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. BiotechnologySM 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.
Important Information About the Fund / Investment Objective
References to Dow Jones U.S. BiotechnologySM Index in sections entitled “Important Information About the Fund” or “Investment Objective” are replaced with S&P Biotechnology Select Industry Index.
Principal Investment Strategies
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”.
Principal Risks
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. BiotechnologySM 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%.
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)
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® and S&P 500® are a registered trademarks of S&P Global, Inc. or its affiliates (“S&P”); Dow Jones® 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