# EDGAR Filing Document

**Accession Number:** 0001039803
**File Stem:** 0001683863-23-000056
**Filing Date:** 2023-1
**Character Count:** 153641
**Document Hash:** f85434b7e812abe49f5ccac46eba5701
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001683863-23-000056.hdr.sgml**: 20230105

**ACCESSION NUMBER**: 0001683863-23-000056

**CONFORMED SUBMISSION TYPE**: 497

**PUBLIC DOCUMENT COUNT**: 14

**FILED AS OF DATE**: 20230105

**DATE AS OF CHANGE**: 20230105

**EFFECTIVENESS DATE**: 20230105

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ProFunds
- **CENTRAL INDEX KEY:** 0001039803
- **IRS NUMBER:** 522035197
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 497
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-28339
- **FILM NUMBER:** 23512310

**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
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PROSHARES TRUST
- **CENTRAL INDEX KEY:** 0001174610
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0531

**FILING VALUES:**
- **FORM TYPE:** 497
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-89822
- **FILM NUMBER:** 23512311

**BUSINESS ADDRESS:**
- **STREET 1:** 7272 WISCONSIN AVENUE
- **STREET 2:** 21ST FLOOR
- **CITY:** BETHESDA
- **STATE:** MD
- **ZIP:** 20814
- **BUSINESS PHONE:** 240-497-6400

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

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** XTRASHARES TRUST
- **DATE OF NAME CHANGE:** 20030409

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PROFUNDS ETF TRUST
- **DATE OF NAME CHANGE:** 20020531

## Series and Classes Contracts Data

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

---

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

---

### SHORT OIL & GAS PROFUND (Series ID: S000003085)

---

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

---

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

---

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

---

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

---

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

---

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

---

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

---

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

---

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

---

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

---

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

---

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

---

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

---

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

---

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

---

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

---

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

---

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

---

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

---

### OIL & GAS ULTRASECTOR PROFUND (Series ID: S000003110)

---

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

---

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

---

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

---

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

---

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

---

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

---

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

---

### PROFUND VP BANKS (Series ID: S000003964)

---

|  |  |
|:---|:---|
| Class Name       | Class ID   |
| PROFUND VP BANKS | C000011091 |

---

### PROFUND VP BIOTECHNOLOGY (Series ID: S000003965)

---

|  |  |
|:---|:---|
| Class Name               | Class ID   |
| PROFUND VP BIOTECHNOLOGY | C000011092 |

---

### PROFUND VP BASIC MATERIALS (Series ID: S000003966)

---

|  |  |
|:---|:---|
| Class Name                 | Class ID   |
| PROFUND VP BASIC MATERIALS | C000011093 |

---

### PROFUND VP CONSUMER SERVICES (Series ID: S000003967)

---

|  |  |
|:---|:---|
| Class Name                   | Class ID   |
| PROFUND VP CONSUMER SERVICES | C000011094 |

---

### PROFUND VP CONSUMER GOODS (Series ID: S000003968)

---

|  |  |
|:---|:---|
| Class Name                | Class ID   |
| PROFUND VP CONSUMER GOODS | C000011095 |

---

### PROFUND VP OIL & GAS (Series ID: S000003969)

---

|  |  |
|:---|:---|
| Class Name           | Class ID   |
| PROFUND VP OIL & GAS | C000011096 |

---

### PROFUND VP FINANCIALS (Series ID: S000003970)

---

|  |  |
|:---|:---|
| Class Name            | Class ID   |
| PROFUND VP FINANCIALS | C000011097 |

---

### PROFUND VP HEALTH CARE (Series ID: S000003971)

---

|  |  |
|:---|:---|
| Class Name             | Class ID   |
| PROFUND VP HEALTH CARE | C000011098 |

---

### PROFUND VP INDUSTRIALS (Series ID: S000003973)

---

|  |  |
|:---|:---|
| Class Name             | Class ID   |
| PROFUND VP INDUSTRIALS | C000011100 |

---

### PROFUND VP PHARMACEUTICALS (Series ID: S000003975)

---

|  |  |
|:---|:---|
| Class Name                 | Class ID   |
| PROFUND VP PHARMACEUTICALS | C000011102 |

---

### PROFUND VP REAL ESTATE (Series ID: S000003977)

---

|  |  |
|:---|:---|
| Class Name             | Class ID   |
| PROFUND VP REAL ESTATE | C000011104 |

---

### PROFUND VP TECHNOLOGY (Series ID: S000003979)

---

|  |  |
|:---|:---|
| Class Name            | Class ID   |
| PROFUND VP TECHNOLOGY | C000011106 |

---

### PROFUND VP TELECOMMUNICATIONS (Series ID: S000003980)

---

|  |  |
|:---|:---|
| Class Name                    | Class ID   |
| PROFUND VP TELECOMMUNICATIONS | C000011107 |

---

### PROFUND VP UTILITIES (Series ID: S000003981)

---

|  |  |
|:---|:---|
| Class Name           | Class ID   |
| PROFUND VP UTILITIES | C000011108 |

---

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

---

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

---

### ProShares Ultra Consumer Goods (Series ID: S000014250)

---

|  |  |  |
|:---|:---|:---|
| Class Name                     | Ticker Symbol | Class ID   |
| ProShares Ultra Consumer Goods | UGE           | C000038809 |

---

### ProShares Ultra Consumer Services (Series ID: S000014251)

---

|  |  |  |
|:---|:---|:---|
| Class Name                        | Ticker Symbol | Class ID   |
| ProShares Ultra Consumer Services | UCC           | C000038810 |

---

### ProShares Ultra Financials (Series ID: S000014252)

---

|  |  |  |
|:---|:---|:---|
| Class Name                 | Ticker Symbol | Class ID   |
| ProShares Ultra Financials | UYG           | C000038811 |

---

### ProShares Ultra Health Care (Series ID: S000014253)

---

|  |  |  |
|:---|:---|:---|
| Class Name                  | Ticker Symbol | Class ID   |
| ProShares Ultra Health Care | RXL           | C000038812 |

---

### ProShares Ultra Industrials (Series ID: S000014254)

---

|  |  |  |
|:---|:---|:---|
| Class Name                  | Ticker Symbol | Class ID   |
| ProShares Ultra Industrials | UXI           | C000038813 |

---

### ProShares Ultra Oil & Gas (Series ID: S000014255)

---

|  |  |  |
|:---|:---|:---|
| Class Name                | Ticker Symbol | Class ID   |
| ProShares Ultra Oil & Gas | DIG           | C000038814 |

---

### ProShares Ultra Real Estate (Series ID: S000014257)

---

|  |  |  |
|:---|:---|:---|
| Class Name                  | Ticker Symbol | Class ID   |
| ProShares Ultra Real Estate | URE           | C000038816 |

---

### ProShares Ultra Technology (Series ID: S000014260)

---

|  |  |  |
|:---|:---|:---|
| Class Name                 | Ticker Symbol | Class ID   |
| ProShares Ultra Technology | ROM           | C000038819 |

---

### ProShares Ultra Telecommunications (Series ID: S000014261)

---

|  |  |  |
|:---|:---|:---|
| Class Name                         | Ticker Symbol | Class ID   |
| ProShares Ultra Telecommunications | LTL           | C000038820 |

---

### ProShares Ultra Utilities (Series ID: S000014262)

---

|  |  |  |
|:---|:---|:---|
| Class Name                | Ticker Symbol | Class ID   |
| ProShares Ultra Utilities | UPW           | C000038821 |

---

### ProShares Short Financials (Series ID: S000014276)

---

|  |  |  |
|:---|:---|:---|
| Class Name                 | Ticker Symbol | Class ID   |
| ProShares Short Financials | SEF           | C000038835 |

---

### ProShares Short Real Estate (Series ID: S000014282)

---

|  |  |  |
|:---|:---|:---|
| Class Name                  | Ticker Symbol | Class ID   |
| ProShares Short Real Estate | REK           | C000038841 |

---

### ProShares UltraShort Basic Materials (Series ID: S000014296)

---

|  |  |  |
|:---|:---|:---|
| Class Name                           | Ticker Symbol | Class ID   |
| ProShares UltraShort Basic Materials | SMN           | C000038855 |

---

### ProShares UltraShort Consumer Goods (Series ID: S000014298)

---

|  |  |  |
|:---|:---|:---|
| Class Name                          | Ticker Symbol | Class ID   |
| ProShares UltraShort Consumer Goods | SZK           | C000038857 |

---

### ProShares UltraShort Consumer Services (Series ID: S000014299)

---

|  |  |  |
|:---|:---|:---|
| Class Name                             | Ticker Symbol | Class ID   |
| ProShares UltraShort Consumer Services | SCC           | C000038858 |

---

### ProShares UltraShort Financials (Series ID: S000014300)

---

|  |  |  |
|:---|:---|:---|
| Class Name                      | Ticker Symbol | Class ID   |
| ProShares UltraShort Financials | SKF           | C000038859 |

---

### ProShares UltraShort Health Care (Series ID: S000014301)

---

|  |  |  |
|:---|:---|:---|
| Class Name                       | Ticker Symbol | Class ID   |
| ProShares UltraShort Health Care | RXD           | C000038860 |

---

### ProShares UltraShort Industrials (Series ID: S000014302)

---

|  |  |  |
|:---|:---|:---|
| Class Name                       | Ticker Symbol | Class ID   |
| ProShares UltraShort Industrials | SIJ           | C000038861 |

---

### ProShares UltraShort Oil & Gas (Series ID: S000014304)

---

|  |  |  |
|:---|:---|:---|
| Class Name                     | Ticker Symbol | Class ID   |
| ProShares UltraShort Oil & Gas | DUG           | C000038863 |

---

### ProShares UltraShort Real Estate (Series ID: S000014306)

---

|  |  |  |
|:---|:---|:---|
| Class Name                       | Ticker Symbol | Class ID   |
| ProShares UltraShort Real Estate | SRS           | C000038865 |

---

### ProShares UltraShort Technology (Series ID: S000014308)

---

|  |  |  |
|:---|:---|:---|
| Class Name                      | Ticker Symbol | Class ID   |
| ProShares UltraShort Technology | REW           | C000038867 |

---

### ProShares UltraShort Utilities (Series ID: S000014310)

---

|  |  |  |
|:---|:---|:---|
| Class Name                     | Ticker Symbol | Class ID   |
| ProShares UltraShort Utilities | SDP           | C000038869 |

---

### ProShares Ultra Basic Materials (Series ID: S000014313)

---

|  |  |  |
|:---|:---|:---|
| Class Name                      | Ticker Symbol | Class ID   |
| ProShares Ultra Basic Materials | UYM           | C000038872 |

---

## Series and Classes Contracts Data

### 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 OIL & GAS PROFUND (Series ID: S000003085)

| Class ID   | Class Name                             | Ticker Symbol   |
|:---|:---|:---|
| C000008386 | SHORT OIL & GAS PROFUND INVESTOR CLASS | SNPIX           |
| C000008387 | SHORT OIL & GAS 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           |

### 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           |

### 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           |

### 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           |

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

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

### 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 SERVICES ULTRASECTOR PROFUND (Series ID: S000003108)

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

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

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

### OIL & GAS ULTRASECTOR PROFUND (Series ID: S000003110)

| Class ID   | Class Name                                   | Ticker Symbol   |
|:---|:---|:---|
| C000008435 | OIL & GAS ULTRASECTOR PROFUND INVESTOR CLASS | ENPIX           |
| C000008436 | OIL & GAS 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           |

### PROFUND VP BANKS (Series ID: S000003964)

| Class ID   | Class Name       | Ticker Symbol   |
|:---|:---|:---|
| C000011091 | PROFUND VP BANKS |  |

### PROFUND VP BIOTECHNOLOGY (Series ID: S000003965)

| Class ID   | Class Name               | Ticker Symbol   |
|:---|:---|:---|
| C000011092 | PROFUND VP BIOTECHNOLOGY |  |

### PROFUND VP BASIC MATERIALS (Series ID: S000003966)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000011093 | PROFUND VP BASIC MATERIALS |  |

### PROFUND VP CONSUMER SERVICES (Series ID: S000003967)

| Class ID   | Class Name                   | Ticker Symbol   |
|:---|:---|:---|
| C000011094 | PROFUND VP CONSUMER SERVICES |  |

### PROFUND VP CONSUMER GOODS (Series ID: S000003968)

| Class ID   | Class Name                | Ticker Symbol   |
|:---|:---|:---|
| C000011095 | PROFUND VP CONSUMER GOODS |  |

### PROFUND VP OIL & GAS (Series ID: S000003969)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000011096 | PROFUND VP OIL & GAS |  |

### PROFUND VP FINANCIALS (Series ID: S000003970)

| Class ID   | Class Name            | Ticker Symbol   |
|:---|:---|:---|
| C000011097 | PROFUND VP FINANCIALS |  |

### PROFUND VP HEALTH CARE (Series ID: S000003971)

| Class ID   | Class Name             | Ticker Symbol   |
|:---|:---|:---|
| C000011098 | PROFUND VP HEALTH CARE |  |

### PROFUND VP INDUSTRIALS (Series ID: S000003973)

| Class ID   | Class Name             | Ticker Symbol   |
|:---|:---|:---|
| C000011100 | PROFUND VP INDUSTRIALS |  |

### PROFUND VP PHARMACEUTICALS (Series ID: S000003975)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000011102 | PROFUND VP PHARMACEUTICALS |  |

### PROFUND VP REAL ESTATE (Series ID: S000003977)

| Class ID   | Class Name             | Ticker Symbol   |
|:---|:---|:---|
| C000011104 | PROFUND VP REAL ESTATE |  |

### PROFUND VP TECHNOLOGY (Series ID: S000003979)

| Class ID   | Class Name            | Ticker Symbol   |
|:---|:---|:---|
| C000011106 | PROFUND VP TECHNOLOGY |  |

### PROFUND VP TELECOMMUNICATIONS (Series ID: S000003980)

| Class ID   | Class Name                    | Ticker Symbol   |
|:---|:---|:---|
| C000011107 | PROFUND VP TELECOMMUNICATIONS |  |

### PROFUND VP UTILITIES (Series ID: S000003981)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000011108 | PROFUND VP UTILITIES |  |

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

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

### ProShares Ultra Consumer Goods (Series ID: S000014250)

| Class ID   | Class Name                     | Ticker Symbol   |
|:---|:---|:---|
| C000038809 | ProShares Ultra Consumer Goods | UGE             |

### ProShares Ultra Consumer Services (Series ID: S000014251)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000038810 | ProShares Ultra Consumer Services | UCC             |

### ProShares Ultra Financials (Series ID: S000014252)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000038811 | ProShares Ultra Financials | UYG             |

### ProShares Ultra Health Care (Series ID: S000014253)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000038812 | ProShares Ultra Health Care | RXL             |

### ProShares Ultra Industrials (Series ID: S000014254)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000038813 | ProShares Ultra Industrials | UXI             |

### ProShares Ultra Oil & Gas (Series ID: S000014255)

| Class ID   | Class Name                | Ticker Symbol   |
|:---|:---|:---|
| C000038814 | ProShares Ultra Oil & Gas | DIG             |

### ProShares Ultra Real Estate (Series ID: S000014257)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000038816 | ProShares Ultra Real Estate | URE             |

### ProShares Ultra Technology (Series ID: S000014260)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000038819 | ProShares Ultra Technology | ROM             |

### ProShares Ultra Telecommunications (Series ID: S000014261)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000038820 | ProShares Ultra Telecommunications | LTL             |

### ProShares Ultra Utilities (Series ID: S000014262)

| Class ID   | Class Name                | Ticker Symbol   |
|:---|:---|:---|
| C000038821 | ProShares Ultra Utilities | UPW             |

### ProShares Short Financials (Series ID: S000014276)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000038835 | ProShares Short Financials | SEF             |

### ProShares Short Real Estate (Series ID: S000014282)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000038841 | ProShares Short Real Estate | REK             |

### ProShares UltraShort Basic Materials (Series ID: S000014296)

| Class ID   | Class Name                           | Ticker Symbol   |
|:---|:---|:---|
| C000038855 | ProShares UltraShort Basic Materials | SMN             |

### ProShares UltraShort Consumer Goods (Series ID: S000014298)

| Class ID   | Class Name                          | Ticker Symbol   |
|:---|:---|:---|
| C000038857 | ProShares UltraShort Consumer Goods | SZK             |

### ProShares UltraShort Consumer Services (Series ID: S000014299)

| Class ID   | Class Name                             | Ticker Symbol   |
|:---|:---|:---|
| C000038858 | ProShares UltraShort Consumer Services | SCC             |

### ProShares UltraShort Financials (Series ID: S000014300)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000038859 | ProShares UltraShort Financials | SKF             |

### ProShares UltraShort Health Care (Series ID: S000014301)

| Class ID   | Class Name                       | Ticker Symbol   |
|:---|:---|:---|
| C000038860 | ProShares UltraShort Health Care | RXD             |

### ProShares UltraShort Industrials (Series ID: S000014302)

| Class ID   | Class Name                       | Ticker Symbol   |
|:---|:---|:---|
| C000038861 | ProShares UltraShort Industrials | SIJ             |

### ProShares UltraShort Oil & Gas (Series ID: S000014304)

| Class ID   | Class Name                     | Ticker Symbol   |
|:---|:---|:---|
| C000038863 | ProShares UltraShort Oil & Gas | DUG             |

### ProShares UltraShort Real Estate (Series ID: S000014306)

| Class ID   | Class Name                       | Ticker Symbol   |
|:---|:---|:---|
| C000038865 | ProShares UltraShort Real Estate | SRS             |

### ProShares UltraShort Technology (Series ID: S000014308)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000038867 | ProShares UltraShort Technology | REW             |

### ProShares UltraShort Utilities (Series ID: S000014310)

| Class ID   | Class Name                     | Ticker Symbol   |
|:---|:---|:---|
| C000038869 | ProShares UltraShort Utilities | SDP             |

### ProShares Ultra Basic Materials (Series ID: S000014313)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000038872 | ProShares Ultra Basic Materials | UYM             |

?xml version="1.0" encoding="utf-8"? 497

**PROFUNDS**

Banks UltraSector ProFund (Investor Class BKPIX / Service Class BKPSX)

ProFund VP Banks

(each a "Fund" and collectively the "Funds")

**Supplement dated January 5, 2023**

to each Fund's Summary Prospectus, Statutory Prospectus and Statement of Additional Information

(dated May 1, 2022 (ProFund VP) and November 30, 2022 (ProFunds), each as supplemented or amended)

**Important Notice Regarding Change in Index and Investment Objective**

On January 5, 2023, the Board of Trustees of ProFunds approved a change to each Fund's respective underlying benchmark index from the Dow Jones U.S. Banks<sup>SM</sup> Index to the S&P Banks Select Industry Index, which also results in a change to each Fund's investment objective. ***These changes are scheduled to become effective on or about March 17, 2023.***

In connection with these changes, each Fund will experience a transition period during which its holdings will be repositioned, which may result in increased brokerage commissions and other transaction costs.

As of the effective date, the following information will supplement or replace the corresponding information in each Fund's Summary Prospectus, Statutory Prospectus, and Statement of Additional Information as indicated below.

<u>Important Information About the Fund / Investment Objective</u>

References to the Dow Jones U.S. Banks<sup>SM</sup> Index in the sections entitled "Important Information About the Fund" or "Investment Objective" are replaced with S&P Banks Select Industry Index.

<u>Principal Investment Strategies</u>

The description of each Fund's index included in Principal Investment Strategies is replaced with the following:

The Index is constructed and maintained by S&P Dow Jones Indices LLC. The Index represents the banks segment of the S&P Total Market Index ("S&P TMI"), which comprises the following sub-industries: asset management & custody banks, diversified banks, regional banks, diversified financial services and commercial & residential mortgage finance. The S&P TMI is designed to track the broad U.S. equity market. Industries are assigned using the Global Industry Classification Standard ("GICS"), which classifies securities primarily based on revenues. The Index is modified equal weighted and rebalanced quarterly. The Index is published under the Bloomberg ticker symbol "SPSIBK".

<u>Principal Risks</u>

With respect to Banks UltraSector ProFund, the references to the Index in the fourth paragraph of the risk entitled "Compounding Risk" is replaced with Dow Jones U.S. Banks<sup>SM</sup> Index.

<u>Additional Information About the Indexes, the Index Providers and the Index Calculation Agent (in the Prospectus) and Index Providers under Other Information (in the SAI)</u>

The following information about the Index is added:

The S&P Banks Select Industry Index (the "Index") is a product of S&P Dow Jones Indices LLC or its affiliates ("SPDJI"), and have been licensed for use by the Trust(s) and their affiliates ("Advisor Affiliates"). S&P<sup>®</sup> and S&P 500<sup>®</sup> are a registered trademarks of S&P Global, Inc. or its affiliates ("S&P"); Dow Jones<sup>®</sup> is a registered trademark of Dow Jones Trademark Holdings LLC ("Dow Jones"); and these trademarks have been sublicensed for certain purposes by Advisor Affiliates. The Funds are not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, or their respective affiliates and none of such parties make any representation regarding the advisability of investing in such product(s) nor do they have any liability for any errors, omissions, or interruptions of the Indexes. It is not possible to invest directly in an index. The Funds

------

are not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, or any of their respective affiliates (collectively, "S&P Dow Jones Indices"). S&P Dow Jones Indices makes no representation or warranty, express or implied, to the owners of the Funds or any member of the public regarding the advisability of investing in securities generally or in the Funds particularly or the ability of the Indexes to track general market performance. Past performance of an index is not an indication or guarantee of future results. S&P Dow Jones Indices' only relationship to Advisor Affiliates with respect to the Indexes is the licensing of the Indexes and certain trademarks, service marks and/or trade names of S&P Dow Jones Indices and/or its licensors. The Indexes are determined, composed and calculated by S&P Dow Jones Indices without regard to Advisor Affiliates or the Funds. S&P Dow Jones Indices has no obligation to take the needs of Advisor Affiliates or the owners of the Funds into consideration in determining, composing or calculating the Indexes. S&P Dow Jones Indices is not responsible for and has not participated in the determination of the prices, and amount of the Funds or the timing of the issuance or sale of the Funds or in the determination or calculation of the equation by which the Funds are to be converted into cash, surrendered or redeemed, as the case may be. S&P Dow Jones Indices has no obligation or liability in connection with the administration, marketing or trading of the Funds. There is no assurance that investment products based on the Indexes will accurately track index performance or provide positive investment returns. S&P Dow Jones Indices LLC is not an investment adviser, commodity trading advisory, commodity pool operator, broker dealer, fiduciary, "promoter" (as defined in the Investment Company Act of 1940, as amended), "expert" as enumerated within 15 U.S.C. § 77k(a) or tax advisor. Inclusion of a security, commodity, crypto currency or other asset within an index is not a recommendation by S&P Dow Jones Indices to buy, sell, or hold such security, commodity, crypto currency or other asset, nor is it considered to be investment advice or commodity trading advice.

NEITHER S&P DOW JONES INDICES NOR ITS THIRD-PARTY LICENSOR GUARANTEES THE ADEQUACY, ACCURACY, TIMELINESS AND/OR THE COMPLETENESS OF THE INDEXES OR ANY DATA RELATED THERETO OR ANY COMMUNICATION, INCLUDING BUT NOT LIMITED TO, ORAL OR WRITTEN COMMUNICATION (INCLUDING ELECTRONIC COMMUNICATIONS) WITH RESPECT THERETO. S&P DOW JONES INDICES SHALL NOT BE SUBJECT TO ANY DAMAGES OR LIABILITY FOR ANY ERRORS, OMISSIONS, OR DELAYS THEREIN. S&P DOW JONES INDICES MAKES NO EXPRESS OR IMPLIED WARRANTIES, AND EXPRESSLY DISCLAIMS ALL WARRANTIES, OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE OR AS TO RESULTS TO BE OBTAINED BY ADVISOR AFFILIATES, OWNERS OF THE FUNDS, OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE INDEXES OR WITH RESPECT TO ANY DATA RELATED THERETO. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT WHATSOEVER SHALL S&P DOW JONES INDICES BE LIABLE FOR ANY INDIRECT, SPECIAL, INCIDENTAL, PUNITIVE, OR CONSEQUENTIAL DAMAGES INCLUDING BUT NOT LIMITED TO, LOSS OF PROFITS, TRADING LOSSES, LOST TIME OR GOODWILL, EVEN IF THEY HAVE BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES, WHETHER IN CONTRACT, TORT, STRICT LIABILITY, OR OTHERWISE. S&P DOW JONES INDICES HAS NOT REVIEWED, PREPARED AND/OR CERTIFIED ANY PORTION OF, NOR DOES S&P DOW JONES INDICES HAVE ANY CONTROL OVER, THE FUNDS' REGISTRATION STATEMENT, PROSPECTUS OR OTHER OFFERING MATERIALS. THERE ARE NO THIRD -PARTY BENEFICIARIES OF ANY AGREEMENTS OR ARRANGEMENTS BETWEEN S&P DOW JONES INDICES AND ADVISOR AFFILIATES, OTHER THAN THE LICENSORS OF S&P DOW JONES INDICES.

For more information about ProFunds, please contact the Funds at 1-888-776-3637

Please retain this supplement for future reference.

PF/PS-1

------

**PROSHARES TRUST**

ProShares Ultra Basic Materials (UYM)

ProShares UltraShort Basic Materials (SMN)

**PROFUNDS**

Basic Materials UltraSector ProFund (Investor Class BMPIX / Service Class BMPSX)

ProFund VP Basic Materials

**(each a "Fund" and, collectively, the "Funds")**

**Supplement dated January 5, 2023**

to each Fund's Summary Prospectus, Statutory Prospectus and Statement of Additional Information

(dated May 1, 2022 (ProFund VP), October 1, 2022 (ProShares Trust), and November 30, 2022 (ProFunds), each as supplemented or amended)

**Important Notice Regarding Change in Name, Index, and Investment Objective**

On January 5, 2023, the Board of Trustees of ProShares Trust and ProFunds approved a change to each Fund's respective underlying benchmark index from the Dow Jones U.S. Basic Materials<sup>SM</sup> Index to the S&P Materials Select Sector Index, which also results in a change to each Fund's name and investment objective. ***These changes are scheduled to become effective on or about March 17, 2023.***

In connection with these changes, each Fund will experience a transition period during which its holdings will be repositioned, which may result in increased brokerage commissions and other transaction costs.

As of the effective date, the following information will supplement or replace the corresponding information in each Fund's Summary Prospectus, Statutory Prospectus, and Statement of Additional Information as indicated below.

<u>Name Change</u>

Each Fund's name will be changed to the new name as indicated, and all references to that Fund's name is replaced with its new name:

---

| | |
|:---|:---|
| **Fund** | **New Name** |
| ProShares Ultra Basic Materials | ProShares Ultra Materials |
| ProShares UltraShort Basic Materials | ProShares UltraShort Materials |
| Basic Materials UltraSector ProFund | Materials UltraSector ProFund |
| ProFund VP Basic Materials | ProFund VP Materials |

---

<u>Important Information About the Fund / Investment Objective</u>

References to the Dow Jones U.S. Basic Materials<sup>SM</sup> Index in the sections entitled "Important Information About the Fund" or "Investment Objective" is replaced with S&P Materials Select Sector Index.

<u>Principal Investment Strategies</u>

The description of each Fund's index included in the Principal Investment Strategies is replaced with the following:

The Index is constructed and maintained by S&P Dow Jones Indices LLC. The Index represents the materials sector of the S&P 500 Index ("S&P 500"). The Index is one of eleven S&P Select Sector Indices (the "Select Sector Indices"), each designed to measure the performance of a sector of the S&P 500. Sectors are assigned using the Global Industry Classification Standard ("GICS"), which classifies securities primarily based on revenues. The Index includes equity securities of companies from the following GICS industries: chemicals; construction materials; containers & packaging; metals & mining; and paper & forest products. The Index constituents are weighted using a capped modified market capitalization methodology and rebalanced quarterly. The Index is published under the Bloomberg ticker symbol "IBX".

------

<u>Principal Risks</u>

With respect to ProShares Ultra Basic Materials, ProShares UltraShort Basic Materials, and Basic Materials UltraSector ProFund, the references to the Index in the fourth paragraph of the risk entitled "Compounding Risk" is replaced with Dow Jones U.S. Basic Materials<sup>SM</sup> Index.

<u>Additional Information About the Indexes, the Index Providers and the Index Calculation Agent (in the Prospectus) and Index Providers under Other Information (in the SAI)</u>

The following information about the Index is added:

The S&P Materials Select Sector Index (the "Index") is a product of S&P Dow Jones Indices LLC or its affiliates ("SPDJI") and have been licensed for use by the Trust(s) or their affiliates ("Advisor Affiliates"). S&P<sup>®</sup> and S&P 500<sup>®</sup> are a registered trademarks of S&P Global, Inc. or its affiliates ("S&P"); Dow Jones<sup>®</sup> is a registered trademark of Dow Jones Trademark Holdings LLC ("Dow Jones"); and these trademarks have been sublicensed for certain purposes by Advisor Affiliates. The Funds are not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, or their respective affiliates and none of such parties make any representation regarding the advisability of investing in such product(s) nor do they have any liability for any errors, omissions, or interruptions of the Indexes. It is not possible to invest directly in an index. The Funds are not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, or any of their respective affiliates (collectively, "S&P Dow Jones Indices"). S&P Dow Jones Indices makes no representation or warranty, express or implied, to the owners of the Funds or any member of the public regarding the advisability of investing in securities generally or in the Funds particularly or the ability of the Indexes to track general market performance. Past performance of an index is not an indication or guarantee of future results. S&P Dow Jones Indices' only relationship to Advisor Affiliates with respect to the Indexes is the licensing of the Indexes and certain trademarks, service marks and/or trade names of S&P Dow Jones Indices and/or its licensors. The Indexes are determined, composed and calculated by S&P Dow Jones Indices without regard to Advisor Affiliates or the Funds. S&P Dow Jones Indices has no obligation to take the needs of Advisor Affiliates or the owners of the Funds into consideration in determining, composing or calculating the Indexes. S&P Dow Jones Indices is not responsible for and has not participated in the determination of the prices, and amount of the Funds or the timing of the issuance or sale of the Funds or in the determination or calculation of the equation by which the Funds are to be converted into cash, surrendered or redeemed, as the case may be. S&P Dow Jones Indices has no obligation or liability in connection with the administration, marketing or trading of the Funds. There is no assurance that investment products based on the Indexes will accurately track index performance or provide positive investment returns. S&P Dow Jones Indices LLC is not an investment adviser, commodity trading advisory, commodity pool operator, broker dealer, fiduciary, "promoter" (as defined in the Investment Company Act of 1940, as amended), "expert" as enumerated within 15 U.S.C. § 77k(a) or tax advisor. Inclusion of a security, commodity, crypto currency or other asset within an index is not a recommendation by S&P Dow Jones Indices to buy, sell, or hold such security, commodity, crypto currency or other asset, nor is it considered to be investment advice or commodity trading advice.

NEITHER S&P DOW JONES INDICES NOR ITS THIRD-PARTY LICENSOR GUARANTEES THE ADEQUACY, ACCURACY, TIMELINESS AND/OR THE COMPLETENESS OF THE INDEXES OR ANY DATA RELATED THERETO OR ANY COMMUNICATION, INCLUDING BUT NOT LIMITED TO, ORAL OR WRITTEN COMMUNICATION (INCLUDING ELECTRONIC COMMUNICATIONS) WITH RESPECT THERETO. S&P DOW JONES INDICES SHALL NOT BE SUBJECT TO ANY DAMAGES OR LIABILITY FOR ANY ERRORS, OMISSIONS, OR DELAYS THEREIN. S&P DOW JONES INDICES MAKES NO EXPRESS OR IMPLIED WARRANTIES, AND EXPRESSLY DISCLAIMS ALL WARRANTIES, OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE OR AS TO RESULTS TO BE OBTAINED BY ADVISOR AFFILIATES, OWNERS OF THE FUNDS, OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE INDEXES OR WITH RESPECT TO ANY DATA RELATED THERETO. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT WHATSOEVER SHALL S&P DOW JONES INDICES BE LIABLE FOR ANY INDIRECT, SPECIAL, INCIDENTAL, PUNITIVE, OR CONSEQUENTIAL DAMAGES INCLUDING BUT NOT LIMITED TO, LOSS OF PROFITS, TRADING LOSSES, LOST TIME OR GOODWILL, EVEN IF THEY HAVE BEEN

------

ADVISED OF THE POSSIBILITY OF SUCH DAMAGES, WHETHER IN CONTRACT, TORT, STRICT LIABILITY, OR OTHERWISE. S&P DOW JONES INDICES HAS NOT REVIEWED, PREPARED AND/OR CERTIFIED ANY PORTION OF, NOR DOES S&P DOW JONES INDICES HAVE ANY CONTROL OVER, THE FUNDS' REGISTRATION STATEMENT, PROSPECTUS OR OTHER OFFERING MATERIALS. THERE ARE NO THIRD -PARTY BENEFICIARIES OF ANY AGREEMENTS OR ARRANGEMENTS BETWEEN S&P DOW JONES INDICES AND ADVISOR AFFILIATES, OTHER THAN THE LICENSORS OF S&P DOW JONES INDICES.

For more information about ProShares, please contact the Funds at 1-866-776-5125

For more information about ProFunds, please contact the Funds at 1-888-776-3637

Please retain this supplement for future reference.

PF/PS-2

------

**PROFUNDS**

Biotechnology UltraSector ProFund (Investor Class BIPIX / Service Class BIPSX)

ProFund VP Biotechnology

(each a "Fund" and, collectively, the "Funds")

**Supplement dated January 5, 2023**

to each Fund's Summary Prospectus, Statutory Prospectus and Statement of Additional Information

(dated May 1, 2022 (ProFund VP) and November 30, 2022 (ProFunds), each as supplemented or amended)

**Important Notice Regarding Change in Index and Investment Objective**

On January 5, 2023, the Board of Trustees of ProFunds approved a change to each Fund's respective underlying benchmark index from the Dow Jones U.S. Biotechnology<sup>SM</sup> Index to the S&P Biotechnology Select Industry Index, which also results in a change to each Fund's investment objective. ***These changes are scheduled to become effective on or about March 17, 2023.***

In connection with these changes, each Fund will experience a transition period during which its holdings will be repositioned, which may result in increased brokerage commissions and other transaction costs.

As of the effective date, the following information will supplement or replace the corresponding information in each Fund's Summary Prospectus, Statutory Prospectus, and Statement of Additional Information as indicated below.

<u>Important Information About the Fund / Investment Objective</u>

References to Dow Jones U.S. Biotechnology<sup>SM</sup> Index in sections entitled "Important Information About the Fund" or "Investment Objective" are replaced with S&P Biotechnology Select Industry Index.

<u>Principal Investment Strategies</u>

The description of each Fund's index included in the Principal Investment Strategies is replaced with the following:

The Index is constructed and maintained by S&P Dow Jones Indices LLC. The Index represents the biotechnology segment of the S&P Total Market Index ("S&P TMI"), which comprises the following sub-industry: biotechnology. The S&P TMI is designed to track the broad U.S. equity market. Industries are assigned using the Global Industry Classification Standard ("GICS"), which classifies securities primarily based on revenues. The Index is modified equal weighted and rebalanced quarterly. The Index is published under the Bloomberg ticker symbol "SPSIBI".

<u>Principal Risks</u>

With respect to Biotechnology UltraSector ProFund, the references to the Index in the fourth paragraph of the risk entitled "Compounding Risk" is replaced with Dow Jones U.S. Biotechnology<sup>SM</sup> Index and the following statement is added:

The S&P Biotechnology Select Industry Index's annualized historical volatility rate for the five-year period ended July 31, 2022 was 35.8%.

<u>Additional Information About the Indexes, the Index Providers and the Index Calculation Agent (in the Prospectus) and Index Providers under Other Information (in the SAI)</u>

The following information about the Index is added:

The S&P Biotechnology Select Industry Index (the "Index") is a product of S&P Dow Jones Indices LLC or its affiliates ("SPDJI") and have been licensed for use by the Trust(s) or their affiliates ("Advisor Affiliates"). S&P<sup>®</sup> and S&P 500<sup>®</sup> are a registered trademarks of S&P Global, Inc. or its affiliates ("S&P"); Dow Jones<sup>®</sup> is a registered trademark of Dow Jones Trademark Holdings LLC ("Dow Jones"); and these trademarks have been sublicensed for certain purposes by Advisor Affiliates. The Funds are not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, or their respective affiliates and none of such parties make any

------

representation regarding the advisability of investing in such product(s) nor do they have any liability for any errors, omissions, or interruptions of the Indexes. It is not possible to invest directly in an index. The Funds are not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, or any of their respective affiliates (collectively, "S&P Dow Jones Indices"). S&P Dow Jones Indices makes no representation or warranty, express or implied, to the owners of the Funds or any member of the public regarding the advisability of investing in securities generally or in the Funds particularly or the ability of the Indexes to track general market performance. Past performance of an index is not an indication or guarantee of future results. S&P Dow Jones Indices' only relationship to Advisor Affiliates with respect to the Indexes is the licensing of the Indexes and certain trademarks, service marks and/or trade names of S&P Dow Jones Indices and/or its licensors. The Indexes are determined, composed and calculated by S&P Dow Jones Indices without regard to Advisor Affiliates or the Funds. S&P Dow Jones Indices has no obligation to take the needs of Advisor Affiliates or the owners of the Funds into consideration in determining, composing or calculating the Indexes. S&P Dow Jones Indices is not responsible for and has not participated in the determination of the prices, and amount of the Funds or the timing of the issuance or sale of the Funds or in the determination or calculation of the equation by which the Funds are to be converted into cash, surrendered or redeemed, as the case may be. S&P Dow Jones Indices has no obligation or liability in connection with the administration, marketing or trading of the Funds. There is no assurance that investment products based on the Indexes will accurately track index performance or provide positive investment returns. S&P Dow Jones Indices LLC is not an investment adviser, commodity trading advisory, commodity pool operator, broker dealer, fiduciary, "promoter" (as defined in the Investment Company Act of 1940, as amended), "expert" as enumerated within 15 U.S.C. § 77k(a) or tax advisor. Inclusion of a security, commodity, crypto currency or other asset within an index is not a recommendation by S&P Dow Jones Indices to buy, sell, or hold such security, commodity, crypto currency or other asset, nor is it considered to be investment advice or commodity trading advice.

NEITHER S&P DOW JONES INDICES NOR ITS THIRD-PARTY LICENSOR GUARANTEES THE ADEQUACY, ACCURACY, TIMELINESS AND/OR THE COMPLETENESS OF THE INDEXES OR ANY DATA RELATED THERETO OR ANY COMMUNICATION, INCLUDING BUT NOT LIMITED TO, ORAL OR WRITTEN COMMUNICATION (INCLUDING ELECTRONIC COMMUNICATIONS) WITH RESPECT THERETO. S&P DOW JONES INDICES SHALL NOT BE SUBJECT TO ANY DAMAGES OR LIABILITY FOR ANY ERRORS, OMISSIONS, OR DELAYS THEREIN. S&P DOW JONES INDICES MAKES NO EXPRESS OR IMPLIED WARRANTIES, AND EXPRESSLY DISCLAIMS ALL WARRANTIES, OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE OR AS TO RESULTS TO BE OBTAINED BY ADVISOR AFFILIATES, OWNERS OF THE FUNDS, OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE INDEXES OR WITH RESPECT TO ANY DATA RELATED THERETO. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT WHATSOEVER SHALL S&P DOW JONES INDICES BE LIABLE FOR ANY INDIRECT, SPECIAL, INCIDENTAL, PUNITIVE, OR CONSEQUENTIAL DAMAGES INCLUDING BUT NOT LIMITED TO, LOSS OF PROFITS, TRADING LOSSES, LOST TIME OR GOODWILL, EVEN IF THEY HAVE BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES, WHETHER IN CONTRACT, TORT, STRICT LIABILITY, OR OTHERWISE. S&P DOW JONES INDICES HAS NOT REVIEWED, PREPARED AND/OR CERTIFIED ANY PORTION OF, NOR DOES S&P DOW JONES INDICES HAVE ANY CONTROL OVER, THE FUNDS' REGISTRATION STATEMENT, PROSPECTUS OR OTHER OFFERING MATERIALS. THERE ARE NO THIRD -PARTY BENEFICIARIES OF ANY AGREEMENTS OR ARRANGEMENTS BETWEEN S&P DOW JONES INDICES AND ADVISOR AFFILIATES, OTHER THAN THE LICENSORS OF S&P DOW JONES INDICES.

For more information about ProShares, please contact the Funds at 1-866-776-5125

For more information about ProFunds, please contact the Funds at 1-888-776-3637

Please retain this supplement for future reference.

PF/PS-3

------

**PROSHARES TRUST**

ProShares Ultra Consumer Goods (UGE)

ProShares UltraShort Consumer Goods (SZK)

**PROFUNDS**

Consumer Goods UltraSector ProFund (Investor Class CNPIX / Service Class CNPSX)

ProFund VP Consumer Goods

**(each a "Fund" and, collectively, the "Funds")**

**Supplement dated January 5, 2023**

to each Fund's Summary Prospectus, Statutory Prospectus and Statement of Additional Information

(dated May 1, 2022 (ProFund VP), October 1, 2022 (ProShares Trust), and November 30, 2022 (ProFunds), each as supplemented or amended)

**Important Notice Regarding Change in Name, Index, and Investment Objective**

On January 5, 2023, the Board of Trustees of ProShares Trust and ProFunds approved a change to each Fund's respective underlying benchmark index from the Dow Jones U.S. Consumer Goods<sup>SM</sup> Index to the S&P Consumer Staples Select Sector Index, which also results in a change to each Fund's name and investment objective. ***These changes are scheduled to become effective on or about March 17, 2023.***

In connection with these changes, each Fund will experience a transition period during which its holdings will be repositioned, which may result in increased brokerage commissions and other transaction costs.

As of the effective date, the following information will supplement or replace the corresponding information in each Fund's Summary Prospectus, Statutory Prospectus, and Statement of Additional Information as indicated below.

<u>Name Change</u>

Each Fund's name will be changed to the new name as indicated, and all references to that Fund's name is replaced with its new name:

---

| | |
|:---|:---|
| **Fund** | **New Name** |
| ProShares Ultra Consumer Goods | ProShares Ultra Consumer Staples |
| ProShares UltraShort Consumer Goods | ProShares UltraShort Consumer Staples |
| Consumer Goods UltraSector ProFund | Consumer Staples UltraSector ProFund |
| ProFund VP Consumer Goods | ProFund VP Consumer Staples |

---

<u>Important Information About the Fund / Investment Objective</u>

References to the Dow Jones U.S. Consumer Goods<sup>SM</sup> Index in the sections entitled "Important Information About the Fund" or "Investment Objective" is replaced with S&P Consumer Staples Select Sector Index.

<u>Principal Investment Strategies</u>

The description of each Fund's index included in the Principal Investment Strategies is replaced with the following:

The Index is constructed and maintained by S&P Dow Jones Indices LLC. The Index represents the consumer staples sector of the S&P 500 Index ("S&P 500"). The Index is one of eleven S&P Select Sector Indices (the "Select Sector Indices"), each designed to measure the performance of a sector of the S&P 500. Sectors are assigned using Global Industry Classification Standard ("GICS"), which classifies securities primarily based on revenues. The Index includes equity securities of companies from the following GICS industries: consumer staples distribution & retail; beverages; food products; tobacco; household products; and personal care products. The Index constituents are weighted using a capped modified market capitalization methodology and rebalanced quarterly. The Index is published under the Bloomberg ticker symbol "IXR".

------

<u>Principal Risks</u>

For all Funds, Consumer Goods Industry Risk is replaced with the following:

**Consumer Staples Industry Risk** — The risks of investments in the industry include: governmental regulation affecting the permissibility of using various food additives and production methods that could affect profitability; new laws or litigation that may adversely affect tobacco companies; fads, marketing campaigns and other factors affecting supply and demand that may strongly affect securities prices and profitability of food, soft drink and fashion related products; and international events that may affect food and beverage companies that derive a substantial portion of their net income from foreign countries.

With respect to ProShares Ultra Consumer Goods, ProShares UltraShort Consumer Goods, and Consumer Goods UltraSector ProFund, the references to the Index in the fourth paragraph of the risk entitled "Compounding Risk" is replaced with Dow Jones U.S. Consumer Goods<sup>SM</sup> Index.

<u>Additional Information About the Indexes, the Index Providers and the Index Calculation Agent (in the Prospectus) and Index Providers under Other Information (in the SAI)</u>

The following information about the Index is added:

The S&P Consumer Staples Select Sector Index (the "Index") is a product of S&P Dow Jones Indices LLC or its affiliates ("SPDJI") and have been licensed for use by the Trust(s) or their affiliates ("Advisor Affiliates"). S&P<sup>®</sup> and S&P 500<sup>®</sup> are a registered trademarks of S&P Global, Inc. or its affiliates ("S&P"); Dow Jones<sup>®</sup> is a registered trademark of Dow Jones Trademark Holdings LLC ("Dow Jones"); and these trademarks have been sublicensed for certain purposes by Advisor Affiliates. The Funds are not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, or their respective affiliates and none of such parties make any representation regarding the advisability of investing in such product(s) nor do they have any liability for any errors, omissions, or interruptions of the Indexes. It is not possible to invest directly in an index. The Funds are not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, or any of their respective affiliates (collectively, "S&P Dow Jones Indices"). S&P Dow Jones Indices makes no representation or warranty, express or implied, to the owners of the Funds or any member of the public regarding the advisability of investing in securities generally or in the Funds particularly or the ability of the Indexes to track general market performance. Past performance of an index is not an indication or guarantee of future results. S&P Dow Jones Indices' only relationship to Advisor Affiliates with respect to the Indexes is the licensing of the Indexes and certain trademarks, service marks and/or trade names of S&P Dow Jones Indices and/or its licensors. The Indexes are determined, composed and calculated by S&P Dow Jones Indices without regard to Advisor Affiliates or the Funds. S&P Dow Jones Indices has no obligation to take the needs of Advisor Affiliates or the owners of the Funds into consideration in determining, composing or calculating the Indexes. S&P Dow Jones Indices is not responsible for and has not participated in the determination of the prices, and amount of the Funds or the timing of the issuance or sale of the Funds or in the determination or calculation of the equation by which the Funds are to be converted into cash, surrendered or redeemed, as the case may be. S&P Dow Jones Indices has no obligation or liability in connection with the administration, marketing or trading of the Funds. There is no assurance that investment products based on the Indexes will accurately track index performance or provide positive investment returns. S&P Dow Jones Indices LLC is not an investment adviser, commodity trading advisory, commodity pool operator, broker dealer, fiduciary, "promoter" (as defined in the Investment Company Act of 1940, as amended), "expert" as enumerated within 15 U.S.C. § 77k(a) or tax advisor. Inclusion of a security, commodity, crypto currency or other asset within an index is not a recommendation by S&P Dow Jones Indices to buy, sell, or hold such security, commodity, crypto currency or other asset, nor is it considered to be investment advice or commodity trading advice.

NEITHER S&P DOW JONES INDICES NOR ITS THIRD-PARTY LICENSOR GUARANTEES THE ADEQUACY, ACCURACY, TIMELINESS AND/OR THE COMPLETENESS OF THE INDEXES OR ANY DATA RELATED THERETO OR ANY COMMUNICATION, INCLUDING BUT NOT LIMITED TO, ORAL OR WRITTEN COMMUNICATION (INCLUDING ELECTRONIC COMMUNICATIONS) WITH RESPECT THERETO. S&P DOW JONES INDICES SHALL NOT BE SUBJECT TO ANY DAMAGES OR

------

LIABILITY FOR ANY ERRORS, OMISSIONS, OR DELAYS THEREIN. S&P DOW JONES INDICES MAKES NO EXPRESS OR IMPLIED WARRANTIES, AND EXPRESSLY DISCLAIMS ALL WARRANTIES, OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE OR AS TO RESULTS TO BE OBTAINED BY ADVISOR AFFILIATES, OWNERS OF THE FUNDS, OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE INDEXES OR WITH RESPECT TO ANY DATA RELATED THERETO. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT WHATSOEVER SHALL S&P DOW JONES INDICES BE LIABLE FOR ANY INDIRECT, SPECIAL, INCIDENTAL, PUNITIVE, OR CONSEQUENTIAL DAMAGES INCLUDING BUT NOT LIMITED TO, LOSS OF PROFITS, TRADING LOSSES, LOST TIME OR GOODWILL, EVEN IF THEY HAVE BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES, WHETHER IN CONTRACT, TORT, STRICT LIABILITY, OR OTHERWISE. S&P DOW JONES INDICES HAS NOT REVIEWED, PREPARED AND/OR CERTIFIED ANY PORTION OF, NOR DOES S&P DOW JONES INDICES HAVE ANY CONTROL OVER, THE FUNDS' REGISTRATION STATEMENT, PROSPECTUS OR OTHER OFFERING MATERIALS. THERE ARE NO THIRD -PARTY BENEFICIARIES OF ANY AGREEMENTS OR ARRANGEMENTS BETWEEN S&P DOW JONES INDICES AND ADVISOR AFFILIATES, OTHER THAN THE LICENSORS OF S&P DOW JONES INDICES.

For more information about ProShares, please contact the Funds at 1-866-776-5125

For more information about ProFunds, please contact the Funds at 1-888-776-3637

Please retain this supplement for future reference.

PF/PS-4

------

**PROSHARES TRUST**

ProShares Ultra Consumer Services (UCC)

ProShares UltraShort Consumer Services (SCC)

**PROFUNDS**

Consumer Services UltraSector ProFund (Investor Class CYPIX / Service Class CYPSX)

ProFund VP Consumer Services

**(each a "Fund" and, collectively, the "Funds")**

**Supplement dated January 5, 2023**

to each Fund's Summary Prospectus, Statutory Prospectus and Statement of Additional Information

(dated May 1, 2022 (ProFund VP), October 1, 2022 (ProShares Trust), and November 30, 2022 (ProFunds), each as supplemented or amended)

**Important Notice Regarding Change in Name, Index, and Investment Objective**

On January 5, 2023, the Board of Trustees of ProShares Trust and ProFunds approved a change to each Fund's respective underlying benchmark index from the Dow Jones U.S.Consumer Services<sup>SM</sup> Index to the S&P Consumer Discretionary Select Sector Index, which also results in a change to each Fund's name and investment objective. ***These changes are scheduled to become effective on or about March 17, 2023.***

In connection with these changes, each Fund will experience a transition period during which its holdings will be repositioned, which may result in increased brokerage commissions and other transaction costs.

As of the effective date, the following information will supplement or replace the corresponding information in each Fund's Summary Prospectus, Statutory Prospectus, and Statement of Additional Information as indicated below.

<u>Name Change</u>

Each Fund's name will be changed to the new name as indicated, and all references to that Fund's name is replaced with its new name:

---

| | |
|:---|:---|
| **Fund** | **New Name** |
| ProShares Ultra Consumer Services | ProShares Ultra Consumer Discretionary |
| ProShares UltraShort Consumer Services | ProShares UltraShort Consumer Discretionary |
| Consumer Services UltraSector ProFund | Consumer Discretionary UltraSector ProFund |
| ProFund VP Consumer Services | ProFund VP Consumer Discretionary |

---

<u>Important Information About the Fund / Investment Objective</u>

References to the Dow Jones U.S. Consumer Services<sup>SM</sup> Index in the sections entitled "Important Information About the Fund" or "Investment Objective" is replaced with S&P Consumer Discretionary Select Sector Index.

<u>Principal Investment Strategies</u>

The description of each Fund's index included in the Principal Investment Strategies is replaced with the following:

The Index is constructed and maintained by S&P Dow Jones Indices LLC. The Index represents the consumer discretionary sector of the S&P 500 Index ("S&P 500"). The Index is one of eleven S&P Select Sector Indices (the "Select Sector Indices"), each designed to measure the performance of a sector of the S&P 500. Sectors are assigned using the Global Industry Classification Standard ("GICS"), which classifies securities primarily based on revenues. The Index includes equity securities of companies from the following GICS industries: automobile components; automobiles; household durables; leisure products; textiles, apparel & luxury goods; hotels, restaurants, & leisure; diversified consumer services; distributors; broadline retail; and specialty retail.

------

The Index constituents are weighted using a capped modified market capitalization methodology and rebalanced quarterly. The Index is published under the Bloomberg ticker symbol "IXY".

<u>Principal Risks</u>

For all Funds, Consumer Services Industry Risk is replaced with the following:

**Consumer Discretionary Industry Risk** — The risks of investments in the industry include: the fact that securities prices and profitability may be tied closely to the performance of the domestic and international economy, interest rates, competition and consumer confidence; heavy dependence on disposable household income and consumer spending; severe competition; and changes in demographics and consumer tastes, which can affect the success of consumer products.

With respect to ProShares Ultra Consumer Services, ProShares UltraShort Consumer Services, and Consumer Services UltraSector ProFund, the references to the Index in the fourth paragraph of the risk entitled "Compounding Risk" is replaced with Dow Jones U.S. Consumer Services<sup>SM</sup> Index.

<u>Additional Information About the Indexes, the Index Providers and the Index Calculation Agent (in the Prospectus) and Index Providers under Other Information (in the SAI)</u>

The following information about the Index is added:

The S&P Consumer Discretionary Select Sector Index (the "Index") is a product of S&P Dow Jones Indices LLC or its affiliates ("SPDJI") and have been licensed for use by the Trust(s) or their affiliates ("Advisor Affiliates"). S&P<sup>®</sup> and S&P 500<sup>®</sup> are a registered trademarks of S&P Global, Inc. or its affiliates ("S&P"); Dow Jones<sup>®</sup> is a registered trademark of Dow Jones Trademark Holdings LLC ("Dow Jones"); and these trademarks have been sublicensed for certain purposes by Advisor Affiliates. The Funds are not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, or their respective affiliates and none of such parties make any representation regarding the advisability of investing in such product(s) nor do they have any liability for any errors, omissions, or interruptions of the Indexes. It is not possible to invest directly in an index. The Funds are not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, or any of their respective affiliates (collectively, "S&P Dow Jones Indices"). S&P Dow Jones Indices makes no representation or warranty, express or implied, to the owners of the Funds or any member of the public regarding the advisability of investing in securities generally or in the Funds particularly or the ability of the Indexes to track general market performance. Past performance of an index is not an indication or guarantee of future results. S&P Dow Jones Indices' only relationship to Advisor Affiliates with respect to the Indexes is the licensing of the Indexes and certain trademarks, service marks and/or trade names of S&P Dow Jones Indices and/or its licensors. The Indexes are determined, composed and calculated by S&P Dow Jones Indices without regard to Advisor Affiliates or the Funds. S&P Dow Jones Indices has no obligation to take the needs of Advisor Affiliates or the owners of the Funds into consideration in determining, composing or calculating the Indexes. S&P Dow Jones Indices is not responsible for and has not participated in the determination of the prices, and amount of the Funds or the timing of the issuance or sale of the Funds or in the determination or calculation of the equation by which the Funds are to be converted into cash, surrendered or redeemed, as the case may be. S&P Dow Jones Indices has no obligation or liability in connection with the administration, marketing or trading of the Funds. There is no assurance that investment products based on the Indexes will accurately track index performance or provide positive investment returns. S&P Dow Jones Indices LLC is not an investment adviser, commodity trading advisory, commodity pool operator, broker dealer, fiduciary, "promoter" (as defined in the Investment Company Act of 1940, as amended), "expert" as enumerated within 15 U.S.C. § 77k(a) or tax advisor. Inclusion of a security, commodity, crypto currency or other asset within an index is not a recommendation by S&P Dow Jones Indices to buy, sell, or hold such security, commodity, crypto currency or other asset, nor is it considered to be investment advice or commodity trading advice.

NEITHER S&P DOW JONES INDICES NOR ITS THIRD-PARTY LICENSOR GUARANTEES THE ADEQUACY, ACCURACY, TIMELINESS AND/OR THE COMPLETENESS OF THE INDEXES OR ANY DATA RELATED THERETO OR ANY COMMUNICATION, INCLUDING BUT NOT LIMITED TO, ORAL OR WRITTEN COMMUNICATION (INCLUDING ELECTRONIC COMMUNICATIONS) WITH RESPECT

------

THERETO. S&P DOW JONES INDICES SHALL NOT BE SUBJECT TO ANY DAMAGES OR LIABILITY FOR ANY ERRORS, OMISSIONS, OR DELAYS THEREIN. S&P DOW JONES INDICES MAKES NO EXPRESS OR IMPLIED WARRANTIES, AND EXPRESSLY DISCLAIMS ALL WARRANTIES, OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE OR AS TO RESULTS TO BE OBTAINED BY ADVISOR AFFILIATES, OWNERS OF THE FUNDS, OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE INDEXES OR WITH RESPECT TO ANY DATA RELATED THERETO. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT WHATSOEVER SHALL S&P DOW JONES INDICES BE LIABLE FOR ANY INDIRECT, SPECIAL, INCIDENTAL, PUNITIVE, OR CONSEQUENTIAL DAMAGES INCLUDING BUT NOT LIMITED TO, LOSS OF PROFITS, TRADING LOSSES, LOST TIME OR GOODWILL, EVEN IF THEY HAVE BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES, WHETHER IN CONTRACT, TORT, STRICT LIABILITY, OR OTHERWISE. S&P DOW JONES INDICES HAS NOT REVIEWED, PREPARED AND/OR CERTIFIED ANY PORTION OF, NOR DOES S&P DOW JONES INDICES HAVE ANY CONTROL OVER, THE FUNDS' REGISTRATION STATEMENT, PROSPECTUS OR OTHER OFFERING MATERIALS. THERE ARE NO THIRD -PARTY BENEFICIARIES OF ANY AGREEMENTS OR ARRANGEMENTS BETWEEN S&P DOW JONES INDICES AND ADVISOR AFFILIATES, OTHER THAN THE LICENSORS OF S&P DOW JONES INDICES.

For more information about ProShares, please contact the Funds at 1-866-776-5125

For more information about ProFunds, please contact the Funds at 1-888-776-3637

Please retain this supplement for future reference.

PF/PS-5

------

**PROSHARES TRUST**

ProShares Short Financials (SEF)

ProShares Ultra Financials (UYG)

ProShares UltraShort Financials (SKF)

**PROFUNDS**

Financials UltraSector ProFund (Investor Class FNPIX / Service Class FNPSX)

ProFund VP Financials

**(each a "Fund" and, collectively, the "Funds")**

**Supplement dated January 5, 2023**

to each Fund's Summary Prospectus, Statutory Prospectus and Statement of Additional Information

(dated May 1, 2022 (ProFund VP), October 1, 2022 (ProShares Trust), and November 30, 2022 (ProFunds), each as supplemented or amended)

**Important Notice Regarding Change in Index and Investment Objective**

On January 5, 2023, the Board of Trustees of ProShares Trust and ProFunds approved a change to each Fund's respective underlying benchmark index from the Dow Jones U.S. Financials<sup>SM</sup> Index to the S&P Financial Select Sector Index, which also results in a change to each Fund's investment objective. ***These changes are scheduled to become effective on or about March 17, 2023.***

In connection with these changes, each Fund will experience a transition period during which its holdings will be repositioned, which may result in increased brokerage commissions and other transaction costs.

As of the effective date, the following information will supplement or replace the corresponding information in each Fund's Summary Prospectus, Statutory Prospectus, and Statement of Additional Information as indicated below.

<u>Important Information About the Fund / Investment Objective</u>

References to the Dow Jones U.S. Financials<sup>SM</sup> Index in the sections entitled "Important Information About the Fund" or "Investment Objective" is replaced with S&P Financial Select Sector Index.

<u>Principal Investment Strategies</u>

The description of each Fund's index included in the Principal Investment Strategies is replaced with the following:

The Index is constructed and maintained by S&P Dow Jones Indices LLC. The Index represents the financials sector of the S&P 500 Index ("S&P 500"). The Index is one of eleven S&P Select Sector Indices (the "Select Sector Indices"), each designed to measure the performance of a sector of the S&P 500. Sectors are assigned using the Global Industry Classification Standard ("GICS"), which classifies securities primarily based on revenues. The Index includes equity securities of companies from the following GICS industries: banks; financial services; consumer finance; capital markets; mortgage real estate investment trusts (REITS); and insurance. The Index constituents are weighted using a capped modified market capitalization methodology and rebalanced quarterly. The Index is published under the Bloomberg ticker symbol "IXM".

<u>Principal Risks</u>

With respect to ProShares Short Financials, ProShares Ultra Financials, ProShares UltraShort Financials, and Financials UltraSector ProFund, the references to the Index in the fourth paragraph of the risk entitled "Compounding Risk" is replaced with Dow Jones U.S. Financials<sup>SM</sup> Index.

------

<u>Additional Information About the Indexes, the Index Providers and the Index Calculation Agent (in the Prospectus) and Index Providers under Other Information (in the SAI)</u>

The following information about the Index is added:

The S&P Financial Select Sector Index (the "Index") is a product of S&P Dow Jones Indices LLC or its affiliates ("SPDJI") and have been licensed for use by the Trust(s) or their affiliates ("Advisor Affiliates"). S&P<sup>®</sup> and S&P 500<sup>®</sup> are a registered trademarks of S&P Global, Inc. or its affiliates ("S&P"); Dow Jones<sup>®</sup> is a registered trademark of Dow Jones Trademark Holdings LLC ("Dow Jones"); and these trademarks have been sublicensed for certain purposes by Advisor Affiliates. The Funds are not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, or their respective affiliates and none of such parties make any representation regarding the advisability of investing in such product(s) nor do they have any liability for any errors, omissions, or interruptions of the Indexes. It is not possible to invest directly in an index. The Funds are not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, or any of their respective affiliates (collectively, "S&P Dow Jones Indices"). S&P Dow Jones Indices makes no representation or warranty, express or implied, to the owners of the Funds or any member of the public regarding the advisability of investing in securities generally or in the Funds particularly or the ability of the Indexes to track general market performance. Past performance of an index is not an indication or guarantee of future results. S&P Dow Jones Indices' only relationship to Advisor Affiliates with respect to the Indexes is the licensing of the Indexes and certain trademarks, service marks and/or trade names of S&P Dow Jones Indices and/or its licensors. The Indexes are determined, composed and calculated by S&P Dow Jones Indices without regard to Advisor Affiliates or the Funds. S&P Dow Jones Indices has no obligation to take the needs of Advisor Affiliates or the owners of the Funds into consideration in determining, composing or calculating the Indexes. S&P Dow Jones Indices is not responsible for and has not participated in the determination of the prices, and amount of the Funds or the timing of the issuance or sale of the Funds or in the determination or calculation of the equation by which the Funds are to be converted into cash, surrendered or redeemed, as the case may be. S&P Dow Jones Indices has no obligation or liability in connection with the administration, marketing or trading of the Funds. There is no assurance that investment products based on the Indexes will accurately track index performance or provide positive investment returns. S&P Dow Jones Indices LLC is not an investment adviser, commodity trading advisory, commodity pool operator, broker dealer, fiduciary, "promoter" (as defined in the Investment Company Act of 1940, as amended), "expert" as enumerated within 15 U.S.C. § 77k(a) or tax advisor. Inclusion of a security, commodity, crypto currency or other asset within an index is not a recommendation by S&P Dow Jones Indices to buy, sell, or hold such security, commodity, crypto currency or other asset, nor is it considered to be investment advice or commodity trading advice.

NEITHER S&P DOW JONES INDICES NOR ITS THIRD-PARTY LICENSOR GUARANTEES THE ADEQUACY, ACCURACY, TIMELINESS AND/OR THE COMPLETENESS OF THE INDEXES OR ANY DATA RELATED THERETO OR ANY COMMUNICATION, INCLUDING BUT NOT LIMITED TO, ORAL OR WRITTEN COMMUNICATION (INCLUDING ELECTRONIC COMMUNICATIONS) WITH RESPECT THERETO. S&P DOW JONES INDICES SHALL NOT BE SUBJECT TO ANY DAMAGES OR LIABILITY FOR ANY ERRORS, OMISSIONS, OR DELAYS THEREIN. S&P DOW JONES INDICES MAKES NO EXPRESS OR IMPLIED WARRANTIES, AND EXPRESSLY DISCLAIMS ALL WARRANTIES, OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE OR AS TO RESULTS TO BE OBTAINED BY ADVISOR AFFILIATES, OWNERS OF THE FUNDS, OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE INDEXES OR WITH RESPECT TO ANY DATA RELATED THERETO. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT WHATSOEVER SHALL S&P DOW JONES INDICES BE LIABLE FOR ANY INDIRECT, SPECIAL, INCIDENTAL, PUNITIVE, OR CONSEQUENTIAL DAMAGES INCLUDING BUT NOT LIMITED TO, LOSS OF PROFITS, TRADING LOSSES, LOST TIME OR GOODWILL, EVEN IF THEY HAVE BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES, WHETHER IN CONTRACT, TORT, STRICT LIABILITY, OR OTHERWISE. S&P DOW JONES INDICES HAS NOT REVIEWED, PREPARED AND/OR CERTIFIED ANY PORTION OF, NOR DOES S&P DOW JONES INDICES HAVE ANY CONTROL OVER, THE FUNDS' REGISTRATION STATEMENT, PROSPECTUS OR OTHER OFFERING MATERIALS. THERE ARE NO THIRD -PARTY BENEFICIARIES OF ANY AGREEMENTS OR ARRANGEMENTS

------

BETWEEN S&P DOW JONES INDICES AND ADVISOR AFFILIATES, OTHER THAN THE LICENSORS OF S&P DOW JONES INDICES.

For more information about ProShares, please contact the Funds at 1-866-776-5125

For more information about ProFunds, please contact the Funds at 1-888-776-3637

Please retain this supplement for future reference.

PF/PS-6

------

**PROSHARES TRUST**

ProShares Ultra Health Care (RXL)

ProShares UltraShort Health Care (RXD)

**PROFUNDS**

Health Care UltraSector ProFund (Investor Class HCPIX / Service Class HCPSX)

ProFund VP Health Care

**(each a "Fund" and, collectively, the "Funds")**

**Supplement dated January 5, 2023**

to each Fund's Summary Prospectus, Statutory Prospectus and Statement of Additional Information

(dated May 1, 2022 (ProFund VP), October 1, 2022 (ProShares Trust), and November 30, 2022 (ProFunds), each as supplemented or amended)

**Important Notice Regarding Change in Index and Investment Objective**

On January 5, 2023, the Board of Trustees of ProShares Trust and ProFunds approved a change to each Fund's respective underlying benchmark index from the Dow Jones U.S. Health Care<sup>SM</sup> Index to the S&P Health Care Select Sector Index, which also results in a change to each Fund's investment objective. ***These changes are scheduled to become effective on or about March 17, 2023.***

In connection with these changes, each Fund will experience a transition period during which its holdings will be repositioned, which may result in increased brokerage commissions and other transaction costs.

As of the effective date, the following information will supplement or replace the corresponding information in each Fund's Summary Prospectus, Statutory Prospectus, and Statement of Additional Information as indicated below.

<u>Important Information About the Fund / Investment Objective</u>

References to the Dow Jones U.S. Health Care<sup>SM</sup> Index in the sections entitled "Important Information About the Fund" or "Investment Objective" is replaced with S&P Health Care Select Sector Index.

<u>Principal Investment Strategies</u>

The description of each Fund's index included in the Principal Investment Strategies is replaced with the following:

The Index is constructed and maintained by S&P Dow Jones Indices LLC. The Index represents the health care sector of the S&P 500 Index ("S&P 500"). The Index is one of eleven S&P Select Sector Indices (the "Select Sector Indices"), each designed to measure the performance of a sector of the S&P 500. Sectors are assigned using the Global Industry Classification Standard ("GICS"), which classifies securities primarily based on revenues. The Index includes equity securities of companies from the following GICS industries: health care equipment & supplies, health care providers & services; health care technology; biotechnology; pharmaceuticals; and life sciences tools & services. The Index constituents are weighted using a capped modified market capitalization methodology and rebalanced quarterly. The Index is published under the Bloomberg ticker symbol "IXV".

<u>Principal Risks</u>

With respect to ProShares Ultra Health Care, ProShares UltraShort Health Care, and Health Care UltraSector ProFund, the references to the Index in the fourth paragraph of the risk entitled "Compounding Risk" is replaced with Dow Jones U.S. Health Care<sup>SM</sup> Index.

------

<u>Additional Information About the Indexes, the Index Providers and the Index Calculation Agent (in the Prospectus) and Index Providers under Other Information (in the SAI)</u>

The following information about the Index is added:

The S&P Health Care Select Sector Index (the "Index") is a product of S&P Dow Jones Indices LLC or its affiliates ("SPDJI") and have been licensed for use by the Trust(s) or their affiliates ("Advisor Affiliates"). S&P<sup>®</sup> and S&P 500<sup>®</sup> are a registered trademarks of S&P Global, Inc. or its affiliates ("S&P"); Dow Jones<sup>®</sup> is a registered trademark of Dow Jones Trademark Holdings LLC ("Dow Jones"); and these trademarks have been sublicensed for certain purposes by Advisor Affiliates. The Funds are not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, or their respective affiliates and none of such parties make any representation regarding the advisability of investing in such product(s) nor do they have any liability for any errors, omissions, or interruptions of the Indexes. It is not possible to invest directly in an index. The Funds are not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, or any of their respective affiliates (collectively, "S&P Dow Jones Indices"). S&P Dow Jones Indices makes no representation or warranty, express or implied, to the owners of the Funds or any member of the public regarding the advisability of investing in securities generally or in the Funds particularly or the ability of the Indexes to track general market performance. Past performance of an index is not an indication or guarantee of future results. S&P Dow Jones Indices' only relationship to Advisor Affiliates with respect to the Indexes is the licensing of the Indexes and certain trademarks, service marks and/or trade names of S&P Dow Jones Indices and/or its licensors. The Indexes are determined, composed and calculated by S&P Dow Jones Indices without regard to Advisor Affiliates or the Funds. S&P Dow Jones Indices has no obligation to take the needs of Advisor Affiliates or the owners of the Funds into consideration in determining, composing or calculating the Indexes. S&P Dow Jones Indices is not responsible for and has not participated in the determination of the prices, and amount of the Funds or the timing of the issuance or sale of the Funds or in the determination or calculation of the equation by which the Funds are to be converted into cash, surrendered or redeemed, as the case may be. S&P Dow Jones Indices has no obligation or liability in connection with the administration, marketing or trading of the Funds. There is no assurance that investment products based on the Indexes will accurately track index performance or provide positive investment returns. S&P Dow Jones Indices LLC is not an investment adviser, commodity trading advisory, commodity pool operator, broker dealer, fiduciary, "promoter" (as defined in the Investment Company Act of 1940, as amended), "expert" as enumerated within 15 U.S.C. § 77k(a) or tax advisor. Inclusion of a security, commodity, crypto currency or other asset within an index is not a recommendation by S&P Dow Jones Indices to buy, sell, or hold such security, commodity, crypto currency or other asset, nor is it considered to be investment advice or commodity trading advice.

NEITHER S&P DOW JONES INDICES NOR ITS THIRD-PARTY LICENSOR GUARANTEES THE ADEQUACY, ACCURACY, TIMELINESS AND/OR THE COMPLETENESS OF THE INDEXES OR ANY DATA RELATED THERETO OR ANY COMMUNICATION, INCLUDING BUT NOT LIMITED TO, ORAL OR WRITTEN COMMUNICATION (INCLUDING ELECTRONIC COMMUNICATIONS) WITH RESPECT THERETO. S&P DOW JONES INDICES SHALL NOT BE SUBJECT TO ANY DAMAGES OR LIABILITY FOR ANY ERRORS, OMISSIONS, OR DELAYS THEREIN. S&P DOW JONES INDICES MAKES NO EXPRESS OR IMPLIED WARRANTIES, AND EXPRESSLY DISCLAIMS ALL WARRANTIES, OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE OR AS TO RESULTS TO BE OBTAINED BY ADVISOR AFFILIATES, OWNERS OF THE FUNDS, OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE INDEXES OR WITH RESPECT TO ANY DATA RELATED THERETO. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT WHATSOEVER SHALL S&P DOW JONES INDICES BE LIABLE FOR ANY INDIRECT, SPECIAL, INCIDENTAL, PUNITIVE, OR CONSEQUENTIAL DAMAGES INCLUDING BUT NOT LIMITED TO, LOSS OF PROFITS, TRADING LOSSES, LOST TIME OR GOODWILL, EVEN IF THEY HAVE BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES, WHETHER IN CONTRACT, TORT, STRICT LIABILITY, OR OTHERWISE. S&P DOW JONES INDICES HAS NOT REVIEWED, PREPARED AND/OR CERTIFIED ANY PORTION OF, NOR DOES S&P DOW JONES INDICES HAVE ANY CONTROL OVER, THE FUNDS' REGISTRATION STATEMENT, PROSPECTUS OR OTHER OFFERING MATERIALS. THERE ARE NO THIRD -PARTY BENEFICIARIES OF ANY AGREEMENTS OR ARRANGEMENTS

------

BETWEEN S&P DOW JONES INDICES AND ADVISOR AFFILIATES, OTHER THAN THE LICENSORS OF S&P DOW JONES INDICES.

For more information about ProShares, please contact the Funds at 1-866-776-5125

For more information about ProFunds, please contact the Funds at 1-888-776-3637

Please retain this supplement for future reference.

PF/PS-7

------

**PROSHARES TRUST**

ProShares Ultra Industrials (UXI)

ProShares UltraShort Industrials (SIJ)

**PROFUNDS**

Industrials UltraSector ProFund (Investor Class IDPIX / Service Class IDPSX)

ProFund VP Industrials

**(each a "Fund" and, collectively, the "Funds")**

**Supplement dated January 5, 2023**

to each Fund's Summary Prospectus, Statutory Prospectus and Statement of Additional Information

(dated May 1, 2022 (ProFund VP), October 1, 2022 (ProShares Trust), and November 30, 2022 (ProFunds), each as supplemented or amended)

**Important Notice Regarding Change in Index and Investment Objective**

On January 5, 2023, the Board of Trustees of ProShares Trust and ProFunds approved a change to each Fund's respective underlying benchmark index from the Dow Jones U.S. Industrials<sup>SM</sup> Index to the S&P Industrial Select Sector Index, which also results in a change to each Fund's investment objective. ***These changes are scheduled to become effective on or about March 17, 2023.***

In connection with these changes, each Fund will experience a transition period during which its holdings will be repositioned, which may result in increased brokerage commissions and other transaction costs.

As of the effective date, the following information will supplement or replace the corresponding information in each Fund's Summary Prospectus, Statutory Prospectus, and Statement of Additional Information as indicated below.

<u>Important Information About the Fund / Investment Objective</u>

References to the Dow Jones U.S. Industrials<sup>SM</sup> Index in the sections entitled "Important Information About the Fund" or "Investment Objective" is replaced with S&P Industrial Select Sector Index.

<u>Principal Investment Strategies</u>

The description of each Fund's index included in the Principal Investment Strategies is replaced with the following:

The Index is constructed and maintained by S&P Dow Jones Indices LLC. The Index represents the industrials sector of the S&P 500 Index ("S&P 500"). The Index is one of eleven S&P Select Sector Indices (the "Select Sector Indices"), each designed to measure the performance of a sector of the S&P 500. Sectors are assigned using the Global Industry Classification Standard ("GICS"), which classifies securities primarily based on revenues. The Index includes equity securities of companies from the following GICS industries: aerospace & defense; building products; construction & engineering; electrical equipment; industrial conglomerates; machinery; trading companies & distributors; commercial services & supplies; professional services; air freight & logistics; passenger airlines; marine transportation; ground transportation; and transportation infrastructure. The Index constituents are weighted using a capped modified market capitalization methodology and rebalanced quarterly. The Index is published under the Bloomberg ticker symbol "IXI".

<u>Principal Risks</u>

With respect to ProShares Ultra Industrials, ProShares UltraShort Industrials, and Industrials UltraSector ProFund, the references to the Index in the fourth paragraph of the risk entitled "Compounding Risk" is replaced with Dow Jones U.S. Industrials<sup>SM</sup> Index.

------

<u>Additional Information About the Indexes, the Index Providers and the Index Calculation Agent (in the Prospectus) and Index Providers under Other Information (in the SAI)</u>

The following information about the Index is added:

The S&P Industrial Select Sector Index (the "Index") is a product of S&P Dow Jones Indices LLC or its affiliates ("SPDJI") and have been licensed for use by the Trust(s) or their affiliates ("Advisor Affiliates"). S&P<sup>®</sup> and S&P 500<sup>®</sup> are a registered trademarks of S&P Global, Inc. or its affiliates ("S&P"); Dow Jones<sup>®</sup> is a registered trademark of Dow Jones Trademark Holdings LLC ("Dow Jones"); and these trademarks have been sublicensed for certain purposes by Advisor Affiliates. The Funds are not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, or their respective affiliates and none of such parties make any representation regarding the advisability of investing in such product(s) nor do they have any liability for any errors, omissions, or interruptions of the Indexes. It is not possible to invest directly in an index. The Funds are not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, or any of their respective affiliates (collectively, "S&P Dow Jones Indices"). S&P Dow Jones Indices makes no representation or warranty, express or implied, to the owners of the Funds or any member of the public regarding the advisability of investing in securities generally or in the Funds particularly or the ability of the Indexes to track general market performance. Past performance of an index is not an indication or guarantee of future results. S&P Dow Jones Indices' only relationship to Advisor Affiliates with respect to the Indexes is the licensing of the Indexes and certain trademarks, service marks and/or trade names of S&P Dow Jones Indices and/or its licensors. The Indexes are determined, composed and calculated by S&P Dow Jones Indices without regard to Advisor Affiliates or the Funds. S&P Dow Jones Indices has no obligation to take the needs of Advisor Affiliates or the owners of the Funds into consideration in determining, composing or calculating the Indexes. S&P Dow Jones Indices is not responsible for and has not participated in the determination of the prices, and amount of the Funds or the timing of the issuance or sale of the Funds or in the determination or calculation of the equation by which the Funds are to be converted into cash, surrendered or redeemed, as the case may be. S&P Dow Jones Indices has no obligation or liability in connection with the administration, marketing or trading of the Funds. There is no assurance that investment products based on the Indexes will accurately track index performance or provide positive investment returns. S&P Dow Jones Indices LLC is not an investment adviser, commodity trading advisory, commodity pool operator, broker dealer, fiduciary, "promoter" (as defined in the Investment Company Act of 1940, as amended), "expert" as enumerated within 15 U.S.C. § 77k(a) or tax advisor. Inclusion of a security, commodity, crypto currency or other asset within an index is not a recommendation by S&P Dow Jones Indices to buy, sell, or hold such security, commodity, crypto currency or other asset, nor is it considered to be investment advice or commodity trading advice.

NEITHER S&P DOW JONES INDICES NOR ITS THIRD-PARTY LICENSOR GUARANTEES THE ADEQUACY, ACCURACY, TIMELINESS AND/OR THE COMPLETENESS OF THE INDEXES OR ANY DATA RELATED THERETO OR ANY COMMUNICATION, INCLUDING BUT NOT LIMITED TO, ORAL OR WRITTEN COMMUNICATION (INCLUDING ELECTRONIC COMMUNICATIONS) WITH RESPECT THERETO. S&P DOW JONES INDICES SHALL NOT BE SUBJECT TO ANY DAMAGES OR LIABILITY FOR ANY ERRORS, OMISSIONS, OR DELAYS THEREIN. S&P DOW JONES INDICES MAKES NO EXPRESS OR IMPLIED WARRANTIES, AND EXPRESSLY DISCLAIMS ALL WARRANTIES, OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE OR AS TO RESULTS TO BE OBTAINED BY ADVISOR AFFILIATES, OWNERS OF THE FUNDS, OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE INDEXES OR WITH RESPECT TO ANY DATA RELATED THERETO. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT WHATSOEVER SHALL S&P DOW JONES INDICES BE LIABLE FOR ANY INDIRECT, SPECIAL, INCIDENTAL, PUNITIVE, OR CONSEQUENTIAL DAMAGES INCLUDING BUT NOT LIMITED TO, LOSS OF PROFITS, TRADING LOSSES, LOST TIME OR GOODWILL, EVEN IF THEY HAVE BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES, WHETHER IN CONTRACT, TORT, STRICT LIABILITY, OR OTHERWISE. S&P DOW JONES INDICES HAS NOT REVIEWED, PREPARED AND/OR CERTIFIED ANY PORTION OF, NOR DOES S&P DOW JONES INDICES HAVE ANY CONTROL OVER, THE FUNDS' REGISTRATION STATEMENT, PROSPECTUS OR OTHER OFFERING MATERIALS. THERE ARE NO THIRD -PARTY BENEFICIARIES OF ANY AGREEMENTS OR ARRANGEMENTS

------

BETWEEN S&P DOW JONES INDICES AND ADVISOR AFFILIATES, OTHER THAN THE LICENSORS OF S&P DOW JONES INDICES.

For more information about ProShares, please contact the Funds at 1-866-776-5125

For more information about ProFunds, please contact the Funds at 1-888-776-3637

Please retain this supplement for future reference.

PF/PS-8

------

**PROFUNDS**

Oil Equipment & Services UltraSector ProFund (Investor Class OEPIX / Service Class OEPSX)

(the "Fund")

**Supplement dated January 5, 2023**

to the Fund's Summary Prospectus, Statutory Prospectus and Statement of Additional Information

(dated November 30, 2022, as supplemented or amended)

**Important Notice Regarding Change in Name, Index, and Investment Objective**

On January 5, 2023, the Board of Trustees of ProFunds approved a change to the Fund's underlying benchmark index from the Dow Jones U.S. Select Oil Equipment & Services<sup>SM</sup> Index to the S&P Oil & Gas Equipment & Services Select Industry Index, which also results in a change to the Fund's name and investment objective. ***These changes are scheduled to become effective on or about March 17, 2023.***

In connection with these changes, the Fund will experience a transition period during which its holdings will be repositioned, which may result in increased brokerage commissions and other transaction costs.

As of the effective date, the following information will supplement or replace the corresponding information in the Fund's Summary Prospectus, Statutory Prospectus, and Statement of Additional Information as indicated below.

<u>Name Change</u>

The Fund's name will be changed to Oil & Gas Equipment & Services UltraSector ProFund, and all references to the Fund's name will be replaced with its new name.

<u>Important Information About the Fund</u>

References to the Dow Jones U.S. Select Oil Equipment & Services<sup>SM</sup> Index in the section entitled "Important Information About the Fund" are replaced with S&P Oil & Gas Equipment & Services Select Industry Index.

<u>Principal Investment Strategies</u>

The description of the Fund's index included in Principal Investment Strategies is replaced with the following:

The Index is constructed and maintained by S&P Dow Jones Indices LLC. The Index represents the oil & gas equipment & services segment of the S&P Total Market Index ("S&P TMI"), which comprises the following sub-industry: oil & gas equipment & services. The S&P TMI is designed to track the broad U.S. equity market. Industries are assigned using the Global Industry Classification Standard ("GICS"), which classifies securities primarily based on revenues. The Index is modified equal weighted and rebalanced quarterly. The Index is published under the Bloomberg ticker symbol "SPSIOS".

<u>Principal Risks</u>

References to the Index in the fourth paragraph of the risk entitled "Compounding Risk" is replaced with Dow Jones U.S. Select Oil Equipment & Services<sup>SM</sup> Index.

<u>Additional Information About the Indexes, the Index Providers and the Index Calculation Agent (in the Prospectus) and Index Providers under Other Information (in the SAI)</u>

The following information about the Index is added:

The S&P Oil & Gas Equipment & Services Select Industry Index (the "Index") is a product of S&P Dow Jones Indices LLC or its affiliates ("SPDJI"), and have been licensed for use by the Trust(s) and their affiliates ("Advisor Affiliates"). S&P<sup>®</sup> and S&P 500<sup>®</sup> are a registered trademarks of S&P Global, Inc. or its affiliates ("S&P"); Dow Jones<sup>®</sup> is a registered trademark of Dow Jones Trademark Holdings LLC ("Dow Jones"); and these trademarks have been sublicensed for certain purposes by Advisor Affiliates. The Funds are not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, or their respective affiliates and none of such parties make any representation regarding the advisability of investing in such product(s) nor do they

------

have any liability for any errors, omissions, or interruptions of the Indexes. It is not possible to invest directly in an index. The Funds are not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, or any of their respective affiliates (collectively, "S&P Dow Jones Indices"). S&P Dow Jones Indices makes no representation or warranty, express or implied, to the owners of the Funds or any member of the public regarding the advisability of investing in securities generally or in the Funds particularly or the ability of the Indexes to track general market performance. Past performance of an index is not an indication or guarantee of future results. S&P Dow Jones Indices' only relationship to Advisor Affiliates with respect to the Indexes is the licensing of the Indexes and certain trademarks, service marks and/or trade names of S&P Dow Jones Indices and/or its licensors. The Indexes are determined, composed and calculated by S&P Dow Jones Indices without regard to Advisor Affiliates or the Funds. S&P Dow Jones Indices has no obligation to take the needs of Advisor Affiliates or the owners of the Funds into consideration in determining, composing or calculating the Indexes. S&P Dow Jones Indices is not responsible for and has not participated in the determination of the prices, and amount of the Funds or the timing of the issuance or sale of the Funds or in the determination or calculation of the equation by which the Funds are to be converted into cash, surrendered or redeemed, as the case may be. S&P Dow Jones Indices has no obligation or liability in connection with the administration, marketing or trading of the Funds. There is no assurance that investment products based on the Indexes will accurately track index performance or provide positive investment returns. S&P Dow Jones Indices LLC is not an investment adviser, commodity trading advisory, commodity pool operator, broker dealer, fiduciary, "promoter" (as defined in the Investment Company Act of 1940, as amended), "expert" as enumerated within 15 U.S.C. § 77k(a) or tax advisor. Inclusion of a security, commodity, crypto currency or other asset within an index is not a recommendation by S&P Dow Jones Indices to buy, sell, or hold such security, commodity, crypto currency or other asset, nor is it considered to be investment advice or commodity trading advice.

NEITHER S&P DOW JONES INDICES NOR ITS THIRD-PARTY LICENSOR GUARANTEES THE ADEQUACY, ACCURACY, TIMELINESS AND/OR THE COMPLETENESS OF THE INDEXES OR ANY DATA RELATED THERETO OR ANY COMMUNICATION, INCLUDING BUT NOT LIMITED TO, ORAL OR WRITTEN COMMUNICATION (INCLUDING ELECTRONIC COMMUNICATIONS) WITH RESPECT THERETO. S&P DOW JONES INDICES SHALL NOT BE SUBJECT TO ANY DAMAGES OR LIABILITY FOR ANY ERRORS, OMISSIONS, OR DELAYS THEREIN. S&P DOW JONES INDICES MAKES NO EXPRESS OR IMPLIED WARRANTIES, AND EXPRESSLY DISCLAIMS ALL WARRANTIES, OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE OR AS TO RESULTS TO BE OBTAINED BY ADVISOR AFFILIATES, OWNERS OF THE FUNDS, OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE INDEXES OR WITH RESPECT TO ANY DATA RELATED THERETO. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT WHATSOEVER SHALL S&P DOW JONES INDICES BE LIABLE FOR ANY INDIRECT, SPECIAL, INCIDENTAL, PUNITIVE, OR CONSEQUENTIAL DAMAGES INCLUDING BUT NOT LIMITED TO, LOSS OF PROFITS, TRADING LOSSES, LOST TIME OR GOODWILL, EVEN IF THEY HAVE BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES, WHETHER IN CONTRACT, TORT, STRICT LIABILITY, OR OTHERWISE. S&P DOW JONES INDICES HAS NOT REVIEWED, PREPARED AND/OR CERTIFIED ANY PORTION OF, NOR DOES S&P DOW JONES INDICES HAVE ANY CONTROL OVER, THE FUNDS' REGISTRATION STATEMENT, PROSPECTUS OR OTHER OFFERING MATERIALS. THERE ARE NO THIRD -PARTY BENEFICIARIES OF ANY AGREEMENTS OR ARRANGEMENTS BETWEEN S&P DOW JONES INDICES AND ADVISOR AFFILIATES, OTHER THAN THE LICENSORS OF S&P DOW JONES INDICES.

For more information about ProFunds, please contact the Fund at 1-888-776-3637

Please retain this supplement for future reference.

PF/PS-11

------

**PROSHARES TRUST**

ProShares Ultra Oil & Gas (DIG)

ProShares UltraShort Oil & Gas (DUG)

**PROFUNDS**

Oil & Gas UltraSector ProFund (Investor Class ENPIX / Service Class ENPSX)

Short Oil & Gas ProFund (Investor Class SNPIX / Service Class SNPSX)

ProFund VP Oil & Gas

**(each a "Fund" and, collectively, the "Funds")**

**Supplement dated January 5, 2023**

to each Fund's Summary Prospectus, Statutory Prospectus and Statement of Additional Information

(dated May 1, 2022 (ProFund VP), October 1, 2022 (ProShares Trust), and November 30, 2022 (ProFunds), each as supplemented or amended)

**Important Notice Regarding Change in Name, Index, and Investment Objective**

On January 5, 2023, the Board of Trustees of ProShares Trust and ProFunds approved a change to each Fund's respective underlying benchmark index from the Dow Jones Oil & Gas<sup>SM</sup> Index to the S&P Energy Select Sector Index, which also results in a change to each Fund's name and investment objective. ***These changes are scheduled to become effective on or about March 17, 2023.***

In connection with these changes, each Fund will experience a transition period during which its holdings will be repositioned, which may result in increased brokerage commissions and other transaction costs.

As of the effective date, the following information will supplement or replace the corresponding information in each Fund's Summary Prospectus, Statutory Prospectus, and Statement of Additional Information as indicated below.

<u>Name Change</u>

Each Fund's name will be changed to the new name as indicated, and all references to that Fund's name is replaced with its new name:

---

| | |
|:---|:---|
| **Fund** | **New Name** |
| ProShares Ultra Oil & Gas | ProShares Ultra Energy |
| ProShares UltraShort Oil & Gas | ProShares UltraShort Energy |
| Oil & Gas UltraSector ProFund | Energy UltraSector ProFund |
| Short Oil & Gas ProFund | Short Energy ProFund |
| ProFund VP Oil & Gas | ProFund VP Energy |

---

<u>Important Information About the Fund / Investment Objective</u>

References to the Dow Jones U.S. Oil & Gas<sup>SM</sup> Index in the sections entitled "Important Information About the Fund" or "Investment Objective" is replaced with S&P Energy Select Sector Index.

<u>Principal Investment Strategies</u>

The description of each Fund's index included in the Principal Investment Strategies is replaced with the following:

The Index is constructed and maintained by S&P Dow Jones Indices LLC. The Index represents the energy sector of the S&P 500 Index ("S&P 500"). The Index is one of eleven S&P Select Sector Indices (the "Select Sector Indices"), each designed to measure the performance of a sector of the S&P 500. Sectors are assigned using the Global Industry Classification Standard ("GICS"), which classifies securities primarily based on revenues. The Index includes equity securities of companies from the following GICS industries: energy equipment & services and oil & gas consumable fuels. The Index constituents are weighted using a capped

------

modified market capitalization methodology and rebalanced quarterly. The Index is published under the Bloomberg ticker symbol "IXE".

<u>Principal Risks</u>

With respect to ProShares Ultra Oil & Gas, ProShares UltraShort Oil & Gas, Oil & Gas UltraSector ProFund, and Short Oil & Gas ProFund, the references to the Index in the fourth paragraph of the risk entitled "Compounding Risk" is replaced with Dow Jones U.S. Oil & Gas<sup>SM</sup> Index.

<u>Additional Information About the Indexes, the Index Providers and the Index Calculation Agent (in the Prospectus) and Index Providers under Other Information (in the SAI)</u>

The following information about the Index is added:

The S&P Energy Select Sector Index (the "Index") is a product of S&P Dow Jones Indices LLC or its affiliates ("SPDJI") and have been licensed for use by the Trust(s) or their affiliates ("Advisor Affiliates"). S&P<sup>®</sup> and S&P 500<sup>®</sup> are a registered trademarks of S&P Global, Inc. or its affiliates ("S&P"); Dow Jones<sup>®</sup> is a registered trademark of Dow Jones Trademark Holdings LLC ("Dow Jones"); and these trademarks have been sublicensed for certain purposes by Advisor Affiliates. The Funds are not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, or their respective affiliates and none of such parties make any representation regarding the advisability of investing in such product(s) nor do they have any liability for any errors, omissions, or interruptions of the Indexes. It is not possible to invest directly in an index. The Funds are not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, or any of their respective affiliates (collectively, "S&P Dow Jones Indices"). S&P Dow Jones Indices makes no representation or warranty, express or implied, to the owners of the Funds or any member of the public regarding the advisability of investing in securities generally or in the Funds particularly or the ability of the Indexes to track general market performance. Past performance of an index is not an indication or guarantee of future results. S&P Dow Jones Indices' only relationship to Advisor Affiliates with respect to the Indexes is the licensing of the Indexes and certain trademarks, service marks and/or trade names of S&P Dow Jones Indices and/or its licensors. The Indexes are determined, composed and calculated by S&P Dow Jones Indices without regard to Advisor Affiliates or the Funds. S&P Dow Jones Indices has no obligation to take the needs of Advisor Affiliates or the owners of the Funds into consideration in determining, composing or calculating the Indexes. S&P Dow Jones Indices is not responsible for and has not participated in the determination of the prices, and amount of the Funds or the timing of the issuance or sale of the Funds or in the determination or calculation of the equation by which the Funds are to be converted into cash, surrendered or redeemed, as the case may be. S&P Dow Jones Indices has no obligation or liability in connection with the administration, marketing or trading of the Funds. There is no assurance that investment products based on the Indexes will accurately track index performance or provide positive investment returns. S&P Dow Jones Indices LLC is not an investment adviser, commodity trading advisory, commodity pool operator, broker dealer, fiduciary, "promoter" (as defined in the Investment Company Act of 1940, as amended), "expert" as enumerated within 15 U.S.C. § 77k(a) or tax advisor. Inclusion of a security, commodity, crypto currency or other asset within an index is not a recommendation by S&P Dow Jones Indices to buy, sell, or hold such security, commodity, crypto currency or other asset, nor is it considered to be investment advice or commodity trading advice.

NEITHER S&P DOW JONES INDICES NOR ITS THIRD-PARTY LICENSOR GUARANTEES THE ADEQUACY, ACCURACY, TIMELINESS AND/OR THE COMPLETENESS OF THE INDEXES OR ANY DATA RELATED THERETO OR ANY COMMUNICATION, INCLUDING BUT NOT LIMITED TO, ORAL OR WRITTEN COMMUNICATION (INCLUDING ELECTRONIC COMMUNICATIONS) WITH RESPECT THERETO. S&P DOW JONES INDICES SHALL NOT BE SUBJECT TO ANY DAMAGES OR LIABILITY FOR ANY ERRORS, OMISSIONS, OR DELAYS THEREIN. S&P DOW JONES INDICES MAKES NO EXPRESS OR IMPLIED WARRANTIES, AND EXPRESSLY DISCLAIMS ALL WARRANTIES, OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE OR AS TO RESULTS TO BE OBTAINED BY ADVISOR AFFILIATES, OWNERS OF THE FUNDS, OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE INDEXES OR WITH RESPECT TO ANY DATA RELATED THERETO. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT

------

WHATSOEVER SHALL S&P DOW JONES INDICES BE LIABLE FOR ANY INDIRECT, SPECIAL, INCIDENTAL, PUNITIVE, OR CONSEQUENTIAL DAMAGES INCLUDING BUT NOT LIMITED TO, LOSS OF PROFITS, TRADING LOSSES, LOST TIME OR GOODWILL, EVEN IF THEY HAVE BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES, WHETHER IN CONTRACT, TORT, STRICT LIABILITY, OR OTHERWISE. S&P DOW JONES INDICES HAS NOT REVIEWED, PREPARED AND/OR CERTIFIED ANY PORTION OF, NOR DOES S&P DOW JONES INDICES HAVE ANY CONTROL OVER, THE FUNDS' REGISTRATION STATEMENT, PROSPECTUS OR OTHER OFFERING MATERIALS. THERE ARE NO THIRD -PARTY BENEFICIARIES OF ANY AGREEMENTS OR ARRANGEMENTS BETWEEN S&P DOW JONES INDICES AND ADVISOR AFFILIATES, OTHER THAN THE LICENSORS OF S&P DOW JONES INDICES.

For more information about ProShares, please contact the Funds at 1-866-776-5125

For more information about ProFunds, please contact the Funds at 1-888-776-3637

Please retain this supplement for future reference.

PF/PS-9

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**PROFUNDS**

Pharmaceuticals UltraSector ProFund (Investor Class PHPIX / Service Class PHPSX)

ProFund VP Pharmaceuticals

(each a "Fund" and collectively the "Funds")

**Supplement dated January 5, 2023**

to each Fund's Summary Prospectus, Statutory Prospectus and Statement of Additional Information

(dated May 1, 2022 (ProFund VP) and November 30, 2022 (ProFunds), each as supplemented or amended)

**Important Notice Regarding Change in Index and Investment Objective**

On January 5, 2023, the Board of Trustees of ProFunds approved a change to each Fund's respective underlying benchmark index from the Dow Jones U.S. Select Pharmaceuticals<sup>SM</sup> Index to the S&P Pharmaceuticals Select Industry Index, which also results in a change to each Fund's investment objective. ***These changes are scheduled to become effective on or about March 17, 2023.***

In connection with these changes, each Fund will experience a transition period during which its holdings will be repositioned, which may result in increased brokerage commissions and other transaction costs.

As of the effective date, the following information will supplement or replace the corresponding information in each Fund's Summary Prospectus, Statutory Prospectus, and Statement of Additional Information as indicated below.

<u>Important Information About the Fund / Investment Objective</u>

References to the Dow Jones U.S. Select Pharmaceuticals<sup>SM</sup> Index in the sections entitled "Important Information About the Fund" or "Investment Objective" are replaced with S&P Pharmaceuticals Select Industry Index

<u>Principal Investment Strategies</u>

The description of each Fund's index included in Principal Investment Strategies is replaced with the following:

The Index is constructed and maintained by S&P Dow Jones Indices LLC. The Index represents the pharmaceuticals segment of the S&P Total Market Index ("S&P TMI"), which comprises the following sub-industry: pharmaceuticals. The S&P TMI is designed to track the broad U.S. equity market. Industries are assigned using the Global Industry Classification Standard ("GICS"), which classifies securities primarily based on revenues. The Index is modified equal weighted and rebalanced quarterly. The Index is published under the Bloomberg ticker symbol "SPSIPH".

<u>Principal Risks</u>

With respect to Pharmaceuticals UltraSector ProFund, the references to the Index in the fourth paragraph of the risk entitled "Compounding Risk" is replaced with Dow Jones U.S. Select Pharmaceuticals<sup>SM</sup> Index.

<u>Additional Information About the Indexes, the Index Providers and the Index Calculation Agent (in the Prospectus) and Index Providers under Other Information (in the SAI)</u>

The following information about the Index is added:

The S&P Pharmaceuticals Select Industry Index (the "Index") is a product of S&P Dow Jones Indices LLC or its affiliates ("SPDJI"), and have been licensed for use by the Trust(s) and their affiliates ("Advisor Affiliates"). S&P<sup>®</sup> and S&P 500<sup>®</sup> are a registered trademarks of S&P Global, Inc. or its affiliates ("S&P"); Dow Jones<sup>®</sup> is a registered trademark of Dow Jones Trademark Holdings LLC ("Dow Jones"); and these trademarks have been sublicensed for certain purposes by Advisor Affiliates. The Funds are not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, or their respective affiliates and none of such parties make any representation regarding the advisability of investing in such product(s) nor do they have any liability for any errors, omissions, or interruptions of the Indexes. It is not possible to invest directly in an index. The Funds are not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, or any of their

------

respective affiliates (collectively, "S&P Dow Jones Indices"). S&P Dow Jones Indices makes no representation or warranty, express or implied, to the owners of the Funds or any member of the public regarding the advisability of investing in securities generally or in the Funds particularly or the ability of the Indexes to track general market performance. Past performance of an index is not an indication or guarantee of future results. S&P Dow Jones Indices' only relationship to Advisor Affiliates with respect to the Indexes is the licensing of the Indexes and certain trademarks, service marks and/or trade names of S&P Dow Jones Indices and/or its licensors. The Indexes are determined, composed and calculated by S&P Dow Jones Indices without regard to Advisor Affiliates or the Funds. S&P Dow Jones Indices has no obligation to take the needs of Advisor Affiliates or the owners of the Funds into consideration in determining, composing or calculating the Indexes. S&P Dow Jones Indices is not responsible for and has not participated in the determination of the prices, and amount of the Funds or the timing of the issuance or sale of the Funds or in the determination or calculation of the equation by which the Funds are to be converted into cash, surrendered or redeemed, as the case may be. S&P Dow Jones Indices has no obligation or liability in connection with the administration, marketing or trading of the Funds. There is no assurance that investment products based on the Indexes will accurately track index performance or provide positive investment returns. S&P Dow Jones Indices LLC is not an investment adviser, commodity trading advisory, commodity pool operator, broker dealer, fiduciary, "promoter" (as defined in the Investment Company Act of 1940, as amended), "expert" as enumerated within 15 U.S.C. § 77k(a) or tax advisor. Inclusion of a security, commodity, crypto currency or other asset within an index is not a recommendation by S&P Dow Jones Indices to buy, sell, or hold such security, commodity, crypto currency or other asset, nor is it considered to be investment advice or commodity trading advice.

NEITHER S&P DOW JONES INDICES NOR ITS THIRD-PARTY LICENSOR GUARANTEES THE ADEQUACY, ACCURACY, TIMELINESS AND/OR THE COMPLETENESS OF THE INDEXES OR ANY DATA RELATED THERETO OR ANY COMMUNICATION, INCLUDING BUT NOT LIMITED TO, ORAL OR WRITTEN COMMUNICATION (INCLUDING ELECTRONIC COMMUNICATIONS) WITH RESPECT THERETO. S&P DOW JONES INDICES SHALL NOT BE SUBJECT TO ANY DAMAGES OR LIABILITY FOR ANY ERRORS, OMISSIONS, OR DELAYS THEREIN. S&P DOW JONES INDICES MAKES NO EXPRESS OR IMPLIED WARRANTIES, AND EXPRESSLY DISCLAIMS ALL WARRANTIES, OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE OR AS TO RESULTS TO BE OBTAINED BY ADVISOR AFFILIATES, OWNERS OF THE FUNDS, OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE INDEXES OR WITH RESPECT TO ANY DATA RELATED THERETO. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT WHATSOEVER SHALL S&P DOW JONES INDICES BE LIABLE FOR ANY INDIRECT, SPECIAL, INCIDENTAL, PUNITIVE, OR CONSEQUENTIAL DAMAGES INCLUDING BUT NOT LIMITED TO, LOSS OF PROFITS, TRADING LOSSES, LOST TIME OR GOODWILL, EVEN IF THEY HAVE BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES, WHETHER IN CONTRACT, TORT, STRICT LIABILITY, OR OTHERWISE. S&P DOW JONES INDICES HAS NOT REVIEWED, PREPARED AND/OR CERTIFIED ANY PORTION OF, NOR DOES S&P DOW JONES INDICES HAVE ANY CONTROL OVER, THE FUNDS' REGISTRATION STATEMENT, PROSPECTUS OR OTHER OFFERING MATERIALS. THERE ARE NO THIRD -PARTY BENEFICIARIES OF ANY AGREEMENTS OR ARRANGEMENTS BETWEEN S&P DOW JONES INDICES AND ADVISOR AFFILIATES, OTHER THAN THE LICENSORS OF S&P DOW JONES INDICES.

For more information about ProFunds, please contact the Funds at 1-888-776-3637

Please retain this supplement for future reference.

PF/PS-12

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**PROSHARES TRUST**

ProShares Short Real Estate (REK)

ProShares Ultra Real Estate (URE)

ProShares UltraShort Real Estate (SRS)

**PROFUNDS**

Real Estate UltraSector ProFund (Investor Class REPIX / Service Class REPSX)

Short Real Estate ProFund (Investor Class SRPIX / Service Class SRPSX)

ProFund VP Real Estate

**(each a "Fund" and, collectively, the "Funds")**

**Supplement dated January 5, 2023**

to each Fund's Summary Prospectus, Statutory Prospectus and Statement of Additional Information

(dated May 1, 2022 (ProFund VP), October 1, 2022 (ProShares Trust), and November 30, 2022 (ProFunds), each as supplemented or amended)

**Important Notice Regarding Change in Index and Investment Objective**

On January 5, 2023, the Board of Trustees of ProShares Trust and ProFunds approved a change to each Fund's respective underlying benchmark index from the Dow Jones U.S. Real Estate<sup>SM</sup> Index to the S&P Real Estate Select Sector Index, which also results in a change to each Fund's investment objective. ***These changes are scheduled to become effective on or about March 17, 2023.***

In connection with these changes, each Fund will experience a transition period during which its holdings will be repositioned, which may result in increased brokerage commissions and other transaction costs.

As of the effective date, the following information will supplement or replace the corresponding information in each Fund's Summary Prospectus, Statutory Prospectus, and Statement of Additional Information as indicated below.

<u>Important Information About the Fund / Investment Objective</u>

References to the Dow Jones U.S. Real Estate<sup>SM</sup> Index in the sections entitled "Important Information About the Fund" or "Investment Objective" is replaced with S&P Real Estate Select Sector Index.

<u>Principal Investment Strategies</u>

The description of each Fund's index included in the Principal Investment Strategies is replaced with the following:

The Index is constructed and maintained by S&P Dow Jones Indices LLC. The Index represents the real estate sector of the S&P 500 Index ("S&P 500"). The Index is one of eleven S&P Select Sector Indices (the "Select Sector Indices"), each designed to measure the performance of a sector of the S&P 500. Sectors are assigned using the Global Industry Classification Standard ("GICS"), which classifies securities primarily based on revenues. The Index includes equity securities of companies from the following GICS industries: diversified REITs; industrial REITs; hotel & resort REITs; office REITs; heath care REITs; residential REITs; retail REITs; specialized REITs; and real estate management & development. The Index constituents are weighted using a capped modified market capitalization methodology and rebalanced quarterly. The Index is published under the Bloomberg ticker symbol "IXRE".

<u>Principal Risks</u>

With respect to ProShares Short Real Estate, ProShares Ultra Real Estate, ProShares UltraShort Real Estate, Real Estate UltraSector ProFund and Short Real Estate ProFund, the references to the Index in the fourth paragraph of the risk entitled "Compounding Risk" is replaced with Dow Jones U.S. Real Estate<sup>SM</sup> Index.

------

<u>Additional Information About the Indexes, the Index Providers and the Index Calculation Agent (in the Prospectus) and Index Providers under Other Information (in the SAI)</u>

The following information about the Index is added:

The S&P Real Estate Select Sector Index (the "Index") is a product of S&P Dow Jones Indices LLC or its affiliates ("SPDJI") and have been licensed for use by the Trust(s) or their affiliates ("Advisor Affiliates"). S&P<sup>®</sup> and S&P 500<sup>®</sup> are a registered trademarks of S&P Global, Inc. or its affiliates ("S&P"); Dow Jones<sup>®</sup> is a registered trademark of Dow Jones Trademark Holdings LLC ("Dow Jones"); and these trademarks have been sublicensed for certain purposes by Advisor Affiliates. The Funds are not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, or their respective affiliates and none of such parties make any representation regarding the advisability of investing in such product(s) nor do they have any liability for any errors, omissions, or interruptions of the Indexes. It is not possible to invest directly in an index. The Funds are not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, or any of their respective affiliates (collectively, "S&P Dow Jones Indices"). S&P Dow Jones Indices makes no representation or warranty, express or implied, to the owners of the Funds or any member of the public regarding the advisability of investing in securities generally or in the Funds particularly or the ability of the Indexes to track general market performance. Past performance of an index is not an indication or guarantee of future results. S&P Dow Jones Indices' only relationship to Advisor Affiliates with respect to the Indexes is the licensing of the Indexes and certain trademarks, service marks and/or trade names of S&P Dow Jones Indices and/or its licensors. The Indexes are determined, composed and calculated by S&P Dow Jones Indices without regard to Advisor Affiliates or the Funds. S&P Dow Jones Indices has no obligation to take the needs of Advisor Affiliates or the owners of the Funds into consideration in determining, composing or calculating the Indexes. S&P Dow Jones Indices is not responsible for and has not participated in the determination of the prices, and amount of the Funds or the timing of the issuance or sale of the Funds or in the determination or calculation of the equation by which the Funds are to be converted into cash, surrendered or redeemed, as the case may be. S&P Dow Jones Indices has no obligation or liability in connection with the administration, marketing or trading of the Funds. There is no assurance that investment products based on the Indexes will accurately track index performance or provide positive investment returns. S&P Dow Jones Indices LLC is not an investment adviser, commodity trading advisory, commodity pool operator, broker dealer, fiduciary, "promoter" (as defined in the Investment Company Act of 1940, as amended), "expert" as enumerated within 15 U.S.C. § 77k(a) or tax advisor. Inclusion of a security, commodity, crypto currency or other asset within an index is not a recommendation by S&P Dow Jones Indices to buy, sell, or hold such security, commodity, crypto currency or other asset, nor is it considered to be investment advice or commodity trading advice.

NEITHER S&P DOW JONES INDICES NOR ITS THIRD-PARTY LICENSOR GUARANTEES THE ADEQUACY, ACCURACY, TIMELINESS AND/OR THE COMPLETENESS OF THE INDEXES OR ANY DATA RELATED THERETO OR ANY COMMUNICATION, INCLUDING BUT NOT LIMITED TO, ORAL OR WRITTEN COMMUNICATION (INCLUDING ELECTRONIC COMMUNICATIONS) WITH RESPECT THERETO. S&P DOW JONES INDICES SHALL NOT BE SUBJECT TO ANY DAMAGES OR LIABILITY FOR ANY ERRORS, OMISSIONS, OR DELAYS THEREIN. S&P DOW JONES INDICES MAKES NO EXPRESS OR IMPLIED WARRANTIES, AND EXPRESSLY DISCLAIMS ALL WARRANTIES, OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE OR AS TO RESULTS TO BE OBTAINED BY ADVISOR AFFILIATES, OWNERS OF THE FUNDS, OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE INDEXES OR WITH RESPECT TO ANY DATA RELATED THERETO. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT WHATSOEVER SHALL S&P DOW JONES INDICES BE LIABLE FOR ANY INDIRECT, SPECIAL, INCIDENTAL, PUNITIVE, OR CONSEQUENTIAL DAMAGES INCLUDING BUT NOT LIMITED TO, LOSS OF PROFITS, TRADING LOSSES, LOST TIME OR GOODWILL, EVEN IF THEY HAVE BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES, WHETHER IN CONTRACT, TORT, STRICT LIABILITY, OR OTHERWISE. S&P DOW JONES INDICES HAS NOT REVIEWED, PREPARED AND/OR CERTIFIED ANY PORTION OF, NOR DOES S&P DOW JONES INDICES HAVE ANY CONTROL OVER, THE FUNDS' REGISTRATION STATEMENT, PROSPECTUS OR OTHER OFFERING MATERIALS. THERE ARE NO THIRD -PARTY BENEFICIARIES OF ANY AGREEMENTS OR ARRANGEMENTS

------

BETWEEN S&P DOW JONES INDICES AND ADVISOR AFFILIATES, OTHER THAN THE LICENSORS OF S&P DOW JONES INDICES.

For more information about ProShares, please contact the Funds at 1-866-776-5125

For more information about ProFunds, please contact the Funds at 1-888-776-3637

Please retain this supplement for future reference.

PF/PS-10

------

**PROSHARES TRUST**

ProShares Ultra Technology (ROM)

ProShares UltraShort Technology (REW)

**PROFUNDS**

Technology UltraSector ProFund (Investor Class TEPIX / Service Class TEPSX)

ProFund VP Technology

**(each a "Fund" and, collectively, the "Funds")**

**Supplement dated January 5, 2023**

to each Fund's Summary Prospectus, Statutory Prospectus and Statement of Additional Information

(dated May 1, 2022 (ProFund VP), October 1, 2022 (ProShares Trust), and November 30, 2022 (ProFunds), each as supplemented or amended)

**Important Notice Regarding Change in Index and Investment Objective**

On January 5, 2023, the Board of Trustees of ProShares Trust and ProFunds approved a change to each Fund's respective underlying benchmark index from the Dow Jones U.S. Technology<sup>SM</sup> Index to the S&P Technology Select Sector Index, which also results in a change to each Fund's investment objective. ***These changes are scheduled to become effective on or about March 17, 2023.***

In connection with these changes, each Fund will experience a transition period during which its holdings will be repositioned, which may result in increased brokerage commissions and other transaction costs.

As of the effective date, the following information will supplement or replace the corresponding information in each Fund's Summary Prospectus, Statutory Prospectus, and Statement of Additional Information as indicated below.

<u>Important Information About the Fund / Investment Objective</u>

References to the Dow Jones U.S. Technology<sup>SM</sup> Index in the sections entitled "Important Information About the Fund" or "Investment Objective" is replaced with S&P Technology Select Sector Index.

<u>Principal Investment Strategies</u>

The description of each Fund's index included in the Principal Investment Strategies is replaced with the following:

The Index is constructed and maintained by S&P Dow Jones Indices LLC. The Index represents the technology sector of the S&P 500 Index ("S&P 500"). The Index is one of eleven S&P Select Sector Indices (the "Select Sector Indices"), each designed to measure the performance of a sector of the S&P 500. Sectors are assigned using the Global Industry Classification Standard ("GICS"), which classifies securities primarily based on revenues. The Index includes equity securities of companies from the following GICS industries: IT services; software; communications equipment; technology, hardware, storage & peripherals; electronic equipment, instruments, & components; and semiconductors & semiconductor equipment. The Index constituents are weighted using a capped modified market capitalization methodology and rebalanced quarterly. The Index is published under the Bloomberg ticker symbol "IXT".

<u>Principal Risks</u>

With respect to ProShares Ultra Technology, ProShares UltraShort Technology, and Technology UltraSector ProFund, the references to the Index in the fourth paragraph of the risk entitled "Compounding Risk" is replaced with Dow Jones U.S. Technology<sup>SM</sup> Index.

------

<u>Additional Information About the Indexes, the Index Providers and the Index Calculation Agent (in the Prospectus) and Index Providers under Other Information (in the SAI)</u>

The following information about the Index is added:

The S&P Technology Select Sector Index (the "Index") is a product of S&P Dow Jones Indices LLC or its affiliates ("SPDJI") and have been licensed for use by the Trust(s) or their affiliates ("Advisor Affiliates"). S&P<sup>®</sup> and S&P 500<sup>®</sup> are a registered trademarks of S&P Global, Inc. or its affiliates ("S&P"); Dow Jones<sup>®</sup> is a registered trademark of Dow Jones Trademark Holdings LLC ("Dow Jones"); and these trademarks have been sublicensed for certain purposes by Advisor Affiliates. The Funds are not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, or their respective affiliates and none of such parties make any representation regarding the advisability of investing in such product(s) nor do they have any liability for any errors, omissions, or interruptions of the Indexes. It is not possible to invest directly in an index. The Funds are not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, or any of their respective affiliates (collectively, "S&P Dow Jones Indices"). S&P Dow Jones Indices makes no representation or warranty, express or implied, to the owners of the Funds or any member of the public regarding the advisability of investing in securities generally or in the Funds particularly or the ability of the Indexes to track general market performance. Past performance of an index is not an indication or guarantee of future results. S&P Dow Jones Indices' only relationship to Advisor Affiliates with respect to the Indexes is the licensing of the Indexes and certain trademarks, service marks and/or trade names of S&P Dow Jones Indices and/or its licensors. The Indexes are determined, composed and calculated by S&P Dow Jones Indices without regard to Advisor Affiliates or the Funds. S&P Dow Jones Indices has no obligation to take the needs of Advisor Affiliates or the owners of the Funds into consideration in determining, composing or calculating the Indexes. S&P Dow Jones Indices is not responsible for and has not participated in the determination of the prices, and amount of the Funds or the timing of the issuance or sale of the Funds or in the determination or calculation of the equation by which the Funds are to be converted into cash, surrendered or redeemed, as the case may be. S&P Dow Jones Indices has no obligation or liability in connection with the administration, marketing or trading of the Funds. There is no assurance that investment products based on the Indexes will accurately track index performance or provide positive investment returns. S&P Dow Jones Indices LLC is not an investment adviser, commodity trading advisory, commodity pool operator, broker dealer, fiduciary, "promoter" (as defined in the Investment Company Act of 1940, as amended), "expert" as enumerated within 15 U.S.C. § 77k(a) or tax advisor. Inclusion of a security, commodity, crypto currency or other asset within an index is not a recommendation by S&P Dow Jones Indices to buy, sell, or hold such security, commodity, crypto currency or other asset, nor is it considered to be investment advice or commodity trading advice.

NEITHER S&P DOW JONES INDICES NOR ITS THIRD-PARTY LICENSOR GUARANTEES THE ADEQUACY, ACCURACY, TIMELINESS AND/OR THE COMPLETENESS OF THE INDEXES OR ANY DATA RELATED THERETO OR ANY COMMUNICATION, INCLUDING BUT NOT LIMITED TO, ORAL OR WRITTEN COMMUNICATION (INCLUDING ELECTRONIC COMMUNICATIONS) WITH RESPECT THERETO. S&P DOW JONES INDICES SHALL NOT BE SUBJECT TO ANY DAMAGES OR LIABILITY FOR ANY ERRORS, OMISSIONS, OR DELAYS THEREIN. S&P DOW JONES INDICES MAKES NO EXPRESS OR IMPLIED WARRANTIES, AND EXPRESSLY DISCLAIMS ALL WARRANTIES, OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE OR AS TO RESULTS TO BE OBTAINED BY ADVISOR AFFILIATES, OWNERS OF THE FUNDS, OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE INDEXES OR WITH RESPECT TO ANY DATA RELATED THERETO. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT WHATSOEVER SHALL S&P DOW JONES INDICES BE LIABLE FOR ANY INDIRECT, SPECIAL, INCIDENTAL, PUNITIVE, OR CONSEQUENTIAL DAMAGES INCLUDING BUT NOT LIMITED TO, LOSS OF PROFITS, TRADING LOSSES, LOST TIME OR GOODWILL, EVEN IF THEY HAVE BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES, WHETHER IN CONTRACT, TORT, STRICT LIABILITY, OR OTHERWISE. S&P DOW JONES INDICES HAS NOT REVIEWED, PREPARED AND/OR CERTIFIED ANY PORTION OF, NOR DOES S&P DOW JONES INDICES HAVE ANY CONTROL OVER, THE FUNDS' REGISTRATION STATEMENT, PROSPECTUS OR OTHER OFFERING MATERIALS. THERE ARE NO THIRD -PARTY BENEFICIARIES OF ANY AGREEMENTS OR ARRANGEMENTS

------

BETWEEN S&P DOW JONES INDICES AND ADVISOR AFFILIATES, OTHER THAN THE LICENSORS OF S&P DOW JONES INDICES.

For more information about ProShares, please contact the Funds at 1-866-776-5125

For more information about ProFunds, please contact the Funds at 1-888-776-3637

Please retain this supplement for future reference.

PF/PS-15

------

**PROSHARES TRUST**

ProShares Ultra Telecommunications (LTL)

**PROFUNDS**

ProFund VP Telecommunications

**(each a "Fund" and, collectively, the "Funds")**

**Supplement dated January 5, 2023**

to each Fund's Summary Prospectus, Statutory Prospectus and Statement of Additional Information

(dated May 1, 2022 (ProFund VP) and October 1, 2022 (ProShares Trust), each as supplemented or amended)

**Important Notice Regarding Change in Name, Index, and Investment Objective**

On January 5, 2023, the Board of Trustees of ProShares Trust and ProFunds approved a change to each Fund's respective underlying benchmark index from the Dow Jones U.S. Select Telecommunications<sup>SM</sup> Index to the S&P Communication Services Select Sector Index, which also results in a change to each Fund's name and investment objective. ***These changes are scheduled to become effective on or about March 17, 2023.***

In connection with these changes, each Fund will experience a transition period during which its holdings will be repositioned, which may result in increased brokerage commissions and other transaction costs.

As of the effective date, the following information will supplement or replace the corresponding information in each Fund's Summary Prospectus, Statutory Prospectus, and Statement of Additional Information as indicated below.

<u>Name Change</u>

Each Fund's name will be changed to the new name as indicated, and all references to that Fund's name is replaced with its new name:

---

| | |
|:---|:---|
| **Fund** | **New Name** |
| ProShares Ultra Telecommunications | ProShares Ultra Communication Services |
| ProFund VP Telecommunications | ProFund VP Communication Services |

---

<u>Important Information About the Fund / Investment Objective</u>

References to the Dow Jones U.S. Select Telecommunications<sup>SM</sup> Index in the sections entitled "Important Information About the Fund" or "Investment Objective" is replaced with S&P Communication Services Select Sector Index.

<u>Principal Investment Strategies</u>

The description of each Fund's index included in the Principal Investment Strategies is replaced with the following:

The Index is constructed and maintained by S&P Dow Jones Indices LLC. The Index represents the communication services sector of the S&P 500 Index ("S&P 500"). The Index is one of eleven S&P Select Sector Indices (the "Select Sector Indices"), each designed to measure the performance of a sector of the S&P 500. Sectors are assigned using the Global Industry Classification Standard ("GICS"), which classifies securities primarily based on revenues. The Index includes equity securities of companies from the following GICS industries: diversified telecommunications services; wireless telecommunications services; media; entertainment; and interactive media & services. Index constituents are weighted using a capped modified market capitalization methodology and rebalanced quarterly. The Index is published under the Bloomberg ticker symbol "IXCPR".

<u>Principal Risks</u>

For all Funds, Telecommunication Services Industry Risk is replaced with the following:

------

**Communication Services Industry Risk** — The risk of investments in the industry include: the potential obsolescence of products and services due to increasing competition from the innovation of competitors; increased research and development costs and capital requirements to formulate new products and services that utilize new technology; pricing new and existing products to match or beat industry competitors, shifting demographics and changes to consumer taste, which can negatively impact profitability; and regulation by the Federal Communications Commission, and various state regulatory authorities. Companies in the communication services industry may be more susceptible to cybersecurity issues than companies in other industries, including hacking, theft of proprietary or consumer information, and disruptions in service.

With respect to ProShares Ultra Telecommunications, the references to the Index in the fourth paragraph of the risk entitled "Compounding Risk" is replaced with Dow Jones U.S. Select Telecommunications<sup>SM</sup> Index.

<u>Additional Information About the Indexes, the Index Providers and the Index Calculation Agent (in the Prospectus) and Index Providers under Other Information (in the SAI)</u>

The following information about the Index is added:

The S&P Communication Services Select Sector Index (the "Index") is a product of S&P Dow Jones Indices LLC or its affiliates ("SPDJI") and have been licensed for use by the Trust(s) or their affiliates ("Advisor Affiliates"). S&P<sup>®</sup> and S&P 500<sup>®</sup> are a registered trademarks of S&P Global, Inc. or its affiliates ("S&P"); Dow Jones<sup>®</sup> is a registered trademark of Dow Jones Trademark Holdings LLC ("Dow Jones"); and these trademarks have been sublicensed for certain purposes by Advisor Affiliates. The Funds are not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, or their respective affiliates and none of such parties make any representation regarding the advisability of investing in such product(s) nor do they have any liability for any errors, omissions, or interruptions of the Indexes. It is not possible to invest directly in an index. The Funds are not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, or any of their respective affiliates (collectively, "S&P Dow Jones Indices"). S&P Dow Jones Indices makes no representation or warranty, express or implied, to the owners of the Funds or any member of the public regarding the advisability of investing in securities generally or in the Funds particularly or the ability of the Indexes to track general market performance. Past performance of an index is not an indication or guarantee of future results. S&P Dow Jones Indices' only relationship to Advisor Affiliates with respect to the Indexes is the licensing of the Indexes and certain trademarks, service marks and/or trade names of S&P Dow Jones Indices and/or its licensors. The Indexes are determined, composed and calculated by S&P Dow Jones Indices without regard to Advisor Affiliates or the Funds. S&P Dow Jones Indices has no obligation to take the needs of Advisor Affiliates or the owners of the Funds into consideration in determining, composing or calculating the Indexes. S&P Dow Jones Indices is not responsible for and has not participated in the determination of the prices, and amount of the Funds or the timing of the issuance or sale of the Funds or in the determination or calculation of the equation by which the Funds are to be converted into cash, surrendered or redeemed, as the case may be. S&P Dow Jones Indices has no obligation or liability in connection with the administration, marketing or trading of the Funds. There is no assurance that investment products based on the Indexes will accurately track index performance or provide positive investment returns. S&P Dow Jones Indices LLC is not an investment adviser, commodity trading advisory, commodity pool operator, broker dealer, fiduciary, "promoter" (as defined in the Investment Company Act of 1940, as amended), "expert" as enumerated within 15 U.S.C. § 77k(a) or tax advisor. Inclusion of a security, commodity, crypto currency or other asset within an index is not a recommendation by S&P Dow Jones Indices to buy, sell, or hold such security, commodity, crypto currency or other asset, nor is it considered to be investment advice or commodity trading advice.

NEITHER S&P DOW JONES INDICES NOR ITS THIRD-PARTY LICENSOR GUARANTEES THE ADEQUACY, ACCURACY, TIMELINESS AND/OR THE COMPLETENESS OF THE INDEXES OR ANY DATA RELATED THERETO OR ANY COMMUNICATION, INCLUDING BUT NOT LIMITED TO, ORAL OR WRITTEN COMMUNICATION (INCLUDING ELECTRONIC COMMUNICATIONS) WITH RESPECT THERETO. S&P DOW JONES INDICES SHALL NOT BE SUBJECT TO ANY DAMAGES OR LIABILITY FOR ANY ERRORS, OMISSIONS, OR DELAYS THEREIN. S&P DOW JONES INDICES MAKES NO EXPRESS OR IMPLIED WARRANTIES, AND EXPRESSLY DISCLAIMS ALL

------

WARRANTIES, OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE OR AS TO RESULTS TO BE OBTAINED BY ADVISOR AFFILIATES, OWNERS OF THE FUNDS, OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE INDEXES OR WITH RESPECT TO ANY DATA RELATED THERETO. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT WHATSOEVER SHALL S&P DOW JONES INDICES BE LIABLE FOR ANY INDIRECT, SPECIAL, INCIDENTAL, PUNITIVE, OR CONSEQUENTIAL DAMAGES INCLUDING BUT NOT LIMITED TO, LOSS OF PROFITS, TRADING LOSSES, LOST TIME OR GOODWILL, EVEN IF THEY HAVE BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES, WHETHER IN CONTRACT, TORT, STRICT LIABILITY, OR OTHERWISE. S&P DOW JONES INDICES HAS NOT REVIEWED, PREPARED AND/OR CERTIFIED ANY PORTION OF, NOR DOES S&P DOW JONES INDICES HAVE ANY CONTROL OVER, THE FUNDS' REGISTRATION STATEMENT, PROSPECTUS OR OTHER OFFERING MATERIALS. THERE ARE NO THIRD -PARTY BENEFICIARIES OF ANY AGREEMENTS OR ARRANGEMENTS BETWEEN S&P DOW JONES INDICES AND ADVISOR AFFILIATES, OTHER THAN THE LICENSORS OF S&P DOW JONES INDICES.

For more information about ProShares, please contact the Funds at 1-866-776-5125

For more information about ProFunds, please contact the Funds at 1-888-776-3637

Please retain this supplement for future reference.

PF/PS-13

------

**PROSHARES TRUST**

ProShares Ultra Utilities (UPW)

ProShares UltraShort Utilities (SDP)

**PROFUNDS**

Utilities UltraSector ProFund (Investor Class UTPIX / Service Class UTPSX)

ProFund VP Utilities

**(each a "Fund" and, collectively, the "Funds")**

**Supplement dated January 5, 2023**

to each Fund's Summary Prospectus, Statutory Prospectus and Statement of Additional Information

(dated May 1, 2022 (ProFund VP), October 1, 2022 (ProShares Trust), and November 30, 2022 (ProFunds)), each as supplemented or amended)

**Important Notice Regarding Change in Index and Investment Objective**

On January 5, 2023, the Board of Trustees of ProShares Trust and ProFunds approved a change to each Fund's respective underlying benchmark index from the Dow Jones U.S. Utilities<sup>SM</sup> Index to the S&P Utilities Select Sector Index, which also results in a change to each Fund's investment objective. ***These changes are scheduled to become effective on or about March 17, 2023.***

In connection with these changes, each Fund will experience a transition period during which its holdings will be repositioned, which may result in increased brokerage commissions and other transaction costs.

As of the effective date, the following information will supplement or replace the corresponding information in each Fund's Summary Prospectus, Statutory Prospectus, and Statement of Additional Information as indicated below.

<u>Important Information About the Fund / Investment Objective</u>

References to the Dow Jones U.S. Utilities<sup>SM</sup> Index in the sections entitled "Important Information About the Fund" or "Investment Objective" is replaced with S&P Utilities Select Sector Index.

<u>Principal Investment Strategies</u>

The description of each Fund's index included in the Principal Investment Strategies is replaced with the following:

The Index is constructed and maintained by S&P Dow Jones Indices LLC. The Index represents the utilities sector of the S&P 500 Index ("S&P 500"). The Index is one of eleven S&P Select Sector Indices (the "Select Sector Indices"), each designed to measure the performance of a sector of the S&P 500. Sectors are assigned using the Global Industry Classification Standard ("GICS"), which classifies securities primarily based on revenues. The Index includes equity securities of companies from the following GICS industries: electric utilities; gas utilities; multi-utilities; water utilities; and independent power and renewable electricity producers. The Index constituents are weighted using a capped modified market capitalization methodology and rebalanced quarterly. The Index is published under the Bloomberg ticker symbol "IXU".

<u>Principal Risks</u>

With respect to ProShares Ultra Utilities, ProShares UltraShort Utilities, and Utilities UltraSector ProFund, the references to the Index in the fourth paragraph of the risk entitled "Compounding Risk" is replaced with Dow Jones U.S. Utilities<sup>SM</sup> Index.

<u>Additional Information About the Indexes, the Index Providers and the Index Calculation Agent (in the Prospectus) and Index Providers under Other Information (in the SAI)</u>

The following information about the Index is added:

The S&P Utilities Select Sector Index (the "Index") is a product of S&P Dow Jones Indices LLC or its affiliates ("SPDJI") and have been licensed for use by the Trust(s) or their affiliates ("Advisor Affiliates").

------

S&P<sup>®</sup> and S&P 500<sup>®</sup> are a registered trademarks of S&P Global, Inc. or its affiliates ("S&P"); Dow Jones<sup>®</sup> is a registered trademark of Dow Jones Trademark Holdings LLC ("Dow Jones"); and these trademarks have been sublicensed for certain purposes by Advisor Affiliates. The Funds are not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, or their respective affiliates and none of such parties make any representation regarding the advisability of investing in such product(s) nor do they have any liability for any errors, omissions, or interruptions of the Indexes. It is not possible to invest directly in an index. The Funds are not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, or any of their respective affiliates (collectively, "S&P Dow Jones Indices"). S&P Dow Jones Indices makes no representation or warranty, express or implied, to the owners of the Funds or any member of the public regarding the advisability of investing in securities generally or in the Funds particularly or the ability of the Indexes to track general market performance. Past performance of an index is not an indication or guarantee of future results. S&P Dow Jones Indices' only relationship to Advisor Affiliates with respect to the Indexes is the licensing of the Indexes and certain trademarks, service marks and/or trade names of S&P Dow Jones Indices and/or its licensors. The Indexes are determined, composed and calculated by S&P Dow Jones Indices without regard to Advisor Affiliates or the Funds. S&P Dow Jones Indices has no obligation to take the needs of Advisor Affiliates or the owners of the Funds into consideration in determining, composing or calculating the Indexes. S&P Dow Jones Indices is not responsible for and has not participated in the determination of the prices, and amount of the Funds or the timing of the issuance or sale of the Funds or in the determination or calculation of the equation by which the Funds are to be converted into cash, surrendered or redeemed, as the case may be. S&P Dow Jones Indices has no obligation or liability in connection with the administration, marketing or trading of the Funds. There is no assurance that investment products based on the Indexes will accurately track index performance or provide positive investment returns. S&P Dow Jones Indices LLC is not an investment adviser, commodity trading advisory, commodity pool operator, broker dealer, fiduciary, "promoter" (as defined in the Investment Company Act of 1940, as amended), "expert" as enumerated within 15 U.S.C. § 77k(a) or tax advisor. Inclusion of a security, commodity, crypto currency or other asset within an index is not a recommendation by S&P Dow Jones Indices to buy, sell, or hold such security, commodity, crypto currency or other asset, nor is it considered to be investment advice or commodity trading advice.

NEITHER S&P DOW JONES INDICES NOR ITS THIRD-PARTY LICENSOR GUARANTEES THE ADEQUACY, ACCURACY, TIMELINESS AND/OR THE COMPLETENESS OF THE INDEXES OR ANY DATA RELATED THERETO OR ANY COMMUNICATION, INCLUDING BUT NOT LIMITED TO, ORAL OR WRITTEN COMMUNICATION (INCLUDING ELECTRONIC COMMUNICATIONS) WITH RESPECT THERETO. S&P DOW JONES INDICES SHALL NOT BE SUBJECT TO ANY DAMAGES OR LIABILITY FOR ANY ERRORS, OMISSIONS, OR DELAYS THEREIN. S&P DOW JONES INDICES MAKES NO EXPRESS OR IMPLIED WARRANTIES, AND EXPRESSLY DISCLAIMS ALL WARRANTIES, OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE OR AS TO RESULTS TO BE OBTAINED BY ADVISOR AFFILIATES, OWNERS OF THE FUNDS, OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE INDEXES OR WITH RESPECT TO ANY DATA RELATED THERETO. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT WHATSOEVER SHALL S&P DOW JONES INDICES BE LIABLE FOR ANY INDIRECT, SPECIAL, INCIDENTAL, PUNITIVE, OR CONSEQUENTIAL DAMAGES INCLUDING BUT NOT LIMITED TO, LOSS OF PROFITS, TRADING LOSSES, LOST TIME OR GOODWILL, EVEN IF THEY HAVE BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES, WHETHER IN CONTRACT, TORT, STRICT LIABILITY, OR OTHERWISE. S&P DOW JONES INDICES HAS NOT REVIEWED, PREPARED AND/OR CERTIFIED ANY PORTION OF, NOR DOES S&P DOW JONES INDICES HAVE ANY CONTROL OVER, THE FUNDS' REGISTRATION STATEMENT, PROSPECTUS OR OTHER OFFERING MATERIALS. THERE ARE NO THIRD -PARTY BENEFICIARIES OF ANY AGREEMENTS OR ARRANGEMENTS BETWEEN S&P DOW JONES INDICES AND ADVISOR AFFILIATES, OTHER THAN THE LICENSORS OF S&P DOW JONES INDICES.

------

For more information about ProShares, please contact the Funds at 1-866-776-5125

For more information about ProFunds, please contact the Funds at 1-888-776-3637

Please retain this supplement for future reference.

PF/PS-16

------