenses | Net<br>Investment<br>Income<br>(Loss) | Net<br>Assets,<br>End of<br>Period<br>(000's) | Portfolio<br>Turnover<br>Rate<sup>(b)</sup> |
| **UltraEmerging Markets ProFund** | **UltraEmerging Markets ProFund** | **UltraEmerging Markets ProFund** | **UltraEmerging Markets ProFund** | **UltraEmerging Markets ProFund** | **UltraEmerging Markets ProFund** | **UltraEmerging Markets ProFund** |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
| Year Ended July 31, 2025 | 35.71% | 1.93% | 1.78% | 1.51% | $9284 | 290% |
| Year Ended July 31, 2024 | 0.47<br> %<sup>(c)</sup> | 2.10% | 1.78% | 1.70% | $7422 | 163% |
| Year Ended July 31, 2023 | 17.98% | 2.04% | 1.82% | 1.81% | $8199 | 292% |
| Year Ended July 31, 2022 | (47.53)%<sup>(d)</sup> | 1.99% | 1.92% | 1.00% | $5666 | 265% |
| Year Ended July 31, 2021 | 28.02% | 1.78% | 1.77% | (0.64)% | $8976 | 211% |
| **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
| Year Ended July 31, 2025 | 34.46% | 2.93% | 2.78% | 0.51% | $137 | 290% |
| Year Ended July 31, 2024 | (0.48)%<sup>(c)</sup> | 3.10% | 2.78% | 0.70% | $80 | 163% |
| Year Ended July 31, 2023 | 16.73% | 3.04% | 2.82% | 0.81% | $123 | 292% |
| Year Ended July 31, 2022 | (48.05)%<sup>(d)</sup> | 2.99% | 2.92% | —<br> %<sup>(e)</sup> | $95 | 265% |
| Year Ended July 31, 2021 | 26.78% | 2.78% | 2.77% | (1.64)% | $345 | 211% |
| **UltraInternational ProFund** | **UltraInternational ProFund** | **UltraInternational ProFund** | **UltraInternational ProFund** | **UltraInternational ProFund** | **UltraInternational ProFund** | **UltraInternational ProFund** |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
| Year Ended July 31, 2025 | 12.09% | 2.15% | 1.78% | 2.65% | $7271 |  |
| Year Ended July 31, 2024 | 11.36% | 2.36% | 1.78% | 3.50% | $3705 |  |
| Year Ended July 31, 2023 | 19.71% | 2.27% | 1.78% | 2.49% | $5184 |  |
| Year Ended July 31, 2022 | (30.81)% | 2.82% | 1.78% | (1.55)% | $2322 |  |
| Year Ended July 31, 2021 | 61.55% | 2.31% | 1.78% | (1.76)% | $3101 |  |
| **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
| Year Ended July 31, 2025 | 11.10% | 3.15% | 2.78% | 1.65% | $88 |  |
| Year Ended July 31, 2024 | 9.96% | 3.36% | 2.78% | 2.50% | $51 |  |
| Year Ended July 31, 2023 | 18.72% | 3.27% | 2.78% | 1.49% | $232 |  |
| Year Ended July 31, 2022 | (31.53)% | 3.82% | 2.78% | (2.55)% | $25 |  |
| Year Ended July 31, 2021 | 60.22% | 3.31% | 2.78% | (2.76)% | $51 |  |

---

(a) Per share net investment income (loss) has been calculated using the average daily shares method.

(b) Portfolio turnover rate is calculated without regard to instruments having a maturity of less than one year from acquisition or derivative instruments (including swap agreements and futures contracts). The portfolio turnover rate can be high and volatile due to the amount and timing of sales and purchases of fund shares during the period. Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued.

(c) During the year ended July 31, 2024, the Fund received monies related to certain nonrecurring litigation settlements. The corresponding impact to the total return was 0.32%.

(d) During the year ended July 31, 2022, the Fund received monies related to certain nonrecurring litigation settlements. The corresponding impact to the total return was 0.06%.

(e) Amount is less than 0.005%.

(f) The amount shown for a share outstanding throughout the period does not accord with the change in aggregate gains and losses in the portfolio of securities during the period because of timing of sales and purchases of fund shares in relation to fluctuating market values during the period.

**See accompanying notes to financial statements.**

------

**Financial Highlights :: 267**

**ProFunds Financial Highlights** FOR THE PERIODS INDICATED

**Selected data for a share of beneficial interest outstanding throughout the periods indicated.**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | Investment Activities | Investment Activities | Investment Activities | Distributions to Shareholders From | Distributions to Shareholders From | Distributions to Shareholders From |
| |<br>Net Asset<br>Value,<br>Beginning<br>of Period | Net<br>Investment<br>Income<br>(Loss)<sup>(a)</sup> | Net<br>Realized<br>and<br>Unrealized<br>Gains<br>(Losses) on<br>Investments | Total from<br>Investment<br>Activities | Net<br>Investment<br>Income | Net<br>Realized<br>Gains on<br>Investments | Total<br>Distributions |
| **UltraJapan ProFund** | **UltraJapan ProFund** | **UltraJapan ProFund** | **UltraJapan ProFund** | **UltraJapan ProFund** | **UltraJapan ProFund** | **UltraJapan ProFund** | **UltraJapan ProFund** |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
| Year Ended July 31, 2025 | $52.06 | 1.31 | 1.69 | 3.00 |  |  |  |
| Year Ended July 31, 2024 | $40.37 | 1.61 | 13.88 | 15.49 | (1.29) | (2.51) | (3.80) |
| Year Ended July 31, 2023 | $28.05 | 0.66 | 11.66 | 12.32 |  |  |  |
| Year Ended July 31, 2022 | $31.75 | (0.45) | 1.09 | 0.64 |  | (4.34) | (4.34) |
| Year Ended July 31, 2021 | $20.81 | (0.56) | 11.50 | 10.94 |  |  |  |
| **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
| Year Ended July 31, 2025 | $40.65 | 0.92 | 1.00 | 1.92 |  |  |  |
| Year Ended July 31, 2024 | $32.21 | 1.25 | 10.73 | 11.98 | (1.03) | (2.51) | (3.54) |
| Year Ended July 31, 2023 | $22.60 | 0.42 | 9.19 | 9.61 |  |  |  |
| Year Ended July 31, 2022 | $26.53 | (0.69) | 1.10 | 0.41 |  | (4.34) | (4.34) |
| Year Ended July 31, 2021 | $17.56 | (0.82) | 9.79 | 8.97 |  |  |  |
| **UltraLatin America ProFund** | **UltraLatin America ProFund** | **UltraLatin America ProFund** | **UltraLatin America ProFund** | **UltraLatin America ProFund** | **UltraLatin America ProFund** | **UltraLatin America ProFund** | **UltraLatin America ProFund** |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
| Year Ended July 31, 2025 | $14.44 | 0.76 | 0.45 | 1.21 | (0.79) |  | (0.79) |
| Year Ended July 31, 2024 | $19.16 | 0.88 | (4.27) | (3.84) | (0.88) |  | (0.88) |
| Year Ended July 31, 2023 | $14.68 | 1.25 | 4.74 | 5.99 | (1.51) |  | (1.51) |
| Year Ended July 31, 2022 | $19.08 | 1.13 | (4.70) | (3.57) | (0.83) |  | (0.83) |
| Year Ended July 31, 2021 | $10.61 | 0.18 | 8.38 | 8.56 | (0.09) |  | (0.09) |
| **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
| Year Ended July 31, 2025 | $13.92 | 0.62 | 0.36 | 0.98 | (0.67) |  | (0.67) |
| Year Ended July 31, 2024 | $18.60 | 0.71 | (4.58) | (3.87) | (0.81) |  | (0.81) |
| Year Ended July 31, 2023 | $14.20 | 1.11 | 4.60 | 5.71 | (1.31) |  | (1.31) |
| Year Ended July 31, 2022 | $18.34 | 0.97 | (4.54) | (3.57) | (0.57) |  | (0.57) |
| Year Ended July 31, 2021 | $10.26 | 0.04 | 8.06 | 8.10 | (0.02) |  | (0.02) |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | Ratios to <br>Average Net Assets | Ratios to <br>Average Net Assets | Ratios to <br>Average Net Assets | Supplemental <br>Data | Supplemental <br>Data |
| |<br>Net<br>Asset<br>Value,<br>End of<br>Period |<br>Total<br>Return | Gross<br>Expenses | Net<br>Expenses | Net<br>Investment<br>Income<br>(Loss) | Net<br>Assets,<br>End of<br>Period<br>(000's) | Portfolio<br>Turnover<br>Rate<sup>(b)</sup> |
| **UltraJapan ProFund** | **UltraJapan ProFund** | **UltraJapan ProFund** | **UltraJapan ProFund** | **UltraJapan ProFund** | **UltraJapan ProFund** | **UltraJapan ProFund** | **UltraJapan ProFund** |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
| Year Ended July 31, 2025 | $55.06 | 5.76% | 1.71% | 1.70% | 2.67% | $18099 |  |
| Year Ended July 31, 2024 | $52.06 | 37.61% | 1.77% | 1.76% | 3.36% | $24157 |  |
| Year Ended July 31, 2023 | $40.37 | 43.92% | 1.84% | 1.78% | 2.18% | $21211 |  |
| Year Ended July 31, 2022 | $28.05 | (0.05)% | 1.81% | 1.78% | (1.56)% | $12750 |  |
| Year Ended July 31, 2021 | $31.75 | 52.57% | 1.80% | 1.78% | (1.77)% | $14600 |  |
| **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
| Year Ended July 31, 2025 | $42.57 | 4.72% | 2.71% | 2.70% | 1.67% | $153 |  |
| Year Ended July 31, 2024 | $40.65 | 36.31% | 2.74% | 2.73% | 2.39% | $176 |  |
| Year Ended July 31, 2023 | $32.21 | 42.52% | 2.81% | 2.75% | 1.21% | $675 |  |
| Year Ended July 31, 2022 | $22.60 | (1.04)% | 2.81% | 2.78% | (2.56)% | $115 |  |
| Year Ended July 31, 2021 | $26.53 | 51.08% | 2.80% | 2.78% | (2.77)% | $143 |  |
| **UltraLatin America ProFund** | **UltraLatin America ProFund** | **UltraLatin America ProFund** | **UltraLatin America ProFund** | **UltraLatin America ProFund** | **UltraLatin America ProFund** | **UltraLatin America ProFund** | **UltraLatin America ProFund** |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
| Year Ended July 31, 2025 | $14.86 | 10.05% | 2.00% | 1.78% | 5.37% | $7593 | 150% |
| Year Ended July 31, 2024 | $14.44 | (21.41)% | 1.90% | 1.84% | 5.10% | $7225 | 111% |
| Year Ended July 31, 2023 | $19.16 | 44.70% | 1.93% | 1.93% | 8.06% | $11456 | 114% |
| Year Ended July 31, 2022 | $14.68 | (18.44)%<sup>(c)</sup> | 1.73% | 1.73% | 6.86% | $9583 | 141% |
| Year Ended July 31, 2021 | $19.08 | 80.78% | 1.72% | 1.72% | 1.22% | $15939 | 163% |
| **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
| Year Ended July 31, 2025 | $14.23 | 8.44% | 3.00% | 2.78% | 4.37% | $292 | 150% |
| Year Ended July 31, 2024 | $13.92 | (22.11)% | 2.90% | 2.84% | 4.10% | $63 | 111% |
| Year Ended July 31, 2023 | $18.60 | 43.62% | 2.84% | 2.84% | 7.15% | $122 | 114% |
| Year Ended July 31, 2022 | $14.20 | (19.32)%<sup>(c)</sup> | 2.73% | 2.73% | 5.86% | $108 | 141% |
| Year Ended July 31, 2021 | $18.34 | 78.96% | 2.72% | 2.72% | 0.22% | $148 | 163% |

---

(a) Per share net investment income (loss) has been calculated using the average daily shares method.

(b) Portfolio turnover rate is calculated without regard to instruments having a maturity of less than one year from acquisition or derivative instruments (including swap agreements and futures contracts). The portfolio turnover rate can be high and volatile due to the amount and timing of sales and purchases of fund shares during the period. Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued.

(c) During the year ended July 31, 2022, the Fund received monies related to certain nonrecurring litigation settlements. The corresponding impact to the total return was 0.22%.

**See accompanying notes to financial statements.**

------

**268 :: Financial Highlights**

**ProFunds Financial Highlights** FOR THE PERIODS INDICATED

**Selected data for a share of beneficial interest outstanding throughout the periods indicated.**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | Investment Activities | Investment Activities | Investment Activities | Distributions to Shareholders From | Distributions to Shareholders From | Distributions to Shareholders From |
| |<br>Net Asset<br>Value,<br>Beginning<br>of Period | Net<br>Investment<br>Income<br>(Loss)<sup>(a)</sup> | Net<br>Realized<br>and<br>Unrealized<br>Gains<br>(Losses) on<br>Investments | Total from<br>Investment<br>Activities | Net<br>Investment<br>Income | Net<br>Realized<br>Gains on<br>Investments | Total<br>Distributions |
| **UltraMid-Cap ProFund** | **UltraMid-Cap ProFund** | **UltraMid-Cap ProFund** | **UltraMid-Cap ProFund** | **UltraMid-Cap ProFund** | **UltraMid-Cap ProFund** | **UltraMid-Cap ProFund** | **UltraMid-Cap ProFund** |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
| Year Ended July 31, 2025 | $68.68 | 0.50 | (4.10) | (3.60) | (0.64) | (0.16) | (0.80) |
| Year Ended July 31, 2024 | $57.42 | 0.54 | 11.06 | 11.60 | (0.34) |  | (0.34) |
| Year Ended July 31, 2023 | $52.47 | 0.25 | 4.70 | 4.95 |  |  |  |
| Year Ended July 31, 2022 | $66.78 | (0.23) | (10.83) | (11.06) |  | (3.25) | (3.25) |
| Year Ended July 31, 2021 | $32.83 | (0.33) | 34.28 | 33.95 |  |  |  |
| **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
| Year Ended July 31, 2025 | $52.86 | (0.01) | (3.29) | (3.30) | (0.07) | (0.16) | (0.23) |
| Year Ended July 31, 2024 | $44.60 | 0.09 | 8.41 | 8.50 | (0.24) |  | (0.24) |
| Year Ended July 31, 2023 | $41.17 | (0.14) | 3.57 | 3.43 |  |  |  |
| Year Ended July 31, 2022 | $53.58 | (0.72) | (8.44) | (9.16) |  | (3.25) | (3.25) |
| Year Ended July 31, 2021 | $26.59 | (0.75) | 27.74 | 26.99 |  |  |  |
| **UltraNasdaq-100 ProFund** | **UltraNasdaq-100 ProFund** | **UltraNasdaq-100 ProFund** | **UltraNasdaq-100 ProFund** | **UltraNasdaq-100 ProFund** | **UltraNasdaq-100 ProFund** | **UltraNasdaq-100 ProFund** | **UltraNasdaq-100 ProFund** |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
| Year Ended July 31, 2025 | $101.39 | 0.34 | 27.88 | 28.22 |  |  |  |
| Year Ended July 31, 2024 | $73.77 | 0.50 | 27.59 | 28.09 | (0.47) |  | (0.47) |
| Year Ended July 31, 2023 | $58.68 | 0.19 | 17.02 | 17.21 |  | (2.12) | (2.12) |
| Year Ended July 31, 2022 | $99.86 | (0.71) | (26.13) | (26.84) |  | (14.34) | (14.34) |
| Year Ended July 31, 2021<sup>(c)</sup> | $62.28 | (0.82) | 45.88 | 45.06 |  | (7.48) | (7.48) |
| **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
| Year Ended July 31, 2025 | $70.05 | (0.40) | 19.01 | 18.61 |  |  |  |
| Year Ended July 31, 2024 | $51.26 | (0.07) | 18.86 | 18.79 | —<br> <sup>(d)</sup> |  | —<br> <sup>(d)</sup> |
| Year Ended July 31, 2023 | $42.12 | (0.18) | 11.44 | 11.26 |  | (2.12) | (2.12) |
| Year Ended July 31, 2022 | $76.18 | (1.31) | (18.41) | (19.72) |  | (14.34) | (14.34) |
| Year Ended July 31, 2021<sup>(c)</sup> | $49.32 | (1.43) | 35.77 | 32.34 |  | (7.48) | (7.48) |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | Ratios to <br>Average Net Assets | Ratios to <br>Average Net Assets | Ratios to <br>Average Net Assets | Supplemental <br>Data | Supplemental <br>Data |
| |<br>Net<br>Asset<br>Value,<br>End of<br>Period |<br>Total<br>Return | Gross<br>Expenses | Net<br>Expenses | Net<br>Investment<br>Income<br>(Loss) | Net<br>Assets,<br>End of<br>Period<br>(000's) | Portfolio<br>Turnover<br>Rate<sup>(b)</sup> |
| **UltraMid-Cap ProFund** | **UltraMid-Cap ProFund** | **UltraMid-Cap ProFund** | **UltraMid-Cap ProFund** | **UltraMid-Cap ProFund** | **UltraMid-Cap ProFund** | **UltraMid-Cap ProFund** | **UltraMid-Cap ProFund** |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
| Year Ended July 31, 2025 | $64.28 | (5.28)% | 1.56% | 1.56% | 0.78% | $32503 | 70% |
| Year Ended July 31, 2024 | $68.68 | 20.30% | 1.57% | 1.57% | 0.97% | $43236 | 63% |
| Year Ended July 31, 2023 | $57.42 | 9.41% | 1.59% | 1.59% | 0.50% | $38109 | 22% |
| Year Ended July 31, 2022 | $52.47 | (17.57)% | 1.51% | 1.51% | (0.38)% | $43761 | 28% |
| Year Ended July 31, 2021 | $66.78 | 103.44% | 1.53% | 1.53% | (0.62)% | $61650 | 40% |
| **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
| Year Ended July 31, 2025 | $49.33 | (6.25)% | 2.56% | 2.56% | (0.22)% | $3775 | 70% |
| Year Ended July 31, 2024 | $52.86 | 19.15% | 2.57% | 2.57% | (0.03)% | $4530 | 63% |
| Year Ended July 31, 2023 | $44.60 | 8.33% | 2.59% | 2.59% | (0.50)% | $832 | 22% |
| Year Ended July 31, 2022 | $41.17 | (18.40)% | 2.51% | 2.51% | (1.38)% | $859 | 28% |
| Year Ended July 31, 2021 | $53.58 | 101.47% | 2.53% | 2.53% | (1.61)% | $1231 | 40% |
| **UltraNasdaq-100 ProFund** | **UltraNasdaq-100 ProFund** | **UltraNasdaq-100 ProFund** | **UltraNasdaq-100 ProFund** | **UltraNasdaq-100 ProFund** | **UltraNasdaq-100 ProFund** | **UltraNasdaq-100 ProFund** | **UltraNasdaq-100 ProFund** |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
| Year Ended July 31, 2025 | $129.61 | 27.83% | 1.45% | 1.45% | 0.31% | $1166424 | 52% |
| Year Ended July 31, 2024 | $101.39 | 38.03% | 1.50% | 1.50% | 0.60% | $941400 | 22% |
| Year Ended July 31, 2023 | $73.77 | 32.59% | 1.53% | 1.53% | 0.37% | $773820 | 60% |
| Year Ended July 31, 2022 | $58.68 | (31.91)% | 1.47% | 1.47% | (0.87)% | $569545 | 51% |
| Year Ended July 31, 2021<sup>(c)</sup> | $99.86 | 76.50% | 1.51% | 1.51% | (1.05)% | $1096713 | 29% |
| **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
| Year Ended July 31, 2025 | $88.66 | 26.57% | 2.44% | 2.44% | (0.68)% | $22367 | 52% |
| Year Ended July 31, 2024 | $70.05 | 36.66% | 2.50% | 2.50% | (0.40)% | $20292 | 22% |
| Year Ended July 31, 2023 | $51.26 | 31.25% | 2.53% | 2.53% | (0.63)% | $18474 | 60% |
| Year Ended July 31, 2022 | $42.12 | (32.60)% | 2.47% | 2.47% | (1.87)% | $14120 | 51% |
| Year Ended July 31, 2021<sup>(c)</sup> | $76.18 | 74.78% | 2.51% | 2.51% | (2.05)% | $23558 | 29% |

---

(a) Per share net investment income (loss) has been calculated using the average daily shares method.

(b) Portfolio turnover rate is calculated without regard to instruments having a maturity of less than one year from acquisition or derivative instruments (including swap agreements and futures contracts). The portfolio turnover rate can be high and volatile due to the amount and timing of sales and purchases of fund shares during the period. Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued.

(c) As described in the accompanying notes to financial statements, share amounts have been adjusted for 2:1 share split that occurred on December 14, 2020.

(d) Amount is less than $0.005.

**See accompanying notes to financial statements.**

------

**Financial Highlights :: 269**

**ProFunds Financial Highlights** FOR THE PERIODS INDICATED

**Selected data for a share of beneficial interest outstanding throughout the periods indicated.**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | Investment Activities | Investment Activities | Investment Activities | Distributions to<br>Shareholders From | Distributions to<br>Shareholders From | |
| |<br>Net Asset<br>Value,<br>Beginning<br>of Period | Net<br>Investment<br>Income<br>(Loss)<sup>(a)</sup> | Net<br>Realized<br>and<br>Unrealized<br>Gains<br>(Losses) on<br>Investments | Total from<br>Investment<br>Activities | Net<br>Investment<br>Income | Total<br>Distributions |<br>Net<br>Asset<br>Value,<br>End of<br>Period |
| **UltraShort China ProFund** | **UltraShort China ProFund** | **UltraShort China ProFund** | **UltraShort China ProFund** | **UltraShort China ProFund** | **UltraShort China ProFund** | **UltraShort China ProFund** | **UltraShort China ProFund** |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
| Year Ended July 31, 2025 | $7.08 | 0.10 | (4.08) | (3.98) | (0.52) | (0.52) | $2.58 |
| Year Ended July 31, 2024 | $5.45 | 0.24 | 1.61 | 1.85 | (0.22) | (0.22) | $7.08 |
| Year Ended July 31, 2023 | $12.64 | 0.24 | (7.43) | (7.19) |  |  | $5.45 |
| Year Ended July 31, 2022 | $17.80 | (0.29) | (4.87) | (5.16) |  |  | $12.64 |
| Year Ended July 31, 2021 | $20.11 | (0.22) | (2.09) | (2.31) |  |  | $17.80 |
| **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
| Year Ended July 31, 2025 | $6.10 | 0.07 | (3.50) | (3.43) | (0.49) | (0.49) | $2.18 |
| Year Ended July 31, 2024 | $4.73 | 0.18 | 1.37 | 1.55 | (0.18) | (0.18) | $6.10 |
| Year Ended July 31, 2023 | $11.02 | 0.18 | (6.47) | (6.29) |  |  | $4.73 |
| Year Ended July 31, 2022 | $15.63 | (0.46) | (4.15) | (4.61) |  |  | $11.02 |
| Year Ended July 31, 2021 | $17.88 | (0.34) | (1.91) | (2.25) |  |  | $15.63 |
| **UltraShort Dow 30 ProFund** | **UltraShort Dow 30 ProFund** | **UltraShort Dow 30 ProFund** | **UltraShort Dow 30 ProFund** | **UltraShort Dow 30 ProFund** | **UltraShort Dow 30 ProFund** | **UltraShort Dow 30 ProFund** | **UltraShort Dow 30 ProFund** |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
| Year Ended July 31, 2025 | $13.62 | 0.33 | (2.48) | (2.15) | (0.66) | (0.66) | $10.81 |
| Year Ended July 31, 2024 | $17.08 | 0.56 | (3.67) | (3.11) | (0.35) | (0.35) | $13.62 |
| Year Ended July 31, 2023 | $20.36 | 0.44 | (3.72) | (3.28) |  |  | $17.08 |
| Year Ended July 31, 2022 | $20.44 | (0.30) | 0.22 | (0.08) |  |  | $20.36 |
| Year Ended July 31, 2021<sup>(c)</sup> | $40.04 | (0.49) | (19.11) | (19.60) |  |  | $20.44 |
| **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
| Year Ended July 31, 2025 | $11.62 | 0.22 | (2.17) | (1.95) | (0.42) | (0.42) | $9.25 |
| Year Ended July 31, 2024 | $14.67 | 0.42 | (3.21) | (2.79) | (0.26) | (0.26) | $11.62 |
| Year Ended July 31, 2023 | $17.62 | 0.28 | (3.23) | (2.95) |  |  | $14.67 |
| Year Ended July 31, 2022 | $17.86 | (0.47) | 0.23 | (0.24) |  |  | $17.62 |
| Year Ended July 31, 2021<sup>(c)</sup> | $35.34 | (0.74) | (16.74) | (17.48) |  |  | $17.86 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | Ratios to <br>Average Net Assets | Ratios to <br>Average Net Assets | Ratios to <br>Average Net Assets | Supplemental<br>Data | Supplemental<br>Data |
| |<br>Total<br>Return | Gross<br>Expenses | Net<br>Expenses | Net<br>Investment<br>Income<br>(Loss) | Net<br>Assets,<br>End of<br>Period<br>(000's) | Portfolio<br>Turnover<br>Rate<sup>(b)</sup> |
| **UltraShort China ProFund** | **UltraShort China ProFund** | **UltraShort China ProFund** | **UltraShort China ProFund** | **UltraShort China ProFund** | **UltraShort China ProFund** | **UltraShort China ProFund** |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
| Year Ended July 31, 2025 | (59.24)% | 2.98% | 1.78% | 3.04% | $1634 |  |
| Year Ended July 31, 2024 | 34.30% | 3.25% | 1.78% | 3.51% | $968 |  |
| Year Ended July 31, 2023 | (56.88)% | 3.47% | 1.78% | 2.71% | $3071 |  |
| Year Ended July 31, 2022 | (28.99)% | 2.57% | 1.78% | (1.53)% | $1470 |  |
| Year Ended July 31, 2021 | (11.49)% | 4.54% | 1.78% | (1.77)% | $2341 |  |
| **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
| Year Ended July 31, 2025 | (59.57)% | 3.98% | 2.78% | 2.04% | $62 |  |
| Year Ended July 31, 2024 | 32.77% | 4.20% | 2.73% | 2.56% | $19 |  |
| Year Ended July 31, 2023 | (56.99)% | 4.15% | 2.46% | 2.03% | $3 |  |
| Year Ended July 31, 2022 | (29.58)% | 3.57% | 2.78% | (2.53)% | $10 |  |
| Year Ended July 31, 2021 | (12.52)% | 5.54% | 2.78% | (2.77)% | $6 |  |
| **UltraShort Dow 30 ProFund** | **UltraShort Dow 30 ProFund** | **UltraShort Dow 30 ProFund** | **UltraShort Dow 30 ProFund** | **UltraShort Dow 30 ProFund** | **UltraShort Dow 30 ProFund** | **UltraShort Dow 30 ProFund** |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
| Year Ended July 31, 2025 | (16.29)% | 3.19% | 1.78% | 2.72% | $1665 |  |
| Year Ended July 31, 2024 | (18.44)% | 2.76% | 1.78% | 3.53% | $1916 |  |
| Year Ended July 31, 2023 | (16.11)% | 2.70% | 1.78% | 2.26% | $3001 |  |
| Year Ended July 31, 2022 | (0.39)% | 2.65% | 1.78% | (1.48)% | $2491 |  |
| Year Ended July 31, 2021<sup>(c)</sup> | (48.95)% | 2.47% | 1.78% | (1.77)% | $2916 |  |
| **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
| Year Ended July 31, 2025 | (17.22)% | 4.19% | 2.78% | 1.72% | $38 |  |
| Year Ended July 31, 2024 | (19.23)% | 3.76% | 2.78% | 2.53% | $42 |  |
| Year Ended July 31, 2023 | (16.74)% | 3.60% | 2.68% | 1.36% | $44 |  |
| Year Ended July 31, 2022 | (1.34)% | 3.65% | 2.78% | (2.48)% | $156 |  |
| Year Ended July 31, 2021<sup>(c)</sup> | (49.43)% | 3.47% | 2.78% | (2.77)% | $111 |  |

---

(a) Per share net investment income (loss) has been calculated using the average daily shares method.

(b) Portfolio turnover rate is calculated without regard to instruments having a maturity of less than one year from acquisition or derivative instruments (including swap agreements and futures contracts). The portfolio turnover rate can be high and volatile due to the amount and timing of sales and purchases of fund shares during the period. Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued.

(c) As described in the accompanying notes to financial statements, share amounts have been adjusted for 1:4 reverse share split that occurred on December 14, 2020.

**See accompanying notes to financial statements.**

------

**270 :: Financial Highlights**

**ProFunds Financial Highlights** FOR THE PERIODS INDICATED

**Selected data for a share of beneficial interest outstanding throughout the periods indicated.**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | Investment Activities | Investment Activities | Investment Activities | Distributions to<br>Shareholders From | Distributions to<br>Shareholders From | |
| |<br>Net Asset<br>Value,<br>Beginning<br>of Period | Net<br>Investment<br>Income<br>(Loss)<sup>(a)</sup> | Net<br>Realized<br>and<br>Unrealized<br>Gains<br>(Losses) on<br>Investments | Total from<br>Investment<br>Activities | Net<br>Investment<br>Income | Total<br>Distributions |<br>Net<br>Asset<br>Value,<br>End of<br>Period |
| **UltraShort Emerging Markets ProFund** | **UltraShort Emerging Markets ProFund** | **UltraShort Emerging Markets ProFund** | **UltraShort Emerging Markets ProFund** | **UltraShort Emerging Markets ProFund** | **UltraShort Emerging Markets ProFund** | **UltraShort Emerging Markets ProFund** | **UltraShort Emerging Markets ProFund** |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
| Year Ended July 31, 2025 | $16.77 | 0.35 | (6.68)<sup>(c)</sup> | (6.33) | (0.21) | (0.21) | $10.23 |
| Year Ended July 31, 2024 | $19.62 | 0.73 | (2.21) | (1.48) | (1.37) | (1.37) | $16.77 |
| Year Ended July 31, 2023 | $28.93 | 0.63 | (9.94) | (9.31) |  |  | $19.62 |
| Year Ended July 31, 2022 | $23.19 | (0.39) | 6.13 | 5.74 |  |  | $28.93 |
| Year Ended July 31, 2021<sup>(d)</sup> | $39.50 | (0.45) | (15.86) | (16.31) |  |  | $23.19 |
| **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
| Year Ended July 31, 2025 | $14.98 | 0.23 | (6.02)<sup>(c)</sup> | (5.79) | (0.10) | (0.10) | $9.09 |
| Year Ended July 31, 2024 | $17.34 | 0.55 | (2.04) | (1.49) | (0.87) | (0.87) | $14.98 |
| Year Ended July 31, 2023 | $25.83 | 0.39 | (8.88) | (8.49) |  |  | $17.34 |
| Year Ended July 31, 2022 | $20.93 | (0.63) | 5.53 | 4.90 |  |  | $25.83 |
| Year Ended July 31, 2021<sup>(d)</sup> | $35.98 | (0.69) | (14.36) | (15.05) |  |  | $20.93 |
| **UltraShort International ProFund** | **UltraShort International ProFund** | **UltraShort International ProFund** | **UltraShort International ProFund** | **UltraShort International ProFund** | **UltraShort International ProFund** | **UltraShort International ProFund** | **UltraShort International ProFund** |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
| Year Ended July 31, 2025 | $16.86 | 0.42 | (3.46) | (3.04) | (0.47) | (0.47) | $13.35 |
| Year Ended July 31, 2024 | $19.74 | 0.68 | (2.82) | (2.14) | (0.74) | (0.74) | $16.86 |
| Year Ended July 31, 2023 | $26.52 | 0.55 | (7.33) | (6.78) |  |  | $19.74 |
| Year Ended July 31, 2022 | $22.38 | (0.34) | 4.48 | 4.14 |  |  | $26.52 |
| Year Ended July 31, 2021<sup>(d)</sup> | $42.06 | (0.51) | (19.17) | (19.68) |  |  | $22.38 |
| **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
| Year Ended July 31, 2025 | $14.84 | 0.28 | (3.19) | (2.91) |  |  | $11.93 |
| Year Ended July 31, 2024 | $17.32 | 0.51 | (2.56) | (2.05) | (0.43) | (0.43) | $14.84 |
| Year Ended July 31, 2023 | $23.51 | 0.34 | (6.53) | (6.19) |  |  | $17.32 |
| Year Ended July 31, 2022 | $20.04 | (0.57) | 4.04 | 3.47 |  |  | $23.51 |
| Year Ended July 31, 2021<sup>(d)</sup> | $38.07 | (0.78) | (17.25) | (18.03) |  |  | $20.04 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | Ratios to <br>Average Net Assets | Ratios to <br>Average Net Assets | Ratios to <br>Average Net Assets | Supplemental<br>Data | Supplemental<br>Data |
| |<br>Total<br>Return | Gross<br>Expenses | Net<br>Expenses | Net<br>Investment<br>Income<br>(Loss) | Net<br>Assets,<br>End of<br>Period<br>(000's) | Portfolio<br>Turnover<br>Rate<sup>(b)</sup> |
| **UltraShort Emerging Markets ProFund** | **UltraShort Emerging Markets ProFund** | **UltraShort Emerging Markets ProFund** | **UltraShort Emerging Markets ProFund** | **UltraShort Emerging Markets ProFund** | **UltraShort Emerging Markets ProFund** | **UltraShort Emerging Markets ProFund** |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
| Year Ended July 31, 2025 | (38.16)% | 5.46% | 1.78% | 2.67% | $836 |  |
| Year Ended July 31, 2024 | (8.31)% | 5.74% | 1.78% | 3.52% | $349 |  |
| Year Ended July 31, 2023 | (32.18)% | 3.67% | 1.78% | 2.28% | $312 |  |
| Year Ended July 31, 2022 | 24.75% | 3.73% | 1.78% | (1.43)% | $1247 |  |
| Year Ended July 31, 2021<sup>(d)</sup> | (41.26)% | 5.39% | 1.78% | (1.77)% | $562 |  |
| **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
| Year Ended July 31, 2025 | (38.93)% | 6.46% | 2.78% | 1.67% | $5 |  |
| Year Ended July 31, 2024 | (9.27)% | 6.74% | 2.78% | 2.52% | $13 |  |
| Year Ended July 31, 2023 | (32.86)% | 4.67% | 2.78% | 1.28% | $13 |  |
| Year Ended July 31, 2022 | 23.52% | 4.73% | 2.78% | (2.43)% | $31 |  |
| Year Ended July 31, 2021<sup>(d)</sup> | (41.89)% | 6.39% | 2.78% | (2.77)% | $31 |  |
| **UltraShort International ProFund** | **UltraShort International ProFund** | **UltraShort International ProFund** | **UltraShort International ProFund** | **UltraShort International ProFund** | **UltraShort International ProFund** | **UltraShort International ProFund** |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
| Year Ended July 31, 2025 | (18.80)% | 2.56% | 1.78% | 2.65% | $2008 |  |
| Year Ended July 31, 2024 | (11.20)% | 2.93% | 1.78% | 3.50% | $2097 |  |
| Year Ended July 31, 2023 | (25.57)% | 2.45% | 1.78% | 2.19% | $2569 |  |
| Year Ended July 31, 2022 | 18.50% | 2.60% | 1.78% | (1.41)% | $2640 |  |
| Year Ended July 31, 2021<sup>(d)</sup> | (46.82)% | 3.13% | 1.78% | (1.77)% | $1631 |  |
| **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
| Year Ended July 31, 2025 | (19.61)% | 3.55% | 2.77% | 1.66% | $27 |  |
| Year Ended July 31, 2024 | (12.25)% | 3.93% | 2.78% | 2.50% | $4 |  |
| Year Ended July 31, 2023 | (26.31)% | 3.45% | 2.78% | 1.19% | $4 |  |
| Year Ended July 31, 2022 | 17.30% | 3.60% | 2.78% | (2.41)% | $6 |  |
| Year Ended July 31, 2021<sup>(d)</sup> | (47.32)% | 4.14% | 2.79% | (2.78)% | $5 |  |

---

(a) Per share net investment income (loss) has been calculated using the average daily shares method.

(b) Portfolio turnover rate is calculated without regard to instruments having a maturity of less than one year from acquisition or derivative instruments (including swap agreements and futures contracts). The portfolio turnover rate can be high and volatile due to the amount and timing of sales and purchases of fund shares during the period. Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued.

(c) The amount shown for a share outstanding throughout the period does not accord with the change in aggregate gains and losses in the portfolio of securities during the period because of timing of sales and purchases of fund shares in relation to fluctuating market values during the period.

(d) As described in the accompanying notes to financial statements, share amounts have been adjusted for 1:4 reverse share split that occurred on December 14, 2020.

**See accompanying notes to financial statements.**

------

**Financial Highlights :: 271**

**ProFunds Financial Highlights** FOR THE PERIODS INDICATED

**Selected data for a share of beneficial interest outstanding throughout the periods indicated.**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | Investment Activities | Investment Activities | Investment Activities | Distributions to<br>Shareholders From | Distributions to<br>Shareholders From | |
| |<br>Net Asset<br>Value,<br>Beginning<br>of Period | Net<br>Investment<br>Income<br>(Loss)<sup>(a)</sup> | Net<br>Realized<br>and<br>Unrealized<br>Gains<br>(Losses) on<br>Investments | Total from<br>Investment<br>Activities | Net<br>Investment<br>Income | Total<br>Distributions |<br>Net<br>Asset<br>Value,<br>End of<br>Period |
| **UltraShort Japan ProFund** | **UltraShort Japan ProFund** | **UltraShort Japan ProFund** | **UltraShort Japan ProFund** | **UltraShort Japan ProFund** | **UltraShort Japan ProFund** | **UltraShort Japan ProFund** | **UltraShort Japan ProFund** |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
| Year Ended July 31, 2025<sup>(c)</sup> | $47.65 | 1.08 | (10.05)<sup>(d)</sup> | (8.97) | (3.78) | (3.78) | $34.90 |
| Year Ended July 31, 2024<sup>(c)</sup> | $67.66 | 1.80 | (20.71) | (18.91) | (1.10) | (1.10) | $47.65 |
| Year Ended July 31, 2023<sup>(c)</sup> | $101.79 | 1.90 | (36.03) | (34.13) |  |  | $67.66 |
| Year Ended July 31, 2022<sup>(c)</sup> | $125.31 | (1.80) | (21.72) | (23.52) |  |  | $101.79 |
| Year Ended July 31, 2021<sup>(c)</sup> | $222.35 | (2.60) | (94.44) | (97.04) |  |  | $125.31 |
| **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
| Year Ended July 31, 2025<sup>(c)</sup> | $38.92 | 0.68 | (4.86)<sup>(d)</sup> | (4.18) |  |  | $34.74 |
| Year Ended July 31, 2024<sup>(c)</sup> | $60.45 | 1.30 | (19.30) | (18.00) |  |  | $38.92 |
| Year Ended July 31, 2023<sup>(c)</sup> | $92.00 | 1.20 | (32.75) | (31.55) |  |  | $60.45 |
| Year Ended July 31, 2022<sup>(c)</sup> | $111.49 | (2.80) | (16.69) | (19.49) |  |  | $92.00 |
| Year Ended July 31, 2021<sup>(c)</sup> | $203.18 | (3.70) | (87.99) | (91.69) |  |  | $111.49 |
| **UltraShort Latin America ProFund** | **UltraShort Latin America ProFund** | **UltraShort Latin America ProFund** | **UltraShort Latin America ProFund** | **UltraShort Latin America ProFund** | **UltraShort Latin America ProFund** | **UltraShort Latin America ProFund** | **UltraShort Latin America ProFund** |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
| Year Ended July 31, 2025<sup>(f)</sup> | $45.28 | 1.10 | (10.48) | (9.38) | (1.73) | (1.73) | $34.17 |
| Year Ended July 31, 2024<sup>(f)</sup> | $39.83 | 1.36 | 4.97 | 6.33 | (0.88) | (0.88) | $45.28 |
| Year Ended July 31, 2023<sup>(f)</sup> | $73.41 | 1.36 | (34.94) | (33.58) |  |  | $39.83 |
| Year Ended July 31, 2022<sup>(f)</sup> | $82.12 | (1.20) | (7.51) | (8.71) |  |  | $73.41 |
| Year Ended July 31, 2021<sup>(f)</sup> | $221.36 | (2.56) | (136.68) | (139.24) |  |  | $82.12 |
| **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
| Year Ended July 31, 2025<sup>(f)</sup> | $39.61 | 0.73 | (9.10) | (8.37) | (1.46) | (1.46) | $29.78 |
| Year Ended July 31, 2024<sup>(f)</sup> | $34.15 | 1.04 | 4.42 | 5.46 |  |  | $39.61 |
| Year Ended July 31, 2023<sup>(f)</sup> | $63.70 | 0.80 | (30.35) | (29.55) |  |  | $34.15 |
| Year Ended July 31, 2022<sup>(f)</sup> | $71.87 | (2.00) | (6.17) | (8.17) |  |  | $63.70 |
| Year Ended July 31, 2021<sup>(f)</sup> | $196.01 | (3.76) | (120.38) | (124.14) |  |  | $71.87 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | Ratios to <br>Average Net Assets | Ratios to <br>Average Net Assets | Ratios to <br>Average Net Assets | Supplemental<br>Data | Supplemental<br>Data |
| |<br>Total<br>Return | Gross<br>Expenses | Net<br>Expenses | Net<br>Investment<br>Income<br>(Loss) | Net<br>Assets,<br>End of<br>Period<br>(000's) | Portfolio<br>Turnover<br>Rate<sup>(b)</sup> |
| **UltraShort Japan ProFund** | **UltraShort Japan ProFund** | **UltraShort Japan ProFund** | **UltraShort Japan ProFund** | **UltraShort Japan ProFund** | **UltraShort Japan ProFund** | **UltraShort Japan ProFund** |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
| Year Ended July 31, 2025<sup>(c)</sup> | (19.74)% | 4.90% | 1.78% | 2.53% | $1460 |  |
| Year Ended July 31, 2024<sup>(c)</sup> | (28.39)% | 5.02% | 1.78% | 3.26% | $1304 |  |
| Year Ended July 31, 2023<sup>(c)</sup> | (33.50)% | 7.36% | 1.78% | 2.30% | $961 |  |
| Year Ended July 31, 2022<sup>(c)</sup> | (18.75)% | 10.76% | 1.78% | (1.54)% | $199 |  |
| Year Ended July 31, 2021<sup>(c)</sup> | (43.63)% | 8.91% | 1.78% | (1.77)% | $233 |  |
| **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
| Year Ended July 31, 2025<sup>(c)</sup> | (16.69)% | 5.87% | 2.75% | 1.56% | $13 |  |
| Year Ended July 31, 2024<sup>(c)</sup> | (29.03)% | 6.02% | 2.78% | 2.26% | $—<br> <sup>(e)</sup> |  |
| Year Ended July 31, 2023<sup>(c)</sup> | (34.26)% | 8.36% | 2.78% | 1.30% | $1 |  |
| Year Ended July 31, 2022<sup>(c)</sup> | (19.71)% | 11.76% | 2.78% | (2.54)% | $1 |  |
| Year Ended July 31, 2021<sup>(c)</sup> | (44.23)% | 9.91% | 2.78% | (2.77)% | $29 |  |
| **UltraShort Latin America ProFund** | **UltraShort Latin America ProFund** | **UltraShort Latin America ProFund** | **UltraShort Latin America ProFund** | **UltraShort Latin America ProFund** | **UltraShort Latin America ProFund** | **UltraShort Latin America ProFund** |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
| Year Ended July 31, 2025<sup>(f)</sup> | (21.93)% | 3.82% | 1.78% | 2.72% | $1136 |  |
| Year Ended July 31, 2024<sup>(f)</sup> | 16.68% | 3.71% | 1.78% | 3.43% | $1410 |  |
| Year Ended July 31, 2023<sup>(f)</sup> | (45.75)% | 3.95% | 1.78% | 2.42% | $1721 |  |
| Year Ended July 31, 2022<sup>(f)</sup> | (10.61)% | 4.14% | 1.78% | (1.48)% | $1796 |  |
| Year Ended July 31, 2021<sup>(f)</sup> | (62.88)% | 3.28% | 1.78% | (1.77)% | $804 |  |
| **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
| Year Ended July 31, 2025<sup>(f)</sup> | (22.31)% | 4.82% | 2.78% | 1.72% | $17 |  |
| Year Ended July 31, 2024<sup>(f)</sup> | 15.65% | 4.71% | 2.78% | 2.43% | $85 |  |
| Year Ended July 31, 2023<sup>(f)</sup> | (46.30)% | 4.95% | 2.78% | 1.42% | $3 |  |
| Year Ended July 31, 2022<sup>(f)</sup> | (11.44)% | 5.14% | 2.78% | (2.48)% | $8 |  |
| Year Ended July 31, 2021<sup>(f)</sup> | (63.24)% | 4.28% | 2.78% | (2.77)% | $9 |  |

---

(a) Per share net investment income (loss) has been calculated using the average daily shares method.

(b) Portfolio turnover rate is calculated without regard to instruments having a maturity of less than one year from acquisition or derivative instruments (including swap agreements and futures contracts). The portfolio turnover rate can be high and volatile due to the amount and timing of sales and purchases of fund shares during the period. Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued.

(c) As described in the accompanying notes to financial statements, share amounts have been adjusted for 1:10 reverse share split that occurred on October 14, 2024.

(d) The amount shown for a share outstanding throughout the period does not accord with the change in aggregate gains and losses in the portfolio of securities during the period because of timing of sales and purchases of fund shares in relation to fluctuating market values during the period.

(e) Amount is less than $0.50.

(f) As described in the accompanying notes to financial statements, share amounts have been adjusted for 1:8 reverse share split that occurred on October 14, 2024.

**See accompanying notes to financial statements.**

------

**272 :: Financial Highlights**

**ProFunds Financial Highlights** FOR THE PERIODS INDICATED

**Selected data for a share of beneficial interest outstanding throughout the periods indicated.**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | Investment Activities | Investment Activities | Investment Activities | Distributions to<br>Shareholders From | Distributions to<br>Shareholders From | |
| |<br>Net Asset<br>Value,<br>Beginning<br>of Period | Net<br>Investment<br>Income<br>(Loss)<sup>(a)</sup> | Net<br>Realized<br>and<br>Unrealized<br>Gains<br>(Losses) on<br>Investments | Total from<br>Investment<br>Activities | Net<br>Investment<br>Income | Total<br>Distributions |<br>Net<br>Asset<br>Value,<br>End of<br>Period |
| **UltraShort Mid-Cap ProFund** | **UltraShort Mid-Cap ProFund** | **UltraShort Mid-Cap ProFund** | **UltraShort Mid-Cap ProFund** | **UltraShort Mid-Cap ProFund** | **UltraShort Mid-Cap ProFund** | **UltraShort Mid-Cap ProFund** | **UltraShort Mid-Cap ProFund** |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
| Year Ended July 31, 2025 | $31.08 | 0.78 | (2.57) | (1.79) | (1.48) | (1.48) | $27.81 |
| Year Ended July 31, 2024 | $40.62 | 1.40 | (9.16) | (7.76) | (1.78) | (1.78) | $31.08 |
| Year Ended July 31, 2023<sup>(c)</sup> | $51.24 | 1.13 | (11.75) | (10.62) |  |  | $40.62 |
| Year Ended July 31, 2022<sup>(c)</sup> | $53.58 | (0.80) | (1.54) | (2.34) |  |  | $51.24 |
| Year Ended July 31, 2021<sup>(c)</sup> | $131.61 | (1.40) | (76.63) | (78.03) |  |  | $53.58 |
| **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
| Year Ended July 31, 2025 | $26.84 | 0.52 | (2.19) | (1.67) | (1.19) | (1.19) | $23.98 |
| Year Ended July 31, 2024 | $35.10 | 1.05 | (8.09) | (7.04) | (1.22) | (1.22) | $26.84 |
| Year Ended July 31, 2023<sup>(c)</sup> | $44.77 | 0.70 | (10.37) | (9.67) |  |  | $35.10 |
| Year Ended July 31, 2022<sup>(c)</sup> | $47.28 | (1.30) | (1.21) | (2.51) |  |  | $44.77 |
| Year Ended July 31, 2021<sup>(c)</sup> | $117.12 | (2.10) | (67.74) | (69.84) |  |  | $47.28 |
| **UltraShort Nasdaq-100 ProFund** | **UltraShort Nasdaq-100 ProFund** | **UltraShort Nasdaq-100 ProFund** | **UltraShort Nasdaq-100 ProFund** | **UltraShort Nasdaq-100 ProFund** | **UltraShort Nasdaq-100 ProFund** | **UltraShort Nasdaq-100 ProFund** | **UltraShort Nasdaq-100 ProFund** |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
| Year Ended July 31, 2025 | $31.51 | 0.71 | (11.56) | (10.85) | (1.50) | (1.50) | $19.16 |
| Year Ended July 31, 2024 | $48.40 | 1.41 | (15.89) | (14.48) | (2.41) | (2.41) | $31.51 |
| Year Ended July 31, 2023<sup>(e)</sup> | $78.98 | 1.97 | (32.53) | (30.56) | (0.02) | (0.02) | $48.40 |
| Year Ended July 31, 2022<sup>(e)</sup> | $78.50 | (0.90) | 1.38 | 0.48 |  |  | $78.98 |
| Year Ended July 31, 2021<sup>(e)(f)</sup> | $179.00 | (2.05) | (98.35) | (100.40) | (0.10) | (0.10) | $78.50 |
| **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
| Year Ended July 31, 2025 | $29.27 | 0.46 | (10.84) | (10.38) | (1.14) | (1.14) | $17.75 |
| Year Ended July 31, 2024 | $44.91 | 1.03 | (14.83) | (13.80) | (1.84) | (1.84) | $29.27 |
| Year Ended July 31, 2023<sup>(e)</sup> | $73.94 | 1.23 | (30.26) | (29.03) |  |  | $44.91 |
| Year Ended July 31, 2022<sup>(e)</sup> | $74.25 | (1.60) | 1.29 | (0.31) |  |  | $73.94 |
| Year Ended July 31, 2021<sup>(e)(f)</sup> | $171.01 | (3.20) | (93.56) | (96.76) |  |  | $74.25 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | Ratios to <br>Average Net Assets | Ratios to <br>Average Net Assets | Ratios to <br>Average Net Assets | Supplemental<br>Data | Supplemental<br>Data |
| |<br>Total<br>Return | Gross<br>Expenses | Net<br>Expenses | Net<br>Investment<br>Income<br>(Loss) | Net<br>Assets,<br>End of<br>Period<br>(000's) | Portfolio<br>Turnover<br>Rate<sup>(b)</sup> |
| **UltraShort Mid-Cap ProFund** | **UltraShort Mid-Cap ProFund** | **UltraShort Mid-Cap ProFund** | **UltraShort Mid-Cap ProFund** | **UltraShort Mid-Cap ProFund** | **UltraShort Mid-Cap ProFund** | **UltraShort Mid-Cap ProFund** |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
| Year Ended July 31, 2025 | (5.98)% | 6.22% | 1.78% | 2.57% | $480 |  |
| Year Ended July 31, 2024 | (19.79)% | 5.07% | 1.78% | 3.48% | $532 |  |
| Year Ended July 31, 2023<sup>(c)</sup> | (20.66)% | 3.54% | 1.78% | 2.31% | $975 |  |
| Year Ended July 31, 2022<sup>(c)</sup> | (4.48)% | 3.56% | 1.78% | (1.50)% | $1424 |  |
| Year Ended July 31, 2021<sup>(c)</sup> | (59.27)% | 3.22% | 1.78% | (1.77)% | $1443 |  |
| **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
| Year Ended July 31, 2025 | (6.43)% | 7.22% | 2.78% | 1.57% | $12 |  |
| Year Ended July 31, 2024 | (20.62)% | 6.07% | 2.78% | 2.48% | $21 |  |
| Year Ended July 31, 2023<sup>(c)</sup> | (21.63)% | 4.54% | 2.78% | 1.31% | $42 |  |
| Year Ended July 31, 2022<sup>(c)</sup> | (5.29)% | 4.56% | 2.78% | (2.50)% | $53 |  |
| Year Ended July 31, 2021<sup>(c)</sup> | (59.61)% | 4.22% | 2.78% | (2.77)% | $20 |  |
| **UltraShort Nasdaq-100 ProFund** | **UltraShort Nasdaq-100 ProFund** | **UltraShort Nasdaq-100 ProFund** | **UltraShort Nasdaq-100 ProFund** | **UltraShort Nasdaq-100 ProFund** | **UltraShort Nasdaq-100 ProFund** | **UltraShort Nasdaq-100 ProFund** |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
| Year Ended July 31, 2025 | (35.59)% | 1.96% | 1.83<br> %<sup>(d)</sup> | 2.73% | $20168 |  |
| Year Ended July 31, 2024 | (31.02)% | 2.01% | 1.88% | 3.42% | $9819 |  |
| Year Ended July 31, 2023<sup>(e)</sup> | (38.71)% | 1.66% | 1.66% | 2.50% | $16415 |  |
| Year Ended July 31, 2022<sup>(e)</sup> | 0.64% | 1.68% | 1.68% | (1.09)% | $100824 |  |
| Year Ended July 31, 2021<sup>(e)(f)</sup> | (55.87)% | 1.78% | 1.78% | (1.76)% | $9281 |  |
| **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
| Year Ended July 31, 2025 | (36.37)% | 2.96% | 2.83<br> %<sup>(d)</sup> | 1.73% | $28 |  |
| Year Ended July 31, 2024 | (31.66)% | 2.97% | 2.84% | 2.46% | $46 |  |
| Year Ended July 31, 2023<sup>(e)</sup> | (39.26)% | 2.64% | 2.64% | 1.52% | $69 |  |
| Year Ended July 31, 2022<sup>(e)</sup> | (0.40)% | 2.68% | 2.68% | (2.09)% | $168 |  |
| Year Ended July 31, 2021<sup>(e)(f)</sup> | (56.43)% | 2.78% | 2.78% | (2.76)% | $184 |  |

---

(a) Per share net investment income (loss) has been calculated using the average daily shares method.

(b) Portfolio turnover rate is calculated without regard to instruments having a maturity of less than one year from acquisition or derivative instruments (including swap agreements and futures contracts). The portfolio turnover rate can be high and volatile due to the amount and timing of sales and purchases of fund shares during the period. Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued.

(c) As described in the accompanying notes to financial statements, share amounts have been adjusted for 1:10 reverse share split that occurred on March 6, 2023.

(d) The expense ratio does not correlate to the applicable expense limits in place during the period given that the annual contractual expense limitation is applied for the one year periods ended November 30th of each year, instead of coinciding with the July 31st year end.

(e) As described in the accompanying notes to financial statements, share amounts have been adjusted for 1:5 reverse share split that occurred on March 13, 2023.

(f) As described in the accompanying notes to financial statements, share amounts have been adjusted for 1:8 reverse share split that occurred on December 14, 2020.

**See accompanying notes to financial statements.**

------

**Financial Highlights :: 273**

**ProFunds Financial Highlights** FOR THE PERIODS INDICATED

**Selected data for a share of beneficial interest outstanding throughout the periods indicated.**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | Investment Activities | Investment Activities | Investment Activities | Distributions to <br>Shareholders From | Distributions to <br>Shareholders From | |
| |<br>Net Asset <br>Value, <br>Beginning <br>of Period | Net <br>Investment <br>Income <br>(Loss)<sup>(a)</sup> | Net <br>Realized <br>and <br>Unrealized <br>Gains <br>(Losses) on <br>Investments | Total from <br>Investment <br>Activities | Net <br>Investment <br>Income | Total <br>Distributions |<br>Net <br>Asset <br>Value, <br>End of <br>Period |
| **UltraShort Small-Cap ProFund** | **UltraShort Small-Cap ProFund** | **UltraShort Small-Cap ProFund** | **UltraShort Small-Cap ProFund** | **UltraShort Small-Cap ProFund** | **UltraShort Small-Cap ProFund** | **UltraShort Small-Cap ProFund** | **UltraShort Small-Cap ProFund** |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
| Year Ended July 31, 2025<sup>(c)</sup> | $48.11 | 1.31 | (3.61) | (2.30) | (1.96) | (1.96) | $43.85 |
| Year Ended July 31, 2024<sup>(c)</sup> | $64.97 | 2.30 | (16.36) | (14.06) | (2.80) | (2.80) | $48.11 |
| Year Ended July 31, 2023<sup>(c)</sup> | $80.62 | 2.00 | (17.65) | (15.65) |  |  | $64.97 |
| Year Ended July 31, 2022<sup>(c)</sup> | $72.75 | (1.10) | 8.97 | 7.87 |  |  | $80.62 |
| Year Ended July 31, 2021<sup>(c)</sup> | $201.20 | (1.80) | (126.65) | (128.45) |  |  | $72.75 |
| **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
| Year Ended July 31, 2025<sup>(c)</sup> | $43.33 | 0.88 | (3.34) | (2.46) | (1.49) | (1.49) | $39.38 |
| Year Ended July 31, 2024<sup>(c)</sup> | $58.63 | 1.70 | (14.90) | (13.20) | (2.10) | (2.10) | $43.33 |
| Year Ended July 31, 2023<sup>(c)</sup> | $73.60 | 1.20 | (16.17) | (14.97) |  |  | $58.63 |
| Year Ended July 31, 2022<sup>(c)</sup> | $67.07 | (1.80) | 8.33 | 6.53 |  |  | $73.60 |
| Year Ended July 31, 2021<sup>(c)</sup> | $187.34 | (2.80) | (117.47) | (120.27) |  |  | $67.07 |
| **UltraSmall-Cap ProFund** | **UltraSmall-Cap ProFund** | **UltraSmall-Cap ProFund** | **UltraSmall-Cap ProFund** | **UltraSmall-Cap ProFund** | **UltraSmall-Cap ProFund** | **UltraSmall-Cap ProFund** | **UltraSmall-Cap ProFund** |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
| Year Ended July 31, 2025 | $71.97 | 0.34 | (9.90) | (9.56) | (0.71) | (0.71) | $61.70 |
| Year Ended July 31, 2024 | $62.24 | 0.45 | 9.72 | 10.17 | (0.44) | (0.44) | $71.97 |
| Year Ended July 31, 2023 | $60.08 | 0.28 | 1.88 | 2.16 |  |  | $62.24 |
| Year Ended July 31, 2022 | $89.55 | (0.55) | (28.92) | (29.47) |  |  | $60.08 |
| Year Ended July 31, 2021 | $41.81 | (0.81) | 48.55 | 47.74 |  |  | $89.55 |
| **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
| Year Ended July 31, 2025 | $56.85 | (0.15) | (7.89) | (8.04) | (0.25) | (0.25) | $48.56 |
| Year Ended July 31, 2024 | $49.40 | (0.01) | 7.56 | 7.55 | (0.10) | (0.10) | $56.85 |
| Year Ended July 31, 2023 | $48.18 | (0.16) | 1.38 | 1.22 |  |  | $49.40 |
| Year Ended July 31, 2022 | $72.53 | (1.19) | (23.16) | (24.35) |  |  | $48.18 |
| Year Ended July 31, 2021 | $34.20 | (1.46) | 39.79 | 38.33 |  |  | $72.53 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | Ratios to <br>Average Net Assets | Ratios to <br>Average Net Assets | Ratios to <br>Average Net Assets | Supplemental <br>Data | Supplemental <br>Data |
| |<br>Total <br>Return | Gross <br>Expenses | Net <br>Expenses | Net <br>Investment <br>Income <br>(Loss) | Net <br>Assets, <br>End of <br>Period <br>(000's) | Portfolio <br>Turnover <br>Rate<sup>(b)</sup> |
| **UltraShort Small-Cap ProFund** | **UltraShort Small-Cap ProFund** | **UltraShort Small-Cap ProFund** | **UltraShort Small-Cap ProFund** | **UltraShort Small-Cap ProFund** | **UltraShort Small-Cap ProFund** | **UltraShort Small-Cap ProFund** |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
| Year Ended July 31, 2025<sup>(c)</sup> | (4.97)% | 2.64% | 1.78% | 2.69% | $4817 |  |
| Year Ended July 31, 2024<sup>(c)</sup> | (22.36)% | 2.38% | 1.78% | 3.46% | $2818 |  |
| Year Ended July 31, 2023<sup>(c)</sup> | (19.35)% | 2.19% | 1.78% | 2.47% | $5009 |  |
| Year Ended July 31, 2022<sup>(c)</sup> | 10.87% | 2.32% | 1.78% | (1.46)% | $4194 |  |
| Year Ended July 31, 2021<sup>(c)</sup> | (63.87)% | 2.10% | 1.78% | (1.77)% | $8081 |  |
| **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
| Year Ended July 31, 2025<sup>(c)</sup> | (5.80)% | 3.64% | 2.78% | 1.69% | $30 |  |
| Year Ended July 31, 2024<sup>(c)</sup> | (23.13)% | 3.38% | 2.78% | 2.46% | $106 |  |
| Year Ended July 31, 2023<sup>(c)</sup> | (20.38)% | 3.19% | 2.78% | 1.47% | $120 |  |
| Year Ended July 31, 2022<sup>(c)</sup> | 9.69% | 3.32% | 2.78% | (2.46)% | $159 |  |
| Year Ended July 31, 2021<sup>(c)</sup> | (64.19)% | 3.10% | 2.78% | (2.77)% | $508 |  |
| **UltraSmall-Cap ProFund** | **UltraSmall-Cap ProFund** | **UltraSmall-Cap ProFund** | **UltraSmall-Cap ProFund** | **UltraSmall-Cap ProFund** | **UltraSmall-Cap ProFund** | **UltraSmall-Cap ProFund** |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
| Year Ended July 31, 2025 | (13.36)% | 1.67% | 1.67% | 0.53% | $39784 | 69% |
| Year Ended July 31, 2024 | 16.45% | 1.71% | 1.70% | 0.79% | $57725 | 46% |
| Year Ended July 31, 2023 | 3.58% | 1.67% | 1.67% | 0.51% | $50344 | 97% |
| Year Ended July 31, 2022 | (32.91)% | 1.60% | 1.60% | (0.72)% | $52577 | 46% |
| Year Ended July 31, 2021 | 114.21% | 1.62% | 1.62% | (1.04)% | $100147 | 27% |
| **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
| Year Ended July 31, 2025 | (14.18)% | 2.66% | 2.66% | (0.46)% | $486 | 69% |
| Year Ended July 31, 2024 | 15.29% | 2.71% | 2.70% | (0.21)% | $554 | 46% |
| Year Ended July 31, 2023 | 2.53% | 2.67% | 2.67% | (0.49)% | $183 | 97% |
| Year Ended July 31, 2022 | (33.56)% | 2.60% | 2.60% | (1.72)% | $235 | 46% |
| Year Ended July 31, 2021 | 112.08% | 2.62% | 2.62% | (2.04)% | $994 | 27% |

---

(a) Per share net investment income (loss) has been calculated using the average daily shares method.

(b) Portfolio turnover rate is calculated without regard to instruments having a maturity of less than one year from acquisition or derivative instruments (including swap agreements and futures contracts). The portfolio turnover rate can be high and volatile due to the amount and timing of sales and purchases of fund shares during the period. Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued.

(c) As described in the accompanying notes to financial statements, share amounts have been adjusted for 1:10 reverse share split that occurred on October 14, 2024.

**See accompanying notes to financial statements.**

------

**274 :: Financial Highlights**

**ProFunds Financial Highlights** FOR THE PERIODS INDICATED

**Selected data for a share of beneficial interest outstanding throughout the periods indicated.**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | Investment Activities | Investment Activities | Investment Activities | Distributions to <br>Shareholders From | Distributions to <br>Shareholders From | |
| |<br>Net Asset <br>Value, <br>Beginning <br>of Period | Net <br>Investment <br>Income <br>(Loss)<sup>(a)</sup> | Net <br>Realized <br>and <br>Unrealized <br>Gains <br>(Losses) on <br>Investments | Total from <br>Investment <br>Activities | Net <br>Investment <br>Income | Total <br>Distributions |<br>Net <br>Asset <br>Value, <br>End of <br>Period |
| **U.S. Government Plus ProFund** | **U.S. Government Plus ProFund** | **U.S. Government Plus ProFund** | **U.S. Government Plus ProFund** | **U.S. Government Plus ProFund** | **U.S. Government Plus ProFund** | **U.S. Government Plus ProFund** | **U.S. Government Plus ProFund** |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
| Year Ended July 31, 2025 | $36.03 | 0.97 | (4.17) | (3.20) | (1.01) | (1.01) | $31.82 |
| Year Ended July 31, 2024 | $39.69 | 1.29 | (3.62) | (2.33) | (1.33) | (1.33) | $36.03 |
| Year Ended July 31, 2023 | $50.72 | 0.96 | (11.24) | (10.28) | (0.75) | (0.75) | $39.69 |
| Year Ended July 31, 2022 | $69.24 | (0.77) | (17.75) | (18.52) |  |  | $50.72 |
| Year Ended July 31, 2021 | $85.98 | (0.83) | (15.91) | (16.74) |  |  | $69.24 |
| **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
| Year Ended July 31, 2025 | $32.36 | 0.66 | (3.83) | (3.17) | (0.55) | (0.55) | $28.64 |
| Year Ended July 31, 2024 | $35.59 | 0.97 | (3.33) | (2.36) | (0.87) | (0.87) | $32.36 |
| Year Ended July 31, 2023 | $45.48 | 0.58 | (10.20) | (9.62) | (0.27) | (0.27) | $35.59 |
| Year Ended July 31, 2022 | $62.71 | (1.36) | (15.87) | (17.23) |  |  | $45.48 |
| Year Ended July 31, 2021 | $78.67 | (1.50) | (14.46) | (15.96) |  |  | $62.71 |
| **Utilities UltraSector ProFund** | **Utilities UltraSector ProFund** | **Utilities UltraSector ProFund** | **Utilities UltraSector ProFund** | **Utilities UltraSector ProFund** | **Utilities UltraSector ProFund** | **Utilities UltraSector ProFund** | **Utilities UltraSector ProFund** |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
| Year Ended July 31, 2025 | $65.66 | 1.22 | 16.24 | 17.46 | (0.83) | (0.83) | $82.29 |
| Year Ended July 31, 2024 | $59.61 | 0.84 | 6.14 | 6.98 | (0.93) | (0.93) | $65.66 |
| Year Ended July 31, 2023 | $70.17 | 0.81 | (10.74) | (9.93) | (0.63) | (0.63) | $59.61 |
| Year Ended July 31, 2022 | $58.73 | 0.28 | 11.29 | 11.57 | (0.13) | (0.13) | $70.17 |
| Year Ended July 31, 2021 | $51.44 | 0.09 | 7.52 | 7.61 | (0.32)<sup>(g)</sup> | (0.32) | $58.73 |
| **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
| Year Ended July 31, 2025 | $60.78 | 0.54 | 14.99 | 15.53 |  |  | $76.31 |
| Year Ended July 31, 2024 | $54.87 | 0.33 | 5.67 | 6.00 | (0.09) | (0.09) | $60.78 |
| Year Ended July 31, 2023 | $64.64 | 0.23 | (10.00) | (9.77) |  |  | $54.87 |
| Year Ended July 31, 2022 | $54.53 | (0.32) | 10.43 | 10.11 |  |  | $64.64 |
| Year Ended July 31, 2021 | $47.93 | (0.39) | 6.99 | 6.60 |  |  | $54.53 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | Ratios to <br>Average Net Assets | Ratios to <br>Average Net Assets | Ratios to <br>Average Net Assets | Supplemental <br>Data | Supplemental <br>Data |
| |<br>Total <br>Return | Gross <br>Expenses | Net <br>Expenses | Net <br>Investment <br>Income <br>(Loss) | Net <br>Assets, <br>End of <br>Period <br>(000's) | Portfolio <br>Turnover <br>Rate<sup>(b)</sup> |
| **U.S. Government Plus ProFund** | **U.S. Government Plus ProFund** | **U.S. Government Plus ProFund** | **U.S. Government Plus ProFund** | **U.S. Government Plus ProFund** | **U.S. Government Plus ProFund** | **U.S. Government Plus ProFund** |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
| Year Ended July 31, 2025 | (9.05)% | 1.96% | 1.70% | 2.88% | $3378 |  |
| Year Ended July 31, 2024 | (5.75)% | 1.92% | 1.71<br> %<sup>(c)</sup> | 3.68% | $12726 |  |
| Year Ended July 31, 2023 | (20.28)% | 1.78% | 1.78<br> %<sup>(c)</sup> | 2.27% | $8475 |  |
| Year Ended July 31, 2022 | (26.76)% | 1.41% | 1.41% | (1.24)% | $8264 | —<br> <sup>(d)</sup> |
| Year Ended July 31, 2021 | (19.47)% | 1.51% | 1.51% | (1.17)% | $24182 | 99% |
| **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
| Year Ended July 31, 2025 | (9.90)% | 2.96% | 2.70% | 1.88% | $565 |  |
| Year Ended July 31, 2024 | (6.56)% | 2.92% | 2.71<br> %<sup>(c)</sup> | 2.68% | $1803 |  |
| Year Ended July 31, 2023 | (21.13)% | 2.78% | 2.78<br> %<sup>(c)</sup> | 1.27% | $122 |  |
| Year Ended July 31, 2022 | (27.49)% | 2.41% | 2.41% | (2.24)% | $587 | —<br> <sup>(d)</sup> |
| Year Ended July 31, 2021 | (20.29)% | 2.51% | 2.51% | (2.17)% | $1839 | 99% |
| **Utilities UltraSector ProFund** | **Utilities UltraSector ProFund** | **Utilities UltraSector ProFund** | **Utilities UltraSector ProFund** | **Utilities UltraSector ProFund** | **Utilities UltraSector ProFund** | **Utilities UltraSector ProFund** |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
| Year Ended July 31, 2025 | 26.85<br> %<sup>(e)</sup> | 1.76% | 1.71% | 1.66% | $15269 | 278% |
| Year Ended July 31, 2024 | 12.06% | 1.81% | 1.80% | 1.47% | $37071 | 35% |
| Year Ended July 31, 2023 | (14.25)% | 1.86% | 1.86% | 1.29% | $6553 | 53% |
| Year Ended July 31, 2022 | 19.73<br> %<sup>(f)</sup> | 1.73% | 1.73% | 0.44% | $12518 | 113% |
| Year Ended July 31, 2021 | 14.85% | 2.06% | 2.02<br> %<sup>(c)</sup> | 0.17% | $8418 | 95% |
| **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
| Year Ended July 31, 2025 | 25.55<br> %<sup>(e)</sup> | 2.76% | 2.71% | 0.66% | $305 | 278% |
| Year Ended July 31, 2024 | 10.98% | 2.81% | 2.80% | 0.47% | $541 | 35% |
| Year Ended July 31, 2023 | (15.11)% | 2.86% | 2.86% | 0.29% | $289 | 53% |
| Year Ended July 31, 2022 | 18.54<br> %<sup>(f)</sup> | 2.73% | 2.73% | (0.56)% | $1069 | 113% |
| Year Ended July 31, 2021 | 13.77% | 3.01% | 2.97<br> %<sup>(c)</sup> | (0.78)% | $368 | 95% |

---

(a) Per share net investment income (loss) has been calculated using the average daily shares method.

(b) Portfolio turnover rate is calculated without regard to instruments having a maturity of less than one year from acquisition or derivative instruments (including swap agreements and futures contracts). The portfolio turnover rate can be high and volatile due to the amount and timing of sales and purchases of fund shares during the period. Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued.

(c) The expense ratio does not correlate to the applicable expense limits in place during the period given that the annual contractual expense limitation is applied for the one year periods ended November 30th of each year, instead of coinciding with the July 31st year end.

(d) The portfolio turnover rate significantly decreased due to there being no sales or purchases of U.S. Treasury Obligations during the year.

(e) During the year ended July 31, 2025, the Fund received monies related to certain nonrecurring litigation settlements. The corresponding impact to the total return was 1.12%.

(f) During the year ended July 31, 2022, the Fund received monies related to certain nonrecurring litigation settlements. The corresponding impact to the total return was 0.16%.

(g) Subsequent to the issuance of the July 31, 2021 financial statements, $0.10 of the distribution was determined to be a return of capital.

**See accompanying notes to financial statements.**

------

**Notes to Financial Statements**

------

**276 :: Notes to Financial Statements ::** July 31, 2025

**1. Organization**

ProFunds (the "Trust") consists of 117 separate investment portfolios and is registered as an open-end management investment company under the Investment Company Act of 1940, as amended (the "1940 Act") and thus follows accounting and reporting guidance for investment companies. The Trust is organized as a Delaware statutory trust and is authorized to issue an unlimited number of shares of beneficial interest of no par value which may be issued in more than one class or series.

These accompanying financial statements ("financial statements") relate to the following portfolios of the Trust included in this report (collectively, the "ProFunds" and individually, a "ProFund"):

**Classic ProFunds:**

---

| | |
|:---|:---|
| Bull ProFund | Mid-Cap Value ProFund |
| Europe 30 ProFund | Nasdaq-100 ProFund |
| Large-Cap Growth ProFund | Small-Cap Growth ProFund |
| Large-Cap Value ProFund | Small-Cap ProFund |
| Mid-Cap Growth ProFund | Small-Cap Value ProFund |
| Mid-Cap ProFund | |

---

**Ultra ProFunds:**

---

| | |
|:---|:---|
| UltraBull ProFund | UltraJapan ProFund |
| UltraChina ProFund | UltraLatin America ProFund |
| UltraDow 30 ProFund | UltraMid-Cap ProFund |
| UltraEmerging Markets ProFund | UltraNasdaq-100 ProFund |
| UltraInternational ProFund | UltraSmall-Cap ProFund |

---

**Inverse ProFunds:**

---

| | |
|:---|:---|
| Bear ProFund | UltraShort International ProFund |
| Short Nasdaq-100 ProFund | UltraShort Japan ProFund |
| Short Small-Cap ProFund | UltraShort Latin America ProFund |
| UltraBear ProFund | UltraShort Mid-Cap ProFund |
| UltraShort China ProFund | UltraShort Nasdaq-100 ProFund |
| UltraShort Dow 30 ProFund | UltraShort Small-Cap ProFund |
| UltraShort Emerging Markets ProFund |  |

---

**UltraSector ProFunds:**

---

| | |
|:---|:---|
| Banks UltraSector ProFund | Internet UltraSector ProFund |
| Biotechnology UltraSector ProFund | Materials UltraSector ProFund |
| Communication Services UltraSector ProFund | Oil & Gas Equipment & Services UltraSector ProFund |
| Consumer Discretionary UltraSector ProFund | Pharmaceuticals UltraSector ProFund |
| Consumer Staples UltraSector ProFund | Precious Metals UltraSector ProFund |
| Energy UltraSector ProFund | Real Estate UltraSector ProFund |
| Financials UltraSector ProFund | Semiconductor UltraSector ProFund |
| Health Care UltraSector ProFund | Technology UltraSector ProFund |
| Industrials UltraSector ProFund | Utilities UltraSector ProFund |

---

**Inverse Sector ProFunds:**

Short Energy ProFund Short Real Estate ProFund <br> Short Precious Metals ProFund

**Non-Equity ProFunds:**

---

| | |
|:---|:---|
| Access Flex Bear High Yield ProFund | Rising Rates Opportunity 10 ProFund |
| Access Flex High Yield ProFund | Rising U.S. Dollar ProFund |
| Falling U.S. Dollar ProFund | U.S. Government Plus ProFund |
| Rising Rates Opportunity ProFund | |

---

Each ProFund's investment objective is disclosed in its prospectus. Each ProFund, other than Europe 30 ProFund, Large-Cap Growth ProFund, Large-Cap Value ProFund, Mid-Cap Growth ProFund, Mid-Cap Value ProFund, Small-Cap Growth ProFund, and Small-Cap Value ProFund is classified as non-diversified under the 1940 Act. Each ProFund has two classes of shares outstanding: an Investor Class and a Service Class. The Large-Cap Growth ProFund may operate as "non-diversified", as defined under the 1940 Act, to the extent necessary to approximate the composition of its index.

------

July 31, 2025 **:: Notes to Financial Statements :: 277**

Each class of shares has identical rights and privileges except with respect to fees paid under the Distribution and Shareholder Services Plan and voting rights on matters affecting a single class of shares.

Under the Trust's organizational documents, its Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, in the normal course of business, the Trust enters into contracts with its vendors and others that provide for general indemnifications. The Trust and ProFunds' maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the ProFunds.

In this reporting period, the ProFunds adopted FASB Accounting Standards 2023-07, Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of the enhanced standard impacted financial statement disclosures only and did not affect each ProFund's financial position or results of operations. Operating segments are components of an entity that engage in business activities, have discrete financial information available, and have their operating results regularly reviewed by a chief operating decision maker ("CODM") when assessing segment performance and making decisions about segment resources. Each ProFund included herein is deemed to be an individual reporting segment and Officers of the Trust collectively act as the ProFund's CODM. The CODM monitors the operating results of each ProFund as a whole and each ProFund's long-term strategic asset allocation is guided by the ProFund's investment objective and principal investment strategies as described in its prospectus and executed by ProFund Advisors LLC (the "Advisor"). The financial information provided to and reviewed by the CODM is consistent with that presented in the ProFund's financial statements.

**2. Significant Accounting Policies**

The following is a summary of significant accounting policies followed by each ProFund in the preparation of its financial statements. These policies are in conformity with U.S. generally accepted accounting principles ("GAAP"). The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. The actual results could differ from those estimates.

**Investment Valuation**

The ProFunds record their investments at fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The valuation techniques used to determine fair value are further described in Note 3.

**Cash**

Cash is held at major financial institutions and is subject to credit risk to the extent those balances exceed applicable Federal Deposit Insurance Corporation (FDIC) or Securities Investor Protection Corporation (SIPC) limitations.

**Repurchase Agreements**

Each ProFund may enter into repurchase agreements with financial institutions in pursuit of its investment objective, as "cover" for the investment techniques it employs, or for liquidity purposes. Repurchase agreements are primarily used by the ProFunds as short-term investments for cash positions. Under a repurchase agreement, a ProFund purchases a debt security and simultaneously agrees to sell the security back to the seller at a mutually agreed-upon future price and date, normally one business day. The resale price is typically greater than the purchase price, reflecting an agreed-upon market interest rate during the purchaser's holding period. While the maturities of the underlying securities in repurchase transactions may be more than one year, the term of each repurchase agreement will always be less than one year.

The ProFunds follow certain procedures designed to minimize the risks inherent in such agreements. These procedures include effecting repurchase transactions generally with major, global financial institutions whose creditworthiness is continuously monitored by the Advisor. In addition, the value of the collateral underlying the repurchase agreement will always be at least equal to the repurchase price, including any accrued interest earned on the repurchase agreement. ProFunds within the Trust invest in repurchase agreements jointly. Each ProFund, therefore, holds a pro rata share of the collateral and interest income based upon the dollar amount of the repurchase agreements entered into by each ProFund. The collateral underlying the repurchase agreement is held by the ProFund's custodian. In the event of a default or bankruptcy by a selling financial institution, a ProFund will seek to liquidate such collateral which could involve certain costs or delays and, to the extent that proceeds from any sale upon a default of the obligation to repurchase were less than the repurchase price, the ProFund could suffer a loss. A ProFund also may experience difficulties and incur certain costs in exercising its rights to the collateral and may lose the interest the ProFund expected to receive under the repurchase agreement. Repurchase agreements usually are for short periods, such as one week or less, but may be longer. It is the current policy of the ProFunds not to invest in repurchase agreements that do not mature within seven days if any such investment, together with any other illiquid assets held by the ProFund, amounts to more than 15% of the ProFund's total net assets. The investments of each of the ProFunds in repurchase agreements at times may be substantial when, in the view of the Advisor, liquidity, investment, regulatory, or other considerations so warrant. During periods of high demand for repurchase agreements, the ProFunds may be unable to invest available cash in these instruments to the extent desired by the Advisor.

Information concerning the counterparties, value of, collateralization and amounts due under repurchase agreement transactions may be found in the table below.

As of July 31, 2025, the ProFunds had undivided interest in joint repurchase agreements with the following counterparties, for the time periods and rates indicated. Amounts shown in the table below represent principal amount, cost and value for each respective repurchase agreement.

------

**278 :: Notes to Financial Statements ::** July 31, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Fund Name | Credit Agricole,<br>4.23%<br>dated 7/31/25,<br>due 8/1/25<sup>(1)</sup> | HSBC Securities<br>(USA), Inc.,<br>4.25%<br>dated 7/31/25,<br>due 8/1/25<sup>(2)</sup> | Natwest<br>Markets, LLC,<br>4.22%<br>dated 7/31/25,<br>due 8/1/25<sup>(3)</sup> | RBC Capital<br>Markets, LLC,<br>4.14%<br>dated 7/31/25,<br>due 8/1/25<sup>(4)</sup> | Societe<br>Generale,<br>4.22%<br>dated 7/31/25,<br>due 8/1/25<sup>(5)</sup> | UMB Bank,<br>N.A.,<br>4.09%<br>dated 7/31/25,<br>due 8/1/25<sup>(6)</sup> |
| Access Flex Bear High Yield <br>ProFund | $358000 | $859000 | $358000 | $214000 | $859000 | $590000 |
| Access Flex High Yield ProFund | 1808000 | 4340000 | 1808000 | 1085000 | 4340000 | 2969000 |
| Banks UltraSector ProFund | 159000 | 383000 | 159000 | 95000 | 383000 | 272000 |
| Bear ProFund | 4807000 | 11538000 | 4807000 | 2884000 | 11538000 | 7891000 |
| Biotechnology UltraSector <br>ProFund | 1609000 | 3863000 | 1609000 | 964000 | 3863000 | 2650000 |
| Bull ProFund | 1687000 | 4049000 | 1687000 | 1012000 | 4049000 | 2772000 |
| Communication Services <br>UltraSector ProFund | 882000 | 2121000 | 882000 | 528000 | 2121000 | 1457000 |
| Consumer Discretionary <br>UltraSector ProFund | 1338000 | 3216000 | 1338000 | 803000 | 3216000 | 2205000 |
| Consumer Staples UltraSector <br>ProFund | 83000 | 202000 | 83000 | 49000 | 202000 | 147000 |
| Energy UltraSector ProFund | 334000 | 804000 | 334000 | 200000 | 804000 | 558000 |
| Falling U.S. Dollar ProFund | 137000 | 332000 | 137000 | 82000 | 332000 | 235000 |
| Financials UltraSector ProFund | 810000 | 1946000 | 810000 | 486000 | 1946000 | 1336000 |
| Health Care UltraSector ProFund | 217000 | 524000 | 217000 | 130000 | 524000 | 366000 |
| Industrials UltraSector ProFund | 170000 | 412000 | 170000 | 102000 | 412000 | 289000 |
| Internet UltraSector ProFund | 2408000 | 5783000 | 2408000 | 1444000 | 5783000 | 3961000 |
| Large-Cap Growth ProFund | 3000 | 8000 | 3000 | 2000 | 8000 | 7000 |
| Materials UltraSector ProFund | 91000 | 223000 | 91000 | 54000 | 223000 | 163000 |
| Mid-Cap ProFund | 320000 | 771000 | 320000 | 191000 | 771000 | 537000 |
| Nasdaq-100 ProFund | 3910000 | 9387000 | 3910000 | 2345000 | 9387000 | 6423000 |
| Oil & Gas Equipment & Services <br>UltraSector ProFund | 330000 | 796000 | 330000 | 198000 | 796000 | 550000 |
| Pharmaceuticals UltraSector <br>ProFund | 66000 | 159000 | 66000 | 39000 | 159000 | 116000 |
| Precious Metals UltraSector <br>ProFund | 900000 | 2161000 | 900000 | 540000 | 2161000 | 1480000 |
| Real Estate UltraSector ProFund | 75000 | 181000 | 75000 | 44000 | 181000 | 132000 |
| Rising Rates Opportunity ProFund | 1101000 | 2645000 | 1101000 | 661000 | 2645000 | 1813000 |
| Rising Rates Opportunity 10 <br>ProFund | 64000 | 155000 | 64000 | 37000 | 155000 | 116000 |
| Rising U.S. Dollar ProFund | 834000 | 2003000 | 834000 | 500000 | 2003000 | 1374000 |
| Semiconductor UltraSector <br>ProFund | 13612000 | 32671000 | 13612000 | 8166000 | 32671000 | 22333000 |
| Short Energy ProFund | 137000 | 331000 | 137000 | 81000 | 331000 | 237000 |
| Short Nasdaq-100 ProFund | 238000 | 575000 | 238000 | 142000 | 575000 | 406000 |
| Short Precious Metals ProFund | 1346000 | 3230000 | 1346000 | 807000 | 3230000 | 2216000 |
| Short Real Estate ProFund | 71000 | 172000 | 71000 | 42000 | 172000 | 124000 |
| Short Small-Cap ProFund | 81000 | 197000 | 81000 | 48000 | 197000 | 146000 |
| Small-Cap ProFund | 130000 | 314000 | 130000 | 77000 | 314000 | 224000 |
| Small-Cap Value ProFund | 3000 | 7000 | 3000 | 1000 | 7000 | 9000 |
| Technology UltraSector ProFund | 2787000 | 6692000 | 2787000 | 1672000 | 6692000 | 4581000 |
| UltraBear ProFund | 660000 | 1587000 | 660000 | 395000 | 1587000 | 1096000 |
| UltraBull ProFund | 4981000 | 11956000 | 4981000 | 2989000 | 11956000 | 8175000 |
| UltraChina ProFund | 446000 | 1072000 | 446000 | 267000 | 1072000 | 742000 |
| UltraDow 30 ProFund | 1072000 | 2574000 | 1072000 | 643000 | 2574000 | 1768000 |
| UltraEmerging Markets ProFund | 139000 | 336000 | 139000 | 83000 | 336000 | 240000 |
| UltraInternational ProFund | 853000 | 2049000 | 853000 | 511000 | 2049000 | 1409000 |
| UltraJapan ProFund | 1529000 | 3670000 | 1529000 | 917000 | 3670000 | 2513000 |
| UltraLatin America ProFund | 119000 | 289000 | 119000 | 71000 | 289000 | 204000 |
| UltraMid-Cap ProFund | 1362000 | 3271000 | 1362000 | 817000 | 3271000 | 2244000 |
| UltraNasdaq-100 ProFund | 34411000 | 82589000 | 34411000 | 20645000 | 82589000 | 56441000 |
| UltraShort China ProFund | 158000 | 382000 | 158000 | 94000 | 382000 | 268000 |
| UltraShort Dow 30 ProFund | 178000 | 429000 | 178000 | 106000 | 429000 | 303000 |
| UltraShort Emerging Markets <br>ProFund | 83000 | 201000 | 83000 | 49000 | 201000 | 147000 |
| UltraShort International ProFund | 209000 | 502000 | 209000 | 124000 | 502000 | 352000 |
| UltraShort Japan ProFund | 129000 | 309000 | 129000 | 76000 | 309000 | 215000 |

---

------

July 31, 2025 **:: Notes to Financial Statements :: 279**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Fund Name | Credit Agricole,<br>4.23%<br>dated 7/31/25,<br>due 8/1/25<sup>(1)</sup> | HSBC Securities<br>(USA), Inc.,<br>4.25%<br>dated 7/31/25,<br>due 8/1/25<sup>(2)</sup> | Natwest<br>Markets, LLC,<br>4.22%<br>dated 7/31/25,<br>due 8/1/25<sup>(3)</sup> | RBC Capital<br>Markets, LLC,<br>4.14%<br>dated 7/31/25,<br>due 8/1/25<sup>(4)</sup> | Societe<br>Generale,<br>4.22%<br>dated 7/31/25,<br>due 8/1/25<sup>(5)</sup> | UMB Bank,<br>N.A.,<br>4.09%<br>dated 7/31/25,<br>due 8/1/25<sup>(6)</sup> |
| UltraShort Latin America ProFund | $177000 | $428000 | $177000 | $106000 | $428000 | $301000 |
| UltraShort Mid-Cap ProFund | 46000 | 112000 | 46000 | 27000 | 112000 | 88000 |
| UltraShort Nasdaq-100 ProFund | 2049000 | 4920000 | 2049000 | 1229000 | 4920000 | 3370000 |
| UltraShort Small-Cap ProFund | 461000 | 1108000 | 461000 | 275000 | 1108000 | 766000 |
| UltraSmall-Cap ProFund | 1294000 | 3107000 | 1294000 | 775000 | 3107000 | 2133000 |
| U.S. Government Plus ProFund | 1233000 | 2961000 | 1233000 | 739000 | 2961000 | 2032000 |
| Utilities UltraSector ProFund | 429000 | 1034000 | 429000 | 257000 | 1034000 | 716000 |
|  | $94924000 | $227936000 | $94924000 | $56920000 | $227936000 | $156208000 |

---

Each repurchase agreement was fully collateralized by U.S. government securities as of July 31, 2025, as follows:

<sup>(1)</sup> U.S. Treasury Notes, 4.00%, due 4/30/2032, total value of $96,906,380.

<sup>(2)</sup> U.S. Treasury Bonds, 3.625%, due 8/15/2043, total value of $232,473,855.

<sup>(3)</sup> U.S. Treasury Notes, 3.75%, due 5/31/2030, total value $96,818,626.

<sup>(4)</sup> U.S. Treasury Notes, 4.00%, due 12/15/2027, total value $58,059,699.

<sup>(5)</sup> U.S. Treasury Notes, 4.25%, due 6/30/2029, total value $232,475,989.

<sup>(6)</sup> U.S. Treasury Notes, 4.00% to 4.375%, due 1/31/2026 to 11/30/2028, which had an aggregate value of $159,315,565.

**Investments in Other Investment Companies**

Each ProFund may invest in other investment companies, including exchange-traded funds ("ETFs") and unit investment trusts ("UITs"), to the extent that such an investment would be consistent with the requirements of the 1940 Act. If the ProFund invests in, and thus, is a shareholder of, another investment company, the ProFund's shareholders will indirectly bear the ProFund's proportionate share of the fees and expenses paid by such other investment company, including advisory fees, in addition to both the management fees payable directly by the ProFund to the ProFund's own investment adviser and the other expenses that the ProFund bears directly in connection with the ProFund's own operations. Because most ETFs are investment companies, the ProFund's investments in such investment companies generally would be limited under applicable federal statutory provisions. Those provisions typically restrict the ProFund's investment in the shares of another investment company to up to 5% of its assets (which may represent no more than 3% of the securities of such other investment company) and limit aggregate investments in all investment companies to 10% of assets. The ProFund may invest in certain ETFs in excess of the statutory limit in reliance on Rule 12d1-4. Rule 12d1-4 outlines the requirements of fund of funds agreements and specifies the responsibilities of the board related to "funds of funds" arrangements.

**Depositary Receipts**

Each ProFund may invest in American Depositary Receipts ("ADRs"), New York Shares ("NYSs") and Global Depositary Receipts ("GDRs"). ADRs represent the right to receive securities of foreign issuers deposited in a bank or corresponding bank. ADRs are an alternative to purchasing the underlying securities in their national markets and currencies. For many foreign securities, U.S. dollar- denominated ADRs, which are traded in the United States on exchanges or over-the-counter ("OTC"), are issued by domestic banks. NYSs (or "direct shares") are foreign stocks denominated in U.S. dollars that trade on American exchanges without being converted to ADRs. GDRs are receipts for shares in

a foreign-based corporation traded in capital markets around the world.

**Real Estate Investment Trusts**

Each ProFund (other than the Non-Equity ProFunds) may invest in real estate investment trusts ("REITs") which report information on the source of their distributions annually. Equity REITs invest primarily in real property while mortgage REITs invest in constructions, development, and long-term mortgage loans. Their value may be affected by changes in the value of the underlying property of the REITs, the creditworthiness of the issuer, property taxes, interest rates, and tax regulatory requirements, such as those relating to the environment. REITs are dependent upon management skill, are not diversified and are subject to heavy cash flow dependency, default by borrowers, self-liquidation, the possibility of failing to qualify for tax-free pass-through of income under the Internal Revenue Code of 1986, as amended, and the possibility of failing to maintain exempt status under the 1940 Act. Certain distributions received from REITs during the year are recorded as realized gains or return of capital when such information becomes known.

**Derivative Instruments**

In seeking to achieve each ProFund's investment objective, the Advisor uses a mathematical approach to investing. Using this approach, the Advisor determines the type, quantity and mix of investment positions. Certain ProFunds may obtain investment exposure through derivative instruments such as futures contracts, forward currency contracts and swap agreements that a ProFund should hold to approximate the daily performance, inverse performance, or multiple thereof, as applicable, of its benchmark. All derivative instruments held during the year ended July 31, 2025, were utilized to gain exposure or inverse exposure to each ProFund's benchmark (e.g., index, etc.) to meet its investment objective.

Each ProFund, other than the Classic ProFunds and the Falling U.S. Dollar ProFund, does not seek to achieve its investment objective over a period of time greater than a single day.

------

**280 :: Notes to Financial Statements ::** July 31, 2025

All open derivative positions at year end are reflected on each respective ProFund's Schedule of Portfolio Investments. The volume associated with derivative positions varies on a daily basis as each ProFund transacts in derivative contracts in order to achieve the appropriate exposure, as expressed in notional amount (contract value for forward currency contracts), in comparison to net assets consistent with each ProFund's investment objective.

Certain ProFunds utilized a varying level of derivative instruments in conjunction with the investment securities to meet their investment objective during the year ended July 31, 2025. With the exception of the ProFunds listed below, the notional amount of open derivative positions relative to each ProFund's net assets at year end is generally representative of the notional amount of open positions to net assets throughout the year. The volume associated with futures contracts in the Access Flex Bear High Yield ProFund, Short Nasdaq-100 ProFund, and UltraShort Japan ProFund was 14%, 13%, and 146%, respectively, based on average monthly notional amounts in comparison to net assets during the year ended July 31, 2025. The volume associated with swap agreements in the Bull ProFund, Semiconductor UltraSector ProFund, Short Nasdaq-100 ProFund, Small-Cap ProFund, and Ultrashort Japan ProFund was 16%, 85%, 87%, 37%, and 54%, respectively, based on average monthly notional amounts in comparison to net assets during the year ended July 31, 2025.

In connection with its management of certain series of the Trust included in this report (UltraBear ProFund, UltraJapan ProFund, UltraShort Dow 30 ProFund, UltraShort Japan ProFund, UltraShort Mid-Cap ProFund, UltraShort Nasdaq-100 ProFund and UltraShort Small-Cap ProFund (the "Commodity Pools")), the Advisor is registered as a commodity pool operator (a "CPO") and the Commodity Pools are commodity pools under the Commodity Exchange Act (the "CEA"). The Advisor is also registered as a commodity trading advisor (a "CTA") under the CEA as a result of its role as subadvisor to funds outside the Trust. Accordingly, the Advisor is subject to registration and regulation as a CPO and CTA under the CEA and must comply with various regulatory requirements under the CEA and the rules and regulations of the Commodity Futures Trading Commission ("CFTC") and the National Futures Association ("NFA"), including investor protection requirements, antifraud provisions, disclosure requirements and reporting and recordkeeping requirements. The Advisor is also subject to periodic inspections and audits by the CFTC and NFA. Compliance with these regulatory requirements could adversely affect the Commodity Pools' total return. In this regard, any further amendment to the CEA or its related regulations that subject the Advisor or the Commodity Pools to additional regulation may have adverse impacts on the Commodity Pools' operations and expenses.

The following is a description of the derivative instruments utilized by the ProFunds, including certain risks related to each instrument type.

Futures Contracts

Each ProFund may purchase or sell futures contracts as a substitute for a comparable market position in the underlying securities or to satisfy regulatory requirements. A cash-settled futures contract obligates the seller to deliver (and the purchaser to accept) an amount of cash equal to a specific dollar amount (the contract

multiplier) multiplied by the difference between the final settlement price of a specific futures contract and the price at which the agreement is made. No physical delivery of the underlying asset is made.

Each ProFund generally engages in closing or offsetting transactions before final settlement of a futures contract, wherein a second identical futures contract is sold to offset a long position (or bought to offset a short position). In such cases, the obligation is to deliver (or take delivery of) cash equal to a specific dollar amount (the contract multiplier) multiplied by the difference between the price of the offsetting transaction and the price at which the original contract was entered into. If the original position entered into is a long position (futures contract purchased), there will be a gain (loss) if the offsetting sell transaction is carried out at a higher (lower) price, inclusive of commissions. If the original position entered into is a short position (futures contract sold), there will be a gain (loss) if the offsetting buy transaction is carried out at a lower (higher) price, inclusive of commissions.

Whether a ProFund realizes a gain or loss from futures activities depends generally upon movements in the underlying currency, commodity, security, or index. The extent of a ProFund's loss from an unhedged short position in futures contracts is potentially unlimited and investors may lose the amount that they invest plus any profits recognized on that investment. Each ProFund will engage in transactions in futures contracts that are traded on a U.S. exchange or board of trade or that have been approved for sale in the U.S. by the CFTC.

Upon entering into a futures contract, each ProFund will be required to deposit with the broker an amount of cash or cash equivalents in the range of approximately 5% to 10% of the contract amount for equity index futures and in the range of approximately 1% to 3% of the contract amount for treasury futures (this amount is subject to change by the exchange on which the contract is traded). This amount, known as "initial margin," is in the nature of a performance bond or good faith deposit on the contract and is returned to the ProFund upon termination of the futures contract, assuming all contractual obligations have been satisfied. Subsequent payments, known as "variation margin," to and from the broker will be made daily as the price of the asset underlying the futures contract fluctuates, making the long and short positions in the futures contract more or less valuable, a process known as "marking-to-market." At any time prior to expiration of a futures contract, a ProFund may elect to close its position by taking an opposite position, which will operate to terminate the ProFund's existing position in the contract.

The primary risks associated with the use of futures contracts are imperfect correlation between movements in the price of futures and the market value of the underlying assets, and the possibility of an illiquid market for a futures contract. Although each ProFund intends to sell futures contracts only if there is an active market for such contracts, no assurance can be given that a liquid market will exist for any particular contract at any particular time. Many futures exchanges and boards of trade limit the amount of fluctuation permitted in futures contract prices during a single trading day. Once the daily limit has been reached in a particular contract, no trades may be made that day at a price beyond that

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July 31, 2025 **:: Notes to Financial Statements :: 281**

limit or trading may be suspended for specified periods during the day. Futures contract prices could move to the limit for several consecutive trading days with little or no trading, thereby preventing prompt liquidation of futures positions and potentially subjecting a ProFund to substantial losses. If trading is not possible, or if a ProFund determines not to close a futures position in anticipation of adverse price movements, the ProFund will be required to make daily cash payments of variation margin. The risk that the ProFund will be unable to close out a futures position will be minimized by entering into such transactions on a national exchange with an active and liquid secondary market. In addition, although the counterparty to a futures contract is often a clearing organization, backed by a group of financial institutions, there may be instances in which the counterparty could fail to perform its obligations, causing significant losses to a ProFund.

Forward Currency Contracts

The Falling U.S. Dollar and Rising U.S. Dollar ProFunds may invest in forward currency contracts for investment or risk management purposes. A forward currency contract is an obligation to buy or sell a specific currency at a future date, which may be any fixed number of days from the date of the contract agreed upon by the parties, at a price set at the time of the contract. These contracts are entered into on the interbank market conducted directly between currency traders (usually large commercial banks) and their customers.

It is possible that, under certain circumstances, these ProFunds may have to limit its currency transactions to qualify as a regulated investment company ("RIC") under the Internal Revenue Code. The Falling U.S. Dollar and Rising U.S. Dollar ProFunds do not intend to enter into a forward currency contract with a term of more than one year, or to engage in position hedging with respect to the currency of a particular country to more than the aggregate market value (at the time the hedging transaction is entered into) of their portfolio securities denominated in (or quoted in or currently convertible into or directly related through the use of forward currency contracts in conjunction with money market instruments to) that particular currency.

At or before the maturity of a forward currency contract, the Falling U.S. Dollar and Rising U.S. Dollar ProFunds may either sell a portfolio security and make delivery of the currency, or retain the security and terminate its contractual obligation to deliver the currency by buying an "offsetting" contract obligating it to buy, on the same maturity date, the same amount of the currency. If one of these ProFunds engages in an offsetting transaction, it may later enter into a new forward currency contract to sell the currency.

If the Falling U.S. Dollar and Rising U.S. Dollar ProFunds engage in offsetting transactions it will incur a gain or loss, to the extent that there has been movement in forward currency contract prices. If forward prices go down during the period between the date the Falling U.S. Dollar and Rising U.S. Dollar ProFunds enter into a forward currency contract for the sale of a currency and the date it enters into an offsetting contract for the purchase of the currency, the ProFund will realize a gain to the extent that the price of ProFund currency it has agreed to sell exceeds the price of the currency it has agreed to buy. If forward prices go up, the ProFund will suffer a loss to the extent the price of the currency it has

agreed to buy exceeds the price of the currency it has agreed to sell.

The Falling U.S. Dollar and Rising U.S. Dollar ProFunds collateralize forward currency contracts with cash and certain securities as indicated on the Statement of Assets and Liabilities and the Schedule of Portfolio Investments, respectively. Such collateral is held for the benefit of the counterparty in a segregated tri-party account at the custodian, to protect the counterparty against non-payment by the respective ProFund. Similarly, the Falling U.S. Dollar and Rising U.S. Dollar ProFunds have sought to mitigate credit risk by generally requiring that the counterparties to the ProFund post collateral for the benefit of the ProFund in a segregated account at the custodian, marked to market daily, in an amount equal to what the counterparty owes the ProFund, subject to certain minimum thresholds. In the event of a default by the counterparty, each ProFund will seek withdrawal of this collateral from the segregated account and may incur certain costs exercising its right with respect to the collateral. If a counterparty becomes bankrupt or fails to perform its obligations, the Falling U.S. Dollar and Rising U.S. Dollar ProFunds may experience significant delays in obtaining any recovery in a bankruptcy or other reorganization proceeding. The ProFunds may obtain only limited recovery or may obtain no recovery in such circumstances. The Falling U.S. Dollar and Rising U.S. Dollar ProFunds will enter into forward currency contracts only with financial institutions that meet the credit quality standards and monitoring policies established by the Advisor. As of July 31, 2025, there was no collateral posted by counterparties.

Credit Default Swap ("CDS") Agreements

The Access Flex Bear High Yield ProFund invested in centrally cleared CDS through October 25, 2024, as a substitute for shorting notes in order to gain inverse credit exposure to the high yield market. The Access Flex High Yield ProFund invested in centrally cleared CDS through October 25, 2024, as a substitute for investing directly in notes in order to gain credit exposure to the high yield market.

In a CDS, the agreement will reference one or more debt securities or reference entities. The protection "buyer" in a credit default contract is generally obligated to pay the protection "seller" a periodic stream of payments over the term of the contract until a credit event, such as a default, on a reference entity has occurred. If a credit event occurs, the seller generally must pay the buyer: a) the full notional value of the swap; or b) the difference between the notional value of the defaulted reference entity and the recovery price/rate for the defaulted reference entity. CDS are designed to reflect changes in credit quality, including events of default. A CDS may require premium (discount) payments as well as daily payments (receipts) related to the interest leg of the swap or to the default or change in price of a reference entity.

The counterparty risk for cleared swap agreements is generally lower than for uncleared over-the-counter swap agreements because, generally, a clearing organization becomes substituted for each counterparty to a cleared swap agreement and, in effect, guarantees each party's performance under the contract as each party to a trade looks only to the clearing organization for performance of financial obligations. However, there can be no assurance that the clearing organization, or its members, will satisfy its obligations to a ProFund.

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**282 :: Notes to Financial Statements ::** July 31, 2025

If a ProFund is a seller of a CDS contract (also referred to as a seller of protection or as a buyer of risk), the ProFund would be required to pay the par (or other agreed upon) value of a referenced obligation to the counterparty in the event of a default or other credit event. In return, the ProFund would receive from the counterparty a daily stream of payments over the term of the contract provided that no event of default has occurred. If no default occurs, the ProFund would keep the stream of payments and would have no payment obligations. As the seller, the ProFund would be subject to investment exposure on the notional amount of the swap.

If a ProFund is a buyer of a CDS contract (also referred to as a buyer of protection or a seller of risk), the ProFund would have the right to deliver a reference obligation and receive the par (or other agreed-upon) value of such obligation from the counterparty in the event of a default or other credit event (such as a credit downgrade). In return, the ProFund would pay the counterparty a daily stream of payments over the term of the contract provided that no event of default has occurred. If no default occurs, the counterparty would keep the stream of payments and would have no further obligations to the ProFund.

The ProFunds entered into a CDS with multiple reference entities, in which case payments and settlements in respect of any defaulting reference entity would typically be dealt with separately from the other reference entities.

Upon entering into a centrally cleared CDS, a ProFund may be required to deposit with the broker an amount of cash or cash equivalents in the range of approximately 6% to 10% of the notional amount for CDS on high yield debt issuers (this amount is subject to change by the clearing organization that clears the trade). This amount, known as "initial margin," is in the nature of a performance bond or good faith deposit on the CDS and is returned to a ProFund upon termination of the CDS, assuming all contractual obligations have been satisfied. Subsequent payments, known as "variation margin," to and from the broker were made daily as the price of the CDS fluctuates, making the long and short positions in the CDS contract more or less valuable, a process known as "marking-to-market." The premium (discount) payments are built into the daily price of the CDS and thus were amortized through the variation margin. The variation margin payment also included the daily portion of the periodic payment stream.

Swap Agreements (other than CDS)

Each ProFund may enter into swap agreements to gain exposure to an underlying asset without actually purchasing such asset (or shorting such asset), or to hedge a position, including in circumstances in which direct investment is restricted for legal reasons or is otherwise impracticable. Swap agreements are two-party contracts entered into primarily by institutional investors for periods ranging from a day to more than one year. In a standard "swap" transaction, two parties agree to exchange the return (or differentials in rates of return) earned or realized on particular pre-determined investments or instruments. The gross return to be exchanged or "swapped" between the parties is calculated with respect to a "notional amount," e.g., the return on or increase in value of a particular dollar amount invested in a "basket" of securities or an ETF representing a particular index or group of securities.

On a typical long swap, the counterparty will generally agree to pay the ProFund the amount, if any, by which the notional amount of the swap agreement would have increased in value had it been invested in the particular underlying assets (e.g., securities comprising the relevant benchmark index), plus the dividends or interest that would have been received on those assets. The ProFund will agree to pay to the counterparty a floating rate of interest on the notional amount of the swap agreement plus the amount, if any, by which the notional amount would have decreased in value had it been invested in such assets, plus, in certain circumstances, commissions or trading spreads on the notional amount. Therefore, the return to the ProFund on any swap agreement should be the gain or loss on the notional amount plus dividends or interest on the assets less the interest paid by the ProFund on the notional amount. As a trading technique, the Advisor may substitute physical securities with a swap agreement having investment characteristics substantially similar to the underlying securities. Some ProFunds may also enter into swap agreements that provide the opposite return of their benchmark or security ("short" the benchmark or security). Their operations are similar to that of the swaps disclosed above except that the counterparty pays interest to each ProFund on the notional amount outstanding and that dividends or interest on the underlying instruments reduce the value of the swap, plus, in certain instances, each ProFund will agree to pay to the counterparty commissions or trading spreads on the notional amount.

Most swap agreements entered into by a ProFund calculate and settle the obligations of the parties to the agreement on a "net basis" with a single payment. Consequently, a ProFund's current obligations (or rights) under a swap agreement will generally be equal only to the net amount to be paid or received under the agreement based on the relative values of the positions held by each party to the agreement (the "net amount"). When investing in index swap agreements, the ProFunds may hold or gain exposure to only a representative sample of securities in the index, or to a component of the index.

A ProFund's current obligations under a swap agreement, will be accrued daily (offset against any amounts owed to the ProFund) and any accrued but unpaid net amounts owed to a swap counterparty will be covered by segregating or earmarking cash and/or securities determined to be liquid, but typically no payments will be made until the settlement date. Each ProFund reserves the right to modify its asset segregation policies in the future, including modifications to comply with any changes in the positions articulated by the SEC or its staff regarding asset segregation. Swap agreements that cannot be terminated in the ordinary course of business within seven days at approximately the amount a ProFund has valued the asset may be considered to be illiquid for purposes of a ProFund's illiquid investment limitations.

A ProFund bears the risk of loss of the amount expected to be received under a swap agreement in the event of the default or bankruptcy of a swap agreement counterparty. If such a default occurs, a ProFund will have contractual remedies pursuant to the swap agreements, but such remedies may be subject to bankruptcy and insolvency laws that could affect the ProFund's rights as a creditor. A ProFund will only enter into swap agreements with counterparties that meet the ProFund's standard of creditworthiness (generally, such counterparties would have to be

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July 31, 2025 **:: Notes to Financial Statements :: 283**

eligible counterparties under the terms of the ProFund's repurchase agreement guidelines). The counterparty to an uncleared swap agreement will typically be a major, global financial institution.

Payments may be made at the conclusion of a swap agreement. Swap agreements do not involve the delivery of securities or other underlying assets. Accordingly, the risk of loss with respect to swap agreements is limited to the net amount of payments that a ProFund is contractually obligated to make. If the other party to a swap agreement defaults, a ProFund's risk of loss consists of the net amount of payments that such ProFund is contractually entitled to receive, if any. The net amount of the excess, if any, of a ProFund's obligations over its entitlements with respect to each equity swap will be accrued on a daily basis and an amount of cash or liquid assets, having an aggregate NAV at least equal to such accrued excess will be earmarked or segregated by a ProFund's custodian.

In the normal course of business, a ProFund enters into International Swap Dealers Association, Inc. ("ISDA") agreements with certain counterparties for derivative transactions. These agreements contain, among other conditions, events of default and termination events, and various covenants and representations. Certain of the ProFund's ISDA agreements contain provisions that require the ProFund to maintain a pre-determined level of net assets, and/or provide limits regarding the decline of the ProFund's NAV over specific periods of time, which may or may not be exclusive of redemptions. If the ProFund were to trigger such provisions and have open derivative positions, at that time counterparties to the ISDA agreements could elect to terminate such ISDA agreements and request immediate payment in an amount equal to the net liability positions, if any, under the relevant ISDA agreement. Pursuant to the terms of its ISDA agreements, the ProFund will have already collateralized its liability under such agreements, in some cases only in excess of certain threshold amounts. Such collateral is held for the benefit of the counterparty in a segregated tri-party account at the custodian, to protect the counterparty against non-payment by the respective ProFund. The ProFunds seek to mitigate risks by generally requiring that the counterparties for each ProFund agree to post collateral for the benefit of the ProFund, marked to market daily, in an amount approximately equal to what the counterparty owes the ProFund, subject to certain minimum thresholds, although the ProFunds may not always be successful. To the extent any such collateral is insufficient or there are delays in accessing the collateral, the ProFunds will be exposed to the risks described above, including possible delays in recovering amounts as a result of bankruptcy proceedings. As of July 31, 2025, the collateral posted by counterparties consisted of U.S. Treasury securities and cash.

The use of swaps, including CDS, is a highly specialized activity which involves investment techniques and risks in addition to and in some cases different from those associated with ordinary portfolio securities transactions. The primary risks associated with the use of swap agreements are mispricing or improper valuation, imperfect correlation between movements in the notional amount and the price of the underlying investments, and the inability of the counterparties to perform. If a counterparty's creditworthiness for an over-the-counter swap declines, the value of the swap would likely decline. The Advisor, under the supervision of the Trust's Board of Trustees, is responsible for determining and monitoring the liquidity of a ProFund's transactions in swap agreements.

Offsetting Assets and Liabilities

The ProFunds are subject to master netting agreements for swap agreements (other than centrally cleared CDS) and forward currency contracts that allow for amounts owed between the ProFund and the counterparty to be netted upon early termination. The party that has the larger payable pays the excess of the larger amount over the smaller amount to the other party. The master netting agreements do not apply to amounts owed to/from different counterparties.

As described above, the ProFunds utilize derivative instruments to achieve their investment objective during the year. The amounts shown in the Statements of Assets and Liabilities generally do not take into consideration the effects of legally enforceable master netting agreements.

Summary of Derivative Instruments

The following table summarizes the fair values of derivative instruments on the ProFund's Statement of Assets and Liabilities, categorized by risk exposure, as of July 31, 2025.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Assets | Assets | Assets | Liabilities | Liabilities | Liabilities |
| Fund Name | Variation <br>Margin on <br>Futures <br>Contracts\* | Unrealized <br>Appreciation <br>on Swap <br>Agreements | Unrealized <br>Appreciation <br>on Forward <br>Currency <br>Contracts | Variation <br>Margin on <br>Futures <br>Contracts\* | Unrealized <br>Depreciation <br>on Swap <br>Agreements | Unrealized <br>Depreciation <br>on Forward <br>Currency <br>Contracts |
| Equity Risk Exposure: | Equity Risk Exposure: | Equity Risk Exposure: | Equity Risk Exposure: | Equity Risk Exposure: | Equity Risk Exposure: | Equity Risk Exposure: |
| Banks UltraSector ProFund | $— | $— | $— | $— | $256125 | $— |
| Bear ProFund |  | 350088 |  | 27548 |  |  |
| Biotechnology UltraSector ProFund |  |  |  |  | 1459877 |  |
| Bull ProFund | 165210 |  |  |  | 97028 |  |
| Communication Services UltraSector ProFund |  |  |  |  | 194053 |  |
| Consumer Discretionary UltraSector ProFund |  |  |  |  | 1085266 |  |
| Consumer Staples UltraSector ProFund |  |  |  |  | 64486 |  |
| Energy UltraSector ProFund |  |  |  |  | 31939 |  |
| Financials UltraSector ProFund |  |  |  |  | 377540 |  |

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**284 :: Notes to Financial Statements ::** July 31, 2025

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Assets | Assets | Assets | Liabilities | Liabilities | Liabilities |
| Fund Name | Variation <br>Margin on <br>Futures <br>Contracts\* | Unrealized <br>Appreciation <br>on Swap <br>Agreements | Unrealized <br>Appreciation <br>on Forward <br>Currency <br>Contracts | Variation <br>Margin on <br>Futures <br>Contracts\* | Unrealized <br>Depreciation <br>on Swap <br>Agreements | Unrealized <br>Depreciation <br>on Forward <br>Currency <br>Contracts |
| Health Care UltraSector ProFund | $— | $— | $— | $— | $319842 | $— |
| Industrials UltraSector ProFund |  |  |  |  | 105168 |  |
| Internet UltraSector ProFund |  | 920548 |  |  |  |  |
| Materials UltraSector ProFund |  |  |  |  | 192684 |  |
| Mid-Cap ProFund |  |  |  |  | 55411 |  |
| Nasdaq-100 ProFund | 469598 |  |  |  | 167485 |  |
| Oil & Gas Equipment & Services UltraSector ProFund |  |  |  |  | 229929 |  |
| Pharmaceuticals UltraSector ProFund |  |  |  |  | 92766 |  |
| Precious Metals UltraSector ProFund |  |  |  |  | 1025274 |  |
| Real Estate UltraSector ProFund |  |  |  |  | 91054 |  |
| Semiconductor UltraSector ProFund |  | 8951586 |  |  |  |  |
| Short Energy ProFund |  |  |  |  | 1630 |  |
| Short Nasdaq-100 ProFund |  | 13874 |  |  |  |  |
| Short Precious Metals ProFund |  | 453942 |  |  |  |  |
| Short Real Estate ProFund |  | 25589 |  |  |  |  |
| Short Small-Cap ProFund |  | 14899 |  |  |  |  |
| Small-Cap ProFund | 6461 |  |  |  | 84922 |  |
| Technology UltraSector ProFund |  | 428448 |  |  |  |  |
| UltraBear ProFund |  | 95588 |  | 27548 |  |  |
| UltraBull ProFund | 1211540 |  |  |  | 1515295 |  |
| UltraChina ProFund |  |  |  |  | 779665 |  |
| UltraDow 30 ProFund | 40895 |  |  |  | 775222 |  |
| UltraEmerging Markets ProFund |  |  |  |  | 144496 |  |
| UltraInternational ProFund |  |  |  |  | 314964 |  |
| UltraJapan ProFund | 2351000 |  |  |  | 746 |  |
| UltraLatin America ProFund |  | 52270 |  |  |  |  |
| UltraMid-Cap ProFund | 69864 |  |  |  | 881777 |  |
| UltraNasdaq-100 ProFund | 3800524 |  |  |  | 8825499 |  |
| UltraShort China ProFund |  | 67166 |  |  |  |  |
| UltraShort Dow 30 ProFund |  | 50326 |  |  |  |  |
| UltraShort Emerging Markets ProFund |  | 15665 |  |  |  |  |
| UltraShort International ProFund |  | 80374 |  |  |  |  |
| UltraShort Japan ProFund |  | 628 |  | 98425 |  |  |
| UltraShort Latin America ProFund |  |  |  |  | 24514 |  |
| UltraShort Mid-Cap ProFund |  | 18103 |  |  |  |  |
| UltraShort Nasdaq-100 ProFund |  | 219373 |  | 93968 |  |  |
| UltraShort Small-Cap ProFund |  | 148832 |  | 6478 |  |  |
| UltraSmall-Cap ProFund |  |  |  | 25120 | 1010919 |  |
| Utilities UltraSector ProFund |  | 165050 |  |  |  |  |
| Foreign Exchange Rate Risk Exposure: | Foreign Exchange Rate Risk Exposure: | Foreign Exchange Rate Risk Exposure: | Foreign Exchange Rate Risk Exposure: | Foreign Exchange Rate Risk Exposure: | Foreign Exchange Rate Risk Exposure: | Foreign Exchange Rate Risk Exposure: |
| Falling U.S. Dollar ProFund |  |  | 34843 |  |  | 84568 |
| Rising U.S. Dollar ProFund |  |  | 223015 |  |  | 11912 |
| Interest Rate Risk Exposure: | Interest Rate Risk Exposure: | Interest Rate Risk Exposure: | Interest Rate Risk Exposure: | Interest Rate Risk Exposure: | Interest Rate Risk Exposure: | Interest Rate Risk Exposure: |
| Access Flex Bear High Yield ProFund |  | 8603 |  |  |  |  |
| Access Flex High Yield ProFund |  |  |  |  | 51421 |  |
| Rising Rates Opportunity ProFund |  |  |  |  | 354289 |  |
| Rising Rates Opportunity 10 ProFund |  |  |  |  | 6055 |  |
| U.S. Government Plus ProFund |  | 79304 |  |  |  |  |

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\* Includes cumulative appreciation/depreciation of futures contracts as reported in the Schedules of Portfolio Investments. Only current day's variation margin is reported within the Statements of Assets and Liabilities.

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July 31, 2025 **:: Notes to Financial Statements :: 285**

The following table presents the effect of derivative instruments on the ProFund's Statement of Operations, categorized by risk exposure, for the year ended July 31, 2025.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Realized Gain (Loss) on Derivatives <br>Recognized as a Result from Operations | Realized Gain (Loss) on Derivatives <br>Recognized as a Result from Operations | Realized Gain (Loss) on Derivatives <br>Recognized as a Result from Operations | Change in Net Unrealized <br>Appreciation/Depreciation on Derivatives <br>Recognized as a Result from Operations | Change in Net Unrealized <br>Appreciation/Depreciation on Derivatives <br>Recognized as a Result from Operations | Change in Net Unrealized <br>Appreciation/Depreciation on Derivatives <br>Recognized as a Result from Operations |
| Fund Name | Net <br>Realized <br>Gains (Losses) <br>on Futures <br>Contracts | Net <br>Realized <br>Gains (Losses) <br>on Swap <br>Agreements | Net <br>Realized <br>Gains (Losses) <br>on Forward <br>Currency <br>Contracts | Change in <br>Net <br>Unrealized <br>Appreciation/<br>Depreciation <br>on Futures <br>Contracts | Change in <br>Net <br>Unrealized <br>Appreciation/<br>Depreciation <br>on Swap <br>Agreements | Change in <br>Net <br>Unrealized <br>Appreciation/<br>Depreciation <br>on Forward <br>Currency <br>Contracts |
| Credit Risk Exposure: | Credit Risk Exposure: | Credit Risk Exposure: | Credit Risk Exposure: | Credit Risk Exposure: | Credit Risk Exposure: | Credit Risk Exposure: |
| Access Flex Bear High Yield ProFund | $— | $(6275) | $— | $— | $(662) | $— |
| Access Flex High Yield ProFund |  | 168784 |  |  | 14447 |  |
| Equity Risk Exposure: | Equity Risk Exposure: | Equity Risk Exposure: | Equity Risk Exposure: | Equity Risk Exposure: | Equity Risk Exposure: | Equity Risk Exposure: |
| Banks UltraSector ProFund |  | (47740) |  |  | (318068) |  |
| Bear ProFund | (37359) | (2514776) |  | (20999) | 399981 |  |
| Biotechnology UltraSector ProFund |  | (12647816) |  |  | (752348) |  |
| Bull ProFund | (204175) | 1698670 |  | 211983 | (129773) |  |
| Communication Services UltraSector ProFund |  | 1839720 |  |  | (165200) |  |
| Consumer Discretionary UltraSector ProFund |  | (1250780) |  |  | (681037) |  |
| Consumer Staples UltraSector ProFund |  | (27414) |  |  | (61115) |  |
| Energy UltraSector ProFund |  | (7033615) |  |  | (557227) |  |
| Financials UltraSector ProFund |  | 1367702 |  |  | (744449) |  |
| Health Care UltraSector ProFund |  | (1429474) |  |  | (363416) |  |
| Industrials UltraSector ProFund |  | 1140833 |  |  | (139562) |  |
| Internet UltraSector ProFund |  | 4232048 |  |  | 1619779 |  |
| Materials UltraSector ProFund |  | (200406) |  |  | (240158) |  |
| Mid-Cap ProFund |  | (205902) |  |  | (103258) |  |
| Nasdaq-100 ProFund | 233677 | 9957322 |  | 560314 | (1191863) |  |
| Oil & Gas Equipment & Services UltraSector <br>ProFund |  | (2914815) |  |  | (545634) |  |
| Pharmaceuticals UltraSector ProFund |  | (77744) |  |  | (138959) |  |
| Precious Metals UltraSector ProFund |  | 7532617 |  |  | (1432197) |  |
| Real Estate UltraSector ProFund |  | 179905 |  |  | (113109) |  |
| Semiconductor UltraSector ProFund |  | 34880558 |  |  | 17640061 |  |
| Short Energy ProFund |  | 17490 |  |  | 18327 |  |
| Short Nasdaq-100 ProFund | 30289 | (2113277) |  | (5036) | 36376 |  |
| Short Precious Metals ProFund |  | (849158) |  |  | 370891 |  |
| Short Real Estate ProFund |  | (51337) |  |  | 34429 |  |
| Short Small-Cap ProFund |  | 687698 |  |  | 20385 |  |
| Small-Cap ProFund | (11021) | (686444) |  | (23732) | (116793) |  |
| Technology UltraSector ProFund |  | 1925496 |  |  | 2403518 |  |
| UltraBear ProFund | (56221) | (4327040) |  | (17724) | 222720 |  |
| UltraBull ProFund | 1281753 | 14443929 |  | 1194389 | (3240475) |  |
| UltraChina ProFund |  | 2657086 |  |  | (708991) |  |
| UltraDow 30 ProFund | 463549 | 1444022 |  | (160660) | (1126720) |  |
| UltraEmerging Markets ProFund |  | 813535 |  |  | (187100) |  |
| UltraInternational ProFund |  | 534119 |  |  | (422518) |  |
| UltraJapan ProFund | (2143799) | (12680) |  | 2389534 | (4087) |  |
| UltraLatin America ProFund |  | 168023 |  |  | (1739) |  |
| UltraMid-Cap ProFund | 216784 | (2021828) |  | (215864) | (1414346) |  |
| UltraNasdaq-100 ProFund | 8382049 | 178814773 |  | 4677998 | (25972742) |  |
| UltraShort China ProFund |  | (876959) |  |  | 58865 |  |
| UltraShort Dow 30 ProFund |  | (867383) |  |  | 75717 |  |
| UltraShort Emerging Markets ProFund |  | (17403) |  |  | 23171 |  |
| UltraShort International ProFund |  | (388624) |  |  | 136369 |  |
| UltraShort Japan ProFund | 258941 | (14898) |  | (199615) | 5166 |  |
| UltraShort Latin America ProFund |  | (313948) |  |  | (8015) |  |
| UltraShort Mid-Cap ProFund |  | (74448) |  |  | 29293 |  |
| UltraShort Nasdaq-100 ProFund | (164709) | (8441283) |  | (124184) | 424489 |  |
| UltraShort Small-Cap ProFund | (33138) | (1413999) |  | (7718) | 187361 |  |
| UltraSmall-Cap ProFund | (297031) | (6204848) |  | (454329) | (1693615) |  |
| Utilities UltraSector ProFund |  | 1790652 |  |  | (716564) |  |

---

------

**286 :: Notes to Financial Statements ::** July 31, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Realized Gain (Loss) on Derivatives <br>Recognized as a Result from Operations | Realized Gain (Loss) on Derivatives <br>Recognized as a Result from Operations | Realized Gain (Loss) on Derivatives <br>Recognized as a Result from Operations | Change in Net Unrealized <br>Appreciation/Depreciation on Derivatives <br>Recognized as a Result from Operations | Change in Net Unrealized <br>Appreciation/Depreciation on Derivatives <br>Recognized as a Result from Operations | Change in Net Unrealized <br>Appreciation/Depreciation on Derivatives <br>Recognized as a Result from Operations |
| Fund Name | Net <br>Realized <br>Gains (Losses) <br>on Futures <br>Contracts | Net <br>Realized <br>Gains (Losses) <br>on Swap <br>Agreements | Net <br>Realized <br>Gains (Losses) <br>on Forward <br>Currency <br>Contracts | Change in <br>Net <br>Unrealized <br>Appreciation/<br>Depreciation <br>on Futures <br>Contracts | Change in <br>Net <br>Unrealized <br>Appreciation/<br>Depreciation <br>on Swap <br>Agreements | Change in <br>Net <br>Unrealized <br>Appreciation/<br>Depreciation <br>on Forward <br>Currency <br>Contracts |
| Foreign Exchange Rate Risk Exposure: | Foreign Exchange Rate Risk Exposure: | Foreign Exchange Rate Risk Exposure: | Foreign Exchange Rate Risk Exposure: | Foreign Exchange Rate Risk Exposure: | Foreign Exchange Rate Risk Exposure: | Foreign Exchange Rate Risk Exposure: |
| Falling U.S. Dollar ProFund | $— | $— | $156184 | $— | $— | $(58347) |
| Rising U.S. Dollar ProFund |  |  | (573260) |  |  | 298855 |
| Interest Rate Risk Exposure: | Interest Rate Risk Exposure: | Interest Rate Risk Exposure: | Interest Rate Risk Exposure: | Interest Rate Risk Exposure: | Interest Rate Risk Exposure: | Interest Rate Risk Exposure: |
| Access Flex Bear High Yield ProFund | 147 | (67293) |  | 5583 | 8603 |  |
| Access Flex High Yield ProFund | 5188 | 187798 |  | (13818) | (51421) |  |
| Rising Rates Opportunity ProFund | 3692 | 441150 |  |  | (133515) |  |
| Rising Rates Opportunity 10 ProFund |  | (13891) |  |  | 20614 |  |
| U.S. Government Plus ProFund | 1390 | (1343133) |  |  | (192078) |  |

---

Asset (Liability) amounts shown in the table below represent amounts owed to (by) the ProFunds for swap agreements (other than centrally cleared CDS) and forward currency contracts as of July 31, 2025. These amounts may be collateralized by cash or financial instruments, segregated for the benefit of the ProFunds or the counterparties, depending on whether the related contracts are in an appreciated or depreciated position at year end. Amounts shown in the column labeled "Net Amount" represent the un-collateralized portions of these amounts at year end. Any un-collateralized amounts are due to timing differences related to market movements or subject to certain minimum thresholds for collateral movement, as further described above.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Gross Amounts Not Offset in the <br>Statement of Assets and Liabilities\* | Gross Amounts Not Offset in the <br>Statement of Assets and Liabilities\* | Gross Amounts Not Offset in the <br>Statement of Assets and Liabilities\* | Gross Amounts Not Offset in the <br>Statement of Assets and Liabilities\* |
| | Gross <br>Asset (Liability) as <br>presented in <br>the Statement of <br>Assets and Liabilities | Financial <br>Instruments <br>(Received) <br>Pledged\*\* | Cash <br>Collateral <br>(Received) <br>Pledged\*\* | Net Amount |
| **Access Flex Bear High Yield ProFund** | **Access Flex Bear High Yield ProFund** | **Access Flex Bear High Yield ProFund** | **Access Flex Bear High Yield ProFund** | **Access Flex Bear High Yield ProFund** |
| Swap Agreements — Goldman Sachs International | $575 | $— | $— | $575 |
| Swap Agreements — UBS AG | 8028 |  |  | 8028 |
| **Access Flex High Yield ProFund** | **Access Flex High Yield ProFund** | **Access Flex High Yield ProFund** | **Access Flex High Yield ProFund** | **Access Flex High Yield ProFund** |
| Swap Agreements — Goldman Sachs International | (37653) |  | 37653 |  |
| Swap Agreements — UBS AG | (13768) |  | 13768 |  |
| **Banks UltraSector ProFund** | **Banks UltraSector ProFund** | **Banks UltraSector ProFund** | **Banks UltraSector ProFund** | **Banks UltraSector ProFund** |
| Swap Agreements — Goldman Sachs International | (122364) | 122364 |  |  |
| Swap Agreements — UBS AG | (133761) | 133761 |  |  |
| **Bear ProFund** | **Bear ProFund** | **Bear ProFund** | **Bear ProFund** | **Bear ProFund** |
| Swap Agreements — Goldman Sachs International | 318427 |  |  | 318427 |
| Swap Agreements — UBS AG | 31661 |  |  | 31661 |
| **Biotechnology UltraSector ProFund** | **Biotechnology UltraSector ProFund** | **Biotechnology UltraSector ProFund** | **Biotechnology UltraSector ProFund** | **Biotechnology UltraSector ProFund** |
| Swap Agreements — Goldman Sachs International | (721153) | 721153 |  |  |
| Swap Agreements — UBS AG | (738724) | 738724 |  |  |
| **Bull ProFund** | **Bull ProFund** | **Bull ProFund** | **Bull ProFund** | **Bull ProFund** |
| Swap Agreements — Goldman Sachs International | (73450) | 73450 |  |  |
| Swap Agreements — UBS AG | (23578) | 23578 |  |  |
| **Communication Services UltraSector ProFund** | **Communication Services UltraSector ProFund** | **Communication Services UltraSector ProFund** | **Communication Services UltraSector ProFund** | **Communication Services UltraSector ProFund** |
| Swap Agreements — Goldman Sachs International | (75454) | 75454 |  |  |
| Swap Agreements — UBS AG | (118599) | 118599 |  |  |
| **Consumer Discretionary UltraSector ProFund** | **Consumer Discretionary UltraSector ProFund** | **Consumer Discretionary UltraSector ProFund** | **Consumer Discretionary UltraSector ProFund** | **Consumer Discretionary UltraSector ProFund** |
| Swap Agreements — Goldman Sachs International | (567021) | 567021 |  |  |
| Swap Agreements — UBS AG | (518245) | 518245 |  |  |
| **Consumer Staples UltraSector ProFund** | **Consumer Staples UltraSector ProFund** | **Consumer Staples UltraSector ProFund** | **Consumer Staples UltraSector ProFund** | **Consumer Staples UltraSector ProFund** |
| Swap Agreements — Goldman Sachs International | (28426) | 28426 |  |  |
| Swap Agreements — UBS AG | (36060) | 36060 |  |  |

---

------

July 31, 2025 **:: Notes to Financial Statements :: 287**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Gross Amounts Not Offset in the <br>Statement of Assets and Liabilities\* | Gross Amounts Not Offset in the <br>Statement of Assets and Liabilities\* | Gross Amounts Not Offset in the <br>Statement of Assets and Liabilities\* | Gross Amounts Not Offset in the <br>Statement of Assets and Liabilities\* |
| | Gross <br>Asset (Liability) as <br>presented in <br>the Statement of <br>Assets and Liabilities | Financial <br>Instruments <br>(Received) <br>Pledged\*\* | Cash <br>Collateral <br>(Received) <br>Pledged\*\* | Net Amount |
| **Energy UltraSector ProFund** | **Energy UltraSector ProFund** | **Energy UltraSector ProFund** | **Energy UltraSector ProFund** | **Energy UltraSector ProFund** |
| Swap Agreements — Goldman Sachs International | $(43149) | $43149 | $— | $— |
| Swap Agreements — UBS AG | 11210 |  |  | 11210 |
| **Falling U.S. Dollar ProFund** | **Falling U.S. Dollar ProFund** | **Falling U.S. Dollar ProFund** | **Falling U.S. Dollar ProFund** | **Falling U.S. Dollar ProFund** |
| Forward Currency Contracts-Goldman Sachs International  | Forward Currency Contracts-Goldman Sachs International  | Forward Currency Contracts-Goldman Sachs International  | Forward Currency Contracts-Goldman Sachs International  | Forward Currency Contracts-Goldman Sachs International  |
| Appreciation | 13341 |  |  |  |
| Depreciation | (37601) |  |  |  |
| Net Depreciation | (24260) |  |  | (24260) |
| Forward Currency Contracts-UBS AG | Forward Currency Contracts-UBS AG | Forward Currency Contracts-UBS AG | Forward Currency Contracts-UBS AG | Forward Currency Contracts-UBS AG |
| Appreciation | 21502 |  |  |  |
| Depreciation | (46967) |  |  |  |
| Net Depreciation | (25465) | 25465 |  |  |
| **Financials UltraSector ProFund** | **Financials UltraSector ProFund** | **Financials UltraSector ProFund** | **Financials UltraSector ProFund** | **Financials UltraSector ProFund** |
| Swap Agreements — Goldman Sachs International | (200988) | 200988 |  |  |
| Swap Agreements — UBS AG | (176552) | 176552 |  |  |
| **Health Care UltraSector ProFund** | **Health Care UltraSector ProFund** | **Health Care UltraSector ProFund** | **Health Care UltraSector ProFund** | **Health Care UltraSector ProFund** |
| Swap Agreements — Goldman Sachs International | (156160) | 156160 |  |  |
| Swap Agreements — UBS AG | (163682) | 163682 |  |  |
| **Industrials UltraSector ProFund** | **Industrials UltraSector ProFund** | **Industrials UltraSector ProFund** | **Industrials UltraSector ProFund** | **Industrials UltraSector ProFund** |
| Swap Agreements — Goldman Sachs International | (66911) | 66911 |  |  |
| Swap Agreements — UBS AG | (38257) | 38257 |  |  |
| **Internet UltraSector ProFund** | **Internet UltraSector ProFund** | **Internet UltraSector ProFund** | **Internet UltraSector ProFund** | **Internet UltraSector ProFund** |
| Swap Agreements — Goldman Sachs International | 444355 |  |  | 444355 |
| Swap Agreements — UBS AG | 476193 |  |  | 476193 |
| **Materials UltraSector ProFund** | **Materials UltraSector ProFund** | **Materials UltraSector ProFund** | **Materials UltraSector ProFund** | **Materials UltraSector ProFund** |
| Swap Agreements — Goldman Sachs International | (128504) | 128504 |  |  |
| Swap Agreements — UBS AG | (64180) | 64180 |  |  |
| **Mid-Cap ProFund** | **Mid-Cap ProFund** | **Mid-Cap ProFund** | **Mid-Cap ProFund** | **Mid-Cap ProFund** |
| Swap Agreements — Goldman Sachs International | (49105) | 49105 |  |  |
| Swap Agreements — UBS AG | (6306) | 6306 |  |  |
| **Nasdaq-100 ProFund** | **Nasdaq-100 ProFund** | **Nasdaq-100 ProFund** | **Nasdaq-100 ProFund** | **Nasdaq-100 ProFund** |
| Swap Agreements — Goldman Sachs International | (22407) | 22407 |  |  |
| Swap Agreements — UBS AG | (145078) | 145078 |  |  |
| **Oil & Gas Equipment & Services UltraSector ProFund** | **Oil & Gas Equipment & Services UltraSector ProFund** | **Oil & Gas Equipment & Services UltraSector ProFund** | **Oil & Gas Equipment & Services UltraSector ProFund** | **Oil & Gas Equipment & Services UltraSector ProFund** |
| Swap Agreements — Goldman Sachs International | (100352) | 100352 |  |  |
| Swap Agreements — UBS AG | (129577) | 129577 |  |  |
| **Pharmaceuticals UltraSector ProFund** | **Pharmaceuticals UltraSector ProFund** | **Pharmaceuticals UltraSector ProFund** | **Pharmaceuticals UltraSector ProFund** | **Pharmaceuticals UltraSector ProFund** |
| Swap Agreements — Goldman Sachs International | (45278) | 45278 |  |  |
| Swap Agreements — UBS AG | (47488) | 47488 |  |  |
| **Precious Metals UltraSector ProFund** | **Precious Metals UltraSector ProFund** | **Precious Metals UltraSector ProFund** | **Precious Metals UltraSector ProFund** | **Precious Metals UltraSector ProFund** |
| Swap Agreements — Goldman Sachs International | (527709) | 527709 |  |  |
| Swap Agreements — UBS AG | (497565) | 497565 |  |  |
| **Real Estate UltraSector ProFund** | **Real Estate UltraSector ProFund** | **Real Estate UltraSector ProFund** | **Real Estate UltraSector ProFund** | **Real Estate UltraSector ProFund** |
| Swap Agreements — Goldman Sachs International | (49500) | 49500 |  |  |
| Swap Agreements — UBS AG | (41554) | 41554 |  |  |
| **Rising Rates Opportunity ProFund** | **Rising Rates Opportunity ProFund** | **Rising Rates Opportunity ProFund** | **Rising Rates Opportunity ProFund** | **Rising Rates Opportunity ProFund** |
| Swap Agreements — Citibank North America | (261219) | 261219 |  |  |
| Swap Agreements — Societe Generale | (93070) | 93070 |  |  |
| **Rising Rates Opportunity 10 ProFund** | **Rising Rates Opportunity 10 ProFund** | **Rising Rates Opportunity 10 ProFund** | **Rising Rates Opportunity 10 ProFund** | **Rising Rates Opportunity 10 ProFund** |
| Swap Agreements — Citibank North America | (1680) | 1680 |  |  |
| Swap Agreements — Societe Generale | (4375) | 4375 |  |  |
| **Rising U.S. Dollar ProFund** | **Rising U.S. Dollar ProFund** | **Rising U.S. Dollar ProFund** | **Rising U.S. Dollar ProFund** | **Rising U.S. Dollar ProFund** |
| Forward Currency Contracts — Goldman Sachs International | Forward Currency Contracts — Goldman Sachs International | Forward Currency Contracts — Goldman Sachs International | Forward Currency Contracts — Goldman Sachs International | Forward Currency Contracts — Goldman Sachs International |
| Appreciation | 106498 |  |  |  |
| Depreciation | (7170) |  |  |  |
| Net Depreciation | 99328 |  |  | 99328 |
| Forward Currency Contracts — UBS AG | Forward Currency Contracts — UBS AG | Forward Currency Contracts — UBS AG | Forward Currency Contracts — UBS AG | Forward Currency Contracts — UBS AG |
| Appreciation | 116517 |  |  |  |
| Depreciation | (4742) |  |  |  |
| Net Depreciation | 111775 |  |  | 111775 |

---

------

**288 :: Notes to Financial Statements ::** July 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Gross Amounts Not Offset in the <br>Statement of Assets and Liabilities\* | Gross Amounts Not Offset in the <br>Statement of Assets and Liabilities\* | Gross Amounts Not Offset in the <br>Statement of Assets and Liabilities\* | Gross Amounts Not Offset in the <br>Statement of Assets and Liabilities\* |
| | Gross <br>Asset (Liability) as <br>presented in <br>the Statement of <br>Assets and Liabilities | Financial <br>Instruments <br>(Received) <br>Pledged\*\* | Cash <br>Collateral <br>(Received) <br>Pledged\*\* | Net Amount |
| **Semiconductor UltraSector ProFund** | **Semiconductor UltraSector ProFund** | **Semiconductor UltraSector ProFund** | **Semiconductor UltraSector ProFund** | **Semiconductor UltraSector ProFund** |
| Swap Agreements — Goldman Sachs International | $4287314 | $— | $— | $4287314 |
| Swap Agreements — UBS AG | 4664272 |  |  | 4664272 |
| **Short Energy ProFund** | **Short Energy ProFund** | **Short Energy ProFund** | **Short Energy ProFund** | **Short Energy ProFund** |
| Swap Agreements — Goldman Sachs International | (176) | 176 |  |  |
| Swap Agreements — UBS AG | (1454) | 1454 |  |  |
| **Short Nasdaq-100 ProFund** | **Short Nasdaq-100 ProFund** | **Short Nasdaq-100 ProFund** | **Short Nasdaq-100 ProFund** | **Short Nasdaq-100 ProFund** |
| Swap Agreements — Goldman Sachs International | 5091 |  |  | 5091 |
| Swap Agreements — UBS AG | 8783 |  |  | 8783 |
| **Short Precious Metals ProFund** | **Short Precious Metals ProFund** | **Short Precious Metals ProFund** | **Short Precious Metals ProFund** | **Short Precious Metals ProFund** |
| Swap Agreements — Goldman Sachs International | 206991 |  |  | 206991 |
| Swap Agreements — UBS AG | 246951 |  |  | 246951 |
| **Short Real Estate ProFund** | **Short Real Estate ProFund** | **Short Real Estate ProFund** | **Short Real Estate ProFund** | **Short Real Estate ProFund** |
| Swap Agreements — Goldman Sachs International | 11620 |  |  | 11620 |
| Swap Agreements — UBS AG | 13969 |  |  | 13969 |
| **Short Small-Cap ProFund** | **Short Small-Cap ProFund** | **Short Small-Cap ProFund** | **Short Small-Cap ProFund** | **Short Small-Cap ProFund** |
| Swap Agreements — Goldman Sachs International | 4270 |  |  | 4270 |
| Swap Agreements — UBS AG | 10629 |  |  | 10629 |
| **Small-Cap ProFund** | **Small-Cap ProFund** | **Small-Cap ProFund** | **Small-Cap ProFund** | **Small-Cap ProFund** |
| Swap Agreements — Goldman Sachs International | (78681) | 70000 |  | (8681) |
| Swap Agreements — UBS AG | (6241) | 6241 |  |  |
| **Technology UltraSector ProFund** | **Technology UltraSector ProFund** | **Technology UltraSector ProFund** | **Technology UltraSector ProFund** | **Technology UltraSector ProFund** |
| Swap Agreements — Goldman Sachs International | 167988 |  |  | 167988 |
| Swap Agreements — UBS AG | 260460 |  |  | 260460 |
| **UltraBear ProFund** | **UltraBear ProFund** | **UltraBear ProFund** | **UltraBear ProFund** | **UltraBear ProFund** |
| Swap Agreements — Goldman Sachs International | 59479 |  |  | 59479 |
| Swap Agreements — UBS AG | 36109 |  |  | 36109 |
| **UltraBull ProFund** | **UltraBull ProFund** | **UltraBull ProFund** | **UltraBull ProFund** | **UltraBull ProFund** |
| Swap Agreements — Goldman Sachs International | (813948) | 813948 |  |  |
| Swap Agreements — UBS AG | (701347) | 701347 |  |  |
| **UltraChina ProFund** | **UltraChina ProFund** | **UltraChina ProFund** | **UltraChina ProFund** | **UltraChina ProFund** |
| Swap Agreements — Goldman Sachs International | (126063) | 126063 |  |  |
| Swap Agreements — UBS AG | (653602) | 653602 |  |  |
| **UltraDow 30 ProFund** | **UltraDow 30 ProFund** | **UltraDow 30 ProFund** | **UltraDow 30 ProFund** | **UltraDow 30 ProFund** |
| Swap Agreements — Goldman Sachs International | (507410) | 507410 |  |  |
| Swap Agreements — UBS AG | (267812) | 267812 |  |  |
| **UltraEmerging Markets ProFund** | **UltraEmerging Markets ProFund** | **UltraEmerging Markets ProFund** | **UltraEmerging Markets ProFund** | **UltraEmerging Markets ProFund** |
| Swap Agreements — Goldman Sachs International | (76091) | 76091 |  |  |
| Swap Agreements — UBS AG | (68405) | 68405 |  |  |
| **UltraInternational ProFund** | **UltraInternational ProFund** | **UltraInternational ProFund** | **UltraInternational ProFund** | **UltraInternational ProFund** |
| Swap Agreements — Goldman Sachs International | (153823) | 153823 |  |  |
| Swap Agreements — UBS AG | (161141) | 161141 |  |  |
| **UltraJapan ProFund** | **UltraJapan ProFund** | **UltraJapan ProFund** | **UltraJapan ProFund** | **UltraJapan ProFund** |
| Swap Agreements — Goldman Sachs International | (746) | 746 |  |  |
| **UltraLatin America ProFund** | **UltraLatin America ProFund** | **UltraLatin America ProFund** | **UltraLatin America ProFund** | **UltraLatin America ProFund** |
| Swap Agreements — Goldman Sachs International | 38891 |  |  | 38891 |
| Swap Agreements — UBS AG | 13379 |  |  | 13379 |
| **UltraMid-Cap ProFund** | **UltraMid-Cap ProFund** | **UltraMid-Cap ProFund** | **UltraMid-Cap ProFund** | **UltraMid-Cap ProFund** |
| Swap Agreements — Goldman Sachs International | (483160) | 483160 |  |  |
| Swap Agreements — UBS AG | (398617) | 398617 |  |  |
| **UltraNasdaq-100 ProFund** | **UltraNasdaq-100 ProFund** | **UltraNasdaq-100 ProFund** | **UltraNasdaq-100 ProFund** | **UltraNasdaq-100 ProFund** |
| Swap Agreements — Citibank North America | (4966506) | 4966506 |  |  |
| Swap Agreements — Societe' Generale | (3858993) | 3858993 |  |  |
| **UltraShort China ProFund** | **UltraShort China ProFund** | **UltraShort China ProFund** | **UltraShort China ProFund** | **UltraShort China ProFund** |
| Swap Agreements — Goldman Sachs International | 30754 |  |  | 30754 |
| Swap Agreements — UBS AG | 36412 |  |  | 36412 |
| **UltraShort Dow 30 ProFund** | **UltraShort Dow 30 ProFund** | **UltraShort Dow 30 ProFund** | **UltraShort Dow 30 ProFund** | **UltraShort Dow 30 ProFund** |
| Swap Agreements — Goldman Sachs International | 21074 |  |  | 21074 |
| Swap Agreements — UBS AG | 29252 |  |  | 29252 |

---

------

July 31, 2025 **:: Notes to Financial Statements :: 289**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Gross Amounts Not Offset in the <br>Statement of Assets and Liabilities\* | Gross Amounts Not Offset in the <br>Statement of Assets and Liabilities\* | Gross Amounts Not Offset in the <br>Statement of Assets and Liabilities\* | Gross Amounts Not Offset in the <br>Statement of Assets and Liabilities\* |
| | Gross <br>Asset (Liability) as <br>presented in <br>the Statement of <br>Assets and Liabilities | Financial <br>Instruments <br>(Received) <br>Pledged\*\* | Cash <br>Collateral <br>(Received) <br>Pledged\*\* | Net Amount |
| **UltraShort Emerging Markets ProFund** | **UltraShort Emerging Markets ProFund** | **UltraShort Emerging Markets ProFund** | **UltraShort Emerging Markets ProFund** | **UltraShort Emerging Markets ProFund** |
| Swap Agreements — Goldman Sachs International | $10529 | $— | $— | $10529 |
| Swap Agreements — UBS AG | 5136 |  |  | 5136 |
| **UltraShort International ProFund** | **UltraShort International ProFund** | **UltraShort International ProFund** | **UltraShort International ProFund** | **UltraShort International ProFund** |
| Swap Agreements — Goldman Sachs International | 44562 |  |  | 44562 |
| Swap Agreements — UBS AG | 35812 |  |  | 35812 |
| **UltraShort Japan ProFund** | **UltraShort Japan ProFund** | **UltraShort Japan ProFund** | **UltraShort Japan ProFund** | **UltraShort Japan ProFund** |
| Swap Agreements — Goldman Sachs International | 628 |  |  | 628 |
| **UltraShort Latin America ProFund** | **UltraShort Latin America ProFund** | **UltraShort Latin America ProFund** | **UltraShort Latin America ProFund** | **UltraShort Latin America ProFund** |
| Swap Agreements — Goldman Sachs International | (16079) | 16079 |  |  |
| Swap Agreements — UBS AG | (8435) | 8435 |  |  |
| **UltraShort Mid-Cap ProFund** | **UltraShort Mid-Cap ProFund** | **UltraShort Mid-Cap ProFund** | **UltraShort Mid-Cap ProFund** | **UltraShort Mid-Cap ProFund** |
| Swap Agreements — Goldman Sachs International | 5964 |  |  | 5964 |
| Swap Agreements — UBS AG | 12139 |  |  | 12139 |
| **UltraShort Nasdaq-100 ProFund** | **UltraShort Nasdaq-100 ProFund** | **UltraShort Nasdaq-100 ProFund** | **UltraShort Nasdaq-100 ProFund** | **UltraShort Nasdaq-100 ProFund** |
| Swap Agreements — Goldman Sachs International | 150124 |  |  | 150124 |
| Swap Agreements — UBS AG | 69249 |  |  | 69249 |
| **UltraShort Small-Cap ProFund** | **UltraShort Small-Cap ProFund** | **UltraShort Small-Cap ProFund** | **UltraShort Small-Cap ProFund** | **UltraShort Small-Cap ProFund** |
| Swap Agreements — Goldman Sachs International | 99765 |  |  | 99765 |
| Swap Agreements — UBS AG | 49067 |  |  | 49067 |
| **UltraSmall-Cap ProFund** | **UltraSmall-Cap ProFund** | **UltraSmall-Cap ProFund** | **UltraSmall-Cap ProFund** | **UltraSmall-Cap ProFund** |
| Swap Agreements — Goldman Sachs International | (512102) | 512102 |  |  |
| Swap Agreements — UBS AG | (498817) | 498817 |  |  |
| **U.S. Government Plus ProFund** | **U.S. Government Plus ProFund** | **U.S. Government Plus ProFund** | **U.S. Government Plus ProFund** | **U.S. Government Plus ProFund** |
| Swap Agreements — Citibank North America | 47606 |  |  | 47606 |
| Swap Agreements — Societe Generale | 31698 |  |  | 31698 |
| **Utilities UltraSector ProFund** | **Utilities UltraSector ProFund** | **Utilities UltraSector ProFund** | **Utilities UltraSector ProFund** | **Utilities UltraSector ProFund** |
| Swap Agreements — Goldman Sachs International | 111646 |  |  | 111646 |
| Swap Agreements — UBS AG | 53404 |  |  | 53404 |

---

\* The actual financial instruments and cash collateral (received) pledged may be in excess of the amounts shown in the table. The table only reflects collateral amounts up to the amount of the financial instrument disclosed on the Statement of Assets and Liabilities.

\*\* Financial instruments and cash collateral received are not disclosed on the Statement of Assets and Liabilities because the Fund does not have effective control of the collateral.

**Securities Lending**

Each ProFund may lend securities to brokers, dealers and financial organizations in exchange for initial collateral in the amount of at least 102% of the value of U.S. dollar-denominated securities loaned or at least 105% of the value of non-U.S. dollar- denominated securities loaned, marked to market daily. Each security loaned will be secured continuously by collateral in the form of cash, money market instruments or U.S. Government securities with a market value of at least 100% of the market value of the loaned securities. When a ProFund lends its securities, it continues to receive payments equal to the dividends and interest paid on the securities loaned and simultaneously may earn interest on the reinvestment of the cash collateral. Any cash collateral received by the ProFund in connection with these loans may be reinvested in a variety of short-term investments. Any non-cash collateral received by the ProFund in connection with these loans may not be sold or pledged by the ProFund and, accordingly, is not reflected in the ProFund's assets and liabilities. The ProFunds may incur fees and expenses in connection with the reinvestment of cash collateral. For security loans collateralized by cash, borrowers may be entitled to receive a fee based on the amount

of collateral. The ProFunds are typically compensated by the difference between the amount earned on the reinvestment of cash collateral and any fees paid to the borrower. Although voting and other rights attendant to securities loaned pass to the borrower, such loans may be recalled so that the securities may be voted by the ProFund if a material event affecting the ProFund's investment in the securities on loan is to occur. Security loans are subject to termination by the ProFund or the borrower at any time. No securities loan shall be made on behalf of a ProFund if, as a result, the aggregate value of all securities loaned by the particular ProFund exceeds one-third of the value of such ProFund's total assets (including the value of the collateral received).

Securities lending involves exposure to certain risks, including "gap" risk (i.e., the risk of a mismatch between the return on cash collateral reinvestments and any fees a ProFund has agreed to pay a borrower), operational risk (i.e., the risk of losses resulting from problems in the settlement and the accounting process), legal, counterparty and credit risk. If a securities lending counterparty were to default, a ProFund would be subject to the risk of a possible delay in receiving collateral or in recovering the loaned securities, or to a possible loss of rights in the collateral. In the

------

**290 :: Notes to Financial Statements ::** July 31, 2025

event a borrower does not return a ProFund's securities as agreed, the ProFund may experience losses if the proceeds received from liquidating the collateral do not at least equal the value of the loaned security at the time the collateral is liquidated, plus the transaction costs incurred in purchasing replacement securities. This event could trigger adverse tax consequences for a ProFund. The investment of cash collateral deposited by the borrower is subject to inherent market risks such as interest rate risk, credit risk, liquidity risk, and other risks that are present in the market. A ProFund could lose money if its short-term reinvestment of the collateral declines in value over the period of the loan. The market value of the loaned securities is determined at the close of each business day of the ProFund and any additional required collateral is delivered to the ProFund, or excess collateral returned by the ProFund, on the next business day.

The following table is a summary of the ProFunds securities lending transactions as of July 31, 2025:

---

| | | |
|:---|:---|:---|
| | Value of<br>Securities on <br>Loan | Value of<br>Cash <br>Collateral <br>Received\* |
| Banks UltraSector ProFund | $67455 | $68505 |
| Biotechnology UltraSector ProFund | 1698407 | 1773710 |
| Bull ProFund | 4827 | 5280 |
| Communication Services UltraSector ProFund | 216481 | 236803 |
| Europe 30 ProFund | 655144 | 726328 |
| Large-Cap Value ProFund | 767 | 839 |
| Mid-Cap ProFund | 13052 | 13451 |
| Mid-Cap Growth ProFund | 7152 | 7476 |
| Mid-Cap Value ProFund | 6228 | 6413 |
| Nasdaq-100 ProFund | 91894 | 108388 |
| Oil & Gas Equipment & Services UltraSector ProFund | 149175 | 154913 |
| Small-Cap ProFund | 25383 | 26087 |
| Small-Cap Growth ProFund | 17235 | 18195 |
| Small-Cap Value ProFund | 17761 | 18694 |
| UltraBull ProFund | 16039 | 17545 |
| UltraChina ProFund | 3056351 | 3081614 |
| UltraEmerging Markets ProFund | 351633 | 358782 |
| UltraLatin America ProFund | 363901 | 376114 |
| UltraMid-Cap ProFund | 91643 | 94464 |
| UltraNasdaq-100 ProFund | 810079 | 955853 |

---

\* Collateral received in the form of cash was reinvested in securities shown in the Collateral for Securities Loaned section of the Schedule of Portfolio Investments.

**Investment Transactions and Related Income**

Throughout the reporting period, investment transactions are accounted for no later than one business day following the trade date. For financial reporting purposes, investment transactions are accounted for on trade date on the last business day of the reporting period. Interest income is recognized on an accrual basis and includes, where applicable, the amortization of premium or accretion of discount. Dividend income is recorded on the ex-dividend date except in the case of depositary receipts, in which case dividends are recorded as soon as such information becomes available. Pay-in-kind interest income and non-cash dividend income received in the form of securities in-lieu of cash, if any, are recorded at the fair value of the securities received. Gains or losses realized on sales of securities are determined using the specific identification method by comparing the identified cost of the security lot sold with the net sales proceeds. Gains or losses from class action settlements are recorded when such information becomes known or can be reasonably estimated; for non-recurring class action settlements, this generally occurs with the receipt or payment of cash consistent with the terms of such settlement.

**Allocations**

Expenses directly attributable to a ProFund are charged to that ProFund, while expenses which are attributable to more than one fund in the Trust, or jointly with an affiliate, are allocated among

the respective funds in the Trust and/or affiliate based upon relative net assets or another reasonable basis.

**Distributions to Shareholders**

Each of the ProFunds (except Access Flex High Yield ProFund, Real Estate UltraSector ProFund and U.S. Government Plus ProFund) intends to declare and distribute net investment income at least annually, if any. Access Flex High Yield ProFund and Real Estate UltraSector ProFund declare and pay dividends from net investment income quarterly, if any. U.S. Government Plus ProFund declares dividend from net investment income daily and pays dividends on a monthly basis, if any. Net realized capital gains, if any, will be distributed at least annually.

The amount of distributions from net investment income and net realized gains are determined in accordance with federal income tax regulations which may differ from GAAP. These "book/tax" differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature (e.g., passive foreign investment company ("PFIC") sales, return of capital, net operating loss, and distribution reclassification, and equalization), such amounts are reclassified within the composition of net assets based on their federal tax-basis treatment; temporary differences (e.g., PFIC mark-to-market, wash sales and mark-to-market on derivative instruments) do not require a reclassification. The ProFunds may utilize equalization

------

July 31, 2025 **:: Notes to Financial Statements :: 291**

accounting for tax purposes and designate earnings and profits, including net realized gains distributed to shareholders on redemption of shares, as a part of the dividends paid deduction for income tax purposes. For Access Flex Bear High Yield and Access Flex High Yield ProFunds, distributions which exceed net investment income and net realized capital gains for financial reporting purposes but not for tax purposes are reported as distributions in excess of net investment income or net realized gains. To the extent they exceed net investment income and net realized capital gains for tax purposes, they are reported as distribution of capital.

**Federal Income Taxes**

Each of the ProFunds intends to continue to qualify each year as a RIC under Subchapter M of the Internal Revenue Code of 1986, as amended. A RIC generally is not subject to federal income tax on income and gains distributed in a timely manner to its shareholders. The ProFunds intend to make timely distributions in order to avoid tax liability. Accordingly, no provision for federal income taxes is required in the financial statements.

The Bear ProFund, Bull ProFund, Europe 30 ProFund, UltraBear ProFund, UltraBull ProFund, UltraJapan ProFund, UltraNasdaq-100 ProFund, and UltraShort Nasdaq-100 ProFund have a calendar tax year end. The remaining ProFunds have a tax year end of October 31st.

Management of the ProFunds has reviewed tax positions taken in tax years that remain subject to examination by all major tax jurisdictions, including federal (i.e., the last four tax year ends and the interim tax period since then, as applicable). Management believes that there is no tax liability resulting from unrecognized tax benefits related to uncertain tax positions taken and the ProFunds are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

**Other**

Expense offsets to custody fees that arise from credits on cash balances maintained on deposit are reflected on the Statement of Operations, as applicable, as "Fees paid indirectly."

**3. Investment Valuation Summary**

Pursuant to Rule 2a-5 (the "Rule"), the Trust's Board of Trustees designated the Advisor the "Valuation Designee" as contemplated by the Rule. The Valuation Designee is responsible for assessing and managing valuation risks, administering the pricing and valuation guidelines approved by the Board of Trustees, and overseeing pricing services utilized in valuing the Trust's security holdings, among other responsibilities outlined in the Rule. When the Advisor determines that the market price of a security is not readily available or deemed unreliable (e.g., an approved pricing service does not provide a price, a furnished price is in error, certain stale prices, or an event occurs that materially affects the furnished price), it may in good faith establish a fair value for that security in accordance with the pricing and valuation guidelines. Fair value pricing may require subjective determinations about the value of a security. While the Trust's policy is intended to result in a calculation of a ProFund's NAV that fairly reflects security values as of the time of pricing, the Trust cannot ensure that fair values determined by the Advisor or persons acting at their direction

would accurately reflect the price that a ProFund could obtain for a security if it were to dispose of that security as of the time of pricing (for instance, in a forced or distressed sale). The prices used by a ProFund may differ from the value that would be realized if the securities were sold and the differences could be material to the financial statements. Depending on the source and relative significance of valuation inputs, these instruments may be classified as Level 2 or Level 3 in the fair value hierarchy, as described below.

The valuation techniques employed by the ProFunds, described below, maximize the use of observable inputs and minimize the use of unobservable inputs in determining fair value. These valuation techniques distinguish between market participant assumptions developed based on market data obtained from sources independent of the ProFunds (observable inputs) and the ProFunds' own assumptions about market participant assumptions developed based on the best information available under the circumstances (unobservable inputs). The inputs used for valuing the ProFunds' investments are summarized in the three broad levels listed below:

• **Level 1**–quoted prices in active markets for identical assets

• **Level 2**–other significant observable inputs (including quoted prices for similar securities, interest rates, prepayments speeds, credit risk, etc.)

• **Level 3**–significant unobservable inputs (including the ProFunds' own assumptions in determining the fair value of investments)

The inputs or methodology used for valuing investments are not necessarily an indication of the risk associated with investing in those investments. For example, repurchase agreements are generally valued at amortized cost. Generally, amortized cost approximates the current fair value of a security, but since the valuation is not obtained from a quoted price in an active market, such securities are reflected as Level 2. Fair value measurements may also require additional disclosure when the volume and level of activity for the asset or liability have significantly decreased, as well as when circumstances indicate that a transaction is not orderly. Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The Trust determines transfers between fair value hierarchy levels at the reporting period end.

Security prices are generally valued at their market value using information provided by a third-party pricing service or market quotations or other procedures approved by the Trust's Board of Trustees. The securities in the portfolio of a non-money market ProFund, except as otherwise noted, that are listed or traded on a stock exchange or the Nasdaq National Market System ("Nasdaq/NMS"), are valued at the official closing price, if available, or the last sale price, on the exchange or system where the security is principally traded. If there have been no sales for that day on the exchange or system where the security is principally traded, then the value may be determined with reference to the last sale price, or the official closing price, if applicable, on any other exchange or system. In each of these situations, valuations are typically categorized as Level 1 in the fair value hierarchy. If there have been no sales for that day on any exchange or system, the security will be valued using fair value procedures in accordance with procedures approved by the Trust's Board of Trustees as described above.

------

**292 :: Notes to Financial Statements ::** July 31, 2025

Securities regularly traded in the OTC markets, including securities listed on an exchange, but that are primarily traded OTC other than those traded on the Nasdaq/NMS, are generally valued on the basis of the mean between the bid and asked quotes furnished by dealers actively trading those instruments. Fixed-income securities are generally valued according to prices as furnished by an independent pricing service, generally at the mean of the bid and asked quotes for those instruments. Short-term fixed-income securities maturing in sixty days or less, and of sufficient credit quality, may be valued at amortized cost, which approximates market value. In each of these situations, valuations are typically categorized as Level 2 in the fair value hierarchy.

Derivatives are generally valued using independent pricing services and/or agreements with counterparties or other procedures approved by the Trust's Board of Trustees. Futures contracts are generally valued at their last sale price prior to the time at which the net asset value per share of a ProFund is determined and are typically categorized as Level 1 in the fair value hierarchy. Swap agreements are generally valued using independent sources and/or agreements with counterparties. Forward currency contracts are valued at their quoted daily prices obtained from an independent pricing service. These valuations are typically categorized as Level 2 in the fair value hierarchy. If there was no sale on that day, fair valuation procedures as described above may be applied.

For the year ended July 31, 2025, there were no Level 3 investments for which significant unobservable inputs were used to determine fair value, nor were there any transfers in or out of Level 3 investments for the year.

A summary of the valuations as of July 31, 2025, based upon the three levels defined above, is included in the table below while the breakdown, by category, of equity securities is disclosed on the Schedule of Portfolio Investments for each ProFund:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | LEVEL 1 - Quoted Prices | LEVEL 1 - Quoted Prices | LEVEL 2 - Other Significant<br>Observable Inputs | LEVEL 2 - Other Significant<br>Observable Inputs | Total | Total |
| | Investment<br>Securities | Other Financial<br>Instruments^ | Investment<br>Securities | Other Financial<br>Instruments^ | Investment<br>Securities | Other Financial<br>Instruments^ |
| **Access Flex Bear High Yield ProFund** | **Access Flex Bear High Yield ProFund** | **Access Flex Bear High Yield ProFund** | **Access Flex Bear High Yield ProFund** | **Access Flex Bear High Yield ProFund** | **Access Flex Bear High Yield ProFund** | **Access Flex Bear High Yield ProFund** |
| Repurchase Agreements | $— | $— | $3238000 | $— | $3238000 | $— |
| Swap Agreements |  |  |  | 8603 |  | 8603 |
| Total | $— | $— | $3238000 | $8603 | $3238000 | $8603 |
| **Access Flex High Yield ProFund** | **Access Flex High Yield ProFund** | **Access Flex High Yield ProFund** | **Access Flex High Yield ProFund** | **Access Flex High Yield ProFund** | **Access Flex High Yield ProFund** | **Access Flex High Yield ProFund** |
| Repurchase Agreements | $— | $— | $16350000 | $— | $16350000 | $— |
| Swap Agreements |  |  |  | (51421) |  | (51421) |
| Total | $— | $— | $16350000 | $(51421) | $16350000 | $(51421) |
| **Banks UltraSector ProFund** | **Banks UltraSector ProFund** | **Banks UltraSector ProFund** | **Banks UltraSector ProFund** | **Banks UltraSector ProFund** | **Banks UltraSector ProFund** | **Banks UltraSector ProFund** |
| Common Stocks | $6447433 | $— | $— | $— | $6447433 | $— |
| Repurchase Agreements |  |  | 1451000 |  | 1451000 |  |
| Collateral for Securities Loaned | 68505 |  |  |  | 68505 |  |
| Swap Agreements |  |  |  | (256125) |  | (256125) |
| Total | $6515938 | $— | $1451000 | $(256125) | $7966938 | $(256125) |
| **Bear ProFund** | **Bear ProFund** | **Bear ProFund** | **Bear ProFund** | **Bear ProFund** | **Bear ProFund** | **Bear ProFund** |
| Repurchase Agreements | $— | $— | $43465000 | $— | $43465000 | $— |
| Futures Contracts |  | (27548) |  |  |  | (27548) |
| Swap Agreements |  |  |  | 350088 |  | 350088 |
| Total | $— | $(27548) | $43465000 | $350088 | $43465000 | $322540 |
| **Biotechnology UltraSector ProFund** | **Biotechnology UltraSector ProFund** | **Biotechnology UltraSector ProFund** | **Biotechnology UltraSector ProFund** | **Biotechnology UltraSector ProFund** | **Biotechnology UltraSector ProFund** | **Biotechnology UltraSector ProFund** |
| Common Stocks | $49743091 | $— | $— | $— | $49743091 | $— |
| Rights |  |  | 5992 |  | 5992 |  |
| Repurchase Agreements |  |  | 14558000 |  | 14558000 |  |
| Collateral for Securities Loaned | 1773710 |  |  |  | 1773710 |  |
| Swap Agreements |  |  |  | (1459877) |  | (1459877) |
| Total | $51516801 | $— | $14563992 | $(1459877) | $66080793 | $(1459877) |
| **Bull ProFund** | **Bull ProFund** | **Bull ProFund** | **Bull ProFund** | **Bull ProFund** | **Bull ProFund** | **Bull ProFund** |
| Common Stocks | $35905964 | $— | $— | $— | $35905964 | $— |
| Repurchase Agreements |  |  | 15256000 |  | 15256000 |  |
| Collateral for Securities Loaned | 5280 |  |  |  | 5280 |  |
| Futures Contracts |  | 165210 |  |  |  | 165210 |
| Swap Agreements |  |  |  | (97028) |  | (97028) |
| Total | $35911244 | $165210 | $15256000 | $(97028) | $51167244 | $68182 |

---

------

July 31, 2025 **:: Notes to Financial Statements :: 293**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | LEVEL 1 - Quoted Prices | LEVEL 1 - Quoted Prices | LEVEL 2 - Other Significant<br>Observable Inputs | LEVEL 2 - Other Significant<br>Observable Inputs | Total | Total |
| | Investment<br>Securities | Other Financial<br>Instruments^ | Investment<br>Securities | Other Financial<br>Instruments^ | Investment<br>Securities | Other Financial<br>Instruments^ |
| **Communication Services UltraSector ProFund** | **Communication Services UltraSector ProFund** | **Communication Services UltraSector ProFund** | **Communication Services UltraSector ProFund** | **Communication Services UltraSector ProFund** | **Communication Services UltraSector ProFund** | **Communication Services UltraSector ProFund** |
| Common Stocks | $22781754 | $— | $— | $— | $22781754 | $— |
| Repurchase Agreements |  |  | 7991000 |  | 7991000 |  |
| Collateral for Securities Loaned | 236803 |  |  |  | 236803 |  |
| Swap Agreements |  |  |  | (194053) |  | (194053) |
| Total | $23018557 | $— | $7991000 | $(194053) | $31009557 | $(194053) |
| **Consumer Discretionary UltraSector ProFund** | **Consumer Discretionary UltraSector ProFund** | **Consumer Discretionary UltraSector ProFund** | **Consumer Discretionary UltraSector ProFund** | **Consumer Discretionary UltraSector ProFund** | **Consumer Discretionary UltraSector ProFund** | **Consumer Discretionary UltraSector ProFund** |
| Common Stocks | $39709737 | $— | $— | $— | $39709737 | $— |
| Repurchase Agreements |  |  | 12116000 |  | 12116000 |  |
| Swap Agreements |  |  |  | (1085266) |  | (1085266) |
| Total | $39709737 | $— | $12116000 | $(1085266) | $51825737 | $(1085266) |
| **Consumer Staples UltraSector ProFund** | **Consumer Staples UltraSector ProFund** | **Consumer Staples UltraSector ProFund** | **Consumer Staples UltraSector ProFund** | **Consumer Staples UltraSector ProFund** | **Consumer Staples UltraSector ProFund** | **Consumer Staples UltraSector ProFund** |
| Common Stocks | $3172884 | $— | $— | $— | $3172884 | $— |
| Repurchase Agreements |  |  | 766000 |  | 766000 |  |
| Swap Agreements |  |  |  | (64486) |  | (64486) |
| Total | $3172884 | $— | $766000 | $(64486) | $3938884 | $(64486) |
| **Energy UltraSector ProFund** | **Energy UltraSector ProFund** | **Energy UltraSector ProFund** | **Energy UltraSector ProFund** | **Energy UltraSector ProFund** | **Energy UltraSector ProFund** | **Energy UltraSector ProFund** |
| Common Stocks | $14486177 | $— | $— | $— | $14486177 | $— |
| Repurchase Agreements |  |  | 3034000 |  | 3034000 |  |
| Swap Agreements |  |  |  | (31939) |  | (31939) |
| Total | $14486177 | $— | $3034000 | $(31939) | $17520177 | $(31939) |
| **Europe 30 ProFund** | **Europe 30 ProFund** | **Europe 30 ProFund** | **Europe 30 ProFund** | **Europe 30 ProFund** | **Europe 30 ProFund** | **Europe 30 ProFund** |
| Common Stocks | $4254461 | $— | $— | $— | $4254461 | $— |
| Collateral for Securities Loaned | 726328 |  |  |  | 726328 |  |
| Total | $4980789 | $— | $— | $— | $4980789 | $— |
| **Falling U.S. Dollar ProFund** | **Falling U.S. Dollar ProFund** | **Falling U.S. Dollar ProFund** | **Falling U.S. Dollar ProFund** | **Falling U.S. Dollar ProFund** | **Falling U.S. Dollar ProFund** | **Falling U.S. Dollar ProFund** |
| Repurchase Agreements | $— | $— | $1255000 | $— | $1255000 | $— |
| Forward Currency Contracts |  |  |  | (49.725) |  | (49.725) |
| Total | $— | $— | $1255000 | $(49.725) | $1255000 | $(49.725) |
| **Financials UltraSector ProFund** | **Financials UltraSector ProFund** | **Financials UltraSector ProFund** | **Financials UltraSector ProFund** | **Financials UltraSector ProFund** | **Financials UltraSector ProFund** | **Financials UltraSector ProFund** |
| Common Stocks | $28839023 | $— | $— | $— | $28839023 | $— |
| Repurchase Agreements |  |  | 7334000 |  | 7334000 |  |
| Swap Agreements |  |  |  | (377540) |  | (377540) |
| Total | $28839023 | $— | $7334000 | $(377540) | $36173023 | $(377540) |
| **Health Care UltraSector ProFund** | **Health Care UltraSector ProFund** | **Health Care UltraSector ProFund** | **Health Care UltraSector ProFund** | **Health Care UltraSector ProFund** | **Health Care UltraSector ProFund** | **Health Care UltraSector ProFund** |
| Common Stocks | $7960178 | $— | $— | $— | $7960178 | $— |
| Repurchase Agreements |  |  | 1978000 |  | 1978000 |  |
| Swap Agreements |  |  |  | (319842) |  | (319842) |
| Total | $7960178 | $— | $1978000 | $(319842) | $9938178 | $(319842) |
| **Industrials UltraSector ProFund** | **Industrials UltraSector ProFund** | **Industrials UltraSector ProFund** | **Industrials UltraSector ProFund** | **Industrials UltraSector ProFund** | **Industrials UltraSector ProFund** | **Industrials UltraSector ProFund** |
| Common Stocks | $5796405 | $— | $— | $— | $5796405 | $— |
| Repurchase Agreements |  |  | 1555000 |  | 1555000 |  |
| Swap Agreements |  |  |  | (105168) |  | (105168) |
| Total | $5796405 | $— | $1555000 | $(105168) | $7351405 | $(105168) |
| **Internet UltraSector ProFund** | **Internet UltraSector ProFund** | **Internet UltraSector ProFund** | **Internet UltraSector ProFund** | **Internet UltraSector ProFund** | **Internet UltraSector ProFund** | **Internet UltraSector ProFund** |
| Common Stocks | $83625450 | $— | $— | $— | $83625450 | $— |
| Repurchase Agreements |  |  | 21787000 |  | 21787000 |  |
| Swap Agreements |  |  |  | 920548 |  | 920548 |
| Total | $83625450 | $— | $21787000 | $920548 | $105412450 | $920548 |

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**294 :: Notes to Financial Statements ::** July 31, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | LEVEL 1 - Quoted Prices | LEVEL 1 - Quoted Prices | LEVEL 2 - Other Significant<br>Observable Inputs | LEVEL 2 - Other Significant<br>Observable Inputs | Total | Total |
| | Investment<br>Securities | Other Financial<br>Instruments^ | Investment<br>Securities | Other Financial<br>Instruments^ | Investment<br>Securities | Other Financial<br>Instruments^ |
| **Large-Cap Growth ProFund** | **Large-Cap Growth ProFund** | **Large-Cap Growth ProFund** | **Large-Cap Growth ProFund** | **Large-Cap Growth ProFund** | **Large-Cap Growth ProFund** | **Large-Cap Growth ProFund** |
| Common Stocks | $26779773 | $— | $— | $— | $26779773 | $— |
| Repurchase Agreements |  |  | 31000 |  | 31000 |  |
| Total | $26779773 | $— | $31000 | $— | $26810773 | $— |
| **Large-Cap Value ProFund** | **Large-Cap Value ProFund** | **Large-Cap Value ProFund** | **Large-Cap Value ProFund** | **Large-Cap Value ProFund** | **Large-Cap Value ProFund** | **Large-Cap Value ProFund** |
| Common Stocks | $4558683 | $— | $— | $— | $4558683 | $— |
| Collateral for Securities Loaned | 839 |  |  |  | 839 |  |
| Total | $4559522 | $— | $— | $— | $4559522 | $— |
| **Materials UltraSector ProFund** | **Materials UltraSector ProFund** | **Materials UltraSector ProFund** | **Materials UltraSector ProFund** | **Materials UltraSector ProFund** | **Materials UltraSector ProFund** | **Materials UltraSector ProFund** |
| Common Stocks | $2953221 | $— | $— | $— | $2953221 | $— |
| Repurchase Agreements |  |  | 845000 |  | 845000 |  |
| Swap Agreements |  |  |  | (192684) |  | (192684) |
| Total | $2953221 | $— | $845000 | $(192684) | $3798221 | $(192684) |
| **Mid-Cap Growth ProFund** | **Mid-Cap Growth ProFund** | **Mid-Cap Growth ProFund** | **Mid-Cap Growth ProFund** | **Mid-Cap Growth ProFund** | **Mid-Cap Growth ProFund** | **Mid-Cap Growth ProFund** |
| Common Stocks | $4241528 | $— | $— | $— | $4241528 | $— |
| Collateral for Securities Loaned | 7476 |  |  |  | 7476 |  |
| Total | $4249004 | $— | $— | $— | $4249004 | $— |
| **Mid-Cap ProFund** | **Mid-Cap ProFund** | **Mid-Cap ProFund** | **Mid-Cap ProFund** | **Mid-Cap ProFund** | **Mid-Cap ProFund** | **Mid-Cap ProFund** |
| Common Stocks | $4770468 | $— | $— | $— | $4770468 | $— |
| Repurchase Agreements |  |  | 2910000 |  | 2910000 |  |
| Collateral for Securities Loaned | 13451 |  |  |  | 13451 |  |
| Swap Agreements |  |  |  | (55411) |  | (55411) |
| Total | $4783919 | $— | $2910000 | $(55411) | $7693919 | $(55411) |
| **Mid-Cap Value ProFund** | **Mid-Cap Value ProFund** | **Mid-Cap Value ProFund** | **Mid-Cap Value ProFund** | **Mid-Cap Value ProFund** | **Mid-Cap Value ProFund** | **Mid-Cap Value ProFund** |
| Common Stocks | $2035548 | $— | $— | $— | $2035548 | $— |
| Collateral for Securities Loaned | 6413 |  |  |  | 6413 |  |
| Total | $2041961 | $— | $— | $— | $2041961 | $— |
| **Nasdaq-100 ProFund** | **Nasdaq-100 ProFund** | **Nasdaq-100 ProFund** | **Nasdaq-100 ProFund** | **Nasdaq-100 ProFund** | **Nasdaq-100 ProFund** | **Nasdaq-100 ProFund** |
| Common Stocks | $90146679 | $— | $— | $— | $90146679 | $— |
| Repurchase Agreements |  |  | 35362000 |  | 35362000 |  |
| Collateral for Securities Loaned | 108388 |  |  |  | 108388 |  |
| Futures Contracts |  | 469598 |  |  |  | 469598 |
| Swap Agreements |  |  |  | (167485) |  | (167485) |
| Total | $90255067 | $469598 | $35362000 | $(167485) | $125617067 | $302113 |
| **Oil & Gas Equipment & Services UltraSector ProFund** | **Oil & Gas Equipment & Services UltraSector ProFund** | **Oil & Gas Equipment & Services UltraSector ProFund** | **Oil & Gas Equipment & Services UltraSector ProFund** | **Oil & Gas Equipment & Services UltraSector ProFund** | **Oil & Gas Equipment & Services UltraSector ProFund** | **Oil & Gas Equipment & Services UltraSector ProFund** |
| Common Stocks | $7870793 | $— | $— | $— | $7870793 | $— |
| Repurchase Agreements |  |  | 3000000 |  | 3000000 |  |
| Collateral for Securities Loaned | 154913 |  |  |  | 154913 |  |
| Swap Agreements |  |  |  | (229929) |  | (229929) |
| Total | $8025706 | $— | $3000000 | $(229929) | $11025706 | $(229929) |
| **Pharmaceuticals UltraSector ProFund** | **Pharmaceuticals UltraSector ProFund** | **Pharmaceuticals UltraSector ProFund** | **Pharmaceuticals UltraSector ProFund** | **Pharmaceuticals UltraSector ProFund** | **Pharmaceuticals UltraSector ProFund** | **Pharmaceuticals UltraSector ProFund** |
| Common Stocks | $1936326 | $— | $— | $— | $1936326 | $— |
| Repurchase Agreements |  |  | 605000 |  | 605000 |  |
| Swap Agreements |  |  |  | (92766) |  | (92766) |
| Total | $1936326 | $— | $605000 | $(92766) | $2541326 | $(92766) |
| **Precious Metals UltraSector ProFund** | **Precious Metals UltraSector ProFund** | **Precious Metals UltraSector ProFund** | **Precious Metals UltraSector ProFund** | **Precious Metals UltraSector ProFund** | **Precious Metals UltraSector ProFund** | **Precious Metals UltraSector ProFund** |
| Common Stocks | $30810801 | $— | $— | $— | $30810801 | $— |
| Repurchase Agreements |  |  | 8142000 |  | 8142000 |  |
| Swap Agreements |  |  |  | (1025274) |  | (1025274) |
| Total | $30810801 | $— | $8142000 | $(1025274) | $38952801 | $(1025274) |

---

------

July 31, 2025 **:: Notes to Financial Statements :: 295**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | LEVEL 1 - Quoted Prices | LEVEL 1 - Quoted Prices | LEVEL 2 - Other Significant<br>Observable Inputs | LEVEL 2 - Other Significant<br>Observable Inputs | Total | Total |
| | Investment<br>Securities | Other Financial<br>Instruments^ | Investment<br>Securities | Other Financial<br>Instruments^ | Investment<br>Securities | Other Financial<br>Instruments^ |
| **Real Estate UltraSector ProFund** | **Real Estate UltraSector ProFund** | **Real Estate UltraSector ProFund** | **Real Estate UltraSector ProFund** | **Real Estate UltraSector ProFund** | **Real Estate UltraSector ProFund** | **Real Estate UltraSector ProFund** |
| Common Stocks | $2620272 | $— | $— | $— | $2620272 | $— |
| Repurchase Agreements |  |  | 688000 |  | 688000 |  |
| Swap Agreements |  |  |  | (91054) |  | (91054) |
| Total | $2620272 | $— | $688000 | $(91054) | $3308272 | $(91054) |
| **Rising Rates Opportunity ProFund** | **Rising Rates Opportunity ProFund** | **Rising Rates Opportunity ProFund** | **Rising Rates Opportunity ProFund** | **Rising Rates Opportunity ProFund** | **Rising Rates Opportunity ProFund** | **Rising Rates Opportunity ProFund** |
| Repurchase Agreements | $— | $— | $9966000 | $— | $9966000 | $— |
| Swap Agreements |  |  |  | (354289) |  | (354289) |
| Total | $— | $— | $9966000 | $(354289) | $9966000 | $(354289) |
| **Rising Rates Opportunity 10 ProFund** | **Rising Rates Opportunity 10 ProFund** | **Rising Rates Opportunity 10 ProFund** | **Rising Rates Opportunity 10 ProFund** | **Rising Rates Opportunity 10 ProFund** | **Rising Rates Opportunity 10 ProFund** | **Rising Rates Opportunity 10 ProFund** |
| Repurchase Agreements | $— | $— | $591000 | $— | $591000 | $— |
| Swap Agreements |  |  |  | (6055) |  | (6055) |
| Total | $— | $— | $591000 | $(6055) | $591000 | $(6055) |
| **Rising U.S. Dollar ProFund** | **Rising U.S. Dollar ProFund** | **Rising U.S. Dollar ProFund** | **Rising U.S. Dollar ProFund** | **Rising U.S. Dollar ProFund** | **Rising U.S. Dollar ProFund** | **Rising U.S. Dollar ProFund** |
| Repurchase Agreements | $— | $— | $7548000 | $— | $7548000 | $— |
| Forward Currency Contracts |  |  |  | 211103 |  | 211103 |
| Total | $— | $— | $7548000 | $211103 | $7548000 | $211103 |
| **Semiconductor UltraSector ProFund** | **Semiconductor UltraSector ProFund** | **Semiconductor UltraSector ProFund** | **Semiconductor UltraSector ProFund** | **Semiconductor UltraSector ProFund** | **Semiconductor UltraSector ProFund** | **Semiconductor UltraSector ProFund** |
| Common Stocks | $190564748 | $— | $— | $— | $190564748 | $— |
| Repurchase Agreements |  |  | 123065000 |  | 123065000 |  |
| Swap Agreements |  |  |  | 8951586 |  | 8951586 |
| Total | $190564748 | $— | $123065000 | $8951586 | $313629748 | $8951586 |
| **Short Energy ProFund** | **Short Energy ProFund** | **Short Energy ProFund** | **Short Energy ProFund** | **Short Energy ProFund** | **Short Energy ProFund** | **Short Energy ProFund** |
| Repurchase Agreements | $— | $— | $1254000 | $— | $1254000 | $— |
| Swap Agreements |  |  |  | (1630) |  | (1630) |
| Total | $— | $— | $1254000 | $(1630) | $1254000 | $(1630) |
| **Short Nasdaq-100 ProFund** | **Short Nasdaq-100 ProFund** | **Short Nasdaq-100 ProFund** | **Short Nasdaq-100 ProFund** | **Short Nasdaq-100 ProFund** | **Short Nasdaq-100 ProFund** | **Short Nasdaq-100 ProFund** |
| Repurchase Agreements | $— | $— | $2174000 | $— | $2174000 | $— |
| Swap Agreements |  |  |  | 13874 |  | 13874 |
| Total | $— | $— | $2174000 | $13874 | $2174000 | $13874 |
| **Short Precious Metals ProFund** | **Short Precious Metals ProFund** | **Short Precious Metals ProFund** | **Short Precious Metals ProFund** | **Short Precious Metals ProFund** | **Short Precious Metals ProFund** | **Short Precious Metals ProFund** |
| Repurchase Agreements | $— | $— | $12175000 | $— | $12175000 | $— |
| Swap Agreements |  |  |  | 453942 |  | 453942 |
| Total | $— | $— | $12175000 | $453942 | $12175000 | $453942 |
| **Short Real Estate ProFund** | **Short Real Estate ProFund** | **Short Real Estate ProFund** | **Short Real Estate ProFund** | **Short Real Estate ProFund** | **Short Real Estate ProFund** | **Short Real Estate ProFund** |
| Repurchase Agreements | $— | $— | $652000 | $— | $652000 | $— |
| Swap Agreements |  |  |  | 25589 |  | 25589 |
| Total | $— | $— | $652000 | $25589 | $652000 | $25589 |
| **Short Small-Cap ProFund** | **Short Small-Cap ProFund** | **Short Small-Cap ProFund** | **Short Small-Cap ProFund** | **Short Small-Cap ProFund** | **Short Small-Cap ProFund** | **Short Small-Cap ProFund** |
| Repurchase Agreements | $— | $— | $750000 | $— | $750000 | $— |
| Swap Agreements |  |  |  | 14899 |  | 14899 |
| Total | $— | $— | $750000 | $14899 | $750000 | $14899 |
| **Small-Cap Growth ProFund** | **Small-Cap Growth ProFund** | **Small-Cap Growth ProFund** | **Small-Cap Growth ProFund** | **Small-Cap Growth ProFund** | **Small-Cap Growth ProFund** | **Small-Cap Growth ProFund** |
| Common Stocks | $4391008 | $— | $— | $— | $4391008 | $— |
| Collateral for Securities Loaned | 18195 |  |  |  | 18195 |  |
| Total | $4409203 | $— | $— | $— | $4409203 | $— |

---

------

**296 :: Notes to Financial Statements ::** July 31, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | LEVEL 1 - Quoted Prices | LEVEL 1 - Quoted Prices | LEVEL 2 - Other Significant<br>Observable Inputs | LEVEL 2 - Other Significant<br>Observable Inputs | Total | Total |
| | Investment<br>Securities | Other Financial<br>Instruments^ | Investment<br>Securities | Other Financial<br>Instruments^ | Investment<br>Securities | Other Financial<br>Instruments^ |
| **Small-Cap ProFund** | **Small-Cap ProFund** | **Small-Cap ProFund** | **Small-Cap ProFund** | **Small-Cap ProFund** | **Small-Cap ProFund** | **Small-Cap ProFund** |
| Common Stocks | $2302981 | $— | $124 | $— | $2303105 | $— |
| Rights\* |  |  |  |  |  |  |
| Trust\* |  |  |  |  |  |  |
| Repurchase Agreements |  |  | 1189000 |  | 1189000 |  |
| Collateral for Securities Loaned | 26087 |  |  |  | 26087 |  |
| Futures Contracts |  | 6461 |  |  |  | 6461 |
| Swap Agreements |  |  |  | (84922) |  | (84922) |
| Total | $2329068 | $6461 | $1189124 | $(84922) | $3518192 | $(78461) |
| **Small-Cap Value ProFund** | **Small-Cap Value ProFund** | **Small-Cap Value ProFund** | **Small-Cap Value ProFund** | **Small-Cap Value ProFund** | **Small-Cap Value ProFund** | **Small-Cap Value ProFund** |
| Common Stocks | $1785200 | $— | $— | $— | $1785200 | $— |
| Repurchase Agreements |  |  | 30000 |  | 30000 |  |
| Collateral for Securities Loaned | 18694 |  |  |  | 18694 |  |
| Total | $1803894 | $— | $30000 | $— | $1833894 | $— |
| **Technology UltraSector ProFund** | **Technology UltraSector ProFund** | **Technology UltraSector ProFund** | **Technology UltraSector ProFund** | **Technology UltraSector ProFund** | **Technology UltraSector ProFund** | **Technology UltraSector ProFund** |
| Common Stocks | $71309750 | $— | $— | $— | $71309750 | $— |
| Repurchase Agreements |  |  | 25211000 |  | 25211000 |  |
| Swap Agreements |  |  |  | 428448 |  | 428448 |
| Total | $71309750 | $— | $25211000 | $428448 | $96520750 | $428448 |
| **UltraBear ProFund** | **UltraBear ProFund** | **UltraBear ProFund** | **UltraBear ProFund** | **UltraBear ProFund** | **UltraBear ProFund** | **UltraBear ProFund** |
| Repurchase Agreements | $— | $— | $5985000 | $— | $5985000 | $— |
| Futures Contracts |  | (27548) |  |  |  | (27548) |
| Swap Agreements |  |  |  | 95588 |  | 95588 |
| Total | $— | $(27548) | $5985000 | $95588 | $5985000 | $68040 |
| **UltraBull ProFund** | **UltraBull ProFund** | **UltraBull ProFund** | **UltraBull ProFund** | **UltraBull ProFund** | **UltraBull ProFund** | **UltraBull ProFund** |
| Common Stocks | $120092473 | $— | $— | $— | $120092473 | $— |
| Repurchase Agreements |  |  | 45038000 |  | 45038000 |  |
| Collateral for Securities Loaned | 17545 |  |  |  | 17545 |  |
| Futures Contracts |  | 1211540 |  |  |  | 1211540 |
| Swap Agreements |  |  |  | (1515293) |  | (1515293) |
| Total | $120110018 | $1211540 | $45038000 | $(1515293) | $165148018 | $(303753) |
| **UltraChina ProFund** | **UltraChina ProFund** | **UltraChina ProFund** | **UltraChina ProFund** | **UltraChina ProFund** | **UltraChina ProFund** | **UltraChina ProFund** |
| Common Stocks | $21671909 | $— | $— | $— | $21671909 | $— |
| Repurchase Agreements |  |  | 4045000 |  | 4045000 |  |
| Collateral for Securities Loaned | 3081614 |  |  |  | 3081614 |  |
| Swap Agreements |  |  |  | (779665) |  | (779665) |
| Total | $24753523 | $— | $4045000 | $(779665) | $28798523 | $(779665) |
| **UltraDow 30 ProFund** | **UltraDow 30 ProFund** | **UltraDow 30 ProFund** | **UltraDow 30 ProFund** | **UltraDow 30 ProFund** | **UltraDow 30 ProFund** | **UltraDow 30 ProFund** |
| Common Stocks | $29099022 | $— | $— | $— | $29099022 | $— |
| Repurchase Agreements |  |  | 9703000 |  | 9703000 |  |
| Futures Contracts |  | 40895 |  |  |  | 40895 |
| Swap Agreements |  |  |  | (775222) |  | (775222) |
| Total | $29099022 | $40895 | $9703000 | $(775222) | $38802022 | $(734327) |
| **UltraEmerging Markets ProFund** | **UltraEmerging Markets ProFund** | **UltraEmerging Markets ProFund** | **UltraEmerging Markets ProFund** | **UltraEmerging Markets ProFund** | **UltraEmerging Markets ProFund** | **UltraEmerging Markets ProFund** |
| Common Stocks | $7943574 | $— | $— | $— | $7943574 | $— |
| Preferred Stocks | 121882 |  |  |  | 121882 |  |
| Repurchase Agreements |  |  | 1273000 |  | 1273000 |  |
| Collateral for Securities Loaned | 358782 |  |  |  | 358782 |  |
| Swap Agreements |  |  |  | (144496) |  | (144496) |
| Total | $8424238 | $— | $1273000 | $(144496) | $9697238 | $(144496) |
| **UltraInternational ProFund** | **UltraInternational ProFund** | **UltraInternational ProFund** | **UltraInternational ProFund** | **UltraInternational ProFund** | **UltraInternational ProFund** | **UltraInternational ProFund** |
| Repurchase Agreements | $— | $— | $7724000 | $— | $7724000 | $— |
| Swap Agreements |  |  |  | (314964) |  | (314964) |
| Total | $— | $— | $7724000 | $(314964) | $7724000 | $(314964) |

---

------

July 31, 2025 **:: Notes to Financial Statements :: 297**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | LEVEL 1 - Quoted Prices | LEVEL 1 - Quoted Prices | LEVEL 2 - Other Significant<br>Observable Inputs | LEVEL 2 - Other Significant<br>Observable Inputs | Total | Total |
| | Investment<br>Securities | Other Financial<br>Instruments^ | Investment<br>Securities | Other Financial<br>Instruments^ | Investment<br>Securities | Other Financial<br>Instruments^ |
| **UltraJapan ProFund** | **UltraJapan ProFund** | **UltraJapan ProFund** | **UltraJapan ProFund** | **UltraJapan ProFund** | **UltraJapan ProFund** | **UltraJapan ProFund** |
| Repurchase Agreements | $— | $— | $13828000 | $— | $13828000 | $— |
| Futures Contracts |  | 2351000 |  |  |  | 2351000 |
| Swap Agreements |  |  |  | (746) |  | (746) |
| Total | $— | $2351000 | $13828000 | $(746) | $13828000 | $2350254 |
| **UltraLatin America ProFund** | **UltraLatin America ProFund** | **UltraLatin America ProFund** | **UltraLatin America ProFund** | **UltraLatin America ProFund** | **UltraLatin America ProFund** | **UltraLatin America ProFund** |
| Common Stocks | $6079638 | $— | $— | $— | $6079638 | $— |
| Preferred Stocks | 499939 |  |  |  | 499939 |  |
| Repurchase Agreements |  |  | 1091000 |  | 1091000 |  |
| Collateral for Securities Loaned | 376114 |  |  |  | 376114 |  |
| Swap Agreements |  |  |  | 52270 |  | 52270 |
| Total | $6955691 | $— | $1091000 | $52270 | $8046691 | $52270 |
| **UltraMid-Cap ProFund** | **UltraMid-Cap ProFund** | **UltraMid-Cap ProFund** | **UltraMid-Cap ProFund** | **UltraMid-Cap ProFund** | **UltraMid-Cap ProFund** | **UltraMid-Cap ProFund** |
| Common Stocks | $24741019 | $— | $— | $— | $24741019 | $— |
| Repurchase Agreements |  |  | 12327000 |  | 12327000 |  |
| Collateral for Securities Loaned | 94464 |  |  |  | 94464 |  |
| Futures Contracts |  | 69864 |  |  |  | 69864 |
| Swap Agreements |  |  |  | (881777) |  | (881777) |
| Total | $24835483 | $69864 | $12327000 | $(881777) | $37162483 | $(811913) |
| **UltraNasdaq-100 ProFund** | **UltraNasdaq-100 ProFund** | **UltraNasdaq-100 ProFund** | **UltraNasdaq-100 ProFund** | **UltraNasdaq-100 ProFund** | **UltraNasdaq-100 ProFund** | **UltraNasdaq-100 ProFund** |
| Common Stocks | $875962054 | $— | $— | $— | $875962054 | $— |
| Repurchase Agreements |  |  | 311086000 |  | 311086000 |  |
| Collateral for Securities Loaned | 955853 |  |  |  | 955853 |  |
| Futures Contracts |  | 3800524 |  |  |  | 3800524 |
| Swap Agreements |  |  |  | (8825499) |  | (8825499) |
| Total | $876917907 | $3800524 | $311086000 | $(8825499) | $1188003907 | $(5024975) |
| **UltraShort China ProFund** | **UltraShort China ProFund** | **UltraShort China ProFund** | **UltraShort China ProFund** | **UltraShort China ProFund** | **UltraShort China ProFund** | **UltraShort China ProFund** |
| Repurchase Agreements | $— | $— | $1442000 | $— | $1442000 | $— |
| Swap Agreements |  |  |  | 67166 |  | 67166 |
| Total | $— | $— | $1442000 | $67166 | $1442000 | $67166 |
| **UltraShort Dow 30 ProFund** | **UltraShort Dow 30 ProFund** | **UltraShort Dow 30 ProFund** | **UltraShort Dow 30 ProFund** | **UltraShort Dow 30 ProFund** | **UltraShort Dow 30 ProFund** | **UltraShort Dow 30 ProFund** |
| Repurchase Agreements | $— | $— | $1623000 | $— | $1623000 | $— |
| Swap Agreements |  |  |  | 50326 |  | 50326 |
| Total | $— | $— | $1623000 | $50326 | $1623000 | $50326 |
| **UltraShort Emerging Markets ProFund** | **UltraShort Emerging Markets ProFund** | **UltraShort Emerging Markets ProFund** | **UltraShort Emerging Markets ProFund** | **UltraShort Emerging Markets ProFund** | **UltraShort Emerging Markets ProFund** | **UltraShort Emerging Markets ProFund** |
| Repurchase Agreements | $— | $— | $764000 | $— | $764000 | $— |
| Swap Agreements |  |  |  | 15665 |  | 15665 |
| Total | $— | $— | $764000 | $15665 | $764000 | $15665 |
| **UltraShort International ProFund** | **UltraShort International ProFund** | **UltraShort International ProFund** | **UltraShort International ProFund** | **UltraShort International ProFund** | **UltraShort International ProFund** | **UltraShort International ProFund** |
| Repurchase Agreements | $— | $— | $1898000 | $— | $1898000 | $— |
| Swap Agreements |  |  |  | 80374 |  | 80374 |
| Total | $— | $— | $1898000 | $80374 | $1898000 | $80374 |
| **UltraShort Japan ProFund** | **UltraShort Japan ProFund** | **UltraShort Japan ProFund** | **UltraShort Japan ProFund** | **UltraShort Japan ProFund** | **UltraShort Japan ProFund** | **UltraShort Japan ProFund** |
| Repurchase Agreements | $— | $— | $1167000 | $— | $1167000 | $— |
| Futures Contracts |  | (98425) |  |  |  | (98425) |
| Swap Agreements |  |  |  | 628 |  | 628 |
| Total | $— | $(98425) | $1167000 | $628 | $1167000 | $(97797) |
| **UltraShort Latin America ProFund** | **UltraShort Latin America ProFund** | **UltraShort Latin America ProFund** | **UltraShort Latin America ProFund** | **UltraShort Latin America ProFund** | **UltraShort Latin America ProFund** | **UltraShort Latin America ProFund** |
| Repurchase Agreements | $— | $— | $1617000 | $— | $1617000 | $— |
| Swap Agreements |  |  |  | (24514) |  | (24514) |
| Total | $— | $— | $1617000 | $(24514) | $1617000 | $(24514) |

---

------

**298 :: Notes to Financial Statements ::** July 31, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | LEVEL 1 - Quoted Prices | LEVEL 1 - Quoted Prices | LEVEL 2 - Other Significant<br>Observable Inputs | LEVEL 2 - Other Significant<br>Observable Inputs | Total | Total |
| | Investment<br>Securities | Other Financial<br>Instruments^ | Investment<br>Securities | Other Financial<br>Instruments^ | Investment<br>Securities | Other Financial<br>Instruments^ |
| **UltraShort Mid-Cap ProFund** | **UltraShort Mid-Cap ProFund** | **UltraShort Mid-Cap ProFund** | **UltraShort Mid-Cap ProFund** | **UltraShort Mid-Cap ProFund** | **UltraShort Mid-Cap ProFund** | **UltraShort Mid-Cap ProFund** |
| Repurchase Agreements | $— | $— | $431000 | $— | $431000 | $— |
| Swap Agreements |  |  |  | 18103 |  | 18103 |
| Total | $— | $— | $431000 | $18103 | $431000 | $18103 |
| **UltraShort Nasdaq-100 ProFund** | **UltraShort Nasdaq-100 ProFund** | **UltraShort Nasdaq-100 ProFund** | **UltraShort Nasdaq-100 ProFund** | **UltraShort Nasdaq-100 ProFund** | **UltraShort Nasdaq-100 ProFund** | **UltraShort Nasdaq-100 ProFund** |
| Repurchase Agreements | $— | $— | $18537000 | $— | $18537000 | $— |
| Futures Contracts |  | (93968) |  |  |  | (93968) |
| Swap Agreements |  |  |  | 219373 |  | 219373 |
| Total | $— | $(93968) | $18537000 | $219373 | $18537000 | $125405 |
| **UltraShort Small-Cap ProFund** | **UltraShort Small-Cap ProFund** | **UltraShort Small-Cap ProFund** | **UltraShort Small-Cap ProFund** | **UltraShort Small-Cap ProFund** | **UltraShort Small-Cap ProFund** | **UltraShort Small-Cap ProFund** |
| Repurchase Agreements | $— | $— | $4179000 | $— | $4179000 | $— |
| Futures Contracts |  | (6478) |  |  |  | (6478) |
| Swap Agreements |  |  |  | 148832 |  | 148832 |
| Total | $— | $(6478) | $4179000 | $148832 | $4179000 | $142354 |
| **UltraSmall-Cap ProFund** | **UltraSmall-Cap ProFund** | **UltraSmall-Cap ProFund** | **UltraSmall-Cap ProFund** | **UltraSmall-Cap ProFund** | **UltraSmall-Cap ProFund** | **UltraSmall-Cap ProFund** |
| Common Stocks | $28391608 | $— | $1496 | $— | $28393104 | $— |
| Rights\* |  |  |  |  |  |  |
| Trust\* |  |  |  |  |  |  |
| Repurchase Agreements |  |  | 11710000 |  | 11710000 |  |
| Futures Contracts |  | (25120) |  |  |  | (25120) |
| Swap Agreements |  |  |  | (1010919) |  | (1010919) |
| Total | $28391608 | $(25120) | $11711496 | $(1010919) | $40103104 | $(1036039) |
| **U.S. Government Plus ProFund** | **U.S. Government Plus ProFund** | **U.S. Government Plus ProFund** | **U.S. Government Plus ProFund** | **U.S. Government Plus ProFund** | **U.S. Government Plus ProFund** | **U.S. Government Plus ProFund** |
| Repurchase Agreements | $— | $— | $11159000 | $— | $11159000 | $— |
| Swap Agreements |  |  |  | 79304 |  | 79304 |
| Total | $— | $— | $11159000 | $79304 | $11159000 | $79304 |
| **Utilities UltraSector ProFund** | **Utilities UltraSector ProFund** | **Utilities UltraSector ProFund** | **Utilities UltraSector ProFund** | **Utilities UltraSector ProFund** | **Utilities UltraSector ProFund** | **Utilities UltraSector ProFund** |
| Common Stocks | $11740114 | $— | $— | $— | $11740114 | $— |
| Repurchase Agreements |  |  | 3899000 |  | 3899000 |  |
| Swap Agreements |  |  |  | 165050 |  | 165050 |
| Total | $11740114 | $— | $3899000 | $165050 | $15639114 | $165050 |

---

^ Other financial instruments include any derivative instruments not reflected in the Schedule of Portfolio Investments as Investment Securities, such as futures contracts, forward currency contracts and swap agreements. These instruments are generally recorded in the financial statements at the unrealized appreciation/(depreciation) on the investment.

\* Cartesian Therapeutics, Inc., Chinook Therapeutics, Empire Petroleum Corp., and Ferroglobe Representation and Warranty Insurance were valued at $0 and categorized as Level 2 within the fair value hierarchy.

**4. Fees and Transactions with Affiliates and Other Parties**

The ProFunds have entered into an Investment Advisory Agreement with the Advisor. Under this agreement, the ProFunds (excluding Nasdaq-100 ProFund, UltraJapan ProFund, UltraShort Japan ProFund and U.S. Government Plus ProFund) each pay the Advisor a fee at an annualized rate of 0.75% of the average daily net assets of each respective ProFund. The Nasdaq-100 ProFund, UltraJapan ProFund, UltraShort Japan ProFund and U.S. Government Plus ProFund pay the Advisor a fee at an annualized rate of 0.70%, 0.90%, 0.90% and 0.50%, respectively, of their average daily net assets.

In addition, subject to the condition that the aggregate daily net assets of the Trust be equal to or greater than $10 billion, the Advisor has agreed to the following fee reductions with respect to

each individual ProFund: 0.025% of the ProFund's daily net assets in excess of $500 million to $1 billion, 0.05% of the ProFund's daily net assets in excess of $1 billion to $2 billion, and 0.075% of the ProFund's net assets in excess of $2 billion. During the year ended July 31, 2025, no Fund's annual investment advisory fee was subject to such reductions.

Effective November 4, 2024, Ultimus Fund Solutions, LLC ("Ultimus") replaced Citi Fund Services Ohio, Inc. ("Citi") as the Trust's administrator (the "Administrator") and fund accounting agent.

Prior to November 4, 2024, the Trust paid Citi for its services as Administrator, an annual fee based on the Trust's aggregate average net assets at a tier rate ranging from 0.00375% to 0.05%, and a base fee for certain filings. Administration fees also included additional fees paid to Citi by the Trust for additional services

------

July 31, 2025 **:: Notes to Financial Statements :: 299**

provided, including support of the Trust's compliance program. The Trust also paid Citi for its services as fund accounting agent, an annual fee based on the Trust's aggregate average net assets at a tier rate ranging from 0.00375% to 0.03%, a base fee, and reimbursement of certain expenses.

Effective November 4, 2024, the Trust pays Ultimus for its services as Administrator and fund accounting agent, an annual fee based on the Trust's aggregate average net assets at a tier rate ranging from 0.0075% to 0.08%, and an annual base fee. Administration and fund accounting fees also include additional fees paid to Ultimus by the Trust for additional services provided, including support of the Trust's compliance program. Additionally, effective January 1, 2025, Ultimus provides legal administration services to the Trust pursuant to a separate agreement. The Trust pays Ultimus a monthly fee for its services as Legal Administrator. Fees paid for the year ended July 31, 2025, to Citi and Ultimus by the ProFunds for administrator and fund accounting services, are reflected on the Statements of Operations as "Administration and fund accounting fees".

FIS Investor Services LLC ("FIS") acts as transfer agent for the Trust. For these services, the Trust pays FIS a base fee, account and service charges, and reimbursement of certain expenses.

ProFunds Distributors, Inc. (the "Distributor"), a wholly owned subsidiary of the Advisor, serves as the Trust's distributor. Under a Distribution and Shareholder Services Plan, adopted by the Trust's Board of Trustees pursuant to Rule 12b-1 under the 1940 Act, each ProFund may pay financial intermediaries such as broker-dealers, investment advisors and the Distributor up to 1.00%, on an annualized basis, of the average daily net assets attributable to Service Class shares as compensation for service and distribution-related activities and/or shareholder services with respect to Service Class shares.

The Advisor, pursuant to a separate Management Services Agreement, performs certain client support services and other administrative services on behalf of the ProFunds. For these services, each ProFund pays the Advisor a fee at the annual rate of 0.15% of its average daily net assets.

The Advisor, pursuant to a separate Services Agreement, performs certain services related to the operation and maintenance of a shareholder trading platform. For these services, the Trust pays the Advisor a monthly base fee as reflected on the Statements of Operations as "Service fees."

The ProFunds pay fees to certain intermediaries or financial institutions for record keeping, sub-accounting services, transfer agency and other administrative services as reflected on the Statements of Operations as "Administrative services fees."

Certain Officers and a Trustee of the Trust are affiliated with the Advisor or the Administrator. Except as noted below with respect to the Trust's Chief Compliance Officer, such Officers and Trustee receive no compensation from the ProFunds for serving in their respective roles. Effective September 1, 2025, the Trust, together with affiliated Trusts, pays each Independent Trustee compensation for their services at an annual rate of $375,000, inclusive of all meetings. During the year ended July 31, 2025, actual Trustee compensation was $975,000 in aggregate from the Trust and affiliated trusts. Prior to September 1, 2025, the Trust, together with affiliated Trusts, paid each Independent Trustee compensation for their services at an annual rate of $325,000, inclusive of all meetings. There are certain employees of the Advisor, such as the Trust's Chief Compliance Officer and staff who administer the Trust's compliance program, in which the ProFunds reimburse the Advisor for their related compensation and certain other expenses incurred as reflected on the Statement of Operations as "Compliance services fees."

The Advisor has contractually agreed to waive advisory and management services fees, and if necessary, reimburse certain other expenses of the ProFunds for the periods listed below in order to limit the annual operating expenses (exclusive of brokerage costs, interest, taxes, dividends (including dividend expenses on securities sold short), litigation, indemnification, and extraordinary expenses) as shown in the table below. Amounts due from the Advisor under an expense limitation agreement are settled following each month end.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | For the Period December 1, 2024 <br>through November 30, 2025 | For the Period December 1, 2024 <br>through November 30, 2025 | For the Period December 1, 2023 <br>through November 30, 2024 | For the Period December 1, 2023 <br>through November 30, 2024 |
| | Investor <br>Class | Service <br>Class | Investor <br>Class | Service <br>Class |
| Access Flex Bear High Yield ProFund | 1.78% | 2.78% | 1.78% | 2.78% |
| Access Flex High Yield ProFund | 1.78% | 2.78% | 1.78% | 2.78% |
| Banks UltraSector ProFund | 1.78% | 2.78% | 1.78% | 2.78% |
| Bear ProFund | 1.78% | 2.78% | 1.78% | 2.78% |
| Biotechnology UltraSector ProFund | 1.95% | 2.95% | 1.95% | 2.95% |
| Bull ProFund | 1.95% | 2.95% | 1.95% | 2.95% |
| Communication Services UltraSector ProFund | 1.78% | 2.78% | 1.78% | 2.78% |
| Consumer Discretionary UltraSector ProFund | 1.95% | 2.95% | 1.95% | 2.95% |
| Consumer Staples UltraSector ProFund | 1.78% | 2.78% | 1.78% | 2.78% |
| Energy UltraSector ProFund | 1.95% | 2.95% | 1.95% | 2.95% |
| Europe 30 ProFund | 1.78% | 2.78% | 1.78% | 2.78% |
| Falling U.S. Dollar ProFund | 1.78% | 2.78% | 1.78% | 2.78% |
| Financials UltraSector ProFund | 1.78% | 2.78% | 1.78% | 2.78% |

---

------

**300 :: Notes to Financial Statements ::** July 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| | For the Period December 1, 2024 <br>through November 30, 2025 | For the Period December 1, 2024 <br>through November 30, 2025 | For the Period December 1, 2023 <br>through November 30, 2024 | For the Period December 1, 2023 <br>through November 30, 2024 |
| | Investor <br>Class | Service <br>Class | Investor <br>Class | Service <br>Class |
| Health Care UltraSector ProFund | 1.95% | 2.95% | 1.95% | 2.95% |
| Industrials UltraSector ProFund | 1.78% | 2.78% | 1.78% | 2.78% |
| Internet UltraSector ProFund | 1.95% | 2.95% | 1.95% | 2.95% |
| Large-Cap Growth ProFund | 1.95% | 2.95% | 1.78% | 2.78% |
| Large-Cap Value ProFund | 1.78% | 2.78% | 1.78% | 2.78% |
| Materials UltraSector ProFund | 1.78% | 2.78% | 1.78% | 2.78% |
| Mid-Cap Growth ProFund | 1.78% | 2.78% | 1.78% | 2.78% |
| Mid-Cap ProFund | 1.78% | 2.78% | 1.78% | 2.78% |
| Mid-Cap Value ProFund | 1.78% | 2.78% | 1.78% | 2.78% |
| Nasdaq-100 ProFund | 1.95% | 2.95% | 1.95% | 2.95% |
| Oil & Gas Equipment & Services <br>UltraSector ProFund | 1.95% | 2.95% | 1.95% | 2.95% |
| Pharmaceuticals UltraSector ProFund | 1.78% | 2.78% | 1.78% | 2.78% |
| Precious Metals UltraSector ProFund | 1.95% | 2.95% | 1.95% | 2.95% |
| Real Estate UltraSector ProFund | 1.78% | 2.78% | 1.78% | 2.78% |
| Rising Rates Opportunity ProFund | 1.95% | 2.95% | 1.95% | 2.95% |
| Rising Rates Opportunity 10 ProFund | 1.78% | 2.78% | 1.78% | 2.78% |
| Rising U.S. Dollar ProFund | 1.78% | 2.78% | 1.78% | 2.78% |
| Semiconductor UltraSector ProFund | 1.95% | 2.95% | 1.95% | 2.95% |
| Short Energy ProFund | 1.78% | 2.78% | 1.78% | 2.78% |
| Short Nasdaq-100 ProFund | 1.78% | 2.78% | 1.95% | 2.95% |
| Short Precious Metals ProFund | 1.78% | 2.78% | 1.78% | 2.78% |
| Short Real Estate ProFund | 1.78% | 2.78% | 1.78% | 2.78% |
| Short Small-Cap ProFund | 1.78% | 2.78% | 1.78% | 2.78% |
| Small-Cap Growth ProFund | 1.78% | 2.78% | 1.78% | 2.78% |
| Small-Cap ProFund | 1.78% | 2.78% | 1.78% | 2.78% |
| Small-Cap Value ProFund | 1.78% | 2.78% | 1.78% | 2.78% |
| Technology UltraSector ProFund | 1.95% | 2.95% | 1.95% | 2.95% |
| UltraBear ProFund | 1.78% | 2.78% | 1.78% | 2.78% |
| UltraBull ProFund | 1.95% | 2.95% | 1.95% | 2.95% |
| UltraChina ProFund | 1.95% | 2.95% | 1.78% | 2.78% |
| UltraDow 30 ProFund | 1.95% | 2.95% | 1.95% | 2.95% |
| UltraEmerging Markets ProFund | 1.78% | 2.78% | 1.78% | 2.78% |
| UltraInternational ProFund | 1.78% | 2.78% | 1.78% | 2.78% |
| UltraJapan ProFund | 1.95% | 2.95% | 1.78% | 2.78% |
| UltraLatin America ProFund | 1.78% | 2.78% | 1.78% | 2.78% |
| UltraMid-Cap ProFund | 1.95% | 2.95% | 1.95% | 2.95% |
| UltraNasdaq-100 ProFund | 1.95% | 2.95% | 1.95% | 2.95% |
| UltraShort China ProFund | 1.78% | 2.78% | 1.78% | 2.78% |
| UltraShort Dow 30 ProFund | 1.78% | 2.78% | 1.78% | 2.78% |
| UltraShort Emerging Markets ProFund | 1.78% | 2.78% | 1.78% | 2.78% |
| UltraShort International ProFund | 1.78% | 2.78% | 1.78% | 2.78% |
| UltraShort Japan ProFund | 1.78% | 2.78% | 1.78% | 2.78% |
| UltraShort Latin America ProFund | 1.78% | 2.78% | 1.78% | 2.78% |
| UltraShort Mid-Cap ProFund | 1.78% | 2.78% | 1.78% | 2.78% |
| UltraShort Nasdaq-100 ProFund | 1.78% | 2.78% | 1.95% | 2.95% |
| UltraShort Small-Cap ProFund | 1.78% | 2.78% | 1.78% | 2.78% |
| UltraSmall-Cap ProFund | 1.95% | 2.95% | 1.95% | 2.95% |
| U.S. Government Plus ProFund | 1.70% | 2.70% | 1.70% | 2.70% |
| Utilities UltraSector ProFund | 1.78% | 2.78% | 1.78% | 2.78% |

---

Amounts waived under the contractual expense limitation agreement are allocated proportionally as waivers of advisory and management services fees, to the extent of these fees as reflected on the Statements of Operations. During the year, the allocation of expenses reduced and reimbursed by the Advisor between advisory and management services fees, and if necessary, reimbursement of other expenses was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Expenses<br>reduced and<br>reimbursed by<br>the Advisor | Waivers of<br>advisory fees | Waivers of<br>management<br>services fees | Reimbursements of<br>other expenses |
| Access Flex Bear High Yield ProFund | $(26700) | $(5567) | $(1113) | $(20020) |
| Bear ProFund | (28903) | (24086) | (4817) |  |
| Consumer Staples UltraSector ProFund | (24229) | (20191) | (4038) |  |

---

------

July 31, 2025 **:: Notes to Financial Statements :: 301**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Expenses<br>reduced and<br>reimbursed by<br>the Advisor | Waivers of<br>advisory fees | Waivers of<br>management<br>services fees | Reimbursements of<br>other expenses |
| Europe 30 ProFund | $(21520) | $(17933) | $(3587) | $— |
| Falling U.S. Dollar ProFund | (45650) | (13566) | (2713) | (29371) |
| Industrials UltraSector ProFund | (22370) | (18642) | (3728) |  |
| Large-Cap Growth ProFund | (3213) | (2678) | (535) |  |
| Large-Cap Value ProFund | (2717) | (2264) | (453) |  |
| Materials UltraSector ProFund | (16894) | (14078) | (2816) |  |
| Mid-Cap Growth ProFund | (14433) | (12027) | (2406) |  |
| Mid-Cap ProFund | (7433) | (6194) | (1239) |  |
| Mid-Cap Value ProFund | (18051) | (15042) | (3009) |  |
| Pharmaceuticals UltraSector ProFund | (20708) | (17257) | (3451) |  |
| Real Estate UltraSector ProFund | (17648) | (14707) | (2941) |  |
| Rising Rates Opportunity 10 ProFund | (30199) | (6054) | (1211) | (22934) |
| Rising U.S. Dollar ProFund | (39604) | (33003) | (6601) |  |
| Short Energy ProFund | (25239) | (6324) | (1265) | (17650) |
| Short Nasdaq-100 ProFund | (55077) | (30898) | (6181) | (17998) |
| Short Precious Metals ProFund | (19340) | (16117) | (3223) |  |
| Short Real Estate ProFund | (24461) | (7767) | (1553) | (15141) |
| Short Small-Cap ProFund | (109903) | (44309) | (8862) | (56732) |
| Small-Cap Growth ProFund | (10218) | (8515) | (1703) |  |
| Small-Cap ProFund | (24662) | (20552) | (4110) |  |
| Small-Cap Value ProFund | (35135) | (29279) | (5856) |  |
| UltraBear ProFund | (22293) | (18578) | (3715) |  |
| UltraEmerging Markets ProFund | (12059) | (10049) | (2010) |  |
| UltraInternational ProFund | (18795) | (15662) | (3133) |  |
| UltraLatin America ProFund | (15439) | (12866) | (2573) |  |
| UltraShort China ProFund | (23999) | (15026) | (3005) | (5968) |
| UltraShort Dow 30 ProFund | (28232) | (15083) | (3017) | (10132) |
| UltraShort Emerging Markets ProFund | (26060) | (5308) | (1062) | (19690) |
| UltraShort International ProFund | (22036) | (18363) | (3673) |  |
| UltraShort Japan ProFund | (28009) | (8087) | (1348) | (18574) |
| UltraShort Latin America ProFund | (25329) | (9312) | (1862) | (14155) |
| UltraShort Mid-Cap ProFund | (27918) | (4721) | (944) | (22253) |
| UltraShort Nasdaq-100 ProFund | (19977) | (16647) | (3330) |  |
| UltraShort Small-Cap ProFund | (30347) | (25289) | (5058) |  |
| U.S. Government Plus ProFund | (21088) | (16222) | (4866) |  |
| Utilities UltraSector ProFund | (12129) | (10107) | (2022) |  |

---

The Advisor may recoup the advisory and management services fees contractually waived or limited and other expenses reimbursed by it within three years of the end of the contractual period; however, such recoupment will be limited to the lesser of any expense limitation in place at the time of recoupment or the expense limitation in place at the time of waiver or reimbursement. Any amounts recouped by the Advisor during the period are reflected on the Statement of Operations as "Recoupment of prior expenses reduced by the Advisor." These amounts are allocated proportionally as recoupments of advisory and management services fees, respectively, as shown in the table below.

---

| | | | |
|:---|:---|:---|:---|
| | Recoupment of<br>prior expenses<br>reduced by<br>the Advisor | Recoupment<br>allocated to<br>advisory fees | Recoupment<br>allocated to<br>management<br>services fees |
| Access Flex High Yield ProFund | $13527 | $11272 | $2255 |
| Bear ProFund | 2600 | 2167 | 433 |
| Communication Services UltraSector ProFund | 24212 | 20177 | 4035 |
| Financials UltraSector ProFund | 1333 | 1111 | 222 |
| Large-Cap Growth ProFund | 3213 | 2677 | 536 |
| Large-Cap Value ProFund | 200 | 167 | 33 |
| Mid-Cap ProFund | 1106 | 922 | 184 |
| Small-Cap Value ProFund | 10839 | 9032 | 1807 |

---

------

**302 :: Notes to Financial Statements ::** July 31, 2025

As of July 31, 2025, the recoupments that may potentially be made by the ProFunds are shown in the table below. As of July 31, 2025, no commitment or contingent liability is expected.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Fund Name | Expires<br>11/30/25 | Expires<br>11/30/26 | Expires<br>11/30/27 | Expires<br>11/30/28 | Total |
| Access Flex Bear High Yield ProFund | $6007 | $28223 | $24912 | $16854 | $75996 |
| Access Flex High Yield ProFund |  |  | 8039 |  | 8039 |
| Bear ProFund |  |  | 59299 |  | 59299 |
| Communication Services UltraSector ProFund | 4631 | 12207 | 3982 |  | 20820 |
| Consumer Staples UltraSector ProFund | 18957 | 22079 | 20862 | 16652 | 78550 |
| Europe 30 ProFund | 25872 | 49295 | 7728 | 15679 | 98574 |
| Falling U.S. Dollar ProFund | 36529 | 42797 | 43807 | 24389 | 147522 |
| Industrials UltraSector ProFund | 26733 | 20660 | 2398 | 722 | 50513 |
| Large-Cap Value ProFund |  | 369 | 2716 |  | 3085 |
| Materials UltraSector ProFund | 1804 | 15294 | 11157 | 12359 | 40614 |
| Mid-Cap Growth ProFund | 18268 | 16739 | 14255 | 8168 | 57430 |
| Mid-Cap ProFund | 16737 | 7012 | 80 | 7433 | 31262 |
| Mid-Cap Value ProFund | 2989 | 28426 | 22472 | 11065 | 64952 |
| Pharmaceuticals UltraSector ProFund | 15582 | 28050 | 17533 | 13402 | 74567 |
| Real Estate UltraSector ProFund |  | 17079 | 18073 | 14568 | 49720 |
| Rising Rates Opportunity 10 ProFund | 34678 | 27220 | 25936 | 22433 | 110267 |
| Rising U.S. Dollar ProFund |  | 26455 | 77213 | 12025 | 115693 |
| Short Energy ProFund | 11530 | 33297 | 32801 | 13584 | 91212 |
| Short Nasdaq-100 ProFund |  | 5060 | 71827 | 34649 | 111536 |
| Short Precious Metals ProFund | 27994 | 27227 | 18184 | 12510 | 85915 |
| Short Real Estate ProFund | 21249 | 29494 | 25275 | 13667 | 89685 |
| Short Small-Cap ProFund | 16291 | 20758 | 98237 | 65829 | 201115 |
| Small-Cap Growth ProFund | 2985 | 17697 | 16482 | 5494 | 42658 |
| Small-Cap ProFund | 31358 | 34231 | 27352 | 14417 | 107358 |
| Small-Cap Value ProFund |  | 5320 | 9920 | 35135 | 50375 |
| UltraBear ProFund | 21307 | 1569 | 5634 | 20041 | 48551 |
| UltraEmerging Markets ProFund | 9257 | 23133 | 18671 | 4804 | 55865 |
| UltraInternational ProFund | 29060 | 23542 | 19676 | 10716 | 82994 |
| UltraLatin America ProFund |  |  | 10680 | 9767 | 20447 |
| UltraShort China ProFund | 30636 | 30528 | 37489 | 6409 | 105062 |
| UltraShort Dow 30 ProFund | 25064 | 28575 | 25141 | 19250 | 98030 |
| UltraShort Emerging Markets ProFund | 11795 | 30510 | 26709 | 18336 | 87350 |
| UltraShort International ProFund | 9933 | 29383 | 22722 | 13856 | 75894 |
| UltraShort Japan ProFund | 13877 | 29621 | 34510 | 19171 | 97179 |
| UltraShort Latin America ProFund | 23720 | 31886 | 27233 | 17744 | 100583 |
| UltraShort Mid-Cap ProFund | 27602 | 34008 | 25501 | 19186 | 106297 |
| UltraShort Nasdaq-100 ProFund |  |  | 30055 | 11086 | 41141 |
| UltraShort Small-Cap ProFund | 29520 | 25914 | 32788 | 17947 | 106169 |
| U.S. Government Plus ProFund |  |  | 16634 | 19667 | 36301 |
| Utilities UltraSector ProFund |  |  |  | 12129 | 12129 |

---

**5. Securities Transactions**

The cost of security purchases and the proceeds from the sale of securities (excluding securities maturing less than one year from acquisition) during the year ended July 31, 2025, were as follows:

---

| | | |
|:---|:---|:---|
|  | Purchases | Sales |
| Banks UltraSector ProFund | $21817222 | $24441951 |
| Biotechnology UltraSector ProFund | 34840231 | 59127121 |
| Bull ProFund | 72389217 | 85373166 |
| Communication Services UltraSector ProFund | 82513031 | 69724588 |
| Consumer Discretionary UltraSector ProFund | 85064804 | 84505656 |
| Consumer Staples UltraSector ProFund | 18703135 | 18402389 |
| Energy UltraSector ProFund | 68474104 | 67311796 |
| Europe 30 ProFund | 18714600 | 18802657 |
| Financials UltraSector ProFund | 76793021 | 75118724 |
| Health Care UltraSector ProFund | 11079153 | 14373257 |
| Industrials UltraSector ProFund | 41212097 | 41552835 |
| Internet Ultra Sector ProFund | 101751830 | 94705453 |
| Large-Cap Growth ProFund | 377195744 | 387410733 |
| Large-Cap Value ProFund | 363715508 | 371359562  |

---

------

July 31, 2025 **:: Notes to Financial Statements :: 303**

---

| | | |
|:---|:---|:---|
|  | Purchases | Sales |
| Materials UltraSector ProFund | $26835846 | $27961907 |
| Mid-Cap Growth ProFund | 19435906 | 20875912 |
| Mid-Cap ProFund | 31525765 | 31432830 |
| Mid-Cap Value ProFund | 69169001 | 70808328 |
| Nasdaq-100 ProFund | 101548016 | 97530813 |
| Oil & Gas Equipment & Services UltraSector ProFund | 12775685 | 12659104 |
| Pharmaceuticals UltraSector ProFund | 3779218 | 4248484 |
| Precious Metals UltraSector ProFund | 57276144 | 56609550 |
| Real Estate UltraSector ProFund | 33210353 | 34926354 |
| Semiconductor UltraSector ProFund | 465625190 | 522330872 |
| Small-Cap Growth ProFund | 59507880 | 60732256 |
| Small-Cap ProFund | 10592139 | 10612796 |
| Small-Cap Value ProFund | 156913428 | 201741903 |
| Technology UltraSector ProFund | 67700450 | 79194090 |
| UltraBull ProFund | 120895195 | 118838214 |
| UltraChina ProFund | 53542645 | 48269721 |
| UltraDow 30 ProFund | 14983891 | 13084017 |
| UltraEmerging Markets ProFund | 20672188 | 19279924 |
| UltraLatin America ProFund | 9555435 | 9044316 |
| UltraMid-Cap ProFund | 19110767 | 23300729 |
| UltraNasdaq-100 ProFund | 424775599 | 387662833 |
| UltraSmall-Cap ProFund | 23465804 | 26455381 |
| Utilities UltraSector ProFund | 49782707 | 67925305 |

---

The cost of U.S. government security purchases and the proceeds from the sale of U.S. government securities (excluding securities maturing less than one year from acquisition) during the year ended July 31, 2025, were as follows:

---

| | | |
|:---|:---|:---|
| | Purchases | Sales |
| Access Flex High Yield ProFund | $21256960 | $28184624 |

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**6. Investment Risks**

Some risks apply to all ProFunds, while others are specific to the investment strategy of certain ProFunds. Each ProFund may be subject to other risks in addition to these identified risks. This section discusses certain common principal risks encountered by the ProFunds. The risks are presented in an order intended to facilitate readability, and their order does not imply that the realization of one risk is likely to occur more frequently than another risk, nor does it imply that the realization of one risk is likely to have a greater adverse impact than another risk.

**Risks Associated with the Use of Derivatives**

Certain ProFunds may obtain investment exposure through derivatives. Investing in derivatives may be considered aggressive and may expose the ProFund to greater risks and may result in larger losses or smaller gains than investing directly in the reference asset(s) underlying those derivatives (e.g., securities in the Index). The risks of using derivatives include: 1) the risk that there may be imperfect correlation between the price of the financial instruments and movements in the prices of the reference asset(s); 2) the risk that an instrument is mispriced; 3) credit or counterparty risk on the amount a ProFund expects to receive from a counterparty; 4) the risk that securities prices, interest rates and currency markets will move adversely and a ProFund will incur significant losses; 5) the risk that the cost of holding a financial instrument might exceed its total return; and 6) the possible absence of a liquid secondary market for a particular instrument and possible exchange imposed price fluctuation limits, either of which may make it difficult or impossible to adjust a ProFund's position in a particular instrument when desired. Each

of these factors may prevent a ProFund from achieving its investment objective and may increase the volatility (i.e., fluctuations) of the ProFund's returns. Because derivatives often require limited initial investment, the use of derivatives also may expose a ProFund to losses in excess of those amounts initially invested.

Certain ProFunds may use a combination of swaps on the Index and swaps on an ETF that is designed to track the performance of the Index. The performance of an ETF may not track the performance of the Index due to embedded costs and other factors. Thus, to the extent the ProFund invests in swaps that use an ETF as the reference asset, each ProFund may be subject to greater correlation risk and may not achieve as high a degree of correlation with the Index as it would if the ProFund only used swaps on the Index.

Moreover, with respect to the use of swap agreements, if the Index has a dramatic intraday move that causes a material decline in a ProFund's net assets, the terms of a swap agreement between the ProFund and its counterparty may permit the counterparty to immediately close out the transaction with the ProFund. In that event, the ProFund may be unable to enter into another swap agreement or invest in other derivatives to achieve the desired exposure consistent with the ProFund's investment objective. This, in turn, may prevent the ProFund from achieving its investment objective, even if the Index reverses all or a portion of its intraday move by the end of the day. As a result, the value of an investment in the ProFund may change quickly and without warning. Any costs associated with using derivatives will also have the effect of lowering the ProFund's return.

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**304 :: Notes to Financial Statements ::** July 31, 2025

**Holding Period Risk**

Most of the ProFunds are "geared" funds ("Geared Funds") in the sense that the ProFund has an investment objective to match a multiple, the inverse, or an inverse multiple of the daily performance of a benchmark. A Geared Fund does not seek to achieve its stated multiple, inverse, or an inverse multiple of the daily performance of its underlying benchmark (the "Daily Target") for any period other than a day. The performance of a Geared Fund over periods other than a day may be higher or lower than the Daily Target, and this difference may be significant. Factors that contribute to returns that are worse than the Daily Target include smaller index gains or losses and higher index volatility, as well as longer holding periods when these factors apply. Factors that contribute to returns that are better than the Daily Target include larger index gains or losses and lower index volatility, as well as longer holding periods when these factors apply. The more extreme these factors are, and the more they occur together, the more returns will tend to deviate from the Daily Target.

**Leverage Risk**

Certain ProFunds utilize leverage (i.e., obtain investment exposure in excess of their assets) in seeking to achieve their investment objective and will lose more money in market environments adverse to their daily objective than similar funds that do not employ leverage.

Because the ProFunds that utilize leverage include multipliers of 2x, 1.5x, or 1.25x (or sometimes the inverse thereof), a single day adverse price movement of more than 50%, 67% or 80%, respectively, in a relevant benchmark, could result in the total loss of an investor's investment.

**Active Investor Risk**

Each ProFund permits short-term trading of its securities. In addition, the Advisor expects a significant portion of the assets invested in a ProFund to come from professional money managers and investors who use the ProFund as part of active trading or tactical asset allocation strategies. These strategies often call for frequent trading to take advantage of anticipated changes in market conditions, which could increase portfolio turnover, and may result in additional costs for the ProFund. In addition, large movements of assets into and out of the ProFund may have a negative impact on the ProFund's ability to achieve its investment objective or maintain a consistent level of operating expenses. In certain circumstances, the ProFund's expense ratio may vary from current estimates or the historical ratio disclosed in the ProFund's prospectus.

**Active Management Risk**

Access Flex Bear High Yield ProFund and Access Flex High Yield ProFund are actively managed, and their performance reflect the investment decisions that the Advisor makes for the ProFunds. The Advisor's judgements about the ProFunds' investments may prove to be incorrect. If the investments selected and strategies employed by the ProFunds fail to produce the intended results, the ProFunds could underperform or have negative returns as compared to other funds with a similar investment objective and/or strategies.

**Concentration Risk**

Concentration risk results from maintaining concentrated exposure to certain types of issuers, industries, market sectors, countries or geographical regions. A ProFund that concentrates its investments will be more susceptible to risks associated with that concentration. With respect to the UltraSector and Inverse Sector ProFunds, a ProFund may have significant exposure to an individual industry that constitutes a significant portion of that ProFund's benchmark. Such a ProFund will be more susceptible to the risks associated with that specific industry, which may be different from the risks generally associated with other benchmarks. Each ProFund will concentrate its investments in a particular industry or group of industries to approximately the same extent as its benchmark, up to the extent permitted by applicable regulatory guidance. Additionally, certain ProFunds that focus their investments in particular countries or geographic regions may be particularly susceptible to economic, political or regulatory events affecting those countries or regions. These ProFunds may be more volatile than a more geographically diversified ProFund. The Schedule of Portfolio Investments includes information on each ProFund's holdings, including industry and/or geographical composition, as relevant.

**Correlation Risk**

There is no guarantee that a ProFund will achieve a high degree of correlation with its benchmark. Failure to achieve a high degree of correlation may prevent a ProFund from achieving its investment objective, and the percentage change of the ProFund's NAV each day may differ, perhaps significantly, from the percentage change of the ProFund's benchmark on such day. This may be due, among other reasons, to the impact of a limited trading market in the underlying component securities on the calculation of the benchmark.

In order to achieve a high degree of correlation with the Index, a ProFund seeks to rebalance its portfolio daily to keep exposure consistent with its investment objective. Being materially under- or overexposed to the Index may prevent the ProFund from achieving a high degree of correlation with the Index. Market disruptions or closure, regulatory restrictions, market volatility and other factors will adversely affect the ProFund's ability to adjust exposure to requisite levels. The target amount of portfolio exposure is impacted dynamically by the Index's movements. Because of this, it is unlikely that the ProFund will have perfect leveraged exposure at the end of each day and the likelihood of being materially under- or overexposed is higher on days when the Index level is volatile at or near the close of the trading day.

A number of other factors may adversely affect a ProFund's correlation with its benchmark, including material over- or underexposure, fees, expenses, transaction costs, financing costs associated with the use of derivatives, income items, valuation methodology, accounting standards and disruptions or illiquidity in the markets for the securities or financial instruments in which a ProFund invests. A ProFund may not have investment exposure to all securities in its benchmark, or its weighting of investment exposure to stocks or industries may be different from that of the benchmark. In addition, a ProFund may invest in securities not included in the benchmark or in financial instruments. Each ProFund may take or refrain from taking positions in order to

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July 31, 2025 **:: Notes to Financial Statements :: 305**

improve tax efficiency or comply with regulatory restrictions, either of which may negatively affect the ProFund's correlation with its benchmark. A ProFund may also be subject to large movements of assets into and out of the ProFund, potentially resulting in the ProFund being over- or underexposed to its benchmark, and may be impacted by index reconstitutions and index rebalancing events. Additionally, a ProFund's underlying holdings or reference assets may trade on markets that may or may not be open on the same day as the ProFund. Each ProFund (other than the Classic ProFunds and the Falling U.S. Dollar ProFund) seeks to rebalance its portfolio daily to keep its leveraged, inverse or inverse leveraged exposure to the benchmark consistent with its investment objective. Any of these factors could decrease correlation between the performance of a ProFund and may hinder a ProFund's ability to meet its investment objective on or around that day.

**CDS Risk**

While the Access Flex Bear High Yield ProFund will normally be a net "buyer" of CDS and the Access Flex High Yield ProFund will normally be a net "seller" of CDS, at times the Access Flex Bear High Yield ProFund may have been a net "seller" and the Access Flex High Yield ProFund may have been a net "buyer" of CDS. When a ProFund is a seller of credit protection, upon the occurrence of a credit event, the ProFund will have an obligation to pay the full notional value of a defaulted reference entity less recovery value. When a ProFund is a buyer of credit protection, upon the occurrence of a credit event, the counterparty to the ProFund 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, each ProFund intended, as practicable, to obtain exposure through centrally cleared CDS, an active market may not have existed for any of the CDS in which a ProFund invests or in the reference entities subject to the CDS. As a result, a ProFund's ability to maximize returns or minimize losses on such CDS may have been 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. Because a ProFund may have used a single counterparty or a small number of counterparties, certain CDS involve many reference entities and there were no limitations on the notional amount established for the CDS. As a result, counterparty risk may be amplified.

**Counterparty Risk**

A ProFund that will invest in financial instruments involving third parties (i.e., counterparties) is subject to counterparty risk. The use of financial instruments, such as swap agreements or futures contracts, involves risks that are different from those associated with ordinary portfolio securities transactions. Certain ProFunds will be subject to credit risk (i.e., the risk that a counterparty is unwilling or unable to make timely payments to meet its contractual obligations) with respect to the amount they expect to receive from counterparties to financial instruments and repurchase agreements entered into by the ProFunds. Each ProFund generally structures the agreement such that either party

can terminate the contract without penalty prior to the termination date. A ProFund may be negatively impacted if a counterparty becomes bankrupt or otherwise fails to perform its obligations, the value of an investment in each ProFund may decline. A ProFund may experience significant delays in obtaining any recovery in a bankruptcy or other reorganization proceeding and a ProFund may obtain only limited recovery or may obtain no recovery in such circumstances.

The ProFunds typically enter into transactions with counterparties whose credit rating at the time of the transaction is investment grade, as determined by a nationally recognized statistical rating organization, or, if unrated, judged by the Advisor to be of comparable quality. These are usually major, global financial institutions. Although the counterparty to an exchange-traded futures contract is often backed by a futures commission merchant ("FCM") or clearing organization that is further backed by a group of financial institutions, there may be instances in which the FCM or the clearing organization could fail to perform its obligations, causing significant losses to the ProFund. For example, a ProFund could lose margin payments it has deposited with a clearing organization as well as gains owed but not paid to the ProFund if the clearing organization becomes insolvent or otherwise fails to perform its obligations.

Under current CFTC regulations, a FCM maintains customers' assets in a bulk segregated account. If a FCM fails to do so, or is unable to satisfy a substantial deficit in a customer account, its other customers may be subject to risk of loss of their funds in the event of that FCM's bankruptcy. In that event, in the case of futures, the FCM's customers are entitled to recover, even in respect of property specifically traceable to them, only a proportional share of all property available for distribution to all of that FCM's customers. In the case of cleared swaps, customers of a FCM in bankruptcy are entitled to recover assets specifically attributable to them pursuant to new CFTC regulations, but may nevertheless risk loss of some or all of their assets due to accounting or operational issues or due to legal risk in connection with the application of bankruptcy law to cleared swaps.

**Cybersecurity Risk**

With the increased use of technologies such as the Internet and the dependence on computer systems to perform necessary business functions, each ProFund, financial intermediaries, service providers and the relevant listing exchange are susceptible to operational, information security and related "cyber" risks. In general, cyber incidents can result from deliberate attacks or unintentional events. Cyber attacks include, but are not limited to gaining unauthorized access to digital systems for purposes of misappropriating assets or sensitive information, corrupting data, or causing operational disruption. Cyber attacks may also be carried out in a manner that does not require gaining unauthorized access, such as causing among other behaviors, stealing or corrupting data maintained online or digitally, and denial of service attacks on websites. Cybersecurity failures or breaches of a ProFund's third party service provider (including, but not limited to, index providers, the administrator and transfer agent) or the issuers of securities and/or financial instruments in which the ProFund invests, have the ability to cause disruptions and impact business operations, potentially resulting in financial losses, the inability of ProFund shareholders to transact business,

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**306 :: Notes to Financial Statements ::** July 31, 2025

violations of applicable privacy and other laws. For instance, cyber attacks may interfere with the processing of shareholder transactions, impact the ProFund's ability to calculate its NAV, cause the release of private shareholder information or confidential ProFund information, impede trading, cause reputational damage, and subject the ProFund to regulatory fines, reputational damage, penalties or financial losses, reimbursement or other compensation costs, and/or additional compliance costs. In addition, substantial costs may be incurred in order to prevent any cyber incidents in the future. A ProFund and its shareholders could be negatively impacted as a result. While a ProFund or its service providers may have established business continuity plans and systems designed to guard against such cyber attacks or adverse effects of such attacks, there are inherent limitations in such plans and systems including the possibility that certain risks have not been identified, in large part because different unknown threats may emerge in the future. Similar types of cybersecurity risks also are present for issuers of securities in which a ProFund invests, which could result in material adverse consequences for such issuers, and may cause the ProFund's investments in such securities to lose value. In addition, cyber attacks involving a counterparty to a ProFund could affect such a counterparty's ability to meet its obligations to the ProFund, which may result in losses to the ProFund and its shareholders. The Advisor and the Trust do not control the cybersecurity plans and systems put in place by third party service providers, and such third party service providers may have no or limited indemnification obligations to the Advisor or to a ProFund.

**Equity and Market Risk**

Equity markets are volatile, and the value of securities, swaps, futures 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. Further, stocks in the Index may underperform other equity investments. Volatility in the markets and/or market developments may cause the value of an investment in the ProFund to decrease over short or long periods of time.

**Large-Cap Company Investment Risk**

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.

**Small- and Mid-Cap Company Investment Risk**

The risk of equity investing may be particularly acute for securities of issuers with smaller market capitalizations. Small- and 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. Small- and 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 small- and mid-cap

security prices. Additionally, small- and 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 small- and mid-sized companies could be more difficult to liquidate during market downturns compared to larger, more widely traded companies.

**Natural Disaster/Epidemic Risk**

Natural or environmental disasters, such as earthquakes, fires, floods, hurricanes, tsunamis and other severe weather-related phenomena generally, and widespread disease, including pandemics and epidemics (for example, the novel coronavirus (COVID-19)), have been and can be highly disruptive to economies and markets and have recently led, and may continue to lead, to increased market volatility and significant market losses. Such natural disaster and health crises could exacerbate political, social, and economic risks previously mentioned, and result in significant breakdowns, delays, shutdowns, social isolation, and other disruptions to important global, local and regional supply chains affected, with potential corresponding results on the operating performance of the ProFund and its investments. A climate of uncertainty and panic, including the contagion of infectious viruses or diseases, may adversely affect global, regional, and local economies and reduce the availability of potential investment opportunities, and increases the difficulty of performing due diligence and modeling market conditions, potentially reducing the accuracy of financial projections. Under these circumstances, the ProFund may have difficulty achieving its investment objective which may adversely impact performance. Further, such events can be highly disruptive to economies and markets, significantly disrupt the operations of individual companies (including, but not limited to, the ProFund's investment advisor and third party service providers), sectors, industries, markets, securities and commodity exchanges, currencies, interest and inflation rates, credit ratings, investor sentiment, and other factors affecting the value of the ProFund's investments. These factors can cause substantial market volatility, exchange trading suspensions and closures and can impact the ability of the ProFund to complete redemptions and otherwise affect ProFund performance and ProFund trading in the secondary market. A widespread crisis may also affect the global economy in ways that cannot necessarily be foreseen at the current time. How long such events will last and whether they will continue or recur cannot be predicted. Impacts from these events could have a significant impact on the ProFund's performance, resulting in losses to your investment.

**Risk of Global Economic Shock**

Widespread disease, including public health disruptions, pandemics and epidemics (for example, COVID-19 including its variants), have been and may continue to be highly disruptive to economies and markets. Health crises could exacerbate political, social, and economic risks, and result in breakdowns, delays, shutdowns, social isolation, civil unrest, periods of high unemployment, shortages in and disruptions to the medical care and consumer goods and services industries, and other disruptions to important global, local and regional supply chains, with potential corresponding results on the performance of a ProFund and its investments.

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July 31, 2025 **:: Notes to Financial Statements :: 307**

Additionally, war, military conflicts, sanctions, acts of terrorism, sustained elevated inflation, supply chain issues or other events could have a significant negative impact on global financial markets and economies. Russia's military incursions in Ukraine have led to, and may lead to additional sanctions being levied by the United States, European Union, and other countries against Russia. The ongoing hostilities between the two countries could result in additional widespread conflict and could have a severe adverse effect on the region and certain markets. Sanctions on Russian exports could have a significant adverse impact on the Russian economy and related markets and could affect the value of a ProFund's investments, even beyond any direct exposure a ProFund may have to the region or to adjoining geographic regions. The extent and duration of the military action, sanctions and resulting market disruptions are impossible to predict, but could have a severe adverse effect on the region, including significant negative impacts on the economy and the markets for certain securities and commodities, such as oil and natural gas. Furthermore, the possibility of a prolonged conflict between Hamas and Israel, and the potential expansion of the conflict in the surrounding areas and the involvement of other nations in the conflict, such as the Houthi movement's attacks on marine vessels in the Red Sea, could further destabilize the Middle East region and introduce new uncertainties in global markets, including the oil and natural gas markets. How long such tensions and related events will last cannot be predicted. These tensions and any related events could have a significant impact on the ProFund performance and the value of an investment in the ProFund.

**Early Close/Late Close/Trading Halt Risk**

An exchange or market may close early, close late or issue trading halts on specific securities or financial instruments. As a result, the ability to trade certain securities or financial instruments may be restricted, which may disrupt a ProFund's purchase and redemption process and/or result in a ProFund being unable to trade certain securities or financial instruments at all. In these circumstances, the ProFund may be unable to rebalance its portfolio, may be unable to accurately price its investments and/or may incur substantial trading losses.

**Tax Risk**

In order to qualify for the special tax treatment accorded a RIC and its shareholders, a ProFund must derive at least 90% of its gross income for each taxable year from "qualifying income," meet certain asset diversification tests at the end of each taxable quarter, and meet annual distribution requirements. A ProFund's pursuit of its investment strategies will potentially be limited by the ProFund's intention to qualify for such treatment and could adversely affect the ProFund's ability to so qualify. A ProFund may make certain investments, the treatment of which for these purposes is unclear. If, in any year, a ProFund were to fail to qualify for the special tax treatment accorded a RIC and its shareholders, and were ineligible to or were not to cure such failure, the Fund would be taxed in the same manner as an ordinary corporation subject to U.S. federal income tax on all its income at the fund level. The resulting taxes could substantially reduce a ProFund's net assets and the amount of income available for distribution. In addition, in order to requalify for taxation as a RIC, a ProFund could be required to recognize unrealized gains, pay substantial taxes and interest, and make certain distributions.

**Debt Instruments Risk**

The ProFunds may invest in, or seek exposure to, debt instruments. 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 fixed income market. Additionally, the credit quality of the issuer of a debt instrument (including the risk of a potential default) can also affect the price of a debt instrument. The perceived or actual inability of issuers, guarantors, or liquidity providers of debt instruments to make scheduled interest payments can negatively impact the performance of the ProFund. Debt instruments may have varying levels of sensitivity to changes in interest rates and other factors.

Typically, the price of outstanding debt instruments falls when interest rates rise. Without taking into account other factors, the prices of debt instruments with longer maturities may fluctuate more in response to interest rate changes than those of debt instruments with shorter maturities. In addition, changes in the credit quality of the issuer of a debt instrument (including a default) can also affect the price of a debt instrument. Many types of debt instruments are subject to prepayment risk, which is the risk that the issuer of the security will repay principal (in part or in whole) prior to the maturity date. Debt instruments allowing prepayment may offer less potential for gains during a period of declining interest rates, as a ProFund may be required to reinvest the proceeds received at lower interest rates. These factors may cause the value of an investment in the ProFund to change. Also, the securities of certain U.S. government agencies, authorities or instrumentalities are neither issued by nor guaranteed as to principal and interest by the U.S. government, and may be exposed to more credit risk than those issued by and guaranteed as to principal and interest by the U.S. government. All U.S. government securities are subject to credit risk. It is possible that the U.S. government may not be able to meet its financial obligations or that securities issued by the U.S. government may experience credit downgrades. Such a credit event may also adversely impact the financial markets. Certain ProFunds are inversely correlated to bond prices and will typically respond differently to the above factors than would a ProFund positively correlated to bond prices.

**High Yield Risk**

Investment in or exposure to high yield (lower rated) debt instruments (also known as "junk bonds") may involve greater levels of interest rate, credit, 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 predominantly 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. An economic downturn or period of rising interest rates could adversely affect the market for these securities and reduce market liquidity (liquidity risk). Less active markets may diminish a ProFund's ability to obtain accurate market quotations when valuing the portfolio securities and thereby give rise to valuation risk. High yield debt instruments may also present

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**308 :: Notes to Financial Statements ::** July 31, 2025

risks based on payment expectations. For example, these instruments may contain redemption or call provisions. If an issuer exercises these provisions in a declining interest rate market, the ProFund would have to replace the security with a lower yielding security, resulting in a decreased return for investors. If the issuer of a security is in default with respect to interest or principal payments, the issuer's security could lose its entire value. 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 a ProFund's performance. While the realization of certain of these risks may benefit the Access Flex Bear High Yield ProFund because it seeks investment results that correspond to the inverse of the high yield market, such occurrences may introduce more volatility to the ProFund.

**Index Performance Risk**

Certain ProFunds linked to an index will be subject to index performance risk. There is no guarantee or assurance that the methodology used by the third-party provider to create the Index will result in the ProFund achieving high, or even positive, returns. Further, there can be no guarantee that the methodology underlying the Index or the daily calculation of the Index will be free from error. It is also possible that the value of the Index may be subject to intentional manipulation by third-party market participants. The Index may underperform, and the ProFund could lose value, while other indices or measures of market performance increase in value.

**Financing Rates Associated with Derivatives**

The performance of ProFunds that use derivatives was impacted by the related financing costs. Financial instruments such as futures contracts carry implied financing costs. Forward and swap financing rates are negotiated between the ProFunds and their counterparties, and are set at the Fed Funds rate ("FEDL01") plus or minus a negotiated spread. The Fed Funds rate remained around 4.33% during the year ended July 31, 2025. Each ProFund with long exposure via derivatives was generally negatively affected by financing rates. Conversely, most ProFunds with short/inverse derivative exposure generally benefited from financing rates.

**Inflation Risk**

Inflation risk is the risk that the value of assets or income from a ProFund's investments will be worth less in the future as inflation decreases the value of payments at future dates. As inflation increases, the real value of a ProFund's portfolio could decline. Inflation rates may change frequently and drastically as a result of various factors and the ProFund's investment may not keep pace with inflation, which may result in losses to the ProFund investors or adversely affect the real value of shareholder's investments in a ProFund. Inflation has recently increased and it cannot be predicted whether it may decline.

**Liquidity Risk**

In certain circumstances, such as the disruption of the orderly markets for the securities or financial instruments in which a ProFund invests, the ProFunds might not be able to acquire or dispose of certain holdings quickly or at prices that represent true fair value in the judgment of the Advisor. Markets for the securities or financial instruments in which a ProFund invests may be disrupted by a number of events, including but not limited to economic crises, natural disasters, new legislation, or regulatory changes inside or outside of the U.S. For example, regulation limiting the ability of certain financial institutions to invest in certain securities would likely reduce the liquidity of those securities. These situations may prevent a ProFund from limiting losses, realizing gains, or from achieving a high correlation (or inverse correlation) with its underlying benchmark.

**Risks of Government Regulation**

The Financial Industry Regulatory Authority ("FINRA") issued a notice on March 8, 2022 seeking comment on measures that could prevent or restrict investors from buying a broad range of public securities designated as "complex products" – which could include the leveraged and inverse funds offered by ProFund Advisors. The ultimate impact, if any, of these measures remains unclear. However, if regulations are adopted, they could, among other things, prevent or restrict investors' ability to buy the funds.

**7. Federal Income Tax Information**

The tax character of distributions paid to shareholders during the applicable tax years ended as noted below, were as follows:

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Year Ended 2024 | Year Ended 2024 | Year Ended 2024 | Year Ended 2024 | Year Ended 2023 | Year Ended 2023 | Year Ended 2023 | Year Ended 2023 |
| | Distributions <br>Paid from <br>Ordinary <br>Income | Distributions <br>Paid from <br>Net Long-Term <br>Capital Gains | Tax Return <br>of Capital | Total <br>Distributions <br>Paid | Distributions <br>Paid from <br>Ordinary <br>Income | Distributions <br>Paid from <br>Net Long-Term <br>Capital Gains | Tax Return <br>of Capital | Total <br>Distributions <br>Paid |
| December 31 | December 31 | December 31 | December 31 | December 31 | December 31 | December 31 | December 31 | December 31 |
| Bear ProFund | $353224 | $— | $— | $353224 | $376196 | $— | $— | $376196 |
| Bull ProFund | 1455912 |  |  | 1455912 | 13512 |  |  | 13512 |
| Europe 30 ProFund | 56951 |  |  | 56951 | 72280 |  |  | 72280 |
| UltraBear ProFund | 313757 |  |  | 313757 | 218648 |  |  | 218648 |
| UltraBull ProFund | 7133465 |  |  | 7133465 | 25363 |  |  | 25363 |
| UltraJapan ProFund | 1607970 |  |  | 1607970 |  |  |  |  |
| UltraNasdaq-100 ProFund | 4463822 |  |  | 4463822 |  |  |  |  |
| UltraShort Nasdaq-100 ProFund | 526088 |  |  | 526088 | 788058 |  |  | 788058 |

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July 31, 2025 **:: Notes to Financial Statements :: 309**

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Year Ended 2024 | Year Ended 2024 | Year Ended 2024 | Year Ended 2024 | Year Ended 2023 | Year Ended 2023 | Year Ended 2023 | Year Ended 2023 |
| | Distributions <br>Paid from <br>Ordinary <br>Income | Distributions <br>Paid from <br>Net Long-Term <br>Capital Gains | Tax Return <br>of Capital | Total <br>Distributions <br>Paid | Distributions <br>Paid from <br>Ordinary <br>Income | Distributions <br>Paid from <br>Net Long-Term <br>Capital Gains | Tax Return <br>of Capital | Total <br>Distributions <br>Paid |
| October 31 | October 31 | October 31 | October 31 | October 31 | October 31 | October 31 | October 31 | October 31 |
| Access Flex High Yield ProFund | $975465 | $— | $— | $975465 | $1859962 | $— | $— | $1859962 |
| Banks UltraSector ProFund | 157644 |  |  | 157644 | 20726 |  |  | 20726 |
| Biotechnology UltraSector <br>ProFund | 1 | 7218190 |  | 7218191 |  |  |  |  |
| Consumer Staples UltraSector <br>ProFund | 47059 |  |  | 47059 |  |  |  |  |
| Energy UltraSector ProFund | 433234 |  |  | 433234 | 1404996 |  |  | 1404996 |
| Falling U.S. Dollar ProFund | 33646 |  |  | 33646 |  |  |  |  |
| Financials UltraSector ProFund | 30422 |  |  | 30422 |  |  |  |  |
| Health Care UltraSector ProFund | 36523 |  |  | 36523 |  |  |  |  |
| Large-Cap Growth ProFund | 69903 | 197631 |  | 267534 |  | 182929 |  | 182929 |
| Large-Cap Value ProFund |  |  |  |  | 47656 |  |  | 47656 |
| Materials UltraSector ProFund | 45533 |  |  | 45533 |  |  |  |  |
| Mid-Cap Growth ProFund |  |  |  |  |  | 105905 |  | 105905 |
| Mid-Cap ProFund | 177 |  |  | 177 |  |  |  |  |
| Pharmaceuticals UltraSector <br>ProFund | 14006 |  |  | 14006 |  |  |  |  |
| Precious Metals UltraSector <br>ProFund | 305104 |  |  | 305104 | 654 |  |  | 654 |
| Real Estate UltraSector ProFund | 119868 |  |  | 119868 | 35490 |  |  | 35490 |
| Rising Rates Opportunity <br>ProFund | 515586 |  |  | 515586 |  |  |  |  |
| Rising Rates Opportunity 10 <br>ProFund | 82393 |  |  | 82393 |  |  |  |  |
| Rising U.S. Dollar ProFund | 422995 |  |  | 422995 | 199419 | 408967 |  | 608386 |
| Short Energy ProFund | 31349 |  |  | 31349 |  |  |  |  |
| Short Nasdaq-100 ProFund | 158391 |  |  | 158391 |  |  |  |  |
| Short Precious Metals ProFund | 102396 |  |  | 102396 |  |  |  |  |
| Short Real Estate | 56535 |  |  | 56535 |  |  |  |  |
| Short Small Cap ProFund | 206254 |  |  | 206254 |  |  |  |  |
| Small-Cap Growth ProFund |  | 35266 |  | 35266 |  | 153586 |  | 153586 |
| Technology UltraSector ProFund |  | 346520 |  | 346520 |  |  |  |  |
| UltraChina ProFund | 886559 |  |  | 886559 |  |  |  |  |
| UltraDow 30 ProFund | 332272 |  |  | 332272 |  |  |  |  |
| UltraEmerging Markets ProFund | 126907 |  |  | 126907 | 103933 |  |  | 103933 |
| UltraLatin America ProFund | 542533 |  |  | 542533 | 926000 |  |  | 926000 |
| UltraMid-Cap ProFund | 247348 |  |  | 247348 |  |  |  |  |
| UltraShort China ProFund | 53593 |  |  | 53593 |  |  |  |  |
| UltraShort Dow 30 ProFund | 66243 |  |  | 66243 |  |  |  |  |
| UltraShort Emerging Markets <br>ProFund | 27014 |  |  | 27014 |  |  |  |  |
| UltraShort International ProFund | 71426 |  |  | 71426 |  |  |  |  |
| UltraShort Japan ProFund | 15820 |  |  | 15820 |  |  |  |  |
| UltraShort Latin America <br>ProFund | 47078 |  |  | 47078 |  |  |  |  |
| UltraShort Mid-Cap ProFund | 35538 |  |  | 35538 |  |  |  |  |
| UltraShort Small-Cap ProFund | 173689 |  |  | 173689 |  |  |  |  |
| UltraSmall-Cap ProFund | 375317 |  |  | 375317 |  |  |  |  |
| U.S. Government Plus ProFund | 308331 |  |  | 308331 | 123451 |  | 81424 | 204875 |
| Utilities UltraSector ProFund | 106254 |  |  | 106254 | 83764 |  |  | 83764 |

---

As of the latest tax year ended, as noted below, the components of accumulated earnings (deficit) on a tax basis were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | <br>Undistributed <br>Ordinary <br>Income | <br>Undistributed <br>Long-Term <br>Capital Gains | <br>Accumulated <br>Capital and <br>Other Losses | <br>Unrealized <br>Appreciation <br>(Depreciation) | Total <br>Accumulated <br>Earnings <br>(Deficit) |
| December 31 | December 31 | December 31 | December 31 | December 31 | December 31 |
| Bear ProFund | $8578 | $— | $(72248614) | $67029 | $(72173007) |
| Bull ProFund | 30290 |  |  | 25030239 | 25060529 |
| Europe 30 ProFund | 79022 |  | (4316482) | 187139 | (4050321) |

---

------

**310 :: Notes to Financial Statements ::** July 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Undistributed <br>Ordinary <br>Income | Undistributed <br>Long-Term <br>Capital Gains | Accumulated <br>Capital and <br>Other Losses | Unrealized <br>Appreciation <br>(Depreciation) | Total<br>Accumulated <br>Earnings <br>(Deficit) |
| UltraBear ProFund | $198417 | $— | $(106078317) | $155214 | $(105724686) |
| UltraBull ProFund | 2200893 |  |  | 63594463 | 65795356 |
| UltraJapan ProFund | 1230652 |  |  | (1802) | 1228850 |
| UltraNasdaq-100 ProFund | 31515132 |  |  | 432814922 | 464330054 |
| UltraShort Nasdaq-100 ProFund |  |  | (104517935) | 372532 | (104145403) |
| October 31 | October 31 | October 31 | October 31 | October 31 | October 31 |
| Access Flex Bear High Yield ProFund |  |  | (5363673) | 1501 | (5362172) |
| Access Flex High Yield ProFund | 56318 |  | (1401774) | (28737) | (1374193) |
| Banks UltraSector ProFund | 161318 |  | (2547001) | 2849931 | 464248 |
| Biotechnology UltraSector ProFund | 19561952 |  |  | 9958649 | 29520601 |
| Communication Services UltraSector ProFund | 24935 | 3204 |  | 2144473 | 2172612 |
| Consumer Discretionary UltraSector ProFund | 41780 |  |  | 13642203 | 13683983 |
| Consumer Staples UltraSector ProFund | 30467 |  | (109935) | 830352 | 750884 |
| Energy UltraSector ProFund | 498093 |  |  | 10550032 | 11048125 |
| Falling U.S. Dollar ProFund | 41213 |  | (2709517) |  | (2668304) |
| Financials UltraSector ProFund | 684924 |  |  | 2986754 | 3671678 |
| Health Care UltraSector ProFund | 119094 |  | (1169888) | 8314316 | 7263522 |
| Industrials UltraSector ProFund | 223345 |  |  | 1978746 | 2202091 |
| Internet UltraSector ProFund |  |  | (22137647) | 37563326 | 15425679 |
| Large-Cap Growth ProFund |  |  |  | 9333579 | 9333579 |
| Large-Cap Value ProFund | 116122 |  |  | 1792394 | 1908516 |
| Materials UltraSector ProFund | 24477 |  | (810267) | 1755007 | 969217 |
| Mid-Cap Growth ProFund | 34853 |  | (41086) | 1018021 | 1011788 |
| Mid-Cap ProFund | 55042 |  | (778621) | 1461681 | 738102 |
| Mid-Cap Value ProFund |  |  | (75188) | 412700 | 337512 |
| Nasdaq-100 ProFund | 864867 |  |  | 41908828 | 42773695 |
| Oil & Gas Equipment & Services UltraSector ProFund | 56054 |  | (17354042) | 859442 | (16438546) |
| Pharmaceuticals UltraSector ProFund | 24996 |  | (1000182) | 403177 | (572009) |
| Precious Metals UltraSector ProFund | 370852 |  | (57121745) | 5389274 | (51361619) |
| Real Estate UltraSector ProFund | 24677 |  | (3512901) | 1750687 | (1737537) |
| Rising Rates Opportunity ProFund | 406651 |  | (41674934) | 247040 | (41021243) |
| Rising Rates Opportunity 10 ProFund | 52270 |  | (3548149) | 16732 | (3479147) |
| Rising U.S. Dollar ProFund | 294511 |  | (2212726) |  | (1918215) |
| Semiconductor UltraSector ProFund | 48818691 |  |  | 112681433 | 161500124 |
| Short Energy ProFund | 19710 |  | (2246302) | 8616 | (2217976) |
| Short Nasdaq-100 ProFund | 177574 |  | (17599519) | 50854 | (17371091) |
| Short Precious Metals ProFund | 149504 |  | (11180442) | 167261 | (10863677) |
| Short Real Estate ProFund | 60480 |  | (5147580) | 25589 | (5061511) |
| Short Small-Cap ProFund | 138241 |  | (17711747) | 12248 | (17561258) |
| Small-Cap Growth ProFund |  | 84952 | (32974) | 1057154 | 1109132 |
| Small-Cap ProFund |  |  |  | 732952 | 732952 |
| Small-Cap Value ProFund | 17155 |  | (3156941) | 254215 | (2885571) |
| Technology UltraSector ProFund | 4428176 | 2186195 |  | 26470128 | 33084499 |
| UltraChina ProFund | 588507 |  | (44200914) | (3723075) | (47335482) |
| UltraDow 30 ProFund | 1032964 | 32520 |  | 16601674 | 17667158 |
| UltraEmerging Markets ProFund | 78228 |  | (5771288) | 1540181 | (4152879) |
| UltraInternational ProFund |  |  |  | (121707) | (121707) |
| UltraLatin America ProFund | 301144 |  | (29529071) | (539190) | (29767117) |
| UltraMid-Cap ProFund | 333354 | 122934 |  | 9891842 | 10348130 |
| UltraShort China ProFund | 70680 |  | (11351671) | 174407 | (11106584) |
| UltraShort Dow 30 ProFund | 88370 |  | (25334714) | 64008 | (25182336) |
| UltraShort Emerging Markets ProFund | 22196 |  | (13446812) | 20432 | (13404184) |
| UltraShort International ProFund | 71031 |  | (18728231) | 66415 | (18590785) |
| UltraShort Japan ProFund | 29439 |  | (10968308) | 1716 | (10937153) |
| UltraShort Latin America ProFund | 39461 |  | (17293504) | 69086 | (17184957) |
| UltraShort Mid-Cap ProFund | 27225 |  | (11429964) | 19618 | (11383121) |
| UltraShort Small-Cap ProFund | 152851 |  | (56007397) | 146884 | (55707662) |
| UltraSmall-Cap ProFund | 237409 |  | (23887030) | 8903964 | (14745657) |
| U.S. Government Plus ProFund |  |  | (7891861) | (564179) | (8456040) |
| Utilities UltraSector ProFund | 212220 |  | (4308526) | 4669115 | 572809 |

---

------

July 31, 2025 **:: Notes to Financial Statements :: 311**

Under current tax law, capital and specific ordinary losses realized after October 31 may be deferred and treated as occurring on the first business day of the following tax fiscal year. As of the end of their respective tax years ended October 31, 2024 and December 31, 2024, the following ProFunds had deferred losses, which will be treated as arising on the first day of the tax fiscal years ending in October 31, 2025 and December 31, 2025:

---

| | |
|:---|:---|
| | Qualified Late <br>Year Ordinary <br>Losses |
| October 31 <br>tax year end ProFunds | October 31 <br>tax year end ProFunds |
| Access Flex Bear High Yield ProFund | $(15069) |
| Internet UltraSector ProFund | (201578) |
| Mid-Cap Growth ProFund | (41086) |
| Small-Cap Growth ProFund | (32974) |

---

As of the end of their respective tax years ended October 31, 2024 and December 31, 2024, the following ProFunds have capital loss carry forwards ("CLCFs") as summarized in the table below. CLCFs subject to expiration are applied as short-term capital loss regardless of whether the originating capital loss was short-term or long-term. CLCFs that are not subject to expiration must be utilized before those that are subject to expiration.

---

| | |
|:---|:---|
| | No Expiration <br>Date |
| Access Flex Bear High Yield ProFund | $5348604 |
| Access Flex High Yield ProFund | 1401774 |
| Banks UltraSector ProFund | 2547001 |
| Bear ProFund | 72248614 |
| Consumer Staples UltraSector ProFund | 109935 |
| Europe 30 ProFund | 4316482 |
| Falling U.S. Dollar ProFund | 2709517 |
| Health Care UltraSector ProFund | 1169888 |
| Internet UltraSector ProFund | 21936069 |
| Materials UltraSector ProFund | 810267 |
| Mid-Cap ProFund | 778621 |
| Mid-Cap Value ProFund | 75188 |
| Oil & Gas Equipment & Services UltraSector ProFund | 17354042 |
| Pharmaceuticals UltraSector ProFund | 1000182 |
| Precious Metals UltraSector ProFund | 57121745 |
| Real Estate UltraSector ProFund | 3512901 |
| Rising Rates Opportunity ProFund | 41674934 |
| Rising Rates Opportunity 10 ProFund | 3548149 |
| Rising U.S. Dollar ProFund | 2212726 |
| Short Energy ProFund | 2246302 |
| Short Nasdaq-100 ProFund | 17599519 |
| Short Precious Metals ProFund | 11180442 |
| Short Real Estate ProFund | 5147580 |
| Short Small-Cap ProFund | 17711747 |
| Small-Cap Value ProFund | 3156941 |
| UltraBear ProFund | 106078317 |
| UltraChina ProFund | 44200914 |
| UltraEmerging Markets ProFund | 5771288 |
| UltraLatin America ProFund | 29529071 |
| UltraShort China ProFund | 11351671 |
| UltraShort Dow 30 ProFund | 25334714 |
| UltraShort Emerging Markets ProFund | 13446812 |
| UltraShort International ProFund | 18728231 |
| UltraShort Japan ProFund | 10968308 |
| UltraShort Latin America ProFund | 17293504 |
| UltraShort Mid-Cap ProFund | 11429964 |
| UltraShort Nasdaq-100 ProFund | 104517935 |
| UltraShort Small-Cap ProFund | 56007397 |
| UltraSmall-Cap ProFund | 23887030 |
| U.S. Government Plus ProFund | 7891861 |
| Utilities UltraSector ProFund | 4308526 |

---

------

**312 :: Notes to Financial Statements ::** July 31, 2025

Unused limitations accumulate and increase limited CLCFs available for use in offsetting net capital gains. The tax character of current year distributions paid and the tax basis of the current components of accumulated earnings (deficit) and any CLCFs will be determined at the end of the current tax years. The Trust's Board of Trustees does not intend to authorize a distribution of any realized gain for a ProFund until any applicable CLCF has been offset or expires.

As of the end of their respective tax years ended October 31, 2024 and December 31, 2024, the cost of securities, including derivatives, gross unrealized appreciation and gross unrealized depreciation on investment securities, for federal income tax purposes, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Tax Cost | Tax <br>Unrealized <br>Appreciation | Tax <br>Unrealized <br>Depreciation | Net Unrealized <br>Appreciation <br>(Depreciation) |
| December 31 | December 31 | December 31 | December 31 | December 31 |
| Bear ProFund | $4900000 | $67029 | $— | $67029 |
| Bull ProFund | 24887549 | 26746194 | (1715955) | 25030239 |
| Europe 30 ProFund | 1419234 | 614097 | (426958) | 187139 |
| UltraBear ProFund | 5545000 | 155214 |  | 155214 |
| UltraBull ProFund | 94216308 | 73891175 | (10296712) | 63594463 |
| UltraJapan ProFund | 15986000 |  | (1802) | (1802) |
| UltraNasdaq-100 ProFund | 617367035 | 491988525 | (59173603) | 432814922 |
| UltraShort Nasdaq-100 ProFund | 8609000 | 372532 |  | 372532 |
| October 31 | October 31 | October 31 | October 31 | October 31 |
| Access Flex Bear High Yield ProFund | 306000 | 1501 |  | 1501 |
| Access Flex High Yield ProFund | 10350000 |  | (28737) | (28737) |
| Banks UltraSector ProFund | 12623712 | 3423583 | (573652) | 2849931 |
| Biotechnology UltraSector ProFund | 92984439 | 16952955 | (6994306) | 9958649 |
| Communication Services UltraSector ProFund | 15713931 | 3189279 | (1044806) | 2144473 |
| Consumer Discretionary UltraSector ProFund | 15015049 | 14366586 | (724383) | 13642203 |
| Consumer Staples UltraSector ProFund | 2791139 | 1072739 | (242387) | 830352 |
| Energy UltraSector ProFund | 10030707 | 11875887 | (1325855) | 10550032 |
| Falling U.S. Dollar ProFund | 1319000 |  |  |  |
| Financials UltraSector ProFund | 28554562 | 4863382 | (1876628) | 2986754 |
| Health Care UltraSector ProFund | 6800652 | 9072700 | (758384) | 8314316 |
| Industrials UltraSector ProFund | 2658489 | 2178228 | (199482) | 1978746 |
| Internet UltraSector ProFund | 47134863 | 40548369 | (2985043) | 37563326 |
| Large-Cap Growth ProFund | 17457149 | 10626941 | (1293362) | 9333579 |
| Large-Cap Value ProFund | 7584221 | 2594709 | (802315) | 1792394 |
| Materials UltraSector ProFund | 3062640 | 2227140 | (472133) | 1755007 |
| Mid-Cap Growth ProFund | 4448472 | 1373663 | (355642) | 1018021 |
| Mid-Cap ProFund | 8153927 | 1938413 | (476732) | 1461681 |
| Mid-Cap Value ProFund | 2897697 | 841379 | (428679) | 412700 |
| Nasdaq-100 ProFund | 77112258 | 44500060 | (2591232) | 41908828 |
| Oil & Gas Equipment & Services UltraSector ProFund | 12112087 | 3784765 | (2925323) | 859442 |
| Pharmaceuticals UltraSector ProFund | 2543628 | 906804 | (503627) | 403177 |
| Precious Metals UltraSector ProFund | 26508698 | 13506670 | (8117396) | 5389274 |
| Real Estate UltraSector ProFund | 10542632 | 2169007 | (418320) | 1750687 |
| Rising Rates Opportunity ProFund | 8224000 | 247040 |  | 247040 |
| Rising Rates Opportunity 10 ProFund | 783000 | 16732 |  | 16732 |
| Rising U.S. Dollar ProFund | 7587000 |  |  |  |
| Semiconductor UltraSector ProFund | 166057293 | 134143729 | (21462296) | 112681433 |
| Short Energy ProFund | 621000 | 8616 |  | 8616 |
| Short Nasdaq-100 ProFund | 2445000 | 50854 |  | 50854 |
| Short Precious Metals ProFund | 970000 | 167261 |  | 167261 |
| Short Real Estate ProFund | 987000 | 25589 |  | 25589 |
| Short Small-Cap ProFund | 417000 | 12248 |  | 12248 |
| Small-Cap Growth ProFund | 3612601 | 1560707 | (503553) | 1057154 |
| Small-Cap ProFund | 4322718 | 1093523 | (360571) | 732952 |
| Small-Cap Value ProFund | 2636560 | 679194 | (424979) | 254215 |
| Technology UltraSector ProFund | 53431806 | 30716130 | (4246002) | 26470128 |
| UltraChina ProFund | 28693545 | 6395866 | (10118941) | (3723075) |
| UltraDow 30 ProFund | 19913150 | 18096945 | (1495271) | 16601674 |
| UltraEmerging Markets ProFund | 4908256 | 3006194 | (1466013) | 1540181 |
| UltraInternational ProFund | 4391000 |  | (121707) | (121707) |
| UltraLatin America ProFund | 7194744 | 2850477 | (3389667) | (539190) |
| UltraMid-Cap ProFund | 34085461 | 12543244 | (2651402) | 9891842 |
| UltraShort China ProFund | 2074000 | 174407 |  | 174407  |

---

------

July 31, 2025 **:: Notes to Financial Statements :: 313**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Tax Cost | Tax <br>Unrealized <br>Appreciation | Tax <br>Unrealized <br>Depreciation | Net Unrealized <br>Appreciation <br>(Depreciation) |
| UltraShort Dow 30 ProFund | $2058000 | $64008 | $— | $64008 |
| UltraShort Emerging Markets ProFund | 298000 | 20432 |  | 20432 |
| UltraShort International ProFund | 2429000 | 66415 |  | 66415 |
| UltraShort Japan ProFund | 434000 | 1716 |  | 1716 |
| UltraShort Latin America ProFund | 1043000 | 69086 |  | 69086 |
| UltraShort Mid-Cap ProFund | 706000 | 19618 |  | 19618 |
| UltraShort Small-Cap ProFund | 3568000 | 146884 |  | 146884 |
| UltraSmall-Cap ProFund | 42629545 | 14283773 | (5379809) | 8903964 |
| U.S. Government Plus ProFund | 14638000 |  | (564179) | (564179) |
| Utilities UltraSector ProFund | 35223102 | 6222152 | (1553037) | 4669115 |

---

**8. Transactions with Lehman Brothers Holdings, Inc.**

On September 15, 2008, Lehman Brothers Holdings, Inc. filed a petition for Chapter 11 bankruptcy. Prior thereto, the ProFunds transacted business with subsidiaries of Lehman Brothers Holdings, Inc. (altogether, "Lehman") whereby Lehman acted as a counterparty to certain derivative transactions. All derivatives transactions with Lehman were terminated prior to September 15, 2008, but certain settlement payments relating to such transactions were not due to be made until on or after that date. Settlement of these transactions has been delayed due to Lehman's bankruptcy proceedings.

As of July 31, 2025, Access Flex Bear High Yield ProFund was owed $298,453 and the Rising U.S. Dollar ProFund was owed $686,972 of the original amount owed, as of September 15, 2008, of $925,069 and $2,135,323, respectively, from over-the-counter derivatives transactions with Lehman. To the extent Lehman fails to fully pay the Access Flex Bear High Yield ProFund and the Rising U.S Dollar ProFund by the conclusion of the bankruptcy in connection with the settlement of such transactions, the Advisor, an affiliate of the Trust, has entered into a Receivables Agreement dated September 15, 2008 to reimburse each ProFund for any shortfall in payments from Lehman. Specifically, the Receivables Agreement among the Advisor, ProShare Advisors LLC (an investment adviser affiliated with the Advisor) and ProFunds Trust, ProShares Trust and the Trust (collectively, the "PF Trusts") (each affiliated and under common controls with the other PF Trusts) provides that the investment adviser to specified funds of the PF Trusts will contribute cash to any such fund, equal to the amounts owed to the fund from Lehman for brokerage transactions written over-the-counter derivatives agreements as of September 15, 2008 (the "Lehman Obligations"). The Receivable Agreement will not terminate until all Lehman Obligations are paid. Payments are triggered if any specified fund of a PF Trust, including the Access Flex Bear High Yield ProFund and the Rising U.S. Dollar ProFund, does not recover the full amounts owed to it by Lehman following the conclusion of all bankruptcy, liquidation and Securities Investor Protection Corporation proceedings related to Lehman. Accordingly, no loss is expected to be realized by either the Access Flex Bear High Yield ProFund or the Rising U.S. Dollar ProFund. Lehman has made payments on the original amount owed to the Access Flex Bear High Yield ProFund and the Rising U.S. Dollar ProFund. The fair values of the remaining claims due from Lehman are $3,405 and $5,920, respectively, and are included in "Receivable for closed swap positions" and "Receivable for closed forward currency contracts", respectively, on the Statements of

Assets and Liabilities. The fair value of the amounts that are estimated to be paid by the Advisor are $295,048 and $681,052, respectively, and are included in "Due from Advisor under a Receivables Agreement" on the Statements of Assets and Liabilities. All other outstanding balances due from (or to) Lehman have been substantially relieved as of July 31, 2025.

**9. Share Splits and Reverse Share Splits**

Effective October 14, 2024, the Communication Services UltraSector ProFund, the Large-Cap Growth ProFund, the Nasdaq-100 ProFund, and the Technology UltraSector ProFund underwent a 4-for-1 share split, the Semiconductor UltraSector ProFund underwent an 8-for-1 share split, the Short Small-Cap ProFund underwent a 1-for-2 reverse share split, the UltraShort Latin America ProFund underwent a 1-for-8 reverse share split, and the UltraShort Japan ProFund and the UltraShort Small-Cap ProFund underwent a 1-for-10 reverse share split.

Effective March 13, 2023, the Short Nasdaq-100 ProFund and the UltraShort Nasdaq-100 ProFund underwent a 1-for-5 reverse share split.

Effective March 6, 2023, the Short Small-Cap ProFund underwent a 1-for-5 reverse share split, the UltraChina ProFund and the UltraShort Mid-Cap ProFund underwent a 1-for-10 reverse share split.

Effective December 14, 2020, the Consumer Staples UltraSector ProFund, the Internet UltraSector ProFund, and the UltraNasdaq-100 ProFund underwent a 2-for-1 share split, the Oil & Gas Equipment & Services UltraSector ProFund, the UltraBear ProFund, the UltraShort Dow 30 ProFund, the UltraShort Emerging Markets ProFund, and the UltraShort International ProFund underwent a 1-for-4 reverse share split, and the UltraShort Nasdaq-100 ProFund underwent a 1-for-8 reverse share split.

The effect of the share split transactions was to multiply the number of outstanding shares of the ProFunds by the respective split factor, with a corresponding decrease in net asset value per share; and the effect of the reverse share split transactions was to divide the number of outstanding shares of the ProFunds by the respective reverse split factor, with a corresponding increase in the net asset value per share. These transactions did not change the net assets of these ProFunds or the value of a shareholder's investment.

The historical share transactions presented in the Statements of Changes in Net Assets and per share data presented in the Financial Highlights have been adjusted retroactively to give effect to the

------

**314 :: Notes to Financial Statements ::** July 31, 2025

share splits and reverse share splits. Additionally, when the application of reverse share splits resulted in fractional shares for beneficial shareholders, a portion of the cost of shares redeemed as presented in the Statements of Changes in Net Assets, reflects payment of fractional share balances on beneficial shareholder accounts.

**10. Shareholder Concentration**

Ownership of more than 25% of the voting securities for a fund creates presumptions of control of the fund, under Section 2(a)(9) of the 1940 Act. As of July 31, 2025, the following shareholders were deemed a significant shareholder of the following ProFunds:

---

| | | |
|:---|:---|:---|
| | Shareholder Name | % of Fund Owned |
| Rising U.S. Dollar ProFund | SEI Private Trust Company | 73% |
| Small-Cap ProFund | Meridian Capital Partners | 43% |
| UltraJapan ProFund | Robert Ronus | 30% |
| UltraLatin America ProFund | Warren M. Merguerian | 35% |

---

**11. New Accounting Pronouncements**

In December 2023, the FASB issued Accounting Standards Update 2023-09 ("ASU 2023-09"), Improvements to Income Tax Disclosures, which enhances quantitative and qualitative income tax disclosure requirements for disclosure consistency through providing specific categories in the rate reconciliation and income taxes paid. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, and early adoption is permitted. Fund Management is currently evaluating the amendment and its impact to the financial statements.

**12. Subsequent Events**

The ProFunds have evaluated the need for additional disclosures or adjustments resulting from subsequent events through the date these financial statements were issued. Based on this evaluation, there were no additional subsequent events to report that would have a material impact on the ProFunds' financial statements.

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**Report of Independent Registered Public Accounting Firm :: 315**

To the Shareholders and Board of Trustees

ProFunds:

***Opinion on the Financial Statements***

We have audited the accompanying statements of assets and liabilities of the Funds listed in the Appendix that comprise ProFunds (each a Fund and collectively, the Funds), including the schedules of portfolio investments, as of July 31, 2025, the related statements of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the related notes (collectively, the financial statements) and the financial highlights for each of the years or periods in the five-year period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Funds as of July 31, 2025, the results of their operations for the year then ended, the changes in their net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years or periods in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.

***Basis for Opinion***

These financial statements and financial highlights are the responsibility of the Funds' management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of July 31, 2025, by correspondence with custodians and brokers or by other appropriate auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

![](j25109282_ha003.jpg)

We have served as the auditor of one or more ProFunds investment companies since 2010.

Columbus, Ohio

September 26, 2025

------

**316 :: Report of Independent Registered Public Accounting Firm**

**Appendix**

Statements of assets and liabilities, including the schedules of portfolio investments, as of July 31, 2025, the related statements of operations for the year then ended, and the statements of changes in net assets for each of the years in the two-year period then ended.

Access Flex Bear High Yield ProFund

Access Flex High Yield ProFund

Banks UltraSector ProFund

Bear ProFund

Biotechnology UltraSector ProFund

Bull ProFund

Communication Services Ultrasector ProFund

Consumer Discretionary UltraSector ProFund

Consumer Staples UltraSector ProFund

Energy UltraSector ProFund

Europe 30 ProFund

Falling U.S. Dollar ProFund

Financials UltraSector ProFund

Health Care UltraSector ProFund

Industrials UltraSector ProFund

Internet UltraSector ProFund

Large-Cap Growth ProFund

Large-Cap Value ProFund

Materials UltraSector ProFund

Mid-Cap Growth ProFund

Mid-Cap ProFund

Mid-Cap Value ProFund

Nasdaq-100 ProFund

Oil & Gas Equipment & Services UltraSector ProFund

Pharmaceuticals UltraSector ProFund

Precious Metals UltraSector ProFund

Real Estate UltraSector ProFund

Rising Rates Opportunity ProFund

Rising Rates Opportunity 10 ProFund

Rising U.S. Dollar ProFund

Semiconductor UltraSector ProFund

Short Energy ProFund

Short Nasdaq-100 ProFund

Short Precious Metals ProFund

Short Real Estate ProFund

Short Small-Cap ProFund

Small-Cap Growth ProFund

Small-Cap ProFund

Small-Cap Value ProFund

Technology UltraSector ProFund

UltraBear ProFund

UltraBull ProFund

UltraChina ProFund

UltraDow 30 ProFund

UltraEmerging Markets ProFund

UltraInternational ProFund

UltraJapan ProFund

UltraLatin America ProFund

UltraMid-Cap ProFund

UltraNasdaq-100 ProFund

UltraShort China ProFund

UltraShort Dow 30 ProFund

UltraShort Emerging Markets ProFund

UltraShort International ProFund

UltraShort Japan ProFund

UltraShort Latin America ProFund

UltraShort Mid-Cap ProFund

UltraShort Nasdaq-100 ProFund

UltraShort Small-Cap ProFund

UltraSmall-Cap ProFund

U.S. Government Plus ProFund

Utilities UltraSector ProFund

------

**Form N-CSR – Items 8-11 (unaudited)**

------

**318 :: Form N-CSR – Items 8-11 ::** July 31, 2025 (unaudited)

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.**

Not Applicable.

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.**

Not Applicable.

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.**

Remuneration paid to Trustees, Officers, and others is part of the Financial Statements filed under Item 7(a) of this Form.

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.**

Not Applicable.

------

![](j25109282_za004.jpg)

P.O. Box 182800

Columbus, OH 43218-2800

**ProFunds®**

Post Office Mailing Address for Investments

P.O. Box 182800

Columbus, OH 43218-2800

Phone Numbers

For Individual Investors Only: 888-776-3637 Or: 614-470-8122

Institutions and Financial Professionals Only: 888-776-5717 Or: 240-497-6552

Fax Number: (800) 782-4797

Website Address: ProFunds.com

This report is submitted for the general information of the shareholders of the ProFunds. It is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus. To receive the most recent month end performance information for each Fund, please call toll-free 888-776-5717.

A description of the policies and procedures that the ProFunds uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, by calling toll-free 888-776-3637; and on the Securities and Exchange Commission's website at sec.gov. Information regarding how the ProFund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available. (i) without change by calling toll-free 888-776-3637; (ii) on the ProFunds' website at ProFunds.com; and (iii) on the Commission's website at sec.gov.

ProFunds files complete lists of portfolio holdings with the Commission for the first and third quarters of each fiscal year on Form N-PORT (and successor Forms). Schedules of Portfolio Holding for the Funds in this report are available without charge on the Commission's website at sec.gov, or may be reviewed and copied at the Commission's Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330.

07/25

------

(b) The Financial Highlights are included as a part of the Financial Statements filed under Item 7(a) of this Form.

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.**

Changes in and disagreements with accountants, if any, are included as part of the Financial Statements filed under Item 7(a) of this Form.

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.**

Proxy disclosures, if any, are included as part of the Financial Statements filed under Item 7(a) of this Form.

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.**

Remuneration paid to Trustees, Officers and others are part of the Financial Statements filed under Item 7(a) of this Form.

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.**

Approval of Investment Advisory Contract, if approved by the Board of Directors in the most recent half-year, is a part of the Financial Statements filed under Item 7(a) of this Form.

**Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.**

Not applicable.

**Item 13. Portfolio Managers of Closed-End Management Investment Companies.**

Not applicable.

**Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.**

Not applicable.

**Item 15. Submission of Matters to a Vote of Security Holders.**

Not applicable.

**Item 16. Controls and Procedures.**

(a) The registrant's principal executive officer and principal financial officer have concluded, based
on their evaluation of the registrant's disclosure controls and procedures as conducted within 90 days of the filing date of this
report, that those disclosure controls and procedures provide reasonable assurance that material information required to be disclosed
by the registrant on this report is recorded, processed, summarized and reported within the time periods specified in the Securities and
Exchange Commission's rules and forms.

(b) There were no changes in the registrant's internal control over financial reporting (as defined
in Rule 30a-3(d) under the Act (17CFR 270.30a-3(d)) that occurred during the period covered by this report that have materially affected
or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

**Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**

Not applicable.

**Item 18. Recovery of Erroneously Awarded Compensation.**

Not applicable.

**Item 19. Exhibits.**

[(a)(1) The code of ethics that is the subject of the disclosure required by Item 2 is attached hereto.](tm2510928d1_ex99-codeeth.htm)

(a)(2) Not applicable

[(a)(3) The certifications required by Rule 30a-2(a) of the Investment Company Act of 1940 are attached hereto.](tm2510928d1_ex99-cert.htm)

[(b) The certifications required by Rule 30a-2(b) of the Investment Company Act of 1940 and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.](tm2510928d1_ex99-906cert.htm)

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) ProFunds

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Todd B. Johnson |
|  | Todd B. Johnson, President and Principal Executive Officer |

---

Date <u>October 1, 2025</u>

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Todd B. Johnson |
|  | Todd B. Johnson, President and Principal Executive Officer |

---

Date <u>October 1, 2025</u>

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Rebecca Colvin |
|  | Rebecca Colvin, Treasurer and Principal Financial Officer |

---

Date <u>October 1, 2025</u>

\* Print the name and title of each signing officer under his or her signature.

## Ex-99.Code

**Exhibit 99.CODEETH**

**PROFUNDS**

**CODE OF ETHICS PURSUANT TO SECTION 406 OF THE SARBANES-OXLEY <br> ACT OF 2002 FOR PRINCIPAL EXECUTIVE AND SENIOR**

**FINANCIAL OFFICERS**

**September 24, 2003**

**As amended September 10, 2009**

**I.** **Covered Officers/Purpose of the Code** 

Pursuant to Section 406 of the Sarbanes-Oxley Act of 2002, this Code of Ethics ("Code") has been adopted by ProFunds (the "Fund") and applies to the Fund's Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer (the "Covered Officers" each of whom is identified in Exhibit A) for the purpose of promoting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional
relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· full, fair, accurate, timely and understandable disclosure in reports and documents that the Fund files with, or submits to, the Securities
and Exchange Commission ("SEC") and in other public communications made by the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· compliance with applicable laws and governmental rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the prompt internal reporting of violations of the Code to an appropriate person or persons identified in the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· accountability for adherence to the Code.

Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to conflicts of interest.

**II.** **Covered Officers Should Handle Ethically Any Actual or Apparent Conflicts of Interest** 

**Overview**. A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or his service to, the Fund. For example, a conflict of interest would arise if a Covered Officer, or a member of the Covered Officer's family, receives improper personal benefits as a result of the Covered Officer's position with the Fund. Certain conflicts of interest arise out of the relationships between Covered Officers and the Fund and already are subject to conflict of interest provisions and procedures in the Investment Company Act of 1940 (including the regulations thereunder, the "1940 Act") and the Investment Advisers Act of 1940 (including the regulations thereunder, the "Investment Advisers Act"). Indeed, conflicts of interest are endemic for certain registered management investment companies and those conflicts are both substantially and procedurally dealt with under the 1940

Act. For example, Covered Officers may not engage in certain transactions with the Fund because of their status as "affiliated persons" of such Fund. The compliance program of the Fund and the compliance programs of its investment adviser (including sub-advisers), principal underwriter and administrator (each a "Service Provider" and, collectively, the "Service Providers") are reasonably designed to prevent, or identify and correct, violations of many of those provisions, although they are not designed to provide absolute assurance as to those matters. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code. See also Section V of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between the Fund and its Service Providers of which the Covered Officers are also officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether for the Fund or for a Service Provider, or for both), be involved in establishing policies and implementing decisions that will have different effects on the Service Providers and the Fund. The participation of the Covered Officers in such activities is inherent in the contractual relationships between the Fund and its Service Providers and is consistent with the performance by the Covered Officers of their duties as officers of the Fund. Thus, if performed in conformity with the provisions of the 1940 Act, the Investment Advisers Act, other applicable law and the Fund's constitutional documents, such activities will be deemed to have been handled ethically. Frequently, the 1940 Act establishes, as a mechanism for dealing with conflicts, disclosure to and approval by the Directors/Trustees of a fund who are not "interested persons" of such fund under the 1940 Act. In addition, it is recognized by the Fund's Board of Trustees ("Board") that the Covered Officers may also be officers or employees of one or more other investment companies covered by other codes and that such service, by itself, does not give rise to a conflict of interest.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not the subject of provisions of the 1940 Act and the Investment Advisers Act. The following Section provides examples of conflicts of interest under the Code, but Covered Officers should bear in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed before the interest of the Fund, unless the personal interest has been disclosed to and approved by other officers of such Fund or such Fund's Board or a committee of the Fund's Board that has no such personal interest.

**III.** **Compliance and Disclosure** 

Each Covered Officer must not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· use his personal influence or personal relationships improperly to influence investment decisions or financial reporting by the Fund
whereby the Covered Officer would benefit personally to the detriment of such Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· cause the Fund to take action, or fail to take action, for the individual personal benefit of the Covered Officer rather than the
benefit of such Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· retaliate against any other Covered Officer or any employee of the Fund or its Service Providers for reports of potential violations
that are made in good faith; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· knowingly misrepresent, or cause others to misrepresent, facts about the Fund to others, whether within or outside such Fund, including
to such Fund's Board and auditors, and to governmental regulators and self-regulatory organizations.

\* \* \*

Each Covered Officer should, to the extent appropriate within his area of responsibility, consult with other officers and employees of the Fund and the Service Providers or with counsel to the Fund with the goal of promoting full, fair, accurate, timely and understandable disclosure in the registration statements or periodic reports that the Fund files with, or submits to, the SEC (which, for sake of clarity, does not include any sales literature, omitting prospectuses, or "tombstone" advertising prepared by the Fund's principal underwriter(s)); and

It is the responsibility of each Covered Officer to promote compliance with the standards and restrictions imposed by applicable laws, rules and regulations.

**IV.** **Reporting and Accountability** 

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· upon adoption of the Code (or thereafter as applicable, upon becoming a Covered Officer), affirm in writing to the Fund that he has
received, read, and understands the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· provide full and fair responses to all questions asked in any Trustee and Officer Questionnaire provided by the Fund as well as with
respect to any supplemental request for information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· notify the Chief Legal Officer of the Fund promptly if he has a good faith belief that there has been a material violation of this
Code.

The Chief Legal Officer of the Fund is responsible for applying this Code to specific situations in which questions are presented under it and has the authority to interpret this Code in any particular situation.

The Fund will follow these procedures in investigating and enforcing this Code:

\* the Chief Legal Officer will take all appropriate action to investigate any potential material violations reported to him/her, which actions may include the use of internal or external counsel, accountants or other personnel;

\* if, after such investigation, the Chief Legal Officer believes that no material violation has occurred, the Chief Legal Officer is not required to take any further action;

\* any matter that the Chief Legal Officer believes is a material violation will be reported to the Fund's Board or a committee of the Fund's Board;

\* if the Fund's Board or a committee of the Fund's Board concurs that a material violation has occurred, it will inform and make a recommendation to the Board, which will consider appropriate action, which may include review of, and appropriate modifications to applicable policies and procedures; notification to appropriate personnel of a Service Provider or its board; or a recommendation to dismiss the Covered Officer;

\* the Fund's Board or a committee of the Fund's Board will be authorized to grant waivers, as it deems appropriate; and

\* any changes to or waivers of this Code will, to the extent required, be disclosed as provided by SEC rules.

**V.** **Other Policies and Procedures** 

This Code shall be the sole code of ethics adopted by the Fund for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Fund or the Fund's Service Providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they conflict with the provisions of this Code. The Fund's and its Service Providers' codes of ethics under Rule 17j-1 under the 1940 Act and the Service Providers' more detailed compliance policies and procedures are separate requirements applying to the Covered Officers and others, and are not part of this Code.

**VI.** **Amendments** 

Any material amendments to this Code, other than amendments to Exhibit A, must be approved or ratified by a majority vote of the Board.

**VIII.** **Confidentiality** 

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone except as permitted by the Board.

**IX.** **Internal Use** 

The Code is intended solely for the internal use by the Fund and does not constitute an admission, by or on behalf of the Fund, as to any fact, circumstance, or legal conclusion.

Date: September 10, 2009

**Exhibit A**

<u>Persons Covered by this Code of Ethics</u>

Principal Executive Officer and President - Todd B. Johnson

Principal Financial Officer, Principal Accounting Officer and Treasurer – Rebecca Colvin

Exhibit A – Updated November 4, 2024

## Ex-99.Cert

**Exhibit 99.CERT**

<u>Section 302 – CERTIFICATIONS</u>

I, Todd B. Johnson, certify that:

1. I have reviewed this report on Form N-CSR of ProFunds (the "registrant");

2. Based on my knowledge, this report does not contain
any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances
under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial
information included in this report, fairly present in all material respects the financial condition, results of operations, changes
in net assets and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of,
and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are
responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company
Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for
the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused
such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant,
including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which
this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or
caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding
the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally
accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls
and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of
a date within 90 days prior to the filing date of this report, based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the registrant's
internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is
reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have
disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent
functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses in the
design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's
ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management
or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| October 1, 2025 | /s/ Todd B. Johnson |
| Date | Todd B. Johnson |
|  | President and Principal Executive Officer |

---

<u>Section 302 – CERTIFICATIONS</u>

I, Rebecca Colvin, certify that:

1. I have reviewed this report on Form N-CSR of ProFunds (the "registrant");

2. Based on my knowledge, this report does not contain any untrue
statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under
which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial
information included in this report, fairly present in all material respects the financial condition, results of operations, changes
in net assets and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of,
and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are
responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company
Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for
the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to
be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing
date of this report, based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the registrant's
internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is
reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have
disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent
functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and
report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management
or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| October 1, 2025 | /s/ Rebecca Colvin |
| Date | Rebecca Colvin |
|  | Treasurer and Principal Financial Officer |

---

## Exhibit 99.906

**Exhibit 99.906CERT**

<u>Section 906 – CERTIFICATIONS</u>

This certification is provided pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. § 1350, and accompanies the report on Form N-CSR for the period ended July 31, 2025 of ProFunds (the "Registrant").

Each of the undersigned, being the Principal Executive Officer and Principal Financial Officer of the Registrant, hereby certifies that, to such officer's knowledge:

1. the Form N-CSR fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange
Act of 1934 (15 U.S.C. 78m(a) or 78o(d)); and

2. the information contained in the Form N-CSR fairly presents, in all material respects, the financial condition
and results of operations of the Registrant.

---

| | | |
|:---|:---|:---|
| Date | October 1, 2025 | /s/ Todd B. Johnson |
| | | Todd B. Johnson |
| | | President and Principal Executive Officer |
| Date | October 1, 2025 | /s/ Rebecca Colvin |
| | | Rebecca Colvin |
| | | Treasurer and Principal Financial Officer |

---

This certification is being furnished solely pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and is not being filed as part of Form N-CSR or as a separate disclosure document. A signed original of this written statement required by Section 906 has been provided to the Registrant and will be retained by the Registrant and furnished to the Securities and Exchange Commission or its staff upon request.