ProFunds
ProFund VP Government Money Market
(the “Fund”)
Supplement dated September 13, 2023
to the Fund’s Summary Prospectus, Statutory Prospectus and Statement of Additional Information
dated May 1, 2023, each as supplemented or amended
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Upon the recommendation of ProFund Advisors, LLC, the Board of Trustees of ProFunds has approved a contractual reduction in the Fund’s expense cap from 1.35% to 0.90% from October 1, 2023 through April 30, 2025. Accordingly, the following updates are made to the Fund’s Summary Prospectus, Statutory Prospectus and Statement of Additional Information.
The following section in the Fund’s Summary Prospectus and Statutory Prospectus is updated:
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. The expenses shown do not reflect charges or fees associated with insurance company separate accounts or insurance contracts, which would have the effect of increasing overall expenses. Annuity and policy holders should consult the prospectus for their contract or policy for more information about such charges and fees.
Annual Fund Operating Expenses |
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(expenses that you pay each year as a percentage of the value of your investment) |
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Distribution and Service (12b-1) Fees |
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Total Annual Fund Operating Expenses Before Fee Waivers and Expense Reimbursements |
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Fee Waivers/Reimbursements1 |
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Total Annual Fund Operating Expenses After Fee Waivers and Expense Reimbursements |
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1
ProFund Advisors LLC (“ProFund Advisors”) has contractually undertaken to waive its fees and/or reimburse expenses to maintain the minimum yield floor limit at 0.02% through April 30, 2024 (“Minimum Yield”). ProFund Advisors has contractually agreed to waive Investment Advisory and Management Services Fees and to reimburse Other Expenses to the extent Total Annual Fund Operating Expenses Before Fee Waivers and Expense Reimbursements, as a percentage of average daily net assets, exceed 0.90% through April 30, 2025. After such date, the expense limitation may be terminated or revised by ProFund Advisors. ProFund Advisors may recoup from the Fund any of the fees or expenses it has waived and/or reimbursed until the third anniversary of the end of the 12 month period ending April 30 in which such waiver and/or reimbursement occurs, to the extent that such recoupment would not cause the Fund’s net yield to fall below the Fund’s previously determined Minimum Yield or the expenses to exceed the overall expense ratio limit in effect at the time of the waiver and/or reimbursement.
Example: This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.
The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem 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, except that the fee waiver/ expense reimbursement is assumed only to pertain to the first year. It does not reflect separate account or insurance contract fees or charges. If these charges were reflected, expenses would be higher. Although your actual costs may be higher or lower, based on these assumptions your approximate costs would be: