# EDGAR Filing Document

**Accession Number:** 0001039803
**File Stem:** 0001193125-25-300567
**Filing Date:** 2025-11
**Character Count:** 32420
**Document Hash:** 968fd3e90687a65fe249bfef9027512f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-300567.hdr.sgml**: 20251126

**ACCESSION NUMBER**: 0001193125-25-300567

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 4

**FILED AS OF DATE**: 20251126

**DATE AS OF CHANGE**: 20251126

**EFFECTIVENESS DATE**: 20251126

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** 497K
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-28339
- **FILM NUMBER:** 251530667

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

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

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

## Series and Classes Contracts Data

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

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

![](profundsbearbull.jpg)

![](bearbull.jpg)

**Summary Prospectus** Investor and Service Class

November 28, 2025

Energy UltraSector ProFund

---

| | | |
|:---|:---|:---|
| **CLASS** | **TICKER** | **CUSIP** |
| Investor | ENPIX | 743185-175 |
| Service | ENPSX | 743185-167 |

---

This Summary Prospectus is designed to provide investors with key fund information in a clear and concise format. Before you invest, you may want to review the Fund's Full Prospectus, which contains more information about the Fund and its risks. The Fund's Full Prospectus, dated November 28, 2025, and Statement of Additional Information, dated November 28, 2025, and as each hereafter may be supplemented or amended, are incorporated by reference into this Summary Prospectus. All of this information may be obtained at no cost either: online at www.profunds.com/literature; by calling 888-PRO-3637 (888-776-3637) (financial professionals should call 888-PRO-5717 (888-776-5717)); or by sending an e-mail request to info@ProFunds.com. The Securities and Exchange Commission has not approved or disapproved these securities or passed upon the adequacy of this Summary Prospectus. Any representation to the contrary is a criminal offense.

------

**2 :: Energy UltraSector ProFund** :: TICKERS :: Investor Class ENPIX :: Service Class ENPSX

**Investment Objective**

Energy UltraSector ProFund (the "Fund") seeks daily investment results, before fees and expenses, that correspond to one and one-half times (1.5x) of the daily performance of the S&P Energy Select Sector Index (the "Index").

**Important Information About the Fund**

If the Fund is successful in meeting its investment objective, it should gain approximately one and one-half times as much as the Index when the Index rises on a given day. Conversely, it should lose approximately one and one-half times as much as the Index when the Index falls on a given day. **The Fund does not seek to achieve one and one-half times (1.5x) the daily performance of the Index (the "Daily Target") for any period other than a day.**

While the Fund has a daily investment objective, you may hold Fund shares for longer than one day if you believe doing so is consistent with your goals and risk tolerance. **If you hold fund shares for any period other than a day, it is important for you to understand that over your holding period:**

&nbsp;&nbsp;&nbsp;&nbsp;●Your return may be higher or lower than the Daily Target, and this difference may be significant.

&nbsp;&nbsp;&nbsp;&nbsp;●Factors that contribute to returns that are worse than the Daily Target include smaller Index gains or losses and higher Index volatility, as well as longer holding periods when these factors apply.

&nbsp;&nbsp;&nbsp;&nbsp;●Factors that contribute to returns that are better than the Daily Target include larger Index gains or losses and lower Index volatility, as well as longer holding periods when these factors apply.

&nbsp;&nbsp;&nbsp;&nbsp;●The more extreme these factors are, and the more they occur together, the more your return will tend to deviate from the Daily Target.

**Fees and Expenses of the Fund**

The table below describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.**

**Shareholder Fees**

(fees paid directly from your investment)

**Wire Fee $10** 

---

| | | |
|:---|:---|:---|
| **Annual Fund Operating Expenses**<br> (expenses that you pay each year as a percentage of the <br> value of your investment) | **Annual Fund Operating Expenses**<br> (expenses that you pay each year as a percentage of the <br> value of your investment) | **Annual Fund Operating Expenses**<br> (expenses that you pay each year as a percentage of the <br> value of your investment) |
|  | Investor<br> Class<br>| Service<br> Class<br>|
| Investment Advisory Fees | 0.75% | 0.75% |
| Distribution and Service (12b-1) Fees | 0.00% | 1.00% |
| Other Expenses | 0.90% | 0.90% |
| **Total Annual Fund Operating Expenses**<sup>1</sup> <br>| **1.65%** | **2.65%** |

---

ProFund Advisors LLC ("ProFund Advisors") has agreed to waive fees and to reimburse expenses to the extent Total Annual Fund Operating Expenses Before Fee Waivers and Expense Reimbursements, as a percentage of average daily net assets, exceed 1.95% for Investor Class shares and 2.95% for Service Class shares through November 30, 2026. This agreement may not be terminated before that date without the approval of the Fund's Board. Amounts waived or reimbursed in a particular contractual period may be recouped by ProFund Advisors within three years subject to certain limitations.

**Example:** This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds.

The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem or hold all of your shares at the end of each period. The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your approximate costs would be:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | 1 Year | 3 Years | 5 Years | 10 Years |
| Investor Class | $168 | $520 | $897 | $1955 |
| Service Class | $268 | $823 | $1405 | $2983 |

---

The Fund pays transaction and financing costs associated with the purchase and sale of securities and derivatives. These costs are not reflected in the table or the example above.

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FUND NUMBERS :: Investor Class 046 :: Service Class 076 :: **Energy UltraSector ProFund :: 3**

**Portfolio Turnover**

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when the Fund's shares are held in a taxable account. These costs, which are not reflected in the Annual Fund Operating Expenses or in the example above, affect the Fund's performance. During the most recent fiscal year, the Fund's annual portfolio turnover rate was 374% of the average value of its portfolio. This portfolio turnover rate is calculated without regard to cash instruments or derivatives transactions. If such transactions were included, the Fund's portfolio turnover rate would be significantly higher.

**Principal Investment Strategies**

The Fund invests in financial instruments that ProFund Advisors believes, in combination, should produce daily returns consistent with the Daily Target.

The Index is designed to measure the performance of energy companies included in the S&P 500 Index. The S&P 500 Index is designed to measure the performance of 500 of the largest companies listed and domiciled in the U.S. The Index includes energy companies in the following industries according to the Global Industry Classification Standard (GICS): energy equipment & services and oil & gas consumable fuels. These companies are then weighted based on market capitalization. The Index's composition and the assigned weights are reevaluated every September with additional weight adjustments in March, June, and December. The Index is constructed and maintained by S&P Dow Jones Indices LLC. More information about the Index can be found using the Bloomberg ticker symbol "IXE."

Under normal circumstances, the Fund will obtain leveraged exposure to at least 80% of its total assets in components of the Index or in instruments with similar economic characteristics.

The Fund will invest principally in the financial instruments listed below.

&nbsp;&nbsp;&nbsp;&nbsp;●**Equity Securities** — Common stock issued by public companies.

&nbsp;&nbsp;&nbsp;&nbsp;●**Derivatives** — Financial instruments whose value is derived from the value of an underlying asset or rate, such as stocks, bonds, exchange-traded funds, interest rates or indexes. The Fund invests in derivatives (e.g. swap agreements) in order to gain leveraged exposure to the Index. These derivatives principally include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;○**Swap Agreements** — Contracts entered into primarily with major global financial institutions for a specified period ranging from a day to more than one year. In a standard swap transaction, two parties agree to exchange or "swap" payments based on the change in value of an underlying asset or benchmark. For example, two parties may agree to exchange the return (or differentials in rates of returns) earned or realized on a particular investment or instrument.

&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;●**Money Market Instruments** — The Fund expects that any cash balances maintained in connection with its use of derivatives will typically be held in high quality, short-term money market instruments, for example:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;○**U.S. Treasury Bills** — U.S. government securities that have initial maturities of one year or less, and are supported by the full faith and credit of the U.S. government.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;○**Repurchase Agreements** — Contracts in which a seller of securities, usually U.S. government securities or other money market instruments, agrees to buy the securities back at a specified time and price.

ProFund Advisors uses a mathematical approach to investing in which it determines the type, quantity and mix of investment positions that it believes, in combination, the Fund should hold to produce daily returns consistent with the Daily Target. For these purposes a day is measured from the time of one net asset value ("NAV") calculation to the next.

The Fund seeks to remain fully invested at all times in financial instruments that, in combination, provide leveraged exposure consistent with the investment objective, without regard to market conditions, trends or direction. However, the Fund may invest in or gain exposure to only a representative sample of the securities in the Index or to securities not contained in the Index or in financial instruments, with the intent of obtaining leveraged exposure consistent with the investment objective.

The Fund seeks to rebalance its portfolio each day so that its exposure to the Index is consistent with the Daily Target. The Index's movements during the day will affect whether the Fund's portfolio needs to be rebalanced. For example, if the Index has risen on a given day, net assets of the Fund should rise (assuming there were no share redemptions). As a result, the Fund's exposure will need to be increased. Conversely, if the Index has fallen on a given day, net assets of the Fund should fall (assuming there were no shares issued). As a result, the Fund's exposure will need to be decreased.

Please see "Investment Objectives, Principal Investment Strategies and Related Risks" in the Fund's Prospectus for additional details.

**Principal Risks**

**You could lose money by investing in the Fund.**

&nbsp;&nbsp;&nbsp;&nbsp;●**Leverage Risk** — The Fund uses leverage and will lose more money when the value of the Index falls than a similar fund that does not use leverage. The use of leverage increases the risk of a total loss of your investment. If the Index approaches a 67% loss at any point in the day, you could lose your entire investment. As a result, an investment in the Fund may not be suitable for all investors. The use of leverage increases the volatility of your returns. The cost of obtaining this leverage will lower your returns.

&nbsp;&nbsp;&nbsp;&nbsp;●**Holding Period Risk** — The performance of the Fund for periods longer than a single day will likely differ from the

------

**4 :: Energy UltraSector ProFund** :: TICKERS :: Investor Class ENPIX :: Service Class ENPSX

Daily Target. This difference may be significant. **If you are considering holding fund shares for longer than a day, it's important that you understand the impact of Index returns and Index volatility (how much the value of the Index moves up and down from day-to-day) on your holding period return.** Index volatility has a negative impact on Fund returns. During periods of higher Index volatility, the Index volatility may affect the Fund's returns as much as or more than the return of the Index.

The following table illustrates the impact of Index volatility and Index return on Fund returns for a hypothetical one-year period. However, these effects will impact your return for any holding period other than a day. **The longer you hold shares of the Fund, the more magnified these effects will be. As a result, you should consider monitoring your investments in the Fund in light of your individual investment goals and risk tolerance.**

In the table areas shaded darker represent those scenarios where the Fund can be expected to return less than the Daily Target. As the table shows, your return will tend to be worse than the Daily Target when there are smaller Index gains or losses and higher Index volatility. Your return will tend to be better than the Daily Target when there are larger Index gains or losses and lower Index volatility. You may lose money when the Index return is flat (i.e., close to zero) and you may lose money when the Index rises.

The table uses hypothetical annualized Index volatility and Index returns to illustrate the impact of these two factors on Fund performance over a one-year period. It does not represent actual returns. Each row corresponds to the level of a hypothetical Index return for a one-year period. Each column corresponds to a level of hypothetical annualized Index volatility. For example, the Fund may mistakenly be expected to achieve a -30% return on a yearly basis if the annual Index return were -20%. However, as the table shows, with a one-year Index return of -20% and an annualized Index volatility of 50%, the Fund could be expected to return -34.8%.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Estimated Fund Returns** | **Estimated Fund Returns** | **Estimated Fund Returns** | **Estimated Fund Returns** | **Estimated Fund Returns** | **Estimated Fund Returns** | **Estimated Fund Returns** |
| **Index Performance** | **Index Performance** | **One Year Volatility Rate** | **One Year Volatility Rate** | **One Year Volatility Rate** | **One Year Volatility Rate** | **One Year Volatility Rate** |
| **One**<br> **Year**<br> **Index**<br>| **One and One-Half**<br> **Times (1.5x)**<br> **the One**<br> **Year**<br> **Index**<br>| **10%** | **25%** | **50%** | **75%** | **100%** |
| -60% | -90.0% | -74.8% | -75.3% | -77.0% | -79.5% | -82.6% |
| -50% | -75.0% | -64.8% | -65.5% | -67.8% | -71.4% | -75.7% |
| -40% | -60.0% | -53.7% | -54.6% | -57.7% | -62.4% | -68.1% |
| -30% | -45.0% | -41.7% | -42.8% | -46.7% | -52.6% | -59.7% |
| -20% | -30.0% | -28.7% | -30.1% | -34.8% | -42.1% | -50.8% |
| -10% | -15.0% | -14.9% | -16.6% | -22.3% | -30.9% | -41.3% |
| 0% | 0.0% | -0.4% | -2.3% | -8.9% | -19.0% | -31.3% |
| 10% | 15.0% | 14.9% | 12.7% | 5.0% | -6.6% | -20.7% |
| 20% | 30.0% | 31.0% | 28.4% | 19.7% | 6.5% | -9.7% |
| 30% | 45.0% | 47.7% | 44.8% | 35.0% | 20.0% | 1.9% |
| 40% | 60.0% | 65.0% | 61.8% | 50.8% | 34.1% | 13.8% |
| 50% | 75.0% | 83.0% | 79.5% | 67.3% | 48.8% | 26.3% |
| 60% | 90.0% | 101.6% | 97.9% | 84.3% | 63.9% | 39.1% |

---

Assumes: (a) no dividends paid with respect to securities included in the Index; (b) no Fund expenses; and (c) borrowing/lending rates (to obtain leveraged exposure) of zero percent. If these were included the Fund's performance would be different from that shown.

The Index's annualized historical volatility rate for the five-year period ended July 31, 2025 was 29.15%. The Index's highest July to July volatility rate during the five-year period was 37.25% (July 30, 2021). The Index's annualized total return performance for the five-year period ended July 31, 2025 was 24.37%. Historical Index volatility and performance do not predict future Index volatility and performance.

For more information, including additional graphs and charts demonstrating the effects of Index volatility and Index return on the long-term performance of the Fund, see "Understanding the Risks and Long-Term Performance of a Daily Objective Fund" in the Fund's Prospectus.

------

FUND NUMBERS :: Investor Class 046 :: Service Class 076 :: **Energy UltraSector ProFund :: 5**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;●**Correlation Risk** — A number of factors may affect the Fund's ability to achieve a high degree of leveraged correlation with the Index. Fees, expenses, transaction costs, financing costs associated with the use of derivatives, among other factors, will adversely impact the Fund's ability to meet its Daily Target. In addition, the Fund may not have leveraged exposure to all of the instruments in the Index, its weighting of those instruments may be different from that of the Index, and it may invest in instruments not included in the Index. Moreover, if for any reason the Fund is unable to rebalance all or a portion of its investments, the Fund may have exposure to the Index that is significantly greater or less than the Daily Target. Any of these factors may prevent the Fund from achieving exposure consistent with the Daily Target.

&nbsp;&nbsp;&nbsp;&nbsp;●**Derivatives Risk** — Investing in derivatives to obtain leveraged exposure may be considered aggressive and may expose the Fund to greater risks including counterparty risk and correlation risk. The Fund may lose money if its derivatives do not perform as expected and may even lose money if they do perform as expected. To the extent the Fund invests in swaps that use an ETF as the reference asset, the Fund will be subject to the risks of that ETF including the risk that the ETF may not meet its investment objective. In addition, the Fund may be subject to greater correlation risk since the performance of the ETF may not correlate to the performance of the Index. Any costs associated with using derivatives will reduce the Fund's return.

&nbsp;&nbsp;&nbsp;&nbsp;●**Counterparty Risk** — The Fund may lose money if a counterparty does not meet its contractual obligations. With respect to swap agreements, the terms of the agreement between the Fund and its counterparty may permit the counterparty to immediately close out the transaction with the Fund, including intraday (for example, if the Index has a dramatic intraday move that causes a material decline in the Fund's net assets). If an agreement is terminated, the Fund may be unable to enter into another swap agreement or invest in other derivatives to achieve its investment objective.

&nbsp;&nbsp;&nbsp;&nbsp;●**Energy Industry Risk** — The risks of investments in the industry include: adverse effects on profitability from changes in worldwide energy prices and exploration, and production spending; adverse effects from changes in exchange rates, government regulation, world events, international conflicts or threat of conflicts and economic conditions; market, economic and political risks of the countries where energy companies are located or do business; the fact that the value of regulated utility debt instruments (and, to a lesser extent, equity securities) tends to have an inverse relationship to the movement of interest rates; and risk for environmental damage claims. The energy industry has recently experienced significant volatility due to dramatic changes in the prices of energy commodities, and it is possible that such volatility will continue in the future.

On February 24, 2022, Russia commenced a military attack on Ukraine. The outbreak of hostilities between the two

countries could result in more widespread conflict and could have a severe adverse effect on the region and the markets for securities and commodities, including oil. In addition, sanctions imposed on Russia by the United States and other countries, and any sanctions imposed in the future could have a significant adverse impact on the Russian economy and related markets. How long such conflict and related events will last and whether it will escalate further cannot be predicted. Impacts from the conflict and related events could have significant impact on the Fund's performance, and the value of an investment in the Fund may decline significantly. Additionally, the possibility of a continued and prolonged conflict between Hamas and Israel, and the potential expansion of the conflict in the surrounding areas and the involvement of other nations in such conflict, could further destabilize the Middle East region and introduce new uncertainties in global markets, including the crude oil markets. This may increase or decrease volatility of the Funds' shares.

&nbsp;&nbsp;&nbsp;&nbsp;●**Equity and Market Risk** — Equity markets are volatile, and the value of equity securities and other instruments correlated with equity markets may fluctuate dramatically from day to day. Equity markets are subject to corporate, political, regulatory, market, social, geopolitical and economic developments, including changes in interest and currency rates, inflation (or expectations for inflation), deflation (or expectations for deflation), global demand for particular products or resources, market instability, debt crises, embargoes, tariffs, sanctions and other trade barriers, regulatory or governmental trade or market control programs, recessions, supply chain disruptions, labor disturbances, environmental or man-made disasters, war, terrorism, public health emergencies (such as the spread of infectious diseases, pandemics and epidemics), social unrest and other unforeseeable events.

&nbsp;&nbsp;&nbsp;&nbsp;●**Money Market Instruments Risk** — Adverse economic, political or market events affecting issuers of money market instruments, defaults by counterparties or changes in government regulations may have a negative impact on the performance of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;●**Industry Concentration Risk** — The Index may have a significant portion of its value in issuers in an industry or group of industries. The Fund will allocate its investments to approximately the same extent as the Index. As a result, the Fund may be subject to greater market fluctuations than a fund that is more broadly invested across industries. As of July 31, 2025, the Index had a significant portion of its value in issuers in the energy industry group.

&nbsp;&nbsp;&nbsp;&nbsp;●**Non-Diversification Risk** — The Fund has the ability to invest a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund's volatility and increase the risk that the

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**6 :: Energy UltraSector ProFund** :: TICKERS :: Investor Class ENPIX :: Service Class ENPSX

Fund's performance will decline based on the performance of a single issuer or the credit of a single counterparty.

&nbsp;&nbsp;&nbsp;&nbsp;●**Index Performance Risk** — The Index used by the Fund may underperform other asset classes and may underperform other similar indices. The Index is maintained by a third party provider unaffiliated with the Fund or ProFund Advisors. There can be no guarantee that the methodology underlying the Index or the daily calculation of the Index will be free from error.

&nbsp;&nbsp;&nbsp;&nbsp;●**Active Investor Risk** —The Fund permits short-term trading of its securities. This may have a negative impact on the Fund's ability to achieve its investment objective or maintain a consistent level of operating expenses. In certain circumstances, the Fund's expense ratio may vary from current estimates or the historical ratio disclosed in this Prospectus. In addition, this will increase portfolio turnover and may result in additional costs for the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;●**Early Close/Late Close/Trading Halt Risk** — An exchange or market may close early, close late or issue trading halts on specific securities or financial instruments. In these circumstances, the Fund may be unable to rebalance its portfolio, may be unable to accurately price its investments and/or may incur substantial trading losses.

Please see "Investment Objectives, Principal Investment Strategies and Related Risks" in the Fund's Prospectus for additional details.

**Investment Results**

The bar chart below shows how the Fund's investment results for Investor Class shares have varied from year to year, and the table shows how the Fund's average annual total returns for various periods compare with different broad measures of market performance. Performance for Service Class shares would differ to the extent their fees and expenses differ. This information provides some indication of the risks of investing in the Fund. In addition, the Fund's performance information reflects applicable fee waivers and/or expense limitations, if any, in effect during the periods presented. Absent such fee waivers/expense limitations, if any, performance would have been lower. Past results (before and after taxes) are not predictive of future results. Updated information on the Fund's results can be obtained by visiting the Fund's website (www.profunds.com).

**Annual Returns as of December 31**

![](pfenpix.jpg)

---

| | | | |
|:---|:---|:---|:---|
| Best Quarter | (ended | 3/31/2022 | 59.68% |
| Worst Quarter | (ended | 3/31/2020 | -68.81% |
| Year-to-Date | (ended | 9/30/2025 | 4.95% |

---

**Average Annual Total Returns**

As of December 31, 2024

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | One<br> Year<br>| Five<br> Years<br>| Ten<br> Years<br>| Inception<br> Date<br>|
| **Investor Class Shares** |  |  |  | **6/19/2000** |
| – Before Taxes | &nbsp;&nbsp; 2.23% | &nbsp;&nbsp; 8.93% | -0.08% |  |
| – After Taxes on Distributions | &nbsp;&nbsp; 1.48% | &nbsp;&nbsp; 8.41% | -0.43% |  |
| – After Taxes on Distributions <br> and Sale of Shares<br>| &nbsp;&nbsp; 1.86% | &nbsp;&nbsp; 6.98% | -0.12% |  |
| **Service Class Shares** | **1.18%** | **7.84%** | **-1.07%** | **6/19/2000** |
| **S&P Energy Select Sector** <br> **Index**<sup>1</sup> <br>| **5.65%** | **12.22%** | **5.01%** |  |
| **S&P 500**<sup>®</sup> **Index**<sup>1</sup> <br>| **25.02%** | **14.51%** | **13.09%** |  |

---

Reflects no deduction for fees, expenses or taxes. Adjusted to reflect the reinvestment of dividends paid by issuers in the Index.

Average annual total returns are shown on a before- and after-tax basis for Investor Class shares only. After-tax returns for Service Class shares will vary. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold the Fund's shares through tax-deferred

------

FUND NUMBERS :: Investor Class 046 :: Service Class 076 :: **Energy UltraSector ProFund :: 7**

arrangements, such as a retirement account. After-tax returns may exceed the return before taxes due to a tax benefit from realizing a capital loss on a sale of shares.

Annual returns are required to be shown and should not be interpreted as suggesting that the Fund should or should not be held for longer periods of time.

**Management**

The Fund is advised by ProFund Advisors. Michael Neches, Senior Portfolio Manager, and Tarak Davé, Portfolio Manager, have jointly and primarily managed the Fund since October 2013 and April 2018, respectively.

**Purchase and Sale of Fund Shares**

The **minimum initial investment** amounts for all classes, which may be waived at the discretion of the Fund, are:

● $5,000 for accounts that list a financial professional.

● $15,000 for self-directed accounts.

You may purchase, redeem or exchange Fund shares on any day which the New York Stock Exchange is open for business. Depending on where your account is held, you may redeem your

shares by contacting your financial professional or the Fund by mail, telephone, wire transfer or on-line (www.profunds.com).

**Tax Information**

The Fund's distributions generally are taxable, and will be taxed as ordinary income, qualified dividend income or capital gains, unless you are investing through a tax-advantaged arrangement, such as a 401(k) plan or an individual retirement account. You may be taxed later upon withdrawal of monies from such tax-advantaged arrangements. The Fund intends to distribute income, if any, and capital gains, if any, at least annually.

**Payments to Broker-Dealers and Other Financial Intermediaries**

If you purchase Fund shares through a financial intermediary, such as a broker-dealer or investment adviser, the Fund and its distributor may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other financial intermediary to recommend the Fund over another investment. Ask your financial intermediary or visit your financial intermediary's website for more information.

------

![](profundsbearbull.jpg)

P.O. Box 182800

Columbus, OH 43218-2800

**Receive investor materials electronically:**

Shareholders may sign up for electronic delivery of investor materials. By doing so, you will receive the information faster and help us reduce the impact on the environment of providing these materials. To enroll in electronic delivery,

1. Go to www.icsdelivery.com

2. Select the first letter of your brokerage firm's name.

3. From the list that follows, select your brokerage firm. If your brokerage firm is not listed, electronic delivery may not be available. Please contact your brokerage firm.

4. Complete the information requested, including the e-mail address where you would like to receive notifications for electronic documents.

Your information will be kept confidential and will not be used for any purpose other than electronic delivery. If you change your mind, you can cancel electronic delivery at any time and revert to physical delivery of your materials. Just go to www.icsdelivery.com, perform the first three steps above, and follow the instructions for cancelling electronic delivery. If you have any questions, please contact your brokerage firm.

**ProFunds**<sup>®</sup>

Post Office Mailing Address for Investments

P.O. Box 182800

Columbus, OH 43218-2800

Phone Numbers

For Financial Professionals: **(888) PRO-5717** (888) 776-5717

For All Others: **(888) PRO-FNDS** (888) 776-3637 Or: (614) 470-8122

Fax Number: (800) 782-4797

Website Address: ProFunds.com

Investment Company Act File No. 811-08239

ENP NOV 25

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