# EDGAR Filing Document

**Accession Number:** 0001039803
**File Stem:** 0001104659-26-041293
**Filing Date:** 2026-4
**Character Count:** 2264129
**Document Hash:** 4b16fe67cb69bd2c62ce56d9fa6e2861
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-26-041293.hdr.sgml**: 20260409

**ACCESSION NUMBER**: 0001104659-26-041293

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 28

**CONFORMED PERIOD OF REPORT**: 20260131

**FILED AS OF DATE**: 20260409

**DATE AS OF CHANGE**: 20260409

**EFFECTIVENESS DATE**: 20260409

**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-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08239
- **FILM NUMBER:** 26850284

**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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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> January 31, 2026</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](#classname77f0dc92-e36c-4a96-9c8d-5b3b37c0dfa0)<br> **[Investor - AFBIX](#classname77f0dc92-e36c-4a96-9c8d-5b3b37c0dfa0)**  |
|  [Access Flex Bear High Yield ProFund](#classnamea4efea92-5c1e-46c6-b9be-3a19a6a82460)<br> **[Service - AFBSX](#classnamea4efea92-5c1e-46c6-b9be-3a19a6a82460)**  |
|  [Access Flex High Yield ProFund](#classnamee9b4ea1d-c404-49f7-b63d-5fc07fde8d86)<br> **[Investor - FYAIX](#classnamee9b4ea1d-c404-49f7-b63d-5fc07fde8d86)**  |
|  [Access Flex High Yield ProFund](#classname5ceed952-5b46-4070-9814-70b71a4c6b50)<br> **[Service - FYASX](#classname5ceed952-5b46-4070-9814-70b71a4c6b50)**  |
|  [Banks UltraSector ProFund](#classname6ef2361d-c0df-467c-a129-fc07c1b7e4f5)<br> **[Investor - BKPIX](#classname6ef2361d-c0df-467c-a129-fc07c1b7e4f5)**  |
|  [Banks UltraSector ProFund](#classname81d84e23-b050-48e9-9fad-fd9c2e883305)<br> **[Service - BKPSX](#classname81d84e23-b050-48e9-9fad-fd9c2e883305)**  |
|  [Bear ProFund](#classname35cb4803-eb58-4e61-aca2-ff111d434967)<br> **[Investor - BRPIX](#classname35cb4803-eb58-4e61-aca2-ff111d434967)**  |
|  [Bear ProFund](#classname812e2ea1-2255-4fb9-bf6f-61932a76f354)<br> **[Service - BRPSX](#classname812e2ea1-2255-4fb9-bf6f-61932a76f354)**  |
|  [Biotechnology UltraSector ProFund](#classnamed3657c35-6687-40ec-acc3-7a6729227fe2)<br> **[Investor - BIPIX](#classnamed3657c35-6687-40ec-acc3-7a6729227fe2)**  |
|  [Biotechnology UltraSector ProFund](#classnamed2e9d203-bbda-4826-8e45-34a7d70b335a)<br> **[Service - BIPSX](#classnamed2e9d203-bbda-4826-8e45-34a7d70b335a)**  |
|  [Bitcoin ProFund](#classnamea416324d-dae7-463c-8079-83e0e84de16c)<br> **[Investor - BTCFX](#classnamea416324d-dae7-463c-8079-83e0e84de16c)**  |
|  [Bull ProFund](#classname277d1d31-e21a-4a43-9870-0d3a15ced2d7)<br> **[Investor - BLPIX](#classname277d1d31-e21a-4a43-9870-0d3a15ced2d7)**  |
|  [Bull ProFund](#classnameaa68d914-50e2-4545-b373-6686365f2cfd)<br> **[Service - BLPSX](#classnameaa68d914-50e2-4545-b373-6686365f2cfd)**  |
|  [Communication Services UltraSector ProFund](#classname8d57d82b-5411-4b7f-a7ff-caf3b0ecb0a5)<br> **[Investor - WCPIX](#classname8d57d82b-5411-4b7f-a7ff-caf3b0ecb0a5)**  |
|  [Communication Services UltraSector ProFund](#classname6886d709-08e9-4b4f-9ade-2f1b09c9cb98)<br> **[Service - WCPSX](#classname6886d709-08e9-4b4f-9ade-2f1b09c9cb98)**  |
|  [Consumer Discretionary UltraSector ProFund](#classname3c784eb3-8848-481f-8fc2-7e439b1bb87d)<br> **[Investor - CYPIX](#classname3c784eb3-8848-481f-8fc2-7e439b1bb87d)**  |
|  [Consumer Discretionary UltraSector ProFund](#classnamefed2c4ce-1ab1-4837-9102-bd1ea6333eb2)<br> **[Service - CYPSX](#classnamefed2c4ce-1ab1-4837-9102-bd1ea6333eb2)**  |
|  [Consumer Staples UltraSector ProFund](#classname02bc15b9-0419-4e30-98a2-b7c1416f2076)<br> **[Investor - CNPIX](#classname02bc15b9-0419-4e30-98a2-b7c1416f2076)**  |
|  [Consumer Staples UltraSector ProFund](#classname5102e151-6d20-43d5-9106-19ba3ab9c00b)<br> **[Service - CNPSX](#classname5102e151-6d20-43d5-9106-19ba3ab9c00b)**  |
|  [Ether ProFund](#classname2ac67afe-ebe4-457e-a5e2-38ed273d9054)<br> **[Investor - ETHFX](#classname2ac67afe-ebe4-457e-a5e2-38ed273d9054)**  |
|  [Energy UltraSector ProFund](#classnamec191c7b6-712c-4d00-b696-c71f815b814e)<br> **[Investor - ENPIX](#classnamec191c7b6-712c-4d00-b696-c71f815b814e)**  |
|  [Energy UltraSector ProFund](#classname0f00ac1c-264a-4fa9-a98e-f28731e9bfac)<br> **[Service - ENPSX](#classname0f00ac1c-264a-4fa9-a98e-f28731e9bfac)**  |
|  [Europe 30 ProFund](#classname0caaea85-7983-4785-84ab-ebf04c744849)<br> **[Investor - UEPIX](#classname0caaea85-7983-4785-84ab-ebf04c744849)**  |
|  [Europe 30 ProFund](#classnamec63b41f4-9884-47e3-aa91-7f653a6d13a4)<br> **[Service - UEPSX](#classnamec63b41f4-9884-47e3-aa91-7f653a6d13a4)**  |
|  [Falling U.S. Dollar ProFund](#classnameb4ce30b4-983c-4ece-ae55-45c340755c1a)<br> **[Investor - FDPIX](#classnameb4ce30b4-983c-4ece-ae55-45c340755c1a)**  |
|  [Falling U.S. Dollar ProFund](#classname8b87aa25-9a2d-47b0-b0f2-12d0dd45dc48)<br> **[Service - FDPSX](#classname8b87aa25-9a2d-47b0-b0f2-12d0dd45dc48)**  |
|  [Financials UltraSector ProFund](#classnameeeb66884-fb44-46f6-ab49-6def1d221eb2)<br> **[Investor - FNPIX](#classnameeeb66884-fb44-46f6-ab49-6def1d221eb2)**  |
|  [Financials UltraSector ProFund](#classname0a00139c-2d54-49b4-abfb-8d5cebf37e12)<br> **[Service - FNPSX](#classname0a00139c-2d54-49b4-abfb-8d5cebf37e12)**  |
|  [Health Care UltraSector ProFund](#classname749cf7dd-1762-419d-a4ee-75c25e5b6e1c)<br> **[Investor - HCPIX](#classname749cf7dd-1762-419d-a4ee-75c25e5b6e1c)**  |
|  [Health Care UltraSector ProFund](#classnameb6323ffe-9d5b-4537-adf7-bbb24068be31)<br> **[Service - HCPSX](#classnameb6323ffe-9d5b-4537-adf7-bbb24068be31)**  |
|  [Industrials UltraSector ProFund](#classnameb44bb782-b3a6-498b-aedc-b636d9520686)<br> **[Investor - IDPIX](#classnameb44bb782-b3a6-498b-aedc-b636d9520686)**  |
|  [Industrials UltraSector ProFund](#classname2e98d360-26a8-4763-a8fa-d0f879121766)<br> **[Service - IDPSX](#classname2e98d360-26a8-4763-a8fa-d0f879121766)**  |
|  [Internet UltraSector ProFund](#classname8aabb4c8-94f9-4cc1-afaa-1ea36d2ae246)<br> **[Investor - INPIX](#classname8aabb4c8-94f9-4cc1-afaa-1ea36d2ae246)**  |
|  [Internet UltraSector ProFund](#classnamedd92895e-87fb-45b4-beaf-4bff9b926b22)<br> **[Service - INPSX](#classnamedd92895e-87fb-45b4-beaf-4bff9b926b22)**  |
|  [Large-Cap Growth ProFund](#classnamea2e690f4-e75f-442e-935c-3abfba1c2cac)<br> **[Investor - LGPIX](#classnamea2e690f4-e75f-442e-935c-3abfba1c2cac)**  |
|  [Large-Cap Growth ProFund](#classname8b82500f-441a-459a-ba01-ddcb9d2b24f5)<br> **[Service - LGPSX](#classname8b82500f-441a-459a-ba01-ddcb9d2b24f5)**  |
|  [Large-Cap Value ProFund](#classname1e618633-beff-45cf-a42d-28802749073d)<br> **[Investor - LVPIX](#classname1e618633-beff-45cf-a42d-28802749073d)**  |
|  [Large-Cap Value ProFund](#classname17fb2b38-779e-49f3-97a6-eb1313604004)<br> **[Service - LVPSX](#classname17fb2b38-779e-49f3-97a6-eb1313604004)**  |
|  [Materials UltraSector ProFund](#classname03624be8-89ff-4f52-be83-83337cefc624)<br> **[Investor - BMPIX](#classname03624be8-89ff-4f52-be83-83337cefc624)**  |
|  [Materials UltraSector ProFund](#classname4c1eb119-0f55-45b0-b7e5-ea0d4ba0ed5c)<br> **[Service - BMPSX](#classname4c1eb119-0f55-45b0-b7e5-ea0d4ba0ed5c)**  |
|  [Mid-Cap Growth ProFund](#classnamef732f93c-b6ae-404d-9416-af317992b134)<br> **[Investor - MGPIX](#classnamef732f93c-b6ae-404d-9416-af317992b134)**  |
|  [Mid-Cap Growth ProFund](#classname233fe536-3125-4a7b-95c7-fc7d1621fc20)<br> **[Service - MGPSX](#classname233fe536-3125-4a7b-95c7-fc7d1621fc20)**  |
|  [Mid-Cap ProFund](#classname13b50385-88cc-42fc-afcd-db51cd849453)<br> **[Investor - MDPIX](#classname13b50385-88cc-42fc-afcd-db51cd849453)**  |
|  [Mid-Cap ProFund](#classname67082354-9937-414e-8ce8-3ec21e42a95b)<br> **[Service - MDPSX](#classname67082354-9937-414e-8ce8-3ec21e42a95b)**  |
|  [Mid-Cap Value ProFund](#classname3280d2a4-33c1-479b-abe7-e7148f707266)<br> **[Investor - MLPIX](#classname3280d2a4-33c1-479b-abe7-e7148f707266)**  |
|  [Mid-Cap Value ProFund](#classname2d330c77-93bd-4a66-b812-c6ebb7898312)<br> **[Service - MLPSX](#classname2d330c77-93bd-4a66-b812-c6ebb7898312)**  |
|  [Nasdaq-100 ProFund](#classnamef5cc180b-da53-4846-94e2-d18f77e8c693)<br> **[Investor - OTPIX](#classnamef5cc180b-da53-4846-94e2-d18f77e8c693)**  |
|  [Nasdaq-100 ProFund](#classname023244c0-c7c4-4be5-b200-e6415f56885b)<br> **[Service - OTPSX](#classname023244c0-c7c4-4be5-b200-e6415f56885b)**  |
|  [Oil & Gas Equipment & Services UltraSector ProFund](#classname4920f69e-5fcd-424a-bb07-34e694ab7681)<br> **[Investor - OEPIX](#classname4920f69e-5fcd-424a-bb07-34e694ab7681)**  |
|  [Oil & Gas Equipment & Services UltraSector ProFund](#classname69aba353-6d56-4cb0-b67d-8c6c6381beee)<br> **[Service - OEPSX](#classname69aba353-6d56-4cb0-b67d-8c6c6381beee)**  |
|  [Pharmaceuticals UltraSector ProFund](#classname30384a73-dadf-4da9-b4ab-523aee624b37)<br> **[Investor - PHPIX](#classname30384a73-dadf-4da9-b4ab-523aee624b37)**  |
|  [Pharmaceuticals UltraSector ProFund](#classnamedff75b8a-eab1-45f7-b0b3-3c7c17079120)<br> **[Service - PHPSX](#classnamedff75b8a-eab1-45f7-b0b3-3c7c17079120)**  |
|  [Precious Metals UltraSector ProFund](#classnamea86bb524-55f9-49ee-8d36-5d3eb1aea31d)<br> **[Investor - PMPIX](#classnamea86bb524-55f9-49ee-8d36-5d3eb1aea31d)**  |
|  [Precious Metals UltraSector ProFund](#classname71bf45e3-90b7-41d6-b7d8-0c5819e1e203)<br> **[Service - PMPSX](#classname71bf45e3-90b7-41d6-b7d8-0c5819e1e203)**  |
|  [Real Estate UltraSector ProFund](#classname509127d5-610a-4f7c-b386-385837e0c3af)<br> **[Investor - REPIX](#classname509127d5-610a-4f7c-b386-385837e0c3af)**  |
|  [Real Estate UltraSector ProFund](#classname82864619-af14-44e5-ae7b-1e3d7079fcbe)<br> **[Service - REPSX](#classname82864619-af14-44e5-ae7b-1e3d7079fcbe)**  |
|  [Rising Rates Opportunity 10 ProFund](#classname694ea817-634f-4a5a-bec5-aaba813abc6e)<br> **[Investor - RTPIX](#classname694ea817-634f-4a5a-bec5-aaba813abc6e)**  |
|  [Rising Rates Opportunity 10 ProFund](#classname827fbef8-1dd9-4606-a953-29ebaa47864c)<br> **[Service - RTPSX](#classname827fbef8-1dd9-4606-a953-29ebaa47864c)**  |
|  [Rising Rates Opportunity ProFund](#classname8c5970e8-ed89-45dc-a815-7cf6f06cdff1)<br> **[Investor - RRPIX](#classname8c5970e8-ed89-45dc-a815-7cf6f06cdff1)**  |
|  [Rising Rates Opportunity ProFund](#classnameaee1aca8-7183-438b-8525-aa86d55351b3)<br> **[Service - RRPSX](#classnameaee1aca8-7183-438b-8525-aa86d55351b3)**  |
|  [Rising U.S. Dollar ProFund](#classname3bbbeffb-bdaa-4404-bfb8-b6d8f4cffd60)<br> **[Investor - RDPIX](#classname3bbbeffb-bdaa-4404-bfb8-b6d8f4cffd60)**  |
|  [Rising U.S. Dollar ProFund](#classname9681c53c-157f-47a3-b3a3-16d297c8c2fb)<br> **[Service - RDPSX](#classname9681c53c-157f-47a3-b3a3-16d297c8c2fb)**  |
|  [Semiconductor UltraSector ProFund](#classnamead614176-5ea9-4ee4-b1ec-124130742eb5)<br> **[Investor - SMPIX](#classnamead614176-5ea9-4ee4-b1ec-124130742eb5)**  |
|  [Semiconductor UltraSector ProFund](#classname2aeb97b8-bc68-460f-8d69-c22eca973a5f)<br> **[Service - SMPSX](#classname2aeb97b8-bc68-460f-8d69-c22eca973a5f)**  |
|  [Short Bitcoin ProFund](#classnamec89735fd-9783-44cb-b9f2-d2e2b9b3fcb7)<br> **[Investor - BITIX](#classnamec89735fd-9783-44cb-b9f2-d2e2b9b3fcb7)**  |
|  [Short Energy ProFund](#classname1b959963-fb05-463f-9ad5-0f9dc198bac9)<br> **[Investor - SNPIX](#classname1b959963-fb05-463f-9ad5-0f9dc198bac9)**  |
|  [Short Energy ProFund](#classname9e642864-495e-4d61-a5c5-341e5650a47f)<br> **[Service - SNPSX](#classname9e642864-495e-4d61-a5c5-341e5650a47f)**  |
|  [Short Nasdaq-100 ProFund](#classnamee355b2e1-b494-43ab-9148-0455373c000f)<br> **[Investor - SOPIX](#classnamee355b2e1-b494-43ab-9148-0455373c000f)**  |
|  [Short Nasdaq-100 ProFund](#classname35c29166-c5f6-472b-b880-d60e6fc2fcf2)<br> **[Service - SOPSX](#classname35c29166-c5f6-472b-b880-d60e6fc2fcf2)**  |
|  [Short Precious Metals ProFund](#classnameaeac6ec6-9b43-42c6-b375-6e556e2f7ae0)<br> **[Investor - SPPIX](#classnameaeac6ec6-9b43-42c6-b375-6e556e2f7ae0)**  |
|  [Short Precious Metals ProFund](#classname0c9f7338-4910-44af-bf4f-88fcf62e5c4f)<br> **[Service - SPPSX](#classname0c9f7338-4910-44af-bf4f-88fcf62e5c4f)**  |
|  [Short Real Estate ProFund](#classname7e3cb81c-91fe-432b-8866-1796f9370e41)<br> **[Investor - SRPIX](#classname7e3cb81c-91fe-432b-8866-1796f9370e41)**  |
|  [Short Real Estate ProFund](#classname545d2fb1-4990-40c2-8288-5a352b336360)<br> **[Service - SRPSX](#classname545d2fb1-4990-40c2-8288-5a352b336360)**  |
|  [Short Small-Cap ProFund](#classnamed3638c0f-60a8-490a-8d96-fde1c13fef12)<br> **[Investor - SHPIX](#classnamed3638c0f-60a8-490a-8d96-fde1c13fef12)**  |
|  [Short Small-Cap ProFund](#classnamee7a3df32-118c-4590-81fa-99f150f85c18)<br> **[Service - SHPSX](#classnamee7a3df32-118c-4590-81fa-99f150f85c18)**  |
|  [Small-Cap Growth ProFund](#classname59134fa8-5162-4385-a00f-aab9453dc429)<br> **[Investor - SGPIX](#classname59134fa8-5162-4385-a00f-aab9453dc429)**  |
|  [Small-Cap Growth ProFund](#classname374134e2-2d31-4289-be63-4e14e99863f5)<br> **[Service - SGPSX](#classname374134e2-2d31-4289-be63-4e14e99863f5)**  |
|  [Small-Cap ProFund](#classnamee86aa808-488e-429b-9054-77f1ad3ab847)<br> **[Investor - SLPIX](#classnamee86aa808-488e-429b-9054-77f1ad3ab847)**  |
|  [Small-Cap ProFund](#classnamece301902-edd8-4169-8c2e-c2eadc28035b)<br> **[Service - SLPSX](#classnamece301902-edd8-4169-8c2e-c2eadc28035b)**  |
|  [Small-Cap Value ProFund](#classnamed756a01f-7d25-4f34-b1ac-dddeb1d83e5f)<br> **[Investor - SVPIX](#classnamed756a01f-7d25-4f34-b1ac-dddeb1d83e5f)**  |
|  [Small-Cap Value ProFund](#classname092b136a-a24e-4f3a-b413-90b1e92a6100)<br> **[Service - SVPSX](#classname092b136a-a24e-4f3a-b413-90b1e92a6100)**  |
|  [Technology UltraSector ProFund](#classnamece842144-5879-4131-b022-b98f3bb4e8c5)<br> **[Investor - TEPIX](#classnamece842144-5879-4131-b022-b98f3bb4e8c5)**  |
|  [Technology UltraSector ProFund](#classname538c4097-8830-45b7-b8ff-1dc9e7598716)<br> **[Service - TEPSX](#classname538c4097-8830-45b7-b8ff-1dc9e7598716)**  |
|  [UltraBear ProFund](#classname824887ff-3c88-4246-be47-0f16e26805ed)<br> **[Investor - URPIX](#classname824887ff-3c88-4246-be47-0f16e26805ed)**  |
|  [UltraBear ProFund](#classname828da98d-974f-4ce3-91f9-7ed8f06c678f)<br> **[Service - URPSX](#classname828da98d-974f-4ce3-91f9-7ed8f06c678f)**  |
|  [UltraBull ProFund](#classname92e794b3-7321-4648-b75e-6418ec01f077)<br> **[Investor - ULPIX](#classname92e794b3-7321-4648-b75e-6418ec01f077)**  |
|  [UltraBull ProFund](#classnamef7817926-a020-4169-831b-8817ef43ae29)<br> **[Service - ULPSX](#classnamef7817926-a020-4169-831b-8817ef43ae29)**  |
|  [UltraChina ProFund](#classname3d10c2e8-6740-4fdc-9e83-e4a4541a4c3f)<br> **[Investor - UGPIX](#classname3d10c2e8-6740-4fdc-9e83-e4a4541a4c3f)**  |
|  [UltraChina ProFund](#classnamedd8e7618-5d76-4c5d-9f61-5f8d7fe900d1)<br> **[Service - UGPSX](#classnamedd8e7618-5d76-4c5d-9f61-5f8d7fe900d1)**  |
|  [UltraDow 30 ProFund](#classnameeaf92fdf-019d-4243-9132-19385f3ec907)<br> **[Investor - UDPIX](#classnameeaf92fdf-019d-4243-9132-19385f3ec907)**  |
|  [UltraDow 30 ProFund](#classname8ede350c-515c-46e5-b883-fa40a3c64290)<br> **[Service - UDPSX](#classname8ede350c-515c-46e5-b883-fa40a3c64290)**  |
|  [UltraEmerging Markets ProFund](#classname8690b0ae-9183-4ed8-85aa-46968e35203b)<br> **[Investor - UUPIX](#classname8690b0ae-9183-4ed8-85aa-46968e35203b)**  |
|  [UltraEmerging Markets ProFund](#classnamea9f0f7ef-344b-47b3-9269-e3bb9d6c83d7)<br> **[Service - UUPSX](#classnamea9f0f7ef-344b-47b3-9269-e3bb9d6c83d7)**  |
|  [UltraInternational ProFund](#classname87ffa2d1-5ac5-475f-aa9f-7d9a5062bdc1)<br> **[Investor - UNPIX](#classname87ffa2d1-5ac5-475f-aa9f-7d9a5062bdc1)**  |
|  [UltraInternational ProFund](#classname70cda7db-fbaf-4062-8f4e-889a021acd90)<br> **[Service - UNPSX](#classname70cda7db-fbaf-4062-8f4e-889a021acd90)**  |
|  [UltraJapan ProFund](#classname699ba393-94a7-401b-a1c6-43fbc082f902)<br> **[Investor - UJPIX](#classname699ba393-94a7-401b-a1c6-43fbc082f902)**  |
|  [UltraJapan ProFund](#classname585c84d0-1031-4829-88c9-9866f0d8eeed)<br> **[Service - UJPSX](#classname585c84d0-1031-4829-88c9-9866f0d8eeed)**  |
|  [UltraLatin America ProFund](#classnamed7513d3b-02c2-4335-b941-5109b054adbf)<br> **[Investor - UBPIX](#classnamed7513d3b-02c2-4335-b941-5109b054adbf)**  |
|  [UltraLatin America ProFund](#classnamecd18869f-102d-44bb-964f-0aa4947642cd)<br> **[Service - UBPSX](#classnamecd18869f-102d-44bb-964f-0aa4947642cd)**  |
|  [UltraMid-Cap ProFund](#classname518e47ad-bfd2-410a-af54-47050be4935c)<br> **[Investor - UMPIX](#classname518e47ad-bfd2-410a-af54-47050be4935c)**  |
|  [UltraMid-Cap ProFund](#classname0399cfb7-34a5-452b-80e4-967e9fdef2b5)<br> **[Service - UMPSX](#classname0399cfb7-34a5-452b-80e4-967e9fdef2b5)**  |
|  [UltraNasdaq-100 ProFund](#classname703a4a04-1f38-47af-97a8-2aeba88a147f)<br> **[Investor - UOPIX](#classname703a4a04-1f38-47af-97a8-2aeba88a147f)**  |
|  [UltraNasdaq-100 ProFund](#classname5219a40e-5b01-4ff8-b26c-3b5c68af71f9)<br> **[Service - UOPSX](#classname5219a40e-5b01-4ff8-b26c-3b5c68af71f9)**  |
|  [UltraShort China ProFund](#classnameb542827a-1f53-4900-967f-e09cab4c3fe8)<br> **[Investor - UHPIX](#classnameb542827a-1f53-4900-967f-e09cab4c3fe8)**  |
|  [UltraShort China ProFund](#classnamea17418b9-a1aa-4b87-98ae-ddf8b2561897)<br> **[Service - UHPSX](#classnamea17418b9-a1aa-4b87-98ae-ddf8b2561897)**  |
|  [UltraShort Dow 30 ProFund](#classnamef6a0ddb4-589c-4877-a219-6c745c3e042f)<br> **[Investor - UWPIX](#classnamef6a0ddb4-589c-4877-a219-6c745c3e042f)**  |
|  [UltraShort Dow 30 ProFund](#classname4dc49114-2627-4f92-8463-54f4afade764)<br> **[Service - UWPSX](#classname4dc49114-2627-4f92-8463-54f4afade764)**  |
|  [UltraShort Emerging Markets ProFund](#classnameb9cbae1d-9047-45a4-8b20-7c42b95ce100)<br> **[Investor - UVPIX](#classnameb9cbae1d-9047-45a4-8b20-7c42b95ce100)**  |
|  [UltraShort Emerging Markets ProFund](#classname6b1f4cf9-4c3b-402e-8d6c-320b74537418)<br> **[Service - UVPSX](#classname6b1f4cf9-4c3b-402e-8d6c-320b74537418)**  |
|  [UltraShort International ProFund](#classname4dc631c6-b4ae-452e-bd36-23987d185fe0)<br> **[Investor - UXPIX](#classname4dc631c6-b4ae-452e-bd36-23987d185fe0)**  |
|  [UltraShort International ProFund](#classnamed34b1409-80b2-4f8b-9dbf-2e4e68b5dd76)<br> **[Service - UXPSX](#classnamed34b1409-80b2-4f8b-9dbf-2e4e68b5dd76)**  |
|  [UltraShort Japan ProFund](#classnamea8d40515-149f-4699-8e91-1b039f47108b)<br> **[Investor - UKPIX](#classnamea8d40515-149f-4699-8e91-1b039f47108b)**  |
|  [UltraShort Japan ProFund](#classname3b631b4a-662d-49b7-a4bd-ff3aa69a9a4a)<br> **[Service - UKPSX](#classname3b631b4a-662d-49b7-a4bd-ff3aa69a9a4a)**  |
|  [UltraShort Latin America ProFund](#classnamece1f7c92-a7f0-40e3-93c5-b3a80f89950f)<br> **[Investor - UFPIX](#classnamece1f7c92-a7f0-40e3-93c5-b3a80f89950f)**  |
|  [UltraShort Latin America ProFund](#classnamef92d412f-303d-4d79-86f2-0d9c284f0459)<br> **[Service - UFPSX](#classnamef92d412f-303d-4d79-86f2-0d9c284f0459)**  |
|  [UltraShort Mid-Cap ProFund](#classname14e1c4e1-7d45-4b87-8357-b65ab870e817)<br> **[Investor - UIPIX](#classname14e1c4e1-7d45-4b87-8357-b65ab870e817)**  |
|  [UltraShort Mid-Cap ProFund](#classnamec4154d3d-4df0-4629-b5f8-acc2d072fc78)<br> **[Service - UIPSX](#classnamec4154d3d-4df0-4629-b5f8-acc2d072fc78)**  |
|  [UltraShort Nasdaq-100 ProFund](#classnamef2043679-e285-40fc-a4c4-cd301bd945f3)<br> **[Investor - USPIX](#classnamef2043679-e285-40fc-a4c4-cd301bd945f3)**  |
|  [UltraShort Nasdaq-100 ProFund](#classname61b9fd44-7ba4-466b-abae-2823b5858579)<br> **[Service - USPSX](#classname61b9fd44-7ba4-466b-abae-2823b5858579)**  |
|  [UltraShort Small-Cap ProFund](#classname1e2446a8-6825-4f39-a4c9-32709af92005)<br> **[Investor - UCPIX](#classname1e2446a8-6825-4f39-a4c9-32709af92005)**  |
|  [UltraShort Small-Cap ProFund](#classname939ab0a1-3f0b-4b7a-a95c-9e0d483c2e51)<br> **[Service - UCPSX](#classname939ab0a1-3f0b-4b7a-a95c-9e0d483c2e51)**  |
|  [UltraSmall-Cap ProFund](#classnamef0c71426-80a1-42b1-aab7-2b2c82fe5f24)<br> **[Investor - UAPIX](#classnamef0c71426-80a1-42b1-aab7-2b2c82fe5f24)**  |
|  [UltraSmall-Cap ProFund](#classnamede223206-75a6-49df-8a21-4c5b2c3fff3b)<br> **[Service - UAPSX](#classnamede223206-75a6-49df-8a21-4c5b2c3fff3b)**  |
|  [U.S. Government Plus ProFund](#classnamefd5f1566-9c35-4aba-9053-33c5d22dc4d1)<br> **[Investor - GVPIX](#classnamefd5f1566-9c35-4aba-9053-33c5d22dc4d1)**  |
|  [U.S. Government Plus ProFund](#classname335cce9a-91f6-4f67-8c98-21da7925b208)<br> **[Service - GVPSX](#classname335cce9a-91f6-4f67-8c98-21da7925b208)**  |
|  [Utilities UltraSector ProFund](#classname9ecb478e-d73a-4efa-90fa-b20baf1a90a2)<br> **[Investor - UTPIX](#classname9ecb478e-d73a-4efa-90fa-b20baf1a90a2)**  |
|  [Utilities UltraSector ProFund](#classnamef39997f0-9135-4013-a26b-fa141c6547e3)<br> **[Service - UTPSX](#classnamef39997f0-9135-4013-a26b-fa141c6547e3)**  |

---

![Image](tm262593d1_ncsrsimg006.jpg)

# Access Flex Bear High Yield ProFund

#### Investor Class AFBIX
Semi-annual Shareholder Report — January 31, 2026

## Fund Overview
This Semi-annual shareholder report contains important information about the Access Flex Bear High Yield ProFund (the "Fund") for the period of August 1, 2025 to January 31, 2026. You can find additional information about the Fund at https://www.profunds.com/literature. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last six months?
(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 | $89 | 1.78% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $518213 |
| Number of Holdings\* | 5 |
| Net Investment Advisory Fees | $0 |
| Portfolio Turnover | 0% |

---

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

###### 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.

###### 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.

![QR Code](tm262593d1_ncsrsimg009.jpg)

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

Semi-annual Shareholder Report — January 31, 2026

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

![Image](tm262593d1_ncsrsimg003.jpg)

#### Service Class AFBSX
Semi-annual Shareholder Report — January 31, 2026

## Fund Overview
This Semi-annual shareholder report contains important information about the Access Flex Bear High Yield ProFund (the "Fund") for the period of August 1, 2025 to January 31, 2026. You can find additional information about the Fund at https://www.profunds.com/literature. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last six months?
(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 | $138 | 2.78% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $518213 |
| Number of Holdings\* | 5 |
| Net Investment Advisory Fees | $0 |
| Portfolio Turnover | 0% |

---

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

###### 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.

###### 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.

![QR Code](tm262593d1_ncsrsimg009.jpg)

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

Semi-annual Shareholder Report — January 31, 2026

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

![Image](tm262593d1_ncsrsimg006.jpg)

# Access Flex High Yield ProFund

#### Investor Class FYAIX
Semi-annual Shareholder Report — January 31, 2026

## Fund Overview
This Semi-annual shareholder report contains important information about the Access Flex High Yield ProFund (the "Fund") for the period of August 1, 2025 to January 31, 2026. You can find additional information about the Fund at https://www.profunds.com/literature. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last six months?
(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 | $77 | 1.51% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $13649443 |
| Number of Holdings\* | 5 |
| Net Investment Advisory Fees | $73541 |
| Portfolio Turnover | 0% |

---

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

###### 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.

###### 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.

![QR Code](tm262593d1_ncsrsimg009.jpg)

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

Semi-annual Shareholder Report — January 31, 2026

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

![Image](tm262593d1_ncsrsimg006.jpg)

#### Service Class FYASX
Semi-annual Shareholder Report — January 31, 2026

## Fund Overview
This Semi-annual shareholder report contains important information about the Access Flex High Yield ProFund (the "Fund") for the period of August 1, 2025 to January 31, 2026. You can find additional information about the Fund at https://www.profunds.com/literature. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last six months?
(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 | $128 | 2.51% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $13649443 |
| Number of Holdings\* | 5 |
| Net Investment Advisory Fees | $73541 |
| Portfolio Turnover | 0% |

---

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

###### 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.

###### 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.

![QR Code](tm262593d1_ncsrsimg009.jpg)

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

Semi-annual Shareholder Report — January 31, 2026

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

![Image](tm262593d1_ncsrsimg008.jpg)

# Banks UltraSector ProFund

#### Investor Class BKPIX
Semi-annual Shareholder Report — January 31, 2026

## Fund Overview
This Semi-annual shareholder report contains important information about the Banks UltraSector ProFund (the "Fund") for the period of August 1, 2025 to January 31, 2026. You can find additional information about the Fund at https://www.profunds.com/literature. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last six months?
(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 | $92 | 1.66% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $8805762 |
| Number of Holdings\* | 105 |
| Net Investment Advisory Fees | $31958 |
| Portfolio Turnover | 21% |

---

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

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Regional Banks | 76% |
| Diversified Banks | 10% |
| Commercial & Residential Mortgage Finance | 7% |
| Other Diversified Financial Services | 5% |
| Asset Management & Custody Banks | 2% |

---

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| Equity Securities | 83% |
| S&P Banks Select Industry Index Swap Agreements | 66% |
| **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 Equity Holdings

---

| | |
|:---|:---|
| **Holding** | **% of Net Assets** |
| Axos Financial, Inc. | 1.0% |
| Jackson Financial, Inc. - Class A | 1.0% |
| Glacier Bancorp, Inc. | 1.0% |
| WSFS Financial Corp. | 1.0% |
| Popular, Inc. | 0.9% |

---

![QR Code](tm262593d1_ncsrsimg009.jpg)

#### Banks UltraSector ProFund
Investor Class BKPIX

Semi-annual Shareholder Report — January 31, 2026

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

![Image](tm262593d1_ncsrsimg008.jpg)

#### Service Class BKPSX
Semi-annual Shareholder Report — January 31, 2026

## Fund Overview
This Semi-annual shareholder report contains important information about the Banks UltraSector ProFund (the "Fund") for the period of August 1, 2025 to January 31, 2026. You can find additional information about the Fund at https://www.profunds.com/literature. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last six months?
(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 | $146 | 2.66% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $8805762 |
| Number of Holdings\* | 105 |
| Net Investment Advisory Fees | $31958 |
| Portfolio Turnover | 21% |

---

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

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Regional Banks | 76% |
| Diversified Banks | 10% |
| Commercial & Residential Mortgage Finance | 7% |
| Other Diversified Financial Services | 5% |
| Asset Management & Custody Banks | 2% |

---

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| Equity Securities | 83% |
| S&P Banks Select Industry Index Swap Agreements | 66% |
| **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 Equity Holdings

---

| | |
|:---|:---|
| **Holding** | **% of Net Assets** |
| Axos Financial, Inc. | 1.0% |
| Jackson Financial, Inc. - Class A | 1.0% |
| Glacier Bancorp, Inc. | 1.0% |
| WSFS Financial Corp. | 1.0% |
| Popular, Inc. | 0.9% |

---

![QR Code](tm262593d1_ncsrsimg009.jpg)

#### Banks UltraSector ProFund
Service Class BKPSX

Semi-annual Shareholder Report — January 31, 2026

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

![Image](tm262593d1_ncsrsimg007.jpg)

# Bear ProFund

#### Investor Class BRPIX
Semi-annual Shareholder Report — January 31, 2026

## Fund Overview
This Semi-annual shareholder report contains important information about the Bear ProFund (the "Fund") for the period of August 1, 2025 to January 31, 2026. You can find additional information about the Fund at https://www.profunds.com/literature. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last six months?
(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 | $87 | 1.78% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $6701136 |
| Number of Holdings\* | 5 |
| Net Investment Advisory Fees | $23474 |
| Portfolio Turnover | 0% |

---

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

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Information Technology | 33% |
| Financials | 13% |
| Communication Services | 11% |
| Consumer Discretionary | 10% |
| Health Care | 9% |

---

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| S&P 500 Swap Agreements | (90)% |
| E-mini S&P 500 Futures Contracts | (10)% |
| **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 Bear ProFund primarily invests in non-equity securities, which may include: swap agreements, futures contracts, repurchase agreements and U.S. Government securities.

![QR Code](tm262593d1_ncsrsimg009.jpg)

#### Bear ProFund
Investor Class BRPIX

Semi-annual Shareholder Report — January 31, 2026

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

![Image](tm262593d1_ncsrsimg007.jpg)

#### Service Class BRPSX
Semi-annual Shareholder Report — January 31, 2026

## Fund Overview
This Semi-annual shareholder report contains important information about the Bear ProFund (the "Fund") for the period of August 1, 2025 to January 31, 2026. You can find additional information about the Fund at https://www.profunds.com/literature. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last six months?
(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 | $135 | 2.78% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $6701136 |
| Number of Holdings\* | 5 |
| Net Investment Advisory Fees | $23474 |
| Portfolio Turnover | 0% |

---

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

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Information Technology | 33% |
| Financials | 13% |
| Communication Services | 11% |
| Consumer Discretionary | 10% |
| Health Care | 9% |

---

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| S&P 500 Swap Agreements | (90)% |
| E-mini S&P 500 Futures Contracts | (10)% |
| **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 Bear ProFund primarily invests in non-equity securities, which may include: swap agreements, futures contracts, repurchase agreements and U.S. Government securities.

![QR Code](tm262593d1_ncsrsimg009.jpg)

#### Bear ProFund
Service Class BRPSX

Semi-annual Shareholder Report — January 31, 2026

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

![Image](tm262593d1_ncsrsimg008.jpg)

# Biotechnology UltraSector ProFund

#### Investor Class BIPIX
Semi-annual Shareholder Report — January 31, 2026

## Fund Overview
This Semi-annual shareholder report contains important information about the Biotechnology UltraSector ProFund (the "Fund") for the period of August 1, 2025 to January 31, 2026. You can find additional information about the Fund at https://www.profunds.com/literature. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last six months?
(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 | $97 | 1.41% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $176253242 |
| Number of Holdings\* | 151 |
| Net Investment Advisory Fees | $418630 |
| Portfolio Turnover | 45% |

---

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

# Largest Sector Weights

---

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

---

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| Equity Securities | 76% |
| S&P Biotechnology Select Industry Index Swap Agreements | 75% |
| **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 Equity Holdings

---

| | |
|:---|:---|
| **Holding** | **% of Net Assets** |
| Moderna, Inc. | 1.4% |
| Mirum Pharmaceuticals, Inc. | 1.2% |
| REVOLUTION Medicines, Inc. | 1.2% |
| Vaxcyte, Inc. | 1.1% |
| Amicus Therapeutics, Inc. | 1.1% |

---

![QR Code](tm262593d1_ncsrsimg009.jpg)

#### Biotechnology UltraSector ProFund
Investor Class BIPIX

Semi-annual Shareholder Report — January 31, 2026

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

![Image](tm262593d1_ncsrsimg008.jpg)

#### Service Class BIPSX
Semi-annual Shareholder Report — January 31, 2026

## Fund Overview
This Semi-annual shareholder report contains important information about the Biotechnology UltraSector ProFund (the "Fund") for the period of August 1, 2025 to January 31, 2026. You can find additional information about the Fund at https://www.profunds.com/literature. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last six months?
(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 | $164 | 2.40% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $176253242 |
| Number of Holdings\* | 151 |
| Net Investment Advisory Fees | $418630 |
| Portfolio Turnover | 45% |

---

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

# Largest Sector Weights

---

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

---

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| Equity Securities | 76% |
| S&P Biotechnology Select Industry Index Swap Agreements | 75% |
| **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 Equity Holdings

---

| | |
|:---|:---|
| **Holding** | **% of Net Assets** |
| Moderna, Inc. | 1.4% |
| Mirum Pharmaceuticals, Inc. | 1.2% |
| REVOLUTION Medicines, Inc. | 1.2% |
| Vaxcyte, Inc. | 1.1% |
| Amicus Therapeutics, Inc. | 1.1% |

---

![QR Code](tm262593d1_ncsrsimg009.jpg)

#### Biotechnology UltraSector ProFund
Service Class BIPSX

Semi-annual Shareholder Report — January 31, 2026

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

![Image](tm262593d1_ncsrsimg003.jpg)

# Bitcoin ProFund

#### Investor Class BTCFX
Semi-annual Shareholder Report — January 31, 2026

## Fund Overview
This Semi-annual shareholder report contains important information about the Bitcoin ProFund (the "Fund") for the period of August 1, 2025 to January 31, 2026. You can find additional information about the Fund at https://www.profunds.com/literature. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last six months?
(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 | $47 | 1.10% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $439899739 |
| Number of Holdings\* | 3 |
| Net Investment Advisory Fees | $1326438 |
| Portfolio Turnover | 0% |

---

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

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

###### 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.

![QR Code](tm262593d1_ncsrsimg009.jpg)

#### Bitcoin ProFund
Investor Class BTCFX

Semi-annual Shareholder Report — January 31, 2026

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

![Image](tm262593d1_ncsrsimg008.jpg)

# Bull ProFund

#### Investor Class BLPIX
Semi-annual Shareholder Report — January 31, 2026

## Fund Overview
This Semi-annual shareholder report contains important information about the Bull ProFund (the "Fund") for the period of August 1, 2025 to January 31, 2026. You can find additional information about the Fund at https://www.profunds.com/literature. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last six months?
(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 | $74 | 1.41% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $54226161 |
| Number of Holdings\* | 509 |
| Net Investment Advisory Fees | $261805 |
| Portfolio Turnover | 121% |

---

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

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Information Technology | 33% |
| Financials | 13% |
| Communication Services | 11% |
| Consumer Discretionary | 10% |
| Health Care | 9% |

---

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| Equity Securities | 71% |
| S&P 500 Swap Agreements | 21% |
| E-mini S&P 500 Futures Contracts | 8% |
| **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 Equity Holdings

---

| | |
|:---|:---|
| **Holding** | **% of Net Assets** |
| NVIDIA Corp. | 5.6% |
| Apple, Inc. | 4.6% |
| Microsoft Corp. | 3.9% |
| Amazon.com, Inc. | 2.8% |
| Alphabet, Inc. - Class A | 2.4% |

---

![QR Code](tm262593d1_ncsrsimg009.jpg)

#### Bull ProFund
Investor Class BLPIX

Semi-annual Shareholder Report — January 31, 2026

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

![Image](tm262593d1_ncsrsimg008.jpg)

#### Service Class BLPSX
Semi-annual Shareholder Report — January 31, 2026

## Fund Overview
This Semi-annual shareholder report contains important information about the Bull ProFund (the "Fund") for the period of August 1, 2025 to January 31, 2026. You can find additional information about the Fund at https://www.profunds.com/literature. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last six months?
(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 | $127 | 2.41% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $54226161 |
| Number of Holdings\* | 509 |
| Net Investment Advisory Fees | $261805 |
| Portfolio Turnover | 121% |

---

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

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Information Technology | 33% |
| Financials | 13% |
| Communication Services | 11% |
| Consumer Discretionary | 10% |
| Health Care | 9% |

---

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| Equity Securities | 71% |
| S&P 500 Swap Agreements | 21% |
| E-mini S&P 500 Futures Contracts | 8% |
| **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 Equity Holdings

---

| | |
|:---|:---|
| **Holding** | **% of Net Assets** |
| NVIDIA Corp. | 5.6% |
| Apple, Inc. | 4.6% |
| Microsoft Corp. | 3.9% |
| Amazon.com, Inc. | 2.8% |
| Alphabet, Inc. - Class A | 2.4% |

---

![QR Code](tm262593d1_ncsrsimg009.jpg)

#### Bull ProFund
Service Class BLPSX

Semi-annual Shareholder Report — January 31, 2026

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

![Image](tm262593d1_ncsrsimg004.jpg)

# Communication Services UltraSector ProFund

#### Investor Class WCPIX
Semi-annual Shareholder Report — January 31, 2026

## Fund Overview
This Semi-annual shareholder report contains important information about the Communication Services UltraSector ProFund (the "Fund") for the period of August 1, 2025 to January 31, 2026. You can find additional information about the Fund at https://www.profunds.com/literature. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last six months?
(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 | $94 | 1.72% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $36204576 |
| Number of Holdings\* | 28 |
| Net Investment Advisory Fees | $117416 |
| Portfolio Turnover | 149% |

---

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

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Interactive Media & Services | 43% |
| Entertainment | 26% |
| Diversified Telecommunication Services | 14% |
| Media | 13% |
| Wireless Telecommunication Services | 4% |

---

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| Equity Securities | 72% |
| S&P Communication Services Select Sector Index Swap Agreements | 77% |
| **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 Equity Holdings

---

| | |
|:---|:---|
| **Holding** | **% of Net Assets** |
| Meta Platforms, Inc. - Class A | 15.3% |
| Alphabet, Inc. - Class A | 8.2% |
| Alphabet, Inc. - Class C | 6.5% |
| Verizon Communications, Inc. | 3.6% |
| Netflix, Inc. | 3.5% |

---

![QR Code](tm262593d1_ncsrsimg009.jpg)

#### Communication Services UltraSector ProFund
Investor Class WCPIX

Semi-annual Shareholder Report — January 31, 2026

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

![Image](tm262593d1_ncsrsimg004.jpg)

#### Service Class WCPSX
Semi-annual Shareholder Report — January 31, 2026

## Fund Overview
This Semi-annual shareholder report contains important information about the Communication Services UltraSector ProFund (the "Fund") for the period of August 1, 2025 to January 31, 2026. You can find additional information about the Fund at https://www.profunds.com/literature. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last six months?
(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 | $148 | 2.72% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $36204576 |
| Number of Holdings\* | 28 |
| Net Investment Advisory Fees | $117416 |
| Portfolio Turnover | 149% |

---

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

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Interactive Media & Services | 43% |
| Entertainment | 26% |
| Diversified Telecommunication Services | 14% |
| Media | 13% |
| Wireless Telecommunication Services | 4% |

---

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| Equity Securities | 72% |
| S&P Communication Services Select Sector Index Swap Agreements | 77% |
| **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 Equity Holdings

---

| | |
|:---|:---|
| **Holding** | **% of Net Assets** |
| Meta Platforms, Inc. - Class A | 15.3% |
| Alphabet, Inc. - Class A | 8.2% |
| Alphabet, Inc. - Class C | 6.5% |
| Verizon Communications, Inc. | 3.6% |
| Netflix, Inc. | 3.5% |

---

![QR Code](tm262593d1_ncsrsimg009.jpg)

#### Communication Services UltraSector ProFund
Service Class WCPSX

Semi-annual Shareholder Report — January 31, 2026

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

![Image](tm262593d1_ncsrsimg004.jpg)

# Consumer Discretionary UltraSector ProFund

#### Investor Class CYPIX
Semi-annual Shareholder Report — January 31, 2026

## Fund Overview
This Semi-annual shareholder report contains important information about the Consumer Discretionary UltraSector ProFund (the "Fund") for the period of August 1, 2025 to January 31, 2026. You can find additional information about the Fund at https://www.profunds.com/literature. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last six months?
(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 | $83 | 1.55% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $26196682 |
| Number of Holdings\* | 53 |
| Net Investment Advisory Fees | $136325 |
| Portfolio Turnover | 83% |

---

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

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Retailing | 46% |
| Consumer Services | 24% |
| Automobiles & Components | 23% |
| Consumer Durables & Apparel | 7% |

---

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| Equity Securities | 83% |
| S&P Consumer Discretionary Select Sector Index Swap Agreements | 67% |
| **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 Equity Holdings

---

| | |
|:---|:---|
| **Holding** | **% of Net Assets** |
| Amazon.com, Inc. | 19.5% |
| Tesla, Inc. | 16.3% |
| The Home Depot, Inc. | 5.0% |
| McDonald's Corp. | 3.8% |
| The TJX Cos., Inc. | 3.1% |

---

![QR Code](tm262593d1_ncsrsimg009.jpg)

#### Consumer Discretionary UltraSector ProFund
Investor Class CYPIX

Semi-annual Shareholder Report — January 31, 2026

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

![Image](tm262593d1_ncsrsimg004.jpg)

#### Service Class CYPSX
Semi-annual Shareholder Report — January 31, 2026

## Fund Overview
This Semi-annual shareholder report contains important information about the Consumer Discretionary UltraSector ProFund (the "Fund") for the period of August 1, 2025 to January 31, 2026. You can find additional information about the Fund at https://www.profunds.com/literature. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last six months?
(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 | $136 | 2.55% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $26196682 |
| Number of Holdings\* | 53 |
| Net Investment Advisory Fees | $136325 |
| Portfolio Turnover | 83% |

---

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

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Retailing | 46% |
| Consumer Services | 24% |
| Automobiles & Components | 23% |
| Consumer Durables & Apparel | 7% |

---

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| Equity Securities | 83% |
| S&P Consumer Discretionary Select Sector Index Swap Agreements | 67% |
| **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 Equity Holdings

---

| | |
|:---|:---|
| **Holding** | **% of Net Assets** |
| Amazon.com, Inc. | 19.5% |
| Tesla, Inc. | 16.3% |
| The Home Depot, Inc. | 5.0% |
| McDonald's Corp. | 3.8% |
| The TJX Cos., Inc. | 3.1% |

---

![QR Code](tm262593d1_ncsrsimg009.jpg)

#### Consumer Discretionary UltraSector ProFund
Service Class CYPSX

Semi-annual Shareholder Report — January 31, 2026

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

![Image](tm262593d1_ncsrsimg005.jpg)

# Consumer Staples UltraSector ProFund

#### Investor Class CNPIX
Semi-annual Shareholder Report — January 31, 2026

## Fund Overview
This Semi-annual shareholder report contains important information about the Consumer Staples UltraSector ProFund (the "Fund") for the period of August 1, 2025 to January 31, 2026. You can find additional information about the Fund at https://www.profunds.com/literature. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last six months?
(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 | $93 | 1.78% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $8408531 |
| Number of Holdings\* | 41 |
| Net Investment Advisory Fees | $8220 |
| Portfolio Turnover | 1004% |

---

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

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Food, Beverage & Tobacco | 47% |
| Food & Staples Retailing | 32% |
| Household & Personal Products | 21% |

---

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| Equity Securities | 76% |
| S&P Consumer Staples Select Sector Index Swap Agreements | 74% |
| **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 Equity Holdings

---

| | |
|:---|:---|
| **Holding** | **% of Net Assets** |
| Walmart, Inc. | 8.7% |
| Costco Wholesale Corp. | 7.0% |
| The Procter & Gamble Co. | 5.9% |
| The Coca-Cola Co. | 4.9% |
| Philip Morris International, Inc. | 4.7% |

---

![QR Code](tm262593d1_ncsrsimg009.jpg)

#### Consumer Staples UltraSector ProFund
Investor Class CNPIX

Semi-annual Shareholder Report — January 31, 2026

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

![Image](tm262593d1_ncsrsimg005.jpg)

#### Service Class CNPSX
Semi-annual Shareholder Report — January 31, 2026

## Fund Overview
This Semi-annual shareholder report contains important information about the Consumer Staples UltraSector ProFund (the "Fund") for the period of August 1, 2025 to January 31, 2026. You can find additional information about the Fund at https://www.profunds.com/literature. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last six months?
(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 | $144 | 2.78% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $8408531 |
| Number of Holdings\* | 41 |
| Net Investment Advisory Fees | $8220 |
| Portfolio Turnover | 1004% |

---

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

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Food, Beverage & Tobacco | 47% |
| Food & Staples Retailing | 32% |
| Household & Personal Products | 21% |

---

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| Equity Securities | 76% |
| S&P Consumer Staples Select Sector Index Swap Agreements | 74% |
| **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 Equity Holdings

---

| | |
|:---|:---|
| **Holding** | **% of Net Assets** |
| Walmart, Inc. | 8.7% |
| Costco Wholesale Corp. | 7.0% |
| The Procter & Gamble Co. | 5.9% |
| The Coca-Cola Co. | 4.9% |
| Philip Morris International, Inc. | 4.7% |

---

![QR Code](tm262593d1_ncsrsimg009.jpg)

#### Consumer Staples UltraSector ProFund
Service Class CNPSX

Semi-annual Shareholder Report — January 31, 2026

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

![Image](tm262593d1_ncsrsimg003.jpg)

# Ether ProFund

#### Investor Class ETHFX
Semi-annual Shareholder Report — January 31, 2026

## Fund Overview
This Semi-annual shareholder report contains important information about the Ether ProFund (the "Fund") for the period of August 1, 2025 to January 31, 2026. You can find additional information about the Fund at https://www.profunds.com/literature. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last six months?
(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 | $69 | 1.62% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $8600811 |
| Number of Holdings\* | 3 |
| Net Investment Advisory Fees | $19658 |
| Portfolio Turnover | 0% |

---

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

###### 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.

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| CME Ether Futures Contracts | 98% |
| CME Micro Ether Futures Contracts | 2% |
| **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.

![QR Code](tm262593d1_ncsrsimg009.jpg)

#### Ether ProFund
Investor Class ETHFX

Semi-annual Shareholder Report — January 31, 2026

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

![Image](tm262593d1_ncsrsimg008.jpg)

# Energy UltraSector ProFund

#### Investor Class ENPIX
Semi-annual Shareholder Report — January 31, 2026

## Fund Overview
This Semi-annual shareholder report contains important information about the Energy UltraSector ProFund (the "Fund") for the period of August 1, 2025 to January 31, 2026. You can find additional information about the Fund at https://www.profunds.com/literature. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last six months?
(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 | $91 | 1.59% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $17999623 |
| Number of Holdings\* | 27 |
| Net Investment Advisory Fees | $66923 |
| Portfolio Turnover | 266% |

---

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

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Oil, Gas & Consumable Fuels | 90% |
| Energy Equipment & Services | 10% |

---

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| Equity Securities | 78% |
| S&P Energy Select Sector Index Swap Agreements | 72% |
| **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 Equity Holdings

---

| | |
|:---|:---|
| **Holding** | **% of Net Assets** |
| Exxon Mobil Corp. | 19.0% |
| Chevron Corp. | 13.9% |
| ConocoPhillips | 5.3% |
| SLB, Ltd. | 3.5% |
| The Williams Cos., Inc. | 3.5% |

---

![QR Code](tm262593d1_ncsrsimg009.jpg)

#### Energy UltraSector ProFund
Investor Class ENPIX

Semi-annual Shareholder Report — January 31, 2026

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

![Image](tm262593d1_ncsrsimg008.jpg)

#### Service Class ENPSX
Semi-annual Shareholder Report — January 31, 2026

## Fund Overview
This Semi-annual shareholder report contains important information about the Energy UltraSector ProFund (the "Fund") for the period of August 1, 2025 to January 31, 2026. You can find additional information about the Fund at https://www.profunds.com/literature. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last six months?
(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 | $147 | 2.58% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $17999623 |
| Number of Holdings\* | 27 |
| Net Investment Advisory Fees | $66923 |
| Portfolio Turnover | 266% |

---

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

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Oil, Gas & Consumable Fuels | 90% |
| Energy Equipment & Services | 10% |

---

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| Equity Securities | 78% |
| S&P Energy Select Sector Index Swap Agreements | 72% |
| **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 Equity Holdings

---

| | |
|:---|:---|
| **Holding** | **% of Net Assets** |
| Exxon Mobil Corp. | 19.0% |
| Chevron Corp. | 13.9% |
| ConocoPhillips | 5.3% |
| SLB, Ltd. | 3.5% |
| The Williams Cos., Inc. | 3.5% |

---

![QR Code](tm262593d1_ncsrsimg009.jpg)

#### Energy UltraSector ProFund
Service Class ENPSX

Semi-annual Shareholder Report — January 31, 2026

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

![Image](tm262593d1_ncsrsimg001.jpg)

# Europe 30 ProFund

#### Investor Class UEPIX
Semi-annual Shareholder Report — January 31, 2026

## Fund Overview
This Semi-annual shareholder report contains important information about the Europe 30 ProFund (the "Fund") for the period of August 1, 2025 to January 31, 2026. You can find additional information about the Fund at https://www.profunds.com/literature. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last six months?
(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 | $101 | 1.78% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $5612172 |
| Number of Holdings\* | 30 |
| Net Investment Advisory Fees | $14631 |
| Portfolio Turnover | 313% |

---

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

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Health Care | 22% |
| Information Technology | 18% |
| Energy | 17% |
| Consumer Staples | 14% |
| Financials | 12% |

---

###### 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 Countries

---

| | |
|:---|:---|
| United Kingdom | 51.2% |
| Netherlands | 11.6% |
| France | 7.2% |
| Germany | 6.6% |
| Denmark | 5.6% |

---

###### Largest Equity Holdings

---

| | |
|:---|:---|
| **Holding** | **% of Net Assets** |
| ASML Holding N.V. | 6.3% |
| HSBC Holdings PLC | 6.0% |
| Novo Nordisk A/S | 5.6% |
| Shell PLC | 4.8% |
| Rio Tinto PLC | 4.1% |

---

![QR Code](tm262593d1_ncsrsimg009.jpg)

#### Europe 30 ProFund
Investor Class UEPIX

Semi-annual Shareholder Report — January 31, 2026

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

![Image](tm262593d1_ncsrsimg001.jpg)

#### Service Class UEPSX
Semi-annual Shareholder Report — January 31, 2026

## Fund Overview
This Semi-annual shareholder report contains important information about the Europe 30 ProFund (the "Fund") for the period of August 1, 2025 to January 31, 2026. You can find additional information about the Fund at https://www.profunds.com/literature. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last six months?
(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 | $157 | 2.78% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $5612172 |
| Number of Holdings\* | 30 |
| Net Investment Advisory Fees | $14631 |
| Portfolio Turnover | 313% |

---

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

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Health Care | 22% |
| Information Technology | 18% |
| Energy | 17% |
| Consumer Staples | 14% |
| Financials | 12% |

---

###### 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 Countries

---

| | |
|:---|:---|
| United Kingdom | 51.2% |
| Netherlands | 11.6% |
| France | 7.2% |
| Germany | 6.6% |
| Denmark | 5.6% |

---

###### Largest Equity Holdings

---

| | |
|:---|:---|
| **Holding** | **% of Net Assets** |
| ASML Holding N.V. | 6.3% |
| HSBC Holdings PLC | 6.0% |
| Novo Nordisk A/S | 5.6% |
| Shell PLC | 4.8% |
| Rio Tinto PLC | 4.1% |

---

![QR Code](tm262593d1_ncsrsimg009.jpg)

#### Europe 30 ProFund
Service Class UEPSX

Semi-annual Shareholder Report — January 31, 2026

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

![Image](tm262593d1_ncsrsimg007.jpg)

# Falling U.S. Dollar ProFund

#### Investor Class FDPIX
Semi-annual Shareholder Report — January 31, 2026

## Fund Overview
This Semi-annual shareholder report contains important information about the Falling U.S. Dollar ProFund (the "Fund") for the period of August 1, 2025 to January 31, 2026. You can find additional information about the Fund at https://www.profunds.com/literature. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last six months?
(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 | $91 | 1.78% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $1702947 |
| Number of Holdings\* | 5 |
| Net Investment Advisory Fees | $0 |
| Portfolio Turnover | 0% |

---

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

# Largest Sector Weights

---

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

---

###### Market Exposure

---

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

###### 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.

![QR Code](tm262593d1_ncsrsimg009.jpg)

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

Semi-annual Shareholder Report — January 31, 2026

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

![Image](tm262593d1_ncsrsimg002.jpg)

#### Service Class FDPSX
Semi-annual Shareholder Report — January 31, 2026

## Fund Overview
This Semi-annual shareholder report contains important information about the Falling U.S. Dollar ProFund (the "Fund") for the period of August 1, 2025 to January 31, 2026. You can find additional information about the Fund at https://www.profunds.com/literature. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last six months?
(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 | $142 | 2.78% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $1702947 |
| Number of Holdings\* | 5 |
| Net Investment Advisory Fees | $0 |
| Portfolio Turnover | 0% |

---

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

# Largest Sector Weights

---

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

---

###### Market Exposure

---

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

###### 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.

![QR Code](tm262593d1_ncsrsimg009.jpg)

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

Semi-annual Shareholder Report — January 31, 2026

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

![Image](tm262593d1_ncsrsimg008.jpg)

# Financials UltraSector ProFund

#### Investor Class FNPIX
Semi-annual Shareholder Report — January 31, 2026

## Fund Overview
This Semi-annual shareholder report contains important information about the Financials UltraSector ProFund (the "Fund") for the period of August 1, 2025 to January 31, 2026. You can find additional information about the Fund at https://www.profunds.com/literature. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last six months?
(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 | $81 | 1.58% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $8158841 |
| Number of Holdings\* | 82 |
| Net Investment Advisory Fees | $83936 |
| Portfolio Turnover | 261% |

---

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

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Diversified Financials | 60% |
| Banks | 27% |
| Insurance | 13% |

---

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| Equity Securities | 77% |
| S&P Financial 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 Equity Holdings

---

| | |
|:---|:---|
| **Holding** | **% of Net Assets** |
| Berkshire Hathaway, Inc. - Class B | 8.9% |
| JPMorgan Chase & Co. | 8.4% |
| Visa, Inc. - Class A | 5.5% |
| MasterCard, Inc. - Class A | 4.5% |
| Bank of America Corp. | 3.6% |

---

![QR Code](tm262593d1_ncsrsimg009.jpg)

#### Financials UltraSector ProFund
Investor Class FNPIX

Semi-annual Shareholder Report — January 31, 2026

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

![Image](tm262593d1_ncsrsimg008.jpg)

#### Service Class FNPSX
Semi-annual Shareholder Report — January 31, 2026

## Fund Overview
This Semi-annual shareholder report contains important information about the Financials UltraSector ProFund (the "Fund") for the period of August 1, 2025 to January 31, 2026. You can find additional information about the Fund at https://www.profunds.com/literature. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last six months?
(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 | $132 | 2.58% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $8158841 |
| Number of Holdings\* | 82 |
| Net Investment Advisory Fees | $83936 |
| Portfolio Turnover | 261% |

---

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

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Diversified Financials | 60% |
| Banks | 27% |
| Insurance | 13% |

---

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| Equity Securities | 77% |
| S&P Financial 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 Equity Holdings

---

| | |
|:---|:---|
| **Holding** | **% of Net Assets** |
| Berkshire Hathaway, Inc. - Class B | 8.9% |
| JPMorgan Chase & Co. | 8.4% |
| Visa, Inc. - Class A | 5.5% |
| MasterCard, Inc. - Class A | 4.5% |
| Bank of America Corp. | 3.6% |

---

![QR Code](tm262593d1_ncsrsimg009.jpg)

#### Financials UltraSector ProFund
Service Class FNPSX

Semi-annual Shareholder Report — January 31, 2026

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

![Image](tm262593d1_ncsrsimg008.jpg)

# Health Care UltraSector ProFund

#### Investor Class HCPIX
Semi-annual Shareholder Report — January 31, 2026

## Fund Overview
This Semi-annual shareholder report contains important information about the Health Care UltraSector ProFund (the "Fund") for the period of August 1, 2025 to January 31, 2026. You can find additional information about the Fund at https://www.profunds.com/literature. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last six months?
(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 | $95 | 1.66% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $38039234 |
| Number of Holdings\* | 65 |
| Net Investment Advisory Fees | $84001 |
| Portfolio Turnover | 205% |

---

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

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Pharmaceuticals | 35% |
| Health Care Equipment & Supplies | 21% |
| Biotechnology | 18% |
| Health Care Providers & Services | 16% |
| Life Sciences Tools & Services | 10% |

---

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| Equity Securities | 84% |
| S&P Health Care 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 Equity Holdings

---

| | |
|:---|:---|
| **Holding** | **% of Net Assets** |
| Eli Lilly & Co. | 12.3% |
| Johnson & Johnson | 8.1% |
| AbbVie, Inc. | 5.9% |
| Merck & Co., Inc. | 4.1% |
| UnitedHealth Group, Inc. | 3.9% |

---

![QR Code](tm262593d1_ncsrsimg009.jpg)

#### Health Care UltraSector ProFund
Investor Class HCPIX

Semi-annual Shareholder Report — January 31, 2026

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

![Image](tm262593d1_ncsrsimg008.jpg)

#### Service Class HCPSX
Semi-annual Shareholder Report — January 31, 2026

## Fund Overview
This Semi-annual shareholder report contains important information about the Health Care UltraSector ProFund (the "Fund") for the period of August 1, 2025 to January 31, 2026. You can find additional information about the Fund at https://www.profunds.com/literature. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last six months?
(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 | $152 | 2.66% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $38039234 |
| Number of Holdings\* | 65 |
| Net Investment Advisory Fees | $84001 |
| Portfolio Turnover | 205% |

---

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

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Pharmaceuticals | 35% |
| Health Care Equipment & Supplies | 21% |
| Biotechnology | 18% |
| Health Care Providers & Services | 16% |
| Life Sciences Tools & Services | 10% |

---

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| Equity Securities | 84% |
| S&P Health Care 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 Equity Holdings

---

| | |
|:---|:---|
| **Holding** | **% of Net Assets** |
| Eli Lilly & Co. | 12.3% |
| Johnson & Johnson | 8.1% |
| AbbVie, Inc. | 5.9% |
| Merck & Co., Inc. | 4.1% |
| UnitedHealth Group, Inc. | 3.9% |

---

![QR Code](tm262593d1_ncsrsimg009.jpg)

#### Health Care UltraSector ProFund
Service Class HCPSX

Semi-annual Shareholder Report — January 31, 2026

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

![Image](tm262593d1_ncsrsimg008.jpg)

# Industrials UltraSector ProFund

#### Investor Class IDPIX
Semi-annual Shareholder Report — January 31, 2026

## Fund Overview
This Semi-annual shareholder report contains important information about the Industrials UltraSector ProFund (the "Fund") for the period of August 1, 2025 to January 31, 2026. You can find additional information about the Fund at https://www.profunds.com/literature. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last six months?
(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 | $95 | 1.78% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $11398287 |
| Number of Holdings\* | 85 |
| Net Investment Advisory Fees | $9781 |
| Portfolio Turnover | 882% |

---

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

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Capital Goods | 74% |
| Transportation | 15% |
| Commercial & Professional Services | 11% |

---

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| Equity Securities | 74% |
| S&P Industrials Select Sector Index Swap Agreements | 77% |
| **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 Equity Holdings

---

| | |
|:---|:---|
| **Holding** | **% of Net Assets** |
| General Electric Co. | 4.6% |
| Caterpillar, Inc. | 4.4% |
| RTX Corp. | 3.9% |
| GE Vernova, Inc. | 2.8% |
| The Boeing Co. | 2.6% |

---

![QR Code](tm262593d1_ncsrsimg009.jpg)

#### Industrials UltraSector ProFund
Investor Class IDPIX

Semi-annual Shareholder Report — January 31, 2026

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

![Image](tm262593d1_ncsrsimg008.jpg)

#### Service Class IDPSX
Semi-annual Shareholder Report — January 31, 2026

## Fund Overview
This Semi-annual shareholder report contains important information about the Industrials UltraSector ProFund (the "Fund") for the period of August 1, 2025 to January 31, 2026. You can find additional information about the Fund at https://www.profunds.com/literature. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last six months?
(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 | $148 | 2.78% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $11398287 |
| Number of Holdings\* | 85 |
| Net Investment Advisory Fees | $9781 |
| Portfolio Turnover | 882% |

---

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

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Capital Goods | 74% |
| Transportation | 15% |
| Commercial & Professional Services | 11% |

---

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| Equity Securities | 74% |
| S&P Industrials Select Sector Index Swap Agreements | 77% |
| **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 Equity Holdings

---

| | |
|:---|:---|
| **Holding** | **% of Net Assets** |
| General Electric Co. | 4.6% |
| Caterpillar, Inc. | 4.4% |
| RTX Corp. | 3.9% |
| GE Vernova, Inc. | 2.8% |
| The Boeing Co. | 2.6% |

---

![QR Code](tm262593d1_ncsrsimg009.jpg)

#### Industrials UltraSector ProFund
Service Class IDPSX

Semi-annual Shareholder Report — January 31, 2026

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

![Image](tm262593d1_ncsrsimg008.jpg)

# Internet UltraSector ProFund

#### Investor Class INPIX
Semi-annual Shareholder Report — January 31, 2026

## Fund Overview
This Semi-annual shareholder report contains important information about the Internet UltraSector ProFund (the "Fund") for the period of August 1, 2025 to January 31, 2026. You can find additional information about the Fund at https://www.profunds.com/literature. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last six months?
(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 | $64 | 1.32% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $83251438 |
| Number of Holdings\* | 46 |
| Net Investment Advisory Fees | $375110 |
| Portfolio Turnover | 9% |

---

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

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Interactive Media & Services | 23% |
| Communications Equipment | 14% |
| Multiline Retail | 13% |
| Hotels, Restaurants & Leisure | 12% |
| Software | 12% |

---

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| Equity Securities | 85% |
| Dow Jones Composite Internet Index Swap Agreements | 65% |
| **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 Equity Holdings

---

| | |
|:---|:---|
| **Holding** | **% of Net Assets** |
| Meta Platforms, Inc. - Class A | 9.8% |
| Amazon.com, Inc. | 9.2% |
| Netflix, Inc. | 6.7% |
| Cisco Systems, Inc. | 5.8% |
| Alphabet, Inc. - Class A | 5.2% |

---

![QR Code](tm262593d1_ncsrsimg009.jpg)

#### Internet UltraSector ProFund
Investor Class INPIX

Semi-annual Shareholder Report — January 31, 2026

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

![Image](tm262593d1_ncsrsimg008.jpg)

#### Service Class INPSX
Semi-annual Shareholder Report — January 31, 2026

## Fund Overview
This Semi-annual shareholder report contains important information about the Internet UltraSector ProFund (the "Fund") for the period of August 1, 2025 to January 31, 2026. You can find additional information about the Fund at https://www.profunds.com/literature. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last six months?
(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 | $111 | 2.32% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $83251438 |
| Number of Holdings\* | 46 |
| Net Investment Advisory Fees | $375110 |
| Portfolio Turnover | 9% |

---

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

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Interactive Media & Services | 23% |
| Communications Equipment | 14% |
| Multiline Retail | 13% |
| Hotels, Restaurants & Leisure | 12% |
| Software | 12% |

---

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| Equity Securities | 85% |
| Dow Jones Composite Internet Index Swap Agreements | 65% |
| **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 Equity Holdings

---

| | |
|:---|:---|
| **Holding** | **% of Net Assets** |
| Meta Platforms, Inc. - Class A | 9.8% |
| Amazon.com, Inc. | 9.2% |
| Netflix, Inc. | 6.7% |
| Cisco Systems, Inc. | 5.8% |
| Alphabet, Inc. - Class A | 5.2% |

---

![QR Code](tm262593d1_ncsrsimg009.jpg)

#### Internet UltraSector ProFund
Service Class INPSX

Semi-annual Shareholder Report — January 31, 2026

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

![Image](tm262593d1_ncsrsimg008.jpg)

# Large-Cap Growth ProFund

#### Investor Class LGPIX
Semi-annual Shareholder Report — January 31, 2026

## Fund Overview
This Semi-annual shareholder report contains important information about the Large-Cap Growth ProFund (the "Fund") for the period of August 1, 2025 to January 31, 2026. You can find additional information about the Fund at https://www.profunds.com/literature. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last six months?
(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 | 1.61% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $19250633 |
| Number of Holdings\* | 145 |
| Net Investment Advisory Fees | $87998 |
| Portfolio Turnover | 322% |

---

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

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Information Technology | 48% |
| Communication Services | 18% |
| Consumer Discretionary | 10% |
| Financials | 10% |
| Health Care | 7% |

---

###### 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 Equity Holdings

---

| | |
|:---|:---|
| **Holding** | **% of Net Assets** |
| NVIDIA Corp. | 14.7% |
| Microsoft Corp. | 10.1% |
| Alphabet, Inc. - Class A | 6.2% |
| Apple, Inc. | 6.1% |
| Alphabet, Inc. - Class C | 5.0% |

---

![QR Code](tm262593d1_ncsrsimg009.jpg)

#### Large-Cap Growth ProFund
Investor Class LGPIX

Semi-annual Shareholder Report — January 31, 2026

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

![Image](tm262593d1_ncsrsimg008.jpg)

#### Service Class LGPSX
Semi-annual Shareholder Report — January 31, 2026

## Fund Overview
This Semi-annual shareholder report contains important information about the Large-Cap Growth ProFund (the "Fund") for the period of August 1, 2025 to January 31, 2026. You can find additional information about the Fund at https://www.profunds.com/literature. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last six months?
(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 | $136 | 2.59% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $19250633 |
| Number of Holdings\* | 145 |
| Net Investment Advisory Fees | $87998 |
| Portfolio Turnover | 322% |

---

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

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Information Technology | 48% |
| Communication Services | 18% |
| Consumer Discretionary | 10% |
| Financials | 10% |
| Health Care | 7% |

---

###### 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 Equity Holdings

---

| | |
|:---|:---|
| **Holding** | **% of Net Assets** |
| NVIDIA Corp. | 14.7% |
| Microsoft Corp. | 10.1% |
| Alphabet, Inc. - Class A | 6.2% |
| Apple, Inc. | 6.1% |
| Alphabet, Inc. - Class C | 5.0% |

---

![QR Code](tm262593d1_ncsrsimg009.jpg)

#### Large-Cap Growth ProFund
Service Class LGPSX

Semi-annual Shareholder Report — January 31, 2026

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

![Image](tm262593d1_ncsrsimg008.jpg)

# Large-Cap Value ProFund

#### Investor Class LVPIX
Semi-annual Shareholder Report — January 31, 2026

## Fund Overview
This Semi-annual shareholder report contains important information about the Large-Cap Value ProFund (the "Fund") for the period of August 1, 2025 to January 31, 2026. You can find additional information about the Fund at https://www.profunds.com/literature. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last six months?
(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 | $94 | 1.78% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $5070625 |
| Number of Holdings\* | 446 |
| Net Investment Advisory Fees | $53990 |
| Portfolio Turnover | 1145% |

---

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

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Information Technology | 17% |
| Financials | 17% |
| Health Care | 12% |
| Industrials | 12% |
| Consumer Discretionary | 11% |

---

###### 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 Equity Holdings

---

| | |
|:---|:---|
| **Holding** | **% of Net Assets** |
| Apple, Inc. | 6.9% |
| Amazon.com, Inc. | 3.9% |
| Exxon Mobil Corp. | 2.1% |
| Walmart, Inc. | 1.9% |
| Tesla, Inc. | 1.6% |

---

![QR Code](tm262593d1_ncsrsimg009.jpg)

#### Large-Cap Value ProFund
Investor Class LVPIX

Semi-annual Shareholder Report — January 31, 2026

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

![Image](tm262593d1_ncsrsimg008.jpg)

#### Service Class LVPSX
Semi-annual Shareholder Report — January 31, 2026

## Fund Overview
This Semi-annual shareholder report contains important information about the Large-Cap Value ProFund (the "Fund") for the period of August 1, 2025 to January 31, 2026. You can find additional information about the Fund at https://www.profunds.com/literature. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last six months?
(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 | $147 | 2.78% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $5070625 |
| Number of Holdings\* | 446 |
| Net Investment Advisory Fees | $53990 |
| Portfolio Turnover | 1145% |

---

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

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Information Technology | 17% |
| Financials | 17% |
| Health Care | 12% |
| Industrials | 12% |
| Consumer Discretionary | 11% |

---

###### 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 Equity Holdings

---

| | |
|:---|:---|
| **Holding** | **% of Net Assets** |
| Apple, Inc. | 6.9% |
| Amazon.com, Inc. | 3.9% |
| Exxon Mobil Corp. | 2.1% |
| Walmart, Inc. | 1.9% |
| Tesla, Inc. | 1.6% |

---

![QR Code](tm262593d1_ncsrsimg009.jpg)

#### Large-Cap Value ProFund
Service Class LVPSX

Semi-annual Shareholder Report — January 31, 2026

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

![Image](tm262593d1_ncsrsimg008.jpg)

# Materials UltraSector ProFund

#### Investor Class BMPIX
Semi-annual Shareholder Report — January 31, 2026

## Fund Overview
This Semi-annual shareholder report contains important information about the Materials UltraSector ProFund (the "Fund") for the period of August 1, 2025 to January 31, 2026. You can find additional information about the Fund at https://www.profunds.com/literature. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last six months?
(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 | $86 | 1.57% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $33791040 |
| Number of Holdings\* | 31 |
| Net Investment Advisory Fees | $29590 |
| Portfolio Turnover | 314% |

---

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

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Chemicals | 51% |
| Metals & Mining | 21% |
| Containers & Packaging | 15% |
| Construction Materials | 13% |

---

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| Equity Securities | 72% |
| S&P Materials Select Sector Index Swap Agreements | 78% |
| **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 Equity Holdings

---

| | |
|:---|:---|
| **Holding** | **% of Net Assets** |
| Linde PLC | 9.9% |
| Newmont Corp. | 5.7% |
| Freeport-McMoRan, Inc. | 4.0% |
| CRH plc | 3.8% |
| The Sherwin-Williams Co. | 3.8% |

---

![QR Code](tm262593d1_ncsrsimg009.jpg)

#### Materials UltraSector ProFund
Investor Class BMPIX

Semi-annual Shareholder Report — January 31, 2026

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

![Image](tm262593d1_ncsrsimg008.jpg)

#### Service Class BMPSX
Semi-annual Shareholder Report — January 31, 2026

## Fund Overview
This Semi-annual shareholder report contains important information about the Materials UltraSector ProFund (the "Fund") for the period of August 1, 2025 to January 31, 2026. You can find additional information about the Fund at https://www.profunds.com/literature. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last six months?
(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 | $141 | 2.57% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $33791040 |
| Number of Holdings\* | 31 |
| Net Investment Advisory Fees | $29590 |
| Portfolio Turnover | 314% |

---

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

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Chemicals | 51% |
| Metals & Mining | 21% |
| Containers & Packaging | 15% |
| Construction Materials | 13% |

---

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| Equity Securities | 72% |
| S&P Materials Select Sector Index Swap Agreements | 78% |
| **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 Equity Holdings

---

| | |
|:---|:---|
| **Holding** | **% of Net Assets** |
| Linde PLC | 9.9% |
| Newmont Corp. | 5.7% |
| Freeport-McMoRan, Inc. | 4.0% |
| CRH plc | 3.8% |
| The Sherwin-Williams Co. | 3.8% |

---

![QR Code](tm262593d1_ncsrsimg009.jpg)

#### Materials UltraSector ProFund
Service Class BMPSX

Semi-annual Shareholder Report — January 31, 2026

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

![Image](tm262593d1_ncsrsimg008.jpg)

# Mid-Cap Growth ProFund

#### Investor Class MGPIX
Semi-annual Shareholder Report — January 31, 2026

## Fund Overview
This Semi-annual shareholder report contains important information about the Mid-Cap Growth ProFund (the "Fund") for the period of August 1, 2025 to January 31, 2026. You can find additional information about the Fund at https://www.profunds.com/literature. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last six months?
(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 | $93 | 1.78% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $4524237 |
| Number of Holdings\* | 245 |
| Net Investment Advisory Fees | $12230 |
| Portfolio Turnover | 175% |

---

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

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Industrials | 30% |
| Information Technology | 21% |
| Health Care | 13% |
| Consumer Discretionary | 10% |
| Financials | 8% |

---

###### Market Exposure

---

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

###### Largest Equity Holdings

---

| | |
|:---|:---|
| **Holding** | **% of Net Assets** |
| Ciena Corp. | 2.0% |
| Coherent Corp. | 1.9% |
| Lumentum Holdings, Inc. | 1.6% |
| Curtiss-Wright Corp. | 1.4% |
| Flex, Ltd. | 1.3% |

---

![QR Code](tm262593d1_ncsrsimg009.jpg)

#### Mid-Cap Growth ProFund
Investor Class MGPIX

Semi-annual Shareholder Report — January 31, 2026

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

![Image](tm262593d1_ncsrsimg008.jpg)

#### Service Class MGPSX
Semi-annual Shareholder Report — January 31, 2026

## Fund Overview
This Semi-annual shareholder report contains important information about the Mid-Cap Growth ProFund (the "Fund") for the period of August 1, 2025 to January 31, 2026. You can find additional information about the Fund at https://www.profunds.com/literature. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last six months?
(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 | $145 | 2.78% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $4524237 |
| Number of Holdings\* | 245 |
| Net Investment Advisory Fees | $12230 |
| Portfolio Turnover | 175% |

---

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

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Industrials | 30% |
| Information Technology | 21% |
| Health Care | 13% |
| Consumer Discretionary | 10% |
| Financials | 8% |

---

###### Market Exposure

---

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

###### Largest Equity Holdings

---

| | |
|:---|:---|
| **Holding** | **% of Net Assets** |
| Ciena Corp. | 2.0% |
| Coherent Corp. | 1.9% |
| Lumentum Holdings, Inc. | 1.6% |
| Curtiss-Wright Corp. | 1.4% |
| Flex, Ltd. | 1.3% |

---

![QR Code](tm262593d1_ncsrsimg009.jpg)

#### Mid-Cap Growth ProFund
Service Class MGPSX

Semi-annual Shareholder Report — January 31, 2026

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

![Image](tm262593d1_ncsrsimg008.jpg)

# Mid-Cap ProFund

#### Investor Class MDPIX
Semi-annual Shareholder Report — January 31, 2026

## Fund Overview
This Semi-annual shareholder report contains important information about the Mid-Cap ProFund (the "Fund") for the period of August 1, 2025 to January 31, 2026. You can find additional information about the Fund at https://www.profunds.com/literature. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last six months?
(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 | $94 | 1.78% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $9239877 |
| Number of Holdings\* | 405 |
| Net Investment Advisory Fees | $17723 |
| Portfolio Turnover | 372% |

---

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

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Industrials | 25% |
| Financials | 16% |
| Information Technology | 14% |
| Consumer Discretionary | 11% |
| Health Care | 8% |

---

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| Equity Securities | 87% |
| S&P MidCap 400 Swap Agreements | 14% |
| **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 Equity Holdings

---

| | |
|:---|:---|
| **Holding** | **% of Net Assets** |
| Ciena Corp. | 0.9% |
| Coherent Corp. | 0.9% |
| Lumentum Holdings, Inc. | 0.7% |
| Curtiss-Wright Corp. | 0.6% |
| Flex, Ltd. | 0.6% |

---

![QR Code](tm262593d1_ncsrsimg009.jpg)

#### Mid-Cap ProFund
Investor Class MDPIX

Semi-annual Shareholder Report — January 31, 2026

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

![Image](tm262593d1_ncsrsimg008.jpg)

#### Service Class MDPSX
Semi-annual Shareholder Report — January 31, 2026

## Fund Overview
This Semi-annual shareholder report contains important information about the Mid-Cap ProFund (the "Fund") for the period of August 1, 2025 to January 31, 2026. You can find additional information about the Fund at https://www.profunds.com/literature. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last six months?
(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 | $146 | 2.78% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $9239877 |
| Number of Holdings\* | 405 |
| Net Investment Advisory Fees | $17723 |
| Portfolio Turnover | 372% |

---

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

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Industrials | 25% |
| Financials | 16% |
| Information Technology | 14% |
| Consumer Discretionary | 11% |
| Health Care | 8% |

---

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| Equity Securities | 87% |
| S&P MidCap 400 Swap Agreements | 14% |
| **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 Equity Holdings

---

| | |
|:---|:---|
| **Holding** | **% of Net Assets** |
| Ciena Corp. | 0.9% |
| Coherent Corp. | 0.9% |
| Lumentum Holdings, Inc. | 0.7% |
| Curtiss-Wright Corp. | 0.6% |
| Flex, Ltd. | 0.6% |

---

![QR Code](tm262593d1_ncsrsimg009.jpg)

#### Mid-Cap ProFund
Service Class MDPSX

Semi-annual Shareholder Report — January 31, 2026

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

![Image](tm262593d1_ncsrsimg008.jpg)

# Mid-Cap Value ProFund

#### Investor Class MLPIX
Semi-annual Shareholder Report — January 31, 2026

## Fund Overview
This Semi-annual shareholder report contains important information about the Mid-Cap Value ProFund (the "Fund") for the period of August 1, 2025 to January 31, 2026. You can find additional information about the Fund at https://www.profunds.com/literature. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last six months?
(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 | $94 | 1.78% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $2244802 |
| Number of Holdings\* | 304 |
| Net Investment Advisory Fees | $0 |
| Portfolio Turnover | 2205% |

---

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

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Financials | 25% |
| Industrials | 19% |
| Consumer Discretionary | 13% |
| Real Estate | 8% |
| Materials | 8% |

---

###### 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 Equity Holdings

---

| | |
|:---|:---|
| **Holding** | **% of Net Assets** |
| US Foods Holding Corp. | 1.1% |
| Reliance, Inc. | 1.1% |
| Jones Lang LaSalle, Inc. | 1.1% |
| Annaly Capital Management, Inc. | 1.0% |
| Performance Food Group Co. | 0.9% |

---

![QR Code](tm262593d1_ncsrsimg009.jpg)

#### Mid-Cap Value ProFund
Investor Class MLPIX

Semi-annual Shareholder Report — January 31, 2026

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

![Image](tm262593d1_ncsrsimg008.jpg)

#### Service Class MLPSX
Semi-annual Shareholder Report — January 31, 2026

## Fund Overview
This Semi-annual shareholder report contains important information about the Mid-Cap Value ProFund (the "Fund") for the period of August 1, 2025 to January 31, 2026. You can find additional information about the Fund at https://www.profunds.com/literature. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last six months?
(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 | $147 | 2.78% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $2244802 |
| Number of Holdings\* | 304 |
| Net Investment Advisory Fees | $0 |
| Portfolio Turnover | 2205% |

---

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

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Financials | 25% |
| Industrials | 19% |
| Consumer Discretionary | 13% |
| Real Estate | 8% |
| Materials | 8% |

---

###### 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 Equity Holdings

---

| | |
|:---|:---|
| **Holding** | **% of Net Assets** |
| US Foods Holding Corp. | 1.1% |
| Reliance, Inc. | 1.1% |
| Jones Lang LaSalle, Inc. | 1.1% |
| Annaly Capital Management, Inc. | 1.0% |
| Performance Food Group Co. | 0.9% |

---

![QR Code](tm262593d1_ncsrsimg009.jpg)

#### Mid-Cap Value ProFund
Service Class MLPSX

Semi-annual Shareholder Report — January 31, 2026

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

![Image](tm262593d1_ncsrsimg008.jpg)

# Nasdaq-100 ProFund

#### Investor Class OTPIX
Semi-annual Shareholder Report — January 31, 2026

## Fund Overview
This Semi-annual shareholder report contains important information about the Nasdaq-100 ProFund (the "Fund") for the period of August 1, 2025 to January 31, 2026. You can find additional information about the Fund at https://www.profunds.com/literature. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last six months?
(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 | $78 | 1.48% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $128249053 |
| Number of Holdings\* | 106 |
| Net Investment Advisory Fees | $522764 |
| Portfolio Turnover | 263% |

---

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

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Information Technology | 51% |
| Communication Services | 16% |
| Consumer Discretionary | 13% |
| Consumer Staples | 8% |
| Health Care | 5% |

---

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| Equity Securities | 48% |
| Nasdaq-100 Index Swap Agreements | 44% |
| E-mini Nasdaq-100 Index Futures Contracts | 8% |
| **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 Equity Holdings

---

| | |
|:---|:---|
| **Holding** | **% of Net Assets** |
| NVIDIA Corp. | 4.3% |
| Apple, Inc. | 3.6% |
| Microsoft Corp. | 2.9% |
| Amazon.com, Inc. | 2.3% |
| Meta Platforms, Inc. - Class A | 2.0% |

---

![QR Code](tm262593d1_ncsrsimg009.jpg)

#### Nasdaq-100 ProFund
Investor Class OTPIX

Semi-annual Shareholder Report — January 31, 2026

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

![Image](tm262593d1_ncsrsimg008.jpg)

#### Service Class OTPSX
Semi-annual Shareholder Report — January 31, 2026

## Fund Overview
This Semi-annual shareholder report contains important information about the Nasdaq-100 ProFund (the "Fund") for the period of August 1, 2025 to January 31, 2026. You can find additional information about the Fund at https://www.profunds.com/literature. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last six months?
(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 | $131 | 2.48% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $128249053 |
| Number of Holdings\* | 106 |
| Net Investment Advisory Fees | $522764 |
| Portfolio Turnover | 263% |

---

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

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Information Technology | 51% |
| Communication Services | 16% |
| Consumer Discretionary | 13% |
| Consumer Staples | 8% |
| Health Care | 5% |

---

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| Equity Securities | 48% |
| Nasdaq-100 Index Swap Agreements | 44% |
| E-mini Nasdaq-100 Index Futures Contracts | 8% |
| **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 Equity Holdings

---

| | |
|:---|:---|
| **Holding** | **% of Net Assets** |
| NVIDIA Corp. | 4.3% |
| Apple, Inc. | 3.6% |
| Microsoft Corp. | 2.9% |
| Amazon.com, Inc. | 2.3% |
| Meta Platforms, Inc. - Class A | 2.0% |

---

![QR Code](tm262593d1_ncsrsimg009.jpg)

#### Nasdaq-100 ProFund
Service Class OTPSX

Semi-annual Shareholder Report — January 31, 2026

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

![Image](tm262593d1_ncsrsimg004.jpg)

# Oil & Gas Equipment & Services UltraSector ProFund

#### Investor Class OEPIX
Semi-annual Shareholder Report — January 31, 2026

## Fund Overview
This Semi-annual shareholder report contains important information about the Oil & Gas Equipment & Services UltraSector ProFund (the "Fund") for the period of August 1, 2025 to January 31, 2026. You can find additional information about the Fund at https://www.profunds.com/literature. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last six months?
(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 | $104 | 1.50% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $18940290 |
| Number of Holdings\* | 35 |
| Net Investment Advisory Fees | $44314 |
| Portfolio Turnover | 34% |

---

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

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Oil & Gas Equipment & Services | 72% |
| Oil & Gas Drilling | 28% |

---

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| Equity Securities | 72% |
| S&P Oil & Gas Equipment & Services Select Sector Index Swap Agreements | 78% |
| **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 Equity Holdings

---

| | |
|:---|:---|
| **Holding** | **% of Net Assets** |
| Liberty Energy, Inc. | 3.5% |
| SLB, Ltd. | 3.5% |
| TechnipFMC PLC | 3.5% |
| Baker Hughes Co. | 3.4% |
| Patterson-UTI Energy, Inc. | 3.4% |

---

![QR Code](tm262593d1_ncsrsimg009.jpg)

#### Oil & Gas Equipment & Services UltraSector ProFund
Investor Class OEPIX

Semi-annual Shareholder Report — January 31, 2026

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

![Image](tm262593d1_ncsrsimg004.jpg)

#### Service Class OEPSX
Semi-annual Shareholder Report — January 31, 2026

## Fund Overview
This Semi-annual shareholder report contains important information about the Oil & Gas Equipment & Services UltraSector ProFund (the "Fund") for the period of August 1, 2025 to January 31, 2026. You can find additional information about the Fund at https://www.profunds.com/literature. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last six months?
(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 | $173 | 2.50% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $18940290 |
| Number of Holdings\* | 35 |
| Net Investment Advisory Fees | $44314 |
| Portfolio Turnover | 34% |

---

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

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Oil & Gas Equipment & Services | 72% |
| Oil & Gas Drilling | 28% |

---

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| Equity Securities | 72% |
| S&P Oil & Gas Equipment & Services Select Sector Index Swap Agreements | 78% |
| **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 Equity Holdings

---

| | |
|:---|:---|
| **Holding** | **% of Net Assets** |
| Liberty Energy, Inc. | 3.5% |
| SLB, Ltd. | 3.5% |
| TechnipFMC PLC | 3.5% |
| Baker Hughes Co. | 3.4% |
| Patterson-UTI Energy, Inc. | 3.4% |

---

![QR Code](tm262593d1_ncsrsimg009.jpg)

#### Oil & Gas Equipment & Services UltraSector ProFund
Service Class OEPSX

Semi-annual Shareholder Report — January 31, 2026

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

![Image](tm262593d1_ncsrsimg005.jpg)

# Pharmaceuticals UltraSector ProFund

#### Investor Class PHPIX
Semi-annual Shareholder Report — January 31, 2026

## Fund Overview
This Semi-annual shareholder report contains important information about the Pharmaceuticals UltraSector ProFund (the "Fund") for the period of August 1, 2025 to January 31, 2026. You can find additional information about the Fund at https://www.profunds.com/literature. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last six months?
(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 | $113 | 1.78% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $3902249 |
| Number of Holdings\* | 64 |
| Net Investment Advisory Fees | $9043 |
| Portfolio Turnover | 194% |

---

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

# Largest Sector Weights

---

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

---

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| Equity Securities | 78% |
| S&P Pharmaceuticals Select Industry 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 Equity Holdings

---

| | |
|:---|:---|
| **Holding** | **% of Net Assets** |
| Definium Therapeutics, Inc. | 2.0% |
| Liquidia Corp. | 1.9% |
| MBX Biosciences, Inc. | 1.9% |
| Axsome Therapeutics, Inc. | 1.8% |
| Organon & Co. | 1.8% |

---

![QR Code](tm262593d1_ncsrsimg009.jpg)

#### Pharmaceuticals UltraSector ProFund
Investor Class PHPIX

Semi-annual Shareholder Report — January 31, 2026

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

![Image](tm262593d1_ncsrsimg005.jpg)

#### Service Class PHPSX
Semi-annual Shareholder Report — January 31, 2026

## Fund Overview
This Semi-annual shareholder report contains important information about the Pharmaceuticals UltraSector ProFund (the "Fund") for the period of August 1, 2025 to January 31, 2026. You can find additional information about the Fund at https://www.profunds.com/literature. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last six months?
(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 | $176 | 2.78% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $3902249 |
| Number of Holdings\* | 64 |
| Net Investment Advisory Fees | $9043 |
| Portfolio Turnover | 194% |

---

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

# Largest Sector Weights

---

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

---

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| Equity Securities | 78% |
| S&P Pharmaceuticals Select Industry 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 Equity Holdings

---

| | |
|:---|:---|
| **Holding** | **% of Net Assets** |
| Definium Therapeutics, Inc. | 2.0% |
| Liquidia Corp. | 1.9% |
| MBX Biosciences, Inc. | 1.9% |
| Axsome Therapeutics, Inc. | 1.8% |
| Organon & Co. | 1.8% |

---

![QR Code](tm262593d1_ncsrsimg009.jpg)

#### Pharmaceuticals UltraSector ProFund
Service Class PHPSX

Semi-annual Shareholder Report — January 31, 2026

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

![Image](tm262593d1_ncsrsimg008.jpg)

# Precious Metals UltraSector ProFund

#### Investor Class PMPIX
Semi-annual Shareholder Report — January 31, 2026

## Fund Overview
This Semi-annual shareholder report contains important information about the Precious Metals UltraSector ProFund (the "Fund") for the period of August 1, 2025 to January 31, 2026. You can find additional information about the Fund at https://www.profunds.com/literature. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last six months?
(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 | $112 | 1.34% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $129390553 |
| Number of Holdings\* | 44 |
| Net Investment Advisory Fees | $332738 |
| Portfolio Turnover | 68% |

---

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

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Gold | 94% |
| Silver | 4% |
| Precious Metals & Minerals | 2% |

---

###### 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 Equity Holdings

---

| | |
|:---|:---|
| **Holding** | **% of Net Assets** |
| Newmont Corp. | 13.2% |
| Agnico Eagle Mines, Ltd. | 10.3% |
| Barrick Mining Corp. | 8.3% |
| Wheaton Precious Metals Corp. | 6.5% |
| Franco-Nevada Corp. | 4.9% |

---

![QR Code](tm262593d1_ncsrsimg009.jpg)

#### Precious Metals UltraSector ProFund
Investor Class PMPIX

Semi-annual Shareholder Report — January 31, 2026

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

![Image](tm262593d1_ncsrsimg008.jpg)

#### Service Class PMPSX
Semi-annual Shareholder Report — January 31, 2026

## Fund Overview
This Semi-annual shareholder report contains important information about the Precious Metals UltraSector ProFund (the "Fund") for the period of August 1, 2025 to January 31, 2026. You can find additional information about the Fund at https://www.profunds.com/literature. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last six months?
(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 | $196 | 2.34% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $129390553 |
| Number of Holdings\* | 44 |
| Net Investment Advisory Fees | $332738 |
| Portfolio Turnover | 68% |

---

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

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Gold | 94% |
| Silver | 4% |
| Precious Metals & Minerals | 2% |

---

###### 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 Equity Holdings

---

| | |
|:---|:---|
| **Holding** | **% of Net Assets** |
| Newmont Corp. | 13.2% |
| Agnico Eagle Mines, Ltd. | 10.3% |
| Barrick Mining Corp. | 8.3% |
| Wheaton Precious Metals Corp. | 6.5% |
| Franco-Nevada Corp. | 4.9% |

---

![QR Code](tm262593d1_ncsrsimg009.jpg)

#### Precious Metals UltraSector ProFund
Service Class PMPSX

Semi-annual Shareholder Report — January 31, 2026

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

![Image](tm262593d1_ncsrsimg008.jpg)

# Real Estate UltraSector ProFund

#### Investor Class REPIX
Semi-annual Shareholder Report — January 31, 2026

## Fund Overview
This Semi-annual shareholder report contains important information about the Real Estate UltraSector ProFund (the "Fund") for the period of August 1, 2025 to January 31, 2026. You can find additional information about the Fund at https://www.profunds.com/literature. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last six months?
(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 | $90 | 1.78% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $3211802 |
| Number of Holdings\* | 36 |
| Net Investment Advisory Fees | $833 |
| Portfolio Turnover | 1131% |

---

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

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Specialized REITs | 39% |
| Health Care REITs | 16% |
| Retail REITs | 13% |
| Residential REITs | 12% |
| Industrial REITs | 9% |

---

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| Equity Securities | 74% |
| S&P Real Estate Select Sector Index Swap Agreements | 79% |
| **Total** | **153%** |

---

"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 Equity Holdings

---

| | |
|:---|:---|
| **Holding** | **% of Net Assets** |
| Welltower, Inc. | 7.3% |
| Prologis, Inc. | 6.9% |
| American Tower Corp. - Class A | 4.7% |
| Equinix, Inc. | 4.6% |
| Simon Property Group, Inc. | 3.5% |

---

![QR Code](tm262593d1_ncsrsimg009.jpg)

#### Real Estate UltraSector ProFund
Investor Class REPIX

Semi-annual Shareholder Report — January 31, 2026

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

![Image](tm262593d1_ncsrsimg008.jpg)

#### Service Class REPSX
Semi-annual Shareholder Report — January 31, 2026

## Fund Overview
This Semi-annual shareholder report contains important information about the Real Estate UltraSector ProFund (the "Fund") for the period of August 1, 2025 to January 31, 2026. You can find additional information about the Fund at https://www.profunds.com/literature. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last six months?
(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 | $140 | 2.78% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $3211802 |
| Number of Holdings\* | 36 |
| Net Investment Advisory Fees | $833 |
| Portfolio Turnover | 1131% |

---

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

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Specialized REITs | 39% |
| Health Care REITs | 16% |
| Retail REITs | 13% |
| Residential REITs | 12% |
| Industrial REITs | 9% |

---

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| Equity Securities | 74% |
| S&P Real Estate Select Sector Index Swap Agreements | 79% |
| **Total** | **153%** |

---

"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 Equity Holdings

---

| | |
|:---|:---|
| **Holding** | **% of Net Assets** |
| Welltower, Inc. | 7.3% |
| Prologis, Inc. | 6.9% |
| American Tower Corp. - Class A | 4.7% |
| Equinix, Inc. | 4.6% |
| Simon Property Group, Inc. | 3.5% |

---

![QR Code](tm262593d1_ncsrsimg009.jpg)

#### Real Estate UltraSector ProFund
Service Class REPSX

Semi-annual Shareholder Report — January 31, 2026

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

![Image](tm262593d1_ncsrsimg006.jpg)

# Rising Rates Opportunity 10 ProFund

#### Investor Class RTPIX
Semi-annual Shareholder Report — January 31, 2026

## Fund Overview
This Semi-annual shareholder report contains important information about the Rising Rates Opportunity 10 ProFund (the "Fund") for the period of August 1, 2025 to January 31, 2026. You can find additional information about the Fund at https://www.profunds.com/literature. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last six months?
(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 | $90 | 1.78% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $529574 |
| Number of Holdings\* | 5 |
| Net Investment Advisory Fees | $0 |
| Portfolio Turnover | 0% |

---

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

###### 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.

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| 10-Year U.S. Treasury Note, 4.00%, due 11/15/35 Swap Agreements | (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.

![QR Code](tm262593d1_ncsrsimg009.jpg)

#### Rising Rates Opportunity 10 ProFund
Investor Class RTPIX

Semi-annual Shareholder Report — January 31, 2026

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

![Image](tm262593d1_ncsrsimg006.jpg)

#### Service Class RTPSX
Semi-annual Shareholder Report — January 31, 2026

## Fund Overview
This Semi-annual shareholder report contains important information about the Rising Rates Opportunity 10 ProFund (the "Fund") for the period of August 1, 2025 to January 31, 2026. You can find additional information about the Fund at https://www.profunds.com/literature. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last six months?
(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 | $140 | 2.78% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $529574 |
| Number of Holdings\* | 5 |
| Net Investment Advisory Fees | $0 |
| Portfolio Turnover | 0% |

---

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

###### 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.

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| 10-Year U.S. Treasury Note, 4.00%, due 11/15/35 Swap Agreements | (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.

![QR Code](tm262593d1_ncsrsimg009.jpg)

#### Rising Rates Opportunity 10 ProFund
Service Class RTPSX

Semi-annual Shareholder Report — January 31, 2026

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

![Image](tm262593d1_ncsrsimg006.jpg)

# Rising Rates Opportunity ProFund

#### Investor Class RRPIX
Semi-annual Shareholder Report — January 31, 2026

## Fund Overview
This Semi-annual shareholder report contains important information about the Rising Rates Opportunity ProFund (the "Fund") for the period of August 1, 2025 to January 31, 2026. You can find additional information about the Fund at https://www.profunds.com/literature. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last six months?
(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 | 1.68% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $10303001 |
| Number of Holdings\* | 5 |
| Net Investment Advisory Fees | $28883 |
| Portfolio Turnover | 0% |

---

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

###### 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.

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| 30-Year U.S. Treasury Bond, 4.63%, due 11/15/55 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.

![QR Code](tm262593d1_ncsrsimg009.jpg)

#### Rising Rates Opportunity ProFund
Investor Class RRPIX

Semi-annual Shareholder Report — January 31, 2026

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

![Image](tm262593d1_ncsrsimg006.jpg)

#### Service Class RRPSX
Semi-annual Shareholder Report — January 31, 2026

## Fund Overview
This Semi-annual shareholder report contains important information about the Rising Rates Opportunity ProFund (the "Fund") for the period of August 1, 2025 to January 31, 2026. You can find additional information about the Fund at https://www.profunds.com/literature. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last six months?
(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 | $135 | 2.68% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $10303001 |
| Number of Holdings\* | 5 |
| Net Investment Advisory Fees | $28883 |
| Portfolio Turnover | 0% |

---

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

###### 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.

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| 30-Year U.S. Treasury Bond, 4.63%, due 11/15/55 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.

![QR Code](tm262593d1_ncsrsimg009.jpg)

#### Rising Rates Opportunity ProFund
Service Class RRPSX

Semi-annual Shareholder Report — January 31, 2026

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

![Image](tm262593d1_ncsrsimg007.jpg)

# Rising U.S. Dollar ProFund

#### Investor Class RDPIX
Semi-annual Shareholder Report — January 31, 2026

## Fund Overview
This Semi-annual shareholder report contains important information about the Rising U.S. Dollar ProFund (the "Fund") for the period of August 1, 2025 to January 31, 2026. You can find additional information about the Fund at https://www.profunds.com/literature. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last six months?
(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 | $89 | 1.78% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $9402205 |
| Number of Holdings\* | 5 |
| Net Investment Advisory Fees | $21232 |
| Portfolio Turnover | 0% |

---

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

# Largest Sector Weights

---

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

---

###### 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.

###### 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.

![QR Code](tm262593d1_ncsrsimg009.jpg)

#### Rising U.S. Dollar ProFund
Investor Class RDPIX

Semi-annual Shareholder Report — January 31, 2026

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

![Image](tm262593d1_ncsrsimg007.jpg)

#### Service Class RDPSX
Semi-annual Shareholder Report — January 31, 2026

## Fund Overview
This Semi-annual shareholder report contains important information about the Rising U.S. Dollar ProFund (the "Fund") for the period of August 1, 2025 to January 31, 2026. You can find additional information about the Fund at https://www.profunds.com/literature. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last six months?
(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 | $139 | 2.78% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $9402205 |
| Number of Holdings\* | 5 |
| Net Investment Advisory Fees | $21232 |
| Portfolio Turnover | 0% |

---

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

# Largest Sector Weights

---

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

---

###### 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.

###### 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.

![QR Code](tm262593d1_ncsrsimg009.jpg)

#### Rising U.S. Dollar ProFund
Service Class RDPSX

Semi-annual Shareholder Report — January 31, 2026

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

![Image](tm262593d1_ncsrsimg008.jpg)

# Semiconductor UltraSector ProFund

#### Investor Class SMPIX
Semi-annual Shareholder Report — January 31, 2026

## Fund Overview
This Semi-annual shareholder report contains important information about the Semiconductor UltraSector ProFund (the "Fund") for the period of August 1, 2025 to January 31, 2026. You can find additional information about the Fund at https://www.profunds.com/literature. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last six months?
(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 | $76 | 1.32% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $552555113 |
| Number of Holdings\* | 40 |
| Net Investment Advisory Fees | $1922080 |
| Portfolio Turnover | 110% |

---

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

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Semiconductors & Semiconductor Equipment | 100% |

---

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| Equity Securities | 48% |
| Dow Jones U.S. Semiconductors Index Swap Agreements | 102% |
| **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 Equity Holdings

---

| | |
|:---|:---|
| **Holding** | **% of Net Assets** |
| NVIDIA Corp. | 24.6% |
| Broadcom, Inc. | 8.3% |
| Micron Technology, Inc. | 2.5% |
| Advanced Micro Devices, Inc. | 2.0% |
| Lam Research Corp. | 1.6% |

---

![QR Code](tm262593d1_ncsrsimg009.jpg)

#### Semiconductor UltraSector ProFund
Investor Class SMPIX

Semi-annual Shareholder Report — January 31, 2026

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

![Image](tm262593d1_ncsrsimg008.jpg)

#### Service Class SMPSX
Semi-annual Shareholder Report — January 31, 2026

## Fund Overview
This Semi-annual shareholder report contains important information about the Semiconductor UltraSector ProFund (the "Fund") for the period of August 1, 2025 to January 31, 2026. You can find additional information about the Fund at https://www.profunds.com/literature. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last six months?
(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 | $134 | 2.32% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $552555113 |
| Number of Holdings\* | 40 |
| Net Investment Advisory Fees | $1922080 |
| Portfolio Turnover | 110% |

---

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

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Semiconductors & Semiconductor Equipment | 100% |

---

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| Equity Securities | 48% |
| Dow Jones U.S. Semiconductors Index Swap Agreements | 102% |
| **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 Equity Holdings

---

| | |
|:---|:---|
| **Holding** | **% of Net Assets** |
| NVIDIA Corp. | 24.6% |
| Broadcom, Inc. | 8.3% |
| Micron Technology, Inc. | 2.5% |
| Advanced Micro Devices, Inc. | 2.0% |
| Lam Research Corp. | 1.6% |

---

![QR Code](tm262593d1_ncsrsimg009.jpg)

#### Semiconductor UltraSector ProFund
Service Class SMPSX

Semi-annual Shareholder Report — January 31, 2026

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

![Image](tm262593d1_ncsrsimg006.jpg)

# Short Bitcoin ProFund

#### Investor Class BITIX
Semi-annual Shareholder Report — January 31, 2026

## Fund Overview
This Semi-annual shareholder report contains important information about the Short Bitcoin ProFund (the "Fund") for the period of August 1, 2025 to January 31, 2026. You can find additional information about the Fund at https://www.profunds.com/literature. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last six months?
(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 | $69 | 1.18% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $2617899 |
| Number of Holdings\* | 3 |
| Net Investment Advisory Fees | $0 |
| Portfolio Turnover | 0% |

---

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

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

###### 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.

![QR Code](tm262593d1_ncsrsimg009.jpg)

#### Short Bitcoin ProFund
Investor Class BITIX

Semi-annual Shareholder Report — January 31, 2026

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

![Image](tm262593d1_ncsrsimg007.jpg)

# Short Energy ProFund

#### Investor Class SNPIX
Semi-annual Shareholder Report — January 31, 2026

## Fund Overview
This Semi-annual shareholder report contains important information about the Short Energy ProFund (the "Fund") for the period of August 1, 2025 to January 31, 2026. You can find additional information about the Fund at https://www.profunds.com/literature. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last six months?
(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 | $83 | 1.78% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $618782 |
| Number of Holdings\* | 5 |
| Net Investment Advisory Fees | $0 |
| Portfolio Turnover | 0% |

---

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

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Oil, Gas & Consumable Fuels | 90% |
| Energy Equipment & Services | 10% |

---

###### 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.

###### 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.

![QR Code](tm262593d1_ncsrsimg009.jpg)

#### Short Energy ProFund
Investor Class SNPIX

Semi-annual Shareholder Report — January 31, 2026

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

![Image](tm262593d1_ncsrsimg007.jpg)

#### Service Class SNPSX
Semi-annual Shareholder Report — January 31, 2026

## Fund Overview
This Semi-annual shareholder report contains important information about the Short Energy ProFund (the "Fund") for the period of August 1, 2025 to January 31, 2026. You can find additional information about the Fund at https://www.profunds.com/literature. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last six months?
(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 | $130 | 2.78% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $618782 |
| Number of Holdings\* | 5 |
| Net Investment Advisory Fees | $0 |
| Portfolio Turnover | 0% |

---

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

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Oil, Gas & Consumable Fuels | 90% |
| Energy Equipment & Services | 10% |

---

###### 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.

###### 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.

![QR Code](tm262593d1_ncsrsimg009.jpg)

#### Short Energy ProFund
Service Class SNPSX

Semi-annual Shareholder Report — January 31, 2026

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

![Image](tm262593d1_ncsrsimg007.jpg)

# Short Nasdaq-100 ProFund

#### Investor Class SOPIX
Semi-annual Shareholder Report — January 31, 2026

## Fund Overview
This Semi-annual shareholder report contains important information about the Short Nasdaq-100 ProFund (the "Fund") for the period of August 1, 2025 to January 31, 2026. You can find additional information about the Fund at https://www.profunds.com/literature. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last six months?
(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 | $86 | 1.78% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $3261050 |
| Number of Holdings\* | 5 |
| Net Investment Advisory Fees | $0 |
| Portfolio Turnover | 0% |

---

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

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Information Technology | 51% |
| Communication Services | 16% |
| Consumer Discretionary | 13% |
| Consumer Staples | 8% |
| Health Care | 5% |

---

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| Nasdaq-100 Index Swap Agreements | (100)% |
| E-mini Nasdaq-100 Index Futures Contracts | 0% |
| **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 Nasdaq-100 ProFund primarily invests in non-equity securities, which may include: swap agreements, futures contracts, repurchase agreements and U.S. Government securities.

![QR Code](tm262593d1_ncsrsimg009.jpg)

#### Short Nasdaq-100 ProFund
Investor Class SOPIX

Semi-annual Shareholder Report — January 31, 2026

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

![Image](tm262593d1_ncsrsimg007.jpg)

#### Service Class SOPSX
Semi-annual Shareholder Report — January 31, 2026

## Fund Overview
This Semi-annual shareholder report contains important information about the Short Nasdaq-100 ProFund (the "Fund") for the period of August 1, 2025 to January 31, 2026. You can find additional information about the Fund at https://www.profunds.com/literature. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last six months?
(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 | $135 | 2.78% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $3261050 |
| Number of Holdings\* | 5 |
| Net Investment Advisory Fees | $0 |
| Portfolio Turnover | 0% |

---

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

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Information Technology | 51% |
| Communication Services | 16% |
| Consumer Discretionary | 13% |
| Consumer Staples | 8% |
| Health Care | 5% |

---

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| Nasdaq-100 Index Swap Agreements | (100)% |
| E-mini Nasdaq-100 Index Futures Contracts | 0% |
| **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 Nasdaq-100 ProFund primarily invests in non-equity securities, which may include: swap agreements, futures contracts, repurchase agreements and U.S. Government securities.

![QR Code](tm262593d1_ncsrsimg009.jpg)

#### Short Nasdaq-100 ProFund
Service Class SOPSX

Semi-annual Shareholder Report — January 31, 2026

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

![Image](tm262593d1_ncsrsimg007.jpg)

# Short Precious Metals ProFund

#### Investor Class SPPIX
Semi-annual Shareholder Report — January 31, 2026

## Fund Overview
This Semi-annual shareholder report contains important information about the Short Precious Metals ProFund (the "Fund") for the period of August 1, 2025 to January 31, 2026. You can find additional information about the Fund at https://www.profunds.com/literature. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last six months?
(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 | $68 | 1.79% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $16043037 |
| Number of Holdings\* | 5 |
| Net Investment Advisory Fees | $29407 |
| Portfolio Turnover | 0% |

---

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

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Gold | 94% |
| Silver | 4% |
| Precious Metals & Minerals | 2% |

---

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| Dow Jones Precious Metals Index Swap Agreements | (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.

###### 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.

![QR Code](tm262593d1_ncsrsimg009.jpg)

#### Short Precious Metals ProFund
Investor Class SPPIX

Semi-annual Shareholder Report — January 31, 2026

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

![Image](tm262593d1_ncsrsimg002.jpg)

#### Service Class SPPSX
Semi-annual Shareholder Report — January 31, 2026

## Fund Overview
This Semi-annual shareholder report contains important information about the Short Precious Metals ProFund (the "Fund") for the period of August 1, 2025 to January 31, 2026. You can find additional information about the Fund at https://www.profunds.com/literature. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last six months?
(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 | $106 | 2.79% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $16043037 |
| Number of Holdings\* | 5 |
| Net Investment Advisory Fees | $29407 |
| Portfolio Turnover | 0% |

---

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

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Gold | 94% |
| Silver | 4% |
| Precious Metals & Minerals | 2% |

---

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| Dow Jones Precious Metals Index Swap Agreements | (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.

###### 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.

![QR Code](tm262593d1_ncsrsimg009.jpg)

#### Short Precious Metals ProFund
Service Class SPPSX

Semi-annual Shareholder Report — January 31, 2026

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

![Image](tm262593d1_ncsrsimg007.jpg)

# Short Real Estate ProFund

#### Investor Class SRPIX
Semi-annual Shareholder Report — January 31, 2026

## Fund Overview
This Semi-annual shareholder report contains important information about the Short Real Estate ProFund (the "Fund") for the period of August 1, 2025 to January 31, 2026. You can find additional information about the Fund at https://www.profunds.com/literature. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last six months?
(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 | $90 | 1.78% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $563613 |
| Number of Holdings\* | 5 |
| Net Investment Advisory Fees | $0 |
| Portfolio Turnover | 0% |

---

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

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Specialized REITs | 39% |
| Health Care REITs | 16% |
| Retail REITs | 13% |
| Residential REITs | 12% |
| Industrial REITs | 9% |

---

###### 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.

###### 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.

![QR Code](tm262593d1_ncsrsimg009.jpg)

#### Short Real Estate ProFund
Investor Class SRPIX

Semi-annual Shareholder Report — January 31, 2026

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

![Image](tm262593d1_ncsrsimg002.jpg)

#### Service Class SRPSX
Semi-annual Shareholder Report — January 31, 2026

## Fund Overview
This Semi-annual shareholder report contains important information about the Short Real Estate ProFund (the "Fund") for the period of August 1, 2025 to January 31, 2026. You can find additional information about the Fund at https://www.profunds.com/literature. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last six months?
(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 | $139 | 2.78% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $563613 |
| Number of Holdings\* | 5 |
| Net Investment Advisory Fees | $0 |
| Portfolio Turnover | 0% |

---

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

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Specialized REITs | 39% |
| Health Care REITs | 16% |
| Retail REITs | 13% |
| Residential REITs | 12% |
| Industrial REITs | 9% |

---

###### 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.

###### 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.

![QR Code](tm262593d1_ncsrsimg009.jpg)

#### Short Real Estate ProFund
Service Class SRPSX

Semi-annual Shareholder Report — January 31, 2026

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

![Image](tm262593d1_ncsrsimg007.jpg)

# Short Small-Cap ProFund

#### Investor Class SHPIX
Semi-annual Shareholder Report — January 31, 2026

## Fund Overview
This Semi-annual shareholder report contains important information about the Short Small-Cap ProFund (the "Fund") for the period of August 1, 2025 to January 31, 2026. You can find additional information about the Fund at https://www.profunds.com/literature. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last six months?
(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 | $83 | 1.78% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $630623 |
| Number of Holdings\* | 5 |
| Net Investment Advisory Fees | $0 |
| Portfolio Turnover | 0% |

---

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

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Industrials | 19% |
| Health Care | 18% |
| Financials | 18% |
| Information Technology | 14% |
| Consumer Discretionary | 9% |

---

###### 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.

###### 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.

![QR Code](tm262593d1_ncsrsimg009.jpg)

#### Short Small-Cap ProFund
Investor Class SHPIX

Semi-annual Shareholder Report — January 31, 2026

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

![Image](tm262593d1_ncsrsimg007.jpg)

#### Service Class SHPSX
Semi-annual Shareholder Report — January 31, 2026

## Fund Overview
This Semi-annual shareholder report contains important information about the Short Small-Cap ProFund (the "Fund") for the period of August 1, 2025 to January 31, 2026. You can find additional information about the Fund at https://www.profunds.com/literature. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last six months?
(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 | $130 | 2.78% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $630623 |
| Number of Holdings\* | 5 |
| Net Investment Advisory Fees | $0 |
| Portfolio Turnover | 0% |

---

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

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Industrials | 19% |
| Health Care | 18% |
| Financials | 18% |
| Information Technology | 14% |
| Consumer Discretionary | 9% |

---

###### 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.

###### 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.

![QR Code](tm262593d1_ncsrsimg009.jpg)

#### Short Small-Cap ProFund
Service Class SHPSX

Semi-annual Shareholder Report — January 31, 2026

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

![Image](tm262593d1_ncsrsimg008.jpg)

# Small-Cap Growth ProFund

#### Investor Class SGPIX
Semi-annual Shareholder Report — January 31, 2026

## Fund Overview
This Semi-annual shareholder report contains important information about the Small-Cap Growth ProFund (the "Fund") for the period of August 1, 2025 to January 31, 2026. You can find additional information about the Fund at https://www.profunds.com/literature. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last six months?
(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 | $94 | 1.78% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $3776279 |
| Number of Holdings\* | 335 |
| Net Investment Advisory Fees | $0 |
| Portfolio Turnover | 103% |

---

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

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Industrials | 21% |
| Information Technology | 18% |
| Health Care | 16% |
| Financials | 15% |
| Consumer Discretionary | 10% |

---

###### Market Exposure

---

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

###### Largest Equity Holdings

---

| | |
|:---|:---|
| **Holding** | **% of Net Assets** |
| Arrowhead Pharmaceuticals, Inc. | 1.2% |
| Moog, Inc. - Class A | 1.1% |
| InterDigital, Inc. | 1.1% |
| CareTrust REIT, Inc. | 1.1% |
| John Bean Technologies Corp. | 1.0% |

---

![QR Code](tm262593d1_ncsrsimg009.jpg)

#### Small-Cap Growth ProFund
Investor Class SGPIX

Semi-annual Shareholder Report — January 31, 2026

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

![Image](tm262593d1_ncsrsimg008.jpg)

#### Service Class SGPSX
Semi-annual Shareholder Report — January 31, 2026

## Fund Overview
This Semi-annual shareholder report contains important information about the Small-Cap Growth ProFund (the "Fund") for the period of August 1, 2025 to January 31, 2026. You can find additional information about the Fund at https://www.profunds.com/literature. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last six months?
(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 | $147 | 2.78% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $3776279 |
| Number of Holdings\* | 335 |
| Net Investment Advisory Fees | $0 |
| Portfolio Turnover | 103% |

---

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

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Industrials | 21% |
| Information Technology | 18% |
| Health Care | 16% |
| Financials | 15% |
| Consumer Discretionary | 10% |

---

###### Market Exposure

---

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

###### Largest Equity Holdings

---

| | |
|:---|:---|
| **Holding** | **% of Net Assets** |
| Arrowhead Pharmaceuticals, Inc. | 1.2% |
| Moog, Inc. - Class A | 1.1% |
| InterDigital, Inc. | 1.1% |
| CareTrust REIT, Inc. | 1.1% |
| John Bean Technologies Corp. | 1.0% |

---

![QR Code](tm262593d1_ncsrsimg009.jpg)

#### Small-Cap Growth ProFund
Service Class SGPSX

Semi-annual Shareholder Report — January 31, 2026

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

![Image](tm262593d1_ncsrsimg008.jpg)

# Small-Cap ProFund

#### Investor Class SLPIX
Semi-annual Shareholder Report — January 31, 2026

## Fund Overview
This Semi-annual shareholder report contains important information about the Small-Cap ProFund (the "Fund") for the period of August 1, 2025 to January 31, 2026. You can find additional information about the Fund at https://www.profunds.com/literature. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last six months?
(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 | $98 | 1.78% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $12048648 |
| Number of Holdings\* | 1951 |
| Net Investment Advisory Fees | $15152 |
| Portfolio Turnover | 258% |

---

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

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Industrials | 19% |
| Health Care | 18% |
| Financials | 18% |
| Information Technology | 14% |
| Consumer Discretionary | 9% |

---

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| Equity Securities | 27% |
| Russell 2000 Index Swap Agreements | 65% |
| CME E-mini Russell 2000 Index Futures Contracts | 9% |
| **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 Equity Holdings

---

| | |
|:---|:---|
| **Holding** | **% of Net Assets** |
| Bloom Energy Corp. - Class A | 0.3% |
| Credo Technology Group Holding, Ltd. | 0.2% |
| Fabrinet | 0.2% |
| Kratos Defense & Security Solutions, Inc. | 0.2% |
| Nextpower, Inc. - Class A | 0.2% |

---

![QR Code](tm262593d1_ncsrsimg009.jpg)

#### Small-Cap ProFund
Investor Class SLPIX

Semi-annual Shareholder Report — January 31, 2026

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

![Image](tm262593d1_ncsrsimg008.jpg)

#### Service Class SLPSX
Semi-annual Shareholder Report — January 31, 2026

## Fund Overview
This Semi-annual shareholder report contains important information about the Small-Cap ProFund (the "Fund") for the period of August 1, 2025 to January 31, 2026. You can find additional information about the Fund at https://www.profunds.com/literature. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last six months?
(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 | $152 | 2.78% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $12048648 |
| Number of Holdings\* | 1951 |
| Net Investment Advisory Fees | $15152 |
| Portfolio Turnover | 258% |

---

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

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Industrials | 19% |
| Health Care | 18% |
| Financials | 18% |
| Information Technology | 14% |
| Consumer Discretionary | 9% |

---

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| Equity Securities | 27% |
| Russell 2000 Index Swap Agreements | 65% |
| CME E-mini Russell 2000 Index Futures Contracts | 9% |
| **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 Equity Holdings

---

| | |
|:---|:---|
| **Holding** | **% of Net Assets** |
| Bloom Energy Corp. - Class A | 0.3% |
| Credo Technology Group Holding, Ltd. | 0.2% |
| Fabrinet | 0.2% |
| Kratos Defense & Security Solutions, Inc. | 0.2% |
| Nextpower, Inc. - Class A | 0.2% |

---

![QR Code](tm262593d1_ncsrsimg009.jpg)

#### Small-Cap ProFund
Service Class SLPSX

Semi-annual Shareholder Report — January 31, 2026

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

![Image](tm262593d1_ncsrsimg008.jpg)

# Small-Cap Value ProFund

#### Investor Class SVPIX
Semi-annual Shareholder Report — January 31, 2026

## Fund Overview
This Semi-annual shareholder report contains important information about the Small-Cap Value ProFund (the "Fund") for the period of August 1, 2025 to January 31, 2026. You can find additional information about the Fund at https://www.profunds.com/literature. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last six months?
(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 | $99 | 1.78% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $5333436 |
| Number of Holdings\* | 466 |
| Net Investment Advisory Fees | $21574 |
| Portfolio Turnover | 621% |

---

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

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Financials | 22% |
| Consumer Discretionary | 17% |
| Industrials | 14% |
| Information Technology | 9% |
| Materials | 8% |

---

###### 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 Equity Holdings

---

| | |
|:---|:---|
| **Holding** | **% of Net Assets** |
| LKQ Corp. | 1.1% |
| Jackson Financial, Inc. - Class A | 1.0% |
| Eastman Chemical Co. | 1.0% |
| Lincoln National Corp. | 0.9% |
| CarMax, Inc. | 0.8% |

---

![QR Code](tm262593d1_ncsrsimg009.jpg)

#### Small-Cap Value ProFund
Investor Class SVPIX

Semi-annual Shareholder Report — January 31, 2026

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

![Image](tm262593d1_ncsrsimg008.jpg)

#### Service Class SVPSX
Semi-annual Shareholder Report — January 31, 2026

## Fund Overview
This Semi-annual shareholder report contains important information about the Small-Cap Value ProFund (the "Fund") for the period of August 1, 2025 to January 31, 2026. You can find additional information about the Fund at https://www.profunds.com/literature. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last six months?
(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 | $154 | 2.78% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $5333436 |
| Number of Holdings\* | 466 |
| Net Investment Advisory Fees | $21574 |
| Portfolio Turnover | 621% |

---

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

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Financials | 22% |
| Consumer Discretionary | 17% |
| Industrials | 14% |
| Information Technology | 9% |
| Materials | 8% |

---

###### 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 Equity Holdings

---

| | |
|:---|:---|
| **Holding** | **% of Net Assets** |
| LKQ Corp. | 1.1% |
| Jackson Financial, Inc. - Class A | 1.0% |
| Eastman Chemical Co. | 1.0% |
| Lincoln National Corp. | 0.9% |
| CarMax, Inc. | 0.8% |

---

![QR Code](tm262593d1_ncsrsimg009.jpg)

#### Small-Cap Value ProFund
Service Class SVPSX

Semi-annual Shareholder Report — January 31, 2026

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

![Image](tm262593d1_ncsrsimg008.jpg)

# Technology UltraSector ProFund

#### Investor Class TEPIX
Semi-annual Shareholder Report — January 31, 2026

## Fund Overview
This Semi-annual shareholder report contains important information about the Technology UltraSector ProFund (the "Fund") for the period of August 1, 2025 to January 31, 2026. You can find additional information about the Fund at https://www.profunds.com/literature. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last six months?
(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 | $74 | 1.39% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $93220155 |
| Number of Holdings\* | 75 |
| Net Investment Advisory Fees | $362028 |
| Portfolio Turnover | 20% |

---

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

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Semiconductors & Semiconductor Equipment | 43% |
| Software & Services | 33% |
| Technology Hardware & Equipment | 24% |

---

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| Equity Securities | 80% |
| S&P Technology 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 Equity Holdings

---

| | |
|:---|:---|
| **Holding** | **% of Net Assets** |
| NVIDIA Corp. | 12.3% |
| Apple, Inc. | 10.2% |
| Microsoft Corp. | 8.5% |
| Broadcom, Inc. | 4.1% |
| Micron Technology, Inc. | 3.2% |

---

![QR Code](tm262593d1_ncsrsimg009.jpg)

#### Technology UltraSector ProFund
Investor Class TEPIX

Semi-annual Shareholder Report — January 31, 2026

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

![Image](tm262593d1_ncsrsimg008.jpg)

#### Service Class TEPSX
Semi-annual Shareholder Report — January 31, 2026

## Fund Overview
This Semi-annual shareholder report contains important information about the Technology UltraSector ProFund (the "Fund") for the period of August 1, 2025 to January 31, 2026. You can find additional information about the Fund at https://www.profunds.com/literature. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last six months?
(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 | $128 | 2.39% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $93220155 |
| Number of Holdings\* | 75 |
| Net Investment Advisory Fees | $362028 |
| Portfolio Turnover | 20% |

---

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

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Semiconductors & Semiconductor Equipment | 43% |
| Software & Services | 33% |
| Technology Hardware & Equipment | 24% |

---

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| Equity Securities | 80% |
| S&P Technology 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 Equity Holdings

---

| | |
|:---|:---|
| **Holding** | **% of Net Assets** |
| NVIDIA Corp. | 12.3% |
| Apple, Inc. | 10.2% |
| Microsoft Corp. | 8.5% |
| Broadcom, Inc. | 4.1% |
| Micron Technology, Inc. | 3.2% |

---

![QR Code](tm262593d1_ncsrsimg009.jpg)

#### Technology UltraSector ProFund
Service Class TEPSX

Semi-annual Shareholder Report — January 31, 2026

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

![Image](tm262593d1_ncsrsimg007.jpg)

# UltraBear ProFund

#### Investor Class URPIX
Semi-annual Shareholder Report — January 31, 2026

## Fund Overview
This Semi-annual shareholder report contains important information about the UltraBear ProFund (the "Fund") for the period of August 1, 2025 to January 31, 2026. You can find additional information about the Fund at https://www.profunds.com/literature. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last six months?
(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 | $83 | 1.78% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $5754151 |
| Number of Holdings\* | 5 |
| Net Investment Advisory Fees | $10427 |
| Portfolio Turnover | 0% |

---

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

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Information Technology | 33% |
| Financials | 13% |
| Communication Services | 11% |
| Consumer Discretionary | 10% |
| Health Care | 9% |

---

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| S&P 500 Swap Agreements | (189)% |
| E-mini S&P 500 Futures Contracts | (12)% |
| **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.

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

![QR Code](tm262593d1_ncsrsimg009.jpg)

#### UltraBear ProFund
Investor Class URPIX

Semi-annual Shareholder Report — January 31, 2026

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

![Image](tm262593d1_ncsrsimg007.jpg)

#### Service Class URPSX
Semi-annual Shareholder Report — January 31, 2026

## Fund Overview
This Semi-annual shareholder report contains important information about the UltraBear ProFund (the "Fund") for the period of August 1, 2025 to January 31, 2026. You can find additional information about the Fund at https://www.profunds.com/literature. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last six months?
(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 | $123 | 2.64% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $5754151 |
| Number of Holdings\* | 5 |
| Net Investment Advisory Fees | $10427 |
| Portfolio Turnover | 0% |

---

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

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Information Technology | 33% |
| Financials | 13% |
| Communication Services | 11% |
| Consumer Discretionary | 10% |
| Health Care | 9% |

---

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| S&P 500 Swap Agreements | (189)% |
| E-mini S&P 500 Futures Contracts | (12)% |
| **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.

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

![QR Code](tm262593d1_ncsrsimg009.jpg)

#### UltraBear ProFund
Service Class URPSX

Semi-annual Shareholder Report — January 31, 2026

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

![Image](tm262593d1_ncsrsimg008.jpg)

# UltraBull ProFund

#### Investor Class ULPIX
Semi-annual Shareholder Report — January 31, 2026

## Fund Overview
This Semi-annual shareholder report contains important information about the UltraBull ProFund (the "Fund") for the period of August 1, 2025 to January 31, 2026. You can find additional information about the Fund at https://www.profunds.com/literature. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last six months?
(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 | $73 | 1.33% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $171482100 |
| Number of Holdings\* | 509 |
| Net Investment Advisory Fees | $710351 |
| Portfolio Turnover | 116% |

---

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

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Information Technology | 33% |
| Financials | 13% |
| Communication Services | 11% |
| Consumer Discretionary | 10% |
| Health Care | 9% |

---

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| Equity Securities | 73% |
| S&P 500 Swap Agreements | 80% |
| SPDR S&P 500 ETF Swap Agreements | 35% |
| E-mini S&P 500 Futures Contracts | 12% |
| **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 Equity Holdings

---

| | |
|:---|:---|
| **Holding** | **% of Net Assets** |
| NVIDIA Corp. | 5.7% |
| Apple, Inc. | 4.7% |
| Microsoft Corp. | 3.9% |
| Amazon.com, Inc. | 2.9% |
| Alphabet, Inc. - Class A | 2.4% |

---

![QR Code](tm262593d1_ncsrsimg009.jpg)

#### UltraBull ProFund
Investor Class ULPIX

Semi-annual Shareholder Report — January 31, 2026

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

![Image](tm262593d1_ncsrsimg008.jpg)

#### Service Class ULPSX
Semi-annual Shareholder Report — January 31, 2026

## Fund Overview
This Semi-annual shareholder report contains important information about the UltraBull ProFund (the "Fund") for the period of August 1, 2025 to January 31, 2026. You can find additional information about the Fund at https://www.profunds.com/literature. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last six months?
(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 | $127 | 2.33% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $171482100 |
| Number of Holdings\* | 509 |
| Net Investment Advisory Fees | $710351 |
| Portfolio Turnover | 116% |

---

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

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Information Technology | 33% |
| Financials | 13% |
| Communication Services | 11% |
| Consumer Discretionary | 10% |
| Health Care | 9% |

---

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| Equity Securities | 73% |
| S&P 500 Swap Agreements | 80% |
| SPDR S&P 500 ETF Swap Agreements | 35% |
| E-mini S&P 500 Futures Contracts | 12% |
| **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 Equity Holdings

---

| | |
|:---|:---|
| **Holding** | **% of Net Assets** |
| NVIDIA Corp. | 5.7% |
| Apple, Inc. | 4.7% |
| Microsoft Corp. | 3.9% |
| Amazon.com, Inc. | 2.9% |
| Alphabet, Inc. - Class A | 2.4% |

---

![QR Code](tm262593d1_ncsrsimg009.jpg)

#### UltraBull ProFund
Service Class ULPSX

Semi-annual Shareholder Report — January 31, 2026

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

![Image](tm262593d1_ncsrsimg001.jpg)

# UltraChina ProFund

#### Investor Class UGPIX
Semi-annual Shareholder Report — January 31, 2026

## Fund Overview
This Semi-annual shareholder report contains important information about the UltraChina ProFund (the "Fund") for the period of August 1, 2025 to January 31, 2026. You can find additional information about the Fund at https://www.profunds.com/literature. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last six months?
(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 | $71 | 1.34% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $25219028 |
| Number of Holdings\* | 55 |
| Net Investment Advisory Fees | $94621 |
| Portfolio Turnover | 54% |

---

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

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Consumer Discretionary | 59% |
| Communication Services | 19% |
| Health Care | 8% |
| Industrials | 6% |
| Information Technology | 4% |

---

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| Equity Securities | 89% |
| S&P China Select ADR Index (USD) Swap Agreements | 112% |
| **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 Countries

---

| | |
|:---|:---|
| China | 87.7% |

---

###### Largest Equity Holdings

---

| | |
|:---|:---|
| **Holding** | **% of Net Assets** |
| Alibaba Group Holding, Ltd. | 18.7% |
| PDD Holdings, Inc. | 10.1% |
| NetEase, Inc. | 5.6% |
| Baidu, Inc. | 5.5% |
| BeOne Medicines, Ltd. | 4.2% |

---

![QR Code](tm262593d1_ncsrsimg009.jpg)

#### UltraChina ProFund
Investor Class UGPIX

Semi-annual Shareholder Report — January 31, 2026

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

![Image](tm262593d1_ncsrsimg001.jpg)

#### Service Class UGPSX
Semi-annual Shareholder Report — January 31, 2026

## Fund Overview
This Semi-annual shareholder report contains important information about the UltraChina ProFund (the "Fund") for the period of August 1, 2025 to January 31, 2026. You can find additional information about the Fund at https://www.profunds.com/literature. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last six months?
(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 | $124 | 2.33% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $25219028 |
| Number of Holdings\* | 55 |
| Net Investment Advisory Fees | $94621 |
| Portfolio Turnover | 54% |

---

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

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Consumer Discretionary | 59% |
| Communication Services | 19% |
| Health Care | 8% |
| Industrials | 6% |
| Information Technology | 4% |

---

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| Equity Securities | 89% |
| S&P China Select ADR Index (USD) Swap Agreements | 112% |
| **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 Countries

---

| | |
|:---|:---|
| China | 87.7% |

---

###### Largest Equity Holdings

---

| | |
|:---|:---|
| **Holding** | **% of Net Assets** |
| Alibaba Group Holding, Ltd. | 18.7% |
| PDD Holdings, Inc. | 10.1% |
| NetEase, Inc. | 5.6% |
| Baidu, Inc. | 5.5% |
| BeOne Medicines, Ltd. | 4.2% |

---

![QR Code](tm262593d1_ncsrsimg009.jpg)

#### UltraChina ProFund
Service Class UGPSX

Semi-annual Shareholder Report — January 31, 2026

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

![Image](tm262593d1_ncsrsimg008.jpg)

# UltraDow 30 ProFund

#### Investor Class UDPIX
Semi-annual Shareholder Report — January 31, 2026

## Fund Overview
This Semi-annual shareholder report contains important information about the UltraDow 30 ProFund (the "Fund") for the period of August 1, 2025 to January 31, 2026. You can find additional information about the Fund at https://www.profunds.com/literature. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last six months?
(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 | $77 | 1.38% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $42903122 |
| Number of Holdings\* | 35 |
| Net Investment Advisory Fees | $156018 |
| Portfolio Turnover | 0% |

---

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

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Financials | 28% |
| Information Technology | 19% |
| Industrials | 16% |
| Consumer Discretionary | 12% |
| Health Care | 12% |

---

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| Equity Securities | 75% |
| Dow Jones Industrial Average Swap Agreements | 93% |
| SPDR Dow Jones Industrial Average ETF Swap Agreements | 27% |
| E-mini Dow Jones Futures Contracts | 5% |
| **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 Equity Holdings

---

| | |
|:---|:---|
| **Holding** | **% of Net Assets** |
| The Goldman Sachs Group, Inc. | 8.8% |
| Caterpillar, Inc. | 6.2% |
| Microsoft Corp. | 4.1% |
| The Home Depot, Inc. | 3.5% |
| The Sherwin-Williams Co. | 3.3% |

---

![QR Code](tm262593d1_ncsrsimg009.jpg)

#### UltraDow 30 ProFund
Investor Class UDPIX

Semi-annual Shareholder Report — January 31, 2026

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

![Image](tm262593d1_ncsrsimg008.jpg)

#### Service Class UDPSX
Semi-annual Shareholder Report — January 31, 2026

## Fund Overview
This Semi-annual shareholder report contains important information about the UltraDow 30 ProFund (the "Fund") for the period of August 1, 2025 to January 31, 2026. You can find additional information about the Fund at https://www.profunds.com/literature. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last six months?
(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 | $132 | 2.38% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $42903122 |
| Number of Holdings\* | 35 |
| Net Investment Advisory Fees | $156018 |
| Portfolio Turnover | 0% |

---

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

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Financials | 28% |
| Information Technology | 19% |
| Industrials | 16% |
| Consumer Discretionary | 12% |
| Health Care | 12% |

---

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| Equity Securities | 75% |
| Dow Jones Industrial Average Swap Agreements | 93% |
| SPDR Dow Jones Industrial Average ETF Swap Agreements | 27% |
| E-mini Dow Jones Futures Contracts | 5% |
| **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 Equity Holdings

---

| | |
|:---|:---|
| **Holding** | **% of Net Assets** |
| The Goldman Sachs Group, Inc. | 8.8% |
| Caterpillar, Inc. | 6.2% |
| Microsoft Corp. | 4.1% |
| The Home Depot, Inc. | 3.5% |
| The Sherwin-Williams Co. | 3.3% |

---

![QR Code](tm262593d1_ncsrsimg009.jpg)

#### UltraDow 30 ProFund
Service Class UDPSX

Semi-annual Shareholder Report — January 31, 2026

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

![Image](tm262593d1_ncsrsimg001.jpg)

# UltraEmerging Markets ProFund

#### Investor Class UUPIX
Semi-annual Shareholder Report — January 31, 2026

## Fund Overview
This Semi-annual shareholder report contains important information about the UltraEmerging Markets ProFund (the "Fund") for the period of August 1, 2025 to January 31, 2026. You can find additional information about the Fund at https://www.profunds.com/literature. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last six months?
(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 | $109 | 1.78% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $17487118 |
| Number of Holdings\* | 56 |
| Net Investment Advisory Fees | $52861 |
| Portfolio Turnover | 127% |

---

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

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Consumer Discretionary | 29% |
| Information Technology | 27% |
| Financials | 17% |
| Materials | 9% |
| Communication Services | 8% |

---

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| Equity Securities | 88% |
| S&P Emerging 50 ADR Index (USD) Swap Agreements | 112% |
| **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 Countries

---

| | |
|:---|:---|
| China | 32.4% |
| Taiwan | 21.1% |
| India | 11.9% |
| Brazil | 10.5% |
| South Korea | 4.6% |

---

###### Largest Equity Holdings

---

| | |
|:---|:---|
| **Holding** | **% of Net Assets** |
| Taiwan Semiconductor Manufacturing Co., Ltd. | 17.8% |
| Alibaba Group Holding, Ltd. | 16.5% |
| HDFC Bank, Ltd. | 5.0% |
| ICICI Bank, Ltd. | 3.4% |
| PDD Holdings, Inc. | 3.3% |

---

![QR Code](tm262593d1_ncsrsimg009.jpg)

#### UltraEmerging Markets ProFund
Investor Class UUPIX

Semi-annual Shareholder Report — January 31, 2026

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

![Image](tm262593d1_ncsrsimg001.jpg)

#### Service Class UUPSX
Semi-annual Shareholder Report — January 31, 2026

## Fund Overview
This Semi-annual shareholder report contains important information about the UltraEmerging Markets ProFund (the "Fund") for the period of August 1, 2025 to January 31, 2026. You can find additional information about the Fund at https://www.profunds.com/literature. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last six months?
(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 | $169 | 2.78% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $17487118 |
| Number of Holdings\* | 56 |
| Net Investment Advisory Fees | $52861 |
| Portfolio Turnover | 127% |

---

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

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Consumer Discretionary | 29% |
| Information Technology | 27% |
| Financials | 17% |
| Materials | 9% |
| Communication Services | 8% |

---

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| Equity Securities | 88% |
| S&P Emerging 50 ADR Index (USD) Swap Agreements | 112% |
| **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 Countries

---

| | |
|:---|:---|
| China | 32.4% |
| Taiwan | 21.1% |
| India | 11.9% |
| Brazil | 10.5% |
| South Korea | 4.6% |

---

###### Largest Equity Holdings

---

| | |
|:---|:---|
| **Holding** | **% of Net Assets** |
| Taiwan Semiconductor Manufacturing Co., Ltd. | 17.8% |
| Alibaba Group Holding, Ltd. | 16.5% |
| HDFC Bank, Ltd. | 5.0% |
| ICICI Bank, Ltd. | 3.4% |
| PDD Holdings, Inc. | 3.3% |

---

![QR Code](tm262593d1_ncsrsimg009.jpg)

#### UltraEmerging Markets ProFund
Service Class UUPSX

Semi-annual Shareholder Report — January 31, 2026

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

![Image](tm262593d1_ncsrsimg007.jpg)

# UltraInternational ProFund

#### Investor Class UNPIX
Semi-annual Shareholder Report — January 31, 2026

## Fund Overview
This Semi-annual shareholder report contains important information about the UltraInternational ProFund (the "Fund") for the period of August 1, 2025 to January 31, 2026. You can find additional information about the Fund at https://www.profunds.com/literature. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last six months?
(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 | $104 | 1.78% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $8278990 |
| Number of Holdings\* | 5 |
| Net Investment Advisory Fees | $19992 |
| Portfolio Turnover | 0% |

---

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

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Financials | 25% |
| Industrials | 20% |
| Health Care | 11% |
| Consumer Discretionary | 9% |
| Information Technology | 9% |

---

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| MSCI EAFE Index 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.

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

![QR Code](tm262593d1_ncsrsimg009.jpg)

#### UltraInternational ProFund
Investor Class UNPIX

Semi-annual Shareholder Report — January 31, 2026

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

![Image](tm262593d1_ncsrsimg007.jpg)

#### Service Class UNPSX
Semi-annual Shareholder Report — January 31, 2026

## Fund Overview
This Semi-annual shareholder report contains important information about the UltraInternational ProFund (the "Fund") for the period of August 1, 2025 to January 31, 2026. You can find additional information about the Fund at https://www.profunds.com/literature. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last six months?
(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 | $162 | 2.78% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $8278990 |
| Number of Holdings\* | 5 |
| Net Investment Advisory Fees | $19992 |
| Portfolio Turnover | 0% |

---

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

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Financials | 25% |
| Industrials | 20% |
| Health Care | 11% |
| Consumer Discretionary | 9% |
| Information Technology | 9% |

---

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| MSCI EAFE Index 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.

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

![QR Code](tm262593d1_ncsrsimg009.jpg)

#### UltraInternational ProFund
Service Class UNPSX

Semi-annual Shareholder Report — January 31, 2026

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

![Image](tm262593d1_ncsrsimg007.jpg)

# UltraJapan ProFund

#### Investor Class UJPIX
Semi-annual Shareholder Report — January 31, 2026

## Fund Overview
This Semi-annual shareholder report contains important information about the UltraJapan ProFund (the "Fund") for the period of August 1, 2025 to January 31, 2026. You can find additional information about the Fund at https://www.profunds.com/literature. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last six months?
(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 | $107 | 1.58% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $29118142 |
| Number of Holdings\* | 5 |
| Net Investment Advisory Fees | $114726 |
| Portfolio Turnover | 0% |

---

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

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Information Technology | 32% |
| Industrials | 18% |
| Consumer Discretionary | 18% |
| Communication Services | 11% |
| Health Care | 8% |

---

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| Nikkei 225 Stock Average Swap Agreements | 0% |
| Nikkei 225 Index Futures Contracts | 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.

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

![QR Code](tm262593d1_ncsrsimg009.jpg)

#### UltraJapan ProFund
Investor Class UJPIX

Semi-annual Shareholder Report — January 31, 2026

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

![Image](tm262593d1_ncsrsimg002.jpg)

#### Service Class UJPSX
Semi-annual Shareholder Report — January 31, 2026

## Fund Overview
This Semi-annual shareholder report contains important information about the UltraJapan ProFund (the "Fund") for the period of August 1, 2025 to January 31, 2026. You can find additional information about the Fund at https://www.profunds.com/literature. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last six months?
(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 | $174 | 2.58% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $29118142 |
| Number of Holdings\* | 5 |
| Net Investment Advisory Fees | $114726 |
| Portfolio Turnover | 0% |

---

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

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Information Technology | 32% |
| Industrials | 18% |
| Consumer Discretionary | 18% |
| Communication Services | 11% |
| Health Care | 8% |

---

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| Nikkei 225 Stock Average Swap Agreements | 0% |
| Nikkei 225 Index Futures Contracts | 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.

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

![QR Code](tm262593d1_ncsrsimg009.jpg)

#### UltraJapan ProFund
Service Class UJPSX

Semi-annual Shareholder Report — January 31, 2026

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

![Image](tm262593d1_ncsrsimg001.jpg)

# UltraLatin America ProFund

#### Investor Class UBPIX
Semi-annual Shareholder Report — January 31, 2026

## Fund Overview
This Semi-annual shareholder report contains important information about the UltraLatin America ProFund (the "Fund") for the period of August 1, 2025 to January 31, 2026. You can find additional information about the Fund at https://www.profunds.com/literature. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last six months?
(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 | $131 | 1.77% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $14195581 |
| Number of Holdings\* | 40 |
| Net Investment Advisory Fees | $30561 |
| Portfolio Turnover | 140% |

---

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

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Materials | 25% |
| Financials | 23% |
| Energy | 18% |
| Industrials | 10% |
| Consumer Staples | 8% |

---

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| Equity Securities | 91% |
| S&P Latin America 35 ADR Index (USD) Swap Agreements | 107% |
| **Total** | **198%** |

---

"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 Countries

---

| | |
|:---|:---|
| Brazil | 56.5% |
| Mexico | 18.9% |
| Chile | 7.6% |
| Argentina | 3.6% |
| Colombia | 2.7% |

---

###### Largest Equity Holdings

---

| | |
|:---|:---|
| **Holding** | **% of Net Assets** |
| Vale S.A. | 12.4% |
| Itau Unibanco Holding S.A. | 10.2% |
| Petroleo Brasileiro S.A. | 6.9% |
| Petroleo Brasileiro S.A. | 6.1% |
| Banco Bradesco S.A. | 4.3% |

---

![QR Code](tm262593d1_ncsrsimg009.jpg)

#### UltraLatin America ProFund
Investor Class UBPIX

Semi-annual Shareholder Report — January 31, 2026

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

![Image](tm262593d1_ncsrsimg001.jpg)

#### Service Class UBPSX
Semi-annual Shareholder Report — January 31, 2026

## Fund Overview
This Semi-annual shareholder report contains important information about the UltraLatin America ProFund (the "Fund") for the period of August 1, 2025 to January 31, 2026. You can find additional information about the Fund at https://www.profunds.com/literature. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last six months?
(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 | $204 | 2.77% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $14195581 |
| Number of Holdings\* | 40 |
| Net Investment Advisory Fees | $30561 |
| Portfolio Turnover | 140% |

---

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

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Materials | 25% |
| Financials | 23% |
| Energy | 18% |
| Industrials | 10% |
| Consumer Staples | 8% |

---

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| Equity Securities | 91% |
| S&P Latin America 35 ADR Index (USD) Swap Agreements | 107% |
| **Total** | **198%** |

---

"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 Countries

---

| | |
|:---|:---|
| Brazil | 56.5% |
| Mexico | 18.9% |
| Chile | 7.6% |
| Argentina | 3.6% |
| Colombia | 2.7% |

---

###### Largest Equity Holdings

---

| | |
|:---|:---|
| **Holding** | **% of Net Assets** |
| Vale S.A. | 12.4% |
| Itau Unibanco Holding S.A. | 10.2% |
| Petroleo Brasileiro S.A. | 6.9% |
| Petroleo Brasileiro S.A. | 6.1% |
| Banco Bradesco S.A. | 4.3% |

---

![QR Code](tm262593d1_ncsrsimg009.jpg)

#### UltraLatin America ProFund
Service Class UBPSX

Semi-annual Shareholder Report — January 31, 2026

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

![Image](tm262593d1_ncsrsimg008.jpg)

# UltraMid-Cap ProFund

#### Investor Class UMPIX
Semi-annual Shareholder Report — January 31, 2026

## Fund Overview
This Semi-annual shareholder report contains important information about the UltraMid-Cap ProFund (the "Fund") for the period of August 1, 2025 to January 31, 2026. You can find additional information about the Fund at https://www.profunds.com/literature. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last six months?
(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 | $77 | 1.41% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $38587000 |
| Number of Holdings\* | 405 |
| Net Investment Advisory Fees | $127625 |
| Portfolio Turnover | 34% |

---

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

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Industrials | 25% |
| Financials | 16% |
| Information Technology | 14% |
| Consumer Discretionary | 11% |
| Health Care | 8% |

---

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| Equity Securities | 68% |
| S&P MidCap 400 Swap Agreements | 86% |
| SPDR S&P MidCap 400 ETF Swap Agreements | 37% |
| 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 Equity Holdings

---

| | |
|:---|:---|
| **Holding** | **% of Net Assets** |
| Ciena Corp. | 0.7% |
| Coherent Corp. | 0.7% |
| Lumentum Holdings, Inc. | 0.6% |
| Curtiss-Wright Corp. | 0.5% |
| Flex, Ltd. | 0.5% |

---

![QR Code](tm262593d1_ncsrsimg009.jpg)

#### UltraMid-Cap ProFund
Investor Class UMPIX

Semi-annual Shareholder Report — January 31, 2026

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

![Image](tm262593d1_ncsrsimg008.jpg)

#### Service Class UMPSX
Semi-annual Shareholder Report — January 31, 2026

## Fund Overview
This Semi-annual shareholder report contains important information about the UltraMid-Cap ProFund (the "Fund") for the period of August 1, 2025 to January 31, 2026. You can find additional information about the Fund at https://www.profunds.com/literature. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last six months?
(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 | $131 | 2.41% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $38587000 |
| Number of Holdings\* | 405 |
| Net Investment Advisory Fees | $127625 |
| Portfolio Turnover | 34% |

---

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

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Industrials | 25% |
| Financials | 16% |
| Information Technology | 14% |
| Consumer Discretionary | 11% |
| Health Care | 8% |

---

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| Equity Securities | 68% |
| S&P MidCap 400 Swap Agreements | 86% |
| SPDR S&P MidCap 400 ETF Swap Agreements | 37% |
| 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 Equity Holdings

---

| | |
|:---|:---|
| **Holding** | **% of Net Assets** |
| Ciena Corp. | 0.7% |
| Coherent Corp. | 0.7% |
| Lumentum Holdings, Inc. | 0.6% |
| Curtiss-Wright Corp. | 0.5% |
| Flex, Ltd. | 0.5% |

---

![QR Code](tm262593d1_ncsrsimg009.jpg)

#### UltraMid-Cap ProFund
Service Class UMPSX

Semi-annual Shareholder Report — January 31, 2026

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

![Image](tm262593d1_ncsrsimg008.jpg)

# UltraNasdaq-100 ProFund

#### Investor Class UOPIX
Semi-annual Shareholder Report — January 31, 2026

## Fund Overview
This Semi-annual shareholder report contains important information about the UltraNasdaq-100 ProFund (the "Fund") for the period of August 1, 2025 to January 31, 2026. You can find additional information about the Fund at https://www.profunds.com/literature. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last six months?
(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 | $72 | 1.31% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $1213906291 |
| Number of Holdings\* | 106 |
| Net Investment Advisory Fees | $5045116 |
| Portfolio Turnover | 36% |

---

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

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Information Technology | 51% |
| Communication Services | 16% |
| Consumer Discretionary | 13% |
| Consumer Staples | 8% |
| Health Care | 5% |

---

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| Equity Securities | 74% |
| Invesco QQQ Trust, Series 1 ETF Swap Agreements | 30% |
| Nasdaq-100 Index Swap Agreements | 86% |
| E-mini Nasdaq-100 Index Futures Contracts | 10% |
| **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 Equity Holdings

---

| | |
|:---|:---|
| **Holding** | **% of Net Assets** |
| NVIDIA Corp. | 6.6% |
| Apple, Inc. | 5.5% |
| Microsoft Corp. | 4.6% |
| Amazon.com, Inc. | 3.6% |
| Meta Platforms, Inc. - Class A | 3.0% |

---

![QR Code](tm262593d1_ncsrsimg009.jpg)

#### UltraNasdaq-100 ProFund
Investor Class UOPIX

Semi-annual Shareholder Report — January 31, 2026

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

![Image](tm262593d1_ncsrsimg008.jpg)

#### Service Class UOPSX
Semi-annual Shareholder Report — January 31, 2026

## Fund Overview
This Semi-annual shareholder report contains important information about the UltraNasdaq-100 ProFund (the "Fund") for the period of August 1, 2025 to January 31, 2026. You can find additional information about the Fund at https://www.profunds.com/literature. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last six months?
(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 | $126 | 2.31% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $1213906291 |
| Number of Holdings\* | 106 |
| Net Investment Advisory Fees | $5045116 |
| Portfolio Turnover | 36% |

---

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

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Information Technology | 51% |
| Communication Services | 16% |
| Consumer Discretionary | 13% |
| Consumer Staples | 8% |
| Health Care | 5% |

---

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| Equity Securities | 74% |
| Invesco QQQ Trust, Series 1 ETF Swap Agreements | 30% |
| Nasdaq-100 Index Swap Agreements | 86% |
| E-mini Nasdaq-100 Index Futures Contracts | 10% |
| **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 Equity Holdings

---

| | |
|:---|:---|
| **Holding** | **% of Net Assets** |
| NVIDIA Corp. | 6.6% |
| Apple, Inc. | 5.5% |
| Microsoft Corp. | 4.6% |
| Amazon.com, Inc. | 3.6% |
| Meta Platforms, Inc. - Class A | 3.0% |

---

![QR Code](tm262593d1_ncsrsimg009.jpg)

#### UltraNasdaq-100 ProFund
Service Class UOPSX

Semi-annual Shareholder Report — January 31, 2026

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

![Image](tm262593d1_ncsrsimg007.jpg)

# UltraShort China ProFund

#### Investor Class UHPIX
Semi-annual Shareholder Report — January 31, 2026

## Fund Overview
This Semi-annual shareholder report contains important information about the UltraShort China ProFund (the "Fund") for the period of August 1, 2025 to January 31, 2026. You can find additional information about the Fund at https://www.profunds.com/literature. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last six months?
(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 | $81 | 1.78% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $2484319 |
| Number of Holdings\* | 5 |
| Net Investment Advisory Fees | $0 |
| Portfolio Turnover | 0% |

---

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

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Consumer Discretionary | 59% |
| Communication Services | 19% |
| Health Care | 8% |
| Industrials | 6% |
| Information Technology | 4% |

---

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| S&P China Select 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.

###### 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.

![QR Code](tm262593d1_ncsrsimg009.jpg)

#### UltraShort China ProFund
Investor Class UHPIX

Semi-annual Shareholder Report — January 31, 2026

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

![Image](tm262593d1_ncsrsimg007.jpg)

#### Service Class UHPSX
Semi-annual Shareholder Report — January 31, 2026

## Fund Overview
This Semi-annual shareholder report contains important information about the UltraShort China ProFund (the "Fund") for the period of August 1, 2025 to January 31, 2026. You can find additional information about the Fund at https://www.profunds.com/literature. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last six months?
(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 | $116 | 2.56% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $2484319 |
| Number of Holdings\* | 5 |
| Net Investment Advisory Fees | $0 |
| Portfolio Turnover | 0% |

---

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

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Consumer Discretionary | 59% |
| Communication Services | 19% |
| Health Care | 8% |
| Industrials | 6% |
| Information Technology | 4% |

---

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| S&P China Select 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.

###### 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.

![QR Code](tm262593d1_ncsrsimg009.jpg)

#### UltraShort China ProFund
Service Class UHPSX

Semi-annual Shareholder Report — January 31, 2026

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

![Image](tm262593d1_ncsrsimg007.jpg)

# UltraShort Dow 30 ProFund

#### Investor Class UWPIX
Semi-annual Shareholder Report — January 31, 2026

## Fund Overview
This Semi-annual shareholder report contains important information about the UltraShort Dow 30 ProFund (the "Fund") for the period of August 1, 2025 to January 31, 2026. You can find additional information about the Fund at https://www.profunds.com/literature. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last six months?
(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 | $82 | 1.78% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $1053366 |
| Number of Holdings\* | 5 |
| Net Investment Advisory Fees | $0 |
| Portfolio Turnover | 0% |

---

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

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Financials | 28% |
| Information Technology | 19% |
| Industrials | 16% |
| Consumer Discretionary | 12% |
| Health Care | 12% |

---

###### 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.

###### 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.

![QR Code](tm262593d1_ncsrsimg009.jpg)

#### UltraShort Dow 30 ProFund
Investor Class UWPIX

Semi-annual Shareholder Report — January 31, 2026

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

![Image](tm262593d1_ncsrsimg002.jpg)

#### Service Class UWPSX
Semi-annual Shareholder Report — January 31, 2026

## Fund Overview
This Semi-annual shareholder report contains important information about the UltraShort Dow 30 ProFund (the "Fund") for the period of August 1, 2025 to January 31, 2026. You can find additional information about the Fund at https://www.profunds.com/literature. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last six months?
(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 | $128 | 2.78% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $1053366 |
| Number of Holdings\* | 5 |
| Net Investment Advisory Fees | $0 |
| Portfolio Turnover | 0% |

---

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

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Financials | 28% |
| Information Technology | 19% |
| Industrials | 16% |
| Consumer Discretionary | 12% |
| Health Care | 12% |

---

###### 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.

###### 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.

![QR Code](tm262593d1_ncsrsimg009.jpg)

#### UltraShort Dow 30 ProFund
Service Class UWPSX

Semi-annual Shareholder Report — January 31, 2026

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

![Image](tm262593d1_ncsrsimg007.jpg)

# UltraShort Emerging Markets ProFund

#### Investor Class UVPIX
Semi-annual Shareholder Report — January 31, 2026

## Fund Overview
This Semi-annual shareholder report contains important information about the UltraShort Emerging Markets ProFund (the "Fund") for the period of August 1, 2025 to January 31, 2026. You can find additional information about the Fund at https://www.profunds.com/literature. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last six months?
(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 | $74 | 1.78% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $408759 |
| Number of Holdings\* | 5 |
| Net Investment Advisory Fees | $0 |
| Portfolio Turnover | 0% |

---

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

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Consumer Discretionary | 29% |
| Information Technology | 27% |
| Financials | 17% |
| Materials | 9% |
| Communication Services | 8% |

---

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| S&P Emerging 50 ADR Index (USD) Swap Agreements | (205)% |
| **Total** | **(205)%** |

---

"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 UltraShort Emerging Markets ProFund primarily invests in non-equity securities, which may include: swap agreements, futures contracts, repurchase agreements and U.S. Government securities.

![QR Code](tm262593d1_ncsrsimg009.jpg)

#### UltraShort Emerging Markets ProFund
Investor Class UVPIX

Semi-annual Shareholder Report — January 31, 2026

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

![Image](tm262593d1_ncsrsimg002.jpg)

#### Service Class UVPSX
Semi-annual Shareholder Report — January 31, 2026

## Fund Overview
This Semi-annual shareholder report contains important information about the UltraShort Emerging Markets ProFund (the "Fund") for the period of August 1, 2025 to January 31, 2026. You can find additional information about the Fund at https://www.profunds.com/literature. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last six months?
(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 | $116 | 2.78% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $408759 |
| Number of Holdings\* | 5 |
| Net Investment Advisory Fees | $0 |
| Portfolio Turnover | 0% |

---

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

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Consumer Discretionary | 29% |
| Information Technology | 27% |
| Financials | 17% |
| Materials | 9% |
| Communication Services | 8% |

---

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| S&P Emerging 50 ADR Index (USD) Swap Agreements | (205)% |
| **Total** | **(205)%** |

---

"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 UltraShort Emerging Markets ProFund primarily invests in non-equity securities, which may include: swap agreements, futures contracts, repurchase agreements and U.S. Government securities.

![QR Code](tm262593d1_ncsrsimg009.jpg)

#### UltraShort Emerging Markets ProFund
Service Class UVPSX

Semi-annual Shareholder Report — January 31, 2026

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

![Image](tm262593d1_ncsrsimg007.jpg)

# UltraShort International ProFund

#### Investor Class UXPIX
Semi-annual Shareholder Report — January 31, 2026

## Fund Overview
This Semi-annual shareholder report contains important information about the UltraShort International ProFund (the "Fund") for the period of August 1, 2025 to January 31, 2026. You can find additional information about the Fund at https://www.profunds.com/literature. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last six months?
(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 | $79 | 1.78% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $1862088 |
| Number of Holdings\* | 5 |
| Net Investment Advisory Fees | $0 |
| Portfolio Turnover | 0% |

---

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

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Financials | 25% |
| Industrials | 20% |
| Health Care | 11% |
| Consumer Discretionary | 9% |
| Information Technology | 9% |

---

###### 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.

###### 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.

![QR Code](tm262593d1_ncsrsimg009.jpg)

#### UltraShort International ProFund
Investor Class UXPIX

Semi-annual Shareholder Report — January 31, 2026

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

![Image](tm262593d1_ncsrsimg002.jpg)

#### Service Class UXPSX
Semi-annual Shareholder Report — January 31, 2026

## Fund Overview
This Semi-annual shareholder report contains important information about the UltraShort International ProFund (the "Fund") for the period of August 1, 2025 to January 31, 2026. You can find additional information about the Fund at https://www.profunds.com/literature. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last six months?
(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 | $122 | 2.78% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $1862088 |
| Number of Holdings\* | 5 |
| Net Investment Advisory Fees | $0 |
| Portfolio Turnover | 0% |

---

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

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Financials | 25% |
| Industrials | 20% |
| Health Care | 11% |
| Consumer Discretionary | 9% |
| Information Technology | 9% |

---

###### 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.

###### 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.

![QR Code](tm262593d1_ncsrsimg009.jpg)

#### UltraShort International ProFund
Service Class UXPSX

Semi-annual Shareholder Report — January 31, 2026

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

![Image](tm262593d1_ncsrsimg007.jpg)

# UltraShort Japan ProFund

#### Investor Class UKPIX
Semi-annual Shareholder Report — January 31, 2026

## Fund Overview
This Semi-annual shareholder report contains important information about the UltraShort Japan ProFund (the "Fund") for the period of August 1, 2025 to January 31, 2026. You can find additional information about the Fund at https://www.profunds.com/literature. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last six months?
(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 | $70 | 1.79% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $1605429 |
| Number of Holdings\* | 5 |
| Net Investment Advisory Fees | $0 |
| Portfolio Turnover | 0% |

---

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

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Information Technology | 32% |
| Industrials | 18% |
| Consumer Discretionary | 18% |
| Communication Services | 11% |
| Health Care | 8% |

---

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| Nikkei 225 Stock Average Swap Agreements | (17)% |
| Nikkei 225 Index Futures Contracts | (183)% |
| **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.

###### 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.

![QR Code](tm262593d1_ncsrsimg009.jpg)

#### UltraShort Japan ProFund
Investor Class UKPIX

Semi-annual Shareholder Report — January 31, 2026

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

![Image](tm262593d1_ncsrsimg002.jpg)

#### Service Class UKPSX
Semi-annual Shareholder Report — January 31, 2026

## Fund Overview
This Semi-annual shareholder report contains important information about the UltraShort Japan ProFund (the "Fund") for the period of August 1, 2025 to January 31, 2026. You can find additional information about the Fund at https://www.profunds.com/literature. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last six months?
(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 | $108 | 2.79% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $1605429 |
| Number of Holdings\* | 5 |
| Net Investment Advisory Fees | $0 |
| Portfolio Turnover | 0% |

---

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

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Information Technology | 32% |
| Industrials | 18% |
| Consumer Discretionary | 18% |
| Communication Services | 11% |
| Health Care | 8% |

---

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| Nikkei 225 Stock Average Swap Agreements | (17)% |
| Nikkei 225 Index Futures Contracts | (183)% |
| **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.

###### 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.

![QR Code](tm262593d1_ncsrsimg009.jpg)

#### UltraShort Japan ProFund
Service Class UKPSX

Semi-annual Shareholder Report — January 31, 2026

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

![Image](tm262593d1_ncsrsimg007.jpg)

# UltraShort Latin America ProFund

#### Investor Class UFPIX
Semi-annual Shareholder Report — January 31, 2026

## Fund Overview
This Semi-annual shareholder report contains important information about the UltraShort Latin America ProFund (the "Fund") for the period of August 1, 2025 to January 31, 2026. You can find additional information about the Fund at https://www.profunds.com/literature. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last six months?
(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 | $67 | 1.78% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $6134896 |
| Number of Holdings\* | 5 |
| Net Investment Advisory Fees | $0 |
| Portfolio Turnover | 0% |

---

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

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Materials | 25% |
| Financials | 23% |
| Energy | 18% |
| Industrials | 10% |
| Consumer Staples | 8% |

---

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| S&P Latin America 35 ADR Index (USD) Swap Agreements | (205)% |
| **Total** | **(205)%** |

---

"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 UltraShort Latin America ProFund primarily invests in non-equity securities, which may include: swap agreements, futures contracts, repurchase agreements and U.S. Government securities.

![QR Code](tm262593d1_ncsrsimg009.jpg)

#### UltraShort Latin America ProFund
Investor Class UFPIX

Semi-annual Shareholder Report — January 31, 2026

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

![Image](tm262593d1_ncsrsimg002.jpg)

#### Service Class UFPSX
Semi-annual Shareholder Report — January 31, 2026

## Fund Overview
This Semi-annual shareholder report contains important information about the UltraShort Latin America ProFund (the "Fund") for the period of August 1, 2025 to January 31, 2026. You can find additional information about the Fund at https://www.profunds.com/literature. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last six months?
(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 | $104 | 2.78% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $6134896 |
| Number of Holdings\* | 5 |
| Net Investment Advisory Fees | $0 |
| Portfolio Turnover | 0% |

---

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

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Materials | 25% |
| Financials | 23% |
| Energy | 18% |
| Industrials | 10% |
| Consumer Staples | 8% |

---

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| S&P Latin America 35 ADR Index (USD) Swap Agreements | (205)% |
| **Total** | **(205)%** |

---

"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 UltraShort Latin America ProFund primarily invests in non-equity securities, which may include: swap agreements, futures contracts, repurchase agreements and U.S. Government securities.

![QR Code](tm262593d1_ncsrsimg009.jpg)

#### UltraShort Latin America ProFund
Service Class UFPSX

Semi-annual Shareholder Report — January 31, 2026

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

![Image](tm262593d1_ncsrsimg007.jpg)

# UltraShort Mid-Cap ProFund

#### Investor Class UIPIX
Semi-annual Shareholder Report — January 31, 2026

## Fund Overview
This Semi-annual shareholder report contains important information about the UltraShort Mid-Cap ProFund (the "Fund") for the period of August 1, 2025 to January 31, 2026. You can find additional information about the Fund at https://www.profunds.com/literature. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last six months?
(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 | $83 | 1.78% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $477711 |
| Number of Holdings\* | 5 |
| Net Investment Advisory Fees | $0 |
| Portfolio Turnover | 0% |

---

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

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Industrials | 25% |
| Financials | 16% |
| Information Technology | 14% |
| Consumer Discretionary | 11% |
| Health Care | 8% |

---

###### 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.

###### 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.

![QR Code](tm262593d1_ncsrsimg009.jpg)

#### UltraShort Mid-Cap ProFund
Investor Class UIPIX

Semi-annual Shareholder Report — January 31, 2026

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

![Image](tm262593d1_ncsrsimg002.jpg)

#### Service Class UIPSX
Semi-annual Shareholder Report — January 31, 2026

## Fund Overview
This Semi-annual shareholder report contains important information about the UltraShort Mid-Cap ProFund (the "Fund") for the period of August 1, 2025 to January 31, 2026. You can find additional information about the Fund at https://www.profunds.com/literature. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last six months?
(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 | $130 | 2.78% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $477711 |
| Number of Holdings\* | 5 |
| Net Investment Advisory Fees | $0 |
| Portfolio Turnover | 0% |

---

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

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Industrials | 25% |
| Financials | 16% |
| Information Technology | 14% |
| Consumer Discretionary | 11% |
| Health Care | 8% |

---

###### 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.

###### 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.

![QR Code](tm262593d1_ncsrsimg009.jpg)

#### UltraShort Mid-Cap ProFund
Service Class UIPSX

Semi-annual Shareholder Report — January 31, 2026

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

![Image](tm262593d1_ncsrsimg007.jpg)

# UltraShort Nasdaq-100 ProFund

#### Investor Class USPIX
Semi-annual Shareholder Report — January 31, 2026

## Fund Overview
This Semi-annual shareholder report contains important information about the UltraShort Nasdaq-100 ProFund (the "Fund") for the period of August 1, 2025 to January 31, 2026. You can find additional information about the Fund at https://www.profunds.com/literature. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last six months?
(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 | $82 | 1.78% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $15357058 |
| Number of Holdings\* | 5 |
| Net Investment Advisory Fees | $41460 |
| Portfolio Turnover | 0% |

---

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

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Information Technology | 51% |
| Communication Services | 16% |
| Consumer Discretionary | 13% |
| Consumer Staples | 8% |
| Health Care | 5% |

---

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| Nasdaq-100 Index Swap Agreements | (188)% |
| E-mini Nasdaq-100 Index Futures Contracts | (13)% |
| **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.

###### 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.

![QR Code](tm262593d1_ncsrsimg009.jpg)

#### UltraShort Nasdaq-100 ProFund
Investor Class USPIX

Semi-annual Shareholder Report — January 31, 2026

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

![Image](tm262593d1_ncsrsimg007.jpg)

#### Service Class USPSX
Semi-annual Shareholder Report — January 31, 2026

## Fund Overview
This Semi-annual shareholder report contains important information about the UltraShort Nasdaq-100 ProFund (the "Fund") for the period of August 1, 2025 to January 31, 2026. You can find additional information about the Fund at https://www.profunds.com/literature. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last six months?
(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 | $128 | 2.78% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $15357058 |
| Number of Holdings\* | 5 |
| Net Investment Advisory Fees | $41460 |
| Portfolio Turnover | 0% |

---

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

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Information Technology | 51% |
| Communication Services | 16% |
| Consumer Discretionary | 13% |
| Consumer Staples | 8% |
| Health Care | 5% |

---

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| Nasdaq-100 Index Swap Agreements | (188)% |
| E-mini Nasdaq-100 Index Futures Contracts | (13)% |
| **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.

###### 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.

![QR Code](tm262593d1_ncsrsimg009.jpg)

#### UltraShort Nasdaq-100 ProFund
Service Class USPSX

Semi-annual Shareholder Report — January 31, 2026

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

![Image](tm262593d1_ncsrsimg007.jpg)

# UltraShort Small-Cap ProFund

#### Investor Class UCPIX
Semi-annual Shareholder Report — January 31, 2026

## Fund Overview
This Semi-annual shareholder report contains important information about the UltraShort Small-Cap ProFund (the "Fund") for the period of August 1, 2025 to January 31, 2026. You can find additional information about the Fund at https://www.profunds.com/literature. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last six months?
(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 | $77 | 1.78% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $3126396 |
| Number of Holdings\* | 5 |
| Net Investment Advisory Fees | $7364 |
| Portfolio Turnover | 0% |

---

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

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Industrials | 19% |
| Health Care | 18% |
| Financials | 18% |
| Information Technology | 14% |
| Consumer Discretionary | 9% |

---

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| Russell 2000 Index Swap Agreements | (192)% |
| CME E-mini Russell 2000 Index Futures Contracts | (8)% |
| **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.

###### 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.

![QR Code](tm262593d1_ncsrsimg009.jpg)

#### UltraShort Small-Cap ProFund
Investor Class UCPIX

Semi-annual Shareholder Report — January 31, 2026

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

![Image](tm262593d1_ncsrsimg002.jpg)

#### Service Class UCPSX
Semi-annual Shareholder Report — January 31, 2026

## Fund Overview
This Semi-annual shareholder report contains important information about the UltraShort Small-Cap ProFund (the "Fund") for the period of August 1, 2025 to January 31, 2026. You can find additional information about the Fund at https://www.profunds.com/literature. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last six months?
(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 | $112 | 2.61% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $3126396 |
| Number of Holdings\* | 5 |
| Net Investment Advisory Fees | $7364 |
| Portfolio Turnover | 0% |

---

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

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Industrials | 19% |
| Health Care | 18% |
| Financials | 18% |
| Information Technology | 14% |
| Consumer Discretionary | 9% |

---

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| Russell 2000 Index Swap Agreements | (192)% |
| CME E-mini Russell 2000 Index Futures Contracts | (8)% |
| **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.

###### 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.

![QR Code](tm262593d1_ncsrsimg009.jpg)

#### UltraShort Small-Cap ProFund
Service Class UCPSX

Semi-annual Shareholder Report — January 31, 2026

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

![Image](tm262593d1_ncsrsimg008.jpg)

# UltraSmall-Cap ProFund

#### Investor Class UAPIX
Semi-annual Shareholder Report — January 31, 2026

## Fund Overview
This Semi-annual shareholder report contains important information about the UltraSmall-Cap ProFund (the "Fund") for the period of August 1, 2025 to January 31, 2026. You can find additional information about the Fund at https://www.profunds.com/literature. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last six months?
(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 | $86 | 1.46% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $52180178 |
| Number of Holdings\* | 1951 |
| Net Investment Advisory Fees | $214351 |
| Portfolio Turnover | 61% |

---

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

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Industrials | 19% |
| Health Care | 18% |
| Financials | 18% |
| Information Technology | 14% |
| Consumer Discretionary | 9% |

---

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| Equity Securities | 74% |
| iShares Russell 2000 ETF Swap Agreements | 40% |
| Russell 2000 Index Swap Agreeements | 70% |
| CME E-mini Russell 2000 Index Futures Contracts | 15% |
| **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 Equity Holdings

---

| | |
|:---|:---|
| **Holding** | **% of Net Assets** |
| Bloom Energy Corp. - Class A | 0.8% |
| Credo Technology Group Holding, Ltd. | 0.5% |
| Fabrinet | 0.4% |
| Kratos Defense & Security Solutions, Inc. | 0.4% |
| Nextpower, Inc. - Class A | 0.4% |

---

![QR Code](tm262593d1_ncsrsimg009.jpg)

#### UltraSmall-Cap ProFund
Investor Class UAPIX

Semi-annual Shareholder Report — January 31, 2026

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

![Image](tm262593d1_ncsrsimg008.jpg)

#### Service Class UAPSX
Semi-annual Shareholder Report — January 31, 2026

## Fund Overview
This Semi-annual shareholder report contains important information about the UltraSmall-Cap ProFund (the "Fund") for the period of August 1, 2025 to January 31, 2026. You can find additional information about the Fund at https://www.profunds.com/literature. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last six months?
(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 | $145 | 2.46% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $52180178 |
| Number of Holdings\* | 1951 |
| Net Investment Advisory Fees | $214351 |
| Portfolio Turnover | 61% |

---

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

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Industrials | 19% |
| Health Care | 18% |
| Financials | 18% |
| Information Technology | 14% |
| Consumer Discretionary | 9% |

---

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| Equity Securities | 74% |
| iShares Russell 2000 ETF Swap Agreements | 40% |
| Russell 2000 Index Swap Agreeements | 70% |
| CME E-mini Russell 2000 Index Futures Contracts | 15% |
| **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 Equity Holdings

---

| | |
|:---|:---|
| **Holding** | **% of Net Assets** |
| Bloom Energy Corp. - Class A | 0.8% |
| Credo Technology Group Holding, Ltd. | 0.5% |
| Fabrinet | 0.4% |
| Kratos Defense & Security Solutions, Inc. | 0.4% |
| Nextpower, Inc. - Class A | 0.4% |

---

![QR Code](tm262593d1_ncsrsimg009.jpg)

#### UltraSmall-Cap ProFund
Service Class UAPSX

Semi-annual Shareholder Report — January 31, 2026

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

![Image](tm262593d1_ncsrsimg006.jpg)

# U.S. Government Plus ProFund

#### Investor Class GVPIX
Semi-annual Shareholder Report — January 31, 2026

## Fund Overview
This Semi-annual shareholder report contains important information about the U.S. Government Plus ProFund (the "Fund") for the period of August 1, 2025 to January 31, 2026. You can find additional information about the Fund at https://www.profunds.com/literature. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last six months?
(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 | $86 | 1.70% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $3016682 |
| Number of Holdings\* | 5 |
| Net Investment Advisory Fees | $5231 |
| Portfolio Turnover | 0% |

---

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

###### 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.

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| 30-Year U.S. Treasury Bond, 4.63%, due 11/15/55 Swap Agreements | 126% |
| **Total** | **126%** |

---

"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.

![QR Code](tm262593d1_ncsrsimg009.jpg)

#### U.S. Government Plus ProFund
Investor Class GVPIX

Semi-annual Shareholder Report — January 31, 2026

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

![Image](tm262593d1_ncsrsimg006.jpg)

#### Service Class GVPSX
Semi-annual Shareholder Report — January 31, 2026

## Fund Overview
This Semi-annual shareholder report contains important information about the U.S. Government Plus ProFund (the "Fund") for the period of August 1, 2025 to January 31, 2026. You can find additional information about the Fund at https://www.profunds.com/literature. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last six months?
(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 | $137 | 2.70% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $3016682 |
| Number of Holdings\* | 5 |
| Net Investment Advisory Fees | $5231 |
| Portfolio Turnover | 0% |

---

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

###### 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.

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| 30-Year U.S. Treasury Bond, 4.63%, due 11/15/55 Swap Agreements | 126% |
| **Total** | **126%** |

---

"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.

![QR Code](tm262593d1_ncsrsimg009.jpg)

#### U.S. Government Plus ProFund
Service Class GVPSX

Semi-annual Shareholder Report — January 31, 2026

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

![Image](tm262593d1_ncsrsimg008.jpg)

# Utilities UltraSector ProFund

#### Investor Class UTPIX
Semi-annual Shareholder Report — January 31, 2026

## Fund Overview
This Semi-annual shareholder report contains important information about the Utilities UltraSector ProFund (the "Fund") for the period of August 1, 2025 to January 31, 2026. You can find additional information about the Fund at https://www.profunds.com/literature. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last six months?
(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 | $83 | 1.63% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $10445958 |
| Number of Holdings\* | 36 |
| Net Investment Advisory Fees | $101240 |
| Portfolio Turnover | 362% |

---

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

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Electric Utilities | 65% |
| Multi-Utilities | 26% |
| Independent Power and Renewable Electricity Producers | 5% |
| Gas Utilities | 2% |
| Water Utilities | 2% |

---

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| Equity Securities | 78% |
| S&P Utilities 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 Equity Holdings

---

| | |
|:---|:---|
| **Holding** | **% of Net Assets** |
| NextEra Energy, Inc. | 10.8% |
| The Southern Co. | 5.8% |
| Duke Energy Corp. | 5.5% |
| Constellation Energy Corp. | 5.2% |
| American Electric Power Co., Inc. | 3.8% |

---

![QR Code](tm262593d1_ncsrsimg009.jpg)

#### Utilities UltraSector ProFund
Investor Class UTPIX

Semi-annual Shareholder Report — January 31, 2026

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

![Image](tm262593d1_ncsrsimg008.jpg)

#### Service Class UTPSX
Semi-annual Shareholder Report — January 31, 2026

## Fund Overview
This Semi-annual shareholder report contains important information about the Utilities UltraSector ProFund (the "Fund") for the period of August 1, 2025 to January 31, 2026. You can find additional information about the Fund at https://www.profunds.com/literature. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last six months?
(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 | $133 | 2.62% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $10445958 |
| Number of Holdings\* | 36 |
| Net Investment Advisory Fees | $101240 |
| Portfolio Turnover | 362% |

---

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

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Electric Utilities | 65% |
| Multi-Utilities | 26% |
| Independent Power and Renewable Electricity Producers | 5% |
| Gas Utilities | 2% |
| Water Utilities | 2% |

---

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| Equity Securities | 78% |
| S&P Utilities 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 Equity Holdings

---

| | |
|:---|:---|
| **Holding** | **% of Net Assets** |
| NextEra Energy, Inc. | 10.8% |
| The Southern Co. | 5.8% |
| Duke Energy Corp. | 5.5% |
| Constellation Energy Corp. | 5.2% |
| American Electric Power Co., Inc. | 3.8% |

---

![QR Code](tm262593d1_ncsrsimg009.jpg)

#### Utilities UltraSector ProFund
Service Class UTPSX

Semi-annual Shareholder Report — January 31, 2026

Additional information about the Fund including the Financial Statements, Prospectus and Statement of Additional Information is available: On the Fund's website, https://www.profunds.com/literature, 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.**

 ****

Not applicable-only for annual reports.

 ****

**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.**

Not applicable-only for annual reports.

 **Item 5. Audit Committee of Listed Registrants.**

Not applicable.

 **Item 6. Investments.**

(a)&nbsp;&nbsp;&nbsp;&nbsp; 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)**&nbsp;&nbsp;&nbsp;&nbsp;** Not applicable.

**Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.**

(a) ![](j2625933_aa001.gif)

![](j2625933_aa002.gif)

**Semiannual Financial Statements and Other Information**

January 31, 2026

---

| | |
|:---|:---|
|  | Investor |
| Bitcoin ProFund | BTCFX |
| Ether ProFund | ETHFX |
| Short Bitcoin ProFund | BITIX |

---

**Table of Contents**

**Consolidated Schedules of Portfolio Investments**<br>

---

| | |
|:---|:---|
| **[2](#r_001)** | [Bitcoin ProFund](#r_001) |
| **[3](#r_002)** | [Ether ProFund](#r_002) |
| **[4](#r_003)** | [Short Bitcoin ProFund](#r_003) |

---

---

| | |
|:---|:---|
| **[5](#r_004)** | **[Consolidated Statements of Assets and Liabilities](#r_004)** |
| **[7](#r_005)** | **[Consolidated Statements of Operations](#r_005)** |
| **[9](#r_006)** | **[Consolidated Statements of Changes in Net Assets](#r_006)** |
| **[13](#r_007)** | **[Consolidated Statements of Cash Flows](#r_007)** |
| **[15](#r_008)** | **[Consolidated Financial Highlights](#r_008)** |
| **[19](#r_009)** | **[Notes to Consolidated Financial Statements](#r_009)** |
| **[35](#r_010)** | **[Form N-CSR – Items 8-11](#r_010)** |

---

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**Consolidated Schedules of Portfolio Investments**

**2 :: Bitcoin ProFund ::** Consolidated Schedules of Portfolio Investments :: January 31, 2026 (unaudited)

**U.S. Treasury Obligations (68.1%)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Principal <br>Amount |  | Value |  |
| U.S. Treasury Bills, 3.19%<sup>(a)</sup>, 2/17/26<sup>(b)</sup> | $| 300000000 |  | $299548749 |
| **TOTAL U.S. TREASURY OBLIGATIONS**<br>(Cost $299,520,000) | **TOTAL U.S. TREASURY OBLIGATIONS**<br>(Cost $299,520,000) | **TOTAL U.S. TREASURY OBLIGATIONS**<br>(Cost $299,520,000) | **TOTAL U.S. TREASURY OBLIGATIONS**<br>(Cost $299,520,000) | **299548749** |
| **Repurchase Agreements (2.7%)** | **Repurchase Agreements (2.7%)** | **Repurchase Agreements (2.7%)** | **Repurchase Agreements (2.7%)** | **Repurchase Agreements (2.7%)** |
| Repurchase Agreements with <br>UMB Bank, N.A.,3.55%, dated <br>1/31/26, due 2/2/26, total to be <br>received $11,673,131 (Collateralized <br>by U.S. Treasury Notes, 4.13%, <br>due 2/15/27, total value $11,904,301) |  | 11670830 |  | 11670830 |
| **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $11,670,830) | **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $11,670,830) | **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $11,670,830) | **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $11,670,830) | **11670830** |
| **TOTAL INVESTMENT SECURITIES**<br> (Cost $311,190,830)—70.8% |  |  |  | **311219579** |
| Reverse Repurchase Agreements <br>including accrued interest—(56.8%) | Reverse Repurchase Agreements <br>including accrued interest—(56.8%) | Reverse Repurchase Agreements <br>including accrued interest—(56.8%) | Reverse Repurchase Agreements <br>including accrued interest—(56.8%) | (249675891) |
| Net other assets (liabilities)—86.0% |  |  |  | 378356051 |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | $**439899739** |

---

<sup>(a)</sup>

Reflects the effective yield or interest rate in effect at January 31, 2026.

<sup>(b)</sup>

$249,622,500 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 | 1044 |  | 3/2/26 | $439028100 | $(21581925) |

---

**See accompanying notes to the consolidated financial statements.**

January 31, 2026 (unaudited) :: Consolidated Schedules of Portfolio Investments **:: Ether ProFund :: 3**

**U.S. Treasury Obligations (63.9%)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Principal <br>Amount |  | Value |  |
| U.S. Treasury Bills, 3.19%<sup>(a)</sup>, 2/17/26<sup>(b)</sup> | $| 5500000 |  | $5491728 |
| **TOTAL U.S. TREASURY OBLIGATIONS**<br> (Cost $5,491,201) | **TOTAL U.S. TREASURY OBLIGATIONS**<br> (Cost $5,491,201) | **TOTAL U.S. TREASURY OBLIGATIONS**<br> (Cost $5,491,201) | **TOTAL U.S. TREASURY OBLIGATIONS**<br> (Cost $5,491,201) | **5491728** |
| **Repurchase Agreements (7.4%)** | **Repurchase Agreements (7.4%)** | **Repurchase Agreements (7.4%)** | **Repurchase Agreements (7.4%)** | **Repurchase Agreements (7.4%)** |
| Repurchase Agreements with <br>UMB Bank, N.A.,3.55%, dated <br>1/31/26, due 2/2/26, total to be <br>received $635,197 (Collateralized <br>by U.S. Treasury Bills, 4.00%, <br>due 1/15/27, total value $647,851) |  | 635072 |  | 635072 |
| **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $635,072) | **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $635,072) | **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $635,072) | **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $635,072) | **635072** |
| **TOTAL INVESTMENT SECURITIES**<br> (Cost $6,126,273)—71.3% |  |  |  | **6126800** |
| Reverse Repurchase Agreements <br>including accrued interest—(63.9%) | Reverse Repurchase Agreements <br>including accrued interest—(63.9%) | Reverse Repurchase Agreements <br>including accrued interest—(63.9%) | Reverse Repurchase Agreements <br>including accrued interest—(63.9%) | (5492870) |
| Net other assets (liabilities)—92.6% |  |  |  | 7966881 |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | $**8600811** |

---

<sup>(a)</sup>

Reflects the effective yield or interest rate in effect at January 31, 2026.

<sup>(b)</sup>

$5,491,695 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) | Value and<br>Unrealized<br>Appreciation/ <br>(Depreciation) |  |
| CME Ether Futures Contracts | 63 |  | 3/2/26 |  | $8456175 |  |
| CME Micro Ether Futures Contracts | 535 |  | 3/2/26 | 143621 |  | (5650 |
|  |  |  |  | $**8599796** |  | $**(400188** |

---

**See accompanying notes to the consolidated financial statements.**

**4 :: Short Bitcoin ProFund ::** Consolidated Schedules of Portfolio Investments :: January 31, 2026 (unaudited)

**U.S. Treasury Obligations (57.2%)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Principal <br>Amount |  | Value |  |
| U.S. Treasury Bills, 3.19%<sup>(a)</sup>, 2/17/26<sup>(b)</sup> | $| 1500000 |  | $1497744 |
| **TOTAL U.S. TREASURY OBLIGATIONS**<br>(Cost $1,497,600) | **TOTAL U.S. TREASURY OBLIGATIONS**<br>(Cost $1,497,600) | **TOTAL U.S. TREASURY OBLIGATIONS**<br>(Cost $1,497,600) | **TOTAL U.S. TREASURY OBLIGATIONS**<br>(Cost $1,497,600) | **1497744** |
| **Repurchase Agreements (14.1%)** | **Repurchase Agreements (14.1%)** | **Repurchase Agreements (14.1%)** | **Repurchase Agreements (14.1%)** | **Repurchase Agreements (14.1%)** |
| Repurchase Agreements with <br>UMB Bank, N.A.,3.55%, dated <br>1/31/26, due 2/2/26, total to be <br>received $368,825 (Collateralized <br>by U.S. Treasury Bills, 4.00%, <br>due 1/15/27, total value $376,136) |  | 368752 |  | 368752 |
| **TOTAL REPURCHASE AGREEMENTS**<br>(Cost $368,752) | **TOTAL REPURCHASE AGREEMENTS**<br>(Cost $368,752) | **TOTAL REPURCHASE AGREEMENTS**<br>(Cost $368,752) | **TOTAL REPURCHASE AGREEMENTS**<br>(Cost $368,752) | **368752** |
| **TOTAL INVESTMENT SECURITIES**<br>(Cost $1,866,352)—71.3% |  |  |  | **1866496** |
| Reverse Repurchase Agreements <br>including accrued interest—(57.2%) | Reverse Repurchase Agreements <br>including accrued interest—(57.2%) | Reverse Repurchase Agreements <br>including accrued interest—(57.2%) | Reverse Repurchase Agreements <br>including accrued interest—(57.2%) | (1498055) |
| Net other assets (liabilities)—85.9% |  |  |  | 2249458 |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | $**2617899** |

---

<sup>(a)</sup>

Reflects the effective yield or interest rate in effect at January 31, 2026.

<sup>(b)</sup>

$1,497,735 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 Bitcoin Futures Contracts | 4 |  | 3/2/26 |  | $5400 |
| CME Micro Bitcoin Futures Contracts | 112 |  | 3/2/26 | (941976 |  |
|  |  |  |  | $**(2624076** |  |

---

**See accompanying notes to the consolidated financial statements.**

**Consolidated Statements of Assets and Liabilities**

**6 :: Consolidated Statements of Assets and Liabilities ::** January 31, 2026 (unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Bitcoin<br>ProFund |  |  | Short Bitcoin<br>ProFund |  |
| ASSETS: | ASSETS: | ASSETS: | ASSETS: | ASSETS: | ASSETS: |
| Total Investment Securities, at cost | $311190830 | 311190830 | $6126273 | 6126273 | $1866352 |
| Securities, at value | 299548749 | 299548749 | 5491728 | 5491728 | 1497744 |
| Repurchase agreements, at value | 11670830 | 11670830 | 635072 | 635072 | 368752 |
| Total Investment Securities, at value | 311219579 | 311219579 | 6126800 | 6126800 | 1866496 |
| Cash | 261894861 | 261894861 | 5513366 | 5513366 | 1520946 |
| Segregated cash balances for futures | Segregated cash balances for futures | Segregated cash balances for futures | Segregated cash balances for futures | Segregated cash balances for futures | Segregated cash balances for futures |
| contracts with brokers | 118159325 | 118159325 | 2872980 | 2872980 | 677406 |
| Interest receivable | 235679 | 235679 | 6877 | 6877 | 1544 |
| Receivable for capital shares issued | 2183220 | 2183220 | 21030 | 21030 | 48215 |
| Due from Advisor under an expense | Due from Advisor under an expense | 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 |  |  | 3083 | 3083 | 1377 |
| Variation margin on futures contracts |  |  |  |  | 8904 |
| Prepaid expenses | 14072 | 14072 | 28808 | 28808 | 10851 |
| TOTAL ASSETS | 693706736 | 693706736 | 14572944 | 14572944 | 4135739 |
| LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: |
| Reverse repurchase agreements, | Reverse repurchase agreements, | Reverse repurchase agreements, | Reverse repurchase agreements, | Reverse repurchase agreements, | Reverse repurchase agreements, |
| including accrued interest | 249675891 | 249675891 | 5492870 | 5492870 | 1498055 |
| Payable to broker for futures transactions | 35525 | 35525 | 2101 | 2101 | 422 |
| Payable for capital shares redeemed | 2023254 | 2023254 | 74369 | 74369 | 7280 |
| Variation margin on futures contracts | 1539900 | 1539900 | 400994 | 400994 |  |
| Advisory fees payable | 182323 | 182323 |  |  |  |
| Management services fees payable | 61490 | 61490 |  |  |  |
| Administration and fund accounting | Administration and fund accounting | Administration and fund accounting | Administration and fund accounting | Administration and fund accounting | Administration and fund accounting |
| fees payable | 48068 | 48068 | 1384 | 1384 | 682 |
| Transfer agent fees payable | 11056 | 11056 | 290 | 290 | 85 |
| Trustee fees payable |  | 13 |  |  |  |
| Compliance services fees payable | 1537 | 1537 |  | 31 | 8 |
| Service fees payable | 6431 | 6431 |  | 94 | 18 |
| Other accrued expenses | 221509 | 221509 |  |  | 11290 |
| TOTAL LIABILITIES | 253806997 | 253806997 | 5972133 | 5972133 | 1517840 |
| 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 | $439899739 | 439899739 | $8600811 | 8600811 | $2617899 |
| 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 | $509637249 | 509637249 | $11983470 | 11983470 | $2263597 |
| Total distributable earnings (loss) | (69737510 | (69737510) | (3382659 | (3382659) | (354302) |
| NET ASSETS | $439899739 | 439899739 | $8600811 | 8600811 | $2617899 |
| NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: |
| Investor Class | $439899739 | 439899739 | $8600811 | 8600811 | $2617899 |
| 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 | 23557881 | 23557881 | 399742 | 399742 | 94366 |
| 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 | $18.67 | 18.67 | $21.52 | 21.52 | $27.74 |

---

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 (unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| |  |  | Short Bitcoin<br>ProFund |  |  |
| |  |  | Six Months<br>Ended<br>January 31,<br>2026 |  |  |
| INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: |
| Interest | $9263299 | $126463 | 126463 | $22610 | 22610 |
| TOTAL INVESTMENT INCOME | 9263299 | 126463 | 126463 | 22610 | 22610 |
| EXPENSES: | EXPENSES: | EXPENSES: | EXPENSES: | EXPENSES: | EXPENSES: |
| Advisory fees | 1262066 | 29986 | 29986 | 3238 | 3238 |
| Management services fees | 420687 | 5997 | 5997 | 1080 | 1080 |
| Administration and fund accounting fees | 336699 | 6661 | 6661 | 3521 | 3521 |
| Transfer agency fees | 81976 | 1259 | 1259 | 411 | 411 |
| Administrative services fees | 402836 | 1794 | 1794 | 1442 | 1442 |
| Registration and filing fees | 47363 | 20333 | 20333 | 8949 | 8949 |
| Custody fees | 26836 | 1100 | 1100 | 1763 | 1763 |
| Trustee fees | 3681 |  | 41 | 12 | 12 |
| Compliance service fees | 1511 |  | 24 |  | 8 |
| Legal fees | 16734 | 2025 | 2025 | 1631 | 1631 |
| Service fees | 8357 | 104 | 104 | 32 | 32 |
| Interest expense | 216269 | 4032 | 4032 | 579 | 579 |
| Other fees | 193170 | 3120 | 3120 | 1830 | 1830 |
| Recoupment of prior expenses reduced by Advisor | 99000 | 3645 | 3645 |  |  |
| Total Gross Expenses before reductions | 3117185 | 80121 | 80121 | 24496 | 24496 |
| Expenses reduced and reimbursed by the Advisor | (9878) | (15110 | (15110) | (16002 | (16002) |
| Fees paid indirectly | (17151) | (274 | (274) |  |  |
| TOTAL NET EXPENSES | 3090156 | 64737 | 64737 | 8494 | 8494 |
| NET INVESTMENT INCOME (LOSS) | 6173143 | 61726 | 61726 | 14116 | 14116 |
| 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 | (4598) | (134 | (134) | (29 | (29) |
| Net realized gains (losses) on futures contracts | (188070381) | (3263377 | (3263377) | 369101 | 369101 |
| Change in net unrealized appreciation/depreciation <br>on investment securities | 39211 | 563 | 563 | 159 | 159 |
| Change in net unrealized appreciation/depreciation <br>on futures contracts | (11904525) | (379735 | (379735) | (18009 | (18009) |
| NET REALIZED AND UNREALIZED GAINS <br>(LOSSES) ON INVESTMENTS | (199940293) | (3642683 | (3642683) | 351222 | 351222 |
| CHANGE IN NET ASSETS RESULTING FROM <br>OPERATIONS | $(193767150) | $(3580957 | (3580957) | $365338 | 365338 |

---

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 |  | Ether ProFund |  |
| |  | Six Months<br>Ended<br>January 31,<br>2026<br>(unaudited) | February 25,<br>2025 through<br>July 31, 2025<sup>(a)</sup> |  |
| FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: |
| OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: |
| Net investment income (loss) | $6173143 | $10555111 | $61726 | $6718 |
| Net realized gains (losses) on investments | (188074979) | 197112085 | (3263511) | 696082 |
| Change in unrealized appreciation/depreciation <br>on investments | (11865314) | (2168161) | (379172) | (20489) |
| Change in net assets resulting from operations | (193767150) | 205499035 | (3580957) | 682311 |
| 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 | (98207238) | (105649638) | (818280) | (9743) |
| Change in net assets resulting from distributions | (98207238) | (105649638) | (818280) | (9743) |
| Change in net assets resulting from capital transactions | 106725279 | 273260543 | 9712626 | 2614854 |
| Change in net assets | (185249109) | 373109940 | 5313389 | 3287422 |
| NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: |
| Beginning of period | 625148848 | 252038908 | 3287422 |  |
| End of period | $439899739 | $625148848 | $8600811 | $3287422 |
| CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: |
| Investor Class | Investor Class | Investor Class | Investor Class | Investor Class |
| Proceeds from shares issued | $339756429 | $658735858 | $19835876 | $5535951 |
| Distributions reinvested | 97890442 | 105394197 | 816948 | 9683 |
| Value of shares redeemed | (330921592) | (490869512) | (10940198) | (2930780) |
| Change in net assets resulting from capital transactions | $106725279 | $273260543 | $9712626 | $2614854 |
| SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: |
| Investor Class  | Investor Class  | Investor Class  | Investor Class  | Investor Class  |
| Issued | 13382360 | 22921286 | 622072 | 190864 |
| Reinvested | 3891466 | 3834654 | 26974 | 394 |
| Redeemed | (13363481) | (17269784) | (342014) | (98548) |
| Change in shares | 3910345 | 9486156 | 307032 | 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**

<u>Short Bitcoin ProFund</u> <br> <u>Six MonthsEndedJanuary 31, 2026(unaudited)</u> <u>Year EndedJuly 31, 2025</u>

FROM INVESTMENT ACTIVITIES: <br> OPERATIONS:

---

| | | |
|:---|:---|:---|
| Net investment income (loss) | $14116 | $21726 |
| Net realized gains (losses) on investments | 369072 | (552973) |
| Change in unrealized appreciation/depreciation <br>on investments | (17850) | 26871 |
| Change in net assets resulting from operations | 365338 | (504376) |

---

DISTRIBUTIONS TO SHAREHOLDERS:<br>

---

| | | |
|:---|:---|:---|
| Total distributions | Total distributions | Total distributions |
| Investor Class | (4412) | (18310) |
| Change in net assets resulting from distributions | (4412) | (18310) |
| Change in net assets resulting from capital transactions | 1080437 | 1397872 |
| Change in net assets | 1441363 | 875186 |

---

NET ASSETS:<br>

---

| | | |
|:---|:---|:---|
| Beginning of period | 1176536 | 301350 |
| End of period | $2617899 | $1176536 |

---

CAPITAL TRANSACTIONS:<br>

---

| | | |
|:---|:---|:---|
| Investor Class | Investor Class | Investor Class |
| Proceeds from shares issued | $20146652 | $29162421 |
| Distributions reinvested | 4412 | 18084 |
| Value of shares redeemed | (19070627) | (27782633) |
| Change in net assets resulting from capital transactions | $1080437 | $1397872 |

---

SHARE TRANSACTIONS:<br>

---

| | | |
|:---|:---|:---|
| Investor Class  | Investor Class  | Investor Class  |
| Issued | 831647 | 946579<br> <sup>(b)</sup> |
| Reinvested | 165 | 643<br> <sup>(b)</sup> |
| Redeemed | (793504) | (897711)<sup>(b)</sup> |
| Change in shares | 38308 | 49511 |

---

<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.**

This Page Intentionally Left Blank

**Consolidated Statements of Cash Flows**

**14 :: Consolidated Statements of Cash Flows ::** For the Periods Indicated (unaudited)

<u>BitcoinProFund</u> <u>EtherProFund</u> <u>Short BitcoinProFund</u> <br> <u>Six MonthsEndedJanuary 31, 2026</u> <u>Six MonthsEndedJanuary 31, 2026</u> <u>Six MonthsEndedJanuary 31, 2026</u>

Cash Flows from Operating Activities:<br>

---

| | | | |
|:---|:---|:---|:---|
| Change in net assets resulting from operations | $(193767150) | $(3580957) | $365338 |
| Less: Net realized gains (losses) on investment securities | 4598 | 134 | 29 |
| Less: Change in net unrealized appreciation/depreciation on investment securities | (39211) | (563) | (159) |
| 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 | 109950448 | (4057800) | (1057011) |
| Amortization (accretion) of premiums and discounts, net | (1000904) | (4321) | (761) |
| (Increase) decrease in: | (Increase) decrease in: | (Increase) decrease in: | (Increase) decrease in: |
| Due from Advisor under an expense limitation agreement |  | 1832 | 2840 |
| Interest receivable | 198561 | (4919) | (620) |
| Variation margin receivable on futures contracts |  |  | (7054) |
| Prepaid expenses | 29881 | (22376) | (135) |
| Increase (decrease) in: | Increase (decrease) in: | Increase (decrease) in: | Increase (decrease) in: |
| Interest payable (on reverse repurchase agreements) | 15699 | 955 | 232 |
| Payable to broker for futures transactions | (57868) | 1645 | 208 |
| Variation margin payable on futures contracts | 554775 | 380338 |  |
| Advisor fees payable | (230678) |  |  |
| Management fees payable | (76176) |  |  |
| Administration and fund accounting fees payable | (20262) | 736 | 115 |
| Transfer agency fees payable | (17370) | 122 | (7) |
| Compliance services fees payable | 875 | 29 | 7 |
| Service fees payable | 5282 | 90 | 16 |
| Trustee fees payable | (26) |  |  |
| Other accrued expenses | (23153) | (6802) | 6391 |
| Net cash provided by (used in) operating activities | $(84472679) | $(7291857) | $(690571) |

---

Cash Flows from Financing Activities:<br>

---

| | | | |
|:---|:---|:---|:---|
| Proceeds from reverse repurchase agreements | 1098492500 | 20970435 | 3075290 |
| (Repayments of) reverse repurchase agreements | (1148408000) | (17226045 | (2276477 |
| Proceeds from capital shares issued | 339118009 | 20269739 | 20098687 |
| Cash paid for capital shares redeemed | (330670802) | (11178332 | (19063488 |
| Cash distributions paid to shareholders | (316796) | (1332 |  |
| Net cash provided by (used in) financing activities | $(41785089) | $12834465 | $1834012 |
| Net Increase (Decrease) in Cash and Segregated Cash Balances <br>for Futures Contracts with Brokers | (126257768) | 5542608 | 1143441 |
| Cash and segregated cash balances for futures contracts with brokers at <br>the beginning of period | 506311954 | 2843738 | 1054911 |
| Cash and segregated cash balances for futures contracts with brokers at <br>the end of period | $380054186 | $8386346 | $2198352 |
| 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 | 261894861 | 5513366 | 1520946 |
| Segregated cash balances for futures contracts with brokers | 118159325 | 2872980 | 677406 |
| Total cash and segregated cash balances for futures contracts with brokers | $380054186 | $8386346 | $2198352 |

---

Supplemental Disclosure of Cash Flow Information<br>

---

| | | | |
|:---|:---|:---|:---|
| Cash paid for interest (excluding costs) | $200570 | $3077 | $347 |
| Non-cash financing activities not included herein consists of reinvestments <br>of distributions | 97890442 | 9683 | 18084 |

---

Amounts designated as ' – ' are $0 or have been rounded to $0.

**See accompanying notes to the consolidated financial statements.**

**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 | 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 | Ratios to<br>Average Net Assets | Ratios to<br>Average Net Assets | Supplemental<br>Data |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Asset <br>Value, <br>Beginning <br>of Period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 | 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** | **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** | **Investor Class** | **Investor Class** | **Investor Class** |
| Six Months Ended <br>January 31, 2026 (unaudited) | $31.82 |  | 0.28 | (8.84) |  | (8.56 | (4.59) | (4.59) | $18.67 | (29.92)% |  | 1.11% | 1.10<br> %<sup>(f)</sup> |  | 2.21% | $439900 |
| Year Ended July 31, 2025 | $24.80 |  | 0.72 | 13.59 | 14.31 | 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 | 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 | (10.71 |  |  | $13.99 | (43.36)% |  | 1.93% | 1.25<br> %<sup>(f)</sup> | (1.17 | (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 | (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** | **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** | **Investor Class** | **Investor Class** | **Investor Class** |
| Six Months Ended <br>January 31, 2026 (unaudited) | $35.46 |  | 0.23 | (9.57) |  | (9.34 | (4.60) | (4.60) | $21.52 | (30.12)% |  | 1.92% | 1.62<br> %<sup>(i)(j)</sup> |  | 1.55% | $8601 |
| February 25, 2025 through<br>July 31, 2025<sup>(g)</sup> | $25.00 |  | 0.21 | 10.59 | 10.80 | 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 1.03%, 1.10%, 1.10%, 1.04%, 0.84% and 0.84% for the period ended January 31, 2026, and 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 1.52% and 1.40% for the periods ended January 31, 2026 and July 31, 2025, respectively.

(j) 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.

**16 :: Consolidated Financial Highlights**

**See accompanying notes to the consolidated financial statements.**

**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 | 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 | Ratios to<br>Average Net Assets | Supplemental<br>Data |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Asset <br>Value, <br>Beginning <br>of Period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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>Investment<br>Income | &nbsp;&nbsp;Net<br>Asset<br>Value,<br>End of<br>Period | Total<br>Return<sup>(b)</sup> | &nbsp;&nbsp;Net<br>Expenses<sup>(c)(d)</sup> | &nbsp;&nbsp;Net<br>Investment<br>Income<br>(Loss)<sup>(c)</sup> | &nbsp;&nbsp;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** | **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** | **Investor Class** | **Investor Class** | **Investor Class** |
| Six Months Ended <br>January 31, 2026 (unaudited) | $20.99 |  | 0.24 | 6.55 |  | 6.79 | (0.04 | (0.04 | $27.74 | $27.74 | 32.35% | 3.40 | % | 1.18<br> %<sup>(f)</sup> | 1.96% | $2618 |
| Year Ended July 31, 2025<sup>(g)</sup> | $46.03 |  | 0.74 | (25.02) | (24.28 | (24.28) | (0.76 | (0.76 | $20.99 | $20.99 | (53.14)% | 5.92 | % | 1.16<br> %<sup>(f)</sup> | 2.62% | $1177 |
| Year Ended July 31, 2024<sup>(g)</sup> | $120.40 |  | 1.50 | (75.37) | (73.87 | (73.87) | (0.50 | (0.50 | $46.03 | $46.03 | (61.53)% | 7.01 | % | 1.17<br> %<sup>(f)(h)</sup> | 2.53% | $301 |
| Year Ended July 31, 2023<sup>(g)</sup> | $206.53 |  | (0.20) | (85.93) | (86.13 | (86.13) |  |  | $120.40 | $120.40 | (41.69)% | 13.36 | % | 1.35<br> %<sup>(f)(h)</sup> | (0.10)% | $862 |
| June 21, 2022 through<br>July 31, 2022<sup>(g)(i)</sup> | $250.00 |  | (0.40) | (43.07) | (43.47 | (43.47) |  |  | $206.53 | $206.53 | (17.40)% | 17.68 | % | 1.88<br> %<sup>(f)(j)</sup> | (1.39)% | $405 |

---

(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) 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%, 1.09%, 1.06%, and 1.26% for the period ended January 31, 2026, the years ended July 31, 2025, July 31, 2024, and July 31, 2023, and the period ended July 31, 2022, respectively.

(g) 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.

(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%.

**Consolidated Financial Highlights :: 17**

**See accompanying notes to the consolidated financial statements.**

This Page Intentionally Left Blank

**Notes to Consolidated Financial Statements**

**20 :: Notes to Consolidated Financial Statements ::** January 31, 2026 (unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**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

Ether ProFund

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.

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.

Each ProFund included herein is deemed to be an individual reporting segment and Officers of the Trust collectively act as the ProFund's chief operating decision maker ("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 consolidated 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 January 31, 2026, the net assets of ProFund Bitcoin Strategy Portfolio were 18.7% of the adjusted net assets of Bitcoin ProFund, the net assets of ProFund Ether Strategy Portfolio were 17.7% of the adjusted net assets of Ether ProFund, and the net assets of ProFunds Cayman Short Bitcoin Strategy Portfolio were 17.1% 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 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

January 31, 2026 (unaudited) **:: Notes to Consolidated Financial Statementsts :: 21**

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. 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 January 31, 2026, the ProFunds' outstanding balances on reverse repurchase agreements were as follows:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Counterparty | Interest Rate |  | Principal <br>Amount |  | Maturity | Value | | Interest |  |  |
| Bitcoin ProFund | UMB Bank N.A. |  | 3.85% | $(249622500 | $(249622500 | $(249622500) | 2/2/2026 | $(249622500 | $(249622500) | $(249675891 | $(249675891) |
| Ether ProFund | UMB Bank N.A. |  | 3.85% |  | (5491695 | (5491695) | 2/2/2026 | (5491695 | (5491695) |  | (5492870) |
| Short Bitcoin ProFund | UMB Bank N.A. |  | 3.85% |  | (1497735 | (1497735) | 2/2/2026 | (1497735 | (1497735) |  | (1498055) |

---

For the period ended January 31, 2026, the average daily balance outstanding and average interest rate on the ProFunds' reverse repurchase agreements were as follows:

---

| | | |
|:---|:---|:---|
| Bitcoin ProFund | Bitcoin ProFund | Bitcoin ProFund |
| Average daily balance outstanding | $(278219000 | (278219000) |
| Average interest rate |  | 3.99% |
| Ether ProFund | Ether ProFund | Ether ProFund |
| Average daily balance outstanding | $— | (5207490) |
| Average interest rate |  | 3.99% |
| Short Bitcoin ProFund | Short Bitcoin ProFund | Short Bitcoin ProFund |
| Average daily balance outstanding | $— | (761755) |
| Average interest rate |  | 3.99% |

---

**22 :: Notes to Consolidated Financial Statements ::** January 31, 2026 (unaudited)

The following table presents the reverse repurchase agreements subject to netting agreements and the collateral delivered related to those reverse repurchase agreements:

---

| | | | |
|:---|:---|:---|:---|
| | Counterparty |  |  |
| Bitcoin ProFund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UMB Bank N.A. | $(249675891) | $249622500 |
| Ether ProFund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UMB Bank N.A. | (5492870) | 5491695 |
| Short Bitcoin ProFund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UMB Bank N.A. | (1498055) | 1497735 |

---

<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 period ended January 31, 2026, 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 period 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 period ended January 31, 2026. 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 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.

January 31, 2026 (unaudited) **:: Notes to Consolidated Financial Statementsts :: 23**

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 January 31, 2026.

---

| | | | |
|:---|:---|:---|:---|
| | | 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: | Commodity Risk Exposure: |
| Bitcoin ProFund | Bitcoin ProFund | $— | $21581925 |
| Ether ProFund |  |  | 400188 |
| Short Bitcoin ProFund |  | 8587 |  |

---

\*

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 period ended January 31, 2026.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Fund Name | Realized Gain (Loss)<br>on Futures Contracts<br>as a Result from Operations | Realized Gain (Loss)<br>on Futures Contracts<br>as a Result from Operations | Realized Gain (Loss)<br>on Futures Contracts<br>as a Result from Operations |  |  |
| Commodity Risk Exposure: | Commodity Risk Exposure: | Commodity Risk Exposure: | Commodity Risk Exposure: | Commodity Risk Exposure: | Commodity Risk Exposure: |
| Bitcoin ProFund | Bitcoin ProFund | $(188070381 | (188070381 | $(11904525 | (11904525) |
| Ether ProFund |  |  | (3263377 |  | (379735) |
| Short Bitcoin ProFund |  |  | 369101 |  | (18009) |

---

**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. Withholding taxes on foreign dividends, if applicable, are paid (a portion of which may be reclaimable) or

provided for in accordance with the applicable country's tax rules and rates and are disclosed in the Statements of Operations as Foreign tax withholding. Withholding tax reclaims are filed in certain countries to recover a portion of the amounts previously withheld. The Funds record a reclaim receivable based on a number of factors, including a jurisdiction's legal obligation to pay reclaims, as well as payment history and market convention. Any receivables at period end are disclosed in the Statements of Assets and Liabilities as Receivable for Tax Reclaims. 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

**24 :: Notes to Consolidated Financial Statements ::** January 31, 2026 (unaudited)

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 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.

January 31, 2026 (unaudited) **:: Notes to Consolidated Financial Statementsts :: 25**

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 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 period ended January 31, 2026, 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 January 31, 2026, 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 1 - Quoted Prices |  | LEVEL 2 - Other Significant<br>Observable Inputs |  | Total |  |
|  |  | 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** | **Bitcoin ProFund** | **Bitcoin ProFund** |
| U.S. Treasury Obligations | $— |  | $— |  | $299548749 | $— | $299548749 | $— |
| Repurchase Agreements |  |  |  |  | 11670830 |  | 11670830 |  |
| Futures Contracts |  |  | (21581925 | (21581925) |  |  |  | (21581925) |
| Total | $— |  | $(21581925 | (21581925) | $311219579 | $— | $311219579 | $(21581925) |
| **Ether ProFund** | **Ether ProFund** | **Ether ProFund** | **Ether ProFund** | **Ether ProFund** | **Ether ProFund** | **Ether ProFund** | **Ether ProFund** | **Ether ProFund** |
| U.S. Treasury Obligations | $— |  | $— |  | $5491728 | $— | $5491728 | $— |
| Repurchase Agreements |  |  |  |  | 635072 |  | 635072 |  |
| Futures Contracts |  |  | (400188 | (400188) |  |  |  | (400188) |
| Total | $— |  | $(400188 | (400188) | $6126800 | $— | $6126800 | $(400188) |
| **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** |
| U.S. Treasury Obligations | $— |  | $— |  | $1497744 | $— | $1497744 | $— |
| Repurchase Agreements |  |  |  |  | 368752 |  | 368752 |  |
| Futures Contracts |  |  | 8587 | 8587 |  |  |  | 8587 |
| Total | $— |  | $8587 | 8587 | $1866496 | $— | $1866496 | $8587 |

---

^

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 period ended January 31, 2026, no ProFund's annual investment advisory fee was subject to such reductions.

**26 :: Notes to Consolidated Financial Statements ::** January 31, 2026 (unaudited)

Ultimus Fund Solutions, LLC ("Ultimus") acts as the Trust's administrator (the "Administrator") and fund accounting agent. 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, 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 period ended January 31, 2026, to Ultimus by the ProFund 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 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 period ended January 31, 2026, 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 period ended January 31, 2026, actual Trustee compensation was $537,501 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, 2025<br>through November 30, 2026 | For the Period December 1, 2024<br>through November 30, 2025 |  |  |
| Bitcoin ProFund | 1.10% |  | 1.10 | % |
| Ether ProFund | 1.40% |  | 1.40 | %\* |
| Short Bitcoin ProFund | 1.10% |  | 1.10 | % |

---

\*

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:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Fund Name | Expenses<br>reduced and<br>reimbursed by<br>the Advisor |  |  |  |  |
| Bitcoin ProFund |  | $(9878 | $(9878 | $— | $— |
| Ether ProFund |  | (15110 | (13366 | (1744 |  |
| Short Bitcoin ProFund |  | (16002 | (7214 | (1080 | (7708 |

---

January 31, 2026 (unaudited) **:: Notes to Consolidated Financial Statementsts :: 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.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Fund Name | 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 |  |
| Bitcoin ProFund |  | $99000 |  | $74250 |  | $24750 |
| Ether ProFund |  | 3645 |  | 3038 |  | 607 |

---

As of January 31, 2026, the recoupments that may potentially be made by the ProFunds are as shown in the table below. As of January 31, 2026, no commitment or contingent liability is expected.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Fund Name | Expires<br>11/30/27 |  | Expires<br>11/30/28 | Expires<br>11/30/29 |  |  |
| Bitcoin ProFund | $6523 | 6523 |  | $14003 | $3639 | $24165 |
| Short Bitcoin ProFund | 48233 | 48233 |  | 29253 | 7180 | 84666 |
| Ether ProFund |  |  |  | 10776 | 9508 | 20284 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**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 trading venues, bitcoin miners, and other

**28 :: Notes to Consolidated Financial Statements ::** January 31, 2026 (unaudited)

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 one-third 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

January 31, 2026 (unaudited) **:: Notes to Consolidated Financial Statementsts :: 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

**30 :: Notes to Consolidated Financial Statements ::** January 31, 2026 (unaudited)

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.

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

January 31, 2026 (unaudited) **:: Notes to Consolidated Financial Statementsts :: 31**

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 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

**32 :: Notes to Consolidated Financial Statements ::** January 31, 2026 (unaudited)

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 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

January 31, 2026 (unaudited) **:: Notes to Consolidated Financial Statementsts :: 33**

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 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**7. Federal Income Tax Information**

In this reporting period, the ProFunds adopted FASB Accounting Standards Update 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which is intended to enhance transparency and decision usefulness of income tax disclosures including additional detail related to rate reconciliation and income taxes paid during the reporting period. Adoption of the new standard impacted financial statement disclosures only and did not impact the ProFunds' financial positions or results of operations. For the period ended January 31, 2026, there were no federal, state or local income taxes or any material income taxes in foreign jurisdictions paid by the ProFunds.

The tax character of distributions paid to shareholders during the applicable tax years ended as noted below, were as follows:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Year Ended 2025 | Year Ended 2025 | Year Ended 2025 | Year Ended 2025 | Year Ended 2025 | | Year Ended 2024 | Year Ended 2024 | Year Ended 2024 | Year Ended 2024 |  |
|  |  | 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>Net Long-Term<br>Capital Gains | Tax Return<br>of Capital |  | Total<br>Distributions<br>Paid |  |
| Bitcoin ProFund | $140431450 |  | $— |  | $— | $140431450 | $52041264 |  | $— |  | $52041264 |
| Ether ProFund | 469906 |  |  |  |  | 469906 |  |  |  |  |  |
| Short Bitcoin ProFund | 18310 |  |  |  |  | 18310 | 1707 |  |  |  | 1707 |

---

As of the latest tax year ended October 31, 2025, the components of accumulated earnings (deficit) on a tax basis were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Undistributed <br>Long-Term <br>Capital Gains | Accumulated<br>Capital and<br>Other Losses |  | Unrealized<br>Appreciation<br>(Depreciation) |  |  |
| Bitcoin ProFund | $43775960 |  | $— | $ | $(15743) | $198827166 | $242587383 |
| Ether ProFund | 121725 |  |  |  | (56) | 446251 | 567920 |
| Short Bitcoin ProFund | 221 |  |  |  | (111) | (380455) | (380345) |

---

As of the latest tax year ended October 31, 2025, 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 | Bitcoin ProFund | $15743 |
| Ether ProFund |  | 56 |
| Short Bitcoin ProFund |  | 111 |

---

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.

**34 :: Notes to Consolidated Financial Statements ::** January 31, 2026 (unaudited)

As of October 31, 2025, 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<br>Unrealized | Tax<br>Unrealized | Tax<br>Unrealized |  | &nbsp;&nbsp;Tax<br>Unrealized | Net Unrealized<br>Appreciation |
|  |  | Appreciation | Depreciation | (Depreciation) | (Depreciation) |  |  |  |
| Bitcoin ProFund | $402990419 |  | $198827166 | $— |  | $ | $198827166 |  |
| Ether ProFund | 7976631 |  | 446251 |  |  |  | 446251 |  |
| Short Bitcoin ProFund | 972184 |  | 4491 | (384946 | (384946) |  | (380455) |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**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 2025, the FASB issued Accounting Standards Update 2025-11 ("ASU 2025-11"), Interim Reporting (Topic 270): Narrow-Scope Improvements, to improve the guidance in

Topic 270, Interim Reporting, by improving the navigability of the required interim disclosures and clarifying when that guidance is applicable. The amendments also provide additional guidance on what disclosures should be provided in interim reporting periods. ASU 2025-11 is effective for annual periods beginning after December 15, 2027, for public business entities and for interim reporting periods within annual reporting periods beginning after December 15, 2028, for entities other than public business entities. Early adoption is permitted for all entities. Fund Management is evaluating the impacts of these changes on the ProFunds' 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.

**Form N-CSR – Items 8-11 (unaudited)**

**36 :: Form N-CSR – Items 8-11 ::** January 31, 2026 (unaudited)

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.**

None.

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.**

None.

**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.**

At a meeting held on September 29, 2025, the Board of Trustees (the "Board") of ProFunds (the "Trust") considered the renewal of the Investment Advisory Agreement between ProFund Advisors LLC (the "Advisor") and the Trust, on behalf of each of its operational series (each a "Fund" and collectively the "Funds") (the "Advisory Agreement"). Certain Funds are designed to match, before fees and expenses, the performance of an underlying index both on a single day and over time (each, a "Matching Fund" and, collectively, the "Matching Funds"). Certain other Funds are actively-managed and are designed to meet a specified investment objective (each, an "Active Fund" and, collectively, the "Active Funds"). Certain other Funds are "geared" funds that are designed to seek daily investment results, before fees and expenses, that correspond to the inverse (-1x), a multiple (i.e., 1.25x, 1.50x or 2x), or an inverse multiple (i.e., -1.25x or -2x) of the daily performance of an underlying index or security (each, a "Geared Fund" and, collectively, the "Geared Funds"). The Independent Trustees met in Executive Session with Independent Trustee Counsel to discuss and evaluate the information provided by the Advisor and the independent consultant. Among other things, the Independent Trustees reviewed information regarding the financial condition and profitability of the Advisor, including the methodologies involved in calculating profitability.

In considering whether to approve the continuance of the Advisory Agreement, the Board did not identify any particular information that was most relevant and each Trustee may have afforded different weight to the various factors.

The Board received a memorandum from independent legal counsel to the Independent Trustees regarding the Board's responsibilities under state and federal law with respect to the Board's consideration of the renewal or approval of investment advisory agreements. The Independent Trustees were advised by Trust counsel and their independent legal counsel throughout the process, including about the legal standards applicable to their review.

In response to a request from the Independent Trustees, the Advisor provided information for the Board to consider relating to the continuance of the Advisory Agreement, including information that addressed, among other things:

• the nature, extent and quality of the services that were provided or proposed to be provided by the Advisor;

• the costs of the services to be provided and the profits realized by the Advisor;

• the investment performance of the Funds and the Advisor;

• the extent to which economies of scale might be realized as the Funds grow and whether fee levels reflect economies of scale, if any, for the benefit of Fund shareholders; and

• other benefits to the Advisor and/or its affiliates from the relationship to the Funds.

It was noted that the Independent Trustees requested, and received, information from the Advisor concerning the Funds to assist them in evaluating the terms of the Advisory Agreement. In response to the request from the Independent Trustees, the Advisor provided information and reports relevant to the continuance of the Advisory Agreement, including, among other things:

• information about the advisory services that were being provided by the Advisor with respect to the Funds;

• the Advisor's Form ADV;

• biographies of the employees of the Advisor who are primarily responsible for providing investment advisory services to the Funds;

• information regarding each component of the contractual fee rates and actual fee rates for the prior fiscal year;

• information regarding advisory fees earned and advisory fees waived for previous periods;

• performance information for prior periods;

• comparative industry fee data;

• information about fees and other amounts that were received by the Advisor and its affiliates for non-advisory management services with respect to the Funds;

• information regarding the Advisor's trade allocation and best execution policies and procedures;

• information about the financial condition of the Advisor;

• information regarding how the Advisor monitors each Fund's compliance with regulatory requirements and Trust procedures; and

• the Advisor's reputation, expertise and resources.

January 31, 2026 (unaudited) **:: Form N-CSR – Items 8-11 :: 37**

The Trustees retained the services of an independent consultant to assist in selecting a universe of peer group funds for each Fund (the "Peer Group") with similar investment strategies, as well as to assist them in evaluating information with respect to certain aspects of their review, including the performance of the Funds and the reasonableness of fees paid by the Funds. The Board evaluated all information available to it on a Fund-by-Fund basis, and its determinations were made separately with respect to each Fund.

In addition to the information provided and discussions that occurred at the meeting at which the Board took action regarding the renewal of the Advisory Agreement, the Board also considered information they received throughout the year as part of its regular oversight of the Funds.

**Nature, Extent and Quality of the Advisor's Services**

The Board reviewed the nature, extent and quality of the investment advisory services performed by the Advisor. The Board noted there were expected to be no significant differences between the nature and scope of services provided by the Advisor in the past year and those to be provided in the upcoming year. The Board focused on the quality of the personnel and operations at the Advisor and the systems and processes required to manage the Funds effectively. Among other things, the Board considered the following:

• the investment objective of each Fund, the Advisor's description of the skills needed to manage each Fund and the Advisor's success in achieving the investment objectives of each Fund;

• the key features of each Fund, including the unique asset classes and investment strategies of certain Funds, as well as the employment of optimization/sampling techniques necessary to manage certain Funds;

• with respect to the Geared Funds, the fact that to maintain exposure consistent with each Geared Fund's daily investment objective, each Geared Fund needs to be rebalanced each day, an activity not typical of traditional index funds;

• the size and experience of the Advisor's portfolio staff and the Advisor's ability to recruit, train and retain personnel with relevant experience and the specific expertise necessary to manage the Funds;

• the structure of the portfolio Advisor's staff compensation program and the incentives it is intended to provide;

• the collateral, credit and cash management functions at the Advisor and enhancements made in these areas in recent years;

• the Advisor's development of investment strategies, including those involving the use of complex financial instruments and processes that maximize the Funds' ability to meet their stated investment objectives and minimize counterparty risk;

• the Advisor's ability to monitor compliance with the Securities and Exchange Commission's liquidity rule, derivatives rule and valuation requirements, among other applicable regulatory requirements;

• a continued investment in personnel and technology by the Advisor that would generally improve capacity and efficiency;

• for certain cryptocurrency-linked Funds, the Advisor's familiarity with digital assets and Bitcoin and Ether in particular, as well as processes related to assessing risk and liquidity with respect to investments in cryptocurrency derivatives, the Advisor's familiarity with the market for cryptocurrency derivatives and its ability to manage the Funds and obtain appropriate exposure in that market, the appropriateness of investing in cryptocurrency-related instruments by the Funds as open-end mutual funds and the potential benefits of a futures-based approach; and

• information regarding allocation of Fund brokerage and the selection of counterparties for Fund portfolio transactions, as well as the Advisor's ability to negotiate generally favorable terms with swap counterparties on behalf of various Funds.

The Board considered that the Advisor oversees the operations of the Funds and provides compliance services to the Funds. The Board also reviewed the Advisor's compliance program, including specific activities associated with the Funds. The Board discussed the compliance program with the Funds' Chief Compliance Officer (the "CCO"). The Board and the CCO discussed the CCO's evaluation of the operation of the Advisor's compliance program, and efforts with respect to the Funds, changes made to the Advisor's compliance program since the CCO's last annual report to the Board, and whether the CCO believed additional enhancements to the compliance program were warranted. The Board discussed compliance issues reported to the Board during the prior year and the remediation of such issues. The Board discussed key risk areas identified by the CCO and how such risks are addressed by the compliance program.

Based upon its review, the Board, including all of the Independent Trustees, concluded with respect to each Fund that (i) the investment advisory services provided by the Advisor with respect to the Fund were of high quality, (ii) the Advisor achieved the investment goals of the Fund, (iii) the Advisor's services benefited the Fund's shareholders, particularly in light of the nature of the Fund and the services required to support each such Fund, and (iv) they were generally satisfied with the nature, quality and extent of services provided by the Advisor to the Funds.

**Comparison of Services and Fees**

The Advisor presented information about the fairness and reasonableness of the investment advisory fees payable to the Advisor in light of the investment advisory services provided, the costs of these services and the comparability to the fees paid by other investment companies, including mutual funds or other investment vehicles offering strategies similar in nature and extent to the Funds. The Board discussed the methodology used to prepare the comparative fee data for each Fund and the potential limitations of such data. The Board discussed the challenges in compiling the comparative data and Peer Group information because, by design, many of the Funds are unique and few, if any, funds offering substantially similar investment objectives and strategies exist. The Board considered the Advisor's representation that it found the Peer Groups compiled by the independent consultant to be appropriate but acknowledged the existence of certain differences between certain Funds and their peers. The Board noted that the methodology used to compile the Peer Group

**38 :: Form N-CSR – Items 8-11 ::** January 31, 2026 (unaudited)

and comparative data was substantially similar to that used in prior years and is continually re-evaluated. Notwithstanding the challenge associated with Peer Group and data compilation, the Board found the comparative information it received to be useful in its evaluation of the reasonableness of the Advisor's fees.

The Board considered that, in cases where a Fund had higher fees and expenses than other funds in its respective Peer Group, such differences reflected the Advisor's belief, after considering relevant factors, that the fees and expenses are fair and reasonable in light of the nature and quality of the services provided and in relation to fees by funds in the Peer Group to their advisers. The Advisor presented information about the significant drivers of cost and also examined the costs to investors to achieve the objectives of the Funds on their own and noted that it would be more expensive or impractical to do so.

The Board also considered the fee waiver and/or expense reimbursement arrangements currently in place for each Fund and considered the net advisory fees paid by the Funds after taking waivers and reimbursements into account.

The Board considered and discussed the sub-advisory fees charged and the services provided by the Advisor to the one mutual fund it serves as sub-adviser. The Board recognized that the nature and scope of services provided by the Advisor to the mutual fund is narrower than the services provided to the Funds for several reasons, including that the Advisor performs only services delegated to it by the investment adviser to the mutual fund and does not provide other services like daily cash management, securities lending, marketing, client services, collateral management and counterparty management. The Board noted that for these reasons it presents challenges to make comparisons of fees charged to the sub-advised mutual fund and the Funds.

The Board also recognized the challenges in comparing fees across fund complexes because there may be variations in services that are included in the fees paid by other mutual funds.

The Board, including all of the Independent Trustees, concluded that, with respect to the Funds, the investment advisory fees and any other compensation payable to the Advisor were fair and reasonable in relation to the nature and quality of the services provided and that the continuance of the Advisory Agreement was in the best interests of the shareholders of the Funds.

**Investment Performance of the Funds and the Advisor**

The Board considered total return information for each Fund and focused on the correlation of returns to benchmark information for each Geared Fund for the 3-month, 1-year, 5-year, 10-year and since inception periods ended June 30, 2025, as applicable. The Board also considered performance information provided at regular Board meetings throughout the year. The Board noted that correlation of returns for each Geared Fund remained strong during the applicable periods and that Geared Fund performance when compared with target performance was generally within expected ranges. The Board further noted that Matching Fund performance compared with benchmark index performance was also generally within expected ranges during the applicable periods. The Board noted that, given the nature of the Funds that are Matching Funds or Geared Funds, the correlation of such Fund's performance with the performance of its underlying benchmark (or a relevant inverse or multiple thereof) was a more meaningful factor than the Fund's total return.

With respect to the Active Funds, the Board considered each Fund's relative performance as compared to its respective Peer Group average, universe average, and benchmark index returns for each of the one-year, three-year, five-year and ten-year periods ended June 30, 2025, as applicable. The Board noted that each Active Fund's performance was generally in line with the comparative Peer Groups, even if an Active Fund underperformed one or more of its peers for a particular period.

After reviewing the performance of the Funds, the Board, including the Independent Trustees, concluded, in light of the foregoing factors, that the performance of the Funds was satisfactory.

With regard to the VP Government Money Market Fund, the Board considered that the Advisor has contractually undertaken to waive fees and/or reimburse expenses to maintain a minimum yield floor limit at 0.02% and has also contractually agreed to waive total operating expenses to 0.90%. The Board noted that under the minimum yield agreement there have been no payments or deferred fee or reimbursed expenses from the Fund since March 4, 2020. The Advisor also confirmed it will not recoup any amounts of fees previously waived or expenses previously reimbursed without first notifying the Independent Trustees.

**Profitability**

The Board considered and discussed with representatives of the Advisor the significant drivers of cost incurred by or expected to be incurred by the Advisor in managing the Funds, including, but not limited to, employee compensation, information technology, intellectual capital, regulatory compliance, daily portfolio rebalancing of the Geared Funds, and entrepreneurial risk, and considered the costs that investors likely would incur if they independently sought to achieve the objectives of the Funds. The Board considered and discussed with representatives of the Advisor the profitability to the Advisor of its management of each of the Funds. The Board also discussed the Advisor's profitability, including the expense allocation methodology used in the Advisor's profitability analysis. It was noted that the methodology for determining profitability was conducted in a similar fashion as the prior year.

Based on its review, the Board, including all of the Independent Trustees, concluded that the profitability to the Advisor of the Advisory Agreement was reasonable in light of the services and benefits provided to each Fund.

January 31, 2026 (unaudited) **:: Form N-CSR – Items 8-11 :: 39**

**Economies of Scale**

The Board discussed with representatives of the Advisor potential economies of scale in connection with the management and operation of each Fund, as well as the effect of the contractual expense limitations undertaken by the Advisor. The Board considered that each Fund covered by the Advisory Agreement pays the Advisor an annual investment advisory fee of 0.75% of average daily net assets (other than the Ultra Japan ProFund and the UltraShort Japan ProFund, each of which pay 0.90%, the Nasdaq-100 ProFund which pays 0.70%, the ProFund VP US Government Plus which pays 0.50%, and the Bitcoin ProFund and Short Bitcoin ProFund, each of which each pays 0.45%).

The Board considered that, 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 reduce each Fund's annual investment advisory fee by 0.025% on non-money market mutual fund net assets in excess of $500 million up to $1 billion, 0.05% on assets in excess of $1 billion up to $2 billion and 0.075% on assets in excess of $2 billion. The Board considered that for the periods presented, none of the Funds were subject to advisory fee reductions as a result of breakpoint fee reductions.

The Board indicated to the Advisor that it will continue to consider and evaluate on an ongoing basis potential economies of scale and how Fund shareholders might benefit from those economies of scale.

**Other Benefits**

The Board also considered the Advisor's non-advisory management services, including those performed under a separate Management Services Agreement. The Board considered the fact that the Geared Funds' shareholders, and the shareholders of certain Matching Funds, tend to be active traders, which adds a level of complexity to the management of those Funds since the Advisor needs to account for significant asset flows both into and out of the Funds. The Board also considered any indirect, or "fall-out," benefits that the Advisor or its affiliates derived from their relationship to the Funds but concluded that such benefits were relatively insignificant.

The Board considered that ProFunds Distributors, Inc., a wholly-owned subsidiary of the Advisor, earns fees from the Funds for providing services under a Distribution and Shareholder Services Plan.

**Conclusions**

Based on, but not limited to, the above considerations and determinations, the Board, including all of the Independent Trustees, determined that the Advisory Agreement for the Funds is fair and reasonable in light of the nature, extent and quality of the services to be performed, the fee rates to be paid, the Advisor's expenses and such other matters as the Board considered relevant in the exercise of its business judgement. Accordingly, the Board concluded that the continuance of the Advisory Agreement was in the best interests of the shareholders of the Funds. On this basis, the Board unanimously voted in favor of the renewal of the Advisory Agreement.

![](j2625933_za001.gif)

P.O. Box 182800

Columbus, OH 43218-2800

**ProFunds**<sup>®</sup>

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.

01/26

![](j2625932_aa001.jpg)

![](j2625932_aa002.gif)

**Semiannual Financial Statements and Other Information**

January 31, 2026

Investor

Service

Access Flex Bear High Yield

ProFund

AFBIX

AFBSX

Access Flex High Yield ProFund

FYAIX

FYASX

Banks UltraSector ProFund

BKPIX

BKPSX

Bear ProFund

BRPIX

BRPSX

Biotechnology UltraSector

ProFund

BIPIX

BIPSX

Bull ProFund

BLPIX

BLPSX

Communication Services

UltraSector ProFund

WCPIX

WCPSX

Consumer Discretionary

UltraSector ProFund

CYPIX

CYPSX

Consumer Staples UltraSector

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 &

Services UltraSector ProFund

OEPIX

OEPSX

Pharmaceuticals

UltraSector ProFund

PHPIX

PHPSX

Precious Metals UltraSector

ProFund

PMPIX

PMPSX

Real Estate UltraSector ProFund

REPIX

REPSX

Rising Rates Opportunity ProFund

RRPIX

RRPSX

Investor

Service

Rising Rates Opportunity 10

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

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](#z_001) | [Access Flex Bear High Yield ProFund](#z_001) |
| [3](#z_002) | [Access Flex High Yield ProFund](#z_002) |
| [4](#z_003) | [Banks UltraSector ProFund](#z_003) |
| [6](#z_004) | [Bear ProFund](#z_004) |
| [7](#z_005) | [Biotechnology UltraSector ProFund](#z_005) |
| [10](#z_006) | [Bull ProFund](#z_006) |
| [18](#z_007) | [Communication Services UltraSector ProFund](#z_007) |
| [20](#z_008) | [Consumer Discretionary UltraSector ProFund](#z_008) |
| [22](#z_009) | [Consumer Staples UltraSector ProFund](#z_009) |
| [24](#z_010) | [Energy UltraSector ProFund](#z_010) |
| [25](#z_011) | [Europe 30 ProFund](#z_011) |
| [26](#z_012) | [Falling U.S. Dollar ProFund](#z_012) |
| [27](#z_013) | [Financials UltraSector ProFund](#z_013) |
| [29](#z_014) | [Health Care UltraSector ProFund](#z_014) |
| [31](#z_015) | [Industrials UltraSector ProFund](#z_015) |
| [33](#z_016) | [Internet UltraSector ProFund](#z_016) |
| [35](#z_017) | [Large-Cap Growth ProFund](#z_017) |
| [38](#z_018) | [Large-Cap Value ProFund](#z_018) |
| [44](#z_019) | [Materials UltraSector ProFund](#z_019) |
| [45](#z_020) | [Mid-Cap Growth ProFund](#z_020) |
| [49](#z_021) | [Mid-Cap ProFund](#z_021) |
| [55](#z_022) | [Mid-Cap Value ProFund](#z_022) |
| [60](#z_023) | [Nasdaq-100 ProFund](#z_023) |
| [63](#z_024) | [Oil & Gas Equipment & Services UltraSector ProFund](#z_024) |
| [65](#z_025) | [Pharmaceuticals UltraSector ProFund](#z_025) |
| [67](#z_026) | [Precious Metals UltraSector ProFund](#z_026) |
| [69](#z_027) | [Real Estate UltraSector ProFund](#z_027) |
| [71](#z_028) | [Rising Rates Opportunity ProFund](#z_028) |
| [72](#z_029) | [Rising Rates Opportunity 10 ProFund](#z_029) |
| [73](#z_030) | [Rising U.S. Dollar ProFund](#z_030) |
| [74](#z_031) | [Semiconductor UltraSector ProFund](#z_031) |
| [76](#z_032) | [Short Energy ProFund](#z_032) |
| [77](#z_033) | [Short Nasdaq-100 ProFund](#z_033) |

---

---

| | |
|:---|:---|
| [78](#z_034) | [Short Precious Metals ProFund](#z_034) |
| [79](#z_035) | [Short Real Estate ProFund](#z_035) |
| [80](#z_036) | [Short Small-Cap ProFund](#z_036) |
| [81](#z_037) | [Small-Cap Growth ProFund](#z_037) |
| [86](#z_038) | [Small-Cap ProFund](#z_038) |
| [110](#z_039) | [Small-Cap Value ProFund](#z_039) |
| [117](#x_029) | [Technology UltraSector ProFund](#x_029) |
| [119](#x_001) | [UltraBear ProFund](#x_001) |
| [120](#x_002) | [UltraBull ProFund](#x_002) |
| [128](#x_003) | [UltraChina ProFund](#x_003) |
| [130](#x_004) | [UltraDow 30 ProFund](#x_004) |
| [132](#x_005) | [UltraEmerging Markets ProFund](#x_005) |
| [134](#x_006) | [UltraInternational ProFund](#x_006) |
| [135](#x_007) | [UltraJapan ProFund](#x_007) |
| [136](#x_008) | [UltraLatin America ProFund](#x_008) |
| [138](#x_009) | [UltraMid-Cap ProFund](#x_009) |
| [145](#x_010) | [UltraNasdaq-100 ProFund](#x_010) |
| [148](#x_011) | [UltraShort China ProFund](#x_011) |
| [149](#x_012) | [UltraShort Dow 30 ProFund](#x_012) |
| [150](#x_013) | [UltraShort Emerging Markets ProFund](#x_013) |
| [151](#x_014) | [UltraShort International ProFund](#x_014) |
| [152](#x_015) | [UltraShort Japan ProFund](#x_015) |
| [153](#x_016) | [UltraShort Latin America ProFund](#x_016) |
| [154](#x_017) | [UltraShort Mid-Cap ProFund](#x_017) |
| [155](#x_018) | [UltraShort Nasdaq-100 ProFund](#x_018) |
| [156](#x_019) | [UltraShort Small-Cap ProFund](#x_019) |
| [157](#x_020) | [UltraSmall-Cap ProFund](#x_020) |
| [182](#x_021) | [U.S. Government Plus ProFund](#x_021) |
| [183](#x_022) | [Utilities UltraSector ProFund](#x_022) |
| [**185**](#x_023) | [**Statements of Assets and Liabilities**](#x_023) |
| [**199**](#x_024) | [**Statements of Operations**](#x_024) |
| [**213**](#x_025) | [**Statements of Changes in Net Assets**](#x_025) |
| [**239**](#x_026) | [**Financial Highlights**](#x_026) |
| [**271**](#x_027) | [**Notes to Financial Statements**](#x_027) |
| [**310**](#x_028) | [**Form N-CSR – Items 8-11**](#x_028) |

---

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**Schedules of Portfolio Investments**

**2 :: Access Flex Bear High Yield ProFund ::** Schedule of Portfolio Investments :: January 31, 2026 (unaudited)

**Repurchase Agreements**<sup>(a)</sup> **(9.8%)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Principal<br>Amount | Principal<br>Amount | Value |  |
| Repurchase Agreements with various <br>counterparties, rates 3.40%–3.55%, <br>dated 1/31/26, due 2/2/26, total to be <br>received $51,010 | Repurchase Agreements with various <br>counterparties, rates 3.40%–3.55%, <br>dated 1/31/26, due 2/2/26, total to be <br>received $51,010 | 51000 |  | $51000 |
| **TOTAL REPURCHASE AGREEMENTS**<br>(Cost $51,000) | **TOTAL REPURCHASE AGREEMENTS**<br>(Cost $51,000) | **TOTAL REPURCHASE AGREEMENTS**<br>(Cost $51,000) | **TOTAL REPURCHASE AGREEMENTS**<br>(Cost $51,000) | **51000** |
| **TOTAL INVESTMENT SECURITIES**<br>(Cost $51,000)—9.8% |  |  |  | **51000** |
| Net other assets (liabilities)—90.2% |  |  |  | 467213 |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | $**518213** |

---

<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 |  |
| iShares iBoxx $ High Yield Corporate<br>Bond ETF | Goldman Sachs International | 2/23/26 |  | (0.64)% |  | $35 |
| iShares iBoxx $ High Yield Corporate<br>Bond ETF | UBS AG | 2/23/26 |  | (3.94)% |  | 342 |
|  |  |  |  |  | **$** |  |

---

<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 January 31, 2026, 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.**

January 31, 2026 (unaudited) :: Schedule of Portfolio Investments **:: Access Flex High Yield ProFund :: 3**

**Repurchase Agreements**<sup>(a)</sup> **(108.9%)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Principal<br>Amount |  | Value |  |
| Repurchase Agreements with various <br>counterparties, rates 3.40%–3.55%, <br>dated 1/31/26, due 2/2/26, total to be <br>received $14,871,903 | $| 14869000 |  | $14869000 |
| **TOTAL REPURCHASE AGREEMENTS**<br>(Cost $14,869,000) | **TOTAL REPURCHASE AGREEMENTS**<br>(Cost $14,869,000) | **TOTAL REPURCHASE AGREEMENTS**<br>(Cost $14,869,000) | **TOTAL REPURCHASE AGREEMENTS**<br>(Cost $14,869,000) | **14869000** |
| **TOTAL INVESTMENT SECURITIES**<br>(Cost $14,869,000)—108.9% |  |  |  | **14869000** |
| Net other assets (liabilities)—(8.9)% |  |  |  | (1219557) |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | $**13649443** |

---

<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 Corporate<br>Bond ETF | Goldman Sachs International | 2/23/26 |  | 2.64 | % | $11959328 |
| iShares iBoxx $ High Yield Corporate<br>Bond ETF | UBS AG | 2/23/26 |  | 4.44 | % | 1755033 |

---

<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 January 31, 2026, 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 :: January 31, 2026 (unaudited)

**Common Stocks (83.1%)**

---

| | | |
|:---|:---|:---|
|  | Shares |  |
| Ameris Bancorp (Banks) | 966 | $77879 |
| Apollo Global Management, Inc. (Financial <br>Services) | 504 | 67808 |
| Associated Banc-Corp. (Banks) | 2773 | 75592 |
| Atlantic Union Bankshares Corp. (Banks) | 2085 | 80981 |
| Axos Financial, Inc.\* (Banks) | 877 | 86814 |
| Banc of California, Inc. (Banks) | 3770 | 75325 |
| BancFirst Corp. (Banks) | 671 | 73776 |
| Bank of America Corp. (Banks) | 1388 | 73842 |
| Bank of Hawaii Corp. (Banks) | 1079 | 80688 |
| Bank OZK (Banks) | 1548 | 73623 |
| BankUnited, Inc. (Banks) | 1641 | 77898 |
| Banner Corp. (Banks) | 999 | 61778 |
| Beacon Financial Corporation (Banks) | 2803 | 79465 |
| BOK Financial Corp.\* (Banks) | 629 | 81732 |
| Cathay General Bancorp (Banks) | 1473 | 75388 |
| Citigroup, Inc. (Banks) | 676 | 78220 |
| Citizens Financial Group, Inc. (Banks) | 1284 | 80866 |
| Columbia Banking System, Inc. (Banks) | 2585 | 76102 |
| Commerce Bancshares, Inc. (Banks) | 1408 | 74117 |
| Community Financial System, Inc. (Banks) | 1053 | 65813 |
| Corebridge Financial, Inc (Financial Services) | 2398 | 73930 |
| Cullen/Frost Bankers, Inc. (Banks) | 578 | 79660 |
| Customers Bancorp, Inc.\* (Banks) | 1048 | 82813 |
| CVB Financial Corp. (Banks) | 3656 | 72060 |
| East West Bancorp, Inc. (Banks) | 654 | 74844 |
| Eastern Bankshares, Inc. (Banks) | 3780 | 77433 |
| Enterprise Financial Services Corp. (Banks) | 778 | 44618 |
| Equitable Holdings, Inc. (Financial Services) | 1566 | 72662 |
| Essent Group, Ltd. (Financial Services) | 1184 | 74497 |
| F.N.B. Corp. (Banks) | 4272 | 74974 |
| FB Financial Corp. (Banks) | 1280 | 73638 |
| Fifth Third Bancorp (Banks) | 1579 | 79297 |
| First Bancorp (Banks) | 1005 | 58220 |
| First Bancorp (Banks) | 3571 | 78991 |
| First Busey Corp. (Banks) | 2022 | 49842 |
| First Citizens BancShares, Inc.\*—Class A <br>(Banks) | 37 | 76574 |
| First Financial Bancorp\* (Banks) | 2289 | 65786 |
| First Financial Bankshares, Inc. (Banks) | 2370 | 75413 |
| First Hawaiian, Inc. (Banks) | 2880 | 76464 |
| First Horizon Corp. (Banks) | 3145 | 77031 |
| First Interstate BancSystem, Inc.—Class A <br>(Banks) | 2107 | 74735 |
| First Merchants Corp. (Banks) | 1313 | 52205 |
| Fulton Financial Corp. (Banks) | 3782 | 78098 |
| Glacier Bancorp, Inc. (Banks) | 1699 | 86105 |
| Hancock Whitney Corp. (Banks) | 1142 | 78570 |
| Hilltop Holdings, Inc.\* (Banks) | 1788 | 66961 |
| Home BancShares, Inc. (Banks) | 2626 | 75891 |
| Huntington Bancshares, Inc. (Banks) | 4275 | 74727 |
| Independent Bank Corp. (Banks) | 981 | 79245 |
| International Bancshares Corp. (Banks) | 1018 | 70894 |
| Jackson Financial, Inc.—Class A (Financial <br>Services) | 725 | 86218 |
| JPMorgan Chase & Co. (Banks) | 242 | 74025 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
|  | Shares |  |
| KeyCorp (Banks) | 3658 | $78720 |
| Lakeland Financial Corp. (Banks) | 621 | 37012 |
| M&T Bank Corp. (Banks) | 367 | 81316 |
| MGIC Investment Corp. (Financial Services) | 2591 | 69750 |
| NBT Bancorp, Inc. (Banks) | 923 | 41009 |
| New York Community Bancorp, Inc. (Banks) | 5761 | 76160 |
| NMI Holdings, Inc.\*—Class A (Financial <br>Services) | 1910 | 73955 |
| Northern Trust Corp. (Capital Markets) | 546 | 81589 |
| OFG Bancorp (Banks) | 1153 | 46466 |
| Old National Bancorp (Banks) | 3227 | 78836 |
| Park National Corp. (Banks) | 270 | 43994 |
| Pathward Financial, Inc. (Banks) | 909 | 82074 |
| PennyMac Financial Services, Inc. (Financial <br>Services) | 573 | 57254 |
| Pinnacle Financial Partners, Inc. (Banks) | 751 | 71413 |
| PNC Financial Services Group, Inc. (Banks) | 363 | 81058 |
| Popular, Inc. (Banks) | 625 | 83456 |
| Prosperity Bancshares, Inc. (Banks) | 1029 | 71011 |
| Provident Financial Services, Inc. (Banks) | 3167 | 70117 |
| Radian Group, Inc. (Financial Services) | 2101 | 69123 |
| Regions Financial Corp. (Banks) | 2742 | 78147 |
| Renasant Corp. (Banks) | 2034 | 76702 |
| Rocket Cos, Inc.\*—Class A (Financial <br>Services) | 3901 | 69945 |
| Seacoast Banking Corp. of Florida (Banks) | 2298 | 76845 |
| ServisFirst Bancshares, Inc. (Banks) | 990 | 81032 |
| Simmons First National Corp.—Class A <br>(Banks) | 3820 | 77661 |
| SouthState Bank Corp. (Banks) | 788 | 80636 |
| Stock Yards Bancorp, Inc. (Banks) | 573 | 38786 |
| Texas Capital Bancshares, Inc.\* (Banks) | 776 | 78508 |
| The Bancorp, Inc.\* (Banks) | 1085 | 64492 |
| The Bank of New York Mellon Corp. (Capital <br>Markets) | 634 | 76029 |
| Triumph Financial, Inc.\* (Banks) | 1006 | 63469 |
| Truist Financial Corp. (Banks) | 1515 | 77901 |
| Trustmark Corp. (Banks) | 1331 | 56594 |
| U.S. Bancorp (Banks) | 1401 | 78610 |
| UMB Financial Corp. (Banks) | 634 | 80607 |
| United Bankshares, Inc. (Banks) | 1911 | 80893 |
| United Community Banks, Inc. (Banks) | 2318 | 79809 |
| Valley National Bancorp (Banks) | 6345 | 79059 |
| Voya Financial, Inc. (Financial Services) | 1038 | 79573 |
| Walker & Dunlop, Inc. (Financial Services) | 1184 | 74462 |
| Washington Federal, Inc. (Banks) | 2263 | 73819 |
| Webster Financial Corp. (Banks) | 1173 | 77148 |
| Wells Fargo & Co. (Banks) | 828 | 74926 |
| WesBanco, Inc. (Banks) | 2188 | 77215 |
| Western Alliance Bancorp (Banks) | 865 | 77115 |
| Wintrust Financial Corp. (Banks) | 532 | 78465 |
| WSFS Financial Corp. (Banks) | 1318 | 85314 |
| Zions Bancorp N.A. (Banks) | 1276 | 76445 |
| **TOTAL COMMON STOCKS**<br>(Cost $4,393,258) | **TOTAL COMMON STOCKS**<br>(Cost $4,393,258) | **7318648** |

---

**See accompanying notes to financial statements.**

January 31, 2026 (unaudited) :: Schedule of Portfolio Investments **:: Banks UltraSector ProFund :: 5**

\*

Non-income producing security.

<sup>(a)</sup>

A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. At January 31, 2026, the aggregate amount held in a segregated account was $773,000.

<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.

**Repurchase Agreements**<sup>(a)(b)</sup> **(14.9%)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Principal <br>Amount |  | Value |  |
| Repurchase Agreements with various <br>counterparties, rates 3.40%–3.55%, <br>dated 1/31/26, due 2/2/26, total to be <br>received $1,313,256 | $| 1313000 |  | $1313000 |
| **TOTAL REPURCHASE AGREEMENTS**<br>(Cost $1,313,000) | **TOTAL REPURCHASE AGREEMENTS**<br>(Cost $1,313,000) | **TOTAL REPURCHASE AGREEMENTS**<br>(Cost $1,313,000) | **TOTAL REPURCHASE AGREEMENTS**<br>(Cost $1,313,000) | **1313000** |
| **TOTAL INVESTMENT SECURITIES**<br>(Cost $5,706,258)—98.0% |  |  |  | **8631648** |
| Net other assets (liabilities)—2.0% |  |  |  | 174114 |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | $**8805762** |

---

**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 | 2/23/26 |  | 4.39 | % | $2938296 | $33917 |
| S&P Banks Select Industry Index | UBS AG | 2/23/26 |  | 4.44 | % | 2872156 | 33498 |

---

<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 January 31, 2026, 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 January 31, 2026:

---

| | | | |
|:---|:---|:---|:---|
|  |  | % of<br>Net Assets |  |
| Banks | $6291853 |  | 71.4% |
| Capital Markets | 157618 |  | 1.8% |
| Financial Services | 869177 |  | 9.9% |
| Other\*\* | 1487114 |  | 16.9% |
| **Total** | $**8805762** |  | **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 :: January 31, 2026 (unaudited)

<sup>(a)</sup>

A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. At January 31, 2026, the aggregate amount held in a segregated account was $879,000.

<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.

**Repurchase Agreements**<sup>(a)(b)</sup> **(95.6%)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Principal<br>Amount |  | Value |  |
| Repurchase Agreements with various <br>counterparties, rates 3.40%–3.55%, <br>dated 1/31/26, due 2/2/26, total to be <br>received $6,406,250 | $| 6405000 |  | $6405000 |
| **TOTAL REPURCHASE AGREEMENTS**<br>(Cost $6,405,000) | **TOTAL REPURCHASE AGREEMENTS**<br>(Cost $6,405,000) | **TOTAL REPURCHASE AGREEMENTS**<br>(Cost $6,405,000) | **TOTAL REPURCHASE AGREEMENTS**<br>(Cost $6,405,000) | **6405000** |
| **TOTAL INVESTMENT SECURITIES**<br>(Cost $6,405,000)—95.6% |  |  |  | **6405000** |
| Net other assets (liabilities)—4.4% |  |  |  | 296136 |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | $**6701136** |

---

**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 | 3/23/26 |  | $(696575 | $(696575) | $(1559) |

---

**Total Return Swap Agreements—Short**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Underlying Instrument | Counterparty | Termination<br>Date<sup>(1)</sup> | Rate Paid<br>(Received)<sup>(2)</sup> |  | Notional<br>Amount |  |
| S&P 500 | Goldman Sachs International | 2/27/26 |  | (4.14) | % | $20530 |
| S&P 500 | UBS AG | 2/27/26 |  | (4.04) | % | 14965 |

---

<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 January 31, 2026, 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.**

January 31, 2026 (unaudited) :: Schedule of Portfolio Investments **:: Biotechnology UltraSector ProFund :: 7**

**Common Stocks (75.7%)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Shares |  | Value |  |
| 4D Molecular Therapeutics, Inc.\* <br>(Biotechnology) |  | 23384 |  | $207182 |
| AbbVie, Inc. (Biotechnology) |  | 7243 |  | 1615261 |
| Absci Corp.\*<sup>(a)</sup> (Biotechnology) |  | 57421 |  | 171689 |
| ACADIA Pharmaceuticals, Inc.\* <br>(Biotechnology) |  | 55582 |  | 1396776 |
| ADMA Biologics, Inc.\* (Biotechnology) |  | 81625 |  | 1412113 |
| Agios Pharmaceuticals, Inc.\* <br>(Biotechnology) |  | 30134 |  | 826877 |
| Akebia Therapeutics, Inc.\* (Biotechnology) |  | 139787 |  | 197100 |
| Alkermes PLC\* (Biotechnology) |  | 56984 |  | 1931188 |
| Alnylam Pharmaceuticals, Inc.\* <br>(Biotechnology) |  | 4032 |  | 1363058 |
| Altimmune, Inc.\* (Biotechnology) |  | 54882 |  | 307339 |
| Amgen, Inc. (Biotechnology) |  | 5171 |  | 1767861 |
| Amicus Therapeutics, Inc.\* (Biotechnology) | Amicus Therapeutics, Inc.\* (Biotechnology) | 138235 |  | 1975378 |
| AnaptysBio, Inc.\* (Biotechnology) |  | 9899 |  | 469312 |
| Anavex Life Sciences Corp.\* <br>(Biotechnology) |  | 43818 |  | 205945 |
| Annexon, Inc.\* (Biotechnology) |  | 39710 |  | 247790 |
| Apellis Pharmaceuticals, Inc.\* <br>(Biotechnology) |  | 48067 |  | 1085353 |
| Apogee Therapeutics, Inc.\* (Biotechnology) | Apogee Therapeutics, Inc.\* (Biotechnology) | 13630 |  | 892901 |
| Arbutus Biopharma Corp.\* (Biotechnology) |  | 32809 |  | 135501 |
| Arcellx, Inc.\* (Biotechnology) |  | 19488 |  | 1331225 |
| Arcus Biosciences, Inc.\* (Biotechnology) |  | 26052 |  | 548134 |
| Arcutis Biotherapeutics, Inc.\* <br>(Biotechnology) |  | 48238 |  | 1223798 |
| Ardelyx, Inc.\* (Biotechnology) |  | 109395 |  | 841248 |
| ArriVent Biopharma, Inc.\* (Biotechnology) |  | 8096 |  | 182079 |
| Arrowhead Pharmaceuticals, Inc.\* <br>(Biotechnology) |  | 23681 |  | 1641804 |
| ARS Pharmaceuticals, Inc.\* <br>(Biotechnology) |  | 32398 |  | 323656 |
| Avidity Biosciences, Inc.\* (Biotechnology) |  | 22857 |  | 1658732 |
| Beam Therapeutics, Inc.\* (Biotechnology) |  | 49582 |  | 1369455 |
| Bicara Therapeutics, Inc.\* (Biotechnology) |  | 16749 |  | 281383 |
| BioCryst Pharmaceuticals, Inc.\* <br>(Biotechnology) |  | 107248 |  | 705692 |
| Biogen, Inc.\* (Biotechnology) |  | 9185 |  | 1652290 |
| Biohaven, Ltd.\* (Biotechnology) |  | 58678 |  | 694161 |
| BioMarin Pharmaceutical, Inc.\* <br>(Biotechnology) |  | 30370 |  | 1717120 |
| Bridgebio Pharma, Inc.\* (Biotechnology) |  | 22433 |  | 1733398 |
| CareDx, Inc.\* (Biotechnology) |  | 25549 |  | 525032 |
| Catalyst Pharmaceuticals, Inc.\* <br>(Biotechnology) |  | 43464 |  | 1056175 |
| Celcuity, Inc.\* (Biotechnology) |  | 16016 |  | 1752471 |
| Celldex Therapeutics, Inc.\* (Biotechnology) | Celldex Therapeutics, Inc.\* (Biotechnology) | 32024 |  | 787790 |
| CG Oncology, Inc.\* (Biotechnology) |  | 29731 |  | 1547499 |
| Cogent Biosciences, Inc.\* (Biotechnology) |  | 31144 |  | 1118381 |
| Compass Therapeutics, Inc.\* <br>(Biotechnology) |  | 42540 |  | 272256 |
| Corvus Pharmaceuticals, Inc.\* <br>(Biotechnology) |  | 27957 |  | 578710 |
| CRISPR Therapeutics AG\* (Biotechnology) |  | 28319 |  | 1414817 |
| Cullinan Therapeutics, Inc.\* <br>(Biotechnology) |  | 17290 |  | 206788 |
| Cytokinetics, Inc.\* (Biotechnology) |  | 27039 |  | 1708594 |
| CytomX Therapeutics, Inc.\* <br>(Biotechnology) |  | 76698 |  | 436412 |

---

**Common Stocks, continued**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Shares |  | Value |  |
| Day One Biopharmaceuticals, Inc.\* <br>(Biotechnology) |  | 44017 |  | $491230 |
| Denali Therapeutics, Inc.\* (Biotechnology) |  | 53705 |  | 1167547 |
| Dianthus Therapeutics, Inc.\* <br>(Biotechnology) |  | 16225 |  | 866253 |
| Disc Medicine, Inc.\* (Biotechnology) |  | 10119 |  | 782401 |
| Dynavax Technologies Corp.\* <br>(Biotechnology) |  | 51561 |  | 798422 |
| Dyne Therapeutics, Inc.\* (Biotechnology) |  | 65698 |  | 1175337 |
| Emergent BioSolutions, Inc.\* <br>(Biotechnology) |  | 24956 |  | 283001 |
| Erasca, Inc.\* (Biotechnology) |  | 36680 |  | 385507 |
| Exact Sciences Corp.\* (Biotechnology) |  | 16107 |  | 1648390 |
| Exelixis, Inc.\* (Biotechnology) |  | 39710 |  | 1642406 |
| Geron Corp.\* (Biotechnology) |  | 230413 |  | 315666 |
| Gilead Sciences, Inc. (Biotechnology) |  | 13441 |  | 1907950 |
| Gossamer Bio, Inc.\* (Biotechnology) |  | 87693 |  | 199940 |
| GRAIL, Inc.\* (Biotechnology) |  | 17181 |  | 1680645 |
| Halozyme Therapeutics, Inc.\* <br>(Biotechnology) |  | 26032 |  | 1866755 |
| Ideaya Biosciences, Inc.\* (Biotechnology) |  | 35425 |  | 1140331 |
| Immuneering Corp.\* (Biotechnology) |  | 36653 |  | 169703 |
| ImmunityBio, Inc.\*<sup>(a)</sup> (Biotechnology) |  | 170262 |  | 1064138 |
| Immunome, Inc.\* (Biotechnology) |  | 31790 |  | 782670 |
| Immunovant, Inc.\* (Biotechnology) |  | 37102 |  | 964652 |
| Incyte Corp.\* (Biotechnology) |  | 17136 |  | 1714800 |
| Inhibrx Biosciences, Inc.\* (Biotechnology) |  | 2406 |  | 183506 |
| Insmed, Inc.\* (Biotechnology) |  | 8590 |  | 1347513 |
| Intellia Therapeutics, Inc.\*<sup>(a)</sup> <br>(Biotechnology) |  | 60394 |  | 794181 |
| Invivyd, Inc.\* (Biotechnology) |  | 79776 |  | 138810 |
| Ionis Pharmaceuticals, Inc.\* <br>(Biotechnology) |  | 20741 |  | 1714658 |
| Iovance Biotherapeutics, Inc.\* <br>(Biotechnology) |  | 198050 |  | 505028 |
| Ironwood Pharmaceuticals, Inc.\* <br>(Biotechnology) |  | 18178 |  | 88890 |
| Janux Therapeutics, Inc.\* (Biotechnology) |  | 49130 |  | 673572 |
| KalVista Pharmaceuticals, Inc.\* <br>(Biotechnology) |  | 18388 |  | 287037 |
| Keros Therapeutics, Inc.\* (Biotechnology) |  | 8488 |  | 152020 |
| Kodiak Sciences, Inc.\* (Biotechnology) |  | 16686 |  | 379940 |
| Krystal Biotech, Inc.\* (Biotechnology) |  | 6803 |  | 1899670 |
| Kura Oncology, Inc.\* (Biotechnology) |  | 52534 |  | 426576 |
| Kymera Therapeutics, Inc.\* (Biotechnology) | Kymera Therapeutics, Inc.\* (Biotechnology) | 16443 |  | 1195242 |
| Lexeo Therapeutics, Inc.\* (Biotechnology) |  | 28639 |  | 212215 |
| Madrigal Pharmaceuticals, Inc.\* <br>(Biotechnology) |  | 2952 |  | 1444443 |
| Mannkind Corp.\* (Biotechnology) |  | 126848 |  | 733181 |
| MiMedx Group, Inc.\* (Biotechnology) |  | 19429 |  | 99282 |
| Mineralys Therapeutics, Inc.\* <br>(Biotechnology) |  | 35860 |  | 1107715 |
| Mirum Pharmaceuticals, Inc.\* <br>(Biotechnology) |  | 20449 |  | 2110746 |
| Moderna, Inc.\* (Biotechnology) |  | 56187 |  | 2476160 |
| Monte Rosa Therapeutics, Inc.\* <br>(Biotechnology) |  | 18906 |  | 387951 |
| Myriad Genetics, Inc.\* (Biotechnology) |  | 41835 |  | 235113 |
| Natera, Inc.\* (Biotechnology) |  | 6996 |  | 1617055 |
| Neurocrine Biosciences, Inc.\* <br>(Biotechnology) |  | 10479 |  | 1425773 |

---

**See accompanying notes to financial statements.**

**8 :: Biotechnology UltraSector ProFund ::** Schedule of Portfolio Investments :: January 31, 2026 (unaudited)

**Common Stocks, continued**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Shares |  | Value |  |
| Novavax, Inc.\*<sup>(a)</sup> (Biotechnology) |  | 92370 |  | $817013 |
| Nurix Therapeutics, Inc.\* (Biotechnology) |  | 25375 |  | 419195 |
| Nuvalent, Inc.\*—Class A (Biotechnology) |  | 12881 |  | 1325326 |
| Olema Pharmaceuticals, Inc.\* <br>(Biotechnology) |  | 12617 |  | 324509 |
| ORIC Pharmaceuticals, Inc.\* <br>(Biotechnology) |  | 49671 |  | 509624 |
| Oruka Therapeutics Inc\* (Biotechnology) |  | 10789 |  | 369307 |
| Palvella Therapeutics, Inc.\* (Biotechnology) | Palvella Therapeutics, Inc.\* (Biotechnology) | 4413 |  | 338433 |
| Praxis Precision Medicines, Inc.\* <br>(Biotechnology) |  | 6235 |  | 1957790 |
| Precigen, Inc.\* (Biotechnology) |  | 104906 |  | 471028 |
| Prime Medicine, Inc.\* (Biotechnology) |  | 52624 |  | 200497 |
| Protagonist Therapeutics, Inc.\* <br>(Biotechnology) |  | 17847 |  | 1459885 |
| Prothena Corp. PLC\* (Biotechnology) |  | 23144 |  | 203899 |
| PTC Therapeutics, Inc.\* (Biotechnology) |  | 22009 |  | 1662340 |
| RAPT Therapeutics, Inc.\* (Biotechnology) |  | 9247 |  | 533367 |
| Recursion Pharmaceuticals, Inc.\*<sup>(a)</sup>—Class A <br>(Biotechnology) | Recursion Pharmaceuticals, Inc.\*<sup>(a)</sup>—Class A <br>(Biotechnology) | 271602 |  | 1138012 |
| Regeneron Pharmaceuticals, Inc. <br>(Biotechnology) |  | 2246 |  | 1665297 |
| REGENXBIO, Inc.\* (Biotechnology) |  | 16596 |  | 185211 |
| Relay Therapeutics, Inc.\* (Biotechnology) |  | 54319 |  | 416084 |
| Replimune Group, Inc.\* (Biotechnology) |  | 39527 |  | 277875 |
| REVOLUTION Medicines, Inc.\* <br>(Biotechnology) |  | 20967 |  | 2032751 |
| Rezolute, Inc.\* (Biotechnology) |  | 39079 |  | 130524 |
| Rhythm Pharmaceuticals, Inc.\* <br>(Biotechnology) |  | 15566 |  | 1595826 |
| Rigel Pharmaceuticals, Inc.\* <br>(Biotechnology) |  | 12082 |  | 421179 |
| Roivant Sciences, Ltd.\* (Biotechnology) |  | 80577 |  | 1742075 |
| Sana Biotechnology, Inc.\* (Biotechnology) |  | 76860 |  | 340490 |
| Sarepta Therapeutics, Inc.\* (Biotechnology) | Sarepta Therapeutics, Inc.\* (Biotechnology) | 54739 |  | 1113391 |
| Savara, Inc.\* (Biotechnology) |  | 25191 |  | 136031 |
| Scholar Rock Holding Corp.\* <br>(Biotechnology) |  | 36201 |  | 1605152 |
| Sionna Therapeutics, Inc.\* (Biotechnology) |  | 6922 |  | 292524 |
| Soleno Therapeutics, Inc.\* (Biotechnology) |  | 26800 |  | 1033408 |
| Spyre Therapeutics, Inc.\* (Biotechnology) |  | 14973 |  | 478837 |
| Stoke Therapeutics, Inc.\* (Biotechnology) |  | 25285 |  | 767147 |
| Summit Therapeutics, Inc.\*<sup>(a)</sup> <br>(Biotechnology) |  | 80686 |  | 1168333 |
| Syndax Pharmaceuticals, Inc.\* <br>(Biotechnology) |  | 45401 |  | 922094 |
| Tango Therapeutics, Inc.\* (Biotechnology) |  | 63527 |  | 737548 |
| Taysha Gene Therapies, Inc.\* <br>(Biotechnology) |  | 96659 |  | 435932 |
| TG Therapeutics, Inc.\* (Biotechnology) |  | 53297 |  | 1568531 |
| Travere Therapeutics, Inc.\* (Biotechnology) | Travere Therapeutics, Inc.\* (Biotechnology) | 47437 |  | 1474816 |
| Twist Bioscience Corp.\* (Biotechnology) |  | 32028 |  | 1315390 |
| Tyra Biosciences, Inc.\* (Biotechnology) |  | 4333 |  | 133543 |
| Ultragenyx Pharmaceutical, Inc.\* <br>(Biotechnology) |  | 44032 |  | 1059850 |
| uniQure N.V.\* (Biotechnology) |  | 46240 |  | 1050573 |
| United Therapeutics Corp.\* <br>(Biotechnology) |  | 3364 |  | 1579364 |
| Upstream Bio, Inc.\* (Biotechnology) |  | 10845 |  | 337063 |
| Vaxcyte, Inc.\* (Biotechnology) |  | 37500 |  | 2008875 |
| Vera Therapeutics, Inc.\* (Biotechnology) |  | 24064 |  | 1041009 |

---

**Common Stocks, continued**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Shares |  | Value |  |
| Veracyte, Inc.\* (Biotechnology) |  | 24212 |  | $921993 |
| Verastem, Inc.\* (Biotechnology) |  | 36258 |  | 221174 |
| Vericel Corp.\* (Biotechnology) |  | 21193 |  | 762524 |
| Vertex Pharmaceuticals, Inc.\* <br>(Biotechnology) |  | 3668 |  | 1723593 |
| Viking Therapeutics, Inc.\* (Biotechnology) |  | 43455 |  | 1261933 |
| Vir Biotechnology, Inc.\* (Biotechnology) |  | 37500 |  | 279000 |
| Viridian Therapeutics, Inc.\* (Biotechnology) | Viridian Therapeutics, Inc.\* (Biotechnology) | 27964 |  | 922812 |
| Xencor, Inc.\* (Biotechnology) |  | 27403 |  | 331302 |
| **TOTAL COMMON STOCKS**<br>(Cost $106,108,114) | **TOTAL COMMON STOCKS**<br>(Cost $106,108,114) | **TOTAL COMMON STOCKS**<br>(Cost $106,108,114) | **TOTAL COMMON STOCKS**<br>(Cost $106,108,114) | **133423024** |

---

**Rights**<sup>(NM)</sup>

---

| | | |
|:---|:---|:---|
| Eli Lilly & Company\*<sup>CVR</sup> (Biotechnology) | 9511 | 5992 |
| **TOTAL RIGHTS**<br>(Cost $5,992) | **TOTAL RIGHTS**<br>(Cost $5,992) | **5992** |

---

**Repurchase Agreements**<sup>(b)(c)</sup> **(27.1%)**

---

| | | | |
|:---|:---|:---|:---|
|  |  | Value |  |
| Repurchase Agreements with various <br>counterparties, rates 3.40%–3.55%, <br>dated 1/31/26, due 2/2/26, total to be <br>received $47,829,336 | $47820000 |  | $47820000 |
| **TOTAL REPURCHASE AGREEMENTS**<br>(Cost $47,820,000) | **TOTAL REPURCHASE AGREEMENTS**<br>(Cost $47,820,000) | **TOTAL REPURCHASE AGREEMENTS**<br>(Cost $47,820,000) | **47820000** |

---

**Collateral for Securities Loaned**<sup>(d)</sup> **(2.4%)**

---

| | | | |
|:---|:---|:---|:---|
| | Shares | Value |  |
| Invesco Government & Agency Portfolio—<br>Institutional Shares, 3.69%<sup>(e)</sup> | 4141972 |  | $4141972 |
| **TOTAL COLLATERAL FOR SECURITIES LOANED**<br>(Cost $4,141,972) | **TOTAL COLLATERAL FOR SECURITIES LOANED**<br>(Cost $4,141,972) | **TOTAL COLLATERAL FOR SECURITIES LOANED**<br>(Cost $4,141,972) | **4141972** |
| **TOTAL INVESTMENT SECURITIES**<br>(Cost $158,076,078)—105.2% |  |  | **185390988** |
| Net other assets (liabilities)—(5.2)% |  |  | (9137746) |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | $**176253242** |

---

\*

Non-income producing security.

<sup>(a)</sup>

All or part of this security was on loan as of January 31, 2026. The total value of securities on loan as of January 31, 2026 was $3,903,128.

<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 January 31, 2026, the aggregate amount held in a segregated account was $27,106,000.

<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>

Securities were purchased with cash collateral held from securities on loan at January 31, 2026.

<sup>(e)</sup>

Rate periodically changes. Rate disclosed is the daily yield as of January 31, 2026.

<sup>CVR</sup>

Contingent Value Rights

<sup>NM</sup>

Not meaningful, amount is less than 0.05%

**See accompanying notes to financial statements.**

January 31, 2026 (unaudited) :: Schedule of Portfolio Investments **:: Biotechnology UltraSector ProFund :: 9**

**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 | 2/23/26 |  | 4.39 | % | $66605873 |
| S&P Biotechnology Select Industry Index | UBS AG | 2/23/26 |  | 4.44 | % | 64841801 |

---

<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 January 31, 2026, 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).

Biotechnology UltraSector ProFund invested in the following industries as of January 31, 2026:

---

| | | | |
|:---|:---|:---|:---|
|  |  | % of<br>Net Assets |  |
| Biotechnology | $133429016 |  | 75.7% |
| Other\*\* | 42824226 |  | 24.3% |
| **Total** | $**176253242** |  | **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 :: January 31, 2026 (unaudited)

**Common Stocks (71.3%)**

---

| | | |
|:---|:---|:---|
|  | Shares |  |
| 3M Co. (Industrial Conglomerates) | 347 | $53147 |
| A.O. Smith Corp. (Building Products) | 74 | 5438 |
| Abbott Laboratories (Health Care Equipment & <br>Supplies) | 1135 | 124057 |
| AbbVie, Inc. (Biotechnology) | 1153 | 257130 |
| Accenture PLC—Class A (IT Services) | 405 | 106774 |
| Adobe, Inc.\* (Software) | 273 | 80057 |
| Advanced Micro Devices, Inc.\* <br>(Semiconductors & Semiconductor <br>Equipment) | 1063 | 251644 |
| Aflac, Inc. (Insurance) | 308 | 34173 |
| Agilent Technologies, Inc. (Life Sciences <br>Tools & Services) | 185 | 24762 |
| Air Products & Chemicals, Inc. (Chemicals) | 145 | 39513 |
| Airbnb, Inc.\*—Class A (Hotels, Restaurants & <br>Leisure) | 278 | 35965 |
| Akamai Technologies, Inc.\* (IT Services) | 94 | 9132 |
| Albemarle Corp. (Chemicals) | 77 | 13139 |
| Alexandria Real Estate Equities, Inc. <br>(Office REITs) | 102 | 5573 |
| Align Technology, Inc.\* (Health Care <br>Equipment & Supplies) | 44 | 7173 |
| Allegion PLC (Building Products) | 56 | 9262 |
| Alliant Energy Corp. (Electric Utilities) | 168 | 11073 |
| Allstate Corp. (Insurance) | 171 | 34027 |
| Alphabet, Inc.—Class A (Interactive Media & <br>Services) | 3798 | 1283724 |
| Alphabet, Inc.—Class C (Interactive Media & <br>Services) | 3035 | 1027439 |
| Altria Group, Inc. (Tobacco) | 1096 | 67941 |
| Amazon.com, Inc.\* (Broadline Retail) | 6349 | 1519316 |
| Amcor plc (Containers & Packaging) | 301 | 13319 |
| Ameren Corp. (Multi-Utilities) | 176 | 18177 |
| American Electric Power Co., Inc. (Electric <br>Utilities) | 349 | 41801 |
| American Express Co. (Consumer Finance) | 351 | 123612 |
| American International Group, Inc. (Insurance) | 352 | 26358 |
| American Tower Corp.—Class A (Specialized <br>REITs) | 306 | 54859 |
| American Water Works Co., Inc. (Water <br>Utilities) | 127 | 16400 |
| Ameriprise Financial, Inc. (Capital Markets) | 60 | 31631 |
| AMETEK, Inc. (Electrical Equipment) | 150 | 33597 |
| Amgen, Inc. (Biotechnology) | 352 | 120342 |
| Amphenol Corp.—Class A (Electronic <br>Equipment, Instruments & Components) | 799 | 115121 |
| Analog Devices, Inc. (Semiconductors & <br>Semiconductor Equipment) | 321 | 99792 |
| Aon PLC—Class A (Insurance) | 140 | 48950 |
| APA Corp. (Oil, Gas & Consumable Fuels) | 232 | 6127 |
| Apollo Global Management, Inc. (Financial <br>Services) | 303 | 40766 |
| Apple, Inc. (Technology Hardware, Storage & <br>Peripherals) | 9645 | 2502685 |
| Applied Materials, Inc. (Semiconductors & <br>Semiconductor Equipment) | 520 | 167606 |
| AppLovin Corp.\*—Class A (Software) | 177 | 83740 |
| Aptiv PLC\* (Automobile Components) | 141 | 10681 |
| Arch Capital Group, Ltd.\* (Insurance) | 236 | 22665 |
| Archer-Daniels-Midland Co. (Food Products) | 314 | 21135 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
|  | Shares |  |
| Ares Management Corporation—Class A <br>(Capital Markets) | 135 | $20205 |
| Arista Networks, Inc.\* (Communications <br>Equipment) | 674 | 95533 |
| Arthur J. Gallagher & Co. (Insurance) | 168 | 41894 |
| Assurant, Inc. (Insurance) | 33 | 7858 |
| AT&T, Inc. (Diversified Telecommunication <br>Services) | 4628 | 121300 |
| Atmos Energy Corp. (Gas Utilities) | 105 | 17466 |
| Autodesk, Inc.\* (Software) | 139 | 35149 |
| Automatic Data Processing, Inc. <br>(Professional Services) | 264 | 65161 |
| AutoZone, Inc.\* (Specialty Retail) | 11 | 40747 |
| AvalonBay Communities, Inc. (Residential <br>REITs) | 92 | 16346 |
| Avery Dennison Corp. (Containers & <br>Packaging) | 51 | 9461 |
| Axon Enterprise, Inc.\* (Aerospace & Defense) | 52 | 25146 |
| Baker Hughes Co. (Energy Equipment & <br>Services) | 644 | 36090 |
| Ball Corp. (Containers & Packaging) | 175 | 9952 |
| Bank of America Corp. (Banks) | 4385 | 233282 |
| Baxter International, Inc. (Health Care <br>Equipment & Supplies) | 337 | 6764 |
| Becton, Dickinson & Co. (Health Care <br>Equipment & Supplies) | 187 | 38051 |
| Berkshire Hathaway, Inc.\*—Class B <br>(Financial Services) | 1197 | 575193 |
| Best Buy Co., Inc. (Specialty Retail) | 128 | 8333 |
| Biogen, Inc.\* (Biotechnology) | 96 | 17269 |
| Bio-Techne Corp. (Life Sciences Tools & <br>Services) | 102 | 6537 |
| BlackRock, Inc. (Capital Markets) | 94 | 105180 |
| Blackstone, Inc. (Capital Markets) | 482 | 68646 |
| Block, Inc.\* (Financial Services) | 358 | 21634 |
| Booking Holdings, Inc. (Hotels, Restaurants & <br>Leisure) | 21 | 105038 |
| Boston Properties, Inc. (Office REITs) | 96 | 6209 |
| Boston Scientific Corp.\* (Health Care <br>Equipment & Supplies) | 968 | 90537 |
| Bristol-Myers Squibb Co. (Pharmaceuticals) | 1329 | 73161 |
| Broadcom, Inc. (Semiconductors & <br>Semiconductor Equipment) | 3082 | 1021067 |
| Broadridge Financial Solutions, Inc. <br>(Professional Services) | 76 | 14980 |
| Brown & Brown, Inc. (Insurance) | 192 | 13843 |
| Brown-Forman Corp.—Class B (Beverages) | 116 | 3175 |
| Builders FirstSource, Inc.\* (Building Products) | 72 | 8237 |
| Bunge Global SA (Food Products) | 88 | 10021 |
| C.H. Robinson Worldwide, Inc. (Air Freight & <br>Logistics) | 77 | 15011 |
| Cadence Design Systems, Inc.\* (Software) | 178 | 52752 |
| Camden Property Trust (Residential REITs) | 69 | 7524 |
| Campbell Soup Co. (Food Products) | 129 | 3609 |
| Capital One Financial Corp. (Consumer <br>Finance) | 415 | 90856 |
| Cardinal Health, Inc. (Health Care Providers & <br>Services) | 155 | 33306 |
| Carnival Corp.\* (Hotels, Restaurants & Leisure) | 709 | 21284 |
| Carrier Global Corp. (Building Products) | 517 | 30803 |

---

**See accompanying notes to financial statements.**

January 31, 2026 (unaudited) :: Schedule of Portfolio Investments **:: Bull ProFund :: 11**

**Common Stocks, continued**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Shares |  |  | Value |  |  |
| Carvana Co.\* (Specialty Retail) |  | 92 |  |  | $36902 |  |
| Caterpillar, Inc. (Machinery) |  | 306 |  |  | 201151 |  |
| Cboe Global Markets, Inc. (Capital Markets) |  | 68 |  |  | 18024 |  |
| CBRE Group, Inc.\*—Class A (Real Estate <br>Management & Development) |  | 192 |  |  | 32703 |  |
| CDW Corp. (Electronic Equipment, <br>Instruments & Components) |  | 85 |  |  | 10743 |  |
| Cencora, Inc. (Health Care Providers & <br>Services) |  | 127 |  |  | 45621 |  |
| Centene Corp.\* (Health Care Providers & <br>Services) |  | 305 |  |  | 13213 |  |
| CenterPoint Energy, Inc. (Multi-Utilities) |  | 427 |  |  | 16948 |  |
| CF Industries Holdings, Inc. (Chemicals) |  | 102 |  |  | 9509 |  |
| Charles River Laboratories International, Inc.\* <br>(Life Sciences Tools & Services) |  | 32 |  |  | 6735 |  |
| Charter Communications, Inc.\*—Class A <br>(Media) |  | 57 |  |  | 11749 |  |
| Chevron Corp. (Oil, Gas & Consumable Fuels) |  | 1235 |  |  | 218472 |  |
| Chipotle Mexican Grill, Inc.\* (Hotels, <br>Restaurants & Leisure) |  | 863 |  |  | 33545 |  |
| Chubb, Ltd. (Insurance) |  | 239 |  |  | 73985 |  |
| Church & Dwight Co., Inc. (Household <br>Products) |  | 157 |  |  | 15111 |  |
| Cincinnati Financial Corp. (Insurance) |  | 102 |  |  | 16411 |  |
| Cintas Corp. (Commercial Services & Supplies) |  | 223 |  |  | 42680 |  |
| Cisco Systems, Inc. (Communications <br>Equipment) |  | 2572 |  |  | 201439 |  |
| Citigroup, Inc. (Banks) |  | 1168 |  |  | 135149 |  |
| Citizens Financial Group, Inc. (Banks) |  | 280 |  |  | 17634 |  |
| CME Group, Inc. (Capital Markets) |  | 235 |  |  | 67929 |  |
| CMS Energy Corp. (Multi-Utilities) |  | 198 |  |  | 14155 |  |
| Cognizant Technology Solutions Corp.—Class A <br>(IT Services) | Cognizant Technology Solutions Corp.—Class A <br>(IT Services) | Cognizant Technology Solutions Corp.—Class A <br>(IT Services) | 315 |  |  | 25849 |
| Coinbase Global, Inc.\*—Class A (Capital <br>Markets) |  | 149 |  |  | 29016 |  |
| Colgate-Palmolive Co. (Household Products) |  | 526 |  |  | 47493 |  |
| Comcast Corp.—Class A (Media) |  | 2373 |  |  | 70598 |  |
| Comfort Systems USA, Inc. (Construction & <br>Engineering) |  | 23 |  |  | 26268 |  |
| Conagra Brands, Inc. (Food Products) |  | 313 |  |  | 5794 |  |
| ConocoPhillips (Oil, Gas & Consumable Fuels) |  | 807 |  |  | 84114 |  |
| Consolidated Edison, Inc. (Multi-Utilities) |  | 236 |  |  | 25165 |  |
| Constellation Brands, Inc.—Class A <br>(Beverages) |  | 92 |  |  | 14416 |  |
| Constellation Energy Corp. (Electric Utilities) |  | 204 |  |  | 57259 |  |
| Copart, Inc.\* (Commercial Services & Supplies) |  | 581 |  |  | 23577 |  |
| Corning, Inc. (Electronic Equipment, <br>Instruments & Components) |  | 509 |  |  | 52554 |  |
| Corpay, Inc.\* (Software) |  | 46 |  |  | 14473 |  |
| Corteva, Inc. (Chemicals) |  | 441 |  |  | 32105 |  |
| CoStar Group, Inc.\* (Real Estate <br>Management & Development) |  | 277 |  |  | 17036 |  |
| Costco Wholesale Corp. (Consumer Staples <br>Distribution & Retail) |  | 289 |  |  | 271732 |  |
| Coterra Energy, Inc. (Oil, Gas & Consumable <br>Fuels) |  | 498 |  |  | 14367 |  |
| CRH plc (Construction Materials) |  | 438 |  |  | 53616 |  |
| Crowdstrike Holdings, Inc.\*—Class A (Software) | Crowdstrike Holdings, Inc.\*—Class A (Software) | Crowdstrike Holdings, Inc.\*—Class A (Software) | 164 |  |  | 72390 |
| Crown Castle International Corp. (Specialized <br>REITs) |  | 284 |  |  | 24654 |  |

---

**Common Stocks, continued**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Shares |  |  | Value |  |  |
| CSX Corp. (Ground Transportation) |  | 1216 |  |  | $45916 |  |
| Cummins, Inc. (Machinery) |  | 90 |  |  | 52094 |  |
| CVS Health Corp. (Health Care Providers & <br>Services) |  | 829 |  |  | 61777 |  |
| D.R. Horton, Inc. (Household Durables) |  | 179 |  |  | 26643 |  |
| Danaher Corp. (Life Sciences Tools & Services) |  | 410 |  |  | 89745 |  |
| Darden Restaurants, Inc. (Hotels, <br>Restaurants & Leisure) |  | 76 |  |  | 15151 |  |
| Datadog, Inc.\*—Class A (Software) |  | 212 |  |  | 27416 |  |
| DaVita, Inc.\* (Health Care Providers & Services) | DaVita, Inc.\* (Health Care Providers & Services) | DaVita, Inc.\* (Health Care Providers & Services) | 23 |  |  | 2515 |
| Dayforce, Inc.\* (Professional Services) |  | 105 |  |  | 7273 |  |
| Deckers Outdoor Corp.\* (Textiles, Apparel & <br>Luxury Goods) |  | 95 |  |  | 11337 |  |
| Deere & Co. (Machinery) |  | 164 |  |  | 86591 |  |
| Dell Technologies, Inc.—Class C (Technology <br>Hardware, Storage & Peripherals) |  | 196 |  |  | 22430 |  |
| Delta Air Lines, Inc. (Passenger Airlines) |  | 423 |  |  | 27871 |  |
| Devon Energy Corp. (Oil, Gas & Consumable <br>Fuels) |  | 410 |  |  | 16486 |  |
| Dexcom, Inc.\* (Health Care Equipment & <br>Supplies) |  | 254 |  |  | 18552 |  |
| Diamondback Energy, Inc. (Oil, Gas & <br>Consumable Fuels) |  | 121 |  |  | 19838 |  |
| Digital Realty Trust, Inc. (Specialized REITs) |  | 211 |  |  | 35015 |  |
| Dollar General Corp. (Consumer Staples <br>Distribution & Retail) |  | 143 |  |  | 20510 |  |
| Dollar Tree, Inc.\* (Consumer Staples <br>Distribution & Retail) |  | 124 |  |  | 14581 |  |
| Dominion Energy, Inc. (Multi-Utilities) |  | 558 |  |  | 33575 |  |
| Domino's Pizza, Inc. (Hotels, Restaurants & <br>Leisure) |  | 20 |  |  | 8207 |  |
| DoorDash, Inc.\*—Class A (Hotels, <br>Restaurants & Leisure) |  | 244 |  |  | 49927 |  |
| Dover Corp. (Machinery) |  | 89 |  |  | 17933 |  |
| Dow, Inc. (Chemicals) |  | 465 |  |  | 12811 |  |
| DTE Energy Co. (Multi-Utilities) |  | 136 |  |  | 18276 |  |
| Duke Energy Corp. (Electric Utilities) |  | 507 |  |  | 61524 |  |
| DuPont de Nemours, Inc. (Chemicals) |  | 274 |  |  | 12034 |  |
| Eaton Corp. PLC (Electrical Equipment) |  | 253 |  |  | 88909 |  |
| eBay, Inc. (Broadline Retail) |  | 295 |  |  | 26910 |  |
| Ecolab, Inc. (Chemicals) |  | 167 |  |  | 47092 |  |
| Edison International (Electric Utilities) |  | 251 |  |  | 15632 |  |
| Edwards LifeSciences Corp.\* (Health Care <br>Equipment & Supplies) |  | 379 |  |  | 30835 |  |
| Electronic Arts, Inc. (Entertainment) |  | 146 |  |  | 29772 |  |
| Elevance Health, Inc. (Health Care Providers & <br>Services) |  | 145 |  |  | 50132 |  |
| Eli Lilly & Co. (Pharmaceuticals) |  | 518 |  |  | 537245 |  |
| EMCOR Group, Inc. (Construction & <br>Engineering) |  | 29 |  |  | 20901 |  |
| Emerson Electric Co. (Electrical Equipment) |  | 367 |  |  | 53934 |  |
| Entergy Corp. (Electric Utilities) |  | 291 |  |  | 27904 |  |
| EOG Resources, Inc. (Oil, Gas & Consumable <br>Fuels) |  | 354 |  |  | 39694 |  |
| EPAM Systems, Inc.\* (IT Services) |  | 36 |  |  | 7510 |  |
| EQT Corp. (Oil, Gas & Consumable Fuels) |  | 407 |  |  | 23496 |  |
| Equifax, Inc. (Professional Services) |  | 80 |  |  | 16112 |  |
| Equinix, Inc. (Specialized REITs) |  | 64 |  |  | 52540 |  |
| Equity Residential (Residential REITs) |  | 226 |  |  | 14084 |  |
| Erie Indemnity Co.—Class A (Insurance) |  | 17 |  |  | 4811 |  |

---

**See accompanying notes to financial statements.**

**12 :: Bull ProFund ::** Schedule of Portfolio Investments :: January 31, 2026 (unaudited)

**Common Stocks, continued**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Shares |  | Value |  |
| Essex Property Trust, Inc. (Residential REITs) | 42 |  | $10579 | 10579 |
| Everest Group, Ltd. (Insurance) | 28 |  | 9276 | 9276 |
| Evergy, Inc. (Electric Utilities) | 150 |  | 11510 | 11510 |
| Eversource Energy (Electric Utilities) | 245 |  | 16937 | 16937 |
| Exelon Corp. (Electric Utilities) | 659 |  | 29510 | 29510 |
| Expand Energy Corp. (Oil, Gas & Consumable <br>Fuels) | 155 |  | 17424 | 17424 |
| Expedia Group, Inc. (Hotels, Restaurants & <br>Leisure) | 76 |  | 20128 | 20128 |
| Expeditors International of Washington, Inc. <br>(Air Freight & Logistics) | 87 |  | 13967 | 13967 |
| Extra Space Storage, Inc. (Specialized REITs) | 139 |  | 19178 | 19178 |
| Exxon Mobil Corp. (Oil, Gas & Consumable <br>Fuels) | 2753 |  | 389275 | 389275 |
| F5, Inc.\* (Communications Equipment) | 38 |  | 10473 | 10473 |
| FactSet Research Systems, Inc. (Capital <br>Markets) | 25 |  | 6359 | 6359 |
| Fair Isaac Corp.\* (Software) | 16 |  | 23411 | 23411 |
| Fastenal Co. (Trading Companies & <br>Distributors) | 749 |  | 32477 | 32477 |
| Federal Realty Investment Trust (Retail REITs) | 51 |  | 5159 | 5159 |
| FedEx Corp. (Air Freight & Logistics) | 141 |  | 45437 | 45437 |
| Fidelity National Information Services, Inc. <br>(Financial Services) | 338 |  | 18675 | 18675 |
| Fifth Third Bancorp (Banks) | 587 |  | 29479 | 29479 |
| First Horizon Corp. (Banks) |  | <sup>(a)</sup> |  | 9 |
| First Solar, Inc.\* (Semiconductors & <br>Semiconductor Equipment) | 70 |  | 15786 | 15786 |
| FirstEnergy Corp. (Electric Utilities) | 340 |  | 16096 | 16096 |
| Fiserv, Inc.\* (Financial Services) | 351 |  | 22369 | 22369 |
| Ford Motor Co. (Automobiles) | 2555 |  | 35463 | 35463 |
| Fortinet, Inc.\* (Software) | 413 |  | 33560 | 33560 |
| Fortive Corp. (Machinery) | 207 |  | 10932 | 10932 |
| Fox Corp.—Class A (Media) | 136 |  | 9898 | 9898 |
| Fox Corp.—Class B (Media) | 97 |  | 6360 | 6360 |
| Franklin Resources, Inc. (Capital Markets) | 201 |  | 5351 | 5351 |
| Freeport-McMoRan, Inc. (Metals & Mining) | 937 |  | 56436 | 56436 |
| Garmin, Ltd. (Household Durables) | 107 |  | 21576 | 21576 |
| Gartner, Inc.\* (IT Services) | 47 |  | 9852 | 9852 |
| GE HealthCare Technologies, Inc.\* (Health <br>Care Equipment & Supplies) | 297 |  | 23454 | 23454 |
| GE Vernova, Inc. (Electrical Equipment) | 177 |  | 128568 | 128568 |
| Gen Digital, Inc. (Software) | 367 |  | 8804 | 8804 |
| Generac Holdings, Inc.\* (Electrical Equipment) | 38 |  | 6386 | 6386 |
| General Dynamics Corp. (Aerospace & <br>Defense) | 166 |  | 58281 | 58281 |
| General Electric Co. (Industrial Conglomerates) | 689 |  | 211378 | 211378 |
| General Mills, Inc. (Food Products) | 348 |  | 16098 | 16098 |
| General Motors Co. (Automobiles) | 609 |  | 51156 | 51156 |
| Genuine Parts Co. (Distributors) | 91 |  | 12648 | 12648 |
| Gilead Sciences, Inc. (Biotechnology) | 810 |  | 114980 | 114980 |
| Global Payments, Inc. (Financial Services) | 155 |  | 11120 | 11120 |
| Globe Life, Inc. (Insurance) | 52 |  | 7291 | 7291 |
| GoDaddy, Inc.\*—Class A (IT Services) | 88 |  | 8846 | 8846 |
| Halliburton Co. (Energy Equipment & Services) | 550 |  | 18436 | 18436 |
| Hasbro, Inc. (Leisure Products) | 87 |  | 7770 | 7770 |
| HCA Healthcare, Inc. (Health Care Providers & <br>Services) | 104 |  | 50780 | 50780 |
| Healthpeak Properties, Inc. (Health Care REITs) | 454 |  | 7827 | 7827 |
| Henry Schein, Inc.\* (Health Care Providers & <br>Services) | 65 |  | 4906 | 4906 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
|  | Shares |  |
| Hewlett Packard Enterprise Co. (Technology <br>Hardware, Storage & Peripherals) | 862 | $18550 |
| Hilton Worldwide Holdings, Inc. (Hotels, <br>Restaurants & Leisure) | 152 | 45374 |
| Hologic, Inc.\* (Health Care Equipment & <br>Supplies) | 145 | 10865 |
| Honeywell International, Inc. (Industrial <br>Conglomerates) | 415 | 94421 |
| Hormel Foods Corp. (Food Products) | 191 | 4701 |
| Host Hotels & Resorts, Inc. (Hotel & Resort <br>REITs) | 419 | 7764 |
| Howmet Aerospace, Inc. (Aerospace & <br>Defense) | 262 | 54517 |
| HP, Inc. (Technology Hardware, Storage & <br>Peripherals) | 611 | 11878 |
| Hubbell, Inc. (Electrical Equipment) | 35 | 17078 |
| Humana, Inc. (Health Care Providers & <br>Services) | 79 | 15421 |
| Huntington Bancshares, Inc. (Banks) | 1339 | 23406 |
| Huntington Ingalls Industries, Inc. <br>(Aerospace & Defense) | 26 | 10933 |
| IDEX Corp. (Machinery) | 49 | 9729 |
| IDEXX Laboratories, Inc.\* (Health Care <br>Equipment & Supplies) | 52 | 34864 |
| Illinois Tool Works, Inc. (Machinery) | 172 | 44937 |
| Incyte Corp.\* (Biotechnology) | 108 | 10808 |
| Ingersoll Rand, Inc. (Machinery) | 235 | 20231 |
| Insulet Corp.\* (Health Care Equipment & <br>Supplies) | 46 | 11767 |
| Intel Corp. (Semiconductors & Semiconductor <br>Equipment) | 2927 | 136018 |
| Interactive Brokers Group, Inc.—Class A <br>(Capital Markets) | 291 | 21790 |
| Intercontinental Exchange, Inc. <br>(Capital Markets) | 372 | 64646 |
| International Business Machines Corp. <br>(IT Services) | 610 | 187086 |
| International Flavors & Fragrances, Inc. <br>(Chemicals) | 167 | 11658 |
| International Paper Co. (Containers & <br>Packaging) | 345 | 13910 |
| Intuit, Inc. (Software) | 182 | 90803 |
| Intuitive Surgical, Inc.\* (Health Care <br>Equipment & Supplies) | 231 | 116475 |
| Invesco, Ltd. (Capital Markets) | 291 | 7941 |
| Invitation Homes, Inc. (Residential REITs) | 369 | 9863 |
| IQVIA Holdings, Inc.\* (Life Sciences Tools & <br>Services) | 111 | 25547 |
| Iron Mountain, Inc. (Specialized REITs) | 193 | 17781 |
| J.B. Hunt Transport Services, Inc. (Ground <br>Transportation) | 49 | 9933 |
| Jabil, Inc. (Electronic Equipment, <br>Instruments & Components) | 70 | 16603 |
| Jack Henry & Associates, Inc. (Financial <br>Services) | 47 | 8423 |
| Jacobs Solutions, Inc. (Professional Services) | 78 | 10550 |
| Johnson & Johnson (Pharmaceuticals) | 1572 | 357237 |
| Johnson Controls International PLC (Building <br>Products) | 399 | 47585 |
| JPMorgan Chase & Co. (Banks) | 1777 | 543566 |
| Kenvue, Inc.\* (Personal Care Products) | 1252 | 21785 |

---

**See accompanying notes to financial statements.**

January 31, 2026 (unaudited) :: Schedule of Portfolio Investments **:: Bull ProFund :: 13**

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
|  | Shares |  |
| Keurig Dr Pepper, Inc. (Beverages) | 887 | $24339 |
| KeyCorp (Banks) | 607 | 13063 |
| Keysight Technologies, Inc.\* (Electronic <br>Equipment, Instruments & Components) | 112 | 24229 |
| Kimberly-Clark Corp. (Household Products) | 217 | 21698 |
| Kimco Realty Corp. (Retail REITs) | 443 | 9338 |
| Kinder Morgan, Inc. (Oil, Gas & Consumable <br>Fuels) | 1278 | 38966 |
| KKR & Co., Inc. (Capital Markets) | 448 | 51188 |
| KLA Corp. (Semiconductors & Semiconductor <br>Equipment) | 86 | 122803 |
| L3Harris Technologies, Inc. (Aerospace & <br>Defense) | 122 | 41828 |
| Labcorp Holdings, Inc. (Health Care <br>Providers & Services) | 54 | 14662 |
| Lam Research Corp. (Semiconductors & <br>Semiconductor Equipment) | 820 | 191437 |
| Lamb Weston Holdings, Inc. (Food Products) | 91 | 4180 |
| Las Vegas Sands Corp.\* (Hotels, <br>Restaurants & Leisure) | 198 | 10441 |
| Leidos Holdings, Inc. (Professional Services) | 84 | 15816 |
| Lennar Corp.—Class A (Household Durables) | 141 | 15418 |
| Lennox International, Inc. (Building Products) | 21 | 10397 |
| Linde PLC (Chemicals) | 305 | 139375 |
| Live Nation Entertainment, Inc.\* <br>(Entertainment) | 103 | 14981 |
| Lockheed Martin Corp.—Class B <br>(Aerospace & Defense) | 133 | 84351 |
| Loews Corp. (Insurance) | 111 | 11718 |
| Lowe's Cos., Inc. (Specialty Retail) | 366 | 97744 |
| Lululemon Athletica, Inc.\* (Textiles, Apparel & <br>Luxury Goods) | 70 | 12215 |
| LyondellBasell Industries N.V.—Class A <br>(Chemicals) | 168 | 8232 |
| M&T Bank Corp. (Banks) | 100 | 22157 |
| Marathon Petroleum Corp. (Oil, Gas & <br>Consumable Fuels) | 196 | 34533 |
| Marriott International, Inc. (Hotels, <br>Restaurants & Leisure) | 146 | 45910 |
| Marsh & McLennan Cos., Inc. (Insurance) | 320 | 60221 |
| Martin Marietta Materials, Inc. (Construction <br>Materials) | 39 | 25426 |
| Masco Corp. (Building Products) | 136 | 8988 |
| MasterCard, Inc.—Class A (Financial Services) | 535 | 288253 |
| Match Group, Inc. (Interactive Media & <br>Services) | 155 | 4828 |
| McCormick & Co., Inc. (Food Products) | 165 | 10202 |
| McDonald's Corp. (Hotels, Restaurants & <br>Leisure) | 465 | 146474 |
| McKesson Corp. (Health Care Providers & <br>Services) | 81 | 67328 |
| Medtronic PLC (Health Care Equipment & <br>Supplies) | 837 | 86178 |
| Merck & Co., Inc. (Pharmaceuticals) | 1620 | 178637 |
| Meta Platforms, Inc.—Class A (Interactive <br>Media & Services) | 1422 | 1018863 |
| MetLife, Inc. (Insurance) | 361 | 28476 |
| Mettler-Toledo International, Inc.\* (Life <br>Sciences Tools & Services) | 13 | 17852 |
| MGM Resorts International (Hotels, <br>Restaurants & Leisure) | 134 | 4494 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
|  | Shares |  |
| Microchip Technology, Inc. (Semiconductors & <br>Semiconductor Equipment) | 353 | $26800 |
| Micron Technology, Inc. (Semiconductors & <br>Semiconductor Equipment) | 733 | 304107 |
| Microsoft Corp. (Software) | 4851 | 2087337 |
| Mid-America Apartment Communities, Inc. <br>(Residential REITs) | 77 | 10341 |
| Moderna, Inc.\* (Biotechnology) | 227 | 10004 |
| Molina Healthcare, Inc.\* (Health Care <br>Providers & Services) | 33 | 5926 |
| Molson Coors Beverage Co.—Class B <br>(Beverages) | 111 | 5332 |
| Mondelez International, Inc.—Class A <br>(Food Products) | 843 | 49291 |
| Monolithic Power Systems, Inc. <br>(Semiconductors & Semiconductor <br>Equipment) | 31 | 34849 |
| Monster Beverage Corp.\* (Beverages) | 466 | 37634 |
| Moody's Corp. (Capital Markets) | 100 | 51556 |
| Morgan Stanley (Capital Markets) | 788 | 144046 |
| Motorola Solutions, Inc. (Communications <br>Equipment) | 109 | 43877 |
| MSCI, Inc. (Capital Markets) | 49 | 29852 |
| Nasdaq, Inc. (Capital Markets) | 294 | 28486 |
| NetApp, Inc. (Technology Hardware, <br>Storage & Peripherals) | 130 | 12526 |
| Netflix, Inc.\* (Entertainment) | 2766 | 230933 |
| Newmont Corp. (Metals & Mining) | 712 | 79993 |
| News Corp.—Class A (Media) | 245 | 6622 |
| News Corp.—Class B (Media) | 81 | 2519 |
| NextEra Energy, Inc. (Electric Utilities) | 1359 | 119455 |
| NIKE, Inc.—Class B (Textiles, Apparel & <br>Luxury Goods) | 776 | 47964 |
| NiSource, Inc. (Multi-Utilities) | 312 | 13818 |
| Nordson Corp. (Machinery) | 35 | 9609 |
| Norfolk Southern Corp. (Ground <br>Transportation) | 146 | 42521 |
| Northern Trust Corp. (Capital Markets) | 123 | 18380 |
| Northrop Grumman Corp. (Aerospace & <br>Defense) | 87 | 60227 |
| Norwegian Cruise Lines Holdings, Ltd.\* <br>(Hotels, Restaurants & Leisure) | 298 | 6544 |
| NRG Energy, Inc. (Electric Utilities) | 125 | 19079 |
| Nucor Corp. (Metals & Mining) | 149 | 26480 |
| NVIDIA Corp. (Semiconductors & <br>Semiconductor Equipment) | 15861 | 3031512 |
| NVR, Inc.\* (Household Durables) | 2 | 15271 |
| NXP Semiconductors N.V. (Semiconductors & <br>Semiconductor Equipment) | 164 | 37087 |
| Occidental Petroleum Corp. (Oil, Gas & <br>Consumable Fuels) | 470 | 21333 |
| Old Dominion Freight Line, Inc. (Ground <br>Transportation) | 120 | 20784 |
| Omnicom Group, Inc. (Media) | 208 | 16024 |
| ON Semiconductor Corp.\* (Semiconductors & <br>Semiconductor Equipment) | 263 | 15751 |
| ONEOK, Inc. (Oil, Gas & Consumable Fuels) | 411 | 32547 |
| Oracle Corp. (Software) | 1098 | 180709 |
| O'Reilly Automotive, Inc.\* (Specialty Retail) | 551 | 54224 |
| Otis Worldwide Corp. (Machinery) | 254 | 21697 |
| PACCAR, Inc. (Machinery) | 343 | 42158 |

---

**See accompanying notes to financial statements.**

**14 :: Bull ProFund ::** Schedule of Portfolio Investments :: January 31, 2026 (unaudited)

**Common Stocks, continued**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Shares |  | Value |  |
| RTX Corp. (Aerospace & Defense) |  | 875 |  | $175813 |
| S&P Global, Inc. (Capital Markets) |  | 202 |  | 106614 |
| Salesforce, Inc. (Software) |  | 621 |  | 131832 |
| Sandisk Corp.\* (Semiconductors) |  | 91 |  | 52439 |
| SBA Communications Corp.—Class A <br>(Specialized REITs) |  | 70 |  | 12888 |
| Seagate Technology Holdings PLC <br>(Technology Hardware, Storage & <br>Peripherals) |  | 142 |  | 57892 |
| Sempra (Multi-Utilities) |  | 426 |  | 37066 |
| ServiceNow, Inc.\* (Software) |  | 677 |  | 79216 |
| Simon Property Group, Inc. (Retail REITs) |  | 213 |  | 40750 |
| Skyworks Solutions, Inc. (Semiconductors & <br>Semiconductor Equipment) |  | 97 |  | 5409 |
| SLB, Ltd. (Energy Equipment & Services) |  | 975 |  | 47170 |
| Smurfit WestRock PLC (Containers & <br>Packaging) |  | 341 |  | 14197 |
| Snap-on, Inc. (Machinery) |  | 34 |  | 12448 |
| Solventum Corp.\* (Health Care Equipment & <br>Supplies) |  | 96 |  | 7389 |
| Southwest Airlines Co. (Passenger Airlines) |  | 338 |  | 16062 |
| Stanley Black & Decker, Inc. (Machinery) |  | 101 |  | 7945 |
| Starbucks Corp. (Hotels, Restaurants & <br>Leisure) |  | 742 |  | 68227 |
| State Street Corp. (Capital Markets) |  | 182 |  | 23817 |
| Steel Dynamics, Inc. (Metals & Mining) |  | 89 |  | 15982 |
| STERIS PLC (Health Care Equipment & <br>Supplies) |  | 64 |  | 16806 |
| Stryker Corp. (Health Care Equipment & <br>Supplies) |  | 224 |  | 82781 |
| Super Micro Computer, Inc.\* (Technology <br>Hardware, Storage & Peripherals) |  | 328 |  | 9548 |
| Synchrony Financial (Consumer Finance) |  | 235 |  | 17068 |
| Synopsys, Inc.\* (Software) |  | 122 |  | 56744 |
| Sysco Corp. (Consumer Staples Distribution & <br>Retail) |  | 312 |  | 26161 |
| T. Rowe Price Group, Inc. (Capital Markets) |  | 142 |  | 15007 |
| Take-Two Interactive Software, Inc.\* <br>(Entertainment) |  | 113 |  | 24894 |
| Tapestry, Inc. (Textiles, Apparel & Luxury <br>Goods) |  | 134 |  | 17006 |
| Targa Resources Corp. (Oil, Gas & Consumable <br>Fuels) |  | 140 |  | 28137 |
| Target Corp. (Consumer Staples Distribution & <br>Retail) |  | 297 |  | 31325 |
| TE Connectivity, Ltd. (Electronic Equipment, <br>Instruments & Components) |  | 192 |  | 42774 |
| Teledyne Technologies, Inc.\* (Electronic <br>Equipment, Instruments & Components) |  | 30 |  | 18609 |
| Teradyne, Inc. (Semiconductors & <br>Semiconductor Equipment) |  | 102 |  | 24587 |
| Tesla, Inc.\* (Automobiles) |  | 1834 |  | 789372 |
| Texas Instruments, Inc. (Semiconductors & <br>Semiconductor Equipment) |  | 593 |  | 127821 |
| Texas Pacific Land Corp. (Oil, Gas & <br>Consumable Fuels) |  | 38 |  | 13238 |
| Textron, Inc. (Aerospace & Defense) |  | 115 |  | 10127 |
| The AES Corp. (Independent Power/Renewable <br>Electricity Producers) |  | 466 |  | 6827 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
|  | Shares |  |
| Packaging Corp. of America (Containers & <br>Packaging) | 58 | $12908 |
| Palantir Technologies, Inc.\*—Class A <br>(Software) | 1491 | 218566 |
| Palo Alto Networks, Inc.\* (Software) | 447 | 79106 |
| Paramount Skydance Corp.\*—Class B (Media) | 204 | 2287 |
| Parker-Hannifin Corp. (Machinery) | 83 | 77674 |
| Paychex, Inc. (Professional Services) | 211 | 21760 |
| Paycom Software, Inc. (Professional Services) | 32 | 4312 |
| PayPal Holdings, Inc.\* (Financial Services) | 611 | 32194 |
| Pentair PLC (Machinery) | 107 | 11275 |
| PepsiCo, Inc. (Beverages) | 893 | 137192 |
| Pfizer, Inc. (Pharmaceuticals) | 3712 | 98145 |
| PG&E Corp. (Electric Utilities) | 1436 | 22143 |
| Philip Morris International, Inc. (Tobacco) | 1016 | 182311 |
| Phillips 66 (Oil, Gas & Consumable Fuels) | 263 | 37756 |
| Pinnacle West Capital Corp. (Electric Utilities) | 78 | 7298 |
| PNC Financial Services Group, Inc. (Banks) | 256 | 57165 |
| Pool Corp. (Distributors) | 22 | 5590 |
| PPG Industries, Inc. (Chemicals) | 146 | 16882 |
| PPL Corp. (Electric Utilities) | 483 | 17509 |
| Principal Financial Group, Inc. (Insurance) | 131 | 12408 |
| Prologis, Inc. (Industrial REITs) | 606 | 79119 |
| Prudential Financial, Inc. (Insurance) | 228 | 25333 |
| PTC, Inc.\* (Software) | 78 | 12178 |
| Public Service Enterprise Group, Inc. <br>(Multi-Utilities) | 326 | 26849 |
| Public Storage (Specialized REITs) | 103 | 28448 |
| PulteGroup, Inc. (Household Durables) | 127 | 15886 |
| Qnity Electronics, Inc.\* (Semiconductors & <br>Semiconductor Equipment) | 137 | 13177 |
| QUALCOMM, Inc. (Semiconductors & <br>Semiconductor Equipment) | 699 | 105961 |
| Quanta Services, Inc. (Construction & <br>Engineering) | 97 | 46040 |
| Quest Diagnostics, Inc. (Health Care <br>Providers & Services) | 73 | 13653 |
| Ralph Lauren Corp. (Textiles, Apparel & <br>Luxury Goods) | 26 | 9189 |
| Raymond James Financial, Inc. (Capital <br>Markets) | 115 | 19074 |
| Realty Income Corp. (Retail REITs) | 600 | 36696 |
| Regency Centers Corp. (Retail REITs) | 108 | 7870 |
| Regeneron Pharmaceuticals, Inc. <br>(Biotechnology) | 66 | 48936 |
| Regions Financial Corp. (Banks) | 573 | 16331 |
| Republic Services, Inc. (Commercial <br>Services & Supplies) | 131 | 28177 |
| ResMed, Inc. (Health Care Equipment & <br>Supplies) | 95 | 24539 |
| Revvity, Inc. (Life Sciences Tools & Services) | 74 | 8051 |
| Robinhood Markets, Inc.\*—Class A (Capital <br>Markets) | 513 | 51033 |
| Rockwell Automation, Inc. (Electrical <br>Equipment) | 73 | 30780 |
| Rollins, Inc. (Commercial Services & Supplies) | 192 | 12161 |
| Roper Technologies, Inc. (Software) | 70 | 25986 |
| Ross Stores, Inc. (Specialty Retail) | 212 | 39994 |
| Royal Caribbean Cruises, Ltd. (Hotels, <br>Restaurants & Leisure) | 166 | 53892 |

---

**See accompanying notes to financial statements.**

January 31, 2026 (unaudited) :: Schedule of Portfolio Investments **:: Bull ProFund :: 15**

**Common Stocks, continued**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Shares |  | Value |  |
| The Bank of New York Mellon Corp. (Capital <br>Markets) |  | 455 |  | $54564 |
| The Boeing Co.\* (Aerospace & Defense) |  | 511 |  | 119431 |
| The Charles Schwab Corp. (Capital Markets) |  | 1090 |  | 113273 |
| The Cigna Group (Health Care Providers & <br>Services) |  | 174 |  | 47695 |
| The Clorox Co. (Household Products) |  | 80 |  | 9023 |
| The Coca-Cola Co. (Beverages) |  | 2527 |  | 189046 |
| The Cooper Cos., Inc.\* (Health Care <br>Equipment & Supplies) |  | 130 |  | 10579 |
| The Estee Lauder Cos., Inc. (Personal Care <br>Products) |  | 161 |  | 18560 |
| The Goldman Sachs Group, Inc. (Capital <br>Markets) |  | 196 |  | 183341 |
| The Hartford Financial Services Group, Inc. <br>(Insurance) |  | 182 |  | 24581 |
| The Hershey Co. (Food Products) |  | 97 |  | 18891 |
| The Home Depot, Inc. (Specialty Retail) |  | 650 |  | 243483 |
| The J.M. Smucker Co. (Food Products) |  | 70 |  | 7340 |
| The Kraft Heinz Co. (Food Products) |  | 557 |  | 13223 |
| The Kroger Co. (Consumer Staples <br>Distribution & Retail) |  | 398 |  | 25014 |
| The Mosaic Co. (Chemicals) |  | 208 |  | 5720 |
| The Procter & Gamble Co. (Household <br>Products) |  | 1525 |  | 231449 |
| The Progressive Corp. (Insurance) |  | 383 |  | 79664 |
| The Sherwin-Williams Co. (Chemicals) |  | 150 |  | 53196 |
| The Southern Co. (Electric Utilities) |  | 719 |  | 64213 |
| The TJX Cos., Inc. (Specialty Retail) |  | 727 |  | 108912 |
| The Trade Desk, Inc.\*—Class A (Media) |  | 288 |  | 8735 |
| The Travelers Cos., Inc. (Insurance) |  | 145 |  | 41254 |
| The Walt Disney Co. (Entertainment) |  | 1166 |  | 131525 |
| The Williams Cos., Inc. (Oil, Gas & <br>Consumable Fuels) |  | 797 |  | 53606 |
| Thermo Fisher Scientific, Inc. (Life Sciences <br>Tools & Services) |  | 245 |  | 141760 |
| TKO Group Holdings, Inc. (Entertainment) |  | 43 |  | 8711 |
| T-Mobile U.S., Inc. (Wireless <br>Telecommunication Services) |  | 314 |  | 61924 |
| Tractor Supply Co. (Specialty Retail) |  | 345 |  | 17554 |
| Trane Technologies PLC (Building Products) |  | 145 |  | 60984 |
| TransDigm Group, Inc.\* (Aerospace & Defense) |  | 37 |  | 52819 |
| Trimble, Inc.\* (Electronic Equipment, <br>Instruments & Components) |  | 155 |  | 10478 |
| Truist Financial Corp. (Banks) |  | 835 |  | 42936 |
| Tyler Technologies, Inc.\* (Software) |  | 28 |  | 10343 |
| Tyson Foods, Inc.—Class A (Food Products) |  | 185 |  | 12086 |
| U.S. Bancorp (Banks) |  | 1014 |  | 56896 |
| Uber Technologies, Inc.\* (Ground <br>Transportation) |  | 1356 |  | 108548 |
| UDR, Inc. (Residential REITs) |  | 197 |  | 7319 |
| Ulta Beauty, Inc.\* (Specialty Retail) |  | 29 |  | 18773 |
| Union Pacific Corp. (Ground Transportation) |  | 387 |  | 90984 |
| United Airlines Holdings, Inc.\* (Passenger <br>Airlines) |  | 211 |  | 21590 |
| United Parcel Service, Inc.—Class B (Air <br>Freight & Logistics) |  | 482 |  | 51198 |
| United Rentals, Inc. (Trading Companies & <br>Distributors) |  | 42 |  | 32846 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
|  | Shares |  |
| UnitedHealth Group, Inc. (Health Care <br>Providers & Services) | 591 | $169577 |
| Universal Health Services, Inc.—Class B <br>(Health Care Providers & Services) | 36 | 7245 |
| Valero Energy Corp. (Oil, Gas & Consumable <br>Fuels) | 199 | 36105 |
| Ventas, Inc. (Health Care REITs) | 307 | 23845 |
| Veralto Corp.\* (Commercial Services & <br>Supplies) | 162 | 16035 |
| VeriSign, Inc. (IT Services) | 55 | 13433 |
| Verisk Analytics, Inc. (Professional Services) | 91 | 19789 |
| Verizon Communications, Inc. (Diversified <br>Telecommunication Services) | 2753 | 122563 |
| Vertex Pharmaceuticals, Inc.\* (Biotechnology) | 166 | 78003 |
| Viatris, Inc. (Pharmaceuticals) | 753 | 9857 |
| VICI Properties, Inc. (Specialized REITs) | 698 | 19600 |
| Visa, Inc.—Class A (Financial Services) | 1101 | 354334 |
| Vistra Corp. (Independent Power/Renewable <br>Electricity Producers) | 208 | 32937 |
| Vulcan Materials Co. (Construction Materials) | 86 | 25846 |
| W.R. Berkley Corp. (Insurance) | 196 | 13442 |
| W.W. Grainger, Inc. (Trading Companies & <br>Distributors) | 28 | 30238 |
| Wabtec Corp. (Machinery) | 112 | 25776 |
| Walmart, Inc. (Consumer Staples <br>Distribution & Retail) | 2862 | 340979 |
| Warner Bros. Discovery, Inc.\* (Entertainment) | 1618 | 44560 |
| Waste Management, Inc. (Commercial <br>Services & Supplies) | 242 | 53782 |
| Waters Corp.\* (Life Sciences Tools & Services) | 39 | 14458 |
| WEC Energy Group, Inc. (Multi-Utilities) | 212 | 23462 |
| Wells Fargo & Co. (Banks) | 2049 | 185414 |
| Welltower, Inc. (Health Care REITs) | 448 | 84385 |
| West Pharmaceutical Services, Inc. <br>(Life Sciences Tools & Services) | 47 | 10863 |
| Western Digital Corp. (Technology Hardware, <br>Storage & Peripherals) | 223 | 55801 |
| Weyerhaeuser Co. (Specialized REITs) | 471 | 12142 |
| Williams-Sonoma, Inc. (Specialty Retail) | 80 | 16372 |
| Willis Towers Watson PLC (Insurance) | 62 | 19683 |
| Workday, Inc.\*—Class A (Software) | 141 | 24764 |
| Wynn Resorts, Ltd. (Hotels, Restaurants & <br>Leisure) | 55 | 5910 |
| Xcel Energy, Inc. (Electric Utilities) | 386 | 29359 |
| Xylem, Inc. (Machinery) | 159 | 21921 |
| Yum! Brands, Inc. (Hotels, Restaurants & <br>Leisure) | 181 | 28146 |
| Zebra Technologies Corp.\* (Electronic <br>Equipment, Instruments & Components) | 33 | 7754 |
| Zimmer Biomet Holdings, Inc. (Health Care <br>Equipment & Supplies) | 129 | 11232 |
| Zoetis, Inc. (Pharmaceuticals) | 288 | 35948 |
| **TOTAL COMMON STOCKS**<br> (Cost $7,863,308) | **TOTAL COMMON STOCKS**<br> (Cost $7,863,308) | **38676266** |

---

**See accompanying notes to financial statements.**

**16 :: Bull ProFund ::** Schedule of Portfolio Investments :: January 31, 2026 (unaudited)

**Repurchase Agreements**<sup>(b)(c)</sup> **(22.1%)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Principal <br>Amount |  | Value |  |  |
| Repurchase Agreements with various <br>counterparties, rates 3.40%–3.55%, <br>dated 1/31/26, due 2/2/26, total to be <br>received $11,962,335 | $| 11960000 |  | $— | 11960000 |
| **TOTAL REPURCHASE AGREEMENTS** <br> (Cost $11,960,000) | **TOTAL REPURCHASE AGREEMENTS** <br> (Cost $11,960,000) | **TOTAL REPURCHASE AGREEMENTS** <br> (Cost $11,960,000) | **TOTAL REPURCHASE AGREEMENTS** <br> (Cost $11,960,000) | **11960000** | **11960000** |
| **TOTAL INVESTMENT SECURITIES**<br>(Cost $19,823,308)—93.4% |  |  |  | **50636266** | **50636266** |
| Net other assets (liabilities)—6.6% |  |  |  |  | 3589895 |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | $**54226161** | **54226161** |

---

\*

Non-income producing security.

<sup>(a)</sup>

Number of shares is less than 0.50.

<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 January 31, 2026, the aggregate amount held in a segregated account was $991,000.

<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>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 | 3/23/26 | $4179450 | $4179450 | $9423 |

---

**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 | 2/27/26 |  | 4.39 | % | $8656440 |
| S&P 500 | UBS AG | 2/27/26 |  | 4.44 | % | 2692344 |

---

<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 January 31, 2026, 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.**

January 31, 2026 (unaudited) :: Schedule of Portfolio Investments **:: Bull ProFund :: 17**

Bull ProFund invested in the following industries as of January 31, 2026:

---

| | | | |
|:---|:---|:---|:---|
|  |  | % of <br>Net Assets |  |
| Aerospace & Defense | $693473 |  | 1.3% |
| Air Freight & Logistics | 125613 |  | 0.2% |
| Automobile Components | 10681 |  | <sup>NM</sup> |
| Automobiles | 875991 |  | 1.6% |
| Banks | 1376487 |  | 2.6% |
| Beverages | 411134 |  | 0.8% |
| Biotechnology | 657472 |  | 1.2% |
| Broadline Retail | 1546226 |  | 2.8% |
| Building Products | 181694 |  | 0.3% |
| Capital Markets | 1336949 |  | 2.5% |
| Chemicals | 401266 |  | 0.8% |
| Commercial Services & Supplies | 176412 |  | 0.3% |
| Communications Equipment | 351322 |  | 0.6% |
| Construction & Engineering | 93209 |  | 0.2% |
| Construction Materials | 104888 |  | 0.2% |
| Consumer Finance | 231536 |  | 0.4% |
| Consumer Staples Distribution & Retail | 730302 |  | 1.3% |
| Containers & Packaging | 73747 |  | 0.1% |
| Distributors | 18238 |  | <sup>NM</sup> |
| Diversified Telecommunication Services | 243863 |  | 0.4% |
| Electric Utilities | 568302 |  | 1.1% |
| Electrical Equipment | 359252 |  | 0.7% |
| Electronic Equipment, Instruments & <br>Components | 298865 |  | 0.6% |
| Energy Equipment & Services | 101696 |  | 0.2% |
| Entertainment | 485376 |  | 1.0% |
| Financial Services | 1372961 |  | 2.5% |
| Food Products | 176571 |  | 0.3% |
| Gas Utilities | 17466 |  | <sup>NM</sup> |
| Ground Transportation | 318686 |  | 0.6% |
| Health Care Equipment & Supplies | 752898 |  | 1.4% |
| Health Care Providers & Services | 603757 |  | 1.1% |
| Health Care REITs | 116057 |  | 0.2% |
| Hotel & Resort REITs | 7764 |  | <sup>NM</sup> |
| Hotels, Restaurants & Leisure | 704657 |  | 1.3% |
| Household Durables | 94794 |  | 0.2% |
| Household Products | 324774 |  | 0.6% |
| Independent Power/Renewable <br>Electricity Producers | 39764 |  | 0.1% |
| Industrial Conglomerates | 358946 |  | 0.7% |
| Industrial REITs | 79119 |  | 0.1% |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Value |  | % of <br>Net Assets |  |
| Insurance | $— | 658322 |  | 1.2% |
| Interactive Media & Services |  | 3334854 |  | 6.2% |
| IT Services |  | 368482 |  | 0.7% |
| Leisure Products |  | 7770 |  | <sup>NM</sup> |
| Life Sciences Tools & Services |  | 346310 |  | 0.6% |
| Machinery |  | 674101 |  | 1.2% |
| Media |  | 134792 |  | 0.2% |
| Metals & Mining |  | 178891 |  | 0.3% |
| Multi-Utilities |  | 227491 |  | 0.4% |
| Office REITs |  | 11782 |  | <sup>NM</sup> |
| Oil, Gas & Consumable Fuels |  | 1125514 |  | 2.1% |
| Passenger Airlines |  | 65523 |  | 0.1% |
| Personal Care Products |  | 40345 |  | 0.1% |
| Pharmaceuticals |  | 1290230 |  | 2.4% |
| Professional Services |  | 175753 |  | 0.3% |
| Real Estate Management & <br>Development |  | 49739 |  | 0.1% |
| Residential REITs |  | 76056 |  | 0.1% |
| Retail REITs |  | 99813 |  | 0.2% |
| Semiconductors |  | 52439 |  | 0.1% |
| Semiconductors & Semiconductor <br>Equipment |  | 5733214 |  | 10.6% |
| Software |  | 3429336 |  | 6.3% |
| Specialized REITs |  | 277105 |  | 0.6% |
| Specialty Retail |  | 683038 |  | 1.3% |
| Technology Hardware, Storage & <br>Peripherals |  | 2691310 |  | 4.9% |
| Textiles, Apparel & Luxury Goods |  | 97711 |  | 0.2% |
| Tobacco |  | 250252 |  | 0.5% |
| Trading Companies & Distributors |  | 95561 |  | 0.2% |
| Water Utilities |  | 16400 |  | <sup>NM</sup> |
| Wireless Telecommunication Services |  | 61924 |  | 0.1% |
| Other\*\* | 15549895 | 15549895 |  | 28.7% |
| **Total** | $**54226161** | **54226161** |  | **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 :: January 31, 2026 (unaudited)

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
|  | Shares |  |
| Verizon Communications, Inc. (Diversified <br>Telecommunication Services) | 28786 | $1281553 |
| Warner Bros. Discovery, Inc.\* (Entertainment) | 38915 | 1071719 |
| **TOTAL COMMON STOCKS**<br> (Cost $19,409,935) | **TOTAL COMMON STOCKS**<br> (Cost $19,409,935) | **26226600** |

---

**Repurchase Agreements**<sup>(a)(b)</sup> **(24.5%)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Principal <br>Amount |  | Value |  |  |
| Repurchase Agreements with various <br>counterparties, rates 3.40%–3.55%, <br>dated 1/31/26, due 2/2/26, total to be <br>received $8,877,733 | $| 8876000 |  | $— | 8876000 |
| **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $8,876,000) | **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $8,876,000) | **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $8,876,000) | **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $8,876,000) | **8876000** | **8876000** |
| **TOTAL INVESTMENT SECURITIES**<br>(Cost $28,285,935)—97.0% |  |  |  | **35102600** | **35102600** |
| Net other assets (liabilities)—3.0% |  |  |  |  | 1101976 |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | $**36204576** | **36204576** |

---

\*

Non-income producing security.

<sup>(a)</sup>

A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. At January 31, 2026, the aggregate amount held in a segregated account was $2,542,000.

<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.

**Common Stocks (72.5%)**

---

| | | |
|:---|:---|:---|
|  | Shares |  |
| Alphabet, Inc.—Class A (Interactive Media & <br>Services) | 8784 | $2968992 |
| Alphabet, Inc.—Class C (Interactive Media & <br>Services) | 7021 | 2376819 |
| AT&T, Inc. (Diversified Telecommunication <br>Services) | 47116 | 1234910 |
| Charter Communications, Inc.\*—Class A <br>(Media) | 2923 | 602489 |
| Comcast Corp.—Class A (Media) | 41666 | 1239564 |
| Electronic Arts, Inc. (Entertainment) | 5647 | 1151536 |
| Fox Corp.—Class A (Media) | 6922 | 503783 |
| Fox Corp.—Class B (Media) | 4930 | 323260 |
| Live Nation Entertainment, Inc.\* <br>(Entertainment) | 5246 | 763031 |
| Match Group, Inc. (Interactive Media & <br>Services) | 7842 | 244278 |
| Meta Platforms, Inc.—Class A (Interactive <br>Media & Services) | 7735 | 5542128 |
| Netflix, Inc.\* (Entertainment) | 15051 | 1256609 |
| News Corp.—Class A (Media) | 12440 | 336253 |
| News Corp.—Class B (Media) | 4101 | 127541 |
| Omnicom Group, Inc. (Media) | 10597 | 816393 |
| Paramount Skydance Corp.\*—Class B <br>(Media) | 10324 | 115732 |
| Take-Two Interactive Software, Inc.\* <br>(Entertainment) | 4671 | 1029021 |
| The Trade Desk, Inc.\*—Class A (Media) | 14628 | 443667 |
| The Walt Disney Co. (Entertainment) | 10559 | 1191055 |
| TKO Group Holdings, Inc. (Entertainment) | 2202 | 446081 |
| T-Mobile U.S., Inc. (Wireless <br>Telecommunication Services) | 5883 | 1160186 |

---

**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 | 2/23/26 |  | 4.39 | % | $14196549 | $340629 |
| S&P Communication Services Select Sector Index | UBS AG | 2/23/26 |  | 4.44 | % | 13852816 | 337594 |

---

<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 January 31, 2026, 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.**

January 31, 2026 (unaudited) :: Schedule of Portfolio Investments **:: Communication Services UltraSector ProFund :: 19**

Communication Services UltraSector ProFund invested in the following industries as of January 31, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Value |  | % of <br>Net Assets |  |
| Diversified Telecommunication Services | $— | 2516463 |  | 7.0% |
| Entertainment |  | 6909052 |  | 19.1% |
| Interactive Media & Services |  | 11132217 |  | 30.7% |
| Media |  | 4508682 |  | 12.5% |
| Wireless Telecommunication Services |  | 1160186 |  | 3.2% |
| Other\*\* | 9977976 | 9977976 |  | 27.5% |
| **Total** | $**36204576** | **36204576** |  | **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 :: January 31, 2026 (unaudited)

**Common Stocks (83.1%)**

---

| | | |
|:---|:---|:---|
|  | Shares |  |
| Airbnb, Inc.\*—Class A (Hotels, Restaurants & <br>Leisure) | 2098 | $271418 |
| Amazon.com, Inc.\* (Broadline Retail) | 21355 | 5110252 |
| Aptiv PLC\* (Automobile Components) | 1066 | 80750 |
| AutoZone, Inc.\* (Specialty Retail) | 82 | 303752 |
| Best Buy Co., Inc. (Specialty Retail) | 964 | 62756 |
| Booking Holdings, Inc. (Hotels, <br>Restaurants & Leisure) | 159 | 795293 |
| Carnival Corp.\* (Hotels, Restaurants & <br>Leisure) | 5355 | 160757 |
| Carvana Co.\* (Specialty Retail) | 698 | 279975 |
| Chipotle Mexican Grill, Inc.\* (Hotels, <br>Restaurants & Leisure) | 6522 | 253510 |
| D.R. Horton, Inc. (Household Durables) | 1351 | 201084 |
| Darden Restaurants, Inc. (Hotels, <br>Restaurants & Leisure) | 574 | 114427 |
| Deckers Outdoor Corp.\* (Textiles, Apparel & <br>Luxury Goods) | 719 | 85805 |
| Domino's Pizza, Inc. (Hotels, Restaurants & <br>Leisure) | 153 | 62780 |
| DoorDash, Inc.\*—Class A (Hotels, <br>Restaurants & Leisure) | 1844 | 377319 |
| eBay, Inc. (Broadline Retail) | 2229 | 203329 |
| Expedia Group, Inc. (Hotels, Restaurants & <br>Leisure) | 577 | 152813 |
| Ford Motor Co. (Automobiles) | 19303 | 267926 |
| Garmin, Ltd. (Household Durables) | 806 | 162522 |
| General Motors Co. (Automobiles) | 4601 | 386484 |
| Genuine Parts Co. (Distributors) | 686 | 95347 |
| Hasbro, Inc. (Leisure Products) | 658 | 58766 |
| Hilton Worldwide Holdings, Inc. (Hotels, <br>Restaurants & Leisure) | 1146 | 342092 |
| Las Vegas Sands Corp.\* (Hotels, <br>Restaurants & Leisure) | 1501 | 79148 |
| Lennar Corp.—Class A (Household <br>Durables) | 1064 | 116348 |
| Lowe's Cos., Inc. (Specialty Retail) | 2767 | 738955 |
| Lululemon Athletica, Inc.\* (Textiles, Apparel & <br>Luxury Goods) | 532 | 92834 |
| Marriott International, Inc. (Hotels, <br>Restaurants & Leisure) | 1099 | 346561 |
| McDonald's Corp. (Hotels, Restaurants & <br>Leisure) | 3118 | 982170 |
| MGM Resorts International (Hotels, <br>Restaurants & Leisure) | 1012 | 33942 |
| NIKE, Inc.—Class B (Textiles, Apparel & <br>Luxury Goods) | 5866 | 362578 |
| Norwegian Cruise Lines Holdings, Ltd.\* <br>(Hotels, Restaurants & Leisure) | 2245 | 49300 |
| NVR, Inc.\* (Household Durables) | 14 | 106900 |
| O'Reilly Automotive, Inc.\* (Specialty Retail) | 4163 | 409681 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
|  | Shares |  |
| Pool Corp. (Distributors) | 162 | $41163 |
| PulteGroup, Inc. (Household Durables) | 961 | 120211 |
| Ralph Lauren Corp. (Textiles, Apparel & <br>Luxury Goods) | 191 | 67501 |
| Ross Stores, Inc. (Specialty Retail) | 1604 | 302595 |
| Royal Caribbean Cruises, Ltd. (Hotels, <br>Restaurants & Leisure) | 1251 | 406137 |
| Starbucks Corp. (Hotels, Restaurants & <br>Leisure) | 5608 | 515656 |
| Tapestry, Inc. (Textiles, Apparel & Luxury <br>Goods) | 1009 | 128052 |
| Tesla, Inc.\* (Automobiles) | 9912 | 4266224 |
| The Home Depot, Inc. (Specialty Retail) | 3511 | 1315184 |
| The TJX Cos., Inc. (Specialty Retail) | 5489 | 822307 |
| Tractor Supply Co. (Specialty Retail) | 2606 | 132593 |
| Ulta Beauty, Inc.\* (Specialty Retail) | 221 | 143067 |
| Williams-Sonoma, Inc. (Specialty Retail) | 601 | 122995 |
| Wynn Resorts, Ltd. (Hotels, Restaurants & <br>Leisure) | 416 | 44699 |
| Yum! Brands, Inc. (Hotels, Restaurants & <br>Leisure) | 1369 | 212880 |
| **TOTAL COMMON STOCKS**<br>(Cost $6,124,613) | **TOTAL COMMON STOCKS**<br>(Cost $6,124,613) | **21788838** |

---

**Repurchase Agreements**<sup>(a)(b)</sup> **(18.0%)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Principal <br>Amount |  | Value |  |  |
| Repurchase Agreements with various <br>counterparties, rates 3.40%–3.55%, <br>dated 1/31/26, due 2/2/26, total to be <br>received $4,704,918 | $| 4704000 |  | $— | 4704000 |
| **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $4,704,000) | **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $4,704,000) | **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $4,704,000) | **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $4,704,000) | **4704000** | **4704000** |
| **TOTAL INVESTMENT SECURITIES**<br> (Cost $10,828,613)—101.1% |  |  |  | **26492838** | **26492838** |
| Net other assets (liabilities)—(1.1)% |  |  |  |  | (296156) |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | $**26196682** | **26196682** |

---

\*

Non-income producing security.

<sup>(a)</sup>

A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. At January 31, 2026, the aggregate amount held in a segregated account was $3,383,000.

<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.

**See accompanying notes to financial statements.**

January 31, 2026 (unaudited) :: 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 | 2/23/26 |  | 4.39 | % | $8837147 |
| S&P Consumer Discretionary Select Sector Index | UBS AG | 2/23/26 |  | 4.44 | % | 8687738 |

---

<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 January 31, 2026, 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 January 31, 2026:

---

| | | | |
|:---|:---|:---|:---|
|  |  | % of<br>Net Assets |  |
| Automobile Components | $80750 |  | 0.3% |
| Automobiles | 4920634 |  | 18.8% |
| Broadline Retail | 5313581 |  | 20.2% |
| Distributors | 136510 |  | 0.5% |
| Hotels, Restaurants & Leisure | 5200902 |  | 19.9% |
| Household Durables | 707065 |  | 2.7% |
| Leisure Products | 58766 |  | 0.2% |
| Specialty Retail | 4633860 |  | 17.7% |
| Textiles, Apparel & Luxury Goods | 736770 |  | 2.8% |
| Other\*\* | 4407844 |  | 16.9% |
| **Total** | $**26196682** |  | **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 :: January 31, 2026 (unaudited)

**Common Stocks (76.4%)**

---

| | | |
|:---|:---|:---|
|  | Shares |  |
| Altria Group, Inc. (Tobacco) | 4597 | $284968 |
| Archer-Daniels-Midland Co. (Food Products) | 1986 | 133678 |
| Brown-Forman Corp.—Class B (Beverages) | 728 | 19925 |
| Bunge Global SA (Food Products) | 559 | 63659 |
| Campbell Soup Co. (Food Products) | 812 | 22720 |
| Church & Dwight Co., Inc. (Household <br>Products) | 992 | 95480 |
| Colgate-Palmolive Co. (Household Products) | 3331 | 300756 |
| Conagra Brands, Inc. (Food Products) | 1977 | 36594 |
| Constellation Brands, Inc.—Class A <br>(Beverages) | 583 | 91356 |
| Costco Wholesale Corp. (Consumer Staples <br>Distribution & Retail) | 623 | 585776 |
| Dollar General Corp. (Consumer Staples <br>Distribution & Retail) | 910 | 130521 |
| Dollar Tree, Inc.\* (Consumer Staples <br>Distribution & Retail) | 784 | 92191 |
| General Mills, Inc. (Food Products) | 2205 | 102003 |
| Hormel Foods Corp. (Food Products) | 1205 | 29655 |
| Kenvue, Inc.\* (Personal Care Products) | 7918 | 137774 |
| Keurig Dr Pepper, Inc. (Beverages) | 5615 | 154076 |
| Kimberly-Clark Corp. (Household Products) | 1372 | 137186 |
| Lamb Weston Holdings, Inc. (Food Products) | 576 | 26456 |
| McCormick & Co., Inc. (Food Products) | 1047 | 64736 |
| Molson Coors Beverage Co.—Class B <br>(Beverages) | 700 | 33628 |
| Mondelez International, Inc.—Class A <br>(Food Products) | 5006 | 292701 |
| Monster Beverage Corp.\* (Beverages) | 2948 | 238080 |
| PepsiCo, Inc. (Beverages) | 1921 | 295123 |
| Philip Morris International, Inc. (Tobacco) | 2187 | 392435 |
| Sysco Corp. (Consumer Staples Distribution & <br>Retail) | 1979 | 165939 |
| Target Corp. (Consumer Staples Distribution & <br>Retail) | 1878 | 198073 |
| The Clorox Co. (Household Products) | 504 | 56846 |
| The Coca-Cola Co. (Beverages) | 5439 | 406892 |
| The Estee Lauder Cos., Inc. (Personal Care <br>Products) | 1016 | 117124 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
|  | Shares |  |
| The Hershey Co. (Food Products) | 612 | $119187 |
| The J.M. Smucker Co. (Food Products) | 441 | 46243 |
| The Kraft Heinz Co. (Food Products) | 3522 | 83612 |
| The Kroger Co. (Consumer Staples <br>Distribution & Retail) | 2520 | 158382 |
| The Procter & Gamble Co. (Household <br>Products) | 3283 | 498261 |
| Tyson Foods, Inc.—Class A (Food Products) | 1170 | 76436 |
| Walmart, Inc. (Consumer Staples <br>Distribution & Retail) | 6161 | 734022 |
| **TOTAL COMMON STOCKS**<br> (Cost $5,199,556) | **TOTAL COMMON STOCKS**<br> (Cost $5,199,556) | **6422494** |

---

**Repurchase Agreements**<sup>(a)(b)</sup> **(21.9%)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Principal <br>Amount |  | Value |  |
| Repurchase Agreements with various <br>counterparties, rates 3.40%–3.55%, <br>dated 1/31/26, due 2/2/26, total to be <br>received $1,842,360 | $| 1842000 |  | $1842000 |
| **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $1,842,000) | **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $1,842,000) | **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $1,842,000) | **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $1,842,000) | **1842000** |
| **TOTAL INVESTMENT SECURITIES**<br> (Cost $7,041,556)—98.3% |  |  |  | **8264494** |
| Net other assets (liabilities)—1.7% |  |  |  | 144037 |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | $**8408531** |

---

\*

Non-income producing security.

<sup>(a)</sup>

A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. At January 31, 2026, the aggregate amount held in a segregated account was $1,043,000.

<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.

**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 | 2/23/26 |  | 4.39 | % | $1721890 | $10405 |
| S&P Consumer Staples Select Sector Index | UBS AG | 2/23/26 |  | 4.44 | % | 4487374 | 53434 |

---

<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 January 31, 2026, 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.**

January 31, 2026 (unaudited) :: Schedule of Portfolio Investments **:: Consumer Staples UltraSector ProFund :: 23**

Consumer Staples UltraSector ProFund invested in the following industries as of January 31, 2026:

---

| | | | |
|:---|:---|:---|:---|
|  |  | % of<br>Net Assets |  |
| Beverages | $1239080 |  | 14.7% |
| Consumer Staples Distribution & Retail | 2064904 |  | 24.6% |
| Food Products | 1097680 |  | 13.1% |
| Household Products | 1088529 |  | 12.9% |
| Personal Care Products | 254898 |  | 3.0% |
| Tobacco | 677403 |  | 8.1% |
| Other\*\* | 1986037 |  | 23.6% |
| **Total** | $**8408531** |  | **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 :: January 31, 2026 (unaudited)

**Common Stocks (77.6%)**

---

| | | |
|:---|:---|:---|
|  | Shares |  |
| APA Corp. (Oil, Gas & Consumable Fuels) | 3100 | $81871 |
| Baker Hughes Co. (Energy Equipment & <br>Services) | 8625 | 483345 |
| Chevron Corp. (Oil, Gas & Consumable <br>Fuels) | 14162 | 2505258 |
| ConocoPhillips (Oil, Gas & Consumable <br>Fuels) | 9246 | 963711 |
| Coterra Energy, Inc. (Oil, Gas & Consumable <br>Fuels) | 6656 | 192026 |
| Devon Energy Corp. (Oil, Gas & Consumable <br>Fuels) | 5483 | 220471 |
| Diamondback Energy, Inc. (Oil, Gas & <br>Consumable Fuels) | 1628 | 266911 |
| EOG Resources, Inc. (Oil, Gas & Consumable <br>Fuels) | 4742 | 531720 |
| EQT Corp. (Oil, Gas & Consumable Fuels) | 5454 | 314859 |
| Expand Energy Corp. (Oil, Gas & Consumable <br>Fuels) | 2082 | 234038 |
| Exxon Mobil Corp. (Oil, Gas & Consumable <br>Fuels) | 24152 | 3415093 |
| Halliburton Co. (Energy Equipment & <br>Services) | 7356 | 246573 |
| Kinder Morgan, Inc. (Oil, Gas & Consumable <br>Fuels) | 17111 | 521714 |
| Marathon Petroleum Corp. (Oil, Gas & <br>Consumable Fuels) | 2627 | 462851 |
| Occidental Petroleum Corp. (Oil, Gas & <br>Consumable Fuels) | 6286 | 285322 |
| ONEOK, Inc. (Oil, Gas & Consumable Fuels) | 5500 | 435545 |
| Phillips 66 (Oil, Gas & Consumable Fuels) | 3522 | 505618 |
| SLB, Ltd. (Energy Equipment & Services) | 13059 | 631795 |
| Targa Resources Corp. (Oil, Gas & <br>Consumable Fuels) | 1876 | 377038 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
|  | Shares |  |
| Texas Pacific Land Corp. (Oil, Gas & <br>Consumable Fuels) | 506 | $176270 |
| The Williams Cos., Inc. (Oil, Gas & <br>Consumable Fuels) | 9337 | 628007 |
| Valero Energy Corp. (Oil, Gas & Consumable <br>Fuels) | 2666 | 483692 |
| **TOTAL COMMON STOCKS**<br> (Cost $3,311,757) | **TOTAL COMMON STOCKS**<br> (Cost $3,311,757) | **13963728** |

---

**Repurchase Agreements**<sup>(a)(b)</sup> **(20.3%)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Principal <br>Amount |  | Value |  |  |
| Repurchase Agreements with various <br>counterparties, rates 3.40%–3.55%, <br>dated 1/31/26, due 2/2/26, total to be <br>received $3,657,714 | $| 3657000 |  | $— | 3657000 |
| **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $3,657,000) | **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $3,657,000) | **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $3,657,000) | **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $3,657,000) | **3657000** | **3657000** |
| **TOTAL INVESTMENT SECURITIES**<br> (Cost $6,968,757)—97.9% |  |  |  | **17620728** | **17620728** |
| Net other assets (liabilities)—2.1% |  |  |  |  | 378895 |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | $**17999623** | **17999623** |

---

<sup>(a)</sup>

A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. At January 31, 2026, the aggregate amount held in a segregated account was $2,312,000.

<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.

**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 | 2/23/26 |  | 4.39 | % | $6781679 | $280229 |
| S&P Energy Select Sector Index | UBS AG | 2/23/26 |  | 4.44 | % | 6210364 | 220343 |

---

<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 January 31, 2026, 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 January 31, 2026:

---

| | | | |
|:---|:---|:---|:---|
|  |  | % of<br>Net Assets |  |
| Energy Equipment & Services | $1361713 |  | 7.6% |
| Oil, Gas & Consumable Fuels | 12602015 |  | 70.0% |
| Other\*\* | 4035895 |  | 22.4% |
| **Total** | $**17999623** |  | **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.**

January 31, 2026 (unaudited) :: Schedule of Portfolio Investments **:: Europe 30 ProFund :: 25**

**Common Stocks (100.9%)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Shares |  | Value |  |
| Anheuser-Busch InBev S.A./N.V.<sup>ADR</sup> <br>(Beverages) |  | 3025 |  | $216832 |
| ArcelorMittal SA<sup>ADR</sup> (Metals & Mining) |  | 2777 |  | 149874 |
| Argenx SE\*<sup>ADR</sup> (Biotechnology) |  | 149 |  | 125235 |
| ARM Holdings PLC\*<sup>ADR</sup> (Semiconductors & <br>Semiconductor Equipment) |  | 1686 |  | 177637 |
| ASML Holding N.V.<sup>ADR</sup> (Semiconductors & <br>Semiconductor Equipment) |  | 248 |  | 352903 |
| AstraZeneca PLC<sup>ADR</sup> (Pharmaceuticals) |  | 1835 |  | 170233 |
| Barclays PLC<sup>ADR</sup> (Banks) |  | 6497 |  | 173795 |
| BioNTech SE\*<sup>ADR(a)</sup> (Biotechnology) |  | 1240 |  | 141050 |
| BP PLC<sup>ADR</sup> (Oil, Gas & Consumable Fuels) |  | 4810 |  | 182203 |
| British American Tobacco PLC<sup>ADR</sup> (Tobacco) |  | 3372 |  | 204613 |
| Diageo PLC<sup>ADR</sup> (Beverages) |  | 1587 |  | 147274 |
| Equinor ASA<sup>ADR</sup> (Oil, Gas & Consumable Fuels) |  | 6149 |  | 165101 |
| GSK PLC<sup>ADR</sup> (Pharmaceuticals) |  | 3521 |  | 181684 |
| Haleon PLC\*<sup>ADR</sup> (Personal Care Products) |  | 13241 |  | 138633 |
| HSBC Holdings PLC<sup>ADR</sup> (Banks) |  | 3819 |  | 336109 |
| ING Groep N.V.<sup>ADR</sup> (Banks) |  | 5802 |  | 170521 |
| National Grid PLC<sup>ADR</sup> (Multi-Utilities) |  | 2033 |  | 173354 |
| Nokia Oyj<sup>ADR</sup> (Communications Equipment) |  | 19638 |  | 126272 |
| Novo Nordisk A/S<sup>ADR</sup> (Pharmaceuticals) |  | 5257 |  | 312424 |
| RELX PLC<sup>ADR</sup> (Professional Services) |  | 3769 |  | 134930 |
| Rio Tinto PLC<sup>ADR</sup> (Metals & Mining) |  | 2529 |  | 230215 |
| Ryanair Holdings PLC\*<sup>ADR</sup> (Passenger Airlines) |  | 1736 |  | 122562 |
| Sanofi S.A.<sup>ADR</sup> (Pharmaceuticals) |  | 3868 |  | 181951 |
| SAP SE<sup>ADR</sup> (Software) |  | 1141 |  | 229387 |
| Shell PLC<sup>ADR</sup> (Oil, Gas & Consumable Fuels) |  | 3471 |  | 267370 |
| Telefonaktiebolaget LM Ericsson<sup>ADR</sup> <br>(Communications Equipment) |  | 12745 |  | 137646 |
| Tenaris S.A.<sup>ADR</sup> (Energy Equipment & <br>Services) |  | 2976 |  | 131837 |
| TotalEnergies S.E. (Oil, Gas & Consumable <br>Fuels) |  | 3124 |  | 226178 |
| Unilever PLC<sup>ADR</sup> (Household Products) |  | 3174 |  | 216975 |
| Vodafone Group PLC<sup>ADR</sup> (Wireless <br>Telecommunication Services) |  | 9323 |  | 136582 |
| **TOTAL COMMON STOCKS**<br> (Cost $3,954,969) | **TOTAL COMMON STOCKS**<br> (Cost $3,954,969) | **TOTAL COMMON STOCKS**<br> (Cost $3,954,969) | **TOTAL COMMON STOCKS**<br> (Cost $3,954,969) | **5661380** |

---

**Collateral for Securities Loaned**<sup>(b)</sup> **(2.5%)**

---

| | | |
|:---|:---|:---|
| Invesco Government & Agency Portfolio—<br>Institutional Shares, 3.69%<sup>(c)</sup>  | 140357 | 140357 |
| **TOTAL COLLATERAL FOR SECURITIES LOANED**<br> (Cost $140,357) | **TOTAL COLLATERAL FOR SECURITIES LOANED**<br> (Cost $140,357) | **140357** |
| **TOTAL INVESTMENT SECURITIES**<br> (Cost $4,095,326)—103.4% |  | **5801737** |
| Net other assets (liabilities)—(3.4)% |  | (189565) |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | $**5612172** |

---

\*

Non-income producing security.

<sup>(a)</sup>

All or part of this security was on loan as of January 31, 2026. The total value of securities on loan as of January 31, 2026 was $133,884.

<sup>(b)</sup>

Securities were purchased with cash collateral held from securities on loan at January 31, 2026.

<sup>(c)</sup>

Rate periodically changes. Rate disclosed is the daily yield as of January 31, 2026.

<sup>ADR</sup>

American Depositary Receipt

Europe 30 ProFund invested in the following industries as of January 31, 2026:

---

| | | |
|:---|:---|:---|
| Banks | $680425 | 12.1% |
| Beverages | 364106 | 6.5% |
| Biotechnology | 266285 | 4.7% |
| Communications Equipment | 263918 | 4.7% |
| Energy Equipment & Services | 131837 | 2.3% |
| Household Products | 216975 | 3.9% |
| Metals & Mining | 380089 | 6.8% |
| Multi-Utilities | 173354 | 3.1% |
| Oil, Gas & Consumable Fuels | 840852 | 14.9% |
| Passenger Airlines | 122562 | 2.2% |
| Personal Care Products | 138633 | 2.5% |
| Pharmaceuticals | 846292 | 15.1% |
| Professional Services | 134930 | 2.4% |
| Semiconductors & Semiconductor <br>Equipment | 530540 | 9.6% |
| Software | 229387 | 4.1% |
| Tobacco | 204613 | 3.6% |
| Wireless Telecommunication Services | 136582 | 2.4% |
| Other\*\*  | (49208 | (0.9)% |
| **Total** | $**5612172** | **100.0%** |

---

Europe 30 ProFund invested in securities with exposure to the following countries as of January 31, 2026:

---

| | | |
|:---|:---|:---|
| Belgium | $216832 | 3.9% |
| Denmark | 312424 | 5.6% |
| Finland | 126272 | 2.2% |
| France | 408129 | 7.2% |
| Germany | 370437 | 6.6% |
| Ireland | 122562 | 2.2% |
| Luxembourg | 281711 | 5.0% |
| Netherlands | 648659 | 11.6% |
| Norway | 165101 | 2.9% |
| Sweden | 137646 | 2.5% |
| United Kingdom | 2871607 | 51.2% |
| Other\*\*  | (49208 | (0.9)% |
| **Total** | $**5612172** | **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 :: January 31, 2026 (unaudited)

**Repurchase Agreements**<sup>(a)(b)</sup> **(99.4%)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Principal <br>Amount |  | Value |  |
| Repurchase Agreements with various <br>counterparties, rates 3.40%–3.55%, <br>dated 1/31/26, due 2/2/26, total to be <br>received $1,693,330 | $| 1693000 |  | $1693000 |
| **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $1,693,000) | **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $1,693,000) | **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $1,693,000) | **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $1,693,000) | **1693000** |
| **TOTAL INVESTMENT SECURITIES**<br> (Cost $1,693,000)—99.4% |  |  |  | **1693000** |
| Net other assets (liabilities)—0.6% |  |  |  | 9947 |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | $**1702947** |

---

<sup>(a)</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 January 31, 2026, the aggregate amount held in a segregated account was $26,000.

<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.

As of January 31, 2026, 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:** | **Short:** |
| U.S. dollar | $21542 | British pound | 16058 | 2/6/26 | $— | 21969 | $(427) |
| U.S. dollar | 16748 | Canadian dollar | 23182 | 2/6/26 |  | 17031 | (283) |
| U.S. dollar | 101336 | Euro | 86796 | 2/6/26 |  | 102897 | (1561) |
| U.S. dollar | 25487 | Japanese yen | 4033867 | 2/6/26 |  | 26081 | (594) |
| U.S. dollar | 7944 | Swedish krona | 72526 | 2/6/26 |  | 8146 | (202) |
| U.S. dollar | 6033 | Swiss franc | 4801 | 2/6/26 | 6216 | 6216 | (183) |
| Total Short Contracts | $179090 |  |  |  | $— | 182340 | $(3250) |
| **Long:** | **Long:** | **Long:** | **Long:** | **Long:** | **Long:** | **Long:** | **Long:** |
| British pound | 111426 | U.S. dollar | $150285 | 2/6/26 | $— | 152441 | $2156 |
| Canadian dollar | 191827 | U.S. dollar | 139212 | 2/6/26 |  | 140928 | 1716 |
| Euro | 436278 | U.S. dollar | 510985 | 6/2/26 |  | 517212 | 6227 |
| Japanese yen | 20704499 | U.S. dollar | 132324 | 2/6/26 |  | 133867 | 1543 |
| Swedish krona | 402868 | U.S. dollar | 44054 | 2/6/26 |  | 45252 | 1198 |
| Swiss franc | 37184 | U.S. dollar | 46887 | 2/6/26 | 48139 | 48139 | 1252 |
| Total Long Contracts | Total Long Contracts | Total Long Contracts | $1023747 |  | $1037839 | 1037839 | $14092 |

---

As of January 31, 2026, 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 | 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:** | **Short:** | **Short:** | **Short:** |
| U.S. dollar | $111276 | British pound |  | 82478 | 2/6/26 | $— | 112838 | $— | (1562) |
| U.S. dollar | 85742 | Canadian dollar |  | 118432 | 2/6/26 |  | 87007 |  | (1265) |
| U.S. dollar | 534616 | Euro |  | 456752 | 2/6/26 |  | 541485 |  | (6869) |
| U.S. dollar | 128726 | Japanese yen | 20216084 | 20216084 | 2/6/26 |  | 130708 |  | (1982) |
| U.S. dollar | 39058 | Swedish krona |  | 356646 | 2/6/26 |  | 40061 |  | (1003) |
| U.S. dollar | 33441 | Swiss franc |  | 26525 | 2/6/26 | 34339 | 34339 | (898 | (898) |
| Total Short Contracts | $932859 |  |  |  |  | $— | 946438 | $(13579 | (13579) |
| **Long:** | **Long:** | **Long:** | **Long:** | **Long:** | **Long:** | **Long:** | **Long:** | **Long:** | **Long:** |
| British pound | 136030 | U.S. dollar | $— | 183568 | 2/6/26 | $— | 186101 | $— | 2533 |
| Canadian dollar | 162642 | U.S. dollar |  | 117954 | 2/6/26 |  | 119487 |  | 1533 |
| Euro | 939356 | U.S. dollar |  | 1101010 | 2/6/26 |  | 1113617 |  | 12607 |
| Japanese yen | 39536554 | U.S. dollar |  | 252755 | 2/6/26 |  | 255627 |  | 2872 |
| Swedish krona | 667448 | U.S. dollar |  | 73034 | 2/6/26 |  | 74971 |  | 1937 |
| Swiss franc | 41878 | U.S. dollar | 52911 | 52911 | 2/6/26 | 54216 | 54216 | 1305 | 1305 |
| Total Long Contracts | Total Long Contracts | Total Long Contracts | $— | 1781232 |  | $1804019 | 1804019 | $— | 22787 |
|  |  |  |  |  | Total unrealized appreciation | Total unrealized appreciation | Total unrealized appreciation | $— | 36879 |
|  |  |  |  |  | Total unrealized (depreciation) | Total unrealized (depreciation) | Total unrealized (depreciation) | (16829 | (16829) |
|  |  |  |  | Total net unrealized appreciation/(depreciation) | Total net unrealized appreciation/(depreciation) | Total net unrealized appreciation/(depreciation) | Total net unrealized appreciation/(depreciation) | $— | 20050 |

---

**See accompanying notes to financial statements.**

January 31, 2026 (unaudited) :: Schedule of Portfolio Investments **:: Financials UltraSector ProFund :: 27**

**Common Stocks (77.2%)**

---

| | | | |
|:---|:---|:---|:---|
|  | Shares | Value |  |
| Aflac, Inc. (Insurance) | 388 | $43049 | 43049 |
| Allstate Corp. (Insurance) | 215 | 42783 | 42783 |
| American Express Co. (Consumer Finance) | 442 | 155660 | 155660 |
| American International Group, Inc. (Insurance) | 444 | 33247 | 33247 |
| Ameriprise Financial, Inc. (Capital Markets) | 76 | 40066 | 40066 |
| Aon PLC—Class A (Insurance) | 177 | 61886 | 61886 |
| Apollo Global Management, Inc. (Financial <br>Services) | 382 | 51394 | 51394 |
| Arch Capital Group, Ltd.\* (Insurance) | 297 | 28524 | 28524 |
| Ares Management Corporation—Class A <br>(Capital Markets) | 170 | 25444 | 25444 |
| Arthur J. Gallagher & Co. (Insurance) | 211 | 52617 | 52617 |
| Assurant, Inc. (Insurance) | 41 | 9763 | 9763 |
| Bank of America Corp. (Banks) | 5531 | 294249 | 294249 |
| Berkshire Hathaway, Inc.\*—Class B (Financial <br>Services) | 1510 | 725601 | 725601 |
| BlackRock, Inc. (Capital Markets) | 119 | 133154 | 133154 |
| Blackstone, Inc. (Capital Markets) | 608 | 86591 | 86591 |
| Block, Inc.\* (Financial Services) | 451 | 27254 | 27254 |
| Brown & Brown, Inc. (Insurance) | 242 | 17448 | 17448 |
| Capital One Financial Corp. (Consumer <br>Finance) | 523 | 114500 | 114500 |
| Cboe Global Markets, Inc. (Capital Markets) | 86 | 22795 | 22795 |
| Chubb, Ltd. (Insurance) | 301 | 93177 | 93177 |
| Cincinnati Financial Corp. (Insurance) | 128 | 20594 | 20594 |
| Citigroup, Inc. (Banks) | 1473 | 170441 | 170441 |
| Citizens Financial Group, Inc. (Banks) | 354 | 22295 | 22295 |
| CME Group, Inc. (Capital Markets) | 297 | 85851 | 85851 |
| Coinbase Global, Inc.\*—Class A (Capital <br>Markets) | 188 | 36611 | 36611 |
| Corpay, Inc.\* (Software) | 58 | 18249 | 18249 |
| Erie Indemnity Co.—Class A (Insurance) | 21 | 5943 | 5943 |
| Everest Group, Ltd. (Insurance) | 35 | 11595 | 11595 |
| FactSet Research Systems, Inc. (Capital <br>Markets) | 31 | 7885 | 7885 |
| Fidelity National Information Services, Inc. <br>(Financial Services) | 426 | 23537 | 23537 |
| Fifth Third Bancorp (Banks) | 740 | 37163 | 37163 |
| First Horizon Corp. (Banks) | 1 |  | 18 |
| Fiserv, Inc.\* (Financial Services) | 443 | 28232 | 28232 |
| Franklin Resources, Inc. (Capital Markets) | 253 | 6735 | 6735 |
| Global Payments, Inc. (Financial Services) | 195 | 13989 | 13989 |
| Globe Life, Inc. (Insurance) | 66 | 9255 | 9255 |
| Huntington Bancshares, Inc. (Banks) | 1674 | 29262 | 29262 |
| Interactive Brokers Group, Inc.—Class A <br>(Capital Markets) | 367 | 27481 | 27481 |
| Intercontinental Exchange, Inc. (Capital <br>Markets) | 469 | 81503 | 81503 |
| Invesco, Ltd. (Capital Markets) | 366 | 9988 | 9988 |
| Jack Henry & Associates, Inc. (Financial <br>Services) | 60 | 10753 | 10753 |
| JPMorgan Chase & Co. (Banks) | 2241 | 685498 | 685498 |
| KeyCorp (Banks) | 765 | 16463 | 16463 |
| KKR & Co., Inc. (Capital Markets) | 565 | 64557 | 64557 |
| Loews Corp. (Insurance) | 140 | 14780 | 14780 |
| M&T Bank Corp. (Banks) | 127 | 28139 | 28139 |
| Marsh & McLennan Cos., Inc. (Insurance) | 403 | 75841 | 75841 |
| MasterCard, Inc.—Class A (Financial Services) | 675 | 363683 | 363683 |
| MetLife, Inc. (Insurance) | 456 | 35969 | 35969 |
| Moody's Corp. (Capital Markets) | 126 | 64961 | 64961 |
| Morgan Stanley (Capital Markets) | 994 | 181703 | 181703 |
| MSCI, Inc. (Capital Markets) | 62 | 37772 | 37772 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
|  | Shares |  |
| Nasdaq, Inc. (Capital Markets) | 371 | $35946 |
| Northern Trust Corp. (Capital Markets) | 156 | 23311 |
| PayPal Holdings, Inc.\* (Financial Services) | 770 | 40571 |
| PNC Financial Services Group, Inc. (Banks) | 323 | 72126 |
| Principal Financial Group, Inc. (Insurance) | 165 | 15629 |
| Prudential Financial, Inc. (Insurance) | 288 | 32000 |
| Raymond James Financial, Inc. (Capital <br>Markets) | 145 | 24050 |
| Regions Financial Corp. (Banks) | 722 | 20577 |
| Robinhood Markets, Inc.\*—Class A (Capital <br>Markets) | 647 | 64364 |
| S&P Global, Inc. (Capital Markets) | 255 | 134586 |
| State Street Corp. (Capital Markets) | 230 | 30098 |
| Synchrony Financial (Consumer Finance) | 297 | 21571 |
| T. Rowe Price Group, Inc. (Capital Markets) | 180 | 19022 |
| The Bank of New York Mellon Corp. (Capital <br>Markets) | 574 | 68834 |
| The Charles Schwab Corp. (Capital Markets) | 1375 | 142890 |
| The Goldman Sachs Group, Inc. (Capital <br>Markets) | 247 | 231046 |
| The Hartford Financial Services Group, Inc. <br>(Insurance) | 229 | 30929 |
| The Progressive Corp. (Insurance) | 483 | 100463 |
| The Travelers Cos., Inc. (Insurance) | 184 | 52350 |
| Truist Financial Corp. (Banks) | 1053 | 54145 |
| U.S. Bancorp (Banks) | 1280 | 71821 |
| Visa, Inc.—Class A (Financial Services) | 1389 | 447022 |
| W.R. Berkley Corp. (Insurance) | 247 | 16939 |
| Wells Fargo & Co. (Banks) | 2584 | 233826 |
| Willis Towers Watson PLC (Insurance) | 79 | 25080 |
| **TOTAL COMMON STOCKS**<br> (Cost $1,772,964) | **TOTAL COMMON STOCKS**<br> (Cost $1,772,964) | **6295144** |

---

**Repurchase Agreements**<sup>(a)(b)</sup> **(14.8%)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Principal <br>Amount |  | Value |  |
| Repurchase Agreements with various <br>counterparties, rates 3.40%–3.55%, <br>dated 1/31/26, due 2/2/26, total to be <br>received $1,210,236 | $| 1210000 |  | $1210000 |
| **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $1,210,000) | **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $1,210,000) | **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $1,210,000) | **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $1,210,000) | **1210000** |
| **TOTAL INVESTMENT SECURITIES**<br> (Cost $2,982,964)—92.0% |  |  |  | **7505144** |
| Net other assets (liabilities)—8.0% |  |  |  | 653697 |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | $**8158841** |

---

\*

Non-income producing security.

<sup>(a)</sup>

A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. At January 31, 2026, the aggregate amount held in a segregated account was $926,000.

<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.

**See accompanying notes to financial statements.**

**28 :: Financials UltraSector ProFund ::** Schedule of Portfolio Investments :: January 31, 2026 (unaudited)

**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 | 2/23/26 |  | 4.39 | % | $2363201 | $14258 |
| S&P Financial Select Sector Index | UBS AG | 2/23/26 |  | 4.44 | % | 3576719 | 18070 |

---

<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 January 31, 2026, 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 January 31, 2026:

---

| | | | |
|:---|:---|:---|:---|
|  |  | % of<br>Net Assets |  |
| Banks | $1736023 |  | 21.3% |
| Capital Markets | 1687244 |  | 20.7% |
| Consumer Finance | 291731 |  | 3.6% |
| Financial Services | 1732036 |  | 21.2% |
| Insurance | 829861 |  | 10.2% |
| Software | 18249 |  | 0.2% |
| Other\*\* | 1863697 |  | 22.8% |
| **Total** | $**8158841** |  | **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.**

January 31, 2026 (unaudited) :: Schedule of Portfolio Investments **:: Health Care UltraSector ProFund :: 29**

**Common Stocks (83.2%)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Shares |  | Value |  |
| Abbott Laboratories (Health Care <br>Equipment & Supplies) |  | 9843 |  | $1075839 |
| AbbVie, Inc. (Biotechnology) | 10004 | 10004 |  | 2230992 |
| Agilent Technologies, Inc. (Life Sciences <br>Tools & Services) |  | 1605 |  | 214829 |
| Align Technology, Inc.\* (Health Care <br>Equipment & Supplies) |  | 378 |  | 61625 |
| Amgen, Inc. (Biotechnology) |  | 3048 |  | 1042050 |
| Baxter International, Inc. (Health Care <br>Equipment & Supplies) |  | 2910 |  | 58404 |
| Becton, Dickinson & Co. (Health Care <br>Equipment & Supplies) |  | 1622 |  | 330045 |
| Biogen, Inc.\* (Biotechnology) |  | 830 |  | 149309 |
| Bio-Techne Corp. (Life Sciences Tools & <br>Services) |  | 882 |  | 56527 |
| Boston Scientific Corp.\* (Health Care <br>Equipment & Supplies) |  | 8390 |  | 784716 |
| Bristol-Myers Squibb Co. (Pharmaceuticals) | 11524 | 11524 |  | 634396 |
| Cardinal Health, Inc. (Health Care Providers & <br>Services) |  | 1345 |  | 289014 |
| Cencora, Inc. (Health Care Providers & <br>Services) |  | 1097 |  | 394064 |
| Centene Corp.\* (Health Care Providers & <br>Services) |  | 2641 |  | 114408 |
| Charles River Laboratories International, Inc.\* <br>(Life Sciences Tools & Services) |  | 279 |  | 58724 |
| CVS Health Corp. (Health Care Providers & <br>Services) |  | 7185 |  | 535426 |
| Danaher Corp. (Life Sciences Tools & Services) |  | 3558 |  | 778811 |
| DaVita, Inc.\* (Health Care Providers & Services) | DaVita, Inc.\* (Health Care Providers & Services) | 200 |  | 21868 |
| Dexcom, Inc.\* (Health Care Equipment & <br>Supplies) |  | 2208 |  | 161272 |
| Edwards LifeSciences Corp.\* (Health Care <br>Equipment & Supplies) |  | 3285 |  | 267268 |
| Elevance Health, Inc. (Health Care Providers & <br>Services) |  | 1258 |  | 434941 |
| Eli Lilly & Co. (Pharmaceuticals) |  | 4495 |  | 4661988 |
| GE HealthCare Technologies, Inc.\* (Health <br>Care Equipment & Supplies) |  | 2578 |  | 203585 |
| Gilead Sciences, Inc. (Biotechnology) |  | 7023 |  | 996915 |
| HCA Healthcare, Inc. (Health Care Providers & <br>Services) |  | 904 |  | 441396 |
| Henry Schein, Inc.\* (Health Care Providers & <br>Services) |  | 566 |  | 42722 |
| Hologic, Inc.\* (Health Care Equipment & <br>Supplies) |  | 1260 |  | 94412 |
| Humana, Inc. (Health Care Providers & <br>Services) |  | 681 |  | 132931 |
| IDEXX Laboratories, Inc.\* (Health Care <br>Equipment & Supplies) |  | 452 |  | 303048 |
| Incyte Corp.\* (Biotechnology) |  | 933 |  | 93365 |
| Insulet Corp.\* (Health Care Equipment & <br>Supplies) |  | 398 |  | 101812 |
| Intuitive Surgical, Inc.\* (Health Care <br>Equipment & Supplies) |  | 2007 |  | 1011969 |
| IQVIA Holdings, Inc.\* (Life Sciences Tools & <br>Services) |  | 964 |  | 221865 |
| Johnson & Johnson (Pharmaceuticals) | 13638 | 13638 |  | 3099235 |
| Labcorp Holdings, Inc. (Health Care <br>Providers & Services) |  | 469 |  | 127343 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
|  | Shares |  |
| McKesson Corp. (Health Care Providers & <br>Services) | 699 | $581016 |
| Medtronic PLC (Health Care Equipment & <br>Supplies) | 7260 | 747490 |
| Merck & Co., Inc. (Pharmaceuticals) | 14050 | 1549294 |
| Mettler-Toledo International, Inc.\* (Life <br>Sciences Tools & Services) | 116 | 159296 |
| Moderna, Inc.\* (Biotechnology) | 1968 | 86730 |
| Molina Healthcare, Inc.\* (Health Care <br>Providers & Services) | 291 | 52261 |
| Pfizer, Inc. (Pharmaceuticals) | 32184 | 850945 |
| Quest Diagnostics, Inc. (Health Care <br>Providers & Services) | 630 | 117829 |
| Regeneron Pharmaceuticals, Inc. <br>(Biotechnology) | 570 | 422627 |
| ResMed, Inc. (Health Care Equipment & <br>Supplies) | 826 | 213364 |
| Revvity, Inc. (Life Sciences Tools & Services) | 642 | 69850 |
| Solventum Corp.\* (Health Care Equipment & <br>Supplies) | 835 | 64270 |
| STERIS PLC (Health Care Equipment & <br>Supplies) | 556 | 146006 |
| Stryker Corp. (Health Care Equipment & <br>Supplies) | 1948 | 719903 |
| The Cigna Group (Health Care Providers & <br>Services) | 1512 | 414454 |
| The Cooper Cos., Inc.\* (Health Care <br>Equipment & Supplies) | 1125 | 91553 |
| Thermo Fisher Scientific, Inc. (Life Sciences <br>Tools & Services) | 2128 | 1231281 |
| UnitedHealth Group, Inc. (Health Care <br>Providers & Services) | 5128 | 1471377 |
| Universal Health Services, Inc.—Class B <br>(Health Care Providers & Services) | 313 | 62994 |
| Vertex Pharmaceuticals, Inc.\* (Biotechnology) | 1436 | 674776 |
| Viatris, Inc. (Pharmaceuticals) | 6517 | 85308 |
| Waters Corp.\* (Life Sciences Tools & Services) | 337 | 124933 |
| West Pharmaceutical Services, Inc. (Life <br>Sciences Tools & Services) | 407 | 94066 |
| Zimmer Biomet Holdings, Inc. (Health Care <br>Equipment & Supplies) | 1122 | 97693 |
| Zoetis, Inc. (Pharmaceuticals) | 2495 | 311426 |
| **TOTAL COMMON STOCKS**<br> (Cost $24,062,952) | **TOTAL COMMON STOCKS**<br> (Cost $24,062,952) | **31667856** |

---

**Repurchase Agreements**<sup>(a)(b)</sup> **(17.5%)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Principal <br>Amount |  | Value |  |  |
| Repurchase Agreements with various <br>counterparties, rates 3.40%–3.55%, <br>dated 1/31/26, due 2/2/26, total to be <br>received $6,648,298 | $| 6647000 |  | $— | 6647000 |
| **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $6,647,000) | **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $6,647,000) | **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $6,647,000) | **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $6,647,000) | **6647000** | **6647000** |
| **TOTAL INVESTMENT SECURITIES**<br> (Cost $30,709,952)—100.7% |  |  |  | **38314856** | **38314856** |
| Net other assets (liabilities)—(0.7)% |  |  |  |  | (275622) |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | $**38039234** | **38039234** |

---

**See accompanying notes to financial statements.**

**30 :: Health Care UltraSector ProFund ::** Schedule of Portfolio Investments :: January 31, 2026 (unaudited)

<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.

\*

Non-income producing security.

<sup>(a)</sup>

A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. At January 31, 2026, the aggregate amount held in a segregated account was $5,262,000.

**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 Health Care Select Sector Index | Goldman Sachs International | 2/23/26 |  | 4.39 | % | $10489427 |
| S&P Health Care Select Sector Index | UBS AG | 2/23/26 |  | 4.14 | % | 14936219 |

---

<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 January 31, 2026, 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 January 31, 2026:

---

| | | | |
|:---|:---|:---|:---|
|  |  | % of<br>Net Assets |  |
| Biotechnology | $5696764 |  | 15.0% |
| Health Care Equipment & Supplies | 6534274 |  | 17.2% |
| Health Care Providers & Services | 5234044 |  | 13.8% |
| Life Sciences Tools & Services | 3010182 |  | 7.9% |
| Pharmaceuticals | 11192592 |  | 29.3% |
| Other\*\* | 6371378 |  | 16.8% |
| **Total** | $**38039234** |  | **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.**

January 31, 2026 (unaudited) :: Schedule of Portfolio Investments **:: Industrials UltraSector ProFund :: 31**

**Common Stocks (73.2%)**

---

| | | |
|:---|:---|:---|
|  | Shares |  |
| 3M Co. (Industrial Conglomerates) | 872 | $133556 |
| A.O. Smith Corp. (Building Products) | 186 | 13669 |
| Allegion PLC (Building Products) | 141 | 23320 |
| AMETEK, Inc. (Electrical Equipment) | 378 | 84664 |
| Automatic Data Processing, Inc. (Professional <br>Services) | 664 | 163889 |
| Axon Enterprise, Inc.\* (Aerospace & Defense) | 129 | 62382 |
| Broadridge Financial Solutions, Inc. <br>(Professional Services) | 192 | 37845 |
| Builders FirstSource, Inc.\* (Building Products) | 181 | 20706 |
| C.H. Robinson Worldwide, Inc. (Air Freight & <br>Logistics) | 194 | 37820 |
| Carrier Global Corp. (Building Products) | 1299 | 77394 |
| Caterpillar, Inc. (Machinery) | 768 | 504853 |
| Cintas Corp. (Commercial Services & Supplies) | 560 | 107178 |
| Comfort Systems USA, Inc. (Construction & <br>Engineering) | 58 | 66242 |
| Copart, Inc.\* (Commercial Services & Supplies) | 1461 | 59287 |
| CSX Corp. (Ground Transportation) | 3055 | 115357 |
| Cummins, Inc. (Machinery) | 226 | 130813 |
| Dayforce, Inc.\* (Professional Services) | 263 | 18218 |
| Deere & Co. (Machinery) | 413 | 218064 |
| Delta Air Lines, Inc. (Passenger Airlines) | 1065 | 70173 |
| Dover Corp. (Machinery) | 225 | 45335 |
| Eaton Corp. PLC (Electrical Equipment) | 637 | 223855 |
| EMCOR Group, Inc. (Construction & <br>Engineering) | 73 | 52613 |
| Emerson Electric Co. (Electrical Equipment) | 922 | 135497 |
| Equifax, Inc. (Professional Services) | 201 | 40481 |
| Expeditors International of Washington, Inc. <br>(Air Freight & Logistics) | 220 | 35319 |
| Fastenal Co. (Trading Companies & <br>Distributors) | 1884 | 81690 |
| FedEx Corp. (Air Freight & Logistics) | 356 | 114721 |
| Fortive Corp. (Machinery) | 521 | 27514 |
| GE Vernova, Inc. (Electrical Equipment) | 445 | 323234 |
| Generac Holdings, Inc.\* (Electrical Equipment) | 96 | 16132 |
| General Dynamics Corp. (Aerospace & <br>Defense) | 416 | 146053 |
| General Electric Co. (Industrial Conglomerates) | 1731 | 531053 |
| Honeywell International, Inc. (Industrial <br>Conglomerates) | 1042 | 237076 |
| Howmet Aerospace, Inc. (Aerospace & <br>Defense) | 660 | 137333 |
| Hubbell, Inc. (Electrical Equipment) | 87 | 42451 |
| Huntington Ingalls Industries, Inc. <br>(Aerospace & Defense) | 64 | 26913 |
| IDEX Corp. (Machinery) | 123 | 24422 |
| Illinois Tool Works, Inc. (Machinery) | 433 | 113126 |
| Ingersoll Rand, Inc. (Machinery) | 590 | 50793 |
| J.B. Hunt Transport Services, Inc. (Ground <br>Transportation) | 123 | 24935 |
| Jacobs Solutions, Inc. (Professional Services) | 196 | 26511 |
| Johnson Controls International PLC (Building <br>Products) | 1003 | 119618 |
| L3Harris Technologies, Inc. (Aerospace & <br>Defense) | 307 | 105255 |
| Leidos Holdings, Inc. (Professional Services) | 210 | 39539 |
| Lennox International, Inc. (Building Products) | 52 | 25744 |
| Lockheed Martin Corp.—Class B (Aerospace & <br>Defense) | 334 | 211829 |
| Masco Corp. (Building Products) | 341 | 22537 |

---

**Common Stocks, continued**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Shares |  | Value |  |
| Nordson Corp. (Machinery) |  | 88 |  | $24159 |
| Norfolk Southern Corp. (Ground Transportation) | Norfolk Southern Corp. (Ground Transportation) | 368 |  | 107176 |
| Northrop Grumman Corp. (Aerospace & <br>Defense) |  | 220 |  | 152297 |
| Old Dominion Freight Line, Inc. (Ground <br>Transportation) |  | 302 |  | 52306 |
| Otis Worldwide Corp. (Machinery) |  | 639 |  | 54583 |
| PACCAR, Inc. (Machinery) |  | 862 |  | 105948 |
| Parker-Hannifin Corp. (Machinery) |  | 207 |  | 193719 |
| Paychex, Inc. (Professional Services) |  | 531 |  | 54762 |
| Paycom Software, Inc. (Professional Services) |  | 80 |  | 10780 |
| Pentair PLC (Machinery) |  | 269 |  | 28345 |
| Quanta Services, Inc. (Construction & <br>Engineering) |  | 245 |  | 116284 |
| Republic Services, Inc. (Commercial <br>Services & Supplies) |  | 330 |  | 70980 |
| Rockwell Automation, Inc. (Electrical <br>Equipment) |  | 184 |  | 77584 |
| Rollins, Inc. (Commercial Services & Supplies) |  | 482 |  | 30530 |
| RTX Corp. (Aerospace & Defense) |  | 2200 |  | 442047 |
| Snap-on, Inc. (Machinery) |  | 85 |  | 31119 |
| Southwest Airlines Co. (Passenger Airlines) |  | 849 |  | 40344 |
| Stanley Black & Decker, Inc. (Machinery) |  | 254 |  | 19980 |
| Textron, Inc. (Aerospace & Defense) |  | 289 |  | 25449 |
| The Boeing Co.\* (Aerospace & Defense) |  | 1285 |  | 300330 |
| Trane Technologies PLC (Building Products) |  | 364 |  | 153092 |
| TransDigm Group, Inc.\* (Aerospace & Defense) |  | 92 |  | 131334 |
| Uber Technologies, Inc.\* (Ground <br>Transportation) |  | 3409 |  | 272891 |
| Union Pacific Corp. (Ground Transportation) |  | 973 |  | 228752 |
| United Airlines Holdings, Inc.\* (Passenger <br>Airlines) |  | 531 |  | 54332 |
| United Parcel Service, Inc.—Class B (Air <br>Freight & Logistics) |  | 1213 |  | 128845 |
| United Rentals, Inc. (Trading Companies & <br>Distributors) |  | 104 |  | 81334 |
| Veralto Corp.\* (Commercial Services & <br>Supplies) |  | 407 |  | 40285 |
| Verisk Analytics, Inc. (Professional Services) |  | 229 |  | 49798 |
| W.W. Grainger, Inc. (Trading Companies & <br>Distributors) |  | 72 |  | 77756 |
| Wabtec Corp. (Machinery) |  | 281 |  | 64669 |
| Waste Management, Inc. (Commercial <br>Services & Supplies) |  | 608 |  | 135122 |
| Xylem, Inc. (Machinery) |  | 399 |  | 55010 |
| **TOTAL COMMON STOCKS**<br> (Cost $5,408,415) | **TOTAL COMMON STOCKS**<br> (Cost $5,408,415) | **TOTAL COMMON STOCKS**<br> (Cost $5,408,415) | **TOTAL COMMON STOCKS**<br> (Cost $5,408,415) | **8338951** |

---

**Repurchase Agreements**<sup>(a)(b)</sup> **(19.9%)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Principal <br>Amount |  | Value |  |  |
| Repurchase Agreements with various <br>counterparties, rates 3.40%–3.55%, <br>dated 1/31/26, due 2/2/26, total to be <br>received $2,273,444 | $| 2273000 |  | $— | 2273000 |
| **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $2,273,000) | **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $2,273,000) | **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $2,273,000) | **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $2,273,000) | **2273000** | **2273000** |
| **TOTAL INVESTMENT SECURITIES**<br> (Cost $7,681,415)—93.1% |  |  |  | **10611951** | **10611951** |
| Net other assets (liabilities)—6.9% |  |  |  |  | 786336 |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | $**11398287** | **11398287** |

---

**See accompanying notes to financial statements.**

**32 :: Industrials UltraSector ProFund ::** Schedule of Portfolio Investments :: January 31, 2026 (unaudited)

\*

Non-income producing security.

<sup>(a)</sup>

A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. At January 31, 2026, the aggregate amount held in a segregated account was $1,383,000.

<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.

**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 | 2/23/26 |  | 4.39 | % | $2495926 | $19381 |
| S&P Industrials Select Sector Index | UBS AG | 2/23/26 |  | 4.44 | % | 6309889 | 3418 |

---

<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 January 31, 2026, 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 January 31, 2026:

---

| | | | |
|:---|:---|:---|:---|
|  |  | % of<br>Net Assets |  |
| Aerospace & Defense | $1741222 |  | 15.4% |
| Air Freight & Logistics | 316705 |  | 2.8% |
| Building Products | 456080 |  | 4.0% |
| Commercial Services & Supplies | 443382 |  | 3.9% |
| Construction & Engineering | 235139 |  | 2.1% |
| Electrical Equipment | 903417 |  | 7.9% |
| Ground Transportation | 801417 |  | 7.0% |
| Industrial Conglomerates | 901685 |  | 7.9% |
| Machinery | 1692452 |  | 14.8% |
| Passenger Airlines | 164849 |  | 1.4% |
| Professional Services | 441823 |  | 3.9% |
| Trading Companies & Distributors | 240780 |  | 2.1% |
| Other\*\* | 3059336 |  | 26.8% |
| **Total** | $**11398287** |  | **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.**

January 31, 2026 (unaudited) :: Schedule of Portfolio Investments **:: Internet UltraSector ProFund :: 33**

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
|  | Shares |  |
| Netflix, Inc.\* (Entertainment) | 66189 | $5526120 |
| Nutanix, Inc.\*—Class A (Software) | 8381 | 329625 |
| Okta, Inc.\* (IT Services) | 5214 | 440479 |
| Paycom Software, Inc. (Professional Services) | 1512 | 203742 |
| PayPal Holdings, Inc.\* (Financial Services) | 28960 | 1525902 |
| ROBLOX Corp.\*—Class A (Entertainment) | 20267 | 1332758 |
| Salesforce, Inc. (Software) | 12578 | 2670183 |
| Snowflake, Inc.\*—CLASS A (IT Services) | 10486 | 2020651 |
| Veeva Systems, Inc.\*—Class A (Health Care <br>Technology) | 4667 | 951695 |
| VeriSign, Inc. (IT Services) | 2582 | 630602 |
| Workday, Inc.\*—Class A (Software) | 6716 | 1179531 |
| Zoom Video Communications, Inc.\* (Software) | 8246 | 759457 |
| **TOTAL COMMON STOCKS**<br> (Cost $27,510,430) | **TOTAL COMMON STOCKS**<br> (Cost $27,510,430) | **70535000** |

---

**Repurchase Agreements**<sup>(a)(b)</sup> **(15.9%)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Principal <br>Amount |  | Value |  |  |
| Repurchase Agreements with various <br>counterparties, rates 3.40%–3.55%, <br>dated 1/31/26, due 2/2/26, total to be <br>received $13,237,584 | $| 13235000 |  | $— | 13235000 |
| **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $13,235,000) | **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $13,235,000) | **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $13,235,000) | **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $13,235,000) | **13235000** | **13235000** |
| **TOTAL INVESTMENT SECURITIES**<br> (Cost $40,745,430)—100.6% |  |  |  | **83770000** | **83770000** |
| Net other assets (liabilities)—(0.6)% |  |  |  |  | (518562) |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | $**83251438** | **83251438** |

---

\*

Non-income producing security.

<sup>(a)</sup>

A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. At January 31, 2026, the aggregate amount held in a segregated account was $10,224,000.

<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.

**Common Stocks (84.7%)**

---

| | | |
|:---|:---|:---|
|  | Shares |  |
| Airbnb, Inc.\*—Class A (Hotels, Restaurants & <br>Leisure) | 13166 | $1703285 |
| Akamai Technologies, Inc.\* (IT Services) | 4452 | 432512 |
| Alphabet, Inc.—Class A (Interactive Media & <br>Services) | 12803 | 4327414 |
| Alphabet, Inc.—Class C (Interactive Media & <br>Services) | 10233 | 3464177 |
| Amazon.com, Inc.\* (Broadline Retail) | 31860 | 7624098 |
| Arista Networks, Inc.\* (Communications <br>Equipment) | 25106 | 3558524 |
| Atlassian Corp.\*—Class A (Software) | 5201 | 614654 |
| Booking Holdings, Inc. (Hotels, Restaurants & <br>Leisure) | 630 | 3151160 |
| Box, Inc.\*—Class A (Software) | 4484 | 113669 |
| Carvana Co.\* (Specialty Retail) | 4377 | 1755658 |
| Ciena Corp.\* (Communications Equipment) | 4366 | 1099402 |
| Cisco Systems, Inc. (Communications <br>Equipment) | 61560 | 4821380 |
| Cloudflare, Inc.\*—Class A (IT Services) | 9757 | 1730404 |
| Confluent, Inc.\*—Class A (Software) | 9246 | 282373 |
| Copart, Inc.\* (Commercial Services & <br>Supplies) | 27557 | 1118263 |
| CoreWeave, Inc.\*—Class A (IT Services) | 7056 | 657549 |
| Datadog, Inc.\*—Class A (Software) | 10072 | 1302511 |
| DocuSign, Inc.\* (Software) | 6225 | 327062 |
| DoorDash, Inc.\*—Class A (Hotels, <br>Restaurants & Leisure) | 11570 | 2367453 |
| DraftKings, Inc.\* (Hotels, Restaurants & <br>Leisure) | 15406 | 423819 |
| Dropbox, Inc.\*—Class A (Software) | 5398 | 137541 |
| Duolingo, Inc.\* (Diversified Consumer <br>Services) | 1238 | 165966 |
| eBay, Inc. (Broadline Retail) | 13989 | 1276077 |
| F5, Inc.\* (Communications Equipment) | 1785 | 491964 |
| Flutter Entertainment PLC\* (Hotels, <br>Restaurants & Leisure) | 5425 | 895939 |
| GoDaddy, Inc.\*—Class A (IT Services) | 4183 | 420475 |
| HubSpot, Inc.\* (Software) | 1621 | 453880 |
| MARA Holdings, Inc.\* (Software) | 11704 | 111188 |
| Meta Platforms, Inc.—Class A (Interactive <br>Media & Services) | 11355 | 8135858 |

---

**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 | 2/23/26 |  | 4.39 | % | $27124436 |
| Dow Jones Composite Internet Index | UBS AG | 2/23/26 |  | 4.44 | % | 27225936 |

---

<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 January 31, 2026, 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 :: January 31, 2026 (unaudited)

Internet UltraSector ProFund invested in the following industries as of January 31, 2026:

---

| | | | |
|:---|:---|:---|:---|
|  |  | % of<br>Net Assets |  |
| Broadline Retail | $8900175 |  | 10.7% |
| Commercial Services & Supplies | 1118263 |  | 1.4% |
| Communications Equipment | 9971270 |  | 12.0% |
| Diversified Consumer Services | 165966 |  | 0.2% |
| Entertainment | 6858878 |  | 8.2% |
| Financial Services | 1525902 |  | 1.8% |
| Health Care Technology | 951695 |  | 1.1% |
| Hotels, Restaurants & Leisure | 8541656 |  | 10.3% |
| Interactive Media & Services | 15927449 |  | 19.2% |
| IT Services | 6332672 |  | 7.6% |
| Professional Services | 203742 |  | 0.2% |
| Software | 8281674 |  | 9.9% |
| Specialty Retail | 1755658 |  | 2.1% |
| Other\*\* | 12716438 |  | 15.3% |
| **Total** | $**83251438** |  | **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.**

January 31, 2026 (unaudited) :: Schedule of Portfolio Investments **:: Large-Cap Growth ProFund :: 35**

**Common Stocks (99.7%)**

---

| | | |
|:---|:---|:---|
|  | Shares |  |
| AbbVie, Inc. (Biotechnology) | 495 | $110390 |
| Advanced Micro Devices, Inc.\* <br>(Semiconductors & Semiconductor <br>Equipment) | 994 | 235310 |
| Airbnb, Inc.\*—Class A (Hotels, Restaurants & <br>Leisure) | 120 | 15524 |
| Allegion PLC (Building Products) | 27 | 4466 |
| Alphabet, Inc.—Class A (Interactive Media & <br>Services) | 3552 | 1200575 |
| Alphabet, Inc.—Class C (Interactive Media & <br>Services) | 2840 | 961425 |
| Amazon.com, Inc.\* (Broadline Retail) | 3150 | 753796 |
| American Express Co. (Consumer Finance) | 222 | 78182 |
| Amgen, Inc. (Biotechnology) | 223 | 76239 |
| Amphenol Corp.—Class A (Electronic <br>Equipment, Instruments & Components) | 745 | 107340 |
| Apollo Global Management, Inc. (Financial <br>Services) | 149 | 20046 |
| Apple, Inc. (Technology Hardware, Storage & <br>Peripherals) | 4511 | 1170514 |
| Applied Materials, Inc. (Semiconductors & <br>Semiconductor Equipment) | 485 | 156325 |
| AppLovin Corp.\*—Class A (Software) | 165 | 78063 |
| Arista Networks, Inc.\* (Communications <br>Equipment) | 626 | 88729 |
| Autodesk, Inc.\* (Software) | 77 | 19471 |
| AutoZone, Inc.\* (Specialty Retail) | 8 | 29634 |
| Axon Enterprise, Inc.\* (Aerospace & Defense) | 32 | 15475 |
| Berkshire Hathaway, Inc.\*—Class B (Financial <br>Services) | 1120 | 538193 |
| Booking Holdings, Inc. (Hotels, Restaurants & <br>Leisure) | 20 | 100038 |
| Boston Scientific Corp.\* (Health Care <br>Equipment & Supplies) | 603 | 56398 |
| Broadcom, Inc. (Semiconductors & <br>Semiconductor Equipment) | 2884 | 955469 |
| Cadence Design Systems, Inc.\* (Software) | 105 | 31118 |
| Carnival Corp.\* (Hotels, Restaurants & <br>Leisure) | 655 | 19663 |
| Carvana Co.\* (Specialty Retail) | 45 | 18050 |
| Caterpillar, Inc. (Machinery) | 287 | 188662 |
| Cboe Global Markets, Inc. (Capital Markets) | 33 | 8747 |
| Cincinnati Financial Corp. (Insurance) | 53 | 8527 |
| Cisco Systems, Inc. (Communications <br>Equipment) | 1268 | 99310 |
| CME Group, Inc. (Capital Markets) | 123 | 35554 |
| Comfort Systems USA, Inc. (Construction & <br>Engineering) | 23 | 26268 |
| Constellation Energy Corp. (Electric Utilities) | 126 | 35365 |
| Corning, Inc. (Electronic Equipment, <br>Instruments & Components) | 321 | 33143 |
| Crowdstrike Holdings, Inc.\*—Class A <br>(Software) | 153 | 67535 |
| Cummins, Inc. (Machinery) | 58 | 33572 |
| Datadog, Inc.\*—Class A (Software) | 198 | 25605 |
| Dayforce, Inc.\* (Professional Services) | 38 | 2632 |
| Dexcom, Inc.\* (Health Care Equipment & <br>Supplies) | 115 | 8400 |
| DoorDash, Inc.\*—Class A (Hotels, <br>Restaurants & Leisure) | 228 | 46653 |
| eBay, Inc. (Broadline Retail) | 197 | 17970 |

---

**Common Stocks, continued**

---

| | | | |
|:---|:---|:---|:---|
|  | Shares | Value |  |
| Edwards LifeSciences Corp.\* (Health Care <br>Equipment & Supplies) | 157 | $12774 | 12774 |
| Electronic Arts, Inc. (Entertainment) | 65 | 13255 | 13255 |
| Eli Lilly & Co. (Pharmaceuticals) | 484 | 501980 | 501980 |
| EMCOR Group, Inc. (Construction & <br>Engineering) | 27 | 19460 | 19460 |
| Expedia Group, Inc. (Hotels, Restaurants & <br>Leisure) | 72 | 19068 | 19068 |
| Fair Isaac Corp.\* (Software) | 8 | 11705 | 11705 |
| First Horizon Corp. (Banks) | 1 |  | 19 |
| First Solar, Inc.\* (Semiconductors & <br>Semiconductor Equipment) | 68 | 15335 | 15335 |
| Fortinet, Inc.\* (Software) | 238 | 19340 | 19340 |
| Fox Corp.—Class A (Media) | 80 | 5823 | 5823 |
| Fox Corp.—Class B (Media) | 55 | 3606 | 3606 |
| GE Vernova, Inc. (Electrical Equipment) | 166 | 120577 | 120577 |
| General Dynamics Corp. (Aerospace & <br>Defense) | 84 | 29492 | 29492 |
| General Electric Co. (Industrial Conglomerates) | 335 | 102775 | 102775 |
| Gilead Sciences, Inc. (Biotechnology) | 405 | 57490 | 57490 |
| HCA Healthcare, Inc. (Health Care Providers & <br>Services) | 97 | 47362 | 47362 |
| Hilton Worldwide Holdings, Inc. (Hotels, <br>Restaurants & Leisure) | 142 | 42388 | 42388 |
| Howmet Aerospace, Inc. (Aerospace & <br>Defense) | 246 | 51188 | 51188 |
| IDEXX Laboratories, Inc.\* (Health Care <br>Equipment & Supplies) | 50 | 33523 | 33523 |
| Incyte Corp.\* (Biotechnology) | 97 | 9707 | 9707 |
| Insulet Corp.\* (Health Care Equipment & <br>Supplies) | 44 | 11256 | 11256 |
| Interactive Brokers Group, Inc.—Class A <br>(Capital Markets) | 266 | 19918 | 19918 |
| International Business Machines Corp. <br>(IT Services) | 297 | 91090 | 91090 |
| Intuit, Inc. (Software) | 97 | 48395 | 48395 |
| Intuitive Surgical, Inc.\* (Health Care <br>Equipment & Supplies) | 217 | 109415 | 109415 |
| Jabil, Inc. (Electronic Equipment, <br>Instruments & Components) | 41 | 9725 | 9725 |
| Johnson & Johnson (Pharmaceuticals) | 867 | 197026 | 197026 |
| Johnson Controls International PLC (Building <br>Products) | 241 | 28742 | 28742 |
| JPMorgan Chase & Co. (Banks) | 1131 | 345962 | 345962 |
| KKR & Co., Inc. (Capital Markets) | 220 | 25137 | 25137 |
| KLA Corp. (Semiconductors & <br>Semiconductor Equipment) | 82 | 117091 | 117091 |
| Lam Research Corp. (Semiconductors & <br>Semiconductor Equipment) | 765 | 178597 | 178597 |
| Las Vegas Sands Corp.\* (Hotels, <br>Restaurants & Leisure) | 183 | 9650 | 9650 |
| Live Nation Entertainment, Inc.\* <br>(Entertainment) | 47 | 6836 | 6836 |
| Marriott International, Inc. (Hotels, <br>Restaurants & Leisure) | 136 | 42787 | 42787 |
| MasterCard, Inc.—Class A (Financial Services) | 335 | 180495 | 180495 |
| McDonald's Corp. (Hotels, Restaurants & <br>Leisure) | 192 | 60480 | 60480 |
| Meta Platforms, Inc.—Class A (Interactive <br>Media & Services) | 1330 | 952945 | 952945 |
| Mettler-Toledo International, Inc.\* <br>(Life Sciences Tools & Services) | 7 | 9613 | 9613 |

---

**See accompanying notes to financial statements.**

**36 :: Large-Cap Growth ProFund ::** Schedule of Portfolio Investments :: January 31, 2026 (unaudited)

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
|  | Shares |  |
| Micron Technology, Inc. (Semiconductors & <br>Semiconductor Equipment) | 684 | $283778 |
| Microsoft Corp. (Software) | 4537 | 1952226 |
| Monolithic Power Systems, Inc. <br>(Semiconductors & Semiconductor <br>Equipment) | 28 | 31476 |
| Monster Beverage Corp.\* (Beverages) | 432 | 34888 |
| Moody's Corp. (Capital Markets) | 46 | 23716 |
| Morgan Stanley (Capital Markets) | 448 | 81894 |
| MSCI, Inc. (Capital Markets) | 24 | 14621 |
| Netflix, Inc.\* (Entertainment) | 2583 | 215655 |
| Newmont Corp. (Metals & Mining) | 662 | 74376 |
| Norwegian Cruise Lines Holdings, Ltd.\* <br>(Hotels, Restaurants & Leisure) | 152 | 3338 |
| NRG Energy, Inc. (Electric Utilities) | 85 | 12974 |
| NVIDIA Corp. (Semiconductors & <br>Semiconductor Equipment) | 14838 | 2835987 |
| Oracle Corp. (Software) | 532 | 87557 |
| O'Reilly Automotive, Inc.\* (Specialty Retail) | 511 | 50288 |
| Palantir Technologies, Inc.\*—Class A <br>(Software) | 1394 | 204346 |
| Palo Alto Networks, Inc.\* (Software) | 234 | 41411 |
| Parker-Hannifin Corp. (Machinery) | 44 | 41177 |
| Philip Morris International, Inc. (Tobacco) | 529 | 94924 |
| Quanta Services, Inc. (Construction & <br>Engineering) | 94 | 44615 |
| Ralph Lauren Corp. (Textiles, Apparel & <br>Luxury Goods) | 24 | 8482 |
| ResMed, Inc. (Health Care Equipment & <br>Supplies) | 50 | 12916 |
| Robinhood Markets, Inc.\*—Class A (Capital <br>Markets) | 475 | 47253 |
| Rockwell Automation, Inc. (Electrical <br>Equipment) | 38 | 16023 |
| Rollins, Inc. (Commercial Services & Supplies) | 174 | 11021 |
| Ross Stores, Inc. (Specialty Retail) | 94 | 17733 |
| Royal Caribbean Cruises, Ltd. (Hotels, <br>Restaurants & Leisure) | 156 | 50645 |
| RTX Corp. (Aerospace & Defense) | 818 | 164361 |
| S&P Global, Inc. (Capital Markets) | 86 | 45390 |
| Sandisk Corp.\* (Semiconductors) | 87 | 50134 |
| Seagate Technology Holdings PLC <br>(Technology Hardware, Storage & <br>Peripherals) | 87 | 35469 |
| ServiceNow, Inc.\* (Software) | 384 | 44932 |
| Simon Property Group, Inc. (Retail REITs) | 79 | 15113 |
| STERIS PLC (Health Care Equipment & <br>Supplies) | 29 | 7615 |
| Stryker Corp. (Health Care Equipment & <br>Supplies) | 90 | 33260 |
| Take-Two Interactive Software, Inc.\* <br>(Entertainment) | 56 | 12337 |
| Tapestry, Inc. (Textiles, Apparel & Luxury <br>Goods) | 123 | 15610 |
| TE Connectivity, Ltd. (Electronic Equipment, <br>Instruments & Components) | 124 | 27625 |
| Teradyne, Inc. (Semiconductors & <br>Semiconductor Equipment) | 56 | 13499 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
|  | Shares |  |
| Tesla, Inc.\* (Automobiles) | 1062 | $457095 |
| The Bank of New York Mellon Corp. <br>(Capital Markets) | 265 | 31779 |
| The Boeing Co.\* (Aerospace & Defense) | 209 | 48847 |
| The Coca-Cola Co. (Beverages) | 987 | 73838 |
| The Goldman Sachs Group, Inc. (Capital <br>Markets) | 119 | 111315 |
| The Progressive Corp. (Insurance) | 202 | 42016 |
| The TJX Cos., Inc. (Specialty Retail) | 374 | 56029 |
| TKO Group Holdings, Inc. (Entertainment) | 42 | 8508 |
| Trane Technologies PLC (Building Products) | 72 | 30281 |
| TransDigm Group, Inc.\* (Aerospace & <br>Defense) | 35 | 49964 |
| Uber Technologies, Inc.\* (Ground <br>Transportation) | 1263 | 101103 |
| Ulta Beauty, Inc.\* (Specialty Retail) | 28 | 18126 |
| United Rentals, Inc. (Trading Companies & <br>Distributors) | 23 | 17987 |
| Ventas, Inc. (Health Care REITs) | 143 | 11107 |
| VeriSign, Inc. (IT Services) | 52 | 12700 |
| Verisk Analytics, Inc. (Professional Services) | 46 | 10003 |
| Visa, Inc.—Class A (Financial Services) | 568 | 182799 |
| Vistra Corp. (Independent Power/Renewable <br>Electricity Producers) | 193 | 30562 |
| W.R. Berkley Corp. (Insurance) | 96 | 6584 |
| Welltower, Inc. (Health Care REITs) | 418 | 78735 |
| Workday, Inc.\*—Class A (Software) | 59 | 10362 |
| Wynn Resorts, Ltd. (Hotels, Restaurants & <br>Leisure) | 48 | 5158 |
| Yum! Brands, Inc. (Hotels, Restaurants & <br>Leisure) | 80 | 12440 |
| **TOTAL COMMON STOCKS**<br> (Cost $8,475,540) | **TOTAL COMMON STOCKS**<br> (Cost $8,475,540) | **19206406** |

---

**Repurchase Agreements**<sup>(a)</sup> **(0.9%)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Principal <br>Amount |  | Value |  |  |
| Repurchase Agreements with various <br>counterparties, rates 3.40%–3.55%, <br>dated 1/31/26, due 2/2/26, total to be <br>received $169,033 | $ | 169000 |  | $— | 169000 |
| **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $169,000) | **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $169,000) | **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $169,000) | **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $169,000) | **169000** | **169000** |
| **TOTAL INVESTMENT SECURITIES**<br> (Cost $8,644,540)—100.6% |  |  |  | **19375406** | **19375406** |
| Net other assets (liabilities)—(0.6)% |  |  |  |  | (124773) |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | $**19250633** | **19250633** |

---

\*

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.**

January 31, 2026 (unaudited) :: Schedule of Portfolio Investments **:: Large-Cap Growth ProFund :: 37**

Large-Cap Growth ProFund invested in the following industries as of January 31, 2026:

---

| | | | |
|:---|:---|:---|:---|
|  |  | % of<br>Net Assets |  |
| Aerospace & Defense | $359327 |  | 1.9% |
| Automobiles | 457095 |  | 2.4% |
| Banks | 345981 |  | 1.8% |
| Beverages | 108726 |  | 0.6% |
| Biotechnology | 253826 |  | 1.3% |
| Broadline Retail | 771766 |  | 4.0% |
| Building Products | 63489 |  | 0.3% |
| Capital Markets | 445324 |  | 2.3% |
| Commercial Services & Supplies | 11021 |  | 0.1% |
| Communications Equipment | 188039 |  | 1.0% |
| Construction & Engineering | 90343 |  | 0.5% |
| Consumer Finance | 78182 |  | 0.4% |
| Electric Utilities | 48339 |  | 0.2% |
| Electrical Equipment | 136600 |  | 0.7% |
| Electronic Equipment, Instruments & <br>Components | 177833 |  | 0.9% |
| Entertainment | 256591 |  | 1.3% |
| Financial Services | 921533 |  | 4.8% |
| Ground Transportation | 101103 |  | 0.5% |
| Health Care Equipment & Supplies | 285557 |  | 1.5% |
| Health Care Providers & Services | 47362 |  | 0.2% |
| Health Care REITs | 89842 |  | 0.4% |
| Hotels, Restaurants & Leisure | 427832 |  | 2.2% |
| Independent Power/Renewable Electricity <br>Producers | 30562 |  | 0.2% |
| Industrial Conglomerates | 102775 |  | 0.5% |
| Insurance | 57127 |  | 0.3% |
| Interactive Media & Services | 3114945 |  | 16.3% |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | % of<br>Net Assets |  |
| IT Services | $103790 | 0.5 | % |
| Life Sciences Tools & Services | 9613 |  | <sup>NM</sup> |
| Machinery | 263411 | 1.4 | % |
| Media | 9429 |  | <sup>NM</sup> |
| Metals & Mining | 74376 | 0.4 | % |
| Pharmaceuticals | 699006 | 3.7 | % |
| Professional Services | 12635 | 0.1 | % |
| Retail REITs | 15113 | 0.1 | % |
| Semiconductors | 50134 | 0.3 | % |
| Semiconductors & Semiconductor <br>Equipment | 4822867 | 24.9 | % |
| Software | 2642066 | 13.7 | % |
| Specialty Retail | 189860 | 1.0 | % |
| Technology Hardware, Storage & <br>Peripherals | 1205983 | 6.3 | % |
| Textiles, Apparel & Luxury Goods | 24092 | 0.1 | % |
| Tobacco | 94924 | 0.5 | % |
| Trading Companies & Distributors | 17987 | 0.1% | 0.1% |
| Other\*\* | 44227 | 0.3 | % |
| **Total** | $**19250633** | **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.**

**38 :: Large-Cap Value ProFund ::** Schedule of Portfolio Investments :: January 31, 2026 (unaudited)

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
|  | Shares |  |
| Avery Dennison Corp. (Containers & <br>Packaging) | 14 | $2597 |
| Axon Enterprise, Inc.\* (Aerospace & Defense) | 5 | 2418 |
| Baker Hughes Co. (Energy Equipment & <br>Services) | 174 | 9751 |
| Ball Corp. (Containers & Packaging) | 43 | 2445 |
| Bank of America Corp. (Banks) | 1219 | 64850 |
| Baxter International, Inc. (Health Care <br>Equipment & Supplies) | 89 | 1786 |
| Becton, Dickinson & Co. (Health Care <br>Equipment & Supplies) | 53 | 10784 |
| Best Buy Co., Inc. (Specialty Retail) | 31 | 2018 |
| Biogen, Inc.\* (Biotechnology) | 28 | 5037 |
| Bio-Techne Corp. (Life Sciences Tools & <br>Services) | 22 | 1410 |
| BlackRock, Inc. (Capital Markets) | 28 | 31330 |
| Blackstone, Inc. (Capital Markets) | 135 | 19227 |
| Block, Inc.\* (Financial Services) | 97 | 5862 |
| Boston Properties, Inc. (Office REITs) | 22 | 1423 |
| Boston Scientific Corp.\* (Health Care <br>Equipment & Supplies) | 87 | 8137 |
| Bristol-Myers Squibb Co. (Pharmaceuticals) | 367 | 20203 |
| Broadridge Financial Solutions, Inc. <br>(Professional Services) | 22 | 4336 |
| Brown & Brown, Inc. (Insurance) | 49 | 3533 |
| Brown-Forman Corp.—Class B (Beverages) | 28 | 766 |
| Builders FirstSource, Inc.\* (Building Products) | 21 | 2402 |
| Bunge Global SA (Food Products) | 26 | 2961 |
| C.H. Robinson Worldwide, Inc. (Air Freight & <br>Logistics) | 22 | 4289 |
| Cadence Design Systems, Inc.\* (Software) | 19 | 5631 |
| Camden Property Trust (Residential REITs) | 20 | 2181 |
| Campbell Soup Co. (Food Products) | 31 | 867 |
| Capital One Financial Corp. (Consumer <br>Finance) | 117 | 25614 |
| Cardinal Health, Inc. (Health Care Providers & <br>Services) | 45 | 9670 |
| Carrier Global Corp. (Building Products) | 140 | 8342 |
| Carvana Co.\* (Specialty Retail) | 13 | 5214 |
| Cboe Global Markets, Inc. (Capital Markets) | 10 | 2651 |
| CBRE Group, Inc.\*—Class A (Real Estate <br>Management & Development) | 54 | 9198 |
| CDW Corp. (Electronic Equipment, <br>Instruments & Components) | 24 | 3033 |
| Cencora, Inc. (Health Care Providers & <br>Services) | 37 | 13291 |
| Centene Corp.\* (Health Care Providers & <br>Services) | 79 | 3422 |
| CenterPoint Energy, Inc. (Multi-Utilities) | 114 | 4525 |
| CF Industries Holdings, Inc. (Chemicals) | 27 | 2517 |
| Charles River Laboratories International, Inc.\* <br>(Life Sciences Tools & Services) | 9 | 1894 |
| Charter Communications, Inc.\*—Class A <br>(Media) | 16 | 3298 |
| Chevron Corp. (Oil, Gas & Consumable Fuels) | 346 | 61207 |
| Chipotle Mexican Grill, Inc.\* (Hotels, <br>Restaurants & Leisure) | 234 | 9096 |
| Chubb, Ltd. (Insurance) | 67 | 20741 |
| Church & Dwight Co., Inc. (Household <br>Products) | 41 | 3946 |
| Cincinnati Financial Corp. (Insurance) | 12 | 1931 |
| Cintas Corp. (Commercial Services & Supplies) | 63 | 12058 |

---

**Common Stocks (100.0%)**

---

| | | |
|:---|:---|:---|
|  | Shares |  |
| 3M Co. (Industrial Conglomerates) | 98 | $15010 |
| A.O. Smith Corp. (Building Products) | 16 | 1176 |
| Abbott Laboratories (Health Care Equipment & <br>Supplies) | 317 | 34649 |
| AbbVie, Inc. (Biotechnology) | 173 | 38580 |
| Accenture PLC—Class A (IT Services) | 114 | 30055 |
| Adobe, Inc.\* (Software) | 77 | 22580 |
| Aflac, Inc. (Insurance) | 84 | 9320 |
| Agilent Technologies, Inc. (Life Sciences <br>Tools & Services) | 53 | 7094 |
| Air Products & Chemicals, Inc. (Chemicals) | 42 | 11445 |
| Airbnb, Inc.\*—Class A (Hotels, Restaurants & <br>Leisure) | 43 | 5563 |
| Akamai Technologies, Inc.\* (IT Services) | 26 | 2526 |
| Albemarle Corp. (Chemicals) | 22 | 3754 |
| Alexandria Real Estate Equities, Inc. (Office <br>REITs) | 22 | 1202 |
| Align Technology, Inc.\* (Health Care <br>Equipment & Supplies) | 12 | 1956 |
| Allegion PLC (Building Products) | 7 | 1158 |
| Alliant Energy Corp. (Electric Utilities) | 42 | 2768 |
| Allstate Corp. (Insurance) | 49 | 9751 |
| Altria Group, Inc. (Tobacco) | 300 | 18597 |
| Amazon.com, Inc.\* (Broadline Retail) | 833 | 199336 |
| Amcor plc (Containers & Packaging) | 81 | 3584 |
| Ameren Corp. (Multi-Utilities) | 48 | 4957 |
| American Electric Power Co., Inc. (Electric <br>Utilities) | 96 | 11498 |
| American Express Co. (Consumer Finance) | 33 | 11622 |
| American International Group, Inc. (Insurance) | 96 | 7188 |
| American Tower Corp.—Class A (Specialized <br>REITs) | 86 | 15418 |
| American Water Works Co., Inc. (Water <br>Utilities) | 37 | 4778 |
| Ameriprise Financial, Inc. (Capital Markets) | 17 | 8962 |
| AMETEK, Inc. (Electrical Equipment) | 44 | 9855 |
| Amgen, Inc. (Biotechnology) | 33 | 11282 |
| Analog Devices, Inc. (Semiconductors & <br>Semiconductor Equipment) | 90 | 27979 |
| Aon PLC—Class A (Insurance) | 41 | 14335 |
| APA Corp. (Oil, Gas & Consumable Fuels) | 59 | 1558 |
| Apollo Global Management, Inc. (Financial <br>Services) | 41 | 5516 |
| Apple, Inc. (Technology Hardware, Storage & <br>Peripherals) | 1347 | 349521 |
| Aptiv PLC\* (Automobile Components) | 36 | 2727 |
| Arch Capital Group, Ltd.\* (Insurance) | 63 | 6051 |
| Archer-Daniels-Midland Co. (Food Products) | 83 | 5587 |
| Ares Management Corporation—Class A <br>(Capital Markets) | 39 | 5837 |
| Arthur J. Gallagher & Co. (Insurance) | 48 | 11970 |
| Assurant, Inc. (Insurance) | 9 | 2143 |
| AT&T, Inc. (Diversified Telecommunication <br>Services) | 1286 | 33706 |
| Atmos Energy Corp. (Gas Utilities) | 31 | 5157 |
| Autodesk, Inc.\* (Software) | 17 | 4299 |
| Automatic Data Processing, Inc. (Professional <br>Services) | 73 | 18017 |
| AutoZone, Inc.\* (Specialty Retail) | 1 | 3704 |
| AvalonBay Communities, Inc. (Residential <br>REITs) | 27 | 4796 |

---

**See accompanying notes to financial statements.**

January 31, 2026 (unaudited) :: Schedule of Portfolio Investments **:: Large-Cap Value ProFund :: 39**

**Common Stocks, continued**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Shares |  | Value |  |
| Cisco Systems, Inc. (Communications <br>Equipment) |  | 335 |  | $26237 |
| Citigroup, Inc. (Banks) |  | 328 |  | 37953 |
| Citizens Financial Group, Inc. (Banks) |  | 75 |  | 4724 |
| CME Group, Inc. (Capital Markets) |  | 30 |  | 8672 |
| CMS Energy Corp. (Multi-Utilities) |  | 51 |  | 3646 |
| Cognizant Technology Solutions Corp.—Class A <br>(IT Services) | Cognizant Technology Solutions Corp.—Class A <br>(IT Services) | 86 |  | 7057 |
| Coinbase Global, Inc.\*—Class A (Capital <br>Markets) |  | 42 |  | 8179 |
| Colgate-Palmolive Co. (Household Products) |  | 143 |  | 12911 |
| Comcast Corp.—Class A (Media) |  | 655 |  | 19486 |
| Conagra Brands, Inc. (Food Products) |  | 83 |  | 1536 |
| ConocoPhillips (Oil, Gas & Consumable Fuels) |  | 225 |  | 23452 |
| Consolidated Edison, Inc. (Multi-Utilities) |  | 65 |  | 6931 |
| Constellation Brands, Inc.—Class A (Beverages) | Constellation Brands, Inc.—Class A (Beverages) | 27 |  | 4231 |
| Constellation Energy Corp. (Electric Utilities) |  | 19 |  | 5333 |
| Copart, Inc.\* (Commercial Services & Supplies) |  | 156 |  | 6330 |
| Corning, Inc. (Electronic Equipment, <br>Instruments & Components) |  | 43 |  | 4440 |
| Corpay, Inc.\* (Software) |  | 13 |  | 4090 |
| Corteva, Inc. (Chemicals) |  | 119 |  | 8663 |
| CoStar Group, Inc.\* (Real Estate <br>Management & Development) |  | 74 |  | 4551 |
| Costco Wholesale Corp. (Consumer Staples <br>Distribution & Retail) |  | 81 |  | 76160 |
| Coterra Energy, Inc. (Oil, Gas & Consumable <br>Fuels) |  | 134 |  | 3866 |
| CRH plc (Construction Materials) |  | 121 |  | 14812 |
| Crown Castle International Corp. (Specialized <br>REITs) |  | 77 |  | 6684 |
| CSX Corp. (Ground Transportation) |  | 334 |  | 12612 |
| Cummins, Inc. (Machinery) |  | 8 |  | 4631 |
| CVS Health Corp. (Health Care Providers & <br>Services) |  | 229 |  | 17065 |
| D.R. Horton, Inc. (Household Durables) |  | 51 |  | 7591 |
| Danaher Corp. (Life Sciences Tools & Services) |  | 116 |  | 25391 |
| Darden Restaurants, Inc. (Hotels, <br>Restaurants & Leisure) |  | 22 |  | 4386 |
| DaVita, Inc.\* (Health Care Providers & Services) | DaVita, Inc.\* (Health Care Providers & Services) | 7 |  | 765 |
| Dayforce, Inc.\* (Professional Services) |  | 11 |  | 762 |
| Deckers Outdoor Corp.\* (Textiles, Apparel & <br>Luxury Goods) |  | 28 |  | 3342 |
| Deere & Co. (Machinery) |  | 47 |  | 24815 |
| Dell Technologies, Inc.—Class C (Technology <br>Hardware, Storage & Peripherals) |  | 55 |  | 6294 |
| Delta Air Lines, Inc. (Passenger Airlines) |  | 115 |  | 7577 |
| Devon Energy Corp. (Oil, Gas & Consumable <br>Fuels) |  | 109 |  | 4383 |
| Dexcom, Inc.\* (Health Care Equipment & <br>Supplies) |  | 30 |  | 2191 |
| Diamondback Energy, Inc. (Oil, Gas & <br>Consumable Fuels) |  | 36 |  | 5902 |
| Digital Realty Trust, Inc. (Specialized REITs) |  | 60 |  | 9957 |
| Dollar General Corp. (Consumer Staples <br>Distribution & Retail) |  | 42 |  | 6024 |
| Dollar Tree, Inc.\* (Consumer Staples <br>Distribution & Retail) |  | 36 |  | 4233 |
| Dominion Energy, Inc. (Multi-Utilities) |  | 151 |  | 9086 |
| Domino's Pizza, Inc. (Hotels, Restaurants & <br>Leisure) |  | 6 |  | 2462 |
| Dover Corp. (Machinery) |  | 25 |  | 5037 |

---

**Common Stocks, continued**

---

| | | | |
|:---|:---|:---|:---|
|  | Shares | Value |  |
| Dow, Inc. (Chemicals) | 125 | $3444 | 3444 |
| DTE Energy Co. (Multi-Utilities) | 41 | 5510 | 5510 |
| Duke Energy Corp. (Electric Utilities) | 140 | 16989 | 16989 |
| DuPont de Nemours, Inc. (Chemicals) | 70 | 3074 | 3074 |
| Eaton Corp. PLC (Electrical Equipment) | 71 | 24952 | 24952 |
| eBay, Inc. (Broadline Retail) | 22 | 2007 | 2007 |
| Ecolab, Inc. (Chemicals) | 47 | 13254 | 13254 |
| Edison International (Electric Utilities) | 66 | 4110 | 4110 |
| Edwards LifeSciences Corp.\* (Health Care <br>Equipment & Supplies) | 53 | 4312 | 4312 |
| Electronic Arts, Inc. (Entertainment) | 22 | 4486 | 4486 |
| Elevance Health, Inc. (Health Care Providers & <br>Services) | 42 | 14521 | 14521 |
| Emerson Electric Co. (Electrical Equipment) | 103 | 15137 | 15137 |
| Entergy Corp. (Electric Utilities) | 79 | 7575 | 7575 |
| EOG Resources, Inc. (Oil, Gas & Consumable <br>Fuels) | 98 | 10989 | 10989 |
| EPAM Systems, Inc.\* (IT Services) | 10 | 2086 | 2086 |
| EQT Corp. (Oil, Gas & Consumable Fuels) | 109 | 6293 | 6293 |
| Equifax, Inc. (Professional Services) | 23 | 4632 | 4632 |
| Equinix, Inc. (Specialized REITs) | 18 | 14777 | 14777 |
| Equity Residential (Residential REITs) | 59 | 3677 | 3677 |
| Erie Indemnity Co.—Class A (Insurance) | 5 | 1415 | 1415 |
| Essex Property Trust, Inc. (Residential REITs) | 12 | 3022 | 3022 |
| Everest Group, Ltd. (Insurance) | 8 | 2650 | 2650 |
| Evergy, Inc. (Electric Utilities) | 38 | 2916 | 2916 |
| Eversource Energy (Electric Utilities) | 65 | 4493 | 4493 |
| Exelon Corp. (Electric Utilities) | 177 | 7926 | 7926 |
| Expand Energy Corp. (Oil, Gas & Consumable <br>Fuels) | 43 | 4834 | 4834 |
| Expeditors International of Washington, Inc. <br>(Air Freight & Logistics) | 25 | 4014 | 4014 |
| Extra Space Storage, Inc. (Specialized REITs) | 41 | 5657 | 5657 |
| Exxon Mobil Corp. (Oil, Gas & Consumable <br>Fuels) | 769 | 108736 | 108736 |
| F5, Inc.\* (Communications Equipment) | 11 | 3032 | 3032 |
| FactSet Research Systems, Inc. (Capital <br>Markets) | 7 | 1781 | 1781 |
| Fair Isaac Corp.\* (Software) | 2 | 2926 | 2926 |
| Fastenal Co. (Trading Companies & <br>Distributors) | 204 | 8845 | 8845 |
| Federal Realty Investment Trust (Retail REITs) | 15 | 1517 | 1517 |
| FedEx Corp. (Air Freight & Logistics) | 41 | 13212 | 13212 |
| Fidelity National Information Services, Inc. <br>(Financial Services) | 91 | 5028 | 5028 |
| Fifth Third Bancorp (Banks) | 163 | 8186 | 8186 |
| First Horizon Corp. (Banks) | 1 |  | 21 |
| FirstEnergy Corp. (Electric Utilities) | 89 | 4213 | 4213 |
| Fiserv, Inc.\* (Financial Services) | 95 | 6054 | 6054 |
| Ford Motor Co. (Automobiles) | 707 | 9813 | 9813 |
| Fortinet, Inc.\* (Software) | 38 | 3088 | 3088 |
| Fortive Corp. (Machinery) | 54 | 2852 | 2852 |
| Fox Corp.—Class A (Media) | 8 | 582 | 582 |
| Fox Corp.—Class B (Media) | 4 | 262 | 262 |
| Franklin Resources, Inc. (Capital Markets) | 52 | 1384 | 1384 |
| Freeport-McMoRan, Inc. (Metals & Mining) | 254 | 15299 | 15299 |
| Garmin, Ltd. (Household Durables) | 31 | 6251 | 6251 |
| Gartner, Inc.\* (IT Services) | 13 | 2725 | 2725 |
| GE HealthCare Technologies, Inc.\* (Health <br>Care Equipment & Supplies) | 80 | 6318 | 6318 |
| Gen Digital, Inc. (Software) | 98 | 2351 | 2351 |
| Generac Holdings, Inc.\* (Electrical Equipment) | 11 | 1848 | 1848 |

---

**See accompanying notes to financial statements.**

**40 :: Large-Cap Value ProFund ::** Schedule of Portfolio Investments :: January 31, 2026 (unaudited)

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
|  | Shares |  |
| General Dynamics Corp. (Aerospace & <br>Defense) | 22 | $7724 |
| General Electric Co. (Industrial Conglomerates) | 93 | 28531 |
| General Mills, Inc. (Food Products) | 92 | 4256 |
| General Motors Co. (Automobiles) | 166 | 13944 |
| Genuine Parts Co. (Distributors) | 27 | 3752 |
| Gilead Sciences, Inc. (Biotechnology) | 105 | 14905 |
| Global Payments, Inc. (Financial Services) | 39 | 2798 |
| Globe Life, Inc. (Insurance) | 15 | 2103 |
| GoDaddy, Inc.\*—Class A (IT Services) | 26 | 2614 |
| Halliburton Co. (Energy Equipment & Services) | 147 | 4927 |
| Hasbro, Inc. (Leisure Products) | 23 | 2054 |
| Healthpeak Properties, Inc. (Health Care REITs) | 125 | 2155 |
| Henry Schein, Inc.\* (Health Care Providers & <br>Services) | 15 | 1132 |
| Hewlett Packard Enterprise Co. (Technology <br>Hardware, Storage & Peripherals) | 235 | 5057 |
| Hologic, Inc.\* (Health Care Equipment & <br>Supplies) | 36 | 2697 |
| Honeywell International, Inc. (Industrial <br>Conglomerates) | 117 | 26620 |
| Hormel Foods Corp. (Food Products) | 49 | 1206 |
| Host Hotels & Resorts, Inc. (Hotel & Resort <br>REITs) | 112 | 2075 |
| HP, Inc. (Technology Hardware, Storage & <br>Peripherals) | 165 | 3208 |
| Hubbell, Inc. (Electrical Equipment) | 10 | 4879 |
| Humana, Inc. (Health Care Providers & <br>Services) | 22 | 4294 |
| Huntington Bancshares, Inc. (Banks) | 372 | 6503 |
| Huntington Ingalls Industries, Inc. <br>(Aerospace & Defense) | 7 | 2944 |
| IDEX Corp. (Machinery) | 14 | 2780 |
| Illinois Tool Works, Inc. (Machinery) | 49 | 12801 |
| Ingersoll Rand, Inc. (Machinery) | 62 | 5338 |
| Intel Corp. (Semiconductors & Semiconductor <br>Equipment) | 811 | 37687 |
| Intercontinental Exchange, Inc. (Capital <br>Markets) | 105 | 18247 |
| International Business Machines Corp. <br>(IT Services) | 82 | 25149 |
| International Flavors & Fragrances, Inc. <br>(Chemicals) | 42 | 2932 |
| International Paper Co. (Containers & <br>Packaging) | 91 | 3669 |
| Intuit, Inc. (Software) | 23 | 11475 |
| Invesco, Ltd. (Capital Markets) | 75 | 2047 |
| Invitation Homes, Inc. (Residential REITs) | 98 | 2620 |
| IQVIA Holdings, Inc.\* (Life Sciences Tools & <br>Services) | 33 | 7595 |
| Iron Mountain, Inc. (Specialized REITs) | 51 | 4699 |
| J.B. Hunt Transport Services, Inc. (Ground <br>Transportation) | 14 | 2838 |
| Jabil, Inc. (Electronic Equipment, <br>Instruments & Components) | 8 | 1898 |
| Jack Henry & Associates, Inc. (Financial <br>Services) | 13 | 2330 |
| Jacobs Solutions, Inc. (Professional Services) | 22 | 2976 |
| Johnson & Johnson (Pharmaceuticals) | 180 | 40905 |
| Johnson Controls International PLC <br>(Building Products) | 39 | 4651 |
| JPMorgan Chase & Co. (Banks) | 159 | 48637 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
|  | Shares |  |
| Kenvue, Inc.\* (Personal Care Products) | 344 | $5986 |
| Keurig Dr Pepper, Inc. (Beverages) | 242 | 6640 |
| KeyCorp (Banks) | 163 | 3508 |
| Keysight Technologies, Inc.\* (Electronic <br>Equipment, Instruments & Components) | 33 | 7138 |
| Kimberly-Clark Corp. (Household Products) | 60 | 5999 |
| Kimco Realty Corp. (Retail REITs) | 119 | 2509 |
| Kinder Morgan, Inc. (Oil, Gas & Consumable <br>Fuels) | 350 | 10672 |
| KKR & Co., Inc. (Capital Markets) | 58 | 6627 |
| L3Harris Technologies, Inc. (Aerospace & <br>Defense) | 36 | 12343 |
| Labcorp Holdings, Inc. (Health Care <br>Providers & Services) | 15 | 4073 |
| Lamb Weston Holdings, Inc. (Food Products) | 19 | 873 |
| Leidos Holdings, Inc. (Professional Services) | 24 | 4519 |
| Lennar Corp.—Class A (Household Durables) | 40 | 4374 |
| Lennox International, Inc. (Building Products) | 6 | 2970 |
| Linde PLC (Chemicals) | 86 | 39298 |
| Live Nation Entertainment, Inc.\* <br>(Entertainment) | 14 | 2036 |
| Lockheed Martin Corp.—Class B (Aerospace & <br>Defense) | 39 | 24734 |
| Loews Corp. (Insurance) | 31 | 3273 |
| Lowe's Cos., Inc. (Specialty Retail) | 103 | 27507 |
| Lululemon Athletica, Inc.\* (Textiles, Apparel & <br>Luxury Goods) | 20 | 3490 |
| LyondellBasell Industries N.V.—Class A <br>(Chemicals) | 43 | 2107 |
| M&T Bank Corp. (Banks) | 30 | 6647 |
| Marathon Petroleum Corp. (Oil, Gas & <br>Consumable Fuels) | 56 | 9867 |
| Marriott International, Inc. (Hotels, <br>Restaurants & Leisure) | 1 | 203 |
| Marsh & McLennan Cos., Inc. (Insurance) | 90 | 16937 |
| Martin Marietta Materials, Inc. (Construction <br>Materials) | 11 | 7171 |
| Masco Corp. (Building Products) | 33 | 2181 |
| MasterCard, Inc.—Class A (Financial Services) | 50 | 26939 |
| Match Group, Inc. (Interactive Media & <br>Services) | 40 | 1246 |
| McCormick & Co., Inc. (Food Products) | 42 | 2597 |
| McDonald's Corp. (Hotels, Restaurants & <br>Leisure) | 72 | 22679 |
| McKesson Corp. (Health Care Providers & <br>Services) | 23 | 19118 |
| Medtronic PLC (Health Care Equipment & <br>Supplies) | 233 | 23991 |
| Merck & Co., Inc. (Pharmaceuticals) | 451 | 49733 |
| MetLife, Inc. (Insurance) | 99 | 7809 |
| Mettler-Toledo International, Inc.\* (Life <br>Sciences Tools & Services) | 2 | 2746 |
| MGM Resorts International (Hotels, <br>Restaurants & Leisure) | 34 | 1140 |
| Microchip Technology, Inc. (Semiconductors & <br>Semiconductor Equipment) | 94 | 7136 |
| Mid-America Apartment Communities, Inc. <br>(Residential REITs) | 22 | 2955 |
| Moderna, Inc.\* (Biotechnology) | 58 | 2556 |
| Molina Healthcare, Inc.\* (Health Care <br>Providers & Services) | 10 | 1796 |

---

**See accompanying notes to financial statements.**

January 31, 2026 (unaudited) :: Schedule of Portfolio Investments **:: Large-Cap Value ProFund :: 41**

**Common Stocks, continued**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Shares |  | Value |  |
| Molson Coors Beverage Co.—Class B <br>(Beverages) |  | 24 |  | $1153 |
| Mondelez International, Inc.—Class A <br>(Food Products) |  | 228 |  | 13331 |
| Moody's Corp. (Capital Markets) |  | 15 |  | 7733 |
| Morgan Stanley (Capital Markets) |  | 86 |  | 15721 |
| Motorola Solutions, Inc. (Communications <br>Equipment) |  | 32 |  | 12881 |
| MSCI, Inc. (Capital Markets) |  | 7 |  | 4265 |
| Nasdaq, Inc. (Capital Markets) |  | 81 |  | 7848 |
| NetApp, Inc. (Technology Hardware, Storage & <br>Peripherals) |  | 37 |  | 3565 |
| News Corp.—Class A (Media) |  | 62 |  | 1676 |
| News Corp.—Class B (Media) |  | 18 |  | 560 |
| NextEra Energy, Inc. (Electric Utilities) |  | 376 |  | 33051 |
| NIKE, Inc.—Class B (Textiles, Apparel & Luxury <br>Goods) |  | 213 |  | 13165 |
| NiSource, Inc. (Multi-Utilities) |  | 81 |  | 3587 |
| Nordson Corp. (Machinery) |  | 10 |  | 2745 |
| Norfolk Southern Corp. (Ground <br>Transportation) |  | 42 |  | 12232 |
| Northern Trust Corp. (Capital Markets) |  | 36 |  | 5379 |
| Northrop Grumman Corp. (Aerospace & <br>Defense) |  | 25 |  | 17307 |
| Norwegian Cruise Lines Holdings, Ltd.\* <br>(Hotels, Restaurants & Leisure) |  | 32 |  | 703 |
| NRG Energy, Inc. (Electric Utilities) |  | 9 |  | 1374 |
| Nucor Corp. (Metals & Mining) |  | 42 |  | 7464 |
| NVR, Inc.\* (Household Durables) |  | 1 |  | 7636 |
| NXP Semiconductors N.V. (Semiconductors & <br>Semiconductor Equipment) |  | 47 |  | 10629 |
| Occidental Petroleum Corp. (Oil, Gas & <br>Consumable Fuels) |  | 126 |  | 5719 |
| Old Dominion Freight Line, Inc. (Ground <br>Transportation) |  | 35 |  | 6062 |
| Omnicom Group, Inc. (Media) |  | 54 |  | 4160 |
| ON Semiconductor Corp.\* (Semiconductors & <br>Semiconductor Equipment) |  | 70 |  | 4192 |
| ONEOK, Inc. (Oil, Gas & Consumable Fuels) |  | 113 |  | 8948 |
| Oracle Corp. (Software) |  | 147 |  | 24193 |
| Otis Worldwide Corp. (Machinery) |  | 68 |  | 5809 |
| PACCAR, Inc. (Machinery) |  | 94 |  | 11553 |
| Packaging Corp. of America (Containers & <br>Packaging) |  | 17 |  | 3784 |
| Palo Alto Networks, Inc.\* (Software) |  | 56 |  | 9910 |
| Paramount Skydance Corp.\*—Class B (Media) |  | 55 |  | 617 |
| Parker-Hannifin Corp. (Machinery) |  | 10 |  | 9358 |
| Paychex, Inc. (Professional Services) |  | 58 |  | 5982 |
| Paycom Software, Inc. (Professional Services) |  | 9 |  | 1213 |
| PayPal Holdings, Inc.\* (Financial Services) |  | 165 |  | 8694 |
| Pentair PLC (Machinery) |  | 31 |  | 3266 |
| PepsiCo, Inc. (Beverages) |  | 249 |  | 38255 |
| Pfizer, Inc. (Pharmaceuticals) |  | 1030 |  | 27233 |
| PG&E Corp. (Electric Utilities) |  | 395 |  | 6091 |
| Philip Morris International, Inc. (Tobacco) |  | 126 |  | 22609 |
| Phillips 66 (Oil, Gas & Consumable Fuels) |  | 73 |  | 10480 |
| Pinnacle West Capital Corp. (Electric Utilities) |  | 23 |  | 2152 |
| PNC Financial Services Group, Inc. (Banks) |  | 71 |  | 15854 |
| Pool Corp. (Distributors) |  | 6 |  | 1525 |
| PPG Industries, Inc. (Chemicals) |  | 41 |  | 4741 |
| PPL Corp. (Electric Utilities) |  | 129 |  | 4676 |
| Principal Financial Group, Inc. (Insurance) |  | 35 |  | 3315 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
|  | Shares |  |
| Prologis, Inc. (Industrial REITs) | 168 | $21934 |
| Prudential Financial, Inc. (Insurance) | 63 | 7000 |
| PTC, Inc.\* (Software) | 22 | 3435 |
| Public Service Enterprise Group, Inc. <br>(Multi-Utilities) | 90 | 7412 |
| Public Storage (Specialized REITs) | 30 | 8286 |
| PulteGroup, Inc. (Household Durables) | 37 | 4628 |
| Qnity Electronics, Inc.\* (Semiconductors & <br>Semiconductor Equipment) | 37 | 3559 |
| QUALCOMM, Inc. (Semiconductors & <br>Semiconductor Equipment) | 195 | 29560 |
| Quest Diagnostics, Inc. (Health Care <br>Providers & Services) | 21 | 3928 |
| Raymond James Financial, Inc. <br>(Capital Markets) | 34 | 5639 |
| Realty Income Corp. (Retail REITs) | 163 | 9969 |
| Regency Centers Corp. (Retail REITs) | 26 | 1895 |
| Regeneron Pharmaceuticals, Inc. <br>(Biotechnology) | 19 | 14088 |
| Regions Financial Corp. (Banks) | 155 | 4418 |
| Republic Services, Inc. (Commercial <br>Services & Supplies) | 38 | 8173 |
| ResMed, Inc. (Health Care Equipment & <br>Supplies) | 12 | 3100 |
| Revvity, Inc. (Life Sciences Tools & Services) | 22 | 2394 |
| Rockwell Automation, Inc. (Electrical <br>Equipment) | 9 | 3795 |
| Roper Technologies, Inc. (Software) | 20 | 7425 |
| Ross Stores, Inc. (Specialty Retail) | 32 | 6037 |
| S&P Global, Inc. (Capital Markets) | 33 | 17417 |
| Salesforce, Inc. (Software) | 173 | 36727 |
| SBA Communications Corp.—Class A <br>(Specialized REITs) | 20 | 3682 |
| Seagate Technology Holdings PLC <br>(Technology Hardware, Storage & <br>Peripherals) | 15 | 6115 |
| Sempra (Multi-Utilities) | 117 | 10180 |
| ServiceNow, Inc.\* (Software) | 73 | 8542 |
| Simon Property Group, Inc. (Retail REITs) | 37 | 7078 |
| Skyworks Solutions, Inc. (Semiconductors & <br>Semiconductor Equipment) | 22 | 1227 |
| SLB, Ltd. (Energy Equipment & Services) | 266 | 12869 |
| Smurfit WestRock PLC (Containers & <br>Packaging) | 90 | 3747 |
| Snap-on, Inc. (Machinery) | 10 | 3661 |
| Solventum Corp.\* (Health Care Equipment & <br>Supplies) | 23 | 1770 |
| Southwest Airlines Co. (Passenger Airlines) | 89 | 4229 |
| Stanley Black & Decker, Inc. (Machinery) | 25 | 1967 |
| Starbucks Corp. (Hotels, Restaurants & <br>Leisure) | 205 | 18850 |
| State Street Corp. (Capital Markets) | 52 | 6805 |
| Steel Dynamics, Inc. (Metals & Mining) | 25 | 4489 |
| STERIS PLC (Health Care Equipment & <br>Supplies) | 9 | 2363 |
| Stryker Corp. (Health Care Equipment & <br>Supplies) | 38 | 14043 |
| Super Micro Computer, Inc.\* (Technology <br>Hardware, Storage & Peripherals) | 86 | 2503 |
| Synchrony Financial (Consumer Finance) | 63 | 4576 |
| Synopsys, Inc.\* (Software) | 35 | 16279 |

---

**See accompanying notes to financial statements.**

**42 :: Large-Cap Value ProFund ::** Schedule of Portfolio Investments :: January 31, 2026 (unaudited)

**Common Stocks, continued**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Shares |  | Value |  |
| Sysco Corp. (Consumer Staples Distribution & <br>Retail) |  | 86 |  | $7211 |
| T. Rowe Price Group, Inc. (Capital Markets) |  | 40 |  | 4227 |
| Take-Two Interactive Software, Inc.\* <br>(Entertainment) |  | 15 |  | 3305 |
| Targa Resources Corp. (Oil, Gas & Consumable <br>Fuels) |  | 41 |  | 8240 |
| Target Corp. (Consumer Staples Distribution & <br>Retail) |  | 81 |  | 8543 |
| TE Connectivity, Ltd. (Electronic Equipment, <br>Instruments & Components) |  | 17 |  | 3787 |
| Teledyne Technologies, Inc.\* (Electronic <br>Equipment, Instruments & Components) |  | 9 |  | 5583 |
| Teradyne, Inc. (Semiconductors & <br>Semiconductor Equipment) |  | 12 |  | 2893 |
| Tesla, Inc.\* (Automobiles) |  | 194 |  | 83500 |
| Texas Instruments, Inc. (Semiconductors & <br>Semiconductor Equipment) |  | 166 |  | 35781 |
| Texas Pacific Land Corp. (Oil, Gas & <br>Consumable Fuels) |  | 12 |  | 4180 |
| Textron, Inc. (Aerospace & Defense) |  | 31 |  | 2730 |
| The AES Corp. (Independent Power/Renewable <br>Electricity Producers) | The AES Corp. (Independent Power/Renewable <br>Electricity Producers) | 124 |  | 1817 |
| The Bank of New York Mellon Corp. (Capital <br>Markets) |  | 48 |  | 5756 |
| The Boeing Co.\* (Aerospace & Defense) |  | 80 |  | 18697 |
| The Charles Schwab Corp. (Capital Markets) |  | 304 |  | 31592 |
| The Cigna Group (Health Care Providers & <br>Services) |  | 50 |  | 13706 |
| The Clorox Co. (Household Products) |  | 25 |  | 2820 |
| The Coca-Cola Co. (Beverages) |  | 405 |  | 30298 |
| The Cooper Cos., Inc.\* (Health Care <br>Equipment & Supplies) |  | 33 |  | 2686 |
| The Estee Lauder Cos., Inc. (Personal Care <br>Products) |  | 44 |  | 5072 |
| The Goldman Sachs Group, Inc. (Capital <br>Markets) |  | 19 |  | 17773 |
| The Hartford Financial Services Group, Inc. <br>(Insurance) |  | 52 |  | 7023 |
| The Hershey Co. (Food Products) |  | 28 |  | 5453 |
| The Home Depot, Inc. (Specialty Retail) |  | 182 |  | 68176 |
| The J.M. Smucker Co. (Food Products) |  | 20 |  | 2097 |
| The Kraft Heinz Co. (Food Products) |  | 149 |  | 3537 |
| The Kroger Co. (Consumer Staples <br>Distribution & Retail) |  | 107 |  | 6725 |
| The Mosaic Co. (Chemicals) |  | 53 |  | 1458 |
| The Procter & Gamble Co. (Household <br>Products) |  | 425 |  | 64503 |
| The Progressive Corp. (Insurance) |  | 48 |  | 9984 |
| The Sherwin-Williams Co. (Chemicals) |  | 44 |  | 15604 |
| The Southern Co. (Electric Utilities) |  | 198 |  | 17684 |
| The TJX Cos., Inc. (Specialty Retail) |  | 92 |  | 13783 |
| The Trade Desk, Inc.\*—Class A (Media) |  | 74 |  | 2244 |
| The Travelers Cos., Inc. (Insurance) |  | 42 |  | 11949 |
| The Walt Disney Co. (Entertainment) |  | 325 |  | 36661 |
| The Williams Cos., Inc. (Oil, Gas & Consumable <br>Fuels) |  | 218 |  | 14663 |
| Thermo Fisher Scientific, Inc. (Life Sciences <br>Tools & Services) |  | 69 |  | 39924 |

---

**Common Stocks, continued**

---

| | | | |
|:---|:---|:---|:---|
|  | Shares | Shares |  |
| T-Mobile U.S., Inc. (Wireless <br>Telecommunication Services) |  | 88 | $17354 |
| Tractor Supply Co. (Specialty Retail) |  | 90 | 4579 |
| Trane Technologies PLC (Building Products) |  | 19 | 7991 |
| Trimble, Inc.\* (Electronic Equipment, <br>Instruments & Components) |  | 39 | 2636 |
| Truist Financial Corp. (Banks) |  | 225 | 11570 |
| Tyler Technologies, Inc.\* (Software) |  | 8 | 2955 |
| Tyson Foods, Inc.—Class A (Food Products) |  | 45 | 2940 |
| U.S. Bancorp (Banks) |  | 277 | 15542 |
| UDR, Inc. (Residential REITs) |  | 50 | 1858 |
| Union Pacific Corp. (Ground Transportation) |  | 109 | 25626 |
| United Airlines Holdings, Inc.\* (Passenger <br>Airlines) |  | 58 | 5935 |
| United Parcel Service, Inc.—Class B <br>(Air Freight & Logistics) |  | 133 | 14127 |
| United Rentals, Inc. (Trading Companies & <br>Distributors) |  | 5 | 3910 |
| UnitedHealth Group, Inc. (Health Care <br>Providers & Services) |  | 165 | 47343 |
| Universal Health Services, Inc.—Class B <br>(Health Care Providers & Services) |  | 10 | 2013 |
| Valero Energy Corp. (Oil, Gas & Consumable <br>Fuels) |  | 57 | 10342 |
| Ventas, Inc. (Health Care REITs) |  | 37 | 2874 |
| Veralto Corp.\* (Commercial Services & <br>Supplies) |  | 44 | 4355 |
| Verisk Analytics, Inc. (Professional Services) |  | 12 | 2610 |
| Verizon Communications, Inc. (Diversified <br>Telecommunication Services) |  | 762 | 33925 |
| Vertex Pharmaceuticals, Inc.\* (Biotechnology) |  | 47 | 22085 |
| Viatris, Inc. (Pharmaceuticals) |  | 204 | 2670 |
| VICI Properties, Inc. (Specialized REITs) |  | 188 | 5279 |
| Visa, Inc.—Class A (Financial Services) |  | 138 | 44412 |
| Vulcan Materials Co. (Construction Materials) |  | 25 | 7514 |
| W.R. Berkley Corp. (Insurance) |  | 19 | 1303 |
| W.W. Grainger, Inc. (Trading Companies & <br>Distributors) |  | 8 | 8640 |
| Wabtec Corp. (Machinery) |  | 33 | 7595 |
| Walmart, Inc. (Consumer Staples Distribution & <br>Retail) | Walmart, Inc. (Consumer Staples Distribution & <br>Retail) | 798 | 95075 |
| Warner Bros. Discovery, Inc.\* (Entertainment) |  | 445 | 12255 |
| Waste Management, Inc. (Commercial <br>Services & Supplies) |  | 68 | 15113 |
| Waters Corp.\* (Life Sciences Tools & Services) |  | 11 | 4078 |
| WEC Energy Group, Inc. (Multi-Utilities) |  | 58 | 6419 |
| Wells Fargo & Co. (Banks) |  | 568 | 51397 |
| West Pharmaceutical Services, Inc. <br>(Life Sciences Tools & Services) |  | 13 | 3005 |
| Western Digital Corp. (Technology Hardware, <br>Storage & Peripherals) |  | 63 | 15764 |
| Weyerhaeuser Co. (Specialized REITs) |  | 126 | 3248 |
| Williams-Sonoma, Inc. (Specialty Retail) |  | 23 | 4707 |
| Willis Towers Watson PLC (Insurance) |  | 18 | 5714 |
| Workday, Inc.\*—Class A (Software) |  | 23 | 4039 |
| Xcel Energy, Inc. (Electric Utilities) |  | 105 | 7986 |
| Xylem, Inc. (Machinery) |  | 45 | 6204 |
| Yum! Brands, Inc. (Hotels, Restaurants & Leisure) | Yum! Brands, Inc. (Hotels, Restaurants & Leisure) | 27 | 4199 |
| Zebra Technologies Corp.\* (Electronic <br>Equipment, Instruments & Components) |  | 9 | 2115 |

---

**See accompanying notes to financial statements.**

January 31, 2026 (unaudited) :: Schedule of Portfolio Investments **:: Large-Cap Value ProFund :: 43**

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
|  | Shares |  |
| Zimmer Biomet Holdings, Inc. (Health Care <br>Equipment & Supplies) | 33 | $2873 |
| Zoetis, Inc. (Pharmaceuticals) | 81 | 10110 |
| **TOTAL COMMON STOCKS**<br>(Cost $3,347,482) | **TOTAL COMMON STOCKS**<br>(Cost $3,347,482) | **5069899** |
| **TOTAL INVESTMENT SECURITIES**<br> (Cost $3,347,482)—100.0% |  | **5069899** |
| Net other assets (liabilities)—<sup>NM</sup> |  | 726 |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | $**5070625** |

---

\*

Non-income producing security.

<sup>NM</sup>

Not meaningful, amount is less than 0.05%

<sup>REIT</sup>

Real Estate Investment Trust

Large-Cap Value ProFund invested in the following industries as of January 31, 2026:

---

| | | | |
|:---|:---|:---|:---|
|  |  | % of<br>Net Assets |  |
| Aerospace & Defense | $88897 |  | 1.8% |
| Air Freight & Logistics | 35642 |  | 0.7% |
| Automobile Components | 2727 |  | 0.1% |
| Automobiles | 107257 |  | 2.1% |
| Banks | 279810 |  | 5.6% |
| Beverages | 81343 |  | 1.6% |
| Biotechnology | 108533 |  | 2.1% |
| Broadline Retail | 201343 |  | 3.9% |
| Building Products | 30871 |  | 0.6% |
| Capital Markets | 245099 |  | 4.9% |
| Chemicals | 112291 |  | 2.2% |
| Commercial Services & Supplies | 46029 |  | 0.9% |
| Communications Equipment | 42150 |  | 0.8% |
| Construction Materials | 29497 |  | 0.6% |
| Consumer Finance | 41812 |  | 0.8% |
| Consumer Staples Distribution & Retail | 203971 |  | 4.1% |
| Containers & Packaging | 19826 |  | 0.4% |
| Distributors | 5277 |  | 0.1% |
| Diversified Telecommunication Services | 67631 |  | 1.4% |
| Electric Utilities | 140835 |  | 2.8% |
| Electrical Equipment | 60466 |  | 1.2% |
| Electronic Equipment, Instruments & <br>Components | 30630 |  | 0.6% |
| Energy Equipment & Services | 27547 |  | 0.5% |
| Entertainment | 58743 |  | 1.2% |
| Financial Services | 107633 |  | 2.1% |
| Food Products | 47241 |  | 0.9% |
| Gas Utilities | 5157 |  | 0.1% |
| Ground Transportation | 59370 |  | 1.2% |
| Health Care Equipment & Supplies | 123656 |  | 2.4% |
| Health Care Providers & Services | 156137 |  | 3.1% |
| Health Care REITs | 5029 |  | 0.1% |
| Hotel & Resort REITs | 2075 |  | <sup>NM</sup> |
| Hotels, Restaurants & Leisure | 69281 |  | 1.4% |
| Household Durables | 30480 |  | 0.6% |
| Household Products | 90179 |  | 1.8% |
| Independent Power/Renewable Electricity <br>Producers | 1817 |  | <sup>NM</sup> |
| Industrial Conglomerates | 70161 |  | 1.4% |
| Industrial REITs | 21934 |  | 0.4% |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | % of<br>Net Assets |  |
| Insurance | $167438 |  | 3.3% |
| Interactive Media & Services | 1246 |  | <sup>NM</sup> |
| IT Services | 72212 |  | 1.4% |
| Leisure Products | 2054 |  | <sup>NM</sup> |
| Life Sciences Tools & Services | 95531 |  | 1.9% |
| Machinery | 110412 |  | 2.1% |
| Media | 32885 |  | 0.6% |
| Metals & Mining | 27252 |  | 0.5% |
| Multi-Utilities | 62253 |  | 1.2% |
| Office REITs | 2625 |  | 0.1% |
| Oil, Gas & Consumable Fuels | 314331 |  | 6.2% |
| Passenger Airlines | 17741 |  | 0.3% |
| Personal Care Products | 11058 |  | 0.2% |
| Pharmaceuticals | 150854 |  | 3.0% |
| Professional Services | 45047 |  | 0.9% |
| Real Estate Management & Development | 13749 |  | 0.3% |
| Residential REITs | 21109 |  | 0.4% |
| Retail REITs | 22968 |  | 0.5% |
| Semiconductors & Semiconductor <br>Equipment | 160643 |  | 3.2% |
| Software | 169945 |  | 3.4% |
| Specialized REITs | 77687 |  | 1.5% |
| Specialty Retail | 135725 |  | 2.7% |
| Technology Hardware, Storage & <br>Peripherals | 392027 |  | 7.8% |
| Textiles, Apparel & Luxury Goods | 19997 |  | 0.4% |
| Tobacco | 41206 |  | 0.8% |
| Trading Companies & Distributors | 21395 |  | 0.4% |
| Water Utilities | 4778 |  | 0.1% |
| Wireless Telecommunication Services | 17354 |  | 0.3% |
| Other\*\* | 726 |  | <sup>NM</sup> |
| **Total** | $**5070625** |  | **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.**

**44 :: Materials UltraSector ProFund ::** Schedule of Portfolio Investments :: January 31, 2026 (unaudited)

**Common Stocks (72.2%)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Shares |  | Value |  |
| Air Products & Chemicals, Inc. (Chemicals) |  | 4157 |  | $1132783 |
| Albemarle Corp. (Chemicals) |  | 3766 |  | 642593 |
| Amcor plc (Containers & Packaging) | 14773 | 14773 |  | 653705 |
| Avery Dennison Corp. (Containers & Packaging) | Avery Dennison Corp. (Containers & Packaging) | 2473 |  | 458766 |
| Ball Corp. (Containers & Packaging) |  | 8575 |  | 487660 |
| CF Industries Holdings, Inc. (Chemicals) |  | 4991 |  | 465311 |
| Corteva, Inc. (Chemicals) | 15114 | 15114 |  | 1100299 |
| CRH plc (Construction Materials) | 10460 | 10460 |  | 1280409 |
| Dow, Inc. (Chemicals) | 22744 | 22744 |  | 626597 |
| DuPont de Nemours, Inc. (Chemicals) | 13407 | 13407 |  | 588835 |
| Ecolab, Inc. (Chemicals) |  | 3978 |  | 1121756 |
| Freeport-McMoRan, Inc. (Metals & Mining) | 22409 | 22409 |  | 1349694 |
| International Flavors & Fragrances, Inc. <br>(Chemicals) |  | 8195 |  | 572093 |
| International Paper Co. (Containers & <br>Packaging) | 16897 | 16897 |  | 681287 |
| Linde PLC (Chemicals) |  | 7287 |  | 3329940 |
| LyondellBasell Industries N.V.—Class A <br>(Chemicals) |  | 8240 |  | 403760 |
| Martin Marietta Materials, Inc. (Construction <br>Materials) |  | 1578 |  | 1028777 |
| Newmont Corp. (Metals & Mining) | 17030 | 17030 |  | 1913320 |
| Nucor Corp. (Metals & Mining) |  | 5987 |  | 1064010 |
| Packaging Corp. of America (Containers & <br>Packaging) |  | 2860 |  | 636493 |
| PPG Industries, Inc. (Chemicals) |  | 7181 |  | 830339 |
| Smurfit WestRock PLC (Containers & <br>Packaging) | 16710 | 16710 |  | 695638 |
| Steel Dynamics, Inc. (Metals & Mining) |  | 4393 |  | 788851 |
| The Mosaic Co. (Chemicals) | 10157 | 10157 |  | 279318 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
|  | Shares |  |
| The Sherwin-Williams Co. (Chemicals) | 3598 | $1275995 |
| Vulcan Materials Co. (Construction <br>Materials) | 3315 | 996290 |
| **TOTAL COMMON STOCKS**<br>(Cost $21,433,064) | **TOTAL COMMON STOCKS**<br>(Cost $21,433,064) | **24404519** |

---

**Repurchase Agreements**<sup>(a)(b)</sup> **(30.4%)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Principal <br>Amount |  | Value |  |  |
| Repurchase Agreements with various <br>counterparties, rates 3.40%–3.55%, <br>dated 1/31/26, due 2/2/26, total to be <br>received $10,276,006 | $| 10274000 |  | $— | 10274000 |
| **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $10,274,000) | **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $10,274,000) | **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $10,274,000) | **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $10,274,000) | **10274000** | **10274000** |
| **TOTAL INVESTMENT SECURITIES**<br> (Cost $31,707,064)—102.6% |  |  |  | **34678519** | **34678519** |
| Net other assets (liabilities)—(2.6)% |  |  |  |  | (887479) |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | $**33791040** | **33791040** |

---

<sup>(a)</sup>

A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. At January 31, 2026, the aggregate amount held in a segregated account was $3,720,000.

<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.

**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 <br>Index | Goldman Sachs International | Goldman Sachs International | 2/23/26 |  | 4.39% |  | $12813685 | $(187194) |
| S&P Materials Select Sector <br>Index | UBS AG |  | 2/23/26 | 2/23/26 |  | 4.44% | 13527128 | (209346) |
|  |  |  |  |  |  |  | $**26340813** | $**(396540)** |

---

<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 January 31, 2026, 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 January 31, 2026:

---

| | | | |
|:---|:---|:---|:---|
|  |  | % of<br>Net Assets |  |
| Chemicals | $12369619 |  | 36.6% |
| Construction Materials | 3305476 |  | 9.8% |
| Containers & Packaging | 3613549 |  | 10.7% |
| Metals & Mining | 5115875 |  | 15.1% |
| Other\*\* | 9386521 |  | 27.8% |
| **Total** | $**33791040** |  | **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.**

January 31, 2026 (unaudited) :: Schedule of Portfolio Investments **:: Mid-Cap Growth ProFund :: 45**

**Common Stocks (99.3%)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Shares |  |  | Value |  |  |
| AAON, Inc. (Building Products) |  | 174 |  |  | $15844 |  |
| Abercrombie & Fitch Co.\*—Class A (Specialty <br>Retail) |  | 50 |  |  | 4882 |  |
| Acuity, Inc. (Electrical Equipment) |  | 53 |  |  | 16390 |  |
| Advanced Drainage Systems, Inc. (Building <br>Products) |  | 103 |  |  | 15660 |  |
| Advanced Energy Industries, Inc. (Electronic <br>Equipment, Instruments & Components) |  | 200 |  |  | 51072 |  |
| AECOM\* (Construction & Engineering) |  | 150 |  |  | 14465 |  |
| AeroVironment, Inc.\* (Aerospace & Defense) |  | 82 |  |  | 22828 |  |
| Affiliated Managers Group, Inc. (Capital <br>Markets) |  | 72 |  |  | 22541 |  |
| Agree Realty Corp. (Retail REITs) |  | 133 |  |  | 9607 |  |
| Allegro MicroSystems, Inc.\* (Semiconductors & <br>Semiconductor Equipment) | Allegro MicroSystems, Inc.\* (Semiconductors & <br>Semiconductor Equipment) | Allegro MicroSystems, Inc.\* (Semiconductors & <br>Semiconductor Equipment) | 201 |  |  | 7419 |
| American Financial Group, Inc. (Insurance) |  | 71 |  |  | 9249 |  |
| American Healthcare REIT, Inc. (Health Care <br>REITs) |  | 570 |  |  | 26739 |  |
| Amkor Technology, Inc. (Semiconductors & <br>Semiconductor Equipment) |  | 141 |  |  | 6815 |  |
| Antero Midstream Corp. (Oil, Gas & <br>Consumable Fuels) |  | 858 |  |  | 16148 |  |
| API Group Corp.\* (Industrial Support Services) |  | 953 |  |  | 39616 |  |
| Appfolio, Inc.\*—Class A (Software) |  | 59 |  |  | 11203 |  |
| Applied Industrial Technologies, Inc. (Trading <br>Companies & Distributors) |  | 53 |  |  | 13801 |  |
| ATI, Inc. (Metals & Mining) |  | 350 |  |  | 42105 |  |
| Autoliv, Inc. (Automobile Components) |  | 112 |  |  | 13579 |  |
| Avis Budget Group, Inc.\* (Ground <br>Transportation) |  | 30 |  |  | 3450 |  |
| Belden, Inc. (Electronic Equipment, <br>Instruments & Components) |  | 47 |  |  | 5523 |  |
| BellRing Brands, Inc.\* (Personal Care Products) |  | 133 |  |  | 3308 |  |
| Bentley Systems, Inc.—Class B (Software) |  | 242 |  |  | 8499 |  |
| BILL Holdings, Inc.\* (Software) |  | 112 |  |  | 4835 |  |
| BioMarin Pharmaceutical, Inc.\* (Biotechnology) |  | 282 |  |  | 15944 |  |
| Bio-Rad Laboratories, Inc.\*—Class A (Life <br>Sciences Tools & Services) |  | 26 |  |  | 7636 |  |
| Blackbaud, Inc. (Software) |  | 47 |  |  | 2524 |  |
| Boyd Gaming Corp. (Hotels, Restaurants & <br>Leisure) |  | 149 |  |  | 12596 |  |
| Brixmor Property Group, Inc. (Retail REITs) |  | 362 |  |  | 9697 |  |
| Bruker Corp.\* (Life Sciences Tools & Services) |  | 151 |  |  | 6688 |  |
| Burlington Stores, Inc.\* (Specialty Retail) |  | 98 |  |  | 28994 |  |
| BWX Technologies, Inc. (Aerospace & Defense) | BWX Technologies, Inc. (Aerospace & Defense) | BWX Technologies, Inc. (Aerospace & Defense) | 235 |  |  | 48276 |
| CACI International, Inc.\*—Class A <br>(Professional Services) |  | 57 |  |  | 35373 |  |
| Capri Holdings, Ltd.\* (Textiles, Apparel & <br>Luxury Goods) |  | 147 |  |  | 3318 |  |
| Carlisle Cos., Inc. (Building Products) |  | 46 |  |  | 15681 |  |
| Carpenter Technology Corp. (Metals & Mining) |  | 128 |  |  | 40682 |  |
| Casey's General Stores, Inc. (Consumer <br>Staples Distribution & Retail) |  | 96 |  |  | 58224 |  |
| Cava Group, Inc.\* (Leisure Facilities & Services) |  | 108 |  |  | 6547 |  |
| Celsius Holdings, Inc.\* (Beverages) |  | 411 |  |  | 21569 |  |
| Chart Industries, Inc.\* (Machinery) |  | 114 |  |  | 23637 |  |
| Chemed Corp. (Health Care Providers & <br>Services) |  | 18 |  |  | 7689 |  |
| Chewy, Inc.\*—Class A (Specialty Retail) |  | 388 |  |  | 11295 |  |
| Choice Hotels International, Inc.\* (Hotels, <br>Restaurants & Leisure) |  | 31 |  |  | 3187 |  |

---

**Common Stocks, continued**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Shares |  |  | Value |  |  |
| Churchill Downs, Inc. (Hotels, Restaurants & <br>Leisure) |  | 171 |  |  | $16820 |  |
| Ciena Corp.\* (Communications Equipment) |  | 363 |  |  | 91407 |  |
| Cirrus Logic, Inc.\* (Semiconductors & <br>Semiconductor Equipment) |  | 75 |  |  | 9776 |  |
| Clean Harbors, Inc.\* (Commercial Services & <br>Supplies) |  | 66 |  |  | 17154 |  |
| Coca-Cola Consolidated, Inc. (Beverages) |  | 146 |  |  | 22201 |  |
| Cognex Corp. (Electronic Equipment, <br>Instruments & Components) |  | 216 |  |  | 8368 |  |
| Coherent Corp.\* (Electronic Equipment, <br>Instruments & Components) |  | 405 |  |  | 85932 |  |
| CommVault Systems, Inc.\* (Software) |  | 69 |  |  | 5913 |  |
| COPT Defense Properties (Office REITs) |  | 122 |  |  | 3759 |  |
| Core & Main, Inc.\*—Class A (Trading <br>Companies & Distributors) |  | 216 |  |  | 11526 |  |
| Crane Co. (Machinery) |  | 64 |  |  | 11689 |  |
| Crane NXT Co. (Electronic Equipment, <br>Instruments & Components) |  | 55 |  |  | 2779 |  |
| Crocs, Inc.\* (Textiles, Apparel & Luxury Goods) |  | 56 |  |  | 4699 |  |
| CubeSmart (Specialized REITs) |  | 264 |  |  | 9908 |  |
| Cullen/Frost Bankers, Inc. (Banks) |  | 82 |  |  | 11301 |  |
| Curtiss-Wright Corp. (Aerospace & Defense) |  | 95 |  |  | 62386 |  |
| Cytokinetics, Inc.\* (Biotechnology) |  | 170 |  |  | 10742 |  |
| Dick's Sporting Goods, Inc. (Specialty Retail) |  | 68 |  |  | 13736 |  |
| DocuSign, Inc.\* (Software) |  | 306 |  |  | 16077 |  |
| Dolby Laboratories, Inc.\*—Class A (Software) |  | 71 |  |  | 4557 |  |
| Donaldson Co., Inc. (Machinery) |  | 200 |  |  | 20388 |  |
| Doximity, Inc.\*—Class A (Health Care <br>Technology) |  | 354 |  |  | 13264 |  |
| Dropbox, Inc.\*—Class A (Software) |  | 449 |  |  | 11441 |  |
| DT Midstream, Inc. (Oil, Gas & Consumable <br>Fuels) |  | 188 |  |  | 23691 |  |
| Duolingo, Inc.\* (Diversified Consumer Services) | Duolingo, Inc.\* (Diversified Consumer Services) | Duolingo, Inc.\* (Diversified Consumer Services) | 71 |  |  | 9518 |
| Dutch Bros, Inc.\* (Leisure Facilities & Services) |  | 380 |  |  | 20668 |  |
| Dycom Industries, Inc.\* (Construction & <br>Engineering) |  | 75 |  |  | 27329 |  |
| Dynatrace, Inc.\* (Software) |  | 776 |  |  | 29558 |  |
| Eagle Materials, Inc. (Construction Materials) |  | 42 |  |  | 8560 |  |
| East West Bancorp, Inc. (Banks) |  | 181 |  |  | 20713 |  |
| EastGroup Properties, Inc. (Industrial REITs) |  | 85 |  |  | 15439 |  |
| EchoStar Corp.\*—Class A (Media) |  | 347 |  |  | 39288 |  |
| Elanco Animal Health, Inc.\* (Pharmaceuticals) |  | 1279 |  |  | 30799 |  |
| elf Beauty, Inc.\* (Personal Care Products) |  | 103 |  |  | 8754 |  |
| Encompass Health Corp. (Health Care <br>Providers & Services) |  | 259 |  |  | 24483 |  |
| EnerSys (Electrical Equipment) |  | 95 |  |  | 17118 |  |
| Entegris, Inc. (Semiconductors & <br>Semiconductor Equipment) |  | 156 |  |  | 18419 |  |
| EPR Properties (Specialized REITs) |  | 102 |  |  | 5532 |  |
| Equitable Holdings, Inc. (Financial Services) |  | 354 |  |  | 16425 |  |
| Equity LifeStyle Properties, Inc. (Residential <br>REITs) |  | 254 |  |  | 16045 |  |
| Esab Corp. (Machinery) |  | 65 |  |  | 7872 |  |
| Essent Group, Ltd. (Financial Services) |  | 105 |  |  | 6607 |  |
| Evercore, Inc. (Capital Markets) |  | 62 |  |  | 21903 |  |
| Exelixis, Inc.\* (Biotechnology) |  | 690 |  |  | 28538 |  |
| ExlService Holdings, Inc.\* (Professional <br>Services) |  | 409 |  |  | 16012 |  |
| Exponent, Inc. (Professional Services) |  | 67 |  |  | 4815 |  |
| Fabrinet\* (Electronic Equipment, Instruments & <br>Components) |  | 92 |  |  | 45028 |  |

---

**See accompanying notes to financial statements.**

**46 :: Mid-Cap Growth ProFund ::** Schedule of Portfolio Investments :: January 31, 2026 (unaudited)

**Common Stocks, continued**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Shares |  |  | Value |  |  |
| Federated Hermes, Inc.—Class B (Capital <br>Markets) |  | 190 |  |  | $10123 |  |
| First Financial Bankshares, Inc. (Banks) |  | 141 |  |  | 4487 |  |
| First Industrial Realty Trust, Inc. <br>(Industrial REITs) |  | 341 |  |  | 19789 |  |
| FirstCash Holdings, Inc. (Consumer Finance) |  | 100 |  |  | 17050 |  |
| Five Below, Inc.\* (Specialty Retail) |  | 142 |  |  | 27213 |  |
| Flex, Ltd.\* (Electronic Equipment, <br>Instruments & Components) |  | 952 |  |  | 60014 |  |
| Flowserve Corp. (Machinery) |  | 327 |  |  | 25555 |  |
| Fortune Brands Innovations, Inc. (Building <br>Products) |  | 176 |  |  | 9522 |  |
| FTI Consulting, Inc.\* (Professional Services) |  | 31 |  |  | 5415 |  |
| Gaming and Leisure Properties, Inc. <br>(Specialized REITs) |  | 328 |  |  | 14678 |  |
| GATX Corp. (Trading Companies & Distributors) | GATX Corp. (Trading Companies & Distributors) | GATX Corp. (Trading Companies & Distributors) | 53 |  |  | 9641 |
| Genpact, Ltd. (Professional Services) |  | 194 |  |  | 8555 |  |
| Gentex Corp. (Automobile Components) |  | 226 |  |  | 5200 |  |
| Globus Medical, Inc.\* (Health Care <br>Equipment & Supplies) |  | 287 |  |  | 26025 |  |
| Graco, Inc. (Machinery) |  | 218 |  |  | 19038 |  |
| Graham Holdings Co.—Class B (Diversified <br>Consumer Services) |  | 4 |  |  | 4667 |  |
| Grand Canyon Education, Inc.\* (Diversified <br>Consumer Services) |  | 71 |  |  | 12343 |  |
| Guidewire Software, Inc.\* (Software) |  | 219 |  |  | 30826 |  |
| H&R Block, Inc. (Diversified Consumer <br>Services) |  | 169 |  |  | 6667 |  |
| Haemonetics Corp.\* (Health Care Equipment & <br>Supplies) |  | 72 |  |  | 4800 |  |
| Halozyme Therapeutics, Inc.\* (Biotechnology) |  | 303 |  |  | 21728 |  |
| Hamilton Lane, Inc.—Class A (Capital Markets) |  | 57 |  |  | 8051 |  |
| HealthEquity, Inc.\* (Health Care Providers & <br>Services) |  | 222 |  |  | 19019 |  |
| Hecla Mining Co. (Metals & Mining) |  | 1725 |  |  | 38847 |  |
| Hexcel Corp. (Aerospace & Defense) |  | 205 |  |  | 16976 |  |
| Hilton Grand Vacations, Inc.\* (Hotels, <br>Restaurants & Leisure) |  | 154 |  |  | 6947 |  |
| Hims & Hers Health, Inc.\*<sup>(a)</sup> (Health Care <br>Providers & Services) |  | 537 |  |  | 14547 |  |
| Houlihan Lokey, Inc. (Capital Markets) |  | 74 |  |  | 12456 |  |
| Hyatt Hotels Corp.\*—Class A (Hotels, <br>Restaurants & Leisure) |  | 74 |  |  | 11571 |  |
| IDACORP, Inc. (Electric Utilities) |  | 72 |  |  | 9561 |  |
| Illumina, Inc.\* (Life Sciences Tools & Services) |  | 212 |  |  | 30700 |  |
| International Bancshares Corp. (Banks) |  | 65 |  |  | 4527 |  |
| ITT, Inc. (Machinery) |  | 219 |  |  | 39924 |  |
| Jazz Pharmaceuticals PLC\* (Pharmaceuticals) |  | 156 |  |  | 25660 |  |
| Kinsale Capital Group, Inc. (Insurance) |  | 57 |  |  | 22566 |  |
| Kirby Corp.\* (Marine Transportation) |  | 64 |  |  | 7530 |  |
| Knife River Corp. (Construction Materials) |  | 58 |  |  | 3896 |  |
| Kratos Defense & Security Solutions, Inc.\* <br>(Aerospace & Defense) |  | 435 |  |  | 44809 |  |
| Lamar Advertising Co.—Class A (Specialized <br>REITs) |  | 134 |  |  | 17194 |  |
| Lancaster Colony Corp. (Food Products) |  | 26 |  |  | 4461 |  |
| Lantheus Holdings, Inc.\* (Health Care <br>Equipment & Supplies) |  | 118 |  |  | 7897 |  |
| Lattice Semiconductor Corp.\* <br>(Semiconductors & Semiconductor <br>Equipment) |  | 208 |  |  | 16748 |  |
| Lincoln Electric Holdings, Inc. (Machinery) |  | 96 |  |  | 25474 |  |

---

**Common Stocks, continued**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Shares |  |  | Value |  |  |
| Littelfuse, Inc. (Electronic Equipment, <br>Instruments & Components) |  | 27 |  |  | $8742 |  |
| LivaNova PLC\* (Health Care Equipment & <br>Supplies) |  | 141 |  |  | 9265 |  |
| Lumentum Holdings, Inc.\* (Communications <br>Equipment) |  | 183 |  |  | 71707 |  |
| MACOM Technology Solutions Holdings, Inc.\* <br>(Semiconductors & Semiconductor <br>Equipment) |  | 165 |  |  | 36145 |  |
| Manhattan Associates, Inc.\* (Software) |  | 95 |  |  | 14346 |  |
| Masimo Corp.\* (Health Care Equipment & <br>Supplies) |  | 67 |  |  | 9201 |  |
| MasTec, Inc.\* (Construction & Engineering) |  | 158 |  |  | 37995 |  |
| Mattel, Inc.\* (Leisure Products) |  | 320 |  |  | 6685 |  |
| Maximus, Inc. (Professional Services) |  | 78 |  |  | 7366 |  |
| Medpace Holdings, Inc.\* (Life Sciences Tools & <br>Services) | Medpace Holdings, Inc.\* (Life Sciences Tools & <br>Services) | Medpace Holdings, Inc.\* (Life Sciences Tools & <br>Services) | 57 |  |  | 33201 |
| MGIC Investment Corp. (Financial Services) |  | 294 |  |  | 7914 |  |
| MKS, Inc. (Semiconductors & Semiconductor <br>Equipment) |  | 123 |  |  | 28955 |  |
| Morningstar, Inc. (Capital Markets) |  | 30 |  |  | 6063 |  |
| MP Materials Corp.\* (Metals & Mining) |  | 205 |  |  | 12048 |  |
| MSA Safety, Inc. (Commercial Services & <br>Supplies) |  | 57 |  |  | 10098 |  |
| MSC Industrial Direct Co., Inc. (Trading <br>Companies & Distributors) |  | 49 |  |  | 4133 |  |
| Mueller Industries, Inc. (Machinery) |  | 206 |  |  | 28045 |  |
| National Fuel Gas Co. (Gas Utilities) |  | 144 |  |  | 12060 |  |
| National Storage Affiliates Trust (Specialized <br>REITs) |  | 77 |  |  | 2449 |  |
| Neurocrine Biosciences, Inc.\* (Biotechnology) |  | 257 |  |  | 34968 |  |
| NewMarket Corp. (Chemicals) |  | 20 |  |  | 13416 |  |
| Nexstar Media Group, Inc. (Media) |  | 40 |  |  | 8495 |  |
| Nextpower, Inc.\*—Class A (Electrical <br>Equipment) |  | 248 |  |  | 29038 |  |
| NNN REIT, Inc. (Retail REITs) |  | 210 |  |  | 8751 |  |
| NorthWestern Energy Group, Inc. <br>(Multi-Utilities) |  | 70 |  |  | 4750 |  |
| Novanta, Inc.\* (Electronic Equipment, <br>Instruments & Components) |  | 43 |  |  | 5785 |  |
| Nutanix, Inc.\*—Class A (Software) |  | 418 |  |  | 16440 |  |
| nVent Electric PLC (Electrical Equipment) |  | 415 |  |  | 46588 |  |
| Okta, Inc.\* (IT Services) |  | 434 |  |  | 36664 |  |
| Old Republic International Corp. (Insurance) |  | 305 |  |  | 11947 |  |
| Ollie's Bargain Outlet Holdings, Inc.\* <br>(Broadline Retail) |  | 158 |  |  | 17429 |  |
| Omega Healthcare Investors, Inc. <br>(Health Care REITs) |  | 411 |  |  | 18035 |  |
| Onto Innovation, Inc.\* (Semiconductors & <br>Semiconductor Equipment) |  | 61 |  |  | 12325 |  |
| Option Care Health, Inc.\* (Health Care <br>Providers & Services) |  | 409 |  |  | 13906 |  |
| Ormat Technologies, Inc. (Independent <br>Power/Renewable Electricity Producers) |  | 156 |  |  | 19491 |  |
| Oshkosh Corp. (Machinery) |  | 75 |  |  | 10787 |  |
| Parsons Corp.\* (Professional Services) |  | 92 |  |  | 6446 |  |
| Paylocity Holding Corp.\* (Professional Services) | Paylocity Holding Corp.\* (Professional Services) | Paylocity Holding Corp.\* (Professional Services) | 113 |  |  | 15253 |
| Pegasystems, Inc. (Software) |  | 236 |  |  | 10311 |  |
| Penumbra, Inc.\* (Health Care Equipment & <br>Supplies) |  | 101 |  |  | 36175 |  |
| Pinterest, Inc.\*—Class A (Interactive Media & <br>Services) |  | 1044 |  |  | 23104 |  |

---

**See accompanying notes to financial statements.**

January 31, 2026 (unaudited) :: Schedule of Portfolio Investments **:: Mid-Cap Growth ProFund :: 47**

**Common Stocks, continued**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Shares |  |  | Value |  |
| The Ensign Group, Inc. (Health Care Providers & <br>Services) | The Ensign Group, Inc. (Health Care Providers & <br>Services) | The Ensign Group, Inc. (Health Care Providers & <br>Services) | 148 |  | $25406 |
| The Hanover Insurance Group, Inc. (Insurance) |  | 39 |  |  |  |
| The New York Times Co.—Class A (Media) |  | 416 |  |  |  |
| TopBuild Corp.\* (Household Durables) |  | 72 |  |  |  |
| TransUnion (Professional Services) |  | 260 |  |  |  |
| Travel + Leisure Co. (Hotels, Restaurants & <br>Leisure) |  | 166 |  |  |  |
| TTM Technologies, Inc.\* (Electronic <br>Equipment, Instruments & Components) |  | 266 |  |  |  |
| Twilio, Inc.\*—Class A (Software) |  | 390 |  |  |  |
| TXNM Energy, Inc. (Electric Utilities) |  | 103 |  |  |  |
| UiPath, Inc.\*—Class A (Software) |  | 825 |  |  |  |
| UL Solutions, Inc.\*—Class A (Professional <br>Services) |  | 194 |  |  |  |
| United Therapeutics Corp.\* (Biotechnology) |  | 111 |  |  |  |
| Universal Display Corp. (Semiconductors & <br>Semiconductor Equipment) |  | 50 |  |  |  |
| Vail Resorts, Inc. (Hotels, Restaurants & <br>Leisure) |  | 45 |  |  |  |
| Valaris, Ltd.\* (Energy Equipment & Services) |  | 167 |  |  |  |
| Valmont Industries, Inc. (Construction & <br>Engineering) |  | 30 |  |  |  |
| Valvoline, Inc.\* (Specialty Retail) |  | 327 |  |  |  |
| Vontier Corp. (Electronic Equipment, <br>Instruments & Components) |  | 164 |  |  |  |
| Warner Music Group Corp.—Class A <br>(Entertainment) |  | 199 |  |  |  |
| Watts Water Technologies, Inc.—Class A <br>(Machinery) |  | 71 |  |  |  |
| Weatherford International PLC (Energy <br>Equipment & Services) |  | 78 |  |  |  |
| WEX, Inc.\* (Financial Services) |  | 52 |  |  |  |
| Wingstop, Inc. (Hotels, Restaurants & <br>Leisure) |  | 72 |  |  |  |
| Woodward, Inc. (Aerospace & Defense) |  | 154 |  |  |  |
| WP Carey, Inc. (Equity REIT—Diversified) |  | 299 |  |  |  |
| Wyndham Hotels & Resorts, Inc. (Hotels, <br>Restaurants & Leisure) |  | 103 |  |  |  |
| XPO, Inc.\* (Ground Transportation) |  | 302 |  |  |  |
| YETI Holdings, Inc.\* (Leisure Products) |  | 118 |  |  |  |
| ZoomInfo Technologies, Inc.\* (Interactive <br>Media & Services) |  | 409 |  |  |  |
| **TOTAL COMMON STOCKS**<br> (Cost $3,014,366) | **TOTAL COMMON STOCKS**<br> (Cost $3,014,366) | **TOTAL COMMON STOCKS**<br> (Cost $3,014,366) | **TOTAL COMMON STOCKS**<br> (Cost $3,014,366) | **TOTAL COMMON STOCKS**<br> (Cost $3,014,366) | **4490501** |

---

**Repurchase Agreements**<sup>(b)</sup> **(0.4%)**

---

| | | | |
|:---|:---|:---|:---|
| Principal<br>Amount |  | Value |  |
| Repurchase Agreements with various <br>counterparties, rates 3.40%–3.55%, <br>dated 1/31/26, due 2/2/26, total to be <br>received $17,003 | $17000 |  | $17000 |
| **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $17,000) | **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $17,000) | **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $17,000) | **17000** |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
|  | Shares |  |
| Planet Fitness, Inc.\*—Class A (Hotels, <br>Restaurants & Leisure) | 214 | $19483 |
| Primerica, Inc. (Insurance) | 48 | 12626 |
| Pure Storage, Inc.\*—Class A (Technology <br>Hardware, Storage & Peripherals) | 804 | 55910 |
| Qualys, Inc.\* (Software) | 92 | 12135 |
| Rambus, Inc.\* (Semiconductors & <br>Semiconductor Equipment) | 277 | 31531 |
| Rb Global, Inc.\* (Commercial Services & <br>Supplies) | 478 | 54286 |
| RBC Bearings, Inc.\* (Machinery) | 81 | 40473 |
| RenaissanceRe Holdings, Ltd. (Insurance) | 62 | 17465 |
| Repligen Corp.\* (Life Sciences Tools & <br>Services) | 75 | 11203 |
| Roivant Sciences, Ltd.\* (Biotechnology) | 654 | 14139 |
| Royal Gold, Inc. (Metals & Mining) | 209 | 55032 |
| RPM International, Inc. (Chemicals) | 135 | 14439 |
| Ryan Specialty Holdings, Inc.\* (Insurance) | 193 | 9318 |
| Sabra Health Care REIT, Inc. (Health Care <br>REITs) | 642 | 12025 |
| SEI Investments Co. (Capital Markets) | 141 | 12387 |
| Service Corp. International (Diversified <br>Consumer Services) | 191 | 15362 |
| Shift4 Payments, Inc.\*<sup>(a)</sup>—Class A (Financial <br>Services) | 113 | 6672 |
| Silicon Laboratories, Inc.\* (Semiconductors & <br>Semiconductor Equipment) | 45 | 6410 |
| Simpson Manufacturing Co., Inc. (Building <br>Products) | 52 | 9193 |
| SLM Corp. (Consumer Finance) | 287 | 7792 |
| Sotera Health Co.\* (Life Sciences Tools & <br>Services) | 534 | 9676 |
| Spire, Inc. (Gas Utilities) | 65 | 5492 |
| Sprouts Farmers Market, Inc.\* (Consumer <br>Staples Distribution & Retail) | 100 | 7091 |
| SPX Technologies, Inc.\* (Machinery) | 128 | 26676 |
| STAG Industrial, Inc. (Industrial REITs) | 293 | 10990 |
| STANDARDAERO INC\* (Aerospace & Defense) | 308 | 9514 |
| Sterling Infrastructure, Inc.\* (Construction & <br>Engineering) | 79 | 28275 |
| Stifel Financial Corp. (Capital Markets) | 144 | 17755 |
| Talen Energy Corp.\* (Electric Utilities) | 118 | 41106 |
| TechnipFMC PLC (Energy Equipment & <br>Services) | 1041 | 58005 |
| Tempur Sealy International, Inc. (Household <br>Durables) | 540 | 47439 |
| Tenet Healthcare Corp.\* (Health Care <br>Providers & Services) | 226 | 42777 |
| Tetra Tech, Inc. (Commercial Services & <br>Supplies) | 673 | 25345 |
| Texas Capital Bancshares, Inc.\* (Banks) | 58 | 5868 |
| Texas Roadhouse, Inc. (Hotels, Restaurants & <br>Leisure) | 170 | 30575 |
| The Brink's Co. (Commercial Services & <br>Supplies) | 76 | 9655 |
| The Carlyle Group, Inc. (Capital Markets) | 261 | 15342 |

---

**See accompanying notes to financial statements.**

**48 :: Mid-Cap Growth ProFund ::** Schedule of Portfolio Investments :: January 31, 2026 (unaudited)

**Collateral for Securities Loaned**<sup>(c)</sup> **(0.7%)**

---

| | |
|:---|:---|
|  | Shares |
| Invesco Government & Agency Portfolio—<br>Institutional Shares, 3.69%<sup>(d)</sup> | 33615 |
| **TOTAL COLLATERAL FOR SECURITIES LOANED**(Cost $33,615) | **TOTAL COLLATERAL FOR SECURITIES LOANED**(Cost $33,615) |
| **TOTAL INVESTMENT SECURITIES**<br> (Cost $3,064,981)—100.4% |  |
| Net other assets (liabilities)—(0.4)% |  |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** |

---

\*

Non-income producing security.

<sup>(a)</sup>

All or part of this security was on loan as of January 31, 2026. The total value of securities on loan as of January 31, 2026 was $20,924.

<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>

Securities were purchased with cash collateral held from securities on loan at January 31, 2026.

<sup>(d)</sup>

Rate periodically changes. Rate disclosed is the daily yield as of January 31, 2026.

<sup>REIT</sup>

Real Estate Investment Trust

Mid-Cap Growth ProFund invested in the following industries as of January 31, 2026:

---

| | | | |
|:---|:---|:---|:---|
|  |  | % of<br>Net Assets |  |
| Aerospace & Defense | $253736 |  | 5.6% |
| Automobile Components | 18779 |  | 0.4% |
| Banks | 46896 |  | 1.0% |
| Beverages | 43770 |  | 1.0% |
| Biotechnology | 178173 |  | 3.9% |
| Broadline Retail | 17429 |  | 0.4% |
| Building Products | 65900 |  | 1.5% |
| Capital Markets | 126621 |  | 2.9% |
| Chemicals | 27855 |  | 0.6% |
| Commercial Services & Supplies | 116538 |  | 2.6% |
| Communications Equipment | 163114 |  | 3.6% |
| Construction & Engineering | 121431 |  | 2.7% |
| Construction Materials | 12456 |  | 0.3% |
| Consumer Finance | 24842 |  | 0.5% |
| Consumer Staples Distribution & Retail | 65315 |  | 1.4% |
| Diversified Consumer Services | 48557 |  | 1.1% |
| Electric Utilities | 56736 |  | 1.3% |
| Electrical Equipment | 109134 |  | 2.4% |
| Electronic Equipment, Instruments & <br>Components | 305514 |  | 6.8% |
| Energy Equipment & Services | 74984 |  | 1.6% |
| Entertainment | 5966 |  | 0.1% |
| Equity REIT—Diversified | 20855 |  | 0.5% |
| Financial Services | 45621 |  | 1.0% |
| Food Products | 4461 |  | 0.1% |
| Gas Utilities | 17552 |  | 0.4% |
| Ground Transportation | 48179 |  | 1.1% |
| Health Care Equipment & Supplies | 93363 |  | 2.1% |
| Health Care Providers & Services | 147827 |  | 3.3% |
| Health Care REITs | 56799 |  | 1.2% |
| Health Care Technology | 13264 |  | 0.3% |
| Hotels, Restaurants & Leisure | 145319 |  | 3.2% |
| Household Durables | 81139 |  | 1.8% |
| Independent Power/Renewable Electricity <br>Producers | 19491 |  | 0.4% |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Value |  | % of<br>Net Assets |  |
| Industrial REITs | $— | 46218 |  | 1.0% |
| Industrial Support Services |  | 39616 |  | 0.9% |
| Insurance |  | 89962 |  | 2.0% |
| Interactive Media & Services |  | 26396 |  | 0.6% |
| IT Services |  | 36664 |  | 0.8% |
| Leisure Facilities & Services |  | 27215 |  | 0.6% |
| Leisure Products |  | 12079 |  | 0.3% |
| Life Sciences Tools & Services |  | 99104 |  | 2.2% |
| Machinery |  | 300809 |  | 6.5% |
| Marine Transportation |  | 7530 |  | 0.2% |
| Media |  | 78280 |  | 1.7% |
| Metals & Mining |  | 188714 |  | 4.2% |
| Multi-Utilities |  | 4750 |  | 0.1% |
| Office REITs |  | 3759 |  | 0.1% |
| Oil, Gas & Consumable Fuels |  | 39839 |  | 0.9% |
| Personal Care Products |  | 12062 |  | 0.3% |
| Pharmaceuticals |  | 56459 |  | 1.2% |
| Professional Services |  | 133405 |  | 2.9% |
| Residential REITs |  | 16045 |  | 0.4% |
| Retail REITs |  | 28055 |  | 0.6% |
| Semiconductors & Semiconductor <br>Equipment |  | 180284 |  | 4.0% |
| Software |  | 236032 |  | 5.2% |
| Specialized REITs |  | 49761 |  | 1.1% |
| Specialty Retail |  | 96819 |  | 2.1% |
| Technology Hardware, Storage & Peripherals | Technology Hardware, Storage & Peripherals | 55910 |  | 1.2% |
| Textiles, Apparel & Luxury Goods |  | 8017 |  | 0.2% |
| Trading Companies & Distributors |  | 39101 |  | 0.9% |
| Other\*\* | 33736 | 33736 |  | 0.7% |
| **Total** | $**4524237** | **4524237** |  | **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.**

January 31, 2026 (unaudited) :: Schedule of Portfolio Investments **:: Mid-Cap ProFund :: 49**

**Common Stocks (87.1%)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Shares |  |  | Value |  |  |
| AAON, Inc. (Building Products) |  | 161 |  |  | $14661 |  |
| Abercrombie & Fitch Co.\*—Class A (Specialty <br>Retail) |  | 115 |  |  | 11227 |  |
| Acuity, Inc. (Electrical Equipment) |  | 71 |  |  | 21956 |  |
| Advanced Drainage Systems, Inc. (Building <br>Products) |  | 173 |  |  | 26303 |  |
| Advanced Energy Industries, Inc. (Electronic <br>Equipment, Instruments & Components) |  | 90 |  |  | 22982 |  |
| AECOM\* (Construction & Engineering) |  | 318 |  |  | 30665 |  |
| AeroVironment, Inc.\* (Aerospace & Defense) |  | 76 |  |  | 21158 |  |
| Affiliated Managers Group, Inc. (Capital <br>Markets) |  | 67 |  |  | 20977 |  |
| AGCO Corp. (Machinery) |  | 147 |  |  | 16671 |  |
| Agree Realty Corp. (Retail REITs) |  | 276 |  |  | 19935 |  |
| Alaska Air Group, Inc.\* (Passenger Airlines) |  | 279 |  |  | 14182 |  |
| Albertsons Cos., Inc.—Class A (Consumer <br>Staples Distribution & Retail) |  | 953 |  |  | 15867 |  |
| Alcoa Corp. (Metals & Mining) |  | 622 |  |  | 35336 |  |
| Allegro MicroSystems, Inc.\* (Semiconductors & <br>Semiconductor Equipment) | Allegro MicroSystems, Inc.\* (Semiconductors & <br>Semiconductor Equipment) | Allegro MicroSystems, Inc.\* (Semiconductors & <br>Semiconductor Equipment) | 300 |  |  | 11073 |
| Ally Financial, Inc. (Consumer Finance) |  | 675 |  |  | 28539 |  |
| American Airlines Group, Inc.\* (Passenger <br>Airlines) |  | 1591 |  |  | 21160 |  |
| American Financial Group, Inc. (Insurance) |  | 168 |  |  | 21885 |  |
| American Healthcare REIT, Inc. (Health Care <br>REITs) |  | 424 |  |  | 19890 |  |
| American Homes 4 Rent—Class A (Residential <br>REITs) |  | 784 |  |  | 24555 |  |
| Amkor Technology, Inc. (Semiconductors & <br>Semiconductor Equipment) |  | 274 |  |  | 13242 |  |
| Annaly Capital Management, Inc. (Mortgage <br>REITs) |  | 1643 |  |  | 37806 |  |
| Antero Midstream Corp. (Oil, Gas & <br>Consumable Fuels) |  | 805 |  |  | 15150 |  |
| Antero Resources Corp.\* (Oil, Gas & <br>Consumable Fuels) |  | 705 |  |  | 25641 |  |
| API Group Corp.\* (Industrial Support Services) |  | 890 |  |  | 36997 |  |
| Appfolio, Inc.\*—Class A (Software) |  | 55 |  |  | 10443 |  |
| Applied Industrial Technologies, Inc. (Trading <br>Companies & Distributors) |  | 92 |  |  | 23958 |  |
| AptarGroup, Inc. (Containers & Packaging) |  | 159 |  |  | 19867 |  |
| Aramark (Hotels, Restaurants & Leisure) |  | 634 |  |  | 24403 |  |
| Arrow Electronics, Inc.\* (Electronic Equipment, <br>Instruments & Components) |  | 122 |  |  | 16164 |  |
| ASGN, Inc.\* (IT Services) |  | 104 |  |  | 5417 |  |
| Ashland, Inc. (Chemicals) |  | 108 |  |  | 6605 |  |
| Associated Banc-Corp. (Banks) |  | 395 |  |  | 10768 |  |
| ATI, Inc. (Metals & Mining) |  | 325 |  |  | 39098 |  |
| Autoliv, Inc. (Automobile Components) |  | 168 |  |  | 20368 |  |
| AutoNation, Inc.\* (Specialty Retail) |  | 67 |  |  | 13734 |  |
| Avantor, Inc.\* (Life Sciences Tools & Services) |  | 1641 |  |  | 17920 |  |
| Avient Corp. (Chemicals) |  | 221 |  |  | 7989 |  |
| Avis Budget Group, Inc.\* (Ground <br>Transportation) |  | 41 |  |  | 4715 |  |
| Avnet, Inc. (Electronic Equipment, <br>Instruments & Components) |  | 196 |  |  | 12228 |  |
| Axalta Coating Systems, Ltd.\* (Chemicals) |  | 514 |  |  | 17260 |  |
| Bank OZK (Banks) |  | 254 |  |  | 12080 |  |
| Bath & Body Works, Inc. (Retail—Discretionary) | Bath & Body Works, Inc. (Retail—Discretionary) | Bath & Body Works, Inc. (Retail—Discretionary) | 496 |  |  | 10813 |
| Belden, Inc. (Electronic Equipment, <br>Instruments & Components) |  | 94 |  |  | 11046 |  |
| BellRing Brands, Inc.\* (Personal Care Products) |  | 305 |  |  | 7585 |  |

---

**Common Stocks, continued**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Shares |  |  | Value |  |  |
| Bentley Systems, Inc.—Class B (Software) |  | 360 |  |  | $12643 |  |
| BILL Holdings, Inc.\* (Software) |  | 214 |  |  | 9238 |  |
| BioMarin Pharmaceutical, Inc.\* (Biotechnology) |  | 463 |  |  | 26178 |  |
| Bio-Rad Laboratories, Inc.\*—Class A (Life <br>Sciences Tools & Services) |  | 44 |  |  | 12923 |  |
| BJ's Wholesale Club Holdings, Inc.\* <br>(Consumer Staples Distribution & Retail) |  | 318 |  |  | 29396 |  |
| Black Hills Corp. (Multi-Utilities) |  | 182 |  |  | 13283 |  |
| Blackbaud, Inc. (Software) |  | 90 |  |  | 4833 |  |
| Booz Allen Hamilton Holding Corporation <br>(Professional Services) |  | 293 |  |  | 25907 |  |
| BorgWarner, Inc. (Automobile Components) |  | 516 |  |  | 24465 |  |
| Boyd Gaming Corp. (Hotels, Restaurants & <br>Leisure) |  | 138 |  |  | 11667 |  |
| Brighthouse Financial, Inc.\* (Insurance) |  | 138 |  |  | 8840 |  |
| Brixmor Property Group, Inc. (Retail REITs) |  | 738 |  |  | 19771 |  |
| Bruker Corp.\* (Life Sciences Tools & Services) |  | 267 |  |  | 11825 |  |
| Brunswick Corp. (Leisure Products) |  | 157 |  |  | 12594 |  |
| Burlington Stores, Inc.\* (Specialty Retail) |  | 150 |  |  | 44378 |  |
| BWX Technologies, Inc. (Aerospace & Defense) | BWX Technologies, Inc. (Aerospace & Defense) | BWX Technologies, Inc. (Aerospace & Defense) | 221 |  |  | 45400 |
| Cabot Corp. (Chemicals) |  | 127 |  |  | 9168 |  |
| CACI International, Inc.\*—Class A <br>(Professional Services) |  | 53 |  |  | 32891 |  |
| Capri Holdings, Ltd.\* (Textiles, Apparel & <br>Luxury Goods) |  | 289 |  |  | 6523 |  |
| Carlisle Cos., Inc. (Building Products) |  | 101 |  |  | 34430 |  |
| Carpenter Technology Corp. (Metals & Mining) |  | 120 |  |  | 38140 |  |
| Casey's General Stores, Inc. (Consumer Staples <br>Distribution & Retail) | Casey's General Stores, Inc. (Consumer Staples <br>Distribution & Retail) | Casey's General Stores, Inc. (Consumer Staples <br>Distribution & Retail) | 90 |  |  | 54585 |
| Cava Group, Inc.\* (Leisure Facilities & Services) |  | 240 |  |  | 14549 |  |
| Celsius Holdings, Inc.\* (Beverages) |  | 385 |  |  | 20205 |  |
| Chart Industries, Inc.\* (Machinery) |  | 106 |  |  | 21978 |  |
| Chemed Corp. (Health Care Providers & <br>Services) |  | 35 |  |  | 14950 |  |
| Chewy, Inc.\*—Class A (Specialty Retail) |  | 542 |  |  | 15778 |  |
| Choice Hotels International, Inc.\* (Hotels, <br>Restaurants & Leisure) |  | 48 |  |  | 4934 |  |
| Chord Energy Corp. (Oil, Gas & Consumable <br>Fuels) |  | 138 |  |  | 13833 |  |
| Churchill Downs, Inc. (Hotels, Restaurants & <br>Leisure) |  | 159 |  |  | 15639 |  |
| Ciena Corp.\* (Communications Equipment) |  | 341 |  |  | 85867 |  |
| Cirrus Logic, Inc.\* (Semiconductors & <br>Semiconductor Equipment) |  | 122 |  |  | 15901 |  |
| Clean Harbors, Inc.\* (Commercial Services & <br>Supplies) |  | 120 |  |  | 31189 |  |
| Cleveland-Cliffs, Inc.\* (Metals & Mining) |  | 1374 |  |  | 18906 |  |
| CNH Industrial N.V. (Machinery) |  | 2132 |  |  | 22940 |  |
| CNO Financial Group, Inc. (Insurance) |  | 228 |  |  | 9587 |  |
| CNX Resources Corp.\* (Oil, Gas & Consumable <br>Fuels) |  | 325 |  |  | 12610 |  |
| Coca-Cola Consolidated, Inc. (Beverages) |  | 138 |  |  | 20984 |  |
| Cognex Corp. (Electronic Equipment, <br>Instruments & Components) |  | 403 |  |  | 15612 |  |
| Coherent Corp.\* (Electronic Equipment, <br>Instruments & Components) |  | 378 |  |  | 80203 |  |
| Columbia Banking System, Inc. (Banks) |  | 719 |  |  | 21167 |  |
| Columbia Sportswear Co. (Textiles, Apparel & <br>Luxury Goods) |  | 60 |  |  | 3317 |  |
| Commerce Bancshares, Inc. (Banks) |  | 313 |  |  | 16476 |  |
| Commercial Metals Co. (Metals & Mining) |  | 267 |  |  | 20524 |  |
| CommVault Systems, Inc.\* (Software) |  | 106 |  |  | 9084 |  |

---

**See accompanying notes to financial statements.**

**50 :: Mid-Cap ProFund ::** Schedule of Portfolio Investments :: January 31, 2026 (unaudited)

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
|  | Shares |  |
| Concentrix Corp. (Professional Services) | 106 | $3959 |
| COPT Defense Properties (Office REITs) | 270 | 8319 |
| Core & Main, Inc.\*—Class A (Trading <br>Companies & Distributors) | 461 | 24599 |
| Corebridge Financial, Inc (Financial Services) | 643 | 19824 |
| Coty, Inc.—Class A (Personal Care Products) | 888 | 2815 |
| Cousins Properties, Inc. (Office REITs) | 406 | 10247 |
| Crane Co. (Machinery) | 118 | 21552 |
| Crane NXT Co. (Electronic Equipment, <br>Instruments & Components) | 120 | 6062 |
| Crocs, Inc.\* (Textiles, Apparel & Luxury Goods) | 127 | 10658 |
| Crown Holdings, Inc. (Containers & Packaging) | 274 | 28683 |
| CubeSmart (Specialized REITs) | 551 | 20679 |
| Cullen/Frost Bankers, Inc. (Banks) | 154 | 21224 |
| Curtiss-Wright Corp. (Aerospace & Defense) | 90 | 59101 |
| Cytokinetics, Inc.\* (Biotechnology) | 288 | 18199 |
| Darling Ingredients, Inc.\* (Food Products) | 383 | 17488 |
| DENTSPLY SIRONA, Inc. (Health Care <br>Equipment & Supplies) | 480 | 5986 |
| Dick's Sporting Goods, Inc. (Specialty Retail) | 159 | 32118 |
| DocuSign, Inc.\* (Software) | 482 | 25324 |
| Dolby Laboratories, Inc.\*—Class A (Software) | 147 | 9436 |
| Donaldson Co., Inc. (Machinery) | 279 | 28441 |
| Doximity, Inc.\*—Class A (Health Care <br>Technology) | 332 | 12440 |
| Dropbox, Inc.\*—Class A (Software) | 422 | 10753 |
| DT Midstream, Inc. (Oil, Gas & Consumable <br>Fuels) | 247 | 31127 |
| Duolingo, Inc.\* (Diversified Consumer <br>Services) | 97 | 13004 |
| Dutch Bros, Inc.\* (Leisure Facilities & Services) | 306 | 16643 |
| Dycom Industries, Inc.\* (Construction & <br>Engineering) | 71 | 25872 |
| Dynatrace, Inc.\* (Software) | 726 | 27654 |
| Eagle Materials, Inc. (Construction Materials) | 78 | 15898 |
| East West Bancorp, Inc. (Banks) | 332 | 37995 |
| EastGroup Properties, Inc. (Industrial REITs) | 127 | 23067 |
| EchoStar Corp.\*—Class A (Media) | 325 | 36796 |
| Elanco Animal Health, Inc.\* (Pharmaceuticals) | 1196 | 28800 |
| elf Beauty, Inc.\* (Personal Care Products) | 143 | 12154 |
| Encompass Health Corp. (Health Care <br>Providers & Services) | 242 | 22876 |
| EnerSys (Electrical Equipment) | 90 | 16217 |
| Entegris, Inc. (Semiconductors & <br>Semiconductor Equipment) | 366 | 43215 |
| Envista Holdings Corp.\* (Health Care <br>Equipment & Supplies) | 397 | 9318 |
| EPR Properties (Specialized REITs) | 184 | 9980 |
| Equitable Holdings, Inc. (Financial Services) | 689 | 31970 |
| Equity LifeStyle Properties, Inc. (Residential <br>REITs) | 465 | 29373 |
| Esab Corp. (Machinery) | 138 | 16712 |
| Essent Group, Ltd. (Financial Services) | 233 | 14660 |
| Essential Utilities, Inc. (Water Utilities) | 680 | 26377 |
| Euronet Worldwide, Inc.\* (Financial Services) | 94 | 6811 |
| Evercore, Inc. (Capital Markets) | 92 | 32501 |
| Exelixis, Inc.\* (Biotechnology) | 643 | 26594 |
| ExlService Holdings, Inc.\* (Professional <br>Services) | 383 | 14994 |
| Exponent, Inc. (Professional Services) | 120 | 8624 |
| F.N.B. Corp. (Banks) | 863 | 15146 |

---

**Common Stocks, continued**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Shares |  |  | Value |  |  |
| Fabrinet\* (Electronic Equipment, <br>Instruments & Components) |  | 85 |  |  | $41602 |  |
| Federated Hermes, Inc.—Class B (Capital <br>Markets) |  | 180 |  |  | 9590 |  |
| Fidelity National Financial, Inc. (Insurance) |  | 613 |  |  | 33341 |  |
| First American Financial Corp. (Insurance) |  | 247 |  |  | 15605 |  |
| First Financial Bankshares, Inc. (Banks) |  | 314 |  |  | 9991 |  |
| First Horizon Corp. (Banks) |  | 1187 |  |  | 29071 |  |
| First Industrial Realty Trust, Inc. (Industrial <br>REITs) |  | 318 |  |  | 18454 |  |
| FirstCash Holdings, Inc. (Consumer Finance) |  | 94 |  |  | 16027 |  |
| Five Below, Inc.\* (Specialty Retail) |  | 134 |  |  | 25680 |  |
| Flex, Ltd.\* (Electronic Equipment, <br>Instruments & Components) |  | 889 |  |  | 56043 |  |
| Floor & Decor Holdings, Inc.\*—Class A <br>(Specialty Retail) |  | 258 |  |  | 17018 |  |
| Flowers Foods, Inc. (Food Products) |  | 510 |  |  | 5829 |  |
| Flowserve Corp. (Machinery) |  | 306 |  |  | 23914 |  |
| Fluor Corp. (Construction & Engineering) |  | 387 |  |  | 17876 |  |
| Fortune Brands Innovations, Inc. (Building <br>Products) |  | 290 |  |  | 15689 |  |
| FTI Consulting, Inc.\* (Professional Services) |  | 71 |  |  | 12402 |  |
| GameStop Corp.—Class A (Specialty Retail) |  | 994 |  |  | 23737 |  |
| Gaming and Leisure Properties, Inc. <br>(Specialized REITs) |  | 680 |  |  | 30429 |  |
| GATX Corp. (Trading Companies & Distributors) | GATX Corp. (Trading Companies & Distributors) | GATX Corp. (Trading Companies & Distributors) | 85 |  |  | 15462 |
| Genpact, Ltd. (Professional Services) |  | 385 |  |  | 16979 |  |
| Gentex Corp. (Automobile Components) |  | 528 |  |  | 12149 |  |
| Glacier Bancorp, Inc. (Banks) |  | 311 |  |  | 15761 |  |
| Globus Medical, Inc.\* (Health Care <br>Equipment & Supplies) |  | 267 |  |  | 24211 |  |
| Graco, Inc. (Machinery) |  | 399 |  |  | 34845 |  |
| Graham Holdings Co.—Class B (Diversified <br>Consumer Services) |  | 7 |  |  | 8166 |  |
| Grand Canyon Education, Inc.\* (Diversified <br>Consumer Services) |  | 67 |  |  | 11647 |  |
| Graphic Packaging Holding Co. (Containers & <br>Packaging) |  | 713 |  |  | 10445 |  |
| Greif, Inc.—Class A (Containers & Packaging) |  | 65 |  |  | 4590 |  |
| Guidewire Software, Inc.\* (Software) |  | 203 |  |  | 28575 |  |
| GXO Logistics, Inc.\* (Air Freight & Logistics) |  | 276 |  |  | 15619 |  |
| H&R Block, Inc. (Diversified Consumer <br>Services) |  | 304 |  |  | 11993 |  |
| Haemonetics Corp.\* (Health Care Equipment & <br>Supplies) |  | 113 |  |  | 7533 |  |
| Halozyme Therapeutics, Inc.\* (Biotechnology) |  | 281 |  |  | 20151 |  |
| Hamilton Lane, Inc.—Class A (Capital Markets) |  | 97 |  |  | 13700 |  |
| Hancock Whitney Corp. (Banks) |  | 200 |  |  | 13760 |  |
| Harley-Davidson, Inc. (Automobiles) |  | 287 |  |  | 5683 |  |
| Healthcare Realty Trust, Inc. (Health Care <br>REITs) |  | 847 |  |  | 14221 |  |
| HealthEquity, Inc.\* (Health Care Providers & <br>Services) |  | 205 |  |  | 17562 |  |
| Hecla Mining Co. (Metals & Mining) |  | 1613 |  |  | 36325 |  |
| Hexcel Corp. (Aerospace & Defense) |  | 191 |  |  | 15817 |  |
| HF Sinclair Corp. (Oil, Gas & Consumable <br>Fuels) |  | 378 |  |  | 19652 |  |
| Hilton Grand Vacations, Inc.\* (Hotels, <br>Restaurants & Leisure) |  | 145 |  |  | 6541 |  |
| Hims & Hers Health, Inc.\*<sup>(a)</sup> (Health Care <br>Providers & Services) |  | 503 |  |  | 13626 |  |
| Home BancShares, Inc. (Banks) |  | 441 |  |  | 12745 |  |

---

**See accompanying notes to financial statements.**

January 31, 2026 (unaudited) :: Schedule of Portfolio Investments **:: Mid-Cap ProFund :: 51**

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
|  | Shares |  |
| Houlihan Lokey, Inc. (Capital Markets) | 131 | $22050 |
| Hyatt Hotels Corp.\*—Class A (Hotels, <br>Restaurants & Leisure) | 101 | 15793 |
| IDACORP, Inc. (Electric Utilities) | 131 | 17395 |
| Illumina, Inc.\* (Life Sciences Tools & Services) | 369 | 53435 |
| Independence Realty Trust, Inc. (Residential <br>REITs) | 575 | 9603 |
| Ingredion, Inc. (Food Products) | 154 | 18188 |
| International Bancshares Corp. (Banks) | 131 | 9123 |
| IPG Photonics Corp.\* (Electronic Equipment, <br>Instruments & Components) | 60 | 5545 |
| ITT, Inc. (Machinery) | 205 | 37372 |
| Janus Henderson Group PLC (Capital Markets) | 300 | 14439 |
| Jazz Pharmaceuticals PLC\* (Pharmaceuticals) | 145 | 23851 |
| Jefferies Financial Group, Inc. (Capital Markets) | 396 | 24227 |
| Jones Lang LaSalle, Inc.\* (Real Estate <br>Management & Development) | 115 | 41160 |
| KB Home (Household Durables) | 157 | 9034 |
| KBR, Inc. (Professional Services) | 307 | 13143 |
| Kemper Corp. (Insurance) | 143 | 5636 |
| Kilroy Realty Corp. (Office REITs) | 263 | 9068 |
| Kinsale Capital Group, Inc. (Insurance) | 53 | 20982 |
| Kirby Corp.\* (Marine Transportation) | 131 | 15413 |
| Kite Realty Group Trust (Retail REITs) | 521 | 12238 |
| Knife River Corp. (Construction Materials) | 138 | 9269 |
| Knight-Swift Transportation Holdings, Inc. <br>(Ground Transportation) | 389 | 21434 |
| Kratos Defense & Security Solutions, Inc.\* <br>(Aerospace & Defense) | 408 | 42028 |
| Kyndryl Holdings, Inc.\* (IT Services) | 551 | 12673 |
| Lamar Advertising Co.—Class A (Specialized <br>REITs) | 210 | 26945 |
| Lancaster Colony Corp. (Food Products) | 48 | 8235 |
| Landstar System, Inc. (Ground Transportation) | 83 | 12397 |
| Lantheus Holdings, Inc.\* (Health Care <br>Equipment & Supplies) | 159 | 10640 |
| Lattice Semiconductor Corp.\* <br>(Semiconductors & Semiconductor <br>Equipment) | 329 | 26491 |
| Lear Corp. (Automobile Components) | 127 | 14870 |
| Lincoln Electric Holdings, Inc. (Machinery) | 131 | 34761 |
| Lithia Motors, Inc.—Class A (Specialty Retail) | 60 | 19406 |
| Littelfuse, Inc. (Electronic Equipment, <br>Instruments & Components) | 60 | 19426 |
| LivaNova PLC\* (Health Care Equipment & <br>Supplies) | 131 | 8608 |
| Louisiana-Pacific Corp. (Paper & Forest <br>Products) | 154 | 12896 |
| Lumentum Holdings, Inc.\* (Communications <br>Equipment) | 170 | 66613 |
| MACOM Technology Solutions Holdings, Inc.\* <br>(Semiconductors & Semiconductor <br>Equipment) | 154 | 33735 |
| Macy's, Inc. (Broadline Retail) | 648 | 12973 |
| Manhattan Associates, Inc.\* (Software) | 145 | 21896 |
| Maplebear, Inc.\* (Consumer Staples <br>Distribution & Retail) | 445 | 16536 |
| Masimo Corp.\* (Health Care Equipment & <br>Supplies) | 108 | 14832 |
| MasTec, Inc.\* (Construction & Engineering) | 147 | 35350 |
| Matador Resources Co. (Oil, Gas & <br>Consumable Fuels) | 281 | 12712 |

---

**Common Stocks, continued**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Shares |  |  | Value |  |  |
| Mattel, Inc.\* (Leisure Products) |  | 750 |  |  | $15667 |  |
| Maximus, Inc. (Professional Services) |  | 138 |  |  | 13033 |  |
| Medpace Holdings, Inc.\* (Life Sciences <br>Tools & Services) |  | 53 |  |  | 30871 |  |
| MGIC Investment Corp. (Financial Services) |  | 540 |  |  | 14537 |  |
| MKS, Inc. (Semiconductors & Semiconductor <br>Equipment) |  | 161 |  |  | 37901 |  |
| Morningstar, Inc. (Capital Markets) |  | 60 |  |  | 12125 |  |
| MP Materials Corp.\* (Metals & Mining) |  | 325 |  |  | 19100 |  |
| MSA Safety, Inc. (Commercial Services & <br>Supplies) |  | 90 |  |  | 15944 |  |
| MSC Industrial Direct Co., Inc. (Trading <br>Companies & Distributors) |  | 108 |  |  | 9109 |  |
| Mueller Industries, Inc. (Machinery) |  | 267 |  |  | 36349 |  |
| Murphy Oil Corp. (Oil, Gas & Consumable <br>Fuels) |  | 325 |  |  | 9779 |  |
| Murphy USA, Inc. (Specialty Retail) |  | 41 |  |  | 17323 |  |
| National Fuel Gas Co. (Gas Utilities) |  | 217 |  |  | 18174 |  |
| National Storage Affiliates Trust (Specialized <br>REITs) |  | 171 |  |  | 5440 |  |
| Neurocrine Biosciences, Inc.\* (Biotechnology) |  | 240 |  |  | 32654 |  |
| New Jersey Resources Corp. (Gas Utilities) |  | 242 |  |  | 11974 |  |
| New York Community Bancorp, Inc. (Banks) |  | 722 |  |  | 9545 |  |
| NewMarket Corp. (Chemicals) |  | 18 |  |  | 12074 |  |
| Nexstar Media Group, Inc. (Media) |  | 71 |  |  | 15079 |  |
| Nextpower, Inc.\*—Class A (Electrical <br>Equipment) |  | 357 |  |  | 41801 |  |
| NNN REIT, Inc. (Retail REITs) |  | 456 |  |  | 19002 |  |
| NorthWestern Energy Group, Inc. <br>(Multi-Utilities) |  | 147 |  |  | 9975 |  |
| NOV, Inc. (Energy Equipment & Services) |  | 881 |  |  | 16166 |  |
| Novanta, Inc.\* (Electronic Equipment, <br>Instruments & Components) |  | 85 |  |  | 11436 |  |
| Nutanix, Inc.\*—Class A (Software) |  | 655 |  |  | 25761 |  |
| nVent Electric PLC (Electrical Equipment) |  | 387 |  |  | 43445 |  |
| OGE Energy Corp. (Electric Utilities) |  | 486 |  |  | 21228 |  |
| Okta, Inc.\* (IT Services) |  | 403 |  |  | 34046 |  |
| Old National Bancorp (Banks) |  | 837 |  |  | 20448 |  |
| Old Republic International Corp. (Insurance) |  | 546 |  |  | 21387 |  |
| Olin Corp. (Chemicals) |  | 275 |  |  | 5723 |  |
| Ollie's Bargain Outlet Holdings, Inc.\* <br>(Broadline Retail) |  | 147 |  |  | 16216 |  |
| Omega Healthcare Investors, Inc. <br>(Health Care REITs) |  | 712 |  |  | 31243 |  |
| ONE Gas, Inc. (Gas Utilities) |  | 145 |  |  | 11536 |  |
| Onto Innovation, Inc.\* (Semiconductors & <br>Semiconductor Equipment) |  | 118 |  |  | 23842 |  |
| Option Care Health, Inc.\* (Health Care <br>Providers & Services) |  | 383 |  |  | 13022 |  |
| Ormat Technologies, Inc. (Independent <br>Power/Renewable Electricity Producers) |  | 145 |  |  | 18116 |  |
| Oshkosh Corp. (Machinery) |  | 154 |  |  | 22148 |  |
| Ovintiv, Inc. (Oil, Gas & Consumable Fuels) |  | 611 |  |  | 26560 |  |
| Owens Corning (Building Products) |  | 198 |  |  | 23728 |  |
| Park Hotels & Resorts, Inc. (Hotel & Resort <br>REITs) |  | 485 |  |  | 5301 |  |
| Parsons Corp.\* (Professional Services) |  | 127 |  |  | 8898 |  |
| Paylocity Holding Corp.\* (Professional Services) | Paylocity Holding Corp.\* (Professional Services) | Paylocity Holding Corp.\* (Professional Services) | 106 |  |  | 14308 |
| PBF Energy, Inc.—Class A (Oil, Gas & <br>Consumable Fuels) |  | 199 |  |  | 6659 |  |
| Pegasystems, Inc. (Software) |  | 221 |  |  | 9655 |  |

---

**See accompanying notes to financial statements.**

**52 :: Mid-Cap ProFund ::** Schedule of Portfolio Investments :: January 31, 2026 (unaudited)

**Common Stocks, continued**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Shares |  |  | Value |  |  |
| Penske Automotive Group, Inc. (Specialty <br>Retail) |  | 44 |  |  | $6899 |  |
| Penumbra, Inc.\* (Health Care Equipment & <br>Supplies) |  | 94 |  |  | 33667 |  |
| Performance Food Group Co.\* (Consumer <br>Staples Distribution & Retail) |  | 378 |  |  | 36080 |  |
| Permian Resources Corp. (Oil, Gas & <br>Consumable Fuels) |  | 1671 |  |  | 26953 |  |
| Pilgrim's Pride Corp.\* (Food Products) |  | 104 |  |  | 4510 |  |
| Pinnacle Financial Partners, Inc. (Banks) |  | 359 |  |  | 34138 |  |
| Pinterest, Inc.\*—Class A (Interactive Media & <br>Services) |  | 1434 |  |  | 31735 |  |
| Planet Fitness, Inc.\*—Class A (Hotels, <br>Restaurants & Leisure) |  | 200 |  |  | 18208 |  |
| Polaris, Inc. (Leisure Products) |  | 127 |  |  | 8108 |  |
| Portland General Electric Co. (Electric Utilities) |  | 270 |  |  | 13568 |  |
| Post Holdings, Inc.\* (Food Products) |  | 115 |  |  | 11766 |  |
| Primerica, Inc. (Insurance) |  | 78 |  |  | 20517 |  |
| Prosperity Bancshares, Inc. (Banks) |  | 228 |  |  | 15734 |  |
| Pure Storage, Inc.\*—Class A (Technology <br>Hardware, Storage & Peripherals) |  | 751 |  |  | 52225 |  |
| PVH Corp. (Textiles, Apparel & Luxury Goods) |  | 118 |  |  | 7358 |  |
| Qualys, Inc.\* (Software) |  | 85 |  |  | 11212 |  |
| Rambus, Inc.\* (Semiconductors & <br>Semiconductor Equipment) |  | 258 |  |  | 29368 |  |
| Range Resources Corp. (Oil, Gas & <br>Consumable Fuels) |  | 569 |  |  | 21537 |  |
| Rayonier, Inc. (Specialized REITs) |  | 663 |  |  | 15077 |  |
| Rb Global, Inc.\* (Commercial Services & <br>Supplies) |  | 445 |  |  | 50539 |  |
| RBC Bearings, Inc.\* (Machinery) |  | 76 |  |  | 37974 |  |
| Regal Rexnord Corp. (Electrical Equipment) |  | 159 |  |  | 25679 |  |
| Reinsurance Group of America, Inc. (Insurance) | Reinsurance Group of America, Inc. (Insurance) | Reinsurance Group of America, Inc. (Insurance) | 159 |  |  | 32237 |
| Reliance, Inc. (Metals & Mining) |  | 127 |  |  | 41847 |  |
| RenaissanceRe Holdings, Ltd. (Insurance) |  | 113 |  |  | 31832 |  |
| Repligen Corp.\* (Life Sciences Tools & <br>Services) |  | 127 |  |  | 18970 |  |
| Rexford Industrial Realty, Inc. (Industrial REITs) |  | 558 |  |  | 22616 |  |
| RH\* (Specialty Retail) |  | 37 |  |  | 7357 |  |
| RLI Corp. (Insurance) |  | 221 |  |  | 12913 |  |
| Roivant Sciences, Ltd.\* (Biotechnology) |  | 1056 |  |  | 22831 |  |
| Royal Gold, Inc. (Metals & Mining) |  | 196 |  |  | 51608 |  |
| RPM International, Inc. (Chemicals) |  | 311 |  |  | 33265 |  |
| Ryan Specialty Holdings, Inc.\* (Insurance) |  | 274 |  |  | 13229 |  |
| Ryder System, Inc. (Ground Transportation) |  | 97 |  |  | 18554 |  |
| Sabra Health Care REIT, Inc. (Health Care <br>REITs) |  | 600 |  |  | 11238 |  |
| Saia, Inc.\* (Ground Transportation) |  | 65 |  |  | 21767 |  |
| Science Applications International Corp. <br>(Professional Services) |  | 113 |  |  | 11499 |  |
| SEI Investments Co. (Capital Markets) |  | 223 |  |  | 19591 |  |
| Selective Insurance Group, Inc. (Insurance) |  | 145 |  |  | 12192 |  |
| Sensata Technologies Holding PLC (Electrical <br>Equipment) |  | 353 |  |  | 12210 |  |
| Service Corp. International (Diversified <br>Consumer Services) |  | 336 |  |  | 27025 |  |
| Shift4 Payments, Inc.\*<sup>(a)</sup>—Class A (Financial <br>Services) |  | 161 |  |  | 9505 |  |
| Silicon Laboratories, Inc.\* (Semiconductors & <br>Semiconductor Equipment) |  | 78 |  |  | 11111 |  |
| Siligan Holdings, Inc. (Containers & Packaging) |  | 212 |  |  | 9148 |  |

---

**Common Stocks, continued**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Shares |  |  | Value |  |  |
| Simpson Manufacturing Co., Inc. (Building <br>Products) |  | 101 |  |  | $17855 |  |
| SLM Corp. (Consumer Finance) |  | 489 |  |  | 13276 |  |
| Sonoco Products Co. (Containers & Packaging) |  | 237 |  |  | 11376 |  |
| Sotera Health Co.\* (Life Sciences Tools & <br>Services) |  | 501 |  |  | 9078 |  |
| SouthState Bank Corp. (Banks) |  | 242 |  |  | 24764 |  |
| Southwest Gas Holdings, Inc. (Gas Utilities) |  | 154 |  |  | 12754 |  |
| Spire, Inc. (Gas Utilities) |  | 143 |  |  | 12082 |  |
| Sprouts Farmers Market, Inc.\* (Consumer <br>Staples Distribution & Retail) |  | 235 |  |  | 16664 |  |
| SPX Technologies, Inc.\* (Machinery) |  | 120 |  |  | 25009 |  |
| STAG Industrial, Inc. (Industrial REITs) |  | 450 |  |  | 16880 |  |
| STANDARDAERO INC\* (Aerospace & Defense) |  | 337 |  |  | 10410 |  |
| Starwood Property Trust, Inc. (Mortgage REITs) | Starwood Property Trust, Inc. (Mortgage REITs) | Starwood Property Trust, Inc. (Mortgage REITs) | 840 |  |  | 15061 |
| Sterling Infrastructure, Inc.\* (Construction & <br>Engineering) |  | 76 |  |  | 27201 |  |
| Stifel Financial Corp. (Capital Markets) |  | 247 |  |  | 30455 |  |
| Synaptics, Inc.\* (Semiconductors & <br>Semiconductor Equipment) |  | 94 |  |  | 7756 |  |
| Talen Energy Corp.\* (Electric Utilities) |  | 108 |  |  | 37624 |  |
| Taylor Morrison Home Corp.\* (Household <br>Durables) |  | 235 |  |  | 14323 |  |
| TD SYNNEX Corp. (Electronic Equipment, <br>Instruments & Components) |  | 182 |  |  | 28878 |  |
| TechnipFMC PLC (Energy Equipment & <br>Services) |  | 972 |  |  | 54160 |  |
| Tempur Sealy International, Inc. (Household <br>Durables) |  | 505 |  |  | 44364 |  |
| Tenet Healthcare Corp.\* (Health Care <br>Providers & Services) |  | 212 |  |  | 40128 |  |
| Terex Corp. (Machinery) |  | 159 |  |  | 9063 |  |
| Tetra Tech, Inc. (Commercial Services & <br>Supplies) |  | 632 |  |  | 23801 |  |
| Texas Capital Bancshares, Inc.\* (Banks) |  | 108 |  |  | 10926 |  |
| Texas Roadhouse, Inc. (Hotels, Restaurants & <br>Leisure) |  | 159 |  |  | 28597 |  |
| The Boston Beer Co., Inc.\*—Class A <br>(Beverages) |  | 18 |  |  | 3845 |  |
| The Brink's Co. (Commercial Services & <br>Supplies) |  | 101 |  |  | 12831 |  |
| The Carlyle Group, Inc. (Capital Markets) |  | 624 |  |  | 36680 |  |
| The Ensign Group, Inc. (Health Care <br>Providers & Services) |  | 138 |  |  | 23689 |  |
| The Gap, Inc. (Specialty Retail) |  | 544 |  |  | 15221 |  |
| The Goodyear Tire & Rubber Co.\* (Automobile <br>Components) |  | 689 |  |  | 6483 |  |
| The Hanover Insurance Group, Inc. (Insurance) |  | 85 |  |  | 14802 |  |
| The Middleby Corp.\* (Machinery) |  | 113 |  |  | 16630 |  |
| The New York Times Co.—Class A (Media) |  | 387 |  |  | 28371 |  |
| The Scotts Miracle-Gro Co. (Chemicals) |  | 106 |  |  | 6807 |  |
| The Timken Co. (Machinery) |  | 154 |  |  | 14351 |  |
| The Toro Co. (Machinery) |  | 235 |  |  | 21503 |  |
| Thor Industries, Inc. (Automobiles) |  | 127 |  |  | 14207 |  |
| Toll Brothers, Inc. (Household Durables) |  | 233 |  |  | 33666 |  |
| TopBuild Corp.\* (Household Durables) |  | 67 |  |  | 31359 |  |
| TransUnion (Professional Services) |  | 468 |  |  | 36980 |  |
| Travel + Leisure Co. (Hotels, Restaurants & <br>Leisure) |  | 157 |  |  | 10918 |  |
| Trex Co., Inc.\* (Building Products) |  | 258 |  |  | 10686 |  |
| TTM Technologies, Inc.\* (Electronic Equipment, <br>Instruments & Components) | TTM Technologies, Inc.\* (Electronic Equipment, <br>Instruments & Components) | TTM Technologies, Inc.\* (Electronic Equipment, <br>Instruments & Components) | 249 |  |  | 24452 |

---

**See accompanying notes to financial statements.**

January 31, 2026 (unaudited) :: Schedule of Portfolio Investments **:: Mid-Cap ProFund :: 53**

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
|  | Shares |  |
| Twilio, Inc.\*—Class A (Software) | 366 | $44089 |
| TXNM Energy, Inc. (Electric Utilities) | 237 | 13964 |
| UFP Industries, Inc. (Building Products) | 138 | 14253 |
| UGI Corp. (Gas Utilities) | 516 | 20697 |
| UiPath, Inc.\*—Class A (Software) | 1012 | 12741 |
| UL Solutions, Inc.\*—Class A (Professional <br>Services) | 182 | 12782 |
| UMB Financial Corp. (Banks) | 173 | 21995 |
| United Bankshares, Inc. (Banks) | 337 | 14265 |
| United Therapeutics Corp.\* (Biotechnology) | 104 | 48827 |
| Universal Display Corp. (Semiconductors & <br>Semiconductor Equipment) | 106 | 12171 |
| Unum Group (Insurance) | 371 | 28185 |
| US Foods Holding Corp.\* (Consumer Staples <br>Distribution & Retail) | 535 | 44737 |
| Vail Resorts, Inc. (Hotels, Restaurants & <br>Leisure) | 85 | 11311 |
| Valaris, Ltd.\* (Energy Equipment & Services) | 157 | 9064 |
| Valley National Bancorp (Banks) | 1155 | 14391 |
| Valmont Industries, Inc. (Construction & <br>Engineering) | 48 | 21387 |
| Valvoline, Inc.\* (Specialty Retail) | 307 | 10045 |
| VF Corp. (Textiles, Apparel & Luxury Goods) | 791 | 15496 |
| Viper Energy, Inc.—Class A (Oil & Gas <br>Producers) | 403 | 17063 |
| Visteon Corp. (Automobile Components) | 67 | 6088 |
| Vontier Corp. (Electronic Equipment, <br>Instruments & Components) | 348 | 13050 |
| Vornado Realty Trust (Office REITs) | 387 | 12338 |
| Voya Financial, Inc. (Financial Services) | 228 | 17478 |
| Warner Music Group Corp.—Class A <br>(Entertainment) | 353 | 10583 |
| Watsco, Inc. (Trading Companies & <br>Distributors) | 83 | 32075 |
| Watts Water Technologies, Inc.—Class A <br>(Machinery) | 67 | 20054 |
| Weatherford International PLC (Energy <br>Equipment & Services) | 173 | 16276 |
| Webster Financial Corp. (Banks) | 387 | 25453 |
| WESCO International, Inc. (Trading <br>Companies & Distributors) | 118 | 34153 |
| Western Alliance Bancorp (Banks) | 247 | 22020 |
| Westlake Corp. (Chemicals) | 81 | 6425 |
| WEX, Inc.\* (Financial Services) | 83 | 12774 |
| Whirlpool Corp.<sup>(a)</sup> (Household Durables) | 134 | 10719 |
| Wingstop, Inc. (Hotels, Restaurants & Leisure) | 67 | 17784 |
| Wintrust Financial Corp. (Banks) | 161 | 23746 |
| Woodward, Inc. (Aerospace & Defense) | 145 | 46086 |
| WP Carey, Inc. (Equity REIT—Diversified) | 528 | 36828 |
| Wyndham Hotels & Resorts, Inc. (Hotels, <br>Restaurants & Leisure) | 182 | 13248 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
|  | Shares |  |
| XPO, Inc.\* (Ground Transportation) | 281 | $41618 |
| YETI Holdings, Inc.\* (Leisure Products) | 187 | 8548 |
| Zions Bancorp N.A. (Banks) | 355 | 21268 |
| ZoomInfo Technologies, Inc.\* (Interactive <br>Media & Services) | 662 | 5329 |
| **TOTAL COMMON STOCKS**<br> (Cost $6,639,327) | **TOTAL COMMON STOCKS**<br> (Cost $6,639,327) | **8041487** |

---

**Repurchase Agreements**<sup>(b)(c)</sup> **(13.7%)**

---

| | | | |
|:---|:---|:---|:---|
|  |  | Value |  |
| Repurchase Agreements with various <br>counterparties, rates 3.40%–3.55%, <br>dated 1/31/26, due 2/2/26, total to be <br>received $1,267,247 | $1267000 |  | $1267000 |
| **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $1,267,000) | **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $1,267,000) | **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $1,267,000) | **1267000** |

---

**Collateral for Securities Loaned**<sup>(d)</sup> **(0.2%)**

---

| | |
|:---|:---|
|  | Shares |
| Invesco Government & Agency Portfolio—<br>Institutional Shares, 3.69%<sup>(e)</sup> | 21587 |
| **TOTAL COLLATERAL FOR SECURITIES LOANED**<br> (Cost $21,587) | **TOTAL COLLATERAL FOR SECURITIES LOANED**<br> (Cost $21,587) |
| **TOTAL INVESTMENT SECURITIES**<br> (Cost $7,927,914)—101.0% |  |
| Net other assets (liabilities)—(1.0)% |  |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** |

---

\*

Non-income producing security.

<sup>(a)</sup>

All or part of this security was on loan as of January 31, 2026. The total value of securities on loan as of January 31, 2026 was $20,797.

<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 January 31, 2026, the aggregate amount held in a segregated account was $177,000.

<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>

Securities were purchased with cash collateral held from securities on loan at January 31, 2026.

<sup>(e)</sup>

Rate periodically changes. Rate disclosed is the daily yield as of January 31, 2026.

<sup>REIT</sup>

Real Estate Investment Trust

**See accompanying notes to financial statements.**

**54 :: Mid-Cap ProFund ::** Schedule of Portfolio Investments :: January 31, 2026 (unaudited)

**Total Return Swap Agreements—Long**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Underlying Instrument | Counterparty | Termination<br>Date<sup>(1)</sup> | Rate Paid<br>(Received)<sup>(2)</sup> |  | Value and<br>Unrealized<br>Appreciation/<br>(Depreciation) |
| S&P MidCap 400 | Goldman Sachs International | 2/27/26 |  | 4.29% | $619744 |
| S&P MidCap 400 | UBS AG | 2/27/26 |  | 4.44% | 639301 |

---

<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 January 31, 2026, 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 January 31, 2026:

---

| | | | |
|:---|:---|:---|:---|
|  |  | % of<br>Net Assets |  |
| Aerospace & Defense | $240000 |  | 2.6% |
| Air Freight & Logistics | 15619 |  | 0.2% |
| Automobile Components | 84423 |  | 0.9% |
| Automobiles | 19890 |  | 0.2% |
| Banks | 484000 |  | 5.3% |
| Beverages | 45034 |  | 0.5% |
| Biotechnology | 195434 |  | 2.1% |
| Broadline Retail | 29189 |  | 0.3% |
| Building Products | 157605 |  | 1.7% |
| Capital Markets | 236335 |  | 2.6% |
| Chemicals | 105316 |  | 1.1% |
| Commercial Services & Supplies | 134304 |  | 1.5% |
| Communications Equipment | 152480 |  | 1.7% |
| Construction & Engineering | 158351 |  | 1.7% |
| Construction Materials | 25167 |  | 0.3% |
| Consumer Finance | 57842 |  | 0.6% |
| Consumer Staples Distribution & Retail | 213865 |  | 2.4% |
| Containers & Packaging | 84109 |  | 0.9% |
| Diversified Consumer Services | 71835 |  | 0.8% |
| Electric Utilities | 103779 |  | 1.1% |
| Electrical Equipment | 161308 |  | 1.7% |
| Electronic Equipment, Instruments & <br>Components | 364729 |  | 3.8% |
| Energy Equipment & Services | 95666 |  | 1.0% |
| Entertainment | 10583 |  | 0.1% |
| Equity REIT—Diversified | 36828 |  | 0.4% |
| Financial Services | 127559 |  | 1.4% |
| Food Products | 66016 |  | 0.7% |
| Gas Utilities | 87217 |  | 0.9% |
| Ground Transportation | 120485 |  | 1.3% |
| Health Care Equipment & Supplies | 114795 |  | 1.2% |
| Health Care Providers & Services | 145853 |  | 1.6% |
| Health Care REITs | 76592 |  | 0.8% |
| Health Care Technology | 12440 |  | 0.1% |
| Hotel & Resort REITs | 5301 |  | 0.1% |
| Hotels, Restaurants & Leisure | 179043 |  | 1.9% |
| Household Durables | 143465 |  | 1.6% |
| Independent Power/Renewable Electricity <br>Producers | 18116 |  | 0.2% |
| Industrial REITs | 81017 |  | 0.9% |
| Industrial Support Services | 36997 |  | 0.4% |
| Insurance | 303170 |  | 3.3% |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | % of<br>Net Assets |  |
| Interactive Media & Services | $37064 |  | 0.4% |
| IT Services | 52136 |  | 0.6% |
| Leisure Facilities & Services | 31192 |  | 0.3% |
| Leisure Products | 44917 |  | 0.5% |
| Life Sciences Tools & Services | 155022 |  | 1.7% |
| Machinery | 462267 |  | 5.0% |
| Marine Transportation | 15413 |  | 0.2% |
| Media | 80246 |  | 0.9% |
| Metals & Mining | 300884 |  | 3.3% |
| Mortgage REITs | 52867 |  | 0.6% |
| Multi-Utilities | 23258 |  | 0.3% |
| Office REITs | 39972 |  | 0.4% |
| Oil & Gas Producers | 17063 |  | 0.2% |
| Oil, Gas & Consumable Fuels | 222213 |  | 2.4% |
| Paper & Forest Products | 12896 |  | 0.1% |
| Passenger Airlines | 35342 |  | 0.4% |
| Personal Care Products | 22554 |  | 0.2% |
| Pharmaceuticals | 52651 |  | 0.6% |
| Professional Services | 226399 |  | 2.5% |
| Real Estate Management & Development | 41160 |  | 0.4% |
| Residential REITs | 63531 |  | 0.7% |
| Retail—Discretionary | 10813 |  | 0.1% |
| Retail REITs | 70946 |  | 0.8% |
| Semiconductors & Semiconductor <br>Equipment | 265806 |  | 2.9% |
| Software | 273337 |  | 2.9% |
| Specialized REITs | 108550 |  | 1.1% |
| Specialty Retail | 259921 |  | 2.8% |
| Technology Hardware, Storage & <br>Peripherals | 52225 |  | 0.6% |
| Textiles, Apparel & Luxury Goods | 43352 |  | 0.5% |
| Trading Companies & Distributors | 139356 |  | 1.5% |
| Water Utilities | 26377 |  | 0.3% |
| Other\*\* | 1198390 |  | 12.9% |
| **Total** | $**9239877** |  | **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.**

January 31, 2026 (unaudited) :: Schedule of Portfolio Investments **:: Mid-Cap Value ProFund :: 55**

**Common Stocks (99.8%)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Shares |  | Value |  |
| Abercrombie & Fitch Co.\*—Class A <br>(Specialty Retail) |  | 39 |  | $3808 |
| Acuity, Inc. (Electrical Equipment) |  | 14 |  | 4329 |
| Advanced Drainage Systems, Inc. (Building <br>Products) |  | 43 |  | 6538 |
| AECOM\* (Construction & Engineering) |  | 103 |  | 9932 |
| AGCO Corp. (Machinery) |  | 86 |  | 9753 |
| Agree Realty Corp. (Retail REITs) |  | 87 |  | 6284 |
| Alaska Air Group, Inc.\* (Passenger Airlines) |  | 161 |  | 8184 |
| Albertsons Cos., Inc.—Class A (Consumer <br>Staples Distribution & Retail) |  | 546 |  | 9091 |
| Alcoa Corp. (Metals & Mining) |  | 359 |  | 20395 |
| Allegro MicroSystems, Inc.\* (Semiconductors & <br>Semiconductor Equipment) | Allegro MicroSystems, Inc.\* (Semiconductors & <br>Semiconductor Equipment) | 63 |  | 2325 |
| Ally Financial, Inc. (Consumer Finance) |  | 388 |  | 16405 |
| American Airlines Group, Inc.\* (Passenger <br>Airlines) |  | 911 |  | 12116 |
| American Financial Group, Inc. (Insurance) |  | 59 |  | 7686 |
| American Healthcare REIT, Inc. (Health Care <br>REITs) |  | 95 |  | 4456 |
| American Homes 4 Rent—Class A (Residential <br>REITs) |  | 451 |  | 14126 |
| Amkor Technology, Inc. (Semiconductors & <br>Semiconductor Equipment) |  | 82 |  | 3963 |
| Annaly Capital Management, Inc. (Mortgage <br>REITs) |  | 945 |  | 21745 |
| Antero Resources Corp.\* (Oil, Gas & <br>Consumable Fuels) |  | 405 |  | 14730 |
| Applied Industrial Technologies, Inc. (Trading <br>Companies & Distributors) |  | 23 |  | 5989 |
| AptarGroup, Inc. (Containers & Packaging) |  | 91 |  | 11370 |
| Aramark (Hotels, Restaurants & Leisure) |  | 364 |  | 14010 |
| Arrow Electronics, Inc.\* (Electronic Equipment, <br>Instruments & Components) |  | 72 |  | 9539 |
| ASGN, Inc.\* (IT Services) |  | 60 |  | 3125 |
| Ashland, Inc. (Chemicals) |  | 63 |  | 3853 |
| Associated Banc-Corp. (Banks) |  | 226 |  | 6161 |
| Autoliv, Inc. (Automobile Components) |  | 37 |  | 4486 |
| AutoNation, Inc.\* (Specialty Retail) |  | 39 |  | 7994 |
| Avantor, Inc.\* (Life Sciences Tools & Services) |  | 941 |  | 10276 |
| Avient Corp. (Chemicals) |  | 127 |  | 4591 |
| Avis Budget Group, Inc.\* (Ground <br>Transportation) |  | 6 |  | 690 |
| Avnet, Inc. (Electronic Equipment, <br>Instruments & Components) |  | 112 |  | 6988 |
| Axalta Coating Systems, Ltd.\* (Chemicals) |  | 294 |  | 9873 |
| Bank OZK (Banks) |  | 147 |  | 6991 |
| Bath & Body Works, Inc. (Retail—Discretionary) | Bath & Body Works, Inc. (Retail—Discretionary) | 284 |  | 6191 |
| Belden, Inc. (Electronic Equipment, <br>Instruments & Components) |  | 30 |  | 3525 |
| BellRing Brands, Inc.\* (Personal Care Products) |  | 102 |  | 2536 |
| Bentley Systems, Inc.—Class B (Software) |  | 76 |  | 2669 |
| BILL Holdings, Inc.\* (Software) |  | 63 |  | 2720 |
| BioMarin Pharmaceutical, Inc.\* (Biotechnology) | BioMarin Pharmaceutical, Inc.\* (Biotechnology) | 114 |  | 6445 |
| Bio-Rad Laboratories, Inc.\*—Class A (Life <br>Sciences Tools & Services) |  | 11 |  | 3231 |
| BJ's Wholesale Club Holdings, Inc.\* <br>(Consumer Staples Distribution & Retail) |  | 183 |  | 16917 |
| Black Hills Corp. (Multi-Utilities) |  | 105 |  | 7663 |
| Blackbaud, Inc. (Software) |  | 26 |  | 1396 |
| Booz Allen Hamilton Holding Corporation <br>(Professional Services) |  | 167 |  | 14765 |

---

**Common Stocks, continued**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Shares |  | Value |  |
| BorgWarner, Inc. (Automobile Components) |  | 296 |  | $14033 |
| Brighthouse Financial, Inc.\* (Insurance) |  | 79 |  | 5061 |
| Brixmor Property Group, Inc. (Retail REITs) |  | 229 |  | 6135 |
| Bruker Corp.\* (Life Sciences Tools & Services) |  | 72 |  | 3189 |
| Brunswick Corp. (Leisure Products) |  | 90 |  | 7220 |
| Burlington Stores, Inc.\* (Specialty Retail) |  | 34 |  | 10059 |
| Cabot Corp. (Chemicals) |  | 74 |  | 5342 |
| Capri Holdings, Ltd.\* (Textiles, Apparel & <br>Luxury Goods) |  | 85 |  | 1918 |
| Carlisle Cos., Inc. (Building Products) |  | 33 |  | 11249 |
| Cava Group, Inc.\* (Leisure Facilities & Services) | Cava Group, Inc.\* (Leisure Facilities & Services) | 80 |  | 4850 |
| Chemed Corp. (Health Care Providers & <br>Services) |  | 10 |  | 4271 |
| Chewy, Inc.\*—Class A (Specialty Retail) |  | 104 |  | 3027 |
| Choice Hotels International, Inc.\* (Hotels, <br>Restaurants & Leisure) |  | 12 |  | 1234 |
| Chord Energy Corp. (Oil, Gas & Consumable <br>Fuels) |  | 79 |  | 7919 |
| Cirrus Logic, Inc.\* (Semiconductors & <br>Semiconductor Equipment) |  | 31 |  | 4041 |
| Clean Harbors, Inc.\* (Commercial Services & <br>Supplies) |  | 34 |  | 8837 |
| Cleveland-Cliffs, Inc.\* (Metals & Mining) |  | 787 |  | 10829 |
| CNH Industrial N.V. (Machinery) |  | 1224 |  | 13170 |
| CNO Financial Group, Inc. (Insurance) |  | 132 |  | 5551 |
| CNX Resources Corp.\* (Oil, Gas & Consumable <br>Fuels) |  | 187 |  | 7256 |
| Cognex Corp. (Electronic Equipment, <br>Instruments & Components) |  | 115 |  | 4455 |
| Columbia Banking System, Inc. (Banks) |  | 414 |  | 12188 |
| Columbia Sportswear Co. (Textiles, Apparel & <br>Luxury Goods) |  | 36 |  | 1990 |
| Commerce Bancshares, Inc. (Banks) |  | 180 |  | 9475 |
| Commercial Metals Co. (Metals & Mining) |  | 153 |  | 11761 |
| CommVault Systems, Inc.\* (Software) |  | 23 |  | 1971 |
| Concentrix Corp. (Professional Services) |  | 61 |  | 2278 |
| COPT Defense Properties (Office REITs) |  | 92 |  | 2835 |
| Core & Main, Inc.\*—Class A (Trading <br>Companies & Distributors) |  | 148 |  | 7897 |
| Corebridge Financial, Inc (Financial Services) |  | 370 |  | 11408 |
| Coty, Inc.—Class A (Personal Care Products) |  | 509 |  | 1614 |
| Cousins Properties, Inc. (Office REITs) |  | 232 |  | 5856 |
| Crane Co. (Machinery) |  | 33 |  | 6027 |
| Crane NXT Co. (Electronic Equipment, <br>Instruments & Components) |  | 41 |  | 2071 |
| Crocs, Inc.\* (Textiles, Apparel & Luxury Goods) |  | 41 |  | 3441 |
| Crown Holdings, Inc. (Containers & Packaging) |  | 158 |  | 16540 |
| CubeSmart (Specialized REITs) |  | 173 |  | 6493 |
| Cullen/Frost Bankers, Inc. (Banks) |  | 44 |  | 6064 |
| Cytokinetics, Inc.\* (Biotechnology) |  | 78 |  | 4929 |
| Darling Ingredients, Inc.\* (Food Products) |  | 219 |  | 10000 |
| DENTSPLY SIRONA, Inc. (Health Care <br>Equipment & Supplies) |  | 274 |  | 3417 |
| Dick's Sporting Goods, Inc. (Specialty Retail) |  | 55 |  | 11110 |
| DocuSign, Inc.\* (Software) |  | 114 |  | 5990 |
| Dolby Laboratories, Inc.\*—Class A (Software) |  | 48 |  | 3081 |
| Donaldson Co., Inc. (Machinery) |  | 52 |  | 5301 |
| DT Midstream, Inc. (Oil, Gas & Consumable <br>Fuels) |  | 40 |  | 5041 |
| Duolingo, Inc.\* (Diversified Consumer Services) | Duolingo, Inc.\* (Diversified Consumer Services) | 17 |  | 2279 |
| Dutch Bros, Inc.\* (Leisure Facilities & Services) |  | 78 |  | 4242 |
| Eagle Materials, Inc. (Construction Materials) |  | 22 |  | 4484 |

---

**See accompanying notes to financial statements.**

**56 :: Mid-Cap Value ProFund ::** Schedule of Portfolio Investments :: January 31, 2026 (unaudited)

**Common Stocks, continued**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Shares |  | Value |  |
| East West Bancorp, Inc. (Banks) |  | 94 |  | $10757 |
| EastGroup Properties, Inc. (Industrial REITs) |  | 28 |  | 5086 |
| elf Beauty, Inc.\* (Personal Care Products) |  | 28 |  | 2380 |
| Entegris, Inc. (Semiconductors & <br>Semiconductor Equipment) |  | 125 |  | 14759 |
| Envista Holdings Corp.\* (Health Care <br>Equipment & Supplies) |  | 228 |  | 5351 |
| EPR Properties (Specialized REITs) |  | 51 |  | 2766 |
| Equitable Holdings, Inc. (Financial Services) |  | 206 |  | 9558 |
| Equity LifeStyle Properties, Inc. (Residential <br>REITs) |  | 131 |  | 8275 |
| Esab Corp. (Machinery) |  | 44 |  | 5328 |
| Essent Group, Ltd. (Financial Services) |  | 77 |  | 4845 |
| Essential Utilities, Inc. (Water Utilities) |  | 393 |  | 15244 |
| Euronet Worldwide, Inc.\* (Financial Services) |  | 54 |  | 3913 |
| Evercore, Inc. (Capital Markets) |  | 20 |  | 7065 |
| Exponent, Inc. (Professional Services) |  | 33 |  | 2372 |
| F.N.B. Corp. (Banks) |  | 494 |  | 8670 |
| Fidelity National Financial, Inc. (Insurance) |  | 352 |  | 19144 |
| First American Financial Corp. (Insurance) |  | 141 |  | 8908 |
| First Financial Bankshares, Inc. (Banks) |  | 105 |  | 3341 |
| First Horizon Corp. (Banks) |  | 682 |  | 16702 |
| Floor & Decor Holdings, Inc.\*—Class A <br>(Specialty Retail) |  | 149 |  | 9828 |
| Flowers Foods, Inc. (Food Products) |  | 291 |  | 3326 |
| Fluor Corp. (Construction & Engineering) |  | 222 |  | 10255 |
| Fortune Brands Innovations, Inc. (Building <br>Products) |  | 71 |  | 3841 |
| FTI Consulting, Inc.\* (Professional Services) |  | 26 |  | 4541 |
| GameStop Corp.—Class A (Specialty Retail) |  | 570 |  | 13611 |
| Gaming and Leisure Properties, Inc. <br>(Specialized REITs) |  | 214 |  | 9576 |
| GATX Corp. (Trading Companies & Distributors) | GATX Corp. (Trading Companies & Distributors) | 20 |  | 3638 |
| Genpact, Ltd. (Professional Services) |  | 117 |  | 5160 |
| Gentex Corp. (Automobile Components) |  | 182 |  | 4188 |
| Glacier Bancorp, Inc. (Banks) |  | 178 |  | 9021 |
| Graco, Inc. (Machinery) |  | 112 |  | 9781 |
| Graham Holdings Co.—Class B (Diversified <br>Consumer Services) |  | 3 |  | 3500 |
| Graphic Packaging Holding Co. (Containers & <br>Packaging) |  | 407 |  | 5963 |
| Greif, Inc.—Class A (Containers & Packaging) |  | 37 |  | 2613 |
| GXO Logistics, Inc.\* (Air Freight & Logistics) |  | 159 |  | 8998 |
| H&R Block, Inc. (Diversified Consumer Services) | H&R Block, Inc. (Diversified Consumer Services) | 85 |  | 3353 |
| Haemonetics Corp.\* (Health Care Equipment & <br>Supplies) |  | 26 |  | 1733 |
| Hamilton Lane, Inc.—Class A (Capital Markets) |  | 27 |  | 3813 |
| Hancock Whitney Corp. (Banks) |  | 115 |  | 7912 |
| Harley-Davidson, Inc. (Automobiles) |  | 162 |  | 3208 |
| Healthcare Realty Trust, Inc. (Health Care REITs) | Healthcare Realty Trust, Inc. (Health Care REITs) | 485 |  | 8143 |
| HF Sinclair Corp. (Oil, Gas & Consumable Fuels) | HF Sinclair Corp. (Oil, Gas & Consumable Fuels) | 216 |  | 11230 |
| Home BancShares, Inc. (Banks) |  | 254 |  | 7341 |
| Houlihan Lokey, Inc. (Capital Markets) |  | 36 |  | 6060 |
| Hyatt Hotels Corp.\*—Class A (Hotels, <br>Restaurants & Leisure) |  | 17 |  | 2658 |
| IDACORP, Inc. (Electric Utilities) |  | 36 |  | 4780 |
| Illumina, Inc.\* (Life Sciences Tools & Services) |  | 97 |  | 14047 |
| Independence Realty Trust, Inc. (Residential <br>REITs) |  | 330 |  | 5511 |
| Ingredion, Inc. (Food Products) |  | 87 |  | 10274 |
| International Bancshares Corp. (Banks) |  | 40 |  | 2786 |

---

**Common Stocks, continued**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Shares |  | Value |  |
| IPG Photonics Corp.\* (Electronic Equipment, <br>Instruments & Components) |  | 35 |  | $3234 |
| Janus Henderson Group PLC (Capital Markets) |  | 171 |  | 8230 |
| Jefferies Financial Group, Inc. (Capital Markets) |  | 228 |  | 13949 |
| Jones Lang LaSalle, Inc.\* (Real Estate <br>Management & Development) |  | 66 |  | 23622 |
| KB Home (Household Durables) |  | 89 |  | 5121 |
| KBR, Inc. (Professional Services) |  | 176 |  | 7535 |
| Kemper Corp. (Insurance) |  | 81 |  | 3192 |
| Kilroy Realty Corp. (Office REITs) |  | 150 |  | 5172 |
| Kirby Corp.\* (Marine Transportation) |  | 40 |  | 4706 |
| Kite Realty Group Trust (Retail REITs) |  | 300 |  | 7047 |
| Knife River Corp. (Construction Materials) |  | 47 |  | 3157 |
| Knight-Swift Transportation Holdings, Inc. <br>(Ground Transportation) |  | 223 |  | 12287 |
| Kyndryl Holdings, Inc.\* (IT Services) |  | 316 |  | 7268 |
| Lamar Advertising Co.—Class A (Specialized <br>REITs) |  | 49 |  | 6287 |
| Lancaster Colony Corp. (Food Products) |  | 14 |  | 2402 |
| Landstar System, Inc. (Ground Transportation) |  | 48 |  | 7169 |
| Lantheus Holdings, Inc.\* (Health Care <br>Equipment & Supplies) |  | 28 |  | 1874 |
| Lattice Semiconductor Corp.\* <br>(Semiconductors & Semiconductor <br>Equipment) |  | 77 |  | 6200 |
| Lear Corp. (Automobile Components) |  | 72 |  | 8430 |
| Lincoln Electric Holdings, Inc. (Machinery) |  | 24 |  | 6368 |
| Lithia Motors, Inc.—Class A (Specialty Retail) |  | 33 |  | 10674 |
| Littelfuse, Inc. (Electronic Equipment, <br>Instruments & Components) |  | 20 |  | 6475 |
| Louisiana-Pacific Corp. (Paper & Forest <br>Products) |  | 87 |  | 7285 |
| Macy's, Inc. (Broadline Retail) |  | 371 |  | 7427 |
| Manhattan Associates, Inc.\* (Software) |  | 32 |  | 4832 |
| Maplebear, Inc.\* (Consumer Staples <br>Distribution & Retail) |  | 255 |  | 9476 |
| Masimo Corp.\* (Health Care Equipment & <br>Supplies) |  | 28 |  | 3845 |
| Matador Resources Co. (Oil, Gas & <br>Consumable Fuels) |  | 162 |  | 7329 |
| Mattel, Inc.\* (Leisure Products) |  | 257 |  | 5369 |
| Maximus, Inc. (Professional Services) |  | 36 |  | 3400 |
| MGIC Investment Corp. (Financial Services) |  | 151 |  | 4065 |
| MKS, Inc. (Semiconductors & Semiconductor <br>Equipment) |  | 28 |  | 6591 |
| Morningstar, Inc. (Capital Markets) |  | 17 |  | 3436 |
| MP Materials Corp.\* (Metals & Mining) |  | 76 |  | 4467 |
| MSA Safety, Inc. (Commercial Services & <br>Supplies) |  | 20 |  | 3543 |
| MSC Industrial Direct Co., Inc. (Trading <br>Companies & Distributors) |  | 37 |  | 3121 |
| Mueller Industries, Inc. (Machinery) |  | 43 |  | 5854 |
| Murphy Oil Corp. (Oil, Gas & Consumable <br>Fuels) |  | 185 |  | 5567 |
| Murphy USA, Inc. (Specialty Retail) |  | 23 |  | 9718 |
| National Fuel Gas Co. (Gas Utilities) |  | 48 |  | 4020 |
| National Storage Affiliates Trust (Specialized <br>REITs) |  | 57 |  | 1813 |
| New Jersey Resources Corp. (Gas Utilities) |  | 141 |  | 6977 |
| New York Community Bancorp, Inc. (Banks) |  | 413 |  | 5460 |
| Nexstar Media Group, Inc. (Media) |  | 17 |  | 3610 |

---

**See accompanying notes to financial statements.**

January 31, 2026 (unaudited) :: Schedule of Portfolio Investments **:: Mid-Cap Value ProFund :: 57**

**Common Stocks, continued**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Shares |  | Value |  |
| Nextpower, Inc.\*—Class A (Electrical <br>Equipment) |  | 73 |  | $8548 |
| NNN REIT, Inc. (Retail REITs) |  | 151 |  | 6292 |
| NorthWestern Energy Group, Inc. <br>(Multi-Utilities) |  | 48 |  | 3257 |
| NOV, Inc. (Energy Equipment & Services) |  | 504 |  | 9248 |
| Novanta, Inc.\* (Electronic Equipment, <br>Instruments & Components) |  | 27 |  | 3633 |
| Nutanix, Inc.\*—Class A (Software) |  | 151 |  | 5939 |
| OGE Energy Corp. (Electric Utilities) |  | 279 |  | 12187 |
| Old National Bancorp (Banks) |  | 481 |  | 11751 |
| Old Republic International Corp. (Insurance) |  | 152 |  | 5954 |
| Olin Corp. (Chemicals) |  | 157 |  | 3267 |
| Omega Healthcare Investors, Inc. (Health Care <br>REITs) |  | 188 |  | 8250 |
| ONE Gas, Inc. (Gas Utilities) |  | 84 |  | 6683 |
| Onto Innovation, Inc.\* (Semiconductors & <br>Semiconductor Equipment) |  | 35 |  | 7072 |
| Oshkosh Corp. (Machinery) |  | 48 |  | 6903 |
| Ovintiv, Inc. (Oil, Gas & Consumable Fuels) |  | 351 |  | 15257 |
| Owens Corning (Building Products) |  | 114 |  | 13661 |
| Park Hotels & Resorts, Inc. (Hotel & Resort <br>REITs) |  | 274 |  | 2995 |
| Parsons Corp.\* (Professional Services) |  | 24 |  | 1681 |
| PBF Energy, Inc.—Class A (Oil, Gas & <br>Consumable Fuels) |  | 114 |  | 3814 |
| Penske Automotive Group, Inc. (Specialty <br>Retail) |  | 26 |  | 4077 |
| Performance Food Group Co.\* (Consumer <br>Staples Distribution & Retail) |  | 217 |  | 20712 |
| Permian Resources Corp. (Oil, Gas & <br>Consumable Fuels) |  | 959 |  | 15468 |
| Pilgrim's Pride Corp.\* (Food Products) |  | 59 |  | 2559 |
| Pinnacle Financial Partners, Inc. (Banks) |  | 208 |  | 19779 |
| Pinterest, Inc.\*—Class A (Interactive Media & <br>Services) |  | 263 |  | 5821 |
| Polaris, Inc. (Leisure Products) |  | 74 |  | 4724 |
| Portland General Electric Co. (Electric Utilities) |  | 156 |  | 7839 |
| Post Holdings, Inc.\* (Food Products) |  | 67 |  | 6855 |
| Primerica, Inc. (Insurance) |  | 18 |  | 4735 |
| Prosperity Bancshares, Inc. (Banks) |  | 131 |  | 9040 |
| PVH Corp. (Textiles, Apparel & Luxury Goods) |  | 66 |  | 4116 |
| Range Resources Corp. (Oil, Gas & <br>Consumable Fuels) |  | 327 |  | 12377 |
| Rayonier, Inc. (Specialized REITs) |  | 383 |  | 8709 |
| Regal Rexnord Corp. (Electrical Equipment) |  | 92 |  | 14858 |
| Reinsurance Group of America, Inc. (Insurance) | Reinsurance Group of America, Inc. (Insurance) | 91 |  | 18449 |
| Reliance, Inc. (Metals & Mining) |  | 73 |  | 24053 |
| RenaissanceRe Holdings, Ltd. (Insurance) |  | 31 |  | 8733 |
| Repligen Corp.\* (Life Sciences Tools & Services) | Repligen Corp.\* (Life Sciences Tools & Services) | 33 |  | 4929 |
| Rexford Industrial Realty, Inc. (Industrial REITs) |  | 321 |  | 13010 |
| RH\* (Specialty Retail) |  | 21 |  | 4175 |
| RLI Corp. (Insurance) |  | 127 |  | 7421 |
| Roivant Sciences, Ltd.\* (Biotechnology) |  | 255 |  | 5513 |
| RPM International, Inc. (Chemicals) |  | 105 |  | 11231 |
| Ryan Specialty Holdings, Inc.\* (Insurance) |  | 53 |  | 2559 |
| Ryder System, Inc. (Ground Transportation) |  | 56 |  | 10712 |
| Saia, Inc.\* (Ground Transportation) |  | 37 |  | 12390 |
| Science Applications International Corp. <br>(Professional Services) |  | 64 |  | 6513 |
| SEI Investments Co. (Capital Markets) |  | 52 |  | 4568 |
| Selective Insurance Group, Inc. (Insurance) |  | 84 |  | 7063 |

---

**Common Stocks, continued**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Shares |  | Value |  |
| Sensata Technologies Holding PLC <br>(Electrical Equipment) |  | 201 |  | $6953 |
| Service Corp. International (Diversified <br>Consumer Services) |  | 91 |  | 7319 |
| Shift4 Payments, Inc.\*—Class A (Financial <br>Services) |  | 32 |  | 1889 |
| Silicon Laboratories, Inc.\* (Semiconductors & <br>Semiconductor Equipment) |  | 21 |  | 2991 |
| Siligan Holdings, Inc. (Containers & Packaging) |  | 121 |  | 5221 |
| Simpson Manufacturing Co., Inc. (Building <br>Products) |  | 29 |  | 5127 |
| SLM Corp. (Consumer Finance) |  | 126 |  | 3421 |
| Sonoco Products Co. (Containers & Packaging) |  | 137 |  | 6576 |
| SouthState Bank Corp. (Banks) |  | 140 |  | 14326 |
| Southwest Gas Holdings, Inc. (Gas Utilities) |  | 89 |  | 7371 |
| Spire, Inc. (Gas Utilities) |  | 47 |  | 3971 |
| Sprouts Farmers Market, Inc.\* (Consumer <br>Staples Distribution & Retail) |  | 81 |  | 5744 |
| STAG Industrial, Inc. (Industrial REITs) |  | 101 |  | 3789 |
| STANDARDAERO INC\* (Aerospace & Defense) |  | 102 |  | 3151 |
| Starwood Property Trust, Inc. (Mortgage REITs) | Starwood Property Trust, Inc. (Mortgage REITs) | 480 |  | 8606 |
| Stifel Financial Corp. (Capital Markets) |  | 64 |  | 7891 |
| Synaptics, Inc.\* (Semiconductors & <br>Semiconductor Equipment) |  | 53 |  | 4373 |
| Taylor Morrison Home Corp.\* (Household <br>Durables) |  | 135 |  | 8228 |
| TD SYNNEX Corp. (Electronic Equipment, <br>Instruments & Components) |  | 105 |  | 16661 |
| Terex Corp. (Machinery) |  | 91 |  | 5187 |
| Texas Capital Bancshares, Inc.\* (Banks) |  | 32 |  | 3237 |
| The Boston Beer Co., Inc.\*—Class A <br>(Beverages) |  | 11 |  | 2350 |
| The Brink's Co. (Commercial Services & <br>Supplies) |  | 17 |  | 2160 |
| The Carlyle Group, Inc. (Capital Markets) |  | 219 |  | 12873 |
| The Gap, Inc. (Specialty Retail) |  | 313 |  | 8758 |
| The Goodyear Tire & Rubber Co.\* <br>(Automobile Components) |  | 393 |  | 3698 |
| The Hanover Insurance Group, Inc. (Insurance) |  | 28 |  | 4876 |
| The Middleby Corp.\* (Machinery) |  | 64 |  | 9419 |
| The Scotts Miracle-Gro Co. (Chemicals) |  | 61 |  | 3917 |
| The Timken Co. (Machinery) |  | 87 |  | 8108 |
| The Toro Co. (Machinery) |  | 135 |  | 12353 |
| Thor Industries, Inc. (Automobiles) |  | 74 |  | 8278 |
| Toll Brothers, Inc. (Household Durables) |  | 133 |  | 19218 |
| TransUnion (Professional Services) |  | 130 |  | 10273 |
| Trex Co., Inc.\* (Building Products) |  | 150 |  | 6213 |
| TXNM Energy, Inc. (Electric Utilities) |  | 80 |  | 4714 |
| UFP Industries, Inc. (Building Products) |  | 81 |  | 8366 |
| UGI Corp. (Gas Utilities) |  | 298 |  | 11953 |
| UiPath, Inc.\*—Class A (Software) |  | 138 |  | 1737 |
| UMB Financial Corp. (Banks) |  | 98 |  | 12460 |
| United Bankshares, Inc. (Banks) |  | 194 |  | 8212 |
| Universal Display Corp. (Semiconductors & <br>Semiconductor Equipment) |  | 34 |  | 3904 |
| Unum Group (Insurance) |  | 214 |  | 16258 |
| US Foods Holding Corp.\* (Consumer Staples <br>Distribution & Retail) |  | 309 |  | 25838 |
| Vail Resorts, Inc. (Hotels, Restaurants & <br>Leisure) |  | 26 |  | 3460 |
| Valley National Bancorp (Banks) |  | 662 |  | 8249 |

---

**See accompanying notes to financial statements.**

**58 :: Mid-Cap Value ProFund ::** Schedule of Portfolio Investments :: January 31, 2026 (unaudited)

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| Valmont Industries, Inc. (Construction & <br>Engineering) | 11 | $4901 |
| VF Corp. (Textiles, Apparel & Luxury Goods) | 454 | 8894 |
| Viper Energy, Inc.—Class A (Oil & Gas <br>Producers) | 234 | 9908 |
| Visteon Corp. (Automobile Components) | 38 | 3453 |
| Vontier Corp. (Electronic Equipment, <br>Instruments & Components) | 113 | 4238 |
| Vornado Realty Trust (Office REITs) | 223 | 7108 |
| Voya Financial, Inc. (Financial Services) | 131 | 10042 |
| Warner Music Group Corp.—Class A <br>(Entertainment) | 96 | 2878 |
| Watsco, Inc. (Trading Companies & <br>Distributors) | 49 | 18936 |
| Weatherford International PLC (Energy <br>Equipment & Services) | 59 | 5551 |
| Webster Financial Corp. (Banks) | 223 | 14667 |
| WESCO International, Inc. (Trading <br>Companies & Distributors) | 68 | 19682 |
| Western Alliance Bancorp (Banks) | 142 | 12659 |
| Westlake Corp. (Chemicals) | 46 | 3649 |
| WEX, Inc.\* (Financial Services) | 19 | 2924 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| Whirlpool Corp. (Household Durables) | 77 | $6159 |
| Wintrust Financial Corp. (Banks) | 93 | 13717 |
| WP Carey, Inc. (Equity REIT—Diversified) | 142 | 9905 |
| Wyndham Hotels & Resorts, Inc. (Hotels, <br>Restaurants & Leisure) | 50 | 3640 |
| YETI Holdings, Inc.\* (Leisure Products) | 44 | 2011 |
| Zions Bancorp N.A. (Banks) | 205 | 12282 |
| ZoomInfo Technologies, Inc.\* (Interactive <br>Media & Services) | 156 | 1256 |
| **TOTAL COMMON STOCKS**<br>(Cost $1,631,890) | **TOTAL COMMON STOCKS**<br>(Cost $1,631,890) | **2239563** |
| **TOTAL INVESTMENT SECURITIES**<br>(Cost $1,631,890)—99.8% |  | **2239563** |
| Net other assets (liabilities)—0.2% |  | 5239 |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | $**2244802** |

---

\*

Non-income producing security.

<sup>REIT</sup>

Real Estate Investment Trust

**See accompanying notes to financial statements.**

January 31, 2026 (unaudited) :: Schedule of Portfolio Investments **:: Mid-Cap Value ProFund :: 59**

Mid-Cap Value ProFund invested in the following industries as of January 31, 2026:

---

| | | | |
|:---|:---|:---|:---|
|  |  | % of <br>Net Assets |  |
| Aerospace & Defense | $3151 |  | 0.1% |
| Air Freight & Logistics | 8998 |  | 0.4% |
| Automobile Components | 38288 |  | 1.7% |
| Automobiles | 11486 |  | 0.5% |
| Banks | 253248 |  | 11.2% |
| Beverages | 2350 |  | 0.1% |
| Biotechnology | 16887 |  | 0.8% |
| Broadline Retail | 7427 |  | 0.3% |
| Building Products | 54995 |  | 2.4% |
| Capital Markets | 67885 |  | 3.0% |
| Chemicals | 45723 |  | 2.0% |
| Commercial Services & Supplies | 14540 |  | 0.6% |
| Construction & Engineering | 25088 |  | 1.1% |
| Construction Materials | 7641 |  | 0.3% |
| Consumer Finance | 19826 |  | 0.9% |
| Consumer Staples Distribution & Retail | 87778 |  | 3.9% |
| Containers & Packaging | 48283 |  | 2.2% |
| Diversified Consumer Services | 16451 |  | 0.7% |
| Electric Utilities | 29520 |  | 1.3% |
| Electrical Equipment | 34688 |  | 1.5% |
| Electronic Equipment, Instruments & <br>Components | 60819 |  | 2.7% |
| Energy Equipment & Services | 14799 |  | 0.7% |
| Entertainment | 2878 |  | 0.1% |
| Equity REIT—Diversified | 9905 |  | 0.4% |
| Financial Services | 48644 |  | 2.2% |
| Food Products | 35416 |  | 1.6% |
| Gas Utilities | 40975 |  | 1.8% |
| Ground Transportation | 43248 |  | 1.9% |
| Health Care Equipment & Supplies | 16220 |  | 0.7% |
| Health Care Providers & Services | 4271 |  | 0.2% |
| Health Care REITs | 20849 |  | 0.9% |
| Hotel & Resort REITs | 2995 |  | 0.1% |
| Hotels, Restaurants & Leisure | 25002 |  | 1.1% |
| Household Durables | 38726 |  | 1.7% |
| Industrial REITs | 21885 |  | 1.0% |
| Insurance | 125590 |  | 5.6% |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | % of <br>Net Assets |  |
| Interactive Media & Services | $7077 |  | 0.3% |
| IT Services | 10393 |  | 0.5% |
| Leisure Facilities & Services | 9092 |  | 0.4% |
| Leisure Products | 19324 |  | 0.9% |
| Life Sciences Tools & Services | 35672 |  | 1.6% |
| Machinery | 103552 |  | 4.7% |
| Marine Transportation | 4706 |  | 0.2% |
| Media | 3610 |  | 0.2% |
| Metals & Mining | 71505 |  | 3.2% |
| Mortgage REITs | 30351 |  | 1.4% |
| Multi-Utilities | 10920 |  | 0.5% |
| Office REITs | 20971 |  | 0.9% |
| Oil & Gas Producers | 9908 |  | 0.4% |
| Oil, Gas & Consumable Fuels | 105988 |  | 4.7% |
| Paper & Forest Products | 7285 |  | 0.3% |
| Passenger Airlines | 20300 |  | 0.9% |
| Personal Care Products | 6530 |  | 0.3% |
| Professional Services | 58518 |  | 2.7% |
| Real Estate Management & Development | 23622 |  | 1.1% |
| Residential REITs | 27912 |  | 1.2% |
| Retail—Discretionary | 6191 |  | 0.3% |
| Retail REITs | 25758 |  | 1.1% |
| Software | 30335 |  | 1.4% |
| Semiconductors & Semiconductor <br>Equipment | 56219 |  | 2.5% |
| Specialized REITs | 35644 |  | 1.7% |
| Specialty Retail | 96839 |  | 4.4% |
| Textiles, Apparel & Luxury Goods | 20359 |  | 0.9% |
| Trading Companies & Distributors | 59263 |  | 2.7% |
| Water Utilities | 15244 |  | 0.7% |
| Other\*\* | 5239 |  | 0.2% |
| **Total** | $**2244802** |  | **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.**

**60 :: Nasdaq-100 ProFund ::** Schedule of Portfolio Investments :: January 31, 2026 (unaudited)

**Common Stocks (48.1%)**

---

| | | |
|:---|:---|:---|
|  | Shares |  |
| Adobe, Inc.\* (Software) | 1368 | $401166 |
| Advanced Micro Devices, Inc.\* <br>(Semiconductors & Semiconductor <br>Equipment) | 5320 | 1259404 |
| Airbnb, Inc.\*—Class A (Hotels, <br>Restaurants & Leisure) | 1390 | 179824 |
| Alnylam Pharmaceuticals, Inc.\* <br>(Biotechnology) | 432 | 146042 |
| Alphabet, Inc.—Class A (Interactive <br>Media & Services) | 6887 | 2327806 |
| Alphabet, Inc.—Class C (Interactive <br>Media & Services) | 6401 | 2166931 |
| Amazon.com, Inc.\* (Broadline Retail) | 12654 | 3028103 |
| American Electric Power Co., Inc. <br>(Electric Utilities) | 1746 | 209127 |
| Amgen, Inc. (Biotechnology) | 1760 | 601709 |
| Analog Devices, Inc. (Semiconductors & <br>Semiconductor Equipment) | 1600 | 497408 |
| Apple, Inc. (Technology Hardware, <br>Storage & Peripherals) | 17491 | 4538564 |
| Applied Materials, Inc. (Semiconductors & <br>Semiconductor Equipment) | 2603 | 838999 |
| AppLovin Corp.\*—Class A (Software) | 1005 | 475476 |
| ARM Holdings PLC\*<sup>ADR</sup> (Semiconductors & <br>Semiconductor Equipment) | 452 | 47623 |
| ASML Holding N.V.<sup>ADR</sup> (Semiconductors & <br>Semiconductor Equipment) | 286 | 406978 |
| Atlassian Corp.\*—Class A (Software) | 549 | 64881 |
| Autodesk, Inc.\* (Software) | 693 | 175239 |
| Automatic Data Processing, Inc. <br>(Professional Services) | 1322 | 326296 |
| Axon Enterprise, Inc.\* (Aerospace & Defense) | 258 | 124764 |
| Baker Hughes Co. (Energy Equipment & <br>Services) | 3225 | 180729 |
| Booking Holdings, Inc. (Hotels, <br>Restaurants & Leisure) | 105 | 525194 |
| Broadcom, Inc. (Semiconductors & <br>Semiconductor Equipment) | 5591 | 1852298 |
| Cadence Design Systems, Inc.\* (Software) | 889 | 263464 |
| Charter Communications, Inc.\*—Class A <br>(Media) | 423 | 87189 |
| Cintas Corp. (Commercial Services & Supplies) | 1313 | 251295 |
| Cisco Systems, Inc. (Communications <br>Equipment) | 12912 | 1011268 |
| Coca-Cola European Partners PLC (Beverages) | 1497 | 137275 |
| Cognizant Technology Solutions Corp.—<br>Class A (IT Services) | 1578 | 129491 |
| Comcast Corp.—Class A (Media) | 11878 | 353370 |
| Constellation Energy Corp. (Electric Utilities) | 1184 | 332325 |
| Copart, Inc.\* (Commercial Services & Supplies) | 3165 | 128436 |
| CoStar Group, Inc.\* (Real Estate <br>Management & Development) | 1385 | 85178 |
| Costco Wholesale Corp. (Consumer <br>Staples Distribution & Retail) | 1449 | 1362422 |
| Crowdstrike Holdings, Inc.\*—Class A <br>(Software) | 820 | 361952 |
| CSX Corp. (Ground Transportation) | 6087 | 229845 |
| Datadog, Inc.\*—Class A (Software) | 1064 | 137596 |
| Dexcom, Inc.\* (Health Care Equipment & <br>Supplies) | 1275 | 93126 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
|  | Shares |  |
| Diamondback Energy, Inc. (Oil, Gas & <br>Consumable Fuels) | 936 | $153457 |
| DoorDash, Inc.\*—Class A (Hotels, <br>Restaurants & Leisure) | 1328 | 271735 |
| Electronic Arts, Inc. (Entertainment) | 818 | 166807 |
| Exelon Corp. (Electric Utilities) | 3302 | 147864 |
| Fastenal Co. (Trading Companies & <br>Distributors) | 3753 | 162730 |
| Ferrovial SE (Construction & Engineering) | 2398 | 163040 |
| Fortinet, Inc.\* (Software) | 2430 | 197462 |
| GE HealthCare Technologies, Inc.\* (Health <br>Care Equipment & Supplies) | 1489 | 117586 |
| Gilead Sciences, Inc. (Biotechnology) | 4054 | 575465 |
| Honeywell International, Inc. (Industrial <br>Conglomerates) | 2074 | 471876 |
| IDEXX Laboratories, Inc.\* (Health Care <br>Equipment & Supplies) | 261 | 174990 |
| Insmed, Inc.\* (Biotechnology) | 698 | 109495 |
| Intel Corp. (Semiconductors & <br>Semiconductor Equipment) | 15596 | 724746 |
| Intuit, Inc. (Software) | 908 | 453019 |
| Intuitive Surgical, Inc.\* (Health Care <br>Equipment & Supplies) | 1158 | 583887 |
| Keurig Dr Pepper, Inc. (Beverages) | 4441 | 121861 |
| KLA Corp. (Semiconductors & <br>Semiconductor Equipment) | 430 | 614014 |
| Lam Research Corp. (Semiconductors & <br>Semiconductor Equipment) | 4104 | 958120 |
| Linde PLC (Chemicals) | 1526 | 697336 |
| Marriott International, Inc. (Hotels, <br>Restaurants & Leisure) | 877 | 276518 |
| Marvell Technology, Inc. (Semiconductors & <br>Semiconductor Equipment) | 2817 | 222318 |
| MercadoLibre, Inc.\* (Broadline Retail) | 166 | 356533 |
| Meta Platforms, Inc.—Class A <br>(Interactive Media & Services) | 3476 | 2490553 |
| Microchip Technology, Inc. <br>(Semiconductors & Semiconductor <br>Equipment) | 1766 | 134075 |
| Micron Technology, Inc. <br>(Semiconductors & Semiconductor <br>Equipment) | 3678 | 1525929 |
| Microsoft Corp. (Software) | 8798 | 3785692 |
| Mondelez International, Inc.—Class A <br>(Food Products) | 4218 | 246627 |
| Monolithic Power Systems, Inc. <br>(Semiconductors & Semiconductor <br>Equipment) | 157 | 176492 |
| Monster Beverage Corp.\* (Beverages) | 3193 | 257867 |
| Netflix, Inc.\* (Entertainment) | 13846 | 1156003 |
| NVIDIA Corp. (Semiconductors & <br>Semiconductor Equipment) | 28763 | 5497471 |
| NXP Semiconductors N.V. (Semiconductors & <br>Semiconductor Equipment) | 823 | 186113 |
| Old Dominion Freight Line, Inc. (Ground <br>Transportation) | 683 | 118296 |
| O'Reilly Automotive, Inc.\* (Specialty Retail) | 2759 | 271513 |
| PACCAR, Inc. (Machinery) | 1716 | 210914 |
| Palantir Technologies, Inc.\*—Class A <br>(Software) | 7465 | 1094294 |
| Palo Alto Networks, Inc.\* (Software) | 2278 | 403138 |
| Paychex, Inc. (Professional Services) | 1176 | 121281 |

---

**See accompanying notes to financial statements.**

January 31, 2026 (unaudited) :: Schedule of Portfolio Investments **:: Nasdaq-100 ProFund :: 61**

**Repurchase Agreements**<sup>(a)(b)</sup> **(17.5%)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Principal <br>Amount |  | Value |  |
| Repurchase Agreements with various <br>counterparties, rates 3.40%–3.55%, <br>dated 1/31/26, due 2/2/26, total to be <br>received $22,384,369 | $| 22380000 |  | $22380000 |
| **TOTAL REPURCHASE AGREEMENTS**<br>(Cost $22,380,000) | **TOTAL REPURCHASE AGREEMENTS**<br>(Cost $22,380,000) | **TOTAL REPURCHASE AGREEMENTS**<br>(Cost $22,380,000) | **TOTAL REPURCHASE AGREEMENTS**<br>(Cost $22,380,000) | **22380000** |
| **TOTAL INVESTMENT SECURITIES**<br>(Cost $38,006,424)—65.6% |  |  |  | **84127588** |
| Net other assets (liabilities)—34.4% |  |  |  | 44121465 |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | $**128249053** |

---

\*

Non-income producing security.

<sup>(a)</sup>

A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. At January 31, 2026, the aggregate amount held in a segregated account was $2,074,000.

<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>ADR</sup>

American Depositary Receipt

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
|  | Shares |  |
| PayPal Holdings, Inc.\* (Financial Services) | 3058 | $161126 |
| PDD Holdings, Inc.\*<sup>ADR</sup> (Broadline Retail) | 2182 | 220491 |
| PepsiCo, Inc. (Beverages) | 4469 | 686572 |
| QUALCOMM, Inc. (Semiconductors & <br>Semiconductor Equipment) | 3500 | 530565 |
| Regeneron Pharmaceuticals, Inc. <br>(Biotechnology) | 337 | 249869 |
| Roper Technologies, Inc. (Software) | 352 | 130673 |
| Ross Stores, Inc. (Specialty Retail) | 1063 | 200535 |
| Seagate Technology Holdings PLC <br>(Technology Hardware, Storage & <br>Peripherals) | 698 | 284568 |
| Shopify, Inc.\*—Class A (IT Services) | 3993 | 524001 |
| Starbucks Corp. (Hotels, Restaurants & <br>Leisure) | 3716 | 341686 |
| Strategy, Inc.\*—Class A (Software) | 875 | 130996 |
| Synopsys, Inc.\* (Software) | 608 | 282790 |
| Take-Two Interactive Software, Inc.\* <br>(Entertainment) | 604 | 133061 |
| Tesla, Inc.\* (Automobiles) | 5236 | 2253627 |
| Texas Instruments, Inc. (Semiconductors & <br>Semiconductor Equipment) | 2969 | 639968 |
| The Kraft Heinz Co. (Food Products) | 3868 | 91826 |
| Thomson Reuters Corp. (Professional Services) | 1454 | 160856 |
| T-Mobile U.S., Inc. (Wireless <br>Telecommunication Services) | 3655 | 720803 |
| Verisk Analytics, Inc. (Professional Services) | 455 | 98944 |
| Vertex Pharmaceuticals, Inc.\* (Biotechnology) | 829 | 389547 |
| Walmart, Inc. (Consumer Staples <br>Distribution & Retail) | 15972 | 1902904 |
| Warner Bros. Discovery, Inc.\* (Entertainment) | 8099 | 223046 |
| Western Digital Corp. (Technology <br>Hardware, Storage & Peripherals) | 1118 | 279757 |
| Workday, Inc.\*—Class A (Software) | 696 | 122238 |
| Xcel Energy, Inc. (Electric Utilities) | 1933 | 147024 |
| Zscaler, Inc.\* (Software) | 521 | 104205 |
| **TOTAL COMMON STOCKS**<br>(Cost $15,626,424) | **TOTAL COMMON STOCKS**<br>(Cost $15,626,424) | **61747588** |

---

**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 | 3/23/26 |  | $10268000 | $(30425) |

---

**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) | Value and<br>Unrealized<br>Appreciation/<br>(Depreciation) |  |
| Nasdaq-100 Index | Goldman Sachs International |  | 2/27/26 | 4.39 | % | $46833698 | $(81904) |
| Nasdaq-100 Index | UBS AG |  | 2/27/26 | 4.44 | % | 9408390 | (175726) |

---

---

| | |
|:---|:---|
| $**56242088** | $**(257630** |

---

<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 January 31, 2026, 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.**

**62 :: Nasdaq-100 ProFund ::** Schedule of Portfolio Investments :: January 31, 2026 (unaudited)

Nasdaq-100 ProFund invested in the following industries as of January 31, 2026:

---

| | | | |
|:---|:---|:---|:---|
|  |  | % of<br>Net Assets |  |
| Aerospace & Defense | $124764 |  | 0.1% |
| Automobiles | 2253627 |  | 1.8% |
| Beverages | 1203575 |  | 0.9% |
| Biotechnology | 2072127 |  | 1.6% |
| Broadline Retail | 3605127 |  | 2.8% |
| Chemicals | 697336 |  | 0.5% |
| Commercial Services & Supplies | 379731 |  | 0.3% |
| Communications Equipment | 1011268 |  | 0.8% |
| Construction & Engineering | 163040 |  | 0.1% |
| Consumer Staples Distribution & Retail | 3265326 |  | 2.5% |
| Electric Utilities | 836340 |  | 0.7% |
| Energy Equipment & Services | 180729 |  | 0.2% |
| Entertainment | 1678917 |  | 1.3% |
| Financial Services | 161126 |  | 0.1% |
| Food Products | 338453 |  | 0.3% |
| Ground Transportation | 348141 |  | 0.3% |
| Health Care Equipment & Supplies | 969589 |  | 0.8% |
| Hotels, Restaurants & Leisure | 1594957 |  | 1.2% |
| Industrial Conglomerates | 471876 |  | 0.4% |
| Interactive Media & Services | 6985290 |  | 5.5% |
| IT Services | 653492 |  | 0.5% |
| Machinery | 210914 |  | 0.2% |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | % of<br>Net Assets |  |
| Media | $440559 |  | 0.3% |
| Oil, Gas & Consumable Fuels | 153457 |  | 0.1% |
| Professional Services | 707377 |  | 0.5% |
| Real Estate Management & <br>Development | 85178 |  | 0.1% |
| Semiconductors & Semiconductor <br>Equipment | 16112521 |  | 12.5% |
| Software | 8584281 |  | 6.6% |
| Specialty Retail | 472048 |  | 0.4% |
| Technology Hardware, Storage & <br>Peripherals | 5102889 |  | 4.0% |
| Trading Companies & Distributors | 162730 |  | 0.1% |
| Wireless Telecommunication Services | 720803 |  | 0.6% |
| Other\*\* | 66501465 |  | 51.9% |
| **Total** | $**128249053** |  | **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.**

January 31, 2026 (unaudited) :: Schedule of Portfolio Investments **:: Oil & Gas Equipment & Services UltraSector ProFund :: 63**

**Common Stocks (72.0%)**

---

| | | |
|:---|:---|:---|
|  | Shares |  |
| Archrock, Inc. (Energy Equipment & Services) | 21032 | $622337 |
| Atlas Energy Solutions, Inc. (Energy <br>Equipment & Services) | 18053 | 210679 |
| Baker Hughes Co. (Energy Equipment & <br>Services) | 11422 | 640089 |
| Bristow Group, Inc.\* (Energy Equipment & <br>Services) | 3122 | 137243 |
| Cactus, Inc.—Class A (Energy Equipment & <br>Services) | 10753 | 604641 |
| Core Laboratories, Inc. (Energy Equipment & <br>Services) | 8014 | 156594 |
| Expro Group Holdings N.V.\* (Energy <br>Equipment & Services) | 17873 | 286147 |
| Halliburton Co. (Energy Equipment & <br>Services) | 18896 | 633394 |
| Helix Energy Solutions Group, Inc.\* <br>(Energy Equipment & Services) | 22731 | 180484 |
| Helmerich & Payne, Inc. (Energy Equipment & <br>Services) | 18032 | 610924 |
| Innovex International, Inc.\* (Energy <br>Equipment & Services) | 5037 | 125169 |
| Kodiak Gas Services, Inc. (Energy <br>Equipment & Services) | 14656 | 615699 |
| Liberty Energy, Inc. (Energy Equipment & <br>Services) | 27192 | 670282 |
| Nabors Industries, Ltd.\* (Energy Equipment & <br>Services) | 3616 | 241693 |
| Noble Corp. PLC\* (Energy Equipment & <br>Services) | 17392 | 619503 |
| NOV, Inc. (Energy Equipment & Services) | 33176 | 608780 |
| Oceaneering International, Inc.\* (Energy <br>Equipment & Services) | 11220 | 337722 |
| Patterson-UTI Energy, Inc. (Energy <br>Equipment & Services) | 84943 | 639621 |
| ProPetro Holding Corp.\* (Energy <br>Equipment & Services) | 19269 | 221401 |
| RPC, Inc. (Energy Equipment & Services) | 22052 | 146646 |
| Seadrill, Ltd.\* (Energy Equipment & Services) | 12991 | 499894 |
| Select Energy Services, Inc.—Class A <br>(Energy Equipment & Services) | 17186 | 207779 |
| SLB, Ltd. (Energy Equipment & Services) | 13742 | 664837 |
| Solaris Energy Infrastructure, Inc. (Energy <br>Equipment & Services) | 10043 | 554273 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares |  |
| TechnipFMC PLC (Energy Equipment & <br>Services) | 11862 | $660950 |
| TETRA Technologies, Inc.\* (Energy <br>Equipment & Services) | 27603 | 314674 |
| Tidewater, Inc.\* (Energy Equipment & <br>Services) | 9600 | 599904 |
| Transocean, Ltd. (Energy Equipment & <br>Services) | 127611 | 634227 |
| Valaris, Ltd.\* (Energy Equipment & Services) | 9520 | 549590 |
| Weatherford International PLC (Energy <br>Equipment & Services) | 6749 | 634946 |
| **TOTAL COMMON STOCKS**<br>(Cost $7,934,489) | **TOTAL COMMON STOCKS**<br>(Cost $7,934,489) | **13630122** |

---

**Repurchase Agreements**<sup>(a)(b)</sup> **(20.5%)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Principal <br>Amount |  | Value |  |  |
| Repurchase Agreements with various <br>counterparties, rates 3.40%–3.55%, <br>dated 1/31/26, due 2/2/26, total to be <br>received $3,892,760 | $| 3892000 |  | $— | 3892000 |
| **TOTAL REPURCHASE AGREEMENTS**<br>(Cost $3,892,000) | **TOTAL REPURCHASE AGREEMENTS**<br>(Cost $3,892,000) | **TOTAL REPURCHASE AGREEMENTS**<br>(Cost $3,892,000) | **TOTAL REPURCHASE AGREEMENTS**<br>(Cost $3,892,000) | **3892000** | **3892000** |
| **TOTAL INVESTMENT SECURITIES**<br>(Cost $11,826,489)—92.5% |  |  |  | **17522122** | **17522122** |
| Net other assets (liabilities)—7.5% |  |  |  |  | 1418168 |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | $**18940290** | **18940290** |

---

\*

Non-income producing security.

<sup>(a)</sup>

A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. At January 31, 2026, the aggregate amount held in a segregated account was $2,329,000.

<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.

**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 |  | 2/23/26 |  | 4.39 | % | $6420491 | $181400 |
| S&P Oil & Gas Equipment & <br>Services Select Sector Index | UBS AG |  | 2/23/26 | 2/23/26 |  | 4.44 | 8309052 | 227676 |

---

---

| | |
|:---|:---|
| $**14729543** | $**409076** |

---

<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 January 31, 2026, 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.**

**64 :: Oil & Gas Equipment & Services UltraSector ProFund ::** Schedule of Portfolio Investments :: January 31, 2026 (unaudited)

Oil & Gas Equipment & Services UltraSector ProFund invested in the following industries as of January 31, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Value |  | % of<br>Net Assets |  |
| Energy Equipment & Services | $— | 13630122 |  | 72.0% |
| Other\*\* | 5310168 | 5310168 |  | 28.0% |
| **Total** | $**18940290** | **18940290** |  | **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.**

January 31, 2026 (unaudited) :: Schedule of Portfolio Investments **:: Pharmaceuticals UltraSector ProFund :: 65**

**Common Stocks (78.3%)**

---

| | | |
|:---|:---|:---|
|  | Shares |  |
| Alumis, Inc.\* (Pharmaceuticals) | 1017 | $24927 |
| Amneal Pharmaceuticals, Inc.\* <br>(Biotech & Pharma) | 4729 | 64693 |
| Amphastar Pharmaceuticals, Inc.\* <br>(Pharmaceuticals) | 1897 | 50252 |
| Amylyx Pharmaceuticals, Inc.\* <br>(Pharmaceuticals) | 4364 | 62362 |
| ANI Pharmaceuticals, Inc.\* <br>(Pharmaceuticals) | 704 | 57622 |
| Aquestive Therapeutics, Inc.\* <br>(Pharmaceuticals) | 6279 | 18523 |
| Arvinas, Inc.\* (Pharmaceuticals) | 4362 | 58364 |
| Avadel Pharmaceuticals PLC\* <br>(Pharmaceuticals) | 2688 | 57926 |
| Axsome Therapeutics, Inc.\* <br>(Pharmaceuticals) | 387 | 71305 |
| Bristol-Myers Squibb Co. <br>(Pharmaceuticals) | 1127 | 62041 |
| Collegium Pharmaceutical, Inc.\* <br>(Pharmaceuticals) | 1182 | 54277 |
| Corcept Therapeutics, Inc.\* <br>(Pharmaceuticals) | 677 | 26992 |
| CorMedix, Inc.\*<sup>(a)</sup> <br>(Pharmaceuticals) | 4387 | 34043 |
| Crinetics Pharmaceuticals, Inc.\* <br>(Biotechnology) | 1201 | 59978 |
| Definium Therapeutics, Inc.\* <br>(Pharmaceuticals) | 4664 | 78728 |
| Edgewise Therapeutics, Inc.\* <br>(Pharmaceuticals) | 2432 | 68461 |
| Elanco Animal Health, Inc.\* (Pharmaceuticals) | 2711 | 65281 |
| Eli Lilly & Co. (Pharmaceuticals) | 58 | 60155 |
| Enliven Therapeutics, Inc.\* (Pharmaceuticals) | 2178 | 57608 |
| Esperion Therapeutics, Inc.\* <br>(Pharmaceuticals) | 15075 | 51104 |
| Evolus, Inc.\* (Pharmaceuticals) | 4490 | 21058 |
| EyePoint Pharmaceuticals, Inc.\* <br>(Pharmaceuticals) | 3453 | 46685 |
| Harmony Biosciences Holdings, Inc.\* <br>(Pharmaceuticals) | 1470 | 53684 |
| Harrow, Inc.\* (Pharmaceuticals) | 1150 | 47081 |
| Indivior Pharmaceuticals, Inc.\* <br>(Pharmaceuticals) | 1629 | 57634 |
| Innoviva, Inc.\* (Pharmaceuticals) | 2800 | 56000 |
| Jazz Pharmaceuticals PLC\* (Pharmaceuticals) | 350 | 57572 |
| Johnson & Johnson (Pharmaceuticals) | 280 | 63630 |
| LENZ Therapeutics, Inc.\* (Biotechnology) | 1869 | 29568 |
| Ligand Pharmaceuticals, Inc.\* <br>(Pharmaceuticals) | 314 | 60319 |
| Liquidia Corp.\* (Pharmaceuticals) | 1767 | 74903 |
| Maze Therapeutics, Inc.\* (Biotechnology) | 1295 | 56436 |
| MBX Biosciences, Inc.\* (Pharmaceuticals) | 2003 | 73811 |
| Merck & Co., Inc. (Pharmaceuticals) | 591 | 65170 |
| Nektar Therapeutics\* (Pharmaceuticals) | 1000 | 37330 |
| Nuvation Bio, Inc.\* (Pharmaceuticals) | 7365 | 38593 |
| Ocular Therapeutix, Inc.\* (Pharmaceuticals) | 3750 | 34275 |
| Omeros Corp.\* (Pharmaceuticals) | 3019 | 35292 |
| Organon & Co. (Pharmaceuticals) | 8042 | 68679 |
| Pacira BioSciences, Inc.\* (Pharmaceuticals) | 2293 | 47098 |
| Perrigo Co. PLC (Pharmaceuticals) | 4271 | 60691 |
| Pfizer, Inc. (Pharmaceuticals) | 2240 | 59226 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
|  | Shares |  |
| Phathom Pharmaceuticals, Inc.\* <br>(Pharmaceuticals) | 3421 | $46765 |
| Phibro Animal Health Corp.—Class A <br>(Pharmaceuticals) | 1343 | 53921 |
| Prestige Consumer Healthcare, Inc.\* <br>(Pharmaceuticals) | 941 | 60666 |
| Rapport Therapeutics, Inc.\* <br>(Pharmaceuticals) | 1926 | 51251 |
| Royalty Pharma PLC—Class A <br>(Pharmaceuticals) | 1509 | 62895 |
| Septerna, Inc.\* (Pharmaceuticals) | 1042 | 24320 |
| Supernus Pharmaceuticals, Inc.\* <br>(Pharmaceuticals) | 1251 | 60248 |
| Tarsus Pharmaceuticals, Inc.\* <br>(Pharmaceuticals) | 710 | 45823 |
| Terns Pharmaceuticals, Inc.\* <br>(Pharmaceuticals) | 1294 | 44772 |
| Theravance Biopharma, Inc.\* <br>(Pharmaceuticals) | 1409 | 26686 |
| Trevi Therapeutics, Inc.\* (Pharmaceuticals) | 4075 | 42665 |
| Ventyx Biosciences, Inc.\* <br>(Pharmaceuticals) | 3368 | 46984 |
| Viatris, Inc. (Pharmaceuticals) | 4977 | 65149 |
| WaVe Life Sciences, Ltd.\* (Pharmaceuticals) | 2854 | 36931 |
| Xeris Biopharma Holdings, Inc.\* <br>(Pharmaceuticals) | 8320 | 61235 |
| Zevra Therapeutics, Inc.\* (Pharmaceuticals) | 3932 | 35388 |
| Zoetis, Inc. (Pharmaceuticals) | 489 | 61037 |
| **TOTAL COMMON STOCKS**<br> (Cost $2,002,731) | **TOTAL COMMON STOCKS**<br> (Cost $2,002,731) | **3056113** |

---

**Repurchase Agreements**<sup>(b)(c)</sup> **(19.6%)**

---

| | | | |
|:---|:---|:---|:---|
|  |  | Value |  |
| Repurchase Agreements with various <br>counterparties, rates 3.40%–3.55%, <br>dated 1/31/26, due 2/2/26, total to be <br>received $763,149 | $763000 |  | $763000 |
| **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $763,000) | **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $763,000) | **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $763,000) | **763000** |

---

**Collateral for Securities Loaned**<sup>(d)</sup> **(0.9%)**

---

| | | |
|:---|:---|:---|
|  | Shares |  |
| Invesco Government & Agency Portfolio—<br>Institutional Shares, 3.69%<sup>(e)</sup> | 34370 |  |
| **TOTAL COLLATERAL FOR SECURITIES LOANED**<br>(Cost $34,370) | **TOTAL COLLATERAL FOR SECURITIES LOANED**<br>(Cost $34,370) | **34370** |
| **TOTAL INVESTMENT SECURITIES**<br>(Cost $2,800,101)—98.8% |  |  |
| Net other assets (liabilities)—1.2% |  |  |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | $**3902249** |

---

\*

Non-income producing security.

<sup>(a)</sup>

All or part of this security was on loan as of January 31, 2026. The total value of securities on loan as of January 31, 2026 was $32,328.

<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.

**See accompanying notes to financial statements.**

**66 :: Pharmaceuticals UltraSector ProFund ::** Schedule of Portfolio Investments :: January 31, 2026 (unaudited)

At January 31, 2026, the aggregate amount held in a segregated account was $351,000.

<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>

Securities were purchased with cash collateral held from securities on loan at January 31, 2026.

<sup>(e)</sup>

Rate periodically changes. Rate disclosed is the daily yield as of January 31, 2026.

**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 Industry Index | Goldman Sachs International | 2/23/26 |  | 4.39 | % | $1449973 |
| S&P Pharmaceuticals Select Industry Index | UBS AG | 2/23/26 |  | 4.44 | % | 1336001 |

---

<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 January 31, 2026, 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 January 31, 2026:

---

| | | | |
|:---|:---|:---|:---|
|  |  | % of<br>Net Assets |  |
| Biotech & Pharma | $64693 |  | 1.7% |
| Biotechnology | 145982 |  | 3.7% |
| Pharmaceuticals | 2845438 |  | 72.9% |
| Other\*\* | 846136 |  | 21.7% |
| **Total** | $**3902249** |  | **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.**

January 31, 2026 (unaudited) :: Schedule of Portfolio Investments **:: Precious Metals UltraSector ProFund :: 67**

**Common Stocks (80.1%)**

---

| | | | |
|:---|:---|:---|:---|
|  | Shares | Value |  |
| Agnico Eagle Mines, Ltd. (Metals & <br>Mining) | 70178 |  | $13368909 |
| Alamos Gold, Inc.—Class A (Metals & <br>Mining) | 58683 |  | 2165403 |
| Allied Gold Corporation\* (Metals & <br>Mining) | 13333 |  | 419323 |
| Anglogold Ashanti PLC (Metals & Mining) | 59201 |  | 5497997 |
| Aris Mining Corp.\* (Metals & Mining) | 28302 |  | 485096 |
| Aura Minerals, Inc. (Metals & Mining) | 4783 |  | 304629 |
| Avino Silver & Gold Mines\* (Metals & <br>Mining) | 20785 |  | 186857 |
| B2Gold Corp. (Metals & Mining) | 186586 |  | 914271 |
| Barrick Mining Corp. (Metals & Mining) | 235643 |  | 10790093 |
| Centerra Gold, Inc. (Metals & Mining) | 28176 |  | 472230 |
| Coeur Mining, Inc.\* (Metals & Mining) | 89683 |  | 1833121 |
| DRDGOLD Ltd.<sup>ADR</sup> (Metals & Mining) | 6056 |  | 192702 |
| Eldorado Gold Corp.\* (Metals & Mining) | 28059 |  | 1204292 |
| Endeavour Silver Corp.\* (Metals & Mining) | 41081 |  | 449015 |
| Equinox Gold Corp.\* (Metals & Mining) | 109591 |  | 1567151 |
| First Majestic Silver Corp.\* (Metals & <br>Mining) | 64325 |  | 1340533 |
| Fortuna Mining Corp.\* (Metals & Mining) | 42866 |  | 419229 |
| Franco-Nevada Corp. (Metals & Mining) | 26921 |  | 6309206 |
| Gold Fields, Ltd.<sup>ADR</sup> (Metals & Mining) | 124962 |  | 6263095 |
| Harmony Gold Mining Co., Ltd.\*<sup>ADR</sup> <br>(Metals & Mining) | 76233 |  | 1626812 |
| Hecla Mining Co. (Metals & Mining) | 93493 |  | 2105462 |
| i-80 Gold Corp.\* (Metals & Mining) | 115387 |  | 183465 |
| IAMGOLD Corp.\* (Metals & Mining) | 81866 |  | 1488324 |
| Kinross Gold Corp. (Metals & Mining) | 168582 |  | 5320448 |
| McEwen Mining, Inc.\* (Metals & Mining) | 6388 |  | 154270 |
| New Gold, Inc.\* (Metals & Mining) | 110560 |  | 1108917 |
| Newmont Corp. (Metals & Mining) | 152370 |  | 17118771 |
| NovaGold Resources, Inc.\* (Metals & <br>Mining) | 40347 |  | 352229 |
| OR Royalties, Inc. (Metals & Mining) | 26281 |  | 1036523 |
| Orla Mining Ltd.\* (Metals & Mining) | 36974 |  | 557938 |
| Pan American Silver Corp. (Metals & <br>Mining) | 58937 |  | 3217960 |
| Perpetua Resources Corp.\* (Metals & <br>Mining) | 10722 |  | 285420 |

---

**Common Stocks, continued**

---

| | | | |
|:---|:---|:---|:---|
|  | Shares | Value |  |
| Royal Gold, Inc. (Metals & Mining) | 11314 |  | $2979089 |
| Seabridge Gold, Inc.\* (Metals & Mining) | 11885 |  | 335870 |
| Sibanye Stillwater, Ltd.<sup>ADR</sup> (Metals & <br>Mining) | 98819 |  | 1668065 |
| Skeena Resources Ltd.\* (Metals & <br>Mining) | 16909 |  | 483766 |
| SSR Mining, Inc. (Metals & Mining) | 28330 |  | 646774 |
| Triple Flag Precious Metals Corp. <br>(Metals & Mining) | 9807 |  | 330692 |
| Wheaton Precious Metals Corp. <br>(Metals & Mining) | 63356 |  | 8354756 |
| **TOTAL COMMON STOCKS**<br>(Cost $54,618,026) | **TOTAL COMMON STOCKS**<br>(Cost $54,618,026) | **TOTAL COMMON STOCKS**<br>(Cost $54,618,026) | **103538703** |

---

**Repurchase Agreements**<sup>(a)(b)</sup> **(27.5%)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Principal <br>Amount |  | Value |  |
| Repurchase Agreements with various <br>counterparties, rates 3.40%–3.55%, <br>dated 1/31/26, due 2/2/26, total to <br>be received $35,641,957 | $| 35635000 |  | $35635000 |
| **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $35,635,000) | **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $35,635,000) | **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $35,635,000) | **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $35,635,000) | **35635000** |
| **TOTAL INVESTMENT SECURITIES**<br> (Cost $90,253,026)—107.6% |  |  |  | **139173703** |
| Net other assets (liabilities)—(7.6)% |  |  |  | (9783150) |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | $**129390553** |

---

\*

Non-income producing security.

<sup>(a)</sup>

A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. At January 31, 2026, the aggregate amount held in a segregated account was $15,689,000.

<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>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 | 2/23/26 |  | 4.39 | % | $50230137 |
| Dow Jones Precious Metals Index | UBS AG | 2/23/26 |  | 4.44 | % | 38610029 |

---

<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 January 31, 2026, 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.**

**68 :: Precious Metals UltraSector ProFund ::** Schedule of Portfolio Investments :: January 31, 2026 (unaudited)

Precious Metals UltraSector ProFund invested in the following industries as of January 31, 2026:

---

| | | | |
|:---|:---|:---|:---|
|  |  | % of<br>Net Assets |  |
| Metals & Mining | $103538703 |  | 80.1% |
| Other\*\* | 25851850 |  | 19.9% |
| **Total** | $**129390553** |  | **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.**

January 31, 2026 (unaudited) :: Schedule of Portfolio Investments **:: Real Estate UltraSector ProFund :: 69**

**Common Stocks (73.5%)**

---

| | | |
|:---|:---|:---|
|  | Shares |  |
| Alexandria Real Estate Equities, Inc. <br>(Office REITs) | 393 | $21474 |
| American Tower Corp.—Class A <br>(Specialized REITs) | 849 | 152208 |
| AvalonBay Communities, Inc. <br>(Residential REITs) | 358 | 63606 |
| Boston Properties, Inc. (Office REITs) | 373 | 24121 |
| Camden Property Trust (Residential REITs) | 269 | 29334 |
| CBRE Group, Inc.\*—Class A (Real Estate <br>Management & Development) | 661 | 112588 |
| CoStar Group, Inc.\* (Real Estate <br>Management & Development) | 1072 | 65928 |
| Crown Castle International Corp. <br>(Specialized REITs) | 1101 | 95578 |
| Digital Realty Trust, Inc. (Specialized REITs) | 650 | 107868 |
| Equinix, Inc. (Specialized REITs) | 178 | 146125 |
| Equity Residential (Residential REITs) | 876 | 54592 |
| Essex Property Trust, Inc. (Residential REITs) | 163 | 41055 |
| Extra Space Storage, Inc. (Specialized REITs) | 537 | 74090 |
| Federal Realty Investment Trust (Retail REITs) | 199 | 20131 |
| Healthpeak Properties, Inc. (Health Care REITs) | 1758 | 30308 |
| Host Hotels & Resorts, Inc. (Hotel & <br>Resort REITs) | 1618 | 29982 |
| Invitation Homes, Inc. (Residential REITs) | 1426 | 38117 |
| Iron Mountain, Inc. (Specialized REITs) | 748 | 68913 |
| Kimco Realty Corp. (Retail REITs) | 1713 | 36110 |
| Mid-America Apartment Communities, Inc. <br>(Residential REITs) | 296 | 39753 |
| Prologis, Inc. (Industrial REITs) | 1685 | 219994 |
| Public Storage (Specialized REITs) | 387 | 106886 |
| Realty Income Corp. (Retail REITs) | 1828 | 111800 |
| Regency Centers Corp. (Retail REITs) | 416 | 30314 |
| SBA Communications Corp.—Class A <br>(Specialized REITs) | 269 | 49526 |
| Simon Property Group, Inc. (Retail REITs) | 592 | 113256 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
|  | Shares |  |
| UDR, Inc. (Residential REITs) | 761 | $28271 |
| Ventas, Inc. (Health Care REITs) | 1188 | 92272 |
| VICI Properties, Inc. (Specialized REITs) | 2703 | 75900 |
| Welltower, Inc. (Health Care REITs) | 1245 | 234508 |
| Weyerhaeuser Co. (Specialized REITs) | 1823 | 46997 |
| **TOTAL COMMON STOCKS**<br>(Cost $767,377) | **TOTAL COMMON STOCKS**<br>(Cost $767,377) | **2361605** |

---

**Repurchase Agreements**<sup>(a)(b)</sup> **(18.7%)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Principal <br>Amount |  | Value |  |
| Repurchase Agreements with various <br>counterparties, rates 3.40%–3.55%, <br>dated 1/31/26, due 2/2/26, total to be <br>received $600,117 | $ | 600000 |  | $600000 |
| **TOTAL REPURCHASE AGREEMENTS**<br>(Cost $600,000) | **TOTAL REPURCHASE AGREEMENTS**<br>(Cost $600,000) | **TOTAL REPURCHASE AGREEMENTS**<br>(Cost $600,000) | **TOTAL REPURCHASE AGREEMENTS**<br>(Cost $600,000) | **600000** |
| **TOTAL INVESTMENT SECURITIES**<br>(Cost $1,367,377)—92.2% |  |  |  | **2961605** |
| Net other assets (liabilities)—7.8% |  |  |  | 250197 |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | $**3211802** |

---

\*

Non-income producing security.

<sup>(a)</sup>

A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. At January 31, 2026, the aggregate amount held in a segregated account was $391,000.

<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>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 | 2/23/26 |  | 4.39 | % | $983094 | $1053 |
| S&P Real Estate Select Sector Index | UBS AG | 2/23/26 |  | 4.44 | % | 1543203 | 3720 |

---

<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 January 31, 2026, 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 :: January 31, 2026 (unaudited)

Real Estate UltraSector ProFund invested in the following industries as of January 31, 2026:

---

| | | | |
|:---|:---|:---|:---|
|  |  | % of<br>Net Assets |  |
| Health Care REITs | $357088 |  | 11.1% |
| Hotel & Resort REITs | 29982 |  | 0.9% |
| Industrial REITs | 219994 |  | 6.8% |
| Office REITs | 45595 |  | 1.4% |
| Real Estate Management & Development | 178516 |  | 5.6% |
| Residential REITs | 294728 |  | 9.2% |
| Retail REITs | 311611 |  | 9.7% |
| Specialized REITs | 924091 |  | 28.8% |
| Other\*\* | 850197 |  | 26.5% |
| **Total** | $**3211802** |  | **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.**

January 31, 2026 (unaudited) :: Schedule of Portfolio Investments **:: Rising Rates Opportunity ProFund :: 71**

**Repurchase Agreements**<sup>(a)(b)</sup> **(71.0%)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Principal <br>Amount |  | Value |  |  |
| Repurchase Agreements with various <br>counterparties, rates 3.40%–3.55%, <br>dated 1/31/26, due 2/2/26, total to be <br>received $7,318,428 | $| 7317000 |  | $— | 7317000 |
| **TOTAL REPURCHASE AGREEMENTS**<br>(Cost $7,317,000) | **TOTAL REPURCHASE AGREEMENTS**<br>(Cost $7,317,000) | **TOTAL REPURCHASE AGREEMENTS**<br>(Cost $7,317,000) | **TOTAL REPURCHASE AGREEMENTS**<br>(Cost $7,317,000) | **7317000** | **7317000** |
| **TOTAL INVESTMENT SECURITIES**<br>(Cost $7,317,000)—71.0% |  |  |  |  | **7317000** |
| Net other assets (liabilities)—29.0% |  |  |  |  | 2986001 |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | $**10303001** | **10303001** |

---

<sup>(a)</sup>

A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. At January 31, 2026, the aggregate amount held in a segregated account was $419,000.

<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.

**Total Return Swap Agreements—Short**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Underlying Instrument | Counterparty | Termination<br>Date<sup>(1)</sup> | Rate Paid<br>(Received)<sup>(2)</sup> |  |  |
| 30-Year U.S. Treasury Bond, <br>4.63%, due 11/15/55 | Citibank North America | 2/18/26 |  | (3.55)% | $49106 |
| 30-Year U.S. Treasury Bond, <br>4.63%, due 11/15/55 | Societe Generale | 2/18/26 |  | (3.48)% | 71990 |

---

<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 January 31, 2026, 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 :: January 31, 2026 (unaudited)

**Repurchase Agreements**<sup>(a)(b)</sup> **(95.2%)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Principal <br>Amount |  | Value |  |
| Repurchase Agreements with various <br>counterparties, rates 3.40%–3.55%, <br>dated 1/31/26, due 2/2/26, total to be <br>received $504,098 | $ | 504000 |  | $504000 |
| **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $504,000) | **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $504,000) | **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $504,000) | **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $504,000) | **504000** |
| **TOTAL INVESTMENT SECURITIES**<br>(Cost $504,000)—95.2% |  |  |  | **504000** |
| Net other assets (liabilities)—4.8% |  |  |  | 25574 |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | $**529574** |

---

<sup>(a)</sup>

A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. At January 31, 2026, the aggregate amount held in a segregated account was $64,000.

<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.

**Total Return Swap Agreements—Short**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Underlying Instrument | Counterparty | Termination<br>Date<sup>(1)</sup> | Rate Paid<br>(Received)<sup>(2)</sup> |  | Notional<br>Amount |  |
| 10-Year U.S. Treasury Note, <br>4.00%, due 11/15/35 | Citibank North America | 2/18/26 |  | (3.50)% |  | $2142 |
| 10-Year U.S. Treasury Note, <br>4.00%, due 11/15/35 | Societe Generale | 2/17/26 |  | (3.43)% |  | 1315 |
|  |  |  |  |  | **$** |  |

---

<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 January 31, 2026, 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.**

January 31, 2026 (unaudited) :: Schedule of Portfolio Investments **:: Rising U.S. Dollar ProFund :: 73**

**Repurchase Agreements**<sup>(a)(b)</sup> **(93.1%)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Principal <br>Amount |  | Value |  |
| Repurchase Agreements with various <br>counterparties, rates 3.40%–3.55%, <br>dated 1/31/26, due 2/2/26, total to be <br>received $8,750,708 | $| 8749000 |  | $8749000 |
| **TOTAL REPURCHASE AGREEMENTS**<br>(Cost $8,749,000) | **TOTAL REPURCHASE AGREEMENTS**<br>(Cost $8,749,000) | **TOTAL REPURCHASE AGREEMENTS**<br>(Cost $8,749,000) | **TOTAL REPURCHASE AGREEMENTS**<br>(Cost $8,749,000) | **8749000** |
| **TOTAL INVESTMENT SECURITIES**<br>(Cost $8,749,000)—93.1% |  |  |  | **8749000** |
| Net other assets (liabilities)—6.9% |  |  |  | 653205 |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | $**9402205** |

---

<sup>(a)</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 January 31, 2026, the aggregate amount held in a segregated account was $311,000.

<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.

As of January 31, 2026, 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 |  | Unrealized<br>Appreciation/<br>(Depreciation) |  |
| **Short:** | **Short:** | **Short:** | **Short:** | **Short:** | **Short:** | **Short:** | **Short:** |
| U.S. dollar | $578473 | British pound | 428937 | 2/6/26 | $586826 |  | $(8353) |
| U.S. dollar | 434200 | Canadian dollar | 598306 | 2/6/26 | 439551 |  | (5351) |
| U.S. dollar | 3129826 | Euro | 2674151 | 2/6/26 | 3170236 |  | (40410) |
| U.S. dollar | 359417 | Japanese yen | 56112112 | 2/6/26 | 362797 |  | (3380) |
| U.S. dollar | 254063 | Swedish krona | 2328784 | 2/6/26 | 261580 |  | (7517) |
| U.S. dollar | 297404 | Swiss franc | 236020 | 2/6/26 | 305555 |  | (8151) |
| Total Short Contracts | $5053383 |  |  |  | $5126545 |  | $(73162) |

---

As of January 31, 2026, 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 | Description and amount of<br>currency sold | Delivery<br>Date |  | Unrealized<br>Appreciation/<br>(Depreciation) |  |
| **Short:** | **Short:** | **Short:** | **Short:** | **Short:** | **Short:** | **Short:** | **Short:** | **Short:** |
| U.S. dollar | $593264 | British pound |  | 439032 | 2/6/26 | $600637 |  | $(7373) |
| U.S. dollar | 455179 | Canadian dollar | Canadian dollar | 626552 | 2/6/26 | 460302 |  | (5123) |
| U.S. dollar | 2562231 | Euro |  | 2183915 | 2/6/26 | 2589057 |  | (26826) |
| U.S. dollar | 984587 | Japanese yen |  | 153493566 | 2/6/26 | 992425 |  | (7838) |
| U.S. dollar | 161260 | Swedish krona |  | 1470527 | 2/6/26 | 165177 |  | (3917) |
| U.S. dollar | 58250 | Swiss franc |  | 45726 | 2/6/26 | 59197 |  | (947) |
| Total Short Contracts | $4814771 |  |  |  |  | $4866795 |  | $(52024) |
| **Long:** | **Long:** | **Long:** | **Long:** | **Long:** | **Long:** | **Long:** | **Long:** | **Long:** |
| British pound | 50301 | U.S. dollar | $ | $69171 | 2/6/26 | $68816 |  | $(355) |
| Canadian dollar | 61393 | U.S. dollar |  | 45062 | 2/6/26 | 45103 |  | 41 |
| Euro | 290387 | U.S. dollar |  | 347217 | 2/6/26 | 344257 |  | (2960) |
| Japanese yen | 11962893 | U.S. dollar |  | 78048 | 2/6/26 | 77347 |  | (701) |
| Swedish krona | 286760 | U.S. dollar |  | 32373 | 2/6/26 | 32210 |  | (163) |
| Swiss franc | 20356 | U.S. dollar | 26463 | 26463 | 2/6/26 | 26353 |  | (110) |
| Total Long Contracts | Total Long Contracts | Total Long Contracts | $ | $598334 |  | $594086 |  | $(4248) |
|  |  |  |  |  | Total unrealized appreciation | Total unrealized appreciation |  | $41 |
|  |  |  |  |  | Total unrealized (depreciation) | Total unrealized (depreciation) |  | (129475) |
|  |  |  |  | Total net unrealized appreciation/(depreciation) | Total net unrealized appreciation/(depreciation) | Total net unrealized appreciation/(depreciation) |  | $(129434) |

---

**See accompanying notes to financial statements.**

**74 :: Semiconductor UltraSector ProFund ::** Schedule of Portfolio Investments :: January 31, 2026 (unaudited)

**Common Stocks (47.6%)**

---

| | | | |
|:---|:---|:---|:---|
|  | Shares | Value |  |
| Advanced Micro Devices, Inc.\* <br>(Semiconductors & Semiconductor <br>Equipment) | 47558 |  | $11258405 |
| Allegro MicroSystems, Inc.\* <br>(Semiconductors & Semiconductor <br>Equipment) | 3623 |  | 133725 |
| Amkor Technology, Inc. <br>(Semiconductors & Semiconductor <br>Equipment) | 3322 |  | 160552 |
| Analog Devices, Inc. (Semiconductors & <br>Semiconductor Equipment) | 14371 |  | 4467656 |
| Applied Materials, Inc. <br>(Semiconductors & Semiconductor <br>Equipment) | 23271 |  | 7500709 |
| Astera Labs, Inc.\* (Semiconductors & <br>Semiconductor Equipment) | 3848 |  | 579586 |
| Broadcom, Inc. (Semiconductors & <br>Semiconductor Equipment) | 137902 |  | 45686933 |
| Cirrus Logic, Inc.\* (Semiconductors & <br>Semiconductor Equipment) | 1491 |  | 194337 |
| Credo Technology Group Holding, Ltd.\* <br>(Semiconductors & Semiconductor <br>Equipment) | 4445 |  | 556870 |
| Enphase Energy, Inc.\* (Semiconductors & <br>Semiconductor Equipment) | 3823 |  | 141375 |
| Entegris, Inc. (Semiconductors & <br>Semiconductor Equipment) | 4424 |  | 522342 |
| GLOBALFOUNDRIES, Inc.\* <br>(Semiconductors & Semiconductor <br>Equipment) | 3084 |  | 130145 |
| Intel Corp. (Semiconductors & <br>Semiconductor Equipment) | 130979 |  | 6086594 |
| KLA Corp. (Semiconductors & <br>Semiconductor Equipment) | 3838 |  | 5480434 |
| Lam Research Corp. (Semiconductors & <br>Semiconductor Equipment) | 36669 |  | 8560745 |
| Lattice Semiconductor Corp.\* <br>(Semiconductors & Semiconductor <br>Equipment) | 3996 |  | 321758 |
| MACOM Technology Solutions <br>Holdings, Inc.\* (Semiconductors & <br>Semiconductor Equipment) | 1871 |  | 409861 |
| Marvell Technology, Inc. <br>(Semiconductors & Semiconductor <br>Equipment) | 25183 |  | 1987442 |
| Microchip Technology, Inc. <br>(Semiconductors & Semiconductor <br>Equipment) | 15787 |  | 1198549 |
| Micron Technology, Inc. <br>(Semiconductors & Semiconductor <br>Equipment) | 32789 |  | 13603500 |
| MKS, Inc. (Semiconductors & <br>Semiconductor Equipment) | 1962 |  | 461874 |
| Monolithic Power Systems, Inc. <br>(Semiconductors & Semiconductor <br>Equipment) | 1399 |  | 1572686 |
| NVIDIA Corp. (Semiconductors & <br>Semiconductor Equipment) | 709844 |  | 135672484 |

---

**Common Stocks, continued**

---

| | | | |
|:---|:---|:---|:---|
|  | Shares | Value |  |
| NXP Semiconductors N.V. <br>(Semiconductors & Semiconductor <br>Equipment) | 7352 |  | $1662581 |
| ON Semiconductor Corp.\* <br>(Semiconductors & Semiconductor <br>Equipment) | 11754 |  | 703947 |
| Onto Innovation, Inc.\* (Semiconductors & <br>Semiconductor Equipment) | 1432 |  | 289336 |
| Qnity Electronics, Inc.\* (Semiconductors & <br>Semiconductor Equipment) | 6118 |  | 588429 |
| Qorvo, Inc.\* (Semiconductors & <br>Semiconductor Equipment) | 2456 |  | 191838 |
| QUALCOMM, Inc. (Semiconductors & <br>Semiconductor Equipment) | 31286 |  | 4742645 |
| Rambus, Inc.\* (Semiconductors & <br>Semiconductor Equipment) | 3145 |  | 357995 |
| Silicon Laboratories, Inc.\* <br>(Semiconductors & Semiconductor <br>Equipment) | 960 |  | 136752 |
| Skyworks Solutions, Inc. <br>(Semiconductors & Semiconductor <br>Equipment) | 4343 |  | 242166 |
| Teradyne, Inc. (Semiconductors & <br>Semiconductor Equipment) | 4575 |  | 1102804 |
| Texas Instruments, Inc. <br>(Semiconductors & Semiconductor <br>Equipment) | 26542 |  | 5721128 |
| Universal Display Corp. <br>(Semiconductors & Semiconductor <br>Equipment) | 1292 |  | 148347 |
| **TOTAL COMMON STOCKS**<br> (Cost $54,369,160) | **TOTAL COMMON STOCKS**<br> (Cost $54,369,160) | **TOTAL COMMON STOCKS**<br> (Cost $54,369,160) | **262576530** |

---

**Repurchase Agreements**<sup>(a)(b)</sup> **(19.1%)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Principal <br>Amount |  | Value |  |
| Repurchase Agreements with various <br>counterparties, rates 3.40%–3.55%, <br>dated 1/31/26, due 2/2/26, total <br>to be received $105,733,638 | $ | 105713000 |  | $105713000 |
| **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $105,713,000) | **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $105,713,000) | **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $105,713,000) | **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $105,713,000) | **105713000** |
| **TOTAL INVESTMENT SECURITIES**<br> (Cost $160,082,160)—66.7% |  |  |  | **368289530** |
| Net other assets (liabilities)—33.3% |  |  |  | 184265583 |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | $**552555113** |

---

\*

Non-income producing security.

<sup>(a)</sup>

A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. At January 31, 2026, the aggregate amount held in a segregated account was $75,165,000.

<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.

**See accompanying notes to financial statements.**

January 31, 2026 (unaudited) :: 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. Semiconductors Index | Goldman Sachs International | 2/23/26 |  | 4.39 | % | $207879289 | $2520520 |
| Dow Jones U.S. Semiconductors Index | UBS AG | 2/23/26 |  | 4.44 | % | 357016612 | 2702258 |

---

<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 January 31, 2026, 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 January 31, 2026:

---

| | | | |
|:---|:---|:---|:---|
|  |  | % of<br>Net Assets |  |
| Semiconductors & Semiconductor <br>Equipment | $262576530 |  | 47.6% |
| Other\*\* | 289978583 |  | 52.4% |
| **Total** | $**552555113** |  | **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 :: January 31, 2026 (unaudited)

**Repurchase Agreements**<sup>(a)(b)</sup> **(102.6%)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Principal <br>Amount |  | Value |  |
| Repurchase Agreements with various <br>counterparties, rates 3.40%–3.55%, <br>dated 1/31/26, due 2/2/26, total to be <br>received $635,124 | $ | 635000 |  | $635000 |
| **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $635,000) | **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $635,000) | **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $635,000) | **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $635,000) | **635000** |
| **TOTAL INVESTMENT SECURITIES**<br> (Cost $635,000)—102.6% |  |  |  | **635000** |
| Net other assets (liabilities)—(2.6)% |  |  |  | (16218) |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | $**618782** |

---

<sup>(a)</sup>

A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. At January 31, 2026, the aggregate amount held in a segregated account was $116,000.

<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.

**Total Return Swap Agreements—Short**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Underlying Instrument | Counterparty | Termination <br>Date<sup>(1)</sup> | Rate Paid<br>(Received)<sup>(2)</sup> |  | Notional<br>Amount |
| S&P Energy Select Sector Index | Goldman Sachs International | 2/23/26 |  | (3.89) | % |
| S&P Energy Select Sector Index | UBS AG | 2/23/26 |  | (3.94) | % |
|  |  |  |  |  | **$** |

---

<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 January 31, 2026, 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.**

January 31, 2026 (unaudited) :: Schedule of Portfolio Investments **:: Short Nasdaq-100 ProFund :: 77**

**Repurchase Agreements**<sup>(a)(b)</sup> **(94.4%)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Principal <br>Amount |  | Value |  |
| Repurchase Agreements with various <br>counterparties, rates 3.40%–3.55%, <br>dated 1/31/26, due 2/2/26, total to be <br>received $3,079,601 | $| 3079000 |  | $3079000 |
| **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $3,079,000) | **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $3,079,000) | **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $3,079,000) | **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $3,079,000) | **3079000** |
| **TOTAL INVESTMENT SECURITIES**<br> (Cost $3,079,000)—94.4% |  |  |  | **3079000** |
| Net other assets (liabilities)—5.6% |  |  |  | 182050 |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | $**3261050** |

---

<sup>(a)</sup>

A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. At January 31, 2026, the aggregate amount held in a segregated account was $327,000.

<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.

**Total Return Swap Agreements—Short**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Underlying Instrument | Counterparty | Termination<br>Date<sup>(1)</sup> | Rate Paid<br>(Received)<sup>(2)</sup> |  |  |
| Nasdaq-100 Index | Goldman Sachs International | 2/27/26 |  | (4.14)% | $46208 |
| Nasdaq-100 Index | UBS AG | 2/27/26 |  | (4.04)% | 3283 |

---

<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 January 31, 2026, 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 :: January 31, 2026 (unaudited)

**Repurchase Agreements**<sup>(a)(b)</sup> **(88.1%)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Principal <br>Amount |  | Value |  |  |
| Repurchase Agreements with various <br>counterparties, rates 3.40%–3.55%, <br>dated 1/31/26, due 2/2/26, total to be <br>received $14,134,759 | $| 14132000 |  | $— | 14132000 |
| **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $14,132,000) | **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $14,132,000) | **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $14,132,000) | **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $14,132,000) | **14132000** | **14132000** |
| **TOTAL INVESTMENT SECURITIES**<br>(Cost $14,132,000)—88.1% |  |  |  | **14132000** | **14132000** |
| Net other assets (liabilities)—11.9% |  |  |  |  | 1911037 |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | $**16043037** | **16043037** |

---

<sup>(a)</sup>

A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. At January 31, 2026, the aggregate amount held in a segregated account was $2,819,000.

<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.

**Total Return Swap Agreements—Short**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Underlying Instrument | Counterparty | Termination<br>Date<sup>(1)</sup> | Rate Paid<br>(Received)<sup>(2)</sup> |  |  |
| Dow Jones Precious <br>Metals Index | Goldman Sachs International | 2/23/26 |  | (3.89)% | $1632182 |
| Dow Jones Precious <br>Metals Index | UBS AG | 2/23/26 |  | (3.94)% | 142934 |

---

<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 January 31, 2026, 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.**

January 31, 2026 (unaudited) :: Schedule of Portfolio Investments **:: Short Real Estate ProFund :: 79**

**Repurchase Agreements**<sup>(a)(b)</sup> **(98.8%)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Principal <br>Amount |  | Value |  |
| Repurchase Agreements with various <br>counterparties, rates 3.40%–3.55%, <br>dated 1/31/26, due 2/2/26, total to be <br>received $557,109 | $ | 557000 |  | $557000 |
| **TOTAL REPURCHASE AGREEMENTS**<br>(Cost $557,000) | **TOTAL REPURCHASE AGREEMENTS**<br>(Cost $557,000) | **TOTAL REPURCHASE AGREEMENTS**<br>(Cost $557,000) | **TOTAL REPURCHASE AGREEMENTS**<br>(Cost $557,000) | **557000** |
| **TOTAL INVESTMENT SECURITIES**<br> (Cost $557,000)—98.8% |  |  |  | **557000** |
| Net other assets (liabilities)—1.2% |  |  |  | 6613 |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | $**563613** |

---

<sup>(a)</sup>

A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. At January 31, 2026, the aggregate amount held in a segregated account was $132,000.

<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.

**Total Return Swap Agreements—Short**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Underlying Instrument | Counterparty | Termination<br>Date<sup>(1)</sup> | Rate Paid<br>(Received)<sup>(2)</sup> |  | Notional<br>Amount |
| S&P Real Estate Select <br>Sector Index | Goldman Sachs International | 2/23/26 |  | (3.89)% |  |
| S&P Real Estate Select <br>Sector Index | UBS AG | 2/23/26 |  | (3.94)% |  |
|  |  |  |  |  | **$** |

---

<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 January 31, 2026, 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 :: January 31, 2026 (unaudited)

**Repurchase Agreements**<sup>(a)(b)</sup> **(119.2%)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Principal <br>Amount |  | Value | Value |  |
| Repurchase Agreements with various <br>counterparties, rates 3.40%–3.55%, <br>dated 1/31/26, due 2/2/26, total to be <br>received $752,147 | $ | 752000 |  | $ | $752000 |
| **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $752,000) | **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $752,000) | **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $752,000) | **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $752,000) | **752000** | **752000** |
| **TOTAL INVESTMENT SECURITIES**<br> (Cost $752,000)—119.2% |  |  |  |  | **752000** |
| Net other assets (liabilities)—(19.2)% |  |  |  |  | (121377) |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | **$** | $**630623** |

---

<sup>(a)</sup>

A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. At January 31, 2026, the aggregate amount held in a segregated account was $98,000.

<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.

**Total Return Swap Agreements—Short**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Underlying Instrument | Counterparty | Termination<br>Date<sup>(1)</sup> | Rate Paid<br>(Received)<sup>(2)</sup> |  | Notional<br>Amount |  |
| Russell 2000 Index | Goldman Sachs International | 2/27/26 |  | (3.79)% |  | $13516 |
| Russell 2000 Index | UBS AG | 2/27/26 |  | (3.94)% |  | 2076 |
|  |  |  |  |  | **$** |  |

---

<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 January 31, 2026, 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.**

January 31, 2026 (unaudited) :: Schedule of Portfolio Investments **:: Small-Cap Growth ProFund :: 81**

**Common Stocks, continued**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Shares | Shares |  |  |  |
| BGC Group, Inc.—Class A (Capital Markets) |  | 1017 |  | $9265 |  |
| BioLife Solutions, Inc.\* (Life Sciences Tools & <br>Services) |  | 94 |  | 2049 |  |
| BJ's Restaurants, Inc.\* (Hotels, Restaurants & <br>Leisure) |  | 47 |  | 1966 |  |
| BlackLine, Inc.\* (Software) |  | 241 |  | 11199 |  |
| Boot Barn Holdings, Inc.\* (Specialty Retail) |  | 145 |  | 25880 |  |
| Box, Inc.\*—Class A (Software) |  | 453 |  | 11484 |  |
| Brady Corp.—Class A (Commercial Services & <br>Supplies) |  | 209 |  | 18072 |  |
| BrightSpring Health Services, Inc.\* (Health Care <br>Providers & Services) | BrightSpring Health Services, Inc.\* (Health Care <br>Providers & Services) | 545 |  | 21402 |  |
| Brinker International, Inc. (Hotels, Restaurants & <br>Leisure) | Brinker International, Inc. (Hotels, Restaurants & <br>Leisure) | 214 |  | 33752 |  |
| Cactus, Inc.—Class A (Energy Equipment & <br>Services) |  | 209 |  | 11752 |  |
| California Water Service Group (Water Utilities) |  | 137 |  | 6124 |  |
| Calix, Inc.\* (Communications Equipment) |  | 289 |  | 12910 |  |
| Callaway Brands Corp.\* (Leisure Products) |  | 428 |  | 6142 |  |
| Cal-Maine Foods, Inc. (Food Products) |  | 218 |  | 18209 |  |
| CareTrust REIT, Inc. (Health Care REITs) |  | 1072 |  | 40029 |  |
| Cargurus, Inc.\* (Interactive Media & Services) |  | 196 |  | 6350 |  |
| Casella Waste Systems, Inc.\*—Class A <br>(Commercial Services & Supplies) |  | 300 |  | 30265 |  |
| Catalyst Pharmaceuticals, Inc.\* (Biotechnology) | Catalyst Pharmaceuticals, Inc.\* (Biotechnology) | 554 |  | 13462 |  |
| Cavco Industries, Inc.\* (Household Durables) |  | 39 |  | 19189 |  |
| Centerspace (Residential REITs) |  | 40 |  | 2571 |  |
| Century Aluminum Co.\* (Metals & Mining) |  | 154 |  | 6981 |  |
| Certara, Inc.\* (Health Care Technology) |  | 292 |  | 2567 |  |
| Champion Homes, Inc.\* (Household Durables) |  | 124 |  | 9719 |  |
| Chesapeake Utilities Corp. (Gas Utilities) |  | 69 |  | 8879 |  |
| Cinemark Holdings, Inc. (Entertainment) |  | 303 |  | 7175 |  |
| City Holding Co. (Banks) |  | 48 |  | 5908 |  |
| Cleanspark, Inc.\* (Software) |  | 783 |  | 9271 |  |
| Clear Secure, Inc.—Class A (Software) |  | 427 |  | 13929 |  |
| Clearway Energy, Inc.—Class A (Independent <br>Power/Renewable Electricity Producers) |  | 166 |  | 5606 |  |
| Clearway Energy, Inc.—Class C (Independent <br>Power/Renewable Electricity Producers) |  | 406 |  | 14677 |  |
| Cogent Communications Holdings, Inc. <br>(Diversified Telecommunication Services) |  | 121 |  | 2940 |  |
| Cohen & Steers, Inc. (Capital Markets) |  | 62 |  | 3984 |  |
| Collegium Pharmaceutical, Inc.\* <br>(Pharmaceuticals) |  | 151 |  | 6934 |  |
| Community Financial System, Inc. (Banks) |  | 129 |  | 8063 |  |
| Comstock Resources, Inc.\* (Oil, Gas & <br>Consumable Fuels) |  | 220 |  | 5357 |  |
| Concentra Group Holdings Parent, Inc. (Health <br>Care Providers & Services) |  | 286 |  | 6343 |  |
| Corcept Therapeutics, Inc.\* (Pharmaceuticals) |  | 450 |  | 17942 |  |
| CorVel Corp.\* (Health Care Providers & Services) | CorVel Corp.\* (Health Care Providers & Services) | 92 |  | 6406 |  |
| CSG Systems International, Inc. (Professional <br>Services) |  | 131 |  | 10447 |  |
| CSW Industrials, Inc. (Building Products) |  | 48 |  | 12959 |  |
| CTS Corp. (Electronic Equipment, <br>Instruments & Components) |  | 62 |  | 3187 |  |
| Curbline Properties Corp.\* (Retail REITs) |  | 467 |  | 11325 |  |
| Customers Bancorp, Inc.\* (Banks) |  | 76 |  | 6006 |  |
| CVR Energy, Inc.\* (Oil, Gas & Consumable Fuels) | CVR Energy, Inc.\* (Oil, Gas & Consumable Fuels) | CVR Energy, Inc.\* (Oil, Gas & Consumable Fuels) | 70 |  | 1592 |
| Cytek Biosciences, Inc.\* (Life Sciences Tools & <br>Services) |  | 344 |  | 1720 |  |
| Dana, Inc. (Automobile Components) |  | 274 |  | 7919 |  |

---

**Common Stocks (99.2%)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Shares |  | Value |  |
| A10 Networks, Inc. (Software) |  | 226 |  | $3941 |
| AAR Corp.\* (Aerospace & Defense) |  | 188 |  | 19911 |
| ACADIA Pharmaceuticals, Inc.\* (Biotechnology) | ACADIA Pharmaceuticals, Inc.\* (Biotechnology) | 601 |  | 15103 |
| Acadian Asset Management, Inc. (Capital <br>Markets) |  | 127 |  | 7038 |
| ACI Worldwide, Inc.\* (Software) |  | 326 |  | 14135 |
| ACM Research, Inc.\*—Class A <br>(Semiconductors & Semiconductor <br>Equipment) |  | 256 |  | 14879 |
| Acushnet Holdings Corp. (Leisure Products) |  | 132 |  | 12796 |
| Adamas Trust, Inc. (Mortgage REITs) |  | 401 |  | 3208 |
| Addus HomeCare Corp.\* (Health Care <br>Providers & Services) |  | 57 |  | 5898 |
| Adeia, Inc. (Software) |  | 525 |  | 9497 |
| ADMA Biologics, Inc.\* (Biotechnology) |  | 1143 |  | 19774 |
| Adtalem Global Education, Inc.\* (Diversified <br>Consumer Services) |  | 174 |  | 18018 |
| Agilysys, Inc.\* (Software) |  | 121 |  | 10497 |
| Air Lease Corp. (Trading Companies & <br>Distributors) |  | 287 |  | 18549 |
| Alarm.com Holdings, Inc.\* (Software) |  | 139 |  | 6780 |
| Alexander & Baldwin, Inc. (Equity <br>REIT—Diversified) |  | 169 |  | 3505 |
| Alkermes PLC\* (Biotechnology) |  | 792 |  | 26841 |
| American Eagle Outfitters, Inc. (Specialty Retail) | American Eagle Outfitters, Inc. (Specialty Retail) | 317 |  | 7389 |
| American States Water Co. (Water Utilities) |  | 121 |  | 8828 |
| Ameris Bancorp (Banks) |  | 174 |  | 14028 |
| AMERISAFE, Inc. (Insurance) |  | 44 |  | 1655 |
| Amneal Pharmaceuticals, Inc.\* (Biotech & <br>Pharma) |  | 489 |  | 6690 |
| Amphastar Pharmaceuticals, Inc.\* <br>(Pharmaceuticals) |  | 87 |  | 2305 |
| ANI Pharmaceuticals, Inc.\* (Pharmaceuticals) |  | 86 |  | 7039 |
| Apellis Pharmaceuticals, Inc.\* (Biotechnology) |  | 490 |  | 11064 |
| Archrock, Inc. (Energy Equipment & Services) |  | 844 |  | 24974 |
| Arcosa, Inc. (Construction & Engineering) |  | 150 |  | 17171 |
| Arcus Biosciences, Inc.\* (Biotechnology) |  | 258 |  | 5428 |
| Arlo Technologies, Inc.\* (Electronic Equipment, <br>Instruments & Components) | Arlo Technologies, Inc.\* (Electronic Equipment, <br>Instruments & Components) | 507 |  | 6434 |
| ARMOUR Residential REIT, Inc. (Mortgage <br>REITs) |  | 537 |  | 9343 |
| Armstrong World Industries, Inc. (Building <br>Products) |  | 207 |  | 38033 |
| Arrowhead Pharmaceuticals, Inc.\* <br>(Biotechnology) |  | 662 |  | 45897 |
| Artisan Partners Asset Management, <br>Inc.—Class A (Capital Markets) |  | 182 |  | 8103 |
| Artivion, Inc.\* (Health Care Equipment & <br>Supplies) |  | 201 |  | 8195 |
| Assured Guaranty, Ltd. (Insurance) |  | 107 |  | 9079 |
| Astec Industries, Inc. (Machinery) |  | 53 |  | 2582 |
| Avista Corp. (Multi-Utilities) |  | 184 |  | 7597 |
| Axcelis Technologies, Inc.\* (Semiconductors & <br>Semiconductor Equipment) |  | 92 |  | 8102 |
| Axos Financial, Inc.\* (Banks) |  | 273 |  | 27023 |
| Azenta, Inc.\* (Life Sciences Tools & Services) |  | 117 |  | 4549 |
| AZZ, Inc. (Building Products) |  | 144 |  | 17898 |
| Badger Meter, Inc. (Electronic Equipment, <br>Instruments & Components) |  | 142 |  | 20814 |
| Balchem Corp. (Chemicals) |  | 91 |  | 15485 |
| BancFirst Corp. (Banks) |  | 63 |  | 6927 |
| BankUnited, Inc. (Banks) |  | 169 |  | 8022 |

---

**See accompanying notes to financial statements.**

**82 :: Small-Cap Growth ProFund ::** Schedule of Portfolio Investments :: January 31, 2026 (unaudited)

**Common Stocks, continued**

---

| | | | |
|:---|:---|:---|:---|
|  | Shares | Shares |  |
| DiamondRock Hospitality Co. (Hotel & Resort <br>REITs) |  | 478 | $4388 |
| Digi International, Inc.\* (Communications <br>Equipment) |  | 178 | 7666 |
| DigitalOcean Holdings, Inc.\* (IT Services) |  | 329 | 18177 |
| Donnelley Financial Solutions, Inc.\* (Capital <br>Markets) |  | 57 | 2950 |
| Dorman Products, Inc.\* (Automobile <br>Components) |  | 133 | 16519 |
| DoubleVerify Holdings, Inc.\* (Software) |  | 380 | 4112 |
| DXP Enterprises, Inc.\* (Trading Companies & <br>Distributors) |  | 62 | 8063 |
| Element Solutions, Inc. (Chemicals) |  | 546 | 15889 |
| Ellington Financial, Inc. (Mortgage REITs) |  | 515 | 6618 |
| Enact Holdings, Inc. (Financial Services) |  | 77 | 3062 |
| Enerpac Tool Group Corp. (Machinery) |  | 153 | 6175 |
| Enova International, Inc.\* (Consumer Finance) |  | 120 | 19820 |
| Enpro, Inc. (Machinery) |  | 100 | 23878 |
| Enviri Corp. (Commercial Services & Supplies) |  | 386 | 7303 |
| ePlus, Inc. (Electronic Equipment, Instruments & <br>Components) | ePlus, Inc. (Electronic Equipment, Instruments & <br>Components) | 79 | 6779 |
| ESCO Technologies, Inc. (Machinery) |  | 125 | 28521 |
| Essential Properties Realty Trust, Inc. (Equity <br>REIT—Diversified) |  | 638 | 19370 |
| Etsy, Inc.\* (Broadline Retail) |  | 472 | 24997 |
| EVERTEC, Inc. (Financial Services) |  | 308 | 9243 |
| Everus Construction Group, Inc.\* <br>(Construction & Engineering) |  | 243 | 21503 |
| Extreme Networks, Inc.\* (Communications <br>Equipment) |  | 417 | 6080 |
| EZCORP, Inc.\*—Class A (Consumer Finance) |  | 279 | 5985 |
| FB Financial Corp. (Banks) |  | 86 | 4948 |
| Federal Signal Corp. (Machinery) |  | 291 | 31455 |
| First Bancorp (Banks) |  | 436 | 9644 |
| First Bancorp (Banks) |  | 88 | 5098 |
| FormFactor, Inc.\* (Semiconductors & <br>Semiconductor Equipment) |  | 374 | 26363 |
| Four Corners Property Trust, Inc. (Specialized <br>REITs) |  | 238 | 5867 |
| Franklin Electric Co., Inc. (Machinery) |  | 100 | 9962 |
| Freshpet, Inc.\* (Retail—Discretionary) |  | 148 | 10316 |
| Frontdoor, Inc.\* (Diversified Consumer Services) | Frontdoor, Inc.\* (Diversified Consumer Services) | 346 | 20451 |
| Gates Industrial Corp. PLC\* (Machinery) |  | 668 | 15377 |
| Gentherm, Inc.\* (Automobile Components) |  | 65 | 2077 |
| Getty Realty Corp. (Retail REITs) |  | 126 | 3762 |
| Glaukos Corp.\* (Health Care Equipment & <br>Supplies) |  | 191 | 22803 |
| Gogo, Inc.\* (Wireless Telecommunication <br>Services) |  | 371 | 1703 |
| Goosehead Insurance, Inc.\*—Class A <br>(Insurance) |  | 81 | 5009 |
| Granite Construction, Inc. (Construction & <br>Engineering) |  | 210 | 25355 |
| Green Brick Partners, Inc.\* (Household <br>Durables) |  | 83 | 5759 |
| Griffon Corp. (Building Products) |  | 110 | 8960 |
| HA Sustainable Infrastructure Capital, Inc. <br>(Financial Services) |  | 260 | 8947 |
| Harmony Biosciences Holdings, Inc.\* <br>(Pharmaceuticals) |  | 191 | 6975 |
| Hawkins, Inc. (Chemicals) |  | 68 | 8857 |
| Hayward Holdings, Inc.\* (Building Products) |  | 460 | 7424 |

---

**Common Stocks, continued**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Shares |  | Value |  |
| HCI Group, Inc. (Insurance) |  | 52 |  | $8251 |
| Healthcare Services Group, Inc.\* (Commercial <br>Services & Supplies) |  | 337 |  | 6342 |
| HealthStream, Inc. (Health Care Technology) |  | 58 |  | 1293 |
| Helmerich & Payne, Inc. (Energy Equipment & <br>Services) |  | 236 |  | 7996 |
| Hertz Global Holdings, Inc.\* (Ground <br>Transportation) |  | 413 |  | 2024 |
| Horace Mann Educators Corp. (Insurance) |  | 101 |  | 4526 |
| ICU Medical, Inc.\* (Health Care Equipment & <br>Supplies) |  | 56 |  | 8394 |
| Impinj, Inc.\* (Semiconductors & Semiconductor <br>Equipment) | Impinj, Inc.\* (Semiconductors & Semiconductor <br>Equipment) | 129 |  | 17815 |
| Independent Bank Corp. (Banks) |  | 102 |  | 8240 |
| Indivior Pharmaceuticals, Inc.\* <br>(Pharmaceuticals) |  | 599 |  | 21192 |
| Ingevity Corp.\* (Chemicals) |  | 96 |  | 6316 |
| Innovex International, Inc.\* (Energy <br>Equipment & Services) |  | 78 |  | 1938 |
| Innoviva, Inc.\* (Pharmaceuticals) |  | 201 |  | 4020 |
| Inspire Medical Systems, Inc.\* (Health Care <br>Equipment & Supplies) |  | 127 |  | 9624 |
| Installed Building Products, Inc. (Household <br>Durables) |  | 108 |  | 31119 |
| InterDigital, Inc. (Software) |  | 124 |  | 40478 |
| Interface, Inc. (Commercial Services & Supplies) | Interface, Inc. (Commercial Services & Supplies) | 156 |  | 4909 |
| International Seaways, Inc. (Oil, Gas & <br>Consumable Fuels) |  | 195 |  | 11631 |
| Interparfums, Inc. (Personal Care Products) |  | 50 |  | 4879 |
| Iridium Communications, Inc. (Diversified <br>Telecommunication Services) |  | 305 |  | 6076 |
| Itron, Inc.\* (Electronic Equipment, <br>Instruments & Components) |  | 142 |  | 14069 |
| JBG SMITH Properties (Office REITs) |  | 171 |  | 2880 |
| John Bean Technologies Corp. (Machinery) |  | 248 |  | 39014 |
| Kadant, Inc. (Machinery) |  | 29 |  | 9310 |
| Kinetik Holdings, Inc.<sup>(a)</sup> (Oil, Gas & <br>Consumable Fuels) |  | 104 |  | 4255 |
| Knowles Corp.\* (Electronic Equipment, <br>Instruments & Components) |  | 232 |  | 5624 |
| Kodiak Gas Services, Inc. (Energy Equipment & <br>Services) |  | 398 |  | 16720 |
| Kontoor Brands, Inc.\* (Textiles, Apparel & <br>Luxury Goods) |  | 132 |  | 7884 |
| Krystal Biotech, Inc.\* (Biotechnology) |  | 125 |  | 34906 |
| Lakeland Financial Corp. (Banks) |  | 60 |  | 3576 |
| Legalzoom.com, Inc.\* (Commercial Support <br>Services) |  | 435 |  | 3867 |
| LeMaitre Vascular, Inc. (Health Care <br>Equipment & Supplies) |  | 98 |  | 8327 |
| Ligand Pharmaceuticals, Inc.\* (Pharmaceuticals) | Ligand Pharmaceuticals, Inc.\* (Pharmaceuticals) | 92 |  | 17673 |
| Liquidity Services, Inc.\* (Commercial <br>Services & Supplies) |  | 114 |  | 3648 |
| LiveRamp Holdings, Inc.\* (Software) |  | 306 |  | 7451 |
| LTC Properties, Inc. (Health Care REITs) |  | 137 |  | 4996 |
| Lumen Technologies, Inc. (Diversified <br>Telecommunication Services) |  | 2038 |  | 17975 |
| LXP Industrial Trust (Industrial REITs) |  | 150 |  | 7433 |
| Mack-Cali Realty Corp. (Residential REITs) |  | 174 |  | 2642 |
| Madison Square Garden Sports Corp.\* <br>(Entertainment) |  | 86 |  | 24385 |
| MARA Holdings, Inc.\* (Software) |  | 998 |  | 9481 |

---

**See accompanying notes to financial statements.**

January 31, 2026 (unaudited) :: Schedule of Portfolio Investments **:: Small-Cap Growth ProFund :: 83**

**Common Stocks, continued**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Shares |  | Value |  |
| MarketAxess Holdings, Inc. (Capital Markets) |  | 93 |  | $15738 |
| Materion Corp. (Metals & Mining) |  | 55 |  | 7605 |
| MaxLinear, Inc.\* (Semiconductors & <br>Semiconductor Equipment) |  | 170 |  | 2950 |
| Mercury General Corp. (Insurance) |  | 128 |  | 11211 |
| Mercury Systems, Inc.\* (Aerospace & Defense) |  | 253 |  | 23752 |
| Merit Medical Systems, Inc.\* (Health Care <br>Equipment & Supplies) |  | 180 |  | 14596 |
| MGE Energy, Inc. (Electric Utilities) |  | 88 |  | 7029 |
| Middlesex Water Co. (Water Utilities) |  | 48 |  | 2514 |
| Millrose Properties, Inc. (Specialized REITs) |  | 437 |  | 13022 |
| Mirion Technologies, Inc.\* (Electronic <br>Equipment, Instruments & Components) |  | 1191 |  | 29584 |
| Moelis & Co.—Class A (Capital Markets) |  | 204 |  | 14621 |
| Monarch Casino & Resort, Inc. (Hotels, <br>Restaurants & Leisure) |  | 60 |  | 5492 |
| Moog, Inc.—Class A (Aerospace & Defense) |  | 136 |  | 41528 |
| Mueller Water Products, Inc.—Class A <br>(Machinery) |  | 489 |  | 13237 |
| MYR Group, Inc.\* (Construction & Engineering) |  | 75 |  | 18753 |
| Myriad Genetics, Inc.\* (Biotechnology) |  | 193 |  | 1085 |
| N-able, Inc.\* (Software) |  | 181 |  | 1099 |
| National Beverage Corp.\* (Beverages) |  | 56 |  | 1908 |
| National HealthCare Corp. (Health Care <br>Providers & Services) |  | 60 |  | 8587 |
| National Presto Industries, Inc.\* (Aerospace & <br>Defense) |  | 26 |  | 3312 |
| National Vision Holdings, Inc.\* (Specialty Retail) | National Vision Holdings, Inc.\* (Specialty Retail) | 381 |  | 10039 |
| NCR Atleos Corp.\* (Financial Services) |  | 220 |  | 8206 |
| NeoGenomics, Inc.\* (Health Care Providers & <br>Services) |  | 359 |  | 4330 |
| NetScout Systems, Inc.\* (Communications <br>Equipment) |  | 175 |  | 4867 |
| NexPoint Residential Trust, Inc. (Residential <br>REITs) |  | 48 |  | 1451 |
| NMI Holdings, Inc.\*—Class A (Financial <br>Services) |  | 368 |  | 14249 |
| Noble Corp. PLC\* (Energy Equipment & <br>Services) |  | 319 |  | 11363 |
| Northwest Natural Holding Co. (Gas Utilities) |  | 105 |  | 4889 |
| Oceaneering International, Inc.\* (Energy <br>Equipment & Services) |  | 281 |  | 8458 |
| OFG Bancorp (Banks) |  | 92 |  | 3708 |
| OPENLANE, Inc.\* (Commercial Services & <br>Supplies) |  | 511 |  | 15350 |
| OSI Systems, Inc.\* (Electronic Equipment, <br>Instruments & Components) |  | 77 |  | 19261 |
| Otter Tail Corp. (Electric Utilities) |  | 90 |  | 8025 |
| Outfront Media, Inc. (Specialized REITs) |  | 474 |  | 11528 |
| Pacira BioSciences, Inc.\* (Pharmaceuticals) |  | 206 |  | 4231 |
| Palomar Holdings, Inc.\* (Insurance) |  | 127 |  | 15695 |
| Papa John's International, Inc. (Hotels, <br>Restaurants & Leisure) |  | 73 |  | 2567 |
| Par Pacific Holdings, Inc.\* (Oil, Gas & <br>Consumable Fuels) |  | 115 |  | 4340 |
| Park National Corp. (Banks) |  | 34 |  | 5540 |
| Pathward Financial, Inc. (Banks) |  | 109 |  | 9842 |
| Patrick Industries, Inc. (Automobile <br>Components) |  | 73 |  | 9210 |
| Payoneer Global, Inc.\* (Financial Services) |  | 914 |  | 5840 |
| PDF Solutions, Inc.\* (Semiconductors & <br>Semiconductor Equipment) |  | 153 |  | 4873 |

---

**Common Stocks, continued**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Shares |  | Value |  |
| Pediatrix Medical Group, Inc.\* (Health Care <br>Providers & Services) |  | 404 |  | $8638 |
| Penguin Solutions, Inc.\* (Semiconductors & <br>Semiconductor Equipment) |  | 111 |  | 2132 |
| PennyMac Mortgage Investment Trust <br>(Mortgage REITs) |  | 419 |  | 4957 |
| Perdoceo Education Corp. (Diversified <br>Consumer Services) |  | 189 |  | 6054 |
| Phibro Animal Health Corp.—Class A <br>(Pharmaceuticals) |  | 96 |  | 3854 |
| Phillips Edison & Co., Inc. (Retail REITs) |  | 351 |  | 12716 |
| Piper Sandler Cos. (Capital Markets) |  | 44 |  | 15239 |
| Pitney Bowes, Inc. (Commercial Services & <br>Supplies) |  | 332 |  | 3463 |
| PJT Partners, Inc.—Class A (Capital Markets) |  | 117 |  | 20245 |
| Plexus Corp.\* (Electronic Equipment, <br>Instruments & Components) |  | 56 |  | 11162 |
| Powell Industries, Inc. (Electrical Equipment) |  | 46 |  | 20405 |
| Preferred Bank (Banks) |  | 55 |  | 4717 |
| PriceSmart, Inc. (Consumer Staples <br>Distribution & Retail) |  | 121 |  | 17207 |
| Primoris Services Corp. (Construction & <br>Engineering) |  | 259 |  | 38397 |
| Privia Health Group, Inc.\* (Health Care <br>Providers & Services) |  | 555 |  | 12887 |
| ProAssurance Corp. (Insurance) |  | 125 |  | 3028 |
| Progress Software Corp. (Software) |  | 141 |  | 5770 |
| Progyny, Inc.\* (Health Care Providers & <br>Services) |  | 386 |  | 9214 |
| Protagonist Therapeutics, Inc.\* (Biotechnology) |  | 281 |  | 22986 |
| Proto Labs, Inc.\* (Machinery) |  | 114 |  | 6002 |
| PTC Therapeutics, Inc.\* (Biotechnology) |  | 387 |  | 29231 |
| Q2 Holdings, Inc.\* (Software) |  | 190 |  | 11638 |
| Qorvo, Inc.\* (Semiconductors & Semiconductor <br>Equipment) | Qorvo, Inc.\* (Semiconductors & Semiconductor <br>Equipment) | 253 |  | 19762 |
| QuinStreet, Inc.\* (Interactive Media & Services) |  | 173 |  | 2299 |
| Radian Group, Inc. (Financial Services) |  | 324 |  | 10660 |
| RadNet, Inc.\* (Health Care Providers & Services) | RadNet, Inc.\* (Health Care Providers & Services) | 214 |  | 15001 |
| Ralliant Corp.\* (Electrical Equipment) |  | 281 |  | 14885 |
| Red Rock Resorts, Inc.\*—Class A (Hotels, <br>Restaurants & Leisure) |  | 234 |  | 14772 |
| Resideo Technologies, Inc.\* (Building Products) | Resideo Technologies, Inc.\* (Building Products) | 369 |  | 12642 |
| REX American Resources Corp.\* (Oil, Gas & <br>Consumable Fuels) |  | 92 |  | 3111 |
| Reynolds Consumer Products, Inc. (Household <br>Products) |  | 117 |  | 2711 |
| Ryman Hospitality Properties, Inc. (Hotel & <br>Resort REITs) |  | 303 |  | 28694 |
| Safety Insurance Group, Inc. (Insurance) |  | 37 |  | 2912 |
| Sanmina Corp.\* (Electronic Equipment, <br>Instruments & Components) |  | 263 |  | 37263 |
| Sarepta Therapeutics, Inc.\* (Biotechnology) |  | 307 |  | 6244 |
| Saul Centers, Inc. (Retail REITs) |  | 34 |  | 1079 |
| Schrodinger, Inc.\* (Health Care Technology) |  | 270 |  | 3772 |
| Seacoast Banking Corp. of Florida (Banks) |  | 219 |  | 7323 |
| Sealed Air Corp. (Containers & Packaging) |  | 425 |  | 17799 |
| SeaWorld Entertainment, Inc.\* (Hotels, <br>Restaurants & Leisure) |  | 70 |  | 2636 |
| Semtech Corp.\* (Semiconductors & <br>Semiconductor Equipment) |  | 291 |  | 23207 |
| Sensient Technologies Corp. (Chemicals) |  | 205 |  | 19377 |
| ServisFirst Bancshares, Inc. (Banks) |  | 121 |  | 9904 |

---

**See accompanying notes to financial statements.**

**84 :: Small-Cap Growth ProFund ::** Schedule of Portfolio Investments :: January 31, 2026 (unaudited)

**Common Stocks, continued**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Shares |  | Value |  |
| Sezzle, Inc.\* (Financial Services) |  | 82 |  | $5186 |
| Shake Shack, Inc.\*—Class A (Hotels, <br>Restaurants & Leisure) |  | 195 |  | 17271 |
| SiriusPoint, Ltd.\* (Insurance) |  | 499 |  | 10185 |
| SiTime Corp.\* (Semiconductors & <br>Semiconductor Equipment) |  | 104 |  | 37763 |
| Six Flags Entertainment Corp. (Hotels, <br>Restaurants & Leisure) |  | 219 |  | 3944 |
| SkyWest, Inc.\* (Passenger Airlines) |  | 120 |  | 11582 |
| SolarEdge Technologies, Inc.\*<sup>(a)</sup><br>(Semiconductors & Semiconductor <br>Equipment) |  | 169 |  | 5231 |
| Solstice Advanced Materials, Inc.\* (Chemicals) |  | 402 |  | 24831 |
| Sonos, Inc.\* (Household Durables) |  | 580 |  | 8323 |
| Sprinklr, Inc.\*—Class A (Software) |  | 581 |  | 3707 |
| SPS Commerce, Inc.\* (Software) |  | 108 |  | 9640 |
| STAAR Surgical Co.\* (Health Care Equipment & <br>Supplies) | STAAR Surgical Co.\* (Health Care Equipment & <br>Supplies) | 123 |  | 2331 |
| Standex International Corp. (Machinery) |  | 58 |  | 13920 |
| Stellar Bancorp, Inc. (Banks) |  | 96 |  | 3565 |
| StepStone Group, Inc.—Class A (Capital <br>Markets) |  | 350 |  | 24742 |
| Steven Madden, Ltd.\* (Textiles, Apparel & <br>Luxury Goods) |  | 197 |  | 8645 |
| StoneX Group, Inc.\* (Capital Markets) |  | 224 |  | 25145 |
| Sunrun, Inc.\* (Electrical Equipment) |  | 1114 |  | 21166 |
| Supernus Pharmaceuticals, Inc.\* <br>(Pharmaceuticals) |  | 191 |  | 9199 |
| Tandem Diabetes Care, Inc.\* (Health Care <br>Equipment & Supplies) |  | 183 |  | 3640 |
| Tanger, Inc. (Retail REITs) |  | 365 |  | 11943 |
| Tennant Co. (Machinery) |  | 39 |  | 2968 |
| Teradata Corp.\* (Software) |  | 255 |  | 7273 |
| Terreno Realty Corp. (Industrial REITs) |  | 347 |  | 21354 |
| TG Therapeutics, Inc.\* (Biotechnology) |  | 654 |  | 19247 |
| The Bancorp, Inc.\* (Banks) |  | 211 |  | 12542 |
| The Buckle, Inc. (Specialty Retail) |  | 87 |  | 4115 |
| The Cheesecake Factory, Inc.<sup>(a)</sup> (Hotels, <br>Restaurants & Leisure) |  | 117 |  | 6781 |
| The Chefs' Warehouse, Inc.\* (Consumer <br>Staples Distribution & Retail) |  | 173 |  | 10882 |
| The Macerich Co. (Retail REITs) |  | 640 |  | 12115 |
| The St. Joe Co.\* (Real Estate Management & <br>Development) |  | 193 |  | 12774 |
| Tidewater, Inc.\* (Energy Equipment & Services) | Tidewater, Inc.\* (Energy Equipment & Services) | 223 |  | 13935 |
| Tootsie Roll Industries, Inc. (Food Products) |  | 92 |  | 3485 |
| TransMedics Group, Inc.\* (Health Care <br>Equipment & Supplies) |  | 164 |  | 21972 |
| TripAdvisor, Inc.\* (Interactive Media & Services) | TripAdvisor, Inc.\* (Interactive Media & Services) | 560 |  | 7443 |
| Trupanion, Inc.\* (Insurance) |  | 106 |  | 3391 |
| TrustCo Bank Corp. (Banks) |  | 39 |  | 1693 |
| Trustmark Corp. (Banks) |  | 142 |  | 6038 |
| U.S. Physical Therapy, Inc. (Health Care <br>Providers & Services) |  | 35 |  | 2935 |
| UFP Technologies, Inc.\* (Health Care <br>Equipment & Supplies) |  | 39 |  | 9794 |
| UniFirst Corp. (Commercial Services & <br>Supplies) |  | 29 |  | 6235 |
| United Fire Group, Inc. (Insurance) |  | 52 |  | 1869 |
| Uniti Group, Inc.\* (Specialized REITs) |  | 862 |  | 7172 |
| Universal Health Realty Income Trust <br>(Health Care REITs) |  | 37 |  | 1470 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
|  | Shares |  |
| Upwork, Inc.\* (Professional Services) | 627 | $12559 |
| Urban Edge Properties (Retail REITs) | 290 | 5635 |
| Urban Outfitters, Inc.\* (Specialty Retail) | 258 | 18279 |
| Veeco Instruments, Inc.\* (Semiconductors & <br>Semiconductor Equipment) | 147 | 4591 |
| Veracyte, Inc.\* (Biotechnology) | 381 | 14508 |
| Vericel Corp.\* (Biotechnology) | 242 | 8707 |
| Verra Mobility Corp.\* (Professional Services) | 768 | 14822 |
| Viasat, Inc.\* (Communications Equipment) | 651 | 29405 |
| Viavi Solutions, Inc.\* (Communications <br>Equipment) | 1072 | 26221 |
| Vicor Corp.\* (Electrical Equipment) | 109 | 17186 |
| Victory Capital Holdings, Inc.—Class A <br>(Capital Markets) | 150 | 10580 |
| Vir Biotechnology, Inc.\* (Biotechnology) | 186 | 1384 |
| Virtu Financial, Inc.—Class A (Capital Markets) | 384 | 15940 |
| Vital Farms, Inc.\* (Food Products) | 177 | 5036 |
| Warrior Met Coal, Inc. (Metals & Mining) | 108 | 9645 |
| Waystar Holding Corp.\* (Health Care <br>Technology) | 550 | 14607 |
| WD-40 Co. (Household Products) | 40 | 9249 |
| Westamerica Bancorp (Banks) | 52 | 2630 |
| Whitestone REIT\* (Retail REITs) | 107 | 1524 |
| WillScot Mobile Mini Holdings Corp.\* <br>(Biotech & Pharma) | 456 | 9133 |
| Winmark Corp. (Specialty Retail) | 8 | 3606 |
| WisdomTree, Inc. (Capital Markets) | 552 | 8942 |
| World Acceptance Corp.\* (Consumer Finance) | 9 | 1091 |
| Worthington Enterprises, Inc. (Household <br>Durables) | 70 | 3890 |
| WSFS Financial Corp. (Banks) | 139 | 8997 |
| Xenia Hotels & Resorts, Inc. (Hotel & Resort <br>REITs) | 209 | 3083 |
| XPEL, Inc.\* (Automobile Components) | 121 | 6233 |
| Yelp, Inc.\* (Interactive Media & Services) | 163 | 4463 |
| Zurn Elkay Water Solutions Corp. (Building <br>Products) | 715 | 32969 |
| **TOTAL COMMON STOCKS** <br>(Cost $2,534,750) | **TOTAL COMMON STOCKS** <br>(Cost $2,534,750) | **3744158** |

---

**Collateral for Securities Loaned**<sup>(b)</sup> **(0.4%)**

---

| | | |
|:---|:---|:---|
| Invesco Government & Agency Portfolio—<br>Institutional Shares, 3.69%<sup>(c)</sup> | 15840 | 15840 |
| **TOTAL COLLATERAL FOR SECURITIES LOANED**(Cost $15,840) | **TOTAL COLLATERAL FOR SECURITIES LOANED**(Cost $15,840) | **15840** |
| **TOTAL INVESTMENT SECURITIES**<br> (Cost $2,550,590)—99.6% |  | **3759998** |
| Net other assets (liabilities)—0.4% |  | 16281 |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | $**3776279** |

---

\*

Non-income producing security.

<sup>(a)</sup>

All or part of this security was on loan as of January 31, 2026. The total value of securities on loan as of January 31, 2026 was $14,974.

<sup>(b)</sup>

Securities were purchased with cash collateral held from securities on loan at January 31, 2026.

<sup>(c)</sup>

Rate periodically changes. Rate disclosed is the daily yield as of January 31, 2026.

<sup>REIT</sup>

Real Estate Investment Trust

**See accompanying notes to financial statements.**

January 31, 2026 (unaudited) :: Schedule of Portfolio Investments **:: Small-Cap Growth ProFund :: 85**

Small-Cap Growth ProFund invested in the following industries as of January 31, 2026:

---

| | | | |
|:---|:---|:---|:---|
|  |  | % of<br>Net Assets |  |
| Aerospace & Defense | $88503 |  | 2.3% |
| Automobile Components | 41958 |  | 1.1% |
| Banks | 183982 |  | 5.0% |
| Beverages | 1908 |  | 0.1% |
| Biotech & Pharma | 15823 |  | 0.4% |
| Biotechnology | 275867 |  | 7.4% |
| Broadline Retail | 24997 |  | 0.7% |
| Building Products | 130885 |  | 3.5% |
| Capital Markets | 182532 |  | 4.8% |
| Chemicals | 90755 |  | 2.4% |
| Commercial Services & Supplies | 95587 |  | 2.5% |
| Commercial Support Services | 3867 |  | 0.1% |
| Communications Equipment | 87149 |  | 2.3% |
| Construction & Engineering | 121179 |  | 3.2% |
| Consumer Finance | 26896 |  | 0.7% |
| Consumer Staples Distribution & Retail | 28089 |  | 0.7% |
| Containers & Packaging | 17799 |  | 0.5% |
| Diversified Consumer Services | 44523 |  | 1.2% |
| Diversified Telecommunication Services | 26991 |  | 0.7% |
| Electric Utilities | 15054 |  | 0.4% |
| Electrical Equipment | 73642 |  | 2.0% |
| Electronic Equipment, Instruments & <br>Components | 154177 |  | 4.1% |
| Energy Equipment & Services | 97136 |  | 2.6% |
| Entertainment | 31560 |  | 0.9% |
| Equity REIT—Diversified | 22875 |  | 0.6% |
| Financial Services | 65393 |  | 1.7% |
| Food Products | 26730 |  | 0.7% |
| Gas Utilities | 13768 |  | 0.4% |
| Ground Transportation | 2024 |  | 0.1% |
| Health Care Equipment & Supplies | 109676 |  | 2.9% |
| Health Care Providers & Services | 101641 |  | 2.7% |
| Health Care REITs | 46495 |  | 1.2% |
| Health Care Technology | 22239 |  | 0.6% |
| Hotel & Resort REITs | 36165 |  | 1.0% |
| Hotels, Restaurants & Leisure | 89181 |  | 2.3% |
| Household Durables | 77999 |  | 2.1% |
| Household Products | 11960 |  | 0.3% |
| Independent Power/Renewable <br>Electricity Producers | 20283 |  | 0.5% |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | % of<br>Net Assets |  |
| Industrial REITs | $28787 |  | 0.8% |
| Insurance | 76811 |  | 2.0% |
| Interactive Media & Services | 20555 |  | 0.5% |
| IT Services | 18177 |  | 0.5% |
| Leisure Products | 18938 |  | 0.5% |
| Life Sciences Tools & Services | 8318 |  | 0.2% |
| Machinery | 202401 |  | 5.4% |
| Metals & Mining | 24231 |  | 0.6% |
| Mortgage REITs | 24126 |  | 0.6% |
| Multi-Utilities | 7597 |  | 0.2% |
| Office REITs | 2880 |  | 0.1% |
| Oil, Gas & Consumable Fuels | 30286 |  | 0.8% |
| Passenger Airlines | 11582 |  | 0.3% |
| Personal Care Products | 4879 |  | 0.1% |
| Pharmaceuticals | 101364 |  | 2.7% |
| Professional Services | 37828 |  | 1.0% |
| Real Estate Management & Development | 12774 |  | 0.3% |
| Residential REITs | 6664 |  | 0.2% |
| Retail—Discretionary | 10316 |  | 0.3% |
| Retail REITs | 60099 |  | 1.5% |
| Semiconductors & Semiconductor <br>Equipment | 167668 |  | 4.4% |
| Software | 191382 |  | 5.1% |
| Specialized REITs | 37589 |  | 1.0% |
| Specialty Retail | 69308 |  | 1.8% |
| Textiles, Apparel & Luxury Goods | 16529 |  | 0.4% |
| Trading Companies & Distributors | 26612 |  | 0.7% |
| Water Utilities | 17466 |  | 0.5% |
| Wireless Telecommunication Services | 1703 |  | <sup>NM</sup> |
| Other\*\* | 32121 |  | 0.8% |
| **Total** | $**3776279** |  | **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 :: January 31, 2026 (unaudited)

**Common Stocks (26.7%)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Shares |  | Value |  |  |
| 10X Genomics, Inc.\*—Class A (Medical <br>Equipment & Devices) |  | 117 |  | $2364 | 2364 |
| 1-800-Flowers.com, Inc.\*—Class A <br>(Specialty Retail) |  | 24 |  | 104 | 104 |
| 1st Source Corp. (Banks) |  | 19 |  | 1279 | 1279 |
| 3D Systems Corp.\* (Machinery) |  | 131 |  | 293 | 293 |
| 4D Molecular Therapeutics, Inc.\* <br>(Biotechnology) |  | 42 |  | 372 | 372 |
| 8x8, Inc.\* (Software) |  | 140 |  | 232 | 232 |
| 908 Devices, Inc.\* (Electronic Equipment, <br>Instruments & Components) |  | 29 |  | 183 | 183 |
| A10 Networks, Inc. (Software) |  | 76 |  | 1325 | 1325 |
| AAR Corp.\* (Aerospace & Defense) |  | 41 |  | 4342 | 4342 |
| Aardvark Therapeutics, Inc.\* (Biotech & Pharma) | Aardvark Therapeutics, Inc.\* (Biotech & Pharma) | 13 |  | 169 | 169 |
| Abacus Global Management, Inc. (Insurance) |  | 42 |  | 313 | 313 |
| Abeona Therapeutics, Inc.\* (Biotech & Pharma) | Abeona Therapeutics, Inc.\* (Biotech & Pharma) | 46 |  | 234 | 234 |
| Abercrombie & Fitch Co.\*—Class A (Specialty <br>Retail) |  | 49 |  | 4784 | 4784 |
| ABM Industries, Inc. (Commercial Services & <br>Supplies) |  | 64 |  | 2947 | 2947 |
| Absci Corp.\* (Biotechnology) |  | 143 |  | 428 | 428 |
| Acacia Research Corp.\* (Financial Services) |  | 35 |  | 139 | 139 |
| Academy Sports & Outdoors, Inc. (Specialty <br>Retail) |  | 70 |  | 3851 | 3851 |
| ACADIA Pharmaceuticals, Inc.\* (Biotechnology) | ACADIA Pharmaceuticals, Inc.\* (Biotechnology) | 131 |  | 3292 | 3292 |
| Acadia Realty Trust\* (Retail REITs) |  | 139 |  | 2781 | 2781 |
| Acadian Asset Management, Inc. (Capital <br>Markets) |  | 28 |  | 1552 | 1552 |
| Accel Entertainment, Inc.\* (Hotels, <br>Restaurants & Leisure) |  | 54 |  | 611 | 611 |
| Accendra Health, Inc.\* (Health Care <br>Providers & Services) |  | 79 |  | 175 | 175 |
| ACCO Brands Corp.\* (Commercial Services & <br>Supplies) |  | 91 |  | 356 | 356 |
| Accuray, Inc.\* (Health Care Equipment & <br>Supplies) |  | 104 |  |  | 84 |
| ACI Worldwide, Inc.\* (Software) |  | 109 |  | 4726 | 4726 |
| Aclaris Therapeutics, Inc.\* (Biotech & Pharma) |  | 96 |  | 337 | 337 |
| ACM Research, Inc.\*—Class A <br>(Semiconductors & Semiconductor <br>Equipment) |  | 53 |  | 3080 | 3080 |
| Acme United Corp. (Wholesale—Discretionary) |  | 3 |  | 125 | 125 |
| ACNB Corp. (Banks) |  | 11 |  | 556 | 556 |
| ACRES Commercial Realty Corp.\* (Specialty <br>Finance) |  | 7 |  | 134 | 134 |
| Actuate Therapeutics, Inc.\* (Biotech & Pharma) | Actuate Therapeutics, Inc.\* (Biotech & Pharma) | 10 |  |  | 47 |
| Acuren Corp.\* (Asset Management) |  | 212 |  | 2141 | 2141 |
| Acushnet Holdings Corp. (Leisure Products) |  | 29 |  | 2811 | 2811 |
| ACV Auctions, Inc.\*—Class A (Commercial <br>Services & Supplies) |  | 177 |  | 1382 | 1382 |
| Adamas Trust, Inc. (Mortgage REITs) |  | 89 |  | 712 | 712 |
| AdaptHealth Corp.\* (Health Care Providers & <br>Services) |  | 107 |  | 1075 | 1075 |
| Adaptive Biotechnologies Corp.\* (Life Sciences <br>Tools & Services) |  | 158 |  | 2923 | 2923 |
| ADC Therapeutics S.A.\* (Biotechnology) |  | 90 |  | 325 | 325 |
| Addus HomeCare Corp.\* (Health Care <br>Providers & Services) |  | 19 |  | 1966 | 1966 |
| Adeia, Inc. (Software) |  | 115 |  | 2080 | 2080 |
| Adient PLC (Automobile Components) |  | 86 |  | 1789 | 1789 |
| ADMA Biologics, Inc.\* (Biotechnology) |  | 244 |  | 4221 | 4221 |

---

**Common Stocks, continued**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Shares | Shares | Value |  |
| Adtalem Global Education, Inc.\* (Diversified <br>Consumer Services) |  | 38 | $3935 | 3935 |
| ADTRAN Holdings, Inc. (Communications <br>Equipment) |  | 78 | 719 | 719 |
| Advance Auto Parts, Inc. (Specialty Retail) |  | 64 | 3073 | 3073 |
| Advanced Energy Industries, Inc. (Electronic <br>Equipment, Instruments & Components) |  | 40 | 10214 | 10214 |
| AdvanSix, Inc.\* (Chemicals) |  | 28 | 444 | 444 |
| Advantage Solutions, Inc.\* (Media) |  | 98 | 106 | 106 |
| Aebi Schmidt Holding AG\* (Machinery) |  | 40 | 586 | 586 |
| Aehr Test Systems\* (Semiconductors & <br>Semiconductor Equipment) |  | 30 | 769 | 769 |
| Aeluma, Inc.\* (Semiconductors) |  | 14 | 221 | 221 |
| AeroVironment, Inc.\* (Aerospace & Defense) |  | 40 | 11136 | 11136 |
| AerSale Corp.\* (Aerospace & Defense) |  | 33 | 247 | 247 |
| Aeva Technologies, Inc.\* (Electronic Equipment, <br>Instruments & Components) | Aeva Technologies, Inc.\* (Electronic Equipment, <br>Instruments & Components) | 40 | 511 | 511 |
| AG Mortgage Investment Trust, Inc. (Mortgage <br>REITs) | AG Mortgage Investment Trust, Inc. (Mortgage <br>REITs) | 30 | 258 | 258 |
| agilon health, Inc.\* (Health Care Providers & <br>Services) |  | 324 | 270 | 270 |
| Agilysys, Inc.\* (Software) |  | 27 | 2342 | 2342 |
| Agios Pharmaceuticals, Inc.\* (Biotechnology) |  | 60 | 1646 | 1646 |
| AirJoule Technologies Corp.\* (Electrical <br>Equipment) |  | 24 |  | 77 |
| AIRO Group Holdings, Inc.\* (Aerospace & <br>Defense) |  | 8 |  | 82 |
| AirSculpt Technologies, Inc.\* (Health Care <br>Providers & Services) |  | 16 |  | 48 |
| Airship AI Holdings, Inc.\* (Software) |  | 24 |  | 75 |
| Akebia Therapeutics, Inc.\* (Biotechnology) |  | 266 | 375 | 375 |
| Alamo Group, Inc. (Machinery) |  | 11 | 2148 | 2148 |
| Alarm.com Holdings, Inc.\* (Software) |  | 50 | 2439 | 2439 |
| Albany International Corp. (Machinery) |  | 31 | 1720 | 1720 |
| Aldeyra Therapeutics, Inc.\* (Biotechnology) |  | 56 | 300 | 300 |
| Alector, Inc.\* (Biotechnology) |  | 84 | 159 | 159 |
| Alerus Financial Corp. (Financial Services) |  | 25 | 616 | 616 |
| Alexander & Baldwin, Inc. (Equity REIT—<br>Diversified) |  | 77 | 1597 | 1597 |
| Alexander's, Inc. (Retail REITs) |  | 2 | 490 | 490 |
| Alico, Inc. (Food Products) |  | 6 | 248 | 248 |
| Alight, Inc.\*—Class A (Professional Services) |  | 454 | 695 | 695 |
| Alignment Healthcare, Inc.\* (Health Care <br>Providers & Services) |  | 179 | 4033 | 4033 |
| Alkami Technology, Inc.\* (Software) |  | 73 | 1547 | 1547 |
| Alkermes PLC\* (Biotechnology) |  | 171 | 5795 | 5795 |
| Allegiant Travel Co.\* (Passenger Airlines) |  | 15 | 1329 | 1329 |
| Alliance Laundry Holdings, Inc.\* (Machinery) |  | 46 | 1016 | 1016 |
| Allied Motion Technologies, Inc. (Electrical <br>Equipment) |  | 15 | 915 | 915 |
| Allogene Therapeutics, Inc.\* (Biotechnology) |  | 161 | 296 | 296 |
| Alpha and Omega Semiconductor, Ltd.\* <br>(Semiconductors & Semiconductor <br>Equipment) |  | 27 | 597 | 597 |
| Alpha Metallurgical Resources, Inc.\* <br>(Metals & Mining) |  | 13 | 2727 | 2727 |
| Alpha Teknova, Inc.\* (Biotech & Pharma) |  | 10 |  | 24 |
| Alphatec Holdings, Inc.\* (Health Care <br>Equipment & Supplies) |  | 124 | 1839 | 1839 |
| Alpine Income Property Trust, Inc. (Equity <br>REIT—Diversified) |  | 14 | 247 | 247 |

---

**See accompanying notes to financial statements.**

January 31, 2026 (unaudited) :: Schedule of Portfolio Investments **:: Small-Cap ProFund :: 87**

**Common Stocks, continued**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Shares |  | Value |  |  |
| Alta Equipment Group, Inc. (Trading <br>Companies & Distributors) |  | 20 |  | $135 | 135 |
| AlTi Global, Inc.\* (Capital Markets) |  | 45 |  | 211 | 211 |
| Altice USA, Inc.\*—Class A (Cable & Satellite) |  | 275 |  | 421 | 421 |
| Altimmune, Inc.\* (Biotechnology) |  | 92 |  | 515 | 515 |
| Alumis, Inc.\* (Pharmaceuticals) |  | 60 |  | 1471 | 1471 |
| Amalgamated Financial Corp. (Banks) |  | 25 |  | 971 | 971 |
| Ambarella, Inc.\* (Semiconductors & <br>Semiconductor Equipment) |  | 43 |  | 2754 | 2754 |
| Ambiq Micro, Inc.\* (Semiconductors & <br>Semiconductor Equipment) |  | 5 |  | 152 | 152 |
| AMC Entertainment Holdings, Inc.\*<sup>(a)</sup> <br>(Entertainment) |  | 544 |  | 756 | 756 |
| AMC Networks, Inc.\*—Class A (Media) |  | 32 |  | 247 | 247 |
| Amerant Bancorp, Inc. (Banks) |  | 38 |  | 825 | 825 |
| Ameresco, Inc.\*—Class A (Construction & <br>Engineering) |  | 34 |  | 1066 | 1066 |
| American Assets Trust, Inc. (Equity <br>REIT—Diversified) |  | 55 |  | 993 | 993 |
| American Axle & Manufacturing Holdings, Inc.\* <br>(Automobile Components) | American Axle & Manufacturing Holdings, Inc.\* <br>(Automobile Components) | 121 |  | 964 | 964 |
| American Battery Technology Co.\* (Metals & <br>Mining) |  | 118 |  | 477 | 477 |
| American Coastal Insurance Corporation\* <br>(Insurance) |  | 26 |  | 287 | 287 |
| American Eagle Outfitters, Inc. (Specialty <br>Retail) |  | 168 |  | 3916 | 3916 |
| American Healthcare REIT, Inc. (Health Care <br>REITs) |  | 178 |  | 8350 | 8350 |
| American Integrity Insurance Group, Inc.\* <br>(Insurance) |  | 9 |  | 168 | 168 |
| American Outdoor Brands, Inc.\* (Leisure <br>Products) |  | 13 |  | 118 | 118 |
| American Public Education, Inc.\* (Diversified <br>Consumer Services) |  | 19 |  | 794 | 794 |
| American Realty Investors, Inc.\* (Real Estate <br>Management & Development) |  | 1 |  |  | 17 |
| American States Water Co. (Water Utilities) |  | 41 |  | 2991 | 2991 |
| American Superconductor Corp.\* (Electrical <br>Equipment) |  | 46 |  | 1376 | 1376 |
| American Vanguard Corp. (Chemicals) |  | 26 |  | 132 | 132 |
| American Woodmark Corp.\* (Building Products) | American Woodmark Corp.\* (Building Products) | 15 |  | 891 | 891 |
| America's Car-Mart, Inc.\* (Specialty Retail) |  | 7 |  | 180 | 180 |
| Ameris Bancorp (Banks) |  | 70 |  | 5643 | 5643 |
| AMERISAFE, Inc. (Insurance) |  | 20 |  | 752 | 752 |
| Ames National Corp. (Banks) |  | 9 |  | 235 | 235 |
| Amicus Therapeutics, Inc.\* (Biotechnology) |  | 314 |  | 4487 | 4487 |
| AMMO, Inc.\* (Leisure Products) |  | 90 |  | 147 | 147 |
| AMN Healthcare Services, Inc.\* (Health Care <br>Providers & Services) |  | 40 |  | 852 | 852 |
| Amneal Pharmaceuticals, Inc.\* (Biotech & <br>Pharma) |  | 159 |  | 2175 | 2175 |
| Amphastar Pharmaceuticals, Inc.\* <br>(Pharmaceuticals) |  | 38 |  | 1007 | 1007 |
| Amplitude, Inc.\*—Class A (Software) |  | 97 |  | 889 | 889 |
| Amprius Technologies, Inc.\* (Electrical <br>Equipment) |  | 116 |  | 1443 | 1443 |
| Amylyx Pharmaceuticals, Inc.\* <br>(Pharmaceuticals) |  | 93 |  | 1329 | 1329 |
| AnaptysBio, Inc.\* (Biotechnology) |  | 19 |  | 901 | 901 |
| Anavex Life Sciences Corp.\* (Biotechnology) |  | 87 |  | 409 | 409 |

---

**Common Stocks, continued**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Shares |  | Value |  |  |
| Angel Oak Mortgage REIT, Inc. (Mortgage <br>REITs) |  | 14 |  | $126 | 126 |
| Angi, Inc.\* (Interactive Media & Services) |  | 38 |  | 493 | 493 |
| AngioDynamics, Inc.\* (Health Care <br>Equipment & Supplies) |  | 42 |  | 435 | 435 |
| ANI Pharmaceuticals, Inc.\* (Pharmaceuticals) |  | 19 |  | 1555 | 1555 |
| Anika Therapeutics, Inc.\* (Biotechnology) |  | 13 |  | 120 | 120 |
| Annexon, Inc.\* (Biotechnology) |  | 105 |  | 655 | 655 |
| Anteris Technologies Global Corp.\* (Medical <br>Equipment & Devices) |  | 35 |  | 209 | 209 |
| Anterix, Inc.\* (Diversified Telecommunication <br>Services) |  | 12 |  | 315 | 315 |
| Apartment Investment and Management Co.\* <br>(Residential REITs) |  | 139 |  | 817 | 817 |
| Apogee Enterprises, Inc. (Building Products) |  | 23 |  | 854 | 854 |
| Apogee Therapeutics, Inc.\* (Biotechnology) |  | 40 |  | 2620 | 2620 |
| Apollo Commercial Real Estate Finance, Inc. <br>(Mortgage REITs) |  | 147 |  | 1589 | 1589 |
| Appian Corp.\*—Class A (Software) |  | 42 |  | 1172 | 1172 |
| Apple Hospitality REIT, Inc. (Hotel & Resort <br>REITs) |  | 237 |  | 2759 | 2759 |
| Applied Digital Corp.\* (IT Services) |  | 251 |  | 8504 | 8504 |
| Applied Optoelectronics, Inc.\* <br>(Communications Equipment) |  | 64 |  | 2791 | 2791 |
| Aquestive Therapeutics, Inc.\* (Pharmaceuticals) | Aquestive Therapeutics, Inc.\* (Pharmaceuticals) | 109 |  | 322 | 322 |
| Arbor Realty Trust, Inc.<sup>(a)</sup> (Mortgage REITs) |  | 205 |  | 1579 | 1579 |
| Arbutus Biopharma Corp.\* (Biotechnology) |  | 159 |  | 657 | 657 |
| ArcBest Corp. (Ground Transportation) |  | 24 |  | 2165 | 2165 |
| Arcellx, Inc.\* (Biotechnology) |  | 36 |  | 2459 | 2459 |
| Archer Aviation, Inc.\*—Class A (Aerospace & <br>Defense) |  | 666 |  | 4789 | 4789 |
| Archrock, Inc. (Energy Equipment & Services) |  | 182 |  | 5384 | 5384 |
| Arcosa, Inc. (Construction & Engineering) |  | 51 |  | 5838 | 5838 |
| Arcturus Therapeutics Holdings, Inc.\* <br>(Biotechnology) |  | 26 |  | 194 | 194 |
| Arcus Biosciences, Inc.\* (Biotechnology) |  | 83 |  | 1746 | 1746 |
| Arcutis Biotherapeutics, Inc.\* (Biotechnology) |  | 116 |  | 2943 | 2943 |
| Ardagh Metal Packaging SA (Containers & <br>Packaging) |  | 146 |  | 641 | 641 |
| Ardelyx, Inc.\* (Biotechnology) |  | 253 |  | 1946 | 1946 |
| Ardent Health Partners, Inc.\* (Health Care <br>Providers & Services) |  | 24 |  | 196 | 196 |
| Ardmore Shipping Corp. (Oil, Gas & <br>Consumable Fuels) |  | 36 |  | 465 | 465 |
| Ares Commercial Real Estate Corp. (Mortgage <br>REITs) |  | 55 |  | 287 | 287 |
| Argan, Inc. (Construction & Engineering) |  | 14 |  | 4860 | 4860 |
| Arhaus, Inc.\* (Specialty Retail) |  | 54 |  | 550 | 550 |
| Arko Corp. (Specialty Retail) |  | 79 |  | 419 | 419 |
| Arlo Technologies, Inc.\* (Electronic Equipment, <br>Instruments & Components) | Arlo Technologies, Inc.\* (Electronic Equipment, <br>Instruments & Components) | 105 |  | 1332 | 1332 |
| Armada Hoffler Properties, Inc. (Equity REIT—<br>Diversified) |  | 84 |  | 585 | 585 |
| ARMOUR Residential REIT, Inc. (Mortgage <br>REITs) |  | 119 |  | 2071 | 2071 |
| Arq, Inc.\* (Chemicals) |  | 33 |  | 117 | 117 |
| Array Technologies, Inc.\* (Electrical <br>Equipment) |  | 160 |  | 1812 | 1812 |
| Arrive AI, Inc.\* (Air Freight & Logistics) |  | 2 |  |  | 4 |
| ArriVent Biopharma, Inc.\* (Biotechnology) |  | 31 |  | 697 | 697 |
| Arrow Financial Corp. (Banks) |  | 17 |  | 575 | 575 |

---

**See accompanying notes to financial statements.**

**88 :: Small-Cap ProFund ::** Schedule of Portfolio Investments :: January 31, 2026 (unaudited)

**Common Stocks, continued**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Shares |  | Value |  |  |
| Arrowhead Pharmaceuticals, Inc.\* <br>(Biotechnology) |  | 140 |  | $9706 | 9706 |
| ARS Pharmaceuticals, Inc.\* (Biotechnology) |  | 62 |  | 619 | 619 |
| Arteris, Inc.\* (Software) |  | 32 |  | 480 | 480 |
| Artisan Partners Asset Management, Inc.—<br>Class A (Capital Markets) |  | 66 |  | 2938 | 2938 |
| Artivion, Inc.\* (Health Care Equipment & <br>Supplies) |  | 44 |  | 1794 | 1794 |
| Arvinas, Inc.\* (Pharmaceuticals) |  | 69 |  | 923 | 923 |
| Asana, Inc.\*—Class A (Software) |  | 91 |  | 933 | 933 |
| Asbury Automotive Group, Inc.\* (Specialty <br>Retail) |  | 21 |  | 4925 | 4925 |
| Ascent Industries Co.\* (Steel) |  | 9 |  | 146 | 146 |
| ASGN, Inc.\* (IT Services) |  | 44 |  | 2292 | 2292 |
| ASP Isotopes, Inc.\* (Chemicals) |  | 97 |  | 615 | 615 |
| Aspen Aerogels, Inc.\* (Chemicals) |  | 69 |  | 233 | 233 |
| Aspen Insurance Holdings Ltd.\* (Insurance) |  | 17 |  | 635 | 635 |
| Associated Banc-Corp. (Banks) |  | 176 |  | 4798 | 4798 |
| Astec Industries, Inc. (Machinery) |  | 24 |  | 1169 | 1169 |
| Astrana Health, Inc.\* (Health Care Providers & <br>Services) |  | 43 |  | 978 | 978 |
| Astronics Corp.\* (Aerospace & Defense) |  | 32 |  | 2424 | 2424 |
| Asure Software, Inc.\* (Professional Services) |  | 26 |  | 250 | 250 |
| Atea Pharmaceuticals, Inc.\* (Pharmaceuticals) |  | 74 |  | 314 | 314 |
| Ategrity Specialty Holdings, LLC\* (Insurance) |  | 7 |  | 125 | 125 |
| Atkore, Inc.\* (Electrical Equipment) |  | 36 |  | 2500 | 2500 |
| Atlanta Braves Holdings, Inc.\* (Entertainment) |  | 49 |  | 1957 | 1957 |
| Atlanta Braves Holdings, Inc.\*—Series A <br>(Entertainment) |  | 7 |  | 308 | 308 |
| Atlantic International Corp.\* (Biotech & Pharma) | Atlantic International Corp.\* (Biotech & Pharma) | 5 |  |  | 17 |
| Atlantic Union Bankshares Corp. (Banks) |  | 150 |  | 5826 | 5826 |
| Atlanticus Holdings Corp.\* (Consumer Finance) | Atlanticus Holdings Corp.\* (Consumer Finance) | 5 |  | 258 | 258 |
| Atlas Energy Solutions, Inc. (Energy <br>Equipment & Services) |  | 82 |  | 957 | 957 |
| Atmus Filtration Technologies, Inc. (Machinery) | Atmus Filtration Technologies, Inc. (Machinery) | 88 |  | 5101 | 5101 |
| ATN International, Inc. (Diversified <br>Telecommunication Services) |  | 11 |  | 266 | 266 |
| Atomera, Inc.\* (Semiconductors) |  | 31 |  |  | 91 |
| AtriCure, Inc.\* (Health Care Equipment & <br>Supplies) |  | 51 |  | 1883 | 1883 |
| aTyr Pharma, Inc.\* (Biotechnology) |  | 100 |  |  | 88 |
| AudioEye, Inc.\* (Software) |  | 9 |  |  | 85 |
| Aura Biosciences, Inc.\* (Biotechnology) |  | 46 |  | 258 | 258 |
| Aurinia Pharmaceuticals, Inc.\* (Biotechnology) |  | 126 |  | 1831 | 1831 |
| Avadel Pharmaceuticals PLC\* (Pharmaceuticals) | Avadel Pharmaceuticals PLC\* (Pharmaceuticals) | 94 |  | 2026 | 2026 |
| Avanos Medical, Inc.\* (Health Care <br>Equipment & Supplies) |  | 47 |  | 626 | 626 |
| Aveanna Healthcare Holdings, Inc.\* <br>(Health Care Providers & Services) |  | 73 |  | 613 | 613 |
| AvePoint, Inc.\* (Software) |  | 155 |  | 1803 | 1803 |
| Aviat Networks, Inc.\* (Communications <br>Equipment) |  | 12 |  | 262 | 262 |
| Avidbank Holdings, Inc.\* (Banks) |  | 3 |  |  | 87 |
| Avidity Biosciences, Inc.\* (Biotechnology) |  | 122 |  | 8854 | 8854 |
| Avient Corp. (Chemicals) |  | 97 |  | 3507 | 3507 |
| Avista Corp. (Multi-Utilities) |  | 86 |  | 3551 | 3551 |
| Avita Medical, Inc.\* (Biotechnology) |  | 12 |  |  | 53 |
| Axcelis Technologies, Inc.\* (Semiconductors & <br>Semiconductor Equipment) |  | 32 |  | 2818 | 2818 |
| Axogen, Inc.\* (Health Care Equipment & <br>Supplies) |  | 47 |  | 1638 | 1638 |
| Axos Financial, Inc.\* (Banks) |  | 58 |  | 5741 | 5741 |

---

**Common Stocks, continued**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Shares |  | Value |  |  |
| Axsome Therapeutics, Inc.\* (Pharmaceuticals) |  | 43 |  | $7922 | 7922 |
| Azenta, Inc.\* (Life Sciences Tools & Services) |  | 43 |  | 1672 | 1672 |
| AZZ, Inc. (Building Products) |  | 31 |  | 3853 | 3853 |
| B&G Foods, Inc. (Food Products) |  | 81 |  | 354 | 354 |
| Backblaze, Inc.\*—Class A (IT Services) |  | 58 |  | 264 | 264 |
| Badger Meter, Inc. (Electronic Equipment, <br>Instruments & Components) |  | 31 |  | 4544 | 4544 |
| Bakkt Holdings, Inc.\* (Institutional Financial <br>Services) |  | 15 |  | 201 | 201 |
| Balchem Corp. (Chemicals) |  | 34 |  | 5785 | 5785 |
| Bally's Corp.\* (Leisure Facilities & Services) |  | 10 |  | 153 | 153 |
| Banc of California, Inc. (Banks) |  | 135 |  | 2697 | 2697 |
| BancFirst Corp. (Banks) |  | 22 |  | 2419 | 2419 |
| Banco Latinoamericano de Comercio Exterior <br>S.A.—Class E (Financial Services) |  | 30 |  | 1454 | 1454 |
| Bandwidth, Inc.\*—Class A (Diversified <br>Telecommunication Services) |  | 29 |  | 405 | 405 |
| Bank First Corp. (Banks) |  | 9 |  | 1256 | 1256 |
| Bank of Hawaii Corp. (Banks) |  | 42 |  | 3141 | 3141 |
| Bank of Marin Bancorp (Banks) |  | 15 |  | 403 | 403 |
| Bank7 Corp. (Banks) |  | 5 |  | 222 | 222 |
| BankUnited, Inc. (Banks) |  | 80 |  | 3798 | 3798 |
| Bankwell Financial Group, Inc. (Banks) |  | 7 |  | 337 | 337 |
| Banner Corp. (Banks) |  | 36 |  | 2226 | 2226 |
| Bar Harbor Bankshares (Banks) |  | 17 |  | 576 | 576 |
| BARK, Inc.\* (Specialty Retail) |  | 96 |  |  | 85 |
| Barnes & Noble Education, Inc.\* <br>(Retail—Discretionary) |  | 17 |  | 152 | 152 |
| Barrett Business Services, Inc. (Professional <br>Services) |  | 27 |  | 1026 | 1026 |
| Bassett Furniture Industries, Inc. <br>(Retail—Discretionary) |  | 9 |  | 142 | 142 |
| BayCom Corp.\* (Banks) |  | 11 |  | 321 | 321 |
| BCB Bancorp, Inc. (Banks) |  | 16 |  | 126 | 126 |
| Beacon Financial Corporation (Banks) |  | 88 |  | 2495 | 2495 |
| Beam Therapeutics, Inc.\* (Biotechnology) |  | 101 |  | 2790 | 2790 |
| Beazer Homes USA, Inc.\* (Household Durables) | Beazer Homes USA, Inc.\* (Household Durables) | 29 |  | 626 | 626 |
| Bed Bath & Beyond, Inc.\* (Specialty Retail) |  | 72 |  | 426 | 426 |
| Bel Fuse, Inc.—Class A (Electronic Equipment, <br>Instruments & Components) |  | 2 |  | 368 | 368 |
| Bel Fuse, Inc.—Class B (Electronic Equipment, <br>Instruments & Components) |  | 11 |  | 2213 | 2213 |
| Belden, Inc. (Electronic Equipment, <br>Instruments & Components) |  | 41 |  | 4818 | 4818 |
| Benchmark Electronics, Inc. (Electronic <br>Equipment, Instruments & Components) |  | 38 |  | 1981 | 1981 |
| Benitec Biopharma, Inc.\* (Biotech & Pharma) |  | 16 |  | 195 | 195 |
| Beta Bionics, Inc.\* (Biotechnology) |  | 41 |  | 567 | 567 |
| Better Home & Finance Holding Co.\* (Specialty <br>Finance) | Better Home & Finance Holding Co.\* (Specialty <br>Finance) | 6 |  | 182 | 182 |
| Beyond Meat, Inc.\*<sup>(a)</sup> (Food Products) |  | 403 |  | 308 | 308 |
| BGC Group, Inc.—Class A (Capital Markets) |  | 382 |  | 3480 | 3480 |
| Bicara Therapeutics, Inc.\* (Biotechnology) |  | 33 |  | 554 | 554 |
| BigBear.ai Holdings, Inc.\*<sup>(a)</sup> (IT Services) |  | 457 |  | 2303 | 2303 |
| BigCommerce Holdings, Inc.\*—Class 1 (IT <br>Services) |  | 69 |  | 215 | 215 |
| Biglari Holdings, Inc.\*—Class B (Hotels, <br>Restaurants & Leisure) |  | 1 |  | 375 | 375 |
| BioAge Labs, Inc.\* (Pharmaceuticals) |  | 25 |  | 475 | 475 |
| BioCryst Pharmaceuticals, Inc.\* <br>(Biotechnology) |  | 220 |  | 1448 | 1448 |
| Biohaven, Ltd.\* (Biotechnology) |  | 99 |  | 1171 | 1171 |

---

**See accompanying notes to financial statements.**

January 31, 2026 (unaudited) :: Schedule of Portfolio Investments **:: Small-Cap ProFund :: 89**

**Common Stocks, continued**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Shares |  |  |  |
| BioLife Solutions, Inc.\* (Life Sciences Tools & <br>Services) |  | 43 | $937 | 937 |
| Biote Corp.\*—Class A (Pharmaceuticals) |  | 29 |  | 61 |
| Bioventus, Inc.\*—Class A (Health Care <br>Equipment & Supplies) |  | 48 | 381 | 381 |
| Bit Digital, Inc.\* (Software) |  | 335 | 680 | 680 |
| Bitdeer Technologies Group\* (Technology <br>Services) |  | 104 | 1356 | 1356 |
| BJ's Restaurants, Inc.\* (Hotels, Restaurants & <br>Leisure) |  | 21 | 878 | 878 |
| BK Technologies Corporation\* (Technology <br>Hardware) |  | 3 | 229 | 229 |
| BKV Corp.\* (Oil, Gas & Consumable Fuels) |  | 23 | 684 | 684 |
| Black Hills Corp. (Multi-Utilities) |  | 78 | 5693 | 5693 |
| Black Rock Coffee Bar, Inc.\* (Hotels, <br>Restaurants & Leisure) |  | 17 | 253 | 253 |
| Blackbaud, Inc. (Software) |  | 40 | 2148 | 2148 |
| BlackLine, Inc.\* (Software) |  | 55 | 2556 | 2556 |
| BlackSky Technology, Inc.\* (Professional <br>Services) |  | 32 | 706 | 706 |
| Blackstone Mortgage Trust, Inc.—Class A <br>(Mortgage REITs) |  | 168 | 3234 | 3234 |
| Blaize Holdings, Inc.\* (Semiconductors & <br>Semiconductor Equipment) |  | 81 | 110 | 110 |
| Blend Labs, Inc.\*—Class A (Software) |  | 207 | 493 | 493 |
| Bloom Energy Corp.\*—Class A (Electrical <br>Equipment) |  | 231 | 34967 | 34967 |
| Bloomin' Brands, Inc.\* (Hotels, Restaurants & <br>Leisure) |  | 88 | 528 | 528 |
| Blue Bird Corp.\* (Machinery) |  | 33 | 1660 | 1660 |
| Blue Foundry Bancorp\* (Banks) |  | 19 | 250 | 250 |
| Blue Ridge Bankshares, Inc.\* (Banking) |  | 70 | 298 | 298 |
| BlueLinx Holdings, Inc.\* (Trading Companies & <br>Distributors) |  | 8 | 556 | 556 |
| Bluerock Homes Trust, Inc.\* (Residential REITs) | Bluerock Homes Trust, Inc.\* (Residential REITs) | —<br> <sup>(b)</sup> |  | 1 |
| Boise Cascade Co. (Trading Companies & <br>Distributors) |  | 40 | 3232 | 3232 |
| Boot Barn Holdings, Inc.\* (Specialty Retail) |  | 32 | 5711 | 5711 |
| Borr Drilling, Ltd.\* (Energy Equipment & <br>Services) |  | 280 | 1310 | 1310 |
| Boston Omaha Corp.\*—Class A (Media) |  | 23 | 281 | 281 |
| Bowhead Specialty Holdings, Inc.\* (Insurance) |  | 19 | 467 | 467 |
| Bowman Consulting Group, Ltd.\* <br>(Construction & Engineering) |  | 15 | 522 | 522 |
| Box, Inc.\*—Class A (Software) |  | 148 | 3752 | 3752 |
| Braemar Hotels & Resorts, Inc.\* (Hotel & <br>Resort REITs) |  | 57 | 152 | 152 |
| Brandywine Realty Trust (Office REITs) |  | 181 | 512 | 512 |
| Braze, Inc.\*—Class A (Software) |  | 90 | 1874 | 1874 |
| BRC, Inc.\*—Class A (Food Products) |  | 96 |  | 79 |
| Bread Financial Holdings, Inc. (Consumer <br>Finance) |  | 48 | 3482 | 3482 |
| Bridgebio Pharma, Inc.\* (Biotechnology) |  | 168 | 12980 | 12980 |
| Bridgewater Bancshares, Inc.\* (Banks) |  | 22 | 423 | 423 |
| Bright Minds Biosciences, Inc.\* (Biotech & <br>Pharma) |  | 5 | 389 | 389 |
| BrightSpire Capital, Inc. (Mortgage REITs) |  | 135 | 807 | 807 |
| BrightSpring Health Services, Inc.\* (Health <br>Care Providers & Services) |  | 117 | 4595 | 4595 |
| BrightView Holdings, Inc.\* (Commercial <br>Services & Supplies) |  | 76 | 1015 | 1015 |

---

**Common Stocks, continued**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Shares |  | Value |  |  |
| Brinker International, Inc. (Hotels, <br>Restaurants & Leisure) |  | 47 |  | $7414 | 7414 |
| Bristow Group, Inc.\* (Energy Equipment & <br>Services) |  | 30 |  | 1319 | 1319 |
| Broadstone Net Lease, Inc. (Equity <br>REIT—Diversified) |  | 200 |  | 3702 | 3702 |
| Brookdale Senior Living, Inc.\* (Health Care <br>Providers & Services) |  | 245 |  | 3675 | 3675 |
| Brookfield Business Corp.—Class A (Industrial <br>Conglomerates) |  | 25 |  | 892 | 892 |
| Brookfield Infrastructure Corp.—Class A <br>(Gas & Water Utilities) |  | 127 |  | 6077 | 6077 |
| BRT Apartments Corp. (Residential REITs) |  | 11 |  | 162 | 162 |
| Build-A-Bear Workshop, Inc. (Specialty Retail) |  | 13 |  | 776 | 776 |
| Bumble, Inc.\*—Class A (Interactive Media & <br>Services) |  | 76 |  | 255 | 255 |
| Burford Capital, Ltd. (Financial Services) |  | 212 |  | 2054 | 2054 |
| Burke & Herbert Financial Services Corp. <br>(Banks) |  | 15 |  | 982 | 982 |
| Business First Bancshares, Inc. (Banks) |  | 30 |  | 845 | 845 |
| Butterfly Network, Inc.\* (Medical Equipment & <br>Devices) |  | 206 |  | 816 | 816 |
| BV Financial, Inc.\* (Banking) |  | 9 |  | 172 | 172 |
| Byline Bancorp, Inc. (Banks) |  | 33 |  | 1054 | 1054 |
| Byrna Technologies, Inc.\* (Aerospace & <br>Defense) |  | 19 |  | 260 | 260 |
| C&F Financial Corp.\* (Banking) |  | 3 |  | 226 | 226 |
| C3.ai, Inc.\*—Class A (Software) |  | 133 |  | 1464 | 1464 |
| Cable One, Inc. (Media) |  | 5 |  | 405 | 405 |
| Cabot Corp. (Chemicals) |  | 56 |  | 4042 | 4042 |
| Cactus, Inc.—Class A (Energy Equipment & <br>Services) |  | 72 |  | 4049 | 4049 |
| Cadiz, Inc.\* (Water Utilities) |  | 58 |  | 327 | 327 |
| Cadre Holdings, Inc. (Aerospace & Defense) |  | 30 |  | 1200 | 1200 |
| Calavo Growers, Inc.\* (Food Products) |  | 18 |  | 458 | 458 |
| Caledonia Mining Corp. PLC (Metals & Mining) |  | 17 |  | 466 | 466 |
| Caleres, Inc. (Specialty Retail) |  | 35 |  | 428 | 428 |
| California Resources Corp. (Oil, Gas & <br>Consumable Fuels) |  | 78 |  | 4173 | 4173 |
| California Water Service Group (Water Utilities) |  | 63 |  | 2816 | 2816 |
| Calix, Inc.\* (Communications Equipment) |  | 64 |  | 2859 | 2859 |
| Callaway Brands Corp.\* (Leisure Products) |  | 139 |  | 1995 | 1995 |
| Cal-Maine Foods, Inc. (Food Products) |  | 46 |  | 3841 | 3841 |
| Calumet, Inc.\* (Chemicals) |  | 73 |  | 1636 | 1636 |
| Camden National Corp. (Banks) |  | 18 |  | 856 | 856 |
| Camping World Holdings, Inc.—Class A <br>(Specialty Retail) |  | 64 |  | 844 | 844 |
| Candel Therapeutics, Inc.\* (Biotechnology) |  | 46 |  | 269 | 269 |
| Cannae Holdings, Inc.\* (Financial Services) |  | 50 |  | 721 | 721 |
| Cantaloupe, Inc.\* (Financial Services) |  | 59 |  | 634 | 634 |
| Capital Bancorp, Inc. (Banks) |  | 13 |  | 399 | 399 |
| Capital City Bank Group, Inc. (Banks) |  | 15 |  | 626 | 626 |
| Capitol Federal Financial, Inc. (Banks) |  | 130 |  | 946 | 946 |
| Capri Holdings, Ltd.\* (Textiles, Apparel & <br>Luxury Goods) |  | 123 |  | 2776 | 2776 |
| Capricor Therapeutics, Inc.\* (Biotechnology) |  | 40 |  | 876 | 876 |
| CapsoVision, Inc.\* (Health Care Equipment & <br>Supplies) |  | 6 |  |  | 30 |
| Cardiff Oncology, Inc.\* (Biotechnology) |  | 65 |  | 114 | 114 |
| CareDx, Inc.\* (Biotechnology) |  | 55 |  | 1130 | 1130 |
| CareTrust REIT, Inc. (Health Care REITs) |  | 237 |  | 8849 | 8849 |
| Cargurus, Inc.\* (Interactive Media & Services) |  | 87 |  | 2818 | 2818 |

---

**See accompanying notes to financial statements.**

**90 :: Small-Cap ProFund ::** Schedule of Portfolio Investments :: January 31, 2026 (unaudited)

**Common Stocks, continued**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Shares | Shares | Value |  |
| Carlsmed, Inc.\* (Health Care Equipment & <br>Supplies) |  | 7 | $— | 87 |
| Carriage Services, Inc. (Diversified Consumer <br>Services) |  | 15 | 644 | 644 |
| Cars.com, Inc.\* (Interactive Media & Services) |  | 57 | 648 | 648 |
| Carter Bankshares, Inc.\* (Banks) |  | 24 | 514 | 514 |
| Carter's, Inc. (Textiles, Apparel & Luxury Goods) | Carter's, Inc. (Textiles, Apparel & Luxury Goods) | 38 | 1315 | 1315 |
| Cartesian Therapeutics, Inc.\* (Biotechnology) |  | 11 |  | 75 |
| Casella Waste Systems, Inc.\*—Class A <br>(Commercial Services & Supplies) |  | 66 | 6657 | 6657 |
| Cass Information Systems, Inc. (Financial <br>Services) |  | 13 | 584 | 584 |
| Castle Biosciences, Inc.\* (Health Care <br>Providers & Services) |  | 30 | 1182 | 1182 |
| Catalyst Pharmaceuticals, Inc.\* (Biotechnology) | Catalyst Pharmaceuticals, Inc.\* (Biotechnology) | 122 | 2965 | 2965 |
| Cathay General Bancorp (Banks) |  | 70 | 3583 | 3583 |
| Cavco Industries, Inc.\* (Household Durables) |  | 8 | 3936 | 3936 |
| CB Financial Services, Inc. (Banking) |  | 5 | 179 | 179 |
| CBIZ, Inc.\* (Professional Services) |  | 52 | 2046 | 2046 |
| CBL & Associates Properties, Inc. (Retail REITs) | CBL & Associates Properties, Inc. (Retail REITs) | 19 | 680 | 680 |
| CECO Environmental Corp.\* (Commercial <br>Services & Supplies) |  | 31 | 2090 | 2090 |
| Celcuity, Inc.\* (Biotechnology) |  | 34 | 3720 | 3720 |
| Celldex Therapeutics, Inc.\* (Biotechnology) |  | 69 | 1697 | 1697 |
| Centerspace (Residential REITs) |  | 18 | 1157 | 1157 |
| Central Garden & Pet Co.\* (Household Products) | Central Garden & Pet Co.\* (Household Products) | 9 | 304 | 304 |
| Central Garden & Pet Co.\*—Class A <br>(Household Products) |  | 53 | 1626 | 1626 |
| Central Pacific Financial Corp. (Banks) |  | 28 | 912 | 912 |
| Centrus Energy Corp.\*<sup>(a)</sup>—Class A (Oil, Gas & <br>Consumable Fuels) |  | 18 | 5009 | 5009 |
| Centuri Holdings, Inc.\* (Construction & <br>Engineering) |  | 83 | 2291 | 2291 |
| Century Aluminum Co.\* (Metals & Mining) |  | 56 | 2538 | 2538 |
| Century Communities, Inc. (Household <br>Durables) |  | 28 | 1763 | 1763 |
| Cerence, Inc.\* (Software) |  | 42 | 476 | 476 |
| CeriBell, Inc.\* (Health Care Equipment & <br>Supplies) |  | 28 | 577 | 577 |
| Cerus Corp.\* (Health Care Equipment & <br>Supplies) |  | 194 | 452 | 452 |
| CEVA, Inc.\* (Semiconductors & Semiconductor <br>Equipment) | CEVA, Inc.\* (Semiconductors & Semiconductor <br>Equipment) | 25 | 527 | 527 |
| CF Bankshares, Inc. (Banking) |  | 5 | 146 | 146 |
| CG Oncology, Inc.\* (Biotechnology) |  | 59 | 3071 | 3071 |
| Chain Bridge Bancorp, Inc.\* (Banking) |  | 2 |  | 70 |
| Chaince Digital Holdings, Inc.\* (Commercial <br>Support Services) |  | 43 | 247 | 247 |
| Champion Homes, Inc.\* (Household Durables) |  | 60 | 4703 | 4703 |
| Chart Industries, Inc.\* (Machinery) |  | 48 | 9953 | 9953 |
| Chatham Lodging Trust (Hotel & Resort REITs) |  | 49 | 348 | 348 |
| Chemung Financial Corp. (Banks) |  | 5 | 304 | 304 |
| Chesapeake Utilities Corp. (Gas Utilities) |  | 25 | 3217 | 3217 |
| Chicago Atlantic Real Estate Finance, Inc. <br>(Mortgage REITs) |  | 19 | 236 | 236 |
| Chimera Investment Corp. (Mortgage REITs) |  | 86 | 1062 | 1062 |
| ChoiceOne Financial Services, Inc. (Banks) |  | 15 | 430 | 430 |
| Cimpress PLC\* (Commercial Services & <br>Supplies) |  | 19 | 1503 | 1503 |
| Cinemark Holdings, Inc. (Entertainment) |  | 110 | 2604 | 2604 |
| Cipher Mining, Inc.\* (Software) |  | 343 | 5474 | 5474 |
| Citi Trends, Inc. (Specialty Retail) |  | 5 | 216 | 216 |

---

**Common Stocks, continued**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Shares |  | Value |  |  |
| Citizens & Northern Corp. (Banks) |  | 18 |  | $410 | 410 |
| Citizens Community Bancorp, Inc. (Banking) |  | 10 |  | 181 | 181 |
| Citizens Financial Services, Inc. (Banks) |  | 5 |  | 316 | 316 |
| Citizens, Inc.\* (Insurance) |  | 47 |  | 261 | 261 |
| City Holding Co. (Banks) |  | 15 |  | 1846 | 1846 |
| Civista Bancshares, Inc. (Banks) |  | 20 |  | 483 | 483 |
| Claritev Corp.\* (Technology Services) |  | 8 |  | 217 | 217 |
| Claros Mortgage Trust, Inc. (Mortgage REITs) |  | 96 |  | 263 | 263 |
| Clarus Corp.\* (Leisure Products) |  | 30 |  | 115 | 115 |
| Clean Energy Fuels Corp.\* (Oil, Gas & <br>Consumable Fuels) |  | 183 |  | 403 | 403 |
| Cleanspark, Inc.\* (Software) |  | 293 |  | 3469 | 3469 |
| Clear Secure, Inc.—Class A (Software) |  | 91 |  | 2968 | 2968 |
| Clearfield, Inc.\* (Communications Equipment) |  | 12 |  | 357 | 357 |
| ClearPoint Neuro, Inc.\* (Medical Equipment & <br>Devices) |  | 28 |  | 362 | 362 |
| Clearwater Analytics Holdings, Inc.\*—Class A <br>(Software) |  | 294 |  | 7082 | 7082 |
| Clearwater Paper Corp.\* (Paper & Forest <br>Products) |  | 17 |  | 286 | 286 |
| Climb Global Solutions, Inc.\* (Electronic <br>Equipment, Instruments & Components) |  | 4 |  | 474 | 474 |
| Clipper Realty, Inc.\* (Residential REITs) |  | 14 |  |  | 49 |
| Clover Health Investments Corp.\* (Health Care <br>Facilities & Services) |  | 430 |  | 963 | 963 |
| CNB Financial Corp. (Banks) |  | 32 |  | 886 | 886 |
| CNO Financial Group, Inc. (Insurance) |  | 101 |  | 4247 | 4247 |
| CNX Resources Corp.\* (Oil, Gas & Consumable <br>Fuels) |  | 138 |  | 5354 | 5354 |
| Coastal Financial Corp.\* (Banks) |  | 14 |  | 1341 | 1341 |
| CoastalSouth Bancshares, Inc.\* (Banks) |  | 6 |  | 144 | 144 |
| Codexis, Inc.\* (Life Sciences Tools & Services) |  | 93 |  | 115 | 115 |
| Coeur Mining, Inc.\* (Metals & Mining) |  | 676 |  | 13818 | 13818 |
| Cogent Biosciences, Inc.\* (Biotechnology) |  | 146 |  | 5243 | 5243 |
| Cogent Communications Holdings, Inc. <br>(Diversified Telecommunication Services) |  | 52 |  | 1264 | 1264 |
| Cohen & Steers, Inc. (Capital Markets) |  | 29 |  | 1864 | 1864 |
| Coherus Oncology, Inc.\* (Biotechnology) |  | 111 |  | 240 | 240 |
| Cohu, Inc.\* (Semiconductors & Semiconductor <br>Equipment) |  | 48 |  | 1370 | 1370 |
| Collegium Pharmaceutical, Inc.\* <br>(Pharmaceuticals) |  | 33 |  | 1515 | 1515 |
| Colony Bankcorp, Inc.\* (Banks) |  | 18 |  | 350 | 350 |
| Columbia Financial, Inc.\* (Banks) |  | 28 |  | 456 | 456 |
| Columbus McKinnon Corp. (Machinery) |  | 30 |  | 632 | 632 |
| Commercial Bancgroup, Inc.\* (Banks) |  | 7 |  | 184 | 184 |
| Commercial Metals Co. (Metals & Mining) |  | 117 |  | 8995 | 8995 |
| Community Financial System, Inc. (Banks) |  | 56 |  | 3500 | 3500 |
| Community Health Systems, Inc.\* (Health Care <br>Providers & Services) |  | 134 |  | 430 | 430 |
| Community Healthcare Trust, Inc. (Health Care <br>REITs) |  | 29 |  | 501 | 501 |
| Community Trust Bancorp, Inc. (Banks) |  | 17 |  | 1049 | 1049 |
| Community West Bancshares (Banks) |  | 18 |  | 431 | 431 |
| CommVault Systems, Inc.\* (Software) |  | 47 |  | 4028 | 4028 |
| Compass Diversified Holdings (Financial <br>Services) |  | 70 |  | 460 | 460 |
| Compass Minerals International, Inc. (Metals & <br>Mining) |  | 36 |  | 899 | 899 |
| Compass Therapeutics, Inc.\* (Biotechnology) |  | 137 |  | 877 | 877 |
| Compass, Inc.\*—Class A (Real Estate <br>Management & Development) |  | 677 |  | 8475 | 8475 |

---

**See accompanying notes to financial statements.**

January 31, 2026 (unaudited) :: Schedule of Portfolio Investments **:: Small-Cap ProFund :: 91**

**Common Stocks, continued**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Shares |  | Value |  |  |
| Complete Solaria, Inc.\* (Renewable Energy) |  | 65 |  | $112 | 112 |
| CompX International, Inc.\* (Commercial <br>Services & Supplies) |  | 1 |  |  | 23 |
| Comstock Resources, Inc.\* (Oil, Gas & <br>Consumable Fuels) |  | 78 |  | 1899 | 1899 |
| Concentra Group Holdings Parent, Inc. (Health <br>Care Providers & Services) |  | 123 |  | 2728 | 2728 |
| Concrete Pumping Holdings, Inc.\* <br>(Construction & Engineering) |  | 23 |  | 133 | 133 |
| Conduent, Inc.\* (Professional Services) |  | 153 |  | 213 | 213 |
| CONMED Corp. (Health Care Equipment & <br>Supplies) |  | 33 |  | 1267 | 1267 |
| ConnectOne Bancorp, Inc. (Banks) |  | 50 |  | 1331 | 1331 |
| Consensus Cloud Solutions, Inc.\* (Software) |  | 20 |  | 427 | 427 |
| Consolidated Water Co., Ltd. (Water Utilities) |  | 16 |  | 606 | 606 |
| Constellium SE\* (Metals & Mining) |  | 145 |  | 3258 | 3258 |
| Construction Partners, Inc.\*—Class A <br>(Construction & Engineering) |  | 50 |  | 5494 | 5494 |
| Consumer Portfolio Services, Inc.\* (Consumer <br>Finance) |  | 10 |  |  | 86 |
| Contango ORE, Inc.\* (Metals & Mining) |  | 12 |  | 340 | 340 |
| Cooper-Standard Holdings, Inc.\* (Automobile <br>Components) |  | 18 |  | 565 | 565 |
| COPT Defense Properties (Office REITs) |  | 121 |  | 3727 | 3727 |
| Core Laboratories, Inc. (Energy Equipment & <br>Services) |  | 50 |  | 977 | 977 |
| Core Molding Technologies, Inc.\* (Chemicals) |  | 9 |  | 176 | 176 |
| Core Natural Resources, Inc. (Oil, Gas & <br>Consumable Fuels) |  | 54 |  | 5151 | 5151 |
| Core Scientific, Inc.\* (IT Services) |  | 306 |  | 5505 | 5505 |
| CoreCivic, Inc.\* (Commercial Services & <br>Supplies) |  | 111 |  | 2057 | 2057 |
| CorMedix, Inc.\*<sup>(a)</sup> (Pharmaceuticals) |  | 78 |  | 605 | 605 |
| Corsair Gaming, Inc.\* (Technology Hardware, <br>Storage & Peripherals) |  | 49 |  | 250 | 250 |
| CorVel Corp.\* (Health Care Providers & Services) | CorVel Corp.\* (Health Care Providers & Services) | 30 |  | 2089 | 2089 |
| Corvus Pharmaceuticals, Inc.\* (Biotechnology) |  | 60 |  | 1242 | 1242 |
| Costamare Bulkers Holdings Ltd.\* (Marine <br>Transportation) |  | 9 |  | 149 | 149 |
| Costamare, Inc. (Marine Transportation) |  | 47 |  | 789 | 789 |
| Coursera, Inc.\* (Diversified Consumer Services) | Coursera, Inc.\* (Diversified Consumer Services) | 150 |  | 909 | 909 |
| Covenant Logistics Group, Inc.—Class A <br>(Ground Transportation) |  | 16 |  | 394 | 394 |
| CPI Card Group, Inc.\* (Technology Hardware, <br>Storage & Peripherals) |  | 6 |  |  | 78 |
| CRA International, Inc. (Professional Services) |  | 7 |  | 1323 | 1323 |
| Cracker Barrel Old Country Store, Inc. (Hotels, <br>Restaurants & Leisure) |  | 23 |  | 693 | 693 |
| Crawford & Co.—Class A (Insurance) |  | 17 |  | 184 | 184 |
| Credo Technology Group Holding, Ltd.\* <br>(Semiconductors & Semiconductor <br>Equipment) |  | 162 |  | 20296 | 20296 |
| Crescent Energy Co.—Class A (Oil, Gas & <br>Consumable Fuels) |  | 248 |  | 2423 | 2423 |
| Crexendo, Inc.\* (Technology Services) |  | 17 |  | 119 | 119 |
| Cricut, Inc.—Class A (Household Durables) |  | 50 |  | 224 | 224 |
| Crinetics Pharmaceuticals, Inc.\* (Biotechnology) | Crinetics Pharmaceuticals, Inc.\* (Biotechnology) | 103 |  | 5144 | 5144 |
| CRISPR Therapeutics AG\* (Biotechnology) |  | 92 |  | 4596 | 4596 |
| Critical Metals Corp.\*<sup>(a)</sup> (Metals & Mining) |  | 47 |  | 619 | 619 |
| Cross Country Healthcare, Inc.\* (Health Care <br>Providers & Services) |  | 33 |  | 308 | 308 |
| CryoPort, Inc.\* (Life Sciences Tools & Services) |  | 52 |  | 495 | 495 |

---

**Common Stocks, continued**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Shares | Shares | Value |  |
| CS Disco, Inc.\* (Software) |  | 26 | $163 | 163 |
| CSG Systems International, Inc. (Professional <br>Services) |  | 29 | 2313 | 2313 |
| CSP, Inc.\* (Technology Services) |  | 7 |  | 80 |
| CSW Industrials, Inc. (Building Products) |  | 17 | 4590 | 4590 |
| CTO Realty Growth, Inc. (Equity REIT—<br>Diversified) |  | 33 | 586 | 586 |
| CTS Corp. (Electronic Equipment, <br>Instruments & Components) |  | 30 | 1542 | 1542 |
| Cullinan Therapeutics, Inc.\* (Biotechnology) |  | 57 | 682 | 682 |
| Curbline Properties Corp.\* (Retail REITs) |  | 103 | 2498 | 2498 |
| CuriosityStream, Inc. (Entertainment Content) |  | 42 | 156 | 156 |
| Cushman & Wakefield Ltd.\* (Real Estate <br>Services) |  | 244 | 4011 | 4011 |
| Custom Truck One Source, Inc.\* (Trading <br>Companies & Distributors) |  | 63 | 398 | 398 |
| Customers Bancorp, Inc.\* (Banks) |  | 34 | 2687 | 2687 |
| CVB Financial Corp. (Banks) |  | 138 | 2720 | 2720 |
| CVR Energy, Inc.\* (Oil, Gas & Consumable Fuels) | CVR Energy, Inc.\* (Oil, Gas & Consumable Fuels) | 32 | 728 | 728 |
| CVRx, Inc.\* (Health Care Equipment & <br>Supplies) |  | 17 | 116 | 116 |
| Cytek Biosciences, Inc.\* (Life Sciences Tools & <br>Services) |  | 123 | 615 | 615 |
| Cytokinetics, Inc.\* (Biotechnology) |  | 126 | 7962 | 7962 |
| Daily Journal Corp.\* (Software) |  | 1 | 586 | 586 |
| Dakota Gold Corp.\* (Metals & Mining) |  | 94 | 563 | 563 |
| Daktronics, Inc.\* (Electronic Equipment, <br>Instruments & Components) |  | 40 | 926 | 926 |
| Dana, Inc. (Automobile Components) |  | 125 | 3613 | 3613 |
| Dave & Buster's Entertainment, Inc.\* (Hotels, <br>Restaurants & Leisure) |  | 28 | 526 | 526 |
| Dave, Inc.\* (Software) |  | 11 | 1801 | 1801 |
| Day One Biopharmaceuticals, Inc.\* <br>(Biotechnology) |  | 83 | 926 | 926 |
| Definitive Healthcare Corp.\* (Health Care <br>Technology) |  | 31 |  | 72 |
| Definium Therapeutics, Inc.\* (Pharmaceuticals) |  | 99 | 1671 | 1671 |
| Delcath Systems, Inc.\* (Medical Equipment & <br>Devices) |  | 31 | 307 | 307 |
| Delek US Holdings, Inc. (Oil, Gas & <br>Consumable Fuels) |  | 63 | 1859 | 1859 |
| Deluxe Corp. (Commercial Services & Supplies) | Deluxe Corp. (Commercial Services & Supplies) | 46 | 1214 | 1214 |
| Denali Therapeutics, Inc.\* (Biotechnology) |  | 140 | 3044 | 3044 |
| Designer Brands, Inc.—Class A (Specialty <br>Retail) |  | 35 | 222 | 222 |
| DHT Holdings, Inc. (Oil, Gas & Consumable <br>Fuels) |  | 142 | 2035 | 2035 |
| DiaMedica Therapeutics, Inc.\* (Biotech & <br>Pharma) |  | 36 | 289 | 289 |
| Diamond Hill Investment Group, Inc. (Capital <br>Markets) |  | 3 | 514 | 514 |
| DiamondRock Hospitality Co. (Hotel & Resort <br>REITs) |  | 217 | 1992 | 1992 |
| Dianthus Therapeutics, Inc.\* (Biotechnology) |  | 26 | 1388 | 1388 |
| Diebold Nixdorf, Inc.\* (Technology Hardware, <br>Storage & Peripherals) |  | 26 | 1794 | 1794 |
| Digi International, Inc.\* (Communications <br>Equipment) |  | 38 | 1637 | 1637 |
| Digimarc Corp.\* (Software) |  | 16 |  | 98 |
| Digital Turbine, Inc.\* (Software) |  | 114 | 595 | 595 |
| DigitalBridge Group, Inc. (Real Estate <br>Management & Development) |  | 187 | 2878 | 2878 |

---

**See accompanying notes to financial statements.**

**92 :: Small-Cap ProFund ::** Schedule of Portfolio Investments :: January 31, 2026 (unaudited)

**Common Stocks, continued**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Shares | Shares | Value |  |
| DigitalOcean Holdings, Inc.\* (IT Services) |  | 72 | $3978 | 3978 |
| Dime Community Bancshares, Inc. (Banks) |  | 42 | 1429 | 1429 |
| Dine Brands Global, Inc. (Hotels, Restaurants & <br>Leisure) | Dine Brands Global, Inc. (Hotels, Restaurants & <br>Leisure) | 16 | 550 | 550 |
| Diodes, Inc.\* (Semiconductors & <br>Semiconductor Equipment) |  | 48 | 2841 | 2841 |
| Disc Medicine, Inc.\* (Biotechnology) |  | 27 | 2088 | 2088 |
| Distribution Solutions Group, Inc.\* (Trading <br>Companies & Distributors) |  | 11 | 312 | 312 |
| Diverisifed Energy Co. (Oil & Gas Producers) |  | 66 | 884 | 884 |
| Diversified Healthcare Trust (Health Care REITs) | Diversified Healthcare Trust (Health Care REITs) | 231 | 1342 | 1342 |
| DMC Global, Inc.\* (Energy Equipment & <br>Services) |  | 20 | 172 | 172 |
| DNOW, Inc.\* (Trading Companies & Distributors) | DNOW, Inc.\* (Trading Companies & Distributors) | 196 | 2977 | 2977 |
| DocGo, Inc.\* (Health Care Providers & Services) | DocGo, Inc.\* (Health Care Providers & Services) | 94 |  | 72 |
| Dole PLC (Food Products) |  | 87 | 1386 | 1386 |
| Domo, Inc.\*—Class B (Software) |  | 35 | 205 | 205 |
| Donegal Group, Inc.—Class A (Insurance) |  | 18 | 336 | 336 |
| Donnelley Financial Solutions, Inc.\* (Capital <br>Markets) |  | 27 | 1397 | 1397 |
| Dorian LPG, Ltd.\* (Oil, Gas & Consumable <br>Fuels) |  | 39 | 1152 | 1152 |
| Dorman Products, Inc.\* (Automobile <br>Components) |  | 29 | 3602 | 3602 |
| Douglas Dynamics, Inc. (Machinery) |  | 24 | 904 | 904 |
| Douglas Elliman, Inc. (Real Estate Services) |  | 77 | 208 | 208 |
| Douglas Emmett, Inc. (Office REITs) |  | 171 | 1806 | 1806 |
| Dream Finders Homes, Inc.\*—Class A <br>(Household Durables) |  | 31 | 570 | 570 |
| Driven Brands Holdings, Inc.\* (Commercial <br>Services & Supplies) |  | 63 | 980 | 980 |
| Ducommun, Inc.\* (Aerospace & Defense) |  | 15 | 1700 | 1700 |
| D-Wave Quantum, Inc.\* (Software) |  | 353 | 7491 | 7491 |
| DXP Enterprises, Inc.\* (Trading Companies & <br>Distributors) |  | 14 | 1821 | 1821 |
| Dycom Industries, Inc.\* (Construction & <br>Engineering) |  | 30 | 10931 | 10931 |
| Dynavax Technologies Corp.\* (Biotechnology) |  | 106 | 1641 | 1641 |
| Dyne Therapeutics, Inc.\* (Biotechnology) |  | 131 | 2344 | 2344 |
| Dynex Capital, Inc. (Mortgage REITs) |  | 155 | 2151 | 2151 |
| Eagle Bancorp Montana, Inc. (Banking) |  | 8 | 174 | 174 |
| Eagle Bancorp, Inc. (Banks) |  | 30 | 803 | 803 |
| Eagle Financial Services, Inc. (Banking) |  | 5 | 192 | 192 |
| Easterly Government Properties, Inc. (Office <br>REITs) |  | 45 | 1053 | 1053 |
| Eastern Bankshares, Inc. (Banks) |  | 234 | 4793 | 4793 |
| Eastman Kodak Co.\* (Technology Hardware, <br>Storage & Peripherals) |  | 51 | 373 | 373 |
| ECB BanCorp., Inc.\* (Banking) |  | 8 | 141 | 141 |
| EchoStar Corp.\*—Class A (Media) |  | 143 | 16189 | 16189 |
| Ecovyst, Inc.\* (Chemicals) |  | 120 | 1273 | 1273 |
| Edgewell Personal Care Co. (Personal Care <br>Products) |  | 48 | 934 | 934 |
| Edgewise Therapeutics, Inc.\* (Pharmaceuticals) | Edgewise Therapeutics, Inc.\* (Pharmaceuticals) | 71 | 1999 | 1999 |
| Editas Medicine, Inc.\* (Biotechnology) |  | 94 | 187 | 187 |
| eGain Corp.\* (Software) |  | 17 | 175 | 175 |
| eHealth, Inc.\* (Insurance) |  | 30 |  | 85 |
| El Pollo Loco Holdings, Inc.\* (Hotels, <br>Restaurants & Leisure) |  | 30 | 304 | 304 |
| Electromed, Inc.\* (Medical Equipment & <br>Devices) |  | 7 | 209 | 209 |

---

**Common Stocks, continued**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Shares |  | Value |  |  |
| Eledon Pharmaceuticals, Inc.\* (Biotech & <br>Pharma) |  | 58 |  | $128 | 128 |
| Ellington Financial, Inc. (Mortgage REITs) |  | 103 |  | 1324 | 1324 |
| Embecta Corp. (Health Care Equipment & <br>Supplies) |  | 62 |  | 658 | 658 |
| Emerald Holding, Inc. (Media) |  | 14 |  |  | 71 |
| Emergent BioSolutions, Inc.\* (Biotechnology) |  | 55 |  | 624 | 624 |
| Empire Petroleum Corp.\* (Oil, Gas & <br>Consumable Fuels) |  | 14 |  |  | 42 |
| Empire State Realty Trust, Inc. (Equity REIT—<br>Diversified) |  | 147 |  | 975 | 975 |
| Employers Holdings, Inc. (Insurance) |  | 24 |  | 1047 | 1047 |
| Enact Holdings, Inc. (Financial Services) |  | 30 |  | 1193 | 1193 |
| Enanta Pharmaceuticals, Inc.\* (Biotechnology) |  | 28 |  | 361 | 361 |
| Encore Capital Group, Inc.\* (Consumer Finance) | Encore Capital Group, Inc.\* (Consumer Finance) | 24 |  | 1325 | 1325 |
| Encore Energy Corp.\* (Oil, Gas & Consumable <br>Fuels) |  | 193 |  | 614 | 614 |
| Energizer Holdings, Inc. (Household Products) |  | 66 |  | 1441 | 1441 |
| Energy Fuels, Inc.\* (Oil, Gas & Consumable <br>Fuels) |  | 241 |  | 5407 | 5407 |
| Energy Recovery, Inc.\* (Machinery) |  | 54 |  | 788 | 788 |
| Energy Services of America Corp. <br>(Engineering & Construction) |  | 12 |  | 108 | 108 |
| Enerpac Tool Group Corp. (Machinery) |  | 56 |  | 2260 | 2260 |
| EnerSys (Electrical Equipment) |  | 39 |  | 7027 | 7027 |
| Enhabit, Inc.\* (Health Care Providers & <br>Services) |  | 52 |  | 553 | 553 |
| Enliven Therapeutics, Inc.\* (Pharmaceuticals) |  | 42 |  | 1111 | 1111 |
| Ennis, Inc. (Commercial Services & Supplies) |  | 26 |  | 507 | 507 |
| Enova International, Inc.\* (Consumer Finance) |  | 25 |  | 4129 | 4129 |
| Enovis Corp.\* (Health Care Equipment & <br>Supplies) |  | 60 |  | 1322 | 1322 |
| Enovix Corp.\* (Electrical Equipment) |  | 178 |  | 1178 | 1178 |
| Enpro, Inc. (Machinery) |  | 23 |  | 5492 | 5492 |
| Enterprise Financial Services Corp. (Banks) |  | 38 |  | 2179 | 2179 |
| Entrada Therapeutics, Inc.\* (Biotechnology) |  | 30 |  | 343 | 343 |
| Entravision Communications Corp.—Class A <br>(Media) |  | 65 |  | 196 | 196 |
| Envela Corp.\* (Renewable Energy) |  | 7 |  |  | 95 |
| Enviri Corp. (Commercial Services & Supplies) |  | 80 |  | 1514 | 1514 |
| Eos Energy Enterprises, Inc.\* (Renewable <br>Energy) |  | 326 |  | 4773 | 4773 |
| ePlus, Inc. (Electronic Equipment, <br>Instruments & Components) |  | 28 |  | 2403 | 2403 |
| Epsilon Energy Ltd. (Oil & Gas Producers) |  | 20 |  | 100 | 100 |
| Equity Bancshares, Inc.\*—Class A (Banks) |  | 17 |  | 784 | 784 |
| Erasca, Inc.\* (Biotechnology) |  | 182 |  | 1913 | 1913 |
| Ermenegildo Zegna NV (Apparel & Textile <br>Products) |  | 65 |  | 565 | 565 |
| Escalade, Inc. (Leisure Products) |  | 11 |  | 160 | 160 |
| ESCO Technologies, Inc. (Machinery) |  | 27 |  | 6161 | 6161 |
| Esperion Therapeutics, Inc.\* (Pharmaceuticals) |  | 245 |  | 831 | 831 |
| Esquire Financial Holdings, Inc. (Banks) |  | 8 |  | 853 | 853 |
| Essent Group, Ltd. (Financial Services) |  | 100 |  | 6292 | 6292 |
| Essential Properties Realty Trust, Inc. (Equity <br>REIT—Diversified) |  | 210 |  | 6377 | 6377 |
| Ethan Allen Interiors, Inc. (Household Durables) | Ethan Allen Interiors, Inc. (Household Durables) | 25 |  | 573 | 573 |
| Eton Pharmaceuticals, Inc.\* (Biotech & Pharma) | Eton Pharmaceuticals, Inc.\* (Biotech & Pharma) | 27 |  | 405 | 405 |
| European Wax Center, Inc.\*—Class A <br>(Diversified Consumer Services) |  | 29 |  | 114 | 114 |
| Eve Holding, Inc.\* (Aerospace & Defense) |  | 100 |  | 394 | 394 |
| Eventbrite, Inc.\*—Class A (Entertainment) |  | 79 |  | 349 | 349 |

---

**See accompanying notes to financial statements.**

January 31, 2026 (unaudited) :: Schedule of Portfolio Investments **:: Small-Cap ProFund :: 93**

**Common Stocks, continued**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Shares |  | Value |  |  |
| EverCommerce, Inc.\* (Software) |  | 15 |  | $181 | 181 |
| EverQuote, Inc.\*—Class A (Interactive Media & <br>Services) |  | 30 |  | 681 | 681 |
| EVERTEC, Inc. (Financial Services) |  | 68 |  | 2041 | 2041 |
| EVgo, Inc.\* (Specialty Retail) |  | 134 |  | 403 | 403 |
| EVI Industries, Inc.\* (Trading Companies & <br>Distributors) |  | 5 |  | 129 | 129 |
| Evolent Health, Inc.\*—Class A (Health Care <br>Technology) |  | 123 |  | 395 | 395 |
| Evolus, Inc.\* (Pharmaceuticals) |  | 55 |  | 258 | 258 |
| Evolution Petroleum Corp. (Oil, Gas & <br>Consumable Fuels) |  | 32 |  | 126 | 126 |
| Evolv Technologies Holdings, Inc.\* (Electronic <br>Equipment, Instruments & Components) |  | 161 |  | 997 | 997 |
| Excelerate Energy, Inc.—Class A (Oil, Gas & <br>Consumable Fuels) |  | 25 |  | 934 | 934 |
| eXp World Holdings, Inc. (Real Estate <br>Management & Development) |  | 93 |  | 841 | 841 |
| Expensify, Inc.\* (Software) |  | 62 |  |  | 90 |
| Exponent, Inc. (Professional Services) |  | 54 |  | 3881 | 3881 |
| Expro Group Holdings N.V.\* (Energy <br>Equipment & Services) |  | 94 |  | 1505 | 1505 |
| Extreme Networks, Inc.\* (Communications <br>Equipment) |  | 139 |  | 2027 | 2027 |
| EyePoint Pharmaceuticals, Inc.\* <br>(Pharmaceuticals) |  | 80 |  | 1082 | 1082 |
| F&G Annuities & Life, Inc. (Insurance) |  | 39 |  | 1150 | 1150 |
| Fabrinet\* (Electronic Equipment, Instruments & <br>Components) | Fabrinet\* (Electronic Equipment, Instruments & <br>Components) | 38 |  | 18598 | 18598 |
| Falcon's Beyond Global, Inc.\* (Professional <br>Services) |  | 15 |  |  | 90 |
| Faraday Future Intelligent Electric, Inc.\* <br>(Software) |  | 149 |  | 155 | 155 |
| Farmers & Merchants Bancorp, Inc. (Banks) |  | 13 |  | 349 | 349 |
| Farmers National Banc Corp. (Banks) |  | 38 |  | 493 | 493 |
| Farmland Partners, Inc. (Specialized REITs) |  | 41 |  | 476 | 476 |
| Fastly, Inc.\*—Class A (IT Services) |  | 147 |  | 1360 | 1360 |
| Fate Therapeutics, Inc.\* (Biotechnology) |  | 114 |  | 136 | 136 |
| FB BanCorp, Inc.\* (Banking) |  | 19 |  | 246 | 246 |
| FB Financial Corp. (Banks) |  | 44 |  | 2531 | 2531 |
| Federal Agricultural Mortgage Corp.—Class C <br>(Financial Services) |  | 10 |  | 1693 | 1693 |
| Federal Signal Corp. (Machinery) |  | 64 |  | 6918 | 6918 |
| Fennec Pharmaceuticals, Inc.\* (Biotechnology) |  | 24 |  | 182 | 182 |
| Ferroglobe PLC (Metals & Mining) |  | 125 |  | 594 | 594 |
| Fidelis Insurance Holdings, Ltd. (Insurance) |  | 59 |  | 1123 | 1123 |
| Fidelity D&D Bancorp, Inc. (Banks) |  | 5 |  | 224 | 224 |
| Figs, Inc.\*—Class A (Textiles, Apparel & Luxury <br>Goods) | Figs, Inc.\*—Class A (Textiles, Apparel & Luxury <br>Goods) | 93 |  | 1005 | 1005 |
| Finance Of America Companies, Inc.\* <br>(Specialty Finance) |  | 5 |  | 116 | 116 |
| Financial Institutions, Inc. (Banks) |  | 21 |  | 692 | 692 |
| Finward BanCorp. (Banking) |  | 3 |  | 110 | 110 |
| Finwise Bancorp\* (Banking) |  | 10 |  | 175 | 175 |
| Firefly Aerospace, Inc.\*<sup>(a)</sup> (Aerospace & <br>Defense) |  | 23 |  | 580 | 580 |
| First Advantage Corp.\* (Professional Services) |  | 83 |  | 1121 | 1121 |
| First Bancorp (Banks) |  | 168 |  | 3716 | 3716 |
| First Bancorp (Banks) |  | 42 |  | 2433 | 2433 |
| First Bank (Banks) |  | 23 |  | 384 | 384 |
| First Busey Corp. (Banks) |  | 89 |  | 2194 | 2194 |
| First Business Financial Services, Inc. (Banks) |  | 9 |  | 516 | 516 |

---

**Common Stocks, continued**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Shares |  | Value |  |  |
| First Capital, Inc. (Banking) |  | 3 |  | $177 | 177 |
| First Commonwealth Financial Corp. (Banks) |  | 110 |  | 1983 | 1983 |
| First Community Bancshares, Inc.\* (Banks) |  | 17 |  | 612 | 612 |
| First Community Corp (Banking) |  | 8 |  | 235 | 235 |
| First Financial Bancorp\* (Banks) |  | 106 |  | 3046 | 3046 |
| First Financial Bankshares, Inc. (Banks) |  | 142 |  | 4518 | 4518 |
| First Financial Corp. (Banks) |  | 12 |  | 782 | 782 |
| First Foundation, Inc. (Banks) |  | 66 |  | 414 | 414 |
| First Internet Bancorp (Banks) |  | 8 |  | 174 | 174 |
| First Interstate BancSystem, Inc.—Class A <br>(Banks) |  | 94 |  | 3334 | 3334 |
| First Merchants Corp. (Banks) |  | 61 |  | 2425 | 2425 |
| First Mid Bancshares, Inc. (Banks) |  | 23 |  | 968 | 968 |
| First National Corp. (Banking) |  | 8 |  | 211 | 211 |
| First United Corp.\* (Banking) |  | 7 |  | 268 | 268 |
| First Watch Restaurant Group, Inc.\* (Hotels, <br>Restaurants & Leisure) |  | 58 |  | 927 | 927 |
| First Western Financial, Inc.\* (Banks) |  | 9 |  | 226 | 226 |
| FirstCash Holdings, Inc. (Consumer Finance) |  | 42 |  | 7162 | 7162 |
| Firstsun Capital Bancorp\* (Banking) |  | 13 |  | 513 | 513 |
| FitLife Brands, Inc.\* (Biotech & Pharma) |  | 4 |  |  | 64 |
| Five Star Bancorp (Banks) |  | 17 |  | 674 | 674 |
| Five9, Inc.\* (Software) |  | 81 |  | 1430 | 1430 |
| FLEX LNG, Ltd. (Oil, Gas & Consumable Fuels) |  | 33 |  | 881 | 881 |
| Flexsteel Industries, Inc. (Household Durables) |  | 4 |  | 160 | 160 |
| Flotek Industries, Inc.\* (Oil & Gas Services & <br>Equipment) |  | 15 |  | 261 | 261 |
| Flowco Holdings, Inc.\*—Class A (Oil & Gas <br>Services & Equipment) |  | 21 |  | 439 | 439 |
| Fluence Energy, Inc.\* (Electrical Equipment) |  | 68 |  | 2092 | 2092 |
| Fluor Corp. (Construction & Engineering) |  | 170 |  | 7852 | 7852 |
| Flushing Financial Corp. (Banks) |  | 34 |  | 537 | 537 |
| flyExclusive, Inc.\* (Passenger Airlines) |  | 4 |  |  | 12 |
| Flywire Corp.\* (Financial Services) |  | 124 |  | 1562 | 1562 |
| Foghorn Therapeutics, Inc.\* (Biotechnology) |  | 35 |  | 200 | 200 |
| Fold Holdings, Inc.\* (Capital Markets) |  | 6 |  |  | 12 |
| Forafric Global PLC\* (Food Products) |  | 6 |  |  | 60 |
| Forestar Group, Inc.\* (Real Estate <br>Management & Development) |  | 21 |  | 546 | 546 |
| Forge Global Holdings, Inc.\* (Institutional <br>Financial Services) |  | 12 |  | 536 | 536 |
| FormFactor, Inc.\* (Semiconductors & <br>Semiconductor Equipment) |  | 82 |  | 5780 | 5780 |
| Forrester Research, Inc.\* (Professional Services) | Forrester Research, Inc.\* (Professional Services) | 12 |  |  | 97 |
| Fortrea Holdings, Inc.\* (Life Sciences Tools & <br>Services) |  | 96 |  | 1614 | 1614 |
| Forum Energy Technologies, Inc.\* (Energy <br>Equipment & Services) |  | 11 |  | 498 | 498 |
| Forward Air Corp.\* (Air Freight & Logistics) |  | 23 |  | 641 | 641 |
| Four Corners Property Trust, Inc. (Specialized <br>REITs) |  | 112 |  | 2761 | 2761 |
| Fox Factory Holding Corp.\* (Automobile <br>Components) |  | 44 |  | 810 | 810 |
| Franklin BSP Realty Trust, Inc. (Mortgage <br>REITs) |  | 86 |  | 882 | 882 |
| Franklin Covey Co.\* (Professional Services) |  | 11 |  | 224 | 224 |
| Franklin Electric Co., Inc. (Machinery) |  | 41 |  | 4084 | 4084 |
| Franklin Financial Services Corp. (Banking) |  | 5 |  | 255 | 255 |
| Franklin Street Properties Corp. (Office REITs) |  | 82 |  |  | 69 |
| Frequency Electronics Inc\* (Technology <br>Hardware) |  | 7 |  | 368 | 368 |
| Fresh Del Monte Produce, Inc. (Food Products) |  | 35 |  | 1388 | 1388 |

---

**See accompanying notes to financial statements.**

**94 :: Small-Cap ProFund ::** Schedule of Portfolio Investments :: January 31, 2026 (unaudited)

**Common Stocks, continued**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Shares | Shares | Value |  |
| Freshworks, Inc.\*—Class A (Software) |  | 212 | $2285 | 2285 |
| Friedman Industries, Inc.\* (Steel) |  | 7 | 137 | 137 |
| Frontdoor, Inc.\* (Diversified Consumer Services) | Frontdoor, Inc.\* (Diversified Consumer Services) | 78 | 4610 | 4610 |
| Frontier Group Holdings, Inc.\* (Passenger <br>Airlines) |  | 89 | 413 | 413 |
| FrontView REIT, Inc. (Retail REITs) |  | 22 | 361 | 361 |
| FRP Holdings, Inc.\* (Real Estate <br>Management & Development) |  | 13 | 311 | 311 |
| FS Bancorp, Inc.\* (Banks) |  | 7 | 294 | 294 |
| FTAI Infrastructure, Inc. (Ground Transportation) | FTAI Infrastructure, Inc. (Ground Transportation) | 115 | 669 | 669 |
| fuboTV, Inc.\* (Interactive Media & Services) |  | 351 | 783 | 783 |
| Fulcrum Therapeutics, Inc.\* (Pharmaceuticals) |  | 46 | 494 | 494 |
| Fulgent Genetics, Inc.\* (Health Care <br>Providers & Services) |  | 22 | 576 | 576 |
| Fulton Financial Corp. (Banks) |  | 193 | 3985 | 3985 |
| Funko, Inc.\*—Class A (Leisure Products) |  | 42 | 171 | 171 |
| FutureFuel Corp.\* (Oil, Gas & Consumable <br>Fuels) |  | 26 |  | 86 |
| FVCBankcorp, Inc.\* (Banks) |  | 17 | 257 | 257 |
| Gaia, Inc.\* (Retail—Discretionary) |  | 17 |  | 58 |
| Gambling.com Group, Ltd.\* (Media) |  | 19 |  | 91 |
| Gannett Co., Inc.\* (Media) |  | 148 | 876 | 876 |
| Garret Motion, Inc. (Automotive) |  | 168 | 3030 | 3030 |
| GATX Corp. (Trading Companies & Distributors) | GATX Corp. (Trading Companies & Distributors) | 38 | 6914 | 6914 |
| GBank Financial Holdings, Inc.\* (Specialty <br>Finance) |  | 9 | 292 | 292 |
| GCM Grosvenor, Inc.—Class A (Capital <br>Markets) |  | 55 | 623 | 623 |
| Genco Shipping & Trading, Ltd. (Marine <br>Transportation) |  | 33 | 690 | 690 |
| Gencor Industries, Inc.\* (Machinery) |  | 11 | 158 | 158 |
| GeneDx Holdings Corp.\* (Health Care <br>Providers & Services) |  | 20 | 1925 | 1925 |
| Genesco, Inc.\* (Specialty Retail) |  | 11 | 318 | 318 |
| Genie Energy, Ltd.—Class B (Electric Utilities) |  | 22 | 303 | 303 |
| Genius Sports Ltd.\* (Leisure Facilities & <br>Services) |  | 230 | 2001 | 2001 |
| Gentherm, Inc.\* (Automobile Components) |  | 32 | 1023 | 1023 |
| Genworth Financial, Inc.\*—Class A (Insurance) |  | 428 | 3570 | 3570 |
| German American Bancorp, Inc.\* (Banks) |  | 38 | 1599 | 1599 |
| Geron Corp.\* (Biotechnology) |  | 575 | 788 | 788 |
| Getty Images Holdings, Inc.\*<sup>(a)</sup> (Interactive <br>Media & Services) |  | 115 | 151 | 151 |
| Getty Realty Corp. (Retail REITs) |  | 57 | 1702 | 1702 |
| Gevo, Inc.\* (Renewable Energy) |  | 243 | 476 | 476 |
| Gibraltar Industries, Inc.\* (Building Products) |  | 32 | 1640 | 1640 |
| GigaCloud Technology, Inc.\*—Class A <br>(Distributors) |  | 26 | 1039 | 1039 |
| G-III Apparel Group, Ltd.\* (Textiles, Apparel & <br>Luxury Goods) |  | 38 | 1115 | 1115 |
| Ginkgo Bioworks Holdings, Inc.\* (Health Care <br>Facilities & Services) |  | 44 | 395 | 395 |
| Glacier Bancorp, Inc. (Banks) |  | 135 | 6843 | 6843 |
| Gladstone Commercial Corp. (Equity REIT—<br>Diversified) |  | 49 | 571 | 571 |
| Gladstone Land Corp. (Specialized REITs) |  | 36 | 401 | 401 |
| Glaukos Corp.\* (Health Care Equipment & <br>Supplies) |  | 59 | 7044 | 7044 |
| Global Business Travel Group, Inc.\* (Hotels, <br>Restaurants & Leisure) |  | 138 | 945 | 945 |
| Global Industrial Co. (Trading Companies & <br>Distributors) |  | 15 | 458 | 458 |

---

**Common Stocks, continued**

---

| | | | |
|:---|:---|:---|:---|
|  | Shares | Value |  |
| Global Medical REIT, Inc. (Health Care REITs) | 13 | $449 | 449 |
| Global Net Lease, Inc. (Equity REIT—<br>Diversified) | 209 | 1977 | 1977 |
| Global Water Resources, Inc. (Water Utilities) | 13 | 113 | 113 |
| Globalstar, Inc.\* (Telecommunications) | 53 | 3265 | 3265 |
| Gogo, Inc.\* (Wireless Telecommunication <br>Services) | 81 | 372 | 372 |
| GoHealth, Inc.\*—Class A (Insurance) | 9 |  | 19 |
| Golar LNG, Ltd. (Oil, Gas & Consumable Fuels) | 103 | 4181 | 4181 |
| Gold.com, Inc. (Distributors) | 20 | 1037 | 1037 |
| Golden Entertainment, Inc.\* ARS (Hotels, <br>Restaurants & Leisure) | 21 | 565 | 565 |
| Golden Matrix Group, Inc.\* (Entertainment) | 22 |  | 16 |
| Goosehead Insurance, Inc.\*—Class A <br>(Insurance) | 25 | 1546 | 1546 |
| Gossamer Bio, Inc.\* (Biotechnology) | 202 | 461 | 461 |
| GPGI, Inc.\*—Class A (Technology Hardware, <br>Storage & Peripherals) | 60 | 1414 | 1414 |
| Graham Corp. (Machinery) | 11 | 769 | 769 |
| Graham Holdings Co.—Class B (Diversified <br>Consumer Services) | 3 | 3500 | 3500 |
| GRAIL, Inc.\* (Biotechnology) | 37 | 3619 | 3619 |
| Granite Construction, Inc. (Construction & <br>Engineering) | 46 | 5554 | 5554 |
| Granite Ridge Resources, Inc. (Oil, Gas & <br>Consumable Fuels) | 56 | 281 | 281 |
| Gray Television, Inc. (Media) | 92 | 415 | 415 |
| Great Lakes Dredge & Dock Corp.\* <br>(Construction & Engineering) | 70 | 1049 | 1049 |
| Great Southern Bancorp, Inc. (Banks) | 9 | 552 | 552 |
| Green Brick Partners, Inc.\* (Household <br>Durables) | 33 | 2290 | 2290 |
| Green Dot Corp.\*—Class A (Consumer <br>Finance) | 56 | 682 | 682 |
| Green Plains, Inc.\* (Oil, Gas & Consumable <br>Fuels) | 71 | 814 | 814 |
| Greene County Bancorp, Inc. (Banks) | 7 | 164 | 164 |
| Greenlight Capital Re, Ltd.\*—Class A <br>(Insurance) | 28 | 388 | 388 |
| Greenwich Lifesciences, Inc.\* (Biotechnology) | 7 | 210 | 210 |
| Greif, Inc.—Class A (Containers & Packaging) | 27 | 1907 | 1907 |
| Greif, Inc.—Class B (Containers & Packaging) | 5 | 416 | 416 |
| Grid Dynamics Holdings, Inc.\* (IT Services) | 70 | 579 | 579 |
| Griffon Corp. (Building Products) | 40 | 3258 | 3258 |
| Grindr, Inc.\* (Interactive Media & Services) | 34 | 385 | 385 |
| Grocery Outlet Holding Corp.\* (Consumer <br>Staples Distribution & Retail) | 100 | 953 | 953 |
| Group 1 Automotive, Inc. (Specialty Retail) | 13 | 4605 | 4605 |
| Groupon, Inc.\* (Broadline Retail) | 27 | 382 | 382 |
| Guardant Health, Inc.\* (Health Care <br>Providers & Services) | 128 | 14596 | 14596 |
| Guardian Pharmacy Services, Inc.\* (Consumer <br>Staples Distribution & Retail) | 24 | 725 | 725 |
| Gulfport Energy Corp.\* (Oil, Gas & <br>Consumable Fuels) | 17 | 3471 | 3471 |
| Gyre Therapeutics, Inc.\* (Biotechnology) | 12 |  | 97 |
| H.B. Fuller Co. (Chemicals) | 58 | 3486 | 3486 |
| H2O America\* (Water Utilities) | 35 | 1821 | 1821 |
| HA Sustainable Infrastructure Capital, Inc. <br>(Financial Services) | 129 | 4439 | 4439 |
| Haemonetics Corp.\* (Health Care Equipment & <br>Supplies) | 51 | 3400 | 3400 |

---

**See accompanying notes to financial statements.**

January 31, 2026 (unaudited) :: Schedule of Portfolio Investments **:: Small-Cap ProFund :: 95**

**Common Stocks, continued**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Shares |  | Value |  |  |
| Hallador Energy Co.\* (Oil, Gas & Consumable <br>Fuels) |  | 32 |  | $592 | 592 |
| Hamilton Beach Brands Holding Co.\*—Class A <br>(Household Durables) |  | 7 |  | 134 | 134 |
| Hamilton Insurance Group, Ltd.\*—Class B <br>(Insurance) |  | 48 |  | 1332 | 1332 |
| Hancock Whitney Corp. (Banks) |  | 89 |  | 6123 | 6123 |
| Hanmi Financial Corp. (Banks) |  | 32 |  | 850 | 850 |
| Hanover Bancorp, Inc.\* (Banking) |  | 5 |  | 116 | 116 |
| Harmonic, Inc.\* (Communications Equipment) |  | 118 |  | 1147 | 1147 |
| Harmony Biosciences Holdings, Inc.\* <br>(Pharmaceuticals) |  | 46 |  | 1680 | 1680 |
| Harrow, Inc.\* (Pharmaceuticals) |  | 33 |  | 1351 | 1351 |
| Haverty Furniture Cos., Inc. (Specialty Retail) |  | 14 |  | 354 | 354 |
| Hawaiian Electric Industries, Inc.\* (Electric <br>Utilities) |  | 184 |  | 2819 | 2819 |
| Hawkins, Inc. (Chemicals) |  | 21 |  | 2735 | 2735 |
| Hawthorn Bancshares, Inc. (Banking) |  | 6 |  | 212 | 212 |
| HBT Financial, Inc. (Banks) |  | 12 |  | 324 | 324 |
| HCI Group, Inc. (Insurance) |  | 11 |  | 1745 | 1745 |
| Health Catalyst, Inc.\* (Health Care Technology) |  | 71 |  | 153 | 153 |
| Healthcare Services Group, Inc.\* (Commercial <br>Services & Supplies) |  | 74 |  | 1393 | 1393 |
| HealthEquity, Inc.\* (Health Care Providers & <br>Services) |  | 90 |  | 7709 | 7709 |
| HealthStream, Inc. (Health Care Technology) |  | 25 |  | 557 | 557 |
| HeartFlow, Inc.\* (Health Care Technology) |  | 21 |  | 627 | 627 |
| Heartland Express, Inc. (Ground Transportation) | Heartland Express, Inc. (Ground Transportation) | 46 |  | 464 | 464 |
| Hecla Mining Co. (Metals & Mining) |  | 671 |  | 15112 | 15112 |
| Helen of Troy, Ltd.\* (Household Durables) |  | 24 |  | 397 | 397 |
| Helios Technologies, Inc. (Machinery) |  | 35 |  | 2267 | 2267 |
| Helix Energy Solutions Group, Inc.\* (Energy <br>Equipment & Services) |  | 147 |  | 1167 | 1167 |
| Helmerich & Payne, Inc. (Energy Equipment & <br>Services) |  | 102 |  | 3456 | 3456 |
| Herbalife, Ltd.\* (Personal Care Products) |  | 108 |  | 1861 | 1861 |
| Herc Holdings, Inc. (Trading Companies & <br>Distributors) |  | 34 |  | 4874 | 4874 |
| Heritage Commerce Corp. (Banks) |  | 63 |  | 802 | 802 |
| Heritage Financial Corp. (Banks) |  | 36 |  | 929 | 929 |
| Heritage Insurance Holdings, Inc.\* (Insurance) |  | 26 |  | 678 | 678 |
| Heron Therapeutics, Inc.\* (Biotechnology) |  | 161 |  | 213 | 213 |
| Hertz Global Holdings, Inc.\* (Ground <br>Transportation) |  | 124 |  | 608 | 608 |
| HF Foods Group, Inc.\* (Consumer Staples <br>Distribution & Retail) |  | 41 |  |  | 78 |
| HighPeak Energy, Inc. (Oil, Gas & Consumable <br>Fuels) |  | 22 |  | 100 | 100 |
| Hillenbrand, Inc. (Machinery) |  | 74 |  | 2361 | 2361 |
| Hillman Solutions Corp. (Machinery) |  | 209 |  | 1958 | 1958 |
| Hilltop Holdings, Inc.\* (Banks) |  | 46 |  | 1723 | 1723 |
| Hilton Grand Vacations, Inc.\* (Hotels, <br>Restaurants & Leisure) |  | 64 |  | 2887 | 2887 |
| Himalaya Shipping, Ltd. (Marine Transportation) | Himalaya Shipping, Ltd. (Marine Transportation) | 30 |  | 326 | 326 |
| Hims & Hers Health, Inc.\*<sup>(a)</sup> (Health Care <br>Providers & Services) |  | 217 |  | 5879 | 5879 |
| Hingham Institution for Savings (Banks) |  | 2 |  | 597 | 597 |
| Hippo Holdings, Inc.\* (Insurance) |  | 19 |  | 566 | 566 |
| HireQuest, Inc. (Professional Services) |  | 6 |  |  | 67 |
| HNI Corp. (Commercial Services & Supplies) |  | 67 |  | 3202 | 3202 |
| Holley, Inc.\* (Automobile Components) |  | 80 |  | 308 | 308 |
| Hologic, Inc.\* (Biotechnology) |  | 25 |  | 255 | 255 |

---

**Common Stocks, continued**

---

| | | | |
|:---|:---|:---|:---|
|  | Shares | Value |  |
| Home Bancorp, Inc. (Banks) | 7 | $418 | 418 |
| Home BancShares, Inc. (Banks) | 199 | 5751 | 5751 |
| HomeTrust Bancshares, Inc. (Banks) | 17 | 733 | 733 |
| Hope Bancorp, Inc. (Banks) | 130 | 1557 | 1557 |
| Horace Mann Educators Corp. (Insurance) | 43 | 1927 | 1927 |
| Horizon Bancorp, Inc. (Banks) | 53 | 934 | 934 |
| Hovnanian Enterprises, Inc.\*—Class A <br>(Household Durables) | 5 | 563 | 563 |
| Hub Group, Inc.\*—Class A (Air Freight & <br>Logistics) | 63 | 2997 | 2997 |
| Hudson Pacific Properties, Inc.\* (Office REITs) | 56 | 483 | 483 |
| Hudson Technologies, Inc.\* (Trading <br>Companies & Distributors) | 40 | 287 | 287 |
| Humacyte, Inc.\*<sup>(a)</sup> (Biotechnology) | 163 | 163 | 163 |
| Huron Consulting Group, Inc.\* (Professional <br>Services) | 18 | 3042 | 3042 |
| Hut 8 Corp.\* (Software) | 101 | 5639 | 5639 |
| Hyliion Holdings Corp.\* (Machinery) | 130 | 267 | 267 |
| Hyster-Yale, Inc.—Class A (Machinery) | 13 | 435 | 435 |
| I3 Verticals, Inc.\*—Class A (Financial Services) | 25 | 555 | 555 |
| IBEX Holdings, Ltd.\* (Professional Services) | 11 | 409 | 409 |
| Ibotta, Inc.\*—Class A (Media) | 15 | 310 | 310 |
| ICF International, Inc.\* (Professional Services) | 19 | 1772 | 1772 |
| Ichor Holdings, Ltd.\* (Semiconductors & <br>Semiconductor Equipment) | 36 | 1092 | 1092 |
| ICU Medical, Inc.\* (Health Care Equipment & <br>Supplies) | 25 | 3748 | 3748 |
| Idaho Strategic Resources, Inc.\* (Metals & <br>Mining) | 15 | 541 | 541 |
| Ideaya Biosciences, Inc.\* (Biotechnology) | 85 | 2736 | 2736 |
| IDT Corp.—Class B (Diversified <br>Telecommunication Services) | 17 | 827 | 827 |
| IES Holdings, Inc.\* (Construction & <br>Engineering) | 9 | 3423 | 3423 |
| iHeartMedia, Inc.\*—Class A (Media) | 128 | 415 | 415 |
| IMAX Corp.\* (Entertainment) | 46 | 1606 | 1606 |
| Immersion Corp. (Technology Hardware, <br>Storage & Peripherals) | 29 | 195 | 195 |
| ImmunityBio, Inc.\*<sup>(a)</sup> (Biotechnology) | 310 | 1938 | 1938 |
| Immunome, Inc.\* (Biotechnology) | 99 | 2437 | 2437 |
| Immunovant, Inc.\* (Biotechnology) | 74 | 1924 | 1924 |
| Impinj, Inc.\* (Semiconductors & <br>Semiconductor Equipment) | 28 | 3867 | 3867 |
| Independence Realty Trust, Inc. <br>(Residential REITs) | 254 | 4241 | 4241 |
| Independent Bank Corp. (Banks) | 21 | 738 | 738 |
| Independent Bank Corp. (Banks) | 53 | 4281 | 4281 |
| indie Semiconductor, Inc.\*—Class A <br>(Semiconductors & Semiconductor <br>Equipment) | 206 | 845 | 845 |
| Indivior Pharmaceuticals, Inc.\* <br>(Pharmaceuticals) | 128 | 4528 | 4528 |
| Industrial Logistics Properties Trust <br>(Industrial REITs) | 56 | 298 | 298 |
| Infinity Natural Resources, Inc.\*—Class A <br>(Oil & Gas Producers) | 16 | 254 | 254 |
| Information Services Group, Inc. (IT Services) | 37 | 206 | 206 |
| Ingevity Corp.\* (Chemicals) | 38 | 2500 | 2500 |
| Ingles Markets, Inc.—Class A (Consumer <br>Staples Distribution & Retail) | 15 | 1123 | 1123 |
| Inhibikase Therapeutics, Inc.\* (Biotech & <br>Pharma) | 63 |  | 95 |

---

**See accompanying notes to financial statements.**

**96 :: Small-Cap ProFund ::** Schedule of Portfolio Investments :: January 31, 2026 (unaudited)

**Common Stocks, continued**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Shares |  | Value |  |  |
| Inhibrx Biosciences, Inc.\* (Biotechnology) |  | 9 |  | $686 | 686 |
| Inmune Bio, Inc.\* (Biotechnology) |  | 20 |  |  | 32 |
| Innodata, Inc.\* (Professional Services) |  | 32 |  | 1774 | 1774 |
| Innospec, Inc. (Chemicals) |  | 27 |  | 2206 | 2206 |
| Innovage Holding Corp.\* (Health Care <br>Providers & Services) |  | 21 |  | 117 | 117 |
| Innovative Industrial Properties, Inc. <br>(Industrial REITs) |  | 29 |  | 1401 | 1401 |
| Innovex International, Inc.\* (Energy <br>Equipment & Services) |  | 41 |  | 1019 | 1019 |
| Innoviva, Inc.\* (Pharmaceuticals) |  | 66 |  | 1320 | 1320 |
| Innventure, Inc.\* (Capital Markets) |  | 28 |  |  | 92 |
| Inogen, Inc.\* (Health Care Equipment & <br>Supplies) |  | 25 |  | 148 | 148 |
| Inseego Corp.\* (Technology Hardware) |  | 13 |  | 142 | 142 |
| Insight Enterprises, Inc.\* (Electronic <br>Equipment, Instruments & Components) |  | 31 |  | 2605 | 2605 |
| Insperity, Inc. (Professional Services) |  | 38 |  | 1624 | 1624 |
| Inspired Entertainment, Inc.\* (Hotels, <br>Restaurants & Leisure) |  | 26 |  | 232 | 232 |
| Installed Building Products, Inc. (Household <br>Durables) |  | 25 |  | 7204 | 7204 |
| Insteel Industries, Inc. (Building Products) |  | 20 |  | 663 | 663 |
| Intapp, Inc.\* (Software) |  | 60 |  | 2037 | 2037 |
| Integer Holdings Corp.\* (Health Care <br>Equipment & Supplies) |  | 36 |  | 3127 | 3127 |
| Integra LifeSciences Holdings Corp.\* (Health <br>Care Equipment & Supplies) |  | 71 |  | 791 | 791 |
| Intellia Therapeutics, Inc.\*<sup>(a)</sup> (Biotechnology) |  | 109 |  | 1433 | 1433 |
| InterDigital, Inc. (Software) |  | 27 |  | 8814 | 8814 |
| Interface, Inc. (Commercial Services & <br>Supplies) |  | 61 |  | 1920 | 1920 |
| International Bancshares Corp. (Banks) |  | 58 |  | 4039 | 4039 |
| International Game Technology PLC (Hotels, <br>Restaurants & Leisure) |  | 111 |  | 1607 | 1607 |
| International Money Express, Inc.\* (Financial <br>Services) |  | 29 |  | 448 | 448 |
| International Seaways, Inc. (Oil, Gas & <br>Consumable Fuels) |  | 42 |  | 2505 | 2505 |
| Interparfums, Inc. (Personal Care Products) |  | 19 |  | 1854 | 1854 |
| Intrepid Potash, Inc.\* (Chemicals) |  | 11 |  | 361 | 361 |
| Intuitive Machines, Inc.\* (Aerospace & Defense) | Intuitive Machines, Inc.\* (Aerospace & Defense) | 115 |  | 2184 | 2184 |
| InvenTrust Properties Corp. (Retail REITs) |  | 82 |  | 2410 | 2410 |
| Invesco Mortgage Capital, Inc. (Mortgage <br>REITs) |  | 75 |  | 644 | 644 |
| Investar Holding Corp. (Banks) |  | 10 |  | 285 | 285 |
| Investors Title Co.\* (Insurance) |  | 1 |  | 259 | 259 |
| IonQ, Inc.\*<sup>(a)</sup> (Technology Hardware, <br>Storage & Peripherals) |  | 357 |  | 14273 | 14273 |
| Iovance Biotherapeutics, Inc.\* (Biotechnology) |  | 324 |  | 826 | 826 |
| iRadimed Corp.\* (Health Care Equipment & <br>Supplies) |  | 9 |  | 881 | 881 |
| IRhythm Holdings, Inc.\* (Health Care <br>Equipment & Supplies) |  | 34 |  | 5253 | 5253 |
| Ironwood Pharmaceuticals, Inc.\* <br>(Biotechnology) |  | 168 |  | 822 | 822 |
| Ispire Technology, Inc.\* (Tobacco) |  | 19 |  |  | 70 |
| Itron, Inc.\* (Electronic Equipment, <br>Instruments & Components) |  | 48 |  | 4756 | 4756 |
| Ivanhoe Electric, Inc.\* (Metals & Mining) |  | 113 |  | 1931 | 1931 |
| J & J Snack Foods Corp. (Food Products) |  | 17 |  | 1615 | 1615 |
| J Jill, Inc. (Specialty Retail) |  | 8 |  | 125 | 125 |

---

**Common Stocks, continued**

---

| | | | |
|:---|:---|:---|:---|
|  | Shares | Shares |  |
| Jack in the Box, Inc. (Hotels, Restaurants & <br>Leisure) |  | 19 | $398 |
| Jackson Financial, Inc.—Class A (Financial <br>Services) |  | 73 | 8682 |
| Jade Biosciences, Inc.\* (Biotech & Pharma) |  | 49 | 765 |
| JAKKS Pacific, Inc.\* (Leisure Products) |  | 9 | 164 |
| James River Group Holdings, Inc. (Insurance) |  | 39 | 262 |
| Jamf Holding Corp.\* (Software) |  | 82 | 1070 |
| Janus International Group, Inc.\* (Building <br>Products) |  | 143 | 981 |
| Janux Therapeutics, Inc.\* (Biotechnology) |  | 45 | 617 |
| JBG SMITH Properties (Office REITs) |  | 63 | 1061 |
| Jefferson Capital, Inc. (Consumer Finance) |  | 9 | 192 |
| JELD-WEN Holding, Inc.\* (Building Products) |  | 88 | 239 |
| JetBlue Airways Corp.\* (Passenger Airlines) |  | 313 | 1524 |
| Joby Aviation, Inc.\* (Passenger Airlines) |  | 513 | 5423 |
| John B. Sanfilippo & Son, Inc.\* (Food Products) | John B. Sanfilippo & Son, Inc.\* (Food Products) | 8 | 647 |
| John Bean Technologies Corp. (Machinery) |  | 55 | 8652 |
| John Marshall Bancorp, Inc. (Banks) |  | 13 | 268 |
| John Wiley & Sons, Inc.—Class A (Media) |  | 43 | 1343 |
| Johnson Outdoors, Inc.—Class A (Leisure <br>Products) |  | 6 | 272 |
| Journey Medical Corp.\* (Biotech & Pharma) |  | 15 | 125 |
| Kadant, Inc. (Machinery) |  | 13 | 4174 |
| Kaiser Aluminum Corp. (Metals & Mining) |  | 17 | 2085 |
| Kaltura, Inc.\* (Software) |  | 95 | 155 |
| KalVista Pharmaceuticals, Inc.\* (Biotechnology) | KalVista Pharmaceuticals, Inc.\* (Biotechnology) | 40 | 624 |
| Karat Packaging, Inc. (Trading Companies & <br>Distributors) |  | 9 | 220 |
| KB Home (Household Durables) |  | 67 | 3855 |
| Kearney Financial Corp. (Banks) |  | 60 | 467 |
| Kelly Services, Inc.—Class A (Professional <br>Services) |  | 32 | 345 |
| Kennametal, Inc. (Machinery) |  | 80 | 2751 |
| Kennedy-Wilson Holdings, Inc. (Real Estate <br>Management & Development) |  | 128 | 1261 |
| Keros Therapeutics, Inc.\* (Biotechnology) |  | 31 | 555 |
| Kestra Medical Technologies Ltd.\* (Medical <br>Equipment & Devices) |  | 21 | 518 |
| Kforce, Inc. (Professional Services) |  | 19 | 671 |
| Kimball Electronics, Inc.\* (Electronic <br>Equipment, Instruments & Components) |  | 26 | 785 |
| KinderCare Learning Cos., Inc.\* (Diversified <br>Consumer Services) |  | 32 | 149 |
| Kinetik Holdings, Inc.<sup>(a)</sup> (Oil, Gas & <br>Consumable Fuels) |  | 47 | 1923 |
| Kingstone Companies, Inc. (Insurance) |  | 12 | 185 |
| Kingsway Financial Services, Inc.\* (Insurance) |  | 23 | 309 |
| Kite Realty Group Trust (Retail REITs) |  | 230 | 5403 |
| KKR Real Estate Finance Trust, Inc. (Mortgage <br>REITs) |  | 58 | 480 |
| Knife River Corp. (Construction Materials) |  | 60 | 4031 |
| Knowles Corp.\* (Electronic Equipment, <br>Instruments & Components) |  | 90 | 2182 |
| Kodiak Gas Services, Inc. (Energy <br>Equipment & Services) |  | 89 | 3739 |
| Kodiak Sciences, Inc.\* (Biotechnology) |  | 34 | 774 |
| Kohl's Corp. (Broadline Retail) |  | 115 | 2010 |
| Kolibri Global Energy, Inc.\* (Oil & Gas Producers) | Kolibri Global Energy, Inc.\* (Oil & Gas Producers) | 30 | 121 |
| Kontoor Brands, Inc.\* (Textiles, Apparel & <br>Luxury Goods) |  | 58 | 3465 |
| Kopin Corp.\* (Technology Hardware) |  | 188 | 478 |

---

**See accompanying notes to financial statements.**

January 31, 2026 (unaudited) :: Schedule of Portfolio Investments **:: Small-Cap ProFund :: 97**

**Common Stocks, continued**

---

| | | | |
|:---|:---|:---|:---|
|  | Shares | Value |  |
| Koppers Holdings, Inc. (Chemicals) | 20 | $589 | 589 |
| Korn Ferry (Professional Services) | 56 | 3890 | 3890 |
| Korro Bio, Inc.\* (Biotechnology) | 7 |  | 93 |
| KORU Medical Systems, Inc.\* (Medical <br>Equipment & Devices) | 45 | 243 | 243 |
| Kosmos Energy, Ltd.\* (Oil, Gas & Consumable <br>Fuels) | 499 | 788 | 788 |
| Kratos Defense & Security Solutions, Inc.\* <br>(Aerospace & Defense) | 176 | 18130 | 18130 |
| Krispy Kreme, Inc. (Hotels, Restaurants & <br>Leisure) | 81 | 255 | 255 |
| Kronos Worldwide, Inc.\* (Chemicals) | 22 | 116 | 116 |
| Krystal Biotech, Inc.\* (Biotechnology) | 26 | 7260 | 7260 |
| Kulicke & Soffa Industries, Inc. <br>(Semiconductors & Semiconductor <br>Equipment) | 54 | 3096 | 3096 |
| KULR Technology Group, Inc.\* (Technology <br>Hardware) | 41 | 146 | 146 |
| Kura Oncology, Inc.\* (Biotechnology) | 85 | 690 | 690 |
| Kura Sushi USA, Inc.\*—Class A (Hotels, <br>Restaurants & Leisure) | 7 | 468 | 468 |
| Kymera Therapeutics, Inc.\* (Biotechnology) | 60 | 4361 | 4361 |
| L.B. Foster Co.—Class A (Machinery) | 11 | 331 | 331 |
| Ladder Capital Corp. (Mortgage REITs) | 121 | 1327 | 1327 |
| Lakeland Financial Corp. (Banks) | 27 | 1609 | 1609 |
| Lakeland Industries, Inc. (Apparel & Textile <br>Products) | 9 |  | 85 |
| Lancaster Colony Corp. (Food Products) | 21 | 3603 | 3603 |
| Landmark BanCorp, Inc. (Banking) | 5 | 135 | 135 |
| Lands' End, Inc.\* (Specialty Retail) | 10 | 178 | 178 |
| Lantheus Holdings, Inc.\* (Health Care <br>Equipment & Supplies) | 71 | 4751 | 4751 |
| Larimar Therapeutics, Inc.\* (Biotechnology) | 50 | 177 | 177 |
| Latham Group, Inc.\* (Leisure Products) | 47 | 296 | 296 |
| Laureate Education, Inc.\* (Diversified <br>Consumer Services) | 134 | 4595 | 4595 |
| La-Z-Boy, Inc. (Household Durables) | 44 | 1602 | 1602 |
| LB Pharmaceuticals, Inc.\* (Pharmaceuticals) | 21 | 450 | 450 |
| LCI Industries (Automobile Components) | 25 | 3667 | 3667 |
| LCNB Corp. (Banks) | 14 | 240 | 240 |
| Legacy Housing Corp.\* (Household Durables) | 9 | 187 | 187 |
| Legalzoom.com, Inc.\* (Commercial Support <br>Services) | 134 | 1191 | 1191 |
| Legence Corporation\* (Construction & <br>Engineering) | 39 | 1829 | 1829 |
| Leggett & Platt, Inc. (Household Durables) | 140 | 1634 | 1634 |
| LeMaitre Vascular, Inc. (Health Care <br>Equipment & Supplies) | 22 | 1869 | 1869 |
| Lemonade, Inc.\* (Insurance) | 64 | 5550 | 5550 |
| LendingClub Corp.\* (Consumer Finance) | 119 | 2012 | 2012 |
| LendingTree, Inc.\* (Consumer Finance) | 12 | 680 | 680 |
| LENSAR, Inc.\* (Medical Equipment & Devices) | 10 | 127 | 127 |
| LENZ Therapeutics, Inc.\* (Biotechnology) | 17 | 269 | 269 |
| Lexeo Therapeutics, Inc.\* (Biotechnology) | 66 | 489 | 489 |
| LGI Homes, Inc.\* (Household Durables) | 22 | 1102 | 1102 |
| Liberty Energy, Inc. (Energy Equipment & <br>Services) | 167 | 4117 | 4117 |
| Liberty Latin America, Ltd.\*—Class A <br>(Diversified Telecommunication Services) | 30 | 232 | 232 |
| Liberty Latin America, Ltd.\*—Class C <br>(Diversified Telecommunication Services) | 134 | 1043 | 1043 |

---

**Common Stocks, continued**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Shares | Shares | Value |  |
| Life Time Group Holdings, Inc.\* (Hotels, <br>Restaurants & Leisure) |  | 160 | $4668 | 4668 |
| Life360, Inc.\* (Software) |  | 22 | 1260 | 1260 |
| Lifecore Biomedical, Inc.\* (Life Sciences <br>Tools & Services) |  | 29 | 252 | 252 |
| LifeMD, Inc.\* (Health Care Technology) |  | 40 | 130 | 130 |
| LifeStance Health Group, Inc.\* (Health Care <br>Providers & Services) |  | 175 | 1237 | 1237 |
| Lifevantage Corporation (Food Products) |  | 11 |  | 58 |
| Lifeway Foods, Inc.\* (Food Products) |  | 5 | 110 | 110 |
| Lifezone Metals, Ltd.\* (Metals & Mining) |  | 28 | 148 | 148 |
| Ligand Pharmaceuticals, Inc.\* (Pharmaceuticals) | Ligand Pharmaceuticals, Inc.\* (Pharmaceuticals) | 21 | 4033 | 4033 |
| Lightbridge Corp.\* (Electrical Equipment) |  | 28 | 431 | 431 |
| Limbach Holdings, Inc.\* (Construction & <br>Engineering) |  | 11 | 946 | 946 |
| Limoneira Co.\* (Food Products) |  | 18 | 259 | 259 |
| Lincoln Educational Services Corp.\* (Diversified <br>Consumer Services) | Lincoln Educational Services Corp.\* (Diversified <br>Consumer Services) | 31 | 826 | 826 |
| Lindblad Expeditions Holdings, Inc.\* (Hotels, <br>Restaurants & Leisure) |  | 40 | 667 | 667 |
| Lindsay Corp. (Machinery) |  | 11 | 1378 | 1378 |
| LINKBANCORP, Inc. (Banks) |  | 22 | 193 | 193 |
| Lionsgate Studios Corp.\* (Entertainment) |  | 216 | 2039 | 2039 |
| Liquidia Corp.\* (Pharmaceuticals) |  | 68 | 2883 | 2883 |
| Liquidity Services, Inc.\* (Commercial <br>Services & Supplies) |  | 25 | 800 | 800 |
| LivaNova PLC\* (Health Care Equipment & <br>Supplies) |  | 58 | 3811 | 3811 |
| Live Oak Bancshares, Inc. (Banks) |  | 37 | 1479 | 1479 |
| LiveRamp Holdings, Inc.\* (Software) |  | 68 | 1656 | 1656 |
| Livewire Group, Inc.\* (Automobiles) |  | 38 |  | 89 |
| loanDepot, Inc.\* (Specialty Finance) |  | 93 | 203 | 203 |
| Logistic Properties Of The Americas\* (Real <br>Estate Owners & Developers) |  | 2 |  | 6 |
| LSB Industries, Inc.\* (Chemicals) |  | 57 | 530 | 530 |
| LSI Industries, Inc. (Electrical Equipment) |  | 28 | 619 | 619 |
| LTC Properties, Inc. (Health Care REITs) |  | 48 | 1751 | 1751 |
| Lucid Diagnostics, Inc.\* (Medical Equipment & <br>Devices) |  | 94 | 112 | 112 |
| Lumen Technologies, Inc. (Diversified <br>Telecommunication Services) |  | 1007 | 8881 | 8881 |
| Lument Finance Trust, Inc.\* (Specialty Finance) | Lument Finance Trust, Inc.\* (Specialty Finance) | 47 |  | 63 |
| Luxfer Holdings PLC (Machinery) |  | 28 | 424 | 424 |
| LXP Industrial Trust (Industrial REITs) |  | 62 | 3072 | 3072 |
| M/I Homes, Inc.\* (Household Durables) |  | 28 | 3744 | 3744 |
| Mack-Cali Realty Corp. (Residential REITs) |  | 80 | 1215 | 1215 |
| Madison Square Garden Entertainment Corp.\* <br>(Entertainment) |  | 42 | 2599 | 2599 |
| Madrigal Pharmaceuticals, Inc.\* (Biotechnology) | Madrigal Pharmaceuticals, Inc.\* (Biotechnology) | 20 | 9785 | 9785 |
| Magnera Corp.\* (Forestry, Paper & Wood <br>Products) |  | 34 | 444 | 444 |
| Magnite, Inc.\* (Media) |  | 148 | 2142 | 2142 |
| Magnolia Oil & Gas Corp.—Class A (Oil, Gas & <br>Consumable Fuels) |  | 191 | 4872 | 4872 |
| MainStreet Bancshares, Inc.\* (Banking) |  | 7 | 150 | 150 |
| Malibu Boats, Inc.\*—Class A (Leisure Products) | Malibu Boats, Inc.\*—Class A (Leisure Products) | 19 | 618 | 618 |
| Mama's Creations, Inc.\* (Food Products) |  | 38 | 574 | 574 |
| Mammoth Energy Services, Inc.\* (Energy <br>Equipment & Services) |  | 25 |  | 59 |
| Mannkind Corp.\* (Biotechnology) |  | 319 | 1844 | 1844 |
| MapLight Therapeutics, Inc.\* (Biotechnology) |  | 18 | 318 | 318 |
| MARA Holdings, Inc.\* (Software) |  | 392 | 3724 | 3724 |

---

**See accompanying notes to financial statements.**

**98 :: Small-Cap ProFund ::** Schedule of Portfolio Investments :: January 31, 2026 (unaudited)

**Common Stocks, continued**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Shares |  | Value |  |  |
| Maravai LifeSciences Holdings, Inc.\*—Class A <br>(Life Sciences Tools & Services) |  | 114 |  | $383 | 383 |
| Marcus & Millichap, Inc. (Real Estate <br>Management & Development) |  | 25 |  | 680 | 680 |
| Marex Group PLC (Institutional Financial <br>Services) |  | 58 |  | 2290 | 2290 |
| Marine Products Corp. (Leisure Products) |  | 9 |  |  | 87 |
| MarineMax, Inc.\* (Specialty Retail) |  | 20 |  | 541 | 541 |
| MarketWise, Inc. (Capital Markets) |  | 2 |  |  | 33 |
| Marqeta, Inc.\*—Class A (Financial Services) |  | 385 |  | 1590 | 1590 |
| Marriott Vacations Worldwide Corp.\* (Hotels, <br>Restaurants & Leisure) |  | 29 |  | 1575 | 1575 |
| Marten Transport, Ltd. (Ground Transportation) |  | 62 |  | 763 | 763 |
| Masterbrand, Inc.\* (Building Products) |  | 134 |  | 1624 | 1624 |
| MasterCraft Boat Holdings, Inc.\* (Leisure <br>Products) |  | 17 |  | 366 | 366 |
| Materion Corp. (Metals & Mining) |  | 22 |  | 3042 | 3042 |
| Mativ Holdings, Inc. (Chemicals) |  | 57 |  | 687 | 687 |
| Matrix Service Co.\* (Construction & <br>Engineering) |  | 28 |  | 401 | 401 |
| Matson, Inc. (Marine Transportation) |  | 33 |  | 5289 | 5289 |
| Matthews International Corp.—Class A <br>(Commercial Services & Supplies) |  | 32 |  | 841 | 841 |
| Maui Land & Pineapple Co., Inc.\* (Real Estate <br>Management & Development) |  | 7 |  | 120 | 120 |
| MaxCyte, Inc.\* (Life Sciences Tools & Services) | MaxCyte, Inc.\* (Life Sciences Tools & Services) | 106 |  |  | 96 |
| Maximus, Inc. (Professional Services) |  | 60 |  | 5666 | 5666 |
| MaxLinear, Inc.\* (Semiconductors & <br>Semiconductor Equipment) |  | 87 |  | 1509 | 1509 |
| Mayville Engineering Co., Inc.\* (Machinery) |  | 14 |  | 274 | 274 |
| Maze Therapeutics, Inc.\* (Biotechnology) |  | 23 |  | 1002 | 1002 |
| MBIA, Inc.\* (Insurance) |  | 48 |  | 307 | 307 |
| MBX Biosciences, Inc.\* (Pharmaceuticals) |  | 30 |  | 1106 | 1106 |
| McGrath RentCorp (Trading Companies & <br>Distributors) |  | 26 |  | 2904 | 2904 |
| McGraw Hill, Inc.\* (Diversified Consumer <br>Services) |  | 30 |  | 443 | 443 |
| Mechanics Bancorp\* (Banks) |  | 51 |  | 764 | 764 |
| Medallion Financial Corp.\* (Consumer Finance) |  | 17 |  | 175 | 175 |
| MediaAlpha, Inc.\*—Class A (Interactive <br>Media & Services) |  | 36 |  | 368 | 368 |
| Medifast, Inc. (Personal Care Products) |  | 11 |  | 126 | 126 |
| MediWound, Ltd.\* (Pharmaceuticals) |  | 11 |  | 199 | 199 |
| MeiraGTx Holdings PLC\* (Biotechnology) |  | 47 |  | 358 | 358 |
| Mercantile Bank Corp. (Banks) |  | 17 |  | 884 | 884 |
| Merchants Bancorp (Financial Services) |  | 27 |  | 1119 | 1119 |
| Mercury General Corp. (Insurance) |  | 28 |  | 2453 | 2453 |
| Mercury Systems, Inc.\* (Aerospace & Defense) |  | 55 |  | 5163 | 5163 |
| Meridian Corporation\* (Banking) |  | 10 |  | 189 | 189 |
| Merit Medical Systems, Inc.\* (Health Care <br>Equipment & Supplies) |  | 62 |  | 5028 | 5028 |
| Meritage Homes Corp. (Household Durables) |  | 74 |  | 5144 | 5144 |
| Mesa Laboratories, Inc. (Life Sciences Tools & <br>Services) |  | 5 |  | 394 | 394 |
| Methode Electronics, Inc. (Electronic <br>Equipment, Instruments & Components) |  | 35 |  | 280 | 280 |
| Metrocity Bankshares, Inc. (Banks) |  | 21 |  | 592 | 592 |
| Metropolitan Bank Holding Corp. (Banks) |  | 10 |  | 926 | 926 |
| MFA Financial, Inc. (Mortgage REITs) |  | 109 |  | 1051 | 1051 |
| MGE Energy, Inc. (Electric Utilities) |  | 39 |  | 3115 | 3115 |
| MGP Ingredients, Inc. (Beverages) |  | 15 |  | 374 | 374 |

---

**Common Stocks, continued**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Shares |  | Value |  |  |
| Miami International Holdings, Inc.\* (Capital <br>Markets) |  | 25 |  | $1043 | 1043 |
| Microvast Holdings, Inc.\* (Automotive) |  | 209 |  | 548 | 548 |
| MicroVision, Inc.\*<sup>(a)</sup> (Electronic Equipment, <br>Instruments & Components) |  | 318 |  | 258 | 258 |
| Mid Penn Bancorp, Inc. (Banks) |  | 21 |  | 693 | 693 |
| Middlefield Banc Corp. (Banks) |  | 8 |  | 268 | 268 |
| Middlesex Water Co. (Water Utilities) |  | 19 |  | 995 | 995 |
| Midland States Bancorp, Inc. (Banks) |  | 22 |  | 503 | 503 |
| MidWestOne Financial Group, Inc.\* (Banks) |  | 17 |  | 787 | 787 |
| Miller Industries, Inc. (Machinery) |  | 12 |  | 492 | 492 |
| MillerKnoll, Inc. (Commercial Services & <br>Supplies) |  | 72 |  | 1446 | 1446 |
| MiMedx Group, Inc.\* (Biotechnology) |  | 124 |  | 634 | 634 |
| Minerals Technologies, Inc. (Chemicals) |  | 33 |  | 2170 | 2170 |
| Mineralys Therapeutics, Inc.\* (Biotechnology) |  | 49 |  | 1514 | 1514 |
| Mirion Technologies, Inc.\* (Electronic <br>Equipment, Instruments & Components) |  | 253 |  | 6285 | 6285 |
| Mirum Pharmaceuticals, Inc.\* (Biotechnology) |  | 43 |  | 4438 | 4438 |
| Mission Produce, Inc.\* (Food Products) |  | 45 |  | 606 | 606 |
| Mister Car Wash, Inc.\* (Diversified Consumer <br>Services) |  | 104 |  | 577 | 577 |
| Mistras Group, Inc.\* (Professional Services) |  | 13 |  | 184 | 184 |
| Mitek Systems, Inc.\* (Software) |  | 47 |  | 471 | 471 |
| Mobile Infrastructure Corp.\* (Real Estate <br>Owners & Developers) |  | 13 |  |  | 41 |
| Modine Manufacturing Co.\* (Automobile <br>Components) |  | 55 |  | 10155 | 10155 |
| Modiv Industrial, Inc. (Retail REITs) |  | 10 |  | 153 | 153 |
| Moelis & Co.—Class A (Capital Markets) |  | 78 |  | 5590 | 5590 |
| Monarch Casino & Resort, Inc. (Hotels, <br>Restaurants & Leisure) |  | 13 |  | 1190 | 1190 |
| Monopar Therapeutics, Inc.\* (Biotech & <br>Pharma) |  | 5 |  | 302 | 302 |
| Monro, Inc. (Specialty Retail) |  | 32 |  | 599 | 599 |
| Montauk Renewables, Inc.\* (Independent <br>Power/Renewable Electricity Producers) |  | 70 |  | 122 | 122 |
| Monte Rosa Therapeutics, Inc.\* (Biotechnology) | Monte Rosa Therapeutics, Inc.\* (Biotechnology) | 49 |  | 1005 | 1005 |
| Montrose Environmental Group, Inc.\* <br>(Commercial Services & Supplies) |  | 35 |  | 780 | 780 |
| Moog, Inc.—Class A (Aerospace & Defense) |  | 30 |  | 9161 | 9161 |
| Motorcar Parts of America, Inc.\* (Automotive) |  | 14 |  | 174 | 174 |
| Movado Group, Inc. (Textiles, Apparel & <br>Luxury Goods) |  | 16 |  | 365 | 365 |
| M-Tron Industries, Inc.\* (Electrical Equipment) |  | 3 |  | 196 | 196 |
| Mueller Water Products, Inc.—Class A <br>(Machinery) |  | 164 |  | 4439 | 4439 |
| Murphy Oil Corp. (Oil, Gas & Consumable <br>Fuels) |  | 142 |  | 4273 | 4273 |
| MVB Financial Corp. (Banks) |  | 12 |  | 339 | 339 |
| Myers Industries, Inc. (Containers & Packaging) | Myers Industries, Inc. (Containers & Packaging) | 39 |  | 806 | 806 |
| Myomo, Inc.\* (Medical Equipment & Devices) |  | 36 |  |  | 30 |
| MYR Group, Inc.\* (Construction & Engineering) | MYR Group, Inc.\* (Construction & Engineering) | 17 |  | 4251 | 4251 |
| Myriad Genetics, Inc.\* (Biotechnology) |  | 96 |  | 540 | 540 |
| N-able, Inc.\* (Software) |  | 76 |  | 461 | 461 |
| Nabors Industries, Ltd.\* (Energy Equipment & <br>Services) |  | 15 |  | 1003 | 1003 |
| NACCO Industries, Inc.\*—Class A (Oil, Gas & <br>Consumable Fuels) |  | 4 |  | 197 | 197 |
| NANO Nuclear Energy, Inc.\* (Electrical <br>Equipment) |  | 42 |  | 1235 | 1235 |

---

**See accompanying notes to financial statements.**

January 31, 2026 (unaudited) :: Schedule of Portfolio Investments **:: Small-Cap ProFund :: 99**

**Common Stocks, continued**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Shares |  | Value |  |  |
| Nano-X Imaging, Ltd.\* (Health Care <br>Providers & Services) |  | 67 |  | $183 | 183 |
| Napco Security Technologies, Inc. (Electronic <br>Equipment, Instruments & Components) |  | 36 |  | 1328 | 1328 |
| Nathan's Famous, Inc. (Hotels, Restaurants & <br>Leisure) |  | 3 |  | 303 | 303 |
| National Bank Holdings Corp.—Class A (Banks) | National Bank Holdings Corp.—Class A (Banks) | 40 |  | 1607 | 1607 |
| National Bankshares, Inc. (Banks) |  | 7 |  | 255 | 255 |
| National Beverage Corp.\* (Beverages) |  | 25 |  | 852 | 852 |
| National CineMedia, Inc.\* (Media) |  | 69 |  | 249 | 249 |
| National Energy Services Reunited Corp.\* <br>(Oil & Gas Services & Equipment) |  | 64 |  | 1259 | 1259 |
| National Health Investors, Inc. (Health Care <br>REITs) |  | 50 |  | 4106 | 4106 |
| National HealthCare Corp. (Health Care <br>Providers & Services) |  | 13 |  | 1860 | 1860 |
| National Presto Industries, Inc.\* (Aerospace & <br>Defense) |  | 5 |  | 637 | 637 |
| National Research Corp.\* (Health Care <br>Providers & Services) |  | 13 |  | 264 | 264 |
| National Vision Holdings, Inc.\* (Specialty <br>Retail) |  | 82 |  | 2161 | 2161 |
| Natural Gas Services Group, Inc.\* (Energy <br>Equipment & Services) |  | 11 |  | 381 | 381 |
| Natural Grocers by Vitamin Cottage, Inc.\* <br>(Consumer Staples Distribution & Retail) |  | 13 |  | 355 | 355 |
| Nature's Sunshine Products, Inc.\* (Personal <br>Care Products) |  | 17 |  | 429 | 429 |
| Navan, Inc.\* (Hotels, Restaurants & Leisure) |  | 40 |  | 459 | 459 |
| Navient Corp. (Consumer Finance) |  | 72 |  | 706 | 706 |
| Navigator Holdings Ltd. (Transportation & <br>Logistics) |  | 33 |  | 611 | 611 |
| Navitas Semiconductor Corp.\* <br>(Semiconductors & Semiconductor <br>Equipment) |  | 169 |  | 1450 | 1450 |
| NB Bancorp, Inc.\* (Banks) |  | 42 |  | 912 | 912 |
| NBT Bancorp, Inc. (Banks) |  | 54 |  | 2399 | 2399 |
| NCR Atleos Corp.\* (Financial Services) |  | 78 |  | 2909 | 2909 |
| NCR Voyix Corp.\* (Software) |  | 147 |  | 1458 | 1458 |
| Nelnet, Inc.—Class A (Consumer Finance) |  | 12 |  | 1583 | 1583 |
| Neogen Corp.\* (Health Care Equipment & <br>Supplies) |  | 230 |  | 2351 | 2351 |
| NeoGenomics, Inc.\* (Health Care Providers & <br>Services) |  | 136 |  | 1640 | 1640 |
| Neonode, Inc.\* (Technology Hardware) |  | 12 |  |  | 22 |
| NerdWallet, Inc.\*—Class A (Consumer Finance) | NerdWallet, Inc.\*—Class A (Consumer Finance) | 45 |  | 543 | 543 |
| Nerdy, Inc.\* (Diversified Consumer Services) |  | 62 |  |  | 61 |
| NET Lease Office Properties\* (Office REITs) |  | 16 |  | 312 | 312 |
| Net Power, Inc.\* (Electrical Equipment) |  | 32 |  |  | 76 |
| NETGEAR, Inc.\* (Communications Equipment) |  | 29 |  | 606 | 606 |
| NetScout Systems, Inc.\* (Communications <br>Equipment) |  | 74 |  | 2058 | 2058 |
| NETSTREIT Corp. (Retail REITs) |  | 89 |  | 1677 | 1677 |
| Neurogene, Inc.\* (Biotechnology) |  | 11 |  | 194 | 194 |
| Neuronetics, Inc.\* (Health Care Facilities & <br>Services) |  | 41 |  |  | 86 |
| NeuroPace, Inc.\* (Health Care Equipment & <br>Supplies) |  | 27 |  | 409 | 409 |
| New Fortress Energy, Inc.<sup>(a)</sup> (Oil & Gas <br>Producers) |  | 185 |  | 246 | 246 |
| New Jersey Resources Corp. (Gas Utilities) |  | 107 |  | 5294 | 5294 |
| New York Community Bancorp, Inc. (Banks) |  | 321 |  | 4244 | 4244 |

---

**Common Stocks, continued**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Shares |  | Value |  |  |
| Newmark Group, Inc.—Class A (Real Estate <br>Management & Development) |  | 156 |  | $2781 | 2781 |
| Newsmax, Inc.\* (Internet Media & Services) |  | 50 |  | 345 | 345 |
| NewtekOne, Inc.\* (Financial Services) |  | 24 |  | 324 | 324 |
| NexPoint Diversified Real Estate Trust (Equity <br>REIT—Diversified) |  | 38 |  | 182 | 182 |
| Nexpoint Real Estate Finance, Inc. (Mortgage <br>REITs) |  | 8 |  | 118 | 118 |
| NexPoint Residential Trust, Inc. (Residential <br>REITs) |  | 24 |  | 725 | 725 |
| NextDecade Corp.\* (Oil, Gas & Consumable <br>Fuels) |  | 143 |  | 756 | 756 |
| Nextdoor Holdings, Inc.\* (Interactive Media & <br>Services) |  | 229 |  | 449 | 449 |
| NextNav, Inc.\* (Software) |  | 100 |  | 1436 | 1436 |
| NextNRG, Inc.\* (Oil & Gas Producers) |  | 37 |  |  | 34 |
| Nextpower, Inc.\*—Class A (Electrical <br>Equipment) |  | 154 |  | 18032 | 18032 |
| Nexxen International Ltd.\* (Advertising & <br>Marketing) |  | 36 |  | 222 | 222 |
| NI Holdings, Inc.\* (Insurance) |  | 7 |  |  | 95 |
| Niagen Bioscience, Inc.\* (Life Sciences Tools & <br>Services) |  | 55 |  | 329 | 329 |
| Nicolet Bankshares, Inc. (Banks) |  | 14 |  | 2044 | 2044 |
| NioCorp Developments Ltd.\* (Metals & Mining) | NioCorp Developments Ltd.\* (Metals & Mining) | 113 |  | 667 | 667 |
| Nkarta, Inc.\* (Biotechnology) |  | 44 |  |  | 98 |
| NL Industries, Inc.\* (Commercial Services & <br>Supplies) |  | 8 |  |  | 49 |
| nLight, Inc.\* (Electronic Equipment, <br>Instruments & Components) |  | 49 |  | 2235 | 2235 |
| NMI Holdings, Inc.\*—Class A (Financial <br>Services) |  | 82 |  | 3175 | 3175 |
| Noble Corp. PLC\* (Energy Equipment & <br>Services) |  | 133 |  | 4737 | 4737 |
| Nordic American Tankers, Ltd. (Oil, Gas & <br>Consumable Fuels) |  | 216 |  | 899 | 899 |
| Northeast Bank (Banks) |  | 8 |  | 922 | 922 |
| Northeast Community Bancorp, Inc. (Banks) |  | 13 |  | 307 | 307 |
| Northern Oil and Gas, Inc. (Oil, Gas & <br>Consumable Fuels) |  | 101 |  | 2525 | 2525 |
| Northfield Bancorp, Inc. (Banks) |  | 39 |  | 480 | 480 |
| Northpointe Bancshares, Inc. (Banking) |  | 22 |  | 379 | 379 |
| Northrim Bancorp, Inc. (Banks) |  | 23 |  | 542 | 542 |
| Northwest Bancshares, Inc.\* (Banks) |  | 153 |  | 1971 | 1971 |
| Northwest Natural Holding Co. (Gas Utilities) |  | 43 |  | 2002 | 2002 |
| Northwest Pipe Co.\* (Construction & <br>Engineering) |  | 10 |  | 675 | 675 |
| NorthWestern Energy Group, Inc. <br>(Multi-Utilities) |  | 65 |  | 4411 | 4411 |
| Norwood Financial Corp. (Banks) |  | 9 |  | 274 | 274 |
| NovaGold Resources, Inc.\* (Metals & Mining) |  | 320 |  | 2794 | 2794 |
| Novanta, Inc.\* (Electronic Equipment, <br>Instruments & Components) |  | 38 |  | 5113 | 5113 |
| Novavax, Inc.\* (Biotechnology) |  | 157 |  | 1389 | 1389 |
| Novocure, Ltd.\* (Health Care Equipment & <br>Supplies) |  | 107 |  | 1327 | 1327 |
| NPK International, Inc.\* (Energy Equipment & <br>Services) |  | 87 |  | 1201 | 1201 |
| Nu Skin Enterprises, Inc.—Class A (Personal <br>Care Products) |  | 52 |  | 552 | 552 |
| Nurix Therapeutics, Inc.\* (Biotechnology) |  | 106 |  | 1751 | 1751 |
| NuScale Power Corp.\* (Electrical Equipment) |  | 134 |  | 2342 | 2342 |

---

**See accompanying notes to financial statements.**

**100 :: Small-Cap ProFund ::** Schedule of Portfolio Investments :: January 31, 2026 (unaudited)

**Common Stocks, continued**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Shares |  | Value |  |  |
| Nutex Health, Inc.\* (Software) |  | 3 |  | $446 | 446 |
| Nuvalent, Inc.\*—Class A (Biotechnology) |  | 53 |  | 5453 | 5453 |
| Nuvation Bio, Inc.\* (Pharmaceuticals) |  | 254 |  | 1331 | 1331 |
| Nuvectis Pharma, Inc.\* (Biotech & Pharma) |  | 16 |  | 130 | 130 |
| NVE Corp.\* (Semiconductors & Semiconductor <br>Equipment) | NVE Corp.\* (Semiconductors & Semiconductor <br>Equipment) | 5 |  | 337 | 337 |
| Oak Valley Bancorp (Banks) |  | 7 |  | 224 | 224 |
| Oceaneering International, Inc.\* (Energy <br>Equipment & Services) |  | 104 |  | 3130 | 3130 |
| OceanFirst Financial Corp. (Banks) |  | 60 |  | 1125 | 1125 |
| Octave Specialty Group, Inc.\* (Insurance) |  | 43 |  | 244 | 244 |
| Ocular Therapeutix, Inc.\* (Pharmaceuticals) |  | 196 |  | 1791 | 1791 |
| OFG Bancorp (Banks) |  | 46 |  | 1854 | 1854 |
| Ohio Valley Banc Corp. (Asset Management) |  | 4 |  | 165 | 165 |
| O-I Glass, Inc. (Containers & Packaging) |  | 162 |  | 2475 | 2475 |
| Oil States International, Inc.\* (Energy <br>Equipment & Services) |  | 59 |  | 500 | 500 |
| Oil-Dri Corp. of America (Household Products) |  | 11 |  | 666 | 666 |
| Oklo, Inc.\* (Electric Utilities) |  | 115 |  | 9156 | 9156 |
| Olaplex Holdings, Inc.\* (Personal Care Products) | Olaplex Holdings, Inc.\* (Personal Care Products) | 147 |  | 232 | 232 |
| Old National Bancorp (Banks) |  | 370 |  | 9040 | 9040 |
| Old Second Bancorp, Inc. (Banks) |  | 53 |  | 1052 | 1052 |
| Olema Pharmaceuticals, Inc.\* (Biotechnology) |  | 63 |  | 1620 | 1620 |
| Olympic Steel, Inc. (Metals & Mining) |  | 11 |  | 529 | 529 |
| Omada Health, Inc.\* (Health Care Providers & <br>Services) |  | 10 |  | 150 | 150 |
| Omega Flex, Inc.\* (Machinery) |  | 4 |  | 132 | 132 |
| Omeros Corp.\* (Pharmaceuticals) |  | 69 |  | 807 | 807 |
| OmniAb, Inc.\* (Life Sciences Tools & Services) |  | 110 |  | 200 | 200 |
| Omnicell, Inc.\* (Health Care Equipment & <br>Supplies) |  | 48 |  | 2328 | 2328 |
| ON24, Inc.\* (Software) |  | 39 |  | 311 | 311 |
| ONE Gas, Inc. (Gas Utilities) |  | 63 |  | 5012 | 5012 |
| One Liberty Properties, Inc. (Equity REIT—<br>Diversified) |  | 19 |  | 409 | 409 |
| OneSpan, Inc. (Software) |  | 38 |  | 448 | 448 |
| OneSpaWorld Holdings, Ltd. (Diversified <br>Consumer Services) |  | 105 |  | 2063 | 2063 |
| OneWater Marine, Inc.\* (Specialty Retail) |  | 12 |  | 159 | 159 |
| Onity Group, Inc.\* (Financial Services) |  | 7 |  | 317 | 317 |
| Ooma, Inc.\* (Software) |  | 26 |  | 306 | 306 |
| OP Bancorp (Banking) |  | 13 |  | 182 | 182 |
| OPAL Fuels, Inc.\* (Renewable Energy) |  | 22 |  |  | 51 |
| Open Lending Corp.\* (Capital Markets) |  | 106 |  | 190 | 190 |
| OPENLANE, Inc.\* (Commercial Services & <br>Supplies) |  | 111 |  | 3334 | 3334 |
| OPKO Health, Inc.\* (Health Care Providers & <br>Services) |  | 433 |  | 546 | 546 |
| Oportun Financial Corp.\* (Specialty Finance) |  | 42 |  | 228 | 228 |
| OppFi, Inc.\* (Consumer Finance) |  | 28 |  | 267 | 267 |
| OptimizeRx Corp.\* (Health Care Technology) |  | 17 |  | 183 | 183 |
| Option Care Health, Inc.\* (Health Care <br>Providers & Services) |  | 168 |  | 5712 | 5712 |
| Orange County Bancorp, Inc. (Banks) |  | 13 |  | 401 | 401 |
| OraSure Technologies, Inc.\* (Health Care <br>Equipment & Supplies) |  | 74 |  | 206 | 206 |
| Orchid Island Capital, Inc. (Mortgage REITs) |  | 161 |  | 1256 | 1256 |
| Organogenesis Holdings, Inc.\* (Biotechnology) |  | 72 |  | 288 | 288 |
| ORIC Pharmaceuticals, Inc.\* (Biotechnology) |  | 69 |  | 708 | 708 |
| Origin Bancorp, Inc. (Banks) |  | 31 |  | 1328 | 1328 |
| Orion Group Holdings, Inc.\* (Construction & <br>Engineering) |  | 40 |  | 489 | 489 |

---

**Common Stocks, continued**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Shares |  | Value |  |  |
| Orion SA (Chemicals) |  | 58 |  | $358 | 358 |
| Ormat Technologies, Inc. (Independent <br>Power/Renewable Electricity Producers) |  | 64 |  | 7996 | 7996 |
| Orrstown Financial Services, Inc. (Banks) |  | 20 |  | 720 | 720 |
| Orthofix Medical, Inc.\* (Health Care <br>Equipment & Supplies) |  | 41 |  | 542 | 542 |
| OrthoPediatrics Corp.\* (Health Care <br>Equipment & Supplies) |  | 18 |  | 314 | 314 |
| Oruka Therapeutics Inc\* (Biotechnology) |  | 40 |  | 1369 | 1369 |
| Oscar Health, Inc.\*—Class A (Insurance) |  | 209 |  | 2999 | 2999 |
| OSI Systems, Inc.\* (Electronic Equipment, <br>Instruments & Components) |  | 17 |  | 4252 | 4252 |
| Otter Tail Corp. (Electric Utilities) |  | 40 |  | 3566 | 3566 |
| Ouster, Inc.\* (Electronic Equipment, <br>Instruments & Components) |  | 58 |  | 1208 | 1208 |
| Outfront Media, Inc. (Specialized REITs) |  | 156 |  | 3795 | 3795 |
| Outset Medical, Inc.\* (Software) |  | 16 |  |  | 80 |
| Oxford Industries, Inc. (Textiles, Apparel & <br>Luxury Goods) |  | 15 |  | 553 | 553 |
| P10, Inc.—Class A (Capital Markets) |  | 62 |  | 668 | 668 |
| Pacific Biosciences of California, Inc.\* (Life <br>Sciences Tools & Services) |  | 291 |  | 658 | 658 |
| Pacira BioSciences, Inc.\* (Pharmaceuticals) |  | 47 |  | 965 | 965 |
| PACS Group, Inc.\* (Health Care Providers & <br>Services) |  | 46 |  | 1553 | 1553 |
| Pagaya Technologies, Ltd.\*—Class A (Software) | Pagaya Technologies, Ltd.\*—Class A (Software) | 54 |  | 1047 | 1047 |
| PagerDuty, Inc.\* (Software) |  | 94 |  | 996 | 996 |
| Pagseguro Digital, Ltd.—Class A (Financial <br>Services) |  | 189 |  | 2126 | 2126 |
| Palladyne AI Corp.\* (Machinery) |  | 31 |  | 202 | 202 |
| Palomar Holdings, Inc.\* (Insurance) |  | 28 |  | 3461 | 3461 |
| Palvella Therapeutics, Inc.\* (Biotechnology) |  | 8 |  | 614 | 614 |
| PAM Transportation Services, Inc.\* (Ground <br>Transportation) |  | 5 |  |  | 54 |
| Pangaea Logistics Solutions, Ltd. (Marine <br>Transportation) |  | 31 |  | 263 | 263 |
| Papa John's International, Inc. (Hotels, <br>Restaurants & Leisure) |  | 34 |  | 1196 | 1196 |
| Par Pacific Holdings, Inc.\* (Oil, Gas & <br>Consumable Fuels) |  | 52 |  | 1962 | 1962 |
| PAR Technology Corp.\* (Electronic Equipment, <br>Instruments & Components) |  | 42 |  | 1101 | 1101 |
| Park Aerospace Corp. (Aerospace & Defense) |  | 19 |  | 465 | 465 |
| Park National Corp. (Banks) |  | 16 |  | 2607 | 2607 |
| Parke Bancorp, Inc.\* (Banks) |  | 11 |  | 300 | 300 |
| Park-Ohio Holdings Corp.\* (Machinery) |  | 10 |  | 226 | 226 |
| Pathward Financial, Inc. (Banks) |  | 24 |  | 2167 | 2167 |
| Patria Investments, Ltd.—Class A (Capital <br>Markets) |  | 70 |  | 1023 | 1023 |
| Patrick Industries, Inc. (Automobile <br>Components) |  | 35 |  | 4416 | 4416 |
| Patriot National Bancorp, Inc.\* (Banking) |  | 71 |  | 109 | 109 |
| Patterson-UTI Energy, Inc. (Energy <br>Equipment & Services) |  | 366 |  | 2756 | 2756 |
| Payoneer Global, Inc.\* (Financial Services) |  | 294 |  | 1879 | 1879 |
| Paysafe, Ltd.\* (Financial Services) |  | 34 |  | 233 | 233 |
| Paysign, Inc.\* (Financial Services) |  | 36 |  | 150 | 150 |
| PBF Energy, Inc.—Class A (Oil, Gas & <br>Consumable Fuels) |  | 89 |  | 2978 | 2978 |
| PC Connection, Inc. (Electronic Equipment, <br>Instruments & Components) |  | 12 |  | 706 | 706 |
| PCB Bancorp (Banks) |  | 11 |  | 247 | 247 |

---

**See accompanying notes to financial statements.**

January 31, 2026 (unaudited) :: Schedule of Portfolio Investments **:: Small-Cap ProFund :: 101**

**Common Stocks, continued**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Shares |  | Value |  |  |
| PDF Solutions, Inc.\* (Semiconductors & <br>Semiconductor Equipment) |  | 34 |  | $1083 | 1083 |
| Peabody Energy Corp.\* (Oil, Gas & <br>Consumable Fuels) |  | 129 |  | 4549 | 4549 |
| Peakstone Realty Trust (Office REITs) |  | 39 |  | 609 | 609 |
| Peapack-Gladstone Financial Corp. (Banks) |  | 17 |  | 539 | 539 |
| Pebblebrook Hotel Trust (Hotel & Resort REITs) | Pebblebrook Hotel Trust (Hotel & Resort REITs) | 124 |  | 1416 | 1416 |
| Pediatrix Medical Group, Inc.\* (Health Care <br>Providers & Services) |  | 91 |  | 1946 | 1946 |
| Peloton Interactive, Inc.\*—Class A (Leisure <br>Products) |  | 418 |  | 2337 | 2337 |
| Penguin Solutions, Inc.\* (Semiconductors & <br>Semiconductor Equipment) |  | 55 |  | 1057 | 1057 |
| PennyMac Financial Services, Inc. (Financial <br>Services) |  | 31 |  | 3098 | 3098 |
| PennyMac Mortgage Investment Trust <br>(Mortgage REITs) |  | 92 |  | 1088 | 1088 |
| Peoples Bancorp of North Carolina, Inc. (Banks) | Peoples Bancorp of North Carolina, Inc. (Banks) | 5 |  | 183 | 183 |
| Peoples Bancorp, Inc.\* (Banks) |  | 37 |  | 1203 | 1203 |
| Peoples Financial Services Corp. (Banks) |  | 10 |  | 521 | 521 |
| Perdoceo Education Corp. (Diversified <br>Consumer Services) |  | 69 |  | 2210 | 2210 |
| Perella Weinberg Partners (Capital Markets) |  | 66 |  | 1472 | 1472 |
| Perimeter Solutions SA\* (Chemicals) |  | 147 |  | 3844 | 3844 |
| Perma-Fix Environmental Services, Inc.\* <br>(Commercial Services & Supplies) |  | 19 |  | 290 | 290 |
| Perpetua Resources Corp.\* (Metals & Mining) |  | 89 |  | 2369 | 2369 |
| Personalis, Inc.\* (Health Care Facilities & <br>Services) |  | 53 |  | 497 | 497 |
| Perspective Therapeutics, Inc.\* (Biotechnology) | Perspective Therapeutics, Inc.\* (Biotechnology) | 62 |  | 235 | 235 |
| Petco Health & Wellness Co., Inc.\* (Specialty <br>Retail) |  | 83 |  | 223 | 223 |
| Phathom Pharmaceuticals, Inc.\* <br>(Pharmaceuticals) |  | 42 |  | 574 | 574 |
| Phibro Animal Health Corp.—Class A <br>(Pharmaceuticals) |  | 22 |  | 883 | 883 |
| Phillips Edison & Co., Inc. (Retail REITs) |  | 133 |  | 4819 | 4819 |
| Phinia, Inc. (Automobile Components) |  | 40 |  | 2847 | 2847 |
| Phoenix Education Partners, Inc.\* (Diversified <br>Consumer Services) |  | 5 |  | 153 | 153 |
| Photronics, Inc.\* (Semiconductors & <br>Semiconductor Equipment) |  | 60 |  | 2074 | 2074 |
| Phreesia, Inc.\* (Health Care Technology) |  | 60 |  | 806 | 806 |
| Picard Medical, Inc.\* (Health Care <br>Equipment & Supplies) |  | 4 |  |  | 7 |
| Piedmont Office Realty Trust, Inc.—Class A <br>(Office REITs) |  | 131 |  | 1103 | 1103 |
| Pioneer Bancorp, Inc.\* (Banks) |  | 12 |  | 170 | 170 |
| Piper Sandler Cos. (Capital Markets) |  | 19 |  | 6580 | 6580 |
| Pitney Bowes, Inc. (Commercial Services & <br>Supplies) |  | 170 |  | 1773 | 1773 |
| PJT Partners, Inc.—Class A (Capital Markets) |  | 25 |  | 4326 | 4326 |
| Planet Labs PBC\* (Professional Services) |  | 251 |  | 6267 | 6267 |
| Playstudios, Inc.\* (Entertainment) |  | 93 |  |  | 59 |
| Playtika Holding, Corp.\* (Entertainment <br>Content) |  | 59 |  | 214 | 214 |
| Plexus Corp.\* (Electronic Equipment, <br>Instruments & Components) |  | 28 |  | 5581 | 5581 |
| Plug Power, Inc.\* (Electrical Equipment) |  | 1187 |  | 2511 | 2511 |
| Plumas Bancorp\* (Banks) |  | 7 |  | 351 | 351 |
| Polaris, Inc. (Leisure Products) |  | 56 |  | 3574 | 3574 |
| Ponce Financial Group, Inc.\* (Banks) |  | 21 |  | 352 | 352 |

---

**Common Stocks, continued**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Shares |  | Value |  |  |
| Porch Group, Inc.\* (Software) |  | 91 |  | $718 | 718 |
| Portillo's, Inc.\*—Class A (Hotels, Restaurants & <br>Leisure) | Portillo's, Inc.\*—Class A (Hotels, Restaurants & <br>Leisure) | 69 |  | 390 | 390 |
| Portland General Electric Co. (Electric Utilities) |  | 119 |  | 5980 | 5980 |
| Postal Realty Trust, Inc.—Class A (Office REITs) | Postal Realty Trust, Inc.—Class A (Office REITs) | 25 |  | 456 | 456 |
| Powell Industries, Inc. (Electrical Equipment) |  | 10 |  | 4436 | 4436 |
| Power Integrations, Inc. (Semiconductors & <br>Semiconductor Equipment) |  | 59 |  | 2710 | 2710 |
| Power Solutions International, Inc.\* (Machinery) | Power Solutions International, Inc.\* (Machinery) | 9 |  | 645 | 645 |
| Powerfleet, Inc.\* (Electronic Equipment, <br>Instruments & Components) |  | 131 |  | 669 | 669 |
| PRA Group, Inc.\* (Consumer Finance) |  | 41 |  | 524 | 524 |
| Prairie Operating Co.\* (Software) |  | 29 |  |  | 53 |
| Praxis Precision Medicines, Inc.\* <br>(Biotechnology) |  | 26 |  | 8164 | 8164 |
| Precigen, Inc.\* (Biotechnology) |  | 189 |  | 849 | 849 |
| Preferred Bank (Banks) |  | 13 |  | 1115 | 1115 |
| Preformed Line Products Co.\* (Electrical <br>Equipment) |  | 3 |  | 753 | 753 |
| Prestige Consumer Healthcare, Inc.\* <br>(Pharmaceuticals) |  | 52 |  | 3352 | 3352 |
| PriceSmart, Inc. (Consumer Staples <br>Distribution & Retail) |  | 27 |  | 3840 | 3840 |
| Prime Medicine, Inc.\* (Biotechnology) |  | 104 |  | 396 | 396 |
| PrimeEnergy Resources Corp.\* (Oil, Gas & <br>Consumable Fuels) |  | 1 |  | 183 | 183 |
| Primis Financial Corp. (Banks) |  | 22 |  | 297 | 297 |
| Primoris Services Corp. (Construction & <br>Engineering) |  | 57 |  | 8450 | 8450 |
| Princeton Bancorp, Inc. (Banks) |  | 5 |  | 181 | 181 |
| Priority Technology Holdings, Inc.\* (Financial <br>Services) |  | 29 |  | 171 | 171 |
| Privia Health Group, Inc.\* (Health Care <br>Providers & Services) |  | 123 |  | 2856 | 2856 |
| ProAssurance Corp. (Insurance) |  | 54 |  | 1308 | 1308 |
| PROCEPT BioRobotics Corp.\* (Health Care <br>Equipment & Supplies) |  | 56 |  | 1622 | 1622 |
| Pro-Dex, Inc.\* (Medical Equipment & Devices) |  | 2 |  |  | 78 |
| Proficient Auto Logistics, Inc.\* (Ground <br>Transportation) |  | 26 |  | 262 | 262 |
| ProFrac Holding Corp.\*—Class A (Energy <br>Equipment & Services) |  | 29 |  | 151 | 151 |
| PROG Holdings, Inc.\* (Consumer Finance) |  | 42 |  | 1362 | 1362 |
| Progress Software Corp. (Software) |  | 45 |  | 1841 | 1841 |
| Progyny, Inc.\* (Health Care Providers & <br>Services) |  | 80 |  | 1910 | 1910 |
| ProPetro Holding Corp.\* (Energy Equipment & <br>Services) |  | 85 |  | 977 | 977 |
| Protagonist Therapeutics, Inc.\* (Biotechnology) | Protagonist Therapeutics, Inc.\* (Biotechnology) | 62 |  | 5072 | 5072 |
| Protalix BioTherapeutics, Inc.\* (Biotech & <br>Pharma) |  | 75 |  | 176 | 176 |
| Protara Therapeutics, Inc.\* (Biotech & <br>Pharma) |  | 36 |  | 255 | 255 |
| Prothena Corp. PLC\* (Biotechnology) |  | 46 |  | 405 | 405 |
| Proto Labs, Inc.\* (Machinery) |  | 25 |  | 1316 | 1316 |
| Provident Financial Services, Inc. (Banks) |  | 136 |  | 3011 | 3011 |
| PTC Therapeutics, Inc.\* (Biotechnology) |  | 82 |  | 6193 | 6193 |
| PubMatic, Inc.\*—Class A (Media) |  | 40 |  | 290 | 290 |
| Pulmonx Corp.\* (Health Care Equipment & <br>Supplies) |  | 40 |  |  | 66 |
| Pulse Biosciences, Inc.\* (Health Care <br>Equipment & Supplies) |  | 19 |  | 263 | 263 |

---

**See accompanying notes to financial statements.**

**102 :: Small-Cap ProFund ::** Schedule of Portfolio Investments :: January 31, 2026 (unaudited)

**Common Stocks, continued**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Shares |  | Value |  |  |
| Puma Biotechnology, Inc.\* (Biotechnology) |  | 45 |  | $292 | 292 |
| Pure Cycle Corp.\* (Water Utilities) |  | 22 |  | 255 | 255 |
| PureCycle Technologies, Inc.\*<sup>(a)</sup> (Chemicals) |  | 137 |  | 1310 | 1310 |
| Q2 Holdings, Inc.\* (Software) |  | 66 |  | 4043 | 4043 |
| QCR Holdings, Inc. (Banks) |  | 17 |  | 1534 | 1534 |
| Quad/Graphics, Inc. (Commercial Services & <br>Supplies) |  | 30 |  | 184 | 184 |
| Quaker Chemical Corp. (Chemicals) |  | 15 |  | 2306 | 2306 |
| Qualys, Inc.\* (Software) |  | 38 |  | 5012 | 5012 |
| Quanex Building Products Corp. (Building <br>Products) |  | 48 |  | 899 | 899 |
| Quanterix Corp.\* (Life Sciences Tools & <br>Services) |  | 46 |  | 292 | 292 |
| Quantum Computing, Inc.\*<sup>(a)</sup> (Software) |  | 213 |  | 1976 | 1976 |
| Quantum-Si, Inc.\* (Life Sciences Tools & <br>Services) |  | 165 |  | 186 | 186 |
| QuidelOrtho Corp.\* (Health Care Equipment & <br>Supplies) |  | 72 |  | 1956 | 1956 |
| QuinStreet, Inc.\* (Interactive Media & Services) |  | 58 |  | 771 | 771 |
| Rackspace Technology, Inc.\* (IT Services) |  | 87 |  |  | 53 |
| Radian Group, Inc. (Financial Services) |  | 143 |  | 4705 | 4705 |
| Radiant Logistics, Inc.\* (Air Freight & Logistics) |  | 38 |  | 256 | 256 |
| RadNet, Inc.\* (Health Care Providers & <br>Services) |  | 72 |  | 5047 | 5047 |
| Ramaco Resources, Inc.—Class A (Metals & <br>Mining) |  | 44 |  | 858 | 858 |
| Rambus, Inc.\* (Semiconductors & <br>Semiconductor Equipment) |  | 114 |  | 12978 | 12978 |
| Ranger Bermuda Topco Ltd.\* (Insurance) |  | 3 |  |  | 36 |
| Ranger Energy Services, Inc.\* (Energy <br>Equipment & Services) |  | 21 |  | 324 | 324 |
| Ranpak Holdings Corp.\* (Containers & <br>Packaging) |  | 49 |  | 247 | 247 |
| Rapid7, Inc.\* (Software) |  | 68 |  | 811 | 811 |
| Rapport Therapeutics, Inc.\* (Pharmaceuticals) |  | 30 |  | 798 | 798 |
| Rayonier Advanced Materials, Inc.\* <br>(Chemicals) |  | 68 |  | 528 | 528 |
| RBB Bancorp (Banks) |  | 17 |  | 353 | 353 |
| RCI Hospitality Holdings, Inc. (Hotels, <br>Restaurants & Leisure) |  | 9 |  | 216 | 216 |
| RCM Technologies, Inc. (Technology Services) |  | 5 |  | 104 | 104 |
| RE/MAX Holdings, Inc.\*—Class A (Real Estate <br>Management & Development) |  | 19 |  | 148 | 148 |
| Ready Capital Corp. (Mortgage REITs) |  | 155 |  | 330 | 330 |
| Recursion Pharmaceuticals, Inc.\*—Class A <br>(Biotechnology) |  | 401 |  | 1680 | 1680 |
| Red Cat Holdings, Inc.\* (Aerospace & Defense) |  | 108 |  | 1458 | 1458 |
| Red River Bancshares, Inc.\* (Banks) |  | 5 |  | 415 | 415 |
| Red Rock Resorts, Inc.\*—Class A (Hotels, <br>Restaurants & Leisure) |  | 52 |  | 3283 | 3283 |
| Red Violet, Inc.\* (Software) |  | 12 |  | 546 | 546 |
| Redwire Corp.\* (Aerospace & Defense) |  | 77 |  | 905 | 905 |
| Redwood Trust, Inc. (Mortgage REITs) |  | 133 |  | 729 | 729 |
| REGENXBIO, Inc.\* (Biotechnology) |  | 49 |  | 547 | 547 |
| Regional Management Corp.\* (Consumer <br>Finance) |  | 9 |  | 333 | 333 |
| Relay Therapeutics, Inc.\* (Biotechnology) |  | 148 |  | 1134 | 1134 |
| Remitly Global, Inc.\* (Financial Services) |  | 178 |  | 2353 | 2353 |
| Renasant Corp. (Banks) |  | 99 |  | 3733 | 3733 |
| Repay Holdings Corp.\* (Financial Services) |  | 70 |  | 244 | 244 |
| Replimune Group, Inc.\* (Biotechnology) |  | 73 |  | 513 | 513 |
| ReposiTrak, Inc. (Software) |  | 12 |  | 127 | 127 |

---

**Common Stocks, continued**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Shares | Shares | Value |  |
| Republic Bancorp, Inc.\*—Class A (Banks) |  | 9 | $653 | 653 |
| Reservoir Media, Inc.\* (Entertainment) |  | 21 | 159 | 159 |
| Resideo Technologies, Inc.\* (Building Products) | Resideo Technologies, Inc.\* (Building Products) | 136 | 4659 | 4659 |
| Resolute Holdings Management, Inc.\* (Asset <br>Management) |  | 5 | 1020 | 1020 |
| Resources Connection, Inc. (Professional <br>Services) |  | 32 | 145 | 145 |
| REV Group, Inc. (Machinery) |  | 51 | 3259 | 3259 |
| Revolve Group, Inc.\* (Specialty Retail) |  | 43 | 1189 | 1189 |
| REX American Resources Corp.\* (Oil, Gas & <br>Consumable Fuels) |  | 30 | 1014 | 1014 |
| Rezolute, Inc.\* (Biotechnology) |  | 84 | 281 | 281 |
| Rezolve AI PLC\* (Software) |  | 188 | 485 | 485 |
| RGC Resources, Inc. (Gas Utilities) |  | 9 | 195 | 195 |
| Rhinebeck Bancorp, Inc.\* (Banking) |  | 5 |  | 58 |
| Rhythm Pharmaceuticals, Inc.\* (Biotechnology) | Rhythm Pharmaceuticals, Inc.\* (Biotechnology) | 56 | 5741 | 5741 |
| Ribbon Communications, Inc.\* <br>(Communications Equipment) |  | 98 | 257 | 257 |
| Richardson Electronics, Ltd.\* (Electronic <br>Equipment, Instruments & Components) |  | 13 | 157 | 157 |
| Richmond Mutual BanCorp, Inc. (Banking) |  | 9 | 126 | 126 |
| Richtech Robotics, Inc.\* (Machinery) |  | 161 | 576 | 576 |
| Rigel Pharmaceuticals, Inc.\* (Biotechnology) |  | 19 | 662 | 662 |
| Rigetti Computing, Inc.\* (Semiconductors & <br>Semiconductor Equipment) |  | 337 | 6123 | 6123 |
| Riley Exploration Permian, Inc. (Oil, Gas & <br>Consumable Fuels) |  | 16 | 449 | 449 |
| Rimini Street, Inc.\* (Software) |  | 51 | 176 | 176 |
| Riot Platforms, Inc.\* (Software) |  | 368 | 5693 | 5693 |
| Rithm Property Trust, Inc. (Mortgage REITs) |  | 7 | 115 | 115 |
| Riverview Bancorp, Inc.\* (Banking) |  | 21 | 109 | 109 |
| RLJ Lodging Trust (Hotel & Resort REITs) |  | 145 | 1077 | 1077 |
| Rocket Pharmaceuticals, Inc.\* (Biotechnology) |  | 88 | 306 | 306 |
| Rocky Brands, Inc. (Textiles, Apparel & Luxury <br>Goods) |  | 7 | 225 | 225 |
| Rogers Corp.\* (Electronic Equipment, <br>Instruments & Components) |  | 19 | 1848 | 1848 |
| Root, Inc.\*—Class A (Insurance) |  | 13 | 808 | 808 |
| RPC, Inc. (Energy Equipment & Services) |  | 93 | 618 | 618 |
| Rumble, Inc.\* (Internet Media & Services) |  | 112 | 637 | 637 |
| Rush Enterprises, Inc.—Class A (Trading <br>Companies & Distributors) |  | 64 | 4108 | 4108 |
| Rush Enterprises, Inc.—Class B (Trading <br>Companies & Distributors) |  | 9 | 531 | 531 |
| Rush Street Interactive, Inc.\* (Hotels, <br>Restaurants & Leisure) |  | 97 | 1714 | 1714 |
| RXO, Inc.\* (Ground Transportation) |  | 172 | 2507 | 2507 |
| RxSight, Inc.\* (Health Care Equipment & <br>Supplies) |  | 36 | 313 | 313 |
| Ryerson Holding Corp. (Metals & Mining) |  | 28 | 790 | 790 |
| Ryman Hospitality Properties, Inc. (Hotel & <br>Resort REITs) |  | 65 | 6157 | 6157 |
| S&T Bancorp, Inc.\* (Banks) |  | 40 | 1706 | 1706 |
| Sable Offshore Corp.\*<sup>(a)</sup> (Oil, Gas & <br>Consumable Fuels) |  | 80 | 774 | 774 |
| Sabra Health Care REIT, Inc. (Health Care REITs) | Sabra Health Care REIT, Inc. (Health Care REITs) | 251 | 4701 | 4701 |
| Sabre Corp.\* (Hotels, Restaurants & Leisure) |  | 390 | 507 | 507 |
| Safe Builders, Inc. (Marine Transportation) |  | 54 | 308 | 308 |
| Safehold, Inc. (Specialized REITs) |  | 59 | 832 | 832 |
| Safety Insurance Group, Inc. (Insurance) |  | 15 | 1181 | 1181 |
| Sally Beauty Holdings, Inc.\* (Specialty Retail) |  | 105 | 1598 | 1598 |
| Sana Biotechnology, Inc.\* (Biotechnology) |  | 173 | 766 | 766 |

---

**See accompanying notes to financial statements.**

January 31, 2026 (unaudited) :: Schedule of Portfolio Investments **:: Small-Cap ProFund :: 103**

**Common Stocks, continued**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Shares |  | Value |  |  |
| Sanara Medtech, Inc.\* (Health Care <br>Equipment & Supplies) |  | 3 |  | $— | 66 |
| SandRidge Energy, Inc. (Oil, Gas & <br>Consumable Fuels) |  | 38 |  | 602 | 602 |
| Sanmina Corp.\* (Electronic Equipment, <br>Instruments & Components) |  | 55 |  | 7792 | 7792 |
| SANUWAVE Health, Inc.\* (Medical <br>Equipment & Devices) |  | 8 |  | 216 | 216 |
| Satellogic, Inc.\* (Telecommunications) |  | 88 |  | 405 | 405 |
| Saul Centers, Inc. (Retail REITs) |  | 13 |  | 412 | 412 |
| Savara, Inc.\* (Biotechnology) |  | 149 |  | 805 | 805 |
| Savers Value Village, Inc.\* (Broadline Retail) |  | 40 |  | 414 | 414 |
| SB Financial Group, Inc.\* (Banking) |  | 6 |  | 137 | 137 |
| SBC Medical Group Holdings, Inc.\* (Health <br>Care Facilities & Services) |  | 11 |  |  | 50 |
| ScanSource, Inc.\* (Electronic Equipment, <br>Instruments & Components) |  | 23 |  | 989 | 989 |
| Scholar Rock Holding Corp.\* (Biotechnology) |  | 87 |  | 3858 | 3858 |
| Scholastic Corp. (Media) |  | 21 |  | 734 | 734 |
| Schrodinger, Inc.\* (Health Care Technology) |  | 60 |  | 838 | 838 |
| Scilex Holding Co.\* (Biotech & Pharma) |  | 1 |  |  | 12 |
| Scorpio Tankers, Inc. (Oil, Gas & Consumable <br>Fuels) |  | 48 |  | 3054 | 3054 |
| Seacoast Banking Corp. of Florida (Banks) |  | 92 |  | 3076 | 3076 |
| SEACOR Marine Holdings, Inc.\* (Energy <br>Equipment & Services) |  | 23 |  | 154 | 154 |
| Seadrill, Ltd.\* (Energy Equipment & Services) |  | 66 |  | 2540 | 2540 |
| Seaport Entertainment Group, Inc.\* (Real <br>Estate Owners & Developers) |  | 8 |  | 152 | 152 |
| SeaWorld Entertainment, Inc.\* (Hotels, <br>Restaurants & Leisure) |  | 28 |  | 1054 | 1054 |
| Security National Financial Corp.\*—Class A <br>(Specialty Finance) |  | 18 |  | 159 | 159 |
| Select Energy Services, Inc.—Class A (Energy <br>Equipment & Services) |  | 100 |  | 1209 | 1209 |
| Select Medical Holdings Corp. (Health Care <br>Providers & Services) |  | 113 |  | 1701 | 1701 |
| Selective Insurance Group, Inc. (Insurance) |  | 64 |  | 5381 | 5381 |
| Selectquote, Inc.\* (Insurance) |  | 147 |  | 209 | 209 |
| SELLAS Life Sciences Group, Inc.\*<sup>(a)</sup> <br>(Biotech & Pharma) |  | 130 |  | 490 | 490 |
| SEMrush Holdings, Inc.\* (Software) |  | 54 |  | 642 | 642 |
| Semtech Corp.\* (Semiconductors & <br>Semiconductor Equipment) |  | 92 |  | 7337 | 7337 |
| Seneca Foods Corp.\*—Class A (Food Products) | Seneca Foods Corp.\*—Class A (Food Products) | 5 |  | 597 | 597 |
| Sensient Technologies Corp. (Chemicals) |  | 44 |  | 4158 | 4158 |
| Septerna, Inc.\* (Pharmaceuticals) |  | 23 |  | 537 | 537 |
| Serve Robotics, Inc.\* (Internet Media & <br>Services) |  | 66 |  | 689 | 689 |
| Service Properties Trust (Hotel & Resort REITs) |  | 162 |  | 322 | 322 |
| ServisFirst Bancshares, Inc. (Banks) |  | 54 |  | 4420 | 4420 |
| Seven Hills Realty Trust (Mortgage REITs) |  | 23 |  | 198 | 198 |
| Sezzle, Inc.\* (Financial Services) |  | 17 |  | 1075 | 1075 |
| SFL Corp., Ltd. (Oil, Gas & Consumable Fuels) |  | 128 |  | 1134 | 1134 |
| Shake Shack, Inc.\*—Class A (Hotels, <br>Restaurants & Leisure) |  | 41 |  | 3632 | 3632 |
| Shenandoah Telecommunications Co. <br>(Diversified Telecommunication Services) |  | 54 |  | 641 | 641 |
| Shoals Technologies Group, Inc.\*—Class A <br>(Electrical Equipment) |  | 177 |  | 1671 | 1671 |
| Shoe Carnival, Inc. (Specialty Retail) |  | 19 |  | 362 | 362 |
| Shore Bancshares, Inc. (Banks) |  | 32 |  | 607 | 607 |

---

**Common Stocks, continued**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Shares |  | Value |  |  |
| Shoulder Innovations, Inc.\* (Health Care <br>Equipment & Supplies) |  | 5 |  | $— | 71 |
| Shutterstock, Inc.\* (Interactive Media & <br>Services) |  | 26 |  | 516 | 516 |
| SI-BONE, Inc.\* (Health Care Equipment & <br>Supplies) |  | 40 |  | 663 | 663 |
| Siebert Financial Corp.\* (Asset Management) |  | 14 |  |  | 42 |
| Sierra Bancorp (Banks) |  | 13 |  | 460 | 460 |
| SIGA Technologies, Inc.\* (Pharmaceuticals) |  | 43 |  | 288 | 288 |
| Sight Sciences, Inc.\* (Health Care <br>Equipment & Supplies) |  | 44 |  | 276 | 276 |
| Signet Jewelers, Ltd. (Specialty Retail) |  | 42 |  | 3875 | 3875 |
| Sila Realty Trust, Inc. (Health Care REITs) |  | 59 |  | 1437 | 1437 |
| Silicon Laboratories, Inc.\* (Semiconductors & <br>Semiconductor Equipment) |  | 34 |  | 4843 | 4843 |
| Silvaco Group, Inc.\* (Software) |  | 8 |  |  | 36 |
| Silvercrest Asset Management Group, Inc.—<br>Class A (Capital Markets) |  | 7 |  | 103 | 103 |
| Simmons First National Corp.—Class A (Banks) | Simmons First National Corp.—Class A (Banks) | 152 |  | 3090 | 3090 |
| Simulations Plus, Inc. (Health Care Technology) | Simulations Plus, Inc. (Health Care Technology) | 18 |  | 304 | 304 |
| Sinclair, Inc.\* (Media) |  | 41 |  | 595 | 595 |
| Sionna Therapeutics, Inc.\* (Biotechnology) |  | 17 |  | 718 | 718 |
| SiriusPoint, Ltd.\* (Insurance) |  | 108 |  | 2204 | 2204 |
| SITE Centers Corp. (Retail REITs) |  | 53 |  | 324 | 324 |
| SiTime Corp.\* (Semiconductors & <br>Semiconductor Equipment) |  | 23 |  | 8352 | 8352 |
| Six Flags Entertainment Corp. (Hotels, <br>Restaurants & Leisure) |  | 101 |  | 1819 | 1819 |
| Skillsoft Corp.\* (Software) |  | 5 |  |  | 45 |
| Sky Harbour Group Corp.\* (Transportation <br>Infrastructure) |  | 22 |  | 203 | 203 |
| Skyward Specialty Insurance Group, Inc.\* <br>(Insurance) |  | 38 |  | 1696 | 1696 |
| SkyWater Technology, Inc.\* (Semiconductors & <br>Semiconductor Equipment) | SkyWater Technology, Inc.\* (Semiconductors & <br>Semiconductor Equipment) | 32 |  | 1013 | 1013 |
| SkyWest, Inc.\* (Passenger Airlines) |  | 42 |  | 4054 | 4054 |
| SKYX Platforms Corp.\* (Electrical Equipment) |  | 75 |  | 188 | 188 |
| SL Green Realty Corp. (Office REITs) |  | 76 |  | 3403 | 3403 |
| Sleep Number Corp.\* (Specialty Retail) |  | 19 |  | 221 | 221 |
| Slide Insurance Holdings, Inc.\* (Insurance) |  | 28 |  | 482 | 482 |
| SM Energy Co. (Oil, Gas & Consumable Fuels) |  | 262 |  | 5101 | 5101 |
| SmartFinancial, Inc.\* (Banks) |  | 15 |  | 599 | 599 |
| Smartstop Self Storage REIT, Inc. (REITS & <br>Real Estate Management) |  | 33 |  | 1038 | 1038 |
| Smith & Wesson Brands, Inc. (Leisure Products) | Smith & Wesson Brands, Inc. (Leisure Products) | 46 |  | 502 | 502 |
| Smith-Midland Corp.\* (Construction Materials) |  | 3 |  | 105 | 105 |
| Solaris Energy Infrastructure, Inc. (Energy <br>Equipment & Services) |  | 44 |  | 2428 | 2428 |
| Soleno Therapeutics, Inc.\* (Biotechnology) |  | 49 |  | 1889 | 1889 |
| Solesence, Inc.\* (Household Products) |  | 19 |  |  | 26 |
| Solid Biosciences, Inc.\* (Biotechnology) |  | 62 |  | 401 | 401 |
| Solid Power, Inc.\* (Automobile Components) |  | 162 |  | 726 | 726 |
| Sonic Automotive, Inc.—Class A (Specialty <br>Retail) |  | 16 |  | 959 | 959 |
| Sonida Senior Living, Inc.\* (Health Care <br>Providers & Services) |  | 6 |  | 191 | 191 |
| Sonos, Inc.\* (Household Durables) |  | 126 |  | 1808 | 1808 |
| Sound Financial Bancorp, Inc.\* (Banking) |  | 2 |  |  | 88 |
| SoundHound AI, Inc.\*<sup>(a)</sup>—Class A (Software) |  | 395 |  | 3342 | 3342 |
| SoundThinking, Inc.\* (Software) |  | 10 |  |  | 70 |
| South Plains Financial, Inc. (Banks) |  | 13 |  | 542 | 542 |
| Southern California BanCorp (Banks) |  | 24 |  | 432 | 432 |

---

**See accompanying notes to financial statements.**

**104 :: Small-Cap ProFund ::** Schedule of Portfolio Investments :: January 31, 2026 (unaudited)

**Common Stocks, continued**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Shares | Shares | Value |  |
| Southern First Bancshares, Inc.\* (Banks) |  | 8 | $440 | 440 |
| Southern Missouri Bancorp, Inc. (Banks) |  | 10 | 626 | 626 |
| Southland Holdings, Inc.\* (Construction & <br>Engineering) |  | 12 |  | 22 |
| Southside Bancshares, Inc. (Banks) |  | 30 | 966 | 966 |
| Southwest Gas Holdings, Inc. (Gas Utilities) |  | 68 | 5633 | 5633 |
| Spectrum Brands Holdings, Inc. (Household <br>Products) |  | 25 | 1593 | 1593 |
| Sphere Entertainment Co.\* (Entertainment) |  | 29 | 2769 | 2769 |
| Spire Global, Inc.\* (Professional Services) |  | 29 | 332 | 332 |
| Spire, Inc. (Gas Utilities) |  | 62 | 5238 | 5238 |
| Spok Holdings, Inc. (Wireless <br>Telecommunication Services) |  | 21 | 289 | 289 |
| Sprinklr, Inc.\*—Class A (Software) |  | 118 | 753 | 753 |
| Sprout Social, Inc.\*—Class A (Software) |  | 56 | 507 | 507 |
| SPS Commerce, Inc.\* (Software) |  | 40 | 3570 | 3570 |
| SPX Technologies, Inc.\* (Machinery) |  | 51 | 10630 | 10630 |
| Spyre Therapeutics, Inc.\* (Biotechnology) |  | 73 | 2335 | 2335 |
| SR Bancorp, Inc. (Banking) |  | 8 | 133 | 133 |
| SSR Mining, Inc. (Metals & Mining) |  | 215 | 4908 | 4908 |
| STAAR Surgical Co.\* (Health Care <br>Equipment & Supplies) |  | 52 | 985 | 985 |
| Stagwell, Inc. (Media) |  | 117 | 703 | 703 |
| Standard BioTools, Inc.\* (Life Sciences Tools & <br>Services) |  | 315 | 441 | 441 |
| Standard Motor Products, Inc. (Automobile <br>Components) |  | 23 | 918 | 918 |
| Standex International Corp. (Machinery) |  | 13 | 3120 | 3120 |
| Starz Entertainment Corp.\* (Entertainment) |  | 12 | 120 | 120 |
| Stellar Bancorp, Inc. (Banks) |  | 50 | 1857 | 1857 |
| Stepan Co. (Chemicals) |  | 23 | 1325 | 1325 |
| StepStone Group, Inc.—Class A (Capital <br>Markets) |  | 74 | 5231 | 5231 |
| Stereotaxis, Inc.\* (Health Care Equipment & <br>Supplies) |  | 63 | 138 | 138 |
| Sterling Infrastructure, Inc.\* (Construction & <br>Engineering) |  | 32 | 11452 | 11452 |
| Steven Madden, Ltd.\* (Textiles, Apparel & <br>Luxury Goods) |  | 76 | 3335 | 3335 |
| Stewart Information Services Corp. (Insurance) |  | 29 | 1955 | 1955 |
| Stitch Fix, Inc.\*—Class A (Specialty Retail) |  | 117 | 562 | 562 |
| Stock Yards Bancorp, Inc. (Banks) |  | 28 | 1895 | 1895 |
| Stoke Therapeutics, Inc.\* (Biotechnology) |  | 47 | 1426 | 1426 |
| StoneCo, Ltd.\* (Financial Services) |  | 265 | 4277 | 4277 |
| StoneX Group, Inc.\* (Capital Markets) |  | 52 | 5838 | 5838 |
| Strata Critical Medical, Inc.\*—Class A <br>(Passenger Airlines) |  | 72 | 351 | 351 |
| Strategic Education, Inc. (Diversified <br>Consumer Services) |  | 25 | 2126 | 2126 |
| Strattec Security Corporation (Automobile <br>Components) |  | 4 | 316 | 316 |
| Stratus Properties, Inc.\* (Real Estate <br>Management & Development) |  | 7 | 208 | 208 |
| Strawberry Fields REIT, Inc. (Health Care REITs) | Strawberry Fields REIT, Inc. (Health Care REITs) | 8 | 105 | 105 |
| Stride, Inc.\* (Diversified Consumer Services) |  | 45 | 3807 | 3807 |
| Strive, Inc.\* (Capital Markets) |  | 295 | 242 | 242 |
| Sturm Ruger & Co., Inc. (Leisure Products) |  | 15 | 550 | 550 |
| Summit Hotel Properties, Inc. (Hotel & Resort <br>REITs) |  | 112 | 495 | 495 |
| Summit Midstream Corp.\* (Oil & Gas Producers) | Summit Midstream Corp.\* (Oil & Gas Producers) | 10 | 287 | 287 |
| Sun Country Airlines Holdings, Inc.\* <br>(Passenger Airlines) |  | 54 | 947 | 947 |

---

**Common Stocks, continued**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Shares | Shares | Value |  |
| SunCoke Energy, Inc. (Metals & Mining) |  | 89 | $700 | 700 |
| SunOpta, Inc.\* (Food Products) |  | 100 | 458 | 458 |
| Sunrise Realty Trust, Inc. (Mortgage REITs) |  | 11 | 103 | 103 |
| Sunrun, Inc.\* (Electrical Equipment) |  | 236 | 4484 | 4484 |
| Sunstone Hotel Investors, Inc. (Hotel & Resort <br>REITs) |  | 192 | 1684 | 1684 |
| Super Group SGHC, Ltd. (Hotels, <br>Restaurants & Leisure) |  | 168 | 1591 | 1591 |
| Superior Group of Cos., Inc. (Textiles, <br>Apparel & Luxury Goods) |  | 11 | 110 | 110 |
| Supernus Pharmaceuticals, Inc.\* <br>(Pharmaceuticals) |  | 57 | 2745 | 2745 |
| Surgery Partners, Inc.\* (Health Care Providers & <br>Services) | Surgery Partners, Inc.\* (Health Care Providers & <br>Services) | 81 | 1204 | 1204 |
| Sweetgreen, Inc.\*—Class A (Hotels, <br>Restaurants & Leisure) |  | 109 | 669 | 669 |
| SWK Holdings Corp.\* (Financial Services) |  | 3 |  | 53 |
| Sylvamo Corp. (Paper & Forest Products) |  | 36 | 1762 | 1762 |
| Synaptics, Inc.\* (Semiconductors & <br>Semiconductor Equipment) |  | 41 | 3383 | 3383 |
| Synchronoss Technologies, Inc.\* (Software) |  | 10 |  | 88 |
| Syndax Pharmaceuticals, Inc.\* (Biotechnology) |  | 90 | 1828 | 1828 |
| T1 Energy, Inc.\* (Electrical Equipment) |  | 140 | 1166 | 1166 |
| Tactile Systems Technology, Inc.\* (Health Care <br>Equipment & Supplies) |  | 23 | 664 | 664 |
| Talkspace, Inc.\* (Health Care Providers & <br>Services) |  | 151 | 610 | 610 |
| Talos Energy, Inc.\* (Oil, Gas & Consumable <br>Fuels) |  | 138 | 1645 | 1645 |
| Tandem Diabetes Care, Inc.\* (Health Care <br>Equipment & Supplies) |  | 72 | 1432 | 1432 |
| Tanger, Inc. (Retail REITs) |  | 118 | 3861 | 3861 |
| Tango Therapeutics, Inc.\* (Biotechnology) |  | 112 | 1300 | 1300 |
| Target Hospitality Corp.\* (Hotels, Restaurants & <br>Leisure) | Target Hospitality Corp.\* (Hotels, Restaurants & <br>Leisure) | 34 | 234 | 234 |
| Tarsus Pharmaceuticals, Inc.\* (Pharmaceuticals) | Tarsus Pharmaceuticals, Inc.\* (Pharmaceuticals) | 41 | 2646 | 2646 |
| Taylor Morrison Home Corp.\* (Household <br>Durables) |  | 101 | 6156 | 6156 |
| Taysha Gene Therapies, Inc.\* (Biotechnology) |  | 233 | 1051 | 1051 |
| Teads Holding Company\* (Interactive Media & <br>Services) |  | 37 |  | 25 |
| TechTarget, Inc.\* (Media) |  | 30 | 157 | 157 |
| Tecnoglass, Inc. (Building Products) |  | 28 | 1369 | 1369 |
| Tectonic Therapeutic, Inc.\* (Biotech & Pharma) |  | 11 | 220 | 220 |
| Teekay Corp.\* (Transportation & Logistics) |  | 56 | 573 | 573 |
| Teekay Tankers, Ltd.—Class A (Transportation & <br>Logistics) | Teekay Tankers, Ltd.—Class A (Transportation & <br>Logistics) | 25 | 1613 | 1613 |
| TEGNA, Inc. (Media) |  | 170 | 3256 | 3256 |
| Tejon Ranch Co.\* (Real Estate Management & <br>Development) |  | 22 | 354 | 354 |
| Teladoc Health, Inc.\* (Health Care Technology) |  | 187 | 1019 | 1019 |
| Telephone and Data Systems, Inc. (Wireless <br>Telecommunication Services) |  | 105 | 4739 | 4739 |
| Telos Corp.\* (Software) |  | 56 | 306 | 306 |
| Tenable Holdings, Inc.\* (Software) |  | 128 | 2824 | 2824 |
| Tennant Co. (Machinery) |  | 19 | 1446 | 1446 |
| Terawulf, Inc.\* (Software) |  | 320 | 4278 | 4278 |
| Terex Corp. (Machinery) |  | 68 | 3876 | 3876 |
| Terns Pharmaceuticals, Inc.\* (Pharmaceuticals) |  | 91 | 3149 | 3149 |
| Terreno Realty Corp. (Industrial REITs) |  | 108 | 6647 | 6647 |
| TETRA Technologies, Inc.\* (Energy <br>Equipment & Services) |  | 134 | 1528 | 1528 |

---

**See accompanying notes to financial statements.**

January 31, 2026 (unaudited) :: Schedule of Portfolio Investments **:: Small-Cap ProFund :: 105**

**Common Stocks, continued**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Shares |  | Value |  |  |
| Tevogen Bio Holdings, Inc.\* (Biotechnology) |  | 42 |  | $— | 13 |
| Texas Capital Bancshares, Inc.\* (Banks) |  | 48 |  | 4856 | 4856 |
| TG Therapeutics, Inc.\* (Biotechnology) |  | 153 |  | 4503 | 4503 |
| The Andersons, Inc. (Consumer Staples <br>Distribution & Retail) |  | 34 |  | 2108 | 2108 |
| The Arena Group Holdings, Inc.\* (Advertising & <br>Marketing) | The Arena Group Holdings, Inc.\* (Advertising & <br>Marketing) | 13 |  |  | 51 |
| The Baldwin Insurance Group, Inc.\* (Insurance) | The Baldwin Insurance Group, Inc.\* (Insurance) | 76 |  | 1666 | 1666 |
| The Bancorp, Inc.\* (Banks) |  | 44 |  | 2615 | 2615 |
| The Bank of NT Butterfield & Son, Ltd. (Banks) |  | 44 |  | 2279 | 2279 |
| The Beauty Health Co.\* (Personal Care <br>Products) |  | 120 |  | 180 | 180 |
| The Brink's Co. (Commercial Services & <br>Supplies) |  | 44 |  | 5589 | 5589 |
| The Buckle, Inc. (Specialty Retail) |  | 33 |  | 1561 | 1561 |
| The Cheesecake Factory, Inc.<sup>(a)</sup> (Hotels, <br>Restaurants & Leisure) |  | 49 |  | 2840 | 2840 |
| The Chefs' Warehouse, Inc.\* (Consumer <br>Staples Distribution & Retail) |  | 38 |  | 2390 | 2390 |
| The Chemours Co. (Chemicals) |  | 159 |  | 2383 | 2383 |
| The E.W. Scripps Co.\*—Class A (Media) |  | 66 |  | 221 | 221 |
| The Eastern Co. (Machinery) |  | 6 |  | 112 | 112 |
| The Ensign Group, Inc. (Health Care <br>Providers & Services) |  | 59 |  | 10127 | 10127 |
| The First Bancorp, Inc. (Banks) |  | 11 |  | 301 | 301 |
| The GEO Group, Inc. (Commercial Services & <br>Supplies) |  | 143 |  | 2285 | 2285 |
| The Goodyear Tire & Rubber Co.\* (Automobile <br>Components) |  | 291 |  | 2738 | 2738 |
| The Gorman-Rupp Co. (Machinery) |  | 22 |  | 1199 | 1199 |
| The Greenbrier Cos., Inc. (Machinery) |  | 32 |  | 1613 | 1613 |
| The Hackett Group, Inc. (IT Services) |  | 27 |  | 493 | 493 |
| The Hain Celestial Group, Inc.\* (Food Products) | The Hain Celestial Group, Inc.\* (Food Products) | 94 |  | 114 | 114 |
| The Honest Co., Inc.\* (Personal Care Products) |  | 98 |  | 242 | 242 |
| The Joint Corp.\* (Health Care Providers & <br>Services) |  | 15 |  | 147 | 147 |
| The Lovesac Co.\* (Household Durables) |  | 14 |  | 186 | 186 |
| The Macerich Co. (Retail REITs) |  | 268 |  | 5073 | 5073 |
| The Manitowoc Co., Inc. (Machinery) |  | 36 |  | 465 | 465 |
| The Marcus Corp. (Entertainment) |  | 24 |  | 362 | 362 |
| The Oncology Institute, Inc.\* (Health Care <br>Facilities & Services) |  | 71 |  | 192 | 192 |
| The Pennant Group, Inc.\* (Health Care <br>Providers & Services) |  | 36 |  | 994 | 994 |
| The Real Brokerage, Inc.\* (Real Estate <br>Management & Development) |  | 139 |  | 492 | 492 |
| The RealReal, Inc.\* (Specialty Retail) |  | 106 |  | 1555 | 1555 |
| The RMR Group, Inc.—Class A (Real Estate <br>Management & Development) |  | 17 |  | 258 | 258 |
| The Simply Good Foods Co.\* (Food Products) |  | 98 |  | 1839 | 1839 |
| The St. Joe Co.\* (Real Estate Management & <br>Development) |  | 40 |  | 2648 | 2648 |
| The Vita Coco Co., Inc.\* (Beverages) |  | 50 |  | 2668 | 2668 |
| The York Water Co.\* (Water Utilities) |  | 15 |  | 504 | 504 |
| Theravance Biopharma, Inc.\* (Pharmaceuticals) | Theravance Biopharma, Inc.\* (Pharmaceuticals) | 40 |  | 758 | 758 |
| Thermon Group Holdings, Inc.\* (Electrical <br>Equipment) |  | 34 |  | 1539 | 1539 |
| Third Coast Bancshares, Inc.\* (Banks) |  | 13 |  | 527 | 527 |
| ThredUp, Inc.\*—Class A (Specialty Retail) |  | 103 |  | 523 | 523 |
| Thryv Holdings, Inc.\* (Media) |  | 39 |  | 188 | 188 |
| Tidewater, Inc.\* (Energy Equipment & Services) | Tidewater, Inc.\* (Energy Equipment & Services) | 52 |  | 3249 | 3249 |
| Timberland Bancorp, Inc. (Banks) |  | 8 |  | 312 | 312 |

---

**Common Stocks, continued**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Shares |  | Value |  |  |
| TimkenSteel Corp. (Metals & Mining) |  | 38 |  | $758 | 758 |
| Tiptree, Inc. (Insurance) |  | 25 |  | 447 | 447 |
| Titan America SA (Construction Materials) |  | 26 |  | 451 | 451 |
| Titan International, Inc.\* (Machinery) |  | 51 |  | 487 | 487 |
| Titan Machinery, Inc.\* (Trading Companies & <br>Distributors) |  | 23 |  | 374 | 374 |
| Tompkins Financial Corp. (Banks) |  | 14 |  | 1122 | 1122 |
| Tonix Pharmaceuticals Holding Corp.\* <br>(Biotech & Pharma) |  | 13 |  | 224 | 224 |
| Tootsie Roll Industries, Inc. (Food Products) |  | 19 |  | 720 | 720 |
| Torrid Holdings, Inc.\* (Specialty Retail) |  | 35 |  |  | 40 |
| TowneBank (Banks) |  | 78 |  | 2730 | 2730 |
| TPG RE Finance Trust, Inc. (Mortgage REITs) |  | 71 |  | 641 | 641 |
| Traeger, Inc.\* (Household Durables) |  | 33 |  |  | 36 |
| Transcat, Inc.\* (Trading Companies & <br>Distributors) |  | 10 |  | 603 | 603 |
| Transcontinental Realty Investors, Inc.\* (Real <br>Estate Management & Development) |  | 2 |  | 106 | 106 |
| TransMedics Group, Inc.\* (Health Care <br>Equipment & Supplies) |  | 35 |  | 4689 | 4689 |
| Transocean, Ltd. (Energy Equipment & <br>Services) |  | 980 |  | 4871 | 4871 |
| Travelzoo\* (Internet Media & Services) |  | 6 |  |  | 35 |
| Travere Therapeutics, Inc.\* (Biotechnology) |  | 87 |  | 2705 | 2705 |
| Treace Medical Concepts, Inc.\* (Health Care <br>Equipment & Supplies) |  | 49 |  | 114 | 114 |
| Tredegar Corp.\* (Metals & Mining) |  | 28 |  | 239 | 239 |
| TreeHouse Foods, Inc.\* (Food Products) |  | 53 |  | 1306 | 1306 |
| Trevi Therapeutics, Inc.\* (Pharmaceuticals) |  | 96 |  | 1005 | 1005 |
| Tri Pointe Homes, Inc.\* (Household Durables) |  | 89 |  | 2968 | 2968 |
| TriCompany Bancshares (Banks) |  | 32 |  | 1594 | 1594 |
| TriMas Corp. (Containers & Packaging) |  | 34 |  | 1182 | 1182 |
| TriNet Group, Inc. (Professional Services) |  | 32 |  | 1960 | 1960 |
| Trinity Industries, Inc. (Machinery) |  | 85 |  | 2443 | 2443 |
| Trinseo PLC (Chemicals) |  | 35 |  |  | 16 |
| TripAdvisor, Inc.\* (Interactive Media & Services) | TripAdvisor, Inc.\* (Interactive Media & Services) | 121 |  | 1608 | 1608 |
| TriSalus Life Sciences, Inc.\* (Biotech & Pharma) | TriSalus Life Sciences, Inc.\* (Biotech & Pharma) | 31 |  | 154 | 154 |
| Triumph Financial, Inc.\* (Banks) |  | 24 |  | 1514 | 1514 |
| Tronox Holdings PLC—Class A (Chemicals) |  | 125 |  | 758 | 758 |
| TruBridge, Inc.\* (Software) |  | 11 |  | 213 | 213 |
| TrueBlue, Inc.\* (Professional Services) |  | 30 |  | 161 | 161 |
| Trupanion, Inc.\* (Insurance) |  | 39 |  | 1248 | 1248 |
| TrustCo Bank Corp. (Banks) |  | 20 |  | 868 | 868 |
| Trustmark Corp. (Banks) |  | 59 |  | 2509 | 2509 |
| TSS, Inc.\* (Engineering & Construction) |  | 22 |  | 225 | 225 |
| TTEC Holdings, Inc. (Professional Services) |  | 20 |  |  | 64 |
| TTM Technologies, Inc.\* (Electronic Equipment, <br>Instruments & Components) | TTM Technologies, Inc.\* (Electronic Equipment, <br>Instruments & Components) | 108 |  | 10606 | 10606 |
| Tucows, Inc.\*—Class A (IT Services) |  | 7 |  | 156 | 156 |
| TuHURA Biosciences, Inc.\* (Biotech & Pharma) | TuHURA Biosciences, Inc.\* (Biotech & Pharma) | 34 |  |  | 18 |
| Turning Point Brands, Inc. (Tobacco) |  | 19 |  | 2302 | 2302 |
| Turtle Beach Corp.\* (Technology Hardware, <br>Storage & Peripherals) |  | 17 |  | 203 | 203 |
| Tutor Perini Corp. (Construction & Engineering) |  | 47 |  | 3708 | 3708 |
| Tvardi Therapeutics, Inc.\* (Biotech & Pharma) |  | 5 |  |  | 20 |
| Twist Bioscience Corp.\* (Biotechnology) |  | 63 |  | 2587 | 2587 |
| Two Harbors Investment Corp. (Mortgage <br>REITs) |  | 110 |  | 1262 | 1262 |
| TXNM Energy, Inc. (Electric Utilities) |  | 106 |  | 6246 | 6246 |
| Tyra Biosciences, Inc.\* (Biotechnology) |  | 27 |  | 832 | 832 |
| U.S. Physical Therapy, Inc. (Health Care <br>Providers & Services) |  | 16 |  | 1342 | 1342 |

---

**See accompanying notes to financial statements.**

**106 :: Small-Cap ProFund ::** Schedule of Portfolio Investments :: January 31, 2026 (unaudited)

**Common Stocks, continued**

---

| | | | |
|:---|:---|:---|:---|
|  | Shares | Value |  |
| Udemy, Inc.\* (Diversified Consumer Services) | 100 | $481 | 481 |
| UFP Industries, Inc. (Building Products) | 62 | 6403 | 6403 |
| UFP Technologies, Inc.\* (Health Care <br>Equipment & Supplies) | 8 | 2009 | 2009 |
| Ultra Clean Holdings, Inc.\* (Semiconductors & <br>Semiconductor Equipment) | 47 | 2053 | 2053 |
| UMB Financial Corp. (Banks) | 77 | 9791 | 9791 |
| UMH Properties, Inc. (Residential REITs) | 85 | 1329 | 1329 |
| UniFirst Corp. (Commercial Services & <br>Supplies) | 15 | 3225 | 3225 |
| Union Bankshares, Inc. (Banking) | 4 | 100 | 100 |
| Unisys Corp.\* (IT Services) | 69 | 181 | 181 |
| United Bankshares, Inc. (Banks) | 148 | 6265 | 6265 |
| United Community Banks, Inc. (Banks) | 129 | 4441 | 4441 |
| United Fire Group, Inc. (Insurance) | 23 | 827 | 827 |
| United Natural Foods, Inc.\* (Consumer <br>Staples Distribution & Retail) | 63 | 2345 | 2345 |
| United Security Bancshares/Fresno CA\* <br>(Banking) | 14 | 150 | 150 |
| United States Antimony Corp.\* (Metals & <br>Mining) | 125 | 916 | 916 |
| United States Lime & Minerals, Inc. <br>(Construction Materials) | 11 | 1326 | 1326 |
| Uniti Group, Inc.\* (Specialized REITs) | 177 | 1473 | 1473 |
| Unitil Corp. (Multi-Utilities) | 19 | 967 | 967 |
| Unity Bancorp, Inc. (Banks) | 8 | 432 | 432 |
| Universal Corp. (Tobacco) | 26 | 1471 | 1471 |
| Universal Health Realty Income Trust (Health <br>Care REITs) | 14 | 556 | 556 |
| Universal Insurance Holdings, Inc. (Insurance) | 27 | 822 | 822 |
| Universal Logistics Holdings, Inc. (Ground <br>Transportation) | 7 | 112 | 112 |
| Universal Technical Institute, Inc.\* (Diversified <br>Consumer Services) | 49 | 1364 | 1364 |
| Univest Financial Corp. (Banks) | 30 | 994 | 994 |
| Upbound Group, Inc. (Specialty Retail) | 56 | 1058 | 1058 |
| Upstart Holdings, Inc.\* (Consumer Finance) | 90 | 3533 | 3533 |
| Upstream Bio, Inc.\* (Biotechnology) | 34 | 1057 | 1057 |
| Upwork, Inc.\* (Professional Services) | 130 | 2604 | 2604 |
| Uranium Energy Corp.\* (Oil, Gas & <br>Consumable Fuels) | 504 | 8688 | 8688 |
| Urban Edge Properties (Retail REITs) | 134 | 2604 | 2604 |
| Urban Outfitters, Inc.\* (Specialty Retail) | 64 | 4534 | 4534 |
| UroGen Pharma, Ltd.\* (Biotechnology) | 39 | 765 | 765 |
| US Gold Corp.\* (Metals & Mining) | 13 | 225 | 225 |
| US Goldmining, Inc.\* (Metals & Mining) | 3 |  | 40 |
| USA Rare Earth, Inc.\*<sup>(a)</sup> (Metals & Mining) | 93 | 2085 | 2085 |
| USANA Health Sciences, Inc.\* (Personal Care <br>Products) | 11 | 239 | 239 |
| USCB Financial Holdings, Inc. (Banks) | 13 | 245 | 245 |
| Utah Medical Products, Inc. (Health Care <br>Equipment & Supplies) | 3 | 183 | 183 |
| Utz Brands, Inc. (Food Products) | 77 | 812 | 812 |
| V2X, Inc.\* (Aerospace & Defense) | 25 | 1721 | 1721 |
| VAALCO Energy, Inc. (Oil, Gas & Consumable <br>Fuels) | 108 | 555 | 555 |
| Valaris, Ltd.\* (Energy Equipment & Services) | 66 | 3810 | 3810 |
| Valhi, Inc. (Chemicals) | 3 |  | 43 |
| Valley National Bancorp (Banks) | 512 | 6380 | 6380 |
| Value Line, Inc. (Capital Markets) | 1 |  | 37 |
| Vanda Pharmaceuticals, Inc.\* (Biotechnology) | 59 | 445 | 445 |

---

**Common Stocks, continued**

---

| | | | |
|:---|:---|:---|:---|
|  | Shares | Value |  |
| Varex Imaging Corp.\* (Health Care <br>Equipment & Supplies) | 43 | $599 | 599 |
| Varonis Systems, Inc.\* (Software) | 123 | 3670 | 3670 |
| Vaxcyte, Inc.\* (Biotechnology) | 121 | 6482 | 6482 |
| Veeco Instruments, Inc.\* (Semiconductors & <br>Semiconductor Equipment) | 63 | 1967 | 1967 |
| Velocity Financial, Inc.\* (Financial Services) | 12 | 243 | 243 |
| Vera Therapeutics, Inc.\* (Biotechnology) | 58 | 2509 | 2509 |
| Veracyte, Inc.\* (Biotechnology) | 83 | 3161 | 3161 |
| Verastem, Inc.\* (Biotechnology) | 56 | 342 | 342 |
| Verde Clean Fuels, Inc.\* (Oil, Gas & <br>Consumable Fuels) | 4 |  | 8 |
| Vericel Corp.\* (Biotechnology) | 53 | 1907 | 1907 |
| Verra Mobility Corp.\* (Professional Services) | 168 | 3242 | 3242 |
| Vertex, Inc.\*—Class A (Software) | 74 | 1373 | 1373 |
| Vestis Corp. (Commercial Services & Supplies) | 122 | 797 | 797 |
| Via Transportation, Inc.\* (Software) | 11 | 256 | 256 |
| Viad Corp.\* (Commercial Services & Supplies) | 23 | 799 | 799 |
| Viant Technology, Inc.\*—Class A (Software) | 16 | 189 | 189 |
| Viasat, Inc.\* (Communications Equipment) | 131 | 5916 | 5916 |
| Viavi Solutions, Inc.\* (Communications <br>Equipment) | 234 | 5724 | 5724 |
| Vicor Corp.\* (Electrical Equipment) | 25 | 3942 | 3942 |
| Victoria's Secret & Co.\* (Specialty Retail) | 73 | 3979 | 3979 |
| Victory Capital Holdings, Inc.—Class A (Capital <br>Markets) | 47 | 3315 | 3315 |
| Viemed Healthcare, Inc.\* (Health Care <br>Providers & Services) | 35 | 268 | 268 |
| Village Super Market, Inc.—Class A <br>(Consumer Staples Distribution & Retail) | 10 | 357 | 357 |
| Vir Biotechnology, Inc.\* (Biotechnology) | 94 | 699 | 699 |
| Virco Mfg. Corp.\* (Commercial Services & <br>Supplies) | 11 |  | 77 |
| Virginia National Bankshares Corp. (Banks) | 5 | 205 | 205 |
| Viridian Therapeutics, Inc.\* (Biotechnology) | 84 | 2772 | 2772 |
| Virtus Investment Partners, Inc. (Capital <br>Markets) | 7 | 1143 | 1143 |
| Vishay Intertechnology, Inc. (Electronic <br>Equipment, Instruments & Components) | 128 | 2579 | 2579 |
| Vishay Precision Group, Inc.\* (Electronic <br>Equipment, Instruments & Components) | 13 | 651 | 651 |
| Vistance Networks, Inc.\* (Communications <br>Equipment) | 231 | 4158 | 4158 |
| Visteon Corp. (Automobile Components) | 29 | 2635 | 2635 |
| Vital Farms, Inc.\* (Food Products) | 36 | 1024 | 1024 |
| Vitesse Energy, Inc. (Oil, Gas & Consumable <br>Fuels) | 31 | 650 | 650 |
| Vivid Seats, Inc.\*—Class A (Entertainment) | 3 |  | 22 |
| Vox Royalty Corp. (Metals & Mining) | 62 | 327 | 327 |
| Voyager Technologies, Inc.\* (Aerospace & <br>Defense) | 15 | 458 | 458 |
| Voyager Therapeutics, Inc.\* (Biotechnology) | 48 | 187 | 187 |
| Vroom, Inc.\* (Specialty Finance) | 1 |  | 19 |
| VSE Corp. (Commercial Services & Supplies) | 25 | 5464 | 5464 |
| VTEX\* (Software) | 59 | 185 | 185 |
| Vuzix Corp.\* (Technology Hardware) | 71 | 187 | 187 |
| W&T Offshore, Inc.\* (Oil, Gas & Consumable <br>Fuels) | 104 | 226 | 226 |
| Wabash National Corp.\* (Machinery) | 42 | 425 | 425 |
| WaFd, Inc. (Banks) | 20 | 687 | 687 |
| Waldencast PLC\*—Class A (Personal Care <br>Products) | 43 |  | 78 |

---

**See accompanying notes to financial statements.**

January 31, 2026 (unaudited) :: Schedule of Portfolio Investments **:: Small-Cap ProFund :: 107**

**Common Stocks, continued**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Shares |  | Value |  |  |
| Walker & Dunlop, Inc. (Financial Services) |  | 35 |  | $2201 | 2201 |
| Warby Parker, Inc.\*—Class A (Specialty Retail) |  | 103 |  | 2628 | 2628 |
| Warrior Met Coal, Inc. (Metals & Mining) |  | 55 |  | 4912 | 4912 |
| Washington Federal, Inc. (Banks) |  | 82 |  | 2675 | 2675 |
| Waterstone Financial, Inc. (Financial Services) |  | 16 |  | 293 | 293 |
| Watts Water Technologies, Inc.—Class A <br>(Machinery) |  | 29 |  | 8681 | 8681 |
| WaVe Life Sciences, Ltd.\* (Pharmaceuticals) |  | 122 |  | 1579 | 1579 |
| Waystar Holding Corp.\* (Health Care <br>Technology) |  | 116 |  | 3081 | 3081 |
| WD-40 Co. (Household Products) |  | 15 |  | 3468 | 3468 |
| Weave Communications, Inc.\* (Software) |  | 64 |  | 416 | 416 |
| WEBTOON Entertainment, Inc.\* (Interactive <br>Media & Services) |  | 19 |  | 230 | 230 |
| Webull Corporation\* (Capital Markets) |  | 288 |  | 2025 | 2025 |
| Weis Markets, Inc. (Consumer Staples <br>Distribution & Retail) |  | 15 |  | 1067 | 1067 |
| Werner Enterprises, Inc. (Ground <br>Transportation) |  | 63 |  | 2158 | 2158 |
| WesBanco, Inc. (Banks) |  | 100 |  | 3529 | 3529 |
| West Bancorp, Inc.\* (Banks) |  | 16 |  | 380 | 380 |
| Westamerica Bancorp (Banks) |  | 26 |  | 1315 | 1315 |
| Western New England Bancorp, Inc. (Banking) |  | 19 |  | 255 | 255 |
| Westrock Coffee Co.\* (Food Products) |  | 37 |  | 179 | 179 |
| Westwood Holdings Group, Inc.\* (Asset <br>Management) |  | 8 |  | 146 | 146 |
| Weyco Group, Inc. (Distributors) |  | 7 |  | 221 | 221 |
| Whitefiber, Inc.\* (IT Services) |  | 11 |  | 215 | 215 |
| Whitestone REIT\* (Retail REITs) |  | 48 |  | 684 | 684 |
| Willdan Group, Inc.\* (Professional Services) |  | 15 |  | 1893 | 1893 |
| Willis Lease Finance Corp.\* (Trading <br>Companies & Distributors) |  | 3 |  | 547 | 547 |
| Winmark Corp. (Specialty Retail) |  | 3 |  | 1352 | 1352 |
| Winnebago Industries, Inc. (Automobiles) |  | 28 |  | 1285 | 1285 |
| WisdomTree, Inc. (Capital Markets) |  | 131 |  | 2122 | 2122 |
| WM Technology, Inc.\* (Software) |  | 94 |  |  | 73 |
| Wolverine World Wide, Inc. (Textiles, Apparel & <br>Luxury Goods) | Wolverine World Wide, Inc. (Textiles, Apparel & <br>Luxury Goods) | 85 |  | 1506 | 1506 |
| Workiva, Inc.\* (Software) |  | 53 |  | 4082 | 4082 |
| World Acceptance Corp.\* (Consumer Finance) |  | 3 |  | 364 | 364 |
| World Kinect Corp. (Oil, Gas & Consumable <br>Fuels) |  | 57 |  | 1534 | 1534 |
| Worthington Enterprises, Inc. (Household <br>Durables) |  | 33 |  | 1834 | 1834 |
| Worthington Steel, Inc. (Metals & Mining) |  | 34 |  | 1368 | 1368 |
| WSFS Financial Corp. (Banks) |  | 59 |  | 3819 | 3819 |
| XCF Global, Inc.\* (Oil, Gas & Consumable <br>Fuels) |  | 39 |  |  | 9 |
| Xencor, Inc.\* (Biotechnology) |  | 74 |  | 895 | 895 |
| Xenia Hotels & Resorts, Inc. (Hotel & Resort <br>REITs) |  | 100 |  | 1475 | 1475 |
| Xenon Pharmaceuticals, Inc.\* (Biotech & <br>Pharma) |  | 80 |  | 3280 | 3280 |
| Xeris Biopharma Holdings, Inc.\* <br>(Pharmaceuticals) |  | 161 |  | 1185 | 1185 |
| Xerox Holdings Corp. (Technology Hardware, <br>Storage & Peripherals) |  | 124 |  | 272 | 272 |
| XOMA Royalty Corp.\* (Biotechnology) |  | 10 |  | 257 | 257 |
| Xometry, Inc.\*—Class A (Trading Companies & <br>Distributors) |  | 46 |  | 2628 | 2628 |
| XPEL, Inc.\* (Automobile Components) |  | 27 |  | 1391 | 1391 |
| Xperi, Inc.\* (Software) |  | 47 |  | 266 | 266 |

---

**Common Stocks, continued**

---

| | | | |
|:---|:---|:---|:---|
|  | Shares | Value |  |
| Xponential Fitness, Inc.\*—Class A (Hotels, <br>Restaurants & Leisure) | 29 | $230 | 230 |
| Yelp, Inc.\* (Interactive Media & Services) | 64 | 1752 | 1752 |
| Yext, Inc.\* (Software) | 107 | 766 | 766 |
| Zenas Biopharma, Inc.\* (Biotechnology) | 20 | 367 | 367 |
| Zeta Global Holdings Corp.\*—Class A <br>(Software) | 199 | 3697 | 3697 |
| Zevia PBC\*—Class A (Beverages) | 57 | 105 | 105 |
| Zevra Therapeutics, Inc.\* (Pharmaceuticals) | 59 | 531 | 531 |
| Ziff Davis, Inc.\* (Interactive Media & Services) | 43 | 1643 | 1643 |
| ZipRecruiter, Inc.\* (Interactive Media & <br>Services) | 65 | 160 | 160 |
| Zspace, Inc.\* (Software) | 6 |  | 3 |
| Zumiez, Inc.\* (Specialty Retail) | 14 | 345 | 345 |
| Zurn Elkay Water Solutions Corp. (Building <br>Products) | 158 | 7286 | 7286 |
| Zymeworks, Inc.\* (Biotechnology) | 52 | 1172 | 1172 |
| **TOTAL COMMON STOCKS**<br> (Cost $1,668,915) | **TOTAL COMMON STOCKS**<br> (Cost $1,668,915) | **3211796** | **3211796** |

---

**Rights (0.0%)**

---

| | |
|:---|:---|
| Cartesian Therapeutics, Inc.\*<sup>CVR</sup><br>(Biotechnology) | 98 |
| Chinook Therapeutics\*<sup>CVR</sup> (Biotechnology) | 56 |
| **TOTAL RIGHTS**<br> (Cost $—) | **TOTAL RIGHTS**<br> (Cost $—) |

---

**Trust (0.0%)**

---

| | | |
|:---|:---|:---|
|  | Interest <br>Units |  |
| Ferroglobe Representation and Warranty | Ferroglobe Representation and Warranty | Ferroglobe Representation and Warranty |
| Insurance\* (Metals & Mining) | 290 | $— |
| **TOTAL TRUST**<br> (Cost $—) | **TOTAL TRUST**<br> (Cost $—) | **—** |

---

**Repurchase Agreements**<sup>(c)(d)</sup> **(34.8%)**

---

| | | | |
|:---|:---|:---|:---|
| Principal <br>Amount |  | Value |  |
| Repurchase Agreements with various <br>counterparties, rates 3.40%–3.55%, <br>dated 1/31/26, due 2/2/26, total to be <br>received $4,198,820 | $4198000 |  | $4198000 |
| **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $4,198,000) | **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $4,198,000) | **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $4,198,000) | **4198000** |

---

**Collateral for Securities Loaned**<sup>(e)</sup> **(0.4%)**

---

| | | | |
|:---|:---|:---|:---|
|  | Shares | Value |  |
| Invesco Government & Agency Portfolio—<br>Institutional Shares, 3.69%<sup>(f)</sup> | 46765 | $— | 46765 |
| **TOTAL COLLATERAL FOR SECURITIES LOANED**<br> (Cost $46,765) | **TOTAL COLLATERAL FOR SECURITIES LOANED**<br> (Cost $46,765) | **46765** | **46765** |
| **TOTAL INVESTMENT SECURITIES**<br> (Cost $5,913,680)—61.9% |  |  | **7456561** |
| Net other assets (liabilities)—38.1% |  |  | 4592087 |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | $**12048648** | **12048648** |

---

**See accompanying notes to financial statements.**

**108 :: Small-Cap ProFund ::** Schedule of Portfolio Investments :: January 31, 2026 (unaudited)

\*

Non-income producing security.

<sup>(a)</sup>

All or part of this security was on loan as of January 31, 2026. The total value of securities on loan as of January 31, 2026 was $42,728.

<sup>(b)</sup>

Number of shares is less than 0.50.

<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 January 31, 2026, the aggregate amount held in a segregated account was $525,000.

<sup>(d)</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>(e)</sup>

Securities were purchased with cash collateral held from securities on loan at January 31, 2026.

<sup>(f)</sup>

Rate periodically changes. Rate disclosed is the daily yield as of January 31, 2026.

<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 | 8 |  | 3/23/26 | $1049840 | $30616 |

---

**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 |  | 2/27/26 |  | 4.19 | % | $4987016 | $— | (9876) |
| Russell 2000 Index | UBS AG |  | 2/27/26 | 2/27/26 |  | 4.34 | 2799316 | (57645 | (57645) |
|  |  |  |  |  |  |  | $**7786332** | $**(67521** | **(67521)** |

---

<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 January 31, 2026, 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.**

January 31, 2026 (unaudited) :: Schedule of Portfolio Investments **:: Small-Cap ProFund :: 109**

---

| | | | |
|:---|:---|:---|:---|
|  |  | % of<br>Net Assets |  |
| Interactive Media & Services | $13736 |  | 0.1% |
| Internet Media & Services | 1706 |  | <sup>NM</sup> |
| IT Services | 26304 |  | 0.2% |
| Leisure Facilities & Services | 2154 |  | <sup>NM</sup> |
| Leisure Products | 14283 |  | 0.1% |
| Life Sciences Tools & Services | 11602 |  | 0.1% |
| Machinery | 122868 |  | 1.1% |
| Marine Transportation | 7814 |  | 0.1% |
| Media | 29480 |  | 0.3% |
| Medical Equipment & Devices | 5591 |  | <sup>NM</sup> |
| Metals & Mining | 82638 |  | 0.7% |
| Mortgage REITs | 25923 |  | 0.2% |
| Multi-Utilities | 14622 |  | 0.1% |
| Office REITs | 14594 |  | 0.1% |
| Oil & Gas Producers | 1926 |  | <sup>NM</sup> |
| Oil & Gas Services & Equipment | 1959 |  | <sup>NM</sup> |
| Oil, Gas & Consumable Fuels | 102717 |  | 1.0% |
| Paper & Forest Products | 2048 |  | <sup>NM</sup> |
| Passenger Airlines | 14053 |  | 0.1% |
| Personal Care Products | 6727 |  | 0.1% |
| Pharmaceuticals | 69445 |  | 0.6% |
| Professional Services | 50097 |  | 0.4% |
| Real Estate Management & Development | 22124 |  | 0.3% |
| Real Estate Owners & Developers | 199 |  | <sup>NM</sup> |
| Real Estate Services | 4219 |  | <sup>NM</sup> |
| REITS & Real Estate Management | 1038 |  | <sup>NM</sup> |
| Renewable Energy | 5507 |  | <sup>NM</sup> |
| Residential REITs | 9696 |  | 0.1% |
| Retail—Discretionary | 352 |  | <sup>NM</sup> |
| Retail REITs | 35932 |  | 0.2% |
| Semiconductors | 312 |  | <sup>NM</sup> |
| Semiconductors & Semiconductor <br>Equipment | 108263 |  | 0.9% |
| Software | 157220 |  | 1.3% |
| Specialized REITs | 9738 |  | 0.1% |
| Specialty Finance | 1396 |  | <sup>NM</sup> |
| Specialty Retail | 66517 |  | 0.7% |
| Steel | 283 |  | <sup>NM</sup> |
| Technology Hardware | 1572 |  | <sup>NM</sup> |
| Technology Hardware, Storage & <br>Peripherals | 18852 |  | 0.2% |
| Technology Services | 1876 |  | <sup>NM</sup> |
| Telecommunications | 3670 |  | 0.1% |
| Textiles, Apparel & Luxury Goods | 15770 |  | 0.1% |
| Tobacco | 3843 |  | <sup>NM</sup> |
| Trading Companies & Distributors | 34008 |  | 0.3% |
| Transportation & Logistics | 2797 |  | <sup>NM</sup> |
| Transportation Infrastructure | 203 |  | <sup>NM</sup> |
| Water Utilities | 10428 |  | 0.1% |
| Wholesale—Discretionary | 125 |  | <sup>NM</sup> |
| Wireless Telecommunication Services | 5400 |  | <sup>NM</sup> |
| Other\*\* | 8836852 |  | 73.3% |
| **Total** | **12048648** |  | **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

Small-Cap ProFund invested in the following industries as of January 31, 2026:

---

| | | | |
|:---|:---|:---|:---|
|  |  | % of<br>Net Assets |  |
| Advertising & Marketing | $273 |  | <sup>NM</sup> |
| Aerospace & Defense | 67436 |  | 0.6% |
| Air Freight & Logistics | 3898 |  | <sup>NM</sup> |
| Apparel & Textile Products | 650 |  | <sup>NM</sup> |
| Asset Management | 3514 |  | <sup>NM</sup> |
| Automobile Components | 42483 |  | 0.3% |
| Automobiles | 1374 |  | <sup>NM</sup> |
| Automotive | 3752 |  | <sup>NM</sup> |
| Banking | 6597 |  | 0.1% |
| Banks | 309401 |  | 2.7% |
| Beverages | 3999 |  | <sup>NM</sup> |
| Biotech & Pharma | 10739 |  | 0.1% |
| Biotechnology | 285732 |  | 2.4% |
| Broadline Retail | 2806 |  | <sup>NM</sup> |
| Building Products | 39209 |  | 0.3% |
| Cable & Satellite | 421 |  | <sup>NM</sup> |
| Capital Markets | 53664 |  | 0.4% |
| Chemicals | 50369 |  | 0.4% |
| Commercial Services & Supplies | 56493 |  | 0.5% |
| Commercial Support Services | 1438 |  | <sup>NM</sup> |
| Communications Equipment | 30518 |  | 0.3% |
| Construction & Engineering | 81236 |  | 0.7% |
| Construction Materials | 5913 |  | <sup>NM</sup> |
| Consumer Finance | 29398 |  | 0.2% |
| Consumer Staples Distribution & Retail | 15341 |  | 0.1% |
| Containers & Packaging | 7674 |  | 0.1% |
| Distributors | 2297 |  | <sup>NM</sup> |
| Diversified Consumer Services | 33361 |  | 0.3% |
| Diversified Telecommunication Services | 13874 |  | 0.1% |
| Electric Utilities | 31185 |  | 0.2% |
| Electrical Equipment | 97008 |  | 0.8% |
| Electronic Equipment, Instruments & <br>Components | 115070 |  | 0.9% |
| Energy Equipment & Services | 65295 |  | 0.5% |
| Engineering & Construction | 333 |  | <sup>NM</sup> |
| Entertainment | 15725 |  | 0.1% |
| Entertainment Content | 370 |  | <sup>NM</sup> |
| Equity REIT—Diversified | 18201 |  | 0.2% |
| Financial Services | 66102 |  | 0.5% |
| Food Products | 22643 |  | 0.2% |
| Forestry, Paper & Wood Products | 444 |  | <sup>NM</sup> |
| Gas & Water Utilities | 6077 |  | 0.1% |
| Gas Utilities | 26591 |  | 0.2% |
| Ground Transportation | 10156 |  | 0.1% |
| Health Care Equipment & Supplies | 76633 |  | 0.6% |
| Health Care Facilities & Services | 2183 |  | <sup>NM</sup> |
| Health Care Providers & Services | 98128 |  | 0.8% |
| Health Care REITs | 32147 |  | 0.3% |
| Health Care Technology | 8165 |  | 0.1% |
| Hotel & Resort REITs | 17877 |  | 0.1% |
| Hotels, Restaurants & Leisure | 48653 |  | 0.4% |
| Household Durables | 53399 |  | 0.5% |
| Household Products | 9124 |  | 0.1% |
| Independent Power/Renewable Electricity <br>Producers | 8118 |  | 0.1% |
| Industrial Conglomerates | 892 |  | <sup>NM</sup> |
| Industrial REITs | 11418 |  | 0.1% |
| Institutional Financial Services | 3027 |  | <sup>NM</sup> |
| Insurance | 59345 |  | 0.5% |

---

**See accompanying notes to financial statements.**

**110 :: Small-Cap Value ProFund ::** Schedule of Portfolio Investments :: January 31, 2026 (unaudited)

**Common Stocks (99.8%)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Shares |  | Value |  |  |
| A10 Networks, Inc. (Software) |  | 169 |  | $2947 | 2947 |
| ABM Industries, Inc. (Commercial Services & <br>Supplies) |  | 424 |  | 19520 | 19520 |
| Academy Sports & Outdoors, Inc. (Specialty <br>Retail) |  | 463 |  | 25470 | 25470 |
| Acadia Healthcare Company, Inc.\* (Health Care <br>Providers & Services) | Acadia Healthcare Company, Inc.\* (Health Care <br>Providers & Services) | 640 |  | 8602 | 8602 |
| Acadia Realty Trust\* (Retail REITs) |  | 908 |  | 18170 | 18170 |
| ACI Worldwide, Inc.\* (Software) |  | 244 |  | 10580 | 10580 |
| Adamas Trust, Inc. (Mortgage REITs) |  | 1 |  |  | 6 |
| AdaptHealth Corp.\* (Health Care Providers & <br>Services) |  | 744 |  | 7477 | 7477 |
| Addus HomeCare Corp.\* (Health Care <br>Providers & Services) |  | 44 |  | 4553 | 4553 |
| Adient PLC (Automobile Components) |  | 549 |  | 11419 | 11419 |
| Advance Auto Parts, Inc. (Specialty Retail) |  | 416 |  | 19972 | 19972 |
| Air Lease Corp. (Trading Companies & <br>Distributors) |  | 314 |  | 20294 | 20294 |
| Alamo Group, Inc. (Machinery) |  | 75 |  | 14648 | 14648 |
| Alarm.com Holdings, Inc.\* (Software) |  | 145 |  | 7073 | 7073 |
| Albany International Corp. (Machinery) |  | 199 |  | 11043 | 11043 |
| Alexander & Baldwin, Inc. (Equity <br>REIT—Diversified) |  | 263 |  | 5455 | 5455 |
| Allegiant Travel Co.\* (Passenger Airlines) |  | 93 |  | 8243 | 8243 |
| Alpha and Omega Semiconductor, Ltd.\* <br>(Semiconductors & Semiconductor <br>Equipment) |  | 172 |  | 3801 | 3801 |
| Alpha Metallurgical Resources, Inc.\* <br>(Metals & Mining) |  | 74 |  | 15525 | 15525 |
| Amentum Holdings, Inc.\* (Technology <br>Services) |  | 1063 |  | 38034 | 38034 |
| American Assets Trust, Inc. (Equity <br>REIT—Diversified) |  | 327 |  | 5906 | 5906 |
| American Axle & Manufacturing Holdings, <br>Inc.\* (Automobile Components) |  | 822 |  | 6551 | 6551 |
| American Eagle Outfitters, Inc. (Specialty <br>Retail) |  | 633 |  | 14755 | 14755 |
| American States Water Co. (Water Utilities) |  | 94 |  | 6858 | 6858 |
| American Woodmark Corp.\* (Building <br>Products) |  | 101 |  | 5998 | 5998 |
| Ameris Bancorp (Banks) |  | 191 |  | 15398 | 15398 |
| AMERISAFE, Inc. (Insurance) |  | 70 |  | 2633 | 2633 |
| AMN Healthcare Services, Inc.\* (Health Care <br>Providers & Services) |  | 266 |  | 5666 | 5666 |
| Amneal Pharmaceuticals, Inc.\* (Biotech & <br>Pharma) |  | 600 |  | 8208 | 8208 |
| Amphastar Pharmaceuticals, Inc.\* <br>(Pharmaceuticals) |  | 117 |  | 3099 | 3099 |
| Angi, Inc.\* (Interactive Media & Services) |  | 249 |  | 3232 | 3232 |
| Apogee Enterprises, Inc. (Building Products) |  | 150 |  | 5570 | 5570 |
| Apollo Commercial Real Estate Finance, Inc. <br>(Mortgage REITs) |  | 906 |  | 9794 | 9794 |
| Apple Hospitality REIT, Inc. (Hotel & Resort <br>REITs) |  | 1526 |  | 17763 | 17763 |
| Arbor Realty Trust, Inc.<sup>(a)</sup> (Mortgage REITs) |  | 1357 |  | 10449 | 10449 |
| ArcBest Corp. (Ground Transportation) |  | 156 |  | 14074 | 14074 |
| Arcosa, Inc. (Construction & Engineering) |  | 122 |  | 13965 | 13965 |
| Arcus Biosciences, Inc.\* (Biotechnology) |  | 219 |  | 4608 | 4608 |
| Armada Hoffler Properties, Inc. (Equity <br>REIT—Diversified) |  | 556 |  | 3875 | 3875 |
| Artisan Partners Asset Management, Inc.—<br>Class A (Capital Markets) |  | 224 |  | 9972 | 9972 |

---

**Common Stocks, continued**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Shares |  | Value |  |
| Asbury Automotive Group, Inc.\* (Specialty <br>Retail) |  | 135 |  | $31658 |
| Assured Guaranty, Ltd. (Insurance) |  | 144 |  | 12218 |
| Astec Industries, Inc. (Machinery) |  | 83 |  | 4044 |
| Astrana Health, Inc.\* (Health Care Providers & <br>Services) |  | 299 |  | 6799 |
| Atlantic Union Bankshares Corp. (Banks) |  | 988 |  | 38374 |
| Atlas Energy Solutions, Inc. (Energy <br>Equipment & Services) |  | 533 |  | 6220 |
| Avanos Medical, Inc.\* (Health Care <br>Equipment & Supplies) |  | 322 |  | 4289 |
| Avista Corp. (Multi-Utilities) |  | 299 |  | 12346 |
| Axcelis Technologies, Inc.\* (Semiconductors & <br>Semiconductor Equipment) |  | 77 |  | 6781 |
| Azenta, Inc.\* (Life Sciences Tools & Services) |  | 113 |  | 4393 |
| Balchem Corp. (Chemicals) |  | 92 |  | 15656 |
| Banc of California, Inc. (Banks) |  | 930 |  | 18581 |
| BancFirst Corp. (Banks) |  | 53 |  | 5827 |
| Bank of Hawaii Corp. (Banks) |  | 275 |  | 20565 |
| BankUnited, Inc. (Banks) |  | 276 |  | 13102 |
| Banner Corp. (Banks) |  | 236 |  | 14594 |
| Beacon Financial Corporation (Banks) |  | 582 |  | 16500 |
| Benchmark Electronics, Inc. (Electronic <br>Equipment, Instruments & Components) |  | 247 |  | 12879 |
| BGC Group, Inc.—Class A (Capital Markets) |  | 1022 |  | 9310 |
| BioLife Solutions, Inc.\* (Life Sciences Tools & <br>Services) |  | 136 |  | 2965 |
| BJ's Restaurants, Inc.\* (Hotels, Restaurants & <br>Leisure) |  | 81 |  | 3387 |
| Blackstone Mortgage Trust, Inc.—Class A <br>(Mortgage REITs) |  | 1094 |  | 21059 |
| Bloomin' Brands, Inc.\* (Hotels, Restaurants & <br>Leisure) |  | 533 |  | 3198 |
| Boise Cascade Co. (Trading Companies & <br>Distributors) |  | 257 |  | 20768 |
| Box, Inc.\*—Class A (Software) |  | 352 |  | 8923 |
| Bread Financial Holdings, Inc. (Consumer <br>Finance) |  | 317 |  | 22995 |
| Bristow Group, Inc.\* (Energy Equipment & <br>Services) |  | 174 |  | 7649 |
| Cable One, Inc. (Media) |  | 32 |  | 2592 |
| Cactus, Inc.—Class A (Energy Equipment & <br>Services) |  | 176 |  | 9896 |
| Caesars Entertainment, Inc.\* (Hotels, <br>Restaurants & Leisure) |  | 1416 |  | 29311 |
| California Resources Corp. (Oil, Gas & <br>Consumable Fuels) |  | 544 |  | 29104 |
| California Water Service Group (Water Utilities) |  | 214 |  | 9566 |
| Callaway Brands Corp.\* (Leisure Products) |  | 350 |  | 5023 |
| Capitol Federal Financial, Inc. (Banks) |  | 843 |  | 6137 |
| Cargurus, Inc.\* (Interactive Media & Services) |  | 282 |  | 9137 |
| CarMax, Inc.\* (Specialty Retail) |  | 1018 |  | 45341 |
| Cars.com, Inc.\* (Interactive Media & Services) |  | 386 |  | 4385 |
| Carter's, Inc. (Textiles, Apparel & Luxury Goods) | Carter's, Inc. (Textiles, Apparel & Luxury Goods) | 253 |  | 8756 |
| Cathay General Bancorp (Banks) |  | 472 |  | 24157 |
| Celanese Corp. (Chemicals) |  | 759 |  | 33730 |
| Centerspace (Residential REITs) |  | 60 |  | 3856 |
| Central Garden & Pet Co.\* (Household Products) | Central Garden & Pet Co.\* (Household Products) | 56 |  | 1894 |
| Central Garden & Pet Co.\*—Class A <br>(Household Products) |  | 358 |  | 10981 |
| Central Pacific Financial Corp. (Banks) |  | 185 |  | 6025 |
| Century Aluminum Co.\* (Metals & Mining) |  | 144 |  | 6528 |

---

**See accompanying notes to financial statements.**

January 31, 2026 (unaudited) :: Schedule of Portfolio Investments **:: Small-Cap Value ProFund :: 111**

**Common Stocks, continued**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Shares | Shares |  | Value |  |
| Century Communities, Inc. (Household <br>Durables) |  |  | 177 |  | $11147 |
| Certara, Inc.\* (Health Care Technology) |  |  | 406 |  | 3569 |
| Champion Homes, Inc.\* (Household Durables) |  |  | 209 |  | 16381 |
| Chesapeake Utilities Corp. (Gas Utilities) |  |  | 66 |  | 8493 |
| Cinemark Holdings, Inc. (Entertainment) |  |  | 279 |  | 6607 |
| City Holding Co. (Banks) |  |  | 31 |  | 3816 |
| Cleanspark, Inc.\* (Software) |  |  | 818 |  | 9685 |
| Cogent Communications Holdings, Inc. <br>(Diversified Telecommunication Services) |  |  | 152 |  | 3694 |
| Cohen & Steers, Inc. (Capital Markets) |  |  | 103 |  | 6619 |
| Cohu, Inc.\* (Semiconductors & Semiconductor <br>Equipment) |  |  | 324 |  | 9247 |
| Community Financial System, Inc. (Banks) |  |  | 179 |  | 11188 |
| Comstock Resources, Inc.\* (Oil, Gas & <br>Consumable Fuels) |  |  | 230 |  | 5601 |
| Concentra Group Holdings Parent, Inc. (Health <br>Care Providers & Services) |  |  | 414 |  | 9183 |
| CONMED Corp. (Health Care Equipment & <br>Supplies) |  |  | 214 |  | 8215 |
| Core Laboratories, Inc. (Energy Equipment & <br>Services) |  |  | 323 |  | 6311 |
| Core Natural Resources, Inc. (Oil, Gas & <br>Consumable Fuels) |  |  | 356 |  | 33955 |
| CoreCivic, Inc.\* (Commercial Services & <br>Supplies) |  |  | 726 |  | 13453 |
| Corsair Gaming, Inc.\* (Technology Hardware, <br>Storage & Peripherals) |  |  | 325 |  | 1658 |
| CorVel Corp.\* (Health Care Providers & <br>Services) |  |  | 83 |  | 5779 |
| Cracker Barrel Old Country Store, Inc. (Hotels, <br>Restaurants & Leisure) |  |  | 154 |  | 4638 |
| Crescent Energy Co.—Class A (Oil, Gas & <br>Consumable Fuels) |  | 1676 | 1676 |  | 16375 |
| CSW Industrials, Inc. (Building Products) |  |  | 49 |  | 13229 |
| CTS Corp. (Electronic Equipment, Instruments & <br>Components) | CTS Corp. (Electronic Equipment, Instruments & <br>Components) |  | 113 |  | 5809 |
| Cushman & Wakefield Ltd.\* (Real Estate <br>Services) |  | 1606 | 1606 |  | 26403 |
| Customers Bancorp, Inc.\* (Banks) |  |  | 112 |  | 8850 |
| CVB Financial Corp. (Banks) |  |  | 892 |  | 17581 |
| CVR Energy, Inc.\* (Oil, Gas & Consumable <br>Fuels) |  |  | 108 |  | 2456 |
| Cytek Biosciences, Inc.\* (Life Sciences Tools & <br>Services) |  |  | 267 |  | 1335 |
| Dana, Inc. (Automobile Components) |  |  | 414 |  | 11965 |
| Dave & Buster's Entertainment, Inc.\* (Hotels, <br>Restaurants & Leisure) |  |  | 188 |  | 3529 |
| Deluxe Corp. (Commercial Services & Supplies) | Deluxe Corp. (Commercial Services & Supplies) |  | 312 |  | 8237 |
| DiamondRock Hospitality Co. (Hotel & Resort <br>REITs) |  |  | 720 |  | 6610 |
| Dime Community Bancshares, Inc. (Banks) |  |  | 283 |  | 9628 |
| Diodes, Inc.\* (Semiconductors & Semiconductor <br>Equipment) | Diodes, Inc.\* (Semiconductors & Semiconductor <br>Equipment) | Diodes, Inc.\* (Semiconductors & Semiconductor <br>Equipment) | 321 |  | 19000 |
| DNOW, Inc.\* (Trading Companies & <br>Distributors) |  | 1288 | 1288 |  | 19565 |
| Donnelley Financial Solutions, Inc.\* (Capital <br>Markets) |  |  | 102 |  | 5279 |
| Dorian LPG, Ltd.\* (Oil, Gas & Consumable <br>Fuels) |  |  | 256 |  | 7560 |
| DoubleVerify Holdings, Inc.\* (Software) |  |  | 380 |  | 4112 |
| Douglas Emmett, Inc. (Office REITs) |  | 1162 | 1162 |  | 12271 |

---

**Common Stocks, continued**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Shares |  | Value |  |
| Dream Finders Homes, Inc.\*—Class A <br>(Household Durables) |  | 199 |  | $3660 |
| DXC Technology Co.\* (IT Services) |  | 1208 |  | 17431 |
| Dynavax Technologies Corp.\* (Biotechnology) |  | 692 |  | 10715 |
| Eagle Bancorp, Inc. (Banks) |  | 192 |  | 5138 |
| Easterly Government Properties, Inc. (Office <br>REITs) |  | 304 |  | 7111 |
| Eastman Chemical Co. (Chemicals) |  | 791 |  | 54831 |
| Edgewell Personal Care Co. (Personal Care <br>Products) |  | 322 |  | 6266 |
| Element Solutions, Inc. (Chemicals) |  | 788 |  | 22931 |
| Embecta Corp. (Health Care Equipment & <br>Supplies) |  | 405 |  | 4297 |
| Employers Holdings, Inc. (Insurance) |  | 156 |  | 6805 |
| Enact Holdings, Inc. (Financial Services) |  | 90 |  | 3579 |
| Encore Capital Group, Inc.\* (Consumer Finance) | Encore Capital Group, Inc.\* (Consumer Finance) | 155 |  | 8556 |
| Energizer Holdings, Inc. (Household Products) |  | 421 |  | 9190 |
| Enerpac Tool Group Corp. (Machinery) |  | 147 |  | 5933 |
| Enovis Corp.\* (Health Care Equipment & <br>Supplies) |  | 396 |  | 8728 |
| Enphase Energy, Inc.\* (Semiconductors & <br>Semiconductor Equipment) |  | 907 |  | 33540 |
| ePlus, Inc. (Electronic Equipment, <br>Instruments & Components) |  | 67 |  | 5749 |
| Essential Properties Realty Trust, Inc. (Equity <br>REIT—Diversified) |  | 454 |  | 13783 |
| Ethan Allen Interiors, Inc. (Household Durables) | Ethan Allen Interiors, Inc. (Household Durables) | 160 |  | 3669 |
| eXp World Holdings, Inc. (Real Estate <br>Management & Development) |  | 629 |  | 5686 |
| Extreme Networks, Inc.\* (Communications <br>Equipment) |  | 324 |  | 4724 |
| FB Financial Corp. (Banks) |  | 156 |  | 8975 |
| First Bancorp (Banks) |  | 457 |  | 10109 |
| First Bancorp (Banks) |  | 161 |  | 9327 |
| First Commonwealth Financial Corp. (Banks) |  | 717 |  | 12928 |
| First Financial Bancorp\* (Banks) |  | 717 |  | 20607 |
| First Hawaiian, Inc. (Banks) |  | 858 |  | 22780 |
| First Interstate BancSystem, Inc.—Class A <br>(Banks) |  | 621 |  | 22027 |
| FMC Corp. (Chemicals) |  | 866 |  | 13683 |
| Fortrea Holdings, Inc.\* (Life Sciences Tools & <br>Services) |  | 640 |  | 10759 |
| Forward Air Corp.\* (Air Freight & Logistics) |  | 154 |  | 4294 |
| Four Corners Property Trust, Inc. (Specialized <br>REITs) |  | 389 |  | 9589 |
| Fox Factory Holding Corp.\* (Automobile <br>Components) |  | 289 |  | 5318 |
| Franklin BSP Realty Trust, Inc. (Mortgage REITs) | Franklin BSP Realty Trust, Inc. (Mortgage REITs) | 566 |  | 5807 |
| Franklin Electric Co., Inc. (Machinery) |  | 119 |  | 11855 |
| Fresh Del Monte Produce, Inc. (Food Products) |  | 228 |  | 9042 |
| Freshpet, Inc.\* (Retail—Discretionary) |  | 125 |  | 8713 |
| Fulton Financial Corp. (Banks) |  | 1253 |  | 25874 |
| Gates Industrial Corp. PLC\* (Machinery) |  | 823 |  | 18944 |
| Gentherm, Inc.\* (Automobile Components) |  | 118 |  | 3771 |
| Genworth Financial, Inc.\*—Class A (Insurance) |  | 2769 |  | 23093 |
| Getty Realty Corp. (Retail REITs) |  | 184 |  | 5494 |
| Gibraltar Industries, Inc.\* (Building Products) |  | 205 |  | 10508 |
| G-III Apparel Group, Ltd.\* (Textiles, Apparel & <br>Luxury Goods) |  | 258 |  | 7572 |
| Glaukos Corp.\* (Health Care Equipment & <br>Supplies) |  | 123 |  | 14684 |
| Global Net Lease, Inc. (Equity REIT—Diversified) | Global Net Lease, Inc. (Equity REIT—Diversified) | 1366 |  | 12922 |

---

**See accompanying notes to financial statements.**

**112 :: Small-Cap Value ProFund ::** Schedule of Portfolio Investments :: January 31, 2026 (unaudited)

**Common Stocks, continued**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Shares | Shares |  | Value |  |
| Golden Entertainment, Inc.\* ARS (Hotels, <br>Restaurants & Leisure) |  |  | 137 |  | $3688 |
| Goosehead Insurance, Inc.\*—Class A (Insurance) | Goosehead Insurance, Inc.\*—Class A (Insurance) | Goosehead Insurance, Inc.\*—Class A (Insurance) | 55 |  | 3401 |
| Green Brick Partners, Inc.\* (Household <br>Durables) |  |  | 91 |  | 6314 |
| Grid Dynamics Holdings, Inc.\* (IT Services) |  |  | 458 |  | 3788 |
| Griffon Corp. (Building Products) |  |  | 111 |  | 9041 |
| Grocery Outlet Holding Corp.\* (Consumer <br>Staples Distribution & Retail) |  |  | 681 |  | 6490 |
| Group 1 Automotive, Inc. (Specialty Retail) |  |  | 86 |  | 30465 |
| H.B. Fuller Co. (Chemicals) |  |  | 375 |  | 22538 |
| H2O America\* (Water Utilities) |  |  | 230 |  | 11970 |
| HA Sustainable Infrastructure Capital, Inc. <br>(Financial Services) |  |  | 498 |  | 17136 |
| Hanmi Financial Corp. (Banks) |  |  | 206 |  | 5473 |
| Harmonic, Inc.\* (Communications Equipment) |  |  | 778 |  | 7563 |
| Hawaiian Electric Industries, Inc.\* (Electric <br>Utilities) |  | 1198 | 1198 |  | 18352 |
| Hawkins, Inc. (Chemicals) |  |  | 48 |  | 6252 |
| Hayward Holdings, Inc.\* (Building Products) |  |  | 720 |  | 11621 |
| HealthStream, Inc. (Health Care Technology) |  |  | 81 |  | 1805 |
| Heartland Express, Inc. (Ground Transportation) | Heartland Express, Inc. (Ground Transportation) |  | 317 |  | 3199 |
| Helix Energy Solutions Group, Inc.\* (Energy <br>Equipment & Services) |  |  | 948 |  | 7527 |
| Helmerich & Payne, Inc. (Energy Equipment & <br>Services) |  |  | 352 |  | 11926 |
| Heritage Financial Corp. (Banks) |  |  | 235 |  | 6065 |
| Hertz Global Holdings, Inc.\* (Ground <br>Transportation) |  |  | 268 |  | 1313 |
| Highwoods Properties, Inc. (Office REITs) |  |  | 762 |  | 19698 |
| Hillenbrand, Inc. (Machinery) |  |  | 488 |  | 15572 |
| Hilltop Holdings, Inc.\* (Banks) |  |  | 298 |  | 11160 |
| HNI Corp. (Commercial Services & Supplies) |  |  | 478 |  | 22843 |
| Hope Bancorp, Inc. (Banks) |  |  | 889 |  | 10650 |
| Horace Mann Educators Corp. (Insurance) |  |  | 136 |  | 6094 |
| Hub Group, Inc.\*—Class A (Air Freight & <br>Logistics) |  |  | 420 |  | 19983 |
| IAC, Inc.\* (Interactive Media & Services) |  |  | 453 |  | 16738 |
| Ichor Holdings, Ltd.\* (Semiconductors & <br>Semiconductor Equipment) |  |  | 237 |  | 7191 |
| ICU Medical, Inc.\* (Health Care Equipment & <br>Supplies) |  |  | 89 |  | 13341 |
| Independent Bank Corp. (Banks) |  |  | 196 |  | 15833 |
| Ingevity Corp.\* (Chemicals) |  |  | 107 |  | 7040 |
| Innospec, Inc. (Chemicals) |  |  | 172 |  | 14056 |
| Innovative Industrial Properties, Inc. (Industrial <br>REITs) |  |  | 195 |  | 9422 |
| Innovex International, Inc.\* (Energy <br>Equipment & Services) |  |  | 155 |  | 3852 |
| Innoviva, Inc.\* (Pharmaceuticals) |  |  | 202 |  | 4040 |
| Insight Enterprises, Inc.\* (Electronic Equipment, <br>Instruments & Components) | Insight Enterprises, Inc.\* (Electronic Equipment, <br>Instruments & Components) |  | 214 |  | 17980 |
| Insperity, Inc. (Professional Services) |  |  | 249 |  | 10640 |
| Insteel Industries, Inc. (Building Products) |  |  | 135 |  | 4474 |
| Integer Holdings Corp.\* (Health Care <br>Equipment & Supplies) |  |  | 244 |  | 21194 |
| Integra LifeSciences Holdings Corp.\* (Health <br>Care Equipment & Supplies) |  |  | 465 |  | 5180 |
| Interface, Inc. (Commercial Services & Supplies) | Interface, Inc. (Commercial Services & Supplies) |  | 178 |  | 5602 |
| Interparfums, Inc. (Personal Care Products) |  |  | 54 |  | 5269 |
| Iridium Communications, Inc. (Diversified <br>Telecommunication Services) |  |  | 283 |  | 5637 |

---

**Common Stocks, continued**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Shares |  | Value |  |
| Itron, Inc.\* (Electronic Equipment, <br>Instruments & Components) |  | 114 |  | $11295 |
| J & J Snack Foods Corp. (Food Products) |  | 108 |  | 10260 |
| Jackson Financial, Inc.—Class A (Financial <br>Services) |  | 472 |  | 56130 |
| JBG SMITH Properties (Office REITs) |  | 164 |  | 2762 |
| JetBlue Airways Corp.\* (Passenger Airlines) |  | 2017 |  | 9823 |
| John B. Sanfilippo & Son, Inc.\* (Food Products) | John B. Sanfilippo & Son, Inc.\* (Food Products) | 63 |  | 5097 |
| John Wiley & Sons, Inc.—Class A (Media) |  | 283 |  | 8838 |
| Kadant, Inc. (Machinery) |  | 41 |  | 13163 |
| Kaiser Aluminum Corp. (Metals & Mining) |  | 111 |  | 13611 |
| Kennametal, Inc. (Machinery) |  | 527 |  | 18124 |
| Kennedy-Wilson Holdings, Inc. (Real Estate <br>Management & Development) |  | 831 |  | 8186 |
| Kinetik Holdings, Inc.<sup>(a)</sup> (Oil, Gas & <br>Consumable Fuels) |  | 164 |  | 6709 |
| KKR Real Estate Finance Trust, Inc. <br>(Mortgage REITs) |  | 377 |  | 3122 |
| Knowles Corp.\* (Electronic Equipment, <br>Instruments & Components) |  | 254 |  | 6157 |
| Kohl's Corp. (Broadline Retail) |  | 778 |  | 13592 |
| Kontoor Brands, Inc.\* (Textiles, Apparel & <br>Luxury Goods) |  | 163 |  | 9736 |
| Koppers Holdings, Inc. (Chemicals) |  | 137 |  | 4036 |
| Korn Ferry (Professional Services) |  | 363 |  | 25217 |
| Kulicke & Soffa Industries, Inc. <br>(Semiconductors & Semiconductor <br>Equipment) |  | 362 |  | 20753 |
| Lakeland Financial Corp. (Banks) |  | 92 |  | 5483 |
| La-Z-Boy, Inc. (Household Durables) |  | 285 |  | 10377 |
| LCI Industries (Automobile Components) |  | 168 |  | 24644 |
| Legalzoom.com, Inc.\* (Commercial Support <br>Services) |  | 231 |  | 2054 |
| Leggett & Platt, Inc. (Household Durables) |  | 940 |  | 10970 |
| LGI Homes, Inc.\* (Household Durables) |  | 141 |  | 7066 |
| Liberty Energy, Inc. (Energy Equipment & <br>Services) |  | 1123 |  | 27683 |
| Lincoln National Corp. (Insurance) |  | 1172 |  | 48768 |
| Lindsay Corp. (Machinery) |  | 75 |  | 9395 |
| LKQ Corp. (Distributors) |  | 1774 |  | 58276 |
| LTC Properties, Inc. (Health Care REITs) |  | 132 |  | 4814 |
| Lumen Technologies, Inc. (Diversified <br>Telecommunication Services) |  | 3598 |  | 31734 |
| LXP Industrial Trust (Industrial REITs) |  | 193 |  | 9563 |
| M/I Homes, Inc.\* (Household Durables) |  | 181 |  | 24200 |
| Mack-Cali Realty Corp. (Residential REITs) |  | 310 |  | 4709 |
| Magnolia Oil & Gas Corp.—Class A (Oil, Gas & <br>Consumable Fuels) |  | 1270 |  | 32398 |
| ManpowerGroup, Inc. (Professional Services) |  | 321 |  | 11662 |
| MARA Holdings, Inc.\* (Software) |  | 1180 |  | 11210 |
| Marcus & Millichap, Inc. (Real Estate <br>Management & Development) |  | 167 |  | 4542 |
| MarineMax, Inc.\* (Specialty Retail) |  | 130 |  | 3514 |
| MarketAxess Holdings, Inc. (Capital Markets) |  | 118 |  | 19969 |
| Marriott Vacations Worldwide Corp.\* (Hotels, <br>Restaurants & Leisure) |  | 192 |  | 10428 |
| Marten Transport, Ltd. (Ground Transportation) |  | 401 |  | 4932 |
| Masterbrand, Inc.\* (Building Products) |  | 879 |  | 10653 |
| Materion Corp. (Metals & Mining) |  | 65 |  | 8988 |
| Matson, Inc. (Marine Transportation) |  | 216 |  | 34625 |
| Matthews International Corp.—Class A <br>(Commercial Services & Supplies) |  | 214 |  | 5626 |

---

**See accompanying notes to financial statements.**

January 31, 2026 (unaudited) :: Schedule of Portfolio Investments **:: Small-Cap Value ProFund :: 113**

**Common Stocks, continued**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Shares | Shares |  | Value |  |
| MaxLinear, Inc.\* (Semiconductors & <br>Semiconductor Equipment) |  |  | 324 |  | $5621 |
| MDU Resources Group, Inc. (Construction & <br>Engineering) |  | 1417 | 1417 |  | 29063 |
| Medical Properties Trust, Inc.<sup>(a)</sup> (Health Care <br>REITs) |  | 3420 | 3420 |  | 17168 |
| Merit Medical Systems, Inc.\* (Health Care <br>Equipment & Supplies) |  |  | 152 |  | 12326 |
| Meritage Homes Corp. (Household Durables) |  |  | 488 |  | 33920 |
| MGE Energy, Inc. (Electric Utilities) |  |  | 127 |  | 10145 |
| Middlesex Water Co. (Water Utilities) |  |  | 59 |  | 3090 |
| MillerKnoll, Inc. (Commercial Services & <br>Supplies) |  |  | 476 |  | 9558 |
| Millrose Properties, Inc. (Specialized REITs) |  |  | 438 |  | 13053 |
| Minerals Technologies, Inc. (Chemicals) |  |  | 216 |  | 14204 |
| Mister Car Wash, Inc.\* (Diversified Consumer <br>Services) |  |  | 682 |  | 3785 |
| Moelis & Co.—Class A (Capital Markets) |  |  | 221 |  | 15839 |
| Mohawk Industries, Inc.\* (Household Durables) | Mohawk Industries, Inc.\* (Household Durables) |  | 360 |  | 42616 |
| Monro, Inc. (Specialty Retail) |  |  | 208 |  | 3894 |
| Mueller Water Products, Inc.—Class A <br>(Machinery) |  |  | 379 |  | 10260 |
| Myriad Genetics, Inc.\* (Biotechnology) |  |  | 369 |  | 2074 |
| N-able, Inc.\* (Software) |  |  | 253 |  | 1536 |
| National Bank Holdings Corp.—Class A (Banks) | National Bank Holdings Corp.—Class A (Banks) |  | 263 |  | 10567 |
| National Beverage Corp.\* (Beverages) |  |  | 82 |  | 2795 |
| Navient Corp. (Consumer Finance) |  |  | 467 |  | 4581 |
| NBT Bancorp, Inc. (Banks) |  |  | 363 |  | 16128 |
| NCR Atleos Corp.\* (Financial Services) |  |  | 195 |  | 7274 |
| NCR Voyix Corp.\* (Software) |  |  | 960 |  | 9523 |
| Neogen Corp.\* (Health Care Equipment & <br>Supplies) |  | 1507 | 1507 |  | 15402 |
| NeoGenomics, Inc.\* (Health Care Providers & <br>Services) |  |  | 377 |  | 4547 |
| NetScout Systems, Inc.\* (Communications <br>Equipment) |  |  | 224 |  | 6229 |
| Newell Brands, Inc. (Household Durables) |  | 2907 | 2907 |  | 12355 |
| NexPoint Residential Trust, Inc. (Residential <br>REITs) |  |  | 82 |  | 2478 |
| Noble Corp. PLC\* (Energy Equipment & <br>Services) |  |  | 409 |  | 14569 |
| Northern Oil and Gas, Inc. (Oil, Gas & <br>Consumable Fuels) |  |  | 674 |  | 16850 |
| Northwest Bancshares, Inc.\* (Banks) |  | 1013 | 1013 |  | 13047 |
| Northwest Natural Holding Co. (Gas Utilities) |  |  | 136 |  | 6332 |
| Oceaneering International, Inc.\* (Energy <br>Equipment & Services) |  |  | 283 |  | 8518 |
| OFG Bancorp (Banks) |  |  | 170 |  | 6851 |
| O-I Glass, Inc. (Containers & Packaging) |  | 1065 | 1065 |  | 16273 |
| Omnicell, Inc.\* (Health Care Equipment & <br>Supplies) |  |  | 311 |  | 15084 |
| Organon & Co. (Pharmaceuticals) |  | 1803 | 1803 |  | 15398 |
| Otter Tail Corp. (Electric Utilities) |  |  | 160 |  | 14266 |
| Outfront Media, Inc. (Specialized REITs) |  |  | 323 |  | 7855 |
| Oxford Industries, Inc. (Textiles, Apparel & <br>Luxury Goods) |  |  | 97 |  | 3574 |
| Papa John's International, Inc. (Hotels, <br>Restaurants & Leisure) |  |  | 121 |  | 4256 |
| Par Pacific Holdings, Inc.\* (Oil, Gas & <br>Consumable Fuels) |  |  | 181 |  | 6831 |
| Park National Corp. (Banks) |  |  | 50 |  | 8147 |
| Patrick Industries, Inc. (Automobile Components) | Patrick Industries, Inc. (Automobile Components) | Patrick Industries, Inc. (Automobile Components) | 127 |  | 16024 |

---

**Common Stocks, continued**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Shares |  | Value |  |
| Patterson-UTI Energy, Inc. (Energy <br>Equipment & Services) |  | 2393 |  | $18019 |
| Payoneer Global, Inc.\* (Financial Services) |  | 681 |  | 4352 |
| PC Connection, Inc. (Electronic Equipment, <br>Instruments & Components) |  | 78 |  | 4587 |
| Peabody Energy Corp.\* (Oil, Gas & <br>Consumable Fuels) |  | 843 |  | 29724 |
| Pebblebrook Hotel Trust (Hotel & Resort REITs) |  | 788 |  | 8999 |
| Penguin Solutions, Inc.\* (Semiconductors & <br>Semiconductor Equipment) |  | 170 |  | 3266 |
| PENN Entertainment, Inc.\* (Hotels, <br>Restaurants & Leisure) |  | 886 |  | 11376 |
| Perdoceo Education Corp. (Diversified <br>Consumer Services) |  | 147 |  | 4708 |
| Perrigo Co. PLC (Pharmaceuticals) |  | 954 |  | 13556 |
| Phillips Edison & Co., Inc. (Retail REITs) |  | 366 |  | 13260 |
| Phinia, Inc. (Automobile Components) |  | 266 |  | 18931 |
| Photronics, Inc.\* (Semiconductors & <br>Semiconductor Equipment) |  | 409 |  | 14139 |
| Piper Sandler Cos. (Capital Markets) |  | 53 |  | 18357 |
| Pitney Bowes, Inc. (Commercial Services & <br>Supplies) |  | 544 |  | 5674 |
| Plexus Corp.\* (Electronic Equipment, <br>Instruments & Components) |  | 105 |  | 20930 |
| Power Integrations, Inc. (Semiconductors & <br>Semiconductor Equipment) |  | 384 |  | 17641 |
| PRA Group, Inc.\* (Consumer Finance) |  | 270 |  | 3453 |
| Prestige Consumer Healthcare, Inc.\* <br>(Pharmaceuticals) |  | 333 |  | 21468 |
| ProAssurance Corp. (Insurance) |  | 175 |  | 4239 |
| PROG Holdings, Inc.\* (Consumer Finance) |  | 274 |  | 8889 |
| Progress Software Corp. (Software) |  | 95 |  | 3887 |
| Provident Financial Services, Inc. (Banks) |  | 906 |  | 20059 |
| Q2 Holdings, Inc.\* (Software) |  | 160 |  | 9800 |
| Qorvo, Inc.\* (Semiconductors & Semiconductor <br>Equipment) | Qorvo, Inc.\* (Semiconductors & Semiconductor <br>Equipment) | 216 |  | 16872 |
| Quaker Chemical Corp. (Chemicals) |  | 95 |  | 14605 |
| Quanex Building Products Corp. (Building <br>Products) |  | 316 |  | 5916 |
| QuidelOrtho Corp.\* (Health Care Equipment & <br>Supplies) |  | 471 |  | 12797 |
| QuinStreet, Inc.\* (Interactive Media & Services) |  | 142 |  | 1887 |
| Radian Group, Inc. (Financial Services) |  | 470 |  | 15463 |
| RadNet, Inc.\* (Health Care Providers & Services) | RadNet, Inc.\* (Health Care Providers & Services) | 173 |  | 12127 |
| Ralliant Corp.\* (Electrical Equipment) |  | 375 |  | 19864 |
| Redwood Trust, Inc. (Mortgage REITs) |  | 879 |  | 4817 |
| Renasant Corp. (Banks) |  | 659 |  | 24851 |
| Resideo Technologies, Inc.\* (Building Products) | Resideo Technologies, Inc.\* (Building Products) | 421 |  | 14423 |
| REX American Resources Corp.\* (Oil, Gas & <br>Consumable Fuels) |  | 61 |  | 2062 |
| Reynolds Consumer Products, Inc. (Household <br>Products) |  | 208 |  | 4819 |
| Robert Half, Inc. (Professional Services) |  | 690 |  | 23881 |
| Rogers Corp.\* (Electronic Equipment, <br>Instruments & Components) |  | 116 |  | 11280 |
| RPC, Inc. (Energy Equipment & Services) |  | 617 |  | 4103 |
| Rush Enterprises, Inc.—Class A (Trading <br>Companies & Distributors) |  | 421 |  | 27024 |
| RXO, Inc.\* (Ground Transportation) |  | 1138 |  | 16592 |
| S&T Bancorp, Inc.\* (Banks) |  | 265 |  | 11300 |
| Sabre Corp.\* (Hotels, Restaurants & Leisure) |  | 2740 |  | 3562 |
| Safehold, Inc. (Specialized REITs) |  | 318 |  | 4487 |

---

**See accompanying notes to financial statements.**

**114 :: Small-Cap Value ProFund ::** Schedule of Portfolio Investments :: January 31, 2026 (unaudited)

**Common Stocks, continued**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Shares |  | Value |  |
| Safety Insurance Group, Inc. (Insurance) |  | 50 |  | $3935 |
| Sally Beauty Holdings, Inc.\* (Specialty Retail) |  | 676 |  | 10289 |
| Sarepta Therapeutics, Inc.\* (Biotechnology) |  | 283 |  | 5756 |
| Saul Centers, Inc. (Retail REITs) |  | 38 |  | 1206 |
| ScanSource, Inc.\* (Electronic Equipment, <br>Instruments & Components) |  | 141 |  | 6062 |
| Schneider National, Inc.—Class B (Ground <br>Transportation) |  | 345 |  | 9260 |
| Scholastic Corp. (Media) |  | 156 |  | 5455 |
| Seacoast Banking Corp. of Florida (Banks) |  | 356 |  | 11905 |
| Sealed Air Corp. (Containers & Packaging) |  | 408 |  | 17087 |
| SeaWorld Entertainment, Inc.\* (Hotels, <br>Restaurants & Leisure) |  | 89 |  | 3351 |
| Select Medical Holdings Corp. (Health Care <br>Providers & Services) |  | 764 |  | 11498 |
| Semtech Corp.\* (Semiconductors & <br>Semiconductor Equipment) |  | 180 |  | 14355 |
| ServisFirst Bancshares, Inc. (Banks) |  | 174 |  | 14242 |
| Shenandoah Telecommunications Co. <br>(Diversified Telecommunication Services) |  | 316 |  | 3751 |
| Shutterstock, Inc.\* (Interactive Media & <br>Services) |  | 167 |  | 3315 |
| Signet Jewelers, Ltd. (Specialty Retail) |  | 284 |  | 26205 |
| Simmons First National Corp.—Class A (Banks) |  | 1004 |  | 20411 |
| Six Flags Entertainment Corp. (Hotels, <br>Restaurants & Leisure) |  | 387 |  | 6970 |
| SkyWest, Inc.\* (Passenger Airlines) |  | 105 |  | 10134 |
| SL Green Realty Corp. (Office REITs) |  | 492 |  | 22031 |
| SM Energy Co. (Oil, Gas & Consumable Fuels) |  | 1570 |  | 30568 |
| SolarEdge Technologies, Inc.\*<sup>(a)</sup> <br>(Semiconductors & Semiconductor <br>Equipment) |  | 170 |  | 5262 |
| Solstice Advanced Materials, Inc.\* (Chemicals) |  | 518 |  | 31997 |
| Sonic Automotive, Inc.—Class A (Specialty <br>Retail) |  | 103 |  | 6176 |
| Southside Bancshares, Inc. (Banks) |  | 196 |  | 6309 |
| SPS Commerce, Inc.\* (Software) |  | 105 |  | 9372 |
| STAAR Surgical Co.\* (Health Care Equipment & <br>Supplies) | STAAR Surgical Co.\* (Health Care Equipment & <br>Supplies) | 166 |  | 3146 |
| Standard Motor Products, Inc. (Automobile <br>Components) |  | 145 |  | 5790 |
| Stellar Bancorp, Inc. (Banks) |  | 179 |  | 6648 |
| Stepan Co. (Chemicals) |  | 149 |  | 8584 |
| Steven Madden, Ltd.\* (Textiles, Apparel & <br>Luxury Goods) |  | 221 |  | 9697 |
| Stewart Information Services Corp. (Insurance) |  | 195 |  | 13149 |
| Strategic Education, Inc. (Diversified Consumer <br>Services) | Strategic Education, Inc. (Diversified Consumer <br>Services) | 161 |  | 13688 |
| Stride, Inc.\* (Diversified Consumer Services) |  | 301 |  | 25465 |
| Summit Hotel Properties, Inc. (Hotel & Resort <br>REITs) |  | 734 |  | 3244 |
| Sun Country Airlines Holdings, Inc.\* (Passenger <br>Airlines) | Sun Country Airlines Holdings, Inc.\* (Passenger <br>Airlines) | 366 |  | 6420 |
| SunCoke Energy, Inc. (Metals & Mining) |  | 587 |  | 4614 |
| Sunstone Hotel Investors, Inc. (Hotel & Resort <br>REITs) |  | 1316 |  | 11541 |
| Supernus Pharmaceuticals, Inc.\* <br>(Pharmaceuticals) |  | 123 |  | 5924 |
| Sylvamo Corp. (Paper & Forest Products) |  | 230 |  | 11256 |
| Talos Energy, Inc.\* (Oil, Gas & Consumable <br>Fuels) |  | 872 |  | 10394 |

---

**Common Stocks, continued**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Shares | Shares |  | Value |  |
| Tandem Diabetes Care, Inc.\* (Health Care <br>Equipment & Supplies) |  |  | 207 |  | $4117 |
| Tanger, Inc. (Retail REITs) |  |  | 271 |  | 8867 |
| TEGNA, Inc. (Media) |  | 1117 | 1117 |  | 21402 |
| Teleflex, Inc. (Health Care Equipment & <br>Supplies) |  |  | 307 |  | 32041 |
| Telephone and Data Systems, Inc. (Wireless <br>Telecommunication Services) |  |  | 682 |  | 30779 |
| Tennant Co. (Machinery) |  |  | 72 |  | 5478 |
| Teradata Corp.\* (Software) |  |  | 278 |  | 7929 |
| Terreno Realty Corp. (Industrial REITs) |  |  | 215 |  | 13232 |
| The Andersons, Inc. (Consumer Staples <br>Distribution & Retail) |  |  | 233 |  | 14444 |
| The Buckle, Inc. (Specialty Retail) |  |  | 84 |  | 3973 |
| The Cheesecake Factory, Inc.<sup>(a)</sup> (Hotels, <br>Restaurants & Leisure) |  |  | 150 |  | 8694 |
| The Chemours Co. (Chemicals) |  | 1040 | 1040 |  | 15590 |
| The GEO Group, Inc. (Commercial Services & <br>Supplies) |  |  | 948 |  | 15149 |
| The Greenbrier Cos., Inc. (Machinery) |  |  | 214 |  | 10790 |
| The Macerich Co. (Retail REITs) |  |  | 853 |  | 16147 |
| The Simply Good Foods Co.\* (Food Products) |  |  | 637 |  | 11957 |
| The Wendy's Co.<sup>(a)</sup> (Hotels, Restaurants & <br>Leisure) |  | 1096 | 1096 |  | 8538 |
| The Western Union Co. (Financial Services) |  | 2204 | 2204 |  | 20651 |
| TimkenSteel Corp. (Metals & Mining) |  |  | 249 |  | 4968 |
| Titan International, Inc.\* (Machinery) |  |  | 332 |  | 3167 |
| Tompkins Financial Corp. (Banks) |  |  | 89 |  | 7131 |
| TreeHouse Foods, Inc.\* (Food Products) |  |  | 308 |  | 7589 |
| Tri Pointe Homes, Inc.\* (Household Durables) |  |  | 596 |  | 19877 |
| Trinity Industries, Inc. (Machinery) |  |  | 556 |  | 15979 |
| Triumph Financial, Inc.\* (Banks) |  |  | 156 |  | 9842 |
| Trupanion, Inc.\* (Insurance) |  |  | 79 |  | 2527 |
| TrustCo Bank Corp. (Banks) |  |  | 72 |  | 3125 |
| Trustmark Corp. (Banks) |  |  | 212 |  | 9014 |
| Two Harbors Investment Corp. (Mortgage REITs) | Two Harbors Investment Corp. (Mortgage REITs) | Two Harbors Investment Corp. (Mortgage REITs) | 722 |  | 8281 |
| U.S. Physical Therapy, Inc. (Health Care <br>Providers & Services) |  |  | 56 |  | 4697 |
| Ultra Clean Holdings, Inc.\* (Semiconductors & <br>Semiconductor Equipment) |  |  | 314 |  | 13716 |
| Under Armour, Inc.\*—Class A (Textiles, <br>Apparel & Luxury Goods) |  | 1310 | 1310 |  | 8083 |
| Under Armour, Inc.\*—Class C (Textiles, <br>Apparel & Luxury Goods) |  |  | 821 |  | 4983 |
| UniFirst Corp. (Commercial Services & Supplies) | UniFirst Corp. (Commercial Services & Supplies) |  | 60 |  | 12900 |
| United Community Banks, Inc. (Banks) |  |  | 843 |  | 29024 |
| United Fire Group, Inc. (Insurance) |  |  | 77 |  | 2767 |
| United Natural Foods, Inc.\* (Consumer Staples <br>Distribution & Retail) |  |  | 421 |  | 15673 |
| Unitil Corp. (Multi-Utilities) |  |  | 124 |  | 6313 |
| Universal Corp. (Tobacco) |  |  | 172 |  | 9733 |
| Universal Health Realty Income Trust (Health <br>Care REITs) |  |  | 37 |  | 1470 |
| Upbound Group, Inc. (Specialty Retail) |  |  | 362 |  | 6842 |
| Urban Edge Properties (Retail REITs) |  |  | 454 |  | 8821 |
| Veeco Instruments, Inc.\* (Semiconductors & <br>Semiconductor Equipment) |  |  | 205 |  | 6402 |
| Versant Media Group, Inc.\* (Media) |  | 1008 | 1008 |  | 32840 |
| Vestis Corp. (Commercial Services & Supplies) |  |  | 777 |  | 5074 |
| Viad Corp.\* (Commercial Services & Supplies) |  |  | 149 |  | 5175 |
| Victoria's Secret & Co.\* (Specialty Retail) |  |  | 556 |  | 30308 |

---

**See accompanying notes to financial statements.**

January 31, 2026 (unaudited) :: Schedule of Portfolio Investments **:: Small-Cap Value ProFund :: 115**

**Common Stocks, continued**

---

| | | | |
|:---|:---|:---|:---|
|  | Shares | Shares |  |
| Victory Capital Holdings, Inc.—Class A (Capital <br>Markets) |  | 117 | $8252 |
| Vir Biotechnology, Inc.\* (Biotechnology) |  | 387 | 2879 |
| Virtus Investment Partners, Inc. (Capital <br>Markets) |  | 44 | 7183 |
| Vishay Intertechnology, Inc. (Electronic <br>Equipment, Instruments & Components) |  | 856 | 17248 |
| Walker & Dunlop, Inc. (Financial Services) |  | 236 | 14842 |
| Warrior Met Coal, Inc. (Metals & Mining) |  | 208 | 18573 |
| Washington Federal, Inc. (Banks) |  | 546 | 17811 |
| WD-40 Co. (Household Products) |  | 39 | 9018 |
| Werner Enterprises, Inc. (Ground <br>Transportation) |  | 415 | 14214 |
| Westamerica Bancorp (Banks) |  | 98 | 4957 |
| Whitestone REIT\* (Retail REITs) |  | 156 | 2221 |
| WillScot Mobile Mini Holdings Corp.\* (Biotech & <br>Pharma) | WillScot Mobile Mini Holdings Corp.\* (Biotech & <br>Pharma) | 605 | 12118 |
| Winmark Corp. (Specialty Retail) |  | 8 | 3606 |
| Winnebago Industries, Inc. (Automobiles) |  | 196 | 8998 |
| Wolverine World Wide, Inc. (Textiles, Apparel & <br>Luxury Goods) | Wolverine World Wide, Inc. (Textiles, Apparel & <br>Luxury Goods) | 569 | 10084 |
| World Acceptance Corp.\* (Consumer Finance) |  | 6 | 728 |
| World Kinect Corp. (Oil, Gas & Consumable <br>Fuels) |  | 385 | 10360 |
| Worthington Enterprises, Inc. (Household <br>Durables) |  | 117 | 6502 |
| Worthington Steel, Inc. (Metals & Mining) |  | 225 | 9052 |
| WSFS Financial Corp. (Banks) |  | 178 | 11522 |
| Xencor, Inc.\* (Biotechnology) |  | 495 | 5985 |
| Xenia Hotels & Resorts, Inc. (Hotel & Resort <br>REITs) |  | 355 | 5236 |
| Yelp, Inc.\* (Interactive Media & Services) |  | 170 | 4655 |
| Ziff Davis, Inc.\* (Interactive Media & Services) |  | 274 | 10472 |
| **TOTAL COMMON STOCKS**<br> (Cost $4,463,870) | **TOTAL COMMON STOCKS**<br> (Cost $4,463,870) | **TOTAL COMMON STOCKS**<br> (Cost $4,463,870) | **5322074** |

---

**Repurchase Agreements**<sup>(b)</sup> **(1.0%)**

---

| | | | |
|:---|:---|:---|:---|
| Principal <br>Amount |  | Value |  |
| Repurchase Agreements with various <br>counterparties, rates 3.40%–3.55%, <br>dated 1/31/26, due 2/2/26, total to be <br>received $51,010 | $51000 |  | $51000 |
| **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $51,000) | **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $51,000) | **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $51,000) | **51000** |

---

**Collateral for Securities Loaned**<sup>(c)</sup> **(1.2%)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Shares |  | Value |  |
| Invesco Government & Agency Portfolio—<br>Institutional Shares, 3.69%<sup>(d)</sup> |  | 65270 |  | $65270 |
| **TOTAL COLLATERAL FOR SECURITIES LOANED**<br> (Cost $65,270) | **TOTAL COLLATERAL FOR SECURITIES LOANED**<br> (Cost $65,270) | **TOTAL COLLATERAL FOR SECURITIES LOANED**<br> (Cost $65,270) | **TOTAL COLLATERAL FOR SECURITIES LOANED**<br> (Cost $65,270) | **65270** |
| **TOTAL INVESTMENT SECURITIES**<br> (Cost $4,580,140)—102.0% |  |  |  | **5438344** |
| Net other assets (liabilities)—(2.0)% |  |  |  | (104908) |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | $**5333436** |

---

\*

Non-income producing security.

<sup>(a)</sup>

All or part of this security was on loan as of January 31, 2026. The total value of securities on loan as of January 31, 2026 was $50,775.

<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>

Securities were purchased with cash collateral held from securities on loan at January 31, 2026.

<sup>(d)</sup>

Rate periodically changes. Rate disclosed is the daily yield as of January 31, 2026.

<sup>REIT</sup>

Real Estate Investment Trust

**See accompanying notes to financial statements.**

**116 :: Small-Cap Value ProFund ::** Schedule of Portfolio Investments :: January 31, 2026 (unaudited)

Small-Cap Value ProFund invested in the following industries as of January 31, 2026:

---

| | | | |
|:---|:---|:---|:---|
|  |  | % of<br>Net Assets |  |
| Air Freight & Logistics | $24277 | 0.5 | % |
| Automobile Components | 104413 | 2.0 | % |
| Automobiles | 8998 | 0.2 | % |
| Banks | 685643 | 13.0 | % |
| Beverages | 2795 | 0.1 | % |
| Biotech & Pharma | 20326 | 0.4 | % |
| Biotechnology | 32017 | 0.6 | % |
| Broadline Retail | 13592 | 0.3 | % |
| Building Products | 91433 | 1.7 | % |
| Capital Markets | 100780 | 1.9 | % |
| Chemicals | 279733 | 5.3 | % |
| Commercial Services & Supplies | 128811 | 2.4 | % |
| Commercial Support Services | 2054 | <sup>NM</sup> | <sup>NM</sup> |
| Communications Equipment | 18516 | 0.3 | % |
| Construction & Engineering | 43028 | 0.8 | % |
| Consumer Finance | 49202 | 0.9 | % |
| Consumer Staples Distribution & Retail | 36607 | 0.7 | % |
| Containers & Packaging | 33360 | 0.6 | % |
| Distributors | 58276 | 1.1 | % |
| Diversified Consumer Services | 47646 | 0.9 | % |
| Diversified Telecommunication Services | 44816 | 0.8 | % |
| Electric Utilities | 42763 | 0.8 | % |
| Electrical Equipment | 19864 | 0.4 | % |
| Electronic Equipment, Instruments & <br>Components | 119976 | 2.2 | % |
| Energy Equipment & Services | 126273 | 2.4 | % |
| Entertainment | 6607 | 0.1 | % |
| Equity REIT—Diversified | 41941 | 0.8 | % |
| Financial Services | 139427 | 2.6 | % |
| Food Products | 43945 | 0.7 | % |
| Gas Utilities | 14825 | 0.3 | % |
| Ground Transportation | 63584 | 1.2 | % |
| Health Care Equipment & Supplies | 174841 | 3.2 | % |
| Health Care Providers & Services | 80928 | 1.5 | % |
| Health Care REITs | 23452 | 0.4 | % |
| Health Care Technology | 5374 | 0.1 | % |
| Hotel & Resort REITs | 53393 | 1.0 | % |
| Hotels, Restaurants & Leisure | 104926 | 2.0 | % |
| Household Durables | 209054 | 3.9 | % |
| Household Products | 35902 | 0.7 | % |
| Industrial REITs | 32217 | 0.6 | % |
| Insurance | 129629 | 2.4 | % |
| Interactive Media & Services | 53821 | 1.0 | % |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | % of<br>Net Assets |  |
| IT Services | $21219 | 0.4 | % |
| Leisure Products | 5023 | 0.1 | % |
| Life Sciences Tools & Services | 19452 | 0.4 | % |
| Machinery | 168395 | 3.3 | % |
| Marine Transportation | 34625 | 0.6 | % |
| Media | 71127 | 1.4 | % |
| Metals & Mining | 81859 | 1.5 | % |
| Mortgage REITs | 63335 | 1.2 | % |
| Multi-Utilities | 18659 | 0.3 | % |
| Office REITs | 63873 | 1.2 | % |
| Oil, Gas & Consumable Fuels | 240947 | 4.5 | % |
| Paper & Forest Products | 11256 | 0.2 | % |
| Passenger Airlines | 34620 | 0.6 | % |
| Personal Care Products | 11535 | 0.2 | % |
| Pharmaceuticals | 63485 | 1.2 | % |
| Professional Services | 71400 | 1.3 | % |
| Real Estate Management & Development | 18414 | 0.3 | % |
| Real Estate Services | 26403 | 0.5 | % |
| Residential REITs | 11043 | 0.2 | % |
| Retail—Discretionary | 8713 | 0.2 | % |
| Retail REITs | 74186 | 1.4 | % |
| Semiconductors & Semiconductor <br>Equipment | 197587 | 3.8 | % |
| Software | 96577 | 1.8 | % |
| Specialized REITs | 34984 | 0.7 | % |
| Specialty Retail | 262468 | 4.8 | % |
| Technology Hardware, Storage & <br>Peripherals | 1658 | <sup>NM</sup> | <sup>NM</sup> |
| Technology Services | 38034 | 0.7 | % |
| Textiles, Apparel & Luxury Goods | 62485 | 1.2 | % |
| Tobacco | 9733 | 0.2 | % |
| Trading Companies & Distributors | 87651 | 1.6 | % |
| Water Utilities | 31484 | 0.6 | % |
| Wireless Telecommunication Services | 30779 | 0.6 | % |
| Other\*\* | 11362 | 0.2 | % |
| **Total** | $**5333436** | **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.**

January 31, 2026 (unaudited) :: Schedule of Portfolio Investments **:: Technology UltraSector ProFund :: 117**

**Common Stocks (80.2%)**

---

| | | |
|:---|:---|:---|
|  | Shares |  |
| Accenture PLC—Class A (IT Services) | 3995 | $1053242 |
| Adobe, Inc.\* (Software) | 2697 | 790895 |
| Advanced Micro Devices, Inc.\* <br>(Semiconductors & Semiconductor <br>Equipment) | 10485 | 2482114 |
| Akamai Technologies, Inc.\* (IT Services) | 927 | 90058 |
| Amphenol Corp.—Class A (Electronic <br>Equipment, Instruments & Components) | 7886 | 1136215 |
| Analog Devices, Inc. (Semiconductors & <br>Semiconductor Equipment) | 3169 | 985179 |
| Apple, Inc. (Technology Hardware, <br>Storage & Peripherals) | 36473 | 9464013 |
| Applied Materials, Inc. (Semiconductors & <br>Semiconductor Equipment) | 5132 | 1654146 |
| AppLovin Corp.\*—Class A (Software) | 1744 | 825104 |
| Arista Networks, Inc.\* (Communications <br>Equipment) | 6652 | 942854 |
| Autodesk, Inc.\* (Software) | 1372 | 346938 |
| Broadcom, Inc. (Semiconductors & <br>Semiconductor Equipment) | 11655 | 3861302 |
| Cadence Design Systems, Inc.\* (Software) | 1753 | 519519 |
| CDW Corp. (Electronic Equipment, <br>Instruments & Components) | 839 | 106041 |
| Cisco Systems, Inc. (Communications <br>Equipment) | 25387 | 1988311 |
| Cognizant Technology Solutions Corp.—<br>Class A (IT Services) | 3109 | 255125 |
| Corning, Inc. (Electronic Equipment, <br>Instruments & Components) | 5026 | 518935 |
| Crowdstrike Holdings, Inc.\*—Class A <br>(Software) | 1617 | 713752 |
| Datadog, Inc.\*—Class A (Software) | 2097 | 271184 |
| Dell Technologies, Inc.—Class C <br>(Technology Hardware, Storage & <br>Peripherals) | 1941 | 222128 |
| EPAM Systems, Inc.\* (IT Services) | 356 | 74262 |
| F5, Inc.\* (Communications Equipment) | 372 | 102527 |
| Fair Isaac Corp.\* (Software) | 153 | 223865 |
| First Solar, Inc.\* (Semiconductors & <br>Semiconductor Equipment) | 691 | 155834 |
| Fortinet, Inc.\* (Software) | 4072 | 330891 |
| Gartner, Inc.\* (IT Services) | 464 | 97259 |
| Gen Digital, Inc. (Software) | 3615 | 86724 |
| GoDaddy, Inc.\*—Class A (IT Services) | 871 | 87553 |
| Hewlett Packard Enterprise Co. (Technology <br>Hardware, Storage & Peripherals) | 8500 | 182920 |
| HP, Inc. (Technology Hardware, Storage & <br>Peripherals) | 6022 | 117068 |
| Intel Corp. (Semiconductors & <br>Semiconductor Equipment) | 28885 | 1342286 |
| International Business Machines Corp. <br>(IT Services) | 6022 | 1846946 |
| Intuit, Inc. (Software) | 1796 | 896060 |
| Jabil, Inc. (Electronic Equipment, <br>Instruments & Components) | 688 | 163187 |
| Keysight Technologies, Inc.\* (Electronic <br>Equipment, Instruments & Components) | 1107 | 239477 |
| KLA Corp. (Semiconductors & <br>Semiconductor Equipment) | 846 | 1208037 |
| Lam Research Corp. (Semiconductors & <br>Semiconductor Equipment) | 8092 | 1889159 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
|  | Shares |  |
| Microchip Technology, Inc. <br>(Semiconductors & Semiconductor <br>Equipment) | 3483 | $264429 |
| Micron Technology, Inc. (Semiconductors & <br>Semiconductor Equipment) | 7232 | 3000412 |
| Microsoft Corp. (Software) | 18346 | 7894099 |
| Monolithic Power Systems, Inc. <br>(Semiconductors & Semiconductor <br>Equipment) | 309 | 347362 |
| Motorola Solutions, Inc. (Communications <br>Equipment) | 1073 | 431925 |
| NetApp, Inc. (Technology Hardware, <br>Storage & Peripherals) | 1286 | 123906 |
| NVIDIA Corp. (Semiconductors & <br>Semiconductor Equipment) | 59981 | 11464168 |
| NXP Semiconductors N.V. <br>(Semiconductors & Semiconductor <br>Equipment) | 1621 | 366573 |
| ON Semiconductor Corp.\* <br>(Semiconductors & Semiconductor <br>Equipment) | 2593 | 155295 |
| Oracle Corp. (Software) | 10836 | 1783389 |
| Palantir Technologies, Inc.\*—Class A <br>(Software) | 14713 | 2156779 |
| Palo Alto Networks, Inc.\* (Software) | 4406 | 779730 |
| PTC, Inc.\* (Software) | 772 | 120532 |
| Qnity Electronics, Inc.\* (Semiconductors & <br>Semiconductor Equipment) | 1349 | 129747 |
| QUALCOMM, Inc. (Semiconductors & <br>Semiconductor Equipment) | 6902 | 1046274 |
| Roper Technologies, Inc. (Software) | 693 | 257262 |
| Salesforce, Inc. (Software) | 6133 | 1301975 |
| Sandisk Corp.\* (Semiconductors) | 897 | 516896 |
| Seagate Technology Holdings PLC <br>(Technology Hardware, Storage & <br>Peripherals) | 1404 | 572397 |
| ServiceNow, Inc.\* (Software) | 6683 | 781978 |
| Skyworks Solutions, Inc. (Semiconductors & <br>Semiconductor Equipment) | 958 | 53418 |
| Super Micro Computer, Inc.\* (Technology <br>Hardware, Storage & Peripherals) | 3230 | 94025 |
| Synopsys, Inc.\* (Software) | 1198 | 557208 |
| TE Connectivity, Ltd. (Electronic Equipment, <br>Instruments & Components) | 1895 | 422168 |
| Teledyne Technologies, Inc.\* (Electronic <br>Equipment, Instruments & Components) | 302 | 187331 |
| Teradyne, Inc. (Semiconductors & <br>Semiconductor Equipment) | 1009 | 243219 |
| Texas Instruments, Inc. (Semiconductors & <br>Semiconductor Equipment) | 5854 | 1261830 |
| Trimble, Inc.\* (Electronic Equipment, <br>Instruments & Components) | 1533 | 103631 |
| Tyler Technologies, Inc.\* (Software) | 277 | 102324 |
| VeriSign, Inc. (IT Services) | 537 | 131152 |
| Western Digital Corp. (Technology <br>Hardware, Storage & Peripherals) | 2203 | 551257 |
| Workday, Inc.\*—Class A (Software) | 1398 | 245531 |
| Zebra Technologies Corp.\* (Electronic <br>Equipment, Instruments & Components) | 326 | 76603 |
| **TOTAL COMMON STOCKS**<br>(Cost $35,164,752) | **TOTAL COMMON STOCKS**<br>(Cost $35,164,752) | **74795935** |

---

**See accompanying notes to financial statements.**

**118 :: Technology UltraSector ProFund ::** Schedule of Portfolio Investments :: January 31, 2026 (unaudited)

**Repurchase Agreements**<sup>(a)(b)</sup> **(21.3%)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Principal<br>Amount |  | Value |  |  |
| Repurchase Agreements with various <br>counterparties, rates 3.40%–3.55%, <br>dated 1/31/26, due 2/2/26, total to be <br>received $19,857,876 | $| 19854000 |  | $— | 19854000 |
| **TOTAL REPURCHASE AGREEMENTS**<br>(Cost $19,854,000) | **TOTAL REPURCHASE AGREEMENTS**<br>(Cost $19,854,000) | **TOTAL REPURCHASE AGREEMENTS**<br>(Cost $19,854,000) | **TOTAL REPURCHASE AGREEMENTS**<br>(Cost $19,854,000) | **19854000** | **19854000** |
| **TOTAL INVESTMENT SECURITIES**<br>(Cost $55,018,752)—101.5% |  |  |  | **94649935** | **94649935** |
| Net other assets (liabilities)—(1.5)% |  |  |  |  | (1429780) |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | $**93220155** | **93220155** |

---

\*

Non-income producing security.

<sup>(a)</sup>

A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. At January 31, 2026, the aggregate amount held in a segregated account was $12,521,000.

<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.

**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) | Value and<br>Unrealized<br>Appreciation/<br>(Depreciation) |
| S&P Technology Select Sector Index | Goldman Sachs International | 2/23/26 |  | 4.39 | % | $— | 37036219 |
| S&P Technology Select Sector Index | UBS AG | 2/23/26 |  | 4.44 | % | 28159817 | 28159817 |
|  |  |  |  |  |  | **65196036** |  |

---

<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 January 31, 2026, 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 January 31, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Value |  | % of<br>Net Assets |  |
| Communications Equipment | $— | 3465617 |  | 3.7% |
| Electronic Equipment, Instruments & <br>Components |  | 2953588 |  | 3.2% |
| IT Services |  | 3635597 |  | 3.9% |
| Semiconductors |  | 516896 |  | 0.6% |
| Semiconductors & Semiconductor <br>Equipment |  | 31910784 |  | 34.1% |
| Software |  | 20985739 |  | 22.5% |
| Technology Hardware, Storage & <br>Peripherals |  | 11327714 |  | 12.2% |
| Other\*\* | 18424220 | 18424220 |  | 19.8% |
| **Total** | $**93220155** | **93220155** |  | **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.**

January 31, 2026 (unaudited) :: Schedule of Portfolio Investments **:: UltraBear ProFund :: 119**

**Repurchase Agreements**<sup>(a)(b)</sup> **(82.7%)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Principal <br>Amount |  | &nbsp;&nbsp;Value |  |
| Repurchase Agreements with various <br>counterparties, rates 3.40%–3.55%, <br>dated 1/31/26, due 2/2/26, total to be <br>received $4,759,929 | $| 4759000 |  | $4759000 |
| **TOTAL REPURCHASE AGREEMENTS**<br>(Cost $4,759,000) | **TOTAL REPURCHASE AGREEMENTS**<br>(Cost $4,759,000) | **TOTAL REPURCHASE AGREEMENTS**<br>(Cost $4,759,000) | **TOTAL REPURCHASE AGREEMENTS**<br>(Cost $4,759,000) | **4759000** |
| **TOTAL INVESTMENT SECURITIES**<br> (Cost $4,759,000)—82.7% |  |  |  | **4759000** |
| Net other assets (liabilities)—17.3% |  |  |  | 995151 |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | $**5754151** |

---

<sup>(a)</sup>

A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. At January 31, 2026, the aggregate amount held in a segregated account was $1,227,000.

<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.

**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 | 3/23/26 | $(696575 | $(696575) | $(1559) |

---

**Total Return Swap Agreements—Short**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Underlying Instrument | Counterparty | Termination<br>Date<sup>(1)</sup> | Rate Paid<br>(Received)<sup>(2)</sup> | Notional<br>Amount |  |
| S&P 500 | Goldman Sachs International |  | 2/27/26 | (4.14) | $38297 |
| S&P 500 | UBS AG |  | 2/27/26 | (4.04) | 18301 |

---

<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 January 31, 2026, 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 :: January 31, 2026 (unaudited)

**Common Stocks (72.9%)**

---

| | | |
|:---|:---|:---|
|  | Shares |  |
| 3M Co. (Industrial Conglomerates) | 1120 | $171539 |
| A.O. Smith Corp. (Building Products) | 239 | 17564 |
| Abbott Laboratories (Health Care <br>Equipment & Supplies) | 3669 | 401022 |
| AbbVie, Inc. (Biotechnology) | 3730 | 831827 |
| Accenture PLC—Class A (IT Services) | 1309 | 345105 |
| Adobe, Inc.\* (Software) | 884 | 259233 |
| Advanced Micro Devices, Inc.\* <br>(Semiconductors & Semiconductor <br>Equipment) | 3435 | 813168 |
| Aflac, Inc. (Insurance) | 995 | 110395 |
| Agilent Technologies, Inc. (Life Sciences <br>Tools & Services) | 598 | 80042 |
| Air Products & Chemicals, Inc. (Chemicals) | 470 | 128075 |
| Airbnb, Inc.\*—Class A (Hotels, Restaurants & <br>Leisure) | 898 | 116174 |
| Akamai Technologies, Inc.\* (IT Services) | 303 | 29436 |
| Albemarle Corp. (Chemicals) | 249 | 42487 |
| Alexandria Real Estate Equities, Inc. <br>(Office REITs) | 327 | 17867 |
| Align Technology, Inc.\* (Health Care <br>Equipment & Supplies) | 141 | 22987 |
| Allegion PLC (Building Products) | 181 | 29936 |
| Alliant Energy Corp. (Electric Utilities) | 542 | 35723 |
| Allstate Corp. (Insurance) | 553 | 110041 |
| Alphabet, Inc.—Class A (Interactive Media & <br>Services) | 12277 | 4149626 |
| Alphabet, Inc.—Class C (Interactive Media & <br>Services) | 9813 | 3321995 |
| Altria Group, Inc. (Tobacco) | 3542 | 219569 |
| Amazon.com, Inc.\* (Broadline Retail) | 20528 | 4912351 |
| Amcor plc (Containers & Packaging) | 973 | 43055 |
| Ameren Corp. (Multi-Utilities) | 570 | 58870 |
| American Electric Power Co., Inc. (Electric <br>Utilities) | 1130 | 135346 |
| American Express Co. (Consumer Finance) | 1134 | 399361 |
| American International Group, Inc. (Insurance) | 1139 | 85288 |
| American Tower Corp.—Class A (Specialized <br>REITs) | 987 | 176949 |
| American Water Works Co., Inc. (Water <br>Utilities) | 412 | 53202 |
| Ameriprise Financial, Inc. (Capital Markets) | 196 | 103329 |
| AMETEK, Inc. (Electrical Equipment) | 486 | 108854 |
| Amgen, Inc. (Biotechnology) | 1136 | 388376 |
| Amphenol Corp.—Class A (Electronic <br>Equipment, Instruments & Components) | 2584 | 372303 |
| Analog Devices, Inc. (Semiconductors & <br>Semiconductor Equipment) | 1038 | 322693 |
| Aon PLC—Class A (Insurance) | 454 | 158737 |
| APA Corp. (Oil, Gas & Consumable Fuels) | 747 | 19728 |
| Apollo Global Management, Inc. (Financial <br>Services) | 980 | 131849 |
| Apple, Inc. (Technology Hardware, Storage & <br>Peripherals) | 31182 | 8091105 |
| Applied Materials, Inc. (Semiconductors & <br>Semiconductor Equipment) | 1681 | 541820 |
| AppLovin Corp.\*—Class A (Software) | 571 | 270146 |
| Aptiv PLC\* (Automobile Components) | 456 | 34542 |
| Arch Capital Group, Ltd.\* (Insurance) | 762 | 73182 |
| Archer-Daniels-Midland Co. (Food Products) | 1014 | 68252 |
| Ares Management Corporation—Class A <br>(Capital Markets) | 434 | 64957 |

---

**Common Stocks, continued**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Shares | Shares | Shares |  | Value |  |
| Arista Networks, Inc.\* (Communications <br>Equipment) |  |  | 2179 | 2179 |  | $308851 |
| Arthur J. Gallagher & Co. (Insurance) |  |  |  | 542 |  | 135159 |
| Assurant, Inc. (Insurance) |  |  |  | 105 |  | 25004 |
| AT&T, Inc. (Diversified Telecommunication <br>Services) |  | 14958 | 14958 | 14958 |  | 392049 |
| Atmos Energy Corp. (Gas Utilities) |  |  |  | 338 |  | 56223 |
| Autodesk, Inc.\* (Software) |  |  |  | 449 |  | 113539 |
| Automatic Data Processing, Inc. (Professional <br>Services) |  |  |  | 853 |  | 210537 |
| AutoZone, Inc.\* (Specialty Retail) |  |  |  | 35 |  | 129650 |
| AvalonBay Communities, Inc. (Residential REITs) | AvalonBay Communities, Inc. (Residential REITs) | AvalonBay Communities, Inc. (Residential REITs) | AvalonBay Communities, Inc. (Residential REITs) | 299 |  | 53124 |
| Avery Dennison Corp. (Containers & Packaging) | Avery Dennison Corp. (Containers & Packaging) | Avery Dennison Corp. (Containers & Packaging) |  | 163 |  | 30238 |
| Axon Enterprise, Inc.\* (Aerospace & Defense) |  |  |  | 166 |  | 80274 |
| Baker Hughes Co. (Energy Equipment & <br>Services) |  |  | 2082 | 2082 |  | 116675 |
| Ball Corp. (Containers & Packaging) |  |  |  | 565 |  | 32132 |
| Bank of America Corp. (Banks) |  | 14176 | 14176 | 14176 |  | 754163 |
| Baxter International, Inc. (Health Care <br>Equipment & Supplies) |  |  | 1084 | 1084 |  | 21756 |
| Becton, Dickinson & Co. (Health Care <br>Equipment & Supplies) |  |  |  | 605 |  | 123105 |
| Berkshire Hathaway, Inc.\*—Class B <br>(Financial Services) |  |  | 3870 | 3870 |  | 1859651 |
| Best Buy Co., Inc. (Specialty Retail) |  |  |  | 412 |  | 26821 |
| Biogen, Inc.\* (Biotechnology) |  |  |  | 310 |  | 55766 |
| Bio-Techne Corp. (Life Sciences Tools & <br>Services) |  |  |  | 328 |  | 21022 |
| BlackRock, Inc. (Capital Markets) |  |  |  | 304 |  | 340158 |
| Blackstone, Inc. (Capital Markets) |  |  | 1559 | 1559 |  | 222033 |
| Block, Inc.\* (Financial Services) |  |  | 1156 | 1156 |  | 69857 |
| Booking Holdings, Inc. (Hotels, Restaurants & <br>Leisure) |  |  |  | 68 |  | 340125 |
| Boston Properties, Inc. (Office REITs) |  |  |  | 311 |  | 20113 |
| Boston Scientific Corp.\* (Health Care <br>Equipment & Supplies) |  |  | 3128 | 3128 |  | 292562 |
| Bristol-Myers Squibb Co. (Pharmaceuticals) |  |  | 4295 | 4295 |  | 236440 |
| Broadcom, Inc. (Semiconductors & <br>Semiconductor Equipment) |  |  | 9965 | 9965 |  | 3301404 |
| Broadridge Financial Solutions, Inc. <br>(Professional Services) |  |  |  | 246 |  | 48489 |
| Brown & Brown, Inc. (Insurance) |  |  |  | 619 |  | 44630 |
| Brown-Forman Corp.—Class B (Beverages) |  |  |  | 370 |  | 10127 |
| Builders FirstSource, Inc.\* (Building Products) |  |  |  | 233 |  | 26655 |
| Bunge Global SA (Food Products) |  |  |  | 286 |  | 32570 |
| C.H. Robinson Worldwide, Inc. (Air Freight & <br>Logistics) |  |  |  | 250 |  | 48738 |
| Cadence Design Systems, Inc.\* (Software) |  |  |  | 574 |  | 170111 |
| Camden Property Trust (Residential REITs) |  |  |  | 225 |  | 24536 |
| Campbell Soup Co. (Food Products) |  |  |  | 413 |  | 11556 |
| Capital One Financial Corp. (Consumer <br>Finance) |  |  | 1341 | 1341 |  | 293585 |
| Cardinal Health, Inc. (Health Care Providers & <br>Services) |  |  |  | 502 |  | 107870 |
| Carnival Corp.\* (Hotels, Restaurants & Leisure) | Carnival Corp.\* (Hotels, Restaurants & Leisure) |  | 2290 | 2290 |  | 68746 |
| Carrier Global Corp. (Building Products) |  |  | 1670 | 1670 |  | 99499 |
| Carvana Co.\* (Specialty Retail) |  |  |  | 299 |  | 119932 |
| Caterpillar, Inc. (Machinery) |  |  |  | 987 |  | 648814 |
| Cboe Global Markets, Inc. (Capital Markets) |  |  |  | 221 |  | 58578 |
| CBRE Group, Inc.\*—Class A (Real Estate <br>Management & Development) |  |  |  | 618 |  | 105264 |

---

**See accompanying notes to financial statements.**

January 31, 2026 (unaudited) :: Schedule of Portfolio Investments **:: UltraBull ProFund :: 121**

**Common Stocks, continued**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Shares |  | Value |  |
| CDW Corp. (Electronic Equipment, <br>Instruments & Components) |  | 275 |  | $34757 |
| Cencora, Inc. (Health Care Providers & <br>Services) |  | 410 |  | 147280 |
| Centene Corp.\* (Health Care Providers & <br>Services) |  | 984 |  | 42627 |
| CenterPoint Energy, Inc. (Multi-Utilities) |  | 1377 |  | 54653 |
| CF Industries Holdings, Inc. (Chemicals) |  | 329 |  | 30673 |
| Charles River Laboratories International, Inc.\* <br>(Life Sciences Tools & Services) |  | 104 |  | 21890 |
| Charter Communications, Inc.\*—Class A <br>(Media) |  | 186 |  | 38338 |
| Chevron Corp. (Oil, Gas & Consumable Fuels) |  | 3994 |  | 706539 |
| Chipotle Mexican Grill, Inc.\* (Hotels, <br>Restaurants & Leisure) |  | 2790 |  | 108447 |
| Chubb, Ltd. (Insurance) |  | 772 |  | 238980 |
| Church & Dwight Co., Inc. (Household <br>Products) |  | 507 |  | 48799 |
| Cincinnati Financial Corp. (Insurance) |  | 329 |  | 52933 |
| Cintas Corp. (Commercial Services & Supplies) | Cintas Corp. (Commercial Services & Supplies) | 720 |  | 137801 |
| Cisco Systems, Inc. (Communications <br>Equipment) |  | 8316 |  | 651309 |
| Citigroup, Inc. (Banks) |  | 3775 |  | 436805 |
| Citizens Financial Group, Inc. (Banks) |  | 906 |  | 57060 |
| CME Group, Inc. (Capital Markets) |  | 762 |  | 220264 |
| CMS Energy Corp. (Multi-Utilities) |  | 642 |  | 45897 |
| Cognizant Technology Solutions Corp.—<br>Class A (IT Services) |  | 1019 |  | 83619 |
| Coinbase Global, Inc.\*—Class A (Capital <br>Markets) |  | 482 |  | 93865 |
| Colgate-Palmolive Co. (Household Products) |  | 1700 |  | 153493 |
| Comcast Corp.—Class A (Media) |  | 7668 |  | 228123 |
| Comfort Systems USA, Inc. (Construction & <br>Engineering) |  | 74 |  | 84515 |
| Conagra Brands, Inc. (Food Products) |  | 1008 |  | 18658 |
| ConocoPhillips (Oil, Gas & Consumable <br>Fuels) |  | 2608 |  | 271832 |
| Consolidated Edison, Inc. (Multi-Utilities) |  | 761 |  | 81145 |
| Constellation Brands, Inc.—Class A <br>(Beverages) |  | 298 |  | 46697 |
| Constellation Energy Corp. (Electric Utilities) |  | 659 |  | 184968 |
| Copart, Inc.\* (Commercial Services & <br>Supplies) |  | 1877 |  | 76169 |
| Corning, Inc. (Electronic Equipment, <br>Instruments & Components) |  | 1646 |  | 169950 |
| Corpay, Inc.\* (Software) |  | 147 |  | 46251 |
| Corteva, Inc. (Chemicals) |  | 1425 |  | 103740 |
| CoStar Group, Inc.\* (Real Estate <br>Management & Development) |  | 894 |  | 54981 |
| Costco Wholesale Corp. (Consumer Staples <br>Distribution & Retail) |  | 936 |  | 880074 |
| Coterra Energy, Inc. (Oil, Gas & Consumable <br>Fuels) |  | 1605 |  | 46304 |
| CRH plc (Construction Materials) |  | 1414 |  | 173087 |
| Crowdstrike Holdings, Inc.\*—Class A <br>(Software) |  | 529 |  | 233503 |
| Crown Castle International Corp. (Specialized <br>REITs) |  | 919 |  | 79778 |
| CSX Corp. (Ground Transportation) |  | 3929 |  | 148359 |
| Cummins, Inc. (Machinery) |  | 291 |  | 168437 |
| CVS Health Corp. (Health Care Providers & <br>Services) |  | 2679 |  | 199639 |

---

**Common Stocks, continued**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Shares |  | Value |  |
| D.R. Horton, Inc. (Household Durables) |  | 579 |  | $86179 |
| Danaher Corp. (Life Sciences Tools & Services) | Danaher Corp. (Life Sciences Tools & Services) | 1327 |  | 290467 |
| Darden Restaurants, Inc. (Hotels, <br>Restaurants & Leisure) |  | 246 |  | 49040 |
| Datadog, Inc.\*—Class A (Software) |  | 687 |  | 88843 |
| DaVita, Inc.\* (Health Care Providers & <br>Services) |  | 75 |  | 8201 |
| Dayforce, Inc.\* (Professional Services) |  | 337 |  | 23344 |
| Deckers Outdoor Corp.\* (Textiles, Apparel & <br>Luxury Goods) |  | 308 |  | 36757 |
| Deere & Co. (Machinery) |  | 531 |  | 280368 |
| Dell Technologies, Inc.—Class C (Technology <br>Hardware, Storage & Peripherals) |  | 636 |  | 72784 |
| Delta Air Lines, Inc. (Passenger Airlines) |  | 1368 |  | 90137 |
| Devon Energy Corp. (Oil, Gas & Consumable <br>Fuels) |  | 1323 |  | 53198 |
| Dexcom, Inc.\* (Health Care Equipment & <br>Supplies) |  | 823 |  | 60112 |
| Diamondback Energy, Inc. (Oil, Gas & <br>Consumable Fuels) |  | 393 |  | 64432 |
| Digital Realty Trust, Inc. (Specialized REITs) |  | 681 |  | 113012 |
| Dollar General Corp. (Consumer Staples <br>Distribution & Retail) |  | 464 |  | 66552 |
| Dollar Tree, Inc.\* (Consumer Staples <br>Distribution & Retail) |  | 400 |  | 47036 |
| Dominion Energy, Inc. (Multi-Utilities) |  | 1802 |  | 108426 |
| Domino's Pizza, Inc. (Hotels, Restaurants & <br>Leisure) |  | 66 |  | 27082 |
| DoorDash, Inc.\*—Class A (Hotels, <br>Restaurants & Leisure) |  | 789 |  | 161445 |
| Dover Corp. (Machinery) |  | 289 |  | 58231 |
| Dow, Inc. (Chemicals) |  | 1499 |  | 41297 |
| DTE Energy Co. (Multi-Utilities) |  | 438 |  | 58858 |
| Duke Energy Corp. (Electric Utilities) |  | 1641 |  | 199135 |
| DuPont de Nemours, Inc. (Chemicals) |  | 884 |  | 38825 |
| Eaton Corp. PLC (Electrical Equipment) |  | 820 |  | 288164 |
| eBay, Inc. (Broadline Retail) |  | 953 |  | 86933 |
| Ecolab, Inc. (Chemicals) |  | 538 |  | 151711 |
| Edison International (Electric Utilities) |  | 812 |  | 50571 |
| Edwards LifeSciences Corp.\* (Health Care <br>Equipment & Supplies) |  | 1225 |  | 99666 |
| Electronic Arts, Inc. (Entertainment) |  | 473 |  | 96454 |
| Elevance Health, Inc. (Health Care <br>Providers & Services) |  | 470 |  | 162498 |
| Eli Lilly & Co. (Pharmaceuticals) |  | 1676 |  | 1738263 |
| EMCOR Group, Inc. (Construction & <br>Engineering) |  | 95 |  | 68469 |
| Emerson Electric Co. (Electrical Equipment) |  | 1186 |  | 174295 |
| Entergy Corp. (Electric Utilities) |  | 943 |  | 90424 |
| EOG Resources, Inc. (Oil, Gas & Consumable <br>Fuels) |  | 1144 |  | 128277 |
| EPAM Systems, Inc.\* (IT Services) |  | 116 |  | 24198 |
| EQT Corp. (Oil, Gas & Consumable Fuels) |  | 1316 |  | 75973 |
| Equifax, Inc. (Professional Services) |  | 258 |  | 51961 |
| Equinix, Inc. (Specialized REITs) |  | 207 |  | 169933 |
| Equity Residential (Residential REITs) |  | 730 |  | 45494 |
| Erie Indemnity Co.—Class A (Insurance) |  | 54 |  | 15283 |
| Essex Property Trust, Inc. (Residential REITs) |  | 136 |  | 34254 |
| Everest Group, Ltd. (Insurance) |  | 88 |  | 29153 |
| Evergy, Inc. (Electric Utilities) |  | 485 |  | 37214 |
| Eversource Energy (Electric Utilities) |  | 792 |  | 54751 |
| Exelon Corp. (Electric Utilities) |  | 2131 |  | 95426 |

---

**See accompanying notes to financial statements.**

**122 :: UltraBull ProFund ::** Schedule of Portfolio Investments :: January 31, 2026 (unaudited)

**Common Stocks, continued**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Shares |  | Value |  |  |
| Expand Energy Corp. (Oil, Gas & <br>Consumable Fuels) |  | 503 |  | $56542 | 56542 |
| Expedia Group, Inc. (Hotels, Restaurants & <br>Leisure) |  | 247 |  | 65415 | 65415 |
| Expeditors International of Washington, Inc. <br>(Air Freight & Logistics) |  | 283 |  | 45433 | 45433 |
| Extra Space Storage, Inc. (Specialized REITs) |  | 447 |  | 61673 | 61673 |
| Exxon Mobil Corp. (Oil, Gas & Consumable <br>Fuels) |  | 8899 |  | 1258318 | 1258318 |
| F5, Inc.\* (Communications Equipment) |  | 121 |  | 33349 | 33349 |
| FactSet Research Systems, Inc. (Capital <br>Markets) |  | 80 |  | 20349 | 20349 |
| Fair Isaac Corp.\* (Software) |  | 50 |  | 73159 | 73159 |
| Fastenal Co. (Trading Companies & <br>Distributors) |  | 2422 |  | 105018 | 105018 |
| Federal Realty Investment Trust (Retail REITs) |  | 165 |  | 16691 | 16691 |
| FedEx Corp. (Air Freight & Logistics) |  | 459 |  | 147913 | 147913 |
| Fidelity National Information Services, Inc. <br>(Financial Services) |  | 1092 |  | 60333 | 60333 |
| Fifth Third Bancorp (Banks) |  | 1897 |  | 95267 | 95267 |
| First Horizon Corp. (Banks) |  |  | <sup>(a)</sup> |  | 7 |
| First Solar, Inc.\* (Semiconductors & <br>Semiconductor Equipment) |  | 226 |  | 50968 | 50968 |
| FirstEnergy Corp. (Electric Utilities) |  | 1096 |  | 51885 | 51885 |
| Fiserv, Inc.\* (Financial Services) |  | 1134 |  | 72270 | 72270 |
| Ford Motor Co. (Automobiles) |  | 8257 |  | 114607 | 114607 |
| Fortinet, Inc.\* (Software) |  | 1334 |  | 108401 | 108401 |
| Fortive Corp. (Machinery) |  | 670 |  | 35383 | 35383 |
| Fox Corp.—Class A (Media) |  | 439 |  | 31950 | 31950 |
| Fox Corp.—Class B (Media) |  | 312 |  | 20458 | 20458 |
| Franklin Resources, Inc. (Capital Markets) |  | 648 |  | 17250 | 17250 |
| Freeport-McMoRan, Inc. (Metals & Mining) |  | 3029 |  | 182437 | 182437 |
| Garmin, Ltd. (Household Durables) |  | 346 |  | 69767 | 69767 |
| Gartner, Inc.\* (IT Services) |  | 153 |  | 32070 | 32070 |
| GE HealthCare Technologies, Inc.\* (Health <br>Care Equipment & Supplies) |  | 960 |  | 75811 | 75811 |
| GE Vernova, Inc. (Electrical Equipment) |  | 572 |  | 415484 | 415484 |
| Gen Digital, Inc. (Software) |  | 1183 |  | 28380 | 28380 |
| Generac Holdings, Inc.\* (Electrical Equipment) |  | 124 |  | 20837 | 20837 |
| General Dynamics Corp. (Aerospace & <br>Defense) |  | 535 |  | 187833 | 187833 |
| General Electric Co. (Industrial Conglomerates) | General Electric Co. (Industrial Conglomerates) | 2226 |  | 682915 | 682915 |
| General Mills, Inc. (Food Products) |  | 1125 |  | 52043 | 52043 |
| General Motors Co. (Automobiles) |  | 1968 |  | 165312 | 165312 |
| Genuine Parts Co. (Distributors) |  | 294 |  | 40863 | 40863 |
| Gilead Sciences, Inc. (Biotechnology) |  | 2618 |  | 371625 | 371625 |
| Global Payments, Inc. (Financial Services) |  | 499 |  | 35798 | 35798 |
| Globe Life, Inc. (Insurance) |  | 168 |  | 23557 | 23557 |
| GoDaddy, Inc.\*—Class A (IT Services) |  | 286 |  | 28749 | 28749 |
| Halliburton Co. (Energy Equipment & Services) | Halliburton Co. (Energy Equipment & Services) | 1776 |  | 59532 | 59532 |
| Hasbro, Inc. (Leisure Products) |  | 281 |  | 25096 | 25096 |
| HCA Healthcare, Inc. (Health Care Providers & <br>Services) |  | 337 |  | 164547 | 164547 |
| Healthpeak Properties, Inc. (Health Care REITs) | Healthpeak Properties, Inc. (Health Care REITs) | 1465 |  | 25257 | 25257 |
| Henry Schein, Inc.\* (Health Care Providers & <br>Services) |  | 211 |  | 15926 | 15926 |
| Hewlett Packard Enterprise Co. (Technology <br>Hardware, Storage & Peripherals) |  | 2782 |  | 59869 | 59869 |
| Hilton Worldwide Holdings, Inc. (Hotels, <br>Restaurants & Leisure) |  | 491 |  | 146568 | 146568 |
| Hologic, Inc.\* (Health Care Equipment & <br>Supplies) |  | 469 |  | 35142 | 35142 |

---

**Common Stocks, continued**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Shares | Shares | Value |  |
| Honeywell International, Inc. (Industrial <br>Conglomerates) | 1339 | 1339 |  | $304649 |
| Hormel Foods Corp. (Food Products) |  | 613 |  |  |
| Host Hotels & Resorts, Inc. (Hotel & Resort <br>REITs) | 1348 | 1348 |  | 24978 |
| Howmet Aerospace, Inc. (Aerospace & <br>Defense) |  | 849 |  |  |
| HP, Inc. (Technology Hardware, Storage & <br>Peripherals) | 1971 | 1971 |  | 38316 |
| Hubbell, Inc. (Electrical Equipment) |  | 113 |  |  |
| Humana, Inc. (Health Care Providers & Services) | Humana, Inc. (Health Care Providers & Services) | 254 |  |  |
| Huntington Bancshares, Inc. (Banks) | 4323 | 4323 |  | 75566 |
| Huntington Ingalls Industries, Inc. <br>(Aerospace & Defense) |  | 83 |  |  |
| IDEX Corp. (Machinery) |  | 158 |  |  |
| IDEXX Laboratories, Inc.\* (Health Care <br>Equipment & Supplies) |  | 169 |  |  |
| Illinois Tool Works, Inc. (Machinery) |  | 557 |  |  |
| Incyte Corp.\* (Biotechnology) |  | 348 |  |  |
| Ingersoll Rand, Inc. (Machinery) |  | 759 |  |  |
| Insulet Corp.\* (Health Care Equipment & <br>Supplies) |  | 148 |  |  |
| Intel Corp. (Semiconductors & Semiconductor <br>Equipment) | 9461 | 9461 |  | 439653 |
| Interactive Brokers Group, Inc.—Class A (Capital <br>Markets) | Interactive Brokers Group, Inc.—Class A (Capital <br>Markets) | 940 |  |  |
| Intercontinental Exchange, Inc. (Capital <br>Markets) | 1203 | 1203 |  | 209057 |
| International Business Machines Corp. <br>(IT Services) | 1973 | 1973 |  | 605119 |
| International Flavors & Fragrances, Inc. <br>(Chemicals) |  | 541 |  |  |
| International Paper Co. (Containers & <br>Packaging) | 1113 | 1113 |  | 44876 |
| Intuit, Inc. (Software) |  | 588 |  |  |
| Intuitive Surgical, Inc.\* (Health Care <br>Equipment & Supplies) |  | 748 |  |  |
| Invesco, Ltd. (Capital Markets) |  | 938 |  |  |
| Invitation Homes, Inc. (Residential REITs) | 1188 | 1188 |  | 31755 |
| IQVIA Holdings, Inc.\* (Life Sciences Tools & <br>Services) |  | 360 |  |  |
| Iron Mountain, Inc. (Specialized REITs) |  | 624 |  |  |
| J.B. Hunt Transport Services, Inc. (Ground <br>Transportation) |  | 159 |  |  |
| Jabil, Inc. (Electronic Equipment, <br>Instruments & Components) |  | 226 |  |  |
| Jack Henry & Associates, Inc. (Financial <br>Services) |  | 153 |  |  |
| Jacobs Solutions, Inc. (Professional Services) |  | 252 |  |  |
| Johnson & Johnson (Pharmaceuticals) | 5084 | 5084 |  | 1155339 |
| Johnson Controls International PLC (Building <br>Products) | 1290 | 1290 |  | 153845 |
| JPMorgan Chase & Co. (Banks) | 5744 | 5744 |  | 1757031 |
| Kenvue, Inc.\* (Personal Care Products) | 4041 | 4041 |  | 70313 |
| Keurig Dr Pepper, Inc. (Beverages) | 2865 | 2865 |  | 78616 |
| KeyCorp (Banks) | 1958 | 1958 |  | 42136 |
| Keysight Technologies, Inc.\* (Electronic <br>Equipment, Instruments & Components) |  | 362 |  |  |
| Kimberly-Clark Corp. (Household Products) |  | 701 |  |  |
| Kimco Realty Corp. (Retail REITs) | 1428 | 1428 |  | 30102 |
| Kinder Morgan, Inc. (Oil, Gas & Consumable <br>Fuels) | 4130 | 4130 |  | 125924 |

---

**See accompanying notes to financial statements.**

January 31, 2026 (unaudited) :: Schedule of Portfolio Investments **:: UltraBull ProFund :: 123**

**Common Stocks, continued**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Shares |  | Value |  |
| KKR & Co., Inc. (Capital Markets) |  | 1449 |  | $165563 |
| KLA Corp. (Semiconductors & Semiconductor <br>Equipment) |  | 277 |  | 395539 |
| L3Harris Technologies, Inc. (Aerospace & <br>Defense) |  | 395 |  | 135426 |
| Labcorp Holdings, Inc. (Health Care <br>Providers & Services) |  | 175 |  | 47516 |
| Lam Research Corp. (Semiconductors & <br>Semiconductor Equipment) |  | 2650 |  | 618669 |
| Lamb Weston Holdings, Inc. (Food Products) |  | 293 |  | 13457 |
| Las Vegas Sands Corp.\* (Hotels, Restaurants & <br>Leisure) | Las Vegas Sands Corp.\* (Hotels, Restaurants & <br>Leisure) | 642 |  | 33853 |
| Leidos Holdings, Inc. (Professional Services) |  | 270 |  | 50836 |
| Lennar Corp.—Class A (Household Durables) |  | 455 |  | 49754 |
| Lennox International, Inc. (Building Products) |  | 67 |  | 33170 |
| Linde PLC (Chemicals) |  | 985 |  | 450115 |
| Live Nation Entertainment, Inc.\* <br>(Entertainment) |  | 333 |  | 48435 |
| Lockheed Martin Corp.—Class B (Aerospace & <br>Defense) | Lockheed Martin Corp.—Class B (Aerospace & <br>Defense) | 429 |  | 272080 |
| Loews Corp. (Insurance) |  | 358 |  | 37794 |
| Lowe's Cos., Inc. (Specialty Retail) |  | 1183 |  | 315932 |
| Lululemon Athletica, Inc.\* (Textiles, Apparel & <br>Luxury Goods) |  | 228 |  | 39786 |
| LyondellBasell Industries N.V.—Class A <br>(Chemicals) |  | 543 |  | 26607 |
| M&T Bank Corp. (Banks) |  | 324 |  | 71789 |
| Marathon Petroleum Corp. (Oil, Gas & <br>Consumable Fuels) |  | 634 |  | 111704 |
| Marriott International, Inc. (Hotels, <br>Restaurants & Leisure) |  | 472 |  | 148667 |
| Marsh & McLennan Cos., Inc. (Insurance) |  | 1034 |  | 194588 |
| Martin Marietta Materials, Inc. (Construction <br>Materials) |  | 128 |  | 83450 |
| Masco Corp. (Building Products) |  | 438 |  | 28947 |
| MasterCard, Inc.—Class A (Financial Services) |  | 1731 |  | 932645 |
| Match Group, Inc. (Interactive Media & <br>Services) |  | 497 |  | 15482 |
| McCormick & Co., Inc. (Food Products) |  | 534 |  | 33017 |
| McDonald's Corp. (Hotels, Restaurants & <br>Leisure) |  | 1502 |  | 473130 |
| McKesson Corp. (Health Care Providers & <br>Services) |  | 261 |  | 216946 |
| Medtronic PLC (Health Care Equipment & <br>Supplies) |  | 2707 |  | 278713 |
| Merck & Co., Inc. (Pharmaceuticals) |  | 5238 |  | 577594 |
| Meta Platforms, Inc.—Class A (Interactive <br>Media & Services) |  | 4596 |  | 3293034 |
| MetLife, Inc. (Insurance) |  | 1168 |  | 92132 |
| Mettler-Toledo International, Inc.\* (Life <br>Sciences Tools & Services) |  | 43 |  | 59049 |
| MGM Resorts International (Hotels, <br>Restaurants & Leisure) |  | 431 |  | 14456 |
| Microchip Technology, Inc. <br>(Semiconductors & Semiconductor <br>Equipment) |  | 1141 |  | 86625 |
| Micron Technology, Inc. (Semiconductors & <br>Semiconductor Equipment) |  | 2368 |  | 982435 |
| Microsoft Corp. (Software) | 15684 | 15684 |  | 6748667 |
| Mid-America Apartment Communities, Inc. <br>(Residential REITs) |  | 247 |  | 33172 |
| Moderna, Inc.\* (Biotechnology) |  | 733 |  | 32303 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
|  | Shares |  |
| Molina Healthcare, Inc.\* (Health Care <br>Providers & Services) | 108 | $19396 |
| Molson Coors Beverage Co.—Class B <br>(Beverages) | 356 | 17102 |
| Mondelez International, Inc.—Class A (Food <br>Products) | 2722 | 159155 |
| Monolithic Power Systems, Inc. <br>(Semiconductors & Semiconductor <br>Equipment) | 102 | 114663 |
| Monster Beverage Corp.\* (Beverages) | 1505 | 121544 |
| Moody's Corp. (Capital Markets) | 324 | 167041 |
| Morgan Stanley (Capital Markets) | 2549 | 465957 |
| Motorola Solutions, Inc. (Communications <br>Equipment) | 351 | 141292 |
| MSCI, Inc. (Capital Markets) | 159 | 96866 |
| Nasdaq, Inc. (Capital Markets) | 952 | 92239 |
| NetApp, Inc. (Technology Hardware, <br>Storage & Peripherals) | 421 | 40563 |
| Netflix, Inc.\* (Entertainment) | 8942 | 746568 |
| Newmont Corp. (Metals & Mining) | 2303 | 258741 |
| News Corp.—Class A (Media) | 789 | 21327 |
| News Corp.—Class B (Media) | 259 | 8055 |
| NextEra Energy, Inc. (Electric Utilities) | 4395 | 386321 |
| NIKE, Inc.—Class B (Textiles, Apparel & <br>Luxury Goods) | 2509 | 155081 |
| NiSource, Inc. (Multi-Utilities) | 1006 | 44556 |
| Nordson Corp. (Machinery) | 113 | 31022 |
| Norfolk Southern Corp. (Ground <br>Transportation) | 473 | 137757 |
| Northern Trust Corp. (Capital Markets) | 399 | 59623 |
| Northrop Grumman Corp. (Aerospace & <br>Defense) | 283 | 195910 |
| Norwegian Cruise Lines Holdings, Ltd.\* <br>(Hotels, Restaurants & Leisure) | 960 | 21082 |
| NRG Energy, Inc. (Electric Utilities) | 404 | 61663 |
| Nucor Corp. (Metals & Mining) | 483 | 85839 |
| NVIDIA Corp. (Semiconductors & <br>Semiconductor Equipment) | 51278 | 9800763 |
| NVR, Inc.\* (Household Durables) | 6 | 45814 |
| NXP Semiconductors N.V. (Semiconductors & <br>Semiconductor Equipment) | 531 | 120080 |
| Occidental Petroleum Corp. (Oil, Gas & <br>Consumable Fuels) | 1517 | 68857 |
| Old Dominion Freight Line, Inc. (Ground <br>Transportation) | 388 | 67202 |
| Omnicom Group, Inc. (Media) | 673 | 51848 |
| ON Semiconductor Corp.\* (Semiconductors & <br>Semiconductor Equipment) | 849 | 50847 |
| ONEOK, Inc. (Oil, Gas & Consumable Fuels) | 1327 | 105085 |
| Oracle Corp. (Software) | 3550 | 584259 |
| O'Reilly Automotive, Inc.\* (Specialty Retail) | 1781 | 175268 |
| Otis Worldwide Corp. (Machinery) | 822 | 70215 |
| PACCAR, Inc. (Machinery) | 1108 | 136184 |
| Packaging Corp. of America (Containers & <br>Packaging) | 189 | 42062 |
| Palantir Technologies, Inc.\*—Class A <br>(Software) | 4821 | 706709 |
| Palo Alto Networks, Inc.\* (Software) | 1444 | 255545 |
| Paramount Skydance Corp.\*—Class B (Media) | 653 | 7320 |
| Parker-Hannifin Corp. (Machinery) | 266 | 248933 |
| Paychex, Inc. (Professional Services) | 684 | 70541 |
| Paycom Software, Inc. (Professional Services) | 104 | 14014 |

---

**See accompanying notes to financial statements.**

**124 :: UltraBull ProFund ::** Schedule of Portfolio Investments :: January 31, 2026 (unaudited)

**Common Stocks, continued**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Shares | Shares |  |  |
| PayPal Holdings, Inc.\* (Financial Services) |  | 1974 | $104010 |  |
| Pentair PLC (Machinery) |  | 346 | 36458 |  |
| PepsiCo, Inc. (Beverages) |  | 2885 | 443223 |  |
| Pfizer, Inc. (Pharmaceuticals) | 11996 | 11996 |  | 317174 |
| PG&E Corp. (Electric Utilities) |  | 4636 | 71487 |  |
| Philip Morris International, Inc. (Tobacco) |  | 3284 | 589281 |  |
| Phillips 66 (Oil, Gas & Consumable Fuels) |  | 850 | 122026 |  |
| Pinnacle West Capital Corp. (Electric Utilities) |  | 253 | 23671 |  |
| PNC Financial Services Group, Inc. (Banks) |  | 828 | 184892 |  |
| Pool Corp. (Distributors) |  | 69 | 17532 |  |
| PPG Industries, Inc. (Chemicals) |  | 473 | 54693 |  |
| PPL Corp. (Electric Utilities) |  | 1559 | 56514 |  |
| Principal Financial Group, Inc. (Insurance) |  | 422 | 39972 |  |
| Prologis, Inc. (Industrial REITs) |  | 1960 | 255898 |  |
| Prudential Financial, Inc. (Insurance) |  | 739 | 82110 |  |
| PTC, Inc.\* (Software) |  | 253 | 39501 |  |
| Public Service Enterprise Group, Inc. <br>(Multi-Utilities) |  | 1053 | 86725 |  |
| Public Storage (Specialized REITs) |  | 334 | 92247 |  |
| PulteGroup, Inc. (Household Durables) |  | 411 | 51412 |  |
| Qnity Electronics, Inc.\* (Semiconductors & <br>Semiconductor Equipment) |  | 442 | 42512 |  |
| QUALCOMM, Inc. (Semiconductors & <br>Semiconductor Equipment) |  | 2259 | 342442 |  |
| Quanta Services, Inc. (Construction & <br>Engineering) |  | 314 | 149035 |  |
| Quest Diagnostics, Inc. (Health Care <br>Providers & Services) |  | 235 | 43952 |  |
| Ralph Lauren Corp. (Textiles, Apparel & <br>Luxury Goods) |  | 81 | 28626 |  |
| Raymond James Financial, Inc. (Capital <br>Markets) |  | 372 | 61700 |  |
| Realty Income Corp. (Retail REITs) |  | 1940 | 118650 |  |
| Regency Centers Corp. (Retail REITs) |  | 347 | 25286 |  |
| Regeneron Pharmaceuticals, Inc. <br>(Biotechnology) |  | 213 | 157929 |  |
| Regions Financial Corp. (Banks) |  | 1849 | 52697 |  |
| Republic Services, Inc. (Commercial <br>Services & Supplies) |  | 424 | 91198 |  |
| ResMed, Inc. (Health Care Equipment & <br>Supplies) |  | 308 | 79559 |  |
| Revvity, Inc. (Life Sciences Tools & Services) |  | 239 | 26003 |  |
| Robinhood Markets, Inc.\*—Class A (Capital <br>Markets) |  | 1659 | 165037 |  |
| Rockwell Automation, Inc. (Electrical <br>Equipment) |  | 238 | 100353 |  |
| Rollins, Inc. (Commercial Services & Supplies) |  | 618 | 39144 |  |
| Roper Technologies, Inc. (Software) |  | 227 | 84269 |  |
| Ross Stores, Inc. (Specialty Retail) |  | 687 | 129603 |  |
| Royal Caribbean Cruises, Ltd. (Hotels, <br>Restaurants & Leisure) |  | 535 | 173688 |  |
| RTX Corp. (Aerospace & Defense) |  | 2830 | 568633 |  |
| S&P Global, Inc. (Capital Markets) |  | 654 | 345175 |  |
| Salesforce, Inc. (Software) |  | 2010 | 426703 |  |
| Sandisk Corp.\* (Semiconductors) |  | 294 | 169418 |  |
| SBA Communications Corp.—Class A <br>(Specialized REITs) |  | 225 | 41425 |  |
| Seagate Technology Holdings PLC (Technology <br>Hardware, Storage & Peripherals) | Seagate Technology Holdings PLC (Technology <br>Hardware, Storage & Peripherals) | 459 | 187130 |  |
| Sempra (Multi-Utilities) |  | 1376 | 119726 |  |
| ServiceNow, Inc.\* (Software) |  | 2189 | 256135 |  |
| Simon Property Group, Inc. (Retail REITs) |  | 689 | 131814 |  |

---

**Common Stocks, continued**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Shares |  | Value |  |
| Skyworks Solutions, Inc. (Semiconductors & <br>Semiconductor Equipment) |  | 313 |  | $17453 |
| SLB, Ltd. (Energy Equipment & Services) |  | 3151 |  | 152445 |
| Smurfit WestRock PLC (Containers & <br>Packaging) |  | 1101 |  | 45835 |
| Snap-on, Inc. (Machinery) |  | 110 |  | 40272 |
| Solventum Corp.\* (Health Care Equipment & <br>Supplies) |  | 311 |  | 23938 |
| Southwest Airlines Co. (Passenger Airlines) |  | 1091 |  | 51844 |
| Stanley Black & Decker, Inc. (Machinery) |  | 326 |  | 25643 |
| Starbucks Corp. (Hotels, Restaurants & <br>Leisure) |  | 2399 |  | 220588 |
| State Street Corp. (Capital Markets) |  | 589 |  | 77077 |
| Steel Dynamics, Inc. (Metals & Mining) |  | 289 |  | 51896 |
| STERIS PLC (Health Care Equipment & <br>Supplies) |  | 207 |  | 54358 |
| Stryker Corp. (Health Care Equipment & <br>Supplies) |  | 727 |  | 268670 |
| Super Micro Computer, Inc.\* (Technology <br>Hardware, Storage & Peripherals) |  | 1057 |  | 30769 |
| Synchrony Financial (Consumer Finance) |  | 760 |  | 55199 |
| Synopsys, Inc.\* (Software) |  | 392 |  | 182325 |
| Sysco Corp. (Consumer Staples Distribution & <br>Retail) |  | 1010 |  | 84689 |
| T. Rowe Price Group, Inc. (Capital Markets) |  | 461 |  | 48718 |
| Take-Two Interactive Software, Inc.\* <br>(Entertainment) |  | 367 |  | 80850 |
| Tapestry, Inc. (Textiles, Apparel & Luxury <br>Goods) |  | 432 |  | 54825 |
| Targa Resources Corp. (Oil, Gas & <br>Consumable Fuels) |  | 453 |  | 91044 |
| Target Corp. (Consumer Staples <br>Distribution & Retail) |  | 959 |  | 101146 |
| TE Connectivity, Ltd. (Electronic Equipment, <br>Instruments & Components) |  | 620 |  | 138124 |
| Teledyne Technologies, Inc.\* (Electronic <br>Equipment, Instruments & Components) |  | 99 |  | 61410 |
| Teradyne, Inc. (Semiconductors & <br>Semiconductor Equipment) |  | 330 |  | 79547 |
| Tesla, Inc.\* (Automobiles) |  | 5929 |  | 2551902 |
| Texas Instruments, Inc. (Semiconductors & <br>Semiconductor Equipment) |  | 1918 |  | 413425 |
| Texas Pacific Land Corp. (Oil, Gas & <br>Consumable Fuels) |  | 122 |  | 42500 |
| Textron, Inc. (Aerospace & Defense) |  | 372 |  | 32758 |
| The AES Corp. (Independent Power/Renewable <br>Electricity Producers) | The AES Corp. (Independent Power/Renewable <br>Electricity Producers) | 1500 |  | 21975 |
| The Bank of New York Mellon Corp. <br>(Capital Markets) |  | 1472 |  | 176522 |
| The Boeing Co.\* (Aerospace & Defense) |  | 1652 |  | 386106 |
| The Charles Schwab Corp. (Capital Markets) |  | 3524 |  | 366214 |
| The Cigna Group (Health Care Providers & <br>Services) |  | 563 |  | 154324 |
| The Clorox Co. (Household Products) |  | 257 |  | 28987 |
| The Coca-Cola Co. (Beverages) |  | 8169 |  | 611122 |
| The Cooper Cos., Inc.\* (Health Care <br>Equipment & Supplies) |  | 419 |  | 34098 |
| The Estee Lauder Cos., Inc. (Personal Care <br>Products) |  | 520 |  | 59946 |
| The Goldman Sachs Group, Inc. (Capital <br>Markets) |  | 633 |  | 592114 |

---

**See accompanying notes to financial statements.**

January 31, 2026 (unaudited) :: Schedule of Portfolio Investments **:: UltraBull ProFund :: 125**

**Common Stocks, continued**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Shares | Shares |  | Value |  |
| The Hartford Financial Services Group, Inc. <br>(Insurance) |  |  | 588 |  | $79415 |
| The Hershey Co. (Food Products) |  |  | 312 |  | 60762 |
| The Home Depot, Inc. (Specialty Retail) |  | 2101 | 2101 |  | 787014 |
| The J.M. Smucker Co. (Food Products) |  |  | 226 |  | 23698 |
| The Kraft Heinz Co. (Food Products) |  | 1797 | 1797 |  | 42661 |
| The Kroger Co. (Consumer Staples <br>Distribution & Retail) |  | 1286 | 1286 |  | 80825 |
| The Mosaic Co. (Chemicals) |  |  | 669 |  | 18398 |
| The Procter & Gamble Co. (Household <br>Products) |  | 4931 | 4931 |  | 748378 |
| The Progressive Corp. (Insurance) |  | 1237 | 1237 |  | 257297 |
| The Sherwin-Williams Co. (Chemicals) |  |  | 487 |  | 172710 |
| The Southern Co. (Electric Utilities) |  | 2324 | 2324 |  | 207556 |
| The TJX Cos., Inc. (Specialty Retail) |  | 2349 | 2349 |  | 351904 |
| The Trade Desk, Inc.\*—Class A (Media) |  |  | 928 |  | 28146 |
| The Travelers Cos., Inc. (Insurance) |  |  | 471 |  | 134004 |
| The Walt Disney Co. (Entertainment) |  | 3768 | 3768 |  | 425030 |
| The Williams Cos., Inc. (Oil, Gas & <br>Consumable Fuels) |  | 2576 | 2576 |  | 173262 |
| Thermo Fisher Scientific, Inc. (Life Sciences <br>Tools & Services) |  |  | 793 |  | 458838 |
| TKO Group Holdings, Inc. (Entertainment) |  |  | 140 |  | 28361 |
| T-Mobile U.S., Inc. (Wireless <br>Telecommunication Services) |  | 1015 | 1015 |  | 200168 |
| Tractor Supply Co. (Specialty Retail) |  | 1114 | 1114 |  | 56680 |
| Trane Technologies PLC (Building Products) |  |  | 468 |  | 196832 |
| TransDigm Group, Inc.\* (Aerospace & Defense) | TransDigm Group, Inc.\* (Aerospace & Defense) |  | 119 |  | 169877 |
| Trimble, Inc.\* (Electronic Equipment, <br>Instruments & Components) |  |  | 502 |  | 33935 |
| Truist Financial Corp. (Banks) |  | 2698 | 2698 |  | 138731 |
| Tyler Technologies, Inc.\* (Software) |  |  | 91 |  | 33615 |
| Tyson Foods, Inc.—Class A (Food Products) |  |  | 597 |  | 39002 |
| U.S. Bancorp (Banks) |  | 3279 | 3279 |  | 183985 |
| Uber Technologies, Inc.\* (Ground <br>Transportation) |  | 4385 | 4385 |  | 351019 |
| UDR, Inc. (Residential REITs) |  |  | 634 |  | 23553 |
| Ulta Beauty, Inc.\* (Specialty Retail) |  |  | 95 |  | 61499 |
| Union Pacific Corp. (Ground Transportation) |  | 1252 | 1252 |  | 294345 |
| United Airlines Holdings, Inc.\* (Passenger <br>Airlines) |  |  | 683 |  | 69885 |
| United Parcel Service, Inc.—Class B (Air <br>Freight & Logistics) |  | 1560 | 1560 |  | 165702 |
| United Rentals, Inc. (Trading Companies & <br>Distributors) |  |  | 134 |  | 104796 |
| UnitedHealth Group, Inc. (Health Care <br>Providers & Services) |  | 1911 | 1911 |  | 548322 |
| Universal Health Services, Inc.—Class B <br>(Health Care Providers & Services) |  |  | 116 |  | 23346 |
| Valero Energy Corp. (Oil, Gas & Consumable <br>Fuels) |  |  | 644 |  | 116841 |
| Ventas, Inc. (Health Care REITs) |  |  | 991 |  | 76971 |
| Veralto Corp.\* (Commercial Services & Supplies) | Veralto Corp.\* (Commercial Services & Supplies) | Veralto Corp.\* (Commercial Services & Supplies) | 524 |  | 51866 |
| VeriSign, Inc. (IT Services) |  |  | 177 |  | 43229 |
| Verisk Analytics, Inc. (Professional Services) |  |  | 294 |  | 63933 |
| Verizon Communications, Inc. (Diversified <br>Telecommunication Services) |  | 8897 | 8897 |  | 396095 |
| Vertex Pharmaceuticals, Inc.\* (Biotechnology) |  |  | 535 |  | 251397 |
| Viatris, Inc. (Pharmaceuticals) |  | 2428 | 2428 |  | 31783 |
| VICI Properties, Inc. (Specialized REITs) |  | 2254 | 2254 |  | 63292 |
| Visa, Inc.—Class A (Financial Services) |  | 3561 | 3561 |  | 1146037 |

---

**Common Stocks, continued**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Shares |  | Value |  |
| Vistra Corp. (Independent Power/Renewable <br>Electricity Producers) |  | 672 |  | $106411 |
| Vulcan Materials Co. (Construction Materials) |  | 279 |  | 83851 |
| W.R. Berkley Corp. (Insurance) |  | 633 |  | 43411 |
| W.W. Grainger, Inc. (Trading Companies & <br>Distributors) |  | 92 |  | 99354 |
| Wabtec Corp. (Machinery) |  | 361 |  | 83081 |
| Walmart, Inc. (Consumer Staples <br>Distribution & Retail) |  | 9253 |  | 1102401 |
| Warner Bros. Discovery, Inc.\* (Entertainment) |  | 5228 |  | 143979 |
| Waste Management, Inc. (Commercial <br>Services & Supplies) |  | 782 |  | 173791 |
| Waters Corp.\* (Life Sciences Tools & Services) | Waters Corp.\* (Life Sciences Tools & Services) | 126 |  | 46711 |
| WEC Energy Group, Inc. (Multi-Utilities) |  | 687 |  | 76030 |
| Wells Fargo & Co. (Banks) |  | 6624 |  | 599406 |
| Welltower, Inc. (Health Care REITs) |  | 1449 |  | 272933 |
| West Pharmaceutical Services, Inc. (Life <br>Sciences Tools & Services) |  | 152 |  | 35130 |
| Western Digital Corp. (Technology Hardware, <br>Storage & Peripherals) |  | 721 |  | 180416 |
| Weyerhaeuser Co. (Specialized REITs) |  | 1519 |  | 39160 |
| Williams-Sonoma, Inc. (Specialty Retail) |  | 257 |  | 52595 |
| Willis Towers Watson PLC (Insurance) |  | 202 |  | 64129 |
| Workday, Inc.\*—Class A (Software) |  | 458 |  | 80439 |
| Wynn Resorts, Ltd. (Hotels, Restaurants & <br>Leisure) |  | 178 |  | 19126 |
| Xcel Energy, Inc. (Electric Utilities) |  | 1248 |  | 94923 |
| Xylem, Inc. (Machinery) |  | 513 |  | 70727 |
| Yum! Brands, Inc. (Hotels, Restaurants & <br>Leisure) |  | 586 |  | 91123 |
| Zebra Technologies Corp.\* (Electronic <br>Equipment, Instruments & Components) |  | 106 |  | 24908 |
| Zimmer Biomet Holdings, Inc. (Health Care <br>Equipment & Supplies) |  | 419 |  | 36482 |
| Zoetis, Inc. (Pharmaceuticals) |  | 930 |  | 116083 |

---

---

| | |
|:---|:---|
| **TOTAL COMMON STOCKS**<br> (Cost $33,013,711) | **125029797** |

---

**Repurchase Agreements**<sup>(b)(c)</sup> **(27.4%)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Principal <br>Amount | Principal <br>Amount | Value |  |
| Repurchase Agreements with various <br>counterparties, rates 3.40%–3.55%, <br>dated 1/31/26, due 2/2/26, total to be <br>received $47,055,184 | Repurchase Agreements with various <br>counterparties, rates 3.40%–3.55%, <br>dated 1/31/26, due 2/2/26, total to be <br>received $47,055,184 | 47046000 |  | $47046000 |
| **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $47,046,000) | **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $47,046,000) | **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $47,046,000) | **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $47,046,000) | **47046000** |
| **TOTAL INVESTMENT SECURITIES**<br> (Cost $80,059,711)—100.3% |  |  |  | **172075797** |
| Net other assets (liabilities)—(0.3)% |  |  |  | (593697) |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | $**171482100** |

---

\*

Non-income producing security.

<sup>(a)</sup>

Number of shares is less than 0.50.

<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 January 31, 2026, the aggregate amount held in a segregated account was $28,967,000.

**See accompanying notes to financial statements.**

**126 :: UltraBull ProFund ::** Schedule of Portfolio Investments :: January 31, 2026 (unaudited)

<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>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 | 61 | 3/23/26 | $21245538 | $21245538 | $47900 |

---

**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 |  | 2/27/26 | 4.39 | $38407531 |
| SPDR S&P 500 ETF | Goldman Sachs International |  | 2/27/26 | 4.30 | 26068101 |
| S&P 500 | UBS AG |  | 2/27/26 | 4.44% | 98260828 |
| SPDR S&P 500 ETF | UBS AG |  | 2/27/26 | 4.44 | 34494399 |

---

<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 January 31, 2026, 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.**

January 31, 2026 (unaudited) :: Schedule of Portfolio Investments **:: UltraBull ProFund :: 127**

UltraBull ProFund invested in the following industries as of January 31, 2026:

---

| | | | |
|:---|:---|:---|:---|
|  |  | % of<br>Net Assets |  |
| Aerospace & Defense | $2240459 | 1.3 | % |
| Air Freight & Logistics | 407786 | 0.2 | % |
| Automobile Components | 34542 | <sup>NM</sup> | <sup>NM</sup> |
| Automobiles | 2831821 | 1.7 | % |
| Banks | 4449535 | 2.7 | % |
| Beverages | 1328431 | 0.8 | % |
| Biotechnology | 2124047 | 1.2 | % |
| Broadline Retail | 4999284 | 2.9 | % |
| Building Products | 586448 | 0.3 | % |
| Capital Markets | 4325671 | 2.5 | % |
| Chemicals | 1297098 | 0.8 | % |
| Commercial Services & Supplies | 569969 | 0.3 | % |
| Communications Equipment | 1134801 | 0.7 | % |
| Construction & Engineering | 302019 | 0.2 | % |
| Construction Materials | 340388 | 0.2 | % |
| Consumer Finance | 748145 | 0.4 | % |
| Consumer Staples Distribution & Retail | 2362723 | 1.3 | % |
| Containers & Packaging | 238198 | 0.1 | % |
| Distributors | 58395 | <sup>NM</sup> | <sup>NM</sup> |
| Diversified Telecommunication Services | 788144 | 0.5 | % |
| Electric Utilities | 1837578 | 1.1 | % |
| Electrical Equipment | 1163124 | 0.7 | % |
| Electronic Equipment, Instruments & <br>Components | 967303 | 0.6 | % |
| Energy Equipment & Services | 328652 | 0.2 | % |
| Entertainment | 1569677 | 0.9 | % |
| Financial Services | 4439869 | 2.6 | % |
| Food Products | 569917 | 0.3 | % |
| Gas Utilities | 56223 | <sup>NM</sup> | <sup>NM</sup> |
| Ground Transportation | 1030914 | 0.6 | % |
| Health Care Equipment & Supplies | 2436306 | 1.4 | % |
| Health Care Providers & Services | 1951971 | 1.1 | % |
| Health Care REITs | 375161 | 0.3 | % |
| Hotel & Resort REITs | 24978 | <sup>NM</sup> | <sup>NM</sup> |
| Hotels, Restaurants & Leisure | 2278755 | 1.3 | % |
| Household Durables | 302926 | 0.2 | % |
| Household Products | 1049750 | 0.6 | % |
| Independent Power/Renewable Electricity <br>Producers | 128386 | 0.1 | % |
| Industrial Conglomerates | 1159103 | 0.7 | % |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Value |  | % of<br>Net Assets |  |
| Industrial REITs | $— | 255898 | 0.1 | % |
| Insurance |  | 2127194 | 1.2 | % |
| Interactive Media & Services |  | 10780137 | 6.2 | % |
| IT Services |  | 1191525 | 0.7 | % |
| Leisure Products |  | 25096 | <sup>NM</sup> | <sup>NM</sup> |
| Life Sciences Tools & Services |  | 1122006 | 0.7 | % |
| Machinery |  | 2176003 | 1.3 | % |
| Media |  | 435565 | 0.3 | % |
| Metals & Mining |  | 578913 | 0.3 | % |
| Multi-Utilities |  | 734886 | 0.4 | % |
| Office REITs |  | 37980 | <sup>NM</sup> | <sup>NM</sup> |
| Oil, Gas & Consumable Fuels |  | 3638386 | 2.1 | % |
| Passenger Airlines |  | 211866 | 0.1 | % |
| Personal Care Products |  | 130259 | 0.1 | % |
| Pharmaceuticals |  | 4172676 | 2.5 | % |
| Professional Services |  | 567741 | 0.3 | % |
| Real Estate Management & Development | Real Estate Management & Development | 160245 | 0.1 | % |
| Residential REITs |  | 245888 | 0.1 | % |
| Retail REITs |  | 322543 | 0.2 | % |
| Semiconductors |  | 169418 | 0.1 | % |
| Semiconductors & Semiconductor <br>Equipment |  | 18534706 | 10.9 | % |
| Software |  | 11083098 | 6.4 | % |
| Specialized REITs |  | 894958 | 0.6 | % |
| Specialty Retail |  | 2206898 | 1.3 | % |
| Technology Hardware, Storage & <br>Peripherals |  | 8700952 | 5.1 | % |
| Textiles, Apparel & Luxury Goods |  | 315075 | 0.2 | % |
| Tobacco |  | 808850 | 0.5 | % |
| Trading Companies & Distributors |  | 309168 | 0.2 | % |
| Water Utilities |  | 53202 | <sup>NM</sup> | <sup>NM</sup> |
| Wireless Telecommunication Services |  | 200168 | 0.1 | % |
| Other\*\* | 46452303 | 46452303 | 27.1 | % |
| **Total** | $**171482100** | **171482100** | **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 :: January 31, 2026 (unaudited)

**Common Stocks (87.7%)**

---

| | | |
|:---|:---|:---|
| | Shares |  |
| Alibaba Group Holding, Ltd.<sup>ADR</sup> (Broadline <br>Retail) | 27865 | $4724790 |
| Ascentage Pharma Group International\*<sup>ADR(a)</sup> <br>(Biotechnology) | 3957 | 95680 |
| Atour Lifestyle Holdings, Ltd.<sup>ADR</sup> (Hotels, <br>Restaurants & Leisure) | 4754 | 169908 |
| ATRenew, Inc.\*<sup>ADR</sup> (Specialty Retail) | 6615 | 38896 |
| Autohome, Inc.\*<sup>ADR</sup> (Interactive Media & <br>Services) | 3456 | 76170 |
| Baidu, Inc.\*<sup>ADR</sup> (Interactive Media & Services) | 8969 | 1373871 |
| Belite Bio, Inc.\*<sup>ADR</sup> (Pharmaceuticals) | 1003 | 169507 |
| BeOne Medicines, Ltd.\*<sup>ADR</sup> (Biotechnology) | 3086 | 1050413 |
| Bilibili, Inc.\*<sup>ADR(a)</sup> (Entertainment) | 15949 | 542903 |
| Canaan, Inc.\*<sup>ADR</sup> (Technology Hardware, <br>Storage & Peripherals) | 34394 | 23388 |
| Daqo New Energy Corp.\*<sup>ADR</sup> <br>(Semiconductors & Semiconductor <br>Equipment) | 2880 | 71194 |
| EHang Holdings, Ltd.\*<sup>ADR</sup> (Aerospace & <br>Defense) | 2889 | 36893 |
| FinVolution Group\*<sup>ADR</sup> (Consumer Finance) | 6709 | 34417 |
| Full Truck Alliance Co., Ltd.<sup>ADR</sup> (Ground <br>Transportation) | 45509 | 450539 |
| GDS Holdings, Ltd.\*<sup>ADR(a)</sup> (IT Services) | 7083 | 316539 |
| H World Group, Ltd.\*<sup>ADR</sup> (Hotels, <br>Restaurants & Leisure) | 9463 | 449587 |
| Hello Group, Inc.\*<sup>ADR</sup> (Interactive Media & <br>Services) | 5450 | 37169 |
| Hesai Group\*<sup>ADR</sup> (Electrical Equipment) | 6115 | 145965 |
| iQIYI, Inc.\*<sup>ADR</sup> (Entertainment) | 29098 | 60524 |
| JD.com, Inc.<sup>ADR</sup> (Broadline Retail) | 33628 | 957725 |
| JinkoSolar Holding Co., Ltd\*<sup>ADR</sup> <br>(Semiconductors & Semiconductor <br>Equipment) | 1678 | 43007 |
| JOYY, Inc.<sup>ADR</sup> (Interactive Media & <br>Services) | 1466 | 94338 |
| Kanzhun, Ltd.\*<sup>ADR</sup> (Interactive Media & <br>Services) | 20521 | 380049 |
| KE Holdings, Inc.<sup>ADR</sup> (Real Estate <br>Management & Development) | 35837 | 670869 |
| Kingsoft Cloud Holdings, Ltd.\*<sup>ADR</sup> <br>(IT Services) | 8982 | 118652 |
| Legend Biotech Corp.\*<sup>ADR</sup> (Biotechnology) | 4471 | 78243 |
| LexinFintech Holding, Ltd.\*<sup>ADR</sup> (Consumer <br>Finance) | 6278 | 17892 |
| Li Auto, Inc.\*<sup>ADR(a)</sup> (Automobiles) | 32924 | 547526 |
| Lufax Holding, Ltd.<sup>ADR</sup> (Consumer Finance) | 26244 | 69809 |
| MINISO Group Holding, Ltd.<sup>ADR</sup> (Broadline <br>Retail) | 5281 | 97487 |
| NetEase, Inc.<sup>ADR</sup> (Entertainment) | 11022 | 1419965 |
| New Oriental Education & Technology <br>Group, Inc.\*<sup>ADR</sup> (Diversified Consumer <br>Services) | 7550 | 455869 |
| NIO, Inc.\*<sup>ADR</sup> (Automobiles) | 101201 | 475645 |
| NovaBridge Biosciences\*<sup>ADR</sup> (Biotechnology) | 3935 | 13025 |
| PDD Holdings, Inc.\*<sup>ADR</sup> (Broadline Retail) | 25169 | 2543327 |
| Pony AI, Inc.\*<sup>ADR</sup> (Software) | 10931 | 151722 |
| Qifu Technology, Inc.<sup>ADR</sup> (Consumer Finance) | 5774 | 89786 |
| RLX Technology, Inc.<sup>ADR</sup> (Tobacco) | 33353 | 77045 |
| Structure Therapeutics, Inc.\*<sup>ADR</sup> <br>(Pharmaceuticals) | 3616 | 319835 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
|  | Shares |  |
| TAL Education Group\*<sup>ADR</sup> (Diversified <br>Consumer Services) | 22917 | $291046 |
| Tencent Music Entertainment Group\*<sup>ADR</sup> <br>(Entertainment) | 27216 | 456684 |
| Trip.com Group, Ltd.\*<sup>ADR</sup> (Hotels, <br>Restaurants & Leisure) | 14058 | 862740 |
| Up Fintech Holding, Ltd.\*<sup>ADR</sup> (Capital <br>Markets) | 6975 | 59567 |
| Vipshop Holdings, Ltd.\*<sup>ADR</sup> (Broadline Retail) | 12513 | 214098 |
| VNET Group, Inc.\*<sup>ADR(a)</sup> (IT Services) | 8717 | 91790 |
| Weibo Corp.\*<sup>ADR</sup> (Interactive Media & Services) | 5359 | 56698 |
| WeRide, Inc.\*<sup>ADR</sup> (Auto Components) | 10585 | 84786 |
| XPeng, Inc.\*<sup>ADR(a)</sup> (Automobiles) | 50673 | 911100 |
| Zai Lab, Ltd.\*<sup>ADR</sup> (Biotechnology) | 5599 | 92943 |
| ZTO Express Cayman, Inc.\*<sup>ADR</sup> (Air Freight & <br>Logistics) | 23061 | 505728 |
| **TOTAL COMMON STOCKS**<br>(Cost $13,286,565) | **TOTAL COMMON STOCKS**<br>(Cost $13,286,565) | **22117349** |

---

**Repurchase Agreements**<sup>(b)(c)</sup> **(15.7%)**

---

| | | | |
|:---|:---|:---|:---|
|  |  | Value |  |
| Repurchase Agreements with various <br>counterparties, rates 3.40%–3.55%, <br>dated 1/31/26, due 2/2/26, total to be <br>received $3,964,774 | $3964000 |  | $3964000 |
| **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $3,964,000) | **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $3,964,000) | **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $3,964,000) | **3964000** |

---

**Collateral for Securities Loaned**<sup>(d)</sup> **(6.5%)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Shares | Value |  |  |
| Invesco Government & Agency Portfolio—<br>Institutional Shares, 3.69%<sup>(e)</sup> | 1644056 |  | $— | 1644056 |
| **TOTAL COLLATERAL FOR SECURITIES LOANED**<br> (Cost $1,644,056) | **TOTAL COLLATERAL FOR SECURITIES LOANED**<br> (Cost $1,644,056) | **TOTAL COLLATERAL FOR SECURITIES LOANED**<br> (Cost $1,644,056) | **1644056** | **1644056** |
| **TOTAL INVESTMENT SECURITIES**<br> (Cost $18,894,621)—109.9% |  |  | **27725405** | **27725405** |
| Net other assets (liabilities)—(9.9)% |  |  |  | (2506377) |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | $**25219028** | **25219028** |

---

\*

Non-income producing security.

<sup>(a)</sup>

All or part of this security was on loan as of January 31, 2026. The total value of securities on loan as of January 31, 2026 was $1,543,937.

<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 January 31, 2026, the aggregate amount held in a segregated account was $843,000.

<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>

Securities were purchased with cash collateral held from securities on loan at January 31, 2026.

<sup>(e)</sup>

Rate periodically changes. Rate disclosed is the daily yield as of January 31, 2026.

<sup>ADR</sup>

American Depositary Receipt

**See accompanying notes to financial statements.**

January 31, 2026 (unaudited) :: 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 | Notional<br>Amount | Value and<br>Unrealized<br>Appreciation/<br>(Depreciation) |
| S&P China Select ADR <br>Index (USD) | Goldman Sachs International |  | 2/27/26 | 4.39 | % | $2809978 |
| S&P China Select ADR <br>Index (USD) | UBS AG |  | 2/27/26 | 4.24 | % | 25549444 |

---

<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 January 31, 2026, 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 January 31, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Value |  | % of<br>Net Assets |  |
| Aerospace & Defense | $— | 36893 |  | 0.1% |
| Air Freight & Logistics |  | 505728 |  | 2.0% |
| Auto Components |  | 84786 |  | 0.3% |
| Automobiles |  | 1934271 |  | 7.7% |
| Biotechnology |  | 1330304 |  | 5.3% |
| Broadline Retail |  | 8537427 |  | 33.7% |
| Capital Markets |  | 59567 |  | 0.2% |
| Consumer Finance |  | 211904 |  | 0.8% |
| Diversified Consumer Services |  | 746915 |  | 3.0% |
| Electrical Equipment |  | 145965 |  | 0.6% |
| Entertainment |  | 2480076 |  | 9.9% |
| Ground Transportation |  | 450539 |  | 1.8% |
| Hotels, Restaurants & Leisure |  | 1482235 |  | 5.9% |
| Interactive Media & Services |  | 2018295 |  | 8.0% |
| IT Services |  | 526981 |  | 2.1% |
| Pharmaceuticals |  | 489342 |  | 1.9% |
| Real Estate Management & <br>Development |  | 670869 |  | 2.7% |
| Semiconductors & Semiconductor <br>Equipment |  | 114201 |  | 0.5% |
| Software |  | 151722 |  | 0.6% |
| Specialty Retail |  | 38896 |  | 0.2% |
| Technology Hardware, Storage & <br>Peripherals |  | 23388 |  | 0.1% |
| Tobacco |  | 77045 |  | 0.3% |
| Other\*\* | 3101679 | 3101679 |  | 12.3% |
| **Total** | $**25219028** | **25219028** |  | **100.0%** |

---

UltraChina ProFund invested in securities with exposure to the following countries as of January 31, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Value |  | % of<br>Net Assets |  |
| China | $— | 22117349 |  | 87.7% |
| Other\*\* | 3101679 | 3101679 |  | 12.3% |
| **Total** | $**25219028** | **25219028** |  | **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 :: January 31, 2026 (unaudited)

**Common Stocks (75.0%)**

---

| | | |
|:---|:---|:---|
|  | Shares |  |
| 3M Co. (Industrial Conglomerates) | 4052 | $620604 |
| Amazon.com, Inc.\* (Broadline Retail) | 4050 | 969165 |
| American Express Co. (Consumer Finance) | 4054 | 1427697 |
| Amgen, Inc. (Biotechnology) | 4055 | 1386324 |
| Apple, Inc. (Technology Hardware, Storage & <br>Peripherals) | 4050 | 1050894 |
| Caterpillar, Inc. (Machinery) | 4055 | 2665595 |
| Chevron Corp. (Oil, Gas & Consumable Fuels) | 4051 | 716622 |
| Cisco Systems, Inc. (Communications <br>Equipment) | 4053 | 317431 |
| Honeywell International, Inc. (Industrial <br>Conglomerates) | 4049 | 921229 |
| International Business Machines Corp. <br>(IT Services) | 4051 | 1242442 |
| Johnson & Johnson (Pharmaceuticals) | 4051 | 920590 |
| JPMorgan Chase & Co. (Banks) | 4051 | 1239160 |
| McDonald's Corp. (Hotels, Restaurants & <br>Leisure) | 4055 | 1277325 |
| Merck & Co., Inc. (Pharmaceuticals) | 4053 | 446924 |
| Microsoft Corp. (Software) | 4055 | 1744825 |
| NIKE, Inc.—Class B (Textiles, Apparel & <br>Luxury Goods) | 4053 | 250516 |
| NVIDIA Corp. (Semiconductors & <br>Semiconductor Equipment) | 4051 | 774268 |
| Salesforce, Inc. (Software) | 4052 | 860199 |
| The Boeing Co.\* (Aerospace & Defense) | 4050 | 946566 |
| The Coca-Cola Co. (Beverages) | 4054 | 303280 |
| The Goldman Sachs Group, Inc. (Capital <br>Markets) | 4055 | 3793088 |
| The Home Depot, Inc. (Specialty Retail) | 4055 | 1518962 |
| The Procter & Gamble Co. (Household <br>Products) | 4050 | 614668 |
| The Sherwin-Williams Co. (Chemicals) | 4055 | 1438065 |
| The Travelers Cos., Inc. (Insurance) | 4051 | 1152550 |
| The Walt Disney Co. (Entertainment) | 4052 | 457065 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
|  | Shares |  |
| UnitedHealth Group, Inc. (Health Care <br>Providers & Services) | 4055 | $1163501 |
| Verizon Communications, Inc. (Diversified <br>Telecommunication Services) | 4053 | 180440 |
| Visa, Inc.—Class A (Financial Services) | 4055 | 1305021 |
| Walmart, Inc. (Consumer Staples <br>Distribution & Retail) | 4051 | 482636 |
| **TOTAL COMMON STOCKS**<br> (Cost $9,851,683) | **TOTAL COMMON STOCKS**<br> (Cost $9,851,683) | **32187652** |

---

**Repurchase Agreements**<sup>(a)(b)</sup> **(23.7%)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Principal<br>Amount |  | Value |  |  |
| Repurchase Agreements with various <br>counterparties, rates 3.40%–3.55%, <br>dated 1/31/26, due 2/2/26, total to be <br>received $10,160,983 | $| 10159000 |  | $— | 10159000 |
| **TOTAL REPURCHASE AGREEMENTS**<br>(Cost $10,159,000) | **TOTAL REPURCHASE AGREEMENTS**<br>(Cost $10,159,000) | **TOTAL REPURCHASE AGREEMENTS**<br>(Cost $10,159,000) | **TOTAL REPURCHASE AGREEMENTS**<br>(Cost $10,159,000) | **10159000** | **10159000** |
| **TOTAL INVESTMENT SECURITIES**<br> (Cost $20,010,683)—98.7% |  |  |  | **42346652** | **42346652** |
| Net other assets (liabilities)—1.3% |  |  |  |  | 556470 |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | $**42903122** | **42903122** |

---

\*

Non-income producing security.

<sup>(a)</sup>

A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. At January 31, 2026, the aggregate amount held in a segregated account was $6,497,000.

<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.

**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 Contracts | 9 | 3/23/26 |  | $2205360 | $19910 |

---

**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 |  | 2/27/26 | 4.39 | % | $20980835 |
| SPDR Dow Jones Industrial Average ETF | Goldman Sachs International |  | 2/27/26 | 4.23 | % | 9299290 |
|  |  |  |  |  | $ |  |
| Dow Jones Industrial Average | UBS AG |  | 2/27/26 | 4.44% |  | 18762862 |
| SPDR Dow Jones Industrial Average ETF | UBS AG |  | 2/27/26 | 4.44 | % | 2401225 |
|  |  |  |  |  | $ |  |
|  |  |  |  |  | **$** |  |

---

<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 January 31, 2026, 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.**

January 31, 2026 (unaudited) :: Schedule of Portfolio Investments **:: UltraDow 30 ProFund :: 131**

UltraDow 30 ProFund invested in the following industries as of January 31, 2026:

---

| | | | |
|:---|:---|:---|:---|
|  |  | % of<br>Net Assets |  |
| Aerospace & Defense | $946566 |  | 2.2% |
| Banks | 1239160 |  | 2.9% |
| Beverages | 303280 |  | 0.7% |
| Biotechnology | 1386324 |  | 3.2% |
| Broadline Retail | 969165 |  | 2.3% |
| Capital Markets | 3793088 |  | 8.8% |
| Chemicals | 1438065 |  | 3.4% |
| Communications Equipment | 317431 |  | 0.7% |
| Consumer Finance | 1427697 |  | 3.3% |
| Consumer Staples Distribution & Retail | 482636 |  | 1.1% |
| Diversified Telecommunication Services | 180440 |  | 0.4% |
| Entertainment | 457065 |  | 1.1% |
| Financial Services | 1305021 |  | 3.0% |
| Health Care Providers & Services | 1163501 |  | 2.7% |
| Hotels, Restaurants & Leisure | 1277325 |  | 3.0% |
| Household Products | 614668 |  | 1.5% |
| Industrial Conglomerates | 1541833 |  | 3.6% |
| Insurance | 1152550 |  | 2.7% |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Value |  | % of<br>Net Assets |  |
| IT Services | $— | 1242442 |  | 2.9% |
| Machinery |  | 2665595 |  | 6.2% |
| Oil, Gas & Consumable Fuels |  | 716622 |  | 1.7% |
| Pharmaceuticals |  | 1367514 |  | 3.2% |
| Semiconductors & Semiconductor <br>Equipment |  | 774268 |  | 1.8% |
| Software |  | 2605024 |  | 6.1% |
| Specialty Retail |  | 1518962 |  | 3.5% |
| Technology Hardware, Storage & <br>Peripherals |  | 1050894 |  | 2.4% |
| Textiles, Apparel & Luxury Goods |  | 250516 |  | 0.6% |
| Other\*\* | 10715470 | 10715470 |  | 25.0% |
| **Total** | $**42903122** | **42903122** |  | **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 :: January 31, 2026 (unaudited)

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
|  | Shares |  |
| Telekomunikasi Indonesia Persero Tbk.\*<sup>ADR</sup> <br>(Diversified Telecommunication Services) | 3546 | $74892 |
| Tencent Music Entertainment Group\*<sup>ADR</sup> <br>(Entertainment) | 3846 | 64536 |
| Trip.com Group, Ltd.\*<sup>ADR</sup> (Hotels, <br>Restaurants & Leisure) | 4730 | 290280 |
| United Microelectronics Corp.<sup>ADR(a)</sup> <br>(Semiconductors & Semiconductor <br>Equipment) | 18367 | 186976 |
| Vale S.A.<sup>ADR</sup> (Metals & Mining) | 27891 | 448208 |
| Wipro, Ltd.\*<sup>ADR(a)</sup> (IT Services) | 23656 | 59613 |
| Woori Financial Group, Inc.<sup>ADR</sup> (Banks) | 1752 | 108764 |
| XPeng, Inc.\*<sup>ADR(a)</sup> (Automobiles) | 5709 | 102649 |
| ZTO Express Cayman, Inc.\*<sup>ADR</sup> (Air Freight & <br>Logistics) | 3259 | 71470 |
| **TOTAL COMMON STOCKS**<br> (Cost $10,073,609) | **TOTAL COMMON STOCKS**<br> (Cost $10,073,609) | **15099509** |

---

**Preferred Stocks (1.5%)**

---

| | | |
|:---|:---|:---|
| Axia Energia\*<sup>ADR</sup>—Class C (Electric Utilities) | 1867 | 18670 |
| Petroleo Brasileiro S.A.\*<sup>ADR</sup> (Oil, Gas & <br>Consumable Fuels) | 17163 | 246461 |
|  |  | 265131 |
| **TOTAL PREFERRED STOCKS**<br> (Cost $145,296) | **TOTAL PREFERRED STOCKS**<br> (Cost $145,296) | **265131** |

---

**Repurchase Agreements**<sup>(b)(c)</sup> **(16.7%)**

---

| | | | |
|:---|:---|:---|:---|
|  |  | Value |  |
| Repurchase Agreements with various <br>counterparties, rates 3.40%–3.55%, <br>dated 1/31/26, due 2/2/26, total to be <br>received $2,927,571 | $2927000 |  | $2927000 |
| **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $2,927,000) | **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $2,927,000) | **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $2,927,000) | **2927000** |

---

**Collateral for Securities Loaned**<sup>(d)</sup> **(5.4%)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Shares | Value |  |  |
| Invesco Government & Agency Portfolio—<br>Institutional Shares, 3.69%<sup>(e)</sup> | 937718 |  | $— | 937718 |
| **TOTAL COLLATERAL FOR SECURITIES LOANED**<br> (Cost $937,718) | **TOTAL COLLATERAL FOR SECURITIES LOANED**<br> (Cost $937,718) | **TOTAL COLLATERAL FOR SECURITIES LOANED**<br> (Cost $937,718) | **937718** | **937718** |
| **TOTAL INVESTMENT SECURITIES**<br> (Cost $14,083,623)—110.0% |  |  | **19229358** | **19229358** |
| Net other assets (liabilities)—(10.0)% |  |  |  | (1742240) |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | $**17487118** | **17487118** |

---

\*

Non-income producing security.

<sup>(a)</sup>

All or part of this security was on loan as of January 31, 2026. The total value of securities on loan as of January 31, 2026 was $887,709.

<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 January 31, 2026, the aggregate amount held in a segregated account was $584,000.

**Common Stocks (86.4%)**

---

| | | |
|:---|:---|:---|
|  | Shares |  |
| Alibaba Group Holding, Ltd.<sup>ADR</sup> <br>(Broadline Retail) | 17000 | $2882519 |
| Ambev S.A.\*<sup>ADR(a)</sup> (Beverages) | 33112 | 92051 |
| America Movil S.A.B. de C.V.\*<sup>ADR</sup> (Wireless <br>Telecommunication Services) | 7035 | 145625 |
| ASE Technology Holding Co., Ltd.<sup>ADR</sup> <br>(Semiconductors & Semiconductor <br>Equipment) | 13634 | 258773 |
| Axia Energia\*<sup>ADR</sup> (Electric Utilities) | 7103 | 73303 |
| Baidu, Inc.\*<sup>ADR</sup> (Interactive Media & Services) | 2165 | 331635 |
| Banco Bradesco S.A.<sup>ADR</sup> (Banks) | 41145 | 166637 |
| Banco de Chile<sup>ADR</sup> (Banks) | 1808 | 78883 |
| BeOne Medicines, Ltd.\*<sup>ADR</sup> (Biotechnology) | 563 | 191634 |
| Bilibili, Inc.\*<sup>ADR(a)</sup> (Entertainment) | 2254 | 76726 |
| Cemex S.A.B. de C.V.\*<sup>ADR</sup> (Construction <br>Materials) | 11778 | 146989 |
| Chunghwa Telecom Co., Ltd.<sup>ADR</sup> (Diversified <br>Telecommunication Services) | 2958 | 125656 |
| Cia de Saneamento Basico do Estado de <br>Sao Paulo\*<sup>ADR</sup> (Water Utilities) | 3669 | 98549 |
| Dr. Reddy's Laboratories, Ltd.\*<sup>ADR</sup> <br>(Pharmaceuticals) | 4740 | 63611 |
| Embraer S.A.<sup>ADR</sup> (Aerospace & Defense) | 1354 | 99465 |
| Fomento Economico Mexicano S.A.B. de <br>C.V.<sup>ADR</sup> (Beverages) | 1322 | 137964 |
| Full Truck Alliance Co., Ltd.<sup>ADR</sup> (Ground <br>Transportation) | 6431 | 63667 |
| Gold Fields, Ltd.<sup>ADR</sup> (Metals & Mining) | 6964 | 349036 |
| Grupo Aeroportuario del Pacifico S.A.B. de <br>C.V.<sup>ADR</sup> (Transportation Infrastructure) | 317 | 87146 |
| Harmony Gold Mining Co., Ltd.\*<sup>ADR</sup> (Metals & <br>Mining) | 4247 | 90631 |
| HDFC Bank, Ltd.<sup>ADR</sup> (Banks) | 27001 | 874292 |
| ICICI Bank, Ltd.<sup>ADR</sup> (Banks) | 20569 | 602466 |
| Infosys, Ltd.<sup>ADR(a)</sup> (IT Services) | 27476 | 483028 |
| Itau Unibanco Holding S.A.<sup>ADR</sup> (Banks) | 42719 | 366957 |
| JD.com, Inc.<sup>ADR</sup> (Broadline Retail) | 11274 | 321084 |
| Kanzhun, Ltd.\*<sup>ADR</sup> (Interactive Media & <br>Services) | 2900 | 53708 |
| KB Financial Group, Inc.\*<sup>ADR</sup> (Banks) | 2760 | 259357 |
| KE Holdings, Inc.<sup>ADR</sup> (Real Estate <br>Management & Development) | 5065 | 94817 |
| Korea Electric Power Corp.\*<sup>ADR</sup> (Electric <br>Utilities) | 3996 | 80759 |
| Li Auto, Inc.\*<sup>ADR(a)</sup> (Automobiles) | 4653 | 77379 |
| NetEase, Inc.<sup>ADR</sup> (Entertainment) | 2660 | 342688 |
| New Oriental Education & Technology <br>Group, Inc.\*<sup>ADR</sup> (Diversified Consumer <br>Services) | 1067 | 64425 |
| NIO, Inc.\*<sup>ADR</sup> (Automobiles) | 14302 | 67219 |
| PDD Holdings, Inc.\*<sup>ADR</sup> (Broadline Retail) | 5709 | 576894 |
| Petroleo Brasileiro S.A.<sup>ADR</sup> (Oil, Gas & <br>Consumable Fuels) | 14476 | 222062 |
| POSCO Holdings, Inc.\*<sup>ADR</sup> (Metals & Mining) | 2343 | 138987 |
| Shinhan Financial Group Co., Ltd.\*<sup>ADR</sup> (Banks) | 3589 | 209346 |
| Sibanye Stillwater, Ltd.<sup>ADR</sup> (Metals & Mining) | 5506 | 92942 |
| Sociedad Quimica y Minera de Chile S.A.<sup>ADR</sup> <br>(Chemicals) | 1111 | 85369 |
| Taiwan Semiconductor Manufacturing Co., <br>Ltd.<sup>ADR</sup> (Semiconductors & Semiconductor <br>Equipment) | 9432 | 3117842 |

---

**See accompanying notes to financial statements.**

January 31, 2026 (unaudited) :: Schedule of Portfolio Investments **:: UltraEmerging Markets ProFund :: 133**

<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>

Securities were purchased with cash collateral held from securities on loan at January 31, 2026.

<sup>(e)</sup>

Rate periodically changes. Rate disclosed is the daily yield as of January 31, 2026.

<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) |
| S&P Emerging 50 ADR Index (USD) | Goldman Sachs International |  | 2/27/26 | 4.39 | $9797291 |
| S&P Emerging 50 ADR Index (USD) | UBS AG |  | 2/27/26 | 4.44 | 9848137 |

---

<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 January 31, 2026, 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 January 31, 2026:

---

| | | | |
|:---|:---|:---|:---|
|  |  | % of<br>Net Assets |  |
| Aerospace & Defense | $99465 |  | 0.6% |
| Air Freight & Logistics | 71470 |  | 0.4% |
| Automobiles | 247247 |  | 1.4% |
| Banks | 2666702 |  | 15.2% |
| Beverages | 230015 |  | 1.3% |
| Biotechnology | 191634 |  | 1.1% |
| Broadline Retail | 3780497 |  | 21.6% |
| Chemicals | 85369 |  | 0.5% |
| Construction Materials | 146989 |  | 0.9% |
| Diversified Consumer Services | 64425 |  | 0.4% |
| Diversified Telecommunication Services | 200548 |  | 1.1% |
| Electric Utilities | 172732 |  | 1.0% |
| Entertainment | 483950 |  | 2.7% |
| Ground Transportation | 63667 |  | 0.4% |
| Hotels, Restaurants & Leisure | 290280 |  | 1.7% |
| Interactive Media & Services | 385343 |  | 2.2% |
| IT Services | 542641 |  | 3.1% |
| Metals & Mining | 1119804 |  | 6.4% |
| Oil, Gas & Consumable Fuels | 468523 |  | 2.7% |
| Pharmaceuticals | 63611 |  | 0.4% |
| Real Estate Management & Development | 94817 |  | 0.5% |
| Semiconductors & Semiconductor <br>Equipment | 3563591 |  | 20.4% |
| Transportation Infrastructure | 87146 |  | 0.5% |
| Water Utilities | 98549 |  | 0.6% |
| Wireless Telecommunication Services | 145625 |  | 0.8% |
| Other\*\* | 2122478 |  | 12.1% |
| **Total** | **17487118** |  | **100.0%** |

---

UltraEmerging Markets ProFund invested in securities with exposure to the following countries as of January 31, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Value |  | % of<br>Net Assets |  |
| Brazil | $— | 1832363 |  | 10.5% |
| Chile |  | 164252 |  | 1.0% |
| China |  | 5673330 |  | 32.4% |
| India |  | 2083010 |  | 11.9% |
| Indonesia |  | 74892 |  | 0.4% |
| Mexico |  | 517724 |  | 3.0% |
| South Africa |  | 532609 |  | 3.0% |
| South Korea |  | 797213 |  | 4.6% |
| Taiwan |  | 3689247 |  | 21.1% |
| Other\*\* | 2122478 | 2122478 |  | 12.1% |
| **Total** | $**17487118** | **17487118** |  | **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 :: January 31, 2026 (unaudited)

**Repurchase Agreements**<sup>(a)(b)</sup> **(95.5%)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Principal <br>Amount |  | Value |  |
| Repurchase Agreements with various <br>counterparties, rates 3.40%–3.55%, <br>dated 1/31/26, due 2/2/26, total to be <br>received $7,911,544 | $| 7910000 |  | $7910000 |
| **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $7,910,000) | **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $7,910,000) | **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $7,910,000) | **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $7,910,000) | **7910000** |
| **TOTAL INVESTMENT SECURITIES**<br> (Cost $7,910,000)—95.5% |  |  |  | **7910000** |
| Net other assets (liabilities)—4.5% |  |  |  | 368990 |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | $**8278990** |

---

<sup>(a)</sup>

A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. At January 31, 2026, the aggregate amount held in a segregated account was $423,000.

<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.

**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 | 2/27/26 |  | 4.29 | % | $8447454 |
| MSCI EAFE Index | UBS AG | 2/27/26 |  | 4.44 | % | 8182421 |

---

<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 January 31, 2026, 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.**

January 31, 2026 (unaudited) :: Schedule of Portfolio Investments **:: UltraJapan ProFund :: 135**

**Repurchase Agreements**<sup>(a)(b)</sup> **(80.7%)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Principal <br>Amount |  | Value |  |  |
| Repurchase Agreements with various <br>counterparties, rates 3.40%–3.55%, <br>dated 1/31/26, due 2/2/26, total to be <br>received $23,516,590 | $| 23512000 |  | $— | 23512000 |
| **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $23,512,000) | **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $23,512,000) | **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $23,512,000) | **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $23,512,000) | **23512000** | **23512000** |
| **TOTAL INVESTMENT SECURITIES**<br> (Cost $23,512,000)—80.7% |  |  |  | **23512000** | **23512000** |
| Net other assets (liabilities)—19.3% |  |  |  |  | 5606142 |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | $**29118142** | **29118142** |

---

<sup>(a)</sup>

A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. At January 31, 2026, the aggregate amount held in a segregated account was $20,000.

<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.

**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 | 217 |  | 3/13/26 | $58112600 | $2755224 |

---

**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 |  | 2/27/26 |  | 4.09 | % | $72274 | $2928 |

---

<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 January 31, 2026, 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 :: January 31, 2026 (unaudited)

**Common Stocks (83.7%)**

---

| | | | |
|:---|:---|:---|:---|
| | Shares | Value |  |
| Ambev S.A.\*<sup>ADR(a)</sup> (Beverages) | 130231 |  | $362042 |
| America Movil S.A.B. de C.V.\*<sup>ADR</sup> (Wireless <br>Telecommunication Services) | 27751 |  | 574446 |
| Axia Energia\*<sup>ADR</sup> (Electric Utilities) | 27947 |  | 288413 |
| Banco Bradesco S.A.<sup>ADR</sup> (Banks) | 151894 |  | 615171 |
| Banco de Chile<sup>ADR</sup> (Banks) | 7113 |  | 310340 |
| Banco Santander Chile<sup>ADR</sup> (Banks) | 4758 |  | 167577 |
| Cemex S.A.B. de C.V.\*<sup>ADR</sup> (Construction <br>Materials) | 46303 |  | 577861 |
| Cia de Minas Buenaventura S.A.A<sup>ADR</sup> <br>(Metals & Mining) | 7297 |  | 249995 |
| Cia de Saneamento Basico do Estado <br>de Sao Paulo\*<sup>ADR</sup> (Water Utilities) | 14437 |  | 387778 |
| Cia Energetica de Minas Gerais<sup>ADR</sup> (Electric <br>Utilities) | 58213 |  | 125158 |
| Coca-Cola Femsa S.A.B. de C.V.\*<sup>ADR</sup> <br>(Beverages) | 1614 |  | 168324 |
| Corp Inmobiliaria Vesta S.A.B. de C.V.<sup>ADR</sup> <br>(Real Estate Management & Development) | 2698 |  | 83476 |
| Ecopetrol S.A.<sup>ADR(a)</sup> (Oil, Gas & Consumable <br>Fuels) | 7523 |  | 94564 |
| Embraer S.A.<sup>ADR</sup> (Aerospace & Defense) | 5309 |  | 389999 |
| Fomento Economico Mexicano S.A.B. de <br>C.V.<sup>ADR</sup> (Beverages) | 4870 |  | 508233 |
| Gerdau S.A.\*<sup>ADR</sup> (Metals & Mining) | 39342 |  | 167990 |
| Grupo Aeroportuario del Centro Norte <br>S.A.B. de<sup>ADR</sup> (Transportation Infrastructure) | 1029 |  | 120352 |
| Grupo Aeroportuario del Pacifico S.A.B. <br>de C.V.<sup>ADR</sup> (Transportation Infrastructure) | 1252 |  | 344188 |
| Grupo Aeroportuario del Sureste S.A.B. de <br>C.V.<sup>ADR</sup> (Transportation Infrastructure) | 525 |  | 181193 |
| Grupo Cibest S.A.<sup>ADR</sup> (Banks) | 3456 |  | 282183 |
| Grupo Financiero Galicia S.A.\*<sup>ADR</sup> (Banks) | 3730 |  | 205560 |
| Itau Unibanco Holding S.A.<sup>ADR</sup> (Banks) | 167586 |  | 1439564 |
| Latam Airlines Group S.A.\*<sup>ADR</sup> (Airlines) | 3865 |  | 254356 |
| Pampa Energia S.A.\*<sup>ADR</sup> (Electric Utilities) | 885 |  | 76676 |
| Petroleo Brasileiro S.A.<sup>ADR</sup> (Oil, Gas & <br>Consumable Fuels) | 56779 |  | 870990 |
| Sociedad Quimica y Minera de Chile S.A.<sup>ADR</sup> <br>(Chemicals) | 4373 |  | 336020 |
| Suzano S.A.\*<sup>ADR</sup> (Paper & Forest Products) | 20552 |  | 192572 |
| Telefonica Brasil S.A.\*<sup>ADR</sup> (Diversified <br>Telecommunication Services) | 11364 |  | 161142 |
| TIM S.A.<sup>ADR(a)</sup> (Wireless Telecommunication <br>Services) | 4884 |  | 113797 |
| Ultrapar Participacoes S.A.\*<sup>ADR</sup> (Oil, Gas & <br>Consumable Fuels) | 21270 |  | 101671 |
| Vale S.A.<sup>ADR</sup> (Metals & Mining) | 109441 |  | 1758717 |
| Vista Energy S.A.B. de C.V.\*<sup>ADR</sup> (Oil, Gas & <br>Consumable Fuels) | 2172 |  | 131384 |
| YPF S.A.\*<sup>ADR(a)</sup> (Oil, Gas & Consumable Fuels) | 5894 |  | 234523 |
| **TOTAL COMMON STOCKS**<br> (Cost $6,479,154) | **TOTAL COMMON STOCKS**<br> (Cost $6,479,154) | **TOTAL COMMON STOCKS**<br> (Cost $6,479,154) | **11876255** |

---

**Preferred Stocks (7.4%)**

---

| | | | |
|:---|:---|:---|:---|
|  | Shares | Value |  |
| Axia Energia\*<sup>ADR</sup>—Class C (Electric Utilities) | 7349 |  | $73490 |
| Petroleo Brasileiro S.A.\*<sup>ADR</sup> (Oil, Gas & <br>Consumable Fuels) | 67702 |  | 972201 |
|  |  |  | 1045691 |
| **TOTAL PREFERRED STOCKS**<br> (Cost $444,283) | **TOTAL PREFERRED STOCKS**<br> (Cost $444,283) | **TOTAL PREFERRED STOCKS**<br> (Cost $444,283) | **1045691** |

---

**Repurchase Agreements**<sup>(b)(c)</sup> **(21.1%)**

---

| | | | |
|:---|:---|:---|:---|
|  |  | Value |  |
| Repurchase Agreements with various <br>counterparties, rates 3.40%–3.55%, <br>dated 1/31/26, due 2/2/26, total to be <br>received $3,001,586 | $3001000 |  | $3001000 |
| **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $3,001,000) | **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $3,001,000) | **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $3,001,000) | **3001000** |

---

**Collateral for Securities Loaned**<sup>(d)</sup> **(5.4%)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Shares | Value |  |  |
| Invesco Government & Agency Portfolio—<br>Institutional Shares, 3.69%<sup>(e)</sup> | 766522 |  | $— | 766522 |
| **TOTAL COLLATERAL FOR SECURITIES LOANED**<br> (Cost $766,522) | **TOTAL COLLATERAL FOR SECURITIES LOANED**<br> (Cost $766,522) | **TOTAL COLLATERAL FOR SECURITIES LOANED**<br> (Cost $766,522) | **766522** | **766522** |
| **TOTAL INVESTMENT SECURITIES**<br> (Cost $10,690,959)—117.6% |  |  | **16689468** | **16689468** |
| Net other assets (liabilities)—(17.6)% |  |  |  | (2493887) |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | $**14195581** | **14195581** |

---

\*

Non-income producing security.

<sup>(a)</sup>

All or part of this security was on loan as of January 31, 2026. The total value of securities on loan as of January 31, 2026 was $724,168.

<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 January 31, 2026, the aggregate amount held in a segregated account was $544,000.

<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>

Securities were purchased with cash collateral held from securities on loan at January 31, 2026.

<sup>(e)</sup>

Rate periodically changes. Rate disclosed is the daily yield as of January 31, 2026.

<sup>ADR</sup>

American Depositary Receipt

**See accompanying notes to financial statements.**

January 31, 2026 (unaudited) :: 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 | 2/27/26 |  | 4.39 | % | $8125246 |
| S&P Latin America 35 ADR Index (USD) | UBS AG | 2/27/26 |  | 4.24 | % | 7124465 |

---

<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 January 31, 2026, 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 January 31, 2026:

---

| | | | |
|:---|:---|:---|:---|
|  |  | % of<br>Net Assets |  |
| Aerospace & Defense | $389999 |  | 2.7% |
| Airlines | 254356 |  | 1.8% |
| Banks | 3020395 |  | 21.3% |
| Beverages | 1038599 |  | 7.4% |
| Chemicals | 336020 |  | 2.4% |
| Construction Materials | 577861 |  | 4.1% |
| Diversified Telecommunication Services | 161142 |  | 1.1% |
| Electric Utilities | 563737 |  | 3.9% |
| Metals & Mining | 2176702 |  | 15.4% |
| Oil, Gas & Consumable Fuels | 2405333 |  | 17.0% |
| Paper & Forest Products | 192572 |  | 1.4% |
| Real Estate Management & Development | 83476 |  | 0.6% |
| Transportation Infrastructure | 645733 |  | 4.5% |
| Water Utilities | 387778 |  | 2.7% |
| Wireless Telecommunication Services | 688243 |  | 4.8% |
| Other\*\* | 1273635 |  | 8.9% |
| **Total** | $**14195581** |  | **100.0%** |

---

UltraLatin America ProFund invested in securities with exposure to the following countries as of January 31, 2026:

---

| | | | |
|:---|:---|:---|:---|
|  |  | % of<br>Net Assets |  |
| Argentina | $516759 |  | 3.6% |
| Brazil | 8020695 |  | 56.5% |
| Chile | 1068293 |  | 7.6% |
| Colombia | 376747 |  | 2.7% |
| Mexico | 2689457 |  | 18.9% |
| Peru | 249995 |  | 1.8% |
| Other\*\* | 1273635 |  | 8.9% |
| **Total** | $**14195581** |  | **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 :: January 31, 2026 (unaudited)

**Common Stocks (67.7%)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Shares |  | Value |  |
| AAON, Inc. (Building Products) |  | 530 |  | $48262 |
| Abercrombie & Fitch Co.\*—Class A <br>(Specialty Retail) |  | 368 |  | 35928 |
| Acuity, Inc. (Electrical Equipment) |  | 238 |  | 73599 |
| Advanced Drainage Systems, Inc. (Building <br>Products) |  | 560 |  | 85142 |
| Advanced Energy Industries, Inc. (Electronic <br>Equipment, Instruments & Components) |  | 293 |  | 74820 |
| AECOM\* (Construction & Engineering) |  | 1037 |  | 99998 |
| AeroVironment, Inc.\* (Aerospace & Defense) |  | 249 |  | 69319 |
| Affiliated Managers Group, Inc. (Capital <br>Markets) |  | 220 |  | 68880 |
| AGCO Corp. (Machinery) |  | 485 |  | 55004 |
| Agree Realty Corp. (Retail REITs) |  | 898 |  | 64862 |
| Alaska Air Group, Inc.\* (Passenger Airlines) |  | 908 |  | 46154 |
| Albertsons Cos., Inc.—Class A (Consumer <br>Staples Distribution & Retail) |  | 3096 |  | 51548 |
| Alcoa Corp. (Metals & Mining) |  | 2027 |  | 115154 |
| Allegro MicroSystems, Inc.\* <br>(Semiconductors & Semiconductor <br>Equipment) |  | 971 |  | 35840 |
| Ally Financial, Inc. (Consumer Finance) |  | 2194 |  | 92763 |
| American Airlines Group, Inc.\* (Passenger <br>Airlines) |  | 5167 |  | 68721 |
| American Financial Group, Inc. (Insurance) |  | 542 |  | 70606 |
| American Healthcare REIT, Inc. <br>(Health Care REITs) |  | 1378 |  | 64642 |
| American Homes 4 Rent—Class A <br>(Residential REITs) |  | 2552 |  | 79929 |
| Amkor Technology, Inc. (Semiconductors & <br>Semiconductor Equipment) |  | 890 |  | 43014 |
| Annaly Capital Management, Inc. <br>(Mortgage REITs) |  | 5346 |  | 123012 |
| Antero Midstream Corp. (Oil, Gas & <br>Consumable Fuels) |  | 2610 |  | 49120 |
| Antero Resources Corp.\* (Oil, Gas & <br>Consumable Fuels) |  | 2294 |  | 83433 |
| API Group Corp.\* (Industrial Support Services) |  | 2897 |  | 120428 |
| Appfolio, Inc.\*—Class A (Software) |  | 181 |  | 34368 |
| Applied Industrial Technologies, Inc. (Trading <br>Companies & Distributors) |  | 295 |  | 76821 |
| AptarGroup, Inc. (Containers & Packaging) |  | 514 |  | 64224 |
| Aramark (Hotels, Restaurants & Leisure) |  | 2057 |  | 79174 |
| Arrow Electronics, Inc.\* (Electronic <br>Equipment, Instruments & Components) |  | 403 |  | 53393 |
| ASGN, Inc.\* (IT Services) |  | 334 |  | 17398 |
| Ashland, Inc. (Chemicals) |  | 358 |  | 21895 |
| Associated Banc-Corp. (Banks) |  | 1280 |  | 34893 |
| ATI, Inc. (Metals & Mining) |  | 1063 |  | 127879 |
| Autoliv, Inc. (Automobile Components) |  | 547 |  | 66318 |
| AutoNation, Inc.\* (Specialty Retail) |  | 214 |  | 43866 |
| Avantor, Inc.\* (Life Sciences Tools & Services) |  | 5337 |  | 58280 |
| Avient Corp. (Chemicals) |  | 717 |  | 25920 |
| Avis Budget Group, Inc.\* (Ground <br>Transportation) |  | 132 |  | 15179 |
| Avnet, Inc. (Electronic Equipment, <br>Instruments & Components) |  | 637 |  | 39742 |
| Axalta Coating Systems, Ltd.\* (Chemicals) |  | 1670 |  | 56079 |
| Bank OZK (Banks) |  | 829 |  | 39427 |
| Bath & Body Works, Inc. <br>(Retail—Discretionary) |  | 1614 |  | 35185 |

---

**Common Stocks, continued**

---

| | | | |
|:---|:---|:---|:---|
|  | Shares | Shares |  |
| Belden, Inc. (Electronic Equipment, <br>Instruments & Components) |  | 308 | $36193 |
| BellRing Brands, Inc.\* (Personal Care <br>Products) |  | 986 | 24522 |
| Bentley Systems, Inc.—Class B (Software) |  | 1166 | 40950 |
| BILL Holdings, Inc.\* (Software) |  | 698 | 30133 |
| BioMarin Pharmaceutical, Inc.\* <br>(Biotechnology) |  | 1504 | 85036 |
| Bio-Rad Laboratories, Inc.\*—Class A (Life <br>Sciences Tools & Services) |  | 142 | 41705 |
| BJ's Wholesale Club Holdings, Inc.\* <br>(Consumer Staples Distribution & Retail) |  | 1031 | 95306 |
| Black Hills Corp. (Multi-Utilities) |  | 591 | 43131 |
| Blackbaud, Inc. (Software) |  | 287 | 15412 |
| Booz Allen Hamilton Holding Corporation <br>(Professional Services) |  | 949 | 83911 |
| BorgWarner, Inc. (Automobile Components) |  | 1675 | 79412 |
| Boyd Gaming Corp. (Hotels, Restaurants & <br>Leisure) |  | 453 | 38297 |
| Brighthouse Financial, Inc.\* (Insurance) |  | 448 | 28699 |
| Brixmor Property Group, Inc. (Retail REITs) |  | 2396 | 64189 |
| Bruker Corp.\* (Life Sciences Tools & Services) |  | 868 | 38444 |
| Brunswick Corp. (Leisure Products) |  | 509 | 40832 |
| Burlington Stores, Inc.\* (Specialty Retail) |  | 487 | 144084 |
| BWX Technologies, Inc. (Aerospace & <br>Defense) |  | 716 | 147088 |
| Cabot Corp. (Chemicals) |  | 416 | 30031 |
| CACI International, Inc.\*—Class A <br>(Professional Services) |  | 173 | 107360 |
| Capri Holdings, Ltd.\* (Textiles, Apparel & <br>Luxury Goods) |  | 933 | 21058 |
| Carlisle Cos., Inc. (Building Products) |  | 326 | 111129 |
| Carpenter Technology Corp. (Metals & Mining) | Carpenter Technology Corp. (Metals & Mining) | 390 | 123954 |
| Casey's General Stores, Inc. (Consumer <br>Staples Distribution & Retail) |  | 291 | 176492 |
| Cava Group, Inc.\* (Leisure Facilities & <br>Services) |  | 781 | 47344 |
| Celsius Holdings, Inc.\* (Beverages) |  | 1251 | 65652 |
| Chart Industries, Inc.\* (Machinery) |  | 346 | 71740 |
| Chemed Corp. (Health Care Providers & <br>Services) |  | 111 | 47413 |
| Chewy, Inc.\*—Class A (Specialty Retail) |  | 1762 | 51292 |
| Choice Hotels International, Inc.\* (Hotels, <br>Restaurants & Leisure) |  | 162 | 16654 |
| Chord Energy Corp. (Oil, Gas & Consumable <br>Fuels) |  | 445 | 44607 |
| Churchill Downs, Inc. (Hotels, Restaurants & <br>Leisure) |  | 519 | 51049 |
| Ciena Corp.\* (Communications Equipment) |  | 1104 | 277998 |
| Cirrus Logic, Inc.\* (Semiconductors & <br>Semiconductor Equipment) |  | 399 | 52006 |
| Clean Harbors, Inc.\* (Commercial Services & <br>Supplies) |  | 393 | 102145 |
| Cleveland-Cliffs, Inc.\* (Metals & Mining) |  | 4459 | 61356 |
| CNH Industrial N.V. (Machinery) |  | 6927 | 74535 |
| CNO Financial Group, Inc. (Insurance) |  | 746 | 31369 |
| CNX Resources Corp.\* (Oil, Gas & <br>Consumable Fuels) |  | 1055 | 40934 |
| Coca-Cola Consolidated, Inc. (Beverages) |  | 443 | 67363 |
| Cognex Corp. (Electronic Equipment, <br>Instruments & Components) |  | 1312 | 50827 |

---

**See accompanying notes to financial statements.**

January 31, 2026 (unaudited) :: Schedule of Portfolio Investments **:: UltraMid-Cap ProFund :: 139**

**Common Stocks, continued**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Shares |  | Value |  |
| Coherent Corp.\* (Electronic Equipment, <br>Instruments & Components) |  | 1230 |  | $260982 |
| Columbia Banking System, Inc. (Banks) |  | 2341 |  | 68919 |
| Columbia Sportswear Co. (Textiles, Apparel & <br>Luxury Goods) |  | 198 |  | 10945 |
| Commerce Bancshares, Inc. (Banks) |  | 1012 |  | 53272 |
| Commercial Metals Co. (Metals & Mining) |  | 869 |  | 66800 |
| CommVault Systems, Inc.\* (Software) |  | 345 |  | 29567 |
| Concentrix Corp. (Professional Services) |  | 346 |  | 12923 |
| COPT Defense Properties (Office REITs) |  | 884 |  | 27236 |
| Core & Main, Inc.\*—Class A (Trading <br>Companies & Distributors) |  | 1493 |  | 79666 |
| Corebridge Financial, Inc (Financial Services) |  | 2093 |  | 64527 |
| Coty, Inc.—Class A (Personal Care Products) |  | 2875 |  | 9114 |
| Cousins Properties, Inc. (Office REITs) |  | 1315 |  | 33191 |
| Crane Co. (Machinery) |  | 383 |  | 69951 |
| Crane NXT Co. (Electronic Equipment, <br>Instruments & Components) |  | 387 |  | 19551 |
| Crocs, Inc.\* (Textiles, Apparel & Luxury Goods) | Crocs, Inc.\* (Textiles, Apparel & Luxury Goods) | 406 |  | 34072 |
| Crown Holdings, Inc. (Containers & Packaging) | Crown Holdings, Inc. (Containers & Packaging) | 892 |  | 93375 |
| CubeSmart (Specialized REITs) |  | 1785 |  | 66991 |
| Cullen/Frost Bankers, Inc. (Banks) |  | 500 |  | 68910 |
| Curtiss-Wright Corp. (Aerospace & Defense) |  | 289 |  | 189782 |
| Cytokinetics, Inc.\* (Biotechnology) |  | 943 |  | 59588 |
| Darling Ingredients, Inc.\* (Food Products) |  | 1238 |  | 56527 |
| DENTSPLY SIRONA, Inc. (Health Care <br>Equipment & Supplies) |  | 1562 |  | 19478 |
| Dick's Sporting Goods, Inc. (Specialty Retail) |  | 517 |  | 104434 |
| DocuSign, Inc.\* (Software) |  | 1573 |  | 82645 |
| Dolby Laboratories, Inc.\*—Class A (Software) |  | 479 |  | 30747 |
| Donaldson Co., Inc. (Machinery) |  | 907 |  | 92460 |
| Doximity, Inc.\*—Class A (Health Care <br>Technology) |  | 1075 |  | 40280 |
| Dropbox, Inc.\*—Class A (Software) |  | 1365 |  | 34780 |
| DT Midstream, Inc. (Oil, Gas & Consumable <br>Fuels) |  | 796 |  | 100311 |
| Duolingo, Inc.\* (Diversified Consumer Services) | Duolingo, Inc.\* (Diversified Consumer Services) | 313 |  | 41961 |
| Dutch Bros, Inc.\* (Leisure Facilities & Services) | Dutch Bros, Inc.\* (Leisure Facilities & Services) | 995 |  | 54118 |
| Dycom Industries, Inc.\* (Construction & <br>Engineering) |  | 227 |  | 82717 |
| Dynatrace, Inc.\* (Software) |  | 2360 |  | 89892 |
| Eagle Materials, Inc. (Construction Materials) |  | 251 |  | 51157 |
| East West Bancorp, Inc. (Banks) |  | 1077 |  | 123251 |
| EastGroup Properties, Inc. (Industrial REITs) |  | 417 |  | 75743 |
| EchoStar Corp.\*—Class A (Media) |  | 1054 |  | 119334 |
| Elanco Animal Health, Inc.\* (Pharmaceuticals) |  | 3889 |  | 93647 |
| elf Beauty, Inc.\* (Personal Care Products) |  | 467 |  | 39690 |
| Encompass Health Corp. (Health Care <br>Providers & Services) |  | 788 |  | 74490 |
| EnerSys (Electrical Equipment) |  | 289 |  | 52075 |
| Entegris, Inc. (Semiconductors & <br>Semiconductor Equipment) |  | 1187 |  | 140148 |
| Envista Holdings Corp.\* (Health Care <br>Equipment & Supplies) |  | 1287 |  | 30206 |
| EPR Properties (Specialized REITs) |  | 596 |  | 32327 |
| Equitable Holdings, Inc. (Financial Services) |  | 2243 |  | 104076 |
| Equity LifeStyle Properties, Inc. <br>(Residential REITs) |  | 1517 |  | 95829 |
| Esab Corp. (Machinery) |  | 447 |  | 54132 |
| Essent Group, Ltd. (Financial Services) |  | 757 |  | 47630 |
| Essential Utilities, Inc. (Water Utilities) |  | 2215 |  | 85920 |

---

**Common Stocks, continued**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Shares |  | Value |  |
| Euronet Worldwide, Inc.\* (Financial Services) |  | 306 |  | $22173 |
| Evercore, Inc. (Capital Markets) |  | 303 |  | 107040 |
| Exelixis, Inc.\* (Biotechnology) |  | 2099 |  | 86815 |
| ExlService Holdings, Inc.\* (Professional <br>Services) |  | 1242 |  | 48624 |
| Exponent, Inc. (Professional Services) |  | 390 |  | 28029 |
| F.N.B. Corp. (Banks) |  | 2803 |  | 49193 |
| Fabrinet\* (Electronic Equipment, <br>Instruments & Components) |  | 280 |  | 137044 |
| Federated Hermes, Inc.—Class B (Capital <br>Markets) |  | 578 |  | 30796 |
| Fidelity National Financial, Inc. (Insurance) |  | 1995 |  | 108508 |
| First American Financial Corp. (Insurance) |  | 798 |  | 50418 |
| First Financial Bankshares, Inc. (Banks) |  | 1020 |  | 32456 |
| First Horizon Corp. (Banks) |  | 3854 |  | 94384 |
| First Industrial Realty Trust, Inc. <br>(Industrial REITs) |  | 1037 |  | 60177 |
| FirstCash Holdings, Inc. (Consumer Finance) |  | 304 |  | 51832 |
| Five Below, Inc.\* (Specialty Retail) |  | 432 |  | 82788 |
| Flex, Ltd.\* (Electronic Equipment, <br>Instruments & Components) |  | 2895 |  | 182502 |
| Floor & Decor Holdings, Inc.\*—Class A <br>(Specialty Retail) |  | 843 |  | 55604 |
| Flowers Foods, Inc. (Food Products) |  | 1653 |  | 18894 |
| Flowserve Corp. (Machinery) |  | 995 |  | 77759 |
| Fluor Corp. (Construction & Engineering) |  | 1262 |  | 58292 |
| Fortune Brands Innovations, Inc. (Building <br>Products) |  | 940 |  | 50854 |
| FTI Consulting, Inc.\* (Professional Services) |  | 237 |  | 41397 |
| GameStop Corp.—Class A (Specialty Retail) |  | 3226 |  | 77037 |
| Gaming and Leisure Properties, Inc. <br>(Specialized REITs) |  | 2215 |  | 99122 |
| GATX Corp. (Trading Companies & <br>Distributors) |  | 279 |  | 50753 |
| Genpact, Ltd. (Professional Services) |  | 1255 |  | 55346 |
| Gentex Corp. (Automobile Components) |  | 1714 |  | 39439 |
| Glacier Bancorp, Inc. (Banks) |  | 1007 |  | 51035 |
| Globus Medical, Inc.\* (Health Care <br>Equipment & Supplies) |  | 872 |  | 79073 |
| Graco, Inc. (Machinery) |  | 1298 |  | 113354 |
| Graham Holdings Co.—Class B (Diversified <br>Consumer Services) |  | 27 |  | 31499 |
| Grand Canyon Education, Inc.\* (Diversified <br>Consumer Services) |  | 216 |  | 37549 |
| Graphic Packaging Holding Co. (Containers & <br>Packaging) |  | 2310 |  | 33842 |
| Greif, Inc.—Class A (Containers & Packaging) |  | 205 |  | 14477 |
| Guidewire Software, Inc.\* (Software) |  | 665 |  | 93605 |
| GXO Logistics, Inc.\* (Air Freight & Logistics) |  | 896 |  | 50705 |
| H&R Block, Inc. (Diversified Consumer <br>Services) |  | 990 |  | 39056 |
| Haemonetics Corp.\* (Health Care <br>Equipment & Supplies) |  | 366 |  | 24398 |
| Halozyme Therapeutics, Inc.\* (Biotechnology) |  | 920 |  | 65973 |
| Hamilton Lane, Inc.—Class A (Capital Markets) | Hamilton Lane, Inc.—Class A (Capital Markets) | 320 |  | 45197 |
| Hancock Whitney Corp. (Banks) |  | 654 |  | 44995 |
| Harley-Davidson, Inc. (Automobiles) |  | 925 |  | 18315 |
| Healthcare Realty Trust, Inc. <br>(Health Care REITs) |  | 2752 |  | 46206 |
| HealthEquity, Inc.\* (Health Care Providers & <br>Services) |  | 674 |  | 57742 |

---

**See accompanying notes to financial statements.**

**140 :: UltraMid-Cap ProFund ::** Schedule of Portfolio Investments :: January 31, 2026 (unaudited)

**Common Stocks, continued**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Shares |  | Value |  |
| Hecla Mining Co. (Metals & Mining) |  | 5245 |  | $118117 |
| Hexcel Corp. (Aerospace & Defense) |  | 623 |  | 51591 |
| HF Sinclair Corp. (Oil, Gas & Consumable <br>Fuels) |  | 1224 |  | 63636 |
| Hilton Grand Vacations, Inc.\* (Hotels, <br>Restaurants & Leisure) |  | 469 |  | 21157 |
| Hims & Hers Health, Inc.\*<sup>(a)</sup> (Health Care <br>Providers & Services) |  | 1631 |  | 44184 |
| Home BancShares, Inc. (Banks) |  | 1431 |  | 41356 |
| Houlihan Lokey, Inc. (Capital Markets) |  | 427 |  | 71873 |
| Hyatt Hotels Corp.\*—Class A (Hotels, <br>Restaurants & Leisure) |  | 327 |  | 51133 |
| IDACORP, Inc. (Electric Utilities) |  | 423 |  | 56170 |
| Illumina, Inc.\* (Life Sciences Tools & Services) |  | 1196 |  | 173192 |
| Independence Realty Trust, Inc. <br>(Residential REITs) |  | 1869 |  | 31212 |
| Ingredion, Inc. (Food Products) |  | 497 |  | 58695 |
| International Bancshares Corp. (Banks) |  | 423 |  | 29458 |
| IPG Photonics Corp.\* (Electronic Equipment, <br>Instruments & Components) |  | 198 |  | 18297 |
| ITT, Inc. (Machinery) |  | 665 |  | 121229 |
| Janus Henderson Group PLC (Capital Markets) | Janus Henderson Group PLC (Capital Markets) | 967 |  | 46542 |
| Jazz Pharmaceuticals PLC\* (Pharmaceuticals) |  | 476 |  | 78297 |
| Jefferies Financial Group, Inc. (Capital Markets) | Jefferies Financial Group, Inc. (Capital Markets) | 1292 |  | 79045 |
| Jones Lang LaSalle, Inc.\* (Real Estate <br>Management & Development) |  | 369 |  | 132069 |
| KB Home (Household Durables) |  | 507 |  | 29173 |
| KBR, Inc. (Professional Services) |  | 994 |  | 42553 |
| Kemper Corp. (Insurance) |  | 458 |  | 18050 |
| Kilroy Realty Corp. (Office REITs) |  | 852 |  | 29377 |
| Kinsale Capital Group, Inc. (Insurance) |  | 173 |  | 68487 |
| Kirby Corp.\* (Marine Transportation) |  | 424 |  | 49888 |
| Kite Realty Group Trust (Retail REITs) |  | 1695 |  | 39816 |
| Knife River Corp. (Construction Materials) |  | 444 |  | 29823 |
| Knight-Swift Transportation Holdings, Inc. <br>(Ground Transportation) |  | 1271 |  | 70032 |
| Kratos Defense & Security Solutions, Inc.\* <br>(Aerospace & Defense) |  | 1322 |  | 136179 |
| Kyndryl Holdings, Inc.\* (IT Services) |  | 1789 |  | 41147 |
| Lamar Advertising Co.—Class A <br>(Specialized REITs) |  | 680 |  | 87251 |
| Lancaster Colony Corp. (Food Products) |  | 159 |  | 27280 |
| Landstar System, Inc. (Ground Transportation) | Landstar System, Inc. (Ground Transportation) | 269 |  | 40178 |
| Lantheus Holdings, Inc.\* (Health Care <br>Equipment & Supplies) |  | 519 |  | 34731 |
| Lattice Semiconductor Corp.\* <br>(Semiconductors & Semiconductor <br>Equipment) |  | 1071 |  | 86237 |
| Lear Corp. (Automobile Components) |  | 406 |  | 47539 |
| Lincoln Electric Holdings, Inc. (Machinery) |  | 431 |  | 114365 |
| Lithia Motors, Inc.—Class A (Specialty Retail) |  | 190 |  | 61454 |
| Littelfuse, Inc. (Electronic Equipment, <br>Instruments & Components) |  | 195 |  | 63133 |
| LivaNova PLC\* (Health Care Equipment & <br>Supplies) |  | 427 |  | 28058 |
| Louisiana-Pacific Corp. (Paper & Forest <br>Products) |  | 496 |  | 41535 |
| Lumentum Holdings, Inc.\* (Communications <br>Equipment) |  | 555 |  | 217471 |
| MACOM Technology Solutions Holdings, Inc.\* <br>(Semiconductors & Semiconductor <br>Equipment) | MACOM Technology Solutions Holdings, Inc.\* <br>(Semiconductors & Semiconductor <br>Equipment) | 501 |  | 109749 |

---

**Common Stocks, continued**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Shares |  | Value |  |
| Macy's, Inc. (Broadline Retail) |  | 2102 |  | $42082 |
| Manhattan Associates, Inc.\* (Software) |  | 472 |  | 71277 |
| Maplebear, Inc.\* (Consumer Staples <br>Distribution & Retail) |  | 1438 |  | 53436 |
| Masimo Corp.\* (Health Care Equipment & <br>Supplies) |  | 357 |  | 49027 |
| MasTec, Inc.\* (Construction & Engineering) |  | 480 |  | 115430 |
| Matador Resources Co. (Oil, Gas & <br>Consumable Fuels) |  | 914 |  | 41349 |
| Mattel, Inc.\* (Leisure Products) |  | 2433 |  | 50826 |
| Maximus, Inc. (Professional Services) |  | 441 |  | 41648 |
| Medpace Holdings, Inc.\* (Life Sciences <br>Tools & Services) |  | 174 |  | 101352 |
| MGIC Investment Corp. (Financial Services) |  | 1751 |  | 47137 |
| MKS, Inc. (Semiconductors & Semiconductor <br>Equipment) |  | 526 |  | 123825 |
| Morningstar, Inc. (Capital Markets) |  | 187 |  | 37791 |
| MP Materials Corp.\*<sup>(a)</sup> (Metals & Mining) |  | 1054 |  | 61944 |
| MSA Safety, Inc. (Commercial Services & <br>Supplies) |  | 288 |  | 51019 |
| MSC Industrial Direct Co., Inc. (Trading <br>Companies & Distributors) |  | 358 |  | 30194 |
| Mueller Industries, Inc. (Machinery) |  | 869 |  | 118305 |
| Murphy Oil Corp. (Oil, Gas & Consumable <br>Fuels) |  | 1050 |  | 31595 |
| Murphy USA, Inc. (Specialty Retail) |  | 133 |  | 56194 |
| National Fuel Gas Co. (Gas Utilities) |  | 707 |  | 59212 |
| National Storage Affiliates Trust <br>(Specialized REITs) |  | 554 |  | 17623 |
| Neurocrine Biosciences, Inc.\* (Biotechnology) |  | 780 |  | 106127 |
| New Jersey Resources Corp. (Gas Utilities) |  | 786 |  | 38891 |
| New York Community Bancorp, Inc. (Banks) |  | 2343 |  | 30974 |
| NewMarket Corp. (Chemicals) |  | 61 |  | 40918 |
| Nexstar Media Group, Inc. (Media) |  | 223 |  | 47361 |
| Nextpower, Inc.\*—Class A (Electrical <br>Equipment) |  | 1162 |  | 136059 |
| NNN REIT, Inc. (Retail REITs) |  | 1487 |  | 61963 |
| NorthWestern Energy Group, Inc. <br>(Multi-Utilities) |  | 481 |  | 32641 |
| NOV, Inc. (Energy Equipment & Services) |  | 2855 |  | 52389 |
| Novanta, Inc.\* (Electronic Equipment, <br>Instruments & Components) |  | 280 |  | 37671 |
| Nutanix, Inc.\*—Class A (Software) |  | 2120 |  | 83380 |
| nVent Electric PLC (Electrical Equipment) |  | 1263 |  | 141784 |
| OGE Energy Corp. (Electric Utilities) |  | 1577 |  | 68883 |
| Okta, Inc.\* (IT Services) |  | 1319 |  | 111429 |
| Old National Bancorp (Banks) |  | 2722 |  | 66498 |
| Old Republic International Corp. (Insurance) |  | 1782 |  | 69801 |
| Olin Corp. (Chemicals) |  | 893 |  | 18583 |
| Ollie's Bargain Outlet Holdings, Inc.\* <br>(Broadline Retail) |  | 480 |  | 52949 |
| Omega Healthcare Investors, Inc. <br>(Health Care REITs) |  | 2313 |  | 101494 |
| ONE Gas, Inc. (Gas Utilities) |  | 470 |  | 37393 |
| Onto Innovation, Inc.\* (Semiconductors & <br>Semiconductor Equipment) |  | 384 |  | 77587 |
| Option Care Health, Inc.\* (Health Care <br>Providers & Services) |  | 1242 |  | 42228 |
| Ormat Technologies, Inc. (Independent Power/<br>Renewable Electricity Producers) | Ormat Technologies, Inc. (Independent Power/<br>Renewable Electricity Producers) | 476 |  | 59471 |
| Oshkosh Corp. (Machinery) |  | 495 |  | 71191 |
| Ovintiv, Inc. (Oil, Gas & Consumable Fuels) |  | 1982 |  | 86158 |

---

**See accompanying notes to financial statements.**

January 31, 2026 (unaudited) :: Schedule of Portfolio Investments **:: UltraMid-Cap ProFund :: 141**

**Common Stocks, continued**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Shares |  | Value |  |
| Owens Corning (Building Products) |  | 643 |  | $77057 |
| Park Hotels & Resorts, Inc. (Hotel & <br>Resort REITs) |  | 1565 |  | 17105 |
| Parsons Corp.\* (Professional Services) |  | 417 |  | 29215 |
| Paylocity Holding Corp.\* (Professional <br>Services) |  | 345 |  | 46568 |
| PBF Energy, Inc.—Class A (Oil, Gas & <br>Consumable Fuels) |  | 644 |  | 21548 |
| Pegasystems, Inc. (Software) |  | 717 |  | 31326 |
| Penske Automotive Group, Inc. <br>(Specialty Retail) |  | 144 |  | 22578 |
| Penumbra, Inc.\* (Health Care Equipment & <br>Supplies) |  | 307 |  | 109958 |
| Performance Food Group Co.\* (Consumer <br>Staples Distribution & Retail) |  | 1227 |  | 117117 |
| Permian Resources Corp. (Oil, Gas & <br>Consumable Fuels) |  | 5435 |  | 87667 |
| Pilgrim's Pride Corp.\* (Food Products) |  | 335 |  | 14529 |
| Pinnacle Financial Partners, Inc. (Banks) |  | 1169 |  | 111160 |
| Pinterest, Inc.\*—Class A (Interactive Media & <br>Services) |  | 4664 |  | 103215 |
| Planet Fitness, Inc.\*—Class A (Hotels, <br>Restaurants & Leisure) |  | 650 |  | 59176 |
| Polaris, Inc. (Leisure Products) |  | 418 |  | 26685 |
| Portland General Electric Co. (Electric Utilities) |  | 881 |  | 44270 |
| Post Holdings, Inc.\* (Food Products) |  | 374 |  | 38264 |
| Primerica, Inc. (Insurance) |  | 250 |  | 65760 |
| Prosperity Bancshares, Inc. (Banks) |  | 744 |  | 51343 |
| Pure Storage, Inc.\*—Class A (Technology <br>Hardware, Storage & Peripherals) |  | 2444 |  | 169956 |
| PVH Corp. (Textiles, Apparel & Luxury Goods) |  | 377 |  | 23510 |
| Qualys, Inc.\* (Software) |  | 281 |  | 37064 |
| Rambus, Inc.\* (Semiconductors & <br>Semiconductor Equipment) |  | 843 |  | 95959 |
| Range Resources Corp. (Oil, Gas & <br>Consumable Fuels) |  | 1855 |  | 70212 |
| Rayonier, Inc. (Specialized REITs) |  | 2155 |  | 49005 |
| Rb Global, Inc.\* (Commercial Services & <br>Supplies) |  | 1454 |  | 165131 |
| RBC Bearings, Inc.\* (Machinery) |  | 246 |  | 122918 |
| Regal Rexnord Corp. (Electrical Equipment) |  | 520 |  | 83980 |
| Reinsurance Group of America, Inc. <br>(Insurance) |  | 514 |  | 104214 |
| Reliance, Inc. (Metals & Mining) |  | 409 |  | 134765 |
| RenaissanceRe Holdings, Ltd. (Insurance) |  | 361 |  | 101694 |
| Repligen Corp.\* (Life Sciences Tools & <br>Services) |  | 414 |  | 61839 |
| Rexford Industrial Realty, Inc. (Industrial REITs) | Rexford Industrial Realty, Inc. (Industrial REITs) | 1818 |  | 73684 |
| RH\* (Specialty Retail) |  | 120 |  | 23860 |
| RLI Corp. (Insurance) |  | 719 |  | 42011 |
| Roivant Sciences, Ltd.\* (Biotechnology) |  | 3430 |  | 74157 |
| Royal Gold, Inc. (Metals & Mining) |  | 634 |  | 166938 |
| RPM International, Inc. (Chemicals) |  | 1004 |  | 107387 |
| Ryan Specialty Holdings, Inc.\* (Insurance) |  | 887 |  | 42824 |
| Ryder System, Inc. (Ground Transportation) |  | 316 |  | 60444 |
| Sabra Health Care REIT, Inc. <br>(Health Care REITs) |  | 1952 |  | 36561 |
| Saia, Inc.\* (Ground Transportation) |  | 209 |  | 69988 |
| Science Applications International Corp. <br>(Professional Services) |  | 360 |  | 36634 |
| SEI Investments Co. (Capital Markets) |  | 728 |  | 63955 |
| Selective Insurance Group, Inc. (Insurance) |  | 473 |  | 39770 |

---

**Common Stocks, continued**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Shares |  | Value |  |
| Sensata Technologies Holding PLC (Electrical <br>Equipment) |  | 1140 |  | $39433 |
| Service Corp. International (Diversified <br>Consumer Services) |  | 1097 |  | 88231 |
| Shift4 Payments, Inc.\*<sup>(a)</sup>—Class A (Financial <br>Services) |  | 529 |  | 31232 |
| Silicon Laboratories, Inc.\* (Semiconductors & <br>Semiconductor Equipment) |  | 257 |  | 36610 |
| Siligan Holdings, Inc. (Containers & Packaging) | Siligan Holdings, Inc. (Containers & Packaging) | 687 |  | 29644 |
| Simpson Manufacturing Co., Inc. (Building <br>Products) |  | 325 |  | 57454 |
| SLM Corp. (Consumer Finance) |  | 1589 |  | 43141 |
| Sonoco Products Co. (Containers & Packaging) | Sonoco Products Co. (Containers & Packaging) | 772 |  | 37056 |
| Sotera Health Co.\* (Life Sciences Tools & <br>Services) |  | 1623 |  | 29409 |
| SouthState Bank Corp. (Banks) |  | 787 |  | 80534 |
| Southwest Gas Holdings, Inc. (Gas Utilities) |  | 503 |  | 41658 |
| Spire, Inc. (Gas Utilities) |  | 462 |  | 39034 |
| Sprouts Farmers Market, Inc.\* (Consumer <br>Staples Distribution & Retail) |  | 762 |  | 54033 |
| SPX Technologies, Inc.\* (Machinery) |  | 390 |  | 81280 |
| STAG Industrial, Inc. (Industrial REITs) |  | 1462 |  | 54840 |
| STANDARDAERO INC\* (Aerospace & Defense) | STANDARDAERO INC\* (Aerospace & Defense) | 1504 |  | 46459 |
| Starwood Property Trust, Inc. <br>(Mortgage REITs) |  | 2725 |  | 48859 |
| Sterling Infrastructure, Inc.\* (Construction & <br>Engineering) |  | 240 |  | 85898 |
| Stifel Financial Corp. (Capital Markets) |  | 797 |  | 98270 |
| Synaptics, Inc.\* (Semiconductors & <br>Semiconductor Equipment) |  | 305 |  | 25166 |
| Talen Energy Corp.\* (Electric Utilities) |  | 358 |  | 124713 |
| Taylor Morrison Home Corp.\* (Household <br>Durables) |  | 765 |  | 46627 |
| TD SYNNEX Corp. (Electronic Equipment, <br>Instruments & Components) |  | 593 |  | 94091 |
| TechnipFMC PLC (Energy Equipment & <br>Services) |  | 3166 |  | 176410 |
| Tempur Sealy International, Inc. (Household <br>Durables) |  | 1643 |  | 144337 |
| Tenet Healthcare Corp.\* (Health Care <br>Providers & Services) |  | 688 |  | 130224 |
| Terex Corp. (Machinery) |  | 513 |  | 29241 |
| Tetra Tech, Inc. (Commercial Services & <br>Supplies) |  | 2046 |  | 77052 |
| Texas Capital Bancshares, Inc.\* (Banks) |  | 357 |  | 36118 |
| Texas Roadhouse, Inc. (Hotels, Restaurants & <br>Leisure) |  | 518 |  | 93166 |
| The Boston Beer Co., Inc.\*—Class A <br>(Beverages) |  | 60 |  | 12817 |
| The Brink's Co. (Commercial Services & <br>Supplies) |  | 325 |  | 41288 |
| The Carlyle Group, Inc. (Capital Markets) |  | 2031 |  | 119381 |
| The Ensign Group, Inc. (Health Care <br>Providers & Services) |  | 450 |  | 77246 |
| The Gap, Inc. (Specialty Retail) |  | 1772 |  | 49581 |
| The Goodyear Tire & Rubber Co.\* (Automobile <br>Components) | The Goodyear Tire & Rubber Co.\* (Automobile <br>Components) | 2240 |  | 21078 |
| The Hanover Insurance Group, Inc. (Insurance) | The Hanover Insurance Group, Inc. (Insurance) | 278 |  | 48411 |
| The Middleby Corp.\* (Machinery) |  | 363 |  | 53423 |
| The New York Times Co.—Class A (Media) |  | 1265 |  | 92737 |
| The Scotts Miracle-Gro Co. (Chemicals) |  | 348 |  | 22349 |
| The Timken Co. (Machinery) |  | 496 |  | 46222 |

---

**See accompanying notes to financial statements.**

**142 :: UltraMid-Cap ProFund ::** Schedule of Portfolio Investments :: January 31, 2026 (unaudited)

**Common Stocks, continued**

---

| | | | |
|:---|:---|:---|:---|
|  | Shares | Value |  |
| The Toro Co. (Machinery) | 766 |  | $70089 |
| Thor Industries, Inc. (Automobiles) | 412 |  | 46090 |
| Toll Brothers, Inc. (Household Durables) | 754 |  | 108945 |
| TopBuild Corp.\* (Household Durables) | 218 |  | 102035 |
| TransUnion (Professional Services) | 1520 |  | 120111 |
| Travel + Leisure Co. (Hotels, Restaurants & <br>Leisure) | 504 |  | 35048 |
| Trex Co., Inc.\* (Building Products) | 840 |  | 34793 |
| TTM Technologies, Inc.\* (Electronic <br>Equipment, Instruments & Components) | 807 |  | 79247 |
| Twilio, Inc.\*—Class A (Software) | 1187 |  | 142986 |
| TXNM Energy, Inc. (Electric Utilities) | 767 |  | 45192 |
| UFP Industries, Inc. (Building Products) | 456 |  | 47096 |
| UGI Corp. (Gas Utilities) | 1682 |  | 67466 |
| UiPath, Inc.\*—Class A (Software) | 3287 |  | 41383 |
| UL Solutions, Inc.\*—Class A (Professional <br>Services) | 589 |  | 41365 |
| UMB Financial Corp. (Banks) | 559 |  | 71071 |
| United Bankshares, Inc. (Banks) | 1097 |  | 46436 |
| United Therapeutics Corp.\* (Biotechnology) | 337 |  | 158219 |
| Universal Display Corp. (Semiconductors & <br>Semiconductor Equipment) | 346 |  | 39728 |
| Unum Group (Insurance) | 1205 |  | 91544 |
| US Foods Holding Corp.\* (Consumer Staples <br>Distribution & Retail) | 1745 |  | 145917 |
| Vail Resorts, Inc. (Hotels, Restaurants & <br>Leisure) | 281 |  | 37393 |
| Valaris, Ltd.\* (Energy Equipment & Services) | 506 |  | 29211 |
| Valley National Bancorp (Banks) | 3754 |  | 46775 |
| Valmont Industries, Inc. (Construction & <br>Engineering) | 154 |  | 68616 |
| Valvoline, Inc.\* (Specialty Retail) | 995 |  | 32556 |
| VF Corp. (Textiles, Apparel & Luxury Goods) | 2569 |  | 50326 |
| Viper Energy, Inc.—Class A (Oil & Gas <br>Producers) | 1318 |  | 55804 |
| Visteon Corp. (Automobile Components) | 214 |  | 19444 |
| Vontier Corp. (Electronic Equipment, <br>Instruments & Components) | 1136 |  | 42600 |
| Vornado Realty Trust (Office REITs) | 1263 |  | 40264 |
| Voya Financial, Inc. (Financial Services) | 745 |  | 57112 |
| Warner Music Group Corp.—Class A <br>(Entertainment) | 1142 |  | 34237 |
| Watsco, Inc. (Trading Companies & <br>Distributors) | 273 |  | 105501 |
| Watts Water Technologies, Inc.—Class A <br>(Machinery) | 215 |  | 64352 |
| Weatherford International PLC (Energy <br>Equipment & Services) | 561 |  | 52779 |
| Webster Financial Corp. (Banks) | 1263 |  | 83068 |
| WESCO International, Inc. (Trading <br>Companies & Distributors) | 381 |  | 110273 |
| Western Alliance Bancorp (Banks) | 808 |  | 72033 |
| Westlake Corp. (Chemicals) | 261 |  | 20703 |
| WEX, Inc.\* (Financial Services) | 268 |  | 41245 |
| Whirlpool Corp.<sup>(a)</sup> (Household Durables) | 440 |  | 35196 |

---

**Common Stocks, continued**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Shares |  | Value |  |
| Wingstop, Inc. (Hotels, Restaurants & Leisure) |  | 218 |  | $57864 |
| Wintrust Financial Corp. (Banks) |  | 524 |  | 77285 |
| Woodward, Inc. (Aerospace & Defense) |  | 469 |  | 149067 |
| WP Carey, Inc. (Equity REIT—Diversified) |  | 1715 |  | 119621 |
| Wyndham Hotels & Resorts, Inc. (Hotels, <br>Restaurants & Leisure) |  | 591 |  | 43019 |
| XPO, Inc.\* (Ground Transportation) |  | 919 |  | 136113 |
| YETI Holdings, Inc.\* (Leisure Products) |  | 609 |  | 27837 |
| Zions Bancorp N.A. (Banks) |  | 1156 |  | 69256 |
| ZoomInfo Technologies, Inc.\* (Interactive <br>Media & Services) |  | 2146 |  | 17275 |
| **TOTAL COMMON STOCKS**<br> (Cost $14,738,641) | **TOTAL COMMON STOCKS**<br> (Cost $14,738,641) | **TOTAL COMMON STOCKS**<br> (Cost $14,738,641) | **TOTAL COMMON STOCKS**<br> (Cost $14,738,641) | **26150723** |

---

**Repurchase Agreements**<sup>(b)(c)</sup> **(33.2%)**

---

| | | | |
|:---|:---|:---|:---|
|  |  | Value |  |
| Repurchase Agreements with various <br>counterparties, rates 3.40%–3.55%, <br>dated 1/31/26, due 2/2/26, total to be <br>received $12,798,498 | $12796000 |  | $12796000 |
| **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $12,796,000) | **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $12,796,000) | **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $12,796,000) | **12796000** |

---

**Collateral for Securities Loaned**<sup>(d)</sup> **(0.3%)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Shares | Value |  |  |
| Invesco Government & Agency Portfolio—<br>Institutional Shares, 3.69%<sup>(e)</sup> | 114321 |  | $— | 114321 |
| **TOTAL COLLATERAL FOR SECURITIES LOANED**<br> (Cost $114,321) | **TOTAL COLLATERAL FOR SECURITIES LOANED**<br> (Cost $114,321) | **TOTAL COLLATERAL FOR SECURITIES LOANED**<br> (Cost $114,321) | **114321** | **114321** |
| **TOTAL INVESTMENT SECURITIES**<br> (Cost $27,648,962)—101.2% |  |  | **39061044** | **39061044** |
| Net other assets (liabilities)—(1.2)% |  |  |  | (474044) |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | $**38587000** | **38587000** |

---

\*

Non-income producing security.

<sup>(a)</sup>

All or part of this security was on loan as of January 31, 2026. The total value of securities on loan as of January 31, 2026 was $108,514.

<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 January 31, 2026, the aggregate amount held in a segregated account was $6,056,000.

<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>

Securities were purchased with cash collateral held from securities on loan at January 31, 2026.

<sup>(e)</sup>

Rate periodically changes. Rate disclosed is the daily yield as of January 31, 2026.

<sup>REIT</sup>

Real Estate Investment Trust

**See accompanying notes to financial statements.**

January 31, 2026 (unaudited) :: 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 |  | 3/23/26 |  | $3447500 | $57711 |

---

**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) | Value and<br>Unrealized<br>Appreciation/<br>(Depreciation) |
| S&P MidCap 400 | Goldman Sachs International | 2/27/26 |  | 4.29 | % | $— | 21168851 |
| SPDR S&P MidCap 400 ETF | Goldman Sachs International | 2/27/26 |  | 4.06 | % | 10678897 | 10678897 |
|  |  |  |  |  |  | 31847748 |  |
| S&P MidCap 400 | UBS AG | 2/27/26 |  | 4.44 | % | $— | 12073037 |
| SPDR S&P MidCap 400 ETF | UBS AG | 2/27/26 |  | 4.44 | % | 3668141 | 3668141 |
|  |  |  |  |  |  | 15741178 |  |
|  |  |  |  |  |  | **47588926** |  |

---

<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 January 31, 2026, 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 :: January 31, 2026 (unaudited)

UltraMid-Cap ProFund invested in the following industries as of January 31, 2026:

---

| | | | |
|:---|:---|:---|:---|
|  |  | % of<br>Net Assets |  |
| Aerospace & Defense | $789485 |  | 2.1% |
| Air Freight & Logistics | 50705 |  | 0.1% |
| Automobile Components | 273230 |  | 0.7% |
| Automobiles | 64405 |  | 0.2% |
| Banks | 1574100 |  | 4.1% |
| Beverages | 145832 |  | 0.4% |
| Biotechnology | 635915 |  | 1.7% |
| Broadline Retail | 95031 |  | 0.2% |
| Building Products | 511787 |  | 1.3% |
| Capital Markets | 768770 |  | 2.0% |
| Chemicals | 343865 |  | 0.9% |
| Commercial Services & Supplies | 436635 |  | 1.1% |
| Communications Equipment | 495469 |  | 1.3% |
| Construction & Engineering | 510951 |  | 1.3% |
| Construction Materials | 80980 |  | 0.2% |
| Consumer Finance | 187736 |  | 0.5% |
| Consumer Staples Distribution & Retail | 693849 |  | 1.7% |
| Containers & Packaging | 272618 |  | 0.7% |
| Diversified Consumer Services | 238296 |  | 0.6% |
| Electric Utilities | 339228 |  | 0.9% |
| Electrical Equipment | 526930 |  | 1.4% |
| Electronic Equipment, Instruments & <br>Components | 1190093 |  | 3.2% |
| Energy Equipment & Services | 310789 |  | 0.8% |
| Entertainment | 34237 |  | 0.1% |
| Equity REIT—Diversified | 119621 |  | 0.3% |
| Financial Services | 415132 |  | 1.1% |
| Food Products | 214189 |  | 0.6% |
| Gas Utilities | 283654 |  | 0.7% |
| Ground Transportation | 391934 |  | 1.0% |
| Health Care Equipment & Supplies | 374929 |  | 1.0% |
| Health Care Providers & Services | 473527 |  | 1.2% |
| Health Care REITs | 248903 |  | 0.6% |
| Health Care Technology | 40280 |  | 0.1% |
| Hotel & Resort REITs | 17105 |  | <sup>NM</sup> |
| Hotels, Restaurants & Leisure | 583130 |  | 1.5% |
| Household Durables | 466313 |  | 1.2% |
| Independent Power/Renewable <br>Electricity Producers | 59471 |  | 0.2% |
| Industrial REITs | 264444 |  | 0.8% |
| Industrial Support Services | 120428 |  | 0.3% |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | % of<br>Net Assets |  |
| Insurance | $982166 |  | 2.5% |
| Interactive Media & Services | 120490 |  | 0.3% |
| IT Services | 169974 |  | 0.4% |
| Leisure Facilities & Services | 101462 |  | 0.3% |
| Leisure Products | 146180 |  | 0.4% |
| Life Sciences Tools & Services | 504221 |  | 1.3% |
| Machinery | 1501550 |  | 4.0% |
| Marine Transportation | 49888 |  | 0.1% |
| Media | 259432 |  | 0.7% |
| Metals & Mining | 976907 |  | 2.5% |
| Mortgage REITs | 171871 |  | 0.4% |
| Multi-Utilities | 75772 |  | 0.2% |
| Office REITs | 130068 |  | 0.3% |
| Oil & Gas Producers | 55804 |  | 0.1% |
| Oil, Gas & Consumable Fuels | 720570 |  | 1.9% |
| Paper & Forest Products | 41535 |  | 0.1% |
| Passenger Airlines | 114875 |  | 0.3% |
| Personal Care Products | 73326 |  | 0.2% |
| Pharmaceuticals | 171944 |  | 0.4% |
| Professional Services | 735684 |  | 1.9% |
| Real Estate Management & Development | 132069 |  | 0.3% |
| Residential REITs | 206970 |  | 0.5% |
| Retail—Discretionary | 35185 |  | 0.1% |
| Retail REITs | 230830 |  | 0.6% |
| Semiconductors & Semiconductor <br>Equipment | 865869 |  | 2.2% |
| Software | 889515 |  | 2.3% |
| Specialized REITs | 352319 |  | 1.0% |
| Specialty Retail | 841256 |  | 2.1% |
| Technology Hardware, Storage & <br>Peripherals | 169956 |  | 0.4% |
| Textiles, Apparel & Luxury Goods | 139911 |  | 0.4% |
| Trading Companies & Distributors | 453208 |  | 1.2% |
| Water Utilities | 85920 |  | 0.2% |
| Other\*\* | 12436277 |  | 32.3% |
| **Total** | **38587000** |  | **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.**

January 31, 2026 (unaudited) :: Schedule of Portfolio Investments **:: UltraNasdaq-100 ProFund :: 145**

**Common Stocks (74.3%)**

---

| | | | |
|:---|:---|:---|:---|
|  | Shares | Value |  |
| Adobe, Inc.\* (Software) | 19982 |  | $5859722 |
| Advanced Micro Devices, Inc.\* <br>(Semiconductors & Semiconductor <br>Equipment) | 77718 |  | 18398182 |
| Airbnb, Inc.\*—Class A (Hotels, <br>Restaurants & Leisure) | 20302 |  | 2626470 |
| Alnylam Pharmaceuticals, Inc.\* <br>(Biotechnology) | 6307 |  | 2132144 |
| Alphabet, Inc.—Class A (Interactive <br>Media & Services) | 100604 |  | 34004152 |
| Alphabet, Inc.—Class C (Interactive <br>Media & Services) | 93496 |  | 31651201 |
| Amazon.com, Inc.\* (Broadline Retail) | 184852 |  | 44235083 |
| American Electric Power Co., Inc. <br>(Electric Utilities) | 25495 |  | 3053664 |
| Amgen, Inc. (Biotechnology) | 25705 |  | 8788025 |
| Analog Devices, Inc. (Semiconductors & <br>Semiconductor Equipment) | 23376 |  | 7267131 |
| Apple, Inc. (Technology Hardware, <br>Storage & Peripherals) | 255510 |  | 66299734 |
| Applied Materials, Inc. <br>(Semiconductors & Semiconductor <br>Equipment) | 38029 |  | 12257507 |
| AppLovin Corp.\*—Class A (Software) | 14684 |  | 6947147 |
| ARM Holdings PLC\*<sup>ADR</sup> (Semiconductors & <br>Semiconductor Equipment) | 6603 |  | 695692 |
| ASML Holding N.V.<sup>ADR</sup> (Semiconductors & <br>Semiconductor Equipment) | 4188 |  | 5959524 |
| Atlassian Corp.\*—Class A (Software) | 8021 |  | 947922 |
| Autodesk, Inc.\* (Software) | 10120 |  | 2559044 |
| Automatic Data Processing, Inc. <br>(Professional Services) | 19307 |  | 4765354 |
| Axon Enterprise, Inc.\* (Aerospace & <br>Defense) | 3767 |  | 1821646 |
| Baker Hughes Co. (Energy Equipment & <br>Services) | 47104 |  | 2639708 |
| Booking Holdings, Inc. (Hotels, <br>Restaurants & Leisure) | 1540 |  | 7702833 |
| Broadcom, Inc. (Semiconductors & <br>Semiconductor Equipment) | 81658 |  | 27053295 |
| Cadence Design Systems, Inc.\* (Software) | 12994 |  | 3850902 |
| Charter Communications, Inc.\*—Class A <br>(Media) | 6177 |  | 1273203 |
| Cintas Corp. (Commercial Services & <br>Supplies) | 19183 |  | 3671435 |
| Cisco Systems, Inc. (Communications <br>Equipment) | 188612 |  | 14772092 |
| Coca-Cola European Partners PLC <br>(Beverages) | 21871 |  | 2005571 |
| Cognizant Technology Solutions <br>Corp.—Class A (IT Services) | 23039 |  | 1890580 |
| Comcast Corp.—Class A (Media) | 173497 |  | 5161536 |
| Constellation Energy Corp. (Electric <br>Utilities) | 17311 |  | 4858851 |
| Copart, Inc.\* (Commercial Services & <br>Supplies) | 46209 |  | 1875161 |
| CoStar Group, Inc.\* (Real Estate <br>Management & Development) | 20231 |  | 1244207 |
| Costco Wholesale Corp. (Consumer <br>Staples Distribution & Retail) | 21156 |  | 19891929 |
| Crowdstrike Holdings, Inc.\*—Class A <br>(Software) | 11981 |  | 5288473 |

---

**Common Stocks, continued**

---

| | | | |
|:---|:---|:---|:---|
|  | Shares | Value |  |
| CSX Corp. (Ground Transportation) | 88892 |  | $3356562 |
| Datadog, Inc.\*—Class A (Software) | 15534 |  | 2008857 |
| Dexcom, Inc.\* (Health Care Equipment & <br>Supplies) | 18617 |  | 1359786 |
| Diamondback Energy, Inc. (Oil, Gas & <br>Consumable Fuels) | 13677 |  | 2242344 |
| DoorDash, Inc.\*—Class A (Hotels, <br>Restaurants & Leisure) | 19398 |  | 3969219 |
| Electronic Arts, Inc. (Entertainment) | 11939 |  | 2434601 |
| Exelon Corp. (Electric Utilities) | 48227 |  | 2159605 |
| Fastenal Co. (Trading Companies & <br>Distributors) | 54803 |  | 2376258 |
| Ferrovial SE (Construction & Engineering) | 35026 |  | 2381418 |
| Fortinet, Inc.\* (Software) | 35498 |  | 2884567 |
| GE HealthCare Technologies, Inc.\* <br>(Health Care Equipment & Supplies) | 21743 |  | 1717045 |
| Gilead Sciences, Inc. (Biotechnology) | 59225 |  | 8406989 |
| Honeywell International, Inc. (Industrial <br>Conglomerates) | 30308 |  | 6895676 |
| IDEXX Laboratories, Inc.\* (Health Care <br>Equipment & Supplies) | 3812 |  | 2555794 |
| Insmed, Inc.\* (Biotechnology) | 10181 |  | 1597093 |
| Intel Corp. (Semiconductors & <br>Semiconductor Equipment) | 227704 |  | 10581405 |
| Intuit, Inc. (Software) | 13284 |  | 6627653 |
| Intuitive Surgical, Inc.\* (Health Care <br>Equipment & Supplies) | 16923 |  | 8532914 |
| Keurig Dr Pepper, Inc. (Beverages) | 64854 |  | 1779594 |
| KLA Corp. (Semiconductors & <br>Semiconductor Equipment) | 6273 |  | 8957468 |
| Lam Research Corp. (Semiconductors & <br>Semiconductor Equipment) | 59959 |  | 13998028 |
| Linde PLC (Chemicals) | 22291 |  | 10186318 |
| Marriott International, Inc. (Hotels, <br>Restaurants & Leisure) | 12811 |  | 4039308 |
| Marvell Technology, Inc. <br>(Semiconductors & Semiconductor <br>Equipment) | 41152 |  | 3247716 |
| MercadoLibre, Inc.\* (Broadline Retail) | 2421 |  | 5199800 |
| Meta Platforms, Inc.—Class A (Interactive <br>Media & Services) | 50784 |  | 36386735 |
| Microchip Technology, Inc. <br>(Semiconductors & Semiconductor <br>Equipment) | 25798 |  | 1958584 |
| Micron Technology, Inc. <br>(Semiconductors & Semiconductor <br>Equipment) | 53720 |  | 22287354 |
| Microsoft Corp. (Software) | 128520 |  | 55300871 |
| Mondelez International, Inc.—Class A <br>(Food Products) | 61597 |  | 3601577 |
| Monolithic Power Systems, Inc. <br>(Semiconductors & Semiconductor <br>Equipment) | 2287 |  | 2570931 |
| Monster Beverage Corp.\* (Beverages) | 46638 |  | 3766485 |
| Netflix, Inc.\* (Entertainment) | 202277 |  | 16888107 |
| NVIDIA Corp. (Semiconductors & <br>Semiconductor Equipment) | 420189 |  | 80310725 |
| NXP Semiconductors N.V. <br>(Semiconductors & Semiconductor <br>Equipment) | 12015 |  | 2717072 |
| Old Dominion Freight Line, Inc. (Ground <br>Transportation) | 9981 |  | 1728709 |

---

**See accompanying notes to financial statements.**

**146 :: UltraNasdaq-100 ProFund ::** Schedule of Portfolio Investments :: January 31, 2026 (unaudited)

**Common Stocks, continued**

---

| | | | |
|:---|:---|:---|:---|
|  | Shares | Value |  |
| O'Reilly Automotive, Inc.\* (Specialty <br>Retail) | 40294 |  | $3965333 |
| PACCAR, Inc. (Machinery) | 25071 |  | 3081477 |
| Palantir Technologies, Inc.\*—Class A <br>(Software) | 109047 |  | 15985200 |
| Palo Alto Networks, Inc.\* (Software) | 33272 |  | 5888146 |
| Paychex, Inc. (Professional Services) | 17180 |  | 1771773 |
| PayPal Holdings, Inc.\* (Financial Services) | 44664 |  | 2353346 |
| PDD Holdings, Inc.\*<sup>ADR</sup> (Broadline Retail) | 31884 |  | 3221878 |
| PepsiCo, Inc. (Beverages) | 65272 |  | 10027737 |
| QUALCOMM, Inc. (Semiconductors & <br>Semiconductor Equipment) | 51126 |  | 7750190 |
| Regeneron Pharmaceuticals, Inc. <br>(Biotechnology) | 4930 |  | 3655349 |
| Roper Technologies, Inc. (Software) | 5138 |  | 1907380 |
| Ross Stores, Inc. (Specialty Retail) | 15525 |  | 2928791 |
| Seagate Technology Holdings PLC <br>(Technology Hardware, Storage & <br>Peripherals) | 10195 |  | 4156400 |
| Shopify, Inc.\*—Class A (IT Services) | 58362 |  | 7658846 |
| Starbucks Corp. (Hotels, Restaurants & <br>Leisure) | 54279 |  | 4990954 |
| Strategy, Inc.\*—Class A (Software) | 12779 |  | 1913144 |
| Synopsys, Inc.\* (Software) | 8867 |  | 4124175 |
| Take-Two Interactive Software, Inc.\* <br>(Entertainment) | 8821 |  | 1943266 |
| Tesla, Inc.\* (Automobiles) | 76494 |  | 32923783 |
| Texas Instruments, Inc. (Semiconductors & <br>Semiconductor Equipment) | 43375 |  | 9349481 |
| The Kraft Heinz Co. (Food Products) | 56503 |  | 1341381 |
| Thomson Reuters Corp. (Professional <br>Services) | 21234 |  | 2349117 |
| T-Mobile U.S., Inc. (Wireless <br>Telecommunication Services) | 53395 |  | 10530028 |
| Verisk Analytics, Inc. (Professional <br>Services) | 6653 |  | 1446761 |
| Vertex Pharmaceuticals, Inc.\* <br>(Biotechnology) | 12111 |  | 5690959 |
| Walmart, Inc. (Consumer Staples <br>Distribution & Retail) | 233302 |  | 27795600 |

---

**Common Stocks, continued**

---

| | | | |
|:---|:---|:---|:---|
|  | Shares | Value |  |
| Warner Bros. Discovery, Inc.\* <br>(Entertainment) | 118290 |  | $3257707 |
| Western Digital Corp. (Technology <br>Hardware, Storage & Peripherals) | 16321 |  | 4084004 |
| Workday, Inc.\*—Class A (Software) | 10167 |  | 1785630 |
| Xcel Energy, Inc. (Electric Utilities) | 28237 |  | 2147706 |
| Zscaler, Inc.\* (Software) | 7613 |  | 1522676 |
| **TOTAL COMMON STOCKS**<br> (Cost $292,318,577) | **TOTAL COMMON STOCKS**<br> (Cost $292,318,577) | **TOTAL COMMON STOCKS**<br> (Cost $292,318,577) | **902010506** |

---

**Repurchase Agreements**<sup>(a)(b)</sup> **(22.9%)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Principal <br>Amount | Principal <br>Amount | Value |  |  |
| Repurchase Agreements with various <br>counterparties, rates 3.40%–3.55%, <br>dated 1/31/26, due 2/2/26, total to <br>be received $277,855,233 | $| 277801000 |  | $— | 277801000 |
| **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $277,801,000) | **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $277,801,000) | **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $277,801,000) | **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $277,801,000) | **277801000** | **277801000** |
| **TOTAL INVESTMENT SECURITIES**<br> (Cost $570,119,577)—97.2% |  |  |  | **1179811506** | **1179811506** |
| Net other assets (liabilities)—2.8% |  |  |  |  | 34094785 |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | $**1213906291** | **1213906291** |

---

\*

Non-income producing security.

<sup>(a)</sup>

A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. At January 31, 2026, the aggregate amount held in a segregated account was $187,845,000.

<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>ADR</sup>

American Depositary Receipt

**See accompanying notes to financial statements.**

January 31, 2026 (unaudited) :: 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 | 243 |  | 3/23/26 |  | $124756200 | $(1299235) |

---

**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) | Value and<br>Unrealized<br>Appreciation/<br>(Depreciation) |
| Invesco QQQ Trust, Series 1 ETF | Goldman Sachs International | 2/27/26 |  | 4.19 | % | $— | 112812829 |
| Nasdaq-100 Index | Goldman Sachs International | 2/27/26 |  | 4.39 | % | 630883143 | 630883143 |
|  |  |  |  |  |  | 743695972 |  |
| Invesco QQQ Trust, Series 1 ETF | UBS AG | 2/27/26 |  | 4.44 | % | $— | 245512184 |
| Nasdaq-100 Index | UBS AG | 2/27/26 |  | 4.44 | % | 412020790 | 412020790 |
|  |  |  |  |  |  | 657532974 |  |
|  |  |  |  |  |  | **1401228946** |  |

---

<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 January 31, 2026, 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 January 31, 2026:

---

| | | | |
|:---|:---|:---|:---|
|  |  | % of<br>Net Assets |  |
| Aerospace & Defense | $1821646 |  | 0.2% |
| Automobiles | 32923783 |  | 2.7% |
| Beverages | 17579387 |  | 1.4% |
| Biotechnology | 30270559 |  | 2.5% |
| Broadline Retail | 52656761 |  | 4.3% |
| Chemicals | 10186318 |  | 0.8% |
| Commercial Services & Supplies | 5546596 |  | 0.5% |
| Communications Equipment | 14772092 |  | 1.2% |
| Construction & Engineering | 2381418 |  | 0.2% |
| Consumer Staples Distribution & <br>Retail | 47687529 |  | 4.0% |
| Electric Utilities | 12219826 |  | 1.0% |
| Energy Equipment & Services | 2639708 |  | 0.2% |
| Entertainment | 24523681 |  | 2.0% |
| Financial Services | 2353346 |  | 0.2% |
| Food Products | 4942958 |  | 0.4% |
| Ground Transportation | 5085271 |  | 0.4% |
| Health Care Equipment & Supplies | 14165539 |  | 1.2% |
| Hotels, Restaurants & Leisure | 23328784 |  | 1.9% |
| Industrial Conglomerates | 6895676 |  | 0.5% |
| Interactive Media & Services | 102042088 |  | 8.4% |
| IT Services | 9549426 |  | 0.8% |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Value |  | % of<br>Net Assets |  |
| Machinery | $— | 3081477 |  | 0.3% |
| Media |  | 6434739 |  | 0.5% |
| Oil, Gas & Consumable Fuels |  | 2242344 |  | 0.2% |
| Professional Services |  | 10333005 |  | 0.8% |
| Real Estate Management & <br>Development |  | 1244207 |  | 0.1% |
| Semiconductors & Semiconductor <br>Equipment |  | 235360285 |  | 19.5% |
| Software |  | 125401509 |  | 10.3% |
| Specialty Retail |  | 6894124 |  | 0.6% |
| Technology Hardware, Storage & <br>Peripherals |  | 74540138 |  | 6.1% |
| Trading Companies & Distributors |  | 2376258 |  | 0.2% |
| Wireless Telecommunication <br>Services |  | 10530028 |  | 0.9% |
| Other\*\* | 311895785 | 311895785 |  | 25.7% |
| **Total** | $**1213906291** | **1213906291** |  | **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 :: January 31, 2026 (unaudited)

**Repurchase Agreements**<sup>(a)(b)</sup> **(97.2%)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Principal <br>Amount |  | Value |  |
| Repurchase Agreements with various <br>counterparties, rates 3.40%–3.55%, <br>dated 1/31/26, due 2/2/26, total to be <br>received $2,416,472 | $| 2416000 |  | $2416000 |
| **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $2,416,000) | **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $2,416,000) | **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $2,416,000) | **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $2,416,000) | **2416000** |
| **TOTAL INVESTMENT SECURITIES**<br>(Cost $2,416,000)—97.2% |  |  |  | **2416000** |
| Net other assets (liabilities)—2.8% |  |  |  | 68319 |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | $**2484319** |

---

<sup>(a)</sup>

A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. At January 31, 2026, the aggregate amount held in a segregated account was $140,000.

<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.

**Total Return Swap Agreements—Short**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Underlying Instrument | Counterparty | Termination <br>Date<sup>(1)</sup> | Rate Paid<br>(Received)<sup>(2)</sup> |  | Notional<br>Amount |  |
| S&P China Select ADR Index (USD) | Goldman Sachs International | 2/27/26 |  | (3.29) | % | $52620 |
| S&P China Select ADR Index (USD) | UBS AG | 2/27/26 |  | (3.44) | % | 48102 |

---

<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 January 31, 2026, 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.**

January 31, 2026 (unaudited) :: Schedule of Portfolio Investments **:: UltraShort Dow 30 ProFund :: 149**

**Repurchase Agreements**<sup>(a)(b)</sup> **(107.3%)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Principal <br>Amount |  | Value |  |
| Repurchase Agreements with various <br>counterparties, rates 3.40%–3.55%, <br>dated 1/31/26, due 2/2/26, total to be <br>received $1,130,221 | $| 1130000 |  | $1130000 |
| **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $1,130,000) | **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $1,130,000) | **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $1,130,000) | **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $1,130,000) | **1130000** |
| **TOTAL INVESTMENT SECURITIES**<br> (Cost $1,130,000)—107.3% |  |  |  | **1130000** |
| Net other assets (liabilities)—(7.3)% |  |  |  | (76634) |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | $**1053366** |

---

<sup>(a)</sup>

A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. At January 31, 2026, the aggregate amount held in a segregated account was $318,000.

<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.

**Total Return Swap Agreements—Short**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Underlying Instrument | Counterparty | Termination <br>Date<sup>(1)</sup> | Rate Paid<br>(Received)<sup>(2)</sup> |  | Notional<br>Amount |  |
| Dow Jones Industrial Average | Goldman Sachs International | 2/27/26 |  | (4.14) | % | $2617 |
| Dow Jones Industrial Average | UBS AG | 2/27/26 |  | (4.04) | % | 3568 |

---

<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 January 31, 2026, 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 :: January 31, 2026 (unaudited)

**Repurchase Agreements**<sup>(a)(b)</sup> **(95.4%)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Principal <br>Amount |  | Value |  |
| Repurchase Agreements with various <br>counterparties, rates 3.40%–3.55%, <br>dated 1/31/26, due 2/2/26, total to be <br>received $390,076 | $ | 390000 |  | $390000 |
| **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $390,000) | **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $390,000) | **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $390,000) | **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $390,000) | **390000** |
| **TOTAL INVESTMENT SECURITIES**<br> (Cost $390,000)—95.4% |  |  |  | **390000** |
| Net other assets (liabilities)—4.6% |  |  |  | 18759 |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | $**408759** |

---

<sup>(a)</sup>

A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. At January 31, 2026, the aggregate amount held in a segregated account was $20,000.

<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.

**Total Return Swap Agreements—Short**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Underlying Instrument | Counterparty | Termination <br>Date<sup>(1)</sup> | Rate Paid<br>(Received)<sup>(2)</sup> |  | Notional<br>Amount |  |
| S&P Emerging 50 ADR Index (USD) | Goldman Sachs International | 2/27/26 |  | (3.44) | % | $10373 |
| S&P Emerging 50 ADR Index (USD) | UBS AG | 2/27/26 |  | (3.64) | % | 12248 |
|  |  |  |  |  | **$** |  |

---

<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 January 31, 2026, 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.**

January 31, 2026 (unaudited) :: Schedule of Portfolio Investments **:: UltraShort International ProFund :: 151**

**Repurchase Agreements**<sup>(a)(b)</sup> **(127.1%)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Principal <br>Amount |  | Value |  |
| Repurchase Agreements with various <br>counterparties, rates 3.40%–3.55%, <br>dated 1/31/26, due 2/2/26, total to be <br>received $2,367,462 | $| 2367000 |  | $2367000 |
| **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $2,367,000) | **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $2,367,000) | **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $2,367,000) | **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $2,367,000) | **2367000** |
| **TOTAL INVESTMENT SECURITIES**<br> (Cost $2,367,000)—127.1% |  |  |  | **2367000** |
| Net other assets (liabilities)—(27.1)% |  |  |  | (504912) |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | $**1862088** |

---

<sup>(a)</sup>

A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. At January 31, 2026, the aggregate amount held in a segregated account was $130,000.

<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.

**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 |  | 2/27/26 |  | (3.59)% |  | $(1889311 | $48738 |
| MSCI EAFE Index | UBS AG |  | 2/27/26 | 2/27/26 |  | (3.94)% | (1838108 | 41349 |
|  |  |  |  |  |  |  | $**(3727419** | $**90087** |

---

<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 January 31, 2026, 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 :: January 31, 2026 (unaudited)

**Repurchase Agreements**<sup>(a)(b)</sup> **(73.3%)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Principal <br>Amount |  | Value |  |
| Repurchase Agreements with various <br>counterparties, rates 3.40%–3.55%, <br>dated 1/31/26, due 2/2/26, total to be <br>received $1,177,230 | $| 1177000 |  | $1177000 |
| **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $1,177,000) | **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $1,177,000) | **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $1,177,000) | **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $1,177,000) | **1177000** |
| **TOTAL INVESTMENT SECURITIES**<br> (Cost $1,177,000)—73.3% |  |  |  | **1177000** |
| Net other assets (liabilities)—26.7% |  |  |  | 428429 |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | $**1605429** |

---

<sup>(a)</sup>

A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. At January 31, 2026, the aggregate amount held in a segregated account was $40,000.

<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.

**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 | 11 |  | 3/13/26 | $(2945800) | $(45825) |

---

**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 | 2/27/26 |  | (3.89)% |  | $(273018 | $(5005) |

---

<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 January 31, 2026, 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.**

January 31, 2026 (unaudited) :: Schedule of Portfolio Investments **:: UltraShort Latin America ProFund :: 153**

**Repurchase Agreements**<sup>(a)(b)</sup> **(68.9%)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Principal <br>Amount |  | Value |  |
| Repurchase Agreements with various <br>counterparties, rates 3.40%–3.55%, <br>dated 1/31/26, due 2/2/26, total to be <br>received $4,224,825 | $| 4224000 |  | $4224000 |
| **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $4,224,000) | **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $4,224,000) | **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $4,224,000) | **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $4,224,000) | **4224000** |
| **TOTAL INVESTMENT SECURITIES**<br> (Cost $4,224,000)—68.9% |  |  |  | **4224000** |
| Net other assets (liabilities)—31.1% |  |  |  | 1910896 |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | $**6134896** |

---

<sup>(a)</sup>

A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. At January 31, 2026, the aggregate amount held in a segregated account was $244,000.

<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.

**Total Return Swap Agreements—Short**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Underlying Instrument | Counterparty | Termination<br>Date<sup>(1)</sup> | Rate Paid<br>(Received)<sup>(2)</sup> |  | Notional<br>Amount |  |
| S&P Latin America 35 ADR Index (USD) | Goldman Sachs International | 2/27/26 |  | (3.29) | % | $88059 |
| S&P Latin America 35 ADR Index (USD) | UBS AG | 2/27/26 |  | (3.44) | % | 90227 |

---

<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 January 31, 2026, 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 :: January 31, 2026 (unaudited)

**Repurchase Agreements**<sup>(a)(b)</sup> **(85.2%)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Principal <br>Amount |  | Value |  |
| Repurchase Agreements with various <br>counterparties, rates 3.40%–3.55%, <br>dated 1/31/26, due 2/2/26, total to be <br>received $407,079 | $ | 407000 |  | $407000 |
| **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $407,000) | **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $407,000) | **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $407,000) | **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $407,000) | **407000** |
| **TOTAL INVESTMENT SECURITIES**<br> (Cost $407,000)—85.2% |  |  |  | **407000** |
| Net other assets (liabilities)—14.8% |  |  |  | 70711 |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | $**477711** |

---

<sup>(a)</sup>

A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. At January 31, 2026, the aggregate amount held in a segregated account was $168,000.

<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.

**Total Return Swap Agreements—Short**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Underlying Instrument | Counterparty | Termination<br>Date<sup>(1)</sup> | Rate Paid<br>(Received)<sup>(2)</sup> |  | Notional<br>Amount |  |
| S&P MidCap 400 | Goldman Sachs International | 2/27/26 |  | (3.89)% |  | $2777 |
| S&P MidCap 400 | UBS AG | 2/27/26 |  | (4.04)% |  | 9025 |
|  |  |  |  |  | **$** |  |

---

<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 January 31, 2026, 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.**

January 31, 2026 (unaudited) :: Schedule of Portfolio Investments **:: UltraShort Nasdaq-100 ProFund :: 155**

**Repurchase Agreements**<sup>(a)(b)</sup> **(95.4%)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Principal <br>Amount |  | Value |  |  |
| Repurchase Agreements with various <br>counterparties, rates 3.40%–3.55%, <br>dated 1/31/26, due 2/2/26, total to be <br>received $14,650,860 | $| 14648000 |  | $— | 14648000 |
| **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $14,648,000) | **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $14,648,000) | **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $14,648,000) | **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $14,648,000) | **14648000** | **14648000** |
| **TOTAL INVESTMENT SECURITIES**<br> (Cost $14,648,000)—95.4% |  |  |  | **14648000** | **14648000** |
| Net other assets (liabilities)—4.6% |  |  |  |  | 709058 |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | $**15357058** | **15357058** |

---

<sup>(a)</sup>

A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. At January 31, 2026, the aggregate amount held in a segregated account was $3,644,000.

<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.

**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 | 3/23/26 |  | $(2053600 | $(2053600) | $30688 |

---

**Total Return Swap Agreements—Short**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Underlying Instrument | Counterparty | Termination<br>Date<sup>(1)</sup> | Rate Paid<br>(Received)<sup>(2)</sup> |  | Notional<br>Amount |  |
| Nasdaq-100 Index | Goldman Sachs International | 2/27/26 |  | (4.14) | % | $238258 |
| Nasdaq-100 Index | UBS AG | 2/27/26 |  | (4.04) | % | 188606 |

---

<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 January 31, 2026, 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 :: January 31, 2026 (unaudited)

**Repurchase Agreements**<sup>(a)(b)</sup> **(103.6%)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Principal <br>Amount |  | Value |  |
| Repurchase Agreements with various <br>counterparties, rates 3.40%–3.55%, <br>dated 1/31/26, due 2/2/26, total to be <br>received $3,240,632 | $| 3240000 |  | $3240000 |
| **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $3,240,000) | **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $3,240,000) | **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $3,240,000) | **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $3,240,000) | **3240000** |
| **TOTAL INVESTMENT SECURITIES**<br> (Cost $3,240,000)—103.6% |  |  |  | **3240000** |
| Net other assets (liabilities)—(3.6)% |  |  |  | (113604) |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | $**3126396** |

---

<sup>(a)</sup>

A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. At January 31, 2026, the aggregate amount held in a segregated account was $917,000.

<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.

**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 | 2 | 3/23/26 | $(262460 | $(262460) | $(4065) |

---

**Total Return Swap Agreements—Short**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Underlying Instrument | Counterparty | Termination<br>Date<sup>(1)</sup> | Rate Paid<br>(Received)<sup>(2)</sup> |  | Notional<br>Amount |  |
| Russell 2000 Index | Goldman Sachs International | 2/27/26 |  | (3.79) | % | $71206 |
| Russell 2000 Index | UBS AG | 2/27/26 |  | (3.94) | % | 57883 |

---

<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 January 31, 2026, 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.**

January 31, 2026 (unaudited) :: Schedule of Portfolio Investments **:: UltraSmall-Cap ProFund :: 157**

**Common Stocks (74.4%)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Shares |  | Value |  |
| 10X Genomics, Inc.\*—Class A (Medical <br>Equipment & Devices) |  | 1408 |  | $28442 |
| 1-800-Flowers.com, Inc.\*—Class A (Specialty <br>Retail) |  | 297 |  | 1283 |
| 1st Source Corp. (Banks) |  | 236 |  | 15890 |
| 3D Systems Corp.\* (Machinery) |  | 1591 |  | 3564 |
| 4D Molecular Therapeutics, Inc.\* <br>(Biotechnology) |  | 512 |  | 4536 |
| 8x8, Inc.\* (Software) |  | 1706 |  | 2832 |
| 908 Devices, Inc.\* (Electronic Equipment, <br>Instruments & Components) |  | 349 |  | 2202 |
| A10 Networks, Inc. (Software) |  | 916 |  | 15975 |
| AAR Corp.\* (Aerospace & Defense) |  | 499 |  | 52849 |
| Aardvark Therapeutics, Inc.\* (Biotech & <br>Pharma) |  | 162 |  | 2104 |
| Abacus Global Management, Inc. (Insurance) |  | 514 |  | 3829 |
| Abeona Therapeutics, Inc.\* (Biotech & Pharma) |  | 557 |  | 2835 |
| Abercrombie & Fitch Co.\*—Class A (Specialty <br>Retail) |  | 594 |  | 57992 |
| ABM Industries, Inc. (Commercial Services & <br>Supplies) |  | 776 |  | 35727 |
| Absci Corp.\* (Biotechnology) |  | 1739 |  | 5200 |
| Acacia Research Corp.\* (Financial Services) |  | 436 |  | 1735 |
| Academy Sports & Outdoors, Inc. (Specialty <br>Retail) |  | 846 |  | 46538 |
| ACADIA Pharmaceuticals, Inc.\* <br>(Biotechnology) |  | 1586 |  | 39856 |
| Acadia Realty Trust\* (Retail REITs) |  | 1682 |  | 33657 |
| Acadian Asset Management, Inc. (Capital <br>Markets) |  | 342 |  | 18954 |
| Accel Entertainment, Inc.\* (Hotels, <br>Restaurants & Leisure) |  | 652 |  | 7374 |
| Accendra Health, Inc.\* (Health Care <br>Providers & Services) |  | 962 |  | 2126 |
| ACCO Brands Corp.\* (Commercial Services & <br>Supplies) |  | 1114 |  | 4356 |
| Accuray, Inc.\* (Health Care Equipment & <br>Supplies) |  | 1264 |  | 1020 |
| ACI Worldwide, Inc.\* (Software) |  | 1319 |  | 57192 |
| Aclaris Therapeutics, Inc.\* (Biotech & Pharma) |  | 1170 |  | 4107 |
| ACM Research, Inc.\*—Class A <br>(Semiconductors & Semiconductor <br>Equipment) |  | 644 |  | 37429 |
| Acme United Corp. (Wholesale–Discretionary) |  | 43 |  | 1797 |
| ACNB Corp. (Banks) |  | 131 |  | 6618 |
| ACRES Commercial Realty Corp.\* (Specialty <br>Finance) |  | 78 |  | 1494 |
| Actuate Therapeutics, Inc.\* (Biotech & Pharma) |  | 121 |  | 570 |
| Acuren Corp.\* (Asset Management) |  | 2545 |  | 25705 |
| Acushnet Holdings Corp. (Leisure Products) |  | 352 |  | 34123 |
| ACV Auctions, Inc.\*—Class A (Commercial <br>Services & Supplies) |  | 2141 |  | 16721 |
| Adamas Trust, Inc. (Mortgage REITs) |  | 1085 |  | 8680 |
| AdaptHealth Corp.\* (Health Care Providers & <br>Services) |  | 1298 |  | 13045 |
| Adaptive Biotechnologies Corp.\* (Life Sciences <br>Tools & Services) |  | 1904 |  | 35224 |
| ADC Therapeutics S.A.\* (Biotechnology) |  | 1099 |  | 3967 |
| Addus HomeCare Corp.\* (Health Care <br>Providers & Services) |  | 232 |  | 24007 |
| Adeia, Inc. (Software) |  | 1386 |  | 25073 |
| Adient PLC (Automobile Components) |  | 1039 |  | 21611 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
|  | Shares |  |
| ADMA Biologics, Inc.\* (Biotechnology) | 2955 | $51122 |
| Adtalem Global Education, Inc.\* (Diversified <br>Consumer Services) | 458 | 47426 |
| ADTRAN Holdings, Inc. (Communications <br>Equipment) | 948 | 8741 |
| Advance Auto Parts, Inc. (Specialty Retail) | 765 | 36728 |
| Advanced Energy Industries, Inc. (Electronic <br>Equipment, Instruments & Components) | 481 | 122828 |
| AdvanSix, Inc.\* (Chemicals) | 335 | 5306 |
| Advantage Solutions, Inc.\* (Media) | 1202 | 1298 |
| Aebi Schmidt Holding AG\* (Machinery) | 475 | 6954 |
| Aehr Test Systems\* (Semiconductors & <br>Semiconductor Equipment) | 363 | 9307 |
| Aeluma, Inc.\* (Semiconductors) | 166 | 2621 |
| AeroVironment, Inc.\* (Aerospace & Defense) | 482 | 134184 |
| AerSale Corp.\* (Aerospace & Defense) | 410 | 3071 |
| Aeva Technologies, Inc.\* (Electronic <br>Equipment, Instruments & Components) | 478 | 6104 |
| AG Mortgage Investment Trust, Inc. <br>(Mortgage REITs) | 364 | 3130 |
| agilon health, Inc.\* (Health Care Providers & <br>Services) | 3934 | 3274 |
| Agilysys, Inc.\* (Software) | 330 | 28628 |
| Agios Pharmaceuticals, Inc.\* (Biotechnology) | 720 | 19757 |
| AirJoule Technologies Corp.\* (Electrical <br>Equipment) | 305 | 982 |
| AIRO Group Holdings, Inc.\* (Aerospace & <br>Defense) | 102 | 1050 |
| AirSculpt Technologies, Inc.\* (Health Care <br>Providers & Services) | 212 | 630 |
| Airship AI Holdings, Inc.\* (Software) | 294 | 914 |
| Akebia Therapeutics, Inc.\* (Biotechnology) | 3228 | 4551 |
| Alamo Group, Inc. (Machinery) | 132 | 25781 |
| Alarm.com Holdings, Inc.\* (Software) | 607 | 29609 |
| Albany International Corp. (Machinery) | 376 | 20864 |
| Aldeyra Therapeutics, Inc.\* (Biotechnology) | 692 | 3709 |
| Alector, Inc.\* (Biotechnology) | 1024 | 1935 |
| Alerus Financial Corp. (Financial Services) | 300 | 7386 |
| Alexander & Baldwin, Inc. (Equity <br>REIT—Diversified) | 931 | 19309 |
| Alexander's, Inc. (Retail REITs) | 27 | 6612 |
| Alico, Inc. (Food Products) | 72 | 2974 |
| Alight, Inc.\*—Class A (Professional Services) | 5499 | 8413 |
| Alignment Healthcare, Inc.\* (Health Care <br>Providers & Services) | 2162 | 48710 |
| Alkami Technology, Inc.\* (Software) | 879 | 18626 |
| Alkermes PLC\* (Biotechnology) | 2068 | 70085 |
| Allegiant Travel Co.\* (Passenger Airlines) | 184 | 16308 |
| Alliance Laundry Holdings, Inc.\* (Machinery) | 557 | 12299 |
| Allied Motion Technologies, Inc. (Electrical <br>Equipment) | 184 | 11226 |
| Allogene Therapeutics, Inc.\* (Biotechnology) | 1962 | 3610 |
| Alpha and Omega Semiconductor, Ltd.\* <br>(Semiconductors & Semiconductor <br>Equipment) | 319 | 7050 |
| Alpha Metallurgical Resources, Inc.\* <br>(Metals & Mining) | 149 | 31260 |
| Alpha Teknova, Inc.\* (Biotech & Pharma) | 138 | 334 |
| Alphatec Holdings, Inc.\* (Health Care <br>Equipment & Supplies) | 1497 | 22201 |
| Alpine Income Property Trust, Inc. (Equity <br>REIT—Diversified) | 167 | 2943 |

---

**See accompanying notes to financial statements.**

**158 :: UltraSmall-Cap ProFund ::** Schedule of Portfolio Investments :: January 31, 2026 (unaudited)

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
|  | Shares |  |
| Alta Equipment Group, Inc. (Trading <br>Companies & Distributors) | 250 | $1690 |
| AlTi Global, Inc.\* (Capital Markets) | 552 | 2589 |
| Altice USA, Inc.\*—Class A (Cable & Satellite) | 3333 | 5099 |
| Altimmune, Inc.\* (Biotechnology) | 1131 | 6334 |
| Alumis, Inc.\* (Pharmaceuticals) | 720 | 17647 |
| Amalgamated Financial Corp. (Banks) | 293 | 11380 |
| Ambarella, Inc.\* (Semiconductors & <br>Semiconductor Equipment) | 519 | 33237 |
| Ambiq Micro, Inc.\* (Semiconductors & <br>Semiconductor Equipment) | 60 | 1823 |
| AMC Entertainment Holdings, Inc.\* <br>(Entertainment) | 6589 | 9159 |
| AMC Networks, Inc.\*—Class A (Media) | 392 | 3022 |
| Amerant Bancorp, Inc. (Banks) | 466 | 10112 |
| Ameresco, Inc.\*—Class A (Construction & <br>Engineering) | 410 | 12849 |
| American Assets Trust, Inc. (Equity <br>REIT—Diversified) | 663 | 11974 |
| American Axle & Manufacturing <br>Holdings, Inc.\* (Automobile Components) | 1474 | 11748 |
| American Battery Technology Co.\* <br>(Metals & Mining) | 1442 | 5826 |
| American Coastal Insurance Corporation\* <br>(Insurance) | 311 | 3437 |
| American Eagle Outfitters, Inc. (Specialty <br>Retail) | 2034 | 47413 |
| American Healthcare REIT, Inc. (Health Care <br>REITs) | 2157 | 101185 |
| American Integrity Insurance Group, Inc.\* <br>(Insurance) | 102 | 1906 |
| American Outdoor Brands, Inc.\* (Leisure <br>Products) | 156 | 1413 |
| American Public Education, Inc.\* (Diversified <br>Consumer Services) | 222 | 9275 |
| American Realty Investors, Inc.\* (Real Estate <br>Management & Development) | 17 | 293 |
| American States Water Co. (Water Utilities) | 493 | 35969 |
| American Superconductor Corp.\* (Electrical <br>Equipment) | 557 | 16665 |
| American Vanguard Corp. (Chemicals) | 326 | 1656 |
| American Woodmark Corp.\* (Building <br>Products) | 183 | 10868 |
| America's Car-Mart, Inc.\* (Specialty Retail) | 90 | 2315 |
| Ameris Bancorp (Banks) | 844 | 68043 |
| AMERISAFE, Inc. (Insurance) | 242 | 9102 |
| Ames National Corp. (Banks) | 113 | 2949 |
| Amicus Therapeutics, Inc.\* (Biotechnology) | 3797 | 54259 |
| AMMO, Inc.\* (Leisure Products) | 1106 | 1803 |
| AMN Healthcare Services, Inc.\* (Health Care <br>Providers & Services) | 489 | 10416 |
| Amneal Pharmaceuticals, Inc.\* (Biotech & <br>Pharma) | 1918 | 26238 |
| Amphastar Pharmaceuticals, Inc.\* <br>(Pharmaceuticals) | 463 | 12265 |
| Amplitude, Inc.\*—Class A (Software) | 1177 | 10793 |
| Amprius Technologies, Inc.\* (Electrical <br>Equipment) | 1407 | 17503 |
| Amylyx Pharmaceuticals, Inc.\* <br>(Pharmaceuticals) | 1131 | 16162 |
| AnaptysBio, Inc.\* (Biotechnology) | 235 | 11141 |
| Anavex Life Sciences Corp.\* (Biotechnology) | 1066 | 5010 |

---

**Common Stocks, continued**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Shares |  | Value |  |  |
| Angel Oak Mortgage REIT, Inc. (Mortgage <br>REITs) |  | 173 |  | $1552 | 1552 |
| Angi, Inc.\* (Interactive Media & Services) |  | 460 |  | 5971 | 5971 |
| AngioDynamics, Inc.\* (Health Care <br>Equipment & Supplies) |  | 500 |  | 5180 | 5180 |
| ANI Pharmaceuticals, Inc.\* (Pharmaceuticals) |  | 232 |  | 18989 | 18989 |
| Anika Therapeutics, Inc.\* (Biotechnology) |  | 159 |  | 1468 | 1468 |
| Annexon, Inc.\* (Biotechnology) |  | 1276 |  | 7962 | 7962 |
| Anteris Technologies Global Corp.\* (Medical <br>Equipment & Devices) |  | 433 |  | 2585 | 2585 |
| Anterix, Inc.\* (Diversified Telecommunication <br>Services) |  | 143 |  | 3756 | 3756 |
| Apartment Investment and Management Co.\* <br>(Residential REITs) |  | 1683 |  | 9896 | 9896 |
| Apogee Enterprises, Inc. (Building Products) |  | 270 |  | 10025 | 10025 |
| Apogee Therapeutics, Inc.\* (Biotechnology) |  | 491 |  | 32165 | 32165 |
| Apollo Commercial Real Estate Finance, Inc. <br>(Mortgage REITs) |  | 1781 |  | 19253 | 19253 |
| Appian Corp.\*—Class A (Software) |  | 502 |  | 14006 | 14006 |
| Apple Hospitality REIT, Inc. (Hotel & Resort <br>REITs) |  | 2855 |  | 33232 | 33232 |
| Applied Digital Corp.\* (IT Services) |  | 3031 |  | 102689 | 102689 |
| Applied Optoelectronics, Inc.\* <br>(Communications Equipment) |  | 769 |  | 33536 | 33536 |
| Aquestive Therapeutics, Inc.\* <br>(Pharmaceuticals) |  | 1331 |  | 3926 | 3926 |
| Arbor Realty Trust, Inc. (Mortgage REITs) |  | 2478 |  | 19081 | 19081 |
| Arbutus Biopharma Corp.\* (Biotechnology) |  | 1929 |  | 7967 | 7967 |
| ArcBest Corp. (Ground Transportation) |  | 291 |  | 26254 | 26254 |
| Arcellx, Inc.\* (Biotechnology) |  | 436 |  | 29783 | 29783 |
| Archer Aviation, Inc.\*—Class A (Aerospace & <br>Defense) |  | 8043 |  | 57829 | 57829 |
| Archrock, Inc. (Energy Equipment & Services) |  | 2203 |  | 65188 | 65188 |
| Arcosa, Inc. (Construction & Engineering) |  | 619 |  | 70857 | 70857 |
| Arcturus Therapeutics Holdings, Inc.\* <br>(Biotechnology) |  | 323 |  | 2413 | 2413 |
| Arcus Biosciences, Inc.\* (Biotechnology) |  | 1002 |  | 21082 | 21082 |
| Arcutis Biotherapeutics, Inc.\* (Biotechnology) |  | 1403 |  | 35594 | 35594 |
| Ardagh Metal Packaging SA (Containers & <br>Packaging) |  | 1778 |  | 7805 | 7805 |
| Ardelyx, Inc.\* (Biotechnology) |  | 3054 |  | 23485 | 23485 |
| Ardent Health Partners, Inc.\* (Health Care <br>Providers & Services) |  | 296 |  | 2418 | 2418 |
| Ardmore Shipping Corp. (Oil, Gas & <br>Consumable Fuels) |  | 440 |  | 5685 | 5685 |
| Ares Commercial Real Estate Corp. <br>(Mortgage REITs) |  | 674 |  | 3512 | 3512 |
| Argan, Inc. (Construction & Engineering) |  | 171 |  | 59356 | 59356 |
| Arhaus, Inc.\* (Specialty Retail) |  | 652 |  | 6637 | 6637 |
| Arko Corp. (Specialty Retail) |  | 963 |  | 5114 | 5114 |
| Arlo Technologies, Inc.\* (Electronic Equipment, <br>Instruments & Components) | Arlo Technologies, Inc.\* (Electronic Equipment, <br>Instruments & Components) | 1268 |  | 16091 | 16091 |
| Armada Hoffler Properties, Inc. (Equity <br>REIT—Diversified) |  | 1020 |  | 7109 | 7109 |
| ARMOUR Residential REIT, Inc. (Mortgage <br>REITs) |  | 1439 |  | 25039 | 25039 |
| Arq, Inc.\* (Chemicals) |  | 408 |  | 1452 | 1452 |
| Array Technologies, Inc.\* (Electrical <br>Equipment) |  | 1936 |  | 21925 | 21925 |
| Arrive AI, Inc.\* (Air Freight & Logistics) |  | 38 |  |  | 71 |
| ArriVent Biopharma, Inc.\* (Biotechnology) |  | 376 |  | 8456 | 8456 |
| Arrow Financial Corp. (Banks) |  | 207 |  | 6999 | 6999 |

---

**See accompanying notes to financial statements.**

January 31, 2026 (unaudited) :: Schedule of Portfolio Investments **:: UltraSmall-Cap ProFund :: 159**

**Common Stocks, continued**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Shares |  | Value |  |
| Arrowhead Pharmaceuticals, Inc.\* <br>(Biotechnology) |  | 1691 |  | $117237 |
| ARS Pharmaceuticals, Inc.\* (Biotechnology) |  | 752 |  | 7512 |
| Arteris, Inc.\* (Software) |  | 387 |  | 5809 |
| Artisan Partners Asset <br>Management, Inc.—Class A (Capital Markets) |  | 798 |  | 35527 |
| Artivion, Inc.\* (Health Care Equipment & <br>Supplies) |  | 537 |  | 21893 |
| Arvinas, Inc.\* (Pharmaceuticals) |  | 836 |  | 11186 |
| Asana, Inc.\*—Class A (Software) |  | 1104 |  | 11316 |
| Asbury Automotive Group, Inc.\* (Specialty <br>Retail) |  | 248 |  | 58159 |
| Ascent Industries Co.\* (Steel) |  | 105 |  | 1702 |
| ASGN, Inc.\* (IT Services) |  | 531 |  | 27660 |
| ASP Isotopes, Inc.\* (Chemicals) |  | 1179 |  | 7475 |
| Aspen Aerogels, Inc.\* (Chemicals) |  | 846 |  | 2851 |
| Aspen Insurance Holdings Ltd.\* (Insurance) |  | 197 |  | 7354 |
| Associated Banc-Corp. (Banks) |  | 2121 |  | 57818 |
| Astec Industries, Inc. (Machinery) |  | 292 |  | 14226 |
| Astrana Health, Inc.\* (Health Care Providers & <br>Services) |  | 520 |  | 11825 |
| Astronics Corp.\* (Aerospace & Defense) |  | 391 |  | 29618 |
| Asure Software, Inc.\* (Professional Services) |  | 322 |  | 3098 |
| Atea Pharmaceuticals, Inc.\* (Pharmaceuticals) |  | 906 |  | 3841 |
| Ategrity Specialty Holdings, LLC\* (Insurance) |  | 82 |  | 1460 |
| Atkore, Inc.\* (Electrical Equipment) |  | 429 |  | 29794 |
| Atlanta Braves Holdings, Inc.\* (Entertainment) |  | 589 |  | 23519 |
| Atlanta Braves Holdings, Inc.\*—Series A <br>(Entertainment) |  | 86 |  | 3786 |
| Atlantic International Corp.\* (Biotech & <br>Pharma) |  | 70 |  | 242 |
| Atlantic Union Bankshares Corp. (Banks) |  | 1818 |  | 70610 |
| Atlanticus Holdings Corp.\* (Consumer Finance) | Atlanticus Holdings Corp.\* (Consumer Finance) | 68 |  | 3511 |
| Atlas Energy Solutions, Inc. (Energy <br>Equipment & Services) |  | 990 |  | 11553 |
| Atmus Filtration Technologies, Inc. (Machinery) | Atmus Filtration Technologies, Inc. (Machinery) | 1065 |  | 61738 |
| ATN International, Inc. (Diversified <br>Telecommunication Services) |  | 126 |  | 3048 |
| Atomera, Inc.\* (Semiconductors) |  | 386 |  | 1131 |
| AtriCure, Inc.\* (Health Care Equipment & <br>Supplies) |  | 617 |  | 22786 |
| aTyr Pharma, Inc.\* (Biotechnology) |  | 1224 |  | 1081 |
| AudioEye, Inc.\* (Software) |  | 102 |  | 961 |
| Aura Biosciences, Inc.\* (Biotechnology) |  | 560 |  | 3136 |
| Aurinia Pharmaceuticals, Inc.\* (Biotechnology) |  | 1522 |  | 22115 |
| Avadel Pharmaceuticals PLC\* <br>(Pharmaceuticals) |  | 1138 |  | 24524 |
| Avanos Medical, Inc.\* (Health Care <br>Equipment & Supplies) |  | 571 |  | 7606 |
| Aveanna Healthcare Holdings, Inc.\* (Health <br>Care Providers & Services) |  | 887 |  | 7451 |
| AvePoint, Inc.\* (Software) |  | 1874 |  | 21795 |
| Aviat Networks, Inc.\* (Communications <br>Equipment) |  | 148 |  | 3228 |
| Avidbank Holdings, Inc.\* (Banks) |  | 37 |  | 1077 |
| Avidity Biosciences, Inc.\* (Biotechnology) |  | 1475 |  | 107041 |
| Avient Corp. (Chemicals) |  | 1172 |  | 42368 |
| Avista Corp. (Multi-Utilities) |  | 1037 |  | 42818 |
| Avita Medical, Inc.\* (Biotechnology) |  | 155 |  | 684 |
| Axcelis Technologies, Inc.\* (Semiconductors & <br>Semiconductor Equipment) |  | 396 |  | 34876 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
|  | Shares |  |
| Axogen, Inc.\* (Health Care Equipment & <br>Supplies) | 566 | $19725 |
| Axos Financial, Inc.\* (Banks) | 693 | 68600 |
| Axsome Therapeutics, Inc.\* (Pharmaceuticals) | 523 | 96362 |
| Azenta, Inc.\* (Life Sciences Tools & Services) | 520 | 20218 |
| AZZ, Inc. (Building Products) | 379 | 47106 |
| B&G Foods, Inc. (Food Products) | 995 | 4348 |
| Backblaze, Inc.\*—Class A (IT Services) | 703 | 3199 |
| Badger Meter, Inc. (Electronic Equipment, <br>Instruments & Components) | 378 | 55407 |
| Bakkt Holdings, Inc.\* (Institutional Financial <br>Services) | 183 | 2450 |
| Balchem Corp. (Chemicals) | 419 | 71302 |
| Bally's Corp.\* (Leisure Facilities & Services) | 123 | 1879 |
| Banc of California, Inc. (Banks) | 1637 | 32707 |
| BancFirst Corp. (Banks) | 266 | 29247 |
| Banco Latinoamericano de Comercio Exterior <br>S.A.—Class E (Financial Services) | 359 | 17401 |
| Bandwidth, Inc.\*—Class A (Diversified <br>Telecommunication Services) | 353 | 4931 |
| Bank First Corp. (Banks) | 116 | 16187 |
| Bank of Hawaii Corp. (Banks) | 502 | 37540 |
| Bank of Marin Bancorp (Banks) | 188 | 5048 |
| Bank7 Corp. (Banks) | 54 | 2400 |
| BankUnited, Inc. (Banks) | 962 | 45666 |
| Bankwell Financial Group, Inc. (Banks) | 90 | 4337 |
| Banner Corp. (Banks) | 434 | 26839 |
| Bar Harbor Bankshares (Banks) | 209 | 7087 |
| BARK, Inc.\* (Specialty Retail) | 1178 | 1048 |
| Barnes & Noble Education, Inc.\* <br>(Retail—Discretionary) | 205 | 1835 |
| Barrett Business Services, Inc. <br>(Professional Services) | 317 | 12046 |
| Bassett Furniture Industries, Inc. <br>(Retail—Discretionary) | 104 | 1643 |
| BayCom Corp.\* (Banks) | 130 | 3793 |
| BCB Bancorp, Inc. (Banks) | 198 | 1562 |
| Beacon Financial Corporation (Banks) | 1062 | 30108 |
| Beam Therapeutics, Inc.\* (Biotechnology) | 1219 | 33669 |
| Beazer Homes USA, Inc.\* (Household <br>Durables) | 352 | 7593 |
| Bed Bath & Beyond, Inc.\* (Specialty Retail) | 874 | 5165 |
| Bel Fuse, Inc.—Class A (Electronic Equipment, <br>Instruments & Components) | 20 | 3675 |
| Bel Fuse, Inc.—Class B (Electronic Equipment, <br>Instruments & Components) | 133 | 26758 |
| Belden, Inc. (Electronic Equipment, <br>Instruments & Components) | 499 | 58637 |
| Benchmark Electronics, Inc. (Electronic <br>Equipment, Instruments & Components) | 456 | 23776 |
| Benitec Biopharma, Inc.\* (Biotech & Pharma) | 190 | 2314 |
| Beta Bionics, Inc.\* (Biotechnology) | 496 | 6860 |
| Better Home & Finance Holding Co.\* <br>(Specialty Finance) | 71 | 2152 |
| Beyond Meat, Inc.\* (Food Products) | 4887 | 3730 |
| BGC Group, Inc.—Class A (Capital Markets) | 4622 | 42106 |
| Bicara Therapeutics, Inc.\* (Biotechnology) | 401 | 6737 |
| BigBear.ai Holdings, Inc.\* (IT Services) | 5529 | 27866 |
| BigCommerce Holdings, Inc.\*—Class 1 <br>(IT Services) | 851 | 2655 |
| Biglari Holdings, Inc.\*—Class B (Hotels, <br>Restaurants & Leisure) | 9 | 3375 |

---

**See accompanying notes to financial statements.**

**160 :: UltraSmall-Cap ProFund ::** Schedule of Portfolio Investments :: January 31, 2026 (unaudited)

**Common Stocks, continued**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Shares |  | Value |  |
| BioAge Labs, Inc.\* (Pharmaceuticals) | 302 |  | $5735 | 5735 |
| BioCryst Pharmaceuticals, Inc.\* <br>(Biotechnology) | 2670 |  | 17569 | 17569 |
| Biohaven, Ltd.\* (Biotechnology) | 1195 |  | 14137 | 14137 |
| BioLife Solutions, Inc.\* (Life Sciences Tools & <br>Services) | 524 |  | 11423 | 11423 |
| Biote Corp.\*—Class A (Pharmaceuticals) | 372 |  | 777 | 777 |
| Bioventus, Inc.\*—Class A (Health Care <br>Equipment & Supplies) | 587 |  | 4655 | 4655 |
| Bit Digital, Inc.\* (Software) | 4056 |  | 8234 | 8234 |
| Bitdeer Technologies Group\* (Technology <br>Services) | 1255 |  | 16365 | 16365 |
| BJ's Restaurants, Inc.\* (Hotels, Restaurants & <br>Leisure) | 257 |  | 10748 | 10748 |
| BK Technologies Corporation\* (Technology <br>Hardware) | 37 |  | 2822 | 2822 |
| BKV Corp.\* (Oil, Gas & Consumable Fuels) | 284 |  | 8449 | 8449 |
| Black Hills Corp. (Multi-Utilities) | 937 |  | 68381 | 68381 |
| Black Rock Coffee Bar, Inc.\* (Hotels, <br>Restaurants & Leisure) | 209 |  | 3116 | 3116 |
| Blackbaud, Inc. (Software) | 488 |  | 26206 | 26206 |
| BlackLine, Inc.\* (Software) | 664 |  | 30856 | 30856 |
| BlackSky Technology, Inc.\* (Professional <br>Services) | 396 |  | 8740 | 8740 |
| Blackstone Mortgage Trust, Inc.—Class A <br>(Mortgage REITs) | 2027 |  | 39019 | 39019 |
| Blaize Holdings, Inc.\* (Semiconductors & <br>Semiconductor Equipment) | 991 |  | 1348 | 1348 |
| Blend Labs, Inc.\*—Class A (Software) | 2516 |  | 5988 | 5988 |
| Bloom Energy Corp.\*—Class A (Electrical <br>Equipment) | 2788 |  | 422021 | 422021 |
| Bloomin' Brands, Inc.\* (Hotels, Restaurants & <br>Leisure) | 1071 |  | 6426 | 6426 |
| Blue Bird Corp.\* (Machinery) | 404 |  | 20325 | 20325 |
| Blue Foundry Bancorp\* (Banks) | 230 |  | 3025 | 3025 |
| Blue Ridge Bankshares, Inc.\* (Banking) | 860 |  | 3655 | 3655 |
| BlueLinx Holdings, Inc.\* (Trading Companies & <br>Distributors) | 97 |  | 6747 | 6747 |
| Bluerock Homes Trust, Inc.\* (Residential <br>REITs) |  | <sup>(a)</sup> |  | 1 |
| Boise Cascade Co. (Trading Companies & <br>Distributors) | 481 |  | 38870 | 38870 |
| Boot Barn Holdings, Inc.\* (Specialty Retail) | 392 |  | 69965 | 69965 |
| Borr Drilling, Ltd.\* (Energy Equipment & <br>Services) | 3393 |  | 15879 | 15879 |
| Boston Omaha Corp.\*—Class A (Media) | 277 |  | 3382 | 3382 |
| Bowhead Specialty Holdings, Inc.\* (Insurance) | 227 |  | 5575 | 5575 |
| Bowman Consulting Group, Ltd.\* <br>(Construction & Engineering) | 179 |  | 6235 | 6235 |
| Box, Inc.\*—Class A (Software) | 1792 |  | 45427 | 45427 |
| Braemar Hotels & Resorts, Inc.\* (Hotel & <br>Resort REITs) | 703 |  | 1877 | 1877 |
| Brandywine Realty Trust (Office REITs) | 2196 |  | 6215 | 6215 |
| Braze, Inc.\*—Class A (Software) | 1088 |  | 22652 | 22652 |
| BRC, Inc.\*—Class A (Food Products) | 1180 |  | 976 | 976 |
| Bread Financial Holdings, Inc. (Consumer <br>Finance) | 584 |  | 42363 | 42363 |
| Bridgebio Pharma, Inc.\* (Biotechnology) | 2023 |  | 156318 | 156318 |
| Bridgewater Bancshares, Inc.\* (Banks) | 266 |  | 5110 | 5110 |
| Bright Minds Biosciences, Inc.\* (Biotech & <br>Pharma) | 64 |  | 4976 | 4976 |
| BrightSpire Capital, Inc. (Mortgage REITs) | 1645 |  | 9837 | 9837 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
|  | Shares |  |
| BrightSpring Health Services, Inc.\* (Health <br>Care Providers & Services) | 1419 | $55724 |
| BrightView Holdings, Inc.\* (Commercial <br>Services & Supplies) | 916 | 12238 |
| Brinker International, Inc. (Hotels, <br>Restaurants & Leisure) | 565 | 89113 |
| Bristow Group, Inc.\* (Energy Equipment & <br>Services) | 362 | 15914 |
| Broadstone Net Lease, Inc. (Equity <br>REIT—Diversified) | 2419 | 44776 |
| Brookdale Senior Living, Inc.\* (Health Care <br>Providers & Services) | 2965 | 44475 |
| Brookfield Business Corp.—Class A (Industrial <br>Conglomerates) | 298 | 10627 |
| Brookfield Infrastructure Corp.—Class A <br>(Gas & Water Utilities) | 1536 | 73498 |
| BRT Apartments Corp. (Residential REITs) | 138 | 2027 |
| Build-A-Bear Workshop, Inc. (Specialty Retail) | 158 | 9429 |
| Bumble, Inc.\*—Class A (Interactive Media & <br>Services) | 928 | 3109 |
| Burford Capital, Ltd. (Financial Services) | 2565 | 24855 |
| Burke & Herbert Financial Services Corp. <br>(Banks) | 172 | 11263 |
| Business First Bancshares, Inc. (Banks) | 363 | 10226 |
| Butterfly Network, Inc.\* (Medical <br>Equipment & Devices) | 2497 | 9888 |
| BV Financial, Inc.\* (Banking) | 103 | 1969 |
| Byline Bancorp, Inc. (Banks) | 400 | 12772 |
| Byrna Technologies, Inc.\* (Aerospace & <br>Defense) | 231 | 3167 |
| C&F Financial Corp.\* (Banking) | 39 | 2937 |
| C3.ai, Inc.\*—Class A (Software) | 1605 | 17671 |
| Cable One, Inc. (Media) | 65 | 5264 |
| Cabot Corp. (Chemicals) | 678 | 48945 |
| Cactus, Inc.—Class A (Energy Equipment & <br>Services) | 874 | 49145 |
| Cadiz, Inc.\* (Water Utilities) | 701 | 3954 |
| Cadre Holdings, Inc. (Aerospace & Defense) | 363 | 14524 |
| Calavo Growers, Inc.\* (Food Products) | 215 | 5470 |
| Caledonia Mining Corp. PLC (Metals & Mining) | 210 | 5762 |
| Caleres, Inc. (Specialty Retail) | 421 | 5145 |
| California Resources Corp. (Oil, Gas & <br>Consumable Fuels) | 934 | 49969 |
| California Water Service Group (Water Utilities) | 762 | 34061 |
| Calix, Inc.\* (Communications Equipment) | 769 | 34351 |
| Callaway Brands Corp.\* (Leisure Products) | 1683 | 24151 |
| Cal-Maine Foods, Inc. (Food Products) | 565 | 47194 |
| Calumet, Inc.\* (Chemicals) | 879 | 19698 |
| Camden National Corp. (Banks) | 214 | 10180 |
| Camping World Holdings, Inc.—Class A <br>(Specialty Retail) | 767 | 10117 |
| Candel Therapeutics, Inc.\* (Biotechnology) | 559 | 3265 |
| Cannae Holdings, Inc.\* (Financial Services) | 603 | 8689 |
| Cantaloupe, Inc.\* (Financial Services) | 710 | 7625 |
| Capital Bancorp, Inc. (Banks) | 149 | 4577 |
| Capital City Bank Group, Inc. (Banks) | 177 | 7392 |
| Capitol Federal Financial, Inc. (Banks) | 1571 | 11437 |
| Capri Holdings, Ltd.\* (Textiles, Apparel & <br>Luxury Goods) | 1484 | 33494 |
| Capricor Therapeutics, Inc.\* (Biotechnology) | 491 | 10748 |
| CapsoVision, Inc.\* (Health Care Equipment & <br>Supplies) | 73 | 366 |

---

**See accompanying notes to financial statements.**

January 31, 2026 (unaudited) :: Schedule of Portfolio Investments **:: UltraSmall-Cap ProFund :: 161**

**Common Stocks, continued**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Shares |  | Value |  |
| Cardiff Oncology, Inc.\* (Biotechnology) |  | 791 |  | $1384 |
| CareDx, Inc.\* (Biotechnology) |  | 664 |  | 13645 |
| CareTrust REIT, Inc. (Health Care REITs) |  | 2867 |  | 107053 |
| Cargurus, Inc.\* (Interactive Media & Services) |  | 1049 |  | 33989 |
| Carlsmed, Inc.\* (Health Care Equipment & <br>Supplies) |  | 86 |  | 1068 |
| Carriage Services, Inc. (Diversified Consumer <br>Services) |  | 181 |  | 7767 |
| Cars.com, Inc.\* (Interactive Media & Services) |  | 686 |  | 7793 |
| Carter Bankshares, Inc.\* (Banks) |  | 286 |  | 6123 |
| Carter's, Inc. (Textiles, Apparel & Luxury <br>Goods) |  | 454 |  | 15713 |
| Cartesian Therapeutics, Inc.\* (Biotechnology) |  | 133 |  | 908 |
| Casella Waste Systems, Inc.\*—Class A <br>(Commercial Services & Supplies) |  | 802 |  | 80905 |
| Cass Information Systems, Inc. (Financial <br>Services) |  | 152 |  | 6834 |
| Castle Biosciences, Inc.\* (Health Care <br>Providers & Services) |  | 362 |  | 14259 |
| Catalyst Pharmaceuticals, Inc.\* (Biotechnology) | Catalyst Pharmaceuticals, Inc.\* (Biotechnology) | 1475 |  | 35843 |
| Cathay General Bancorp (Banks) |  | 848 |  | 43401 |
| Cavco Industries, Inc.\* (Household Durables) |  | 99 |  | 48710 |
| CB Financial Services, Inc. (Banking) |  | 58 |  | 2078 |
| CBIZ, Inc.\* (Professional Services) |  | 630 |  | 24791 |
| CBL & Associates Properties, Inc. (Retail <br>REITs) |  | 233 |  | 8341 |
| CECO Environmental Corp.\* (Commercial <br>Services & Supplies) |  | 376 |  | 25354 |
| Celcuity, Inc.\* (Biotechnology) |  | 410 |  | 44862 |
| Celldex Therapeutics, Inc.\* (Biotechnology) |  | 835 |  | 20541 |
| Centerspace (Residential REITs) |  | 215 |  | 13818 |
| Central Garden & Pet Co.\* (Household <br>Products) |  | 107 |  | 3620 |
| Central Garden & Pet Co.\*—Class A <br>(Household Products) |  | 644 |  | 19751 |
| Central Pacific Financial Corp. (Banks) |  | 335 |  | 10911 |
| Centrus Energy Corp.\*—Class A (Oil, Gas & <br>Consumable Fuels) |  | 215 |  | 59830 |
| Centuri Holdings, Inc.\* (Construction & <br>Engineering) |  | 999 |  | 27572 |
| Century Aluminum Co.\* (Metals & Mining) |  | 673 |  | 30507 |
| Century Communities, Inc. (Household <br>Durables) |  | 332 |  | 20909 |
| Cerence, Inc.\* (Software) |  | 516 |  | 5846 |
| CeriBell, Inc.\* (Health Care Equipment & <br>Supplies) |  | 340 |  | 7007 |
| Cerus Corp.\* (Health Care Equipment & <br>Supplies) |  | 2355 |  | 5487 |
| CEVA, Inc.\* (Semiconductors & <br>Semiconductor Equipment) |  | 298 |  | 6285 |
| CF Bankshares, Inc. (Banking) |  | 60 |  | 1747 |
| CG Oncology, Inc.\* (Biotechnology) |  | 712 |  | 37060 |
| Chain Bridge Bancorp, Inc.\* (Banking) |  | 28 |  | 987 |
| Chaince Digital Holdings, Inc.\* (Commercial <br>Support Services) |  | 519 |  | 2979 |
| Champion Homes, Inc.\* (Household Durables) |  | 721 |  | 56512 |
| Chart Industries, Inc.\* (Machinery) |  | 577 |  | 119635 |
| Chatham Lodging Trust (Hotel & Resort REITs) |  | 594 |  | 4223 |
| Chemung Financial Corp. (Banks) |  | 53 |  | 3221 |
| Chesapeake Utilities Corp. (Gas Utilities) |  | 298 |  | 38347 |
| Chicago Atlantic Real Estate Finance, Inc. <br>(Mortgage REITs) |  | 232 |  | 2877 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
|  | Shares |  |
| Chimera Investment Corp. (Mortgage REITs) | 1043 | $12881 |
| ChoiceOne Financial Services, Inc. (Banks) | 183 | 5250 |
| Cimpress PLC\* (Commercial Services & <br>Supplies) | 222 | 17558 |
| Cinemark Holdings, Inc. (Entertainment) | 1325 | 31376 |
| Cipher Mining, Inc.\* (Software) | 4138 | 66042 |
| Citi Trends, Inc. (Specialty Retail) | 61 | 2632 |
| Citizens & Northern Corp. (Banks) | 220 | 5007 |
| Citizens Community Bancorp, Inc. (Banking) | 121 | 2195 |
| Citizens Financial Services, Inc. (Banks) | 58 | 3669 |
| Citizens, Inc.\* (Insurance) | 576 | 3197 |
| City Holding Co. (Banks) | 179 | 22033 |
| Civista Bancshares, Inc. (Banks) | 242 | 5839 |
| Claritev Corp.\* (Technology Services) | 97 | 2635 |
| Claros Mortgage Trust, Inc. (Mortgage REITs) | 1177 | 3225 |
| Clarus Corp.\* (Leisure Products) | 377 | 1444 |
| Clean Energy Fuels Corp.\* (Oil, Gas & <br>Consumable Fuels) | 2217 | 4877 |
| Cleanspark, Inc.\* (Software) | 3538 | 41890 |
| Clear Secure, Inc.—Class A (Software) | 1101 | 35915 |
| Clearfield, Inc.\* (Communications Equipment) | 147 | 4376 |
| ClearPoint Neuro, Inc.\* (Medical Equipment & <br>Devices) | 336 | 4344 |
| Clearwater Analytics Holdings, Inc.\*—Class A <br>(Software) | 3558 | 85712 |
| Clearwater Paper Corp.\* (Paper & Forest <br>Products) | 199 | 3347 |
| Climb Global Solutions, Inc.\* (Electronic <br>Equipment, Instruments & Components) | 50 | 5930 |
| Clipper Realty, Inc.\* (Residential REITs) | 176 | 614 |
| Clover Health Investments Corp.\* (Health <br>Care Facilities & Services) | 5210 | 11671 |
| CNB Financial Corp. (Banks) | 374 | 10360 |
| CNO Financial Group, Inc. (Insurance) | 1227 | 51595 |
| CNX Resources Corp.\* (Oil, Gas & Consumable <br>Fuels) | 1664 | 64563 |
| Coastal Financial Corp.\* (Banks) | 164 | 15708 |
| CoastalSouth Bancshares, Inc.\* (Banks) | 69 | 1654 |
| Codexis, Inc.\* (Life Sciences Tools & Services) | 1138 | 1411 |
| Coeur Mining, Inc.\* (Metals & Mining) | 8165 | 166893 |
| Cogent Biosciences, Inc.\* (Biotechnology) | 1771 | 63597 |
| Cogent Communications Holdings, Inc. <br>(Diversified Telecommunication Services) | 621 | 15090 |
| Cohen & Steers, Inc. (Capital Markets) | 354 | 22748 |
| Coherus Oncology, Inc.\* (Biotechnology) | 1352 | 2920 |
| Cohu, Inc.\* (Semiconductors & <br>Semiconductor Equipment) | 583 | 16639 |
| Collegium Pharmaceutical, Inc.\* <br>(Pharmaceuticals) | 400 | 18368 |
| Colony Bankcorp, Inc.\* (Banks) | 216 | 4203 |
| Columbia Financial, Inc.\* (Banks) | 347 | 5646 |
| Columbus McKinnon Corp. (Machinery) | 361 | 7610 |
| Commercial Bancgroup, Inc.\* (Banks) | 88 | 2318 |
| Commercial Metals Co. (Metals & Mining) | 1420 | 109155 |
| Community Financial System, Inc. (Banks) | 675 | 42188 |
| Community Health Systems, Inc.\* <br>(Health Care Providers & Services) | 1635 | 5248 |
| Community Healthcare Trust, Inc. (Health <br>Care REITs) | 349 | 6031 |
| Community Trust Bancorp, Inc. (Banks) | 203 | 12525 |
| Community West Bancshares (Banks) | 213 | 5106 |
| CommVault Systems, Inc.\* (Software) | 570 | 48849 |

---

**See accompanying notes to financial statements.**

**162 :: UltraSmall-Cap ProFund ::** Schedule of Portfolio Investments :: January 31, 2026 (unaudited)

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
|  | Shares |  |
| Compass Diversified Holdings (Financial <br>Services) | 856 | $5624 |
| Compass Minerals International, Inc. <br>(Metals & Mining) | 441 | 11016 |
| Compass Therapeutics, Inc.\* (Biotechnology) | 1668 | 10675 |
| Compass, Inc.\*—Class A (Real Estate <br>Management & Development) | 8187 | 102501 |
| Complete Solaria, Inc.\* (Renewable Energy) | 798 | 1373 |
| CompX International, Inc.\* (Commercial <br>Services & Supplies) | 20 | 466 |
| Comstock Resources, Inc.\* (Oil, Gas & <br>Consumable Fuels) | 945 | 23011 |
| Concentra Group Holdings Parent, Inc. <br>(Health Care Providers & Services) | 1490 | 33048 |
| Concrete Pumping Holdings, Inc.\* <br>(Construction & Engineering) | 280 | 1618 |
| Conduent, Inc.\* (Professional Services) | 1856 | 2580 |
| CONMED Corp. (Health Care Equipment & <br>Supplies) | 397 | 15241 |
| ConnectOne Bancorp, Inc. (Banks) | 608 | 16185 |
| Consensus Cloud Solutions, Inc.\* (Software) | 240 | 5126 |
| Consolidated Water Co., Ltd. (Water Utilities) | 192 | 7273 |
| Constellium SE\* (Metals & Mining) | 1749 | 39300 |
| Construction Partners, Inc.\*—Class A <br>(Construction & Engineering) | 599 | 65818 |
| Consumer Portfolio Services, Inc.\* (Consumer <br>Finance) | 122 | 1053 |
| Contango ORE, Inc.\* (Metals & Mining) | 141 | 3997 |
| Cooper-Standard Holdings, Inc.\* (Automobile <br>Components) | 216 | 6776 |
| COPT Defense Properties (Office REITs) | 1453 | 44767 |
| Core Laboratories, Inc. (Energy Equipment & <br>Services) | 599 | 11704 |
| Core Molding Technologies, Inc.\* (Chemicals) | 103 | 2011 |
| Core Natural Resources, Inc. (Oil, Gas & <br>Consumable Fuels) | 650 | 61997 |
| Core Scientific, Inc.\* (IT Services) | 3701 | 66581 |
| CoreCivic, Inc.\* (Commercial Services & <br>Supplies) | 1347 | 24960 |
| CorMedix, Inc.\* (Pharmaceuticals) | 947 | 7349 |
| Corsair Gaming, Inc.\* (Technology Hardware, <br>Storage & Peripherals) | 595 | 3035 |
| CorVel Corp.\* (Health Care Providers & <br>Services) | 371 | 25833 |
| Corvus Pharmaceuticals, Inc.\* (Biotechnology) | 729 | 15090 |
| Costamare Bulkers Holdings Ltd.\* (Marine <br>Transportation) | 112 | 1851 |
| Costamare, Inc. (Marine Transportation) | 565 | 9481 |
| Coursera, Inc.\* (Diversified Consumer <br>Services) | 1820 | 11029 |
| Covenant Logistics Group, Inc.—Class A <br>(Ground Transportation) | 194 | 4772 |
| CPI Card Group, Inc.\* (Technology Hardware, <br>Storage & Peripherals) | 75 | 974 |
| CRA International, Inc. (Professional Services) | 82 | 15493 |
| Cracker Barrel Old Country Store, Inc. (Hotels, <br>Restaurants & Leisure) | 283 | 8524 |
| Crawford & Co.—Class A (Insurance) | 208 | 2257 |
| Credo Technology Group Holding, Ltd.\* <br>(Semiconductors & Semiconductor <br>Equipment) | 1956 | 245048 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
|  | Shares |  |
| Crescent Energy Co.—Class A (Oil, Gas & <br>Consumable Fuels) | 3005 | $29359 |
| Crexendo, Inc.\* (Technology Services) | 220 | 1540 |
| Cricut, Inc.—Class A (Household Durables) | 614 | 2745 |
| Crinetics Pharmaceuticals, Inc.\* <br>(Biotechnology) | 1247 | 62275 |
| CRISPR Therapeutics AG\* (Biotechnology) | 1111 | 55506 |
| Critical Metals Corp.\* (Metals & Mining) | 577 | 7599 |
| Cross Country Healthcare, Inc.\* (Health Care <br>Providers & Services) | 399 | 3719 |
| CryoPort, Inc.\* (Life Sciences Tools & Services) | 623 | 5925 |
| CS Disco, Inc.\* (Software) | 308 | 1925 |
| CSG Systems International, Inc. (Professional <br>Services) | 355 | 28311 |
| CSP, Inc.\* (Technology Services) | 88 | 1005 |
| CSW Industrials, Inc. (Building Products) | 208 | 56156 |
| CTO Realty Growth, Inc. (Equity <br>REIT—Diversified) | 400 | 7108 |
| CTS Corp. (Electronic Equipment, <br>Instruments & Components) | 367 | 18867 |
| Cullinan Therapeutics, Inc.\* (Biotechnology) | 688 | 8228 |
| Curbline Properties Corp.\* (Retail REITs) | 1241 | 30094 |
| CuriosityStream, Inc. (Entertainment Content) | 521 | 1938 |
| Cushman & Wakefield Ltd.\* (Real Estate <br>Services) | 2952 | 48531 |
| Custom Truck One Source, Inc.\* (Trading <br>Companies & Distributors) | 768 | 4854 |
| Customers Bancorp, Inc.\* (Banks) | 408 | 32240 |
| CVB Financial Corp. (Banks) | 1667 | 32857 |
| CVR Energy, Inc.\* (Oil, Gas & Consumable <br>Fuels) | 394 | 8960 |
| CVRx, Inc.\* (Health Care Equipment & <br>Supplies) | 205 | 1404 |
| Cytek Biosciences, Inc.\* (Life Sciences <br>Tools & Services) | 1498 | 7490 |
| Cytokinetics, Inc.\* (Biotechnology) | 1516 | 95796 |
| Daily Journal Corp.\* (Software) | 16 | 9382 |
| Dakota Gold Corp.\* (Metals & Mining) | 1142 | 6841 |
| Daktronics, Inc.\* (Electronic Equipment, <br>Instruments & Components) | 486 | 11251 |
| Dana, Inc. (Automobile Components) | 1501 | 43379 |
| Dave & Buster's Entertainment, Inc.\* (Hotels, <br>Restaurants & Leisure) | 347 | 6513 |
| Dave, Inc.\* (Software) | 132 | 21607 |
| Day One Biopharmaceuticals, Inc.\* <br>(Biotechnology) | 1000 | 11160 |
| Definitive Healthcare Corp.\* (Health Care <br>Technology) | 383 | 889 |
| Definium Therapeutics, Inc.\* (Pharmaceuticals) | 1200 | 20256 |
| Delcath Systems, Inc.\* (Medical Equipment & <br>Devices) | 379 | 3756 |
| Delek US Holdings, Inc. (Oil, Gas & <br>Consumable Fuels) | 761 | 22457 |
| Deluxe Corp. (Commercial Services & <br>Supplies) | 564 | 14890 |
| Denali Therapeutics, Inc.\* (Biotechnology) | 1688 | 36697 |
| Designer Brands, Inc.—Class A (Specialty <br>Retail) | 426 | 2701 |
| DHT Holdings, Inc. (Oil, Gas & Consumable <br>Fuels) | 1724 | 24705 |
| DiaMedica Therapeutics, Inc.\* (Biotech & <br>Pharma) | 432 | 3473 |

---

**See accompanying notes to financial statements.**

January 31, 2026 (unaudited) :: Schedule of Portfolio Investments **:: UltraSmall-Cap ProFund :: 163**

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
|  | Shares |  |
| Diamond Hill Investment Group, Inc. (Capital <br>Markets) | 32 | $5483 |
| DiamondRock Hospitality Co. (Hotel & Resort <br>REITs) | 2629 | 24134 |
| Dianthus Therapeutics, Inc.\* (Biotechnology) | 312 | 16658 |
| Diebold Nixdorf, Inc.\* (Technology Hardware, <br>Storage & Peripherals) | 315 | 21738 |
| Digi International, Inc.\* (Communications <br>Equipment) | 464 | 19984 |
| Digimarc Corp.\* (Software) | 199 | 1220 |
| Digital Turbine, Inc.\* (Software) | 1382 | 7214 |
| DigitalBridge Group, Inc. (Real Estate <br>Management & Development) | 2259 | 34766 |
| DigitalOcean Holdings, Inc.\* (IT Services) | 872 | 48178 |
| Dime Community Bancshares, Inc. (Banks) | 508 | 17282 |
| Dine Brands Global, Inc. (Hotels, <br>Restaurants & Leisure) | 192 | 6603 |
| Diodes, Inc.\* (Semiconductors & <br>Semiconductor Equipment) | 585 | 34626 |
| Disc Medicine, Inc.\* (Biotechnology) | 318 | 24588 |
| Distribution Solutions Group, Inc.\* (Trading <br>Companies & Distributors) | 125 | 3549 |
| Diverisifed Energy Co. (Oil & Gas Producers) | 792 | 10605 |
| Diversified Healthcare Trust (Health Care <br>REITs) | 2799 | 16262 |
| DMC Global, Inc.\* (Energy Equipment & <br>Services) | 247 | 2124 |
| DNOW, Inc.\* (Trading Companies & <br>Distributors) | 2369 | 35985 |
| DocGo, Inc.\* (Health Care Providers & <br>Services) | 1147 | 879 |
| Dole PLC (Food Products) | 1053 | 16774 |
| Domo, Inc.\*—Class B (Software) | 428 | 2512 |
| Donegal Group, Inc.—Class A (Insurance) | 215 | 4014 |
| Donnelley Financial Solutions, Inc.\* (Capital <br>Markets) | 326 | 16871 |
| Dorian LPG, Ltd.\* (Oil, Gas & Consumable <br>Fuels) | 474 | 13997 |
| Dorman Products, Inc.\* (Automobile <br>Components) | 352 | 43718 |
| Douglas Dynamics, Inc. (Machinery) | 288 | 10852 |
| Douglas Elliman, Inc. (Real Estate Services) | 936 | 2527 |
| Douglas Emmett, Inc. (Office REITs) | 2066 | 21817 |
| Dream Finders Homes, Inc.\*—Class A <br>(Household Durables) | 376 | 6915 |
| Driven Brands Holdings, Inc.\* (Commercial <br>Services & Supplies) | 761 | 11834 |
| Ducommun, Inc.\* (Aerospace & Defense) | 176 | 19950 |
| D-Wave Quantum, Inc.\* (Software) | 4268 | 90567 |
| DXP Enterprises, Inc.\* (Trading Companies & <br>Distributors) | 166 | 21588 |
| Dycom Industries, Inc.\* (Construction & <br>Engineering) | 357 | 130087 |
| Dynavax Technologies Corp.\* (Biotechnology) | 1284 | 19883 |
| Dyne Therapeutics, Inc.\* (Biotechnology) | 1577 | 28213 |
| Dynex Capital, Inc. (Mortgage REITs) | 1874 | 26010 |
| Eagle Bancorp Montana, Inc. (Banking) | 94 | 2041 |
| Eagle Bancorp, Inc. (Banks) | 359 | 9607 |
| Eagle Financial Services, Inc. (Banking) | 59 | 2260 |
| Easterly Government Properties, Inc. <br>(Office REITs) | 541 | 12654 |
| Eastern Bankshares, Inc. (Banks) | 2825 | 57870 |

---

**Common Stocks, continued**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Shares |  | Value |  |
| Eastman Kodak Co.\* (Technology Hardware, <br>Storage & Peripherals) |  | 615 |  | $4502 |
| ECB BanCorp., Inc.\* (Banking) |  | 96 |  | 1697 |
| EchoStar Corp.\*—Class A (Media) |  | 1729 |  | 195758 |
| Ecovyst, Inc.\* (Chemicals) |  | 1455 |  | 15438 |
| Edgewell Personal Care Co. (Personal Care <br>Products) |  | 574 |  | 11170 |
| Edgewise Therapeutics, Inc.\* (Pharmaceuticals) | Edgewise Therapeutics, Inc.\* (Pharmaceuticals) | 860 |  | 24209 |
| Editas Medicine, Inc.\* (Biotechnology) |  | 1156 |  | 2300 |
| eGain Corp.\* (Software) |  | 205 |  | 2105 |
| eHealth, Inc.\* (Insurance) |  | 367 |  | 1039 |
| El Pollo Loco Holdings, Inc.\* (Hotels, <br>Restaurants & Leisure) |  | 357 |  | 3616 |
| Electromed, Inc.\* (Medical Equipment & <br>Devices) |  | 86 |  | 2569 |
| Eledon Pharmaceuticals, Inc.\* (Biotech & <br>Pharma) |  | 717 |  | 1577 |
| Ellington Financial, Inc. (Mortgage REITs) |  | 1245 |  | 15998 |
| Embecta Corp. (Health Care Equipment & <br>Supplies) |  | 746 |  | 7915 |
| Emerald Holding, Inc. (Media) |  | 177 |  | 892 |
| Emergent BioSolutions, Inc.\* (Biotechnology) |  | 665 |  | 7541 |
| Empire Petroleum Corp.\* (Oil, Gas & <br>Consumable Fuels) |  | 188 |  | 568 |
| Empire State Realty Trust, Inc. (Equity <br>REIT—Diversified) |  | 1784 |  | 11828 |
| Employers Holdings, Inc. (Insurance) |  | 285 |  | 12432 |
| Enact Holdings, Inc. (Financial Services) |  | 360 |  | 14317 |
| Enanta Pharmaceuticals, Inc.\* (Biotechnology) |  | 347 |  | 4476 |
| Encore Capital Group, Inc.\* (Consumer <br>Finance) |  | 287 |  | 15842 |
| Encore Energy Corp.\* (Oil, Gas & Consumable <br>Fuels) |  | 2348 |  | 7467 |
| Energizer Holdings, Inc. (Household Products) |  | 799 |  | 17442 |
| Energy Fuels, Inc.\* (Oil, Gas & Consumable <br>Fuels) |  | 2912 |  | 65344 |
| Energy Recovery, Inc.\* (Machinery) |  | 660 |  | 9629 |
| Energy Services of America Corp. <br>(Engineering & Construction) |  | 150 |  | 1352 |
| Enerpac Tool Group Corp. (Machinery) |  | 677 |  | 27324 |
| EnerSys (Electrical Equipment) |  | 476 |  | 85770 |
| Enhabit, Inc.\* (Health Care Providers & <br>Services) |  | 631 |  | 6708 |
| Enliven Therapeutics, Inc.\* (Pharmaceuticals) |  | 502 |  | 13278 |
| Ennis, Inc. (Commercial Services & Supplies) |  | 311 |  | 6061 |
| Enova International, Inc.\* (Consumer Finance) |  | 307 |  | 50707 |
| Enovis Corp.\* (Health Care Equipment & <br>Supplies) |  | 729 |  | 16067 |
| Enovix Corp.\* (Electrical Equipment) |  | 2150 |  | 14233 |
| Enpro, Inc. (Machinery) |  | 270 |  | 64471 |
| Enterprise Financial Services Corp. (Banks) |  | 468 |  | 26840 |
| Entrada Therapeutics, Inc.\* (Biotechnology) |  | 362 |  | 4141 |
| Entravision Communications Corp.—Class A <br>(Media) |  | 793 |  | 2387 |
| Envela Corp.\* (Renewable Energy) |  | 85 |  | 1159 |
| Enviri Corp. (Commercial Services & Supplies) |  | 969 |  | 18333 |
| Eos Energy Enterprises, Inc.\* (Renewable <br>Energy) |  | 3935 |  | 57608 |
| ePlus, Inc. (Electronic Equipment, <br>Instruments & Components) |  | 336 |  | 28832 |
| Epsilon Energy Ltd. (Oil & Gas Producers) |  | 245 |  | 1223 |
| Equity Bancshares, Inc.\*—Class A (Banks) |  | 196 |  | 9040 |

---

**See accompanying notes to financial statements.**

**164 :: UltraSmall-Cap ProFund ::** Schedule of Portfolio Investments :: January 31, 2026 (unaudited)

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
|  | Shares |  |
| Erasca, Inc.\* (Biotechnology) | 2213 | $23259 |
| Ermenegildo Zegna NV (Apparel & Textile <br>Products) | 788 | 6848 |
| Escalade, Inc. (Leisure Products) | 130 | 1890 |
| ESCO Technologies, Inc. (Machinery) | 332 | 75752 |
| Esperion Therapeutics, Inc.\* (Pharmaceuticals) | 2982 | 10109 |
| Esquire Financial Holdings, Inc. (Banks) | 92 | 9810 |
| Essent Group, Ltd. (Financial Services) | 1208 | 76007 |
| Essential Properties Realty Trust, Inc. (Equity <br>REIT—Diversified) | 2534 | 76931 |
| Ethan Allen Interiors, Inc. (Household <br>Durables) | 296 | 6787 |
| Eton Pharmaceuticals, Inc.\* (Biotech & <br>Pharma) | 326 | 4893 |
| European Wax Center, Inc.\*—Class A <br>(Diversified Consumer Services) | 373 | 1466 |
| Eve Holding, Inc.\* (Aerospace & Defense) | 1222 | 4815 |
| Eventbrite, Inc.\*—Class A (Entertainment) | 964 | 4261 |
| EverCommerce, Inc.\* (Software) | 187 | 2253 |
| EverQuote, Inc.\*—Class A (Interactive <br>Media & Services) | 372 | 8444 |
| EVERTEC, Inc. (Financial Services) | 820 | 24608 |
| EVgo, Inc.\* (Specialty Retail) | 1634 | 4918 |
| EVI Industries, Inc.\* (Trading Companies & <br>Distributors) | 65 | 1671 |
| Evolent Health, Inc.\*—Class A (Health Care <br>Technology) | 1496 | 4802 |
| Evolus, Inc.\* (Pharmaceuticals) | 661 | 3100 |
| Evolution Petroleum Corp. (Oil, Gas & <br>Consumable Fuels) | 403 | 1588 |
| Evolv Technologies Holdings, Inc.\* <br>(Electronic Equipment, Instruments & <br>Components) | 1949 | 12064 |
| Excelerate Energy, Inc.—Class A (Oil, Gas & <br>Consumable Fuels) | 304 | 11354 |
| eXp World Holdings, Inc. (Real Estate <br>Management & Development) | 1123 | 10152 |
| Expensify, Inc.\* (Software) | 763 | 1106 |
| Exponent, Inc. (Professional Services) | 648 | 46572 |
| Expro Group Holdings N.V.\* (Energy <br>Equipment & Services) | 1136 | 18187 |
| Extreme Networks, Inc.\* (Communications <br>Equipment) | 1682 | 24524 |
| EyePoint Pharmaceuticals, Inc.\* <br>(Pharmaceuticals) | 963 | 13020 |
| F&G Annuities & Life, Inc. (Insurance) | 472 | 13919 |
| Fabrinet\* (Electronic Equipment, <br>Instruments & Components) | 461 | 225633 |
| Falcon's Beyond Global, Inc.\* (Professional <br>Services) | 186 | 1110 |
| Faraday Future Intelligent Electric, Inc.\* <br>(Software) | 1820 | 1893 |
| Farmers & Merchants Bancorp, Inc. (Banks) | 162 | 4346 |
| Farmers National Banc Corp. (Banks) | 466 | 6049 |
| Farmland Partners, Inc. (Specialized REITs) | 495 | 5747 |
| Fastly, Inc.\*—Class A (IT Services) | 1779 | 16456 |
| Fate Therapeutics, Inc.\* (Biotechnology) | 1387 | 1651 |
| FB BanCorp, Inc.\* (Banking) | 227 | 2942 |
| FB Financial Corp. (Banks) | 529 | 30433 |
| Federal Agricultural Mortgage Corp.—Class C <br>(Financial Services) | 119 | 20147 |
| Federal Signal Corp. (Machinery) | 766 | 82797 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
|  | Shares |  |
| Fennec Pharmaceuticals, Inc.\* (Biotechnology) | 299 | $2269 |
| Ferroglobe PLC (Metals & Mining) | 1524 | 7239 |
| Fidelis Insurance Holdings, Ltd. (Insurance) | 713 | 13576 |
| Fidelity D&D Bancorp, Inc. (Banks) | 61 | 2727 |
| Figs, Inc.\*—Class A (Textiles, Apparel & <br>Luxury Goods) | 1128 | 12194 |
| Finance Of America Companies, Inc.\* <br>(Specialty Finance) | 65 | 1514 |
| Financial Institutions, Inc. (Banks) | 253 | 8334 |
| Finward BanCorp. (Banking) | 44 | 1612 |
| Finwise Bancorp\* (Banking) | 118 | 2066 |
| Firefly Aerospace, Inc.\* (Aerospace & <br>Defense) | 274 | 6905 |
| First Advantage Corp.\* (Professional Services) | 1009 | 13622 |
| First Bancorp (Banks) | 2028 | 44859 |
| First Bancorp (Banks) | 515 | 29834 |
| First Bank (Banks) | 275 | 4587 |
| First Busey Corp. (Banks) | 1077 | 26548 |
| First Business Financial Services, Inc. (Banks) | 101 | 5789 |
| First Capital, Inc. (Banking) | 42 | 2475 |
| First Commonwealth Financial Corp. (Banks) | 1331 | 23998 |
| First Community Bancshares, Inc.\* (Banks) | 199 | 7168 |
| First Community Corp (Banking) | 94 | 2756 |
| First Financial Bancorp\* (Banks) | 1283 | 36873 |
| First Financial Bankshares, Inc. (Banks) | 1715 | 54571 |
| First Financial Corp. (Banks) | 145 | 9448 |
| First Foundation, Inc. (Banks) | 809 | 5081 |
| First Internet Bancorp (Banks) | 99 | 2157 |
| First Interstate BancSystem, Inc.—Class A <br>(Banks) | 1141 | 40471 |
| First Merchants Corp. (Banks) | 735 | 29224 |
| First Mid Bancshares, Inc. (Banks) | 277 | 11662 |
| First National Corp. (Banking) | 99 | 2609 |
| First United Corp.\* (Banking) | 77 | 2951 |
| First Watch Restaurant Group, Inc.\* (Hotels, <br>Restaurants & Leisure) | 701 | 11209 |
| First Western Financial, Inc.\* (Banks) | 105 | 2641 |
| FirstCash Holdings, Inc. (Consumer Finance) | 505 | 86103 |
| Firstsun Capital Bancorp\* (Banking) | 161 | 6357 |
| FitLife Brands, Inc.\* (Biotech & Pharma) | 50 | 795 |
| Five Star Bancorp (Banks) | 199 | 7884 |
| Five9, Inc.\* (Software) | 987 | 17431 |
| FLEX LNG, Ltd. (Oil, Gas & Consumable <br>Fuels) | 398 | 10627 |
| Flexsteel Industries, Inc. (Household Durables) | 45 | 1801 |
| Flotek Industries, Inc.\* (Oil & Gas Services & <br>Equipment) | 182 | 3161 |
| Flowco Holdings, Inc.\*—Class A (Oil & Gas <br>Services & Equipment) | 255 | 5330 |
| Fluence Energy, Inc.\* (Electrical Equipment) | 814 | 25047 |
| Fluor Corp. (Construction & Engineering) | 2053 | 94828 |
| Flushing Financial Corp. (Banks) | 411 | 6490 |
| flyExclusive, Inc.\* (Passenger Airlines) | 67 | 198 |
| Flywire Corp.\* (Financial Services) | 1495 | 18837 |
| Foghorn Therapeutics, Inc.\* (Biotechnology) | 424 | 2421 |
| Fold Holdings, Inc.\* (Capital Markets) | 80 | 155 |
| Forafric Global PLC\* (Food Products) | 71 | 711 |
| Forestar Group, Inc.\* (Real Estate <br>Management & Development) | 247 | 6427 |
| Forge Global Holdings, Inc.\* (Institutional <br>Financial Services) | 141 | 6303 |

---

**See accompanying notes to financial statements.**

January 31, 2026 (unaudited) :: Schedule of Portfolio Investments **:: UltraSmall-Cap ProFund :: 165**

**Common Stocks, continued**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Shares |  | Value |  |
| FormFactor, Inc.\* (Semiconductors & <br>Semiconductor Equipment) |  | 993 |  | $69997 |
| Forrester Research, Inc.\* (Professional <br>Services) |  | 146 |  | 1184 |
| Fortrea Holdings, Inc.\* (Life Sciences Tools & <br>Services) |  | 1164 |  | 19567 |
| Forum Energy Technologies, Inc.\* (Energy <br>Equipment & Services) |  | 130 |  | 5881 |
| Forward Air Corp.\* (Air Freight & Logistics) |  | 273 |  | 7611 |
| Four Corners Property Trust, Inc. (Specialized <br>REITs) |  | 1350 |  | 33278 |
| Fox Factory Holding Corp.\* (Automobile <br>Components) |  | 536 |  | 9862 |
| Franklin BSP Realty Trust, Inc. (Mortgage <br>REITs) |  | 1043 |  | 10701 |
| Franklin Covey Co.\* (Professional Services) |  | 137 |  | 2791 |
| Franklin Electric Co., Inc. (Machinery) |  | 495 |  | 49312 |
| Franklin Financial Services Corp. (Banking) |  | 54 |  | 2755 |
| Franklin Street Properties Corp. (Office REITs) |  | 1010 |  | 848 |
| Frequency Electronics Inc\* (Technology <br>Hardware) |  | 84 |  | 4417 |
| Fresh Del Monte Produce, Inc. (Food <br>Products) |  | 424 |  | 16816 |
| Freshworks, Inc.\*—Class A (Software) |  | 2561 |  | 27608 |
| Friedman Industries, Inc.\* (Steel) |  | 86 |  | 1688 |
| Frontdoor, Inc.\* (Diversified Consumer <br>Services) |  | 935 |  | 55268 |
| Frontier Group Holdings, Inc.\* (Passenger <br>Airlines) |  | 1079 |  | 5007 |
| FrontView REIT, Inc. (Retail REITs) |  | 263 |  | 4316 |
| FRP Holdings, Inc.\* (Real Estate <br>Management & Development) |  | 148 |  | 3539 |
| FS Bancorp, Inc.\* (Banks) |  | 82 |  | 3442 |
| FTAI Infrastructure, Inc. (Ground <br>Transportation) |  | 1397 |  | 8131 |
| fuboTV, Inc.\* (Interactive Media & Services) |  | 4254 |  | 9486 |
| Fulcrum Therapeutics, Inc.\* (Pharmaceuticals) |  | 549 |  | 5891 |
| Fulgent Genetics, Inc.\* (Health Care <br>Providers & Services) |  | 264 |  | 6917 |
| Fulton Financial Corp. (Banks) |  | 2327 |  | 48053 |
| Funko, Inc.\*—Class A (Leisure Products) |  | 520 |  | 2111 |
| FutureFuel Corp.\* (Oil, Gas & Consumable <br>Fuels) |  | 321 |  | 1056 |
| FVCBankcorp, Inc.\* (Banks) |  | 197 |  | 2983 |
| Gaia, Inc.\* (Retail—Discretionary) |  | 213 |  | 722 |
| Gambling.com Group, Ltd.\* (Media) |  | 239 |  | 1140 |
| Gannett Co., Inc.\* (Media) |  | 1798 |  | 10644 |
| Garret Motion, Inc. (Automotive) |  | 2026 |  | 36549 |
| GATX Corp. (Trading Companies & Distributors) | GATX Corp. (Trading Companies & Distributors) | 458 |  | 83315 |
| GBank Financial Holdings, Inc.\* (Specialty <br>Finance) |  | 114 |  | 3708 |
| GCM Grosvenor, Inc.—Class A (Capital <br>Markets) |  | 664 |  | 7516 |
| Genco Shipping & Trading, Ltd. (Marine <br>Transportation) |  | 403 |  | 8423 |
| Gencor Industries, Inc.\* (Machinery) |  | 132 |  | 1893 |
| GeneDx Holdings Corp.\* (Health Care <br>Providers & Services) |  | 243 |  | 23391 |
| Genesco, Inc.\* (Specialty Retail) |  | 126 |  | 3645 |
| Genie Energy, Ltd.—Class B (Electric Utilities) |  | 268 |  | 3690 |
| Genius Sports Ltd.\* (Leisure Facilities & <br>Services) |  | 2789 |  | 24265 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
|  | Shares |  |
| Gentherm, Inc.\* (Automobile Components) | 389 | $12432 |
| Genworth Financial, Inc.\*—Class A (Insurance) | 5183 | 43226 |
| German American Bancorp, Inc.\* (Banks) | 462 | 19436 |
| Geron Corp.\* (Biotechnology) | 6963 | 9539 |
| Getty Images Holdings, Inc.\* (Interactive <br>Media & Services) | 1404 | 1839 |
| Getty Realty Corp. (Retail REITs) | 689 | 20574 |
| Gevo, Inc.\* (Renewable Energy) | 2950 | 5782 |
| Gibraltar Industries, Inc.\* (Building Products) | 381 | 19530 |
| GigaCloud Technology, Inc.\*—Class A <br>(Distributors) | 312 | 12458 |
| G-III Apparel Group, Ltd.\* (Textiles, Apparel & <br>Luxury Goods) | 463 | 13589 |
| Ginkgo Bioworks Holdings, Inc.\* (Health Care <br>Facilities & Services) | 527 | 4727 |
| Glacier Bancorp, Inc. (Banks) | 1637 | 82962 |
| Gladstone Commercial Corp. (Equity <br>REIT—Diversified) | 590 | 6874 |
| Gladstone Land Corp. (Specialized REITs) | 434 | 4839 |
| Glaukos Corp.\* (Health Care Equipment & <br>Supplies) | 712 | 85000 |
| Global Business Travel Group, Inc.\* (Hotels, <br>Restaurants & Leisure) | 1665 | 11405 |
| Global Industrial Co. (Trading Companies & <br>Distributors) | 183 | 5592 |
| Global Medical REIT, Inc. (Health Care REITs) | 163 | 5630 |
| Global Net Lease, Inc. (Equity <br>REIT—Diversified) | 2527 | 23905 |
| Global Water Resources, Inc. (Water Utilities) | 161 | 1396 |
| Globalstar, Inc.\* (Telecommunications) | 639 | 39375 |
| Gogo, Inc.\* (Wireless Telecommunication <br>Services) | 996 | 4572 |
| GoHealth, Inc.\*—Class A (Insurance) | 121 | 261 |
| Golar LNG, Ltd. (Oil, Gas & Consumable Fuels) | 1246 | 50575 |
| Gold.com, Inc. (Distributors) | 242 | 12548 |
| Golden Entertainment, Inc.\* ARS (Hotels, <br>Restaurants & Leisure) | 246 | 6622 |
| Golden Matrix Group, Inc.\* (Entertainment) | 277 | 202 |
| Goosehead Insurance, Inc.\*—Class A <br>(Insurance) | 302 | 18676 |
| Gossamer Bio, Inc.\* (Biotechnology) | 2449 | 5584 |
| GPGI, Inc.\*—Class A (Technology Hardware, <br>Storage & Peripherals) | 731 | 17230 |
| Graham Corp. (Machinery) | 133 | 9299 |
| Graham Holdings Co.—Class B (Diversified <br>Consumer Services) | 41 | 47832 |
| GRAIL, Inc.\* (Biotechnology) | 448 | 43823 |
| Granite Construction, Inc. (Construction & <br>Engineering) | 558 | 67373 |
| Granite Ridge Resources, Inc. (Oil, Gas & <br>Consumable Fuels) | 689 | 3459 |
| Gray Television, Inc. (Media) | 1121 | 5056 |
| Great Lakes Dredge & Dock Corp.\* <br>(Construction & Engineering) | 848 | 12703 |
| Great Southern Bancorp, Inc. (Banks) | 107 | 6568 |
| Green Brick Partners, Inc.\* (Household <br>Durables) | 398 | 27617 |
| Green Dot Corp.\*—Class A (Consumer <br>Finance) | 684 | 8331 |
| Green Plains, Inc.\* (Oil, Gas & Consumable <br>Fuels) | 856 | 9810 |
| Greene County Bancorp, Inc. (Banks) | 90 | 2110 |

---

**See accompanying notes to financial statements.**

**166 :: UltraSmall-Cap ProFund ::** Schedule of Portfolio Investments :: January 31, 2026 (unaudited)

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
|  | Shares |  |
| Greenlight Capital Re, Ltd.\*—Class A <br>(Insurance) | 334 | $4633 |
| Greenwich Lifesciences, Inc.\* (Biotechnology) | 80 | 2406 |
| Greif, Inc.—Class A (Containers & Packaging) | 323 | 22810 |
| Greif, Inc.—Class B (Containers & Packaging) | 59 | 4908 |
| Grid Dynamics Holdings, Inc.\* (IT Services) | 850 | 7030 |
| Griffon Corp. (Building Products) | 489 | 39829 |
| Grindr, Inc.\* (Interactive Media & Services) | 417 | 4720 |
| Grocery Outlet Holding Corp.\* (Consumer <br>Staples Distribution & Retail) | 1208 | 11512 |
| Group 1 Automotive, Inc. (Specialty Retail) | 157 | 55619 |
| Groupon, Inc.\* (Broadline Retail) | 324 | 4585 |
| Guardant Health, Inc.\* (Health Care <br>Providers & Services) | 1549 | 176647 |
| Guardian Pharmacy Services, Inc.\* <br>(Consumer Staples Distribution & Retail) | 287 | 8667 |
| Gulfport Energy Corp.\* (Oil, Gas & <br>Consumable Fuels) | 203 | 41447 |
| Gyre Therapeutics, Inc.\* (Biotechnology) | 150 | 1214 |
| H.B. Fuller Co. (Chemicals) | 697 | 41890 |
| H2O America\* (Water Utilities) | 425 | 22117 |
| HA Sustainable Infrastructure Capital, Inc. <br>(Financial Services) | 1560 | 53680 |
| Haemonetics Corp.\* (Health Care Equipment & <br>Supplies) | 614 | 40929 |
| Hallador Energy Co.\* (Oil, Gas & Consumable <br>Fuels) | 396 | 7322 |
| Hamilton Beach Brands Holding Co.\*—Class A <br>(Household Durables) | 90 | 1718 |
| Hamilton Insurance Group, Ltd.\*—Class B <br>(Insurance) | 572 | 15873 |
| Hancock Whitney Corp. (Banks) | 1081 | 74372 |
| Hanmi Financial Corp. (Banks) | 383 | 10176 |
| Hanover Bancorp, Inc.\* (Banking) | 58 | 1340 |
| Harmonic, Inc.\* (Communications Equipment) | 1434 | 13938 |
| Harmony Biosciences Holdings, Inc.\* <br>(Pharmaceuticals) | 557 | 20342 |
| Harrow, Inc.\* (Pharmaceuticals) | 402 | 16458 |
| Haverty Furniture Cos., Inc. (Specialty Retail) | 172 | 4355 |
| Hawaiian Electric Industries, Inc.\* (Electric <br>Utilities) | 2223 | 34056 |
| Hawkins, Inc. (Chemicals) | 249 | 32432 |
| Hawthorn Bancshares, Inc. (Banking) | 74 | 2620 |
| HBT Financial, Inc. (Banks) | 146 | 3939 |
| HCI Group, Inc. (Insurance) | 137 | 21738 |
| Health Catalyst, Inc.\* (Health Care Technology) | 863 | 1855 |
| Healthcare Services Group, Inc.\* (Commercial <br>Services & Supplies) | 898 | 16900 |
| HealthEquity, Inc.\* (Health Care Providers & <br>Services) | 1088 | 93208 |
| HealthStream, Inc. (Health Care Technology) | 304 | 6776 |
| HeartFlow, Inc.\* (Health Care Technology) | 247 | 7378 |
| Heartland Express, Inc. (Ground <br>Transportation) | 559 | 5640 |
| Hecla Mining Co. (Metals & Mining) | 8106 | 182548 |
| Helen of Troy, Ltd.\* (Household Durables) | 292 | 4836 |
| Helios Technologies, Inc. (Machinery) | 423 | 27402 |
| Helix Energy Solutions Group, Inc.\* (Energy <br>Equipment & Services) | 1773 | 14078 |
| Helmerich & Payne, Inc. (Energy Equipment & <br>Services) | 1232 | 41740 |
| Herbalife, Ltd.\* (Personal Care Products) | 1304 | 22481 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
|  | Shares |  |
| Herc Holdings, Inc. (Trading Companies & <br>Distributors) | 417 | $59773 |
| Heritage Commerce Corp. (Banks) | 764 | 9726 |
| Heritage Financial Corp. (Banks) | 435 | 11227 |
| Heritage Insurance Holdings, Inc.\* (Insurance) | 313 | 8160 |
| Heron Therapeutics, Inc.\* (Biotechnology) | 1959 | 2586 |
| Hertz Global Holdings, Inc.\* (Ground <br>Transportation) | 1505 | 7375 |
| HF Foods Group, Inc.\* (Consumer Staples <br>Distribution & Retail) | 513 | 980 |
| HighPeak Energy, Inc. (Oil, Gas & Consumable <br>Fuels) | 284 | 1292 |
| Hillenbrand, Inc. (Machinery) | 900 | 28719 |
| Hillman Solutions Corp. (Machinery) | 2525 | 23659 |
| Hilltop Holdings, Inc.\* (Banks) | 554 | 20747 |
| Hilton Grand Vacations, Inc.\* (Hotels, <br>Restaurants & Leisure) | 775 | 34960 |
| Himalaya Shipping, Ltd. (Marine <br>Transportation) | 357 | 3877 |
| Hims & Hers Health, Inc.\* (Health Care <br>Providers & Services) | 2614 | 70813 |
| Hingham Institution for Savings (Banks) | 22 | 6566 |
| Hippo Holdings, Inc.\* (Insurance) | 228 | 6794 |
| HireQuest, Inc. (Professional Services) | 71 | 797 |
| HNI Corp. (Commercial Services & Supplies) | 812 | 38805 |
| Holley, Inc.\* (Automobile Components) | 974 | 3750 |
| Hologic, Inc.\* (Biotechnology) | 304 | 3104 |
| Home Bancorp, Inc. (Banks) | 87 | 5193 |
| Home BancShares, Inc. (Banks) | 2402 | 69418 |
| HomeTrust Bancshares, Inc. (Banks) | 204 | 8796 |
| Hope Bancorp, Inc. (Banks) | 1577 | 18892 |
| Horace Mann Educators Corp. (Insurance) | 520 | 23301 |
| Horizon Bancorp, Inc. (Banks) | 641 | 11294 |
| Hovnanian Enterprises, Inc.\*—Class A <br>(Household Durables) | 61 | 6872 |
| Hub Group, Inc.\*—Class A (Air Freight & <br>Logistics) | 762 | 36256 |
| Hudson Pacific Properties, Inc.\* (Office REITs) | 678 | 5844 |
| Hudson Technologies, Inc.\* (Trading <br>Companies & Distributors) | 491 | 3520 |
| Humacyte, Inc.\* (Biotechnology) | 1979 | 1974 |
| Huron Consulting Group, Inc.\* (Professional <br>Services) | 217 | 36673 |
| Hut 8 Corp.\* (Software) | 1221 | 68168 |
| Hyliion Holdings Corp.\* (Machinery) | 1581 | 3241 |
| Hyster-Yale, Inc.—Class A (Machinery) | 150 | 5018 |
| I3 Verticals, Inc.\*—Class A (Financial Services) | 300 | 6663 |
| IBEX Holdings, Ltd.\* (Professional Services) | 128 | 4762 |
| Ibotta, Inc.\*—Class A (Media) | 178 | 3677 |
| ICF International, Inc.\* (Professional Services) | 234 | 21821 |
| Ichor Holdings, Ltd.\* (Semiconductors & <br>Semiconductor Equipment) | 434 | 13168 |
| ICU Medical, Inc.\* (Health Care Equipment & <br>Supplies) | 308 | 46169 |
| Idaho Strategic Resources, Inc.\* (Metals & <br>Mining) | 183 | 6599 |
| Ideaya Biosciences, Inc.\* (Biotechnology) | 1024 | 32963 |
| IDT Corp.—Class B (Diversified <br>Telecommunication Services) | 207 | 10066 |
| IES Holdings, Inc.\* (Construction & <br>Engineering) | 115 | 43733 |
| iHeartMedia, Inc.\*—Class A (Media) | 1551 | 5025 |

---

**See accompanying notes to financial statements.**

January 31, 2026 (unaudited) :: Schedule of Portfolio Investments **:: UltraSmall-Cap ProFund :: 167**

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
|  | Shares |  |
| IMAX Corp.\* (Entertainment) | 558 | $19480 |
| Immersion Corp. (Technology Hardware, <br>Storage & Peripherals) | 358 | 2406 |
| ImmunityBio, Inc.\* (Biotechnology) | 3762 | 23513 |
| Immunome, Inc.\* (Biotechnology) | 1194 | 29396 |
| Immunovant, Inc.\* (Biotechnology) | 894 | 23244 |
| Impinj, Inc.\* (Semiconductors & <br>Semiconductor Equipment) | 344 | 47506 |
| Independence Realty Trust, Inc. (Residential <br>REITs) | 3068 | 51236 |
| Independent Bank Corp. (Banks) | 254 | 8928 |
| Independent Bank Corp. (Banks) | 642 | 51861 |
| indie Semiconductor, Inc.\*—Class A <br>(Semiconductors & Semiconductor <br>Equipment) | 2499 | 10246 |
| Indivior Pharmaceuticals, Inc.\* <br>(Pharmaceuticals) | 1546 | 54697 |
| Industrial Logistics Properties Trust <br>(Industrial REITs) | 682 | 3635 |
| Infinity Natural Resources, Inc.\*—Class A <br>(Oil & Gas Producers) | 196 | 3112 |
| Information Services Group, Inc. (IT Services) | 449 | 2501 |
| Ingevity Corp.\* (Chemicals) | 465 | 30592 |
| Ingles Markets, Inc.—Class A (Consumer <br>Staples Distribution & Retail) | 186 | 13924 |
| Inhibikase Therapeutics, Inc.\* (Biotech & <br>Pharma) | 772 | 1158 |
| Inhibrx Biosciences, Inc.\* (Biotechnology) | 116 | 8847 |
| Inmune Bio, Inc.\* (Biotechnology) | 261 | 415 |
| Innodata, Inc.\* (Professional Services) | 392 | 21732 |
| Innospec, Inc. (Chemicals) | 317 | 25905 |
| Innovage Holding Corp.\* (Health Care <br>Providers & Services) | 258 | 1432 |
| Innovative Industrial Properties, Inc. <br>(Industrial REITs) | 354 | 17105 |
| Innovex International, Inc.\* (Energy <br>Equipment & Services) | 494 | 12276 |
| Innoviva, Inc.\* (Pharmaceuticals) | 803 | 16060 |
| Innventure, Inc.\* (Capital Markets) | 349 | 1148 |
| Inogen, Inc.\* (Health Care Equipment & <br>Supplies) | 303 | 1788 |
| Inseego Corp.\* (Technology Hardware) | 160 | 1742 |
| Insight Enterprises, Inc.\* (Electronic <br>Equipment, Instruments & Components) | 373 | 31339 |
| Insperity, Inc. (Professional Services) | 460 | 19656 |
| Inspired Entertainment, Inc.\* (Hotels, <br>Restaurants & Leisure) | 319 | 2849 |
| Installed Building Products, Inc. (Household <br>Durables) | 296 | 85288 |
| Insteel Industries, Inc. (Building Products) | 238 | 7887 |
| Intapp, Inc.\* (Software) | 728 | 24716 |
| Integer Holdings Corp.\* (Health Care <br>Equipment & Supplies) | 440 | 38218 |
| Integra LifeSciences Holdings Corp.\* <br>(Health Care Equipment & Supplies) | 855 | 9525 |
| Intellia Therapeutics, Inc.\* (Biotechnology) | 1312 | 17253 |
| InterDigital, Inc. (Software) | 330 | 107726 |
| Interface, Inc. (Commercial Services & <br>Supplies) | 739 | 23256 |
| International Bancshares Corp. (Banks) | 695 | 48400 |
| International Game Technology PLC (Hotels, <br>Restaurants & Leisure) | 1338 | 19374 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
|  | Shares |  |
| International Money Express, Inc.\* (Financial <br>Services) | 350 | $5411 |
| International Seaways, Inc. (Oil, Gas & <br>Consumable Fuels) | 513 | 30600 |
| Interparfums, Inc. (Personal Care Products) | 234 | 22831 |
| Intrepid Potash, Inc.\* (Chemicals) | 137 | 4499 |
| Intuitive Machines, Inc.\* (Aerospace & <br>Defense) | 1395 | 26491 |
| InvenTrust Properties Corp. (Retail REITs) | 995 | 29243 |
| Invesco Mortgage Capital, Inc. (Mortgage <br>REITs) | 913 | 7843 |
| Investar Holding Corp. (Banks) | 116 | 3300 |
| Investors Title Co.\* (Insurance) | 18 | 4670 |
| IonQ, Inc.\* (Technology Hardware, Storage & <br>Peripherals) | 4315 | 172513 |
| Iovance Biotherapeutics, Inc.\* (Biotechnology) | 3920 | 9996 |
| iRadimed Corp.\* (Health Care Equipment & <br>Supplies) | 104 | 10180 |
| IRhythm Holdings, Inc.\* (Health Care <br>Equipment & Supplies) | 406 | 62731 |
| Ironwood Pharmaceuticals, Inc.\* <br>(Biotechnology) | 2040 | 9976 |
| Ispire Technology, Inc.\* (Tobacco) | 241 | 887 |
| Itron, Inc.\* (Electronic Equipment, <br>Instruments & Components) | 580 | 57466 |
| Ivanhoe Electric, Inc.\* (Metals & Mining) | 1359 | 23225 |
| J & J Snack Foods Corp. (Food Products) | 198 | 18810 |
| J Jill, Inc. (Specialty Retail) | 94 | 1467 |
| Jack in the Box, Inc. (Hotels, Restaurants & <br>Leisure) | 224 | 4697 |
| Jackson Financial, Inc.—Class A (Financial <br>Services) | 883 | 105007 |
| Jade Biosciences, Inc.\* (Biotech & Pharma) | 590 | 9210 |
| JAKKS Pacific, Inc.\* (Leisure Products) | 115 | 2101 |
| James River Group Holdings, Inc. (Insurance) | 470 | 3154 |
| Jamf Holding Corp.\* (Software) | 996 | 12998 |
| Janus International Group, Inc.\* (Building <br>Products) | 1729 | 11861 |
| Janux Therapeutics, Inc.\* (Biotechnology) | 546 | 7486 |
| JBG SMITH Properties (Office REITs) | 763 | 12849 |
| Jefferson Capital, Inc. (Consumer Finance) | 101 | 2158 |
| JELD-WEN Holding, Inc.\* (Building Products) | 1085 | 2951 |
| JetBlue Airways Corp.\* (Passenger Airlines) | 3786 | 18438 |
| Joby Aviation, Inc.\* (Passenger Airlines) | 6203 | 65565 |
| John B. Sanfilippo & Son, Inc.\* (Food <br>Products) | 99 | 8009 |
| John Bean Technologies Corp. (Machinery) | 666 | 104768 |
| John Marshall Bancorp, Inc. (Banks) | 161 | 3323 |
| John Wiley & Sons, Inc.—Class A (Media) | 519 | 16208 |
| Johnson Outdoors, Inc.—Class A (Leisure <br>Products) | 75 | 3404 |
| Journey Medical Corp.\* (Biotech & Pharma) | 183 | 1530 |
| Kadant, Inc. (Machinery) | 150 | 48156 |
| Kaiser Aluminum Corp. (Metals & Mining) | 205 | 25137 |
| Kaltura, Inc.\* (Software) | 1162 | 1894 |
| KalVista Pharmaceuticals, Inc.\* <br>(Biotechnology) | 489 | 7633 |
| Karat Packaging, Inc. (Trading Companies & <br>Distributors) | 109 | 2667 |
| KB Home (Household Durables) | 805 | 46320 |
| Kearney Financial Corp. (Banks) | 729 | 5679 |

---

**See accompanying notes to financial statements.**

**168 :: UltraSmall-Cap ProFund ::** Schedule of Portfolio Investments :: January 31, 2026 (unaudited)

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
|  | Shares |  |
| Kelly Services, Inc.—Class A (Professional <br>Services) | 391 | $4219 |
| Kennametal, Inc. (Machinery) | 971 | 33393 |
| Kennedy-Wilson Holdings, Inc. (Real Estate <br>Management & Development) | 1542 | 15189 |
| Keros Therapeutics, Inc.\* (Biotechnology) | 372 | 6663 |
| Kestra Medical Technologies Ltd.\* (Medical <br>Equipment & Devices) | 251 | 6192 |
| Kforce, Inc. (Professional Services) | 228 | 8055 |
| Kimball Electronics, Inc.\* (Electronic <br>Equipment, Instruments & Components) | 310 | 9365 |
| KinderCare Learning Cos., Inc.\* (Diversified <br>Consumer Services) | 402 | 1877 |
| Kinetik Holdings, Inc. (Oil, Gas & Consumable <br>Fuels) | 565 | 23114 |
| Kingstone Companies, Inc. (Insurance) | 144 | 2225 |
| Kingsway Financial Services, Inc.\* (Insurance) | 269 | 3610 |
| Kite Realty Group Trust (Retail REITs) | 2774 | 65161 |
| KKR Real Estate Finance Trust, Inc. <br>(Mortgage REITs) | 703 | 5821 |
| Knife River Corp. (Construction Materials) | 729 | 48967 |
| Knowles Corp.\* (Electronic Equipment, <br>Instruments & Components) | 1089 | 26397 |
| Kodiak Gas Services, Inc. (Energy <br>Equipment & Services) | 1077 | 45245 |
| Kodiak Sciences, Inc.\* (Biotechnology) | 417 | 9495 |
| Kohl's Corp. (Broadline Retail) | 1391 | 24300 |
| Kolibri Global Energy, Inc.\* (Oil & Gas <br>Producers) | 380 | 1531 |
| Kontoor Brands, Inc.\* (Textiles, Apparel & <br>Luxury Goods) | 703 | 41991 |
| Kopin Corp.\* (Technology Hardware) | 2284 | 5825 |
| Koppers Holdings, Inc. (Chemicals) | 241 | 7100 |
| Korn Ferry (Professional Services) | 669 | 46475 |
| Korro Bio, Inc.\* (Biotechnology) | 84 | 1120 |
| KORU Medical Systems, Inc.\* (Medical <br>Equipment & Devices) | 551 | 2970 |
| Kosmos Energy, Ltd.\* (Oil, Gas & <br>Consumable Fuels) | 6048 | 9556 |
| Kratos Defense & Security Solutions, Inc.\* <br>(Aerospace & Defense) | 2126 | 218998 |
| Krispy Kreme, Inc. (Hotels, Restaurants & <br>Leisure) | 983 | 3096 |
| Kronos Worldwide, Inc.\* (Chemicals) | 278 | 1460 |
| Krystal Biotech, Inc.\* (Biotechnology) | 316 | 88240 |
| Kulicke & Soffa Industries, Inc. <br>(Semiconductors & Semiconductor <br>Equipment) | 650 | 37265 |
| KULR Technology Group, Inc.\* (Technology <br>Hardware) | 504 | 1794 |
| Kura Oncology, Inc.\* (Biotechnology) | 1028 | 8347 |
| Kura Sushi USA, Inc.\*—Class A (Hotels, <br>Restaurants & Leisure) | 80 | 5345 |
| Kymera Therapeutics, Inc.\* (Biotechnology) | 719 | 52264 |
| L.B. Foster Co.—Class A (Machinery) | 129 | 3876 |
| Ladder Capital Corp. (Mortgage REITs) | 1456 | 15972 |
| Lakeland Financial Corp. (Banks) | 321 | 19132 |
| Lakeland Industries, Inc. (Apparel & Textile <br>Products) | 108 | 1017 |
| Lancaster Colony Corp. (Food Products) | 256 | 43922 |
| Landmark BanCorp, Inc. (Banking) | 61 | 1646 |
| Lands' End, Inc.\* (Specialty Retail) | 117 | 2078 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
|  | Shares |  |
| Lantheus Holdings, Inc.\* (Health Care <br>Equipment & Supplies) | 854 | $57150 |
| Larimar Therapeutics, Inc.\* (Biotechnology) | 620 | 2195 |
| Latham Group, Inc.\* (Leisure Products) | 572 | 3598 |
| Laureate Education, Inc.\* (Diversified <br>Consumer Services) | 1621 | 55600 |
| La-Z-Boy, Inc. (Household Durables) | 529 | 19261 |
| LB Pharmaceuticals, Inc.\* (Pharmaceuticals) | 245 | 5255 |
| LCI Industries (Automobile Components) | 302 | 44300 |
| LCNB Corp. (Banks) | 171 | 2926 |
| Legacy Housing Corp.\* (Household Durables) | 109 | 2262 |
| Legalzoom.com, Inc.\* (Commercial Support <br>Services) | 1625 | 14446 |
| Legence Corporation\* (Construction & <br>Engineering) | 472 | 22142 |
| Leggett & Platt, Inc. (Household Durables) | 1700 | 19839 |
| LeMaitre Vascular, Inc. (Health Care <br>Equipment & Supplies) | 266 | 22602 |
| Lemonade, Inc.\* (Insurance) | 772 | 66956 |
| LendingClub Corp.\* (Consumer Finance) | 1444 | 24418 |
| LendingTree, Inc.\* (Consumer Finance) | 143 | 8102 |
| LENSAR, Inc.\* (Medical Equipment & <br>Devices) | 122 | 1553 |
| LENZ Therapeutics, Inc.\* (Biotechnology) | 206 | 3259 |
| Lexeo Therapeutics, Inc.\* (Biotechnology) | 804 | 5958 |
| LGI Homes, Inc.\* (Household Durables) | 261 | 13079 |
| Liberty Energy, Inc. (Energy Equipment & <br>Services) | 2014 | 49645 |
| Liberty Latin America, Ltd.\*—Class A <br>(Diversified Telecommunication Services) | 372 | 2872 |
| Liberty Latin America, Ltd.\*—Class C <br>(Diversified Telecommunication Services) | 1616 | 12572 |
| Life Time Group Holdings, Inc.\* (Hotels, <br>Restaurants & Leisure) | 1927 | 56212 |
| Life360, Inc.\* (Software) | 261 | 14953 |
| Lifecore Biomedical, Inc.\* (Life Sciences <br>Tools & Services) | 356 | 3094 |
| LifeMD, Inc.\* (Health Care Technology) | 500 | 1620 |
| LifeStance Health Group, Inc.\* (Health Care <br>Providers & Services) | 2119 | 14981 |
| Lifevantage Corporation (Food Products) | 136 | 721 |
| Lifeway Foods, Inc.\* (Food Products) | 65 | 1432 |
| Lifezone Metals, Ltd.\* (Metals & Mining) | 354 | 1873 |
| Ligand Pharmaceuticals, Inc.\* <br>(Pharmaceuticals) | 247 | 47449 |
| Lightbridge Corp.\* (Electrical Equipment) | 341 | 5246 |
| Limbach Holdings, Inc.\* (Construction & <br>Engineering) | 135 | 11607 |
| Limoneira Co.\* (Food Products) | 213 | 3067 |
| Lincoln Educational Services Corp.\* <br>(Diversified Consumer Services) | 377 | 10051 |
| Lindblad Expeditions Holdings, Inc.\* <br>(Hotels, Restaurants & Leisure) | 479 | 7985 |
| Lindsay Corp. (Machinery) | 139 | 17413 |
| LINKBANCORP, Inc. (Banks) | 274 | 2398 |
| Lionsgate Studios Corp.\* (Entertainment) | 2612 | 24657 |
| Liquidia Corp.\* (Pharmaceuticals) | 818 | 34675 |
| Liquidity Services, Inc.\* (Commercial <br>Services & Supplies) | 296 | 9472 |
| LivaNova PLC\* (Health Care Equipment & <br>Supplies) | 695 | 45668 |
| Live Oak Bancshares, Inc. (Banks) | 451 | 18022 |

---

**See accompanying notes to financial statements.**

January 31, 2026 (unaudited) :: Schedule of Portfolio Investments **:: UltraSmall-Cap ProFund :: 169**

**Common Stocks, continued**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Shares |  | Value |  |
| LiveRamp Holdings, Inc.\* (Software) |  | 824 |  | $20064 |
| Livewire Group, Inc.\* (Automobiles) |  | 469 |  | 1097 |
| loanDepot, Inc.\* (Specialty Finance) |  | 1139 |  | 2483 |
| Logistic Properties Of The Americas\* (Real <br>Estate Owners & Developers) |  | 41 |  | 121 |
| LSB Industries, Inc.\* (Chemicals) |  | 686 |  | 6373 |
| LSI Industries, Inc. (Electrical Equipment) |  | 347 |  | 7672 |
| LTC Properties, Inc. (Health Care REITs) |  | 580 |  | 21153 |
| Lucid Diagnostics, Inc.\* (Medical Equipment & <br>Devices) |  | 1150 |  | 1369 |
| Lumen Technologies, Inc. (Diversified <br>Telecommunication Services) | 12163 | 12163 |  | 107279 |
| Lument Finance Trust, Inc.\* (Specialty Finance) |  | 583 |  | 781 |
| Luxfer Holdings PLC (Machinery) |  | 341 |  | 5163 |
| LXP Industrial Trust (Industrial REITs) |  | 744 |  | 36865 |
| M/I Homes, Inc.\* (Household Durables) |  | 332 |  | 44388 |
| Mack-Cali Realty Corp. (Residential REITs) |  | 962 |  | 14613 |
| Madison Square Garden Entertainment Corp.\* <br>(Entertainment) |  | 506 |  | 31306 |
| Madrigal Pharmaceuticals, Inc.\* <br>(Biotechnology) |  | 237 |  | 115966 |
| Magnera Corp.\* (Forestry, Paper & Wood <br>Products) |  | 408 |  | 5333 |
| Magnite, Inc.\* (Media) |  | 1785 |  | 25830 |
| Magnolia Oil & Gas Corp.—Class A (Oil, <br>Gas & Consumable Fuels) |  | 2308 |  | 58877 |
| MainStreet Bancshares, Inc.\* (Banking) |  | 90 |  | 1927 |
| Malibu Boats, Inc.\*—Class A (Leisure Products) | Malibu Boats, Inc.\*—Class A (Leisure Products) | 235 |  | 7638 |
| Mama's Creations, Inc.\* (Food Products) |  | 468 |  | 7067 |
| Mammoth Energy Services, Inc.\* (Energy <br>Equipment & Services) |  | 310 |  | 725 |
| Mannkind Corp.\* (Biotechnology) |  | 3858 |  | 22299 |
| MapLight Therapeutics, Inc.\* (Biotechnology) |  | 215 |  | 3803 |
| MARA Holdings, Inc.\* (Software) |  | 4739 |  | 45021 |
| Maravai LifeSciences Holdings, Inc.\*—Class A <br>(Life Sciences Tools & Services) |  | 1393 |  | 4680 |
| Marcus & Millichap, Inc. (Real Estate <br>Management & Development) |  | 305 |  | 8296 |
| Marex Group PLC (Institutional Financial <br>Services) |  | 702 |  | 27715 |
| Marine Products Corp. (Leisure Products) |  | 112 |  | 1082 |
| MarineMax, Inc.\* (Specialty Retail) |  | 242 |  | 6541 |
| MarketWise, Inc. (Capital Markets) |  | 25 |  | 414 |
| Marqeta, Inc.\*—Class A (Financial Services) |  | 4656 |  | 19229 |
| Marriott Vacations Worldwide Corp.\* (Hotels, <br>Restaurants & Leisure) |  | 355 |  | 19280 |
| Marten Transport, Ltd. (Ground Transportation) |  | 744 |  | 9151 |
| Masterbrand, Inc.\* (Building Products) |  | 1620 |  | 19634 |
| MasterCraft Boat Holdings, Inc.\* (Leisure <br>Products) |  | 202 |  | 4349 |
| Materion Corp. (Metals & Mining) |  | 264 |  | 36506 |
| Mativ Holdings, Inc. (Chemicals) |  | 689 |  | 8302 |
| Matrix Service Co.\* (Construction & <br>Engineering) |  | 345 |  | 4940 |
| Matson, Inc. (Marine Transportation) |  | 401 |  | 64281 |
| Matthews International Corp.—Class A <br>(Commercial Services & Supplies) |  | 380 |  | 9990 |
| Maui Land & Pineapple Co., Inc.\* (Real Estate <br>Management & Development) |  | 87 |  | 1490 |
| MaxCyte, Inc.\* (Life Sciences Tools & Services) |  | 1290 |  | 1170 |
| Maximus, Inc. (Professional Services) |  | 722 |  | 68186 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
|  | Shares |  |
| MaxLinear, Inc.\* (Semiconductors & <br>Semiconductor Equipment) | 1053 | $18270 |
| Mayville Engineering Co., Inc.\* (Machinery) | 167 | 3273 |
| Maze Therapeutics, Inc.\* (Biotechnology) | 273 | 11897 |
| MBIA, Inc.\* (Insurance) | 583 | 3731 |
| MBX Biosciences, Inc.\* (Pharmaceuticals) | 363 | 13377 |
| McGrath RentCorp (Trading Companies & <br>Distributors) | 313 | 34959 |
| McGraw Hill, Inc.\* (Diversified Consumer <br>Services) | 370 | 5458 |
| Mechanics Bancorp\* (Banks) | 618 | 9264 |
| Medallion Financial Corp.\* (Consumer <br>Finance) | 207 | 2130 |
| MediaAlpha, Inc.\*—Class A (Interactive <br>Media & Services) | 432 | 4419 |
| Medifast, Inc. (Personal Care Products) | 137 | 1567 |
| MediWound, Ltd.\* (Pharmaceuticals) | 124 | 2248 |
| MeiraGTx Holdings PLC\* (Biotechnology) | 576 | 4383 |
| Mercantile Bank Corp. (Banks) | 202 | 10500 |
| Merchants Bancorp (Financial Services) | 330 | 13682 |
| Mercury General Corp. (Insurance) | 343 | 30043 |
| Mercury Systems, Inc.\* (Aerospace & <br>Defense) | 663 | 62242 |
| Meridian Corporation\* (Banking) | 118 | 2234 |
| Merit Medical Systems, Inc.\* (Health Care <br>Equipment & Supplies) | 746 | 60493 |
| Meritage Homes Corp. (Household Durables) | 888 | 61725 |
| Mesa Laboratories, Inc. (Life Sciences Tools & <br>Services) | 67 | 5277 |
| Methode Electronics, Inc. (Electronic <br>Equipment, Instruments & Components) | 426 | 3404 |
| Metrocity Bankshares, Inc. (Banks) | 249 | 7014 |
| Metropolitan Bank Holding Corp. (Banks) | 117 | 10834 |
| MFA Financial, Inc. (Mortgage REITs) | 1313 | 12657 |
| MGE Energy, Inc. (Electric Utilities) | 470 | 37544 |
| MGP Ingredients, Inc. (Beverages) | 180 | 4484 |
| Miami International Holdings, Inc.\* (Capital <br>Markets) | 300 | 12519 |
| Microvast Holdings, Inc.\* (Automotive) | 2537 | 6647 |
| MicroVision, Inc.\* (Electronic Equipment, <br>Instruments & Components) | 3842 | 3122 |
| Mid Penn Bancorp, Inc. (Banks) | 249 | 8215 |
| Middlefield Banc Corp. (Banks) | 93 | 3119 |
| Middlesex Water Co. (Water Utilities) | 233 | 12205 |
| Midland States Bancorp, Inc. (Banks) | 263 | 6010 |
| MidWestOne Financial Group, Inc.\* (Banks) | 209 | 9681 |
| Miller Industries, Inc. (Machinery) | 141 | 5777 |
| MillerKnoll, Inc. (Commercial Services & <br>Supplies) | 872 | 17510 |
| MiMedx Group, Inc.\* (Biotechnology) | 1508 | 7706 |
| Minerals Technologies, Inc. (Chemicals) | 403 | 26501 |
| Mineralys Therapeutics, Inc.\* (Biotechnology) | 596 | 18410 |
| Mirion Technologies, Inc.\* (Electronic <br>Equipment, Instruments & Components) | 3057 | 75936 |
| Mirum Pharmaceuticals, Inc.\* (Biotechnology) | 521 | 53778 |
| Mission Produce, Inc.\* (Food Products) | 544 | 7322 |
| Mister Car Wash, Inc.\* (Diversified Consumer <br>Services) | 1264 | 7015 |
| Mistras Group, Inc.\* (Professional Services) | 158 | 2234 |
| Mitek Systems, Inc.\* (Software) | 567 | 5681 |
| Mobile Infrastructure Corp.\* (Real Estate <br>Owners & Developers) | 166 | 530 |

---

**See accompanying notes to financial statements.**

**170 :: UltraSmall-Cap ProFund ::** Schedule of Portfolio Investments :: January 31, 2026 (unaudited)

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
|  | Shares |  |
| Modine Manufacturing Co.\* (Automobile <br>Components) | 669 | $123539 |
| Modiv Industrial, Inc. (Retail REITs) | 119 | 1823 |
| Moelis & Co.—Class A (Capital Markets) | 948 | 67943 |
| Monarch Casino & Resort, Inc. (Hotels, <br>Restaurants & Leisure) | 163 | 14919 |
| Monopar Therapeutics, Inc.\* (Biotech & <br>Pharma) | 58 | 3502 |
| Monro, Inc. (Specialty Retail) | 381 | 7132 |
| Montauk Renewables, Inc.\* (Independent <br>Power/Renewable Electricity Producers) | 859 | 1495 |
| Monte Rosa Therapeutics, Inc.\* <br>(Biotechnology) | 595 | 12209 |
| Montrose Environmental Group, Inc.\* <br>(Commercial Services & Supplies) | 421 | 9380 |
| Moog, Inc.—Class A (Aerospace & Defense) | 358 | 109315 |
| Motorcar Parts of America, Inc.\* (Automotive) | 169 | 2101 |
| Movado Group, Inc. (Textiles, Apparel & <br>Luxury Goods) | 194 | 4423 |
| M-Tron Industries, Inc.\* (Electrical Equipment) | 31 | 2022 |
| Mueller Water Products, Inc.—Class A <br>(Machinery) | 1989 | 53842 |
| Murphy Oil Corp. (Oil, Gas & Consumable <br>Fuels) | 1724 | 51875 |
| MVB Financial Corp. (Banks) | 143 | 4038 |
| Myers Industries, Inc. (Containers & <br>Packaging) | 473 | 9777 |
| Myomo, Inc.\* (Medical Equipment & Devices) | 452 | 379 |
| MYR Group, Inc.\* (Construction & <br>Engineering) | 197 | 49258 |
| Myriad Genetics, Inc.\* (Biotechnology) | 1160 | 6519 |
| N-able, Inc.\* (Software) | 919 | 5578 |
| Nabors Industries, Ltd.\* (Energy Equipment & <br>Services) | 181 | 12098 |
| NACCO Industries, Inc.\*—Class A (Oil, Gas & <br>Consumable Fuels) | 51 | 2511 |
| NANO Nuclear Energy, Inc.\* (Electrical <br>Equipment) | 510 | 14991 |
| Nano-X Imaging, Ltd.\* (Health Care <br>Providers & Services) | 820 | 2239 |
| Napco Security Technologies, Inc. <br>(Electronic Equipment, Instruments & <br>Components) | 440 | 16232 |
| Nathan's Famous, Inc. (Hotels, Restaurants & <br>Leisure) | 37 | 3741 |
| National Bank Holdings Corp.—Class A <br>(Banks) | 483 | 19407 |
| National Bankshares, Inc. (Banks) | 79 | 2876 |
| National Beverage Corp.\* (Beverages) | 305 | 10394 |
| National CineMedia, Inc.\* (Media) | 846 | 3054 |
| National Energy Services Reunited Corp.\* <br>(Oil & Gas Services & Equipment) | 777 | 15291 |
| National Health Investors, Inc. (Health Care <br>REITs) | 599 | 49190 |
| National HealthCare Corp. (Health Care <br>Providers & Services) | 162 | 23184 |
| National Presto Industries, Inc.\* (Aerospace & <br>Defense) | 66 | 8408 |
| National Research Corp.\* (Health Care <br>Providers & Services) | 151 | 3071 |
| National Vision Holdings, Inc.\* (Specialty <br>Retail) | 994 | 26192 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
|  | Shares |  |
| Natural Gas Services Group, Inc.\* (Energy <br>Equipment & Services) | 130 | $4503 |
| Natural Grocers by Vitamin Cottage, Inc.\* <br>(Consumer Staples Distribution & Retail) | 163 | 4453 |
| Nature's Sunshine Products, Inc.\* (Personal <br>Care Products) | 212 | 5347 |
| Navan, Inc.\* (Hotels, Restaurants & Leisure) | 477 | 5476 |
| Navient Corp. (Consumer Finance) | 867 | 8505 |
| Navigator Holdings Ltd. (Transportation & <br>Logistics) | 402 | 7449 |
| Navitas Semiconductor Corp.\* <br>(Semiconductors & Semiconductor <br>Equipment) | 2039 | 17495 |
| NB Bancorp, Inc.\* (Banks) | 508 | 11034 |
| NBT Bancorp, Inc. (Banks) | 653 | 29013 |
| NCR Atleos Corp.\* (Financial Services) | 934 | 34838 |
| NCR Voyix Corp.\* (Software) | 1773 | 17588 |
| Nelnet, Inc.—Class A (Consumer Finance) | 143 | 18862 |
| Neogen Corp.\* (Health Care Equipment & <br>Supplies) | 2787 | 28483 |
| NeoGenomics, Inc.\* (Health Care Providers & <br>Services) | 1644 | 19827 |
| Neonode, Inc.\* (Technology Hardware) | 161 | 291 |
| NerdWallet, Inc.\*—Class A (Consumer <br>Finance) | 546 | 6585 |
| Nerdy, Inc.\* (Diversified Consumer Services) | 759 | 744 |
| NET Lease Office Properties\* (Office REITs) | 190 | 3707 |
| Net Power, Inc.\* (Electrical Equipment) | 401 | 950 |
| NETGEAR, Inc.\* (Communications Equipment) | 349 | 7298 |
| NetScout Systems, Inc.\* (Communications <br>Equipment) | 892 | 24807 |
| NETSTREIT Corp. (Retail REITs) | 1072 | 20196 |
| Neurogene, Inc.\* (Biotechnology) | 126 | 2225 |
| Neuronetics, Inc.\* (Health Care Facilities & <br>Services) | 503 | 1051 |
| NeuroPace, Inc.\* (Health Care Equipment & <br>Supplies) | 324 | 4902 |
| New Fortress Energy, Inc. (Oil & Gas <br>Producers) | 2239 | 2978 |
| New Jersey Resources Corp. (Gas Utilities) | 1289 | 63780 |
| New York Community Bancorp, Inc. (Banks) | 3874 | 51214 |
| Newmark Group, Inc.—Class A (Real Estate <br>Management & Development) | 1887 | 33645 |
| Newsmax, Inc.\* (Internet Media & Services) | 606 | 4181 |
| NewtekOne, Inc.\* (Financial Services) | 285 | 3845 |
| NexPoint Diversified Real Estate Trust (Equity <br>REIT—Diversified) | 477 | 2285 |
| Nexpoint Real Estate Finance, Inc. <br>(Mortgage REITs) | 97 | 1433 |
| NexPoint Residential Trust, Inc. (Residential <br>REITs) | 287 | 8673 |
| NextDecade Corp.\* (Oil, Gas & Consumable <br>Fuels) | 1731 | 9157 |
| Nextdoor Holdings, Inc.\* (Interactive Media & <br>Services) | 2777 | 5443 |
| NextNav, Inc.\* (Software) | 1209 | 17361 |
| NextNRG, Inc.\* (Oil & Gas Producers) | 458 | 426 |
| Nextpower, Inc.\*—Class A (Electrical <br>Equipment) | 1860 | 217787 |
| Nexxen International Ltd.\* (Advertising & <br>Marketing) | 438 | 2707 |
| NI Holdings, Inc.\* (Insurance) | 87 | 1185 |

---

**See accompanying notes to financial statements.**

January 31, 2026 (unaudited) :: Schedule of Portfolio Investments **:: UltraSmall-Cap ProFund :: 171**

**Common Stocks, continued**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Shares |  | Value |  |
| Niagen Bioscience, Inc.\* (Life Sciences <br>Tools & Services) |  | 674 |  | $4037 |
| Nicolet Bankshares, Inc. (Banks) |  | 169 |  | 24671 |
| NioCorp Developments Ltd.\* (Metals & Mining) | NioCorp Developments Ltd.\* (Metals & Mining) | 1367 |  | 8065 |
| Nkarta, Inc.\* (Biotechnology) |  | 543 |  | 1205 |
| NL Industries, Inc.\* (Commercial Services & <br>Supplies) |  | 107 |  | 651 |
| nLight, Inc.\* (Electronic Equipment, <br>Instruments & Components) |  | 591 |  | 26956 |
| NMI Holdings, Inc.\*—Class A (Financial <br>Services) |  | 996 |  | 38565 |
| Noble Corp. PLC\* (Energy Equipment & <br>Services) |  | 1611 |  | 57384 |
| Nordic American Tankers, Ltd. (Oil, Gas & <br>Consumable Fuels) |  | 2614 |  | 10874 |
| Northeast Bank (Banks) |  | 95 |  | 10947 |
| Northeast Community Bancorp, Inc. (Banks) |  | 158 |  | 3729 |
| Northern Oil and Gas, Inc. (Oil, Gas & <br>Consumable Fuels) |  | 1223 |  | 30575 |
| Northfield Bancorp, Inc. (Banks) |  | 471 |  | 5803 |
| Northpointe Bancshares, Inc. (Banking) |  | 262 |  | 4517 |
| Northrim Bancorp, Inc. (Banks) |  | 277 |  | 6526 |
| Northwest Bancshares, Inc.\* (Banks) |  | 1851 |  | 23841 |
| Northwest Natural Holding Co. (Gas Utilities) |  | 524 |  | 24397 |
| Northwest Pipe Co.\* (Construction & <br>Engineering) |  | 120 |  | 8094 |
| NorthWestern Energy Group, Inc. <br>(Multi-Utilities) |  | 787 |  | 53406 |
| Norwood Financial Corp. (Banks) |  | 110 |  | 3347 |
| NovaGold Resources, Inc.\* (Metals & Mining) |  | 3863 |  | 33724 |
| Novanta, Inc.\* (Electronic Equipment, <br>Instruments & Components) |  | 461 |  | 62023 |
| Novavax, Inc.\* (Biotechnology) |  | 1908 |  | 16876 |
| Novocure, Ltd.\* (Health Care Equipment & <br>Supplies) |  | 1295 |  | 16058 |
| NPK International, Inc.\* (Energy Equipment & <br>Services) |  | 1046 |  | 14445 |
| Nu Skin Enterprises, Inc.—Class A (Personal <br>Care Products) |  | 623 |  | 6610 |
| Nurix Therapeutics, Inc.\* (Biotechnology) |  | 1278 |  | 21113 |
| NuScale Power Corp.\* (Electrical Equipment) |  | 1616 |  | 28248 |
| Nutex Health, Inc.\* (Software) |  | 44 |  | 6547 |
| Nuvalent, Inc.\*—Class A (Biotechnology) |  | 638 |  | 65644 |
| Nuvation Bio, Inc.\* (Pharmaceuticals) |  | 3074 |  | 16108 |
| Nuvectis Pharma, Inc.\* (Biotech & Pharma) |  | 197 |  | 1598 |
| NVE Corp.\* (Semiconductors & Semiconductor <br>Equipment) |  | 61 |  | 4117 |
| Oak Valley Bancorp (Banks) |  | 87 |  | 2780 |
| Oceaneering International, Inc.\* (Energy <br>Equipment & Services) |  | 1260 |  | 37926 |
| OceanFirst Financial Corp. (Banks) |  | 716 |  | 13425 |
| Octave Specialty Group, Inc.\* (Insurance) |  | 526 |  | 2982 |
| Ocular Therapeutix, Inc.\* (Pharmaceuticals) |  | 2371 |  | 21671 |
| OFG Bancorp (Banks) |  | 563 |  | 22689 |
| Ohio Valley Banc Corp. (Asset Management) |  | 48 |  | 1975 |
| O-I Glass, Inc. (Containers & Packaging) |  | 1960 |  | 29949 |
| Oil States International, Inc.\* (Energy <br>Equipment & Services) |  | 719 |  | 6090 |
| Oil-Dri Corp. of America (Household Products) |  | 126 |  | 7629 |
| Oklo, Inc.\* (Electric Utilities) |  | 1386 |  | 110353 |
| Olaplex Holdings, Inc.\* (Personal Care <br>Products) |  | 1791 |  | 2830 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
|  | Shares |  |
| Old National Bancorp (Banks) | 4467 | $109128 |
| Old Second Bancorp, Inc. (Banks) | 642 | 12737 |
| Olema Pharmaceuticals, Inc.\* (Biotechnology) | 759 | 19521 |
| Olympic Steel, Inc. (Metals & Mining) | 126 | 6059 |
| Omada Health, Inc.\* (Health Care Providers & <br>Services) | 118 | 1764 |
| Omega Flex, Inc.\* (Machinery) | 45 | 1485 |
| Omeros Corp.\* (Pharmaceuticals) | 839 | 9808 |
| OmniAb, Inc.\* (Life Sciences Tools & Services) | 1341 | 2441 |
| Omnicell, Inc.\* (Health Care Equipment & <br>Supplies) | 582 | 28227 |
| ON24, Inc.\* (Software) | 477 | 3802 |
| ONE Gas, Inc. (Gas Utilities) | 764 | 60784 |
| One Liberty Properties, Inc. (Equity <br>REIT—Diversified) | 234 | 5043 |
| OneSpan, Inc. (Software) | 460 | 5419 |
| OneSpaWorld Holdings, Ltd. (Diversified <br>Consumer Services) | 1274 | 25034 |
| OneWater Marine, Inc.\* (Specialty Retail) | 145 | 1926 |
| Onity Group, Inc.\* (Financial Services) | 84 | 3798 |
| Ooma, Inc.\* (Software) | 323 | 3795 |
| OP Bancorp (Banking) | 150 | 2097 |
| OPAL Fuels, Inc.\* (Renewable Energy) | 270 | 624 |
| Open Lending Corp.\* (Capital Markets) | 1290 | 2309 |
| OPENLANE, Inc.\* (Commercial Services & <br>Supplies) | 1342 | 40314 |
| OPKO Health, Inc.\* (Health Care Providers & <br>Services) | 5245 | 6609 |
| Oportun Financial Corp.\* (Specialty Finance) | 516 | 2797 |
| OppFi, Inc.\* (Consumer Finance) | 340 | 3237 |
| OptimizeRx Corp.\* (Health Care Technology) | 201 | 2163 |
| Option Care Health, Inc.\* (Health Care <br>Providers & Services) | 2036 | 69224 |
| Orange County Bancorp, Inc. (Banks) | 148 | 4561 |
| OraSure Technologies, Inc.\* (Health Care <br>Equipment & Supplies) | 906 | 2528 |
| Orchid Island Capital, Inc. (Mortgage REITs) | 1955 | 15249 |
| Organogenesis Holdings, Inc.\* <br>(Biotechnology) | 871 | 3484 |
| ORIC Pharmaceuticals, Inc.\* (Biotechnology) | 843 | 8649 |
| Origin Bancorp, Inc. (Banks) | 379 | 16233 |
| Orion Group Holdings, Inc.\* (Construction & <br>Engineering) | 481 | 5878 |
| Orion SA (Chemicals) | 707 | 4369 |
| Ormat Technologies, Inc. (Independent <br>Power/Renewable Electricity Producers) | 778 | 97203 |
| Orrstown Financial Services, Inc. (Banks) | 238 | 8573 |
| Orthofix Medical, Inc.\* (Health Care <br>Equipment & Supplies) | 495 | 6549 |
| OrthoPediatrics Corp.\* (Health Care <br>Equipment & Supplies) | 216 | 3771 |
| Oruka Therapeutics Inc\* (Biotechnology) | 492 | 16841 |
| Oscar Health, Inc.\*—Class A (Insurance) | 2520 | 36162 |
| OSI Systems, Inc.\* (Electronic Equipment, <br>Instruments & Components) | 207 | 51779 |
| Otter Tail Corp. (Electric Utilities) | 491 | 43778 |
| Ouster, Inc.\* (Electronic Equipment, <br>Instruments & Components) | 697 | 14519 |
| Outfront Media, Inc. (Specialized REITs) | 1885 | 45843 |
| Outset Medical, Inc.\* (Software) | 210 | 1052 |
| Oxford Industries, Inc. (Textiles, Apparel & <br>Luxury Goods) | 180 | 6633 |

---

**See accompanying notes to financial statements.**

**172 :: UltraSmall-Cap ProFund ::** Schedule of Portfolio Investments :: January 31, 2026 (unaudited)

**Common Stocks, continued**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Shares |  | Value |  |
| P10, Inc.—Class A (Capital Markets) |  | 744 |  | $8020 |
| Pacific Biosciences of California, Inc.\* <br>(Life Sciences Tools & Services) |  | 3520 |  | 7955 |
| Pacira BioSciences, Inc.\* (Pharmaceuticals) |  | 569 |  | 11687 |
| PACS Group, Inc.\* (Health Care Providers & <br>Services) |  | 561 |  | 18939 |
| Pagaya Technologies, Ltd.\*—Class A <br>(Software) |  | 650 |  | 12604 |
| PagerDuty, Inc.\* (Software) |  | 1139 |  | 12073 |
| Pagseguro Digital, Ltd.—Class A (Financial <br>Services) |  | 2284 |  | 25695 |
| Palladyne AI Corp.\* (Machinery) |  | 386 |  | 2517 |
| Palomar Holdings, Inc.\* (Insurance) |  | 336 |  | 41526 |
| Palvella Therapeutics, Inc.\* (Biotechnology) |  | 92 |  | 7055 |
| PAM Transportation Services, Inc.\* (Ground <br>Transportation) |  | 60 |  | 651 |
| Pangaea Logistics Solutions, Ltd. (Marine <br>Transportation) |  | 380 |  | 3222 |
| Papa John's International, Inc. (Hotels, <br>Restaurants & Leisure) |  | 417 |  | 14666 |
| Par Pacific Holdings, Inc.\* (Oil, Gas & <br>Consumable Fuels) |  | 636 |  | 24003 |
| PAR Technology Corp.\* (Electronic Equipment, <br>Instruments & Components) |  | 511 |  | 13393 |
| Park Aerospace Corp. (Aerospace & Defense) |  | 233 |  | 5706 |
| Park National Corp. (Banks) |  | 189 |  | 30796 |
| Parke Bancorp, Inc.\* (Banks) |  | 126 |  | 3441 |
| Park-Ohio Holdings Corp.\* (Machinery) |  | 124 |  | 2797 |
| Pathward Financial, Inc. (Banks) |  | 290 |  | 26184 |
| Patria Investments, Ltd.—Class A (Capital <br>Markets) |  | 844 |  | 12331 |
| Patrick Industries, Inc. (Automobile <br>Components) |  | 414 |  | 52235 |
| Patriot National Bancorp, Inc.\* (Banking) |  | 874 |  | 1346 |
| Patterson-UTI Energy, Inc. (Energy <br>Equipment & Services) |  | 4425 |  | 33320 |
| Payoneer Global, Inc.\* (Financial Services) |  | 3550 |  | 22685 |
| Paysafe, Ltd.\* (Financial Services) |  | 414 |  | 2840 |
| Paysign, Inc.\* (Financial Services) |  | 444 |  | 1851 |
| PBF Energy, Inc.—Class A (Oil, Gas & <br>Consumable Fuels) |  | 1069 |  | 35769 |
| PC Connection, Inc. (Electronic Equipment, <br>Instruments & Components) |  | 141 |  | 8292 |
| PCB Bancorp (Banks) |  | 139 |  | 3119 |
| PDF Solutions, Inc.\* (Semiconductors & <br>Semiconductor Equipment) |  | 407 |  | 12963 |
| Peabody Energy Corp.\* (Oil, Gas & <br>Consumable Fuels) |  | 1560 |  | 55006 |
| Peakstone Realty Trust (Office REITs) |  | 469 |  | 7326 |
| Peapack-Gladstone Financial Corp. (Banks) |  | 204 |  | 6471 |
| Pebblebrook Hotel Trust (Hotel & Resort REITs) |  | 1499 |  | 17119 |
| Pediatrix Medical Group, Inc.\* (Health Care <br>Providers & Services) |  | 1104 |  | 23604 |
| Peloton Interactive, Inc.\*—Class A (Leisure <br>Products) |  | 5050 |  | 28230 |
| Penguin Solutions, Inc.\* (Semiconductors & <br>Semiconductor Equipment) |  | 663 |  | 12736 |
| PennyMac Financial Services, Inc. (Financial <br>Services) |  | 373 |  | 37270 |
| PennyMac Mortgage Investment Trust <br>(Mortgage REITs) |  | 1112 |  | 13155 |
| Peoples Bancorp of North Carolina, Inc. (Banks) | Peoples Bancorp of North Carolina, Inc. (Banks) | 54 |  | 1978 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
|  | Shares |  |
| Peoples Bancorp, Inc.\* (Banks) | 445 | $14471 |
| Peoples Financial Services Corp. (Banks) | 118 | 6148 |
| Perdoceo Education Corp. (Diversified <br>Consumer Services) | 835 | 26745 |
| Perella Weinberg Partners (Capital Markets) | 792 | 17670 |
| Perimeter Solutions SA\* (Chemicals) | 1774 | 46390 |
| Perma-Fix Environmental Services, Inc.\* <br>(Commercial Services & Supplies) | 220 | 3359 |
| Perpetua Resources Corp.\* (Metals & Mining) | 1083 | 28829 |
| Personalis, Inc.\* (Health Care Facilities & <br>Services) | 639 | 5987 |
| Perspective Therapeutics, Inc.\* <br>(Biotechnology) | 760 | 2880 |
| Petco Health & Wellness Co., Inc.\* <br>(Specialty Retail) | 1013 | 2725 |
| Phathom Pharmaceuticals, Inc.\* <br>(Pharmaceuticals) | 506 | 6917 |
| Phibro Animal Health Corp.—Class A <br>(Pharmaceuticals) | 260 | 10439 |
| Phillips Edison & Co., Inc. (Retail REITs) | 1611 | 58367 |
| Phinia, Inc. (Automobile Components) | 485 | 34517 |
| Phoenix Education Partners, Inc.\* (Diversified <br>Consumer Services) | 63 | 1922 |
| Photronics, Inc.\* (Semiconductors & <br>Semiconductor Equipment) | 727 | 25132 |
| Phreesia, Inc.\* (Health Care Technology) | 729 | 9790 |
| Picard Medical, Inc.\* (Health Care <br>Equipment & Supplies) | 64 | 112 |
| Piedmont Office Realty Trust, Inc.—Class A <br>(Office REITs) | 1584 | 13337 |
| Pioneer Bancorp, Inc.\* (Banks) | 140 | 1981 |
| Piper Sandler Cos. (Capital Markets) | 223 | 77235 |
| Pitney Bowes, Inc. (Commercial Services & <br>Supplies) | 2057 | 21455 |
| PJT Partners, Inc.—Class A (Capital Markets) | 293 | 50698 |
| Planet Labs PBC\* (Professional Services) | 3037 | 75833 |
| Playstudios, Inc.\* (Entertainment) | 1140 | 723 |
| Playtika Holding, Corp.\* (Entertainment <br>Content) | 717 | 2596 |
| Plexus Corp.\* (Electronic Equipment, <br>Instruments & Components) | 343 | 68370 |
| Plug Power, Inc.\* (Electrical Equipment) | 14356 | 30363 |
| Plumas Bancorp\* (Banks) | 83 | 4159 |
| Polaris, Inc. (Leisure Products) | 680 | 43411 |
| Ponce Financial Group, Inc.\* (Banks) | 251 | 4212 |
| Porch Group, Inc.\* (Software) | 1105 | 8718 |
| Portillo's, Inc.\*—Class A (Hotels, <br>Restaurants & Leisure) | 851 | 4808 |
| Portland General Electric Co. (Electric Utilities) | 1444 | 72561 |
| Postal Realty Trust, Inc.—Class A (Office <br>REITs) | 298 | 5433 |
| Powell Industries, Inc. (Electrical Equipment) | 122 | 54118 |
| Power Integrations, Inc. (Semiconductors & <br>Semiconductor Equipment) | 714 | 32801 |
| Power Solutions International, Inc.\* <br>(Machinery) | 109 | 7811 |
| Powerfleet, Inc.\* (Electronic Equipment, <br>Instruments & Components) | 1584 | 8094 |
| PRA Group, Inc.\* (Consumer Finance) | 496 | 6344 |
| Prairie Operating Co.\* (Software) | 367 | 672 |
| Praxis Precision Medicines, Inc.\* <br>(Biotechnology) | 313 | 98282 |

---

**See accompanying notes to financial statements.**

January 31, 2026 (unaudited) :: Schedule of Portfolio Investments **:: UltraSmall-Cap ProFund :: 173**

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
|  | Shares |  |
| Precigen, Inc.\* (Biotechnology) | 2298 | $10318 |
| Preferred Bank (Banks) | 149 | 12780 |
| Preformed Line Products Co.\* (Electrical <br>Equipment) | 33 | 8281 |
| Prestige Consumer Healthcare, Inc.\* <br>(Pharmaceuticals) | 631 | 40681 |
| PriceSmart, Inc. (Consumer Staples <br>Distribution & Retail) | 327 | 46502 |
| Prime Medicine, Inc.\* (Biotechnology) | 1269 | 4835 |
| PrimeEnergy Resources Corp.\* (Oil, Gas & <br>Consumable Fuels) | 5 | 915 |
| Primis Financial Corp. (Banks) | 268 | 3613 |
| Primoris Services Corp. (Construction & <br>Engineering) | 690 | 102293 |
| Princeton Bancorp, Inc. (Banks) | 67 | 2427 |
| Priority Technology Holdings, Inc.\* (Financial <br>Services) | 350 | 2069 |
| Privia Health Group, Inc.\* (Health Care <br>Providers & Services) | 1483 | 34435 |
| ProAssurance Corp. (Insurance) | 651 | 15767 |
| PROCEPT BioRobotics Corp.\* (Health Care <br>Equipment & Supplies) | 680 | 19693 |
| Pro-Dex, Inc.\* (Medical Equipment & Devices) | 27 | 1059 |
| Proficient Auto Logistics, Inc.\* (Ground <br>Transportation) | 309 | 3115 |
| ProFrac Holding Corp.\*—Class A (Energy <br>Equipment & Services) | 367 | 1912 |
| PROG Holdings, Inc.\* (Consumer Finance) | 501 | 16252 |
| Progress Software Corp. (Software) | 546 | 22342 |
| Progyny, Inc.\* (Health Care Providers & <br>Services) | 957 | 22844 |
| ProPetro Holding Corp.\* (Energy Equipment & <br>Services) | 1021 | 11731 |
| Protagonist Therapeutics, Inc.\* <br>(Biotechnology) | 742 | 60696 |
| Protalix BioTherapeutics, Inc.\* (Biotech & <br>Pharma) | 921 | 2155 |
| Protara Therapeutics, Inc.\* (Biotech & <br>Pharma) | 450 | 3186 |
| Prothena Corp. PLC\* (Biotechnology) | 561 | 4942 |
| Proto Labs, Inc.\* (Machinery) | 304 | 16006 |
| Provident Financial Services, Inc. (Banks) | 1643 | 36376 |
| PTC Therapeutics, Inc.\* (Biotechnology) | 990 | 74775 |
| PubMatic, Inc.\*—Class A (Media) | 480 | 3485 |
| Pulmonx Corp.\* (Health Care Equipment & <br>Supplies) | 494 | 810 |
| Pulse Biosciences, Inc.\* (Health Care <br>Equipment & Supplies) | 226 | 3126 |
| Puma Biotechnology, Inc.\* (Biotechnology) | 549 | 3558 |
| Pure Cycle Corp.\* (Water Utilities) | 266 | 3080 |
| PureCycle Technologies, Inc.\* (Chemicals) | 1656 | 15831 |
| Q2 Holdings, Inc.\* (Software) | 793 | 48571 |
| QCR Holdings, Inc. (Banks) | 211 | 19045 |
| Quad/Graphics, Inc. (Commercial Services & <br>Supplies) | 369 | 2258 |
| Quaker Chemical Corp. (Chemicals) | 175 | 26905 |
| Qualys, Inc.\* (Software) | 466 | 61465 |
| Quanex Building Products Corp. (Building <br>Products) | 587 | 10989 |
| Quanterix Corp.\* (Life Sciences Tools & <br>Services) | 563 | 3569 |
| Quantum Computing, Inc.\* (Software) | 2570 | 23825 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
|  | Shares |  |
| Quantum-Si, Inc.\* (Life Sciences Tools & <br>Services) | 2003 | $2263 |
| QuidelOrtho Corp.\* (Health Care <br>Equipment & Supplies) | 864 | 23475 |
| QuinStreet, Inc.\* (Interactive Media & <br>Services) | 705 | 9369 |
| Rackspace Technology, Inc.\* (IT Services) | 1067 | 653 |
| Radian Group, Inc. (Financial Services) | 1729 | 56884 |
| Radiant Logistics, Inc.\* (Air Freight & <br>Logistics) | 462 | 3109 |
| RadNet, Inc.\* (Health Care Providers & <br>Services) | 871 | 61057 |
| Ramaco Resources, Inc.—Class A (Metals & <br>Mining) | 529 | 10321 |
| Rambus, Inc.\* (Semiconductors & <br>Semiconductor Equipment) | 1376 | 156630 |
| Ranger Bermuda Topco Ltd.\* (Insurance) | 35 | 415 |
| Ranger Energy Services, Inc.\* (Energy <br>Equipment & Services) | 256 | 3948 |
| Ranpak Holdings Corp.\* (Containers & <br>Packaging) | 599 | 3019 |
| Rapid7, Inc.\* (Software) | 814 | 9703 |
| Rapport Therapeutics, Inc.\* (Pharmaceuticals) | 362 | 9633 |
| Rayonier Advanced Materials, Inc.\* <br>(Chemicals) | 822 | 6379 |
| RBB Bancorp (Banks) | 207 | 4293 |
| RCI Hospitality Holdings, Inc. (Hotels, <br>Restaurants & Leisure) | 103 | 2476 |
| RCM Technologies, Inc. (Technology Services) | 63 | 1311 |
| RE/MAX Holdings, Inc.\*—Class A (Real <br>Estate Management & Development) | 234 | 1821 |
| Ready Capital Corp. (Mortgage REITs) | 1893 | 4032 |
| Recursion Pharmaceuticals, Inc.\*—Class A <br>(Biotechnology) | 4849 | 20317 |
| Red Cat Holdings, Inc.\* (Aerospace & <br>Defense) | 1305 | 17618 |
| Red River Bancshares, Inc.\* (Banks) | 63 | 5233 |
| Red Rock Resorts, Inc.\*—Class A (Hotels, <br>Restaurants & Leisure) | 623 | 39330 |
| Red Violet, Inc.\* (Software) | 144 | 6549 |
| Redwire Corp.\* (Aerospace & Defense) | 933 | 10963 |
| Redwood Trust, Inc. (Mortgage REITs) | 1615 | 8850 |
| REGENXBIO, Inc.\* (Biotechnology) | 596 | 6651 |
| Regional Management Corp.\* (Consumer <br>Finance) | 115 | 4261 |
| Relay Therapeutics, Inc.\* (Biotechnology) | 1794 | 13742 |
| Remitly Global, Inc.\* (Financial Services) | 2153 | 28463 |
| Renasant Corp. (Banks) | 1202 | 45327 |
| Repay Holdings Corp.\* (Financial Services) | 859 | 2998 |
| Replimune Group, Inc.\* (Biotechnology) | 882 | 6200 |
| ReposiTrak, Inc. (Software) | 143 | 1519 |
| Republic Bancorp, Inc.\*—Class A (Banks) | 107 | 7769 |
| Reservoir Media, Inc.\* (Entertainment) | 260 | 1963 |
| Resideo Technologies, Inc.\* (Building <br>Products) | 1647 | 56426 |
| Resolute Holdings Management, Inc.\* <br>(Asset Management) | 54 | 11014 |
| Resources Connection, Inc. (Professional <br>Services) | 399 | 1807 |
| REV Group, Inc. (Machinery) | 619 | 39554 |
| Revolve Group, Inc.\* (Specialty Retail) | 517 | 14295 |

---

**See accompanying notes to financial statements.**

**174 :: UltraSmall-Cap ProFund ::** Schedule of Portfolio Investments :: January 31, 2026 (unaudited)

**Common Stocks, continued**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Shares |  | Value |  |
| REX American Resources Corp.\* (Oil, Gas & <br>Consumable Fuels) |  | 367 |  | $12408 |
| Rezolute, Inc.\* (Biotechnology) |  | 1030 |  | 3440 |
| Rezolve AI PLC\* (Software) |  | 2287 |  | 5900 |
| RGC Resources, Inc. (Gas Utilities) |  | 105 |  | 2280 |
| Rhinebeck Bancorp, Inc.\* (Banking) |  | 58 |  | 675 |
| Rhythm Pharmaceuticals, Inc.\* (Biotechnology) |  | 674 |  | 69098 |
| Ribbon Communications, Inc.\* <br>(Communications Equipment) |  | 1196 |  | 3134 |
| Richardson Electronics, Ltd.\* (Electronic <br>Equipment, Instruments & Components) |  | 154 |  | 1862 |
| Richmond Mutual BanCorp, Inc. (Banking) |  | 105 |  | 1473 |
| Richtech Robotics, Inc.\* (Machinery) |  | 1954 |  | 6995 |
| Rigel Pharmaceuticals, Inc.\* (Biotechnology) |  | 224 |  | 7809 |
| Rigetti Computing, Inc.\* (Semiconductors & <br>Semiconductor Equipment) |  | 4073 |  | 74006 |
| Riley Exploration Permian, Inc. (Oil, Gas & <br>Consumable Fuels) |  | 189 |  | 5301 |
| Rimini Street, Inc.\* (Software) |  | 622 |  | 2146 |
| Riot Platforms, Inc.\* (Software) |  | 4446 |  | 68780 |
| Rithm Property Trust, Inc. (Mortgage REITs) |  | 89 |  | 1466 |
| Riverview Bancorp, Inc.\* (Banking) |  | 261 |  | 1349 |
| RLJ Lodging Trust (Hotel & Resort REITs) |  | 1751 |  | 13010 |
| Rocket Pharmaceuticals, Inc.\* (Biotechnology) |  | 1080 |  | 3758 |
| Rocky Brands, Inc. (Textiles, Apparel & Luxury <br>Goods) |  | 90 |  | 2897 |
| Rogers Corp.\* (Electronic Equipment, <br>Instruments & Components) |  | 230 |  | 22365 |
| Root, Inc.\*—Class A (Insurance) |  | 156 |  | 9692 |
| RPC, Inc. (Energy Equipment & Services) |  | 1140 |  | 7581 |
| Rumble, Inc.\* (Internet Media & Services) |  | 1360 |  | 7738 |
| Rush Enterprises, Inc.—Class A (Trading <br>Companies & Distributors) |  | 779 |  | 50004 |
| Rush Enterprises, Inc.—Class B (Trading <br>Companies & Distributors) |  | 110 |  | 6491 |
| Rush Street Interactive, Inc.\* (Hotels, <br>Restaurants & Leisure) |  | 1167 |  | 20621 |
| RXO, Inc.\* (Ground Transportation) |  | 2072 |  | 30209 |
| RxSight, Inc.\* (Health Care Equipment & <br>Supplies) |  | 444 |  | 3858 |
| Ryerson Holding Corp. (Metals & Mining) |  | 345 |  | 9736 |
| Ryman Hospitality Properties, Inc. (Hotel & <br>Resort REITs) |  | 788 |  | 74625 |
| S&T Bancorp, Inc.\* (Banks) |  | 487 |  | 20766 |
| Sable Offshore Corp.\* (Oil, Gas & <br>Consumable Fuels) |  | 969 |  | 9380 |
| Sabra Health Care REIT, Inc. (Health Care <br>REITs) |  | 3032 |  | 56789 |
| Sabre Corp.\* (Hotels, Restaurants & Leisure) |  | 4725 |  | 6143 |
| Safe Builders, Inc. (Marine Transportation) |  | 655 |  | 3740 |
| Safehold, Inc. (Specialized REITs) |  | 716 |  | 10103 |
| Safety Insurance Group, Inc. (Insurance) |  | 188 |  | 14796 |
| Sally Beauty Holdings, Inc.\* (Specialty Retail) |  | 1264 |  | 19238 |
| Sana Biotechnology, Inc.\* (Biotechnology) |  | 2105 |  | 9325 |
| Sanara Medtech, Inc.\* (Health Care <br>Equipment & Supplies) |  | 39 |  | 858 |
| SandRidge Energy, Inc. (Oil, Gas & <br>Consumable Fuels) |  | 463 |  | 7339 |
| Sanmina Corp.\* (Electronic Equipment, <br>Instruments & Components) |  | 667 |  | 94501 |
| SANUWAVE Health, Inc.\* (Medical <br>Equipment & Devices) |  | 95 |  | 2561 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
|  | Shares |  |
| Satellogic, Inc.\* (Telecommunications) | 1072 | $4931 |
| Saul Centers, Inc. (Retail REITs) | 157 | 4982 |
| Savara, Inc.\* (Biotechnology) | 1805 | 9747 |
| Savers Value Village, Inc.\* (Broadline Retail) | 489 | 5066 |
| SB Financial Group, Inc.\* (Banking) | 73 | 1667 |
| SBC Medical Group Holdings, Inc.\* (Health <br>Care Facilities & Services) | 144 | 660 |
| ScanSource, Inc.\* (Electronic Equipment, <br>Instruments & Components) | 279 | 11994 |
| Scholar Rock Holding Corp.\* (Biotechnology) | 1049 | 46513 |
| Scholastic Corp. (Media) | 259 | 9057 |
| Schrodinger, Inc.\* (Health Care Technology) | 718 | 10030 |
| Scilex Holding Co.\* (Biotech & Pharma) | 29 | 250 |
| Scorpio Tankers, Inc. (Oil, Gas & Consumable <br>Fuels) | 576 | 36645 |
| Seacoast Banking Corp. of Florida (Banks) | 1113 | 37219 |
| SEACOR Marine Holdings, Inc.\* (Energy <br>Equipment & Services) | 278 | 1857 |
| Seadrill, Ltd.\* (Energy Equipment & Services) | 801 | 30822 |
| Seaport Entertainment Group, Inc.\* (Real <br>Estate Owners & Developers) | 95 | 1794 |
| SeaWorld Entertainment, Inc.\* (Hotels, <br>Restaurants & Leisure) | 346 | 13027 |
| Security National Financial Corp.\*—Class A <br>(Specialty Finance) | 207 | 1826 |
| Select Energy Services, Inc.—Class A <br>(Energy Equipment & Services) | 1206 | 14581 |
| Select Medical Holdings Corp. (Health Care <br>Providers & Services) | 1370 | 20619 |
| Selective Insurance Group, Inc. (Insurance) | 775 | 65162 |
| Selectquote, Inc.\* (Insurance) | 1791 | 2543 |
| SELLAS Life Sciences Group, Inc.\* (Biotech & <br>Pharma) | 1579 | 5953 |
| SEMrush Holdings, Inc.\* (Software) | 653 | 7764 |
| Semtech Corp.\* (Semiconductors & <br>Semiconductor Equipment) | 1111 | 88602 |
| Seneca Foods Corp.\*—Class A (Food <br>Products) | 60 | 7160 |
| Sensient Technologies Corp. (Chemicals) | 539 | 50946 |
| Septerna, Inc.\* (Pharmaceuticals) | 272 | 6348 |
| Serve Robotics, Inc.\* (Internet Media & <br>Services) | 797 | 8314 |
| Service Properties Trust (Hotel & Resort REITs) | 1971 | 3922 |
| ServisFirst Bancshares, Inc. (Banks) | 658 | 53857 |
| Seven Hills Realty Trust (Mortgage REITs) | 281 | 2422 |
| Sezzle, Inc.\* (Financial Services) | 207 | 13091 |
| SFL Corp., Ltd. (Oil, Gas & Consumable Fuels) | 1546 | 13698 |
| Shake Shack, Inc.\*—Class A (Hotels, <br>Restaurants & Leisure) | 496 | 43931 |
| Shenandoah Telecommunications Co. <br>(Diversified Telecommunication Services) | 647 | 7680 |
| Shoals Technologies Group, Inc.\*—Class A <br>(Electrical Equipment) | 2143 | 20230 |
| Shoe Carnival, Inc. (Specialty Retail) | 231 | 4403 |
| Shore Bancshares, Inc. (Banks) | 393 | 7455 |
| Shoulder Innovations, Inc.\* (Health Care <br>Equipment & Supplies) | 61 | 864 |
| Shutterstock, Inc.\* (Interactive Media & <br>Services) | 311 | 6173 |
| SI-BONE, Inc.\* (Health Care Equipment & <br>Supplies) | 491 | 8141 |
| Siebert Financial Corp.\* (Asset Management) | 181 | 538 |

---

**See accompanying notes to financial statements.**

January 31, 2026 (unaudited) :: Schedule of Portfolio Investments **:: UltraSmall-Cap ProFund :: 175**

**Common Stocks, continued**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Shares |  | Value |  |
| Sierra Bancorp (Banks) |  | 156 |  | $5524 |
| SIGA Technologies, Inc.\* (Pharmaceuticals) |  | 523 |  | 3504 |
| Sight Sciences, Inc.\* (Health Care <br>Equipment & Supplies) |  | 533 |  | 3347 |
| Signet Jewelers, Ltd. (Specialty Retail) |  | 511 |  | 47150 |
| Sila Realty Trust, Inc. (Health Care REITs) |  | 709 |  | 17264 |
| Silicon Laboratories, Inc.\* (Semiconductors & <br>Semiconductor Equipment) |  | 415 |  | 59117 |
| Silvaco Group, Inc.\* (Software) |  | 104 |  | 466 |
| Silvercrest Asset Management <br>Group, Inc.—Class A (Capital Markets) |  | 88 |  | 1297 |
| Simmons First National Corp.—Class A <br>(Banks) |  | 1839 |  | 37387 |
| Simulations Plus, Inc. (Health Care <br>Technology) |  | 213 |  | 3598 |
| Sinclair, Inc.\* (Media) |  | 493 |  | 7153 |
| Sionna Therapeutics, Inc.\* (Biotechnology) |  | 205 |  | 8663 |
| SiriusPoint, Ltd.\* (Insurance) |  | 1307 |  | 26676 |
| SITE Centers Corp. (Retail REITs) |  | 640 |  | 3917 |
| SiTime Corp.\* (Semiconductors & <br>Semiconductor Equipment) |  | 275 |  | 99855 |
| Six Flags Entertainment Corp. (Hotels, <br>Restaurants & Leisure) |  | 1223 |  | 22026 |
| Skillsoft Corp.\* (Software) |  | 65 |  | 588 |
| Sky Harbour Group Corp.\* (Transportation <br>Infrastructure) |  | 271 |  | 2504 |
| Skyward Specialty Insurance Group, Inc.\* <br>(Insurance) |  | 456 |  | 20347 |
| SkyWater Technology, Inc.\* (Semiconductors & <br>Semiconductor Equipment) | SkyWater Technology, Inc.\* (Semiconductors & <br>Semiconductor Equipment) | 387 |  | 12252 |
| SkyWest, Inc.\* (Passenger Airlines) |  | 516 |  | 49804 |
| SKYX Platforms Corp.\* (Electrical Equipment) |  | 913 |  | 2283 |
| SL Green Realty Corp. (Office REITs) |  | 916 |  | 41018 |
| Sleep Number Corp.\* (Specialty Retail) |  | 234 |  | 2724 |
| Slide Insurance Holdings, Inc.\* (Insurance) |  | 341 |  | 5875 |
| SM Energy Co. (Oil, Gas & Consumable Fuels) |  | 3164 |  | 61603 |
| SmartFinancial, Inc.\* (Banks) |  | 185 |  | 7385 |
| Smartstop Self Storage REIT, Inc. (REITS & <br>Real Estate Management) |  | 398 |  | 12513 |
| Smith & Wesson Brands, Inc. (Leisure <br>Products) |  | 560 |  | 6115 |
| Smith-Midland Corp.\* (Construction Materials) |  | 35 |  | 1230 |
| Solaris Energy Infrastructure, Inc. (Energy <br>Equipment & Services) |  | 540 |  | 29803 |
| Soleno Therapeutics, Inc.\* (Biotechnology) |  | 595 |  | 22943 |
| Solesence, Inc.\* (Household Products) |  | 240 |  | 324 |
| Solid Biosciences, Inc.\* (Biotechnology) |  | 752 |  | 4858 |
| Solid Power, Inc.\* (Automobile Components) |  | 1965 |  | 8803 |
| Sonic Automotive, Inc.—Class A (Specialty <br>Retail) |  | 191 |  | 11452 |
| Sonida Senior Living, Inc.\* (Health Care <br>Providers & Services) |  | 70 |  | 2230 |
| Sonos, Inc.\* (Household Durables) |  | 1522 |  | 21841 |
| Sound Financial Bancorp, Inc.\* (Banking) |  | 27 |  | 1185 |
| SoundHound AI, Inc.\*—Class A (Software) |  | 4781 |  | 40447 |
| SoundThinking, Inc.\* (Software) |  | 122 |  | 852 |
| South Plains Financial, Inc. (Banks) |  | 164 |  | 6832 |
| Southern California BanCorp (Banks) |  | 287 |  | 5163 |
| Southern First Bancshares, Inc.\* (Banks) |  | 99 |  | 5439 |
| Southern Missouri Bancorp, Inc. (Banks) |  | 123 |  | 7696 |
| Southland Holdings, Inc.\* (Construction & <br>Engineering) |  | 161 |  | 299 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
|  | Shares |  |
| Southside Bancshares, Inc. (Banks) | 368 | $11846 |
| Southwest Gas Holdings, Inc. (Gas Utilities) | 826 | 68408 |
| Spectrum Brands Holdings, Inc. (Household <br>Products) | 300 | 19113 |
| Sphere Entertainment Co.\* (Entertainment) | 355 | 33905 |
| Spire Global, Inc.\* (Professional Services) | 350 | 4008 |
| Spire, Inc. (Gas Utilities) | 744 | 62861 |
| Spok Holdings, Inc. (Wireless <br>Telecommunication Services) | 260 | 3580 |
| Sprinklr, Inc.\*—Class A (Software) | 1435 | 9155 |
| Sprout Social, Inc.\*—Class A (Software) | 669 | 6054 |
| SPS Commerce, Inc.\* (Software) | 485 | 43291 |
| SPX Technologies, Inc.\* (Machinery) | 615 | 128172 |
| Spyre Therapeutics, Inc.\* (Biotechnology) | 878 | 28078 |
| SR Bancorp, Inc. (Banking) | 94 | 1564 |
| SSR Mining, Inc. (Metals & Mining) | 2596 | 59267 |
| STAAR Surgical Co.\* (Health Care <br>Equipment & Supplies) | 636 | 12052 |
| Stagwell, Inc. (Media) | 1426 | 8570 |
| Standard BioTools, Inc.\* (Life Sciences Tools & <br>Services) | 3815 | 5341 |
| Standard Motor Products, Inc. (Automobile <br>Components) | 270 | 10781 |
| Standex International Corp. (Machinery) | 153 | 36720 |
| Starz Entertainment Corp.\* (Entertainment) | 147 | 1469 |
| Stellar Bancorp, Inc. (Banks) | 600 | 22284 |
| Stepan Co. (Chemicals) | 275 | 15843 |
| StepStone Group, Inc.—Class A (Capital <br>Markets) | 890 | 62914 |
| Stereotaxis, Inc.\* (Health Care Equipment & <br>Supplies) | 774 | 1695 |
| Sterling Infrastructure, Inc.\* (Construction & <br>Engineering) | 381 | 136364 |
| Steven Madden, Ltd.\* (Textiles, Apparel & <br>Luxury Goods) | 915 | 40150 |
| Stewart Information Services Corp. <br>(Insurance) | 355 | 23938 |
| Stitch Fix, Inc.\*—Class A (Specialty Retail) | 1426 | 6845 |
| Stock Yards Bancorp, Inc. (Banks) | 336 | 22744 |
| Stoke Therapeutics, Inc.\* (Biotechnology) | 572 | 17354 |
| StoneCo, Ltd.\* (Financial Services) | 3203 | 51696 |
| StoneX Group, Inc.\* (Capital Markets) | 625 | 70163 |
| Strata Critical Medical, Inc.\*—Class A <br>(Passenger Airlines) | 870 | 4246 |
| Strategic Education, Inc. (Diversified <br>Consumer Services) | 298 | 25336 |
| Strattec Security Corporation (Automobile <br>Components) | 52 | 4114 |
| Stratus Properties, Inc.\* (Real Estate <br>Management & Development) | 85 | 2522 |
| Strawberry Fields REIT, Inc. (Health Care <br>REITs) | 97 | 1273 |
| Stride, Inc.\* (Diversified Consumer Services) | 545 | 46107 |
| Strive, Inc.\* (Capital Markets) | 3536 | 2904 |
| Sturm Ruger & Co., Inc. (Leisure Products) | 181 | 6641 |
| Summit Hotel Properties, Inc. (Hotel & <br>Resort REITs) | 1357 | 5998 |
| Summit Midstream Corp.\* (Oil & Gas <br>Producers) | 120 | 3445 |
| Sun Country Airlines Holdings, Inc.\* <br>(Passenger Airlines) | 652 | 11436 |
| SunCoke Energy, Inc. (Metals & Mining) | 1083 | 8512 |

---

**See accompanying notes to financial statements.**

**176 :: UltraSmall-Cap ProFund ::** Schedule of Portfolio Investments :: January 31, 2026 (unaudited)

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
|  | Shares |  |
| SunOpta, Inc.\* (Food Products) | 1221 | $5592 |
| Sunrise Realty Trust, Inc. (Mortgage REITs) | 130 | 1222 |
| Sunrun, Inc.\* (Electrical Equipment) | 2851 | 54169 |
| Sunstone Hotel Investors, Inc. (Hotel & <br>Resort REITs) | 2320 | 20346 |
| Super Group SGHC, Ltd. (Hotels, <br>Restaurants & Leisure) | 2030 | 19224 |
| Superior Group of Cos., Inc. (Textiles, <br>Apparel & Luxury Goods) | 140 | 1394 |
| Supernus Pharmaceuticals, Inc.\* <br>(Pharmaceuticals) | 688 | 33134 |
| Surgery Partners, Inc.\* (Health Care <br>Providers & Services) | 986 | 14652 |
| Sweetgreen, Inc.\*—Class A (Hotels, <br>Restaurants & Leisure) | 1319 | 8099 |
| SWK Holdings Corp.\* (Financial Services) | 39 | 683 |
| Sylvamo Corp. (Paper & Forest Products) | 438 | 21436 |
| Synaptics, Inc.\* (Semiconductors & <br>Semiconductor Equipment) | 496 | 40925 |
| Synchronoss Technologies, Inc.\* (Software) | 119 | 1047 |
| Syndax Pharmaceuticals, Inc.\* (Biotechnology) | 1086 | 22057 |
| T1 Energy, Inc.\* (Electrical Equipment) | 1699 | 14153 |
| Tactile Systems Technology, Inc.\* (Health <br>Care Equipment & Supplies) | 281 | 8110 |
| Talkspace, Inc.\* (Health Care Providers & <br>Services) | 1838 | 7426 |
| Talos Energy, Inc.\* (Oil, Gas & Consumable <br>Fuels) | 1664 | 19835 |
| Tandem Diabetes Care, Inc.\* (Health Care <br>Equipment & Supplies) | 864 | 17185 |
| Tanger, Inc. (Retail REITs) | 1425 | 46626 |
| Tango Therapeutics, Inc.\* (Biotechnology) | 1355 | 15732 |
| Target Hospitality Corp.\* (Hotels, <br>Restaurants & Leisure) | 410 | 2825 |
| Tarsus Pharmaceuticals, Inc.\* <br>(Pharmaceuticals) | 499 | 32205 |
| Taylor Morrison Home Corp.\* (Household <br>Durables) | 1225 | 74664 |
| Taysha Gene Therapies, Inc.\* (Biotechnology) | 2815 | 12696 |
| Teads Holding Company\* (Interactive <br>Media & Services) | 466 | 314 |
| TechTarget, Inc.\* (Media) | 368 | 1928 |
| Tecnoglass, Inc. (Building Products) | 345 | 16874 |
| Tectonic Therapeutic, Inc.\* (Biotech & Pharma) | 140 | 2799 |
| Teekay Corp.\* (Transportation & Logistics) | 678 | 6936 |
| Teekay Tankers, Ltd.—Class A <br>(Transportation & Logistics) | 306 | 19743 |
| TEGNA, Inc. (Media) | 2051 | 39298 |
| Tejon Ranch Co.\* (Real Estate Management & <br>Development) | 268 | 4312 |
| Teladoc Health, Inc.\* (Health Care Technology) | 2269 | 12366 |
| Telephone and Data Systems, Inc. (Wireless <br>Telecommunication Services) | 1269 | 57270 |
| Telos Corp.\* (Software) | 679 | 3707 |
| Tenable Holdings, Inc.\* (Software) | 1548 | 34149 |
| Tennant Co. (Machinery) | 235 | 17881 |
| Terawulf, Inc.\* (Software) | 3868 | 51715 |
| Terex Corp. (Machinery) | 822 | 46854 |
| Terns Pharmaceuticals, Inc.\* (Pharmaceuticals) | 1093 | 37818 |
| Terreno Realty Corp. (Industrial REITs) | 1304 | 80249 |
| TETRA Technologies, Inc.\* (Energy <br>Equipment & Services) | 1619 | 18457 |

---

**Common Stocks, continued**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Shares |  | Value |  |
| Tevogen Bio Holdings, Inc.\* (Biotechnology) |  | 525 |  | $159 |
| Texas Capital Bancshares, Inc.\* (Banks) |  | 580 |  | 58679 |
| TG Therapeutics, Inc.\* (Biotechnology) |  | 1851 |  | 54475 |
| The Andersons, Inc. (Consumer Staples <br>Distribution & Retail) |  | 417 |  | 25850 |
| The Arena Group Holdings, Inc.\* <br>(Advertising & Marketing) |  | 164 |  | 638 |
| The Baldwin Insurance Group, Inc.\* (Insurance) | The Baldwin Insurance Group, Inc.\* (Insurance) | 910 |  | 19947 |
| The Bancorp, Inc.\* (Banks) |  | 540 |  | 32098 |
| The Bank of NT Butterfield & Son, Ltd. (Banks) |  | 532 |  | 27558 |
| The Beauty Health Co.\* (Personal Care <br>Products) |  | 1458 |  | 2187 |
| The Brink's Co. (Commercial Services & <br>Supplies) |  | 537 |  | 68220 |
| The Buckle, Inc. (Specialty Retail) |  | 403 |  | 19062 |
| The Cheesecake Factory, Inc. (Hotels, <br>Restaurants & Leisure) |  | 589 |  | 34138 |
| The Chefs' Warehouse, Inc.\* (Consumer <br>Staples Distribution & Retail) |  | 465 |  | 29249 |
| The Chemours Co. (Chemicals) |  | 1921 |  | 28796 |
| The E.W. Scripps Co.\*—Class A (Media) |  | 810 |  | 2714 |
| The Eastern Co. (Machinery) |  | 73 |  | 1365 |
| The Ensign Group, Inc. (Health Care <br>Providers & Services) |  | 716 |  | 122908 |
| The First Bancorp, Inc. (Banks) |  | 137 |  | 3747 |
| The GEO Group, Inc. (Commercial Services & <br>Supplies) |  | 1725 |  | 27566 |
| The Goodyear Tire & Rubber Co.\* (Automobile <br>Components) |  | 3518 |  | 33104 |
| The Gorman-Rupp Co. (Machinery) |  | 268 |  | 14603 |
| The Greenbrier Cos., Inc. (Machinery) |  | 385 |  | 19412 |
| The Hackett Group, Inc. (IT Services) |  | 320 |  | 5840 |
| The Hain Celestial Group, Inc.\* (Food <br>Products) |  | 1155 |  | 1398 |
| The Honest Co., Inc.\* (Personal Care Products) |  | 1191 |  | 2942 |
| The Joint Corp.\* (Health Care Providers & <br>Services) |  | 181 |  | 1770 |
| The Lovesac Co.\* (Household Durables) |  | 169 |  | 2251 |
| The Macerich Co. (Retail REITs) |  | 3239 |  | 61314 |
| The Manitowoc Co., Inc. (Machinery) |  | 440 |  | 5685 |
| The Marcus Corp. (Entertainment) |  | 290 |  | 4376 |
| The Oncology Institute, Inc.\* (Health Care <br>Facilities & Services) |  | 870 |  | 2358 |
| The Pennant Group, Inc.\* (Health Care <br>Providers & Services) |  | 432 |  | 11932 |
| The Real Brokerage, Inc.\* (Real Estate <br>Management & Development) |  | 1688 |  | 5976 |
| The RealReal, Inc.\* (Specialty Retail) |  | 1282 |  | 18807 |
| The RMR Group, Inc.—Class A (Real Estate <br>Management & Development) |  | 198 |  | 3000 |
| The Simply Good Foods Co.\* (Food Products) |  | 1182 |  | 22186 |
| The St. Joe Co.\* (Real Estate Management & <br>Development) |  | 485 |  | 32102 |
| The Vita Coco Co., Inc.\* (Beverages) |  | 608 |  | 32437 |
| The York Water Co.\* (Water Utilities) |  | 184 |  | 6179 |
| Theravance Biopharma, Inc.\* <br>(Pharmaceuticals) |  | 483 |  | 9148 |
| Thermon Group Holdings, Inc.\* (Electrical <br>Equipment) |  | 419 |  | 18960 |
| Third Coast Bancshares, Inc.\* (Banks) |  | 164 |  | 6652 |
| ThredUp, Inc.\*—Class A (Specialty Retail) |  | 1250 |  | 6350 |
| Thryv Holdings, Inc.\* (Media) |  | 475 |  | 2285 |

---

**See accompanying notes to financial statements.**

January 31, 2026 (unaudited) :: Schedule of Portfolio Investments **:: UltraSmall-Cap ProFund :: 177**

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
|  | Shares |  |
| Tidewater, Inc.\* (Energy Equipment & <br>Services) | 627 | $39181 |
| Timberland Bancorp, Inc. (Banks) | 95 | 3699 |
| TimkenSteel Corp. (Metals & Mining) | 468 | 9337 |
| Tiptree, Inc. (Insurance) | 300 | 5364 |
| Titan America SA (Construction Materials) | 310 | 5382 |
| Titan International, Inc.\* (Machinery) | 619 | 5905 |
| Titan Machinery, Inc.\* (Trading Companies & <br>Distributors) | 269 | 4377 |
| Tompkins Financial Corp. (Banks) | 172 | 13781 |
| Tonix Pharmaceuticals Holding Corp.\* <br>(Biotech & Pharma) | 148 | 2552 |
| Tootsie Roll Industries, Inc. (Food Products) | 231 | 8750 |
| Torrid Holdings, Inc.\* (Specialty Retail) | 431 | 496 |
| TowneBank (Banks) | 936 | 32760 |
| TPG RE Finance Trust, Inc. (Mortgage REITs) | 860 | 7766 |
| Traeger, Inc.\* (Household Durables) | 420 | 462 |
| Transcat, Inc.\* (Trading Companies & <br>Distributors) | 117 | 7056 |
| Transcontinental Realty Investors, Inc.\* <br>(Real Estate Management & Development) | 24 | 1277 |
| TransMedics Group, Inc.\* (Health Care <br>Equipment & Supplies) | 428 | 57341 |
| Transocean, Ltd. (Energy Equipment & <br>Services) | 11846 | 58875 |
| Travelzoo\* (Internet Media & Services) | 79 | 462 |
| Travere Therapeutics, Inc.\* (Biotechnology) | 1051 | 32676 |
| Treace Medical Concepts, Inc.\* (Health Care <br>Equipment & Supplies) | 609 | 1413 |
| Tredegar Corp.\* (Metals & Mining) | 340 | 2907 |
| TreeHouse Foods, Inc.\* (Food Products) | 641 | 15794 |
| Trevi Therapeutics, Inc.\* (Pharmaceuticals) | 1157 | 12114 |
| Tri Pointe Homes, Inc.\* (Household Durables) | 1081 | 36051 |
| TriCompany Bancshares (Banks) | 386 | 19231 |
| TriMas Corp. (Containers & Packaging) | 407 | 14151 |
| TriNet Group, Inc. (Professional Services) | 381 | 23332 |
| Trinity Industries, Inc. (Machinery) | 1025 | 29459 |
| Trinseo PLC (Chemicals) | 435 | 196 |
| TripAdvisor, Inc.\* (Interactive Media & <br>Services) | 1459 | 19390 |
| TriSalus Life Sciences, Inc.\* (Biotech & <br>Pharma) | 388 | 1928 |
| Triumph Financial, Inc.\* (Banks) | 289 | 18233 |
| Tronox Holdings PLC—Class A (Chemicals) | 1524 | 9235 |
| TruBridge, Inc.\* (Software) | 128 | 2477 |
| TrueBlue, Inc.\* (Professional Services) | 365 | 1956 |
| Trupanion, Inc.\* (Insurance) | 473 | 15131 |
| TrustCo Bank Corp. (Banks) | 237 | 10286 |
| Trustmark Corp. (Banks) | 716 | 30444 |
| TSS, Inc.\* (Engineering & Construction) | 268 | 2733 |
| TTEC Holdings, Inc. (Professional Services) | 258 | 823 |
| TTM Technologies, Inc.\* (Electronic <br>Equipment, Instruments & Components) | 1305 | 128151 |
| Tucows, Inc.\*—Class A (IT Services) | 86 | 1911 |
| TuHURA Biosciences, Inc.\* (Biotech & <br>Pharma) | 424 | 227 |
| Turning Point Brands, Inc. (Tobacco) | 221 | 26774 |
| Turtle Beach Corp.\* (Technology Hardware, <br>Storage & Peripherals) | 201 | 2404 |
| Tutor Perini Corp. (Construction & Engineering) | 568 | 44810 |
| Tvardi Therapeutics, Inc.\* (Biotech & Pharma) | 69 | 274 |
| Twist Bioscience Corp.\* (Biotechnology) | 763 | 31336 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
|  | Shares |  |
| Two Harbors Investment Corp. (Mortgage <br>REITs) | 1331 | $15267 |
| TXNM Energy, Inc. (Electric Utilities) | 1285 | 75712 |
| Tyra Biosciences, Inc.\* (Biotechnology) | 330 | 10171 |
| U.S. Physical Therapy, Inc. (Health Care <br>Providers & Services) | 192 | 16103 |
| Udemy, Inc.\* (Diversified Consumer Services) | 1219 | 5863 |
| UFP Industries, Inc. (Building Products) | 742 | 76634 |
| UFP Technologies, Inc.\* (Health Care <br>Equipment & Supplies) | 96 | 24109 |
| Ultra Clean Holdings, Inc.\* (Semiconductors & <br>Semiconductor Equipment) | 569 | 24854 |
| UMB Financial Corp. (Banks) | 927 | 117858 |
| UMH Properties, Inc. (Residential REITs) | 1024 | 16005 |
| UniFirst Corp. (Commercial Services & <br>Supplies) | 186 | 39990 |
| Union Bankshares, Inc. (Banking) | 46 | 1145 |
| Unisys Corp.\* (IT Services) | 851 | 2238 |
| United Bankshares, Inc. (Banks) | 1783 | 75473 |
| United Community Banks, Inc. (Banks) | 1561 | 53745 |
| United Fire Group, Inc. (Insurance) | 268 | 9632 |
| United Natural Foods, Inc.\* (Consumer <br>Staples Distribution & Retail) | 764 | 28444 |
| United Security Bancshares/Fresno CA\* <br>(Banking) | 177 | 1901 |
| United States Antimony Corp.\* (Metals & <br>Mining) | 1516 | 11112 |
| United States Lime & Minerals, Inc. <br>(Construction Materials) | 138 | 16633 |
| Uniti Group, Inc.\* (Specialized REITs) | 2131 | 17730 |
| Unitil Corp. (Multi-Utilities) | 226 | 11506 |
| Unity Bancorp, Inc. (Banks) | 94 | 5072 |
| Universal Corp. (Tobacco) | 308 | 17430 |
| Universal Health Realty Income Trust <br>(Health Care REITs) | 164 | 6516 |
| Universal Insurance Holdings, Inc. (Insurance) | 324 | 9866 |
| Universal Logistics Holdings, Inc. (Ground <br>Transportation) | 86 | 1377 |
| Universal Technical Institute, Inc.\* (Diversified <br>Consumer Services) | 595 | 16559 |
| Univest Financial Corp. (Banks) | 362 | 11997 |
| Upbound Group, Inc. (Specialty Retail) | 669 | 12644 |
| Upstart Holdings, Inc.\* (Consumer Finance) | 1087 | 42665 |
| Upstream Bio, Inc.\* (Biotechnology) | 418 | 12991 |
| Upwork, Inc.\* (Professional Services) | 1569 | 31427 |
| Uranium Energy Corp.\* (Oil, Gas & <br>Consumable Fuels) | 6086 | 104922 |
| Urban Edge Properties (Retail REITs) | 1622 | 31515 |
| Urban Outfitters, Inc.\* (Specialty Retail) | 780 | 55263 |
| UroGen Pharma, Ltd.\* (Biotechnology) | 470 | 9217 |
| US Gold Corp.\* (Metals & Mining) | 151 | 2618 |
| US Goldmining, Inc.\* (Metals & Mining) | 29 | 390 |
| USA Rare Earth, Inc.\* (Metals & Mining) | 1122 | 25155 |
| USANA Health Sciences, Inc.\* (Personal <br>Care Products) | 137 | 2973 |
| USCB Financial Holdings, Inc. (Banks) | 149 | 2809 |
| Utah Medical Products, Inc. (Health Care <br>Equipment & Supplies) | 39 | 2381 |
| Utz Brands, Inc. (Food Products) | 939 | 9897 |
| V2X, Inc.\* (Aerospace & Defense) | 294 | 20236 |
| VAALCO Energy, Inc. (Oil, Gas & Consumable <br>Fuels) | 1321 | 6790 |

---

**See accompanying notes to financial statements.**

**178 :: UltraSmall-Cap ProFund ::** Schedule of Portfolio Investments :: January 31, 2026 (unaudited)

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
|  | Shares |  |
| Valaris, Ltd.\* (Energy Equipment & Services) | 795 | $45895 |
| Valhi, Inc. (Chemicals) | 31 | 440 |
| Valley National Bancorp (Banks) | 6185 | 77064 |
| Value Line, Inc. (Capital Markets) | 10 | 375 |
| Vanda Pharmaceuticals, Inc.\* (Biotechnology) | 710 | 5353 |
| Varex Imaging Corp.\* (Health Care <br>Equipment & Supplies) | 523 | 7291 |
| Varonis Systems, Inc.\* (Software) | 1482 | 44223 |
| Vaxcyte, Inc.\* (Biotechnology) | 1459 | 78159 |
| Veeco Instruments, Inc.\* (Semiconductors & <br>Semiconductor Equipment) | 758 | 23672 |
| Velocity Financial, Inc.\* (Financial Services) | 146 | 2962 |
| Vera Therapeutics, Inc.\* (Biotechnology) | 708 | 30628 |
| Veracyte, Inc.\* (Biotechnology) | 999 | 38042 |
| Verastem, Inc.\* (Biotechnology) | 681 | 4154 |
| Verde Clean Fuels, Inc.\* (Oil, Gas & <br>Consumable Fuels) | 54 | 104 |
| Vericel Corp.\* (Biotechnology) | 642 | 23099 |
| Verra Mobility Corp.\* (Professional Services) | 2036 | 39295 |
| Vertex, Inc.\*—Class A (Software) | 894 | 16584 |
| Vestis Corp. (Commercial Services & Supplies) | 1471 | 9606 |
| Via Transportation, Inc.\* (Software) | 131 | 3046 |
| Viad Corp.\* (Commercial Services & Supplies) | 271 | 9412 |
| Viant Technology, Inc.\*—Class A (Software) | 190 | 2246 |
| Viasat, Inc.\* (Communications Equipment) | 1576 | 71187 |
| Viavi Solutions, Inc.\* (Communications <br>Equipment) | 2823 | 69051 |
| Vicor Corp.\* (Electrical Equipment) | 293 | 46197 |
| Victoria's Secret & Co.\* (Specialty Retail) | 883 | 48132 |
| Victory Capital Holdings, Inc.—Class A <br>(Capital Markets) | 565 | 39849 |
| Viemed Healthcare, Inc.\* (Health Care <br>Providers & Services) | 436 | 3344 |
| Village Super Market, Inc.—Class A <br>(Consumer Staples Distribution & Retail) | 116 | 4137 |
| Vir Biotechnology, Inc.\* (Biotechnology) | 1135 | 8444 |
| Virco Mfg. Corp.\* (Commercial Services & <br>Supplies) | 144 | 1007 |
| Virginia National Bankshares Corp. (Banks) | 61 | 2496 |
| Viridian Therapeutics, Inc.\* (Biotechnology) | 1019 | 33627 |
| Virtus Investment Partners, Inc. (Capital <br>Markets) | 82 | 13387 |
| Vishay Intertechnology, Inc. (Electronic <br>Equipment, Instruments & Components) | 1544 | 31112 |
| Vishay Precision Group, Inc.\* (Electronic <br>Equipment, Instruments & Components) | 152 | 7612 |
| Vistance Networks, Inc.\* (Communications <br>Equipment) | 2783 | 50094 |
| Visteon Corp. (Automobile Components) | 350 | 31801 |
| Vital Farms, Inc.\* (Food Products) | 442 | 12575 |
| Vitesse Energy, Inc. (Oil, Gas & Consumable <br>Fuels) | 376 | 7881 |
| Vivid Seats, Inc.\*—Class A (Entertainment) | 41 | 299 |
| Vox Royalty Corp. (Metals & Mining) | 759 | 4000 |
| Voyager Technologies, Inc.\* (Aerospace & <br>Defense) | 177 | 5404 |
| Voyager Therapeutics, Inc.\* (Biotechnology) | 594 | 2317 |
| Vroom, Inc.\* (Specialty Finance) | 14 | 270 |
| VSE Corp. (Commercial Services & Supplies) | 293 | 64041 |
| VTEX\* (Software) | 717 | 2251 |
| Vuzix Corp.\* (Technology Hardware) | 863 | 2270 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
|  | Shares |  |
| W&T Offshore, Inc.\* (Oil, Gas & Consumable <br>Fuels) | 1266 | $2747 |
| Wabash National Corp.\* (Machinery) | 502 | 5085 |
| WaFd, Inc. (Banks) | 243 | 8352 |
| Waldencast PLC\*—Class A (Personal Care <br>Products) | 541 | 979 |
| Walker & Dunlop, Inc. (Financial Services) | 421 | 26477 |
| Warby Parker, Inc.\*—Class A (Specialty Retail) | 1253 | 31964 |
| Warrior Met Coal, Inc. (Metals & Mining) | 665 | 59385 |
| Washington Federal, Inc. (Banks) | 993 | 32392 |
| Waterstone Financial, Inc. (Financial Services) | 194 | 3548 |
| Watts Water Technologies, Inc.—Class A <br>(Machinery) | 350 | 104759 |
| WaVe Life Sciences, Ltd.\* (Pharmaceuticals) | 1475 | 19087 |
| Waystar Holding Corp.\* (Health Care <br>Technology) | 1404 | 37291 |
| WD-40 Co. (Household Products) | 173 | 40004 |
| Weave Communications, Inc.\* (Software) | 774 | 5031 |
| WEBTOON Entertainment, Inc.\* (Interactive <br>Media & Services) | 229 | 2769 |
| Webull Corporation\* (Capital Markets) | 3481 | 24471 |
| Weis Markets, Inc. (Consumer Staples <br>Distribution & Retail) | 175 | 12451 |
| Werner Enterprises, Inc. (Ground <br>Transportation) | 764 | 26167 |
| WesBanco, Inc. (Banks) | 1207 | 42595 |
| West Bancorp, Inc.\* (Banks) | 193 | 4580 |
| Westamerica Bancorp (Banks) | 309 | 15629 |
| Western New England Bancorp, Inc. (Banking) | 231 | 3102 |
| Westrock Coffee Co.\* (Food Products) | 460 | 2222 |
| Westwood Holdings Group, Inc.\* (Asset <br>Management) | 95 | 1739 |
| Weyco Group, Inc. (Distributors) | 78 | 2466 |
| Whitefiber, Inc.\* (IT Services) | 139 | 2712 |
| Whitestone REIT\* (Retail REITs) | 575 | 8188 |
| Willdan Group, Inc.\* (Professional Services) | 179 | 22590 |
| Willis Lease Finance Corp.\* (Trading <br>Companies & Distributors) | 36 | 6562 |
| Winmark Corp. (Specialty Retail) | 38 | 17126 |
| Winnebago Industries, Inc. (Automobiles) | 347 | 15931 |
| WisdomTree, Inc. (Capital Markets) | 1578 | 25564 |
| WM Technology, Inc.\* (Software) | 1144 | 884 |
| Wolverine World Wide, Inc. (Textiles, <br>Apparel & Luxury Goods) | 1027 | 18198 |
| Workiva, Inc.\* (Software) | 641 | 49370 |
| World Acceptance Corp.\* (Consumer Finance) | 38 | 4608 |
| World Kinect Corp. (Oil, Gas & Consumable <br>Fuels) | 691 | 18595 |
| Worthington Enterprises, Inc. (Household <br>Durables) | 401 | 22284 |
| Worthington Steel, Inc. (Metals & Mining) | 419 | 16856 |
| WSFS Financial Corp. (Banks) | 714 | 46217 |
| XCF Global, Inc.\* (Oil, Gas & Consumable <br>Fuels) | 480 | 106 |
| Xencor, Inc.\* (Biotechnology) | 898 | 10857 |
| Xenia Hotels & Resorts, Inc. (Hotel & Resort <br>REITs) | 1211 | 17862 |
| Xenon Pharmaceuticals, Inc.\* (Biotech & <br>Pharma) | 968 | 39698 |
| Xeris Biopharma Holdings, Inc.\* <br>(Pharmaceuticals) | 1957 | 14404 |

---

**See accompanying notes to financial statements.**

January 31, 2026 (unaudited) :: Schedule of Portfolio Investments **:: UltraSmall-Cap ProFund :: 179**

**Trust (0.0%)**

---

| | | | |
|:---|:---|:---|:---|
|  | Interest <br>Units | Value |  |
| Ferroglobe Representation and Warranty<br>Insurance (Metals & Mining)\* | 1320 |  | $— |
| **TOTAL TRUST**<br> (Cost $—) | **TOTAL TRUST**<br> (Cost $—) | **TOTAL TRUST**<br> (Cost $—) | **—** |

---

**Repurchase Agreements**<sup>(b)(c)</sup> **(27.2%)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Principal <br>Amount | Principal <br>Amount | Value |  |  |
| Repurchase Agreements with various <br>counterparties, rates 3.40%–3.55%, <br>dated 1/31/26, due 2/2/26, total to be <br>received $14,199,772 | Repurchase Agreements with various <br>counterparties, rates 3.40%–3.55%, <br>dated 1/31/26, due 2/2/26, total to be <br>received $14,199,772 | 14197000 |  | $— | 14197000 |
| **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $14,197,000) | **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $14,197,000) | **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $14,197,000) | **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $14,197,000) | **14197000** | **14197000** |
| **TOTAL INVESTMENT SECURITIES**<br> (Cost $34,953,076)—101.6% |  |  |  | **53009259** | **53009259** |
| Net other assets (liabilities)—(1.6)% |  |  |  |  | (829081) |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | $**52180178** | **52180178** |

---

\*

Non-income producing security.

<sup>(a)</sup>

Number of shares is less than 0.50.

<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 January 31, 2026, the aggregate amount held in a segregated account was $8,257,000.

<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>CVR</sup>

Contingent Value Rights

<sup>REIT</sup>

Real Estate Investment Trust

**Common Stocks, continued**

---

| | | | |
|:---|:---|:---|:---|
|  | Shares | Value |  |
| Xerox Holdings Corp. (Technology Hardware, <br>Storage & Peripherals) | 1501 | $3287 | 3287 |
| XOMA Royalty Corp.\* (Biotechnology) | 121 | 3105 | 3105 |
| Xometry, Inc.\*—Class A (Trading Companies & <br>Distributors) | 554 | 31650 | 31650 |
| XPEL, Inc.\* (Automobile Components) | 323 | 16638 | 16638 |
| Xperi, Inc.\* (Software) | 578 | 3271 | 3271 |
| Xponential Fitness, Inc.\*—Class A (Hotels, <br>Restaurants & Leisure) | 350 | 2779 | 2779 |
| Yelp, Inc.\* (Interactive Media & Services) | 772 | 21137 | 21137 |
| Yext, Inc.\* (Software) | 1293 | 9258 | 9258 |
| Zenas Biopharma, Inc.\* (Biotechnology) | 241 | 4427 | 4427 |
| Zeta Global Holdings Corp.\*—Class A <br>(Software) | 2403 | 44648 | 44648 |
| Zevia PBC\*—Class A (Beverages) | 709 | 1312 | 1312 |
| Zevra Therapeutics, Inc.\* (Pharmaceuticals) | 710 | 6390 | 6390 |
| Ziff Davis, Inc.\* (Interactive Media & Services) | 518 | 19798 | 19798 |
| ZipRecruiter, Inc.\* (Interactive Media & <br>Services) | 799 | 1966 | 1966 |
| Zspace, Inc.\* (Software) | 73 |  | 30 |
| Zumiez, Inc.\* (Specialty Retail) | 168 | 4134 | 4134 |
| Zurn Elkay Water Solutions Corp. (Building <br>Products) | 1917 | 88394 | 88394 |
| Zymeworks, Inc.\* (Biotechnology) | 635 | 14307 | 14307 |
| **TOTAL COMMON STOCKS**<br> (Cost $20,756,076) | **TOTAL COMMON STOCKS**<br> (Cost $20,756,076) | **38812259** | **38812259** |

---

**Rights (0.0%)**

---

| | |
|:---|:---|
| Cartesian Therapeutics, Inc.\*<sup>CVR</sup> (Biotechnology) | 1656 |
| Chinook Therapeutics\*<sup>CVR</sup> (Biotechnology) | 750 |
| **TOTAL RIGHTS**<br> (Cost $—) | **TOTAL RIGHTS**<br> (Cost $—) |

---

**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 | 60 |  | 3/23/26 | $7873800 | $144733 |

---

**See accompanying notes to financial statements.**

**180 :: UltraSmall-Cap ProFund ::** Schedule of Portfolio Investments :: January 31, 2026 (unaudited)

**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) | Value and<br>Unrealized<br>Appreciation/<br>(Depreciation) |
| iShares Russell 2000 ETF | Goldman Sachs International | 2/27/26 |  | 3.84 | % | $— | 12904254 |
| Russell 2000 Index | Goldman Sachs International | 2/27/26 |  | 4.19 | % | 13516956 | 13516956 |
|  |  |  |  |  |  | 26421210 |  |
| iShares Russell 2000 ETF | UBS AG | 2/27/26 |  | 4.44 | % | $— | 8132502 |
| Russell 2000 Index | UBS AG | 2/27/26 |  | 4.34 | % | 23182567 | 23182567 |
|  |  |  |  |  |  | 31315069 |  |
|  |  |  |  |  |  | **57736279** |  |

---

<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 January 31, 2026, 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.**

January 31, 2026 (unaudited) :: Schedule of Portfolio Investments **:: UltraSmall-Cap ProFund :: 181**

UltraSmall-Cap ProFund invested in the following industries as of January 31, 2026:

---

| | | | |
|:---|:---|:---|:---|
|  |  | % of<br>Net Assets |  |
| Advertising & Marketing | $3345 |  | <sup>NM</sup> |
| Aerospace & Defense | 813343 |  | 1.6% |
| Air Freight & Logistics | 47047 |  | 0.1% |
| Apparel & Textile Products | 7865 |  | <sup>NM</sup> |
| Asset Management | 40971 |  | 0.1% |
| Automobile Components | 513108 |  | 1.0% |
| Automobiles | 17028 |  | <sup>NM</sup> |
| Automotive | 45297 |  | 0.1% |
| Banking | 79877 |  | 0.2% |
| Banks | 3732611 |  | 7.1% |
| Beverages | 48627 |  | 0.1% |
| Biotech & Pharma | 130478 |  | 0.3% |
| Biotechnology | 3452030 |  | 6.5% |
| Broadline Retail | 33951 |  | 0.1% |
| Building Products | 475164 |  | 0.9% |
| Cable & Satellite | 5099 |  | <sup>NM</sup> |
| Capital Markets | 643160 |  | 1.2% |
| Chemicals | 608886 |  | 1.2% |
| Commercial Services & Supplies | 682595 |  | 1.3% |
| Commercial Support Services | 17425 |  | <sup>NM</sup> |
| Communications Equipment | 368249 |  | 0.7% |
| Construction & Engineering | 978714 |  | 1.9% |
| Construction Materials | 72212 |  | 0.1% |
| Consumer Finance | 356037 |  | 0.7% |
| Consumer Staples Distribution & Retail | 186169 |  | 0.4% |
| Containers & Packaging | 92419 |  | 0.2% |
| Distributors | 27472 |  | 0.1% |
| Diversified Consumer Services | 408374 |  | 0.8% |
| Diversified Telecommunication Services | 167294 |  | 0.3% |
| Electric Utilities | 377694 |  | 0.8% |
| Electrical Equipment | 1170836 |  | 2.2% |
| Electronic Equipment, Instruments & <br>Components | 1392339 |  | 2.7% |
| Energy Equipment & Services | 789693 |  | 1.5% |
| Engineering & Construction | 4085 |  | <sup>NM</sup> |
| Entertainment | 190481 |  | 0.4% |
| Entertainment Content | 4534 |  | <sup>NM</sup> |
| Equity REIT—Diversified | 220085 |  | 0.4% |
| Financial Services | 797995 |  | 1.5% |
| Food Products | 274917 |  | 0.4% |
| Forestry, Paper & Wood Products | 5333 |  | <sup>NM</sup> |
| Gas & Water Utilities | 73498 |  | 0.1% |
| Gas Utilities | 320857 |  | 0.6% |
| Ground Transportation | 122842 |  | 0.2% |
| Health Care Equipment & Supplies | 926453 |  | 1.8% |
| Health Care Facilities & Services | 26454 |  | 0.1% |
| Health Care Providers & Services | 1188965 |  | 2.3% |
| Health Care REITs | 388346 |  | 0.7% |
| Health Care Technology | 98558 |  | 0.2% |
| Hotel & Resort REITs | 216348 |  | 0.4% |
| Hotels, Restaurants & Leisure | 586671 |  | 1.1% |
| Household Durables | 642730 |  | 1.2% |
| Household Products | 107883 |  | 0.2% |
| Independent Power/Renewable Electricity <br>Producers | 98698 |  | 0.2% |
| Industrial Conglomerates | 10627 |  | <sup>NM</sup> |
| Industrial REITs | 137854 |  | 0.3% |
| Institutional Financial Services | 36468 |  | 0.1% |
| Insurance | 718749 |  | 1.4% |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | % of<br>Net Assets |  |
| Interactive Media & Services | $166129 |  | 0.3% |
| Internet Media & Services | 20695 |  | <sup>NM</sup> |
| IT Services | 318169 |  | 0.6% |
| Leisure Facilities & Services | 26144 |  | 0.1% |
| Leisure Products | 173504 |  | 0.3% |
| Life Sciences Tools & Services | 141085 |  | 0.3% |
| Machinery | 1481090 |  | 2.9% |
| Marine Transportation | 94875 |  | 0.2% |
| Media | 357127 |  | 0.7% |
| Medical Equipment & Devices | 67667 |  | 0.1% |
| Metals & Mining | 997556 |  | 2.0% |
| Mortgage REITs | 313950 |  | 0.6% |
| Multi-Utilities | 176111 |  | 0.3% |
| Office REITs | 175815 |  | 0.3% |
| Oil & Gas Producers | 23320 |  | <sup>NM</sup> |
| Oil & Gas Services & Equipment | 23782 |  | <sup>NM</sup> |
| Oil, Gas & Consumable Fuels | 1239954 |  | 2.5% |
| Paper & Forest Products | 24783 |  | <sup>NM</sup> |
| Passenger Airlines | 171002 |  | 0.3% |
| Personal Care Products | 81917 |  | 0.2% |
| Pharmaceuticals | 838651 |  | 1.6% |
| Professional Services | 604432 |  | 1.2% |
| Real Estate Management & Development | 267308 |  | 0.5% |
| Real Estate Owners & Developers | 2445 |  | <sup>NM</sup> |
| Real Estate Services | 51058 |  | 0.1% |
| REITS & Real Estate Management | 12513 |  | <sup>NM</sup> |
| Renewable Energy | 66546 |  | 0.1% |
| Residential REITs | 116883 |  | 0.2% |
| Retail—Discretionary | 4200 |  | <sup>NM</sup> |
| Retail REITs | 434926 |  | 1.0% |
| Semiconductors | 3752 |  | <sup>NM</sup> |
| Semiconductors & Semiconductor <br>Equipment | 1309277 |  | 2.5% |
| Software | 1906550 |  | 3.8% |
| Specialized REITs | 117540 |  | 0.2% |
| Specialty Finance | 17025 |  | <sup>NM</sup> |
| Specialty Retail | 805064 |  | 1.5% |
| Steel | 3390 |  | <sup>NM</sup> |
| Technology Hardware | 19161 |  | <sup>NM</sup> |
| Technology Hardware, Storage & <br>Peripherals | 228089 |  | 0.4% |
| Technology Services | 22856 |  | <sup>NM</sup> |
| Telecommunications | 44306 |  | 0.1% |
| Textiles, Apparel & Luxury Goods | 190676 |  | 0.4% |
| Tobacco | 45091 |  | 0.1% |
| Trading Companies & Distributors | 410920 |  | 0.8% |
| Transportation & Logistics | 34128 |  | 0.1% |
| Transportation Infrastructure | 2504 |  | <sup>NM</sup> |
| Water Utilities | 126234 |  | 0.2% |
| Wholesale–Discretionary | 1797 |  | <sup>NM</sup> |
| Wireless Telecommunication Services | 65422 |  | 0.1% |
| Other\*\* | 13367919 |  | 25.6% |
| **Total** | $**52180178** |  | **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.**

**182 :: U.S. Government Plus ProFund ::** Schedule of Portfolio Investments :: January 31, 2026 (unaudited)

**Repurchase Agreements**<sup>(a)(b)</sup> **(206.9%)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Principal <br>Amount |  | Value | Value |  |
| Repurchase Agreements with various <br>counterparties, rates 3.40%–3.55%, <br>dated 1/31/26, due 2/2/26, total to be <br>received $6,244,219 | $| 6243000 |  | $ | $6243000 |
| **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $6,243,000) | **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $6,243,000) | **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $6,243,000) | **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $6,243,000) | **6243000** | **6243000** |
| **TOTAL INVESTMENT SECURITIES**<br> (Cost $6,243,000)—206.9% |  |  |  |  | **6243000** |
| Net other assets (liabilities)—(106.9)% |  |  |  |  | (3226318) |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | **$** | $**3016682** |

---

<sup>(a)</sup>

A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. At January 31, 2026, the aggregate amount held in a segregated account was $133,000.

<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.

**Total Return Swap Agreements—Long**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Underlying Instrument | Counterparty | Termination<br>Date<sup>(1)</sup> | Rate Paid<br>(Received)<sup>(2)</sup> |  | Value and<br>Unrealized<br>Appreciation/<br>(Depreciation) |
| 30-Year U.S. Treasury Bond, <br>4.63%, due 11/15/55 | Citibank North America | 2/18/26 |  | 3.85% | $2101157 |
| 30-Year U.S. Treasury Bond, <br>4.63%, due 11/15/55 | Societe Generale | 2/18/26 |  | 3.92% | 1684799 |

---

<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 January 31, 2026, 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.**

January 31, 2026 (unaudited) :: Schedule of Portfolio Investments **:: Utilities UltraSector ProFund :: 183**

**Common Stocks (78.4%)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Shares |  | Value |  |
| Alliant Energy Corp. (Electric Utilities) |  | 1580 |  | $104138 |
| Ameren Corp. (Multi-Utilities) |  | 1663 |  | 171755 |
| American Electric Power Co., Inc. (Electric <br>Utilities) |  | 3290 |  | 394060 |
| American Water Works Co., Inc. (Water <br>Utilities) |  | 1199 |  | 154827 |
| Atmos Energy Corp. (Gas Utilities) |  | 987 |  | 164178 |
| CenterPoint Energy, Inc. (Multi-Utilities) |  | 4013 |  | 159276 |
| CMS Energy Corp. (Multi-Utilities) |  | 1871 |  | 133758 |
| Consolidated Edison, Inc. (Multi-Utilities) |  | 2219 |  | 236612 |
| Constellation Energy Corp. (Electric Utilities) |  | 1920 |  | 538906 |
| Dominion Energy, Inc. (Multi-Utilities) |  | 5249 |  | 315832 |
| DTE Energy Co. (Multi-Utilities) |  | 1277 |  | 171603 |
| Duke Energy Corp. (Electric Utilities) |  | 4780 |  | 580053 |
| Edison International (Electric Utilities) |  | 2365 |  | 147292 |
| Entergy Corp. (Electric Utilities) |  | 2745 |  | 263218 |
| Evergy, Inc. (Electric Utilities) |  | 1415 |  | 108573 |
| Eversource Energy (Electric Utilities) |  | 2306 |  | 159414 |
| Exelon Corp. (Electric Utilities) |  | 6210 |  | 278084 |
| FirstEnergy Corp. (Electric Utilities) |  | 3196 |  | 151299 |
| NextEra Energy, Inc. (Electric Utilities) |  | 12802 |  | 1125295 |
| NiSource, Inc. (Multi-Utilities) |  | 2933 |  | 129903 |
| NRG Energy, Inc. (Electric Utilities) |  | 1178 |  | 179798 |
| PG&E Corp. (Electric Utilities) |  | 13510 |  | 208324 |
| Pinnacle West Capital Corp. (Electric Utilities) |  | 736 |  | 68860 |
| PPL Corp. (Electric Utilities) |  | 4547 |  | 164829 |
| Public Service Enterprise Group, Inc. <br>(Multi-Utilities) |  | 3068 |  | 252680 |
| Sempra (Multi-Utilities) |  | 4012 |  | 349084 |
| The AES Corp. (Independent Power/Renewable <br>Electricity Producers) | The AES Corp. (Independent Power/Renewable <br>Electricity Producers) | 4377 |  | 64123 |
| The Southern Co. (Electric Utilities) |  | 6768 |  | 604450 |
| Vistra Corp. (Independent Power/Renewable <br>Electricity Producers) |  | 1958 |  | 310049 |
| WEC Energy Group, Inc. (Multi-Utilities) |  | 2000 |  | 221340 |
| Xcel Energy, Inc. (Electric Utilities) |  | 3636 |  | 276554 |
| **TOTAL COMMON STOCKS**<br> (Cost $2,765,641) | **TOTAL COMMON STOCKS**<br> (Cost $2,765,641) | **TOTAL COMMON STOCKS**<br> (Cost $2,765,641) | **TOTAL COMMON STOCKS**<br> (Cost $2,765,641) | **8188167** |

---

**Repurchase Agreements**<sup>(a)(b)</sup> **(17.6%)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Principal <br>Amount |  | Value |  |  |
| Repurchase Agreements with various <br>counterparties, rates 3.40%–3.55%, <br>dated 1/31/26, due 2/2/26, total to be <br>received $1,839,359 | $| 1839000 |  | $— | 1839000 |
| **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $1,839,000) | **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $1,839,000) | **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $1,839,000) | **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $1,839,000) | **1839000** | **1839000** |
| **TOTAL INVESTMENT SECURITIES**<br> (Cost $4,604,641)—96.0% |  |  |  | **10027167** | **10027167** |
| Net other assets (liabilities)—4.0% |  |  |  |  | 418791 |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | $**10445958** | **10445958** |

---

<sup>(a)</sup>

A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. At January 31, 2026, the aggregate amount held in a segregated account was $1,306,000.

<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.

**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 |  | 2/23/26 |  | 4.39 | % | $924549 | $80911 |
| S&P Utilities Select Sector Index | UBS AG |  | 2/23/26 | 2/23/26 |  | 4.34 | 6469216 | 23990 |
|  |  |  |  |  |  |  | $**7393765** | $**104901** |

---

<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 January 31, 2026, 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 :: Utilities UltraSector ProFund ::** Schedule of Portfolio Investments :: January 31, 2026 (unaudited)

Utilities UltraSector ProFund invested in the following industries as of January 31, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Value |  | % of <br>Net Assets |  |
| Electric Utilities | $— | 5353147 |  | 51.2% |
| Gas Utilities |  | 164178 |  | 1.6% |
| Independent Power/Renewable <br>Electricity Producers |  | 374172 |  | 3.6% |
| Multi-Utilities |  | 2141843 |  | 20.5% |
| Water Utilities |  | 154827 |  | 1.5% |
| Other\*\* | 2257791 | 2257791 |  | 21.6% |
| **Total** | $**10445958** | **10445958** |  | **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.**

**Statements of Assets and Liabilities**

January 31, 2026 (unaudited) **:: Statements of Assets and Liabilities :: 187**

**186 :: Statements of Assets and Liabilities ::** January 31, 2026 (unaudited)

---

| | | | | | | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Access Flex | Access Flex |  |  | Access Flex | Access Flex | Access Flex |  |  |  |  |  | Biotechnology | Biotechnology | Biotechnology | Biotechnology |  |  | Communication<br>Services | Communication<br>Services | Consumer<br>Discretionary | Consumer<br>Staples | &nbsp;&nbsp;&nbsp;&nbsp;Energy |
| | | Bear High <br>Yield ProFund | |  | UltraSector<br>ProFund | Bear<br>ProFund | Bear<br>ProFund | UltraSector<br>ProFund | UltraSector<br>ProFund |  | UltraSector<br>ProFund | UltraSector<br>ProFund | UltraSector<br>ProFund | UltraSector<br>ProFund | UltraSector<br>ProFund |  |  |  |  |  |  |  |  |  |
| ASSETS: | ASSETS: | ASSETS: | ASSETS: | ASSETS: | ASSETS: | ASSETS: | ASSETS: | ASSETS: | ASSETS: | ASSETS: | ASSETS: | ASSETS: | ASSETS: | ASSETS: | ASSETS: | ASSETS: | ASSETS: | ASSETS: | ASSETS: | ASSETS: | ASSETS: |  |  |  |
|  | Total Investment Securities, at cost | $51000 | 51000 | $14869000 | 14869000 | $5706258 | 5706258 | $6405000 | 6405000 | $158076078 | 158076078 | $19823308 | 19823308 | $28285935 | 28285935 | $10828613 | 10828613 | $7041556 | 7041556 | $6968757 | 6968757 |  |  |  |
|  | Securities, at value<sup>(a)</sup> |  |  |  |  | 7318648 | 7318648 |  |  | 137570988 | 137570988 | 38676266 | 38676266 | 26226600 | 26226600 | 21788838 | 21788838 | 6422494 | 6422494 | 13963728 | 13963728 |  |  |  |
|  | Repurchase agreements, at value | 51000 | 51000 | 14869000 | 14869000 | 1313000 | 1313000 | 6405000 | 6405000 | 47820000 | 47820000 | 11960000 | 11960000 | 8876000 | 8876000 | 4704000 | 4704000 | 1842000 | 1842000 | 3657000 | 3657000 |  |  |  |
|  | Total Investment Securities, at value | 51000 | 51000 | 14869000 | 14869000 | 8631648 | 8631648 | 6405000 | 6405000 | 185390988 | 185390988 | 50636266 | 50636266 | 35102600 | 35102600 | 26492838 | 26492838 | 8264494 | 8264494 | 17620728 | 17620728 |  |  |  |
|  | Cash | 34936 | 34936 | 620 | 620 | 1326 | 1326 | 252 | 252 | 199 | 199 | 3120 | 3120 | 205 | 205 | 936 | 936 | 567 | 567 |  | 384 |  |  |  |
|  | Segregated cash balances for futures contracts with brokers |  |  |  |  |  |  | 46049 | 46049 |  |  | 300058 | 300058 |  |  |  |  |  |  |  |  |  |  |  |
|  | Segregated cash balances for swap agreements with custodian |  |  | 1695767 | 1695767 |  | 879 | 746 | 746 |  | 5 | 261 | 261 | 535 | 535 | 506 | 506 | 792 | 792 |  | 519 |  |  |  |
|  | Dividends and interest receivable | 10 | 10 | 2903 | 2903 | 1525 | 1525 | 1348 | 1348 | 23939 | 23939 | 23618 | 23618 | 47593 | 47593 | 5534 | 5534 | 6848 | 6848 | 3518 | 3518 |  |  |  |
|  | Receivable for capital shares issued | 119628 | 119628 |  | 51 | 39302 | 39302 | 186127 | 186127 | 633047 | 633047 | 4279953 | 4279953 | 420931 | 420931 | 8624 | 8624 | 465227 | 465227 | 302041 | 302041 |  |  |  |
|  | Receivable for investments sold |  |  |  |  | 147847 | 147847 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Receivable for closed swap positions | 3405 | 3405 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Due from Advisor under a Receivables Agreement | 294300 | 294300 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Due from Advisor under an expense limitation agreement | 6657 | 6657 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Unrealized appreciation on swap agreements | 377 | 377 |  |  | 67415 | 67415 | 35495 | 35495 |  |  |  |  | 678223 | 678223 |  |  | 63839 | 63839 | 500572 | 500572 |  |  |  |
|  | Variation margin on futures contracts |  |  |  |  |  |  | 2727 | 2727 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Prepaid expenses | 14417 | 14417 | 40903 | 40903 | 33522 | 33522 | 33997 | 33997 | 20469 | 20469 | 14812 | 14812 | 56557 | 56557 | 66959 | 66959 | 37751 | 37751 | 63459 | 63459 |  |  |  |
|  | TOTAL ASSETS | 524730 | 524730 | 16609244 | 16609244 | 8923464 | 8923464 | 6711741 | 6711741 | 186068647 | 186068647 | 55258088 | 55258088 | 36306644 | 36306644 | 26575397 | 26575397 | 8839518 | 8839518 | 18491221 | 18491221 |  |  |  |
| LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: |  |  |  |
|  | Payable for investments purchased |  |  |  |  | 43862 | 43862 |  |  |  |  | 13290 | 13290 |  |  |  |  |  |  |  |  |  |  |  |
|  | Payable for collateral for securities loaned |  |  |  |  |  |  |  |  | 4141972 | 4141972 |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Payable for capital shares redeemed |  |  | 2905357 | 2905357 | 45230 | 45230 | 316 | 316 | 1702590 | 1702590 | 888114 | 888114 | 28119 | 28119 | 13420 | 13420 | 415787 | 415787 | 441250 | 441250 |  |  |  |
|  | Unrealized depreciation on swap agreements |  |  | 16003 | 16003 |  |  |  |  | 3708066 | 3708066 | 49236 | 49236 |  |  | 312744 | 312744 |  |  |  |  |  |  |  |
|  | Variation margin on futures contracts |  |  |  |  |  |  |  |  |  |  | 16341 | 16341 |  |  |  |  |  |  |  |  |  |  |  |
|  | Advisory fees payable |  |  | 10879 | 10879 | 5764 | 5764 | 1424 | 1424 | 115918 | 115918 | 36949 | 36949 | 20505 | 20505 | 17237 | 17237 | 1647 | 1647 | 11167 | 11167 |  |  |  |
|  | Management services fees payable |  |  | 2176 | 2176 | 1153 | 1153 | 285 | 285 | 23184 | 23184 | 7390 | 7390 | 4101 | 4101 | 3447 | 3447 | 329 | 329 | 2233 | 2233 |  |  |  |
|  | Administration and fund accounting fees payable | 43 | 43 | 1722 | 1722 |  | 991 | 680 | 680 | 18335 | 18335 | 6533 | 6533 | 3254 | 3254 | 2764 | 2764 | 587 | 587 | 1784 | 1784 |  |  |  |
|  | Distribution and services fees payable—Service Class |  | 4 | 1631 | 1631 |  | 505 | 304 | 304 | 2918 | 2918 | 7825 | 7825 | 635 | 635 | 716 | 716 | 687 | 687 |  | 582 |  |  |  |
|  | Transfer agent fees payable | 22 | 22 | 571 | 571 |  | 328 | 251 | 251 | 4488 | 4488 | 2243 | 2243 | 910 | 910 | 794 | 794 | 199 | 199 |  | 626 |  |  |  |
|  | Trustee fees payable |  |  |  |  |  |  |  |  |  | 5 |  | 3 |  | 1 |  | 1 |  |  |  |  |  |  |  |
|  | Compliance services fees payable |  | 1 |  | 54 |  | 29 |  | 20 | 581 | 581 | 304 | 304 | 103 | 103 | 86 | 86 | 18 | 18 |  | 56 |  |  |  |
|  | Service fees payable |  | 1 |  | 48 |  | 25 |  | 19 | 511 | 511 | 163 | 163 | 90 | 90 | 76 | 76 | 16 | 16 |  | 49 |  |  |  |
|  | Other accrued expenses | 6446 | 6446 | 21360 | 21360 | 19815 | 19815 | 7306 | 7306 | 96837 | 96837 | 3536 | 3536 | 44350 | 44350 | 27430 | 27430 | 11717 | 11717 | 33851 | 33851 |  |  |  |
|  | TOTAL LIABILITIES | 6517 | 6517 | 2959801 | 2959801 | 117702 | 117702 | 10605 | 10605 | 9815405 | 9815405 | 1031927 | 1031927 | 102068 | 102068 | 378715 | 378715 | 430987 | 430987 | 491598 | 491598 |  |  |  |
|  | 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) | 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) | 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) | Commitments and contingencies (Note 4) | Commitments and contingencies (Note 4) | Commitments and contingencies (Note 4) |  |  |  |
| NET ASSETS | NET ASSETS | $518213 | 518213 | $13649443 | 13649443 | $8805762 | 8805762 | $6701136 | 6701136 | $176253242 | 176253242 | $54226161 | 54226161 | $36204576 | 36204576 | $26196682 | 26196682 | $8408531 | 8408531 | $17999623 | 17999623 |  |  |  |
| NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | 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 | $6002442 | 6002442 | $14562150 | 14562150 | $7745611 | 7745611 | $81634341 | 81634341 | $141556315 | 141556315 | $24334034 | 24334034 | $22200817 | 22200817 | $11080865 | 11080865 | $7354436 | 7354436 | $16389644 | 16389644 |  |  |  |
|  | Total distributable earnings (loss) | (5484229 | (5484229 | (912707 | (912707) | 1060151 | 1060151 | (74933205 | (74933205) | 34696927 | 34696927 | 29892127 | 29892127 | 14003759 | 14003759 | 15115817 | 15115817 | 1054095 | 1054095 | 1609979 | 1609979 |  |  |  |
| NET ASSETS | NET ASSETS | $518213 | 518213 | $13649443 | 13649443 | $8805762 | 8805762 | $6701136 | 6701136 | $176253242 | 176253242 | $54226161 | 54226161 | $36204576 | 36204576 | $26196682 | 26196682 | $8408531 | 8408531 | $17999623 | 17999623 |  |  |  |
| NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: |  |  |  |
|  | Investor Class | $514021 | 514021 | $11732772 | 11732772 | $8205194 | 8205194 | $6345332 | 6345332 | $173112171 | 173112171 | $49529802 | 49529802 | $35057553 | 35057553 | $25362072 | 25362072 | $7883886 | 7883886 | $17244107 | 17244107 |  |  |  |
|  | Service Class | 4192 | 4192 | 1916671 | 1916671 | 600568 | 600568 | 355804 | 355804 | 3141071 | 3141071 | 4696359 | 4696359 | 1147023 | 1147023 | 834610 | 834610 | 524645 | 524645 | 755516 | 755516 |  |  |  |
| SHARES OF BENEFICIAL INTEREST OUTSTANDING<br>(unlimited number of shares authorized, <br>no par value): | SHARES OF BENEFICIAL INTEREST OUTSTANDING<br>(unlimited number of shares authorized, <br>no par value): | SHARES OF BENEFICIAL INTEREST OUTSTANDING<br>(unlimited number of shares authorized, <br>no par value): | SHARES OF BENEFICIAL INTEREST OUTSTANDING<br>(unlimited number of shares authorized, <br>no par value): | SHARES OF BENEFICIAL INTEREST OUTSTANDING<br>(unlimited number of shares authorized, <br>no par value): | SHARES OF BENEFICIAL INTEREST OUTSTANDING<br>(unlimited number of shares authorized, <br>no par value): | SHARES OF BENEFICIAL INTEREST OUTSTANDING<br>(unlimited number of shares authorized, <br>no par value): | SHARES OF BENEFICIAL INTEREST OUTSTANDING<br>(unlimited number of shares authorized, <br>no par value): | SHARES OF BENEFICIAL INTEREST OUTSTANDING<br>(unlimited number of shares authorized, <br>no par value): | SHARES OF BENEFICIAL INTEREST OUTSTANDING<br>(unlimited number of shares authorized, <br>no par value): | SHARES OF BENEFICIAL INTEREST OUTSTANDING<br>(unlimited number of shares authorized, <br>no par value): | SHARES OF BENEFICIAL INTEREST OUTSTANDING<br>(unlimited number of shares authorized, <br>no par value): | SHARES OF BENEFICIAL INTEREST OUTSTANDING<br>(unlimited number of shares authorized, <br>no par value): | SHARES OF BENEFICIAL INTEREST OUTSTANDING<br>(unlimited number of shares authorized, <br>no par value): | SHARES OF BENEFICIAL INTEREST OUTSTANDING<br>(unlimited number of shares authorized, <br>no par value): | SHARES OF BENEFICIAL INTEREST OUTSTANDING<br>(unlimited number of shares authorized, <br>no par value): | SHARES OF BENEFICIAL INTEREST OUTSTANDING<br>(unlimited number of shares authorized, <br>no par value): | SHARES OF BENEFICIAL INTEREST OUTSTANDING<br>(unlimited number of shares authorized, <br>no par value): | SHARES OF BENEFICIAL INTEREST OUTSTANDING<br>(unlimited number of shares authorized, <br>no par value): | SHARES OF BENEFICIAL INTEREST OUTSTANDING<br>(unlimited number of shares authorized, <br>no par value): | SHARES OF BENEFICIAL INTEREST OUTSTANDING<br>(unlimited number of shares authorized, <br>no par value): | SHARES OF BENEFICIAL INTEREST OUTSTANDING<br>(unlimited number of shares authorized, <br>no par value): |  |  |  |
|  | Investor Class | 18792 | 18792 | 376102 | 376102 | 116484 | 116484 | 703105 | 703105 | 2500239 | 2500239 | 595546 | 595546 | 573179 | 573179 | 320606 | 320606 | 100230 | 100230 | 353842 | 353842 |  |  |  |
|  | Service Class | 187 | 187 | 61205 | 61205 | 9437 | 9437 | 44101 | 44101 | 87607 | 87607 | 75532 | 75532 | 24187 | 24187 | 13411 | 13411 | 7702 | 7702 | 18323 | 18323 |  |  |  |
| 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): | 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): | 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): | 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 | $27.35 | 27.35 | $31.20 | 31.20 | $70.44 | 70.44 | $9.02 | 9.02 | $69.24 | 69.24 | $83.17 | 83.17 | $61.16 | 61.16 | $79.11 | 79.11 | $78.66 | 78.66 | $48.73 | 48.73 |  |  |  |
|  | Service Class | 22.46<sup>(b</sup> | 22.46<sup>(b</sup> | 31.32 | 31.32 | 63.64 | 63.64 | 8.07 | 8.07 | 35.85 | 35.85 | 62.18 | 62.18 | 47.42 | 47.42 | 62.23 | 62.23 | 68.12 | 68.12 | 41.23 | 41.23 |  |  |  |
| <sup>(a)</sup> | Includes securities on loan valued at: | $— |  | $— |  | $— |  | $— |  | $3903128 | 3903128 | $— |  | $— |  | $— |  | $— |  | $— |  |  |  |  |

---

<sup>(b)</sup>

The net asset value has been calculated using unrounded net assets of $4,191.68 and unrounded shares outstanding of 186.58.

Amounts designated as ' – ' are $0 or have been rounded to $0.

**See accompanying notes to financial statements.**

**See accompanying notes to financial statements.**

January 31, 2026 (unaudited) **:: Statements of Assets and Liabilities :: 189**

**188 :: Statements of Assets and Liabilities ::** January 31, 2026 (unaudited)

---

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;Falling | &nbsp;&nbsp;&nbsp;&nbsp;Falling | &nbsp;&nbsp;&nbsp;&nbsp;Falling | &nbsp;&nbsp;&nbsp;&nbsp;Falling | &nbsp;&nbsp;&nbsp;&nbsp;Falling |  |  | &nbsp;&nbsp;Financials | &nbsp;&nbsp;Financials | &nbsp;&nbsp;Financials |  | Health Care |  |  | Industrials | Industrials |  | &nbsp;&nbsp;&nbsp;Internet | &nbsp;&nbsp;&nbsp;Internet |  |  | &nbsp;&nbsp;Large-Cap | &nbsp;&nbsp;Large-Cap | &nbsp;&nbsp;Materials | &nbsp;&nbsp;&nbsp;Mid-Cap |
|  |  | &nbsp;&nbsp;Europe 30 | &nbsp;&nbsp;Europe 30 |  |  | U.S. Dollar | U.S. Dollar | U.S. Dollar |  | UltraSector | UltraSector |  | UltraSector |  | UltraSector | UltraSector | UltraSector |  | UltraSector | UltraSector |  | &nbsp;&nbsp;&nbsp;Growth |  |  | &nbsp;&nbsp;&nbsp;&nbsp;Value | UltraSector | &nbsp;&nbsp;&nbsp;Growth |  |
| | | ProFund |  | ProFund |  | ProFund | ProFund | ProFund | ProFund | ProFund |  | ProFund | ProFund | ProFund | ProFund |  | ProFund | ProFund | ProFund |  |  |  |  |  |  |  |  |  |
| ASSETS: | ASSETS: | ASSETS: | ASSETS: | ASSETS: | ASSETS: | ASSETS: | ASSETS: | ASSETS: | ASSETS: | ASSETS: | ASSETS: | ASSETS: | ASSETS: | ASSETS: | ASSETS: | ASSETS: | ASSETS: | ASSETS: | ASSETS: | ASSETS: | ASSETS: | ASSETS: | ASSETS: | ASSETS: |  |  |  |  |
|  | Total Investment Securities, at cost | $4095326 | 4095326 | $1693000 | 1693000 | 1693000 | $2982964 | 2982964 | $30709952 | 30709952 |  | $7681415 | 7681415 | $40745430 | 40745430 | $8644540 | 8644540 | 8644540 | $3347482 | 3347482 | $31707064 | 31707064 | $3064981 | 3064981 |  |  |  |  |
|  | Securities, at value<sup>(a)</sup> | 5801737 | 5801737 |  |  |  | 6295144 | 6295144 | 31667856 | 31667856 |  | 8338951 | 8338951 | 70535000 | 70535000 | 19206406 | 19206406 | 19206406 | 5069899 | 5069899 | 24404519 | 24404519 | 4524116 | 4524116 |  |  |  |  |
|  | Repurchase agreements, at value |  |  | 1693000 | 1693000 | 1693000 | 1210000 | 1210000 | 6647000 | 6647000 |  | 2273000 | 2273000 | 13235000 | 13235000 | 169000 | 169000 | 169000 |  |  | 10274000 | 10274000 | 17000 | 17000 |  |  |  |  |
|  | Total Investment Securities, at value | 5801737 | 5801737 | 1693000 | 1693000 | 1693000 | 7505144 | 7505144 | 38314856 | 38314856 |  | 10611951 | 10611951 | 83770000 | 83770000 | 19375406 | 19375406 | 19375406 | 5069899 | 5069899 | 34678519 | 34678519 | 4541116 | 4541116 |  |  |  |  |
|  | Cash |  |  |  | 378 | 378 | 5696 | 5696 | 504 | 504 |  | 415 | 415 |  | 706 | 2363 | 2363 | 2363 |  |  | 209 | 209 |  | 875 |  |  |  |  |
|  | Segregated cash balances for swap agreements with custodian |  |  |  |  |  | 393 | 393 | 418 | 418 |  | 769 | 769 |  | 655 |  |  |  |  |  | 424 | 424 |  |  |  |  |  |  |
|  | Segregated cash balances for forward currency contracts <br>with custodian |  |  | 1007 | 1007 | 1007 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Dividends and interest receivable | 5838 | 5838 |  | 330 | 330 | 3680 | 3680 | 52104 | 52104 |  | 3650 | 3650 | 2584 | 2584 | 2431 | 2431 | 2431 | 5525 | 5525 | 6715 | 6715 | 1323 | 1323 |  |  |  |  |
|  | Receivable for capital shares issued |  | 23 |  | 101 | 101 | 595299 | 595299 | 224989 | 224989 |  | 766907 | 766907 |  | 95 | 11973 | 11973 | 11973 | 31776 | 31776 | 34378 | 34378 |  | 274 |  |  |  |  |
|  | Receivable for investments sold |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 60000 | 60000 |  |  | 4718606 | 4718606 |  |  |  |  |
|  | Due from Advisor under an expense limitation agreement |  |  | 4542 | 4542 | 4542 |  |  |  |  |  | 5715 | 5715 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Unrealized appreciation on swap agreements |  |  |  |  |  | 32328 | 32328 |  |  |  | 22799 | 22799 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Unrealized appreciation on forward currency contracts |  |  | 36879 | 36879 | 36879 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Prepaid expenses | 33006 | 33006 | 18177 | 18177 | 18177 | 79360 | 79360 | 47012 | 47012 |  | 76316 | 76316 | 27534 | 27534 | 58851 | 58851 | 58851 | 78203 | 78203 | 26436 | 26436 | 29964 | 29964 |  |  |  |  |
|  | Receivable for tax reclaims | 5765 | 5765 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | TOTAL ASSETS | 5846369 | 5846369 | 1754414 | 1754414 | 1754414 | 8221900 | 8221900 | 38639883 | 38639883 |  | 11488522 | 11488522 | 83801574 | 83801574 | 19451024 | 19451024 | 19451024 | 5245403 | 5245403 | 34746681 | 34746681 | 9292158 | 9292158 |  |  |  |  |
| LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: |  |  |  |  |
|  | Cash overdraft | 18076 | 18076 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 11172 | 11172 |  |  |  |  |  |  |  |  |
|  | Payable for investments purchased |  |  |  |  |  | 16488 | 16488 |  |  |  |  |  |  |  |  |  |  | 3967 | 3967 |  |  | 98491 | 98491 |  |  |  |  |
|  | Payable for collateral for securities loaned | 140357 | 140357 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 33615 | 33615 |  |  |  |  |
|  | Payable for capital shares redeemed | 60210 | 60210 | 23014 | 23014 | 23014 | 2906 | 2906 | 44502 | 44502 |  | 50762 | 50762 | 6115 | 6115 | 151809 | 151809 | 151809 | 98812 | 98812 | 509769 | 509769 | 4613033 | 4613033 |  |  |  |  |
|  | Unrealized depreciation on forward currency contracts |  |  | 16829 | 16829 | 16829 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Unrealized depreciation on swap agreements |  |  |  |  |  |  |  | 481728 | 481728 |  |  |  | 425629 | 425629 |  |  |  |  |  | 396540 | 396540 |  |  |  |  |  |  |
|  | Advisory fees payable | 2519 | 2519 |  |  |  | 4139 | 4139 | 25897 | 25897 |  |  |  | 56185 | 56185 | 11754 | 11754 | 11754 | 19433 | 19433 | 18175 | 18175 | 2505 | 2505 |  |  |  |  |
|  | Management services fees payable | 504 | 504 |  |  |  | 828 | 828 | 5179 | 5179 |  |  |  | 11237 | 11237 | 2351 | 2351 | 2351 | 3887 | 3887 | 3635 | 3635 |  | 501 |  |  |  |  |
|  | Administration and fund accounting fees payable | 564 | 564 |  | 177 | 177 | 964 | 964 | 4119 | 4119 |  | 925 | 925 | 8945 | 8945 | 2033 | 2033 | 2033 |  | 977 | 2733 | 2733 |  | 800 |  |  |  |  |
|  | Distribution and services fees payable—Service Class | 872 | 872 |  |  | 5 | 401 | 401 | 817 | 817 |  | 419 | 419 | 3072 | 3072 | 1785 | 1785 | 1785 | 1576 | 1576 | 244 | 244 |  | 549 |  |  |  |  |
|  | Transfer agent fees payable | 183 | 183 |  | 50 | 50 | 318 | 318 | 984 | 984 |  | 306 | 306 | 2546 | 2546 |  | 644 | 644 |  | 212 | 1394 | 1394 |  | 216 |  |  |  |  |
|  | Trustee fees payable |  |  |  |  |  |  |  |  | 1 |  |  |  |  | 3 |  |  | 1 |  | 1 |  |  |  |  |  |  |  |  |
|  | Compliance services fees payable |  | 16 |  |  | 4 |  | 28 | 130 | 130 |  |  | 28 |  | 281 |  |  | 59 |  | 59 |  | 91 |  | 13 |  |  |  |  |
|  | Service fees payable |  | 15 |  |  | 5 |  | 25 | 114 | 114 |  |  | 24 |  | 247 |  |  | 52 |  | 16 |  | 80 |  | 17 |  |  |  |  |
|  | Other accrued expenses | 10881 | 10881 | 11383 | 11383 | 11383 | 36962 | 36962 | 37178 | 37178 |  | 37771 | 37771 | 35876 | 35876 | 29903 | 29903 | 29903 | 34666 | 34666 | 22980 | 22980 | 18181 | 18181 |  |  |  |  |
|  | TOTAL LIABILITIES | 234197 | 234197 | 51467 | 51467 | 51467 | 63059 | 63059 | 600649 | 600649 |  | 90235 | 90235 | 550136 | 550136 | 200391 | 200391 | 200391 | 174778 | 174778 | 955641 | 955641 | 4767921 | 4767921 |  |  |  |  |
|  | 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) | 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) | 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) | 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 | NET ASSETS | $5612172 | 5612172 | $1702947 | 1702947 | 1702947 | $8158841 | 8158841 | $38039234 | 38039234 |  | $11398287 | 11398287 | $83251438 | 83251438 | $19250633 | 19250633 | 19250633 | $5070625 | 5070625 | $33791040 | 33791040 | $4524237 | 4524237 |  |  |  |  |
| NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | 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 | $8562221 | 8562221 | $4284766 | 4284766 | 4284766 | $4974673 | 4974673 | $30469667 | 30469667 |  | $8237551 | 8237551 | $71435341 | 71435341 | $7772273 | 7772273 | 7772273 | $3484099 | 3484099 | $28882365 | 28882365 | $3382890 | 3382890 |  |  |  |  |
|  | Total distributable earnings (loss) | (2950049 | (2950049) | (2581819 | (2581819 | (2581819) | 3184168 | 3184168 | 7569567 | 7569567 |  | 3160736 | 3160736 | 11816097 | 11816097 | 11478360 | 11478360 | 11478360 | 1586526 | 1586526 | 4908675 | 4908675 | 1141347 | 1141347 |  |  |  |  |
| NET ASSETS | NET ASSETS | $5612172 | 5612172 | $1702947 | 1702947 | 1702947 | $8158841 | 8158841 | $38039234 | 38039234 |  | $11398287 | 11398287 | $83251438 | 83251438 | $19250633 | 19250633 | 19250633 | $5070625 | 5070625 | $33791040 | 33791040 | $4524237 | 4524237 |  |  |  |  |
| NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: |  |  |  |  |
|  | Investor Class | $4788420 | 4788420 | $1695220 | 1695220 | 1695220 | $7387969 | 7387969 | $37291396 | 37291396 |  | $10725732 | 10725732 | $79858703 | 79858703 | $17106670 | 17106670 | 17106670 | $3235484 | 3235484 | $33527165 | 33527165 | $3883509 | 3883509 |  |  |  |  |
|  | Service Class | 823752 | 823752 | 7727 | 7727 | 7727 | 770872 | 770872 | 747838 | 747838 |  | 672555 | 672555 | 3392735 | 3392735 | 2143963 | 2143963 | 2143963 | 1835141 | 1835141 | 263875 | 263875 | 640728 | 640728 |  |  |  |  |
| SHARES OF BENEFICIAL INTEREST OUTSTANDING<br>(unlimited number of shares authorized, <br>no par value): | SHARES OF BENEFICIAL INTEREST OUTSTANDING<br>(unlimited number of shares authorized, <br>no par value): | SHARES OF BENEFICIAL INTEREST OUTSTANDING<br>(unlimited number of shares authorized, <br>no par value): | SHARES OF BENEFICIAL INTEREST OUTSTANDING<br>(unlimited number of shares authorized, <br>no par value): | SHARES OF BENEFICIAL INTEREST OUTSTANDING<br>(unlimited number of shares authorized, <br>no par value): | SHARES OF BENEFICIAL INTEREST OUTSTANDING<br>(unlimited number of shares authorized, <br>no par value): | SHARES OF BENEFICIAL INTEREST OUTSTANDING<br>(unlimited number of shares authorized, <br>no par value): | SHARES OF BENEFICIAL INTEREST OUTSTANDING<br>(unlimited number of shares authorized, <br>no par value): | SHARES OF BENEFICIAL INTEREST OUTSTANDING<br>(unlimited number of shares authorized, <br>no par value): | SHARES OF BENEFICIAL INTEREST OUTSTANDING<br>(unlimited number of shares authorized, <br>no par value): | SHARES OF BENEFICIAL INTEREST OUTSTANDING<br>(unlimited number of shares authorized, <br>no par value): | SHARES OF BENEFICIAL INTEREST OUTSTANDING<br>(unlimited number of shares authorized, <br>no par value): | SHARES OF BENEFICIAL INTEREST OUTSTANDING<br>(unlimited number of shares authorized, <br>no par value): | SHARES OF BENEFICIAL INTEREST OUTSTANDING<br>(unlimited number of shares authorized, <br>no par value): | SHARES OF BENEFICIAL INTEREST OUTSTANDING<br>(unlimited number of shares authorized, <br>no par value): | SHARES OF BENEFICIAL INTEREST OUTSTANDING<br>(unlimited number of shares authorized, <br>no par value): | SHARES OF BENEFICIAL INTEREST OUTSTANDING<br>(unlimited number of shares authorized, <br>no par value): | SHARES OF BENEFICIAL INTEREST OUTSTANDING<br>(unlimited number of shares authorized, <br>no par value): | SHARES OF BENEFICIAL INTEREST OUTSTANDING<br>(unlimited number of shares authorized, <br>no par value): | SHARES OF BENEFICIAL INTEREST OUTSTANDING<br>(unlimited number of shares authorized, <br>no par value): | SHARES OF BENEFICIAL INTEREST OUTSTANDING<br>(unlimited number of shares authorized, <br>no par value): | SHARES OF BENEFICIAL INTEREST OUTSTANDING<br>(unlimited number of shares authorized, <br>no par value): | SHARES OF BENEFICIAL INTEREST OUTSTANDING<br>(unlimited number of shares authorized, <br>no par value): | SHARES OF BENEFICIAL INTEREST OUTSTANDING<br>(unlimited number of shares authorized, <br>no par value): | SHARES OF BENEFICIAL INTEREST OUTSTANDING<br>(unlimited number of shares authorized, <br>no par value): |  |  |  |  |
|  | Investor Class | 230357 | 230357 | 122235 | 122235 | 122235 | 159417 | 159417 | 330165 | 330165 |  | 127658 | 127658 | 1375349 | 1375349 | 316110 | 316110 | 316110 | 27928 | 27928 | 274717 | 274717 | 34601 | 34601 |  |  |  |  |
|  | Service Class | 36461 | 36461 |  | 610 | 610 | 20913 | 20913 | 8373 | 8373 |  | 9815 | 9815 | 92816 | 92816 | 52068 | 52068 | 52068 | 18784 | 18784 | 2539 | 2539 | 8082 | 8082 |  |  |  |  |
| 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): | 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): | 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): | 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): | NET ASSET VALUE<br>(offering and redemption price per share): |  |  |  |  |
|  | Investor Class | $20.79 | 20.79 | $13.87 | 13.87 | 13.87 | $46.34 | 46.34 | $112.95 | 112.95 |  | $84.02 | 84.02 | $58.06 | 58.06 | $54.12 | 54.12 | 54.12 | $115.85 | 115.85 | $122.04 | 122.04 | $112.24 | 112.24 |  |  |  |  |
|  | Service Class | 22.59 | 22.59 | 12.67 | 12.67 | 12.67 | 36.86 | 36.86 | 89.32 | 89.32 |  | 68.52 | 68.52 | 36.55 | 36.55 | 41.18 | 41.18 | 41.18 | 97.70 | 97.70 | 103.93 | 103.93 | 79.28 | 79.28 |  |  |  |  |
| <sup>(a)</sup> | Includes securities on loan valued at: | $133884 | 133884 | $— |  |  | $— |  | $— |  |  | $— |  | $— |  | $— |  |  | $— |  | $— |  | $20924 | 20924 |  |  |  |  |

---

Amounts designated as ' – ' are $0 or have been rounded to $0.

**See accompanying notes to financial statements.**

**See accompanying notes to financial statements.**

January 31, 2026 (unaudited) **:: Statements of Assets and Liabilities :: 191**

**190 :: Statements of Assets and Liabilities ::** January 31, 2026 (unaudited)

---

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  |  |  |  |  |  | &nbsp;&nbsp;Oil & Gas | &nbsp;&nbsp;Oil & Gas | &nbsp;&nbsp;Oil & Gas | &nbsp;&nbsp;Oil & Gas | &nbsp;&nbsp;Oil & Gas | &nbsp;&nbsp;Oil & Gas | &nbsp;&nbsp;Oil & Gas |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  | Equipment & | Equipment & | Equipment & | Equipment & | Equipment & | Equipment & | Equipment & |  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;Precious | &nbsp;&nbsp;&nbsp;Precious | &nbsp;&nbsp;&nbsp;Precious | &nbsp;&nbsp;&nbsp;Precious |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  | &nbsp;&nbsp;Services | &nbsp;&nbsp;Services | &nbsp;&nbsp;Services | &nbsp;&nbsp;Services | &nbsp;&nbsp;Services | &nbsp;&nbsp;Services | &nbsp;&nbsp;Services |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pharmaceuticals |  |  | &nbsp;&nbsp;&nbsp;&nbsp;Metals | &nbsp;&nbsp;&nbsp;&nbsp;Metals | Real Estate | Real Estate | Rising Rates | Rising Rates | &nbsp;&nbsp;&nbsp;&nbsp;Rising |
|  |  | &nbsp;&nbsp;&nbsp;Mid-Cap | &nbsp;&nbsp;&nbsp;Mid-Cap | &nbsp;&nbsp;&nbsp;Mid-Cap |  |  | Mid-Cap Value | Mid-Cap Value |  | Nasdaq-100 | Nasdaq-100 | UltraSector | UltraSector |  | UltraSector | UltraSector | UltraSector |  |  | UltraSector | UltraSector | UltraSector | UltraSector |  | UltraSector | Opportunity | Opportunity 10 | Opportunity 10 | U.S. Dollar |  |
| | | ProFund |  | ProFund |  | ProFund |  | ProFund | | | ProFund | ProFund | ProFund | ProFund | ProFund | ProFund | ProFund | ProFund | ProFund |  |  |  |  |  |  |  |  |  |  |  |
| ASSETS: | ASSETS: | ASSETS: | ASSETS: | ASSETS: | ASSETS: | ASSETS: | ASSETS: | ASSETS: | ASSETS: | ASSETS: | ASSETS: | ASSETS: | ASSETS: | ASSETS: | ASSETS: | ASSETS: | ASSETS: | ASSETS: | ASSETS: | ASSETS: | ASSETS: | ASSETS: | ASSETS: | ASSETS: | ASSETS: |  |  |  |  |  |
|  | Total Investment Securities, at cost | $7927914 | 7927914 |  | $1631890 | 1631890 | $38006424 | 38006424 | $ | $11826489 | 11826489 | $2800101 | 2800101 | $90253026 | 90253026 | $1367377 | 1367377 | $7317000 | 7317000 | $504000 | 504000 | 504000 |  | $8749000 | 8749000 |  |  |  |  |  |
|  | Securities, at value<sup>(a)</sup> | 8063074 | 8063074 |  | 2239563 | 2239563 | 61747588 | 61747588 |  | 13630122 | 13630122 | 3090483 | 3090483 | 103538703 | 103538703 | 2361605 | 2361605 |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Repurchase agreements, at value | 1267000 | 1267000 |  |  |  | 22380000 | 22380000 | 3892000 | 3892000 | 3892000 | 763000 | 763000 | 35635000 | 35635000 | 600000 | 600000 | 7317000 | 7317000 | 504000 | 504000 | 504000 | 504000 | 8749000 | 8749000 |  |  |  |  |  |
|  | Total Investment Securities, at value | 9330074 | 9330074 |  | 2239563 | 2239563 | 84127588 | 84127588 |  | 17522122 | 17522122 | 3853483 | 3853483 | 139173703 | 139173703 | 2961605 | 2961605 | 7317000 | 7317000 | 504000 | 504000 | 504000 |  | 8749000 | 8749000 |  |  |  |  |  |
|  | Cash | 457 | 457 |  |  |  | 997278 | 997278 |  |  |  | 647 | 647 |  | 279 | 924 | 924 | 260 | 260 | 525 | 525 | 525 |  |  | 227 |  |  |  |  |  |
|  | Segregated cash balances for futures contracts with brokers |  |  |  |  |  | 1477753 | 1477753 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Segregated cash balances for swap agreements with custodian |  | 8 |  |  |  | 842 | 842 |  | 50556 | 50556 |  | 9 |  | 260 | 252 | 252 | 1000 | 1000 |  |  |  |  |  |  |  |  |  |  |  |
|  | Segregated cash balances for forward currency contracts <br>with custodian |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 556 |  |  |  |  |  |
|  | Dividends and interest receivable | 1438 | 1438 |  | 456 | 456 | 22178 | 22178 |  | 760 | 760 | 2403 | 2403 | 7304 | 7304 | 2300 | 2300 | 1428 | 1428 |  | 98 | 98 |  | 1708 | 1708 |  |  |  |  |  |
|  | Receivable for capital shares issued | 2701 | 2701 |  |  | 51 | 42328951 | 42328951 |  | 1079953 | 1079953 | 306378 | 306378 | 4960058 | 4960058 | 368386 | 368386 | 3114699 | 3114699 |  |  |  |  | 204542 | 204542 |  |  |  |  |  |
|  | Receivable for investments sold | 53170 | 53170 |  | 30645 | 30645 |  |  |  |  |  |  |  | 8012361 | 8012361 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Receivable for closed swap positions |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 5920 | 5920 |  |  |  |  |  |
|  | Due from Advisor under a Receivables Agreement |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 680437 | 680437 |  |  |  |  |  |
|  | Due from Advisor under an expense limitation agreement |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 692 | 692 |  |  | 3034 | 3034 | 3034 |  |  |  |  |  |  |  |  |
|  | Unrealized appreciation on swap agreements |  |  |  |  |  |  |  |  | 409076 | 409076 |  |  |  |  | 4773 | 4773 | 121096 | 121096 | 3457 | 3457 | 3457 |  |  |  |  |  |  |  |  |
|  | Unrealized appreciation on forward currency contracts |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 41 |  |  |  |  |  |
|  | Prepaid expenses | 31992 | 31992 |  | 41533 | 41533 | 89780 | 89780 | 19996 | 19996 | 19996 | 28556 | 28556 | 29964 | 29964 | 44667 | 44667 | 36304 | 36304 | 26953 | 26953 | 26953 | 26953 | 9505 | 9505 |  |  |  |  |  |
|  | TOTAL ASSETS | 9419840 | 9419840 |  | 2312248 | 2312248 | 129044370 | 129044370 | 19082463 | 19082463 | 19082463 | 4191476 | 4191476 | 152183929 | 152183929 | 3383599 | 3383599 | 10591787 | 10591787 | 538067 | 538067 | 538067 | 538067 | 9651936 | 9651936 |  |  |  |  |  |
| LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: |  |  |  |  |  |
|  | Cash overdraft |  |  |  | 14427 | 14427 |  |  |  | 49521 | 49521 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Payable for investments purchased | 66459 | 66459 |  | 12725 | 12725 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Payable for collateral for securities loaned | 21587 | 21587 |  |  |  |  |  |  |  |  | 34370 | 34370 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Payable for capital shares redeemed | 49533 | 49533 |  | 8822 | 8822 | 147463 | 147463 |  | 66142 | 66142 | 187155 | 187155 | 8910091 | 8910091 | 147959 | 147959 | 266208 | 266208 |  |  |  |  | 80738 | 80738 |  |  |  |  |  |
|  | Unrealized depreciation on forward currency contracts |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 129475 | 129475 |  |  |  |  |  |
|  | Unrealized depreciation on swap agreements | 17694 | 17694 |  |  |  | 257630 | 257630 |  |  |  | 49118 | 49118 | 13724770 | 13724770 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Variation margin on futures contracts |  |  |  |  |  | 133757 | 133757 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Advisory fees payable | 2552 | 2552 |  | 104 | 104 | 74893 | 74893 |  | 9409 | 9409 | 1673 | 1673 | 80927 | 80927 |  |  | 280 | 280 |  |  |  |  | 3784 | 3784 |  |  |  |  |  |
|  | Management services fees payable | 510 | 510 |  |  | 21 | 16049 | 16049 |  | 1882 | 1882 | 335 | 335 | 16185 | 16185 |  |  |  | 56 |  |  |  |  |  | 757 |  |  |  |  |  |
|  | Administration and fund accounting fees payable | 917 | 917 |  | 632 | 632 | 12864 | 12864 |  | 1503 | 1503 | 469 | 469 | 12665 | 12665 | 420 | 420 | 750 | 750 |  | 53 | 53 |  |  | 915 |  |  |  |  |  |
|  | Distribution and services fees payable—Service Class | 1320 | 1320 |  | 309 | 309 | 7979 | 7979 |  | 339 | 339 | 305 | 305 | 6429 | 6429 | 266 | 266 |  | 70 |  |  | 9 |  |  | 23 |  |  |  |  |  |
|  | Transfer agent fees payable | 303 | 303 |  |  | 73 | 4228 | 4228 |  | 479 | 479 | 155 | 155 | 4050 | 4050 | 140 | 140 | 240 | 240 |  | 20 | 20 |  |  | 576 |  |  |  |  |  |
|  | Trustee fees payable |  |  |  |  | 1 |  | 4 |  |  |  |  |  |  | 3 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Compliance services fees payable |  | 17 |  |  | 49 | 428 | 428 |  |  | 48 |  | 14 |  | 406 |  | 13 |  | 24 |  |  | 2 |  |  | 27 |  |  |  |  |  |
|  | Service fees payable |  | 17 |  |  | 8 | 354 | 354 |  |  | 42 |  | 12 |  | 357 |  | 11 |  | 21 |  |  | 1 |  |  | 26 |  |  |  |  |  |
|  | Other accrued expenses | 19054 | 19054 |  | 30275 | 30275 | 139668 | 139668 | 12808 | 12808 | 12808 | 15621 | 15621 | 37493 | 37493 | 22988 | 22988 | 21137 | 21137 | 8408 | 8408 | 8408 | 8408 | 33410 | 33410 |  |  |  |  |  |
|  | TOTAL LIABILITIES | 179963 | 179963 |  | 67446 | 67446 | 795317 | 795317 | 142173 | 142173 | 142173 | 289227 | 289227 | 22793376 | 22793376 | 171797 | 171797 | 288786 | 288786 | 8493 | 8493 | 8493 | 8493 | 249731 | 249731 |  |  |  |  |  |
|  | 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) | 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) | 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) | 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) | Commitments and contingencies (Note 4) |  |  |  |  |  |
| NET ASSETS | NET ASSETS | $9239877 | 9239877 |  | $2244802 | 2244802 | $128249053 | 128249053 | $ | $18940290 | 18940290 | $3902249 | 3902249 | $129390553 | 129390553 | $3211802 | 3211802 | $10303001 | 10303001 | $529574 | 529574 | 529574 |  | $9402205 | 9402205 |  |  |  |  |  |
| NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | 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 | $8647677 | 8647677 |  | $2612164 | 2612164 | $77937955 | 77937955 | $ | $31553199 | 31553199 | $3752310 | 3752310 | $109670098 | 109670098 | $5366947 | 5366947 | $51627982 | 51627982 | $4071928 | 4071928 | 4071928 |  | $12065340 | 12065340 |  |  |  |  |  |
|  | Total distributable earnings (loss) | 592200 | 592200 |  | (367362 | (367362) | 50311098 | 50311098 | (12612909 | (12612909 | (12612909 | 149939 | 149939 | 19720455 | 19720455 | (2155145 | (2155145) | (41324981 | (41324981) | (3542354 | (3542354 | (3542354 | (3542354 | (2663135 | (2663135) |  |  |  |  |  |
| NET ASSETS | NET ASSETS | $9239877 | 9239877 |  | $2244802 | 2244802 | $128249053 | 128249053 | $ | $18940290 | 18940290 | $3902249 | 3902249 | $129390553 | 129390553 | $3211802 | 3211802 | $10303001 | 10303001 | $529574 | 529574 | 529574 |  | $9402205 | 9402205 |  |  |  |  |  |
| NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: |  |  |  |  |  |
|  | Investor Class | $5223356 | 5223356 |  | $1879275 | 1879275 | $119200053 | 119200053 | $ | $18258048 | 18258048 | $3725230 | 3725230 | $122505142 | 122505142 | $2678178 | 2678178 | $10219429 | 10219429 | $518469 | 518469 | 518469 |  | $9379238 | 9379238 |  |  |  |  |  |
|  | Service Class | 4016521 | 4016521 |  | 365527 | 365527 | 9049000 | 9049000 |  | 682242 | 682242 | 177019 | 177019 | 6885411 | 6885411 | 533624 | 533624 | 83572 | 83572 | 11105 | 11105 | 11105 |  | 22967 | 22967 |  |  |  |  |  |
| SHARES OF BENEFICIAL INTEREST OUTSTANDING<br>(unlimited number of shares authorized, <br>no par value): | SHARES OF BENEFICIAL INTEREST OUTSTANDING<br>(unlimited number of shares authorized, <br>no par value): | SHARES OF BENEFICIAL INTEREST OUTSTANDING<br>(unlimited number of shares authorized, <br>no par value): | SHARES OF BENEFICIAL INTEREST OUTSTANDING<br>(unlimited number of shares authorized, <br>no par value): | SHARES OF BENEFICIAL INTEREST OUTSTANDING<br>(unlimited number of shares authorized, <br>no par value): | SHARES OF BENEFICIAL INTEREST OUTSTANDING<br>(unlimited number of shares authorized, <br>no par value): | SHARES OF BENEFICIAL INTEREST OUTSTANDING<br>(unlimited number of shares authorized, <br>no par value): | SHARES OF BENEFICIAL INTEREST OUTSTANDING<br>(unlimited number of shares authorized, <br>no par value): | SHARES OF BENEFICIAL INTEREST OUTSTANDING<br>(unlimited number of shares authorized, <br>no par value): | SHARES OF BENEFICIAL INTEREST OUTSTANDING<br>(unlimited number of shares authorized, <br>no par value): | SHARES OF BENEFICIAL INTEREST OUTSTANDING<br>(unlimited number of shares authorized, <br>no par value): | SHARES OF BENEFICIAL INTEREST OUTSTANDING<br>(unlimited number of shares authorized, <br>no par value): | SHARES OF BENEFICIAL INTEREST OUTSTANDING<br>(unlimited number of shares authorized, <br>no par value): | SHARES OF BENEFICIAL INTEREST OUTSTANDING<br>(unlimited number of shares authorized, <br>no par value): | SHARES OF BENEFICIAL INTEREST OUTSTANDING<br>(unlimited number of shares authorized, <br>no par value): | SHARES OF BENEFICIAL INTEREST OUTSTANDING<br>(unlimited number of shares authorized, <br>no par value): | SHARES OF BENEFICIAL INTEREST OUTSTANDING<br>(unlimited number of shares authorized, <br>no par value): | SHARES OF BENEFICIAL INTEREST OUTSTANDING<br>(unlimited number of shares authorized, <br>no par value): | SHARES OF BENEFICIAL INTEREST OUTSTANDING<br>(unlimited number of shares authorized, <br>no par value): | SHARES OF BENEFICIAL INTEREST OUTSTANDING<br>(unlimited number of shares authorized, <br>no par value): | SHARES OF BENEFICIAL INTEREST OUTSTANDING<br>(unlimited number of shares authorized, <br>no par value): | SHARES OF BENEFICIAL INTEREST OUTSTANDING<br>(unlimited number of shares authorized, <br>no par value): | SHARES OF BENEFICIAL INTEREST OUTSTANDING<br>(unlimited number of shares authorized, <br>no par value): | SHARES OF BENEFICIAL INTEREST OUTSTANDING<br>(unlimited number of shares authorized, <br>no par value): | SHARES OF BENEFICIAL INTEREST OUTSTANDING<br>(unlimited number of shares authorized, <br>no par value): | SHARES OF BENEFICIAL INTEREST OUTSTANDING<br>(unlimited number of shares authorized, <br>no par value): |  |  |  |  |  |
|  | Investor Class | 38563 | 38563 |  | 15093 | 15093 | 2268893 | 2268893 |  | 163846 | 163846 | 110383 | 110383 | 620930 | 620930 | 65577 | 65577 | 245044 | 245044 | 36339 | 36339 | 36339 |  | 328882 | 328882 |  |  |  |  |  |
|  | Service Class | 38325 | 38325 |  | 3793 | 3793 | 225858 | 225858 |  | 7067 | 7067 | 6331 | 6331 | 42091 | 42091 | 14170 | 14170 | 2143 | 2143 | 814 | 814 | 814 |  |  | 944 |  |  |  |  |  |
| 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): | 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): | 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): | 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): | NET ASSET VALUE<br>(offering and redemption price per share): | NET ASSET VALUE<br>(offering and redemption price per share): |  |  |  |  |  |
|  | Investor Class | $135.45 | 135.45 |  | $124.51 | 124.51 | $52.54 | 52.54 | $ | $111.43 | 111.43 | $33.75 | 33.75 | $197.29 | 197.29 | $40.84 | 40.84 | $41.70 | 41.70 | $14.27 | 14.27 | 14.27 |  | $28.52 | 28.52 |  |  |  |  |  |
|  | Service Class | 104.80 | 104.80 |  | 96.37 | 96.37 | 40.06 | 40.06 |  | 96.54 | 96.54 | 27.96 | 27.96 | 163.58 | 163.58 | 37.66 | 37.66 | 39.00 | 39.00 | 13.64 | 13.64 | 13.64 |  | 24.33 | 24.33 |  |  |  |  |  |
| <sup>(a)</sup> | Includes securities on loan valued at: | $20797 | 20797 |  | $— |  | $— |  | $ | $— |  | $32328 | 32328 | $— |  | $— |  | $— |  | $— |  |  |  | $— |  |  |  |  |  |  |

---

Amounts designated as ' – ' are $0 or have been rounded to $0.

**See accompanying notes to financial statements.**

**See accompanying notes to financial statements.**

January 31, 2026 (unaudited) **:: Statements of Assets and Liabilities :: 193**

**192 :: Statements of Assets and Liabilities ::** January 31, 2026 (unaudited)

---

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|  |  | &nbsp;&nbsp;&nbsp;Semiconductor | &nbsp;&nbsp;&nbsp;Semiconductor | &nbsp;&nbsp;&nbsp;Semiconductor | &nbsp;&nbsp;&nbsp;Semiconductor |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;Short | &nbsp;&nbsp;&nbsp;&nbsp;Short | &nbsp;&nbsp;&nbsp;&nbsp;Short | &nbsp;&nbsp;&nbsp;&nbsp;Short |  | Short Precious | Short Precious | Short Precious |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;Short | &nbsp;&nbsp;&nbsp;&nbsp;Short | &nbsp;&nbsp;&nbsp;&nbsp;Short |  |  | &nbsp;&nbsp;Small-Cap | &nbsp;&nbsp;Small-Cap | &nbsp;&nbsp;Small-Cap | &nbsp;&nbsp;Small-Cap | Technology |
|  |  |  | UltraSector | UltraSector | UltraSector | UltraSector |  | Short Energy | Short Energy | Short Energy |  | Nasdaq-100 | Nasdaq-100 |  | &nbsp;&nbsp;&nbsp;&nbsp;Metals |  | Real Estate | Real Estate | Real Estate |  | &nbsp;&nbsp;Small-Cap | &nbsp;&nbsp;Small-Cap | &nbsp;&nbsp;Small-Cap |  | &nbsp;&nbsp;&nbsp;Growth | &nbsp;&nbsp;&nbsp;Growth | &nbsp;&nbsp;&nbsp;Growth | &nbsp;&nbsp;Small-Cap | &nbsp;&nbsp;&nbsp;&nbsp;Value | UltraSector |  |
| | | | ProFund |  | ProFund |  | ProFund |  | ProFund | ProFund | ProFund | ProFund | ProFund | | ProFund | ProFund | ProFund |  | ProFund | ProFund | ProFund | ProFund |  |  |  |  |  |  |  |  |  |
| ASSETS: | ASSETS: | ASSETS: | ASSETS: | ASSETS: | ASSETS: | ASSETS: | ASSETS: | ASSETS: | ASSETS: | ASSETS: | ASSETS: | ASSETS: | ASSETS: | ASSETS: | ASSETS: | ASSETS: | ASSETS: | ASSETS: | ASSETS: | ASSETS: | ASSETS: | ASSETS: | ASSETS: | ASSETS: | ASSETS: | ASSETS: |  |  |  |  |  |
|  | Total Investment Securities, at cost | Total Investment Securities, at cost | $160082160 | 160082160 |  | $635000 | 635000 | $3079000 | 3079000 | 3079000 | $ | $14132000 | 14132000 | $557000 | 557000 | $752000 | 752000 | 752000 | $2550590 | 2550590 | $5913680 | 5913680 | $4580140 | 4580140 | $55018752 | 55018752 |  |  |  |  |  |
|  | Securities, at value<sup>(a)</sup> |  | 262576530 | 262576530 |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 3759998 | 3759998 | 3258561 | 3258561 | 5387344 | 5387344 | 74795935 | 74795935 |  |  |  |  |  |
|  | Repurchase agreements, at value | Repurchase agreements, at value | 105713000 | 105713000 |  | 635000 | 635000 | 3079000 | 3079000 | 3079000 | 14132000 | 14132000 | 14132000 | 557000 | 557000 | 752000 | 752000 | 752000 |  |  | 4198000 | 4198000 | 51000 | 51000 | 19854000 | 19854000 |  |  |  |  |  |
|  | Total Investment Securities, at value |  | 368289530 | 368289530 |  | 635000 | 635000 | 3079000 | 3079000 | 3079000 |  | 14132000 | 14132000 | 557000 | 557000 | 752000 | 752000 | 752000 | 3759998 | 3759998 | 7456561 | 7456561 | 5438344 | 5438344 | 94649935 | 94649935 |  |  |  |  |  |
|  | Cash |  | 918 | 918 |  | 127 | 127 |  | 958 | 958 |  |  | 719 |  | 9 |  | 303 | 303 |  |  | 443 | 443 |  | 470 | 208 | 208 |  |  |  |  |  |
|  | Segregated cash balances for futures contracts with brokers |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 167470 | 167470 |  |  |  |  |  |  |  |  |  |
|  | Segregated cash balances for swap agreements with custodian |  | 1129 | 1129 |  | 719 | 719 |  | 451 | 451 |  |  | 505 |  | 295 |  | 588 | 588 |  |  | 967 | 967 |  |  | 218 | 218 |  |  |  |  |  |
|  | Dividends and interest receivable |  | 84610 | 84610 |  | 124 | 124 |  | 601 | 601 |  | 2759 | 2759 |  | 109 |  | 147 | 147 |  | 474 | 1670 | 1670 | 14429 | 14429 | 18701 | 18701 |  |  |  |  |  |
|  | Receivable for capital shares issued |  | 3858105 | 3858105 |  | 19216 | 19216 | 121350 | 121350 | 121350 |  | 1250687 | 1250687 | 3025 | 3025 |  |  | 40 |  | 101 | 4653543 | 4653543 | 1016 | 1016 | 61001 | 61001 |  |  |  |  |  |
|  | Receivable for investments sold |  | 177939901 | 177939901 |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 46850 | 46850 | 11878 | 11878 | 1650798 | 1650798 |  |  |  |  |  |  |  |
|  | Due from Advisor under an expense limitation agreement |  |  |  |  | 2134 | 2134 |  |  |  |  | 3516 | 3516 | 3271 | 3271 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Unrealized appreciation on swap agreements |  | 5222778 | 5222778 |  |  |  | 49491 | 49491 | 49491 |  | 1775116 | 1775116 |  |  | 15592 | 15592 | 15592 |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Prepaid expenses | Prepaid expenses | 38710 | 38710 |  | 38858 | 38858 | 30776 | 30776 | 30776 | 54943 | 54943 | 54943 | 18566 | 18566 | 30951 | 30951 | 30951 | 42480 | 42480 | 25250 | 25250 | 33793 | 33793 | 34063 | 34063 |  |  |  |  |  |
|  | TOTAL ASSETS | TOTAL ASSETS | 555435681 | 555435681 |  | 696178 | 696178 | 3282627 | 3282627 | 3282627 | 17220245 | 17220245 | 17220245 | 582275 | 582275 | 799621 | 799621 | 799621 | 3849903 | 3849903 | 12317782 | 12317782 | 7138850 | 7138850 | 94764126 | 94764126 |  |  |  |  |  |
| LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: |  |  |  |  |  |
|  | Cash overdraft |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 10743 | 10743 |  |  |  |  |  |  |  |  |  |  |  |
|  | Payable for investments purchased |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 14933 | 14933 |  |  | 102085 | 102085 |  |  |  |  |  |  |  |
|  | Payable for collateral for securities loaned |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 15840 | 15840 | 46765 | 46765 | 65270 | 65270 |  |  |  |  |  |  |  |
|  | Payable for capital shares redeemed |  | 2158727 | 2158727 |  | 22368 | 22368 | 3788 | 3788 | 3788 |  | 1142633 | 1142633 | 11944 | 11944 | 153125 | 153125 | 153125 | 2019 | 2019 | 112644 | 112644 | 1556762 | 1556762 | 810237 | 810237 |  |  |  |  |  |
|  | Unrealized depreciation on swap agreements |  |  |  |  | 30928 | 30928 |  |  |  |  |  |  | 2193 | 2193 |  |  |  |  |  | 67521 | 67521 |  |  | 609353 | 609353 |  |  |  |  |  |
|  | Variation margin on futures contracts |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 16057 | 16057 |  |  |  |  |  |  |  |  |  |
|  | Advisory fees payable |  | 340652 | 340652 |  |  |  |  | 540 | 540 |  |  |  |  |  |  | 352 | 352 |  | 337 | 2984 | 2984 | 22452 | 22452 | 61312 | 61312 |  |  |  |  |  |
|  | Management services fees payable |  | 68131 | 68131 |  |  |  |  | 108 | 108 |  |  |  |  |  |  |  | 70 |  | 67 | 597 | 597 | 4490 | 4490 | 12263 | 12263 |  |  |  |  |  |
|  | Administration and fund accounting fees payable |  | 53764 | 53764 |  |  | 81 |  | 359 | 359 |  |  | 949 |  | 66 |  |  | 65 |  | 657 | 2256 | 2256 | 5197 | 5197 | 9738 | 9738 |  |  |  |  |  |
|  | Distribution and services fees payable—Service Class |  | 14621 | 14621 |  |  | 5 |  | 213 | 213 |  |  | 5 |  | 0 |  |  | 9 |  | 704 | 1117 | 1117 |  | 388 | 4043 | 4043 |  |  |  |  |  |
|  | Transfer agent fees payable |  | 14164 | 14164 |  |  | 30 |  | 121 | 121 |  |  | 367 |  | 20 |  |  | 32 |  | 160 | 410 | 410 | 1596 | 1596 | 2723 | 2723 |  |  |  |  |  |
|  | Trustee fees payable |  |  | 15 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 3 |  |  |  |  |  |
|  | Compliance services fees payable |  | 1710 | 1710 |  |  | 3 |  |  | 13 |  |  | 32 |  | 2 |  |  | 2 |  | 13 |  | 24 |  | 30 | 307 | 307 |  |  |  |  |  |
|  | Service fees payable |  | 1504 | 1504 |  |  | 2 |  |  | 10 |  |  | 28 |  | 2 |  |  | 2 |  | 11 |  | 19 |  | 143 | 270 | 270 |  |  |  |  |  |
|  | Other accrued expenses | Other accrued expenses | 227280 | 227280 |  | 23979 | 23979 | 16425 | 16425 | 16425 | 33194 | 33194 | 33194 | 4435 | 4435 | 15341 | 15341 | 15341 | 28140 | 28140 | 18740 | 18740 | 47001 | 47001 | 33722 | 33722 |  |  |  |  |  |
|  | TOTAL LIABILITIES | TOTAL LIABILITIES | 2880568 | 2880568 |  | 77396 | 77396 | 21577 | 21577 | 21577 | 1177208 | 1177208 | 1177208 | 18662 | 18662 | 168998 | 168998 | 168998 | 73624 | 73624 | 269134 | 269134 | 1805414 | 1805414 | 1543971 | 1543971 |  |  |  |  |  |
|  | 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) | 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) | 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) | 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) | Commitments and contingencies (Note 4) | Commitments and contingencies (Note 4) |  |  |  |  |  |
| NET ASSETS | NET ASSETS | NET ASSETS | $552555113 | 552555113 |  | $618782 | 618782 | $3261050 | 3261050 | 3261050 | $ | $16043037 | 16043037 | $563613 | 563613 | $630623 | 630623 | 630623 | $3776279 | 3776279 | $12048648 | 12048648 | $5333436 | 5333436 | $93220155 | 93220155 |  |  |  |  |  |
| NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | 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 | Capital | $335974622 | 335974622 |  | $2976237 | 2976237 | $22541002 | 22541002 | 22541002 | $ | $32746258 | 32746258 | $5666072 | 5666072 | $17691396 | 17691396 | 17691396 | $2968603 | 2968603 | $10785931 | 10785931 | $8610338 | 8610338 | $56095547 | 56095547 |  |  |  |  |  |
|  | Total distributable earnings (loss) | Total distributable earnings (loss) | 216580491 | 216580491 |  | (2357455 | (2357455) | (19279952 | (19279952 | (19279952) | (16703221 | (16703221 | (16703221) | (5102459 | (5102459 | (17060773 | (17060773 | (17060773 | 807676 | 807676 | 1262717 | 1262717 | (3276902 | (3276902) | 37124608 | 37124608 |  |  |  |  |  |
| NET ASSETS | NET ASSETS | NET ASSETS | $552555113 | 552555113 |  | $618782 | 618782 | $3261050 | 3261050 | 3261050 | $ | $16043037 | 16043037 | $563613 | 563613 | $630623 | 630623 | 630623 | $3776279 | 3776279 | $12048648 | 12048648 | $5333436 | 5333436 | $93220155 | 93220155 |  |  |  |  |  |
| NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: |  |  |  |  |  |
|  | Investor Class | Investor Class | $534638382 | 534638382 |  | $612049 | 612049 | $2966974 | 2966974 | 2966974 | $ | $16035261 | 16035261 | $563602 | 563602 | $620036 | 620036 | 620036 | $2946316 | 2946316 | $10747774 | 10747774 | $4870160 | 4870160 | $88796005 | 88796005 |  |  |  |  |  |
|  | Service Class |  | 17916731 | 17916731 |  | 6733 | 6733 | 294076 | 294076 | 294076 |  | 7776 | 7776 |  | 11 | 10587 | 10587 | 10587 | 829963 | 829963 | 1300874 | 1300874 | 463276 | 463276 | 4424150 | 4424150 |  |  |  |  |  |
| SHARES OF BENEFICIAL INTEREST OUTSTANDING<br>(unlimited number of shares authorized, <br>no par value): | SHARES OF BENEFICIAL INTEREST OUTSTANDING<br>(unlimited number of shares authorized, <br>no par value): | SHARES OF BENEFICIAL INTEREST OUTSTANDING<br>(unlimited number of shares authorized, <br>no par value): | SHARES OF BENEFICIAL INTEREST OUTSTANDING<br>(unlimited number of shares authorized, <br>no par value): | SHARES OF BENEFICIAL INTEREST OUTSTANDING<br>(unlimited number of shares authorized, <br>no par value): | SHARES OF BENEFICIAL INTEREST OUTSTANDING<br>(unlimited number of shares authorized, <br>no par value): | SHARES OF BENEFICIAL INTEREST OUTSTANDING<br>(unlimited number of shares authorized, <br>no par value): | SHARES OF BENEFICIAL INTEREST OUTSTANDING<br>(unlimited number of shares authorized, <br>no par value): | SHARES OF BENEFICIAL INTEREST OUTSTANDING<br>(unlimited number of shares authorized, <br>no par value): | SHARES OF BENEFICIAL INTEREST OUTSTANDING<br>(unlimited number of shares authorized, <br>no par value): | SHARES OF BENEFICIAL INTEREST OUTSTANDING<br>(unlimited number of shares authorized, <br>no par value): | SHARES OF BENEFICIAL INTEREST OUTSTANDING<br>(unlimited number of shares authorized, <br>no par value): | SHARES OF BENEFICIAL INTEREST OUTSTANDING<br>(unlimited number of shares authorized, <br>no par value): | SHARES OF BENEFICIAL INTEREST OUTSTANDING<br>(unlimited number of shares authorized, <br>no par value): | SHARES OF BENEFICIAL INTEREST OUTSTANDING<br>(unlimited number of shares authorized, <br>no par value): | SHARES OF BENEFICIAL INTEREST OUTSTANDING<br>(unlimited number of shares authorized, <br>no par value): | SHARES OF BENEFICIAL INTEREST OUTSTANDING<br>(unlimited number of shares authorized, <br>no par value): | SHARES OF BENEFICIAL INTEREST OUTSTANDING<br>(unlimited number of shares authorized, <br>no par value): | SHARES OF BENEFICIAL INTEREST OUTSTANDING<br>(unlimited number of shares authorized, <br>no par value): | SHARES OF BENEFICIAL INTEREST OUTSTANDING<br>(unlimited number of shares authorized, <br>no par value): | SHARES OF BENEFICIAL INTEREST OUTSTANDING<br>(unlimited number of shares authorized, <br>no par value): | SHARES OF BENEFICIAL INTEREST OUTSTANDING<br>(unlimited number of shares authorized, <br>no par value): | SHARES OF BENEFICIAL INTEREST OUTSTANDING<br>(unlimited number of shares authorized, <br>no par value): | SHARES OF BENEFICIAL INTEREST OUTSTANDING<br>(unlimited number of shares authorized, <br>no par value): | SHARES OF BENEFICIAL INTEREST OUTSTANDING<br>(unlimited number of shares authorized, <br>no par value): | SHARES OF BENEFICIAL INTEREST OUTSTANDING<br>(unlimited number of shares authorized, <br>no par value): | SHARES OF BENEFICIAL INTEREST OUTSTANDING<br>(unlimited number of shares authorized, <br>no par value): |  |  |  |  |  |
|  | Investor Class |  | 8865353 | 8865353 |  | 53635 | 53635 | 87696 | 87696 | 87696 |  | 5341537 | 5341537 | 73406 | 73406 | 14169 | 14169 | 14169 | 24823 | 24823 | 82867 | 82867 | 39813 | 39813 | 1938995 | 1938995 |  |  |  |  |  |
|  | Service Class |  | 470635 | 470635 |  | 638 | 638 | 10143 | 10143 | 10143 |  | 2614 | 2614 |  | 2 |  | 256 | 256 | 9545 | 9545 | 12780 | 12780 | 4909 | 4909 | 130603 | 130603 |  |  |  |  |  |
| 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): | 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): | 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): | 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): | 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 | Investor Class | $60.31 | 60.31 |  | $11.41 | 11.41 | $33.83 | 33.83 | 33.83 | $ | $3.00 | 3.00 | $— | 7.68 | $43.76 | 43.76 | 43.76 | $118.69 | 118.69 | $129.70 | 129.70 | $122.33 | 122.33 | $45.79 | 45.79 |  |  |  |  |  |
|  | Service Class |  | 38.07 | 38.07 |  | 10.55 | 10.55 | 28.99 | 28.99 | 28.99 |  | 2.97 | 2.97 |  | 6.57<sup>(b</sup> | 41.38<sup>(c</sup> | 41.38<sup>(c</sup> | 41.38<sup>(c</sup> | 86.95 | 86.95 | 101.79 | 101.79 | 94.37 | 94.37 | 33.87 | 33.87 |  |  |  |  |  |
| <sup>(a)</sup> | Includes securities on loan valued at: | Includes securities on loan valued at: | $— |  |  | $— |  | $— |  |  | $ | $— |  | $— |  | $— |  |  | $14974 | 14974 | $42728 | 42728 | $50775 | 50775 | $— |  |  |  |  |  |  |

---

<sup>(b)</sup>

The net asset value has been calculated using unrounded net assets of $11.43 and unrounded shares outstanding of 1.74.

<sup>(c)</sup>

The net asset value has been calculated using unrounded net assets of $10,586.59 and unrounded shares outstanding of 255.79.

Amounts designated as ' – ' are $0 or have been rounded to $0.

**See accompanying notes to financial statements.**

**See accompanying notes to financial statements.**

January 31, 2026 (unaudited) **:: Statements of Assets and Liabilities :: 195**

**194 :: Statements of Assets and Liabilities ::** January 31, 2026 (unaudited)

---

| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  |  |  |  |  |  |  |  | UltraEmerging | UltraEmerging | UltraEmerging | UltraEmerging | UltraEmerging | UltraEmerging | UltraEmerging | UltraEmerging | UltraEmerging | UltraEmerging | UltraEmerging | UltraEmerging |  |  | &nbsp;&nbsp;UltraLatin | &nbsp;&nbsp;UltraLatin |
|  |  | &nbsp;&nbsp;UltraBear | &nbsp;&nbsp;UltraBear |  |  | &nbsp;&nbsp;&nbsp;UltraBull | &nbsp;&nbsp;&nbsp;UltraBull |  | UltraChina | UltraChina |  |  | UltraDow 30 | UltraDow 30 |  |  | &nbsp;&nbsp;&nbsp;Markets |  | UltraInternational | UltraInternational |  | UltraJapan |  |  | &nbsp;&nbsp;America | UltraMid-Cap | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UltraNasdaq-100 |
| | | ProFund |  |  | ProFund |  | ProFund | ProFund | ProFund | ProFund | ProFund |  | ProFund |  | ProFund | ProFund | ProFund | ProFund | ProFund |  |  |  |  |  |  |  |  |
| ASSETS: | ASSETS: | ASSETS: | ASSETS: | ASSETS: | ASSETS: | ASSETS: | ASSETS: | ASSETS: | ASSETS: | ASSETS: | ASSETS: | ASSETS: | ASSETS: | ASSETS: | ASSETS: | ASSETS: | ASSETS: | ASSETS: | ASSETS: | ASSETS: | ASSETS: | ASSETS: | ASSETS: | ASSETS: | ASSETS: |  |  |
|  | Total Investment Securities, at cost | $4759000 | 4759000 | $80059711 | 80059711 | $18894621 | 18894621 | 18894621 | $20010683 | 20010683 | $ | $14083623 | 14083623 | $7910000 | 7910000 | $23512000 | 23512000 | $10690959 | 10690959 | $27648962 | 27648962 |  | $570119577 | 570119577 |  |  |  |
|  | Securities, at value<sup>(a)</sup> |  |  | 125029797 | 125029797 | 23761405 | 23761405 | 23761405 | 32187652 | 32187652 |  | 16302358 | 16302358 |  |  |  |  | 13688468 | 13688468 | 26265044 | 26265044 |  | 902010506 | 902010506 |  |  |  |
|  | Repurchase agreements, at value | 4759000 | 4759000 | 47046000 | 47046000 | 3964000 | 3964000 | 3964000 | 10159000 | 10159000 | 2927000 | 2927000 | 2927000 | 7910000 | 7910000 | 23512000 | 23512000 | 3001000 | 3001000 | 12796000 | 12796000 |  | 277801000 | 277801000 |  |  |  |
|  | Total Investment Securities, at value | 4759000 | 4759000 | 172075797 | 172075797 | 27725405 | 27725405 | 27725405 | 42346652 | 42346652 |  | 19229358 | 19229358 | 7910000 | 7910000 | 23512000 | 23512000 | 16689468 | 16689468 | 39061044 | 39061044 |  | 1179811506 | 1179811506 |  |  |  |
|  | Cash | 503 | 503 | 10399 | 10399 | 111 | 111 | 111 | 6120 | 6120 |  | 137 | 137 | 734 | 734 | 311 | 311 | 818 | 818 | 265 | 265 |  | 478 | 478 |  |  |  |
|  | Segregated cash balances for futures contracts with brokers | 46049 | 46049 | 1525293 | 1525293 |  |  |  | 282336 | 282336 |  |  |  |  |  | 6385403 | 6385403 |  |  | 252640 | 252640 |  | 17954703 | 17954703 |  |  |  |
|  | Segregated cash balances for swap agreements with custodian |  | 29 | 600 | 600 | 948 | 948 | 948 | 753 | 753 |  | 233 | 233 | 512 | 512 |  |  | 234 | 234 | 1570 | 1570 |  | 1168 | 1168 |  |  |  |
|  | Dividends and interest receivable | 1026 | 1026 | 82413 | 82413 | 10716 | 10716 | 10716 | 18958 | 18958 |  | 26060 | 26060 | 1544 | 1544 | 18405 | 18405 | 113794 | 113794 | 7723 | 7723 |  | 262001 | 262001 |  |  |  |
|  | Receivable for capital shares issued | 1023599 | 1023599 | 748677 | 748677 | 55806 | 55806 | 55806 | 558203 | 558203 |  | 205071 | 205071 | 621016 | 621016 | 62007 | 62007 | 926725 | 926725 | 293897 | 293897 |  | 45420837 | 45420837 |  |  |  |
|  | Receivable for investments sold |  |  |  |  | 748671 | 748671 | 748671 |  |  |  | 250203 | 250203 |  |  |  |  | 751217 | 751217 | 173289 | 173289 |  |  |  |  |  |  |
|  | Due from Advisor under an expense limitation agreement |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 4941 | 4941 |  |  |  |  |  |  |  |  |
|  | Unrealized appreciation on swap agreements | 56598 | 56598 |  |  |  |  |  |  |  |  |  |  |  |  | 2928 | 2928 |  |  |  |  |  |  |  |  |  |  |
|  | Variation margin on futures contracts | 2727 | 2727 |  |  |  |  |  |  |  |  |  |  |  |  | 418033 | 418033 |  |  |  |  |  |  |  |  |  |  |
|  | Prepaid expenses | 32797 | 32797 | 35521 | 35521 | 26211 | 26211 | 26211 | 17213 | 17213 |  | 13634 | 13634 | 15910 | 15910 | 19326 | 19326 | 17283 | 17283 | 22999 | 22999 |  | 153305 | 153305 |  |  |  |
|  | Receivable for tax reclaims |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 117 | 117 |  |  |  |  |  |  |  |  |
|  | TOTAL ASSETS | 5922328 | 5922328 | 174478700 | 174478700 | 28567868 | 28567868 | 28567868 | 43230235 | 43230235 | 19724696 | 19724696 | 19724696 | 8549716 | 8549716 | 30418413 | 30418413 | 18504597 | 18504597 | 39813427 | 39813427 |  | 1243603998 | 1243603998 |  |  |  |
| LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: |  |  |
|  | Payable for investments purchased |  |  | 42886 | 42886 |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 216187 | 216187 |  |  |  |  |  |  |
|  | Payable for collateral for securities loaned |  |  |  |  | 1644056 | 1644056 | 1644056 |  |  |  | 937718 | 937718 |  |  |  |  | 766522 | 766522 | 114321 | 114321 |  |  |  |  |  |  |
|  | Payable for capital shares redeemed | 149822 | 149822 | 1478024 | 1478024 | 1024219 | 1024219 | 1024219 | 121795 | 121795 |  | 623398 | 623398 | 11681 | 11681 | 1258563 | 1258563 | 3083253 | 3083253 | 142868 | 142868 |  | 2754105 | 2754105 |  |  |  |
|  | Unrealized depreciation on swap agreements |  |  | 1188630 | 1188630 | 655239 | 655239 | 655239 | 137198 | 137198 |  | 653366 | 653366 | 241269 | 241269 |  |  | 453363 | 453363 | 667319 | 667319 |  | 21473311 | 21473311 |  |  |  |
|  | Variation margin on futures contracts |  |  | 83064 | 83064 |  |  |  | 7420 | 7420 |  |  |  |  |  |  |  |  |  | 34369 | 34369 |  | 4306058 | 4306058 |  |  |  |
|  | Advisory fees payable | 1722 | 1722 | 110862 | 110862 | 1645 | 1645 | 1645 | 27907 | 27907 |  | 8135 | 8135 | 4297 | 4297 | 22157 | 22157 |  |  | 22745 | 22745 |  | 784319 | 784319 |  |  |  |
|  | Management services fees payable | 344 | 344 | 22172 | 22172 | 329 | 329 | 329 | 5581 | 5581 |  | 1627 | 1627 | 859 | 859 | 3693 | 3693 |  |  | 4549 | 4549 |  | 156865 | 156865 |  |  |  |
|  | Administration and fund accounting fees payable | 654 | 654 | 18126 | 18126 | 2721 | 2721 | 2721 | 4429 | 4429 |  | 1481 | 1481 | 795 | 795 | 3119 | 3119 | 1460 | 1460 | 3901 | 3901 |  | 126377 | 126377 |  |  |  |
|  | Distribution and services fees payable—Service Class |  | 37 | 2054 | 2054 | 847 | 847 | 847 | 1634 | 1634 |  | 347 | 347 | 310 | 310 | 292 | 292 | 392 | 392 | 1341 | 1341 |  | 19316 | 19316 |  |  |  |
|  | Transfer agent fees payable | 222 | 222 | 5374 | 5374 | 843 | 843 | 843 | 1489 | 1489 |  | 571 | 571 | 250 | 250 | 1122 | 1122 | 801 | 801 | 1085 | 1085 |  | 39767 | 39767 |  |  |  |
|  | Trustee fees payable |  |  |  | 7 |  |  | 1 |  | 1 |  |  |  |  |  |  | 1 |  |  |  | 1 |  |  | 50 |  |  |  |
|  | Compliance services fees payable |  | 22 | 620 | 620 |  | 75 | 75 | 129 | 129 |  |  | 31 |  | 19 |  | 80 |  | 33 | 101 | 101 |  | 4758 | 4758 |  |  |  |
|  | Service fees payable |  | 17 | 488 | 488 |  | 75 | 75 | 123 | 123 |  |  | 41 |  | 23 |  | 82 |  | 41 | 100 | 100 |  | 3456 | 3456 |  |  |  |
|  | Other accrued expenses | 15337 | 15337 | 44293 | 44293 | 18790 | 18790 | 18790 | 19407 | 19407 | 10863 | 10863 | 10863 | 11223 | 11223 | 11162 | 11162 | 3151 | 3151 | 17540 | 17540 |  | 29325 | 29325 |  |  |  |
|  | TOTAL LIABILITIES | 168177 | 168177 | 2996600 | 2996600 | 3348840 | 3348840 | 3348840 | 327113 | 327113 | 2237578 | 2237578 | 2237578 | 270726 | 270726 | 1300271 | 1300271 | 4309016 | 4309016 | 1226427 | 1226427 |  | 29697707 | 29697707 |  |  |  |
|  | 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) | 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) | 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) | 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) | Commitments and contingencies (Note 4) |  |  |
| NET ASSETS | NET ASSETS | $5754151 | 5754151 | $171482100 | 171482100 | $25219028 | 25219028 | 25219028 | $42903122 | 42903122 | $ | $17487118 | 17487118 | $8278990 | 8278990 | $29118142 | 29118142 | $14195581 | 14195581 | $38587000 | 38587000 |  | $1213906291 | 1213906291 |  |  |  |
| NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | 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 | $115449573 | 115449573 | $89291567 | 89291567 | $71890034 | 71890034 | 71890034 | $20533824 | 20533824 | $ | $17418733 | 17418733 | $7453415 | 7453415 | $26015186 | 26015186 | $36816647 | 36816647 | $27223813 | 27223813 |  | $641831817 | 641831817 |  |  |  |
|  | Total distributable earnings (loss) | (109695422 | (109695422) | 82190533 | 82190533 | (46671006 | (46671006 | (46671006) | 22369298 | 22369298 | 68385 | 68385 | 68385 | 825575 | 825575 | 3102956 | 3102956 | (22621066 | (22621066) | 11363187 | 11363187 |  | 572074474 | 572074474 |  |  |  |
| NET ASSETS | NET ASSETS | $5754151 | 5754151 | $171482100 | 171482100 | $25219028 | 25219028 | 25219028 | $42903122 | 42903122 | $ | $17487118 | 17487118 | $8278990 | 8278990 | $29118142 | 29118142 | $14195581 | 14195581 | $38587000 | 38587000 |  | $1213906291 | 1213906291 |  |  |  |
| NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: |  |  |
|  | Investor Class | $5746292 | 5746292 | $169110725 | 169110725 | $24093456 | 24093456 | 24093456 | $40818004 | 40818004 | $ | $17058602 | 17058602 | $7778983 | 7778983 | $28877198 | 28877198 | $13708159 | 13708159 | $34577005 | 34577005 |  | $1191237105 | 1191237105 |  |  |  |
|  | Service Class | 7859 | 7859 | 2371375 | 2371375 | 1125572 | 1125572 | 1125572 | 2085118 | 2085118 |  | 428516 | 428516 | 500007 | 500007 | 240944 | 240944 | 487422 | 487422 | 4009995 | 4009995 |  | 22669186 | 22669186 |  |  |  |
| SHARES OF BENEFICIAL INTEREST OUTSTANDING<br>(unlimited number of shares authorized, <br>no par value): | SHARES OF BENEFICIAL INTEREST OUTSTANDING<br>(unlimited number of shares authorized, <br>no par value): | SHARES OF BENEFICIAL INTEREST OUTSTANDING<br>(unlimited number of shares authorized, <br>no par value): | SHARES OF BENEFICIAL INTEREST OUTSTANDING<br>(unlimited number of shares authorized, <br>no par value): | SHARES OF BENEFICIAL INTEREST OUTSTANDING<br>(unlimited number of shares authorized, <br>no par value): | SHARES OF BENEFICIAL INTEREST OUTSTANDING<br>(unlimited number of shares authorized, <br>no par value): | SHARES OF BENEFICIAL INTEREST OUTSTANDING<br>(unlimited number of shares authorized, <br>no par value): | SHARES OF BENEFICIAL INTEREST OUTSTANDING<br>(unlimited number of shares authorized, <br>no par value): | SHARES OF BENEFICIAL INTEREST OUTSTANDING<br>(unlimited number of shares authorized, <br>no par value): | SHARES OF BENEFICIAL INTEREST OUTSTANDING<br>(unlimited number of shares authorized, <br>no par value): | SHARES OF BENEFICIAL INTEREST OUTSTANDING<br>(unlimited number of shares authorized, <br>no par value): | SHARES OF BENEFICIAL INTEREST OUTSTANDING<br>(unlimited number of shares authorized, <br>no par value): | SHARES OF BENEFICIAL INTEREST OUTSTANDING<br>(unlimited number of shares authorized, <br>no par value): | SHARES OF BENEFICIAL INTEREST OUTSTANDING<br>(unlimited number of shares authorized, <br>no par value): | SHARES OF BENEFICIAL INTEREST OUTSTANDING<br>(unlimited number of shares authorized, <br>no par value): | SHARES OF BENEFICIAL INTEREST OUTSTANDING<br>(unlimited number of shares authorized, <br>no par value): | SHARES OF BENEFICIAL INTEREST OUTSTANDING<br>(unlimited number of shares authorized, <br>no par value): | SHARES OF BENEFICIAL INTEREST OUTSTANDING<br>(unlimited number of shares authorized, <br>no par value): | SHARES OF BENEFICIAL INTEREST OUTSTANDING<br>(unlimited number of shares authorized, <br>no par value): | SHARES OF BENEFICIAL INTEREST OUTSTANDING<br>(unlimited number of shares authorized, <br>no par value): | SHARES OF BENEFICIAL INTEREST OUTSTANDING<br>(unlimited number of shares authorized, <br>no par value): | SHARES OF BENEFICIAL INTEREST OUTSTANDING<br>(unlimited number of shares authorized, <br>no par value): | SHARES OF BENEFICIAL INTEREST OUTSTANDING<br>(unlimited number of shares authorized, <br>no par value): | SHARES OF BENEFICIAL INTEREST OUTSTANDING<br>(unlimited number of shares authorized, <br>no par value): | SHARES OF BENEFICIAL INTEREST OUTSTANDING<br>(unlimited number of shares authorized, <br>no par value): | SHARES OF BENEFICIAL INTEREST OUTSTANDING<br>(unlimited number of shares authorized, <br>no par value): |  |  |
|  | Investor Class | 818300 | 818300 | 1051207 | 1051207 | 913409 | 913409 | 913409 | 434376 | 434376 |  | 190786 | 190786 | 270531 | 270531 | 440729 | 440729 | 501603 | 501603 | 466140 | 466140 |  | 9334350 | 9334350 |  |  |  |
|  | Service Class | 1261 | 1261 | 20926 | 20926 | 49824 | 49824 | 49824 | 27101 | 27101 |  | 5350 | 5350 | 20678 | 20678 | 5416 | 5416 | 18693 | 18693 | 70673 | 70673 |  | 283351 | 283351 |  |  |  |
| 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): | 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): | 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): | 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): | NET ASSET VALUE<br>(offering and redemption price per share): | NET ASSET VALUE<br>(offering and redemption price per share): |  |  |
|  | Investor Class | $7.02 | 7.02 | $160.87 | 160.87 | $26.38 | 26.38 | 26.38 | $93.97 | 93.97 | $ | $89.41 | 89.41 | $28.75 | 28.75 | $65.52 | 65.52 | $27.33 | 27.33 | $74.18 | 74.18 |  | $127.62 | 127.62 |  |  |  |
|  | Service Class | 6.23 | 6.23 | 113.32 | 113.32 | 22.59 | 22.59 | 22.59 | 76.94 | 76.94 |  | 80.10 | 80.10 | 24.18 | 24.18 | 44.49 | 44.49 | 26.08 | 26.08 | 56.74 | 56.74 |  | 80.00 | 80.00 |  |  |  |
| <sup>(a)</sup> | Includes securities on loan valued at: | $— |  | $— |  | $1543937 | 1543937 | 1543937 | $— |  | $ | $887709 | 887709 | $— |  | $— |  | $724168 | 724168 | $108514 | 108514 |  | $— |  |  |  |  |

---

Amounts designated as ' – ' are $0 or have been rounded to $0.

**See accompanying notes to financial statements.**

**See accompanying notes to financial statements.**

January 31, 2026 (unaudited) **:: Statements of Assets and Liabilities :: 197**

**196 :: Statements of Assets and Liabilities ::** January 31, 2026 (unaudited)

---

| | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | UltraShort<br>China<br>ProFund |  |  | UltraShort<br>Emerging<br>Markets<br>ProFund | UltraShort<br>International<br>ProFund | UltraShort<br>International<br>ProFund | UltraShort<br>Japan<br>ProFund | | UltraShort<br>Latin America<br>ProFund | | UltraShort<br>Nasdaq-100<br>ProFund | | | UltraSmall-Cap<br>ProFund |  |  |  |
| ASSETS: | ASSETS: | ASSETS: | ASSETS: | ASSETS: | ASSETS: | ASSETS: | ASSETS: | ASSETS: | ASSETS: | ASSETS: | ASSETS: | ASSETS: | ASSETS: | ASSETS: | ASSETS: | ASSETS: | ASSETS: |
| Total Investment Securities, at cost | $2416000 | 2416000 | $1130000 | 1130000 | $390000 | 390000 | $2367000 | 2367000 | $1177000 | 1177000 | $4224000 | $407000 | 407000 | $14648000 | $3240000 | 3240000 | $34953076 |
| Securities, at value |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 38812259 |
| Repurchase agreements, at value | 2416000 | 2416000 | 1130000 | 1130000 | 390000 | 390000 | 2367000 | 2367000 | 1177000 | 1177000 | 4224000 | 407000 | 407000 | 14648000 | 3240000 | 3240000 | 14197000 |
| Total Investment Securities, at value | 2416000 | 2416000 | 1130000 | 1130000 | 390000 | 390000 | 2367000 | 2367000 | 1177000 | 1177000 | 4224000 | 407000 | 407000 | 14648000 | 3240000 | 3240000 | 53009259 |
| Cash |  | 84 | 465 | 465 | 309 | 309 | 232 | 232 | 127 | 127 |  | 845 | 845 | 102 | 141 | 141 | 46 |
| Segregated cash balances for futures contracts with brokers |  |  |  |  |  |  |  |  | 320158 | 320158 |  |  |  | 282736 | 39671 | 39671 | 1256025 |
| Segregated cash balances for swap agreements with custodian | 860 | 860 | 211 | 211 | 869 | 869 |  | 2 |  |  | 10649 | 279 | 279 | 84 | 934 | 934 | 1283 |
| Dividends and interest receivable | 472 | 472 | 221 | 221 |  | 76 | 462 | 462 | 788 | 788 | 825 |  | 79 | 3332 | 704 | 704 | 11166 |
| Receivable for capital shares issued | 124327 | 124327 | 7912 | 7912 | 185778 | 185778 | 59580 | 59580 | 133107 | 133107 | 2314902 | 64324 | 64324 | 380752 | 101012 | 101012 | 539815 |
| Receivable for investments sold |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 143596 |
| Due from Advisor under an expense limitation agreement | 3579 | 3579 | 2195 | 2195 | 551 | 551 | 361 | 361 | 4098 | 4098 | 692 | 3183 | 3183 |  | 2476 | 2476 |  |
| Unrealized appreciation on swap agreements | 100722 | 100722 | 6185 | 6185 | 22621 | 22621 | 90087 | 90087 |  |  | 178286 | 11802 | 11802 | 426864 | 129089 | 129089 |  |
| Variation margin on futures contracts |  |  |  |  |  |  |  |  |  |  |  |  |  | 26815 | 4022 | 4022 |  |
| Prepaid expenses | 29897 | 29897 | 30032 | 30032 | 16844 | 16844 | 19127 | 19127 | 34501 | 34501 | 21402 | 28337 | 28337 | 25161 | 29104 | 29104 | 15055 |
| TOTAL ASSETS | 2675941 | 2675941 | 1177221 | 1177221 | 617048 | 617048 | 2536851 | 2536851 | 1669779 | 1669779 | 6750756 | 515849 | 515849 | 15793846 | 3547153 | 3547153 | 54976245 |
| LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: |
| Cash overdraft |  |  |  |  |  |  |  |  |  |  | 9344 |  |  |  |  |  |  |
| Payable for capital shares redeemed | 179611 | 179611 | 108174 | 108174 | 195966 | 195966 | 662645 | 662645 | 9440 | 9440 | 601780 |  |  | 410675 | 408193 | 408193 | 1436363 |
| Payable for closed swap positions |  |  |  |  |  |  |  |  |  |  |  | 28422 | 28422 |  |  |  |  |
| Unrealized depreciation on swap agreements |  |  |  |  |  |  |  |  | 5005 | 5005 |  |  |  |  |  |  | 1256751 |
| Variation margin on futures contracts |  |  |  |  |  |  |  |  | 36625 | 36625 |  |  |  |  |  |  | 25927 |
| Advisory fees payable |  |  |  |  |  |  |  |  |  |  |  |  |  | 5805 |  |  | 35129 |
| Management services fees payable |  |  |  |  |  |  |  |  |  |  |  |  |  | 1162 |  |  | 7026 |
| Administration and fund accounting fees payable | 208 | 208 | 131 | 131 |  | 42 | 362 | 362 | 157 | 157 | 104 |  | 49 | 1479 | 372 | 372 | 7255 |
| Distribution and services fees payable—Service Class |  | 3 |  | 5 |  | 4 |  | 2 |  | 0 | 2 |  | 0 | 44 |  | 7 | 652 |
| Transfer agent fees payable |  | 88 |  | 39 |  | 11 | 89 | 89 |  | 38 | 33 |  | 21 | 411 | 104 | 104 | 1620 |
| Trustee fees payable |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 2 |
| Compliance services fees payable |  | 4 |  | 3 |  | 4 |  | 6 |  | 4 | 2 |  | 2 | 38 |  | 11 | 223 |
| Service fees payable |  | 6 |  | 3 |  | 1 | 10 | 10 |  | 4 | 3 |  | 1 | 39 |  | 10 | 155 |
| Other accrued expenses | 11702 | 11702 | 15500 | 15500 | 12261 | 12261 | 11649 | 11649 | 13077 | 13077 | 4592 | 9643 | 9643 | 17135 | 12060 | 12060 | 24964 |
| TOTAL LIABILITIES | 191622 | 191622 | 123855 | 123855 | 208289 | 208289 | 674763 | 674763 | 64350 | 64350 | 615860 | 38138 | 38138 | 436788 | 420757 | 420757 | 2796067 |
| 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) | 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) | 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 | $2484319 | 2484319 | $1053366 | 1053366 | $408759 | 408759 | $1862088 | 1862088 | $1605429 | 1605429 | $6134896 | $477711 | 477711 | $15357058 | $3126396 | 3126396 | $52180178 |
| NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | 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 | $13755143 | 13755143 | $27212016 | 27212016 | $14001417 | 14001417 | $21581397 | 21581397 | $13621047 | 13621047 | $23970742 | $12085179 | 12085179 | $125747516 | $61521729 | 61521729 | $57667234 |
| Total distributable earnings (loss) | (11270824 | (11270824) | (26158650 | (26158650) | (13592658 | (13592658) | (19719309 | (19719309) | (12015618 | (12015618 | (17835846 | (11607468 | (11607468) | (110390458) | (58395333 | (58395333 | (5487056 |
| NET ASSETS | $2484319 | 2484319 | $1053366 | 1053366 | $408759 | 408759 | $1862088 | 1862088 | $1605429 | 1605429 | $6134896 | $477711 | 477711 | $15357058 | $3126396 | 3126396 | $52180178 |
| NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: |
| Investor Class | $2477675 | 2477675 | $1047583 | 1047583 | $402747 | 402747 | $1859828 | 1859828 | $1605201 | 1605201 | $6133482 | $477694 | 477694 | $15304540 | $3126129 | 3126129 | $51380969 |
| Service Class | 6644 | 6644 | 5783 | 5783 | 6012 | 6012 | 2260 | 2260 | 228 | 228 | 1414 |  | 17 | 52518 | 267 | 267 | 799209 |
| SHARES OF BENEFICIAL INTEREST OUTSTANDING<br>(unlimited number of shares authorized, <br>no par value): | SHARES OF BENEFICIAL INTEREST OUTSTANDING<br>(unlimited number of shares authorized, <br>no par value): | SHARES OF BENEFICIAL INTEREST OUTSTANDING<br>(unlimited number of shares authorized, <br>no par value): | SHARES OF BENEFICIAL INTEREST OUTSTANDING<br>(unlimited number of shares authorized, <br>no par value): | SHARES OF BENEFICIAL INTEREST OUTSTANDING<br>(unlimited number of shares authorized, <br>no par value): | SHARES OF BENEFICIAL INTEREST OUTSTANDING<br>(unlimited number of shares authorized, <br>no par value): | SHARES OF BENEFICIAL INTEREST OUTSTANDING<br>(unlimited number of shares authorized, <br>no par value): | SHARES OF BENEFICIAL INTEREST OUTSTANDING<br>(unlimited number of shares authorized, <br>no par value): | SHARES OF BENEFICIAL INTEREST OUTSTANDING<br>(unlimited number of shares authorized, <br>no par value): | SHARES OF BENEFICIAL INTEREST OUTSTANDING<br>(unlimited number of shares authorized, <br>no par value): | SHARES OF BENEFICIAL INTEREST OUTSTANDING<br>(unlimited number of shares authorized, <br>no par value): | SHARES OF BENEFICIAL INTEREST OUTSTANDING<br>(unlimited number of shares authorized, <br>no par value): | SHARES OF BENEFICIAL INTEREST OUTSTANDING<br>(unlimited number of shares authorized, <br>no par value): | SHARES OF BENEFICIAL INTEREST OUTSTANDING<br>(unlimited number of shares authorized, <br>no par value): | SHARES OF BENEFICIAL INTEREST OUTSTANDING<br>(unlimited number of shares authorized, <br>no par value): | SHARES OF BENEFICIAL INTEREST OUTSTANDING<br>(unlimited number of shares authorized, <br>no par value): | SHARES OF BENEFICIAL INTEREST OUTSTANDING<br>(unlimited number of shares authorized, <br>no par value): | SHARES OF BENEFICIAL INTEREST OUTSTANDING<br>(unlimited number of shares authorized, <br>no par value): |
| Investor Class | 1259552 | 1259552 | 121965 | 121965 | 65144 | 65144 | 191975 | 191975 | 85751 | 85751 | 401281 | 20898 | 20898 | 982300 | 105764 | 105764 | 620858 |
| Service Class | 3842 | 3842 | 773 | 773 | 1080 | 1080 | 254 | 254 |  | 12 | 101 |  | 1 | 3637 |  | 10 | 12272 |
| 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): | 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): | 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 | $1.97 | 1.97 | $8.59 | 8.59 | $6.18 | 6.18 | $9.69 | 9.69 | $18.72 | 18.72 | $15.28 | $22.86 | 22.86 | $15.58 | $29.56 | 29.56 | $82.76 |
| Service Class | 1.73 | 1.73 | 7.48 | 7.48 | 5.57 | 5.57 | 8.90 | 8.90 | 18.87<sup>(a</sup> | 18.87<sup>(a</sup> | 14.04<sup>(b</sup> | 20.59 | 20.59<br> <sup>(c)</sup> | 14.44 | 27.92<sup>(d</sup> | 27.92<sup>(d</sup> | 65.12 |

---

<sup>(a)</sup>

The net asset value has been calculated using unrounded net assets of $228.06 and unrounded shares outstanding of 12.09.

<sup>(b)</sup>

The net asset value has been calculated using unrounded net assets of $1,413.63 and unrounded shares outstanding of 100.70.

<sup>(c)</sup>

The net asset value has been calculated using unrounded net assets of $17.47 and unrounded shares outstanding of 0.85.

<sup>(d)</sup>

The net asset value has been calculated using unrounded net assets of $266.97 and unrounded shares outstanding of 9.56.

Amounts designated as ' – ' are $0 or have been rounded to $0.

**See accompanying notes to financial statements.**

**See accompanying notes to financial statements.**

**198 :: Statements of Assets and Liabilities ::** January 31, 2026 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | U.S. Government<br>Plus<br>ProFund | U.S. Government<br>Plus<br>ProFund |  |  |
| ASSETS: | ASSETS: | ASSETS: | ASSETS: | ASSETS: |
| Total Investment Securities, at cost | Total Investment Securities, at cost | $6243000 | $4604641 | 4604641 |
| Securities, at value |  |  | 8188167 | 8188167 |
| Repurchase agreements, at value | Repurchase agreements, at value | 6243000 | 1839000 | 1839000 |
| Total Investment Securities, at value |  | 6243000 | 10027167 | 10027167 |
| Cash |  | 915 | 4228 | 4228 |
| Segregated cash balances for swap agreements with custodian |  | 2000 | 1583 | 1583 |
| Dividends and interest receivable |  | 1219 | 1974 | 1974 |
| Receivable for capital shares issued |  | 99456 | 439842 | 439842 |
| Due from Advisor under an expense limitation agreement |  | 203 |  |  |
| Unrealized appreciation on swap agreements |  |  | 104901 | 104901 |
| Prepaid expenses | Prepaid expenses | 32648 | 61596 | 61596 |
| TOTAL ASSETS | TOTAL ASSETS | 6379441 | 10641291 | 10641291 |
| LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: |
| Payable for investments purchased |  | 70 |  |  |
| Payable for capital shares redeemed |  | 3244787 | 156346 | 156346 |
| Unrealized depreciation on swap agreements |  | 97876 |  |  |
| Advisory fees payable |  |  | 9382 | 9382 |
| Management services fees payable |  |  | 1876 | 1876 |
| Administration and fund accounting fees payable |  | 467 | 1650 | 1650 |
| Distribution and services fees payable—Service Class |  | 595 | 315 | 315 |
| Transfer agent fees payable |  | 164 | 373 | 373 |
| Trustee fees payable |  |  |  | 1 |
| Compliance services fees payable |  | 15 | 47 | 47 |
| Service fees payable |  | 13 | 41 | 41 |
| Other accrued expenses | Other accrued expenses | 18772 | 25302 | 25302 |
| TOTAL LIABILITIES | TOTAL LIABILITIES | 3362759 | 195333 | 195333 |
| 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 | NET ASSETS | $3016682 | $10445958 | 10445958 |
| NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: |
| Capital | Capital | $12612672 | $10676674 | 10676674 |
| Total distributable earnings (loss) | Total distributable earnings (loss) | (9595990 | (230716 | (230716) |
| NET ASSETS | NET ASSETS | $3016682 | $10445958 | 10445958 |
| NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: |
| Investor Class | Investor Class | $2471316 | $10184685 | 10184685 |
| Service Class |  | 545366 | 261273 | 261273 |
| SHARES OF BENEFICIAL INTEREST OUTSTANDING<br>(unlimited number of shares authorized, <br>no par value): | SHARES OF BENEFICIAL INTEREST OUTSTANDING<br>(unlimited number of shares authorized, <br>no par value): | SHARES OF BENEFICIAL INTEREST OUTSTANDING<br>(unlimited number of shares authorized, <br>no par value): | SHARES OF BENEFICIAL INTEREST OUTSTANDING<br>(unlimited number of shares authorized, <br>no par value): | SHARES OF BENEFICIAL INTEREST OUTSTANDING<br>(unlimited number of shares authorized, <br>no par value): |
| Investor Class |  | 77432 | 123174 | 123174 |
| Service Class |  | 18962 | 3398 | 3398 |
| 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 | Investor Class | $31.92 | $82.69 | 82.69 |
| Service Class |  | 28.76 | 76.89 | 76.89 |

---

Amounts designated as ' – ' are $0 or have been rounded to $0.

**See accompanying notes to financial statements.**

**Statements of Operations**

For the Periods Indicated (unaudited) **:: Statements of Operations :: 201**

**200 :: Statements of Operations ::** For the Periods Indicated (unaudited)

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Access Flex <br>Bear <br>High Yield<br>ProFund |  | Banks<br>UltraSector<br>ProFund | Bear<br>ProFund | Biotechnology<br>UltraSector<br>ProFund |  | Communication<br>Services<br>UltraSector<br>ProFund |  | Consumer<br>Discretionary<br>UltraSector<br>ProFund | Consumer<br>Staples<br>UltraSector<br>ProFund |  |  |  |  |
| | Six Months <br>Ended <br>January 31, <br>2026 |  | Six Months<br>Ended<br>January 31, <br>2026 | Six Months<br>Ended<br>January 31, <br>2026 | Six Months<br>Ended<br>January 31,<br>2026 |  | | | Six Months<br>Ended<br>January 31,<br>2026 | Six Months<br>Ended<br>January 31,<br>2026 |  |  |  |  |
| INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: |
| Dividends | $— |  | $— | $89292 | $— |  | $65866 | $314751 | 314751 | $150125 | $111444 | $44293 | 44293 | $236565 |
| Interest | 14951 | 14951 | 313772 | 34669 | 152288 | 152288 | 508376 | 392154 | 392154 | 128218 | 151368 | 17360 | 17360 | 72615 |
| Foreign tax withholding |  |  |  |  |  |  |  |  | (79) |  |  |  |  |  |
| Net income from securities lending |  |  |  | 790 |  |  | 20447 | 368 | 368 | 16512 |  | 3 | 3 |  |
| TOTAL INVESTMENT INCOME | 14951 | 14951 | 313772 | 124751 | 152288 | 152288 | 594689 | 707194 | 707194 | 294855 | 262812 | 61656 | 61656 | 309180 |
| EXPENSES: | EXPENSES: | EXPENSES: | EXPENSES: | EXPENSES: | EXPENSES: | EXPENSES: | EXPENSES: | EXPENSES: | EXPENSES: | EXPENSES: | EXPENSES: | EXPENSES: | EXPENSES: | EXPENSES: |
| Advisory fees | 4059 | 4059 | 66842 | 31958 | 29242 | 29242 | 418630 | 261805 | 261805 | 113557 | 136325 | 15379 | 15379 | 66923 |
| Management services fees | 812 | 812 | 13369 | 6392 | 5848 | 5848 | 83726 | 52361 | 52361 | 22712 | 27265 | 3076 | 3076 | 13385 |
| Administration and fund accounting fees | 278 | 278 | 8445 | 4073 | 4168 | 4168 | 69685 | 42240 | 42240 | 18829 | 19796 | 1681 | 1681 | 7341 |
| Distribution and service fees—Service Class | 21 | 21 | 12441 | 3417 | 1831 | 1831 | 14076 | 44818 | 44818 | 3490 | 4205 | 2274 | 2274 | 3420 |
| Transfer agency fees | 173 | 173 | 3059 | 1466 | 1714 | 1714 | 18554 | 17757 | 17757 | 5387 | 5558 | 617 | 617 | 2714 |
| Administrative services fees | 494 | 494 | 10221 | 4767 | 4437 | 4437 | 104340 | 45954 | 45954 | 29211 | 28673 | 1826 | 1826 | 8678 |
| Registration and filing fees | 16305 | 16305 | 18838 | 17713 | 26913 | 26913 | 22790 | 36144 | 36144 | 40428 | 44372 | 20233 | 20233 | 35259 |
| Custody fees | 91 | 91 | 1371 | 508 | 533 | 533 | 8371 | 5691 | 5691 | 2777 | 2473 | 219 | 219 | 1086 |
| Trustee fees |  | 6 | 91 | 41 |  | 51 | 683 | 456 | 456 | 191 | 213 | 17 | 17 | 79 |
| Compliance service fees |  | 1 | 41 | 20 |  | 10 | 466 | 265 | 265 | 96 | 74 |  | 9 | 23 |
| Service fees | 55 | 55 | 167 | 98 | 101 | 101 | 1854 | 997 | 997 | 471 | 467 | 42 | 42 | 181 |
| Other fees | 1223 | 1223 | 5374 | 3618 | 3318 | 3318 | 61510 | 30396 | 30396 | 22077 | 17658 | 1997 | 1997 | 6768 |
| Recoupment of prior expenses reduced by Advisor |  |  | 8039 |  |  |  |  |  |  | 4631 |  |  |  |  |
| Total Gross Expenses before reductions | 23518 | 23518 | 148298 | 74071 | 78166 | 78166 | 804685 | 538884 | 538884 | 263857 | 287079 | 47370 | 47370 | 145857 |
| Expenses reduced and reimbursed by the Advisor | (13772 | (13772) |  |  | (6921 | (6921) |  |  |  |  |  | (8591 | (8591) |  |
| Fees paid indirectly | (91 | (91) | (1335) | (31) | (15 | (15) | (622) | (26 | (26 | (39 | (87) | (7 | (7) | (7) |
| TOTAL NET EXPENSES | 9655 | 9655 | 146963 | 74040 | 71230 | 71230 | 804063 | 538858 | 538858 | 263818 | 286992 | 38772 | 38772 | 145850 |
| NET INVESTMENT INCOME (LOSS) | 5296 | 5296 | 166809 | 50711 | 81058 | 81058 | (209374) | 168336 | 168336 | 31037 | (24180) | 22884 | 22884 | 163330 |
| 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: | 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: | 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 |  |  |  | 521130 |  |  | 3305912 | 1825576 | 1825576 | (419518 | 1052694 | 95984 | 95984 | 1328454 |
| Net realized gains (losses) on futures contracts |  |  |  |  | (73856 | (73856) |  | 442842 | 442842 |  |  |  |  |  |
| Net realized gains (losses) on swap agreements | (68869 | (68869) | 289717 | 297365 | (157967 | (157967) | 23879156 | 597633 | 597633 | 1149456 | 959944 | 87917 | 87917 | 1287605 |
| Change in net unrealized appreciation/depreciation on <br>investment securities |  |  |  | 291384 |  |  | 21796356 | 2791449 | 2791449 | 2863632 | 1429033 | 145796 | 145796 | 775989 |
| Change in net unrealized appreciation/depreciation on <br>futures contracts |  |  |  |  | 25989 | 25989 |  | (155787 | (155787) |  |  |  |  |  |
| Change in net unrealized appreciation/depreciation on <br>swap agreements | (8226 | (8226) | 35418 | 323540 | (314593 | (314593) | (2248189) | 47792 | 47792 | 872276 | 772522 | 128325 | 128325 | 532511 |
| NET REALIZED AND UNREALIZED GAINS <br>(LOSSES) ON INVESTMENTS | (77095 | (77095) | 325135 | 1433419 | (520427 | (520427) | 46733235 | 5549505 | 5549505 | 4465846 | 4214193 | 458022 | 458022 | 3924559 |
| CHANGE IN NET ASSETS RESULTING <br>FROM OPERATIONS | $(71799 | (71799) | $491944 | $1484130 | $(439369 | (439369) | $46523861 | $5717841 | 5717841 | $4496883 | $4190013 | $480906 | 480906 | $4087889 |

---

Amounts designated as ' – ' are $0 or have been rounded to $0.

**See accompanying notes to financial statements.**

**See accompanying notes to financial statements.**

For the Periods Indicated (unaudited) **:: Statements of Operations :: 203**

**202 :: Statements of Operations ::** For the Periods Indicated (unaudited)

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| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Europe 30 <br>ProFund |  |  | Financials<br>UltraSector<br>ProFund |  | Internet<br>UltraSector<br>ProFund | Large-Cap<br>Growth<br>ProFund | Large-Cap<br>Value<br>ProFund |  | Mid-Cap<br>Growth<br>ProFund |  |  |  |  |  |
| | Six Months <br>Ended <br>January 31, <br>2026 |  |  | Six Months<br>Ended<br>January 31,<br>2026 |  | Six Months<br>Ended<br>January 31,<br>2026 | Six Months<br>Ended<br>January 31,<br>2026 | Six Months<br>Ended<br>January 31,<br>2026 |  | Six Months<br>Ended<br>January 31,<br>2026 |  |  |  |  |  |
| INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: |
| Dividends | $57062 | 57062 | $— |  | $138492 | $152586 | $40317 | $120945 | $78181 | 78181 | $163289 | 163289 | $97873 | $20414 | 20414 |
| Interest |  |  | 27913 | 27913 | 98238 | 94727 | 30142 | 386874 | 552 | 552 | 1227 | 1227 | 52964 |  | 54 |
| Foreign tax withholding | (4223 | (4223) |  |  |  |  |  |  | (21 | (21) | (12 | (12) |  |  | (45) |
| Net income from securities lending | 1438 | 1438 |  |  |  |  |  | 26 |  |  | 61 | 61 |  | 20 | 20 |
| TOTAL INVESTMENT INCOME | 54277 | 54277 | 27913 | 27913 | 236730 | 247313 | 70459 | 507845 | 78712 | 78712 | 164565 | 164565 | 150837 | 20443 | 20443 |
| EXPENSES: | EXPENSES: | EXPENSES: | EXPENSES: | EXPENSES: | EXPENSES: | EXPENSES: | EXPENSES: | EXPENSES: | EXPENSES: | EXPENSES: | EXPENSES: | EXPENSES: | EXPENSES: | EXPENSES: | EXPENSES: |
| Advisory fees | 17810 | 17810 | 5378 | 5378 | 85828 | 84001 | 26906 | 375110 | 87998 | 87998 | 62297 | 62297 | 44237 | 17394 | 17394 |
| Management services fees | 3562 | 3562 | 1076 | 1076 | 17165 | 16800 | 5381 | 75022 | 17600 | 17600 | 12459 | 12459 | 8847 | 3479 | 3479 |
| Administration and fund accounting fees | 2061 | 2061 | 939 | 939 | 10857 | 14481 | 4597 | 51477 | 13290 | 13290 | 7517 | 7517 | 8820 | 3302 | 3302 |
| Distribution and service fees—Service Class | 3035 | 3035 | 100 | 100 | 2371 | 4568 | 1651 | 20875 | 9773 | 9773 | 9192 | 9192 | 1684 | 3234 | 3234 |
| Transfer agency fees | 764 | 764 | 301 | 301 | 3277 | 3904 | 1606 | 15598 | 5096 | 5096 | 2357 | 2357 | 4412 | 1048 | 1048 |
| Administrative services fees | 2453 | 2453 | 1209 | 1209 | 15020 | 22225 | 5492 | 63057 | 14803 | 14803 | 8706 | 8706 | 12369 | 3445 | 3445 |
| Registration and filing fees | 15533 | 15533 | 13545 | 13545 | 38745 | 28720 | 34592 | 30814 | 36703 | 36703 | 55993 | 55993 | 21877 | 15166 | 15166 |
| Custody fees | 2032 | 2032 | 4941 | 4941 | 1342 | 1961 | 878 | 6712 | 2232 | 2232 | 2638 | 2638 | 1306 | 721 | 721 |
| Trustee fees |  | 22 | 10 | 10 | 108 | 138 | 46 | 548 | 155 | 155 |  | 66 | 103 |  | 30 |
| Compliance service fees |  | 11 |  | 4 | 16 | 102 | 24 | 234 |  | 49 |  | 26 | 69 |  | 15 |
| Licensing fees |  |  | 4037 | 4037 | 2136 | 4409 | 1226 | 9007 | 1426 | 1426 | 768 | 768 | 2771 | 201 | 201 |
| Service fees |  | 51 | 24 | 24 | 230 | 389 | 113 | 1252 | 306 | 306 | 141 | 141 | 246 |  | 72 |
| Other fees | 1797 | 1797 | 1374 | 1374 | 8177 | 9121 | 3565 | 30115 | 9320 | 9320 | 4852 | 4852 | 5673 | 2607 | 2607 |
| Total Gross Expenses before reductions | 49131 | 49131 | 32938 | 32938 | 185272 | 190819 | 86077 | 679821 | 198751 | 198751 | 167012 | 167012 | 112414 | 50714 | 50714 |
| Expenses reduced and reimbursed by the Advisor | (3815 | (3815) | (20061 | (20061) | (2270) |  | (20550) |  |  |  | (9968 | (9968) | (17576) | (6197 | (6197) |
| Fees paid indirectly |  |  | (13 | (13) | (40) | (78) | (20) | (229) |  |  |  |  | (53) |  |  |
| TOTAL NET EXPENSES | 45316 | 45316 | 12864 | 12864 | 182962 | 190741 | 65507 | 679592 | 198751 | 198751 | 157044 | 157044 | 94785 | 44517 | 44517 |
| NET INVESTMENT INCOME (LOSS) | 8961 | 8961 | 15049 | 15049 | 53768 | 56572 | 4952 | (171747) | (120039 | (120039) | 7521 | 7521 | 56052 | (24074 | (24074) |
| 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: | 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: | 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 | 234825 | 234825 |  |  | 648980 | 432035 | 368045 | 5435283 | 2134672 | 2134672 | 1441312 | 1441312 | 1004465 | 167004 | 167004 |
| Net realized gains (losses) on swap agreements |  |  |  |  | (909479) | 1501453 | 134979 | (3349733) |  |  |  |  | 2539439 |  |  |
| Net realized gains (losses) on forward currency contracts |  |  | (44778 | (44778) |  |  |  |  |  |  |  |  |  |  |  |
| Change in net unrealized appreciation/depreciation on <br>investment securities | 784027 | 784027 |  |  | (792205) | 1207853 | 46251 | (9244464) | 5630 | 5630 | (32885 | (32885) | 1425391 | 85143 | 85143 |
| Change in net unrealized appreciation/depreciation on <br>swap agreements |  |  |  |  | 409868 | (161886) | 127968 | (1346178) |  |  |  |  | (203856) |  |  |
| Change in net unrealized appreciation/depreciation on <br>forward currency contracts |  |  | 69776 | 69776 |  |  |  |  |  |  |  |  |  |  |  |
| NET REALIZED AND UNREALIZED GAINS <br>(LOSSES) ON INVESTMENTS | 1018852 | 1018852 | 24998 | 24998 | (642836) | 2979455 | 677243 | (8505092) | 2140302 | 2140302 | 1408427 | 1408427 | 4765439 | 252147 | 252147 |
| CHANGE IN NET ASSETS RESULTING <br>FROM OPERATIONS | $1027813 | 1027813 | $40047 | 40047 | $(589068) | $3036027 | $682195 | $(8676839) | $2020263 | 2020263 | $1415948 | 1415948 | $4821491 | $228073 | 228073 |

---

Amounts designated as ' – ' are $0 or have been rounded to $0.

**See accompanying notes to financial statements.**

**See accompanying notes to financial statements.**

For the Periods Indicated (unaudited) **:: Statements of Operations :: 205**

**204 :: Statements of Operations ::** For the Periods Indicated (unaudited)

---

| | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Mid-Cap <br>ProFund |  |  | Nasdaq-100<br>ProFund | Oil & Gas<br>Equipment &<br>Services<br>UltraSector<br>ProFund | Pharmaceuticals<br>UltraSector<br>ProFund | Pharmaceuticals<br>UltraSector<br>ProFund | Precious<br>Metals<br>UltraSector<br>ProFund |  |  | Rising Rates<br>Opportunity<br>ProFund | Rising Rates<br>Opportunity 10<br>ProFund |  |  |  |  |  |
| | Six Months <br>Ended <br>January 31, <br>2026 |  |  | Six Months<br>Ended<br>January 31,<br>2026 | Six Months<br>Ended<br>January 31,<br>2026 | | Six Months<br>Ended<br>January 31,<br>2026 | Six Months<br>Ended<br>January 31,<br>2026 |  |  | Six Months<br>Ended<br>January 31,<br>2026 | Six Months<br>Ended<br>January 31,<br>2026 |  |  |  |  |  |
| INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: |
| Dividends | $28748 | 28748 | $36790 | 36790 | $289013 | $ | $90682 | $12494 | 12494 | $329395 | 329395 | $50933 | 50933 | $— | $— |  | $— |
| Interest | 35285 | 35285 |  | 68 | 1217635 |  | 51530 | 14306 | 14306 | 370863 | 370863 | 15303 | 15303 | 175445 | 10632 | 10632 | 157695 |
| Foreign tax withholding |  | (37) |  |  | (784) |  |  |  |  | (30724 | (30724) |  |  |  |  |  |  |
| Net income from securities lending | 22 | 22 | 10 | 10 | 20 | 289 | 289 | 69 | 69 | 6 | 6 |  |  |  |  |  |  |
| TOTAL INVESTMENT INCOME | 64018 | 64018 | 36868 | 36868 | 1505884 | 142501 | 142501 | 26869 | 26869 | 669540 | 669540 | 66236 | 66236 | 175445 | 10632 | 10632 | 157695 |
| EXPENSES: | EXPENSES: | EXPENSES: | EXPENSES: | EXPENSES: | EXPENSES: | EXPENSES: | EXPENSES: | EXPENSES: | EXPENSES: | EXPENSES: | EXPENSES: | EXPENSES: | EXPENSES: | EXPENSES: | EXPENSES: | EXPENSES: | EXPENSES: |
| Advisory fees | 20595 | 20595 | 17517 | 17517 | 522764 |  | 44314 | 13204 | 13204 | 332738 | 332738 | 13310 | 13310 | 33333 | 2077 | 2077 | 32822 |
| Management services fees | 4119 | 4119 | 3503 | 3503 | 112021 |  | 8863 | 2641 | 2641 | 66548 | 66548 | 2662 | 2662 | 6666 | 415 | 415 | 6564 |
| Administration and fund accounting fees | 3962 | 3962 | 6107 | 6107 | 101387 |  | 5547 | 1511 | 1511 | 47779 | 47779 | 1456 | 1456 | 4719 | 297 | 297 | 4763 |
| Distribution and service fees—Service Class | 8171 | 8171 | 1820 | 1820 | 47742 |  | 1089 | 1845 | 1845 | 25640 | 25640 | 1460 | 1460 | 427 | 130 | 130 | 144 |
| Transfer agency fees | 1714 | 1714 | 1360 | 1360 | 36851 |  | 1875 | 559 | 559 | 16148 | 16148 | 504 | 504 | 1634 | 126 | 126 | 3281 |
| Administrative services fees | 2385 | 2385 | 4682 | 4682 | 133065 |  | 7043 | 1632 | 1632 | 58340 | 58340 | 1757 | 1757 | 6133 | 348 | 348 | 1828 |
| Registration and filing fees | 16259 | 16259 | 26698 | 26698 | 81122 |  | 15150 | 14721 | 14721 | 30431 | 30431 | 24758 | 24758 | 23106 | 13055 | 13055 | 14111 |
| Custody fees | 385 | 385 | 2049 | 2049 | 14491 |  | 727 | 189 | 189 | 5464 | 5464 | 288 | 288 | 710 | 34 | 34 | 4261 |
| Trustee fees |  | 34 |  | 36 | 1097 |  | 57 | 15 | 15 | 461 | 461 | 15 | 15 | 52 |  | 3 | 52 |
| Compliance service fees |  | 16 |  | 63 | 509 |  | 32 |  | 8 | 301 | 301 |  | 7 | 21 |  | 1 | 25 |
| Licensing fees | 320 | 320 | 287 | 287 | 38519 |  | 1607 | 407 | 407 | 9138 | 9138 | 442 | 442 |  |  |  | 20367 |
| Service fees |  | 78 | 110 | 110 | 2453 |  | 141 | 37 | 37 | 1249 | 1249 | 36 | 36 | 114 |  | 7 | 119 |
| Other fees | 2479 | 2479 | 4987 | 4987 | 63475 | 3754 | 3754 | 1437 | 1437 | 28847 | 28847 | 1335 | 1335 | 3734 | 1079 | 1079 | 3622 |
| Total Gross Expenses before reductions | 60517 | 60517 | 69219 | 69219 | 1155496 |  | 90199 | 38206 | 38206 | 623084 | 623084 | 48030 | 48030 | 80649 | 17572 | 17572 | 91959 |
| Expenses reduced and reimbursed by the Advisor | (3447 | (3447) | (25827 | (25827) |  |  |  | (4993 | (4993 |  |  | (14972 | (14972) | (5340) | (12497 | (12497) | (13908) |
| Fees paid indirectly | (19 | (19) |  |  | (498) | (19 | (19 | (31 | (31 | (1534 | (1534) | (8 | (8) | (191) | (16 | (16 | (10) |
| TOTAL NET EXPENSES | 57051 | 57051 | 43392 | 43392 | 1154998 | 90180 | 90180 | 33182 | 33182 | 621550 | 621550 | 33050 | 33050 | 75118 | 5059 | 5059 | 78041 |
| NET INVESTMENT INCOME (LOSS) | 6967 | 6967 | (6524 | (6524) | 350886 | 52321 | 52321 | (6313 | (6313 | 47990 | 47990 | 33186 | 33186 | 100327 | 5573 | 5573 | 79654 |
| 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: | 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: | 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 | 282124 | 282124 | 182413 | 182413 | 13994551 |  | 149924 | 262073 | 262073 | 520722 | 520722 | 127773 | 127773 |  |  |  |  |
| Net realized gains (losses) on futures contracts |  |  |  |  | 1114874 |  |  |  |  |  |  |  |  |  |  |  |  |
| Net realized gains (losses) on swap agreements | 26632 | 26632 |  |  | 5546769 |  | 2357386 | 548289 | 548289 | 41194897 | 41194897 | (180405 | (180405) | (671180) | (18946 | (18946) |  |
| Net realized gains (losses) on forward currency contracts |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 149981 |
| Change in net unrealized appreciation/depreciation on <br>investment securities | 30735 | 30735 | (4520 | (4520) | (4812244) |  | 3395300 | 430282 | 430282 | 29280214 | 29280214 | (155641 | (155641) |  |  |  |  |
| Change in net unrealized appreciation/depreciation on <br>futures contracts |  |  |  |  | (500022) |  |  |  |  |  |  |  |  |  |  |  |  |
| Change in net unrealized appreciation/depreciation on <br>swap agreements | 37718 | 37718 |  |  | (90145) |  | 639004 | 43648 | 43648 | (12699497 | (12699497) | 95828 | 95828 | 475385 | 9512 | 9512 |  |
| Change in net unrealized appreciation/depreciation on <br>forward currency contracts |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (340537) |
| NET REALIZED AND UNREALIZED GAINS <br>(LOSSES) ON INVESTMENTS | 377209 | 377209 | 177893 | 177893 | 15253783 | 6541614 | 6541614 | 1284292 | 1284292 | 58296336 | 58296336 | (112445 | (112445) | (195795) | (9434 | (9434 | (190556) |
| CHANGE IN NET ASSETS RESULTING <br>FROM OPERATIONS | $384176 | 384176 | $171369 | 171369 | $15604669 | $ | $6593935 | $1277979 | 1277979 | $58344326 | 58344326 | $(79259 | (79259) | $(95468) | $(3861 | (3861) | $(110902) |

---

Amounts designated as ' – ' are $0 or have been rounded to $0.

**See accompanying notes to financial statements.**

**See accompanying notes to financial statements.**

For the Periods Indicated (unaudited) **:: Statements of Operations :: 207**

**206 :: Statements of Operations ::** For the Periods Indicated (unaudited)

---

| | | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | 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 |  | Short<br>Small-Cap<br>ProFund |  |  | Small-Cap<br>ProFund | Small-Cap<br>ProFund | Small-Cap<br>Value<br>ProFund |  |  |  |  |  |  |
| | |  | Six Months<br>Ended<br>January 31,<br>2026 |  | Six Months<br>Ended<br>January 31,<br>2026 | Six Months<br>Ended<br>January 31,<br>2026 | Six Months<br>Ended<br>January 31,<br>2026 |  | Six Months<br>Ended<br>January 31,<br>2026 |  |  | Six Months<br>Ended<br>January 31,<br>2026 | Six Months<br>Ended<br>January 31,<br>2026 | Six Months<br>Ended<br>January 31,<br>2026 |  |  |  |  |  |  |
| INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: |
| Dividends |  | $728448 | $— |  |  | $— | $— |  | $— |  | $— |  |  | $23527 | 23527 | $21218 | 21218 | $116628 | 116628 | $229739 |
| Interest |  | 2567250 | 17104 | 17104 | 17104 | 70202 | 169264 | 169264 | 14447 | 14447 | 18461 | 18461 | 18461 |  | 23 | 65834 | 65834 | 366 | 366 | 436311 |
| Foreign tax withholding |  | (3647 |  |  |  |  |  |  |  |  |  |  |  |  |  | (22 | (22) |  |  | (515) |
| Net income from securities lending |  |  |  |  |  |  |  |  |  |  |  |  |  | 34 | 34 | 434 | 434 | 241 | 241 |  |
| TOTAL INVESTMENT INCOME |  | 3292051 | 17104 | 17104 | 17104 | 70202 | 169264 | 169264 | 14447 | 14447 | 18461 | 18461 | 18461 | 23584 | 23584 | 87464 | 87464 | 117235 | 117235 | 665535 |
| EXPENSES: | EXPENSES: | EXPENSES: | EXPENSES: | EXPENSES: | EXPENSES: | EXPENSES: | EXPENSES: | EXPENSES: | EXPENSES: | EXPENSES: | EXPENSES: | EXPENSES: | EXPENSES: | EXPENSES: | EXPENSES: | EXPENSES: | EXPENSES: | EXPENSES: | EXPENSES: | EXPENSES: |
| Advisory fees |  | 1922080 | 3339 | 3339 | 3339 | 13539 | 30445 | 30445 | 2892 | 2892 | 3514 | 3514 | 3514 | 15752 | 15752 | 24495 | 24495 | 46075 | 46075 | 362028 |
| Management services fees |  | 384418 | 668 | 668 | 668 | 2708 | 6089 | 6089 | 578 | 578 | 703 | 703 | 703 | 3151 | 3151 | 4899 | 4899 | 9215 | 9215 | 72406 |
| Administration and fund accounting fees |  | 286251 | 401 | 401 | 401 | 2516 | 4063 | 4063 | 361 | 361 | 601 | 601 | 601 | 4432 | 4432 | 9409 | 9409 | 15820 | 15820 | 53386 |
| Distribution and service fees—Service Class |  | 80669 |  | 36 | 36 | 788 |  | 37 | 14 | 14 |  | 78 | 78 | 4104 | 4104 | 4379 | 4379 | 2171 | 2171 | 24569 |
| Transfer agency fees |  | 80233 | 146 | 146 | 146 | 943 | 1424 | 1424 | 114 | 114 | 303 | 303 | 303 | 1494 | 1494 | 2732 | 2732 | 5940 | 5940 | 16016 |
| Administrative services fees |  | 389222 | 497 | 497 | 497 | 2614 | 7527 | 7527 | 428 | 428 | 354 | 354 | 354 | 3315 | 3315 | 2205 | 2205 | 20918 | 20918 | 69838 |
| Registration and filing fees |  | 49786 | 15803 | 15803 | 15803 | 25926 | 19767 | 19767 | 15089 | 15089 | 26682 | 26682 | 26682 | 24687 | 24687 | 17462 | 17462 | 28883 | 28883 | 42262 |
| Custody fees |  | 37581 |  | 57 | 57 | 326 | 546 | 546 | 50 | 50 |  | 93 | 93 | 1158 | 1158 | 545 | 545 | 3166 | 3166 | 6991 |
| Trustee fees |  | 3043 |  |  | 4 | 27 |  | 48 |  | 4 |  |  | 7 |  | 36 |  | 45 | 147 | 147 | 559 |
| Compliance service fees |  | 1494 |  |  | 2 | 12 |  | 23 |  | 1 |  |  | 4 |  | 16 |  | 26 |  | 79 | 266 |
| Licensing fees |  | 51527 | 141 | 141 | 141 | 936 | 611 | 611 | 114 | 114 | 601 | 601 | 601 | 317 | 317 | 3917 | 3917 | 178 | 178 | 14073 |
| Service fees |  | 7168 |  | 10 | 10 | 63 | 104 | 104 |  | 9 |  | 14 | 14 |  | 81 | 107 | 107 | 438 | 438 | 1324 |
| Other fees |  | 177620 | 1005 | 1005 | 1005 | 2576 | 2866 | 2866 | 1072 | 1072 | 2631 | 2631 | 2631 | 3320 | 3320 | 3532 | 3532 | 7892 | 7892 | 33982 |
| Recoupment of prior expenses reduced by Advisor |  |  |  |  |  |  | 10000 | 10000 |  |  |  |  |  |  |  |  |  |  |  |  |
| Total Gross Expenses before reductions |  | 3471092 | 22109 | 22109 | 22109 | 52974 | 83550 | 83550 | 20726 | 20726 | 35585 | 35585 | 35585 | 61863 | 61863 | 73753 | 73753 | 140922 | 140922 | 697700 |
| Expenses reduced and reimbursed by the Advisor |  |  | (14137 | (14137 | (14137) | (20040) | (11245 | (11245) | (13838 | (13838) | (27157 | (27157 | (27157) | (20374 | (20374) | (11212 | (11212) | (29401 | (29401) |  |
| Fees paid indirectly |  | (1568 | (13 | (13 | (13) | (13) | (12 | (12) | (10 | (10) | (9 | (9 | (9) |  |  | (28 | (28) |  |  | (255) |
| TOTAL NET EXPENSES |  | 3469524 | 7959 | 7959 | 7959 | 32921 | 72293 | 72293 | 6878 | 6878 | 8419 | 8419 | 8419 | 41489 | 41489 | 62513 | 62513 | 111521 | 111521 | 697445 |
| NET INVESTMENT INCOME (LOSS) |  | (177473 | 9145 | 9145 | 9145 | 37281 | 96971 | 96971 | 7569 | 7569 | 10042 | 10042 | 10042 | (17905 | (17905) | 24951 | 24951 | 5714 | 5714 | (31910) |
| 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: | 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: | 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: | 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 |  | 23378643 |  |  |  |  |  |  |  |  |  |  |  | 588533 | 588533 | (35453 | (35453) | 2385024 | 2385024 | 462923 |
| Net realized gains (losses) on futures contracts |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 42034 | 42034 |  |  |  |
| Net realized gains (losses) on swap agreements |  | 60854398 | (109927 | (109927 | (109927) | (239819) | (6820185 | (6820185) | 34919 | 34919 | (168312 | (168312 | (168312) |  |  | 604453 | 604453 |  |  | 5162741 |
| Change in net unrealized appreciation/depreciation on <br>investment securities |  | 46711134 |  |  |  |  |  |  |  |  |  |  |  | (171974 | (171974) | 523257 | 523257 | 444997 | 444997 | 5937133 |
| Change in net unrealized appreciation/depreciation on <br>futures contracts |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 24155 | 24155 |  |  |  |
| Change in net unrealized appreciation/depreciation on <br>swap agreements |  | (3728809 | (29298 | (29298 | (29298) | 35617 | 1321174 | 1321174 | (27782 | (27782) | 693 | 693 | 693 |  |  | 17401 | 17401 |  |  | (1037801) |
| NET REALIZED AND UNREALIZED GAINS <br>(LOSSES) ON INVESTMENTS |  | 127215366 | (139225 | (139225 | (139225) | (204202) | (5499011 | (5499011) | 7137 | 7137 | (167619 | (167619 | (167619) | 416559 | 416559 | 1175847 | 1175847 | 2830021 | 2830021 | 10524996 |
| CHANGE IN NET ASSETS RESULTING <br>FROM OPERATIONS |  | $127037893 | $(130080 | (130080 | (130080) | $(166921) | $(5402040 | (5402040) | $14706 | 14706 | $(157577 | (157577 | (157577) | $398654 | 398654 | $1200798 | 1200798 | $2835735 | 2835735 | $10493086 |

---

Amounts designated as ' – ' are $0 or have been rounded to $0.

**See accompanying notes to financial statements.**

**See accompanying notes to financial statements.**

For the Periods Indicated (unaudited) **:: Statements of Operations :: 209**

**208 :: Statements of Operations ::** For the Periods Indicated (unaudited)

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | UltraBear <br>ProFund |  |  | UltraChina<br>ProFund | UltraDow 30<br>ProFund |  |  |  | UltraLatin<br>America<br>ProFund |  | UltraNasdaq-100<br>ProFund |  |  |  |
| | Six Months <br>Ended <br>January 31, <br>2026 |  |  | Six Months<br>Ended<br>January 31,<br>2026 | Six Months<br>Ended<br>January 31,<br>2026 |  | | | Six Months<br>Ended<br>January 31,<br>2026 | |  |  |  |  |
| INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: |
| Dividends | $— |  | $871416 | 871416 | $67321 | 67321 | $257001 | $85358 | $— | $— | $322739 | 322739 | $188546 | $3349508 |
| Non-cash dividends |  |  |  |  |  |  |  | 18106 |  |  | 59472 | 59472 |  |  |
| Interest | 137822 | 137822 | 990741 | 990741 | 108368 | 108368 | 200923 | 35851 | 118019 | 469961 | 25372 | 25372 | 174451 | 6738151 |
| Foreign tax withholding |  |  | (184 | (184) | (441 | (441) |  | (11218) |  |  | (21518 | (21518) | (137) | (9897 |
| Net income from securities lending |  |  | 1228 | 1228 | 21181 | 21181 |  | 11782 |  |  | 3738 | 3738 | 189 | 409 |
| TOTAL INVESTMENT INCOME | 137822 | 137822 | 1863201 | 1863201 | 196429 | 196429 | 457924 | 139879 | 118019 | 469961 | 389803 | 389803 | 363049 | 10078171 |
| EXPENSES: | EXPENSES: | EXPENSES: | EXPENSES: | EXPENSES: | EXPENSES: | EXPENSES: | EXPENSES: | EXPENSES: | EXPENSES: | EXPENSES: | EXPENSES: | EXPENSES: | EXPENSES: | EXPENSES: |
| Advisory fees | 26370 | 26370 | 710351 | 710351 | 112159 | 112159 | 156018 | 47827 | 23104 | 114726 | 37716 | 37716 | 127625 | 5045116 |
| Management services fees | 5274 | 5274 | 142071 | 142071 | 22432 | 22432 | 31204 | 9565 | 4621 | 19121 | 7543 | 7543 | 25525 | 1009028 |
| Administration and fund accounting fees | 6859 | 6859 | 104147 | 104147 | 17973 | 17973 | 22464 | 7869 | 3812 | 16529 | 5574 | 5574 | 20959 | 667476 |
| Distribution and service fees—Service Class | 149 | 149 | 12456 | 12456 | 4582 | 4582 | 8488 | 1671 | 1312 | 1548 | 1265 | 1265 | 6420 | 117789 |
| Transfer agency fees | 2527 | 2527 | 34212 | 34212 | 5932 | 5932 | 8195 | 3140 | 1298 | 6535 | 3345 | 3345 | 6543 | 234935 |
| Administrative services fees | 6931 | 6931 | 117789 | 117789 | 22932 | 22932 | 27056 | 8968 | 5183 | 16209 | 3346 | 3346 | 26294 | 847098 |
| Registration and filing fees | 27063 | 27063 | 57223 | 57223 | 17080 | 17080 | 18718 | 17647 | 17093 | 15733 | 15780 | 15780 | 15645 | 216979 |
| Custody fees | 698 | 698 | 16753 | 16753 | 11178 | 11178 | 3020 | 6747 | 503 | 1745 | 20727 | 20727 | 2605 | 112053 |
| Trustee fees |  | 64 | 1152 | 1152 | 190 | 190 | 242 | 80 | 41 | 167 |  | 59 | 216 | 7298 |
| Compliance service fees |  | 31 | 569 | 569 | 86 | 86 | 119 | 39 | 21 | 86 |  | 32 | 104 | 3853 |
| Service fees | 155 | 155 | 2535 | 2535 | 436 | 436 | 561 | 197 | 98 | 391 | 144 | 144 | 501 | 16422 |
| Other fees | 5764 | 5764 | 74058 | 74058 | 11770 | 11770 | 20757 | 5562 | 2815 | 10210 | 3887 | 3887 | 14038 | 675999 |
| Recoupment of prior expenses reduced by Advisor |  |  |  |  |  |  |  | 9061 |  |  | 20446 | 20446 |  |  |
| Total Gross Expenses before reductions | 81885 | 81885 | 1273316 | 1273316 | 226750 | 226750 | 296842 | 118373 | 59901 | 203000 | 119864 | 119864 | 246475 | 8954046 |
| Expenses reduced and reimbursed by the Advisor | (19132 | (19132) |  |  | (21046 | (21046) |  | (3020) | (3734 |  | (29032 | (29032) |  |  |
| Fees paid indirectly | (18 | (18) | (391 | (391) | (184 | (184) | (77) | (19 | (20 | (432) | (54 | (54) | (56 | (5142 |
| TOTAL NET EXPENSES | 62735 | 62735 | 1272925 | 1272925 | 205520 | 205520 | 296765 | 115334 | 56147 | 202568 | 90778 | 90778 | 246419 | 8948904 |
| NET INVESTMENT INCOME (LOSS) | 75087 | 75087 | 590276 | 590276 | (9091 | (9091) | 161159 | 24545 | 61872 | 267393 | 299025 | 299025 | 116630 | 1129267 |
| 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: | 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: | 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 |  |  | (938661 | (938661) | (196241 | (196241) | 9429 | 46754 |  |  | 56701 | 56701 | 459045 | 21532717 |
| Net realized gains (losses) on futures contracts | (73856 | (73856) | 3067086 | 3067086 |  |  | 165017 |  |  | 11416470 |  |  | 244340 | 9224940 |
| Net realized gains (losses) on swap agreements | (1191388 | (1191388) | 10864878 | 10864878 | 817028 | 817028 | 3164344 | 2542486 | 1513910 | 99323 | 4608598 | 4608598 | 1992434 | 122776452 |
| Change in net unrealized appreciation/depreciation on <br>investment securities |  |  | 11418114 | 11418114 | 1471016 | 1471016 | 3128531 | 1498541 |  |  | 2881596 | 2881596 | 1621678 | 67543451 |
| Change in net unrealized appreciation/depreciation on <br>futures contracts | 25989 | 25989 | (1163640 | (1163640) |  |  | (20985) |  |  | 404224 |  |  | (12153) | (5099759 |
| Change in net unrealized appreciation/depreciation on <br>swap agreements | (38990 | (38990) | 326663 | 326663 | 124426 | 124426 | 638024 | (508870 | 73695 | 3674 | (505633 | (505633) | 214458 | (12647811 |
| NET REALIZED AND UNREALIZED GAINS <br>(LOSSES) ON INVESTMENTS | (1278245 | (1278245) | 23574440 | 23574440 | 2216229 | 2216229 | 7084360 | 3578911 | 1587605 | 11923691 | 7041262 | 7041262 | 4519802 | 203329990 |
| CHANGE IN NET ASSETS RESULTING <br>FROM OPERATIONS | $(1203158 | (1203158) | $24164716 | 24164716 | $2207138 | 2207138 | $7245519 | $3603456 | $1649477 | $12191084 | $7340287 | 7340287 | $4636432 | $204459257 |

---

Amounts designated as ' – ' are $0 or have been rounded to $0.

**See accompanying notes to financial statements.**

**See accompanying notes to financial statements.**

For the Periods Indicated (unaudited) **:: Statements of Operations :: 211**

**210 :: Statements of Operations ::** For the Periods Indicated (unaudited)

---

| | | | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | 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>International<br>ProFund | UltraShort<br>Japan<br>ProFund | UltraShort<br>Japan<br>ProFund | UltraShort<br>Latin America<br>ProFund |  |  | UltraShort<br>Nasdaq-100<br>ProFund | UltraShort<br>Small-Cap<br>ProFund |  | UltraSmall-Cap<br>ProFund |  |  |  |  |
| | Six Months <br>Ended <br>January 31, <br>2026 |  | Six Months<br>Ended<br>January 31,<br>2026 |  | Six Months<br>Ended<br>January 31,<br>2026 |  | Six Months<br>Ended<br>January 31,<br>2026 | Six Months<br>Ended<br>January 31,<br>2026 | Six Months<br>Ended<br>January 31,<br>2026 | Six Months<br>Ended<br>January 31,<br>2026 | Six Months<br>Ended<br>January 31,<br>2026 |  |  | Six Months<br>Ended<br>January 31,<br>2026 | Six Months<br>Ended<br>January 31,<br>2026 |  | Six Months<br>Ended<br>January 31,<br>2026 |  |  |  |  |
| INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: |
| Dividends |  |  | $— |  |  | $— |  |  | $— |  |  |  | $— |  | $— |  |  | $— | $— |  | $273629 |
| Interest | 40424 | 40424 | 23923 | 23923 | 23923 | 12954 | 12954 | 12954 | 44458 | 44458 | 26695 | 26695 | 14794 | 14794 | 9678 | 9678 | 9678 | 269054 | 81977 | 81977 | 318713 |
| Foreign tax withholding |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (311) |
| TOTAL INVESTMENT INCOME | 40424 | 40424 | 23923 | 23923 | 23923 | 12954 | 12954 | 12954 | 44458 | 44458 | 26695 | 26695 | 14794 | 14794 | 9678 | 9678 | 9678 | 269054 | 81977 | 81977 | 592031 |
| EXPENSES: | EXPENSES: | EXPENSES: | EXPENSES: | EXPENSES: | EXPENSES: | EXPENSES: | EXPENSES: | EXPENSES: | EXPENSES: | EXPENSES: | EXPENSES: | EXPENSES: | EXPENSES: | EXPENSES: | EXPENSES: | EXPENSES: | EXPENSES: | EXPENSES: | EXPENSES: | EXPENSES: | EXPENSES: |
| Advisory fees | 7529 | 7529 | 4641 | 4641 | 4641 | 2518 | 2518 | 2518 | 8537 | 8537 | 6427 | 6427 | 2793 | 2793 | 1903 | 1903 | 1903 | 51860 | 15476 | 15476 | 214351 |
| Management services fees | 1506 | 1506 | 928 | 928 | 928 | 504 | 504 | 504 | 1708 | 1708 | 1071 | 1071 | 558 | 558 | 381 | 381 | 381 | 10372 | 3095 | 3095 | 42870 |
| Administration and fund accounting fees | 1315 | 1315 |  | 77 | 77 | 585 | 585 | 585 | 1168 | 1168 | 959 | 959 | 140 | 140 | 285 | 285 | 285 | 11732 | 2316 | 2316 | 33226 |
| Distribution and service fees—Service Class | 26 | 26 |  | 39 | 39 |  | 27 | 27 | 18 | 18 |  | 5 | 18 | 18 |  |  | 5 | 192 |  | 17 | 3293 |
| Transfer agency fees | 602 | 602 |  | 24 | 24 | 231 | 231 | 231 | 316 | 316 | 261 | 261 | 55 | 55 | 132 | 132 | 132 | 3604 | 749 | 749 | 9163 |
| Administrative services fees | 1170 | 1170 |  | 89 | 89 | 697 | 697 | 697 | 1788 | 1788 | 1290 | 1290 | 170 | 170 | 259 | 259 | 259 | 12890 | 2610 | 2610 | 41005 |
| Registration and filing fees | 15070 | 15070 | 15687 | 15687 | 15687 | 14748 | 14748 | 14748 | 16243 | 16243 | 14849 | 14849 | 13844 | 13844 | 13913 | 13913 | 13913 | 32020 | 17493 | 17493 | 25058 |
| Custody fees | 188 | 188 |  | 14 | 14 |  | 70 | 70 | 152 | 152 | 114 | 114 | 26 | 26 |  | 47 | 47 | 1367 | 486 | 486 | 3979 |
| Trustee fees | 14 | 14 |  |  | 1 |  |  | 6 | 12 | 12 | 10 | 10 |  | 2 |  |  | 3 | 122 |  | 24 | 313 |
| Compliance service fees |  | 6 |  |  |  |  |  | 5 |  | 6 |  | 5 |  | 1 |  |  | 1 | 49 |  | 10 | 180 |
| Licensing fees | 155 | 155 |  | 18 | 18 | 205 | 205 | 205 |  |  |  |  | 20 | 20 |  | 28 | 28 | 4157 | 1982 | 1982 | 27630 |
| Service fees | 33 | 33 |  |  | 2 |  | 13 | 13 | 31 | 31 | 22 | 22 |  | 4 |  |  | 7 | 272 |  | 52 | 722 |
| Other fees | 1642 | 1642 | 134 | 134 | 134 | 2133 | 2133 | 2133 | 1289 | 1289 | 1492 | 1492 | 274 | 274 | 1065 | 1065 | 1065 | 7178 | 2203 | 2203 | 18641 |
| Total Gross Expenses before reductions | 29256 | 29256 | 21654 | 21654 | 21654 | 21742 | 21742 | 21742 | 31268 | 31268 | 26505 | 26505 | 17905 | 17905 | 18029 | 18029 | 18029 | 135815 | 46513 | 46513 | 420431 |
| Expenses reduced and reimbursed by the Advisor | (11314 | (11314) | (10596 | (10596 | (10596) | (15721 | (15721 | (15721) | (10980 | (10980) | (13748 | (13748) | (11247 | (11247) | (13500 | (13500 | (13500) | (12480) | (9735 | (9735) |  |
| Fees paid indirectly | (48 | (48) | (5 | (5 | (5) | (17 | (17 | (17) | (9 | (9) | (41 | (41) | (12 | (12) | (6 | (6 | (6) | (62) | (32 | (32) | (187) |
| TOTAL NET EXPENSES | 17894 | 17894 | 11053 | 11053 | 11053 | 6004 | 6004 | 6004 | 20279 | 20279 | 12716 | 12716 | 6646 | 6646 | 4523 | 4523 | 4523 | 123273 | 36746 | 36746 | 420244 |
| NET INVESTMENT INCOME (LOSS) | 22530 | 22530 | 12870 | 12870 | 12870 | 6950 | 6950 | 6950 | 24179 | 24179 | 13979 | 13979 | 8148 | 8148 | 5155 | 5155 | 5155 | 145781 | 45231 | 45231 | 171787 |
| 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: | 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: | 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: | 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 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (33291) |
| Net realized gains (losses) on futures contracts |  |  |  |  |  |  |  |  |  |  | (783664 | (783664) |  |  |  |  |  | (269951) | (52360 | (52360) | 753548 |
| Net realized gains (losses) on swap agreements | (513624 | (513624) | (176193 | (176193 | (176193) | (231345 | (231345 | (231345) | (673701 | (673701) | (139880 | (139880) | (526806 | (526806) | (119107 | (119107 | (119107) | (2535486) | (1204121 | (1204121) | 8650277 |
| Change in net unrealized appreciation/depreciation on <br>investment securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 6407663 |
| Change in net unrealized appreciation/depreciation on <br>futures contracts |  |  |  |  |  |  |  |  |  |  | 52600 | 52600 |  |  |  |  |  | 124656 | 2413 | 2413 | 169853 |
| Change in net unrealized appreciation/depreciation on <br>swap agreements | 33556 | 33556 | (44141 | (44141 | (44141) | 6956 | 6956 | 6956 | 9714 | 9714 | (5633 | (5633) | 202800 | 202800 | (6301 | (6301 | (6301) | 207491 | (19743 | (19743) | (245830) |
| NET REALIZED AND UNREALIZED GAINS <br>(LOSSES) ON INVESTMENTS | (480068 | (480068) | (220334 | (220334 | (220334) | (224389 | (224389 | (224389) | (663987 | (663987) | (876577 | (876577) | (324006 | (324006) | (125408 | (125408 | (125408) | (2473290) | (1273811 | (1273811) | 15702220 |
| CHANGE IN NET ASSETS RESULTING <br>FROM OPERATIONS | (457538 | (457538) | $(207464 | (207464 | (207464) | $(217439 | (217439 | (217439) | $(639808 | (639808) | (862598 | (862598) | $(315858 | (315858) | $(120253 | (120253 | (120253) | $(2327509) | $(1228580 | (1228580) | $15874007 |

---

Amounts designated as ' – ' are $0 or have been rounded to $0.

**See accompanying notes to financial statements.**

**See accompanying notes to financial statements.**

**212 :: Statements of Operations ::** For the Periods Indicated (unaudited)

<u>U.S. Government Plus ProFund</u> <u>UtilitiesUltraSectorProFund</u> <br> <u>Six Months Ended January 31, 2026</u> <u>Six MonthsEndedJanuary 31, 2026</u>

INVESTMENT INCOME:<br>

---

| | | |
|:---|:---|:---|
| Dividends | $— | $286955 |
| Interest | 113509 | 104087 |
| TOTAL INVESTMENT INCOME | 113509 | 391042 |

---

EXPENSES:<br>

---

| | | |
|:---|:---|:---|
| Advisory fees | 14404 | 91132 |
| Management services fees | 4321 | 18226 |
| Administration and fund accounting fees | 4159 | 10498 |
| Distribution and service fees—Service Class | 5220 | 1808 |
| Transfer agency fees | 1824 | 2796 |
| Administrative services fees | 4368 | 15792 |
| Registration and filing fees | 28495 | 35791 |
| Custody fees | 505 | 1517 |
| Trustee fees | 47 | 115 |
| Compliance service fees | 20 | 40 |
| Service fees | 100 | 243 |
| Other fees | 2694 | 10304 |
| Recoupment of prior expenses reduced by Advisor |  | 12129 |
| Total Gross Expenses before reductions | 66157 | 200391 |
| Expenses reduced and reimbursed by the Advisor | (11925 |  |
| Fees paid indirectly | (41 | (70 |
| TOTAL NET EXPENSES | 54191 | 200321 |
| NET INVESTMENT INCOME (LOSS) | 59318 | 190721 |

---

REALIZED AND UNREALIZED GAINS (LOSSES) <br>ON INVESTMENTS:<br>

---

| | | |
|:---|:---|:---|
| Net realized gains (losses) on investment securities |  | (34978 |
| Net realized gains (losses) on swap agreements | 48002 | 112212 |
| Change in net unrealized appreciation/depreciation on <br>investment securities |  | 336 |
| Change in net unrealized appreciation/depreciation on <br>swap agreements | (177180) | (60149 |
| NET REALIZED AND UNREALIZED GAINS<br>(LOSSES) ON INVESTMENTS | (129178) | 17421 |
| CHANGE IN NET ASSETS RESULTING <br>FROM OPERATIONS | $(69860) | $208142 |

---

Amounts designated as ' – ' are $0 or have been rounded to $0.

**See accompanying notes to financial statements.**

**Statements of Changes in Net Assets**

For the Periods Indicated **:: Statements of Changes in Net Assets :: 215**

**214 :: 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 |  | Banks UltraSector ProFund | Banks UltraSector ProFund | Bear ProFund | Bear ProFund | Bear ProFund | Bear ProFund | Biotechnology UltraSector ProFund |  |  |
| |  |  | Six Months<br>Ended<br>January 31, <br>2026<br>(unaudited) | Year Ended<br>July 31, 2025 |  | Year Ended<br>July 31, 2025 | Six Months<br>Ended<br>January 31, <br>2026<br>(unaudited) | Year Ended<br>July 31, 2025 | Year Ended<br>July 31, 2025 |  | Year Ended<br>July 31, 2025 |  |  |  |
| FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | 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: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: |
| Net investment income (loss) | $5296 | $— | 4269 | $166809 | $— | 360235 | $50711 | $229578 | 229578 | $81058 | 81058 | $332541 | $(209374) | $(240073) |
| Net realized gains (losses) on investments | (68869) |  | (73421) | 289717 |  | 458095 | 818495 | 494636 | 494636 | (231823 | (231823) | (2552135) | 27185068 | (15925608) |
| Change in unrealized appreciation/depreciation <br>on investments | (8226) | 13524 | 13524 | 35418 | (190024 | (190024) | 614924 | (680817 | (680817) | (288604 | (288604) | 378982 | 19548167 | (9213376) |
| Change in net assets resulting from operations | (71799) | (55628 | (55628) | 491944 | 628306 | 628306 | 1484130 | 43397 | 43397 | (439369 | (439369) | (1840612 | 46523861 | (25379057) |
| DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | 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 | Total distributions | Total distributions | Total distributions | Total distributions | Total distributions | Total distributions | Total distributions | Total distributions |
| Investor Class |  |  |  | (166211) |  | (472168) | (114122) | (248980 | (248980) | (263810 | (263810) | (320726) | (641469) | (18763367) |
| Service Class |  |  |  | (11946) | (86960 | (86960) | (1940) | (3137 | (3137) | (12346 | (12346) | (24204 | (1799 | (798586) |
| Change in net assets resulting from distributions |  |  |  | (178157) | (559128 | (559128) | (116062) | (252117 | (252117) | (276156 | (276156) | (344930 | (643268 | (19561953) |
| Change in net assets resulting from capital transactions | (3011019) | 3263691 | 3263691 | (4779501) | 6789017 | 6789017 | (183974) | (4334718 | (4334718) | (36434362 | (36434362) | 40954698 | 67853078 | (1353356) |
| Change in net assets | (3082818) | 3208063 | 3208063 | (4465714) | 6858195 | 6858195 | 1184094 | (4543438 | (4543438) | (37149887 | (37149887) | 38769156 | 113733671 | (46294366) |
| NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: |
| Beginning of period | 3601031 | 392968 | 392968 | 18115157 | 11256962 | 11256962 | 7621668 | 12165106 | 12165106 | 43851023 | 43851023 | 5081867 | 62519571 | 108813937 |
| End of period | $518213 | $3601031 | 3601031 | $13649443 | $18115157 | 18115157 | $8805762 | $7621668 | 7621668 | $6701136 | 6701136 | $43851023 | $176253242 | $62519571 |
| CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | 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 | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class |
| Proceeds from shares issued | $6660378 | $12574982 | 12574982 | $16790556 | $71717958 | 71717958 | $19592379 | $70700602 | 70700602 | $22486599 | 22486599 | $312113963 | $133657523 | $33200990 |
| Distributions reinvested |  |  |  | 165786 |  | 471155 | 113320 | 240994 | 240994 | 234985 | 234985 | 261751 | 636994 | 18543194 |
| Value of shares redeemed | (9671397) | (9297901 | (9297901) | (20841250) | (65941746 | (65941746) | (19786805) | (75151443 | (75151443) | (59169006 | (59169006) | (271435295) | (66539648) | (53640527) |
| Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class |
| Proceeds from shares issued |  |  |  | 1861493 | 1359321 | 1359321 | 4135539 | 7156354 | 7156354 | 391589 | 391589 | 1040875 | 9603306 | 6311103 |
| Distributions reinvested |  |  |  | 11946 |  | 86960 | 1940 |  | 3137 | 12346 | 12346 | 24204 | 1744 | 794036 |
| Value of shares redeemed |  | (13390 | (13390) | (2768032) | (904631 | (904631) | (4240347) | (7284362 | (7284362) | (390875 | (390875) | (1050800 | (9506841 | (6562152) |
| Change in net assets resulting from capital transactions | $(3011019) | $3263691 | 3263691 | $(4779501) | $6789017 | 6789017 | $(183974) | $(4334718 | (4334718) | $(36434362 | (36434362) | $40954698 | $67853078 | $(1353356) |
| SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | 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 | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class |
| Issued | 238959 |  | 442762 | 543162 | 2370855 | 2370855 | 299242 | 1169796 | 1169796 | 2339477 | 2339477 | 28172433 | 2097942 | 654498 |
| Reinvested |  |  |  | 5344 |  | 15554 | 1690 |  | 4009 | 25896 | 25896 | 24125 | 9475 | 396910 |
| Redeemed | (348318) |  | (327427) | (673829) | (2182436 | (2182436) | (302119) | (1251504 | (1251504) | (5964837 | (5964837) | (24273291) | (1108382) | (1080977) |
| Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class |
| Issued |  |  |  | 59886 |  | 44639 | 71707 | 130707 | 130707 | 46074 | 46074 | 102269 | 317008 | 229119 |
| Reinvested |  |  |  | 384 |  | 2878 | 32 |  | 58 | 1524 | 1524 | 2488 | 49 | 32623 |
| Redeemed |  | (557 | (557) | (89473) | (29643 | (29643) | (72692) | (133598 | (133598) | (45958 | (45958) | (104105 | (315149 | (240156) |
| Change in shares | (109359) | 114778 | 114778 | (154526) | 221847 | 221847 | (2140) | (80532 | (80532) | (3597824 | (3597824) | 3923919 | 1000943 | (7983) |

---

Amounts designated as ' – ' are $0 or have been rounded to $0.

**See accompanying notes to financial statements.**

**See accompanying notes to financial statements.**

For the Periods Indicated **:: Statements of Changes in Net Assets :: 217**

**216 :: 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 | Consumer Staples<br>UltraSector ProFund | Consumer Staples<br>UltraSector ProFund | Consumer Staples<br>UltraSector ProFund | Consumer Staples<br>UltraSector ProFund | Energy UltraSector ProFund | Energy UltraSector ProFund |  |  |  |
| |  |  | Six Months<br>Ended<br>January 31, <br>2026<br>(unaudited) | Year Ended<br>July 31, 2025 | Six Months<br>Ended<br>January 31, <br>2026<br>(unaudited) |  | Year Ended<br>July 31, 2025 | Six Months<br>Ended<br>January 31, <br>2026<br>(unaudited) | Year Ended<br>July 31, 2025 | Year Ended<br>July 31, 2025 | Six Months<br>Ended<br>January 31, <br>2026<br>(unaudited) |  |  |  |  |  |  |
| FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | 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: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: |
| Net investment income (loss) | $168336 | $— | 289820 | $31037 | $33820 | 33820 | 33820 | $(24180) | $— | 48434 | $22884 | 22884 | $— | 43847 | $163330 | $430345 | 430345 |
| Net realized gains (losses) on investments | 2866051 |  | 3205195 | 729938 | 2892030 | 2892030 | 2892030 | 2012638 | (2929508 | (2929508) | 183901 | 183901 |  | 40182 | 2616059 | (10482071 | (10482071) |
| Change in unrealized appreciation/depreciation <br>on investments | 2683454 | 3681622 | 3681622 | 3735908 | 1237847 | 1237847 | 1237847 | 2201555 | 2565 | 2565 | 274121 | 274121 | (66791 | (66791) | 1308500 | (4892295 | (4892295) |
| Change in net assets resulting from operations | 5717841 | 7176637 | 7176637 | 4496883 | 4163697 | 4163697 | 4163697 | 4190013 | (2878509 | (2878509) | 480906 | 480906 | 17238 | 17238 | 4087889 | (14944021 | (14944021) |
| DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | 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 | Total distributions | Total distributions | Total distributions | Total distributions | Total distributions | Total distributions | Total distributions | Total distributions | Total distributions | Total distributions | Total distributions |
| Investor Class | (1339799) |  | (619800) | (472178) | (28084 | (28084 | (28084) |  |  | (41781) | (41121 | (41121) |  | (46862) | (386851) | (567697 | (567697) |
| Service Class | (193719) | (45317 | (45317) | (12935) | (56 | (56 | (56) |  |  |  |  |  | (1018 | (1018) | (12594) | (20946 | (20946) |
| Change in net assets resulting from distributions | (1533518) | (665117 | (665117) | (485113) | (28140 | (28140 | (28140) |  | (41781 | (41781) | (41121 | (41121) | (47880 | (47880) | (399445) | (588643 | (588643) |
| Change in net assets resulting from capital transactions | (4735681) | (2964501 | (2964501) | 1785469 | 16771524 | 16771524 | 16771524 | (28775482) | 2611884 | 2611884 | 4193354 | 4193354 | 445535 | 445535 | (3328654) | 8291381 | 8291381 |
| Change in net assets | (551358) |  | 3547019 | 5797239 | 20907081 | 20907081 | 20907081 | (24585469) | (308406 | (308406) | 4633139 | 4633139 |  | 414893 | 359790 | (7241283 | (7241283) |
| NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: |
| Beginning of period | 54777519 | 51230500 | 51230500 | 30407337 | 9500256 | 9500256 | 9500256 | 50782151 | 51090557 | 51090557 | 3775392 | 3775392 | 3360499 | 3360499 | 17639833 | 24881116 | 24881116 |
| End of period | $54226161 | $— | 54777519 | $36204576 | $30407337 | 30407337 | 30407337 | $26196682 | $50782151 | 50782151 | $8408531 | 8408531 | $— | 3775392 | $17999623 | $17639833 | 17639833 |
| CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | 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 | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class |
| Proceeds from shares issued | $228348498 | $484340221 | 484340221 | $114613331 | $167088573 | 167088573 | 167088573 | $101034212 | $173823366 | 173823366 | $56350399 | 56350399 | $— | 46228781 | $90821368 | $162712236 | 162712236 |
| Distributions reinvested | 1331735 |  | 615326 | 470750 | 28016 | 28016 | 28016 |  |  | 41431 | 40972 | 40972 |  | 46418 | 384007 | 564506 | 564506 |
| Value of shares redeemed | (234217720) | (484583255 | (484583255) | (113776730) | (150391970 | (150391970 | (150391970) | (129706093) | (171382282 | (171382282) | (52496164 | (52496164) |  | (45837383) | (94380645) | (154666921 | (154666921) |
| Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class |
| Proceeds from shares issued | 90725106 | 103509547 | 103509547 | 7993179 | 9432722 | 9432722 | 9432722 | 392093 | 5341025 | 5341025 | 8487134 | 8487134 |  | 5008347 | 1800557 | 9956466 | 9956466 |
| Distributions reinvested | 193718 |  | 45317 | 9266 |  | 24 | 24 |  |  |  |  |  |  | 1018 | 12594 | 20946 | 20946 |
| Value of shares redeemed | (91117018) | (106891657 | (106891657) | (7524327) | (9385841 | (9385841 | (9385841) | (495694) | (5211656 | (5211656) | (8188987 | (8188987) | (5001646 | (5001646) | (1966535) | (10295852 | (10295852) |
| Change in net assets resulting from capital transactions | $(4735681) | $— | (2964501) | $1785469 | $16771524 | 16771524 | 16771524 | $(28775482) | $2611884 | 2611884 | $4193354 | 4193354 | $— | 445535 | $(3328654) | $8291381 | 8291381 |
| SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | 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 | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class |
| Issued | 2805308 |  | 6675661 | 1970529 | 3443715 | 3443715 | 3443715<br> <sup>(a)</sup> | 1298238 | 2546404 | 2546404 | 753453 | 753453 |  | 597233 | 2182060 | 3881406 | 3881406 |
| Reinvested | 16206 |  | 8356 | 8022 |  | 595 | 595<br> <sup>(a)</sup> |  |  | 556 | 572 | 572 |  | 628 | 9468 | 14335 | 14335 |
| Redeemed | (2872692) |  | (6685216) | (1964525) | (3112729 | (3112729 | (3112729)<sup>(a)</sup> | (1685362) | (2708260 | (2708260) | (702537 | (702537) |  | (592362) | (2263428) | (3983084 | (3983084) |
| Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class |
| Issued | 1487323 |  | 1918475 | 174582 | 256524 | 256524 | 256524<br> <sup>(a)</sup> | 6486 |  | 99065 | 133333 | 133333 |  | 74938 | 51817 | 294900 | 294900 |
| Reinvested | 3156 |  | 813 | 204 |  |  | 1<br> <sup>(a)</sup> |  |  |  |  |  |  | 16 | 367 |  | 626 |
| Redeemed | (1495716) | (1967307 | (1967307) | (164713) | (255887 | (255887 | (255887)<sup>(a)</sup> | (8241) | (96709 | (96709) | (128000 | (128000) | (74942 | (74942) | (56235) | (303555 | (303555) |
| Change in shares | (56415) | (49218 | (49218) | 24099 | 332219 | 332219 | 332219 | (388879) | (158944 | (158944) | 56821 | 56821 | 5511 | 5511 | (75951) | (95372 | (95372) |

---

<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.**

**See accompanying notes to financial statements.**

For the Periods Indicated **:: Statements of Changes in Net Assets :: 219**

**218 :: 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 | Falling U.S. Dollar ProFund |  | Financials UltraSector ProFund | Financials UltraSector ProFund | Health Care UltraSector ProFund | Health Care UltraSector ProFund | Health Care UltraSector ProFund | Health Care UltraSector ProFund | Industrials UltraSector ProFund | Industrials UltraSector ProFund |  |  |  |
| |  |  | Six Months<br>Ended<br>January 31, <br>2026<br>(unaudited) | Year Ended<br>July 31, 2025 | Year Ended<br>July 31, 2025 | Six Months<br>Ended<br>January 31, <br>2026<br>(unaudited) |  | Year Ended<br>July 31, 2025 | Six Months<br>Ended<br>January 31, <br>2026<br>(unaudited) | Year Ended<br>July 31, 2025 | Year Ended<br>July 31, 2025 | Six Months<br>Ended<br>January 31, <br>2026<br>(unaudited) |  |  |  |  |  |  |
| FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | 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: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: |
| Net investment income (loss) | $8961 | $— | 45155 | $15049 | 15049 | $46168 | 46168 | 46168 | $53768 | $164415 | 164415 | $56572 | 56572 | $— | 82491 | $4952 | $20083 | 20083 |
| Net realized gains (losses) on investments | 234825 |  | (6545) | (44778 | (44778) | 156184 | 156184 | 156184 | (260499) | 2608374 | 2608374 | 1933488 | 1933488 |  | 264059 | 503024 | 1493158 | 1493158 |
| Change in unrealized appreciation/depreciation <br>on investments | 784027 | 135271 | 135271 | 69776 | 69776 | (58347 | (58347 | (58347) | (382337) | (572817 | (572817) | 1045967 | 1045967 | (3439631 | (3439631 | 174219 | 603029 | 603029 |
| Change in net assets resulting from operations | 1027813 | 173881 | 173881 | 40047 | 40047 | 144005 | 144005 | 144005 | (589068) | 2199972 | 2199972 | 3036027 | 3036027 | (3093081 | (3093081 | 682195 | 2116270 | 2116270 |
| DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | 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 | Total distributions | Total distributions | Total distributions | Total distributions | Total distributions | Total distributions | Total distributions | Total distributions | Total distributions | Total distributions | Total distributions | Total distributions |
| Investor Class | (74239) |  |  | (44856 | (44856) | (41147 | (41147 | (41147) |  | (670277 | (670277) | (71845 | (71845) |  | (119414 | (86100) | (213011 | (213011) |
| Service Class | (4783) |  |  | (23 | (23) | (66 | (66 | (66) |  | (15041 | (15041) |  |  |  |  | (4340) | (10521 | (10521) |
| Change in net assets resulting from distributions | (79022) |  |  | (44879 | (44879) | (41213 | (41213 | (41213) |  | (685318 | (685318) | (71845 | (71845) | (119414 | (119414 | (90440) | (223532 | (223532) |
| Change in net assets resulting from capital transactions | 396577 | (121235 | (121235) | 302926 | 302926 | 154620 | 154620 | 154620 | (26920097) | (312223 | (312223) | 25423004 | 25423004 | (2139109 | (2139109 | 3421919 | (816281 | (816281) |
| Change in net assets | 1345368 |  | 52646 | 298094 | 298094 | 257412 | 257412 | 257412 | (27509165) | 1202431 | 1202431 | 28387186 | 28387186 |  | (5351604 | 4013674 | 1076457 | 1076457 |
| NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: |
| Beginning of period | 4266804 | 4214158 | 4214158 | 1404853 | 1404853 | 1147441 | 1147441 | 1147441 | 35668006 | 34465575 | 34465575 | 9652048 | 9652048 | 15003652 | 15003652 | 7384613 | 6308156 | 6308156 |
| End of period | $5612172 | $4266804 | 4266804 | $1702947 | 1702947 | $1404853 | 1404853 | 1404853 | $8158841 | $35668006 | 35668006 | $38039234 | 38039234 | $— | 9652048 | $11398287 | $7384613 | 7384613 |
| CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | 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 | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class |
| Proceeds from shares issued | $14729014 | $19427468 | 19427468 | $5062017 | 5062017 | $20354156 | 20354156 | 20354156 | $121465668 | $173866470 | 173866470 | $118224442 | 118224442 | $— | 42007220 | $93369887 | $80879559 | 80879559 |
| Distributions reinvested | 74114 |  |  | 44632 | 44632 | 40662 | 40662 | 40662 |  | 655901 | 655901 | 71500 | 71500 |  | 117990 | 86075 | 212891 | 212891 |
| Value of shares redeemed | (14590326) | (19534889 | (19534889) | (4805677 | (4805677) | (20237710 | (20237710 | (20237710) | (148698460) | (174502477 | (174502477) | (92648113 | (92648113) |  | (44092608 | (90358686) | (81867148 | (81867148) |
| Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class |
| Proceeds from shares issued | 2839923 | 5696369 | 5696369 | 191566 | 191566 | 390994 | 390994 | 390994 | 2165343 | 11013315 | 11013315 | 6989269 | 6989269 |  | 7063263 | 2464401 | 6356013 | 6356013 |
| Distributions reinvested | 4783 |  |  | 23 | 23 |  | 66 | 66 |  | 15041 | 15041 |  |  |  |  | 4340 | 10521 | 10521 |
| Value of shares redeemed | (2660931) | (5710183 | (5710183) | (189635 | (189635) | (393548 | (393548 | (393548) | (1852648) | (11360473 | (11360473) | (7214094 | (7214094) | (7234974 | (7234974 | (2144098) | (6408117 | (6408117) |
| Change in net assets resulting from capital transactions | $396577 | $— | (121235) | $302926 | 302926 | $154620 | 154620 | 154620 | $(26920097) | $(312223 | (312223) | $25423004 | 25423004 | $— | (2139109 | $3421919 | $(816281 | (816281) |
| SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | 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 | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class |
| Issued | 779441 | 1177003 | 1177003 | 363025 | 363025 | 1485160 | 1485160 | 1485160 | 2582819 | 4071721 | 4071721 | 1094372 | 1094372 |  | 395918 | 1200207 | 1156171 | 1156171 |
| Reinvested | 4228 |  |  | 3255 | 3255 | 3194 | 3194 | 3194 |  | 15593 | 15593 | 625 | 625 |  | 1204 | 1113 | 3294 | 3294 |
| Redeemed | (774473) | (1190577 | (1190577) | (345349 | (345349) | (1468979 | (1468979 | (1468979) | (3194295) | (4229063 | (4229063) | (865339 | (865339) |  | (418903 | (1166038) | (1161833 | (1161833) |
| Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class |
| Issued | 132526 |  | 312401 | 15203 | 15203 | 31943 | 31943 | 31943 | 57165 | 324512 | 324512 | 85840 | 85840 |  | 89003 | 37541 | 110281 | 110281 |
| Reinvested | 250 |  |  |  | 2 |  |  | 6 |  |  | 445 |  |  |  |  | 69 |  | 197 |
| Redeemed | (123133) | (313239 | (313239) | (15058 | (15058) | (32166 | (32166 | (32166) | (48930) | (335037 | (335037) | (88067 | (88067) | (91328 | (91328 | (32896) | (110952 | (110952) |
| Change in shares | 18839 | (14412 | (14412) | 21078 | 21078 | 19158 | 19158 | 19158 | (603241) | (151829 | (151829) | 227431 | 227431 | (24106 | (24106 | 39996 | (2842 | (2842) |

---

Amounts designated as ' – ' are $0 or have been rounded to $0.

**See accompanying notes to financial statements.**

**See accompanying notes to financial statements.**

For the Periods Indicated **:: Statements of Changes in Net Assets :: 221**

**220 :: Statements of Changes in Net Assets ::** For the Periods Indicated

---

| | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Internet UltraSector ProFund | Internet UltraSector ProFund |  | Large-Cap Growth ProFund |  | Large-Cap Value ProFund | Large-Cap Value ProFund | Materials UltraSector ProFund | Materials UltraSector ProFund | Materials UltraSector ProFund | Mid-Cap Growth ProFund | Mid-Cap Growth ProFund | Mid-Cap Growth ProFund |  |  |  |
| |  |  | Six Months<br>Ended<br>January 31, <br>2026<br>(unaudited) | Year Ended<br>July 31, 2025 |  | Year Ended<br>July 31, 2025 | Six Months<br>Ended<br>January 31, <br>2026<br>(unaudited) | Year Ended<br>July 31, 2025 | Year Ended<br>July 31, 2025 |  |  |  |  |  |  |  |
| FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | 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: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: |
| Net investment income (loss) | $(171747) | $(303847 | (303847) | $(120039) | $(324788 | (324788) | $7521 | $— | (25955) | $56052 | $— | 28558 | 28558 | $(24074) | $— | (43286) |
| Net realized gains (losses) on investments | 2085550 | (3046577 | (3046577) | 2134672 | 13111836 | 13111836 | 1441312 | 5695016 | 5695016 | 3543904 |  | 234528 | 234528 | 167004 |  | 60046 |
| Change in unrealized appreciation/depreciation <br>on investments | (10590642) | 18882340 | 18882340 | 5630 | 900899 | 900899 | (32885) | (646747 | (646747) | 1221535 | (1017802 | (1017802 | (1017802) | 85143 | (11898 | (11898) |
| Change in net assets resulting from operations | (8676839) | 15531916 | 15531916 | 2020263 | 13687947 | 13687947 | 1415948 | 5022314 | 5022314 | 4821491 | (754716 | (754716 | (754716) | 228073 | 4862 | 4862 |
| DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | 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 | Total distributions | Total distributions | Total distributions | Total distributions | Total distributions | Total distributions | Total distributions | Total distributions | Total distributions | Total distributions |
| Investor Class |  |  |  | (256028) |  |  | (134242) |  | (87491) | (60349) |  | (33718 | (33718) | (122110) |  | (29180) |
| Service Class |  |  |  | (39021) |  |  | (88883) | (28631 | (28631) | (12862) |  |  |  | (28280) | (5673 | (5673) |
| Change in net assets resulting from distributions |  |  |  | (295049) |  |  | (223125) | (116122 | (116122) | (73211) | (33718 | (33718 | (33718) | (150390) | (34853 | (34853) |
| Change in net assets resulting from capital transactions | (14499748) | 12787388 | 12787388 | (9109320) | (10077545 | (10077545) | (695874) | (7507489 | (7507489) | 25603854 | (1144476 | (1144476 | (1144476) | 196459 | (1368698 | (1368698) |
| Change in net assets | (23176587) | 28319304 | 28319304 | (7384106) | 3610402 | 3610402 | 496949 | (2601297 | (2601297) | 30352134 |  | (1932910 | (1932910) | 274142 | (1398689 | (1398689) |
| NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: |
| Beginning of period | 106428025 | 78108721 | 78108721 | 26634739 | 23024337 | 23024337 | 4573676 | 7174973 | 7174973 | 3438906 | 5371816 | 5371816 | 5371816 | 4250095 | 5648784 | 5648784 |
| End of period | $83251438 | $106428025 | 106428025 | $19250633 | $26634739 | 26634739 | $5070625 | $4573676 | 4573676 | $33791040 | $— | 3438906 | 3438906 | $4524237 | $4250095 | 4250095 |
| CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | 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 | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class |
| Proceeds from shares issued | $10430704 | $161794421 | 161794421 | $79103624 | $400175653 | 400175653 | $147680436 | $381522254 | 381522254 | $72899133 | $— | 45414158 | 45414158 | $6437876 | $19796902 | 19796902 |
| Distributions reinvested |  |  |  | 255181 |  |  | 134013 |  | 85358 | 60074 |  | 33609 | 33609 | 120393 |  | 28737 |
| Value of shares redeemed | (23970145) | (148904359 | (148904359) | (88632496) | (409777674 | (409777674) | (148546555) | (388471469 | (388471469) | (47313478) |  | (46560655 | (46560655) | (6324238) | (21147849 | (21147849) |
| Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class |
| Proceeds from shares issued | 3933806 | 9398793 | 9398793 | 323537 | 1031541 | 1031541 | 1145594 | 3008104 | 3008104 | 2825704 |  | 5590752 | 5590752 | 17964 | 285116 | 285116 |
| Distributions reinvested |  |  |  | 39021 |  |  | 88882 |  | 28631 | 12860 |  |  |  | 28280 |  | 5673 |
| Value of shares redeemed | (4894113) | (9501467 | (9501467) | (198187) | (1507065 | (1507065) | (1198244) | (3680367 | (3680367) | (2880439) | (5622340 | (5622340 | (5622340) | (83816) | (337277 | (337277) |
| Change in net assets resulting from capital transactions | $(14499748) | $12787388 | 12787388 | $(9109320) | $(10077545 | (10077545) | $(695874) | $(7507489 | (7507489) | $25603854 | $— | (1144476 | (1144476) | $196459 | $(1368698 | (1368698) |
| SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | 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 | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class |
| Issued | 162428 | 2763634 | 2763634 | 1524678 | 8721242 | 8721242<br> <sup>(a)</sup> | 1276060 | 3675837 | 3675837 | 688406 |  | 411236 | 411236 | 56630 | 184857 | 184857 |
| Reinvested |  |  |  | 4748 |  |  | 1183 |  | 794 | 549 |  |  | 333 | 1098 |  | 269 |
| Redeemed | (380548) | (2950337 | (2950337) | (1701981) | (8742953 | (8742953)<sup>(a)</sup> | (1275374) | (3695002 | (3695002) | (444381) |  | (423727 | (423727) | (56491) | (197352 | (197352) |
| Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class |
| Issued | 98301 | 264424 | 264424 | 7898 | 29118 | 29118<br> <sup>(a)</sup> | 11775 |  | 33236 | 30949 |  | 62036 | 62036 | 227 |  | 3793 |
| Reinvested |  |  |  | 953 |  |  | 929 |  | 310 | 138 |  |  |  | 365 |  | 73 |
| Redeemed | (122779) | (271126 | (271126) | (4833) | (44811 | (44811)<sup>(a)</sup> | (12258) | (40880 | (40880) | (31427) | (62997 | (62997 | (62997) | (1050) | (4378 | (4378) |
| Change in shares | (242598) | (193405 | (193405) | (168537) | (37404 | (37404) | 2315 | (25705 | (25705) | 244234 | (13119 | (13119 | (13119) | 779 | (12738 | (12738) |

---

<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.**

**See accompanying notes to financial statements.**

For the Periods Indicated **:: Statements of Changes in Net Assets :: 223**

**222 :: Statements of Changes in Net Assets ::** For the Periods Indicated

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Mid-Cap ProFund | Mid-Cap ProFund |  | Mid-Cap Value ProFund |  | Nasdaq-100 ProFund | Nasdaq-100 ProFund | Oil & Gas Equipment & Services<br>UltraSector ProFund | Oil & Gas Equipment & Services<br>UltraSector ProFund | Oil & Gas Equipment & Services<br>UltraSector ProFund | Pharmaceuticals UltraSector ProFund | Pharmaceuticals UltraSector ProFund | Pharmaceuticals UltraSector ProFund |  |  |
| |  |  | Six Months<br>Ended<br>January 31, <br>2026<br>(unaudited) | Year Ended<br>July 31, 2025 |  | Year Ended<br>July 31, 2025 | Six Months<br>Ended<br>January 31, <br>2026<br>(unaudited) | Year Ended<br>July 31, 2025 | Year Ended<br>July 31, 2025 | Six Months<br>Ended<br>January 31, <br>2026<br>(unaudited) |  |  |  |  |  |
| FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | 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: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: |
| Net investment income (loss) | $6967 | $— | 24966 | $(6524) | $(12733 | (12733) | $350886 | $— | 755698 | $52321 | $— | 97146 | 97146 | $(6313 | $9201 |
| Net realized gains (losses) on investments | 308756 |  | 66978 | 182413 | (672932 | (672932) | 20656194 | 17080673 | 17080673 | 2507310 |  | (2742379 | (2742379) | 810362 | (23011) |
| Change in unrealized appreciation/depreciation <br>on investments | 68453 | (782168 | (782168) | (4520) | (163657 | (163657) | (5402411) | 6607921 | 6607921 | 4034304 | (4729344 | (4729344 | (4729344) | 473930 | (272966) |
| Change in net assets resulting from operations | 384176 | (690224 | (690224) | 171369 | (849322 | (849322) | 15604669 | 24444292 | 24444292 | 6593935 | (7374577 | (7374577 | (7374577) | 1277979 | (286776) |
| DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | 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 | Total distributions | Total distributions | Total distributions | Total distributions | Total distributions | Total distributions | Total distributions | Total distributions | Total distributions |
| Investor Class | (16285) |  | (56471) | (30569) |  | (1829) | (2174276) |  | (830816) | (102497 |  | (61433 | (61433) | (32305 | (24996) |
| Service Class | (4648) | (3144 | (3144) |  |  |  | (133801) | (34052 | (34052) |  |  |  |  |  |  |
| Change in net assets resulting from distributions | (20933) | (59615 | (59615) | (30569) | (1829 | (1829) | (2308077) | (864868 | (864868) | (102497 | (61433 | (61433 | (61433) | (32305 | (24996) |
| Change in net assets resulting from capital transactions | 1260065 | (2151924 | (2151924) | 62870 | (1656372 | (1656372) | (12807173) | (31983060 | (31983060) | 1794803 | 3515115 | 3515115 | 3515115 | 271350 | (309208) |
| Change in net assets | 1623308 | (2901763 | (2901763) | 203670 | (2507523 | (2507523) | 489419 | (8403636 | (8403636) | 8286241 |  | (3920895 | (3920895) | 1517024 | (620980) |
| NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: |
| Beginning of period | 7616569 | 10518332 | 10518332 | 2041132 | 4548655 | 4548655 | 127759634 | 136163270 | 136163270 | 10654049 | 14574944 | 14574944 | 14574944 | 2385225 | 3006205 |
| End of period | $9239877 | $7616569 | 7616569 | $2244802 | $2041132 | 2041132 | $128249053 | $127759634 | 127759634 | $18940290 | $— | 10654049 | 10654049 | $3902249 | $2385225 |
| CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | 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 | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class |
| Proceeds from shares issued | $12972982 | $25614648 | 25614648 | $52496532 | $69024951 | 69024951 | $913510314 | $1746902037 | 1746902037 | $32612760 | $— | 53808708 | 53808708 | $16204513 | $18349623 |
| Distributions reinvested | 16240 |  | 55623 | 30567 |  | 1829 | 2079540 |  | 787407 | 98963 |  | 59093 | 59093 | 31937 | 24546 |
| Value of shares redeemed | (11967403) | (27212320 | (27212320) | (52433836) | (70508827 | (70508827) | (927392086) | (1777818457 | (1777818457) | (31335670 |  | (50436103 | (50436103) | (15865571 | (18573714) |
| Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class |
| Proceeds from shares issued | 30404103 | 59612855 | 59612855 | 10760 | 1701813 | 1701813 | 47515015 | 43065459 | 43065459 | 8002309 |  | 9689096 | 9689096 | 9242656 | 4593153 |
| Distributions reinvested | 4648 |  | 1543 |  |  |  | 133728 |  | 34052 |  |  |  |  |  |  |
| Value of shares redeemed | (30170505) | (60224273 | (60224273) | (41153) | (1876138 | (1876138) | (48653684) | (44953558 | (44953558) | (7583560 | 9605679 | 9605679 | 9605679 | (9342185 | (4702816) |
| Change in net assets resulting from capital transactions | $1260065 | $(2151924 | (2151924) | $62870 | $(1656372 | (1656372) | $(12807173) | $(31983060 | (31983060) | $1794803 | $— | 3515115 | 3515115 | $271350 | $(309208) |
| SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | 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 | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class |
| Issued | 99744 |  | 205249 | 430174 | 589713 | 589713 | 17678550 | 40313714 | 40313714<br> <sup>(a)</sup> | 392272 |  | 715965 | 715965 | 532380 | 738975 |
| Reinvested | 123 |  | 449 | 253 |  | 16 | 39629 |  | 17584<br> <sup>(a)</sup> | 1159 |  |  | 680 | 917 | 995 |
| Redeemed | (92532) |  | (221009) | (430123) | (610911 | (610911) | (17876690) | (40920315 | (40920315)<sup>(a)</sup> | (394750 |  | (667639 | (667639) | (523040 | (748035) |
| Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class |
| Issued | 301967 |  | 621279 | 113 | 18895 | 18895 | 1214386 |  | 1308980<br> <sup>(a)</sup> | 111115 |  | 146175 | 146175 | 373553 | 238443 |
| Reinvested | 46 |  | 16 |  |  |  | 3355 |  | 988<br> <sup>(a)</sup> |  |  |  |  |  |  |
| Redeemed | (302206) | (631391 | (631391) | (445) | (20993 | (20993) | (1235537) | (1379985 | (1379985)<sup>(a)</sup> | (105790 | (145242 | (145242 | (145242) | (374548 | (242302) |
| Change in shares | 7142 | (25407 | (25407) | (28) | (23280 | (23280) | (176307) | (659034 | (659034) | 4006 | 49939 | 49939 | 49939 | 9262 | (11924) |

---

<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.**

**See accompanying notes to financial statements.**

For the Periods Indicated **:: Statements of Changes in Net Assets :: 225**

**224 :: Statements of Changes in Net Assets ::** For the Periods Indicated

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Precious Metals <br>UltraSector ProFund | Precious Metals <br>UltraSector ProFund |  | Real Estate UltraSector ProFund | Rising Rates Opportunity ProFund | Rising Rates Opportunity ProFund | Rising Rates Opportunity 10 ProFund | Rising Rates Opportunity 10 ProFund | Rising Rates Opportunity 10 ProFund | Rising U.S. Dollar ProFund |  |  |  |
| |  |  | Six Months<br>Ended<br>January 31, <br>2026<br>(unaudited) |  | Year Ended<br>July 31, 2025 | Six Months<br>Ended<br>January 31, <br>2026<br>(unaudited) | Year Ended<br>July 31, 2025 |  | Year Ended<br>July 31, 2025 |  |  |  |  |
| FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | 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: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: |
| Net investment income (loss) | $47990 | $— | 155989 | $33186 | $93322 | $100327 | $238726 | $5573 | 5573 | $20206 | $79654 | $210070 | 210070 |
| Net realized gains (losses) on investments | 41715619 | 8671860 | 8671860 | (52632) | 749582 | (671180) | 444842 | (18946 | (18946) | (13891) | 149981 | (573260 | (573260) |
| Change in unrealized appreciation/depreciation <br>on investments | 16580717 | 5323131 | 5323131 | (59813) | (349155) | 475385 | (133515 | 9512 | 9512 | 20614 | (340537) | 298855 | 298855 |
| Change in net assets resulting from operations | 58344326 | 14150980 | 14150980 | (79259) | 493749 | (95468) | 550053 | (3861 | (3861) | 26929 | (110902) | (64335 | (64335) |
| DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | 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 | Total distributions | Total distributions | Total distributions | Total distributions | Total distributions | Total distributions | Total distributions |
| Investor Class | (390644) | (357349 | (357349) | (23071) | (119422) | (241987) | (406651 | (17303 | (17303) | (49151) | (191758) | (293747 | (293747) |
| Service Class |  | (13503 | (13503) | (941) | (4727) | (2023) |  |  |  | (3119) | (284) | (764 | (764) |
| Change in net assets resulting from distributions | (390644) | (370852 | (370852) | (24012) | (124149) | (244010) | (406651 | (17303 | (17303) | (52270) | (192042) | (294511 | (294511) |
| Change in net assets resulting from capital transactions | 32956676 | (4331324 | (4331324) | 54191 | (2509161) | 1084359 | 386040 | (42072 | (42072) | (1348931) | 1289680 | (1066941 | (1066941) |
| Change in net assets | 90910358 | 9448804 | 9448804 | (49080) | (2139561) | 744881 | 529442 | (63236 | (63236) | (1374272) | 986736 | (1425787 | (1425787) |
| NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: |
| Beginning of period | 38480195 | 29031391 | 29031391 | 3260882 | 5400443 | 9558120 | 9028678 | 592810 | 592810 | 1967082 | 8415469 | 9841256 | 9841256 |
| End of period | $129390553 | $38480195 | 38480195 | $3211802 | $3260882 | $10303001 | $9558120 | $529574 | 529574 | $592810 | $9402205 | $8415469 | 8415469 |
| CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | 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 | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class |
| Proceeds from shares issued | $344405572 | $248774581 | 248774581 | $47587342 | $71213938 | $92255729 | $149113415 | $169665 | 169665 | $1741474 | $16126527 | $27775108 | 27775108 |
| Distributions reinvested | 387213 |  | 352688 | 21750 | 118600 | 239230 | 393665 | 17297 | 17297 | 48839 | 184710 | 286821 | 286821 |
| Value of shares redeemed | (312024075) | (253335370 | (253335370) | (47739682) | (73863286) | (91392013) | (149059464 | (208344 | (208344) | (3032455) | (15021528) | (29103136 | (29103136) |
| Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class |
| Proceeds from shares issued | 14625739 | 21425822 | 21425822 | 6031477 | 7152127 | 181799 | 525243 | 20098 | 20098 | 353522 | 379060 | 913649 | 913649 |
| Distributions reinvested |  |  | 13136 | 941 | 4727 | 1961 |  |  |  | 3119 | 284 |  | 764 |
| Value of shares redeemed | (14437773) | (21562181 | (21562181) | (5847637) | (7135267) | (202347) | (586819 | (40788 | (40788) | (463430) | (379373) | (940147 | (940147) |
| Change in net assets resulting from capital transactions | $32956676 | $(4331324 | (4331324) | $54191 | $(2509161) | $1084359 | $386040 | $(42072 | (42072) | $(1348931) | $1289680 | $(1066941 | (1066941) |
| SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | 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 | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class |
| Issued | 2291207 | 3700641 | 3700641 | 1142865 | 1617951 | 2196438 | 3581242 | 11634 | 11634 | 115135 | 550809 | 914041 | 914041 |
| Reinvested | 2218 |  | 7679 | 544 | 2767 | 5826 | 9311 | 1226 | 1226 | 3262 | 6418 |  | 9155 |
| Redeemed | (2089319) | (3755567 | (3755567) | (1148597) | (1669850) | (2176622) | (3591303 | (14310 | (14310) | (202755) | (512819) | (960509 | (960509) |
| Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class |
| Issued | 118856 |  | 401008 | 158804 | 178940 | 4679 | 13712 | 1464 | 1464 | 25406 | 15259 |  | 35531 |
| Reinvested |  |  | 343 | 26 | 126 | 51 |  |  |  | 223 | 12 |  | 29 |
| Redeemed | (119496) | (407211 | (407211) | (153764) | (178489) | (5210) | (15311 | (3002 | (3002) | (33193) | (15268) | (36546 | (36546) |
| Change in shares | 203466 | (53107 | (53107) | (122) | (48555) | 25162 | (2349 | (2988 | (2988) | (91922) | 44411 | (38299 | (38299) |

---

Amounts designated as ' – ' are $0 or have been rounded to $0.

**See accompanying notes to financial statements.**

**See accompanying notes to financial statements.**

For the Periods Indicated **:: Statements of Changes in Net Assets :: 227**

**226 :: 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 | Short Precious Metals ProFund | Short Precious Metals ProFund | Short Precious Metals ProFund | Short Real Estate ProFund | Short Real Estate ProFund | Short Real Estate ProFund | Short Real Estate ProFund |  |  |  |
| |  |  | Six Months<br>Ended<br>January 31, <br>2026<br>(unaudited) | Year Ended<br>July 31, 2025 | Year Ended<br>July 31, 2025 |  | Year Ended<br>July 31, 2025 | Six Months<br>Ended<br>January 31, <br>2026<br>(unaudited) | Year Ended<br>July 31, 2025 | Year Ended<br>July 31, 2025 | Six Months<br>Ended<br>January 31, <br>2026<br>(unaudited) | Year Ended<br>July 31, 2025 |  |  |  |  |  |  |
| FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | 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: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: |
| Net investment income (loss) | $(177473) | $— | 808192 | $9145 | 9145 | $— | 20996 | $37281 | $109421 | 109421 | $96971 | $— | 134840 | 134840 | $7569 | 7569 | $— | 27130 |
| Net realized gains (losses) on investments | 84233041 | 73019933 | 73019933 | (109927 | (109927) |  | 17490 | (239819) | (2082988 | (2082988) | (6820185) |  | (849158 | (849158) | 34919 | 34919 |  | (51337) |
| Change in unrealized appreciation/depreciation <br>on investments | 42982325 | 43011538 | 43011538 | (29298 | (29298) | 18327 | 18327 | 35617 | 31340 | 31340 | 1321174 | 370891 | 370891 | 370891 | (27782 | (27782) | 34429 | 34429 |
| Change in net assets resulting from operations | 127037893 | 116839663 | 116839663 | (130080 | (130080) | 56813 | 56813 | (166921) | (1942227 | (1942227) | (5402040) | (343427 | (343427 | (343427) | 14706 | 14706 | 10222 | 10222 |
| DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | 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 | Total distributions | Total distributions | Total distributions | Total distributions | Total distributions | Total distributions | Total distributions | Total distributions | Total distributions | Total distributions | Total distributions | Total distributions |
| Investor Class | (57971912) | (46697717 | (46697717) | (21516 | (21516) |  | (17820) | (83160) | (168026 | (168026) | (152812) |  | (148680 | (148680) | (21518 | (21518) |  | (59300) |
| Service Class | (2777116) | (2176451 | (2176451) | (112 | (112) | (1890 | (1890) | (3444) | (9548 | (9548) | (292) | (824 | (824 | (824) |  |  | (1180 | (1180) |
| Change in net assets resulting from distributions | (60749028) | (48874168 | (48874168) | (21628 | (21628) | (19710 | (19710) | (86604) | (177574 | (177574) | (153104) | (149504 | (149504 | (149504) | (21518 | (21518) | (60480 | (60480) |
| Change in net assets resulting from capital transactions | 33268316 | (10368676 | (10368676) | (501677 | (501677) | 734205 | 734205 | 1264172 | 2405843 | 2405843 | 9033485 | 11648447 | 11648447 | 11648447 | (142113 | (142113) | (396280 | (396280) |
| Change in net assets | 99557181 | 57596819 | 57596819 | (653385 | (653385) | 771308 | 771308 | 1010647 | 286042 | 286042 | 3478341 |  | 11155516 | 11155516 | (148925 | (148925) | (446538 | (446538) |
| NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: |
| Beginning of period | 452997932 | 395401113 | 395401113 | 1272167 | 1272167 | 500859 | 500859 | 2250403 | 1964361 | 1964361 | 12564696 | 1409180 | 1409180 | 1409180 | 712538 | 712538 | 1159076 | 1159076 |
| End of period | $552555113 | $452997932 | 452997932 | $618782 | 618782 | $1272167 | 1272167 | $3261050 | $2250403 | 2250403 | $16043037 | $— | 12564696 | 12564696 | $563613 | 563613 | $712538 | 712538 |
| CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | 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 | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class |
| Proceeds from shares issued | $405011979 | $718509448 | 718509448 | $9984620 | 9984620 | $21402833 | 21402833 | $34010420 | $287634519 | 287634519<br> <sup>(a)</sup> | $109775086 | $— | 150866628 | 150866628 | $4989034 | 4989034 | $9962782 | 9962782 |
| Distributions reinvested | 57458341 | 46341772 | 46341772 | 21459 | 21459 |  | 17495 | 82974 | 160032 | 160032 | 145801 |  | 141687 | 141687 | 21460 | 21460 |  | 50797 |
| Value of shares redeemed | (431152327) | (770663973 | (770663973) | (10481710 | (10481710) | (20702919 | (20702919) | (33046957) | (285391641 | (285391641) | (100869742) |  | (139391162 | (139391162) | (5131310 | (5131310) | (10427081 | (10427081) |
| Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class |
| Proceeds from shares issued | 14364404 | 27076542 | 27076542 | 130590 | 130590 | 1457958 | 1457958 | 800662 | 1480068 | 1480068<br> <sup>(b)</sup> | 166964 |  | 1252540 | 1252540 | 30012 | 30012 | 817001 | 817001 |
| Distributions reinvested | 2743470 | 2149838 | 2149838 | 112 | 112 |  | 1890 | 3444 |  | 9548 | 292 |  |  | 824 |  |  |  | 1180 |
| Value of shares redeemed | (15157551) | (33782303 | (33782303) | (156748 | (156748) | (1443052 | (1443052) | (586371) | (1486683 | (1486683) | (184916) | (1222070 | (1222070 | (1222070) | (51309 | (51309) | (800959 | (800959) |
| Change in net assets resulting from capital transactions | $33268316 | $(10368676 | (10368676) | $(501677 | (501677) | $734205 | 734205 | $1264172 | $2405843 | 2405843 | $9033485 | $— | 11648447 | 11648447 | $(142113 | (142113) | $(396280 | (396280) |
| SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | 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 | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class |
| Issued | 6867706 | 17528296 | 17528296<br> <sup>(c)</sup> | 741123 | 741123 | 1513414 | 1513414 | 962403 | 6039146 | 6039146 | 27453105 |  | 18302513 | 18302513 | 628971 | 628971 | 1259196 | 1259196 |
| Reinvested | 1063050 | 1096530 | 1096530<br> <sup>(c)</sup> | 1658 | 1658 |  | 1211 | 2451 |  | 3865 | 43393 |  | 13507 | 13507 | 2755 | 2755 |  | 6318 |
| Redeemed | (7335484) | (19208425 | (19208425)<sup>(c)</sup> | (778146 | (778146) | (1460736 | (1460736) | (934780) | (6023438 | (6023438) | (24092362) |  | (16523952 | (16523952) | (645636 | (645636) | (1316410 | (1316410) |
| Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class |
| Issued | 368916 |  | 941965<br> <sup>(c)</sup> | 10604 | 10604 | 112926 | 112926 | 25846 |  | 39516 | 38085 |  | 150766 | 150766 | 4473 | 4473 | 119758 | 119758 |
| Reinvested | 80430 |  | 74802<br> <sup>(c)</sup> |  | 9 |  | 144 | 118 |  | 267 | 88 |  |  | 81 |  |  |  | 171 |
| Redeemed | (390564) | (1158402 | (1158402)<sup>(c)</sup> | (12598 | (12598) | (111791 | (111791) | (18856) | (39390 | (39390) | (40812) | (146481 | (146481 | (146481) | (7680 | (7680) | (117588 | (117588) |
| Change in shares | 654054 | (725234 | (725234) | (37350 | (37350) | 55168 | 55168 | 37182 | 19966 | 19966 | 3401497 | 1796434 | 1796434 | 1796434 | (17117 | (17117) | (48555 | (48555) |

---

<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.**

**See accompanying notes to financial statements.**

For the Periods Indicated **:: Statements of Changes in Net Assets :: 229**

**228 :: Statements of Changes in Net Assets ::** For the Periods Indicated

---

| | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Short Small-Cap ProFund | Short Small-Cap ProFund | Short Small-Cap ProFund |  | Small-Cap Growth ProFund |  | Small-Cap ProFund | Small-Cap ProFund | Small-Cap Value ProFund | Small-Cap Value ProFund | Small-Cap Value ProFund | Small-Cap Value ProFund | Technology UltraSector ProFund | Technology UltraSector ProFund |  |  |
| | Six Months<br>Ended<br>January 31,<br>2026<br>(unaudited) |  |  | Six Months<br>Ended<br>January 31, <br>2026<br>(unaudited) | Year Ended<br>July 31, 2025 |  | Year Ended<br>July 31, 2025 | Six Months<br>Ended<br>January 31, <br>2026<br>(unaudited) | Year Ended<br>July 31, 2025 | Year Ended<br>July 31, 2025 | Six Months<br>Ended<br>January 31, <br>2026<br>(unaudited) |  |  |  |  |  |
| FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | 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: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: |
| Net investment income (loss) | $10042 | 10042 | $148480 | 148480 | $(17905) | $(51477 | (51477) | $24951 | $— | 39801 | $5714 | 5714 |  | (9475) | $(31910) | $46416 |
| Net realized gains (losses) on investments | (168312 | (168312) | 687698 | 687698 | 588533 | (689890 | (689890) | 611034 |  | (779369) | 2385024 | 2385024 | (4303097 | (4303097) | 5625664 | 5819373 |
| Change in unrealized appreciation/depreciation <br>on investments | 693 | 693 | 20385 | 20385 | (171974) | (394052 | (394052) | 564813 | (262842 | (262842) | 444997 | 444997 | (968084 | (968084) | 4899332 | 5071558 |
| Change in net assets resulting from operations | (157577 | (157577) | 856563 | 856563 | 398654 | (1135419 | (1135419) | 1200798 | (1002410 | (1002410) | 2835735 | 2835735 | (5280656 | (5280656) | 10493086 | 10937347 |
| DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | 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 | Total distributions | Total distributions | Total distributions | Total distributions | Total distributions | Total distributions | Total distributions | Total distributions | Total distributions | Total distributions |
| Investor Class | (20223 | (20223) | (138242 | (138242) |  | (64642 | (64642) | (34276) |  |  |  |  |  | (38107) | (2843067) | (6127170) |
| Service Class | (277 | (277) |  |  |  | (20310 | (20310) | (7122) |  |  |  |  | (7545 | (7545) | (193190) | (487205) |
| Change in net assets resulting from distributions | (20500 | (20500) | (138242 | (138242) |  | (84952 | (84952) | (41398) |  |  |  |  | (45652 | (45652) | (3036257) | (6614375) |
| Change in net assets resulting from capital transactions | (22410 | (22410) | (535428 | (535428) | (1002796) | (1170533 | (1170533) | 4448520 | 2416677 | 2416677 | 707556 | 707556 | (45108234 | (45108234) | (6528257) | (2828985) |
| Change in net assets | (200487 | (200487) | 182893 | 182893 | (604142) | (2390904 | (2390904) | 5607920 |  | 1414267 | 3543291 | 3543291 | (50434542 | (50434542) | 928572 | 1493987 |
| NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: |
| Beginning of period | 831110 | 831110 | 648217 | 648217 | 4380421 | 6771325 | 6771325 | 6440728 | 5026461 | 5026461 | 1790145 | 1790145 | 52224687 | 52224687 | 92291583 | 90797596 |
| End of period | $630623 | 630623 | $831110 | 831110 | $3776279 | $4380421 | 4380421 | $12048648 | $— | 6440728 | $5333436 | 5333436 | 1790145 | 1790145 | $93220155 | $92291583 |
| CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | 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 | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class |
| Proceeds from shares issued | $27812728 | 27812728 | $213764733 | 213764733 | $2943227 | $58417059 | 58417059 | $157004175 | $232901744 | 232901744 | $68144292 | 68144292 | 152846191 | 152846191 | $153266217 | $198051009 |
| Distributions reinvested | 20121 | 20121 | 137805 | 137805 |  | 64371 | 64371 | 33698 |  |  |  |  |  | 38071 | 2809896 | 6051602 |
| Value of shares redeemed | (27811114 | (27811114) | (214466489 | (214466489) | (3917424) | (59515976 | (59515976) | (153647559) | (229959019 | (229959019) | (67427898 | (67427898) | (197729130 | (197729130) | (161790930) | (206577900) |
| Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class |
| Proceeds from shares issued | 17032 | 17032 | 825001 | 825001 | 76756 | 983985 | 983985 | 1531515 |  | 2087689 | 11163 | 11163 | 2700443 | 2700443 | 9806063 | 18616034 |
| Distributions reinvested | 277 | 277 |  |  |  | 20310 | 20310 | 7122 |  |  |  |  |  | 7545 | 193190 | 487205 |
| Value of shares redeemed | (61454 | (61454) | (796478 | (796478) | (105355) | (1140282 | (1140282) | (480431) | 2613737 | 2613737 | (20001 | (20001) | (2971354 | (2971354) | (10812693) | (19456935) |
| Change in net assets resulting from capital transactions | $(22410 | (22410) | $(535428 | (535428) | $(1002796) | $(1170533 | (1170533) | $4448520 | $— | 2416677 | $707556 | 707556 | (45108234 | (45108234) | $(6528257) | $(2828985) |
| SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | 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 | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class |
| Issued | 566221 | 566221 | 3762726 | 3762726<br> <sup>(a)</sup> | 25318 | 547908 | 547908 | 1285688 |  | 2100729 | 585020 | 585020 | 1451835 | 1451835 | 3378535 | 5281640<br> <sup>(b)</sup> |
| Reinvested | 438 | 438 |  | 2562<br> <sup>(a)</sup> |  |  | 582 | 271 |  |  |  |  |  | 346 | 60741 | 160105<br> <sup>(b)</sup> |
| Redeemed | (566731 | (566731) | (3762658 | (3762658)<sup>(a)</sup> | (33895) | (564686 | (564686) | (1259705) |  | (2080913) | (558910 | (558910) | (1902111 | (1902111) | (3580808) | (5659190)<sup>(b)</sup> |
| Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class |
| Issued | 344 | 344 | 16265 | 16265<br> <sup>(a)</sup> | 935 | 12202 | 12202 | 15890 |  | 22626 | 123 | 123 |  | 30840 | 285931 | 666398<br> <sup>(b)</sup> |
| Reinvested |  | 6 |  |  |  |  | 248 | 73 |  |  |  |  |  | 88 | 5639 | 17077<br> <sup>(b)</sup> |
| Redeemed | (1273 | (1273) | (15695 | (15695)<sup>(a)</sup> | (1261) | (13986 | (13986) | (4872) | (29196 | (29196) | (226 | (226) | (35148 | (35148) | (314687) | (683211)<sup>(b)</sup> |
| Change in shares | (995 | (995) | 3200 | 3200 | (8903) | (17732 | (17732) | 37345 | 13246 | 13246 | 26007 | 26007 | (454150 | (454150) | (164649) | (217181) |

---

<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.**

**See accompanying notes to financial statements.**

For the Periods Indicated **:: Statements of Changes in Net Assets :: 231**

**230 :: Statements of Changes in Net Assets ::** For the Periods Indicated

---

| | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | UltraBear ProFund | UltraBear ProFund |  | UltraBull ProFund |  | UltraChina ProFund | UltraChina ProFund | UltraDow 30 ProFund | UltraDow 30 ProFund | UltraDow 30 ProFund | UltraEmerging Markets ProFund | UltraEmerging Markets ProFund | UltraEmerging Markets ProFund | UltraEmerging Markets ProFund |  |  |  |
| |  |  | Six Months<br>Ended<br>January 31, <br>2026<br>(unaudited) | Year Ended<br>July 31, 2025 |  | Year Ended<br>July 31, 2025 | Six Months<br>Ended<br>January 31, <br>2026<br>(unaudited) | Year Ended<br>July 31, 2025 | Year Ended<br>July 31, 2025 |  | Year Ended<br>July 31, 2025 |  |  |  |  |  |  |
| FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | 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: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: |
| Net investment income (loss) | $75087 | $— | 244489 | $590276 | $1185841 | 1185841 | $(9091) | $— | 49773 | $161159 | $— |  | 370164 | $24545 | $115532 | 115532 | 115532 |
| Net realized gains (losses) on investments | (1265244) | (4383261 | (4383261) | 12993303 | 16643020 | 16643020 | 620787 |  | 642895 | 3338790 |  | 1863347 | 1863347 | 2589240 | 434778 | 434778 | 434778 |
| Change in unrealized appreciation/depreciation <br>on investments | (13001) | 204996 | 204996 | 10581137 | 11182005 | 11182005 | 1595442 | 2618608 | 2618608 | 3745570 | 344116 | 344116 | 344116 | 989671 | 774787 | 774787 | 774787 |
| Change in net assets resulting from operations | (1203158) | (3933776 | (3933776) | 24164716 | 29010866 | 29010866 | 2207138 | 3311276 | 3311276 | 7245519 | 2577627 | 2577627 | 2577627 | 3603456 | 1325097 | 1325097 | 1325097 |
| DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | 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 | Total distributions | Total distributions | Total distributions | Total distributions | Total distributions | Total distributions | Total distributions | Total distributions | Total distributions | Total distributions | Total distributions |
| Investor Class | (198418) |  | (108411) | (18184340) | (6098243 | (6098243) | (1320414) |  | (579412) | (1569150) |  | (1036790 | (1036790) | (264909) | (94322 | (94322 | (94322) |
| Service Class |  | (7254 | (7254) | (272831) | (72200 | (72200) | (48858) | (9095 | (9095) | (65481) | (42152 | (42152 | (42152) | (16104) | (385 | (385 | (385) |
| Change in net assets resulting from distributions | (198418) | (115665 | (115665) | (18457171) | (6170443 | (6170443) | (1369272) | (588507 | (588507) | (1634631) | (1078942 | (1078942 | (1078942) | (281013) | (94707 | (94707 | (94707) |
| Change in net assets resulting from capital transactions | 467556 | 4579928 | 4579928 | (266750) | (2090771 | (2090771) | (998403) | 5188552 | 5188552 | (1244115) | (2367167 | (2367167 | (2367167) | 4744169 | 688638 | 688638 | 688638 |
| Change in net assets | (934020) |  | 530487 | 5440795 | 20749652 | 20749652 | (160537) |  | 7911321 | 4366773 |  |  | (868482) | 8066612 | 1919028 | 1919028 | 1919028 |
| NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: |
| Beginning of period | 6688171 | 6157684 | 6157684 | 166041305 | 145291653 | 145291653 | 25379565 | 17468244 | 17468244 | 38536349 | 39404831 | 39404831 | 39404831 | 9420506 | 7501478 | 7501478 | 7501478 |
| End of period | $5754151 | $6688171 | 6688171 | $171482100 | $166041305 | 166041305 | $25219028 | $25379565 | 25379565 | $42903122 | $— | 38536349 | 38536349 | $17487118 | $9420506 | 9420506 | 9420506 |
| CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | 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 | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class |
| Proceeds from shares issued | $81408157 | $249227274 | 249227274 | $430076419 | $609514650 | 609514650 | $67596889 | $145851949 | 145851949 | $36618550 | $— | 85735960 | 85735960 | $40631575 | $43477393 | 43477393 | 43477393 |
| Distributions reinvested | 197771 |  | 107631 | 17885546 | 6029995 | 6029995 | 1311782 |  | 567158 | 1559907 |  | 1034254 | 1034254 | 240544 | 93192 | 93192 | 93192 |
| Value of shares redeemed | (81052279) | (244781479 | (244781479) | (448143615) | (617165371 | (617165371) | (70367765) | (141699902 | (141699902) | (39877349) |  | (88792212 | (88792212) | (36290803) | (42809733 | (42809733 | (42809733) |
| Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class |
| Proceeds from shares issued | 308847 | 1651989 | 1651989 | 8185746 | 18125200 | 18125200 | 8109503 | 14158547 | 14158547 | 4480661 |  | 9135570 | 9135570 | 11198147 | 8262042 | 8262042 | 8262042 |
| Distributions reinvested |  |  | 7254 | 263818 |  | 72200 | 48858 |  | 9095 | 65481 |  |  | 42152 | 3126 |  | 385 | 385 |
| Value of shares redeemed | (394940) | (1632741 | (1632741) | (8534664) | (18667445 | (18667445) | (7697670) | (13698295 | (13698295) | (4091365) | (9522891 | (9522891 | (9522891) | (11038420) | (8334641 | (8334641 | (8334641) |
| Change in net assets resulting from capital transactions | $467556 | $4579928 | 4579928 | $(266750) | $(2090771 | (2090771) | $(998403) | $— | 5188552 | $(1244115) | $— | (2367167 | (2367167) | $4744169 | $688638 | 688638 | 688638 |
| SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | 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 | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class |
| Issued | 10976589 | 24364246 | 24364246 | 2655741 | 4465416 | 4465416 | 2176663 |  | 5846368 | 400034 |  | 1060713 | 1060713 | 498080 | 775766 | 775766 | 775766 |
| Reinvested | 25226 |  | 10657 | 114054 |  | 42645 | 50824 |  | 28892 | 16872 |  |  | 12842 | 3047 | 1971 | 1971 | 1971 |
| Redeemed | (10966323) | (24123829 | (24123829) | (2804528) | (4544445 | (4544445) | (2299041) |  | (5765450) | (438957) |  | (1112010 | (1112010) | (454703) | (787445 | (787445 | (787445) |
| Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class |
| Issued | 45464 |  | 182050 | 69515 |  | 175431 | 310091 |  | 655057 | 58065 |  |  | 135675 | 151984 | 171801 | 171801 | 171801 |
| Reinvested |  |  | 821 | 2377 |  | 697 | 2208 |  | 535 | 870 |  |  | 631 | 44 |  |  | 9 |
| Redeemed | (57535) | (177698 | (177698) | (72645) | (178978 | (178978) | (287100) | (653214 | (653214) | (53185) | (141195 | (141195 | (141195) | (149042) | (171294 | (171294 | (171294) |
| Change in shares | 23421 | 256247 | 256247 | (35486) | (39234 | (39234) | (46355) | 112188 | 112188 | (16301) | (43344 | (43344 | (43344) | 49410 | (9192 | (9192 | (9192) |

---

Amounts designated as ' – ' are $0 or have been rounded to $0.

**See accompanying notes to financial statements.**

**See accompanying notes to financial statements.**

For the Periods Indicated **:: Statements of Changes in Net Assets :: 233**

**232 :: Statements of Changes in Net Assets ::** For the Periods Indicated

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | UltraInternational ProFund | UltraInternational ProFund |  | UltraJapan ProFund |  | UltraLatin America ProFund | UltraLatin America ProFund | UltraMid-Cap ProFund | UltraMid-Cap ProFund | UltraMid-Cap ProFund | UltraMid-Cap ProFund | UltraNasdaq-100 ProFund | UltraNasdaq-100 ProFund |  |  |
| |  |  | Six Months<br>Ended<br>January 31, <br>2026<br>(unaudited) | Year Ended<br>July 31, 2025 |  | Year Ended<br>July 31, 2025 | Six Months<br>Ended<br>January 31, <br>2026<br>(unaudited) | Year Ended<br>July 31, 2025 | Year Ended<br>July 31, 2025 | Six Months<br>Ended<br>January 31, <br>2026<br>(unaudited) |  |  |  |  |  |
| FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | 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: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: |
| Net investment income (loss) | $61872 | $132811 | 132811 | $267393 | $— | 518325 | $299025 | $378786 | 378786 | $116630 | 116630 |  | 276102 | $1129267 | $2927080 |
| Net realized gains (losses) on investments | 1513910 | 534119 | 534119 | 11515793 | (2156479 | (2156479) | 4665299 | 33055 | 33055 | 2695819 | 2695819 |  | 360399 | 153534109 | 222809182 |
| Change in unrealized appreciation/depreciation <br>on investments | 73695 | (422518 | (422518) | 407898 | 2385447 | 2385447 | 2375963 | 115218 | 115218 | 1823983 | 1823983 | 4431939 | 4431939 | 49795881 | 58373480 |
| Change in net assets resulting from operations | 1649477 | 244412 | 244412 | 12191084 | 747293 | 747293 | 7340287 | 527059 | 527059 | 4636432 | 4636432 | (3795438 | (3795438) | 204459257 | 284109742 |
| DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | 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 | Total distributions | Total distributions | Total distributions | Total distributions | Total distributions | Total distributions | Total distributions | Total distributions | Total distributions |
| Investor Class | (26529) |  |  | (8231160) |  |  | (492255) | (391948 | (391948) | (59629 | (59629) |  | (441453) | (248478888) |  |
| Service Class | (351) |  |  | (98337) |  |  | (27691) | (10050 | (10050) |  |  | (17969 | (17969) | (5314626) |  |
| Change in net assets resulting from distributions | (26880) |  |  | (8329497) |  |  | (519946) | (401998 | (401998) | (59629 | (59629) | (459422 | (459422) | (253793514) |  |
| Change in net assets resulting from capital transactions | (702088) | 3357674 | 3357674 | 7005094 | (6829026 | (6829026) | (509947) | 471849 | 471849 | (2267773 | (2267773) | (7233304 | (7233304) | 74450122 | (57011746 |
| Change in net assets | 920509 | 3602086 | 3602086 | 10866681 | (6081733 | (6081733) | 6310394 | 596910 | 596910 | 2309030 | 2309030 | (11488164 | (11488164) | 25115865 | 227097996 |
| NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: |
| Beginning of period | 7358481 | 3756395 | 3756395 | 18251461 | 24333194 | 24333194 | 7885187 | 7288277 | 7288277 | 36277970 | 36277970 | 47766134 | 47766134 | 1188790426 | 961692430 |
| End of period | $8278990 | $7358481 | 7358481 | $29118142 | $18251461 | 18251461 | $14195581 | $7885187 | 7885187 | $38587000 | 38587000 | 36277970 | 36277970 | $1213906291 | $1188790426 |
| CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | 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 | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class |
| Proceeds from shares issued | $28645886 | $77195668 | 77195668 | $23997488 | $29475282 | 29475282 | $37161312 | $36773657 | 36773657 | $25047891 | 25047891 | 65033522 | 65033522 | $2488200174 | $3220951988 |
| Distributions reinvested | 26529 |  |  | 6189109 |  |  | 312483 | 388079 | 388079 | 57845 | 57845 |  | 428886 | 241289715 |  |
| Value of shares redeemed | (29682599) | (73806714 | (73806714) | (23146653) | (36282242 | (36282242) | (38024139) | (36854201 | (36854201) | (27493016 | (27493016) | (72378015 | (72378015) | (2656733726) | (3275615996 |
| Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class |
| Proceeds from shares issued | 9346591 | 6137632 | 6137632 | 9383855 | 7206914 | 7206914 | 9952389 | 12855454 | 12855454 | 20407085 | 20407085 | 31153611 | 31153611 | 43622228 | 72568681 |
| Distributions reinvested | 351 |  |  | 63137 |  |  | 1795 | 10050 | 10050 |  |  |  | 16937 | 5278524 |  |
| Value of shares redeemed | (9038846) | (6168912 | (6168912) | (9481842) | (7228980 | (7228980) | (9913787) | (12701190 | (12701190) | (20287578 | (20287578) | (31488245 | (31488245) | (47206793) | (74916419 |
| Change in net assets resulting from capital transactions | $(702088) | $3357674 | 3357674 | $7005094 | $(6829026 | (6829026) | $(509947) | $471849 | 471849 | $(2267773 | (2267773) | (7233304 | (7233304) | $74450122 | $(57011746 |
| SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | 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 | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class |
| Issued | 1133406 | 3934736 | 3934736 | 342591 |  | 615932 | 1799138 | 2661002 | 2661002 | 359691 | 359691 |  | 970437 | 17798578 | 30137808 |
| Reinvested | 997 |  |  | 106485 |  |  | 15154 | 34042 | 34042 | 821 | 821 |  | 6401 | 1900391 |  |
| Redeemed | (1194705) | (3792862 | (3792862) | (337035) | (751257 | (751257) | (1823619) | (2684409 | (2684409) | (400024 | (400024) | (1100673 | (1100673) | (19364415) | (30422727 |
| Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class |
| Issued | 434738 | 355660 | 355660 | 182045 |  | 182324 | 523770 | 957693 | 957693 | 386230 | 386230 |  | 595853 | 478701 | 993149 |
| Reinvested | 16 |  |  | 1573 |  |  | 91 |  | 915 |  |  |  | 325 | 65555 |  |
| Redeemed | (418823) | (353992 | (353992) | (181793) | (183072 | (183072) | (525721) | (942599 | (942599) | (392082 | (392082) | (605353 | (605353) | (513177) | (1030564 |
| Change in shares | (44371) | 143542 | 143542 | 113866 | (136073 | (136073) | (11187) | 26644 | 26644 | (45364 | (45364) | (133010 | (133010) | 365633 | (322334 |

---

Amounts designated as ' – ' are $0 or have been rounded to $0.

**See accompanying notes to financial statements.**

**See accompanying notes to financial statements.**

For the Periods Indicated **:: Statements of Changes in Net Assets :: 235**

**234 :: Statements of Changes in Net Assets ::** For the Periods Indicated

---

| | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | UltraShort China ProFund | UltraShort China ProFund |  | UltraShort Dow 30 ProFund |  | UltraShort Emerging Markets ProFund | UltraShort Emerging Markets ProFund | UltraShort International ProFund | UltraShort International ProFund | UltraShort International ProFund | UltraShort International ProFund | UltraShort Japan ProFund | UltraShort Japan ProFund | UltraShort Japan ProFund |  |  |  |
| |  |  | Six Months<br>Ended<br>January 31, <br>2026<br>(unaudited) | Year Ended<br>July 31, 2025 | Six Months<br>Ended<br>January 31, <br>2026<br>(unaudited) |  | Six Months<br>Ended<br>January 31, <br>2026<br>(unaudited) | Year Ended<br>July 31, 2025 | Year Ended<br>July 31, 2025 | Six Months<br>Ended<br>January 31, <br>2026<br>(unaudited) | Six Months<br>Ended<br>January 31, <br>2026<br>(unaudited) | Year Ended<br>July 31, 2025 |  |  |  |  |  |
| FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | 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: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: |
| Net investment income (loss) | $22530 | $60568 | 60568 | $12870 | $54369 | 54369 | $6950 | $18744 | 18744 | $24179 | 24179 | $— | 74561 | $13979 | 13979 | $— | 22587 |
| Net realized gains (losses) on investments | (513624) | (876959 | (876959) | (176193) | (867383 | (867383) | (231345) | (17403 | (17403) | (673701 | (673701) |  | (388624 | (923544 | (923544) | 244043 | 244043 |
| Change in unrealized appreciation/depreciation <br>on investments | 33556 | 58865 | 58865 | (44141) | 75717 | 75717 | 6956 | 23171 | 23171 | 9714 | 9714 | 136369 | 136369 | 46967 | 46967 | (194449 | (194449) |
| Change in net assets resulting from operations | (457538) | (757526 | (757526) | (207464) | (737297 | (737297) | (217439) | 24512 | 24512 | (639808 | (639808) | (177694 | (177694 | (862598 | (862598) | 72181 | 72181 |
| DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | 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 | Total distributions | Total distributions | Total distributions | Total distributions | Total distributions | Total distributions | Total distributions | Total distributions | Total distributions | Total distributions | Total distributions |
| Investor Class | (52608) | (67422 | (67422) | (44274) | (87122 | (87122) | (18521) | (22087 | (22087) | (69541 | (69541) |  | (71031 | (23298 | (23298) |  | (29439) |
| Service Class |  | (3258 | (3258) | (143) | (1248 | (1248) | (255) | (109 | (109) | (3 | (3) |  |  |  |  |  |  |
| Change in net assets resulting from distributions | (52608) | (70680 | (70680) | (44417) | (88370 | (88370) | (18776) | (22196 | (22196) | (69544 | (69544) | (71031 | (71031 | (23298 | (23298) | (29439 | (29439) |
| Change in net assets resulting from capital transactions | 1298623 | 1536851 | 1536851 | (397148) | 569534 | 569534 | (195580) | 476378 | 476378 | 535998 | 535998 | 183772 | 183772 | 1018794 | 1018794 | 125646 | 125646 |
| Change in net assets | 788477 | 708645 | 708645 | (649029) | (256133 | (256133) | (431795) | 478694 | 478694 | (173354 | (173354) |  | (64953 | 132898 | 132898 | 168388 | 168388 |
| NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: |
| Beginning of period | 1695842 | 987197 | 987197 | 1702395 | 1958528 | 1958528 | 840554 | 361860 | 361860 | 2035442 | 2035442 | 2100395 | 2100395 | 1472531 | 1472531 | 1304143 | 1304143 |
| End of period | $2484319 | $1695842 | 1695842 | $1053366 | $1702395 | 1702395 | $408759 | $840554 | 840554 | $1862088 | 1862088 | $— | 2035442 | $1605429 | 1605429 | $1472531 | 1472531 |
| CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | 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 | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class |
| Proceeds from shares issued | $25372592 | $57423906 | 57423906 | $9633862 | $26018967 | 26018967 | $11787692 | $19339716 | 19339716 | $21122013 | 21122013 | $— | 55753170 | $10079811 | 10079811 | $14450091 | 14450091 |
| Distributions reinvested | 52172 | 67191 | 67191 | 44093 | 86802 | 86802 | 18400 | 22049 | 22049 | 69519 | 69519 |  | 71012 | 23298 | 23298 |  | 29360 |
| Value of shares redeemed | (24070987) | (55998779 | (55998779) | (10045526) | (25542325 | (25542325) | (12004901) | (18884496 | (18884496) | (20632631 | (20632631) |  | (55665129 | (9071558 | (9071558) | (14383257 | (14383257) |
| Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class |
| Proceeds from shares issued | 153845 | 1231504 | 1231504 | 30716 | 832428 | 832428 | 71980 | 209072 | 209072 | 12244 | 12244 |  | 549006 | 15000 | 15000 | 973465 | 973465 |
| Distributions reinvested |  |  | 3258 | 143 | 1248 | 1248 | 255 | 109 | 109 |  | 3 |  |  |  |  |  |  |
| Value of shares redeemed | (208999) | (1190229 | (1190229) | (60436) | (827586 | (827586) | (69006) | (210072 | (210072) | (35150 | (35150) | (524287 | (524287 | (27757 | (27757) | (944013 | (944013) |
| Change in net assets resulting from capital transactions | $1298623 | $1536851 | 1536851 | $(397148) | $569534 | 569534 | $(195580) | $476378 | 476378 | $535998 | 535998 | $— | 183772 | $1018794 | 1018794 | $125646 | 125646 |
| SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | 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 | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class |
| Issued | 13081394 | 15309554 | 15309554 | 1030387 | 2091337 | 2091337 | 1535507 | 1449012 | 1449012 | 1867048 | 1867048 |  | 3426724 | 432485 | 432485 | 319134 | 319134<br> <sup>(a)</sup> |
| Reinvested | 25326 | 15306 | 15306 | 5039 | 7168 | 7168 | 2584 | 1417 | 1417 | 6614 | 6614 |  | 3838 | 1100 | 1100 |  | 753<br> <sup>(a)</sup> |
| Redeemed | (12480824) | (14827938 | (14827938) | (1067474) | (2085214 | (2085214) | (1554631) | (1389542 | (1389542) | (1832174 | (1832174) |  | (3404442 | (389655 | (389655) | (305424 | (305424)<sup>(a)</sup> |
| Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class |
| Issued | 87865 | 408712 | 408712 | 3344 | 79807 | 79807 | 10371 | 18111 | 18111 | 1066 | 1066 |  | 37982 | 481 | 481 |  | 22649<br> <sup>(a)</sup> |
| Reinvested |  |  | 873 | 19 |  | 120 | 40 |  | 8 |  |  |  |  |  |  |  |  |
| Redeemed | (112548) | (384132 | (384132) | (6660) | (79503 | (79503) | (9878) | (18439 | (18439) | (3084 | (3084) | (35964 | (35964 | (843 | (843) | (22286 | (22286)<sup>(a)</sup> |
| Change in shares | 601213 | 522375 | 522375 | (35345) | 13715 | 13715 | (16007) | 60567 | 60567 | 39470 | 39470 | 28138 | 28138 | 43568 | 43568 | 14826 | 14826 |

---

<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.**

**See accompanying notes to financial statements.**

For the Periods Indicated **:: Statements of Changes in Net Assets :: 237**

**236 :: Statements of Changes in Net Assets ::** For the Periods Indicated

---

| | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | UltraShort Latin America ProFund | UltraShort Latin America ProFund |  | UltraShort Mid-Cap ProFund |  | UltraShort Nasdaq-100 ProFund | UltraShort Nasdaq-100 ProFund | UltraShort Small-Cap ProFund | UltraShort Small-Cap ProFund | UltraShort Small-Cap ProFund | UltraSmall-Cap ProFund | UltraSmall-Cap ProFund | UltraSmall-Cap ProFund | UltraSmall-Cap ProFund |  |  |  |
| | Six Months<br>Ended<br>January 31,<br>2026<br>(unaudited) |  | Six Months<br>Ended<br>January 31, <br>2026<br>(unaudited) | Year Ended<br>July 31, 2025 |  | Year Ended<br>July 31, 2025 | Six Months<br>Ended<br>January 31, <br>2026<br>(unaudited) | Year Ended<br>July 31, 2025 | Year Ended<br>July 31, 2025 | Six Months<br>Ended<br>January 31, <br>2026<br>(unaudited) | Year Ended<br>July 31, 2025 |  |  |  |  |  |  |
| FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | 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: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: |
| Net investment income (loss) | $8148 | 8148 | $33498 | $5155 | $15982 | 15982 | $145781 | $445091 | 445091 | $45231 | $— | 94503 | 94503 | $171787 | 171787 | $— | 256194 |
| Net realized gains (losses) on investments | (526806 | (526806) | (313948) | (119107) | (74448 | (74448) | (2805437) | (8605992 | (8605992) | (1256481 |  | (1447137 | (1447137) | 9370534 | 9370534 | (6519807 | (6519807) |
| Change in unrealized appreciation/depreciation <br>on investments | 202800 | 202800 | (8015) | (6301) | 29293 | 29293 | 332147 | 300305 | 300305 | (17330 | 179643 | 179643 | 179643 | 6331686 | 6331686 | (4447379 | (4447379) |
| Change in net assets resulting from operations | (315858 | (315858) | (288465) | (120253) | (29173 | (29173) | (2327509) | (7860596 | (7860596) | (1228580 | (1172991 | (1172991 | (1172991) | 15874007 | 15874007 | (10710992 | (10710992) |
| DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | 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 | Total distributions | Total distributions | Total distributions | Total distributions | Total distributions | Total distributions | Total distributions | Total distributions | Total distributions | Total distributions | Total distributions |
| Investor Class | (28706 | (28706) | (37829) | (13615) | (26279 | (26279) | (340177) | (519818 | (519818) | (92244 |  | (148295 | (148295) | (239011 | (239011) | (574109 | (574109) |
| Service Class | (63 | (63) | (1632) |  | (946 | (946) | (1028) | (1687 | (1687) |  | (4556 | (4556 | (4556) |  |  | (2259 | (2259) |
| Change in net assets resulting from distributions | (28769 | (28769) | (39461) | (13615) | (27225 | (27225) | (341205) | (521505 | (521505) | (92244 | (152851 | (152851 | (152851) | (239011 | (239011) | (576368 | (576368) |
| Change in net assets resulting from capital transactions | 5325662 | 5325662 | (13905) | 119474 | (5036 | (5036) | (2169829) | 18713095 | 18713095 | (399878 | 3248524 | 3248524 | 3248524 | (3724247 | (3724247) | (6722325 | (6722325) |
| Change in net assets | 4981035 | 4981035 | (341831) | (14394) | (61434 | (61434) | (4838543) | 10330994 | 10330994 | (1720702 |  | 1922682 | 1922682 | 11910749 | 11910749 | (18009685 | (18009685) |
| NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: |
| Beginning of period | 1153861 | 1153861 | 1495692 | 492105 | 553539 | 553539 | 20195601 | 9864607 | 9864607 | 4847098 | 2924416 | 2924416 | 2924416 | 40269429 | 40269429 | 58279114 | 58279114 |
| End of period | $6134896 | 6134896 | $1153861 | $477711 | $492105 | 492105 | $15357058 | $20195601 | 20195601 | $3126396 | $— | 4847098 | 4847098 | $52180178 | 52180178 | $40269429 | 40269429 |
| CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | 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 | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class |
| Proceeds from shares issued | $14785979 | 14785979 | $11955692 | $8517681 | $12750745 | 12750745 | $68089147 | $582346291 | 582346291 | $43825806 | $— | 75884590 | 75884590 | $142201694 | 142201694 | $289103806 | 289103806 |
| Distributions reinvested | 17593 | 17593 | 36372 | 10167 | 26279 | 26279 | 329787 | 514984 | 514984 | 85192 |  | 138104 | 138104 | 235877 | 235877 |  | 567592 |
| Value of shares redeemed | (9465832 | (9465832) | (11948050) | (8397861) | (12772254 | (12772254) | (70619048) | (564161050 | (564161050) | (44288708 |  | (72690061 | (72690061) | (146313075 | (146313075) | (296330196 | (296330196) |
| Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class |
| Proceeds from shares issued | 54023 | 54023 | 958500 | 25000 | 182427 | 182427 | 88723 | 305524 | 305524 | 78412 |  | 1091867 | 1091867 | 4734919 | 4734919 | 7416293 | 7416293 |
| Distributions reinvested | 63 | 63 | 1632 |  |  | 946 | 1028 | 1687 | 1687 |  |  | 4556 | 4556 |  |  |  | 2259 |
| Value of shares redeemed | (66164 | (66164) | (1018051) | (35513) | (193179 | (193179) | (59466) | (294341 | (294341) | (100580 | (1180532 | (1180532 | (1180532) | (4583662 | (4583662) | (7482079 | (7482079) |
| Change in net assets resulting from capital transactions | $5325662 | 5325662 | $(13905) | $119474 | $(5036 | (5036) | $(2169829) | $18713095 | 18713095 | $(399878 | $— | 3248524 | 3248524 | $(3724247 | (3724247) | $(6722325 | (6722325) |
| SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | 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 | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class |
| Issued | 774675 | 774675 | 292581<br> <sup>(a)</sup> | 333715 | 421744 | 421744 | 4030071 | 21237275 | 21237275 | 1248238 |  | 1556918 | 1556918<br> <sup>(b)</sup> | 1918986 | 1918986 | 4490066 | 4490066 |
| Reinvested | 854 | 854 | 731<br> <sup>(a)</sup> | 421 |  | 901 | 21100 | 20403 | 20403 | 2638 |  | 2987 | 2987<br> <sup>(b)</sup> | 3097 | 3097 |  | 8491 |
| Redeemed | (407510 | (407510) | (291202)<sup>(a)</sup> | (330514) | (422497 | (422497) | (4121425) | (20516773 | (20516773) | (1254966 |  | (1508629 | (1508629)<sup>(b)</sup> | (1946007 | (1946007) | (4655888 | (4655888) |
| Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class | Service Class |
| Issued | 1948 | 1948 | 26218<br> <sup>(a)</sup> | 1034 | 6683 | 6683 | 5704 | 11610 | 11610 | 2029 |  | 25280 | 25280<br> <sup>(b)</sup> | 80892 | 80892 |  | 154835 |
| Reinvested |  | 3 | 37<br> <sup>(a)</sup> |  |  | 37 | 71 |  | 72 |  |  |  | 109<br> <sup>(b)</sup> |  |  |  | 43 |
| Redeemed | (2436 | (2436) | (27820)<sup>(a)</sup> | (1520) | (7025 | (7025) | (3690) | (11690 | (11690) | (2785 | (27071 | (27071 | (27071)<sup>(b)</sup> | (78624 | (78624) | (154625 | (154625) |
| Change in shares | 367534 | 367534 | 545 | 3136 | (157 | (157) | (68169) | 740897 | 740897 | (4846 | 49594 | 49594 | 49594 | (21656 | (21656) | (157078 | (157078) |

---

<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.**

**See accompanying notes to financial statements.**

**238 :: Statements of Changes in Net Assets ::** For the Periods Indicated

---

| | | | | |
|:---|:---|:---|:---|:---|
| | U.S. Government Plus ProFund |  | Utilities UltraSector ProFund |  |
| |  | Six Months<br>Ended<br>January 31, <br>2026<br>(unaudited) | Year Ended<br>July 31, 2025 |  |
| FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: |
| OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: |
| Net investment income (loss) | $59318 | $225347 | $190721 | $340719 |
| Net realized gains (losses) on investments | 48002 | (1341743) | 77234 | 2718131 |
| Change in unrealized appreciation/depreciation <br>on investments | (177180) | (192078) | (59813) | 122104 |
| Change in net assets resulting from operations | (69860) | (1308474) | 208142 | 3180954 |
| 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 | (52863) | (199574) | (265874) | (364216 |
| Service Class | (6455) | (25802) |  |  |
| Change in net assets resulting from distributions | (59318) | (225376) | (265874) | (364216 |
| Change in net assets resulting from capital transactions | (797149) | (9051298) | (5070596) | (24854471 |
| Change in net assets | (926327) | (10585148) | (5128328) | (22037733 |
| NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: |
| Beginning of period | 3943009 | 14528157 | 15574286 | 37612019 |
| End of period | $3016682 | $3943009 | $10445958 | $15574286 |
| CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: |
| Investor Class | Investor Class | Investor Class | Investor Class | Investor Class |
| Proceeds from shares issued | $128574896 | $353414259 | $136126599 | $138434553 |
| Distributions reinvested | 52281 | 198044 | 265618 | 362020 |
| Value of shares redeemed | (129411373) | (361636875) | (141421976) | (163391672 |
| Service Class | Service Class | Service Class | Service Class | Service Class |
| Proceeds from shares issued | 1196617 | 1569125 | 3877426 | 11136684 |
| Distributions reinvested | 6455 | 25802 |  |  |
| Value of shares redeemed | (1216025) | (2621653) | (3918263) | (11396056 |
| Change in net assets resulting from capital transactions | $(797149) | $(9051298) | $(5070596) | $(24854471 |
| SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: |
| Investor Class | Investor Class | Investor Class | Investor Class | Investor Class |
| Issued | 3928055 | 10377833 | 1616339 | 1873904 |
| Reinvested | 1604 | 5739 | 3233 | 5265 |
| Redeemed | (3958393) | (10630605) | (1681960) | (2258176 |
| Service Class | Service Class | Service Class | Service Class | Service Class |
| Issued | 40586 | 51838 | 49753 | 164371 |
| Reinvested | 219 | 825 |  |  |
| Redeemed | (41558) | (88661) | (50350) | (169276 |
| Change in shares | (29487) | (283031) | (62986) | (383912 |

---

Amounts designated as ' – ' are $0 or have been rounded to $0.

**See accompanying notes to financial statements.**

**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 | Investment Activities | Investment Activities | Distributions to Shareholders From | Distributions to Shareholders From | Distributions to Shareholders From | Distributions to Shareholders From |  | | Ratios to<br>Average Net Assets | Ratios to<br>Average Net Assets | Ratios to<br>Average Net Assets |  | Supplemental<br>Data |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Asset<br>Value,<br>Beginning<br>of Period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 | Net<br>Investment<br>Income | In Excess<br>of Net<br>Investment<br>Income | Total<br>Distributions |  | Total<br>Return<sup>(b)</sup> | Net<br>Expenses<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** | **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** | **Access Flex Bear High Yield 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** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
| Six Months Ended <br>January 31, 2026 (unaudited) | $28.07 |  | 0.14 | (0.86) | (0.72 |  |  |  |  |  | $27.35 | (2.57)% | 4.34% | 1.78% | 0.98% | $514 |  |
| Year Ended July 31, 2025 | $29.25 |  | 0.17 | (1.35) | (1.18 |  |  |  |  |  | $28.07 | (4.03)% | 5.34% | 1.78% | 0.59% | $3597 |  |
| Year Ended July 31, 2024 | $31.10 |  | 0.69 | (2.54) | (1.85 |  |  |  |  |  | $29.25 | (5.95)% | 3.80% | 1.78% | 2.24% | $375 |  |
| Year Ended July 31, 2023 | $31.71 |  | 0.44 | (1.05) | (0.61 |  |  |  |  |  | $31.10 | (1.92)% | 2.53% | 1.78% | 1.38% | $2355 |  |
| Year Ended July 31, 2022 | $29.93 |  | (0.43 | 2.21 | 1.78 |  |  |  |  |  | $31.71 | 5.95% | 3.15% | 1.78% | (1.36)% | $2189 |  |
| Nine Months Ended <br>July 31, 2021 | $33.20 |  | (0.41 | (2.86) | (3.27 |  |  |  |  |  | $29.93 | (9.80)% | 9.92% | 1.78% | (1.78)% | $445 |  |
| Year Ended October 31, 2020 | $33.78 |  | (0.53 | (0.05) | (0.58 |  |  |  |  |  | $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** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
| Six Months Ended <br>January 31, 2026 (unaudited) | $23.17 |  | 0.03 | (0.74) | (0.71 |  |  |  |  |  | $22.46 | (3.06)% | 5.34% | 2.78% | (0.02)% | $4 |  |
| Year Ended July 31, 2025 | $24.40 |  | (0.07 | (1.16) | (1.23 |  |  |  |  |  | $23.17 | (5.00)% | 6.34% | 2.78% | (0.41)% | $4 |  |
| Year Ended July 31, 2024 | $26.19 |  | 0.43 | (2.22) | (1.79 |  |  |  |  |  | $24.40 | (6.91)% | 4.80% | 2.78% | 1.24% | $18 |  |
| Year Ended July 31, 2023 | $26.94 |  | 0.16 | (0.91) | (0.75 |  |  |  |  |  | $26.19 | (2.78)% | 3.53% | 2.78% | 0.38% | $18 |  |
| Year Ended July 31, 2022 | $25.68 |  | (0.69 | 1.95 | 1.26 |  |  |  |  |  | $26.94 | 4.86% | 4.15% | 2.78% | (2.36)% | $28 |  |
| Nine Months Ended <br>July 31, 2021 | $28.71 |  | (0.61 | (2.42) | (3.03 |  |  |  |  |  | $25.68 | (10.45)% | 10.92% | 2.78% | (2.78)% | $11 |  |
| Year Ended October 31, 2020 | $29.49 |  | (0.82 | 0.04 | (0.78 |  |  |  |  |  | $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** | **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** | **Access Flex High Yield 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** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
| Six Months Ended <br>January 31, 2026 (unaudited) | $30.60 |  | 0.31 | 0.64 | 0.95 |  | (0.35 |  |  | (0.35) | $31.20 | 3.11% | 1.52% | 1.51% | 2.01% | $11733 | —<br> <sup>(e)</sup> |
| Year Ended July 31, 2025 | $30.44 |  | 0.70 | 1.04 | 1.74 |  | (0.70 | (0.88 |  | (1.58) | $30.60 | 5.88% | 1.78% | 1.77% | 2.32% | $15342 | 1308% |
| Year Ended July 31, 2024 | $30.05 |  | 0.84 | 2.13 | 2.97 |  | (0.84 | (1.74 |  | (2.58) | $30.44 | 10.52% | 1.91% | 1.78% | 2.79% | $9054 | 1214% |
| Year Ended July 31, 2023 | $29.88 |  | 0.53 | 0.84 | 1.37 |  | (0.53 | (0.67 |  | (1.20) | $30.05 | 4.86% | 1.80% | 1.78% | 1.78% | $26902 | 1510% |
| Year Ended July 31, 2022 | $32.91 |  | (0.25 | (2.65) | (2.90 |  |  | (0.13 |  | (0.13) | $29.88 | (8.85)% | 1.78% | 1.78% | (0.81)% | $9819 | 1259% |
| Nine Months Ended <br>July 31, 2021 | $31.65 |  | (0.34 | 2.41 | 2.07 |  |  | (0.81 |  | (0.81) | $32.91 | 6.63% | 1.97% | 1.78% | (1.39)% | $13252 | 944% |
| Year Ended October 31, 2020 | $34.28 |  | (0.39 | (0.98) | (1.37 |  |  | (1.14 | (0.12 | (1.26) | $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** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
| Six Months Ended <br>January 31, 2026 (unaudited) | $30.67 |  | 0.15 | 0.65 | 0.80 |  | (0.15 |  |  | (0.15) | $31.32 | 2.62% | 2.52% | 2.51% | 1.01% | $1917 | —<br> <sup>(e)</sup> |
| Year Ended July 31, 2025 | $30.38 |  | 0.40 | 0.99 | 1.39 |  | (0.40 | (0.70 |  | (1.10) | $30.67 | 4.68% | 2.78% | 2.77% | 1.32% | $2773 | 1308% |
| Year Ended July 31, 2024 | $29.68 |  | 0.54 | 2.12 | 2.66 |  | (0.54 | (1.42 |  | (1.96) | $30.38 | 9.42% | 2.91% | 2.78% | 1.79% | $2203 | 1214% |
| Year Ended July 31, 2023 | $29.31 |  | 0.24 | 0.86 | 1.10 |  | (0.24 | (0.49 |  | (0.73) | $29.68 | 3.85% | 2.80% | 2.78% | 0.78% | $2229 | 1510% |
| Year Ended July 31, 2022 | $32.53 |  | (0.56 | (2.61) | (3.17 |  |  | (0.05 |  | (0.05) | $29.31 | (9.77)% | 2.78% | 2.78% | (1.81)% | $3259 | 1259% |
| Nine Months Ended <br>July 31, 2021 | $31.33 |  | (0.59 | 2.40 | 1.81 |  |  | (0.61 |  | (0.61) | $32.53 | 5.81% | 2.97% | 2.78% | (2.39)% | $3527 | 944% |
| Year Ended October 31, 2020 | $33.80 |  | (0.71 | (0.96) | (1.67 |  |  | (0.72 | (0.08 | (0.80) | $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.

(e) During October 2024, the Fund's principal investment strategy changed the types of instruments used to obtain exposure to the high yield market.

**240 :: Financial Highlights**

**See accompanying notes to financial statements.**

**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 | 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 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Asset <br>Value, <br>Beginning <br>of Period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Asset <br>Value, <br>Beginning <br>of Period | &nbsp;&nbsp;Net<br>Investment<br>Income<br>(Loss)<sup>(a)</sup> | &nbsp;&nbsp;Net<br>Realized<br>and<br>Unrealized<br>Gains<br>(Losses) on<br>Investments | Total from<br>Investment<br>Activities | &nbsp;&nbsp;Net<br>Investment<br>Income | &nbsp;&nbsp;Total<br>Distributions | &nbsp;&nbsp;Net<br>Asset<br>Value,<br>End of<br>Period | Total<br>Return<sup>(b)</sup> | Gross<br>Expenses<sup>(c)</sup> | &nbsp;&nbsp;Net<br>Expenses<sup>(c)</sup> | Net<br>Investment<br>Income<br>(Loss)<sup>(c)</sup> | Net<br>Investment<br>Income<br>(Loss)<sup>(c)</sup> | Portfolio<br>Turnover<br>Rate<sup>(b)(d)</sup> |  |  |  |  |
| **Banks UltraSector ProFund** | **Banks UltraSector ProFund** | **Banks UltraSector ProFund** | **Banks UltraSector ProFund** | **Banks UltraSector ProFund** | **Banks UltraSector ProFund** | **Banks UltraSector ProFund** | **Banks UltraSector ProFund** | **Banks UltraSector ProFund** | **Banks UltraSector ProFund** | **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** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
| Six Months Ended <br>January 31, 2026 (unaudited) | $60.01 |  | 0.41 | 10.96 | 11.37 | 11.37 |  | (0.94) | (0.94) |  | $70.44 | 19.04 | 1.66% | 1.66% | 1.27% | $8205 | 21% |
| Year Ended July 31, 2025 | $58.68 |  | 0.88 | 0.90<br> <sup>(e)</sup> |  | 1.78 |  | (0.45) | (0.45) |  | $60.01 | 3.03 | 1.69% | 1.69% | 1.48% | $7061 | 184% |
| Year Ended July 31, 2024 | $41.90 |  | 0.83 | 16.72 | 17.55 | 17.55 |  | (0.77) | (0.77) |  | $58.68 | 42.30 | 1.89% | 1.88% | 1.93% | $11464 | 163% |
| Year Ended July 31, 2023 | $45.34 |  | 0.54 | (3.86) |  | (3.32) |  | (0.12) | (0.12) |  | $41.90 | (7.34 | 1.94% | 1.94% | 1.35% | $11023 | 150% |
| Year Ended July 31, 2022 | $56.72 |  | 0.08 | (11.46) | (11.38 | (11.38) |  |  |  |  | $45.34 | (20.05 | 1.71% | 1.71% | 0.13% | $7788 | 73% |
| Year Ended July 31, 2021 | $28.48 |  | 0.23 | 28.01 | 28.24 | 28.24 |  |  |  |  | $56.72 | 99.16 | 1.53% | 1.53% | 0.43% | $122655 | 144% |
| **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
| Six Months Ended <br>January 31, 2026 (unaudited) | $53.93 |  | 0.11 | 9.81 |  | 9.92 |  | (0.21) | (0.21) |  | $63.64 | 18.42 | 2.66% | 2.66% | 0.27% | $601 | 21% |
| Year Ended July 31, 2025 | $53.03 |  | 0.35 | 0.71<br> <sup>(e)</sup> |  | 1.06 |  | (0.16) | (0.16) |  | $53.93 | 2.01 | 2.69% | 2.69% | 0.48% | $560 | 184% |
| Year Ended July 31, 2024 | $37.76 |  | 0.44 | 14.95 | 15.39 | 15.39 |  | (0.12) | (0.12) |  | $53.03 | 40.84 | 2.89% | 2.88% | 0.93% | $701 | 163% |
| Year Ended July 31, 2023 | $41.14 |  | 0.18 | (3.56) |  | (3.38) |  |  |  |  | $37.76 | (8.24 | 2.94% | 2.94% | 0.35% | $570 | 150% |
| Year Ended July 31, 2022 | $51.99 |  | (0.48) | (10.37) | (10.85 | (10.85) |  |  |  |  | $41.14 | (20.85 | 2.71% | 2.71% | (0.87)% | $452 | 73% |
| Year Ended July 31, 2021 | $26.38 |  | (0.19) | 25.80 | 25.61 | 25.61 |  |  |  |  | $51.99 | 97.08 | 2.53% | 2.53% | (0.57)% | $925 | 144% |
| **Bear ProFund** | **Bear ProFund** | **Bear ProFund** | **Bear ProFund** | **Bear ProFund** | **Bear ProFund** | **Bear ProFund** | **Bear ProFund** | **Bear ProFund** | **Bear ProFund** | **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** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
| Six Months Ended <br>January 31, 2026 (unaudited) | $10.10 |  | 0.10 | (0.78) |  | (0.68) |  | (0.40) | (0.40) |  | $9.02 | (6.79 | 1.96% | 1.78% | 2.13% | $6345 |  |
| Year Ended July 31, 2025 | $12.19 |  | 0.30 | (1.58) |  | (1.28) |  | (0.81) | (0.81) |  | $10.10 | (10.99 | 2.01% | 1.78% | 2.65% | $43469 |  |
| Year Ended July 31, 2024 | $14.61 |  | 0.47 | (2.12) |  | (1.65) |  | (0.77) | (0.77) |  | $12.19 | (11.81 | 2.19% | 1.86% | 3.44% | $4625 |  |
| Year Ended July 31, 2023 | $16.01 |  | 0.32 | (1.72) |  | (1.40) |  |  |  |  | $14.61 | (8.74 | 1.86% | 1.86% | 1.95% | $6178 |  |
| Year Ended July 31, 2022 | $16.01 |  | (0.18) | 0.18 |  | —<br> <sup>(g)</sup> |  |  |  |  | $16.01 |  | 1.64% | 1.64% | (1.13)% | $12126 |  |
| Year Ended July 31, 2021 | $22.67 |  | (0.33) | (6.32) |  | (6.65) |  | (0.01) | (0.01) |  | $16.01 | (29.33) | 1.74% | 1.74% | (1.73)% | $9799 |  |
| **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
| Six Months Ended <br>January 31, 2026 (unaudited) | $9.01 |  | 0.06 | (0.71) |  | (0.65) |  | (0.29) | (0.29) |  | $8.07 | (7.22 | 2.96% | 2.78% | 1.13% | $356 |  |
| Year Ended July 31, 2025 | $10.92 |  | 0.20 | (1.43) |  | (1.23) |  | (0.68) | (0.68) |  | $9.01 | (11.73 | 3.01% | 2.78% | 1.65% | $382 |  |
| Year Ended July 31, 2024 | $13.06 |  | 0.34 | (1.94) |  | (1.60) |  | (0.54) | (0.54) |  | $10.92 | (12.69 | 3.19% | 2.86% | 2.44% | $456 |  |
| Year Ended July 31, 2023 | $14.42 |  | 0.17 | (1.53) |  | (1.36) |  |  |  |  | $13.06 | (9.43 | 2.86% | 2.86% | 0.95% | $580 |  |
| Year Ended July 31, 2022 | $14.56 |  | (0.33) | 0.19 |  | (0.14) |  |  |  |  | $14.42 | (0.96 | 2.64% | 2.64% | (2.13)% | $564 |  |
| Year Ended July 31, 2021 | $20.82 |  | (0.51) | (5.75) |  | (6.26) |  |  |  |  | $14.56 | (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) 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.

(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) 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%.

(g) Amount is less than $0.005.

(h) Amount is less than 0.005%.

**Financial Highlights :: 241**

**See accompanying notes to financial statements.**

**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 | Investment Activities | Distributions to Shareholders From | Distributions to Shareholders From |  | | | Ratios to<br>Average Net Assets | Ratios to<br>Average Net Assets |  | Supplemental<br>Data |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Asset <br>Value, <br>Beginning <br>of Period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 | Net<br>Asset<br>Value, <br>End of<br>Period | Gross<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> |  |  |  |  |
| **Biotechnology UltraSector ProFund** | **Biotechnology UltraSector ProFund** | **Biotechnology UltraSector ProFund** | **Biotechnology UltraSector ProFund** | **Biotechnology UltraSector ProFund** | **Biotechnology UltraSector ProFund** | **Biotechnology UltraSector ProFund** | **Biotechnology UltraSector ProFund** | **Biotechnology UltraSector ProFund** | **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** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
| Six Months Ended <br>January 31, 2026 (unaudited) | $40.45 |  | (0.10) | 29.14 | 29.04 | 29.04 | (0.23 | (0.02 | (0.25) |  | $69.24 | 71.88% | 1.41% | (0.35)% | $173112 | 45% |
| Year Ended July 31, 2025 | $69.26 |  | (0.13) | (15.54) | (15.67 | (15.67 | (0.10 | (13.04 | (13.14) |  | $40.45 | (25.12)% | 1.52% | (0.26)% | $60721 | 52% |
| Year Ended July 31, 2024 | $62.67 |  | 0.15 | 10.57 | 10.72 | 10.72 |  | (4.13 | (4.13) |  | $69.26 | 18.79<br> %<sup>(e)</sup> | 1.52% | 0.25% | $106026 | 196% |
| Year Ended July 31, 2023 | $56.74 |  | 0.07 | 5.86 |  | 5.93 |  |  |  |  | $62.67 | 10.43% | 1.54% | 0.11% | $114581 | 91% |
| Year Ended July 31, 2022 | $85.26 |  | (0.24) | (15.49) | (15.73 | (15.73 |  | (12.79 | (12.79) |  | $56.74 | (20.96)% | 1.49% | (0.37)% | $119791 | 28% |
| Year Ended July 31, 2021 | $72.23 |  | (0.27) | 21.37 | 21.10 | 21.10 |  | (8.07 | (8.07) |  | $85.26 | 32.02% | 1.55% | (0.37)% | $168280 | 62% |
| **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
| Six Months Ended <br>January 31, 2026 (unaudited) | $20.99 |  | (0.25) | 15.13 | 14.88 | 14.88 |  | (0.02 | (0.02) |  | $35.85 | 70.99% | 2.40% | (1.34)% | $3141 | 45% |
| Year Ended July 31, 2025 | $43.49 |  | (0.41) | (9.05) |  | (9.46 |  | (13.04 | (13.04) |  | $20.99 | (25.87)% | 2.51% | (1.25)% | $1799 | 52% |
| Year Ended July 31, 2024 | $41.36 |  | (0.23) | 6.49 |  | 6.26 |  | (4.13 | (4.13) |  | $43.49 | 17.61<br> %<sup>(e)</sup> | 2.52% | (0.75)% | $2788 | 196% |
| Year Ended July 31, 2023 | $37.83 |  | (0.32) | 3.85 |  | 3.53 |  |  |  |  | $41.36 | 9.30% | 2.54% | (0.89)% | $2985 | 91% |
| Year Ended July 31, 2022 | $61.86 |  | (0.71) | (10.53) | (11.24 | (11.24 |  | (12.79 | (12.79) |  | $37.83 | (21.75)% | 2.49% | (1.37)% | $3734 | 28% |
| Year Ended July 31, 2021 | $55.00 |  | (0.80) | 15.73 | 14.93 | 14.93 |  | (8.07 | (8.07) |  | $61.86 | 30.74% | 2.54% | (1.36)% | $5358 | 62% |
| **Bull ProFund** | **Bull ProFund** | **Bull ProFund** | **Bull ProFund** | **Bull ProFund** | **Bull ProFund** | **Bull ProFund** | **Bull ProFund** | **Bull ProFund** | **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** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
| Six Months Ended <br>January 31, 2026 (unaudited) | $77.43 |  | 0.24 | 6.79 |  | 7.03 | (0.25 | (1.04 | (1.29) |  | $83.17 | 9.11% | 1.41% | 0.61% | $49530 | 121% |
| Year Ended July 31, 2025 | $68.68 |  | 0.43 | 8.77 |  | 9.20 |  | (0.45 | (0.45) |  | $77.43 | 13.43% | 1.49% | 0.62% | $50073 | 167% |
| Year Ended July 31, 2024 | $58.06 |  | 0.60 | 10.99 | 11.59 | 11.59 | (0.57 | (0.40 | (0.97) |  | $68.68 | 19.97% | 1.53% | 1.02% | $44497 | 113% |
| Year Ended July 31, 2023 | $52.89 |  | 0.39 | 5.26 |  | 5.65 |  | (0.48 | (0.48) |  | $58.06 | 10.86% | 1.58% | 0.80% | $41714 | 112% |
| Year Ended July 31, 2022 | $61.91 |  | (0.27) | (3.27) |  | (3.54 |  | (5.48 | (5.48) |  | $52.89 | (6.39)% | 1.50% | (0.49)% | $33168 | 58% |
| Year Ended July 31, 2021 | $48.91 |  | (0.24) | 16.31 | 16.07 | 16.07 | (0.16 | (2.91 | (3.07) |  | $61.91 | 34.03% | 1.55% | (0.45)% | $56064 | 15% |
| **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
| Six Months Ended <br>January 31, 2026 (unaudited) | $58.24 |  | (0.07) | 5.05 |  | 4.98 |  | (1.04 | (1.04) |  | $62.18 | 8.58% | 2.41% | (0.39)% | $4696 | 121% |
| Year Ended July 31, 2025 | $52.29 |  | (0.11) | 6.51 |  | 6.40 |  | (0.45 | (0.45) |  | $58.24 | 12.28% | 2.49% | (0.38)% | $4704 | 167% |
| Year Ended July 31, 2024 | $44.56 |  | 0.13 | 8.25 |  | 8.38 | (0.25 | (0.40 | (0.65) |  | $52.29 | 18.80% | 2.53% | 0.02% | $6734 | 113% |
| Year Ended July 31, 2023 | $41.09 |  | (0.01) | 3.96 |  | 3.95 |  | (0.48 | (0.48) |  | $44.56 | 9.81% | 2.58% | (0.20)% | $11462 | 112% |
| Year Ended July 31, 2022 | $49.77 |  | (0.72) | (2.48) |  | (3.20 |  | (5.48 | (5.48) |  | $41.09 | (7.32)% | 2.50% | (1.49)% | $10669 | 58% |
| Year Ended July 31, 2021 | $40.09 |  | (0.68) | 13.27 | 12.59 | 12.59 |  | (2.91 | (2.91) |  | $49.77 | 32.73% | 2.55% | (1.45)% | $7148 | 15% |

---

(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.

(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 0.09%.

**242 :: Financial Highlights**

**See accompanying notes to financial statements.**

**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 | Investment Activities | Investment Activities |  | Distributions to Shareholders From | Distributions to Shareholders From | Distributions to Shareholders From | | | Ratios to<br>Average Net Assets | Ratios to<br>Average Net Assets | Ratios to<br>Average Net Assets | Ratios to<br>Average Net Assets | Supplemental<br>Data |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Asset<br>Value,<br>Beginning<br>of Period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 | Net<br>Asset<br>Value,<br>End of<br>Period |  | Total<br>Return<sup>(b)</sup> | Gross<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> |  |  |  |
| **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** | **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** | **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** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
| Six Months Ended <br>January 31, 2026 (unaudited) | $53.33 | 0.07 | 0.07 | 8.59 |  | 8.66 |  | (0.07) | (0.76) | (0.83 | $61.16 | 16.33% |  | 1.72% | 1.72% | 0.23% | $35058 | 149% |
| Year Ended July 31, 2025<sup>(e)</sup> | $39.88 | 0.07 | 0.07 | 13.42 | 13.49 | 13.49 |  | (0.04) | —<br> <sup>(f)</sup> | (0.04 | $53.33 | 33.83% |  | 1.78% | 1.78% | 0.16% | $29820 | 395% |
| Year Ended July 31, 2024<sup>(e)</sup> | $29.83 | 0.10 | 0.10 | 9.95 | 10.05 | 10.05 |  |  |  |  | $39.88 | 33.72% |  | 1.94% | 1.78% | 0.29% | $9077 | 132% |
| Year Ended July 31, 2023<sup>(e)</sup> | $23.34 | (0.01 | (0.01) | 6.50 |  | 6.49 |  |  |  |  | $29.83 | 27.80% |  | 2.22% | 1.78% | (0.03)% | $6164 | 107% |
| Year Ended July 31, 2022<sup>(e)</sup> | $43.18 | (0.36 | (0.36) | (19.19) | (19.55 | (19.55 |  |  | (0.29)<sup>(g)</sup> | (0.29 | $23.34 | (45.54)% |  | 1.94% | 1.78% | (1.04)% | $4623 | 63% |
| Year Ended July 31, 2021<sup>(e)</sup> | $26.17 | (0.40 | (0.40) | 17.41 | 17.01 | 17.01 |  |  |  |  | $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** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
| Six Months Ended <br>January 31, 2026 (unaudited) | $41.65 | (0.16 | (0.16) | 6.69 |  | 6.53 |  |  | (0.76) | (0.76 | $47.42 | 15.79% |  | 2.72% | 2.72% | (0.77)% | $1147 | 149% |
| Year Ended July 31, 2025<sup>(e)</sup> | $31.44 | (0.30 | (0.30) | 10.51 | 10.21 | 10.21 |  |  | —<br> <sup>(f)</sup> |  | $41.65 | 32.48% |  | 2.78% | 2.78% | (0.84)% | $588 | 395% |
| Year Ended July 31, 2024<sup>(e)</sup> | $23.75 | (0.16 | (0.16) | 7.85 |  | 7.69 |  |  |  |  | $31.44 | 32.38% |  | 2.94% | 2.78% | (0.71)% | $424 | 132% |
| Year Ended July 31, 2023<sup>(e)</sup> | $18.76 | (0.20 | (0.20) | 5.19 |  | 4.99 |  |  |  |  | $23.75 | 26.58% |  | 3.22% | 2.78% | (1.03)% | $687 | 107% |
| Year Ended July 31, 2022<sup>(e)</sup> | $35.13 | (0.65 | (0.65) | (15.43) | (16.08 | (16.08 |  |  | (0.29)<sup>(g)</sup> | (0.29 | $18.76 | (46.09)% |  | 2.94% | 2.78% | (2.04)% | $106 | 63% |
| Year Ended July 31, 2021<sup>(e)</sup> | $21.49 | (0.68 | (0.68) | 14.32 | 13.64 | 13.64 |  |  |  |  | $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** | **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** | **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** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
| Six Months Ended <br>January 31, 2026 (unaudited) | $70.56 | (0.04 | (0.04) | 8.59 |  | 8.55 |  |  |  |  | $79.11 | 12.13% |  | 1.56% | 1.55% | (0.11)% | $25362 | 83% |
| Year Ended July 31, 2025 | $58.11 | 0.09 | 0.09 | 12.42<br> <sup>(h)</sup> | 12.51 | 12.51 |  | (0.06) |  | (0.06 | $70.56 | 21.52% |  | 1.62% | 1.61% | 0.14% | $49936 | 264% |
| Year Ended July 31, 2024 | $54.21 | 0.11 | 0.11 | 3.79 |  | 3.90 |  |  |  |  | $58.11 | 7.19% |  | 1.59% | 1.59% | 0.21% | $50497 | 173% |
| Year Ended July 31, 2023 | $45.84 | 0.02 | 0.02 | 8.35 |  | 8.37 |  |  |  |  | $54.21 | 18.23% |  | 1.63% | 1.63% | 0.04% | $55834 | 83% |
| Year Ended July 31, 2022 | $72.77 | (0.53 | (0.53) | (20.66) | (21.19 | (21.19 |  |  | (5.74) | (5.74 | $45.84 | (31.68)% |  | 1.54% | 1.54% | (0.86)% | $30510 | 31% |
| Year Ended July 31, 2021 | $54.08 | (0.64 | (0.64) | 21.74 | 21.10 | 21.10 |  |  | (2.41) | (2.41 | $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** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
| Six Months Ended <br>January 31, 2026 (unaudited) | $55.79 | (0.35 | (0.35) | 6.79 |  | 6.44 |  |  |  |  | $62.23 | 11.54% |  | 2.56% | 2.55% | (1.11)% | $835 | 83% |
| Year Ended July 31, 2025 | $46.37 | (0.44 | (0.44) | 9.86<br> <sup>(h)</sup> |  | 9.42 |  |  |  |  | $55.79 | 20.32% |  | 2.62% | 2.61% | (0.86)% | $846 | 264% |
| Year Ended July 31, 2024 | $43.69 | (0.31 | (0.31) | 2.99 |  | 2.68 |  |  |  |  | $46.37 | 6.11% |  | 2.59% | 2.59% | (0.79)% | $594 | 173% |
| Year Ended July 31, 2023 | $37.32 | (0.34 | (0.34) | 6.71 |  | 6.37 |  |  |  |  | $43.69 | 17.07% |  | 2.63% | 2.63% | (0.96)% | $1125 | 83% |
| Year Ended July 31, 2022 | $60.86 | (1.04 | (1.04) | (16.76) | (17.80 | (17.80 |  |  | (5.74) | (5.74 | $37.32 | (32.37)% |  | 2.54% | 2.54% | (1.86)% | $615 | 31% |
| Year Ended July 31, 2021 | $45.99 | (1.19 | (1.19) | 18.47 | 17.28 | 17.28 |  |  | (2.41) | (2.41 | $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) 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.

(e) 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.

(f) Amount is less than $0.005.

(g) Subsequent to the issuance of the July 31, 2022 financial statements, $0.03 of the distribution was determined to be a return of capital.

(h) 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.

**Financial Highlights :: 243**

**See accompanying notes to financial statements.**

**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 | Investment Activities |  | Distributions to Shareholders From | Distributions to Shareholders From | Distributions to Shareholders From | | | Ratios to<br>Average Net Assets | Ratios to<br>Average Net Assets | Ratios to<br>Average Net Assets | Ratios to<br>Average Net Assets | Supplemental<br>Data |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Asset<br>Value,<br>Beginning<br>of Period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 | Net<br>Asset<br>Value,<br>End of<br>Period |  | Total<br>Return<sup>(b)</sup> | Gross<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> |  |  |  |
| **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** | **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** | **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** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
| Six Months Ended <br>January 31, 2026 (unaudited) | $74.33 |  | 0.45 | 4.31 |  | 4.76 |  | (0.43) |  | (0.43 | $78.66 | 6.47% |  | 2.20% | 1.78% | 1.23% | $7884 | 1004% |
| Year Ended July 31, 2025 | $74.21 |  | 0.91 | 0.36<br> <sup>(e)</sup> |  | 1.27 |  | (1.15) |  | (1.15 | $74.33 | 1.72% |  | 2.41% | 1.78% | 1.19% | $3623 | 551% |
| Year Ended July 31, 2024 | $73.06 |  | 1.15 | 1.06 |  | 2.21 |  | (1.06) |  | (1.06 | $74.21 | 3.20% |  | 2.51% | 1.78% | 1.68% | $3209 | 173% |
| Year Ended July 31, 2023 | $83.25 |  | 0.70 | (10.89) | (10.19 | (10.19 |  |  |  |  | $73.06 | (12.25)% |  | 2.41% | 1.78% | 0.98% | $3518 | 173% |
| Year Ended July 31, 2022 | $91.85 |  | (0.44) | (3.77) | (4.21 | (4.21 |  |  | (4.39) | (4.39 | $83.25 | (5.34)% |  | 1.88% | 1.78% | (0.48)% | $3965 | 142% |
| Year Ended July 31, 2021<sup>(f)</sup> | $59.24 |  | (0.31) | 32.92 | 32.61 | 32.61 |  |  |  |  | $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** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
| Six Months Ended <br>January 31, 2026 (unaudited) | $64.32 |  | 0.13 | 3.67 |  | 3.80 |  |  |  |  | $68.12 | 5.91% |  | 3.20% | 2.78% | 0.23% | $525 | 1004% |
| Year Ended July 31, 2025 | $64.30 |  | 0.25 | 0.20<br> <sup>(e)</sup> |  | 0.45 |  | (0.43) |  | (0.43 | $64.32 | 0.70% |  | 3.40% | 2.77% | 0.20% | $152 | 551% |
| Year Ended July 31, 2024 | $63.32 |  | 0.55 | 0.77 |  | 1.32 |  | (0.34) |  | (0.34 | $64.30 | 2.15% |  | 3.50% | 2.77% | 0.69% | $152 | 173% |
| Year Ended July 31, 2023 | $72.87 |  | 0.08 | (9.63) | (9.55 | (9.55 |  |  |  |  | $63.32 | (13.12)% |  | 3.40% | 2.77% | (0.01)% | $293 | 173% |
| Year Ended July 31, 2022 | $81.66 |  | (1.27) | (3.13) | (4.40 | (4.40 |  |  | (4.39) | (4.39 | $72.87 | (6.25)% |  | 2.88% | 2.78% | (1.48)% | $241 | 142% |
| Year Ended July 31, 2021<sup>(f)</sup> | $53.19 |  | (1.01) | 29.48 | 28.47 | 28.47 |  |  |  |  | $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** | **Energy UltraSector ProFund** | **Energy UltraSector ProFund** | **Energy UltraSector ProFund** | **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** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
| Six Months Ended <br>January 31, 2026 (unaudited) | $39.67 |  | 0.38 | 9.79 | 10.17 | 10.17 |  | (1.11) |  | (1.11 | $48.73 | 26.23% |  | 1.59% | 1.59% | 1.87% | $17244 | 266% |
| Year Ended July 31, 2025 | $46.17 |  | 0.71 | (5.95) | (5.24 | (5.24 |  | (1.26) |  | (1.26 | $39.67 | (11.33)% |  | 1.65% | 1.65% | 1.78% | $16890 | 374% |
| Year Ended July 31, 2024 | $42.69 |  | 0.93 | 2.90 |  | 3.83 |  | (0.35) |  | (0.35 | $46.17 | 9.09% |  | 1.58% | 1.57% | 2.17% | $23691 | 158% |
| Year Ended July 31, 2023 | $38.26 |  | 0.87 | 4.76 |  | 5.63 |  | (0.77) | (0.43) | (1.20 | $42.69 | 14.73% |  | 1.58% | 1.58% | 2.13% | $32584 | 208% |
| Year Ended July 31, 2022 | $19.35 |  | 0.44 | 18.84 | 19.28 | 19.28 |  | (0.37) |  | (0.37 | $38.26 | 100.88% |  | 1.51% | 1.51% | 1.47% | $42754 | 117% |
| Year Ended July 31, 2021 | $11.97 |  | 0.23 | 7.38 |  | 7.61 |  | (0.23) |  | (0.23 | $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** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
| Six Months Ended <br>January 31, 2026 (unaudited) | $33.49 |  | 0.21 | 8.22 |  | 8.43 |  | (0.69) |  | (0.69 | $41.23 | 25.63% |  | 2.58% | 2.58% | 0.88% | $756 | 266% |
| Year Ended July 31, 2025 | $39.14 |  | 0.36 | (5.15) | (4.79 | (4.79 |  | (0.86) |  | (0.86 | $33.49 | (12.24)% |  | 2.65% | 2.65% | 0.78% | $749 | 374% |
| Year Ended July 31, 2024 | $36.24 |  | 0.56 | 2.34 |  | 2.90 |  |  |  |  | $39.14 | 8.00% |  | 2.58% | 2.57% | 1.17% | $1190 | 158% |
| Year Ended July 31, 2023 | $32.52 |  | 0.52 | 3.89 |  | 4.41 |  | (0.26) | (0.43) | (0.69 | $36.24 | 13.56% |  | 2.58% | 2.58% | 1.13% | $1164 | 208% |
| Year Ended July 31, 2022 | $16.49 |  | 0.18 | 16.02 | 16.20 | 16.20 |  | (0.17) |  | (0.17 | $32.52 | 98.87% |  | 2.51% | 2.51% | 0.47% | $2284 | 117% |
| Year Ended July 31, 2021 | $10.27 |  | 0.09 | 6.27 |  | 6.36 |  | (0.14) |  | (0.14 | $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) 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.

(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 2:1 share split that occurred on December 14, 2020.

**244 :: Financial Highlights**

**See accompanying notes to financial statements.**

**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 | | | | Ratios to<br>Average Net Assets | Ratios to<br>Average Net Assets | Ratios to<br>Average Net Assets | Ratios to<br>Average Net Assets | Supplemental<br>Data |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Asset<br>Value,<br>Beginning<br>of Period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Asset<br>Value,<br>Beginning<br>of Period | Net<br>Investment<br>Income<br> (Loss)<sup>(a)</sup> | &nbsp;&nbsp;Net<br>Realized<br>and<br>Unrealized<br>Gains<br>(Losses) on<br>Investments | &nbsp;&nbsp;Total from<br>Investment<br>Activities | &nbsp;&nbsp;Net<br>Investment<br>Income | &nbsp;&nbsp;Total<br>Distributions | &nbsp;&nbsp;Net<br>Asset<br>Value,<br>End of<br>Period | &nbsp;&nbsp;Total<br>Return<sup>(b)</sup> | &nbsp;&nbsp;Gross<br>Expenses<sup>(c)</sup> | &nbsp;&nbsp;Net<br>Expenses<sup>(c)</sup> | &nbsp;&nbsp;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> |  |  |  |  |
| **Europe 30 ProFund** | **Europe 30 ProFund** | **Europe 30 ProFund** | **Europe 30 ProFund** | **Europe 30 ProFund** | **Europe 30 ProFund** | **Europe 30 ProFund** | **Europe 30 ProFund** | **Europe 30 ProFund** | **Europe 30 ProFund** | **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** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
| Six Months Ended <br>January 31, 2026 (unaudited) | $17.05 |  | 0.05 | 4.01 | 4.06 |  |  | (0.32) | $20.79 |  | 24.17% | 1.94 | % | 1.78% | 0.50% | $4788 | 313% |
| Year Ended July 31, 2025 | $15.90 |  | 0.29 | 0.86 | 1.15 |  |  |  | $17.05 |  | 7.23% | 2.53 | % | 1.78% | 1.75% | $3772 | 712% |
| Year Ended July 31, 2024 | $13.91 |  | 0.35 | 1.87 | 2.22 |  |  | (0.23) | $15.90 |  | 15.96% | 2.93 | % | 1.78% | 2.31% | $3733 | 804% |
| Year Ended July 31, 2023 | $12.98 |  | 0.28 | 1.12 | 1.40 |  |  | (0.47) | $13.91 |  | 10.95% | 2.85 | % | 1.78% | 2.12% | $4431 | 716% |
| Year Ended July 31, 2022 | $13.97 |  | 0.23 | (1.10) | (0.87) |  |  | (0.12) | $12.98 |  | (6.25)% | 2.32 | % | 1.78% | 1.68% | $4540 | 954% |
| Year Ended July 31, 2021 | $10.91 |  | 0.13 | 3.23 | 3.36 |  |  | (0.30) | $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** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
| Six Months Ended <br>January 31, 2026 (unaudited) | $18.47 |  | (0.05) | 4.36 | 4.31 |  |  | (0.19) | $22.59 |  | 23.58% | 2.94 | % | 2.78% | (0.50)% | $824 | 313% |
| Year Ended July 31, 2025 | $17.39 |  | 0.11 | 0.97 | 1.08 |  |  |  | $18.47 |  | 6.21% | 3.53 | % | 2.78% | 0.75% | $495 | 712% |
| Year Ended July 31, 2024 | $15.22 |  | 0.18 | 2.07 | 2.25 |  |  | (0.08) | $17.39 |  | 14.77% | 3.93 | % | 2.78% | 1.31% | $481 | 804% |
| Year Ended July 31, 2023 | $14.05 |  | 0.14 | 1.22 | 1.36 |  |  | (0.19) | $15.22 |  | 9.82% | 3.85 | % | 2.78% | 1.12% | $207 | 716% |
| Year Ended July 31, 2022 | $15.25 |  | 0.08 | (1.16) | (1.08) |  |  | (0.12) | $14.05 |  | (7.11)% | 3.32 | % | 2.78% | 0.68% | $187 | 954% |
| Year Ended July 31, 2021 | $11.90 |  | (0.01) | 3.54 | 3.53 |  |  | (0.18) | $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** | **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** | **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** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
| Six Months Ended <br>January 31, 2026 (unaudited) | $13.81 |  | 0.15 | 0.25 | 0.40 |  |  | (0.34) | $13.87 |  | 2.95% | 4.58 | % | 1.78% | 2.11% | $1695 |  |
| Year Ended July 31, 2025 | $13.90 |  | 0.35 | 0.21 | 0.56 |  |  | (0.65) | $13.81 |  | 4.42% | 4.30 | % | 1.78% | 2.55% | $1399 |  |
| Year Ended July 31, 2024 | $14.36 |  | 0.48 | (0.58) | (0.10) |  |  | (0.36) | $13.90 |  | (0.75)% | 5.52 | % | 1.78% | 3.45% | $1139 |  |
| Year Ended July 31, 2023 | $13.81 |  | 0.33 | 0.22 | 0.55 |  |  |  | $14.36 |  | 3.91% | 4.53 | % | 1.78% | 2.37% | $1422 |  |
| Year Ended July 31, 2022 | $16.23 |  | (0.23) | (2.19) | (2.42) |  |  |  | $13.81 |  | (14.85)% | 4.94 | % | 1.78% | (1.53)% | $750 |  |
| Year Ended July 31, 2021 | $16.41 |  | (0.29) | 0.11 | (0.18) |  |  |  | $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** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
| Six Months Ended <br>January 31, 2026 (unaudited) | $12.44 |  | 0.09 | 0.19 | 0.28 |  |  | (0.05) | $12.67 |  | 2.32% | 5.58 | % | 2.78% | 1.11% | $8 |  |
| Year Ended July 31, 2025 | $12.34 |  | 0.23 | 0.16 | 0.39 |  |  | (0.29) | $12.44 |  | 3.35% | 5.30 | % | 2.78% | 1.55% | $6 |  |
| Year Ended July 31, 2024 | $12.76 |  | 0.36 | (0.52) | (0.16) |  |  | (0.26) | $12.34 |  | (1.41)% | 6.52 | % | 2.78% | 2.45% | $8 |  |
| Year Ended July 31, 2023 | $12.44 |  | 0.21 | 0.11 | 0.32 |  |  |  | $12.76 |  | 2.82% | 5.53 | % | 2.78% | 1.37% | $3 |  |
| Year Ended July 31, 2022 | $14.71 |  | (0.37) | (1.90) | (2.27) |  |  |  | $12.44 |  | (15.80)% | 5.94 | % | 2.78% | (2.53)% | $3 |  |
| Year Ended July 31, 2021 | $15.05 |  | (0.44) | 0.10 | (0.34) |  |  |  | $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) 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.

**Financial Highlights :: 245**

**See accompanying notes to financial statements.**

**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 | Investment Activities |  | Distributions to Shareholders From | Distributions to Shareholders From | Distributions to Shareholders From | | | Ratios to<br>Average Net Assets | Ratios to<br>Average Net Assets | Ratios to<br>Average Net Assets | Ratios to<br>Average Net Assets |  | Supplemental<br>Data |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Asset<br>Value,<br>Beginning<br>of Period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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>Investment<br>Income | Net<br>Realized<br>Gains on<br>Investments | Total<br>Distributions | &nbsp;&nbsp;Net<br>Asset<br>Value,<br>End of<br>Period | Total<br>Return<sup>(b)</sup> |  | Gross<br>Expenses<sup>(c)</sup> | Net<br>Expenses<sup>(c)</sup> | Net<br>Assets,<br>End of<br>Period<br> (000's) |  | Portfolio<br>Turnover<br>Rate<sup>(b)(d)</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** | **Financials UltraSector ProFund** | **Financials UltraSector ProFund** | **Financials UltraSector ProFund** | **Financials UltraSector ProFund** | **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** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
| Six Months Ended <br>January 31, 2026 (unaudited) | $45.67 |  | 0.11 | 0.56<br> <sup>(e)</sup> |  | 0.67 |  |  |  |  |  | $46.34 | 1.49 |  | 1.60% | 1.58% | 0.49% | $7388 | 261% |
| Year Ended July 31, 2025 | $37.02 |  | 0.25 | 9.30 |  | 9.55 |  |  | (0.20) | (0.70) | (0.90) | $45.67 | 26.02 |  | 1.67% | 1.67% | 0.58% | $35205 | 313% |
| Year Ended July 31, 2024 | $27.73 |  | 0.23 | 9.14 |  | 9.37 |  |  | (0.08) |  | (0.08) | $37.02 | 33.84 |  | 1.82% | 1.80% | 0.72% | $33786 | 178% |
| Year Ended July 31, 2023 | $26.94 |  | 0.12 | 0.67 |  | 0.79 |  |  |  |  |  | $27.73 | 2.89 |  | 2.18% | 1.89% | 0.49% | $4428 | 68% |
| Year Ended July 31, 2022 | $32.99 |  | (0.13) | (3.52) | (3.65 | (3.65) |  |  |  | (2.40)<sup>(h)</sup> | (2.40) | $26.94 | (12.30 |  | 1.73% | 1.72% | (0.41)% | $5211 | 306% |
| Year Ended July 31, 2021 | $19.18 |  | (0.11) | 13.92 | 13.81 | 13.81 |  |  |  |  |  | $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** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
| Six Months Ended <br>January 31, 2026 (unaudited) | $36.51 |  | (0.08) | 0.43<br> <sup>(e)</sup> |  | 0.35 |  |  |  |  |  | $36.86 | 0.96 |  | 2.60% | 2.58% | (0.51)% | $771 | 261% |
| Year Ended July 31, 2025 | $29.87 |  | (0.09) | 7.43 |  | 7.34 |  |  |  | (0.70) | (0.70) | $36.51 | 24.79 |  | 2.67% | 2.67% | (0.42)% | $463 | 313% |
| Year Ended July 31, 2024 | $22.56 |  | (0.02) | 7.33 |  | 7.31 |  |  |  |  |  | $29.87 | 32.40 |  | 2.82% | 2.80% | (0.28)% | $680 | 178% |
| Year Ended July 31, 2023 | $22.14 |  | (0.09) | 0.51 |  | 0.42 |  |  |  |  |  | $22.56 | 1.90 |  | 3.18% | 2.89% | (0.51)% | $335 | 68% |
| Year Ended July 31, 2022 | $27.76 |  | (0.40) | (2.82) | (3.22 | (3.22) |  |  |  | (2.40)<sup>(h)</sup> | (2.40) | $22.14 | (13.15 |  | 2.73% | 2.72% | (1.41)% | $535 | 306% |
| Year Ended July 31, 2021 | $16.31 |  | (0.33) | 11.78 | 11.45 | 11.45 |  |  |  |  |  | $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** | **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** | **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** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
| Six Months Ended <br>January 31, 2026 (unaudited) | $88.62 |  | 0.29 | 24.24 | 24.53 | 24.53 |  |  | (0.20) |  | (0.20) | $112.95 | 27.73 |  | 1.66% | 1.66% | 0.55% | $37291 | 205% |
| Year Ended July 31, 2025 | $113.18 |  | 0.67 | (24.42) | (23.75 | (23.75) |  |  | (0.81) |  | (0.81) | $88.62 | (21.05 |  | 1.76% | 1.76% | 0.64% | $8907 | 99% |
| Year Ended July 31, 2024 | $98.82 |  | 0.87 | 13.75 | 14.62 | 14.62 |  |  | (0.26) |  | (0.26) | $113.18 | 14.83 |  | 1.69% | 1.68% | 0.86% | $13841 | 55% |
| Year Ended July 31, 2023 | $99.80 |  | 0.46 | (1.44) | (0.98 | (0.98) |  |  |  |  |  | $98.82 | (0.99 |  | 1.73% | 1.73% | 0.48% | $13229 | 77% |
| Year Ended July 31, 2022 | $106.01 |  | (0.51) | (5.70) | (6.21 | (6.21) |  |  |  |  |  | $99.80 | (5.85 |  | 1.61% | 1.61% | (0.50)% | $16631 | 110% |
| Year Ended July 31, 2021 | $75.52 |  | (0.50) | 30.99 | 30.49 | 30.49 |  |  |  |  |  | $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** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
| Six Months Ended <br>January 31, 2026 (unaudited) | $70.31 |  | (0.12) | 19.13 | 19.01 | 19.01 |  |  |  |  |  | $89.32 | 27.09 |  | 2.66% | 2.66% | (0.45)% | $748 | 205% |
| Year Ended July 31, 2025 | $89.95 |  | (0.16) | (19.48) | (19.64 | (19.64) |  |  |  |  |  | $70.31 | (21.82 |  | 2.76% | 2.76% | (0.36)% | $745 | 99% |
| Year Ended July 31, 2024 | $79.12 |  | 0.05 | 10.78 | 10.83 | 10.83 |  |  |  |  |  | $89.95 | 13.69 |  | 2.69% | 2.68% | (0.14)% | $1163 | 55% |
| Year Ended July 31, 2023 | $80.71 |  | (0.32) | (1.27) | (1.59 | (1.59) |  |  |  |  |  | $79.12 | (1.98 |  | 2.73% | 2.73% | (0.52)% | $1153 | 77% |
| Year Ended July 31, 2022 | $86.59 |  | (1.35) | (4.53) | (5.88 | (5.88) |  |  |  |  |  | $80.71 | (6.79 |  | 2.61% | 2.61% | (1.50)% | $1075 | 110% |
| Year Ended July 31, 2021 | $62.29 |  | (1.19) | 25.49 | 24.30 | 24.30 |  |  |  |  |  | $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) 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.

(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) 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%.

(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 0.97%.

(h) 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.

(i) 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%.

(j) 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%.

**246 :: Financial Highlights**

**See accompanying notes to financial statements.**

**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 | Investment Activities | Distributions to Shareholders From | Distributions to Shareholders From | Distributions to Shareholders From | | | | Ratios to<br>Average Net Assets | Ratios to<br>Average Net Assets | Ratios to<br>Average Net Assets | Supplemental<br>Data |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Asset <br>Value, <br>Beginning <br>of Period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 | Net<br>Asset<br>Value, <br>End of<br>Period | Gross<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> |  |  |  |  |  |
| **Industrials UltraSector ProFund** | **Industrials UltraSector ProFund** | **Industrials UltraSector ProFund** | **Industrials UltraSector ProFund** | **Industrials UltraSector ProFund** | **Industrials UltraSector ProFund** | **Industrials UltraSector ProFund** | **Industrials UltraSector ProFund** | **Industrials UltraSector ProFund** | **Industrials UltraSector ProFund** | **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** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
| Six Months Ended <br>January 31, 2026 (unaudited) | $76.48 |  | 0.07 | 8.82 |  | 8.89 | (0.31 | (1.04 | (1.35) |  | $84.02 | 11.80% | 2.35% | 1.78% | 0.18% | $10726 | 882% |
| Year Ended July 31, 2025 | $63.50 |  | 0.23 | 14.84 | 15.07 | 15.07 | (0.89 | (1.20 | (2.09) |  | $76.48 | 24.37% | 2.10% | 1.78% | 0.35% | $7065 | 805% |
| Year Ended July 31, 2024 | $52.58 |  | 0.40 | 10.52 | 10.92 | 10.92 |  |  |  |  | $63.50 | 20.77% | 1.85% | 1.78% | 0.69% | $6016 | 391% |
| Year Ended July 31, 2023 | $46.85 |  | 0.19 | 5.54 |  | 5.73 |  |  |  |  | $52.58 | 12.21% | 2.30% | 1.78% | 0.42% | $8515 | 264% |
| Year Ended July 31, 2022 | $61.05 |  | (0.40) | (11.73) | (12.13 | (12.13 | (2.07 |  | (2.07) |  | $46.85 | (20.49)% | 1.88% | 1.75% | (0.70)% | $3354 | 174% |
| Year Ended July 31, 2021 | $36.50 |  | (0.44) | 24.99 | 24.55 | 24.55 |  |  |  |  | $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** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
| Six Months Ended <br>January 31, 2026 (unaudited) | $62.65 |  | (0.25) | 7.16 |  | 6.91 |  | (1.04 | (1.04) |  | $68.52 | 11.21% | 3.35% | 2.78% | (0.82)% | $673 | 882% |
| Year Ended July 31, 2025 | $52.37 |  | (0.33) | 12.12 | 11.81 | 11.81 | (0.33 | (1.20 | (1.53) |  | $62.65 | 23.07% | 3.10% | 2.78% | (0.65)% | $320 | 805% |
| Year Ended July 31, 2024 | $43.81 |  | (0.06) | 8.62 |  | 8.56 |  |  |  |  | $52.37 | 19.54% | 2.58% | 2.78% | (0.31)% | $292 | 391% |
| Year Ended July 31, 2023 | $39.45 |  | (0.19) | 4.55 |  | 4.36 |  |  |  |  | $43.81 | 11.05% | 3.30% | 2.78% | (0.58)% | $244 | 264% |
| Year Ended July 31, 2022 | $52.23 |  | (0.85) | (9.86) | (10.71 | (10.71 | (2.07 |  | (2.07) |  | $39.45 | (21.29)% | 2.88% | 2.75% | (1.70)% | $276 | 174% |
| Year Ended July 31, 2021 | $31.55 |  | (0.89) | 21.57 | 20.68 | 20.68 |  |  |  |  | $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** | **Internet UltraSector ProFund** | **Internet UltraSector ProFund** | **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** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
| Six Months Ended <br>January 31, 2026 (unaudited) | $63.82 |  | (0.09) | (5.67) |  | (5.76 |  |  |  |  | $58.06 | (9.01)% | 1.32% | 1.32% | (0.30)% | $79859 | 9% |
| Year Ended July 31, 2025 | $42.01 |  | (0.13) | 21.94 | 21.81 | 21.81 |  |  |  |  | $63.82 | 51.92<br> %<sup>(f)</sup> | 1.48% | 1.48% | (0.24)% | $101692 | 112% |
| Year Ended July 31, 2024 | $36.15 |  | (0.09) | 5.95 |  | 5.86 |  |  |  |  | $42.01 | 16.21% | 1.50% | 1.49% | (0.25)% | $74779 | 40% |
| Year Ended July 31, 2023 | $28.60 |  | (0.13) | 7.68 |  | 7.55 |  |  |  |  | $36.15 | 26.40% | 1.55% | 1.55% | (0.47)% | $84071 | 24% |
| Year Ended July 31, 2022 | $79.79 |  | (0.68) | (39.88) | (40.56 | (40.56 |  | (10.63 | (10.63) |  | $28.60 | (57.90)% | 1.48% | 1.48% | (1.28)% | $76762 | 26% |
| Year Ended July 31, 2021<sup>(g)</sup> | $66.20 |  | (0.95) | 28.88 | 27.93 | 27.93 |  | (14.34 | (14.34) |  | $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** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
| Six Months Ended <br>January 31, 2026 (unaudited) | $40.38 |  | (0.29) | (3.54) |  | (3.83 |  |  |  |  | $36.55 | (9.46)% | 2.32% | 2.32% | (1.30)% | $3393 | 9% |
| Year Ended July 31, 2025 | $26.85 |  | (0.47) | 14.00 | 13.53 | 13.53 |  |  |  |  | $40.38 | 50.39<br> %<sup>(f)</sup> | 2.48% | 2.48% | (1.24)% | $4736 | 112% |
| Year Ended July 31, 2024 | $23.34 |  | (0.34) | 3.85 |  | 3.51 |  |  |  |  | $26.85 | 15.04% | 2.50% | 2.49% | (1.25)% | $3329 | 40% |
| Year Ended July 31, 2023 | $18.65 |  | (0.30) | 4.99 |  | 4.69 |  |  |  |  | $23.34 | 25.15% | 2.55% | 2.55% | (1.47)% | $4133 | 24% |
| Year Ended July 31, 2022 | $56.65 |  | (1.05) | (26.32) | (27.37 | (27.37 |  | (10.63 | (10.63) |  | $18.65 | (58.32)% | 2.48% | 2.48% | (2.28)% | $3642 | 26% |
| Year Ended July 31, 2021<sup>(g)</sup> | $50.74 |  | (1.49) | 21.74 | 20.25 | 20.25 |  | (14.34 | (14.34) |  | $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) 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.

(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, 2025, the Fund received monies related to certain nonrecurring litigation settlements. The corresponding impact to the total return was 0.10%.

(g) 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.

**Financial Highlights :: 247**

**See accompanying notes to financial statements.**

**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 | Investment Activities | Distributions to Shareholders From | Distributions to Shareholders From |  | | | | Ratios to<br>Average Net Assets | Ratios to<br>Average Net Assets | Ratios to<br>Average Net Assets |  | Supplemental<br>Data |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Asset<br>Value,<br>Beginning<br>of Period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 | Net<br>Asset<br>Value,<br>End of<br>Period | Gross<br>Expenses<sup>(c)</sup> | Gross<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> | Portfolio<br>Turnover<br>Rate<sup>(b)(d)</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** | **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** | **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** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
| Six Months Ended <br>January 31, 2026 (unaudited) | $50.68 |  | (0.25) | 4.50 |  | 4.25 |  | (0.81) | (0.81 |  | $54.12 | 8.40<br> %<sup>(e)</sup> |  | 1.61% | 1.61% | (0.94)% | $17107 | 322 | % |
| Year Ended July 31, 2025<sup>(f)</sup> | $41.13 |  | (0.42) | 9.97 |  | 9.55 |  |  |  |  | $50.68 | 23.23% |  | 1.71% | 1.70% | (0.94)% | $24764 | 1217 | % |
| Year Ended July 31, 2024<sup>(f)</sup> | $33.56 |  | (0.31) | 8.41 |  | 8.10 |  | (0.53) | (0.53 |  | $41.13 | 24.47% |  | 1.73% | 1.73% | (0.86)% | $20990 | 1061 | % |
| Year Ended July 31, 2023<sup>(f)</sup> | $32.29 |  | (0.18) | 1.99 |  | 1.81 |  | (0.54) | (0.54 |  | $33.56 | 5.98% |  | 1.82% | 1.82% | (0.60)% | $12856 | 322 | % |
| Year Ended July 31, 2022<sup>(f)</sup> | $36.51 |  | (0.30) | (3.53) | (3.83 | (3.83 |  | (0.39) | (0.39 |  | $32.29 | (10.69 |)%<sup>(g)</sup> | 1.57% | 1.57% | (0.84)% | $11048 | 756 | % |
| Year Ended July 31, 2021<sup>(f)</sup> | $27.97 |  | (0.20) | 9.78 |  | 9.58 |  | (1.04) | (1.04 |  | $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** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
| Six Months Ended <br>January 31, 2026 (unaudited) | $38.93 |  | (0.45) | 3.51 |  | 3.06 |  | (0.81) | (0.81 |  | $41.18 | 7.88<br> %<sup>(e)</sup> |  | 2.59% | 2.59% | (1.92)% | $2144 | 322 | % |
| Year Ended July 31, 2025<sup>(f)</sup> | $31.91 |  | (0.76) | 7.78 |  | 7.02 |  |  |  |  | $38.93 | 22.00% |  | 2.69% | 2.68% | (1.92)% | $1871 | 1217 | % |
| Year Ended July 31, 2024<sup>(f)</sup> | $26.41 |  | (0.59) | 6.62 |  | 6.03 |  | (0.53) | (0.53 |  | $31.91 | 23.23% |  | 2.72% | 2.72% | (1.85)% | $2034 | 1061 | % |
| Year Ended July 31, 2023<sup>(f)</sup> | $25.80 |  | (0.41) | 1.56 |  | 1.15 |  | (0.54) | (0.54 |  | $26.41 | 4.94% |  | 2.81% | 2.81% | (1.59)% | $1179 | 322 | % |
| Year Ended July 31, 2022<sup>(f)</sup> | $29.53 |  | (0.58) | (2.76) | (3.34 | (3.34 |  | (0.39) | (0.39 |  | $25.80 | (11.56 |)%<sup>(g)</sup> | 2.56% | 2.56% | (1.83)% | $1234 | 756 | % |
| Year Ended July 31, 2021<sup>(f)</sup> | $23.02 |  | (0.46) | 8.01 |  | 7.55 |  | (1.04) | (1.04 |  | $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** | **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** | **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** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
| Six Months Ended <br>January 31, 2026 (unaudited) | $109.62 |  | 0.12 | 11.01 | 11.13 | 11.13 |  | (4.90) | (4.90 |  | $115.85 | 10.26% |  | 1.90% | 1.78% | 0.20% | $3235 | 1145 | % |
| Year Ended July 31, 2025 | $108.03 |  | (0.03) | 4.03 |  | 4.00 | (1.02 | (1.39) | (2.41 |  | $109.62 | 3.76<br> %<sup>(h)</sup> |  | 1.79% | 1.78% | (0.03)% | $2857 | 1805 | % |
| Year Ended July 31, 2024 | $94.45 |  | 0.31 | 13.27 | 13.58 | 13.58 |  |  |  |  | $108.03 | 14.38% |  | 1.82% | 1.82% | 0.33% | $4800 | 762 | % |
| Year Ended July 31, 2023 | $82.34 |  | 0.15 | 12.10 | 12.25 | 12.25 | (0.14 |  | (0.14 |  | $94.45 | 14.90% |  | 1.94% | 1.87% | 0.19% | $5469 | 647 | % |
| Year Ended July 31, 2022 | $84.34 |  | 0.38 | (1.79) | (1.41 | (1.41 | (0.59 |  | (0.59 |  | $82.34 | (1.72)% |  | 1.65% | 1.65% | 0.45% | $18196 | 1059 | % |
| Year Ended July 31, 2021 | $63.28 |  | 0.47 | 20.59 | 21.06 | 21.06 |  |  |  |  | $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** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
| Six Months Ended <br>January 31, 2026 (unaudited) | $93.63 |  | (0.37) | 9.34 |  | 8.97 |  | (4.90) | (4.90 |  | $97.70 | 9.70% |  | 2.90% | 2.78% | (0.80)% | $1835 | 1145 | % |
| Year Ended July 31, 2025 | $92.51 |  | (0.95) | 3.46 |  | 2.51 |  | (1.39) | (1.39 |  | $93.63 | 2.74<br> %<sup>(h)</sup> |  | 2.79% | 2.78% | (1.02)% | $1717 | 1805 | % |
| Year Ended July 31, 2024 | $81.71 |  | (0.53) | 11.33 | 10.80 | 10.80 |  |  |  |  | $92.51 | 13.22% |  | 2.82% | 2.82% | (0.67)% | $2375 | 762 | % |
| Year Ended July 31, 2023 | $71.84 |  | (0.58) | 10.45 |  | 9.87 |  |  |  |  | $81.71 | 13.72% |  | 2.94% | 2.87% | (0.81)% | $2541 | 647 | % |
| Year Ended July 31, 2022 | $73.84 |  | (0.36) | (1.64) | (2.00 | (2.00 |  |  |  |  | $71.84 | (2.69)% |  | 2.65% | 2.65% | (0.55)% | $1784 | 1059 | % |
| Year Ended July 31, 2021 | $55.95 |  | (0.19) | 18.08 | 17.89 | 17.89 |  |  |  |  | $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) 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.

(e) During the six months ended January 31, 2026, the Fund received monies related to certain nonrecurring litigation settlements. The corresponding impact to the total return was 0.29%.

(f) 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.

(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 0.03%.

(h) 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%.

**248 :: Financial Highlights**

**See accompanying notes to financial statements.**

**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 | Investment Activities |  | Distributions to Shareholders From | Distributions to Shareholders From | Distributions to Shareholders From | | | Ratios to<br>Average Net Assets | Ratios to<br>Average Net Assets | Ratios to<br>Average Net Assets |  | Supplemental<br>Data |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Asset<br>Value,<br>Beginning<br>of Period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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>Investment<br>Income | Net<br>Realized<br>Gains on<br>Investments | Total<br>Distributions | &nbsp;&nbsp;Net<br>Asset<br>Value,<br>End of<br>Period | Total<br>Return<sup>(b)</sup> | Gross<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> |  |  |  |  |
| **Materials UltraSector ProFund** | **Materials UltraSector ProFund** | **Materials UltraSector ProFund** | **Materials UltraSector ProFund** | **Materials UltraSector ProFund** | **Materials UltraSector ProFund** | **Materials UltraSector ProFund** | **Materials UltraSector ProFund** | **Materials UltraSector ProFund** | **Materials UltraSector ProFund** | **Materials UltraSector ProFund** | **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** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
| Six Months Ended <br>January 31, 2026 (unaudited) | $105.48 |  | 0.54 | 17.98 | 18.52 | 18.52 |  |  | (1.96) |  | (1.96 | $122.04 | 17.78% | 1.87% | 1.57% | 0.98% | $33527 | 314% |
| Year Ended July 31, 2025 | $117.84 |  | 0.75 | (12.16) | (11.41 | (11.41) |  |  | (0.95) |  | (0.95 | $105.48 | (9.65)% | 2.14% | 1.78% | 0.69% | $3179 | 764% |
| Year Ended July 31, 2024 | $109.45 |  | 0.91 | 8.51 |  | 9.42 |  |  | (1.03) |  | (1.03 | $117.84 | 8.69% | 2.05% | 1.78% | 0.87% | $4985 | 146% |
| Year Ended July 31, 2023 | $92.29 |  | 0.69 | 16.47 | 17.16 | 17.16 |  |  |  |  |  | $109.45 | 18.58% | 2.07% | 1.82% | 0.72% | $8535 | 188% |
| Year Ended July 31, 2022 | $101.46 |  | (0.29) | (8.88) | (9.17 | (9.17) |  |  |  |  |  | $92.29 | (9.03)% | 1.93% | 1.89% | (0.28)% | $4652 | 194% |
| Year Ended July 31, 2021 | $63.17 |  | (0.16) | 38.67 | 38.51 | 38.51 |  |  | (0.01) | (0.21) | (0.22 | $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** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
| Six Months Ended <br>January 31, 2026 (unaudited) | $90.15 |  | 0.07 | 15.24 | 15.31 | 15.31 |  |  | (1.53) |  | (1.53 | $103.93 | 17.18% | 2.87% | 2.57% | (0.02)% | $264 | 314% |
| Year Ended July 31, 2025 | $100.78 |  | (0.19) | (10.44) | (10.63 | (10.63) |  |  |  |  |  | $90.15 | (10.56)% | 3.14% | 2.78% | (0.31)% | $260 | 764% |
| Year Ended July 31, 2024 | $93.71 |  | 0.03 | 7.08 |  | 7.11 |  |  | (0.04) |  | (0.04 | $100.78 | 7.62% | 3.05% | 2.78% | (0.13)% | $387 | 146% |
| Year Ended July 31, 2023 | $79.82 |  | (0.15) | 14.04 | 13.89 | 13.89 |  |  |  |  |  | $93.71 | 17.37% | 3.07% | 2.82% | (0.28)% | $961 | 188% |
| Year Ended July 31, 2022 | $88.60 |  | (1.18) | (7.60) | (8.78 | (8.78) |  |  |  |  |  | $79.82 | (9.91)% | 2.93% | 2.89% | (1.28)% | $510 | 194% |
| Year Ended July 31, 2021 | $55.74 |  | (0.92) | 33.99 | 33.07 | 33.07 |  |  |  | (0.21) | (0.21 | $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** | **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** | **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** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
| Six Months Ended <br>January 31, 2026 (unaudited) | $107.57 |  | (0.48) | 8.85 |  | 8.37 |  |  |  | (3.70) | (3.70 | $112.24 | 7.88% | 2.05% | 1.78% | (0.90)% | $3884 | 175% |
| Year Ended July 31, 2025 | $108.23 |  | (0.89) | 1.19 |  | 0.30 |  |  |  | (0.96) | (0.96 | $107.57 | 0.29% | 2.11% | 1.78% | (0.88)% | $3589 | 457% |
| Year Ended July 31, 2024 | $92.40 |  | (0.70) | 16.53 | 15.83 | 15.83 |  |  |  |  |  | $108.23 | 17.13<br> %<sup>(e)</sup> | 2.00% | 1.78% | (0.75)% | $4934 | 650% |
| Year Ended July 31, 2023 | $88.50 |  | (0.60) | 7.15 |  | 6.55 |  |  |  | (2.65) | (2.65 | $92.40 | 7.83% | 2.20% | 1.82% | (0.71)% | $28388 | 382% |
| Year Ended July 31, 2022 | $128.38 |  | (1.19) | (11.75) | (12.94 | (12.94) |  |  |  | (26.94) | (26.94 | $88.50 | (13.02)% | 2.35% | 2.04<br> %<sup>(f)</sup> | (1.19)% | $2708 | 197% |
| Year Ended July 31, 2021 | $96.99 |  | (0.78) | 35.25 | 34.47 | 34.47 |  |  |  | (3.08) | (3.08 | $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** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
| Six Months Ended <br>January 31, 2026 (unaudited) | $77.41 |  | (0.88) | 6.45 |  | 5.57 |  |  |  | (3.70) | (3.70 | $79.28 | 7.33% | 3.05% | 2.78% | (1.90)% | $641 | 175% |
| Year Ended July 31, 2025 | $78.93 |  | (1.65) | 1.09 | (0.56 | (0.56) |  |  |  | (0.96) | (0.96 | $77.41 | (0.70)% | 3.11% | 2.78% | (1.88)% | $661 | 457% |
| Year Ended July 31, 2024 | $68.08 |  | (1.41) | 12.26 | 10.85 | 10.85 |  |  |  |  |  | $78.93 | 15.94<br> %<sup>(e)</sup> | 3.00% | 2.78% | (1.75)% | $714 | 650% |
| Year Ended July 31, 2023 | $66.59 |  | (1.24) | 5.38 |  | 4.14 |  |  |  | (2.65) | (2.65 | $68.08 | 6.77% | 3.20% | 2.82% | (1.71)% | $543 | 382% |
| Year Ended July 31, 2022 | $104.06 |  | (2.01) | (8.52) | (10.53 | (10.53) |  |  |  | (26.94) | (26.94 | $66.59 | (13.90)% | 3.35% | 3.04<br> %<sup>(f)</sup> | (2.19)% | $522 | 197% |
| Year Ended July 31, 2021 | $79.88 |  | (1.74) | 29.00 | 27.26 | 27.26 |  |  |  | (3.08) | (3.08 | $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) 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.

(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 0.07%.

(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.

**Financial Highlights :: 249**

**See accompanying notes to financial statements.**

**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 | Investment Activities |  | Distributions to Shareholders From | Distributions to Shareholders From | Distributions to Shareholders From | | | Ratios to<br>Average Net Assets | Ratios to<br>Average Net Assets | Ratios to<br>Average Net Assets | Ratios to<br>Average Net Assets | Ratios to<br>Average Net Assets |  | Supplemental<br>Data |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Asset <br>Value, <br>Beginning <br>of Period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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>Investment<br>Income | Net<br>Realized<br>Gains on<br>Investments | Total<br>Distributions | &nbsp;&nbsp;Net<br>Asset<br>Value, <br>End of<br>Period | 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> |  |  |  |
| **Mid-Cap ProFund** | **Mid-Cap ProFund** | **Mid-Cap ProFund** | **Mid-Cap ProFund** | **Mid-Cap ProFund** | **Mid-Cap ProFund** | **Mid-Cap ProFund** | **Mid-Cap ProFund** | **Mid-Cap ProFund** | **Mid-Cap ProFund** | **Mid-Cap ProFund** | **Mid-Cap ProFund** | **Mid-Cap ProFund** | **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** | **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** |
| Six Months Ended <br>January 31, 2026 (unaudited) | $124.66 |  | 0.33 | 10.99 | 11.32 | 11.32 |  |  | (0.53) |  | (0.53) | $135.45 | 9.10 | %<sup>(e)</sup> |  | 1.91% | 1.78% | 0.55% | $5223 | 372% |
| Year Ended July 31, 2025 | $124.88 |  | 0.68 | 0.67<br> <sup>(f)</sup> |  | 1.35 |  |  | (1.57) |  | (1.57) | $124.66 | 1.09 | % |  | 1.88% | 1.78% | 0.60% | $3893 | 486% |
| Year Ended July 31, 2024 | $110.42 |  | 0.90 | 13.56 | 14.46 | 14.46 |  |  | —<br> <sup>(g)</sup> |  | —<br> <sup>(g)</sup> | $124.88 | 13.10 | %<sup>(h)</sup> |  | 1.86% | 1.78% | 0.84% | $5812 | 262% |
| Year Ended July 31, 2023 | $102.00 |  | 0.42 | 8.00 |  | 8.42 |  |  |  |  |  | $110.42 | 8.24 | %<sup>(i)</sup> |  | 1.92% | 1.78% | 0.45% | $3576 | 767% |
| Year Ended July 31, 2022 | $112.82 |  | (0.80) | (7.51) | (8.31 | (8.31) |  |  |  | (2.51) | (2.51) | $102.00 | (7.57 |)%<sup>(j)</sup> |  | 1.95% | 1.82% | (0.76)% | $3106 | 18% |
| Year Ended July 31, 2021 | $78.62 |  | (1.05) | 35.48 | 34.43 | 34.43 |  |  |  | (0.23) | (0.23) | $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** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
| Six Months Ended <br>January 31, 2026 (unaudited) | $96.67 |  | (0.18) | 8.43 |  | 8.25 |  |  | (0.12) |  | (0.12) | $104.80 | 8.55 | %<sup>(e)</sup> |  | 2.91% | 2.78% | (0.45)% | $4017 | 372% |
| Year Ended July 31, 2025 | $96.81 |  | (0.27) | 0.34<br> <sup>(f)</sup> |  | 0.07 |  |  | (0.21) |  | (0.21) | $96.67 | 0.08 | % |  | 2.88% | 2.78% | (0.40)% | $3724 | 486% |
| Year Ended July 31, 2024 | $86.45 |  | 0.02 | 10.34 | 10.36 | 10.36 |  |  |  |  |  | $96.81 | 11.97 | %<sup>(h)</sup> |  | 2.86% | 2.78% | (0.16)% | $4707 | 262% |
| Year Ended July 31, 2023 | $80.67 |  | (0.38) | 6.16 |  | 5.78 |  |  |  |  |  | $86.45 | 7.16 | %<sup>(i)</sup> |  | 2.92% | 2.78% | (0.55)% | $781 | 767% |
| Year Ended July 31, 2022 | $90.61 |  | (1.66) | (5.77) | (7.43 | (7.43) |  |  |  | (2.51) | (2.51) | $80.67 | (8.47 |)%<sup>(j)</sup> |  | 2.95% | 2.82% | (1.76)% | $795 | 18% |
| Year Ended July 31, 2021 | $63.84 |  | (1.86) | 28.86 | 27.00 | 27.00 |  |  |  | (0.23) | (0.23) | $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** | **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** | **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** | **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** |
| Six Months Ended <br>January 31, 2026 (unaudited) | $113.50 |  | (0.12) | 11.69 | 11.57 | 11.57 |  |  | (0.56) |  | (0.56) | $124.51 | 10.22 | %<sup>(k)</sup> |  | 2.89% | 1.78% | (0.20)% | $1879 | 2205% |
| Year Ended July 31, 2025 | $111.40 |  | (0.12) | 2.33<br> <sup>(f)</sup> |  | 2.21 |  |  | (0.11) |  | (0.11) | $113.50 | 1.98 | % |  | 2.15% | 1.78% | (0.11)% | $1679 | 988% |
| Year Ended July 31, 2024 | $101.72 |  | 0.07 | 9.61 |  | 9.68 |  |  |  |  |  | $111.40 | 9.52 | %<sup>(l)</sup> |  | 2.72% | 1.78% | 0.07% | $4007 | 238% |
| Year Ended July 31, 2023 | $93.28 |  | 0.06 | 8.38 |  | 8.44 |  |  |  |  |  | $101.72 | 9.04 | %<sup>(m)</sup> |  | 2.09% | 1.78% | 0.07% | $2321 | 495% |
| Year Ended July 31, 2022 | $95.91 |  | 0.19 | (1.93) | (1.74 | (1.74) |  |  |  | (0.89) | (0.89) | $93.28 | (1.86 |)%<sup>(n)</sup> |)%<sup>(n)</sup> | 1.85% | 1.78% | 0.21% | $21740 | 512% |
| Year Ended July 31, 2021 | $62.48 |  | 0.10 | 33.50 | 33.60 | 33.60 |  |  | (0.17) |  | (0.17) | $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** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
| Six Months Ended <br>January 31, 2026 (unaudited) | $87.88 |  | (0.58) | 9.07 |  | 8.49 |  |  |  |  |  | $96.37 | 9.66 | %<sup>(k)</sup> |  | 3.89% | 2.78% | (1.20)% | $366 | 2205% |
| Year Ended July 31, 2025 | $87.02 |  | (1.00) | 1.86<br> <sup>(f)</sup> |  | 0.86 |  |  |  |  |  | $87.88 | 0.99 | % |  | 3.15% | 2.78% | (1.11)% | $363 | 988% |
| Year Ended July 31, 2024 | $80.26 |  | (0.72) | 7.48 |  | 6.76 |  |  |  |  |  | $87.02 | 8.42 | %<sup>(l)</sup> |  | 3.72% | 2.78% | (0.93)% | $541 | 238% |
| Year Ended July 31, 2023 | $74.33 |  | (0.68) | 6.61 |  | 5.93 |  |  |  |  |  | $80.26 | 7.96 | %<sup>(m)</sup> |  | 3.09% | 2.78% | (0.93)% | $577 | 495% |
| Year Ended July 31, 2022 | $77.37 |  | (0.57) | (1.58) | (2.15 | (2.15) |  |  |  | (0.89) | (0.89) | $74.33 | (2.84 |)%<sup>(n)</sup> |)%<sup>(n)</sup> | 2.85% | 2.78% | (0.79)% | $620 | 512% |
| Year Ended July 31, 2021 | $50.79 |  | (0.57) | 27.15 | 26.58 | 26.58 |  |  |  |  |  | $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) 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.

(e) During the six months ended January 31, 2026, the Fund received monies related to certain nonrecurring litigation settlements. The corresponding impact to the total return was 0.42%.

(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.

(g) Amount is less than $0.005.

(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 0.04%.

(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 0.03%.

(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 0.04%.

(k) During the six months ended January 31, 2026, the Fund received monies related to certain nonrecurring litigation settlements. The corresponding impact to the total return was 0.23%.

(l) 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%.

(m) 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%.

(n) 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%.

**250 :: Financial Highlights**

**See accompanying notes to financial statements.**

**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 | Investment Activities | Investment Activities | Distributions to Shareholders From | Distributions to Shareholders From |  | | | Ratios to<br>Average Net Assets | Ratios to<br>Average Net Assets | Ratios to<br>Average Net Assets |  | Supplemental<br>Data |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Asset <br>Value, <br>Beginning <br>of Period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 | Total from<br>Investment<br>Activities | Net<br>Investment<br>Income | Net<br>Realized<br>Gains on<br>Investments | Net<br>Asset<br>Value,<br>End of<br>Period | Gross<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> |  |  |  |  |  |
| **Nasdaq-100 ProFund** | **Nasdaq-100 ProFund** | **Nasdaq-100 ProFund** | **Nasdaq-100 ProFund** | **Nasdaq-100 ProFund** | **Nasdaq-100 ProFund** | **Nasdaq-100 ProFund** | **Nasdaq-100 ProFund** | **Nasdaq-100 ProFund** | **Nasdaq-100 ProFund** | **Nasdaq-100 ProFund** | **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** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
| Six Months Ended <br>January 31, 2026 (unaudited) | $48.88 |  | 0.14 |  | 4.42 |  | 4.56 | (0.30 | (0.60 | (0.90) |  | $52.54 | 9.33% | 1.48% | 1.48% | 0.53% | $119200 | 263% |
| Year Ended July 31, 2025<sup>(e)</sup> | $41.80 |  | 0.31 |  | 7.11 |  | 7.42 | (0.34 |  | (0.34) |  | $48.88 | 17.83% | 1.47% | 1.47% | 0.71% | $118651 | 131% |
| Year Ended July 31, 2024<sup>(e)</sup> | $34.45 |  | 0.57 |  | 6.78 |  | 7.35 |  |  |  |  | $41.80 | 21.31% | 1.54% | 1.53% | 1.58% | $126080 | 30% |
| Year Ended July 31, 2023<sup>(e)</sup> | $28.79 |  | 0.36 |  | 5.30 |  | 5.66 |  |  |  |  | $34.45 | 19.68% | 1.52% | 1.52% | 1.32% | $125665 | 136% |
| Year Ended July 31, 2022<sup>(e)</sup> | $34.80 |  | (0.32) |  | (4.77) |  | (5.09 |  | (0.92 | (0.92) |  | $28.79 | (15.20)% | 1.46% | 1.46% | (0.97)% | $48382 | 635% |
| Year Ended July 31, 2021<sup>(e)</sup> | $26.05 |  | (0.30) |  | 9.38 |  | 9.08 |  | (0.33 | (0.33) |  | $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** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
| Six Months Ended <br>January 31, 2026 (unaudited) | $37.39 |  | (0.06) |  | 3.33 |  | 3.27 |  | (0.60 | (0.60) |  | $40.06 | 8.77% | 2.48% | 2.48% | (0.47)% | $9049 | 263% |
| Year Ended July 31, 2025<sup>(e)</sup> | $32.15 |  | (0.04) |  | 5.37 |  | 5.33 | (0.09 |  | (0.09) |  | $37.39 | 16.61% | 2.47% | 2.47% | (0.29)% | $9109 | 131% |
| Year Ended July 31, 2024<sup>(e)</sup> | $26.77 |  | 0.29 |  | 5.09 |  | 5.38 |  |  |  |  | $32.15 | 20.08% | 2.54% | 2.53% | 0.58% | $10084 | 30% |
| Year Ended July 31, 2023<sup>(e)</sup> | $22.60 |  | 0.15 |  | 4.02 |  | 4.17 |  |  |  |  | $26.77 | 18.44% | 2.52% | 2.52% | 0.32% | $7960 | 136% |
| Year Ended July 31, 2022<sup>(e)</sup> | $27.78 |  | (0.58) |  | (3.68) |  | (4.26 |  | (0.92 | (0.92) |  | $22.60 | (16.03)% | 2.46% | 2.46% | (1.97)% | $6964 | 635% |
| Year Ended July 31, 2021<sup>(e)</sup> | $21.06 |  | (0.54) |  | 7.59 |  | 7.05 |  | (0.33 | (0.33) |  | $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** | **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** | **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** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
| Six Months Ended <br>January 31, 2026 (unaudited) | $63.92 |  | 0.36 | 47.88 | 47.88 | 48.24 | 48.24 | (0.73 |  | (0.73) |  | $111.43 | 75.86% | 1.50% | 1.50% | 0.90% | $18258 | 34% |
| Year Ended July 31, 2025 | $124.72 |  | 0.70 | (61.05 | (61.05) | (60.35 | (60.35 | (0.45 |  | (0.45) |  | $63.92 | (48.48)% | 1.74% | 1.74% | 0.90% | $10558 | 149% |
| Year Ended July 31, 2024 | $124.18 |  | 0.41 |  | 0.13 |  | 0.54 |  |  |  |  | $124.72 | 0.43% | 1.69% | 1.69% | 0.38% | $14487 | 217% |
| Year Ended July 31, 2023 | $77.29 |  | 0.11 | 46.78 | 46.78 | 46.89 | 46.89 |  |  |  |  | $124.18 | 60.67% | 1.68% | 1.68% | 0.12% | $14708 | 255% |
| Year Ended July 31, 2022 | $61.47 |  | (0.51) | 16.33 | 16.33 | 15.82 | 15.82 |  |  |  |  | $77.29 | 25.74% | 1.65% | 1.65% | (0.69)% | $13020 | 218% |
| Year Ended July 31, 2021<sup>(f)</sup> | $36.47 |  | (0.47) | 25.55 | 25.55 | 25.08 | 25.08 | (0.08 |  | (0.08) |  | $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** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
| Six Months Ended <br>January 31, 2026 (unaudited) | $55.18 |  | —<br> <sup>(g)</sup> | 41.36 | 41.36 | 41.36 | 41.36 |  |  |  |  | $96.54 | 75.01% | 2.50% | 2.50% | (0.10)% | $682 | 34% |
| Year Ended July 31, 2025 | $108.24 |  | 0.04 | (53.10 | (53.10) | (53.06 | (53.06 |  |  |  |  | $55.18 | (49.03)% | 2.74% | 2.74% | (0.10)% | $96 | 149% |
| Year Ended July 31, 2024 | $108.85 |  | (0.55) |  | (0.06) |  | (0.61 |  |  |  |  | $108.24 | (0.55)% | 2.69% | 2.69% | (0.62)% | $88 | 217% |
| Year Ended July 31, 2023 | $68.41 |  | (0.71) | 41.15 | 41.15 | 40.44 | 40.44 |  |  |  |  | $108.85 | 59.09% | 2.68% | 2.68% | (0.88)% | $3223 | 255% |
| Year Ended July 31, 2022 | $54.96 |  | (1.20) | 14.65 | 14.65 | 13.45 | 13.45 |  |  |  |  | $68.41 | 24.49% | 2.65% | 2.65% | (1.69)% | $1247 | 218% |
| Year Ended July 31, 2021<sup>(f)</sup> | $32.90 |  | (0.95) | 23.01 | 23.01 | 22.06 | 22.06 |  |  |  |  | $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) 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.

(e) 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.

(f) 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.

(g) Amount is less than $0.005.

**Financial Highlights :: 251**

**See accompanying notes to financial statements.**

**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 | Investment Activities | Distributions to Shareholders From | Distributions to Shareholders From |  | | | Ratios to<br>Average Net Assets | Ratios to<br>Average Net Assets | Ratios to<br>Average Net Assets |  | Supplemental<br>Data |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Asset <br>Value, <br>Beginning <br>of Period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 | Net<br>Asset<br>Value,<br>End of<br>Period | Gross<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> |  |  |  |  |  |
| **Pharmaceuticals UltraSector ProFund** | **Pharmaceuticals UltraSector ProFund** | **Pharmaceuticals UltraSector ProFund** | **Pharmaceuticals UltraSector ProFund** | **Pharmaceuticals UltraSector ProFund** | **Pharmaceuticals UltraSector ProFund** | **Pharmaceuticals UltraSector ProFund** | **Pharmaceuticals UltraSector ProFund** | **Pharmaceuticals UltraSector ProFund** | **Pharmaceuticals UltraSector ProFund** | **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** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
| Six Months Ended <br>January 31, 2026 (unaudited) | $22.47 |  | (0.04) | 11.63 | 11.59 | 11.59 | (0.31 |  | (0.31) |  | $33.75 | 51.53% | 2.06% | 1.78% | (0.25)% | $3725 | 194% |
| Year Ended July 31, 2025 | $25.60 |  | 0.10 | (2.97) |  | (2.87 | (0.26 |  | (0.26) |  | $22.47 | (11.30)% | 2.53% | 1.78% | 0.42% | $2249 | 178% |
| Year Ended July 31, 2024 | $27.07 |  | 0.20 | (1.55) |  | (1.35 | (0.12 |  | (0.12) |  | $25.60 | (4.98)% | 2.47% | 1.78% | 0.87% | $2770 | 207% |
| Year Ended July 31, 2023 | $28.86 |  | 0.16 | (1.95) |  | (1.79 |  |  |  |  | $27.07 | (6.20)% | 2.21% | 1.78% | 0.62% | $3451 | 272% |
| Year Ended July 31, 2022 | $30.56 |  | (0.06) | (0.41) |  | (0.47 |  | (1.23 | (1.23) |  | $28.86 | (1.71)% | 2.13% | 1.78% | (0.20)% | $3828 | 185% |
| Year Ended July 31, 2021 | $22.94 |  | (0.09) | 7.81 |  | 7.72 |  | (0.10 | (0.10) |  | $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** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
| Six Months Ended <br>January 31, 2026 (unaudited) | $18.54 |  | (0.16) | 9.58 |  | 9.42 |  |  |  |  | $27.96 | 50.86% | 3.06% | 2.78% | (1.25)% | $177 | 194% |
| Year Ended July 31, 2025 | $21.10 |  | (0.10) | (2.46) |  | (2.56 |  |  |  |  | $18.54 | (12.13)% | 3.53% | 2.78% | (0.58)% | $136 | 178% |
| Year Ended July 31, 2024 | $22.44 |  | 0.01 | (1.35) |  | (1.34 |  |  |  |  | $21.10 | (5.97)% | 3.47% | 2.78% | (0.13)% | $236 | 207% |
| Year Ended July 31, 2023 | $24.14 |  | (0.06) | (1.64) |  | (1.70 |  |  |  |  | $22.44 | (7.08)% | 3.21% | 2.78% | (0.38)% | $460 | 272% |
| Year Ended July 31, 2022 | $26.02 |  | (0.31) | (0.34) |  | (0.65 |  | (1.23 | (1.23) |  | $24.14 | (2.69)% | 3.13% | 2.78% | (1.20)% | $289 | 185% |
| Year Ended July 31, 2021 | $19.74 |  | (0.32) | 6.70 |  | 6.38 |  | (0.10 | (0.10) |  | $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** | **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** | **Precious Metals UltraSector ProFund** | **Precious Metals UltraSector 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** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
| Six Months Ended <br>January 31, 2026 (unaudited) | $85.08 |  | 0.13 | 112.82 | 112.95 | 112.95 | (0.74 |  | (0.74) |  | $197.29 | 132.89% | 1.34% | 1.34% | 0.17% | $122505 | 68% |
| Year Ended July 31, 2025 | $57.55 |  | 0.35 | 28.05 | 28.40 | 28.40 | (0.87 |  | (0.87) |  | $85.08 | 50.63% | 1.53% | 1.53% | 0.54% | $35463 | 229% |
| Year Ended July 31, 2024 | $47.18 |  | 0.46 | 10.49 | 10.95 | 10.95 | (0.58 |  | (0.58) |  | $57.55 | 23.56% | 1.60% | 1.60% | 1.07% | $26709 | 204% |
| Year Ended July 31, 2023 | $40.36 |  | 0.49 | 6.33 |  | 6.82 |  |  | —<br> <sup>(e)</sup> |  | $47.18 | 16.90% | 1.63% | 1.63% | 1.09% | $25671 | 128% |
| Year Ended July 31, 2022 | $65.60 |  | 0.19 | (25.43) | (25.24 | (25.24 |  |  |  |  | $40.36 | (38.48)% | 1.53% | 1.53% | 0.33% | $18455 | 94% |
| Year Ended July 31, 2021 | $89.95 |  | (0.28) | (24.07) | (24.35 | (24.35 |  |  |  |  | $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** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
| Six Months Ended <br>January 31, 2026 (unaudited) | $70.60 |  | (0.49) | 93.47 | 92.98 | 92.98 |  |  |  |  | $163.58 | 131.74% | 2.34% | 2.34% | (0.83)% | $6885 | 68% |
| Year Ended July 31, 2025 | $47.80 |  | (0.20) | 23.39 | 23.19 | 23.19 | (0.39 |  | (0.39) |  | $70.60 | 49.19% | 2.53% | 2.53% | (0.46)% | $3017 | 229% |
| Year Ended July 31, 2024 | $39.28 |  | 0.09 | 8.63 |  | 8.72 | (0.20 |  | (0.20) |  | $47.80 | 22.36% | 2.60% | 2.60% | 0.07% | $2323 | 204% |
| Year Ended July 31, 2023 | $33.94 |  | 0.11 | 5.23 |  | 5.34 |  |  |  |  | $39.28 | 15.70% | 2.63% | 2.63% | 0.09% | $1077 | 128% |
| Year Ended July 31, 2022 | $55.73 |  | (0.32) | (21.47) | (21.79 | (21.79 |  |  |  |  | $33.94 | (39.08)% | 2.53% | 2.53% | (0.67)% | $1280 | 94% |
| Year Ended July 31, 2021 | $77.19 |  | (0.88) | (20.58) | (21.46 | (21.46 |  |  |  |  | $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) 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.

(e) Amount is less than $0.005.

**252 :: Financial Highlights**

**See accompanying notes to financial statements.**

**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 | Investment Activities |  | Distributions to Shareholders From | Distributions to Shareholders From | Distributions to Shareholders From | | | | Ratios to<br>Average Net Assets | Ratios to<br>Average Net Assets | Ratios to<br>Average Net Assets | Ratios to<br>Average Net Assets | Supplemental<br>Data |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Asset<br>Value,<br>Beginning<br>of Period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 | Net<br>Asset<br>Value,<br>End of<br>Period |  | 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> |  |  |  |
| **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** | **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** | **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** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
| Six Months Ended <br>January 31, 2026 (unaudited) | $41.18 |  | 0.40 | (0.40) |  |  |  | (0.34) |  | (0.34) | $40.84 | $40.84 | 0.02% |  | 2.62% | 1.78% | 1.95% | $2678 | 1131% |
| Year Ended July 31, 2025 | $42.25 |  | 0.62 | (0.74)<sup>(f)</sup> | (0.12 | (0.12 |  | (0.95) |  | (0.95) | $41.18 | $41.18 | (0.28)% |  | 2.03% | 1.78% | 1.41% | $2914 | 640% |
| Year Ended July 31, 2024 | $38.73 |  | 0.63 | 3.65 |  | 4.28 |  | (0.76) |  | (0.76) | $42.25 | $42.25 | 11.21<br> %<sup>(g)</sup> |  | 2.34% | 1.83% | 1.69% | $5066 | 153% |
| Year Ended July 31, 2023 | $50.52 |  | 0.08 | (10.40) | (10.32 | (10.32 |  | (0.22) | (1.25) | (1.47) | $38.73 | $38.73 | (20.29)% |  | 2.30% | 2.10<br> %<sup>(h)</sup> | 0.21% | $4639 | 75% |
| Year Ended July 31, 2022 | $63.02 |  | (0.20) | (4.17) | (4.37 | (4.37 |  | (0.56) | (7.57) | (8.13) | $50.52 | $50.52 | (8.99 |)%<sup>(i)</sup> | 1.55% | 1.55% | (0.32)% | $6793 | 253% |
| Year Ended July 31, 2021 | $42.23 |  | (0.18) | 20.97 | 20.79 | 20.79 |  |  |  |  | $63.02 | $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** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
| Six Months Ended <br>January 31, 2026 (unaudited) | $38.06 |  | 0.21 | (0.40) | (0.19 | (0.19 |  | (0.21) |  | (0.21) | $37.66 | $37.66 | (0.47)% |  | 3.62% | 2.78% | 0.95% | $534 | 1131% |
| Year Ended July 31, 2025 | $39.20 |  | 0.22 | (0.71)<sup>(f)</sup> | (0.44 | (0.44 |  | (0.64) |  | (0.64) | $38.06 | $38.06 | (1.24)% |  | 3.03% | 2.78% | 0.41% | $346 | 640% |
| Year Ended July 31, 2024 | $35.96 |  | 0.28 | 3.34 |  | 3.62 |  | (0.38) |  | (0.38) | $39.20 | $39.20 | 10.09<br> %<sup>(g)</sup> |  | 3.34% | 2.83% | 0.69% | $334 | 153% |
| Year Ended July 31, 2023 | $47.21 |  | (0.29) | (9.71) | (10.00 | (10.00 |  |  | (1.25) | (1.25) | $35.96 | $35.96 | (21.07)% |  | 3.30% | 3.10<br> %<sup>(h)</sup> | (0.79)% | $276 | 75% |
| Year Ended July 31, 2022 | $59.52 |  | (0.75) | (3.90) | (4.65 | (4.65 |  | (0.09) | (7.57) | (7.66) | $47.21 | $47.21 | (9.89 |)%<sup>(i)</sup> | 2.55% | 2.55% | (1.32)% | $534 | 253% |
| Year Ended July 31, 2021 | $40.28 |  | (0.66) | 19.90 | 19.24 | 19.24 |  |  |  |  | $59.52 | $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** | **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** | **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** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
| Six Months Ended <br>January 31, 2026 (unaudited) | $43.09 |  | 0.48 | (0.43) |  | 0.05 |  | (1.44) |  | (1.44) | $41.70 | $41.70 | 0.18% |  | 1.81% | 1.68% | 2.27% | $10219 |  |
| Year Ended July 31, 2025 | $40.32 |  | 1.05 | 3.75 |  | 4.80 |  | (2.03) |  | (2.03) | $43.09 | $43.09 | 12.01% |  | 1.92% | 1.92% | 2.51% | $9453 |  |
| Year Ended July 31, 2024 | $38.87 |  | 1.46 | 1.83 |  | 3.29 |  | (1.84) |  | (1.84) | $40.32 | $40.32 | 8.89% |  | 1.76% | 1.75% | 3.49% | $8876 |  |
| Year Ended July 31, 2023 | $31.43 |  | 0.71 | 6.73 |  | 7.44 |  |  |  |  | $38.87 | $38.87 | 23.67% |  | 1.61% | 1.61% | 1.97% | $11272 |  |
| Year Ended July 31, 2022 | $25.21 |  | (0.28) | 6.50 |  | 6.22 |  |  |  |  | $31.43 | $31.43 | 24.67% |  | 1.52% | 1.52% | (0.96)% | $44874 |  |
| Year Ended July 31, 2021 | $21.80 |  | (0.43) | 3.84 |  | 3.41 |  |  |  |  | $25.21 | $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** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
| Six Months Ended <br>January 31, 2026 (unaudited) | $40.07 |  | 0.28 | (0.41) | (0.13 | (0.13 |  | (0.94) |  | (0.94) | $39.00 | $39.00 | (0.32)% |  | 2.81% | 2.68% | 1.27% | $84 |  |
| Year Ended July 31, 2025 | $36.12 |  | 0.67 | 3.28 |  | 3.95 |  |  |  |  | $40.07 | $40.07 | 10.94% |  | 2.92% | 2.92% | 1.51% | $105 |  |
| Year Ended July 31, 2024 | $33.49 |  | 1.09 | 1.54 |  | 2.63 |  |  |  |  | $36.12 | $36.12 | 7.85% |  | 2.76% | 2.75% | 2.49% | $152 |  |
| Year Ended July 31, 2023 | $27.36 |  | 0.39 | 5.74 |  | 6.13 |  |  |  |  | $33.49 | $33.49 | 22.40% |  | 2.61% | 2.61% | 0.97% | $1593 |  |
| Year Ended July 31, 2022 | $22.15 |  | (0.53) | 5.74 |  | 5.21 |  |  |  |  | $27.36 | $27.36 | 23.47% |  | 2.52% | 2.52% | (1.96)% | $1173 |  |
| Year Ended July 31, 2021 | $19.35 |  | (0.67) | 3.47 |  | 2.80 |  |  |  |  | $22.15 | $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) 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.

(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.

(g) 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%.

(h) 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.

(i) 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%.

**Financial Highlights :: 253**

**See accompanying notes to financial statements.**

**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 | | | | Ratios to<br>Average Net Assets | Ratios to<br>Average Net Assets | Ratios to<br>Average Net Assets | Supplemental<br>Data |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Asset<br>Value,<br>Beginning<br>of Period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Asset<br>Value,<br>Beginning<br>of Period | Net<br>Investment<br>Income<br>(Loss)<sup>(a)</sup> | &nbsp;&nbsp;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 |  | &nbsp;&nbsp;Net<br>Asset<br>Value,<br>End of<br>Period | Gross<br>Expenses<sup>(c)</sup> | &nbsp;&nbsp;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> |  |  |  |
| **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** | **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** | **Rising Rates Opportunity 10 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** | **Investor Class** | **Investor Class** | **Investor Class** |
| Six Months Ended <br>January 31, 2026 (unaudited) | $14.83 |  | 0.15 | (0.21) | (0.06 |  | (0.50) |  | (0.50) |  | $14.27 | (0.40)% | 6.30% | 1.78% | 2.06% | $518 |
| Year Ended July 31, 2025 | $14.98 |  | 0.39 | 0.32 | 0.71 |  | (0.86) |  | (0.86) |  | $14.83 | 4.66% | 5.52% | 1.78% | 2.61% | $560 |
| Year Ended July 31, 2024 | $15.23 |  | 0.53 | 0.18 | 0.71 |  | (0.96) |  | (0.96) |  | $14.98 | 4.94% | 3.11% | 1.78% | 3.42% | $1830 |
| Year Ended July 31, 2023 | $13.45 |  | 0.29 | 1.49 | 1.78 |  |  |  |  |  | $15.23 | 13.23% | 2.33% | 1.78% | 1.98% | $2035 |
| Year Ended July 31, 2022 | $12.32 |  | (0.17) | 1.30 | 1.13 |  |  |  |  |  | $13.45 | 9.17% | 2.62% | 1.78% | (1.31)% | $2933 |
| Year Ended July 31, 2021 | $12.02 |  | (0.22) | 0.52 | 0.30 |  |  |  |  |  | $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** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
| Six Months Ended <br>January 31, 2026 (unaudited) | $13.76 |  | 0.08 | (0.20) | (0.12 |  |  |  |  |  | $13.64 | (0.87)% | 7.30% | 2.78% | 1.06% | $11 |
| Year Ended July 31, 2025 | $13.81 |  | 0.25 | 0.26 | 0.51 |  | (0.56) |  | (0.56) |  | $13.76 | 3.65% | 6.52% | 2.78% | 1.61% | $32 |
| Year Ended July 31, 2024 | $13.74 |  | 0.38 | 0.14 | 0.52 |  | (0.45) |  | (0.45) |  | $13.81 | 3.93% | 4.11% | 2.78% | 2.42% | $137 |
| Year Ended July 31, 2023 | $12.26 |  | 0.15 | 1.33 | 1.48 |  |  |  |  |  | $13.74 | 12.07% | 3.33% | 2.78% | 0.98% | $528 |
| Year Ended July 31, 2022 | $11.34 |  | (0.29) | 1.21 | 0.92 |  |  |  |  |  | $12.26 | 8.11% | 3.62% | 2.78% | (2.31)% | $762 |
| Year Ended July 31, 2021 | $11.18 |  | (0.34) | 0.50 | 0.16 |  |  |  |  |  | $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** | **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** | **Rising U.S. Dollar 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** | **Investor Class** | **Investor Class** | **Investor Class** |
| Six Months Ended <br>January 31, 2026 (unaudited) | $29.50 |  | 0.27 | (0.62) | (0.35 |  | (0.63) |  | (0.63) |  | $28.52 | (1.21)% | 2.10% | 1.78% | 1.82% | $9379 |
| Year Ended July 31, 2025 | $30.43 |  | 0.71 | (0.73) | (0.02 |  | (0.91) |  | (0.91) |  | $29.50 | (0.24)% | 2.22% | 1.78% | 2.36% | $8392 |
| Year Ended July 31, 2024 | $29.83 |  | 0.95 | 1.03 | 1.98 |  | (1.38) |  | (1.38) |  | $30.43 | 6.88% | 2.43% | 1.78% | 3.13% | $9791 |
| Year Ended July 31, 2023 | $30.65 |  | 0.56 | (0.72) | (0.16 |  |  | (0.66 | (0.66) |  | $29.83 | (0.52)% | 1.82% | 1.78% | 1.82% | $9097 |
| Year Ended July 31, 2022 | $27.16 |  | (0.38) | 3.87 | 3.49 |  |  |  |  |  | $30.65 | 12.85% | 1.82% | 1.78% | (1.32)% | $46695 |
| Year Ended July 31, 2021 | $27.99 |  | (0.48) | (0.35) | (0.83 |  |  |  |  |  | $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** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
| Six Months Ended <br>January 31, 2026 (unaudited) | $25.08 |  | 0.14 | (0.58) | (0.44 |  | (0.31) |  | (0.31) |  | $24.33 | (1.75)% | 3.10% | 2.78% | 0.82% | $23 |
| Year Ended July 31, 2025 | $25.86 |  | 0.45 | (0.72) | (0.27 |  | (0.51) |  | (0.51) |  | $25.08 | (1.16)% | 3.22% | 2.78% | 1.36% | $24 |
| Year Ended July 31, 2024 | $25.48 |  | 0.69 | 0.75 | 1.44 |  | (1.06) |  | (1.06) |  | $25.86 | 5.92% | 3.43% | 2.78% | 2.13% | $50 |
| Year Ended July 31, 2023 | $26.56 |  | 0.29 | (0.71) | (0.42 |  |  | (0.66 | (0.66) |  | $25.48 | (1.56)% | 2.82% | 2.78% | 0.82% | $97 |
| Year Ended July 31, 2022 | $23.77 |  | (0.63) | 3.42 | 2.79 |  |  |  |  |  | $26.56 | 11.70% | 2.82% | 2.78% | (2.32)% | $182 |
| Year Ended July 31, 2021 | $24.74 |  | (0.72) | (0.25) | (0.97 |  |  |  |  |  | $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) 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.

**254 :: Financial Highlights**

**See accompanying notes to financial statements.**

**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 | Investment Activities | Distributions to Shareholders From | Distributions to Shareholders From |  | | | Ratios to<br>Average Net Assets | Ratios to<br>Average Net Assets | Ratios to<br>Average Net Assets |  | Supplemental<br>Data |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Asset <br>Value, <br>Beginning <br>of Period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 | Net<br>Asset<br>Value, <br>End of<br>Period | Gross<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> |  |  |  |  |  |
| **Semiconductor UltraSector ProFund** | **Semiconductor UltraSector ProFund** | **Semiconductor UltraSector ProFund** | **Semiconductor UltraSector ProFund** | **Semiconductor UltraSector ProFund** | **Semiconductor UltraSector ProFund** | **Semiconductor UltraSector ProFund** | **Semiconductor UltraSector ProFund** | **Semiconductor UltraSector ProFund** | **Semiconductor UltraSector ProFund** | **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** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
| Six Months Ended <br>January 31, 2026 (unaudited) | $52.99 |  | (0.01) | 14.56 | 14.55 | 14.55 | (0.06 | (7.17 | (7.23) |  | $60.31 | 29.08% | 1.32% | 1.32% | (0.04)% | $534638 | 110% |
| Year Ended July 31, 2025<sup>(e)</sup> | $42.73 |  | 0.10 | 15.90 | 16.00 | 16.00 | (0.07 | (5.67 | (5.74) |  | $52.99 | 40.86% | 1.46% | 1.46% | 0.26% | $438221 | 205% |
| Year Ended July 31, 2024<sup>(e)</sup> | $20.02 |  | 0.05 | 22.66 | 22.71 | 22.71 |  |  |  |  | $42.73 | 113.44% | 1.49% | 1.48% | 0.15% | $378352 | 189% |
| Year Ended July 31, 2023<sup>(e)</sup> | $11.62 |  | 0.05 | 8.35 |  | 8.40 |  |  |  |  | $20.02 | 72.32% | 1.56% | 1.56% | 0.45% | $127520 | 72% |
| Year Ended July 31, 2022<sup>(e)</sup> | $14.76 |  | (0.09) | (2.22) |  | (2.31 |  | (0.83 | (0.83) |  | $11.62 | (17.93)% | 1.49% | 1.49% | (0.59)% | $64313 | 53% |
| Year Ended July 31, 2021<sup>(e)</sup> | $7.95 |  | (0.07) | 6.88 |  | 6.81 |  |  |  |  | $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** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
| Six Months Ended <br>January 31, 2026 (unaudited) | $35.88 |  | (0.21) | 9.57 |  | 9.36 |  | (7.17 | (7.17) |  | $38.07 | 28.44% | 2.32% | 2.32% | (1.04)% | $17917 | 110% |
| Year Ended July 31, 2025<sup>(e)</sup> | $30.80 |  | (0.18) | 10.93 | 10.75 | 10.75 |  | (5.67 | (5.67) |  | $35.88 | 39.47% | 2.46% | 2.46% | (0.74)% | $14777 | 205% |
| Year Ended July 31, 2024<sup>(e)</sup> | $14.58 |  | (0.17) | 16.39 | 16.22 | 16.22 |  |  |  |  | $30.80 | 111.30% | 2.49% | 2.48% | (0.85)% | $17049 | 189% |
| Year Ended July 31, 2023<sup>(e)</sup> | $8.54 |  | (0.04) | 6.08 |  | 6.04 |  |  |  |  | $14.58 | 70.62% | 2.56% | 2.56% | (0.55)% | $6648 | 72% |
| Year Ended July 31, 2022<sup>(e)</sup> | $11.12 |  | (0.20) | (1.55) |  | (1.75 |  | (0.83 | (0.83) |  | $8.54 | (18.76)% | 2.49% | 2.49% | (1.59)% | $4254 | 53% |
| Year Ended July 31, 2021<sup>(e)</sup> | $6.05 |  | (0.16) | 5.23 |  | 5.07 |  |  |  |  | $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** | **Short Energy ProFund** | **Short Energy ProFund** | **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** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
| Six Months Ended <br>January 31, 2026 (unaudited) | $13.92 |  | 0.14 | (2.12) |  | (1.98 | (0.53 |  | (0.53) |  | $11.41 | (14.70)% | 4.96% | 1.78% | 2.06% | $612 |  |
| Year Ended July 31, 2025 | $13.79 |  | 0.36 | 0.31 |  | 0.67 | (0.54 |  | (0.54) |  | $13.92 | 4.74% | 4.77% | 1.78% | 2.52% | $1239 |  |
| Year Ended July 31, 2024 | $14.95 |  | 0.49 | (1.08) |  | (0.59 | (0.57 |  | (0.57) |  | $13.79 | (4.24)% | 6.84% | 1.78% | 3.36% | $484 |  |
| Year Ended July 31, 2023 | $17.57 |  | 0.34 | (2.96) |  | (2.62 |  |  |  |  | $14.95 | (14.91)% | 3.63% | 1.78% | 2.14% | $635 |  |
| Year Ended July 31, 2022 | $32.82 |  | (0.29) | (14.96) | (15.25 | (15.25 |  |  |  |  | $17.57 | (46.47)% | 3.74% | 1.78% | (1.28)% | $2135 |  |
| Year Ended July 31, 2021 | $55.89 |  | (0.85) | (22.22) | (23.07 | (23.07 |  |  |  |  | $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** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
| Six Months Ended <br>January 31, 2026 (unaudited) | $12.65 |  | 0.08 | (1.96) |  | (1.88 | (0.22 |  | (0.22) |  | $10.55 | (15.17)% | 5.96% | 2.78% | 1.06% | $7 |  |
| Year Ended July 31, 2025 | $12.51 |  | 0.23 | 0.38 |  | 0.61 | (0.47 |  | (0.47) |  | $12.65 | 4.70% | 5.77% | 2.78% | 1.52% | $33 |  |
| Year Ended July 31, 2024 | $13.59 |  | 0.36 | (0.99) |  | (0.63 | (0.45 |  | (0.45) |  | $12.51 | (5.23)% | 7.84% | 2.78% | 2.36% | $17 |  |
| Year Ended July 31, 2023 | $16.20 |  | 0.19 | (2.80) |  | (2.61 |  |  |  |  | $13.59 | (15.81)% | 4.63% | 2.78% | 1.14% | $2 |  |
| Year Ended July 31, 2022 | $30.52 |  | (0.53) | (13.79) | (14.32 | (14.32 |  |  |  |  | $16.20 | (46.97)% | 4.74% | 2.78% | (2.28)% | $12 |  |
| Year Ended July 31, 2021 | $52.45 |  | (1.25) | (20.68) | (21.93 | (21.93 |  |  |  |  | $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) 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.

(e) 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.

**Financial Highlights :: 255**

**See accompanying notes to financial statements.**

**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 | 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 | Ratios to<br>Average Net Assets | Supplemental<br>Data |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Asset<br>Value,<br>Beginning<br>of Period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 | &nbsp;&nbsp;Total<br>Distributions | &nbsp;&nbsp;Capital<br>Contributions | &nbsp;&nbsp;Net<br>Asset<br>Value,<br>End of<br>Period | Total<br>Return<sup>(b)</sup> | Gross<br>Expenses<sup>(c)</sup> | Net<br>Expenses<sup>(c)</sup> | &nbsp;&nbsp;Net<br>Assets,<br>End of<br>Period<br>(000's) |  | Portfolio<br>Turnover<br>Rate<sup>(b)(d)</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** | **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** | **Short Nasdaq-100 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** | **Investor Class** | **Investor Class** | **Investor Class** |
| Six Months Ended <br>January 31, 2026 (unaudited) | $37.36 |  | 0.37 | (3.17) |  | (2.80) | (0.73) | (0.73) |  | $33.83 | (7.49)% |  | 2.89% | 1.78% | 2.11 | $2967 |
| Year Ended July 31, 2025 | $48.69 |  | 1.22 | (9.06) |  | (7.84) | (4.33) | (4.33) | 0.84<sup>(e)</sup> | $37.36 | (15.25 |)%<sup>(e)</sup> | 3.18% | 1.84<br> %<sup>(f)</sup> | 2.68 | $2153 |
| Year Ended July 31, 2024 | $60.69 |  | 1.82 | (10.17) |  | (8.35) | (3.65) | (3.65) |  | $48.69 | (14.36)% |  | 2.89% | 1.88% | 3.22 | $1853 |
| Year Ended July 31, 2023<sup>(g)</sup> | $74.03 |  | 1.38 | (14.72) | (13.34 | (13.34) |  |  |  | $60.69 | (18.04)% |  | 1.78% | 1.78% | 1.77 | $3051 |
| Year Ended July 31, 2022<sup>(g)</sup> | $71.44 |  | (0.85) | 3.44 |  | 2.59 |  |  |  | $74.03 | 3.64% |  | 1.81% | 1.78% | (1.13 | $79796 |
| Year Ended July 31, 2021<sup>(g)</sup> | $104.36 |  | (1.55) | (31.37) | (32.92 | (32.92) |  |  |  | $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** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
| Six Months Ended <br>January 31, 2026 (unaudited) | $32.10 |  | 0.22 | (2.78) |  | (2.56) | (0.55) | (0.55) |  | $28.99 | (7.98)% |  | 3.89% | 2.78% | 1.11 | $294 |
| Year Ended July 31, 2025 | $42.26 |  | 0.84 | (7.68) |  | (6.84) | (3.79) | (3.79) | 0.47<sup>(h)</sup> | $32.10 | (15.99 |)%<sup>(h)</sup> | 4.18% | 2.84<br> %<sup>(f)</sup> | 1.68 | $97 |
| Year Ended July 31, 2024 | $52.72 |  | 1.34 | (9.08) |  | (7.74) | (2.72) | (2.72) |  | $42.26 | (15.21)% |  | 3.89% | 2.88% | 2.22 | $112 |
| Year Ended July 31, 2023<sup>(g)</sup> | $64.86 |  | 0.71 | (12.85) | (12.14 | (12.14) |  |  |  | $52.72 | (18.72)% |  | 2.78% | 2.78% | 0.77 | $86 |
| Year Ended July 31, 2022<sup>(g)</sup> | $63.39 |  | (1.50) | 2.97 |  | 1.47 |  |  |  | $64.86 | 2.29% |  | 2.81% | 2.78% | (2.13) | $241 |
| Year Ended July 31, 2021<sup>(g)</sup> | $93.34 |  | (2.30) | (27.65) | (29.95 | (29.95) |  |  |  | $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** | **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** | **Short Precious Metals 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** | **Investor Class** | **Investor Class** | **Investor Class** |
| Six Months Ended <br>January 31, 2026 (unaudited) | $6.47 |  | 0.05 | (3.16) |  | (3.11) | (0.36) | (0.36) |  | $3.00 | (48.72)% |  | 2.07% | 1.79<br> %<sup>(f)</sup> | 2.40 | $16035 |
| Year Ended July 31, 2025 | $9.64 |  | 0.23 | (3.18) |  | (2.95) | (0.22) | (0.22) |  | $6.47 | (31.45)% |  | 2.16% | 1.78% | 2.67 | $12532 |
| Year Ended July 31, 2024 | $14.04 |  | 0.44 | (2.50) |  | (2.06) | (2.34) | (2.34) |  | $9.64 | (17.68)% |  | 2.32% | 1.78% | 3.52 | $1401 |
| Year Ended July 31, 2023 | $17.45 |  | 0.34 | (3.75) |  | (3.41) |  |  |  | $14.04 | (19.54)% |  | 2.38% | 1.78% | 2.26 | $3236 |
| Year Ended July 31, 2022 | $14.83 |  | (0.22) | 2.84 |  | 2.62 |  |  |  | $17.45 | 17.67% |  | 2.79% | 1.78% | (1.45) | $2072 |
| Year Ended July 31, 2021 | $14.53 |  | (0.27) | 0.57 |  | 0.30 |  |  |  | $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** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
| Six Months Ended <br>January 31, 2026 (unaudited) | $6.23 |  | 0.03 | (3.06) |  | (3.03) | (0.23) | (0.23) |  | $2.97 | (49.03)% |  | 3.07% | 2.79<br> %<sup>(f)</sup> | 1.40 | $8 |
| Year Ended July 31, 2025 | $9.31 |  | 0.15 | (3.08) |  | (2.93) | (0.15) | (0.15) |  | $6.23 | (32.06)% |  | 3.16% | 2.78% | 1.67 | $33 |
| Year Ended July 31, 2024 | $13.40 |  | 0.31 | (2.39) |  | (2.08) | (2.01) | (2.01) |  | $9.31 | (18.40)% |  | 3.32% | 2.78% | 2.52 | $8 |
| Year Ended July 31, 2023 | $16.80 |  | 0.19 | (3.59) |  | (3.40) |  |  |  | $13.40 | (20.13)% |  | 3.38% | 2.78% | 1.26 | $19 |
| Year Ended July 31, 2022 | $14.43 |  | (0.37) | 2.74 |  | 2.37 |  |  |  | $16.80 | 16.35% |  | 3.79% | 2.78% | (2.45) | $17 |
| Year Ended July 31, 2021 | $14.31 |  | (0.42) | 0.54 |  | 0.12 |  |  |  | $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) 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.

(e) 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.

(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 1:5 reverse share split that occurred on March 13, 2023.

(h) 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.

**256 :: Financial Highlights**

**See accompanying notes to financial statements.**

**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 | Investment Activities |  |  | Distributions to<br>Shareholders From | | | | Ratios to<br>Average Net Assets | Ratios to<br>Average Net Assets | Ratios to<br>Average Net Assets | Ratios to<br>Average Net Assets | Supplemental<br>Data |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Asset<br>Value,<br>Beginning<br>of Period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Asset<br>Value,<br>Beginning<br>of Period | Net<br>Investment<br>Income<br> (Loss)<sup>(a)</sup> | &nbsp;&nbsp;Net<br>Realized<br>and<br>Unrealized<br>Gains<br>(Losses) on<br>Investments | &nbsp;&nbsp;Total from<br>Investment<br>Activities | &nbsp;&nbsp;Net<br>Investment<br>Income | &nbsp;&nbsp;Net<br>Investment<br>Income | &nbsp;&nbsp;Total<br>Distributions | &nbsp;&nbsp;Net<br>Asset<br>Value,<br>End of<br>Period | &nbsp;&nbsp;Total<br>Return<sup>(b)</sup> | &nbsp;&nbsp;Gross<br>Expenses<sup>(c)</sup> | &nbsp;&nbsp;Net<br>Expenses<sup>(c)</sup> | &nbsp;&nbsp;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> |  |  |  |
| **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** | **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** | **Short Real Estate ProFund** | **Short Real Estate 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** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
| Six Months Ended <br>January 31, 2026 (unaudited) | $7.91 |  | 0.08 | (0.03)<sup>(e)</sup> |  | 0.05 |  |  | (0.28) | $7.68 |  | 0.54% |  | 5.37% | 1.78% | 1.97% | $564 |
| Year Ended July 31, 2025 | $8.34 |  | 0.21 | (0.20) |  | 0.01 |  |  | (0.44) | $7.91 |  | 0.02% |  | 4.14% | 1.78% | 2.64% | $691 |
| Year Ended July 31, 2024 | $9.14 |  | 0.32 | (0.84) |  | (0.52) |  |  | (0.28) | $8.34 |  | (5.70)% |  | 2.98% | 1.78% | 3.49% | $1153 |
| Year Ended July 31, 2023 | $8.10 |  | 0.21 | 0.83 |  | 1.04 |  |  |  | $9.14 |  | 12.84% |  | 3.19% | 1.78% | 2.29% | $1817 |
| Year Ended July 31, 2022 | $8.19 |  | (0.10) | 0.01 |  | (0.09) |  |  |  | $8.10 |  | (1.10)% |  | 5.81% | 1.78% | (1.28)% | $1875 |
| Year Ended July 31, 2021 | $11.45 |  | (0.19) | (3.07) |  | (3.26) |  |  |  | $8.19 |  | (28.47)% |  | 4.69% | 1.78% | (1.76)% | $515 |
| **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
| Six Months Ended <br>January 31, 2026 (unaudited) | $6.68 |  | 0.05 | (0.16)<sup>(e)</sup> |  | (0.11) |  |  |  | $6.57 |  | (1.65)% |  | 6.37% | 2.78% | 0.97% | $—<br> <sup>(f)</sup> |
| Year Ended July 31, 2025 | $7.14 |  | 0.14 | (0.26) |  | (0.12) |  |  | (0.34) | $6.68 |  | (1.79)% |  | 5.14% | 2.78% | 1.64% | $21 |
| Year Ended July 31, 2024 | $7.85 |  | 0.24 | (0.76) |  | (0.52) |  |  | (0.19) | $7.14 |  | (6.63)% |  | 3.98% | 2.78% | 2.49% | $6 |
| Year Ended July 31, 2023 | $7.03 |  | 0.13 | 0.69 |  | 0.82 |  |  |  | $7.85 |  | 11.66% |  | 4.19% | 2.78% | 1.29% | $112 |
| Year Ended July 31, 2022 | $7.19 |  | (0.17) | 0.01 |  | (0.16) |  |  |  | $7.03 |  | (2.23)% |  | 6.81% | 2.78% | (2.28)% | $14 |
| Year Ended July 31, 2021 | $10.15 |  | (0.28) | (2.68) |  | (2.96) |  |  |  | $7.19 |  | (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** | **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** | **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** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
| Six Months Ended <br>January 31, 2026 (unaudited) | $54.22 |  | 0.53 | (8.37) |  | (7.84) |  |  | (2.62) | $43.76 |  | (14.71)% |  | 7.59% | 1.78% | 2.16% | $620 |
| Year Ended July 31, 2025<sup>(g)</sup> | $53.26 |  | 1.41 | (0.22)<sup>(e)</sup> |  | 1.19 |  |  | (0.23) | $54.22 |  | 2.23% |  | 3.64% | 1.78% | 2.52% | $772 |
| Year Ended July 31, 2024<sup>(g)</sup> | $68.97 |  | 2.34 | (8.07) |  | (5.73) |  |  | (9.98) | $53.26 |  | (9.45)% |  | 2.71% | 1.78% | 3.44% | $618 |
| Year Ended July 31, 2023<sup>(g)(h)</sup> | $74.11 |  | 1.96 | (7.10) |  | (5.14) |  |  |  | $68.97 |  | (6.91)% |  | 2.29% | 1.78% | 2.57% | $1728 |
| Year Ended July 31, 2022<sup>(g)(h)</sup> | $69.42 |  | (1.10) | 5.79 |  | 4.69 |  |  |  | $74.11 |  | 6.77% |  | 2.26% | 1.78% | (1.56)% | $1412 |
| Year Ended July 31, 2021<sup>(g)(h)</sup> | $114.26 |  | (1.50) | (43.34) | (44.84 | (44.84) |  |  |  | $69.42 |  | (39.23)% |  | 3.63% | 1.78% | (1.77)% | $1089 |
| **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
| Six Months Ended <br>January 31, 2026 (unaudited) | $49.96 |  | 0.30 | (7.79) |  | (7.49) |  |  | (1.09) | $41.38 |  | (15.12)% |  | 8.59% | 2.78% | 1.16% | $11 |
| Year Ended July 31, 2025<sup>(g)</sup> | $49.03 |  | 0.90 | 0.03 |  | 0.93 |  |  |  | $49.96 |  | 1.88% |  | 4.64% | 2.78% | 1.52% | $59 |
| Year Ended July 31, 2024<sup>(g)</sup> | $64.18 |  | 1.72 | (7.57) |  | (5.85) |  |  | (9.30) | $49.03 |  | (10.39)% |  | 3.71% | 2.78% | 2.44% | $30 |
| Year Ended July 31, 2023<sup>(g)(h)</sup> | $69.53 |  | 1.26 | (6.61) |  | (5.35) |  |  |  | $64.18 |  | (7.63)% |  | 3.29% | 2.78% | 1.57% | $47 |
| Year Ended July 31, 2022<sup>(g)(h)</sup> | $65.92 |  | (1.80) | 5.41 |  | 3.61 |  |  |  | $69.53 |  | 5.46% |  | 3.26% | 2.78% | (2.56)% | $162 |
| Year Ended July 31, 2021<sup>(g)(h)</sup> | $109.60 |  | (2.30) | (41.38) | (43.68 | (43.68) |  |  |  | $65.92 |  | (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) 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.

(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) Amount is less than $500.

(g) 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.

(h) 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.

**Financial Highlights :: 257**

**See accompanying notes to financial statements.**

**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 | Investment Activities | Distributions to Shareholders From | Distributions to Shareholders From | Distributions to Shareholders From | | | | Ratios to<br>Average Net Assets | Ratios to<br>Average Net Assets | Ratios to<br>Average Net Assets | Ratios to<br>Average Net Assets | Supplemental<br>Data |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Asset<br>Value,<br>Beginning<br>of Period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 | Net<br>Asset<br>Value,<br>End of<br>Period | Gross<br>Expenses<sup>(c)</sup> | Gross<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> |  |  |  |  |
| **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** | **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** | **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** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
| Six Months Ended <br>January 31, 2026 (unaudited) | $107.71 |  | (0.35) | 11.33 | 10.98 | 10.98 |  |  |  |  | $118.69 | 10.20% |  | 2.75% | 1.78% | (0.66)% | $2946 | 103% |
| Year Ended July 31, 2025 | $116.48 |  | (0.77) | (6.08) | (6.85 | (6.85) |  | (1.92) | (1.92 |  | $107.71 | (5.92)% |  | 1.95% | 1.78% | (0.74)% | $3598 | 1201% |
| Year Ended July 31, 2024 | $101.00 |  | (0.47) | 16.77 | 16.30 | 16.30 |  | (0.82) | (0.82 |  | $116.48 | 16.26<br> %<sup>(e)</sup> |  | 2.14% | 1.78% | (0.49)% | $5777 | 251% |
| Year Ended July 31, 2023 | $102.43 |  | (0.43) | 2.47 |  | 2.04 |  | (3.47) | (3.47 |  | $101.00 | 2.38<br> %<sup>(f)</sup> |  | 2.16% | 1.84% | (0.47)% | $3818 | 239% |
| Year Ended July 31, 2022 | $126.49 |  | (0.96) | (13.02) | (13.98 | (13.98) |  | (10.08) | (10.08 |  | $102.43 | (12.08 |)%<sup>(g)</sup> | 1.95% | 1.92% | (0.87)% | $9587 | 462% |
| Year Ended July 31, 2021 | $86.21 |  | (0.88) | 41.16 | 40.28 | 40.28 |  |  |  |  | $126.49 | 46.72% |  | 1.60% | 1.60% | (0.81)% | $9062 | 659% |
| **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
| Six Months Ended <br>January 31, 2026 (unaudited) | $79.31 |  | (0.77) | 8.41 |  | 7.64 |  |  |  |  | $86.95 | 9.65% |  | 3.75% | 2.78% | (1.66)% | $830 | 103% |
| Year Ended July 31, 2025 | $87.16 |  | (1.58) | (4.35) | (5.93 | (5.93) |  | (1.92) | (1.92 |  | $79.31 | (6.86)% |  | 2.95% | 2.78% | (1.74)% | $783 | 1201% |
| Year Ended July 31, 2024 | $76.53 |  | (1.24) | 12.69 | 11.45 | 11.45 |  | (0.82) | (0.82 |  | $87.16 | 15.10<br> %<sup>(e)</sup> |  | 3.14% | 2.78% | (1.49)% | $994 | 251% |
| Year Ended July 31, 2023 | $79.28 |  | (1.17) | 1.89 |  | 0.72 |  | (3.47) | (3.47 |  | $76.53 | 1.38<br> %<sup>(f)</sup> |  | 3.16% | 2.84% | (1.47)% | $485 | 239% |
| Year Ended July 31, 2022 | $101.09 |  | (1.86) | (9.87) | (11.73 | (11.73) |  | (10.08) | (10.08 |  | $79.28 | (12.94 |)%<sup>(g)</sup> | 2.95% | 2.92% | (1.87)% | $1235 | 462% |
| Year Ended July 31, 2021 | $69.60 |  | (1.76) | 33.25 | 31.49 | 31.49 |  |  |  |  | $101.09 | 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** | **Small-Cap ProFund** | **Small-Cap ProFund** | **Small-Cap ProFund** | **Small-Cap ProFund** | **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** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
| Six Months Ended <br>January 31, 2026 (unaudited) | $111.16 |  | 0.54 | 19.00 | 19.54 | 19.54 | (1.00 |  | (1.00 |  | $129.70 | 17.63% |  | 2.12% | 1.78% | 0.90% | $10748 | 258% |
| Year Ended July 31, 2025 | $115.91 |  | 0.94 | (5.69) | (4.75 | (4.75) |  |  |  |  | $111.16 | (4.10)% |  | 2.26% | 1.78% | 0.87% | $6293 | 405% |
| Year Ended July 31, 2024 | $103.50 |  | 1.45 | 10.96 | 12.41 | 12.41 |  |  |  |  | $115.91 | 11.99<br> %<sup>(h)</sup> |  | 2.44% | 1.78% | 1.46% | $4265 | 641% |
| Year Ended July 31, 2023 | $98.02 |  | 0.64 | 4.84 |  | 5.48 |  |  |  |  | $103.50 | 5.59<br> %<sup>(i)</sup> |  | 2.76% | 1.78% | 0.69% | $5370 | 546% |
| Year Ended July 31, 2022 | $117.00 |  | (1.20) | (17.78) | (18.98 | (18.98) |  |  |  |  | $98.02 | (16.22 |)%<sup>(j)</sup> | 2.18% | 1.78% | (1.10)% | $2627 | 137% |
| Year Ended July 31, 2021 | $78.58 |  | (1.51) | 39.93 | 38.42 | 38.42 |  |  |  |  | $117.00 | 48.89% |  | 2.03% | 1.81% | (1.40)% | $9241 | 115% |
| **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
| Six Months Ended <br>January 31, 2026 (unaudited) | $87.47 |  | 0.05 | 14.82 | 14.87 | 14.87 | (0.55 |  | (0.55 |  | $101.79 | 17.02% |  | 3.12% | 2.78% | (0.10)% | $1301 | 258% |
| Year Ended July 31, 2025 | $92.18 |  | 0.06 | (4.77) | (4.71 | (4.71) |  |  |  |  | $87.47 | (5.09)% |  | 3.26% | 2.78% | (0.13)% | $148 | 405% |
| Year Ended July 31, 2024 | $83.13 |  | 0.64 | 8.41 |  | 9.05 |  |  |  |  | $92.18 | 10.87<br> %<sup>(h)</sup> |  | 3.44% | 2.78% | 0.46% | $761 | 641% |
| Year Ended July 31, 2023 | $79.51 |  | (0.12) | 3.74 |  | 3.62 |  |  |  |  | $83.13 | 4.54<br> %<sup>(i)</sup> |  | 3.76% | 2.78% | (0.31)% | $348 | 546% |
| Year Ended July 31, 2022 | $95.85 |  | (2.09) | (14.25) | (16.34 | (16.34) |  |  |  |  | $79.51 | (17.05 |)%<sup>(j)</sup> | 3.18% | 2.78% | (2.10)% | $320 | 137% |
| Year Ended July 31, 2021 | $65.02 |  | (2.40) | 33.23 | (30.83 | (30.83) |  |  |  |  | $95.85 | 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) 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.

(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 0.13%.

(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 0.21%.

(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 0.14%.

(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 0.05%.

(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%.

**258 :: Financial Highlights**

**See accompanying notes to financial statements.**

**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 | Investment Activities | Distributions to Shareholders From | Distributions to Shareholders From | Distributions to Shareholders From | | | Ratios to<br>Average Net Assets | Ratios to<br>Average Net Assets | Ratios to<br>Average Net Assets | Supplemental<br>Data |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Asset<br>Value,<br>Beginning<br>of Period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 | Net<br>Asset<br>Value,<br>End of<br>Period | Gross<br>Expenses<sup>(c)</sup> | Net<br>Expenses<sup>(c)</sup> |  | Net<br>Assets,<br>End of<br>Period<br> (000's) | Portfolio<br>Turnover<br>Rate<sup>(b)(d)</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** | **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** | **Small-Cap Value 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** | **Investor Class** | **Investor Class** | **Investor Class** |
| Six Months Ended <br>January 31, 2026 (unaudited) | $101.77 |  | 0.08 | 20.48 | 20.56 | 20.56 |  |  |  | $122.33 | 20.21% | 2.26% | 1.78% | 0.13% | $4870 | 621% |
| Year Ended July 31, 2025 | $110.92 |  | (0.01) | (8.12) | (8.13 | (8.13) | (1.02 |  | (1.02 | $101.77 | (7.40)% | 2.11% | 1.78% | (0.01)% | $1395 | 1642% |
| Year Ended July 31, 2024 | $103.01 |  | 0.25 | 7.66 |  | 7.91 |  |  |  | $110.92 | 7.68<br> %<sup>(e)</sup> | 2.34% | 1.82% | 0.26% | $51425 | 915% |
| Year Ended July 31, 2023 | $100.64 |  | (0.32) | 4.07 |  | 3.75 |  | (1.38) | (1.38 | $103.01 | 3.88<br> %<sup>(f)</sup> | 2.00% | 1.98<br> %<sup>(g)</sup> | (0.34)% | $2765 | 510% |
| Year Ended July 31, 2022 | $104.97 |  | (0.02) | (4.11) | (4.13 | (4.13) | (0.20 |  | (0.20 | $100.64 | (3.94)% | 1.68% | 1.68% | (0.02)% | $8441 | 638% |
| Year Ended July 31, 2021 | $64.53 |  | 0.11 | 40.33 | 40.44 | 40.44 |  |  |  | $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** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
| Six Months Ended <br>January 31, 2026 (unaudited) | $78.92 |  | (0.36) | 15.81 | 15.45 | 15.45 |  |  |  | $94.37 | 19.59% | 3.26% | 2.78% | (0.87)% | $463 | 621% |
| Year Ended July 31, 2025 | $86.63 |  | (0.84) | (6.34) | (7.18 | (7.18) | (0.53 |  | (0.53 | $78.92 | (8.35)% | 3.11% | 2.78% | (1.01)% | $396 | 1642% |
| Year Ended July 31, 2024 | $81.28 |  | (0.52) | 5.87 |  | 5.35 |  |  |  | $86.63 | 6.58<br> %<sup>(e)</sup> | 3.34% | 2.82% | (0.74)% | $800 | 915% |
| Year Ended July 31, 2023 | $80.51 |  | (1.08) | 3.23 |  | 2.15 |  | (1.38) | (1.38 | $81.28 | 2.83<br> %<sup>(f)</sup> | 3.00% | 2.98<br> %<sup>(g)</sup> | (1.34)% | $520 | 510% |
| Year Ended July 31, 2022 | $84.68 |  | (0.86) | (3.31) | (4.17 | (4.17) |  |  |  | $80.51 | (4.90)% | 2.68% | 2.68% | (1.02)% | $790 | 638% |
| Year Ended July 31, 2021 | $52.57 |  | (0.67) | 32.78 | 32.11 | 32.11 |  |  |  | $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** | **Technology UltraSector ProFund** | **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** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
| Six Months Ended <br>January 31, 2026 (unaudited) | $42.03 |  | —<br> <sup>(h)</sup> | 5.24 |  | 5.24 |  | (1.48) | (1.48 | $45.79 | 12.46<br> %<sup>(i)</sup> | 1.39% | 1.39% | (0.02)% | $88796 | 20% |
| Year Ended July 31, 2025<sup>(j)</sup> | $37.56 |  | 0.04 | 8.21 |  | 8.25 | (0.11 | (3.67) | (3.78 | $42.03 | 23.11% | 1.53% | 1.53% | 0.12% | $87436 | 111% |
| Year Ended July 31, 2024<sup>(j)</sup> | $29.11 |  | 0.09 | 8.48 |  | 8.57 |  | (0.12) | (0.12 | $37.56 | 29.53% | 1.52% | 1.52% | 0.29% | $86309 | 116% |
| Year Ended July 31, 2023<sup>(j)</sup> | $22.61 |  | 0.02 | 6.48 |  | 6.50 |  |  |  | $29.11 | 28.72% | 1.58% | 1.58% | 0.11% | $74931 | 139% |
| Year Ended July 31, 2022<sup>(j)</sup> | $31.19 |  | (0.27) | (6.02) | (6.29 | (6.29) |  | (2.29) | (2.29 | $22.61 | (22.70)% | 1.48% | 1.48% | (0.93)% | $44187 | 51% |
| Year Ended July 31, 2021<sup>(j)</sup> | $18.86 |  | (0.23) | 13.10 | 12.87 | 12.87 |  | (0.54) | (0.54 | $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** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
| Six Months Ended <br>January 31, 2026 (unaudited) | $31.59 |  | (0.17) | 3.93 |  | 3.76 |  | (1.48) | (1.48 | $33.87 | 11.89<br> %<sup>(i)</sup> | 2.39% | 2.39% | (1.02)% | $4424 | 20% |
| Year Ended July 31, 2025<sup>(j)</sup> | $29.25 |  | (0.24) | 6.25 |  | 6.01 |  | (3.67) | (3.67 | $31.59 | 21.88% | 2.53% | 2.53% | (0.88)% | $4855 | 111% |
| Year Ended July 31, 2024<sup>(j)</sup> | $22.93 |  | (0.16) | 6.60 |  | 6.44 |  | (0.12) | (0.12 | $29.25 | 28.20% | 2.52% | 2.52% | (0.71)% | $4488 | 116% |
| Year Ended July 31, 2023<sup>(j)</sup> | $17.99 |  | (0.15) | 5.09 |  | 4.94 |  |  |  | $22.93 | 27.45% | 2.58% | 2.58% | (0.89)% | $4815 | 139% |
| Year Ended July 31, 2022<sup>(j)</sup> | $25.45 |  | (0.50) | (4.67) | (5.17 | (5.17) |  | (2.29) | (2.29 | $17.99 | (23.48)% | 2.48% | 2.48% | (1.93)% | $3393 | 51% |
| Year Ended July 31, 2021<sup>(j)</sup> | $15.62 |  | (0.43) | 10.80 | 10.37 | 10.37 |  | (0.54) | (0.54 | $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) 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.

(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 0.13%.

(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 0.06%.

(g) 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.

(h) Amount is less than $0.005.

(i) During the six months ended January 31, 2026, the Fund received monies related to certain nonrecurring litigation settlements. The corresponding impact to the total return was 0.17%.

(j) 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.

**Financial Highlights :: 259**

**See accompanying notes to financial statements.**

**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 | | | | | Ratios to<br>Average Net Assets | Ratios to<br>Average Net Assets | Ratios to<br>Average Net Assets | Ratios to<br>Average Net Assets | Ratios to<br>Average Net Assets | Ratios to<br>Average Net Assets |  | Supplemental<br>Data |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Asset <br>Value, <br>Beginning <br>of Period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 |  | Net<br>Investment<br>Income | Net<br>Realized<br>Gains on<br>Investments | Total<br>Distributions | &nbsp;&nbsp;Net<br>Asset<br>Value,<br>End of<br>Period | Total<br>Return<sup>(b)</sup> | 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>Investment<br>Income<br>(Loss)<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> | Portfolio<br>Turnover<br>Rate<sup>(b)(d)</sup> |  |  |  |  |  |
| **UltraBear ProFund** | **UltraBear ProFund** | **UltraBear ProFund** | **UltraBear ProFund** | **UltraBear ProFund** | **UltraBear ProFund** | **UltraBear ProFund** | **UltraBear ProFund** | **UltraBear ProFund** | **UltraBear ProFund** | **UltraBear ProFund** | **UltraBear ProFund** | **UltraBear ProFund** | **UltraBear ProFund** | **UltraBear ProFund** | **UltraBear ProFund** | **UltraBear ProFund** | **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** | **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** | **Investor Class** | **Investor Class** | **Investor Class** |
| Six Months Ended <br>January 31, 2026 (unaudited) | $8.42 |  | 0.08 | (1.28) | (1.20) |  |  | (0.20) |  | (0.20) | $7.02 | $7.02 | (14.54 | 2.33 | % | % | 1.78% | 2.14% | 2.14% | 2.14% | 2.14% | $5746 |  |  |
| Year Ended July 31, 2025 | $11.43 |  | 0.29 | (3.09) | (2.80) |  |  | (0.21) |  | (0.21) | $8.42 | $8.42 | (24.82 | 2.04 | % | % | 1.78% | 2.81% | 2.81% | 2.81% | 2.81% | $6590 |  |  |
| Year Ended July 31, 2024 | $16.28 |  | 0.52 | (4.58) | (4.06) |  |  | (0.79) |  | (0.79) | $11.43 | $11.43 | (25.54 | 1.87 | % | % | 1.78% | 3.55% | 3.55% | 3.55% | 3.55% | $6076 |  |  |
| Year Ended July 31, 2023 | $20.70 |  | 0.50 | (4.92) | (4.42) |  |  |  |  |  | $16.28 | $16.28 | (21.35 | 1.82 | % | % | 1.78% | 2.44% | 2.44% | 2.44% | 2.44% | $9454 |  |  |
| Year Ended July 31, 2022 | $21.42 |  | (0.29 | (0.43) | (0.72) |  |  |  |  |  | $20.70 | $20.70 | (3.36 | 1.97 | % | % | 1.78% | (1.40 |)% |)% |)% | $11191 |  |  |
| Year Ended July 31, 2021<sup>(e)</sup> | $43.58 |  | (0.53 | (21.48) | (22.01) |  |  | (0.15) |  | (0.15) | $21.42 | $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** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
| Six Months Ended <br>January 31, 2026 (unaudited) | $7.33 |  | 0.05 | (1.15) | (1.10) |  |  |  |  |  | $6.23 | $6.23 | (15.01 | 3.19 | % | % | 2.64% | 1.28% | 1.28% | 1.28% | 1.28% | $8 |  |  |
| Year Ended July 31, 2025 | $10.04 |  | 0.20 | (2.74) | (2.54) |  |  | (0.17) |  | (0.17) | $7.33 | $7.33 | (25.62 | 3.04 | % | % | 2.78% | 1.81% | 1.81% | 1.81% | 1.81% | $98 |  |  |
| Year Ended July 31, 2024 | $14.39 |  | 0.40 | (4.10) | (3.70) |  |  | (0.65) |  | (0.65) | $10.04 | $10.04 | (26.25 | 2.87 | % | % | 2.78% | 2.55% | 2.55% | 2.55% | 2.55% | $82 |  |  |
| Year Ended July 31, 2023 | $18.33 |  | 0.40 | (4.34) | (3.94) |  |  |  |  |  | $14.39 | $14.39 | (21.58 | 2.38 | % | % | 2.34% | 1.88% | 1.88% | 1.88% | 1.88% | $22 |  |  |
| Year Ended July 31, 2022 | $19.19 |  | (0.48 | (0.38) | (0.86) |  |  |  |  |  | $18.33 | $18.33 | (4.43 | 2.97 | % | % | 2.78% | (2.40 |)% |)% |)% | $10 |  |  |
| Year Ended July 31, 2021<sup>(e)</sup> | $39.25 |  | (0.81 | (19.25) | (20.06) |  |  |  |  |  | $19.19 | $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** | **UltraBull ProFund** | **UltraBull ProFund** | **UltraBull ProFund** | **UltraBull ProFund** | **UltraBull ProFund** | **UltraBull ProFund** | **UltraBull ProFund** | **UltraBull ProFund** | **UltraBull ProFund** | **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** | **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** | **Investor Class** | **Investor Class** | **Investor Class** |
| Six Months Ended <br>January 31, 2026 (unaudited) | $150.71 |  | 0.52 | 23.97 | 24.49 |  |  | (1.31) | (13.02) | (14.33) | $160.87 | $160.87 | 16.63 | 1.33 | 1.33 | % | 1.33% | 0.64 | % | % | % | $169111 | 116 | % |
| Year Ended July 31, 2025 | $127.39 |  | 1.04 | 25.60 | 26.64 |  |  |  | (3.32) | (3.32) | $150.71 | $150.71 | 21.08 | 1.47 | 1.47 | % | 1.47% | 0.77 | % | % | % | $163661 | 104 | % |
| Year Ended July 31, 2024 | $94.19 |  | 1.05 | 33.03 | 34.08 |  |  | (0.88) |  | (0.88) | $127.39 | $127.39 | 36.18 | 1.50 | 1.50 | % | 1.49% | 1.03 | % | % | % | $142971 | 217 | % |
| Year Ended July 31, 2023 | $90.03 |  | 0.54 | 10.71 | 11.25 |  |  | (0.02) | (7.07) | (7.09) | $94.19 | $94.19 | 15.56 | 1.52 | 1.52 | % | 1.52% | 0.69 | % | % | % | $114312 | 100 | % |
| Year Ended July 31, 2022 | $112.96 |  | (0.33 | (15.63) | (15.96) |  |  |  | (6.97) | (6.97) | $90.03 | $90.03 | (14.96 | 1.46 | 1.46 | % | 1.46% | (0.31) | (0.31) | (0.31) | % | $101714 | 16 | % |
| Year Ended July 31, 2021 | $72.03 |  | (0.46 | 51.97 | 51.51 |  |  | (0.41) | (10.17) | (10.58) | $112.96 | $112.96 | 77.44 | 1.51 | 1.51 | % | 1.51% | (0.51) | (0.51) | (0.51) | % | $128079 | 31 | % |
| **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
| Six Months Ended <br>January 31, 2026 (unaudited) | $109.80 |  | (0.07 | 17.23 | 17.16 |  |  | (0.62) | (13.02) | (13.64) | $113.32 | $113.32 | 16.05 | 2.33 | 2.33 | % | 2.33% | (0.36) | (0.36) | % | % | $2371 | 116 | % |
| Year Ended July 31, 2025 | $94.62 |  | 0.04 | 18.46 | 18.50 |  |  |  | (3.32) | (3.32) | $109.80 | $109.80 | 19.76 | 2.47 | 2.47 | % | 2.47% | (0.23) | (0.23) | % | % | $2380 | 104 | % |
| Year Ended July 31, 2024 | $70.23 |  | 0.31 | 24.14 | 24.45 |  |  | (0.06) |  | (0.06) | $94.62 | $94.62 | 34.82 | 2.50 | 2.50 | % | 2.49% | 0.03 | % | % | % | $2321 | 217 | % |
| Year Ended July 31, 2023 | $69.92 |  | (0.06 | 7.44 | 7.38 |  |  |  | (7.07) | (7.07) | $70.23 | $70.23 | 14.41 | 2.52 | 2.52 | % | 2.52% | (0.31) | (0.31) | % | % | $3754 | 100 | % |
| Year Ended July 31, 2022 | $90.15 |  | (1.15 | (12.11) | (13.26) |  |  |  | (6.97) | (6.97) | $69.92 | $69.92 | (15.80 | 2.46 | 2.46 | % | 2.46% | (1.31) | (1.31) | % | % | $2036 | 16 | % |
| Year Ended July 31, 2021 | $59.40 |  | (1.20 | 42.12 | 40.92 |  |  |  | (10.17) | (10.17) | $90.15 | $90.15 | 75.68 | 2.51 | 2.51 | % | 2.51% | (1.51) | (1.51) | % | % | $2785 | 31 | % |

---

(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.

(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.

**260 :: Financial Highlights**

**See accompanying notes to financial statements.**

**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 | Investment Activities |  | Distributions to Shareholders From | Distributions to Shareholders From | Distributions to Shareholders From | | | | Ratios to<br>Average Net Assets | Ratios to<br>Average Net Assets | Ratios to<br>Average Net Assets | Ratios to<br>Average Net Assets | Ratios to<br>Average Net Assets | Ratios to<br>Average Net Assets | Supplemental<br>Data |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Asset <br>Value, <br>Beginning <br>of Period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 | &nbsp;&nbsp;Net<br>Asset<br>Value,<br>End of<br>Period |  | 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>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> | Portfolio<br>Turnover<br>Rate<sup>(b)(d)</sup> |  |  |  |  |
| **UltraChina ProFund** | **UltraChina ProFund** | **UltraChina ProFund** | **UltraChina ProFund** | **UltraChina ProFund** | **UltraChina ProFund** | **UltraChina ProFund** | **UltraChina ProFund** | **UltraChina ProFund** | **UltraChina ProFund** | **UltraChina ProFund** | **UltraChina ProFund** | **UltraChina ProFund** | **UltraChina ProFund** | **UltraChina ProFund** | **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** | **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** | **Investor Class** |
| Six Months Ended <br>January 31, 2026 (unaudited) | $25.22 |  | —<br> <sup>(e)</sup> | 2.69 |  | 2.69 |  | (1.53) |  | (1.53) | $26.38 | $26.38 | 10.79% | 1.49 | 1.49% | 1.34% | (0.03 |)% |)% | $24093 | 54 | % |
| Year Ended July 31, 2025 | $19.53 |  | 0.06 | 6.20 |  | 6.26 |  | (0.57) |  | (0.57) | $25.22 | $25.22 | 32.90<br> %<sup>(f)</sup> | 1.70 | 1.70% | 1.70% | 0.25% | 0.25% | 0.25% | $24845 | 254 | % |
| Year Ended July 31, 2024 | $35.75 |  | 0.18 | (15.56) | (15.38 | (15.38 |  | (0.84) |  | (0.84) | $19.53 | $19.53 | (43.56)% | 1.77 | % | 1.77% | 0.76% | 0.76% | 0.76% | $17094 | 159 | % |
| Year Ended July 31, 2023<sup>(g)</sup> | $34.33 |  | (0.17) | 1.59 |  | 1.42 |  |  |  |  | $35.75 | $35.75 | 4.23% | 1.81 | 1.81% | 1.81% | (0.59 |)% |)% | $24128 | 222 | % |
| Year Ended July 31, 2022<sup>(g)</sup> | $118.04 |  | (0.20) | (83.51) | (83.71 | (83.71 |  |  |  |  | $34.33 | $34.33 | (70.93)% | 1.74 | % | 1.74% | (0.37 |)% |)% | $15352 | 243 | % |
| Year Ended July 31, 2021<sup>(g)</sup> | $173.10 |  | (2.30) | (52.76) | (55.06 | (55.06 |  |  |  |  | $118.04 | $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** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
| Six Months Ended<br>January 31, 2026 (unaudited) | $21.71 |  | (0.13) | 2.33 |  | 2.20 |  | (1.32) |  | (1.32) | $22.59 | $22.59 | 10.29% | 2.48 | 2.48% | 2.33% | (1.02 |)% |)% | $1126 | 54 | % |
| Year Ended July 31, 2025 | $16.81 |  | (0.15) | 5.39 |  | 5.24 |  | (0.34) |  | (0.34) | $21.71 | $21.71 | 31.70<br> %<sup>(f)</sup> | 2.70 | 2.70% | 2.70% | (0.75 |)% |)% | $535 | 254 | % |
| Year Ended July 31, 2024 | $30.78 |  | (0.03) | (13.44) | (13.47 | (13.47 |  | (0.50) |  | (0.50) | $16.81 | $16.81 | (44.14)% | 2.77 | 2.77% | 2.77% | (0.24 |)% |)% | $374 | 159 | % |
| Year Ended July 31, 2023<sup>(g)</sup> | $29.87 |  | (0.44) | 1.35 |  | 0.91 |  |  |  |  | $30.78 | $30.78 | 2.94% | 2.80 | 2.80% | 2.80% | (1.58 |)% |)% | $1208 | 222 | % |
| Year Ended July 31, 2022<sup>(g)</sup> | $103.68 |  | (0.60) | (73.21) | (73.81 | (73.81 |  |  |  |  | $29.87 | $29.87 | (71.17)% | 2.74 | 2.74% | 2.74% | (1.37 |)% |)% | $788 | 243 | % |
| Year Ended July 31, 2021<sup>(g)</sup> | $153.59 |  | (4.20) | (45.71) | (49.91 | (49.91 |  |  |  |  | $103.68 | $103.68 | (32.49)% | 2.67 | 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** | **UltraDow 30 ProFund** | **UltraDow 30 ProFund** | **UltraDow 30 ProFund** | **UltraDow 30 ProFund** | **UltraDow 30 ProFund** | **UltraDow 30 ProFund** | **UltraDow 30 ProFund** | **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** | **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** | **Investor Class** |
| Six Months Ended <br>January 31, 2026 (unaudited) | $81.30 |  | 0.37 | 15.86 | 16.23 | 16.23 |  | (0.75) | (2.81) | (3.56) | $93.97 | $93.97 | 20.07% | 1.39 | 1.39% | 1.38% | 0.81 | % | % | $40818 |  |  |
| Year Ended July 31, 2025 | $76.27 |  | 0.76 | 6.11 |  | 6.87 |  | (0.70) | (1.14) | (1.84) | $81.30 | $81.30 | 9.05% | 1.53 | 1.53% | 1.53% | 0.97 | % | % | $37108 | 45 | % |
| Year Ended July 31, 2024 | $61.13 |  | 0.78 | 15.00 | 15.78 | 15.78 |  | (0.64) |  | (0.64) | $76.27 | $76.27 | 25.95% | 1.58 | 1.58% | 1.57% | 1.21 | % | % | $37746 | 28 | % |
| Year Ended July 31, 2023 | $54.64 |  | 0.50 | 5.99 |  | 6.49 |  |  |  |  | $61.13 | $61.13 | 11.86% | 1.62 | 1.62% | 1.62% | 0.94 | % | % | $29992 | 31 | % |
| Year Ended July 31, 2022 | $66.90 |  | (0.08) | (7.91) |  | (7.99 |  |  | (4.27) | (4.27) | $54.64 | $54.64 | (13.07)% | 1.54 | 1.54% | 1.54% | (0.14) | (0.14) | % | $32075 | 10 | % |
| Year Ended July 31, 2021 | $39.32 |  | (0.24) | 28.83 | 28.59 | 28.59 |  |  | (1.01) | (1.01) | $66.90 | $66.90 | 73.58% | 1.59 | 1.59% | 1.59% | (0.45) | (0.45) | % | $39210 | 16 | % |
| **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
| Six Months Ended<br>January 31, 2026 (unaudited) | $66.90 |  | —<br> <sup>(e)</sup> | 12.95 | 12.95 | 12.95 |  | (0.10) | (2.81) | (2.91) | $76.94 | $76.94 | 19.48% | 2.39 | 2.39% | 2.38% | (0.19) | (0.19) | % | $2085 |  |  |
| Year Ended July 31, 2025 | $63.21 |  | 0.10 | 4.92 |  | 5.02 |  | (0.19) | (1.14) | (1.33) | $66.90 | $66.90 | 7.96% | 2.53 | 2.53% | 2.53% | (0.03) | (0.03) | % | $1428 | 45 | % |
| Year Ended July 31, 2024 | $50.88 |  | 0.24 | 12.31 | 12.55 | 12.55 |  | (0.22) |  | (0.22) | $63.21 | $63.21 | 24.72% | 2.57 | 2.57% | 2.56% | 0.22 | % | % | $1659 | 28 | % |
| Year Ended July 31, 2023 | $45.93 |  | 0.06 | 4.89 |  | 4.95 |  |  |  |  | $50.88 | $50.88 | 10.75% | 2.60 | 2.60% | 2.60% | (0.04) | (0.04) | % | $1131 | 31 | % |
| Year Ended July 31, 2022 | $57.42 |  | (0.62) | (6.60) |  | (7.22 |  |  | (4.27) | (4.27) | $45.93 | $45.93 | (13.94)% | 2.54 | 2.54% | 2.54% | (1.14) | (1.14) | % | $738 | 10 | % |
| Year Ended July 31, 2021 | $34.20 |  | (0.71) | 24.94 | 24.23 | 24.23 |  |  | (1.01) | (1.01) | $57.42 | $57.42 | 71.85% | 2.59 | 2.59% | 2.59% | (1.45) | (1.45) | % | $1203 | 16 | % |

---

(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.

(e) Amount is less than $0.005.

(f) 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%.

(g) 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.

**Financial Highlights :: 261**

**See accompanying notes to financial statements.**

**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 | 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 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Asset <br>Value, <br>Beginning <br>of Period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Asset <br>Value, <br>Beginning <br>of Period | &nbsp;&nbsp;Net<br>Investment<br>Income<br>(Loss)<sup>(a)</sup> | &nbsp;&nbsp;Net<br>Realized<br>and<br>Unrealized<br>Gains<br>(Losses) on<br>Investments | Total from<br>Investment<br>Activities | &nbsp;&nbsp;Net<br>Investment<br>Income | &nbsp;&nbsp;Total<br>Distributions | &nbsp;&nbsp;Total<br>Return<sup>(b)</sup> | Gross<br>Expenses<sup>(c)</sup> | Net<br>Investment<br>Income<br>(Loss)<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> |  |  |  |
| **UltraEmerging Markets ProFund** | **UltraEmerging Markets ProFund** | **UltraEmerging Markets ProFund** | **UltraEmerging Markets ProFund** | **UltraEmerging Markets ProFund** | **UltraEmerging Markets ProFund** | **UltraEmerging Markets ProFund** | **UltraEmerging Markets ProFund** | **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** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
| Six Months Ended <br>January 31, 2026 (unaudited) | $64.31 |  | 0.17 | 26.93 | 27.10 | 27.10 | (2.00) | (2.00 | $89.41 | 42.58% | 1.83% | 1.78% | 0.41 | $17059 | 127% |
| Year Ended July 31, 2025 | $48.17 |  | 0.82 | 16.10 | 16.92 | 16.92 | (0.78) | (0.78 | $64.31 | 35.71% | 1.93% | 1.78% | 1.51 | $9284 | 290% |
| Year Ended July 31, 2024 | $48.79 |  | 0.75 | (0.58) |  | 0.17 | (0.79) | (0.79 | $48.17 | 0.47<br> %<sup>(e)</sup> | 2.10% | 1.78% | 1.70 | $7422 | 163% |
| Year Ended July 31, 2023 | $41.78 |  | 0.74 | 6.66 |  | 7.40 | (0.39) | (0.39 | $48.79 | 17.98% | 2.04% | 1.82% | 1.81 | $8199 | 292% |
| Year Ended July 31, 2022 | $79.62 |  | 0.57 | (38.41) | (37.84 | (37.84 |  |  | $41.78 | (47.53)%<sup>(f)</sup> | 1.99% | 1.92% | 1.00 | $5666 | 265% |
| Year Ended July 31, 2021 | $62.20 |  | (0.56) | 17.98 | 17.42 | 17.42 |  |  | $79.62 | 28.02% | 1.78% | 1.77% | (0.64) | $8976 | 211% |
| **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
| Six Months Ended <br>January 31, 2026 (unaudited) | $57.82 |  | (0.19) | 24.18 | 23.99 | 23.99 | (1.71) | (1.71 | $80.10 | 41.86% | 2.83% | 2.78% | (0.59) | $429 | 127% |
| Year Ended July 31, 2025 | $43.17 |  | 0.33 | 14.49 | 14.82 | 14.82 | (0.17) | (0.17 | $57.82 | 34.46% | 2.93% | 2.78% | 0.51 | $137 | 290% |
| Year Ended July 31, 2024 | $43.74 |  | 0.35 | (0.58) |  | (0.23 | (0.34) | (0.34 | $43.17 | (0.48)%<sup>(e)</sup> | 3.10% | 2.78% | 0.70 | $80 | 163% |
| Year Ended July 31, 2023 | $37.48 |  | 0.38 | 5.88 |  | 6.26 |  |  | $43.74 | 16.73% | 3.04% | 2.82% | 0.81 | $123 | 292% |
| Year Ended July 31, 2022 | $72.13 |  | 0.02 | (34.67) | (34.65 | (34.65 |  |  | $37.48 | (48.05)%<sup>(f)</sup> | 2.99% | 2.92% |  | $95 | 265% |
| Year Ended July 31, 2021 | $56.90 |  | (1.36) | 16.59 | 15.23 | 15.23 |  |  | $72.13 | 26.78% | 2.78% | 2.77% | (1.64 | $345 | 211% |
| **UltraInternational ProFund** | **UltraInternational ProFund** | **UltraInternational ProFund** | **UltraInternational ProFund** | **UltraInternational ProFund** | **UltraInternational ProFund** | **UltraInternational ProFund** | **UltraInternational ProFund** | **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** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
| Six Months Ended <br>January 31, 2026 (unaudited) | $21.98 |  | 0.26 | 6.60 |  | 6.86 | (0.09) | (0.09 | $28.75 | 31.27% | 1.90% | 1.78% | 2.05 | $7779 |  |
| Year Ended July 31, 2025 | $19.61 |  | 0.53 | 1.84 |  | 2.37 |  |  | $21.98 | 12.09% | 2.15% | 1.78% | 2.65 | $7271 |  |
| Year Ended July 31, 2024 | $17.61 |  | 0.60 | 1.40 |  | 2.00 |  |  | $19.61 | 11.36% | 2.36% | 1.78% | 3.50 | $3705 |  |
| Year Ended July 31, 2023 | $14.71 |  | 0.38 | 2.52 |  | 2.90 |  |  | $17.61 | 19.71% | 2.27% | 1.78% | 2.49 | $5184 |  |
| Year Ended July 31, 2022 | $21.26 |  | (0.29) | (6.26) |  | (6.55 |  |  | $14.71 | (30.81)% | 2.82% | 1.78% | (1.55) | $2322 |  |
| Year Ended July 31, 2021 | $13.16 |  | (0.32) | 8.42 |  | 8.10 |  |  | $21.26 | 61.55% | 2.31% | 1.78% | (1.76 | $3101 |  |
| **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
| Six Months Ended <br>January 31, 2026 (unaudited) | $18.52 |  | 0.15 | 5.52 |  | 5.67 | (0.01) | (0.01 | $24.18 | 30.69% | 2.90% | 2.78% | 1.05 | $500 |  |
| Year Ended July 31, 2025 | $16.67 |  | 0.36 | 1.49 |  | 1.85 |  |  | $18.52 | 11.10% | 3.15% | 2.78% | 1.65 | $88 |  |
| Year Ended July 31, 2024 | $15.16 |  | 0.45 | 1.06 |  | 1.51 |  |  | $16.67 | 9.96% | 3.36% | 2.78% | 2.50 | $51 |  |
| Year Ended July 31, 2023 | $12.76 |  | 0.25 | 2.15 |  | 2.40 |  |  | $15.16 | 18.72% | 3.27% | 2.78% | 1.49 | $232 |  |
| Year Ended July 31, 2022 | $18.65 |  | (0.46) | (5.43) |  | (5.89 |  |  | $12.76 | (31.53)% | 3.82% | 2.78% | (2.55 | $25 |  |
| Year Ended July 31, 2021 | $11.64 |  | (0.48) | 7.49 |  | 7.01 |  |  | $18.65 | 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) 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.

(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 0.32%.

(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 0.06%.

(g) Amount is less than 0.005%.

**262 :: Financial Highlights**

**See accompanying notes to financial statements.**

**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 | Investment Activities |  | Distributions to Shareholders From | Distributions to Shareholders From | Distributions to Shareholders From | | | Ratios to<br>Average Net Assets | Ratios to<br>Average Net Assets | Ratios to<br>Average Net Assets | Ratios to<br>Average Net Assets | Ratios to<br>Average Net Assets | Supplemental<br>Data |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Asset<br>Value,<br>Beginning<br>of Period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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>Investment<br>Income | Net<br>Realized<br>Gains on<br>Investments | Total<br>Distributions | &nbsp;&nbsp;Net<br>Asset<br>Value,<br>End of<br>Period | 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> |  |  |  |
| **UltraJapan ProFund** | **UltraJapan ProFund** | **UltraJapan ProFund** | **UltraJapan ProFund** | **UltraJapan ProFund** | **UltraJapan ProFund** | **UltraJapan ProFund** | **UltraJapan ProFund** | **UltraJapan ProFund** | **UltraJapan ProFund** | **UltraJapan ProFund** | **UltraJapan ProFund** | **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** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
| Six Months Ended <br>January 31, 2026 (unaudited) | $55.06 |  | 0.71 | 33.00 | 33.71 | 33.71 |  |  | (2.34) | (20.91) | (23.25) | $65.52 | 69.16% | 1.58 | 1.58% | 1.58% | 2.11% | $28877 |  |
| Year Ended July 31, 2025 | $52.06 |  | 1.31 | 1.69 |  | 3.00 |  |  |  |  |  | $55.06 | 5.76% | 1.71 | 1.71% | 1.70% | 2.67% | $18099 |  |
| Year Ended July 31, 2024 | $40.37 |  | 1.61 | 13.88 | 15.49 | 15.49 |  |  | (1.29) | (2.51) | (3.80) | $52.06 | 37.61% | 1.77 | 1.77% | 1.76% | 3.36% | $24157 |  |
| Year Ended July 31, 2023 | $28.05 |  | 0.66 | 11.66 | 12.32 | 12.32 |  |  |  |  |  | $40.37 | 43.92% | 1.84 | 1.84% | 1.78% | 2.18% | $21211 |  |
| Year Ended July 31, 2022 | $31.75 |  | (0.45) | 1.09 |  | 0.64 |  |  |  | (4.34) | (4.34) | $28.05 | (0.05)% | 1.81 | 1.81% | 1.78% | (1.56 | $12750 |  |
| Year Ended July 31, 2021 | $20.81 |  | (0.56) | 11.50 | 10.94 | 10.94 |  |  |  |  |  | $31.75 | 52.57% | 1.80 | 1.80% | 1.78% | (1.77 | $14600 |  |
| **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
| Six Months Ended <br>January 31, 2026 (unaudited) | $42.57 |  | 0.46 | 24.41 | 24.87 | 24.87 |  |  | (2.04) | (20.91) | (22.95) | $44.49 | 68.14% | 2.58 | 2.58% | 2.58% | 1.11% | $241 |  |
| Year Ended July 31, 2025 | $40.65 |  | 0.92 | 1.00 |  | 1.92 |  |  |  |  |  | $42.57 | 4.72% | 2.71 | 2.71% | 2.70% | 1.67% | $153 |  |
| Year Ended July 31, 2024 | $32.21 |  | 1.25 | 10.73 | 11.98 | 11.98 |  |  | (1.03) | (2.51) | (3.54) | $40.65 | 36.31% | 2.74 | 2.74% | 2.73% | 2.39% | $176 |  |
| Year Ended July 31, 2023 | $22.60 |  | 0.42 | 9.19 |  | 9.61 |  |  |  |  |  | $32.21 | 42.52% | 2.81 | 2.81% | 2.75% | 1.21% | $675 |  |
| Year Ended July 31, 2022 | $26.53 |  | (0.69) | 1.10 |  | 0.41 |  |  |  | (4.34) | (4.34) | $22.60 | (1.04)% | 2.81 | 2.81% | 2.78% | (2.56 | $115 |  |
| Year Ended July 31, 2021 | $17.56 |  | (0.82) | 9.79 |  | 8.97 |  |  |  |  |  | $26.53 | 51.08% | 2.80 | 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** | **UltraLatin America ProFund** | **UltraLatin America ProFund** | **UltraLatin America ProFund** | **UltraLatin America ProFund** | **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** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
| Six Months Ended <br>January 31, 2026 (unaudited) | $14.86 |  | 0.59 | 12.91 | 13.50 | 13.50 |  |  | (1.03) |  | (1.03) | $27.33 | 93.08% | 2.35 | 2.35% | 1.77% | 5.95% | $13708 | 140% |
| Year Ended July 31, 2025 | $14.44 |  | 0.76 | 0.45 |  | 1.21 |  |  | (0.79) |  | (0.79) | $14.86 | 10.05% | 2.00 | 2.00% | 1.78% | 5.37% | $7593 | 150% |
| Year Ended July 31, 2024 | $19.16 |  | 0.88 | (4.27) | (3.84 | (3.84) |  |  | (0.88) |  | (0.88) | $14.44 | (21.41)% | 1.90 | 1.90% | 1.84% | 5.10% | $7225 | 111% |
| Year Ended July 31, 2023 | $14.68 |  | 1.25 | 4.74 |  | 5.99 |  |  | (1.51) |  | (1.51) | $19.16 | 44.70% | 1.93 | 1.93% | 1.93% | 8.06% | $11456 | 114% |
| Year Ended July 31, 2022 | $19.08 |  | 1.13 | (4.70) | (3.57 | (3.57) |  |  | (0.83) |  | (0.83) | $14.68 | (18.44)%<sup>(e)</sup> | 1.73 | 1.73% | 1.73% | 6.86% | $9583 | 141% |
| Year Ended July 31, 2021 | $10.61 |  | 0.18 | 8.38 |  | 8.56 |  |  | (0.09) |  | (0.09) | $19.08 | 80.78% | 1.72 | 1.72% | 1.72% | 1.22% | $15939 | 163% |
| **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
| Six Months Ended <br>January 31, 2026 (unaudited) | $14.23 |  | 0.49 | 12.32 | 12.81 | 12.81 |  |  | (0.96) |  | (0.96) | $26.08 | 92.22% | 3.35 | % | 2.77% | 4.95% | $487 | 140% |
| Year Ended July 31, 2025 | $13.92 |  | 0.62 | 0.36 |  | 0.98 |  |  | (0.67) |  | (0.67) | $14.23 | 8.44% | 3.00 | % | 2.78% | 4.37% | $292 | 150% |
| Year Ended July 31, 2024 | $18.60 |  | 0.71 | (4.58) | (3.87 | (3.87) |  |  | (0.81) |  | (0.81) | $13.92 | (22.11)% | 2.90 | % | 2.84% | 4.10% | $63 | 111% |
| Year Ended July 31, 2023 | $14.20 |  | 1.11 | 4.60 |  | 5.71 |  |  | (1.31) |  | (1.31) | $18.60 | 43.62% | 2.84 | % | 2.84% | 7.15% | $122 | 114% |
| Year Ended July 31, 2022 | $18.34 |  | 0.97 | (4.54) | (3.57 | (3.57) |  |  | (0.57) |  | (0.57) | $14.20 | (19.32)%<sup>(e)</sup> | 2.73 | % | 2.73% | 5.86% | $108 | 141% |
| Year Ended July 31, 2021 | $10.26 |  | 0.04 | 8.06 |  | 8.10 |  |  | (0.02) |  | (0.02) | $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) 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.

(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 0.22%.

**Financial Highlights :: 263**

**See accompanying notes to financial statements.**

**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 | Investment Activities | Distributions to Shareholders From | Distributions to Shareholders From | Distributions to Shareholders From | Distributions to Shareholders From | | | Ratios to<br>Average Net Assets | Ratios to<br>Average Net Assets | Ratios to<br>Average Net Assets | Ratios to<br>Average Net Assets | Ratios to<br>Average Net Assets | Supplemental<br>Data |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Asset<br>Value,<br>Beginning<br>of Period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 | &nbsp;&nbsp;Total from<br>Investment<br>Activities | Net<br>Investment<br>Income | Net<br>Investment<br>Income | Net<br>Realized<br>Gains on<br>Investments | Total<br>Distributions |  | Total<br>Return<sup>(b)</sup> | Net<br>Expenses<sup>(c)</sup> | &nbsp;&nbsp;Net<br>Investment<br>Income<br>(Loss)<sup>(c)</sup> | &nbsp;&nbsp;Net<br>Investment<br>Income<br>(Loss)<sup>(c)</sup> | &nbsp;&nbsp;Net<br>Assets,<br>End of<br>Period<br>(000's) |  | Portfolio<br>Turnover<br>Rate<sup>(b)(d)</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** | **UltraMid-Cap ProFund** | **UltraMid-Cap ProFund** | **UltraMid-Cap ProFund** | **UltraMid-Cap ProFund** | **UltraMid-Cap ProFund** | **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** | **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** |
| Six Months Ended <br>January 31, 2026 (unaudited) | $64.28 |  | 0.25 | 9.78 | 10.03 | 10.03 |  | (0.13) |  | (0.13) | $74.18 | $74.18 | 15.66% | 1.41 | 1.41% | 1.41% | 0.72 | $34577 | 34 | % |
| Year Ended July 31, 2025 | $68.68 |  | 0.50 | (4.10) | (3.60 | (3.60) |  | (0.64) | (0.16) | (0.80) | $64.28 | $64.28 | (5.28)% | 1.56 | 1.56% | 1.56% | 0.78 | $32503 | 70 | % |
| Year Ended July 31, 2024 | $57.42 |  | 0.54 | 11.06 | 11.60 | 11.60 |  | (0.34) |  | (0.34) | $68.68 | $68.68 | 20.30% | 1.57 | 1.57% | 1.57% | 0.97 | $43236 | 63 | % |
| Year Ended July 31, 2023 | $52.47 |  | 0.25 | 4.70 |  | 4.95 |  |  |  |  | $57.42 | $57.42 | 9.41% | 1.59 | 1.59% | 1.59% | 0.50 | $38109 | 22 | % |
| Year Ended July 31, 2022 | $66.78 |  | (0.23) | (10.83) | (11.06 | (11.06) |  |  | (3.25) | (3.25) | $52.47 | $52.47 | (17.57)% | 1.51 | 1.51% | 1.51% | (0.38 | $43761 | 28 | % |
| Year Ended July 31, 2021 | $32.83 |  | (0.33) | 34.28 | 33.95 | 33.95 |  |  |  |  | $66.78 | $66.78 | 103.44% | 1.53 | 1.53% | 1.53% | (0.62 | $61650 | 40 | % |
| **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
| Six Months Ended <br>January 31, 2026 (unaudited) | $49.33 |  | (0.02) | 7.43 |  | 7.41 |  |  |  |  | $56.74 | $56.74 | 15.08% | 2.41 | 2.41% | 2.41% | (0.28 | $4010 | 34 | % |
| Year Ended July 31, 2025 | $52.86 |  | (0.01) | (3.29) | (3.30 | (3.30) |  | (0.07) | (0.16) | (0.23) | $49.33 | $49.33 | (6.25)% | 2.56 | 2.56% | 2.56% | (0.22 | $3775 | 70 | % |
| Year Ended July 31, 2024 | $44.60 |  | 0.09 | 8.41 |  | 8.50 |  | (0.24) |  | (0.24) | $52.86 | $52.86 | 19.15% | 2.57 | 2.57% | 2.57% | (0.03 | $4530 | 63 | % |
| Year Ended July 31, 2023 | $41.17 |  | (0.14) | 3.57 |  | 3.43 |  |  |  |  | $44.60 | $44.60 | 8.33% | 2.59 | 2.59% | 2.59% | (0.50) | $832 | 22 | % |
| Year Ended July 31, 2022 | $53.58 |  | (0.72) | (8.44) | (9.16 | (9.16) |  |  | (3.25) | (3.25) | $41.17 | $41.17 | (18.40)% | 2.51 | 2.51% | 2.51% | (1.38 | $859 | 28 | % |
| Year Ended July 31, 2021 | $26.59 |  | (0.75) | 27.74 | 26.99 | 26.99 |  |  |  |  | $53.58 | $53.58 | 101.47% | 2.53 | 2.53% | 2.53% | (1.62 | $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** | **UltraNasdaq-100 ProFund** | **UltraNasdaq-100 ProFund** | **UltraNasdaq-100 ProFund** | **UltraNasdaq-100 ProFund** | **UltraNasdaq-100 ProFund** | **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** | **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** |
| Six Months Ended <br>January 31, 2026 (unaudited) | $129.61 |  | 0.13 | 20.79 | 20.92 | 20.92 |  | (0.53) | (22.38) | (22.91) | $127.62 | $127.62 | 16.65% | 1.31 | 1.31% | 1.31% | 0.19 | $1191237 | 36 | % |
| Year Ended July 31, 2025 | $101.39 |  | 0.34 | 27.88 | 28.22 | 28.22 |  |  |  |  | $129.61 | $129.61 | 27.83% | 1.45 | 1.45% | 1.45% | 0.31 | $1166424 | 52 | % |
| Year Ended July 31, 2024 | $73.77 |  | 0.50 | 27.59 | 28.09 | 28.09 |  | (0.47) |  | (0.47) | $101.39 | $101.39 | 38.03% | 1.50 | 1.50% | 1.50% | 0.60 | $941400 | 22 | % |
| Year Ended July 31, 2023 | $58.68 |  | 0.19 | 17.02 | 17.21 | 17.21 |  |  | (2.12) | (2.12) | $73.77 | $73.77 | 32.59% | 1.53 | 1.53% | 1.53% | 0.37 | $773820 | 60 | % |
| Year Ended July 31, 2022 | $99.86 |  | (0.71) | (26.13) | (26.84 | (26.84) |  |  | (14.34) | (14.34) | $58.68 | $58.68 | (31.91)% | 1.47 | 1.47% | 1.47% | (0.87 | $569545 | 51 | % |
| Year Ended July 31, 2021<sup>(e)</sup> | $62.28 |  | (0.82) | 45.88 | 45.06 | 45.06 |  |  | (7.48) | (7.48) | $99.86 | $99.86 | 76.50% | 1.51 | 1.51% | 1.51% | (1.05 | $1096713 | 29 | % |
| **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
| Six Months Ended <br>January 31, 2026 (unaudited) | $88.66 |  | (0.33) | 14.05 | 13.72 | 13.72 |  |  | (22.38) | (22.38) | $80.00 | $80.00 | 16.09% | 2.31 | % | 2.31% | (0.81 | $22669 | 36 | % |
| Year Ended July 31, 2025 | $70.05 |  | (0.40) | 19.01 | 18.61 | 18.61 |  |  |  |  | $88.66 | $88.66 | 26.57% | 2.44 | % | 2.44% | (0.68 | $22367 | 52 | % |
| Year Ended July 31, 2024 | $51.26 |  | (0.07) | 18.86 | 18.79 | 18.79 |  | —<sup>(f</sup> |  | —<sup>(f)</sup> | $70.05 | $70.05 | 36.66% | 2.50 | % | 2.50% | (0.40 | $20292 | 22 | % |
| Year Ended July 31, 2023 | $42.12 |  | (0.18) | 11.44 | 11.26 | 11.26 |  |  | (2.12) | (2.12) | $51.26 | $51.26 | 31.25% | 2.53 | % | 2.53% | (0.63 | $18474 | 60 | % |
| Year Ended July 31, 2022 | $76.18 |  | (1.31) | (18.41) | (19.72 | (19.72) |  |  | (14.34) | (14.34) | $42.12 | $42.12 | (32.50)% | 2.47 | % | 2.47% | (1.87 | $14120 | 51 | % |
| Year Ended July 31, 2021<sup>(e)</sup> | $49.32 |  | (1.43) | 35.77 | 32.34 | 32.34 |  |  | (7.48) | (7.48) | $76.18 | $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) 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.

(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.

(f) Amount is less than $0.005.

**264 :: Financial Highlights**

**See accompanying notes to financial statements.**

**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 | Investment Activities | Distributions to<br>Shareholders From | | | | | Ratios to<br>Average Net Assets | Ratios to<br>Average Net Assets | Ratios to<br>Average Net Assets | Ratios to<br>Average Net Assets | Ratios to<br>Average Net Assets | Supplemental<br>Data |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Asset <br>Value, <br>Beginning <br>of Period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Asset <br>Value, <br>Beginning <br>of Period | &nbsp;&nbsp;Net<br>Investment<br>Income<br>(Loss)<sup>(a)</sup> | &nbsp;&nbsp;Net<br>Realized<br>and<br>Unrealized<br>Gains<br>(Losses) on<br>Investments | Total from<br>Investment<br>Activities | &nbsp;&nbsp;Net<br>Investment<br>Income | &nbsp;&nbsp;Total<br>Distributions | &nbsp;&nbsp;Total<br>Return<sup>(b)</sup> | &nbsp;&nbsp;Gross<br>Expenses<sup>(c)</sup> | &nbsp;&nbsp;Net<br>Expenses<sup>(c)</sup> | &nbsp;&nbsp;Net<br>Investment<br>Income<br>(Loss)<sup>(c)</sup> | &nbsp;&nbsp;Net<br>Investment<br>Income<br>(Loss)<sup>(c)</sup> | &nbsp;&nbsp;Net<br>Investment<br>Income<br>(Loss)<sup>(c)</sup> | &nbsp;&nbsp;Net<br>Assets,<br>End of<br>Period<br>(000's) | Portfolio<br>Turnover<br>Rate<sup>(b)(d)</sup> |  |  |  |
| **UltraShort China ProFund** | **UltraShort China ProFund** | **UltraShort China ProFund** | **UltraShort China ProFund** | **UltraShort China ProFund** | **UltraShort China ProFund** | **UltraShort China ProFund** | **UltraShort China ProFund** | **UltraShort China ProFund** | **UltraShort China ProFund** | **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** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
| Six Months Ended <br>January 31, 2026 (unaudited) | $2.58 |  | 0.02 | (0.54) |  | (0.52 | (0.09) | $1.97 |  | (20.29) | (20.29)% |  | 2.92% | 1.78% | 2.25 | % | $2478 |
| Year Ended July 31, 2025 | $7.08 |  | 0.10 | (4.08) |  | (3.98 | (0.52) | $2.58 |  | (59.24) | (59.24)% |  | 2.98% | 1.78% | 3.04 | % | $1634 |
| Year Ended July 31, 2024 | $5.45 |  | 0.24 | 1.61 |  | 1.85 | (0.22) | $7.08 |  | 34.30 | % |  | 3.25% | 1.78% | 3.51 | % | $968 |
| Year Ended July 31, 2023 | $12.64 |  | 0.24 | (7.43) |  | (7.19 |  | $5.45 |  | (56.88) | (56.88)% |  | 3.47% | 1.78% | 2.71 | % | $3071 |
| Year Ended July 31, 2022 | $17.80 |  | (0.29) | (4.87) |  | (5.16 |  | $12.64 |  | (28.99) | (28.99)% |  | 2.57% | 1.78% | (1.53) | (1.53)% | $1470 |
| Year Ended July 31, 2021 | $20.11 |  | (0.22) | (2.09) |  | (2.31 |  | $17.80 |  | (11.49) | (11.49)% |  | 4.54% | 1.78% | (1.77) | (1.77)% | $2341 |
| **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
| Six Months Ended <br>January 31, 2026 (unaudited) | $2.18 |  | 0.01 | (0.46) |  | (0.45 |  | $1.73 |  | (20.64) | (20.64)% |  | 3.70% | 2.56% | 1.47 | % | $7 |
| Year Ended July 31, 2025 | $6.10 |  | 0.07 | (3.50) |  | (3.43 | (0.49) | $2.18 |  | (59.57) | (59.57)% |  | 3.98% | 2.78% | 2.04 | % | $62 |
| Year Ended July 31, 2024 | $4.73 |  | 0.18 | 1.37 |  | 1.55 | (0.18) | $6.10 |  | 32.77 | % |  | 4.20% | 2.73% | 2.56 | % | $19 |
| Year Ended July 31, 2023 | $11.02 |  | 0.18 | (6.47) |  | (6.29 |  | $4.73 |  | (56.99) | (56.99)% |  | 4.15% | 2.46% | 2.03 | % | $3 |
| Year Ended July 31, 2022 | $15.63 |  | (0.46) | (4.15) |  | (4.61 |  | $11.02 |  | (29.58) | (29.58)% |  | 3.57% | 2.78% | (2.53) | (2.53)% | $10 |
| Year Ended July 31, 2021 | $17.88 |  | (0.34) | (1.91) |  | (2.25 |  | $15.63 |  | (12.52) | (12.52)% |  | 5.54% | 2.78% | (2.77) | (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** | **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** | **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** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
| Six Months Ended <br>January 31, 2026 (unaudited) | $10.81 |  | 0.10 | (1.92) |  | (1.82 | (0.40) | $8.59 |  | (16.90) | (16.90)% |  | 3.50% | 1.78% | 2.09 | % | $1048 |
| Year Ended July 31, 2025 | $13.62 |  | 0.33 | (2.48) |  | (2.15 | (0.66) | $10.81 |  | (16.29) | (16.29)% |  | 3.19% | 1.78% | 2.72 | % | $1665 |
| Year Ended July 31, 2024 | $17.08 |  | 0.56 | (3.67) |  | (3.11 | (0.35) | $13.62 |  | (18.44) | (18.44)% |  | 2.76% | 1.78% | 3.53 | % | $1916 |
| Year Ended July 31, 2023 | $20.36 |  | 0.44 | (3.72) |  | (3.28 |  | $17.08 |  | (16.11) | (16.11)% |  | 2.70% | 1.78% | 2.26 | % | $3001 |
| Year Ended July 31, 2022 | $20.44 |  | (0.30) | 0.22 |  | (0.08 |  | $20.36 |  | (0.39) | (0.39)% |  | 2.65% | 1.78% | (1.48) | (1.48)% | $2491 |
| Year Ended July 31, 2021<sup>(e)</sup> | $40.04 |  | (0.49) | (19.11) | (19.60 | (19.60 |  | $20.44 |  | (48.95) | (48.95)% |  | 2.47% | 1.78% | (1.77) | (1.77)% | $2916 |
| **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
| Six Months Ended <br>January 31, 2026 (unaudited) | $9.25 |  | 0.06 | (1.66) |  | (1.60 | (0.17) | $7.48 |  | (17.29) | (17.29)% |  | 4.50% | 2.78% | 1.09 | % | $6 |
| Year Ended July 31, 2025 | $11.62 |  | 0.22 | (2.17) |  | (1.95 | (0.42) | $9.25 |  | (17.22) | (17.22)% |  | 4.19% | 2.78% | 1.72 | % | $38 |
| Year Ended July 31, 2024 | $14.67 |  | 0.42 | (3.21) |  | (2.79 | (0.26) | $11.62 |  | (19.23) | (19.23)% |  | 3.76% | 2.78% | 2.53 | % | $42 |
| Year Ended July 31, 2023 | $17.62 |  | 0.28 | (3.23) |  | (2.95 |  | $14.67 |  | (16.74) | (16.74)% |  | 3.60% | 2.68% | 1.36 | % | $44 |
| Year Ended July 31, 2022 | $17.86 |  | (0.47) | 0.23 |  | (0.24 |  | $17.62 |  | (1.34) | (1.34)% |  | 3.65% | 2.78% | (2.48) | (2.48)% | $156 |
| Year Ended July 31, 2021<sup>(e)</sup> | $35.34 |  | (0.74) | (16.74) | (17.48 | (17.48 |  | $17.86 |  | (49.43) | (49.43)% |  | 3.47% | 2.78% | (2.77) | (2.77)% | $111 |

---

(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.

(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.

**Financial Highlights :: 265**

**See accompanying notes to financial statements.**

**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 | 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 | Ratios to<br>Average Net Assets | Ratios to<br>Average Net Assets | Supplemental<br>Data |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Asset <br>Value, <br>Beginning <br>of Period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Asset <br>Value, <br>Beginning <br>of Period | &nbsp;&nbsp;Net<br>Investment<br>Income<br>(Loss)<sup>(a)</sup> | &nbsp;&nbsp;Net<br>Realized<br>and<br>Unrealized<br>Gains<br>(Losses) on<br>Investments | &nbsp;&nbsp;Total from<br>Investment<br>Activities | &nbsp;&nbsp;Net<br>Investment<br>Income | &nbsp;&nbsp;Total<br>Distributions | &nbsp;&nbsp;Net<br>Asset<br>Value,<br>End of<br>Period | &nbsp;&nbsp;Total<br>Return<sup>(b)</sup> | &nbsp;&nbsp;Gross<br>Expenses<sup>(c)</sup> | &nbsp;&nbsp;Net<br>Expenses<sup>(c)</sup> | &nbsp;&nbsp;Net<br>Investment<br>Income<br>(Loss)<sup>(c)</sup> | &nbsp;&nbsp;Net<br>Investment<br>Income<br>(Loss)<sup>(c)</sup> | &nbsp;&nbsp;Net<br>Assets,<br>End of<br>Period<br>(000's) | Portfolio<br>Turnover<br>Rate<sup>(b)(d)</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** | **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** | **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** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
| Six Months Ended <br>January 31, 2026 (unaudited) | $10.23 |  | 0.08 | (3.49) |  | (3.41) |  | (0.64) | (0.64) |  | $6.18 | (34.14) | (34.14)% |  | 6.48% | 1.78% | 2.08 | % | $403 |
| Year Ended July 31, 2025 | $16.77 |  | 0.35 | (6.68)<sup>(e)</sup> |  | (6.33) |  | (0.21) | (0.21) |  | $10.23 | (38.16) | (38.16)% |  | 5.46% | 1.78% | 2.67 | % | $836 |
| Year Ended July 31, 2024 | $19.62 |  | 0.73 | (2.21) |  | (1.48) |  | (1.37) | (1.37) |  | $16.77 | (8.31) | (8.31)% |  | 5.74% | 1.78% | 3.52 | % | $349 |
| Year Ended July 31, 2023 | $28.93 |  | 0.63 | (9.94) |  | (9.31) |  |  |  |  | $19.62 | (32.18) | (32.18)% |  | 3.67% | 1.78% | 2.28 | % | $312 |
| Year Ended July 31, 2022 | $23.19 |  | (0.39) | 6.13 |  | 5.74 |  |  |  |  | $28.93 | 24.75 | % |  | 3.73% | 1.78% | (1.43) | (1.43)% | $1247 |
| Year Ended July 31, 2021<sup>(f)</sup> | $39.50 |  | (0.45) | (15.86) | (16.31 | (16.31) |  |  |  |  | $23.19 | (41.26) | (41.26)% |  | 5.39% | 1.78% | (1.77) | (1.77)% | $562 |
| **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
| Six Months Ended <br>January 31, 2026 (unaudited) | $9.09 |  | 0.05 | (3.13) |  | (3.08) |  | (0.44) | (0.44) |  | $5.57 | (34.50) | (34.50)% |  | 7.48% | 2.78% | 1.08 | % | $6 |
| Year Ended July 31, 2025 | $14.98 |  | 0.23 | (6.02)<sup>(e)</sup> |  | (5.79) |  | (0.10) | (0.10) |  | $9.09 | (38.93) | (38.93)% |  | 6.46% | 2.78% | 1.67 | % | $5 |
| Year Ended July 31, 2024 | $17.34 |  | 0.55 | (2.04) |  | (1.49) |  | (0.87) | (0.87) |  | $14.98 | (9.27) | (9.27)% |  | 6.74% | 2.78% | 2.52 | % | $13 |
| Year Ended July 31, 2023 | $25.83 |  | 0.39 | (8.88) |  | (8.49) |  |  |  |  | $17.34 | (32.86) | (32.86)% |  | 4.67% | 2.78% | 1.28 | % | $13 |
| Year Ended July 31, 2022 | $20.93 |  | (0.63) | 5.53 |  | 4.90 |  |  |  |  | $25.83 | 23.52 | % |  | 4.73% | 2.78% | (2.43) | (2.43)% | $31 |
| Year Ended July 31, 2021<sup>(f)</sup> | $35.98 |  | (0.69) | (14.36) | (15.05 | (15.05) |  |  |  |  | $20.93 | (41.89) | (41.89)% |  | 6.39% | 2.78% | (2.77) | (2.77)% | $31 |
| **UltraShort International ProFund** | **UltraShort International ProFund** | **UltraShort International ProFund** | **UltraShort International ProFund** | **UltraShort International ProFund** | **UltraShort International ProFund** | **UltraShort International ProFund** | **UltraShort International ProFund** | **UltraShort International ProFund** | **UltraShort International ProFund** | **UltraShort International ProFund** | **UltraShort International ProFund** | **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** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
| Six Months Ended <br>January 31, 2026 (unaudited) | $13.35 |  | 0.12 | (3.43) |  | (3.31) |  | (0.35) | (0.35) |  | $9.69 | (24.99) | (24.99)% |  | 2.75% | 1.78% | 2.13 | % | $1860 |
| Year Ended July 31, 2025 | $16.86 |  | 0.42 | (3.46) |  | (3.04) |  | (0.47) | (0.47) |  | $13.35 | (18.80) | (18.80)% |  | 2.56% | 1.78% | 2.65 | % | $2008 |
| Year Ended July 31, 2024 | $19.74 |  | 0.68 | (2.82) |  | (2.14) |  | (0.74) | (0.74) |  | $16.86 | (11.20) | (11.20)% |  | 2.93% | 1.78% | 3.50 | % | $2097 |
| Year Ended July 31, 2023 | $26.52 |  | 0.55 | (7.33) |  | (6.78) |  |  |  |  | $19.74 | (25.57) | (25.57)% |  | 2.45% | 1.78% | 2.19 | % | $2569 |
| Year Ended July 31, 2022 | $22.38 |  | (0.34) | 4.48 |  | 4.14 |  |  |  |  | $26.52 | 18.50 | % |  | 2.60% | 1.78% | (1.41) | (1.41)% | $2640 |
| Year Ended July 31, 2021<sup>(f)</sup> | $42.06 |  | (0.51) | (19.17) | (19.68 | (19.68) |  |  |  |  | $22.38 | (46.82) | (46.82)% |  | 3.13% | 1.78% | (1.77) | (1.77)% | $1631 |
| **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
| Six Months Ended <br>January 31, 2026 (unaudited) | $11.93 |  | 0.08 | (3.10) |  | (3.02) |  | (0.01) | (0.01) |  | $8.90 | (25.40) | (25.40)% |  | 3.75% | 2.78% | 1.13 | % | $2 |
| Year Ended July 31, 2025 | $14.84 |  | 0.28 | (3.19) |  | (2.91) |  |  |  |  | $11.93 | (19.61) | (19.61)% |  | 3.55% | 2.77% | 1.66 | % | $27 |
| Year Ended July 31, 2024 | $17.32 |  | 0.51 | (2.56) |  | (2.05) |  | (0.43) | (0.43) |  | $14.84 | (12.25) | (12.25)% |  | 3.93% | 2.78% | 2.50 | % | $4 |
| Year Ended July 31, 2023 | $23.51 |  | 0.34 | (6.53) |  | (6.19) |  |  |  |  | $17.32 | (26.31) | (26.31)% |  | 3.45% | 2.78% | 1.19 | % | $4 |
| Year Ended July 31, 2022 | $20.04 |  | (0.57) | 4.04 |  | 3.47 |  |  |  |  | $23.51 | 17.30 | % |  | 3.60% | 2.78% | (2.41) | (2.41)% | $6 |
| Year Ended July 31, 2021<sup>(f)</sup> | $38.07 |  | (0.78) | (17.25) | (18.03 | (18.03) |  |  |  |  | $20.04 | (47.32) | (47.32)% |  | 4.14% | 2.79% | (2.78) | (2.78)% | $5 |

---

(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.

(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 1:4 reverse share split that occurred on December 14, 2020.

**266 :: Financial Highlights**

**See accompanying notes to financial statements.**

**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 | | | | | Ratios to<br>Average Net Assets | Ratios to<br>Average Net Assets | Ratios to<br>Average Net Assets | Ratios to<br>Average Net Assets | Ratios to<br>Average Net Assets | Supplemental<br>Data |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Asset <br>Value, <br>Beginning <br>of Period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Asset <br>Value, <br>Beginning <br>of Period | &nbsp;&nbsp;Net<br>Investment<br>Income<br>(Loss)<sup>(a)</sup> | &nbsp;&nbsp;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>Asset<br>Value,<br>End of<br>Period | Total<br>Return<sup>(b)</sup> | &nbsp;&nbsp;Net<br>Expenses<sup>(c)</sup> | &nbsp;&nbsp;Net<br>Investment<br>Income<br>(Loss)<sup>(c)</sup> | &nbsp;&nbsp;Net<br>Investment<br>Income<br>(Loss)<sup>(c)</sup> | &nbsp;&nbsp;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> |  |  |  |  |
| **UltraShort Japan ProFund** | **UltraShort Japan ProFund** | **UltraShort Japan ProFund** | **UltraShort Japan ProFund** | **UltraShort Japan ProFund** | **UltraShort Japan ProFund** | **UltraShort Japan ProFund** | **UltraShort Japan ProFund** | **UltraShort Japan ProFund** | **UltraShort Japan ProFund** | **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** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
| Six Months Ended <br>January 31, 2026 (unaudited) | $34.90 |  | 0.24 | (16.07) | (15.83 | (0.35) | (0.35 |  | $18.72 | (45.47) | (45.47)% | 3.72 | % | 1.79<br> %<sup>(e)</sup> | 1.96 | % | $1605 |
| Year Ended July 31, 2025<sup>(f)</sup> | $47.65 |  | 1.08 | (10.05)<sup>(g)</sup> | (8.97 | (3.78) | (3.78 |  | $34.90 | (19.74) | (19.74)% | 4.90 | % | 1.78% | 2.53 | % | $1460 |
| Year Ended July 31, 2024<sup>(f)</sup> | $67.66 |  | 1.80 | (20.71) | (18.91 | (1.10) | (1.10 |  | $47.65 | (28.39) | (28.39)% | 5.02 | % | 1.78% | 3.26 | % | $1304 |
| Year Ended July 31, 2023<sup>(f)</sup> | $101.79 |  | 1.90 | (36.03) | (34.13 |  |  |  | $67.66 | (33.50) | (33.50)% | 7.36 | % | 1.78% | 2.30 | % | $961 |
| Year Ended July 31, 2022<sup>(f)</sup> | $125.31 |  | (1.80) | (21.72) | (23.52 |  |  |  | $101.79 | (18.75) | (18.75)% | 10.76 | % | 1.78% | (1.54) | (1.54)% | $199 |
| Year Ended July 31, 2021<sup>(f)</sup> | $222.35 |  | (2.60) | (94.44) | (97.04 |  |  |  | $125.31 | (43.63) | (43.63)% | 8.91 | % | 1.78% | (1.77) | (1.77)% | $233 |
| **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
| Six Months Ended <br>January 31, 2026 (unaudited) | $34.74 |  | 0.07 | (15.94) | (15.87 |  |  |  | $18.87 | (45.73) | (45.73)% | 4.72 | % | 2.79<br> %<sup>(e)</sup> | 0.96 | % | $—<br> <sup>(h)</sup> |
| Year Ended July 31, 2025<sup>(f)</sup> | $38.92 |  | 0.68 | (4.86)<sup>(g)</sup> | (4.18 |  |  |  | $34.74 | (16.69) | (16.69)% | 5.87 | % | 2.75% | 1.56 | % | $13 |
| Year Ended July 31, 2024<sup>(f)</sup> | $60.45 |  | 1.30 | (19.30) | (18.00 |  |  |  | $38.92 | (29.03) | (29.03)% | 6.02 | % | 2.78% | 2.26 | % | $—<br> <sup>(h)</sup> |
| Year Ended July 31, 2023<sup>(f)</sup> | $92.00 |  | 1.20 | (32.75) | (31.55 |  |  |  | $60.45 | (34.26) | (34.26)% | 8.36 | % | 2.78% | 1.30 | % | $1 |
| Year Ended July 31, 2022<sup>(f)</sup> | $111.49 |  | (2.80) | (16.69) | (19.49 |  |  |  | $92.00 | (19.71) | (19.71)% | 11.76 | % | 2.78% | (2.54) | (2.54)% | $1 |
| Year Ended July 31, 2021<sup>(f)</sup> | $203.18 |  | (3.70) | (87.99) | (91.69 |  |  |  | $111.49 | (44.23) | (44.23)% | 9.91 | % | 2.78% | (2.77) | (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** | **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** | **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** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
| Six Months Ended <br>January 31, 2026 (unaudited) | $34.17 |  | 0.26 | (17.17) | (16.91 | (1.98) | (1.98 |  | $15.28 | (50.98) | (50.98)% | 4.82 | % | 1.78% | 2.20 | % | $6133 |
| Year Ended July 31, 2025<sup>(i)</sup> | $45.28 |  | 1.10 | (10.48) | (9.38 | (1.73) | (1.73 |  | $34.17 | (21.93) | (21.93)% | 3.82 | % | 1.78% | 2.72 | % | $1136 |
| Year Ended July 31, 2024<sup>(i)</sup> | $39.83 |  | 1.36 | 4.97 | 6.33 | (0.88) | (0.88 |  | $45.28 | 16.68 | % | 3.71 | % | 1.78% | 3.43 | % | $1410 |
| Year Ended July 31, 2023<sup>(i)</sup> | $73.41 |  | 1.36 | (34.94) | (33.58 |  |  |  | $39.83 | (45.75) | (45.75)% | 3.95 | % | 1.78% | 2.42 | % | $1721 |
| Year Ended July 31, 2022<sup>(i)</sup> | $82.12 |  | (1.20) | (7.51) | (8.71 |  |  |  | $73.41 | (10.61) | (10.61)% | 4.14 | % | 1.78% | (1.48) | (1.48)% | $1796 |
| Year Ended July 31, 2021<sup>(i)</sup> | $221.36 |  | (2.56) | (136.68) | (139.24 |  |  |  | $82.12 | (62.88) | (62.88)% | 3.28 | % | 1.78% | (1.77) | (1.77)% | $804 |
| **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
| Six Months Ended <br>January 31, 2026 (unaudited) | $29.78 |  | 0.14 | (15.24) | (15.10 | (0.64) | (0.64 |  | $14.04 | (51.25) | (51.25)% | 5.82 | % | 2.78% | 1.20 | % | $1 |
| Year Ended July 31, 2025<sup>(i)</sup> | $39.61 |  | 0.73 | (9.10) | (8.37 | (1.46) | (1.46 |  | $29.78 | (22.31) | (22.31)% | 4.82 | % | 2.78% | 1.72 | % | $17 |
| Year Ended July 31, 2024<sup>(i)</sup> | $34.15 |  | 1.04 | 4.42 | 5.46 |  |  |  | $39.61 | 15.65 | % | 4.71 | % | 2.78% | 2.43 | % | $85 |
| Year Ended July 31, 2023<sup>(i)</sup> | $63.70 |  | 0.80 | (30.35) | (29.55 |  |  |  | $34.15 | (46.30) | (46.30)% | 4.95 | % | 2.78% | 1.42 | % | $3 |
| Year Ended July 31, 2022<sup>(i)</sup> | $71.87 |  | (2.00) | (6.17) | (8.17 |  |  |  | $63.70 | (11.44) | (11.44)% | 5.14 | % | 2.78% | (2.48) | (2.48)% | $8 |
| Year Ended July 31, 2021<sup>(i)</sup> | $196.01 |  | (3.76) | (120.38) | (124.14 |  |  |  | $71.87 | (63.24) | (63.24)% | 4.28 | % | 2.78% | (2.77) | (2.77)% | $9 |

---

(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.

(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) 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) 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.

(h) Amount is less than $500.

(i) 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.

**Financial Highlights :: 267**

**See accompanying notes to financial statements.**

**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 | | | | Ratios to<br>Average Net Assets | Ratios to<br>Average Net Assets | Ratios to<br>Average Net Assets | Ratios to<br>Average Net Assets | Ratios to<br>Average Net Assets | Supplemental<br>Data | Supplemental<br>Data |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Asset <br>Value, <br>Beginning <br>of Period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Asset <br>Value, <br>Beginning <br>of Period | &nbsp;&nbsp;Net<br>Investment<br>Income<br>(Loss)<sup>(a)</sup> | &nbsp;&nbsp;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 | &nbsp;&nbsp;Net<br>Asset<br>Value,<br>End of<br>Period | &nbsp;&nbsp;Total<br>Return<sup>(b)</sup> | &nbsp;&nbsp;Gross<br>Expenses<sup>(c)</sup> | &nbsp;&nbsp;Net<br>Expenses<sup>(c)</sup> | &nbsp;&nbsp;Net<br>Investment<br>Income<br>(Loss)<sup>(c)</sup> | &nbsp;&nbsp;Net<br>Investment<br>Income<br>(Loss)<sup>(c)</sup> | &nbsp;&nbsp;Net<br>Assets,<br>End of<br>Period<br>(000's) |  | Portfolio<br>Turnover<br>Rate<sup>(b)(d)</sup> | Portfolio<br>Turnover<br>Rate<sup>(b)(d)</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** | **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** | **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** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
| Six Months Ended <br>January 31, 2026 (unaudited) | $27.81 |  | 0.26 | (4.57) | (4.31 |  | (0.64) | $22.86 | (15.65) | (15.65)% |  | 7.11% | 1.78% | 2.04 | % | $478 |  |
| Year Ended July 31, 2025 | $31.08 |  | 0.78 | (2.57) | (1.79 |  | (1.48) | $27.81 | (5.98) | (5.98)% |  | 6.22% | 1.78% | 2.57 | % | $480 |  |
| Year Ended July 31, 2024 | $40.62 |  | 1.40 | (9.16) | (7.76 |  | (1.78) | $31.08 | (19.79) | (19.79)% |  | 5.07% | 1.78% | 3.48 | % | $532 |  |
| Year Ended July 31, 2023<sup>(e)</sup> | $51.24 |  | 1.13 | (11.75) | (10.62 |  |  | $40.62 | (20.66) | (20.66)% |  | 3.54% | 1.78% | 2.31 | % | $975 |  |
| Year Ended July 31, 2022<sup>(e)</sup> | $53.58 |  | (0.80) | (1.54) | (2.34 |  |  | $51.24 | (4.48) | (4.48)% |  | 3.56% | 1.78% | (1.50) | (1.50)% | $1424 |  |
| Year Ended July 31, 2021<sup>(e)</sup> | $131.61 |  | (1.40) | (76.63) | (78.03 |  |  | $53.58 | (59.27) | (59.27)% |  | 3.22% | 1.78% | (1.77) | (1.77)% | $1443 |  |
| **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
| Six Months Ended <br>January 31, 2026 (unaudited) | $23.98 |  | 0.15 | (3.54) | (3.39 |  |  | $20.59 | (14.07) | (14.07)% |  | 8.11% | 2.78% | 1.04 | % | $— | <sup>(f)</sup> |
| Year Ended July 31, 2025 | $26.84 |  | 0.52 | (2.19) | (1.67 |  | (1.19) | $23.98 | (6.43) | (6.43)% |  | 7.22% | 2.78% | 1.57 | % | $12 |  |
| Year Ended July 31, 2024 | $35.10 |  | 1.05 | (8.09) | (7.04 |  | (1.22) | $26.84 | (20.62) | (20.62)% |  | 6.07% | 2.78% | 2.48 | % | $21 |  |
| Year Ended July 31, 2023<sup>(e)</sup> | $44.77 |  | 0.70 | (10.37) | (9.67 |  |  | $35.10 | (21.63) | (21.63)% |  | 4.54% | 2.78% | 1.31 | % | $42 |  |
| Year Ended July 31, 2022<sup>(e)</sup> | $47.28 |  | (1.30) | (1.21) | (2.51 |  |  | $44.77 | (5.29) | (5.29)% |  | 4.56% | 2.78% | (2.50) | (2.50)% | $53 |  |
| Year Ended July 31, 2021<sup>(e)</sup> | $117.12 |  | (2.10) | (67.74) | (69.84 |  |  | $47.28 | (59.61) | (59.61)% |  | 4.22% | 2.78% | (2.77) | (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** | **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** | **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** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
| Six Months Ended <br>January 31, 2026 (unaudited) | $19.16 |  | 0.18 | (3.33) | (3.15 |  | (0.43) | $15.58 | (16.45) | (16.45)% |  | 1.96% | 1.78% | 2.11 | % | $15305 |  |
| Year Ended July 31, 2025 | $31.51 |  | 0.71 | (11.56) | (10.85 |  | (1.50) | $19.16 | (35.59) | (35.59)% |  | 1.96% | 1.83<br> %<sup>(g)</sup> | 2.73 | % | $20168 |  |
| Year Ended July 31, 2024 | $48.40 |  | 1.41 | (15.89) | (14.48 |  | (2.41) | $31.51 | (31.02) | (31.02)% |  | 2.01% | 1.88% | 3.42 | % | $9819 |  |
| Year Ended July 31, 2023<sup>(h)</sup> | $78.98 |  | 1.97 | (32.53) | (30.56 |  | (0.02) | $48.40 | (38.71) | (38.71)% |  | 1.66% | 1.66% | 2.50 | % | $16415 |  |
| Year Ended July 31, 2022<sup>(h)</sup> | $78.50 |  | (0.90) | 1.38 | 0.48 |  |  | $78.98 | 0.64 | % |  | 1.68% | 1.68% | (1.09) | (1.09)% | $100824 |  |
| Year Ended July 31, 2021<sup>(h)(i)</sup> | $179.00 |  | (2.05) | (98.35) | (100.40 |  | (0.10) | $78.50 | (55.87) | (55.87)% |  | 1.78% | 1.78% | (1.76) | (1.76)% | $9281 |  |
| **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
| Six Months Ended <br>January 31, 2026 (unaudited) | $17.75 |  | 0.10 | (3.09) | (2.99 |  | (0.32) | $14.44 | (16.90) | (16.90)% |  | 2.96% | 2.78% | 1.11 | % | $53 |  |
| Year Ended July 31, 2025 | $29.27 |  | 0.46 | (10.84) | (10.38 |  | (1.14) | $17.75 | (36.37) | (36.37)% |  | 2.96% | 2.83<br> %<sup>(g)</sup> | 1.73 | % | $28 |  |
| Year Ended July 31, 2024 | $44.91 |  | 1.03 | (14.83) | (13.80 |  | (1.84) | $29.27 | (31.66) | (31.66)% |  | 2.97% | 2.84% | 2.46 | % | $46 |  |
| Year Ended July 31, 2023<sup>(h)</sup> | $73.94 |  | 1.23 | (30.26) | (29.03 |  |  | $44.91 | (39.26) | (39.26)% |  | 2.64% | 2.64% | 1.52 | % | $69 |  |
| Year Ended July 31, 2022<sup>(h)</sup> | $74.25 |  | (1.60) | 1.29 | (0.31 |  |  | $73.94 | (0.40) | (0.40)% |  | 2.68% | 2.68% | (2.09) | (2.09)% | $168 |  |
| Year Ended July 31, 2021<sup>(h)(i)</sup> | $171.01 |  | (3.20) | (93.56) | (96.76 |  |  | $74.25 | (56.43) | (56.43)% |  | 2.78% | 2.78% | (2.76) | (2.76)% | $184 |  |

---

(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.

(e) 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.

(f) Amount is less than $500.

(g) 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.

(h) 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.

(i) 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.

**268 :: Financial Highlights**

**See accompanying notes to financial statements.**

**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 | Investment Activities |  | Distributions to<br>Shareholders From |  | | | | Ratios to<br>Average Net Assets | Ratios to<br>Average Net Assets |  | Supplemental<br>Data |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Asset<br>Value,<br>Beginning<br>of Period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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>Investment<br>Income | Total<br>Distributions | Net<br>Asset<br>Value,<br>End of<br>Period | Gross<br>Expenses<sup>(c)</sup> | Net<br>Expenses<sup>(c)</sup> | Net<br>Investment<br>Income<br>(Loss)<sup>(c)</sup> |  |  | Portfolio<br>Turnover<br>Rate<sup>(b)(d)</sup> | Portfolio<br>Turnover<br>Rate<sup>(b)(d)</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** | **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** | **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** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
| Six Months Ended <br>January 31, 2026 (unaudited) | $43.85 |  | 0.39 | (13.17) |  | (12.78) |  | (1.51 | (1.51) |  | $29.56 | (29.46 | 2.26% | 1.78% | 2.20% | $3126 |  |  |
| Year Ended July 31, 2025<sup>(e)</sup> | $48.11 |  | 1.31 | (3.61) |  | (2.30) |  | (1.96 | (1.96) |  | $43.85 | (4.97 | 2.64% | 1.78% | 2.69% | $4817 |  |  |
| Year Ended July 31, 2024<sup>(e)</sup> | $64.97 |  | 2.30 | (16.36) |  | (14.06) |  | (2.80 | (2.80) |  | $48.11 | (22.36 | 2.38% | 1.78% | 3.46% | $2818 |  |  |
| Year Ended July 31, 2023<sup>(e)</sup> | $80.62 |  | 2.00 | (17.65) |  | (15.65) |  |  |  |  | $64.97 | (19.35 | 2.19% | 1.78% | 2.47% | $5009 |  |  |
| Year Ended July 31, 2022<sup>(e)</sup> | $72.75 |  | (1.10) | 8.97 |  | 7.87 |  |  |  |  | $80.62 | 10.87 | 2.32% | 1.78% | (1.46)% | $4194 |  |  |
| Year Ended July 31, 2021<sup>(e)</sup> | $201.20 |  | (1.80) | (126.65) | (128.45 | (128.45) |  |  |  |  | $72.75 | (63.87 | 2.10% | 1.78% | (1.77)% | $8081 |  |  |
| **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
| Six Months Ended <br>January 31, 2026 (unaudited) | $39.38 |  | 0.22 | (11.68) |  | (11.46) |  |  |  |  | $27.92 | (29.07 | 3.09% | 2.61% | 1.37% | $—<br> <sup>(f)</sup> |  |  |
| Year Ended July 31, 2025<sup>(e)</sup> | $43.33 |  | 0.88 | (3.34) |  | (2.46) |  | (1.49 | (1.49) |  | $39.38 | (5.80 | 3.64% | 2.78% | 1.69% | $30 |  |  |
| Year Ended July 31, 2024<sup>(e)</sup> | $58.63 |  | 1.70 | (14.90) |  | (13.20) |  | (2.10 | (2.10) |  | $43.33 | (23.13 | 3.38% | 2.78% | 2.46% | $106 |  |  |
| Year Ended July 31, 2023<sup>(e)</sup> | $73.60 |  | 1.20 | (16.17) |  | (14.97) |  |  |  |  | $58.63 | (20.38 | 3.19% | 2.78% | 1.47% | $120 |  |  |
| Year Ended July 31, 2022<sup>(e)</sup> | $67.07 |  | (1.80) | 8.33 |  | 6.53 |  |  |  |  | $73.60 | 9.69 | 3.32% | 2.78% | (2.46)% | $159 |  |  |
| Year Ended July 31, 2021<sup>(e)</sup> | $187.34 |  | (2.80) | (117.47) | (120.27 | (120.27) |  |  |  |  | $67.07 | (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** | **UltraSmall-Cap ProFund** | **UltraSmall-Cap ProFund** | **UltraSmall-Cap ProFund** | **UltraSmall-Cap ProFund** | **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** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
| Six Months Ended <br>January 31, 2026 (unaudited) | $61.70 |  | 0.23 | 21.18 |  | 21.41 |  | (0.35 | (0.35) |  | $82.76 | 34.77 | 1.46% | 1.46% | 0.61% | $51381 | 61 | % |
| Year Ended July 31, 2025 | $71.97 |  | 0.34 | (9.90) |  | (9.56) |  | (0.71 | (0.71) |  | $61.70 | (13.36 | 1.67% | 1.67% | 0.53% | $39784 | 69 | % |
| Year Ended July 31, 2024 | $62.24 |  | 0.45 | 9.72 |  | 10.17 |  | (0.44 | (0.44) |  | $71.97 | 16.45 | 1.71% | 1.70% | 0.79% | $57725 | 46 | % |
| Year Ended July 31, 2023 | $60.08 |  | 0.28 | 1.88 |  | 2.16 |  |  |  |  | $62.24 | 3.58 | 1.67% | 1.67% | 0.51% | $50344 | 97 | % |
| Year Ended July 31, 2022 | $89.55 |  | (0.55) | (28.92) |  | (29.47) |  |  |  |  | $60.08 | (32.91 | 1.60% | 1.60% | (0.72)% | $52577 | 46 | % |
| Year Ended July 31, 2021 | $41.81 |  | (0.81) | 48.55 |  | 47.74 |  |  |  |  | $89.55 | 114.21 | 1.62% | 1.62% | (1.04)% | $100147 | 27 | % |
| **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
| Six Months Ended <br>January 31, 2026 (unaudited) | $48.56 |  | (0.07) | 16.63 |  | 16.56 |  |  |  |  | $65.12 | 34.14 | 2.46% | 2.46% | (0.39)% | $799 | 61 | % |
| Year Ended July 31, 2025 | $56.85 |  | (0.15) | (7.89) |  | (8.04) |  | (0.25 | (0.25) |  | $48.56 | (14.18 | 2.66% | 2.66% | (0.46)% | $486 | 69 | % |
| Year Ended July 31, 2024 | $49.40 |  | (0.01) | 7.56 |  | 7.55 |  | (0.10 | (0.10) |  | $56.85 | 15.29 | 2.71% | 2.70% | (0.21)% | $554 | 46 | % |
| Year Ended July 31, 2023 | $48.18 |  | (0.16) | 1.38 |  | 1.22 |  |  |  |  | $49.40 | 2.53 | 2.67% | 2.67% | (0.49)% | $183 | 97 | % |
| Year Ended July 31, 2022 | $72.53 |  | (1.19) | (23.16) |  | (24.35) |  |  |  |  | $48.18 | (33.56 | 2.60% | 2.60% | (1.72)% | $235 | 46 | % |
| Year Ended July 31, 2021 | $34.20 |  | (1.46) | 39.79 |  | 38.33 |  |  |  |  | $72.53 | 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) 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.

(e) 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.

(f) Amount is less than $500.

**Financial Highlights :: 269**

**See accompanying notes to financial statements.**

**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 | | | | Ratios to<br>Average Net Assets | Ratios to<br>Average Net Assets | Ratios to<br>Average Net Assets | Supplemental<br>Data |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Asset <br>Value, <br>Beginning <br>of Period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Asset <br>Value, <br>Beginning <br>of Period | Net<br>Investment<br>Income<br>(Loss)<sup>(a)</sup> | &nbsp;&nbsp;Net<br>Realized<br>and<br>Unrealized<br>Gains<br>(Losses) on<br>Investments | &nbsp;&nbsp;Total from<br>Investment<br>Activities | &nbsp;&nbsp;Net<br>Investment<br>Income | &nbsp;&nbsp;Net<br>Asset<br>Value,<br>End of<br>Period | Total<br>Return<sup>(b)</sup> | Gross<br>Expenses<sup>(c)</sup> | &nbsp;&nbsp;Net<br>Expenses<sup>(c)</sup> | &nbsp;&nbsp;Net<br>Investment<br>Income<br>(Loss)<sup>(c)</sup> |  | &nbsp;&nbsp;Portfolio<br>Turnover<br>Rate<sup>(b)(d)</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** | **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** | **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** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
| Six Months Ended <br>January 31, 2026 (unaudited) | $31.82 |  | 0.36 | 0.13<br> <sup>(e)</sup> | 0.49 |  | (0.39) | (0.39) | $31.92 |  | 1.56 | 2.12% | 1.70% | 2.24% | $2471 |  |
| Year Ended July 31, 2025 | $36.03 |  | 0.97 | (4.17) | (3.20 |  | (1.01) | (1.01) | $31.82 |  | (9.05 | 1.96% | 1.70% | 2.88% | $3378 |  |
| Year Ended July 31, 2024 | $39.69 |  | 1.29 | (3.62) | (2.33 |  | (1.33) | (1.33) | $36.03 |  | (5.75 | 1.92% | 1.71<br> %<sup>(f)</sup> | 3.68% | $12726 |  |
| Year Ended July 31, 2023 | $50.72 |  | 0.96 | (11.24) | (10.28 |  | (0.75) | (0.75) | $39.69 |  | (20.28 | 1.78% | 1.78<br> %<sup>(f)</sup> | 2.27% | $8475 |  |
| Year Ended July 31, 2022 | $69.24 |  | (0.77) | (17.75) | (18.52 |  |  |  | $50.72 |  | (26.76 | 1.41% | 1.41% | (1.24)% | $8264 | —<br> <sup>(g)</sup> |
| Year Ended July 31, 2021 | $85.98 |  | (0.83) | (15.91) | (16.74 |  |  |  | $69.24 |  | (19.47 | 1.51% | 1.51% | (1.17)% | $24182 | 99% |
| **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
| Six Months Ended <br>January 31, 2026 (unaudited) | $28.64 |  | 0.21 | 0.09<br> <sup>(e)</sup> | 0.30 |  | (0.18) | (0.18) | $28.76 |  | 1.05 | 3.12% | 2.70% | 1.24% | $545 |  |
| Year Ended July 31, 2025 | $32.36 |  | 0.66 | (3.83) | (3.17 |  | (0.55) | (0.55) | $28.64 |  | (9.90 | 2.96% | 2.70% | 1.88% | $565 |  |
| Year Ended July 31, 2024 | $35.59 |  | 0.97 | (3.33) | (2.36 |  | (0.87) | (0.87) | $32.36 |  | (6.56 | 2.92% | 2.71<br> %<sup>(f)</sup> | 2.68% | $1803 |  |
| Year Ended July 31, 2023 | $45.48 |  | 0.58 | (10.20) | (9.62 |  | (0.27) | (0.27) | $35.59 |  | (21.13 | 2.78% | 2.78<br> %<sup>(f)</sup> | 1.27% | $122 |  |
| Year Ended July 31, 2022 | $62.71 |  | (1.36) | (15.87) | (17.23 |  |  |  | $45.48 |  | (27.49 | 2.41% | 2.41% | (2.24)% | $587 | —<br> <sup>(g)</sup> |
| Year Ended July 31, 2021 | $78.67 |  | (1.50) | (14.46) | (15.96 |  |  |  | $62.71 |  | (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** | **Utilities UltraSector ProFund** | **Utilities UltraSector ProFund** | **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** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
| Six Months Ended <br>January 31, 2026 (unaudited) | $82.29 |  | 0.67 | 0.36 | 1.03 |  | (0.63) | (0.63) | $82.69 |  | 1.27 | 1.63% | 1.63% | 1.58% | $10185 | 362% |
| Year Ended July 31, 2025 | $65.66 |  | 1.22 | 16.24 | 17.46 |  | (0.83) | (0.83) | $82.29 |  | 26.85 | 1.76% | 1.71% | 1.66% | $15269 | 278% |
| Year Ended July 31, 2024 | $59.61 |  | 0.84 | 6.14 | 6.98 |  | (0.93) | (0.93) | $65.66 |  | 12.06 | 1.81% | 1.80% | 1.47% | $37071 | 35% |
| Year Ended July 31, 2023 | $70.17 |  | 0.81 | (10.74) | (9.93 |  | (0.63) | (0.63) | $59.61 |  | (14.25 | 1.86% | 1.86% | 1.29% | $6553 | 53% |
| Year Ended July 31, 2022 | $58.73 |  | 0.28 | 11.29 | 11.57 |  | (0.13) | (0.13) | $70.17 |  | 19.73 | 1.73% | 1.73% | 0.44% | $12518 | 113% |
| Year Ended July 31, 2021 | $51.44 |  | 0.09 | 7.52 | 7.61 |  | (0.32)<sup>(k)</sup> | (0.32) | $58.73 |  | 14.85 | 2.06% | 2.02<br> %<sup>(f)</sup> | 0.17% | $8418 | 95% |
| **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
| Six Months Ended <br>January 31, 2026 (unaudited) | $76.31 |  | 0.28 | 0.30 | 0.58 |  |  |  | $76.89 |  | 0.77 | 2.62% | 2.62% | 0.59% | $261 | 362% |
| Year Ended July 31, 2025 | $60.78 |  | 0.54 | 14.99 | 15.53 |  |  |  | $76.31 |  | 25.55 | 2.76% | 2.71% | 0.66% | $305 | 278% |
| Year Ended July 31, 2024 | $54.87 |  | 0.33 | 5.67 | 6.00 |  | (0.09) | (0.09) | $60.78 |  | 10.98 | 2.81% | 2.80% | 0.47% | $541 | 35% |
| Year Ended July 31, 2023 | $64.64 |  | 0.23 | (10.00) | (9.77 |  |  |  | $54.87 |  | (15.11 | 2.86% | 2.86% | 0.29% | $289 | 53% |
| Year Ended July 31, 2022 | $54.53 |  | (0.32) | 10.43 | 10.11 |  |  |  | $64.64 |  | 18.54 | 2.73% | 2.73% | (0.56)% | $1069 | 113% |
| Year Ended July 31, 2021 | $47.93 |  | (0.39) | 6.99 | 6.60 |  |  |  | $54.53 |  | 13.77 | 3.01% | 2.97<br> %<sup>(f)</sup> | (0.78)% | $368 | 95% |

---

(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.

(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) 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) The portfolio turnover rate significantly decreased due to there being no sales or purchases of U.S. Treasury Obligations during the year.

(h) During the six months ended January 31, 2026, the Fund received monies related to certain nonrecurring litigation settlements. The corresponding impact to the total return was 0.15%.

(i) 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%.

(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 0.16%.

(k) Subsequent to the issuance of the July 31, 2021 financial statements, $0.10 of the distribution was determined to be a return of capital.

**270 :: Financial Highlights**

**See accompanying notes to financial statements.**

**Notes to Financial Statements**

**272 :: Notes to Financial Statements ::** January 31, 2026 (Unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**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

Europe 30 ProFund

Large-Cap Growth ProFund

Large-Cap Value ProFund

Mid-Cap Growth ProFund

Mid-Cap ProFund

Mid-Cap Value ProFund

Nasdaq-100 ProFund

Small-Cap Growth ProFund

Small-Cap ProFund

Small-Cap Value ProFund

**Ultra ProFunds:**

UltraBull ProFund

UltraChina ProFund

UltraDow 30 ProFund

UltraEmerging Markets ProFund

UltraInternational ProFund

UltraJapan ProFund

UltraLatin America ProFund

UltraMid-Cap ProFund

UltraNasdaq-100 ProFund

UltraSmall-Cap ProFund

**Inverse ProFunds:**

Bear ProFund

Short Nasdaq-100 ProFund

Short Small-Cap ProFund

UltraBear 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

**UltraSector ProFunds:**

Banks UltraSector ProFund

Biotechnology UltraSector ProFund

Communication Services UltraSector ProFund

Consumer Discretionary UltraSector ProFund

Consumer Staples UltraSector ProFund

Energy UltraSector ProFund

Financials UltraSector ProFund

Health Care UltraSector ProFund

Industrials UltraSector ProFund

Internet UltraSector ProFund

Materials UltraSector ProFund

Oil & Gas Equipment & Services UltraSector ProFund

Pharmaceuticals UltraSector ProFund

Precious Metals UltraSector ProFund

Real Estate UltraSector ProFund

Semiconductor UltraSector ProFund

Technology UltraSector ProFund

Utilities UltraSector ProFund

**Inverse Sector ProFunds:**

Short Energy ProFund

Short Precious Metals ProFund

Short Real Estate ProFund

**Non-Equity ProFunds:**

Access Flex Bear High Yield ProFund

Access Flex High Yield ProFund

Falling U.S. Dollar ProFund

Rising Rates Opportunity ProFund

Rising Rates Opportunity 10 ProFund

Rising U.S. Dollar ProFund

U.S. Government Plus 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.

January 31, 2026 (Unaudited) **:: Notes to Financial Statements :: 273**

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.

Each ProFund included herein is deemed to be an individual reporting segment and Officers of the Trust collectively act as the ProFund's chief operating decision maker ("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 January 31, 2026, 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.

**274 :: Notes to Financial Statements ::** January 31, 2026 (Unaudited)

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Fund Name | HSBC Securities<br>(USA), Inc.,<br>3.55%<br>dated 1/30/26,<br>due 2/2/26<sup>(1)</sup> |  | Natwest<br>Markets, LLC,<br>3.53%<br>dated 1/30/26,<br>due 2/2/26<sup>(2)</sup> |  | RBC Capital<br>Markets, LLC,<br>3.45%<br>dated 1/30/26,<br>due 2/2/26<sup>(3)</sup> | Societe<br>Generale,<br>3.55%<br>dated 1/30/26,<br>due 2/2/26<sup>(4)</sup> | UMB Bank,<br>N.A.,<br>3.40%<br>dated 1/30/26,<br>due 2/2/26<sup>(5)</sup> |  |
| Access Flex Bear High Yield ProFund |  | $11000 |  | $11000 |  | $6000 | $14000 | $9000 |
| Access Flex High Yield ProFund |  | 3336000 |  | 3469000 |  | 1868000 | 4337000 | 1859000 |
| Banks UltraSector ProFund |  | 294000 |  | 306000 |  | 163000 | 381000 | 169000 |
| Bear ProFund |  | 1435000 |  | 1493000 |  | 803000 | 1867000 | 807000 |
| Biotechnology UltraSector ProFund |  | 10728000 |  | 11158000 |  | 6007000 | 13948000 | 5979000 |
| Bull ProFund |  | 2683000 |  | 2790000 |  | 1501000 | 3487000 | 1499000 |
| Communication Services UltraSector ProFund |  | 1990000 |  | 2070000 |  | 1113000 | 2588000 | 1115000 |
| Consumer Discretionary UltraSector ProFund |  | 1054000 |  | 1096000 |  | 590000 | 1371000 | 593000 |
| Consumer Staples UltraSector ProFund |  | 412000 |  | 429000 |  | 230000 | 536000 | 235000 |
| Energy UltraSector ProFund |  | 819000 |  | 852000 |  | 459000 | 1066000 | 461000 |
| Falling U.S. Dollar ProFund |  | 379000 |  | 395000 |  | 212000 | 493000 | 214000 |
| Financials UltraSector ProFund |  | 270000 |  | 281000 |  | 151000 | 351000 | 157000 |
| Health Care UltraSector ProFund |  | 1489000 |  | 1550000 |  | 834000 | 1938000 | 836000 |
| Industrials UltraSector ProFund |  | 509000 |  | 529000 |  | 283000 | 661000 | 291000 |
| Internet Ultra Sector ProFund |  | 2968000 |  | 3086000 |  | 1662000 | 3859000 | 1660000 |
| Large-Cap Growth ProFund |  | 37000 |  | 39000 |  | 21000 | 49000 | 23000 |
| Materials UltraSector ProFund |  | 2304000 |  | 2396000 |  | 1290000 | 2995000 | 1289000 |
| Mid-Cap Growth ProFund |  | 3000 |  | 3000 |  | 2000 | 4000 | 5000 |
| Mid-Cap ProFund |  | 283000 |  | 295000 |  | 157000 | 368000 | 164000 |
| Nasdaq-100 ProFund |  | 5021000 |  | 5221000 |  | 2811000 | 6527000 | 2800000 |
| Oil & Gas Equipment & Services UltraSector <br>ProFund |  | 872000 |  | 907000 |  | 487000 | 1134000 | 492000 |
| Pharmaceuticals UltraSector ProFund |  | 170000 |  | 177000 |  | 94000 | 221000 | 101000 |
| Precious Metals UltraSector ProFund |  | 7994000 |  | 8314000 |  | 4476000 | 10393000 | 4458000 |
| Real Estate UltraSector ProFund |  | 132000 |  | 138000 |  | 75000 | 173000 | 82000 |
| Rising Rates Opportunity ProFund |  | 1640000 |  | 1706000 |  | 917000 | 2133000 | 921000 |
| Rising Rates Opportunity 10 ProFund |  | 111000 |  | 116000 |  | 62000 | 145000 | 70000 |
| Rising U.S. Dollar ProFund |  | 1962000 |  | 2041000 |  | 1098000 | 2550000 | 1098000 |
| Semiconductor UltraSector ProFund |  | 23719000 |  | 24667000 |  | 13282000 | 30835000 | 13210000 |
| Short Energy ProFund |  | 141000 |  | 147000 |  | 78000 | 184000 | 85000 |
| Short Nasdaq-100 ProFund |  | 690000 |  | 718000 |  | 385000 | 896000 | 390000 |
| Short Precious Metals ProFund |  | 3169000 |  | 3297000 |  | 1774000 | 4121000 | 1771000 |
| Short Real Estate ProFund |  | 123000 |  | 129000 |  | 68000 | 160000 | 77000 |
| Short Small-Cap ProFund |  | 167000 |  | 174000 |  | 93000 | 218000 | 100000 |
| Small-Cap ProFund |  | 941000 |  | 978000 |  | 526000 | 1223000 | 530000 |
| Small-Cap Value ProFund |  | 11000 |  | 11000 |  | 6000 | 14000 | 9000 |
| Technology UltraSector ProFund |  | 4453000 |  | 4632000 |  | 2493000 | 5790000 | 2486000 |
| UltraBear ProFund |  | 1067000 |  | 1109000 |  | 596000 | 1387000 | 600000 |
| UltraBull ProFund |  | 10555000 |  | 10977000 |  | 5909000 | 13721000 | 5884000 |
| UltraChina ProFund |  | 888000 |  | 924000 |  | 497000 | 1155000 | 500000 |
| UltraDow 30 ProFund |  | 2278000 |  | 2369000 |  | 1275000 | 2962000 | 1275000 |
| UltraEmerging Markets ProFund |  | 656000 |  | 681000 |  | 367000 | 853000 | 370000 |
| UltraInternational ProFund |  | 1773000 |  | 1845000 |  | 992000 | 2306000 | 994000 |
| UltraJapan ProFund |  | 5275000 |  | 5486000 |  | 2953000 | 6857000 | 2941000 |
| UltraLatin America ProFund |  | 672000 |  | 699000 |  | 376000 | 874000 | 380000 |
| UltraMid-Cap ProFund |  | 2870000 |  | 2984000 |  | 1606000 | 3731000 | 1605000 |
| UltraNasdaq-100 ProFund |  | 62332000 |  | 64827000 |  | 34906000 | 81033000 | 34703000 |
| UltraShort China ProFund |  | 540000 |  | 563000 |  | 301000 | 703000 | 309000 |
| UltraShort Dow 30 ProFund |  | 252000 |  | 262000 |  | 141000 | 328000 | 147000 |
| UltraShort Emerging Markets ProFund |  | 87000 |  | 90000 |  | 48000 | 111000 | 54000 |
| UltraShort International ProFund |  | 529000 |  | 552000 |  | 296000 | 689000 | 301000 |
| UltraShort Japan ProFund |  | 263000 |  | 274000 |  | 147000 | 342000 | 151000 |
| UltraShort Latin America ProFund |  | 947000 |  | 984000 |  | 530000 | 1230000 | 533000 |
| UltraShort Mid-Cap ProFund |  | 89000 |  | 94000 |  | 50000 | 117000 | 57000 |
| UltraShort Nasdaq-100 ProFund |  | 3286000 |  | 3417000 |  | 1839000 | 4271000 | 1835000 |
| UltraShort Small-Cap ProFund |  | 726000 |  | 755000 |  | 405000 | 943000 | 411000 |

---

January 31, 2026 (Unaudited) **:: Notes to Financial Statements :: 275**

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Fund Name | HSBC Securities<br>(USA), Inc.,<br>3.55%<br>dated 1/30/26,<br>due 2/2/26<sup>(1)</sup> |  | Natwest<br>Markets, LLC,<br>3.53%<br>dated 1/30/26,<br>due 2/2/26<sup>(2)</sup> |  | RBC Capital<br>Markets, LLC,<br>3.45%<br>dated 1/30/26,<br>due 2/2/26<sup>(3)</sup> | Societe<br>Generale,<br>3.55%<br>dated 1/30/26,<br>due 2/2/26<sup>(4)</sup> | UMB Bank,<br>N.A.,<br>3.40%<br>dated 1/30/26,<br>due 2/2/26<sup>(5)</sup> |  |
| UltraSmall-Cap ProFund |  | $3184000 |  | $3312000 |  | $1783000 | $4139000 | $1779000 |
| U.S. Government Plus ProFund |  | 1398000 |  | 1455000 |  | 783000 | 1819000 | 788000 |
| Utilities UltraSector ProFund | 411000 | 411000 |  | 427000 |  | 229000 | 534000 | 238000 |
|  |  | $182398000 |  | $189707000 |  | $102106000 | $237135000 | $101900000 |

---

Each repurchase agreement was fully collateralized by U.S. government securities as of January 31, 2026, as follows:

<sup>(1)</sup>

U.S. Treasury Bonds, 3.625%, due 8/15/2043, total value of $186,040,922.

<sup>(2)</sup>

U.S. Treasury Notes, 3.625% to 4.125%, due 5/31/2027 to 11/30/2029, total value of $193,496,170.

<sup>(3)</sup>

U.S. Treasury Notes, 3.875%, due 5/31/2027, total value $104,149,759.

<sup>(4)</sup>

U.S. Treasury Notes, 3.50% to 4.375%, due 11/15/2028 to 5/15/2034, total value $241,869,429.

<sup>(5)</sup>

U.S. Treasury Notes, 4.00% to 4.25%, due 1/15/2027 to 3/15/2027, total value $103,933,596.

**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 period ended January 31, 2026, 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.

All open derivative positions at period 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.

**276 :: Notes to Financial Statements ::** January 31, 2026 (Unaudited)

Certain ProFunds utilized a varying level of derivative instruments in conjunction with the investment securities to meet their investment objective during the period ended January 31, 2026. With the exception of the ProFunds listed below, the notional amount of open derivative positions relative to each ProFund's net assets at period end is generally representative of the notional amount of open positions to net assets throughout the period. The volume associated with futures contracts in the UltraShort Japan ProFund was 170% based on average monthly notional amounts in comparison to net assets during the period ended January 31, 2026. The volume associated with swap agreements in the MidCap ProFund, Semiconductor UltraSector ProFund, Small-Cap ProFund, and Ultrashort Japan ProFund was 33%, 83%, 40%, and 29%, respectively, based on average monthly notional amounts in comparison to net assets during the period ended January 31, 2026.

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 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

January 31, 2026 (Unaudited) **:: Notes to Financial Statements :: 277**

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 January 31, 2026, there was no collateral posted by counterparties.

Swap Agreements

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

**278 :: Notes to Financial Statements ::** January 31, 2026 (Unaudited)

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 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 January 31, 2026, the collateral posted by counterparties consisted of U.S. Treasury securities and cash.

The use of swaps 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 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 period. 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 January 31, 2026.

January 31, 2026 (Unaudited) **:: Notes to Financial Statements :: 279**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | Assets | Assets | Assets | Assets |  | Liabilities | 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 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: | Equity Risk Exposure: | Equity Risk Exposure: | Equity Risk Exposure: | Equity Risk Exposure: |
| Banks UltraSector ProFund | Banks UltraSector ProFund | $— |  |  | $67415 | $— | $— |  | $ | $— |
| Bear ProFund |  |  |  |  | 35495 |  |  | 1559 |  |  |
| Biotechnology UltraSector ProFund |  |  |  |  |  |  |  |  |  |  |
| Bull ProFund |  |  | 9423 |  |  |  |  |  |  |  |
| Communication Services UltraSector ProFund |  |  |  |  | 678223 |  |  |  |  |  |
| Consumer Discretionary UltraSector ProFund |  |  |  |  |  |  |  |  |  |  |
| Consumer Staples UltraSector ProFund |  |  |  |  | 63839 |  |  |  |  |  |
| Energy UltraSector ProFund |  |  |  |  | 500572 |  |  |  |  |  |
| Europe 30 ProFund |  |  |  |  |  |  |  |  |  |  |
| Financials UltraSector ProFund |  |  |  |  | 32328 |  |  |  |  |  |
| Health Care UltraSector ProFund |  |  |  |  |  |  |  |  |  |  |
| Industrials UltraSector ProFund |  |  |  |  | 22799 |  |  |  |  |  |
| Internet Ultra Sector ProFund |  |  |  |  |  |  |  |  |  |  |
| Materials UltraSector ProFund |  |  |  |  |  |  |  |  |  |  |
| Mid-Cap ProFund |  |  |  |  |  |  |  |  |  |  |
| Nasdaq-100 ProFund |  |  |  |  |  |  |  | 30425 |  |  |
| Oil & Gas Equipment & Services UltraSector ProFund |  |  |  |  | 409076 |  |  |  |  |  |
| Pharmaceuticals UltraSector ProFund |  |  |  |  |  |  |  |  |  |  |
| Precious Metals UltraSector ProFund |  |  |  |  |  |  |  |  |  |  |
| Real Estate UltraSector ProFund |  |  |  |  | 4773 |  |  |  |  |  |
| Semiconductor UltraSector ProFund |  |  |  |  | 5222778 |  |  |  |  |  |
| Short Energy ProFund |  |  |  |  |  |  |  |  |  |  |
| Short Nasdaq-100 ProFund |  |  |  |  | 49491 |  |  |  |  |  |
| Short Precious Metals ProFund |  |  |  |  | 1775116 |  |  |  |  |  |
| Short Real Estate ProFund |  |  |  |  |  |  |  |  |  |  |
| Short Small-Cap ProFund |  |  |  |  | 15592 |  |  |  |  |  |
| Small-Cap ProFund |  |  | 30616 |  |  |  |  |  |  |  |
| Technology UltraSector ProFund |  |  |  |  |  |  |  |  |  |  |
| UltraBear ProFund |  |  |  |  | 56598 |  |  | 1559 |  |  |
| UltraBull ProFund |  |  | 47900 |  |  |  |  |  |  |  |
| UltraChina ProFund |  |  |  |  |  |  |  |  |  |  |
| UltraDow 30 ProFund |  |  | 19910 |  |  |  |  |  |  |  |
| UltraEmerging Markets ProFund |  |  |  |  |  |  |  |  |  |  |
| UltraInternational ProFund |  |  |  |  |  |  |  |  |  |  |
| UltraJapan ProFund |  | 2755224 | 2755224 |  | 2928 |  |  |  |  |  |
| UltraLatin America ProFund |  |  |  |  |  |  |  |  |  |  |
| UltraMid-Cap ProFund |  |  | 57711 |  |  |  |  |  |  |  |
| UltraNasdaq-100 ProFund |  |  |  |  |  |  | 1299235 | 1299235 |  |  |
| UltraShort China ProFund |  |  |  |  | 100722 |  |  |  |  |  |
| UltraShort Dow 30 ProFund |  |  |  |  | 6185 |  |  |  |  |  |
| UltraShort Emerging Markets ProFund |  |  |  |  | 22621 |  |  |  |  |  |
| UltraShort International ProFund |  |  |  |  | 90087 |  |  |  |  |  |
| UltraShort Japan ProFund |  |  |  |  |  |  |  | 45825 |  |  |
| UltraShort Latin America ProFund |  |  |  |  | 178286 |  |  |  |  |  |
| UltraShort Mid-Cap ProFund |  |  |  |  | 11802 |  |  |  |  |  |
| UltraShort Nasdaq-100 ProFund |  |  | 30688 |  | 426864 |  |  |  |  |  |
| UltraShort Small-Cap ProFund |  |  |  |  | 129089 |  |  | 4065 |  |  |
| UltraSmall-Cap ProFund |  |  | 144733 |  |  |  |  |  |  |  |
| Utilities UltraSector ProFund |  |  |  |  | 104901 |  |  |  |  |  |

---

Foreign Exchange Rate Risk Exposure:<br>

Falling U.S. Dollar ProFund — — 36,879 — — 16,829 <br> Rising U.S. Dollar ProFund — — 41 — — 129,475

Interest Rate Risk Exposure:<br>

Access Flex Bear High Yield ProFund — 377 — — — — <br> Access Flex High Yield ProFund — — — — 16,003 —

**280 :: Notes to Financial Statements ::** January 31, 2026 (Unaudited)

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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 |  |
| Rising Rates Opportunity ProFund | Rising Rates Opportunity ProFund | $— |  | $121096 | $— | $— | $ | $— |
| Rising Rates Opportunity 10 ProFund |  |  |  | 3457 |  |  |  |  |
| U.S. Government Plus ProFund |  |  |  |  |  |  |  |  |

---

\*

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.

The following table presents the effect of derivative instruments on the ProFund's Statement of Operations, categorized by risk exposure, for the period ended January 31, 2026.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | 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 |  |  |
| Equity Risk Exposure: | Equity Risk Exposure: | Equity Risk Exposure: | Equity Risk Exposure: | Equity Risk Exposure: | Equity Risk Exposure: | Equity Risk Exposure: | Equity Risk Exposure: | Equity Risk Exposure: |
| Banks UltraSector ProFund | Banks UltraSector ProFund | $— | $297365 | $— | $— |  | $323540 | $— |
| Bear ProFund |  | (73856) | (157967 |  | 25989 |  | (314593 |  |
| Biotechnology UltraSector ProFund |  |  | 23879156 |  |  |  | (2248189 |  |
| Bull ProFund |  | 442842 | 597633 |  | (155787) |  | 47792 |  |
| Communication Services UltraSector ProFund |  |  | 1149456 |  |  |  | 872276 |  |
| Consumer Discretionary UltraSector ProFund |  |  | 959944 |  |  |  | 772522 |  |
| Consumer Staples UltraSector ProFund |  |  | 87917 |  |  |  | 128325 |  |
| Energy UltraSector ProFund |  |  | 1287605 |  |  |  | 532511 |  |
| Financials UltraSector ProFund |  |  | (909479 |  |  |  | 409868 |  |
| Health Care UltraSector ProFund |  |  | 1501453 |  |  |  | (161886 |  |
| Industrials UltraSector ProFund |  |  | 134979 |  |  |  | 127968 |  |
| Internet UltraSector ProFund |  |  | (3349733 |  |  |  | (1346178 |  |
| Materials UltraSector ProFund |  |  | 2539439 |  |  |  | (203856 |  |
| Mid-Cap ProFund |  |  | 26632 |  |  |  | 37718 |  |
| Nasdaq-100 ProFund |  | 1114874 | 5546769 |  | (500022) |  | (90145 |  |
| Oil & Gas Equipment & Services UltraSector <br>ProFund |  |  | 2357386 |  |  |  | 639004 |  |
| Pharmaceuticals UltraSector ProFund |  |  | 548289 |  |  |  | 43648 |  |
| Precious Metals UltraSector ProFund |  |  | 41194897 |  |  |  | (12699497 |  |
| Real Estate UltraSector ProFund |  |  | (180405 |  |  |  | 95828 |  |
| Semiconductor UltraSector ProFund |  |  | 60854398 |  |  |  | (3728809 |  |
| Short Energy ProFund |  |  | (109927 |  |  |  | (29298 |  |
| Short Nasdaq-100 ProFund |  |  | (239819 |  |  |  | 35617 |  |
| Short Precious Metals ProFund |  |  | (6820185 |  |  |  | 1321174 |  |
| Short Real Estate ProFund |  |  | 34919 |  |  |  | (27782 |  |
| Short Small-Cap ProFund |  |  | (168312 |  |  |  | 693 |  |
| Small-Cap ProFund |  | 42034 | 604453 |  | 24155 |  | 17401 |  |
| Technology UltraSector ProFund |  |  | 5162741 |  |  |  | (1037801 |  |
| UltraBear ProFund |  | (73856) | (1191388 |  | 25989 |  | (38990 |  |
| UltraBull ProFund |  | 3067086 | 10864878 |  | (1163640) |  | 326663 |  |
| UltraChina ProFund |  |  | 817028 |  |  |  | 124426 |  |
| UltraDow 30 ProFund |  | 165017 | 3164344 |  | (20985) |  | 638024 |  |
| UltraEmerging Markets ProFund |  |  | 2542486 |  |  |  | (508870 |  |
| UltraInternational ProFund |  |  | 1513910 |  |  |  | 73695 |  |
| UltraJapan ProFund |  | 11416470 | 99323 |  | 404224 |  | 3674 |  |
| UltraLatin America ProFund |  |  | 4608598 |  |  |  | (505633 |  |
| UltraMid-Cap ProFund |  | 244340 | 1992434 |  | (12153) |  | 214458 |  |
| UltraNasdaq-100 ProFund |  | 9224940 | 122776452 |  | (5099759) |  | (12647811 |  |
| UltraShort China ProFund |  |  | (513624 |  |  |  | 33556 |  |

---

January 31, 2026 (Unaudited) **:: Notes to Financial Statements :: 281**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | 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 |  |  |
| UltraShort Dow 30 ProFund | UltraShort Dow 30 ProFund | $— | $(176193 | $— | $— |  | $(44141 | $— |
| UltraShort Emerging Markets ProFund |  |  | (231345 |  |  |  | 6956 |  |
| UltraShort International ProFund |  |  | (673701 |  |  |  | 9714 |  |
| UltraShort Japan ProFund |  | (783664) | (139880 |  | 52600 |  | (5633 |  |
| UltraShort Latin America ProFund |  |  | (526806 |  |  |  | 202800 |  |
| UltraShort Mid-Cap ProFund |  |  | (119107 |  |  |  | (6301 |  |
| UltraShort Nasdaq-100 ProFund |  | (269951) | (2535486 |  | 124656 |  | 207491 |  |
| UltraShort Small-Cap ProFund |  | (52360) | (1204121 |  | 2413 |  | (19743 |  |
| UltraSmall-Cap ProFund |  | 753548 | 8650277 |  | 169853 |  | (245830 |  |
| Utilities UltraSector ProFund |  |  | 112212 |  |  |  | (60149 |  |
| 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: | Foreign Exchange Rate Risk Exposure: | Foreign Exchange Rate Risk Exposure: |
| Falling U.S. Dollar ProFund |  |  |  | (44778 |  |  |  | 69776 |
| Rising U.S. Dollar ProFund |  |  |  | 149981 |  |  |  | (340537 |
| 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: | Interest Rate Risk Exposure: | Interest Rate Risk Exposure: |
| Access Flex Bear High Yield ProFund |  |  | (68869 |  |  |  | (8226 |  |
| Access Flex High Yield ProFund |  |  | 289717 |  |  |  | 35418 |  |
| Rising Rates Opportunity ProFund |  |  | (671180 |  |  |  | 475385 |  |
| Rising Rates Opportunity 10 ProFund |  |  | (18946 |  |  |  | 9512 |  |
| U.S. Government Plus ProFund |  |  | 48002 |  |  |  | (177180 |  |

---

Asset (Liability) amounts shown in the table below represent amounts owed to (by) the ProFunds for swap agreements and forward currency contracts as of January 31, 2026. 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 period end. Amounts shown in the column labeled "Net Amount" represent the un-collateralized portions of these amounts at period 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 Amounts Not Offset in the <br>Statement of Assets and Liabilities\* | Gross Amounts Not Offset in the <br>Statement of Assets and Liabilities\* |
| Fund Name | Gross <br>Asset (Liability) as <br>presented in <br>the Statement of <br>Assets and Liabilities |  |  | 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** | **Access Flex Bear High Yield ProFund** | **Access Flex Bear High Yield ProFund** |
| Swap Agreements — Goldman Sachs International | Swap Agreements — Goldman Sachs International | $35 | $— |  | $— | $35 |
| Swap Agreements — UBS AG |  | 342 |  |  |  | 342 |
| **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** |
| Swap Agreements — Goldman Sachs International |  | (10268) |  |  | 10268 |  |
| Swap Agreements — UBS AG |  | (5735) |  |  | 5735 |  |
| **Banks UltraSector ProFund** | **Banks UltraSector ProFund** | **Banks UltraSector ProFund** | **Banks UltraSector ProFund** | **Banks UltraSector ProFund** | **Banks UltraSector ProFund** | **Banks UltraSector ProFund** |
| Swap Agreements — Goldman Sachs International |  | 33917 |  |  |  | 33917 |
| Swap Agreements — UBS AG |  | 33498 |  |  |  | 33498 |
| **Bear ProFund** | **Bear ProFund** | **Bear ProFund** | **Bear ProFund** | **Bear ProFund** | **Bear ProFund** | **Bear ProFund** |
| Swap Agreements — Goldman Sachs International |  | 20530 |  |  |  | 20530 |
| Swap Agreements — UBS AG |  | 14965 |  |  |  | 14965 |
| **Biotechnology UltraSector ProFund** | **Biotechnology UltraSector ProFund** | **Biotechnology UltraSector ProFund** | **Biotechnology UltraSector ProFund** | **Biotechnology UltraSector ProFund** | **Biotechnology UltraSector ProFund** | **Biotechnology UltraSector ProFund** |
| Swap Agreements — Goldman Sachs International |  | (1825775) | 1825775 |  |  |  |
| Swap Agreements — UBS AG |  | (1882291) | 1882291 |  |  |  |
| **Bull ProFund** | **Bull ProFund** | **Bull ProFund** | **Bull ProFund** | **Bull ProFund** | **Bull ProFund** | **Bull ProFund** |
| Swap Agreements — Goldman Sachs International |  | (32966) | 32966 |  |  |  |
| Swap Agreements — UBS AG |  | (16270) | 16270 |  |  |  |

---

**282 :: Notes to Financial Statements ::** January 31, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
| | Gross Amounts Not Offset in the <br>Statement of Assets and Liabilities\* | Gross Amounts Not Offset in the <br>Statement of Assets and Liabilities\* |
| Fund Name | Gross <br>Asset (Liability) as <br>presented in <br>the Statement of <br>Assets and Liabilities |  |
| **Communication Services UltraSector ProFund** | **Communication Services UltraSector ProFund** | **Communication Services UltraSector ProFund** |
| Swap Agreements — Goldman Sachs International | Swap Agreements — Goldman Sachs International | $340629 |
| Swap Agreements — UBS AG |  | 337594 |
| **Consumer Discretionary UltraSector ProFund** | **Consumer Discretionary UltraSector ProFund** | **Consumer Discretionary UltraSector ProFund** |
| Swap Agreements — Goldman Sachs International |  | (155128) |
| Swap Agreements — UBS AG |  | (157616) |
| **Consumer Staples UltraSector ProFund** | **Consumer Staples UltraSector ProFund** | **Consumer Staples UltraSector ProFund** |
| Swap Agreements — Goldman Sachs International |  | 10405 |
| Swap Agreements — UBS AG |  | 53434 |
| **Energy UltraSector ProFund** | **Energy UltraSector ProFund** | **Energy UltraSector ProFund** |
| Swap Agreements — Goldman Sachs International |  | 280229 |
| Swap Agreements — UBS AG |  | 220343 |
| **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 |
| Appreciation |  | 14092 |
| Depreciation | Depreciation | (3250 |
| Net Appreciation |  | 10842 |
| Forward Currency Contracts — UBS AG | Forward Currency Contracts — UBS AG | Forward Currency Contracts — UBS AG |
| Appreciation |  | 22787 |
| Depreciation | Depreciation | (13579 |
| Net Appreciation |  | 9208 |
| **Financials UltraSector ProFund** | **Financials UltraSector ProFund** | **Financials UltraSector ProFund** |
| Swap Agreements — Goldman Sachs International |  | 14258 |
| Swap Agreements — UBS AG |  | 18070 |
| **Health Care UltraSector ProFund** | **Health Care UltraSector ProFund** | **Health Care UltraSector ProFund** |
| Swap Agreements — Goldman Sachs International |  | (210207) |
| Swap Agreements — UBS AG |  | (271521) |
| **Industrials UltraSector ProFund** | **Industrials UltraSector ProFund** | **Industrials UltraSector ProFund** |
| Swap Agreements — Goldman Sachs International |  | 19381 |
| Swap Agreements — UBS AG |  | 3418 |
| **Internet UltraSector ProFund** | **Internet UltraSector ProFund** | **Internet UltraSector ProFund** |
| Swap Agreements — Goldman Sachs International |  | (226735) |
| Swap Agreements — UBS AG |  | (198894) |
| **Materials UltraSector ProFund** | **Materials UltraSector ProFund** | **Materials UltraSector ProFund** |
| Swap Agreements — Goldman Sachs International |  | (187194) |
| Swap Agreements — UBS AG |  | (209346) |
| **Mid-Cap ProFund** | **Mid-Cap ProFund** | **Mid-Cap ProFund** |
| Swap Agreements — Goldman Sachs International |  | (8704) |
| Swap Agreements — UBS AG |  | (8990) |
| **Nasdaq-100 ProFund** | **Nasdaq-100 ProFund** | **Nasdaq-100 ProFund** |
| Swap Agreements — Goldman Sachs International |  | (81904) |
| Swap Agreements — UBS AG |  | (175726) |
| **Oil & Gas Equipment & Services UltraSector ProFund** | **Oil & Gas Equipment & Services UltraSector ProFund** | **Oil & Gas Equipment & Services UltraSector ProFund** |
| Swap Agreements — Goldman Sachs International |  | 181400 |
| Swap Agreements — UBS AG |  | 227676 |
| **Pharmaceuticals UltraSector ProFund** | **Pharmaceuticals UltraSector ProFund** | **Pharmaceuticals UltraSector ProFund** |
| Swap Agreements — Goldman Sachs International |  | (29310) |
| Swap Agreements — UBS AG |  | (19808) |
| **Precious Metals UltraSector ProFund** | **Precious Metals UltraSector ProFund** | **Precious Metals UltraSector ProFund** |
| Swap Agreements — Goldman Sachs International |  | (6600376) |
| Swap Agreements — UBS AG |  | (7124394) |
| **Real Estate UltraSector ProFund** | **Real Estate UltraSector ProFund** | **Real Estate UltraSector ProFund** |
| Swap Agreements — Goldman Sachs International |  | 1053 |
| Swap Agreements — UBS AG |  | 3720 |
| **Rising Rates Opportunity ProFund** | **Rising Rates Opportunity ProFund** | **Rising Rates Opportunity ProFund** |
| Swap Agreements — Citibank North America |  | 49106 |
| Swap Agreements — Societe' Generale |  | 71990 |

---

January 31, 2026 (Unaudited) **:: Notes to Financial Statements :: 283**

---

| | | |
|:---|:---|:---|
| | | Gross Amounts Not Offset in the <br>Statement of Assets and Liabilities\* |
| Fund Name | Gross <br>Asset (Liability) as <br>presented in <br>the Statement of <br>Assets and Liabilities | Gross <br>Asset (Liability) as <br>presented in <br>the Statement of <br>Assets and Liabilities |
| **Rising Rates Opportunity 10 ProFund** | **Rising Rates Opportunity 10 ProFund** | **Rising Rates Opportunity 10 ProFund** |
| Swap Agreements — Citibank North America | Swap Agreements — Citibank North America | $2142 |
| Swap Agreements — Societe' Generale |  | 1315 |
| **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 |
| Appreciation |  |  |
| Depreciation | Depreciation | (73162 |
| Net Depreciation |  | (73162 |
| Forward Currency Contracts — UBS AG | Forward Currency Contracts — UBS AG | Forward Currency Contracts — UBS AG |
| Appreciation |  | 41 |
| Depreciation | Depreciation | (56313 |
| Net Depreciation |  | (56272 |
| **Semiconductor UltraSector ProFund** | **Semiconductor UltraSector ProFund** | **Semiconductor UltraSector ProFund** |
| Swap Agreements — Goldman Sachs International |  | 2520520 |
| Swap Agreements — UBS AG |  | 2702258 |
| **Short Energy ProFund** | **Short Energy ProFund** | **Short Energy ProFund** |
| Swap Agreements — Goldman Sachs International |  | (15500 |
| Swap Agreements — UBS AG |  | (15428 |
| **Short Nasdaq-100 ProFund** | **Short Nasdaq-100 ProFund** | **Short Nasdaq-100 ProFund** |
| Swap Agreements — Goldman Sachs International |  | 46208 |
| Swap Agreements — UBS AG |  | 3283 |
| **Short Precious Metals ProFund** | **Short Precious Metals ProFund** | **Short Precious Metals ProFund** |
| Swap Agreements — Goldman Sachs International |  | 1632182 |
| Swap Agreements — UBS AG |  | 142934 |
| **Short Real Estate ProFund** | **Short Real Estate ProFund** | **Short Real Estate ProFund** |
| Swap Agreements — Goldman Sachs International |  | (608 |
| Swap Agreements — UBS AG |  | (1585 |
| **Short Small-Cap ProFund** | **Short Small-Cap ProFund** | **Short Small-Cap ProFund** |
| Swap Agreements — Goldman Sachs International |  | 13516 |
| Swap Agreements — UBS AG |  | 2076 |
| **Small-Cap ProFund** | **Small-Cap ProFund** | **Small-Cap ProFund** |
| Swap Agreements — Goldman Sachs International |  | (9876 |
| Swap Agreements — UBS AG |  | (57645 |
| **Technology UltraSector ProFund** | **Technology UltraSector ProFund** | **Technology UltraSector ProFund** |
| Swap Agreements — Goldman Sachs International |  | (430672 |
| Swap Agreements — UBS AG |  | (178681 |
| **UltraBear ProFund** | **UltraBear ProFund** | **UltraBear ProFund** |
| Swap Agreements — Goldman Sachs International |  | 38297 |
| Swap Agreements — UBS AG |  | 18301 |
| **UltraBull ProFund** | **UltraBull ProFund** | **UltraBull ProFund** |
| Swap Agreements — Goldman Sachs International |  | (392288 |
| Swap Agreements — UBS AG |  | (796342 |
| **UltraChina ProFund** | **UltraChina ProFund** | **UltraChina ProFund** |
| Swap Agreements — Goldman Sachs International |  | (77634 |
| Swap Agreements — UBS AG |  | (577605 |
| **UltraDow 30 ProFund** | **UltraDow 30 ProFund** | **UltraDow 30 ProFund** |
| Swap Agreements — Goldman Sachs International |  | (79828 |
| Swap Agreements — UBS AG |  | (57370 |
| **UltraEmerging Markets ProFund** | **UltraEmerging Markets ProFund** | **UltraEmerging Markets ProFund** |
| Swap Agreements — Goldman Sachs International |  | (319949 |
| Swap Agreements — UBS AG |  | (333417 |
| **UltraInternational ProFund** | **UltraInternational ProFund** | **UltraInternational ProFund** |
| Swap Agreements — Goldman Sachs International |  | (123811 |
| Swap Agreements — UBS AG |  | (117458 |
| **UltraJapan ProFund** | **UltraJapan ProFund** | **UltraJapan ProFund** |
| Swap Agreements — Goldman Sachs International |  | 2928 |
| **UltraLatin America ProFund** | **UltraLatin America ProFund** | **UltraLatin America ProFund** |
| Swap Agreements — Goldman Sachs International |  | (218761 |
| Swap Agreements — UBS AG |  | (234602 |

---

**284 :: Notes to Financial Statements ::** January 31, 2026 (Unaudited)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | 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 Amounts Not Offset in the <br>Statement of Assets and Liabilities\* | Gross Amounts Not Offset in the <br>Statement of Assets and Liabilities\* |
| Fund Name | Gross <br>Asset (Liability) as <br>presented in <br>the Statement of <br>Assets and Liabilities | Gross <br>Asset (Liability) as <br>presented in <br>the Statement of <br>Assets and Liabilities |  |  | Cash<br>Collateral<br>(Received)<br>Pledged\*\* | Net Amount |  |
| **UltraMid-Cap ProFund** | **UltraMid-Cap ProFund** | **UltraMid-Cap ProFund** | **UltraMid-Cap ProFund** | **UltraMid-Cap ProFund** | **UltraMid-Cap ProFund** | **UltraMid-Cap ProFund** | **UltraMid-Cap ProFund** |
| Swap Agreements — Goldman Sachs International | Swap Agreements — Goldman Sachs International | $— | (447565 | $447565 |  | $— | $— |
| Swap Agreements — UBS AG |  |  | (219754) | 219754 |  |  |  |
| **UltraNasdaq-100 ProFund** | **UltraNasdaq-100 ProFund** | **UltraNasdaq-100 ProFund** | **UltraNasdaq-100 ProFund** | **UltraNasdaq-100 ProFund** | **UltraNasdaq-100 ProFund** | **UltraNasdaq-100 ProFund** | **UltraNasdaq-100 ProFund** |
| Swap Agreements — Citibank North America |  | (11049200 | (11049200) | 11049200 | 11049200 |  |  |
| Swap Agreements — Societe' Generale |  | (10424111 | (10424111) | 10424111 | 10424111 |  |  |
| **UltraShort China ProFund** | **UltraShort China ProFund** | **UltraShort China ProFund** | **UltraShort China ProFund** | **UltraShort China ProFund** | **UltraShort China ProFund** | **UltraShort China ProFund** | **UltraShort China ProFund** |
| Swap Agreements — Goldman Sachs International |  |  | 52620 |  |  |  | 52620 |
| Swap Agreements — UBS AG |  |  | 48102 |  |  |  | 48102 |
| **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** |
| Swap Agreements — Goldman Sachs International |  |  | 2617 |  |  |  | 2617 |
| Swap Agreements — UBS AG |  |  | 3568 |  |  |  | 3568 |
| **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** |
| Swap Agreements — Goldman Sachs International |  |  | 10373 |  |  |  | 10373 |
| Swap Agreements — UBS AG |  |  | 12248 |  |  |  | 12248 |
| **UltraShort International ProFund** | **UltraShort International ProFund** | **UltraShort International ProFund** | **UltraShort International ProFund** | **UltraShort International ProFund** | **UltraShort International ProFund** | **UltraShort International ProFund** | **UltraShort International ProFund** |
| Swap Agreements — Goldman Sachs International |  |  | 48738 |  |  |  | 48738 |
| Swap Agreements — UBS AG |  |  | 41349 |  |  |  | 41349 |
| **UltraShort Japan ProFund** | **UltraShort Japan ProFund** | **UltraShort Japan ProFund** | **UltraShort Japan ProFund** | **UltraShort Japan ProFund** | **UltraShort Japan ProFund** | **UltraShort Japan ProFund** | **UltraShort Japan ProFund** |
| Swap Agreements — Goldman Sachs International |  |  | (5005) | 5005 |  |  |  |
| **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** |
| Swap Agreements — Goldman Sachs International |  |  | 88059 |  |  |  | 88059 |
| Swap Agreements — UBS AG |  |  | 90227 |  |  |  | 90227 |
| **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** |
| Swap Agreements — Goldman Sachs International |  |  | 2777 |  |  |  | 2777 |
| Swap Agreements — UBS AG |  |  | 9025 |  |  |  | 9025 |
| **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** |
| Swap Agreements — Goldman Sachs International |  |  | 238258 |  |  |  | 238258 |
| Swap Agreements — UBS AG |  |  | 188606 |  |  |  | 188606 |
| **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** |
| Swap Agreements — Goldman Sachs International |  |  | 71206 |  |  |  | 71206 |
| Swap Agreements — UBS AG |  |  | 57883 |  |  |  | 57883 |
| **UltraSmall-Cap ProFund** | **UltraSmall-Cap ProFund** | **UltraSmall-Cap ProFund** | **UltraSmall-Cap ProFund** | **UltraSmall-Cap ProFund** | **UltraSmall-Cap ProFund** | **UltraSmall-Cap ProFund** | **UltraSmall-Cap ProFund** |
| Swap Agreements — Goldman Sachs International |  |  | (592377) | 592377 |  |  |  |
| Swap Agreements — UBS AG |  |  | (664374) | 664374 |  |  |  |
| **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** |
| Swap Agreements — Citibank North America |  |  | (72835) | 72835 |  |  |  |
| Swap Agreements — Societe' Generale |  |  | (25041) | 25041 |  |  |  |
| **Utilities UltraSector ProFund** | **Utilities UltraSector ProFund** | **Utilities UltraSector ProFund** | **Utilities UltraSector ProFund** | **Utilities UltraSector ProFund** | **Utilities UltraSector ProFund** | **Utilities UltraSector ProFund** | **Utilities UltraSector ProFund** |
| Swap Agreements — Goldman Sachs International |  |  | 80911 |  |  |  | 80911 |
| Swap Agreements — UBS AG |  |  | 23990 |  |  |  | 23990 |

---

\*

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 non-money 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

January 31, 2026 (Unaudited) **:: Notes to Financial Statements :: 285**

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 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 January 31, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Value of <br>Securities on <br>Loan |  | Value of<br>Cash<br>Collateral<br>Received\* |  |
| Biotechnology UltraSector ProFund |  | $3903128 |  | $4141972 |
| Europe 30 ProFund |  | 133884 |  | 140357 |
| Mid-Cap ProFund |  | 20797 |  | 21587 |
| Mid-Cap Growth ProFund |  | 20924 |  | 33615 |
| Pharmaceuticals UltraSector ProFund |  | 32328 |  | 34370 |
| Small-Cap ProFund |  | 42728 |  | 46765 |
| Small-Cap Growth ProFund |  | 14974 |  | 15840 |
| Small-Cap Value ProFund |  | 50775 |  | 65270 |
| UltraChina ProFund |  | 1543937 |  | 1644056 |
| UltraEmerging Markets ProFund |  | 887709 |  | 937718 |
| UltraLatin America ProFund |  | 724168 |  | 766522 |
| UltraMid-Cap ProFund |  | 108514 |  | 114321 |

---

\*

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. Withholding taxes on foreign dividends, if applicable, are paid (a portion of which may be reclaimable) or provided for in accordance with the applicable country's tax rules and rates and are disclosed in the Statements of Operations as Foreign tax withholding. Withholding tax reclaims are filed in certain countries to recover a portion of the amounts previously withheld. The Funds record a reclaim receivable based on a number of factors, including a jurisdiction's legal obligation to pay reclaims, as well as payment history and market convention.

Any receivables at period end are disclosed in the Statements of Assets and Liabilities as Receivable for Tax Reclaims. 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.

**286 :: Notes to Financial Statements ::** January 31, 2026 (Unaudited)

**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 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), 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, corporate actions, wash sales and mark-to-market on derivative instruments) 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. 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

January 31, 2026 (Unaudited) **:: Notes to Financial Statements :: 287**

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 a 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. Swap agreements are generally valued using independent sources and/or agreements with counterparties. Forward currency contracts are valued using the quoted daily forward rate 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 period ended January 31, 2026, 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 January 31, 2026, 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 1 - Quoted Prices |  | LEVEL 2 - Other Significant <br>Observable Inputs | LEVEL 2 - Other Significant <br>Observable Inputs |  | Total | Total |  |
|  |  | Other Financial<br>Instruments^ |  | Investment<br>Securities | Other Financial<br>Instruments^ |  | Investment<br>Securities |  |  |  |
| **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** | **Access Flex Bear High Yield ProFund** | **Access Flex Bear High Yield ProFund** |
| Repurchase Agreements | $— |  | $— |  | $51000 | $ | $— |  | $51000 | $— |
| Swap Agreements |  |  |  |  |  | 377 | 377 | 377 |  | 377 |
| Total | $— |  | $— |  | $51000 | $ | $377 | 377 | $51000 | $377 |
| **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** | **Access Flex High Yield ProFund** | **Access Flex High Yield ProFund** |
| Repurchase Agreements | $— |  | $— |  | $14869000 | $ | $— |  | $14869000 | $— |
| Swap Agreements |  |  |  |  |  | (16003 | (16003 | (16003) |  | (16003) |
| Total | $— |  | $— |  | $14869000 | $ | $(16003 | (16003) | $14869000 | $(16003) |
| **Banks UltraSector ProFund** | **Banks UltraSector ProFund** | **Banks UltraSector ProFund** | **Banks UltraSector ProFund** | **Banks UltraSector ProFund** | **Banks UltraSector ProFund** | **Banks UltraSector ProFund** | **Banks UltraSector ProFund** | **Banks UltraSector ProFund** | **Banks UltraSector ProFund** | **Banks UltraSector ProFund** |
| Common Stocks | $7318648 |  | $— |  | $— | $ | $— |  | $7318648 | $— |
| Repurchase Agreements |  |  |  |  | 1313000 |  |  |  | 1313000 |  |
| Swap Agreements |  |  |  |  |  | 67415 | 67415 | 67415 |  | 67415 |
| Total | $7318648 |  | $— |  | $1313000 | $ | $67415 | 67415 | $8631648 | $67415 |
| **Bear ProFund** | **Bear ProFund** | **Bear ProFund** | **Bear ProFund** | **Bear ProFund** | **Bear ProFund** | **Bear ProFund** | **Bear ProFund** | **Bear ProFund** | **Bear ProFund** | **Bear ProFund** |
| Repurchase Agreements | $— |  | $— |  | $6405000 | $ | $— |  | $6405000 | $— |
| Futures Contracts |  |  | (1559 | (1559) |  |  |  |  |  | (1559) |
| Swap Agreements |  |  |  |  |  | 35495 | 35495 | 35495 |  | 35495 |
| Total | $— |  | $(1559 | (1559) | $6405000 | $ | $35495 | 35495 | $6405000 | $33936 |

---

**288 :: Notes to Financial Statements ::** January 31, 2026 (Unaudited)

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | LEVEL 1 - Quoted Prices | LEVEL 1 - Quoted Prices | 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 | Investment <br>Securities | Other Financial<br>Instruments^ |  | Investment<br>Securities | Other Financial<br>Instruments^ |  | Investment<br>Securities |  |  |  |
| **Biotechnology UltraSector ProFund** | **Biotechnology UltraSector ProFund** | **Biotechnology UltraSector ProFund** | **Biotechnology UltraSector ProFund** | **Biotechnology UltraSector ProFund** | **Biotechnology UltraSector ProFund** | **Biotechnology UltraSector ProFund** | **Biotechnology UltraSector ProFund** | **Biotechnology UltraSector ProFund** | **Biotechnology UltraSector ProFund** | **Biotechnology UltraSector ProFund** | **Biotechnology UltraSector ProFund** |
| Common Stocks | $133423024 | 133423024 |  | $— |  | $— | $ | $— |  | $133423024 | $— |
| Rights |  | 5992 |  |  |  |  |  |  |  | 5992 |  |
| Repurchase Agreements |  |  |  |  |  | 47820000 |  |  |  | 47820000 |  |
| Collateral for Securities Loaned |  | 4141972 |  |  |  |  |  |  |  | 4141972 |  |
| Swap Agreements |  |  |  |  |  |  | (3708066 | (3708066 | (3708066) |  | (3708066) |
| Total | $137570988 | 137570988 |  | $— |  | $47820000 | $ | $(3708066 | (3708066) | $185390988 | $(3708066) |
| **Bull ProFund** | **Bull ProFund** | **Bull ProFund** | **Bull ProFund** | **Bull ProFund** | **Bull ProFund** | **Bull ProFund** | **Bull ProFund** | **Bull ProFund** | **Bull ProFund** | **Bull ProFund** | **Bull ProFund** |
| Common Stocks | $38676266 | 38676266 |  | $— |  | $— | $ | $— |  | $38676266 | $— |
| Repurchase Agreements |  |  |  |  |  | 11960000 |  |  |  | 11960000 |  |
| Futures Contracts |  |  |  | 9423 | 9423 |  |  |  |  |  | 9423 |
| Swap Agreements |  |  |  |  |  |  | (49236 | (49236 | (49236) |  | (49236) |
| Total | $38676266 | 38676266 |  | $9423 | 9423 | $11960000 | $ | $(49236 | (49236) | $50636266 | $(39813) |
| **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** | **Communication Services UltraSector ProFund** | **Communication Services UltraSector ProFund** | **Communication Services UltraSector ProFund** | **Communication Services UltraSector ProFund** |
| Common Stocks | $26226600 | 26226600 |  | $— |  | $— | $ | $— |  | $26226600 | $— |
| Repurchase Agreements |  |  |  |  |  | 8876000 |  |  |  | 8876000 |  |
| Swap Agreements |  |  |  |  |  |  | 678223 | 678223 | 678223 |  | 678223 |
| Total | $26226600 | 26226600 |  | $— |  | $8876000 | $ | $678223 | 678223 | $35102600 | $678223 |
| **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** | **Consumer Discretionary UltraSector ProFund** | **Consumer Discretionary UltraSector ProFund** | **Consumer Discretionary UltraSector ProFund** | **Consumer Discretionary UltraSector ProFund** |
| Common Stocks | $21788838 | 21788838 |  | $— |  | $— | $ | $— |  | $21788838 | $— |
| Repurchase Agreements |  |  |  |  |  | 4704000 |  |  |  | 4704000 |  |
| Swap Agreements |  |  |  |  |  |  | (312744 | (312744 | (312744) |  | (312744) |
| Total | $21788838 | 21788838 |  | $— |  | $4704000 | $ | $(312744 | (312744) | $26492838 | $(312744) |
| **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** | **Consumer Staples UltraSector ProFund** | **Consumer Staples UltraSector ProFund** | **Consumer Staples UltraSector ProFund** | **Consumer Staples UltraSector ProFund** |
| Common Stocks | $— | 6422494 |  | $— |  | $— | $ | $— |  | $6422494 | $— |
| Repurchase Agreements |  |  |  |  |  | 1842000 |  |  |  | 1842000 |  |
| Swap Agreements |  |  |  |  |  |  | 63839 | 63839 | 63839 |  | 63839 |
| Total | $— | 6422494 |  | $— |  | $1842000 | $ | $63839 | 63839 | $8264494 | $63839 |
| **Energy UltraSector ProFund** | **Energy UltraSector ProFund** | **Energy UltraSector ProFund** | **Energy UltraSector ProFund** | **Energy UltraSector ProFund** | **Energy UltraSector ProFund** | **Energy UltraSector ProFund** | **Energy UltraSector ProFund** | **Energy UltraSector ProFund** | **Energy UltraSector ProFund** | **Energy UltraSector ProFund** | **Energy UltraSector ProFund** |
| Common Stocks | $13963728 | 13963728 |  | $— |  | $— | $ | $— |  | $13963728 | $— |
| Repurchase Agreements |  |  |  |  |  | 3657000 |  |  |  | 3657000 |  |
| Swap Agreements |  |  |  |  |  |  | 500572 | 500572 | 500572 |  | 500572 |
| Total | $13963728 | 13963728 |  | $— |  | $3657000 | $ | $500572 | 500572 | $17620728 | $500572 |
| **Europe 30 ProFund** | **Europe 30 ProFund** | **Europe 30 ProFund** | **Europe 30 ProFund** | **Europe 30 ProFund** | **Europe 30 ProFund** | **Europe 30 ProFund** | **Europe 30 ProFund** | **Europe 30 ProFund** | **Europe 30 ProFund** | **Europe 30 ProFund** | **Europe 30 ProFund** |
| Common Stocks | $— | 5661380 |  | $— |  | $— | $ | $— |  | $5661380 | $— |
| Collateral for Securities Loaned | 140357 | 140357 |  |  |  |  |  |  |  | 140357 |  |
| Total | $— | 5801737 |  | $— |  | $— | $ | $— |  | $5801737 | $— |
| **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** | **Falling U.S. Dollar ProFund** | **Falling U.S. Dollar ProFund** | **Falling U.S. Dollar ProFund** | **Falling U.S. Dollar ProFund** |
| Repurchase Agreements | $— |  |  | $— |  | $1693000 | $ | $— |  | $1693000 | $— |
| Forward Currency Contracts |  |  |  |  |  |  | 20050 | 20050 | 20050 |  | 20050 |
| Total | $— |  |  | $— |  | $1693000 | $ | $20050 | 20050 | $1693000 | $20050 |
| **Financials UltraSector ProFund** | **Financials UltraSector ProFund** | **Financials UltraSector ProFund** | **Financials UltraSector ProFund** | **Financials UltraSector ProFund** | **Financials UltraSector ProFund** | **Financials UltraSector ProFund** | **Financials UltraSector ProFund** | **Financials UltraSector ProFund** | **Financials UltraSector ProFund** | **Financials UltraSector ProFund** | **Financials UltraSector ProFund** |
| Common Stocks | $— | 6295144 |  | $— |  | $— | $ | $— |  | $6295144 | $— |
| Repurchase Agreements |  |  |  |  |  | 1210000 |  |  |  | 1210000 |  |
| Swap Agreements |  |  |  |  |  |  | 32328 | 32328 | 32328 |  | 32328 |
| Total | $— | 6295144 |  | $— |  | $1210000 | $ | $32328 | 32328 | $7505144 | $32328 |
| **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** | **Health Care UltraSector ProFund** | **Health Care UltraSector ProFund** | **Health Care UltraSector ProFund** | **Health Care UltraSector ProFund** |
| Common Stocks | $31667856 | 31667856 |  | $— |  | $— | $ | $— |  | $31667856 | $— |
| Repurchase Agreements |  |  |  |  |  | 6647000 |  |  |  | 6647000 |  |
| Swap Agreements |  |  |  |  |  |  | (481728 | (481728 | (481728) |  | (481728) |
| Total | $31667856 | 31667856 |  | $— |  | $6647000 | $ | $(481728 | (481728) | $38314856 | $(481728) |

---

January 31, 2026 (Unaudited) **:: Notes to Financial Statements :: 289**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | LEVEL 1 - Quoted Prices | LEVEL 1 - Quoted Prices | LEVEL 1 - Quoted Prices | LEVEL 2 - Other Significant <br>Observable Inputs | LEVEL 2 - Other Significant <br>Observable Inputs |  | Total |  |
|  |  | Other Financial<br>Instruments^ |  | Other Financial<br>Instruments^ | Investment<br>Securities | Investment<br>Securities | Other Financial<br>Instruments^ |  |
| **Industrials UltraSector ProFund** | **Industrials UltraSector ProFund** | **Industrials UltraSector ProFund** | **Industrials UltraSector ProFund** | **Industrials UltraSector ProFund** | **Industrials UltraSector ProFund** | **Industrials UltraSector ProFund** | **Industrials UltraSector ProFund** | **Industrials UltraSector ProFund** |
| Common Stocks | $8338951 | $— |  | $— | $— |  | $8338951 | $— |
| Repurchase Agreements |  |  |  | 2273000 |  |  | 2273000 |  |
| Swap Agreements |  |  |  |  | 22799 | 22799 |  | 22799 |
| Total | $8338951 | $— |  | $2273000 | $22799 | 22799 | $10611951 | $22799 |
| **Internet UltraSector ProFund** | **Internet UltraSector ProFund** | **Internet UltraSector ProFund** | **Internet UltraSector ProFund** | **Internet UltraSector ProFund** | **Internet UltraSector ProFund** | **Internet UltraSector ProFund** | **Internet UltraSector ProFund** | **Internet UltraSector ProFund** |
| Common Stocks | $70535000 | $— |  | $— | $— |  | $70535000 | $— |
| Repurchase Agreements |  |  |  | 13235000 |  |  | 13235000 |  |
| Swap Agreements |  |  |  |  | (425629 | (425629 |  | (425629) |
| Total | $70535000 | $— |  | $13235000 | $(425629 | (425629) | $83770000 | $(425629) |
| **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** | **Large-Cap Growth ProFund** |
| Common Stocks | $19206406 | $— |  | $— | $— |  | $19206406 | $— |
| Repurchase Agreements |  |  |  | 169000 |  |  | 169000 |  |
| Total | $19206406 | $— |  | $169000 | $— |  | $19375406 | $— |
| **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** | **Large-Cap Value ProFund** |
| Common Stocks | $5069899 | $— |  | $— | $— |  | $5069899 | $— |
| Total | $5069899 | $— |  | $— | $— |  | $5069899 | $— |
| **Materials UltraSector ProFund** | **Materials UltraSector ProFund** | **Materials UltraSector ProFund** | **Materials UltraSector ProFund** | **Materials UltraSector ProFund** | **Materials UltraSector ProFund** | **Materials UltraSector ProFund** | **Materials UltraSector ProFund** | **Materials UltraSector ProFund** |
| Common Stocks | $24404519 | $— |  | $— | $— |  | $24404519 | $— |
| Repurchase Agreements |  |  |  | 10274000 |  |  | 10274000 |  |
| Swap Agreements |  |  |  |  | (396540 | (396540 |  | (396540) |
| Total | $24404519 | $— |  | $10274000 | $(396540 | (396540) | $34678519 | $(396540) |
| **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** | **Mid-Cap Growth ProFund** |
| Common Stocks | $4490501 | $— |  | $— | $— |  | $4490501 | $— |
| Repurchase Agreements |  |  |  | 17000 |  |  | 17000 |  |
| Collateral for Securities Loaned | 33615 |  |  |  |  |  | 33615 |  |
| Total | $4524116 | $— |  | $17000 | $— |  | $4541116 | $— |
| **Mid-Cap ProFund** | **Mid-Cap ProFund** | **Mid-Cap ProFund** | **Mid-Cap ProFund** | **Mid-Cap ProFund** | **Mid-Cap ProFund** | **Mid-Cap ProFund** | **Mid-Cap ProFund** | **Mid-Cap ProFund** |
| Common Stocks | $8041487 | $— |  | $— | $— |  | $8041487 | $— |
| Repurchase Agreements |  |  |  | 1267000 |  |  | 1267000 |  |
| Collateral for Securities Loaned | 21587 |  |  |  |  |  | 21587 |  |
| Swap Agreements |  |  |  |  | (17694 | (17694 |  | (17694) |
| Total | $8063074 | $— |  | $1267000 | $(17694 | (17694) | $9330074 | $(17694) |
| **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** | **Mid-Cap Value ProFund** |
| Common Stocks | $2239563 | $— |  | $— | $— |  | $2239563 | $— |
| Total | $2239563 | $— |  | $— | $— |  | $2239563 | $— |
| **Nasdaq-100 ProFund** | **Nasdaq-100 ProFund** | **Nasdaq-100 ProFund** | **Nasdaq-100 ProFund** | **Nasdaq-100 ProFund** | **Nasdaq-100 ProFund** | **Nasdaq-100 ProFund** | **Nasdaq-100 ProFund** | **Nasdaq-100 ProFund** |
| Common Stocks | $61747588 | $— |  | $— | $— |  | $61747588 | $— |
| Repurchase Agreements |  |  |  | 22380000 |  |  | 22380000 |  |
| Futures Contracts |  | (30425 | (30425) |  |  |  |  | (30425) |
| Swap Agreements |  |  |  |  | (257630 | (257630 |  | (257630) |
| Total | $61747588 | $(30425 | (30425) | $22380000 | $(257630 | (257630) | $84127588 | $(288055) |
| **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** | **Oil & Gas Equipment & Services UltraSector ProFund** |
| Common Stocks | $13630122 | $— |  | $— | $— |  | $13630122 | $— |
| Repurchase Agreements |  |  |  | 3892000 |  |  | 3892000 |  |
| Swap Agreements |  |  |  |  | 409076 | 409076 |  | 409076 |
| Total | $13630122 | $— |  | $3892000 | $409076 | 409076 | $17522122 | $409076 |

---

**290 :: Notes to Financial Statements ::** January 31, 2026 (Unaudited)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | LEVEL 1 - Quoted Prices | LEVEL 1 - Quoted Prices | LEVEL 1 - Quoted Prices |  | LEVEL 2 - Other Significant <br>Observable Inputs | LEVEL 2 - Other Significant <br>Observable Inputs |  | Total |  |
|  |  | Other Financial<br>Instruments^ |  | Investment<br>Securities | Other Financial<br>Instruments^ | Investment<br>Securities | Investment<br>Securities | Other Financial<br>Instruments^ |  |
| **Pharmaceuticals UltraSector ProFund** | **Pharmaceuticals UltraSector ProFund** | **Pharmaceuticals UltraSector ProFund** | **Pharmaceuticals UltraSector ProFund** | **Pharmaceuticals UltraSector ProFund** | **Pharmaceuticals UltraSector ProFund** | **Pharmaceuticals UltraSector ProFund** | **Pharmaceuticals UltraSector ProFund** | **Pharmaceuticals UltraSector ProFund** | **Pharmaceuticals UltraSector ProFund** |
| Common Stocks | $3056113 |  | $— |  | $— | $— |  | $3056113 | $— |
| Repurchase Agreements |  |  |  |  | 763000 |  |  | 763000 |  |
| Collateral for Securities Loaned | 34370 |  |  |  |  |  |  | 34370 |  |
| Swap Agreements |  |  |  |  |  | (49118 | (49118 |  | (49118) |
| Total | $3090483 |  | $— |  | $763000 | $(49118 | (49118) | $3853483 | $(49118) |
| **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** | **Precious Metals UltraSector ProFund** | **Precious Metals UltraSector ProFund** |
| Common Stocks | $103538703 |  | $— |  | $— | $— |  | $103538703 | $— |
| Repurchase Agreements |  |  |  |  | 35635000 |  |  | 35635000 |  |
| Swap Agreements |  |  |  |  |  | (13724770 | (13724770 |  | (13724770) |
| Total | $103538703 |  | $— |  | $35635000 | $(13724770 | (13724770) | $139173703 | $(13724770) |
| **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** | **Real Estate UltraSector ProFund** | **Real Estate UltraSector ProFund** |
| Common Stocks | $2361605 |  | $— |  | $— | $— |  | $2361605 | $— |
| Repurchase Agreements |  |  |  |  | 600000 |  |  | 600000 |  |
| Swap Agreements |  |  |  |  |  | 4773 | 4773 |  | 4773 |
| Total | $2361605 |  | $— |  | $600000 | $4773 | 4773 | $2961605 | $4773 |
| **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** | **Rising Rates Opportunity ProFund** | **Rising Rates Opportunity ProFund** |
| Repurchase Agreements | $— |  | $— |  | $7317000 | $— |  | $7317000 | $— |
| Swap Agreements |  |  |  |  |  | 121096 | 121096 |  | 121096 |
| Total | $— |  | $— |  | $7317000 | $121096 | 121096 | $7317000 | $121096 |
| **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** | **Rising Rates Opportunity 10 ProFund** | **Rising Rates Opportunity 10 ProFund** |
| Repurchase Agreements | $— |  | $— |  | $504000 | $— |  | $504000 | $— |
| Swap Agreements |  |  |  |  |  | 3457 | 3457 |  | 3457 |
| Total | $— |  | $— |  | $504000 | $3457 | 3457 | $504000 | $3457 |
| **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** | **Rising U.S. Dollar ProFund** | **Rising U.S. Dollar ProFund** |
| Repurchase Agreements | $— |  | $— |  | $8749000 | $— |  | $8749000 | $— |
| Forward Currency Contracts |  |  |  |  |  | (129434 | (129434 |  | (129434) |
| Total | $— |  | $— |  | $8749000 | $(129434 | (129434) | $8749000 | $(129434) |
| **Semiconductor UltraSector ProFund** | **Semiconductor UltraSector ProFund** | **Semiconductor UltraSector ProFund** | **Semiconductor UltraSector ProFund** | **Semiconductor UltraSector ProFund** | **Semiconductor UltraSector ProFund** | **Semiconductor UltraSector ProFund** | **Semiconductor UltraSector ProFund** | **Semiconductor UltraSector ProFund** | **Semiconductor UltraSector ProFund** |
| Common Stocks | $262576530 |  | $— |  | $— | $— |  | $262576530 | $— |
| Repurchase Agreements |  |  |  |  | 105713000 |  |  | 105713000 |  |
| Swap Agreements |  |  |  |  |  | 5222778 | 5222778 |  | 5222778 |
| Total | $262576530 |  | $— |  | $105713000 | $5222778 | 5222778 | $368289530 | $5222778 |
| **Short Energy ProFund** | **Short Energy ProFund** | **Short Energy ProFund** | **Short Energy ProFund** | **Short Energy ProFund** | **Short Energy ProFund** | **Short Energy ProFund** | **Short Energy ProFund** | **Short Energy ProFund** | **Short Energy ProFund** |
| Repurchase Agreements | $— |  | $— |  | $635000 | $— |  | $635000 | $— |
| Swap Agreements |  |  |  |  |  | (30928 | (30928 |  | (30928) |
| Total | $— |  | $— |  | $635000 | $(30928 | (30928) | $635000 | $(30928) |
| **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** | **Short Nasdaq-100 ProFund** | **Short Nasdaq-100 ProFund** |
| Repurchase Agreements | $— |  | $— |  | $3079000 | $— |  | $3079000 | $— |
| Swap Agreements |  |  |  |  |  | 49491 | 49491 |  | 49491 |
| Total | $— |  | $— |  | $3079000 | $49491 | 49491 | $3079000 | $49491 |
| **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** | **Short Precious Metals ProFund** | **Short Precious Metals ProFund** |
| Repurchase Agreements | $— |  | $— |  | $14132000 | $— |  | $14132000 | $— |
| Swap Agreements |  |  |  |  |  | 1775116 | 1775116 |  | 1775116 |
| Total | $— |  | $— |  | $14132000 | $1775116 | 1775116 | $14132000 | $1775116 |
| **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** | **Short Real Estate ProFund** | **Short Real Estate ProFund** |
| Repurchase Agreements | $— |  | $— |  | $557000 | $— |  | $557000 | $— |
| Swap Agreements |  |  |  |  |  | (2193 | (2193 |  | (2193) |
| Total | $— |  | $— |  | $557000 | $(2193 | (2193) | $557000 | $(2193) |

---

January 31, 2026 (Unaudited) **:: Notes to Financial Statements :: 291**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | LEVEL 1 - Quoted Prices | LEVEL 1 - Quoted Prices | LEVEL 1 - Quoted Prices |  | LEVEL 2 - Other Significant <br>Observable Inputs | LEVEL 2 - Other Significant <br>Observable Inputs |  | Total | Total |  |
|  |  | Other Financial<br>Instruments^ |  | Investment<br>Securities | Other Financial<br>Instruments^ |  | Investment<br>Securities |  |  |  |
| **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** | **Short Small-Cap ProFund** | **Short Small-Cap ProFund** | **Short Small-Cap ProFund** |
| Repurchase Agreements | $— |  | $— |  | $752000 | $ | $— |  | $752000 | $— |
| Swap Agreements |  |  |  |  |  | 15592 | 15592 | 15592 |  | 15592 |
| Total | $— |  | $— |  | $752000 | $ | $15592 | 15592 | $752000 | $15592 |
| **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** | **Small-Cap Growth ProFund** | **Small-Cap Growth ProFund** | **Small-Cap Growth ProFund** |
| Common Stocks | $3744158 |  | $— |  | $— | $ | $— |  | $3744158 | $— |
| Collateral for Securities Loaned | 15840 |  |  |  |  |  |  |  | 15840 |  |
| Total | $3759998 |  | $— |  | $— | $ | $— |  | $3759998 | $— |
| **Small-Cap ProFund** | **Small-Cap ProFund** | **Small-Cap ProFund** | **Small-Cap ProFund** | **Small-Cap ProFund** | **Small-Cap ProFund** | **Small-Cap ProFund** | **Small-Cap ProFund** | **Small-Cap ProFund** | **Small-Cap ProFund** | **Small-Cap ProFund** |
| Common Stocks | $3211796 |  | $— |  | $— | $ | $— |  | $3211796 | $— |
| Rights |  |  |  |  | —<br> \* |  |  |  |  |  |
| Trust |  |  |  |  | —<br> \* |  |  |  |  |  |
| Repurchase Agreements |  |  |  |  | 4198000 |  |  |  | 4198000 |  |
| Collateral for Securities Loaned | 46765 |  |  |  |  |  |  |  | 46765 |  |
| Futures Contracts |  |  | 30616 | 30616 |  |  |  |  |  | 30616 |
| Swap Agreements |  |  |  |  |  | (67521 | (67521 | (67521) |  | (67521) |
| Total | $3258561 |  | $30616 | 30616 | $4198000 | $ | $(67521 | (67521) | $7456561 | $(36905) |
| **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** | **Small-Cap Value ProFund** | **Small-Cap Value ProFund** | **Small-Cap Value ProFund** |
| Common Stocks | $5322074 |  | $— |  | $— | $ | $— |  | $5322074 | $— |
| Repurchase Agreements |  |  |  |  | 51000 |  |  |  | 51000 |  |
| Collateral for Securities Loaned | 65270 |  |  |  |  |  |  |  | 65270 |  |
| Total | $5387344 |  | $— |  | $51000 | $ | $— |  | $5438344 | $— |
| **Technology UltraSector ProFund** | **Technology UltraSector ProFund** | **Technology UltraSector ProFund** | **Technology UltraSector ProFund** | **Technology UltraSector ProFund** | **Technology UltraSector ProFund** | **Technology UltraSector ProFund** | **Technology UltraSector ProFund** | **Technology UltraSector ProFund** | **Technology UltraSector ProFund** | **Technology UltraSector ProFund** |
| Common Stocks | $74795935 |  | $— |  | $— | $ | $— |  | $74795935 | $— |
| Repurchase Agreements |  |  |  |  | 19854000 |  |  |  | 19854000 |  |
| Swap Agreements |  |  |  |  |  | (609353 | (609353 | (609353) |  | (609353) |
| Total | $74795935 |  | $— |  | $19854000 | $ | $(609353 | (609353) | $94649935 | $(609353) |
| **UltraBear ProFund** | **UltraBear ProFund** | **UltraBear ProFund** | **UltraBear ProFund** | **UltraBear ProFund** | **UltraBear ProFund** | **UltraBear ProFund** | **UltraBear ProFund** | **UltraBear ProFund** | **UltraBear ProFund** | **UltraBear ProFund** |
| Repurchase Agreements | $— |  | $— |  | $4759000 | $ | $— |  | $4759000 | $— |
| Futures Contracts |  |  | (1559 | (1559) |  |  |  |  |  | (1559) |
| Swap Agreements |  |  |  |  |  | 56598 | 56598 | 56598 |  | 56598 |
| Total | $— |  | $(1559 | (1559) | $4759000 | $ | $56598 | 56598 | $4759000 | $55039 |
| **UltraBull ProFund** | **UltraBull ProFund** | **UltraBull ProFund** | **UltraBull ProFund** | **UltraBull ProFund** | **UltraBull ProFund** | **UltraBull ProFund** | **UltraBull ProFund** | **UltraBull ProFund** | **UltraBull ProFund** | **UltraBull ProFund** |
| Common Stocks | $125029797 |  | $— |  | $— | $ | $— |  | $125029797 | $— |
| Repurchase Agreements |  |  |  |  | 47046000 |  |  |  | 47046000 |  |
| Futures Contracts |  |  | 47900 | 47900 |  |  |  |  |  | 47900 |
| Swap Agreements |  |  |  |  |  | (1188630 | (1188630 | (1188630) |  | (1188630) |
| Total | $125029797 |  | $47900 | 47900 | $47046000 | $ | $(1188630 | (1188630) | $172075797 | $(1140730) |
| **UltraChina ProFund** | **UltraChina ProFund** | **UltraChina ProFund** | **UltraChina ProFund** | **UltraChina ProFund** | **UltraChina ProFund** | **UltraChina ProFund** | **UltraChina ProFund** | **UltraChina ProFund** | **UltraChina ProFund** | **UltraChina ProFund** |
| Common Stocks | $22117349 |  | $— |  | $— | $ | $— |  | $22117349 | $— |
| Repurchase Agreements |  |  |  |  | 3964000 |  |  |  | 3964000 |  |
| Collateral for Securities Loaned | 1644056 |  |  |  |  |  |  |  | 1644056 |  |
| Swap Agreements |  |  |  |  |  | (655239 | (655239 | (655239) |  | (655239) |
| Total | $23761405 |  | $— |  | $3964000 | $ | $(655239 | (655239) | $27725405 | $(655239) |
| **UltraDow 30 ProFund** | **UltraDow 30 ProFund** | **UltraDow 30 ProFund** | **UltraDow 30 ProFund** | **UltraDow 30 ProFund** | **UltraDow 30 ProFund** | **UltraDow 30 ProFund** | **UltraDow 30 ProFund** | **UltraDow 30 ProFund** | **UltraDow 30 ProFund** | **UltraDow 30 ProFund** |
| Common Stocks | $32187652 |  | $— |  | $— | $ | $— |  | $32187652 | $— |
| Repurchase Agreements |  |  |  |  | 10159000 |  |  |  | 10159000 |  |
| Futures Contracts |  |  | 19910 | 19910 |  |  |  |  |  | 19910 |
| Swap Agreements |  |  |  |  |  | (137198 | (137198 | (137198) |  | (137198) |
| Total | $32187652 |  | $19910 | 19910 | $10159000 | $ | $(137198 | (137198) | $42346652 | $(117288) |

---

**292 :: Notes to Financial Statements ::** January 31, 2026 (Unaudited)

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | LEVEL 1 - Quoted Prices | LEVEL 1 - Quoted Prices | 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 |  |  |  |
| **UltraEmerging Markets ProFund** | **UltraEmerging Markets ProFund** | **UltraEmerging Markets ProFund** | **UltraEmerging Markets ProFund** | **UltraEmerging Markets ProFund** | **UltraEmerging Markets ProFund** | **UltraEmerging Markets ProFund** | **UltraEmerging Markets ProFund** | **UltraEmerging Markets ProFund** | **UltraEmerging Markets ProFund** | **UltraEmerging Markets ProFund** | **UltraEmerging Markets ProFund** |
| Common Stocks | $— | 15099510 |  | $— |  | $— | $ | $— |  | $15099510 | $— |
| Preferred Stocks |  | 265130 |  |  |  |  |  |  |  | 265130 |  |
| Repurchase Agreements |  |  |  |  |  | 2927000 |  |  |  | 2927000 |  |
| Collateral for Securities Loaned |  | 937718 |  |  |  |  |  |  |  | 937718 |  |
| Swap Agreements |  |  |  |  |  |  | (653366 | (653366 | (653366) |  | (653366) |
| Total | $— | 16302358 |  | $— |  | $2927000 | $ | $(653366 | (653366) | $19229358 | $(653366) |
| **UltraInternational ProFund** | **UltraInternational ProFund** | **UltraInternational ProFund** | **UltraInternational ProFund** | **UltraInternational ProFund** | **UltraInternational ProFund** | **UltraInternational ProFund** | **UltraInternational ProFund** | **UltraInternational ProFund** | **UltraInternational ProFund** | **UltraInternational ProFund** | **UltraInternational ProFund** |
| Repurchase Agreements | $— |  |  | $— |  | $7910000 | $ | $— |  | $7910000 | $— |
| Swap Agreements |  |  |  |  |  |  | (241269 | (241269 | (241269) |  | (241269) |
| Total | $— |  |  | $— |  | $7910000 | $ | $(241269 | (241269) | $7910000 | $(241269) |
| **UltraJapan ProFund** | **UltraJapan ProFund** | **UltraJapan ProFund** | **UltraJapan ProFund** | **UltraJapan ProFund** | **UltraJapan ProFund** | **UltraJapan ProFund** | **UltraJapan ProFund** | **UltraJapan ProFund** | **UltraJapan ProFund** | **UltraJapan ProFund** | **UltraJapan ProFund** |
| Repurchase Agreements | $— |  |  | $— |  | $23512000 | $ | $— |  | $23512000 | $— |
| Futures Contracts |  |  |  | 2755224 | 2755224 |  |  |  |  |  | 2755224 |
| Swap Agreements |  |  |  |  |  |  | 2928 | 2928 | 2928 |  | 2928 |
| Total | $— |  |  | $2755224 | 2755224 | $23512000 | $ | $2928 | 2928 | $23512000 | $2758152 |
| **UltraLatin America ProFund** | **UltraLatin America ProFund** | **UltraLatin America ProFund** | **UltraLatin America ProFund** | **UltraLatin America ProFund** | **UltraLatin America ProFund** | **UltraLatin America ProFund** | **UltraLatin America ProFund** | **UltraLatin America ProFund** | **UltraLatin America ProFund** | **UltraLatin America ProFund** | **UltraLatin America ProFund** |
| Common Stocks | $— | 11876255 |  | $— |  | $— | $ | $— |  | $11876255 | $— |
| Preferred Stocks |  | 1045691 |  |  |  |  |  |  |  | 1045691 |  |
| Repurchase Agreements |  |  |  |  |  | 3001000 |  |  |  | 3001000 |  |
| Collateral for Securities Loaned |  | 766522 |  |  |  |  |  |  |  | 766522 |  |
| Swap Agreements |  |  |  |  |  |  | (453363 | (453363 | (453363) |  | (453363) |
| Total | $— | 13688468 |  | $— |  | $3001000 | $ | $(453363 | (453363) | $16689468 | $(453363) |
| **UltraMid-Cap ProFund** | **UltraMid-Cap ProFund** | **UltraMid-Cap ProFund** | **UltraMid-Cap ProFund** | **UltraMid-Cap ProFund** | **UltraMid-Cap ProFund** | **UltraMid-Cap ProFund** | **UltraMid-Cap ProFund** | **UltraMid-Cap ProFund** | **UltraMid-Cap ProFund** | **UltraMid-Cap ProFund** | **UltraMid-Cap ProFund** |
| Common Stocks | $— | 26150723 |  | $— |  | $— | $ | $— |  | $26150723 | $— |
| Repurchase Agreements |  |  |  |  |  | 12796000 |  |  |  | 12796000 |  |
| Collateral for Securities Loaned |  | 114321 |  |  |  |  |  |  |  | 114321 |  |
| Futures Contracts |  |  |  | 57711 | 57711 |  |  |  |  |  | 57711 |
| Swap Agreements |  |  |  |  |  |  | (667319 | (667319 | (667319) |  | (667319) |
| Total | $— | 26265044 |  | $57711 | 57711 | $12796000 | $ | $(667319 | (667319) | $39061044 | $(609608) |
| **UltraNasdaq-100 ProFund** | **UltraNasdaq-100 ProFund** | **UltraNasdaq-100 ProFund** | **UltraNasdaq-100 ProFund** | **UltraNasdaq-100 ProFund** | **UltraNasdaq-100 ProFund** | **UltraNasdaq-100 ProFund** | **UltraNasdaq-100 ProFund** | **UltraNasdaq-100 ProFund** | **UltraNasdaq-100 ProFund** | **UltraNasdaq-100 ProFund** | **UltraNasdaq-100 ProFund** |
| Common Stocks | $902010506 | 902010506 |  | $— |  | $— | $ | $— |  | $902010506 | $— |
| Repurchase Agreements |  |  |  |  |  | 277801000 |  |  |  | 277801000 |  |
| Futures Contracts |  |  |  | (1299235 | (1299235) |  |  |  |  |  | (1299235) |
| Swap Agreements |  |  |  |  |  |  | (21473311 | (21473311 | (21473311) |  | (21473311) |
| Total | $902010506 | 902010506 |  | $(1299235 | (1299235) | $277801000 | $ | $(21473311 | (21473311) | $1179811506 | $(22772546) |
| **UltraShort China ProFund** | **UltraShort China ProFund** | **UltraShort China ProFund** | **UltraShort China ProFund** | **UltraShort China ProFund** | **UltraShort China ProFund** | **UltraShort China ProFund** | **UltraShort China ProFund** | **UltraShort China ProFund** | **UltraShort China ProFund** | **UltraShort China ProFund** | **UltraShort China ProFund** |
| Repurchase Agreements | $— |  |  | $— |  | $2416000 | $ | $— |  | $2416000 | $— |
| Swap Agreements |  |  |  |  |  |  | 100722 | 100722 | 100722 |  | 100722 |
| Total | $— |  |  | $— |  | $2416000 | $ | $100722 | 100722 | $2416000 | $100722 |
| **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** | **UltraShort Dow 30 ProFund** | **UltraShort Dow 30 ProFund** | **UltraShort Dow 30 ProFund** | **UltraShort Dow 30 ProFund** |
| Repurchase Agreements | $— |  |  | $— |  | $1130000 | $ | $— |  | $1130000 | $— |
| Swap Agreements |  |  |  |  |  |  | 6185 | 6185 | 6185 |  | 6185 |
| Total | $— |  |  | $— |  | $1130000 | $ | $6185 | 6185 | $1130000 | $6185 |
| **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** | **UltraShort Emerging Markets ProFund** | **UltraShort Emerging Markets ProFund** | **UltraShort Emerging Markets ProFund** | **UltraShort Emerging Markets ProFund** |
| Repurchase Agreements | $— |  |  | $— |  | $390000 | $ | $— |  | $390000 | $— |
| Swap Agreements |  |  |  |  |  |  | 22621 | 22621 | 22621 |  | 22621 |
| Total | $— |  |  | $— |  | $390000 | $ | $22621 | 22621 | $390000 | $22621 |
| **UltraShort International ProFund** | **UltraShort International ProFund** | **UltraShort International ProFund** | **UltraShort International ProFund** | **UltraShort International ProFund** | **UltraShort International ProFund** | **UltraShort International ProFund** | **UltraShort International ProFund** | **UltraShort International ProFund** | **UltraShort International ProFund** | **UltraShort International ProFund** | **UltraShort International ProFund** |
| Repurchase Agreements | $— |  |  | $— |  | $2367000 | $ | $— |  | $2367000 | $— |
| Swap Agreements |  |  |  |  |  |  | 90087 | 90087 | 90087 |  | 90087 |
| Total | $— |  |  | $— |  | $2367000 | $ | $90087 | 90087 | $2367000 | $90087 |

---

January 31, 2026 (Unaudited) **:: Notes to Financial Statements :: 293**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | LEVEL 1 - Quoted Prices | LEVEL 1 - Quoted Prices | LEVEL 1 - Quoted Prices |  | LEVEL 2 - Other Significant <br>Observable Inputs | LEVEL 2 - Other Significant <br>Observable Inputs |  | Total | Total |  |
|  |  | Other Financial<br>Instruments^ |  | Investment<br>Securities | Other Financial<br>Instruments^ |  | Investment<br>Securities |  |  |  |
| **UltraShort Japan ProFund** | **UltraShort Japan ProFund** | **UltraShort Japan ProFund** | **UltraShort Japan ProFund** | **UltraShort Japan ProFund** | **UltraShort Japan ProFund** | **UltraShort Japan ProFund** | **UltraShort Japan ProFund** | **UltraShort Japan ProFund** | **UltraShort Japan ProFund** | **UltraShort Japan ProFund** |
| Repurchase Agreements | $— |  | $— |  | $1177000 | $ | $— |  | $1177000 | $— |
| Futures Contracts |  |  | (45825 | (45825) |  |  |  |  |  | (45825) |
| Swap Agreements |  |  |  |  |  | (5005 | (5005 | (5005) |  | (5005) |
| Total | $— |  | $(45825 | (45825) | $1177000 | $ | $(5005 | (5005) | $1177000 | $(50830) |
| **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** | **UltraShort Latin America ProFund** | **UltraShort Latin America ProFund** | **UltraShort Latin America ProFund** |
| Repurchase Agreements | $— |  | $— |  | $4224000 | $ | $— |  | $4224000 | $— |
| Swap Agreements |  |  |  |  |  | 178286 | 178286 | 178286 |  | 178286 |
| Total | $— |  | $— |  | $4224000 | $ | $178286 | 178286 | $4224000 | $178286 |
| **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** | **UltraShort Mid-Cap ProFund** | **UltraShort Mid-Cap ProFund** | **UltraShort Mid-Cap ProFund** |
| Repurchase Agreements | $— |  | $— |  | $407000 | $ | $— |  | $407000 | $— |
| Swap Agreements |  |  |  |  |  | 11802 | 11802 | 11802 |  | 11802 |
| Total | $— |  | $— |  | $407000 | $ | $11802 | 11802 | $407000 | $11802 |
| **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** | **UltraShort Nasdaq-100 ProFund** | **UltraShort Nasdaq-100 ProFund** | **UltraShort Nasdaq-100 ProFund** |
| Repurchase Agreements | $— |  | $— |  | $14648000 | $ | $— |  | $14648000 | $— |
| Futures Contracts |  |  | 30688 | 30688 |  |  |  |  |  | 30688 |
| Swap Agreements |  |  |  |  |  | 426864 | 426864 | 426864 |  | 426864 |
| Total | $— |  | $30688 | 30688 | $14648000 | $ | $426864 | 426864 | $14648000 | $457552 |
| **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** | **UltraShort Small-Cap ProFund** | **UltraShort Small-Cap ProFund** | **UltraShort Small-Cap ProFund** |
| Repurchase Agreements | $— |  | $— |  | $3240000 | $ | $— |  | $3240000 | $— |
| Futures Contracts |  |  | (4065 | (4065) |  |  |  |  |  | (4065) |
| Swap Agreements |  |  |  |  |  | 129089 | 129089 | 129089 |  | 129089 |
| Total | $— |  | $(4065 | (4065) | $3240000 | $ | $129089 | 129089 | $3240000 | $125024 |
| **UltraSmall-Cap ProFund** | **UltraSmall-Cap ProFund** | **UltraSmall-Cap ProFund** | **UltraSmall-Cap ProFund** | **UltraSmall-Cap ProFund** | **UltraSmall-Cap ProFund** | **UltraSmall-Cap ProFund** | **UltraSmall-Cap ProFund** | **UltraSmall-Cap ProFund** | **UltraSmall-Cap ProFund** | **UltraSmall-Cap ProFund** |
| Common Stocks | $38812259 |  | $— |  | $— | $ | $— |  | $38812259 | $— |
| Rights |  |  |  |  | —<br> \* |  |  |  |  |  |
| Trust |  |  |  |  | —<br> \* |  |  |  |  |  |
| Repurchase Agreements |  |  |  |  | 14197000 |  |  |  | 14197000 |  |
| Futures Contracts |  |  | 144733 | 144733 |  |  |  |  |  | 144733 |
| Swap Agreements |  |  |  |  |  | (1256751 | (1256751 | (1256751) |  | (1256751) |
| Total | $38812259 |  | $144733 | 144733 | $14197000 | $ | $(1256751 | (1256751) | $53009259 | $(1112018) |
| **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** | **U.S. Government Plus ProFund** | **U.S. Government Plus ProFund** | **U.S. Government Plus ProFund** |
| Repurchase Agreements | $— |  | $— |  | $6243000 | $ | $— |  | $6243000 | $— |
| Swap Agreements |  |  |  |  |  | (97876 | (97876 | (97876) |  | (97876) |
| Total | $— |  | $— |  | $6243000 | $ | $(97876 | (97876) | $6243000 | $(97876) |
| **Utilities UltraSector ProFund** | **Utilities UltraSector ProFund** | **Utilities UltraSector ProFund** | **Utilities UltraSector ProFund** | **Utilities UltraSector ProFund** | **Utilities UltraSector ProFund** | **Utilities UltraSector ProFund** | **Utilities UltraSector ProFund** | **Utilities UltraSector ProFund** | **Utilities UltraSector ProFund** | **Utilities UltraSector ProFund** |
| Common Stocks | $8188167 |  | $— |  | $— | $ | $— |  | $8188167 | $— |
| Repurchase Agreements |  |  |  |  | 1839000 |  |  |  | 1839000 |  |
| Swap Agreements |  |  |  |  |  | 104901 | 104901 | 104901 |  | 104901 |
| Total | $8188167 |  | $— |  | $1839000 | $ | $104901 | 104901 | $10027167 | $104901 |

---

^

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.

\*

Securities have $0 market value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**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

**294 :: Notes to Financial Statements ::** January 31, 2026 (Unaudited)

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 period ended January 31, 2026, no Fund's annual investment advisory fee was subject to such reductions.

Ultimus Fund Solutions, LLC ("Ultimus") acts as the Trust's administrator (the "Administrator") and fund accounting agent. 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, 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 period ended January 31, 2026, to Ultimus by the ProFund 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 period ended January 31, 2026, actual Trustee compensation was $537,501 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 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, 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, 2025<br>through November 30, 2026 | For the Period December 1, 2025<br>through November 30, 2026 | For the Period December 1, 2025<br>through November 30, 2026 | For the Period December 1, 2024<br>through November 30, 2025 |  |
|  | Investor <br>Class | Service<br>Class |  | Service<br>Class |  |
| Access Flex Bear High Yield ProFund | 1.78% |  | 2.78% | 1.78% | 2.78% |
| Access Flex High Yield ProFund | 1.95% |  | 2.95% | 1.78% | 2.78% |
| Banks UltraSector ProFund | 1.95% |  | 2.95% | 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 | 1.95% |  | 2.95% | 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% |

---

January 31, 2026 (Unaudited) **:: Notes to Financial Statements :: 295**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | For the Period December 1, 2025<br>through November 30, 2026 | For the Period December 1, 2025<br>through November 30, 2026 | For the Period December 1, 2025<br>through November 30, 2026 | For the Period December 1, 2024<br>through November 30, 2025 |  |
|  | Investor <br>Class | Service<br>Class |  | Service<br>Class |  |
| 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 | 1.95% |  | 2.95% | 1.78% | 2.78% |
| 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% | 1.95% | 2.95% |
| 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 | 1.78% |  | 2.78% | 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% | 1.78% | 2.78% |
| 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% | 1.95% | 2.95% |
| 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% | 1.95% | 2.95% |
| 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% | 1.78% | 2.78% |
| 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 | 1.95% |  | 2.95% | 1.78% | 2.78% |

---

**296 :: Notes to Financial Statements ::** January 31, 2026 (Unaudited)

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:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Fund Name | Expenses<br>reduced and<br>reimbursed by<br>the Advisor |  |  |  |  |
| Access Flex Bear High Yield ProFund |  | $(13772 | $(4059 | $(812 | $(8901 |
| Bear ProFund |  | (6921 | (5768 | (1153 |  |
| Consumer Staples UltraSector ProFund |  | (8591 | (7159 | (1432 |  |
| Europe 30 ProFund |  | (3815 | (3179 | (636 |  |
| Falling U.S. Dollar ProFund |  | (20061 | (5378 | (1076 | (13607) |
| Financials UltraSector ProFund |  | (2270 | (1892 | (378 |  |
| Industrials UltraSector ProFund |  | (20550 | (17125 | (3425 |  |
| Large-Cap Value ProFund |  | (9968 | (8307 | (1661 |  |
| Materials UltraSector ProFund |  | (17576 | (14647 | (2929 |  |
| Mid-Cap Growth ProFund |  | (6197 | (5164 | (1033 |  |
| Mid-Cap ProFund |  | (3447 | (2872 | (575 |  |
| Mid-Cap Value ProFund |  | (25827 | (17517 | (3503 | (4807) |
| Pharmaceuticals UltraSector ProFund |  | (4993 | (4161 | (832 |  |
| Real Estate UltraSector ProFund |  | (14972 | (12477 | (2495 |  |
| Rising Rates Opportunity ProFund |  | (5340 | (4450 | (890 |  |
| Rising Rates Opportunity 10 ProFund |  | (12497 | (2077 | (415 | (10005) |
| Rising U.S. Dollar ProFund |  | (13908 | (11590 | (2318 |  |
| Short Energy ProFund |  | (14137 | (3339 | (668 | (10130) |
| Short Nasdaq-100 ProFund |  | (20040 | (13540 | (2708 | (3792) |
| Short Precious Metals ProFund |  | (11245 | (9371 | (1874 |  |
| Short Real Estate ProFund |  | (13838 | (2892 | (578 | (10368) |
| Short Small-Cap ProFund |  | (27157 | (3514 | (703 | (22940) |
| Small-Cap Growth ProFund |  | (20374 | (15752 | (3151 | (1471) |
| Small-Cap ProFund |  | (11212 | (9343 | (1869 |  |
| Small-Cap Value ProFund |  | (29401 | (24501 | (4900 |  |
| UltraBear ProFund |  | (19132 | (15943 | (3189 |  |
| UltraChina ProFund |  | (21046 | (17538 | (3508 |  |
| UltraEmerging Markets ProFund |  | (3020 | (2517 | (503 |  |
| UltraInternational ProFund |  | (3734 | (3112 | (622 |  |
| UltraLatin America ProFund |  | (29032 | (24193 | (4839 |  |
| UltraShort China ProFund |  | (11314 | (7529 | (1506 | (2279) |
| UltraShort Dow 30 ProFund |  | (10596 | (4641 | (928 | (5027) |
| UltraShort Emerging Markets ProFund |  | (15721 | (2518 | (504 | (12699) |
| UltraShort International ProFund |  | (10980 | (8537 | (1708 | (735) |
| UltraShort Japan ProFund |  | (13748 | (6427 | (1071 | (6250) |
| UltraShort Latin America ProFund |  | (11247 | (2793 | (558 | (7896) |
| UltraShort Mid-Cap ProFund |  | (13500 | (1903 | (381 | (11216) |
| UltraShort Nasdaq-100 ProFund |  | (12480 | (10400 | (2080 |  |
| UltraShort Small-Cap ProFund |  | (9735 | (8112 | (1623 |  |
| U.S. Government Plus ProFund |  | (11925 | (9173 | (2752 |  |

---

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.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Fund Name | 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 |  | $8039 |  | $6699 |  | $1340 |
| Communication Services UltraSector ProFund |  | 4631 |  | 3859 |  | 772 |
| Short Precious Metals ProFund |  | 10000 |  | 8333 |  | 1667 |
| UltraEmerging Markets ProFund |  | 9061 |  | 7551 |  | 1510 |
| UltraLatin America ProFund |  | 20446 |  | 17038 |  | 3408 |
| Utilities UltraSector ProFund |  | 12129 |  | 10108 |  | 2021 |

---

January 31, 2026 (Unaudited) **:: Notes to Financial Statements :: 297**

As of January 31, 2026, the recoupments that may potentially be made by the ProFunds are shown in the table below. As of January 31, 2026, no commitment or contingent liability is expected.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;Expires |  |  |  | &nbsp;&nbsp;&nbsp;Expires | &nbsp;&nbsp;&nbsp;Expires |  | &nbsp;&nbsp;Expires |  |
| Fund Name | 11/30/26 | 11/30/27 |  | 11/30/28 | 11/30/28 | 11/30/29 |  |  |  |
| Access Flex Bear High Yield ProFund | 28223 |  | $24912 | 24912 |  | 17510 | $13416 | 13416 | $84061 |
| Bear ProFund |  |  | 59299 | 59299 |  |  | 6921 | 6921 | 66220 |
| Communication Services UltraSector ProFund | 12207 |  | 3982 | 3982 |  |  |  |  | 16189 |
| Consumer Staples UltraSector ProFund | 22079 |  | 20862 | 20862 |  | 21635 | 3607 | 3607 | 68183 |
| Europe 30 ProFund | 49295 |  | 7728 | 7728 |  | 16824 | 2671 | 2671 | 76518 |
| Falling U.S. Dollar ProFund | 42797 |  | 43807 | 43807 |  | 34164 | 8536 | 8536 | 129304 |
| Financials UltraSector ProFund |  |  |  |  |  |  | 2270 | 2270 | 2270 |
| Industrials UltraSector ProFund | 20660 |  | 2398 | 2398 |  | 9383 | 15888 | 15888 | 48329 |
| Large-Cap Value ProFund | 369 |  | 2716 | 2716 |  |  | 9968 | 9968 | 13053 |
| Materials UltraSector ProFund | 15294 |  | 11157 | 11157 |  | 29935 |  |  | 56386 |
| Mid-Cap Growth ProFund | 16739 |  | 14255 | 14255 |  | 11141 | 3224 | 3224 | 45359 |
| Mid-Cap ProFund | 7012 |  |  | 80 |  | 7775 | 3105 | 3105 | 17972 |
| Mid-Cap Value ProFund | 28426 |  | 22472 | 22472 |  | 16487 | 20405 | 20405 | 87790 |
| Pharmaceuticals UltraSector ProFund | 28050 |  | 17533 | 17533 |  | 15694 | 2701 | 2701 | 63978 |
| Real Estate UltraSector ProFund | 17079 |  | 18073 | 18073 |  | 22060 | 7481 | 7481 | 64693 |
| Rising Rates Opportunity ProFund |  |  |  |  |  |  | 5340 | 5340 | 5340 |
| Rising Rates Opportunity 10 ProFund | 27220 |  | 25936 | 25936 |  | 30770 | 4160 | 4160 | 88086 |
| Rising U.S. Dollar ProFund | 26455 |  | 77213 | 77213 |  | 22067 | 3866 | 3866 | 129601 |
| Short Energy ProFund | 33297 |  | 32801 | 32801 |  | 25029 | 4641 | 4641 | 95768 |
| Short Nasdaq-100 ProFund | 5060 |  | 71827 | 71827 |  | 50566 | 4123 | 4123 | 131576 |
| Short Precious Metals ProFund | 27227 |  | 18184 | 18184 |  | 2510 | 11245 | 11245 | 59166 |
| Short Real Estate ProFund | 29494 |  | 25275 | 25275 |  | 21574 | 5931 | 5931 | 82274 |
| Short Small-Cap ProFund | 20758 |  | 98237 | 98237 |  | 98553 | 1033 | 1033 | 218581 |
| Small-Cap Growth ProFund | 17697 |  | 16482 | 16482 |  | 20433 | 5435 | 5435 | 60047 |
| Small-Cap ProFund | 34231 |  | 27352 | 27352 |  | 23111 | 3969 | 3969 | 88663 |
| Small-Cap Value ProFund | 5320 |  | 9920 | 9920 |  | 40147 | 24389 | 24389 | 79776 |
| UltraBear ProFund | 1569 |  | 5634 | 5634 |  | 30116 | 9058 | 9058 | 46377 |
| UltraChina ProFund |  |  |  |  |  |  | 21046 | 21046 | 21046 |
| UltraEmerging Markets ProFund | 23133 |  | 18671 | 18671 |  |  | 3020 | 3020 | 44824 |
| UltraInternational ProFund | 23542 |  | 19676 | 19676 |  | 11670 | 2780 | 2780 | 57668 |
| UltraLatin America ProFund |  |  |  |  |  |  | 29032 | 29032 | 29032 |
| UltraShort China ProFund | 30528 |  | 37489 | 37489 |  | 11788 | 5935 | 5935 | 85740 |
| UltraShort Dow 30 ProFund | 28575 |  | 25141 | 25141 |  | 24075 | 5771 | 5771 | 83562 |
| UltraShort Emerging Markets ProFund | 30510 |  | 26709 | 26709 |  | 27222 | 6635 | 6635 | 91076 |
| UltraShort International ProFund | 29383 |  | 22722 | 22722 |  | 18799 | 6037 | 6037 | 76941 |
| UltraShort Japan ProFund | 29621 |  | 34510 | 34510 |  | 24339 | 7630 | 7630 | 96100 |
| UltraShort Latin America ProFund | 31886 |  | 27233 | 27233 |  | 20692 | 8700 | 8700 | 88511 |
| UltraShort Mid-Cap ProFund | 34008 |  | 25501 | 25501 |  | 28724 | 3962 | 3962 | 92195 |
| UltraShort Nasdaq-100 ProFund |  |  | 30055 | 30055 |  | 17976 | 5590 | 5590 | 53621 |
| UltraShort Small-Cap ProFund | 25914 |  | 32788 | 32788 |  | 22355 | 5327 | 5327 | 86384 |
| U.S. Government Plus ProFund |  |  | 16634 | 16634 |  | 25990 | 5601 | 5601 | 48225 |

---

**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 period ended January 31, 2026, were as follows:

---

| | | | |
|:---|:---|:---|:---|
| Fund Name |  | Sales |  |
| Banks UltraSector ProFund | $1448025 |  | $1386787 |
| Biotechnology UltraSector ProFund | 94960309 |  | 36379365 |
| Bull ProFund | 52909990 |  | 54756390 |
| Communication Services UltraSector ProFund | 36892340 |  | 35891299 |
| Consumer Discretionary UltraSector ProFund | 24760053 |  | 45127879 |
| Consumer Staples UltraSector ProFund | 34724079 |  | 31716004 |
| Energy UltraSector ProFund | 37015774 |  | 39642631 |
| Europe 30 ProFund | 14571521 |  | 14183476 |
| Financials UltraSector ProFund | 51508829 |  | 73909482 |
| Health Care UltraSector ProFund | 53533266 |  | 31463585 |
| Industrials UltraSector ProFund | 56547406 |  | 54418929 |
| Internet Ultra Sector ProFund | 7025251 |  | 16305319 |
| Large-Cap Growth ProFund | 72841107 |  | 82554254 |
| Large-Cap Value ProFund | 144759024 |  | 145655801 |
| Materials UltraSector ProFund | 47238690 |  | 28217248 |

---

**298 :: Notes to Financial Statements ::** January 31, 2026 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Fund Name | Purchases |  | Sales |  |
| Mid-Cap Growth ProFund | $7505063 | 7505063 |  | $7507894 |
| Mid-Cap ProFund | 22806043 | 22806043 |  | 19832225 |
| Mid-Cap Value ProFund | 52383693 | 52383693 |  | 52352814 |
| Nasdaq-100 ProFund | 200497080 | 200497080 |  | 238077940 |
| Oil & Gas Equipment & Services UltraSector ProFund | 5404500 | 5404500 |  | 3190362 |
| Pharmaceuticals UltraSector ProFund | 5633881 | 5633881 |  | 5205616 |
| Precious Metals UltraSector ProFund | 85946249 | 85946249 |  | 43019278 |
| Real Estate UltraSector ProFund | 28840804 | 28840804 |  | 29071537 |
| Semiconductor UltraSector ProFund | 353070938 | 353070938 |  | 351148934 |
| Small-Cap Growth ProFund | 4255881 | 4255881 |  | 5319216 |
| Small-Cap ProFund | 7973353 | 7973353 |  | 7549359 |
| Small-Cap Value ProFund | 66689640 | 66689640 |  | 65982721 |
| Technology UltraSector ProFund | 14707023 | 14707023 |  | 17465005 |
| UltraBull ProFund | 151189843 | 151189843 |  | 156730926 |
| UltraChina ProFund | 13368326 | 13368326 |  | 14197367 |
| UltraDow 30 ProFund |  |  |  | 49330 |
| UltraEmerging Markets ProFund | 19607801 | 19607801 |  | 13853912 |
| UltraLatin America ProFund | 15073618 | 15073618 |  | 11669547 |
| UltraMid-Cap ProFund | 8486152 | 8486152 |  | 9145088 |
| UltraNasdaq-100 ProFund | 345008565 | 345008565 |  | 408035490 |
| UltraSmall-Cap ProFund | 26746692 | 26746692 |  | 22693162 |
| Utilities UltraSector ProFund | 66399963 | 66399963 |  | 69894354 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**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.

**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

January 31, 2026 (Unaudited) **:: Notes to Financial Statements :: 299**

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 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

**300 :: Notes to Financial Statements ::** January 31, 2026 (Unaudited)

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.

**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, 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

January 31, 2026 (Unaudited) **:: Notes to Financial Statements :: 301**

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

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, the institution of tariffs or other trade barriers, 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 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 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

**302 :: Notes to Financial Statements ::** January 31, 2026 (Unaudited)

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 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 plus or minus a negotiated spread. The Fed Funds rate remained around 4.33% during the period ended January 31, 2026. 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.

January 31, 2026 (Unaudited) **:: Notes to Financial Statements :: 303**

**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**

In this reporting period, the ProFunds adopted FASB Accounting Standards Update 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which is intended to enhance transparency and decision usefulness of income tax disclosures including additional detail related to rate reconciliation and income taxes paid during the reporting period. Adoption of the new standard impacted financial statement disclosures only and did not impact the ProFunds' financial positions or results of operations. For the period ended January 31, 2026, there were no material federal, state or local income taxes or any material income taxes in foreign jurisdictions paid by the ProFunds.

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 2025 | Year Ended 2025 | Year Ended 2025 | Year Ended 2025 | Year Ended 2025 | | Year Ended 2024 | Year Ended 2024 | Year Ended 2024 | Year Ended 2024 | Year Ended 2024 |  |
|  |  | 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>Net Long-Term<br>Capital Gains | Tax Return<br>of Capital |  | Total<br>Distributions<br>Paid |  |  |
| <u>December 31</u> <u>tax year end ProFunds</u> | <u>December 31</u> <u>tax year end ProFunds</u> | <u>December 31</u> <u>tax year end ProFunds</u> | <u>December 31</u> <u>tax year end ProFunds</u> | <u>December 31</u> <u>tax year end ProFunds</u> | <u>December 31</u> <u>tax year end ProFunds</u> | <u>December 31</u> <u>tax year end ProFunds</u> | <u>December 31</u> <u>tax year end ProFunds</u> | <u>December 31</u> <u>tax year end ProFunds</u> | <u>December 31</u> <u>tax year end ProFunds</u> | <u>December 31</u> <u>tax year end ProFunds</u> | <u>December 31</u> <u>tax year end ProFunds</u> | <u>December 31</u> <u>tax year end ProFunds</u> |
| Bear ProFund | $276156 |  | $— |  | $— | $276156 | $353224 |  | $— |  | $— | $353224 |
| Bull ProFund | 1192349 |  | 341169 |  |  | 1533518 | 1455912 |  |  |  |  | 1455912 |
| Europe 30 ProFund | 79022 |  |  |  |  | 79022 | 56951 |  |  |  |  | 56951 |
| UltraBear ProFund | 198418 |  |  |  |  | 198418 | 313757 |  |  |  |  | 313757 |
| UltraBull ProFund | 17267050 |  | 1190121 |  |  | 18457171 | 7133465 |  |  |  |  | 7133465 |
| UltraJapan ProFund | 3832787 |  | 4496710 |  |  | 8329497 | 1607970 |  |  |  |  | 1607970 |
| UltraNasdaq-100 ProFund | 221781179 |  | 32012336 |  |  | 253793515 | 4463822 |  |  |  |  | 4463822 |
| UltraShort Nasdaq-100 <br>ProFund | 341205 |  |  |  |  | 341205 | 526088 |  |  |  |  | 526088 |
| <u>October 31</u> <u>tax year end ProFunds</u> | <u>October 31</u> <u>tax year end ProFunds</u> | <u>October 31</u> <u>tax year end ProFunds</u> | <u>October 31</u> <u>tax year end ProFunds</u> | <u>October 31</u> <u>tax year end ProFunds</u> | <u>October 31</u> <u>tax year end ProFunds</u> | <u>October 31</u> <u>tax year end ProFunds</u> | <u>October 31</u> <u>tax year end ProFunds</u> | <u>October 31</u> <u>tax year end ProFunds</u> | <u>October 31</u> <u>tax year end ProFunds</u> | <u>October 31</u> <u>tax year end ProFunds</u> | <u>October 31</u> <u>tax year end ProFunds</u> | <u>October 31</u> <u>tax year end ProFunds</u> |
| Access Flex High Yield <br>ProFund | 432123 |  |  |  |  | 432123 | 975465 |  |  |  |  | 975465 |
| Banks UltraSector ProFund | 252117 |  |  |  |  | 252117 | 157644 |  |  |  |  | 157644 |
| Biotechnology UltraSector <br>ProFund | 19561952 |  | 1 |  |  | 19561953 | 1 |  | 7218190 |  |  | 7218191 |
| Communication Services <br>UltraSector ProFund | 24935 |  | 3205 |  |  | 28140 |  |  |  |  |  |  |
| Consumer Discretionary <br>UltraSector ProFund | 41781 |  |  |  |  | 41781 |  |  |  |  |  |  |
| Consumer Staples <br>UltraSector ProFund | 47880 |  |  |  |  | 47880 | 47059 |  |  |  |  | 47059 |
| Energy UltraSector <br>ProFund | 588643 |  |  |  |  | 588643 | 433234 |  |  |  |  | 433234 |
| Falling U.S. Dollar ProFund | 41213 |  |  |  |  | 41213 | 33646 |  |  |  |  | 33646 |
| Financials UltraSector <br>ProFund | 685318 |  |  |  |  | 685318 | 30422 |  |  |  |  | 30422 |

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**304 :: Notes to Financial Statements ::** January 31, 2026 (Unaudited)

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| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Year Ended 2025 | Year Ended 2025 | Year Ended 2025 | Year Ended 2025 | Year Ended 2025 | | Year Ended 2024 | Year Ended 2024 | Year Ended 2024 | Year Ended 2024 |  |
|  |  | 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>Net Long-Term<br>Capital Gains | Tax Return<br>of Capital |  | Total<br>Distributions<br>Paid |  |
| Health Care UltraSector <br>ProFund | $119414 |  | $— |  | $— | $119414 | $36523 |  | $— |  | $36523 |
| Industrials UltraSector <br>ProFund | 223532 |  |  |  |  | 223532 |  |  |  |  |  |
| Large-Cap Growth <br>ProFund |  |  |  |  |  |  | 69903 |  | 197631 |  | 267534 |
| Large-Cap Value ProFund | 116122 |  |  |  |  | 116122 |  |  |  |  |  |
| Materials UltraSector <br>ProFund | 33718 |  |  |  |  | 33718 | 45533 |  |  |  | 45533 |
| Mid-Cap Growth ProFund | 34853 |  |  |  |  | 34853 |  |  |  |  |  |
| Mid-Cap ProFund | 59615 |  |  |  |  | 59615 | 177 |  |  |  | 177 |
| Mid-Cap Value ProFund | 1829 |  |  |  |  | 1829 |  |  |  |  |  |
| Nasdaq-100 ProFund | 864868 |  |  |  |  | 864868 |  |  |  |  |  |
| Oil & Gas Equipment & <br>Services UltraSector <br>ProFund | 61433 |  |  |  |  | 61433 |  |  |  |  |  |
| Pharmaceuticals <br>UltraSector ProFund | 24996 |  |  |  |  | 24996 | 14006 |  |  |  | 14006 |
| Precious Metals <br>UltraSector ProFund | 370852 |  |  |  |  | 370852 | 305104 |  |  |  | 305104 |
| Real Estate UltraSector <br>ProFund | 78052 |  |  |  |  | 78052 | 119868 |  |  |  | 119868 |
| Rising Rates Opportunity <br>ProFund | 406651 |  |  |  |  | 406651 | 515586 |  |  |  | 515586 |
| Rising Rates <br>Opportunity 10 ProFund | 52270 |  |  |  |  | 52270 | 82393 |  |  |  | 82393 |
| Rising U.S. Dollar ProFund | 294511 |  |  |  |  | 294511 | 422995 |  |  |  | 422995 |
| Semiconductor UltraSector <br>ProFund | 48874168 |  |  |  |  | 48874168 |  |  |  |  |  |
| Short Energy ProFund | 19710 |  |  |  |  | 19710 | 31349 |  |  |  | 31349 |
| Short Nasdaq-100 ProFund | 177574 |  |  |  |  | 177574 | 158391 |  |  |  | 158391 |
| Short Precious Metals <br>ProFund | 149504 |  |  |  |  | 149504 | 102396 |  |  |  | 102396 |
| Short Real Estate | 60480 |  |  |  |  | 60480 | 56535 |  |  |  | 56535 |
| Short Small Cap ProFund | 138242 |  |  |  |  | 138242 | 206254 |  |  |  | 206254 |
| Small-Cap Growth ProFund |  |  | 84952 |  |  | 84952 |  |  | 35266 |  | 35266 |
| Small-Cap Value ProFund | 45652 |  |  |  |  | 45652 |  |  |  |  |  |
| Technology UltraSector <br>ProFund | 4428179 |  | 2186196 |  |  | 6614375 |  |  | 346520 |  | 346520 |
| UltraChina ProFund | 588507 |  |  |  |  | 588507 | 886559 |  |  |  | 886559 |
| UltraDow 30 ProFund | 1046422 |  | 32520 |  |  | 1078942 | 332272 |  |  |  | 332272 |
| UltraEmerging Markets <br>ProFund | 94707 |  |  |  |  | 94707 | 126907 |  |  |  | 126907 |
| UltraLatin America ProFund | 401998 |  |  |  |  | 401998 | 542533 |  |  |  | 542533 |
| UltraMid-Cap ProFund | 336488 |  | 122934 |  |  | 459422 | 247348 |  |  |  | 247348 |
| UltraShort China ProFund | 70680 |  |  |  |  | 70680 | 53593 |  |  |  | 53593 |
| UltraShort Dow 30 ProFund | 88370 |  |  |  |  | 88370 | 66243 |  |  |  | 66243 |
| UltraShort Emerging <br>Markets ProFund | 22196 |  |  |  |  | 22196 | 27014 |  |  |  | 27014 |
| UltraShort International <br>ProFund | 71031 |  |  |  |  | 71031 | 71426 |  |  |  | 71426 |
| UltraShort Japan ProFund | 29439 |  |  |  |  | 29439 | 15820 |  |  |  | 15820 |
| UltraShort Latin America <br>ProFund | 39461 |  |  |  |  | 39461 | 47078 |  |  |  | 47078 |
| UltraShort Mid-Cap <br>ProFund | 27225 |  |  |  |  | 27225 | 35538 |  |  |  | 35538 |
| UltraShort Small-Cap <br>ProFund | 152851 |  |  |  |  | 152851 | 173689 |  |  |  | 173689 |
| UltraSmall-Cap ProFund | 576367 |  |  |  |  | 576367 | 375317 |  |  |  | 375317 |
| U.S. Government Plus <br>ProFund | 160251 |  |  |  |  | 160251 | 308331 |  |  |  | 308331 |
| Utilities UltraSector <br>ProFund | 364216 |  |  |  |  | 364216 | 106254 |  |  |  | 106254 |

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January 31, 2026 (Unaudited) **:: Notes to Financial Statements :: 305**

As of the latest tax year ended, as noted below, the components of accumulated earnings (deficit) on a tax basis were as follows:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  | Undistributed<br>Long-Term<br>Capital Gains | Accumulated<br>Capital and<br>Other Losses | Unrealized<br>Appreciation<br>(Depreciation) |  |  |
| <u>December 31 tax year end ProFunds</u> | <u>December 31 tax year end ProFunds</u> | <u>December 31 tax year end ProFunds</u> | <u>December 31 tax year end ProFunds</u> | <u>December 31 tax year end ProFunds</u> | <u>December 31 tax year end ProFunds</u> | <u>December 31 tax year end ProFunds</u> |
| Bear ProFund | $8614 |  | $— | $(74923909) | $53027 | $(74862268) |
| Bull ProFund | 498823 |  | 87976 | (136836) | 28794183 | 29244146 |
| Europe 30 ProFund | 37189 |  |  | (3975316) | 634760 | (3303367) |
| UltraBear ProFund | 169675 |  |  | (109714483) | 81786 | (109463022) |
| UltraBull ProFund |  |  |  | (3239473) | 81621055 | 78381582 |
| UltraJapan ProFund | 40551 |  |  |  | 788 | 41339 |
| UltraNasdaq-100 ProFund |  |  |  | (20608785) | 569561649 | 548952864 |
| UltraShort Nasdaq-100 ProFund | 13244 |  |  | (110421693) | 251308 | (110157141) |
| <u>October 31 tax year end ProFunds</u> | <u>October 31 tax year end ProFunds</u> | <u>October 31 tax year end ProFunds</u> | <u>October 31 tax year end ProFunds</u> | <u>October 31 tax year end ProFunds</u> | <u>October 31 tax year end ProFunds</u> | <u>October 31 tax year end ProFunds</u> |
| Access Flex Bear High Yield ProFund |  |  |  | (5458672) | 471 | (5458201) |
| Access Flex High Yield ProFund | 30041 |  |  | (1059919) | (31196) | (1061074) |
| Banks UltraSector ProFund | 110820 |  |  | (2406451) | 2015954 | (279677) |
| Biotechnology UltraSector ProFund | 590890 |  | 52376 |  | 17192573 | 17835839 |
| Communication Services UltraSector ProFund | 485111 |  |  |  | 2547428 | 3032539 |
| Consumer Discretionary UltraSector ProFund |  |  |  |  | 14686412 | 14686412 |
| Consumer Staples UltraSector ProFund | 28098 |  |  | (326787) | 673571 | 374882 |
| Energy UltraSector ProFund | 310202 |  |  | (10103532) | 7305572 | (2487758) |
| Falling U.S. Dollar ProFund | 44879 |  |  | (2614430) |  | (2569551) |
| Financials UltraSector ProFund |  |  |  |  | 2933097 | 2933097 |
| Health Care UltraSector ProFund | 71846 |  |  | (51271) | 6490606 | 6511181 |
| Industrials UltraSector ProFund | 90439 |  |  |  | 2554845 | 2645284 |
| Internet UltraSector ProFund |  |  |  | (26419482) | 51401935 | 24982453 |
| Large-Cap Growth ProFund | 295049 |  |  |  | 11639843 | 11934892 |
| Large-Cap Value ProFund | 223125 |  |  |  | 650412 | 873537 |
| Materials UltraSector ProFund | 18345 |  |  | (940376) | 947665 | 25634 |
| Mid-Cap Growth ProFund |  |  | 150390 | (35377) | 1074356 | 1189369 |
| Mid-Cap ProFund | 20933 |  |  | (454763) | 824589 | 390759 |
| Mid-Cap Value ProFund |  |  |  | (694522) | 319840 | (374682) |
| Nasdaq-100 ProFund | 1790674 |  | 517399 |  | 52465352 | 54773425 |
| Oil & Gas Equipment & Services UltraSector ProFund | 102497 |  |  | (17253382) | 851957 | (16298928) |
| Pharmaceuticals UltraSector ProFund | 32307 |  |  | (789087) | 473196 | (283584) |
| Precious Metals UltraSector ProFund | 390645 |  |  | (37615720) | 22933194 | (14291881) |
| Real Estate UltraSector ProFund | 17882 |  |  | (3582910) | 1375602 | (2189426) |
| Rising Rates Opportunity ProFund | 244010 |  |  | (41709305) | 106711 | (41358584) |
| Rising Rates Opportunity 10 ProFund | 17303 |  |  | (3551835) | 2275 | (3532257) |
| Rising U.S. Dollar ProFund | 192042 |  |  | (2494775) |  | (2302733) |
| Semiconductor UltraSector ProFund | 53668673 |  | 7080349 |  | 226870750 | 287619772 |
| Short Energy ProFund | 21627 |  |  | (2232135) | 5181 | (2205327) |
| Short Nasdaq-100 ProFund | 86605 |  |  | (19346118) | (13283) | (19272796) |
| Short Precious Metals ProFund | 153103 |  |  | (14288358) | 412222 | (13723033) |
| Short Real Estate ProFund | 21519 |  |  | (5133851) | 29416 | (5082916) |
| Short Small-Cap ProFund | 149820 |  |  | (17154938) | 20210 | (16984908) |
| Small-Cap Growth ProFund |  |  |  | (507541) | 1087131 | 579590 |
| Small-Cap ProFund | 41398 |  |  | (150877) | 966642 | 857163 |
| Small-Cap Value ProFund |  |  |  | (6246967) | 295943 | (5951024) |
| Technology UltraSector ProFund | 1994658 |  | 1041597 |  | 44713159 | 47749414 |
| UltraChina ProFund | 1369272 |  |  | (40313799) | (359827) | (39304354) |
| UltraDow 30 ProFund | 1419851 |  | 214779 |  | 20580041 | 22214671 |
| UltraEmerging Markets ProFund | 232366 |  |  | (3524860) | 3028580 | (263914) |
| UltraInternational ProFund | 26880 |  |  |  | (154643) | (127763) |
| UltraLatin America ProFund | 280809 |  |  | (29015546) | 1204313 | (27530424) |
| UltraMid-Cap ProFund | 59629 |  |  |  | 7780277 | 7839906 |
| UltraShort China ProFund | 52607 |  |  | (11672720) | 124513 | (11495600) |
| UltraShort Dow 30 ProFund | 44417 |  |  | (26121792) | 693 | (26076682) |
| UltraShort Emerging Markets ProFund | 18775 |  |  | (13524299) | 15758 | (13489766) |
| UltraShort International ProFund | 69544 |  |  | (19353910) | 47469 | (19236897) |
| UltraShort Japan ProFund | 23298 |  |  | (11836590) | (9600) | (11822892) |
| UltraShort Latin America ProFund | 28769 |  |  | (17685908) | (36839) | (17693978) |

---

**306 :: Notes to Financial Statements ::** January 31, 2026 (Unaudited)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  | Undistributed<br>Long-Term<br>Capital Gains | Accumulated<br>Capital and<br>Other Losses | Unrealized<br>Appreciation<br>(Depreciation) |  |  |
| UltraShort Mid-Cap ProFund | $13615 |  | $— | $(11545262) | $19687 | $(11511960) |
| UltraShort Small-Cap ProFund | 92245 |  |  | (58158506) | 138284 | (57927977) |
| UltraSmall-Cap ProFund | 37569 |  |  | (23822372) | 11918981 | (11865822) |
| U.S. Government Plus ProFund |  |  |  | (9238084) | 2827 | (9235257) |
| Utilities UltraSector ProFund | 133548 |  |  | (3251147) | 5158914 | 2041315 |

---

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, 2025 and December 31, 2025, 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 |  |
| <u>December 31 tax year end ProFunds</u> | <u>December 31 tax year end ProFunds</u> | <u>December 31 tax year end ProFunds</u> | <u>December 31 tax year end ProFunds</u> |
| Bull ProFund | $136836 |  | $— |
| UltraBull ProFund | 3239473 |  |  |
| UltraNasdaq-100 ProFund | 20608785 |  |  |
| <u>October 31 tax year end ProFunds</u> | <u>October 31 tax year end ProFunds</u> | <u>October 31 tax year end ProFunds</u> | <u>October 31 tax year end ProFunds</u> |
| Internet UltraSector ProFund |  |  | 259273 |
| Mid-Cap Growth ProFund |  |  | 35377 |
| Mid-Cap Value ProFund |  |  | 8055 |
| Small-Cap Growth ProFund |  |  | 31588 |

---

As of the end of their respective tax years ended October 31, 2025 and December 31, 2025, 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.

---

| | |
|:---|:---|
| Fund | No Expiration <br>Date |
| Access Flex Bear High Yield ProFund | $5458673 |
| Access Flex High Yield ProFund | 1059919 |
| Banks UltraSector ProFund | 2406451 |
| Bear ProFund | 74923909 |
| Consumer Staples UltraSector ProFund | 326787 |
| Energy UltraSector ProFund | 10103532 |
| Europe 30 ProFund | 3975316 |
| Falling U.S. Dollar ProFund | 2614430 |
| Health Care UltraSector ProFund | 51271 |
| Internet UltraSector ProFund | 26160209 |
| Materials UltraSector ProFund | 940376 |
| Mid-Cap ProFund | 454763 |
| Mid-Cap Value ProFund | 686467 |
| Oil & Gas Equipment & Services UltraSector ProFund | 17253382 |
| Pharmaceuticals UltraSector ProFund | 789087 |
| Precious Metals UltraSector ProFund | 37615720 |
| Real Estate UltraSector ProFund | 3582910 |
| Rising Rates Opportunity ProFund | 41709305 |
| Rising Rates Opportunity 10 ProFund | 3551835 |
| Rising U.S. Dollar ProFund | 2494775 |
| Short Energy ProFund | 2232135 |
| Short Nasdaq-100 ProFund | 19346118 |
| Short Precious Metals ProFund | 14288358 |
| Short Real Estate ProFund | 5133851 |
| Short Small-Cap ProFund | 17154938 |
| Small-Cap Growth ProFund | 475953 |
| Small-Cap ProFund | 150877 |
| Small-Cap Value ProFund | 6246967 |
| UltraBear ProFund | 109714483 |
| UltraChina ProFund | 40313799 |
| UltraEmerging Markets ProFund | 3524860 |

---

January 31, 2026 (Unaudited) **:: Notes to Financial Statements :: 307**

---

| | |
|:---|:---|
| Fund | No Expiration <br>Date |
| UltraLatin America ProFund | $29015546 |
| UltraShort China ProFund | 11672720 |
| UltraShort Dow 30 ProFund | 26121792 |
| UltraShort Emerging Markets ProFund | 13524299 |
| UltraShort International ProFund | 19353910 |
| UltraShort Japan ProFund | 11836590 |
| UltraShort Latin America ProFund | 17685908 |
| UltraShort Mid-Cap ProFund | 11545262 |
| UltraShort Nasdaq-100 ProFund | 110421693 |
| UltraShort Small-Cap ProFund | 58158506 |
| UltraSmall-Cap ProFund | 23822372 |
| U.S. Government Plus ProFund | 9238084 |
| Utilities UltraSector ProFund | 3251147 |

---

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, 2025 and December 31, 2025, 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<br>Unrealized<br>Appreciation | Tax<br>Unrealized<br>Depreciation | Net Unrealized<br>Appreciation<br>(Depreciation) |  |
| <u>December 31 tax year end ProFunds</u> | <u>December 31 tax year end ProFunds</u> | <u>December 31 tax year end ProFunds</u> | <u>December 31 tax year end ProFunds</u> | <u>December 31 tax year end ProFunds</u> | <u>December 31 tax year end ProFunds</u> |
| Bear ProFund | $6483000 |  | $53027 | $— | $53027 |
| Bull ProFund | 23541377 |  | 30322295 | (1528112) | 28794183 |
| Europe 30 ProFund | 4523218 |  | 1403619 | (768859) | 634760 |
| UltraBear ProFund | 4844000 |  | 81786 |  | 81786 |
| UltraBull ProFund | 89662962 |  | 91718983 | (10097928) | 81621055 |
| UltraJapan ProFund | 20039000 |  | 788 |  | 788 |
| UltraNasdaq-100 ProFund | 635769555 |  | 623072034 | (53510385) | 569561649 |
| UltraShort Nasdaq-100 ProFund | 12007000 |  | 251308 |  | 251308 |
| <u>October 31 tax year end ProFunds</u> | <u>October 31 tax year end ProFunds</u> | <u>October 31 tax year end ProFunds</u> | <u>October 31 tax year end ProFunds</u> | <u>October 31 tax year end ProFunds</u> | <u>October 31 tax year end ProFunds</u> |
| Access Flex Bear High Yield ProFund | 217000 |  | 471 |  | 471 |
| Access Flex High Yield ProFund | 15597000 |  |  | (31196) | (31196) |
| Banks UltraSector ProFund | 5907211 |  | 2443932 | (427978) | 2015954 |
| Biotechnology UltraSector ProFund | 72323646 |  | 25203569 | (8010996) | 17192573 |
| Communication Services UltraSector ProFund | 25715369 |  | 5394351 | (2846923) | 2547428 |
| Consumer Discretionary UltraSector ProFund | 39376397 |  | 15994238 | (1307826) | 14686412 |
| Consumer Staples UltraSector ProFund | 2216654 |  | 950781 | (277210) | 673571 |
| Energy UltraSector ProFund | 8559522 |  | 9245397 | (1939825) | 7305572 |
| Falling U.S. Dollar ProFund | 1118000 |  |  |  |  |
| Financials UltraSector ProFund | 31233411 |  | 5528597 | (2595500) | 2933097 |
| Health Care UltraSector ProFund | 6011878 |  | 6983006 | (492400) | 6490606 |
| Industrials UltraSector ProFund | 7786348 |  | 2836278 | (281433) | 2554845 |
| Internet UltraSector ProFund | 53470798 |  | 55485328 | (4083393) | 51401935 |
| Large-Cap Growth ProFund | 9583069 |  | 12317644 | (677801) | 11639843 |
| Large-Cap Value ProFund | 7735933 |  | 2125482 | (1475070) | 650412 |
| Materials UltraSector ProFund | 2261191 |  | 1378619 | (430954) | 947665 |
| Mid-Cap Growth ProFund | 3194576 |  | 1485945 | (411589) | 1074356 |
| Mid-Cap ProFund | 5204315 |  | 1306982 | (482393) | 824589 |
| Mid-Cap Value ProFund | 1724947 |  | 659488 | (339648) | 319840 |
| Nasdaq-100 ProFund | 85138037 |  | 55022169 | (2556817) | 52465352 |
| Oil & Gas Equipment & Services UltraSector ProFund | 10178002 |  | 3937364 | (3085407) | 851957 |
| Pharmaceuticals UltraSector ProFund | 2465040 |  | 989128 | (515932) | 473196 |
| Precious Metals UltraSector ProFund | 44978971 |  | 31815386 | (8882192) | 22933194 |
| Real Estate UltraSector ProFund | 1635273 |  | 1585702 | (210100) | 1375602 |
| Rising Rates Opportunity ProFund | 8883000 |  | 106711 |  | 106711 |
| Rising Rates Opportunity 10 ProFund | 533000 |  | 2275 |  | 2275 |
| Rising U.S. Dollar ProFund | 8637000 |  |  |  |  |
| Semiconductor UltraSector ProFund | 226136630 |  | 241148882 | (14278132) | 226870750 |

---

**308 :: Notes to Financial Statements ::** January 31, 2026 (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Tax<br>Unrealized<br>Appreciation | Tax<br>Unrealized<br>Depreciation | Net Unrealized<br>Appreciation<br>(Depreciation) |  |
| Short Energy ProFund | $925000 |  | $5181 | $— | $5181 |
| Short Nasdaq-100 ProFund | 4284000 |  |  | (13283) | (13283) |
| Short Precious Metals ProFund | 10940000 |  | 412222 |  | 412222 |
| Short Real Estate ProFund | 1072000 |  | 29416 |  | 29416 |
| Short Small-Cap ProFund | 980000 |  | 20210 |  | 20210 |
| Small-Cap Growth ProFund | 2778818 |  | 1429772 | (342641) | 1087131 |
| Small-Cap ProFund | 3975889 |  | 1337127 | (370485) | 966642 |
| Small-Cap Value ProFund | 2214310 |  | 615920 | (319977) | 295943 |
| Technology UltraSector ProFund | 63771938 |  | 46840815 | (2127656) | 44713159 |
| UltraChina ProFund | 41737065 |  | 11165487 | (11525314) | (359827) |
| UltraDow 30 ProFund | 21288218 |  | 21592036 | (1011995) | 20580041 |
| UltraEmerging Markets ProFund | 15143751 |  | 4938793 | (1910213) | 3028580 |
| UltraInternational ProFund | 4469000 |  |  | (154643) | (154643) |
| UltraLatin America ProFund | 8501322 |  | 4129700 | (2925387) | 1204313 |
| UltraMid-Cap ProFund | 24416361 |  | 10774736 | (2994459) | 7780277 |
| UltraShort China ProFund | 1937000 |  | 124513 |  | 124513 |
| UltraShort Dow 30 ProFund | 1218000 |  | 693 |  | 693 |
| UltraShort Emerging Markets ProFund | 265000 |  | 15758 |  | 15758 |
| UltraShort International ProFund | 1757000 |  | 47469 |  | 47469 |
| UltraShort Japan ProFund | 849000 |  |  | (9600) | (9600) |
| UltraShort Latin America ProFund | 561000 |  |  | (36839) | (36839) |
| UltraShort Mid-Cap ProFund | 537000 |  | 19687 |  | 19687 |
| UltraShort Small-Cap ProFund | 3975000 |  | 138284 |  | 138284 |
| UltraSmall-Cap ProFund | 38139974 |  | 15760720 | (3841739) | 11918981 |
| U.S. Government Plus ProFund | 12570000 |  | 11596 | (8769) | 2827 |
| Utilities UltraSector ProFund | 4893464 |  | 5610864 | (451950) | 5158914 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**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 January 31, 2026, Access Flex Bear High Yield ProFund was owed $297,705 and the Rising U.S. Dollar ProFund was owed $686,357 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 $294,300 and $680,437, 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 January 31, 2026.

**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.

January 31, 2026 (Unaudited) **:: Notes to Financial Statements :: 309**

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 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**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 January 31, 2026, 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 |  | 69% |
| Small-Cap ProFund | Meridian Capital Partners |  | 34% |
| UltraShort Latin America ProFund | Warren M. Merguerian |  | 87% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**11. New Accounting Pronouncements**

In December 2025, the FASB issued Accounting Standards Update 2025-11 ("ASU 2025-11"), Interim Reporting (Topic 270): Narrow-Scope Improvements, to improve the guidance in Topic 270, Interim Reporting, by improving the navigability of the required interim disclosures and clarifying when that guidance is applicable. The amendments also provide additional guidance on what disclosures should be provided in interim reporting periods. ASU 2025-11 is effective for annual periods beginning after December 15, 2027, for public business entities and for interim reporting periods within annual reporting periods beginning after

December 15, 2028, for entities other than public business entities. Early adoption is permitted for all entities. Fund Management is evaluating the impacts of these changes on the ProFunds' 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.

**Form N-CSR – Items 8-11 (unaudited)**

January 31, 2026 (Unaudited) **:: Form N-CSR – Items 8-11 :: 311**

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.**

None.

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.**

None.

**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.**

At a meeting held on September 29, 2025, the Board of Trustees (the "Board") of ProFunds (the "Trust") considered the renewal of the Investment Advisory Agreement between ProFund Advisors LLC (the "Advisor") and the Trust, on behalf of each of its operational series (each a "Fund" and collectively the "Funds") (the "Advisory Agreement"). Certain Funds are designed to match, before fees and expenses, the performance of an underlying index both on a single day and over time (each, a "Matching Fund" and, collectively, the "Matching Funds"). Certain other Funds are actively-managed and are designed to meet a specified investment objective (each, an "Active Fund" and, collectively, the "Active Funds"). Certain other Funds are "geared" funds that are designed to seek daily investment results, before fees and expenses, that correspond to the inverse (-1x), a multiple (i.e., 1.25x, 1.50x or 2x), or an inverse multiple (i.e., -1.25x or -2x) of the daily performance of an underlying index or security (each, a "Geared Fund" and, collectively, the "Geared Funds"). The Independent Trustees met in Executive Session with Independent Trustee Counsel to discuss and evaluate the information provided by the Advisor and the independent consultant. Among other things, the Independent Trustees reviewed information regarding the financial condition and profitability of the Advisor, including the methodologies involved in calculating profitability.

In considering whether to approve the continuance of the Advisory Agreement, the Board did not identify any particular information that was most relevant and each Trustee may have afforded different weight to the various factors.

The Board received a memorandum from independent legal counsel to the Independent Trustees regarding the Board's responsibilities under state and federal law with respect to the Board's consideration of the renewal or approval of investment advisory agreements. The Independent Trustees were advised by Trust counsel and their independent legal counsel throughout the process, including about the legal standards applicable to their review.

In response to a request from the Independent Trustees, the Advisor provided information for the Board to consider relating to the continuance of the Advisory Agreement, including information that addressed, among other things:

• the nature, extent and quality of the services that were provided or proposed to be provided by the Advisor;

• the costs of the services to be provided and the profits realized by the Advisor;

• the investment performance of the Funds and the Advisor;

• the extent to which economies of scale might be realized as the Funds grow and whether fee levels reflect economies of scale, if any, for the benefit of Fund shareholders; and

• other benefits to the Advisor and/or its affiliates from the relationship to the Funds.

It was noted that the Independent Trustees requested, and received, information from the Advisor concerning the Funds to assist them in evaluating the terms of the Advisory Agreement. In response to the request from the Independent Trustees, the Advisor provided information and reports relevant to the continuance of the Advisory Agreement, including, among other things:

• information about the advisory services that were being provided by the Advisor with respect to the Funds;

• the Advisor's Form ADV;

• biographies of the employees of the Advisor who are primarily responsible for providing investment advisory services to the Funds;

• information regarding each component of the contractual fee rates and actual fee rates for the prior fiscal year;

• information regarding advisory fees earned and advisory fees waived for previous periods;

• performance information for prior periods;

• comparative industry fee data;

• information about fees and other amounts that were received by the Advisor and its affiliates for non-advisory management services with respect to the Funds;

• information regarding the Advisor's trade allocation and best execution policies and procedures;

• information about the financial condition of the Advisor;

• information regarding how the Advisor monitors each Fund's compliance with regulatory requirements and Trust procedures; and

• the Advisor's reputation, expertise and resources.

**312 :: Form N-CSR – Items 8-11 ::** January 31, 2026 (Unaudited)

The Trustees retained the services of an independent consultant to assist in selecting a universe of peer group funds for each Fund (the "Peer Group") with similar investment strategies, as well as to assist them in evaluating information with respect to certain aspects of their review, including the performance of the Funds and the reasonableness of fees paid by the Funds. The Board evaluated all information available to it on a Fund-by-Fund basis, and its determinations were made separately with respect to each Fund.

In addition to the information provided and discussions that occurred at the meeting at which the Board took action regarding the renewal of the Advisory Agreement, the Board also considered information they received throughout the year as part of its regular oversight of the Funds.

**Nature, Extent and Quality of the Advisor's Services**

The Board reviewed the nature, extent and quality of the investment advisory services performed by the Advisor. The Board noted there were expected to be no significant differences between the nature and scope of services provided by the Advisor in the past year and those to be provided in the upcoming year. The Board focused on the quality of the personnel and operations at the Advisor and the systems and processes required to manage the Funds effectively. Among other things, the Board considered the following:

• the investment objective of each Fund, the Advisor's description of the skills needed to manage each Fund and the Advisor's success in achieving the investment objectives of each Fund;

• the key features of each Fund, including the unique asset classes and investment strategies of certain Funds, as well as the employment of optimization/sampling techniques necessary to manage certain Funds;

• with respect to the Geared Funds, the fact that to maintain exposure consistent with each Geared Fund's daily investment objective, each Geared Fund needs to be rebalanced each day, an activity not typical of traditional index funds;

• the size and experience of the Advisor's portfolio staff and the Advisor's ability to recruit, train and retain personnel with relevant experience and the specific expertise necessary to manage the Funds;

• the structure of the portfolio Advisor's staff compensation program and the incentives it is intended to provide;

• the collateral, credit and cash management functions at the Advisor and enhancements made in these areas in recent years;

• the Advisor's development of investment strategies, including those involving the use of complex financial instruments and processes that maximize the Funds' ability to meet their stated investment objectives and minimize counterparty risk;

• the Advisor's ability to monitor compliance with the Securities and Exchange Commission's liquidity rule, derivatives rule and valuation requirements, among other applicable regulatory requirements;

• a continued investment in personnel and technology by the Advisor that would generally improve capacity and efficiency;

• for certain cryptocurrency-linked Funds, the Advisor's familiarity with digital assets and Bitcoin and Ether in particular, as well as processes related to assessing risk and liquidity with respect to investments in cryptocurrency derivatives, the Advisor's familiarity with the market for cryptocurrency derivatives and its ability to manage the Funds and obtain appropriate exposure in that market, the appropriateness of investing in cryptocurrency-related instruments by the Funds as open-end mutual funds and the potential benefits of a futures-based approach; and

• information regarding allocation of Fund brokerage and the selection of counterparties for Fund portfolio transactions, as well as the Advisor's ability to negotiate generally favorable terms with swap counterparties on behalf of various Funds.

The Board considered that the Advisor oversees the operations of the Funds and provides compliance services to the Funds. The Board also reviewed the Advisor's compliance program, including specific activities associated with the Funds. The Board discussed the compliance program with the Funds' Chief Compliance Officer (the "CCO"). The Board and the CCO discussed the CCO's evaluation of the operation of the Advisor's compliance program, and efforts with respect to the Funds, changes made to the Advisor's compliance program since the CCO's last annual report to the Board, and whether the CCO believed additional enhancements to the compliance program were warranted. The Board discussed compliance issues reported to the Board during the prior year and the remediation of such issues. The Board discussed key risk areas identified by the CCO and how such risks are addressed by the compliance program.

Based upon its review, the Board, including all of the Independent Trustees, concluded with respect to each Fund that (i) the investment advisory services provided by the Advisor with respect to the Fund were of high quality, (ii) the Advisor achieved the investment goals of the Fund, (iii) the Advisor's services benefited the Fund's shareholders, particularly in light of the nature of the Fund and the services required to support each such Fund, and (iv) they were generally satisfied with the nature, quality and extent of services provided by the Advisor to the Funds.

**Comparison of Services and Fees**

The Advisor presented information about the fairness and reasonableness of the investment advisory fees payable to the Advisor in light of the investment advisory services provided, the costs of these services and the comparability to the fees paid by other investment companies, including mutual funds or other investment vehicles offering strategies similar in nature and extent to the Funds. The Board discussed the methodology used to prepare the comparative fee data for each Fund and the potential limitations of such data. The Board discussed the challenges in compiling the comparative data and Peer Group information because, by design, many of the Funds are unique and few, if any, funds offering substantially similar investment objectives and strategies exist. The Board considered the Advisor's representation that it found the Peer Groups compiled by the independent consultant to be appropriate but acknowledged the existence of certain differences between certain Funds and their peers. The Board noted that the methodology used to compile the Peer Group

January 31, 2026 (Unaudited) **:: Form N-CSR – Items 8-11 :: 313**

and comparative data was substantially similar to that used in prior years and is continually re-evaluated. Notwithstanding the challenge associated with Peer Group and data compilation, the Board found the comparative information it received to be useful in its evaluation of the reasonableness of the Advisor's fees.

The Board considered that, in cases where a Fund had higher fees and expenses than other funds in its respective Peer Group, such differences reflected the Advisor's belief, after considering relevant factors, that the fees and expenses are fair and reasonable in light of the nature and quality of the services provided and in relation to fees by funds in the Peer Group to their advisers. The Advisor presented information about the significant drivers of cost and also examined the costs to investors to achieve the objectives of the Funds on their own and noted that it would be more expensive or impractical to do so.

The Board also considered the fee waiver and/or expense reimbursement arrangements currently in place for each Fund and considered the net advisory fees paid by the Funds after taking waivers and reimbursements into account.

The Board considered and discussed the sub-advisory fees charged and the services provided by the Advisor to the one mutual fund it serves as sub-adviser. The Board recognized that the nature and scope of services provided by the Advisor to the mutual fund is narrower than the services provided to the Funds for several reasons, including that the Advisor performs only services delegated to it by the investment adviser to the mutual fund and does not provide other services like daily cash management, securities lending, marketing, client services, collateral management and counterparty management. The Board noted that for these reasons it presents challenges to make comparisons of fees charged to the sub-advised mutual fund and the Funds.

The Board also recognized the challenges in comparing fees across fund complexes because there may be variations in services that are included in the fees paid by other mutual funds.

The Board, including all of the Independent Trustees, concluded that, with respect to the Funds, the investment advisory fees and any other compensation payable to the Advisor were fair and reasonable in relation to the nature and quality of the services provided and that the continuance of the Advisory Agreement was in the best interests of the shareholders of the Funds.

**Investment Performance of the Funds and the Advisor**

The Board considered total return information for each Fund and focused on the correlation of returns to benchmark information for each Geared Fund for the 3-month, 1-year, 5-year, 10-year and since inception periods ended June 30, 2025, as applicable. The Board also considered performance information provided at regular Board meetings throughout the year. The Board noted that correlation of returns for each Geared Fund remained strong during the applicable periods and that Geared Fund performance when compared with target performance was generally within expected ranges. The Board further noted that Matching Fund performance compared with benchmark index performance was also generally within expected ranges during the applicable periods. The Board noted that, given the nature of the Funds that are Matching Funds or Geared Funds, the correlation of such Fund's performance with the performance of its underlying benchmark (or a relevant inverse or multiple thereof) was a more meaningful factor than the Fund's total return.

With respect to the Active Funds, the Board considered each Fund's relative performance as compared to its respective Peer Group average, universe average, and benchmark index returns for each of the one-year, three-year, five-year and ten-year periods ended June 30, 2025, as applicable. The Board noted that each Active Fund's performance was generally in line with the comparative Peer Groups, even if an Active Fund underperformed one or more of its peers for a particular period.

After reviewing the performance of the Funds, the Board, including the Independent Trustees, concluded, in light of the foregoing factors, that the performance of the Funds was satisfactory.

With regard to the VP Government Money Market Fund, the Board considered that the Advisor has contractually undertaken to waive fees and/or reimburse expenses to maintain a minimum yield floor limit at 0.02% and has also contractually agreed to waive total operating expenses to 0.90%. The Board noted that under the minimum yield agreement there have been no payments or deferred fee or reimbursed expenses from the Fund since March 4, 2020. The Advisor also confirmed it will not recoup any amounts of fees previously waived or expenses previously reimbursed without first notifying the Independent Trustees.

**Profitability**

The Board considered and discussed with representatives of the Advisor the significant drivers of cost incurred by or expected to be incurred by the Advisor in managing the Funds, including, but not limited to, employee compensation, information technology, intellectual capital, regulatory compliance, daily portfolio rebalancing of the Geared Funds, and entrepreneurial risk, and considered the costs that investors likely would incur if they independently sought to achieve the objectives of the Funds. The Board considered and discussed with representatives of the Advisor the profitability to the Advisor of its management of each of the Funds. The Board also discussed the Advisor's profitability, including the expense allocation methodology used in the Advisor's profitability analysis. It was noted that the methodology for determining profitability was conducted in a similar fashion as the prior year.

Based on its review, the Board, including all of the Independent Trustees, concluded that the profitability to the Advisor of the Advisory Agreement was reasonable in light of the services and benefits provided to each Fund.

**314 :: Form N-CSR – Items 8-11 ::** January 31, 2026 (Unaudited)

**Economies of Scale**

The Board discussed with representatives of the Advisor potential economies of scale in connection with the management and operation of each Fund, as well as the effect of the contractual expense limitations undertaken by the Advisor. The Board considered that each Fund covered by the Advisory Agreement pays the Advisor an annual investment advisory fee of 0.75% of average daily net assets (other than the Ultra Japan ProFund and the UltraShort Japan ProFund, each of which pay 0.90%, the Nasdaq-100 ProFund which pays 0.70%, the ProFund VP US Government Plus which pays 0.50%, and the Bitcoin ProFund and Short Bitcoin ProFund, each of which each pays 0.45%).

The Board considered that, 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 reduce each Fund's annual investment advisory fee by 0.025% on non-money market mutual fund net assets in excess of $500 million up to $1 billion, 0.05% on assets in excess of $1 billion up to $2 billion and 0.075% on assets in excess of $2 billion. The Board considered that for the periods presented, none of the Funds were subject to advisory fee reductions as a result of breakpoint fee reductions.

The Board indicated to the Advisor that it will continue to consider and evaluate on an ongoing basis potential economies of scale and how Fund shareholders might benefit from those economies of scale.

**Other Benefits**

The Board also considered the Advisor's non-advisory management services, including those performed under a separate Management Services Agreement. The Board considered the fact that the Geared Funds' shareholders, and the shareholders of certain Matching Funds, tend to be active traders, which adds a level of complexity to the management of those Funds since the Advisor needs to account for significant asset flows both into and out of the Funds. The Board also considered any indirect, or "fall-out," benefits that the Advisor or its affiliates derived from their relationship to the Funds but concluded that such benefits were relatively insignificant.

The Board considered that ProFunds Distributors, Inc., a wholly-owned subsidiary of the Advisor, earns fees from the Funds for providing services under a Distribution and Shareholder Services Plan.

**Conclusions**

Based on, but not limited to, the above considerations and determinations, the Board, including all of the Independent Trustees, determined that the Advisory Agreement for the Funds is fair and reasonable in light of the nature, extent and quality of the services to be performed, the fee rates to be paid, the Advisor's expenses and such other matters as the Board considered relevant in the exercise of its business judgement. Accordingly, the Board concluded that the continuance of the Advisory Agreement was in the best interests of the shareholders of the Funds. On this basis, the Board unanimously voted in favor of the renewal of the Advisory Agreement.

![](j2625932_za001.jpg)

P.O. Box 182800

Columbus, OH 43218-2800

**ProFunds**<sup>®</sup>

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.

01/26

(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) Not applicable – only for annual reports.

(a)(2) Not applicable.

[(a)(3) The certifications required by Rule 30a-2(a) of the Investment Company Act of 1940 are attached hereto.](tm262593d1_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.](tm262593d1_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>April 7, 2026</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>April 7, 2026</u>

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Rebecca Colvin |
|  | Rebecca Colvin, Treasurer and Principal Financial Officer |

---

Date <u>April 7, 2026</u>

\* Print the name and title of each signing officer under his or her signature.

## 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.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;April 7, 2026 | &nbsp;&nbsp;&nbsp;/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.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;April 7, 2026 | &nbsp;&nbsp;&nbsp;/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 January 31, 2026 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 | &nbsp;&nbsp;&nbsp;April 7, 2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Todd B. Johnson |
|  |  | Todd B. Johnson |
|  |  | President and Principal Executive Officer |
| Date | &nbsp;&nbsp;&nbsp;April 7, 2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/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.