ProShares Launches First Short and First Leveraged ETFs Tracking Gold or Silver

ProFunds Group, the world’s largest manager of short and leveraged funds,¹ announced today that it is launching the first exchange traded funds in the United States to provide short or leveraged exposure to Gold or silver. The four new ETFs will begin trading on the NYSE Arca today. They join a line-up of four other Commodities ProShares that launched last week.

Each fund is a series of ProShares Trust II and shares of each will trade on the NYSE Arca. Each fund will continuously offer and redeem its shares in blocks of 50,000 shares called Creation Units, which Authorized Participants may purchase and redeem directly from the funds. ProShare Capital Management LLC serves as the Trust’s sponsor.

About ProShare Capital Management

ProShare Capital Management is part of ProFunds Group, which includes the family of 76 short and leveraged ProShares ETFs as well as ProFunds, which offers more than 115 ProFunds mutual funds. Since 1997, ProFunds has provided mutual fund investors with easier access to sophisticated investment strategies, with offerings that include funds that seek to magnify daily index performance and funds that seek to increase in value when markets decline. However, there is no guarantee that any of the mutual funds or ETFs will meet its investment objective.

A registration statement relating to ProShares Trust II has been filed with and declared effective by the Securities and Exchange Commission. This press release shall not constitute an offer to sell nor a solicitation of an offer to buy these securities, nor shall there be any offer of sale of these securities in any state or jurisdiction in which such offer, solicitation, purchase or sale would be unlawful under the securities laws of such state of jurisdiction. The offering of these securities will be made only by means of a prospectus. A copy of the final prospectus related to these securities may be obtained by visiting www.proshares.com or calling ProShares at 866-776-5125.

"ProFunds Group” includes ProFunds mutual funds and ProShares ETFs (ProShares Trust and ProShares Trust II). ProFunds Distributors, Inc., is distributor for ProFunds mutual funds. ProShares registered under the Investment Company Act of 1940 are distributed by SEI Investments Distribution Co., which is not affiliated with ProFunds Group or its affiliates. ProFund Advisors LLC serves as investment advisor to ProFunds mutual funds; ProShare Advisors LLC serves as investment advisor to ProShares Trust. ProShare Capital Management LLC serves as sponsor, commodity pool operator and commodity trading advisor for ProShares Trust II.

The information in this news release relates only to the funds listed and is solely for informational purposes. The information is not, and is not intended to be, a complete discussion of the material information an investor should know before investing in Commodity ProShares.

Investing involves risk, including the possible loss of principal. Please note that in addition to the normal risks associated with investing, ProShares entail certain risks, including, in all or some cases, aggressive investment techniques, inverse and imperfect correlation and market price variance risks. These risks may pose risks different from, or greater than, those associated with a direct investment in the securities underlying the funds' benchmarks, can increase volatility, and may dramatically decrease performance. ProShares are designed to meet daily objectives; results over longer periods may differ. Short ProShares should lose value when their corresponding benchmarks rise. In addition, ProShares are not diversified investments. Please see the prospectus for a more complete description of these risks. Commodity ProShares invest substantially in financial instruments linked to the performance of commodities, such as swap agreements, forward contracts, and futures and options contracts, which may be subject to greater volatility than investments in traditional securities. Certain of these financial instruments will also subject the Funds to counterparty risk and credit risk, which could result in significant losses for the Funds.

"Dow Jones^®,” "DJ,” "AIG^®,” "Dow Jones-AIG Commodity Index^SM,” and "Dow Jones-AIG Crude Oil Sub-Index^SM” are service marks of Dow Jones & Company, Inc. and American International Group, Inc., as the case may be, and have been licensed for use for certain purposes by ProShare Capital Management LLC. ProShares are not sponsored, endorsed, sold or promoted by Dow Jones, AIG Financial Products Corp. ("AIG-FP”), American International Group, Inc. or any of their respective subsidiaries or affiliates, and none of Dow Jones, AIG-FP, American International Group, Inc. or any of their respective subsidiaries or affiliates, makes any representation regarding the advisability of investing in such product(s).

¹ Source: Lipper, based on a worldwide analysis of all of the known providers of publicly traded funds in these categories. The analysis covered ETFs, ETNs, and mutual funds by the number of funds and assets (as of 6/30/2008).

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