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0.2256 0.0106 0.2856 -0.1241 0.1294 0.0587 0.0500 0.0781 0.1971 -0.1413 0.1779 -0.0923 0.2453 -0.0776 0.1747 0.0435 0.2959 0.1968 0.1243 -0.1289 0.2360 0.1706 0.1288 -0.2185 0.1491 0.0946 0.1086 N-1A ProFunds <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">ProFund Access VP High Yield (the “Fund”) seeks to provide investment results that correspond generally to the total return of the high yield market consistent with maintaining </span><span style="color:#000000;font-family:Arial;font-size:10pt;">reasonable liquidity.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">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 </span><span style="color:#000000;font-family:Arial;font-size:10pt;">for more information about such charges and fees.</span> <span style="font-family:Arial;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Annual Fund Operating Expenses</span><span style="font-family:Arial;font-size:9pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of the </span><span style="font-family:Arial;font-size:9pt;margin-left:0.0pt;">value of your investment)</span> 0.0075 0.0025 0.0064 0.0164 <span style="font-family:Arial;font-size:8pt;">April 30, 2027</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Example:</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> This example is intended to help you compare the cost </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">of investing in the Fund with the cost of investing in other </span><span style="color:#000000;font-family:Arial;font-size:10pt;">mutual funds. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">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, </span><span style="color:#000000;font-family:Arial;font-size:10pt;">based on these assumptions your approximate costs would be:</span> 167 517 892 1944 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund pays transaction and financing costs associated with the purchase and sale of securities and derivatives. These costs </span><span style="color:#000000;font-family:Arial;font-size:10pt;">are not reflected in the table or the example above.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">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. </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">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 </span><span style="font-family:Arial;font-size:10pt;">0</span><span style="font-family:Arial;font-size:10pt;">% of the average value of its </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">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 </span><span style="font-family:Arial;font-size:10pt;">would be significantly higher.</span> 0 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">If the Fund is successful in meeting its objective, its net asset value should generally gain value as the high yield market (i.e., U.S. corporate high yield debt market) is rallying (gaining value). Conversely, its net asset value should generally decrease in value </span><span style="color:#000000;font-family:Arial;font-size:10pt;">as the high yield market is falling (losing value). </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund is actively managed and seeks to achieve returns that are not directly correlated to any particular fixed income index. The Fund invests primarily in financial instruments that ProFund Advisors believes, in combination, should provide investment results that correspond generally to the high yield market consistent with maintaining reasonable liquidity. The Fund uses the Markit iBoxx $ Liquid High Yield Index as a performance benchmark only, and does not seek to track </span><span style="color:#000000;font-family:Arial;font-size:10pt;">its performance.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Under normal circumstances, the Fund will invest at least 80% of its total assets in securities that provide exposure to the high yield market and/or in instruments with similar </span><span style="color:#000000;font-family:Arial;font-size:10pt;">economic characteristics.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund will invest principally in the financial instruments </span><span style="color:#000000;font-family:Arial;font-size:10pt;">listed below.</span><span style="font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Derivatives</span><span style="font-family:Arial;font-size:10pt;"> — Financial instruments whose value is derived from the value of an underlying asset or rate, such as stocks, bonds, ETFs, interest rates or indexes. The Fund invests in derivatives (e.g. swap agreements) in order to gain exposure to the high yield market. These derivatives principally include:</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Swap Agreements</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Money Market Instruments</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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:</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">U.S. Treasury Bills</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — U.S. government securities that have initial maturities of one year or less, and are </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">supported by the full faith and credit of the </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00pt;">U.S. government.</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Repurchase Agreements</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund seeks to maintain exposure to the high yield market regardless of market conditions and without taking defensive positions in cash or other instruments in anticipation of an adverse climate for the high yield market. There is no assurance </span><span style="color:#000000;font-family:Arial;font-size:10pt;">that the Fund will achieve its investment objective.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Please see “Investment Objectives, Principal Investment Strategies </span><span style="color:#000000;font-family:Arial;font-size:10pt;">and Related Risks” in the Fund’s Prospectus for additional details.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Risks</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">You could lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">High Yield Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Investment in or exposure to high yield (lower rated) debt instruments (also known as “junk bonds”) may involve greater levels of credit, prepayment, liquidity and valuation risk than for higher rated instruments. High yield debt instruments may be more sensitive to economic changes, political changes, or adverse developments specific to a company than other fixed income instruments. These securities are subject to greater risk of loss, greater sensitivity to economic changes, valuation difficulties, and a potential lack of a secondary or public market for securities. High yield debt instruments are considered speculative with respect to the issuer’s continuing ability to make principal and interest payments and, therefore, such instruments generally involve greater risk of default or price changes than higher rated debt instruments. Furthermore, the transaction costs associated with the purchase and sale of high yield debt instruments may vary greatly depending upon a number of factors and may adversely affect the Fund’s performance.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Debt Instrument Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Debt instruments are subject to adverse issuer, political, regulatory, market and economic developments, as well as developments that affect specific economic sectors, industries or segments of the market. Debt markets can be volatile and the value of instruments correlated with these markets may fluctuate dramatically from day to day.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Interest Rate Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Interest rate risk is the risk that debt instruments or related financial instruments may fluctuate in value due to changes in interest rates. A wide variety of factors can cause interest rates to fluctuate (e.g., central bank monetary policies, fiscal or other government policies, inflation rates, general economic conditions, etc.). Commonly, investments subject to interest rate risk will decrease in value when interest rates rise and increase in value when interest rates decline. A rising interest rate environment may cause the value of debt instruments to decrease and adversely impact the liquidity of debt instruments. Without taking into account other factors, the value of securities with longer maturities typically fluctuates more in response to </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">interest rate changes than securities with shorter maturities. These factors may cause the value of an investment in the </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Fund to change.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Money Market Instruments Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Derivatives Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Investing in derivatives 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 high yield market. Any costs associated with using derivatives will reduce the Fund’s return.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Counterparty Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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 high yield market 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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Non-Diversification Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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 Fund’s performance will decline based on the performance of a single issuer or the credit of a single counterparty.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Active Management Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund is actively managed and its performance reflects the investment decisions that ProFund Advisors makes for the Fund. ProFund Advisors’ judgments about the Fund’s investments may prove to be incorrect. If the investments selected and strategies employed by the Fund fail to produce the intended results, the Fund could underperform or have negative returns as compared to other funds with a similar investment objective and/or strategies.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Active Investor Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> —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 </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">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 </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">and may result in additional costs for the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Early Close/Late Close/Trading Halt Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Valuation Time Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund typically values its portfolio at 4:00 p.m. (Eastern Time). In certain cases, the Fund’s portfolio investments trade in markets on days and at times when the Fund is not open for business. As a result, the value of the Fund may change, perhaps significantly, on days and at times when shareholders are unable to purchase, redeem, or exchange shares.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Results</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The bar chart below shows how the Fund’s investment results 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.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> This </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">information provides some indication of the risks of investing in the Fund. The Fund’s performance information reflects applicable fee waivers and/or expense limitations in effect during the period presented. Absent such fee waivers/expense limitations, if any, performance would have been lower. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">It does </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">not reflect charges and fees associated with a separate account that invests in the Fund or any insurance contract for which it is an investment option. Charges and fees will reduce returns.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Past results are not predictive of future results.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The bar chart below shows how the Fund’s investment results 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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">It does </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">not reflect charges and fees associated with a separate account that invests in the Fund or any insurance contract for which it is an investment option. Charges and fees will reduce returns.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> Past results are not predictive of future results.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;">Annual Returns as of December 31</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">12/31/2023</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">7.05%</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">3/31/2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">-9.54%</span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">The year-to-date return as of the most recent quarter, which </span><span style="font-family:Arial;font-size:10pt;">ended March 31, 2026, was -0.85%.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Best Quarter</span> 2023-12-31 0.0705 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Worst Quarter</span> 2020-03-31 -0.0954 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Average Annual Total Returns</span><span style="font-family:Arial;font-size:10pt;">As of December 31, 2025</span> 0.0624 0.0285 0.0392 2005-05-02 0.0883 0.0434 0.0601 0.0730 -0.0036 0.0201 <span style="color:#000000;font-family:Arial;font-size:8pt;">Reflects no deduction for fees, expenses or taxes.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">ProFund VP Asia 30 (the “Fund”) seeks investment results, before fees and expenses, that track the performance of the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">ProFunds Asia 30 Index (the “Index”).</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">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 </span><span style="color:#000000;font-family:Arial;font-size:10pt;">for more information about such charges and fees.</span> <span style="font-family:Arial;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Annual Fund Operating Expenses</span><span style="font-family:Arial;font-size:9pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of the </span><span style="font-family:Arial;font-size:9pt;margin-left:0.0pt;">value of your investment)</span> 0.0075 0.0025 0.0072 0.0172 -0.0004 0.0168 <span style="font-family:Arial;font-size:8pt;">April 30, 2027</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Example:</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> This example is intended to help you compare the cost </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">of investing in the Fund with the cost of investing in other </span><span style="color:#000000;font-family:Arial;font-size:10pt;">mutual funds. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">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, </span><span style="color:#000000;font-family:Arial;font-size:10pt;">based on these assumptions your approximate costs would be:</span> 171 538 930 2027 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund pays transaction and financing costs associated with the purchase and sale of securities. These costs are not reflected </span><span style="color:#000000;font-family:Arial;font-size:10pt;">in the table or the example above.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Portfolio Turnover</span> <span style="font-family:Arial;font-size:10pt;margin-left:0%;">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. 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 </span><span style="font-family:Arial;font-size:10pt;">249</span><span style="font-family:Arial;font-size:10pt;">% of the average value of </span><span style="font-family:Arial;font-size:10pt;">its portfolio.</span> 2.49 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund invests in securities that ProFund Advisors believes, in </span><span style="color:#000000;font-family:Arial;font-size:10pt;">combination, should track the performance of the Index.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Index, created by ProFund Advisors, is designed to measure the performance of companies domiciled in the Asia/Pacific region (excluding Japan) and traded on U.S. exchanges. Companies may include those domiciled in Australia, New Zealand, Hong Kong, Indonesia, Malaysia, Philippines, Singapore, South Korea, Taiwan, Thailand, India, and China. The Index selects 30 companies based on liquidity and then weights them based on market capitalization. The selected companies are listed in an appendix to the Statement of Additional Information. The Index’s composition and assigned weights are reevaluated annually. The Index is constructed and maintained by </span><span style="color:#000000;font-family:Arial;font-size:10pt;">ProFund Advisors.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Under normal circumstances, the Fund will invest at least 80% of its total assets in components of the Index or in instruments </span><span style="color:#000000;font-family:Arial;font-size:10pt;">with similar economic characteristics.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Fund will invest principally in the securities listed below.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Equity Securities</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Common stock issued by public companies.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Depositary Receipts </span><span style="color:#000000;font-family:Arial;font-size:10pt;">— The Fund may invest in depositary receipts, which principally include:</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">American Depositary Receipts (ADRs),</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> which represent the right to receive securities of foreign issuers deposited in a bank or trust company and are an alternative to purchasing the underlying securities in their national markets and currencies.</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Global Depositary Receipts (GDRs),</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> which are receipts for shares in a foreign-based corporation traded in capital markets around the world.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">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 returns consistent with its investment objective. The Fund seeks to remain fully invested at all times in financial instruments that, in combination, provide exposure consistent with the investment objective, without regard to market conditions, trends or direction. The Fund may also invest in or </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">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 exposure </span><span style="color:#000000;font-family:Arial;font-size:10pt;">consistent with the investment objective.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Index is created and sponsored by ProFund Advisors and is </span><span style="color:#000000;font-family:Arial;font-size:10pt;">licensed for use by ProFunds.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Please see “Investment Objectives, Principal Investment Strategies </span><span style="color:#000000;font-family:Arial;font-size:10pt;">and Related Risks” in the Fund’s Prospectus for additional details.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Risks</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">You could lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Asian Investments Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> – Investments in securities of issuers in certain Asian countries involve risks that are specific to Asia, including certain legal, regulatory, political and economic risks. Certain Asian countries have experienced expropriation and/or nationalization of assets, confiscatory taxation, institution of tariffs or other trade barriers, political instability, armed conflict and social instability as a result of religious, ethnic, socio-economic and/ or political unrest. Some economies in this region are dependent on a range of commodities, and are strongly affected by international commodity prices and particularly vulnerable to price changes for these products. The market for securities in this region may also be directly influenced by the flow of international capital, and by the economic and market conditions of neighboring countries. Many Asian economies have experienced rapid growth and industrialization, and there is no assurance that this growth rate will be maintained. Some Asian economies are highly dependent on trade and economic conditions in other countries can impact these economies.</span> <span style="font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Equity and Market Risk</span><span style="font-family:Arial;font-size:10pt;"> — 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,</span><span style="font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial;font-size:10pt;">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),</span><span style="font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial;font-size:10pt;">social unrest and other unforeseeable</span><span style="font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial;font-size:10pt;">events.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Foreign Currency Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Investments linked to or denominated in foreign currencies are exposed to additional risk factors versus those investments denominated in U.S. dollars and linked to U.S. investments. The value of an investment linked to or denominated in a foreign currency could change significantly as foreign currencies strengthen or weaken relative to the U.S. dollar.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Foreign Investments/Emerging Market Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Exposure to securities of foreign issuers may provide the Fund with increased risk. Foreign investments may be more susceptible to political, social, economic and regional factors than may be the case with U.S. securities. In addition, markets for foreign investments are usually less liquid, more volatile and significantly smaller than markets for U.S. securities, which may affect, among other things, the Fund’s ability to purchase or sell foreign investments at appropriate times and prices. Because of differences in settlement times and/or foreign market holidays, transactions in a foreign market may take place one or more days after the necessary exposure to these investments is determined.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">Because the Fund’s foreign investment exposure may include issuers domiciled in developing or “emerging market” countries, all the aforementioned factors are heightened. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Investments in emerging markets are considered speculative.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Correlation Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — A number of factors may affect the Fund’s ability to achieve a high degree of correlation with the Index. Fees, expenses, transaction costs, among other factors, will adversely impact the Fund’s ability to meet its investment objective. In addition, the Fund’s exposure may not be consistent with the Index. For example, the Fund may not have exposure to all of the securities in the Index, its weighting of securities may be different from that of the Index, and it may invest in instruments not included in the Index.</span> <span style="font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Industry Concentration Risk</span><span style="font-family:Arial;font-size:10pt;"> — 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 December 31, 2025, the Index had a significant portion of its value in issuers in the consumer discretionary, financials, media &amp; entertainment and semiconductors &amp; semiconductor equipment industry groups.</span> <span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Consumer Discretionary Industry Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Companies in this industry may experience: impact of changing economic conditions, interest rates, competition and consumer confidence; heavy dependence on disposable household income and consumer spending; severe competition; and changes in demographics and consumer tastes.</span> <span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Financials Industry Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Companies in this industry may experience: extensive governmental regulation and/or nationalization that affects the scope of their activities, the prices they can charge and the amount of capital they must maintain; adverse effects from increases in interest rates; adverse effects on profitability by loan losses; and severe competition.</span> <span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Media and Entertainment Industry Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Companies in this sector may experience: high costs of research and development of new content and services; changing consumer tastes, and changing consumer discretionary income patterns.</span> <span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Semiconductors and Semiconductor Equipment </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Industry Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Companies in this sector may experience: intense competition, wide fluctuations in securities prices due to risks of rapid obsolescence of products, significant research costs, and limited product lines, markets, financial resources or personnel. Companies in this sector may also be affected by risks that affect the broader technology sector.</span> <span style="font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Geographic Concentration Risk</span><span style="font-family:Arial;font-size:10pt;"> — Because the Fund focuses its investments in one or more foreign countries, an investment in the Fund may be more volatile than a more geographically diversified fund. The performance of the Fund will be affected by the political, social and economic conditions in those foreign countries and subject to the related risks. As of December 31, 2025, the Index had a significant portion of its value in issuers in China and Taiwan.</span> <span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Chinese Investments Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Investments in securities of issuers in China include risks such as, less developed or less efficient trading markets; currency fluctuations or blockage; nationalization of assets; limits on repatriation; institution of tariffs or other trade barriers; uncertainty surrounding trading suspensions; and a lack of publicly available information China is an emerging market and demonstrates significantly higher volatility from time to time in comparison to developed markets.</span> <span style="font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="font-family:Arial;font-size:10pt;font-weight:bold;">Taiwanese Investments Risk</span><span style="font-family:Arial;font-size:10pt;"> — Investments in securities of issuers in Taiwan are subject to risks, including,</span><span style="font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial;font-size:10pt;">but not limited to, legal, regulatory, political, currency and economic risks that are specific to Taiwan. Specifically, Taiwan’s geographic proximity and history of political contention with China have resulted in ongoing tensions between the two countries, which may materially affect the Taiwanese companies.</span><span style="font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial;font-size:10pt;">Investments in securities of Taiwanese companies are subject to Taiwan’s heavy dependence on exports.</span><span style="font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial;font-size:10pt;">Reductions</span><span style="font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial;font-size:10pt;">in spending on Taiwanese products and services, labor shortages, institution of tariffs or other trade barriers, or a downturn in any of the economies of Taiwan’s key trading partners, including the United</span><span style="font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial;font-size:10pt;">States,</span><span style="font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial;font-size:10pt;">may have an adverse impact on the Taiwanese economy and the values of Taiwanese</span><span style="font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial;font-size:10pt;">companies.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Non-Diversification Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund has the ability to invest a relatively high percentage of its assets in the securities of a small number of issuers. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Self-Indexing Performance Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Index used by the Fund may underperform other asset classes and may </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">underperform other similar indices. The Index is sponsored by ProFund Advisors. There can be no guarantee that the methodology underlying the Index or the daily calculation of </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">the Index will be free from error.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Active Investor Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> —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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Early Close/Late Close/Trading Halt Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Results</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The bar chart below shows how the Fund’s investment results 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.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> This </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">information provides some indication of the risks of investing in the Fund. The Fund’s performance information reflects applicable fee waivers and/or expense limitations in effect during the period presented. Absent such fee waivers/expense limitations, if any, performance would have been lower. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">It does </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">not reflect charges and fees associated with a separate account that invests in the Fund or any insurance contract for which it is an investment option. Charges and fees will reduce returns.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Past results are not predictive of future results.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The bar chart below shows how the Fund’s investment results 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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">It does </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">not reflect charges and fees associated with a separate account that invests in the Fund or any insurance contract for which it is an investment option. Charges and fees will reduce returns.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> Past results are not predictive of future results.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;">Annual Returns as of December 31</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">6/30/2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">25.46%</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">9/30/2022</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">-21.46%</span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">The year-to-date return as of the most recent quarter, which </span><span style="font-family:Arial;font-size:10pt;">ended March 31, 2026, was -10.13%. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Best Quarter</span> 2020-06-30 0.2546 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Worst Quarter</span> 2022-09-30 -0.2146 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Average Annual Total Returns</span><span style="font-family:Arial;font-size:10pt;">As of December 31, 2025</span> 0.2412 -0.0231 0.0518 2002-05-01 0.2403 -0.0283 0.0484 0.2957 0.0419 0.0847 0.2299 0.1279 0.1285 <span style="color:#000000;font-family:Arial;font-size:8pt;">Reflects no deduction for fees, expenses or taxes. Adjusted to reflect the reinvestment of dividends paid by issuers in the Index.</span><span style="color:#000000;font-family:Arial;font-size:8pt;">Reflects no deduction for fees, expenses or taxes. Returns are gross returns that do not reflect the reduction of any withholding taxes, and are adjusted to reflect the reinvestment of dividends paid by companies in the Index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">ProFund VP Banks (the “Fund”) seeks investment results, before fees and expenses, that track the performance of the S&amp;P Banks </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Select Industry Index (the “Index”).</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">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 </span><span style="color:#000000;font-family:Arial;font-size:10pt;">for more information about such charges and fees.</span> <span style="font-family:Arial;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Annual Fund Operating Expenses</span><span style="font-family:Arial;font-size:9pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of the </span><span style="font-family:Arial;font-size:9pt;margin-left:0.0pt;">value of your investment)</span> 0.0075 0.0025 0.0073 0.0173 -0.0005 0.0168 <span style="font-family:Arial;font-size:8pt;">April 30, 2027</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Example:</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> This example is intended to help you compare the cost </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">of investing in the Fund with the cost of investing in other </span><span style="color:#000000;font-family:Arial;font-size:10pt;">mutual funds. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">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, </span><span style="color:#000000;font-family:Arial;font-size:10pt;">based on these assumptions your approximate costs would be:</span> 171 540 934 2037 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund pays transaction and financing costs associated with the purchase and sale of securities. These costs are not reflected </span><span style="color:#000000;font-family:Arial;font-size:10pt;">in the table or the example above.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Portfolio Turnover</span> <span style="font-family:Arial;font-size:10pt;margin-left:0%;">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. 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 </span><span style="font-family:Arial;font-size:10pt;">1,125</span><span style="font-family:Arial;font-size:10pt;">% of the average value of </span><span style="font-family:Arial;font-size:10pt;">its portfolio.</span> 1125 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund invests in securities that ProFund Advisors believes, in </span><span style="color:#000000;font-family:Arial;font-size:10pt;">combination, should track the performance of the Index.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Index is designed to measure the performance of banking companies included in the S&amp;P Total Market Index. The S&amp;P Total Market Index is designed to track the broad equity market listed and domiciled in the U.S. The Index includes companies in the following sub-industries according to the Global Industry Classification Standard (GICS): asset management &amp; custody banks, diversified banks, regional banks, diversified financial services, and commercial &amp; residential mortgage finance. These companies are then weighted using an equal weight methodology with liquidity adjustments. 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&amp;P Dow Jones Indices LLC. More information about the Index can </span><span style="color:#000000;font-family:Arial;font-size:10pt;">be found using the Bloomberg ticker symbol “SPSIBK.” </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Under normal circumstances, the Fund will invest at least 80% of its total assets in components of the Index or in instruments </span><span style="color:#000000;font-family:Arial;font-size:10pt;">with similar economic characteristics.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Fund will invest principally in the securities listed below.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Equity Securities</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Common stock issued by public companies.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">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 returns consistent with its investment objective. The Fund seeks to remain fully invested at all times in financial instruments that, in combination, provide exposure consistent with the investment objective, without regard to market conditions, trends or direction. The Fund may also 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 </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">financial instruments, with the intent of obtaining exposure </span><span style="color:#000000;font-family:Arial;font-size:10pt;">consistent with the investment objective.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Please see “Investment Objectives, Principal Investment Strategies </span><span style="color:#000000;font-family:Arial;font-size:10pt;">and Related Risks” in the Fund’s Prospectus for additional details.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Risks</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">You could lose money by investing in the Fund.</span> <span style="font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Banks Industry Risk</span><span style="font-family:Arial;font-size:10pt;"> — The risks of investments in the industry include: extensive governmental regulation and/or nationalization that affects the scope of their activities, the prices they can charge and the amount of capital they must maintain; adverse effects on profitability due to increases in interest rates or loan losses (which usually increase in economic downturns, which could lead to insolvency or other negative consequences); severe price competition; economic conditions; credit rating downgrades; and increased inter-sector consolidation and competition. This sector has experienced significant losses in the recent past, and the impact of more stringent capital requirements and of recent or future regulation on any individual bank or on the sector as a whole cannot be predicted. The banks industry may also be affected by risks that affect the broader financial services</span><span style="font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial;font-size:10pt;">industry. </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">The distress, impairment, or failure of one or more banking institutions may affect the value of investments in the industry. The failure of a banking institution could raise economic concerns over disruption in the industry. There can be no certainty that any actions taken by governments or quasi-governmental organizations will be effective in mitigating the effects of banking institution failures on the economy or </span><span style="font-family:Arial;font-size:10pt;">restoring public confidence in the banking industry.</span> <span style="font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Equity and Market Risk</span><span style="font-family:Arial;font-size:10pt;"> — 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,</span><span style="font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial;font-size:10pt;">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),</span><span style="font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial;font-size:10pt;">social unrest and other unforeseeable</span><span style="font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial;font-size:10pt;">events.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Correlation Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — A number of factors may affect the Fund’s ability to achieve a high degree of correlation with the Index. Fees, expenses, transaction costs, among other factors, will adversely impact the Fund’s ability to meet its investment objective. In addition, the Fund’s exposure may not be consistent with the Index. For example, the Fund may not have exposure to all of the securities in the Index, its weighting of securities may be different from that of the Index, and it may invest in instruments not included in the Index.</span> <span style="font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Industry Concentration Risk</span><span style="font-family:Arial;font-size:10pt;"> — 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 December 31, 2025, the Index had a significant portion of its value in issuers in the banks industry group.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Non-Diversification Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund has the ability to invest a relatively high percentage of its assets in the securities of a small number of issuers. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Index Performance Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Active Investor Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> —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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Early Close/Late Close/Trading Halt Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Results</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The bar chart below shows how the Fund’s investment results 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.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> This </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">information provides some indication of the risks of investing in the Fund. The Fund’s performance information reflects applicable fee waivers and/or expense limitations in effect during the period presented. Absent such fee waivers/expense limitations, if any, performance would have been lower. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">It does </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">not reflect charges and fees associated with a separate account that invests in the Fund or any insurance contract for which it is an investment option. Charges and fees will reduce returns.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Past results are not predictive of future results.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The bar chart below shows how the Fund’s investment results 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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">It does </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">not reflect charges and fees associated with a separate account that invests in the Fund or any insurance contract for which it is an investment option. Charges and fees will reduce returns.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> Past results are not predictive of future results.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;">Annual Returns as of December 31</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">12/31/2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">33.46%</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">3/31/2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">-41.30%</span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">The year-to-date return as of the most recent quarter, which </span><span style="font-family:Arial;font-size:10pt;">ended March 31, 2026, was -1.74%.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Best Quarter</span> 2020-12-31 0.3346 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Worst Quarter</span> 2020-03-31 -0.4130 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Average Annual Total Returns</span><span style="font-family:Arial;font-size:10pt;">As of December 31, 2025</span> 0.1053 0.0989 0.0826 2002-05-01 0.1271 0.1110 0.0897 0.1705 0.1307 0.1422 <span style="color:#000000;font-family:Arial;font-size:8pt;">Reflects no deduction for fees, expenses or taxes. Adjusted to reflect the reinvestment of dividends paid by issuers in the Index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">ProFund VP Bear (the “Fund”) seeks daily investment results, before fees and expenses, that correspond to the inverse (-1x) </span><span style="color:#000000;font-family:Arial;font-size:10pt;"> of the daily performance of the S&amp;P 500</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-4.25pt;">®</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Index (the “Index”).</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Important Information About the Fund</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">If the Fund is successful in meeting its investment objective, it should gain approximately as much as the Index loses when the Index falls on a given day. Conversely, it should lose approximately as much as the Index gains when the Index rises on a given day. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">The Fund does not seek to achieve the inverse </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">(-1x)  of the daily performance of the Index (the “Daily </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Target”) for any period other than a day.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">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. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">If you hold fund </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">shares for any period other than a day, it is important for you </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">to understand that over your holding period: </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:6pt;">Your return may be higher or lower than the Daily Target, and </span><span style="color:#000000;font-family:Arial;font-size:10pt;">this difference may be significant. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:6pt;">Factors that contribute to returns that are worse than the Daily </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Target include smaller Index gains or losses and higher Index volatility, as well as longer holding periods when these factors apply. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:6pt;">Factors that contribute to returns that are better than the Daily </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Target include larger Index gains or losses and lower Index volatility, as well as longer holding periods when these factors apply. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:6pt;">The more extreme these factors are, and the more they occur </span><span style="color:#000000;font-family:Arial;font-size:10pt;">together, the more your return will tend to deviate from the Daily Target.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">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 </span><span style="color:#000000;font-family:Arial;font-size:10pt;">for more information about such charges and fees.</span> <span style="font-family:Arial;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Annual Fund Operating Expenses</span><span style="font-family:Arial;font-size:9pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of the </span><span style="font-family:Arial;font-size:9pt;margin-left:0.0pt;">value of your investment)</span> 0.0075 0.0025 0.0069 0.0002 0.0067 0.0169 -0.0001 0.0168 <span style="font-family:Arial;font-size:8pt;">April 30, 2027</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Example:</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> This example is intended to help you compare the cost </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">of investing in the Fund with the cost of investing in other </span><span style="color:#000000;font-family:Arial;font-size:10pt;">mutual funds. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">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, </span><span style="color:#000000;font-family:Arial;font-size:10pt;">based on these assumptions your approximate costs would be:</span> 171 532 917 1997 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund pays transaction and financing costs associated with the purchase and sale of securities and derivatives. These costs </span><span style="color:#000000;font-family:Arial;font-size:10pt;">are not reflected in the table or the example above.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">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. 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 </span><span style="color:#000000;font-family:Arial;font-size:10pt;">0</span><span style="color:#000000;font-family:Arial;font-size:10pt;">% of the average value of its </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">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 </span><span style="color:#000000;font-family:Arial;font-size:10pt;">would be significantly higher.</span> 0 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund invests in financial instruments that ProFund Advisors believes, in combination, should produce daily returns consistent </span><span style="color:#000000;font-family:Arial;font-size:10pt;">with the Daily Target.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Index is designed to measure the performance of 500 of the largest companies listed and domiciled in the U.S. These </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">companies are 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&amp;P Dow Jones Indices LLC. More information about the Index </span><span style="color:#000000;font-family:Arial;font-size:10pt;">can be found using the Bloomberg ticker symbol “SPX.”</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Under normal circumstances, the Fund will obtain inverse exposure to at least 80% of its total assets in components of the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Index or in instruments with similar economic characteristics.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund will invest principally in the financial instruments </span><span style="color:#000000;font-family:Arial;font-size:10pt;">listed below.</span><span style="font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Derivatives</span><span style="font-family:Arial;font-size:10pt;"> — 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 and futures contracts) in order to gain inverse exposure to the Index. These derivatives principally include:</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Swap Agreements</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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.</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Futures Contracts</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Standardized contracts that obligate the parties to buy or sell an asset at a predetermined price and date in the future.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Money Market Instruments</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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:</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">U.S. Treasury Bills</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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.</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Repurchase Agreements</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">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 </span><span style="color:#000000;font-family:Arial;font-size:10pt;">value (“NAV”) calculation to the next. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund seeks to remain fully invested at all times in financial instruments that, in combination, provide inverse exposure consistent with the investment objective, without regard to market conditions, trends or direction. However, the Fund may </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">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 inverse </span><span style="color:#000000;font-family:Arial;font-size:10pt;">exposure consistent with the investment objective. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">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 fall (assuming there were no shares issued). As a result, the Fund’s exposure will need to be decreased. Conversely, if the Index has fallen 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 </span><span style="color:#000000;font-family:Arial;font-size:10pt;">need to be increased.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Please see “Investment Objectives, Principal Investment Strategies </span><span style="color:#000000;font-family:Arial;font-size:10pt;">and Related Risks” in the Fund’s Prospectus for additional details.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Risks</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">You could lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Short or Inverse Investing Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — You will lose money when the Index rises – a result that is the opposite from a traditional index fund. Obtaining inverse or “short” exposure may be considered an aggressive investment technique. The costs of obtaining this short exposure will lower your returns. If the level of the Index approaches a 100% increase 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.</span> <span style="font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Holding Period Risk</span><span style="font-family:Arial;font-size:10pt;"> — The performance of the Fund for periods longer than a single day will likely differ from the Daily Target. This difference may be significant. </span><span style="font-family:Arial;font-size:10pt;font-weight:bold;">If you are considering holding fund shares for longer than a day, it’s important that you understand the impact of the return and volatility (how much the value of the Index moves up and down from day-to-day) of the Index on your holding period return.</span><span style="font-family:Arial;font-size:10pt;"> The volatility of the Index has a negative impact on Fund returns. During periods of higher volatility, the volatility of the Index may affect the Fund’s returns as much as or more than the return of the Index. </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">The following table illustrates the impact of </span><span style="font-family:Arial;font-size:10pt;">the volatility and return of the Index on Fund returns for a hypothetical one-year</span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;"> period. However, these effects will impact your return for any holding period other than a day. </span><span style="font-family:Arial;font-size:10pt;font-weight:bold;">The longer you hold </span><span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.00%;">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 </span><span style="font-family:Arial;font-size:10pt;font-weight:bold;">investment goals and risk tolerance. </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">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 </span><span style="font-family:Arial;font-size:10pt;">gains or losses </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">and higher </span><span style="font-family:Arial;font-size:10pt;">volatility in the Index. Your return will tend to be </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">better than the Daily Target when there are larger </span><span style="font-family:Arial;font-size:10pt;">gains or </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">losses and lower </span><span style="font-family:Arial;font-size:10pt;">volatility in the Index. You may lose money </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">when the </span><span style="font-family:Arial;font-size:10pt;">return of the Index is flat (i.e., close to zero) and you may lose money when the Index falls. </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">The table uses hypothetical annualized </span><span style="font-family:Arial;font-size:10pt;">volatility and returns of </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">the Index</span><span style="font-family:Arial;font-size:10pt;"> to illustrate the impact of these two factors on Fund </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">performance over a one-year period. It does not represent actual returns. Each row corresponds to the level of a hypothetical </span><span style="font-family:Arial;font-size:10pt;">return of the Index for a one-year period. Each </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">column corresponds to a level of hypothetical annualized </span><span style="font-family:Arial;font-size:10pt;">volatility of the Index. For example, the Fund may mistakenly </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">be expected to achieve a -20% return on a yearly basis if the annual </span><span style="font-family:Arial;font-size:10pt;">return of the Index were 20%. However, as the table </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">shows, with a one-year </span><span style="font-family:Arial;font-size:10pt;">return of the Index of 20% and an </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">annualized </span><span style="font-family:Arial;font-size:10pt;">volatility of the Index of 50%, the Fund could be expected to return -35.1%.</span><span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;">Estimated Fund Returns</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Index Performance</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">One Year Volatility Rate</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">One</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Year</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Index</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Inverse (-1x)</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">of the</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">One Year</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Index</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">10%</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">25%</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">50%</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">75%</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">100%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-60%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">60%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">147.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">134.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">94.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">42.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-8.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-50%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">50%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">98.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">87.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">55.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">14.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-26.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-40%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">40%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">65.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">56.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">29.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-5.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-38.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-30%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">30%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">41.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">34.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">11.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-18.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-47.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-20%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">20%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">23.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">17.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-2.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-28.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-54.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-10%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">10%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">10.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">4.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-13.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-36.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-59.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-1.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-6.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-22.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-43.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-63.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">10%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-10%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-10.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-14.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-29.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-48.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-66.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">20%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-20%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-17.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-21.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-35.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-52.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-69.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">30%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-30%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-23.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-27.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-40.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-56.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-71.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">40%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-40%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-29.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-32.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-44.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-59.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-73.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">50%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-50%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-34.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-37.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-48.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-62.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-75.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">60%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-60%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-38.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-41.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-51.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-64.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-77.0%</span><span style="color:#000000;font-family:Arial;font-size:8pt;">Assumes: (a) no dividends paid with respect to securities included in the Index; (b) no Fund expenses; and (c) borrowing/lending rates (to obtain inverse exposure) of zero percent. If these were included the Fund’s performance would be different from that shown.</span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">The </span><span style="font-family:Arial;font-size:10pt;">annualized historical volatility rate for the Index for the </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">five-year period ended December 31, </span><span style="font-family:Arial;font-size:10pt;">2025 was 16.97%. The highest December to December volatility rate for the Index </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">during the five-year period </span><span style="font-family:Arial;font-size:10pt;">ended December 31, 2025 was 24.18% (December 31, 2022). The annualized total return </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">performance </span><span style="font-family:Arial;font-size:10pt;">of the Index for the five-year period ended </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">December 31, </span><span style="font-family:Arial;font-size:10pt;">2025 was 14.42%. The historical volatility and </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">performance </span><span style="font-family:Arial;font-size:10pt;">of the Index do not predict future volatility and performance of the</span><span style="font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial;font-size:10pt;">Index. </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">For more information, including additional graphs and charts demonstrating the effects of </span><span style="font-family:Arial;font-size:10pt;">the volatility and return of the </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">Index</span><span style="font-family:Arial;font-size:10pt;"> on the long-term performance of the Fund, see </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">“Understanding the Risks and Long-Term Performance of a </span><span style="font-family:Arial;font-size:10pt;">Daily Objective Fund” in the Fund’s Prospectus.</span> <span style="font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Correlation Risk</span><span style="font-family:Arial;font-size:10pt;"> — A number of factors may affect the Fund’s ability to achieve a high degree of inverse 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 inverse 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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Derivatives Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Investing in derivatives to obtain inverse 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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Counterparty Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Leverage Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Leverage increases the risk of a total loss of an investor’s investment, may increase the volatility of the Fund, and may magnify any differences between the performance of the Fund and the Index.</span> <span style="font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Equity and Market Risk</span><span style="font-family:Arial;font-size:10pt;"> — 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,</span><span style="font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial;font-size:10pt;">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, </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">recessions, supply chain disruptions, labor disturbances, environmental or man-made disasters, war, terrorism, public health emergencies (</span><span style="font-family:Arial;font-size:10pt;">such as the spread of infectious diseases, pandemics and epidemics),</span><span style="font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial;font-size:10pt;">social unrest and other </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">unforeseeable events</span><span style="font-family:Arial;font-size:10pt;">. As a fund seeking daily investment </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">results, before fees and expenses, that correspond to the inverse (-1x) of the daily return of the Index, the value of an investment in the Fund is expected to decline when market </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">conditions cause the level of the Index to rise.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Money Market Instruments Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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.</span> <span style="font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Industry Concentration Risk</span><span style="font-family:Arial;font-size:10pt;"> — 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 December 31, 2025, the Index had a significant portion of its value in issuers in the information technology industry group.</span> <span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Information Technology Industry Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Companies in this industry may experience: intense competition, obsolescence of existing technology, and changing economic conditions and government regulation.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Non-Diversification Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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 Fund’s performance will decline based on the performance of a single issuer or the credit of a single counterparty.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Index Performance Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Active Investor Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> —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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Early Close/Late Close/Trading Halt Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — An exchange or market may close early, close late or issue trading halts on </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">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 </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">and/or may incur substantial trading losses.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Results</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The bar chart below shows how the Fund’s investment results have varied from year to year, and the table shows how the Fund’s average annual total returns for various periods compare with a broad measure of market performance.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> This information </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">provides some indication of the risks of investing in the Fund. The Fund’s performance information reflects applicable fee waivers and/or expense limitations in effect during the period presented. Absent such fee waivers/expense limitations, if any, performance would have been lower. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">It does not reflect charges </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">and fees associated with a separate account that invests in the Fund or any insurance contract for which it is an investment option. Charges and fees will reduce returns.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Past results are not predictive of future results.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The bar chart below shows how the Fund’s investment results have varied from year to year, and the table shows how the Fund’s average annual total returns for various periods compare with a broad measure of market performance.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">It does not reflect charges </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">and fees associated with a separate account that invests in the Fund or any insurance contract for which it is an investment option. Charges and fees will reduce returns.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> Past results are not predictive of future results.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;">Annual Returns as of December 31</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">6/30/2022</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">16.77%</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">6/30/2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">-19.35%</span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">The year-to-date return as of the most recent quarter, which </span><span style="font-family:Arial;font-size:10pt;">ended March 31, 2026, was 5.59%.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Best Quarter</span> 2022-06-30 0.1677 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Worst Quarter</span> 2020-06-30 -0.1935 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Average Annual Total Returns</span><span style="font-family:Arial;font-size:10pt;">As of December 31, 2025</span> -0.1447 -0.1120 -0.1349 2001-01-22 0.1788 0.1442 0.1482 <span style="color:#000000;font-family:Arial;font-size:8pt;">Reflects no deduction for fees, expenses or taxes. Adjusted to reflect the reinvestment of dividends paid by issuers in the Index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Annual returns are required to be shown and should not be interpreted as suggesting that the Fund should or should not be </span><span style="color:#000000;font-family:Arial;font-size:10pt;">held for longer periods of time.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">ProFund VP Biotechnology (the “Fund”) seeks investment results, before fees and expenses, that track the performance of </span><span style="color:#000000;font-family:Arial;font-size:10pt;">the S&amp;P Biotechnology Select Industry Index (the “Index”).</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">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 </span><span style="color:#000000;font-family:Arial;font-size:10pt;">for more information about such charges and fees.</span> <span style="font-family:Arial;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Annual Fund Operating Expenses</span><span style="font-family:Arial;font-size:9pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of the </span><span style="font-family:Arial;font-size:9pt;margin-left:0.0pt;">value of your investment)</span> 0.0075 0.0025 0.0060 0.0160 <span style="font-family:Arial;font-size:8pt;">April 30, 2027</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Example:</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> This example is intended to help you compare the cost </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">of investing in the Fund with the cost of investing in other </span><span style="color:#000000;font-family:Arial;font-size:10pt;">mutual funds. </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">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</span><span style="font-family:Arial;font-size:10pt;">, except that the fee waiver/expense</span><span style="font-family:Arial;font-size:10pt;margin-left:0%;"> reimbursement is assumed only to pertain to the first year</span><span style="font-family:Arial;font-size:10pt;">. It does not reflect separate account or insurance contract </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">fees or charges. If these charges were reflected, expenses would be higher. Although your actual costs may be higher or lower, </span><span style="font-family:Arial;font-size:10pt;">based on these assumptions your approximate costs would be:</span> 163 505 871 1900 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund pays transaction and financing costs associated with the purchase and sale of securities. These costs are not reflected </span><span style="color:#000000;font-family:Arial;font-size:10pt;">in the table or the example above.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">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. These costs, which are not reflected in the Annual Fund </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">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 </span><span style="font-family:Arial;font-size:10pt;">222</span><span style="font-family:Arial;font-size:10pt;">% of the average value of </span><span style="font-family:Arial;font-size:10pt;">its portfolio.</span> 2.22 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund invests in securities that ProFund Advisors believes, in </span><span style="color:#000000;font-family:Arial;font-size:10pt;">combination, should track the performance of the Index.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Index is designed to measure the performance of biotechnology companies included in the S&amp;P Total Market Index. The S&amp;P Total Market Index is designed to track the broad equity market listed and domiciled in the U.S. The Index includes companies in the biotechnology sub-industry according to the Global Industry Classification Standard (GICS). These companies are then weighted using an equal weight methodology with liquidity adjustments. 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&amp;P Dow Jones Indices LLC. More information about the Index can be found using the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Bloomberg ticker symbol “SPSIBI.” </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Under normal circumstances, the Fund will invest at least 80% of its total assets in components of the Index or in instruments </span><span style="color:#000000;font-family:Arial;font-size:10pt;">with similar economic characteristics.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Fund will invest principally in the securities listed below.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Equity Securities</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Common stock issued by public companies.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">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 returns consistent with its investment objective. The Fund seeks to remain fully invested at all times in financial instruments that, in combination, provide exposure consistent with the investment objective, without regard to market conditions, trends or direction. The Fund may also 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 exposure </span><span style="color:#000000;font-family:Arial;font-size:10pt;">consistent with the investment objective.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Please see “Investment Objectives, Principal Investment Strategies </span><span style="color:#000000;font-family:Arial;font-size:10pt;">and Related Risks” in the Fund’s Prospectus for additional details.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Risks</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">You could lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Pharmaceuticals, Biotechnology, and Life Sciences </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Industry Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The risks of investments in the industry include: heavy dependence on patents and intellectual property rights, with profitability affected by the loss or impairment of such rights; risks of new technologies and competitive pressures; large expenditures on research and development of products or services that may not prove commercially successful or may become obsolete quickly; </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">regulations and restrictions imposed by the Food and Drug Administration, the Environmental Protection Agency, state and local governments, and foreign regulatory authorities; and thin capitalization and limited product lines, markets, financial resources or personnel. Moreover, stock prices of biotechnology companies are very volatile, particularly when their products are up for regulatory approval and/or under regulatory scrutiny. The biotechnology sector may also be affected by risks that affect the broader health care industry, including expenses and losses from extensive litigation on product liability and similar claims. The pharmaceuticals sector may also be affected by risks that affect the broader health care industry, including: heavy dependence on patent protection, with profitability affected by the expiration of patents; </span><span style="font-family:Arial;font-size:10pt;">supply chain issues; labor shortages; product liability </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">claims;</span><span style="font-family:Arial;font-size:10pt;"> competitive forces that may make it difficult to raise </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">prices and, in fact, may result in price discounts; and thin capitalization and limited product lines, markets and financial </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">resources or personnel.</span> <span style="font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Equity and Market Risk</span><span style="font-family:Arial;font-size:10pt;"> — 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,</span><span style="font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial;font-size:10pt;">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),</span><span style="font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial;font-size:10pt;">social unrest and other unforeseeable</span><span style="font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial;font-size:10pt;">events.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Correlation Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — A number of factors may affect the Fund’s ability to achieve a high degree of correlation with the Index. Fees, expenses, transaction costs, among other factors, will adversely impact the Fund’s ability to meet its investment objective. In addition, the Fund’s exposure may not be consistent with the Index. For example, the Fund may not have exposure to all of the securities in the Index, its weighting of securities may be different from that of the Index, and it may invest in instruments not included in the Index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Industry Concentration Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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 </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">Fund may be subject to greater market fluctuations than a fund that is more broadly invested across industries. As of December 31, </span><span style="font-family:Arial;font-size:10pt;">2025, the Index had a significant portion of its </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">value in issuers in the pharmaceuticals, biotechnology &amp; life </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">sciences industry group.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Non-Diversification Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund has the ability to invest a relatively high percentage of its assets in the securities of a small number of issuers. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Index Performance Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Active Investor Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> —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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Early Close/Late Close/Trading Halt Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Results</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The bar chart below shows how the Fund’s investment results 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.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> This </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">information provides some indication of the risks of investing in the Fund. The Fund’s performance information reflects applicable fee waivers and/or expense limitations in effect during the period presented. Absent such fee waivers/expense limitations, if any, performance would have been lower. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">It does </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">not reflect charges and fees associated with a separate account that invests in the Fund or any insurance contract for which it is an investment option. Charges and fees will reduce returns.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Past results are not predictive of future results.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The bar chart below shows how the Fund’s investment results 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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">It does </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">not reflect charges and fees associated with a separate account that invests in the Fund or any insurance contract for which it is an investment option. Charges and fees will reduce returns.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> Past results are not predictive of future results.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;">Annual Returns as of December 31</span> <span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Best Quarter</span><span style="font-family:Arial;font-size:10pt;">(ended</span><span style="font-family:Arial;font-size:10pt;">6/30/2020</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">22.81%</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Worst Quarter</span><span style="font-family:Arial;font-size:10pt;">(ended</span><span style="font-family:Arial;font-size:10pt;">3/31/2016</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">-15.69%</span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">The year-to-date return as of the most recent quarter, which </span><span style="font-family:Arial;font-size:10pt;">ended March 31, 2026, was 4.36%.</span> <span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Best Quarter</span> 2020-06-30 0.2281 <span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Worst Quarter</span> 2016-03-31 -0.1569 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Average Annual Total Returns</span><span style="font-family:Arial;font-size:10pt;">As of December 31, 2025</span> 0.3403 0.0950 0.0741 2001-01-22 0.3598 -0.0257 0.0591 0.1705 0.1307 0.1422 <span style="color:#000000;font-family:Arial;font-size:8pt;">Reflects no deduction for fees, expenses or taxes. Adjusted to reflect the reinvestment of dividends paid by issuers in the Index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">ProFund VP Bull (the “Fund”) seeks investment results, before fees and expenses, that track the performance of the S&amp;P 500</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-4.25pt;">® </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Index (the “Index”).</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">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 </span><span style="color:#000000;font-family:Arial;font-size:10pt;">for more information about such charges and fees.</span> <span style="font-family:Arial;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Annual Fund Operating Expenses</span><span style="font-family:Arial;font-size:9pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of the </span><span style="font-family:Arial;font-size:9pt;margin-left:0.0pt;">value of your investment)</span> 0.0075 0.0025 0.0068 0.0002 0.0066 0.0168 <span style="font-family:Arial;font-size:8pt;">April 30, 2027</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Example:</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> This example is intended to help you compare the cost </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">of investing in the Fund with the cost of investing in other </span><span style="color:#000000;font-family:Arial;font-size:10pt;">mutual funds. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">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, </span><span style="color:#000000;font-family:Arial;font-size:10pt;">based on these assumptions your approximate costs would be:</span> 171 530 913 1987 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund pays transaction and financing costs associated with the purchase and sale of securities and derivatives. These costs </span><span style="color:#000000;font-family:Arial;font-size:10pt;">are not reflected in the table or the example above.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Portfolio Turnover</span> <span style="font-family:Arial;font-size:10pt;margin-left:0%;">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. 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 </span><span style="font-family:Arial;font-size:10pt;">136</span><span style="font-family:Arial;font-size:10pt;">% of the average value of </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">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 </span><span style="font-family:Arial;font-size:10pt;">would be significantly higher.</span> 1.36 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund invests in financial instruments that ProFund Advisors believes, in combination, should track the performance of </span><span style="color:#000000;font-family:Arial;font-size:10pt;">the Index.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Index is designed to measure the performance of 500 of the largest companies listed and domiciled in the U.S. These companies are 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&amp;P Dow Jones Indices LLC. More information about the Index </span><span style="color:#000000;font-family:Arial;font-size:10pt;">can be found using the Bloomberg ticker symbol “SPX.”</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Under normal circumstances, the Fund will invest at least 80% of its total assets in components of the Index or in instruments </span><span style="color:#000000;font-family:Arial;font-size:10pt;">with similar economic characteristics.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund will invest principally in the financial instruments </span><span style="color:#000000;font-family:Arial;font-size:10pt;">listed below.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Equity Securities</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Common stock issued by public companies.</span><span style="font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Derivatives</span><span style="font-family:Arial;font-size:10pt;"> — 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 and futures contracts) in order to gain exposure to the Index. These derivatives principally include:</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Swap Agreements</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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.</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Futures Contracts</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Standardized contracts that obligate the parties to buy or sell an asset at a predetermined price and date in the future.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Money Market Instruments</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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:</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">U.S. Treasury Bills</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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.</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Repurchase Agreements</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">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 returns consistent with its investment objective. The Fund seeks to remain fully invested at all times in financial instruments that, in combination, provide exposure consistent with the investment objective, without regard to market conditions, trends or direction. The Fund may also 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 exposure </span><span style="color:#000000;font-family:Arial;font-size:10pt;">consistent with the investment objective.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Please see “Investment Objectives, Principal Investment Strategies </span><span style="color:#000000;font-family:Arial;font-size:10pt;">and Related Risks” in the Fund’s Prospectus for additional details.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Risks</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">You could lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Derivatives Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Investing in derivatives to obtain 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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Counterparty Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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 </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">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 </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">in other derivatives to achieve its investment objective.</span> <span style="font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Equity and Market Risk</span><span style="font-family:Arial;font-size:10pt;"> — 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,</span><span style="font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial;font-size:10pt;">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),</span><span style="font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial;font-size:10pt;">social unrest and other unforeseeable</span><span style="font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial;font-size:10pt;">events.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Money Market Instruments Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Correlation Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — A number of factors may affect the Fund’s ability to achieve a high degree of correlation with the Index. Fees, expenses, transaction costs, among other factors, will adversely impact the Fund’s ability to meet its investment objective. In addition, the Fund’s exposure may not be consistent with the Index. For example, the Fund may not have exposure to all of the securities in the Index, its weighting of securities may be different from that of the Index, and it may invest in instruments not included in the Index.</span> <span style="font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Industry Concentration Risk</span><span style="font-family:Arial;font-size:10pt;"> — 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 December 31, 2025, the Index had a significant portion of its value in issuers in the information technology industry group.</span> <span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Information Technology Industry Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Companies in this industry may experience: intense competition, obsolescence of existing technology, and changing economic conditions and government regulation.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Non-Diversification Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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 </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">a single issuer or the credit of a single counterparty.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Index Performance Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Active Investor Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> —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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Early Close/Late Close/Trading Halt Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Results</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The bar chart below shows how the Fund’s investment results have varied from year to year, and the table shows how the Fund’s average annual total returns for various periods compare with a broad measure of market performance.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> This information </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">provides some indication of the risks of investing in the Fund. The Fund’s performance information reflects applicable fee waivers and/or expense limitations in effect during the period presented. Absent such fee waivers/expense limitations, if any, performance would have been lower. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">It does not reflect charges </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">and fees associated with a separate account that invests in the Fund or any insurance contract for which it is an investment option. Charges and fees will reduce returns.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Past results are not predictive of future results.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The bar chart below shows how the Fund’s investment results have varied from year to year, and the table shows how the Fund’s average annual total returns for various periods compare with a broad measure of market performance.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">It does not reflect charges </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">and fees associated with a separate account that invests in the Fund or any insurance contract for which it is an investment option. Charges and fees will reduce returns.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> Past results are not predictive of future results.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;">Annual Returns as of December 31</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">6/30/2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">19.93%</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">3/31/2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">-20.07%</span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">The year-to-date return as of the most recent quarter, which </span><span style="font-family:Arial;font-size:10pt;">ended March 31, 2026, was -4.83%.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Best Quarter</span> 2020-06-30 0.1993 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Worst Quarter</span> 2020-03-31 -0.2007 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Average Annual Total Returns</span><span style="font-family:Arial;font-size:10pt;">As of December 31, 2025</span> 0.1556 0.1218 0.1255 2001-05-01 0.1788 0.1442 0.1482 <span style="color:#000000;font-family:Arial;font-size:8pt;">Reflects no deduction for fees, expenses or taxes. Adjusted to reflect the reinvestment of dividends paid by issuers in the Index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">ProFund VP Communication Services (the “Fund”) seeks investment results, before fees and expenses, that track the performance of the S&amp;P Communication Services Select Sector </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Index (the “Index”).</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">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 </span><span style="color:#000000;font-family:Arial;font-size:10pt;">for more information about such charges and fees.</span> <span style="font-family:Arial;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Annual Fund Operating Expenses</span><span style="font-family:Arial;font-size:9pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of the </span><span style="font-family:Arial;font-size:9pt;margin-left:0.0pt;">value of your investment)</span> 0.0075 0.0025 0.0070 0.0002 0.0068 0.0170 -0.0002 0.0168 <span style="font-family:Arial;font-size:8pt;">April 30, 2027</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Example:</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> This example is intended to help you compare the cost </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">of investing in the Fund with the cost of investing in other </span><span style="color:#000000;font-family:Arial;font-size:10pt;">mutual funds. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">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 </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">be higher. Although your actual costs may be higher or lower, </span><span style="color:#000000;font-family:Arial;font-size:10pt;">based on these assumptions your approximate costs would be:</span> 171 534 921 2007 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund pays transaction and financing costs associated with the purchase and sale of securities. These costs are not reflected </span><span style="color:#000000;font-family:Arial;font-size:10pt;">in the table or the example above.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Portfolio Turnover</span> <span style="font-family:Arial;font-size:10pt;margin-left:0%;">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. 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 </span><span style="font-family:Arial;font-size:10pt;">414</span><span style="font-family:Arial;font-size:10pt;">% of the average value of </span><span style="font-family:Arial;font-size:10pt;">its portfolio.</span> 4.14 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund invests in securities that ProFund Advisors believes, in </span><span style="color:#000000;font-family:Arial;font-size:10pt;">combination, should track the performance of the Index.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Index is designed to measure the performance of communication services companies included in the S&amp;P 500 Index. The S&amp;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 communication services companies in the following industries according to the Global Industry Classification Standard (GICS): diversified telecommunications services; wireless telecommunications services; media; entertainment; and interactive media &amp; services. 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&amp;P Dow Jones Indices LLC. More information about the Index can be found using the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Bloomberg ticker symbol “IXCPR.” </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Under normal circumstances, the Fund will invest at least 80% of its total assets in components of the Index or in instruments </span><span style="color:#000000;font-family:Arial;font-size:10pt;">with similar economic characteristics.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Fund will invest principally in the securities listed below.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Equity Securities</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Common stock issued by public companies.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">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 returns consistent with its investment objective. The Fund seeks to remain fully invested at all times in financial instruments that, in combination, provide exposure consistent with the investment objective, without regard to market conditions, trends or direction. The Fund may also invest in or </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">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 exposure </span><span style="color:#000000;font-family:Arial;font-size:10pt;">consistent with the investment objective.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Please see “Investment Objectives, Principal Investment Strategies </span><span style="color:#000000;font-family:Arial;font-size:10pt;">and Related Risks” in the Fund’s Prospectus for additional details.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Risks</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">You could lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Communication Services Industry Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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.</span> <span style="font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Equity and Market Risk</span><span style="font-family:Arial;font-size:10pt;"> — 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,</span><span style="font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial;font-size:10pt;">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),</span><span style="font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial;font-size:10pt;">social unrest and other unforeseeable</span><span style="font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial;font-size:10pt;">events.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Correlation Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — A number of factors may affect the Fund’s ability to achieve a high degree of correlation with the Index. Fees, expenses, transaction costs, among other factors, will adversely impact the Fund’s ability to meet its investment objective. In addition, the Fund’s exposure may not be consistent with the Index. For example, the Fund may not have exposure to all of the securities in the Index, its weighting of securities may be different from that of the Index, and it may invest in instruments not included in the Index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Industry Concentration Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Index may have a significant portion of its value in issuers in an industry or </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">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 December 31, </span><span style="font-family:Arial;font-size:10pt;">2025, the Index had a significant portion of its </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">value in issuers in the media &amp; entertainment industry group.</span> <span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Media and Entertainment Industry Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Companies in this sector may experience: high costs of research and development of new content and services; changing consumer tastes, and changing consumer discretionary income patterns.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Non-Diversification Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund has the ability to invest a relatively high percentage of its assets in the securities of a small number of issuers. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Index Performance Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Active Investor Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> —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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Early Close/Late Close/Trading Halt Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Results</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The bar chart below shows how the Fund’s investment results 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.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> This </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">information provides some indication of the risks of investing in the Fund. The Fund’s performance information reflects applicable fee waivers and/or expense limitations in effect during the period presented. Absent such fee waivers/expense limitations, if any, performance would have been lower. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">It does </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">not reflect charges and fees associated with a separate account </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">that invests in the Fund or any insurance contract for which it is an investment option. Charges and fees will reduce returns.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Past results are not predictive of future results.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The bar chart below shows how the Fund’s investment results 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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">It does </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">not reflect charges and fees associated with a separate account </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">that invests in the Fund or any insurance contract for which it is an investment option. Charges and fees will reduce returns.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> Past results are not predictive of future results.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;">Annual Returns as of December 31</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">3/31/2016</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">14.92%</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">3/31/2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">-16.11%</span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">The year-to-date return as of the most recent quarter, which </span><span style="font-family:Arial;font-size:10pt;">ended March 31, 2026, was -5.92%.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Best Quarter</span> 2016-03-31 0.1492 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Worst Quarter</span> 2020-03-31 -0.1611 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Average Annual Total Returns</span><span style="font-family:Arial;font-size:10pt;">As of December 31, 2025</span> 0.2091 0.1455 0.0897 2001-01-22 0.2308 0.1293 0.1477 0.1705 0.1307 0.1422 <span style="color:#000000;font-family:Arial;font-size:8pt;">Reflects no deduction for fees, expenses or taxes. Adjusted to reflect the reinvestment of dividends paid by issuers in the Index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">ProFund VP Consumer Discretionary (the “Fund”) seeks investment results, before fees and expenses, that track the performance of the S&amp;P Consumer Discretionary Select Sector </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Index (the “Index”).</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">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 </span><span style="color:#000000;font-family:Arial;font-size:10pt;">for more information about such charges and fees.</span> <span style="font-family:Arial;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Annual Fund Operating Expenses</span><span style="font-family:Arial;font-size:9pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of the </span><span style="font-family:Arial;font-size:9pt;margin-left:0.0pt;">value of your investment)</span> 0.0075 0.0025 0.0072 0.0003 0.0069 0.0172 -0.0004 0.0168 <span style="font-family:Arial;font-size:8pt;">April 30, 2027</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Example:</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> This example is intended to help you compare the cost </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">of investing in the Fund with the cost of investing in other </span><span style="color:#000000;font-family:Arial;font-size:10pt;">mutual funds. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">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 </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">be higher. Although your actual costs may be higher or lower, </span><span style="color:#000000;font-family:Arial;font-size:10pt;">based on these assumptions your approximate costs would be:</span> 171 538 930 2027 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund pays transaction and financing costs associated with the purchase and sale of securities. These costs are not reflected </span><span style="color:#000000;font-family:Arial;font-size:10pt;">in the table or the example above.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Portfolio Turnover</span> <span style="font-family:Arial;font-size:10pt;margin-left:0%;">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. 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 </span><span style="font-family:Arial;font-size:10pt;">223</span><span style="font-family:Arial;font-size:10pt;">% of the average value of </span><span style="font-family:Arial;font-size:10pt;">its portfolio.</span> 2.23 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund invests in securities that ProFund Advisors believes, in </span><span style="color:#000000;font-family:Arial;font-size:10pt;">combination, should track the performance of the Index.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Index is designed to measure the performance of consumer discretionary companies included in the S&amp;P 500 Index. The S&amp;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 consumer discretionary companies in the following industries according to the Global Industry Classification Standard (GICS): automobile components; automobiles; household durables; leisure products; textiles, apparel &amp; luxury goods; hotels, restaurants, &amp; leisure; diversified consumer services; distributors; broadline retail; and specialty retail. 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&amp;P Dow Jones Indices LLC. More information about the Index </span><span style="color:#000000;font-family:Arial;font-size:10pt;">can be found using the Bloomberg ticker symbol “IXY.” </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Under normal circumstances, the Fund will invest at least 80% of its total assets in components of the Index or in instruments </span><span style="color:#000000;font-family:Arial;font-size:10pt;">with similar economic characteristics.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Fund will invest principally in the securities listed below.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Equity Securities</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Common stock issued by public companies.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">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 returns consistent with its investment objective. The Fund seeks to remain fully invested at all times in financial instruments that, in combination, provide exposure consistent with the investment objective, without regard to market conditions, trends or direction. The Fund may also invest in or </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">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 exposure </span><span style="color:#000000;font-family:Arial;font-size:10pt;">consistent with the investment objective.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Please see “Investment Objectives, Principal Investment Strategies </span><span style="color:#000000;font-family:Arial;font-size:10pt;">and Related Risks” in the Fund’s Prospectus for additional details.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Risks</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">You could lose money by investing in the Fund.</span> <span style="font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Consumer Discretionary Industry Risk</span><span style="font-family:Arial;font-size:10pt;"> — 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, supply chains, 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.</span> <span style="font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Equity and Market Risk</span><span style="font-family:Arial;font-size:10pt;"> — 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,</span><span style="font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial;font-size:10pt;">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),</span><span style="font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial;font-size:10pt;">social unrest and other unforeseeable</span><span style="font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial;font-size:10pt;">events.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Correlation Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — A number of factors may affect the Fund’s ability to achieve a high degree of correlation with the Index. Fees, expenses, transaction costs, among other factors, will adversely impact the Fund’s ability to meet its investment objective. In addition, the Fund’s exposure may not be consistent with the Index. For example, the Fund may not have exposure to all of the securities in the Index, its weighting of securities may be different from that of the Index, and it may invest in instruments not included in the Index.</span> <span style="font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Industry Concentration Risk</span><span style="font-family:Arial;font-size:10pt;"> — 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 December 31, 2025, the Index had a significant portion of its value in issuers in the automobiles &amp; components, consumer services and retailing industry groups.</span> <span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Automobiles &amp; Components Industry Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Companies in this industry may experience: cyclicality of revenues and earnings; labor relations and fluctuating component prices; significant capital expenditures in automotive technologies; and adverse effects from governmental policies, such as taxes, tariffs, duties, subsidies, and import and export restrictions.</span> <span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Consumer Services Industry Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Companies in this industry may experience: prices and profitability affected by the domestic and international economy, interest rates, competition and consumer confidence; heavy dependence on disposable household income and consumer spending.</span> <span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Retailing Industry Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Companies in this sector may experience: changes in domestic and international economies, consumer confidence, disposable household income and spending, consumer preferences, and competition.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Index Performance Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Active Investor Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> —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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Early Close/Late Close/Trading Halt Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Results</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The bar chart below shows how the Fund’s investment results 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.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> This </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">information provides some indication of the risks of investing in the Fund. The Fund’s performance information reflects applicable fee waivers and/or expense limitations in effect during the period presented. Absent such fee waivers/expense limitations, if any, performance would have been lower. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">It does </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">not reflect charges and fees associated with a separate account that invests in the Fund or any insurance contract for which it is an investment option. Charges and fees will reduce returns.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Past results are not predictive of future results.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The bar chart below shows how the Fund’s investment results 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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">It does </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">not reflect charges and fees associated with a separate account that invests in the Fund or any insurance contract for which it is an investment option. Charges and fees will reduce returns.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> Past results are not predictive of future results.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;">Annual Returns as of December 31</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">6/30/2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">25.09%</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">6/30/2022</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">-24.74%</span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">The year-to-date return as of the most recent quarter, which </span><span style="font-family:Arial;font-size:10pt;">ended March 31, 2026, was -8.92%.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Best Quarter</span> 2020-06-30 0.2509 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Worst Quarter</span> 2022-06-30 -0.2474 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Average Annual Total Returns</span><span style="font-family:Arial;font-size:10pt;">As of December 31, 2025</span> 0.0551 0.0553 0.1001 2002-05-01 0.0745 0.0920 0.1315 0.1788 0.1442 0.1482 <span style="color:#000000;font-family:Arial;font-size:8pt;">Reflects no deduction for fees, expenses or taxes. Adjusted to reflect the reinvestment of dividends paid by issuers in the Index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">ProFund VP Consumer Staples (the “Fund”) seeks investment results, before fees and expenses, that track the performance of </span><span style="color:#000000;font-family:Arial;font-size:10pt;">the S&amp;P Consumer Staples Select Sector Index (the “Index”).</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">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 </span><span style="color:#000000;font-family:Arial;font-size:10pt;">for more information about such charges and fees.</span> <span style="font-family:Arial;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Annual Fund Operating Expenses</span><span style="font-family:Arial;font-size:9pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of the </span><span style="font-family:Arial;font-size:9pt;margin-left:0.0pt;">value of your investment)</span> 0.0075 0.0025 0.0075 0.0004 0.0071 0.0175 -0.0007 0.0168 <span style="font-family:Arial;font-size:8pt;">April 30, 2027</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Example:</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> This example is intended to help you compare the cost </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">of investing in the Fund with the cost of investing in other </span><span style="color:#000000;font-family:Arial;font-size:10pt;">mutual funds. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">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 </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">be higher. Although your actual costs may be higher or lower, </span><span style="color:#000000;font-family:Arial;font-size:10pt;">based on these assumptions your approximate costs would be:</span> 171 544 942 2057 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund pays transaction and financing costs associated with the purchase and sale of securities. These costs are not reflected </span><span style="color:#000000;font-family:Arial;font-size:10pt;">in the table or the example above.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Portfolio Turnover</span> <span style="font-family:Arial;font-size:10pt;margin-left:0%;">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. 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 </span><span style="font-family:Arial;font-size:10pt;">361</span><span style="font-family:Arial;font-size:10pt;">% of the average value of </span><span style="font-family:Arial;font-size:10pt;">its portfolio.</span> 3.61 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund invests in securities that ProFund Advisors believes, in </span><span style="color:#000000;font-family:Arial;font-size:10pt;">combination, should track the performance of the Index.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Index is designed to measure the performance of consumer staples companies included in the S&amp;P 500 Index. The S&amp;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 consumer staples companies in the following industries according to the Global Industry Classification Standard (GICS): consumer staples distribution &amp; retail; beverages; food products; tobacco; household products; and personal care products. 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&amp;P Dow Jones Indices LLC. More information about the Index </span><span style="color:#000000;font-family:Arial;font-size:10pt;">can be found using the Bloomberg ticker symbol “IXR.” </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Under normal circumstances, the Fund will invest at least 80% of its total assets in components of the Index or in instruments </span><span style="color:#000000;font-family:Arial;font-size:10pt;">with similar economic characteristics.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Fund will invest principally in the securities listed below.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Equity Securities</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Common stock issued by public companies.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">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 returns consistent with its investment objective. The Fund seeks to remain fully invested at all times in financial instruments that, in combination, provide exposure consistent with the investment objective, without regard to market conditions, trends or direction. The Fund may also invest in or gain exposure to only a representative sample of the securities in </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">the Index or to securities not contained in the Index or in financial instruments, with the intent of obtaining exposure </span><span style="color:#000000;font-family:Arial;font-size:10pt;">consistent with the investment objective.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Please see “Investment Objectives, Principal Investment Strategies </span><span style="color:#000000;font-family:Arial;font-size:10pt;">and Related Risks” in the Fund’s Prospectus for additional details.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Risks</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">You could lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Consumer Staples Industry Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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.</span> <span style="font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Equity and Market Risk</span><span style="font-family:Arial;font-size:10pt;"> — 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,</span><span style="font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial;font-size:10pt;">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),</span><span style="font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial;font-size:10pt;">social unrest and other unforeseeable</span><span style="font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial;font-size:10pt;">events.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Correlation Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — A number of factors may affect the Fund’s ability to achieve a high degree of correlation with the Index. Fees, expenses, transaction costs, among other factors, will adversely impact the Fund’s ability to meet its investment objective. In addition, the Fund’s exposure may not be consistent with the Index. For example, the Fund may not have exposure to all of the securities in the Index, its weighting of securities may be different from that of the Index, and it may invest in instruments not included in the Index.</span> <span style="font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Industry Concentration Risk</span><span style="font-family:Arial;font-size:10pt;"> — 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 December 31, 2025, the Index had a significant portion of its value in issuers in the food,</span><span style="font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial;font-size:10pt;">beverage &amp; tobacco, food &amp; staples retailing and household</span><span style="font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial;font-size:10pt;">&amp; personal products, industry groups.</span> <span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Food, Beverage and Tobacco Industry Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Companies in this industry may experience: changes in demand for products, demographic and product trends and general economic conditions; effects of competitive pricing, environmental factors, marketing campaigns and consumer boycotts; and adverse effects from governmental regulation and oversight.</span> <span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Food and Staples Retailing Industry Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The food and staples industry is highly competitive and companies in this industry can be significantly affected by demographic and product trends, competitive pricing, fads, marketing campaigns, environmental factors, government regulation, new laws or litigation that may affect consumer preferences, nutritional and health concerns, federal, state and local food inspection and processing controls, consumer product liability claims, possible product tampering and the availability/expense of liability insurance. These and other factors may affect supply and demand.</span> <span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Household and Personal Products Industry Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Companies in this industry may experience: increased emphasis on the delivery of health care through outpatient services, limited product lines, increase costs for research and development, and new market developments and regulatory changes in the health care industry.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Non-Diversification Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund has the ability to invest a relatively high percentage of its assets in the securities of a small number of issuers. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Index Performance Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Active Investor Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> —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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Early Close/Late Close/Trading Halt Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Results</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The bar chart below shows how the Fund’s investment results 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.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> This </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">information provides some indication of the risks of investing in the Fund. The Fund’s performance information reflects applicable fee waivers and/or expense limitations in effect during the period presented. Absent such fee waivers/expense limitations, if any, performance would have been lower. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">It does </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">not reflect charges and fees associated with a separate account that invests in the Fund or any insurance contract for which it is an investment option. Charges and fees will reduce returns.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Past results are not predictive of future results.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The bar chart below shows how the Fund’s investment results 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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">It does </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">not reflect charges and fees associated with a separate account that invests in the Fund or any insurance contract for which it is an investment option. Charges and fees will reduce returns.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> Past results are not predictive of future results.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;">Annual Returns as of December 31</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">6/30/2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">18.11%</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">3/31/2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">-18.54%</span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">The year-to-date return as of the most recent quarter, which </span><span style="font-family:Arial;font-size:10pt;">ended March 31, 2026, was 5.64%.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Best Quarter</span> 2020-06-30 0.1811 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Worst Quarter</span> 2020-03-31 -0.1854 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Average Annual Total Returns</span><span style="font-family:Arial;font-size:10pt;">As of December 31, 2025</span> -0.0017 0.0062 0.0567 2002-05-01 0.0161 0.0570 0.0735 0.1788 0.1442 0.1482 <span style="color:#000000;font-family:Arial;font-size:8pt;">Reflects no deduction for fees, expenses or taxes. Adjusted to reflect the reinvestment of dividends paid by issuers in the Index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Objective</span> <span style="font-family:Arial;font-size:10pt;margin-left:0%;">ProFund VP Dow 30 (the “Fund”) seeks investment results, before fees and expenses, that track the performance of the Dow </span><span style="font-family:Arial;font-size:10pt;">Jones Industrial Average</span><span style="font-family:Arial;font-size:4.5pt;position:relative;top:-7pt;">®</span><span style="font-family:Arial;font-size:10pt;"> (the “Index”).</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">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 </span><span style="color:#000000;font-family:Arial;font-size:10pt;">for more information about such charges and fees.</span> <span style="font-family:Arial;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Annual Fund Operating Expenses</span><span style="font-family:Arial;font-size:9pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of the </span><span style="font-family:Arial;font-size:9pt;margin-left:0.0pt;">value of your investment)</span> 0.0075 0.0025 0.0058 0.0158 <span style="font-family:Arial;font-size:8pt;">April 30, 2027</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Example:</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> This example is intended to help you compare the cost </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">of investing in the Fund with the cost of investing in other </span><span style="color:#000000;font-family:Arial;font-size:10pt;">mutual funds. </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">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</span><span style="font-family:Arial;font-size:10pt;">, except that the fee waiver/expense</span><span style="font-family:Arial;font-size:10pt;margin-left:0%;"> reimbursement is assumed only to pertain to the first year</span><span style="font-family:Arial;font-size:10pt;">. It does not reflect separate account or insurance contract </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">fees or charges. If these charges were reflected, expenses would be higher. Although your actual costs may be higher or lower, </span><span style="font-family:Arial;font-size:10pt;">based on these assumptions your approximate costs would be:</span> 161 499 860 1878 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund pays transaction and financing costs associated with the purchase and sale of securities and derivatives. These costs </span><span style="color:#000000;font-family:Arial;font-size:10pt;">are not reflected in the table or the example above.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">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. These costs, which are not reflected in the Annual Fund </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">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 </span><span style="color:#000000;font-family:Arial;font-size:10pt;">0</span><span style="color:#000000;font-family:Arial;font-size:10pt;">% of the average value of its </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">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 </span><span style="color:#000000;font-family:Arial;font-size:10pt;">would be significantly higher.</span> 0 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund invests in financial instruments that ProFund Advisors believes, in combination, should track the performance of </span><span style="color:#000000;font-family:Arial;font-size:10pt;">the Index.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Index is designed to measure the performance of some of the largest U.S. companies.  The Index includes 30 of the largest companies except those in the Global Industry Classification Standard (GICS) transportation industry group and utilities sectors.  Companies may be included in the Index if the Index provider believes that the company has an excellent reputation, demonstrates sustained growth and is of interest to a large number of investors. The 30 companies selected are then weighted based on their price. Companies may be added or removed from the Index at any time. The Index is constructed and maintained by S&amp;P Dow Jones Indices LLC. More information about the Index can be found using the Bloomberg </span><span style="color:#000000;font-family:Arial;font-size:10pt;">ticker symbol “DJI.” </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Under normal circumstances, the Fund will invest at least 80% of its total assets in components of the Index or in instruments </span><span style="color:#000000;font-family:Arial;font-size:10pt;">with similar economic characteristics.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund will invest principally in the financial instruments </span><span style="color:#000000;font-family:Arial;font-size:10pt;">listed below.</span><span style="font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Derivatives</span><span style="font-family:Arial;font-size:10pt;"> — 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 and futures contracts) in order to gain exposure to the Index. These derivatives principally include:</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Swap Agreements</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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.</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Futures Contracts</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Standardized contracts that obligate the parties to buy or sell an asset at a predetermined price and date in the future.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Money Market Instruments</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund expects that any cash balances maintained in connection with its use of </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">derivatives will typically be held in high quality, short-term </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">money market instruments, for example:</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">U.S. Treasury Bills</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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.</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Repurchase Agreements</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">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 returns consistent with its investment objective. The Fund seeks to remain fully invested at all times in financial instruments that, in combination, provide exposure consistent with the investment objective, without regard to market conditions, trends or direction. The Fund may also 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 exposure </span><span style="color:#000000;font-family:Arial;font-size:10pt;">consistent with the investment objective.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Please see “Investment Objectives, Principal Investment Strategies </span><span style="color:#000000;font-family:Arial;font-size:10pt;">and Related Risks” in the Fund’s Prospectus for additional details.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Risks</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">You could lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Derivatives Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Investing in derivatives to obtain 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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Counterparty Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Equity and Market Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Equity markets are volatile, and the value of equity securities and other instruments correlated with equity markets may fluctuate dramatically from day to </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">day. Equity markets are subject to corporate, political, regulatory, market</span><span style="font-family:Arial;font-size:10pt;">,</span><span style="font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial;font-size:10pt;">social, geopolitical and economic </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">developments, </span><span style="font-family:Arial;font-size:10pt;">including changes in interest and currency </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">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 (</span><span style="font-family:Arial;font-size:10pt;">such as the spread of infectious diseases, pandemics and epidemics),</span><span style="font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial;font-size:10pt;">social unrest and other </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">unforeseeable</span><span style="font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial;font-size:10pt;">events.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Money Market Instruments Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Correlation Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — A number of factors may affect the Fund’s ability to achieve a high degree of correlation with the Index. Fees, expenses, transaction costs, among other factors, will adversely impact the Fund’s ability to meet its investment objective. In addition, the Fund’s exposure may not be consistent with the Index. For example, the Fund may not have exposure to all of the securities in the Index, its weighting of securities may be different from that of the Index, and it may invest in instruments not included in the Index.</span> <span style="font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Industry Concentration Risk</span><span style="font-family:Arial;font-size:10pt;"> — 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 December 31, 2025, the Index had a significant portion of its value in issuers in the financials and information technology industry groups.</span> <span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Financials Industry Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Companies in this industry may experience: extensive governmental regulation and/or nationalization that affects the scope of their activities, the prices they can charge and the amount of capital they must maintain; adverse effects from increases in interest rates; adverse effects on profitability by loan losses; and severe competition.</span> <span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Information Technology Industry Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Companies in this industry may experience: intense competition, obsolescence of existing technology, and changing economic conditions and government regulation.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Non-Diversification Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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 </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">Fund’s performance will decline based on the performance of </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">a single issuer or the credit of a single counterparty.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Index Performance Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Active Investor Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> —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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Early Close/Late Close/Trading Halt Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Results</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The bar chart below shows how the Fund’s investment results 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.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> This </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">information provides some indication of the risks of investing in the Fund. The Fund’s performance information reflects applicable fee waivers and/or expense limitations in effect during the period presented. Absent such fee waivers/expense limitations, if any, performance would have been lower. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">It does </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">not reflect charges and fees associated with a separate account that invests in the Fund or any insurance contract for which it is </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">an investment option. Charges and fees will reduce returns.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Past results are not predictive of future results.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The bar chart below shows how the Fund’s investment results 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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">It does </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">not reflect charges and fees associated with a separate account that invests in the Fund or any insurance contract for which it is </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">an investment option. Charges and fees will reduce returns.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> Past results are not predictive of future results.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;">Annual Returns as of December 31</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">6/30/2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">17.68%</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">3/31/2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">-23.08%</span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">The year-to-date return as of the most recent quarter, which </span><span style="font-family:Arial;font-size:10pt;">ended March 31, 2026, was -3.77%.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Best Quarter</span> 2020-06-30 0.1768 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Worst Quarter</span> 2020-03-31 -0.2308 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Average Annual Total Returns</span><span style="font-family:Arial;font-size:10pt;">As of December 31, 2025</span> 0.1212 0.0886 0.1016 2006-05-01 0.1492 0.1158 0.1311 0.1788 0.1442 0.1482 <span style="color:#000000;font-family:Arial;font-size:8pt;">Reflects no deduction for fees, expenses or taxes. Adjusted to reflect the reinvestment of dividends paid by issuers in the Index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">ProFund VP Emerging Markets (the “Fund”) seeks investment results, before fees and expenses, that track the performance of </span><span style="color:#000000;font-family:Arial;font-size:10pt;">the S&amp;P</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-4.25pt;">®</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Emerging 50 ADR Index (USD) (the “Index”).</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">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 </span><span style="color:#000000;font-family:Arial;font-size:10pt;">for more information about such charges and fees.</span> <span style="font-family:Arial;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Annual Fund Operating Expenses</span><span style="font-family:Arial;font-size:9pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of the </span><span style="font-family:Arial;font-size:9pt;margin-left:0.0pt;">value of your investment)</span> 0.0075 0.0025 0.0074 0.0174 -0.0006 0.0168 <span style="font-family:Arial;font-size:8pt;">April 30, 2027</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Example:</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> This example is intended to help you compare the cost </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">of investing in the Fund with the cost of investing in other </span><span style="color:#000000;font-family:Arial;font-size:10pt;">mutual funds. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">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, </span><span style="color:#000000;font-family:Arial;font-size:10pt;">based on these assumptions your approximate costs would be:</span> 171 542 938 2047 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund pays transaction and financing costs associated with the purchase and sale of securities and derivatives. These costs </span><span style="color:#000000;font-family:Arial;font-size:10pt;">are not reflected in the table or the example above.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Portfolio Turnover</span> <span style="font-family:Arial;font-size:10pt;margin-left:0%;">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. 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 </span><span style="font-family:Arial;font-size:10pt;">951</span><span style="font-family:Arial;font-size:10pt;">% of the average value of </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">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 </span><span style="font-family:Arial;font-size:10pt;">would be significantly higher.</span> 9.51 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund invests in financial instruments that ProFund Advisors believes, in combination, should track the performance of </span><span style="color:#000000;font-family:Arial;font-size:10pt;">the Index.</span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">The Index is designed to measure the performance of companies domiciled in emerging markets and traded on U.S. exchanges. The Index includes companies that have ADRs, New York Shares, or Global Registered Shares listed on the New York Stock Exchange or Nasdaq Stock Market. As of December 31, </span><span style="font-family:Arial;font-size:10pt;">2025, the </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">Index included companies from the following countries: </span><span style="font-family:Arial;font-size:10pt;">Brazil, Chile, China, India, Indonesia, Mexico, South Korea, South</span><span style="font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial;font-size:10pt;">Africa </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">and </span><span style="font-family:Arial;font-size:10pt;">Taiwan. The Index selects the top 50 companies based on </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">market capitalization. Selected companies are then weighted based on market capitalization. The Index’s composition and assigned weights are reevaluated quarterly in March, June, September, and December. The Index is constructed and maintained by S&amp;P Dow Jones Indices LLC. More information about the Index can be found using the Bloomberg ticker symbol </span><span style="font-family:Arial;font-size:10pt;">“BKTEM.” </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Under normal circumstances, the Fund will invest at least 80% of its total assets in components of the Index or in instruments </span><span style="color:#000000;font-family:Arial;font-size:10pt;">with similar economic characteristics.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund will invest principally in the financial instruments </span><span style="color:#000000;font-family:Arial;font-size:10pt;">listed below.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Equity Securities</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Common stock issued by public companies.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Depositary Receipts </span><span style="color:#000000;font-family:Arial;font-size:10pt;">— The Fund may invest in depositary receipts, which principally include:</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">American Depositary Receipts (ADRs),</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> which represent the right to receive securities of foreign issuers deposited in a bank or trust company and are an alternative to purchasing the underlying securities in their national markets and currencies.</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Global Depositary Receipts (GDRs),</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> which are receipts for shares in a foreign-based corporation traded in capital markets around the world.</span><span style="font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Derivatives</span><span style="font-family:Arial;font-size:10pt;"> — 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 exposure to the Index. These derivatives principally include:</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Swap Agreements</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Money Market Instruments</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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:</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">U.S. Treasury Bills</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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.</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Repurchase Agreements</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">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 returns consistent with its investment objective. The Fund seeks to remain fully invested at all times in financial instruments that, in combination, provide exposure consistent with the investment objective, without regard to market conditions, trends or direction. The Fund may also 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 exposure </span><span style="color:#000000;font-family:Arial;font-size:10pt;">consistent with the investment objective.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Please see “Investment Objectives, Principal Investment Strategies </span><span style="color:#000000;font-family:Arial;font-size:10pt;">and Related Risks” in the Fund’s Prospectus for additional details.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Risks</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">You could lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Derivatives Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Investing in derivatives to obtain 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 </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">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 </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Fund’s return.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Counterparty Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Foreign Investments/Emerging Market Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Exposure to securities of foreign issuers may provide the Fund with increased risk. Foreign investments may be more susceptible to political, social, economic and regional factors than may be the case with U.S. securities. In addition, markets for foreign investments are usually less liquid, more volatile and significantly smaller than markets for U.S. securities, which may affect, among other things, the Fund’s ability to purchase or sell foreign investments at appropriate times and prices. Because of differences in settlement times and/or foreign market holidays, transactions in a foreign market may take place one or more days after the necessary exposure to these investments is determined.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">Because the Fund’s foreign investment exposure may include issuers domiciled in developing or “emerging market” countries, all the aforementioned factors are heightened. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Investments in emerging markets are considered speculative.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Foreign Currency Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Investments linked to or denominated in foreign currencies are exposed to additional risk factors versus those investments denominated in U.S. dollars and linked to U.S. investments. The value of an investment linked to or denominated in a foreign currency could change significantly as foreign currencies strengthen or weaken relative to the U.S. dollar.</span> <span style="font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Equity and Market Risk</span><span style="font-family:Arial;font-size:10pt;"> — 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,</span><span style="font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial;font-size:10pt;">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 </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">health emergencies (</span><span style="font-family:Arial;font-size:10pt;">such as the spread of infectious diseases, pandemics and epidemics),</span><span style="font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial;font-size:10pt;">social unrest and other </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">unforeseeable</span><span style="font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial;font-size:10pt;">events.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Money Market Instruments Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Correlation Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — A number of factors may affect the Fund’s ability to achieve a high degree of correlation with the Index. Fees, expenses, transaction costs, among other factors, will adversely impact the Fund’s ability to meet its investment objective. In addition, the Fund’s exposure may not be consistent with the Index. For example, the Fund may not have exposure to all of the securities in the Index, its weighting of securities may be different from that of the Index, and it may invest in instruments not included in the Index.</span> <span style="font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Industry Concentration Risk</span><span style="font-family:Arial;font-size:10pt;"> — 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 December 31, 2025, the Index had a significant portion of its value in issuers in the banks, retailing and semiconductors &amp; semiconductor equipment industry groups.</span> <span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Banks Industry Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Companies in this industry may experience: extensive governmental regulation and/or nationalization; adverse effects on profitability due to increases in interest rates or loan losses; severe price competition; economic conditions; credit rating downgrades; and increased inter-sector consolidation and competition.</span> <span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Retailing Industry Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Companies in this sector may experience: changes in domestic and international economies, consumer confidence, disposable household income and spending, consumer preferences, and competition.</span> <span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Semiconductors and Semiconductor Equipment </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Industry Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Companies in this sector may experience: intense competition, wide fluctuations in securities prices due to risks of rapid obsolescence of products, significant research costs, and limited product lines, markets, financial resources or personnel. Companies in this sector may also be affected by risks that affect the broader technology sector.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Geographic Concentration Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Because the Fund focuses its investments in one or more foreign countries, an investment in the Fund may be more volatile than a more geographically diversified fund. The performance of the Fund will be affected by the political, social and economic </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">conditions in those foreign countries and subject to the related risks. As of December 31, </span><span style="font-family:Arial;font-size:10pt;">2025, the Index had a </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">significant portion of its value in issuers in China, India </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">and Taiwan.</span> <span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Chinese Investments Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Investments in securities of issuers in China include risks such as, less developed or less efficient trading markets; currency fluctuations or blockage; nationalization of assets; limits on repatriation; institution of tariffs or other trade barriers; uncertainty surrounding trading suspensions; and a lack of publicly available information China is an emerging market and demonstrates significantly higher volatility from time to time in comparison to developed markets.</span> <span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Indian Investments Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Investments in securities of issuers in India include risks such as, greater government control over the economy, including the risk that the Indian government may decide not to continue to support economic reform programs, political and legal uncertainty, competition from low-cost issuers of other emerging economies, institution of tariffs or other trade barriers, currency fluctuations or blockage of foreign currency exchanges and the risk of nationalization or expropriation of assets. India has been prone to natural disasters, such as earthquakes and tsunamis which could have a significant negative impact on its economy.</span> <span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Taiwanese Investments Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Investments in securities of issuers in Taiwan are subject to risks, including, but not limited to, legal, regulatory, political, currency and economic risks that are specific to Taiwan. Specifically, Taiwan’s geographic proximity and history of political contention with China have resulted in ongoing tensions between the two countries, which may materially affect the Taiwanese companies. Investments in securities of Taiwanese companies are subject to Taiwan’s heavy dependence on exports. Reductions in spending on Taiwanese products and services, labor shortages, institution of tariffs or other trade barriers, or a downturn in any of the economies of Taiwan’s key trading partners, including the United States, may have an adverse impact on the Taiwanese economy and the values of Taiwanese companies.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Non-Diversification Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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 Fund’s performance will decline based on the performance of a single issuer or the credit of a single counterparty.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Index Performance Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">There can be no guarantee that the methodology underlying the Index or the daily calculation of the Index will be free from error. For an Index with exposure to foreign, and especially emerging markets, there may be heightened risks associated with the adequacy and reliability of the information </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">used to calculate the Index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Active Investor Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> —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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Early Close/Late Close/Trading Halt Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Results</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The bar chart below shows how the Fund’s investment results 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.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> This </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">information provides some indication of the risks of investing in the Fund. The Fund’s performance information reflects applicable fee waivers and/or expense limitations in effect during the period presented. Absent such fee waivers/expense limitations, if any, performance would have been lower. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">It does </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">not reflect charges and fees associated with a separate account that invests in the Fund or any insurance contract for which it is an investment option. Charges and fees will reduce returns.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Past results are not predictive of future results.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The bar chart below shows how the Fund’s investment results 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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">It does </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">not reflect charges and fees associated with a separate account that invests in the Fund or any insurance contract for which it is an investment option. Charges and fees will reduce returns.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> Past results are not predictive of future results.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;">Annual Returns as of December 31</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">12/31/2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">20.33%</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">3/31/2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">-24.69%</span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">The year-to-date return as of the most recent quarter, which </span><span style="font-family:Arial;font-size:10pt;">ended March 31, 2026, was -1.83%.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Best Quarter</span> 2020-12-31 0.2033 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Worst Quarter</span> 2020-03-31 -0.2469 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Average Annual Total Returns</span><span style="font-family:Arial;font-size:10pt;">As of December 31, 2025</span> 0.3613 0.0307 0.0866 2007-08-31 0.3866 0.0481 0.1036 0.2299 0.1279 0.1285 <span style="color:#000000;font-family:Arial;font-size:8pt;">Reflects no deduction for fees, expenses or taxes. Returns are gross returns that do not reflect the reduction of any withholding taxes, and are adjusted to reflect the reinvestment of dividends paid by companies in the Index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">ProFund VP Energy (the “Fund”) seeks investment results, before fees and expenses, that track the performance of the S&amp;P Energy </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Select Sector Index (the “Index”).</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">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 </span><span style="color:#000000;font-family:Arial;font-size:10pt;">for more information about such charges and fees.</span> <span style="font-family:Arial;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Annual Fund Operating Expenses</span><span style="font-family:Arial;font-size:9pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of the </span><span style="font-family:Arial;font-size:9pt;margin-left:0.0pt;">value of your investment)</span> 0.0075 0.0025 0.0071 0.0003 0.0068 0.0171 -0.0003 0.0168 <span style="font-family:Arial;font-size:8pt;">April 30, 2027</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Example:</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> This example is intended to help you compare the cost </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">of investing in the Fund with the cost of investing in other </span><span style="color:#000000;font-family:Arial;font-size:10pt;">mutual funds. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">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 </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">fees or charges. If these charges were reflected, expenses would be higher. Although your actual costs may be higher or lower, </span><span style="color:#000000;font-family:Arial;font-size:10pt;">based on these assumptions your approximate costs would be:</span> 171 536 925 2017 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund pays transaction and financing costs associated with the purchase and sale of securities. These costs are not reflected </span><span style="color:#000000;font-family:Arial;font-size:10pt;">in the table or the example above.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Portfolio Turnover</span> <span style="font-family:Arial;font-size:10pt;margin-left:0%;">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. 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 </span><span style="font-family:Arial;font-size:10pt;">1,360</span><span style="font-family:Arial;font-size:10pt;">% of the average value of </span><span style="font-family:Arial;font-size:10pt;">its portfolio.</span> 1360 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund invests in securities that ProFund Advisors believes, in </span><span style="color:#000000;font-family:Arial;font-size:10pt;">combination, should track the performance of the Index.</span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">The Index is designed to measure the performance of energy companies included in the S&amp;P 500 Index. The S&amp;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 &amp; services and oil</span><span style="font-family:Arial;font-size:10pt;">,</span><span style="font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial;font-size:10pt;">gas &amp; consumable fuels. These </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">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&amp;P Dow Jones Indices LLC. More information about the Index </span><span style="font-family:Arial;font-size:10pt;">can be found using the Bloomberg ticker symbol “IXE.” </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Under normal circumstances, the Fund will invest at least 80% of its total assets in components of the Index or in instruments </span><span style="color:#000000;font-family:Arial;font-size:10pt;">with similar economic characteristics.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Fund will invest principally in the securities listed below.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Equity Securities</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Common stock issued by public companies.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">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 returns consistent with its investment objective. The Fund seeks to remain fully invested at all times in financial instruments that, in combination, provide exposure consistent with the investment objective, without regard to market conditions, trends or direction. The Fund may also invest in or gain exposure to only a representative sample of the securities in </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">the Index or to securities not contained in the Index or in financial instruments, with the intent of obtaining exposure </span><span style="color:#000000;font-family:Arial;font-size:10pt;">consistent with the investment objective.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Please see “Investment Objectives, Principal Investment Strategies </span><span style="color:#000000;font-family:Arial;font-size:10pt;">and Related Risks” in the Fund’s Prospectus for additional details.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Risks</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">You could lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Energy Industry Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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. </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">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 </span><span style="font-family:Arial;font-size:10pt;">a </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">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’ </span><span style="font-family:Arial;font-size:10pt;">shares. </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">The U.S. and Israel military action against Iran that began in February 2026 and Iran’s responses thereto, including attacks on marine vessels in the Strait of Hormuz, and the U.S. military operation in Venezuela could result in more widespread conflict and could have a severe adverse affect on the regions and/or the world and the markets for securities and commodities, including oil and natural gas. How long these conflicts and related events will last and whether it will escalate further cannot be predicted. Impacts from this conflict and related events could have significant impact on a </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">Fund’s performance, and the value of an investment in a Fund </span><span style="font-family:Arial;font-size:10pt;">may decline significantly.</span> <span style="font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Equity and Market Risk</span><span style="font-family:Arial;font-size:10pt;"> — 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,</span><span style="font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial;font-size:10pt;">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),</span><span style="font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial;font-size:10pt;">social unrest and other unforeseeable</span><span style="font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial;font-size:10pt;">events.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Correlation Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — A number of factors may affect the Fund’s ability to achieve a high degree of correlation with the Index. Fees, expenses, transaction costs, among other factors, will adversely impact the Fund’s ability to meet its investment objective. In addition, the Fund’s exposure may not be consistent with the Index. For example, the Fund may not have exposure to all of the securities in the Index, its weighting of securities may be different from that of the Index, and it may invest in instruments not included in the Index.</span> <span style="font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Industry Concentration Risk</span><span style="font-family:Arial;font-size:10pt;"> — 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 December 31, 2025, the Index had a significant portion of its value in issuers in the energy industry group.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Non-Diversification Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund has the ability to invest a relatively high percentage of its assets in the securities of a small number of issuers. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Index Performance Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Active Investor Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> —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 </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">current estimates or the historical ratio disclosed in this Prospectus. In addition, this will increase portfolio turnover </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">and may result in additional costs for the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Early Close/Late Close/Trading Halt Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Results</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The bar chart below shows how the Fund’s investment results 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.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> This </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">information provides some indication of the risks of investing in the Fund. The Fund’s performance information reflects applicable fee waivers and/or expense limitations in effect during the period presented. Absent such fee waivers/expense limitations, if any, performance would have been lower. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">It does </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">not reflect charges and fees associated with a separate account that invests in the Fund or any insurance contract for which it is an investment option. Charges and fees will reduce returns.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Past results are not predictive of future results.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The bar chart below shows how the Fund’s investment results 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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">It does </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">not reflect charges and fees associated with a separate account that invests in the Fund or any insurance contract for which it is an investment option. Charges and fees will reduce returns.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> Past results are not predictive of future results.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;">Annual Returns as of December 31</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">3/31/2022</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">37.23%</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">3/31/2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">-51.57%</span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">The year-to-date return as of the most recent quarter, which </span><span style="font-family:Arial;font-size:10pt;">ended March 31, 2026, was 37.39%.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Best Quarter</span> 2022-03-31 0.3723 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Worst Quarter</span> 2020-03-31 -0.5157 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Average Annual Total Returns</span><span style="font-family:Arial;font-size:10pt;">As of December 31, 2025</span> 0.0586 0.2101 0.0588 2001-01-22 0.0803 0.2343 0.0842 0.1788 0.1442 0.1482 <span style="color:#000000;font-family:Arial;font-size:8pt;">Reflects no deduction for fees, expenses or taxes. Adjusted to reflect the reinvestment of dividends paid by issuers in the Index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">ProFund VP Europe 30 (the “Fund”) seeks investment results, before fees and expenses, that track the performance of the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">ProFunds Europe 30 Index (the “Index”).</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">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 </span><span style="color:#000000;font-family:Arial;font-size:10pt;">for more information about such charges and fees.</span> <span style="font-family:Arial;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Annual Fund Operating Expenses</span><span style="font-family:Arial;font-size:9pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of the </span><span style="font-family:Arial;font-size:9pt;margin-left:0.0pt;">value of your investment)</span> 0.0075 0.0025 0.0072 0.0172 -0.0004 0.0168 <span style="font-family:Arial;font-size:8pt;">April 30, 2027</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Example:</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> This example is intended to help you compare the cost </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">of investing in the Fund with the cost of investing in other </span><span style="color:#000000;font-family:Arial;font-size:10pt;">mutual funds. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">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, </span><span style="color:#000000;font-family:Arial;font-size:10pt;">based on these assumptions your approximate costs would be:</span> 171 538 930 2027 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund pays transaction and financing costs associated with the purchase and sale of securities. These costs are not reflected </span><span style="color:#000000;font-family:Arial;font-size:10pt;">in the table or the example above.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Portfolio Turnover</span> <span style="font-family:Arial;font-size:10pt;margin-left:0%;">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. 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 </span><span style="font-family:Arial;font-size:10pt;">195</span><span style="font-family:Arial;font-size:10pt;">% of the average value of </span><span style="font-family:Arial;font-size:10pt;">its portfolio.</span> 1.95 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund invests in securities that ProFund Advisors believes, in </span><span style="color:#000000;font-family:Arial;font-size:10pt;">combination, should track the performance of the Index.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Index, created by ProFund Advisors, is designed to measure the performance of companies domiciled in Europe and traded on U.S. exchanges. Companies may include those domiciled in Austria, Belgium, Denmark, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, the Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, and the United Kingdom. The Index selects 30 companies based on liquidity and then weights them based on market capitalization. The selected companies are listed in an appendix to the Statement of Additional Information. The Index’s composition and assigned weights are reevaluated annually. The Index is constructed and maintained by </span><span style="color:#000000;font-family:Arial;font-size:10pt;">ProFund Advisors.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Under normal circumstances, the Fund will invest at least 80% of its total assets in components of the Index or in instruments </span><span style="color:#000000;font-family:Arial;font-size:10pt;">with similar economic characteristics.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Fund will invest principally in the securities listed below.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Equity Securities</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Common stock issued by public companies.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Depositary Receipts </span><span style="color:#000000;font-family:Arial;font-size:10pt;">— The Fund may invest in depositary receipts, which principally include:</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">American Depositary Receipts (ADRs),</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> which represent the right to receive securities of foreign issuers deposited in a bank or trust company and are an alternative to purchasing the underlying securities in their national markets and currencies.</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Global Depositary Receipts (GDRs),</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> which are receipts for shares in a foreign-based corporation traded in capital markets around the world.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">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 returns consistent with its investment objective. The Fund seeks to remain fully invested at all times in financial instruments that, in combination, provide exposure consistent with the investment objective, without regard to market conditions, trends or direction. The Fund may also invest in or </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">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 exposure </span><span style="color:#000000;font-family:Arial;font-size:10pt;">consistent with the investment objective.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Index is created and sponsored by ProFund Advisors and is </span><span style="color:#000000;font-family:Arial;font-size:10pt;">licensed for use by ProFunds.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Please see “Investment Objectives, Principal Investment Strategies </span><span style="color:#000000;font-family:Arial;font-size:10pt;">and Related Risks” in the Fund’s Prospectus for additional details.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Risks</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">You could lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">European Investments Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Many countries are members of the European Union (the “EU”) and all European countries may be significantly affected by EU policies and may be highly dependent on the economies of their fellow members. The European financial markets have experienced significant volatility and several European countries have been adversely affected by unemployment, budget deficits and economic downturns. In addition, several European countries (including the United Kingdom) have experienced credit rating downgrades, rising government debt levels and, for certain European countries (including Spain, Portugal, Ireland and Italy), weaknesses in sovereign debt. These events, along with decreasing imports or exports, changes in governmental or EU regulations on trade, institution of tariffs or other trade barriers, the default or threat of default by a European country on its sovereign debt, an economic recession in a European country, or the threat of a European country to leave the EU may have a significant adverse effect on the affected European country, issuers in the affected European country, the economies of other European countries, or their trading partners. Such events, or even the threat of these events, may cause the value of securities issued by issuers in such European countries to fall, in some cases drastically. These events may also cause further volatility in the European financial markets. To the extent that the Fund’s assets are exposed to investments from issuers in European countries or denominated in euro, their trading partners, or other European countries, these events may negatively impact the performance of the Fund. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">On February 24, 2022, Russia commenced a military attack on Ukraine. The military incursion has led to, and may lead to additional sanctions being levied by the United States, European Union, United Kingdom and other countries against Russia. Russia’s military incursion and the resulting sanctions and other rapidly evolving measures in response could adversely affect global energy and financial markets and thus could affect the value of the Fund’s investments. The severity, extent and duration of the military conflict, sanctions and resulting market disruptions are impossible to predict, but could have a material adverse effect on the European region and beyond, including significant negative impacts on the economy and the markets for certain securities and commodities, such as oil and natural gas. How long such </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">tensions and related events will last cannot be predicted. These tensions and any related events could have significant impact on the Fund’s performance and the value of an investment in </span><span style="color:#000000;font-family:Arial;font-size:10pt;">the Fund.</span> <span style="font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Equity and Market Risk</span><span style="font-family:Arial;font-size:10pt;"> — 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,</span><span style="font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial;font-size:10pt;">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),</span><span style="font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial;font-size:10pt;">social unrest and other unforeseeable</span><span style="font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial;font-size:10pt;">events.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Foreign Investments Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Exposure to securities of foreign issuers may provide the Fund with increased risk. Foreign investments may be more susceptible to political, social, economic and regional factors than may be the case with U.S. securities. In addition, markets for foreign investments are usually less liquid, more volatile and significantly smaller than markets for U.S. securities, which may affect, among other things, the Fund’s ability to purchase or sell foreign investments at appropriate times and prices. Because of differences in settlement times and/or foreign market holidays, transactions in a foreign market may take place one or more days after the necessary exposure to these investments is determined.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Foreign Currency Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Investments linked to or denominated in foreign currencies are exposed to additional risk factors versus those investments denominated in U.S. dollars and linked to U.S. investments. The value of an investment linked to or denominated in a foreign currency could change significantly as foreign currencies strengthen or weaken relative to the U.S. dollar.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Correlation Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — A number of factors may affect the Fund’s ability to achieve a high degree of correlation with the Index. Fees, expenses, transaction costs, among other factors, will adversely impact the Fund’s ability to meet its investment objective. In addition, the Fund’s exposure may not be consistent with the Index. For example, the Fund may not have exposure to all of the securities in the Index, its weighting of securities may be different from that of the Index, and it may invest in instruments not included in the Index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Industry Concentration Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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 </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">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 December 31, </span><span style="font-family:Arial;font-size:10pt;">2025, the Index had a significant portion of its </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">value in issuers in the </span><span style="font-family:Arial;font-size:10pt;">health care and information technology </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">industry groups.</span> <span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Health Care Industry Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Companies in this industry may experience: heavy dependence on patent protection; litigation and product liability expense; the long and costly process for obtaining new product approval by the Food and Drug Administration; and product obsolescence.</span> <span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Information Technology Industry Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Companies in this industry may experience: intense competition, obsolescence of existing technology, and changing economic conditions and government regulation.</span> <span style="font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Geographic Concentration Risk</span><span style="font-family:Arial;font-size:10pt;"> — Because the Fund focuses its investments in one or more foreign countries, an investment in the Fund may be more volatile than a more geographically diversified fund. The performance of the Fund will be affected by the political, social and economic conditions in those foreign countries and subject to the related risks. As of December 31, 2025, the Index had a significant portion of its value in issuers in the United Kingdom.</span> <span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">United Kingdom Investments Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The United Kingdom has one of the largest economies in Europe, and the United States and other European countries are substantial trading partners. As a result, the British economy may be impacted by the institution of tariffs or other trade barriers as well as changes to the economic condition of the United States and other European countries.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Self-Indexing Performance Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Index used by the Fund may underperform other asset classes and may underperform other similar indices. The Index is sponsored by 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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Active Investor Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> —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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Early Close/Late Close/Trading Halt Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — An exchange or market may close early, close late or issue trading halts on specific securities or financial instruments. In these </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">circumstances, the Fund may be unable to rebalance its portfolio, may be unable to accurately price its investments </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">and/or may incur substantial trading losses.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Results</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The bar chart below shows how the Fund’s investment results 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.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> This </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">information provides some indication of the risks of investing in the Fund. The Fund’s performance information reflects applicable fee waivers and/or expense limitations in effect during the period presented. Absent such fee waivers/expense limitations, if any, performance would have been lower. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">It does </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">not reflect charges and fees associated with a separate account that invests in the Fund or any insurance contract for which it is an investment option. Charges and fees will reduce returns.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Past results are not predictive of future results.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The bar chart below shows how the Fund’s investment results 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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">It does </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">not reflect charges and fees associated with a separate account that invests in the Fund or any insurance contract for which it is an investment option. Charges and fees will reduce returns.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> Past results are not predictive of future results.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;">Annual Returns as of December 31</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">12/31/2022</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">17.17%</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">3/31/2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">-26.89%</span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">The year-to-date return as of the most recent quarter, which </span><span style="font-family:Arial;font-size:10pt;">ended March 31, 2026, was 8.01%.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Best Quarter</span> 2022-12-31 0.1717 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Worst Quarter</span> 2020-03-31 -0.2689 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Average Annual Total Returns</span><span style="font-family:Arial;font-size:10pt;">As of December 31, 2025</span> 0.2959 0.1278 0.0801 1999-10-18 0.2781 0.1103 0.0628 0.3310 0.1167 0.0869 0.2299 0.1279 0.1285 <span style="color:#000000;font-family:Arial;font-size:8pt;">Reflects no deduction for fees, expenses or taxes. Adjusted to reflect the reinvestment of dividends paid by issuers in the Index.</span><span style="color:#000000;font-family:Arial;font-size:8pt;">Reflects no deduction for fees, expenses or taxes. Returns are </span><span style="color:#000000;font-family:Arial;font-size:8pt;margin-left:0.00%;">gross returns that do not reflect the reduction of any withholding taxes, and are adjusted to reflect the reinvestment </span><span style="color:#000000;font-family:Arial;font-size:8pt;">of dividends paid by companies in the Index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Objective</span> <span style="font-family:Arial;font-size:10pt;margin-left:0%;">ProFund VP Falling U.S. Dollar (the “Fund”) seeks daily investment results, before fees and expenses, that correspond to the daily performance of the basket of non-U.S. currencies included in the ICE</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-4.25pt;">®</span><span style="font-family:Arial;font-size:10pt;"> U.S. Dollar Index</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-4.25pt;">®</span><span style="font-family:Arial;font-size:10pt;"> (the “Index”). The Index </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">measures the value of the U.S. Dollar against a basket of currencies of the top six trading partners of the United States, as measured in 1973 (the “Benchmark”). These currencies and their weightings as of December 31, </span><span style="font-family:Arial;font-size:10pt;">2025 are: euro 57.6%; </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">Japanese yen 13.6%; British pound 11.9%; Canadian dollar 9.1%; Swedish krona 4.2% and Swiss franc 3.6%. The Fund is designed to benefit from a decline in the value of the U.S. Dollar against the value of the currencies included in the Benchmark. Accordingly, as the value of the U.S. Dollar depreciates (i.e., “falls”) versus the Benchmark, the performance of the Fund generally should be expected to increase. As the value of the U.S. Dollar appreciates versus the Benchmark, the performance </span><span style="font-family:Arial;font-size:10pt;">of the Fund generally should be expected to decline.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">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 </span><span style="color:#000000;font-family:Arial;font-size:10pt;">for more information about such charges and fees.</span> <span style="font-family:Arial;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Annual Fund Operating Expenses</span><span style="font-family:Arial;font-size:9pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of the </span><span style="font-family:Arial;font-size:9pt;margin-left:0.0pt;">value of your investment)</span> 0.0075 0.0025 0.0186 0.0286 -0.0118 0.0168 <span style="font-family:Arial;font-size:8pt;">April 30, 2027</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Example:</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> This example is intended to help you compare the cost </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">of investing in the Fund with the cost of investing in other </span><span style="color:#000000;font-family:Arial;font-size:10pt;">mutual funds. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">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/</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">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, </span><span style="color:#000000;font-family:Arial;font-size:10pt;">based on these assumptions your approximate costs would be:</span> 171 774 1404 3101 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund pays transaction and financing costs associated with the purchase and sale of securities and derivatives. These costs </span><span style="color:#000000;font-family:Arial;font-size:10pt;">are not reflected in the table or the example above.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">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. 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 </span><span style="color:#000000;font-family:Arial;font-size:10pt;">0</span><span style="color:#000000;font-family:Arial;font-size:10pt;">% of the average value of its </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">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 </span><span style="color:#000000;font-family:Arial;font-size:10pt;">would be significantly higher.</span> 0 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund invests in financial instruments that ProFund Advisors believes, in combination, should track the performance of </span><span style="color:#000000;font-family:Arial;font-size:10pt;">the Index.</span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">The Index is designed to measure the value of the U.S. Dollar against a basket of currencies of </span><span style="font-family:Arial;font-size:10pt;">six trading partners of the </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">United States as measured in 1973. The currencies are weighted against the U.S. Dollar as follows: the euro is 57.6%, the Japanese yen is 13.6%, the British pound is 11.9%, the Canadian dollar is 9.1%, the Sweden krona is 4.2%, and the Swiss franc is 3.6%. The Index is constructed and maintained by ICE Data Indices, LLC. More information about the Index can be found using the </span><span style="font-family:Arial;font-size:10pt;">Bloomberg ticker symbol “DXY.” </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Under normal circumstances, the Fund will invest at least 80% of its total assets in components of the Index or in instruments </span><span style="color:#000000;font-family:Arial;font-size:10pt;">with similar economic characteristics.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund will invest principally in the financial instruments </span><span style="color:#000000;font-family:Arial;font-size:10pt;">listed below.</span><span style="font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Derivatives</span><span style="font-family:Arial;font-size:10pt;"> — 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. forward contracts) in order to gain exposure to the Index. These derivatives principally include:</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Forward Contracts</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Two-party contracts where a purchase or sale of a specific quantity of a commodity, security, foreign currency or other financial instrument </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">is entered into with dealers or financial institutions at a set price, with delivery and settlement at a specified future date. Forward contracts may also be structured for </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00pt;">cash settlement, rather than physical delivery.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Money Market Instruments</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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:</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">U.S. Treasury Bills</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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.</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Repurchase Agreements</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">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 returns consistent with its investment objective. The Fund seeks to remain fully invested at all times in financial instruments that, in combination, provide exposure consistent with the investment objective, without regard to market conditions, trends or direction. The Fund may also 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 exposure </span><span style="color:#000000;font-family:Arial;font-size:10pt;">consistent with the investment objective.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Please see “Investment Objectives, Principal Investment Strategies </span><span style="color:#000000;font-family:Arial;font-size:10pt;">and Related Risks” in the Fund’s Prospectus for additional details.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Risks</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">You could lose money by investing in the Fund.</span> <span style="font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Derivatives Risk</span><span style="font-family:Arial;font-size:10pt;"> — Investing in derivatives to obtain 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. Any costs associated with using derivatives will reduce the Fund’s return.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Counterparty Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund may lose money if a counterparty does not meet its contractual obligations.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Market Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund is subject to market risks that will affect the value of its shares, including adverse issuer, political, regulatory, market or economic developments, as well as developments that impact specific economic sectors, industries or segments of the market.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Foreign Currency Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Investments linked to or denominated in foreign currencies are exposed to additional risk factors versus those investments denominated in U.S. dollars and linked to U.S. investments. The value of an investment linked to or denominated in a foreign currency </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">could change significantly as foreign currencies strengthen or weaken relative to the U.S. dollar. Devaluations of a currency by a government or banking authority may also have significant impact on the value of any investments linked to or denominated in that currency. Risks related to foreign currencies also include those related to economic or political developments, market inefficiencies or a higher risk that essential investment information may be incomplete, unavailable, or inaccurate. Foreign currency losses could offset or exceed any potential gains, or add to losses, in the related investments. Currency markets are also generally not as </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">regulated as securities markets.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Money Market Instruments Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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.</span> <span style="font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Correlation Risk</span><span style="font-family:Arial;font-size:10pt;"> — A number of factors may affect the Fund’s ability to achieve a high degree of correlation with the Index. Fees, expenses, transaction costs, among other factors, will adversely impact the Fund’s ability to meet its investment objective. In addition, the Fund’s exposure may not be consistent with the Index. For example, the Fund may not have exposure to all of the instruments in the Index, its weighting of instruments may be different from that of the Index, and it may invest in instruments not included in the Index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Geographic Concentration Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Because the Fund focuses its investments in one or more foreign countries, an investment in the Fund may be more volatile than a more geographically diversified fund. The performance of the Fund will be affected by the political, social and economic conditions in those foreign countries and subject to the related risks.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Non-Diversification Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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 Fund’s performance will decline based on the performance of a single issuer or the credit of a single counterparty.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Index Performance Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Active Investor Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> —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 </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">current estimates or the historical ratio disclosed in this Prospectus. In addition, this will increase portfolio turnover </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">and may result in additional costs for the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Early Close/Late Close/Trading Halt Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Results</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The bar chart below shows how the Fund’s investment results 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.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> This </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">information provides some indication of the risks of investing in the Fund. The Fund’s performance information reflects applicable fee waivers and/or expense limitations in effect during the period presented. Absent such fee waivers/expense limitations, if any, performance would have been lower. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">It does </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">not reflect charges and fees associated with a separate account that invests in the Fund or any insurance contract for which it is an investment option. Charges and fees will reduce returns.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Past results are not predictive of future results.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The bar chart below shows how the Fund’s investment results 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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">It does </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">not reflect charges and fees associated with a separate account that invests in the Fund or any insurance contract for which it is an investment option. Charges and fees will reduce returns.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> Past results are not predictive of future results.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;">Annual Returns as of December 31</span> <span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Best Quarter</span><span style="font-family:Arial;font-size:10pt;">(ended</span><span style="font-family:Arial;font-size:10pt;">12/31/2022</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">8.48%</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Worst Quarter</span><span style="font-family:Arial;font-size:10pt;">(ended</span><span style="font-family:Arial;font-size:10pt;">12/31/2016</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">-7.26%</span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">The year-to-date return as of the most recent quarter, which </span><span style="font-family:Arial;font-size:10pt;">ended March 31, 2026, was -1.59%.</span> <span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Best Quarter</span> 2022-12-31 0.0848 <span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Worst Quarter</span> 2016-12-31 -0.0726 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Average Annual Total Returns</span><span style="font-family:Arial;font-size:10pt;">As of December 31, 2025</span> 0.1081 -0.0185 -0.0114 2007-08-31 -0.0937 0.0180 -0.0004 0.0730 -0.0036 0.0201 <span style="font-family:Arial;font-size:8pt;">Reflects no deduction for fees, expenses or taxes.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">ProFund VP Financials (the “Fund”) seeks investment results, before fees and expenses, that track the performance of the S&amp;P </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Financial Select Sector Index (the “Index”).</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">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 </span><span style="color:#000000;font-family:Arial;font-size:10pt;">for more information about such charges and fees.</span> <span style="font-family:Arial;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Annual Fund Operating Expenses</span><span style="font-family:Arial;font-size:9pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of the </span><span style="font-family:Arial;font-size:9pt;margin-left:0.0pt;">value of your investment)</span> 0.0075 0.0025 0.0069 0.0002 0.0067 0.0169 -0.0001 0.0168 <span style="font-family:Arial;font-size:8pt;">April 30, 2027</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Example:</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> This example is intended to help you compare the cost </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">of investing in the Fund with the cost of investing in other </span><span style="color:#000000;font-family:Arial;font-size:10pt;">mutual funds. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">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 </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">be higher. Although your actual costs may be higher or lower, </span><span style="color:#000000;font-family:Arial;font-size:10pt;">based on these assumptions your approximate costs would be:</span> 171 532 917 1997 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund pays transaction and financing costs associated with the purchase and sale of securities. These costs are not reflected </span><span style="color:#000000;font-family:Arial;font-size:10pt;">in the table or the example above.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Portfolio Turnover</span> <span style="font-family:Arial;font-size:10pt;margin-left:0%;">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. 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 </span><span style="font-family:Arial;font-size:10pt;">436</span><span style="font-family:Arial;font-size:10pt;">% of the average value of </span><span style="font-family:Arial;font-size:10pt;">its portfolio.</span> 4.36 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund invests in securities that ProFund Advisors believes, in </span><span style="color:#000000;font-family:Arial;font-size:10pt;">combination, should track the performance of the Index.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Index is designed to measure the performance of financial companies included in the S&amp;P 500 Index. The S&amp;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 financial companies in the following industries according to the Global Industry Classification Standard (GICS): banks; financial services; consumer finance; capital markets; mortgage real estate investment trusts (“REITS”); and insurance. 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&amp;P Dow Jones Indices LLC. More information about the Index can </span><span style="color:#000000;font-family:Arial;font-size:10pt;">be found using the Bloomberg ticker symbol “IXM.” </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Under normal circumstances, the Fund will invest at least 80% of its total assets in components of the Index or in instruments </span><span style="color:#000000;font-family:Arial;font-size:10pt;">with similar economic characteristics.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Fund will invest principally in the securities listed below.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Equity Securities</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Common stock issued by public companies.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">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 returns consistent with its investment objective. The Fund seeks to remain fully invested at all times in financial instruments that, in combination, provide exposure consistent with the investment objective, without regard to market conditions, trends or direction. The Fund may also 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 </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">financial instruments, with the intent of obtaining exposure </span><span style="color:#000000;font-family:Arial;font-size:10pt;">consistent with the investment objective.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Please see “Investment Objectives, Principal Investment Strategies </span><span style="color:#000000;font-family:Arial;font-size:10pt;">and Related Risks” in the Fund’s Prospectus for additional details.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Risks</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">You could lose money by investing in the Fund.</span> <span style="font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Financials Industry Risk</span><span style="font-family:Arial;font-size:10pt;"> — The risks of investments in the industry include: extensive governmental regulation and/or nationalization that affects the scope of their activities, the prices they can charge and the amount of capital and liquid assets they must maintain; adverse effects from increases in interest rates; adverse effects on profitability by loan losses, which usually increase in economic downturns; the severe competition to which banks, insurance, and financial services companies may be subject; increased inter-sector consolidation and competition in the financials industry; and volatility in the financial markets and changes in domestic and foreign monetary policy; credit rating downgrades; adverse public perception; exposure concentration and decreased liquidity in credit markets; counterparty risk arising from issuers that serve as counterparties in derivatives or similar contractual arrangements. The impact of more stringent capital requirements, recent or future regulation on any individual financial company or recent or future regulation on the financials industry as a whole cannot be predicted.</span> <span style="font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Equity and Market Risk</span><span style="font-family:Arial;font-size:10pt;"> — 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,</span><span style="font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial;font-size:10pt;">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),</span><span style="font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial;font-size:10pt;">social unrest and other unforeseeable</span><span style="font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial;font-size:10pt;">events.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Correlation Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — A number of factors may affect the Fund’s ability to achieve a high degree of correlation with the Index. Fees, expenses, transaction costs, among other factors, will adversely impact the Fund’s ability to meet its investment objective. In addition, the Fund’s exposure may not be consistent with the Index. For example, the Fund may not have exposure to all of the securities in the Index, its weighting of securities may be different from that of the Index, and it may invest in instruments not included in the Index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Industry Concentration Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Index may have a significant portion of its value in issuers in an industry or </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">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 December 31, </span><span style="font-family:Arial;font-size:10pt;">2025, the Index had a significant portion of its </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">value in issuers in the banks</span><span style="font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial;font-size:10pt;">and diversified financials industry groups.</span> <span style="font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Banks Industry Risk</span><span style="font-family:Arial;font-size:10pt;"> — Companies in this industry may experience: extensive governmental regulation and/or nationalization; adverse effects on profitability due to increases in interest rates or loan losses; severe price competition; economic conditions; credit rating downgrades; and increased inter-sector consolidation and competition. There can be no certainty that the actions taken by the U.S. government to strengthen public confidence in the U.S. banking system will be effective in mitigating the effects of financial institution failures on the economy and restoring public confidence in the U.S. banking system. Additional bank or financial institution failures may occur in the near term that may limit access to short term liquidity or have adverse impacts to the economy.</span> <span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Diversified Financials Industry Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Companies in this industry may be affected by: changes in credit ratings, interest rates, loan losses, the performance of credit and financial markets and the availability and cost of capital funds; and adverse effects from governmental regulation and oversight.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Non-Diversification Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund has the ability to invest a relatively high percentage of its assets in the securities of a small number of issuers. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Index Performance Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Active Investor Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> —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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Early Close/Late Close/Trading Halt Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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 </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">portfolio, may be unable to accurately price its investments </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">and/or may incur substantial trading losses.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Results</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The bar chart below shows how the Fund’s investment results 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.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> This </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">information provides some indication of the risks of investing in the Fund. The Fund’s performance information reflects applicable fee waivers and/or expense limitations in effect during the period presented. Absent such fee waivers/expense limitations, if any, performance would have been lower. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">It does </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">not reflect charges and fees associated with a separate account that invests in the Fund or any insurance contract for which it is an investment option. Charges and fees will reduce returns.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Past results are not predictive of future results.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The bar chart below shows how the Fund’s investment results 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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">It does </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">not reflect charges and fees associated with a separate account that invests in the Fund or any insurance contract for which it is an investment option. Charges and fees will reduce returns.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> Past results are not predictive of future results.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;">Annual Returns as of December 31</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">12/31/2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">17.68%</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">3/31/2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">-29.05%</span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">The year-to-date return as of the most recent quarter, which </span><span style="font-family:Arial;font-size:10pt;">ended March 31, 2026, was -9.76%.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Best Quarter</span> 2020-12-31 0.1768 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Worst Quarter</span> 2020-03-31 -0.2905 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Average Annual Total Returns</span><span style="font-family:Arial;font-size:10pt;">As of December 31, 2025</span> 0.1290 0.1277 0.1104 2001-01-22 0.1502 0.1527 0.1318 0.1788 0.1442 0.1482 <span style="color:#000000;font-family:Arial;font-size:8pt;">Reflects no deduction for fees, expenses or taxes. Adjusted to reflect the reinvestment of dividends paid by issuers in the Index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">ProFund VP Health Care (the “Fund”) seeks investment results, before fees and expenses, that track the performance of the S&amp;P </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Health Care Select Sector Index (the “Index”).</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">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 </span><span style="color:#000000;font-family:Arial;font-size:10pt;">for more information about such charges and fees.</span> <span style="font-family:Arial;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Annual Fund Operating Expenses</span><span style="font-family:Arial;font-size:9pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of the </span><span style="font-family:Arial;font-size:9pt;margin-left:0.0pt;">value of your investment)</span> 0.0075 0.0025 0.0070 0.0004 0.0066 0.0170 -0.0002 0.0168 <span style="font-family:Arial;font-size:8pt;">April 30, 2027</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Example:</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> This example is intended to help you compare the cost </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">of investing in the Fund with the cost of investing in other </span><span style="color:#000000;font-family:Arial;font-size:10pt;">mutual funds. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">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 </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">be higher. Although your actual costs may be higher or lower, </span><span style="color:#000000;font-family:Arial;font-size:10pt;">based on these assumptions your approximate costs would be:</span> 171 534 921 2007 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund pays transaction and financing costs associated with the purchase and sale of securities. These costs are not reflected </span><span style="color:#000000;font-family:Arial;font-size:10pt;">in the table or the example above.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Portfolio Turnover</span> <span style="font-family:Arial;font-size:10pt;margin-left:0%;">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. 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 </span><span style="font-family:Arial;font-size:10pt;">511</span><span style="font-family:Arial;font-size:10pt;">% of the average value of </span><span style="font-family:Arial;font-size:10pt;">its portfolio.</span> 5.11 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund invests in securities that ProFund Advisors believes, in </span><span style="color:#000000;font-family:Arial;font-size:10pt;">combination, should track the performance of the Index.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Index is designed to measure the performance of health care companies included in the S&amp;P 500 Index. The S&amp;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 health care companies in the following industries according to the Global Industry Classification Standard (GICS): health care equipment &amp; supplies, health care providers &amp; services; health care technology; biotechnology; pharmaceuticals; and life sciences tools &amp; services. 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&amp;P Dow Jones Indices LLC. More information about the Index can be found using the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Bloomberg ticker symbol “IXV.” </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Under normal circumstances, the Fund will invest at least 80% of its total assets in components of the Index or in instruments </span><span style="color:#000000;font-family:Arial;font-size:10pt;">with similar economic characteristics.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Fund will invest principally in the securities listed below.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Equity Securities</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Common stock issued by public companies.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">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 returns consistent with its investment objective. The Fund seeks to remain fully invested at all times in financial instruments that, in combination, provide exposure consistent with the investment objective, without regard to market conditions, trends or direction. The Fund may also invest in or gain exposure to only a representative sample of the securities in </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">the Index or to securities not contained in the Index or in financial instruments, with the intent of obtaining exposure </span><span style="color:#000000;font-family:Arial;font-size:10pt;">consistent with the investment objective.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Please see “Investment Objectives, Principal Investment Strategies </span><span style="color:#000000;font-family:Arial;font-size:10pt;">and Related Risks” in the Fund’s Prospectus for additional details.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Risks</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">You could lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Health Care Industry Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The risks of investments in the industry include: heavy dependence on patent protection, with profitability affected by the expiration of patents; expenses and losses from extensive litigation based on product liability and similar claims; competitive forces that may make it difficult to raise prices and, in fact, may result in price discounting; the long and costly process for obtaining new product approval by the Food and Drug Administration; the difficulty health care providers may have obtaining staff to deliver service; susceptibility to product obsolescence; and thin capitalization and limited product lines, markets and financial resources or personnel.</span> <span style="font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Equity and Market Risk</span><span style="font-family:Arial;font-size:10pt;"> — 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,</span><span style="font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial;font-size:10pt;">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),</span><span style="font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial;font-size:10pt;">social unrest and other unforeseeable</span><span style="font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial;font-size:10pt;">events.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Correlation Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — A number of factors may affect the Fund’s ability to achieve a high degree of correlation with the Index. Fees, expenses, transaction costs, among other factors, will adversely impact the Fund’s ability to meet its investment objective. In addition, the Fund’s exposure may not be consistent with the Index. For example, the Fund may not have exposure to all of the securities in the Index, its weighting of securities may be different from that of the Index, and it may invest in instruments not included in the Index.</span> <span style="font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Industry Concentration Risk</span><span style="font-family:Arial;font-size:10pt;"> — 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 December 31, 2025, the Index had a significant portion of its value in issuers in the health care equipment &amp; services and </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">pharmaceuticals, biotechnology &amp; life sciences </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">industry groups.</span> <span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Health Care Equipment and Services Industry Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Companies in this industry may experience: increased emphasis on the delivery of health care through outpatient services, limited product lines, increase costs for research and development, and new market developments and regulatory changes in the health care industry.</span> <span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Pharmaceuticals, Biotechnology, and Life Sciences </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Industry Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Companies in this industry may experience: heavy dependence on patents and intellectual property rights; risks of new technologies and competitive pressures; large expenditures on research and development of products or services; regulations and restrictions imposed by the Food and Drug Administration, the Environmental Protection Agency, state and local governments, and foreign regulatory authorities; and thin capitalization and limited product lines, markets, financial resources or personnel.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Non-Diversification Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund has the ability to invest a relatively high percentage of its assets in the securities of a small number of issuers. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Index Performance Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Active Investor Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> —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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Early Close/Late Close/Trading Halt Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Results</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The bar chart below shows how the Fund’s investment results have varied from year to year, and the table shows how the Fund’s average annual total returns for various periods compare </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">with different broad measures of market performance.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> This </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">information provides some indication of the risks of investing in the Fund. The Fund’s performance information reflects applicable fee waivers and/or expense limitations in effect during the period presented. Absent such fee waivers/expense limitations, if any, performance would have been lower. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">It does </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">not reflect charges and fees associated with a separate account that invests in the Fund or any insurance contract for which it is an investment option. Charges and fees will reduce returns.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Past results are not predictive of future results.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The bar chart below shows how the Fund’s investment results have varied from year to year, and the table shows how the Fund’s average annual total returns for various periods compare </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">with different broad measures of market performance.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">It does </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">not reflect charges and fees associated with a separate account that invests in the Fund or any insurance contract for which it is an investment option. Charges and fees will reduce returns.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> Past results are not predictive of future results.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;">Annual Returns as of December 31</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">6/30/2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">14.98%</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">3/31/2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">-12.83%</span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">The year-to-date return as of the most recent quarter, which </span><span style="font-family:Arial;font-size:10pt;">ended March 31, 2026, was -5.32%.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Best Quarter</span> 2020-06-30 0.1498 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Worst Quarter</span> 2020-03-31 -0.1283 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Average Annual Total Returns</span><span style="font-family:Arial;font-size:10pt;">As of December 31, 2025</span> 0.1256 0.0550 0.0802 2001-01-22 0.1460 0.0821 0.0991 0.1788 0.1442 0.1482 <span style="color:#000000;font-family:Arial;font-size:8pt;">Reflects no deduction for fees, expenses or taxes. Adjusted to reflect the reinvestment of dividends paid by issuers in the Index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">ProFund VP Industrials (the “Fund”) seeks investment results, before fees and expenses, that track the performance of the S&amp;P </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Industrial Select Sector Index (the “Index”).</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">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 </span><span style="color:#000000;font-family:Arial;font-size:10pt;">for more information about such charges and fees.</span> <span style="font-family:Arial;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Annual Fund Operating Expenses</span><span style="font-family:Arial;font-size:9pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of the </span><span style="font-family:Arial;font-size:9pt;margin-left:0.0pt;">value of your investment)</span> 0.0075 0.0025 0.0069 0.0001 0.0068 0.0169 -0.0001 0.0168 <span style="font-family:Arial;font-size:8pt;">April 30, 2027</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Example:</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> This example is intended to help you compare the cost </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">of investing in the Fund with the cost of investing in other </span><span style="color:#000000;font-family:Arial;font-size:10pt;">mutual funds. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">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 </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">be higher. Although your actual costs may be higher or lower, </span><span style="color:#000000;font-family:Arial;font-size:10pt;">based on these assumptions your approximate costs would be:</span> 171 532 917 1997 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund pays transaction and financing costs associated with the purchase and sale of securities. These costs are not reflected </span><span style="color:#000000;font-family:Arial;font-size:10pt;">in the table or the example above.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Portfolio Turnover</span> <span style="font-family:Arial;font-size:10pt;margin-left:0%;">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. 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 </span><span style="font-family:Arial;font-size:10pt;">279</span><span style="font-family:Arial;font-size:10pt;">% of the average value of </span><span style="font-family:Arial;font-size:10pt;">its portfolio.</span> 2.79 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund invests in securities that ProFund Advisors believes, in </span><span style="color:#000000;font-family:Arial;font-size:10pt;">combination, should track the performance of the Index.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Index is designed to measure the performance of industrial companies included in the S&amp;P 500 Index. The S&amp;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 industrial companies in the following industries according to the Global Industry Classification Standard (GICS): aerospace &amp; defense; building products; construction &amp; engineering; electrical equipment; industrials conglomerates; machinery; trading companies &amp; distributors; commercial services &amp; supplies; professional services; air freight &amp; logistics; passenger airlines; marine transportation; ground transportation; and transportation infrastructure. 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&amp;P Dow Jones Indices LLC. More information about the Index can be found using the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Bloomberg ticker symbol “IXI.” </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Under normal circumstances, the Fund will invest at least 80% of its total assets in components of the Index or in instruments </span><span style="color:#000000;font-family:Arial;font-size:10pt;">with similar economic characteristics.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Fund will invest principally in the securities listed below.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Equity Securities</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Common stock issued by public companies.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">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 returns consistent with its investment objective. The Fund seeks to remain fully invested at all times in financial instruments that, in combination, provide exposure consistent </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">with the investment objective, without regard to market conditions, trends or direction. The Fund may also 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 exposure </span><span style="color:#000000;font-family:Arial;font-size:10pt;">consistent with the investment objective.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Please see “Investment Objectives, Principal Investment Strategies </span><span style="color:#000000;font-family:Arial;font-size:10pt;">and Related Risks” in the Fund’s Prospectus for additional details.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Risks</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">You could lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Industrials Industry Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The risks of investments in the industry include: adverse effects on stock prices by supply and demand both for their specific product or service and for industrials industry products in general; decline in demand for products due to rapid technological developments and frequent new product introduction; adverse effects on securities prices and profitability from government regulation, world events and economic conditions; and risks for environmental damage and product liability claims.</span> <span style="font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Equity and Market Risk</span><span style="font-family:Arial;font-size:10pt;"> — 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,</span><span style="font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial;font-size:10pt;">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),</span><span style="font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial;font-size:10pt;">social unrest and other unforeseeable</span><span style="font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial;font-size:10pt;">events.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Correlation Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — A number of factors may affect the Fund’s ability to achieve a high degree of correlation with the Index. Fees, expenses, transaction costs, among other factors, will adversely impact the Fund’s ability to meet its investment objective. In addition, the Fund’s exposure may not be consistent with the Index. For example, the Fund may not have exposure to all of the securities in the Index, its weighting of securities may be different from that of the Index, and it may invest in instruments not included in the Index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Industry Concentration Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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 </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">December 31, </span><span style="font-family:Arial;font-size:10pt;">2025, the Index had a significant portion of its </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">value in issuers in the capital goods and transportation </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">industry groups.</span> <span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Capital Goods Industry Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Companies in this industry may experience: fluctuations in business cycle, heavy dependence on corporate spending and by other factors affecting manufacturing demands, and may be affected by changing economic conditions</span> <span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Transportation Industry Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Companies in this industry may experience: cyclical revenues and earnings; adverse effects from governmental policies, such as taxes, tariffs, duties, subsidies, and import and export restrictions; fuel prices; grid-lock slow-downs; labor relations; extreme supply-demand fluctuations exacerbating supply route capacity; and inflation.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Index Performance Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Active Investor Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> —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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Early Close/Late Close/Trading Halt Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Results</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The bar chart below shows how the Fund’s investment results 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.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> This </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">information provides some indication of the risks of investing in the Fund. The Fund’s performance information reflects applicable fee waivers and/or expense limitations in effect during the period presented. Absent such fee waivers/expense limitations, if any, performance would have been lower. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">It does </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">not reflect charges and fees associated with a separate account that invests in the Fund or any insurance contract for which it is </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">an investment option. Charges and fees will reduce returns.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Past results are not predictive of future results.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The bar chart below shows how the Fund’s investment results 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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">It does </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">not reflect charges and fees associated with a separate account that invests in the Fund or any insurance contract for which it is </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">an investment option. Charges and fees will reduce returns.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> Past results are not predictive of future results.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;">Annual Returns as of December 31</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">6/30/2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">21.72%</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">3/31/2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">-25.58%</span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">The year-to-date return as of the most recent quarter, which </span><span style="font-family:Arial;font-size:10pt;">ended March 31, 2026, was 4.20%.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Best Quarter</span> 2020-06-30 0.2172 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Worst Quarter</span> 2020-03-31 -0.2558 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Average Annual Total Returns</span><span style="font-family:Arial;font-size:10pt;">As of December 31, 2025</span> 0.1725 0.0911 0.1145 2002-05-01 0.1942 0.1366 0.1346 0.1788 0.1442 0.1482 <span style="color:#000000;font-family:Arial;font-size:8pt;">Reflects no deduction for fees, expenses or taxes. Adjusted to reflect the reinvestment of dividends paid by issuers in the Index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">ProFund VP International (the “Fund”) seeks investment results, before fees and expenses, that track the performance of the MSCI </span><span style="color:#000000;font-family:Arial;font-size:10pt;">EAFE Index (the “Index”).</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund determines its success in meeting this investment objective by comparing its daily return on a given day with the daily performance of MSCI EAFE futures contracts traded in the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">United States.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">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 </span><span style="color:#000000;font-family:Arial;font-size:10pt;">for more information about such charges and fees.</span> <span style="font-family:Arial;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Annual Fund Operating Expenses</span><span style="font-family:Arial;font-size:9pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of the </span><span style="font-family:Arial;font-size:9pt;margin-left:0.0pt;">value of your investment)</span> 0.0075 0.0025 0.0067 0.0002 0.0065 0.0167 <span style="font-family:Arial;font-size:8pt;">April 30, 2027</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Example:</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> This example is intended to help you compare the cost </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">of investing in the Fund with the cost of investing in other </span><span style="color:#000000;font-family:Arial;font-size:10pt;">mutual funds. </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">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</span><span style="font-family:Arial;font-size:10pt;">, except that the fee waiver/expense</span><span style="font-family:Arial;font-size:10pt;margin-left:0%;"> reimbursement is assumed only to pertain to the first year</span><span style="font-family:Arial;font-size:10pt;">. It does not reflect separate account or insurance contract </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">fees or charges. If these charges were reflected, expenses would be higher. Although your actual costs may be higher or lower, </span><span style="color:#000000;font-family:Arial;font-size:10pt;">based on these assumptions your approximate costs would be:</span> 170 526 907 1976 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund pays transaction and financing costs associated with the purchase and sale of securities and derivatives. These costs </span><span style="color:#000000;font-family:Arial;font-size:10pt;">are not reflected in the table or the example above.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">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. 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 </span><span style="color:#000000;font-family:Arial;font-size:10pt;">0</span><span style="color:#000000;font-family:Arial;font-size:10pt;">% of the average value of its </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">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 </span><span style="color:#000000;font-family:Arial;font-size:10pt;">would be significantly higher.</span> 0 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund invests in financial instruments that ProFund Advisors believes, in combination, should track the performance of </span><span style="color:#000000;font-family:Arial;font-size:10pt;">the Index.</span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">The Index is designed to measure the performance of large and mid-capitalization companies across 21 developed market countries around the world, excluding the U.S. and Canada. As of December 31, </span><span style="font-family:Arial;font-size:10pt;">2025, the Index included companies from the </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">following </span><span style="font-family:Arial;font-size:10pt;">countries: Australia, Austria, Belgium, Denmark, </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, and the United Kingdom. The Index seeks to include 85% of the market capitalization across those countries and selects companies based on their market capitalization and liquidity. These companies are then weighted based on market capitalization. The Index’s composition and assigned weights are reevaluated semi-annually in May and November with a more limited reevaluation occurring in February and August. The Index is constructed and maintained by MSCI Inc. More information about the Index can be found using </span><span style="font-family:Arial;font-size:10pt;">the Bloomberg ticker symbol “MXEA.”</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Under normal circumstances, the Fund will invest at least 80% of its total assets in components of the Index or in instruments </span><span style="color:#000000;font-family:Arial;font-size:10pt;">with similar economic characteristics.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund will invest principally in the financial instruments </span><span style="color:#000000;font-family:Arial;font-size:10pt;">listed below.</span><span style="font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Derivatives</span><span style="font-family:Arial;font-size:10pt;"> — 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 </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">Fund invests in derivatives </span><span style="font-family:Arial;font-size:10pt;">(e.g. swap agreements and futures </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">contracts)</span><span style="font-family:Arial;font-size:10pt;"> in order to gain exposure to the Index. These </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">derivatives principally include:</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Swap Agreements</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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.</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Futures Contracts</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Standardized contracts that obligate the parties to buy or sell an asset at a predetermined price and date in the future.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Money Market Instruments</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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:</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">U.S. Treasury Bills</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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.</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Repurchase Agreements</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">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 returns consistent with its investment objective. The Fund seeks to remain fully invested at all times in financial instruments that, in combination, provide exposure consistent with the investment objective, without regard to market conditions, trends or direction. The Fund may also 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 exposure </span><span style="color:#000000;font-family:Arial;font-size:10pt;">consistent with the investment objective.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Please see “Investment Objectives, Principal Investment Strategies </span><span style="color:#000000;font-family:Arial;font-size:10pt;">and Related Risks” in the Fund’s Prospectus for additional details.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Risks</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Valuation Time Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Due to differences in trading hours between U.S. and foreign markets and because the level of the Index may be determined using prices obtained at times other than the Fund’s net asset value (“NAV”) calculation time, the percentage change of the Fund’s NAV per share each day may differ, perhaps significantly, from the Daily Target. This is due primarily to the time difference in determining the level of the Index (11:30 a.m., Eastern Time) and valuation of the Fund (4:00 p.m., Eastern Time). As such, correlation to the Index will generally be measured by comparing the daily change in the Fund’s NAV per share to the performance of one or more U.S. exchange-traded securities or financial instruments that reflect the values of the securities underlying the Index as of the Fund’s NAV calculation time. In addition, in certain cases, the Fund’s portfolio investments trade in markets on days and at times when the Fund is not open for </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">business. As a result, the value of the Fund may change, perhaps significantly, on days and at times when shareholders </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">are unable to purchase, redeem, or exchange shares.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">You could lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Derivatives Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Investing in derivatives to obtain 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 </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">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 </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Fund’s return.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Counterparty Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Foreign Investments Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Exposure to securities of foreign issuers may provide the Fund with increased risk. Foreign investments may be more susceptible to political, social, economic and regional factors than may be the case with U.S. securities. In addition, markets for foreign investments are usually less liquid, more volatile and significantly smaller than markets for U.S. securities, which may affect, among other things, the Fund’s ability to purchase or sell foreign investments at appropriate times and prices. Because of differences in settlement times and/or foreign market holidays, transactions in a foreign market may take place one or more days after the necessary exposure to these investments is determined.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Foreign Currency Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Investments linked to or denominated in foreign currencies are exposed to additional risk factors versus those investments denominated in U.S. dollars and linked to U.S. investments. The value of an investment linked to or denominated in a foreign currency could change significantly as foreign currencies strengthen or weaken relative to the U.S. dollar.</span> <span style="font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Equity and Market Risk</span><span style="font-family:Arial;font-size:10pt;"> — 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,</span><span style="font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial;font-size:10pt;">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),</span><span style="font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial;font-size:10pt;">social unrest and other unforeseeable</span><span style="font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial;font-size:10pt;">events.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Money Market Instruments Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Adverse economic, political or market events affecting issuers of money market </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">instruments, defaults by counterparties or changes in government regulations may have a negative impact on the </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">performance of the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Correlation Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — A number of factors may affect the Fund’s ability to achieve a high degree of correlation with the Index. Fees, expenses, transaction costs, among other factors, will adversely impact the Fund’s ability to meet its investment objective. In addition, the Fund’s exposure may not be consistent with the Index. For example, the Fund may not have exposure to all of the securities in the Index, its weighting of securities may be different from that of the Index, and it may invest in instruments not included in the Index.</span> <span style="font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Industry Concentration Risk</span><span style="font-family:Arial;font-size:10pt;"> — 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 December 31, 2025, the Index had a significant portion of its value in issuers in the financials and industrials industry groups.</span> <span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Financials Industry Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Companies in this industry may experience: extensive governmental regulation and/or nationalization that affects the scope of their activities, the prices they can charge and the amount of capital they must maintain; adverse effects from increases in interest rates; adverse effects on profitability by loan losses; and severe competition.</span> <span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Industrials Industry Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Companies in this industry may experience: adverse effects on stock prices by supply and demand both for their specific product or service and for industrials industry products in general; declining demand; and changing government regulation.</span> <span style="font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Geographic Concentration Risk</span><span style="font-family:Arial;font-size:10pt;"> — Because the Fund focuses its investments in one or more foreign countries, an investment in the Fund may be more volatile than a more geographically diversified fund. The performance of the Fund will be affected by the political, social and economic conditions in those foreign countries and subject to the related risks. As of December 31, 2025, the Index had a significant portion of its value in issuers in Japan.</span> <span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Japanese Investments Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Investments in Japan are subject to risks including, but not limited to political, economic, or social instability in Japan; risks associated with Japan’s large government deficit; the prevalence and likelihood of natural disasters in Japan; and heavy dependence on international trade and reliant on imports for its commodity needs. Because of its trade </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">dependence, the Japanese economy is particularly exposed to the risks of currency fluctuation, foreign trade policy and regional and global economic disruption, including the risk of increased tariffs, </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00pt;">embargoes, and other trade limitations.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Non-Diversification Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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 Fund’s performance will decline based on the performance of a single issuer or the credit of a single counterparty.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Index Performance Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Active Investor Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> —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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Early Close/Late Close/Trading Halt Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Results</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The bar chart below shows how the Fund’s investment results have varied from year to year, and the table shows how the Fund’s average annual total returns for various periods compare with a broad measure of market performance.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> This information </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">provides some indication of the risks of investing in the Fund. The Fund’s performance information reflects applicable fee waivers and/or expense limitations in effect during the period presented. Absent such fee waivers/expense limitations, if any, performance would have been lower. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">It does not reflect charges </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">and fees associated with a separate account that invests in the Fund or any insurance contract for which it is an investment option. Charges and fees will reduce returns.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Past results are not predictive of future results.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The bar chart below shows how the Fund’s investment results have varied from year to year, and the table shows how the Fund’s average annual total returns for various periods compare with a broad measure of market performance.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">It does not reflect charges </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">and fees associated with a separate account that invests in the Fund or any insurance contract for which it is an investment option. Charges and fees will reduce returns.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> Past results are not predictive of future results.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;">Annual Returns as of December 31</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">12/31/2022</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">17.02%</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">3/31/2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">-22.38%</span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">The year-to-date return as of the most recent quarter, which </span><span style="font-family:Arial;font-size:10pt;">ended March 31, 2026, was 0.72%.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Best Quarter</span> 2022-12-31 0.1702 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Worst Quarter</span> 2020-03-31 -0.2238 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Average Annual Total Returns</span><span style="font-family:Arial;font-size:10pt;">As of December 31, 2025</span> 0.2797 0.0629 0.0560 2007-08-31 0.3122 0.0892 0.0818 <span style="color:#000000;font-family:Arial;font-size:8pt;">Reflects no deduction for fees, expenses or taxes. Returns are gross returns that do not reflect the reduction of any </span><span style="color:#000000;font-family:Arial;font-size:8pt;margin-left:0.00%;">withholding taxes, and are adjusted to reflect the reinvestment </span><span style="color:#000000;font-family:Arial;font-size:8pt;">of dividends paid by companies in the Index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">ProFund VP Internet (the “Fund”) seeks investment results, before fees and expenses, that track the performance of the Dow </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Jones Internet Composite</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-4.25pt;">SM</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Index (the “Index”).</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">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 </span><span style="color:#000000;font-family:Arial;font-size:10pt;">for more information about such charges and fees.</span> <span style="font-family:Arial;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Annual Fund Operating Expenses</span><span style="font-family:Arial;font-size:9pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of the </span><span style="font-family:Arial;font-size:9pt;margin-left:0.0pt;">value of your investment)</span> 0.0075 0.0025 0.0071 0.0003 0.0068 0.0171 -0.0003 0.0168 <span style="font-family:Arial;font-size:8pt;">April 30, 2027</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Example:</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> This example is intended to help you compare the cost </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">of investing in the Fund with the cost of investing in other </span><span style="color:#000000;font-family:Arial;font-size:10pt;">mutual funds. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">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 </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">fees or charges. If these charges were reflected, expenses would be higher. Although your actual costs may be higher or lower, </span><span style="color:#000000;font-family:Arial;font-size:10pt;">based on these assumptions your approximate costs would be:</span> 171 536 925 2017 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund pays transaction and financing costs associated with the purchase and sale of securities. These costs are not reflected </span><span style="color:#000000;font-family:Arial;font-size:10pt;">in the table or the example above.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Portfolio Turnover</span> <span style="font-family:Arial;font-size:10pt;margin-left:0%;">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. 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 </span><span style="font-family:Arial;font-size:10pt;">47</span><span style="font-family:Arial;font-size:10pt;">% of the average value of </span><span style="font-family:Arial;font-size:10pt;">its portfolio.</span> 0.47 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund invests in securities that ProFund Advisors believes, in </span><span style="color:#000000;font-family:Arial;font-size:10pt;">combination, should track the performance of the Index.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Index is designed to measure the performance of the 40 largest and most actively traded stocks of U.S. companies in the internet industry. The Index is comprised of two sub-indexes, the Dow Jones Internet Commerce Index which measures the performance of stocks from the internet commerce sector and the Dow Jones Internet Services Index which measures the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">performance of companies from the internet services sector.   </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">Companies in the internet commerce sector must derive the majority of their sales or revenue from online retail, search, financial services, investment products, social media, advertising, travel platforms, internet ratio, blockchain technologies, and cryptocurrency. Companies in the internet services sector must derive the majority of their sales or revenue from </span><span style="font-family:Arial;font-size:10pt;">various services performed via the internet, cloud </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">computing, enterprise software, networking capabilities, website </span><span style="font-family:Arial;font-size:10pt;">creation tools, and digital marketing platforms.  </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Index selects 15 companies from the internet commerce sector and 25 companies from internet services sector based on market capitalization and liquidity.  Selected companies are then weighted based on market capitalization. The Index’s composition and the assigned weights are reevaluated every quarter in March, June, September, and December. The Index is constructed and maintained by S&amp;P Dow Jones Indices LLC. More information about the Index can be found using the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Bloomberg ticker symbol “DJINET.” </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Under normal circumstances, the Fund will invest at least 80% of its total assets in components of the Index or in instruments </span><span style="color:#000000;font-family:Arial;font-size:10pt;">with similar economic characteristics.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Fund will invest principally in the securities listed below.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Equity Securities</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Common stock issued by public companies.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">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 returns consistent with its investment objective. The Fund seeks to remain fully invested at all times in financial instruments that, in combination, provide exposure consistent with the investment objective, without regard to market conditions, trends or direction. The Fund may also 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 exposure </span><span style="color:#000000;font-family:Arial;font-size:10pt;">consistent with the investment objective.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Please see “Investment Objectives, Principal Investment Strategies </span><span style="color:#000000;font-family:Arial;font-size:10pt;">and Related Risks” in the Fund’s Prospectus for additional details.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Risks</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">You could lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Internet Companies Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Internet companies are subject to rapid changes in technology, worldwide competition, rapid obsolescence of products and services, loss of patent protections, cyclical market patterns, evolving industry standards, frequent new product introductions and the considerable risk of owning small capitalization companies that have recently begun operations. In addition, the stocks of many internet companies have exceptionally high price-to-earnings ratios with little or no earnings histories. Many internet companies have experienced extreme price and volume fluctuations that often have been unrelated to their operating performance.</span> <span style="font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Equity and Market Risk</span><span style="font-family:Arial;font-size:10pt;"> — 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,</span><span style="font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial;font-size:10pt;">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),</span><span style="font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial;font-size:10pt;">social unrest and other unforeseeable</span><span style="font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial;font-size:10pt;">events.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Correlation Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — A number of factors may affect the Fund’s ability to achieve a high degree of correlation with the Index. Fees, expenses, transaction costs, among other factors, will adversely impact the Fund’s ability to meet its investment </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">objective. In addition, the Fund’s exposure may not be consistent with the Index. For example, the Fund may not have exposure to all of the securities in the Index, its weighting of securities may be different from that of the Index, and it may invest in instruments not included in </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">the Index.</span> <span style="font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Industry Concentration Risk</span><span style="font-family:Arial;font-size:10pt;"> — 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 December 31, 2025, the Index had a significant portion of its value in issuers in the consumer discretionary, media &amp; entertainment and software &amp; services industry groups.</span> <span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Consumer Discretionary Industry Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Companies in this industry may experience: impact of changing economic conditions, interest rates, competition and consumer confidence; heavy dependence on disposable household income and consumer spending; severe competition; and changes in demographics and consumer tastes.</span> <span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Media and Entertainment Industry Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Companies in this sector may experience: high costs of research and development of new content and services; changing consumer tastes, and changing consumer discretionary income patterns.</span> <span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Software and Services Industry Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Companies in this industry may experience: competitive pressures, such as aggressive pricing, technological developments, cyclical market patterns, changing domestic demand, the ability to attract and retain skilled employees, and dependence on intellectual property rights and potential loss or impairment of those rights.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Non-Diversification Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund has the ability to invest a relatively high percentage of its assets in the securities of a small number of issuers. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Index Performance Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Active Investor Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> —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 </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">current estimates or the historical ratio disclosed in this Prospectus. In addition, this will increase portfolio turnover </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">and may result in additional costs for the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Early Close/Late Close/Trading Halt Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Results</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The bar chart below shows how the Fund’s investment results 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.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> This </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">information provides some indication of the risks of investing in the Fund. The Fund’s performance information reflects applicable fee waivers and/or expense limitations in effect during the period presented. Absent such fee waivers/expense limitations, if any, performance would have been lower. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">It does </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">not reflect charges and fees associated with a separate account that invests in the Fund or any insurance contract for which it is an investment option. Charges and fees will reduce returns.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Past results are not predictive of future results.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The bar chart below shows how the Fund’s investment results 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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">It does </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">not reflect charges and fees associated with a separate account that invests in the Fund or any insurance contract for which it is an investment option. Charges and fees will reduce returns.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> Past results are not predictive of future results.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;">Annual Returns as of December 31</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">6/30/2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">37.41%</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">6/30/2022</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">-32.44%</span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">The year-to-date return as of the most recent quarter, which </span><span style="font-family:Arial;font-size:10pt;">ended March 31, 2026, was -13.37%.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Best Quarter</span> 2020-06-30 0.3741 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Worst Quarter</span> 2022-06-30 -0.3244 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Average Annual Total Returns</span><span style="font-family:Arial;font-size:10pt;">As of December 31, 2025</span> 0.0913 0.0371 0.1240 2002-05-01 0.1115 0.0538 0.1429 0.1788 0.1442 0.1482 <span style="color:#000000;font-family:Arial;font-size:8pt;">Reflects no deduction for fees, expenses or taxes. Adjusted to reflect the reinvestment of dividends paid by issuers in the Index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">ProFund VP Japan (the “Fund”) seeks investment results, before fees and expenses, that track the performance of the Nikkei 225 </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Stock Average (the “Index”).</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund seeks to provide a return consistent with an investment in the component equities in the Index hedged to U.S. dollars. The Fund seeks to provide a return based solely on the local price return of the equity securities in the Index, without any effect from currency movements in the yen versus </span><span style="color:#000000;font-family:Arial;font-size:10pt;">the U.S. dollar. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund determines its success in meeting this investment objective by comparing its daily return on a given day with the daily performance of the dollar-denominated Nikkei 225 futures </span><span style="color:#000000;font-family:Arial;font-size:10pt;">contracts traded in the United States.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">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 </span><span style="color:#000000;font-family:Arial;font-size:10pt;">for more information about such charges and fees.</span> <span style="font-family:Arial;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Annual Fund Operating Expenses</span><span style="font-family:Arial;font-size:9pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of the </span><span style="font-family:Arial;font-size:9pt;margin-left:0.0pt;">value of your investment)</span> 0.0075 0.0025 0.0068 0.0003 0.0065 0.0168 <span style="font-family:Arial;font-size:8pt;">April 30, 2027</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Example:</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> This example is intended to help you compare the cost </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">of investing in the Fund with the cost of investing in other </span><span style="color:#000000;font-family:Arial;font-size:10pt;">mutual funds. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">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/</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">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, </span><span style="color:#000000;font-family:Arial;font-size:10pt;">based on these assumptions your approximate costs would be:</span> 171 530 913 1987 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund pays transaction and financing costs associated with the purchase and sale of securities and derivatives. These costs </span><span style="color:#000000;font-family:Arial;font-size:10pt;">are not reflected in the table or the example above.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">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. 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 </span><span style="color:#000000;font-family:Arial;font-size:10pt;">0</span><span style="color:#000000;font-family:Arial;font-size:10pt;">% of the average value of its </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">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 </span><span style="color:#000000;font-family:Arial;font-size:10pt;">would be significantly higher.</span> 0 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund invests in financial instruments that ProFund Advisors believes, in combination, should track the performance of </span><span style="color:#000000;font-family:Arial;font-size:10pt;">the Index.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Index is designed to measure the performance of 225 highly liquid companies listed on the Tokyo Stock Exchange Prime Market. The Index selects 225 highly liquid companies in a manner intended to maintain long-term continuity and to reflect the changes in the industry structure. The 225 companies selected are then weighted based on their price. The Index’s composition is reevaluated twice a year in April and October. The Index is constructed and maintained by Nikkei Inc. More information about the Index can be found using the Bloomberg </span><span style="color:#000000;font-family:Arial;font-size:10pt;">ticker symbol “NKY.” </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Under normal circumstances, the Fund will invest at least 80% of its total assets in components of the Index or in instruments </span><span style="color:#000000;font-family:Arial;font-size:10pt;">with similar economic characteristics.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund will invest principally in the financial instruments </span><span style="color:#000000;font-family:Arial;font-size:10pt;">listed below.</span><span style="font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Derivatives</span><span style="font-family:Arial;font-size:10pt;"> — 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 and futures contracts) in order to gain exposure to the Index. These derivatives principally include:</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Swap Agreements</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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 </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">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 </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00pt;">investment or instrument.</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Futures Contracts</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Standardized contracts that obligate the parties to buy or sell an asset at a predetermined price and date in the future.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Money Market Instruments</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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:</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">U.S. Treasury Bills</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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.</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Repurchase Agreements</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">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 returns consistent with its investment objective. The Fund seeks to remain fully invested at all times in financial instruments that, in combination, provide exposure consistent with the investment objective, without regard to market conditions, trends or direction. The Fund may also 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 exposure </span><span style="color:#000000;font-family:Arial;font-size:10pt;">consistent with the investment objective.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Please see “Investment Objectives, Principal Investment Strategies </span><span style="color:#000000;font-family:Arial;font-size:10pt;">and Related Risks” in the Fund’s Prospectus for additional details.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Risks</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Valuation Time Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Due to differences in trading hours between U.S. and foreign markets and because the level of the Index may be determined using prices obtained at times other than the Fund’s net asset value (“NAV”) calculation time, the percentage change of the Fund’s NAV per share each day may differ, perhaps significantly, from the Daily Target. This is due primarily to the time difference in determining the level of the Index (3:00 p.m., Japan Standard Time) and valuation of the Fund (4:00 p.m., Eastern Time). As such, correlation to </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">the Index will generally be measured by comparing the daily change in the Fund’s NAV per share to the performance of one or more U.S. exchange-traded securities or financial instruments that reflect the values of the securities underlying the Index as of the Fund’s NAV calculation time. In addition, in certain cases, the Fund’s portfolio investments trade in markets on days and at times when the Fund is not open for business. As a result, the value of the Fund may change, perhaps significantly, on days and at times when shareholders </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">are unable to purchase, redeem, or exchange shares.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">You could lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Derivatives Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Investing in derivatives to obtain 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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Counterparty Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund may lose money if a counterparty does not meet its contractual obligations. With </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">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 </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">in other derivatives to achieve its investment objective.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Japanese Investments Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Investments in Japan are subject to risks including, but not limited to (i) political, economic, or social instability in Japan; (ii) risks associated with Japan’s large government deficit; (iii) natural disasters particularly likely to occur in Japan; (iv) risks associated with an increasingly aging and declining population that is likely to strain Japan’s social welfare and pension systems; and (v) relatively high unemployment. Since the year 2000, Japan’s economic growth rate has remained relatively low. As an island nation, Japan has limited natural resources and land area, and the Japanese economy is heavily dependent on international trade and reliant on imports for its commodity needs. Fluctuations or shortages in the commodity markets may negatively impact the Japanese economy. Slowdowns in the U.S. and/or China and other Southeast Asian countries, including economic, political or social instability in such countries, could have a negative impact on Japan. Because of its trade dependence, the Japanese economy is particularly exposed to the risks of currency fluctuation, foreign trade policy and regional and global economic disruption, including the risk of increased tariffs, embargoes, and other trade limitations. Strained relationships between Japan and its neighboring countries, including China, South Korea and North Korea, based on historical grievances, territorial disputes, and defense concerns, may also inject uncertainty into Japanese markets. As a result, additional tariffs, other trade barriers, or boycotts may have an adverse impact on the Japanese economy.</span> <span style="font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Equity and Market Risk</span><span style="font-family:Arial;font-size:10pt;"> — 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,</span><span style="font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial;font-size:10pt;">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),</span><span style="font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial;font-size:10pt;">social unrest and other unforeseeable</span><span style="font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial;font-size:10pt;">events.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Foreign Investments Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Exposure to securities of foreign issuers may provide the Fund with increased risk. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">Foreign investments may be more susceptible to political, social, economic and regional factors than may be the case with U.S. securities. In addition, markets for foreign investments are usually less liquid, more volatile and significantly smaller than markets for U.S. securities, which may affect, among other things, the Fund’s ability to purchase or sell foreign investments at appropriate times and prices. Because of differences in settlement times and/or foreign market holidays, transactions in a foreign market may take place one or more days after the necessary exposure to these </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">investments is determined.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Foreign Currency Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Investments linked to or denominated in foreign currencies are exposed to additional risk factors versus those investments denominated in U.S. dollars and linked to U.S. investments. The value of an investment linked to or denominated in a foreign currency could change significantly as foreign currencies strengthen or weaken relative to the U.S. dollar.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Money Market Instruments Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Correlation Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — A number of factors may affect the Fund’s ability to achieve a high degree of correlation with the Index. Fees, expenses, transaction costs, among other factors, will adversely impact the Fund’s ability to meet its investment objective. In addition, the Fund’s exposure may not be consistent with the Index. For example, the Fund may not have exposure to all of the securities in the Index, its weighting of securities may be different from that of the Index, and it may invest in instruments not included in the Index.</span> <span style="font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Industry Concentration Risk</span><span style="font-family:Arial;font-size:10pt;"> — 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 December 31, 2025, the Index had a significant portion of its value in issuers in the consumer discretionary, industrials and information technology industry groups.</span> <span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Consumer Discretionary Industry Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Companies in this industry may experience: impact of changing economic conditions, interest rates, competition and consumer confidence; heavy dependence on disposable household income and consumer spending; severe competition; and changes in demographics and consumer tastes.</span> <span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Industrials Industry Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Companies in this industry may experience: adverse effects on stock prices by supply and demand both for their specific product or service </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">and for industrials industry products in general; </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00pt;">declining demand; and changing government regulation.</span> <span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Information Technology Industry Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Companies in this industry may experience: intense competition, obsolescence of existing technology, and changing economic conditions and government regulation.</span> <span style="font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Geographic Concentration Risk</span><span style="font-family:Arial;font-size:10pt;"> — Because the Fund focuses its investments in one or more foreign countries, an investment in the Fund may be more volatile than a more geographically diversified fund. The performance of the Fund will be affected by the political, social and economic conditions in those foreign countries and subject to the related risks. As of December 31, 2025, the Index had a significant portion of its value in issuers in Japan.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Non-Diversification Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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 Fund’s performance will decline based on the performance of a single issuer or the credit of a single counterparty.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Index Performance Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Active Investor Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> —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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Early Close/Late Close/Trading Halt Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Results</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The bar chart below shows how the Fund’s investment results 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.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> This </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">information provides some indication of the risks of investing in the Fund. The Fund’s performance information reflects applicable fee waivers and/or expense limitations in effect during the period presented. Absent such fee waivers/expense limitations, if any, performance would have been lower. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">It does </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">not reflect charges and fees associated with a separate account that invests in the Fund or any insurance contract for which it is an investment option. Charges and fees will reduce returns.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Past results are not predictive of future results.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The bar chart below shows how the Fund’s investment results 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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">It does </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">not reflect charges and fees associated with a separate account that invests in the Fund or any insurance contract for which it is an investment option. Charges and fees will reduce returns.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> Past results are not predictive of future results.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;">Annual Returns as of December 31</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">3/31/2024</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">22.83%</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">3/31/2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">-19.12%</span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">The year-to-date return as of the most recent quarter, which </span><span style="font-family:Arial;font-size:10pt;">ended March 31, 2026, was 5.53%.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Best Quarter</span> 2024-03-31 0.2283 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Worst Quarter</span> 2020-03-31 -0.1912 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Average Annual Total Returns</span><span style="font-family:Arial;font-size:10pt;">As of December 31, 2025</span> 0.3069 0.1499 0.1139 2002-05-01 0.2932 0.0594 0.0951 0.2865 0.1510 0.1238 0.2299 0.1279 0.1285 <span style="color:#000000;font-family:Arial;font-size:8pt;">Reflects no deduction for fees, expenses or taxes. Returns are gross returns that do not reflect the reduction of any withholding taxes, and are adjusted to reflect the reinvestment of dividends paid by companies in the Index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">ProFund VP Large-Cap Growth (the “Fund”) seeks investment results, before fees and expenses, that track the performance of </span><span style="color:#000000;font-family:Arial;font-size:10pt;">the S&amp;P 500</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-4.25pt;">®</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Growth Index (the “Index”).</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">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 </span><span style="color:#000000;font-family:Arial;font-size:10pt;">for more information about such charges and fees.</span> <span style="font-family:Arial;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Annual Fund Operating Expenses</span><span style="font-family:Arial;font-size:9pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of the </span><span style="font-family:Arial;font-size:9pt;margin-left:0.0pt;">value of your investment)</span> 0.0075 0.0025 0.0069 0.0001 0.0068 0.0169 -0.0001 0.0168 <span style="font-family:Arial;font-size:8pt;">April 30, 2027</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Example:</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> This example is intended to help you compare the cost </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">of investing in the Fund with the cost of investing in other </span><span style="color:#000000;font-family:Arial;font-size:10pt;">mutual funds. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">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 </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">fees or charges. If these charges were reflected, expenses would be higher. Although your actual costs may be higher or lower, </span><span style="color:#000000;font-family:Arial;font-size:10pt;">based on these assumptions your approximate costs would be:</span> 171 532 917 1997 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund pays transaction and financing costs associated with the purchase and sale of securities and derivatives. These costs </span><span style="color:#000000;font-family:Arial;font-size:10pt;">are not reflected in the table or the example above.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Portfolio Turnover</span> <span style="font-family:Arial;font-size:10pt;margin-left:0%;">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. 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 </span><span style="font-family:Arial;font-size:10pt;">121</span><span style="font-family:Arial;font-size:10pt;">% of the average value of </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">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 </span><span style="font-family:Arial;font-size:10pt;">would be significantly higher.</span> 1.21 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund invests in financial instruments that ProFund Advisors believes, in combination, should track the performance of </span><span style="color:#000000;font-family:Arial;font-size:10pt;">the Index.</span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">The Index is designed to measure the performance of growth stocks included in the S&amp;P 500 Index. The S&amp;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 the stocks in the S&amp;P 500 Index with the strongest growth characteristics based on: sales growth, </span><span style="font-family:Arial;font-size:10pt;">changes in earnings over </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">price</span><span style="font-family:Arial;font-size:10pt;">, and momentum. The selected stocks are then weighted </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">based on market capitalization. The Index’s composition and assigned weights are reevaluated annually in December with additional weight adjustments in March, June and September. The Index is constructed and maintained by S&amp;P Dow Jones Indices LLC. More information about the Index can be found </span><span style="font-family:Arial;font-size:10pt;">using the Bloomberg ticker symbol “SGX.” </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Under normal circumstances, the Fund will invest at least 80% of its total assets in components of the Index or in instruments </span><span style="color:#000000;font-family:Arial;font-size:10pt;">with similar economic characteristics.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund will invest principally in the financial instruments </span><span style="color:#000000;font-family:Arial;font-size:10pt;">listed below.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Equity Securities</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Common stock issued by public companies.</span><span style="font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Derivatives</span><span style="font-family:Arial;font-size:10pt;"> — 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 </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">Fund invests in derivatives </span><span style="font-family:Arial;font-size:10pt;">(e.g. swap agreements and futures </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">contracts)</span><span style="font-family:Arial;font-size:10pt;"> in order to gain exposure to the Index. These </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">derivatives principally include:</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Swap Agreements</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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.</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Futures Contracts</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Standardized contracts that obligate the parties to buy or sell an asset at a predetermined price and date in the future.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Money Market Instruments</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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:</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">U.S. Treasury Bills</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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.</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Repurchase Agreements</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">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 returns consistent with its investment objective. The Fund seeks to remain fully invested at all times in financial instruments that, in combination, provide exposure consistent with the investment objective, without regard to market conditions, trends or direction. The Fund may also 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 exposure </span><span style="color:#000000;font-family:Arial;font-size:10pt;">consistent with the investment objective.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund may operate as “non-diversified” as defined under the Investment Company Act of 1940, as amended, solely as a result of a change in relative market capitalization or index weighting </span><span style="color:#000000;font-family:Arial;font-size:10pt;">of one or more constituents of the Index.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Please see “Investment Objectives, Principal Investment Strategies </span><span style="color:#000000;font-family:Arial;font-size:10pt;">and Related Risks” in the Fund’s Prospectus for additional details.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Risks</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">You could lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Derivatives Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Investing in derivatives to obtain exposure may be considered aggressive and may expose the Fund to greater risks including counterparty risk and </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">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 </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Fund’s return.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Counterparty Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Large-Cap Company Investment Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Although returns on investments in large-cap companies are often perceived as being less volatile than the returns of companies with smaller market capitalizations, the return on large-cap securities could trail the returns on investments in smaller and mid-sized companies for a number of reasons. For example, large-cap companies may be unable to respond quickly to new competitive challenges, such as changes in technology, and also may not be able to attain the high growth rate of successful smaller companies.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Growth Investing Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — An investment in growth stocks may be susceptible to rapid price swings, especially during periods of economic uncertainty. Growth stocks typically have little or no dividend income to cushion the effect of adverse market conditions and may be particularly volatile in the event of earnings disappointments or other financial difficulties experienced by the issuer.</span> <span style="font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Equity and Market Risk</span><span style="font-family:Arial;font-size:10pt;"> — 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,</span><span style="font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial;font-size:10pt;">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),</span><span style="font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial;font-size:10pt;">social unrest and other unforeseeable</span><span style="font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial;font-size:10pt;">events.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Money Market Instruments Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Correlation Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — A number of factors may affect the Fund’s ability to achieve a high degree of correlation with the Index. Fees, expenses, transaction costs, among other factors, will adversely impact the Fund’s ability to meet its investment objective. In addition, the Fund’s exposure may not be consistent with the Index. For example, the Fund may not have exposure to all of the securities in the Index, its weighting of securities may be different from that of the Index, and it may invest in instruments not included in the Index.</span> <span style="font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Industry Concentration Risk</span><span style="font-family:Arial;font-size:10pt;"> — 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 December 31, 2025, the Index had a significant portion of its value in issuers in the communication services and information technology industry groups.</span> <span style="font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Communication Services Industry Risk</span><span style="font-family:Arial;font-size:10pt;"> — Companies in this industry may experience: product obsolescence; increased research and development costs and capital requirements to formulate new products and services; and regulation by the Federal Communications Commission and various state regulatory authorities.</span> <span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Information Technology Industry Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Companies in this industry may experience: intense competition, obsolescence of existing technology, and changing economic conditions and government regulation.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Non-Diversification Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — To the extent that the Fund operates as “non-diversified” as necessary to approximate the composition of the Index, it may invest a relatively high percentage of its assets in the securities of a small number of </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">issuers. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">performance of a single issuer.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Index Performance Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Active Investor Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> —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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Early Close/Late Close/Trading Halt Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Results</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The bar chart below shows how the Fund’s investment results 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.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> This </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">information provides some indication of the risks of investing in the Fund. The Fund’s performance information reflects applicable fee waivers and/or expense limitations in effect during the period presented. Absent such fee waivers/expense limitations, if any, performance would have been lower. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">It does </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">not reflect charges and fees associated with a separate account </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">that invests in the Fund or any insurance contract for which it is an investment option. Charges and fees will reduce returns.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Past results are not predictive of future results.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The bar chart below shows how the Fund’s investment results 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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">It does </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">not reflect charges and fees associated with a separate account </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">that invests in the Fund or any insurance contract for which it is an investment option. Charges and fees will reduce returns.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> Past results are not predictive of future results.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;">Annual Returns as of December 31</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">6/30/2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">25.36%</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">6/30/2022</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">-21.22%</span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">The year-to-date return as of the most recent quarter, which </span><span style="font-family:Arial;font-size:10pt;">ended March 31, 2026, was -8.42%.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Best Quarter</span> 2020-06-30 0.2536 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Worst Quarter</span> 2022-06-30 -0.2122 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Average Annual Total Returns</span><span style="font-family:Arial;font-size:10pt;">As of December 31, 2025</span> 0.1996 0.1307 0.1495 2004-05-03 0.2218 0.1504 0.1699 0.1788 0.1442 0.1482 <span style="color:#000000;font-family:Arial;font-size:8pt;">Reflects no deduction for fees, expenses or taxes. Adjusted to reflect the reinvestment of dividends paid by issuers in the Index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">ProFund VP Large-Cap Value (the “Fund”) seeks investment results, before fees and expenses, that track the performance of </span><span style="color:#000000;font-family:Arial;font-size:10pt;">the S&amp;P 500</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-4.25pt;">®</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Value Index (the “Index”).</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">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 </span><span style="color:#000000;font-family:Arial;font-size:10pt;">for more information about such charges and fees.</span> <span style="font-family:Arial;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Annual Fund Operating Expenses</span><span style="font-family:Arial;font-size:9pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of the </span><span style="font-family:Arial;font-size:9pt;margin-left:0.0pt;">value of your investment)</span> 0.0075 0.0025 0.0070 0.0170 -0.0002 0.0168 <span style="font-family:Arial;font-size:8pt;">April 30, 2027</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Example:</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> This example is intended to help you compare the cost </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">of investing in the Fund with the cost of investing in other </span><span style="color:#000000;font-family:Arial;font-size:10pt;">mutual funds. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">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, </span><span style="color:#000000;font-family:Arial;font-size:10pt;">based on these assumptions your approximate costs would be:</span> 171 534 921 2007 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund pays transaction and financing costs associated with the purchase and sale of securities and derivatives. These costs </span><span style="color:#000000;font-family:Arial;font-size:10pt;">are not reflected in the table or the example above.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Portfolio Turnover</span> <span style="font-family:Arial;font-size:10pt;margin-left:0%;">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. 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 </span><span style="font-family:Arial;font-size:10pt;">146</span><span style="font-family:Arial;font-size:10pt;">% of the average value of </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">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 </span><span style="font-family:Arial;font-size:10pt;">would be significantly higher.</span> 1.46 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund invests in financial instruments that ProFund Advisors believes, in combination, should track the performance of </span><span style="color:#000000;font-family:Arial;font-size:10pt;">the Index.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Index is designed to measure the performance of value stocks included in the S&amp;P 500 Index. The S&amp;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 the stocks in the S&amp;P 500 Index with the strongest value characteristics based on: book value to price ratio, earnings to price ratio, and sales to price ratio. The selected stocks are then weighted based on market capitalization. The Index’s composition and assigned weights are reevaluated annually in December with additional weight adjustments in March, June and September. The Index is constructed and maintained by S&amp;P Dow Jones Indices LLC. More information about the Index can </span><span style="color:#000000;font-family:Arial;font-size:10pt;">be found using the Bloomberg ticker symbol “SVX.” </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Under normal circumstances, the Fund will invest at least 80% of its total assets in components of the Index or in instruments </span><span style="color:#000000;font-family:Arial;font-size:10pt;">with similar economic characteristics.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund will invest principally in the financial instruments </span><span style="color:#000000;font-family:Arial;font-size:10pt;">listed below.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Equity Securities</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Common stock issued by public companies.</span><span style="font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Derivatives</span><span style="font-family:Arial;font-size:10pt;"> — 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 and futures contracts) in order to gain exposure to the Index. These derivatives principally include:</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Swap Agreements</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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 </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">rates of returns) earned or realized on a particular </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00pt;">investment or instrument.</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Futures Contracts</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Standardized contracts that obligate the parties to buy or sell an asset at a predetermined price and date in the future.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Money Market Instruments</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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:</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">U.S. Treasury Bills</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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.</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Repurchase Agreements</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">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 returns consistent with its investment objective. The Fund seeks to remain fully invested at all times in financial instruments that, in combination, provide exposure consistent with the investment objective, without regard to market conditions, trends or direction. The Fund may also 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 exposure </span><span style="color:#000000;font-family:Arial;font-size:10pt;">consistent with the investment objective.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Please see “Investment Objectives, Principal Investment Strategies </span><span style="color:#000000;font-family:Arial;font-size:10pt;">and Related Risks” in the Fund’s Prospectus for additional details.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Risks</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">You could lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Derivatives Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Investing in derivatives to obtain 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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Counterparty Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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 </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">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 </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">in other derivatives to achieve its investment objective.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Large-Cap Company Investment Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Although returns on investments in large-cap companies are often perceived as being less volatile than the returns of companies with smaller market capitalizations, the return on large-cap securities could trail the returns on investments in smaller and mid-sized companies for a number of reasons. For example, large-cap companies may be unable to respond quickly to new competitive challenges, such as changes in technology, and also may not be able to attain the high growth rate of successful smaller companies.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Value Investing Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Value investing carries the risk that the market will not recognize a security’s intrinsic value for a long time, or that a stock deemed to be undervalued by the relevant index methodology may actually be appropriately priced or overvalued.</span> <span style="font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Equity and Market Risk</span><span style="font-family:Arial;font-size:10pt;"> — 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,</span><span style="font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial;font-size:10pt;">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),</span><span style="font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial;font-size:10pt;">social unrest and other unforeseeable</span><span style="font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial;font-size:10pt;">events.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Money Market Instruments Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Correlation Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — A number of factors may affect the Fund’s ability to achieve a high degree of correlation with the Index. Fees, expenses, transaction costs, among other factors, will adversely impact the Fund’s ability to meet its investment objective. In addition, the Fund’s exposure may not be consistent with the Index. For example, the Fund may not have exposure to all of the securities in the Index, its weighting of securities may be different from that of the Index, and it may invest in instruments not included in the Index.</span> <span style="font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Industry Concentration Risk</span><span style="font-family:Arial;font-size:10pt;"> — 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 December 31, 2025, the Index had a significant portion of its value in issuers in the financials</span><span style="font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial;font-size:10pt;">and information technology industry groups.</span> <span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Financials Industry Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Companies in this industry may experience: extensive governmental regulation and/or nationalization that affects the scope of their activities, the prices they can charge and the amount of capital they must maintain; adverse effects from increases in interest rates; adverse effects on profitability by loan losses; and severe competition.</span> <span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Information Technology Industry Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Companies in this industry may experience: intense competition, obsolescence of existing technology, and changing economic conditions and government regulation.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Index Performance Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Active Investor Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> —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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Early Close/Late Close/Trading Halt Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Results</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The bar chart below shows how the Fund’s investment results 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.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> This </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">information provides some indication of the risks of investing in the Fund. The Fund’s performance information reflects </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">applicable fee waivers and/or expense limitations in effect during the period presented. Absent such fee waivers/expense limitations, if any, performance would have been lower. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">It does </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">not reflect charges and fees associated with a separate account that invests in the Fund or any insurance contract for which it is an investment option. Charges and fees will reduce returns.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Past results are not predictive of future results.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The bar chart below shows how the Fund’s investment results 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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">It does </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">not reflect charges and fees associated with a separate account that invests in the Fund or any insurance contract for which it is an investment option. Charges and fees will reduce returns.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> Past results are not predictive of future results.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;">Annual Returns as of December 31</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">12/31/2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">13.96%</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">3/31/2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">-25.48%</span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">The year-to-date return as of the most recent quarter, which </span><span style="font-family:Arial;font-size:10pt;">ended March 31, 2026, was -0.38%.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Best Quarter</span> 2020-12-31 0.1396 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Worst Quarter</span> 2020-03-31 -0.2548 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Average Annual Total Returns</span><span style="font-family:Arial;font-size:10pt;">As of December 31, 2025</span> 0.1137 0.1109 0.0989 2004-05-03 0.1319 0.1296 0.1173 0.1788 0.1442 0.1482 <span style="color:#000000;font-family:Arial;font-size:8pt;">Reflects no deduction for fees, expenses or taxes. Adjusted to reflect the reinvestment of dividends paid by issuers in the Index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">ProFund VP Materials (the “Fund”) seeks investment results, before fees and expenses, that track the performance of the S&amp;P </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Materials Select Sector Index (the “Index”).</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">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 </span><span style="color:#000000;font-family:Arial;font-size:10pt;">for more information about such charges and fees.</span> <span style="font-family:Arial;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Annual Fund Operating Expenses</span><span style="font-family:Arial;font-size:9pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of the </span><span style="font-family:Arial;font-size:9pt;margin-left:0.0pt;">value of your investment)</span> 0.0075 0.0025 0.0071 0.0002 0.0069 0.0171 -0.0003 0.0168 <span style="font-family:Arial;font-size:8pt;">April 30, 2027</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Example:</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> This example is intended to help you compare the cost </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">of investing in the Fund with the cost of investing in other </span><span style="color:#000000;font-family:Arial;font-size:10pt;">mutual funds. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">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 </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">be higher. Although your actual costs may be higher or lower, </span><span style="color:#000000;font-family:Arial;font-size:10pt;">based on these assumptions your approximate costs would be:</span> 171 536 925 2017 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund pays transaction and financing costs associated with the purchase and sale of securities. These costs are not reflected </span><span style="color:#000000;font-family:Arial;font-size:10pt;">in the table or the example above.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Portfolio Turnover</span> <span style="font-family:Arial;font-size:10pt;margin-left:0%;">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. 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 </span><span style="font-family:Arial;font-size:10pt;">653</span><span style="font-family:Arial;font-size:10pt;">% of the average value of </span><span style="font-family:Arial;font-size:10pt;">its portfolio.</span> 6.53 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund invests in securities that ProFund Advisors believes, in </span><span style="color:#000000;font-family:Arial;font-size:10pt;">combination, should track the performance of the Index.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Index is designed to measure the performance of materials companies included in the S&amp;P 500 Index. The S&amp;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 materials companies in the following industries according to the Global Industry Classification Standard (GICS): chemicals; construction materials; containers &amp; packaging; metals &amp; mining; and paper &amp; forest products. 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&amp;P Dow Jones Indices LLC. More information about the Index can </span><span style="color:#000000;font-family:Arial;font-size:10pt;">be found using the Bloomberg ticker symbol “IXB.” </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Under normal circumstances, the Fund will invest at least 80% of its total assets in components of the Index or in instruments </span><span style="color:#000000;font-family:Arial;font-size:10pt;">with similar economic characteristics.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Fund will invest principally in the securities listed below.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Equity Securities</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Common stock issued by public companies.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">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 returns consistent with its investment objective. The Fund seeks to remain fully invested at all times in financial instruments that, in combination, provide exposure consistent with the investment objective, without regard to market conditions, trends or direction. The Fund may also 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 </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">financial instruments, with the intent of obtaining exposure </span><span style="color:#000000;font-family:Arial;font-size:10pt;">consistent with the investment objective.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Please see “Investment Objectives, Principal Investment Strategies </span><span style="color:#000000;font-family:Arial;font-size:10pt;">and Related Risks” in the Fund’s Prospectus for additional details.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Risks</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">You could lose money by investing in the Fund.</span> <span style="font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Materials Industry Risk</span><span style="font-family:Arial;font-size:10pt;"> — The risks of investments in the industry include: adverse effects from commodity price volatility, exchange rate fluctuations, social and political unrest, war, import or export controls, increased competition; the possibility that production of industrial materials may exceed demand as a result of overbuilding or economic downturns, leading to poor investment returns; risk for environmental damage and product liability claims; and adverse effects from depletion of resources, technical progress, labor relations and government regulations.</span> <span style="font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Equity and Market Risk</span><span style="font-family:Arial;font-size:10pt;"> — 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,</span><span style="font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial;font-size:10pt;">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),</span><span style="font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial;font-size:10pt;">social unrest and other unforeseeable</span><span style="font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial;font-size:10pt;">events.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Correlation Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — A number of factors may affect the Fund’s ability to achieve a high degree of correlation with the Index. Fees, expenses, transaction costs, among other factors, will adversely impact the Fund’s ability to meet its investment objective. In addition, the Fund’s exposure may not be consistent with the Index. For example, the Fund may not have exposure to all of the securities in the Index, its weighting of securities may be different from that of the Index, and it may invest in instruments not included in the Index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Industry Concentration Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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 </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">Fund may be subject to greater market fluctuations than a fund that is more broadly invested across industries. As of December 31, </span><span style="font-family:Arial;font-size:10pt;">2025, the Index had a significant portion of its </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">value in issuers in the materials industry group.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Non-Diversification Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund has the ability to invest a relatively high percentage of its assets in the securities of a small number of issuers. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Index Performance Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Active Investor Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> —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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Early Close/Late Close/Trading Halt Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Results</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The bar chart below shows how the Fund’s investment results 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.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> This </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">information provides some indication of the risks of investing in the Fund. The Fund’s performance information reflects applicable fee waivers and/or expense limitations in effect during the period presented. Absent such fee waivers/expense limitations, if any, performance would have been lower. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">It does </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">not reflect charges and fees associated with a separate account that invests in the Fund or any insurance contract for which it is an investment option. Charges and fees will reduce returns.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Past results are not predictive of future results.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The bar chart below shows how the Fund’s investment results 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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">It does </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">not reflect charges and fees associated with a separate account that invests in the Fund or any insurance contract for which it is an investment option. Charges and fees will reduce returns.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> Past results are not predictive of future results.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;">Annual Returns as of December 31</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">6/30/2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">29.24%</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">3/31/2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">-29.24%</span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">The year-to-date return as of the most recent quarter, which </span><span style="font-family:Arial;font-size:10pt;">ended March 31, 2026, was 10.26%.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Best Quarter</span> 2020-06-30 0.2924 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Worst Quarter</span> 2020-03-31 -0.2924 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Average Annual Total Returns</span><span style="font-family:Arial;font-size:10pt;">As of December 31, 2025</span> 0.0805 0.0641 0.0842 2002-05-01 0.1002 0.0675 0.0988 0.1788 0.1442 0.1482 <span style="color:#000000;font-family:Arial;font-size:8pt;">Reflects no deduction for fees, expenses or taxes. Adjusted to reflect the reinvestment of dividends paid by issuers in the Index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">ProFund VP Mid-Cap (the “Fund”) seeks investment results, before fees and expenses, that track the performance of the S&amp;P </span><span style="color:#000000;font-family:Arial;font-size:10pt;">MidCap 400</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-4.25pt;">®</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Index (the “Index”).</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">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 </span><span style="color:#000000;font-family:Arial;font-size:10pt;">for more information about such charges and fees.</span> <span style="font-family:Arial;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Annual Fund Operating Expenses</span><span style="font-family:Arial;font-size:9pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of the </span><span style="font-family:Arial;font-size:9pt;margin-left:0.0pt;">value of your investment)</span> 0.0075 0.0025 0.0068 0.0002 0.0066 0.0168 <span style="font-family:Arial;font-size:8pt;">April 30, 2027</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Example:</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> This example is intended to help you compare the cost </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">of investing in the Fund with the cost of investing in other </span><span style="color:#000000;font-family:Arial;font-size:10pt;">mutual funds. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">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, </span><span style="color:#000000;font-family:Arial;font-size:10pt;">based on these assumptions your approximate costs would be:</span> 171 530 913 1987 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund pays transaction and financing costs associated with the purchase and sale of securities and derivatives. These costs </span><span style="color:#000000;font-family:Arial;font-size:10pt;">are not reflected in the table or the example above.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">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. 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 </span><span style="color:#000000;font-family:Arial;font-size:10pt;">0</span><span style="color:#000000;font-family:Arial;font-size:10pt;">% of the average value of its </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">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 </span><span style="color:#000000;font-family:Arial;font-size:10pt;">would be significantly higher.</span> 0 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund invests in financial instruments that ProFund Advisors believes, in combination, should track the performance of </span><span style="color:#000000;font-family:Arial;font-size:10pt;">the Index.</span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">The Index is designed to measure the performance of mid-cap companies listed and domiciled in the U.S. The Index selects 400 companies based on market capitalization. As of December 31, </span><span style="font-family:Arial;font-size:10pt;">2025, the market capitalization of companies in the Index was </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">between $</span><span style="font-family:Arial;font-size:10pt;">503 million and $33 billion. The selected companies </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">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&amp;P Dow Jones Indices LLC. More information about the Index can </span><span style="font-family:Arial;font-size:10pt;">be found using the Bloomberg ticker symbol “MID.” </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Under normal circumstances, the Fund will invest at least 80% of its total assets in components of the Index or in instruments </span><span style="color:#000000;font-family:Arial;font-size:10pt;">with similar economic characteristics.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund will invest principally in the financial instruments </span><span style="color:#000000;font-family:Arial;font-size:10pt;">listed below.</span><span style="font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Derivatives</span><span style="font-family:Arial;font-size:10pt;"> — 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 and futures contracts) in order to gain exposure to the Index. These derivatives principally include:</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Swap Agreements</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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 </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">rates of returns) earned or realized on a particular </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00pt;">investment or instrument.</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Futures Contracts</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Standardized contracts that obligate the parties to buy or sell an asset at a predetermined price and date in the future.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Money Market Instruments</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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:</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">U.S. Treasury Bills</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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.</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Repurchase Agreements</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">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 returns consistent with its investment objective. The Fund seeks to remain fully invested at all times in financial instruments that, in combination, provide exposure consistent with the investment objective, without regard to market conditions, trends or direction. The Fund may also 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 exposure </span><span style="color:#000000;font-family:Arial;font-size:10pt;">consistent with the investment objective.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Please see “Investment Objectives, Principal Investment Strategies </span><span style="color:#000000;font-family:Arial;font-size:10pt;">and Related Risks” in the Fund’s Prospectus for additional details.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Risks</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">You could lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Derivatives Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Investing in derivatives to obtain 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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Counterparty Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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 </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">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 </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">in other derivatives to achieve its investment objective.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Mid-Cap Company Investment Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The risk of equity investing may be particularly acute for securities of issuers with smaller market capitalizations. Mid-cap companies may have limited product lines or resources, may be dependent upon a particular market niche and may have greater fluctuations in price than the stocks of larger companies. Mid-cap companies may lack the financial and personnel resources to handle economic or industry-wide setbacks and, as a result, such setbacks could have a greater effect on mid-cap security prices. Additionally, mid-cap company stocks may trade at greater spreads or lower trading volumes, and may be less liquid than the stocks of larger companies. Further, stocks of mid-sized companies could be more difficult to liquidate during market downturns compared to larger, more widely traded companies.</span> <span style="font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Equity and Market Risk</span><span style="font-family:Arial;font-size:10pt;"> — 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,</span><span style="font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial;font-size:10pt;">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),</span><span style="font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial;font-size:10pt;">social unrest and other unforeseeable</span><span style="font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial;font-size:10pt;">events.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Money Market Instruments Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Correlation Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — A number of factors may affect the Fund’s ability to achieve a high degree of correlation with the Index. Fees, expenses, transaction costs, among other factors, will adversely impact the Fund’s ability to meet its investment objective. In addition, the Fund’s exposure may not be consistent with the Index. For example, the Fund may not have exposure to all of the securities in the Index, its weighting of securities may be different from that of the Index, and it may invest in instruments not included in the Index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Industry Concentration Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Index may have a significant portion of its value in issuers in an industry or </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">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 December 31, </span><span style="font-family:Arial;font-size:10pt;">2025, the Index had a significant portion of its </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">value in issuers in the financials and industrials </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">industry groups.</span> <span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Financials Industry Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Companies in this industry may experience: extensive governmental regulation and/or nationalization that affects the scope of their activities, the prices they can charge and the amount of capital they must maintain; adverse effects from increases in interest rates; adverse effects on profitability by loan losses; and severe competition.</span> <span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Industrials Industry Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Companies in this industry may experience: adverse effects on stock prices by supply and demand both for their specific product or service and for industrials industry products in general; declining demand; and changing government regulation.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Non-Diversification Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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 Fund’s performance will decline based on the performance of a single issuer or the credit of a single counterparty.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Index Performance Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Active Investor Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> —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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Early Close/Late Close/Trading Halt Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Results</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The bar chart below shows how the Fund’s investment results have varied from year to year, and the table shows how the </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Fund’s average annual total returns for various periods compare with different broad measures of market performance.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> This </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">information provides some indication of the risks of investing in the Fund. The Fund’s performance information reflects applicable fee waivers and/or expense limitations in effect during the period presented. Absent such fee waivers/expense limitations, if any, performance would have been lower. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">It does </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">not reflect charges and fees associated with a separate account that invests in the Fund or any insurance contract for which it is an investment option. Charges and fees will reduce returns.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Past results are not predictive of future results.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The bar chart below shows how the Fund’s investment results have varied from year to year, and the table shows how the </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Fund’s average annual total returns for various periods compare with different broad measures of market performance.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">It does </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">not reflect charges and fees associated with a separate account that invests in the Fund or any insurance contract for which it is an investment option. Charges and fees will reduce returns.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> Past results are not predictive of future results.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;">Annual Returns as of December 31</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">12/31/2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">23.55%</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">3/31/2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">-30.26%</span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">The year-to-date return as of the most recent quarter, which </span><span style="font-family:Arial;font-size:10pt;">ended March 31, 2026, was 1.82%.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Best Quarter</span> 2020-12-31 0.2355 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Worst Quarter</span> 2020-03-31 -0.3026 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Average Annual Total Returns</span><span style="font-family:Arial;font-size:10pt;">As of December 31, 2025</span> 0.0478 0.0663 0.0822 2007-08-31 0.0750 0.0912 0.1072 0.1702 0.1396 0.1446 <span style="color:#000000;font-family:Arial;font-size:8pt;">Reflects no deduction for fees, expenses or taxes. Adjusted to reflect the reinvestment of dividends paid by issuers in the Index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">ProFund VP Mid-Cap Growth (the “Fund”) seeks investment results, before fees and expenses, that track the performance of </span><span style="color:#000000;font-family:Arial;font-size:10pt;">the S&amp;P MidCap 400</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-4.25pt;">®</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Growth Index (the “Index”).</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">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 </span><span style="color:#000000;font-family:Arial;font-size:10pt;">for more information about such charges and fees.</span> <span style="font-family:Arial;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Annual Fund Operating Expenses</span><span style="font-family:Arial;font-size:9pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of the </span><span style="font-family:Arial;font-size:9pt;margin-left:0.0pt;">value of your investment)</span> 0.0075 0.0025 0.0073 0.0173 -0.0005 0.0168 <span style="font-family:Arial;font-size:8pt;">April 30, 2027</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Example:</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> This example is intended to help you compare the cost </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">of investing in the Fund with the cost of investing in other </span><span style="color:#000000;font-family:Arial;font-size:10pt;">mutual funds. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">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, </span><span style="color:#000000;font-family:Arial;font-size:10pt;">based on these assumptions your approximate costs would be:</span> 171 540 934 2037 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund pays transaction and financing costs associated with the purchase and sale of securities and derivatives. These costs </span><span style="color:#000000;font-family:Arial;font-size:10pt;">are not reflected in the table or the example above.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Portfolio Turnover</span> <span style="font-family:Arial;font-size:10pt;margin-left:0%;">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. 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 </span><span style="font-family:Arial;font-size:10pt;">100</span><span style="font-family:Arial;font-size:10pt;">% of the average value of </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">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 </span><span style="font-family:Arial;font-size:10pt;">would be significantly higher.</span> 1 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund invests in financial instruments that ProFund Advisors believes, in combination, should track the performance of </span><span style="color:#000000;font-family:Arial;font-size:10pt;">the Index.</span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">The Index is designed to measure the performance of growth stocks included in the S&amp;P MidCap 400 Index. The S&amp;P MidCap 400 Index is designed to measure the performance of mid-cap companies listed and domiciled in the U.S.  As of December 31, </span><span style="font-family:Arial;font-size:10pt;">2025, the market capitalization of companies in the Index was </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">between $2 billion and $</span><span style="font-family:Arial;font-size:10pt;">33 billion. The Index includes the </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">stocks in the S&amp;P MidCap 400 Index with the strongest growth characteristics based on: sales growth, </span><span style="font-family:Arial;font-size:10pt;">changes in earnings over </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">price</span><span style="font-family:Arial;font-size:10pt;">, and momentum. The selected stocks are then weighted </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">based on market capitalization. The Index’s composition and assigned weights are reevaluated annually in December with additional weight adjustments in March, June and September. The Index is constructed and maintained by S&amp;P Dow Jones Indices LLC. More information about the Index can be found </span><span style="font-family:Arial;font-size:10pt;">using the Bloomberg ticker symbol “MIDG.” </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Under normal circumstances, the Fund will invest at least 80% of its total assets in components of the Index or in instruments </span><span style="color:#000000;font-family:Arial;font-size:10pt;">with similar economic characteristics.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund will invest principally in the financial instruments </span><span style="color:#000000;font-family:Arial;font-size:10pt;">listed below.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Equity Securities</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Common stock issued by public companies.</span><span style="font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Derivatives</span><span style="font-family:Arial;font-size:10pt;"> — 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 and futures contracts) in order to gain exposure to the Index. These derivatives principally include:</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Swap Agreements</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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 </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">may agree to exchange the return (or differentials in rates of returns) earned or realized on a particular </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00pt;">investment or instrument.</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Futures Contracts</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Standardized contracts that obligate the parties to buy or sell an asset at a predetermined price and date in the future.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Money Market Instruments</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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:</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">U.S. Treasury Bills</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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.</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Repurchase Agreements</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">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 returns consistent with its investment objective. The Fund seeks to remain fully invested at all times in financial instruments that, in combination, provide exposure consistent with the investment objective, without regard to market conditions, trends or direction. The Fund may also 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 exposure </span><span style="color:#000000;font-family:Arial;font-size:10pt;">consistent with the investment objective.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Please see “Investment Objectives, Principal Investment Strategies </span><span style="color:#000000;font-family:Arial;font-size:10pt;">and Related Risks” in the Fund’s Prospectus for additional details.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Risks</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">You could lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Derivatives Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Investing in derivatives to obtain 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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Counterparty Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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 </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">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 </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">in other derivatives to achieve its investment objective.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Mid-Cap Company Investment Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The risk of equity investing may be particularly acute for securities of issuers with smaller market capitalizations. Mid-cap companies may have limited product lines or resources, may be dependent upon a particular market niche and may have greater fluctuations in price than the stocks of larger companies. Mid-cap companies may lack the financial and personnel resources to handle economic or industry-wide setbacks and, as a result, such setbacks could have a greater effect on mid-cap security prices. Additionally, mid-cap company stocks may trade at greater spreads or lower trading volumes, and may be less liquid than the stocks of larger companies. Further, stocks of mid-sized companies could be more difficult to liquidate during market downturns compared to larger, more widely traded companies.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Growth Investing Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — An investment in growth stocks may be susceptible to rapid price swings, especially during periods of economic uncertainty. Growth stocks typically have little or no dividend income to cushion the effect of adverse market conditions and may be particularly volatile in the event of earnings disappointments or other financial difficulties experienced by the issuer.</span> <span style="font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Equity and Market Risk</span><span style="font-family:Arial;font-size:10pt;"> — 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,</span><span style="font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial;font-size:10pt;">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),</span><span style="font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial;font-size:10pt;">social unrest and other unforeseeable</span><span style="font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial;font-size:10pt;">events.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Money Market Instruments Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Correlation Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — A number of factors may affect the Fund’s ability to achieve a high degree of correlation with the Index. Fees, expenses, transaction costs, among other factors, will adversely impact the Fund’s ability to meet its investment </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">objective. In addition, the Fund’s exposure may not be consistent with the Index. For example, the Fund may not have exposure to all of the securities in the Index, its weighting of securities may be different from that of the Index, and it may invest in instruments not included in </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">the Index.</span> <span style="font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Industry Concentration Risk</span><span style="font-family:Arial;font-size:10pt;"> — 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 December 31, 2025, the Index had a significant portion of its value in issuers in the industrials and information technology industry groups.</span> <span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Industrials Industry Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Companies in this industry may experience: adverse effects on stock prices by supply and demand both for their specific product or service and for industrials industry products in general; declining demand; and changing government regulation.</span> <span style="font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Information Technology Industry Risk</span><span style="font-family:Arial;font-size:10pt;"> — Companies in this industry may experience: intense competition, obsolescence of existing technology, and changing economic conditions and government regulation.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Index Performance Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Active Investor Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> —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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Early Close/Late Close/Trading Halt Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Results</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The bar chart below shows how the Fund’s investment results 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.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> This </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">information provides some indication of the risks of investing in the Fund. The Fund’s performance information reflects applicable fee waivers and/or expense limitations in effect during the period presented. Absent such fee waivers/expense limitations, if any, performance would have been lower. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">It does </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">not reflect charges and fees associated with a separate account that invests in the Fund or any insurance contract for which it is an investment option. Charges and fees will reduce returns.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Past results are not predictive of future results.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The bar chart below shows how the Fund’s investment results 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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">It does </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">not reflect charges and fees associated with a separate account that invests in the Fund or any insurance contract for which it is an investment option. Charges and fees will reduce returns.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> Past results are not predictive of future results.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;">Annual Returns as of December 31</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">6/30/2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">25.67%</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">3/31/2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">-25.11%</span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">The year-to-date return as of the most recent quarter, which </span><span style="font-family:Arial;font-size:10pt;">ended March 31, 2026, was 3.45%.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Best Quarter</span> 2020-06-30 0.2567 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Worst Quarter</span> 2020-03-31 -0.2511 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Average Annual Total Returns</span><span style="font-family:Arial;font-size:10pt;">As of December 31, 2025</span> 0.0567 0.0532 0.0863 2002-05-01 0.0746 0.0712 0.1044 0.1702 0.1396 0.1446 <span style="color:#000000;font-family:Arial;font-size:8pt;">Reflects no deduction for fees, expenses or taxes. Adjusted to reflect the reinvestment of dividends paid by issuers in the Index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">ProFund VP Mid-Cap Value (the “Fund”) seeks investment results, before fees and expenses, that track the performance of </span><span style="color:#000000;font-family:Arial;font-size:10pt;">the S&amp;P MidCap 400</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-4.25pt;">®</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Value Index (the “Index”).</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">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 </span><span style="color:#000000;font-family:Arial;font-size:10pt;">for more information about such charges and fees.</span> <span style="font-family:Arial;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Annual Fund Operating Expenses</span><span style="font-family:Arial;font-size:9pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of the </span><span style="font-family:Arial;font-size:9pt;margin-left:0.0pt;">value of your investment)</span> 0.0075 0.0025 0.0071 0.0171 -0.0003 0.0168 <span style="font-family:Arial;font-size:8pt;">April 30, 2027</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Example:</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> This example is intended to help you compare the cost </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">of investing in the Fund with the cost of investing in other </span><span style="color:#000000;font-family:Arial;font-size:10pt;">mutual funds. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">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, </span><span style="color:#000000;font-family:Arial;font-size:10pt;">based on these assumptions your approximate costs would be:</span> 171 536 925 2017 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund pays transaction and financing costs associated with the purchase and sale of securities and derivatives. These costs </span><span style="color:#000000;font-family:Arial;font-size:10pt;">are not reflected in the table or the example above.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Portfolio Turnover</span> <span style="font-family:Arial;font-size:10pt;margin-left:0%;">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. 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 </span><span style="font-family:Arial;font-size:10pt;">158</span><span style="font-family:Arial;font-size:10pt;">% of the average value of </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">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 </span><span style="font-family:Arial;font-size:10pt;">would be significantly higher.</span> 1.58 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund invests in financial instruments that ProFund Advisors believes, in combination, should track the performance of </span><span style="color:#000000;font-family:Arial;font-size:10pt;">the Index.</span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">The Index is designed to measure the performance of value stocks included in the S&amp;P MidCap 400 Index. The S&amp;P MidCap 400 Index is designed to measure the performance of mid-cap companies listed and domiciled in the U.S.  As of December 31, </span><span style="font-family:Arial;font-size:10pt;">2025, the market capitalization of companies in the Index was </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">between $</span><span style="font-family:Arial;font-size:10pt;">503 million and $21 billion. The Index includes the </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">stocks in the S&amp;P MidCap 400 Index with the strongest value characteristics based on: book value to price ratio, earnings to price ratio, and sales to price ratio.  The selected stocks are then weighted based on market capitalization. The Index’s composition and assigned weights are reevaluated annually in December with additional weight adjustments in March, June and September. The Index is constructed and maintained by S&amp;P Dow Jones Indices LLC. More information about the Index can </span><span style="font-family:Arial;font-size:10pt;">be found using the Bloomberg ticker symbol “MIDV.” </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Under normal circumstances, the Fund will invest at least 80% of its total assets in components of the Index or in instruments </span><span style="color:#000000;font-family:Arial;font-size:10pt;">with similar economic characteristics.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund will invest principally in the financial instruments </span><span style="color:#000000;font-family:Arial;font-size:10pt;">listed below.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Equity Securities</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Common stock issued by public companies.</span><span style="font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Derivatives</span><span style="font-family:Arial;font-size:10pt;"> — 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 and futures contracts) in order to gain exposure to the Index. These derivatives principally include:</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Swap Agreements</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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 </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">may agree to exchange the return (or differentials in rates of returns) earned or realized on a particular </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00pt;">investment or instrument.</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Futures Contracts</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Standardized contracts that obligate the parties to buy or sell an asset at a predetermined price and date in the future.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Money Market Instruments</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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:</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">U.S. Treasury Bills</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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.</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Repurchase Agreements</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">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 returns consistent with its investment objective. The Fund seeks to remain fully invested at all times in financial instruments that, in combination, provide exposure consistent with the investment objective, without regard to market conditions, trends or direction. The Fund may also 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 exposure </span><span style="color:#000000;font-family:Arial;font-size:10pt;">consistent with the investment objective.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Please see “Investment Objectives, Principal Investment Strategies </span><span style="color:#000000;font-family:Arial;font-size:10pt;">and Related Risks” in the Fund’s Prospectus for additional details.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Risks</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">You could lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Derivatives Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Investing in derivatives to obtain 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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Counterparty Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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 </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">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 </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">in other derivatives to achieve its investment objective.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Mid-Cap Company Investment Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The risk of equity investing may be particularly acute for securities of issuers with smaller market capitalizations. Mid-cap companies may have limited product lines or resources, may be dependent upon a particular market niche and may have greater fluctuations in price than the stocks of larger companies. Mid-cap companies may lack the financial and personnel resources to handle economic or industry-wide setbacks and, as a result, such setbacks could have a greater effect on mid-cap security prices. Additionally, mid-cap company stocks may trade at greater spreads or lower trading volumes, and may be less liquid than the stocks of larger companies. Further, stocks of mid-sized companies could be more difficult to liquidate during market downturns compared to larger, more widely traded companies.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Value Investing Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Value investing carries the risk that the market will not recognize a security’s intrinsic value for a long time, or that a stock deemed to be undervalued by the relevant index methodology may actually be appropriately priced or overvalued.</span> <span style="font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Equity and Market Risk</span><span style="font-family:Arial;font-size:10pt;"> — 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,</span><span style="font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial;font-size:10pt;">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),</span><span style="font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial;font-size:10pt;">social unrest and other unforeseeable</span><span style="font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial;font-size:10pt;">events.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Money Market Instruments Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Correlation Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — A number of factors may affect the Fund’s ability to achieve a high degree of correlation with the Index. Fees, expenses, transaction costs, among other factors, will adversely impact the Fund’s ability to meet its investment objective. In addition, the Fund’s exposure may not be consistent with the Index. For example, the Fund may not </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">have exposure to all of the securities in the Index, its weighting of securities may be different from that of the Index, and it may invest in instruments not included in </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">the Index.</span> <span style="font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Industry Concentration Risk</span><span style="font-family:Arial;font-size:10pt;"> — 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 December 31, 2025, the Index had a significant portion of its value in issuers in the financials and industrials industry groups.</span> <span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Financials Industry Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Companies in this industry may experience: extensive governmental regulation and/or nationalization that affects the scope of their activities, the prices they can charge and the amount of capital they must maintain; adverse effects from increases in interest rates; adverse effects on profitability by loan losses; and severe competition.</span> <span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Industrials Industry Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Companies in this industry may experience: adverse effects on stock prices by supply and demand both for their specific product or service and for industrials industry products in general; declining demand; and changing government regulation.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Index Performance Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Active Investor Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> —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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Early Close/Late Close/Trading Halt Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Results</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The bar chart below shows how the Fund’s investment results have varied from year to year, and the table shows how the Fund’s average annual total returns for various periods compare </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">with different broad measures of market performance.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> This </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">information provides some indication of the risks of investing in the Fund. The Fund’s performance information reflects applicable fee waivers and/or expense limitations in effect during the period presented. Absent such fee waivers/expense limitations, if any, performance would have been lower. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">It does </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">not reflect charges and fees associated with a separate account that invests in the Fund or any insurance contract for which it is an investment option. Charges and fees will reduce returns.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Past results are not predictive of future results.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The bar chart below shows how the Fund’s investment results have varied from year to year, and the table shows how the Fund’s average annual total returns for various periods compare </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">with different broad measures of market performance.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">It does </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">not reflect charges and fees associated with a separate account that invests in the Fund or any insurance contract for which it is an investment option. Charges and fees will reduce returns.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> Past results are not predictive of future results.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;">Annual Returns as of December 31</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">12/31/2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">28.17%</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">3/31/2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">-35.33%</span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">The year-to-date return as of the most recent quarter, which </span><span style="font-family:Arial;font-size:10pt;">ended March 31, 2026, was 0.56%.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Best Quarter</span> 2020-12-31 0.2817 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Worst Quarter</span> 2020-03-31 -0.3533 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Average Annual Total Returns</span><span style="font-family:Arial;font-size:10pt;">As of December 31, 2025</span> 0.0584 0.0919 0.0892 2002-05-01 0.0758 0.1101 0.1069 0.1702 0.1396 0.1446 <span style="color:#000000;font-family:Arial;font-size:8pt;">Reflects no deduction for fees, expenses or taxes. Adjusted to reflect the reinvestment of dividends paid by issuers in the Index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">ProFund VP Nasdaq-100 (the “Fund”) seeks investment results, before fees and expenses, that track the performance of the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Nasdaq-100</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-4.25pt;">®</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Index (the “Index”).</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">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 </span><span style="color:#000000;font-family:Arial;font-size:10pt;">for more information about such charges and fees.</span> <span style="font-family:Arial;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Annual Fund Operating Expenses</span><span style="font-family:Arial;font-size:9pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of the </span><span style="font-family:Arial;font-size:9pt;margin-left:0.0pt;">value of your investment)</span> 0.0075 0.0025 0.0068 0.0168 <span style="font-family:Arial;font-size:8pt;">April 30, 2027</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Example:</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> This example is intended to help you compare the cost </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">of investing in the Fund with the cost of investing in other </span><span style="color:#000000;font-family:Arial;font-size:10pt;">mutual funds. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">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, </span><span style="color:#000000;font-family:Arial;font-size:10pt;">based on these assumptions your approximate costs would be:</span> 171 530 913 1987 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund pays transaction and financing costs associated with the purchase and sale of securities and derivatives. These costs </span><span style="color:#000000;font-family:Arial;font-size:10pt;">are not reflected in the table or the example above.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">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. These costs, which are not reflected in the Annual Fund </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">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 </span><span style="font-family:Arial;font-size:10pt;">16</span><span style="font-family:Arial;font-size:10pt;">% of the average value of its </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">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 </span><span style="font-family:Arial;font-size:10pt;">would be significantly higher.</span> 0.16 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund invests in financial instruments that ProFund Advisors believes, in combination, should track the performance of </span><span style="color:#000000;font-family:Arial;font-size:10pt;">the Index.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Index is designed to measure the performance of 100 of the largest Nasdaq-listed non-financial companies. The Index includes non-financial companies listed on the Nasdaq Global Select Market or the Nasdaq Global Market (which include both U.S. and non-U.S. companies). The top 100 companies based on market capitalization are included in the Index. These companies are then weighted based on market capitalization. The Index’s composition and the assigned weights are reevaluated every December, with additional weight adjustments occurring in March, June, and September. The Index is constructed and maintained by Nasdaq Inc. More information about the Index </span><span style="color:#000000;font-family:Arial;font-size:10pt;">can be found using the Bloomberg ticker symbol “NDX.”</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Under normal circumstances, the Fund will invest at least 80% of its total assets in components of the Index or in instruments </span><span style="color:#000000;font-family:Arial;font-size:10pt;">with similar economic characteristics.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund will invest principally in the financial instruments </span><span style="color:#000000;font-family:Arial;font-size:10pt;">listed below.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Equity Securities</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Common stock issued by public companies.</span><span style="font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Derivatives</span><span style="font-family:Arial;font-size:10pt;"> — 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 and futures contracts) in order to gain exposure to the Index. These derivatives principally include:</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Swap Agreements</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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.</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Futures Contracts</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Standardized contracts that obligate the parties to buy or sell an asset at a predetermined price and date in the future.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Money Market Instruments</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund expects that any cash balances maintained in connection with its use of </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">derivatives will typically be held in high quality, short-term </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">money market instruments, for example:</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">U.S. Treasury Bills</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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.</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Repurchase Agreements</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">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 returns consistent with its investment objective. The Fund seeks to remain fully invested at all times in financial instruments that, in combination, provide exposure consistent with the investment objective, without regard to market conditions, trends or direction. The Fund may also 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 exposure </span><span style="color:#000000;font-family:Arial;font-size:10pt;">consistent with the investment objective.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Please see “Investment Objectives, Principal Investment Strategies </span><span style="color:#000000;font-family:Arial;font-size:10pt;">and Related Risks” in the Fund’s Prospectus for additional details.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Risks</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">You could lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Derivatives Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Investing in derivatives to obtain 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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Counterparty Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Equity and Market Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Equity markets are volatile, and the value of equity securities and other instruments correlated </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">with equity markets may fluctuate dramatically from day to day. Equity markets are subject to corporate, political, regulatory, market</span><span style="font-family:Arial;font-size:10pt;">,</span><span style="font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial;font-size:10pt;">social, geopolitical and economic </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">developments, </span><span style="font-family:Arial;font-size:10pt;">including changes in interest and currency </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">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 (</span><span style="font-family:Arial;font-size:10pt;">such as the spread of infectious diseases, pandemics and epidemics),</span><span style="font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial;font-size:10pt;">social unrest and other </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">unforeseeable</span><span style="font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial;font-size:10pt;">events.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Money Market Instruments Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Correlation Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — A number of factors may affect the Fund’s ability to achieve a high degree of correlation with the Index. Fees, expenses, transaction costs, among other factors, will adversely impact the Fund’s ability to meet its investment objective. In addition, the Fund’s exposure may not be consistent with the Index. For example, the Fund may not have exposure to all of the securities in the Index, its weighting of securities may be different from that of the Index, and it may invest in instruments not included in the Index.</span> <span style="font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Industry Concentration Risk</span><span style="font-family:Arial;font-size:10pt;"> — 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 December 31, 2025, the Index had a significant portion of its value in issuers in the communication services and information technology industry groups.</span> <span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Communication Services Industry Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Companies in this industry may experience: product obsolescence; increased research and development costs and capital requirements to formulate new products and services; and regulation by the Federal Communications Commission and various state regulatory authorities.</span> <span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Information Technology Industry Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Companies in this industry may experience: intense competition, obsolescence of existing technology, and changing economic conditions and government regulation.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Non-Diversification Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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 </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">a single issuer or the credit of a single counterparty.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Index Performance Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Active Investor Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> —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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Early Close/Late Close/Trading Halt Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Results</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The bar chart below shows how the Fund’s investment results have varied from year to year, and the table shows how the Fund’s average annual total returns for various periods compare with a broad measure of market performance.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> This information </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">provides some indication of the risks of investing in the Fund. The Fund’s performance information reflects applicable fee waivers and/or expense limitations in effect during the period presented. Absent such fee waivers/expense limitations, if any, performance would have been lower. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">It does not reflect charges </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">and fees associated with a separate account that invests in the Fund or any insurance contract for which it is an investment option. Charges and fees will reduce returns.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Past results are not predictive of future results.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The bar chart below shows how the Fund’s investment results have varied from year to year, and the table shows how the Fund’s average annual total returns for various periods compare with a broad measure of market performance.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">It does not reflect charges </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">and fees associated with a separate account that invests in the Fund or any insurance contract for which it is an investment option. Charges and fees will reduce returns.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> Past results are not predictive of future results.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;">Annual Returns as of December 31</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">6/30/2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">29.58%</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">6/30/2022</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">-22.80%</span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">The year-to-date return as of the most recent quarter, which </span><span style="font-family:Arial;font-size:10pt;">ended March 31, 2026, was -6.29%.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Best Quarter</span> 2020-06-30 0.2958 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Worst Quarter</span> 2022-06-30 -0.2280 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Average Annual Total Returns</span><span style="font-family:Arial;font-size:10pt;">As of December 31, 2025</span> 0.1862 0.1294 0.1728 2001-01-22 0.2102 0.1530 0.1970 0.2114 0.1335 0.1766 <span style="color:#000000;font-family:Arial;font-size:8pt;">Reflects no deduction for fees, expenses or taxes. Adjusted to reflect the reinvestment of dividends paid by issuers in the Index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">ProFund VP Pharmaceuticals (the “Fund”) seeks investment results, before fees and expenses, that track the performance of </span><span style="color:#000000;font-family:Arial;font-size:10pt;">the S&amp;P Pharmaceuticals Select Industry Index (the “Index”).</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">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 </span><span style="color:#000000;font-family:Arial;font-size:10pt;">for more information about such charges and fees.</span> <span style="font-family:Arial;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Annual Fund Operating Expenses</span><span style="font-family:Arial;font-size:9pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of the </span><span style="font-family:Arial;font-size:9pt;margin-left:0.0pt;">value of your investment)</span> 0.0075 0.0025 0.0069 0.0001 0.0068 0.0169 -0.0001 0.0168 <span style="font-family:Arial;font-size:8pt;">April 30, 2027</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Example:</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> This example is intended to help you compare the cost </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">of investing in the Fund with the cost of investing in other </span><span style="color:#000000;font-family:Arial;font-size:10pt;">mutual funds. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">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 </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">be higher. Although your actual costs may be higher or lower, </span><span style="color:#000000;font-family:Arial;font-size:10pt;">based on these assumptions your approximate costs would be:</span> 171 532 917 1997 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund pays transaction and financing costs associated with the purchase and sale of securities. These costs are not reflected </span><span style="color:#000000;font-family:Arial;font-size:10pt;">in the table or the example above.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Portfolio Turnover</span> <span style="font-family:Arial;font-size:10pt;margin-left:0%;">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. 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 </span><span style="font-family:Arial;font-size:10pt;">143</span><span style="font-family:Arial;font-size:10pt;">% of the average value of </span><span style="font-family:Arial;font-size:10pt;">its portfolio.</span> 1.43 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund invests in securities that ProFund Advisors believes, in </span><span style="color:#000000;font-family:Arial;font-size:10pt;">combination, should track the performance of the Index.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Index is designed to measure the performance of pharmaceuticals companies included in the S&amp;P Total Market Index. The S&amp;P Total Market Index is designed to track the broad equity market listed and domiciled in the U.S. The Index includes companies in the pharmaceuticals sub-industry according to the Global Industry Classification Standard (GICS). These companies are then weighted using an equal weight methodology with liquidity adjustments. 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&amp;P Dow Jones Indices LLC. More information about the Index can be found using the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Bloomberg ticker symbol “SPSIPH.” </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Under normal circumstances, the Fund will invest at least 80% of its total assets in components of the Index or in instruments </span><span style="color:#000000;font-family:Arial;font-size:10pt;">with similar economic characteristics.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Fund will invest principally in the securities listed below.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Equity Securities</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Common stock issued by public companies.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">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 returns consistent with its investment objective. The Fund seeks to remain fully invested at all times in financial instruments that, in combination, provide exposure consistent with the investment objective, without regard to market conditions, trends or direction. The Fund may also 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 </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">financial instruments, with the intent of obtaining exposure </span><span style="color:#000000;font-family:Arial;font-size:10pt;">consistent with the investment objective.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Please see “Investment Objectives, Principal Investment Strategies </span><span style="color:#000000;font-family:Arial;font-size:10pt;">and Related Risks” in the Fund’s Prospectus for additional details.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Risks</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">You could lose money by investing in the Fund.</span> <span style="font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Pharmaceuticals, Biotechnology, and Life Sciences </span><span style="font-family:Arial;font-size:10pt;font-weight:bold;">Industry Risk</span><span style="font-family:Arial;font-size:10pt;"> — The risks of investments in the industry include: heavy dependence on patents and intellectual property rights, with profitability affected by the loss or impairment of such rights; risks of new technologies and competitive pressures; large expenditures on research and development of products or services that may not prove commercially successful or may become obsolete quickly; regulations and restrictions imposed by the Food and Drug Administration, the Environmental Protection Agency, state and local governments, and foreign regulatory authorities; and thin capitalization and limited product lines, markets, financial resources or personnel. Moreover, stock prices of biotechnology companies are very volatile, particularly when their products are up for regulatory approval and/or under regulatory scrutiny. The biotechnology sector may also be affected by risks that affect the broader health care industry, including expenses and losses from extensive litigation on product liability and similar claims. The pharmaceuticals sector may also be affected by risks that affect the broader health care industry, including: heavy dependence on patent protection, with profitability affected by the expiration of patents; supply chain issues; labor shortages; product liability claims; competitive forces that may make it difficult to raise prices and, in fact, may result in price discounts; and thin capitalization and limited product lines, markets and financial resources or personnel.</span> <span style="font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Equity and Market Risk</span><span style="font-family:Arial;font-size:10pt;"> — 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,</span><span style="font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial;font-size:10pt;">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),</span><span style="font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial;font-size:10pt;">social unrest and other unforeseeable</span><span style="font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial;font-size:10pt;">events.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Correlation Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — A number of factors may affect the Fund’s ability to achieve a high degree of correlation with the Index. Fees, expenses, transaction costs, among other factors, will adversely impact the Fund’s ability to meet its investment </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">objective. In addition, the Fund’s exposure may not be consistent with the Index. For example, the Fund may not have exposure to all of the securities in the Index, its weighting of securities may be different from that of the Index, and it may invest in instruments not included in </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">the Index.</span> <span style="font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Industry Concentration Risk</span><span style="font-family:Arial;font-size:10pt;"> — 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 December 31, 2025, the Index had a significant portion of its value in issuers in the pharmaceuticals, biotechnology &amp; life sciences industry group.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Non-Diversification Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund has the ability to invest a relatively high percentage of its assets in the securities of a small number of issuers. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Index Performance Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Active Investor Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> —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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Early Close/Late Close/Trading Halt Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Results</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The bar chart below shows how the Fund’s investment results 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.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> This </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">information provides some indication of the risks of investing in the Fund. The Fund’s performance information reflects applicable fee waivers and/or expense limitations in effect during the period presented. Absent such fee waivers/expense </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">limitations, if any, performance would have been lower. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">It does </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">not reflect charges and fees associated with a separate account that invests in the Fund or any insurance contract for which it is an investment option. Charges and fees will reduce returns.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Past results are not predictive of future results.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The bar chart below shows how the Fund’s investment results 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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">It does </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">not reflect charges and fees associated with a separate account that invests in the Fund or any insurance contract for which it is an investment option. Charges and fees will reduce returns.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> Past results are not predictive of future results.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;">Annual Returns as of December 31</span> <span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Best Quarter</span><span style="font-family:Arial;font-size:10pt;">(ended</span><span style="font-family:Arial;font-size:10pt;">9/30/2025</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">17.92%</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Worst Quarter</span><span style="font-family:Arial;font-size:10pt;">(ended</span><span style="font-family:Arial;font-size:10pt;">12/31/2018</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">-16.27%</span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">The year-to-date return as of the most recent quarter, which </span><span style="font-family:Arial;font-size:10pt;">ended March 31, 2026, was -4.01%.</span> <span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Best Quarter</span> 2025-09-30 0.1792 <span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Worst Quarter</span> 2018-12-31 -0.1627 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Average Annual Total Returns</span><span style="font-family:Arial;font-size:10pt;">As of December 31, 2025</span> 0.2934 0.0570 0.0537 2002-05-01 0.3156 0.0264 0.0186 0.1705 0.1307 0.1422 <span style="color:#000000;font-family:Arial;font-size:8pt;">Reflects no deduction for fees, expenses or taxes. Adjusted to reflect the reinvestment of dividends paid by issuers in the Index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">ProFund VP Precious Metals (the “Fund”) seeks investment results, before fees and expenses, that track the performance of </span><span style="color:#000000;font-family:Arial;font-size:10pt;">the Dow Jones Precious Metals</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-4.25pt;">SM</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Index (the “Index”).</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">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 </span><span style="color:#000000;font-family:Arial;font-size:10pt;">for more information about such charges and fees.</span> <span style="font-family:Arial;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Annual Fund Operating Expenses</span><span style="font-family:Arial;font-size:9pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of the </span><span style="font-family:Arial;font-size:9pt;margin-left:0.0pt;">value of your investment)</span> 0.0075 0.0025 0.0068 0.0001 0.0067 0.0168 <span style="font-family:Arial;font-size:8pt;">April 30, 2027</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Example:</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> This example is intended to help you compare the cost </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">of investing in the Fund with the cost of investing in other </span><span style="color:#000000;font-family:Arial;font-size:10pt;">mutual funds. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">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, </span><span style="color:#000000;font-family:Arial;font-size:10pt;">based on these assumptions your approximate costs would be:</span> 171 530 913 1987 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund pays transaction and financing costs associated with the purchase and sale of securities and derivatives. These costs </span><span style="color:#000000;font-family:Arial;font-size:10pt;">are not reflected in the table or the example above.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">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. 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 </span><span style="color:#000000;font-family:Arial;font-size:10pt;">0</span><span style="color:#000000;font-family:Arial;font-size:10pt;">% of the average value of its </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">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 </span><span style="color:#000000;font-family:Arial;font-size:10pt;">would be significantly higher.</span> 0 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund invests in financial instruments that ProFund Advisors believes, in combination, should track the performance of </span><span style="color:#000000;font-family:Arial;font-size:10pt;">the Index.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Index is designed to measure the performance of U.S. companies engaged in the exploration and production of gold, silver, and platinum included in the S&amp;P Global Broad Market Index. The S&amp;P Global Broad Market Index is designed to measure global stock market performance. The Index includes companies in the following sub-industries according to the Global Industry Classification Standard (GICS): gold, precious metals and minerals, and silver. These companies are then weighted based on market capitalization. The Index’s composition and the assigned weights are reevaluated every quarter in March, June, September, and December. The Index is constructed and maintained by S&amp;P Dow Jones Indices LLC. More information about the Index can be found using the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Bloomberg ticker symbol “DJGSP.” </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Under normal circumstances, the Fund will invest at least 80% of its total assets in components of the Index or in instruments </span><span style="color:#000000;font-family:Arial;font-size:10pt;">with similar economic characteristics.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund will invest principally in the financial instruments </span><span style="color:#000000;font-family:Arial;font-size:10pt;">listed below.</span><span style="font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Derivatives</span><span style="font-family:Arial;font-size:10pt;"> — 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 exposure to the Index. These derivatives principally include:</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Swap Agreements</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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 </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">may agree to exchange the return (or differentials in rates of returns) earned or realized on a particular </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00pt;">investment or instrument.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Money Market Instruments</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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:</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">U.S. Treasury Bills</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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.</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Repurchase Agreements</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">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 returns consistent with its investment objective. The Fund seeks to remain fully invested at all times in financial instruments that, in combination, provide exposure consistent with the investment objective, without regard to market conditions, trends or direction. The Fund may also 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 exposure </span><span style="color:#000000;font-family:Arial;font-size:10pt;">consistent with the investment objective.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Please see “Investment Objectives, Principal Investment Strategies </span><span style="color:#000000;font-family:Arial;font-size:10pt;">and Related Risks” in the Fund’s Prospectus for additional details.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Risks</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">You could lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Derivatives Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Investing in derivatives to obtain 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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Counterparty Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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 </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">Fund’s net assets). If an agreement is terminated, the Fund may be unable to enter into another swap agreement or invest </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">in other derivatives to achieve its investment objective.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Precious Metals Mining Industry Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The risks related to changes in the price of gold, silver and platinum group metals include changing inflation expectations, currency fluctuations, speculation, and industrial, government and global consumer demand; disruptions in the supply chain; rising production and regulatory compliance costs; adverse effects from government and environmental regulation, world events and economic conditions; market, economic and political risks of the countries where precious metals companies are located or do business; thin capitalization and limited product lines, markets, financial resources or personnel; and the possible illiquidity of certain of the securities represented in the Index may adversely affect companies engaged in precious metals mining related businesses. Depending on market conditions, precious metals mining companies may dramatically outperform or underperform more traditional equity investments.</span> <span style="font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Equity and Market Risk</span><span style="font-family:Arial;font-size:10pt;"> — 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,</span><span style="font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial;font-size:10pt;">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),</span><span style="font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial;font-size:10pt;">social unrest and other unforeseeable</span><span style="font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial;font-size:10pt;">events.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Foreign Investments Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Exposure to securities of foreign issuers may provide the Fund with increased risk. Foreign investments may be more susceptible to political, social, economic and regional factors than may be the case with U.S. securities. In addition, markets for foreign investments are usually less liquid, more volatile and significantly smaller than markets for U.S. securities, which may affect, among other things, the Fund’s ability to purchase or sell foreign investments at appropriate times and prices. Because of differences in settlement times and/or foreign market holidays, transactions in a foreign market may take place one or more days after the necessary exposure to these investments is determined.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Foreign Currency Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Investments linked to or denominated in foreign currencies are exposed to additional risk factors versus those investments denominated in U.S. dollars and linked to U.S. investments. The value of an </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">investment linked to or denominated in a foreign currency could change significantly as foreign currencies strengthen or </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">weaken relative to the U.S. dollar.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Money Market Instruments Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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.</span> <span style="font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Correlation Risk</span><span style="font-family:Arial;font-size:10pt;"> — A number of factors may affect the Fund’s ability to achieve a high degree of correlation with the Index. Fees, expenses, transaction costs, among other factors, will adversely impact the Fund’s ability to meet its investment objective. In addition, the Fund’s exposure may not be consistent with the Index. For example, the Fund may not have exposure to all of the instruments in the Index, its weighting of instruments may be different from that of the Index, and it may invest in instruments not included in the Index.</span> <span style="font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Industry Concentration Risk</span><span style="font-family:Arial;font-size:10pt;"> — 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 December 31, 2025, the Index had a significant portion of its value in issuers in the materials industry group.</span> <span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Materials Industry Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Companies in this sector may experience: adverse effects from commodity price volatility, exchange rates, import controls and increased competition; supply and demand issues; and risk for environmental damage and product liability claims.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Non-Diversification Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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 Fund’s performance will decline based on the performance of a single issuer or the credit of a single counterparty.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Index Performance Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Active Investor Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> —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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Early Close/Late Close/Trading Halt Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Results</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The bar chart below shows how the Fund’s investment results 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.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> This </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">information provides some indication of the risks of investing in the Fund. The Fund’s performance information reflects applicable fee waivers and/or expense limitations in effect during the period presented. Absent such fee waivers/expense limitations, if any, performance would have been lower. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">It does </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">not reflect charges and fees associated with a separate account that invests in the Fund or any insurance contract for which it is an investment option. Charges and fees will reduce returns.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Past results are not predictive of future results.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The bar chart below shows how the Fund’s investment results 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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">It does </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">not reflect charges and fees associated with a separate account that invests in the Fund or any insurance contract for which it is an investment option. Charges and fees will reduce returns.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> Past results are not predictive of future results.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;">Annual Returns as of December 31</span> <span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Best Quarter</span><span style="font-family:Arial;font-size:10pt;">(ended</span><span style="font-family:Arial;font-size:10pt;">6/30/2020</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">52.91%</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Worst Quarter</span><span style="font-family:Arial;font-size:10pt;">(ended</span><span style="font-family:Arial;font-size:10pt;">6/30/2022</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">-27.77%</span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">The year-to-date return as of the most recent quarter, which </span><span style="font-family:Arial;font-size:10pt;">ended March 31, 2026, was 8.56%.</span> <span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Best Quarter</span> 2020-06-30 0.5291 <span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Worst Quarter</span> 2022-06-30 -0.2777 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Average Annual Total Returns</span><span style="font-family:Arial;font-size:10pt;">As of December 31, 2025</span> 1.5031 0.1701 0.1889 2002-05-01 1.5749 0.2015 0.2204 0.1788 0.1442 0.1482 <span style="color:#000000;font-family:Arial;font-size:8pt;">Reflects no deduction for fees, expenses or taxes. Adjusted to reflect the reinvestment of dividends paid by issuers in the Index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">ProFund VP Real Estate (the “Fund”) seeks investment results, before fees and expenses, that track the performance of the S&amp;P </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Real Estate Select Sector Index (the “Index”).</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">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 </span><span style="color:#000000;font-family:Arial;font-size:10pt;">for more information about such charges and fees.</span> <span style="font-family:Arial;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Annual Fund Operating Expenses</span><span style="font-family:Arial;font-size:9pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of the </span><span style="font-family:Arial;font-size:9pt;margin-left:0.0pt;">value of your investment)</span> 0.0075 0.0025 0.0072 0.0001 0.0071 0.0172 -0.0004 0.0168 <span style="font-family:Arial;font-size:8pt;">April 30, 2027</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Example:</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> This example is intended to help you compare the cost </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">of investing in the Fund with the cost of investing in other </span><span style="color:#000000;font-family:Arial;font-size:10pt;">mutual funds. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">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 </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">be higher. Although your actual costs may be higher or lower, </span><span style="color:#000000;font-family:Arial;font-size:10pt;">based on these assumptions your approximate costs would be:</span> 171 538 930 2027 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund pays transaction and financing costs associated with the purchase and sale of securities. These costs are not reflected </span><span style="color:#000000;font-family:Arial;font-size:10pt;">in the table or the example above.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Portfolio Turnover</span> <span style="font-family:Arial;font-size:10pt;margin-left:0%;">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. 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 </span><span style="font-family:Arial;font-size:10pt;">1,433</span><span style="font-family:Arial;font-size:10pt;">% of the average value of </span><span style="font-family:Arial;font-size:10pt;">its portfolio.</span> 1433 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund invests in securities that ProFund Advisors believes, in </span><span style="color:#000000;font-family:Arial;font-size:10pt;">combination, should track the performance of the Index.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Index is designed to measure the performance of real estate companies included in the S&amp;P 500 Index. The S&amp;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 real estate companies in the following industries according to the Global Industry Classification Standard (GICS): diversified real estate investment trusts (“REITs”); industrial REITs; hotel &amp; resort REITs; office REITs; heath care REITs; residential REITs; retail REITs; specialized REITs; and real estate management &amp; development. 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&amp;P Dow Jones Indices LLC. More information about the Index can be found using the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Bloomberg ticker symbol “IXRE.”</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Under normal circumstances, the Fund will invest at least 80% of its total assets in components of the Index or in instruments </span><span style="color:#000000;font-family:Arial;font-size:10pt;">with similar economic characteristics.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Fund will invest principally in the securities listed below.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Equity Securities</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Common stock issued by public companies.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">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 returns consistent with its investment objective. The Fund seeks to remain fully invested at all times in financial instruments that, in combination, provide exposure consistent with the investment objective, without regard to market conditions, trends or direction. The Fund may also invest in or </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">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 exposure </span><span style="color:#000000;font-family:Arial;font-size:10pt;">consistent with the investment objective.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Please see “Investment Objectives, Principal Investment Strategies </span><span style="color:#000000;font-family:Arial;font-size:10pt;">and Related Risks” in the Fund’s Prospectus for additional details.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Risks</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">You could lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Real Estate Industry Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Investing in securities of real estate companies includes risks such as: fluctuations in the value of the underlying properties; periodic overbuilding and market saturation; changes in general and local economic conditions; changes in demographic trends, such as population shifts or changing tastes and values; concentration in a particular geographic region or property type; catastrophic events such as earthquakes, hurricanes and terrorist acts; casualty or condemnation losses; decreases in market rates for rents; increased competition; increases in property taxes, interest rates, capital expenditures, or operating expenses; changes in the availability, cost and terms of mortgage funds; defaults by borrowers or tenants; and other economic, political or regulatory occurrences, including the impact of changes in environmental laws, that may affect the real estate industry. Although interest rates have significantly increased since 2022, the prices of real estate-related assets generally have not decreased as much as may be expected based on historical correlations between interest rates and prices of real estate-related assets. This presents an increased risk of a correction or severe downturn in real estate-related asset prices, which could adversely impact the value of other investments as well (such as loans, securitized debt and other fixed income securities). This risk is particularly present with respect to commercial real estate-related asset prices, and the value of other investments with a connection to the commercial real estate sector. As examples of the current risks faced by real estate-related assets: tenant vacancy rates, tenant turnover and tenant concentration have increased; owners of real estate have faced headwinds, delinquencies and difficulties in collecting rents and other payments (which increases the risk of owners being unable to pay or otherwise defaulting on their own borrowings and obligations); property values have declined; inflation, upkeep costs and other expenses have increased; and rents have declined for many properties. The economic impacts of COVID-19 have created a unique challenge for real estate markets. Many businesses have either partially or fully transitioned to a remote-working environment and this transition may negatively impact the occupancy rates of commercial real estate over time. Similarly, trends in favor of online shopping may negatively affect the real estate market for commercial properties.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Equity and Market Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Equity markets are volatile, and the value of equity securities and other instruments correlated with equity markets may fluctuate dramatically from day to </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">day. Equity markets are subject to corporate, political, regulatory, market</span><span style="font-family:Arial;font-size:10pt;">,</span><span style="font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial;font-size:10pt;">social, geopolitical and economic </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">developments, </span><span style="font-family:Arial;font-size:10pt;">including changes in interest and currency </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">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 (</span><span style="font-family:Arial;font-size:10pt;">such as the spread of infectious diseases, pandemics and epidemics),</span><span style="font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial;font-size:10pt;">social unrest and other </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">unforeseeable</span><span style="font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial;font-size:10pt;">events.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Correlation Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — A number of factors may affect the Fund’s ability to achieve a high degree of correlation with the Index. Fees, expenses, transaction costs, among other factors, will adversely impact the Fund’s ability to meet its investment objective. In addition, the Fund’s exposure may not be consistent with the Index. For example, the Fund may not have exposure to all of the securities in the Index, its weighting of securities may be different from that of the Index, and it may invest in instruments not included in the Index.</span> <span style="font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Industry Concentration Risk</span><span style="font-family:Arial;font-size:10pt;"> — 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 December 31, 2025, the Index had a significant portion of its value in issuers in the real estate industry group.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Index Performance Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Active Investor Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> —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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Early Close/Late Close/Trading Halt Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Results</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The bar chart below shows how the Fund’s investment results 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.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> This </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">information provides some indication of the risks of investing in the Fund. The Fund’s performance information reflects applicable fee waivers and/or expense limitations in effect during the period presented. Absent such fee waivers/expense limitations, if any, performance would have been lower. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">It does </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">not reflect charges and fees associated with a separate account that invests in the Fund or any insurance contract for which it is an investment option. Charges and fees will reduce returns.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Past results are not predictive of future results.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The bar chart below shows how the Fund’s investment results 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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">It does </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">not reflect charges and fees associated with a separate account that invests in the Fund or any insurance contract for which it is an investment option. Charges and fees will reduce returns.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> Past results are not predictive of future results.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;">Annual Returns as of December 31</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">12/31/2023</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">18.26%</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">3/31/2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">-24.58%</span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">The year-to-date return as of the most recent quarter, which </span><span style="font-family:Arial;font-size:10pt;">ended March 31, 2026, was 1.44%.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Best Quarter</span> 2023-12-31 0.1826 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Worst Quarter</span> 2020-03-31 -0.2458 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Average Annual Total Returns</span><span style="font-family:Arial;font-size:10pt;">As of December 31, 2025</span> 0.0063 0.0285 0.0395 2001-01-22 0.0270 0.0557 0.0637 0.1788 0.1442 0.1482 <span style="color:#000000;font-family:Arial;font-size:8pt;">Reflects no deduction for fees, expenses or taxes. Adjusted to reflect the reinvestment of dividends paid by issuers in the Index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">ProFund VP Rising Rates Opportunity (the “Fund”) seeks daily investment results, before fees and expenses, that correspond to one and one-quarter times the inverse (-1.25x)  of the daily performance of the most recently issued 30-Year U.S. Treasury </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Bond (the “Long Bond”).</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Important Information About the Fund</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">If the Fund is successful in meeting its investment objective, it should gain approximately one and one-quarter times as much as the Long Bond loses when the Long Bond falls on a given day. Conversely, it should lose approximately one and one-quarter times as much as the Long Bond gains when the Long Bond rises on a given day. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">The Fund does not seek to achieve one and </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">one-quarter times the inverse (-1.25x)  of the daily performance of the Long Bond (the “Daily Target”) for any </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">period other than a day.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">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. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">If you hold fund </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">shares for any period other than a day, it is important for you </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">to understand that over your holding period: </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:6pt;">Your return may be higher or lower than the Daily Target, and </span><span style="color:#000000;font-family:Arial;font-size:10pt;">this difference may be significant. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:6pt;">Factors that contribute to returns that are worse than the Daily </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Target include smaller Long Bond gains or losses and higher Long Bond volatility, as well as longer holding periods when these factors apply. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:6pt;">Factors that contribute to returns that are better than the Daily </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Target include larger Long Bond gains or losses and lower Long Bond volatility, as well as longer holding periods when these factors apply. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:6pt;">The more extreme these factors are, and the more they occur </span><span style="color:#000000;font-family:Arial;font-size:10pt;">together, the more your return will tend to deviate from the Daily Target.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">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 </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">holders should consult the prospectus for their contract or policy </span><span style="color:#000000;font-family:Arial;font-size:10pt;">for more information about such charges and fees.</span> <span style="font-family:Arial;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Annual Fund Operating Expenses</span><span style="font-family:Arial;font-size:9pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of the </span><span style="font-family:Arial;font-size:9pt;margin-left:0.0pt;">value of your investment)</span> 0.0075 0.0025 0.0059 0.0159 <span style="font-family:Arial;font-size:8pt;">April 30, 2027</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Example:</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> This example is intended to help you compare the cost </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">of investing in the Fund with the cost of investing in other </span><span style="color:#000000;font-family:Arial;font-size:10pt;">mutual funds. </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">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</span><span style="font-family:Arial;font-size:10pt;">, except that the fee waiver/expense</span><span style="font-family:Arial;font-size:10pt;margin-left:0%;"> reimbursement is assumed only to pertain to the first year</span><span style="font-family:Arial;font-size:10pt;">. It does not reflect separate account or insurance contract </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">fees or charges. If these charges were reflected, expenses would be higher. Although your actual costs may be higher or lower, </span><span style="font-family:Arial;font-size:10pt;">based on these assumptions your approximate costs would be:</span> 162 502 866 1889 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund pays transaction and financing costs associated with the purchase and sale of securities and derivatives. These costs </span><span style="color:#000000;font-family:Arial;font-size:10pt;">are not reflected in the table or the example above.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">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. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">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 </span><span style="color:#000000;font-family:Arial;font-size:10pt;">0</span><span style="color:#000000;font-family:Arial;font-size:10pt;">% of the average value of its </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">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 </span><span style="color:#000000;font-family:Arial;font-size:10pt;">would be significantly higher.</span> 0 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund invests in financial instruments that ProFund Advisors believes, in combination, should produce daily returns consistent </span><span style="color:#000000;font-family:Arial;font-size:10pt;">with the Daily Target.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Under normal circumstances, the Fund will obtain inverse leveraged exposure to at least 80% of its total assets in components of the Long Bond or in instruments with similar </span><span style="color:#000000;font-family:Arial;font-size:10pt;">economic characteristics.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund will invest principally in the financial instruments </span><span style="color:#000000;font-family:Arial;font-size:10pt;">listed below.</span><span style="font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Derivatives</span><span style="font-family:Arial;font-size:10pt;"> — 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 inverse leveraged exposure to the Long Bond. These derivatives principally include:</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Swap Agreements</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Money Market Instruments</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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:</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">U.S. Treasury Bills</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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.</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Repurchase Agreements</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">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 </span><span style="color:#000000;font-family:Arial;font-size:10pt;">value (“NAV”) calculation to the next. </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">The Fund seeks to remain fully invested at all times in financial instruments that, in combination, provide inverse </span><span style="font-family:Arial;font-size:10pt;">leveraged </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">exposure consistent with the investment objective, without </span><span style="font-family:Arial;font-size:10pt;">regard to market conditions, trends or direction. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund seeks to rebalance its portfolio each day so that its exposure to the Long Bond is consistent with the Daily Target. The Long Bond’s movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the Long Bond has risen 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. Conversely, if the Long Bond has fallen on a given day, net assets of the Fund should rise (assuming there were no share redemptions). As a </span><span style="color:#000000;font-family:Arial;font-size:10pt;">result, the Fund’s exposure will need to be increased.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Please see “Investment Objectives, Principal Investment Strategies </span><span style="color:#000000;font-family:Arial;font-size:10pt;">and Related Risks” in the Fund’s Prospectus for additional details.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Risks</span><span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;">Estimated Fund Returns</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Long Bond</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Performance</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">One Year Volatility Rate</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">One</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Year</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Long</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Bond</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">One and</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">One-Quarter</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Times the</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Inverse</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">(-1.25x)</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">of the</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">One Year</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Long</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Bond</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">10%</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">25%</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">50%</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">75%</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">100%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-60%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">75.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">210.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">187.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">121.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">42.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-23.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-50%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">62.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">134.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">117.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">67.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">7.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-41.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-40%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">50.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">86.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">73.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">33.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-14.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-53.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-30%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">37.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">54.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">43.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">9.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-29.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-61.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-20%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">25.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">30.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">21.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-7.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-40.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-67.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-10%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">12.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">12.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">4.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-19.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-48.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-72.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">0.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-1.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-8.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-29.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-54.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-75.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">10%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-12.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-12.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-18.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-37.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-59.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-78.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">20%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-25.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-21.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-27.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-44.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-63.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-80.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">30%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-37.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-29.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-34.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-49.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-67.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-82.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">40%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-50.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-35.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-39.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-53.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-70.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-83.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">50%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-62.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-40.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-44.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-57.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-72.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-85.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">60%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-75.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-45.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-49.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-60.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-74.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-86.4%</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">You could lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Short or Inverse Investing Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — You will lose money when the Long Bond rises – a result that is the opposite from a traditional index fund. Obtaining inverse or “short” exposure may be considered an aggressive investment technique. The costs of obtaining this short exposure will lower your returns.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Leverage Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund uses leverage and will lose more money when the value of the Long Bond rises 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 Long Bond approaches a 80% gain 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.</span> <span style="font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Holding Period Risk</span><span style="font-family:Arial;font-size:10pt;"> — The performance of the Fund for periods longer than a single day will likely differ from the Daily Target. This difference may be significant. </span><span style="font-family:Arial;font-size:10pt;font-weight:bold;">If you are considering holding fund shares for longer than a day, it’s important that you understand the impact of the return and volatility (how much the value of the Long Bond moves up and down from day-to-day) of the Long Bond on your holding period return.</span><span style="font-family:Arial;font-size:10pt;"> The volatility of the Long Bond has a negative impact on Fund returns. During periods of higher volatility, the volatility of the Long Bond may affect the Fund’s returns as much as or more than the return of the Long Bond. </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">The following table illustrates the impact of </span><span style="font-family:Arial;font-size:10pt;">the volatility and </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">return of the </span><span style="font-family:Arial;font-size:10pt;">Long Bond on Fund returns for a hypothetical </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">one-year period. However, these effects will impact your return for any holding period other than a day. </span><span style="font-family:Arial;font-size:10pt;font-weight:bold;">The longer </span><span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.00%;">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 </span><span style="font-family:Arial;font-size:10pt;font-weight:bold;">investment goals and risk tolerance. </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">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 </span><span style="font-family:Arial;font-size:10pt;">gains or losses </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">and higher </span><span style="font-family:Arial;font-size:10pt;">volatility in the Long Bond. Your return will tend to </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">be better than the Daily Target when there are larger </span><span style="font-family:Arial;font-size:10pt;">gains or </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">losses and lower </span><span style="font-family:Arial;font-size:10pt;">volatility in the Long Bond. You may lose </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">money when the </span><span style="font-family:Arial;font-size:10pt;">return of the Long Bond is flat (i.e., close to zero) and you may lose money when the Long Bond falls. </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">The table uses hypothetical annualized </span><span style="font-family:Arial;font-size:10pt;">volatility and returns of </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">the </span><span style="font-family:Arial;font-size:10pt;">Long Bond to illustrate the impact of these two factors on </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">Fund performance over a one-year period. It does not represent actual returns. Each row corresponds to the level of a hypothetical </span><span style="font-family:Arial;font-size:10pt;">return of the Long Bond for a one-year period. </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">Each column corresponds to a level of hypothetical annualized volatility of the </span><span style="font-family:Arial;font-size:10pt;">Long Bond. For example, the Fund may </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">mistakenly be expected to achieve a -25% return on a yearly basis if the annual </span><span style="font-family:Arial;font-size:10pt;">return of the Long Bond were 20%. </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">However, as the table shows, with a one-year </span><span style="font-family:Arial;font-size:10pt;">return of the </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">Long Bond </span><span style="font-family:Arial;font-size:10pt;">of 20% and an annualized volatility of the Long Bond of 50%, the Fund could be expected to return -44.0%.</span><span style="color:#000000;font-family:Arial;font-size:8pt;">Assumes: (a) no dividends paid with respect to securities included in the Long Bond; (b) no Fund expenses; and (c) borrowing/lending rates (to obtain inverse leveraged exposure) of zero percent. If these were included the Fund’s performance would be different from that shown.</span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">The </span><span style="font-family:Arial;font-size:10pt;">annualized historical volatility rate for the Long Bond for </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">the </span><span style="font-family:Arial;font-size:10pt;">five-year period ended December 31, 2025 was 16.51%. </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">The </span><span style="font-family:Arial;font-size:10pt;">highest December to December volatility rate for the Long </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">Bond </span><span style="font-family:Arial;font-size:10pt;">during the five-year period ended December 31, 2025 </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">was </span><span style="font-family:Arial;font-size:10pt;">21.63% (December 31, 2022). The annualized total </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">return performance </span><span style="font-family:Arial;font-size:10pt;">of the Long Bond for the five-year period </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">ended December 31, </span><span style="font-family:Arial;font-size:10pt;">2025 was -9.22%. The historical </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">volatility and performance </span><span style="font-family:Arial;font-size:10pt;">of the Long Bond do not predict future volatility and performance of the Long</span><span style="font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial;font-size:10pt;">Bond. </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">For more information, including additional graphs and charts demonstrating the effects of </span><span style="font-family:Arial;font-size:10pt;">the volatility and return of the </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">Long Bond </span><span style="font-family:Arial;font-size:10pt;">on the long-term performance of the Fund, see </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">“Understanding the Risks and Long-Term Performance of a </span><span style="font-family:Arial;font-size:10pt;">Daily Objective Fund” in the Fund’s Prospectus.</span> <span style="font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Correlation Risk</span><span style="font-family:Arial;font-size:10pt;"> — A number of factors may affect the Fund’s ability to achieve a high degree of inverse leveraged correlation with the Long Bond. 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 inverse leveraged exposure to all of the instruments in the Long Bond, its weighting of those instruments may be different from that of the Long Bond, and it may invest in instruments not included in the Long Bond. 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 Long Bond 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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Derivatives Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Investing in derivatives to obtain inverse 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 Long Bond. Any costs associated with using derivatives will reduce the Fund’s return.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Counterparty Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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 Long Bond 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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">U.S. Treasury Market Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The U.S. Treasury market can be volatile, and the value of instruments correlated with these markets may fluctuate dramatically from day to day. U.S. Treasury obligations may provide relatively lower returns than those of other securities. Similar to other debt </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">instruments, U.S. Treasury obligations are subject to debt instrument risk and interest rate risk. In addition, changes to the financial condition or credit rating of the U.S. Government may cause the value of U.S. Treasury </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">obligations to decline.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Debt Instrument Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Debt instruments are subject to adverse issuer, political, regulatory, market and economic developments, as well as developments that affect specific economic sectors, industries or segments of the market. Debt markets can be volatile and the value of instruments correlated with these markets may fluctuate dramatically from day to day. As a fund seeking daily investment results, before fees and expenses, that correspond to one and one-quarter times the inverse (-1.25x) of the daily return of the Long Bond, the value of an investment in the Fund is expected to decline when market conditions cause the level of the Long Bond to rise.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Interest Rate Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Interest rate risk is the risk that debt instruments or related financial instruments may fluctuate in value due to changes in interest rates. A wide variety of factors can cause interest rates to fluctuate (e.g., central bank monetary policies, fiscal or other government policies, inflation rates, general economic conditions, etc.). Commonly, investments subject to interest rate risk will decrease in value when interest rates rise and increase in value when interest rates decline. A rising interest rate environment may cause the value of debt instruments to decrease and adversely impact the liquidity of debt instruments. Without taking into account other factors, the value of securities with longer maturities typically fluctuates more in response to interest rate changes than securities with shorter maturities. These factors may cause the value of an investment in the Fund to change. As a fund seeking daily investment results, before fees and expenses, that correspond to one and one-quarter times the inverse (-1.25x) of the daily return of the Long Bond, the Fund’s performance will generally be more favorable when interest rates rise and less favorable when interest rates decline.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Money Market Instruments Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Adverse economic, political or market events affecting issuers of money market instruments, defaults by counterparties or changes in </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">government regulations may have a negative impact on the </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">performance of the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Non-Diversification Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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 Fund’s performance will decline based on the performance of a single issuer or the credit of a single counterparty.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Active Investor Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> —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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Early Close/Late Close/Trading Halt Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Results</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The bar chart below shows how the Fund’s investment results 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.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> This </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">information provides some indication of the risks of investing in the Fund. The Fund’s performance information reflects applicable fee waivers and/or expense limitations in effect during the period presented. Absent such fee waivers/expense limitations, if any, performance would have been lower. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">It does </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">not reflect charges and fees associated with a separate account that invests in the Fund or any insurance contract for which it is an investment option. Charges and fees will reduce returns.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Past results are not predictive of future results.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The bar chart below shows how the Fund’s investment results 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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">It does </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">not reflect charges and fees associated with a separate account that invests in the Fund or any insurance contract for which it is an investment option. Charges and fees will reduce returns.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> Past results are not predictive of future results.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;">Annual Returns as of December 31</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">3/31/2021</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">21.78%</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">3/31/2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">-29.15%</span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">The year-to-date return as of the most recent quarter, which </span><span style="font-family:Arial;font-size:10pt;">ended March 31, 2026, was 0.76%.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Best Quarter</span> 2021-03-31 0.2178 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Worst Quarter</span> 2020-03-31 -0.2915 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Average Annual Total Returns</span><span style="font-family:Arial;font-size:10pt;">As of December 31, 2025</span> 0.0167 0.1428 0.0027 2002-05-01 0.0360 -0.0923 -0.0092 0.0730 -0.0036 0.0201 <span style="font-family:Arial;font-size:8pt;">Reflects no deduction for fees, expenses or taxes.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Annual returns are required to be shown and should not be interpreted as suggesting that the Fund should or should not be </span><span style="color:#000000;font-family:Arial;font-size:10pt;">held for longer periods of time.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">ProFund VP Semiconductor (the “Fund”) seeks investment results, before fees and expenses, that track the performance of </span><span style="color:#000000;font-family:Arial;font-size:10pt;">the Dow Jones U.S. Semiconductors</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-4.25pt;">SM</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Index (the “Index”).</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">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 </span><span style="color:#000000;font-family:Arial;font-size:10pt;">for more information about such charges and fees.</span> <span style="font-family:Arial;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Annual Fund Operating Expenses</span><span style="font-family:Arial;font-size:9pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of the </span><span style="font-family:Arial;font-size:9pt;margin-left:0.0pt;">value of your investment)</span> 0.0075 0.0025 0.0064 0.0164 <span style="font-family:Arial;font-size:8pt;">April 30, 2027</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Example:</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> This example is intended to help you compare the cost </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">of investing in the Fund with the cost of investing in other </span><span style="color:#000000;font-family:Arial;font-size:10pt;">mutual funds. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">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, </span><span style="color:#000000;font-family:Arial;font-size:10pt;">based on these assumptions your approximate costs would be:</span> 167 517 892 1944 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund pays transaction and financing costs associated with the purchase and sale of securities. These costs are not reflected </span><span style="color:#000000;font-family:Arial;font-size:10pt;">in the table or the example above.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">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. These costs, which are not reflected in the Annual Fund </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">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 </span><span style="font-family:Arial;font-size:10pt;">353</span><span style="font-family:Arial;font-size:10pt;">% of the average value of </span><span style="font-family:Arial;font-size:10pt;">its portfolio.</span> 3.53 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund invests in securities that ProFund Advisors believes, in </span><span style="color:#000000;font-family:Arial;font-size:10pt;">combination, should track the performance of the Index.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Index is designed to measure the performance of U.S. companies in the semiconductors subsector.  The semiconductor subsector includes producers and distributors of semiconductors and other integrated chips, including other products related to the semiconductor industry, such as semiconductor capital equipment and motherboards. U.S. companies in this sub-sector are selected and then weighted based on market capitalization. The Index’s composition and the assigned weights are reevaluated every September with additional weight adjustments occurring in March, June and December. The Index is constructed and maintained by S&amp;P Dow Jones Indices LLC. More information about the Index can be found using the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Bloomberg ticker symbol “DJUSSC.” </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Under normal circumstances, the Fund will invest at least 80% of its total assets in components of the Index or in instruments </span><span style="color:#000000;font-family:Arial;font-size:10pt;">with similar economic characteristics.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Fund will invest principally in the securities listed below.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Equity Securities</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Common stock issued by public companies.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">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 returns consistent with its investment objective. The Fund seeks to remain fully invested at all times in financial instruments that, in combination, provide exposure consistent with the investment objective, without regard to market conditions, trends or direction. The Fund may also 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 exposure </span><span style="color:#000000;font-family:Arial;font-size:10pt;">consistent with the investment objective.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Please see “Investment Objectives, Principal Investment Strategies </span><span style="color:#000000;font-family:Arial;font-size:10pt;">and Related Risks” in the Fund’s Prospectus for additional details.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Risks</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">You could lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Semiconductors and Semiconductor Equipment Industry </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The risks of investments in the industry include: intense competition, both domestically and internationally, including competition from subsidized foreign competitors with lower production costs; wide fluctuations in securities prices due to risks of rapid obsolescence of products; economic performance of the customers of semiconductor companies; their research costs and the risks that their </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">products may not prove commercially successful; capital equipment expenditures that could be substantial and suffer from rapid obsolescence; and thin capitalization and limited product lines, markets, financial resources or personnel. The semiconductors sector may also be affected by risks that affect the broader technology sector, including: government regulation; dramatic and often unpredictable changes in growth rates and competition for qualified personnel; heavy dependence on patent and intellectual property rights, the loss or impairment of which may adversely affect profitability; and a small number of companies representing a large portion of </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">the technology sector as a whole.</span> <span style="font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Equity and Market Risk</span><span style="font-family:Arial;font-size:10pt;"> — 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,</span><span style="font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial;font-size:10pt;">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),</span><span style="font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial;font-size:10pt;">social unrest and other unforeseeable</span><span style="font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial;font-size:10pt;">events.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Correlation Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — A number of factors may affect the Fund’s ability to achieve a high degree of correlation with the Index. Fees, expenses, transaction costs, among other factors, will adversely impact the Fund’s ability to meet its investment objective. In addition, the Fund’s exposure may not be consistent with the Index. For example, the Fund may not have exposure to all of the securities in the Index, its weighting of securities may be different from that of the Index, and it may invest in instruments not included in the Index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Industry Concentration Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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 </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">December 31, </span><span style="font-family:Arial;font-size:10pt;">2025, the Index had a significant portion of its </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">value in issuers in the semiconductors &amp; semiconductor </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">equipment industry group.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Non-Diversification Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund has the ability to invest a relatively high percentage of its assets in the securities of a small number of issuers. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Index Performance Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Active Investor Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> —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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Early Close/Late Close/Trading Halt Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Results</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The bar chart below shows how the Fund’s investment results 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.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> This </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">information provides some indication of the risks of investing in the Fund. The Fund’s performance information reflects applicable fee waivers and/or expense limitations in effect during the period presented. Absent such fee waivers/expense limitations, if any, performance would have been lower. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">It does </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">not reflect charges and fees associated with a separate account </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">that invests in the Fund or any insurance contract for which it is an investment option. Charges and fees will reduce returns.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Past results are not predictive of future results.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The bar chart below shows how the Fund’s investment results 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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">It does </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">not reflect charges and fees associated with a separate account </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">that invests in the Fund or any insurance contract for which it is an investment option. Charges and fees will reduce returns.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> Past results are not predictive of future results.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;">Annual Returns as of December 31</span> <span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Best Quarter</span><span style="font-family:Arial;font-size:10pt;">(ended</span><span style="font-family:Arial;font-size:10pt;">6/30/2025</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">41.38%</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Worst Quarter</span><span style="font-family:Arial;font-size:10pt;">(ended</span><span style="font-family:Arial;font-size:10pt;">6/30/2022</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">-28.86%</span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">The year-to-date return as of the most recent quarter, which </span><span style="font-family:Arial;font-size:10pt;">ended March 31, 2026, was -2.56%.</span> <span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Best Quarter</span> 2025-06-30 0.4138 <span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Worst Quarter</span> 2022-06-30 -0.2886 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Average Annual Total Returns</span><span style="font-family:Arial;font-size:10pt;">As of December 31, 2025</span> 0.4170 0.3417 0.3080 2002-05-01 0.4450 0.3656 0.3310 0.1788 0.1442 0.1482 <span style="color:#000000;font-family:Arial;font-size:8pt;">Reflects no deduction for fees, expenses or taxes. Adjusted to reflect the reinvestment of dividends paid by issuers in the Index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Objective</span> <span style="font-family:Arial;font-size:10pt;margin-left:0%;">ProFund VP Short Dow 30 (the “Fund”) seeks daily investment results, before fees and expenses, that correspond to the inverse (-1x)  of the daily performance of the Dow Jones Industrial </span><span style="font-family:Arial;font-size:10pt;">Average</span><span style="font-family:Arial;font-size:4.5pt;position:relative;top:-7pt;">®</span><span style="font-family:Arial;font-size:10pt;"> (the “Index”).</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Important Information About the Fund</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">If the Fund is successful in meeting its investment objective, it should gain approximately as much as the Index loses when the Index falls on a given day. Conversely, it should lose approximately as much as the Index gains when the Index rises on a given day. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">The Fund does not seek to achieve the inverse </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">(-1x)  of the daily performance of the Index (the “Daily </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Target”) for any period other than a day.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">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. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">If you hold fund </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">shares for any period other than a day, it is important for you </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">to understand that over your holding period: </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:6pt;">Your return may be higher or lower than the Daily Target, and </span><span style="color:#000000;font-family:Arial;font-size:10pt;">this difference may be significant. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:6pt;">Factors that contribute to returns that are worse than the Daily </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Target include smaller Index gains or losses and higher Index volatility, as well as longer holding periods when these factors apply. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:6pt;">Factors that contribute to returns that are better than the Daily </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Target include larger Index gains or losses and lower Index volatility, as well as longer holding periods when these factors apply. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:6pt;">The more extreme these factors are, and the more they occur </span><span style="color:#000000;font-family:Arial;font-size:10pt;">together, the more your return will tend to deviate from the Daily Target.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">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 </span><span style="color:#000000;font-family:Arial;font-size:10pt;">for more information about such charges and fees.</span> <span style="font-family:Arial;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Annual Fund Operating Expenses</span><span style="font-family:Arial;font-size:9pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of the </span><span style="font-family:Arial;font-size:9pt;margin-left:0.0pt;">value of your investment)</span> 0.0075 0.0025 0.0050 0.0150 <span style="font-family:Arial;font-size:8pt;">April 30, 2027</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Example:</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> This example is intended to help you compare the cost </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">of investing in the Fund with the cost of investing in other </span><span style="color:#000000;font-family:Arial;font-size:10pt;">mutual funds. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">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, </span><span style="color:#000000;font-family:Arial;font-size:10pt;">based on these assumptions your approximate costs would be:</span> 153 474 818 1791 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund pays transaction and financing costs associated with the purchase and sale of securities and derivatives. These costs </span><span style="color:#000000;font-family:Arial;font-size:10pt;">are not reflected in the table or the example above.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">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. 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 </span><span style="color:#000000;font-family:Arial;font-size:10pt;">0</span><span style="color:#000000;font-family:Arial;font-size:10pt;">% of the average value of its </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">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 </span><span style="color:#000000;font-family:Arial;font-size:10pt;">would be significantly higher.</span> 0 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund invests in financial instruments that ProFund Advisors believes, in combination, should produce daily returns consistent </span><span style="color:#000000;font-family:Arial;font-size:10pt;">with the Daily Target.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Index is designed to measure the performance of some of the largest U.S. companies.  The Index includes 30 of the largest companies except those in the Global Industry Classification Standard (GICS) transportation industry group and utilities sectors.  Companies may be included in the Index if the Index provider believes that the company has an excellent reputation, demonstrates sustained growth and is of interest to a large number of investors. The 30 companies selected are then weighted based on their price. Companies may be added or </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">removed from the Index at any time. The Index is constructed and maintained by S&amp;P Dow Jones Indices LLC. More information about the Index can be found using the Bloomberg </span><span style="color:#000000;font-family:Arial;font-size:10pt;">ticker symbol “DJI.” </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Under normal circumstances, the Fund will obtain inverse exposure to at least 80% of its total assets in components of the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Index or in instruments with similar economic characteristics.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund will invest principally in the financial instruments </span><span style="color:#000000;font-family:Arial;font-size:10pt;">listed below.</span><span style="font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Derivatives</span><span style="font-family:Arial;font-size:10pt;"> — 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 and futures contracts) in order to gain inverse exposure to the Index. These derivatives principally include:</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Swap Agreements</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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.</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Futures Contracts</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Standardized contracts that obligate the parties to buy or sell an asset at a predetermined price and date in the future.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Money Market Instruments</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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:</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">U.S. Treasury Bills</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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.</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Repurchase Agreements</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">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 </span><span style="color:#000000;font-family:Arial;font-size:10pt;">value (“NAV”) calculation to the next. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund seeks to remain fully invested at all times in financial instruments that, in combination, provide inverse 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 </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">securities in the Index or to securities not contained in the Index or in financial instruments, with the intent of obtaining inverse </span><span style="color:#000000;font-family:Arial;font-size:10pt;">exposure consistent with the investment objective. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">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 fall (assuming there were no shares issued). As a result, the Fund’s exposure will need to be decreased. Conversely, if the Index has fallen 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 </span><span style="color:#000000;font-family:Arial;font-size:10pt;">need to be increased.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Please see “Investment Objectives, Principal Investment Strategies </span><span style="color:#000000;font-family:Arial;font-size:10pt;">and Related Risks” in the Fund’s Prospectus for additional details.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Risks</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">You could lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Short or Inverse Investing Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — You will lose money when the Index rises – a result that is the opposite from a traditional index fund. Obtaining inverse or “short” exposure may be considered an aggressive investment technique. The costs of obtaining this short exposure will lower your returns. If the level of the Index approaches a 100% increase 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.</span> <span style="font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Holding Period Risk</span><span style="font-family:Arial;font-size:10pt;"> — The performance of the Fund for periods longer than a single day will likely differ from the Daily Target. This difference may be significant. </span><span style="font-family:Arial;font-size:10pt;font-weight:bold;">If you are considering holding fund shares for longer than a day, it’s important that you understand the impact of the return and volatility (how much the value of the Index moves up and down from day-to-day) of the Index on your holding period return.</span><span style="font-family:Arial;font-size:10pt;"> The volatility of the Index has a negative impact on Fund returns. During periods of higher volatility, the volatility of the Index may affect the Fund’s returns as much as or more than the return of the Index. </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">The following table illustrates the impact of </span><span style="font-family:Arial;font-size:10pt;">the volatility and return of the Index on Fund returns for a hypothetical one-year</span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;"> period. However, these effects will impact your return for any holding period other than a day. </span><span style="font-family:Arial;font-size:10pt;font-weight:bold;">The longer you hold </span><span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.00%;">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 </span><span style="font-family:Arial;font-size:10pt;font-weight:bold;">investment goals and risk tolerance. </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">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 </span><span style="font-family:Arial;font-size:10pt;">gains or losses </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">and higher </span><span style="font-family:Arial;font-size:10pt;">volatility in the Index. Your return will tend to be </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">better than the Daily Target when there are larger </span><span style="font-family:Arial;font-size:10pt;">gains or </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">losses and lower </span><span style="font-family:Arial;font-size:10pt;">volatility in the Index. You may lose money </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">when the </span><span style="font-family:Arial;font-size:10pt;">return of the Index is flat (i.e., close to zero) and you may lose money when the Index falls. </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">The table uses hypothetical annualized </span><span style="font-family:Arial;font-size:10pt;">volatility and returns of </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">the Index</span><span style="font-family:Arial;font-size:10pt;"> to illustrate the impact of these two factors on Fund </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">performance over a one-year period. It does not represent actual returns. Each row corresponds to the level of a hypothetical </span><span style="font-family:Arial;font-size:10pt;">return of the Index for a one-year period. Each </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">column corresponds to a level of hypothetical annualized </span><span style="font-family:Arial;font-size:10pt;">volatility of the Index. For example, the Fund may mistakenly </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">be expected to achieve a -20% return on a yearly basis if the annual </span><span style="font-family:Arial;font-size:10pt;">return of the Index were 20%. However, as the table </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">shows, with a one-year </span><span style="font-family:Arial;font-size:10pt;">return of the Index of 20% and an </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">annualized </span><span style="font-family:Arial;font-size:10pt;">volatility of the Index of 50%, the Fund could be expected to return -35.1%.</span><span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;">Estimated Fund Returns</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Index Performance</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">One Year Volatility Rate</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">One</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Year</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Index</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Inverse (-1x)</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">of the</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">One Year</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Index</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">10%</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">25%</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">50%</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">75%</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">100%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-60%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">60%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">147.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">134.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">94.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">42.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-8.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-50%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">50%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">98.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">87.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">55.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">14.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-26.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-40%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">40%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">65.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">56.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">29.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-5.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-38.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-30%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">30%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">41.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">34.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">11.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-18.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-47.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-20%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">20%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">23.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">17.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-2.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-28.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-54.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-10%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">10%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">10.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">4.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-13.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-36.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-59.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-1.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-6.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-22.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-43.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-63.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">10%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-10%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-10.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-14.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-29.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-48.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-66.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">20%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-20%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-17.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-21.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-35.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-52.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-69.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">30%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-30%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-23.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-27.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-40.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-56.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-71.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">40%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-40%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-29.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-32.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-44.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-59.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-73.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">50%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-50%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-34.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-37.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-48.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-62.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-75.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">60%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-60%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-38.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-41.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-51.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-64.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-77.0%</span><span style="color:#000000;font-family:Arial;font-size:8pt;">Assumes: (a) no dividends paid with respect to securities included in the Index; (b) no Fund expenses; and (c) borrowing/lending rates (to obtain inverse exposure) of zero percent. If these were included the Fund’s performance would be different from that shown.</span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">The </span><span style="font-family:Arial;font-size:10pt;">annualized historical volatility rate for the Index for the </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">five-year period ended December 31, </span><span style="font-family:Arial;font-size:10pt;">2025 was 14.70%. The highest December to December volatility rate for the Index </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">during the five-year period </span><span style="font-family:Arial;font-size:10pt;">ended December 31, 2025 was 19.80% (December 31, 2022). The annualized total return </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">performance </span><span style="font-family:Arial;font-size:10pt;">of the Index for the five-year period ended </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">December 31, </span><span style="font-family:Arial;font-size:10pt;">2025 was 11.57%. The historical volatility and </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">performance </span><span style="font-family:Arial;font-size:10pt;">of the Index do not predict future volatility and performance of the</span><span style="font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial;font-size:10pt;">Index. </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">For more information, including additional graphs and charts demonstrating the effects of </span><span style="font-family:Arial;font-size:10pt;">the volatility and return of the </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">Index</span><span style="font-family:Arial;font-size:10pt;"> on the long-term performance of the Fund, see </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">“Understanding the Risks and Long-Term Performance of a </span><span style="font-family:Arial;font-size:10pt;">Daily Objective Fund” in the Fund’s Prospectus.</span> <span style="font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Correlation Risk</span><span style="font-family:Arial;font-size:10pt;"> — A number of factors may affect the Fund’s ability to achieve a high degree of inverse 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 inverse 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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Derivatives Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Investing in derivatives to obtain inverse 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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Counterparty Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Leverage Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Leverage increases the risk of a total loss of an investor’s investment, may increase the volatility of the Fund, and may magnify any differences between the performance of the Fund and the Index.</span> <span style="font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Equity and Market Risk</span><span style="font-family:Arial;font-size:10pt;"> — 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,</span><span style="font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial;font-size:10pt;">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, </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">recessions, supply chain disruptions, labor disturbances, environmental or man-made disasters, war, terrorism, public health emergencies (</span><span style="font-family:Arial;font-size:10pt;">such as the spread of infectious diseases, pandemics and epidemics),</span><span style="font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial;font-size:10pt;">social unrest and other </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">unforeseeable events</span><span style="font-family:Arial;font-size:10pt;">. As a fund seeking daily investment </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">results, before fees and expenses, that correspond to the inverse (-1x) of the daily return of the Index, the value of an investment in the Fund is expected to decline when market </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">conditions cause the level of the Index to rise.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Money Market Instruments Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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.</span> <span style="font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Industry Concentration Risk</span><span style="font-family:Arial;font-size:10pt;"> — 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 December 31, 2025, the Index had a significant portion of its value in issuers in the financials and information technology industry groups.</span> <span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Financials Industry Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Companies in this industry may experience: extensive governmental regulation and/or nationalization that affects the scope of their activities, the prices they can charge and the amount of capital they must maintain; adverse effects from increases in interest rates; adverse effects on profitability by loan losses; and severe competition.</span> <span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Information Technology Industry Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Companies in this industry may experience: intense competition, obsolescence of existing technology, and changing economic conditions and government regulation.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Non-Diversification Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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 </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">a single issuer or the credit of a single counterparty.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Index Performance Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Active Investor Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> —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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Early Close/Late Close/Trading Halt Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Results</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The bar chart below shows how the Fund’s investment results 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.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> This </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">information provides some indication of the risks of investing in the Fund. The Fund’s performance information reflects applicable fee waivers and/or expense limitations in effect during the period presented. Absent such fee waivers/expense limitations, if any, performance would have been lower. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">It does </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">not reflect charges and fees associated with a separate account </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">that invests in the Fund or any insurance contract for which it is an investment option. Charges and fees will reduce returns.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Past results are not predictive of future results.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The bar chart below shows how the Fund’s investment results 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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">It does </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">not reflect charges and fees associated with a separate account </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">that invests in the Fund or any insurance contract for which it is an investment option. Charges and fees will reduce returns.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> Past results are not predictive of future results.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;">Annual Returns as of December 31</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">3/31/2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">18.26%</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">6/30/2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">-18.53%</span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">The year-to-date return as of the most recent quarter, which </span><span style="font-family:Arial;font-size:10pt;">ended March 31, 2026, was 4.24%.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Best Quarter</span> 2020-03-31 0.1826 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Worst Quarter</span> 2020-06-30 -0.1853 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Average Annual Total Returns</span><span style="font-family:Arial;font-size:10pt;">As of December 31, 2025</span> -0.0925 -0.0794 -0.1190 2006-05-01 0.1492 0.1158 0.1311 0.1788 0.1442 0.1482 <span style="color:#000000;font-family:Arial;font-size:8pt;">Reflects no deduction for fees, expenses or taxes. Adjusted to reflect the reinvestment of dividends paid by issuers in the Index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Annual returns are required to be shown and should not be interpreted as suggesting that the Fund should or should not be </span><span style="color:#000000;font-family:Arial;font-size:10pt;">held for longer periods of time.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">ProFund VP Short Emerging Markets (the “Fund”) seeks daily investment results, before fees and expenses, that correspond to the inverse (-1x)  of the daily performance of the S&amp;P</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-4.25pt;">® </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Emerging 50 ADR Index (USD) (the “Index”).</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Important Information About the Fund</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">If the Fund is successful in meeting its investment objective, it should gain approximately as much as the Index loses when the Index falls on a given day. Conversely, it should lose approximately as much as the Index gains when the Index rises on a given day. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">The Fund does not seek to achieve the inverse </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">(-1x)  of the daily performance of the Index (the “Daily </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Target”) for any period other than a day.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">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. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">If you hold fund </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">shares for any period other than a day, it is important for you </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">to understand that over your holding period: </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:6pt;">Your return may be higher or lower than the Daily Target, and </span><span style="color:#000000;font-family:Arial;font-size:10pt;">this difference may be significant. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:6pt;">Factors that contribute to returns that are worse than the Daily </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Target include smaller Index gains or losses and higher Index volatility, as well as longer holding periods when these factors apply. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:6pt;">Factors that contribute to returns that are better than the Daily </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Target include larger Index gains or losses and lower Index volatility, as well as longer holding periods when these factors apply. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:6pt;">The more extreme these factors are, and the more they occur </span><span style="color:#000000;font-family:Arial;font-size:10pt;">together, the more your return will tend to deviate from the Daily Target.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">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 </span><span style="color:#000000;font-family:Arial;font-size:10pt;">for more information about such charges and fees.</span> <span style="font-family:Arial;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Annual Fund Operating Expenses</span><span style="font-family:Arial;font-size:9pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of the </span><span style="font-family:Arial;font-size:9pt;margin-left:0.0pt;">value of your investment)</span> 0.0075 0.0025 0.0069 0.0001 0.0068 0.0169 -0.0001 0.0168 <span style="font-family:Arial;font-size:8pt;">April 30, 2027</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Example:</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> This example is intended to help you compare the cost </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">of investing in the Fund with the cost of investing in other </span><span style="color:#000000;font-family:Arial;font-size:10pt;">mutual funds. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">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 </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">be higher. Although your actual costs may be higher or lower, </span><span style="color:#000000;font-family:Arial;font-size:10pt;">based on these assumptions your approximate costs would be:</span> 171 532 917 1997 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund pays transaction and financing costs associated with the purchase and sale of securities and derivatives. These costs </span><span style="color:#000000;font-family:Arial;font-size:10pt;">are not reflected in the table or the example above.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">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. 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 </span><span style="color:#000000;font-family:Arial;font-size:10pt;">0</span><span style="color:#000000;font-family:Arial;font-size:10pt;">% of the average value of its </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">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 </span><span style="color:#000000;font-family:Arial;font-size:10pt;">would be significantly higher.</span> 0 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund invests in financial instruments that ProFund Advisors believes, in combination, should produce daily returns consistent </span><span style="color:#000000;font-family:Arial;font-size:10pt;">with the Daily Target.</span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">The Index is designed to measure the performance of companies domiciled in emerging markets and traded on U.S. exchanges. The Index includes companies that have ADRs, New York Shares, or Global Registered Shares listed on the New York Stock Exchange or Nasdaq Stock Market. As of December 31, </span><span style="font-family:Arial;font-size:10pt;">2025, the </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">Index included companies from the following countries: </span><span style="font-family:Arial;font-size:10pt;">Brazil, </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">Chile</span><span style="font-family:Arial;font-size:10pt;">, China, India, Indonesia, Mexico, South Korea, South</span><span style="font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial;font-size:10pt;">Africa </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">and </span><span style="font-family:Arial;font-size:10pt;">Taiwan. The Index selects the top 50 companies based on </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">market capitalization. Selected companies are then weighted based on market capitalization. The Index’s composition and assigned weights are reevaluated quarterly in March, June, September, and December. The Index is constructed and maintained by S&amp;P Dow Jones Indices LLC. More information about the Index can be found using the Bloomberg ticker symbol </span><span style="font-family:Arial;font-size:10pt;">“BKTEM.” </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Under normal circumstances, the Fund will obtain inverse exposure to at least 80% of its total assets in components of the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Index or in instruments with similar economic characteristics.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund will invest principally in the financial instruments </span><span style="color:#000000;font-family:Arial;font-size:10pt;">listed below.</span><span style="font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Derivatives</span><span style="font-family:Arial;font-size:10pt;"> — 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 inverse exposure to the Index. These derivatives principally include:</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Swap Agreements</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Money Market Instruments</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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:</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">U.S. Treasury Bills</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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.</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Repurchase Agreements</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">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 </span><span style="color:#000000;font-family:Arial;font-size:10pt;">value (“NAV”) calculation to the next. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund seeks to remain fully invested at all times in financial instruments that, in combination, provide inverse 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 inverse </span><span style="color:#000000;font-family:Arial;font-size:10pt;">exposure consistent with the investment objective. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">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 fall (assuming there were no shares issued). As a result, the Fund’s exposure will need to be decreased. Conversely, if the Index has fallen 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 </span><span style="color:#000000;font-family:Arial;font-size:10pt;">need to be increased.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Please see “Investment Objectives, Principal Investment Strategies </span><span style="color:#000000;font-family:Arial;font-size:10pt;">and Related Risks” in the Fund’s Prospectus for additional details. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Risks</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">You could lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Short or Inverse Investing Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — You will lose money when the Index rises – a result that is the opposite from a traditional index fund. Obtaining inverse or “short” exposure may be considered an aggressive investment technique. The costs of obtaining this short exposure will lower your returns. If the level of the Index approaches a 100% increase 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.</span> <span style="font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Holding Period Risk</span><span style="font-family:Arial;font-size:10pt;"> — The performance of the Fund for periods longer than a single day will likely differ from the Daily Target. This difference may be significant. </span><span style="font-family:Arial;font-size:10pt;font-weight:bold;">If you are considering holding fund shares for longer than a day, it’s important that you understand the impact of the return and volatility (how much the value of the Index moves up and down from day-to-day) of the Index on your holding period return.</span><span style="font-family:Arial;font-size:10pt;"> The volatility of the Index has a negative impact on Fund returns. During periods of higher volatility, the volatility of the Index may affect the Fund’s returns as much as or more than the return of the Index. </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">The following table illustrates the impact of </span><span style="font-family:Arial;font-size:10pt;">the volatility and return of the Index on Fund returns for a hypothetical one-year</span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;"> period. However, these effects will impact your return for any holding period other than a day. </span><span style="font-family:Arial;font-size:10pt;font-weight:bold;">The longer you hold </span><span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.00%;">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 </span><span style="font-family:Arial;font-size:10pt;font-weight:bold;">investment goals and risk tolerance. </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">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 </span><span style="font-family:Arial;font-size:10pt;">gains or losses </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">and higher </span><span style="font-family:Arial;font-size:10pt;">volatility in the Index. Your return will tend to be </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">better than the Daily Target when there are larger </span><span style="font-family:Arial;font-size:10pt;">gains or </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">losses and lower </span><span style="font-family:Arial;font-size:10pt;">volatility in the Index. You may lose money </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">when the </span><span style="font-family:Arial;font-size:10pt;">return of the Index is flat (i.e., close to zero) and you may lose money when the Index falls. </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">The table uses hypothetical annualized </span><span style="font-family:Arial;font-size:10pt;">volatility and returns of </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">the Index</span><span style="font-family:Arial;font-size:10pt;"> to illustrate the impact of these two factors on Fund </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">performance over a one-year period. It does not represent actual returns. Each row corresponds to the level of a hypothetical </span><span style="font-family:Arial;font-size:10pt;">return of the Index for a one-year period. Each </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">column corresponds to a level of hypothetical annualized </span><span style="font-family:Arial;font-size:10pt;">volatility of the Index. For example, the Fund may mistakenly </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">be expected to achieve a -20% return on a yearly basis if the annual </span><span style="font-family:Arial;font-size:10pt;">return of the Index were 20%. However, as the table </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">shows, with a one-year </span><span style="font-family:Arial;font-size:10pt;">return of the Index of 20% and an </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">annualized </span><span style="font-family:Arial;font-size:10pt;">volatility of the Index of 50%, the Fund could be expected to return -35.1%.</span><span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;">Estimated Fund Returns</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Index Performance</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">One Year Volatility Rate</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">One</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Year</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Index</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Inverse (-1x)</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">of the</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">One Year</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Index</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">10%</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">25%</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">50%</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">75%</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">100%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-60%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">60%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">147.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">134.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">94.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">42.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-8.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-50%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">50%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">98.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">87.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">55.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">14.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-26.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-40%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">40%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">65.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">56.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">29.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-5.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-38.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-30%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">30%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">41.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">34.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">11.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-18.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-47.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-20%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">20%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">23.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">17.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-2.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-28.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-54.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-10%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">10%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">10.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">4.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-13.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-36.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-59.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-1.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-6.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-22.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-43.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-63.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">10%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-10%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-10.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-14.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-29.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-48.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-66.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">20%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-20%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-17.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-21.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-35.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-52.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-69.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">30%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-30%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-23.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-27.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-40.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-56.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-71.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">40%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-40%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-29.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-32.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-44.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-59.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-73.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">50%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-50%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-34.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-37.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-48.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-62.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-75.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">60%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-60%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-38.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-41.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-51.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-64.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-77.0%</span><span style="color:#000000;font-family:Arial;font-size:8pt;">Assumes: (a) no dividends paid with respect to securities included in the Index; (b) no Fund expenses; and (c) borrowing/lending rates (to obtain inverse exposure) of zero percent. If these were included the Fund’s performance would be different from that shown.</span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">The </span><span style="font-family:Arial;font-size:10pt;">annualized historical volatility rate for the Index for the </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">five-year period ended December 31, </span><span style="font-family:Arial;font-size:10pt;">2025 was 24.24%. The highest December to December volatility rate for the Index </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">during the five-year period </span><span style="font-family:Arial;font-size:10pt;">ended December 31, 2025 was 32.52% (December 31, 2022). The annualized total return </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">performance </span><span style="font-family:Arial;font-size:10pt;">of the Index for the five-year period ended </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">December 31, </span><span style="font-family:Arial;font-size:10pt;">2025 was 4.81%. The historical volatility and </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">performance </span><span style="font-family:Arial;font-size:10pt;">of the Index do not predict future volatility and performance of the</span><span style="font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial;font-size:10pt;">Index. </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">For more information, including additional graphs and charts demonstrating the effects of </span><span style="font-family:Arial;font-size:10pt;">the volatility and return of the </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">Index</span><span style="font-family:Arial;font-size:10pt;"> on the long-term performance of the Fund, see </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">“Understanding the Risks and Long-Term Performance of a </span><span style="font-family:Arial;font-size:10pt;">Daily Objective Fund” in the Fund’s Prospectus.</span> <span style="font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Correlation Risk</span><span style="font-family:Arial;font-size:10pt;"> — A number of factors may affect the Fund’s ability to achieve a high degree of inverse 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 inverse 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 </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">Target. Any of these factors may prevent the Fund from </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">achieving exposure consistent with the Daily Target.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Derivatives Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Investing in derivatives to obtain inverse 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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Counterparty Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Leverage Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Leverage increases the risk of a total loss of an investor’s investment, may increase the volatility of the Fund, and may magnify any differences between the performance of the Fund and the Index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Foreign Investments/Emerging Market Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Exposure to securities of foreign issuers may provide the Fund with increased risk. Foreign investments may be more susceptible to political, social, economic and regional factors than may be the case with U.S. securities. In addition, markets for foreign investments are usually less liquid, more volatile and significantly smaller than markets for U.S. securities, which may affect, among other things, the Fund’s ability to purchase or sell foreign investments at appropriate times and prices. Because of differences in settlement times and/or foreign market holidays, transactions in a foreign market may take place one or more days after the necessary exposure to these investments is determined.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">Because the Fund’s foreign investment exposure may include issuers domiciled in developing or “emerging market” countries, all the aforementioned factors are heightened. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Investments in emerging markets are considered speculative.</span> <span style="font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Equity and Market Risk</span><span style="font-family:Arial;font-size:10pt;"> — 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,</span><span style="font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial;font-size:10pt;">social, geopolitical and economic developments, including changes in interest and currency rates, inflation (or expectations for inflation), deflation (or </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">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 (</span><span style="font-family:Arial;font-size:10pt;">such as the spread of infectious diseases, pandemics and epidemics),</span><span style="font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial;font-size:10pt;">social unrest and other </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">unforeseeable events</span><span style="font-family:Arial;font-size:10pt;">. As a fund seeking daily investment </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">results, before fees and expenses, that correspond to the inverse (-1x) of the daily return of the Index, the value of an investment in the Fund is expected to decline when market </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">conditions cause the level of the Index to rise.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Foreign Currency Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Investments linked to or denominated in foreign currencies are exposed to additional risk factors versus those investments denominated in U.S. dollars and linked to U.S. investments. The value of an investment linked to or denominated in a foreign currency could change significantly as foreign currencies strengthen or weaken relative to the U.S. dollar.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Money Market Instruments Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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.</span> <span style="font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Industry Concentration Risk</span><span style="font-family:Arial;font-size:10pt;"> — 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 December 31, 2025, the Index had a significant portion of its value in issuers in the banks, retailing and semiconductors &amp; semiconductor equipment industry groups.</span> <span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Banks Industry Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Companies in this industry may experience: extensive governmental regulation and/or nationalization; adverse effects on profitability due to increases in interest rates or loan losses; severe price competition; economic conditions; credit rating downgrades; and increased inter-sector consolidation and competition.</span> <span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Retailing Industry Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Companies in this sector may experience: changes in domestic and international economies, consumer confidence, disposable household income and spending, consumer preferences, and competition.</span> <span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Semiconductors and Semiconductor Equipment </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Industry Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Companies in this sector may experience: intense competition, wide fluctuations in securities prices due to risks of rapid obsolescence of products, significant research costs, and limited product lines, markets, financial resources or personnel. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">Companies in this sector may also be affected by risks </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00pt;">that affect the broader technology sector.</span> <span style="font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Geographic Concentration Risk</span><span style="font-family:Arial;font-size:10pt;"> — Because the Fund focuses its investments in one or more foreign countries, an investment in the Fund may be more volatile than a more geographically diversified fund. The performance of the Fund will be affected by the political, social and economic conditions in those foreign countries and subject to the related risks. As of December 31, 2025, the Index had a significant portion of its value in issuers in China, India and Taiwan.</span> <span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Chinese Investments Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Investments in securities of issuers in China include risks such as, less developed or less efficient trading markets; currency fluctuations or blockage; nationalization of assets; limits on repatriation; institution of tariffs or other trade barriers; uncertainty surrounding trading suspensions; and a lack of publicly available information China is an emerging market and demonstrates significantly higher volatility from time to time in comparison to developed markets.</span> <span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Indian Investments Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Investments in securities of issuers in India include risks such as, greater government control over the economy, including the risk that the Indian government may decide not to continue to support economic reform programs, political and legal uncertainty, competition from low-cost issuers of other emerging economies, institution of tariffs or other trade barriers, currency fluctuations or blockage of foreign currency exchanges and the risk of nationalization or expropriation of assets. India has been prone to natural disasters, such as earthquakes and tsunamis which could have a significant negative impact on its economy.</span> <span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Taiwanese Investments Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Investments in securities of issuers in Taiwan are subject to risks, including, but not limited to, legal, regulatory, political, currency and economic risks that are specific to Taiwan. Specifically, Taiwan’s geographic proximity and history of political contention with China have resulted in ongoing tensions between the two countries, which may materially affect the Taiwanese companies. Investments in securities of Taiwanese companies are subject to Taiwan’s heavy dependence on exports. Reductions in spending on Taiwanese products and services, labor shortages, institution of tariffs or other trade barriers, or a downturn in any of the economies of Taiwan’s key trading partners, including the United States, may have an adverse impact on the Taiwanese economy and the values of Taiwanese companies.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Non-Diversification Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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 Fund’s performance will decline based on the performance of a single issuer or the credit of a single counterparty.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Index Performance Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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. For an Index with exposure to foreign, and especially emerging markets, there may be heightened risks associated with the adequacy and reliability of the information used to calculate the Index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Active Investor Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> —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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Early Close/Late Close/Trading Halt Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Results</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The bar chart below shows how the Fund’s investment results 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.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> This </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">information provides some indication of the risks of investing in the Fund. The Fund’s performance information reflects applicable fee waivers and/or expense limitations in effect during the period presented. Absent such fee waivers/expense limitations, if any, performance would have been lower. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">It does </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">not reflect charges and fees associated with a separate account that invests in the Fund or any insurance contract for which it is an investment option. Charges and fees will reduce returns.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Past results are not predictive of future results.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The bar chart below shows how the Fund’s investment results 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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">It does </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">not reflect charges and fees associated with a separate account that invests in the Fund or any insurance contract for which it is an investment option. Charges and fees will reduce returns.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> Past results are not predictive of future results.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;">Annual Returns as of December 31</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">3/31/2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">24.80%</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">12/31/2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">-18.51%</span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">The year-to-date return as of the most recent quarter, which </span><span style="font-family:Arial;font-size:10pt;">ended March 31, 2026, was 1.09%.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Best Quarter</span> 2020-03-31 0.2480 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Worst Quarter</span> 2020-12-31 -0.1851 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Average Annual Total Returns</span><span style="font-family:Arial;font-size:10pt;">As of December 31, 2025</span> -0.2615 -0.0613 -0.1236 2007-08-31 0.3866 0.0481 0.1036 0.2299 0.1279 0.1285 <span style="color:#000000;font-family:Arial;font-size:8pt;">Reflects no deduction for fees, expenses or taxes. Returns are gross returns that do not reflect the reduction of any withholding taxes, and are adjusted to reflect the reinvestment of dividends paid by companies in the Index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Annual returns are required to be shown and should not be interpreted as suggesting that the Fund should or should not be </span><span style="color:#000000;font-family:Arial;font-size:10pt;">held for longer periods of time.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">ProFund VP Short International (the “Fund”) seeks daily investment results, before fees and expenses, that correspond to the inverse (-1x)  of the daily performance of the MSCI EAFE </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Index (the “Index”).</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund determines its success in meeting this investment objective by comparing its daily return on a given day with the inverse (-1x) of the daily performance of MSCI EAFE futures </span><span style="color:#000000;font-family:Arial;font-size:10pt;">contracts traded in the United States.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Important Information About the Fund</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">If the Fund is successful in meeting its investment objective, it should gain approximately as much as the Index loses when the Index falls on a given day. Conversely, it should lose approximately as much as the Index gains when the Index rises on a given day. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">The Fund does not seek to achieve the inverse </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">(-1x)  of the daily performance of the Index (the “Daily </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Target”) for any period other than a day.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">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. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">If you hold fund </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">shares for any period other than a day, it is important for you </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">to understand that over your holding period: </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:6pt;">Your return may be higher or lower than the Daily Target, and </span><span style="color:#000000;font-family:Arial;font-size:10pt;">this difference may be significant. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:6pt;">Factors that contribute to returns that are worse than the Daily </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Target include smaller Index gains or losses and higher Index volatility, as well as longer holding periods when these factors apply. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:6pt;">Factors that contribute to returns that are better than the Daily </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Target include larger Index gains or losses and lower Index volatility, as well as longer holding periods when these factors apply. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:6pt;">The more extreme these factors are, and the more they occur </span><span style="color:#000000;font-family:Arial;font-size:10pt;">together, the more your return will tend to deviate from the Daily Target.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">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 </span><span style="color:#000000;font-family:Arial;font-size:10pt;">for more information about such charges and fees.</span> <span style="font-family:Arial;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Annual Fund Operating Expenses</span><span style="font-family:Arial;font-size:9pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of the </span><span style="font-family:Arial;font-size:9pt;margin-left:0.0pt;">value of your investment)</span> 0.0075 0.0025 0.0062 0.0162 <span style="font-family:Arial;font-size:8pt;">April 30, 2027</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Example:</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> This example is intended to help you compare the cost </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">of investing in the Fund with the cost of investing in other </span><span style="color:#000000;font-family:Arial;font-size:10pt;">mutual funds. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">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, </span><span style="color:#000000;font-family:Arial;font-size:10pt;">based on these assumptions your approximate costs would be:</span> 165 511 881 1922 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund pays transaction and financing costs associated with the purchase and sale of securities and derivatives. These costs </span><span style="color:#000000;font-family:Arial;font-size:10pt;">are not reflected in the table or the example above.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">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. 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 </span><span style="color:#000000;font-family:Arial;font-size:10pt;">0</span><span style="color:#000000;font-family:Arial;font-size:10pt;">% of the average value of its </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">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 </span><span style="color:#000000;font-family:Arial;font-size:10pt;">would be significantly higher.</span> 0 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund invests in financial instruments that ProFund Advisors believes, in combination, should produce daily returns consistent </span><span style="color:#000000;font-family:Arial;font-size:10pt;">with the Daily Target.</span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">The Index is designed to measure the performance of large and mid-capitalization companies across 21 developed market countries around the world, excluding the U.S. and Canada. As of December 31, </span><span style="font-family:Arial;font-size:10pt;">2025, the Index included companies from the </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">following </span><span style="font-family:Arial;font-size:10pt;">countries: Australia, Austria, Belgium, Denmark, </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, and the United Kingdom. The Index seeks to include 85% of the market capitalization across those </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">countries and selects companies based on their market capitalization and liquidity. These companies are then weighted based on market capitalization. The Index’s composition and assigned weights are reevaluated semi-annually in May and November with a more limited reevaluation occurring in February and August. The Index is constructed and maintained by MSCI Inc. More information about the Index can be found using </span><span style="color:#000000;font-family:Arial;font-size:10pt;">the Bloomberg ticker symbol “MXEA.”</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Under normal circumstances, the Fund will obtain inverse exposure to at least 80% of its total assets in components of the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Index or in instruments with similar economic characteristics.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund will invest principally in the financial instruments </span><span style="color:#000000;font-family:Arial;font-size:10pt;">listed below.</span><span style="font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Derivatives</span><span style="font-family:Arial;font-size:10pt;"> — 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 and futures contracts) in order to gain inverse exposure to the Index. These derivatives principally include:</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Swap Agreements</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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.</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Futures Contracts</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Standardized contracts that obligate the parties to buy or sell an asset at a predetermined price and date in the future.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Money Market Instruments</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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:</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">U.S. Treasury Bills</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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.</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Repurchase Agreements</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">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 </span><span style="color:#000000;font-family:Arial;font-size:10pt;">value (“NAV”) calculation to the next. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund seeks to remain fully invested at all times in financial instruments that, in combination, provide inverse exposure </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">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 inverse </span><span style="color:#000000;font-family:Arial;font-size:10pt;">exposure consistent with the investment objective. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">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 fall (assuming there were no shares issued). As a result, the Fund’s exposure will need to be decreased. Conversely, if the Index has fallen 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 </span><span style="color:#000000;font-family:Arial;font-size:10pt;">need to be increased.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Please see “Investment Objectives, Principal Investment Strategies </span><span style="color:#000000;font-family:Arial;font-size:10pt;">and Related Risks” in the Fund’s Prospectus for additional details.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Risks</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Valuation Time Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Due to differences in trading hours between U.S. and foreign markets and because the level of the Index may be determined using prices obtained at times other than the Fund’s net asset value (“NAV”) calculation time, the percentage change of the Fund’s NAV per share each day may differ, perhaps significantly, from the Daily Target. This is due primarily to the time difference in determining the level of the Index (11:30 a.m., Eastern Time) and valuation of the Fund (4:00 p.m., Eastern Time). As such, correlation to the Index will generally be measured by comparing the daily change in the Fund’s NAV per share to the performance of one or more U.S. exchange-traded securities or financial instruments that reflect the values of the securities underlying the Index as of the Fund’s NAV calculation time. In addition, in certain cases, the Fund’s portfolio investments trade in markets on days and at times when the Fund is not open for business. As a result, the value of the Fund may change, perhaps significantly, on days and at times when shareholders are unable to purchase, redeem, or exchange shares.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">You could lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Short or Inverse Investing Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — You will lose money when the Index rises – a result that is the opposite from a traditional index fund. Obtaining inverse or “short” exposure may be considered an aggressive investment technique. The costs of obtaining this short exposure will lower your returns. If the level of the Index approaches a 100% increase 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.</span> <span style="font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Holding Period Risk</span><span style="font-family:Arial;font-size:10pt;"> — The performance of the Fund for periods longer than a single day will likely differ from the Daily Target. This difference may be significant. </span><span style="font-family:Arial;font-size:10pt;font-weight:bold;">If you are considering holding fund shares for longer than a day, it’s important that you understand the impact of the return and volatility (how much the value of the Index moves up and down from day-to-day) of the Index on your holding period return.</span><span style="font-family:Arial;font-size:10pt;"> The volatility of the Index has a negative impact on Fund returns. During periods of higher volatility, the volatility of the Index may affect the Fund’s returns as much as or more than the return of the Index. </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">The following table illustrates the impact of </span><span style="font-family:Arial;font-size:10pt;">the volatility and return of the Index on Fund returns for a hypothetical one-year</span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;"> period. However, these effects will impact your return for any holding period other than a day. </span><span style="font-family:Arial;font-size:10pt;font-weight:bold;">The longer you hold </span><span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.00%;">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 </span><span style="font-family:Arial;font-size:10pt;font-weight:bold;">investment goals and risk tolerance. </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">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 </span><span style="font-family:Arial;font-size:10pt;">gains or losses </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">and higher </span><span style="font-family:Arial;font-size:10pt;">volatility in the Index. Your return will tend to be </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">better than the Daily Target when there are larger </span><span style="font-family:Arial;font-size:10pt;">gains or </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">losses and lower </span><span style="font-family:Arial;font-size:10pt;">volatility in the Index. You may lose money </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">when the </span><span style="font-family:Arial;font-size:10pt;">return of the Index is flat (i.e., close to zero) and you may lose money when the Index falls. </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">The table uses hypothetical annualized </span><span style="font-family:Arial;font-size:10pt;">volatility and returns of </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">the Index</span><span style="font-family:Arial;font-size:10pt;"> to illustrate the impact of these two factors on Fund </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">performance over a one-year period. It does not represent actual returns. Each row corresponds to the level of a hypothetical </span><span style="font-family:Arial;font-size:10pt;">return of the Index for a one-year period. Each </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">column corresponds to a level of hypothetical annualized </span><span style="font-family:Arial;font-size:10pt;">volatility of the Index. For example, the Fund may mistakenly </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">be expected to achieve a -20% return on a yearly basis if the annual </span><span style="font-family:Arial;font-size:10pt;">return of the Index were 20%. However, as the table </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">shows, with a one-year </span><span style="font-family:Arial;font-size:10pt;">return of the Index of 20% and an </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">annualized </span><span style="font-family:Arial;font-size:10pt;">volatility of the Index of 50%, the Fund could be expected to return -35.1%.</span><span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;">Estimated Fund Returns</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Index Performance</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">One Year Volatility Rate</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">One</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Year</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Index</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Inverse (-1x)</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">of the</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">One Year</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Index</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">10%</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">25%</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">50%</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">75%</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">100%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-60%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">60%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">147.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">134.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">94.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">42.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-8.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-50%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">50%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">98.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">87.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">55.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">14.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-26.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-40%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">40%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">65.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">56.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">29.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-5.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-38.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-30%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">30%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">41.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">34.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">11.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-18.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-47.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-20%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">20%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">23.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">17.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-2.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-28.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-54.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-10%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">10%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">10.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">4.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-13.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-36.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-59.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-1.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-6.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-22.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-43.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-63.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">10%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-10%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-10.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-14.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-29.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-48.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-66.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">20%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-20%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-17.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-21.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-35.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-52.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-69.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">30%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-30%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-23.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-27.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-40.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-56.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-71.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">40%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-40%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-29.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-32.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-44.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-59.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-73.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">50%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-50%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-34.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-37.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-48.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-62.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-75.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">60%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-60%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-38.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-41.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-51.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-64.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-77.0%</span><span style="color:#000000;font-family:Arial;font-size:8pt;">Assumes: (a) no dividends paid with respect to securities included in the Index; (b) no Fund expenses; and (c) borrowing/lending rates (to obtain inverse exposure) of zero percent. If these were included the Fund’s performance would be different from that shown.</span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">The </span><span style="font-family:Arial;font-size:10pt;">annualized historical volatility rate for the Index for the </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">five-year period ended December 31, </span><span style="font-family:Arial;font-size:10pt;">2025 was 14.88%. The highest December to December volatility rate for the Index </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">during the five-year period </span><span style="font-family:Arial;font-size:10pt;">ended December 31, 2025 was 20.19% (December 31, 2022). The annualized total return </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">performance </span><span style="font-family:Arial;font-size:10pt;">of the Index for the five-year period ended </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">December 31, </span><span style="font-family:Arial;font-size:10pt;">2025 was 8.92%. The historical volatility and </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">performance </span><span style="font-family:Arial;font-size:10pt;">of the Index do not predict future volatility and performance of the</span><span style="font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial;font-size:10pt;">Index. </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">For more information, including additional graphs and charts demonstrating the effects of </span><span style="font-family:Arial;font-size:10pt;">the volatility and return of the </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">Index</span><span style="font-family:Arial;font-size:10pt;"> on the long-term performance of the Fund, see </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">“Understanding the Risks and Long-Term Performance of a </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Daily Objective Fund” in the Fund’s Prospectus.</span> <span style="font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Correlation Risk</span><span style="font-family:Arial;font-size:10pt;"> — A number of factors may affect the Fund’s ability to achieve a high degree of inverse 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 inverse 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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Derivatives Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Investing in derivatives to obtain inverse 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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Counterparty Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Leverage Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Leverage increases the risk of a total loss of an investor’s investment, may increase the volatility of the Fund, and may magnify any differences between the performance of the Fund and the Index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Foreign Investments Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Exposure to securities of foreign issuers may provide the Fund with increased risk. Foreign investments may be more susceptible to political, social, economic and regional factors than may be the case with U.S. securities. In addition, markets for foreign investments are usually less liquid, more volatile and significantly smaller than markets for U.S. securities, which may affect, among other things, the Fund’s ability to purchase or sell foreign investments at appropriate times and prices. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">Because of differences in settlement times and/or foreign market holidays, transactions in a foreign market may take place one or more days after the necessary exposure to these </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">investments is determined.</span> <span style="font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Equity and Market Risk</span><span style="font-family:Arial;font-size:10pt;"> — 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,</span><span style="font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial;font-size:10pt;">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),</span><span style="font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial;font-size:10pt;">social unrest and other unforeseeable events. As a fund seeking daily investment results, before fees and expenses, that correspond to the inverse (-1x) of the daily return of the Index, the value of an investment in the Fund is expected to decline when market conditions cause the level of the Index to rise.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Foreign Currency Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Investments linked to or denominated in foreign currencies are exposed to additional risk factors versus those investments denominated in U.S. dollars and linked to U.S. investments. The value of an investment linked to or denominated in a foreign currency could change significantly as foreign currencies strengthen or weaken relative to the U.S. dollar.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Money Market Instruments Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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.</span> <span style="font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Industry Concentration Risk</span><span style="font-family:Arial;font-size:10pt;"> — 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 December 31, 2025, the Index had a significant portion of its value in issuers in the financials and industrials industry groups.</span> <span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Financials Industry Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Companies in this industry may experience: extensive governmental regulation and/or nationalization that affects the scope of their activities, the prices they can charge and the amount of capital they must maintain; adverse effects from increases in interest rates; adverse effects on profitability by loan losses; and severe competition.</span> <span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Industrials Industry Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Companies in this industry may experience: adverse effects on stock prices by supply and demand both for their specific product or service and for industrials industry products in general; declining demand; and changing government regulation.</span> <span style="font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Geographic Concentration Risk</span><span style="font-family:Arial;font-size:10pt;"> — Because the Fund focuses its investments in one or more foreign countries, an investment in the Fund may be more volatile than a more geographically diversified fund. The performance of the Fund will be affected by the political, social and economic conditions in those foreign countries and subject to the related risks. As of December 31, 2025, the Index also had a significant portion of its value in issuers in Japan.</span> <span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Japanese Investments Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Investments in Japan are subject to risks including, but not limited to political, economic, or social instability in Japan; risks associated with Japan’s large government deficit; the prevalence and likelihood of natural disasters in Japan; and heavy dependence on international trade and reliant on imports for its commodity needs. Because of its trade dependence, the Japanese economy is particularly exposed to the risks of currency fluctuation, foreign trade policy and regional and global economic disruption, including the risk of increased tariffs, embargoes, and other trade limitations.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Non-Diversification Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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 Fund’s performance will decline based on the performance of a single issuer or the credit of a single counterparty.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Index Performance Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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 </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">the Index or the daily calculation of the Index will be free </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">from error.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Active Investor Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> —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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Early Close/Late Close/Trading Halt Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Results</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The bar chart below shows how the Fund’s investment results have varied from year to year, and the table shows how the Fund’s average annual total returns for various periods compare with a broad measure of market performance.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> This information </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">provides some indication of the risks of investing in the Fund. The Fund’s performance information reflects applicable fee waivers and/or expense limitations in effect during the period presented. Absent such fee waivers/expense limitations, if any, performance would have been lower. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">It does not reflect charges </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">and fees associated with a separate account that invests in the Fund or any insurance contract for which it is an investment </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">option. Charges and fees will reduce returns.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Past results are not predictive of future results.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The bar chart below shows how the Fund’s investment results have varied from year to year, and the table shows how the Fund’s average annual total returns for various periods compare with a broad measure of market performance.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">It does not reflect charges </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">and fees associated with a separate account that invests in the Fund or any insurance contract for which it is an investment </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">option. Charges and fees will reduce returns.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> Past results are not predictive of future results.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;">Annual Returns as of December 31</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">3/31/2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">20.47%</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">12/31/2022</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">-15.03%</span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">The year-to-date return as of the most recent quarter, which </span><span style="font-family:Arial;font-size:10pt;">ended March 31, 2026, was -0.87%.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Best Quarter</span> 2020-03-31 0.2047 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Worst Quarter</span> 2022-12-31 -0.1503 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Average Annual Total Returns</span><span style="font-family:Arial;font-size:10pt;">As of December 31, 2025</span> -0.2081 -0.0646 -0.0823 2007-08-31 0.3122 0.0892 0.0818 <span style="color:#000000;font-family:Arial;font-size:8pt;">Reflects no deduction for fees, expenses or taxes. Returns are gross returns that do not reflect the reduction of any withholding taxes, and are adjusted to reflect the reinvestment of dividends paid by companies in the Index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Annual returns are required to be shown and should not be interpreted as suggesting that the Fund should or should not be </span><span style="color:#000000;font-family:Arial;font-size:10pt;">held for longer periods of time.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">ProFund VP Short Mid-Cap (the “Fund”) seeks daily investment results, before fees and expenses, that correspond to the inverse (-1x)  of the daily performance of the S&amp;P MidCap 400</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-4.25pt;">®</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Index (the “Index”).</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Important Information About the Fund</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">If the Fund is successful in meeting its investment objective, it should gain approximately as much as the Index loses when the Index falls on a given day. Conversely, it should lose approximately as much as the Index gains when the Index rises on a given day. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">The Fund does not seek to achieve the inverse </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">(-1x)  of the daily performance of the Index (the “Daily </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Target”) for any period other than a day.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">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. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">If you hold fund </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">shares for any period other than a day, it is important for you </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">to understand that over your holding period: </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:6pt;">Your return may be higher or lower than the Daily Target, and </span><span style="color:#000000;font-family:Arial;font-size:10pt;">this difference may be significant. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:6pt;">Factors that contribute to returns that are worse than the Daily </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Target include smaller Index gains or losses and higher Index volatility, as well as longer holding periods when these factors apply. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:6pt;">Factors that contribute to returns that are better than the Daily </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Target include larger Index gains or losses and lower Index volatility, as well as longer holding periods when these factors apply. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:6pt;">The more extreme these factors are, and the more they occur </span><span style="color:#000000;font-family:Arial;font-size:10pt;">together, the more your return will tend to deviate from the Daily Target.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">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 </span><span style="color:#000000;font-family:Arial;font-size:10pt;">for more information about such charges and fees.</span> <span style="font-family:Arial;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Annual Fund Operating Expenses</span><span style="font-family:Arial;font-size:9pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of the </span><span style="font-family:Arial;font-size:9pt;margin-left:0.0pt;">value of your investment)</span> 0.0075 0.0025 0.0070 0.0170 -0.0002 0.0168 <span style="font-family:Arial;font-size:8pt;">April 30, 2027</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Example:</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> This example is intended to help you compare the cost </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">of investing in the Fund with the cost of investing in other </span><span style="color:#000000;font-family:Arial;font-size:10pt;">mutual funds. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">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, </span><span style="color:#000000;font-family:Arial;font-size:10pt;">based on these assumptions your approximate costs would be:</span> 171 534 921 2007 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund pays transaction and financing costs associated with the purchase and sale of securities and derivatives. These costs </span><span style="color:#000000;font-family:Arial;font-size:10pt;">are not reflected in the table or the example above.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">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. 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 </span><span style="color:#000000;font-family:Arial;font-size:10pt;">0</span><span style="color:#000000;font-family:Arial;font-size:10pt;">% of the average value of its </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">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 </span><span style="color:#000000;font-family:Arial;font-size:10pt;">would be significantly higher.</span> 0 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund invests in financial instruments that ProFund Advisors believes, in combination, should produce daily returns consistent </span><span style="color:#000000;font-family:Arial;font-size:10pt;">with the Daily Target.</span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">The Index is designed to measure the performance of mid-cap companies listed and domiciled in the U.S. The Index selects 400 companies based on market capitalization. As of December 31, </span><span style="font-family:Arial;font-size:10pt;">2025, the market capitalization of companies in the Index was </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">between $</span><span style="font-family:Arial;font-size:10pt;">503 million and $33 billion. The selected companies </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">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, </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">and December. The Index is constructed and maintained by S&amp;P Dow Jones Indices LLC. More information about the Index can </span><span style="color:#000000;font-family:Arial;font-size:10pt;">be found using the Bloomberg ticker symbol “MID.” </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Under normal circumstances, the Fund will obtain inverse exposure to at least 80% of its total assets in components of the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Index or in instruments with similar economic characteristics.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund will invest principally in the financial instruments </span><span style="color:#000000;font-family:Arial;font-size:10pt;">listed below.</span><span style="font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Derivatives</span><span style="font-family:Arial;font-size:10pt;"> — 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 and futures contracts) in order to gain inverse exposure to the Index. These derivatives principally include:</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Swap Agreements</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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.</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Futures Contracts</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Standardized contracts that obligate the parties to buy or sell an asset at a predetermined price and date in the future.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Money Market Instruments</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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:</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">U.S. Treasury Bills</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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.</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Repurchase Agreements</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">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 </span><span style="color:#000000;font-family:Arial;font-size:10pt;">value (“NAV”) calculation to the next. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund seeks to remain fully invested at all times in financial instruments that, in combination, provide inverse 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 </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">securities in the Index or to securities not contained in the Index or in financial instruments, with the intent of obtaining inverse </span><span style="color:#000000;font-family:Arial;font-size:10pt;">exposure consistent with the investment objective. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">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 fall (assuming there were no shares issued). As a result, the Fund’s exposure will need to be decreased. Conversely, if the Index has fallen 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 </span><span style="color:#000000;font-family:Arial;font-size:10pt;">need to be increased.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Please see “Investment Objectives, Principal Investment Strategies </span><span style="color:#000000;font-family:Arial;font-size:10pt;">and Related Risks” in the Fund’s Prospectus for additional details.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Risks</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">You could lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Short or Inverse Investing Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — You will lose money when the Index rises – a result that is the opposite from a traditional index fund. Obtaining inverse or “short” exposure may be considered an aggressive investment technique. The costs of obtaining this short exposure will lower your returns. If the level of the Index approaches a 100% increase 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.</span> <span style="font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Holding Period Risk</span><span style="font-family:Arial;font-size:10pt;"> — The performance of the Fund for periods longer than a single day will likely differ from the Daily Target. This difference may be significant. </span><span style="font-family:Arial;font-size:10pt;font-weight:bold;">If you are considering holding fund shares for longer than a day, it’s important that you understand the impact of the return and volatility (how much the value of the Index moves up and down from day-to-day) of the Index on your holding period return.</span><span style="font-family:Arial;font-size:10pt;"> The volatility of the Index has a negative impact on Fund returns. During periods of higher volatility, the volatility of the Index may affect the Fund’s returns as much as or more than the return of the Index. </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">The following table illustrates the impact of </span><span style="font-family:Arial;font-size:10pt;">the volatility and return of the Index on Fund returns for a hypothetical one-year</span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;"> period. However, these effects will impact your return for any holding period other than a day. </span><span style="font-family:Arial;font-size:10pt;font-weight:bold;">The longer you hold </span><span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.00%;">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 </span><span style="font-family:Arial;font-size:10pt;font-weight:bold;">investment goals and risk tolerance. </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">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 </span><span style="font-family:Arial;font-size:10pt;">gains or losses </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">and higher </span><span style="font-family:Arial;font-size:10pt;">volatility in the Index. Your return will tend to be </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">better than the Daily Target when there are larger </span><span style="font-family:Arial;font-size:10pt;">gains or </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">losses and lower </span><span style="font-family:Arial;font-size:10pt;">volatility in the Index. You may lose money </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">when the </span><span style="font-family:Arial;font-size:10pt;">return of the Index is flat (i.e., close to zero) and you may lose money when the Index falls. </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">The table uses hypothetical annualized </span><span style="font-family:Arial;font-size:10pt;">volatility and returns of </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">the Index</span><span style="font-family:Arial;font-size:10pt;"> to illustrate the impact of these two factors on Fund </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">performance over a one-year period. It does not represent actual returns. Each row corresponds to the level of a hypothetical </span><span style="font-family:Arial;font-size:10pt;">return of the Index for a one-year period. Each </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">column corresponds to a level of hypothetical annualized </span><span style="font-family:Arial;font-size:10pt;">volatility of the Index. For example, the Fund may mistakenly </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">be expected to achieve a -20% return on a yearly basis if the annual </span><span style="font-family:Arial;font-size:10pt;">return of the Index were 20%. However, as the table </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">shows, with a one-year </span><span style="font-family:Arial;font-size:10pt;">return of the Index of 20% and an </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">annualized </span><span style="font-family:Arial;font-size:10pt;">volatility of the Index of 50%, the Fund could be expected to return -35.1%.</span><span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;">Estimated Fund Returns</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Index Performance</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">One Year Volatility Rate</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">One</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Year</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Index</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Inverse (-1x)</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">of the</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">One Year</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Index</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">10%</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">25%</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">50%</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">75%</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">100%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-60%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">60%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">147.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">134.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">94.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">42.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-8.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-50%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">50%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">98.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">87.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">55.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">14.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-26.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-40%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">40%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">65.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">56.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">29.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-5.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-38.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-30%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">30%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">41.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">34.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">11.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-18.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-47.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-20%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">20%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">23.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">17.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-2.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-28.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-54.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-10%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">10%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">10.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">4.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-13.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-36.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-59.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-1.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-6.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-22.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-43.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-63.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">10%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-10%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-10.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-14.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-29.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-48.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-66.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">20%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-20%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-17.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-21.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-35.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-52.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-69.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">30%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-30%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-23.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-27.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-40.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-56.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-71.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">40%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-40%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-29.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-32.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-44.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-59.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-73.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">50%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-50%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-34.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-37.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-48.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-62.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-75.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">60%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-60%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-38.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-41.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-51.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-64.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-77.0%</span><span style="color:#000000;font-family:Arial;font-size:8pt;">Assumes: (a) no dividends paid with respect to securities included in the Index; (b) no Fund expenses; and (c) borrowing/lending rates (to obtain inverse exposure) of zero percent. If these were included the Fund’s performance would be different from that shown.</span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">The </span><span style="font-family:Arial;font-size:10pt;">annualized historical volatility rate for the Index for the </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">five-year period ended December 31, </span><span style="font-family:Arial;font-size:10pt;">2025 was 19.89%. The highest December to December volatility rate for the Index </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">during the five-year period </span><span style="font-family:Arial;font-size:10pt;">ended December 31, 2025 was 25.78% (December 31, 2022). The annualized total return </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">performance </span><span style="font-family:Arial;font-size:10pt;">of the Index for the five-year period ended </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">December 31, </span><span style="font-family:Arial;font-size:10pt;">2025 was 9.11%. The historical volatility and </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">performance </span><span style="font-family:Arial;font-size:10pt;">of the Index do not predict future volatility and performance of the</span><span style="font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial;font-size:10pt;">Index. </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">For more information, including additional graphs and charts demonstrating the effects of </span><span style="font-family:Arial;font-size:10pt;">the volatility and return of the </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">Index</span><span style="font-family:Arial;font-size:10pt;"> on the long-term performance of the Fund, see </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">“Understanding the Risks and Long-Term Performance of a </span><span style="font-family:Arial;font-size:10pt;">Daily Objective Fund” in the Fund’s Prospectus.</span> <span style="font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Correlation Risk</span><span style="font-family:Arial;font-size:10pt;"> — A number of factors may affect the Fund’s ability to achieve a high degree of inverse 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 inverse 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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Derivatives Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Investing in derivatives to obtain inverse 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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Counterparty Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Leverage Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Leverage increases the risk of a total loss of an investor’s investment, may increase the volatility of the Fund, and may magnify any differences between the performance of the Fund and the Index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Mid-Cap Company Investment Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The risk of equity investing may be particularly acute for securities of issuers with smaller market capitalizations. Mid-cap companies may have limited product lines or resources, may be dependent upon a particular market niche and may have greater fluctuations in price than the stocks of larger companies. Mid-cap companies may lack the financial and personnel resources to handle economic or industry-wide setbacks and, as a result, such setbacks could have a greater effect on mid-cap security prices. Additionally, mid-cap company stocks may trade at greater spreads or lower trading volumes, and may be less liquid than the stocks of larger companies. Further, stocks of </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">mid-sized companies could be more difficult to liquidate during market downturns compared to larger, more widely </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">traded companies.</span> <span style="font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Equity and Market Risk</span><span style="font-family:Arial;font-size:10pt;"> — 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,</span><span style="font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial;font-size:10pt;">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),</span><span style="font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial;font-size:10pt;">social unrest and other unforeseeable events. As a fund seeking daily investment results, before fees and expenses, that correspond to the inverse (-1x) of the daily return of the Index, the value of an investment in the Fund is expected to decline when market conditions cause the level of the Index to rise.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Money Market Instruments Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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.</span> <span style="font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Industry Concentration Risk</span><span style="font-family:Arial;font-size:10pt;"> — 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 December 31, 2025, the Index had a significant portion of its value in issuers in the financials and industrials industry groups.</span> <span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Financials Industry Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Companies in this industry may experience: extensive governmental regulation and/or nationalization that affects the scope of their activities, the prices they can charge and the amount of capital they must maintain; adverse effects from increases in interest rates; adverse effects on profitability by loan losses; and severe competition.</span> <span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Industrials Industry Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Companies in this industry may experience: adverse effects on stock prices by supply and demand both for their specific product or service </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">and for industrials industry products in general; </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00pt;">declining demand; and changing government regulation.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Non-Diversification Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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 Fund’s performance will decline based on the performance of a single issuer or the credit of a single counterparty.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Index Performance Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Active Investor Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> —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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Early Close/Late Close/Trading Halt Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Results</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The bar chart below shows how the Fund’s investment results 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.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> This </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">information provides some indication of the risks of investing in the Fund. The Fund’s performance information reflects applicable fee waivers and/or expense limitations in effect during the period presented. Absent such fee waivers/expense limitations, if any, performance would have been lower. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">It does </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">not reflect charges and fees associated with a separate account that invests in the Fund or any insurance contract for which it is an investment option. Charges and fees will reduce returns.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Past results are not predictive of future results.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The bar chart below shows how the Fund’s investment results 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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">It does </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">not reflect charges and fees associated with a separate account that invests in the Fund or any insurance contract for which it is an investment option. Charges and fees will reduce returns.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> Past results are not predictive of future results.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;">Annual Returns as of December 31</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">3/31/2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">28.76%</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">6/30/2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">-23.51%</span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">The year-to-date return as of the most recent quarter, which </span><span style="font-family:Arial;font-size:10pt;">ended March 31, 2026, was -1.72%.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Best Quarter</span> 2020-03-31 0.2876 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Worst Quarter</span> 2020-06-30 -0.2351 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Average Annual Total Returns</span><span style="font-family:Arial;font-size:10pt;">As of December 31, 2025</span> -0.0451 -0.0765 -0.1155 2004-11-22 0.0750 0.0912 0.1072 0.1702 0.1396 0.1446 <span style="color:#000000;font-family:Arial;font-size:8pt;">Reflects no deduction for fees, expenses or taxes. Adjusted to reflect the reinvestment of dividends paid by issuers in the Index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Annual returns are required to be shown and should not be interpreted as suggesting that the Fund should or should not be </span><span style="color:#000000;font-family:Arial;font-size:10pt;">held for longer periods of time.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">ProFund VP Short Nasdaq-100 (the “Fund”) seeks daily investment results, before fees and expenses, that correspond to the inverse (-1x)  of the daily performance of the Nasdaq-100</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-4.25pt;">® </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Index (the “Index”).</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Important Information About the Fund</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">If the Fund is successful in meeting its investment objective, it should gain approximately as much as the Index loses when the Index falls on a given day. Conversely, it should lose approximately as much as the Index gains when the Index rises on a given day. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">The Fund does not seek to achieve the inverse </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">(-1x)  of the daily performance of the Index (the “Daily </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Target”) for any period other than a day.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">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. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">If you hold fund </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">shares for any period other than a day, it is important for you </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">to understand that over your holding period: </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:6pt;">Your return may be higher or lower than the Daily Target, and </span><span style="color:#000000;font-family:Arial;font-size:10pt;">this difference may be significant. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:6pt;">Factors that contribute to returns that are worse than the Daily </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Target include smaller Index gains or losses and higher Index volatility, as well as longer holding periods when these factors apply. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:6pt;">Factors that contribute to returns that are better than the Daily </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Target include larger Index gains or losses and lower Index volatility, as well as longer holding periods when these factors apply. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:6pt;">The more extreme these factors are, and the more they occur </span><span style="color:#000000;font-family:Arial;font-size:10pt;">together, the more your return will tend to deviate from the Daily Target.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">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 </span><span style="color:#000000;font-family:Arial;font-size:10pt;">for more information about such charges and fees.</span> <span style="font-family:Arial;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Annual Fund Operating Expenses</span><span style="font-family:Arial;font-size:9pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of the </span><span style="font-family:Arial;font-size:9pt;margin-left:0.0pt;">value of your investment)</span> 0.0075 0.0025 0.0075 0.0005 0.0070 0.0175 -0.0007 0.0168 <span style="font-family:Arial;font-size:8pt;">April 30, 2027</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Example:</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> This example is intended to help you compare the cost </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">of investing in the Fund with the cost of investing in other </span><span style="color:#000000;font-family:Arial;font-size:10pt;">mutual funds. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">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 </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">be higher. Although your actual costs may be higher or lower, </span><span style="color:#000000;font-family:Arial;font-size:10pt;">based on these assumptions your approximate costs would be:</span> 171 544 942 2057 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund pays transaction and financing costs associated with the purchase and sale of securities and derivatives. These costs </span><span style="color:#000000;font-family:Arial;font-size:10pt;">are not reflected in the table or the example above.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">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. 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 </span><span style="color:#000000;font-family:Arial;font-size:10pt;">0</span><span style="color:#000000;font-family:Arial;font-size:10pt;">% of the average value of its </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">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 </span><span style="color:#000000;font-family:Arial;font-size:10pt;">would be significantly higher.</span> 0 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund invests in financial instruments that ProFund Advisors believes, in combination, should produce daily returns consistent </span><span style="color:#000000;font-family:Arial;font-size:10pt;">with the Daily Target.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Index is designed to measure the performance of 100 of the largest Nasdaq-listed non-financial companies. The Index includes non-financial companies listed on the Nasdaq Global Select Market or the Nasdaq Global Market (which include both U.S. and non-U.S. companies). The top 100 companies based on market capitalization are included in the Index. These companies are then weighted based on market capitalization. The Index’s composition and the assigned weights are reevaluated every December, with additional weight adjustments occurring in March, June, and September. The Index is constructed and maintained by Nasdaq Inc. More information about the Index </span><span style="color:#000000;font-family:Arial;font-size:10pt;">can be found using the Bloomberg ticker symbol “NDX.”</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Under normal circumstances, the Fund will obtain inverse exposure to at least 80% of its total assets in components of the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Index or in instruments with similar economic characteristics.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund will invest principally in the financial instruments </span><span style="color:#000000;font-family:Arial;font-size:10pt;">listed below.</span><span style="font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Derivatives</span><span style="font-family:Arial;font-size:10pt;"> — 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 and futures contracts) in order to gain inverse exposure to the Index. These derivatives principally include:</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Swap Agreements</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Contracts entered into primarily with major global financial institutions for a specified </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">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 </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00pt;">investment or instrument.</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Futures Contracts</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Standardized contracts that obligate the parties to buy or sell an asset at a predetermined price and date in the future.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Money Market Instruments</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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:</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">U.S. Treasury Bills</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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.</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Repurchase Agreements</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">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 </span><span style="color:#000000;font-family:Arial;font-size:10pt;">value (“NAV”) calculation to the next. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund seeks to remain fully invested at all times in financial instruments that, in combination, provide inverse 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 inverse </span><span style="color:#000000;font-family:Arial;font-size:10pt;">exposure consistent with the investment objective. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">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 fall (assuming there were no shares issued). As a result, the Fund’s exposure will need to be decreased. Conversely, if the Index has fallen 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 </span><span style="color:#000000;font-family:Arial;font-size:10pt;">need to be increased.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Please see “Investment Objectives, Principal Investment Strategies </span><span style="color:#000000;font-family:Arial;font-size:10pt;">and Related Risks” in the Fund’s Prospectus for additional details. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Risks</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">You could lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Short or Inverse Investing Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — You will lose money when the Index rises – a result that is the opposite from a traditional index fund. Obtaining inverse or “short” exposure may be considered an aggressive investment technique. The costs of obtaining this short exposure will lower your returns. If the level of the Index approaches a 100% increase 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.</span> <span style="font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Holding Period Risk</span><span style="font-family:Arial;font-size:10pt;"> — The performance of the Fund for periods longer than a single day will likely differ from the Daily Target. This difference may be significant. </span><span style="font-family:Arial;font-size:10pt;font-weight:bold;">If you are considering holding fund shares for longer than a day, it’s important that you understand the impact of the return and volatility (how much the value of the Index moves up and down from day-to-day) of the Index on your holding period return.</span><span style="font-family:Arial;font-size:10pt;"> The volatility of the Index has a negative impact on Fund returns. During periods of higher volatility, the volatility of the Index may affect the Fund’s returns as much as or more than the return of the Index. </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">The following table illustrates the impact of </span><span style="font-family:Arial;font-size:10pt;">the volatility and return of the Index on Fund returns for a hypothetical one-year</span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;"> period. However, these effects will impact your return for any holding period other than a day. </span><span style="font-family:Arial;font-size:10pt;font-weight:bold;">The longer you hold </span><span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.00%;">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 </span><span style="font-family:Arial;font-size:10pt;font-weight:bold;">investment goals and risk tolerance. </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">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 </span><span style="font-family:Arial;font-size:10pt;">gains or losses </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">and higher </span><span style="font-family:Arial;font-size:10pt;">volatility in the Index. Your return will tend to be </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">better than the Daily Target when there are larger </span><span style="font-family:Arial;font-size:10pt;">gains or </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">losses and lower </span><span style="font-family:Arial;font-size:10pt;">volatility in the Index. You may lose money </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">when the </span><span style="font-family:Arial;font-size:10pt;">return of the Index is flat (i.e., close to zero) and you may lose money when the Index falls. </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">The table uses hypothetical annualized </span><span style="font-family:Arial;font-size:10pt;">volatility and returns of </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">the Index</span><span style="font-family:Arial;font-size:10pt;"> to illustrate the impact of these two factors on Fund </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">performance over a one-year period. It does not represent actual returns. Each row corresponds to the level of a hypothetical </span><span style="font-family:Arial;font-size:10pt;">return of the Index for a one-year period. Each </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">column corresponds to a level of hypothetical annualized </span><span style="font-family:Arial;font-size:10pt;">volatility of the Index. For example, the Fund may mistakenly </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">be expected to achieve a -20% return on a yearly basis if the annual </span><span style="font-family:Arial;font-size:10pt;">return of the Index were 20%. However, as the table </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">shows, with a one-year </span><span style="font-family:Arial;font-size:10pt;">return of the Index of 20% and an </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">annualized </span><span style="font-family:Arial;font-size:10pt;">volatility of the Index of 50%, the Fund could be expected to return -35.1%.</span><span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;">Estimated Fund Returns</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Index Performance</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">One Year Volatility Rate</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">One</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Year</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Index</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Inverse (-1x)</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">of the</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">One Year</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Index</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">10%</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">25%</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">50%</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">75%</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">100%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-60%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">60%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">147.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">134.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">94.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">42.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-8.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-50%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">50%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">98.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">87.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">55.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">14.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-26.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-40%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">40%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">65.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">56.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">29.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-5.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-38.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-30%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">30%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">41.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">34.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">11.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-18.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-47.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-20%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">20%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">23.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">17.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-2.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-28.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-54.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-10%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">10%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">10.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">4.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-13.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-36.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-59.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-1.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-6.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-22.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-43.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-63.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">10%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-10%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-10.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-14.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-29.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-48.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-66.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">20%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-20%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-17.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-21.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-35.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-52.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-69.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">30%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-30%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-23.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-27.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-40.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-56.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-71.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">40%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-40%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-29.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-32.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-44.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-59.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-73.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">50%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-50%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-34.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-37.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-48.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-62.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-75.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">60%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-60%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-38.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-41.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-51.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-64.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-77.0%</span><span style="color:#000000;font-family:Arial;font-size:8pt;">Assumes: (a) no dividends paid with respect to securities included in the Index; (b) no Fund expenses; and (c) borrowing/lending rates (to obtain inverse exposure) of zero percent. If these were included the Fund’s performance would be different from that shown.</span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">The </span><span style="font-family:Arial;font-size:10pt;">annualized historical volatility rate for the Index for the </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">five-year period ended December 31, </span><span style="font-family:Arial;font-size:10pt;">2025 was 22.92%. The highest December to December volatility rate for the Index </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">during the five-year period </span><span style="font-family:Arial;font-size:10pt;">ended December 31, 2025 was 32.49% (December 31, 2022). The annualized total return </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">performance </span><span style="font-family:Arial;font-size:10pt;">of the Index for the five-year period ended </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">December 31, </span><span style="font-family:Arial;font-size:10pt;">2025 was 15.29%. The historical volatility and </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">performance </span><span style="font-family:Arial;font-size:10pt;">of the Index do not predict future volatility and performance of the</span><span style="font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial;font-size:10pt;">Index. </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">For more information, including additional graphs and charts demonstrating the effects of </span><span style="font-family:Arial;font-size:10pt;">the volatility and return of the </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">Index</span><span style="font-family:Arial;font-size:10pt;"> on the long-term performance of the Fund, see </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">“Understanding the Risks and Long-Term Performance of a </span><span style="font-family:Arial;font-size:10pt;">Daily Objective Fund” in the Fund’s Prospectus.</span> <span style="font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Correlation Risk</span><span style="font-family:Arial;font-size:10pt;"> — A number of factors may affect the Fund’s ability to achieve a high degree of inverse 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 inverse 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 </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">Target. Any of these factors may prevent the Fund from </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">achieving exposure consistent with the Daily Target.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Derivatives Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Investing in derivatives to obtain inverse 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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Counterparty Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Leverage Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Leverage increases the risk of a total loss of an investor’s investment, may increase the volatility of the Fund, and may magnify any differences between the performance of the Fund and the Index.</span> <span style="font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Equity and Market Risk</span><span style="font-family:Arial;font-size:10pt;"> — 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,</span><span style="font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial;font-size:10pt;">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),</span><span style="font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial;font-size:10pt;">social unrest and other unforeseeable events. As a fund seeking daily investment results, before fees and expenses, that correspond to the inverse (-1x) of the daily return of the Index, the value of an investment in the Fund is expected to decline when market conditions cause the level of the Index to rise.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Money Market Instruments Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Adverse economic, political or market events affecting issuers of money market </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">instruments, defaults by counterparties or changes in government regulations may have a negative impact on the </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">performance of the Fund.</span> <span style="font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Industry Concentration Risk</span><span style="font-family:Arial;font-size:10pt;"> — 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 December 31, 2025, the Index had a significant portion of its value in issuers in the communication services and information technology industry groups.</span> <span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Communication Services Industry Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Companies in this industry may experience: product obsolescence; increased research and development costs and capital requirements to formulate new products and services; and regulation by the Federal Communications Commission and various state regulatory authorities.</span> <span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Information Technology Industry Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Companies in this industry may experience: intense competition, obsolescence of existing technology, and changing economic conditions and government regulation.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Non-Diversification Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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 Fund’s performance will decline based on the performance of a single issuer or the credit of a single counterparty.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Index Performance Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Active Investor Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> —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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Early Close/Late Close/Trading Halt Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Results</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The bar chart below shows how the Fund’s investment results have varied from year to year, and the table shows how the Fund’s average annual total returns for various periods compare with a broad measure of market performance.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> This information </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">provides some indication of the risks of investing in the Fund. The Fund’s performance information reflects applicable fee waivers and/or expense limitations in effect during the period presented. Absent such fee waivers/expense limitations, if any, performance would have been lower. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">It does not reflect charges </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">and fees associated with a separate account that invests in the Fund or any insurance contract for which it is an investment option. Charges and fees will reduce returns.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Past results are not predictive of future results.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The bar chart below shows how the Fund’s investment results have varied from year to year, and the table shows how the Fund’s average annual total returns for various periods compare with a broad measure of market performance.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">It does not reflect charges </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">and fees associated with a separate account that invests in the Fund or any insurance contract for which it is an investment option. Charges and fees will reduce returns.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> Past results are not predictive of future results.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;">Annual Returns as of December 31</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">6/30/2022</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">23.26%</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">6/30/2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">-25.53%</span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">The year-to-date return as of the most recent quarter, which </span><span style="font-family:Arial;font-size:10pt;">ended March 31, 2026, was 6.76%.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Best Quarter</span> 2022-06-30 0.2326 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Worst Quarter</span> 2020-06-30 -0.2553 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Average Annual Total Returns</span><span style="font-family:Arial;font-size:10pt;">As of December 31, 2025</span> -0.1580 -0.1357 -0.1848 2002-05-01 0.2102 0.1530 0.1970 0.2114 0.1335 0.1766 <span style="color:#000000;font-family:Arial;font-size:8pt;">Reflects no deduction for fees, expenses or taxes. Adjusted to reflect the reinvestment of dividends paid by issuers in the Index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Annual returns are required to be shown and should not be interpreted as suggesting that the Fund should or should not be </span><span style="color:#000000;font-family:Arial;font-size:10pt;">held for longer periods of time.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">ProFund VP Short Small-Cap (the “Fund”) seeks daily investment results, before fees and expenses, that correspond to the inverse (-1x)  of the daily performance of the Russell 2000</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-4.25pt;">®</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Index (the “Index”).</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Important Information About the Fund</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">If the Fund is successful in meeting its investment objective, it should gain approximately as much as the Index loses when the Index falls on a given day. Conversely, it should lose approximately as much as the Index gains when the Index rises on a given day. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">The Fund does not seek to achieve the inverse </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">(-1x)  of the daily performance of the Index (the “Daily </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Target”) for any period other than a day.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">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. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">If you hold fund </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">shares for any period other than a day, it is important for you </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">to understand that over your holding period: </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:6pt;">Your return may be higher or lower than the Daily Target, and </span><span style="color:#000000;font-family:Arial;font-size:10pt;">this difference may be significant. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:6pt;">Factors that contribute to returns that are worse than the Daily </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Target include smaller Index gains or losses and higher Index volatility, as well as longer holding periods when these factors apply. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:6pt;">Factors that contribute to returns that are better than the Daily </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Target include larger Index gains or losses and lower Index volatility, as well as longer holding periods when these factors apply. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:6pt;">The more extreme these factors are, and the more they occur </span><span style="color:#000000;font-family:Arial;font-size:10pt;">together, the more your return will tend to deviate from the Daily Target.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">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 </span><span style="color:#000000;font-family:Arial;font-size:10pt;">for more information about such charges and fees.</span> <span style="font-family:Arial;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Annual Fund Operating Expenses</span><span style="font-family:Arial;font-size:9pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of the </span><span style="font-family:Arial;font-size:9pt;margin-left:0.0pt;">value of your investment)</span> 0.0075 0.0025 0.0078 0.0178 -0.0010 0.0168 <span style="font-family:Arial;font-size:8pt;">April 30, 2027</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Example:</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> This example is intended to help you compare the cost </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">of investing in the Fund with the cost of investing in other </span><span style="color:#000000;font-family:Arial;font-size:10pt;">mutual funds. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">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, </span><span style="color:#000000;font-family:Arial;font-size:10pt;">based on these assumptions your approximate costs would be:</span> 171 551 955 2086 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund pays transaction and financing costs associated with the purchase and sale of securities and derivatives. These costs </span><span style="color:#000000;font-family:Arial;font-size:10pt;">are not reflected in the table or the example above.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">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. 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 </span><span style="color:#000000;font-family:Arial;font-size:10pt;">0</span><span style="color:#000000;font-family:Arial;font-size:10pt;">% of the average value of its </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">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 </span><span style="color:#000000;font-family:Arial;font-size:10pt;">would be significantly higher.</span> 0 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund invests in financial instruments that ProFund Advisors believes, in combination, should produce daily returns consistent </span><span style="color:#000000;font-family:Arial;font-size:10pt;">with the Daily Target.</span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">The Index is designed to measure the performance of the small-cap segment of the U.S. markets. The Index selects the 2000 smallest companies in the Russell 3000 Index based on market capitalization. The Russell 3000 Index is designed to measure the performance of the largest 3,000 U.S. companies. As of December 31, </span><span style="font-family:Arial;font-size:10pt;">2025, the market capitalization of each company </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">within the Index was below $</span><span style="font-family:Arial;font-size:10pt;">26 billion. The selected companies </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">are then weighted based on market capitalization. The Index’s composition and the assigned weights are reevaluated each June. The Index is constructed and maintained by FTSE Russell. More </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">information about the Index can be found using the Bloomberg </span><span style="color:#000000;font-family:Arial;font-size:10pt;">ticker symbol “RTY.” </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Under normal circumstances, the Fund will obtain inverse exposure to at least 80% of its total assets in components of the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Index or in instruments with similar economic characteristics.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund will invest principally in the financial instruments </span><span style="color:#000000;font-family:Arial;font-size:10pt;">listed below.</span><span style="font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Derivatives</span><span style="font-family:Arial;font-size:10pt;"> — 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 and futures contracts) in order to gain inverse exposure to the Index. These derivatives principally include:</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Swap Agreements</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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.</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Futures Contracts</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Standardized contracts that obligate the parties to buy or sell an asset at a predetermined price and date in the future.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Money Market Instruments</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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:</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">U.S. Treasury Bills</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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.</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Repurchase Agreements</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">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 </span><span style="color:#000000;font-family:Arial;font-size:10pt;">value (“NAV”) calculation to the next. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund seeks to remain fully invested at all times in financial instruments that, in combination, provide inverse 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 inverse </span><span style="color:#000000;font-family:Arial;font-size:10pt;">exposure consistent with the investment objective. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">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 fall (assuming there were no shares issued). As a result, the Fund’s exposure will need to be decreased. Conversely, if the Index has fallen 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 </span><span style="color:#000000;font-family:Arial;font-size:10pt;">need to be increased.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Please see “Investment Objectives, Principal Investment Strategies </span><span style="color:#000000;font-family:Arial;font-size:10pt;">and Related Risks” in the Fund’s Prospectus for additional details.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Risks</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">You could lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Short or Inverse Investing Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — You will lose money when the Index rises – a result that is the opposite from a traditional index fund. Obtaining inverse or “short” exposure may be considered an aggressive investment technique. The costs of obtaining this short exposure will lower your returns. If the level of the Index approaches a 100% increase 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.</span> <span style="font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Holding Period Risk</span><span style="font-family:Arial;font-size:10pt;"> — The performance of the Fund for periods longer than a single day will likely differ from the Daily Target. This difference may be significant. </span><span style="font-family:Arial;font-size:10pt;font-weight:bold;">If you are considering holding fund shares for longer than a day, it’s important that you understand the impact of the return and volatility (how much the value of the Index moves up and down from day-to-day) of the Index on your holding period return.</span><span style="font-family:Arial;font-size:10pt;"> The volatility of the Index has a negative impact on Fund returns. During periods of higher volatility, the volatility of the Index may affect the Fund’s returns as much as or more than the return of the Index. </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">The following table illustrates the impact of </span><span style="font-family:Arial;font-size:10pt;">the volatility and return of the Index on Fund returns for a hypothetical one-year</span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;"> period. However, these effects will impact your return for any holding period other than a day. </span><span style="font-family:Arial;font-size:10pt;font-weight:bold;">The longer you hold </span><span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.00%;">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 </span><span style="font-family:Arial;font-size:10pt;font-weight:bold;">investment goals and risk tolerance. </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">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 </span><span style="font-family:Arial;font-size:10pt;">gains or losses </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">and higher </span><span style="font-family:Arial;font-size:10pt;">volatility in the Index. Your return will tend to be </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">better than the Daily Target when there are larger </span><span style="font-family:Arial;font-size:10pt;">gains or </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">losses and lower </span><span style="font-family:Arial;font-size:10pt;">volatility in the Index. You may lose money </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">when the </span><span style="font-family:Arial;font-size:10pt;">return of the Index is flat (i.e., close to zero) and you may lose money when the Index falls. </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">The table uses hypothetical annualized </span><span style="font-family:Arial;font-size:10pt;">volatility and returns of </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">the Index</span><span style="font-family:Arial;font-size:10pt;"> to illustrate the impact of these two factors on Fund </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">performance over a one-year period. It does not represent actual returns. Each row corresponds to the level of a hypothetical </span><span style="font-family:Arial;font-size:10pt;">return of the Index for a one-year period. Each </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">column corresponds to a level of hypothetical annualized </span><span style="font-family:Arial;font-size:10pt;">volatility of the Index. For example, the Fund may mistakenly </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">be expected to achieve a -20% return on a yearly basis if the annual </span><span style="font-family:Arial;font-size:10pt;">return of the Index were 20%. However, as the table </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">shows, with a one-year </span><span style="font-family:Arial;font-size:10pt;">return of the Index of 20% and an </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">annualized </span><span style="font-family:Arial;font-size:10pt;">volatility of the Index of 50%, the Fund could be expected to return -35.1%.</span><span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;">Estimated Fund Returns</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Index Performance</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">One Year Volatility Rate</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">One</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Year</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Index</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Inverse (-1x)</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">of the</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">One Year</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Index</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">10%</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">25%</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">50%</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">75%</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">100%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-60%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">60%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">147.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">134.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">94.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">42.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-8.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-50%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">50%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">98.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">87.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">55.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">14.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-26.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-40%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">40%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">65.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">56.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">29.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-5.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-38.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-30%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">30%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">41.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">34.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">11.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-18.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-47.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-20%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">20%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">23.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">17.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-2.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-28.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-54.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-10%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">10%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">10.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">4.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-13.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-36.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-59.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-1.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-6.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-22.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-43.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-63.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">10%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-10%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-10.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-14.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-29.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-48.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-66.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">20%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-20%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-17.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-21.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-35.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-52.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-69.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">30%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-30%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-23.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-27.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-40.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-56.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-71.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">40%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-40%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-29.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-32.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-44.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-59.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-73.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">50%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-50%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-34.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-37.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-48.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-62.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-75.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">60%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-60%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-38.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-41.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-51.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-64.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-77.0%</span><span style="color:#000000;font-family:Arial;font-size:8pt;">Assumes: (a) no dividends paid with respect to securities included in the Index; (b) no Fund expenses; and (c) borrowing/lending rates (to obtain inverse exposure) of zero percent. If these were included the Fund’s performance would be different from that shown.</span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">The </span><span style="font-family:Arial;font-size:10pt;">annualized historical volatility rate for the Index for the </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">five-year period ended December 31, </span><span style="font-family:Arial;font-size:10pt;">2025 was 22.96%. The highest December to December volatility rate for the Index </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">during the five-year period </span><span style="font-family:Arial;font-size:10pt;">ended December 31, 2025 was 28.13% (December 31, 2022). The annualized total return </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">performance </span><span style="font-family:Arial;font-size:10pt;">of the Index for the five-year period ended </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">December 31, </span><span style="font-family:Arial;font-size:10pt;">2025 was 6.09%. The historical volatility and </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">performance </span><span style="font-family:Arial;font-size:10pt;">of the Index do not predict future volatility and performance of the</span><span style="font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial;font-size:10pt;">Index. </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">For more information, including additional graphs and charts demonstrating the effects of </span><span style="font-family:Arial;font-size:10pt;">the volatility and return of the </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">Index</span><span style="font-family:Arial;font-size:10pt;"> on the long-term performance of the Fund, see </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">“Understanding the Risks and Long-Term Performance of a </span><span style="font-family:Arial;font-size:10pt;">Daily Objective Fund” in the Fund’s Prospectus.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Correlation Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — A number of factors may affect the Fund’s ability to achieve a high degree of inverse 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 </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">Daily Target. In addition, the Fund may not have inverse exposure to all of the </span><span style="font-family:Arial;font-size:10pt;">instruments in the Index, its weighting </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">of </span><span style="font-family:Arial;font-size:10pt;">those instruments may be different from that of the Index, </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">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 </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">achieving exposure consistent with the Daily Target.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Derivatives Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Investing in derivatives to obtain inverse 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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Counterparty Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Leverage Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Leverage increases the risk of a total loss of an investor’s investment, may increase the volatility of the Fund, and may magnify any differences between the performance of the Fund and the Index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Small-Cap Company Investment Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The risk of equity investing may be particularly acute for securities of issuers with smaller market capitalizations. Small-cap companies may have limited product lines or resources, may be dependent upon a particular market niche and may have greater fluctuations in price than the stocks of larger companies. Small-cap companies may lack the financial and personnel resources to handle economic or industry-wide setbacks and, as a result, such setbacks could have a greater effect on small-cap security prices. Additionally, small-cap company stocks may trade at greater spreads or lower trading volumes, and may be less liquid than the stocks of larger companies. Further, stocks of small-sized companies could be more difficult to liquidate during market downturns compared to larger, more widely traded companies.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Equity and Market Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Equity markets are volatile, and the value of equity securities and other instruments correlated </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">with equity markets may fluctuate dramatically from day to day. Equity markets are subject to corporate, political, regulatory, market</span><span style="font-family:Arial;font-size:10pt;">,</span><span style="font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial;font-size:10pt;">social, geopolitical and economic </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">developments, </span><span style="font-family:Arial;font-size:10pt;">including changes in interest and currency </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">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 (</span><span style="font-family:Arial;font-size:10pt;">such as the spread of infectious diseases, pandemics and epidemics),</span><span style="font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial;font-size:10pt;">social unrest and other </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">unforeseeable events</span><span style="font-family:Arial;font-size:10pt;">. As a fund seeking daily investment </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">results, before fees and expenses, that correspond to the inverse (-1x) of the daily return of the Index, the value of an investment in the Fund is expected to decline when market </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">conditions cause the level of the Index to rise.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Money Market Instruments Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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.</span> <span style="font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Industry Concentration Risk</span><span style="font-family:Arial;font-size:10pt;"> — 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 December 31, 2025, the Index had a significant portion of its value in issuers in the financials, health care and industrials industry groups.</span> <span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Financials Industry Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Companies in this industry may experience: extensive governmental regulation and/or nationalization that affects the scope of their activities, the prices they can charge and the amount of capital they must maintain; adverse effects from increases in interest rates; adverse effects on profitability by loan losses; and severe competition.</span> <span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Health Care Industry Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Companies in this industry may experience: heavy dependence on patent protection; litigation and product liability expense; the long and costly process for obtaining new product approval by the Food and Drug Administration; and product obsolescence.</span> <span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Industrials Industry Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Companies in this industry may experience: adverse effects on stock prices by supply and demand both for their specific product or service </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">and for industrials industry products in general; </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00pt;">declining demand; and changing government regulation.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Non-Diversification Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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 Fund’s performance will decline based on the performance of a single issuer or the credit of a single counterparty.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Index Performance Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Active Investor Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> —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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Early Close/Late Close/Trading Halt Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Results</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The bar chart below shows how the Fund’s investment results have varied from year to year, and the table shows how the Fund’s average annual total returns for various periods compare with a broad measure of market performance.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> This information </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">provides some indication of the risks of investing in the Fund. The Fund’s performance information reflects applicable fee waivers and/or expense limitations in effect during the period presented. Absent such fee waivers/expense limitations, if any, performance would have been lower. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">It does not reflect charges </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">and fees associated with a separate account that invests in the Fund or any insurance contract for which it is an investment option. Charges and fees will reduce returns.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Past results are not predictive of future results.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The bar chart below shows how the Fund’s investment results have varied from year to year, and the table shows how the Fund’s average annual total returns for various periods compare with a broad measure of market performance.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">It does not reflect charges </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">and fees associated with a separate account that invests in the Fund or any insurance contract for which it is an investment option. Charges and fees will reduce returns.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> Past results are not predictive of future results.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;">Annual Returns as of December 31</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">3/31/2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">30.10%</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">12/31/2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">-25.30%</span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">The year-to-date return as of the most recent quarter, which </span><span style="font-family:Arial;font-size:10pt;">ended March 31, 2026, was -0.59%.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Best Quarter</span> 2020-03-31 0.3010 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Worst Quarter</span> 2020-12-31 -0.2530 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Average Annual Total Returns</span><span style="font-family:Arial;font-size:10pt;">As of December 31, 2025</span> -0.1008 -0.0650 -0.1177 2002-09-03 0.1281 0.0609 0.0962 0.1715 0.1315 0.1429 <span style="color:#000000;font-family:Arial;font-size:8pt;">Reflects no deduction for fees, expenses or taxes. Adjusted to reflect the reinvestment of dividends paid by issuers in the Index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Annual returns are required to be shown and should not be interpreted as suggesting that the Fund should or should not be </span><span style="color:#000000;font-family:Arial;font-size:10pt;">held for longer periods of time.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">ProFund VP Small-Cap (the “Fund”) seeks investment results, before fees and expenses, that track the performance of the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Russell 2000</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-4.25pt;">®</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Index (the “Index”).</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">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 </span><span style="color:#000000;font-family:Arial;font-size:10pt;">for more information about such charges and fees.</span> <span style="font-family:Arial;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Annual Fund Operating Expenses</span><span style="font-family:Arial;font-size:9pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of the </span><span style="font-family:Arial;font-size:9pt;margin-left:0.0pt;">value of your investment)</span> 0.0075 0.0025 0.0087 0.0187 -0.0019 0.0168 <span style="font-family:Arial;font-size:8pt;">April 30, 2027</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Example:</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> This example is intended to help you compare the cost </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">of investing in the Fund with the cost of investing in other </span><span style="color:#000000;font-family:Arial;font-size:10pt;">mutual funds. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">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, </span><span style="color:#000000;font-family:Arial;font-size:10pt;">based on these assumptions your approximate costs would be:</span> 171 569 993 2175 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund pays transaction and financing costs associated with the purchase and sale of securities and derivatives. These costs </span><span style="color:#000000;font-family:Arial;font-size:10pt;">are not reflected in the table or the example above.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">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. 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 </span><span style="color:#000000;font-family:Arial;font-size:10pt;">13</span><span style="color:#000000;font-family:Arial;font-size:10pt;">% of the average value of its </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">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 </span><span style="color:#000000;font-family:Arial;font-size:10pt;">would be significantly higher.</span> 0.13 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund invests in financial instruments that ProFund Advisors believes, in combination, should track the performance of </span><span style="color:#000000;font-family:Arial;font-size:10pt;">the Index.</span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">The Index is designed to measure the performance of the small-cap segment of the U.S. markets. The Index selects the 2000 smallest companies in the Russell 3000 Index based on market capitalization. The Russell 3000 Index is designed to measure the performance of the largest 3,000 U.S. companies. As of December 31, </span><span style="font-family:Arial;font-size:10pt;">2025, the market capitalization of each company </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">within the Index was below $</span><span style="font-family:Arial;font-size:10pt;">26 billion. The selected companies </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">are then weighted based on market capitalization. The Index’s composition and the assigned weights are reevaluated each June. The Index is constructed and maintained by FTSE Russell. More information about the Index can be found using the Bloomberg </span><span style="font-family:Arial;font-size:10pt;">ticker symbol “RTY.” </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Under normal circumstances, the Fund will invest at least 80% of its total assets in components of the Index or in instruments </span><span style="color:#000000;font-family:Arial;font-size:10pt;">with similar economic characteristics.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund will invest principally in the financial instruments </span><span style="color:#000000;font-family:Arial;font-size:10pt;">listed below.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Equity Securities</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Common stock issued by public companies.</span><span style="font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Derivatives</span><span style="font-family:Arial;font-size:10pt;"> — 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 and futures contracts) in order to gain exposure to the Index. These derivatives principally include:</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Swap Agreements</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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 </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">rates of returns) earned or realized on a particular </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00pt;">investment or instrument.</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Futures Contracts</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Standardized contracts that obligate the parties to buy or sell an asset at a predetermined price and date in the future.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Money Market Instruments</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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:</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">U.S. Treasury Bills</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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.</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Repurchase Agreements</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">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 returns consistent with its investment objective. The Fund seeks to remain fully invested at all times in financial instruments that, in combination, provide exposure consistent with the investment objective, without regard to market conditions, trends or direction. The Fund may also 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 exposure </span><span style="color:#000000;font-family:Arial;font-size:10pt;">consistent with the investment objective.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Please see “Investment Objectives, Principal Investment Strategies </span><span style="color:#000000;font-family:Arial;font-size:10pt;">and Related Risks” in the Fund’s Prospectus for additional details.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Risks</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">You could lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Derivatives Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Investing in derivatives to obtain 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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Counterparty Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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 </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">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 </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">in other derivatives to achieve its investment objective.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Small-Cap Company Investment Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The risk of equity investing may be particularly acute for securities of issuers with smaller market capitalizations. Small-cap companies may have limited product lines or resources, may be dependent upon a particular market niche and may have greater fluctuations in price than the stocks of larger companies. Small-cap companies may lack the financial and personnel resources to handle economic or industry-wide setbacks and, as a result, such setbacks could have a greater effect on small-cap security prices. Additionally, small-cap company stocks may trade at greater spreads or lower trading volumes, and may be less liquid than the stocks of larger companies. Further, stocks of small-sized companies could be more difficult to liquidate during market downturns compared to larger, more widely traded companies.</span> <span style="font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Equity and Market Risk</span><span style="font-family:Arial;font-size:10pt;"> — 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,</span><span style="font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial;font-size:10pt;">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),</span><span style="font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial;font-size:10pt;">social unrest and other unforeseeable</span><span style="font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial;font-size:10pt;">events.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Money Market Instruments Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Correlation Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — A number of factors may affect the Fund’s ability to achieve a high degree of correlation with the Index. Fees, expenses, transaction costs, among other factors, will adversely impact the Fund’s ability to meet its investment objective. In addition, the Fund’s exposure may not be consistent with the Index. For example, the Fund may not have exposure to all of the securities in the Index, its weighting of securities may be different from that of the Index, and it may invest in instruments not included in the Index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Industry Concentration Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Index may have a significant portion of its value in issuers in an industry or </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">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 December 31, </span><span style="font-family:Arial;font-size:10pt;">2025, the Index had a significant portion of its </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">value in issuers in the financials, health care and industrials </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">industry groups.</span> <span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Financials Industry Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Companies in this industry may experience: extensive governmental regulation and/or nationalization that affects the scope of their activities, the prices they can charge and the amount of capital they must maintain; adverse effects from increases in interest rates; adverse effects on profitability by loan losses; and severe competition.</span> <span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Health Care Industry Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Companies in this industry may experience: heavy dependence on patent protection; litigation and product liability expense; the long and costly process for obtaining new product approval by the Food and Drug Administration; and product obsolescence.</span> <span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Industrials Industry Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Companies in this industry may experience: adverse effects on stock prices by supply and demand both for their specific product or service and for industrials industry products in general; declining demand; and changing government regulation.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Non-Diversification Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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 Fund’s performance will decline based on the performance of a single issuer or the credit of a single counterparty.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Index Performance Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Active Investor Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> —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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Early Close/Late Close/Trading Halt Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — An exchange or market may close early, close late or issue trading halts on </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">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 </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">and/or may incur substantial trading losses.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Results</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The bar chart below shows how the Fund’s investment results 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.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> This </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">information provides some indication of the risks of investing in the Fund. The Fund’s performance information reflects applicable fee waivers and/or expense limitations in effect during the period presented. Absent such fee waivers/expense limitations, if any, performance would have been lower. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">It does </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">not reflect charges and fees associated with a separate account that invests in the Fund or any insurance contract for which it is an investment option. Charges and fees will reduce returns.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Past results are not predictive of future results.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The bar chart below shows how the Fund’s investment results 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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">It does </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">not reflect charges and fees associated with a separate account that invests in the Fund or any insurance contract for which it is an investment option. Charges and fees will reduce returns.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> Past results are not predictive of future results.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;">Annual Returns as of December 31</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">12/31/2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">30.56%</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">3/31/2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">-30.99%</span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">The year-to-date return as of the most recent quarter, which </span><span style="font-family:Arial;font-size:10pt;">ended March 31, 2026, was 0.42%.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Best Quarter</span> 2020-12-31 0.3056 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Worst Quarter</span> 2020-03-31 -0.3099 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Average Annual Total Returns</span><span style="font-family:Arial;font-size:10pt;">As of December 31, 2025</span> 0.1086 0.0423 0.0763 2001-05-01 0.1281 0.0609 0.0962 0.1715 0.1315 0.1429 <span style="color:#000000;font-family:Arial;font-size:8pt;">Reflects no deduction for fees, expenses or taxes. Adjusted to reflect the reinvestment of dividends paid by issuers in the Index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">ProFund VP Small-Cap Growth (the “Fund”) seeks investment results, before fees and expenses, that track the performance of </span><span style="color:#000000;font-family:Arial;font-size:10pt;">the S&amp;P SmallCap 600</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-4.25pt;">®</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Growth Index (the “Index”).</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">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 </span><span style="color:#000000;font-family:Arial;font-size:10pt;">for more information about such charges and fees.</span> <span style="font-family:Arial;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Annual Fund Operating Expenses</span><span style="font-family:Arial;font-size:9pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of the </span><span style="font-family:Arial;font-size:9pt;margin-left:0.0pt;">value of your investment)</span> 0.0075 0.0025 0.0071 0.0004 0.0067 0.0171 -0.0003 0.0168 <span style="font-family:Arial;font-size:8pt;">April 30, 2027</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Example:</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> This example is intended to help you compare the cost </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">of investing in the Fund with the cost of investing in other </span><span style="color:#000000;font-family:Arial;font-size:10pt;">mutual funds. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">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 </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">be higher. Although your actual costs may be higher or lower, </span><span style="color:#000000;font-family:Arial;font-size:10pt;">based on these assumptions your approximate costs would be:</span> 171 536 925 2017 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund pays transaction and financing costs associated with the purchase and sale of securities and derivatives. These costs </span><span style="color:#000000;font-family:Arial;font-size:10pt;">are not reflected in the table or the example above.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Portfolio Turnover</span> <span style="font-family:Arial;font-size:10pt;margin-left:0%;">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. 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 </span><span style="font-family:Arial;font-size:10pt;">57</span><span style="font-family:Arial;font-size:10pt;">% of the average value of its </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">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 </span><span style="font-family:Arial;font-size:10pt;">would be significantly higher.</span> 0.57 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund invests in financial instruments that ProFund Advisors believes, in combination, should track the performance of </span><span style="color:#000000;font-family:Arial;font-size:10pt;">the Index.</span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">The Index is designed to measure the performance of growth stocks included in the S&amp;P SmallCap 600 Index. The S&amp;P SmallCap 600 Index is designed to measure the performance of small-cap companies listed and domiciled in the U.S. As of December 31, </span><span style="font-family:Arial;font-size:10pt;">2025, the market capitalization of companies in </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">the Index was between $</span><span style="font-family:Arial;font-size:10pt;">544 million and $9.2 billion. The Index </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">includes the stocks in the Small-Cap S&amp;P 600 Index with the strongest growth characteristics based on: sales growth, </span><span style="font-family:Arial;font-size:10pt;">changes </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">in earnings over price</span><span style="font-family:Arial;font-size:10pt;">, and momentum. The selected stocks are </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">then weighted based on market capitalization. The Index’s composition and assigned weights are reevaluated annually in December with additional weight adjustments in March, June and September. The Index is constructed and maintained by S&amp;P Dow Jones Indices LLC. More information about the Index can </span><span style="font-family:Arial;font-size:10pt;">be found using the Bloomberg ticker symbol “SMLG.”</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Under normal circumstances, the Fund will invest at least 80% of its total assets in components of the Index or in instruments </span><span style="color:#000000;font-family:Arial;font-size:10pt;">with similar economic characteristics.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund will invest principally in the financial instruments </span><span style="color:#000000;font-family:Arial;font-size:10pt;">listed below.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Equity Securities</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Common stock issued by public companies.</span><span style="font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Derivatives</span><span style="font-family:Arial;font-size:10pt;"> — 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 </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">Fund invests in derivatives </span><span style="font-family:Arial;font-size:10pt;">(e.g. swap agreements and futures </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">contracts)</span><span style="font-family:Arial;font-size:10pt;"> in order to gain exposure to the Index. These </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">derivatives principally include:</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Swap Agreements</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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.</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Futures Contracts</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Standardized contracts that obligate the parties to buy or sell an asset at a predetermined price and date in the future.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Money Market Instruments</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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:</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">U.S. Treasury Bills</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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.</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Repurchase Agreements</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">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 returns consistent with its investment objective. The Fund seeks to remain fully invested at all times in financial instruments that, in combination, provide exposure consistent with the investment objective, without regard to market conditions, trends or direction. The Fund may also 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 exposure </span><span style="color:#000000;font-family:Arial;font-size:10pt;">consistent with the investment objective.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Please see “Investment Objectives, Principal Investment Strategies </span><span style="color:#000000;font-family:Arial;font-size:10pt;">and Related Risks” in the Fund’s Prospectus for additional details.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Risks</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">You could lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Derivatives Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Investing in derivatives to obtain 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 </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">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 </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Fund’s return.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Counterparty Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Small-Cap Company Investment Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The risk of equity investing may be particularly acute for securities of issuers with smaller market capitalizations. Small-cap companies may have limited product lines or resources, may be dependent upon a particular market niche and may have greater fluctuations in price than the stocks of larger companies. Small-cap companies may lack the financial and personnel resources to handle economic or industry-wide setbacks and, as a result, such setbacks could have a greater effect on small-cap security prices. Additionally, small-cap company stocks may trade at greater spreads or lower trading volumes, and may be less liquid than the stocks of larger companies. Further, stocks of small-sized companies could be more difficult to liquidate during market downturns compared to larger, more widely traded companies.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Growth Investing Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — An investment in growth stocks may be susceptible to rapid price swings, especially during periods of economic uncertainty. Growth stocks typically have little or no dividend income to cushion the effect of adverse market conditions and may be particularly volatile in the event of earnings disappointments or other financial difficulties experienced by the issuer.</span> <span style="font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Equity and Market Risk</span><span style="font-family:Arial;font-size:10pt;"> — 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,</span><span style="font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial;font-size:10pt;">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),</span><span style="font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial;font-size:10pt;">social unrest and other unforeseeable</span><span style="font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial;font-size:10pt;">events.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Money Market Instruments Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Correlation Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — A number of factors may affect the Fund’s ability to achieve a high degree of correlation with the Index. Fees, expenses, transaction costs, among other factors, will adversely impact the Fund’s ability to meet its investment objective. In addition, the Fund’s exposure may not be consistent with the Index. For example, the Fund may not have exposure to all of the securities in the Index, its weighting of securities may be different from that of the Index, and it may invest in instruments not included in the Index.</span> <span style="font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Industry Concentration Risk</span><span style="font-family:Arial;font-size:10pt;"> — 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 December 31, 2025, the Index had a significant portion of its value in issuers in the health care, industrials and information technology industry groups.</span> <span style="font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Health Care Industry Risk</span><span style="font-family:Arial;font-size:10pt;"> — Companies in this industry may experience: heavy dependence on patent protection; litigation and product liability expense; the long and costly process for obtaining new product approval by the Food and Drug Administration; and product obsolescence.</span> <span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Industrials Industry Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Companies in this industry may experience: adverse effects on stock prices by supply and demand both for their specific product or service and for industrials industry products in general; declining demand; and changing government regulation.</span> <span style="font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Information Technology Industry Risk</span><span style="font-family:Arial;font-size:10pt;"> — Companies in this industry may experience: intense competition, obsolescence of existing technology, and changing economic conditions and government regulation.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Index Performance Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Active Investor Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> —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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Early Close/Late Close/Trading Halt Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Results</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The bar chart below shows how the Fund’s investment results 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.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> This </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">information provides some indication of the risks of investing in the Fund. The Fund’s performance information reflects applicable fee waivers and/or expense limitations in effect during the period presented. Absent such fee waivers/expense limitations, if any, performance would have been lower. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">It does </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">not reflect charges and fees associated with a separate account that invests in the Fund or any insurance contract for which it is an investment option. Charges and fees will reduce returns.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Past results are not predictive of future results.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The bar chart below shows how the Fund’s investment results 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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">It does </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">not reflect charges and fees associated with a separate account that invests in the Fund or any insurance contract for which it is an investment option. Charges and fees will reduce returns.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> Past results are not predictive of future results.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;">Annual Returns as of December 31</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">12/31/2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">29.23%</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">3/31/2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">-28.45%</span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">The year-to-date return as of the most recent quarter, which </span><span style="font-family:Arial;font-size:10pt;">ended March 31, 2026, was 2.32%.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Best Quarter</span> 2020-12-31 0.2923 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Worst Quarter</span> 2020-03-31 -0.2845 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Average Annual Total Returns</span><span style="font-family:Arial;font-size:10pt;">As of December 31, 2025</span> 0.0362 0.0379 0.0798 2002-05-01 0.0537 0.0553 0.0982 0.1702 0.1396 0.1446 <span style="color:#000000;font-family:Arial;font-size:8pt;">Reflects no deduction for fees, expenses or taxes. Adjusted to reflect the reinvestment of dividends paid by issuers in the Index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">ProFund VP Small-Cap Value (the “Fund”) seeks investment results, before fees and expenses, that track the performance of </span><span style="color:#000000;font-family:Arial;font-size:10pt;">the S&amp;P SmallCap 600</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-4.25pt;">®</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Value Index (the “Index”).</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">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 </span><span style="color:#000000;font-family:Arial;font-size:10pt;">for more information about such charges and fees.</span> <span style="font-family:Arial;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Annual Fund Operating Expenses</span><span style="font-family:Arial;font-size:9pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of the </span><span style="font-family:Arial;font-size:9pt;margin-left:0.0pt;">value of your investment)</span> 0.0075 0.0025 0.0073 0.0005 0.0068 0.0173 -0.0005 0.0168 <span style="font-family:Arial;font-size:8pt;">April 30, 2027</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Example:</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> This example is intended to help you compare the cost </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">of investing in the Fund with the cost of investing in other </span><span style="color:#000000;font-family:Arial;font-size:10pt;">mutual funds. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">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 </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">fees or charges. If these charges were reflected, expenses would be higher. Although your actual costs may be higher or lower, </span><span style="color:#000000;font-family:Arial;font-size:10pt;">based on these assumptions your approximate costs would be:</span> 171 540 934 2037 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund pays transaction and financing costs associated with the purchase and sale of securities and derivatives. These costs </span><span style="color:#000000;font-family:Arial;font-size:10pt;">are not reflected in the table or the example above.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Portfolio Turnover</span> <span style="font-family:Arial;font-size:10pt;margin-left:0%;">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. 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 </span><span style="font-family:Arial;font-size:10pt;">115</span><span style="font-family:Arial;font-size:10pt;">% of the average value of </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">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 </span><span style="font-family:Arial;font-size:10pt;">would be significantly higher.</span> 1.15 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund invests in financial instruments that ProFund Advisors believes, in combination, should track the performance of </span><span style="color:#000000;font-family:Arial;font-size:10pt;">the Index.</span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">The Index is designed to measure the performance of value stocks included in the S&amp;P SmallCap 600 Index. The S&amp;P SmallCap 600 Index is designed to measure the performance of small-cap companies listed and domiciled in the U.S.  As of December 31, </span><span style="font-family:Arial;font-size:10pt;">2025, the market capitalization of companies in </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">the Index was between $</span><span style="font-family:Arial;font-size:10pt;">310 million and $8.5 billion. The Index </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">includes the stocks in the S&amp;P SmallCap 600 Index with the strongest value characteristics based on: book value to price ratio, earnings to price ratio, and sales to price ratio.  The selected stocks are then weighted based on market capitalization. The Index’s composition and assigned weights are reevaluated annually in December with additional weight adjustments in March, June and September. The Index is constructed and maintained by S&amp;P Dow Jones Indices LLC. More information about the Index can be found using the Bloomberg ticker symbol </span><span style="font-family:Arial;font-size:10pt;">“SMLV.” </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Under normal circumstances, the Fund will invest at least 80% of its total assets in components of the Index or in instruments </span><span style="color:#000000;font-family:Arial;font-size:10pt;">with similar economic characteristics.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund will invest principally in the financial instruments </span><span style="color:#000000;font-family:Arial;font-size:10pt;">listed below.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Equity Securities</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Common stock issued by public companies.</span><span style="font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Derivatives</span><span style="font-family:Arial;font-size:10pt;"> — 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 and futures contracts) in order to gain exposure to the Index. These derivatives principally include:</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Swap Agreements</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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.</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Futures Contracts</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Standardized contracts that obligate the parties to buy or sell an asset at a predetermined price and date in the future.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Money Market Instruments</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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:</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">U.S. Treasury Bills</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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.</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Repurchase Agreements</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">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 returns consistent with its investment objective. The Fund seeks to remain fully invested at all times in financial instruments that, in combination, provide exposure consistent with the investment objective, without regard to market conditions, trends or direction. The Fund may also 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 exposure </span><span style="color:#000000;font-family:Arial;font-size:10pt;">consistent with the investment objective.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Please see “Investment Objectives, Principal Investment Strategies </span><span style="color:#000000;font-family:Arial;font-size:10pt;">and Related Risks” in the Fund’s Prospectus for additional details.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Risks</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">You could lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Derivatives Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Investing in derivatives to obtain 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 </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">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 </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Fund’s return.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Counterparty Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Small-Cap Company Investment Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The risk of equity investing may be particularly acute for securities of issuers with smaller market capitalizations. Small-cap companies may have limited product lines or resources, may be dependent upon a particular market niche and may have greater fluctuations in price than the stocks of larger companies. Small-cap companies may lack the financial and personnel resources to handle economic or industry-wide setbacks and, as a result, such setbacks could have a greater effect on small-cap security prices. Additionally, small-cap company stocks may trade at greater spreads or lower trading volumes, and may be less liquid than the stocks of larger companies. Further, stocks of small-sized companies could be more difficult to liquidate during market downturns compared to larger, more widely traded companies.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Value Investing Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Value investing carries the risk that the market will not recognize a security’s intrinsic value for a long time, or that a stock deemed to be undervalued by the relevant index methodology may actually be appropriately priced or overvalued.</span> <span style="font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Equity and Market Risk</span><span style="font-family:Arial;font-size:10pt;"> — 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,</span><span style="font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial;font-size:10pt;">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 </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">health emergencies (</span><span style="font-family:Arial;font-size:10pt;">such as the spread of infectious diseases, pandemics and epidemics),</span><span style="font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial;font-size:10pt;">social unrest and other </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">unforeseeable</span><span style="font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial;font-size:10pt;">events.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Money Market Instruments Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Correlation Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — A number of factors may affect the Fund’s ability to achieve a high degree of correlation with the Index. Fees, expenses, transaction costs, among other factors, will adversely impact the Fund’s ability to meet its investment objective. In addition, the Fund’s exposure may not be consistent with the Index. For example, the Fund may not have exposure to all of the securities in the Index, its weighting of securities may be different from that of the Index, and it may invest in instruments not included in the Index.</span> <span style="font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Industry Concentration Risk</span><span style="font-family:Arial;font-size:10pt;"> — 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 December 31, 2025, the Index had a significant portion of its value in issuers in the consumer discretionary</span><span style="font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial;font-size:10pt;">and financials industry group.</span> <span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Consumer Discretionary Industry Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Companies in this industry may experience: impact of changing economic conditions, interest rates, competition and consumer confidence; heavy dependence on disposable household income and consumer spending; severe competition; and changes in demographics and consumer tastes.</span> <span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Financials Industry Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Companies in this industry may experience: extensive governmental regulation and/or nationalization that affects the scope of their activities, the prices they can charge and the amount of </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">capital they must maintain; adverse effects from increases in interest rates; adverse effects on profitability by loan </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00pt;">losses; and severe competition.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Index Performance Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Active Investor Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> —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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Early Close/Late Close/Trading Halt Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Results</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The bar chart below shows how the Fund’s investment results 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.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> This </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">information provides some indication of the risks of investing in the Fund. The Fund’s performance information reflects applicable fee waivers and/or expense limitations in effect during the period presented. Absent such fee waivers/expense limitations, if any, performance would have been lower. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">It does </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">not reflect charges and fees associated with a separate account </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">that invests in the Fund or any insurance contract for which it is an investment option. Charges and fees will reduce returns.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Past results are not predictive of future results.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The bar chart below shows how the Fund’s investment results 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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">It does </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">not reflect charges and fees associated with a separate account </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">that invests in the Fund or any insurance contract for which it is an investment option. Charges and fees will reduce returns.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> Past results are not predictive of future results.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;">Annual Returns as of December 31</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">12/31/2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">32.36%</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">3/31/2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">-37.52%</span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">The year-to-date return as of the most recent quarter, which </span><span style="font-family:Arial;font-size:10pt;">ended March 31, 2026, was 3.90%.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Best Quarter</span> 2020-12-31 0.3236 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Worst Quarter</span> 2020-03-31 -0.3752 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Average Annual Total Returns</span><span style="font-family:Arial;font-size:10pt;">As of December 31, 2025</span> 0.0500 0.0717 0.0781 2002-05-01 0.0670 0.0896 0.0964 0.1702 0.1396 0.1446 <span style="color:#000000;font-family:Arial;font-size:8pt;">Reflects no deduction for fees, expenses or taxes. Adjusted to reflect the reinvestment of dividends paid by issuers in the Index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">ProFund VP Technology (the “Fund”) seeks investment results, before fees and expenses, that track the performance of the S&amp;P </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Technology Select Sector Index (the “Index”).</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">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 </span><span style="color:#000000;font-family:Arial;font-size:10pt;">for more information about such charges and fees.</span> <span style="font-family:Arial;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Annual Fund Operating Expenses</span><span style="font-family:Arial;font-size:9pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of the </span><span style="font-family:Arial;font-size:9pt;margin-left:0.0pt;">value of your investment)</span> 0.0075 0.0025 0.0058 0.0158 <span style="font-family:Arial;font-size:8pt;">April 30, 2027</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Example:</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> This example is intended to help you compare the cost </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">of investing in the Fund with the cost of investing in other </span><span style="color:#000000;font-family:Arial;font-size:10pt;">mutual funds. </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">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</span><span style="font-family:Arial;font-size:10pt;">, except that the fee waiver/expense</span><span style="font-family:Arial;font-size:10pt;margin-left:0%;"> reimbursement is assumed only to pertain to the first year</span><span style="font-family:Arial;font-size:10pt;">. It does not reflect separate account or insurance contract </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">fees or charges. If these charges were reflected, expenses would be higher. Although your actual costs may be higher or lower, </span><span style="font-family:Arial;font-size:10pt;">based on these assumptions your approximate costs would be:</span> 161 499 860 1878 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund pays transaction and financing costs associated with the purchase and sale of securities. These costs are not reflected </span><span style="color:#000000;font-family:Arial;font-size:10pt;">in the table or the example above.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">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. These costs, which are not reflected in the Annual Fund Operating Expenses or in the example above, affect the Fund’s </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">performance. During the most recent fiscal year, the Fund’s annual portfolio turnover rate was </span><span style="font-family:Arial;font-size:10pt;">176</span><span style="font-family:Arial;font-size:10pt;">% of the average value of </span><span style="font-family:Arial;font-size:10pt;">its portfolio.</span> 1.76 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund invests in securities that ProFund Advisors believes, in </span><span style="color:#000000;font-family:Arial;font-size:10pt;">combination, should track the performance of the Index.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Index is designed to measure the performance of information technology companies included in the S&amp;P 500 Index. The S&amp;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 information technology companies in the following industries according to the</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Global </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Industry Classification Standard (GICS): IT services; software; communications equipment; technology, hardware, storage &amp; peripherals; electronic equipment, instruments, &amp; components; and semiconductors &amp; semiconductor equipment. 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&amp;P Dow Jones Indices LLC. More information about the Index </span><span style="color:#000000;font-family:Arial;font-size:10pt;">can be found using the Bloomberg ticker symbol “IXT.” </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Under normal circumstances, the Fund will invest at least 80% of its total assets in components of the Index or in instruments </span><span style="color:#000000;font-family:Arial;font-size:10pt;">with similar economic characteristics.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Fund will invest principally in the securities listed below.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Equity Securities</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Common stock issued by public companies.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">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 returns consistent with its investment objective. The Fund seeks to remain fully invested at all times in financial instruments that, in combination, provide exposure consistent with the investment objective, without regard to market conditions, trends or direction. The Fund may also 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 exposure </span><span style="color:#000000;font-family:Arial;font-size:10pt;">consistent with the investment objective.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Please see “Investment Objectives, Principal Investment Strategies </span><span style="color:#000000;font-family:Arial;font-size:10pt;">and Related Risks” in the Fund’s Prospectus for additional details.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Risks</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">You could lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Technology Industry Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Securities of technology companies may be subject to greater volatility than stocks of companies in other market sectors. Technology companies may experience intense competition, obsolescence of existing technology, general economic conditions and government regulation and may have limited product lines, markets, financial resources or personnel. Technology companies may </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">experience dramatic and often unpredictable changes in growth rates and competition for qualified personnel. These companies also are heavily dependent on patent and intellectual property rights, the loss or impairment of which </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">may adversely affect profitability.</span> <span style="font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Equity and Market Risk</span><span style="font-family:Arial;font-size:10pt;"> — 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,</span><span style="font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial;font-size:10pt;">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),</span><span style="font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial;font-size:10pt;">social unrest and other unforeseeable</span><span style="font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial;font-size:10pt;">events.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Correlation Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — A number of factors may affect the Fund’s ability to achieve a high degree of correlation with the Index. Fees, expenses, transaction costs, among other factors, will adversely impact the Fund’s ability to meet its investment objective. In addition, the Fund’s exposure may not be consistent with the Index. For example, the Fund may not have exposure to all of the securities in the Index, its weighting of securities may be different from that of the Index, and it may invest in instruments not included in the Index.</span> <span style="font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Industry Concentration Risk</span><span style="font-family:Arial;font-size:10pt;"> — 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 December 31, 2025, the Index had a significant portion of its value in issuers in the semiconductors &amp; semiconductor equipment, software &amp; services and technology hardware &amp; equipment industry groups.</span> <span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Semiconductors and Semiconductor Equipment </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Industry Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Companies in this sector may experience: intense competition, wide fluctuations in securities prices due to risks of rapid obsolescence of products, significant research costs, and limited product lines, markets, financial resources or personnel. Companies in this sector may also be affected by risks that affect the broader technology sector.</span> <span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Software and Services Industry Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Companies in this industry may experience: competitive pressures, such as aggressive pricing, technological developments, cyclical market patterns, changing domestic demand, the </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">ability to attract and retain skilled employees, and dependence on intellectual property rights and potential </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00pt;">loss or impairment of those rights.</span> <span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Technology Hardware and Equipment Industry Risk </span><span style="color:#000000;font-family:Arial;font-size:10pt;">— Companies in this industry may experience: effects from industry competition, evolving industry standards, product obsolescence, and changing government regulation. These companies may also be affected by risks that affect the broader information technology industry.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Non-Diversification Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund has the ability to invest a relatively high percentage of its assets in the securities of a small number of issuers. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Index Performance Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Active Investor Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> —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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Early Close/Late Close/Trading Halt Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Results</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The bar chart below shows how the Fund’s investment results 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.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> This </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">information provides some indication of the risks of investing in the Fund. The Fund’s performance information reflects applicable fee waivers and/or expense limitations in effect during the period presented. Absent such fee waivers/expense limitations, if any, performance would have been lower. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">It does </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">not reflect charges and fees associated with a separate account that invests in the Fund or any insurance contract for which it is an investment option. Charges and fees will reduce returns.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Past results are not predictive of future results.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The bar chart below shows how the Fund’s investment results 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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">It does </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">not reflect charges and fees associated with a separate account that invests in the Fund or any insurance contract for which it is an investment option. Charges and fees will reduce returns.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> Past results are not predictive of future results.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;">Annual Returns as of December 31</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">6/30/2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">31.19%</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">6/30/2022</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">-22.80%</span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">The year-to-date return as of the most recent quarter, which </span><span style="font-family:Arial;font-size:10pt;">ended March 31, 2026, was -7.97%.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Best Quarter</span> 2020-06-30 0.3119 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Worst Quarter</span> 2022-06-30 -0.2280 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Average Annual Total Returns</span><span style="font-family:Arial;font-size:10pt;">As of December 31, 2025</span> 0.2260 0.1501 0.2016 2001-01-22 0.2472 0.1824 0.2252 0.1705 0.1307 0.1422 <span style="color:#000000;font-family:Arial;font-size:8pt;">Reflects no deduction for fees, expenses or taxes. Adjusted to reflect the reinvestment of dividends paid by issuers in the Index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">ProFund VP UltraBull (the “Fund”) seeks daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the S&amp;P 500</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-4.25pt;">®</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Index (the “Index”).</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Important Information About the Fund</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">If the Fund is successful in meeting its investment objective, it should gain approximately two times as much as the Index when the Index rises on a given day. Conversely, it should lose approximately two times as much as the Index when the Index falls on a given day. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">The Fund does not seek to achieve two </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">times (2x) the daily performance of theIndex (the “Daily </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Target”) for any period other than a day.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">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. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">If you hold fund </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">shares for any period other than a day, it is important for you </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">to understand that over your holding period: </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:6pt;">Your return may be higher or lower than the Daily Target, and </span><span style="color:#000000;font-family:Arial;font-size:10pt;">this difference may be significant. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:6pt;">Factors that contribute to returns that are worse than the Daily </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Target include smaller Index gains or losses and higher Index volatility, as well as longer holding periods when these factors apply. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:6pt;">Factors that contribute to returns that are better than the Daily </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Target include larger Index gains or losses and lower Index volatility, as well as longer holding periods when these factors apply. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:6pt;">The more extreme these factors are, and the more they occur </span><span style="color:#000000;font-family:Arial;font-size:10pt;">together, the more your return will tend to deviate from the Daily Target.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">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 </span><span style="color:#000000;font-family:Arial;font-size:10pt;">for more information about such charges and fees.</span> <span style="font-family:Arial;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Annual Fund Operating Expenses</span><span style="font-family:Arial;font-size:9pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of the </span><span style="font-family:Arial;font-size:9pt;margin-left:0.0pt;">value of your investment)</span> 0.0075 0.0025 0.0069 0.0003 0.0066 0.0169 -0.0001 0.0168 <span style="font-family:Arial;font-size:8pt;">April 30, 2027</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Example:</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> This example is intended to help you compare the cost </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">of investing in the Fund with the cost of investing in other </span><span style="color:#000000;font-family:Arial;font-size:10pt;">mutual funds. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">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 </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">be higher. Although your actual costs may be higher or lower, </span><span style="color:#000000;font-family:Arial;font-size:10pt;">based on these assumptions your approximate costs would be:</span> 171 532 917 1997 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund pays transaction and financing costs associated with the purchase and sale of securities and derivatives. These costs </span><span style="color:#000000;font-family:Arial;font-size:10pt;">are not reflected in the table or the example above.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Portfolio Turnover</span> <span style="font-family:Arial;font-size:10pt;margin-left:0%;">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. 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 </span><span style="font-family:Arial;font-size:10pt;">65</span><span style="font-family:Arial;font-size:10pt;">% of the average value of its </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">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 </span><span style="font-family:Arial;font-size:10pt;">would be significantly higher.</span> 0.65 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund invests in financial instruments that ProFund Advisors believes, in combination, should produce daily returns consistent </span><span style="color:#000000;font-family:Arial;font-size:10pt;">with the Daily Target.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Index is designed to measure the performance of 500 of the largest companies listed and domiciled in the U.S. These companies are 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&amp;P Dow Jones Indices LLC. More information about the Index </span><span style="color:#000000;font-family:Arial;font-size:10pt;">can be found using the Bloomberg ticker symbol “SPX.”</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Under normal circumstances, the Fund will obtain leveraged exposure to at least 80% of its total assets in components of the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Index or in instruments with similar economic characteristics.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund will invest principally in the financial instruments </span><span style="color:#000000;font-family:Arial;font-size:10pt;">listed below.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Equity Securities</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Common stock issued by public companies.</span><span style="font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Derivatives</span><span style="font-family:Arial;font-size:10pt;"> — 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 and futures contracts) in order to gain leveraged exposure to the Index. These derivatives principally include:</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Swap Agreements</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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 </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">may agree to exchange the return (or differentials in rates of returns) earned or realized on a particular </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00pt;">investment or instrument.</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Futures Contracts</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Standardized contracts that obligate the parties to buy or sell an asset at a predetermined price and date in the future.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Money Market Instruments</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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:</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">U.S. Treasury Bills</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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.</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Repurchase Agreements</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">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 </span><span style="color:#000000;font-family:Arial;font-size:10pt;">value (“NAV”) calculation to the next. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">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 </span><span style="color:#000000;font-family:Arial;font-size:10pt;">leveraged exposure consistent with the investment objective. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">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 </span><span style="color:#000000;font-family:Arial;font-size:10pt;">will need to be decreased.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Please see “Investment Objectives, Principal Investment Strategies </span><span style="color:#000000;font-family:Arial;font-size:10pt;">and Related Risks” in the Fund’s Prospectus for additional details.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Risks</span><span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;">Estimated Fund Returns</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Index Performance</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">One Year Volatility Rate</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">One</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Year</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Index</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Two times</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">(2x) the</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">One Year</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Index</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">10%</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">25%</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">50%</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">75%</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">100%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-60%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">-120%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-84.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-85.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-87.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-90.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-94.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-50%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">-100%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-75.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-76.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-80.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-85.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-90.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-40%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">-80%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-64.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-66.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-72.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-79.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-86.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-30%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">-60%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-51.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-54.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-61.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-72.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-82.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-20%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">-40%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-36.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-39.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-50.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-63.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-76.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-10%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">-20%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-19.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-23.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-36.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-53.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-70.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-1.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-6.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-22.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-43.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-63.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">10%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">20%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">19.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">13.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-5.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-31.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-55.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">20%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">40%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">42.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">35.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">12.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-18.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-47.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">30%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">60%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">67.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">58.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">31.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-3.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-37.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">40%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">80%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">94.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">84.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">52.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">11.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-27.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">50%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">100%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">122.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">111.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">75.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">28.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-17.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">60%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">120%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">153.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">140.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">99.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">45.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-5.8%</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">You could lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Leverage Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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 </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">a 50% 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 </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">will lower your returns.</span> <span style="font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Holding Period Risk</span><span style="font-family:Arial;font-size:10pt;"> — The performance of the Fund for periods longer than a single day will likely differ from the Daily Target. This difference may be significant. </span><span style="font-family:Arial;font-size:10pt;font-weight:bold;">If you are considering holding fund shares for longer than a day, it’s important that you understand the impact of the return and volatility (how much the value of the Index moves up and down from day-to-day) of the Index on your holding period return.</span><span style="font-family:Arial;font-size:10pt;"> The volatility of the Index has a negative impact on Fund returns. During periods of higher volatility, the volatility of the Index may affect the Fund’s returns as much as or more than the return of the Index. </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">The following table illustrates the impact of </span><span style="font-family:Arial;font-size:10pt;">the volatility and return of the Index on Fund returns for a hypothetical one-year</span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;"> period. However, these effects will impact your return for any holding period other than a day. </span><span style="font-family:Arial;font-size:10pt;font-weight:bold;">The longer you hold </span><span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.00%;">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 </span><span style="font-family:Arial;font-size:10pt;font-weight:bold;">investment goals and risk tolerance. </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">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 </span><span style="font-family:Arial;font-size:10pt;">gains or losses </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">and higher </span><span style="font-family:Arial;font-size:10pt;">volatility in the Index. Your return will tend to be </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">better than the Daily Target when there are larger </span><span style="font-family:Arial;font-size:10pt;">gains or </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">losses and lower </span><span style="font-family:Arial;font-size:10pt;">volatility in the Index. You may lose money </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">when the </span><span style="font-family:Arial;font-size:10pt;">return of the Index is flat (i.e., close to zero) and you may lose money when the Index rises. </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">The table uses hypothetical annualized </span><span style="font-family:Arial;font-size:10pt;">volatility and returns of </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">the Index</span><span style="font-family:Arial;font-size:10pt;"> to illustrate the impact of these two factors on Fund </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">performance over a one-year period. It does not represent actual returns. Each row corresponds to the level of a hypothetical </span><span style="font-family:Arial;font-size:10pt;">return of the Index for a one-year period. Each </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">column corresponds to a level of hypothetical annualized </span><span style="font-family:Arial;font-size:10pt;">volatility of the Index. For example, the Fund may mistakenly </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">be expected to achieve a -40% return on a yearly basis if the annual </span><span style="font-family:Arial;font-size:10pt;">return of the Index were -20%. However, as the table </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">shows, with a one-year </span><span style="font-family:Arial;font-size:10pt;">return of the Index of -20% and an </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">annualized </span><span style="font-family:Arial;font-size:10pt;">volatility of the Index of 50%, the Fund could be expected to return -50.2%.</span><span style="color:#000000;font-family:Arial;font-size:8pt;">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.</span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">The </span><span style="font-family:Arial;font-size:10pt;">annualized historical volatility rate for the Index for the </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">five-year period ended December 31, </span><span style="font-family:Arial;font-size:10pt;">2025 was 16.97%. The highest December to December volatility rate for the Index </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">during the five-year period </span><span style="font-family:Arial;font-size:10pt;">ended December 31, 2025 was 24.18% (December 31, 2022). The annualized total return </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">performance </span><span style="font-family:Arial;font-size:10pt;">of the Index for the five-year period ended </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">December 31, </span><span style="font-family:Arial;font-size:10pt;">2025 was 14.42%. The historical volatility and </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">performance </span><span style="font-family:Arial;font-size:10pt;">of the Index do not predict future volatility and performance of the</span><span style="font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial;font-size:10pt;">Index. </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">For more information, including additional graphs and charts demonstrating the effects of </span><span style="font-family:Arial;font-size:10pt;">the volatility and return of the </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">Index</span><span style="font-family:Arial;font-size:10pt;"> on the long-term performance of the Fund, see </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">“Understanding the Risks and Long-Term Performance of a </span><span style="font-family:Arial;font-size:10pt;">Daily Objective Fund” in the Fund’s Prospectus.</span> <span style="font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Correlation Risk</span><span style="font-family:Arial;font-size:10pt;"> — 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 </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">of </span><span style="font-family:Arial;font-size:10pt;">those instruments may be different from that of the Index, </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">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 </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">achieving exposure consistent with the Daily Target.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Derivatives Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Counterparty Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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.</span> <span style="font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Equity and Market Risk</span><span style="font-family:Arial;font-size:10pt;"> — 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,</span><span style="font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial;font-size:10pt;">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),</span><span style="font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial;font-size:10pt;">social unrest and other unforeseeable</span><span style="font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial;font-size:10pt;">events.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Money Market Instruments Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Industry Concentration Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Index may have a significant portion of its value in issuers in an industry or </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">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 December 31, </span><span style="font-family:Arial;font-size:10pt;">2025, the Index had a significant portion of its </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">value in issuers in the information technology industry group.</span> <span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Information Technology Industry Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Companies in this industry may experience: intense competition, obsolescence of existing technology, and changing economic conditions and government regulation.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Non-Diversification Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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 Fund’s performance will decline based on the performance of a single issuer or the credit of a single counterparty.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Index Performance Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Active Investor Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> —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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Early Close/Late Close/Trading Halt Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Results</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The bar chart below shows how the Fund’s investment results have varied from year to year, and the table shows how the Fund’s average annual total returns for various periods compare with a broad measure of market performance.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> This information </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">provides some indication of the risks of investing in the Fund. The Fund’s performance information reflects applicable fee waivers and/or expense limitations in effect during the period presented. Absent such fee waivers/expense limitations, if any, performance would have been lower. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">It does not reflect charges </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">and fees associated with a separate account that invests in the </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Fund or any insurance contract for which it is an investment option. Charges and fees will reduce returns.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Past results are not predictive of future results.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The bar chart below shows how the Fund’s investment results have varied from year to year, and the table shows how the Fund’s average annual total returns for various periods compare with a broad measure of market performance.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">It does not reflect charges </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">and fees associated with a separate account that invests in the </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Fund or any insurance contract for which it is an investment option. Charges and fees will reduce returns.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> Past results are not predictive of future results.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;">Annual Returns as of December 31</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">6/30/2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">40.32%</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">3/31/2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">-41.39%</span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">The year-to-date return as of the most recent quarter, which </span><span style="font-family:Arial;font-size:10pt;">ended March 31, 2026, was -10.35%.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Best Quarter</span> 2020-06-30 0.4032 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Worst Quarter</span> 2020-03-31 -0.4139 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Average Annual Total Returns</span><span style="font-family:Arial;font-size:10pt;">As of December 31, 2025</span> 0.2438 0.1982 0.2095 2001-01-22 0.1788 0.1442 0.1482 <span style="color:#000000;font-family:Arial;font-size:8pt;">Reflects no deduction for fees, expenses or taxes. Adjusted to reflect the reinvestment of dividends paid by issuers in the Index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Annual returns are required to be shown and should not be interpreted as suggesting that the Fund should or should not be </span><span style="color:#000000;font-family:Arial;font-size:10pt;">held for longer periods of time.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">ProFund VP UltraMid-Cap (the “Fund”) seeks daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the S&amp;P MidCap 400</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-4.25pt;">®</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Index (the “Index”).</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Important Information About the Fund</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">If the Fund is successful in meeting its investment objective, it should gain approximately two times as much as the Index when the Index rises on a given day. Conversely, it should lose approximately two times as much as the Index when the Index falls on a given day. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">The Fund does not seek to achieve two </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">times (2x) the daily performance of theIndex (the “Daily </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Target”) for any period other than a day.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">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. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">If you hold fund </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">shares for any period other than a day, it is important for you </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">to understand that over your holding period: </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:6pt;">Your return may be higher or lower than the Daily Target, and </span><span style="color:#000000;font-family:Arial;font-size:10pt;">this difference may be significant. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:6pt;">Factors that contribute to returns that are worse than the Daily </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Target include smaller Index gains or losses and higher Index volatility, as well as longer holding periods when these factors apply. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:6pt;">Factors that contribute to returns that are better than the Daily </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Target include larger Index gains or losses and lower Index volatility, as well as longer holding periods when these factors apply. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:6pt;">The more extreme these factors are, and the more they occur </span><span style="color:#000000;font-family:Arial;font-size:10pt;">together, the more your return will tend to deviate from the Daily Target.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">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 </span><span style="color:#000000;font-family:Arial;font-size:10pt;">for more information about such charges and fees.</span> <span style="font-family:Arial;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Annual Fund Operating Expenses</span><span style="font-family:Arial;font-size:9pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of the </span><span style="font-family:Arial;font-size:9pt;margin-left:0.0pt;">value of your investment)</span> 0.0075 0.0025 0.0072 0.0172 -0.0004 0.0168 <span style="font-family:Arial;font-size:8pt;">April 30, 2027</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Example:</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> This example is intended to help you compare the cost </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">of investing in the Fund with the cost of investing in other </span><span style="color:#000000;font-family:Arial;font-size:10pt;">mutual funds. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">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, </span><span style="color:#000000;font-family:Arial;font-size:10pt;">based on these assumptions your approximate costs would be:</span> 171 538 930 2027 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund pays transaction and financing costs associated with the purchase and sale of securities and derivatives. These costs </span><span style="color:#000000;font-family:Arial;font-size:10pt;">are not reflected in the table or the example above.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Portfolio Turnover</span> <span style="font-family:Arial;font-size:10pt;margin-left:0%;">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. 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 </span><span style="font-family:Arial;font-size:10pt;">39</span><span style="font-family:Arial;font-size:10pt;">% of the average value of its </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">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 </span><span style="font-family:Arial;font-size:10pt;">would be significantly higher.</span> 0.39 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund invests in financial instruments that ProFund Advisors believes, in combination, should produce daily returns consistent </span><span style="color:#000000;font-family:Arial;font-size:10pt;">with the Daily Target.</span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">The Index is designed to measure the performance of mid-cap companies listed and domiciled in the U.S. The Index selects 400 companies based on market capitalization. As of December 31, </span><span style="font-family:Arial;font-size:10pt;">2025, the market capitalization of companies in the Index was </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">between $</span><span style="font-family:Arial;font-size:10pt;">503 million and $33 billion. The selected companies </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">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&amp;P </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Dow Jones Indices LLC. More information about the Index can </span><span style="color:#000000;font-family:Arial;font-size:10pt;">be found using the Bloomberg ticker symbol “MID.” </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Under normal circumstances, the Fund will obtain leveraged exposure to at least 80% of its total assets in components of the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Index or in instruments with similar economic characteristics.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund will invest principally in the financial instruments </span><span style="color:#000000;font-family:Arial;font-size:10pt;">listed below.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Equity Securities</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Common stock issued by public companies.</span><span style="font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Derivatives</span><span style="font-family:Arial;font-size:10pt;"> — 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 and futures contracts) in order to gain leveraged exposure to the Index. These derivatives principally include:</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Swap Agreements</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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.</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Futures Contracts</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Standardized contracts that obligate the parties to buy or sell an asset at a predetermined price and date in the future.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Money Market Instruments</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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:</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">U.S. Treasury Bills</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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.</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Repurchase Agreements</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">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 </span><span style="color:#000000;font-family:Arial;font-size:10pt;">value (“NAV”) calculation to the next. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">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 </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">securities in the Index or to securities not contained in the Index or in financial instruments, with the intent of obtaining </span><span style="color:#000000;font-family:Arial;font-size:10pt;">leveraged exposure consistent with the investment objective. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">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 </span><span style="color:#000000;font-family:Arial;font-size:10pt;">will need to be decreased.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Please see “Investment Objectives, Principal Investment Strategies </span><span style="color:#000000;font-family:Arial;font-size:10pt;">and Related Risks” in the Fund’s Prospectus for additional details.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Risks</span><span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;">Estimated Fund Returns</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Index Performance</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">One Year Volatility Rate</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">One</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Year</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Index</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Two times</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">(2x) the</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">One Year</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Index</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">10%</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">25%</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">50%</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">75%</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">100%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-60%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">-120%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-84.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-85.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-87.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-90.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-94.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-50%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">-100%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-75.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-76.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-80.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-85.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-90.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-40%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">-80%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-64.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-66.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-72.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-79.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-86.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-30%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">-60%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-51.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-54.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-61.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-72.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-82.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-20%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">-40%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-36.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-39.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-50.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-63.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-76.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-10%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">-20%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-19.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-23.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-36.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-53.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-70.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-1.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-6.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-22.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-43.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-63.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">10%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">20%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">19.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">13.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-5.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-31.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-55.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">20%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">40%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">42.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">35.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">12.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-18.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-47.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">30%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">60%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">67.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">58.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">31.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-3.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-37.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">40%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">80%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">94.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">84.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">52.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">11.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-27.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">50%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">100%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">122.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">111.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">75.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">28.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-17.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">60%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">120%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">153.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">140.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">99.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">45.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-5.8%</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">You could lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Leverage Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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 50% 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.</span> <span style="font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Holding Period Risk</span><span style="font-family:Arial;font-size:10pt;"> — The performance of the Fund for periods longer than a single day will likely differ from the Daily Target. This difference may be significant. </span><span style="font-family:Arial;font-size:10pt;font-weight:bold;">If you are considering holding fund shares for longer than a day, it’s important that you understand the impact of the return and volatility (how much the value of the Index moves up and down from day-to-day) of the Index on your holding period return.</span><span style="font-family:Arial;font-size:10pt;"> The volatility of the Index has a negative impact on Fund returns. During periods of higher volatility, the volatility of the Index may affect the Fund’s returns as much as or more than the return of the Index. </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">The following table illustrates the impact of </span><span style="font-family:Arial;font-size:10pt;">the volatility and return of the Index on Fund returns for a hypothetical one-year</span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;"> period. However, these effects will impact your return for any holding period other than a day. </span><span style="font-family:Arial;font-size:10pt;font-weight:bold;">The longer you hold </span><span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.00%;">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 </span><span style="font-family:Arial;font-size:10pt;font-weight:bold;">investment goals and risk tolerance. </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">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 </span><span style="font-family:Arial;font-size:10pt;">gains or losses </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">and higher </span><span style="font-family:Arial;font-size:10pt;">volatility in the Index. Your return will tend to be </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">better than the Daily Target when there are larger </span><span style="font-family:Arial;font-size:10pt;">gains or </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">losses and lower </span><span style="font-family:Arial;font-size:10pt;">volatility in the Index. You may lose money </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">when the </span><span style="font-family:Arial;font-size:10pt;">return of the Index is flat (i.e., close to zero) and you may lose money when the Index rises. </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">The table uses hypothetical annualized </span><span style="font-family:Arial;font-size:10pt;">volatility and returns of </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">the Index</span><span style="font-family:Arial;font-size:10pt;"> to illustrate the impact of these two factors on Fund </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">performance over a one-year period. It does not represent actual returns. Each row corresponds to the level of a hypothetical </span><span style="font-family:Arial;font-size:10pt;">return of the Index for a one-year period. Each </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">column corresponds to a level of hypothetical annualized </span><span style="font-family:Arial;font-size:10pt;">volatility of the Index. For example, the Fund may mistakenly </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">be expected to achieve a -40% return on a yearly basis if the annual </span><span style="font-family:Arial;font-size:10pt;">return of the Index were -20%. However, as the table </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">shows, with a one-year </span><span style="font-family:Arial;font-size:10pt;">return of the Index of -20% and an </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">annualized </span><span style="font-family:Arial;font-size:10pt;">volatility of the Index of 50%, the Fund could be expected to return -50.2%.</span><span style="color:#000000;font-family:Arial;font-size:8pt;">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.</span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">The </span><span style="font-family:Arial;font-size:10pt;">annualized historical volatility rate for the Index for the </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">five-year period ended December 31, </span><span style="font-family:Arial;font-size:10pt;">2025 was 19.89%. The highest December to December volatility rate for the Index </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">during the five-year period </span><span style="font-family:Arial;font-size:10pt;">ended December 31, 2025 was 25.78% (December 31, 2022). The annualized total return </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">performance </span><span style="font-family:Arial;font-size:10pt;">of the Index for the five-year period ended </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">December 31, </span><span style="font-family:Arial;font-size:10pt;">2025 was 9.11%. The historical volatility and </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">performance </span><span style="font-family:Arial;font-size:10pt;">of the Index do not predict future volatility and performance of the</span><span style="font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial;font-size:10pt;">Index. </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">For more information, including additional graphs and charts demonstrating the effects of </span><span style="font-family:Arial;font-size:10pt;">the volatility and return of the </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">Index</span><span style="font-family:Arial;font-size:10pt;"> on the long-term performance of the Fund, see </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">“Understanding the Risks and Long-Term Performance of a </span><span style="font-family:Arial;font-size:10pt;">Daily Objective Fund” in the Fund’s Prospectus.</span> <span style="font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Correlation Risk</span><span style="font-family:Arial;font-size:10pt;"> — 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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Derivatives Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Counterparty Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Mid-Cap Company Investment Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The risk of equity investing may be particularly acute for securities of issuers with smaller market capitalizations. Mid-cap companies may have limited product lines or resources, may be dependent upon a particular market niche and may have greater fluctuations in price than the stocks of larger companies. Mid-cap companies may lack the financial and personnel resources to handle economic or industry-wide setbacks and, as a result, such setbacks could have a greater effect on mid-cap security prices. Additionally, mid-cap company stocks may trade at greater spreads or lower trading volumes, and may be less liquid than the stocks of larger companies. Further, stocks of mid-sized companies could be more difficult to liquidate during market downturns compared to larger, more widely traded companies.</span> <span style="font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Equity and Market Risk</span><span style="font-family:Arial;font-size:10pt;"> — 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,</span><span style="font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial;font-size:10pt;">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),</span><span style="font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial;font-size:10pt;">social unrest and other unforeseeable</span><span style="font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial;font-size:10pt;">events.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Money Market Instruments Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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.</span> <span style="font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Industry Concentration Risk</span><span style="font-family:Arial;font-size:10pt;"> — 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 December 31, 2025, the Index had a significant portion of its value in issuers in the financials and industrials industry groups.</span> <span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Financials Industry Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Companies in this industry may experience: extensive governmental regulation and/or nationalization that affects the scope of their activities, the prices they can charge and the amount of capital they must maintain; adverse effects from increases in interest rates; adverse effects on profitability by loan losses; and severe competition.</span> <span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Industrials Industry Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Companies in this industry may experience: adverse effects on stock prices by supply and demand both for their specific product or service and for industrials industry products in general; declining demand; and changing government regulation.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Non-Diversification Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund has the ability to invest a relatively high percentage of its assets in the securities </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">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 Fund’s performance will decline based on the performance of </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">a single issuer or the credit of a single counterparty.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Index Performance Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Active Investor Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> —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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Early Close/Late Close/Trading Halt Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Results</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The bar chart below shows how the Fund’s investment results 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.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> This </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">information provides some indication of the risks of investing in the Fund. The Fund’s performance information reflects applicable fee waivers and/or expense limitations in effect during the period presented. Absent such fee waivers/expense limitations, if any, performance would have been lower. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">It does </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">not reflect charges and fees associated with a separate account that invests in the Fund or any insurance contract for which it is an investment option. Charges and fees will reduce returns.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Past results are not predictive of future results.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The bar chart below shows how the Fund’s investment results 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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">It does </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">not reflect charges and fees associated with a separate account that invests in the Fund or any insurance contract for which it is an investment option. Charges and fees will reduce returns.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> Past results are not predictive of future results.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;">Annual Returns as of December 31</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">12/31/2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">52.23%</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">3/31/2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">-56.15%</span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">The year-to-date return as of the most recent quarter, which </span><span style="font-family:Arial;font-size:10pt;">ended March 31, 2026, was 2.60%.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Best Quarter</span> 2020-12-31 0.5223 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Worst Quarter</span> 2020-03-31 -0.5615 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Average Annual Total Returns</span><span style="font-family:Arial;font-size:10pt;">As of December 31, 2025</span> 0.0320 0.0798 0.1151 2002-05-01 0.0750 0.0912 0.1072 0.1702 0.1396 0.1446 <span style="color:#000000;font-family:Arial;font-size:8pt;">Reflects no deduction for fees, expenses or taxes. Adjusted to reflect the reinvestment of dividends paid by issuers in the Index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Annual returns are required to be shown and should not be interpreted as suggesting that the Fund should or should not be </span><span style="color:#000000;font-family:Arial;font-size:10pt;">held for longer periods of time.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">ProFund VP UltraNasdaq-100 (the “Fund”) seeks daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Nasdaq-100</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-4.25pt;">®</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Index (the “Index”).</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Important Information About the Fund</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">If the Fund is successful in meeting its investment objective, it should gain approximately two times as much as the Index when the Index rises on a given day. Conversely, it should lose approximately two times as much as the Index when the Index falls on a given day. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">The Fund does not seek to achieve two </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">times (2x) the daily performance of theIndex (the “Daily </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Target”) for any period other than a day.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">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. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">If you hold fund </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">shares for any period other than a day, it is important for you </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">to understand that over your holding period: </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:6pt;">Your return may be higher or lower than the Daily Target, and </span><span style="color:#000000;font-family:Arial;font-size:10pt;">this difference may be significant. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:6pt;">Factors that contribute to returns that are worse than the Daily </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Target include smaller Index gains or losses and higher Index volatility, as well as longer holding periods when these factors apply. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:6pt;">Factors that contribute to returns that are better than the Daily </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Target include larger Index gains or losses and lower Index volatility, as well as longer holding periods when these factors apply. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:6pt;">The more extreme these factors are, and the more they occur </span><span style="color:#000000;font-family:Arial;font-size:10pt;">together, the more your return will tend to deviate from the Daily Target.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">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 </span><span style="color:#000000;font-family:Arial;font-size:10pt;">for more information about such charges and fees.</span> <span style="font-family:Arial;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Annual Fund Operating Expenses</span><span style="font-family:Arial;font-size:9pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of the </span><span style="font-family:Arial;font-size:9pt;margin-left:0.0pt;">value of your investment)</span> 0.0075 0.0025 0.0070 0.0170 -0.0002 0.0168 <span style="font-family:Arial;font-size:8pt;">April 30, 2027</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Example:</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> This example is intended to help you compare the cost </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">of investing in the Fund with the cost of investing in other </span><span style="color:#000000;font-family:Arial;font-size:10pt;">mutual funds. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">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, </span><span style="color:#000000;font-family:Arial;font-size:10pt;">based on these assumptions your approximate costs would be:</span> 171 534 921 2007 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund pays transaction and financing costs associated with the purchase and sale of securities and derivatives. These costs </span><span style="color:#000000;font-family:Arial;font-size:10pt;">are not reflected in the table or the example above.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Portfolio Turnover</span> <span style="font-family:Arial;font-size:10pt;margin-left:0%;">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. 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 </span><span style="font-family:Arial;font-size:10pt;">26</span><span style="font-family:Arial;font-size:10pt;">% of the average value of its </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">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 </span><span style="font-family:Arial;font-size:10pt;">would be significantly higher.</span> 0.26 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund invests in financial instruments that ProFund Advisors believes, in combination, should produce daily returns consistent </span><span style="color:#000000;font-family:Arial;font-size:10pt;">with the Daily Target.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Index is designed to measure the performance of 100 of the largest Nasdaq-listed non-financial companies. The Index includes non-financial companies listed on the Nasdaq Global Select Market or the Nasdaq Global Market (which include both U.S. and non-U.S. companies). The top 100 companies based on market capitalization are included in the Index. These companies are then weighted based on market capitalization. The Index’s composition and the assigned weights are reevaluated every December, with additional weight adjustments occurring in March, June, and September. The Index is constructed and </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">maintained by Nasdaq Inc. More information about the Index </span><span style="color:#000000;font-family:Arial;font-size:10pt;">can be found using the Bloomberg ticker symbol “NDX.”</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Under normal circumstances, the Fund will obtain leveraged exposure to at least 80% of its total assets in components of the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Index or in instruments with similar economic characteristics.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund will invest principally in the financial instruments </span><span style="color:#000000;font-family:Arial;font-size:10pt;">listed below.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Equity Securities</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Common stock issued by public companies.</span><span style="font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Derivatives</span><span style="font-family:Arial;font-size:10pt;"> — 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 and futures contracts) in order to gain leveraged exposure to the Index. These derivatives principally include:</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Swap Agreements</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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.</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Futures Contracts</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Standardized contracts that obligate the parties to buy or sell an asset at a predetermined price and date in the future.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Money Market Instruments</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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:</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">U.S. Treasury Bills</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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.</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Repurchase Agreements</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">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 </span><span style="color:#000000;font-family:Arial;font-size:10pt;">value (“NAV”) calculation to the next. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">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 </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">securities in the Index or to securities not contained in the Index or in financial instruments, with the intent of obtaining </span><span style="color:#000000;font-family:Arial;font-size:10pt;">leveraged exposure consistent with the investment objective. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">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 </span><span style="color:#000000;font-family:Arial;font-size:10pt;">will need to be decreased.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Please see “Investment Objectives, Principal Investment Strategies </span><span style="color:#000000;font-family:Arial;font-size:10pt;">and Related Risks” in the Fund’s Prospectus for additional details.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Risks</span><span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;">Estimated Fund Returns</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Index Performance</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">One Year Volatility Rate</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">One</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Year</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Index</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Two times</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">(2x) the</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">One Year</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Index</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">10%</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">25%</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">50%</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">75%</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">100%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-60%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">-120%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-84.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-85.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-87.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-90.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-94.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-50%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">-100%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-75.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-76.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-80.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-85.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-90.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-40%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">-80%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-64.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-66.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-72.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-79.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-86.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-30%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">-60%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-51.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-54.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-61.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-72.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-82.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-20%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">-40%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-36.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-39.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-50.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-63.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-76.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-10%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">-20%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-19.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-23.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-36.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-53.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-70.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-1.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-6.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-22.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-43.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-63.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">10%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">20%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">19.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">13.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-5.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-31.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-55.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">20%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">40%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">42.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">35.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">12.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-18.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-47.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">30%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">60%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">67.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">58.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">31.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-3.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-37.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">40%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">80%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">94.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">84.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">52.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">11.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-27.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">50%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">100%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">122.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">111.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">75.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">28.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-17.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">60%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">120%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">153.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">140.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">99.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">45.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-5.8%</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">You could lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Leverage Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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 50% 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.</span> <span style="font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Holding Period Risk</span><span style="font-family:Arial;font-size:10pt;"> — The performance of the Fund for periods longer than a single day will likely differ from the Daily Target. This difference may be significant. </span><span style="font-family:Arial;font-size:10pt;font-weight:bold;">If you are considering holding fund shares for longer than a day, it’s important that you understand the impact of the return and volatility (how much the value of the Index moves up and down from day-to-day) of the Index on your holding period return.</span><span style="font-family:Arial;font-size:10pt;"> The volatility of the Index has a negative impact on Fund returns. During periods of higher volatility, the volatility of the Index may affect the Fund’s returns as much as or more than the return of the Index. </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">The following table illustrates the impact of </span><span style="font-family:Arial;font-size:10pt;">the volatility and return of the Index on Fund returns for a hypothetical one-year</span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;"> period. However, these effects will impact your return for any holding period other than a day. </span><span style="font-family:Arial;font-size:10pt;font-weight:bold;">The longer you hold </span><span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.00%;">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 </span><span style="font-family:Arial;font-size:10pt;font-weight:bold;">investment goals and risk tolerance. </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">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 </span><span style="font-family:Arial;font-size:10pt;">gains or losses </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">and higher </span><span style="font-family:Arial;font-size:10pt;">volatility in the Index. Your return will tend to be </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">better than the Daily Target when there are larger </span><span style="font-family:Arial;font-size:10pt;">gains or </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">losses and lower </span><span style="font-family:Arial;font-size:10pt;">volatility in the Index. You may lose money </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">when the </span><span style="font-family:Arial;font-size:10pt;">return of the Index is flat (i.e., close to zero) and you may lose money when the Index rises. </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">The table uses hypothetical annualized </span><span style="font-family:Arial;font-size:10pt;">volatility and returns of </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">the Index</span><span style="font-family:Arial;font-size:10pt;"> to illustrate the impact of these two factors on Fund </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">performance over a one-year period. It does not represent actual returns. Each row corresponds to the level of a hypothetical </span><span style="font-family:Arial;font-size:10pt;">return of the Index for a one-year period. Each </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">column corresponds to a level of hypothetical annualized </span><span style="font-family:Arial;font-size:10pt;">volatility of the Index. For example, the Fund may mistakenly </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">be expected to achieve a -40% return on a yearly basis if the annual </span><span style="font-family:Arial;font-size:10pt;">return of the Index were -20%. However, as the table </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">shows, with a one-year </span><span style="font-family:Arial;font-size:10pt;">return of the Index of -20% and an </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">annualized </span><span style="font-family:Arial;font-size:10pt;">volatility of the Index of 50%, the Fund could be expected to return -50.2%.</span><span style="color:#000000;font-family:Arial;font-size:8pt;">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.</span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">The </span><span style="font-family:Arial;font-size:10pt;">annualized historical volatility rate for the Index for the </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">five-year period ended December 31, </span><span style="font-family:Arial;font-size:10pt;">2025 was 22.92%. The highest December to December volatility rate for the Index </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">during the five-year period </span><span style="font-family:Arial;font-size:10pt;">ended December 31, 2025 was 32.49% (December 31, 2022). The annualized total return </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">performance </span><span style="font-family:Arial;font-size:10pt;">of the Index for the five-year period ended </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">December 31, </span><span style="font-family:Arial;font-size:10pt;">2025 was 15.29%. The historical volatility and </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">performance </span><span style="font-family:Arial;font-size:10pt;">of the Index do not predict future volatility and performance of the</span><span style="font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial;font-size:10pt;">Index. </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">For more information, including additional graphs and charts demonstrating the effects of </span><span style="font-family:Arial;font-size:10pt;">the volatility and return of the </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">Index</span><span style="font-family:Arial;font-size:10pt;"> on the long-term performance of the Fund, see </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">“Understanding the Risks and Long-Term Performance of a </span><span style="font-family:Arial;font-size:10pt;">Daily Objective Fund” in the Fund’s Prospectus.</span> <span style="font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Correlation Risk</span><span style="font-family:Arial;font-size:10pt;"> — 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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Derivatives Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Counterparty Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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.</span> <span style="font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Equity and Market Risk</span><span style="font-family:Arial;font-size:10pt;"> — 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,</span><span style="font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial;font-size:10pt;">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),</span><span style="font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial;font-size:10pt;">social unrest and other unforeseeable</span><span style="font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial;font-size:10pt;">events.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Money Market Instruments Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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.</span> <span style="font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Industry Concentration Risk</span><span style="font-family:Arial;font-size:10pt;"> — 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 December 31, 2025, the Index had a significant portion of its value in issuers in the communication services and information technology industry groups.</span> <span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Communication Services Industry Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Companies in this industry may experience: product obsolescence; increased research and development costs and capital requirements to formulate new products and services; and regulation by the Federal Communications Commission and various state regulatory authorities.</span> <span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Information Technology Industry Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Companies in this industry may experience: intense competition, obsolescence of existing technology, and changing economic conditions and government regulation.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Non-Diversification Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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 Fund’s performance will decline based on the performance of a single issuer or the credit of a single counterparty.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Index Performance Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Active Investor Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> —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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Early Close/Late Close/Trading Halt Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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 </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">portfolio, may be unable to accurately price its investments </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">and/or may incur substantial trading losses.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Results</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The bar chart below shows how the Fund’s investment results have varied from year to year, and the table shows how the Fund’s average annual total returns for various periods compare with a broad measure of market performance.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> This information </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">provides some indication of the risks of investing in the Fund. The Fund’s performance information reflects applicable fee waivers and/or expense limitations in effect during the period presented. Absent such fee waivers/expense limitations, if any, performance would have been lower. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">It does not reflect charges </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">and fees associated with a separate account that invests in the Fund or any insurance contract for which it is an investment option. Charges and fees will reduce returns.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Past results are not predictive of future results.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The bar chart below shows how the Fund’s investment results have varied from year to year, and the table shows how the Fund’s average annual total returns for various periods compare with a broad measure of market performance.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">It does not reflect charges </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">and fees associated with a separate account that invests in the Fund or any insurance contract for which it is an investment option. Charges and fees will reduce returns.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> Past results are not predictive of future results.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;">Annual Returns as of December 31</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">6/30/2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">64.55%</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">6/30/2022</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">-42.47%</span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">The year-to-date return as of the most recent quarter, which </span><span style="font-family:Arial;font-size:10pt;">ended March 31, 2026, was -13.43%.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Best Quarter</span> 2020-06-30 0.6455 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Worst Quarter</span> 2022-06-30 -0.4247 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Average Annual Total Returns</span><span style="font-family:Arial;font-size:10pt;">As of December 31, 2025</span> 0.2925 0.1860 0.2922 1999-10-18 0.2102 0.1530 0.1970 0.2114 0.1335 0.1766 <span style="color:#000000;font-family:Arial;font-size:8pt;">Reflects no deduction for fees, expenses or taxes. Adjusted to reflect the reinvestment of dividends paid by issuers in the Index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Annual returns are required to be shown and should not be interpreted as suggesting that the Fund should or should not be </span><span style="color:#000000;font-family:Arial;font-size:10pt;">held for longer periods of time.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Objective</span> <span style="font-family:Arial;font-size:10pt;margin-left:0%;">ProFund VP UltraShort Dow 30 (the “Fund”) seeks daily investment results, before fees and expenses, that correspond to two times the inverse (-2x)  of the daily performance of the Dow </span><span style="font-family:Arial;font-size:10pt;">Jones Industrial Average</span><span style="font-family:Arial;font-size:4.5pt;position:relative;top:-7pt;">®</span><span style="font-family:Arial;font-size:10pt;"> (the “Index”).</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Important Information About the Fund</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">If the Fund is successful in meeting its investment objective, it should gain approximately two times as much as the Index loses when the Index falls on a given day. Conversely, it should lose approximately two times as much as the Index gains when the Index rises on a given day. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">The Fund does not seek to achieve </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">two times the inverse (-2x)  of the daily performance of the </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Index (the “Daily Target”) for any period other than a day.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">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. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">If you hold fund </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">shares for any period other than a day, it is important for you </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">to understand that over your holding period: </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:6pt;">Your return may be higher or lower than the Daily Target, and </span><span style="color:#000000;font-family:Arial;font-size:10pt;">this difference may be significant. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:6pt;">Factors that contribute to returns that are worse than the Daily </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Target include smaller Index gains or losses and higher Index volatility, as well as longer holding periods when these factors apply. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:6pt;">Factors that contribute to returns that are better than the Daily </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Target include larger Index gains or losses and lower Index volatility, as well as longer holding periods when these factors apply. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:6pt;">The more extreme these factors are, and the more they occur </span><span style="color:#000000;font-family:Arial;font-size:10pt;">together, the more your return will tend to deviate from the Daily Target.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">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 </span><span style="color:#000000;font-family:Arial;font-size:10pt;">for more information about such charges and fees.</span> <span style="font-family:Arial;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Annual Fund Operating Expenses</span><span style="font-family:Arial;font-size:9pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of the </span><span style="font-family:Arial;font-size:9pt;margin-left:0.0pt;">value of your investment)</span> 0.0075 0.0025 0.0049 0.0149 <span style="font-family:Arial;font-size:8pt;">April 30, 2027</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Example:</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> This example is intended to help you compare the cost </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">of investing in the Fund with the cost of investing in other </span><span style="color:#000000;font-family:Arial;font-size:10pt;">mutual funds. </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">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</span><span style="font-family:Arial;font-size:10pt;">, except that the fee waiver/expense</span><span style="font-family:Arial;font-size:10pt;margin-left:0%;"> reimbursement is assumed only to pertain to the first year</span><span style="font-family:Arial;font-size:10pt;">. It does not reflect separate account or insurance contract </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">fees or charges. If these charges were reflected, expenses would be higher. Although your actual costs may be higher or lower, </span><span style="font-family:Arial;font-size:10pt;">based on these assumptions your approximate costs would be:</span> 152 471 813 1779 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund pays transaction and financing costs associated with the purchase and sale of securities and derivatives. These costs </span><span style="color:#000000;font-family:Arial;font-size:10pt;">are not reflected in the table or the example above.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">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. 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 </span><span style="color:#000000;font-family:Arial;font-size:10pt;">0</span><span style="color:#000000;font-family:Arial;font-size:10pt;">% of the average value of its </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">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 </span><span style="color:#000000;font-family:Arial;font-size:10pt;">would be significantly higher.</span> 0 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund invests in financial instruments that ProFund Advisors believes, in combination, should produce daily returns consistent </span><span style="color:#000000;font-family:Arial;font-size:10pt;">with the Daily Target.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Index is designed to measure the performance of some of the largest U.S. companies.  The Index includes 30 of the largest companies except those in the Global Industry Classification Standard (GICS) transportation industry group and utilities sectors.  Companies may be included in the Index if the Index provider believes that the company has an excellent reputation, demonstrates sustained growth and is of interest to a large number of investors. The 30 companies selected are then weighted based on their price. Companies may be added or removed from the Index at any time. The Index is constructed and maintained by S&amp;P Dow Jones Indices LLC. More </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">information about the Index can be found using the Bloomberg </span><span style="color:#000000;font-family:Arial;font-size:10pt;">ticker symbol “DJI.” </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Under normal circumstances, the Fund will obtain inverse leveraged exposure to at least 80% of its total assets in components of the Index or in instruments with similar </span><span style="color:#000000;font-family:Arial;font-size:10pt;">economic characteristics.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund will invest principally in the financial instruments </span><span style="color:#000000;font-family:Arial;font-size:10pt;">listed below.</span><span style="font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Derivatives</span><span style="font-family:Arial;font-size:10pt;"> — 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 and futures contracts) in order to gain inverse leveraged exposure to the Index. These derivatives principally include:</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Swap Agreements</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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.</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Futures Contracts</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Standardized contracts that obligate the parties to buy or sell an asset at a predetermined price and date in the future.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Money Market Instruments</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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:</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">U.S. Treasury Bills</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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.</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Repurchase Agreements</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">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 </span><span style="color:#000000;font-family:Arial;font-size:10pt;">value (“NAV”) calculation to the next. </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">The Fund seeks to remain fully invested at all times in financial instruments that, in combination, provide inverse </span><span style="font-family:Arial;font-size:10pt;">leveraged </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">exposure consistent with the investment objective, without regard to market conditions, trends or direction. However, the </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">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 inverse </span><span style="font-family:Arial;font-size:10pt;">leveraged exposure consistent with the investment objective. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">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 fall (assuming there were no shares issued). As a result, the Fund’s exposure will need to be decreased. Conversely, if the Index has fallen 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 </span><span style="color:#000000;font-family:Arial;font-size:10pt;">need to be increased.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Please see “Investment Objectives, Principal Investment Strategies </span><span style="color:#000000;font-family:Arial;font-size:10pt;">and Related Risks” in the Fund’s Prospectus for additional details.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Risks</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">You could lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Short or Inverse Investing Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — You will lose money when the Index rises – a result that is the opposite from a traditional index fund. Obtaining inverse or “short” exposure may be considered an aggressive investment technique. The costs of obtaining this short exposure will lower your returns.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Leverage Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund uses leverage and will lose more money when the value of the Index rises 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 50% gain 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.</span> <span style="font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Holding Period Risk</span><span style="font-family:Arial;font-size:10pt;"> — The performance of the Fund for periods longer than a single day will likely differ from the Daily Target. This difference may be significant. </span><span style="font-family:Arial;font-size:10pt;font-weight:bold;">If you are considering holding fund shares for longer than a day, it’s important that you understand the impact of the return and volatility (how much the value of the Index moves up and down from day-to-day) of the Index on your holding period return.</span><span style="font-family:Arial;font-size:10pt;"> The volatility of the Index has a negative impact on Fund returns. During periods of higher volatility, the volatility of the Index may affect the Fund’s returns as much as or more than the return of the Index. </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">The following table illustrates the impact of </span><span style="font-family:Arial;font-size:10pt;">the volatility and return of the Index on Fund returns for a hypothetical one-year</span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;"> period. However, these effects will impact your return for any holding period other than a day. </span><span style="font-family:Arial;font-size:10pt;font-weight:bold;">The longer you hold </span><span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.00%;">shares of the Fund, the more magnified these effects will </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.00%;">be. As a result, you should consider monitoring your investments in the Fund in light of your individual </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">investment goals and risk tolerance. </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">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 </span><span style="font-family:Arial;font-size:10pt;">gains or losses </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">and higher </span><span style="font-family:Arial;font-size:10pt;">volatility in the Index. Your return will tend to be </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">better than the Daily Target when there are larger </span><span style="font-family:Arial;font-size:10pt;">gains or </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">losses and lower </span><span style="font-family:Arial;font-size:10pt;">volatility in the Index. You may lose money </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">when the </span><span style="font-family:Arial;font-size:10pt;">return of the Index is flat (i.e., close to zero) and you may lose money when the Index falls. </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">The table uses hypothetical annualized </span><span style="font-family:Arial;font-size:10pt;">volatility and returns of </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">the Index</span><span style="font-family:Arial;font-size:10pt;"> to illustrate the impact of these two factors on Fund </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">performance over a one-year period. It does not represent actual returns. Each row corresponds to the level of a hypothetical </span><span style="font-family:Arial;font-size:10pt;">return of the Index for a one-year period. Each </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">column corresponds to a level of hypothetical annualized </span><span style="font-family:Arial;font-size:10pt;">volatility of the Index. For example, the Fund may mistakenly </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">be expected to achieve a -40% return on a yearly basis if the annual </span><span style="font-family:Arial;font-size:10pt;">return of the Index were 20%. However, as the table </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">shows, with a one-year </span><span style="font-family:Arial;font-size:10pt;">return of the Index of 20% and an </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">annualized </span><span style="font-family:Arial;font-size:10pt;">volatility of the Index of 50%, the Fund could be expected to return -67.2%.</span><span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;">Estimated Fund Returns</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Index Performance</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">One Year Volatility Rate</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">One</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Year</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Index</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Two times</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">the inverse</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">(-2x) of the</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">One Year</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Index</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">10%</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">25%</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">50%</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">75%</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">100%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-60%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">120%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">506.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">418.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">195.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">15.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-68.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-50%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">100%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">288.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">231.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">88.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-26.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-80.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-40%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">80%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">169.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">130.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">31.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-48.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-86.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-30%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">60%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">98.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">69.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-3.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-62.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-89.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-20%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">40%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">51.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">29.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-26.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-71.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-92.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-10%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">20%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">19.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">2.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-41.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-77.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-93.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-3.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-17.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-52.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-81.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-95.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">10%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">-20%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-19.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-31.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-61.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-84.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-95.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">20%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">-40%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-32.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-42.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-67.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-87.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-96.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">30%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">-60%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-42.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-50.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-72.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-89.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-97.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">40%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">-80%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-50.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-57.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-75.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-90.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-97.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">50%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">-100%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-56.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-63.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-79.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-91.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-97.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">60%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">-120%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-62.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-67.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-81.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-92.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-98.1%</span><span style="color:#000000;font-family:Arial;font-size:8pt;">Assumes: (a) no dividends paid with respect to securities included in the Index; (b) no Fund expenses; and (c) borrowing/lending rates (to obtain inverse leveraged exposure) of zero percent. If these were included the Fund’s performance would be different from that shown.</span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">The </span><span style="font-family:Arial;font-size:10pt;">annualized historical volatility rate for the Index for the </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">five-year period ended December 31, </span><span style="font-family:Arial;font-size:10pt;">2025 was 14.70%. The highest December to December volatility rate for the Index </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">during the five-year period </span><span style="font-family:Arial;font-size:10pt;">ended December 31, 2025 was </span><span style="font-family:Arial;font-size:10pt;">19.80% (December 31, 2022). The annualized total return </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">performance </span><span style="font-family:Arial;font-size:10pt;">of the Index for the five-year period ended </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">December 31, </span><span style="font-family:Arial;font-size:10pt;">2025 was 11.57%. The historical volatility and </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">performance </span><span style="font-family:Arial;font-size:10pt;">of the Index do not predict future volatility and performance of the</span><span style="font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial;font-size:10pt;">Index. </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">For more information, including additional graphs and charts demonstrating the effects of </span><span style="font-family:Arial;font-size:10pt;">the volatility and return of the </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">Index</span><span style="font-family:Arial;font-size:10pt;"> on the long-term performance of the Fund, see </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">“Understanding the Risks and Long-Term Performance of a </span><span style="font-family:Arial;font-size:10pt;">Daily Objective Fund” in the Fund’s Prospectus.</span> <span style="font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Correlation Risk</span><span style="font-family:Arial;font-size:10pt;"> — A number of factors may affect the Fund’s ability to achieve a high degree of inverse 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 inverse 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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Derivatives Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Investing in derivatives to obtain inverse 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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Counterparty Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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.</span> <span style="font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Equity and Market Risk</span><span style="font-family:Arial;font-size:10pt;"> — 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,</span><span style="font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial;font-size:10pt;">social, geopolitical and economic </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">developments, </span><span style="font-family:Arial;font-size:10pt;">including changes in interest and currency </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">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 (</span><span style="font-family:Arial;font-size:10pt;">such as the spread of infectious diseases, pandemics and epidemics), social unrest and other </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">unforeseeable events</span><span style="font-family:Arial;font-size:10pt;">. As a fund seeking daily investment </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily return of the Index, the value of an investment in the Fund is expected to decline </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">when market conditions cause the level of the Index to rise.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Money Market Instruments Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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.</span> <span style="font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Industry Concentration Risk</span><span style="font-family:Arial;font-size:10pt;"> — 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 December 31, 2025, the Index had a significant portion of its value in issuers in the financials and information technology industry groups.</span> <span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Financials Industry Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Companies in this industry may experience: extensive governmental regulation and/or nationalization that affects the scope of their activities, the prices they can charge and the amount of capital they must maintain; adverse effects from increases in interest rates; adverse effects on profitability by loan losses; and severe competition.</span> <span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Information Technology Industry Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Companies in this industry may experience: intense competition, obsolescence of existing technology, and changing economic conditions and government regulation.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Non-Diversification Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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 </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">a single issuer or the credit of a single counterparty.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Index Performance Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Active Investor Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> —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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Early Close/Late Close/Trading Halt Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Results</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The bar chart below shows how the Fund’s investment results 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.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> This </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">information provides some indication of the risks of investing in the Fund. The Fund’s performance information reflects applicable fee waivers and/or expense limitations in effect during the period presented. Absent such fee waivers/expense limitations, if any, performance would have been lower. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">It does </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">not reflect charges and fees associated with a separate account that invests in the Fund or any insurance contract for which it is an investment option. Charges and fees will reduce returns.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Past results are not predictive of future results.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The bar chart below shows how the Fund’s investment results 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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">It does </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">not reflect charges and fees associated with a separate account that invests in the Fund or any insurance contract for which it is an investment option. Charges and fees will reduce returns.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> Past results are not predictive of future results.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;">Annual Returns as of December 31</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">3/31/2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">28.45%</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">6/30/2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">-35.09%</span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">The year-to-date return as of the most recent quarter, which </span><span style="font-family:Arial;font-size:10pt;">ended March 31, 2026, was 7.11%.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Best Quarter</span> 2020-03-31 0.2845 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Worst Quarter</span> 2020-06-30 -0.3509 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Average Annual Total Returns</span><span style="font-family:Arial;font-size:10pt;">As of December 31, 2025</span> -0.2279 -0.1852 -0.2572 2006-09-14 0.1492 0.1158 0.1311 0.1788 0.1442 0.1482 <span style="color:#000000;font-family:Arial;font-size:8pt;">Reflects no deduction for fees, expenses or taxes. Adjusted to reflect the reinvestment of dividends paid by issuers in the Index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Annual returns are required to be shown and should not be interpreted as suggesting that the Fund should or should not be </span><span style="color:#000000;font-family:Arial;font-size:10pt;">held for longer periods of time.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">ProFund VP UltraShort Nasdaq-100 (the “Fund”) seeks daily investment results, before fees and expenses, that correspond to two times the inverse (-2x)  of the daily performance of the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Nasdaq-100</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-4.25pt;">®</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Index (the “Index”).</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Important Information About the Fund</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">If the Fund is successful in meeting its investment objective, it should gain approximately two times as much as the Index loses when the Index falls on a given day. Conversely, it should lose approximately two times as much as the Index gains when the Index rises on a given day. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">The Fund does not seek to achieve </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">two times the inverse (-2x)  of the daily performance of the </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Index (the “Daily Target”) for any period other than a day.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">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. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">If you hold fund </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">shares for any period other than a day, it is important for you </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">to understand that over your holding period: </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:6pt;">Your return may be higher or lower than the Daily Target, and </span><span style="color:#000000;font-family:Arial;font-size:10pt;">this difference may be significant. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:6pt;">Factors that contribute to returns that are worse than the Daily </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Target include smaller Index gains or losses and higher Index volatility, as well as longer holding periods when these factors apply. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:6pt;">Factors that contribute to returns that are better than the Daily </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Target include larger Index gains or losses and lower Index volatility, as well as longer holding periods when these factors apply. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:6pt;">The more extreme these factors are, and the more they occur </span><span style="color:#000000;font-family:Arial;font-size:10pt;">together, the more your return will tend to deviate from the Daily Target.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">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 </span><span style="color:#000000;font-family:Arial;font-size:10pt;">for more information about such charges and fees.</span> <span style="font-family:Arial;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Annual Fund Operating Expenses</span><span style="font-family:Arial;font-size:9pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of the </span><span style="font-family:Arial;font-size:9pt;margin-left:0.0pt;">value of your investment)</span> 0.0075 0.0025 0.0075 0.0009 0.0066 0.0175 -0.0007 0.0168 <span style="font-family:Arial;font-size:8pt;">April 30, 2027</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Example:</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> This example is intended to help you compare the cost </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">of investing in the Fund with the cost of investing in other </span><span style="color:#000000;font-family:Arial;font-size:10pt;">mutual funds. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">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 </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">be higher. Although your actual costs may be higher or lower, </span><span style="color:#000000;font-family:Arial;font-size:10pt;">based on these assumptions your approximate costs would be:</span> 171 544 942 2057 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund pays transaction and financing costs associated with the purchase and sale of securities and derivatives. These costs </span><span style="color:#000000;font-family:Arial;font-size:10pt;">are not reflected in the table or the example above.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">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. 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 </span><span style="color:#000000;font-family:Arial;font-size:10pt;">0</span><span style="color:#000000;font-family:Arial;font-size:10pt;">% of the average value of its </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">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 </span><span style="color:#000000;font-family:Arial;font-size:10pt;">would be significantly higher.</span> 0 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund invests in financial instruments that ProFund Advisors believes, in combination, should produce daily returns consistent </span><span style="color:#000000;font-family:Arial;font-size:10pt;">with the Daily Target.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Index is designed to measure the performance of 100 of the largest Nasdaq-listed non-financial companies. The Index includes non-financial companies listed on the Nasdaq Global Select Market or the Nasdaq Global Market (which include both U.S. and non-U.S. companies). The top 100 companies based on market capitalization are included in the Index. These companies are then weighted based on market capitalization. The Index’s composition and the assigned weights are reevaluated every December, with additional weight adjustments occurring in March, June, and September. The Index is constructed and maintained by Nasdaq Inc. More information about the Index </span><span style="color:#000000;font-family:Arial;font-size:10pt;">can be found using the Bloomberg ticker symbol “NDX.”</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Under normal circumstances, the Fund will obtain inverse leveraged exposure to at least 80% of its total assets in components of the Index or in instruments with similar </span><span style="color:#000000;font-family:Arial;font-size:10pt;">economic characteristics.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund will invest principally in the financial instruments </span><span style="color:#000000;font-family:Arial;font-size:10pt;">listed below.</span><span style="font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Derivatives</span><span style="font-family:Arial;font-size:10pt;"> — 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 and futures contracts) in order to gain inverse leveraged exposure to the Index. These derivatives principally include:</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Swap Agreements</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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.</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Futures Contracts</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Standardized contracts that obligate the parties to buy or sell an asset at a predetermined price and date in the future.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Money Market Instruments</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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:</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">U.S. Treasury Bills</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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.</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Repurchase Agreements</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">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 </span><span style="color:#000000;font-family:Arial;font-size:10pt;">value (“NAV”) calculation to the next. </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">The Fund seeks to remain fully invested at all times in financial instruments that, in combination, provide inverse </span><span style="font-family:Arial;font-size:10pt;">leveraged </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">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 inverse </span><span style="font-family:Arial;font-size:10pt;">leveraged exposure consistent with the investment objective. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">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 fall (assuming there were no shares issued). As a result, the Fund’s exposure will need to be decreased. Conversely, if the Index has fallen 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 </span><span style="color:#000000;font-family:Arial;font-size:10pt;">need to be increased.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Please see “Investment Objectives, Principal Investment Strategies </span><span style="color:#000000;font-family:Arial;font-size:10pt;">and Related Risks” in the Fund’s Prospectus for additional details.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Risks</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">You could lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Short or Inverse Investing Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — You will lose money when the Index rises – a result that is the opposite from a traditional index fund. Obtaining inverse or “short” exposure may be considered an aggressive investment technique. The costs of obtaining this short exposure will lower your returns.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Leverage Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund uses leverage and will lose more money when the value of the Index rises 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 50% gain 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.</span> <span style="font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Holding Period Risk</span><span style="font-family:Arial;font-size:10pt;"> — The performance of the Fund for periods longer than a single day will likely differ from the Daily Target. This difference may be significant. </span><span style="font-family:Arial;font-size:10pt;font-weight:bold;">If you are considering holding fund shares for longer than a day, it’s important that you understand the impact of the return and volatility (how much the value of the Index moves up and down from day-to-day) of the Index on your holding period return.</span><span style="font-family:Arial;font-size:10pt;"> The volatility of the Index has a negative impact on Fund returns. During periods of higher volatility, the volatility of the Index may affect the Fund’s returns as much as or more than the return of the Index. </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">The following table illustrates the impact of </span><span style="font-family:Arial;font-size:10pt;">the volatility and return of the Index on Fund returns for a hypothetical one-year</span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;"> period. However, these effects will impact your return for any holding period other than a day. </span><span style="font-family:Arial;font-size:10pt;font-weight:bold;">The longer you hold </span><span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.00%;">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 </span><span style="font-family:Arial;font-size:10pt;font-weight:bold;">investment goals and risk tolerance. </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">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 </span><span style="font-family:Arial;font-size:10pt;">gains or losses </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">and higher </span><span style="font-family:Arial;font-size:10pt;">volatility in the Index. Your return will tend to be </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">better than the Daily Target when there are larger </span><span style="font-family:Arial;font-size:10pt;">gains or </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">losses and lower </span><span style="font-family:Arial;font-size:10pt;">volatility in the Index. You may lose money </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">when the </span><span style="font-family:Arial;font-size:10pt;">return of the Index is flat (i.e., close to zero) and you may lose money when the Index falls. </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">The table uses hypothetical annualized </span><span style="font-family:Arial;font-size:10pt;">volatility and returns of </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">the Index</span><span style="font-family:Arial;font-size:10pt;"> to illustrate the impact of these two factors on Fund </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">performance over a one-year period. It does not represent actual returns. Each row corresponds to the level of a hypothetical </span><span style="font-family:Arial;font-size:10pt;">return of the Index for a one-year period. Each </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">column corresponds to a level of hypothetical annualized </span><span style="font-family:Arial;font-size:10pt;">volatility of the Index. For example, the Fund may mistakenly </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">be expected to achieve a -40% return on a yearly basis if the annual </span><span style="font-family:Arial;font-size:10pt;">return of the Index were 20%. However, as the table </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">shows, with a one-year </span><span style="font-family:Arial;font-size:10pt;">return of the Index of 20% and an </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">annualized </span><span style="font-family:Arial;font-size:10pt;">volatility of the Index of 50%, the Fund could be expected to return -67.2%.</span><span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;">Estimated Fund Returns</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Index Performance</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">One Year Volatility Rate</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">One</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Year</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Index</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Two times</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">the inverse</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">(-2x) of the</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">One Year</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Index</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">10%</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">25%</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">50%</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">75%</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">100%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-60%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">120%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">506.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">418.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">195.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">15.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-68.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-50%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">100%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">288.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">231.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">88.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-26.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-80.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-40%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">80%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">169.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">130.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">31.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-48.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-86.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-30%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">60%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">98.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">69.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-3.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-62.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-89.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-20%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">40%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">51.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">29.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-26.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-71.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-92.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-10%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">20%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">19.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">2.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-41.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-77.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-93.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-3.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-17.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-52.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-81.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-95.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">10%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">-20%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-19.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-31.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-61.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-84.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-95.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">20%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">-40%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-32.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-42.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-67.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-87.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-96.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">30%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">-60%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-42.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-50.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-72.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-89.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-97.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">40%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">-80%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-50.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-57.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-75.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-90.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-97.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">50%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">-100%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-56.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-63.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-79.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-91.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-97.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">60%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">-120%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-62.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-67.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-81.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-92.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-98.1%</span><span style="color:#000000;font-family:Arial;font-size:8pt;">Assumes: (a) no dividends paid with respect to securities included in the Index; (b) no Fund expenses; and (c) borrowing/lending rates (to obtain inverse leveraged exposure) of zero percent. If these were included the Fund’s performance would be different from that shown.</span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">The </span><span style="font-family:Arial;font-size:10pt;">annualized historical volatility rate for the Index for the </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">five-year period ended December 31, </span><span style="font-family:Arial;font-size:10pt;">2025 was 22.92%. The highest December to December volatility rate for the Index </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">during the five-year period </span><span style="font-family:Arial;font-size:10pt;">ended December 31, 2025 was 32.49% (December 31, 2022). The annualized total return </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">performance </span><span style="font-family:Arial;font-size:10pt;">of the Index for the five-year period ended </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">December 31, </span><span style="font-family:Arial;font-size:10pt;">2025 was 15.29%. The historical volatility and </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">performance </span><span style="font-family:Arial;font-size:10pt;">of the Index do not predict future volatility and performance of the</span><span style="font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial;font-size:10pt;">Index. </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">For more information, including additional graphs and charts demonstrating the effects of </span><span style="font-family:Arial;font-size:10pt;">the volatility and return of the </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">Index</span><span style="font-family:Arial;font-size:10pt;"> on the long-term performance of the Fund, see </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">“Understanding the Risks and Long-Term Performance of a </span><span style="font-family:Arial;font-size:10pt;">Daily Objective Fund” in the Fund’s Prospectus.</span> <span style="font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Correlation Risk</span><span style="font-family:Arial;font-size:10pt;"> — A number of factors may affect the Fund’s ability to achieve a high degree of inverse 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 inverse leveraged exposure to all of the instruments in the Index, its weighting of those instruments may be different from that of </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">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 </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Daily Target.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Derivatives Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Investing in derivatives to obtain inverse 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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Counterparty Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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.</span> <span style="font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Equity and Market Risk</span><span style="font-family:Arial;font-size:10pt;"> — 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,</span><span style="font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial;font-size:10pt;">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),</span><span style="font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial;font-size:10pt;">social unrest and other unforeseeable events. As a fund seeking daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily return of the Index, the value of an investment in the Fund is expected to decline when market conditions cause the level of the Index to rise.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Money Market Instruments Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Adverse economic, political or market events affecting issuers of money market instruments, defaults by counterparties or changes in </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">government regulations may have a negative impact on the </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">performance of the Fund.</span> <span style="font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Industry Concentration Risk</span><span style="font-family:Arial;font-size:10pt;"> — 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 December 31, 2025, the Index had a significant portion of its value in issuers in the communication services and information technology industry groups.</span> <span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Communication Services Industry Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Companies in this industry may experience: product obsolescence; increased research and development costs and capital requirements to formulate new products and services; and regulation by the Federal Communications Commission and various state regulatory authorities.</span> <span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Information Technology Industry Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Companies in this industry may experience: intense competition, obsolescence of existing technology, and changing economic conditions and government regulation.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Non-Diversification Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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 Fund’s performance will decline based on the performance of a single issuer or the credit of a single counterparty.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Index Performance Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Active Investor Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> —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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Early Close/Late Close/Trading Halt Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Results</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The bar chart below shows how the Fund’s investment results have varied from year to year, and the table shows how the Fund’s average annual total returns for various periods compare with a broad measure of market performance.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> This information </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">provides some indication of the risks of investing in the Fund. The Fund’s performance information reflects applicable fee waivers and/or expense limitations in effect during the period presented. Absent such fee waivers/expense limitations, if any, performance would have been lower. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">It does not reflect charges </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">and fees associated with a separate account that invests in the Fund or any insurance contract for which it is an investment option. Charges and fees will reduce returns.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Past results are not predictive of future results.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The bar chart below shows how the Fund’s investment results have varied from year to year, and the table shows how the Fund’s average annual total returns for various periods compare with a broad measure of market performance.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">It does not reflect charges </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">and fees associated with a separate account that invests in the Fund or any insurance contract for which it is an investment option. Charges and fees will reduce returns.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> Past results are not predictive of future results.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;">Annual Returns as of December 31</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">6/30/2022</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">45.00%</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">6/30/2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">-46.11%</span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">The year-to-date return as of the most recent quarter, which </span><span style="font-family:Arial;font-size:10pt;">ended March 31, 2026, was 12.79%.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Best Quarter</span> 2022-06-30 0.4500 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Worst Quarter</span> 2020-06-30 -0.4611 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Average Annual Total Returns</span><span style="font-family:Arial;font-size:10pt;">As of December 31, 2025</span> -0.3304 -0.2997 -0.3740 2006-09-14 0.2102 0.1530 0.1970 0.2114 0.1335 0.1766 <span style="color:#000000;font-family:Arial;font-size:8pt;">Reflects no deduction for fees, expenses or taxes. Adjusted to reflect the reinvestment of dividends paid by issuers in the Index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Annual returns are required to be shown and should not be interpreted as suggesting that the Fund should or should not be </span><span style="color:#000000;font-family:Arial;font-size:10pt;">held for longer periods of time.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">ProFund VP UltraSmall-Cap (the “Fund”) seeks daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Russell 2000</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-4.25pt;">®</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Index (the “Index”).</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Important Information About the Fund</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">If the Fund is successful in meeting its investment objective, it should gain approximately two times as much as the Index when the Index rises on a given day. Conversely, it should lose approximately two times as much as the Index when the Index falls on a given day. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">The Fund does not seek to achieve two </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">times (2x) the daily performance of theIndex (the “Daily </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Target”) for any period other than a day.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">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. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">If you hold fund </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">shares for any period other than a day, it is important for you </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">to understand that over your holding period: </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:6pt;">Your return may be higher or lower than the Daily Target, and </span><span style="color:#000000;font-family:Arial;font-size:10pt;">this difference may be significant. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:6pt;">Factors that contribute to returns that are worse than the Daily </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Target include smaller Index gains or losses and higher Index volatility, as well as longer holding periods when these factors apply. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:6pt;">Factors that contribute to returns that are better than the Daily </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Target include larger Index gains or losses and lower Index volatility, as well as longer holding periods when these factors apply. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:6pt;">The more extreme these factors are, and the more they occur </span><span style="color:#000000;font-family:Arial;font-size:10pt;">together, the more your return will tend to deviate from the Daily Target.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">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 </span><span style="color:#000000;font-family:Arial;font-size:10pt;">for more information about such charges and fees.</span> <span style="font-family:Arial;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Annual Fund Operating Expenses</span><span style="font-family:Arial;font-size:9pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of the </span><span style="font-family:Arial;font-size:9pt;margin-left:0.0pt;">value of your investment)</span> 0.0075 0.0025 0.0084 0.0184 -0.0016 0.0168 <span style="font-family:Arial;font-size:8pt;">April 30, 2027</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Example:</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> This example is intended to help you compare the cost </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">of investing in the Fund with the cost of investing in other </span><span style="color:#000000;font-family:Arial;font-size:10pt;">mutual funds. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">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, </span><span style="color:#000000;font-family:Arial;font-size:10pt;">based on these assumptions your approximate costs would be:</span> 171 563 981 2145 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund pays transaction and financing costs associated with the purchase and sale of securities and derivatives. These costs </span><span style="color:#000000;font-family:Arial;font-size:10pt;">are not reflected in the table or the example above.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Portfolio Turnover</span> <span style="font-family:Arial;font-size:10pt;margin-left:0%;">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. 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 </span><span style="font-family:Arial;font-size:10pt;">28</span><span style="font-family:Arial;font-size:10pt;">% of the average value of its </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">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 </span><span style="font-family:Arial;font-size:10pt;">would be significantly higher.</span> 0.28 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund invests in financial instruments that ProFund Advisors believes, in combination, should produce daily returns consistent </span><span style="color:#000000;font-family:Arial;font-size:10pt;">with the Daily Target.</span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">The Index is designed to measure the performance of the small-cap segment of the U.S. markets. The Index selects the 2000 smallest companies in the Russell 3000 Index based on market capitalization. The Russell 3000 Index is designed to measure the performance of the largest 3,000 U.S. companies. As of December 31, </span><span style="font-family:Arial;font-size:10pt;">2025, the market capitalization of each company </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">within the Index was below $</span><span style="font-family:Arial;font-size:10pt;">26 billion. The selected companies </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">are then weighted based on market capitalization. The Index’s composition and the assigned weights are reevaluated each June. The Index is constructed and maintained by FTSE Russell. More </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">information about the Index can be found using the Bloomberg </span><span style="color:#000000;font-family:Arial;font-size:10pt;">ticker symbol “RTY.” </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Under normal circumstances, the Fund will obtain leveraged exposure to at least 80% of its total assets in components of the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Index or in instruments with similar economic characteristics.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund will invest principally in the financial instruments </span><span style="color:#000000;font-family:Arial;font-size:10pt;">listed below.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Equity Securities</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Common stock issued by public companies.</span><span style="font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Derivatives</span><span style="font-family:Arial;font-size:10pt;"> — 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 and futures contracts) in order to gain leveraged exposure to the Index. These derivatives principally include:</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Swap Agreements</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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.</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Futures Contracts</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Standardized contracts that obligate the parties to buy or sell an asset at a predetermined price and date in the future.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Money Market Instruments</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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:</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">U.S. Treasury Bills</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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.</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Repurchase Agreements</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">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 </span><span style="color:#000000;font-family:Arial;font-size:10pt;">value (“NAV”) calculation to the next. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">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 </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">securities in the Index or to securities not contained in the Index or in financial instruments, with the intent of obtaining </span><span style="color:#000000;font-family:Arial;font-size:10pt;">leveraged exposure consistent with the investment objective. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">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 </span><span style="color:#000000;font-family:Arial;font-size:10pt;">will need to be decreased.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Please see “Investment Objectives, Principal Investment Strategies </span><span style="color:#000000;font-family:Arial;font-size:10pt;">and Related Risks” in the Fund’s Prospectus for additional details.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Risks</span><span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;">Estimated Fund Returns</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Index Performance</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">One Year Volatility Rate</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">One</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Year</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Index</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Two times</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">(2x) the</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">One Year</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Index</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">10%</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">25%</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">50%</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">75%</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">100%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-60%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">-120%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-84.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-85.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-87.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-90.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-94.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-50%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">-100%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-75.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-76.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-80.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-85.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-90.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-40%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">-80%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-64.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-66.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-72.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-79.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-86.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-30%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">-60%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-51.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-54.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-61.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-72.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-82.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-20%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">-40%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-36.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-39.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-50.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-63.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-76.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-10%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">-20%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-19.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-23.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-36.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-53.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-70.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-1.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-6.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-22.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-43.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-63.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">10%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">20%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">19.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">13.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-5.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-31.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-55.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">20%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">40%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">42.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">35.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">12.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-18.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-47.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">30%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">60%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">67.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">58.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">31.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-3.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-37.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">40%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">80%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">94.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">84.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">52.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">11.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-27.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">50%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">100%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">122.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">111.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">75.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">28.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-17.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">60%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">120%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">153.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">140.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">99.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">45.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-5.8%</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">You could lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Leverage Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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 50% 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.</span> <span style="font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Holding Period Risk</span><span style="font-family:Arial;font-size:10pt;"> — The performance of the Fund for periods longer than a single day will likely differ from the Daily Target. This difference may be significant. </span><span style="font-family:Arial;font-size:10pt;font-weight:bold;">If you are considering holding fund shares for longer than a day, it’s important that you understand the impact of the return and volatility (how much the value of the Index moves up and down from day-to-day) of the Index on your holding period return.</span><span style="font-family:Arial;font-size:10pt;"> The volatility of the Index has a negative impact on Fund returns. During periods of higher volatility, the volatility of the Index may affect the Fund’s returns as much as or more than the return of the Index. </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">The following table illustrates the impact of </span><span style="font-family:Arial;font-size:10pt;">the volatility and return of the Index on Fund returns for a hypothetical one-year</span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;"> period. However, these effects will impact your return for any holding period other than a day. </span><span style="font-family:Arial;font-size:10pt;font-weight:bold;">The longer you hold </span><span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.00%;">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 </span><span style="font-family:Arial;font-size:10pt;font-weight:bold;">investment goals and risk tolerance. </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">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 </span><span style="font-family:Arial;font-size:10pt;">gains or losses </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">and higher </span><span style="font-family:Arial;font-size:10pt;">volatility in the Index. Your return will tend to be </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">better than the Daily Target when there are larger </span><span style="font-family:Arial;font-size:10pt;">gains or </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">losses and lower </span><span style="font-family:Arial;font-size:10pt;">volatility in the Index. You may lose money </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">when the </span><span style="font-family:Arial;font-size:10pt;">return of the Index is flat (i.e., close to zero) and you may lose money when the Index rises. </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">The table uses hypothetical annualized </span><span style="font-family:Arial;font-size:10pt;">volatility and returns of </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">the Index</span><span style="font-family:Arial;font-size:10pt;"> to illustrate the impact of these two factors on Fund </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">performance over a one-year period. It does not represent actual returns. Each row corresponds to the level of a hypothetical </span><span style="font-family:Arial;font-size:10pt;">return of the Index for a one-year period. Each </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">column corresponds to a level of hypothetical annualized </span><span style="font-family:Arial;font-size:10pt;">volatility of the Index. For example, the Fund may mistakenly </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">be expected to achieve a -40% return on a yearly basis if the annual </span><span style="font-family:Arial;font-size:10pt;">return of the Index were -20%. However, as the table </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">shows, with a one-year </span><span style="font-family:Arial;font-size:10pt;">return of the Index of -20% and an </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">annualized </span><span style="font-family:Arial;font-size:10pt;">volatility of the Index of 50%, the Fund could be expected to return -50.2%.</span><span style="color:#000000;font-family:Arial;font-size:8pt;">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.</span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">The </span><span style="font-family:Arial;font-size:10pt;">annualized historical volatility rate for the Index for the </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">five-year period ended December 31, </span><span style="font-family:Arial;font-size:10pt;">2025 was 22.96%. The highest December to December volatility rate for the Index </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">during the five-year period </span><span style="font-family:Arial;font-size:10pt;">ended December 31, 2025 was 28.13% (December 31, 2022). The annualized total return </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">performance </span><span style="font-family:Arial;font-size:10pt;">of the Index for the five-year period ended </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">December 31, </span><span style="font-family:Arial;font-size:10pt;">2025 was 6.09%. The historical volatility and </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">performance </span><span style="font-family:Arial;font-size:10pt;">of the Index do not predict future volatility and performance of the</span><span style="font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial;font-size:10pt;">Index. </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">For more information, including additional graphs and charts demonstrating the effects of </span><span style="font-family:Arial;font-size:10pt;">the volatility and return of the </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">Index</span><span style="font-family:Arial;font-size:10pt;"> on the long-term performance of the Fund, see </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">“Understanding the Risks and Long-Term Performance of a </span><span style="font-family:Arial;font-size:10pt;">Daily Objective Fund” in the Fund’s Prospectus.</span> <span style="font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Correlation Risk</span><span style="font-family:Arial;font-size:10pt;"> — 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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Derivatives Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Counterparty Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Small-Cap Company Investment Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The risk of equity investing may be particularly acute for securities of issuers with smaller market capitalizations. Small-cap companies may have limited product lines or resources, may be dependent upon a particular market niche and may have greater fluctuations in price than the stocks of larger companies. Small-cap companies may lack the financial and personnel resources to handle economic or industry-wide setbacks and, as a result, such setbacks could have a greater effect on small-cap security prices. Additionally, small-cap company stocks may trade at greater spreads or lower trading volumes, and may be less liquid than the stocks of larger companies. Further, stocks of small-sized companies could be more difficult to liquidate during market downturns compared to larger, more widely traded companies.</span> <span style="font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Equity and Market Risk</span><span style="font-family:Arial;font-size:10pt;"> — 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,</span><span style="font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial;font-size:10pt;">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),</span><span style="font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial;font-size:10pt;">social unrest and other unforeseeable</span><span style="font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial;font-size:10pt;">events.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Money Market Instruments Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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.</span> <span style="font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Industry Concentration Risk</span><span style="font-family:Arial;font-size:10pt;"> — 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 December 31, 2025, the Index had a significant portion of its value in issuers in the financials, health care and industrials industry groups.</span> <span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Financials Industry Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Companies in this industry may experience: extensive governmental regulation and/or nationalization that affects the scope of their activities, the prices they can charge and the amount of capital they must maintain; adverse effects from increases in interest rates; adverse effects on profitability by loan losses; and severe competition.</span> <span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Health Care Industry Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Companies in this industry may experience: heavy dependence on patent protection; litigation and product liability expense; the long and costly process for obtaining new product approval by the Food and Drug Administration; and product obsolescence.</span> <span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Industrials Industry Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Companies in this industry may experience: adverse effects on stock prices by supply </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">and demand both for their specific product or service and for industrials industry products in general; </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00pt;">declining demand; and changing government regulation.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Non-Diversification Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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 Fund’s performance will decline based on the performance of a single issuer or the credit of a single counterparty.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Index Performance Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Active Investor Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> —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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Early Close/Late Close/Trading Halt Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Results</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The bar chart below shows how the Fund’s investment results 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.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> This </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">information provides some indication of the risks of investing in the Fund. The Fund’s performance information reflects applicable fee waivers and/or expense limitations in effect during the period presented. Absent such fee waivers/expense limitations, if any, performance would have been lower. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">It does </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">not reflect charges and fees associated with a separate account </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">that invests in the Fund or any insurance contract for which it is an investment option. Charges and fees will reduce returns.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Past results are not predictive of future results.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The bar chart below shows how the Fund’s investment results 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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">It does </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">not reflect charges and fees associated with a separate account </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">that invests in the Fund or any insurance contract for which it is an investment option. Charges and fees will reduce returns.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> Past results are not predictive of future results.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;">Annual Returns as of December 31</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">12/31/2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">69.42%</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">3/31/2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">-57.04%</span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">The year-to-date return as of the most recent quarter, which </span><span style="font-family:Arial;font-size:10pt;">ended March 31, 2026, was -0.83%.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Best Quarter</span> 2020-12-31 0.6942 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Worst Quarter</span> 2020-03-31 -0.5704 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Average Annual Total Returns</span><span style="font-family:Arial;font-size:10pt;">As of December 31, 2025</span> 0.1293 0.0123 0.0881 1999-10-18 0.1281 0.0609 0.0962 0.1715 0.1315 0.1429 <span style="color:#000000;font-family:Arial;font-size:8pt;">Reflects no deduction for fees, expenses or taxes. Adjusted to reflect the reinvestment of dividends paid by issuers in the Index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Annual returns are required to be shown and should not be interpreted as suggesting that the Fund should or should not be </span><span style="color:#000000;font-family:Arial;font-size:10pt;">held for longer periods of time.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">ProFund VP U.S. Government Plus (the “Fund”) seeks daily investment results, before fees and expenses, that correspond to one and one-quarter times (1.25x) the daily performance of the most recently issued 30-Year U.S. Treasury Bond (the “Long </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Bond”).</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Important Information About the Fund</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">If the Fund is successful in meeting its investment objective, it should gain approximately one and one-quarter times as much as the Long Bond when the Long Bond rises on a given day. Conversely, it should lose approximately one and one-quarter times as much as the Long Bond when the Long Bond falls on a given day. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">The Fund does not seek to achieve one and one-quarter</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;"> times (1.25x) the daily performance of theLong </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Bond (the “Daily Target”) for any period other than a day.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">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. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">If you hold fund </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">shares for any period other than a day, it is important for you </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">to understand that over your holding period: </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:6pt;">Your return may be higher or lower than the Daily Target, and </span><span style="color:#000000;font-family:Arial;font-size:10pt;">this difference may be significant. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:6pt;">Factors that contribute to returns that are worse than the Daily </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Target include smaller Long Bond gains or losses and higher Long Bond volatility, as well as longer holding periods when these factors apply. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:6pt;">Factors that contribute to returns that are better than the Daily </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Target include larger Long Bond gains or losses and lower Long Bond volatility, as well as longer holding periods when these factors apply. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:6pt;">The more extreme these factors are, and the more they occur </span><span style="color:#000000;font-family:Arial;font-size:10pt;">together, the more your return will tend to deviate from the Daily Target.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">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 </span><span style="color:#000000;font-family:Arial;font-size:10pt;">for more information about such charges and fees.</span> <span style="font-family:Arial;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Annual Fund Operating Expenses</span><span style="font-family:Arial;font-size:9pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of the </span><span style="font-family:Arial;font-size:9pt;margin-left:0.0pt;">value of your investment)</span> 0.0050 0.0025 0.0067 0.0004 0.0063 0.0142 -0.0004 0.0138 <span style="font-family:Arial;font-size:8pt;">April 30, 2027</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Example:</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> This example is intended to help you compare the cost </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">of investing in the Fund with the cost of investing in other </span><span style="color:#000000;font-family:Arial;font-size:10pt;">mutual funds. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">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, </span><span style="color:#000000;font-family:Arial;font-size:10pt;">based on these assumptions your approximate costs would be:</span> 140 445 773 1699 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund pays transaction and financing costs associated with the purchase and sale of securities and derivatives. These costs </span><span style="color:#000000;font-family:Arial;font-size:10pt;">are not reflected in the table or the example above.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Portfolio Turnover</span> <span style="font-family:Arial;font-size:10pt;margin-left:0%;">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. 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 </span><span style="font-family:Arial;font-size:10pt;">394</span><span style="font-family:Arial;font-size:10pt;">% of the average value of </span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">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 </span><span style="font-family:Arial;font-size:10pt;">would be significantly higher.</span> 3.94 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund invests in financial instruments that ProFund Advisors believes, in combination, should produce daily returns consistent </span><span style="color:#000000;font-family:Arial;font-size:10pt;">with the Daily Target.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Under normal circumstances, the Fund will obtain leveraged exposure to at least 80% of its total assets in components of the Long Bond or in instruments with similar </span><span style="color:#000000;font-family:Arial;font-size:10pt;">economic characteristics.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund will invest principally in the financial instruments </span><span style="color:#000000;font-family:Arial;font-size:10pt;">listed below.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">U.S. Government Debt Securities</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund invests in U.S. government securities, which are issued by the U.S. government or one of its agencies or instrumentalities, including U.S. Treasury securities. Some, but not all, U.S. government securities are backed by the full faith and credit of the federal government. Other U.S. government securities are backed by the issuer’s right to borrow from the U.S. Treasury and some are backed only by the credit of the issuing organization.</span><span style="font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Derivatives</span><span style="font-family:Arial;font-size:10pt;"> — 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 and futures contracts) in order to gain leveraged exposure to the Long Bond. These derivatives principally include:</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Swap Agreements</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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 </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">may agree to exchange the return (or differentials in rates of returns) earned or realized on a particular </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00pt;">investment or instrument.</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Futures Contracts</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Standardized contracts that obligate the parties to buy or sell an asset at a predetermined price and date in the future.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Money Market Instruments</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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:</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">U.S. Treasury Bills</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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.</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Repurchase Agreements</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">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 </span><span style="color:#000000;font-family:Arial;font-size:10pt;">value (“NAV”) calculation to the next. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">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 </span><span style="color:#000000;font-family:Arial;font-size:10pt;">market conditions, trends or direction. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund seeks to rebalance its portfolio each day so that its exposure to the Long Bond is consistent with the Daily Target. The Long Bond’s movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the Long Bond 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 Long Bond has fallen on a given day, net assets of the Fund should fall (assuming there were no shares issued). As a result, </span><span style="color:#000000;font-family:Arial;font-size:10pt;">the Fund’s exposure will need to be decreased.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Please see “Investment Objectives, Principal Investment Strategies </span><span style="color:#000000;font-family:Arial;font-size:10pt;">and Related Risks” in the Fund’s Prospectus for additional details.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Risks</span><span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;">Estimated Fund Returns</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Long Bond</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Performance</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">One Year Volatility Rate</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">One</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Year</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Long Bond</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">One and</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">One-Quarter</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Times (1.25x)</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">the One</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Year</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Long</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Bond</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">10%</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">25%</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">50%</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">75%</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">100%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-60%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-75.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-68.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-68.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-69.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-70.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-72.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-50%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-62.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-58.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-58.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-59.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-61.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-64.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-40%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-50.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-47.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-47.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-49.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-51.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-54.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-30%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-37.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-36.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-36.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-38.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-41.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-45.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-20%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-25.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-24.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-25.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-27.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-30.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-35.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-10%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-12.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-12.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-13.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-15.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-19.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-25.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">0.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-0.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-1.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-3.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-8.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-14.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">10%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">12.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">12.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">11.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">8.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">3.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-3.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">20%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">25.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">25.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">24.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">20.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">15.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">7.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">30%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">37.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">38.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">37.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">33.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">27.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">18.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">40%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">50.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">52.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">50.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">46.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">39.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">30.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">50%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">62.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">65.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">64.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">59.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">52.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">42.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">60%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">75.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">79.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">78.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">73.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">64.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">53.9%</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">You could lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Leverage Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund uses leverage and will lose more money when the value of the Long Bond 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 Long Bond approaches a 80% loss at any point in the day, you could lose your entire investment. As a result, an investment in the Fund </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">may not be suitable for all investors. The use of leverage increases the volatility of your returns. The cost of obtaining </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">this leverage will lower your returns.</span> <span style="font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Holding Period Risk</span><span style="font-family:Arial;font-size:10pt;"> — The performance of the Fund for periods longer than a single day will likely differ from the Daily Target. This difference may be significant. </span><span style="font-family:Arial;font-size:10pt;font-weight:bold;">If you are considering holding fund shares for longer than a day, it’s important that you understand the impact of the return and volatility (how much the value of the Long Bond moves up and down from day-to-day) of the Long Bond on your holding period return.</span><span style="font-family:Arial;font-size:10pt;"> The volatility of the Long Bond has a negative impact on Fund returns. During periods of higher volatility, the volatility of the Long Bond may affect the Fund’s returns as much as or more than the return of the Long Bond. </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">The following table illustrates the impact of </span><span style="font-family:Arial;font-size:10pt;">the volatility and </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">return of the </span><span style="font-family:Arial;font-size:10pt;">Long Bond on Fund returns for a hypothetical </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">one-year period. However, these effects will impact your return for any holding period other than a day. </span><span style="font-family:Arial;font-size:10pt;font-weight:bold;">The longer </span><span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.00%;">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 </span><span style="font-family:Arial;font-size:10pt;font-weight:bold;">investment goals and risk tolerance. </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">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 </span><span style="font-family:Arial;font-size:10pt;">gains or losses </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">and higher </span><span style="font-family:Arial;font-size:10pt;">volatility in the Long Bond. Your return will tend to </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">be better than the Daily Target when there are larger </span><span style="font-family:Arial;font-size:10pt;">gains or </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">losses and lower </span><span style="font-family:Arial;font-size:10pt;">volatility in the Long Bond. You may lose </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">money when the </span><span style="font-family:Arial;font-size:10pt;">return of the Long Bond is flat (i.e., close to zero) and you may lose money when the Long Bond rises. </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">The table uses hypothetical annualized </span><span style="font-family:Arial;font-size:10pt;">volatility and returns of </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">the </span><span style="font-family:Arial;font-size:10pt;">Long Bond to illustrate the impact of these two factors on </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">Fund performance over a one-year period. It does not represent actual returns. Each row corresponds to the level of a hypothetical </span><span style="font-family:Arial;font-size:10pt;">return of the Long Bond for a one-year period. </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">Each column corresponds to a level of hypothetical annualized volatility of the </span><span style="font-family:Arial;font-size:10pt;">Long Bond. For example, the Fund may </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">mistakenly be expected to achieve a -25% return on a yearly basis if the annual </span><span style="font-family:Arial;font-size:10pt;">return of the Long Bond were -20%. </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">However, as the table shows, with a one-year </span><span style="font-family:Arial;font-size:10pt;">return of the </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">Long Bond </span><span style="font-family:Arial;font-size:10pt;">of -20% and an annualized volatility of the Long Bond of 50%, the Fund could be expected to return -27.2%.</span><span style="color:#000000;font-family:Arial;font-size:8pt;">Assumes: (a) no dividends paid with respect to securities included in the Long Bond; (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.</span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">The </span><span style="font-family:Arial;font-size:10pt;">annualized historical volatility rate for the Long Bond for </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">the </span><span style="font-family:Arial;font-size:10pt;">five-year period ended December 31, 2025 was 16.51%. </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">The </span><span style="font-family:Arial;font-size:10pt;">highest December to December volatility rate for the Long </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">Bond </span><span style="font-family:Arial;font-size:10pt;">during the five-year period ended December 31, 2025 </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">was </span><span style="font-family:Arial;font-size:10pt;">21.63% (December 31, 2022). The annualized total </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">return performance </span><span style="font-family:Arial;font-size:10pt;">of the Long Bond for the five-year period </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">ended December 31, </span><span style="font-family:Arial;font-size:10pt;">2025 was -9.22%. The historical </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">volatility and performance </span><span style="font-family:Arial;font-size:10pt;">of the Long Bond do not predict future volatility and performance of the Long</span><span style="font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial;font-size:10pt;">Bond. </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">For more information, including additional graphs and charts demonstrating the effects of </span><span style="font-family:Arial;font-size:10pt;">the volatility and return of the </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">Long Bond </span><span style="font-family:Arial;font-size:10pt;">on the long-term performance of the Fund, see </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">“Understanding the Risks and Long-Term Performance of a </span><span style="font-family:Arial;font-size:10pt;">Daily Objective Fund” in the Fund’s Prospectus.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Correlation Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — A number of factors may affect the Fund’s ability to achieve a high degree of leveraged correlation with the Long Bond. Fees, expenses, transaction costs, </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">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 </span><span style="font-family:Arial;font-size:10pt;">instruments in the Long Bond, its </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">weighting of </span><span style="font-family:Arial;font-size:10pt;">those instruments may be different from that of </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">the Long Bond, and it may invest in instruments not included in the Long Bond. 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 Long Bond that is significantly greater or less than the Daily Target. Any of these factors may prevent the Fund from achieving exposure consistent with the </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Daily Target.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Derivatives Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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 Long Bond. Any costs associated with using derivatives will reduce the Fund’s return.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Counterparty Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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 Long Bond 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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">U.S. Treasury Market Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The U.S. Treasury market can be volatile, and the value of instruments correlated with these markets may fluctuate dramatically from day to day. U.S. Treasury obligations may provide relatively lower returns than those of other securities. Similar to other debt instruments, U.S. Treasury obligations are subject to debt instrument risk and interest rate risk. In addition, changes to the financial condition or credit rating of the U.S. Government may cause the value of U.S. Treasury obligations to decline.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Debt Instrument Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Debt instruments are subject to adverse issuer, political, regulatory, market and economic developments, as well as developments that affect specific economic sectors, industries or segments of the market. Debt markets can be volatile and the value of instruments correlated with these markets may fluctuate dramatically from day to day.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Interest Rate Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Interest rate risk is the risk that debt instruments or related financial instruments may fluctuate in </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">value due to changes in interest rates. A wide variety of factors can cause interest rates to fluctuate (e.g., central bank monetary policies, fiscal or other government policies, inflation rates, general economic conditions, etc.). Commonly, investments subject to interest rate risk will decrease in value when interest rates rise and increase in value when interest rates decline. A rising interest rate environment may cause the value of debt instruments to decrease and adversely impact the liquidity of debt instruments. Without taking into account other factors, the value of securities with longer maturities typically fluctuates more in response to interest rate changes than securities with shorter maturities. These factors may cause the value of an investment in the </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Fund to change.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Money Market Instruments Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Non-Diversification Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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 Fund’s performance will decline based on the performance of a single issuer or the credit of a single counterparty.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Active Investor Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> —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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Early Close/Late Close/Trading Halt Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Results</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The bar chart below shows how the Fund’s investment results 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.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> This </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">information provides some indication of the risks of investing in the Fund. The Fund’s performance information reflects applicable fee waivers and/or expense limitations in effect during the period presented. Absent such fee waivers/expense limitations, if any, performance would have been lower. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">It does </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">not reflect charges and fees associated with a separate account that invests in the Fund or any insurance contract for which it is an investment option. Charges and fees will reduce returns.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Past results are not predictive of future results.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The bar chart below shows how the Fund’s investment results 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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">It does </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">not reflect charges and fees associated with a separate account that invests in the Fund or any insurance contract for which it is an investment option. Charges and fees will reduce returns.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> Past results are not predictive of future results.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;">Annual Returns as of December 31</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">3/31/2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">32.62%</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">3/31/2021</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">-19.61%</span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">The year-to-date return as of the most recent quarter, which </span><span style="font-family:Arial;font-size:10pt;">ended March 31, 2026, was -0.30%.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Best Quarter</span> 2020-03-31 0.3262 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Worst Quarter</span> 2021-03-31 -0.1961 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Average Annual Total Returns</span><span style="font-family:Arial;font-size:10pt;">As of December 31, 2025</span> 0.0117 -0.1373 -0.0345 2002-05-01 0.0360 -0.0923 -0.0092 0.0730 -0.0036 0.0201 <span style="font-family:Arial;font-size:8pt;">Reflects no deduction for fees, expenses or taxes.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Annual returns are required to be shown and should not be interpreted as suggesting that the Fund should or should not be </span><span style="color:#000000;font-family:Arial;font-size:10pt;">held for longer periods of time.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">ProFund VP Utilities (the “Fund”) seeks investment results, before fees and expenses, that track the performance of the S&amp;P </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Utilities Select Sector Index (the “Index”).</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">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 </span><span style="color:#000000;font-family:Arial;font-size:10pt;">for more information about such charges and fees.</span> <span style="font-family:Arial;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Annual Fund Operating Expenses</span><span style="font-family:Arial;font-size:9pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of the </span><span style="font-family:Arial;font-size:9pt;margin-left:0.0pt;">value of your investment)</span> 0.0075 0.0025 0.0070 0.0001 0.0069 0.0170 -0.0002 0.0168 <span style="font-family:Arial;font-size:8pt;">April 30, 2027</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Example:</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> This example is intended to help you compare the cost </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">of investing in the Fund with the cost of investing in other </span><span style="color:#000000;font-family:Arial;font-size:10pt;">mutual funds. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">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 </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">be higher. Although your actual costs may be higher or lower, </span><span style="color:#000000;font-family:Arial;font-size:10pt;">based on these assumptions your approximate costs would be:</span> 171 534 921 2007 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund pays transaction and financing costs associated with the purchase and sale of securities. These costs are not reflected </span><span style="color:#000000;font-family:Arial;font-size:10pt;">in the table or the example above.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Portfolio Turnover</span> <span style="font-family:Arial;font-size:10pt;margin-left:0%;">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. 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 </span><span style="font-family:Arial;font-size:10pt;">800</span><span style="font-family:Arial;font-size:10pt;">% of the average value of </span><span style="font-family:Arial;font-size:10pt;">its portfolio.</span> 8 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund invests in securities that ProFund Advisors believes, in </span><span style="color:#000000;font-family:Arial;font-size:10pt;">combination, should track the performance of the Index.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Index is designed to measure the performance of utilities companies included in the S&amp;P 500 Index. The S&amp;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 utilities companies in the following industries according to the</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Global Industry Classification Standard (GICS): electric </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">utilities; gas utilities; multi-utilities; water utilities; and independent power and renewable electricity producers. 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&amp;P Dow Jones Indices LLC. More information about the Index </span><span style="color:#000000;font-family:Arial;font-size:10pt;">can be found using the Bloomberg ticker symbol “IXU.” </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Under normal circumstances, the Fund will invest at least 80% of its total assets in components of the Index or in instruments </span><span style="color:#000000;font-family:Arial;font-size:10pt;">with similar economic characteristics.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Fund will invest principally in the securities listed below.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Equity Securities</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Common stock issued by public companies.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">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 returns consistent with its investment objective. The Fund seeks to remain fully invested at all times in financial instruments that, in combination, provide exposure consistent with the investment objective, without regard to market conditions, trends or direction. The Fund may also 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 </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">financial instruments, with the intent of obtaining exposure </span><span style="color:#000000;font-family:Arial;font-size:10pt;">consistent with the investment objective.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Please see “Investment Objectives, Principal Investment Strategies </span><span style="color:#000000;font-family:Arial;font-size:10pt;">and Related Risks” in the Fund’s Prospectus for additional details.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Risks</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">You could lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Utilities Industry Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The risks of investments in the industry include: review and limitation of rates by governmental regulatory commissions; 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; the risk that utilities may engage in riskier ventures where they have little or no experience; and the fact that deregulation allows utilities to diversify outside of their original geographic regions and their traditional lines of business and create greater competition, which may adversely affect profitability due to lower operating margins, higher costs and diversification into unprofitable business lines.</span> <span style="font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Equity and Market Risk</span><span style="font-family:Arial;font-size:10pt;"> — 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,</span><span style="font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial;font-size:10pt;">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),</span><span style="font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial;font-size:10pt;">social unrest and other unforeseeable</span><span style="font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial;font-size:10pt;">events.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Correlation Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — A number of factors may affect the Fund’s ability to achieve a high degree of correlation with the Index. Fees, expenses, transaction costs, among other factors, will adversely impact the Fund’s ability to meet its investment objective. In addition, the Fund’s exposure may not be consistent with the Index. For example, the Fund may not have exposure to all of the securities in the Index, its weighting of securities may be different from that of the Index, and it may invest in instruments not included in the Index.</span> <span style="font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Industry Concentration Risk</span><span style="font-family:Arial;font-size:10pt;"> — 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 December 31, 2025, the Index had a significant portion of its value in issuers in the utilities industry group.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Index Performance Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Active Investor Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> —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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Early Close/Late Close/Trading Halt Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — 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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Results</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The bar chart below shows how the Fund’s investment results 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.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> This </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">information provides some indication of the risks of investing in the Fund. The Fund’s performance information reflects applicable fee waivers and/or expense limitations in effect during the period presented. Absent such fee waivers/expense limitations, if any, performance would have been lower. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">It does </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">not reflect charges and fees associated with a separate account that invests in the Fund or any insurance contract for which it is an investment option. Charges and fees will reduce returns.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Past results are not predictive of future results.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The bar chart below shows how the Fund’s investment results 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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">It does </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">not reflect charges and fees associated with a separate account that invests in the Fund or any insurance contract for which it is an investment option. Charges and fees will reduce returns.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> Past results are not predictive of future results.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;">Annual Returns as of December 31</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">9/30/2024</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">18.85%</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">3/31/2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">-14.59%</span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">The year-to-date return as of the most recent quarter, which </span><span style="font-family:Arial;font-size:10pt;">ended March 31, 2026, was 7.77%.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Best Quarter</span> 2024-09-30 0.1885 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Worst Quarter</span> 2020-03-31 -0.1459 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Average Annual Total Returns</span><span style="font-family:Arial;font-size:10pt;">As of December 31, 2025</span> 0.1398 0.0778 0.0861 2001-01-22 0.1604 0.0973 0.1061 0.1705 0.1307 0.1422 <span style="color:#000000;font-family:Arial;font-size:8pt;">Reflects no deduction for fees, expenses or taxes. Adjusted to reflect the reinvestment of dividends paid by issuers in the Index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">ProFund VP Government Money Market (the “Fund”) seeks a high level of current income consistent with liquidity and </span><span style="color:#000000;font-family:Arial;font-size:10pt;">preservation of capital.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">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 </span><span style="color:#000000;font-family:Arial;font-size:10pt;">for more information about such charges and fees.</span> <span style="font-family:Arial;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Annual Fund Operating Expenses</span><span style="font-family:Arial;font-size:9pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of the </span><span style="font-family:Arial;font-size:9pt;margin-left:0.0pt;">value of your investment)</span> 0.0075 0.0025 0.0066 0.0166 -0.0076 0.0090 <span style="font-family:Arial;font-size:8pt;">April 30, 2027</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Example:</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> This example is intended to help you compare the cost </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">of investing in the Fund with the cost of investing in other </span><span style="color:#000000;font-family:Arial;font-size:10pt;">mutual funds. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">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/</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">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, </span><span style="color:#000000;font-family:Arial;font-size:10pt;">based on these assumptions your approximate costs would be:</span> 92 449 831 1902 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund pays transaction and financing costs associated with the purchase and sale of securities. These costs are not reflected </span><span style="color:#000000;font-family:Arial;font-size:10pt;">in the table or the example above.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund invests substantially all, but at least 99.5% of its total assets, in cash, U.S. Government Securities, and/or repurchase agreements that are fully collateralized by these instruments. The Fund seeks to maintain a stable $1.00 share price and is subject to the requirements of Rule 2a-7 under the Investment Company Act of 1940. An investment in the Fund is not a bank deposit, nor is it insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. While the Fund seeks to maintain a stable net asset value of $1.00 per share, </span><span style="color:#000000;font-family:Arial;font-size:10pt;">there is no guarantee that the Fund will do so.</span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">The Fund will invest principally in the financial instruments </span><span style="font-family:Arial;font-size:10pt;">listed below.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">U.S. Government Securities</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund invests in obligations of the U.S. Department of the Treasury (“U.S. Treasury”), including Treasury bills and notes and other obligations issued or guaranteed by the U.S. Government, its agencies or instrumentalities. These debt securities carry different interest rates, maturities and issue dates.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Repurchase Agreements</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Contracts in which a seller of securities, in this case U.S. Government securities, agrees to buy the securities back at a specified time and price.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">In order to seek to maintain a stable share price, the Fund maintains a dollar-weighted average maturity of 60 days or less. Generally, securities in the Fund are denominated in U.S. dollars and have remaining maturities of 397 days (about 13 months) or less on their purchase date. The Fund also may invest in securities that have features (such as interest rate readjustments and demand features) that reduce their effective maturities to 397 days or less on their purchase date. The Fund may hold cash for cash management and defensive purposes. During unusual circumstances, the Fund may hold up to 100% of its assets </span><span style="color:#000000;font-family:Arial;font-size:10pt;">in cash.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Please see “Investment Objectives, Principal Investment Strategies </span><span style="color:#000000;font-family:Arial;font-size:10pt;">and Related Risks” in the Fund’s Prospectus for additional details. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Risks</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> An investment in the </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> The </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor </span><span style="color:#000000;font-family:Arial;font-size:10pt;">will provide financial support to the Fund at any time.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Money Market Fund Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The share price of money market funds can fall below the $1.00 share price. You should not rely on or expect ProFund Advisors to enter into support agreements or take other actions to maintain the Fund’s $1.00 share price. The credit quality of the Fund’s holdings can change rapidly in certain markets, and the default of a single holding could have an adverse impact on the Fund’s share price. The Fund’s share price can also be negatively affected during periods of high redemption pressures and/or illiquid markets. The actions of a few large investors in the Fund may have a significant adverse effect on the share price of the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Credit Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund’s performance could be hurt and the Fund’s share price could fall below $1.00 if an issuer of a debt security suffers an adverse change in financial condition that results in the issuer not making timely payments of interest or principal, a security downgrade or an inability to make a financial obligation. Some securities issued by U.S. government agencies or instrumentalities are backed by the full faith and credit of the U.S. Government. Other securities that are supported only by the credit of the issuing agency or instrumentality are subject to greater credit risk than securities backed by the full faith and credit of the U.S. Government. This is because the U.S. Government might provide financial support, but has no obligation to do so, if there is a potential or actual loss of principal or failure to make interest payments.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Interest Rate Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Interest rate risk is the risk that debt instruments or related financial instruments will fluctuate in value due to changes in interest rates. A wide variety of factors can cause interest rates to rise (e.g., central bank monetary policies, inflation rates, general economic conditions, etc.). Commonly, investments subject to interest rate risk will decrease in value when interest rates rise and increase in value when interest rates decline. A rising interest rate environment may cause the value of debt instruments to decrease and adversely impact the liquidity of debt instruments. Without taking into account other factors, the value of debt instruments with longer maturities typically fluctuates more in response to interest rate changes than debt instruments with shorter maturities. During periods of rising interest rates, the Fund’s yield will tend to be lower than prevailing market rates. These factors may cause the value of an investment in the Fund to change. A low interest rate </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">environment may prevent the Fund from providing a positive yield or paying Fund expenses out of current income and, at times, could impair the Fund’s ability to maintain a stable $1.00 share price. Over time, the total return of a money market fund may not keep pace with inflation, which could result in a net loss of purchasing power for long-term investors. If there is an insufficient supply of U.S. government securities to meet investor demand, it could result in lower yields on such securities and increase interest rate risk for </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Counterparty Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund may lose money if a counterparty does not meet its contractual obligations.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Prepayment and Extension Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — When a bond issuer, such as an issuer of asset-backed securities, retains the right to pay off a high-yielding bond before it comes due, the Fund may have to reinvest the proceeds at lower interest rates. Thus, prepayment may reduce the Fund’s income. When interest rates fall, issuers of high interest debt obligations may pay off the debts earlier than expected (prepayment risk), and the Portfolio may have to reinvest the proceeds at lower yields. When interest rates rise, issuers of lower interest debt obligations may have the right to pay off the debts later than expected (extension risk), thus keeping the Fund’s assets tied up in lower interest debt obligations. Ultimately, any unexpected behavior in interest rates could increase the volatility of the Fund’s yield and could hurt Fund performance.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Risks of Holding Cash</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund will at times hold cash positions, which may hurt the Fund’s performance. Cash positions may also subject the Fund to additional risks and costs including any fees imposed by the Fund’s custodian for large cash balances.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Repurchase Agreement Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — If the party that sells the securities to the Portfolio defaults on its obligation to repurchase them at the agreed-upon time and price, the Portfolio could lose money.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Security Selection Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — While the Fund invests in short-term securities, which by nature should be relatively stable investments, it is possible that the securities in which the Fund invests will not perform as expected. This could cause the Fund’s yield to lag behind those of similar money market funds and could result in a decline in share price.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Active Investor Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> —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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Results</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The bar chart below shows how the Fund’s investment results have varied from year to year, and the table shows the Fund’s average annual total returns for various periods.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> This information </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">provides some indication of the risks of investing in the Fund. The Fund’s performance information reflects applicable fee waivers and/or expense limitations in effect during the period presented. Absent such fee waivers/expense limitations, if any, performance would have been lower. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">It does not reflect charges </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">and fees associated with a separate account that invests in the Fund or any insurance contract for which it is an investment option. Charges and fees will reduce returns.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Past results are not predictive of future results.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Prior to May 2, 2016, the Fund operated with a different investment strategy. Performance may have been different if the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund’s current investment strategy had been in effect.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The bar chart below shows how the Fund’s investment results have varied from year to year, and the table shows the Fund’s average annual total returns for various periods.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">It does not reflect charges </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">and fees associated with a separate account that invests in the Fund or any insurance contract for which it is an investment option. Charges and fees will reduce returns.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> Past results are not predictive of future results.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;">Annual Returns as of December 31</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">12/31/2023</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">1.12%</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">6/30/2021</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">0.00%</span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">The year-to-date return as of the most recent quarter, which </span><span style="font-family:Arial;font-size:10pt;">ended March 31, 2026, was 0.68%.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Best Quarter</span> 2023-12-31 0.0112 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Worst Quarter</span> 2021-06-30 0.0000 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Average Annual Total Returns</span><span style="font-family:Arial;font-size:10pt;">As of December 31, 2025</span> 0.0327 0.0254 0.0139 2001-10-29 <span style="font-family:Arial;font-size:10pt;margin-left:0%;">The 7-day yield (the income for the previous 7 days projected over a full year) for the Fund as of December 31, </span><span style="font-family:Arial;font-size:10pt;">2025 was </span><span style="font-family:Arial;font-size:10pt;">2.79</span><span style="font-family:Arial;font-size:10pt;">%.</span> <span style="font-family:Arial;font-size:10pt;margin-left:0%;">The 7-day yield (the income for the previous 7 days projected over a full year) for the Fund as of December 31, </span><span style="font-family:Arial;font-size:10pt;">2025 was </span><span style="font-family:Arial;font-size:10pt;">2.79</span><span style="font-family:Arial;font-size:10pt;">%.</span> 0.0279 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Government Money Market ProFund (the “Fund”) seeks a high level of current income consistent with liquidity and </span><span style="color:#000000;font-family:Arial;font-size:10pt;">preservation of capital.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The table below describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">You may pay </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">tables and examples below.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Shareholder Fees </span><span style="color:#000000;font-family:Arial;font-size:10pt;">(fees paid directly from your investment)</span> <span style="font-family:Arial;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Annual Fund Operating Expenses</span><span style="font-family:Arial;font-size:9pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of the </span><span style="font-family:Arial;font-size:9pt;margin-left:0.0pt;">value of your investment)</span> 0.0009 0.0009 0.0000 0.0100 0.0085 0.0085 0.0094 0.0194 <span style="font-family:Arial;font-size:8pt;">April 30, </span><span style="font-family:Arial;font-size:8pt;">2027</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Example:</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> This example is intended to help you compare the cost </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">of investing in the Fund with the cost of investing in other funds. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem or hold all of your </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">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 </span><span style="color:#000000;font-family:Arial;font-size:10pt;">approximate costs would be:</span> 96 300 520 1155 197 609 1047 2264 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund pays transaction and financing costs associated with the purchase and sale of securities. These costs are not reflected </span><span style="color:#000000;font-family:Arial;font-size:10pt;">in the table or the example above.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund is currently a feeder fund that invests substantially all of its assets in a master portfolio, the Government Cash Management Portfolio (the “Portfolio”), a separate registered investment company managed by DWS Investment Management Americas, Inc. (“DIMA”) with a comparable investment objective. The Portfolio is a money market fund that is managed in accordance with federal regulations that govern the quality, maturity, diversity and liquidity of instruments in which a money </span><span style="color:#000000;font-family:Arial;font-size:10pt;">market fund may invest. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund follows policies designed to maintain a stable $1.00 share price. An investment in the Fund is not a bank deposit, nor is it insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. While the Fund seeks to maintain a stable net asset value of $1.00 per share, there is no guarantee that the Fund will do so. The Fund’s Trustees may withdraw its assets from the Portfolio if they </span><span style="color:#000000;font-family:Arial;font-size:10pt;">believe doing so is in the Fund shareholders’ best interests. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Portfolio operates as a “government money market fund,” as such term is defined under federal regulations. As a government money market fund, the Portfolio is required to invest at least 99.5% of its total assets at the time of investment in cash, U.S. government securities, and/or repurchase agreements that are </span><span style="color:#000000;font-family:Arial;font-size:10pt;">collateralized by these instruments. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Portfolio primarily invests in the following types </span><span style="color:#000000;font-family:Arial;font-size:10pt;">of investments: </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:6pt;">U.S. Treasury bills, notes, bonds and other obligations issued </span><span style="color:#000000;font-family:Arial;font-size:10pt;">or guaranteed by the U.S. government, its agencies or instrumentalities. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:6pt;">Repurchase agreements backed by these instruments. In a </span><span style="color:#000000;font-family:Arial;font-size:10pt;">repurchase agreement, the Portfolio buys securities at one price with a simultaneous agreement to sell back the securities at a future date at an agreed-upon price. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Portfolio may invest in floating and variable rate instruments </span><span style="color:#000000;font-family:Arial;font-size:10pt;">(obligations that do not bear interest at fixed rates). </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Under normal circumstances, the Portfolio invests at least 80% of net assets, plus the amount of any borrowings for investment purposes, in U.S. government securities and/or repurchase </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">agreements that are collateralized by U.S. government securities. The Portfolio considers repurchase agreements with the Federal </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Reserve Bank of New York to be U.S. government securities. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Working in consultation with DIMA’s portfolio management, DIMA’s credit team screens potential securities and develops a list of those that the Portfolio may buy. DIMA’s portfolio management, looking for attractive yield and weighing considerations such as credit quality, economic outlooks and possible interest rate movements, then decides which securities </span><span style="color:#000000;font-family:Arial;font-size:10pt;">on this list to buy. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">References to investments by the Fund may refer to actions undertaken by the Portfolio. The Portfolio may accept investments from other feeder funds. Each feeder fund bears the Portfolio’s expenses in proportion to its investments in the Portfolio. Each feeder fund can set its own fund-specific </span><span style="color:#000000;font-family:Arial;font-size:10pt;">expenses, transaction minimums and other requirements.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Please see “Investment Objectives, Principal Investment Strategies </span><span style="color:#000000;font-family:Arial;font-size:10pt;">and Related Risks” in the Fund’s Prospectus for additional details.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Risks</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Counterparty Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — A financial institution or other counterparty with whom the fund does business, or that underwrites, distributes or guarantees any investments or contracts that the fund owns or is otherwise exposed to, may decline in financial health and become unable to honor its commitments. This could cause losses for the fund or could delay the return or delivery of collateral or other assets to the fund.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Liquidity Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — In certain circumstances, such as the disruption of the orderly markets for the financial instruments in which the Fund invests, the Fund might not be able to acquire or dispose of certain holdings quickly or at prices that represent true market value in the judgment of ProFund Advisors. Markets for the financial instruments in which the Fund invests may be disrupted by a number of events, including but not limited to economic crises, health crises, natural disasters, excessive volatility, new legislation, or regulatory changes inside or outside of the U.S. For example, regulation limiting the ability of certain financial institutions to invest in certain financial instruments would likely reduce the liquidity of those securities. An inability to sell one or more portfolio securities can adversely affect the Fund’s ability to maintain a $1.00 share price or prevent the Fund from being able to take advantage of other investment opportunities. Unusual market conditions, an unusually high volume of redemption requests or other similar conditions could cause the Fund to be unable to pay redemption proceeds within a short period of time. If the Fund is forced to sell securities at an unfavorable time and/or under unfavorable conditions, such sales may adversely affect the Fund’s ability to maintain a $1.00 share price. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">Certain shareholders may from time to time own or control a significant percentage of the Fund’s shares. These shareholders may include, for example, institutional investors and other shareholders whose buy-sell decisions are controlled by a single decision maker. Redemptions by these shareholders, or a high volume of redemption requests generally, may further increase the Fund’s liquidity risk and may impact the Fund’s </span><span style="color:#000000;font-family:Arial;font-size:10pt;">ability to maintain a $1.00 share price.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> An </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund’s sponsor has no legal obligation to provide </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">financial support to the Fund, and you should not expect that the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">sponsor will provide financial support to the Fund at any time.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Money Market Fund Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The share price of money market funds can fall below the $1.00 share price. You should not rely on or expect ProFund Advisors or DIMA to enter into support agreements or take other actions to maintain the Fund’s $1.00 share price. The credit quality of the Portfolio’s holdings can change rapidly in certain markets, and the default of a single holding could have an adverse impact on the Fund’s or the Portfolio’s share price. The Fund’s or the Portfolio’s share price can also be negatively affected during periods of high redemption pressures and/or illiquid markets. The actions of a few large investors in the Portfolio and/or Fund may have a significant adverse effect on the share price of the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Credit Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund’s performance could be hurt and the Fund’s share price could fall below $1.00 if an issuer of a debt security suffers an adverse change in financial condition that results in the issuer not making timely payments of interest or principal, a security downgrade or an inability to make a financial obligation. Some securities issued by U.S. government agencies or instrumentalities are backed by the </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">full faith and credit of the U.S. Government. Other securities that are supported only by the credit of the issuing agency or instrumentality are subject to greater credit risk than securities backed by the full faith and credit of the U.S. Government. This is because the U.S. Government might provide financial support, but has no obligation to do so, if there is a potential or actual loss of principal or failure to </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">make interest payments.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">U.S. Government Default Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Due to the rising U.S. government debt burden and potential limitations caused by the statutory debt ceiling, it is possible that the U.S. government may not be able to meet its financial obligations or that securities issued by the U.S. government may experience credit downgrades. In the past, U.S. sovereign credit has experienced downgrades and there can be no guarantee that it will not experience further downgrades in the future by rating agencies. Such a credit event may adversely impact the financial markets and the fund. From time to time, uncertainty regarding the status of negotiations in the U.S. government to increase the statutory debt ceiling and/or failure to increase the statutory debt ceiling could increase the risk that the U.S. government may default on payments on certain U.S. government securities, cause the credit rating of the U.S. government to be downgraded or increase volatility in financial markets, result in higher interest rates, reduce prices of U.S. Treasury securities and/or increase the costs of certain kinds of debt.</span> <span style="font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Interest Rate Risk</span><span style="font-family:Arial;font-size:10pt;"> — Rising interest rates could cause the value of the Fund’s investments — and therefore its share price as well — to decline. A rising interest rate environment may cause investors to move out of fixed-income securities and related markets on a large scale, which could adversely affect the price and liquidity of such securities and could also result in increased redemptions from the Fund. Increased redemptions from the Fund may force the Fund to sell investments at a time when it is not advantageous to do so, which could result in losses. A sharp rise in interest rates could cause the value of the Fund’s investment to decline and impair the Fund’s ability to maintain a stable $1.00 share price. Conversely, any decline in interest rates is likely to cause the Fund’s yield to decline, and during periods of unusually low or negative interest rates, the Fund’s yield may approach or fall below zero. A low or negative interest rate environment may prevent the Fund from providing a positive yield or paying fund expenses out of current income and, at times, could impair the Fund’s ability to maintain a stable $1.00 share price. Over time, the total return of a money market fund may not keep pace with inflation, which could result in a net loss of purchasing power for long-term investors. Interest rates can change in response to the supply and demand for credit, government and/or central bank monetary policy and action, inflation rates, and other factors. Changes in monetary policy made by central banks or governments are likely to affect the level of interest rates. Changing interest rates may </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">have unpredictable effects on markets, may result in heightened market volatility and potential illiquidity and may detract from fund performance to the extent the Fund is exposed to such interest rates and/or volatility. Money market funds try to minimize interest rate risk by purchasing short-term securities. If there is an insufficient supply of U.S. government securities to meet investor demand, it could result in lower yields on such securities and increase interest </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">rate risk for the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Master/Feeder Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — While the master/feeder structure is designed to reduce costs, it may not do so, and the Fund might encounter operational or other complications. For example, large-scale redemptions by other feeder funds, if any, of their shares in the Portfolio could have adverse effects on the Fund, such as requiring the liquidation of a substantial portion of the Portfolio’s holdings at a time when it may be disadvantageous to do so. Also, other feeder funds of the Portfolio, if any, may have a greater ownership interest in the Portfolio than the Fund’s interest, and, therefore, could have effective voting control over the operation of the Portfolio.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Prepayment and Extension Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — When a bond issuer, such as an issuer of asset-backed securities, retains the right to pay off a high-yielding bond before it comes due, the Fund may have to reinvest the proceeds at lower interest rates. Thus, prepayment may reduce the Fund’s income. When interest rates fall, issuers of high interest debt obligations may pay off the debts earlier than expected (prepayment risk), and the Portfolio may have to reinvest the proceeds at lower yields. When interest rates rise, issuers of lower interest debt obligations may have the right to pay off the debts later than expected (extension risk), thus keeping the Fund’s assets tied up in lower interest debt obligations. Ultimately, any changes or unexpected behavior in interest rates could increase the volatility of the Fund’s yield and could hurt fund performance. Prepayments could also create capital gains tax liability in some instances.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Risks of Holding Cash</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund will at times hold cash positions, which may hurt the Fund’s performance. Cash positions may also subject the Fund to additional risks and costs including any fees imposed by the Fund’s custodian for large cash balances.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Repurchase Agreement Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — If the party that sells the securities to the Portfolio defaults on its obligation to repurchase them at the agreed-upon time and price, the Portfolio could lose money.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Security Selection Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — While the Fund invests in short-term securities, which by nature should be relatively stable investments, it is possible that the securities in which the Fund invests will not perform as expected. This could cause the Fund’s yield to lag behind those of similar money market funds and could result in a decline in share price.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Market Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund is subject to market risks that will affect the value of its shares, including adverse issuer, political, regulatory, market or economic developments, as well as developments that impact specific economic sectors, industries or segments of the market.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Active Investor Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> —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.</span> <span style="font-family:Arial;font-size:10pt;margin-left:-4.19%;">●</span><span style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Operational and Technology Risk</span><span style="font-family:Arial;font-size:10pt;"> — The</span><span style="font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial;font-size:10pt;">Fund</span><span style="font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial;font-size:10pt;">and Portfolio and the entities with which they interact directly or indirectly, </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">including </span><span style="font-family:Arial;font-size:10pt;">the Fund’s or Portfolio’s service providers and </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">counterparties, issuers of securities held by the </span><span style="font-family:Arial;font-size:10pt;">Fund or </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">Portfolio and </span><span style="font-family:Arial;font-size:10pt;">other market participants, are susceptible to </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">operational and technology risks,</span><span style="font-family:Arial;font-size:10pt;"> including those related to </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">human errors, processing errors, communication errors, system failures, cybersecurity incidents, and the use of artificial intelligence, among others, which may impair the Fund’s or Portfolio’s operations and/or result in </span><span style="font-family:Arial;font-size:10pt;">losses for the </span><span style="font-family:Arial;font-size:10pt;margin-left:0.00%;">Fund or </span><span style="font-family:Arial;font-size:10pt;">the Portfolio, and may cause investors in the Fund or </span><span style="font-family:Arial;font-size:10pt;margin-left:0.0pt;">Portfolio to lose money.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Results</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">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 the Fund’s average annual total returns for various periods.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">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. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Past results (before and </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">after taxes) are not predictive of future results.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Updated </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">information on the Fund’s results can be obtained by visiting the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund’s website </span><span style="color:#000000;font-family:Arial;font-size:10pt;">(www.profunds.com)</span><span style="color:#000000;font-family:Arial;font-size:10pt;">.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Prior to May 2, 2016, the Fund operated as a prime money market fund that had the ability to invest in certain types of securities that the Fund is no longer permitted to hold to any significant extent (i.e., over 0.5% of total assets). Consequently, the performance information below may have been different if the Fund’s current investment limitations had been in effect </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">during the period prior to the Fund’s conversion to a </span><span style="color:#000000;font-family:Arial;font-size:10pt;">government money market fund.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">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 the Fund’s average annual total returns for various periods.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Past results (before and </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">after taxes) are not predictive of future results.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">(www.profunds.com)</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;">Annual Returns as of December 31</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">12/31/2023</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">1.12%</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">3/31/2022</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">0.00%</span><span style="font-family:Arial;font-size:10pt;margin-left:0%;">The year-to-date return as of the most recent quarter, which </span><span style="font-family:Arial;font-size:10pt;">ended March 31, 2026, was 0.72%.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Best Quarter</span> 2023-12-31 0.0112 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Worst Quarter</span> 2022-03-31 0.0000 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Average Annual Total Returns</span><span style="font-family:Arial;font-size:10pt;">As of December 31, 2025</span> 0.0341 0.0256 0.0151 1997-11-17 0.0239 0.0187 0.0099 1997-11-17 <span style="font-family:Arial;font-size:10pt;margin-left:0%;">The 7-day yield (the income for the previous 7 days projected over a full year) for the Fund as of December 31, </span><span style="font-family:Arial;font-size:10pt;">2025 was </span><span style="font-family:Arial;font-size:10pt;">3.15</span><span style="font-family:Arial;font-size:10pt;">% for Investor Class Shares and 2.15% for Service Class Shares.</span> <span style="font-family:Arial;font-size:10pt;margin-left:0%;">The 7-day yield (the income for the previous 7 days projected over a full year) for the Fund as of December 31, </span><span style="font-family:Arial;font-size:10pt;">2025 was </span><span style="font-family:Arial;font-size:10pt;">3.15</span><span style="font-family:Arial;font-size:10pt;">% for Investor Class Shares and 2.15% for Service Class Shares.</span> 0.0315 The “Recoupment” line shows gross recoupment payments made by the Fund during its most recent fiscal year. In addition, at times during the fiscal year amounts were waived or reimbursed to the Fund - the gross amount of this waiver/reimbursement is shown separately in the “Fee Waivers/Reimbursements” line. The recoupment shown did not cause the Fund’s expenses to exceed any expense limitation in place at the time of recoupment or the time the recouped amounts were originally waived/reimbursed. 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 1.68% through April 30, 2027. 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. Reflects no deduction for fees, expenses or taxes. Adjusted to reflect the reinvestment of dividends paid by issuers in the Index. 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 1.68% through April 30, 2027. 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. Reflects no deduction for fees, expenses or taxes. Returns are gross returns that do not reflect the reduction of any withholding taxes, and are adjusted to reflect the reinvestment of dividends paid by companies in the Index. 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 1.68% through April 30, 2027. 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. Reflects no deduction for fees, expenses or taxes. Adjusted to reflect the reinvestment of dividends paid by issuers in the Index. The Investment Advisory Fees are currently paid to DWS Investment Management Americas, Inc. only. No investment advisory fee is payable to ProFund Advisors by the Fund unless the master-feeder relationship with the Portfolio is terminated. 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, 2027 (“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 0.98% for Investor Class shares and 1.98% for Service Class shares through April 30, 2027. After such date, the expense limitation may be terminated or revised by ProFund Advisors. This agreement may not be terminated before that date without the approval of the Fund’s Board. 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. Reflects the expenses of both the Fund and the Portfolio. 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 1.68% through April 30, 2027. 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. Reflects no deduction for fees, expenses or taxes. Adjusted to reflect the reinvestment of dividends paid by issuers in the Index. The “Recoupment” line shows gross recoupment payments made by the Fund during its most recent fiscal year. In addition, at times during the fiscal year amounts were waived or reimbursed to the Fund - the gross amount of this waiver/reimbursement is shown separately in the “Fee Waivers/Reimbursements” line. The recoupment shown did not cause the Fund’s expenses to exceed any expense limitation in place at the time of recoupment or the time the recouped amounts were originally waived/reimbursed. 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 1.68% through April 30, 2027. 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. Reflects no deduction for fees, expenses or taxes. Adjusted to reflect the reinvestment of dividends paid by issuers in the Index. The “Recoupment” line shows gross recoupment payments made by the Fund during its most recent fiscal year. In addition, at times during the fiscal year amounts were waived or reimbursed to the Fund - the gross amount of this waiver/reimbursement is shown separately in the “Fee Waivers/Reimbursements” line. The recoupment shown did not cause the Fund’s expenses to exceed any expense limitation in place at the time of recoupment or the time the recouped amounts were originally waived/reimbursed. 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 1.38% through April 30, 2027. 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. Reflects no deduction for fees, expenses or taxes. The “Recoupment” line shows gross recoupment payments made by the Fund during its most recent fiscal year. In addition, at times during the fiscal year amounts were waived or reimbursed to the Fund - the gross amount of this waiver/reimbursement is shown separately in the “Fee Waivers/Reimbursements” line. The recoupment shown did not cause the Fund’s expenses to exceed any expense limitation in place at the time of recoupment or the time the recouped amounts were originally waived/reimbursed. 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 1.68% through April 30, 2027. 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. Reflects no deduction for fees, expenses or taxes. Adjusted to reflect the reinvestment of dividends paid by issuers in the Index. The “Recoupment” line shows gross recoupment payments made by the Fund during its most recent fiscal year. In addition, at times during the fiscal year amounts were waived or reimbursed to the Fund - the gross amount of this waiver/reimbursement is shown separately in the “Fee Waivers/Reimbursements” line. The recoupment shown did not cause the Fund’s expenses to exceed any expense limitation in place at the time of recoupment or the time the recouped amounts were originally waived/reimbursed. 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 1.68% through April 30, 2027. 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. Reflects no deduction for fees, expenses or taxes. Adjusted to reflect the reinvestment of dividends paid by issuers in the Index. The “Recoupment” line shows gross recoupment payments made by the Fund during its most recent fiscal year. In addition, at times during the fiscal year amounts were waived or reimbursed to the Fund - the gross amount of this waiver/reimbursement is shown separately in the “Fee Waivers/Reimbursements” line. The recoupment shown did not cause the Fund’s expenses to exceed any expense limitation in place at the time of recoupment or the time the recouped amounts were originally waived/reimbursed. 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 1.68% through April 30, 2027. 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. Reflects no deduction for fees, expenses or taxes. Adjusted to reflect the reinvestment of dividends paid by issuers in the Index. The “Recoupment” line shows gross recoupment payments made by the Fund during its most recent fiscal year. In addition, at times during the fiscal year amounts were waived or reimbursed to the Fund - the gross amount of this waiver/reimbursement is shown separately in the “Fee Waivers/Reimbursements” line. The recoupment shown did not cause the Fund’s expenses to exceed any expense limitation in place at the time of recoupment or the time the recouped amounts were originally waived/reimbursed. 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 1.68% through April 30, 2027. 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. Reflects no deduction for fees, expenses or taxes. Adjusted to reflect the reinvestment of dividends paid by issuers in the Index. 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 1.68% through April 30, 2027. 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. Reflects no deduction for fees, expenses or taxes. Adjusted to reflect the reinvestment of dividends paid by issuers in the Index. The “Recoupment” line shows gross recoupment payments made by the Fund during its most recent fiscal year. In addition, at times during the fiscal year amounts were waived or reimbursed to the Fund - the gross amount of this waiver/reimbursement is shown separately in the “Fee Waivers/Reimbursements” line. The recoupment shown did not cause the Fund’s expenses to exceed any expense limitation in place at the time of recoupment or the time the recouped amounts were originally waived/reimbursed. 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 1.68% through April 30, 2027. 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. Reflects no deduction for fees, expenses or taxes. Adjusted to reflect the reinvestment of dividends paid by issuers in the Index. 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 1.68% through April 30, 2027. 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. Reflects no deduction for fees, expenses or taxes. Adjusted to reflect the reinvestment of dividends paid by issuers in the Index. The “Recoupment” line shows gross recoupment payments made by the Fund during its most recent fiscal year. In addition, at times during the fiscal year amounts were waived or reimbursed to the Fund - the gross amount of this waiver/reimbursement is shown separately in the “Fee Waivers/Reimbursements” line. The recoupment shown did not cause the Fund’s expenses to exceed any expense limitation in place at the time of recoupment or the time the recouped amounts were originally waived/reimbursed. 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 1.68% through April 30, 2027. 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. Reflects no deduction for fees, expenses or taxes. Returns are gross returns that do not reflect the reduction of any withholding taxes, and are adjusted to reflect the reinvestment of dividends paid by companies in the Index. 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 1.68% through April 30, 2027. 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. Reflects no deduction for fees, expenses or taxes. Adjusted to reflect the reinvestment of dividends paid by issuers in the Index. 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 1.68% through April 30, 2027. 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. Reflects no deduction for fees, expenses or taxes. Adjusted to reflect the reinvestment of dividends paid by issuers in the Index. The “Recoupment” line shows gross recoupment payments made by the Fund during its most recent fiscal year. In addition, at times during the fiscal year amounts were waived or reimbursed to the Fund - the gross amount of this waiver/reimbursement is shown separately in the “Fee Waivers/Reimbursements” line. The recoupment shown did not cause the Fund’s expenses to exceed any expense limitation in place at the time of recoupment or the time the recouped amounts were originally waived/reimbursed. 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 1.68% through April 30, 2027. 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. Reflects no deduction for fees, expenses or taxes. Adjusted to reflect the reinvestment of dividends paid by issuers in the Index. 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 1.68% through April 30, 2027. 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. Reflects no deduction for fees, expenses or taxes. Adjusted to reflect the reinvestment of dividends paid by issuers in the Index. 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 1.68% through April 30, 2027. 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. Reflects no deduction for fees, expenses or taxes. Adjusted to reflect the reinvestment of dividends paid by issuers in the Index. The “Recoupment” line shows gross recoupment payments made by the Fund during its most recent fiscal year. In addition, at times during the fiscal year amounts were waived or reimbursed to the Fund - the gross amount of this waiver/reimbursement is shown separately in the “Fee Waivers/Reimbursements” line. The recoupment shown did not cause the Fund’s expenses to exceed any expense limitation in place at the time of recoupment or the time the recouped amounts were originally waived/reimbursed. 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 1.68% through April 30, 2027. 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. Reflects no deduction for fees, expenses or taxes. Adjusted to reflect the reinvestment of dividends paid by issuers in the Index. The “Recoupment” line shows gross recoupment payments made by the Fund during its most recent fiscal year. In addition, at times during the fiscal year amounts were waived or reimbursed to the Fund - the gross amount of this waiver/reimbursement is shown separately in the “Fee Waivers/Reimbursements” line. The recoupment shown did not cause the Fund’s expenses to exceed any expense limitation in place at the time of recoupment or the time the recouped amounts were originally waived/reimbursed. 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 1.68% through April 30, 2027. 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. Reflects no deduction for fees, expenses or taxes. Adjusted to reflect the reinvestment of dividends paid by issuers in the Index. 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 1.68% through April 30, 2027. 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. Reflects no deduction for fees, expenses or taxes. Adjusted to reflect the reinvestment of dividends paid by issuers in the Index. 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 1.68% through April 30, 2027. 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. Reflects no deduction for fees, expenses or taxes. 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 1.68% through April 30, 2027. 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. Reflects no deduction for fees, expenses or taxes. Adjusted to reflect the reinvestment of dividends paid by issuers in the Index. The “Recoupment” line shows gross recoupment payments made by the Fund during its most recent fiscal year. The recoupment shown did not cause the Fund’s expenses to exceed any expense limitation in place at the time of recoupment or the time the recouped amounts were originally waived/reimbursed. 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 1.68% through April 30, 2027. 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. Reflects no deduction for fees, expenses or taxes. Adjusted to reflect the reinvestment of dividends paid by issuers in the Index. The “Recoupment” line shows gross recoupment payments made by the Fund during its most recent fiscal year. The recoupment shown did not cause the Fund’s expenses to exceed any expense limitation in place at the time of recoupment or the time the recouped amounts were originally waived/reimbursed. 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 1.68% through April 30, 2027. 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. Reflects no deduction for fees, expenses or taxes. Returns are gross returns that do not reflect the reduction of any withholding taxes, and are adjusted to reflect the reinvestment of dividends paid by companies in the Index. 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 1.68% through April 30, 2027. 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. Reflects no deduction for fees, expenses or taxes. Adjusted to reflect the reinvestment of dividends paid by issuers in the Index. The “Recoupment” line shows gross recoupment payments made by the Fund during its most recent fiscal year. In addition, at times during the fiscal year amounts were waived or reimbursed to the Fund - the gross amount of this waiver/reimbursement is shown separately in the “Fee Waivers/Reimbursements” line. The recoupment shown did not cause the Fund’s expenses to exceed any expense limitation in place at the time of recoupment or the time the recouped amounts were originally waived/reimbursed. 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 1.68% through April 30, 2027. 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. Reflects no deduction for fees, expenses or taxes. Adjusted to reflect the reinvestment of dividends paid by issuers in the Index. The “Recoupment” line shows gross recoupment payments made by the Fund during its most recent fiscal year. In addition, at times during the fiscal year amounts were waived or reimbursed to the Fund - the gross amount of this waiver/reimbursement is shown separately in the “Fee Waivers/Reimbursements” line. The recoupment shown did not cause the Fund’s expenses to exceed any expense limitation in place at the time of recoupment or the time the recouped amounts were originally waived/reimbursed. 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 1.68% through April 30, 2027. 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. Reflects no deduction for fees, expenses or taxes. Adjusted to reflect the reinvestment of dividends paid by issuers in the Index. The “Recoupment” line shows gross recoupment payments made by the Fund during its most recent fiscal year. In addition, at times during the fiscal year amounts were waived or reimbursed to the Fund - the gross amount of this waiver/reimbursement is shown separately in the “Fee Waivers/Reimbursements” line. The recoupment shown did not cause the Fund’s expenses to exceed any expense limitation in place at the time of recoupment or the time the recouped amounts were originally waived/reimbursed. 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 1.68% through April 30, 2027. 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. Reflects no deduction for fees, expenses or taxes. Adjusted to reflect the reinvestment of dividends paid by issuers in the Index. The “Recoupment” line shows gross recoupment payments made by the Fund during its most recent fiscal year. In addition, at times during the fiscal year amounts were waived or reimbursed to the Fund - the gross amount of this waiver/reimbursement is shown separately in the “Fee Waivers/Reimbursements” line. The recoupment shown did not cause the Fund’s expenses to exceed any expense limitation in place at the time of recoupment or the time the recouped amounts were originally waived/reimbursed. 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 1.68% through April 30, 2027. 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. Reflects no deduction for fees, expenses or taxes. Adjusted to reflect the reinvestment of dividends paid by issuers in the Index. 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 1.68% through April 30, 2027. 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. Reflects no deduction for fees, expenses or taxes. Adjusted to reflect the reinvestment of dividends paid by issuers in the Index. 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 1.68% through April 30, 2027. 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. Reflects no deduction for fees, expenses or taxes. Returns are gross returns that do not reflect the reduction of any withholding taxes, and are adjusted to reflect the reinvestment of dividends paid by companies in the Index. The “Recoupment” line shows gross recoupment payments made by the Fund during its most recent fiscal year. In addition, at times during the fiscal year amounts were waived or reimbursed to the Fund - the gross amount of this waiver/reimbursement is shown separately in the “Fee Waivers/Reimbursements” line. The recoupment shown did not cause the Fund’s expenses to exceed any expense limitation in place at the time of recoupment or the time the recouped amounts were originally waived/reimbursed. 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 1.68% through April 30, 2027. 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. Reflects no deduction for fees, expenses or taxes. Adjusted to reflect the reinvestment of dividends paid by issuers in the Index. 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 1.68% through April 30, 2027. 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. Reflects no deduction for fees, expenses or taxes. Adjusted to reflect the reinvestment of dividends paid by issuers in the Index. The “Recoupment” line shows gross recoupment payments made by the Fund during its most recent fiscal year. In addition, at times during the fiscal year amounts were waived or reimbursed to the Fund - the gross amount of this waiver/reimbursement is shown separately in the “Fee Waivers/Reimbursements” line. The recoupment shown did not cause the Fund’s expenses to exceed any expense limitation in place at the time of recoupment or the time the recouped amounts were originally waived/reimbursed. 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 1.68% through April 30, 2027. 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. Reflects no deduction for fees, expenses or taxes. Adjusted to reflect the reinvestment of dividends paid by issuers in the Index. The “Recoupment” line shows gross recoupment payments made by the Fund during its most recent fiscal year. In addition, at times during the fiscal year amounts were waived or reimbursed to the Fund - the gross amount of this waiver/reimbursement is shown separately in the “Fee Waivers/Reimbursements” line. The recoupment shown did not cause the Fund’s expenses to exceed any expense limitation in place at the time of recoupment or the time the recouped amounts were originally waived/reimbursed. 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 1.68% through April 30, 2027. 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. Reflects no deduction for fees, expenses or taxes. Adjusted to reflect the reinvestment of dividends paid by issuers in the Index. The “Recoupment” line shows gross recoupment payments made by the Fund during its most recent fiscal year. The recoupment shown did not cause the Fund’s expenses to exceed any expense limitation in place at the time of recoupment or the time the recouped amounts were originally waived/reimbursed. 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 1.68% through April 30, 2027. 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. Reflects no deduction for fees, expenses or taxes. Adjusted to reflect the reinvestment of dividends paid by issuers in the Index. The “Recoupment” line shows gross recoupment payments made by the Fund during its most recent fiscal year. The recoupment shown did not cause the Fund’s expenses to exceed any expense limitation in place at the time of recoupment or the time the recouped amounts were originally waived/reimbursed. 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 1.68% through April 30, 2027. 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. Reflects no deduction for fees, expenses or taxes. Adjusted to reflect the reinvestment of dividends paid by issuers in the Index. 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, 2027 (“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, 2027. After such date, the expense limitation may be terminated or revised by ProFund Advisors. This agreement may not be terminated before that date without the approval of the Fund’s Board. 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. 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 1.68% through April 30, 2027. 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. Reflects no deduction for fees, expenses or taxes. 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 1.68% through April 30, 2027. 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. Reflects no deduction for fees, expenses or taxes. Adjusted to reflect the reinvestment of dividends paid by issuers in the Index. 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 1.68% through April 30, 2027. 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. Price return index that does not include dividends. Reflects no deduction for fees, expenses or taxes. Adjusted to reflect the reinvestment of dividends paid by issuers in the Index. Reflects no deduction for fees, expenses or taxes. Returns are gross returns that do not reflect the reduction of any withholding taxes, and are adjusted to reflect the reinvestment of dividends paid by companies in the Index. 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 1.68% through April 30, 2027. 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. Reflects no deduction for fees, expenses or taxes. Adjusted to reflect the reinvestment of dividends paid by issuers in the Index. 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 1.68% through April 30, 2027. 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. Reflects no deduction for fees, expenses or taxes. Adjusted to reflect the reinvestment of dividends paid by issuers in the Index. 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 1.68% through April 30, 2027. 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. Reflects no deduction for fees, expenses or taxes. The “Recoupment” line shows gross recoupment payments made by the Fund during its most recent fiscal year. In addition, at times during the fiscal year amounts were waived or reimbursed to the Fund - the gross amount of this waiver/reimbursement is shown separately in the “Fee Waivers/Reimbursements” line. The recoupment shown did not cause the Fund’s expenses to exceed any expense limitation in place at the time of recoupment or the time the recouped amounts were originally waived/reimbursed. 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 1.68% through April 30, 2027. 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. Reflects no deduction for fees, expenses or taxes. Returns are gross returns that do not reflect the reduction of any withholding taxes, and are adjusted to reflect the reinvestment of dividends paid by companies in the Index. The “Recoupment” line shows gross recoupment payments made by the Fund during its most recent fiscal year. In addition, at times during the fiscal year amounts were waived or reimbursed to the Fund - the gross amount of this waiver/reimbursement is shown separately in the “Fee Waivers/Reimbursements” line. The recoupment shown did not cause the Fund’s expenses to exceed any expense limitation in place at the time of recoupment or the time the recouped amounts were originally waived/reimbursed. 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 1.68% through April 30, 2027. 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. Reflects no deduction for fees, expenses or taxes. Adjusted to reflect the reinvestment of dividends paid by issuers in the Index. The “Recoupment” line shows gross recoupment payments made by the Fund during its most recent fiscal year. In addition, at times during the fiscal year amounts were waived or reimbursed to the Fund - the gross amount of this waiver/reimbursement is shown separately in the “Fee Waivers/Reimbursements” line. The recoupment shown did not cause the Fund’s expenses to exceed any expense limitation in place at the time of recoupment or the time the recouped amounts were originally waived/reimbursed. 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 1.68% through April 30, 2027. 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. Reflects no deduction for fees, expenses or taxes. Adjusted to reflect the reinvestment of dividends paid by issuers in the Index. 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 1.68% through April 30, 2027. 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. Price return index that does not include dividends. Reflects no deduction for fees, expenses or taxes. Adjusted to reflect the reinvestment of dividends paid by issuers in the Index. Reflects no deduction for fees, expenses or taxes. Returns are gross returns that do not reflect the reduction of any withholding taxes, and are adjusted to reflect the reinvestment of dividends paid by companies in the Index. 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 1.68% through April 30, 2027. 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. Reflects no deduction for fees, expenses or taxes. Adjusted to reflect the reinvestment of dividends paid by issuers in the Index.