Profunds N-CSRS/A Certified semi-annual shareholder report (management investment company) (amended)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number  811-08239

ProFunds

    (Exact name of registrant as specified in charter)

7501 Wisconsin Avenue, Suite 1000	Bethesda, MD	20814
(Address of principal executive offices)		(Zip code)

Citi Fund Services Ohio, Inc., 4400 Easton Commons, Suite 200, Columbus, OH 43219

(Name and address of agent for service)

Registrant’s telephone number, including area code: (240) 497-6400

Date of fiscal year end:_______July 31           

Date of reporting period:______July 31, 2021          

EXPLANATORY NOTE 

The Registrant is filing this amendment to its Form N-CSR for the period ended July 31, 2021, originally filed with the Securities and Exchange Commission on October 7, 2021 (Accession Number 0001104659-21-124064). The purpose of this amendment is to update Items 11(b) and Item 4(d) of the registrant’s certifications required by Item 13(a)(2).

Items 11(b) and 4(d) are amended to reflect the correct full period covered by the report.

Item 1. Reports to Stockholders. 

 

Annual Report

JULY 31, 2021

	Investor	Service
Access Flex Bear High Yield ProFund	AFBIX	AFBSX
Access Flex High Yield ProFund	FYAIX	FYASX
Banks UltraSector ProFund	BKPIX	BKPSX
Basic Materials UltraSector ProFund	BMPIX	BMPSX
Bear ProFund	BRPIX	BRPSX
Biotechnology UltraSector ProFund	BIPIX	BIPSX
Bitcoin Strategy ProFund	BTCFX
Bull ProFund	BLPIX	BLPSX
Communication Services UltraSector ProFund	WCPIX	WCPSX
Consumer Goods UltraSector ProFund	CNPIX	CNPSX
Consumer Services UltraSector ProFund	CYPIX	CYPSX
Europe 30 ProFund	UEPIX	UEPSX
Falling U.S. Dollar ProFund	FDPIX	FDPSX
Financials UltraSector ProFund	FNPIX	FNPSX
Health Care UltraSector ProFund	HCPIX	HCPSX
Industrials UltraSector ProFund	IDPIX	IDPSX
Internet UltraSector ProFund	INPIX	INPSX
Large-Cap Growth ProFund	LGPIX	LGPSX
Large-Cap Value ProFund	LVPIX	LVPSX
Mid-Cap Growth ProFund	MGPIX	MGPSX
Mid-Cap ProFund	MDPIX	MDPSX
Mid-Cap Value ProFund	MLPIX	MLPSX
Nasdaq-100 ProFund	OTPIX	OTPSX
Oil & Gas UltraSector ProFund	ENPIX	ENPSX
Oil Equipment & Services UltraSector ProFund	OEPIX	OEPSX
Pharmaceuticals UltraSector ProFund	PHPIX	PHPSX
Precious Metals UltraSector ProFund	PMPIX	PMPSX
Real Estate UltraSector ProFund	REPIX	REPSX
Rising Rates Opportunity ProFund	RRPIX	RRPSX
Rising Rates Opportunity 10 ProFund	RTPIX	RTPSX
Rising U.S. Dollar ProFund	RDPIX	RDPSX
Semiconductor UltraSector ProFund	SMPIX	SMPSX
Short Nasdaq-100 ProFund	SOPIX	SOPSX
Short Oil & Gas ProFund	SNPIX	SNPSX
Short Precious Metals ProFund	SPPIX	SPPSX
Short Real Estate ProFund	SRPIX	SRPSX
Short Small-Cap ProFund	SHPIX	SHPSX
Small-Cap Growth ProFund	SGPIX	SGPSX
Small-Cap ProFund	SLPIX	SLPSX
Small-Cap Value ProFund	SVPIX	SVPSX
Technology UltraSector ProFund	TEPIX	TEPSX
Telecommunications UltraSector ProFund	TCPIX	TCPSX
UltraBear ProFund	URPIX	URPSX
UltraBull ProFund	ULPIX	ULPSX
UltraChina ProFund	UGPIX	UGPSX
UltraDow 30 ProFund	UDPIX	UDPSX
UltraEmerging Markets ProFund	UUPIX	UUPSX
UltraInternational ProFund	UNPIX	UNPSX
UltraJapan ProFund	UJPIX	UJPSX
UltraLatin America ProFund	UBPIX	UBPSX
UltraMid-Cap ProFund	UMPIX	UMPSX
UltraNasdaq-100 ProFund	UOPIX	UOPSX
UltraShort China ProFund	UHPIX	UHPSX
UltraShort Dow 30 ProFund	UWPIX	UWPSX
UltraShort Emerging Markets ProFund	UVPIX	UVPSX
UltraShort International ProFund	UXPIX	UXPSX
UltraShort Japan ProFund	UKPIX	UKPSX
UltraShort Latin America ProFund	UFPIX	UFPSX
UltraShort Mid-Cap ProFund	UIPIX	UIPSX
UltraShort Nasdaq-100 ProFund	USPIX	USPSX
UltraShort Small-Cap ProFund	UCPIX	UCPSX
UltraSmall-Cap ProFund	UAPIX	UAPSX
U.S. Government Plus ProFund	GVPIX	GVPSX
Utilities UltraSector ProFund	UTPIX	UTPSX

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund's annual and semiannual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Fund's website (profunds.com), and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically anytime by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by calling 888-PRO-FNDS (888-776-3637) or by sending and e-mail request to info@profunds.com.

Beginning on January 1, 2019, you may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. If you invest directly with the Fund, you can call 888-PRO-FNDS (888-776-3637) or send an email request to info@profunds.com to let the Fund know you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held in your account in you invest through your financial intermediary or all funds held with the fund complex if you invest directly with the Fund.

Table of Contents

1	Message from the Chairman Allocation of Portfolio Holdings and Index Composition
71	Expense Examples
	Schedules of Portfolio Investments
78	Access Flex Bear High Yield ProFund
79	Access Flex High Yield ProFund
80	Banks UltraSector ProFund
82	Basic Materials UltraSector ProFund
84	Bear ProFund
85	Biotechnology UltraSector ProFund
87	Bitcoin Strategy ProFund
88	Bull ProFund
91	Communication Services UltraSector ProFund
93	Consumer Goods UltraSector ProFund
95	Consumer Services UltraSector ProFund
98	Europe 30 ProFund
99	Falling U.S. Dollar ProFund
100	Financials UltraSector ProFund
104	Health Care UltraSector ProFund
107	Industrials UltraSector ProFund
110	Internet UltraSector ProFund
112	Large-Cap Growth ProFund
116	Large-Cap Value ProFund
122	Mid-Cap Growth ProFund
126	Mid-Cap ProFund
132	Mid-Cap Value ProFund
137	Nasdaq-100 ProFund
140	Oil & Gas UltraSector ProFund
142	Oil Equipment & Services UltraSector ProFund
144	Pharmaceuticals UltraSector ProFund
146	Precious Metals UltraSector ProFund
148	Real Estate UltraSector ProFund
151	Rising Rates Opportunity ProFund
152	Rising Rates Opportunity 10 ProFund
153	Rising U.S. Dollar ProFund
154	Semiconductor UltraSector ProFund
156	Short Nasdaq-100 ProFund
157	Short Oil & Gas ProFund
158	Short Precious Metals ProFund
159	Short Real Estate ProFund
160	Short Small-Cap ProFund
161	Small-Cap Growth ProFund
167	Small-Cap ProFund
170	Small-Cap Value ProFund
177	Technology UltraSector ProFund
181	Telecommunications UltraSector ProFund
183	UltraBear ProFund
184	UltraBull ProFund
187	UltraChina ProFund
189	UltraDow 30 ProFund
191	UltraEmerging Markets ProFund
193	UltraInternational ProFund
194	UltraJapan ProFund
195	UltraLatin America ProFund
197	UltraMid-Cap ProFund
204	UltraNasdaq-100 ProFund
207	UltraShort China ProFund
208	UltraShort Dow 30 ProFund
209	UltraShort Emerging Markets ProFund
210	UltraShort International ProFund
211	UltraShort Japan ProFund
212	UltraShort Latin America ProFund
213	UltraShort Mid-Cap ProFund
214	UltraShort Nasdaq-100 ProFund
215	UltraShort Small-Cap ProFund
216	UltraSmall-Cap ProFund
219	U.S. Government Plus ProFund
220	Utilities UltraSector ProFund
223	Statements of Assets and Liabilities
239	Statements of Operations
255	Statements of Changes in Net Assets
283	Consolidated Statement of Cash Flows
285	Financial Highlights
319	Notes to Financial Statements
360	Report of Independent Registered Public Accounting Firm
362	Board Approval of Investment Advisory Agreement
367	Trustees and Executive Officers

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Message from the Chairman

Dear Shareholder:

As economies and communities around the world continue to deal with the evolving impacts of the global health crisis, we want to reaffirm our commitment to providing our clients with products and services to help them meet their investment goals and objectives. I am pleased to present the ProFunds Annual Report to shareholders for the 12 months ended July 31, 2021.

Stocks Rally Despite Economic Contraction During the Period

During the second half of 2020, major equity indexes recorded significant gains, despite the coronavirus pandemic negatively impacting economic measures most of the year. U.S. stock markets responded positively to the signing of a $900 billion coronavirus aid bill, continued stimulus from the Federal Reserve and favorable news about the development of COVID-19 vaccines. The Pfizer vaccine received Food and Drug Administration (FDA) emergency use authorization in December, and the first shots were administered shortly thereafter. GDP grew 4.1% in the fourth calendar quarter, an encouraging rebound. However, the U.S. economy contracted 3.5% overall for the year, the largest decline since the 2008-2009 financial crisis.

Equities continued their 2020 rally in the first seven months of 2021 on the back of strong corporate earnings, Congress's approval of an additional $1.9 trillion coronavirus relief package, success with the distribution and administration of COVID-19 vaccines, and the lifting of restrictions on many businesses. Equity gains in 2021 reflected broad participation from most market segments, including energy and bricks-and-mortar retail, which both lagged in 2020. A 3.4% year-over-year rise in consumer inflation during the second quarter—the highest in 14 years—worried many investors. The Fed, however, stated that they were committed to maintaining accommodative policies like their monthly bond purchases until the economy fully recovers, even though other countries have begun to taper their activities.

Over the 12-month reporting period, the S&P 500^® gained 36.5%, the S&P MidCap 400^® climbed 47.0% and the Russell 2000^® Index rose 52.0%. The tech-heavy Nasdaq-100 Index^® rose 38.2%, while the Dow^® gained 34.8%. All 10 Dow Jones U.S. Industry Index sectors recorded strong gains. The top performers included financials (47.1%), technology (45.9%), and oil and gas (45.6%).

Developed markets outside North America rose 30.3% during the reporting period, as measured by the MSCI EAFE Index^®. Regional indexes such as the ProFunds Europe 30 Index climbed 30.6%. Other global markets also recorded strong gains. The S&P/BNY Mellon Emerging 50 ADR Index (USD) climbed 17.8% over the reporting period, while Latin American stocks returned a robust 41.8%, as measured by the S&P/BNY Mellon Latin America 35 ADR Index (USD).

1

Treasury Returns Slide and Yield Curve Flattens During Period

U.S. Treasury yields increased, and prices, which move opposite to yields, continued their late 2020 slide through much of the first quarter of 2021. Yields on the 10-year Treasury reached 1.74% in March, before eventually dipping later in the reporting period. Shorter-term and longer-term bond rates declined at different paces during the second quarter of 2021, which led to a flattening of the Treasury yield curve. Over the 12-month reporting period, the Ryan Labs Returns Treasury Yield Curve 30 Year and 10 Year Indexes lost 14.69% and 4.87%, respectively. The U.S. dollar dropped 3.3%, based on the Bloomberg Dollar Spot Index.

Strong U.S. Small-Cap Returns Benefit Long Russell 2000 Investors

Robust U.S. equity performance during the reporting period provided ProFunds investors with significant domestic investing opportunities. In particular, long small-cap investors tracking the Russell 2000 Index benefited from strong returns during the 12-month period. Many investors consider strong outperformance by small-cap stocks as a signal that a bull market is in its initial stages, a phenomenon that seems supported by the broad market recovery seen during the reporting period.

ProFunds Launches the Industry's First Publicly Available U.S. Bitcoin Mutual Fund

Investors have become increasingly interested in the rapidly growing cryptocurrency market. On July 28, 2021, ProFunds became the first to offer investors access to a bitcoin strategy through a publicly available mutual fund. The new Bitcoin Strategy ProFund is designed to provide investors with returns, before fees and expenses, similar to an investment in bitcoin. The fund seeks capital appreciation primarily through its investment in bitcoin futures contracts.

The Bitcoin Strategy ProFund offers a convenient way for investors to incorporate a rapidly growing digital asset into their portfolios. It eliminates the need to access bitcoin through unregulated exchanges or wallets, instead providing investors with the familiar trading and pricing practices of a mutual fund format.

ProFunds' assets under management grew 33.0% during the reporting period as a result of both market appreciation and positive inflows from investors.

In these continually evolving times, our wide array of funds provides strategies that may suit your investment goals. We thank you for the trust and confidence you have placed in us by choosing ProFunds, and we appreciate the opportunity to continue serving your investing needs.

Sincerely,

 

Michael L. Sapir

Chairman of the Board of Trustees

2

Management Discussion of Fund Performance

4  :: Management Discussion of Fund Performance (unaudited)

Investment Strategies and Techniques:

Each ProFund (each, a "Fund" and, collectively, the "Funds"), except for the Classic ProFunds¹, Falling U.S. Dollar ProFund, and Bitcoin Strategy ProFund seeks daily investment results, before fees and expenses, that correspond to the daily performance of a benchmark, such as the daily performance of an index or security, or a multiple, the inverse, or an inverse multiple of the daily performance of an underlying index or security (each such index or security, a "benchmark") for a single day, not for any other period.

Each of the Classic ProFunds and the Falling U.S. Dollar ProFund are designed to match, before fees and expenses, the performance of an underlying benchmark (each, a "Matching Fund" and, collectively, the "Matching Funds").

The Bitcoin Strategy ProFund seeks returns, before fees and expenses, similar to an investment in bitcoin. The Bitcoin Strategy ProFund seeks capital appreciation primarily through its investment in bitcoin futures contracts exposure.

All other ProFunds are "geared" funds (each, a "Geared Fund" and, collectively, the "Geared Funds"). Each Geared Fund seeks daily investment results, before fees and expenses, that correspond to a multiple (i.e., 1.25x, 1.5x or 2x), the inverse (i.e., -1x), or an inverse multiple (i.e., -1.25x or -2x) of the daily performance of an underlying benchmark. This means that Geared Funds seek daily investment results, before fees and expenses, for a single day only, not for any other period. A "single day" is measured from the time a Geared Fund calculates its net asset value ("NAV") to the time of the Geared Fund's next NAV calculation, not for longer periods. The return of a Geared Fund for periods longer than a single day will be the result of its return for each day compounded over the period. A Geared Fund's returns for periods long than a single day will very likely differ in amount, and possibly even direction, from the Geared Fund's stated leveraged (i.e. 1.25x, 1.5x, or 2x), inverse (-1x), or inverse leveraged (i.e. -1.25x or -2x) multiple times the return of the Geared Fund's benchmark for the same period. During periods of higher market volatility, the volatility of the benchmark may affect the Geared Fund's return as much as or more than the return of the benchmark.

ProFund Advisors LLC ("PFA"), the Funds' investment advisor, uses a passive approach in seeking to achieve the investment objective of each Fund. Using this approach, PFA determines the type, quantity and mix of investment positions that it believes, in combination, a Fund should hold to produce daily returns consistent with such Fund's investment objective.

In managing the assets of the Funds, PFA does not invest the assets of the Funds in securities or financial instruments based on its view of the investment merit of a particular security, instrument, or company nor does PFA conduct conventional research or analysis; forecast market movements, trends or market conditions; or take defensive positions.

The Funds (other than Europe 30 ProFund, Large-Cap Growth ProFund, Large-Cap Value ProFund, Mid-Cap Growth ProFund, Mid-Cap Value ProFund, Small-Cap Growth ProFund, and Small-Cap Value ProFund) make significant use of investment techniques that may be considered aggressive, including the use of swap agreements, futures contracts, forward contracts, and similar instruments (collectively, "derivatives"). Funds using derivatives are exposed to risks different from, or possibly greater than, the risks associated with investing directly in securities, including one or more of the following: counterparty risk (i.e., the risk that a counterparty is unable or unwilling to make timely payments) on the amount the Fund expects to receive from a derivatives counterparty, liquidity risk (i.e., the ability of a Fund to acquire or dispose of certain holdings quickly or at prices that represent true market value in the judgment of PFA) and increased correlation risk (i.e., the Fund's ability to achieve a high degree of correlation with its benchmark). If a counterparty becomes bankrupt, or fails to perform its obligations, the value of an investment in the Fund may decline. With respect to swaps and forward contracts, the Funds have sought to mitigate these risks by generally requiring derivatives counterparties to post collateral for the benefit of each Fund, marked to market daily, in an amount approximately equal to the amount the counterparty owes the Fund, subject to certain minimum thresholds. The Funds typically enter into derivatives with counterparties that are major, global financial institutions. Any costs associated with using derivatives may also have the effect of lowering the Fund's return.

Factors that Materially Affected the Performance of Each Fund during the Fiscal Year Ended July 31, 2021²:

Primary factors affecting Fund performance, before fees and expenses, include the following: the total return of the securities and derivatives (if any) held by a Fund, including the performance of the reference assets to which any derivatives are linked, financing rates paid or earned by a Fund associated with cash and, in certain cases, derivative positions; stock dividends, premiums and bond yields paid or earned by a Fund (including those included in the total return of derivatives contracts); the types of derivative contracts used by a Fund and their correlation to the relevant benchmark or asset fees, expenses, and transaction costs; other miscellaneous factors; and in the case of the Geared Funds, the volatility of the Fund's benchmark (and its impact on compounding).

· Benchmark Performance: The performance of each Fund's benchmark and, in turn, the factors and market conditions affecting that benchmark are principal factors driving Fund performance.³

· Compounding of Daily Returns and Volatility: Each Geared Fund seeks daily investment results, before fees and expenses,

¹ ProFunds included as Classic ProFunds are listed in Note 1 of the Notes to Financial Statements.

² Past performance is not a guarantee of future results.

³ Unlike the Funds, indexes that may serve as benchmarks for the Funds do not actually hold a portfolio of securities and/or financial instruments. Indexes do not incur fees, expenses, and transaction costs. Fees, expenses, and transaction costs incurred by the Funds negatively impact the performance of the Funds relative to their benchmark. Performance for each Fund will generally differ from the performance of the Fund's benchmark index.

Management Discussion of Fund Performance (unaudited) :: 5

that correspond to the performance of a daily benchmark such as the multiple (i.e., 1.25x, 1.5x, or 2x), the inverse (i.e., -1x) or an inverse multiple (i.e., -1.25x or 2x) of its benchmark return for a single day only, not for any other period. Daily rebalancing and the compounding of each day's return over time means that the return of a Fund for a period longer than a single day will be the result of each day's returns compounded over the period, which will very likely differ in amount, and possibly even direction, from a Fund's one-day multiple times the return of the benchmark for the same period, before accounting for fees and expenses. Compounding affects all investments but has a more significant impact on a Geared Fund. In general, during periods of higher benchmark volatility, compounding will usually cause Fund performance for periods longer than a single day to differ in amount, and possibly even direction, from the multiple of the return of the benchmark. This effect becomes more pronounced as volatility increases. Conversely, in periods of lower benchmark volatility (particularly when combined with higher benchmark returns), Fund returns over longer periods can be higher than the multiple of the return of the benchmark. Actual results for a particular period, before fees and expenses, are also dependent on the following factors: a) period of time; b) financing rates associated with the use of derivatives; c) other Fund expenses; and d) dividends and interest paid with respect to the securities in the benchmark, e) the benchmark's volatility; and f) the benchmark's performance. Longer holding periods, higher benchmark volatility, inverse exposure and/or greater leverage each exacerbates the impact of compounding on a Fund's performance. During periods of higher benchmark volatility, the volatility of a benchmark may affect a Fund's return as much as or more than the return of its benchmark.

Daily volatility for the U.S. equity markets increased from a year ago. The volatility for the S&P 500^® for the year ended July 31, 2021 was 15.07%, which was lower than the prior year's volatility of 33.93%. The volatility of each Geared Fund benchmark is shown below:

Index	1 yr Vol.
Dow Jones U.S. Select Oil Equipment & ServicesSM Index		50.33	%
Dow Jones U.S. Oil & GasSM Index		35.95	%
Dow Jones Precious MetalsSM Index		35.39	%
S&P/BNY Mellon China Select ADR Index (USD)		33.34	%
Dow Jones U.S. SemiconductorsSM Index		30.85	%
Dow Jones U.S. BanksSM Index		29.71	%
S&P/BNY Mellon Latin America 35 ADR Index (USD)		28.87	%
S&P SmallCap 600® Value Index		25.61	%
Dow Jones Internet CompositeSM Index		24.99	%
S&P/BNY Mellon Emerging 50 ADR Index (USD)		23.89	%
Dow Jones U.S. TechnologySM Index		23.58	%
Russell 2000® Index		22.72	%
Nasdaq-100® Index		22.14	%
S&P SmallCap 600® Growth Index		21.77	%
S&P MidCap 400® Value Index		21.64	%
Dow Jones U.S. Basic MaterialsSM Index		21.60	%
S&P Communication Services Select Sector® Index		19.15	%
S&P MidCap 400®		19.05	%
Dow Jones U.S. BiotechnologySM Index		18.75	%
S&P 500® Growth Index		18.66	%
S&P MidCap 400® Growth Index		18.63	%
Dow Jones U.S. FinancialsSM Index		18.36	%
ProFunds Europe 30® Index		18.27	%
Nikkei 225 Stock Average		17.21	%
Ryan Labs Returns Treasury Yield Curve 30 Year Index		16.89	%
Dow Jones U.S. Real EstateSM Index		16.80	%
Dow Jones U.S. IndustrialsSM Index		16.65	%
Dow Jones U.S. Consumer ServicesSM Index		16.53	%
Dow Jones U.S. UtilitiesSM Index		16.38	%
Dow Jones U.S. Consumer GoodsSM Index		16.23	%
S&P 500®		15.07	%
Dow Jones U.S. Select PharmaceuticalsSM Index		15.05	%
S&P 500® Value Index		14.98	%
Dow Jones Industrial Average®		14.36	%
Dow Jones U.S. Health CareSM Index		14.18	%
Dow Jones U.S. Select TelecommunicationsSM Index		13.50	%
MSCI EAFE Index®		13.10	%
Ryan Labs Returns Treasury Yield Curve 10 Year Index		6.16	%
U.S. Dollar Index		5.26	%

6 :: Management Discussion of Fund Performance (unaudited)

• Financing Rates Associated with Swap Agreements and Forward Contracts: The performance of Funds that use swap agreements and forward contracts was impacted by financing costs associated with the derivatives. Financial instruments such as futures contracts carry implied financing costs. Swap financing rates are negotiated between the Funds and their counterparties, and are typically set at the one-week/one-month London Interbank Offered Rate ("LIBOR") plus or minus a negotiated spread. The one-week LIBOR decreased from 0.11% to 0.09% during the fiscal year. The one-month LIBOR also decreased during the fiscal year from 0.15% to 0.09%. Each Fund with long exposure to its benchmark was generally negatively affected by financing rates. Conversely, each Fund with short/inverse exposure generally benefited from financing rates. In certain market environments, LIBOR adjusted by the spread may result in a Fund with short/inverse exposure also being negatively affected by financing rates.

• Stock Dividends and Bond Yields: The performance of Funds that provide long or leveraged long exposure was positively impacted by capturing the dividend, premium, or income yield of the underlying assets to which they have exposure. The performance of Funds that provide an inverse or leveraged inverse exposure was negatively impacted by virtue of effectively having to pay out the dividend, premium, or income yield (or a multiple thereof, as applicable) associated with the assets to which they have short exposure.

• Fees, Expenses, and Transaction Costs: Fees and expenses are listed in the financial statements of each Fund and may generally be higher and thus have a more negative impact on performance than compared to many traditional index-based funds. For Geared Funds, daily repositioning of each Fund's portfolio so that its exposure to its benchmark is consistent with the Fund's daily investment objective, high levels of shareholder purchase and redemption activity, and use of leverage may lead to commensurate increases in portfolio transactions and transaction costs which negatively impact the daily NAV of each Fund. Transaction costs are not reflected in the Funds' expense ratio. Transaction costs are generally higher for Funds whose benchmarks are more volatile, have a larger daily multiple of its benchmark's return, that seek to return an inverse or inverse multiple of its benchmark's return, that invest in foreign securities, and for Funds that hold or have exposure to assets that are comparatively less liquid than other Funds.

• Miscellaneous Factors: Each Fund holds a mix of securities and/or derivatives that is designed to provide returns that correspond to the performance of its investment objective. Certain Funds may obtain exposure to only a representative sample of the securities of their benchmark and may not have investment exposure to all securities of the benchmark or may have weightings that are different from that of its benchmark. Certain Funds may also obtain exposure to securities not contained in the relevant benchmark or in financial instruments, with the intent of obtaining exposure with aggregate characteristics similar to those of a multiple of the benchmark.

In addition, certain Funds invested in swap agreements based on exchange-traded funds ("ETFs") that are designed to track the performance of the Fund's benchmark. Because the closing price of an ETF may not perfectly track the performance of its benchmark, there are deviations between the return of a swap whose reference asset is an ETF and the return of a swap based directly on the Fund's benchmark. Thus, the performance of a Fund investing significantly in swap agreements based on an ETF correlated less with its benchmark than a Fund investing in swap agreements based directly on the Fund's benchmark.

Management Discussion of Fund Performance :: (unaudited) :: Access Flex Bear High Yield ProFund :: 7

The Access Flex Bear High Yield ProFund (the "Fund"), formerly the Access Flex Bear High Yield Fund¹, seeks to provide investment results that correspond generally to the inverse (-1x) of the total return of the high yield market, consistent with maintaining reasonable liquidity. However, the Fund does not seek to match the daily returns of a specific benchmark. For the year ended July 31, 2021, the Fund (Investor Class shares) had a total return of -10.50%. For the same period, the Markit iBoxx $ Liquid High Yield Index, a widely used measure of high yield market performance had a total return of 8.75%². The total return for the 5-year U.S. Treasury Note was -1.22%³.

The Fund is designed to maintain inverse exposure to the high yield market, regardless of market conditions. This means the Fund does not adopt defensive positions in anticipation of an adverse market climate. The Fund seeks to achieve its high yield exposure primarily through credit default swaps (CDS) and 5-year treasury exposure but may also invest in high yield debt instruments (commonly referred to as junk bonds), other debt, money market instruments, total return swap agreements and futures contracts.

During the year ended July 31, 2021, the Fund invested in credit default swap agreements and futures contracts as a substitute for shorting high yield bonds. These derivatives generally tracked the performance of their underlying benchmark and benefited from financing costs associated with their use. The Fund entered into credit default swap agreements that were centrally cleared. In a centrally cleared swap agreement, the clearing organization takes on the credit risk of all parties involved in the trade, and in effect, guarantees each party's obligations under the contract. As a result, each party involved in a centrally cleared contract only faces the clearing organization. There can be no assurance that the clearing organization, or its members, will satisfy its obligations to the Fund.

Value of a $10,000 Investment at Net Asset Value*

 

* The line graph represents the historical performance of a hypothetical investment of $10,000 in the Access Flex Bear High Yield ProFund from July 31, 2011 to July 31, 2021, assuming the reinvestment of distributions.

Average Annual Total Return¹ as of 07/31/21

Fund	One Year			Five Year			Ten Year
Investor		-10.50	%		-6.17	%		-9.10	%
Service		-11.38	%		-6.98	%		-9.97	%
Markit iBoxx $ Liquid High Yield Index		8.75	%		6.19	%		5.78	%

Expense Ratios**

Fund	Gross			Net
Investor		5.56	%		1.78	%
Service		6.56	%		2.78	%

** Reflects the expense ratio as reported in the Prospectus dated April 23, 2021. Contractual fee waivers are in effect through November 30, 2022.

Allocation of Portfolio Holdings & Composition

Market Exposure

Investment Type	% of Net Assets
Futures Contracts		(82	)%
Credit Default Swap Agreements		(99	)%

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any instruments used for cash management.

Holdings

The Access Flex Bear High Yield ProFund primarily invests in non-equity securities, which may include: credit default swap agreements, futures contracts, repurchase agreements, U.S. Government and money market securities.

Industry Exposure

	% of Market Exposure (CDS)
Consumer Cyclical		(29	)%
Consumer Non-Cyclical		(16	)%
Financial		(11	)%
Communications		(10	)%
Energy		(9	)%
Industrials		(8	)%
Basic Materials		(6	)%
Utilities		(6	)%
Technology		(5	)%

Past performance does not guarantee future results. Return calculations assume the reinvestment of distributions and do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and net asset value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. The performance above reflects any fee reductions during the applicable periods. If such fee reductions had not occurred, the quoted performance would be lower. To obtain performance current to the most recent month-end, please visit www.ProFunds.com.

¹ On December 10, 2020, the Trust's Board of Trustees approved a plan of reorganization and termination pursuant to which Access Flex Bear High Yield Fund, as formerly known, would reorganize into Access Flex Bear High Yield ProFund. The transaction occurred on April 23, 2021. As part of the plan of reorganization and termination, Access Flex Bear High Yield ProFund adopted a fiscal year end of July 31st, a change from the predecessor Fund's October 31st fiscal year end, creating a nine-month fiscal period. The total return shown in the Management Discussion of Fund Performance is for a full 12 months, 5 years, and 10 years, respectively. The Fund's (Investor Class Shares) total return for the nine-month period from November 1, 2020 to July 31, 2021 was -9.80%.

² The graph and table reflect the theoretical reinvestment of dividends on securities in the Index. The impact of transaction costs and the deduction of fees and expenses associated with a mutual fund, such as investment management and accounting fees, are not reflected in the Index calculations. The Fund's performance reflects the reinvestment of dividends as well as the impact of transaction costs and the deduction of fees and expenses. It is not possible to invest directly in an index.

³ The 5-year U.S. Treasury Note reflects both price return and yield components. It does not reflect the impact of transaction and financing costs, nor the deduction of fees and expenses associated with a mutual fund, such as investment management and accounting fees.

Investments in high yield bonds or in investments linked to the high yield market are subject to greater volatility and greater credit risks than investing in U.S. Treasuries. U.S. Treasury instruments are guaranteed by the U.S. government as to the timely payment of principal and interest, if held to maturity. Both the principal and yield of a mutual fund will fluctuate with changes in market conditions.

The above information is not covered by the Report of the Independent Registered Public Accounting Firm.

8 :: Access Flex High Yield ProFund :: (unaudited)  :: Management Discussion of Fund Performance

The Access Flex High Yield ProFund (the "Fund"), formerly the Access Flex High Yield Fund¹, seeks to provide investment results that correspond generally to the total return of the high yield market, consistent with maintaining reasonable liquidity. However, the Fund does not seek to match the daily returns of a specific benchmark. For the year ended July 31, 2021, the Fund (Investor Class shares) had a total return of 6.09%. For the same period, the Markit iBoxx $ Liquid High Yield Index, a widely used measure of high yield market performance, had a total return of 8.75%². The total return for the 5-year U.S. Treasury Note was -1.22%³.

The Fund is designed to maintain exposure to the high yield market, regardless of market conditions. This means the Fund does not adopt defensive positions in anticipation of an adverse market climate. The Fund seeks to achieve its high yield exposure primarily through credit default swaps (CDS) and 5-year treasury exposure but may also invest in high yield debt instruments (commonly referred to as junk bonds), other debt, money market instruments, total return swap agreements and futures contracts.

During the year ended July 31, 2021, the Fund invested in credit default swap agreements and futures contracts as a substitute for investing directly in high yield bonds. These derivatives generally tracked the performance of their underlying benchmark and were negatively impacted by financing costs associated with their use. The Fund entered into credit default swap agreements that were centrally cleared. In a centrally cleared swap agreement, the clearing organization takes on the credit risk of all parties involved in the trade, and in effect, guarantees each party's obligations under the contract. As a result, each party involved in a centrally cleared contract only faces the clearing organization. There can be no assurance that the clearing organization, or its members, will satisfy its obligations to the Fund.

Value of a $10,000 Investment at Net Asset Value*

* The line graph represents the historical performance of a hypothetical investment of $10,000 in the Access Flex High Yield ProFund from July 31, 2011 to July 31, 2021, assuming the reinvestment of distributions.

Average Annual Total Return¹ as of 07/31/21

Fund	One Year			Five Year			Ten Year
Investor		6.09	%		3.64	%		4.66	%
Service		5.06	%		2.62	%		3.63	%
Markit iBoxx $ Liquid High Yield Index		8.75	%		6.19	%		5.78	%

Expense Ratios**

Fund	Gross			Net
Investor		2.07	%		1.78	%
Service		3.07	%		2.78	%

** Reflects the expense ratio as reported in the Prospectus dated April 23, 2021. Contractual fee waivers are in effect through November 30, 2022.

Allocation of Portfolio Holdings & Composition

Investment Type	% of Net Assets
U.S. Treasury Obligation		67	%
Futures Contracts		1	%
Credit Default Swap Agreements		84	%

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any instruments used for cash management.

Holdings

The Access Flex High Yield ProFund primarily invests in non-equity securities, which may include: credit default swap agreements, futures contracts, repurchase agreements, U.S. Government and money market securities.

Industry Exposure

	% of Market Exposure (CDS)
Consumer Cyclical		29	%
Consumer Non-Cyclical		16	%
Financial		11	%
Communications		10	%
Energy		9	%
Industrials		8	%
Basic Materials		6	%
Utilities		6	%
Technology		5	%

Past performance does not guarantee future results. Return calculations assume the reinvestment of distributions and do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and net asset value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. The performance above reflects any fee reductions during the applicable periods. If such fee reductions had not occurred, the quoted performance would be lower. To obtain performance current to the most recent month-end, please visit www.ProFunds.com.

¹ On December 10, 2020, the Trust's Board of Trustees approved a plan of reorganization and termination pursuant to which Access Flex High Yield Fund, as formerly known, would reorganize into Access Flex High Yield ProFund. The transaction occurred on April 23, 2021. As part of the plan of reorganization and termination, Access Flex High Yield ProFund adopted a fiscal year end of July 31st, a change from the predecessor Fund's October 31st fiscal year end, creating a nine-month fiscal period. The total return shown in the Management Discussion of Fund Performance is for a full 12 months, 5 years, and 10 years, respectively. The Fund's (Investor Class Shares) total return for the nine-month period from November 1, 2020 to July 31, 2021 was 6.63%.

² The graph and table reflect the theoretical reinvestment of dividends on securities in the Index. The impact of transaction costs and the deduction of fees and expenses associated with a mutual fund, such as investment management and accounting fees, are not reflected in the Index calculations. The Fund's performance reflects the reinvestment of dividends as well as the impact of transaction costs and the deduction of fees and expenses. It is not possible to invest directly in an index.

³ The 5-year U.S. Treasury Note reflects both price return and yield components. It does not reflect the impact of transaction and financing costs, nor the deduction of fees and expenses associated with a mutual fund, such as investment management and accounting fees.

Investments in high yield bonds or in investments linked to the high yield market are subject to greater volatility and greater credit risks than investing in U.S. Treasuries. U.S. Treasury instruments are guaranteed by the U.S. government as to the timely payment of principal and interest, if held to maturity. Both the principal and yield of a mutual fund will fluctuate with changes in market conditions.

The above information is not covered by the Report of the Independent Registered Public Accounting Firm.

Management Discussion of Fund Performance (unaudited) :: Banks UltraSector ProFund :: 9

Banks UltraSector ProFund (the "Fund") seeks daily investment results, before fees and expenses, that correspond to one and one-half times (1.5x) the return of the Dow Jones U.S. Banks^SM Index (the "Index") for a single day, not for any other period. A "single day" is measured from the time the Fund calculates its net asset value ("NAV") to the time of the Fund's next NAV calculation. The return of the Fund for periods longer than a single day will be the result of its return for each day compounded over the period. The Fund's returns for periods longer than a single day will very likely differ in amount, and possibly even direction, from the Fund's stated multiple (1.5x) times the return of the Index for the same period. For periods longer than a single day, the Fund will lose money if the Index's performance is flat, and it is possible that the Fund will lose money even if the level of the Index rises. For the year ended July 31, 2021, the Fund (Investor Class Shares) had a total return of 99.16%. For the same period, the Index had a total return of 64.15%¹ and a volatility of 29.71%. For the year, the Fund achieved an average daily statistical correlation of over 0.99 to one and one-half times the daily performance of the Index.²

The Fund takes positions in financial instruments that, in combination, should have similar daily return characteristics as one and one-half times the daily return of the Index. The Index measures the performance of the banking sector of the U.S. equity market. Component companies include, among others, regional and major U.S. domiciled banks engaged in a wide range of financial services, including retail banking, loans, and money transmissions.

During the year ended July 31, 2021, the Fund invested in swap agreements as a substitute for investing directly in stocks in order to gain leveraged exposure to the Index. These derivatives generally tracked the performance of their underlying benchmark and were negatively impacted by financing costs associated with their use. The Fund entered into swap agreements with counterparties that the Fund's advisor determined to be major, global financial institutions. If a counterparty becomes insolvent or otherwise fails to perform on its obligations, the value of investments in the Fund may decline. The Fund has sought to mitigate this risk by generally requiring counterparties to post collateral for the benefit of the Fund, marked to market daily, in an amount approximately equal to the amount the counterparty owed to the Fund, subject to certain minimum thresholds.

Value of a $10,000 Investment at Net Asset Value*

* The line graph represents the historical performance of a hypothetical investment of $10,000 in the Banks UltraSector ProFund from July 31, 2011 to July 31, 2021, assuming the reinvestment of distributions.

Average Annual Total Return as of 7/31/21

Fund	One Year			Five Year			Ten Year
Investor		99.16	%		16.09	%		13.57	%
Service		97.08	%		14.91	%		12.43	%
Dow Jones U.S. BanksSM Index		64.15	%		15.31	%		12.97	%
S&P 500®		36.45	%		17.35	%		15.35	%

Expense Ratios**

Fund	Gross			Net
Investor		1.72	%		1.72	%
Service		2.72	%		2.72	%

** Reflects the expense ratio as reported in the Prospectus dated November 30, 2020. Contractual fee waivers are in effect through November 30, 2021. See Financial Highlights for effective expense ratios.

Allocation of Portfolio Holdings & Index Composition

Market Exposure

Investment Type	% of Net Assets
Equity Securities		74	%
Swap Agreements		76	%
Total Exposure		150	%

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any instruments used for cash management.

Largest Equity Holdings

Company	% of Net Assets
JPMorgan Chase & Co.		20.6	%
Bank of America Corp.		12.9	%
Wells Fargo & Co.		8.5	%
Citigroup, Inc.		6.3	%
The PNC Financial Services Group, Inc.		3.5	%

Dow Jones U.S. Banks^SM Index – Composition

	% of Index
Diversified Banks		70	%
Regional Banks		30	%

Past performance does not guarantee future results. Return calculations assume the reinvestment of distributions and do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and NAV will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. The performance above reflects any fee reductions during the applicable periods. If such fee reductions had not occurred, the quoted performance would be lower. To obtain performance current to the most recent month-end, please visit www.ProFunds.com.

¹ The graph and table reflect the theoretical reinvestment of dividends on securities in the Indexes. The impact of transaction costs and the deduction of fees and expenses associated with a mutual fund, such as investment management and accounting fees, are not reflected in calculations of the indexes. The Fund's performance reflects the reinvestment of dividends as well as the impact of transaction costs and the deduction of fees and expenses. It is not possible to invest directly in an index.

² 1.00 equals perfect correlation. This calculation is based on the daily total return of the Index and the performance of the daily total return of the NAV per share of the Fund.

³ The S&P 500^® is an unmanaged index that consists of the common stocks of 500 major U.S. corporations selected for their size and the frequency and ease with which their stocks trade.

The above information is not covered by the Report of the Independent Registered Public Accounting Firm.

10 :: Basic Materials UltraSector ProFund  :: Management Discussion of Fund Performance (unaudited)

Basic Materials UltraSector ProFund (the "Fund") seeks daily investment results, before fees and expenses, that correspond to one and one-half times (1.5x) the return of the Dow Jones U.S. Basic Materials^SM Index (the "Index") for a single day, not for any other period. A "single day" is measured from the time the Fund calculates its net asset value ("NAV") to the time of the Fund's next NAV calculation. The return of the Fund for periods longer than a single day will be the result of its return for each day compounded over the period. The Fund's returns for periods longer than a single day will very likely differ in amount, and possibly even direction, from the Fund's stated multiple (1.5x) times the return of the Index for the same period. For periods longer than a single day, the Fund will lose money if the Index's performance is flat, and it is possible that the Fund will lose money even if the level of the Index rises. For the year ended July 31, 2021, the Fund (Investor Class Shares) had a total return of 61.04%. For the same period, the Index had a total return of 41.31%¹ and a volatility of 21.60%. For the year, the Fund achieved an average daily statistical correlation of over 0.99 to one and one-half times the daily performance of the Index.²

The Fund takes positions in financial instruments that, in combination, should have similar daily return characteristics as one and one-half times the daily return of the Index. The Index measures the performance of the basic materials sector of the U.S. equity market. Component companies are involved in the production of aluminum, steel, non-ferrous metals, commodity chemicals, specialty chemicals, forest products, paper products, as well as the mining of precious metals and coal.

During the year ended July 31, 2021, the Fund invested in swap agreements as a substitute for investing directly in stocks in order to gain leveraged exposure to the Index. These derivatives generally tracked the performance of their underlying benchmark and were negatively impacted by financing costs associated with their use. The Fund entered into swap agreements with counterparties that the Fund's advisor determined to be major, global financial institutions. If a counterparty becomes insolvent or otherwise fails to perform on its obligations, the value of investments in the Fund may decline. The Fund has sought to mitigate this risk by generally requiring counterparties to post collateral for the benefit of the Fund, marked to market daily, in an amount approximately equal to the amount the counterparty owed to the Fund, subject to certain minimum thresholds.

Value of a $10,000 Investment at Net Asset Value*

* The line graph represents the historical performance of a hypothetical investment of $10,000 in the Basic Materials UltraSector ProFund from July 31, 2011 to July 31, 2021, assuming the reinvestment of distributions.

Average Annual Total Return as of 7/31/21

Fund	One Year			Five Year			Ten Year
Investor		61.04	%		14.23	%		7.20	%
Service		59.44	%		13.09	%		6.13	%
Dow Jones U.S. Basic MaterialsSM Index		41.31	%		12.98	%		7.98	%
S&P 500®		36.45	%		17.35	%		15.35	%

Expense Ratios**

Fund	Gross			Net
Investor		2.43	%		1.78	%
Service		3.43	%		2.78	%

** Reflects the expense ratio as reported in the Prospectus dated November 30, 2020. Contractual fee waivers are in effect through November 30, 2021. See Financial Highlights for effective expense ratios.

Allocation of Portfolio Holdings & Index Composition

Market Exposure

Investment Type	% of Net Assets
Equity Securities		75	%
Swap Agreements		75	%
Total Exposure		150	%

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any instruments used for cash management.

Largest Equity Holdings

Company	% of Net Assets
Linde PLC		14.5	%
Air Products & Chemicals, Inc.		5.8	%
Freeport-McMoRan, Inc.		5.0	%
Ecolab, Inc.		5.0	%
Newmont Corp.		4.5	%

Dow Jones U.S. Basic Materials^SM Index – Composition

	% of Index
Chemicals		100	%

Past performance does not guarantee future results. Return calculations assume the reinvestment of distributions and do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and NAV will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. The performance above reflects any fee reductions during the applicable periods. If such fee reductions had not occurred, the quoted performance would be lower. To obtain performance current to the most recent month-end, please visit www.ProFunds.com.

¹ The graph and table reflect the theoretical reinvestment of dividends on securities in the Indexes. The impact of transaction costs and the deduction of fees and expenses associated with a mutual fund, such as investment management and accounting fees, are not reflected in calculations of the indexes. The Fund's performance reflects the reinvestment of dividends as well as the impact of transaction costs and the deduction of fees and expenses. It is not possible to invest directly in an index.

² 1.00 equals perfect correlation. This calculation is based on the daily total return of the Index and the performance of the daily total return of the NAV per share of the Fund.

³ The S&P 500^® is an unmanaged index that consists of the common stocks of 500 major U.S. corporations selected for their size and the frequency and ease with which their stocks trade.

The above information is not covered by the Report of the Independent Registered Public Accounting Firm.

Management Discussion of Fund Performance (unaudited) :: Bear ProFund :: 11

Bear ProFund (the "Fund") seeks daily investment results, before fees and expenses, that correspond to the inverse (-1x) of the return of the S&P 500^® (the "Index") for a single day, not for any other period. A "single day" is measured from the time the Fund calculates its net asset value ("NAV") to the time of the Fund's next NAV calculation. The return of the Fund for periods longer than a single day will be the result of its return for each day compounded over the period. The Fund's returns for periods longer than a single day will very likely differ in amount, and possibly even direction from the Fund's stated multiple (-1x) times the return of the Index for the same period. For periods longer than a single day, the Fund will lose money if the Index's performance is flat, and it is possible that the Fund will lose money even if the level of the index falls. For the year ended July 31, 2021, the Fund (Investor Class Shares) had a total return of -29.33%. For the same period, the Index had a total return of 36.45%¹ and a volatility of 15.07%. For the year, the Fund achieved an average daily statistical correlation of over 0.99 to the inverse of the daily performance of the Index.²

The Fund takes positions in derivatives that, in combination, should have similar daily return characteristics as the inverse of the daily return of the Index. The Index is a measure of large-cap U.S. stock market performance. It is a float-adjusted, market capitalization-weighted index of 500 U.S. operating companies and real estate investment trusts selected through a process that factors in criteria such as liquidity, price, market capitalization, and financial viability. Reconstitution occurs both on a quarterly and an ongoing basis.

During the year ended July 31, 2021, the Fund invested in swap agreements and futures contracts as a substitute for shorting stocks in order to gain inverse exposure to the Index. These derivatives generally tracked the performance of their underlying benchmark and benefitted from financing costs associated with their use. The Fund entered into swap agreements with counterparties that the Fund's advisor determined to be major, global financial institutions. If a counterparty becomes insolvent or otherwise fails to perform on its obligations, the value of investments in the Fund may decline. The Fund has sought to mitigate this risk by generally requiring counterparties to post collateral for the benefit of the Fund, marked to market daily, in an amount approximately equal to the amount the counterparty owed to the Fund, subject to certain minimum thresholds.

Value of a $10,000 Investment at Net Asset Value*

* The line graph represents the historical performance of a hypothetical investment of $10,000 in the Bear ProFund from July 31, 2011 to July 31, 2021, assuming the reinvestment of distributions.

Average Annual Total Return as of 7/31/21

Fund	One Year			Five Year			Ten Year
Investor		-29.33	%		-17.31	%		-16.30	%
Service		-30.07	%		-18.14	%		-17.13	%
S&P 500®		36.45	%		17.35	%		15.35	%

Expense Ratios**

Fund	Gross			Net
Investor		1.86	%		1.78	%
Service		2.86	%		2.78	%

** Reflects the expense ratio as reported in the Prospectus dated November 30, 2020. Contractual fee waivers are in effect through November 30, 2021. See Financial Highlights for effective expense ratios.

Allocation of Portfolio Holdings & Index Composition

Market Exposure

Investment Type	% of Net Assets
Futures Contracts		(17	)%
Swap Agreements		(83	)%
Total Exposure		(100	)%

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any instruments used for cash management.

Holdings

The Bear ProFund primarily invests in non-equity securities, which may include: swap agreements, futures contracts, options, forward contracts, repurchase agreements and U.S. Government securities.

S&P 500^® – Composition

	% of Index
Information Technology		28	%
Health Care		13	%
Consumer Discretionary		12	%
Communication Services		11	%
Financials		11	%
Industrials		8	%
Consumer Staples		6	%
Real Estate		3	%
Materials		3	%
Energy		3	%
Utilities		2	%

Past performance does not guarantee future results. Return calculations assume the reinvestment of distributions and do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and NAV will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. The performance above reflects any fee reductions during the applicable periods. If such fee reductions had not occurred, the quoted performance would be lower. To obtain performance current to the most recent month-end, please visit www.ProFunds.com.

¹ The graph and table reflect the theoretical reinvestment of dividends on securities in the Index. The impact of transaction costs and the deduction of fees and expenses associated with a mutual fund, such as investment management and accounting fees, are not reflected in the index calculations. The Fund's performance reflects the reinvestment of dividends as well as the impact of transaction costs and the deduction of fees and expenses. It is not possible to invest directly in an index.

² 1.00 equals perfect correlation. This calculation is based on the daily total return of the Index and the performance of the daily total return of the NAV per share of the Fund.

The above information is not covered by the Report of the Independent Registered Public Accounting Firm.

12 :: Biotechnology UltraSector ProFund  :: Management Discussion of Fund Performance (unaudited)

Biotechnology UltraSector ProFund (the "Fund") seeks daily investment results, before fees and expenses, that correspond to one and one-half times (1.5x) the return of the Dow Jones U.S. Biotechnology^SM Index (the "Index") for a single day, not for any other period. A "single day" is measured from the time the Fund calculates its net asset value ("NAV") to the time of the Fund's next NAV calculation. The return of the Fund for periods longer than a single day will be the result of its return for each day compounded over the period. The Fund's return for periods longer than a single day will very likely differ in amount, and possibly even direction, from the Fund's stated multiple (1.5x) times the return of the Index for the same period. For periods longer than a single day, the Fund will lose money if the Index's performance is flat, and it is possible that the Fund will lose money even if the level of the Index rises. For the year ended July 31, 2021, the Fund (Investor Class Shares) had a total return of 32.02%. For the same period, the Index had a total return of 23.16%¹ and a volatility of 18.75%. For the year, the Fund achieved an average daily statistical correlation of over 0.99 to one and one-half times the daily performance of the Index.²

The Fund takes positions in financial instruments that, in combination, should have similar daily return characteristics as one and one-half times the daily return of the Index. The Index measures the performance of the biotechnology sector of the U.S. equity market. Component companies engage in the research and development of biological substances for drug discovery and diagnostic development. These companies derive most of their revenue from the sale or licensing of drugs and diagnostic tools.

During the year ended July 31, 2021, the Fund invested in swap agreements as a substitute for investing directly in stocks in order to gain leveraged exposure to the Index. These derivatives generally tracked the performance of their underlying benchmark and were negatively impacted by financing costs associated with their use. The Fund entered into swap agreements with counterparties that the Fund's advisor determined to be major, global financial institutions. If a counterparty becomes insolvent or otherwise fails to perform on its obligations, the value of investments in the Fund may decline. The Fund has sought to mitigate this risk by generally requiring counterparties to post collateral for the benefit of the Fund, marked to market daily, in an amount approximately equal to the amount the counterparty owed to the Fund, subject to certain minimum thresholds.

Value of a $10,000 Investment at Net Asset Value*

* The line graph represents the historical performance of a hypothetical investment of $10,000 in the Biotechnology UltraSector ProFund from July 31, 2011 to July 31, 2021, assuming the reinvestment of distributions.

Average Annual Total Return as of 7/31/21

Fund	One Year			Five Year			Ten Year
Investor		32.02	%		14.60	%		24.41	%
Service		30.74	%		13.47	%		23.18	%
Dow Jones U.S. BiotechnologySM Index		23.16	%		12.75	%		19.05	%
S&P 500®		36.45	%		17.35	%		15.35	%

Expense Ratios**

Fund	Gross			Net
Investor		1.61	%		1.61	%
Service		2.61	%		2.61	%

** Reflects the expense ratio as reported in the Prospectus dated November 30, 2020. Contractual fee waivers are in effect through November 30, 2021. See Financial Highlights for effective expense ratios.

Allocation of Portfolio Holdings & Index Composition

Market Exposure

Investment Type	% of Net Assets
Equity Securities		76	%
Swap Agreements		74	%
Total Exposure		150	%

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any instruments used for cash management.

Largest Equity Holdings

Company	% of Net Assets
AbbVie, Inc.		13.0	%
Amgen, Inc.		8.8	%
Moderna, Inc.		6.8	%
Gilead Sciences, Inc.		5.4	%
Illumina, Inc.		4.6	%

Dow Jones U.S. Biotechnology^SM Index – Composition

	% of Index
Biotechnology		74	%
Life Sciences Tools & Services		26	%

Past performance does not guarantee future results. Return calculations assume the reinvestment of distributions and do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and NAV will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. The performance above reflects any fee reductions during the applicable periods. If such fee reductions had not occurred, the quoted performance would be lower. To obtain performance current to the most recent month-end, please visit www.ProFunds.com.

¹ The graph and table reflect the theoretical reinvestment of dividends on securities in the Indexes. The impact of transaction costs and the deduction of fees and expenses associated with a mutual fund, such as investment management and accounting fees, are not reflected in calculations of the indexes. The Fund's performance reflects the reinvestment of dividends as well as the impact of transaction costs and the deduction of fees and expenses. It is not possible to invest directly in an index.

² 1.00 equals perfect correlation. This calculation is based on the daily total return of the Index and the performance of the daily total return of the NAV per share of the Fund.

³ The S&P 500^® is an unmanaged index that consists of the common stocks of 500 major U.S. corporations selected for their size and the frequency and ease with which their stocks trade.

The above information is not covered by the Report of the Independent Registered Public Accounting Firm.

Management Discussion of Fund Performance (unaudited) :: Bitcoin Strategy ProFund :: 13

The Bitcoin Strategy ProFund (the "Fund") seeks to provide capital appreciation by investing all or substantially all of its assets through actively managed exposure to bitcoin futures contracts. The Fund does not invest directly in bitcoin. The Fund does not seek to match the daily returns of any specific benchmark. For the period July 28, 2021 (commencement of operations) through July 31, 2021, the Fund (Investor Class Shares) had a total return of -1.20%. For the same period, the CF Bitcoin-Dollar US Settlement Price Index¹ had a total return of -2.65%.²

The Fund will not invest directly in Bitcoin Futures Contracts. The Fund expects to gain exposure to these instruments by investing a portion of its assets in the ProFunds Bitcoin Strategy Portfolio, a wholly-owned subsidiary of the Fund organized under the laws of the Cayman Islands (the "Subsidiary"). The Subsidiary is advised by the Fund's Advisor. Unlike the Fund, the Subsidiary is not an investment company registered under the Investment Company Act of 1940. The Fund's investment in the Subsidiary is intended to provide the Fund with exposure to commodity markets in accordance with applicable rules and regulations. The Subsidiary has the same investment objective as the Fund.

During the period ended July 31, 2021, the Fund, through its investment in the Subsidiary, invested in CME Bitcoin futures and CME Micro Bitcoin futures contracts.

Value of a $10,000 Investment at Net Asset Value*

* The line graph represents the historical performance of a hypothetical investment of $10,000 in the Bitcoin Strategy ProFund from July 28, 2021 to July 31, 2021, assuming the reinvestment of distributions.

Average Annual Total Return as of 7/31/21

Fund	Since inception*
Investor		-1.20	%
CF Bitcoin-Dollar US Settlement Price Index		-2.65	%

Expense Ratios**

Fund	Gross			Net
Investor		1.47	%		1.15	%

* For the period from July 28, 2021 (commencement of operations) to July 31, 2021.

** Reflects the expense ratio as reported in the Prospectus dated July 28, 2021. Contractual fee waivers are in effect through November 30, 2022. See Financial Highlights for effective expense ratios.

Allocation of Portfolio Holdings

Market Exposure

Investment Type	% of Net Assets
Futures Contracts		99	%
Total Exposure		99	%

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any instruments used for cash management.

Holdings

The Bitcoin Strategy ProFund primarily invests in non-equity securities, which may include: futures contracts, Canadian Exchange Traded Funds, repurchase agreements and reverse repurchase agreements, and U.S. Government securities

Past performance does not guarantee future results. Return calculations assume the reinvestment of distributions and do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and net asset value ("NAV") will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. The performance above reflects any fee reductions during the applicable periods. If such fee reductions had not occurred, the quoted performance would be lower. To obtain performance current to the most recent month-end, please visit www.ProFunds.com.

¹ The CF Bitcoin-Dollar US Settlement Price Index is a once a day benchmark index price for Bitcoin that aggregates trade data from multiple Bitcoin-USD markets operated by major cryptocurrency exchanges that conform to the CF Constituent Exchange Criteria. It is a pre-eminent index price for Bitcoin risk settlement that is synchronized to the traditional US financial market close of 4pm EST. The Index is a Registered Benchmark under UK Benchmarks Regulation "BMR" and as such enjoys equivalence with the EU BMR Regime.

² The impact of transaction costs and the deduction of fees and expenses associated with a mutual fund, such as investment management and accounting fees, are not reflected in calculations of the index. The Fund's performance reflects the reinvestment of dividends as well as the impact of transaction costs and the deduction of fees and expenses. It is not possible to invest directly in an index.

The above information is not covered by the Report of the Independent Registered Public Accounting Firm.

14 :: Bull ProFund :: Management Discussion of Fund Performance (unaudited)

Bull ProFund (the "Fund") seeks investment results, before fees and expenses, that correspond to the return of the S&P 500^® (the "Index"). For the year ended July 31, 2021, the Fund (Investor Class shares) had a total return of 34.03%. For the same period, the Index had a total return of 36.45%¹ and a volatility of 15.07%. For the year, the Fund achieved an average daily statistical correlation of over 0.99 to the daily performance of the Index.²

The Fund takes positions in financial instruments that, in combination, should have similar return characteristics as the return of the Index. The Index is a measure of large-cap U.S. stock market performance. It is a float-adjusted, market capitalization-weighted index of 500 U.S. operating companies and real estate investment trusts selected through a process that factors in criteria such as liquidity, price, market capitalization, and financial viability. Reconstitution occurs both on a quarterly and an ongoing basis.

During the year ended July 31, 2021, the Fund invested in swap agreements and futures contracts as a substitute for investing directly in stocks in order to gain exposure to the Index. These derivatives generally tracked the performance of their underlying benchmark and were negatively impacted by financing costs associated with their use. The Fund entered into swap agreements with counterparties that the Fund's advisor determined to be major, global financial institutions. If a counterparty becomes insolvent or otherwise fails to perform on its obligations, the value of investments in the Fund may decline. The Fund has sought to mitigate this risk by generally requiring counterparties to post collateral for the benefit of the Fund, marked to market daily, in an amount approximately equal to the amount the counterparty owed to the Fund, subject to certain minimum thresholds.

Value of a $10,000 Investment at Net Asset Value*

* The line graph represents the historical performance of a hypothetical investment of $10,000 in the Bull ProFund from July 31, 2011 to July 31, 2021, assuming the reinvestment of distributions.

Average Annual Total Return as of 7/31/21

Fund	One Year			Five Year			Ten Year
Investor		34.03	%		15.13	%		13.14	%
Service		32.73	%		13.99	%		12.02	%
S&P 500®		36.45	%		17.35	%		15.35	%

Expense Ratios**

Fund	Gross			Net
Investor		1.63	%		1.63	%
Service		2.63	%		2.63	%

** Reflects the expense ratio as reported in the Prospectus dated November 30, 2020. Contractual fee waivers are in effect through November 30, 2021. See Financial Highlights for effective expense ratios.

Allocation of Portfolio Holdings & Index Composition

Market Exposure

Investment Type	% of Net Assets
Equity Securities		64	%
Futures Contracts		6	%
Swap Agreements		30	%
Total Exposure		100	%

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any instruments used for cash management or collateral for securities loaned.

Largest Equity Holdings

Company	% of Net Assets
Apple, Inc.		3.9	%
Microsoft Corp.		3.7	%
Alphabet, Inc.		2.7	%
Amazon.com, Inc.		2.5	%
Facebook, Inc.		1.5	%

S&P 500^® – Composition

	% of Index
Information Technology		28	%
Health Care		13	%
Consumer Discretionary		12	%
Communication Services		11	%
Financials		11	%
Industrials		8	%
Consumer Staples		6	%
Real Estate		3	%
Materials		3	%
Energy		3	%
Utilities		2	%

Past performance does not guarantee future results. Return calculations assume the reinvestment of distributions and do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and net asset value ("NAV") will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. The performance above reflects any fee reductions during the applicable periods. If such fee reductions had not occurred, the quoted performance would be lower. To obtain performance current to the most recent month-end, please visit www.ProFunds.com.

¹ The graph and table reflect the theoretical reinvestment of dividends on securities in the Index. The impact of transaction costs and the deduction of fees and expenses associated with a mutual fund, such as investment management and accounting fees, are not reflected in the index calculations. The Fund's performance reflects the reinvestment of dividends as well as the impact of transaction costs and the deduction of fees and expenses. It is not possible to invest directly in an index.

² 1.00 equals perfect correlation. This calculation is based on the daily total return of the Index and the performance of the daily total return of the NAV per share of the Fund.

The above information is not covered by the Report of the Independent Registered Public Accounting Firm.

Management Discussion of Fund Performance (unaudited) :: Communication Services UltraSector ProFund :: 15

Communication Services UltraSector ProFund (the "Fund") seeks daily investment results, before fees and expenses, that correspond to one and one-half times (1.5x) the return of the S&P Communication Services Select Sector^® Index¹ (the "Index") for a single day, not for any other period. A "single day" is measured from the time the Fund calculates its net asset value ("NAV") to the time of the Fund's next NAV calculation. The return of the Fund for periods longer than a single day will be the result of its return for each day compounded over the period. The Fund's return for periods longer than a single day will very likely differ in amount, and possibly even direction, from the Fund's stated multiple (1.5x) times the return of the Index for the same period. For periods longer than a single day, the Fund will lose money if the Index's performance is flat, and it is possible that the Fund will lose money even if the level of the Index rises. For the year ended July 31, 2021, the Fund (Investor Class Shares) had a total return of 65.05%. For the same period, the Index had a total return of 43.10%¹ and a volatility of 19.15%. For the year, the Fund achieved an average daily statistical correlation of over 0.99 to one and one-half times the daily performance of the Index.²

The Fund takes positions in financial instruments that, in combination, should have similar daily return characteristics as one and one-half times the daily return of the Index. The Index measures the performance of the communication services industry group of the S&P 500^®. The Index includes equity securities of companies from the following industries: diversified telecommunications services; wireless telecommunications services; media; entertainment; and interactive media & services.

During the year ended July 31, 2021, the Fund invested in swap agreements as a substitute for investing directly in stocks in order to gain leveraged exposure to the Index. These derivatives generally tracked the performance of their underlying benchmark and were negatively impacted by financing costs associated with their use. The Fund entered into swap agreements with counterparties that the Fund's advisor determined to be major, global financial institutions. If a counterparty becomes insolvent or otherwise fails to perform on its obligations, the value of investments in the Fund may decline. The Fund has sought to mitigate this risk by generally requiring counterparties to post collateral for the benefit of the Fund, marked to market daily, in an amount approximately equal to the amount the counterparty owed to the Fund, subject to certain minimum thresholds.

Value of a $10,000 Investment at Net Asset Value*

* The line graph represents the historical performance of a hypothetical investment of $10,000 in the Communication Services UltraSector ProFund from July 31, 2011 to July 31, 2021, assuming the reinvestment of distributions.

Average Annual Total Return as of 7/31/21

Fund	One Year			Five Year			Ten Year
Investor		65.05	%		23.83	%		21.54	%
Service		63.43	%		22.60	%		20.32	%
S&P Communication Services Select Sector® Index		43.10	%		19.35	%		18.79	%
S&P 500®		36.45	%		17.35	%		15.35	%

Expense Ratios**

Fund	Gross			Net
Investor		2.37	%		1.78	%
Service		3.37	%		2.78	%

** Reflects the expense ratio as reported in the Prospectus dated November 30, 2020. Contractual fee waivers are in effect through November 30, 2021. See Financial Highlights for effective expense ratios.

Allocation of Portfolio Holdings & Index Composition

Market Exposure

Investment Type	% of Net Assets
Equity Securities		75	%
Swap Agreements		76	%
Total Exposure		151	%

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any instruments used for cash management or collateral for securities loaned.

Largest Equity Holdings

Company	% of Net Assets
Alphabet, Inc.		18.4	%
Facebook, Inc.		17.1	%
Comcast Corp.		3.4	%
Charter Communications, Inc.		3.4	%
The Walt Disney Co.		3.3	%

S&P Communication Services Select Sector^SM Index – Composition

	% of Index
Media & Entertainment		86	%
Telecommunication Services		14	%

Past performance does not guarantee future results. Return calculations assume the reinvestment of distributions and do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and NAV will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. The performance above reflects any fee reductions during the applicable periods. If such fee reductions had not occurred, the quoted performance would be lower. To obtain performance current to the most recent month-end, please visit www.ProFunds.com.

¹ The graph and table reflect the theoretical reinvestment of dividends on securities in the Indexes. The impact of transaction costs and the deduction of fees and expenses associated with a mutual fund, such as investment management and accounting fees, are not reflected in calculations of the indexes. The Fund's performance reflects the reinvestment of dividends as well as the impact of transaction costs and the deduction of fees and expenses. It is not possible to invest directly in an index.

² 1.00 equals perfect correlation. This calculation is based on the daily total return of the Index and the performance of the daily total return of the NAV per share of the Fund.

³ The S&P 500^® is an unmanaged index that consists of the common stocks of 500 major U.S. corporations selected for their size and the frequency and ease with which their stocks trade.

The above information is not covered by the Report of the Independent Registered Public Accounting Firm.

16 :: Consumer Goods UltraSector ProFund  :: Management Discussion of Fund Performance (unaudited)

Consumer Goods UltraSector ProFund (the "Fund") seeks daily investment results, before fees and expenses, that correspond to one and one-half times (1.5x) the return of the Dow Jones U.S. Consumer Goods^SM Index (the "Index") for a single day, not for any other period. A "single day" is measured from the time the Fund calculates its net asset value ("NAV") to the time of the Fund's next NAV calculation. The return of the Fund for periods longer than a single day will be the result of its return for each day compounded over the period. The Fund's return for periods longer than a single day will very likely differ in amount, and possibly even direction, from the Fund's stated multiple (1.5x) times the return of the Index for the same period. For periods longer than a single day, the Fund will lose money if the Index's performance is flat, and it is possible that the Fund will lose money even if the level of the Index rises. For the year ended July 31, 2021, the Fund (Investor Class Shares) had a total return of 55.06%. For the same period, the Index had a total return of 36.89%¹ and a volatility of 16.23%. For the year, the Fund achieved an average daily statistical correlation of over 0.99 to one and one-half times the daily performance of the Index.²

The Fund takes positions in financial instruments that, in combination, should have similar daily return characteristics as one and one-half times the daily return of the Index. The Index measures the performance of consumer goods sector of the U.S. equity market. Component companies include, among others, automobiles and auto parts and tires, brewers and distillers, farming and fishing, durable and non-durable household product manufacturers, cosmetic companies, food and tobacco products, clothing accessories, and footwear.

During the year ended July 31, 2021, the Fund invested in swap agreements as a substitute for investing directly in stocks in order to gain leveraged exposure to the Index. These derivatives generally tracked the performance of their underlying benchmark and were negatively impacted by financing costs associated with their use. The Fund entered into swap agreements with counterparties that the Fund's advisor determined to be major, global financial institutions. If a counterparty becomes insolvent or otherwise fails to perform on its obligations, the value of investments in the Fund may decline. The Fund has sought to mitigate this risk by generally requiring counterparties to post collateral for the benefit of the Fund, marked to market daily, in an amount approximately equal to the amount the counterparty owed to the Fund, subject to certain minimum thresholds.

Value of a $10,000 Investment at Net Asset Value*

* The line graph represents the historical performance of a hypothetical investment of $10,000 in the Consumer Goods UltraSector ProFund from July 31, 2011 to July 31, 2021, assuming the reinvestment of distributions.

Average Annual Total Return as of 7/31/21

Fund	One Year			Five Year			Ten Year
Investor		55.06	%		14.66	%		16.65	%
Service		53.53	%		13.53	%		15.50	%
Dow Jones U.S. Consumer GoodsSM Index		36.89	%		12.59	%		13.51	%
S&P 500®		36.45	%		17.35	%		15.35	%

Expense Ratios**

Fund	Gross			Net
Investor		2.08	%		1.78	%
Service		3.08	%		2.78	%

** Reflects the expense ratio as reported in the Prospectus dated November 30, 2020. Contractual fee waivers are in effect through November 30, 2021. See Financial Highlights for effective expense ratios.

Allocation of Portfolio Holdings & Index Composition

Market Exposure

Investment Type	% of Net Assets
Equity Securities		77	%
Swap Agreements		73	%
Total Exposure		150	%

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any instruments used for cash management.

Largest Equity Holdings

Company	% of Net Assets
Tesla, Inc.		12.2	%
The Procter & Gamble Co.		8.0	%
The Coca-Cola Co.		5.1	%
PepsiCo, Inc.		5.0	%
NIKE, Inc.		4.9	%

Dow Jones U.S. Consumer Goods^SM Index – Composition

	% of Index
Food, Beverage & Tobacco		36	%
Automobiles & Components		23	%
Household & Personal Products		18	%
Consumer Durables & Apparel		17	%
Media & Entertainment		4	%
Retailing		1	%
Capital Goods		1	%

Past performance does not guarantee future results. Return calculations assume the reinvestment of distributions and do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and NAV will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. The performance above reflects any fee reductions during the applicable periods. If such fee reductions had not occurred, the quoted performance would be lower. To obtain performance current to the most recent month-end, please visit www.ProFunds.com.

¹ The graph and table reflect the theoretical reinvestment of dividends on securities in the indexes. The impact of transaction costs and the deduction of fees and expenses associated with a mutual fund, such as investment management and accounting fees, are not reflected in calculations of the indexes. The Fund's performance reflects the reinvestment of dividends as well as the impact of transaction costs and the deduction of fees and expenses. It is not possible to invest directly in an index.

² 1.00 equals perfect correlation. This calculation is based on the daily total return of the Index and the performance of the daily total return of the NAV per share of the Fund.

³ The S&P 500^® is an unmanaged index that consists of the common stocks of 500 major U.S. corporations selected for their size and the frequency and ease with which their stocks trade.

The above information is not covered by the Report of the Independent Registered Public Accounting Firm.

Management Discussion of Fund Performance (unaudited) :: Consumer Services UltraSector ProFund :: 17

Consumer Services UltraSector ProFund (the "Fund") seeks daily investment results, before fees and expenses, that correspond to one and one-half times (1.5x) the return of the Dow Jones U.S. Consumer Services^SM Index (the "Index") for a single day, not for any other period. A "single day" is measured from the time the Fund calculates its net asset value ("NAV") to the time of the Fund's next NAV calculation. The return of the Fund for periods longer than a single day will be the result of its return for each day compounded over the period. The Fund's return for periods longer than a single day will very likely differ in amount, and possibly even direction, from the Fund's stated multiple (1.5x) times the return of the Index for the same period. For periods longer than a single day, the Fund will lose money if the Index's performance is flat, and it is possible that the Fund will lose money even if the level of the Index rises. For the year ended July 31, 2021, the Fund (Investor Class Shares) had a total return of 39.66%. For the same period, the Index had a total return of 27.49%¹ and a volatility of 16.53%. For the year, the Fund achieved an average daily statistical correlation of over 0.99 to one and one-half times the daily performance of the Index.²

The Fund takes positions in financial instruments that, in combination, should have similar daily return characteristics as one and one-half times the daily return of the Index. The Index measures the performance of consumer services sector of the U.S. equity market. Component companies include, among others, airlines, broadcasting and entertainment, apparel and broadline retailers, food and drug retailers, media agencies, publishing, gambling, hotels, restaurants and bars, and travel and tourism.

During the year ended July 31, 2021, the Fund invested in swap agreements as a substitute for investing directly in stocks in order to gain leveraged exposure to the Index. These derivatives generally tracked the performance of their underlying benchmark and were negatively impacted by financing costs associated with their use. The Fund entered into swap agreements with counterparties that the Fund's advisor determined to be major, global financial institutions. If a counterparty becomes insolvent or otherwise fails to perform on its obligations, the value of investments in the Fund may decline. The Fund has sought to mitigate this risk by generally requiring counterparties to post collateral for the benefit of the Fund, marked to market daily, in an amount approximately equal to the amount the counterparty owed to the Fund, subject to certain minimum thresholds.

Value of a $10,000 Investment at Net Asset Value*

* The line graph represents the historical performance of a hypothetical investment of $10,000 in the Consumer Services UltraSector ProFund from July 31, 2011 to July 31, 2021, assuming the reinvestment of distributions.

Average Annual Total Return as of 7/31/21

Fund	One Year			Five Year			Ten Year
Investor		39.66	%		22.68	%		23.16	%
Service		38.29	%		21.46	%		21.94	%
Dow Jones U.S. Consumer ServicesSM Index		27.49	%		17.60	%		17.59	%
S&P 500®		36.45	%		17.35	%		15.35	%

Expense Ratios**

Fund	Gross			Net
Investor		1.67	%		1.67	%
Service		2.67	%		2.67	%

** Reflects the expense ratio as reported in the Prospectus dated November 30, 2020. Contractual fee waivers are in effect through November 30, 2021. See Financial Highlights for effective expense ratios.

Allocation of Portfolio Holdings & Index Composition

Market Exposure

Investment Type	% of Net Assets
Equity Securities		77	%
Swap Agreements		73	%
Total Exposure		150	%

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any instruments used for cash management or collateral for securities loaned

Largest Equity Holdings

Company	% of Net Assets
Amazon.com, Inc.		19.8	%
The Home Depot, Inc.		4.9	%
The Walt Disney Co.		4.5	%
Comcast Corp.		3.8	%
Netflix, Inc.		3.2	%

Dow Jones U.S. Consumer Services^SM Index – Composition

	% of Index
Retailing		47	%
Media & Entertainment		22	%
Consumer Services		16	%
Food & Staples Retailing		9	%
Transportation		3	%
Commercial & Professional Services		2	%
Health Care Equipment & Services		1	%

Past performance does not guarantee future results. Return calculations assume the reinvestment of distributions and do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and NAV will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. The performance above reflects any fee reductions during the applicable periods. If such fee reductions had not occurred, the quoted performance would be lower. To obtain performance current to the most recent month-end, please visit www.ProFunds.com.

¹ The graph and table reflect the theoretical reinvestment of dividends on securities in the index. The impact of transaction costs and the deduction of fees and expenses associated with a mutual fund, such as investment management and accounting fees, are not reflected in the calculations of the indexes. The Fund's performance reflects the reinvestment of dividends as well as the impact of transaction costs and the deduction of fees and expenses. It is not possible to invest directly in an index.

² 1.00 equals perfect correlation. This calculation is based on the daily total return of the Index and the performance of the daily total return of the NAV per share of the Fund.

³ The S&P 500^® is an unmanaged index that consists of the common stocks of 500 major U.S. corporations selected for their size and the frequency and ease with which their stocks trade.

The above information is not covered by the Report of the Independent Registered Public Accounting Firm.

18 :: Europe 30 ProFund :: Management Discussion of Fund Performance (unaudited)

Europe 30 ProFund (the "Fund") seeks investment results, before fees and expenses, that correspond to the return of the ProFunds Europe 30^® Index (the "Index"). For the year ended July 31, 2021, the Fund (Investor Class shares) had a total return of 31.39%. For the same period, the Index had a price return of 30.64%¹ and a volatility of 18.27%. For the year, the Fund achieved an average daily statistical correlation of over 0.99 to the daily performance of the Index.²

The Fund takes positions in financial instruments that, in combination, should have similar return characteristics as the return of the Index. The Index, created by ProFund Advisors, is composed of companies whose principal offices are located in Europe and whose securities are traded on U.S. exchanges or on Nasdaq as depositary receipts or ordinary shares and meet certain liquidity requirements. The component companies included in the Index are the 30 most liquid companies based upon their U.S. dollar-traded volume. Their relative weights are determined using a modified market capitalization method. The Index is reconstituted annually. The Index is expressed in U.S. dollar terms and as such should generally reflect the relative movement of the U.S. dollar against the basket of foreign currencies represented by the constituent companies in the Index.

Value of a $10,000 Investment at Net Asset Value*

 

* The line graph represents the historical performance of a hypothetical investment of $10,000 in the Europe 30 ProFund from July 31, 2011 to July 31, 2021, assuming the reinvestment of distributions.

Average Annual Total Return as of 7/31/21

Fund	One Year			Five Year			Ten Year
Investor		31.39	%		7.00	%		3.86	%
Service		30.05	%		5.88	%		2.82	%
ProFunds Europe 30® Index		30.64	%		5.25	%		2.07	%
STOXX Europe 50® Index		25.44	%		8.81	%		4.91	%

Expense Ratios**

Fund	Gross			Net
Investor		2.20	%		1.78	%
Service		3.20	%		2.78	%

** Reflects the expense ratio as reported in the Prospectus dated November 30, 2020. Contractual fee waivers are in effect through November 30, 2021. See Financial Highlights for effective expense ratios.

Allocation of Portfolio Holdings & Index Composition

Market Exposure

Investment Type	% of Net Assets
Equity Securities		100	%
Total Exposure		100	%

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any instruments used for cash management or collateral for securities loaned.

Largest Equity Holdings

Company	% of Net Assets
ASML Holding N.V.		8.7	%
NOVO Nordisk A/S		5.0	%
SAP SE		5.0	%
Royal Dutch Shell PLC		4.7	%
Rio Tinto PLC		4.5	%

ProFunds Europe 30^® Index – Composition

Industry Breakdown	% of Index
Health Care		21	%
Information Technology		19	%
Energy		17	%
Financials		13	%
Consumer Staples		11	%
Materials		8	%
Industrials		5	%
Utilities		3	%
Communication Services		2	%
Consumer Discretionary		1	%

Country Composition
United Kingdom	36	%
Netherlands	18	%
Germany	10	%
France	7	%
Denmark	7	%
Other	22	%

Past performance does not guarantee future results. Return calculations assume the reinvestment of distributions and do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and net asset value ("NAV") will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. The performance above reflects any fee reductions during the applicable periods. If such fee reductions had not occurred, the quoted performance would be lower. To obtain performance current to the most recent month-end, please visit www.ProFunds.com.

¹ The graph and table DO NOT reflect the theoretical reinvestment of dividends on securities in the Index nor the impact of transaction costs and the deduction of fees and expenses associated with a mutual fund, such as investment management and accounting fees. The Fund's performance reflects the reinvestment of dividends as well as the impact of transaction costs and the deduction of fees and expenses. It is not possible to invest directly in an index.

² 1.00 equals perfect correlation. This calculation is based on the daily total return of the Index and the performance of the daily total return of the NAV per share of the Fund.

³ The STOXX Europe 50^® Index is a capitalization-weighted index of 50 European blue-chip stocks. The graph and table reflect the theoretical reinvestment of dividends in the Index. The impact of the transaction costs and the deduction of fees and expenses associated with a mutual fund, such as investment management and accounting fees, are not reflected in the Index calculations. It is not possible to invest directly in an index.

The above information is not covered by the Report of the Independent Registered Public Accounting Firm.

Management Discussion of Fund Performance (unaudited) :: Falling U.S. Dollar ProFund :: 19

Falling U.S. Dollar ProFund (the "Fund") seeks daily investment results, before fees and expenses, that correspond to the return of the basket of non-U.S. currencies included in the U.S. Dollar Index (the "Index"). The Index measures the performance of the U.S. dollar against a basket of six major world currencies (the "Benchmark"). For the year ended July 31, 2021, the Fund (Investor Class Shares) had a total return of -1.10%. For the same period, the Index had a price return of -0.91%¹ and a volatility of 5.26%. For the year, the Fund achieved an average daily statistical correlation of over 0.99 to the inverse of the daily performance of the Index.²

The Fund takes positions in financial instruments that, in combination, should have similar daily return characteristics as the daily return of the Benchmark. The currencies and their weightings as of July 31, 2021 are: Euro 57%; Japanese yen 14%; British pound 12%; Canadian dollar 9%; Swedish krona 4% and Swiss franc 4%. 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 of the Fund generally should be expected to decline. The Fund does not normally provide investment returns that match the inverse of the Index.

During the year ended July 31, 2021, the Fund invested in forward currency contracts to gain exposure to the Benchmark. These derivatives generally tracked the performance of their underlying benchmark. The Fund entered into forward currency contracts with counterparties that the Fund's advisor determined to be major, global financial institutions. If a counterparty becomes insolvent or otherwise fails to perform on its obligations, the value of investments in the Fund may decline. The Fund has sought to mitigate this risk by generally requiring counterparties to post collateral for the benefit of the Fund, marked to market daily, in an amount approximately equal to the amount the counterparty owed to the Fund, subject to certain minimum thresholds.

Value of a $10,000 Investment at Net Asset Value*

 

* The line graph represents the historical performance of a hypothetical investment of $10,000 in the Falling U.S. Dollar ProFund from July 31, 2011 to July 31, 2021, assuming the reinvestment of distributions.

Average Annual Total Return as of 7/31/21

Fund	One Year			Five Year			Ten Year
Investor		-1.10	%		-1.79	%		-4.27	%
Service		-2.12	%		-2.72	%		-5.20	%
U.S. Dollar Index		-0.91	%		-0.71	%		2.23	%
S&P 500®		36.45	%		17.35	%		15.35	%

Expense Ratios**

Fund	Gross			Net
Investor		5.66	%		1.78	%
Service		6.66	%		2.78	%

** Reflects the expense ratio as reported in the Prospectus dated November 30, 2020. Contractual fee waivers are in effect through November 30, 2021. See Financial Highlights for effective expense ratios.

Allocation of Portfolio Holdings & Index Composition

Market Exposure

Investment Type	% of Net Assets
Forward Currency Contracts		(100	)%
Total Exposure		(100	)%

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any instruments used for cash management.

Holdings

The Falling U.S. Dollar ProFund primarily invests in non-equity securities, which may include: swap agreements, futures contracts, options, forward contracts, repurchase agreements and U.S. Government securities.

U.S. Dollar Index – Composition

	% of Index
Euro		57	%
Japanese yen		14	%
British pound		12	%
Canadian dollar		9	%
Swedish krona		4	%
Swiss franc		4	%

Past performance does not guarantee future results. Return calculations assume the reinvestment of distributions and do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and net asset value ("NAV") will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. The performance above reflects any fee reductions during the applicable periods. If such fee reductions had not occurred, the quoted performance would be lower. To obtain performance current to the most recent month-end, please visit www.ProFunds.com.

¹ The graph and table DO NOT reflect the theoretical reinvestment of dividends nor the impact of transaction costs and the deduction of fees and expenses associated with a mutual fund, such as investment management and accounting fees. The Fund's performance reflects the reinvestment of dividends as well as the impact of transaction costs and the deduction of fees and expenses. It is not possible to invest directly in an index.

² 1.00 equals perfect correlation. This calculation is based on the daily total return of the Index and the performance of the daily total return of the NAV per share of the Fund.

³ The S&P 500^® is an unmanaged index that consists of the common stocks of 500 major U.S. corporations selected for their size and the frequency and ease with which their stocks trade. The graph and table reflect the theoretical reinvestment of dividends on securities in the Index. The impact of the transaction costs and the deduction of fees and expenses associated with a mutual fund, such as investment management and accounting fees, are not reflected in the Index calculations. It is not possible to invest directly in an index.

The above information is not covered by the Report of the Independent Registered Public Accounting Firm.

20 :: Financials UltraSector ProFund  :: Management Discussion of Fund Performance (unaudited)

Financials UltraSector ProFund (the "Fund") seeks daily investment results, before fees and expenses, that correspond to one and one-half times (1.5x) the return of the Dow Jones U.S. Financials^SM Index (the "Index") for a single day, not for any other period. A "single day" is measured from the time the Fund calculates its net asset value ("NAV") to the time of the Fund's next NAV calculation. The return of the Fund for periods longer than a single day will be the result of its return for each day compounded over the period. The Fund's return for periods longer than a single day will very likely differ in amount, and possibly even direction, from the Fund's stated multiple (1.5x) times the return of the Index for the same period. For periods longer than a single day, the Fund will lose money if the Index's performance is flat, and it is possible that the Fund will lose money even if the level of the Index rises. For the year ended July 31, 2021, the Fund (Investor Class Shares) had a total return of 72.00%. For the same period, the Index had a total return of 47.12%¹ and a volatility of 18.36%. For the year, the Fund achieved an average daily statistical correlation of over 0.99 to one and one-half times the daily performance of the Index.²

The Fund takes positions in financial instruments that, in combination, should have similar daily return characteristics as one and one-half times the daily return of the Index. The Index measures the performance of the financial services sector of the U.S. equity market. Component companies include, among others, regional banks; major U.S. domiciled international banks; full line, life, and property and casualty insurance companies; companies that invest, directly or indirectly in real estate; diversified financial companies such as Fannie Mae, credit card issuers, check cashing companies, mortgage lenders and investment advisers; securities brokers and dealers including investment banks, merchant banks and online brokers; and publicly traded stock exchanges.

During the year ended July 31, 2021, the Fund invested in swap agreements as a substitute for investing directly in stocks in order to gain leveraged exposure to the Index. These derivatives generally tracked the performance of their underlying benchmark and were negatively impacted by financing costs associated with their use. The Fund entered into swap agreements with counterparties that the Fund's advisor determined to be major, global financial institutions. If a counterparty becomes insolvent or otherwise fails to perform on its obligations, the value of investments in the Fund may decline. The Fund has sought to mitigate this risk by generally requiring counterparties to post collateral for the benefit of the Fund, marked to market daily, in an amount approximately equal to the amount the counterparty owed to the Fund, subject to certain minimum thresholds.

Value of a $10,000 Investment at Net Asset Value*

 

* The line graph represents the historical performance of a hypothetical investment of $10,000 in the Financials UltraSector ProFund from July 31, 2011 to July 31, 2021, assuming the reinvestment of distributions.

Average Annual Total Return as of 7/31/21

Fund	One Year			Five Year			Ten Year
Investor		72.00	%		18.03	%		16.64	%
Service		70.20	%		16.83	%		15.46	%
Dow Jones U.S. FinancialsSM Index		47.12	%		15.45	%		14.05	%
S&P 500®		36.45	%		17.35	%		15.35	%

Expense Ratios**

Fund	Gross			Net
Investor		1.87	%		1.78	%
Service		2.87	%		2.78	%

** Reflects the expense ratio as reported in the Prospectus dated November 30, 2020. Contractual fee waivers are in effect through November 30, 2021. See Financial Highlights for effective expense ratios.

Allocation of Portfolio Holdings & Index Composition

Market Exposure

Investment Type	% of Net Assets
Equity Securities		79	%
Swap Agreements		71	%
Total Exposure		150	%

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any instruments used for cash management.

Largest Equity Holdings

Company	% of Net Assets
Berkshire Hathaway, Inc.		6.1	%
JPMorgan Chase & Co.		5.3	%
Visa, Inc.		4.8	%
Mastercard, Inc.		3.9	%
Bank of America Corp.		3.3	%

Dow Jones U.S. Financials^SM Index – Composition

	% of Index
Diversified Financials		32	%
Banks		24	%
Real Estate		20	%
Insurance		12	%
Software & Services		11	%
Commercial & Professional Services		1	%

Past performance does not guarantee future results. Return calculations assume the reinvestment of distributions and do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and NAV will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. The performance above reflects any fee reductions during the applicable periods. If such fee reductions had not occurred, the quoted performance would be lower. To obtain performance current to the most recent month-end, please visit www.ProFunds.com.

¹ The graph and table reflect the theoretical reinvestment of dividends on securities in the Indexes. The impact of transaction costs and the deduction of fees and expenses associated with a mutual fund, such as investment management and accounting fees, are not reflected in calculations of the indexes. The Fund's performance reflects the reinvestment of dividends as well as the impact of transaction costs and the deduction of fees and expenses. It is not possible to invest directly in an index.

² 1.00 equals perfect correlation. This calculation is based on the daily total return of the Index and the performance of the daily total return of the NAV per share of the Fund.

³ The S&P 500^® is an unmanaged index that consists of the common stocks of 500 major U.S. corporations selected for their size and the frequency and ease with which their stocks trade.

The above information is not covered by the Report of the Independent Registered Public Accounting Firm.

Management Discussion of Fund Performance (unaudited) :: Health Care UltraSector ProFund :: 21

Health Care UltraSector ProFund (the "Fund") seeks daily investment results, before fees and expenses, that correspond to one and one-half times (1.5x) the return of the Dow Jones U.S. Health Care^SM Index (the "Index") for a single day, not for any other period. A "single day" is measured from the time the Fund calculates its net asset value ("NAV") to the time of the Fund's next NAV calculation. The return of the Fund for periods longer than a single day will be the result of its return for each day compounded over the period. The Fund's return for periods longer than a single day will very likely differ in amount, and possibly even direction, from the Fund's stated multiple (1.5x) times the return of the Index for the same period. For periods longer than a single day, the Fund will lose money if the Index's performance is flat, and it is possible that the Fund will lose money even if the level of the Index rises. For the year ended July 31, 2021, the Fund (Investor Class Shares) had a total return of 40.37%. For the same period, the Index had a total return of 27.83%¹ and a volatility of 14.18%. For the year, the Fund achieved an average daily statistical correlation of over 0.99 to one and one-half times the daily performance of the Index.²

The Fund takes positions in financial instruments that, in combination, should have similar daily return characteristics as one and one-half times the daily return of the Index. The Index measures the performance of the healthcare sector of the U.S. equity market. Component companies include, among others, health care providers, biotechnology companies, medical supplies, advanced medical devices, and pharmaceuticals.

During the year ended July 31, 2021, the Fund invested in swap agreements as a substitute for investing directly in stocks in order to gain leveraged exposure to the Index. These derivatives generally tracked the performance of their underlying benchmark and were negatively impacted by financing costs associated with their use. The Fund entered into swap agreements with counterparties that the Fund's advisor determined to be major, global financial institutions. If a counterparty becomes insolvent or otherwise fails to perform on its obligations, the value of investments in the Fund may decline. The Fund has sought to mitigate this risk by generally requiring counterparties to post collateral for the benefit of the Fund, marked to market daily, in an amount approximately equal to the amount the counterparty owed to the Fund, subject to certain minimum thresholds.

Value of a $10,000 Investment at Net Asset Value*

 

* The line graph represents the historical performance of a hypothetical investment of $10,000 in the Health Care UltraSector ProFund from July 31, 2011 to July 31, 2021, assuming the reinvestment of distributions.

Average Annual Total Return as of 7/31/21

Fund	One Year			Five Year			Ten Year
Investor		40.37	%		18.13	%		22.27	%
Service		39.03	%		16.99	%		21.07	%
Dow Jones U.S. Health CareSM Index		27.83	%		14.85	%		17.11	%
S&P 500®		36.45	%		17.35	%		15.35	%

Expense Ratios**

Fund	Gross			Net
Investor		1.78	%		1.78	%
Service		2.78	%		2.78	%

** Reflects the expense ratio as reported in the Prospectus dated November 30, 2020. Contractual fee waivers are in effect through November 30, 2021. See Financial Highlights for effective expense ratios.

Allocation of Portfolio Holdings & Index Composition

Market Exposure

Investment Type	% of Net Assets
Equity Securities		76	%
Swap Agreements		74	%
Total Exposure		150	%

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any instruments used for cash management.

Largest Equity Holdings

Company	% of Net Assets
Johnson & Johnson		6.4	%
UnitedHealth Group, Inc.		5.5	%
Pfizer, Inc.		3.4	%
Abbott Laboratories		3.0	%
Thermo Fisher Scientific, Inc.		3.0	%

Dow Jones U.S. Health Care^SM Index – Composition

	% of Index
Health Care Equipment & Supplies		29	%
Pharmaceuticals		26	%
Health Care Providers & Services		19	%
Biotechnology		16	%
Life Sciences Tools & Services		10	%

Past performance does not guarantee future results. Return calculations assume the reinvestment of distributions and do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and NAV will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. The performance above reflects any fee reductions during the applicable periods. If such fee reductions had not occurred, the quoted performance would be lower. To obtain performance current to the most recent month-end, please visit www.ProFunds.com.

¹ The graph and table reflect the theoretical reinvestment of dividends on securities in the Indexes. The impact of transaction costs and the deduction of fees and expenses associated with a mutual fund, such as investment management and accounting fees, are not reflected in calculations of the indexes. The Fund's performance reflects the reinvestment of dividends as well as the impact of transaction costs and the deduction of fees and expenses. It is not possible to invest directly in an index.

² 1.00 equals perfect correlation. This calculation is based on the daily total return of the Index and the performance of the daily total return of the NAV per share of the Fund.

³ The S&P 500^® is an unmanaged index that consists of the common stocks of 500 major U.S. corporations selected for their size and the frequency and ease with which their stocks trade.

The above information is not covered by the Report of the Independent Registered Public Accounting Firm.

22 :: Industrials UltraSector ProFund :: Management Discussion of Fund Performance (unaudited)

Industrials UltraSector ProFund (the "Fund") seeks daily investment results, before fees and expenses, that correspond to one and one-half times (1.5x) the return of the Dow Jones U.S. Industrials^SM Index (the "Index") for a single day, not for any other period. A "single day" is measured from the time the Fund calculates its net asset value ("NAV") to the time of the Fund's next NAV calculation. The return of the Fund for periods longer than a single day will be the result of its return for each day compounded over the period. The Fund's return for periods longer than a single day will very likely differ in amount, and possibly even direction, from the Fund's stated multiple (1.5x) times the return of the Index for the same period. For periods longer than a single day, the Fund will lose money if the Index's performance is flat, and it is possible that the Fund will lose money even if the level of the Index rises. For the year ended July 31, 2021, the Fund (Investor Class Shares) had a total return of 67.26%. For the same period, the Index had a total return of 44.25%¹ and a volatility of 16.65%. For the year, the Fund achieved an average daily statistical correlation of over 0.99 to one and one-half times the daily performance of the Index.²

The Fund takes positions in financial instruments that, in combination, should have similar daily return characteristics as one and one-half times the daily return of the Index. The Index measures the performance of the industrial sector of the U.S. equity market. Component companies include, among others, building materials, heavy construction, factory equipment, heavy machinery, industrial services, pollution control, containers and packaging, industrial diversified, air freight, marine transportation, railroads, trucking, land-transportation equipment, shipbuilding, transportation services, advanced industrial equipment, electric components and equipment, and aerospace.

During the year ended July 31, 2021, the Fund invested in swap agreements as a substitute for investing directly in stocks in order to gain leveraged exposure to the Index. These derivatives generally tracked the performance of their underlying benchmark and were negatively impacted by financing costs associated with their use. The Fund entered into swap agreements with counterparties that the Fund's advisor determined to be major, global financial institutions. If a counterparty becomes insolvent or otherwise fails to perform on its obligations, the value of investments in the Fund may decline. The Fund has sought to mitigate this risk by generally requiring counterparties to post collateral for the benefit of the Fund, marked to market daily, in an amount approximately equal to the amount the counterparty owed to the Fund, subject to certain minimum thresholds.

Value of a $10,000 Investment at Net Asset Value*

 

* The line graph represents the historical performance of a hypothetical investment of $10,000 in the Industrials UltraSector ProFund from July 31, 2011 to July 31, 2021, assuming the reinvestment of distributions.

Average Annual Total Return as of 7/31/21

Fund	One Year			Five Year			Ten Year
Investor		67.26	%		20.27	%		18.79	%
Service		65.58	%		19.08	%		17.61	%
Dow Jones U.S. IndustrialsSM Index		44.25	%		16.68	%		15.27	%
S&P 500®		36.45	%		17.35	%		15.35	%

Expense Ratios**

Fund	Gross			Net
Investor		2.12	%		1.78	%
Service		3.12	%		2.78	%

** Reflects the expense ratio as reported in the Prospectus dated November 30, 2020. Contractual fee waivers are in effect through November 30, 2021. See Financial Highlights for effective expense ratios.

Allocation of Portfolio Holdings & Index Composition

Market Exposure

Investment Type	% of Net Assets
Equity Securities		60	%
Swap Agreements		90	%
Total Exposure		150	%

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any instruments used for cash management or collateral for securities loaned.

Largest Equity Holdings

Company	% of Net Assets
PayPal Holdings, Inc.		3.8	%
Accenture PLC		2.4	%
Honeywell International, Inc.		1.9	%
Union Pacific Corp.		1.7	%
United Parcel Service, Inc.		1.6	%

Dow Jones U.S. Industrials^SM Index – Composition

	% of Index
Capital Goods		48	%
Software & Services		21	%
Transportation		12	%
Commercial & Professional Services		7	%
Materials		6	%
Technology Hardware & Equipment		6	%

Past performance does not guarantee future results. Return calculations assume the reinvestment of distributions and do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and NAV will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. The performance above reflects any fee reductions during the applicable periods. If such fee reductions had not occurred, the quoted performance would be lower. To obtain performance current to the most recent month-end, please visit www.ProFunds.com.

¹ The graph and table reflect the theoretical reinvestment of dividends on securities in the Indexes. The impact of transaction costs and the deduction of fees and expenses associated with a mutual fund, such as investment management and accounting fees, are not reflected in calculations of the indexes. The Fund's performance reflects the reinvestment of dividends as well as the impact of transaction costs and the deduction of fees and expenses. It is not possible to invest directly in an index.

² 1.00 equals perfect correlation. This calculation is based on the daily total return of the Index and the performance of the daily total return of the NAV per share of the Fund.

³ The S&P 500^® is an unmanaged index that consists of the common stocks of 500 major U.S. corporations selected for their size and the frequency and ease with which their stocks trade.

The above information is not covered by the Report of the Independent Registered Public Accounting Firm.

Management Discussion of Fund Performance (unaudited) :: Internet UltraSector ProFund :: 23

Internet UltraSector ProFund (the "Fund") seeks daily investment results, before fees and expenses, that correspond to one and one-half times (1.5x) the return of the Dow Jones Internet Composite^SM Index (the "Index") for a single day, not for any other period. A "single day" is measured from the time the Fund calculates its net asset value ("NAV") to the time of the Fund's next NAV calculation, not for longer periods. The return of the Fund for periods longer than a single day will be the result of its return for each day compounded over the period. The Fund's return for periods longer than a single day will very likely differ in amount, and possibly even direction, from the Fund's stated multiple (1.5x) times the return of the Index for the same period. For periods longer than a single day, the Fund will lose money if the Index's performance is flat, and it is possible that the Fund will lose money even if the level of the Index rises. For the year ended July 31, 2021, the Fund (Investor Class Shares) had a total return of 45.51%. For the same period, the Index had a total return of 32.10%¹ and a volatility of 24.99%. For the year, the Fund achieved an average daily statistical correlation of over 0.99 to one and one-half times the daily performance of the Index.²

The Fund takes positions in financial instruments that, in combination, should have similar daily return characteristics as one and one-half times the daily return of the Index. The Index measures the performance of stocks in the U.S. equity markets that generate the majority of their revenues from the Internet. The Index is composed of two sub-groups: Internet Commerce, which includes companies that derive the majority of their revenues from providing goods and/or services through an open network, such as a web site, and Internet Services, which includes companies that derive the majority of their revenues from providing access to the Internet or providing services to people using the Internet.

During the year ended July 31, 2021, the Fund invested in swap agreements as a substitute for investing directly in stocks in order to gain leveraged exposure to the Index. These derivatives generally tracked the performance of their underlying benchmark and were negatively impacted by financing costs associated with their use. The Fund entered into swap agreements with counterparties that the Fund's advisor determined to be major, global financial institutions. If a counterparty becomes insolvent or otherwise fails to perform on its obligations, the value of investments in the Fund may decline. The Fund has sought to mitigate this risk by generally requiring counterparties to post collateral for the benefit of the Fund, marked to market daily, in an amount approximately equal to the amount the counterparty owed to the Fund, subject to certain minimum thresholds.

Value of a $10,000 Investment at Net Asset Value*

 

* The line graph represents the historical performance of a hypothetical investment of $10,000 in the Internet UltraSector ProFund from July 31, 2011 to July 31, 2021, assuming the reinvestment of distributions.

Average Annual Total Return as of 7/31/21

Fund	One Year			Five Year			Ten Year
Investor		45.51	%		35.52	%		28.91	%
Service		44.07	%		34.17	%		27.62	%
Dow Jones Internet CompositeSM Index		32.10	%		26.25	%		21.86	%
S&P 500®		36.45	%		17.35	%		15.35	%

Expense Ratios**

Fund	Gross			Net
Investor		1.60	%		1.60	%
Service		2.60	%		2.60	%

** Reflects the expense ratio as reported in the Prospectus dated November 30, 2020. Contractual fee waivers are in effect through November 30, 2021. See Financial Highlights for effective expense ratios.

Allocation of Portfolio Holdings & Index Composition

Market Exposure

Investment Type	% of Net Assets
Equity Securities		75	%
Swap Agreements		75	%
Total Exposure		150	%

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any instruments used for cash management

Largest Equity Holdings

Company	% of Net Assets
Alphabet, Inc.		7.9	%
Amazon.com, Inc.		7.0	%
Facebook, Inc.		5.8	%
PayPal Holdings, Inc.		4.0	%
Salesforce.com, Inc.		3.4	%

Dow Jones Internet Composite^SM Index – Composition

	% of Index
Interactive Media & Services		29	%
Software		22	%
Internet & Direct Marketing Retail		15	%
IT Services		14	%
Communications Equipment		9	%
Entertainment		5	%
Health Care Technology		4	%
Hotels, Restaurants & Leisure		2	%

Past performance does not guarantee future results. Return calculations assume the reinvestment of distributions and do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and NAV will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. The performance above reflects any fee reductions during the applicable periods. If such fee reductions had not occurred, the quoted performance would be lower. To obtain performance current to the most recent month-end, please visit www.ProFunds.com.

¹ The graph and table reflect the theoretical reinvestment of dividends on securities in the Indexes. The impact of transaction costs and the deduction of fees and expenses associated with a mutual fund, such as investment management and accounting fees, are not reflected in calculations of the indexes. The Fund's performance reflects the reinvestment of dividends as well as the impact of transaction costs and the deduction of fees and expenses. It is not possible to invest directly in an index.

² 1.00 equals perfect correlation. This calculation is based on the daily total return of the Index and the performance of the daily total return of the NAV per share of the Fund.

³ The S&P 500® is an unmanaged index that consists of the common stocks of 500 major U.S. corporations selected for their size and the frequency and ease with which their stocks trade.

The above information is not covered by the Report of the Independent Registered Public Accounting Firm.

24 :: Large-Cap Growth ProFund :: Management Discussion of Fund Performance (unaudited)

Large-Cap Growth ProFund (the "Fund") seeks investment results, before fees and expenses, that correspond to the performance of the S&P 500^® Growth Index (the "Index"). For the year ended July 31, 2021, the Fund (Investor Class shares) had a total return of 34.95%. For the same period, the Index had a total return of 37.13%¹ and a volatility of 18.66%. For the year, the Fund achieved an average daily statistical correlation of over 0.99 to the daily performance of the Index.²

The Fund takes positions in financial instruments that, in combination, should have similar return characteristics as the return of the Index. The Index is designed to provide a comprehensive measure of large-cap U.S. equity "growth" performance. It is an unmanaged, float-adjusted, market capitalization-weighted index comprising stocks representing approximately half the market capitalization of the S&P 500^® that have been identified as being on the growth end of the growth-value spectrum.

Value of a $10,000 Investment at Net Asset Value*

 

* The line graph represents the historical performance of a hypothetical investment of $10,000 in the Large-Cap Growth ProFund from July 31, 2011 to July 31, 2021, assuming the reinvestment of distributions.

Average Annual Total Return as of 7/31/21

Fund	One Year			Five Year			Ten Year
Investor		34.95	%		19.38	%		15.55	%
Service		33.61	%		18.19	%		14.40	%
S&P 500® Growth Index		37.13	%		21.63	%		17.79	%

Expense Ratios**

Fund	Gross			Net
Investor		1.69	%		1.69	%
Service		2.69	%		2.69	%

** Reflects the expense ratio as reported in the Prospectus dated November 30, 2020. Contractual fee waivers are in effect through November 30, 2021. See Financial Highlights for effective expense ratios.

Allocation of Portfolio Holdings & Index Composition

Market Exposure

Investment Type	% of Net Assets
Equity Securities		100	%
Total Exposure		100	%

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any instruments used for cash management.

Largest Equity Holdings

Company	% of Net Assets
Apple, Inc.		11.5	%
Microsoft Corp.		10.8	%
Alphabet, Inc.		7.9	%
Amazon.com, Inc.		7.1	%
Facebook, Inc.		4.3	%

S&P 500^® Growth Index – Composition

	% of Index
Information Technology		42	%
Consumer Discretionary		16	%
Communication Services		15	%
Health Care		12	%
Industrials		6	%
Consumer Staples		3	%
Financials		3	%
Materials		2	%
Real Estate		1	%

Past performance does not guarantee future results. Return calculations assume the reinvestment of distributions and do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and net asset value ("NAV") will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. The performance above reflects any fee reductions during the applicable periods. If such fee reductions had not occurred, the quoted performance would be lower. To obtain performance current to the most recent month-end, please visit www.ProFunds.com.

¹ The graph and table reflect the theoretical reinvestment of dividends on securities in the Index. The impact of transaction costs and the deduction of fees and expenses associated with a mutual fund, such as investment management and accounting fees, are not reflected in the index calculations. The Fund's performance reflects the reinvestment of dividends as well as the impact of transaction costs and the deduction of fees and expenses. It is not possible to invest directly in an index.

² 1.00 equals perfect correlation. This calculation is based on the daily total return of the Index and the performance of the daily total return of the NAV per share of the Fund.

The above information is not covered by the Report of the Independent Registered Public Accounting Firm.

Management Discussion of Fund Performance (unaudited) :: Large-Cap Value ProFund :: 25

Large-Cap Value ProFund (the"Fund") seeks investment results, before fees and expenses, that correspond to the performance of the S&P 500^® Value Index (the "Index"). For the year ended July 31, 2021, the Fund (Investor Class shares) had a total return of 33.28%. For the same period, the Index had a total return of 35.68%¹ and a volatility of 14.98%. For the year, the Fund achieved an average daily statistical correlation of over 0.99 to the daily performance of the Index.²

The Fund takes positions in financial instruments that, in combination, should have similar return characteristics as the return of the Index. The Index is designed to provide a comprehensive measure of large-cap U.S. equity "value" performance. It is an unmanaged, float-adjusted, market capitalization-weighted index comprising stocks representing approximately half the market capitalization of the S&P 500^® that have been identified as being on the value end of the growth-value spectrum.

Value of a $10,000 Investment at Net Asset Value*

 

* The line graph represents the historical performance of a hypothetical investment of $10,000 in the Large-Cap Value ProFund from July 31, 2011 to July 31, 2021, assuming the reinvestment of distributions.

Average Annual Total Return as of 7/31/21

Fund	One Year			Five Year			Ten Year
Investor		33.28	%		10.07	%		10.33	%
Service		31.97	%		8.98	%		9.23	%
S&P 500® Value Index		35.68	%		12.11	%		12.35	%

Expense Ratios**

Fund	Gross			Net
Investor		1.72	%		1.72	%
Service		2.72	%		2.72	%

** Reflects the expense ratio as reported in the Prospectus dated November 30, 2020. Contractual fee waivers are in effect through November 30, 2021. See Financial Highlights for effective expense ratios.

Allocation of Portfolio Holdings & Index Composition

Market Exposure

Investment Type	% of Net Assets
Equity Securities		100	%
Total Exposure		100	%

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any instruments used for cash management or collateral for securities loaned.

Largest Equity Holdings

Company	% of Net Assets
Berkshire Hathaway, Inc.		3.1	%
JPMorgan Chase & Co.		2.7	%
The Walt Disney Co.		1.9	%
Bank of America Corp.		1.7	%
Johnson & Johnson		1.6	%

S&P 500^® Value Index – Composition

	% of Index
Financials		21	%
Health Care		15	%
Industrials		12	%
Information Technology		11	%
Consumer Staples		9	%
Consumer Discretionary		8	%
Communication Services		6	%
Energy		5	%
Utilities		5	%
Real Estate		4	%
Materials		4	%

Past performance does not guarantee future results. Return calculations assume the reinvestment of distributions and do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and net asset value ("NAV") will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. The performance above reflects any fee reductions during the applicable periods. If such fee reductions had not occurred, the quoted performance would be lower. To obtain performance current to the most recent month-end, please visit www.ProFunds.com.

¹ The graph and table reflect the theoretical reinvestment of dividends on securities in the Index. The impact of transaction costs and the deduction of fees and expenses associated with a mutual fund, such as investment management and accounting fees, are not reflected in the index calculations. The Fund's performance reflects the reinvestment of dividends as well as the impact of transaction costs and the deduction of fees and expenses. It is not possible to invest directly in an index.

² 1.00 equals perfect correlation. This calculation is based on the daily total return of the Index and the performance of the daily total return of the NAV per share of the Fund.

The above information is not covered by the Report of the Independent Registered Public Accounting Firm.

26 :: Mid-Cap Growth ProFund :: Management Discussion of Fund Performance (unaudited)

Mid-Cap Growth ProFund (the "Fund") seeks investment results, before fees and expenses, that correspond to the performance of the S&P MidCap 400^® Growth Index (the "Index"). For the year ended July 31, 2021, the Fund (Investor Class shares) had a total return of 35.95%. For the same period, the Index had a total return of 38.36%¹ and a volatility of 18.63%. For the year, the Fund achieved an average daily statistical correlation of over 0.99 to the daily performance of the Index.²

The Fund takes positions in financial instruments that, in combination, should have similar return characteristics as the return of the Index. The Index is designed to provide a comprehensive measure of mid-cap U.S. equity "growth" performance. It is an unmanaged, float-adjusted, market capitalization-weighted index comprising stocks representing approximately half the market capitalization of the S&P MidCap 400^® that have been identified as being on the growth end of the growth-value spectrum.

Value of a $10,000 Investment at Net Asset Value*

 

* The line graph represents the historical performance of a hypothetical investment of $10,000 in the Mid-Cap Growth ProFund from July 31, 2011 to July 31, 2021, assuming the reinvestment of distributions.

Average Annual Total Return as of 7/31/21

Fund	One Year			Five Year			Ten Year
Investor		35.95	%		12.38	%		11.00	%
Service		34.61	%		11.26	%		9.90	%
S&P MidCap 400® Growth Index		38.36	%		14.45	%		13.09	%

Expense Ratios**

Fund	Gross			Net
Investor		1.77	%		1.77	%
Service		2.77	%		2.77	%

** Reflects the expense ratio as reported in the Prospectus dated November 30, 2020. Contractual fee waivers are in effect through November 30, 2021. See Financial Highlights for effective expense ratios.

Allocation of Portfolio Holdings & Index Composition

Market Exposure

Investment Type	% of Net Assets
Equity Securities		100	%
Total Exposure		100	%

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any instruments used for cash management.

Largest Equity Holdings

Company	% of Net Assets
Bio-Techne Corp.		1.7	%
Cognex Corp.		1.4	%
Fair Isaac Corp.		1.4	%
Masimo Corp.		1.2	%
FactSet Research Systems, Inc.		1.2	%

S&P MidCap 400^® Growth Index – Composition

	% of Index
Information Technology		22	%
Industrials		19	%
Health Care		17	%
Consumer Discretionary		16	%
Financials		8	%
Real Estate		6	%
Materials		5	%
Consumer Staples		3	%
Communication Services		2	%
Energy		1	%
Utilities		1	%

Past performance does not guarantee future results. Return calculations assume the reinvestment of distributions and do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and net asset value ("NAV") will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. The performance above reflects any fee reductions during the applicable periods. If such fee reductions had not occurred, the quoted performance would be lower. To obtain performance current to the most recent month-end, please visit www.ProFunds.com.

¹ The graph and table reflect the theoretical reinvestment of dividends on securities in the Index. The impact of transaction costs and the deduction of fees and expenses associated with a mutual fund, such as investment management and accounting fees, are not reflected in the index calculations. The Fund's performance reflects the reinvestment of dividends as well as the impact of transaction costs and the deduction of fees and expenses. It is not possible to invest directly in an index.

² 1.00 equals perfect correlation. This calculation is based on the daily total return of the Index and the performance of the daily total return of the NAV per share of the Fund.

The above information is not covered by the Report of the Independent Registered Public Accounting Firm.

Management Discussion of Fund Performance (unaudited) :: Mid-Cap ProFund :: 27

Mid-Cap ProFund (the "Fund") seeks investment results, before fees and expenses, that correspond to the performance of the S&P MidCap 400^® (the "Index"). For the year ended July 31, 2021, the Fund (Investor Class shares) had a total return of 43.91%. For the same period, the Index had a total return of 46.99%¹ and a volatility of 19.05%. For the year, the Fund achieved an average daily statistical correlation of over 0.99 to the daily performance of the Index.²

The Fund takes positions in financial instruments that, in combination, should have similar return characteristics as the return of the Index. The Index is a measure of mid-size company U.S. stock market performance. It is a float-adjusted, market capitalization-weighted index of 400 U.S. operating companies and real estate investment trusts through a process that factors criteria such as liquidity, price, market capitalization, and financial viability. Reconstitution occurs both on a quarterly and ongoing basis.

During the year ended July 31, 2021, the Fund invested in swap agreements and futures contracts as a substitute for investing directly in stocks in order to gain exposure to the Index. These derivatives generally tracked the performance of their underlying benchmark and were negatively impacted by financing costs associated with their use. The Fund entered into swap agreements with counterparties that the Fund's advisor determined to be major, global financial institutions. If a counterparty becomes insolvent or otherwise fails to perform on its obligations, the value of investments in the Fund may decline. The Fund has sought to mitigate this risk by generally requiring counterparties to post collateral for the benefit of the Fund, marked to market daily, in an amount approximately equal to the amount the counterparty owed to the Fund, subject to certain minimum thresholds.

Value of a $10,000 Investment at Net Asset Value*

 

* The line graph represents the historical performance of a hypothetical investment of $10,000 in the Mid-Cap ProFund from July 31, 2011 to July 31, 2021, assuming the reinvestment of distributions.

Average Annual Total Return as of 7/31/21

Fund	One Year			Five Year			Ten Year
Investor		43.91	%		11.17	%		10.70	%
Service		42.47	%		10.07	%		9.60	%
S&P MidCap 400®		46.99	%		13.42	%		12.85	%

Expense Ratios**

Fund	Gross			Net
Investor		1.97	%		1.78	%
Service		2.97	%		2.78	%

** Reflects the expense ratio as reported in the Prospectus dated November 30, 2020. Contractual fee waivers are in effect through November 30, 2021. See Financial Highlights for effective expense ratios.

Allocation of Portfolio Holdings & Index Composition

Market Exposure

Investment Type	% of Net Assets
Equity Securities		89	%
Swap Agreements		11	%
Total Exposure		100	%

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any instruments used for cash management.

Largest Equity Holdings

Company	% of Net Assets
Bio-Techne Corp.		0.7	%
Cognex Corp.		0.6	%
Molina Healthcare, Inc.		0.6	%
Fair Isaac Corp.		0.6	%
Camden Property Trust		0.6	%

S&P MidCap 400^® – Composition

	% of Index
Industrials		18	%
Consumer Discretionary		15	%
Financials		15	%
Information Technology		15	%
Health Care		11	%
Real Estate		10	%
Materials		6	%
Utilities		3	%
Consumer Staples		3	%
Energy		2	%
Communication Services		2	%

Past performance does not guarantee future results. Return calculations assume the reinvestment of distributions and do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and net asset value ("NAV") will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. The performance above reflects any fee reductions during the applicable periods. If such fee reductions had not occurred, the quoted performance would be lower. To obtain performance current to the most recent month-end, please visit www.ProFunds.com.

¹ The graph and table reflect the theoretical reinvestment of dividends on securities in the Index. The impact of transaction costs and the deduction of fees and expenses associated with a mutual fund, such as investment management and accounting fees, are not reflected in the index calculations. The Fund's performance reflects the reinvestment of dividends as well as the impact of transaction costs and the deduction of fees and expenses. It is not possible to invest directly in an index.

² 1.00 equals perfect correlation. This calculation is based on the daily total return of the Index and the performance of the daily total return of the NAV per share of the Fund.

The above information is not covered by the Report of the Independent Registered Public Accounting Firm.

28 :: Mid-Cap Value ProFund :: Management Discussion of Fund Performance (unaudited)

Mid-Cap Value ProFund (the "Fund") seeks investment results, before fees and expenses, that correspond to the performance of the S&P MidCap 400^® Value Index (the "Index"). For the year ended July 31, 2021, the Fund (Investor Class shares) had a total return of 53.86%. For the same period, the Index had a total return of 56.85%¹ and a volatility of 21.64%. For the year, the Fund achieved an average daily statistical correlation of over 0.99 to the daily performance of the Index.²

The Fund takes positions in financial instruments that, in combination, should have similar return characteristics as the return of the Index. The Index is designed to provide a comprehensive measure of mid-cap U.S. equity "value" performance. It is an unmanaged, float-adjusted, market capitalization-weighted index comprising stocks representing approximately half the market capitalization of the S&P MidCap 400^® that have been identified as being on the value end of the growth-value spectrum.

Value of a $10,000 Investment at Net Asset Value*

 

* The line graph represents the historical performance of a hypothetical investment of $10,000 in the Mid-Cap Value ProFund from July 31, 2011 to July 31, 2021, assuming the reinvestment of distributions.

Average Annual Total Return as of 7/31/21

Fund	One Year			Five Year			Ten Year
Investor		53.86	%		9.97	%		10.29	%
Service		52.35	%		8.88	%		9.19	%
S&P MidCap 400® Value Index		56.85	%		11.87	%		12.31	%

Expense Ratios**

Fund	Gross			Net
Investor		2.10	%		1.78	%
Service		3.10	%		2.78	%

** Reflects the expense ratio as reported in the Prospectus dated November 30, 2020. Contractual fee waivers are in effect through November 30, 2021. See Financial Highlights for effective expense ratios.

Allocation of Portfolio Holdings & Index Composition

Market Exposure

Investment Type	% of Net Assets
Equity Securities		100	%
Total Exposure		100	%

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any instruments used for cash management.

Largest Equity Holdings

Company	% of Net Assets
Steel Dynamics, Inc.		1.0	%
Jones Lang LaSalle, Inc.		0.9	%
East West Bancorp, Inc.		0.8	%
Owens Corning		0.8	%
Reliance Steel & Aluminum Co.		0.8	%

S&P MidCap 400^® Value Index – Composition

	% of Index
Financials		20	%
Industrials		17	%
Real Estate		14	%
Consumer Discretionary		13	%
Information Technology		10	%
Materials		7	%
Utilities		6	%
Health Care		5	%
Consumer Staples		4	%
Energy		3	%
Communication Services		1	%

Past performance does not guarantee future results. Return calculations assume the reinvestment of distributions and do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and net asset value ("NAV") will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. The performance above reflects any fee reductions during the applicable periods. If such fee reductions had not occurred, the quoted performance would be lower. To obtain performance current to the most recent month-end, please visit www.ProFunds.com.

¹ The graph and table reflect the theoretical reinvestment of dividends on securities in the Index. The impact of transaction costs and the deduction of fees and expenses associated with a mutual fund, such as investment management and accounting fees, are not reflected in the index calculations. The Fund's performance reflects the reinvestment of dividends as well as the impact of transaction costs and the deduction of fees and expenses. It is not possible to invest directly in an index.

² 1.00 equals perfect correlation. This calculation is based on the daily total return of the Index and the performance of the daily total return of the NAV per share of the Fund.

The above information is not covered by the Report of the Independent Registered Public Accounting Firm.

Management Discussion of Fund Performance (unaudited) :: Nasdaq-100 ProFund :: 29

Nasdaq-100 ProFund seeks investment results, before fees and expenses, that correspond to the performance of the Nasdaq-100^® Index (the "Index"). For the year ended July 31, 2021, the Fund (Investor Class shares) had a total return of 35.07%. For the same period, the Index had a total return of 38.19%¹ and a volatility of 22.14%. For the year, the Fund achieved an average daily statistical correlation of over 0.99 to the daily performance of the Index.²

The Fund takes positions in securities that, in combination, should have similar return characteristics as the return of the Index. The Index, a modified market capitalization-weighted index, includes 100 of the largest non-financial domestic and international issues listed on Nasdaq.

During the year ended July 31, 2021, the Fund invested in swap agreements and futures contracts as a substitute for investing directly in stocks in order to gain exposure to the Index. These derivatives generally tracked the performance of their underlying benchmark and were negatively impacted by financing costs associated with their use. The Fund entered into swap agreements with counterparties that the Fund's advisor determined to be major, global financial institutions. If a counterparty becomes insolvent or otherwise fails to perform on its obligations, the value of investments in the Fund may decline. The Fund has sought to mitigate this risk by generally requiring counterparties to post collateral for the benefit of the Fund, marked to market daily, in an amount approximately equal to the amount the counterparty owed to the Fund, subject to certain minimum thresholds.

Value of a $10,000 Investment at Net Asset Value*

 

* The line graph represents the historical performance of a hypothetical investment of $10,000 in the Nasdaq-100 ProFund from July 31, 2011 to July 31, 2021, assuming the reinvestment of distributions.

Average Annual Total Return as of 7/31/21

Fund	One Year			Five Year			Ten Year
Investor		35.07	%		24.51	%		19.08	%
Service		33.74	%		23.27	%		17.88	%
Nasdaq-100® Index		38.19	%		27.19	%		21.66	%

Expense Ratios**

Fund	Gross			Net
Investor		1.56	%		1.56	%
Service		2.56	%		2.56	%

** Reflects the expense ratio as reported in the Prospectus dated November 30, 2020. Contractual fee waivers are in effect through November 30, 2021. See Financial Highlights for effective expense ratios.

Allocation of Portfolio Holdings & Index Composition

Market Exposure

Investment Type	% of Net Assets
Equity Securities		60	%
Futures Contracts		1	%
Swap Agreements		39	%
Total Exposure		100	%

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any instruments used for cash management.

Largest Equity Holdings

Company	% of Net Assets
Apple, Inc.		6.8	%
Microsoft Corp.		6.0	%
Alphabet, Inc.		4.7	%
Amazon.com, Inc.		4.7	%
Facebook, Inc.		2.4	%

Nasdaq-100^® Index – Composition

	% of Index
Information Technology		48	%
Communication Services		19	%
Consumer Discretionary		17	%
Health Care		7	%
Consumer Staples		5	%
Industrials		3	%
Utilities		1	%

Past performance does not guarantee future results. Return calculations assume the reinvestment of distributions and do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and net asset value ("NAV") will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. The performance above reflects any fee reductions during the applicable periods. If such fee reductions had not occurred, the quoted performance would be lower. To obtain performance current to the most recent month-end, please visit www.ProFunds.com.

¹ The graph and table reflect the theoretical reinvestment of dividends on securities in the Index. The impact of transaction costs and the deduction of fees and expenses associated with a mutual fund, such as investment management and accounting fees, are not reflected in the index calculations. The Fund's performance reflects the reinvestment of dividends as well as the impact of transaction costs and the deduction of fees and expenses. It is not possible to invest directly in an index.

² 1.00 equals perfect correlation. This calculation is based on the daily total return of the Index and the performance of the daily total return of the NAV per share of the Fund.

The above information is not covered by the Report of the Independent Registered Public Accounting Firm.

30 :: Oil & Gas UltraSector ProFund :: Management Discussion of Fund Performance (unaudited)

Oil & Gas UltraSector ProFund (the "Fund") seeks daily investment results, before fees and expenses, that correspond to one and one-half times (1.5x) the return of the Dow Jones U.S. Oil & Gas^SM Index (the "Index") for a single day, not for any other period. A "single day" is measured from the time the Fund calculates its net asset value ("NAV") to the time of the Fund's next NAV calculation. The return of the Fund for periods longer than a single day will be the result of its return for each day compounded over the period. The Fund's return for periods longer than a single day will very likely differ in amount, and possibly even direction, from the Fund's stated multiple (1.5x) times the return of the Index for the same period. For periods longer than a single day, the Fund will lose money if the Index's performance is flat, and it is possible that the Fund will lose money even if the level of the Index rises. For the year ended July 31, 2021, the Fund (Investor Class Shares) had a total return of 64.47%. For the same period, the Index had a total return of 45.62%¹ and a volatility of 35.95%. For the year, the Fund achieved an average daily statistical correlation of over 0.99 to one and one-half times the daily performance of the Index.²

The Fund takes positions in financial instruments that, in combination, should have similar daily return characteristics as one and one-half times the daily return of the Index. The Index measures the performance of the oil and gas sector of the U.S. equity market. Component companies include, among others, exploration and production, integrated oil and gas, oil equipment and services, pipelines, renewable energy equipment companies and alternative fuel producers.

During the year ended July 31, 2021, the Fund invested in swap agreements as a substitute for investing directly in stocks in order to gain leveraged exposure to the Index. These derivatives generally tracked the performance of their underlying benchmark and were negatively impacted by financing costs associated with their use. The Fund entered into swap agreements with counterparties that the Fund's advisor determined to be major, global financial institutions. If a counterparty becomes insolvent or otherwise fails to perform on its obligations, the value of investments in the Fund may decline. The Fund has sought to mitigate this risk by generally requiring counterparties to post collateral for the benefit of the Fund, marked to market daily, in an amount approximately equal to the amount the counterparty owed to the Fund, subject to certain minimum thresholds.

Value of a $10,000 Investment at Net Asset Value*

 

* The line graph represents the historical performance of a hypothetical investment of $10,000 in the Oil & Gas UltraSector ProFund from July 31, 2011 to July 31, 2021, assuming the reinvestment of distributions.

Average Annual Total Return as of 7/31/21

Fund	One Year			Five Year			Ten Year
Investor		64.47	%		-10.16	%		-7.55	%
Service		62.71	%		-11.04	%		-8.46	%
Dow Jones U.S. Oil & GasSM Index		45.62	%		-2.49	%		-1.54	%
S&P 500®		36.45	%		17.35	%		15.35	%

Expense Ratios**

Fund	Gross			Net
Investor		1.87	%		1.78	%
Service		2.87	%		2.78	%

** Reflects the expense ratio as reported in the Prospectus dated November 30, 2020. Contractual fee waivers are in effect through November 30, 2021. See Financial Highlights for effective expense ratios.

Allocation of Portfolio Holdings & Index Composition

Market Exposure

Investment Type	% of Net Assets
Equity Securities		75	%
Swap Agreements		75	%
Total Exposure		150	%

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any instruments used for cash management.

Largest Equity Holdings

Company	% of Net Assets
Exxon Mobil Corp.		17.6	%
Chevron Corp.		14.2	%
ConocoPhillips		5.5	%
EOG Resources, Inc.		3.1	%
Schlumberger, Ltd.		2.9	%

Dow Jones U.S. Oil & Gas^SM Index – Composition

	% of Index
Oil, Gas & Consumable Fuels		90	%
Energy Equipment & Services		8	%
Semiconductors & Semiconductor Equipment		1	%
Electric Utilities		1	%

Past performance does not guarantee future results. Return calculations assume the reinvestment of distributions and do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and NAV will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. The performance above reflects any fee reductions during the applicable periods. If such fee reductions had not occurred, the quoted performance would be lower. To obtain performance current to the most recent month-end, please visit www.ProFunds.com.

¹ The graph and table reflect the theoretical reinvestment of dividends on securities in the Indexes. The impact of transaction costs and the deduction of fees and expenses associated with a mutual fund, such as investment management and accounting fees, are not reflected in calculations of the indexes. The Fund's performance reflects the reinvestment of dividends as well as the impact of transaction costs and the deduction of fees and expenses. It is not possible to invest directly in an index.

² 1.00 equals perfect correlation. This calculation is based on the daily total return of the Index and the performance of the daily total return of the NAV per share of the Fund.

³ The S&P 500^® is an unmanaged index that consists of the common stocks of 500 major U.S. corporations selected for their size and the frequency and ease with which their stocks trade.

The above information is not covered by the Report of the Independent Registered Public Accounting Firm.

Management Discussion of Fund Performance (unaudited) :: Oil Equipment & Services UltraSector ProFund :: 31

Oil Equipment & Services UltraSector ProFund (the "Fund") seeks daily investment results, before fees and expenses, that correspond to one and one-half times (1.5x) the return of the Dow Jones U.S. Select Oil Equipment & Services^SM Index¹ (the "Index") for a single day, not for any other period. A "single day" is measured from the time the Fund calculates its net asset value ("NAV") to the time of the Fund's next NAV calculation. The return of the Fund for periods longer than a single day will be the result of its return for each day compounded over the period. The Fund's return for periods longer than a single day will very likely differ in amount, and possibly even direction, from the Fund's stated multiple (1.5x) times the return of the Index for the same period. For periods longer than a single day, the Fund will lose money if the Index's performance is flat, and it is possible that the Fund will lose money even if the level of the Index rises. For the year ended July 31, 2021, the Fund (Investor Class Shares) had a total return of 68.77%. For the same period, the Index had a total return of 53.47%¹ and a volatility of 50.33%. For the year, the Fund achieved an average daily statistical correlation of over 0.99 to one and one-half times the daily performance of the Index.²

The Fund takes positions in financial instruments that, in combination, should have similar daily return characteristics as one and one-half times the daily return of the Index. The Index measures the performance of the oil and equipment services sector of the U.S. equity market. Component companies include, among others, suppliers of equipment and services to oil fields and offshore platforms, such as drilling, exploration, seismic-information services and platform construction.

During the year ended July 31, 2021, the Fund invested in swap agreements as a substitute for investing directly in stocks in order to gain leveraged exposure to the Index. These derivatives generally tracked the performance of their underlying benchmark and were negatively impacted by financing costs associated with their use. The Fund entered into swap agreements with counterparties that the Fund's advisor determined to be major, global financial institutions. If a counterparty becomes insolvent or otherwise fails to perform on its obligations, the value of investments in the Fund may decline. The Fund has sought to mitigate this risk by generally requiring counterparties to post collateral for the benefit of the Fund, marked to market daily, in an amount approximately equal to the amount the counterparty owed to the Fund, subject to certain minimum thresholds.

Value of a $10,000 Investment at Net Asset Value*

 

* The line graph represents the historical performance of a hypothetical investment of $10,000 in the Oil Equipment & Services UltraSector ProFund from July 31, 2011 to July 31, 2021, assuming the reinvestment of distributions.

Average Annual Total Return as of 7/31/21

Fund	One Year			Five Year			Ten Year
Investor		68.77	%		-31.56	%		-22.86	%
Service		67.15	%		-32.26	%		-23.64	%
Dow Jones U.S. Select Oil Equipment & ServicesSM Index		53.47	%		-16.49	%		-13.11	%
S&P 500®		36.45	%		17.35	%		15.35	%

Expense Ratios**

Fund	Gross			Net
Investor		2.12	%		1.78	%
Service		3.12	%		2.78	%

** Reflects the expense ratio as reported in the Prospectus dated November 30, 2020. Contractual fee waivers are in effect through November 30, 2021. See Financial Highlights for effective expense ratios.

Allocation of Portfolio Holdings & Index Composition

Market Exposure

Investment Type	% of Net Assets
Equity Securities		77	%
Swap Agreements		73	%
Total Exposure		150	%

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any instruments used for cash management.

Largest Equity Holdings

Company	% of Net Assets
Schlumberger, Ltd.		17.2	%
Halliburton Co.		16.5	%
Helmerich & Payne, Inc.		3.7	%
ChampionX Corp.		3.7	%
Baker Hughes Co.		3.5	%

Dow Jones U.S. Select Oil Equipment & Services^SM Index – Composition

	% of Index
Oil & Gas Equipment & Services		87	%
Oil & Gas Drilling		13	%

Past performance does not guarantee future results. Return calculations assume the reinvestment of distributions and do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and NAV will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. The performance above reflects any fee reductions during the applicable periods. If such fee reductions had not occurred, the quoted performance would be lower. To obtain performance current to the most recent month-end, please visit www.ProFunds.com.

¹ The graph and table reflect the theoretical reinvestment of dividends on securities in the Indexes. The impact of transaction costs and the deduction of fees and expenses associated with a mutual fund, such as investment management and accounting fees, are not reflected in calculations of the indexes. The Fund's performance reflects the reinvestment of dividends as well as the impact of transaction costs and the deduction of fees and expenses. It is not possible to invest directly in an index.

² 1.00 equals perfect correlation. This calculation is based on the daily total return of the Index and the performance of the daily total return of the NAV per share of the Fund.

³ The S&P 500^® is an unmanaged index that consists of the common stocks of 500 major U.S. corporations selected for their size and the frequency and ease with which their stocks trade.

The above information is not covered by the Report of the Independent Registered Public Accounting Firm.

32 :: Pharmaceuticals UltraSector ProFund :: Management Discussion of Fund Performance (unaudited)

Pharmaceuticals UltraSector ProFund (the "Fund") seeks daily investment results, before fees and expenses, that correspond to one and one-half times (1.5x) the return of the Dow Jones U.S. Select Pharmaceuticals^SM Index¹ (the "Index") for a single day, not for any other period. A "single day" is measured from the time the Fund calculates its net asset value ("NAV") to the time of the Fund's next NAV calculation. The return of the Fund for periods longer than a single day will be the result of its return for each day compounded over the period. The Fund's return for periods longer than a single day will very likely differ in amount, and possibly even direction, from the Fund's stated multiple (1.5x) times the return of the Index for the same period. For periods longer than a single day, the Fund will lose money if the Index's performance is flat, and it is possible that the Fund will lose money even if the level of the Index rises.��For the year ended July 31, 2021, the Fund (Investor Class Shares) had a total return of 33.74%. For the same period, the Index had a total return of 23.78%¹ and a volatility of 15.05%. For the year, the Fund achieved an average daily statistical correlation of over 0.99 to one and one-half times the daily performance of the Index.²

The Fund takes positions in financial instruments that, in combination, should have similar daily return characteristics as one and one-half times the daily return of the Index. The Index measures the performance of the pharmaceuticals sector of the U.S. equity market. Component companies include, among others, the makers of prescription or over-the-counter drugs. The Index includes vaccine producers, but excludes vitamin producers.

During the year ended July 31, 2021, the Fund invested in swap agreements as a substitute for investing directly in stocks in order to gain leveraged exposure to the Index. These derivatives generally tracked the performance of their underlying benchmark and were negatively impacted by financing costs associated with their use. The Fund entered into swap agreements with counterparties that the Fund's advisor determined to be major, global financial institutions. If a counterparty becomes insolvent or otherwise fails to perform on its obligations, the value of investments in the Fund may decline. The Fund has sought to mitigate this risk by generally requiring counterparties to post collateral for the benefit of the Fund, marked to market daily, in an amount approximately equal to the amount the counterparty owed to the Fund, subject to certain minimum thresholds.

Value of a $10,000 Investment at Net Asset Value*

 

* The line graph represents the historical performance of a hypothetical investment of $10,000 in the Pharmaceuticals UltraSector ProFund from July 31, 2011 to July 31, 2021, assuming the reinvestment of distributions.

Average Annual Total Return as of 7/31/21

Fund	One Year			Five Year			Ten Year
Investor		33.74	%		4.90	%		14.45	%
Service		32.41	%		3.86	%		13.28	%
Dow Jones U.S. Select PharmaceuticalsSM Index		23.78	%		5.93	%		12.30	%
S&P 500®		36.45	%		17.35	%		15.35	%

Expense Ratios**

Fund	Gross			Net
Investor		2.32	%		1.78	%
Service		3.32	%		2.78	%

** Reflects the expense ratio as reported in the Prospectus dated November 30, 2020. Contractual fee waivers are in effect through November 30, 2021. See Financial Highlights for effective expense ratios.

Allocation of Portfolio Holdings & Index Composition

Market Exposure

Investment Type	% of Net Assets
Equity Securities		79	%
Swap Agreements		71	%
Total Exposure		150	%

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any instruments used for cash management.

Largest Equity Holdings

Company	% of Net Assets
Johnson & Johnson		18.0	%
Pfizer, Inc.		15.1	%
Zoetis, Inc.		4.0	%
Catalent, Inc.		3.9	%
Eli Lilly & Co.		3.7	%

Dow Jones U.S. Select Pharmaceuticals^SM Index – Composition

	% of Index
Pharmaceuticals		97	%
Biotechnology		3	%

Past performance does not guarantee future results. Return calculations assume the reinvestment of distributions and do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and NAV will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. The performance above reflects any fee reductions during the applicable periods. If such fee reductions had not occurred, the quoted performance would be lower. To obtain performance current to the most recent month-end, please visit www.ProFunds.com.

¹ The graph and table reflect the theoretical reinvestment of dividends on securities in the Indexes. The impact of transaction costs and the deduction of fees and expenses associated with a mutual fund, such as investment management and accounting fees, are not reflected in calculations of the indexes. The Fund's performance reflects the reinvestment of dividends as well as the impact of transaction costs and the deduction of fees and expenses. It is not possible to invest directly in an index.

² 1.00 equals perfect correlation. This calculation is based on the daily total return of the Index and the performance of the daily total return of the NAV per share of the Fund.

³ The S&P 500^® is an unmanaged index that consists of the common stocks of 500 major U.S. corporations selected for their size and the frequency and ease with which their stocks trade.

The above information is not covered by the Report of the Independent Registered Public Accounting Firm.

Management Discussion of Fund Performance (unaudited) :: Precious Metals UltraSector ProFund :: 33

Precious Metals UltraSector ProFund (the "Fund") seeks daily investment results, before fees and expenses, that correspond to one and one-half times (1.5x) the return of the Dow Jones Precious Metals^SM Index (the "Index") for a single day, not for any other period. A "single day" is measured from the time the Fund calculates its net asset value ("NAV") to the time of the Fund's next NAV calculation. The return of the Fund for periods longer than a single day will be the result of its return for each day compounded over the period. The Fund's return for periods longer than a single day will very likely differ in amount, and possibly even direction, from the Fund's stated multiple (1.5x) times the return of the Index for the same period. For periods longer than a single day, the Fund will lose money if the Index's performance is flat, and it is possible that the Fund will lose money even if the level of the Index rises. For the year ended July 31, 2021, the Fund (Investor Class Shares) had a total return of -27.07%. For the same period, the Index had a total return of -15.18%¹ and a volatility of 35.39%. For the year, the Fund achieved an average daily statistical correlation of over 0.99 to one and one-half times the daily performance of the Index.²

The Fund takes positions in financial instruments that, in combination, should have similar daily return characteristics as one and one-half times the daily return of the Index. The Index measures the performance of the precious metals mining sector. Component companies include, among others, leading miners and producers of gold, silver and platinum-group metals whose securities are available to U.S. investors during U.S. trading hours.

During the year ended July 31, 2021, the Fund invested in swap agreements as a substitute for investing directly in stocks in order to gain leveraged exposure to the Index. These derivatives generally tracked the performance of their underlying benchmark and were negatively impacted by financing costs associated with their use. The Fund entered into swap agreements with counterparties that the Fund's advisor determined to be major, global financial institutions. If a counterparty becomes insolvent or otherwise fails to perform on its obligations, the value of investments in the Fund may decline. The Fund has sought to mitigate this risk by generally requiring counterparties to post collateral for the benefit of the Fund, marked to market daily, in an amount approximately equal to the amount the counterparty owed to the Fund, subject to certain minimum thresholds.

Value of a $10,000 Investment at Net Asset Value*

 

* The line graph represents the historical performance of a hypothetical investment of $10,000 in the Precious Metals UltraSector ProFund from July 31, 2011 to July 31, 2021, assuming the reinvestment of distributions.

Average Annual Total Return as of 7/31/21

Fund	One Year			Five Year			Ten Year
Investor		-27.07	%		0.17	%		-10.65	%
Service		-27.80	%		-0.83	%		-11.54	%
Dow Jones Precious MetalsSM Index		-15.18	%		5.08	%		-2.34	%
S&P 500®		36.45	%		17.35	%		15.35	%

Expense Ratios**

Fund	Gross			Net
Investor		1.64	%		1.64	%
Service		2.64	%		2.64	%

** Reflects the expense ratio as reported in the Prospectus dated November 30, 2020. Contractual fee waivers are in effect through November 30, 2021. See Financial Highlights for effective expense ratios.

Allocation of Portfolio Holdings & Index Composition

Market Exposure

Investment Type	% of Net Assets
Equity Securities		69	%
Swap Agreements		81	%
Total Exposure		150	%

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any instruments used for cash management or collateral for securities loaned.

Largest Equity Holdings

Company	% of Net Assets
Newmont Corp.		13.1	%
Barrick Gold Corp.		10.0	%
Franco-Nevada Corp.		7.9	%
Wheaton Precious Metals Corp.		5.4	%
Agnico Eagle Mines, Ltd.		4.1	%

Dow Jones Precious Metals^SM Index – Composition

	% of Index
Gold		89	%
Silver		6	%
Precious Metals & Minerals		5	%

Past performance does not guarantee future results. Return calculations assume the reinvestment of distributions and do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and NAV will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. The performance above reflects any fee reductions during the applicable periods. If such fee reductions had not occurred, the quoted performance would be lower. To obtain performance current to the most recent month-end, please visit www.ProFunds.com.

¹ The graph and table reflect the theoretical reinvestment of dividends on securities in the indexes. The impact of transaction costs and the deduction of fees and expenses associated with a mutual fund, such as investment management and accounting fees, are not reflected in calculations of the indexes. The Fund's performance reflects the reinvestment of dividends as well as the impact of transaction costs and the deduction of fees and expenses. It is not possible to invest directly in an Index.

² 1.00 equals perfect correlation. This calculation is based on the daily total return of the Index and the performance of the daily total return of the NAV per share of the Fund.

³ The S&P 500^® is an unmanaged index that consists of the common stocks of 500 major U.S. corporations selected for their size and the frequency and ease with which their stocks trade.

The above information is not covered by the Report of the Independent Registered Public Accounting Firm.

34 :: Real Estate UltraSector ProFund :: Management Discussion of Fund Performance (unaudited)

Real Estate UltraSector ProFund (the "Fund") seeks daily investment results, before fees and expenses, that correspond to one and one-half times (1.5x) the return of the Dow Jones U.S. Real Estate^SM Index (the "Index") for a single day, not for any other period. A "single day" is measured from the time the Fund calculates its net asset value ("NAV") to the time of the Fund's next NAV calculation. The return of the Fund for periods longer than a single day will be the result of its return for each day compounded over the period. The Fund's return for periods longer than a single day will very likely differ in amount, and possibly even direction, from the Fund's stated multiple (1.5x) times the return of the Index for the same period. For periods longer than a single day, the Fund will lose money if the Index's performance is flat, and it is possible that the Fund will lose money even if the level of the Index rises. For the year ended July 31, 2021, the Fund (Investor Class Shares) had a total return of 49.23%. For the same period, the Index had a total return of 32.91%¹ and a volatility of 16.80%. For the year, the Fund achieved an average daily statistical correlation of over 0.99 to one and one-half times the daily performance of the Index.²

The Fund takes positions in financial instruments that, in combination, should have similar daily return characteristics as one and one-half times the daily return of the Index. The Index measures the performance of the real estate sector of the U.S. equity market. Component companies include real estate holding and development and real estate service companies; and real estate investment trusts ("REITs") that invest in industrial, office and retail properties. REITs are passive investment vehicles that invest primarily in income-producing real estate or real estate related loans or interests.

During the year ended July 31, 2021, the Fund invested in swap agreements as a substitute for investing directly in stocks in order to gain leveraged exposure to the Index. These derivatives generally tracked the performance of their underlying benchmark and were negatively impacted by financing costs associated with their use. The Fund entered into swap agreements with counterparties that the Fund's advisor determined to be major, global financial institutions. If a counterparty becomes insolvent or otherwise fails to perform on its obligations, the value of investments in the Fund may decline. The Fund has sought to mitigate this risk by generally requiring counterparties to post collateral for the benefit of the Fund, marked to market daily, in an amount approximately equal to the amount the counterparty owed to the Fund, subject to certain minimum thresholds.

Value of a $10,000 Investment at Net Asset Value*

 

* The line graph represents the historical performance of a hypothetical investment of $10,000 in the Real Estate UltraSector ProFund from July 31, 2011 to July 31, 2021, assuming the reinvestment of distributions.

Average Annual Total Return as of 7/31/21

Fund	One Year			Five Year			Ten Year
Investor		49.23	%		7.64	%		11.07	%
Service		47.77	%		6.58	%		9.97	%
Dow Jones U.S. Real EstateSM Index		32.91	%		8.39	%		10.19	%
S&P 500®		36.45	%		17.35	%		15.35	%

Expense Ratios**

Fund	Gross			Net
Investor		1.80	%		1.78	%
Service		2.80	%		2.78	%

** Reflects the expense ratio as reported in the Prospectus dated November 30, 2020. Contractual fee waivers are in effect through November 30, 2021. See Financial Highlights for effective expense ratios.

Allocation of Portfolio Holdings & Index Composition

Market Exposure

Investment Type	% of Net Assets
Equity Securities		77	%
Swap Agreements		73	%
Total Exposure		150	%

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any instruments used for cash management.

Largest Equity Holdings

Company	% of Net Assets
American Tower Corp.		6.9	%
Prologis, Inc.		5.1	%
Crown Castle International Corp.		4.5	%
Equinix, Inc.		4.0	%
Public Storage		2.6	%

Dow Jones U.S. Real Estate^SM Index – Composition

	% of Index
Equity Real Estate Investment Trusts (REITs)		91	%
Real Estate Management & Development		4	%
Mortgage Real Estate Investment Trusts (REITs)		3	%
Professional Services		2	%

Past performance does not guarantee future results. Return calculations assume the reinvestment of distributions and do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and NAV will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. The performance above reflects any fee reductions during the applicable periods. If such fee reductions had not occurred, the quoted performance would be lower. To obtain performance current to the most recent month-end, please visit www.ProFunds.com.

¹ The graph and table reflect the theoretical reinvestment of dividends on securities in the Indexes. The impact of transaction costs and the deduction of fees and expenses associated with a mutual fund, such as investment management and accounting fees, are not reflected in calculations of the indexes. The Fund's performance reflects the reinvestment of dividends as well as the impact of transaction costs and the deduction of fees and expenses. It is not possible to invest directly in an index.

² 1.00 equals perfect correlation. This calculation is based on the daily total return of the Index and the performance of the daily total return of the NAV per share of the Fund.

³ The S&P 500^® is an unmanaged index that consists of the common stocks of 500 major U.S. corporations selected for their size and the frequency and ease with which their stocks trade.

The above information is not covered by the Report of the Independent Registered Public Accounting Firm.

Management Discussion of Fund Performance (unaudited) :: Rising Rates Opportunity ProFund :: 35

Rising Rates Opportunity ProFund (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 movement of the most recently issued 30-year U.S. Treasury Bond (the "Long Bond") for a single day, not for any other period. A "single day" is measured from the time the Fund calculates its net asset value ("NAV") to the time of the Fund's next NAV calculation. The return of the Fund for periods longer than a single day will be the result of its return for each day compounded over the period. The Fund's returns for periods longer than a single day very likely differ in amount, and possibly even direction, from the Fund's stated multiple (-1.25x) times the return of the Long Bond for the same period. For periods longer than a single day, the Fund will lose money if the Long Bond's performance is flat, and it is possible that the Fund will lose money even if the level of the Long Bond falls. For the year ended July 31, 2021, the Fund (Investor Class Shares) had a total return of 15.64%. For the same period, the Long Bond, as measured by the Ryan Labs Returns Treasury Yield Curve 30 Year Index¹, had a total return of -14.69%² and a volatility of 16.89%. For the year, the Fund achieved an average daily statistical correlation of over 0.99 to one and one-quarter times the inverse of the daily price movement of the Long Bond.³

The Fund takes positions in financial instruments that, in combination, should have similar daily return characteristics as one and one-quarter times the inverse of the daily price movement of the Long Bond. The Long Bond is the longest term outstanding 30-year bond issued by the U.S. Treasury. As of July 31, 2021, the most recent Long Bond carried a maturity date of 5/15/51 and a 2.375% coupon.

During the year ended July 31, 2021, the Fund invested in swap agreements and futures contracts as a substitute for shorting bonds in order to gain inverse leveraged exposure to the Long Bond. These derivatives generally tracked the performance of their underlying benchmark and benefited from financing costs associated with their use. The Fund entered into swap agreements with counterparties that the Fund's advisor determined to be major, global financial institutions. If a counterparty becomes insolvent or otherwise fails to perform on its obligations, the value of investments in the Fund may decline. The Fund has sought to mitigate this risk by generally requiring counterparties to post collateral for the benefit of the Fund, marked to market daily, in an amount approximately equal to the amount the counterparty owed to the Fund, subject to certain minimum thresholds.

Value of a $10,000 Investment at Net Asset Value*

 

* The line graph represents the historical performance of a hypothetical investment of $10,000 in the Rising Rates Opportunity ProFund from July 31, 2011 to July 31, 2021, assuming the reinvestment of distributions.

Average Annual Total Return as of 7/31/21

Fund	One Year			Five Year			Ten Year
Investor		15.64	%		-6.72	%		-11.89	%
Service		14.52	%		-7.63	%		-12.78	%
Ryan Labs Returns Treasury Yield Curve 30 Year Index		-14.69	%		3.24	%		6.94	%

Expense Ratios**

Fund	Gross			Net
Investor		1.89	%		1.78	%
Service		2.89	%		2.78	%

** Reflects the expense ratio as reported in the Prospectus dated November 30, 2020. Contractual fee waivers are in effect through November 30, 2021. See Financial Highlights for effective expense ratios.

Allocation of Portfolio Holdings

Market Exposure

Investment Type	% of Net Assets
Swap Agreements		(125	)%
Total Exposure		(125	)%

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any instruments used for cash management.

Holdings

The Rising Rates Opportunity ProFund primarily invests in non-equity securities, which may include: swap agreements, futures contracts, options, forward contracts, repurchase agreements and U.S. Government securities.

Past performance does not guarantee future results. Return calculations assume the reinvestment of distributions and do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and NAV will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. The performance above reflects any fee reductions during the applicable periods. If such fee reductions had not occurred, the quoted performance would be lower. To obtain performance current to the most recent month-end, please visit www.ProFunds.com.

¹ The Ryan Labs Returns Treasury Yield Curve 30 Year Index is an index that consists of public obligations of the U.S. Treasury consisting of a single security, the latest issued on-the-run 30-year U.S. Treasury bond. This Index reflects both price return and yield. It does not reflect the impact of transaction costs nor the deduction of fees and expenses associated with a mutual fund, such as investment management and accounting fees. It is not possible to invest directly in an index.

² The Long Bond reflects a yield component. It does not reflect the impact of transaction and financing costs, nor the deduction of fees and expenses associated with a mutual fund, such as investment management and accounting fees. The Fund's performance reflects a yield component, the impact of transaction and financing costs and the deduction of fees and expenses.

³ 1.00 equals perfect correlation. This calculation is based on the daily total return of the Long Bond and the performance of the daily total return of the NAV per share of the Fund.

The above information is not covered by the Report of the Independent Registered Public Accounting Firm.

36 :: Rising Rates Opportunity 10 ProFund :: Management Discussion of Fund Performance (unaudited)

Rising Rates Opportunity 10 ProFund (the "Fund") seeks daily investment results, before fees and expenses, that correspond to the inverse (-1x) of the daily movement of the most recently issued 10-year U.S. Treasury Note (the "Note") for a single day, not for any other period. A "single day" is measured from the time the Fund calculates its net asset value ("NAV") to the time of the Fund's next NAV calculation. The return of the Fund for periods longer than a single day will be the result of its return for each day compounded over the period. The Fund's returns for periods longer than a single day very likely differ in amount, and possibly even direction, from the Fund's stated multiple (-1x) times the return of the Note for the same period. For periods longer than a single day, the Fund will lose money if the Note's performance is flat, and it is possible that the Fund will lose money even if the level of the Note falls. For the year ended July 31, 2021, the Fund (Investor Class Shares) had a total return of 2.50%. For the same period, the Note, as measured by the Ryan Labs Returns Treasury Yield Curve 10 Year Index ¹, had a total return of -4.87%² and a volatility of 6.16%. For the year, the Fund achieved an average daily statistical correlation of over 0.99 to the inverse of the daily price movement of the Note.³

The Fund takes positions in derivatives that, in combination, should have similar daily return characteristics as the inverse of the daily price movement of the Note. As of July 31, 2021, the most recent Note carried a maturity date of 5/15/31 and a 1.625% coupon.

During the year ended July 31, 2021, the Fund invested in swap agreements and futures contracts as a substitute for shorting notes in order to gain inverse exposure to the Index. These derivatives generally tracked the performance of their underlying benchmark and benefitted from financing costs associated with their use. The Fund entered into swap agreements with counterparties that the Fund's advisor determined to be major, global financial institutions. If a counterparty becomes insolvent or otherwise fails to perform on its obligations, the value of investments in the Fund may decline. The Fund has sought to mitigate this risk by generally requiring counterparties to post collateral for the benefit of the Fund, marked to market daily, in an amount approximately equal to the amount the counterparty owed to the Fund, subject to certain minimum thresholds.

Value of a $10,000 Investment at Net Asset Value*

 

* The line graph represents the historical performance of a hypothetical investment of $10,000 in the Rising Rates Opportunity 10 ProFund from July 31, 2011 to July 31, 2021, assuming the reinvestment of distributions.

Average Annual Total Return as of 7/31/21

Fund	One Year			Five Year			Ten Year
Investor		2.50	%		-2.78	%		-4.93	%
Service		1.43	%		-3.74	%		-5.87	%
Ryan Labs Returns Treasury Yield Curve 10 Year Index		-4.87	%		2.17	%		3.56	%

Expense Ratios**

Fund	Gross			Net
Investor		2.66	%		1.78	%
Service		3.66	%		2.78	%

** Reflects the expense ratio as reported in the Prospectus dated November 30, 2020. Contractual fee waivers are in effect through November 30, 2021. See Financial Highlights for effective expense ratios.

Allocation of Portfolio Holdings

Market Exposure

Investment Type	% of Net Assets
Swap Agreements		(100	)%
Total Exposure		(100	)%

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any instruments used for cash management.

Holdings

The Rising Rates Opportunity 10 ProFund primarily invests in non-equity securities, which may include: swap agreements, futures contracts, options, forward contracts, repurchase agreements and U.S. Government securities.

Past performance does not guarantee future results. Return calculations assume the reinvestment of distributions and do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and NAV will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. The performance above reflects any fee reductions during the applicable periods. If such fee reductions had not occurred, the quoted performance would be lower. To obtain performance current to the most recent month-end, please visit www.ProFunds.com.

¹ The Ryan Labs Returns Treasury Yield Curve 10 Year Index is an index that consists of public obligations of the U.S. Treasury consisting of a single security, the latest issued on-the-run 10-year U.S. Treasury note. This index reflects both price return and yield. It does not reflect the impact of transaction costs nor the deduction of expenses associated with a mutual fund, such as investment management and accounting fees. It is not possible to invest directly in an index.

² The Note reflects a yield component. It does not reflect the impact of transaction and financing costs, nor the deduction of fees and expenses associated with a mutual fund, such as investment management and accounting fees. The Fund's performance reflects a yield component, the impact of transaction and financing costs and the deduction of fees and expenses. Since the Rising Rates Opportunity 10 ProFund is an inverse fund, the yield of the Note is effectively paid out, rather than received.

³ 1.00 equals perfect correlation. This calculation is based on the daily total return of the Note and the performance of the daily total return of the NAV per share of the Fund.

The above information is not covered by the Report of the Independent Registered Public Accounting Firm.

Management Discussion of Fund Performance (unaudited) :: Rising U.S. Dollar ProFund :: 37

Rising U.S. Dollar ProFund (the "Fund") seeks daily investment results, before fees and expenses, that correspond to the inverse (-1x) of the return of the basket of currencies included in the U.S. Dollar Index (the "Index") for a single day, not for any other period. The Index measures the performance of the U.S. dollar against a basket of six major world currencies (the "Benchmark"). A "single day" is measured from the time the Fund calculates its net asset value ("NAV") to the time of the Fund's next NAV calculation. The return of the Fund for periods longer than a single day will be the result of its return for each day compounded over the period. The Fund's returns for periods longer than a single day will very likely differ in amount, and possibly even direction, from the Fund's stated multiple (-1x) times the return of the Benchmark for the same period. For periods longer than a single day, the Fund will lose money if the Benchmark's performance is flat, and it is possible that the Fund will lose money even if the level of the Benchmark falls. For the year ended July 31, 2021, the Fund (Investor Class Shares) had a total return of -2.97%. For the same period, the Index had a price return of -0.91%¹ and a volatility of 5.26%. For the year, the Fund achieved an average daily statistical correlation of over 0.99 to the daily performance of the Index.²

The Fund takes positions in financial instruments that, in combination, should have similar daily return characteristics as the inverse of the daily return of the Index. The six major currencies and their weightings are: Euro 57%; Japanese yen 14%; British pound 12%; Canadian dollar 9%; Swedish krona 4% and Swiss franc 4%. As the value of the U.S. dollar appreciates versus the Benchmark, the performance of the Fund increases. As the value of the U.S. dollar depreciates versus the Benchmark, the performance of the Fund declines. The Fund does not normally provide investment returns that match the Index.

During the year ended July 31, 2021, the Fund invested in forward currency contracts to gain inverse exposure to the Benchmark. These derivatives generally tracked the performance of their underlying benchmark. The Fund entered into forward currency contracts with counterparties that the Fund's advisor determined to be major, global financial institutions. If a counterparty becomes insolvent or otherwise fails to perform on its obligations, the value of investments in the Fund may decline. The Fund has sought to mitigate this risk by generally requiring counterparties to post collateral for the benefit of the Fund, marked to market daily, in an amount approximately equal to the amount the counterparty owed to the Fund, subject to certain minimum thresholds.

Value of a $10,000 Investment at Net Asset Value*

 

* The line graph represents the historical performance of a hypothetical investment of $10,000 in the Rising U.S. Dollar ProFund from July 31, 2011 to July 31, 2021, assuming the reinvestment of distributions.

Average Annual Total Return as of 7/31/21

Fund	One Year			Five Year			Ten Year
Investor		-2.97	%		-0.51	%		1.16	%
Service		-3.92	%		-1.49	%		0.16	%
U.S. Dollar Index		-0.91	%		-0.71	%		2.23	%
S&P 500®		36.45	%		17.35	%		15.35	%

Expense Ratios**

Fund	Gross			Net
Investor		1.97	%		1.78	%
Service		2.97	%		2.78	%

** Reflects the expense ratio as reported in the Prospectus dated November 30, 2020. Contractual fee waivers are in effect through November 30, 2021. See Financial Highlights for effective expense ratios.

Allocation of Portfolio Holdings & Index Composition

Market Exposure

Investment Type	% of Net Assets
Forward Currency Contracts		100	%
Total Exposure		100	%

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any instruments used for cash management.

Holdings

The Rising U.S. Dollar ProFund primarily invests in non-equity securities, which may include: swap agreements, futures contracts, options, forward contracts, repurchase agreements and U.S. Government securities.

U.S. Dollar Index – Composition

	% of Index
Euro		57	%
Japanese yen		14	%
British pound		12	%
Canadian dollar		9	%
Swedish krona		4	%
Swiss franc		4	%

Past performance does not guarantee future results. Return calculations assume the reinvestment of distributions and do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and NAV will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. The performance above reflects any fee reductions during the applicable periods. If such fee reductions had not occurred, the quoted performance would be lower. To obtain performance current to the most recent month-end, please visit www.ProFunds.com.

¹ The graph and table DO NOT reflect the theoretical reinvestment of dividends nor the impact of transaction costs and the deduction of fees and expenses associated with a mutual fund, such as investment management and accounting fees. The Fund's performance reflects the reinvestment of dividends as well as the impact of transaction costs and the deduction of fees and expenses. It is not possible to invest directly in an index.

² 1.00 equals perfect correlation. This calculation is based on the daily total return of the Index and the performance of the daily total return of the NAV per share of the Fund.

³ The S&P 500^® is an unmanaged index that consists of the common stocks of 500 major U.S. corporations selected for their size and the frequency and ease with which their stocks trade. The graph and table reflect the theoretical reinvestment of dividends on securities in the Index. The impact of the transaction costs and the deduction of fees and expenses associated with a mutual fund, such as investment management and accounting fees, are not reflected in the Index calculations. It is not possible to invest directly in an index.

The above information is not covered by the Report of the Independent Registered Public Accounting Firm.

38 :: Semiconductor UltraSector ProFund :: Management Discussion of Fund Performance (unaudited)

Semiconductor UltraSector ProFund (the "Fund") seeks daily investment results, before fees and expenses, that correspond to one and one-half times (1.5x) the return of the Dow Jones U.S. Semiconductors^SM Index (the "Index") for a single day, not for any other period. A "single day" is measured from the time the Fund calculates its net asset value ("NAV") to the time of the Fund's next NAV calculation. The return of the Fund for periods longer than a single day will be the result of its return for each day compounded over the period. The Fund's return for periods longer than a single day will very likely differ in amount, and possibly even direction, from the Fund's stated multiple (1.5x) times the return of the Index for the same period. For periods longer than a single day, the Fund will lose money if the Index's performance is flat, and it is possible that the Fund will lose money even if the level of the Index rises. For the year ended July 31, 2021, the Fund (Investor Class Shares) had a total return of 85.65%. For the same period, the Index had a total return of 56.80%¹ and a volatility of 30.85%. For the year, the Fund achieved an average daily statistical correlation of over 0.99 to one and one-half times the daily performance of the Index.²

The Fund takes positions in financial instruments that, in combination, should have similar daily return characteristics as one and one-half times the daily return of the Index. The Index measures the performance of the semiconductor sector of the U.S. equity market. Component companies are engaged in the production of semiconductors and other integrated chips, as well as other related products such as semiconductor capital equipment and motherboards.

During the year ended July 31, 2021, the Fund invested in swap agreements as a substitute for investing directly in stocks in order to gain leveraged exposure to the Index. These derivatives generally tracked the performance of their underlying benchmark and were negatively impacted by financing costs associated with their use. The Fund entered into swap agreements with counterparties that the Fund's advisor determined to be major, global financial institutions. If a counterparty becomes insolvent or otherwise fails to perform on its obligations, the value of investments in the Fund may decline. The Fund has sought to mitigate this risk by generally requiring counterparties to post collateral for the benefit of the Fund, marked to market daily, in an amount approximately equal to the amount the counterparty owed to the Fund, subject to certain minimum thresholds.

Value of a $10,000 Investment at Net Asset Value*

 

* The line graph represents the historical performance of a hypothetical investment of $10,000 in the Semiconductor UltraSector ProFund from July 31, 2011 to July 31, 2021, assuming the reinvestment of distributions.

Average Annual Total Return as of 7/31/21

Fund	One Year			Five Year			Ten Year
Investor		85.65	%		41.81	%		29.86	%
Service		83.81	%		40.39	%		28.57	%
Dow Jones U.S. SemiconductorsSM Index		56.80	%		31.51	%		23.16	%
S&P 500®		36.45	%		17.35	%		15.35	%

Expense Ratios**

Fund	Gross			Net
Investor		1.65	%		1.65	%
Service		2.65	%		2.65	%

** Reflects the expense ratio as reported in the Prospectus dated November 30, 2020. Contractual fee waivers are in effect through November 30, 2021. See Financial Highlights for effective expense ratios.

Allocation of Portfolio Holdings & Index Composition

Market Exposure

Investment Type	% of Net Assets
Equity Securities		74	%
Swap Agreements		76	%
Total Exposure		150	%

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any instruments used for cash management.

Largest Equity Holdings

Company	% of Net Assets
NVIDIA Corp.		16.3	%
Intel Corp.		7.3	%
Broadcom, Inc.		6.6	%
Texas Instruments, Inc.		5.9	%
Qualcomm, Inc.		5.7	%

Dow Jones U.S. Semiconductors^SM Index – Composition

	% of Index
Semiconductors & Semiconductor Equipment		100	%

Past performance does not guarantee future results. Return calculations assume the reinvestment of distributions and do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and NAV will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. The performance above reflects any fee reductions during the applicable periods. If such fee reductions had not occurred, the quoted performance would be lower. To obtain performance current to the most recent month-end, please visit www.ProFunds.com.

¹ The graph and table reflect the theoretical reinvestment of dividends on securities in the Indexes. The impact of transaction costs and the deduction of fees and expenses associated with a mutual fund, such as investment management and accounting fees, are not reflected in calculations of the indexes. The Fund's performance reflects the reinvestment of dividends as well as the impact of transaction costs and the deduction of fees and expenses. It is not possible to invest directly in an index.

² 1.00 equals perfect correlation. This calculation is based on the daily total return of the Index and the performance of the daily total return of the NAV per share of the Fund.

³ The S&P 500^® is an unmanaged index that consists of the common stocks of 500 major U.S. corporations selected for their size and the frequency and ease with which their stocks trade.

The above information is not covered by the Report of the Independent Registered Public Accounting Firm.

Management Discussion of Fund Performance (unaudited) :: Short Nasdaq-100 ProFund :: 39

Short Nasdaq-100 ProFund (the "Fund") seeks daily investment results, before fees and expenses, that correspond to the inverse (-1x) of the return of the Nasdaq-100^® Index (the "Index") for a single day, not for any other period. A "single day" is measured from the time the Fund calculates its net asset value ("NAV") to the time of the Fund's next NAV calculation. The return of the Fund for periods longer than a single day will be the result of its return for each day compounded over the period. The Fund's return for periods longer than a single day will very likely differ in amount, and possibly even direction, from the Fund's stated multiple (-1x) times the return of the Index for the same period. For periods longer than a single day, the Fund will lose money if the Index's performance is flat, and it is possible that the Fund will lose money even if the level of the Index falls. For the year ended July 31, 2021, the Fund (Investor Class Shares) had a total return of -31.63%. For the same period, the Index had a total return of 38.19%¹ and a volatility of 22.14%. For the year, the Fund achieved an average daily statistical correlation of over 0.99 to the inverse of the daily performance of the Index.²

The Fund takes positions in financial instruments that, in combination, should have similar daily return characteristics as the inverse of the daily return of the Index. The Index, a modified market capitalization-weighted index, includes 100 of the largest non-financial domestic and international issues listed on Nasdaq.

During the year ended July 31, 2021, the Fund invested in swap agreements and futures contracts as a substitute for shorting stocks in order to gain inverse exposure to the Index. These derivatives generally tracked the performance of their underlying benchmark and benefitted from financing costs associated with their use. The Fund entered into swap agreements with counterparties that the Fund's advisor determined to be major, global financial institutions. If a counterparty becomes insolvent or otherwise fails to perform on its obligations, the value of investments in the Fund may decline. The Fund has sought to mitigate this risk by generally requiring counterparties to post collateral for the benefit of the Fund, marked to market daily, in an amount approximately equal to the amount the counterparty owed to the Fund, subject to certain minimum thresholds.

Value of a $10,000 Investment at Net Asset Value*

 

* The line graph represents the historical performance of a hypothetical investment of $10,000 in the Short Nasdaq-100 ProFund from July 31, 2011 to July 31, 2021, assuming the reinvestment of distributions.

Average Annual Total Return as of 7/31/21

Fund	One Year			Five Year			Ten Year
Investor		-31.63	%		-24.91	%		-21.94	%
Service		-32.26	%		-25.63	%		-22.71	%
Nasdaq-100® Index		38.19	%		27.19	%		21.66	%

Expense Ratios**

Fund	Gross			Net
Investor		2.01	%		1.78	%
Service		3.01	%		2.78	%

** Reflects the expense ratio as reported in the Prospectus dated November 3.0, 2020. Contractual fee waivers are in effect through November 30, 2021. See Financial Highlights for effective expense ratios.

Allocation of Portfolio Holdings & Index Composition

Market Exposure

Investment Type	% of Net Assets
Futures Contracts		(16	)%
Swap Agreements		(84	)%
Total Exposure		(100	)%

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any instruments used for cash management.

Holdings

The Short Nasdaq-100 ProFund primarily invests in non-equity securities, which may include: swap agreements, futures contracts, options, forward contracts, repurchase agreements and U.S. Government securities.

Nasdaq-100^® Index – Composition

	% of Index
Information Technology		48	%
Communication Services		19	%
Consumer Discretionary		17	%
Health Care		7	%
Consumer Staples		5	%
Industrials		3	%
Utilities		1	%

Past performance does not guarantee future results. Return calculations assume the reinvestment of distributions and do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and NAV will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. The performance above reflects any fee reductions during the applicable periods. If such fee reductions had not occurred, the quoted performance would be lower. To obtain performance current to the most recent month-end, please visit www.ProFunds.com.

¹ The graph and table reflect the theoretical reinvestment of dividends on securities in the Index. The impact of transaction costs and the deduction of fees and expenses associated with a mutual fund, such as investment management and accounting fees, are not reflected in the index calculations. The Fund's performance reflects the reinvestment of dividends as well as the impact of transaction costs and the deduction of fees and expenses. It is not possible to invest directly in an index.

² 1.00 equals perfect correlation. This calculation is based on the daily total return of the Index and the performance of the daily total return of the NAV per share of the Fund.

The above information is not covered by the Report of the Independent Registered Public Accounting Firm.

40 :: Short Oil & Gas ProFund :: Management Discussion of Fund Performance (unaudited)

Short Oil & Gas ProFund (the "Fund") seeks daily investment results, before fees and expenses, that correspond to the inverse (-1x) of the return of the Dow Jones U.S. Oil & Gas^SM Index (the "Index") for a single day, not for any other period. A "single day" is measured from the time the Fund calculates its net asset value ("NAV") to the time of the Fund's next NAV calculation. The return of the Fund for periods longer than a single day will be the result of its return for each day compounded over the period. The Fund's return for periods longer than a single day will very likely differ in amount, and possibly even direction, from the Fund's stated multiple (-1x) times the return of the Index for the same period. For periods longer than a single day, the Fund will lose money if the Index's performance is flat, and it is possible that the Fund will lose money even if the level of the Index falls. For the year ended July 31, 2021, the Fund (Investor Class Shares) had a total return of -41.28%. For the same period, the Index had a total return of 45.62%¹ and a volatility of 35.95%. For the year, the Fund achieved an average daily statistical correlation of over 0.99 to the inverse of the daily performance of the Index.²

The Fund takes positions in financial instruments that, in combination, should have similar daily return characteristics as the inverse of the daily return of the Index. The Index measures the performance of the oil and gas sector of the U.S. equity market. Component companies include, among others, exploration and production, integrated oil and gas, oil equipment and services, pipelines, renewable energy equipment companies and alternative fuel producers.

During the year ended July 31, 2021, the Fund invested in swap agreements as a substitute for shorting stocks in order to gain inverse exposure to the Index. These derivatives generally tracked the performance of their underlying benchmark and benefited from financing costs associated with their use. The Fund entered into swap agreements with counterparties that the Fund's advisor determined to be major, global financial institutions. If a counterparty becomes insolvent or otherwise fails to perform on its obligations, the value of investments in the Fund may decline. The Fund has sought to mitigate this risk by generally requiring counterparties to post collateral for the benefit of the Fund, marked to market daily, in an amount approximately equal to the amount the counterparty owed to the Fund, subject to certain minimum thresholds.

Value of a $10,000 Investment at Net Asset Value*

 

* The line graph represents the historical performance of a hypothetical investment of $10,000 in the Short Oil & Gas ProFund from July 31, 2011 to July 31, 2021, assuming the reinvestment of distributions.

Average Annual Total Return as of 7/31/21

Fund	One Year			Five Year			Ten Year
Investor		-41.28	%		-8.05	%		-7.15	%
Service		-41.81	%		-8.92	%		-8.03	%
Dow Jones U.S. Oil & GasSM Index		45.62	%		-2.49	%		-1.54	%
S&P 500®		36.45	%		17.35	%		15.35	%

Expense Ratios**

Fund	Gross			Net
Investor		2.84	%		1.78	%
Service		3.84	%		2.78	%

** Reflects the expense ratio as reported in the Prospectus dated November 30, 2020. Contractual fee waivers are in effect through November 30, 2021. See Financial Highlights for effective expense ratios.

Allocation of Portfolio Holdings & Index Composition

Market Exposure

Investment Type	% of Net Assets
Swap Agreements		(98	)%
Total Exposure		(98	)%

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any instruments used for cash management.

Holdings

The Short Oil & Gas ProFund primarily invests in non-equity securities, which may include: swap agreements, futures contracts, options, forward contracts, repurchase agreements and U.S. Government securities.

Dow Jones U.S. Oil & Gas^SM Index –Composition

	% of Index
Oil, Gas & Consumable Fuels		90	%
Energy Equipment & Services		8	%
Semiconductors & Semiconductor Equipment		1	%
Electric Utilities		1	%

Past performance does not guarantee future results. Return calculations assume the reinvestment of distributions and do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and NAV will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. The performance above reflects any fee reductions during the applicable periods. If such fee reductions had not occurred, the quoted performance would be lower. To obtain performance current to the most recent month-end, please visit www.ProFunds.com.

¹ The graph and table reflect the theoretical reinvestment of dividends on securities in the Indexes. The impact of transaction costs and the deduction of fees and expenses associated with a mutual fund, such as investment management and accounting fees, are not reflected in calculations of the indexes. The Fund's performance reflects the reinvestment of dividends as well as the impact of transaction costs and the deduction of fees and expenses. It is not possible to invest directly in an index.

² 1.00 equals perfect correlation. This calculation is based on the daily total return of the Index and the performance of the daily total return of the NAV per share of the Fund.

³ The S&P 500^® is an unmanaged index that consists of the common stocks of 500 major U.S. corporations selected for their size and the frequency and ease with which their stocks trade.

The above information is not covered by the Report of the Independent Registered Public Accounting Firm.

Management Discussion of Fund Performance (unaudited) :: Short Precious Metals ProFund :: 41

Short Precious Metals ProFund (the "Fund") seeks daily investment results, before fees and expenses, that correspond to the inverse (-1x) of the daily performance of the Dow Jones Precious Metals^SM Index (the "Index") for a single day, not for any other period. A "single day" is measured from the time the Fund calculates its net asset value ("NAV") to the time of the Fund's next NAV calculation. The return of the Fund for periods longer than a single day will be the result of its return for each day compounded over the period. The Fund's return for periods longer than a single day will very likely differ in amount, and possibly even direction, from the Fund's stated multiple (-1x) times the return of the Index for the same period. For periods longer than a single day, the Fund will lose money if the Index's performance is flat, and it is possible that the Fund will lose money even if the level of the Index rises. For the year ended July 31, 2021, the Fund (Investor Class Shares) had a total return of 2.06%. For the same period, the Index had a total return of -15.18%¹ and a volatility of 35.39%. For the year, the Fund achieved an average daily statistical correlation of over 0.99 to the inverse of the daily performance of the Index.²

The Fund takes positions in financial instruments that, in combination, should have similar daily return characteristics as the inverse of the daily return of the Index. The Index measures the performance of the precious metals mining sector. Component companies include, among others, leading miners and producers of gold, silver and platinum-group metals whose securities are available to U.S. investors during U.S. trading hours.

During the year ended July 31, 2021, the Fund invested in swap agreements as a substitute for shorting stocks in order to gain inverse exposure to the Index. These derivatives generally tracked the performance of their underlying benchmark and benefited from financing costs associated with their use. The Fund entered into swap agreements with counterparties that the Fund's advisor determined to be major, global financial institutions. If a counterparty becomes insolvent or otherwise fails to perform on its obligations, the value of investments in the Fund may decline. The Fund has sought to mitigate this risk by generally requiring counterparties to post collateral for the benefit of the Fund, marked to market daily, in an amount approximately equal to the amount the counterparty owed to the Fund, subject to certain minimum thresholds.

Value of a $10,000 Investment at Net Asset Value*

 

* The line graph represents the historical performance of a hypothetical investment of $10,000 in the Short Precious Metals ProFund from July 31, 2011 to July 31, 2021, assuming the reinvestment of distributions.

Average Annual Total Return as of 7/31/21

Fund	One Year			Five Year			Ten Year
Investor		2.06	%		-15.70	%		-11.12	%
Service		0.84	%		-16.56	%		-12.00	%
Dow Jones Precious MetalsSM Index		-15.18	%		5.08	%		-2.34	%
S&P 500®		36.45	%		17.35	%		15.35	%

Expense Ratios**

Fund	Gross			Net
Investor		2.97	%		1.78	%
Service		3.97	%		2.78	%

** Reflects the expense ratio as reported in the Prospectus dated November 30, 2020. Contractual fee waivers are in effect through November 30, 2021. See Financial Highlights for effective expense ratios.

Allocation of Portfolio Holdings & Index Composition

Market Exposure

Investment Type	% of Net Assets
Swap Agreements		(100	)%
Total Exposure		(100	)%

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any instruments used for cash management.

Holdings

The Short Precious Metals ProFund primarily invests in non-equity securities, which may include: swap agreements, futures contracts, options, forward contracts, repurchase agreements and U.S. Government securities.

Dow Jones Precious Metals^SM Index – Composition

	% of Index
Gold		89	%
Silver		6	%
Precious Metals & Minerals		5	%

Past performance does not guarantee future results. Return calculations assume the reinvestment of distributions and do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and NAV will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. The performance above reflects any fee reductions during the applicable periods. If such fee reductions had not occurred, the quoted performance would be lower. To obtain performance current to the most recent month-end, please visit www.ProFunds.com.

¹ The graph and table reflect the theoretical reinvestment of dividends on securities in the Indexes. The impact of transaction costs and the deduction of fees and expenses associated with a mutual fund, such as investment management and accounting fees, are not reflected in calculations of the indexes. The Fund's performance reflects the reinvestment of dividends as well as the impact of transaction costs and the deduction of fees and expenses. It is not possible to invest directly in an index.

² 1.00 equals perfect correlation. This calculation is based on the daily total return of the Index and the performance of the daily total return of the NAV per share of the Fund.

³ The S&P 500^® is an unmanaged index that consists of the common stocks of 500 major U.S. corporations selected for their size and the frequency and ease with which their stocks trade.

The above information is not covered by the Report of the Independent Registered Public Accounting Firm.

42 :: Short Real Estate ProFund :: Management Discussion of Fund Performance (unaudited)

Short Real Estate ProFund (the "Fund") seeks daily investment results, before fees and expenses, that correspond to the inverse (-1x) of the return of the Dow Jones U.S. Real Estate^SM Index (the "Index") for a single day, not for any other period. A "single day" is measured from the time the Fund calculates its net asset value ("NAV") to the time of the Fund's next NAV calculation. The return of the Fund for periods longer than a single day will be the result of its return for each day compounded over the period. The Fund's return for periods longer than a single day will very likely differ in amount, and possibly even direction, from the Fund's stated multiple (-1x) times the return of the Index for the same period. For periods longer than a single day, the Fund will lose money if the Index's performance is flat, and it is possible that the Fund will lose money even if the level of the Index falls. For the year ended July 31, 2021, the Fund (Investor Class Shares) had a total return of -28.47%. For the same period, the Index had a total return of 32.91%¹ and a volatility of 16.80%. For the year, the Fund achieved an average daily statistical correlation of over 0.99 to the inverse of the daily performance of the Index.²

The Fund takes positions in financial instruments that, in combination, should have similar daily return characteristics as the inverse of the daily return of the Index. The Index measures the performance of the real estate sector of the U.S. equity market. Component companies include real estate holding and development and real estate service companies; and real estate investment trusts ("REITs") that invest in industrial, office and retail properties. REITs are passive investment vehicles that invest primarily in income-producing real estate or real estate related loans or interests.

During the year ended July 31, 2021, the Fund invested in swap agreements as a substitute for shorting stocks in order to gain inverse exposure to the Index. These derivatives generally tracked the performance of their underlying benchmark and benefited from financing costs associated with their use. The Fund entered into swap agreements with counterparties that the Fund's advisor determined to be major, global financial institutions. If a counterparty becomes insolvent or otherwise fails to perform on its obligations, the value of investments in the Fund may decline. The Fund has sought to mitigate this risk by generally requiring counterparties to post collateral for the benefit of the Fund, marked to market daily, in an amount approximately equal to the amount the counterparty owed to the Fund, subject to certain minimum thresholds.

Value of a $10,000 Investment at Net Asset Value*

 

* The line graph represents the historical performance of a hypothetical investment of $10,000 in the Short Real Estate ProFund from July 31, 2011 to July 31, 2021, assuming the reinvestment of distributions.

Average Annual Total Return as of 7/31/21

Fund	One Year			Five Year			Ten Year
Investor		-28.47	%		-12.17	%		-13.75	%
Service		-29.16	%		-13.03	%		-14.56	%
Dow Jones U.S. Real EstateSM Index		32.91	%		8.39	%		10.19	%
S&P 500®		36.45	%		17.35	%		15.35	%

Expense Ratios**

Fund	Gross			Net
Investor		4.05	%		1.78	%
Service		5.05	%		2.78	%

** Reflects the expense ratio as reported in the Prospectus dated November 30, 2020. Contractual fee waivers are in effect through November 30, 2021. See Financial Highlights for effective expense ratios.

Allocation of Portfolio Holdings & Index Composition

Market Exposure

Investment Type	% of Net Assets
Swap Agreements		(100	)%
Total Exposure		(100	)%

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any instruments used for cash management.

Holdings

The Short Real Estate ProFund primarily invests in non-equity securities, which may include: swap agreements, futures contracts, options, forward contracts, repurchase agreements and U.S. Government securities.

Dow Jones U.S. Real Estate^SM Index – Composition

	% of Index
Equity Real Estate Investment Trusts (REITs)		91	%
Real Estate Management & Development		4	%
Mortgage Real Estate Investment Trusts (REITs)		3	%
Professional Services		2	%

Past performance does not guarantee future results. Return calculations assume the reinvestment of distributions and do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and NAV will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. The performance above reflects any fee reductions during the applicable periods. If such fee reductions had not occurred, the quoted performance would be lower. To obtain performance current to the most recent month-end, please visit www.ProFunds.com.

¹ The graph and table reflect the theoretical reinvestment of dividends on securities in the Indexes. The impact of transaction costs and the deduction of fees and expenses associated with a mutual fund, such as investment management and accounting fees, are not reflected in calculations of the indexes. The Fund's performance reflects the reinvestment of dividends as well as the impact of transaction costs and the deduction of fees and expenses. It is not possible to invest directly in an index.

² 1.00 equals perfect correlation. This calculation is based on the daily total return of the Index and the performance of the daily total return of the NAV per share of the Fund.

³ The S&P 500^® is an unmanaged index that consists of the common stocks of 500 major U.S. corporations selected for their size and the frequency and ease with which their stocks trade.

The above information is not covered by the Report of the Independent Registered Public Accounting Firm.

Management Discussion of Fund Performance (unaudited) :: Short Small-Cap ProFund :: 43

Short Small-Cap ProFund (the "Fund") seeks daily investment results, before fees and expenses, that correspond to the inverse (-1x) of the return of the Russell 2000^® Index (the "Index") for a single day, not for any other period. A "single day" is measured from the time the Fund calculates its net asset value ("NAV") to the time of the Fund's next NAV calculation. The return of the Fund for periods longer than a single day will be the result of its return for each day compounded over the period. The Fund's return for periods longer than a single day will very likely differ in amount, and possibly even direction, from the Fund's stated multiple (-1x) times the return of the Index for the same period. For periods longer than a single day, the Fund will lose money if the Index's performance is flat, and it is possible that the Fund will lose money even if the level of the Index falls. For the year ended July 31, 2021, the Fund (Investor Class Shares) had a total return of -39.23%. For the same period, the Index had a total return of 51.97%¹ and a volatility of 22.72%. For the year, the Fund achieved an average daily statistical correlation of over 0.99 to the inverse of the daily performance of the Index.²

The Fund takes positions in financial instruments that, in combination, should have similar daily return characteristics as the inverse of the daily return of the Index. The Index is a measure of small-cap U.S. stock market performance. It is a float-adjusted, market capitalization-weighted index containing approximately 2,000 of the smallest companies in the Russell 3000^® Index or approximately 8% of the total market capitalization of the Russell 3000^® Index, which in turn represents approximately 98% of the investable U.S. equity market.

During the year ended July 31, 2021, the Fund invested in swap agreements and futures contracts as a substitute for shorting stocks in order to gain inverse exposure to the Index. These derivatives generally tracked the performance of their underlying benchmark and benefitted from financing costs associated with their use. The Fund entered into swap agreements with counterparties that the Fund's advisor determined to be major, global financial institutions. If a counterparty becomes insolvent or otherwise fails to perform on its obligations, the value of investments in the Fund may decline. The Fund has sought to mitigate this risk by generally requiring counterparties to post collateral for the benefit of the Fund, marked to market daily, in an amount approximately equal to the amount the counterparty owed to the Fund, subject to certain minimum thresholds.

Value of a $10,000 Investment at Net Asset Value*

 

* The line graph represents the historical performance of a hypothetical investment of $10,000 in the Short Small-Cap ProFund from July 31, 2011 to July 31, 2021, assuming the reinvestment of distributions.

Average Annual Total Return as of 7/31/21

Fund	One Year			Five Year			Ten Year
Investor		-39.23	%		-17.88	%		-16.69	%
Service		-39.87	%		-18.72	%		-17.50	%
Russell 2000® Index		51.97	%		14.28	%		12.34	%

Expense Ratios**

Fund	Gross			Net
Investor		3.28	%		1.78	%
Service		4.28	%		2.78	%

** Reflects the expense ratio as reported in the Prospectus dated November 30, 2020. Contractual fee waivers are in effect through November 30, 2021. See Financial Highlights for effective expense ratios.

Allocation of Portfolio Holdings & Index Composition

Market Exposure

Investment Type	% of Net Assets
Futures Contracts		(10	)%
Swap Agreements		(90	)%
Total Exposure		(100	)%

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any instruments used for cash management.

Holdings

The Short Small-Cap ProFund primarily invests in non-equity securities, which may include: swap agreements, futures contracts, options, forward contracts, repurchase agreements and U.S. Government securities.

Russell 2000^® Index – Composition

	% of Index
Health Care		20	%
Financials		15	%
Industrials		15	%
Information Technology		14	%
Consumer Discretionary		12	%
Real Estate		7	%
Materials		4	%
Energy		4	%
Communication Services		3	%
Consumer Staples		3	%
Utilities		3	%

Past performance does not guarantee future results. Return calculations assume the reinvestment of distributions and do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and NAV will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. The performance above reflects any fee reductions during the applicable periods. If such fee reductions had not occurred, the quoted performance would be lower. To obtain performance current to the most recent month-end, please visit www.ProFunds.com.

¹ The graph and table reflect the theoretical reinvestment of dividends on securities in the Index. The impact of transaction costs and the deduction of fees and expenses associated with a mutual fund, such as investment management and accounting fees, are not reflected in the index calculations. The Fund's performance reflects the reinvestment of dividends as well as the impact of transaction costs and the deduction of fees and expenses. It is not possible to invest directly in an index.

² 1.00 equals perfect correlation. This calculation is based on the daily total return of the Index and the performance of the daily total return of the NAV per share of the Fund.

The above information is not covered by the Report of the Independent Registered Public Accounting Firm.

44 :: Small-Cap Growth ProFund :: Management Discussion of Fund Performance (unaudited)

Small-Cap Growth ProFund (the "Fund") seeks investment results, before fees and expenses, that correspond to the performance of the S&P SmallCap 600^® Growth Index (the "Index"). For the year ended July 31, 2021, the Fund (Investor Class shares) had a total return of 46.72%. For the same period, the Index had a total return of 49.11%¹ and a volatility of 21.77%. For the year, the Fund achieved an average daily statistical correlation of over 0.99 to the daily performance of the Index.²

The Fund takes positions in financial instruments that, in combination, should have similar return characteristics as the return of the Index. The Index is designed to provide a comprehensive measure of small-cap U.S. equity "growth" performance. It is an unmanaged, float-adjusted, market capitalization-weighted index comprising stocks representing approximately half the market capitalization of the S&P SmallCap 600^® that have been identified as being on the growth end of the growth-value spectrum. Securities are selected for inclusion in the Index by an S&P committee through a non-mechanical process that factors in criteria such as liquidity, price, market capitalization, financial viability, and public float.

Value of a $10,000 Investment at Net Asset Value*

 

* The line graph represents the historical performance of a hypothetical investment of $10,000 in the Small-Cap Growth ProFund from July 31, 2011 to July 31, 2021, assuming the reinvestment of distributions.

Average Annual Total Return as of 7/31/21

Fund	One Year			Five Year			Ten Year
Investor		46.72	%		13.72	%		12.27	%
Service		45.24	%		12.58	%		11.14	%
S&P SmallCap 600® Growth Index		49.11	%		15.75	%		14.35	%

Expense Ratios**

Fund	Gross			Net
Investor		1.83	%		1.78	%
Service		2.83	%		2.78	%

** Reflects the expense ratio as reported in the Prospectus dated November 30, 2020. Contractual fee waivers are in effect through November 30, 2021. See Financial Highlights for effective expense ratios.

Allocation of Portfolio Holdings & Index Composition

Market Exposure

Investment Type	% of Net Assets
Equity Securities		100	%
Total Exposure		100	%

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any instruments used for cash management or collateral for securities loaned.

Largest Equity Holdings

Company	% of Net Assets
Omnicell, Inc.		1.3	%
Stamps.com, Inc.		1.2	%
Saia, Inc.		1.2	%
Power Integrations, Inc.		1.2	%
Exponent, Inc.		1.1	%

S&P SmallCap 600^® Growth Index – Composition

	% of Index
Information Technology		21	%
Industrials		18	%
Health Care		17	%
Consumer Discretionary		15	%
Financials		10	%
Real Estate		6	%
Consumer Staples		5	%
Materials		4	%
Energy		2	%
Communication Services		1	%
Utilities		1	%

Past performance does not guarantee future results. Return calculations assume the reinvestment of distributions and do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and net asset value ("NAV") will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. The performance above reflects any fee reductions during the applicable periods. If such fee reductions had not occurred, the quoted performance would be lower. To obtain performance current to the most recent month-end, please visit www.ProFunds.com.

¹ The graph and table reflect the theoretical reinvestment of dividends on securities in the Index. The impact of transaction costs and the deduction of fees and expenses associated with a mutual fund, such as investment management and accounting fees, are not reflected in the index calculations. The Fund's performance reflects the reinvestment of dividends as well as the impact of transaction costs and the deduction of fees and expenses. It is not possible to invest directly in an index.

² 1.00 equals perfect correlation. This calculation is based on the daily total return of the Index and the performance of the daily total return of the NAV per share of the Fund.

The above information is not covered by the Report of the Independent Registered Public Accounting Firm.

Management Discussion of Fund Performance (unaudited) :: Small-Cap ProFund :: 45

Small-Cap ProFund (the "Fund")seeks investment results, before fees and expenses, that correspond to the performance of the Russell 2000^® Index (the "Index"). For the year ended July 31, 2021, the Fund (Investor Class shares) had a total return of 48.89%. For the same period, the Index had a total return of 51.97%¹ and a volatility of 22.72%. For the year, the Fund achieved an average daily statistical correlation of over 0.99 to the daily performance of the Index.²

The Fund takes positions in financial instruments that, in combination, should have similar return characteristics as the return of the Index. The Index is a measure of small-cap U.S. stock market performance. It is a float-adjusted, market capitalization-weighted index containing approximately 2,000 of the smallest companies in the Russell 3000^® Index or approximately 8% of the total market capitalization of the Russell 3000^® Index, which in turn represents approximately 98% of the investable U.S. equity market.

During the year ended July 31, 2021, the Fund invested in swap agreements and futures contracts as a substitute for investing directly in stocks in order to gain exposure to the Index. These derivatives generally tracked the performance of their underlying benchmark and were negatively impacted by financing costs associated with their use. The Fund entered into swap agreements with counterparties that the Fund's advisor determined to be major, global financial institutions. If a counterparty becomes insolvent or otherwise fails to perform on its obligations, the value of investments in the Fund may decline. The Fund has sought to mitigate this risk by generally requiring counterparties to post collateral for the benefit of the Fund, marked to market daily, in an amount approximately equal to the amount the counterparty owed to the Fund, subject to certain minimum thresholds.

Value of a $10,000 Investment at Net Asset Value*

 

* The line graph represents the historical performance of a hypothetical investment of $10,000 in the Small-Cap ProFund from July 31, 2011 to July 31, 2021, assuming the reinvestment of distributions.

Average Annual Total Return as of 7/31/21

Fund	One Year			Five Year			Ten Year
Investor		48.89	%		11.60	%		10.17	%
Service		47.43	%		10.51	%		9.09	%
Russell 2000® Index		51.97	%		14.28	%		12.34	%

Expense Ratios**

Fund	Gross			Net
Investor		2.42	%		1.78	%
Service		3.42	%		2.78	%

** Reflects the expense ratio as reported in the Prospectus dated November 30, 2020. Contractual fee waivers are in effect through November 30, 2021. See Financial Highlights for effective expense ratios.

Allocation of Portfolio Holdings & Index Composition

Market Exposure

Investment Type	% of Net Assets
Equity Securities		63	%
Futures Contracts		1	%
Swap Agreements		36	%
Total Exposure		100	%

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any instruments used for cash management or collateral for securities loaned.

Largest Equity Holdings

Company	% of Net Assets
AMC Entertainment Holdings, Inc.		0.3	%
Intellia Therapeutics, Inc.		0.2	%
Crocs, Inc.		0.2	%
Lattice Semiconductor Corp.		0.2	%
Tenet Healthcare Corp.		0.2	%

Russell 2000^® Index – Composition

	% of Index
Health Care		20	%
Financials		15	%
Industrials		15	%
Information Technology		14	%
Consumer Discretionary		12	%
Real Estate		7	%
Materials		4	%
Energy		4	%
Communication Services		3	%
Consumer Staples		3	%
Utilities		3	%

Past performance does not guarantee future results. Return calculations assume the reinvestment of distributions and do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and net asset value ("NAV") will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. The performance above reflects any fee reductions during the applicable periods. If such fee reductions had not occurred, the quoted performance would be lower. To obtain performance current to the most recent month-end, please visit www.ProFunds.com.

¹ The graph and table reflect the theoretical reinvestment of dividends on securities in the Index. The impact of transaction costs and the deduction of fees and expenses associated with a mutual fund, such as investment management and accounting fees, are not reflected in the index calculations. The Fund's performance reflects the reinvestment of dividends as well as the impact of transaction costs and the deduction of fees and expenses. It is not possible to invest directly in an index.

² 1.00 equals perfect correlation. This calculation is based on the daily total return of the Index and the performance of the daily total return of the NAV per share of the Fund.

The above information is not covered by the Report of the Independent Registered Public Accounting Firm.

46 :: Small-Cap Value ProFund :: Management Discussion of Fund Performance (unaudited)

Small-Cap Value ProFund (the "Fund") seeks investment results, before fees and expenses, that correspond to the performance of the S&P SmallCap 600^® Value Index (the "Index"). For the year ended July 31, 2021, the Fund (Investor Class shares) had a total return of 62.67%. For the same period, the Index had a total return of 65.47%¹ and a volatility of 25.61%. For the year, the Fund achieved an average daily statistical correlation of over 0.99 to the daily performance of the Index.²

The Fund takes positions in financial instruments that, in combination, should have similar return characteristics as the return of the Index. The Index is designed to provide a comprehensive measure of small-cap U.S. equity "value" performance. It is an unmanaged, float-adjusted, market capitalization-weighted index comprising stocks representing approximately half the market capitalization of the S&P SmallCap 600^® that have been identified as being on the value end of the growth-value spectrum. Securities are selected for inclusion in the Index by an S&P committee through a non-mechanical process that factors in criteria such as liquidity, price, market capitalization, financial viability, and public float.

Value of a $10,000 Investment at Net Asset Value*

 

* The line graph represents the historical performance of a hypothetical investment of $10,000 in the Small-Cap Value ProFund from July 31, 2011 to July 31, 2021, assuming the reinvestment of distributions.

Average Annual Total Return as of 7/31/21

Fund	One Year			Five Year			Ten Year
Investor		62.67	%		10.40	%		10.57	%
Service		61.08	%		9.31	%		9.47	%
S&P SmallCap 600® Value Index		65.47	%		12.27	%		12.71	%

Expense Ratios**

Fund	Gross			Net
Investor		2.02	%		1.78	%
Service		3.02	%		2.78	%

** Reflects the expense ratio as reported in the Prospectus dated November 30, 2020. Contractual fee waivers are in effect through November 30, 2021. See Financial Highlights for effective expense ratios.

Allocation of Portfolio Holdings & Index Composition

Market Exposure

Investment Type	% of Net Assets
Equity Securities		99	%
Total Exposure		99	%

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any instruments used for cash management.

Largest Equity Holdings

Company	% of Net Assets
Macy's, Inc.		1.0	%
GameStop Corp.		0.9	%
Resideo Technologies, Inc.		0.8	%
Asbury Automotive Group, Inc.		0.7	%
PDC Energy, Inc.		0.7	%

S&P SmallCap 600^® Value Index – Composition

	% of Index
Financials		23	%
Industrials		17	%
Consumer Discretionary		15	%
Real Estate		10	%
Information Technology		8	%
Health Care		7	%
Materials		6	%
Energy		6	%
Consumer Staples		4	%
Utilities		2	%
Communication Services		2	%

Past performance does not guarantee future results. Return calculations assume the reinvestment of distributions and do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and net asset value ("NAV") will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. The performance above reflects any fee reductions during the applicable periods. If such fee reductions had not occurred, the quoted performance would be lower. To obtain performance current to the most recent month-end, please visit www.ProFunds.com.

¹ The graph and table reflect the theoretical reinvestment of dividends on securities in the Index. The impact of transaction costs and the deduction of fees and expenses associated with a mutual fund, such as investment management and accounting fees, are not reflected in the index calculations. The Fund's performance reflects the reinvestment of dividends as well as the impact of transaction costs and the deduction of fees and expenses. It is not possible to invest directly in an index.

² 1.00 equals perfect correlation. This calculation is based on the daily total return of the Index and the performance of the daily total return of the NAV per share of the Fund.

The above information is not covered by the Report of the Independent Registered Public Accounting Firm.

Management Discussion of Fund Performance (unaudited) :: Technology UltraSector ProFund :: 47

Technology UltraSector ProFund (the "Fund") seeks daily investment results, before fees and expenses, that correspond to one and one-half times (1.5x) the return of the Dow Jones U.S. Technology^SM Index (the "Index") for a single day, not for any other period. A "single day" is measured from the time the Fund calculates its net asset value ("NAV") to the time of the Fund's next NAV calculation. The return of the Fund for periods longer than a single day will be the result of its return for each day compounded over the period. The Fund's return for periods longer than a single day will very likely differ in amount, and possibly even direction, from the Fund's stated multiple (1.5x) times the return of the Index for the same period. For periods longer than a single day, the Fund will lose money if the Index's performance is flat, and it is possible that the Fund will lose money even if the level of the Index rises. For the year ended July 31, 2021, the Fund (Investor Class Shares) had a total return of 69.21%. For the same period, the Index had a total return of 45.88%¹ and a volatility of 23.58%. For the year, the Fund achieved an average daily statistical correlation of over 0.99 to one and one-half times the daily performance of the Index.²

The Fund takes positions in financial instruments that, in combination, should have similar daily return characteristics as one and one-half times the daily return of the Index. The Index measures the performance of the technology sector of the U.S. equity market. Component companies include, among others, those involved in computers and office equipment, software, communications technology, semiconductors, diversified technology services and Internet services.

During the year ended July 31, 2021, the Fund invested in swap agreements as a substitute for investing directly in stocks in order to gain leveraged exposure to the Index. These derivatives generally tracked the performance of their underlying benchmark and were negatively impacted by financing costs associated with their use. The Fund entered into swap agreements with counterparties that the Fund's advisor determined to be major, global financial institutions. If a counterparty becomes insolvent or otherwise fails to perform on its obligations, the value of investments in the Fund may decline. The Fund has sought to mitigate this risk by generally requiring counterparties to post collateral for the benefit of the Fund, marked to market daily, in an amount approximately equal to the amount the counterparty owed to the Fund, subject to certain minimum thresholds.

Value of a $10,000 Investment at Net Asset Value*

 

* The line graph represents the historical performance of a hypothetical investment of $10,000 in the Technology UltraSector ProFund from July 31, 2011 to July 31, 2021, assuming the reinvestment of distributions.

Average Annual Total Return as of 7/31/21

Fund	One Year			Five Year			Ten Year
Investor		69.21	%		42.73	%		28.97	%
Service		67.57	%		41.32	%		27.69	%
Dow Jones U.S. TechnologySM Index		45.88	%		30.97	%		21.83	%
S&P 500®		36.45	%		17.35	%		15.35	%

Expense Ratios**

Fund	Gross			Net
Investor		1.65	%		1.65	%
Service		2.65	%		2.65	%

** Reflects the expense ratio as reported in the Prospectus dated November 30, 2020. Contractual fee waivers are in effect through November 30, 2021. See Financial Highlights for effective expense ratios.

Allocation of Portfolio Holdings & Index Composition

Market Exposure

Investment Type	% of Net Assets
Equity Securities		74	%
Swap Agreements		76	%
Total Exposure		150	%

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any instruments used for cash management or collateral for securities loaned.

Largest Equity Holdings

Company	% of Net Assets
Apple, Inc.		13.5	%
Microsoft Corp.		12.7	%
Alphabet, Inc.		9.3	%
Facebook, Inc.		5.0	%
NVIDIA Corp.		2.9	%

Dow Jones U.S. Technology^SM Index – Composition

	% of Index
Software & Services		37	%
Technology Hardware & Equipment		22	%
Media & Entertainment		21	%
Semiconductors & Semiconductor Equipment		18	%
Retailing		1	%
Health Care Equipment & Services		1	%

Past performance does not guarantee future results. Return calculations assume the reinvestment of distributions and do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and NAV will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. The performance above reflects any fee reductions during the applicable periods. If such fee reductions had not occurred, the quoted performance would be lower. To obtain performance current to the most recent month-end, please visit www.ProFunds.com.

¹ The graph and table reflect the theoretical reinvestment of dividends on securities in the Indexes. The impact of transaction costs and the deduction of fees and expenses associated with a mutual fund, such as investment management and accounting fees, are not reflected in calculations of the indexes. The Fund's performance reflects the reinvestment of dividends as well as the impact of transaction costs and the deduction of fees and expenses. It is not possible to invest directly in an index.

² 1.00 equals perfect correlation. This calculation is based on the daily total return of the Index and the performance of the daily total return of the NAV per share of the Fund.

³ The S&P 500^® is an unmanaged index that consists of the common stocks of 500 major U.S. corporations selected for their size and the frequency and ease with which their stocks trade.

The above information is not covered by the Report of the Independent Registered Public Accounting Firm.

48 :: Telecommunications UltraSector ProFund :: Management Discussion of Fund Performance (unaudited)

Telecommunications UltraSector ProFund (the "Fund") seeks daily investment results, before fees and expenses, that correspond to one and one-half times (1.5x) the return of the Dow Jones U.S. Select Telecommunications^SM Index¹ (the "Index") for a single day, not for any other period. A "single day" is measured from the time the Fund calculates its net asset value ("NAV") to the time of the Fund's next NAV calculation. The return of the Fund for periods longer than a single day will be the result of its return for each day compounded over the period. The Fund's return for periods longer than a single day will very likely differ in amount, and possibly even direction, from the Fund's stated multiple (1.5x) times the return of the Index for the same period. For periods longer than a single day, the Fund will lose money if the Index's performance is flat, and it is possible that the Fund will lose money even if the level of the Index rises. For the year ended July 31, 2021, the Fund (Investor Class Shares) had a total return of 30.01%. For the same period, the Index had a total return of 21.56%¹ and a volatility of 13.50%. For the year, the Fund achieved an average daily statistical correlation of over 0.99 to one and one-half times the daily performance of the Index.²

The Fund takes positions in financial instruments that, in combination, should have similar daily return characteristics as one and one-half times the daily return of the Index. The Index measures the telecommunications sector of the U.S. equity market. Component companies include, among others, regional and long-distance carriers; cellular, satellite and paging service providers; producers of equipment including satellites, mobile telephones, fiber optics, switching devices, teleconferencing equipment and connectivity devices for computers.

During the year ended July 31, 2021, the Fund invested in swap agreements as a substitute for investing directly in stocks in order to gain leveraged exposure to the Index. These derivatives generally tracked the performance of their underlying benchmark and were negatively impacted by financing costs associated with their use. The Fund entered into swap agreements with counterparties that the Fund's advisor determined to be major, global financial institutions. If a counterparty becomes insolvent or otherwise fails to perform on its obligations, the value of investments in the Fund may decline. The Fund has sought to mitigate this risk by generally requiring counterparties to post collateral for the benefit of the Fund, marked to market daily, in an amount approximately equal to the amount the counterparty owed to the Fund, subject to certain minimum thresholds.

Value of a $10,000 Investment at Net Asset Value*

 

* The line graph represents the historical performance of a hypothetical investment of $10,000 in the Telecommunications UltraSector ProFund from July 31, 2011 to July 31, 2021, assuming the reinvestment of distributions.

Average Annual Total Return as of 7/31/21

Fund	One Year			Five Year			Ten Year
Investor		30.01	%		0.17	%		8.04	%
Service		28.74	%		-0.84	%		6.95	%
Dow Jones U.S. Select TelecommunicationsSM Index		21.56	%		2.51	%		6.70	%
S&P 500®		36.45	%		17.35	%		15.35	%

Expense Ratios**

Fund	Gross			Net
Investor		5.13	%		1.78	%
Service		6.13	%		2.78	%

** Reflects the expense ratio as reported in the Prospectus dated November 30, 2020. Contractual fee waivers are in effect through November 30, 2021. See Financial Highlights for effective expense ratios.

Allocation of Portfolio Holdings & Index Composition

Market Exposure

Investment Type	% of Net Assets
Equity Securities		72	%
Swap Agreements		78	%
Total Exposure		150	%

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any instruments used for cash management.

Largest Equity Holdings

Company	% of Net Assets
Cisco Systems, Inc.		16.5	%
Verizon Communications, Inc.		15.8	%
Garmin, Ltd.		3.6	%
Motorola Solutions, Inc.		3.5	%
Arista Networks, Inc.		3.4	%

Dow Jones U.S. Select Telecommunications^SM Index – Composition

	% of Index
Communications Equipment		51	%
Diversified Telecommunication Services		38	%
Wireless Telecommunication Services		6	%
Household Durables		5	%

Past performance does not guarantee future results. Return calculations assume the reinvestment of distributions and do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and NAV will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. The performance above reflects any fee reductions during the applicable periods. If such fee reductions had not occurred, the quoted performance would be lower. To obtain performance current to the most recent month-end, please visit www.ProFunds.com.

¹ The graph and table reflect the theoretical reinvestment of dividends on securities in the Indexes. The impact of transaction costs and the deduction of fees and expenses associated with a mutual fund, such as investment management and accounting fees, are not reflected in calculations of the indexes. The Fund's performance reflects the reinvestment of dividends as well as the impact of transaction costs and the deduction of fees and expenses. It is not possible to invest directly in an index.

² 1.00 equals perfect correlation. This calculation is based on the daily total return of the Index and the performance of the daily total return of the NAV per share of the Fund.

³ The S&P 500^® is an unmanaged index that consists of the common stocks of 500 major U.S. corporations selected for their size and the frequency and ease with which their stocks trade.

The above information is not covered by the Report of the Independent Registered Public Accounting Firm.

Management Discussion of Fund Performance (unaudited) :: UltraBear ProFund :: 49

UltraBear ProFund (the "Fund") seeks daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the return of the S&P 500^® (the "Index") for a single day, not for any other period. A "single day" is measured from the time the Fund calculates its net asset value ("NAV") to the time of the Fund's next NAV calculation. The return of the Fund for periods longer than a single day will be the result of its return for each day compounded over the period. The Fund's return for periods longer than a single day will very likely differ in amount, and possibly even direction, from the Fund's stated multiple (-2x) times the return of the Index for the same period. For periods longer than a single day, the Fund will lose money if the Index's performance is flat, and it is possible that the Fund will lose money even if the level of the Index falls. For the year ended July 31, 2021, the Fund (Investor Class shares) had a total return of -50.64%. For the same period, the Index had a total return of 36.45%¹ and a volatility of 15.07%. For the year, the Fund achieved an average daily statistical correlation of over 0.99 to twice the inverse of the daily performance of the Index.²

The Fund takes positions in financial instruments that, in combination, should have similar daily return characteristics as twice the inverse of the daily return of the Index. The Index is a measure of large-cap U.S. stock market performance. It is a float-adjusted, market capitalization-weighted index of 500 U.S. operating companies and real estate investment trusts selected through a process that factors in criteria such as liquidity, price, market capitalization, and financial viability. Reconstitution occurs both on a quarterly and an ongoing basis.

During the year ended July 31, 2021, the Fund invested in swap agreements and futures contracts as a substitute for shorting stocks in order to gain inverse leveraged exposure to the Index. These derivatives generally tracked the performance of their underlying benchmark and benefited from financing costs associated with their use. The Fund entered into swap agreements with counterparties that the Fund's advisor determined to be major, global financial institutions. If a counterparty becomes insolvent or otherwise fails to perform on its obligations, the value of investments in the Fund may decline. The Fund has sought to mitigate this risk by generally requiring counterparties to post collateral for the benefit of the Fund, marked to market daily, in an amount approximately equal to the amount the counterparty owed to the Fund, subject to certain minimum thresholds.

Value of a $10,000 Investment at Net Asset Value*

 

* The line graph represents the historical performance of a hypothetical investment of $10,000 in the UltraBear ProFund from July 31, 2011 to July 31, 2021, assuming the reinvestment of distributions.

Average Annual Total Return as of 7/31/21

Fund	One Year			Five Year			Ten Year
Investor		-50.64	%		-34.01	%		-31.60	%
Service		-51.07	%		-34.66	%		-32.27	%
S&P 500®		36.45	%		17.35	%		15.35	%

Expense Ratios**

Fund	Gross			Net
Investor		2.04	%		1.78	%
Service		3.04	%		2.78	%

** Reflects the expense ratio as reported in the Prospectus dated November 30, 2020. Contractual fee waivers are in effect through November 30, 2021. See Financial Highlights for effective expense ratios.

Allocation of Portfolio Holdings & Index Composition

Market Exposure

Investment Type	% of Net Assets
Futures Contracts		(20	)%
Swap Agreements		(180	)%
Total Exposure		(200	)%

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any instruments used for cash management.

Holdings

The UltraBear ProFund primarily invests in non-equity securities, which may include: swap agreements, futures contracts, options, forward contracts, repurchase agreements and U.S. Government securities.

S&P 500^® – Composition

	% of Index
Information Technology		28	%
Health Care		13	%
Consumer Discretionary		12	%
Communication Services		11	%
Financials		11	%
Industrials		8	%
Consumer Staples		6	%
Real Estate		3	%
Materials		3	%
Energy		3	%
Utilities		2	%

Past performance does not guarantee future results. Return calculations assume the reinvestment of distributions and do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and NAV will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. The performance above reflects any fee reductions during the applicable periods. If such fee reductions had not occurred, the quoted performance would be lower. To obtain performance current to the most recent month-end, please visit www.ProFunds.com.

¹ The graph and table reflect the theoretical reinvestment of dividends on securities in the Index. The impact of transaction costs and the deduction of fees and expenses associated with a mutual fund, such as investment management and accounting fees, are not reflected in the index calculations. The Fund's performance reflects the reinvestment of dividends as well as the impact of transaction costs and the deduction of fees and expenses. It is not possible to invest directly in an index.

² 1.00 equals perfect correlation. This calculation is based on the daily total return of the Index and the performance of the daily total return of the NAV per share of the Fund.

The above information is not covered by the Report of the Independent Registered Public Accounting Firm.

50 :: UltraBull ProFund :: Management Discussion of Fund Performance (unaudited)

UltraBull ProFund (the "Fund") seeks daily investment results, before fees and expenses, that correspond to two times (2x) the return of the S&P 500^® (the "Index") for a single day, not for any other period. A "single day" is measured from the time the Fund calculates its net asset value ("NAV") to the time of the Fund's next NAV calculation. The return of the Fund for periods longer than a single day will be the result of its return for each day compounded over the period. The Fund's return for periods longer than a single day will very likely differ in amount, and possibly even direction, from the Fund's stated multiple (2x) times the return of the Index for the same period. For periods longer than a single day, the Fund will lose money if the Index's performance is flat, and it is possible that the Fund will lose money even if the level of the Index rises. For the year ended July 31, 2021, the Fund (Investor Class shares) had a total return of 77.44%. For the same period, the Index had a total return of 36.45%¹ and a volatility of 15.07%. For the year, the Fund achieved an average daily statistical correlation of over 0.99 to twice that of the daily performance of the Index.²

The Fund takes positions in financial instruments that, in combination, should have similar daily return characteristics as twice the daily return of the Index. The Index is a measure of large-cap U.S. stock market performance. It is a float-adjusted, market capitalization-weighted index of 500 U.S. operating companies and real estate investment trusts selected through a process that factors in criteria such as liquidity, price, market capitalization, and financial viability. Reconstitution occurs both on a quarterly and an ongoing basis.

During the year ended July 31, 2021, the Fund invested in swap agreements and futures contracts as a substitute for investing directly in stocks in order to gain leveraged exposure to the Index. These derivatives generally tracked the performance of their underlying benchmark and were negatively impacted by financing costs associated with their use. The Fund entered into swap agreements with counterparties that the Fund's advisor determined to be major, global financial institutions. If a counterparty becomes insolvent or otherwise fails to perform on its obligations, the value of investments in the Fund may decline. The Fund has sought to mitigate this risk by generally requiring counterparties to post collateral for the benefit of the Fund, marked to market daily, in an amount approximately equal to the amount the counterparty owed to the Fund, subject to certain minimum thresholds.

Value of a $10,000 Investment at Net Asset Value*

 

* The line graph represents the historical performance of a hypothetical investment of $10,000 in the UltraBull ProFund from July 31, 2011 to July 31, 2021, assuming the reinvestment of distributions.

Average Annual Total Return as of 7/31/21

Fund	One Year			Five Year			Ten Year
Investor		77.44	%		27.76	%		24.86	%
Service		75.68	%		26.48	%		23.63	%
S&P 500®		36.45	%		17.35	%		15.35	%

Expense Ratios**

Fund	Gross			Net
Investor		1.60	%		1.60	%
Service		2.60	%		2.60	%

** Reflects the expense ratio as reported in the Prospectus dated November 30, 2020. Contractual fee waivers are in effect through November 30, 2021. See Financial Highlights for effective expense ratios.

Allocation of Portfolio Holdings & Index Composition

Market Exposure

Investment Type	% of Net Assets
Equity Securities		77	%
Futures Contracts		5	%
Swap Agreements		118	%
Total Exposure		200	%

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any instruments used for cash management or collateral for securities loaned.

Largest Equity Holdings

Company	% of Net Assets
Apple, Inc.		4.7	%
Microsoft Corp.		4.4	%
Alphabet, Inc.		3.3	%
Amazon.com, Inc.		2.9	%
Facebook, Inc.		1.8	%

S&P 500^® – Composition

	% of Index
Information Technology		28	%
Health Care		13	%
Consumer Discretionary		12	%
Communication Services		11	%
Financials		11	%
Industrials		8	%
Consumer Staples		6	%
Real Estate		3	%
Materials		3	%
Energy		3	%
Utilities		2	%

Past performance does not guarantee future results. Return calculations assume the reinvestment of distributions and do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and NAV will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. The performance above reflects any fee reductions during the applicable periods. If such fee reductions had not occurred, the quoted performance would be lower. To obtain performance current to the most recent month-end, please visit www.ProFunds.com.

¹ The graph and table reflect the theoretical reinvestment of dividends on securities in the Index. The impact of transaction costs and the deduction of fees and expenses associated with a mutual fund, such as investment management and accounting fees, are not reflected in the index calculations. The Fund's performance reflects the reinvestment of dividends as well as the impact of transaction costs and the deduction of fees and expenses. It is not possible to invest directly in an index.

² 1.00 equals perfect correlation. This calculation is based on the daily total return of the Index and the performance of the daily total return of the NAV per share of the Fund.

The above information is not covered by the Report of the Independent Registered Public Accounting Firm.

Management Discussion of Fund Performance (unaudited) :: UltraChina ProFund :: 51

UltraChina ProFund (the "Fund") seeks daily investment results, before fees and expenses, that correspond to two times (2x) the return of the S&P/BNY Mellon China Select ADR Index (USD) (the "Index") for a single day, not for any other period. A "single day" is measured from the time the Fund calculates its net asset value ("NAV") to the time of the Fund's next NAV calculation. The return of the Fund for periods longer than a single day will be the result of its return for each day compounded over the period. The Fund's return for periods longer than a single day will very likely differ in amount, and possibly even direction, from the Fund's stated multiple (2x) times the return of the Index for the same period. For periods longer than a single day, the Fund will lose money if the Index's performance is flat, and it is possible that the Fund will lose money even if the level of the Index rises. For the year ended July 31, 2021, the Fund (Investor Class Shares) had a total return of -31.83%. For the same period, the Index had a total return of -11.93%¹ and a volatility of 33.34%. For the year, the Fund achieved an average daily statistical correlation of over 0.99 to twice that of the daily performance of the Index.²

The Fund takes positions in financial instruments that, in combination, should have similar daily return characteristics as twice the daily return of the Index. The Index is a free-float adjusted, market capitalization-weighted index. The Index is designed to track the performance of a basket of Chinese companies who have depositary receipts that trade on a U.S. exchange or on Nasdaq. The Index is expressed in U.S. dollar terms and as such should generally reflect the relative movement of the U.S. dollar against the foreign currencies represented by the constituent companies in the Index.

During the year ended July 31, 2021, the Fund invested in swap agreements as a substitute for investing directly in stocks in order to gain leveraged exposure to the Index. These derivatives generally tracked the performance of their underlying benchmark and were negatively impacted by financing costs associated with their use. The Fund entered into swap agreements with counterparties that the Fund's advisor determined to be major, global financial institutions. If a counterparty becomes insolvent or otherwise fails to perform on its obligations, the value of investments in the Fund may decline. The Fund has sought to mitigate this risk by generally requiring counterparties to post collateral for the benefit of the Fund, marked to market daily, in an amount approximately equal to the amount the counterparty owed to the Fund, subject to certain minimum thresholds.

Value of a $10,000 Investment at Net Asset Value*

 

* The line graph represents the historical performance of a hypothetical investment of $10,000 in the UltraChina ProFund from July 31, 2011 to July 31, 2021, assuming the reinvestment of distributions.

Average Annual Total Return as of 7/31/21

Fund	One Year			Five Year			Ten Year
Investor		-31.83	%		5.24	%		-0.76	%
Service		-32.49	%		4.17	%		-1.74	%
S&P/BNY Mellon China Select ADR Index (USD)		-11.93	%		7.97	%		4.34	%

Expense Ratios**

Fund	Gross			Net
Investor		1.79	%		1.78	%
Service		2.79	%		2.78	%

** Reflects the expense ratio as reported in the Prospectus dated November 30, 2020. Contractual fee waivers are in effect through November 30, 2021. See Financial Highlights for effective expense ratios.

Allocation of Portfolio Holdings & Index Composition

Market Exposure

Investment Type	% of Net Assets
Equity Securities		81	%
Swap Agreements		118	%
Total Exposure		199	%

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any instruments used for cash management or collateral for securities loaned.

Largest Equity Holdings

Company	% of Net Assets
Alibaba Group Holding, Ltd.		18.1	%
JD.com, Inc.		7.2	%
NIO, Inc.		6.9	%
Baidu, Inc.		5.0	%
NetEase, Inc.		4.6	%

S&P/BNY Mellon China Select ADR
Index (USD) – Composition

Industry Breakdown	% of Index
Consumer Discretionary		53	%
Communication Services		22	%
Health Care		6	%
Energy		5	%
Financials		4	%
Information Technology		4	%
Industrials		4	%
Real Estate		1	%
Materials		1	%

Country Composition
China	100	%

Past performance does not guarantee future results. Return calculations assume the reinvestment of distributions and do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and NAV will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. The performance above reflects any fee reductions during the applicable periods. If such fee reductions had not occurred, the quoted performance would be lower. To obtain performance current to the most recent month-end, please visit www.ProFunds.com.

¹ The graph and table reflect the theoretical reinvestment of dividends on securities in the Index. The impact of transaction costs and the deduction of fees and expenses associated with a mutual fund, such as investment management and accounting fees, are not reflected in the index calculations. The Fund's performance reflects the reinvestment of dividends as well as the impact of transaction costs and the deduction of fees and expenses. It is not possible to invest directly in an index.

² 1.00 equals perfect correlation. This calculation is based on the daily total return of the Index and the performance of the daily total return of the NAV per share of the Fund.

The above information is not covered by the Report of the Independent Registered Public Accounting Firm.

52 :: UltraDow 30 ProFund :: Management Discussion of Fund Performance (unaudited)

UltraDow 30 ProFund (the "Fund") seeks daily investment results, before fees and expenses, that correspond to two times (2x) the return of the Dow Jones Industrial Average^® (the "Index") for a single day, not for any other period. A "single day" is measured from the time the Fund calculates its net asset value ("NAV") to the time of the Fund's next NAV calculation. The return of the Fund for periods longer than a single day will be the result of its return for each day compounded over the period. The Fund's return for periods longer than a single day will very likely differ in amount, and possibly even direction, from the Fund's stated multiple (2x) times the return of the Index for the same period. For periods longer than a single day, the Fund will lose money if the Index's performance is flat, and it is possible that the Fund will lose money even if the level of the Index rises. For the year ended July 31, 2021, the Fund (Investor Class shares) had a total return of 73.58%. For the same period, the Index had a total return of 34.79%¹ and a volatility of 14.36%. For the year, the Fund achieved an average daily statistical correlation of over 0.99 to twice that of the daily performance of the Index.²

The Fund takes positions in financial instruments that, in combination, should have similar daily return characteristics as twice the daily return of the Index. The Index is a price-weighted index. The Index includes 30 large-cap, "blue-chip" U.S. stocks, excluding utility and transportation companies. Components are selected through a discretionary process with no pre-determined criteria except that components should be established U.S. companies that are leaders in their industries, have an excellent reputation, demonstrate sustained growth, are of interest to a large number of investors, and accurately represents the sectors covered by the average. The Index is not limited to traditionally defined industrial stocks. Instead, the Index serves as a measure of the entire U.S. market, covering such diverse industries as financial services, technology, retail, entertainment, and consumer goods. Composition changes are rare, and generally occur only after corporate acquisitions or other dramatic shifts in a component's core business. When such an event necessitates that one component be replaced, the entire Index is reviewed.

During the year ended July 31, 2021, the Fund invested in swap agreements and futures contracts as a substitute for investing directly in stocks in order to gain leveraged exposure to the Index. These derivatives generally tracked the performance of their underlying benchmark and were negatively impacted by financing costs associated with their use. The Fund entered into swap agreements with counterparties that the Fund's advisor determined to be major, global financial institutions. If a counterparty becomes insolvent or otherwise fails to perform on its obligations, the value of investments in the Fund may decline. The Fund has sought to mitigate this risk by generally requiring counterparties to post collateral for the benefit of the Fund, marked to market daily, in an amount approximately equal to the amount the counterparty owed to the Fund, subject to certain minimum thresholds.

Value of a $10,000 Investment at Net Asset Value*

 

* The line graph represents the historical performance of a hypothetical investment of $10,000 in the UltraDow 30 ProFund from July 31, 2011 to July 31, 2021, assuming the reinvestment of distributions.

Average Annual Total Return as of 7/31/21

Fund	One Year			Five Year			Ten Year
Investor		73.58	%		24.93	%		21.61	%
Service		71.85	%		23.71	%		20.39	%
Dow Jones Industrial Average®		34.79	%		16.30	%		13.88	%

Expense Ratios**

Fund	Gross			Net
Investor		1.72	%		1.72	%
Service		2.72	%		2.72	%

** Reflects the expense ratio as reported in the Prospectus dated November 30, 2020. Contractual fee waivers are in effect through November 30, 2021. See Financial Highlights for effective expense ratios.

Allocation of Portfolio Holdings & Index Composition

Market Exposure

Investment Type	% of Net Assets
Equity Securities		63	%
Futures Contracts		6	%
Swap Agreements		131	%
Total Exposure		200	%

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any instruments used for cash management.

Largest Equity Holdings

Company	% of Net Assets
UnitedHealth Group, Inc.		4.9	%
The Goldman Sachs Group, Inc.		4.5	%
The Home Depot, Inc.		3.9	%
Microsoft Corp.		3.4	%
Visa, Inc.		2.9	%

Dow Jones Industrial Average^® – Composition

	% of Index
Information Technology		23	%
Health Care		17	%
Industrials		16	%
Financials		16	%
Consumer Discretionary		14	%
Consumer Staples		7	%
Communication Services		4	%
Energy		2	%
Materials		1	%

Past performance does not guarantee future results. Return calculations assume the reinvestment of distributions and do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and NAV will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. The performance above reflects any fee reductions during the applicable periods. If such fee reductions had not occurred, the quoted performance would be lower. To obtain performance current to the most recent month-end, please visit www.ProFunds.com.

¹ The graph and table reflect the theoretical reinvestment of dividends on securities in the Index. The impact of transaction costs and the deduction of fees and expenses associated with a mutual fund, such as investment management and accounting fees, are not reflected in the index calculations. The Fund's performance reflects the reinvestment of dividends as well as the impact of transaction costs and the deduction of fees and expenses. It is not possible to invest directly in an index.

² 1.00 equals perfect correlation. This calculation is based on the daily total return of the Index and the performance of the daily total return of the NAV per share of the Fund.

The above information is not covered by the Report of the Independent Registered Public Accounting Firm.

Management Discussion of Fund Performance (unaudited) :: UltraEmerging Markets ProFund :: 53

UltraEmerging Markets ProFund (the "Fund") seeks daily investment results, before fees and expenses, that correspond to two times (2x) the return of the S&P/BNY Mellon Emerging 50 ADR Index (USD) (the "Index") for a single day, not for any other period. A "single day" is measured from the time the Fund calculates its net asset value ("NAV") to the time of the Fund's next NAV calculation. The return of the Fund for periods longer than a single day will be the result of its return for each day compounded over the period. The Fund's return for periods longer than a single day will very likely differ in amount, and possibly even direction, from the Fund's stated multiple (2x) times the return of the Index for the same period. For periods longer than a single day, the Fund will lose money if the Index's performance is flat, and it is possible that the Fund will lose money even if the level of the Index rises. For the year ended July 31, 2021, the Fund (Investor Class Shares) had a total return of 28.02%. For the same period, the Index had a total return of 17.80%¹ and a volatility of 23.89%. For the year, the Fund achieved an average daily statistical correlation of over 0.99 to twice that of the daily performance of the Index.²

The Fund takes positions in financial instruments that, in combination, should have similar daily return characteristics as twice the daily return of the Index. The Index is a free-float adjusted, market capitalization-weighted index. The Index is designed to track the performance of a basket of companies who have their primary equity listing on a stock exchange of an emerging market country and who also have depositary receipts that trade on a U.S. exchange or on Nasdaq. The Index consists of companies from the following emerging market countries: Brazil, China, India, Indonesia, Mexico, South Africa, South Korea and Taiwan. The Index is expressed in U.S. dollar terms and as such should generally reflect the relative movement of the U.S. dollar against the basket of foreign currencies represented by the constituent companies in the Index.

During the year ended July 31, 2021, the Fund invested in swap agreements as a substitute for investing directly in stocks in order to gain leveraged exposure to the Index. These derivatives generally tracked the performance of their underlying benchmark and were negatively impacted by financing costs associated with their use. The Fund entered into swap agreements with counterparties that the Fund's advisor determined to be major, global financial institutions. If a counterparty becomes insolvent or otherwise fails to perform on its obligations, the value of investments in the Fund may decline. The Fund has sought to mitigate this risk by generally requiring counterparties to post collateral for the benefit of the Fund, marked to market daily, in an amount approximately equal to the amount the counterparty owed to the Fund, subject to certain minimum thresholds.

Value of a $10,000 Investment at Net Asset Value*

 

* The line graph represents the historical performance of a hypothetical investment of $10,000 in the UltraEmerging Markets ProFund from July 31, 2011 to July 31, 2021, assuming the reinvestment of distributions.

Average Annual Total Return as of 7/31/21

Fund	One Year			Five Year			Ten Year
Investor		28.02	%		15.38	%		-0.25	%
Service		26.78	%		14.26	%		-1.26	%
S&P/BNY Mellon Emerging 50 ADR Index (USD)		17.80	%		12.06	%		3.81	%

Expense Ratios**

Fund	Gross			Net
Investor		1.94	%		1.78	%
Service		2.94	%		2.78	%

** Reflects the expense ratio as reported in the Prospectus dated November 30, 2020. Contractual fee waivers are in effect through November 30, 2021. See Financial Highlights for effective expense ratios.

Allocation of Portfolio Holdings & Index Composition

Market Exposure

Investment Type	% of Net Assets
Equity Securities		88	%
Swap Agreements		112	%
Total Exposure		200	%

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any instruments used for cash management or collateral for securities loaned.

Largest Equity Holdings

Company	% of Net Assets
Taiwan Semiconductor Manufacturing Co., Ltd.		18.7	%
Alibaba Group Holding, Ltd.		17.0	%
HDFC Bank, Ltd.		4.5	%
Infosys Technologies, Ltd.		4.1	%
Vale S.A.		3.6	%

S&P/BNY Mellon Emerging 50 ADR
Index (USD) – Composition

Industry Breakdown	% of Index
Consumer Discretionary		31	%
Information Technology		29	%
Financials		13	%
Communication Services		9	%
Materials		9	%
Energy		4	%
Consumer Staples		2	%
Health Care		2	%
Industrials		1	%

Country Composition
China	41	%
Taiwan	25	%
India	14	%
Brazil	11	%
Other	9	%

Past performance does not guarantee future results. Return calculations assume the reinvestment of distributions and do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and NAV will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. The performance above reflects any fee reductions during the applicable periods. If such fee reductions had not occurred, the quoted performance would be lower. To obtain performance current to the most recent month-end, please visit www.ProFunds.com.

¹ The graph and table reflect the theoretical reinvestment of dividends on securities in the Index. The impact of transaction costs and the deduction of fees and expenses associated with a mutual fund, such as investment management and accounting fees, are not reflected in the index calculations. The Fund's performance reflects the reinvestment of dividends as well as the impact of transaction costs and the deduction of fees and expenses. It is not possible to invest directly in an index.

² 1.00 equals perfect correlation. This calculation is based on the daily total return of the Index and the performance of the daily total return of the NAV per share of the Fund.

The above information is not covered by the Report of the Independent Registered Public Accounting Firm.

54 :: UltraInternational ProFund :: Management Discussion of Fund Performance (unaudited)

UltraInternational ProFund (the "Fund") seeks daily investment results, before fees and expenses, that correspond to two times (2x) the return of the Morgan Stanley Capital International Europe, Australasia and Far East ("MSCI EAFE^®") Index (the "Index") for a single day, not for any other period. Since the foreign markets are not open when this Fund values its shares, it determines its success in meeting this investment objective by comparing its daily return on a given day with the daily performance of related futures contracts traded in the United States. A "single day" is measured from the time the Fund calculates its net asset value ("NAV") to the time of the Fund's next NAV calculation. The return of the Fund for periods longer than a single day will be the result of its return for each day compounded over the period. The Fund's returns for periods longer than a single day will very likely differ in amount, and possibly even direction, from the Fund's stated multiple (2x) times the return of the Index for the same period. For periods longer than a single day, the Fund will lose money if the Index's performance is flat, and it is possible that the Fund will lose money even if the level of the Index rises. For the year ended July 31, 2021, the Fund (Investor Class Shares) had a total return of 61.55%. For the same period, the Index had a total return of 30.31%¹ and a volatility of 13.10%. For the year, the Fund achieved an average daily statistical correlation of over 0.99 to twice that of the daily performance of the U.S.-traded MSCI EAFE futures contract.²

The Fund takes positions in financial instruments that, in combination, should have similar daily return characteristics as twice the daily return of the Index. The Index includes 85% of free-float adjusted, market capitalization in each industry group in developed market countries, excluding the U.S. and Canada. As of July 31, 2021, the Index has constituent companies from the following 21 developed market countries: Australia, Austria, Belgium, Denmark, 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 levels and the price of the related futures contracts are expressed in U.S. dollar terms and as such they should generally reflect the relative movement of the U.S. dollar against the basket of foreign currencies represented by the constituent companies in the Index.

During the year ended July 31, 2021, the Fund invested in swap agreements as a substitute for investing directly in stocks in order to gain leveraged exposure to the Index. These derivatives generally tracked the performance of their underlying benchmark and were negatively impacted by financing costs associated with their use. The Fund entered into swap agreements with counterparties that the Fund's advisor determined to be major, global financial institutions. If a counterparty becomes insolvent or otherwise fails to perform on its obligations, the value of investments in the Fund may decline. The Fund has sought to mitigate this risk by generally requiring counterparties to post collateral for the benefit of the Fund, marked to market daily, in an amount approximately equal to the amount the counterparty owed to the Fund, subject to certain minimum thresholds.

Value of a $10,000 Investment at Net Asset Value*

 

* The line graph represents the historical performance of a hypothetical investment of $10,000 in the UltraInternational ProFund from July 31, 2011 to July 31, 2021, assuming the reinvestment of distributions.

Average Annual Total Return as of 7/31/21

Fund	One Year			Five Year			Ten Year
Investor		61.55	%		10.53	%		4.16	%
Service		60.22	%		9.48	%		3.15	%
MSCI EAFE® Index		30.31	%		9.35	%		6.14	%

Expense Ratios**

Fund	Gross			Net
Investor		2.61	%		1.78	%
Service		3.61	%		2.78	%

** Reflects the expense ratio as reported in the Prospectus dated November 30, 2020. Contractual fee waivers are in effect through November 30, 2021. See Financial Highlights for effective expense ratios.

Allocation of Portfolio Holdings & Index Composition

Market Exposure

Investment Type	% of Net Assets
Swap Agreements		201	%
Total Exposure		201	%

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any instruments used for cash management.

Holdings

The UltraInternational ProFund primarily invests in non-equity securities, which may include: swap agreements, futures contracts, options, forward contracts, repurchase agreements and U.S. Government securities.

MSCI EAFE Index^® – Composition

Industry Breakdown	% of Index
Financials		17	%
Industrials		16	%
Consumer Discretionary		13	%
Health Care		13	%
Consumer Staples		10	%
Information Technology		9	%
Materials		8	%
Communication Services		5	%
Utilities		3	%
Energy		3	%
Real Estate		3	%

Country Composition
Japan	23	%
United Kingdom	13	%
France	11	%
Switzerland	11	%
Germany	9	%
Other	33	%

Past performance does not guarantee future results. Return calculations assume the reinvestment of distributions and do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and NAV will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. The performance above reflects any fee reductions during the applicable periods. If such fee reductions had not occurred, the quoted performance would be lower. To obtain performance current to the most recent month-end, please visit www.ProFunds.com.

¹ The graph and table reflect the theoretical reinvestment of dividends on securities in the Index. The impact of transaction costs and the deduction of fees and expenses associated with a mutual fund, such as investment management and accounting fees, are not reflected in the index calculations. The Fund's performance reflects the reinvestment of dividends as well as the impact of transaction costs and the deduction of fees and expenses. It is not possible to invest directly in an index.

² 1.00 equals perfect correlation. This calculation is based on the daily total return of the U.S.-traded MSCI EAFE futures contract and the performance of the daily total return of the NAV per share of the Fund.

The above information is not covered by the Report of the Independent Registered Public Accounting Firm.

Management Discussion of Fund Performance (unaudited) :: UltraJapan ProFund :: 55

UltraJapan ProFund (the "Fund") seeks daily investment results, before fees and expenses, that correspond to two times (2x) the return of the Nikkei 225 Stock Average (the "Index") for a single day, not for any other period. Since the Japanese markets are not open with this Fund values its shares, it determines its success in meeting this investment objective by comparing its daily return on a given day with the daily performance of related, dollar-denominated futures contracts traded in the United States. A "single day" is measured from the time the Fund calculates its net asset value ("NAV") to the time of the Fund's next NAV calculation. The return of the Fund for periods longer than a single day will be the result of its return for each day compounded over the period. The Fund's return for periods longer than a single day will very likely differ in amount, and possibly even direction, from the Fund's stated multiple (2x) times the return of the Index for the same period. For periods longer than a single day, the Fund will lose money if the Index's performance is flat, and it is possible that the Fund will lose money even if the level of the Index rises. For the year ended July 31, 2021, the Fund (Investor Class Shares) had a total return of 52.57%. For the same period, the Index has a total return of 23.03%¹, as measured in unhedged U.S. dollar terms, or 27.71%¹ in local (Japanese yen) terms and a volatility of 17.21%. The U.S. dollar-denominated Nikkei futures contracts held in the Fund are not directly impacted by the dollar/yen exchange rate, which may cause the Fund to over or underperform versus the performance of the Index measured in unhedged U.S. dollar terms, depending upon whether the U.S. dollar rises or falls in value versus the yen. During the year, the Fund was generally not exposed to fluctuations in the dollar/yen exchange rate. For the year, the Fund achieved an average daily statistical correlation of over 0.99 to twice that of the daily performance of the U.S.-traded U.S. dollar-denominated futures contract on the Index.²

The Fund takes positions in financial instruments that, in combination, should have similar daily return characteristics as twice the daily return of the Index. The Index is a modified price-weighted index of the 225 most actively traded and liquid Japanese stocks traded in the First Section of the Tokyo Stock Exchange.

During the year ended July 31, 2021, the Fund invested in swap agreements and futures contracts as a substitute for investing directly in stocks in order to gain leveraged exposure to the Index. These derivatives generally tracked the performance of their underlying benchmark and were negatively impacted by financing costs associated with their use. The Fund entered into swap agreements with counterparties that the Fund's advisor determined to be major, global financial institutions. If a counterparty becomes insolvent or otherwise fails to perform on its obligations, the value of investments in the Fund may decline. The Fund has sought to mitigate this risk by generally requiring counterparties to post collateral for the benefit of the Fund, marked to market daily, in an amount approximately equal to the amount the counterparty owed to the Fund, subject to certain minimum thresholds.

Value of a $10,000 Investment at Net Asset Value*

 

* The line graph represents the historical performance of a hypothetical investment of $10,000 in the UltraJapan ProFund from July 31, 2011 to July 31, 2021, assuming the reinvestment of distributions.

Average Annual Total Return as of 7/31/21

Fund	One Year			Five Year			Ten Year
Investor		52.57	%		18.84	%		15.34	%
Service		51.08	%		17.69	%		14.21	%
Nikkei 225 Stock Average - USD		23.03	%		11.11	%		8.96	%
Nikkei 225 Stock Average - JPY		27.71	%		12.64	%		12.86	%

Expense Ratios**

Fund	Gross			Net
Investor		1.94	%		1.78	%
Service		2.94	%		2.78	%

** Reflects the expense ratio as reported in the Prospectus dated November 30, 2020. Contractual fee waivers are in effect through November 30, 2021. See Financial Highlights for effective expense ratios.

Allocation of Portfolio Holdings & Index Composition

Market Exposure

Investment Type	% of Net Assets
Futures Contracts		200	%
Swap Agreements		—	(a)
Total Exposure		200	%

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any instruments used for cash management.

^(a) Amount is less than 0.5%.

Holdings

The UltraJapan ProFund primarily invests in non-equity securities, which may include: swap agreements, futures contracts, options, forward contracts, repurchase agreements and U.S. Government securities.

Nikkei 225 Stock Average – Composition

	% of Index
Consumer Discretionary		20	%
Industrials		20	%
Information Technology		19	%
Health Care		13	%
Communication Services		11	%
Consumer Staples		7	%
Materials		6	%
Real Estate		2	%
Financials		2	%

Past performance does not guarantee future results. Return calculations assume the reinvestment of distributions and do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and NAV will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. The performance above reflects any fee reductions during the applicable periods. If such fee reductions had not occurred, the quoted performance would be lower. To obtain performance current to the most recent month-end, please visit www.ProFunds.com.

¹ The graph and table reflect the theoretical reinvestment of dividends in the Index. Unhedged U.S. dollar performance is calculated by converting U.S. dollars to Yen at the beginning of the period and to U.S. dollars at the end of the period. "Local (Yen)" returns are theoretical Index returns experienced by local residents living in Japan. The impact of transaction costs and the deduction of fees and expenses associated with a mutual fund, such as investment management and accounting fees, are not reflected in the index calculations. The Fund's performance reflects the reinvestment of dividends as well as the impact of transaction costs and the deduction of fees and expenses. It is not possible to invest directly in an index.

² 1.00 equals perfect correlation. This calculation is based on the daily total return of the U.S.-traded U.S. dollar-denominated futures contract on the index and the performance of the daily total return of the NAV per share of the Fund.

The above information is not covered by the Report of the Independent Registered Public Accounting Firm.

56 :: UltraLatin America ProFund :: Management Discussion of Fund Performance (unaudited)

UltraLatin America ProFund (the "Fund") seeks daily investment results, before fees and expenses, that correspond to two times (2x) the return of the S&P/BNY Mellon Latin America 35 ADR Index (USD) (the "Index") for a single day, not for any other period. A "single day" is measured from the time the Fund calculates its net asset value ("NAV") to the time of the Fund's next NAV calculation. The return of the Fund for periods longer than a single day will be the result of its return for each day compounded over the period. The Fund's return for periods longer than a single day will very likely differ in amount, and possibly even direction, from the Fund's stated multiple (2x) times the return of the Index for the same period. For periods longer than a single day, the Fund will lose money if the Index's performance is flat, and it is possible that the Fund will lose money even if the level of the Index rises. For the year ended July 31, 2021, the Fund (Investor Class Shares) had a total return of 80.78%. For the same period, the Index had a total return of 41.83%¹ and a volatility of 28.87%. For the year, the Fund achieved an average daily statistical correlation of over 0.99 to twice that of the daily performance of the Index.²

The Fund takes positions in financial instruments that, in combination, should have similar daily return characteristics as twice the daily return of the Index. The Index is a free-float adjusted, market capitalization-weighted index. The Index is designed to track the performance of a basket of companies who have their primary equity listing on a stock exchange of a Latin American country and who also have depositary receipts that trade on a U.S. exchange or on Nasdaq. The Index consists of companies from the following emerging market countries: Argentina, Brazil, Chile, Colombia, Mexico and Peru. The Index is expressed in U.S. dollar terms and as such should generally reflect the relative movement of the U.S. dollar against the basket of foreign currencies represented by the constituent companies in the Index.

During the year ended July 31, 2021, the Fund invested in swap agreements as a substitute for investing directly in stocks in order to gain leveraged exposure to the Index. These derivatives generally tracked the performance of their underlying benchmark and were negatively impacted by financing costs associated with their use. The Fund entered into swap agreements with counterparties that the Fund's advisor determined to be major, global financial institutions. If a counterparty becomes insolvent or otherwise fails to perform on its obligations, the value of investments in the Fund may decline. The Fund has sought to mitigate this risk by generally requiring counterparties to post collateral for the benefit of the Fund, marked to market daily, in an amount approximately equal to the amount the counterparty owed to the Fund, subject to certain minimum thresholds.

Value of a $10,000 Investment at Net Asset Value*

 

* The line graph represents the historical performance of a hypothetical investment of $10,000 in the UltraLatin America ProFund from July 31, 2011 to July 31, 2021, assuming the reinvestment of distributions.

Average Annual Total Return as of 7/31/21

Fund	One Year			Five Year			Ten Year
Investor		80.78	%		-5.77	%		-16.90	%
Service		78.96	%		-6.71	%		-17.70	%
S&P/BNY Mellon Latin America 35 ADR Index (USD)		41.83	%		4.30	%		-3.27	%

Expense Ratios**

Fund	Gross			Net
Investor		1.71	%		1.71	%
Service		2.71	%		2.71	%

** Reflects the expense ratio as reported in the Prospectus dated November 30, 2020. Contractual fee waivers are in effect through November 30, 2021. See Financial Highlights for effective expense ratios.

Allocation of Portfolio Holdings & Index Composition

Market Exposure

Investment Type	% of Net Assets
Equity Securities		84	%
Swap Agreements		115	%
Total Exposure		199	%

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any instruments used for cash management or collateral for securities loaned.

Largest Equity Holdings

Company	% of Net Assets
Vale S.A.		15.9	%
Petroleo Brasileiro S.A.		9.3	%
Itau Unibanco Holding S.A.		6.6	%
Banco Bradesco S.A.		5.3	%
America Movil S.A.B. de C.V.		4.3	%

S&P/BNY Mellon Latin America 35 ADR Index (USD) – Composition

Industry Breakdown	% of Index
Materials		34	%
Financials		19	%
Consumer Staples		17	%
Energy		13	%
Communication Services		9	%
Industrials		4	%
Utilities		4	%

Country Composition
Brazil	68	%
Mexico	23	%
Chile	6	%
Colombia	2	%
Peru	1	%

Past performance does not guarantee future results. Return calculations assume the reinvestment of distributions and do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and NAV will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. The performance above reflects any fee reductions during the applicable periods. If such fee reductions had not occurred, the quoted performance would be lower. To obtain performance current to the most recent month-end, please visit www.ProFunds.com.

¹ The graph and table reflect the theoretical reinvestment of dividends on securities in the Index. The impact of transaction costs and the deduction of fees and expenses associated with a mutual fund, such as investment management and accounting fees, are not reflected in the index calculations. The Fund's performance reflects the reinvestment of dividends as well as the impact of transaction costs and the deduction of fees and expenses. It is not possible to invest directly in an index.

² 1.00 equals perfect correlation. This calculation is based on the daily total return of the Index and the performance of the daily total return of the NAV per share of the Fund.

The above information is not covered by the Report of the Independent Registered Public Accounting Firm.

Management Discussion of Fund Performance (unaudited) :: UltraMid-Cap ProFund :: 57

UltraMid-Cap ProFund (the "Fund") seeks daily investment results, before fees and expenses, that correspond to two times (2x) the return of the S&P MidCap 400^® (the "Index") for a single day, not for any other period. A "single day" is measured from the time the Fund calculates its net asset value ("NAV") to the time of the Fund's next NAV calculation. The return of the Fund for periods longer than a single day will be the result of its return for each day compounded over the period. The Fund's return for periods longer than a single day will very likely differ in amount, and possibly even direction, from the Fund's stated multiple (2x) times the return of the Index for the same period. For periods longer than a single day, the Fund will lose money if the Index's performance is flat, and it is possible that the Fund will lose money even if the level of the Index rises. For the year ended July 31, 2021, the Fund (Investor Class shares) had a total return of 103.44%. For the same period, the Index had a total return of 46.99%¹ and a volatility of 19.05%. For the year, the Fund achieved an average daily statistical correlation of over 0.99 to twice that of the daily performance of the Index.²

The Fund takes positions in financial instruments that, in combination, should have similar daily return characteristics as twice the daily return of the Index. The Index is a measure of mid-size company U.S. stock market performance. It is a float-adjusted, market capitalization-weighted index of 400 U.S. operating companies and real estate investment trusts through a process that factors criteria such as liquidity, price, market capitalization, and financial viability. Reconstitution occurs both on a quarterly and ongoing basis.

During the year ended July 31, 2021, the Fund invested in swap agreements and futures contracts as a substitute for investing directly in stocks in order to gain leveraged exposure to the Index. These derivatives generally tracked the performance of their underlying benchmark and were negatively impacted by financing costs associated with their use. The Fund entered into swap agreements with counterparties that the Fund's advisor determined to be major, global financial institutions. If a counterparty becomes insolvent or otherwise fails to perform on its obligations, the value of investments in the Fund may decline. The Fund has sought to mitigate this risk by generally requiring counterparties to post collateral for the benefit of the Fund, marked to market daily, in an amount approximately equal to the amount the counterparty owed to the Fund, subject to certain minimum thresholds.

Value of a $10,000 Investment at Net Asset Value*

 

* The line graph represents the historical performance of a hypothetical investment of $10,000 in the UltraMid-Cap ProFund from July 31, 2011 to July 31, 2021, assuming the reinvestment of distributions.

Average Annual Total Return as of 7/31/21

Fund	One Year			Five Year			Ten Year
Investor		103.44	%		17.84	%		18.43	%
Service		101.47	%		16.67	%		17.25	%
S&P MidCap 400®		46.99	%		13.42	%		12.85	%

Expense Ratios**

Fund	Gross			Net
Investor		1.66	%		1.66	%
Service		2.66	%		2.66	%

** Reflects the expense ratio as reported in the Prospectus dated November 30, 2020. Contractual fee waivers are in effect through November 30, 2021. See Financial Highlights for effective expense ratios.

Allocation of Portfolio Holdings & Index Composition

Market Exposure

Investment Type	% of Net Assets
Equity Securities		81	%
Futures Contracts		21	%
Swap Agreements		97	%
Total Exposure		199	%

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any instruments used for cash management.

Largest Equity Holdings

Company	% of Net Assets
Bio-Techne Corp.		0.6	%
Molina Healthcare, Inc.		0.6	%
Cognex Corp.		0.6	%
Fair Isaac Corp.		0.5	%
Camden Property Trust		0.5	%

S&P MidCap 400^® – Composition

	% of Index
Industrials		18	%
Consumer Discretionary		15	%
Financials		15	%
Information Technology		15	%
Health Care		11	%
Real Estate		10	%
Materials		6	%
Utilities		3	%
Consumer Staples		3	%
Energy		2	%
Communication Services		2	%

Past performance does not guarantee future results. Return calculations assume the reinvestment of distributions and do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and NAV will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. The performance above reflects any fee reductions during the applicable periods. If such fee reductions had not occurred, the quoted performance would be lower. To obtain performance current to the most recent month-end, please visit www.ProFunds.com.

¹ The graph and table reflect the theoretical reinvestment of dividends on securities in the Index. The impact of transaction costs and the deduction of fees and expenses associated with a mutual fund, such as investment management and accounting fees, are not reflected in the index calculations. The Fund's performance reflects the reinvestment of dividends as well as the impact of transaction costs and the deduction of fees and expenses. It is not possible to invest directly in an index.

² 1.00 equals perfect correlation. This calculation is based on the daily total return of the Index and the performance of the daily total return of the NAV per share of the Fund.

The above information is not covered by the Report of the Independent Registered Public Accounting Firm.

58 :: UltraNasdaq-100 ProFund :: Management Discussion of Fund Performance (unaudited)

UltraNasdaq-100 ProFund (the "Fund") seeks daily investment results, before fees and expenses, that correspond to two times (2x) the return of the Nasdaq-100^® Index (the "Index") for a single day, not for any other period. A "single day" is measured from the time the Fund calculates its net asset value ("NAV") to the time of the Fund's next NAV calculation. The return of the Fund for periods longer than a single day will be the result of its return for each day compounded over the period. The Fund's return for periods longer than a single day will very likely differ in amount, and possibly even direction, from the Fund's stated multiple (2x) times the return of the Index for the same period. For periods longer than a single day, the Fund will lose money if the Index's performance is flat, and it is possible that the Fund will lose money even if the level of the Index rises. For the year ended July 31, 2021, the Fund (Investor Class shares) had a total return of 76.50%. For the same period, the Index had a total return of 38.19%¹ and a volatility of 22.14%. For the year, the Fund achieved an average daily statistical correlation of over 0.99 to twice that of the daily performance of the Index.²

The Fund takes positions in financial instruments that, in combination, should have similar daily return characteristics as twice the daily return of the Index. The Index, a modified market capitalization-weighted index, includes 100 of the largest non-financial domestic and international issues listed on Nasdaq.

During the year ended July 31, 2021, the Fund invested in swap agreements and futures contracts as a substitute for investing directly in stocks in order to gain leveraged exposure to the Index. These derivatives generally tracked the performance of their underlying benchmark and were negatively impacted by financing costs associated with their use. The Fund entered into swap agreements with counterparties that the Fund's advisor determined to be major, global financial institutions. If a counterparty becomes insolvent or otherwise fails to perform on its obligations, the value of investments in the Fund may decline. The Fund has sought to mitigate this risk by generally requiring counterparties to post collateral for the benefit of the Fund, marked to market daily, in an amount approximately equal to the amount the counterparty owed to the Fund, subject to certain minimum thresholds.

Value of a $10,000 Investment at Net Asset Value*

* The line graph represents the historical performance of a hypothetical investment of $10,000 in the UltraNasdaq-100 ProFund from July 31, 2011 to July 31, 2021, assuming the reinvestment of distributions.

Average Annual Total Return as of 7/31/21

Fund	One Year			Five Year			Ten Year
Investor		76.50	%		47.85	%		37.64	%
Service		74.78	%		46.38	%		36.28	%
Nasdaq-100® Index		38.19	%		27.19	%		21.66	%

Expense Ratios**

Fund	Gross			Net
Investor		1.59	%		1.59	%
Service		2.59	%		2.59	%

** Reflects the expense ratio as reported in the Prospectus dated November 30, 2020. Contractual fee waivers are in effect through November 30, 2021. See Financial Highlights for effective expense ratios.

Allocation of Portfolio Holdings & Index Composition

Market Exposure

Investment Type	% of Net Assets
Equity Securities		76	%
U.S. Treasury Obligation		5	%
Futures Contracts		—	(a)
Swap Agreements		123	%
Total Exposure		204	%

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any instruments used for cash management or collateral for securities loaned.

^(a) Amount is less than 0.5%.

Largest Equity Holdings

Company	% of Net Assets
Apple, Inc.		8.6	%
Microsoft Corp.		7.6	%
Alphabet, Inc.		6.0	%
Amazon.com, Inc.		5.9	%
Facebook, Inc.		3.0	%

Nasdaq-100^® Index – Composition

	% of Index
Information Technology		48	%
Communication Services		19	%
Consumer Discretionary		17	%
Health Care		7	%
Consumer Staples		5	%
Industrials		3	%
Utilities		1	%

Past performance does not guarantee future results. Return calculations assume the reinvestment of distributions and do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and NAV will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. The performance above reflects any fee reductions during the applicable periods. If such fee reductions had not occurred, the quoted performance would be lower. To obtain performance current to the most recent month-end, please visit www.ProFunds.com.

¹ The graph and table reflect the theoretical reinvestment of dividends on securities in the Index. The impact of transaction costs and the deduction of fees and expenses associated with a mutual fund, such as investment management and accounting fees, are not reflected in the index calculations. The Fund's performance reflects the reinvestment of dividends as well as the impact of transaction costs and the deduction of fees and expenses. It is not possible to invest directly in an index.

² 1.00 equals perfect correlation. This calculation is based on the daily total return of the Index and the performance of the daily total return of the NAV per share of the Fund.

The above information is not covered by the Report of the Independent Registered Public Accounting Firm.

Management Discussion of Fund Performance (unaudited) :: UltraShort China ProFund :: 59

UltraShort China ProFund (the "Fund") seeks daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) the return of the S&P/BNY Mellon China Select ADR Index (USD) (the "Index") for a single day, not for any other period. A "single day" is measured from the time the Fund calculates its net asset value ("NAV") to the time of the Fund's next NAV calculation. The return of the Fund for periods longer than a single day will be the result of its return for each day compounded over the period. The Fund's return for periods longer than a single day will very likely differ in amount, and possibly even direction, from the Fund's stated multiple (-2x) times the return of the Index for the same period. For periods longer than a single day, the Fund will lose money if the Index's performance is flat, and it is possible that the Fund will lose money even if the level of the Index falls. For the year ended July 31, 2021, the Fund (Investor Class Shares) had a total return of -11.49%. For the same period, the Index had a total return of -11.93%¹ and a volatility of 33.34%. For the year, the Fund achieved an average daily statistical correlation of over 0.99 to twice the inverse of the daily performance of the Index.²

The Fund takes positions in financial instruments that, in combination, should have similar daily return characteristics as twice the inverse of the daily return of the Index. The Index is a free-float adjusted, market capitalization-weighted index. The Index is designed to track the performance of a basket of Chinese companies who have depositary receipts that trade on a U.S. exchange or on Nasdaq. The Index is expressed in U.S. dollar terms and as such should generally reflect the relative movement of the U.S. dollar against the foreign currencies represented by the constituent companies in the Index.

During the year ended July 31, 2021, the Fund invested in swap agreements as a substitute for shorting stocks in order to gain inverse leveraged exposure to the Index. These derivatives generally tracked the performance of their underlying benchmark and benefited from financing costs associated with their use. The Fund entered into swap agreements with counterparties that the Fund's advisor determined to be major, global financial institutions. If a counterparty becomes insolvent or otherwise fails to perform on its obligations, the value of investments in the Fund may decline. The Fund has sought to mitigate this risk by generally requiring counterparties to post collateral for the benefit of the Fund, marked to market daily, in an amount approximately equal to the amount the counterparty owed to the Fund, subject to certain minimum thresholds.

Value of a $10,000 Investment at Net Asset Value*

* The line graph represents the historical performance of a hypothetical investment of $10,000 in the UltraShort China ProFund from July 31, 2011 to July 31, 2021, assuming the reinvestment of distributions.

Average Annual Total Return as of 7/31/21

Fund	One Year			Five Year			Ten Year
Investor		-11.49	%		-30.76	%		-26.11	%
Service		-12.52	%		-31.47	%		-26.88	%
S&P/BNY Mellon China Select ADR Index (USD)		-11.93	%		7.97	%		4.34	%

Expense Ratios**

Fund	Gross			Net
Investor		2.83	%		1.78	%
Service		3.83	%		2.78	%

** Reflects the expense ratio as reported in the Prospectus dated November 30, 2020. Contractual fee waivers are in effect through November 30, 2021. See Financial Highlights for effective expense ratios.

Allocation of Portfolio Holdings & Index Composition

Market Exposure

Investment Type	% of Net Assets
Swap Agreements		(200	)%
Total Exposure		(200	)%

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any instruments used for cash management.

Holdings

The UltraShort China ProFund primarily invests in non-equity securities, which may include: swap agreements, futures contracts, options, forward contracts, repurchase agreements and U.S. Government securities.

S&P/BNY Mellon China Select ADR Index (USD) – Composition

Industry Breakdown	% of Index
Consumer Discretionary		53	%
Communication Services		22	%
Health Care		6	%
Energy		5	%
Financials		4	%
Information Technology		4	%
Industrials		4	%
Real Estate		1	%
Materials		1	%

Country Composition
China	100	%

Past performance does not guarantee future results. Return calculations assume the reinvestment of distributions and do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and NAV will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. The performance above reflects any fee reductions during the applicable periods. If such fee reductions had not occurred, the quoted performance would be lower. To obtain performance current to the most recent month-end, please visit www.ProFunds.com.

¹ The graph and table reflect the theoretical reinvestment of dividends on securities in the Index. The impact of transaction costs and the deduction of fees and expenses associated with a mutual fund, such as investment management and accounting fees, are not reflected in the index calculations. The Fund's performance reflects the reinvestment of dividends as well as the impact of transaction costs and the deduction of fees and expenses. It is not possible to invest directly in an index.

² 1.00 equals perfect correlation. This calculation is based on the daily total return of the Index and the performance of the daily total return of the NAV per share of the Fund.

The above information is not covered by the Report of the Independent Registered Public Accounting Firm.

60 :: UltraShort Dow 30 ProFund :: Management Discussion of Fund Performance (unaudited)

UltraShort Dow 30 ProFund (the "Fund") seeks daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the return of the Dow Jones Industrial Average^® (the "Index") for a single day, not for any other period. A "single day" is measured from the time the Fund calculates its net asset value ("NAV") to the time of the Fund's next NAV calculation. The return of the Fund for periods longer than a single day will be the result of its return for each day compounded over the period. The Fund's return for periods longer than a single day will very likely differ in amount, and possibly even direction, from the Fund's stated multiple (-2x) times the return of the Index for the same period. For periods longer than a single day, the Fund will lose money if the Index's performance is flat, and it is possible that the Fund will lose money even if the level of the Index falls. For the year ended July 31, 2021, the Fund (Investor Class shares) had a total return of -48.95%. For the same period, the Index had a total return of 34.79%¹ and a volatility of 14.36%. For the year, the Fund achieved an average daily statistical correlation of over 0.99 to twice the inverse of the daily performance of the Index.²

The Fund takes positions in financial instruments that, in combination, should have similar daily return characteristics as twice the inverse of the daily return of the Index. The Index is a price-weighted index. The Index includes 30 large-cap, "blue-chip" U.S. stocks, excluding utility and transportation companies. Components are selected through a discretionary process with no pre-determined criteria except that components should be established U.S. companies that are leaders in their industries, have an excellent reputation, demonstrate sustained growth, are of interest to a large number of investors, and accurately represents the sectors covered by the average. The Index is not limited to traditionally defined industrial stocks. Instead, the Index serves as a measure of the entire U.S. market, covering such diverse industries as financial services, technology, retail, entertainment, and consumer goods. Composition changes are rare, and generally occur only after corporate acquisitions or other dramatic shifts in a component's core business. When such an event necessitates that one component be replaced, the entire Index is reviewed.

During the year ended July 31, 2021, the Fund invested in swap agreements and futures contracts as a substitute for shorting stocks in order to gain inverse leveraged exposure to the Index. These derivatives generally tracked the performance of their underlying benchmark and benefited from financing costs associated with their use. The Fund entered into swap agreements with counterparties that the Fund's advisor determined to be major, global financial institutions. If a counterparty becomes insolvent or otherwise fails to perform on its obligations, the value of investments in the Fund may decline. The Fund has sought to mitigate this risk by generally requiring counterparties to post collateral for the benefit of the Fund, marked to market daily, in an amount approximately equal to the amount the counterparty owed to the Fund, subject to certain minimum thresholds.

Value of a $10,000 Investment at Net Asset Value*

* The line graph represents the historical performance of a hypothetical investment of $10,000 in the UltraShort Dow 30 ProFund from July 31, 2011 to July 31, 2021, assuming the reinvestment of distributions.

Average Annual Total Return as of 7/31/21

Fund	One Year			Five Year			Ten Year
Investor		-48.95	%		-33.42	%		-29.79	%
Service		-49.43	%		-34.10	%		-30.51	%
Dow Jones Industrial Average®		34.79	%		16.30	%		13.88	%

Expense Ratios**

Fund	Gross			Net
Investor		2.17	%		1.78	%
Service		3.17	%		2.78	%

** Reflects the expense ratio as reported in the Prospectus dated November 30, 2020. Contractual fee waivers are in effect through November 30, 2021. See Financial Highlights for effective expense ratios.

Allocation of Portfolio Holdings & Index Composition

Market Exposure

Investment Type	% of Net Assets
Futures Contracts		(6	)%
Swap Agreements		(194	)%
Total Exposure		(200	)%

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any instruments used for cash management.

Holdings

The UltraShort Dow 30 ProFund primarily invests in non-equity securities, which may include: swap agreements, futures contracts, options, forward contracts, repurchase agreements and U.S. Government securities.

Dow Jones Industrial Average^® – Composition

	% of Index
Information Technology		23	%
Health Care		17	%
Industrials		16	%
Financials		16	%
Consumer Discretionary		14	%
Consumer Staples		7	%
Communication Services		4	%
Energy		2	%
Materials		1	%

Past performance does not guarantee future results. Return calculations assume the reinvestment of distributions and do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and NAV will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. The performance above reflects any fee reductions during the applicable periods. If such fee reductions had not occurred, the quoted performance would be lower. To obtain performance current to the most recent month-end, please visit www.ProFunds.com.

¹ The graph and table reflect the theoretical reinvestment of dividends on securities in the Index. The impact of transaction costs and the deduction of fees and expenses associated with a mutual fund, such as investment management and accounting fees, are not reflected in the index calculations. The Fund's performance reflects the reinvestment of dividends as well as the impact of transaction costs and the deduction of fees and expenses. It is not possible to invest directly in an index.

² 1.00 equals perfect correlation. This calculation is based on the daily total return of the Index and the performance of the daily total return of the NAV per share of the Fund.

The above information is not covered by the Report of the Independent Registered Public Accounting Firm.

Management Discussion of Fund Performance (unaudited) :: UltraShort Emerging Markets ProFund :: 61

UltraShort Emerging Markets ProFund (the "Fund") seeks daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) the return of the S&P/BNY Mellon Emerging Markets 50 ADR Index (USD) (the "Index") for a single day, not for any other period. A "single day" is measured from the time the Fund calculates its net asset value ("NAV") to the time of the Fund's next NAV calculation. The return of the Fund for periods longer than a single day will be the result of its return for each day compounded over the period. The Fund's return for periods longer than a single day will very likely differ in amount, and possibly even direction, from the Fund's stated multiple (-2x) times the return of the Index for the same period. For periods longer than a single day, the Fund will lose money if the Index's performance is flat, and it is possible that the Fund will lose money even if the level of the Index falls. For the year ended July 31, 2021, the Fund (Investor Class Shares) had a total return of -41.26%. For the same period, the Index had a total return of 17.80%¹ and a volatility of 23.89%. For the year, the Fund achieved an average daily statistical correlation of over 0.99 to twice the inverse of the daily performance of the Index.²

The Fund takes positions in financial instruments that, in combination, should have similar daily return characteristics as twice the inverse of the daily return of the Index. The Index is a free-float adjusted, market capitalization-weighted index. The Index is designed to track the performance of a basket of companies who have their primary equity listing on a stock exchange of an emerging market country and who also have depositary receipts that trade on a U.S. exchange or on Nasdaq. The Index consists of companies from the following emerging market countries: Brazil, China, India, Indonesia, Mexico, South Africa, South Korea and Taiwan. The Index is expressed in U.S. dollar terms and as such should generally reflect the relative movement of the U.S. dollar against the basket of foreign currencies represented by the constituent companies in the Index.

During the year ended July 31, 2021, the Fund invested in swap agreements as a substitute for shorting stocks in order to gain inverse leveraged exposure to the Index. These derivatives generally tracked the performance of their underlying benchmark and benefited from financing costs associated with their use. The Fund entered into swap agreements with counterparties that the Fund's advisor determined to be major, global financial institutions. If a counterparty becomes insolvent or otherwise fails to perform on its obligations, the value of investments in the Fund may decline. The Fund has sought to mitigate this risk by generally requiring counterparties to post collateral for the benefit of the Fund, marked to market daily, in an amount approximately equal to the amount the counterparty owed to the Fund, subject to certain minimum thresholds.

Value of a $10,000 Investment at Net Asset Value*

* The line graph represents the historical performance of a hypothetical investment of $10,000 in the UltraShort Emerging Markets ProFund from July 31, 2011 to July 31, 2021, assuming the reinvestment of distributions.

Average Annual Total Return as of 7/31/21

Fund	One Year			Five Year			Ten Year
Investor		-41.26	%		-31.65	%		-20.87	%
Service		-41.89	%		-32.31	%		-21.59	%
S&P/BNY Mellon Emerging 50 ADR Index (USD)		17.80	%		12.06	%		3.81	%

Expense Ratios**

Fund	Gross			Net
Investor		2.90	%		1.78	%
Service		3.90	%		2.78	%

** Reflects the expense ratio as reported in the Prospectus dated November 30, 2020. Contractual fee waivers are in effect through November 30, 2021. See Financial Highlights for effective expense ratios.

Allocation of Portfolio Holdings & Index Composition

Market Exposure

Investment Type	% of Net Assets
Swap Agreements		(193	)%
Total Exposure		(193	)%

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any instruments used for cash management.

Holdings

The UltraShort Emerging Markets ProFund primarily invests in non-equity securities, which may include: swap agreements, futures contracts, options, forward contracts, repurchase agreements and U.S. Government securities.

S&P/BNY Mellon Emerging 50 ADR Index (USD) – Composition

Industry Breakdown	% of Index
Consumer Discretionary		31	%
Information Technology		29	%
Financials		13	%
Communication Services		9	%
Materials		9	%
Energy		4	%
Consumer Staples		2	%
Health Care		2	%
Industrials		1	%

Country Composition
China	41	%
Taiwan	25	%
India	14	%
Brazil	11	%
Other	9	%

Past performance does not guarantee future results. Return calculations assume the reinvestment of distributions and do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and NAV will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. The performance above reflects any fee reductions during the applicable periods. If such fee reductions had not occurred, the quoted performance would be lower. To obtain performance current to the most recent month-end, please visit www.ProFunds.com.

¹ The graph and table reflect the theoretical reinvestment of dividends on securities in the Index. The impact of transaction costs and the deduction of fees and expenses associated with a mutual fund, such as investment management and accounting fees, are not reflected in the index calculations. The Fund's performance reflects the reinvestment of dividends as well as the impact of transaction costs and the deduction of fees and expenses. It is not possible to invest directly in an index.

² 1.00 equals perfect correlation. This calculation is based on the daily total return of the Index and the performance of the daily total return of the NAV per share of the Fund.

The above information is not covered by the Report of the Independent Registered Public Accounting Firm.

62 :: UltraShort International ProFund :: Management Discussion of Fund Performance (unaudited)

UltraShort International ProFund (the "Fund") seeks daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the return of the Morgan Stanley Capital International Europe, Australasia and Far East ("MSCI EAFE^®") Index (the "Index") for a single day, not for any other period. Since the foreign markets are not open when this Fund values its shares, it determines its success in meeting this investment objective by comparing its daily return on a given day with the daily performance of related futures contracts traded in the United States. A "single day" is measured from the time the Fund calculates its net asset value ("NAV") to the time of the Fund's next NAV calculation. The return of the Fund for periods longer than a single day will be the result of its return for each day compounded over the period. The Fund's return for periods longer than a single day will very likely differ in amount, and possibly even direction, from the Fund's stated multiple (-2x) times the return of the Index for the same period. For periods longer than a single day, the Fund will lose money if the Index's performance is flat, and it is possible that the Fund will lose money even if the level of the Index falls. For the year ended July 31, 2021, the Fund (Investor Class Shares) had a total return of -46.82%. For the same period, the Index had a total return of 30.31%¹ and a volatility of 13.10%. For the year, the Fund achieved an average daily statistical correlation of over 0.99 to twice the inverse of the daily performance of the U.S.-traded MSCI EAFE futures contract.²

The Fund takes positions in financial instruments that, in combination, should have similar daily return characteristics as twice the inverse of the daily return of the Index. The Index includes 85% of free-float adjusted, market capitalization in each industry group in developed market countries, excluding the U.S. and Canada. As of July 31, 2021, the Index has constituent companies from the following 21 developed market countries: Australia, Austria, Belgium, Denmark, 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 levels and the price of the related futures contracts are expressed in U.S. dollar terms and as such they should generally reflect the relative movement of the U.S. dollar against the basket of foreign currencies represented by the constituent companies in the Index.

During the year ended July 31, 2021, the Fund invested in swap agreements as a substitute for shorting stocks in order to gain inverse leveraged exposure to the Index. These derivatives generally tracked the performance of their underlying benchmark and benefited from financing costs associated with their use. The Fund entered into swap agreements with counterparties that the Fund's advisor determined to be major, global financial institutions. If a counterparty becomes insolvent or otherwise fails to perform on its obligations, the value of investments in the Fund may decline. The Fund has sought to mitigate this risk by generally requiring counterparties to post collateral for the benefit of the Fund, marked to market daily, in an amount approximately equal to the amount the counterparty owed to the Fund, subject to certain minimum thresholds.

Value of a $10,000 Investment at Net Asset Value*

* The line graph represents the historical performance of a hypothetical investment of $10,000 in the UltraShort International ProFund from July 31, 2011 to July 31, 2021, assuming the reinvestment of distributions.

Average Annual Total Return as of 7/31/21

Fund	One Year			Five Year			Ten Year
Investor		-46.82	%		-23.60	%		-21.03	%
Service		-47.32	%		-24.34	%		-21.81	%
MSCI EAFE® Index		30.31	%		9.35	%		6.14	%

Expense Ratios**

Fund	Gross			Net
Investor		2.83	%		1.78	%
Service		3.83	%		2.78	%

** Reflects the expense ratio as reported in the Prospectus dated November 30, 2020. Contractual fee waivers are in effect through November 30, 2021. See Financial Highlights for effective expense ratios.

Allocation of Portfolio Holdings & Index Composition

Market Exposure

Investment Type	% of Net Assets
Swap Agreements		(200	)%
Total Exposure		(200	)%

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any instruments used for cash management.

Holdings

The UltraShort International ProFund primarily invests in non-equity securities, which may include: swap agreements, futures contracts, options, forward contracts, repurchase agreements and U.S. Government securities.

MSCI EAFE Index^® – Composition

Industry Breakdown	% of Index
Financials		17	%
Industrials		16	%
Consumer Discretionary		13	%
Health Care		13	%
Consumer Staples		10	%
Information Technology		9	%
Materials		8	%
Communication Services		5	%
Utilities		3	%
Energy		3	%
Real Estate		3	%

Country Composition
Japan	23	%
United Kingdom	13	%
France	11	%
Switzerland	11	%
Germany	9	%
Other	33	%

Past performance does not guarantee future results. Return calculations assume the reinvestment of distributions and do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and NAV will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. The performance above reflects any fee reductions during the applicable periods. If such fee reductions had not occurred, the quoted performance would be lower. To obtain performance current to the most recent month-end, please visit www.ProFunds.com.

¹ The graph and table reflect the theoretical reinvestment of dividends on securities in the Index. The impact of transaction costs and the deduction of fees and expenses associated with a mutual fund, such as investment management and accounting fees, are not reflected in the index calculations. The Fund's performance reflects the reinvestment of dividends as well as the impact of transaction costs and the deduction of fees and expenses. It is not possible to invest directly in an index.

² 1.00 equals perfect correlation. This calculation is based on the daily total return of the U.S.-traded MSCI EAFE futures contract and the performance of the daily total return of the NAV per share of the Fund.

The above information is not covered by the Report of the Independent Registered Public Accounting Firm.

Management Discussion of Fund Performance (unaudited) :: UltraShort Japan ProFund :: 63

UltraShort Japan ProFund (the "Fund") seeks daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the Nikkei 225 Stock Average (the "Index") for a single day, not for any other period. Since the Japanese markets are not open when this Fund values its shares, it determines its success in meeting this investment objective by comparing its daily return on a given day with the daily performance of related, dollar-denominated futures contracts traded in the United States. A "single day" is measured from the time the Fund calculates its net asset value ("NAV") to the time of the Fund's next NAV calculation. The return of the Fund for periods longer than a single day will be the result of its return for each day compounded over the period. The Fund's return for periods longer than a single day will very likely differ in amount, and possibly even direction, from the Fund's stated multiple (-2x) times the return of the Index for the same period. For periods longer than a single day, the Fund will lose money if the Index's performance is flat, and it is possible that the Fund will lose money even if the level of the Index falls. For the year ended July 31, 2021, the Fund (Investor Class Shares) had a total return of -43.63%. For the same period, the Index had a total return of 23.03%¹, as measured in unhedged U.S. Dollar terms, or 27.71%¹ in local (Japanese yen) terms and a volatility of 17.21%. The U.S. dollar-denominated Nikkei futures contracts held in the Fund are not directly impacted by the dollar/yen exchange rate, which may cause the Fund to over or underperform versus the performance of the Index measured in unhedged U.S. dollar terms, depending upon whether the U.S. dollar rises or falls in value versus the yen. During the year, the Fund was generally not exposed to fluctuations in the dollar/yen exchange rate. For the year, the Fund achieved an average daily statistical correlation of over 0.99 to twice the inverse of the daily performance of the U.S.-traded U.S. dollar-denominated futures contract on the Index.²

The Fund takes positions in financial instruments that, in combination, should have similar daily return characteristics as twice the inverse of the daily return of the Index. The Index is a modified price-weighted index of the 225 most actively traded and liquid Japanese stocks traded in the First Section of the Tokyo Stock Exchange.

During the year ended July 31, 2021, the Fund invested in swap agreements and futures contracts as a substitute for shorting stocks in order to gain inverse leveraged exposure to the Index. These derivatives generally tracked the performance of their underlying benchmark and benefited from financing costs associated with their use. The Fund entered into swap agreements with counterparties that the Fund's advisor determined to be major, global financial institutions. If a counterparty becomes insolvent or otherwise fails to perform on its obligations, the value of investments in the Fund may decline. The Fund has sought to mitigate this risk by generally requiring counterparties to post collateral for the benefit of the Fund, marked to market daily, in an amount approximately equal to the amount the counterparty owed to the Fund, subject to certain minimum thresholds.

Value of a $10,000 Investment at Net Asset Value*

* The line graph represents the historical performance of a hypothetical investment of $10,000 in the UltraShort Japan ProFund from July 31, 2011 to July 31, 2021, assuming the reinvestment of distributions.

Average Annual Total Return as of 7/31/21

Fund	One Year			Five Year			Ten Year
Investor		-43.63	%		-30.19	%		-31.29	%
Service		-44.23	%		-30.88	%		-31.96	%
Nikkei 225 Stock Average - USD		23.03	%		11.11	%		8.96	%
Nikkei 225 Stock Average - JPY		27.71	%		12.64	%		12.86	%

Expense Ratios**

Fund	Gross			Net
Investor		4.87	%		1.78	%
Service		5.87	%		2.78	%

** Reflects the expense ratio as reported in the Prospectus dated November 30, 2020. Contractual fee waivers are in effect through November 30, 2021. See Financial Highlights for effective expense ratios.

Allocation of Portfolio Holdings & Index Composition

Market Exposure

Investment Type	% of Net Assets
Futures Contracts		(157	)%
Swap Agreements		(43	)%
Total Exposure		(200	)%

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any instruments used for cash management.

Holdings

The UltraShort Japan ProFund primarily invests in non-equity securities, which may include: swap agreements, futures contracts, options, forward contracts, repurchase agreements and U.S. Government securities.

Nikkei 225 Stock Average – Composition

	% of Index
Consumer Discretionary		20	%
Industrials		20	%
Information Technology		19	%
Health Care		13	%
Communication Services		11	%
Consumer Staples		7	%
Materials		6	%
Real Estate		2	%
Financials		2	%

Past performance does not guarantee future results. Return calculations assume the reinvestment of distributions and do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and NAV will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. The performance above reflects any fee reductions during the applicable periods. If such fee reductions had not occurred, the quoted performance would be lower. To obtain performance current to the most recent month-end, please visit www.ProFunds.com.

¹ The graph and table reflect the theoretical reinvestment of dividends in the Index. Unhedged U.S. dollar performance is calculated by converting U.S. dollars to Yen at the beginning of the period and to U.S. dollars at the end of the period. "Local (Yen)" returns are theoretical Index returns experienced by local residents living in Japan. The impact of transaction costs and the deduction of fees and expenses associated with a mutual fund, such as investment management and accounting fees, are not reflected in the index calculations. The Fund's performance reflects the reinvestment of dividends as well as the impact of transaction costs and the deduction of fees and expenses. It is not possible to invest directly in an index.

² 1.00 equals perfect correlation. This calculation is based on the daily total return of the U.S.-traded U.S. dollar-denominated futures contract on the index and the performance of the daily total return of the NAV per share of the Fund.

The above information is not covered by the Report of the Independent Registered Public Accounting Firm.

64 :: UltraShort Latin America ProFund :: Management Discussion of Fund Performance (unaudited)

UltraShort Latin America ProFund (the "Fund") seeks daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) the return of the S&P/BNY Mellon Latin America 35 ADR Index (USD) (the "Index") for a single day, not for any other period. A "single day" is measured from the time the Fund calculates its net asset value ("NAV") to the time of the Fund's next NAV calculation. The return of the Fund for periods longer than a single day will be the result of its return for each day compounded over the period. The Fund's return for periods longer than a single day will very likely differ in amount, and possibly even direction, from the Fund's stated multiple (-2x) times the return of the Index for the same period. For periods longer than a single day, the Fund will lose money if the Index's performance is flat, and it is possible that the Fund will lose money even if the level of the Index falls. For the year ended July 31, 2021, the Fund (Investor Class Shares) had a total return of -62.88%. For the same period, the Index had a total return of 41.83%¹ and a volatility of 28.87%. For the year, the Fund achieved an average daily statistical correlation of over 0.99 to twice the inverse of the daily performance of the Index.²

The Fund takes positions in financial instruments that, in combination, should have similar daily return characteristics as twice the inverse of the daily return of the Index. The Index is a free-float adjusted, market capitalization-weighted index. The Index is designed to track the performance of a basket of companies who have their primary equity listing on a stock exchange of a Latin American country and who also have depositary receipts that trade on a U.S. exchange or on Nasdaq. The Index consists of companies from the following emerging market countries: Argentina, Brazil, Chile, Colombia, Mexico and Peru. The Index is expressed in U.S. dollar terms and as such should generally reflect the relative movement of the U.S. dollar against the basket of foreign currencies represented by the constituent companies in the Index.

During the year ended July 31, 2021, the Fund invested in swap agreements as a substitute for shorting stocks in order to gain inverse leveraged exposure to the Index. These derivatives generally tracked the performance of their underlying benchmark and benefited from financing costs associated with their use. The Fund entered into swap agreements with counterparties that the Fund's advisor determined to be major, global financial institutions. If a counterparty becomes insolvent or otherwise fails to perform on its obligations, the value of investments in the Fund may decline. The Fund has sought to mitigate this risk by generally requiring counterparties to post collateral for the benefit of the Fund, marked to market daily, in an amount approximately equal to the amount the counterparty owed to the Fund, subject to certain minimum thresholds.

Value of a $10,000 Investment at Net Asset Value*

* The line graph represents the historical performance of a hypothetical investment of $10,000 in the UltraShort Latin America ProFund from July 31, 2011 to July 31, 2021, assuming the reinvestment of distributions.

Average Annual Total Return as of 7/31/21

Fund	One Year			Five Year			Ten Year
Investor		-62.88	%		-32.60	%		-18.37	%
Service		-63.24	%		-33.30	%		-19.16	%
S&P/BNY Mellon Latin America 35 ADR Index (USD)		41.83	%		4.30	%		-3.27	%

Expense Ratios**

Fund	Gross			Net
Investor		2.31	%		1.78	%
Service		3.31	%		2.78	%

** Reflects the expense ratio as reported in the Prospectus dated November 30, 2020. Contractual fee waivers are in effect through November 30, 2021. See Financial Highlights for effective expense ratios.

Allocation of Portfolio Holdings & Index Composition

Market Exposure

Investment Type	% of Net Assets
Swap Agreements		(199	)%
Total Exposure		(199	)%

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any instruments used for cash management.

Holdings

The UltraShort Latin America ProFund primarily invests in non-equity securities, which may include: swap agreements, futures contracts, options, forward contracts, repurchase agreements and U.S. Government securities.

S&P/BNY Mellon Latin America 35 ADR Index (USD) – Composition

Industry Breakdown	% of Index
Materials		34	%
Financials		19	%
Consumer Staples		17	%
Energy		13	%
Communication Services		9	%
Industrials		4	%
Utilities		4	%

Country Composition
Brazil	68	%
Mexico	23	%
Chile	6	%
Colombia	2	%
Peru	1	%

Past performance does not guarantee future results. Return calculations assume the reinvestment of distributions and do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and NAV will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. The performance above reflects any fee reductions during the applicable periods. If such fee reductions had not occurred, the quoted performance would be lower. To obtain performance current to the most recent month-end, please visit www.ProFunds.com.

¹ The graph and table reflect the theoretical reinvestment of dividends on securities in the Index. The impact of transaction costs and the deduction of fees and expenses associated with a mutual fund, such as investment management and accounting fees, are not reflected in the index calculations. The Fund's performance reflects the reinvestment of dividends as well as the impact of transaction costs and the deduction of fees and expenses. It is not possible to invest directly in an index.

² 1.00 equals perfect correlation. This calculation is based on the daily total return of the Index and the performance of the daily total return of the NAV per share of the Fund.

The above information is not covered by the Report of the Independent Registered Public Accounting Firm.

Management Discussion of Fund Performance (unaudited) :: UltraShort Mid-Cap ProFund :: 65

UltraShort Mid-Cap ProFund (the "Fund") seeks daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the return of the S&P MidCap 400^® Index (the "Index") for a single day, not for any other period. A "single day" is measured from the time the Fund calculates its net asset value ("NAV") to the time of the Fund's next NAV calculation. The return of the Fund for periods longer than a single day will be the result of its return for each day compounded over the period. The Fund's return for periods longer than a single day will very likely differ in amount, and possibly even direction, from the Fund's stated multiple (-2x) times the return of the Index for the same period. For periods longer than a single day, the Fund will lose money if the Index's performance is flat, and it is possible that the Fund will lose money even if the level of the Index falls. For the year ended July 31, 2021, the Fund (Investor Class shares) had a total return of -59.27%. For the same period, the Index had a total return of 46.99%¹ and a volatility of 19.05. For the year, the Fund achieved an average daily statistical correlation of 0.99 to twice the inverse of the daily performance of the Index.²

The Fund takes positions in financial instruments that, in combination, should have similar daily return characteristics as twice the inverse of the daily return of the Index. The Index is a measure of mid-size company U.S. stock market performance. It is a float-adjusted, market capitalization-weighted index of 400 U.S. operating companies and real estate investment trusts through a process that factors criteria such as liquidity, price, market capitalization, and financial viability. Reconstitution occurs both on a quarterly and ongoing basis.

During the year ended July 31, 2021, the Fund invested in swap agreements and futures contracts as a substitute for shorting stocks in order to gain inverse leveraged exposure to the Index. These derivatives generally tracked the performance of their underlying benchmark and benefited from financing costs associated with their use. The Fund entered into swap agreements with counterparties that the Fund's advisor determined to be major, global financial institutions. If a counterparty becomes insolvent or otherwise fails to perform on its obligations, the value of investments in the Fund may decline. The Fund has sought to mitigate this risk by generally requiring counterparties to post collateral for the benefit of the Fund, marked to market daily, in an amount approximately equal to the amount the counterparty owed to the Fund, subject to certain minimum thresholds.

Value of a $10,000 Investment at Net Asset Value*

* The line graph represents the historical performance of a hypothetical investment of $10,000 in the UltraShort Mid-Cap ProFund from July 31, 2011 to July 31, 2021, assuming the reinvestment of distributions.

Average Annual Total Return as of 7/31/21

Fund	One Year			Five Year			Ten Year
Investor		-59.27	%		-32.35	%		-31.05	%
Service		-59.61	%		-32.95	%		-31.72	%
S&P MidCap 400®		46.99	%		13.42	%		12.85	%

Expense Ratios**

Fund	Gross			Net
Investor		2.94	%		1.78	%
Service		3.94	%		2.78	%

** Reflects the expense ratio as reported in the Prospectus dated November 30, 2020. Contractual fee waivers are in effect through November 30, 2021. See Financial Highlights for effective expense ratios.

Allocation of Portfolio Holdings & Index Composition

Market Exposure

Investment Type	% of Net Assets
Futures Contracts		(18	)%
Swap Agreements		(182	)%
Total Exposure		(200	)%

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any instruments used for cash management.

Holdings

The UltraShort Mid-Cap ProFund primarily invests in non-equity securities, which may include: swap agreements, futures contracts, options, forward contracts, repurchase agreements and U.S. Government securities.

S&P MidCap 400^® – Composition

	% of Index
Industrials		18	%
Consumer Discretionary		15	%
Financials		15	%
Information Technology		15	%
Health Care		11	%
Real Estate		10	%
Materials		6	%
Utilities		3	%
Consumer Staples		3	%
Energy		2	%
Communication Services		2	%

Past performance does not guarantee future results. Return calculations assume the reinvestment of distributions and do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and NAV will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. The performance above reflects any fee reductions during the applicable periods. If such fee reductions had not occurred, the quoted performance would be lower. To obtain performance current to the most recent month-end, please visit www.ProFunds.com.

¹ The graph and table reflect the theoretical reinvestment of dividends on securities in the Index. The impact of transaction costs and the deduction of fees and expenses associated with a mutual fund, such as investment management and accounting fees, are not reflected in the index calculations. The Fund's performance reflects the reinvestment of dividends as well as the impact of transaction costs and the deduction of fees and expenses. It is not possible to invest directly in an index.

² 1.00 equals perfect correlation. This calculation is based on the daily total return of the Index and the performance of the daily total return of the NAV per share of the Fund.

The above information is not covered by the Report of the Independent Registered Public Accounting Firm.

66 :: UltraShort Nasdaq-100 ProFund :: Management Discussion of Fund Performance (unaudited)

UltraShort Nasdaq-100 ProFund (the "Fund") seeks daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the return of the Nasdaq-100^® Index (the "Index") for a single day, not for any other period. A "single day" is measured from the time the Fund calculates its net asset value ("NAV") to the time of the Fund's next NAV calculation. The return of the Fund for periods longer than a single day will be the result of its return for each day compounded over the period. The Fund's return for periods longer than a single day will very likely differ in amount, and possibly even direction, from the Fund's stated multiple (-2x) times the return of the Index for the same period. For periods longer than a single day, the Fund will lose money if the Index's performance is flat, and it is possible that the Fund will lose money even if the level of the Index falls. For the year ended July 31, 2021, the Fund (Investor Class shares) had a total return of -55.87%. For the same period, the Index had a total return of 38.19%¹ and a volatility of 22.14%. For the year, the Fund achieved an average daily statistical correlation of over 0.99 to twice the inverse of the daily performance of the Index.²

The Fund takes positions in financial instruments that, in combination, should have similar daily return characteristics as twice the inverse of the daily return of the Index. The Index, a modified market capitalization-weighted index, includes 100 of the largest non-financial domestic and international issues listed on Nasdaq.

During the year ended July 31, 2021, the Fund invested in swap agreements and futures contracts as a substitute for shorting stocks in order to gain inverse leveraged exposure to the Index. These derivatives generally tracked the performance of their underlying benchmark and benefited from financing costs associated with their use. The Fund entered into swap agreements with counterparties that the Fund's advisor determined to be major, global financial institutions. If a counterparty becomes insolvent or otherwise fails to perform on its obligations, the value of investments in the Fund may decline. The Fund has sought to mitigate this risk by generally requiring counterparties to post collateral for the benefit of the Fund, marked to market daily, in an amount approximately equal to the amount the counterparty owed to the Fund, subject to certain minimum thresholds.

Value of a $10,000 Investment at Net Asset Value*

* The line graph represents the historical performance of a hypothetical investment of $10,000 in the UltraShort Nasdaq-100 ProFund from July 31, 2011 to July 31, 2021, assuming the reinvestment of distributions.

Average Annual Total Return as of 7/31/21

Fund	One Year			Five Year			Ten Year
Investor		-55.87	%		-46.19	%		-40.23	%
Service		-56.43	%		-46.70	%		-40.82	%
Nasdaq-100® Index		38.19	%		27.19	%		21.66	%

Expense Ratios**

Fund	Gross			Net
Investor		1.82	%		1.78	%
Service		2.82	%		2.78	%

** Reflects the expense ratio as reported in the Prospectus dated November 30, 2020. Contractual fee waivers are in effect through November 30, 2021. See Financial Highlights for effective expense ratios.

Allocation of Portfolio Holdings & Index Composition

Market Exposure

Investment Type	% of Net Assets
Futures Contracts		(3	)%
Swap Agreements		(197	)%
Total Exposure		(200	)%

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any instruments used for cash management.

Holdings

The UltraShort Nasdaq-100 ProFund primarily invests in non-equity securities, which may include: swap agreements, futures contracts, options, forward contracts, repurchase agreements and U.S. Government securities.

Nasdaq-100^® Index – Composition

	% of Index
Information Technology		48	%
Communication Services		19	%
Consumer Discretionary		17	%
Health Care		7	%
Consumer Staples		5	%
Industrials		3	%
Utilities		1	%

Past performance does not guarantee future results. Return calculations assume the reinvestment of distributions and do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and NAV will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. The performance above reflects any fee reductions during the applicable periods. If such fee reductions had not occurred, the quoted performance would be lower. To obtain performance current to the most recent month-end, please visit www.ProFunds.com.

¹ The graph and table reflect the theoretical reinvestment of dividends on securities in the Index. The impact of transaction costs and the deduction of fees and expenses associated with a mutual fund, such as investment management and accounting fees, are not reflected in the index calculations. The Fund's performance reflects the reinvestment of dividends as well as the impact of transaction costs and the deduction of fees and expenses. It is not possible to invest directly in an index.

² 1.00 equals perfect correlation. This calculation is based on the daily total return of the Index and the performance of the daily total return of the NAV per share of the Fund.

The above information is not covered by the Report of the Independent Registered Public Accounting Firm.

Management Discussion of Fund Performance (unaudited) :: UltraShort Small-Cap ProFund :: 67

UltraShort Small-Cap ProFund (the "Fund") seeks daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the return of the Russell 2000^® Index (the "Index") for a single day, not for any other period. A "single day" is measured from the time the Fund calculates its net asset value ("NAV") to the time of the Fund's next NAV calculation. The return of the Fund for periods longer than a single day will be the result of its return for each day compounded over the period. The Fund's return for periods longer than a single day will very likely differ in amount, and possibly even direction, from the Fund's stated multiple (-2x) times the return of the Index for the same period. For periods longer than a single day, the Fund will lose money if the Index's performance is flat, and it is possible that the Fund will lose money even if the level of the Index falls. For the year ended July 31, 2021, the Fund (Investor Class shares) had a total return of -63.87%. For the same period, the Index had a total return of 51.97%¹ and a volatility of 22.72%. For the year, the Fund achieved an average daily statistical correlation of over 0.99 to twice the inverse of the daily performance of the Index.²

The Fund takes positions in financial instruments that, in combination, should have similar daily return characteristics as twice the inverse of the daily return of the Index. The Index is a measure of small-cap U.S. stock market performance. It is a float-adjusted, market capitalization-weighted index containing approximately 2,000 of the smallest companies in the Russell 3000^® Index or approximately 8% of the total market capitalization of the Russell 3000^® Index, which in turn represents approximately 98% of the investable U.S. equity market.

During the year ended July 31, 2021, the Fund invested in swap agreements and futures contracts as a substitute for shorting stocks in order to gain inverse leveraged exposure to the Index. These derivatives generally tracked the performance of their underlying benchmark and benefited from financing costs associated with their use. The Fund entered into swap agreements with counterparties that the Fund's advisor determined to be major, global financial institutions. If a counterparty becomes insolvent or otherwise fails to perform on its obligations, the value of investments in the Fund may decline. The Fund has sought to mitigate this risk by generally requiring counterparties to post collateral for the benefit of the Fund, marked to market daily, in an amount approximately equal to the amount the counterparty owed to the Fund, subject to certain minimum thresholds.

Value of a $10,000 Investment at Net Asset Value*

* The line graph represents the historical performance of a hypothetical investment of $10,000 in the UltraShort Small-Cap ProFund from July 31, 2011 to July 31, 2021, assuming the reinvestment of distributions.

Average Annual Total Return as of 7/31/21

Fund	One Year			Five Year			Ten Year
Investor		-63.87	%		-35.67	%		-33.08	%
Service		-64.19	%		-36.30	%		-33.76	%
Russell 2000® Index		51.97	%		14.28	%		12.34	%

Expense Ratios**

Fund	Gross			Net
Investor		2.16	%		1.78	%
Service		3.16	%		2.78	%

** Reflects the expense ratio as reported in the Prospectus dated November 30, 2020. Contractual fee waivers are in effect through November 30, 2021. See Financial Highlights for effective expense ratios.

Allocation of Portfolio Holdings & Index Composition

Market Exposure

Investment Type	% of Net Assets
Futures Contracts		(5	)%
Swap Agreements		(195	)%
Total Exposure		(200	)%

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any instruments used for cash management.

Holdings

The UltraShort Small-Cap ProFund primarily invests in non-equity securities, which may include: swap agreements, futures contracts, options, forward contracts, repurchase agreements and U.S. Government securities.

Russell 2000^® Index – Composition

	% of Index
Health Care		20	%
Financials		15	%
Industrials		15	%
Information Technology		14	%
Consumer Discretionary		12	%
Real Estate		7	%
Materials		4	%
Energy		4	%
Communication Services		3	%
Consumer Staples		3	%
Utilities		3	%

Past performance does not guarantee future results. Return calculations assume the reinvestment of distributions and do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and NAV will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. The performance above reflects any fee reductions during the applicable periods. If such fee reductions had not occurred, the quoted performance would be lower. To obtain performance current to the most recent month-end, please visit www.ProFunds.com.

¹ The graph and table reflect the theoretical reinvestment of dividends on securities in the Index. The impact of transaction costs and the deduction of fees and expenses associated with a mutual fund, such as investment management and accounting fees, are not reflected in the index calculations. The Fund's performance reflects the reinvestment of dividends as well as the impact of transaction costs and the deduction of fees and expenses. It is not possible to invest directly in an index.

² 1.00 equals perfect correlation. This calculation is based on the daily total return of the Index and the performance of the daily total return of the NAV per share of the Fund.

The above information is not covered by the Report of the Independent Registered Public Accounting Firm.

68 :: UltraSmall-Cap ProFund :: Management Discussion of Fund Performance (unaudited)

UltraSmall-Cap ProFund (the "Fund") seeks daily investment results, before fees and expenses, that correspond to two times (2x) the return of the Russell 2000^® Index (the "Index") for a single day, not for any other period. A "single day" is measured from the time the Fund calculates its net asset value ("NAV") to the time of the Fund's next NAV calculation. The return of the Fund for periods longer than a single day will be the result of its return for each day compounded over the period. The Fund's return for periods longer than a single day will very likely differ in amount, and possibly even direction, from the Fund's stated multiple (2x) times the return of the Index for the same period. For periods longer than a single day, the Fund will lose money if the Index's performance is flat, and it is possible that the Fund will lose money even if the level of the Index rises. For the year ended July 31, 2021, the Fund (Investor Class shares) had a total return of 114.21%. For the same period, the Index had a total return of 51.97%¹ and a volatility of 22.72%. For the year, the Fund achieved an average daily statistical correlation of over 0.99 to twice that of the daily performance of the Index.²

The Fund takes positions in financial instruments that, in combination, should have similar daily return characteristics as twice the daily return of the Index. The Index is a measure of small-cap U.S. stock market performance. It is a float-adjusted, market capitalization-weighted index containing approximately 2,000 of the smallest companies in the Russell 3000^® Index or approximately 8% of the total market capitalization of the Russell 3000^® Index, which in turn represents approximately 98% of the investable U.S. equity market.

During the year ended July 31, 2021, the Fund invested in swap agreements and futures contracts as a substitute for investing directly in stocks in order to gain leveraged exposure to the Index. These derivatives generally tracked the performance of their underlying benchmark and were negatively impacted by financing costs associated with their use. The Fund entered into swap agreements with counterparties that the Fund's advisor determined to be major, global financial institutions. If a counterparty becomes insolvent or otherwise fails to perform on its obligations, the value of investments in the Fund may decline. The Fund has sought to mitigate this risk by generally requiring counterparties to post collateral for the benefit of the Fund, marked to market daily, in an amount approximately equal to the amount the counterparty owed to the Fund, subject to certain minimum thresholds.

Value of a $10,000 Investment at Net Asset Value*

 

* The line graph represents the historical performance of a hypothetical investment of $10,000 in the UltraSmall-Cap ProFund from July 31, 2011 to July 31, 2021, assuming the reinvestment of distributions.

Average Annual Total Return as of 7/31/21

Fund	One Year			Five Year			Ten Year
Investor		114.21	%		18.24	%		16.34	%
Service		112.08	%		17.05	%		15.16	%
Russell 2000® Index		51.97	%		14.28	%		12.34	%

Expense Ratios**

Fund	Gross			Net
Investor		1.80	%		1.78	%
Service		2.80	%		2.78	%

** Reflects the expense ratio as reported in the Prospectus dated November 30, 2020. Contractual fee waivers are in effect through November 30, 2021. See Financial Highlights for effective expense ratios.

Allocation of Portfolio Holdings & Index Composition

Market Exposure

Investment Type	% of Net Assets
Equity Securities		56	%
Futures Contracts		2	%
Swap Agreements		141	%
Total Exposure		199	%

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any instruments used for cash management.

Largest Equity Holdings

Company	% of Net Assets
AMC Entertainment Holdings, Inc.		0.3	%
Intellia Therapeutics, Inc.		0.2	%
Crocs, Inc.		0.2	%
Lattice Semiconductor Corp.		0.1	%
Tenet Healthcare Corp.		0.1	%

Russell 2000^® Index – Composition

	% of Index
Health Care		20	%
Financials		15	%
Industrials		15	%
Information Technology		14	%
Consumer Discretionary		12	%
Real Estate		7	%
Materials		4	%
Energy		4	%
Communication Services		3	%
Consumer Staples		3	%
Utilities		3	%

Past performance does not guarantee future results. Return calculations assume the reinvestment of distributions and do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and NAV will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. The performance above reflects any fee reductions during the applicable periods. If such fee reductions had not occurred, the quoted performance would be lower. To obtain performance current to the most recent month-end, please visit www.ProFunds.com.

¹ The graph and table reflect the theoretical reinvestment of dividends on securities in the Index. The impact of transaction costs and the deduction of fees and expenses associated with a mutual fund, such as investment management and accounting fees, are not reflected in the index calculations. The Fund's performance reflects the reinvestment of dividends as well as the impact of transaction costs and the deduction of fees and expenses. It is not possible to invest directly in an index.

² 1.00 equals perfect correlation. This calculation is based on the daily total return of the Index and the performance of the daily total return of the NAV per share of the Fund.

The above information is not covered by the Report of the Independent Registered Public Accounting Firm.

Management Discussion of Fund Performance (unaudited) :: U.S. Government Plus ProFund :: 69

U.S. Government Plus ProFund (the "Fund") seeks daily investment results, before fees and expenses, that correspond to one and one-quarter times (1.25x) the daily movement of the most recently issued 30-year U.S. Treasury Bond (the "Long Bond") for a single day, not for any other period. A "single day" is measured from the time the Fund calculates its net asset value ("NAV") to the time of the Fund's next NAV calculation. The return of the Fund for periods longer than a single day will be the result of its return for each day compounded over the period. The Fund's returns for periods longer than a single day will very likely differ in amount, and possibly even direction, from the Fund's stated multiple (1.25x) times the return of the Long Bond for the same period. For periods longer than a single day, the Fund will lose money if the Long Bond's performance is flat, and it is possible that the Fund will lose money even if the level of the Long Bond rises. For the year ended July 31, 2021, the Fund (Investor Class Shares) had a total return of -19.47%. For the same period, the Long Bond, as measured by the Ryan Labs Returns Treasury Yield Curve 30 Year Index¹, had a total return of -14.69%² and a volatility of 16.89%. For the year, the Fund achieved an average daily statistical correlation of over 0.99 to one and one-quarter times the daily price movement of the Long Bond.³

The Fund takes positions in debt instruments and/or financial instruments that, in combination, should have similar daily return characteristics as one and one-quarter times the daily price movement of the Long Bond. The Long Bond is the longest term outstanding 30-year bond issued by the U.S. Treasury. As of July 31, 2021, the most recent Long Bond carried a maturity date of 5/15/51 and a 2.375% coupon.

During the year ended July 31, 2021, the Fund invested in swap agreements and futures contracts as a substitute for investing directly in bonds in order to gain leveraged exposure to the Long Bond. These derivatives generally tracked the performance of their underlying benchmark and were negatively impacted by financing costs associated with their use. The Fund entered into swap agreements with counterparties that the Fund's advisor determined to be major, global financial institutions. If a counterparty becomes insolvent or otherwise fails to perform on its obligations, the value of investments in the Fund may decline. The Fund has sought to mitigate this risk by generally requiring counterparties to post collateral for the benefit of the Fund, marked to market daily, in an amount approximately equal to the amount the counterparty owed to the Fund, subject to certain minimum thresholds.

Value of a $10,000 Investment at Net Asset Value*

 

* The line graph represents the historical performance of a hypothetical investment of $10,000 in the U.S. Government Plus ProFund from July 31, 2011 to July 31, 2021, assuming the reinvestment of distributions.

Average Annual Total Return as of 7/31/21

Fund	One Year			Five Year			Ten Year
Investor		-19.47	%		1.92	%		6.95	%
Service		-20.29	%		0.89	%		5.87	%
Ryan Labs Returns Treasury Yield Curve 30 Year Index		-14.69	%		3.24	%		6.94	%

Expense Ratios**

Fund	Gross			Net
Investor		1.40	%		1.40	%
Service		2.40	%		2.40	%

** Reflects the expense ratio as reported in the Prospectus dated November 30, 2020. Contractual fee waivers are in effect through November 30, 2021. See Financial Highlights for effective expense ratios.

Allocation of Portfolio Holdings

Market Exposure

Investment Type	% of Net Assets
Swap Agreements		124	%
Total Exposure		124	%

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any instruments used for cash management.

Holdings

The U.S. Government Plus ProFund primarily invests in non-equity securities, which may include: swap agreements, futures contracts, options, forward contracts, repurchase agreements and U.S. Government securities.

Past performance does not guarantee future results. Return calculations assume the reinvestment of distributions and do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and NAV will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. The performance above reflects any fee reductions during the applicable periods. If such fee reductions had not occurred, the quoted performance would be lower. To obtain performance current to the most recent month-end, please visit www.ProFunds.com.

¹ The Ryan Labs Returns Treasury Yield Curve 30 Year Index is an index that consists of public obligations of the U.S. Treasury consisting of a single security, the latest issued on-the-run 30-year U.S. Treasury bond. This Index reflects both price return and yield. It does not reflect the impact of transaction costs nor the deduction of fees and expenses associated with a mutual fund, such as investment management and accounting fees. It is not possible to invest directly in an index.

² The Long Bond reflects a yield component. It does not reflect the impact of transaction and financing costs, nor the deduction of fees and expenses associated with a mutual fund, such as investment management and accounting fees. The Fund's performance reflects a yield component, the impact of transaction and financing costs and the deduction of fees and expenses.

³ 1.00 equals perfect correlation. This calculation is based on the daily total return of the Long Bond and the performance of the daily total return of the NAV per share of the Fund.

The above information is not covered by the Report of the Independent Registered Public Accounting Firm.

70 :: Utilities UltraSector ProFund :: Management Discussion of Fund Performance (unaudited)

Utilities UltraSector ProFund (the "Fund") seeks daily investment results, before fees and expenses, that correspond to one and one-half times (1.5x) the return of the Dow Jones U.S. Utilities^SM Index (the "Index") for a single day, not for any other period. A "single day" is measured from the time the Fund calculates its net asset value ("NAV") to the time of the Fund's next NAV calculation. The return of the Fund for periods longer than a single day will be the result of its return for each day compounded over the period. The Fund's return for periods longer than a single day will very likely differ in amount, and possibly even direction, from the Fund's stated multiple (1.5x) times the return of the Index for the same period. For periods longer than a single day, the Fund will lose money if the Index's performance is flat, and it is possible that the Fund will lose money even if the level of the Index rises. For the year ended July 31, 2021, the Fund (Investor Class Shares) had a total return of 14.85%. For the same period, the Index had a total return of 12.19%¹ and a volatility of 16.38%. For the year, the Fund achieved an average daily statistical correlation of over 0.99 to one and one-half times the daily performance of the Index.²

The Fund takes positions in securities and/or financial instruments that, in combination, should have similar daily return characteristics as one and one-half times the daily return of the Index. The Index measures the performance of the utilities sector of the U.S. equity market. Component companies include, among others, electric utilities, gas utilities, and water utilities.

During the year ended July 31, 2021, the Fund invested in swap agreements as a substitute for investing directly in stocks in order to gain leveraged exposure to the Index. These derivatives generally tracked the performance of their underlying benchmark and were negatively impacted by financing costs associated with their use. The Fund entered into swap agreements with counterparties that the Fund's advisor determined to be major, global financial institutions. If a counterparty becomes insolvent or otherwise fails to perform on its obligations, the value of investments in the Fund may decline. The Fund has sought to mitigate this risk by generally requiring counterparties to post collateral for the benefit of the Fund, marked to market daily, in an amount approximately equal to the amount the counterparty owed to the Fund, subject to certain minimum thresholds.

Value of a $10,000 Investment at Net Asset Value*

 

* The line graph represents the historical performance of a hypothetical investment of $10,000 in the Utilities UltraSector ProFund from July 31, 2011 to July 31, 2021, assuming the reinvestment of distributions.

Average Annual Total Return as of 7/31/21

Fund	One Year			Five Year			Ten Year
Investor		14.85	%		7.55	%		12.68	%
Service		13.77	%		6.53	%		11.60	%
Dow Jones U.S. UtilitiesSM Index		12.19	%		8.19	%		11.11	%
S&P 500®		36.45	%		17.35	%		15.35	%

Expense Ratios**

Fund	Gross			Net
Investor		1.73	%		1.73	%
Service		2.73	%		2.73	%

** Reflects the expense ratio as reported in the Prospectus dated November 30, 2020. Contractual fee waivers are in effect through November 30, 2021. See Financial Highlights for effective expense ratios.

Allocation of Portfolio Holdings & Index Composition

Market Exposure

Investment Type	% of Net Assets
Equity Securities		75	%
Swap Agreements		74	%
Total Exposure		149	%

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any instruments used for cash management.

Largest Equity Holdings

Company	% of Net Assets
NextEra Energy, Inc.		11.2	%
Duke Energy Corp.		5.9	%
The Southern Co.		4.9	%
Dominion Energy, Inc.		4.4	%
Exelon Corp.		3.3	%

Dow Jones U.S. Utilities^SM Index – Composition

	% of Index
Electric Utilities		62	%
Multi-Utilities		28	%
Gas Utilities		4	%
Water Utilities		4	%
Independent Power and Renewable Electricity Producers		2	%

Past performance does not guarantee future results. Return calculations assume the reinvestment of distributions and do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and NAV will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. The performance above reflects any fee reductions during the applicable periods. If such fee reductions had not occurred, the quoted performance would be lower. To obtain performance current to the most recent month-end, please visit www.ProFunds.com.

¹ The graph and table reflect the theoretical reinvestment of dividends on securities in the Indexes. The impact of transaction costs and the deduction of fees and expenses associated with a mutual fund, such as investment management and accounting fees, are not reflected in calculations of the indexes. The Fund's performance reflects the reinvestment of dividends as well as the impact of transaction costs and the deduction of fees and expenses. It is not possible to invest directly in an index.

² 1.00 equals perfect correlation. This calculation is based on the daily total return of the Index and the performance of the daily total return of the NAV per share of the Fund.

³ The S&P 500^® is an unmanaged index that consists of the common stocks of 500 major U.S. corporations selected for their size and the frequency and ease with which their stocks trade.

The above information is not covered by the Report of the Independent Registered Public Accounting Firm.

Expense Examples

72 :: Expense Examples (unaudited)

As a ProFund shareholder, you may incur two types of costs: (1) transaction costs, including wire redemption fees; and (2) ongoing costs, including management fees; distribution and services (12b-1) fees; and other ProFund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in a ProFund and to compare these costs with the ongoing cost of investing in other mutual funds. Please note that the expenses shown in the table below are meant to highlight your ongoing costs only and do not reflect any transactional costs. If these transactional costs were included, your costs would have been higher. Therefore, the examples are useful in comparing ongoing costs only and will not help you determine the relative total cost of owning different funds.

Actual Expenses

The actual examples are based on an investment of $1,000 invested at the beginning of a six-month period and held throughout the period ended July 31, 2021.

The columns below under the heading entitled "Actual" provide information about actual account values and actual expenses. You may use this information, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled "Actual Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

Hypothetical Expenses for Comparison Purpose

The hypothetical expense examples are based on an investment of $1,000 invested at the beginning of a six-month period and held throughout the period ended July 31, 2021.

The columns below under the heading entitled "Hypothetical" provide information about hypothetical account values and hypothetical expenses based on each ProFund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not each ProFund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your ProFund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

						Actual				Hypothetical
	Annualized Expense Ratio During Period			Beginning Account Value 2/1/21		Ending Account Value 7/31/21		Expenses Paid During Period*		Ending Account Value 7/31/21		Expenses Paid During Period*
Access Flex Bear High Yield ProFund – Investor		1.78	%	$	1,000.00	$	958.70	$	8.64	$	1,015.97	$	8.90
Access Flex Bear High Yield ProFund – Service		2.78	%		1,000.00		954.00		13.47		1,011.01		13.86
Access Flex High Yield ProFund – Investor		1.78	%		1,000.00		1,020.50		8.92		1,015.97		8.90
Access Flex High Yield ProFund – Service		2.78	%		1,000.00		1,015.40		13.89		1,011.01		13.86
Banks UltraSector ProFund – Investor		1.40	%		1,000.00		1,373.70		8.24		1,017.85		7.00
Banks UltraSector ProFund – Service		2.40	%		1,000.00		1,366.70		14.08		1,012.89		11.98
Basic Materials UltraSector ProFund – Investor		1.78	%		1,000.00		1,298.90		10.15		1,015.97		8.90
Basic Materials UltraSector ProFund – Service		2.78	%		1,000.00		1,292.40		15.80		1,011.01		13.86
Bear ProFund – Investor		1.70	%		1,000.00		826.10		7.70		1,016.36		8.50
Bear ProFund – Service		2.70	%		1,000.00		821.70		12.20		1,011.41		13.47
Biotechnology UltraSector ProFund – Investor		1.49	%		1,000.00		1,180.90		8.06		1,017.41		7.45
Biotechnology UltraSector ProFund – Service		2.49	%		1,000.00		1,175.10		13.43		1,012.45		12.42
Bitcoin Strategy ProFund – Investor(a)		1.30	%		1,000.00		988.00		0.14		1,018.35		6.51
Bull ProFund – Investor		1.48	%		1,000.00		1,181.90		8.01		1,017.46		7.40
Bull ProFund – Service		2.48	%		1,000.00		1,176.00		13.38		1,012.50		12.37
Communication Services UltraSector ProFund – Investor		1.78	%		1,000.00		1,353.60		10.39		1,015.97		8.90
Communication Services UltraSector ProFund – Service		2.78	%		1,000.00		1,347.00		16.18		1,011.01		13.86

Expense Examples (unaudited) :: 73

						Actual				Hypothetical
	Annualized Expense Ratio During Period			Beginning Account Value 2/1/21		Ending Account Value 7/31/21		Expenses Paid During Period*		Ending Account Value 7/31/21		Expenses Paid During Period*
Consumer Goods UltraSector ProFund – Investor		1.78	%	$	1,000.00	$	1,120.00	$	9.36	$	1,015.97	$	8.90
Consumer Goods UltraSector ProFund – Service		2.78	%		1,000.00		1,114.40		14.57		1,011.01		13.86
Consumer Services UltraSector ProFund – Investor		1.52	%		1,000.00		1,160.60		8.14		1,017.26		7.60
Consumer Services UltraSector ProFund – Service		2.52	%		1,000.00		1,154.80		13.46		1,012.30		12.57
Europe 30 ProFund – Investor		1.78	%		1,000.00		1,189.90		9.66		1,015.97		8.90
Europe 30 ProFund – Service		2.78	%		1,000.00		1,182.20		15.04		1,011.01		13.86
Falling U.S. Dollar ProFund – Investor		1.78	%		1,000.00		970.70		8.70		1,015.97		8.90
Falling U.S. Dollar ProFund – Service		2.78	%		1,000.00		965.90		13.55		1,011.01		13.86
Financials UltraSector ProFund – Investor		1.73	%		1,000.00		1,409.20		10.33		1,016.22		8.65
Financials UltraSector ProFund – Service		2.73	%		1,000.00		1,402.00		16.26		1,011.26		13.61
Health Care UltraSector ProFund – Investor		1.63	%		1,000.00		1,210.60		8.93		1,016.71		8.15
Health Care UltraSector ProFund – Service		2.63	%		1,000.00		1,204.60		14.38		1,011.75		13.12
Industrials UltraSector ProFund – Investor		1.78	%		1,000.00		1,316.30		10.22		1,015.97		8.90
Industrials UltraSector ProFund – Service		2.78	%		1,000.00		1,309.90		15.92		1,011.01		13.86
Internet UltraSector ProFund – Investor		1.46	%		1,000.00		1,165.00		7.84		1,017.55		7.30
Internet UltraSector ProFund – Service		2.46	%		1,000.00		1,159.20		13.17		1,012.60		12.28
Large-Cap Growth ProFund – Investor		1.50	%		1,000.00		1,183.10		8.12		1,017.36		7.50
Large-Cap Growth ProFund – Service		2.49	%		1,000.00		1,177.10		13.44		1,012.45		12.42
Large-Cap Value ProFund – Investor		1.55	%		1,000.00		1,180.90		8.38		1,017.11		7.75
Large-Cap Value ProFund – Service		2.55	%		1,000.00		1,175.00		13.75		1,012.15		12.72
Mid-Cap Growth ProFund – Investor		1.87	%		1,000.00		1,102.70		9.75		1,015.52		9.35
Mid-Cap Growth ProFund – Service		2.87	%		1,000.00		1,097.20		14.92		1,010.56		14.31
Mid-Cap ProFund – Investor		1.73	%		1,000.00		1,151.70		9.23		1,016.22		8.65
Mid-Cap ProFund – Service		2.73	%		1,000.00		1,145.80		14.52		1,011.26		13.61
Mid-Cap Value ProFund – Investor		1.78	%		1,000.00		1,201.30		9.72		1,015.97		8.90
Mid-Cap Value ProFund – Service		2.78	%		1,000.00		1,195.20		15.13		1,011.01		13.86
Nasdaq-100 ProFund – Investor		1.42	%		1,000.00		1,148.30		7.56		1,017.75		7.10
Nasdaq-100 ProFund – Service		2.42	%		1,000.00		1,142.60		12.86		1,012.79		12.08
Oil & Gas UltraSector ProFund – Investor		1.54	%		1,000.00		1,422.80		9.25		1,017.16		7.70
Oil & Gas UltraSector ProFund – Service		2.54	%		1,000.00		1,415.10		15.21		1,012.20		12.67
Oil Equipment & Services UltraSector ProFund – Investor		1.68	%		1,000.00		1,197.80		9.15		1,016.46		8.40
Oil Equipment & Services UltraSector ProFund – Service		2.68	%		1,000.00		1,191.90		14.57		1,011.50		13.37
Pharmaceuticals UltraSector ProFund – Investor		1.78	%		1,000.00		1,101.70		9.28		1,015.97		8.90
Pharmaceuticals UltraSector ProFund – Service		2.78	%		1,000.00		1,096.50		14.45		1,011.01		13.86
Precious Metals UltraSector ProFund – Investor		1.54	%		1,000.00		1,031.00		7.76		1,017.16		7.70
Precious Metals UltraSector ProFund – Service		2.54	%		1,000.00		1,025.80		12.76		1,012.20		12.67

74 :: Expense Examples (unaudited)

						Actual				Hypothetical
	Annualized Expense Ratio During Period			Beginning Account Value 2/1/21		Ending Account Value 7/31/21		Expenses Paid During Period*		Ending Account Value 7/31/21		Expenses Paid During Period*
Real Estate UltraSector ProFund – Investor		1.78	%	$	1,000.00	$	1,398.00	$	10.58	$	1,015.97	$	8.90
Real Estate UltraSector ProFund – Service		2.78	%		1,000.00		1,391.00		16.48		1,011.01		13.86
Rising Rates Opportunity ProFund – Investor		1.59	%		1,000.00		985.90		7.83		1,016.91		7.95
Rising Rates Opportunity ProFund – Service		2.59	%		1,000.00		981.00		12.72		1,011.95		12.92
Rising Rates Opportunity 10 ProFund – Investor		1.78	%		1,000.00		991.90		8.79		1,015.97		8.90
Rising Rates Opportunity 10 ProFund – Service		2.78	%		1,000.00		986.90		13.70		1,011.01		13.86
Rising U.S. Dollar ProFund – Investor		1.78	%		1,000.00		1,008.90		8.87		1,015.97		8.90
Rising U.S. Dollar ProFund – Service		2.78	%		1,000.00		1,004.20		13.81		1,011.01		13.86
Semiconductor UltraSector ProFund – Investor		1.48	%		1,000.00		1,251.40		8.26		1,017.46		7.40
Semiconductor UltraSector ProFund – Service		2.48	%		1,000.00		1,245.00		13.80		1,012.50		12.37
Short Nasdaq-100 ProFund – Investor		1.78	%		1,000.00		850.60		8.17		1,015.97		8.90
Short Nasdaq-100 ProFund – Service		2.78	%		1,000.00		847.60		12.74		1,011.01		13.86
Short Oil & Gas ProFund – Investor		1.78	%		1,000.00		730.80		7.64		1,015.97		8.90
Short Oil & Gas ProFund – Service		2.78	%		1,000.00		727.30		11.91		1,011.01		13.86
Short Precious Metals ProFund – Investor		1.78	%		1,000.00		908.70		8.42		1,015.97		8.90
Short Precious Metals ProFund – Service		2.78	%		1,000.00		903.60		13.12		1,011.01		13.86
Short Real Estate ProFund – Investor		1.78	%		1,000.00		774.80		7.83		1,015.97		8.90
Short Real Estate ProFund – Service		2.78	%		1,000.00		770.60		12.20		1,011.01		13.86
Short Small-Cap ProFund – Investor		1.78	%		1,000.00		884.10		8.32		1,015.97		8.90
Short Small-Cap ProFund – Service		2.78	%		1,000.00		879.80		12.96		1,011.01		13.86
Small-Cap Growth ProFund – Investor		1.42	%		1,000.00		1,086.60		7.35		1,017.75		7.10
Small-Cap Growth ProFund – Service		2.42	%		1,000.00		1,081.10		12.49		1,012.79		12.08
Small-Cap ProFund – Investor		1.78	%		1,000.00		1,067.90		9.13		1,015.97		8.90
Small-Cap ProFund – Service		2.78	%		1,000.00		1,062.40		14.22		1,011.01		13.86
Small-Cap Value ProFund – Investor		1.51	%		1,000.00		1,166.50		8.11		1,017.31		7.55
Small-Cap Value ProFund – Service		2.51	%		1,000.00		1,160.60		13.45		1,012.35		12.52
Technology UltraSector ProFund – Investor		1.49	%		1,000.00		1,317.00		8.56		1,017.41		7.45
Technology UltraSector ProFund – Service		2.49	%		1,000.00		1,310.50		14.26		1,012.45		12.42
Telecommunications UltraSector ProFund – Investor		1.78	%		1,000.00		1,161.70		9.54		1,015.97		8.90
Telecommunications UltraSector ProFund – Service		2.78	%		1,000.00		1,155.80		14.86		1,011.01		13.86
UltraBear ProFund – Investor		1.78	%		1,000.00		680.20		7.42		1,015.97		8.90
UltraBear ProFund – Service		2.78	%		1,000.00		677.20		11.56		1,011.01		13.86
UltraBull ProFund – Investor		1.44	%		1,000.00		1,393.70		8.55		1,017.65		7.20
UltraBull ProFund – Service		2.44	%		1,000.00		1,386.70		14.44		1,012.69		12.18
UltraChina ProFund – Investor		1.63	%		1,000.00		412.70		5.71		1,016.71		8.15
UltraChina ProFund – Service		2.63	%		1,000.00		410.90		9.20		1,011.75		13.12
UltraDow 30 ProFund – Investor		1.53	%		1,000.00		1,356.50		8.94		1,017.21		7.65
UltraDow 30 ProFund – Service		2.53	%		1,000.00		1,350.00		14.74		1,012.25		12.62
UltraEmerging Markets ProFund – Investor		1.76	%		1,000.00		776.40		7.75		1,016.07		8.80
UltraEmerging Markets ProFund – Service		2.76	%		1,000.00		772.60		12.13		1,011.11		13.76

Expense Examples (unaudited) :: 75

						Actual				Hypothetical
	Annualized Expense Ratio During Period			Beginning Account Value 2/1/21		Ending Account Value 7/31/21		Expenses Paid During Period*		Ending Account Value 7/31/21		Expenses Paid During Period*
UltraInternational ProFund – Investor		1.78	%	$	1,000.00	$	1,204.50	$	9.73	$	1,015.97	$	8.90
UltraInternational ProFund – Service		2.78	%		1,000.00		1,198.60		15.15		1,011.01		13.86
UltraJapan ProFund – Investor		1.78	%		1,000.00		963.00		8.66		1,015.97		8.90
UltraJapan ProFund – Service		2.78	%		1,000.00		958.10		13.50		1,011.01		13.86
UltraLatin America ProFund – Investor		1.68	%		1,000.00		1,379.60		9.91		1,016.46		8.40
UltraLatin America ProFund – Service		2.68	%		1,000.00		1,371.70		15.76		1,011.50		13.37
UltraMid-Cap ProFund – Investor		1.49	%		1,000.00		1,313.70		8.55		1,017.41		7.45
UltraMid-Cap ProFund – Service		2.49	%		1,000.00		1,307.70		14.25		1,012.45		12.42
UltraNasdaq-100 ProFund – Investor		1.47	%		1,000.00		1,305.90		8.40		1,017.50		7.35
UltraNasdaq-100 ProFund – Service		2.47	%		1,000.00		1,299.50		14.08		1,012.55		12.33
UltraShort China ProFund – Investor		1.78	%		1,000.00		1,753.70		12.15		1,015.97		8.90
UltraShort China ProFund – Service		2.78	%		1,000.00		1,742.80		18.91		1,011.01		13.86
UltraShort Dow 30 ProFund – Investor		1.78	%		1,000.00		703.10		7.52		1,015.97		8.90
UltraShort Dow 30 ProFund – Service		2.78	%		1,000.00		699.60		11.72		1,011.01		13.86
UltraShort Emerging Markets ProFund – Investor		1.78	%		1,000.00		1,097.50		9.26		1,015.97		8.90
UltraShort Emerging Markets ProFund – Service		2.78	%		1,000.00		1,092.40		14.42		1,011.01		13.86
UltraShort International ProFund – Investor		1.78	%		1,000.00		779.00		7.85		1,015.97		8.90
UltraShort International ProFund – Service		2.78	%		1,000.00		775.10		12.24		1,011.01		13.86
UltraShort Japan ProFund – Investor		1.78	%		1,000.00		955.80		8.63		1,015.97		8.90
UltraShort Japan ProFund – Service		2.78	%		1,000.00		951.40		13.45		1,011.01		13.86
UltraShort Latin America ProFund – Investor		1.78	%		1,000.00		607.70		7.10		1,015.97		8.90
UltraShort Latin America ProFund – Service		2.78	%		1,000.00		604.40		11.06		1,011.01		13.86
UltraShort Mid-Cap ProFund – Investor		1.78	%		1,000.00		697.00		7.49		1,015.97		8.90
UltraShort Mid-Cap ProFund – Service		2.78	%		1,000.00		693.50		11.67		1,011.01		13.86
UltraShort Nasdaq-100 ProFund – Investor		1.58	%		1,000.00		693.50		6.63		1,016.96		7.90
UltraShort Nasdaq-100 ProFund – Service		2.58	%		1,000.00		689.70		10.81		1,012.00		12.87
UltraShort Small-Cap ProFund – Investor		1.78	%		1,000.00		782.60		7.87		1,015.97		8.90
UltraShort Small-Cap ProFund – Service		2.78	%		1,000.00		779.30		12.26		1,011.01		13.86
UltraSmall-Cap ProFund – Investor		1.53	%		1,000.00		1,122.00		8.05		1,017.21		7.65
UltraSmall-Cap ProFund – Service		2.53	%		1,000.00		1,116.50		13.28		1,012.25		12.62
U.S. Government Plus ProFund – Investor		1.58	%		1,000.00		978.50		7.75		1,016.96		7.90
U.S. Government Plus ProFund – Service		2.58	%		1,000.00		973.50		12.62		1,012.00		12.87
Utilities UltraSector ProFund – Investor		1.96	%		1,000.00		1,101.90		10.21		1,015.08		9.79
Utilities UltraSector ProFund – Service		2.96	%		1,000.00		1,096.30		15.39		1,010.12		14.75

* Expenses are equal to the average account value over the period multiplied by the Fund's annualized expense ratio, multiplied by the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year (to reflect the one-half year period).

^(a) The Bitcoin Strategy ProFund commenced operations on July 28, 2021. Information shown for this ProFund in the columns above entitled "Actual" reflect values using the expense ratios and rates of return for the period from July 28, 2021 through July 31, 2021.

This Page Intentionally Left Blank

Schedules of Portfolio Investments

78 :: Access Flex Bear High Yield ProFund :: Schedule of Portfolio Investments :: July 31, 2021

Repurchase Agreements^(a) (26.1%)

	Principal Amount		Value
Repurchase Agreements with various counterparties, 0.00%, dated 7/30/21, due 8/2/21, total to be received $119,000	$	119,000	$	119,000
TOTAL REPURCHASE AGREEMENTS (Cost $119,000)				119,000
TOTAL INVESTMENT SECURITIES (Cost $119,000) — 26.1%				119,000
Net other assets (liabilities) — 73.9%				336,767
NET ASSETS—100.0%			$	455,767

^(a) The ProFund invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" under Note 2 in the Notes to the Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.

Futures Contracts Sold

	Number of Contracts	Expiration Date	Notional Amount			Value and Unrealized Appreciation/ (Depreciation)
5-Year U.S. Treasury Note Futures Contracts	3	10/01/21	$	(373,453	)	$	(1,949	)

Centrally Cleared Swap Agreements

Credit Default Swap Agreements—Buy Protection⁽¹⁾

Underlying Instrument	Payment Frequency	Fixed Deal Pay Rate			Maturity Date	Implied Credit Spread at July 31, 2021(2)			Notional Amount(3)		Value			Premiums Paid (Received)			Unrealized Appreciation/ (Depreciation)			Variation Margin
CDX North America High Yield Index Swap Agreement; Series 36	Daily		5.00	%	6/20/26		2.93	%	$	450,000	$	(41,287	)	$	(38,009	)	$	(3,278	)	$	1,533

⁽¹⁾ When a credit event occurs as defined under the terms of the swap agreement, the Fund as a buyer of credit protection will either (i) receive from the seller of protection an amount equal to the par value of the defaulted reference entity and deliver the reference entity or (ii) receive a net amount equal to the par value of the defaulted reference entity less its recovery value.

⁽²⁾ Implied credit spread, represented in absolute terms, utilized in determining the value of the credit default swap agreements as of period end will serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default or other credit event for the credit derivative. The implied credit spread of a referenced entity reflects the cost of buying/selling protection and may include payments required to be made to enter into the agreement. Generally, wider credit spreads represent a perceived deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the swap agreement.

⁽³⁾ The notional amount represents the maximum potential amount the Fund may receive as a buyer of credit protection if a credit event occurs, as defined under the terms of the swap agreement, for each security included in the CDX North America High Yield Index.

See accompanying notes to the financial statements.

July 31, 2021 :: Schedule of Portfolio Investments :: Access Flex High Yield ProFund :: 79

U.S. Treasury Obligation (67.1%)

	Principal Amount		Value
U.S. Treasury Note, 0.63%, 7/31/26	$	11,300,000	$	11,259,832
TOTAL U.S. TREASURY OBLIGATION (Cost $11,240,410)				11,259,832
Repurchase Agreements(a) (94.7%)
Repurchase Agreements with various counterparties, 0.00%, dated 7/30/21, due 8/2/21, total to be received $15,896,000		15,896,000		15,896,000
TOTAL REPURCHASE AGREEMENTS (Cost $15,896,000)				15,896,000
TOTAL INVESTMENT SECURITIES (Cost $27,136,410) — 161.8%				27,155,832
Net other assets (liabilities) — (61.8)%				(10,376,235	)
NET ASSETS—100.0%			$	16,779,597

^(a) The ProFund invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" under Note 2 in the Notes to the Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.

Futures Contracts Purchased

	Number of Contracts	Expiration Date	Notional Amount		Value and Unrealized Appreciation/ (Depreciation)
5-Year U.S. Treasury Note Futures Contracts	1	10/01/21	$	124,484	$	624

Centrally Cleared Swap Agreements

Credit Default Swap Agreements—Sell Protection⁽¹⁾

Underlying Instrument	Payment Frequency	Fixed Deal Pay Rate			Maturity Date	Implied Credit Spread at July 31, 2021(2)			Notional Amount(3)		Value		Premiums Paid (Received)		Unrealized Appreciation/ (Depreciation)		Variation Margin
CDX North America High Yield Index Swap Agreement; Series 36	Daily		5.00	%	6/20/26		2.91	%	$	14,070,000	$	1,290,898	$	1,191,761	$	99,137	$	(48,646	)

⁽¹⁾ When a credit event occurs as defined under the terms of the swap agreement, the Fund as a seller of credit protection will either (i) pay to the buyer of protection an amount equal to the par value of the defaulted reference entity and take delivery the reference entity or (ii) pay a net amount equal to the par value of the defaulted reference entity less its recovery value.

⁽²⁾ Implied credit spread, represented in absolute terms, utilized in determining the value of the credit default swap agreements as of period end will serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default or other credit event for the credit derivative. The implied credit spread of a referenced entity reflects the cost of buying/selling protection and may include payments required to be made to enter into the agreement. Generally, wider credit spreads represent a perceived deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the swap agreement.

⁽³⁾ The notional amount represents the maximum potential amount the Fund may pay as a seller of credit protection if a credit event occurs, as defined under the terms of the swap agreement, for each security included in the CDX North America High Yield Index.

See accompanying notes to the financial statements.

80 :: Banks UltraSector ProFund :: Schedule of Portfolio Investments :: July 31, 2021

Common Stocks (74.2%)

	Shares		Value
Bank of America Corp. (Banks)		416,857	$	15,990,635
Bank OZK (Banks)		6,685		272,146
BOK Financial Corp. (Banks)		1,693		142,229
Citigroup, Inc. (Banks)		114,264		7,726,532
Citizens Financial Group, Inc. (Banks)		23,547		992,742
Comerica, Inc. (Banks)		7,716		529,781
Commerce Bancshares, Inc. (Banks)		5,824		411,932
Cullen/Frost Bankers, Inc. (Banks)		3,126		335,482
East West Bancorp, Inc. (Banks)		7,843		558,029
F.N.B. Corp. (Banks)		17,660		202,384
Fifth Third Bancorp (Banks)		38,917		1,412,298
First Citizens BancShares, Inc.—Class A (Banks)		396		309,906
First Financial Bankshares, Inc. (Banks)		7,866		384,175
First Horizon Corp. (Banks)		30,538		471,819
First Republic Bank (Banks)		9,728		1,897,155
Glacier Bancorp, Inc. (Banks)		5,280		272,237
Home BancShares, Inc. (Banks)		8,387		177,637
Huntington Bancshares, Inc. (Banks)		81,568		1,148,477
JPMorgan Chase & Co. (Banks)		167,348		25,400,079
KeyCorp (Banks)		53,654		1,054,838
M&T Bank Corp. (Banks)		7,111		951,807
New York Community Bancorp, Inc. (Thrifts & Mortgage Finance)		25,715		302,922
People's United Financial, Inc. (Banks)		23,644		371,211
Pinnacle Financial Partners, Inc. (Banks)		4,205		376,810
Popular, Inc. (Banks)		4,454		324,073
Prosperity Bancshares, Inc. (Banks)		5,137		350,292
Regions Financial Corp. (Banks)		53,145		1,023,041
Signature Bank (Banks)		3,187		723,353
SVB Financial Group* (Banks)		3,106		1,708,176
Synovus Financial Corp. (Banks)		8,216		336,034
TFS Financial Corp. (Thrifts & Mortgage Finance)		2,641		51,447
The PNC Financial Services Group, Inc. (Banks)		23,485		4,283,899
Truist Financial Corp. (Banks)		74,342		4,046,435
U.S. Bancorp (Banks)		74,935		4,161,890
UMB Financial Corp. (Banks)		2,405		225,108
Umpqua Holdings Corp. (Banks)		12,203		230,271
United Bankshares, Inc. (Banks)		7,420		256,287
Valley National Bancorp (Banks)		22,441		289,264
Webster Financial Corp. (Banks)		4,998		240,404
Wells Fargo & Co. (Banks)		228,499		10,497,244
Western Alliance Bancorp (Banks)		5,720		530,930
Wintrust Financial Corp. (Banks)		3,153		225,124
Zions Bancorp (Banks)		9,056		472,270
TOTAL COMMON STOCKS (Cost $86,921,272)				91,668,805

Repurchase Agreements^(a)(b) (23.3%)

	Principal Amount		Value
Repurchase Agreements with various counterparties, 0.00%, dated 7/30/21, due 8/2/21, total to be received $28,761,000	$	28,761,000	$	28,761,000
TOTAL REPURCHASE AGREEMENTS (Cost $28,761,000)				28,761,000
TOTAL INVESTMENT SECURITIES (Cost $115,682,272) — 97.5%				120,429,805
Net other assets (liabilities) — 2.5%				3,149,966
NET ASSETS—100.0%			$	123,579,771

* Non-income producing security.

^(a) The ProFund invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" under Note 2 in the Notes to the Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.

^(b) A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. As of July 31, 2021, the aggregate amount held in a segregated account was $11,844,000.

Total Return Swap Agreements—Long  

Underlying Instrument	Counterparty	Termination Date(1)	Rate Paid (Received)(2)			Notional Amount		Value and Unrealized Appreciation/ (Depreciation)
Dow Jones U.S. Banks Index	Goldman Sachs International	8/23/21		0.59	%	$	44,917,948	$	463,244
Dow Jones U.S. Banks Index	UBS AG	8/23/21		0.44	%		48,837,115		555,213
						$	93,755,063	$	1,018,457

⁽¹⁾ Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

⁽²⁾ Reflects the floating financing rate, as of July 31, 2021, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

See accompanying notes to the financial statements.

July 31, 2021 :: Schedule of Portfolio Investments :: Banks UltraSector ProFund :: 81

Banks UltraSector ProFund invested in the following industries as of July 31, 2021:

	Value		% of Net Assets
Banks	$	91,314,435		73.9	%
Thrifts & Mortgage Finance		354,370		0.3	%
Other**		31,910,966		25.8	%
Total	$	123,579,771		100.0	%

** Includes any non-equity securities and net other assets (liabilities), which includes any receivable for capital shares issued and payable for capital shares redeemed.

See accompanying notes to the financial statements.

82 :: Basic Materials UltraSector ProFund :: Schedule of Portfolio Investments :: July 31, 2021

Common Stocks (75.4%)

	Shares		Value
Air Products & Chemicals, Inc. (Chemicals)		2,338	$	680,429
Albemarle Corp. (Chemicals)		1,235		254,459
Alcoa Corp.* (Metals & Mining)		1,973		79,216
Ashland Global Holdings, Inc. (Chemicals)		578		49,170
Axalta Coating Systems, Ltd.* (Chemicals)		2,192		65,979
Celanese Corp. (Chemicals)		1,189		185,211
CF Industries Holdings, Inc. (Chemicals)		2,267		107,116
Commercial Metals Co. (Metals & Mining)		1,277		41,886
Corteva, Inc. (Chemicals)		7,791		333,299
Dow, Inc. (Chemicals)	��	7,894		490,691
DuPont de Nemours, Inc. (Chemicals)		5,622		421,931
Eastman Chemical Co. (Chemicals)		1,443		162,655
Ecolab, Inc. (Chemicals)		2,629		580,562
Element Solutions, Inc. (Chemicals)		2,303		53,867
FMC Corp. (Chemicals)		1,360		145,452
Freeport-McMoRan, Inc. (Metals & Mining)		15,489		590,130
Huntsman Corp. (Chemicals)		2,108		55,672
Ingevity Corp.* (Chemicals)		423		35,930
International Flavors & Fragrances, Inc. (Chemicals)		2,630		396,183
Linde PLC (Chemicals)		5,498		1,690,031
LyondellBasell Industries N.V.—Class A (Chemicals)		2,722		270,376
NewMarket Corp. (Chemicals)		77		24,325
Newmont Corp. (Metals & Mining)		8,467		531,897
Nucor Corp. (Metals & Mining)		3,163		329,015
PPG Industries, Inc. (Chemicals)		2,504		409,454
Reliance Steel & Aluminum Co. (Metals & Mining)		673		105,762
Royal Gold, Inc. (Metals & Mining)		694		84,335
RPM International, Inc. (Chemicals)		1,369		118,542
Steel Dynamics, Inc. (Metals & Mining)		2,120		136,634
The Chemours Co. (Chemicals)		1,748		58,121
The Mosaic Co. (Chemicals)		3,654		114,114
The Scotts Miracle-Gro Co.—Class A (Chemicals)		430		76,093
Valvoline, Inc. (Chemicals)		1,915		58,752
W.R. Grace & Co. (Chemicals)		658		45,797
Westlake Chemical Corp. (Chemicals)		365		30,266
TOTAL COMMON STOCKS (Cost $5,823,541)				8,813,352

Repurchase Agreements^(a)(b) (17.7%)

	Principal Amount		Value
Repurchase Agreements with various counterparties, 0.00%, dated 7/30/21, due 8/2/21, total to be received $2,070,000	$	2,070,000	$	2,070,000
TOTAL REPURCHASE AGREEMENTS (Cost $2,070,000)				2,070,000
TOTAL INVESTMENT SECURITIES (Cost $7,893, 541) — 93.1%				10,883,352
Net other assets (liabilities) — 6.9%				808,569
NET ASSETS—100.0%			$	11,691,921

* Non-income producing security.

^(a) The ProFund invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" under Note 2 in the Notes to the Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.

^(b) A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. As of July 31, 2021, the aggregate amount held in a segregated account was $1,022,000.

Total Return Swap Agreements—Long  

Underlying Instrument	Counterparty	Termination Date(1)	Rate Paid (Received)(2)			Notional Amount		Value and Unrealized Appreciation/ (Depreciation)
Dow Jones U.S. Basic Materials Index	Goldman Sachs International	8/23/21		0.59	%	$	4,913,502	$	158,032
Dow Jones U.S. Basic Materials Index	UBS AG	8/23/21		0.44	%		3,809,694		80,211
						$	8,723,196	$	238,243

⁽¹⁾ Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

⁽²⁾ Reflects the floating financing rate, as of July 31, 2021, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

See accompanying notes to the financial statements.

July 31, 2021 :: Schedule of Portfolio Investments :: Basic Materials UltraSector ProFund :: 83

Basic Materials UltraSector ProFund invested in the following industries as of July 31, 2021:

	Value		% of Net Assets
Chemicals	$	6,914,476		59.1	%
Metals & Mining		1,898,876		16.3	%
Other**		2,878,569		24.6	%
Total	$	11,691,921		100.0	%

** Includes any non-equity securities and net other assets (liabilities), which includes any receivable for capital shares issued and payable for capital shares redeemed.

See accompanying notes to the financial statements.

84 :: Bear ProFund :: Schedule of Portfolio Investments :: July 31, 2021

Repurchase Agreements^(a)(b) (98.9%)

	Principal Amount		Value
Repurchase Agreements with various counterparties, 0.00%, dated 7/30/21, due 8/2/21, total to be received $10,467,000	$	10,467,000	$	10,467,000
TOTAL REPURCHASE AGREEMENTS (Cost $10,467,000)				10,467,000
TOTAL INVESTMENT SECURITIES (Cost $10,467,000)—98.9%				10,467,000
Net other assets (liabilities)—1.1%				121,320
NET ASSETS—100.0%			$	10,588,320

^(a) The ProFund invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" under Note 2 in the Notes to the Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.

^(b) A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. As of July 31, 2021, the aggregate amount held in a segregated account was $1,331,000.

Futures Contracts Sold

	Number of Contracts		Expiration Date	Notional Amount			Value and Unrealized Appreciation/ (Depreciation)
E-Mini S&P 500 Futures Contracts		8	9/20/21	$	(1,755,800	)	$	(69,295	)

Total Return Swap Agreements—Short

Underlying Instrument	Counterparty	Termination Date(1)	Rate Paid (Received)(2)			Notional Amount			Value and Unrealized Appreciation/ (Depreciation)
S&P 500	Goldman Sachs International	8/27/21		(0.44	)%	$	(5,819,324	)	$	7,070
S&P 500	UBS AG	8/27/21		(0.24	)%		(3,001,963	)		2,104
						$	(8,821,287	)	$	9,174

⁽¹⁾ Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

⁽²⁾ Reflects the floating financing rate, as of July 31, 2021, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

See accompanying notes to the financial statements.

July 31, 2021 :: Schedule of Portfolio Investments :: Biotechnology UltraSector ProFund :: 85

Common Stocks (76.0%)

	Shares		Value
10X Genomics, Inc.*—Class A (Life Sciences Tools & Services)		8,164	$	1,495,890
AbbVie, Inc. (Biotechnology)		194,393		22,607,906
ACADIA Pharmaceuticals, Inc.* (Biotechnology)		12,868		278,335
Acceleron Pharma, Inc.* (Biotechnology)		5,812		726,849
Agilent Technologies, Inc. (Life Sciences Tools & Services)		33,397		5,117,422
Agios Pharmaceuticals, Inc.* (Biotechnology)		5,625		270,506
Alkermes PLC* (Biotechnology)		17,658		456,812
Allogene Therapeutics, Inc.* (Biotechnology)		7,320		160,674
Alnylam Pharmaceuticals, Inc.* (Biotechnology)		12,936		2,314,768
Amgen, Inc. (Biotechnology)		63,236		15,274,023
Avantor, Inc.* (Life Sciences Tools & Services)		57,023		2,142,924
Berkeley Lights, Inc.* (Life Sciences Tools & Services)		955		43,529
Biogen, Inc.* (Biotechnology)		16,571		5,414,243
BioMarin Pharmaceutical, Inc.* (Biotechnology)		20,113		1,543,270
Bio-Techne Corp. (Life Sciences Tools & Services)		4,280		2,063,987
Bluebird Bio, Inc.* (Biotechnology)		7,423		188,618
Blueprint Medicines Corp.* (Biotechnology)		6,422		564,301
Charles River Laboratories International, Inc.* (Life Sciences Tools & Services)		5,531		2,250,675
Emergent BioSolutions, Inc.* (Biotechnology)		5,013		330,357
Exact Sciences Corp.* (Biotechnology)		18,881		2,036,127
Exelixis, Inc.* (Biotechnology)		34,489		581,140
FibroGen, Inc.* (Biotechnology)		9,326		121,238
Gilead Sciences, Inc. (Biotechnology)		138,037		9,426,547
Horizon Therapeutics PLC* (Pharmaceuticals)		24,739		2,474,394
Illumina, Inc.* (Life Sciences Tools & Services)		16,069		7,966,207
Incyte Corp.* (Biotechnology)		20,574		1,591,399
Ionis Pharmaceuticals, Inc.* (Biotechnology)		15,515		576,227
IQVIA Holdings, Inc.* (Life Sciences Tools & Services)		21,094		5,224,984
Maravai LifeSciences Holdings, Inc.*— Class A (Life Sciences Tools & Services)		10,699		470,435
Mettler-Toledo International, Inc.* (Life Sciences Tools & Services)		2,562		3,775,645
Moderna, Inc.* (Biotechnology)		33,586		11,876,010
Nektar Therapeutics* (Pharmaceuticals)		20,064		316,811
Neurocrine Biosciences, Inc.* (Biotechnology)		10,406		969,943
Novavax, Inc.* (Biotechnology)		7,502		1,345,334
PPD, Inc.* (Life Sciences Tools & Services)		11,982		552,610
Regeneron Pharmaceuticals, Inc.* (Biotechnology)		11,522		6,620,656
Repligen Corp.* (Biotechnology)		5,619		1,380,588
Sarepta Therapeutics, Inc.* (Biotechnology)		8,781		595,176
Seagen, Inc.* (Biotechnology)		13,982		2,144,699
Sotera Health Co.* (Life Sciences Tools & Services)		8,092		191,780
Syneos Health, Inc.* (Life Sciences Tools & Services)		11,146		999,462
Ultragenyx Pharmaceutical, Inc.* (Biotechnology)		6,982		557,373
United Therapeutics Corp.* (Biotechnology)		4,930		896,915
Vertex Pharmaceuticals, Inc.* (Biotechnology)		28,491		5,743,216
Vir Biotechnology, Inc.* (Biotechnology)		7,298		260,174
TOTAL COMMON STOCKS (Cost $47,245,456)				131,940,179

Repurchase Agreements^(a)(b) (24.9%)

	Principal Amount		Value
Repurchase Agreements with various counterparties, 0.00%, dated 7/30/21, due 8/2/21, total to be received $43,181,000	$	43,181,000	$	43,181,000
TOTAL REPURCHASE AGREEMENTS (Cost $43,181,000)				43,181,000
TOTAL INVESTMENT SECURITIES (Cost $90,426,456)—100.9%				175,121,179
Net other assets (liabilities)—(0.9)%				(1,483,937	)
NET ASSETS—100.0%			$	173,637,242

* Non-income producing security.

^(a) The ProFund invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" under Note 2 in the Notes to the Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.

^(b) A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. As of July 31, 2021, the aggregate amount held in a segregated account was $23,855,000.

Total Return Swap Agreements—Long

Underlying Instrument	Counterparty	Termination Date(1)	Rate Paid (Received)(2)			Notional Amount		Value and Unrealized Appreciation/ (Depreciation)
Dow Jones U.S. Biotechnology Index	Goldman Sachs International	8/23/21		0.59	%	$	62,049,879	$	(451,880	)
Dow Jones U.S. Biotechnology Index	UBS AG	8/23/21		0.59	%		66,516,149		(459,688	)
						$	128,566,028	$	(911,568	)

⁽¹⁾ Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

⁽²⁾ Reflects the floating financing rate, as of July 31, 2021, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

See accompanying notes to the financial statements.

86 :: Biotechnology UltraSector ProFund :: Schedule of Portfolio Investments :: July 31, 2021

Biotechnology UltraSector ProFund invested in the following industries as of July 31, 2021:

	Value		% of Net Assets
Biotechnology	$	96,853,424		55.8	%
Life Sciences Tools & Services		32,295,550		18.6	%
Pharmaceuticals		2,791,205		1.6	%
Other**		41,697,063		24.0	%
Total	$	173,637,242		100.0	%

** Includes any non-equity securities and net other assets (liabilities), which includes any receivable for capital shares issued and payable for capital shares redeemed.

See accompanying notes to the financial statements.

July 31, 2021 :: Consolidated Schedule of Portfolio Investments :: Bitcoin Strategy ProFund :: 87

U.S. Treasury Obligation (67.8%)

	Principal Amount		Value
U.S. Treasury Bills, 0.05%+, 1/27/22^	$	355,000	$	354,913
TOTAL U.S. TREASURY OBLIGATION (Cost $354,931)				354,913
TOTAL INVESTMENT SECURITIES (Cost $354,931)—67.8%				354,913
Reverse Repurchase Agreements including accrued interest—(65.9)%				(344,922	)
Net other assets (liabilities)—98.1%				513,534
NET ASSETS—100.0%			$	523,525

+ Reflects the effective yield or interest rate in effect at July 31, 2021.

^ $344,922 of this security has been pledged as collateral for reverse repurchase agreements.

Futures Contracts Purchased

	Number of Contracts	Expiration Date	Notional Amount		Value and Unrealized Appreciation/ (Depreciation)
CME Bitcoin Future	2	8/27/21	$	399,550	$	(4,895	)
CME Micro Bitcoin Future	30	8/27/21		119,865		(74	)
			$	519,415	$	(4,969	)

See accompanying notes to the financial statements.

88 :: Bull ProFund :: Summary Schedule of Portfolio Investments :: July 31, 2021

Common Stocks (64.0%)

	Percentage of Net Assets			Shares		Value
Abbott Laboratories (Health Care Equipment & Supplies)		0.4	%		1,934	$	233,976
AbbVie, Inc. (Biotechnology)		0.4	%		1,923		223,644
Accenture PLC—Class A (IT Services)		0.3	%		692		219,835
Adobe, Inc.* (Software)		0.5	%		520		323,249
Alphabet, Inc.—Class A* (Interactive Media & Services)		1.4	%		327		881,111
Alphabet, Inc.—Class C* (Interactive Media & Services)		1.3	%		310		838,370
Amazon.com, Inc.* (Internet & Direct Marketing Retail)		2.5	%		467		1,553,984
Apple, Inc. (Technology Hardware, Storage & Peripherals)		3.9	%		17,075		2,490,559
AT&T, Inc. (Diversified Telecommunication Services)		0.3	%		7,775		218,089
Bank of America Corp. (Banks)		0.5	%		8,208		314,859
Berkshire Hathaway, Inc.—Class B* (Diversified Financial Services)		0.9	%		2,063		574,112
Broadcom, Inc. (Semiconductors & Semiconductor Equipment)		0.3	%		444		215,518
Chevron Corp. (Oil, Gas & Consumable Fuels)		0.3	%		2,104		214,208
Cisco Systems, Inc. (Communications Equipment)		0.4	%		4,587		253,983
Comcast Corp.—Class A (Media)		0.5	%		4,991		293,620
Costco Wholesale Corp. (Food & Staples Retailing)		0.3	%		481		206,695
Danaher Corp. (Health Care Equipment & Supplies)		0.3	%		691		205,566
Eli Lilly & Co. (Pharmaceuticals)		0.3	%		866		210,871
Exxon Mobil Corp. (Oil, Gas & Consumable Fuels)		0.4	%		4,608		265,284
Facebook, Inc.—Class A* (Interactive Media & Services)		1.5	%		2,608		929,230
Honeywell International, Inc. (Industrial Conglomerates)		0.3	%		756		176,746
Intel Corp. (Semiconductors & Semiconductor Equipment)		0.4	%		4,395		236,099
Johnson & Johnson (Pharmaceuticals)		0.8	%		2,866		493,525
JPMorgan Chase & Co. (Banks)		0.8	%		3,295		500,115
Mastercard, Inc.—Class A (IT Services)		0.6	%		952		367,415
McDonald's Corp. (Hotels, Restaurants & Leisure)		0.3	%		812		197,080
Medtronic PLC (Health Care Equipment & Supplies)		0.3	%		1,464		192,238
Merck & Co., Inc. (Pharmaceuticals)		0.3	%		2,756		211,854
Microsoft Corp. (Software)		3.7	%		8,198		2,335,693
Netflix, Inc.* (Entertainment)		0.4	%		483		249,986
NIKE, Inc.—Class B (Textiles, Apparel & Luxury Goods)		0.4	%		1,388		232,504
NVIDIA Corp. (Semiconductors & Semiconductor Equipment)		0.8	%		2,712		528,813
PayPal Holdings, Inc.* (IT Services)		0.6	%		1,279		352,403
PepsiCo, Inc. (Beverages)		0.4	%		1,504		236,053
Pfizer, Inc. (Pharmaceuticals)		0.4	%		6,093		260,841
Qualcomm, Inc. (Semiconductors & Semiconductor Equipment)		0.3	%		1,228		183,954
Salesforce.com, Inc.* (Software)		0.4	%		1,051		254,268
Tesla, Inc.* (Automobiles)		0.9	%		839		576,560
Texas Instruments, Inc. (Semiconductors & Semiconductor Equipment)		0.3	%		1,005		191,573
The Coca-Cola Co. (Beverages)		0.4	%		4,224		240,894
The Home Depot, Inc. (Specialty Retail)		0.6	%		1,158		380,043
The Procter & Gamble Co. (Household Products)		0.6	%		2,665		379,043
The Walt Disney Co.* (Entertainment)		0.6	%		1,978		348,167
Thermo Fisher Scientific, Inc. (Life Sciences Tools & Services)		0.4	%		428		231,124
UnitedHealth Group, Inc. (Health Care Providers & Services)		0.7	%		1,028		423,761
Verizon Communications, Inc. (Diversified Telecommunication Services)		0.4	%		4,507		251,400
Visa, Inc.—Class A (IT Services)		0.7	%		1,842		453,850
Walmart, Inc. (Food & Staples Retailing)		0.3	%		1,495		213,113
Wells Fargo & Co. (Banks)		0.3	%		4,499		206,684
Other Common Stocks(a)		30.0	%		200,205		18,935,784
TOTAL COMMON STOCKS (Cost $7,362,622)							40,508,346

See accompanying notes to the financial statements.

July 31, 2021 :: Summary Schedule of Portfolio Investments :: Bull ProFund :: 89

Repurchase Agreements^(b)(c) (24.6%)

	Principal Amount		Value
Repurchase Agreements with various counterparties, 0.00%, dated 7/30/21, due 8/2/21, total to be received $15,520,000	$	15,520,000	$	15,520,000
TOTAL REPURCHASE AGREEMENTS (Cost $15,520,000)				15,520,000

Collateral for Securities Loaned^(d)(NM)

	Shares		Value
BlackRock Liquidity Funds FedFund Portfolio—Institutional Shares, 0.03%(e)		4,960	$	4,960
TOTAL COLLATERAL FOR SECURITIES LOANED (Cost $4,960)				4,960
TOTAL INVESTMENT SECURITIES (Cost $22,887,582)—88.6%				56,033,306
Net other assets (liabilities)—11.4%				7,178,915
NET ASSETS—100.0%			$	63,212,221

* Non-income producing security.

^(a) All or part of this security was on loan as of July 31, 2021. The total value of securities on loan as of July 31, 2021 was $4,642.

^(b) The ProFund invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" under Note 2 in the Notes to the Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase

^(c) A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. As of July 31, 2021, the aggregate amount held in a segregated account was $1,824,000.

^(d) Securities were purchased with cash collateral held from securities on loan at July 31, 2021.

^(e) Rate periodically changes. Rate disclosed is the daily yield on July 31, 2021.

Futures Contracts Purchased

	Number of Contracts	Expiration Date	Notional Amount		Value and Unrealized Appreciation/ (Depreciation)
E-Mini S&P 500 Futures Contracts	18	9/20/21	$	3,950,550	$	96,207

Total Return Swap Agreements—Long

Underlying Instrument	Counterparty	Termination Date(1)	Rate Paid (Received)(2)			Notional Amount		Value and Unrealized Appreciation/ (Depreciation)
S&P 500	Goldman Sachs International	8/27/21		0.64	%	$	11,256,261	$	(6,047	)
S&P 500	UBS AG	8/27/21		0.59	%		7,498,314		(6,126	)
						$	18,754,575	$	(12,173	)

⁽¹⁾ Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

⁽²⁾ Reflects the floating financing rate, as of July 31, 2021, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

See accompanying notes to the financial statements.

90 :: Bull ProFund :: Summary Schedule of Portfolio Investments :: July 31, 2021

Bull ProFund invested in the following industries as of July 31, 2021:

	Value		% of Net Assets
Aerospace & Defense	$	637,734		1.0	%
Air Freight & Logistics		261,595		0.4	%
Airlines		98,810		0.2	%
Auto Components		61,838		0.1	%
Automobiles		715,050		1.1	%
Banks		1,646,236		2.6	%
Beverages		580,373		0.9	%
Biotechnology		776,855		1.2	%
Building Products		212,616		0.3	%
Capital Markets		1,206,028		1.9	%
Chemicals		718,942		1.1	%
Commercial Services & Supplies		170,266		0.3	%
Communications Equipment		341,700		0.5	%
Construction & Engineering		33,022		0.1	%
Construction Materials		50,623		0.1	%
Consumer Finance		269,099		0.4	%
Containers & Packaging		130,048		0.2	%
Distributors		56,328		0.1	%
Diversified Financial Services		574,112		0.9	%
Diversified Telecommunication Services		482,994		0.8	%
Electric Utilities		631,770		1.0	%
Electrical Equipment		265,108		0.4	%
Electronic Equipment, Instruments & Components		260,441		0.4	%
Energy Equipment & Services		86,589		0.1	%
Entertainment		748,049		1.2	%
Equity Real Estate Investment Trusts		1,030,680		1.6	%
Food & Staples Retailing		531,498		0.8	%
Food Products		358,430		0.6	%
Gas Utilities		14,000		NM
Health Care Equipment & Supplies		1,529,650		2.4	%
Health Care Providers & Services		1,064,075		1.7	%
Health Care Technology		26,368		NM
Hotels, Restaurants & Leisure		699,150		1.1	%
Household Durables		172,630		0.3	%
Household Products		549,609		0.9	%
Independent Power and Renewable Electricity Producers		28,152		NM
Industrial Conglomerates		481,900		0.8	%
Insurance		738,102		1.2	%
Interactive Media & Services		2,709,255		4.3	%
Internet & Direct Marketing Retail		1,750,124		2.8	%
IT Services		2,112,701		3.3	%
Leisure Products		13,822		NM
Life Sciences Tools & Services		536,865		0.9	%
Machinery		661,938		1.1	%
Media		521,687		0.8	%
Metals & Mining		149,459		0.2	%
Multiline Retail		225,642		0.4	%
Multi-Utilities		298,797		0.5	%
Oil, Gas & Consumable Fuels		947,204		1.5	%
Personal Products		84,125		0.1	%
Pharmaceuticals		1,502,598		2.4	%
Professional Services		136,818		0.2	%
Real Estate Management & Development		35,208		0.1	%
Road & Rail		378,376		0.6	%
Semiconductors & Semiconductor Equipment		2,229,570		3.5	%
Software		3,701,451		5.8	%
Specialty Retail		887,006		1.4	%
Technology Hardware, Storage & Peripherals		2,608,962		4.1	%
Textiles, Apparel & Luxury Goods		302,490		0.5	%
Tobacco		266,605		0.4	%
Trading Companies & Distributors		81,606		0.1	%
Water Utilities		33,682		0.1	%
Wireless Telecommunication Services		91,885		0.2	%
Other**		22,703,875		36.0	%
Total	$	63,212,221		100.0	%

** Includes any non-equity securities and net other assets (liabilities), which includes any receivable for capital shares issued and payable for capital shares redeemed.

^NM Not meaningful, amount is less than 0.05%.

See accompanying notes to the financial statements.

July 31, 2021 :: Schedule of Portfolio Investments :: Communication Services UltraSector ProFund :: 91

Common Stocks (74.5%)

	Shares		Value
Activision Blizzard, Inc. (Entertainment)		3,982	$	332,975
Alphabet, Inc.*—Class A (Interactive Media & Services)		403		1,085,896
Alphabet, Inc.*—Class C (Interactive Media & Services)		381		1,030,384
AT&T, Inc. (Diversified Telecommunication Services)		13,284		372,616
Charter Communications, Inc.*—Class A (Media)		531		395,091
Comcast Corp.—Class A (Media)		6,733		396,103
Discovery, Inc.*(a) (Media)		1,011		29,329
Discovery, Inc.*—Class C (Media)		1,802		48,852
DISH Network Corp.*—Class A (Media)		1,489		62,374
Electronic Arts, Inc. (Entertainment)		1,714		246,747
Facebook, Inc.*—Class A (Interactive Media & Services)		5,530		1,970,339
Fox Corp.—Class A (Media)		1,959		69,858
Fox Corp.—Class B (Media)		910		30,248
Live Nation Entertainment, Inc.* (Entertainment)		864		68,161
Lumen Technologies, Inc. (Diversified Telecommunication Services)		5,960		74,321
Netflix, Inc.* (Entertainment)		715		370,063
News Corp.—Class A (Media)		2,345		57,757
News Corp.—Class B (Media)		731		17,186
Omnicom Group, Inc. (Media)		1,288		93,792
Take-Two Interactive Software, Inc.* (Entertainment)		694		120,353
The Interpublic Group of Cos., Inc. (Media)		2,357		83,344
The Walt Disney Co.* (Entertainment)		2,187		384,956
T-Mobile U.S., Inc.* (Wireless Telecommunication Services)		2,623		377,764
Twitter, Inc.* (Interactive Media & Services)		4,782		333,545
Verizon Communications, Inc. (Diversified Telecommunication Services)		6,818		380,308
ViacomCBS, Inc.—Class B (Media)		3,629		148,535
TOTAL COMMON STOCKS (Cost $5,795,699)				8,580,897

Repurchase Agreements^(b)(c) (31.8%)

	Principal Amount		Value
Repurchase Agreements with various counterparties, 0.00%, dated 7/30/21, due 8/2/21, total to be received $3,669,000	$	3,669,000	$	3,669,000
TOTAL REPURCHASE AGREEMENTS (Cost $3,669,000)				3,669,000

Collateral for Securities Loaned^(d) (0.2%)

	Shares		Value
BlackRock Liquidity Funds FedFund Portfolio—Institutional Shares, 0.03%(e)		28,024	$	28,024
TOTAL COLLATERAL FOR SECURITIES LOANED (Cost $28,024)				28,024
TOTAL INVESTMENT SECURITIES (Cost $9,492,723)—106.5%				12,277,921
Net other assets (liabilities)—(6.5)%				(745,680	)
NET ASSETS—100.0%			$	11,532,241

* Non-income producing security.

^(a) All or part of this security was on loan as of July 31, 2021. The total value of securities on loan as of July 31, 2021 was $26,225.

^(b) The ProFund invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" under Note 2 in the Notes to the Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.

^(c) A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. As of July 31, 2021, the aggregate amount held in a segregated account was $625,000.

^(d) Securities were purchased with cash collateral held from securities on loan at July 31, 2021.

^(e) Rate periodically changes. Rate disclosed is the daily yield on July 31, 2021.

Total Return Swap Agreements—Long

Underlying Instrument	Counterparty	Termination Date(1)	Rate Paid (Received)(2)			Notional Amount		Value and Unrealized Appreciation/ (Depreciation)
S&P Communication Services Select Sector Index	Goldman Sachs International	8/23/21		0.59	%	$	5,287,020	$	(69,871	)
S&P Communication Services Select Sector Index	UBS AG	8/23/21		0.44	%		3,432,470		(70,877	)
						$	8,719,490	$	(140,748	)

⁽¹⁾ Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

⁽²⁾ Reflects the floating financing rate, as of July 31, 2021, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

See accompanying notes to the financial statements.

92 :: Communication Services UltraSector ProFund :: Schedule of Portfolio Investments :: July 31, 2021

Communication Services UltraSector ProFund invested in the following industries as of July 31, 2021:

	Value		% of Net Assets
Diversified Telecommunication Services	$	827,245		7.2	%
Entertainment		1,523,255		13.2	%
Interactive Media & Services		4,420,163		38.4	%
Media		1,432,469		12.4	%
Wireless Telecommunication Services		377,765		3.3	%
Other**		2,951,344		25.5	%
Total	$	11,532,241		100.0	%

** Includes any non-equity securities and net other assets (liabilities), which includes any receivable for capital shares issued and payable for capital shares redeemed.

See accompanying notes to the financial statements.

July 31, 2021 :: Schedule of Portfolio Investments :: Consumer Goods UltraSector ProFund :: 93

Common Stocks (77.1%)

	Shares		Value
Activision Blizzard, Inc. (Entertainment)		966	$	80,777
Altria Group, Inc. (Tobacco)		2,301		110,540
Aptiv PLC* (Auto Components)		336		56,062
Archer-Daniels-Midland Co. (Food Products)		695		41,505
Autoliv, Inc. (Auto Components)		98		9,886
Beyond Meat, Inc.* (Food Products)		62		7,607
BorgWarner, Inc. (Auto Components)		298		14,596
Brown-Forman Corp.—Class B (Beverages)		227		16,099
Brunswick Corp. (Leisure Products)		97		10,127
Bunge, Ltd. (Food Products)		176		13,663
Campbell Soup Co. (Food Products)		252		11,017
Carter's, Inc. (Textiles, Apparel & Luxury Goods)		55		5,376
Church & Dwight Co., Inc. (Household Products)		305		26,407
Colgate-Palmolive Co. (Household Products)		1,052		83,634
Columbia Sportswear Co. (Textiles, Apparel & Luxury Goods)		38		3,786
Conagra Brands, Inc. (Food Products)		597		19,994
Constellation Brands, Inc.—Class A (Beverages)		210		47,111
Coty, Inc.*—Class A (Personal Products)		352		3,073
D.R. Horton, Inc. (Household Durables)		408		38,935
Darling Ingredients, Inc.* (Food Products)		203		14,021
Deckers Outdoor Corp.* (Textiles, Apparel & Luxury Goods)		35		14,380
Electronic Arts, Inc. (Entertainment)		356		51,250
Energizer Holdings, Inc. (Household Products)		72		3,085
Flowers Foods, Inc. (Food Products)		245		5,772
Ford Motor Co.* (Automobiles)		4,875		68,006
General Mills, Inc. (Food Products)		758		44,616
General Motors Co.* (Automobiles)		1,587		90,205
Gentex Corp. (Auto Components)		300		10,209
Genuine Parts Co. (Distributors)		180		22,846
Hanesbrands, Inc. (Textiles, Apparel & Luxury Goods)		434		7,925
Harley-Davidson, Inc. (Automobiles)		191		7,567
Hasbro, Inc. (Leisure Products)		159		15,811
Helen of Troy, Ltd.* (Household Durables)		30		6,702
Herbalife Nutrition, Ltd.* (Personal Products)		109		5,552
Hormel Foods Corp. (Food Products)		350		16,233
Ingredion, Inc. (Food Products)		83		7,288
Kellogg Co. (Food Products)		313		19,832
Keurig Dr Pepper, Inc. (Beverages)		723		25,457
Kimberly-Clark Corp. (Household Products)		420		57,002
Lamb Weston Holding, Inc. (Food Products)		182		12,152
Lancaster Colony Corp. (Food Products)		24		4,749
Lear Corp. (Auto Components)		68		11,899
Leggett & Platt, Inc. (Household Durables)		166		7,973
Lennar Corp.—Class A (Household Durables)		343		36,066
Lennar Corp.—Class B (Household Durables)		19		1,641
Levi Strauss & Co. (Textiles, Apparel & Luxury Goods)		104		2,862
Lululemon Athletica, Inc.* (Textiles, Apparel & Luxury Goods)		147		58,825
Luminar Technologies, Inc.* (Auto Components)		248		4,563
Mattel, Inc.* (Leisure Products)		434		9,426
McCormick & Co., Inc. (Food Products)		310		26,093
Mohawk Industries, Inc.* (Household Durables)		73		14,228
Molson Coors Beverage Co.*—Class B (Beverages)		234		11,440
Mondelez International, Inc.—Class A (Food Products)		1,747		110,516
Monster Beverage Corp.* (Beverages)		460		43,387
National Beverage Corp. (Beverages)		29		1,316
Newell Brands, Inc. (Household Durables)		471		11,657
NIKE, Inc.—Class B (Textiles, Apparel & Luxury Goods)		1,585		265,502
NVR, Inc.* (Household Durables)		4		20,890
Peloton Interactive, Inc.*—Class A (Leisure Products)		334		39,429
PepsiCo, Inc. (Beverages)		1,718		269,640
Performance Food Group Co.* (Food & Staples Retailing)		166		7,606
Philip Morris International, Inc. (Tobacco)		1,938		193,974
Pilgrim's Pride Corp.* (Food Products)		61		1,351
Playtika Holding Corp.* (Entertainment)		87		1,934
Polaris, Inc. (Leisure Products)		72		9,437
Pool Corp. (Distributors)		50		23,891
Post Holdings, Inc.* (Food Products)		74		7,573
PulteGroup, Inc. (Household Durables)		329		18,052
PVH Corp.* (Textiles, Apparel & Luxury Goods)		89		9,311
QuantumScape Corp.* (Auto Components)		213		4,880
Ralph Lauren Corp. (Textiles, Apparel & Luxury Goods)		60		6,811
Reynolds Consumer Products, Inc. (Household Products)		68		1,935
ROBLOX Corp.*—Class A (Entertainment)		51		3,926
Skechers U.S.A., Inc.*—Class A (Textiles, Apparel & Luxury Goods)		167		8,965
Stanley Black & Decker, Inc. (Machinery)		201		39,607
Take-Two Interactive Software, Inc.* (Entertainment)		144		24,972
Tapestry, Inc.* (Textiles, Apparel & Luxury Goods)		347		14,678
Tempur Sealy International, Inc. (Household Durables)		228		9,866
Tesla, Inc.* (Automobiles)		958		658,338
The Boston Beer Co., Inc.*—Class A (Beverages)		12		8,520
The Clorox Co. (Household Products)		155		28,038
The Coca-Cola Co. (Beverages)		4,825		275,171
The Estee Lauder Co., Inc. (Personal Products)		288		96,143
The Hain Celestial Group, Inc.* (Food Products)		102		4,071
The Hershey Co. (Food Products)		182		32,556
The JM Smucker Co.—Class A (Food Products)		136		17,831
The Kraft Heinz Co. (Food Products)		806		31,007
The Procter & Gamble Co. (Household Products)		3,044		432,948
Thor Industries, Inc. (Automobiles)		69		8,167
Toll Brothers, Inc. (Household Durables)		140		8,298
TreeHouse Foods, Inc.* (Food Products)		70		3,108
Tyson Foods, Inc.—Class A (Food Products)		367		26,226
Under Armour, Inc.*—Class A (Textiles, Apparel & Luxury Goods)		479		9,081
US Foods Holding Corp.* (Food & Staples Retailing)		276		9,478
VF Corp. (Textiles, Apparel & Luxury Goods)		400		32,080

See accompanying notes to the financial statements.

94 :: Consumer Goods UltraSector ProFund :: Schedule of Portfolio Investments :: July 31, 2021

Common Stocks, continued

	Shares		Value
Whirlpool Corp. (Household Durables)		78	$	17,280
Zynga, Inc.* (Entertainment)		1,259		12,716
TOTAL COMMON STOCKS (Cost $1,296,885)				4,158,034

Repurchase Agreements^(a)(b) (23.1%)

	Principal Amount		Value
Repurchase Agreements with various counterparties, 0.00%, dated 7/30/21, due 8/2/21, total to be received $1,243,000	$	1,243,000	$	1,243,000
TOTAL REPURCHASE AGREEMENTS (Cost $1,243,000)				1,243,000
TOTAL INVESTMENT SECURITIES (Cost $2,539,885)—100.2%			$	5,401,034
Net other assets (liabilities)—(0.2)%				(9,954	)
NET ASSETS—100.0%			$	5,391,080

* Non-income producing security.

^(a) The ProFund invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" under Note 2 in the Notes to the Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.

^(b) A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. As of July 31, 2021, the aggregate amount held in a segregated account was $857,000.

Total Return Swap Agreements—Long

Underlying Instrument	Counterparty	Termination Date(1)	Rate Paid (Received)(2)			Notional Amount		Value and Unrealized Appreciation/ (Depreciation)
Dow Jones U.S. Consumer Goods Index	Goldman Sachs International	8/23/21		0.59	%	$	1,740,566	$	19,958
Dow Jones U.S. Consumer Goods Index	UBS AG	8/23/21		0.44	%		2,187,658		25,966
						$	3,928,224	$	45,924

⁽¹⁾ Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

⁽²⁾ Reflects the floating financing rate, as of July 31, 2021, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

Consumer Goods UltraSector ProFund invested in the following industries as of July 31, 2021:

	Value		% of Net Assets
Auto Components	$	112,095		2.1	%
Automobiles		832,283		15.4	%
Beverages		698,140		12.9	%
Distributors		46,737		0.9	%
Entertainment		175,575		3.3	%
Food & Staples Retailing		17,084		0.3	%
Food Products		478,781		8.9	%
Household Durables		191,588		3.6	%
Household Products		633,049		11.7	%
Leisure Products		84,230		1.6	%
Machinery		39,607		0.7	%
Personal Products		104,769		1.9	%
Textiles, Apparel & Luxury Goods		439,582		8.2	%
Tobacco		304,514		5.6	%
Other**		1,233,046		22.9	%
Total	$	5,391,080		100.0	%

** Includes any non-equity securities and net other assets (liabilities), which includes any receivable for capital shares issued and payable for capital shares redeemed.

See accompanying notes to the financial statements.

July 31, 2021 :: Schedule of Portfolio Investments :: Consumer Services UltraSector ProFund :: 95

Common Stocks (77.4%)

	Shares		Value
Aaron's Co., Inc. (The) (Specialty Retail)		369	$	10,653
Advance Auto Parts, Inc. (Specialty Retail)		710		150,563
Airbnb, Inc.*—Class A (Hotels, Restaurants & Leisure)		1,591		229,120
Alaska Air Group, Inc.* (Airlines)		1,349		78,282
Albertsons Cos., Inc.—Class A (Food & Staples Retailing)		505		10,908
Altice USA, Inc.* (Media)		2,493		76,610
Amazon.com, Inc.* (Internet & Direct Marketing Retail)		4,645		15,456,656
AMERCO (Road & Rail)		97		57,032
American Airlines Group, Inc.* (Airlines)		6,949		141,621
AmerisourceBergen Corp. (Health Care Providers & Services)		1,602		195,716
Aramark (Hotels, Restaurants & Leisure)		2,763		97,064
AutoNation, Inc.* (Specialty Retail)		583		70,735
AutoZone, Inc.* (Specialty Retail)		235		381,539
Best Buy Co., Inc. (Specialty Retail)		2,415		271,325
BJ's Wholesale Club Holdings, Inc.* (Food & Staples Retailing)		1,486		75,251
Booking Holdings, Inc.* (Internet & Direct Marketing Retail)		445		969,326
Boyd Gaming Corp.* (Hotels, Restaurants & Leisure)		874		49,818
Bright Horizons Family Solutions, Inc.* (Diversified Consumer Services)		661		98,820
Burlington Stores, Inc.* (Specialty Retail)		722		241,726
Cable One, Inc. (Media)		59		111,391
Cardinal Health, Inc. (Health Care Providers & Services)		3,144		186,691
CarMax, Inc.* (Specialty Retail)		1,768		236,824
Carnival Corp.*—Class A (Hotels, Restaurants & Leisure)		8,649		187,251
Carvana Co.* (Specialty Retail)		702		236,967
Casey's General Stores, Inc. (Food & Staples Retailing)		400		79,084
Charter Communications, Inc.*—Class A (Media)		1,493		1,110,867
Chegg, Inc.* (Diversified Consumer Services)		1,539		136,402
Chipotle Mexican Grill, Inc.* (Hotels, Restaurants & Leisure)		305		568,349
Choice Hotels International, Inc. (Hotels, Restaurants & Leisure)		313		37,529
Churchill Downs, Inc. (Hotels, Restaurants & Leisure)		375		69,675
Comcast Corp.—Class A (Media)		49,678		2,922,556
Copart, Inc.* (Commercial Services & Supplies)		2,256		331,632
Costco Wholesale Corp. (Food & Staples Retailing)		4,790		2,058,359
Cracker Barrel Old Country Store, Inc. (Hotels, Restaurants & Leisure)		257		34,998
Darden Restaurants, Inc. (Hotels, Restaurants & Leisure)		1,417		206,712
Delta Air Lines, Inc.* (Airlines)		6,930		276,507
Dick's Sporting Goods, Inc. (Specialty Retail)		711		74,044
Discovery, Inc.*(a) (Media)		1,827		53,001
Discovery, Inc.*—Class C (Media)		3,254		88,216
DISH Network Corp.*—Class A (Media)		2,691		112,726
Dollar General Corp. (Multiline Retail)		2,559		595,326
Dollar Tree, Inc.* (Multiline Retail)		2,513		250,772
Domino's Pizza, Inc. (Hotels, Restaurants & Leisure)		420		220,706
DraftKings, Inc.*—Class A (Hotels, Restaurants & Leisure)		3,519		170,672
Expedia Group, Inc.* (Internet & Direct Marketing Retail)		1,533		246,614
Five Below, Inc.* (Specialty Retail)		606		117,819
Floor & Decor Holdings, Inc.* (Specialty Retail)		1,137		138,725
Foot Locker, Inc. (Specialty Retail)		1,119		63,850
Fox Corp.—Class A (Media)		3,543		126,343
Fox Corp.—Class B (Media)		1,646		54,713
frontdoor, Inc.*—Class A (Diversified Consumer Services)		928		45,416
Grand Canyon Education, Inc.* (Diversified Consumer Services)		503		46,462
H&R Block, Inc. (Diversified Consumer Services)		1,966		48,265
Hilton Worldwide Holdings, Inc.* (Hotels, Restaurants & Leisure)		3,018		396,716
Hyatt Hotels Corp.*—Class A (Hotels, Restaurants & Leisure)		410		32,747
IAA, Inc.* (Commercial Services & Supplies)		1,460		88,301
IHS Markit, Ltd. (Professional Services)		4,060		474,370
JetBlue Airways Corp.* (Airlines)		3,431		50,744
Kohl's Corp. (Multiline Retail)		1,692		85,954
L Brands, Inc. (Specialty Retail)		2,867		229,561
Las Vegas Sands Corp.* (Hotels, Restaurants & Leisure)		3,559		150,724
Liberty Broadband Corp.*—Class A (Media)		252		43,261
Liberty Broadband Corp.*—Class C (Media)		1,736		308,123
Liberty Media Corp-Liberty Formula One*— Class A (Entertainment)		279		11,567
Liberty Media Corp-Liberty Formula One*— Class C (Entertainment)		2,205		103,481
Liberty Media Corp-Liberty SiriusXM*—Class A (Media)		873		40,760
Liberty Media Corp-Liberty SiriusXM*—Class C (Media)		1,847		85,331
Lithia Motors, Inc.—Class A (Specialty Retail)		323		121,842
Live Nation Entertainment, Inc.* (Entertainment)		1,565		123,463
LiveRamp Holdings, Inc.* (IT Services)		741		29,647
LKQ Corp.* (Distributors)		3,012		152,859
Lowe's Cos., Inc. (Specialty Retail)		7,657		1,475,427
Lyft, Inc.* (Road & Rail)		2,779		153,734
Marriott International, Inc.*—Class A (Hotels, Restaurants & Leisure)		2,893		422,341
Marriott Vacations Worldwide Corp.* (Hotels, Restaurants & Leisure)		462		68,085
McDonald's Corp. (Hotels, Restaurants & Leisure)		8,085		1,962,309
MGM Resorts International (Hotels, Restaurants & Leisure)		4,411		165,545
Murphy USA, Inc. (Specialty Retail)		271		39,975
National Vision Holdings, Inc.* (Specialty Retail)		881		47,556
Netflix, Inc.* (Entertainment)		4,805		2,486,924
News Corp.—Class A (Media)		4,238		104,382
News Corp.—Class B (Media)		1,319		31,010
Nexstar Media Group, Inc.—Class A (Media)		463		68,093

See accompanying notes to the financial statements.

96 :: Consumer Services UltraSector ProFund :: Schedule of Portfolio Investments :: July 31, 2021

Common Stocks, continued

	Shares		Value
Norwegian Cruise Line Holdings, Ltd.* (Hotels, Restaurants & Leisure)		4,008	$	96,312
Ollie's Bargain Outlet Holdings, Inc.* (Multiline Retail)		615		57,257
Omnicom Group, Inc. (Media)		2,330		169,671
O'Reilly Automotive, Inc.* (Specialty Retail)		755		455,899
Penske Automotive Group, Inc. (Specialty Retail)		351		31,099
Petco Health & Wellness Co., Inc.* (Specialty Retail)		784		16,174
Pinterest, Inc.*—Class A (Interactive Media & Services)		5,930		349,276
Planet Fitness, Inc.* (Hotels, Restaurants & Leisure)		901		67,782
Qurate Retail, Inc.—Class A (Internet & Direct Marketing Retail)		4,111		48,756
RH* (Specialty Retail)		182		120,863
Roku, Inc.* (Household Durables)		1,247		534,103
Rollins, Inc. (Commercial Services & Supplies)		2,400		91,992
Ross Stores, Inc. (Specialty Retail)		3,863		473,951
Royal Caribbean Cruises, Ltd.* (Hotels, Restaurants & Leisure)		2,373		182,413
Service Corp. International (Diversified Consumer Services)		1,823		113,919
Sirius XM Holdings, Inc. (Media)		12,412		80,306
Southwest Airlines Co.* (Airlines)		6,408		323,732
Sprouts Farmers Market, Inc.* (Food & Staples Retailing)		1,279		31,438
Starbucks Corp. (Hotels, Restaurants & Leisure)		12,768		1,550,417
Sysco Corp. (Food & Staples Retailing)		5,541		411,142
Target Corp. (Multiline Retail)		5,360		1,399,227
TEGNA, Inc. (Media)		2,391		42,369
Terminix Global Holdings, Inc.* (Diversified Consumer Services)		1,392		73,080
Texas Roadhouse, Inc.—Class A (Hotels, Restaurants & Leisure)		711		65,533
The Gap, Inc. (Specialty Retail)		2,249		65,603
The Home Depot, Inc. (Specialty Retail)		11,522		3,781,405
The Interpublic Group of Cos., Inc. (Media)		4,262		150,704
The Kroger Co. (Food & Staples Retailing)		8,202		333,821
The Madison Square Garden Co.*—Class A (Entertainment)		189		30,758
The New York Times Co.—Class A (Media)		1,573		68,866
The TJX Cos., Inc. (Specialty Retail)		13,068		899,209
The Walt Disney Co.* (Entertainment)		19,688		3,465,482
The Wendy's Co. (Hotels, Restaurants & Leisure)		1,918		44,517
Tractor Supply Co. (Specialty Retail)		1,248		225,801
TripAdvisor, Inc.* (Interactive Media & Services)		1,062		40,303
Uber Technologies, Inc.* (Road & Rail)		16,022		696,317
Ulta Beauty, Inc.* (Specialty Retail)		593		199,129
United Airlines Holdings , Inc.* (Airlines)		3,505		163,754
Vail Resorts, Inc.* (Hotels, Restaurants & Leisure)		435		132,762
ViacomCBS, Inc.—Class A (Media)		88		3,919
ViacomCBS, Inc.—Class B (Media)		6,562		268,583
Walgreens Boots Alliance, Inc. (Food & Staples Retailing)		7,773		366,497
Walmart, Inc. (Food & Staples Retailing)		14,878		2,120,859
Warner Music Group Corp.—Class A (Entertainment)		1,013		38,281
Wayfair, Inc.*—Class A (Internet & Direct Marketing Retail)		800		193,088
Williams-Sonoma, Inc. (Specialty Retail)		825		125,153
World Wrestling Entertainment, Inc.—Class A (Entertainment)		490		24,196
Wyndham Hotels & Resorts, Inc. (Hotels, Restaurants & Leisure)		1,013		72,997
Wynn Resorts, Ltd.* (Hotels, Restaurants & Leisure)		1,141		112,195
Yum! Brands, Inc. (Hotels, Restaurants & Leisure)		3,227		423,996
ZoomInfo Technologies, Inc.*—Class A (Interactive Media & Services)		1,118		60,093
TOTAL COMMON STOCKS (Cost $29,159,686)				60,358,060

Repurchase Agreements^(b)(c) (24.8%)

	Principal Amount		Value
Repurchase Agreements with various counterparties, 0.00%, dated 7/30/21, due 8/2/21, total to be received $19,296,000	$	19,296,000	$	19,296,000
TOTAL REPURCHASE AGREEMENTS (Cost $19,296,000)				19,296,000

Collateral for Securities Loaned^(d) (0.1%)

	Shares		Value
BlackRock Liquidity Funds FedFund Portfolio—Institutional Shares, 0.03%(e)		50,809	$	50,809
TOTAL COLLATERAL FOR SECURITIES LOANED (Cost $50,809)				50,809
TOTAL INVESTMENT SECURITIES (Cost $48,506,495)—102.3%				79,704,869
Net other assets (liabilities)—(2.3)%				(1,824,075	)
NET ASSETS—100.0%			$	77,880,794

* Non-income producing security.

^(a) All or part of this security was on loan as of July 31, 2021. The total value of securities on loan as of July 31, 2021 was $47,547.

^(b) The ProFund invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" under Note 2 in the Notes to the Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.

^(c) A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. As of July 31, 2021, the aggregate amount held in a segregated account was $11,062,000.

^(d) Securities were purchased with cash collateral held from securities on loan at July 31, 2021.

^(e) Rate periodically changes. Rate disclosed is the daily yield on July 31, 2021.

See accompanying notes to the financial statements.

July 31, 2021 :: Schedule of Portfolio Investments :: Consumer Services UltraSector ProFund :: 97

Total Return Swap Agreements—Long

Underlying Instrument	Counterparty	Termination Date(1)	Rate Paid (Received)(2)			Notional Amount		Value and Unrealized Appreciation/ (Depreciation)
Dow Jones U.S. Consumer Services Index	Goldman Sachs International	8/23/21		0.59	%	$	27,503,931	$	(839,878	)
Dow Jones U.S. Consumer Services Index	UBS AG	8/23/21		0.44	%		28,970,658		(927,793	)
						$	56,474,589	$	(1,767,671	)

⁽¹⁾ Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

⁽²⁾ Reflects the floating financing rate, as of July 31, 2021, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

Consumer Services UltraSector ProFund invested in the following industries as of July 31, 2021:

	Value		% of Net Assets
Airlines	$	1,034,640		1.3	%
Commercial Services & Supplies		511,925		0.6	%
Distributors		152,859		0.2	%
Diversified Consumer Services		562,364		0.7	%
Entertainment		6,284,152		8.1	%
Food & Staples Retailing		5,487,359		7.0	%
Health Care Providers & Services		382,407		0.5	%
Hotels, Restaurants & Leisure		7,819,285		10.0	%
Household Durables		534,103		0.7	%
Interactive Media & Services		449,672		0.6	%
Internet & Direct Marketing Retail		16,914,440		21.8	%
IT Services		29,647		NM
Media		6,121,801		7.8	%
Multiline Retail		2,388,536		3.1	%
Professional Services		474,370		0.6	%
Road & Rail		907,083		1.2	%
Specialty Retail		10,303,417		13.2	%
Other**		17,522,734		22.6	%
Total	$	77,880,794		100.0	%

** Includes any non-equity securities and net other assets (liabilities), which includes any receivable for capital shares issued and payable for capital shares redeemed.

^NM Not meaningful, amount is less than 0.05%.

See accompanying notes to the financial statements.

98 :: Europe 30 ProFund :: Schedule of Portfolio Investments :: July 31, 2021

Common Stocks (99.9%)

	Shares		Value
Anheuser-Busch InBev N.V.ADR (Beverages)		2,030	$	127,849
ArcelorMittal SANYS—Class A (Metals & Mining)		3,046		107,341
Argenx SE*ADR (Biotechnology)		140		42,620
Ascendis Pharma A/S*ADR (Biotechnology)		420		49,640
ASML Holding N.V.NYS (Semiconductors & Semiconductor Equipment)		385		295,196
AstraZeneca PLCADR (Pharmaceuticals)		2,100		120,205
Banco Santander S.A.ADR (Banks)		28,215		103,549
Barclays PLCADR (Banks)		9,452		92,535
BioNTech SE*ADR (Biotechnology)		455		149,399
BP PLCADR (Oil, Gas & Consumable Fuels)		4,691		113,428
British American Tobacco PLCADR (Tobacco)		2,871		107,519
Diageo PLCADR (Beverages)		700		138,747
Equinor ASAADR(a) (Oil, Gas & Consumable Fuels)		5,286		103,394
GlaxoSmithKline PLCADR (Pharmaceuticals)		2,345		94,128
HSBC Holdings PLCADR (Banks)		4,656		128,367
ING Groep N.V.ADR (Banks)		8,156		104,397
Jumia Technologies AG*ADR (Internet & Direct Marketing Retail)		1,400		30,604
National Grid PLCADR (Multi-Utilities)		1,365		87,797
Nokia Corp.*ADR (Communications Equipment)		17,188		104,503
NOVO Nordisk A/SADR (Pharmaceuticals)		1,855		171,773
RELX PLCADR (Professional Services)		3,396		100,623
Rio Tinto PLCADR (Metals & Mining)		1,785		154,063
Royal Dutch Shell PLCADR—Class A (Oil, Gas & Consumable Fuels)		3,921		159,271
Ryanair Holdings PLC*ADR (Airlines)		630		68,695
SanofiADR (Pharmaceuticals)		2,135		110,081
SAP SEADR (Software)		1,190		171,027
Telefonaktiebolaget LM EricssonADR (Communications Equipment)		6,616		76,282
Tenaris S.A.ADR (Energy Equipment & Services)		3,746		76,568
TOTAL S.A.ADR (Oil, Gas & Consumable Fuels)		2,941		128,315
Vodafone Group PLCADR (Wireless Telecommunication Services)		4,936		80,605
TOTAL COMMON STOCKS (Cost $2,122,926)				3,398,521
Collateral for Securities Loaned(b) (2.9%)
BlackRock Liquidity Funds FedFund Portfolio—Institutional Shares, 0.03%(c)		97,273		97,273
TOTAL COLLATERAL FOR SECURITIES LOANED (Cost $97,273)				97,273
TOTAL INVESTMENT SECURITIES (Cost $2,220,199)—102.7%				3,495,794
Net other assets (liabilities)—(2.8%)				(93,833	)
NET ASSETS—100.0%			$	3,401,961

^* Non-income producing security.

^(a) All or part of this security was on loan as of July 31, 2021. The total value of securities on loan as of July 31, 2021 was $92,812.

^(b) Securities were purchased with cash collateral held from securities on loan at July 31, 2021.

^(c) Rate periodically changes. Rate disclosed is the daily yield on July 31, 2021.

^NYS New York Shares

^ADR American Depositary Receipt

Europe 30 ProFund invested in the following industries as of July 31, 2021:

	Value		% of Net Assets
Airlines	$	68,695		2.0	%
Banks		428,847		12.6	%
Beverages		266,596		7.8	%
Biotechnology		241,659		7.1	%
Communications Equipment		180,786		5.3	%
Energy Equipment & Services		76,568		2.2	%
Internet & Direct Marketing Retail		30,604		0.9	%
Metals & Mining		261,404		7.7	%
Multi-Utilities		87,797		2.6	%
Oil, Gas & Consumable Fuels		504,409		14.9	%
Pharmaceuticals		496,186		14.6	%
Professional Services		100,624		2.9	%
Semiconductors & Semiconductor Equipment		295,195		8.7	%
Software		171,027		5.0	%
Tobacco		107,519		3.2	%
Wireless Telecommunication Services		80,605		2.4	%
Other**		3,440		0.1	%
Total	$	3,401,961		100.0	%

Europe 30 ProFund invested in securities with exposure to the following countries as of July 31, 2021:

	Value		% of Net Assets
Belgium	$	127,849		3.8	%
Denmark		221,413		6.5	%
Finland		104,503		3.1	%
France		238,396		7.0	%
Germany		351,030		10.3	%
Ireland		68,695		2.0	%
Luxembourg		183,909		5.4	%
Netherlands		601,484		17.7	%
Norway		103,394		3.0	%
Spain		103,549		3.0	%
Sweden		76,282		2.2	%
United Kingdom		1,218,017		35.9	%
Other**		3,440		0.1	%
Total	$	3,401,961		100.0	%

^** Includes any non-equity securities and net other assets (liabilities), which includes any receivable for capital shares issued and payable for capital shares redeemed.

See accompanying notes to the financial statements.

July 31, 2021 :: Schedule of Portfolio Investments :: Falling U.S. Dollar ProFund :: 99

Repurchase Agreements^(a)(b) (102.2%)

	Principal Amount		Value
Repurchase Agreements with various counterparties, 0.00%, dated 7/30/21, due 8/2/21, total to be received $1,270,000	$	1,270,000	$	1,270,000
TOTAL REPURCHASE AGREEMENTS (Cost $1,270,000)				1,270,000
TOTAL INVESTMENT SECURITIES (Cost $1,270,000)—102.2%				1,270,000
Net other assets (liabilities)—(2.2)%				(27,772	)
NET ASSETS—100.0%			$	1,242,228

^(a) The ProFund invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" under Note 2 in the Notes to the Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.

^(b) A portion of these securities were held in a segregated account for the benefit of forward currency contract counterparties in the event of default. As of July 31, 2021, the aggregate amount held in a segregated account was $319,000.

As of July 31, 2021, the Falling U.S. Dollar ProFund's forward currency contracts with Goldman Sachs International, were as follows:

Description and amount of currency purchased			Description and amount of currency sold			Delivery Date	Fair Value		Unrealized Appreciation/ (Depreciation)
Short:
U.S. dollar	$	8,401	British pound	6,066		8/6/21	$	8,430	$	(29	)
U.S. dollar		6,020	Canadian dollar	7,525		8/6/21		6,033		(13	)
U.S. dollar		35,315	Euro	29,869		8/6/21		35,432		(117	)
U.S. dollar		8,203	Japanese yen	903,263		8/6/21		8,235		(32	)
U.S. dollar		2,469	Swedish krona	21,314		8/6/21		2,477		(8	)
U.S. dollar		2,618	Swiss franc	2,386		8/6/21		2,635		(17	)
Total Short Contracts	$	63,026					$	63,242	$	(216	)
Long:
British pound		47,942	U.S. dollar	$	66,155	8/6/21	$	66,631	$	476
Canadian dollar		70,537	U.S. dollar	56,600		8/6/21		56,547		(53	)
Euro		233,777	U.S. dollar	276,055		8/6/21		277,316		1,261
Japanese yen		5,290,559	U.S. dollar	47,803		8/6/21		48,234		431
Swedish krona		107,284	U.S. dollar	12,442		8/6/21		12,468		26
Swiss franc		12,327	U.S. dollar	13,337		8/6/21		13,612		275
Total Long Contracts				$	472,392		$	474,808	$	2,416

As of July 31, 2021, the Falling U.S. Dollar ProFund's forward currency contracts with UBS AG, were as follows:

Description and amount of currency purchased		Description and amount of currency sold			Delivery Date	Fair Value		Unrealized Appreciation/ (Depreciation)
Long:
British pound	64,522	U.S. dollar	$	88,999	8/6/21	$	89,673	$	674
Canadian dollar	77,915	U.S. dollar	62,446		8/6/21		62,462		16
Euro	399,286	U.S. dollar	471,448		8/6/21		473,649		2,201
Japanese yen	14,148,056	U.S. dollar	127,803		8/6/21		128,988		1,185
Swedish krona	362,846	U.S. dollar	42,059		8/6/21		42,167		108
Swiss franc	30,562	U.S. dollar	33,075		8/6/21		33,749		674
Total Long Contracts			$	825,830		$	830,688	$	4,858
					Total unrealized appreciation			$	7,327
					Total unrealized (depreciation)				(269	)
			Total net unrealized appreciation/(depreciation)					$	7,058

See accompanying notes to the financial statements.

100 :: Financials UltraSector ProFund :: Schedule of Portfolio Investments :: July 31, 2021

Common Stocks (79.4%)

	Shares		Value
Affiliated Managers Group, Inc. (Capital Markets)		59	$	9,348
Aflac, Inc. (Insurance)		886		48,730
AGNC Investment Corp. (Mortgage Real Estate Investment Trusts)		733		11,633
Alexandria Real Estate Equities, Inc. (Equity Real Estate Investment Trusts)		192		38,657
Alleghany Corp.* (Insurance)		19		12,599
Ally Financial, Inc. (Consumer Finance)		520		26,707
American Campus Communities, Inc. (Equity Real Estate Investment Trusts)		192		9,660
American Express Co. (Consumer Finance)		912		155,524
American Financial Group, Inc. (Insurance)		98		12,396
American Homes 4 Rent—Class A (Equity Real Estate Investment Trusts)		384		16,128
American International Group, Inc. (Insurance)		1,203		56,962
American Tower Corp. (Equity Real Estate Investment Trusts)		638		180,427
Americold Realty Trust (Equity Real Estate Investment Trusts)		353		13,714
Ameriprise Financial, Inc. (Capital Markets)		161		41,467
Annaly Capital Management, Inc. (Mortgage Real Estate Investment Trusts)		1,956		16,605
Aon PLC (Insurance)		315		81,910
Apartment Income REIT Corp. (Equity Real Estate Investment Trusts)		218		11,476
Apartment Investment and Management Co. (Equity Real Estate Investment Trusts)		207		1,441
Apollo Global Management, Inc. (Capital Markets)		296		17,423
Arch Capital Group, Ltd.* (Insurance)		565		22,035
Ares Management Corp.—Class A (Capital Markets)		154		11,028
Arthur J. Gallagher & Co. (Insurance)		287		39,982
Assurant, Inc. (Insurance)		85		13,414
Athene Holding, Ltd.* (Insurance)		175		11,309
AvalonBay Communities, Inc. (Equity Real Estate Investment Trusts)		196		44,655
Axis Capital Holdings, Ltd. (Insurance)		112		5,697
Bank of America Corp. (Banks)		10,568		405,387
Bank OZK (Banks)		169		6,880
Berkshire Hathaway, Inc.*—Class B (Diversified Financial Services)		2,656		739,139
BlackRock, Inc.—Class A (Capital Markets)		198		171,700
Blackstone Group, Inc.—Class A (Capital Markets)		959		110,544
Blackstone Mortgage Trust, Inc.—Class A (Mortgage Real Estate Investment Trusts)		204		6,614
BOK Financial Corp. (Banks)		41		3,444
Boston Properties, Inc. (Equity Real Estate Investment Trusts)		198		23,241
Brighthouse Financial, Inc.* (Insurance)		121		5,210
Brixmor Property Group, Inc. (Equity Real Estate Investment Trusts)		416		9,576
Brown & Brown, Inc. (Insurance)		327		17,789
Camden Property Trust (Equity Real Estate Investment Trusts)		137		20,466
Capital One Financial Corp. (Consumer Finance)		633		102,356
Cboe Global Markets, Inc. (Capital Markets)		149		17,652
CBRE Group, Inc.*—Class A (Real Estate Management & Development)		470		45,336
Chubb, Ltd. (Insurance)		630		106,307
Cincinnati Financial Corp. (Insurance)		209		24,637
Citigroup, Inc. (Banks)		2,897		195,895
Citizens Financial Group, Inc. (Banks)		597		25,170
CME Group, Inc. (Capital Markets)		503		106,701
CNA Financial Corp. (Insurance)		38		1,672
Coinbase Global, Inc.*—Class A (Capital Markets)		37		8,753
Comerica, Inc. (Banks)		196		13,457
Commerce Bancshares, Inc. (Banks)		149		10,539
CoreSite Realty Corp. (Equity Real Estate Investment Trusts)		61		8,431
Corporate Office Properties Trust (Equity Real Estate Investment Trusts)		154		4,534
CoStar Group, Inc.* (Professional Services)		561		49,845
Cousins Properties, Inc. (Equity Real Estate Investment Trusts)		206		8,182
Credit Acceptance Corp.* (Consumer Finance)		16		7,756
Crown Castle International Corp. (Equity Real Estate Investment Trusts)		605		116,820
CubeSmart (Equity Real Estate Investment Trusts)		282		14,004
Cullen/Frost Bankers, Inc. (Banks)		79		8,478
CyrusOne, Inc. (Equity Real Estate Investment Trusts)		172		12,258
Digital Realty Trust, Inc. (Equity Real Estate Investment Trusts)		394		60,740
Discover Financial Services (Consumer Finance)		427		53,085
Douglas Emmett, Inc. (Equity Real Estate Investment Trusts)		231		7,715
Duke Realty Corp. (Equity Real Estate Investment Trusts)		526		26,763
East West Bancorp, Inc. (Banks)		198		14,088
EastGroup Properties, Inc. (Equity Real Estate Investment Trusts)		56		9,868
Enstar Group, Ltd.* (Insurance)		18		4,626
Equinix, Inc. (Equity Real Estate Investment Trusts)		126		103,373
Equitable Holdings, Inc. (Diversified Financial Services)		538		16,608
Equity Commonwealth (Equity Real Estate Investment Trusts)		167		4,390
Equity LifeStyle Properties, Inc. (Equity Real Estate Investment Trusts)		238		19,944
Equity Residential (Equity Real Estate Investment Trusts)		484		40,719
Erie Indemnity Co.—Class A (Insurance)		35		6,471
Essent Group, Ltd. (Thrifts & Mortgage Finance)		159		7,182
Essex Property Trust, Inc. (Equity Real Estate Investment Trusts)		91		29,857
Everest Re Group, Ltd. (Insurance)		56		14,158
Extra Space Storage, Inc. (Equity Real Estate Investment Trusts)		188		32,738
F.N.B. Corp. (Banks)		446		5,111
FactSet Research Systems, Inc. (Capital Markets)		53		18,936

See accompanying notes to the financial statements.

July 31, 2021 :: Schedule of Portfolio Investments :: Financials UltraSector ProFund :: 101

Common Stocks, continued

	Shares		Value
Federal Realty Investment Trust (Equity  Real Estate Investment Trusts)		99	$	11,635
Federated Hermes, Inc.—Class B  (Capital Markets)		129		4,185
Fifth Third Bancorp (Banks)		986		35,782
First American Financial Corp. (Insurance)		153		10,298
First Citizens BancShares, Inc.—Class A  (Banks)		11		8,608
First Financial Bankshares, Inc. (Banks)		199		9,719
First Horizon Corp. (Banks)		772		11,923
First Industrial Realty Trust, Inc. (Equity Real  Estate Investment Trusts)		180		9,860
First Republic Bank (Banks)		247		48,170
FirstCash, Inc. (Consumer Finance)		59		4,673
FNF Group (Insurance)		404		18,022
Franklin Resources, Inc. (Capital Markets)		380		11,229
Gaming & Leisure Properties, Inc. (Equity Real  Estate Investment Trusts)		306		14,486
Glacier Bancorp, Inc. (Banks)		134		6,909
Globe Life, Inc. (Insurance)		132		12,291
Green Dot Corp.*—Class A (Consumer  Finance)		76		3,501
Hartford Financial Services Group, Inc.  (Insurance)		501		31,874
Healthcare Realty Trust, Inc. (Equity Real  Estate Investment Trusts)		197		6,280
Healthcare Trust of America, Inc.—Class A  (Equity Real Estate Investment Trusts)		305		8,720
Healthpeak Properties, Inc. (Equity Real  Estate Investment Trusts)		753		27,838
Highwoods Properties, Inc. (Equity Real  Estate Investment Trusts)		145		6,915
Home BancShares, Inc. (Banks)		210		4,448
Host Hotels & Resorts, Inc.* (Equity Real  Estate Investment Trusts)		987		15,723
Hudson Pacific Properties, Inc. (Equity Real  Estate Investment Trusts)		208		5,670
Huntington Bancshares, Inc. (Banks)		2,065		29,075
Interactive Brokers Group, Inc. (Capital  Markets)		113		6,990
Intercontinental Exchange, Inc. (Capital  Markets)		788		94,426
Invesco, Ltd. (Capital Markets)		528		12,873
Invitation Homes, Inc. (Equity Real Estate  Investment Trusts)		793		32,259
Iron Mountain, Inc. (Equity Real Estate  Investment Trusts)		404		17,679
Janus Henderson Group PLC (Capital  Markets)		240		10,042
JBG Smith Properties (Equity Real Estate  Investment Trusts)		155		5,058
Jefferies Financial Group, Inc. (Diversified  Financial Services)		280		9,293
Jones Lang LaSalle, Inc.* (Real Estate  Management & Development)		73		16,248
JPMorgan Chase & Co. (Banks)		4,243		644,002
Kemper Corp. (Insurance)		84		5,545
KeyCorp (Banks)		1,356		26,659
Kilroy Realty Corp. (Equity Real Estate  Investment Trusts)		149		10,321
Kimco Realty Corp. (Equity Real Estate  Investment Trusts)		607		12,947
KKR & Co., Inc. (Capital Markets)		815		51,964
Lamar Advertising Co.—Class A (Equity  Real Estate Investment Trusts)		121		12,899
Lazard, Ltd.—Class A (Capital Markets)		159		7,505
LendingTree, Inc.* (Thrifts & Mortgage  Finance)		16		3,124
Lexington Realty Trust (Equity Real Estate  Investment Trusts)		388		5,102
Life Storage, Inc. (Equity Real Estate  Investment Trusts)		109		12,792
Lincoln National Corp. (Insurance)		251		15,467
Loews Corp. (Insurance)		312		16,733
LPL Financial Holdings, Inc. (Capital Markets)		112		15,796
M&T Bank Corp. (Banks)		179		23,959
Markel Corp.* (Insurance)		19		22,917
MarketAxess Holdings, Inc. (Capital Markets)		53		25,184
Marsh & McLennan Cos., Inc. (Insurance)		711		104,674
Mastercard, Inc.—Class A (IT Services)		1,227		473,548
Medical Properties Trust, Inc. (Equity Real  Estate Investment Trusts)		821		17,266
Mercury General Corp. (Insurance)		36		2,190
MetLife, Inc. (Insurance)		1,043		60,181
MGIC Investment Corp. (Thrifts & Mortgage  Finance)		474		6,560
Mid-America Apartment Communities, Inc.  (Equity Real Estate Investment Trusts)		159		30,703
Moody's Corp. (Capital Markets)		227		85,352
Morgan Stanley (Capital Markets)		2,086		200,213
Morningstar, Inc. (Capital Markets)		30		7,579
MSCI, Inc.—Class A (Capital Markets)		117		69,727
Nasdaq, Inc. (Capital Markets)		161		30,064
National Health Investors, Inc. (Equity Real  Estate Investment Trusts)		64		4,367
National Retail Properties, Inc. (Equity Real  Estate Investment Trusts)		248		12,120
New Residential Investment Corp.  (Mortgage Real Estate Investment Trusts)		652		6,364
New York Community Bancorp, Inc. (Thrifts &  Mortgage Finance)		650		7,657
Northern Trust Corp. (Capital Markets)		293		33,065
Old Republic International Corp. (Insurance)		394		9,716
Omega Healthcare Investors, Inc. (Equity  Real Estate Investment Trusts)		329		11,936
Onemain Holdings, Inc. (Consumer Finance)		130		7,930
Opendoor Technologies, Inc.* (Real Estate  Management & Development)		476		7,054
People's United Financial, Inc. (Banks)		598		9,389
Physicians Realty Trust (Equity Real Estate  Investment Trusts)		299		5,666
Pinnacle Financial Partners, Inc. (Banks)		108		9,678
Popular, Inc. (Banks)		113		8,222
PotlatchDeltic Corp. (Equity Real Estate  Investment Trusts)		94		4,882
Primerica, Inc. (Insurance)		55		8,042
Principal Financial Group, Inc. (Insurance)		353		21,932
PROG Holdings, Inc.* (Consumer Finance)		94		4,114
Prologis, Inc. (Equity Real Estate Investment  Trusts)		1,037		132,778
Prosperity Bancshares, Inc. (Banks)		130		8,865

See accompanying notes to the financial statements.

102 :: Financials UltraSector ProFund :: Schedule of Portfolio Investments :: July 31, 2021

Common Stocks, continued

	Shares		Value
Prudential Financial, Inc. (Insurance)		552	$	55,355
PS Business Parks, Inc. (Equity Real Estate Investment Trusts)		28		4,303
Public Storage (Equity Real Estate Investment Trusts)		213		66,559
Radian Group, Inc. (Thrifts & Mortgage Finance)		265		5,984
Raymond James Financial, Inc. (Capital Markets)		171		22,141
Rayonier, Inc. (Equity Real Estate Investment Trusts)		193		7,278
Realty Income Corp. (Equity Real Estate Investment Trusts)		524		36,832
Regency Centers Corp. (Equity Real Estate Investment Trusts)		223		14,586
Regions Financial Corp. (Banks)		1,346		25,911
Reinsurance Group of America, Inc. (Insurance)		95		10,467
RenaissanceRe Holdings, Ltd. (Insurance)		71		10,841
Rexford Industrial Realty, Inc. (Equity Real Estate Investment Trusts)		188		11,566
RLI Corp. (Insurance)		56		6,069
Rocket Cos., Inc.—Class A (Thrifts & Mortgage Finance)		189		3,258
S&P Global, Inc. (Capital Markets)		339		145,336
Sabra Health Care REIT, Inc. (Equity Real Estate Investment Trusts)		301		5,596
Santander Consumer USA Holdings, Inc. (Consumer Finance)		98		4,021
SBA Communications Corp. (Equity Real Estate Investment Trusts)		153		52,171
SEI Investments Co. (Capital Markets)		166		10,093
Selective Insurance Group, Inc. (Insurance)		84		6,833
Signature Bank (Banks)		81		18,385
Simon Property Group, Inc. (Equity Real Estate Investment Trusts)		461		58,326
SL Green Realty Corp. (Equity Real Estate Investment Trusts)		98		7,297
SLM Corp. (Consumer Finance)		450		8,474
Spirit Realty Capital, Inc. (Equity Real Estate Investment Trusts)		161		8,085
Starwood Property Trust, Inc. (Mortgage Real Estate Investment Trusts)		399		10,386
State Street Corp. (Capital Markets)		487		42,437
Stifel Financial Corp. (Capital Markets)		149		9,914
STORE Capital Corp. (Equity Real Estate Investment Trusts)		339		12,268
Sun Communities, Inc. (Equity Real Estate Investment Trusts)		157		30,789
SVB Financial Group* (Banks)		79		43,447
Synchrony Financial (Consumer Finance)		758		35,641
Synovus Financial Corp. (Banks)		208		8,507
T. Rowe Price Group, Inc. (Capital Markets)		319		65,127
TFS Financial Corp. (Thrifts & Mortgage Finance)		64		1,247
The Allstate Corp. (Insurance)		420		54,621
The Bank of New York Mellon Corp. (Capital Markets)		1,129		57,952
The Carlyle Group, Inc. (Capital Markets)		163		8,227
The Charles Schwab Corp. (Capital Markets)		2,102		142,831
The Goldman Sachs Group, Inc. (Capital Markets)		477		178,818
The Hanover Insurance Group, Inc. (Insurance)		51		6,931
The Howard Hughes Corp.* (Real Estate Management & Development)		63		5,841
The PNC Financial Services Group, Inc. (Banks)		594		108,352
The Progressive Corp. (Insurance)		820		78,031
The Travelers Cos., Inc. (Insurance)		352		52,420
Tradeweb Markets, Inc.—Class A (Capital Markets)		147		12,749
Truist Financial Corp. (Banks)		1,886		102,655
U.S. Bancorp (Banks)		1,897		105,359
UDR, Inc. (Equity Real Estate Investment Trusts)		417		22,931
UMB Financial Corp. (Banks)		61		5,710
Umpqua Holdings Corp. (Banks)		307		5,793
United Bankshares, Inc. (Banks)		187		6,459
Unum Group (Insurance)		283		7,754
Upstart Holdings, Inc.* (Consumer Finance)		25		3,019
UWM Holdings Corp. (Thrifts & Mortgage Finance)		72		549
Valley National Bancorp (Banks)		566		7,296
Ventas, Inc. (Equity Real Estate Investment Trusts)		526		31,444
VEREIT, Inc. (Equity Real Estate Investment Trusts)		322		15,768
VICI Properties, Inc. (Equity Real Estate Investment Trusts)		752		23,455
Virtu Financial, Inc.—Class A (Capital Markets)		109		2,806
Visa, Inc.—Class A (IT Services)		2,371		584,191
Vornado Realty Trust (Equity Real Estate Investment Trusts)		219		9,527
Voya Financial, Inc. (Diversified Financial Services)		170		10,948
W.R. Berkley Corp. (Insurance)		197		14,414
Webster Financial Corp. (Banks)		127		6,109
Wells Fargo & Co. (Banks)		5,792		266,084
Welltower, Inc. (Equity Real Estate Investment Trusts)		585		50,813
Western Alliance Bancorp (Banks)		146		13,552
Weyerhaeuser Co. (Equity Real Estate Investment Trusts)		1,049		35,383
White Mountains Insurance Group, Ltd. (Insurance)		5		5,658
Willis Towers Watson PLC (Insurance)		180		37,094
Wintrust Financial Corp. (Banks)		80		5,712
WP Carey, Inc. (Equity Real Estate Investment Trusts)		251		20,253
Zions Bancorp (Banks)		228		11,890
TOTAL COMMON STOCKS (Cost $5,715,560)				9,658,453

See accompanying notes to the financial statements.

July 31, 2021 :: Schedule of Portfolio Investments :: Financials UltraSector ProFund :: 103

Repurchase Agreements^(a)(b) (19.6%)

	Principal Amount		Value
Repurchase Agreements with various counterparties, 0.00%, dated 7/30/21, due 8/2/21, total to be received $2,390,000	$	2,390,000	$	2,390,000
TOTAL REPURCHASE AGREEMENTS (Cost $2,390,000)				2,390,000
TOTAL INVESTMENT SECURITIES (Cost $8,105,560)—99.0%				12,048,453
Net other assets (liabilities)—1.0%				126,425
NET ASSETS—100.0%			$	12,174,878

^* Non-income producing security.

^(a) The ProFund invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" under Note 2 in the Notes to the Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.

^(b) A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. As of July 31, 2021, the aggregate amount held in a segregated account was $1,646,000.

Total Return Swap Agreements—Long

Underlying Instrument	Counterparty	Termination Date(1)		Rate Paid (Received)(2)			Notional Amount		Value and Unrealized Appreciation/ (Depreciation)
Dow Jones U.S. Financials Index	Goldman Sachs International		8/23/21		0.59	%	$	1,920,067	$	11,576
Dow Jones U.S. Financials Index	UBS AG		8/23/21		0.74	%		6,667,665		36,102
							$	8,587,732	$	47,678

⁽¹⁾ Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

⁽²⁾ Reflects the floating financing rate, as of July 31, 2021, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

Financials UltraSector ProFund invested in the following industries as of July 31, 2021:

	Value		% of Net Assets
Banks	$	2,315,079		18.9	%
Capital Markets		1,878,177		15.5	%
Consumer Finance		416,801		3.4	%
Diversified Financial Services		775,987		6.4	%
Equity Real Estate Investment Trusts		1,830,909		15.1	%
Insurance		1,172,274		9.7	%
IT Services		1,057,739		8.7	%
Mortgage Real Estate Investment Trusts		51,602		0.4	%
Professional Services		49,845		0.4	%
Real Estate Management & Development		74,479		0.6	%
Thrifts & Mortgage Finance		35,561		0.3	%
Other**		2,516,425		20.6	%
Total	$	12,174,878		100.0	%

** Includes any non-equity securities and net other assets (liabilities), which includes any receivable for capital shares issued and payable for capital shares redeemed.

See accompanying notes to the financial statements.

104 :: Health Care UltraSector ProFund :: Schedule of Portfolio Investments :: July 31, 2021

Common Stocks (76.2%)

	Shares		Value
10X Genomics, Inc.*—Class A (Life Sciences Tools & Services)		436	$	79,888
1Life Healthcare, Inc.* (Health Care Providers & Services)		461		12,465
Abbott Laboratories (Health Care Equipment & Supplies)		10,468		1,266,419
AbbVie, Inc. (Biotechnology)		10,405		1,210,103
ABIOMED, Inc.* (Health Care Equipment & Supplies)		267		87,346
Acadia Healthcare Co., Inc.* (Health Care Providers & Services)		528		32,588
ACADIA Pharmaceuticals, Inc.* (Biotechnology)		688		14,881
Acceleron Pharma, Inc.* (Biotechnology)		311		38,894
Agilent Technologies, Inc. (Life Sciences Tools & Services)		1,788		273,975
Agios Pharmaceuticals, Inc.* (Biotechnology)		301		14,475
Align Technology, Inc.* (Health Care Equipment & Supplies)		424		295,019
Alkermes PLC* (Biotechnology)		943		24,395
Allogene Therapeutics, Inc.* (Biotechnology)		391		8,582
Alnylam Pharmaceuticals, Inc.* (Biotechnology)		693		124,005
Amedisys, Inc.* (Health Care Providers & Services)		193		50,300
American Well Corp.*—Class A (Health Care Technology)		343		3,996
Amgen, Inc. (Biotechnology)		3,385		817,613
Anthem, Inc. (Health Care Providers & Services)		1,443		554,126
Atea Pharmaceuticals, Inc.* (Biotechnology)		71		1,778
Avantor, Inc.* (Life Sciences Tools & Services)		3,051		114,657
Baxter International, Inc. (Health Care Equipment & Supplies)		2,961		229,033
Becton, Dickinson & Co. (Health Care Equipment & Supplies)		1,714		438,356
Berkeley Lights, Inc.* (Life Sciences Tools & Services)		50		2,279
Biogen, Inc.* (Biotechnology)		886		289,483
BioMarin Pharmaceutical, Inc.* (Biotechnology)		1,077		82,638
Bio-Rad Laboratories, Inc.*—Class A (Life Sciences Tools & Services)		127		93,918
Bio-Techne Corp. (Life Sciences Tools & Services)		229		110,433
Bluebird Bio, Inc.* (Biotechnology)		397		10,088
Blueprint Medicines Corp.* (Biotechnology)		344		30,227
Boston Scientific Corp.* (Health Care Equipment & Supplies)		8,370		381,672
Bristol-Myers Squibb Co. (Pharmaceuticals)		13,160		893,169
Bruker Corp. (Life Sciences Tools & Services)		599		49,268
Catalent, Inc.* (Pharmaceuticals)		1,003		120,169
Centene Corp.* (Health Care Providers & Services)		3,434		235,607
Charles River Laboratories International, Inc.* (Life Sciences Tools & Services)		295		120,041
Chemed Corp. (Health Care Providers & Services)		94		44,746
Cigna Corp. (Health Care Providers & Services)		2,021		463,799
Covetrus, Inc.* (Health Care Providers & Services)		586		14,920
CVS Health Corp. (Health Care Providers & Services)		7,755		638,701
Danaher Corp. (Health Care Equipment & Supplies)		3,739		1,112,315
DaVita, Inc.* (Health Care Providers & Services)		414		49,784
DENTSPLY SIRONA, Inc. (Health Care Equipment & Supplies)		1,286		84,927
DexCom, Inc.* (Health Care Equipment & Supplies)		571		294,356
Edwards Lifesciences Corp.* (Health Care Equipment & Supplies)		3,663		411,245
Elanco Animal Health, Inc.* (Pharmaceuticals)		2,786		101,605
Eli Lilly & Co. (Pharmaceuticals)		4,689		1,141,772
Emergent BioSolutions, Inc.* (Biotechnology)		269		17,727
Encompass Health Corp. (Health Care Providers & Services)		587		48,868
Exact Sciences Corp.* (Biotechnology)		1,011		109,026
Exelixis, Inc.* (Biotechnology)		1,845		31,088
FibroGen, Inc.* (Biotechnology)		499		6,487
Gilead Sciences, Inc. (Biotechnology)		7,387		504,458
Globus Medical, Inc.*—Class A (Health Care Equipment & Supplies)		458		38,092
GoodRx Holdings, Inc.*—Class A (Health Care Technology)		369		11,834
Guardant Health, Inc.* (Health Care Providers & Services)		506		55,559
Haemonetics Corp.* (Health Care Equipment & Supplies)		299		18,176
HCA Healthcare, Inc. (Health Care Providers & Services)		1,549		384,462
HealthEquity, Inc.* (Health Care Providers & Services)		490		36,250
Henry Schein, Inc.* (Health Care Providers & Services)		830		66,525
Hill-Rom Holdings, Inc. (Health Care Equipment & Supplies)		392		54,276
Hologic, Inc.* (Health Care Equipment & Supplies)		1,509		113,235
Horizon Therapeutics PLC* (Pharmaceuticals)		1,324		132,426
Humana, Inc. (Health Care Providers & Services)		759		323,228
ICU Medical, Inc.* (Health Care Equipment & Supplies)		117		23,785
IDEXX Laboratories, Inc.* (Health Care Equipment & Supplies)		502		340,622
Illumina, Inc.* (Life Sciences Tools & Services)		860		426,345
Incyte Corp.* (Biotechnology)		1,101		85,162
Insulet Corp.* (Health Care Equipment & Supplies)		390		109,079
Integra LifeSciences Holdings Corp.* (Health Care Equipment & Supplies)		418		30,259
Intuitive Surgical, Inc.* (Health Care Equipment & Supplies)		697		691,048
Ionis Pharmaceuticals, Inc.* (Biotechnology)		829		30,789
IQVIA Holdings, Inc.* (Life Sciences Tools & Services)		1,129		279,653
Jazz Pharmaceuticals PLC* (Pharmaceuticals)		354		60,010
Johnson & Johnson (Pharmaceuticals)		15,513		2,671,339
Laboratory Corp. of America Holdings* (Health Care Providers & Services)		575		170,286
LHC Group, Inc.* (Health Care Providers & Services)		187		40,239

See accompanying notes to the financial statements.

July 31, 2021 :: Schedule of Portfolio Investments :: Health Care UltraSector ProFund :: 105

Common Stocks, continued

	Shares		Value
Maravai LifeSciences Holdings, Inc.*—Class A (Life Sciences Tools & Services)		572	$	25,151
Masimo Corp.* (Health Care Equipment & Supplies)		297		80,900
McKesson Corp. (Health Care Providers & Services)		932		189,970
Medtronic PLC (Health Care Equipment & Supplies)		7,926		1,040,763
Merck & Co., Inc. (Pharmaceuticals)		14,916		1,146,593
Mettler-Toledo International, Inc.* (Life Sciences Tools & Services)		137		201,898
Moderna, Inc.* (Biotechnology)		1,798		635,773
Molina Healthcare, Inc.* (Health Care Providers & Services)		344		93,915
Nektar Therapeutics* (Pharmaceuticals)		1,074		16,958
Neogen Corp.* (Health Care Equipment & Supplies)		632		27,530
Neurocrine Biosciences, Inc.* (Biotechnology)		557		51,918
Novavax, Inc.* (Biotechnology)		402		72,091
Novocure, Ltd.* (Health Care Equipment & Supplies)		506		77,929
NuVasive, Inc.* (Health Care Equipment & Supplies)		303		19,377
Oak Street Health, Inc.* (Health Care Providers & Services)		170		10,717
Organon & Co.* (Pharmaceuticals)		1,490		43,225
Penumbra, Inc.* (Health Care Equipment & Supplies)		199		52,980
Perrigo Co. PLC (Pharmaceuticals)		787		37,800
Pfizer, Inc. (Pharmaceuticals)		32,976		1,411,703
PPD, Inc.* (Life Sciences Tools & Services)		640		29,517
Premier, Inc. (Health Care Providers & Services)		417		14,862
Quest Diagnostics, Inc. (Health Care Providers & Services)		770		109,186
Quidel Corp.* (Health Care Equipment & Supplies)		229		32,397
Regeneron Pharmaceuticals, Inc.* (Biotechnology)		617		354,534
Repligen Corp.* (Biotechnology)		301		73,956
ResMed, Inc. (Health Care Equipment & Supplies)		858		233,204
Royalty Pharma PLC—Class A (Pharmaceuticals)		508		19,406
Sarepta Therapeutics, Inc.* (Biotechnology)		470		31,857
Seagen, Inc.* (Biotechnology)		747		114,582
Signify Health, Inc.*—Class A (Health Care Providers & Services)		138		3,632
Sotera Health Co.* (Life Sciences Tools & Services)		434		10,286
STERIS PLC (Health Care Equipment & Supplies)		575		125,321
Stryker Corp. (Health Care Equipment & Supplies)		1,931		523,185
Syneos Health, Inc.* (Life Sciences Tools & Services)		597		53,533
Tandem Diabetes Care, Inc.* (Health Care Equipment & Supplies)		370		40,208
Teladoc Health, Inc.* (Health Care Technology)		774		114,900
Teleflex, Inc. (Health Care Equipment & Supplies)		275		109,293
Tenet Healthcare Corp.* (Health Care Providers & Services)		629		45,187
The Cooper Cos., Inc. (Health Care Equipment & Supplies)		289		121,892
Thermo Fisher Scientific, Inc. (Life Sciences Tools & Services)		2,315		1,250,123
Ultragenyx Pharmaceutical, Inc.* (Biotechnology)		374		29,856
United Therapeutics Corp.* (Biotechnology)		263		47,848
UnitedHealth Group, Inc. (Health Care Providers & Services)		5,559		2,291,530
Universal Health Services, Inc.—Class B (Health Care Providers & Services)		460		73,789
Vertex Pharmaceuticals, Inc.* (Biotechnology)		1,525		307,410
Viatris, Inc. (Pharmaceuticals)		7,118		100,150
Vir Biotechnology, Inc.* (Biotechnology)		389		13,868
Waters Corp.* (Life Sciences Tools & Services)		364		141,891
West Pharmaceutical Services, Inc. (Health Care Equipment & Supplies)		434		178,691
Zimmer Biomet Holdings, Inc. (Health Care Equipment & Supplies)		1,228		200,680
Zoetis, Inc. (Pharmaceuticals)		2,797		566,952
TOTAL COMMON STOCKS (Cost $21,413,514)				31,981,306

Repurchase Agreements^(a)(b) (23.0%)

	Principal Amount		Value
Repurchase Agreements with various counterparties, 0.00%, dated 7/30/21, due 8/2/21, total to be received $9,633,000	$	9,633,000	$	9,633,000
TOTAL REPURCHASE AGREEMENTS (Cost $9,633,000)				9,633,000
TOTAL INVESTMENT SECURITIES (Cost $31,046,514)—99.2%				41,614,306
Net other assets (liabilities)—0.8%				352,161
NET ASSETS—100.0%			$	41,966,467

^* Non-income producing security.

^(a) The ProFund invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" under Note 2 in the Notes to the Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.

^(b) A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. As of July 31, 2021, the aggregate amount held in a segregated account was $5,790,000.

See accompanying notes to the financial statements.

106 :: Health Care UltraSector ProFund :: Schedule of Portfolio Investments :: July 31, 2021

Total Return Swap Agreements–Long

Underlying Instrument	Counterparty	Termination Date(1)		Rate Paid (Received)(2)			Notional Amount		Value and Unrealized Appreciation/ (Depreciation)
Dow Jones U.S. Health Care Index	Goldman Sachs International		8/23/21		0.59	%	$	20,848,261	$	68,031
Dow Jones U.S. Health Care Index	UBS AG		8/23/21		0.44	%		10,110,990		31,813
							$	30,959,251	$	99,844

⁽¹⁾ Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

⁽²⁾ Reflects the floating financing rate, as of July 31, 2021, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

Health Care UltraSector ProFund invested in the following industries as of July 31, 2021:

	Value		% of Net Assets
Biotechnology	$	5,185,592		12.3	%
Health Care Equipment & Supplies		8,883,610		21.2	%
Health Care Providers & Services		6,055,241		14.4	%
Health Care Technology		130,730		0.3	%
Life Sciences Tools & Services		3,262,856		7.8	%
Pharmaceuticals		8,463,277		20.2	%
Other**		9,985,161		23.8	%
Total	$	41,966,467		100.0	%

** Includes any non-equity securities and net other assets (liabilities), which includes any receivable for capital shares issued and payable for capital shares redeemed.

See accompanying notes to the financial statements.

July 31, 2021 :: Schedule of Portfolio Investments :: Industrials UltraSector ProFund :: 107

Common Stocks (59.9%)

	Shares		Value
3M Co. (Industrial Conglomerates)		1,357	$	268,605
A.O. Smith Corp. (Building Products)		315		22,154
Accenture PLC—Class A (IT Services)		1,489		473,025
Acuity Brands, Inc. (Electrical Equipment)		84		14,732
ADT, Inc. (Commercial Services & Supplies)		359		3,766
AECOM* (Construction & Engineering)		344		21,658
Affirm Holdings, Inc.* (IT Services)		118		6,646
AGCO Corp. (Machinery)		145		19,156
Air Lease Corp. (Trading Companies & Distributors)		251		10,632
Allegion PLC (Building Products)		212		28,959
Allison Transmission Holdings, Inc. (Machinery)		256		10,217
Amcor PLC (Containers & Packaging)		3,610		41,731
AMETEK, Inc. (Electrical Equipment)		541		75,226
Amphenol Corp.—Class A (Electronic Equipment, Instruments & Components)		1,400		101,486
Applied Industrial Technologies, Inc. (Trading Companies & Distributors)		91		8,163
AptarGroup, Inc. (Containers & Packaging)		153		19,725
Armstrong World Industries, Inc. (Building Products)		113		12,224
Array Technologies, Inc.* (Electrical Equipment)		256		3,466
Arrow Electronics, Inc.* (Electronic Equipment, Instruments & Components)		175		20,750
ASGN, Inc.* (Professional Services)		125		12,641
Automatic Data Processing, Inc. (IT Services)		997		209,001
Avery Dennison Corp. (Containers & Packaging)		194		40,872
Avnet, Inc. (Electronic Equipment, Instruments & Components)		234		9,669
Axon Enterprise, Inc.* (Aerospace & Defense)		151		28,089
Ball Corp. (Containers & Packaging)		770		62,277
Berry Global Group, Inc.* (Containers & Packaging)		316		20,316
Booz Allen Hamilton Holding Corp. (IT Services)		317		27,202
Broadridge Financial Solutions, Inc. (IT Services)		271		47,016
BWX Technologies, Inc. (Aerospace & Defense)		223		12,807
C.H. Robinson Worldwide, Inc. (Air Freight & Logistics)		312		27,821
CACI International, Inc.*—Class A (IT Services)		54		14,416
Carlisle Cos., Inc. (Industrial Conglomerates)		122		24,673
Carrier Global Corp. (Building Products)		1,913		105,693
Caterpillar, Inc. (Machinery)		1,283		265,261
Cimpress PLC* (Commercial Services & Supplies)		45		4,601
Cintas Corp. (Commercial Services & Supplies)		208		81,989
Clarivate PLC* (Professional Services)		616		14,045
Clean Harbors, Inc.* (Commercial Services & Supplies)		117		11,115
Cognex Corp. (Electronic Equipment, Instruments & Components)		414		37,430
Coherent, Inc.* (Electronic Equipment, Instruments & Components)		56		13,773
Colfax Corp.* (Machinery)		277		12,709
Concentrix Corp.* (IT Services)		98		16,046
Corning, Inc. (Electronic Equipment, Instruments & Components)		1,814		75,934
Crane Co. (Machinery)		116		11,279
Crown Holdings, Inc. (Containers & Packaging)		315		31,424
CSX Corp. (Road & Rail)		5,322		172,007
Cummins, Inc. (Machinery)		343		79,610
Curtiss-Wright Corp. (Aerospace & Defense)		96		11,357
Deere & Co. (Machinery)		730		263,961
Donaldson Co., Inc. (Machinery)		296		19,592
Dover Corp. (Machinery)		337		56,319
Dun & Bradstreet Holdings, Inc.* (Professional Services)		323		6,770
Eagle Materials, Inc. (Construction Materials)		100		14,132
Eaton Corp. PLC (Electrical Equipment)		932		147,302
EMCOR Group, Inc. (Construction & Engineering)		128		15,592
Emerson Electric Co. (Electrical Equipment)		1,404		141,650
EnerSys (Electrical Equipment)		101		9,965
Equifax, Inc. (Professional Services)		284		74,011
Euronet Worldwide, Inc.* (IT Services)		123		17,567
Expeditors International of Washington, Inc. (Air Freight & Logistics)		395		50,659
Fastenal Co. (Trading Companies & Distributors)		1,346		73,721
FedEx Corp. (Air Freight & Logistics)		573		160,411
Fidelity National Information Services, Inc. (IT Services)		1,453		216,570
Fiserv, Inc.* (IT Services)		1,394		160,463
FleetCor Technologies, Inc.* (IT Services)		195		50,353
Flowserve Corp. (Machinery)		306		12,880
Fortive Corp. (Machinery)		793		57,619
Fortune Brands Home & Security, Inc. (Building Products)		325		31,678
FTI Consulting, Inc.* (Professional Services)		80		11,656
Gates Industrial Corp. PLC* (Machinery)		159		2,879
Generac Holdings, Inc.* (Electrical Equipment)		148		62,065
General Dynamics Corp. (Aerospace & Defense)		536		105,072
General Electric Co. (Industrial Conglomerates)		20,559		266,239
Genpact, Ltd. (IT Services)		407		20,273
Global Payments, Inc. (IT Services)		692		133,840
Graco, Inc. (Machinery)		397		30,998
Graphic Packaging Holding Co. (Containers & Packaging)		665		12,748
HEICO Corp. (Aerospace & Defense)		100		13,525
HEICO Corp.—Class A (Aerospace & Defense)		172		20,862
Hexcel Corp.* (Aerospace & Defense)		197		10,721
Honeywell International, Inc. (Industrial Conglomerates)		1,626		380,142
Howmet Aerospace, Inc.* (Aerospace & Defense)		917		30,096
Hubbell, Inc. (Electrical Equipment)		127		25,458
Huntington Ingalls Industries, Inc. (Aerospace & Defense)		95		19,487
IDEX Corp. (Machinery)	��	179		40,578
Illinois Tool Works, Inc. (Machinery)		674		152,776
Ingersoll Rand, Inc.* (Machinery)		874		42,712
Insperity, Inc. (Professional Services)		84		8,320
International Paper Co. (Containers & Packaging)		918		53,023
IPG Photonics Corp.* (Electronic Equipment, Instruments & Components)		84		18,325
Itron, Inc.* (Electronic Equipment, Instruments & Components)		105		10,355
ITT, Inc. (Machinery)		201		19,680
J.B. Hunt Transport Services, Inc. (Road & Rail)		196		33,016
Jabil, Inc. (Electronic Equipment, Instruments & Components)		314		18,696
Jack Henry & Associates, Inc. (IT Services)		175		30,466

See accompanying notes to the financial statements.

108 :: Industrials UltraSector ProFund :: Schedule of Portfolio Investments :: July 31, 2021

Common Stocks, continued

	Shares		Value
Jacobs Engineering Group, Inc. (Construction & Engineering)		305	$	41,251
Johnson Controls International PLC (Building Products)		1,680		119,986
Kansas City Southern (Road & Rail)		214		57,309
KBR, Inc. (IT Services)		332		12,848
Keysight Technologies, Inc.* (Electronic Equipment, Instruments & Components)		431		70,921
Kirby Corp.* (Marine)		141		8,165
Knight-Swift Transportation Holdings, Inc. (Road & Rail)		287		14,261
L3Harris Technologies, Inc. (Aerospace & Defense)		479		108,608
Landstar System, Inc. (Road & Rail)		90		14,130
Leidos Holdings, Inc. (IT Services)		312		33,203
Lennox International, Inc. (Building Products)		80		26,354
Lincoln Electric Holdings, Inc. (Machinery)		139		19,381
Littelfuse, Inc. (Electronic Equipment, Instruments & Components)		56		14,895
Lockheed Martin Corp. (Aerospace & Defense)		573		212,967
Louisiana-Pacific Corp. (Paper & Forest Products)		240		13,306
Macquarie Infrastructure Corp. (Transportation Infrastructure)		172		6,794
ManpowerGroup, Inc. (Professional Services)		128		15,178
Martin Marietta Materials, Inc. (Construction Materials)		146		53,042
Masco Corp. (Building Products)		594		35,468
MasTec, Inc.* (Construction & Engineering)		132		13,362
MAXIMUS, Inc. (IT Services)		143		12,727
Mercury Systems, Inc.* (Aerospace & Defense)		131		8,646
MSA Safety, Inc. (Commercial Services & Supplies)		85		13,981
MSC Industrial Direct Co., Inc. (Trading Companies & Distributors)		111		9,898
National Instruments Corp. (Electronic Equipment, Instruments & Components)		308		13,586
Nielsen Holdings PLC (Professional Services)		840		19,900
Nikola Corp.*(a) (Machinery)		330		3,917
Nordson Corp. (Machinery)		126		28,492
Norfolk Southern Corp. (Road & Rail)		585		150,831
Northrop Grumman Corp. (Aerospace & Defense)		350		127,057
nVent Electric PLC (Electrical Equipment)		393		12,423
Old Dominion Freight Line, Inc. (Road & Rail)		224		60,290
Oshkosh Corp. (Machinery)		161		19,248
Otis Worldwide Corp. (Machinery)		944		84,535
Owens Corning (Building Products)		244		23,463
PACCAR, Inc. (Machinery)		813		67,471
Packaging Corp. of America (Containers & Packaging)		224		31,696
Parker-Hannifin Corp. (Machinery)		302		94,233
Paychex, Inc. (IT Services)		750		85,365
PayPal Holdings, Inc.* (IT Services)		2,751		757,982
Pentair PLC (Machinery)		390		28,731
PerkinElmer, Inc. (Life Sciences Tools & Services)		263		47,926
Quanta Services, Inc. (Construction & Engineering)		327		29,724
Raytheon Technologies Corp. (Aerospace & Defense)		3,549		308,586
Regal Beloit Corp. (Electrical Equipment)		96		14,134
Republic Services, Inc.—Class A (Commercial Services & Supplies)		493		58,351
Robert Half International, Inc. (Professional Services)		264		25,927
Rockwell Automation, Inc. (Electrical Equipment)		271		83,311
Roper Technologies, Inc. (Industrial Conglomerates)		246		120,870
Science Applications International Corp. (IT Services)		135		11,786
Sealed Air Corp. (Containers & Packaging)		357		20,260
Sensata Technologies Holding PLC* (Electrical Equipment)		370		21,689
Shoals Technologies Group, Inc.*—Class A (Electrical Equipment)		217		6,313
Silgan Holdings, Inc. (Containers & Packaging)		185		7,496
Siteone Landscape Supply, Inc.* (Trading Companies & Distributors)		104		18,177
Snap-on, Inc. (Machinery)		126		27,465
Sonoco Products Co. (Containers & Packaging)		235		14,991
Square, Inc.*—Class A (IT Services)		917		226,737
Stericycle, Inc.* (Commercial Services & Supplies)		216		15,239
TE Connectivity, Ltd. (Electronic Equipment, Instruments & Components)		773		113,994
Teledyne Technologies, Inc.* (Aerospace & Defense)		110		49,805
Tetra Tech, Inc. (Commercial Services & Supplies)		127		16,957
Textron, Inc. (Aerospace & Defense)		529		36,506
The Boeing Co.* (Aerospace & Defense)		1,287		291,480
The Middleby Corp.* (Machinery)		130		24,894
The Sherwin-Williams Co. (Chemicals)		561		163,268
The Timken Co. (Machinery)		160		12,720
The Toro Co. (Machinery)		250		28,435
The Western Union Co. (IT Services)		958		22,235
Trane Technologies PLC (Building Products)		561		114,225
TransDigm Group, Inc.* (Aerospace & Defense)		128		82,060
TransUnion (Professional Services)		448		53,787
Trex Co., Inc.* (Building Products)		270		26,217
Trimble, Inc.* (Electronic Equipment, Instruments & Components)		588		50,274
TriNet Group, Inc.* (Professional Services)		94		7,800
Union Pacific Corp. (Road & Rail)		1,555		340,171
United Parcel Service, Inc.—Class B (Air Freight & Logistics)		1,693		323,973
United Rentals, Inc.* (Trading Companies & Distributors)		169		55,694
Univar Solutions, Inc.* (Trading Companies &  Distributors)		397		9,742
Valmont Industries, Inc. (Construction & Engineering)		49		11,611
Verisk Analytics, Inc.—Class A (Professional Services)		379		71,987
Vontier Corp. (Electronic Equipment, Instruments & Components)		395		12,778
Vulcan Materials Co. (Construction Materials)		311		55,977
W.W. Grainger, Inc. (Trading Companies & Distributors)		103		45,792

See accompanying notes to the financial statements.

July 31, 2021 :: Schedule of Portfolio Investments :: Industrials UltraSector ProFund :: 109

Common Stocks, continued

	Shares		Value
Waste Management, Inc. (Commercial Services & Supplies)		910	$	134,917
Watsco, Inc. (Trading Companies & Distributors)		77		21,748
WESCO International, Inc.* (Trading Companies & Distributors)		1		106
Westinghouse Air Brake Technologies Corp. (Machinery)		416		35,306
WestRock Co. (Containers & Packaging)		624		30,707
WEX, Inc.* (IT Services)		105		19,922
Woodward, Inc. (Machinery)		137		16,654
XPO Logistics, Inc.* (Air Freight & Logistics)		238		33,008
Xylem, Inc. (Machinery)		421		52,983
Zebra Technologies Corp.* (Electronic Equipment, Instruments & Components)		125		69,060
TOTAL COMMON STOCKS (Cost $7,952,875)				11,840,293

Repurchase Agreements^(b)(c) (31.7%)

	Principal Amount		Value
Repurchase Agreements with various counterparties, 0.00%, dated 7/30/21, due 8/2/21, total to be received $6,258,000	$	6,258,000	$	6,258,000
TOTAL REPURCHASE AGREEMENTS (Cost $6,258,000)				6,258,000

Collateral for Securities Loaned^(d)(NM)

	Shares		Value
BlackRock Liquidity Funds FedFund Portfolio—Institutional Shares, 0.03%(e)		3,796	$	3,796
TOTAL COLLATERAL FOR SECURITIES LOANED (Cost $3,796)				3,796
TOTAL INVESTMENT SECURITIES (Cost $14,214,671)—91.6%				18,102,089
Net other assets (liabilities)—8.4%				1,663,988
NET ASSETS—100.0%			$	19,766,077

* Non-income producing security.

^(a) All or part of this security was on loan as of July 31, 2021. The total value of securities on loan as of July 31, 2021 was $3,466.

^(b) The ProFund invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" under Note 2 in the Notes to the Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.

^(c) A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. As of July 31, 2021, the aggregate amount held in a segregated account was $2,823,000.

^(d) Securities were purchased with cash collateral held from securities on loan at July 31, 2021.

^(e) Rate periodically changes. Rate disclosed is the daily yield on July 31, 2021.

Total Return Swap Agreements—Long

Underlying Instrument	Counterparty	Termination Date(1)		Rate Paid (Received)(2)			Notional Amount		Value and Unrealized Appreciation/ (Depreciation)
Dow Jones U.S. Industrials Index	Goldman Sachs International		8/23/21		0.59	%	$	8,119,737	$	(27,338	)
Dow Jones U.S. Industrials Index	UBS AG		8/23/21		0.44	%		9,751,120		(38,161	)
							$	17,870,857	$	(65,499	)

⁽¹⁾ Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

⁽²⁾ Reflects the floating financing rate, as of July 31, 2021, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

Industrials UltraSector ProFund invested in the following industries as of July 31, 2021:

	Value		% of Net Assets
Aerospace & Defense	$	1,477,730		7.5	%
Air Freight & Logistics		595,872		3.0	%
Building Products		546,422		2.8	%
Chemicals		163,268		0.8	%
Commercial Services & Supplies		340,916		1.7	%
Construction & Engineering		133,198		0.7	%
Construction Materials		123,151		0.6	%
Containers & Packaging		387,267		2.0	%
Electrical Equipment		617,734		3.1	%
Electronic Equipment, Instruments & Components		651,926		3.3	%
Industrial Conglomerates		1,060,529		5.4	%
IT Services		2,605,688		13.1	%
Life Sciences Tools & Services		47,927		0.3	%
Machinery		1,642,690		8.3	%
Marine		8,165		NM
Paper & Forest Products		13,306		0.1	%
Professional Services		322,022		1.6	%
Road & Rail		842,015		4.3	%
Trading Companies & Distributors		253,673		1.3	%
Transportation Infrastructure		6,794		NM
Other**		7,925,784		40.1	%
Total	$	19,766,077		100.0	%

** Includes any non-equity securities and net other assets (liabilities), which includes any receivable for capital shares issued and payable for capital shares redeemed.

^NM Not meaningful, amount is less than 0.05%.

See accompanying notes to the financial statements.

110 :: Internet UltraSector ProFund :: Schedule of Portfolio Investments :: July 31, 2021

Common Stocks (75.4%)

	Shares		Value
Akamai Technologies, Inc.* (IT Services)		23,426	$	2,809,246
Alphabet, Inc.*—Class A (Interactive Media & Services)		3,580		9,646,418
Alphabet, Inc.*—Class C (Interactive Media & Services)		3,390		9,167,984
Amazon.com, Inc.* (Internet & Direct Marketing Retail)		5,017		16,694,520
Arista Networks, Inc.* (Communications Equipment)		7,781		2,959,815
Box, Inc.*—Class A (Software)		49,196		1,176,768
Bumble, Inc.*—Class A (Interactive Media & Services)		23,105		1,175,582
Ciena Corp.* (Communications Equipment)		32,906		1,913,155
Cisco Systems, Inc. (Communications Equipment)		145,564		8,059,878
Citrix Systems, Inc. (Software)		20,561		2,071,521
Cloudera, Inc.* (Software)		79,875		1,267,616
CommScope Holding Co., Inc.* (Communications Equipment)		65,456		1,385,049
Coupa Software, Inc.* (Software)		11,639		2,525,663
Datadog, Inc.*—Class A (Software)		30,659		3,393,951
DocuSign, Inc.* (Software)		17,629		5,254,147
Dropbox, Inc.* (Software)		65,445		2,060,863
eBay, Inc. (Internet & Direct Marketing Retail)		61,132		4,169,814
Etsy, Inc.* (Internet & Direct Marketing Retail)		17,334		3,180,962
Expedia Group, Inc.* (Internet & Direct Marketing Retail)		17,958		2,888,903
Facebook, Inc.*—Class A (Interactive Media & Services)		39,109		13,934,538
Fastly, Inc.*—Class A (IT Services)		26,598		1,278,566
GoDaddy, Inc.*—Class A (IT Services)		28,866		2,420,414
Juniper Networks, Inc. (Communications Equipment)		69,502		1,955,786
Match Group, Inc.* (Interactive Media & Services)		26,987		4,298,219
Netflix, Inc.* (Entertainment)		15,755		8,154,315
Nutanix, Inc.*—Class A (Software)		50,170		1,807,123
Okta, Inc.* (IT Services)		15,040		3,726,762
PayPal Holdings, Inc.* (IT Services)		34,306		9,452,331
Pinterest, Inc.*—Class A (Interactive Media & Services)		56,280		3,314,892
Salesforce.com, Inc.* (Software)		33,993		8,223,927
Snap, Inc.* (Interactive Media & Services)		75,467		5,616,254
Snowflake, Inc.*—Class A (IT Services)		10,054		2,671,549
Teladoc Health, Inc.* (Health Care Technology)		18,603		2,761,615
Twitter, Inc.* (Interactive Media & Services)		71,228		4,968,153
Veeva Systems, Inc.*—Class A (Health Care Technology)		13,461		4,478,610
VeriSign, Inc.* (IT Services)		13,413		2,902,171
Vonage Holdings Corp.* (Diversified Telecommunication Services)		86,509		1,233,618
Wayfair, Inc.*—Class A (Internet & Direct Marketing Retail)		9,479		2,287,851
Workday, Inc.*—Class A (Software)		17,868		4,188,259
Zillow Group, Inc.*—Class A (Interactive Media & Services)		4,928		527,937
Zillow Group, Inc.*—Class C (Interactive Media & Services)		21,463		2,280,658
Zoom Video Communications, Inc.*—Class A (Software)		15,371		5,811,776
TOTAL COMMON STOCKS (Cost $77,443,176)				180,097,179

Repurchase Agreements^(a)(b) (27.5%)

	Principal Amount		Value
Repurchase Agreements with various counterparties, 0.00%, dated 7/30/21, due 8/2/21, total to be received $65,635,000	$	65,635,000	$	65,635,000
TOTAL REPURCHASE AGREEMENTS (Cost $65,635,000)				65,635,000
TOTAL INVESTMENT SECURITIES (Cost $143,078,176)—102.9%				245,732,179
Net other assets (liabilities)—(2.9)%				(6,826,514	)
NET ASSETS—100.0%			$	238,905,665

* Non-income producing security.

^(a) The ProFund invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" under Note 2 in the Notes to the Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.

^(b) A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. As of July 31, 2021, the aggregate amount held in a segregated account was $37,056,000.

Total Return Swap Agreements—Long

Underlying Instrument	Counterparty	Termination Date(1)		Rate Paid (Received)(2)			Notional Amount		Value and Unrealized Appreciation/ (Depreciation)
Dow Jones Internet Composite Index	Goldman Sachs International		8/23/21		0.59	%	$	92,960,758	$	(3,766,548	)
Dow Jones Internet Composite Index	UBS AG		8/23/21		0.44	%		85,202,243	(3,501,520		)
							$	178,163,001	$	(7,268,068	)

⁽¹⁾ Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

⁽²⁾ Reflects the floating financing rate, as of July 31, 2021, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

See accompanying notes to the financial statements.

July 31, 2021 :: Schedule of Portfolio Investments :: Internet UltraSector ProFund :: 111

Internet UltraSector ProFund invested in the following industries as of July 31, 2021:

	Value		% of Net Assets
Communications Equipment	$	16,273,684		6.8	%
Diversified Telecommunication Services		1,233,618		0.5	%
Entertainment		8,154,315		3.4	%
Health Care Technology		7,240,225		3.1	%
Interactive Media & Services		54,930,634		22.9	%
Internet & Direct Marketing Retail		29,222,050		12.3	%
IT Services		25,261,039		10.6	%
Software		37,781,614		15.8	%
Other**		58,808,486		24.6	%
Total	$	238,905,665		100.0	%

** Includes any non-equity securities and net other assets (liabilities), which includes any receivable for capital shares issued and payable for capital shares redeemed.

See accompanying notes to the financial statements.

112 :: Large-Cap Growth ProFund :: Schedule of Portfolio Investments :: July 31, 2021

Common Stocks (99.9%)

	Shares		Value
Abbott Laboratories (Health Care Equipment & Supplies)		1,730	$	209,294
AbbVie, Inc. (Biotechnology)		2,153		250,394
ABIOMED, Inc.* (Health Care Equipment & Supplies)		76		24,863
Accenture PLC—Class A (IT Services)		584		185,525
Activision Blizzard, Inc. (Entertainment)		755		63,133
Adobe, Inc.* (Software)		788		489,844
Advanced Micro Devices, Inc.* (Semiconductors & Semiconductor Equipment)		2,003		212,699
Agilent Technologies, Inc. (Life Sciences Tools & Services)		362		55,469
Air Products & Chemicals, Inc. (Chemicals)		165		48,020
Akamai Technologies, Inc.* (IT Services)		173		20,746
Albemarle Corp. (Chemicals)		192		39,560
Align Technology, Inc.* (Health Care Equipment & Supplies)		119		82,800
Allegion PLC (Building Products)		63		8,606
Alphabet, Inc.*—Class A (Interactive Media & Services)		492		1,325,709
Alphabet, Inc.*—Class C (Interactive Media & Services)		469		1,268,373
Amazon.com, Inc.* (Internet & Direct Marketing Retail)		704		2,342,624
American Tower Corp. (Equity Real Estate Investment Trusts)		383		108,312
American Water Works Co., Inc. (Water Utilities)		150		25,517
AMETEK, Inc. (Electrical Equipment)		189		26,280
Amgen, Inc. (Biotechnology)		475		114,732
Amphenol Corp.—Class A (Electronic Equipment, Instruments & Components)		613		44,437
Analog Devices, Inc. (Semiconductors & Semiconductor Equipment)		264		44,199
ANSYS, Inc.* (Software)		144		53,058
Aon PLC (Insurance)		192		49,926
Apple, Inc. (Technology Hardware, Storage & Peripherals)		25,828		3,767,272
Applied Materials, Inc. (Semiconductors & Semiconductor Equipment)		1,511		211,434
Aptiv PLC* (Auto Components)		299		49,888
Arista Networks, Inc.* (Communications Equipment)		90		34,236
Arthur J. Gallagher & Co. (Insurance)		147		20,479
Autodesk, Inc.* (Software)		363		116,570
Automatic Data Processing, Inc. (IT Services)		337		70,645
AutoZone, Inc.* (Specialty Retail)		16		25,977
Avery Dennison Corp. (Containers & Packaging)		55		11,587
Ball Corp. (Containers & Packaging)		349		28,227
Best Buy Co., Inc. (Specialty Retail)		184		20,672
Biogen, Inc.* (Biotechnology)		132		43,128
Bio-Rad Laboratories, Inc.*—Class A (Life Sciences Tools & Services)		35		25,883
BlackRock, Inc.—Class A (Capital Markets)		161		139,614
Booking Holdings, Inc.* (Internet & Direct Marketing Retail)		24		52,278
Bristol-Myers Squibb Co. (Pharmaceuticals)		1,918		130,175
Broadcom, Inc. (Semiconductors & Semiconductor Equipment)		457		221,828
Broadridge Financial Solutions, Inc. (IT Services)		98		17,002
Brown-Forman Corp.—Class B (Beverages)		154		10,922
Cadence Design Systems, Inc.* (Software)		461		68,067
Caesars Entertainment, Inc.* (Hotels, Restaurants & Leisure)		201		17,559
Carrier Global Corp. (Building Products)		866		47,847
Catalent, Inc.* (Pharmaceuticals)		279		33,427
Caterpillar, Inc. (Machinery)		418		86,421
Cboe Global Markets, Inc. (Capital Markets)		89		10,544
CDW Corp. (Electronic Equipment, Instruments & Components)		105		19,252
Cerner Corp. (Health Care Technology)		217		17,445
Charles River Laboratories International, Inc.* (Life Sciences Tools & Services)		82		33,367
Charter Communications, Inc.*—Class A (Media)		227		168,899
Chipotle Mexican Grill, Inc.* (Hotels, Restaurants & Leisure)		45		83,855
Church & Dwight Co., Inc. (Household Products)		273		23,636
Cintas Corp. (Commercial Services & Supplies)		98		38,630
Citrix Systems, Inc. (Software)		134		13,501
Cognizant Technology Solutions Corp.—Class A (IT Services)		451		33,162
Colgate-Palmolive Co. (Household Products)		727		57,797
Comcast Corp.—Class A (Media)		3,331		195,963
Copart, Inc.* (Commercial Services & Supplies)		344		50,568
Corning, Inc. (Electronic Equipment, Instruments & Components)		600		25,116
Costco Wholesale Corp. (Food & Staples Retailing)		389		167,161
Crown Castle International Corp. (Equity Real Estate Investment Trusts)		425		82,063
CSX Corp. (Road & Rail)		1,946		62,895
Cummins, Inc. (Machinery)		107		24,835
D.R. Horton, Inc. (Household Durables)		329		31,397
Danaher Corp. (Health Care Equipment & Supplies)		710		211,217
DaVita, Inc.* (Health Care Providers & Services)		120		14,430
Deere & Co. (Machinery)		389		140,658
DexCom, Inc.* (Health Care Equipment & Supplies)		158		81,451
Dollar General Corp. (Multiline Retail)		391		90,962
Domino's Pizza, Inc. (Hotels, Restaurants & Leisure)		63		33,106
Dow, Inc. (Chemicals)		604		37,545
Duke Realty Corp. (Equity Real Estate Investment Trusts)		261		13,280
eBay, Inc. (Internet & Direct Marketing Retail)		1,072		73,121
Ecolab, Inc. (Chemicals)		189		41,737
Edwards Lifesciences Corp.* (Health Care Equipment & Supplies)		585		65,678
Electronic Arts, Inc. (Entertainment)		256		36,854
Eli Lilly & Co. (Pharmaceuticals)		799		194,557
Emerson Electric Co. (Electrical Equipment)		403		40,659
Enphase Energy, Inc.* (Electrical Equipment)		223		42,281
Equifax, Inc. (Professional Services)		101		26,321
Equinix, Inc. (Equity Real Estate Investment Trusts)		87		71,376
Etsy, Inc.* (Internet & Direct Marketing Retail)		212		38,904

See accompanying notes to the financial statements.

July 31, 2021 :: Schedule of Portfolio Investments :: Large-Cap Growth ProFund :: 113

Common Stocks, continued

	Shares		Value
Expedia Group, Inc.* (Internet & Direct Marketing Retail)		87	$	13,996
Expeditors International of Washington, Inc. (Air Freight & Logistics)		182		23,342
Extra Space Storage, Inc. (Equity Real Estate Investment Trusts)		107		18,633
F5 Networks, Inc.* (Communications Equipment)		44		9,086
Facebook, Inc.*—Class A (Interactive Media & Services)		3,946		1,405,960
Fastenal Co. (Trading Companies & Distributors)		711		38,941
FedEx Corp. (Air Freight & Logistics)		259		72,507
First Horizon Corp. (Banks)		1		12
First Republic Bank (Banks)		154		30,033
Fiserv, Inc.* (IT Services)		669		77,009
FleetCor Technologies, Inc.* (IT Services)		60		15,493
FMC Corp. (Chemicals)		218		23,315
Fortinet, Inc.* (Software)		223		60,710
Fortune Brands Home & Security, Inc. (Building Products)		128		12,476
Freeport-McMoRan, Inc. (Metals & Mining)		1,506		57,378
Garmin, Ltd. (Household Durables)		142		22,322
Gartner, Inc.* (IT Services)		76		20,119
Generac Holdings, Inc.* (Electrical Equipment)		107		44,871
Hess Corp. (Oil, Gas & Consumable Fuels)		242		18,498
Hilton Worldwide Holdings, Inc.* (Hotels, Restaurants & Leisure)		167		21,952
Hologic, Inc.* (Health Care Equipment & Supplies)		306		22,962
Humana, Inc. (Health Care Providers & Services)		110		46,845
IDEX Corp. (Machinery)		55		12,468
IDEXX Laboratories, Inc.* (Health Care Equipment & Supplies)		139		94,316
IHS Markit, Ltd. (Professional Services)		405		47,320
Illinois Tool Works, Inc. (Machinery)		212		48,054
Illumina, Inc.* (Life Sciences Tools & Services)		121		59,986
Incyte Corp.* (Biotechnology)		194		15,006
Intercontinental Exchange, Inc. (Capital Markets)		504		60,394
Intuit, Inc. (Software)		451		239,016
Intuitive Surgical, Inc.* (Health Care Equipment & Supplies)		135		133,847
IPG Photonics Corp.* (Electronic Equipment, Instruments & Components)		26		5,672
IQVIA Holdings, Inc.* (Life Sciences Tools & Services)		200		49,540
J.B. Hunt Transport Services, Inc. (Road & Rail)		80		13,476
Jack Henry & Associates, Inc. (IT Services)		60		10,445
Jacobs Engineering Group, Inc. (Construction & Engineering)		132		17,853
Johnson & Johnson (Pharmaceuticals)		1,738		299,283
Kansas City Southern (Road & Rail)		77		20,621
Keysight Technologies, Inc.* (Electronic Equipment, Instruments & Components)		175		28,796
Kimberly-Clark Corp. (Household Products)		214		29,044
KLA Corp. (Semiconductors & Semiconductor Equipment)		255		88,781
L Brands, Inc. (Specialty Retail)		221		17,695
L3Harris Technologies, Inc. (Aerospace & Defense)		192		43,534
Lam Research Corp. (Semiconductors & Semiconductor Equipment)		232		147,879
Lamb Weston Holding, Inc. (Food Products)		91		6,076
Linde PLC (Chemicals)		493		151,543
Lockheed Martin Corp. (Aerospace & Defense)		186		69,131
Lowe's Cos., Inc. (Specialty Retail)		827		159,355
MarketAxess Holdings, Inc. (Capital Markets)		63		29,936
Marriott International, Inc.*—Class A (Hotels, Restaurants & Leisure)		1		103
Marsh & McLennan Cos., Inc. (Insurance)		408		60,065
Masco Corp. (Building Products)		185		11,046
Mastercard, Inc.—Class A (IT Services)		979		377,835
Maxim Integrated Products, Inc. (Semiconductors & Semiconductor Equipment)		269		26,876
McCormick & Co., Inc. (Food Products)		188		15,824
McDonald's Corp. (Hotels, Restaurants & Leisure)		490		118,928
Merck & Co., Inc. (Pharmaceuticals)		2,005		154,124
Mettler-Toledo International, Inc.* (Life Sciences Tools & Services)		37		54,527
Microchip Technology, Inc. (Semiconductors & Semiconductor Equipment)		327		46,800
Microsoft Corp. (Software)		12,404		3,534,023
Moderna, Inc.* (Biotechnology)		290		102,544
Monolithic Power Systems, Inc. (Semiconductors & Semiconductor Equipment)		72		32,347
Monster Beverage Corp.* (Beverages)		610		57,535
Moody's Corp. (Capital Markets)		191		71,816
Motorola Solutions, Inc. (Communications Equipment)		125		27,990
MSCI, Inc.—Class A (Capital Markets)		135		80,455
Nasdaq, Inc. (Capital Markets)		123		22,968
Netflix, Inc.* (Entertainment)		730		377,826
Newmont Corp. (Metals & Mining)		730		45,859
NextEra Energy, Inc. (Electric Utilities)		1,390		108,280
NIKE, Inc.—Class B (Textiles, Apparel & Luxury Goods)		1,345		225,301
Norfolk Southern Corp. (Road & Rail)		186		47,956
NRG Energy, Inc. (Independent Power and Renewable Electricity Producers)		243		10,022
NVIDIA Corp. (Semiconductors & Semiconductor Equipment)		4,098		799,069
NXP Semiconductors N.V. (Semiconductors & Semiconductor Equipment)		22		4,541
Old Dominion Freight Line, Inc. (Road & Rail)		158		42,526
Oracle Corp. (Software)		1,649		143,694
O'Reilly Automotive, Inc.* (Specialty Retail)		79		47,703
Organon & Co.* (Pharmaceuticals)		205		5,947
Otis Worldwide Corp. (Machinery)		348		31,163
Parker-Hannifin Corp. (Machinery)		110		34,323
Paychex, Inc. (IT Services)		280		31,870
Paycom Software, Inc.* (Software)		80		32,000
PayPal Holdings, Inc.* (IT Services)		1,934		532,876
Penn National Gaming, Inc.* (Hotels, Restaurants & Leisure)		149		10,189
PepsiCo, Inc. (Beverages)		953		149,573

See accompanying notes to the financial statements.

114 :: Large-Cap Growth ProFund :: Schedule of Portfolio Investments :: July 31, 2021

Common Stocks, continued

	Shares		Value
PerkinElmer, Inc. (Life Sciences Tools & Services)		186	$	33,895
Pool Corp. (Distributors)		65		31,058
PTC, Inc.* (Software)		175		23,704
Public Storage (Equity Real Estate Investment Trusts)		108		33,748
PulteGroup, Inc. (Household Durables)		229		12,565
Qorvo, Inc.* (Semiconductors & Semiconductor Equipment)		186		35,264
Qualcomm, Inc. (Semiconductors & Semiconductor Equipment)		1,858		278,328
Quanta Services, Inc. (Construction & Engineering)		135		12,272
Regeneron Pharmaceuticals, Inc.* (Biotechnology)		175		100,557
ResMed, Inc. (Health Care Equipment & Supplies)		237		64,417
Rockwell Automation, Inc. (Electrical Equipment)		107		32,894
Rollins, Inc. (Commercial Services & Supplies)		371		14,220
Roper Technologies, Inc. (Industrial Conglomerates)		96		47,169
S&P Global, Inc. (Capital Markets)		399		171,058
Salesforce.com, Inc.* (Software)		1,589		384,427
SBA Communications Corp. (Equity Real Estate Investment Trusts)		117		39,896
Sealed Air Corp. (Containers & Packaging)		173		9,818
ServiceNow, Inc.* (Software)		326		191,652
Skyworks Solutions, Inc. (Semiconductors & Semiconductor Equipment)		144		26,569
Starbucks Corp. (Hotels, Restaurants & Leisure)		1,123		136,365
STERIS PLC (Health Care Equipment & Supplies)		95		20,705
Stryker Corp. (Health Care Equipment & Supplies)		266		72,070
SVB Financial Group* (Banks)		89		48,947
Synopsys, Inc.* (Software)		255		73,437
T. Rowe Price Group, Inc. (Capital Markets)		224		45,732
Take-Two Interactive Software, Inc.* (Entertainment)		192		33,297
Target Corp. (Multiline Retail)		539		140,706
TE Connectivity, Ltd. (Electronic Equipment, Instruments & Components)		211		31,116
Teledyne Technologies, Inc.* (Aerospace & Defense)		37		16,752
Teleflex, Inc. (Health Care Equipment & Supplies)		35		13,910
Teradyne, Inc. (Semiconductors & Semiconductor Equipment)		275		34,925
Tesla, Inc.* (Automobiles)		1,270		872,744
Texas Instruments, Inc. (Semiconductors & Semiconductor Equipment)		805		153,449
The AES Corp. (Independent Power and Renewable Electricity Producers)		419		9,930
The Clorox Co. (Household Products)		139		25,144
The Coca-Cola Co. (Beverages)		2,241		127,804
The Cooper Cos., Inc. (Health Care Equipment & Supplies)		32		13,497
The Estee Lauder Co., Inc. (Personal Products)		218		72,775
The Hershey Co. (Food Products)		99		17,709
The Home Depot, Inc. (Specialty Retail)		1,257		412,536
The Procter & Gamble Co. (Household Products)		1,935		275,215
The Progressive Corp. (Insurance)		617		58,714
The Sherwin-Williams Co. (Chemicals)		274		79,742
Thermo Fisher Scientific, Inc. (Life Sciences Tools & Services)		650		351,007
T-Mobile U.S., Inc.* (Wireless Telecommunication Services)		667		96,061
Tractor Supply Co. (Specialty Retail)		189		34,196
Trane Technologies PLC (Building Products)		181		36,853
TransDigm Group, Inc.* (Aerospace & Defense)		54		34,619
Trimble, Inc.* (Electronic Equipment, Instruments & Components)		414		35,397
Twitter, Inc.* (Interactive Media & Services)		1,320		92,070
Tyler Technologies, Inc.* (Software)		65		32,022
Ulta Beauty, Inc.* (Specialty Retail)		44		14,775
Union Pacific Corp. (Road & Rail)		526		115,067
United Parcel Service, Inc.—Class B (Air Freight & Logistics)		831		159,020
United Rentals, Inc.* (Trading Companies & Distributors)		121		39,876
UnitedHealth Group, Inc. (Health Care Providers & Services)		809		333,486
VeriSign, Inc.* (IT Services)		69		14,930
Verisk Analytics, Inc.—Class A (Professional Services)		268		50,904
Vertex Pharmaceuticals, Inc.* (Biotechnology)		423		85,268
Visa, Inc.—Class A (IT Services)		1,669		411,225
Vulcan Materials Co. (Construction Materials)		95		17,099
W.W. Grainger, Inc. (Trading Companies & Distributors)		44		19,562
Waste Management, Inc. (Commercial Services & Supplies)		252		37,362
Waters Corp.* (Life Sciences Tools & Services)		54		21,050
West Pharmaceutical Services, Inc. (Health Care Equipment & Supplies)		123		50,643
Xilinx, Inc. (Semiconductors & Semiconductor Equipment)		405		60,685
Xylem, Inc. (Machinery)		136		17,116
Yum! Brands, Inc. (Hotels, Restaurants & Leisure)		216		28,380
Zebra Technologies Corp.* (Electronic Equipment, Instruments & Components)		65		35,911
Zoetis, Inc. (Pharmaceuticals)		569		115,336
TOTAL COMMON STOCKS (Cost $20,294,500)				32,842,184
TOTAL INVESTMENT SECURITIES (Cost $20,294,500)—99.9%				32,842,184
Net other assets (liabilities)—0.1%				33,585
NET ASSETS—100.0%			$	32,875,769

* Non-income producing security.

See accompanying notes to the financial statements.

July 31, 2021 :: Schedule of Portfolio Investments :: Large-Cap Growth ProFund :: 115

Large-Cap Growth ProFund invested in the following industries as of July 31, 2021:

	Value		% of Net Assets
Aerospace & Defense	$	164,036		0.5	%
Air Freight & Logistics		254,869		0.8	%
Auto Components		49,888		0.1	%
Automobiles		872,744		2.7	%
Banks		78,992		0.2	%
Beverages		345,834		1.0	%
Biotechnology		711,629		2.2	%
Building Products		116,828		0.4	%
Capital Markets		632,518		1.9	%
Chemicals		421,462		1.3	%
Commercial Services & Supplies		140,780		0.4	%
Communications Equipment		71,311		0.2	%
Construction & Engineering		30,124		0.1	%
Construction Materials		17,099		0.1	%
Containers & Packaging		49,632		0.1	%
Distributors		31,058		0.1	%
Electric Utilities		108,281		0.3	%
Electrical Equipment		186,985		0.6	%
Electronic Equipment, Instruments & Components		225,697		0.7	%
Entertainment		511,110		1.6	%
Equity Real Estate Investment Trusts		367,308		1.1	%
Food & Staples Retailing		167,161		0.5	%
Food Products		39,609		0.1	%
Health Care Equipment & Supplies		1,161,671		3.5	%
Health Care Providers & Services		394,761		1.2	%
Health Care Technology		17,445		0.1	%
Hotels, Restaurants & Leisure		450,437		1.4	%
Household Durables		66,284		0.2	%
Household Products		410,836		1.2	%
Independent Power and Renewable Electricity Producers		19,952		0.1	%
Industrial Conglomerates		47,169		0.1	%
Insurance		189,184		0.6	%
Interactive Media & Services		4,092,112		12.4	%
Internet & Direct Marketing Retail		2,520,922		7.7	%
IT Services		1,818,882		5.5	%
Life Sciences Tools & Services		684,724		2.1	%
Machinery		395,039		1.2	%
Media		364,862		1.1	%
Metals & Mining		103,237		0.3	%
Multiline Retail		231,668		0.7	%
Oil, Gas & Consumable Fuels		18,498		0.1	%
Personal Products		72,775		0.2	%
Pharmaceuticals		932,849		2.8	%
Professional Services		124,545		0.4	%
Road & Rail		302,541		0.9	%
Semiconductors & Semiconductor Equipment		2,425,673		7.4	%
Software		5,455,725		16.6	%
Specialty Retail		732,909		2.2	%
Technology Hardware, Storage & Peripherals		3,767,272		11.5	%
Textiles, Apparel & Luxury Goods		225,301		0.7	%
Trading Companies & Distributors		98,379		0.3	%
Water Utilities		25,516		0.1	%
Wireless Telecommunication Services		96,061		0.3	%
Other**		33,585		0.1	%
Total	$	32,875,769		100.0	%

** Includes any non-equity securities and net other assets (liabilities), which includes any receivable for capital shares issued and payable for capital shares redeemed.

See accompanying notes to the financial statements.

116 :: Large-Cap Value ProFund :: Schedule of Portfolio Investments :: July 31, 2021

Common Stocks (100.0%)

	Shares		Value
3M Co. (Industrial Conglomerates)		207	$	40,974
A.O. Smith Corp. (Building Products)		48		3,376
Abbott Laboratories (Health Care Equipment & Supplies)		262		31,697
AbbVie, Inc. (Biotechnology)		166		19,306
Accenture PLC—Class A (IT Services)		101		32,086
Activision Blizzard, Inc. (Entertainment)		116		9,700
Advance Auto Parts, Inc. (Specialty Retail)		26		5,514
Aflac, Inc. (Insurance)		226		12,430
Agilent Technologies, Inc. (Life Sciences Tools & Services)		30		4,597
Air Products & Chemicals, Inc. (Chemicals)		43		12,514
Akamai Technologies, Inc.* (IT Services)		22		2,638
Alaska Air Group, Inc.* (Airlines)		45		2,611
Alexandria Real Estate Equities, Inc. (Equity Real Estate Investment Trusts)		48		9,664
Allegion PLC (Building Products)		20		2,732
Alliant Energy Corp. (Electric Utilities)		90		5,268
Altria Group, Inc. (Tobacco)		664		31,899
Amcor PLC (Containers & Packaging)		552		6,381
Ameren Corp. (Multi-Utilities)		91		7,637
American Airlines Group, Inc.* (Airlines)		233		4,749
American Electric Power Co., Inc. (Electric Utilities)		180		15,862
American Express Co. (Consumer Finance)		233		39,733
American International Group, Inc. (Insurance)		309		14,631
American Tower Corp. (Equity Real Estate Investment Trusts)		81		22,906
American Water Works Co., Inc. (Water Utilities)		33		5,614
Ameriprise Financial, Inc. (Capital Markets)		40		10,302
AmerisourceBergen Corp. (Health Care Providers & Services)		52		6,353
AMETEK, Inc. (Electrical Equipment)		41		5,701
Amgen, Inc. (Biotechnology)		104		25,120
Amphenol Corp.—Class A (Electronic Equipment, Instruments & Components)		81		5,872
Analog Devices, Inc. (Semiconductors & Semiconductor Equipment)		75		12,557
Anthem, Inc. (Health Care Providers & Services)		88		33,793
Aon PLC (Insurance)		38		9,881
APA Corp. (Oil, Gas & Consumable Fuels)		135		2,531
Aptiv PLC* (Auto Components)		31		5,173
Archer-Daniels-Midland Co. (Food Products)		200		11,944
Arthur J. Gallagher & Co. (Insurance)		40		5,572
Assurant, Inc. (Insurance)		23		3,630
AT&T, Inc. (Diversified Telecommunication Services)		2,559		71,780
Atmos Energy Corp. (Gas Utilities)		44		4,338
Automatic Data Processing, Inc. (IT Services)		81		16,980
AutoZone, Inc.* (Specialty Retail)		4		6,494
AvalonBay Communities, Inc. (Equity Real Estate Investment Trusts)		48		10,936
Avery Dennison Corp. (Containers & Packaging)		18		3,792
Baker Hughes Co.—Class A (Energy Equipment & Services)		262		5,565
Ball Corp. (Containers & Packaging)		42		3,397
Bank of America Corp. (Banks)		2,704		103,725
Baxter International, Inc. (Health Care Equipment & Supplies)		181		14,000
Becton, Dickinson & Co. (Health Care Equipment & Supplies)		104		26,598
Berkshire Hathaway, Inc.*—Class B (Diversified Financial Services)		679		188,959
Best Buy Co., Inc. (Specialty Retail)		39		4,382
Biogen, Inc.* (Biotechnology)		28		9,148
BlackRock, Inc.—Class A (Capital Markets)		16		13,875
Booking Holdings, Inc.* (Internet & Direct Marketing Retail)		7		15,248
BorgWarner, Inc. (Auto Components)		87		4,261
Boston Properties, Inc. (Equity Real Estate Investment Trusts)		50		5,869
Boston Scientific Corp.* (Health Care Equipment & Supplies)		509		23,210
Bristol-Myers Squibb Co. (Pharmaceuticals)		386		26,198
Broadcom, Inc. (Semiconductors & Semiconductor Equipment)		44		21,358
Broadridge Financial Solutions, Inc. (IT Services)		22		3,817
Brown-Forman Corp.—Class B (Beverages)		32		2,269
C.H. Robinson Worldwide, Inc. (Air Freight & Logistics)		47		4,191
Cabot Oil & Gas Corp. (Oil, Gas & Consumable Fuels)		144		2,304
Caesars Entertainment, Inc.* (Hotels, Restaurants & Leisure)		32		2,796
Campbell Soup Co. (Food Products)		74		3,235
Capital One Financial Corp. (Consumer Finance)		161		26,034
Cardinal Health, Inc. (Health Care Providers & Services)		103		6,116
CarMax, Inc.* (Specialty Retail)		58		7,769
Carnival Corp.*—Class A (Hotels, Restaurants & Leisure)		289		6,257
Carrier Global Corp. (Building Products)		103		5,691
Caterpillar, Inc. (Machinery)		104		21,501
Cboe Global Markets, Inc. (Capital Markets)		20		2,369
CBRE Group, Inc.*—Class A (Real Estate Management & Development)		119		11,479
CDW Corp. (Electronic Equipment, Instruments & Components)		29		5,317
Celanese Corp. (Chemicals)		39		6,075
Centene Corp.* (Health Care Providers & Services)		207		14,202
CenterPoint Energy, Inc. (Multi-Utilities)		210		5,347
Cerner Corp. (Health Care Technology)		62		4,984
CF Industries Holdings, Inc. (Chemicals)		79		3,733
Chevron Corp. (Oil, Gas & Consumable Fuels)		693		70,554
Chubb, Ltd. (Insurance)		160		26,997
Church & Dwight Co., Inc. (Household Products)		29		2,511
Cigna Corp. (Health Care Providers & Services)		125		28,686
Cincinnati Financial Corp. (Insurance)		52		6,130
Cintas Corp. (Commercial Services & Supplies)		10		3,942
Cisco Systems, Inc. (Communications Equipment)		1,508		83,498
Citigroup, Inc. (Banks)		739		49,971
Citizens Financial Group, Inc. (Banks)		152		6,408
Citrix Systems, Inc. (Software)		16		1,612
CME Group, Inc. (Capital Markets)		130		27,577
CMS Energy Corp. (Multi-Utilities)		103		6,364
Cognizant Technology Solutions Corp.— Class A (IT Services)		93		6,838

See accompanying notes to the financial statements.

July 31, 2021 :: Schedule of Portfolio Investments :: Large-Cap Value ProFund :: 117

Common Stocks, continued

	Shares		Value
Colgate-Palmolive Co. (Household Products)		144	$	11,448
Comcast Corp.—Class A (Media)		920		54,124
Comerica, Inc. (Banks)		49		3,364
Conagra Brands, Inc. (Food Products)		173		5,794
ConocoPhillips (Oil, Gas & Consumable Fuels)		484		27,133
Consolidated Edison, Inc. (Multi-Utilities)		122		9,000
Constellation Brands, Inc.—Class A (Beverages)		62		13,909
Corning, Inc. (Electronic Equipment, Instruments & Components)		148		6,195
Corteva, Inc. (Chemicals)		264		11,294
Costco Wholesale Corp. (Food & Staples Retailing)		73		31,370
Crown Castle International Corp. (Equity Real Estate Investment Trusts)		62		11,972
CSX Corp. (Road & Rail)		394		12,734
Cummins, Inc. (Machinery)		29		6,731
CVS Health Corp. (Health Care Providers & Services)		469		38,627
D.R. Horton, Inc. (Household Durables)		46		4,390
Danaher Corp. (Health Care Equipment & Supplies)		72		21,419
Darden Restaurants, Inc. (Hotels, Restaurants & Leisure)		44		6,419
Deere & Co. (Machinery)		29		10,486
Delta Air Lines, Inc.* (Airlines)		230		9,177
DENTSPLY SIRONA, Inc. (Health Care Equipment & Supplies)		78		5,151
Devon Energy Corp. (Oil, Gas & Consumable Fuels)		215		5,556
Diamondback Energy, Inc. (Oil, Gas & Consumable Fuels)		65		5,013
Digital Realty Trust, Inc. (Equity Real Estate Investment Trusts)		101		15,570
Discover Financial Services (Consumer Finance)		112		13,924
Discovery, Inc.*(a) (Media)		62		1,799
Discovery, Inc.*—Class C (Media)		109		2,955
DISH Network Corp.*—Class A (Media)		89		3,728
Dollar Tree, Inc.* (Multiline Retail)		83		8,283
Dominion Energy, Inc. (Multi-Utilities)		289		21,638
Dover Corp. (Machinery)		50		8,356
Dow, Inc. (Chemicals)		135		8,392
DTE Energy Co. (Multi-Utilities)		70		8,212
Duke Energy Corp. (Electric Utilities)		277		29,115
Duke Realty Corp. (Equity Real Estate Investment Trusts)		80		4,070
DuPont de Nemours, Inc. (Chemicals)		191		14,334
DXC Technology Co.* (IT Services)		91		3,638
Eastman Chemical Co. (Chemicals)		48		5,411
Eaton Corp. PLC (Electrical Equipment)		141		22,285
Ecolab, Inc. (Chemicals)		47		10,379
Edison International (Electric Utilities)		135		7,358
Edwards Lifesciences Corp.* (Health Care Equipment & Supplies)		96		10,778
Electronic Arts, Inc. (Entertainment)		46		6,622
Eli Lilly & Co. (Pharmaceuticals)		113		27,516
Emerson Electric Co. (Electrical Equipment)		130		13,116
Entergy Corp. (Electric Utilities)		71		7,307
EOG Resources, Inc. (Oil, Gas & Consumable Fuels)		208		15,155
Equifax, Inc. (Professional Services)		23		5,994
Equinix, Inc. (Equity Real Estate Investment Trusts)		13		10,665
Equity Residential (Equity Real Estate Investment Trusts)		125		10,516
Essex Property Trust, Inc. (Equity Real Estate Investment Trusts)		24		7,874
Everest Re Group, Ltd. (Insurance)		13		3,287
Evergy, Inc. (Electric Utilities)		82		5,348
Eversource Energy (Electric Utilities)		125		10,784
Exelon Corp. (Electric Utilities)		349		16,333
Expedia Group, Inc.* (Internet & Direct Marketing Retail)		33		5,309
Expeditors International of Washington, Inc. (Air Freight & Logistics)		23		2,950
Extra Space Storage, Inc. (Equity Real Estate Investment Trusts)		28		4,876
Exxon Mobil Corp. (Oil, Gas & Consumable Fuels)		1,517		87,334
F5 Networks, Inc.* (Communications Equipment)		12		2,478
Fastenal Co. (Trading Companies & Distributors)		51		2,793
Federal Realty Investment Trust (Equity Real Estate Investment Trusts)		28		3,291
FedEx Corp. (Air Freight & Logistics)		31		8,678
Fidelity National Information Services, Inc. (IT Services)		223		33,238
Fifth Third Bancorp (Banks)		252		9,145
First Horizon Corp. (Banks)		1		13
First Republic Bank (Banks)		29		5,656
FirstEnergy Corp. (Electric Utilities)		194		7,434
Fiserv, Inc.* (IT Services)		70		8,058
FleetCor Technologies, Inc.* (IT Services)		18		4,648
Ford Motor Co.* (Automobiles)		1,411		19,683
Fortive Corp. (Machinery)		119		8,647
Fortune Brands Home & Security, Inc. (Building Products)		23		2,242
Fox Corp.—Class A (Media)		117		4,172
Fox Corp.—Class B (Media)		55		1,828
Franklin Resources, Inc. (Capital Markets)		99		2,925
Freeport-McMoRan, Inc. (Metals & Mining)		200		7,620
Garmin, Ltd. (Household Durables)		26		4,087
Gartner, Inc.* (IT Services)		16		4,236
General Dynamics Corp. (Aerospace & Defense)		83		16,270
General Electric Co. (Industrial Conglomerates)		3,151		40,805
General Mills, Inc. (Food Products)		219		12,890
General Motors Co.* (Automobiles)		457		25,976
Genuine Parts Co. (Distributors)		52		6,600
Gilead Sciences, Inc. (Biotechnology)		448		30,594
Global Payments, Inc. (IT Services)		106		20,501
Globe Life, Inc. (Insurance)		35		3,259
Halliburton Co. (Energy Equipment & Services)		320		6,618
Hanesbrands, Inc. (Textiles, Apparel & Luxury Goods)		128		2,337
Hartford Financial Services Group, Inc. (Insurance)		125		7,953
Hasbro, Inc. (Leisure Products)		44		4,375
HCA Healthcare, Inc. (Health Care Providers & Services)		93		23,083
Healthpeak Properties, Inc. (Equity Real Estate Investment Trusts)		191		7,061

See accompanying notes to the financial statements.

118 :: Large-Cap Value ProFund :: Schedule of Portfolio Investments :: July 31, 2021

Common Stocks, continued

	Shares		Value
Henry Schein, Inc.* (Health Care Providers & Services)		50	$	4,008
Hess Corp. (Oil, Gas & Consumable Fuels)		44		3,363
Hewlett Packard Enterprises Co. (Technology Hardware, Storage & Peripherals)		472		6,844
Hilton Worldwide Holdings, Inc.* (Hotels, Restaurants & Leisure)		64		8,413
Hologic, Inc.* (Health Care Equipment & Supplies)		28		2,101
Honeywell International, Inc. (Industrial Conglomerates)		247		57,746
Hormel Foods Corp. (Food Products)		102		4,731
Host Hotels & Resorts, Inc.* (Equity Real Estate Investment Trusts)		258		4,110
Howmet Aerospace, Inc.* (Aerospace & Defense)		139		4,562
HP, Inc. (Technology Hardware, Storage & Peripherals)		432		12,472
Humana, Inc. (Health Care Providers & Services)		24		10,221
Huntington Bancshares, Inc. (Banks)		533		7,505
Huntington Ingalls Industries, Inc. (Aerospace & Defense)		13		2,667
IDEX Corp. (Machinery)		16		3,627
IHS Markit, Ltd. (Professional Services)		44		5,141
Illinois Tool Works, Inc. (Machinery)		58		13,146
Illumina, Inc.* (Life Sciences Tools & Services)		28		13,881
Incyte Corp.* (Biotechnology)		26		2,011
Ingersoll Rand, Inc.* (Machinery)		136		6,646
Intel Corp. (Semiconductors & Semiconductor Equipment)		1,446		77,679
Intercontinental Exchange, Inc. (Capital Markets)		93		11,144
International Business Machines Corp. (IT Services)		320		45,107
International Flavors & Fragrances, Inc. (Chemicals)		89		13,407
International Paper Co. (Containers & Packaging)		140		8,085
Intuitive Surgical, Inc.* (Health Care Equipment & Supplies)		12		11,898
Invesco, Ltd. (Capital Markets)		137		3,340
IPG Photonics Corp.* (Electronic Equipment, Instruments & Components)		7		1,527
IQVIA Holdings, Inc.* (Life Sciences Tools & Services)		28		6,936
Iron Mountain, Inc. (Equity Real Estate Investment Trusts)		102		4,464
J.B. Hunt Transport Services, Inc. (Road & Rail)		12		2,021
Jack Henry & Associates, Inc. (IT Services)		13		2,263
Jacobs Engineering Group, Inc. (Construction & Engineering)		19		2,570
Johnson & Johnson (Pharmaceuticals)		566		97,466
Johnson Controls International PLC (Building Products)		256		18,283
JPMorgan Chase & Co. (Banks)		1,084		164,530
Juniper Networks, Inc. (Communications Equipment)		119		3,349
Kansas City Southern (Road & Rail)		18		4,820
Kellogg Co. (Food Products)		90		5,702
KeyCorp (Banks)		348		6,842
Keysight Technologies, Inc.* (Electronic Equipment, Instruments & Components)		29		4,772
Kimberly-Clark Corp. (Household Products)		75		10,179
Kimco Realty Corp. (Equity Real Estate Investment Trusts)		157		3,349
Kinder Morgan, Inc. (Oil, Gas & Consumable Fuels)		701		12,183
L Brands, Inc. (Specialty Retail)		37		2,963
L3Harris Technologies, Inc. (Aerospace & Defense)		31		7,029
Laboratory Corp. of America Holdings* (Health Care Providers & Services)		35		10,365
Lamb Weston Holding, Inc. (Food Products)		32		2,137
Las Vegas Sands Corp.* (Hotels, Restaurants & Leisure)		117		4,955
Leggett & Platt, Inc. (Household Durables)		48		2,305
Leidos Holdings, Inc. (IT Services)		46		4,895
Lennar Corp.—Class A (Household Durables)		99		10,410
Lincoln National Corp. (Insurance)		64		3,944
Linde PLC (Chemicals)		79		24,283
Live Nation Entertainment, Inc.* (Entertainment)		53		4,181
LKQ Corp.* (Distributors)		100		5,075
Lockheed Martin Corp. (Aerospace & Defense)		46		17,097
Loews Corp. (Insurance)		81		4,344
Lowe's Cos., Inc. (Specialty Retail)		72		13,874
Lumen Technologies, Inc. (Diversified Telecommunication Services)		360		4,489
LyondellBasell Industries N.V.—Class A (Chemicals)		92		9,138
M&T Bank Corp. (Banks)		44		5,889
Marathon Oil Corp. (Oil, Gas & Consumable Fuels)		285		3,303
Marathon Petroleum Corp. (Oil, Gas & Consumable Fuels)		235		12,977
Marriott International, Inc.*—Class A (Hotels, Restaurants & Leisure)		97		14,108
Marsh & McLennan Cos., Inc. (Insurance)		93		13,691
Martin Marietta Materials, Inc. (Construction Materials)		24		8,719
Masco Corp. (Building Products)		51		3,045
Mastercard, Inc.—Class A (IT Services)		101		38,980
Maxim Integrated Products, Inc. (Semiconductors & Semiconductor Equipment)		38		3,797
McCormick & Co., Inc. (Food Products)		49		4,124
McDonald's Corp. (Hotels, Restaurants & Leisure)		160		38,833
McKesson Corp. (Health Care Providers & Services)		55		11,211
Medtronic PLC (Health Care Equipment & Supplies)		484		63,554
Merck & Co., Inc. (Pharmaceuticals)		474		36,436
MetLife, Inc. (Insurance)		269		15,521
MGM Resorts International (Hotels, Restaurants & Leisure)		146		5,479
Microchip Technology, Inc. (Semiconductors & Semiconductor Equipment)		29		4,150
Micron Technology, Inc.* (Semiconductors & Semiconductor Equipment)		400		31,032
Mid-America Apartment Communities, Inc. (Equity Real Estate Investment Trusts)		39		7,531
Moderna, Inc.* (Biotechnology)		45		15,912
Mohawk Industries, Inc.* (Household Durables)		22		4,288

See accompanying notes to the financial statements.

July 31, 2021 :: Schedule of Portfolio Investments :: Large-Cap Value ProFund :: 119

Common Stocks, continued

	Shares		Value
Molson Coors Beverage Co.*—Class B (Beverages)		68	$	3,325
Mondelez International, Inc.—Class A (Food Products)		500		31,631
Moody's Corp. (Capital Markets)		18		6,768
Morgan Stanley (Capital Markets)		534		51,254
Motorola Solutions, Inc. (Communications Equipment)		34		7,613
Nasdaq, Inc. (Capital Markets)		13		2,427
NetApp, Inc. (Technology Hardware, Storage & Peripherals)		79		6,288
Newell Brands, Inc. (Household Durables)		137		3,391
Newmont Corp. (Metals & Mining)		129		8,104
News Corp.—Class A (Media)		140		3,448
News Corp.—Class B (Media)		45		1,058
NextEra Energy, Inc. (Electric Utilities)		399		31,081
Nielsen Holdings PLC (Professional Services)		130		3,080
NIKE, Inc.—Class B (Textiles, Apparel & Luxury Goods)		166		27,808
NiSource, Inc. (Multi-Utilities)		140		3,468
Norfolk Southern Corp. (Road & Rail)		48		12,376
Northern Trust Corp. (Capital Markets)		73		8,238
Northrop Grumman Corp. (Aerospace & Defense)		52		18,877
NortonLifelock, Inc. (Software)		210		5,212
Norwegian Cruise Line Holdings, Ltd.* (Hotels, Restaurants & Leisure)		135		3,244
NOV, Inc.* (Energy Equipment & Services)		141		1,947
NRG Energy, Inc. (Independent Power and Renewable Electricity Producers)		37		1,526
Nucor Corp. (Metals & Mining)		107		11,130
NVR, Inc.* (Household Durables)		2		10,445
NXP Semiconductors N.V. (Semiconductors & Semiconductor Equipment)		93		19,194
Occidental Petroleum Corp. (Oil, Gas & Consumable Fuels)		300		7,830
Omnicom Group, Inc. (Media)		78		5,680
ONEOK, Inc. (Oil, Gas & Consumable Fuels)		158		8,211
Oracle Corp. (Software)		295		25,707
O'Reilly Automotive, Inc.* (Specialty Retail)		7		4,227
Organon & Co.* (Pharmaceuticals)		45		1,305
Otis Worldwide Corp. (Machinery)		70		6,269
PACCAR, Inc. (Machinery)		126		10,457
Packaging Corp. of America (Containers & Packaging)		35		4,953
Parker-Hannifin Corp. (Machinery)		24		7,489
Paychex, Inc. (IT Services)		54		6,146
Penn National Gaming, Inc.* (Hotels, Restaurants & Leisure)		23		1,573
Pentair PLC (Machinery)		58		4,273
People's United Financial, Inc. (Banks)		157		2,465
PepsiCo, Inc. (Beverages)		288		45,202
Perrigo Co. PLC (Pharmaceuticals)		48		2,305
Pfizer, Inc. (Pharmaceuticals)		2,008		85,962
Philip Morris International, Inc. (Tobacco)		559		55,950
Phillips 66 (Oil, Gas & Consumable Fuels)		158		11,602
Pinnacle West Capital Corp. (Electric Utilities)		38		3,175
Pioneer Natural Resources Co. (Oil, Gas & Consumable Fuels)		83		12,066
PPG Industries, Inc. (Chemicals)		84		13,736
PPL Corp. (Electric Utilities)		275		7,802
Principal Financial Group, Inc. (Insurance)		90		5,592
Prologis, Inc. (Equity Real Estate Investment Trusts)		264		33,802
Prudential Financial, Inc. (Insurance)		140		14,039
Public Service Enterprise Group, Inc. (Multi-Utilities)		180		11,201
Public Storage (Equity Real Estate Investment Trusts)		31		9,687
PulteGroup, Inc. (Household Durables)		48		2,634
PVH Corp.* (Textiles, Apparel & Luxury Goods)		26		2,720
Quanta Services, Inc. (Construction & Engineering)		21		1,909
Quest Diagnostics, Inc. (Health Care Providers & Services)		44		6,239
Ralph Lauren Corp. (Textiles, Apparel & Luxury Goods)		18		2,043
Raymond James Financial, Inc. (Capital Markets)		43		5,568
Raytheon Technologies Corp. (Aerospace & Defense)		543		47,214
Realty Income Corp. (Equity Real Estate Investment Trusts)		133		9,349
Regency Centers Corp. (Equity Real Estate Investment Trusts)		56		3,663
Regions Financial Corp. (Banks)		346		6,661
Republic Services, Inc.—Class A (Commercial Services & Supplies)		78		9,232
Robert Half International, Inc. (Professional Services)		39		3,830
Rockwell Automation, Inc. (Electrical Equipment)		20		6,148
Roper Technologies, Inc. (Industrial Conglomerates)		18		8,844
Ross Stores, Inc. (Specialty Retail)		127		15,582
Royal Caribbean Cruises, Ltd.* (Hotels, Restaurants & Leisure)		79		6,073
SBA Communications Corp. (Equity Real Estate Investment Trusts)		13		4,433
Schlumberger, Ltd. (Energy Equipment & Services)		501		14,444
Seagate Technology Holdings PLC (Technology Hardware, Storage & Peripherals)		71		6,241
Sealed Air Corp. (Containers & Packaging)		18		1,022
Sempra Energy (Multi-Utilities)		114		14,894
Simon Property Group, Inc. (Equity Real Estate Investment Trusts)		118		14,929
Skyworks Solutions, Inc. (Semiconductors & Semiconductor Equipment)		29		5,351
Snap-on, Inc. (Machinery)		22		4,796
Southwest Airlines Co.* (Airlines)		213		10,760
Stanley Black & Decker, Inc. (Machinery)		58		11,428
Starbucks Corp. (Hotels, Restaurants & Leisure)		180		21,856
State Street Corp. (Capital Markets)		126		10,980
STERIS PLC (Health Care Equipment & Supplies)		16		3,487
Stryker Corp. (Health Care Equipment & Supplies)		62		16,798
Synchrony Financial (Consumer Finance)		193		9,075
Sysco Corp. (Food & Staples Retailing)		182		13,504
T. Rowe Price Group, Inc. (Capital Markets)		33		6,737
Tapestry, Inc.* (Textiles, Apparel & Luxury Goods)		101		4,272
Target Corp. (Multiline Retail)		62		16,185

See accompanying notes to the financial statements.

120 :: Large-Cap Value ProFund :: Schedule of Portfolio Investments :: July 31, 2021

Common Stocks, continued

	Shares		Value
TE Connectivity, Ltd. (Electronic Equipment, Instruments & Components)		72	$	10,618
Teledyne Technologies, Inc.* (Aerospace & Defense)		7		3,169
Teleflex, Inc. (Health Care Equipment & Supplies)		7		2,782
Texas Instruments, Inc. (Semiconductors & Semiconductor Equipment)		154		29,355
Textron, Inc. (Aerospace & Defense)		81		5,590
The AES Corp. (Independent Power and Renewable Electricity Producers)		148		3,507
The Allstate Corp. (Insurance)		107		13,915
The Bank of New York Mellon Corp. (Capital Markets)		290		14,886
The Boeing Co.* (Aerospace & Defense)		196		44,390
The Charles Schwab Corp. (Capital Markets)		537		36,489
The Clorox Co. (Household Products)		16		2,894
The Coca-Cola Co. (Beverages)		903		51,498
The Cooper Cos., Inc. (Health Care Equipment & Supplies)		10		4,218
The Estee Lauder Co., Inc. (Personal Products)		38		12,686
The Gap, Inc. (Specialty Retail)		75		2,188
The Goldman Sachs Group, Inc. (Capital Markets)		121		45,361
The Hershey Co. (Food Products)		31		5,545
The Home Depot, Inc. (Specialty Retail)		107		35,115
The Interpublic Group of Cos., Inc. (Media)		141		4,986
The JM Smucker Co.—Class A (Food Products)		39		5,113
The Kraft Heinz Co. (Food Products)		233		8,964
The Kroger Co. (Food & Staples Retailing)		269		10,948
The Mosaic Co. (Chemicals)		125		3,904
The PNC Financial Services Group, Inc. (Banks)		151		27,544
The Procter & Gamble Co. (Household Products)		457		64,999
The Progressive Corp. (Insurance)		78		7,422
The Sherwin-Williams Co. (Chemicals)		29		8,440
The Southern Co. (Electric Utilities)		376		24,015
The TJX Cos., Inc. (Specialty Retail)		434		29,863
The Travelers Cos., Inc. (Insurance)		90		13,403
The Walt Disney Co.* (Entertainment)		652		114,765
The Western Union Co. (IT Services)		147		3,412
The Williams Cos., Inc. (Oil, Gas & Consumable Fuels)		437		10,947
T-Mobile U.S., Inc.* (Wireless Telecommunication Services)		66		9,505
Trane Technologies PLC (Building Products)		44		8,959
TransDigm Group, Inc.* (Aerospace & Defense)		7		4,488
Truist Financial Corp. (Banks)		483		26,290
Tyson Foods, Inc.—Class A (Food Products)		105		7,503
U.S. Bancorp (Banks)		485		26,937
UDR, Inc. (Equity Real Estate Investment Trusts)		104		5,719
Ulta Beauty, Inc.* (Specialty Retail)		8		2,686
Under Armour, Inc.*—Class A (Textiles, Apparel & Luxury Goods)		69		1,411
Under Armour, Inc.*—Class C (Textiles, Apparel & Luxury Goods)		73		1,279
Union Pacific Corp. (Road & Rail)		126		27,564
United Airlines Holdings , Inc.* (Airlines)		116		5,420
United Parcel Service, Inc.—Class B (Air Freight & Logistics)		79		15,118
UnitedHealth Group, Inc. (Health Care Providers & Services)		163		67,191
Universal Health Services, Inc.—Class B (Health Care Providers & Services)		29		4,652
Unum Group (Insurance)		74		2,028
Valero Energy Corp. (Oil, Gas & Consumable Fuels)		147		9,845
Ventas, Inc. (Equity Real Estate Investment Trusts)		133		7,951
VeriSign, Inc.* (IT Services)		22		4,760
Verizon Communications, Inc. (Diversified Telecommunication Services)		1,482		82,666
VF Corp. (Textiles, Apparel & Luxury Goods)		116		9,303
ViacomCBS, Inc.—Class B (Media)		217		8,882
Viatris, Inc. (Pharmaceuticals)		439		6,177
Visa, Inc.—Class A (IT Services)		243		59,873
Vornado Realty Trust (Equity Real Estate Investment Trusts)		56		2,436
Vulcan Materials Co. (Construction Materials)		29		5,220
W.R. Berkley Corp. (Insurance)		50		3,659
W.W. Grainger, Inc. (Trading Companies & Distributors)		5		2,223
Walgreens Boots Alliance, Inc. (Food & Staples Retailing)		259		12,212
Walmart, Inc. (Food & Staples Retailing)		491		69,991
Waste Management, Inc. (Commercial Services & Supplies)		84		12,454
Waters Corp.* (Life Sciences Tools & Services)		8		3,118
WEC Energy Group, Inc. (Multi-Utilities)		115		10,826
Wells Fargo & Co. (Banks)		1,482		68,083
Welltower, Inc. (Equity Real Estate Investment Trusts)		151		13,116
Western Digital Corp.* (Technology Hardware, Storage & Peripherals)		111		7,207
Westinghouse Air Brake Technologies Corp. (Machinery)		64		5,432
WestRock Co. (Containers & Packaging)		93		4,577
Weyerhaeuser Co. (Equity Real Estate Investment Trusts)		268		9,040
Whirlpool Corp. (Household Durables)		24		5,317
Willis Towers Watson PLC (Insurance)		44		9,068
Wynn Resorts, Ltd.* (Hotels, Restaurants & Leisure)		38		3,737
Xcel Energy, Inc. (Electric Utilities)		192		13,104
Xylem, Inc. (Machinery)		35		4,405
Yum! Brands, Inc. (Hotels, Restaurants & Leisure)		62		8,146
Zebra Technologies Corp.* (Electronic Equipment, Instruments & Components)		4		2,210
Zimmer Biomet Holdings, Inc. (Health Care Equipment & Supplies)		75		12,257
Zions Bancorp (Banks)		58		3,025
Zoetis, Inc. (Pharmaceuticals)		44		8,919
TOTAL COMMON STOCKS (Cost $3,842,890)				6,189,981

See accompanying notes to the financial statements.

July 31, 2021 :: Schedule of Portfolio Investments :: Large-Cap Value ProFund :: 121

Collateral for Securities Loaned^(b)(NM)

	Shares		Value
BlackRock Liquidity Funds FedFund Portfolio—Institutional Shares, 0.03%(c)		1,643	$	1,643
TOTAL COLLATERAL FOR SECURITIES LOANED (Cost $1,643)				1,643
TOTAL INVESTMENT SECURITIES (Cost $3,844,533) — 100.0%				6,191,624
Net other assets (liabilities) — NM				(2,266	)
NET ASSETS—100.0%			$	6,189,358

^* Non-income producing security.

^(a) All or part of this security was on loan as of July 31, 2021. The total value of securities on loan as of July 31, 2021 was $1,538.

^(b) Securities were purchased with cash collateral held from securities on loan at July 31, 2021.

^(c) Rate periodically changes. Rate disclosed is the daily yield on July 31, 2021.

Large-Cap Value ProFund invested in the following industries as of July 31, 2021:

	Value			% of Net Assets
Aerospace & Defense	$	171,353			2.8	%
Air Freight & Logistics		30,937			0.5	%
Airlines		32,717			0.5	%
Auto Components		9,434			0.1	%
Automobiles		45,659			0.7	%
Banks		524,052			8.5	%
Beverages		116,203			1.9	%
Biotechnology		102,091			1.6	%
Building Products		44,328			0.7	%
Capital Markets		260,240			4.2	%
Chemicals		145,040			2.3	%
Commercial Services & Supplies		25,628			0.4	%
Communications Equipment		96,938			1.6	%
Construction & Engineering		4,479			0.1	%
Construction Materials		13,939			0.2	%
Consumer Finance		88,766			1.4	%
Containers & Packaging		32,207			0.5	%
Distributors		11,675			0.2	%
Diversified Financial Services		188,959			3.0	%
Diversified Telecommunication Services		158,935			2.6	%
Electric Utilities		183,986			3.0	%
Electrical Equipment		47,250			0.8	%
Electronic Equipment, Instruments & Components		36,511			0.6	%
Energy Equipment & Services		28,573			0.5	%
Entertainment		135,268			2.2	%
Equity Real Estate Investment Trusts		258,850			4.2	%
Food & Staples Retailing		138,026			2.2	%
Food Products		109,313			1.8	%
Gas Utilities		4,338			0.1	%
Health Care Equipment & Supplies		249,948			4.0	%
Health Care Providers & Services		264,747			4.3	%
Health Care Technology		4,984			0.1	%
Hotels, Restaurants & Leisure		131,890			2.1	%
Household Durables		47,267			0.8	%
Household Products		92,031			1.5	%
Independent Power and Renewable Electricity Producers		5,033			0.1	%
Industrial Conglomerates		148,369			2.4	%
Insurance		200,396			3.2	%
Internet & Direct Marketing Retail		20,557			0.3	%
IT Services		302,115			4.9	%
Leisure Products		4,375			0.1	%
Life Sciences Tools & Services		28,532			0.5	%
Machinery		133,689			2.2	%
Media		92,659			1.5	%
Metals & Mining		26,854			0.4	%
Multiline Retail		24,468			0.4	%
Multi-Utilities		98,587			1.6	%
Oil, Gas & Consumable Fuels		307,907			5.0	%
Personal Products		12,686			0.2	%
Pharmaceuticals		292,284			4.7	%
Professional Services		18,045			0.3	%
Real Estate Management & Development		11,479			0.2	%
Road & Rail		59,515			1.0	%
Semiconductors & Semiconductor Equipment		204,473			3.3	%
Software		32,530			0.5	%
Specialty Retail		130,657			2.1	%
Technology Hardware, Storage & Peripherals		39,052			0.6	%
Textiles, Apparel & Luxury Goods		51,173			0.8	%
Tobacco		87,849			1.4	%
Trading Companies & Distributors		5,016			0.1	%
Water Utilities		5,614			0.1	%
Wireless Telecommunication Services		9,505			0.1	%
Other**		(623	)		NM
Total	$	6,189,358			100.0	%

** Includes any non-equity securities and net other assets (liabilities), which includes any receivable for capital shares issued and payable for capital shares redeemed.

^NM Not meaningful, amount is less than 0.05%.

See accompanying notes to the financial statements.

122 :: Mid-Cap Growth ProFund :: Schedule of Portfolio Investments :: July 31, 2021

Common Stocks (100.0%)

	Shares		Value
Acadia Healthcare Co., Inc.* (Health Care Providers & Services)		137	$	8,456
ACI Worldwide, Inc.* (Software)		261		8,952
AGCO Corp. (Machinery)		105		13,872
Amedisys, Inc.* (Health Care Providers & Services)		132		34,402
American Campus Communities, Inc. (Equity Real Estate Investment Trusts)		219		11,018
Amkor Technology, Inc. (Semiconductors & Semiconductor Equipment)		134		3,302
Antero Midstream Corp. (Oil, Gas & Consumable Fuels)		1,171		11,125
AptarGroup, Inc. (Containers & Packaging)		164		21,143
Arrowhead Pharmaceuticals, Inc.* (Biotechnology)		423		29,310
ASGN, Inc.* (Professional Services)		218		22,047
Ashland Global Holdings, Inc. (Chemicals)		80		6,806
Aspen Technology, Inc.* (Software)		191		27,936
Axon Enterprise, Inc.* (Aerospace & Defense)		264		49,109
Bio-Techne Corp. (Life Sciences Tools & Services)		160		77,158
Blackbaud, Inc.* (Software)		88		6,277
Boyd Gaming Corp.* (Hotels, Restaurants & Leisure)		177		10,089
Brighthouse Financial, Inc.* (Insurance)		351		15,114
Brooks Automation, Inc. (Semiconductors & Semiconductor Equipment)		303		26,970
Brown & Brown, Inc. (Insurance)		954		51,899
Brunswick Corp. (Leisure Products)		174		18,166
Builders FirstSource, Inc.* (Building Products)		413		18,379
Cable One, Inc. (Media)		22		41,535
CACI International, Inc.*—Class A (IT Services)		41		10,945
Callaway Golf Co.* (Leisure Products)		275		8,712
Camden Property Trust (Equity Real Estate Investment Trusts)		189		28,235
Carlisle Cos., Inc. (Industrial Conglomerates)		123		24,876
Casey's General Stores, Inc. (Food & Staples Retailing)		56		11,071
CDK Global, Inc. (Software)		248		11,902
Cerence, Inc.* (Software)		154		16,557
Ceridian HCM Holding, Inc.* (Software)		317		31,193
ChampionX Corp.* (Energy Equipment & Services)		315		7,321
Chemed Corp. (Health Care Providers & Services)		65		30,941
Choice Hotels International, Inc. (Hotels, Restaurants & Leisure)		63		7,554
Churchill Downs, Inc. (Hotels, Restaurants & Leisure)		142		26,383
Ciena Corp.* (Communications Equipment)		234		13,605
Cimarex Energy Co. (Oil, Gas & Consumable Fuels)		201		13,104
Cirrus Logic, Inc.* (Semiconductors & Semiconductor Equipment)		101		8,342
Clean Harbors, Inc.* (Commercial Services & Supplies)		80		7,600
Cleveland-Cliffs, Inc.* (Metals & Mining)		1,874		46,850
CMC Materials, Inc. (Semiconductors & Semiconductor Equipment)		120		17,357
CNX Resources Corp.* (Oil, Gas & Consumable Fuels)		898		10,866
Cognex Corp. (Electronic Equipment, Instruments & Components)		719		65,004
Coherent, Inc.* (Electronic Equipment, Instruments & Components)		34		8,362
Columbia Sportswear Co. (Textiles, Apparel & Luxury Goods)		52		5,180
Commerce Bancshares, Inc. (Banks)		205		14,500
CommVault Systems, Inc.* (Software)		91		6,879
Compass Minerals International, Inc. (Metals & Mining)		66		4,525
Concentrix Corp.* (IT Services)		82		13,426
CoreSite Realty Corp. (Equity Real Estate Investment Trusts)		112		15,480
Cree, Inc.* (Semiconductors & Semiconductor Equipment)		470		43,597
Crocs, Inc.* (Textiles, Apparel & Luxury Goods)		266		36,125
Curtiss-Wright Corp. (Aerospace & Defense)		62		7,335
CyrusOne, Inc. (Equity Real Estate Investment Trusts)		500		35,635
Darling Ingredients, Inc.* (Food Products)		666		46,002
Deckers Outdoor Corp.* (Textiles, Apparel & Luxury Goods)		113		46,427
Donaldson Co., Inc. (Machinery)		258		17,077
Eagle Materials, Inc. (Construction Materials)		108		15,263
EastGroup Properties, Inc. (Equity Real Estate Investment Trusts)		94		16,565
Emergent BioSolutions, Inc.* (Biotechnology)		186		12,257
Encompass Health Corp. (Health Care Providers & Services)		227		18,898
Energizer Holdings, Inc. (Household Products)		112		4,799
EnerSys (Electrical Equipment)		86		8,485
Envestnet, Inc.* (Software)		138		10,382
EQT Corp.* (Oil, Gas & Consumable Fuels)		434		7,981
Equitrans Midstream Corp. (Oil, Gas & Consumable Fuels)		749		6,157
Essent Group, Ltd. (Thrifts & Mortgage Finance)		230		10,389
Essential Utilities, Inc. (Water Utilities)		456		22,399
Evercore Partners, Inc.—Class A (Capital Markets)		105		13,881
Exelixis, Inc.* (Biotechnology)		1,281		21,585
FactSet Research Systems, Inc. (Capital Markets)		156		55,735
Fair Isaac Corp.* (Software)		117		61,296
Federated Hermes, Inc.—Class B (Capital Markets)		157		5,093
First Financial Bankshares, Inc. (Banks)		371		18,120
First Industrial Realty Trust, Inc. (Equity Real Estate Investment Trusts)		269		14,736
First Solar, Inc.* (Semiconductors & Semiconductor Equipment)		346		29,770
Five Below, Inc.* (Specialty Retail)		228		44,328
Flowers Foods, Inc. (Food Products)		315		7,421
Fox Factory Holding Corp.* (Auto Components)		170		27,462
FTI Consulting, Inc.* (Professional Services)		140		20,398
Genpact, Ltd. (IT Services)		433		21,568
Gentex Corp. (Auto Components)		572		19,465
Glacier Bancorp, Inc. (Banks)		195		10,054
Globus Medical, Inc.*—Class A (Health Care Equipment & Supplies)		317		26,365
Graco, Inc. (Machinery)		691		53,952

See accompanying notes to the financial statements.

July 31, 2021 :: Schedule of Portfolio Investments :: Mid-Cap Growth ProFund :: 123

Common Stocks, continued

	Shares		Value
Grand Canyon Education, Inc.* (Diversified Consumer Services)		70	$	6,466
Grocery Outlet Holding Corp.* (Food & Staples Retailing)		221		7,320
Haemonetics Corp.* (Health Care Equipment & Supplies)		113		6,869
Halozyme Therapeutics, Inc.* (Biotechnology)		545		22,525
Healthcare Realty Trust, Inc. (Equity Real Estate Investment Trusts)		232		7,396
HealthEquity, Inc.* (Health Care Providers & Services)		342		25,301
Helen of Troy, Ltd.* (Household Durables)		99		22,116
Hill-Rom Holdings, Inc. (Health Care Equipment & Supplies)		113		15,646
Hubbell, Inc. (Electrical Equipment)		133		26,661
IAA, Inc.* (Commercial Services & Supplies)		550		33,264
ICU Medical, Inc.* (Health Care Equipment & Supplies)		41		8,335
II-VI, Inc.* (Electronic Equipment, Instruments & Components)		427		29,809
Ingevity Corp.* (Chemicals)		80		6,795
Insperity, Inc. (Professional Services)		146		14,461
Integra LifeSciences Holdings Corp.* (Health Care Equipment & Supplies)		145		10,497
Interactive Brokers Group, Inc. (Capital Markets)		329		20,352
Iridium Communications, Inc.* (Diversified Telecommunication Services)		292		12,331
ITT, Inc. (Machinery)		158		15,470
j2 Global, Inc.* (Software)		109		15,398
Jack in the Box, Inc. (Hotels, Restaurants & Leisure)		91		9,906
Jazz Pharmaceuticals PLC* (Pharmaceuticals)		244		41,363
Kinsale Capital Group, Inc. (Insurance)		87		15,542
Knight-Swift Transportation Holdings, Inc. (Road & Rail)		499		24,796
Lamar Advertising Co.—Class A (Equity Real Estate Investment Trusts)		177		18,868
Lancaster Colony Corp. (Food Products)		46		9,102
Landstar System, Inc. (Road & Rail)		99		15,543
Lattice Semiconductor Corp.* (Semiconductors & Semiconductor Equipment)		557		31,610
LendingTree, Inc.* (Thrifts & Mortgage Finance)		45		8,785
Lennox International, Inc. (Building Products)		83		27,343
LHC Group, Inc.* (Health Care Providers & Services)		128		27,543
Life Storage, Inc. (Equity Real Estate Investment Trusts)		164		19,247
Ligand Pharmaceuticals, Inc.* (Biotechnology)		36		4,086
Lincoln Electric Holdings, Inc. (Machinery)		241		33,603
Lithia Motors, Inc.—Class A (Specialty Retail)		121		45,644
Littelfuse, Inc. (Electronic Equipment, Instruments & Components)		100		26,599
LiveRamp Holdings, Inc.* (IT Services)		147		5,881
Louisiana-Pacific Corp. (Paper & Forest Products)		230		12,751
Lumentum Holdings, Inc.* (Communications Equipment)		309		25,953
Manhattan Associates, Inc.* (Software)		260		41,504
Masimo Corp.* (Health Care Equipment & Supplies)		205		55,840
Mattel, Inc.* (Leisure Products)		1,424		30,929
MAXIMUS, Inc. (IT Services)		156		13,884
Medical Properties Trust, Inc. (Equity Real Estate Investment Trusts)		937		19,705
Medpace Holdings, Inc.* (Life Sciences Tools & Services)		113		19,881
Mercury Systems, Inc.* (Aerospace & Defense)		230		15,180
MKS Instruments, Inc. (Semiconductors & Semiconductor Equipment)		226		35,355
Molina Healthcare, Inc.* (Health Care Providers & Services)		128		34,945
MSA Safety, Inc. (Commercial Services & Supplies)		149		24,508
MSC Industrial Direct Co., Inc. (Trading Companies & Distributors)		95		8,471
National Instruments Corp. (Electronic Equipment, Instruments & Components)		242		10,675
National Storage Affiliates Trust (Equity Real Estate Investment Trusts)		193		10,455
Nektar Therapeutics* (Pharmaceuticals)		284		4,484
Neogen Corp.* (Health Care Equipment & Supplies)		263		11,456
Neurocrine Biosciences, Inc.* (Biotechnology)		385		35,886
NewMarket Corp. (Chemicals)		11		3,475
Nordson Corp. (Machinery)		138		31,206
Nu Skin Enterprises, Inc.—Class A (Personal Products)		112		6,013
Ollie's Bargain Outlet Holdings, Inc.* (Multiline Retail)		232		21,599
PacWest Bancorp (Banks)		134		5,336
Papa John's International, Inc. (Hotels, Restaurants & Leisure)		133		15,178
Paylocity Holding Corp.* (Software)		154		31,949
Penumbra, Inc.* (Health Care Equipment & Supplies)		138		36,740
PNM Resources, Inc. (Electric Utilities)		136		6,573
Polaris, Inc. (Leisure Products)		109		14,287
PotlatchDeltic Corp. (Equity Real Estate Investment Trusts)		104		5,402
Primerica, Inc. (Insurance)		161		23,541
PROG Holdings, Inc.* (Consumer Finance)		126		5,515
Progyny, Inc.* (Health Care Providers & Services)		77		4,288
PS Business Parks, Inc. (Equity Real Estate Investment Trusts)		38		5,839
Qualys, Inc.* (Software)		136		13,812
Quidel Corp.* (Health Care Equipment & Supplies)		158		22,352
R1 RCM, Inc.* (Health Care Providers & Services)		563		12,054
Rayonier, Inc. (Equity Real Estate Investment Trusts)		228		8,598
Regal Beloit Corp. (Electrical Equipment)		83		12,220
RenaissanceRe Holdings, Ltd. (Insurance)		116		17,712
Repligen Corp.* (Biotechnology)		209		51,351
Rexford Industrial Realty, Inc. (Equity Real Estate Investment Trusts)		322		19,809
RH* (Specialty Retail)		69		45,821
RLI Corp. (Insurance)		95		10,296
Royal Gold, Inc. (Metals & Mining)		156		18,957
RPM International, Inc. (Chemicals)		327		28,315
Sabre Corp.* (IT Services)		470		5,541

See accompanying notes to the financial statements.

124 :: Mid-Cap Growth ProFund :: Schedule of Portfolio Investments :: July 31, 2021

Common Stocks, continued

	Shares		Value
Sailpoint Technologies Holding, Inc.* (Software)		379	$	18,946
Science Applications International Corp. (IT Services)		91		7,944
Scientific Games Corp.* (Hotels, Restaurants & Leisure)		133		8,207
SEI Investments Co. (Capital Markets)		246		14,957
Semtech Corp.* (Semiconductors & Semiconductor Equipment)		265		16,406
Sensient Technologies Corp. (Chemicals)		83		7,236
Service Corp. International (Diversified Consumer Services)		410		25,621
Signature Bank (Banks)		82		18,611
Silgan Holdings, Inc. (Containers & Packaging)		140		5,673
Silicon Laboratories, Inc.* (Semiconductors & Semiconductor Equipment)		108		16,091
Simpson Manufacturing Co., Inc. (Building Products)		178		20,021
Six Flags Entertainment Corp.* (Hotels, Restaurants & Leisure)		118		4,903
SLM Corp. (Consumer Finance)		1,318		24,818
SolarEdge Technologies, Inc.* (Semiconductors & Semiconductor Equipment)		213		55,269
STAAR Surgical Co.* (Health Care Equipment & Supplies)		191		24,433
Stericycle, Inc.* (Commercial Services & Supplies)		146		10,300
Stifel Financial Corp. (Capital Markets)		181		12,044
STORE Capital Corp. (Equity Real Estate Investment Trusts)		369		13,354
Sunrun, Inc.* (Electrical Equipment)		657		34,801
Synaptics, Inc.* (Semiconductors & Semiconductor Equipment)		69		10,482
Syneos Health, Inc.* (Life Sciences Tools & Services)		413		37,034
Targa Resources Corp. (Oil, Gas & Consumable Fuels)		214		9,012
TEGNA, Inc. (Media)		362		6,415
Tempur Sealy International, Inc. (Household Durables)		748		32,366
Teradata Corp.* (IT Services)		166		8,244
Terex Corp. (Machinery)		110		5,271
Tetra Tech, Inc. (Commercial Services & Supplies)		222		29,641
Texas Roadhouse, Inc.—Class A (Hotels, Restaurants & Leisure)		268		24,702
The Boston Beer Co., Inc.*—Class A (Beverages)		38		26,980
The Brink's Co. (Commercial Services & Supplies)		77		5,926
The Chemours Co. (Chemicals)		303		10,075
The Hain Celestial Group, Inc.* (Food Products)		208		8,301
The Middleby Corp.* (Machinery)		138		26,426
The New York Times Co.—Class A (Media)		593		25,962
The Scotts Miracle-Gro Co.—Class A (Chemicals)		165		29,197
The Timken Co. (Machinery)		278		22,101
The Toro Co. (Machinery)		435		49,476
The Wendy's Co. (Hotels, Restaurants & Leisure)		724		16,804
Toll Brothers, Inc. (Household Durables)		201		11,913
Tootsie Roll Industries, Inc. (Food Products)		31		1,066
TopBuild Corp.* (Household Durables)		133		26,958
Travel + Leisure Co. (Hotels, Restaurants & Leisure)		136		7,045
Trex Co., Inc.* (Building Products)		470		45,636
TripAdvisor, Inc.* (Interactive Media & Services)		148		5,617
Umpqua Holdings Corp. (Banks)		389		7,340
United Therapeutics Corp.* (Biotechnology)		77		14,009
Universal Display Corp. (Semiconductors & Semiconductor Equipment)		174		40,801
Valmont Industries, Inc. (Construction & Engineering)		36		8,530
Valvoline, Inc. (Chemicals)		444		13,622
Visteon Corp.* (Auto Components)		54		6,159
Watsco, Inc. (Trading Companies & Distributors)		84		23,725
Werner Enterprises, Inc. (Road & Rail)		106		4,845
WEX, Inc.* (IT Services)		105		19,922
Williams-Sonoma, Inc. (Specialty Retail)		310		47,026
Wingstop, Inc. (Hotels, Restaurants & Leisure)		121		20,729
Woodward, Inc. (Machinery)		124		15,073
World Wrestling Entertainment, Inc.—Class A (Entertainment)		107		5,284
Worthington Industries, Inc. (Metals & Mining)		83		5,310
WW International, Inc.* (Diversified Consumer Services)		76		2,336
Wyndham Hotels & Resorts, Inc. (Hotels, Restaurants & Leisure)		205		14,772
XPO Logistics, Inc.* (Air Freight & Logistics)		214		29,680
Yelp, Inc.* (Interactive Media & Services)		146		5,460
YETI Holdings, Inc.* (Leisure Products)		307		29,573
TOTAL COMMON STOCKS (Cost $2,386,428)				4,501,432
TOTAL INVESTMENT SECURITIES (Cost $2,386,428)—100.0%				4,501,432
Net other assets (liabilities)—NM				(200	)
NET ASSETS—100.0%			$	4,501,232

* Non-income producing security.

See accompanying notes to the financial statements.

July 31, 2021 :: Schedule of Portfolio Investments :: Mid-Cap Growth ProFund :: 125

Mid-Cap Growth ProFund invested in the following industries as of July 31, 2021:

	Value			% of Net Assets
Aerospace & Defense	$	71,624			1.6	%
Air Freight & Logistics		29,680			0.7	%
Auto Components		53,086			1.2	%
Banks		73,961			1.6	%
Beverages		26,980			0.6	%
Biotechnology		191,009			4.2	%
Building Products		111,380			2.5	%
Capital Markets		122,062			2.7	%
Chemicals		105,522			2.3	%
Commercial Services & Supplies		111,239			2.5	%
Communications Equipment		39,558			0.9	%
Construction & Engineering		8,530			0.2	%
Construction Materials		15,263			0.3	%
Consumer Finance		30,333			0.7	%
Containers & Packaging		26,816			0.6	%
Diversified Consumer Services		34,423			0.8	%
Diversified Telecommunication Services		12,331			0.3	%
Electric Utilities		6,573			0.1	%
Electrical Equipment		82,167			1.8	%
Electronic Equipment, Instruments & Components		140,449			3.1	%
Energy Equipment & Services		7,321			0.2	%
Entertainment		5,284			0.1	%
Equity Real Estate Investment Trusts		250,342			5.6	%
Food & Staples Retailing		18,391			0.4	%
Food Products		71,891			1.6	%
Health Care Equipment & Supplies		218,532			4.9	%
Health Care Providers & Services		196,828			4.4	%
Hotels, Restaurants & Leisure		166,272			3.7	%
Household Durables		93,353			2.1	%
Household Products		4,799			0.1	%
Industrial Conglomerates		24,875			0.5	%
Insurance		134,103			3.0	%
Interactive Media & Services		11,077			0.2	%
IT Services		107,355			2.4	%
Leisure Products		101,667			2.3	%
Life Sciences Tools & Services		134,073			3.0	%
Machinery		283,528			6.3	%
Media		73,912			1.6	%
Metals & Mining		75,642			1.7	%
Multiline Retail		21,599			0.5	%
Oil, Gas & Consumable Fuels		58,245			1.3	%
Paper & Forest Products		12,751			0.3	%
Personal Products		6,013			0.1	%
Pharmaceuticals		45,847			1.0	%
Professional Services		56,906			1.3	%
Road & Rail		45,184			1.0	%
Semiconductors & Semiconductor Equipment		335,352			7.4	%
Software		302,983			6.7	%
Specialty Retail		182,820			4.1	%
Textiles, Apparel & Luxury Goods		87,732			1.9	%
Thrifts & Mortgage Finance		19,174			0.4	%
Trading Companies & Distributors		32,196			0.7	%
Water Utilities		22,399			0.5	%
Other**		(200	)		NM
Total	$	4,501,232			100.0	%

** Includes any non-equity securities and net other assets (liabilities), which includes any receivable for capital shares issued and payable for capital shares redeemed.

^NM Not meaningful, amount is less than 0.05%.

See accompanying notes to the financial statements.

126 :: Mid-Cap ProFund :: Schedule of Portfolio Investments :: July 31, 2021

Common Stocks (88.7%)

	Shares		Value
Acadia Healthcare Co., Inc.* (Health Care Providers & Services)		238	$	14,689
ACI Worldwide, Inc.* (Software)		313		10,736
Acuity Brands, Inc. (Electrical Equipment)		95		16,661
Adient PLC* (Auto Components)		249		10,490
AECOM* (Construction & Engineering)		388		24,428
Affiliated Managers Group, Inc. (Capital Markets)		110		17,428
AGCO Corp. (Machinery)		164		21,666
Alleghany Corp.* (Insurance)		37		24,534
ALLETE, Inc. (Electric Utilities)		138		9,704
Alliance Data Systems Corp. (IT Services)		132		12,309
Amedisys, Inc.* (Health Care Providers & Services)		86		22,413
American Campus Communities, Inc. (Equity Real Estate Investment Trusts)		365		18,363
American Eagle Outfitters, Inc. (Specialty Retail)		400		13,788
American Financial Group, Inc. (Insurance)		183		23,148
Amkor Technology, Inc. (Semiconductors & Semiconductor Equipment)		284		6,998
Antero Midstream Corp. (Oil, Gas & Consumable Fuels)		758		7,201
Apartment Income REIT Corp. (Equity Real Estate Investment Trusts)		415		21,846
AptarGroup, Inc. (Containers & Packaging)		174		22,433
Arrow Electronics, Inc.* (Electronic Equipment, Instruments & Components)		196		23,240
Arrowhead Pharmaceuticals, Inc.* (Biotechnology)		275		19,055
ASGN, Inc.* (Professional Services)		141		14,259
Ashland Global Holdings, Inc. (Chemicals)		145		12,335
Aspen Technology, Inc.* (Software)		180		26,327
Associated Banc-Corp. (Banks)		405		8,019
AutoNation, Inc.* (Specialty Retail)		143		17,350
Avient Corp. (Chemicals)		242		11,742
Avis Budget Group, Inc.* (Road & Rail)		137		11,339
Avnet, Inc. (Electronic Equipment, Instruments & Components)		263		10,867
Axon Enterprise, Inc.* (Aerospace & Defense)		171		31,810
BancorpSouth Bank (Banks)		255		6,579
Bank of Hawaii Corp. (Banks)		107		8,957
Bank OZK (Banks)		320		13,027
Belden, Inc. (Electronic Equipment, Instruments & Components)		118		5,782
Bio-Techne Corp. (Life Sciences Tools & Services)		103		49,670
BJ's Wholesale Club Holdings, Inc.* (Food & Staples Retailing)		363		18,382
Black Hills Corp. (Multi-Utilities)		166		11,230
Blackbaud, Inc.* (Software)		129		9,202
Boyd Gaming Corp.* (Hotels, Restaurants & Leisure)		214		12,198
Brighthouse Financial, Inc.* (Insurance)		227		9,775
Brixmor Property Group, Inc. (Equity Real Estate Investment Trusts)		786		18,094
Brooks Automation, Inc. (Semiconductors & Semiconductor Equipment)		197		17,535
Brown & Brown, Inc. (Insurance)		619		33,673
Brunswick Corp. (Leisure Products)		206		21,506
Builders FirstSource, Inc.* (Building Products)		548		24,386
Cable One, Inc. (Media)		14		26,431
Cabot Corp. (Chemicals)		150		8,259
CACI International, Inc.*—Class A (IT Services)		62		16,552
Callaway Golf Co.* (Leisure Products)		308		9,757
Camden Property Trust (Equity Real Estate Investment Trusts)		259		38,691
Capri Holdings, Ltd.* (Textiles, Apparel & Luxury Goods)		401		22,580
Carlisle Cos., Inc. (Industrial Conglomerates)		138		27,909
Carter's, Inc. (Textiles, Apparel & Luxury Goods)		116		11,338
Casey's General Stores, Inc. (Food & Staples Retailing)		98		19,375
Cathay General Bancorp (Banks)		198		7,498
CDK Global, Inc. (Software)		322		15,453
Cerence, Inc.* (Software)		100		10,751
Ceridian HCM Holding, Inc.* (Software)		348		34,243
ChampionX Corp.* (Energy Equipment & Services)		496		11,527
Chemed Corp. (Health Care Providers & Services)		42		19,993
Choice Hotels International, Inc. (Hotels, Restaurants & Leisure)		76		9,112
Churchill Downs, Inc. (Hotels, Restaurants & Leisure)		92		17,094
Ciena Corp.* (Communications Equipment)		410		23,838
Cimarex Energy Co. (Oil, Gas & Consumable Fuels)		272		17,734
Cinemark Holdings, Inc.* (Entertainment)		288		4,473
Cirrus Logic, Inc.* (Semiconductors & Semiconductor Equipment)		152		12,554
CIT Group, Inc. (Banks)		262		12,639
Clean Harbors, Inc.* (Commercial Services & Supplies)		133		12,635
Cleveland-Cliffs, Inc.* (Metals & Mining)		1,217		30,425
CMC Materials, Inc. (Semiconductors & Semiconductor Equipment)		77		11,137
CNO Financial Group, Inc. (Insurance)		348		7,948
CNX Resources Corp.* (Oil, Gas & Consumable Fuels)		583		7,054
Cognex Corp. (Electronic Equipment, Instruments & Components)		468		42,313
Coherent, Inc.* (Electronic Equipment, Instruments & Components)		65		15,986
Colfax Corp.* (Machinery)		312		14,315
Columbia Sportswear Co. (Textiles, Apparel & Luxury Goods)		81		8,069
Commerce Bancshares, Inc. (Banks)		279		19,734
Commercial Metals Co. (Metals & Mining)		319		10,463
CommVault Systems, Inc.* (Software)		122		9,222
Compass Minerals International, Inc. (Metals & Mining)		90		6,170
Concentrix Corp.* (IT Services)		110		18,010
CoreSite Realty Corp. (Equity Real Estate Investment Trusts)		114		15,756
Corporate Office Properties Trust (Equity Real Estate Investment Trusts)		297		8,744
Coty, Inc.*—Class A (Personal Products)		751		6,556
Cousins Properties, Inc. (Equity Real Estate Investment Trusts)		394		15,650
Cracker Barrel Old Country Store, Inc. (Hotels, Restaurants & Leisure)		63		8,579
Crane Co. (Machinery)		131		12,737

See accompanying notes to the financial statements.

July 31, 2021 :: Schedule of Portfolio Investments :: Mid-Cap ProFund :: 127

Common Stocks, continued 

	Shares		Value
Cree, Inc.* (Semiconductors & Semiconductor Equipment)		306	$	28,384
Crocs, Inc.* (Textiles, Apparel & Luxury Goods)		173		23,495
Cullen/Frost Bankers, Inc. (Banks)		150		16,098
Curtiss-Wright Corp. (Aerospace & Defense)		108		12,776
CyrusOne, Inc. (Equity Real Estate Investment Trusts)		324		23,091
Dana, Inc. (Auto Components)		384		9,277
Darling Ingredients, Inc.* (Food Products)		432		29,838
Deckers Outdoor Corp.* (Textiles, Apparel & Luxury Goods)		74		30,404
Dick's Sporting Goods, Inc. (Specialty Retail)		174		18,120
Donaldson Co., Inc. (Machinery)		334		22,107
Douglas Emmett, Inc. (Equity Real Estate Investment Trusts)		437		14,596
DT Midstream, Inc.* (Oil, Gas & Consumable Fuels)		257		10,897
Dycom Industries, Inc.* (Construction & Engineering)		81		5,621
Eagle Materials, Inc. (Construction Materials)		112		15,828
East West Bancorp, Inc. (Banks)		376		26,752
EastGroup Properties, Inc. (Equity Real Estate Investment Trusts)		106		18,679
EMCOR Group, Inc. (Construction & Engineering)		144		17,541
Emergent BioSolutions, Inc.* (Biotechnology)		121		7,974
Encompass Health Corp. (Health Care Providers & Services)		264		21,978
Energizer Holdings, Inc. (Household Products)		154		6,599
EnerSys (Electrical Equipment)		113		11,149
Envestnet, Inc.* (Software)		144		10,833
Envista Holdings Corp.* (Health Care Equipment & Supplies)		426		18,352
EPR Properties (Equity Real Estate Investment Trusts)		198		9,959
EQT Corp.* (Oil, Gas & Consumable Fuels)		739		13,590
Equitrans Midstream Corp. (Oil, Gas & Consumable Fuels)		1,076		8,845
Essent Group, Ltd. (Thrifts & Mortgage Finance)		299		13,506
Essential Utilities, Inc. (Water Utilities)		592		29,079
Evercore Partners, Inc.—Class A (Capital Markets)		108		14,278
Exelixis, Inc.* (Biotechnology)		830		13,986
F.N.B. Corp. (Banks)		846		9,695
FactSet Research Systems, Inc. (Capital Markets)		100		35,728
Fair Isaac Corp.* (Software)		76		39,816
Federated Hermes, Inc.—Class B (Capital Markets)		248		8,045
First American Financial Corp. (Insurance)		291		19,587
First Financial Bankshares, Inc. (Banks)		377		18,413
First Horizon Corp. (Banks)		1,463		22,603
First Industrial Realty Trust, Inc. (Equity Real Estate Investment Trusts)		342		18,735
First Solar, Inc.* (Semiconductors & Semiconductor Equipment)		225		19,359
FirstCash, Inc. (Consumer Finance)		109		8,633
Five Below, Inc.* (Specialty Retail)		148		28,774
Flowers Foods, Inc. (Food Products)		521		12,275
Flowserve Corp. (Machinery)		345		14,521
Fluor Corp.* (Construction & Engineering)		333		5,548
Foot Locker, Inc. (Specialty Retail)		273		15,577
Fox Factory Holding Corp.* (Auto Components)		111		17,931
FTI Consulting, Inc.* (Professional Services)		91		13,259
Fulton Financial Corp. (Banks)		431		6,603
GATX Corp. (Trading Companies & Distributors)		94		8,672
Genpact, Ltd. (IT Services)		461		22,962
Gentex Corp. (Auto Components)		640		21,779
Glacier Bancorp, Inc. (Banks)		253		13,045
Globus Medical, Inc.*—Class A (Health Care Equipment & Supplies)		205		17,050
Graco, Inc. (Machinery)		449		35,058
Graham Holdings Co.—Class B (Diversified Consumer Services)		11		7,311
Grand Canyon Education, Inc.* (Diversified Consumer Services)		123		11,362
Greif, Inc.—Class A (Containers & Packaging)		70		4,243
Grocery Outlet Holding Corp.* (Food & Staples Retailing)		231		7,651
H&R Block, Inc. (Diversified Consumer Services)		480		11,784
Haemonetics Corp.* (Health Care Equipment & Supplies)		135		8,207
Halozyme Therapeutics, Inc.* (Biotechnology)		354		14,631
Hancock Whitney Corp. (Banks)		230		10,053
Harley-Davidson, Inc. (Automobiles)		407		16,125
Hawaiian Electric Industries, Inc. (Electric Utilities)		289		12,525
Healthcare Realty Trust, Inc. (Equity Real Estate Investment Trusts)		375		11,955
Healthcare Services Group, Inc. (Commercial Services & Supplies)		198		5,168
HealthEquity, Inc.* (Health Care Providers & Services)		221		16,350
Helen of Troy, Ltd.* (Household Durables)		65		14,520
Herman Miller, Inc. (Commercial Services & Supplies)		195		8,414
Hexcel Corp.* (Aerospace & Defense)		222		12,081
Highwoods Properties, Inc. (Equity Real Estate Investment Trusts)		276		13,162
Hill-Rom Holdings, Inc. (Health Care Equipment & Supplies)		176		24,369
HollyFrontier Corp. (Oil, Gas & Consumable Fuels)		396		11,642
Home BancShares, Inc. (Banks)		402		8,514
Hubbell, Inc. (Electrical Equipment)		144		28,866
Hudson Pacific Properties, Inc. (Equity Real Estate Investment Trusts)		400		10,904
IAA, Inc.* (Commercial Services & Supplies)		357		21,592
ICU Medical, Inc.* (Health Care Equipment & Supplies)		52		10,571
IDACORP, Inc. (Electric Utilities)		134		14,130
II-VI, Inc.* (Electronic Equipment, Instruments & Components)		278		19,407
Ingevity Corp.* (Chemicals)		106		9,004
Ingredion, Inc. (Food Products)		177		15,542
Insperity, Inc. (Professional Services)		95		9,410
Integra LifeSciences Holdings Corp.* (Health Care Equipment & Supplies)		188		13,609
Interactive Brokers Group, Inc. (Capital Markets)		214		13,238
International Bancshares Corp. (Banks)		148		5,784

See accompanying notes to the financial statements.

128 :: Mid-Cap ProFund :: Schedule of Portfolio Investments :: July 31, 2021

Common Stocks, continued

	Shares		Value
Iridium Communications, Inc.* (Diversified Telecommunication Services)		311	$	13,134
ITT, Inc. (Machinery)		228		22,323
j2 Global, Inc.* (Software)		112		15,822
Jabil, Inc. (Electronic Equipment, Instruments & Components)		355		21,137
Jack in the Box, Inc. (Hotels, Restaurants & Leisure)		59		6,423
Janus Henderson Group PLC (Capital Markets)		452		18,912
Jazz Pharmaceuticals PLC* (Pharmaceuticals)		159		26,953
JBG Smith Properties (Equity Real Estate Investment Trusts)		292		9,528
Jefferies Financial Group, Inc. (Diversified Financial Services)		530		17,591
JetBlue Airways Corp.* (Airlines)		838		12,394
John Wiley & Sons, Inc.—Class A (Media)		115		6,760
Jones Lang LaSalle, Inc.* (Real Estate Management & Development)		136		30,270
KAR Auction Services, Inc.* (Commercial Services & Supplies)		330		5,438
KB Home (Household Durables)		235		9,973
KBR, Inc. (IT Services)		374		14,474
Kemper Corp. (Insurance)		161		10,628
Kennametal, Inc. (Machinery)		221		8,011
Kilroy Realty Corp. (Equity Real Estate Investment Trusts)		281		19,465
Kinsale Capital Group, Inc. (Insurance)		57		10,183
Kirby Corp.* (Marine)		159		9,208
Knight-Swift Transportation Holdings, Inc. (Road & Rail)		324		16,101
Kohl's Corp. (Multiline Retail)		414		21,031
Lamar Advertising Co.—Class A (Equity Real Estate Investment Trusts)		230		24,518
Lancaster Colony Corp. (Food Products)		52		10,289
Landstar System, Inc. (Road & Rail)		102		16,014
Lattice Semiconductor Corp.* (Semiconductors & Semiconductor Equipment)		362		20,544
Lear Corp. (Auto Components)		145		25,372
LendingTree, Inc.* (Thrifts & Mortgage Finance)		29		5,661
Lennox International, Inc. (Building Products)		91		29,978
LHC Group, Inc.* (Health Care Providers & Services)		84		18,075
Life Storage, Inc. (Equity Real Estate Investment Trusts)		204		23,941
Ligand Pharmaceuticals, Inc.* (Biotechnology)		44		4,994
Lincoln Electric Holdings, Inc. (Machinery)		158		22,030
Lithia Motors, Inc.—Class A (Specialty Retail)		79		29,800
Littelfuse, Inc. (Electronic Equipment, Instruments & Components)		65		17,289
LivaNova PLC* (Health Care Equipment & Supplies)		129		11,133
LiveRamp Holdings, Inc.* (IT Services)		181		7,242
Louisiana-Pacific Corp. (Paper & Forest Products)		271		15,024
Lumentum Holdings, Inc.* (Communications Equipment)		201		16,882
Manhattan Associates, Inc.* (Software)		168		26,818
ManpowerGroup, Inc. (Professional Services)		144		17,075
Marriott Vacations Worldwide Corp.* (Hotels, Restaurants & Leisure)		113		16,653
Masimo Corp.* (Health Care Equipment & Supplies)		134		36,501
MasTec, Inc.* (Construction & Engineering)		150		15,185
Mattel, Inc.* (Leisure Products)		923		20,048
MAXIMUS, Inc. (IT Services)		163		14,507
MDU Resources Group, Inc. (Multi-Utilities)		533		16,906
Medical Properties Trust, Inc. (Equity Real Estate Investment Trusts)		1,556		32,723
Medpace Holdings, Inc.* (Life Sciences Tools & Services)		73		12,844
Mercury General Corp. (Insurance)		70		4,258
Mercury Systems, Inc.* (Aerospace & Defense)		149		9,834
MGIC Investment Corp. (Thrifts & Mortgage Finance)		898		12,428
Minerals Technologies, Inc. (Chemicals)		89		7,140
MKS Instruments, Inc. (Semiconductors & Semiconductor Equipment)		147		22,997
Molina Healthcare, Inc.* (Health Care Providers & Services)		155		42,316
MSA Safety, Inc. (Commercial Services & Supplies)		96		15,790
MSC Industrial Direct Co., Inc. (Trading Companies & Distributors)		124		11,057
Murphy Oil Corp. (Oil, Gas & Consumable Fuels)		384		8,337
Murphy USA, Inc. (Specialty Retail)		66		9,736
National Fuel Gas Co. (Gas Utilities)		241		12,395
National Instruments Corp. (Electronic Equipment, Instruments & Components)		348		15,350
National Retail Properties, Inc. (Equity Real Estate Investment Trusts)		465		22,725
National Storage Affiliates Trust (Equity Real Estate Investment Trusts)		206		11,159
Navient Corp. (Consumer Finance)		475		9,704
NCR Corp.* (Technology Hardware, Storage & Peripherals)		347		15,406
Nektar Therapeutics* (Pharmaceuticals)		483		7,627
Neogen Corp.* (Health Care Equipment & Supplies)		284		12,371
NetScout Systems, Inc.* (Communications Equipment)		195		5,608
Neurocrine Biosciences, Inc.* (Biotechnology)		250		23,302
New Jersey Resources Corp. (Gas Utilities)		255		9,823
New York Community Bancorp, Inc. (Thrifts & Mortgage Finance)		1,231		14,502
NewMarket Corp. (Chemicals)		19		6,002
Nordson Corp. (Machinery)		143		32,337
Nordstrom, Inc.* (Multiline Retail)		288		9,533
NorthWestern Corp. (Multi-Utilities)		134		8,307
Nu Skin Enterprises, Inc.—Class A (Personal Products)		133		7,141
NuVasive, Inc.* (Health Care Equipment & Supplies)		137		8,761
nVent Electric PLC (Electrical Equipment)		444		14,035
OGE Energy Corp. (Electric Utilities)		530		17,888
Old Republic International Corp. (Insurance)		750		18,495
Olin Corp. (Chemicals)		379		17,824
Ollie's Bargain Outlet Holdings, Inc.* (Multiline Retail)		150		13,965
Omega Healthcare Investors, Inc. (Equity Real Estate Investment Trusts)		623		22,602

See accompanying notes to the financial statements.

July 31, 2021 :: Schedule of Portfolio Investments :: Mid-Cap ProFund :: 129

Common Stocks, continued

	Shares		Value
ONE Gas, Inc. (Gas Utilities)		141	$	10,403
Oshkosh Corp. (Machinery)		182		21,758
Owens Corning (Building Products)		277		26,636
PacWest Bancorp (Banks)		310		12,344
Papa John's International, Inc. (Hotels, Restaurants & Leisure)		88		10,043
Park Hotels & Resorts, Inc.* (Equity Real Estate Investment Trusts)		626		11,581
Patterson Cos., Inc. (Health Care Providers & Services)		230		7,160
Paylocity Holding Corp.* (Software)		100		20,746
Pebblebrook Hotel Trust (Equity Real Estate Investment Trusts)		348		7,827
Penumbra, Inc.* (Health Care Equipment & Supplies)		90		23,961
Physicians Realty Trust (Equity Real Estate Investment Trusts)		571		10,820
Pilgrim's Pride Corp.* (Food Products)		129		2,857
Pinnacle Financial Partners, Inc. (Banks)		201		18,012
PNM Resources, Inc. (Electric Utilities)		227		10,971
Polaris, Inc. (Leisure Products)		152		19,923
Post Holdings, Inc.* (Food Products)		157		16,067
PotlatchDeltic Corp. (Equity Real Estate Investment Trusts)		178		9,245
Primerica, Inc. (Insurance)		104		15,207
PROG Holdings, Inc.* (Consumer Finance)		178		7,791
Progyny, Inc.* (Health Care Providers & Services)		98		5,458
Prosperity Bancshares, Inc. (Banks)		246		16,775
PS Business Parks, Inc. (Equity Real Estate Investment Trusts)		53		8,145
Qualys, Inc.* (Software)		89		9,039
Quidel Corp.* (Health Care Equipment & Supplies)		103		14,571
R1 RCM, Inc.* (Health Care Providers & Services)		366		7,836
Rayonier, Inc. (Equity Real Estate Investment Trusts)		368		13,877
Regal Beloit Corp. (Electrical Equipment)		108		15,901
Reinsurance Group of America, Inc. (Insurance)		180		19,832
Reliance Steel & Aluminum Co. (Metals & Mining)		169		26,558
RenaissanceRe Holdings, Ltd. (Insurance)		131		20,002
Repligen Corp.* (Biotechnology)		135		33,169
Rexford Industrial Realty, Inc. (Equity Real Estate Investment Trusts)		355		21,840
RH* (Specialty Retail)		45		29,884
RLI Corp. (Insurance)		105		11,380
Royal Gold, Inc. (Metals & Mining)		174		21,144
RPM International, Inc. (Chemicals)		343		29,699
Ryder System, Inc. (Road & Rail)		143		10,889
Sabra Health Care REIT, Inc. (Equity Real Estate Investment Trusts)		572		10,633
Sabre Corp.* (IT Services)		845		9,963
Sailpoint Technologies Holding, Inc.* (Software)		244		12,198
Sanderson Farms, Inc. (Food Products)		53		9,903
Science Applications International Corp. (IT Services)		153		13,357
Scientific Games Corp.* (Hotels, Restaurants & Leisure)		150		9,257
SEI Investments Co. (Capital Markets)		314		19,091
Selective Insurance Group, Inc. (Insurance)		159		12,935
Semtech Corp.* (Semiconductors & Semiconductor Equipment)		172		10,649
Sensient Technologies Corp. (Chemicals)		112		9,764
Service Corp. International (Diversified Consumer Services)		445		27,808
Signature Bank (Banks)		153		34,726
Silgan Holdings, Inc. (Containers & Packaging)		208		8,428
Silicon Laboratories, Inc.* (Semiconductors & Semiconductor Equipment)		118		17,581
Simpson Manufacturing Co., Inc. (Building Products)		115		12,935
Six Flags Entertainment Corp.* (Hotels, Restaurants & Leisure)		201		8,352
Skechers U.S.A., Inc.*—Class A (Textiles, Apparel & Luxury Goods)		355		19,056
SL Green Realty Corp. (Equity Real Estate Investment Trusts)		184		13,701
SLM Corp. (Consumer Finance)		855		16,100
SolarEdge Technologies, Inc.* (Semiconductors & Semiconductor Equipment)		138		35,807
Sonoco Products Co. (Containers & Packaging)		266		16,968
Southwest Gas Holdings, Inc. (Gas Utilities)		154		10,769
Spire, Inc. (Gas Utilities)		137		9,720
Spirit Realty Capital, Inc. (Equity Real Estate Investment Trusts)		304		15,267
Sprouts Farmers Market, Inc.* (Food & Staples Retailing)		313		7,694
STAAR Surgical Co.* (Health Care Equipment & Supplies)		124		15,862
Steel Dynamics, Inc. (Metals & Mining)		531		34,224
Stericycle, Inc.* (Commercial Services & Supplies)		243		17,144
Sterling Bancorp (Banks)		510		11,072
Stifel Financial Corp. (Capital Markets)		278		18,498
STORE Capital Corp. (Equity Real Estate Investment Trusts)		645		23,343
Strategic Education, Inc. (Diversified Consumer Services)		65		5,154
Sunrun, Inc.* (Electrical Equipment)		427		22,618
Synaptics, Inc.* (Semiconductors & Semiconductor Equipment)		93		14,129
Syneos Health, Inc.* (Life Sciences Tools & Services)		268		24,032
SYNNEX Corp. (Electronic Equipment, Instruments & Components)		110		13,149
Synovus Financial Corp. (Banks)		393		16,074
Targa Resources Corp. (Oil, Gas & Consumable Fuels)		605		25,477
Taylor Morrison Home Corp.* (Household Durables)		341		9,146
TEGNA, Inc. (Media)		585		10,366
Telephone and Data Systems, Inc. (Wireless Telecommunication Services)		264		5,900
Tempur Sealy International, Inc. (Household Durables)		485		20,986
Tenet Healthcare Corp.* (Health Care Providers & Services)		283		20,331
Teradata Corp.* (IT Services)		290		14,401
Terex Corp. (Machinery)		185		8,865

See accompanying notes to the financial statements.

130 :: Mid-Cap ProFund :: Schedule of Portfolio Investments :: July 31, 2021

Common Stocks, continued

	Shares		Value
Tetra Tech, Inc. (Commercial Services & Supplies)		143	$	19,093
Texas Capital Bancshares, Inc.* (Banks)		134		8,439
Texas Roadhouse, Inc.—Class A (Hotels, Restaurants & Leisure)		174		16,038
The Boston Beer Co., Inc.*—Class A (Beverages)		25		17,750
The Brink's Co. (Commercial Services & Supplies)		132		10,159
The Chemours Co. (Chemicals)		438		14,564
The Goodyear Tire & Rubber Co.* (Auto Components)		739		11,610
The Hain Celestial Group, Inc.* (Food Products)		216		8,621
The Hanover Insurance Group, Inc. (Insurance)		95		12,911
The Macerich Co. (Equity Real Estate Investment Trusts)		443		7,221
The Middleby Corp.* (Machinery)		147		28,149
The New York Times Co.—Class A (Media)		384		16,812
The Scotts Miracle-Gro Co.—Class A (Chemicals)		108		19,112
The Timken Co. (Machinery)		181		14,390
The Toro Co. (Machinery)		283		32,188
The Wendy's Co. (Hotels, Restaurants & Leisure)		469		10,885
Thor Industries, Inc. (Automobiles)		147		17,399
Toll Brothers, Inc. (Household Durables)		297		17,603
Tootsie Roll Industries, Inc. (Food Products)		47		1,616
TopBuild Corp.* (Household Durables)		88		17,837
Travel + Leisure Co. (Hotels, Restaurants & Leisure)		228		11,810
TreeHouse Foods, Inc.* (Food Products)		149		6,616
Trex Co., Inc.* (Building Products)		305		29,616
Tri Pointe Homes, Inc.* (Household Durables)		314		7,574
Trinity Industries, Inc. (Machinery)		214		5,802
TripAdvisor, Inc.* (Interactive Media & Services)		260		9,867
Trustmark Corp. (Banks)		168		5,043
UGI Corp. (Gas Utilities)		553		25,433
UMB Financial Corp. (Banks)		115		10,764
Umpqua Holdings Corp. (Banks)		584		11,020
United Bankshares, Inc. (Banks)		355		12,262
United States Steel Corp. (Metals & Mining)		714		18,907
United Therapeutics Corp.* (Biotechnology)		119		21,650
Univar Solutions, Inc.* (Trading Companies & Distributors)		449		11,018
Universal Display Corp. (Semiconductors & Semiconductor Equipment)		114		26,731
Urban Edge Properties (Equity Real Estate Investment Trusts)		291		5,529
Urban Outfitters, Inc.* (Specialty Retail)		182		6,767
Valley National Bancorp (Banks)		1,075		13,857
Valmont Industries, Inc. (Construction & Engineering)		56		13,269
Valvoline, Inc. (Chemicals)		479		14,696
ViaSat, Inc.* (Communications Equipment)		180		8,935
Vishay Intertechnology, Inc. (Electronic Equipment, Instruments & Components)		351		7,768
Visteon Corp.* (Auto Components)		74		8,440
Vontier Corp. (Electronic Equipment, Instruments & Components)		447		14,460
Washington Federal, Inc. (Thrifts & Mortgage Finance)		192		6,196
Watsco, Inc. (Trading Companies & Distributors)		87		24,572
Webster Financial Corp. (Banks)		239		11,496
Weingarten Realty Investors (Equity Real Estate Investment Trusts)		318		10,236
Werner Enterprises, Inc. (Road & Rail)		151		6,902
WEX, Inc.* (IT Services)		118		22,388
Williams-Sonoma, Inc. (Specialty Retail)		202		30,644
Wingstop, Inc. (Hotels, Restaurants & Leisure)		79		13,533
Wintrust Financial Corp. (Banks)		151		10,781
Woodward, Inc. (Machinery)		155		18,842
World Fuel Services Corp. (Oil, Gas & Consumable Fuels)		167		5,755
World Wrestling Entertainment, Inc.—Class A (Entertainment)		120		5,925
Worthington Industries, Inc. (Metals & Mining)		93		5,949
WW International, Inc.* (Diversified Consumer Services)		127		3,904
Wyndham Hotels & Resorts, Inc. (Hotels, Restaurants & Leisure)		247		17,798
Xerox Holdings Corp. (Technology Hardware, Storage & Peripherals)		427		10,304
XPO Logistics, Inc.* (Air Freight & Logistics)		269		37,308
Yelp, Inc.* (Interactive Media & Services)		185		6,919
YETI Holdings, Inc.* (Leisure Products)		199		19,170
TOTAL COMMON STOCKS (Cost $4,045,298)				6,220,099

Repurchase Agreements^(a)(b) (11.0%)

	Principal Amount		Value
Repurchase Agreements with various counterparties, 0.00%, dated 7/30/21, due 8/2/21, total to be received $770,000	$	770,000	$	770,000
TOTAL REPURCHASE AGREEMENTS (Cost $770,000)				770,000
TOTAL INVESTMENT SECURITIES (Cost $4,815,298)—99.7%				6,990,099
Net other assets (liabilities)—0.3%				24,536
NET ASSETS—100.0%			$	7,014,635

*	Non-income producing security.
(a)	The ProFund invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" under Note 2 in the Notes to the Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.
(b)	A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. As of July 31, 2021, the aggregate amount held in a segregated account was $222,000.

See accompanying notes to the financial statements.

July 31, 2021 :: Schedule of Portfolio Investments :: Mid-Cap ProFund :: 131

Total Return Swap Agreements–Long

Underlying Instrument	Counterparty	Termination Date(1)		Rate Paid (Received)(2)			Notional Amount		Value and Unrealized Appreciation/ (Depreciation)
S&P MidCap 400	Goldman Sachs International		8/27/21		0.54	%	$	27,037	$	435
S&P MidCap 400	UBS AG		8/27/21		0.44	%		773,250		12,911
							$	800,287	$	13,346

(1)	Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.
(2)	Reflects the floating financing rate, as of July 31, 2021, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

Mid-Cap ProFund invested in the following industries as of July 31, 2021:

	Value		% of Net Assets
Aerospace & Defense	$	66,501		0.9	%
Air Freight & Logistics		37,308		0.5	%
Airlines		12,394		0.2	%
Auto Components		104,899		1.5	%
Automobiles		33,524		0.5	%
Banks		406,679		5.8	%
Beverages		17,750		0.3	%
Biotechnology		138,761		2.0	%
Building Products		123,551		1.8	%
Capital Markets		145,218		2.1	%
Chemicals		160,141		2.3	%
Commercial Services & Supplies		115,433		1.6	%
Communications Equipment		55,263		0.8	%
Construction & Engineering		81,592		1.2	%
Construction Materials		15,828		0.2	%
Consumer Finance		42,228		0.6	%
Containers & Packaging		52,072		0.7	%
Diversified Consumer Services		67,323		1.0	%
Diversified Financial Services		17,591		0.2	%
Diversified Telecommunication Services		13,134		0.2	%
Electric Utilities		65,218		0.9	%
Electrical Equipment		109,230		1.6	%
Electronic Equipment, Instruments & Components		206,748		2.9	%
Energy Equipment & Services		11,527		0.2	%
Entertainment		10,398		0.1	%
Equity Real Estate Investment Trusts		594,152		8.4	%
Food & Staples Retailing		53,102		0.8	%
Food Products		113,624		1.6	%
Gas Utilities		78,542		1.1	%
Health Care Equipment & Supplies		215,317		3.1	%
Health Care Providers & Services		196,599		2.8	%
Hotels, Restaurants & Leisure		167,775		2.4	%
Household Durables		97,639		1.4	%
Household Products		6,599		0.1	%
Industrial Conglomerates		27,909		0.4	%
Insurance		254,496		3.6	%
Interactive Media & Services		16,786		0.2	%
IT Services		166,165		2.4	%
Leisure Products		90,404		1.3	%
Life Sciences Tools & Services		86,546		1.2	%
Machinery		335,099		4.8	%
Marine		9,208		0.1	%
Media		60,369		0.9	%
Metals & Mining		153,840		2.2	%
Multiline Retail		44,529		0.6	%
Multi-Utilities		36,443		0.5	%
Oil, Gas & Consumable Fuels		116,532		1.7	%
Paper & Forest Products		15,024		0.2	%
Personal Products		13,697		0.2	%
Pharmaceuticals		34,580		0.5	%
Professional Services		54,003		0.8	%
Real Estate Management & Development		30,270		0.4	%
Road & Rail		61,245		0.9	%
Semiconductors & Semiconductor Equipment		244,405		3.5	%
Software		251,206		3.6	%
Specialty Retail		200,440		2.9	%
Technology Hardware, Storage & Peripherals		25,710		0.4	%
Textiles, Apparel & Luxury Goods		114,942		1.6	%
Thrifts & Mortgage Finance		52,293		0.7	%
Trading Companies & Distributors		55,319		0.8	%
Water Utilities		29,079		0.4	%
Wireless Telecommunication Services		5,900		0.1	%
Other**		794,536		11.3	%
Total	$	7,014,635		100.0	%

^** Includes any non-equity securities and net other assets (liabilities), which includes any receivable for capital shares issued and payable for capital shares redeemed.

See accompanying notes to the financial statements.

132 :: Mid-Cap Value ProFund :: Schedule of Portfolio Investments :: July 31, 2021

Common Stocks (100.3%)

	Shares		Value
Acadia Healthcare Co., Inc.* (Health Care Providers & Services)		246	$	15,183
ACI Worldwide, Inc.* (Software)		242		8,301
Acuity Brands, Inc. (Electrical Equipment)		159		27,885
Adient PLC* (Auto Components)		418		17,610
AECOM* (Construction & Engineering)		649		40,860
Affiliated Managers Group, Inc. (Capital Markets)		185		29,311
AGCO Corp. (Machinery)		159		21,005
Alleghany Corp.* (Insurance)		60		39,786
ALLETE, Inc. (Electric Utilities)		232		16,314
Alliance Data Systems Corp. (IT Services)		222		20,702
American Campus Communities, Inc. (Equity Real Estate Investment Trusts)		372		18,715
American Eagle Outfitters, Inc. (Specialty Retail)		669		23,060
American Financial Group, Inc. (Insurance)		303		38,326
Amkor Technology, Inc. (Semiconductors & Semiconductor Equipment)		334		8,230
Apartment Income REIT Corp. (Equity Real Estate Investment Trusts)		695		36,585
AptarGroup, Inc. (Containers & Packaging)		113		14,568
Arrow Electronics, Inc.* (Electronic Equipment, Instruments & Components)		331		39,246
Ashland Global Holdings, Inc. (Chemicals)		155		13,186
Aspen Technology, Inc.* (Software)		95		13,895
Associated Banc-Corp. (Banks)		677		13,405
AutoNation, Inc.* (Specialty Retail)		239		28,997
Avient Corp. (Chemicals)		405		19,651
Avis Budget Group, Inc.* (Road & Rail)		229		18,954
Avnet, Inc. (Electronic Equipment, Instruments & Components)		441		18,222
BancorpSouth Bank (Banks)		426		10,991
Bank of Hawaii Corp. (Banks)		179		14,984
Bank OZK (Banks)		537		21,861
Belden, Inc. (Electronic Equipment, Instruments & Components)		197		9,653
BJ's Wholesale Club Holdings, Inc.* (Food & Staples Retailing)		608		30,788
Black Hills Corp. (Multi-Utilities)		279		18,874
Blackbaud, Inc.* (Software)		118		8,417
Boyd Gaming Corp.* (Hotels, Restaurants & Leisure)		165		9,405
Brixmor Property Group, Inc. (Equity Real Estate Investment Trusts)		1,316		30,294
Brunswick Corp. (Leisure Products)		155		16,182
Builders FirstSource, Inc.* (Building Products)		467		20,782
Cabot Corp. (Chemicals)		251		13,820
CACI International, Inc.*—Class A (IT Services)		60		16,018
Callaway Golf Co.* (Leisure Products)		217		6,875
Camden Property Trust (Equity Real Estate Investment Trusts)		230		34,360
Capri Holdings, Ltd.* (Textiles, Apparel & Luxury Goods)		672		37,840
Carlisle Cos., Inc. (Industrial Conglomerates)		99		20,022
Carter's, Inc. (Textiles, Apparel & Luxury Goods)		194		18,962
Casey's General Stores, Inc. (Food & Staples Retailing)		101		19,969
Cathay General Bancorp (Banks)		332		12,573
CDK Global, Inc. (Software)		269		12,909
Ceridian HCM Holding, Inc.* (Software)		237		23,320
ChampionX Corp.* (Energy Equipment & Services)		490		11,388
Choice Hotels International, Inc. (Hotels, Restaurants & Leisure)		60		7,194
Ciena Corp.* (Communications Equipment)		430		25,000
Cimarex Energy Co. (Oil, Gas & Consumable Fuels)		236		15,387
Cinemark Holdings, Inc.* (Entertainment)		482		7,485
Cirrus Logic, Inc.* (Semiconductors & Semiconductor Equipment)		143		11,810
CIT Group, Inc. (Banks)		438		21,129
Clean Harbors, Inc.* (Commercial Services & Supplies)		137		13,015
CNO Financial Group, Inc. (Insurance)		584		13,339
Coherent, Inc.* (Electronic Equipment, Instruments & Components)		72		17,708
Colfax Corp.* (Machinery)		521		23,903
Columbia Sportswear Co. (Textiles, Apparel & Luxury Goods)		77		7,671
Commerce Bancshares, Inc. (Banks)		243		17,187
Commercial Metals Co. (Metals & Mining)		534		17,515
CommVault Systems, Inc.* (Software)		102		7,710
Compass Minerals International, Inc. (Metals & Mining)		77		5,279
Concentrix Corp.* (IT Services)		97		15,882
CoreSite Realty Corp. (Equity Real Estate Investment Trusts)		69		9,536
Corporate Office Properties Trust (Equity Real Estate Investment Trusts)		499		14,691
Coty, Inc.*—Class A (Personal Products)		1,259		10,991
Cousins Properties, Inc. (Equity Real Estate Investment Trusts)		659		26,175
Cracker Barrel Old Country Store, Inc. (Hotels, Restaurants & Leisure)		103		14,027
Crane Co. (Machinery)		222		21,585
Cullen/Frost Bankers, Inc. (Banks)		251		26,937
Curtiss-Wright Corp. (Aerospace & Defense)		114		13,486
Dana, Inc. (Auto Components)		645		15,583
Dick's Sporting Goods, Inc. (Specialty Retail)		291		30,304
Donaldson Co., Inc. (Machinery)		280		18,533
Douglas Emmett, Inc. (Equity Real Estate Investment Trusts)		731		24,415
DT Midstream, Inc.* (Oil, Gas & Consumable Fuels)		429		18,190
Dycom Industries, Inc.* (Construction & Engineering)		137		9,508
Eagle Materials, Inc. (Construction Materials)		72		10,175
East West Bancorp, Inc. (Banks)		628		44,683
EastGroup Properties, Inc. (Equity Real Estate Investment Trusts)		75		13,217
EMCOR Group, Inc. (Construction & Engineering)		242		29,478
Encompass Health Corp. (Health Care Providers & Services)		193		16,067
Energizer Holdings, Inc. (Household Products)		137		5,870
EnerSys (Electrical Equipment)		98		9,669
Envestnet, Inc.* (Software)		94		7,072
Envista Holdings Corp.* (Health Care Equipment & Supplies)		712		30,672
EPR Properties (Equity Real Estate Investment Trusts)		332		16,700

See accompanying notes to the financial statements.

July 31, 2021 :: Schedule of Portfolio Investments :: Mid-Cap Value ProFund :: 133

Common Stocks, continued

	Shares		Value
EQT Corp.* (Oil, Gas & Consumable Fuels)		766	$	14,087
Equitrans Midstream Corp. (Oil, Gas & Consumable Fuels)		993		8,162
Essent Group, Ltd. (Thrifts & Mortgage Finance)		251		11,338
Essential Utilities, Inc. (Water Utilities)		495		24,314
Evercore Partners, Inc.—Class A (Capital Markets)		66		8,725
F.N.B. Corp. (Banks)		1,418		16,250
Federated Hermes, Inc.—Class B (Capital Markets)		244		7,915
First American Financial Corp. (Insurance)		487		32,780
First Financial Bankshares, Inc. (Banks)		227		11,087
First Horizon Corp. (Banks)		2,451		37,868
First Industrial Realty Trust, Inc. (Equity Real Estate Investment Trusts)		280		15,338
FirstCash, Inc. (Consumer Finance)		181		14,335
Flowers Foods, Inc. (Food Products)		535		12,605
Flowserve Corp. (Machinery)		578		24,328
Fluor Corp.* (Construction & Engineering)		560		9,330
Foot Locker, Inc. (Specialty Retail)		459		26,191
Fulton Financial Corp. (Banks)		722		11,061
GATX Corp. (Trading Companies & Distributors)		158		14,576
Genpact, Ltd. (IT Services)		302		15,043
Gentex Corp. (Auto Components)		450		15,314
Glacier Bancorp, Inc. (Banks)		212		10,931
Graham Holdings Co.—Class B (Diversified Consumer Services)		19		12,629
Grand Canyon Education, Inc.* (Diversified Consumer Services)		130		12,008
Greif, Inc.—Class A (Containers & Packaging)		118		7,153
Grocery Outlet Holding Corp.* (Food & Staples Retailing)		147		4,869
H&R Block, Inc. (Diversified Consumer Services)		805		19,762
Haemonetics Corp.* (Health Care Equipment & Supplies)		101		6,140
Hancock Whitney Corp. (Banks)		385		16,828
Harley-Davidson, Inc. (Automobiles)		683		27,060
Hawaiian Electric Industries, Inc. (Electric Utilities)		486		21,063
Healthcare Realty Trust, Inc. (Equity Real Estate Investment Trusts)		376		11,987
Healthcare Services Group, Inc. (Commercial Services & Supplies)		332		8,665
Herman Miller, Inc. (Commercial Services & Supplies)		326		14,067
Hexcel Corp.* (Aerospace & Defense)		372		20,244
Highwoods Properties, Inc. (Equity Real Estate Investment Trusts)		461		21,985
Hill-Rom Holdings, Inc. (Health Care Equipment & Supplies)		170		23,538
HollyFrontier Corp. (Oil, Gas & Consumable Fuels)		661		19,433
Home BancShares, Inc. (Banks)		673		14,254
Hubbell, Inc. (Electrical Equipment)		98		19,645
Hudson Pacific Properties, Inc. (Equity Real Estate Investment Trusts)		668		18,210
ICU Medical, Inc.* (Health Care Equipment & Supplies)		44		8,945
IDACORP, Inc. (Electric Utilities)		223		23,515
Ingevity Corp.* (Chemicals)		91		7,730
Ingredion, Inc. (Food Products)		299		26,255
Integra LifeSciences Holdings Corp.* (Health Care Equipment & Supplies)		159		11,510
International Bancshares Corp. (Banks)		246		9,614
Iridium Communications, Inc.* (Diversified Telecommunication Services)		204		8,615
ITT, Inc. (Machinery)		209		20,463
j2 Global, Inc.* (Software)		70		9,889
Jabil, Inc. (Electronic Equipment, Instruments & Components)		593		35,307
Janus Henderson Group PLC (Capital Markets)		756		31,631
JBG Smith Properties (Equity Real Estate Investment Trusts)		491		16,021
Jefferies Financial Group, Inc. (Diversified Financial Services)		888		29,473
JetBlue Airways Corp.* (Airlines)		1,406		20,795
John Wiley & Sons, Inc.—Class A (Media)		193		11,345
Jones Lang LaSalle, Inc.* (Real Estate Management & Development)		227		50,523
KAR Auction Services, Inc.* (Commercial Services & Supplies)		555		9,146
KB Home (Household Durables)		393		16,679
KBR, Inc. (IT Services)		627		24,264
Kemper Corp. (Insurance)		269		17,757
Kennametal, Inc. (Machinery)		371		13,449
Kilroy Realty Corp. (Equity Real Estate Investment Trusts)		469		32,488
Kirby Corp.* (Marine)		267		15,462
Kohl's Corp. (Multiline Retail)		693		35,205
Lamar Advertising Co.—Class A (Equity Real Estate Investment Trusts)		192		20,467
Lancaster Colony Corp. (Food Products)		37		7,321
Landstar System, Inc. (Road & Rail)		62		9,734
Lear Corp. (Auto Components)		243		42,520
Lennox International, Inc. (Building Products)		62		20,425
Life Storage, Inc. (Equity Real Estate Investment Trusts)		165		19,364
Ligand Pharmaceuticals, Inc.* (Biotechnology)		36		4,086
LivaNova PLC* (Health Care Equipment & Supplies)		217		18,727
LiveRamp Holdings, Inc.* (IT Services)		142		5,681
Louisiana-Pacific Corp. (Paper & Forest Products)		205		11,365
ManpowerGroup, Inc. (Professional Services)		242		28,696
Marriott Vacations Worldwide Corp.* (Hotels, Restaurants & Leisure)		190		28,001
MasTec, Inc.* (Construction & Engineering)		251		25,409
MAXIMUS, Inc. (IT Services)		102		9,078
MDU Resources Group, Inc. (Multi-Utilities)		892		28,294
Medical Properties Trust, Inc. (Equity Real Estate Investment Trusts)		1,588		33,396
Mercury General Corp. (Insurance)		118		7,178
MGIC Investment Corp. (Thrifts & Mortgage Finance)		1,505		20,829
Minerals Technologies, Inc. (Chemicals)		148		11,873
Molina Healthcare, Inc.* (Health Care Providers & Services)		118		32,215
MSC Industrial Direct Co., Inc. (Trading Companies & Distributors)		102		9,095
Murphy Oil Corp. (Oil, Gas & Consumable Fuels)		644		13,981

See accompanying notes to the financial statements.

134 :: Mid-Cap Value ProFund :: Schedule of Portfolio Investments :: July 31, 2021

Common Stocks, continued

	Shares		Value
Murphy USA, Inc. (Specialty Retail)		109	$	16,079
National Fuel Gas Co. (Gas Utilities)		405		20,829
National Instruments Corp. (Electronic Equipment, Instruments & Components)		320		14,115
National Retail Properties, Inc. (Equity Real Estate Investment Trusts)		781		38,168
National Storage Affiliates Trust (Equity Real Estate Investment Trusts)		135		7,313
Navient Corp. (Consumer Finance)		795		16,242
NCR Corp.* (Technology Hardware, Storage & Peripherals)		581		25,797
Nektar Therapeutics* (Pharmaceuticals)		502		7,927
Neogen Corp.* (Health Care Equipment & Supplies)		191		8,320
NetScout Systems, Inc.* (Communications Equipment)		326		9,376
New Jersey Resources Corp. (Gas Utilities)		428		16,487
New York Community Bancorp, Inc. (Thrifts & Mortgage Finance)		2,063		24,302
NewMarket Corp. (Chemicals)		20		6,318
Nordson Corp. (Machinery)		89		20,126
Nordstrom, Inc.* (Multiline Retail)		483		15,987
NorthWestern Corp. (Multi-Utilities)		224		13,886
Nu Skin Enterprises, Inc.—Class A (Personal Products)		101		5,423
NuVasive, Inc.* (Health Care Equipment & Supplies)		229		14,645
nVent Electric PLC (Electrical Equipment)		743		23,486
OGE Energy Corp. (Electric Utilities)		889		30,004
Old Republic International Corp. (Insurance)		1,256		30,973
Olin Corp. (Chemicals)		636		29,910
Omega Healthcare Investors, Inc. (Equity Real Estate Investment Trusts)		1,045		37,914
ONE Gas, Inc. (Gas Utilities)		236		17,412
Oshkosh Corp. (Machinery)		303		36,225
Owens Corning (Building Products)		463		44,521
PacWest Bancorp (Banks)		372		14,813
Park Hotels & Resorts, Inc.* (Equity Real Estate Investment Trusts)		1,048		19,388
Patterson Cos., Inc. (Health Care Providers & Services)		385		11,985
Pebblebrook Hotel Trust (Equity Real Estate Investment Trusts)		583		13,112
Physicians Realty Trust (Equity Real Estate Investment Trusts)		957		18,135
Pilgrim's Pride Corp.* (Food Products)		216		4,784
Pinnacle Financial Partners, Inc. (Banks)		338		30,288
PNM Resources, Inc. (Electric Utilities)		232		11,213
Polaris, Inc. (Leisure Products)		135		17,694
Post Holdings, Inc.* (Food Products)		262		26,814
PotlatchDeltic Corp. (Equity Real Estate Investment Trusts)		184		9,557
PROG Holdings, Inc.* (Consumer Finance)		162		7,091
Progyny, Inc.* (Health Care Providers & Services)		82		4,567
Prosperity Bancshares, Inc. (Banks)		412		28,094
PS Business Parks, Inc. (Equity Real Estate Investment Trusts)		47		7,222
Rayonier, Inc. (Equity Real Estate Investment Trusts)		370		13,953
Regal Beloit Corp. (Electrical Equipment)		90		13,251
Reinsurance Group of America, Inc. (Insurance)		301		33,164
Reliance Steel & Aluminum Co. (Metals & Mining)		282		44,316
RenaissanceRe Holdings, Ltd. (Insurance)		97		14,811
Rexford Industrial Realty, Inc. (Equity Real Estate Investment Trusts)		243		14,949
RLI Corp. (Insurance)		72		7,803
Royal Gold, Inc. (Metals & Mining)		122		14,825
RPM International, Inc. (Chemicals)		219		18,963
Ryder System, Inc. (Road & Rail)		239		18,200
Sabra Health Care REIT, Inc. (Equity Real Estate Investment Trusts)		958		17,809
Sabre Corp.* (IT Services)		906		10,682
Sanderson Farms, Inc. (Food Products)		89		16,629
Science Applications International Corp. (IT Services)		158		13,793
Scientific Games Corp.* (Hotels, Restaurants & Leisure)		103		6,356
SEI Investments Co. (Capital Markets)		257		15,626
Selective Insurance Group, Inc. (Insurance)		265		21,558
Sensient Technologies Corp. (Chemicals)		99		8,631
Service Corp. International (Diversified Consumer Services)		299		18,685
Signature Bank (Banks)		166		37,677
Silgan Holdings, Inc. (Containers & Packaging)		193		7,820
Silicon Laboratories, Inc.* (Semiconductors & Semiconductor Equipment)		82		12,217
Six Flags Entertainment Corp.* (Hotels, Restaurants & Leisure)		208		8,642
Skechers U.S.A., Inc.*—Class A (Textiles, Apparel & Luxury Goods)		594		31,886
SL Green Realty Corp. (Equity Real Estate Investment Trusts)		306		22,785
Sonoco Products Co. (Containers & Packaging)		447		28,515
Southwest Gas Holdings, Inc. (Gas Utilities)		256		17,902
Spire, Inc. (Gas Utilities)		229		16,248
Spirit Realty Capital, Inc. (Equity Real Estate Investment Trusts)		511		25,662
Sprouts Farmers Market, Inc.* (Food & Staples Retailing)		524		12,880
Steel Dynamics, Inc. (Metals & Mining)		891		57,426
Stericycle, Inc.* (Commercial Services & Supplies)		250		17,638
Sterling Bancorp (Banks)		854		18,540
Stifel Financial Corp. (Capital Markets)		270		17,966
STORE Capital Corp. (Equity Real Estate Investment Trusts)		680		24,609
Strategic Education, Inc. (Diversified Consumer Services)		109		8,643
Synaptics, Inc.* (Semiconductors & Semiconductor Equipment)		82		12,458
SYNNEX Corp. (Electronic Equipment, Instruments & Components)		184		21,995
Synovus Financial Corp. (Banks)		659		26,953
Targa Resources Corp. (Oil, Gas & Consumable Fuels)		782		32,930
Taylor Morrison Home Corp.* (Household Durables)		570		15,287
TEGNA, Inc. (Media)		588		10,419

See accompanying notes to the financial statements.

July 31, 2021 :: Schedule of Portfolio Investments :: Mid-Cap Value ProFund :: 135

Common Stocks, continued

	Shares		Value
Telephone and Data Systems, Inc. (Wireless Telecommunication Services)		442	$	9,879
Tenet Healthcare Corp.* (Health Care Providers & Services)		473		33,981
Teradata Corp.* (IT Services)		305		15,146
Terex Corp. (Machinery)		192		9,201
Texas Capital Bancshares, Inc.* (Banks)		223		14,045
The Brink's Co. (Commercial Services & Supplies)		137		10,544
The Chemours Co. (Chemicals)		404		13,433
The Goodyear Tire & Rubber Co.* (Auto Components)		1,239		19,465
The Hain Celestial Group, Inc.* (Food Products)		139		5,547
The Hanover Insurance Group, Inc. (Insurance)		160		21,744
The Macerich Co. (Equity Real Estate Investment Trusts)		739		12,046
The Middleby Corp.* (Machinery)		97		18,575
Thor Industries, Inc. (Automobiles)		246		29,117
Toll Brothers, Inc. (Household Durables)		280		16,596
Tootsie Roll Industries, Inc. (Food Products)		45		1,548
Travel + Leisure Co. (Hotels, Restaurants & Leisure)		234		12,121
TreeHouse Foods, Inc.* (Food Products)		251		11,144
Tri Pointe Homes, Inc.* (Household Durables)		525		12,663
Trinity Industries, Inc. (Machinery)		359		9,732
TripAdvisor, Inc.* (Interactive Media & Services)		275		10,436
Trustmark Corp. (Banks)		280		8,406
UGI Corp. (Gas Utilities)		925		42,541
UMB Financial Corp. (Banks)		192		17,971
Umpqua Holdings Corp. (Banks)		558		10,529
United Bankshares, Inc. (Banks)		594		20,517
United States Steel Corp. (Metals & Mining)		1,196		31,670
United Therapeutics Corp.* (Biotechnology)		115		20,922
Univar Solutions, Inc.* (Trading Companies & Distributors)		753		18,479
Urban Edge Properties (Equity Real Estate Investment Trusts)		489		9,291
Urban Outfitters, Inc.* (Specialty Retail)		303		11,266
Valley National Bancorp (Banks)		1,799		23,189
Valmont Industries, Inc. (Construction & Engineering)		56		13,269
Valvoline, Inc. (Chemicals)		321		9,848
ViaSat, Inc.* (Communications Equipment)		302		14,991
Vishay Intertechnology, Inc. (Electronic Equipment, Instruments & Components)		589		13,035
Visteon Corp.* (Auto Components)		64		7,299
Vontier Corp. (Electronic Equipment, Instruments & Components)		748		24,198
Washington Federal, Inc. (Thrifts & Mortgage Finance)		320		10,326
Watsco, Inc. (Trading Companies & Distributors)		55		15,534
Webster Financial Corp. (Banks)		400		19,240
Weingarten Realty Investors (Equity Real Estate Investment Trusts)		532		17,125
Werner Enterprises, Inc. (Road & Rail)		137		6,262
WEX, Inc.* (IT Services)		83		15,748
Wintrust Financial Corp. (Banks)		253		18,064
Woodward, Inc. (Machinery)		124		15,073
World Fuel Services Corp. (Oil, Gas & Consumable Fuels)		280		9,649
World Wrestling Entertainment, Inc.—Class A (Entertainment)		84		4,148
Worthington Industries, Inc. (Metals & Mining)		65		4,158
WW International, Inc.* (Diversified Consumer Services)		130		3,996
Wyndham Hotels & Resorts, Inc. (Hotels, Restaurants & Leisure)		190		13,691
Xerox Holdings Corp. (Technology Hardware, Storage & Peripherals)		717		17,301
XPO Logistics, Inc.* (Air Freight & Logistics)		217		30,096
Yelp, Inc.* (Interactive Media & Services)		152		5,685
TOTAL COMMON STOCKS (Cost $3,619,177)				5,520,120
TOTAL INVESTMENT SECURITIES (Cost $3,619,177)—100.3%				5,520,120
Net other assets (liabilities)—(0.3)%				(15,222	)
NET ASSETS—100.0%			$	5,504,898

^* Non-income producing security.

See accompanying notes to the financial statements.

136 :: Mid-Cap Value ProFund :: Schedule of Portfolio Investments :: July 31, 2021

Mid-Cap Value ProFund invested in the following industries as of July 31, 2021:

	Value			% of Net Assets
Aerospace & Defense	$	33,730			0.6	%
Air Freight & Logistics		30,096			0.5	%
Airlines		20,795			0.4	%
Auto Components		117,791			2.1	%
Automobiles		56,177			1.0	%
Banks		599,969			10.9	%
Biotechnology		25,008			0.5	%
Building Products		85,728			1.6	%
Capital Markets		111,174			2.0	%
Chemicals		153,363			2.8	%
Commercial Services & Supplies		73,075			1.3	%
Communications Equipment		49,367			0.9	%
Construction & Engineering		127,854			2.3	%
Construction Materials		10,175			0.2	%
Consumer Finance		37,668			0.7	%
Containers & Packaging		58,056			1.1	%
Diversified Consumer Services		75,723			1.4	%
Diversified Financial Services		29,473			0.5	%
Diversified Telecommunication Services		8,615			0.2	%
Electric Utilities		102,109			1.9	%
Electrical Equipment		93,936			1.7	%
Electronic Equipment, Instruments & Components		193,480			3.5	%
Energy Equipment & Services		11,388			0.2	%
Entertainment		11,633			0.2	%
Equity Real Estate Investment Trusts		722,981			13.1	%
Food & Staples Retailing		68,506			1.2	%
Food Products		112,647			2.0	%
Gas Utilities		131,418			2.4	%
Health Care Equipment & Supplies		122,497			2.2	%
Health Care Providers & Services		113,998			2.1	%
Hotels, Restaurants & Leisure		99,437			1.8	%
Household Durables		61,225			1.1	%
Household Products		5,870			0.1	%
Industrial Conglomerates		20,022			0.4	%
Insurance		279,219			5.1	%
Interactive Media & Services		16,121			0.3	%
IT Services		162,037			2.9	%
Leisure Products		40,751			0.7	%
Machinery		252,198			4.6	%
Marine		15,462			0.3	%
Media		21,764			0.4	%
Metals & Mining		175,189			3.2	%
Multiline Retail		51,192			0.9	%
Multi-Utilities		61,054			1.1	%
Oil, Gas & Consumable Fuels		131,819			2.4	%
Paper & Forest Products		11,365			0.2	%
Personal Products		16,414			0.3	%
Pharmaceuticals		7,927			0.1	%
Professional Services		28,696			0.5	%
Real Estate Management & Development		50,523			0.9	%
Road & Rail		53,150			1.0	%
Semiconductors & Semiconductor Equipment		44,715			0.8	%
Software		91,513			1.7	%
Specialty Retail		135,898			2.5	%
Technology Hardware, Storage & Peripherals		43,098			0.8	%
Textiles, Apparel & Luxury Goods		96,359			1.8	%
Thrifts & Mortgage Finance		66,795			1.2	%
Trading Companies & Distributors		57,684			1.1	%
Water Utilities		24,314			0.4	%
Wireless Telecommunication Services		9,879			0.2	%
Other**		(15,222	)		(0.3	)%
Total	$	5,504,898			100.0	%

^** Includes any non-equity securities and net other assets (liabilities), which includes any receivable for capital shares issued and payable for capital shares redeemed.

See accompanying notes to the financial statements.

July 31, 2021 :: Schedule of Portfolio Investments :: Nasdaq-100 ProFund :: 137

Common Stocks (60.1%)

	Shares		Value
Activision Blizzard, Inc. (Entertainment)		5,295	$	442,768
Adobe, Inc.* (Software)		3,258		2,025,271
Advanced Micro Devices, Inc.* (Semiconductors & Semiconductor Equipment)		8,283		879,572
Align Technology, Inc.* (Health Care Equipment & Supplies)		539		375,036
Alphabet, Inc.*—Class A (Interactive Media & Services)		1,347		3,629,532
Alphabet, Inc.*—Class C (Interactive Media & Services)		1,449		3,918,704
Amazon.com, Inc.* (Internet & Direct Marketing Retail)		2,259		7,517,025
American Electric Power Co., Inc. (Electric Utilities)		3,406		300,137
Amgen, Inc. (Biotechnology)		3,916		945,871
Analog Devices, Inc. (Semiconductors & Semiconductor Equipment)		2,514		420,894
ANSYS, Inc.* (Software)		594		218,865
Apple, Inc. (Technology Hardware, Storage & Peripherals)		74,756		10,903,910
Applied Materials, Inc. (Semiconductors & Semiconductor Equipment)		6,229		871,624
ASML Holding N.V.NYS (Semiconductors & Semiconductor Equipment)		541		414,806
Atlassian Corp. PLC*—Class A (Software)		922		299,761
Autodesk, Inc.* (Software)		1,500		481,695
Automatic Data Processing, Inc. (IT Services)		2,902		608,346
Baidu, Inc.*ADR (Interactive Media & Services)		1,767		289,806
Biogen, Inc.* (Biotechnology)		1,026		335,225
Booking Holdings, Inc.* (Internet & Direct Marketing Retail)		280		609,913
Broadcom, Inc. (Semiconductors & Semiconductor Equipment)		2,783		1,350,868
Cadence Design Systems, Inc.* (Software)		1,896		279,944
CDW Corp. (Electronic Equipment, Instruments & Components)		956		175,283
Cerner Corp. (Health Care Technology)		2,054		165,121
Charter Communications, Inc.*—Class A (Media)		1,285		956,104
Check Point Software Technologies, Ltd.* (Software)		922		117,186
Cintas Corp. (Commercial Services & Supplies)		716		282,233
Cisco Systems, Inc. (Communications Equipment)		28,729		1,590,725
Cognizant Technology Solutions Corp.—Class A (IT Services)		3,594		264,267
Comcast Corp.—Class A (Media)		31,247		1,838,262
Copart, Inc.* (Commercial Services & Supplies)		1,613		237,111
Costco Wholesale Corp. (Food & Staples Retailing)		3,016		1,296,035
CSX Corp. (Road & Rail)		15,486		500,508
DexCom, Inc.* (Health Care Equipment & Supplies)		659		339,721
DocuSign, Inc.* (Software)		1,326		395,201
Dollar Tree, Inc.* (Multiline Retail)		1,581		157,768
eBay, Inc. (Internet & Direct Marketing Retail)		4,643		316,699
Electronic Arts, Inc. (Entertainment)		1,950		280,722
Exelon Corp. (Electric Utilities)		6,662		311,781
Facebook, Inc.*—Class A (Interactive Media & Services)		10,732		3,823,811
Fastenal Co. (Trading Companies & Distributors)		3,915		214,425
Fiserv, Inc.* (IT Services)		4,547		523,405
Fox Corp.—Class A (Media)		2,228		79,450
Fox Corp.—Class B (Media)		1,726		57,372
Gilead Sciences, Inc. (Biotechnology)		8,547		583,675
Honeywell International, Inc. (Industrial Conglomerates)		4,734		1,106,761
IDEXX Laboratories, Inc.* (Health Care Equipment & Supplies)		581		394,226
Illumina, Inc.* (Life Sciences Tools & Services)		995		493,271
Incyte Corp.* (Biotechnology)		1,498		115,870
Intel Corp. (Semiconductors & Semiconductor Equipment)		27,520		1,478,374
Intuit, Inc. (Software)		1,862		986,804
Intuitive Surgical, Inc.* (Health Care Equipment & Supplies)		807		800,108
JD.com, Inc.*ADR (Internet & Direct Marketing Retail)		5,490		389,131
Keurig Dr Pepper, Inc. (Beverages)		9,660		340,129
KLA Corp. (Semiconductors & Semiconductor Equipment)		1,045		363,827
Lam Research Corp. (Semiconductors & Semiconductor Equipment)		972		619,563
Lululemon Athletica, Inc.* (Textiles, Apparel & Luxury Goods)		853		341,345
Marriott International, Inc.*—Class A (Hotels, Restaurants & Leisure)		2,219		323,930
Marvell Technology, Inc. (Semiconductors & Semiconductor Equipment)		5,586		338,009
Match Group, Inc.* (Interactive Media & Services)		1,843		293,535
Maxim Integrated Products, Inc. (Semiconductors & Semiconductor Equipment)		1,829		182,735
Mercadolibre, Inc.* (Internet & Direct Marketing Retail)		340		533,358
Microchip Technology, Inc. (Semiconductors & Semiconductor Equipment)		1,865		266,919
Micron Technology, Inc.* (Semiconductors & Semiconductor Equipment)		7,647		593,254
Microsoft Corp. (Software)		33,731		9,610,298
Moderna, Inc.* (Biotechnology)		2,735		967,096
Mondelez International, Inc.—Class A (Food Products)		9,573		605,588
Monster Beverage Corp.* (Beverages)		3,602		339,741
NetEase, Inc.ADR (Entertainment)		2,054		209,939
Netflix, Inc.* (Entertainment)		3,022		1,564,097
NVIDIA Corp. (Semiconductors & Semiconductor Equipment)		16,992		3,313,271
NXP Semiconductors N.V. (Semiconductors & Semiconductor Equipment)		1,879		387,807
Okta, Inc.* (IT Services)		852		211,117
O'Reilly Automotive, Inc.* (Specialty Retail)		475		286,824
PACCAR, Inc. (Machinery)		2,366		196,354
Paychex, Inc. (IT Services)		2,456		279,542
PayPal Holdings, Inc.* (IT Services)		8,007		2,206,169

See accompanying notes to the financial statements.

138 :: Nasdaq-100 ProFund :: Schedule of Portfolio Investments :: July 31, 2021

Common Stocks, continued

	Shares		Value
Peloton Interactive, Inc.*—Class A (Leisure Products)		1,832	$	216,268
PepsiCo, Inc. (Beverages)		9,416		1,477,841
Pinduoduo, Inc.*ADR (Internet & Direct Marketing Retail)		2,579		236,262
Qualcomm, Inc. (Semiconductors & Semiconductor Equipment)		7,688		1,151,662
Regeneron Pharmaceuticals, Inc.* (Biotechnology)		714		410,272
Ross Stores, Inc. (Specialty Retail)		2,431		298,259
Seagen, Inc.* (Biotechnology)		1,237		189,743
Sirius XM Holdings, Inc. (Media)		27,879		180,377
Skyworks Solutions, Inc. (Semiconductors & Semiconductor Equipment)		1,125		207,574
Splunk, Inc.* (Software)		1,117		158,592
Starbucks Corp. (Hotels, Restaurants & Leisure)		8,030		975,083
Synopsys, Inc.* (Software)		1,040		299,510
Tesla, Inc.* (Automobiles)		5,339		3,668,961
Texas Instruments, Inc. (Semiconductors & Semiconductor Equipment)		6,294		1,199,762
The Kraft Heinz Co. (Food Products)		8,336		320,686
T-Mobile U.S., Inc.* (Wireless Telecommunication Services)		8,498		1,223,882
Trip.com Group, Ltd.*ADR (Internet & Direct Marketing Retail)		3,592		93,141
VeriSign, Inc.* (IT Services)		768		166,172
Verisk Analytics, Inc.—Class A (Professional Services)		1,105		209,884
Vertex Pharmaceuticals, Inc.* (Biotechnology)		1,763		355,386
Walgreens Boots Alliance, Inc. (Food & Staples Retailing)		5,892		277,808
Workday, Inc.*—Class A (Software)		1,288		301,907
Xcel Energy, Inc. (Electric Utilities)		3,668		250,341
Xilinx, Inc. (Semiconductors & Semiconductor Equipment)		1,675		250,982
Zoom Video Communications, Inc.*—Class A (Software)		1,610		608,741
TOTAL COMMON STOCKS  (Cost $49,357,712)				96,494,526

Repurchase Agreements^(a)(b) (35.7%)

	Principal Amount		Value
Repurchase Agreements with various counterparties, 0.00%, dated 7/30/21, due 8/2/21, total to be received $57,470,000	$	57,470,000	$	57,470,000
TOTAL REPURCHASE AGREEMENTS (Cost $57,470,000)				57,470,000
TOTAL INVESTMENT SECURITIES (Cost $106,827,712) — 95.8%				153,964,526
Net other assets (liabilities) — 4.2%				6,820,712
NET ASSETS—100.0%			$	160,785,238

* Non-income producing security.

^(a) The ProFund invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" under Note 2 in the Notes to the Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.

^(b) A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. As of July 31, 2021, the aggregate amount held in a segregated account was $8,587,000.

^ADR American Depositary Receipt

^NYS New York Shares

Futures Contracts Purchased

	Number of Contracts		Expiration Date		Notional Amount		Value and Unrealized Appreciation/ (Depreciation)
E-Mini Nasdaq-100 Futures Contracts		2		9/20/21	$	598,230	$	46,163

Total Return Swap Agreements—Long

Underlying Instrument	Counterparty	Termination Date(1)		Rate Paid (Received)(2)			Notional Amount		Value and Unrealized Appreciation/ (Depreciation)
Nasdaq-100 Index	Goldman Sachs International		8/27/21		0.64	%	$	11,145,125	$	18,386
Nasdaq-100 Index	UBS AG		8/27/21		0.89	%		51,851,013		8,476
							$	62,996,138	$	26,862

⁽¹⁾ Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

⁽²⁾ Reflects the floating financing rate, as of July 31, 2021, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

See accompanying notes to the financial statements.

July 31, 2021 :: Schedule of Portfolio Investments :: Nasdaq-100 ProFund :: 139

Nasdaq-100 ProFund invested in the following industries as of July 31, 2021:

	Value		% of Net Assets
Automobiles	$	3,668,961		2.3	%
Beverages		2,157,710		1.4	%
Biotechnology		3,903,137		2.4	%
Commercial Services & Supplies		519,344		0.3	%
Communications Equipment		1,590,725		1.0	%
Electric Utilities		862,259		0.6	%
Electronic Equipment, Instruments & Components		175,283		0.1	%
Entertainment		2,497,526		1.6	%
Food & Staples Retailing		1,573,843		1.0	%
Food Products		926,274		0.6	%
Health Care Equipment & Supplies		1,909,091		1.2	%
Health Care Technology		165,121		0.1	%
Hotels, Restaurants & Leisure		1,299,013		0.8	%
Industrial Conglomerates		1,106,762		0.7	%
Interactive Media & Services		11,955,388		7.4	%
Internet & Direct Marketing Retail		9,695,530		6.0	%
IT Services		4,259,018		2.7	%
Leisure Products		216,268		0.1	%
Life Sciences Tools & Services		493,271		0.3	%
Machinery		196,354		0.1	%
Media		3,111,565		1.9	%
Multiline Retail		157,768		0.1	%
Professional Services		209,884		0.1	%
Road & Rail		500,507		0.3	%
Semiconductors & Semiconductor Equipment		14,291,503		8.9	%
Software		15,783,776		9.8	%
Specialty Retail		585,083		0.4	%
Technology Hardware, Storage & Peripherals		10,903,910		6.8	%
Textiles, Apparel & Luxury Goods		341,345		0.2	%
Trading Companies & Distributors		214,425		0.1	%
Wireless Telecommunication Services		1,223,882		0.8	%
Other**		64,290,712		39.9	%
Total	$	160,785,238		100.0	%

** Includes any non-equity securities and net other assets (liabilities), which includes any receivable for capital shares issued and payable for capital shares redeemed.

See accompanying notes to the financial statements.

140 :: Oil & Gas UltraSector ProFund :: Schedule of Portfolio Investments :: July 31, 2021

Common Stocks (75.1%)

	Shares		Value
APA Corp. (Oil, Gas & Consumable Fuels)		8,513	$	159,619
Baker Hughes Co.—Class A (Energy Equipment & Services)		16,382		347,954
Cabot Oil & Gas Corp. (Oil, Gas & Consumable Fuels)		9,000		144,000
Cheniere Energy, Inc.* (Oil, Gas & Consumable Fuels)		5,196		441,296
Chevron Corp. (Oil, Gas & Consumable Fuels)		43,533		4,432,094
Cimarex Energy Co. (Oil, Gas & Consumable Fuels)		2,316		151,003
ConocoPhillips (Oil, Gas & Consumable Fuels)		30,393		1,703,832
Continental Resources, Inc. (Oil, Gas & Consumable Fuels)		1,404		47,947
Devon Energy Corp. (Oil, Gas & Consumable Fuels)		13,415		346,644
Diamondback Energy, Inc. (Oil, Gas & Consumable Fuels)		4,077		314,459
DT Midstream, Inc.* (Oil, Gas & Consumable Fuels)		2,172		92,093
EOG Resources, Inc. (Oil, Gas & Consumable Fuels)		13,151		958,182
EQT Corp.* (Oil, Gas & Consumable Fuels)		6,284		115,563
Equitrans Midstream Corp. (Oil, Gas & Consumable Fuels)		9,155		75,254
Exxon Mobil Corp. (Oil, Gas & Consumable Fuels)		95,354		5,489,529
First Solar, Inc.* (Semiconductors & Semiconductor Equipment)		1,916		164,853
Halliburton Co. (Energy Equipment & Services)		20,037		414,365
Hess Corp. (Oil, Gas & Consumable Fuels)		6,182		472,552
HollyFrontier Corp. (Oil, Gas & Consumable Fuels)		3,364		98,902
Kinder Morgan, Inc. (Oil, Gas & Consumable Fuels)		43,864		762,356
Marathon Oil Corp. (Oil, Gas & Consumable Fuels)		17,752		205,746
Marathon Petroleum Corp. (Oil, Gas & Consumable Fuels)		14,361		793,014
NOV, Inc.* (Energy Equipment & Services)		8,797		121,487
Occidental Petroleum Corp. (Oil, Gas & Consumable Fuels)		18,921		493,838
OGE Energy Corp. (Electric Utilities)		4,507		152,111
ONEOK, Inc. (Oil, Gas & Consumable Fuels)		10,035		521,519
Ovintiv, Inc. (Oil, Gas & Consumable Fuels)		5,878		150,829
Phillips 66 (Oil, Gas & Consumable Fuels)		9,862		724,167
Pioneer Natural Resources Co. (Oil, Gas & Consumable Fuels)		5,221		758,977
Schlumberger, Ltd. (Energy Equipment & Services)		31,495		908,000
Targa Resources Corp. (Oil, Gas & Consumable Fuels)		5,148		216,782
TechnipFMC PLC (Energy Equipment & Services)		9,540		68,879
Texas Pacific Land Corp. (Oil, Gas & Consumable Fuels)		175		261,196
The Williams Cos., Inc. (Oil, Gas & Consumable Fuels)		27,360		685,368
Valero Energy Corp. (Oil, Gas & Consumable Fuels)		9,206		616,526
TOTAL COMMON STOCKS (Cost $17,032,296)				23,410,936

Repurchase Agreements^(a)(b) (23.2%)

	Principal Amount		Value
Repurchase Agreements with various counterparties, 0.00%, dated 7/30/21, due 8/2/21, total to be received $7,212,000	$	7,212,000	$	7,212,000
TOTAL REPURCHASE AGREEMENTS (Cost $7,212,000)				7,212,000
TOTAL INVESTMENT SECURITIES (Cost $24,244,296) — 98.3%				30,622,936
Net other assets (liabilities) — 1.7%				525,274
NET ASSETS — 100.0%			$	31,148,210

* Non-income producing security.

^(a) The ProFund invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" under Note 2 in the Notes to the Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.

^(b) A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. As of July 31, 2021, the aggregate amount held in a segregated account was $4,443,000.

Total Return Swap Agreements—Long

Underlying Instrument	Counterparty	Termination Date(1)		Rate Paid (Received)(2)			Notional Amount		Value and Unrealized Appreciation/ (Depreciation)
Dow Jones U.S. Oil & Gas Index	Goldman Sachs International		8/23/21		0.59	%	$	10,152,673	$	133,247
Dow Jones U.S. Oil & Gas Index	UBS AG		8/23/21		0.09	%		13,287,537		215,493
							$	23,440,210	$	348,740

⁽¹⁾ Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

⁽²⁾ Reflects the floating financing rate, as of July 31, 2021, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

See accompanying notes to the financial statements.

July 31, 2021 :: Schedule of Portfolio Investments :: Oil & Gas UltraSector ProFund :: 141

Oil & Gas UltraSector ProFund invested in the following industries as of July 31, 2021:

	Value		% of Net Assets
Electric Utilities	$	152,111		0.5	%
Energy Equipment & Services		1,860,685		6.0	%
Oil, Gas & Consumable Fuels		21,233,287		68.1	%
Semiconductors & Semiconductor Equipment		164,853		0.5	%
Other**		7,737,274		24.9	%
Total	$	31,148,210		100.0	%

** Includes any non-equity securities and net other assets (liabilities), which includes any receivable for capital shares issued and payable for capital shares redeemed.

See accompanying notes to the financial statements.

142 :: Oil Equipment & Services UltraSector ProFund :: Schedule of Portfolio Investments :: July 31, 2021

Common Stocks (77.2%)

	Shares		Value
Archrock, Inc. (Energy Equipment & Services)		30,608	$	263,535
Baker Hughes Co.—Class A (Energy Equipment & Services)		26,186		556,191
Bristow Group, Inc.* (Energy Equipment & Services)		5,477		142,292
Cactus, Inc.—Class A (Energy Equipment & Services)		12,878		464,123
ChampionX Corp.* (Energy Equipment & Services)		25,190		585,416
Core Laboratories N.V. (Energy Equipment & Services)		10,951		365,325
DMC Global, Inc.* (Machinery)		4,423		193,595
Dril-Quip, Inc.* (Energy Equipment & Services)		8,380		239,500
Frank's International N.V.* (Energy Equipment & Services)		29,090		79,998
Halliburton Co. (Energy Equipment & Services)		126,194		2,609,692
Helix Energy Solutions Group, Inc.* (Energy Equipment & Services)		33,513		139,079
Helmerich & Payne, Inc. (Energy Equipment & Services)		20,555		589,312
Liberty Oilfield Services, Inc.* (Energy Equipment & Services)		20,667		210,597
Nabors Industries, Ltd.* (Energy Equipment & Services)		1,543		135,028
NexTier Oilfield Solutions, Inc.* (Energy Equipment & Services)		38,235		146,058
NOV, Inc.* (Energy Equipment & Services)		39,319		542,995
Oceaneering International, Inc.* (Energy Equipment & Services)		23,593		312,843
Oil States International, Inc.* (Energy Equipment & Services)		14,495		82,042
Patterson-UTI Energy, Inc. (Energy Equipment & Services)		44,417		356,224
ProPetro Holding Corp.* (Energy Equipment & Services)		19,355		146,130
Schlumberger, Ltd. (Energy Equipment & Services)		94,502		2,724,492
Select Energy Services, Inc.* (Energy Equipment & Services)		14,965		89,042
TechnipFMC PLC (Energy Equipment & Services)		64,493		465,639
Tidewater, Inc.* (Energy Equipment & Services)		9,662		109,374
Transocean, Ltd.* (Energy Equipment & Services)		137,244		495,451
U.S. Silica Holdings, Inc.* (Energy Equipment & Services)		17,583		177,588
TOTAL COMMON STOCKS (Cost $7,814,684)				12,221,561

Repurchase Agreements^(a)(b) (17.9%)

	Principal Amount		Value
Repurchase Agreements with various counterparties, 0.00%, dated 7/30/21, due 8/2/21, total to be received $2,845,000	$	2,845,000	$	2,845,000
TOTAL REPURCHASE AGREEMENTS (Cost $2,845,000)				2,845,000
TOTAL INVESTMENT SECURITIES (Cost $10,659,684) — 95.1%				15,066,561
Net other assets (liabilities) — 4.9%				783,938
NET ASSETS — 100.0%			$	15,850,499

* Non-income producing security.

^(a) The ProFund invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" under Note 2 in the Notes to the Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.

^(b) A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. As of July 31, 2021, the aggregate amount held in a segregated account was $2,029,000.

See accompanying notes to the financial statements.

July 31, 2021 :: Schedule of Portfolio Investments :: Oil Equipment & Services UltraSector ProFund :: 143

Total Return Swap Agreements—Long

Underlying Instrument	Counterparty	Termination Date(1)		Rate Paid (Received)(2)			Notional Amount		Value and Unrealized Appreciation/ (Depreciation)
Dow Jones U.S. Select Oil Equipment & Services Index	Goldman Sachs International		8/23/21		0.59	%	$	4,158,525	$	51,469
Dow Jones U.S. Select Oil Equipment & Services Index	UBS AG		8/23/21		0.44	%		7,402,208		130,251
							$	11,560,733	$	181,720

⁽¹⁾ Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

⁽²⁾ Reflects the floating financing rate, as of July 31, 2021, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

Oil Equipment & Services UltraSector ProFund invested in the following industries as of July 31, 2021:

	Value		% of Net Assets
Energy Equipment & Services	$	12,027,967		75.9	%
Machinery		193,594		1.3	%
Other**		3,628,938		22.8	%
Total	$	15,850,499		100.0	%

** Includes any non-equity securities and net other assets (liabilities), which includes any receivable for capital shares issued and payable for capital shares redeemed.

See accompanying notes to the financial statements.

144 :: Pharmaceuticals UltraSector ProFund :: Schedule of Portfolio Investments :: July 31, 2021

Common Stocks (78.9%)

	Shares		Value
Aerie Pharmaceuticals, Inc.* (Pharmaceuticals)		605	$	9,547
Amicus Therapeutics, Inc.* (Biotechnology)		3,431		31,875
Amneal Pharmaceuticals, Inc.* (Pharmaceuticals)		1,477		7,282
Amphastar Pharmaceuticals, Inc.* (Pharmaceuticals)		473		9,909
Antares Pharma, Inc.* (Health Care Equipment & Supplies)		2,003		8,813
Arvinas, Inc.* (Pharmaceuticals)		423		42,765
Atea Pharmaceuticals, Inc.* (Biotechnology)		160		4,006
Axsome Therapeutics, Inc.* (Pharmaceuticals)		344		16,715
Bristol-Myers Squibb Co. (Pharmaceuticals)		2,263		153,590
Cara Therapeutics, Inc.* (Biotechnology)		555		6,643
Catalent, Inc.* (Pharmaceuticals)		1,379		165,217
Catalyst Pharmaceuticals, Inc.* (Biotechnology)		1,240		7,242
ChemoCentryx, Inc.* (Biotechnology)		648		9,577
Collegium Pharmaceutical, Inc.* (Pharmaceuticals)		455		11,325
Corcept Therapeutics, Inc.* (Pharmaceuticals)		1,354		28,123
Elanco Animal Health, Inc.* (Pharmaceuticals)		4,365		159,192
Eli Lilly & Co. (Pharmaceuticals)		655		159,493
Endo International PLC* (Pharmaceuticals)		3,008		15,220
Innoviva, Inc.* (Pharmaceuticals)		811		11,500
Intra-Cellular Therapies, Inc.* (Pharmaceuticals)		921		31,618
Ironwood Pharmaceuticals, Inc.* (Biotechnology)		2,089		27,721
Jazz Pharmaceuticals PLC* (Pharmaceuticals)		775		131,378
Johnson & Johnson (Pharmaceuticals)		4,469		769,561
Madrigal Pharmaceuticals, Inc.* (Biotechnology)		128		11,177
Merck & Co., Inc. (Pharmaceuticals)		1,999		153,663
NGM Biopharmaceuticals, Inc.* (Pharmaceuticals)		308		6,280
Nuvation Bio, Inc.* (Pharmaceuticals)		814		7,033
Omeros Corp.* (Pharmaceuticals)		804		11,658
Organon & Co.* (Pharmaceuticals)		3,263		94,660
Pacira BioSciences, Inc.* (Pharmaceuticals)		568		33,484
Perrigo Co. PLC (Pharmaceuticals)		1,722		82,708
Pfizer, Inc. (Pharmaceuticals)		15,116		647,115
Phathom Pharmaceuticals, Inc.* (Pharmaceuticals)		170		5,457
Phibro Animal Health Corp.—Class A (Pharmaceuticals)		262		6,202
Prestige Consumer Healthcare, Inc.* (Pharmaceuticals)		644		33,842
Provention Bio, Inc.* (Pharmaceuticals)		694		4,213
Reata Pharmaceuticals, Inc.*—Class A (Pharmaceuticals)		344		43,107
Relmada Therapeutics, Inc.* (Pharmaceuticals)		182		4,732
Revance Therapeutics, Inc.* (Pharmaceuticals)		858		24,951
Royalty Pharma PLC—Class A (Pharmaceuticals)		1,114		42,555
Spectrum Pharmaceuticals, Inc.* (Biotechnology)		2,083		6,707
TherapeuticsMD, Inc.* (Pharmaceuticals)		4,563		4,563
Theravance Biopharma, Inc.* (Pharmaceuticals)		657		8,528
Vanda Pharmaceuticals, Inc.* (Biotechnology)		716		11,678
Viatris, Inc. (Pharmaceuticals)		9,579		134,777
Zoetis, Inc. (Pharmaceuticals)		838		169,862
Zogenix, Inc.* (Pharmaceuticals)		720		11,671
TOTAL COMMON STOCKS (Cost $2,765,880)				3,378,935

Repurchase Agreements^(a)(b) (20.2%)

	Principal Amount		Value
Repurchase Agreements with various counterparties, 0.00%, dated 7/30/21, due 8/2/21, total to be received $864,000	$	864,000	$	864,000
TOTAL REPURCHASE AGREEMENTS (Cost $864,000)				864,000
TOTAL INVESTMENT SECURITIES (Cost $3,629,880) — 99.1%				4,242,935
Net other assets (liabilities) — 0.9%				36,435
NET ASSETS — 100.0%			$	4,279,370

* Non-income producing security.

^(a) The ProFund invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" under Note 2 in the Notes to the Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.

^(b) A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. As of July 31, 2021, the aggregate amount held in a segregated account was $431,000.

See accompanying notes to the financial statements.

July 31, 2021 :: Schedule of Portfolio Investments :: Pharmaceuticals UltraSector ProFund :: 145

Total Return Swap Agreements—Long

Underlying Instrument	Counterparty	Termination Date(1)		Rate Paid (Received)(2)			Notional Amount		Value and Unrealized Appreciation/ (Depreciation)
Dow Jones U.S. Select Pharmaceuticals Index	Goldman Sachs International		8/23/21		0.59	%	$	1,580,184	$	3,043
Dow Jones U.S. Select Pharmaceuticals Index	UBS AG		8/23/21		0.44	%		1,453,769		7,977
							$	3,033,953	$	11,020

⁽¹⁾ Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

⁽²⁾ Reflects the floating financing rate, as of July 31, 2021, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

Pharmaceuticals UltraSector ProFund invested in the following industries as of July 31, 2021:

	Value		% of Net Assets
Biotechnology	$	116,626		2.7	%
Health Care Equipment & Supplies		8,813		0.2	%
Pharmaceuticals		3,253,496		76.0	%
Other**		900,435		21.1	%
Total	$	4,279,370		100.0	%

** Includes any non-equity securities and net other assets (liabilities), which includes any receivable for capital shares issued and payable for capital shares redeemed.

See accompanying notes to the financial statements.

146 :: Precious Metals UltraSector ProFund :: Schedule of Portfolio Investments :: July 31, 2021

Common Stocks (69.1%)

	Shares		Value
Agnico Eagle Mines, Ltd. (Metals & Mining)		23,710	$	1,533,563
Alamos Gold, Inc. (Metals & Mining)		38,190		310,103
AngloGold Ashanti, Ltd.ADR (Metals & Mining)		40,586		813,749
B2Gold Corp. (Metals & Mining)		102,268		428,503
Barrick Gold Corp. (Metals & Mining)		172,930		3,764,686
Coeur Mining, Inc.* (Metals & Mining)		25,002		188,515
Companhia de Minas Buenaventura S.A.*ADR (Metals & Mining)		21,919		181,051
DRDGOLD, Ltd.ADR(a) (Metals & Mining)		4,288		45,410
Eldorado Gold Corp.* (Metals & Mining)		17,679		164,945
Endeavour Silver Corp.*(a) (Metals & Mining)		16,016		84,404
Equinox Gold Corp.* (Metals & Mining)		25,457		177,181
First Majestic Silver Corp. (Metals & Mining)		19,067		261,409
Fortuna Silver Mines, Inc.* (Metals & Mining)		26,576		126,236
Franco-Nevada Corp. (Metals & Mining)		18,583		2,971,608
Gold Fields, Ltd.ADR (Metals & Mining)		86,307		847,535
Harmony Gold Mining Co., Ltd.ADR (Metals & Mining)		52,118		213,684
Hecla Mining Co. (Metals & Mining)		52,110		348,616
IAMGOLD Corp.* (Metals & Mining)		46,341		126,974
Kinross Gold Corp. (Metals & Mining)		122,638		804,505
Kirkland Lake Gold, Ltd. (Metals & Mining)		25,969		1,109,915
MAG Silver Corp.* (Metals & Mining)		8,116		161,346
New Gold, Inc.* (Metals & Mining)		66,195		108,560
Newmont Corp. (Metals & Mining)		77,930		4,895,562
Novagold Resources, Inc.* (Metals & Mining)		23,529		183,997
Osisko Gold Royalties, Ltd. (Metals & Mining)		14,487		197,603
Pan American Silver Corp. (Metals & Mining)		20,448		573,975
Pretium Resources, Inc.* (Metals & Mining)		18,265		170,412
Royal Gold, Inc. (Metals & Mining)		6,380		775,298
Sandstorm Gold, Ltd.* (Metals & Mining)		18,920		148,711
Seabridge Gold, Inc.* (Metals & Mining)		5,870		106,306
Sibanye Stillwater, Ltd.ADR (Metals & Mining)		67,526		1,172,251
SilverCrest Metals, Inc.* (Metals & Mining)		13,345		115,568
SSR Mining, Inc. (Metals & Mining)		21,412		348,159
Wheaton Precious Metals Corp. (Metals & Mining)		43,763		2,019,662
Yamana Gold, Inc. (Metals & Mining)		93,904		421,629
TOTAL COMMON STOCKS (Cost $12,165,597)				25,901,631

Repurchase Agreements^(b)(c) (22.0%)

	Principal Amount		Value
Repurchase Agreements with various counterparties, 0.00%, dated 7/30/21, due 8/2/21, total to be received $8,265,000	$	8,265,000	$	8,265,000
TOTAL REPURCHASE AGREEMENTS (Cost $8,265,000)				8,265,000

Collateral for Securities Loaned^(d) (0.2%)

	Shares		Value
BlackRock Liquidity Funds FedFund Portfolio—Institutional Shares, 0.03%(e)		92,400	$	92,400
TOTAL COLLATERAL FOR SECURITIES LOANED (Cost $92,400)				92,400
TOTAL INVESTMENT SECURITIES (Cost $20,522,997) — 91.3%				34,259,031
Net other assets (liabilities) — 8.7%				3,246,357
NET ASSETS — 100.0%			$	37,505,388

* Non-income producing security.

^(a) All or part of this security was on loan as of July 31, 2021. The total value of securities on loan as of July 31, 2021 was $88,596.

^(b) The ProFund invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" under Note 2 in the Notes to the Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.

^(c) A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. As of July 31, 2021, the aggregate amount held in a segregated account was $3,291,000.

^(d) Securities were purchased with cash collateral held from securities on loan at July 31, 2021.

^(e) Rate periodically changes. Rate disclosed is the daily yield on July 31, 2021.

^ADR American Depositary Receipt

See accompanying notes to the financial statements.

July 31, 2021 :: Schedule of Portfolio Investments :: Precious Metals UltraSector ProFund :: 147

Total Return Swap Agreements—Long

Underlying Instrument	Counterparty	Termination Date(1)		Rate Paid (Received)(2)			Notional Amount		Value and Unrealized Appreciation/ (Depreciation)
Dow Jones Precious Metals Index	Goldman Sachs International		8/23/21		0.59	%	$	19,775,527	$	859,120
Dow Jones Precious Metals Index	UBS AG		8/23/21		0.84	%		10,631,603		593,672
							$	30,407,130	$	1,452,792

⁽¹⁾ Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

⁽²⁾ Reflects the floating financing rate, as of July 31, 2021, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

Precious Metals UltraSector ProFund invested in the following industries as of July 31, 2021:

	Value		% of Net Assets
Metals & Mining	$	25,901,631		69.1	%
Other**		11,603,757		30.9	%
Total	$	37,505,388		100.0	%

** Includes any non-equity securities and net other assets (liabilities), which includes any receivable for capital shares issued and payable for capital shares redeemed.

See accompanying notes to the financial statements.

148 :: Real Estate UltraSector ProFund :: Schedule of Portfolio Investments :: July 31, 2021

Common Stocks (77.3%)

	Shares		Value
AGNC Investment Corp. (Mortgage Real Estate Investment Trusts)		10,156	$	161,176
Alexandria Real Estate Equities, Inc. (Equity Real Estate Investment Trusts)		2,654		534,356
American Campus Communities, Inc. (Equity Real Estate Investment Trusts)		2,669		134,277
American Homes 4 Rent—Class A (Equity Real Estate Investment Trusts)		5,299		222,558
American Tower Corp. (Equity Real Estate Investment Trusts)		8,798		2,488,074
Americold Realty Trust (Equity Real Estate Investment Trusts)		4,886		189,821
Annaly Capital Management, Inc. (Mortgage Real Estate Investment Trusts)		27,062		229,755
Apartment Income REIT Corp. (Equity Real Estate Investment Trusts)		3,034		159,710
Apartment Investment and Management Co. (Equity Real Estate Investment Trusts)		2,906		20,226
AvalonBay Communities, Inc. (Equity Real Estate Investment Trusts)		2,701		615,369
Blackstone Mortgage Trust, Inc.—Class A (Mortgage Real Estate Investment Trusts)		2,843		92,170
Boston Properties, Inc. (Equity Real Estate Investment Trusts)		2,747		322,443
Brixmor Property Group, Inc. (Equity Real Estate Investment Trusts)		5,747		132,296
Camden Property Trust (Equity Real Estate Investment Trusts)		1,891		282,496
CBRE Group, Inc.*—Class A (Real Estate Management & Development)		6,494		626,411
CoreSite Realty Corp. (Equity Real Estate Investment Trusts)		833		115,129
Corporate Office Properties Trust (Equity Real Estate Investment Trusts)		2,174		64,003
CoStar Group, Inc.* (Professional Services)		7,624		677,392
Cousins Properties, Inc. (Equity Real Estate Investment Trusts)		2,876		114,235
Crown Castle International Corp. (Equity Real Estate Investment Trusts)		8,362		1,614,619
CubeSmart (Equity Real Estate Investment Trusts)		3,899		193,624
CyrusOne, Inc. (Equity Real Estate Investment Trusts)		2,371		168,981
Digital Realty Trust, Inc. (Equity Real Estate Investment Trusts)		5,449		840,018
Douglas Emmett, Inc. (Equity Real Estate Investment Trusts)		3,191		106,579
Duke Realty Corp. (Equity Real Estate Investment Trusts)		7,257		369,236
EastGroup Properties, Inc. (Equity Real Estate Investment Trusts)		775		136,571
Equinix, Inc. (Equity Real Estate Investment Trusts)		1,734		1,422,591
Equity Commonwealth (Equity Real Estate Investment Trusts)		2,360		62,031
Equity LifeStyle Properties, Inc. (Equity Real Estate Investment Trusts)		3,283		275,115
Equity Residential (Equity Real Estate Investment Trusts)		6,658		560,138
Essex Property Trust, Inc. (Equity Real Estate Investment Trusts)		1,256		412,094
Extra Space Storage, Inc. (Equity Real Estate Investment Trusts)		2,587		450,500
Federal Realty Investment Trust (Equity Real Estate Investment Trusts)		1,368		160,781
First Industrial Realty Trust, Inc. (Equity Real Estate Investment Trusts)		2,499		136,895
Gaming & Leisure Properties, Inc. (Equity Real Estate Investment Trusts)		4,235		200,485
Healthcare Realty Trust, Inc. (Equity Real Estate Investment Trusts)		2,742		87,415
Healthcare Trust of America, Inc.—Class A (Equity Real Estate Investment Trusts)		4,235		121,079
Healthpeak Properties, Inc. (Equity Real Estate Investment Trusts)		10,428		385,523
Highwoods Properties, Inc. (Equity Real Estate Investment Trusts)		2,013		96,000
Host Hotels & Resorts, Inc.* (Equity Real Estate Investment Trusts)		13,664		217,668
Hudson Pacific Properties, Inc. (Equity Real Estate Investment Trusts)		2,920		79,599
Invitation Homes, Inc. (Equity Real Estate Investment Trusts)		10,984		446,829
Iron Mountain, Inc. (Equity Real Estate Investment Trusts)		5,587		244,487
JBG Smith Properties (Equity Real Estate Investment Trusts)		2,137		69,730
Jones Lang LaSalle, Inc.* (Real Estate Management & Development)		993		221,012
Kilroy Realty Corp. (Equity Real Estate Investment Trusts)		2,052		142,142
Kimco Realty Corp. (Equity Real Estate Investment Trusts)		8,388		178,916
Lamar Advertising Co.—Class A (Equity Real Estate Investment Trusts)		1,678		178,875
Lexington Realty Trust (Equity Real Estate Investment Trusts)		5,373		70,655
Life Storage, Inc. (Equity Real Estate Investment Trusts)		1,487		174,514
Medical Properties Trust, Inc. (Equity Real Estate Investment Trusts)		11,381		239,342
Mid-America Apartment Communities, Inc. (Equity Real Estate Investment Trusts)		2,215		427,717
National Health Investors, Inc. (Equity Real Estate Investment Trusts)		888		60,588
National Retail Properties, Inc. (Equity Real Estate Investment Trusts)		3,396		165,963
New Residential Investment Corp. (Mortgage Real Estate Investment Trusts)		9,031		88,143
Omega Healthcare Investors, Inc. (Equity Real Estate Investment Trusts)		4,553		165,183
Opendoor Technologies, Inc.* (Real Estate Management & Development)		6,598		97,782
Physicians Realty Trust (Equity Real Estate Investment Trusts)		4,171		79,040
PotlatchDeltic Corp. (Equity Real Estate Investment Trusts)		1,297		67,366
Prologis, Inc. (Equity Real Estate Investment Trusts)		14,316		1,833,021
PS Business Parks, Inc. (Equity Real Estate Investment Trusts)		389		59,778

See accompanying notes to the financial statements.

July 31, 2021 :: Schedule of Portfolio Investments :: Real Estate UltraSector ProFund :: 149

Common Stocks, continued

	Shares		Value
Public Storage (Equity Real Estate Investment Trusts)		2,947	$	920,879
Rayonier, Inc. (Equity Real Estate Investment Trusts)		2,688		101,364
Realty Income Corp. (Equity Real Estate Investment Trusts)		7,228		508,056
Regency Centers Corp. (Equity Real Estate Investment Trusts)		3,057		199,958
Rexford Industrial Realty, Inc. (Equity Real Estate Investment Trusts)		2,596		159,706
Sabra Health Care REIT, Inc. (Equity Real Estate Investment Trusts)		4,179		77,688
SBA Communications Corp. (Equity Real Estate Investment Trusts)		2,116		721,535
Simon Property Group, Inc. (Equity Real Estate Investment Trusts)		6,357		804,288
SL Green Realty Corp. (Equity Real Estate Investment Trusts)		1,342		99,925
Spirit Realty Capital, Inc. (Equity Real Estate Investment Trusts)		2,224		111,689
Starwood Property Trust, Inc. (Mortgage Real Estate Investment Trusts)		5,553		144,545
STORE Capital Corp. (Equity Real Estate Investment Trusts)		4,711		170,491
Sun Communities, Inc. (Equity Real Estate Investment Trusts)		2,163		424,186
The Howard Hughes Corp.* (Real Estate Management & Development)		874		81,029
UDR, Inc. (Equity Real Estate Investment Trusts)		5,743		315,808
Ventas, Inc. (Equity Real Estate Investment Trusts)		7,261		434,063
VEREIT, Inc. (Equity Real Estate Investment Trusts)		4,433		217,084
VICI Properties, Inc. (Equity Real Estate Investment Trusts)		10,393		324,158
Vornado Realty Trust (Equity Real Estate Investment Trusts)		3,036		132,066
Welltower, Inc. (Equity Real Estate Investment Trusts)		8,079		701,742
Weyerhaeuser Co. (Equity Real Estate Investment Trusts)		14,497		488,984
WP Carey, Inc. (Equity Real Estate Investment Trusts)		3,444		277,896
TOTAL COMMON STOCKS (Cost $23,861,949)				27,707,662

Repurchase Agreements^(a)(b) (22.1%)

	Principal Amount		Value
Repurchase Agreements with various counterparties, 0.00%, dated 7/30/21, due 8/2/21, total to be received $7,932,000	$	7,932,000	$	7,932,000
TOTAL REPURCHASE AGREEMENTS (Cost $7,932,000)				7,932,000
TOTAL INVESTMENT SECURITIES (Cost $31,793,949)—99.4%				35,639,662
Net other assets (liabilities)—0.6%				201,016
NET ASSETS—100.0%			$	35,840,678

*	Non-income producing security.
(a)	The ProFund invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" under Note 2 in the Notes to the Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.

^(b) A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. As of July 31, 2021, the aggregate amount held in a segregated account was $4,924,000.

See accompanying notes to the financial statements.

150 :: Real Estate UltraSector ProFund :: Schedule of Portfolio Investments :: July 31, 2021

Total Return Swap Agreements—Long

Underlying Instrument	Counterparty	Termination Date(1)	Rate Paid (Received)(2)			Notional Amount		Value and Unrealized Appreciation/ (Depreciation)
Dow Jones U.S. Real Estate Index	Goldman Sachs International	8/23/21		0.59	%	$	13,544,502	$	49,363
Dow Jones U.S. Real Estate Index	UBS AG	8/23/21		0.44	%		12,530,028		44,323
						$	26,074,530	$	93,686

⁽¹⁾ Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

⁽²⁾ Reflects the floating financing rate, as of July 31, 2021, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

Real Estate UltraSector ProFund invested in the following industries as of July 31, 2021:

	Value		% of Net Assets
Equity Real Estate Investment Trusts	$	25,288,246		70.5	%
Mortgage Real Estate Investment Trusts		715,789		2.0	%
Professional Services		677,393		1.9	%
Real Estate Management & Development		1,026,234		2.9	%
Other**		8,133,016		22.7	%
Total	$	35,840,678		100.0	%

** Includes any non-equity securities and net other assets (liabilities), which includes any receivable for capital shares issued and payable for capital shares redeemed.

See accompanying notes to the financial statements.

July 31, 2021 :: Schedule of Portfolio Investments :: Rising Rates Opportunity ProFund :: 151

Repurchase Agreements^(a)(b) (98.3%)

	Principal Amount		Value
Repurchase Agreements with various counterparties, 0.00%, dated 7/30/21, due 8/2/21, total to be received $9,603,000	$	9,603,000	$	9,603,000
TOTAL REPURCHASE AGREEMENTS (Cost $9,603,000)				9,603,000
TOTAL INVESTMENT SECURITIES (Cost $9,603,000)—98.3%				9,603,000
Net other assets (liabilities)—1.7%				168,689
NET ASSETS—100.0%			$	9,771,689

^(a) The ProFund invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" under Note 2 in the Notes to the Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.

^(b) A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. As of July 31, 2021, the aggregate amount held in a segregated account was $180,000.

Total Return Swap Agreements—Short

Underlying Instrument	Counterparty	Termination Date(1)	Rate Paid (Received)(2)			Notional Amount			Value and Unrealized Appreciation/ (Depreciation)
30-Year U.S. Treasury Bond, 2.375%, due 5/15/51	Citibank North America	8/16/21		0.15	%	$	(9,299,836	)	$	(131,693	)
30-Year U.S. Treasury Bond, 2.375%, due 5/15/51	Societe' Generale	8/16/21		0.18	%		(2,885,391	)		(21,819	)
						$	(12,185,227	)	$	(153,512	)

⁽¹⁾ Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

⁽²⁾ Reflects the floating financing rate, as of July 31, 2021, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

See accompanying notes to the financial statements.

152 :: Rising Rates Opportunity 10 ProFund :: Schedule of Portfolio Investments :: July 31, 2021

Repurchase Agreements^(a)(b) (100.4%)

	Principal Amount		Value
Repurchase Agreements with various counterparties, 0.00%, dated 7/30/21, due 8/2/21, total to be received $1,961,000	$	1,961,000	$	1,961,000
TOTAL REPURCHASE AGREEMENTS (Cost $1,961,000)				1,961,000
TOTAL INVESTMENT SECURITIES (Cost $1,961,000)—100.4%				1,961,000
Net other assets (liabilities)—(0.4)%				(7,950	)
NET ASSETS—100.0%			$	1,953,050

^(a) The ProFund invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" under Note 2 in the Notes to the Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.

^(b) A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. As of July 31, 2021, the aggregate amount held in a segregated account was $84,000.

Total Return Swap Agreements—Short

Underlying Instrument	Counterparty	Termination Date(1)	Rate Paid (Received)(2)			Notional Amount			Value and Unrealized Appreciation/ (Depreciation)
10-Year U.S. Treasury Note, 1.625%, due 5/15/31	Citibank North America	8/16/21		0.15	%	$	(207,359	)	$	(1,647	)
10-Year U.S. Treasury Note, 1.625%, due 5/15/31	Societe' Generale	8/16/21		0.20	%		(1,752,187	)		(12,438	)
						$	(1,959,546	)	$	(14,085	)

⁽¹⁾ Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

⁽²⁾ Reflects the floating financing rate, as of July 31, 2021, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

See accompanying notes to the financial statements.

July 31, 2021 :: Schedule of Portfolio Investments :: Rising U.S. Dollar ProFund :: 153

Repurchase Agreements^(a)(b) (90.5%)

	Principal Amount		Value
Repurchase Agreements with various counterparties, 0.00%, dated 7/30/21, due 8/2/21, total to be received $5,718,000	$	5,718,000	$	5,718,000
TOTAL REPURCHASE AGREEMENTS (Cost $5,718,000)				5,718,000
TOTAL INVESTMENT SECURITIES (Cost $5,718,000)—90.5%				5,718,000
Net other assets (liabilities)—9.5%				598,434
NET ASSETS—100.0%			$	6,316,434

^(a) The ProFund invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" under Note 2 in the Notes to the Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.

^(b) A portion of these securities were held in a segregated account for the benefit of forward currency contract counterparties in the event of default. As of July 31, 2021, the aggregate amount held in a segregated account was $725,000.

As of July 31, 2021, the Rising U.S. Dollar ProFund's forward currency contracts with Goldman Sachs International, were as follows:

Description and amount of currency purchased			Description and amount of currency sold		Delivery Date	Fair Value		Unrealized Appreciation/ (Depreciation)
Short:
U.S. dollar	$	449,039	British pound	325,184	8/6/21	$	451,945	$	(2,906	)
U.S. dollar		155,319	Canadian dollar	193,535	8/6/21		155,150		169
U.S. dollar		1,981,404	Euro	1,677,194	8/6/21		1,989,554		(8,150	)
U.S. dollar		94,713	Japanese yen	10,441,285	8/6/21		95,193		(480	)
U.S. dollar		77,198	Swedish krona	665,057	8/6/21		77,288		(90	)
U.S. dollar		208,758	Swiss franc	192,806	8/6/21		212,915		(4,157	)
Total Short Contracts	$	2,966,431				$	2,982,045	$	(15,614	)

As of July 31, 2021, the Rising U.S. Dollar ProFund's forward currency contracts with UBS AG, were as follows:

Description and amount of currency purchased			Description and amount of currency sold			Delivery Date	Fair Value		Unrealized Appreciation/ (Depreciation)
Short:
U.S. dollar	$	358,665	British pound		260,104	8/6/21	$	361,496	$	(2,831	)
U.S. dollar		447,462	Canadian dollar		558,199	8/6/21		447,489		(27	)
U.S. dollar		1,936,302	Euro		1,640,272	8/6/21		1,945,756		(9,454	)
U.S. dollar		845,456	Japanese yen		93,595,481	8/6/21		853,313		(7,857	)
U.S. dollar		205,935	Swedish krona		1,777,416	8/6/21		206,559		(624	)
U.S. dollar		35,372	Swiss franc		32,641	8/6/21		36,045		(673	)
Total Short Contracts	$	3,829,192					$	3,850,658	$	(21,466	)
Long:
British pound		46,715	U.S. dollar	$	64,410	8/6/21	$	64,925	$	515
Canadian dollar		36,065	U.S. dollar		28,527	8/6/21		28,912		385
Euro		255,780	U.S. dollar		302,190	8/6/21		303,416		1,226
Japanese yen		10,002,431	U.S. dollar		91,309	8/6/21		91,192		(117	)
Swedish krona		174,769	U.S. dollar		20,207	8/6/21		20,311		104
Swiss franc		19,457	U.S. dollar		21,237	8/6/21		21,487		250
Total Long Contracts				$	527,880		$	530,243	$	2,363
Total unrealized appreciation									$	2,649
Total unrealized (depreciation)										(37,366	)
Total net unrealized appreciation/(depreciation)									$	(34,717	)

See accompanying notes to the financial statements.

154 :: Semiconductor UltraSector ProFund :: Schedule of Portfolio Investments :: July 31, 2021

Common Stocks (74.4%)

	Shares		Value
Advanced Micro Devices, Inc.* (Semiconductors & Semiconductor Equipment)		34,692	$	3,683,943
Allegro MicroSystems, Inc.* (Semiconductors & Semiconductor Equipment)		1,191		32,645
Analog Devices, Inc. (Semiconductors & Semiconductor Equipment)		10,531		1,763,100
Applied Materials, Inc. (Semiconductors & Semiconductor Equipment)		26,202		3,666,446
Broadcom, Inc. (Semiconductors & Semiconductor Equipment)		11,658		5,658,793
Cirrus Logic, Inc.* (Semiconductors & Semiconductor Equipment)		1,642		135,613
Cree, Inc.* (Semiconductors & Semiconductor Equipment)		3,297		305,830
Enphase Energy, Inc.* (Electrical Equipment)		3,875		734,700
Entegris, Inc. (Semiconductors & Semiconductor Equipment)		3,869		466,756
Intel Corp. (Semiconductors & Semiconductor Equipment)		115,295		6,193,647
KLA Corp. (Semiconductors & Semiconductor Equipment)		4,379		1,524,593
Lam Research Corp. (Semiconductors & Semiconductor Equipment)		4,072		2,595,534
Marvell Technology, Inc. (Semiconductors & Semiconductor Equipment)		23,390		1,415,329
Maxim Integrated Products, Inc. (Semiconductors & Semiconductor Equipment)		7,662		765,510
Microchip Technology, Inc. (Semiconductors & Semiconductor Equipment)		7,810		1,117,767
Micron Technology, Inc.* (Semiconductors & Semiconductor Equipment)		32,019		2,484,034
MKS Instruments, Inc. (Semiconductors & Semiconductor Equipment)		1,581		247,332
Monolithic Power Systems, Inc. (Semiconductors & Semiconductor Equipment)		1,228		551,691
NVIDIA Corp. (Semiconductors & Semiconductor Equipment)		71,152		13,873,929
NXP Semiconductors N.V. (Semiconductors & Semiconductor Equipment)		7,873		1,624,908
ON Semiconductor Corp.* (Semiconductors & Semiconductor Equipment)		12,196		476,376
Power Integrations, Inc. (Semiconductors & Semiconductor Equipment)		1,732		167,987
Qorvo, Inc.* (Semiconductors & Semiconductor Equipment)		3,215		609,532
Qualcomm, Inc. (Semiconductors & Semiconductor Equipment)		32,207		4,824,609
Semtech Corp.* (Semiconductors & Semiconductor Equipment)		1,854		114,781
Silicon Laboratories, Inc.* (Semiconductors & Semiconductor Equipment)		1,278		190,409
Skyworks Solutions, Inc. (Semiconductors & Semiconductor Equipment)		4,714		869,780
SolarEdge Technologies, Inc.* (Semiconductors & Semiconductor Equipment)		1,484		385,068
Teradyne, Inc. (Semiconductors & Semiconductor Equipment)		4,747		602,869
Texas Instruments, Inc. (Semiconductors & Semiconductor Equipment)		26,369		5,026,459
Universal Display Corp. (Semiconductors & Semiconductor Equipment)		1,225		287,250
Xilinx, Inc. (Semiconductors & Semiconductor Equipment)		7,019		1,051,727
TOTAL COMMON STOCKS (Cost $18,461,331)				63,448,947

Repurchase Agreements^(a)(b) (25.1%)

	Principal Amount		Value
Repurchase Agreements with various counterparties, 0.00%, dated 7/30/21, due 8/2/21, total to be received $21,354,000	$	21,354,000	$	21,354,000
TOTAL REPURCHASE AGREEMENTS (Cost $21,354,000)				21,354,000
TOTAL INVESTMENT SECURITIES (Cost $39,815,331)—99.5%				84,802,947
Net other assets (liabilities)—0.5%				418,309
NET ASSETS—100.0%			$	85,221,256

* Non-income producing security.

^(a) The ProFund invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" under Note 2 in the Notes to the Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.

^(b) A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. As of July 31, 2021, the aggregate amount held in a segregated account was $11,422,000.

See accompanying notes to the financial statements.

July 31, 2021 :: Schedule of Portfolio Investments :: Semiconductor UltraSector ProFund :: 155

Total Return Swap Agreements—Long

Underlying Instrument	Counterparty	Termination Date(1)	Rate Paid (Received)(2)			Notional Amount		Value and Unrealized Appreciation/ (Depreciation)
Dow Jones U.S. Semiconductors Index	Goldman Sachs International	8/23/21		0.59	%	$	32,085,941	$	681,216
Dow Jones U.S. Semiconductors Index	UBS AG	8/23/21		0.44	%		32,357,345		732,232
						$	64,443,286	$	1,413,448

⁽¹⁾ Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

⁽²⁾ Reflects the floating financing rate, as of July 31, 2021, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

Semiconductor UltraSector ProFund invested in the following industries as of July 31, 2021:

	Value		% of Net Assets
Electrical Equipment	$	734,700		0.8	%
Semiconductors & Semiconductor Equipment		62,714,247		73.6	%
Other**		21,772,309		25.6	%
Total	$	85,221,256		100.0	%

** Includes any non-equity securities and net other assets (liabilities), which includes any receivable for capital shares issued and payable for capital shares redeemed.

See accompanying notes to the financial statements.

156 :: Short Nasdaq-100 ProFund :: Schedule of Portfolio Investments :: July 31, 2021

Repurchase Agreements^(a)(b) (105.2%)

	Principal Amount		Value
Repurchase Agreements with various counterparties, 0.00%, dated 7/30/21, due 8/2/21, total to be received $1,972,000	$	1,972,000	$	1,972,000
TOTAL REPURCHASE AGREEMENTS (Cost $1,972,000)				1,972,000
TOTAL INVESTMENT SECURITIES (Cost $1,972,000)—105.2%				1,972,000
Net other assets (liabilities)—(5.2)%				(97,095	)
NET ASSETS—100.0%			$	1,874,905

^(a) The ProFund invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" under Note 2 in the Notes to the Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.

^(b) A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. As of July 31, 2021, the aggregate amount held in a segregated account was $313,000.

Futures Contracts Sold

	Number of Contracts		Expiration Date	Notional Amount			Value and Unrealized Appreciation/ (Depreciation)
E-Mini Nasdaq-100 Futures Contracts		1	9/20/21	$	(299,115	)	$	(23,085	)

Total Return Swap Agreements—Short

Underlying Instrument	Counterparty	Termination Date(1)	Rate Paid (Received)(2)			Notional Amount			Value and Unrealized Appreciation/ (Depreciation)
Nasdaq-100 Index	Goldman Sachs International	8/27/21		(0.39	)%	$	(957,434	)	$	103
Nasdaq-100 Index	UBS AG	8/27/21		(0.24	)%		(613,356	)		(133	)
						$	(1,570,790	)	$	(30	)

⁽¹⁾ Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

⁽²⁾ Reflects the floating financing rate, as of July 31, 2021, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

See accompanying notes to the financial statements.

July 31, 2021 :: Schedule of Portfolio Investments :: Short Oil & Gas ProFund :: 157

Repurchase Agreements^(a)(b) (101.0%)

	Principal Amount		Value
Repurchase Agreements with various counterparties, 0.00%, dated 7/30/21, due 8/2/21, total to be received $447,000	$	447,000	$	447,000
TOTAL REPURCHASE AGREEMENTS (Cost $447,000)				447,000
TOTAL INVESTMENT SECURITIES (Cost $447,000)—101.0%				447,000
Net other assets (liabilities)—(1.0)%				(4,213	)
NET ASSETS—100.0%			$	442,787

^(a) The ProFund invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" under Note 2 in the Notes to the Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.

^(b)   A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. As of July 31, 2021, the aggregate amount held in a segregated account was $358,000.

Total Return Swap Agreements—Short

Underlying Instrument	Counterparty	Termination Date(1)	Rate Paid (Received)(2)			Notional Amount			Value and Unrealized Appreciation/ (Depreciation)
Dow Jones U.S. Oil & Gas Index	Goldman Sachs International	8/23/21		(0.24	)%	$	(183,313	)	$	(6,504	)
Dow Jones U.S. Oil & Gas Index	UBS AG	8/23/21		0.06	%		(251,695	)		(23,836	)
						$	(435,008	)	$	(30,340	)

⁽¹⁾ Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

⁽²⁾ Reflects the floating financing rate, as of July 31, 2021, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

See accompanying notes to the financial statements.

158 :: Short Precious Metals ProFund :: Schedule of Portfolio Investments :: July 31, 2021

Repurchase Agreements^(a)(b) (151.0%)

	Principal Amount		Value
Repurchase Agreements with various counterparties, 0.00%, dated 7/30/21, due 8/2/21, total to be received $3,260,000	$	3,260,000	$	3,260,000
TOTAL REPURCHASE AGREEMENTS  (Cost $3,260,000)				3,260,000
TOTAL INVESTMENT SECURITIES (Cost $3,260,000)—151.0%				3,260,000
Net other assets (liabilities)—(51.0)%				(1,101,609	)
NET ASSETS—100.0%			$	2,158,391

^(a) The ProFund invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" under Note 2 in the Notes to the Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.

^(b) A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. As of July 31, 2021, the aggregate amount held in a segregated account was $655,000.

Total Return Swap Agreements—Short

Underlying Instrument	Counterparty	Termination Date(1)		Rate Paid (Received)(2)			Notional Amount			Value and Unrealized Appreciation/ (Depreciation)
Dow Jones Precious Metals Index	Goldman Sachs International		8/23/21		0.01	%	$	(1,449,533	)	$	(105,431	)
Dow Jones Precious Metals Index	UBS AG		8/23/21		0.16	%		(710,073	)		(38,221	)
							$	(2,159,606	)	$	(143,652	)

⁽¹⁾ Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

⁽²⁾ Reflects the floating financing rate, as of July 31, 2021, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

See accompanying notes to the financial statements.

July 31, 2021 :: Schedule of Portfolio Investments :: Short Real Estate ProFund :: 159

Repurchase Agreements^(a)(b) (82.7%)

	Principal Amount		Value
Repurchase Agreements with various counterparties, 0.00%, dated 7/30/21, due 8/2/21, total to be received $438,000	$	438,000	$	438,000
TOTAL REPURCHASE AGREEMENTS (Cost $438,000)				438,000
TOTAL INVESTMENT SECURITIES (Cost $438,000)—82.7%				438,000
Net other assets (liabilities)—17.3%				91,479
NET ASSETS—100.0%			$	529,479

^(a) The ProFund invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" under Note 2 in the Notes to the Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.

^(b) A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. As of July 31, 2021, the aggregate amount held in a segregated account was $175,000.

Total Return Swap Agreements—Short

Underlying Instrument	Counterparty	Termination Date(1)		Rate Paid (Received)(2)			Notional Amount			Value and Unrealized Appreciation/ (Depreciation)
Dow Jones U.S. Real Estate Index	Goldman Sachs International		8/23/21		(0.24	)%	$	(152,775	)	$	(232	)
Dow Jones U.S. Real Estate Index	UBS AG		8/23/21		0.16	%		(378,815	)		(1,187	)
							$	(531,590	)	$	(1,419	)

⁽¹⁾ Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

⁽²⁾ Reflects the floating financing rate, as of July 31, 2021, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

See accompanying notes to the financial statements.

160 :: Short Small-Cap ProFund :: Schedule of Portfolio Investments :: July 31, 2021

Repurchase Agreements^(a)(b) (409.7%)

	Principal Amount		Value
Repurchase Agreements with various counterparties, 0.00%, dated 7/30/21, due 8/2/21, total to be received $4,558,000	$	4,558,000	$	4,558,000
TOTAL REPURCHASE AGREEMENTS (Cost $4,558,000)				4,558,000
TOTAL INVESTMENT SECURITIES (Cost $4,558,000)—409.7%				4,558,000
Net other assets (liabilities)—(309.7)%				(3,445,527	)
NET ASSETS—100.0%			$	1,112,473

^(a) The ProFund invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" under Note 2 in the Notes to the Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.

^(b) A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. As of July 31, 2021, the aggregate amount held in a segregated account was $1,109,000.

Futures Contracts Sold

	Number of Contracts		Expiration Date	Notional Amount			Value and Unrealized Appreciation/ (Depreciation)
E-Mini Russell 2000 Index Futures Contracts		1	9/20/21	$	(111,080	)	$	5,848

Total Return Swap Agreements—Short

Underlying Instrument	Counterparty	Termination Date(1)		Rate Paid (Received)(2)			Notional Amount			Value and Unrealized Appreciation/ (Depreciation)
Russell 2000 Index	Goldman Sachs International		8/27/21		0.16	%	$	(200,363	)	$	(4,084	)
Russell 2000 Index	UBS AG		8/27/21		0.41	%		(799,224	)		5,085
							$	(999,587	)	$	1,001

⁽¹⁾ Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

⁽²⁾ Reflects the floating financing rate, as of July 31, 2021, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

See accompanying notes to the financial statements.

July 31, 2021 :: Schedule of Portfolio Investments :: Small-Cap Growth ProFund :: 161

Common Stocks (100.3%)

	Shares		Value
3D Systems Corp.* (Technology Hardware, Storage & Peripherals)		1,194	$	32,883
8x8, Inc.* (Software)		2,230		56,999
AAON, Inc. (Building Products)		830		51,584
Addus Homecare Corp.* (Health Care Providers & Services)		307		26,645
Advanced Energy Industries, Inc. (Semiconductors & Semiconductor Equipment)		781		81,029
Aerojet Rocketdyne Holdings, Inc. (Aerospace & Defense)		681		32,130
AeroVironment, Inc.* (Aerospace & Defense)		456		46,101
Agilysys, Inc.* (Software)		417		23,169
Agree Realty Corp. (Equity Real Estate Investment Trusts)		690		51,854
Alamo Group, Inc. (Machinery)		201		29,501
Alarm.com Holdings, Inc.* (Software)		918		76,396
Albany International Corp.—Class A (Machinery)		312		26,941
Allegiant Travel Co.* (Airlines)		129		24,525
Allscripts Healthcare Solutions, Inc.* (Health Care Technology)		2,865		48,934
Ambac Financial Group, Inc.* (Insurance)		317		4,603
American Public Education, Inc.* (Diversified Consumer Services)		212		6,279
American States Water Co. (Water Utilities)		404		35,681
American Vanguard Corp. (Chemicals)		246		4,061
American Woodmark Corp.* (Building Products)		183		13,588
America's Car-Mart, Inc.* (Specialty Retail)		80		12,720
AMERISAFE, Inc. (Insurance)		145		8,294
AMN Healthcare Services, Inc.* (Health Care Providers & Services)		604		60,737
Amphastar Pharmaceuticals, Inc.* (Pharmaceuticals)		483		10,119
AngioDynamics, Inc.* (Health Care Equipment & Supplies)		271		7,217
ANI Pharmaceuticals, Inc.* (Pharmaceuticals)		73		2,477
Anika Therapeutics, Inc.* (Health Care Equipment & Supplies)		117		4,695
Apollo Medical Holdings, Inc.* (Health Care Providers & Services)		169		14,935
Applied Industrial Technologies, Inc. (Trading Companies & Distributors)		482		43,235
Arconic Corp.* (Metals & Mining)		1,113		40,001
Arcosa, Inc. (Construction & Engineering)		528		28,913
Arlo Technologies, Inc.* (Electronic Equipment, Instruments & Components)		1,648		10,069
Astec Industries, Inc. (Machinery)		282		17,289
Avanos Medical, Inc.* (Health Care Equipment & Supplies)		976		37,029
Axcelis Technologies, Inc.* (Semiconductors & Semiconductor Equipment)		443		17,078
Axos Financial, Inc.*—Class I (Thrifts & Mortgage Finance)		1,045		50,003
AZZ, Inc. (Electrical Equipment)		285		15,102
B Riley Financial, Inc. (Capital Markets)		243		16,417
B&G Foods, Inc.(a)—Class A (Food Products)		1,314		37,738
Badger Meter, Inc. (Electronic Equipment, Instruments & Components)		593		59,912
Balchem Corp. (Chemicals)		659		88,893
BancFirst Corp. (Banks)		186		10,319
Berkshire Hills Bancorp, Inc. (Banks)		332		8,977
Big Lots, Inc. (Multiline Retail)		647		37,274
Blucora, Inc.* (Capital Markets)		432		7,284
Bonanza Creek Energy, Inc. (Oil, Gas & Consumable Fuels)		387		14,888
Boot Barn Holdings, Inc.* (Specialty Retail)		357		30,852
Bottomline Technologies, Inc.* (Software)		479		19,332
Brady Corp.—Class A (Commercial Services & Supplies)		385		21,052
Brightsphere Investment Group, Inc. (Capital Markets)		1,207		30,162
Brinker International, Inc.* (Hotels, Restaurants & Leisure)		501		27,224
CalAmp Corp.* (Communications Equipment)		286		3,469
Calavo Growers, Inc. (Food Products)		139		7,831
California Water Service Group (Water Utilities)		609		38,173
Cal-Maine Foods, Inc. (Food Products)		448		15,631
Cara Therapeutics, Inc.* (Biotechnology)		584		6,990
Cardiovascular Systems, Inc.* (Health Care Equipment & Supplies)		416		16,761
CareTrust REIT, Inc. (Equity Real Estate Investment Trusts)		1,002		24,168
Cavco Industries, Inc.* (Household Durables)		101		23,735
Celsius Holdings, Inc.* (Beverages)		668		45,844
Centerspace (Equity Real Estate Investment Trusts)		150		13,500
Central Garden & Pet Co.* (Household Products)		121		5,843
Central Garden & Pet Co.*—Class A (Household Products)		492		21,309
Century Aluminum Co.* (Metals & Mining)		613		8,925
Century Communities, Inc. (Household Durables)		596		41,392
CEVA, Inc.* (Semiconductors & Semiconductor Equipment)		463		22,983
Chart Industries, Inc.* (Machinery)		722		112,234
Chesapeake Utilities Corp. (Gas Utilities)		182		22,675
Cincinnati Bell, Inc.* (Diversified Telecommunication Services)		1,032		15,831
CIRCOR International, Inc.* (Machinery)		147		4,533
City Holding Co. (Banks)		146		11,046
Coca-Cola Consolidated, Inc. (Beverages)		41		16,365
Cogent Communications Holdings, Inc. (Diversified Telecommunication Services)		540		41,909
Coherus Biosciences, Inc.* (Biotechnology)		1,352		17,644
Cohu, Inc.* (Semiconductors & Semiconductor Equipment)		983		34,808
Collegium Pharmaceutical, Inc.* (Pharmaceuticals)		715		17,796
Comfort Systems USA, Inc. (Construction & Engineering)		736		55,017
Community Bank System, Inc. (Banks)		514		36,823
Community Health Systems, Inc.* (Health Care Providers & Services)		2,521		33,580

See accompanying notes to the financial statements.

162 :: Small-Cap Growth ProFund :: Schedule of Portfolio Investments :: July 31, 2021

Common Stocks, continued

	Shares		Value
Community Healthcare Trust, Inc. (Equity Real Estate Investment Trusts)		466	$	23,221
Computer Programs & Systems, Inc. (Health Care Technology)		123		3,883
CONMED Corp. (Health Care Equipment & Supplies)		331		45,658
Corcept Therapeutics, Inc.* (Pharmaceuticals)		2,129		44,219
Core Laboratories N.V. (Energy Equipment & Services)		376		12,543
CorVel Corp.* (Health Care Providers & Services)		118		16,617
Covetrus, Inc.* (Health Care Providers & Services)		1,214		30,908
CryoLife, Inc.* (Health Care Equipment & Supplies)		421		11,367
CSG Systems International, Inc. (IT Services)		333		15,105
CTS Corp. (Electronic Equipment, Instruments & Components)		347		12,142
Cutera, Inc.* (Health Care Equipment & Supplies)		160		8,312
CVB Financial Corp. (Banks)		1,063		20,261
Cytokinetics, Inc.* (Biotechnology)		1,658		49,209
Diebold Nixdorf, Inc.* (Technology Hardware, Storage & Peripherals)		746		7,766
Digi International, Inc.* (Communications Equipment)		399		8,251
Dine Brands Global, Inc.* (Hotels, Restaurants & Leisure)		348		26,960
Diodes, Inc.* (Semiconductors & Semiconductor Equipment)		860		70,520
DMC Global, Inc.* (Machinery)		380		16,633
Donnelley Financial Solutions, Inc.* (Capital Markets)		267		8,600
Dorian LPG, Ltd.* (Oil, Gas & Consumable Fuels)		312		3,775
Dorman Products, Inc.* (Auto Components)		581		58,768
DSP Group, Inc.* (Semiconductors & Semiconductor Equipment)		238		3,820
Eagle Pharmaceuticals, Inc.* (Biotechnology)		85		3,953
Easterly Government Properties, Inc. (Equity Real Estate Investment Trusts)		732		16,616
Ebix, Inc. (Software)		478		14,445
Echo Global Logistics, Inc.* (Air Freight & Logistics)		276		8,537
eHealth, Inc.* (Insurance)		531		27,617
El Pollo Loco Holdings, Inc.* (Hotels, Restaurants & Leisure)		199		3,703
elf Beauty, Inc.* (Personal Products)		408		11,265
Enanta Pharmaceuticals, Inc.* (Biotechnology)		153		6,464
Endo International PLC* (Pharmaceuticals)		2,883		14,588
Enerpac Tool Group Corp. (Machinery)		500		12,835
ESCO Technologies, Inc. (Machinery)		312		29,443
Essential Properties Realty Trust, Inc. (Real Estate Management & Development)		2,386		71,103
EVERTEC, Inc. (IT Services)		1,216		53,139
ExlService Holdings, Inc.* (IT Services)		680		76,989
Exponent, Inc. (Professional Services)		1,058		113,301
Extreme Networks, Inc.* (Communications Equipment)		1,124		12,375
Fabrinet* (Electronic Equipment, Instruments & Components)		464		43,857
FARO Technologies, Inc.* (Electronic Equipment, Instruments & Components)		214		15,598
Federal Signal Corp. (Machinery)		1,230		48,720
Ferro Corp.* (Chemicals)		586		12,189
Flagstar Bancorp, Inc. (Thrifts & Mortgage Finance)		579		26,495
FormFactor, Inc.* (Semiconductors & Semiconductor Equipment)		1,577		58,759
Forrester Research, Inc.* (Professional Services)		226		10,588
Forward Air Corp. (Air Freight & Logistics)		555		49,084
Fossil Group, Inc.* (Textiles, Apparel & Luxury Goods)		518		6,537
Four Corners Property Trust, Inc. (Equity Real Estate Investment Trusts)		867		24,892
Franklin Electric Co., Inc. (Machinery)		784		64,100
Fulgent Genetics, Inc.* (Health Care Providers & Services)		358		33,026
FutureFuel Corp. (Chemicals)		219		1,862
GameStop Corp.*—Class A (Specialty Retail)		530		85,395
GCP Applied Technologies, Inc.* (Chemicals)		510		11,858
Gentherm, Inc.* (Auto Components)		443		36,738
Getty Realty Corp. (Equity Real Estate Investment Trusts)		356		11,246
Gibraltar Industries, Inc.* (Building Products)		663		49,513
Glaukos Corp.* (Health Care Equipment & Supplies)		600		30,600
Great Western Bancorp, Inc. (Banks)		380		11,704
Green Dot Corp.*—Class A (Consumer Finance)		1,105		50,907
Greenhill & Co., Inc. (Capital Markets)		178		2,852
H.B. Fuller Co. (Chemicals)		540		34,895
Hanger, Inc.* (Health Care Providers & Services)		478		11,730
Harmonic, Inc.* (Communications Equipment)		984		8,708
Haverty Furniture Cos., Inc. (Specialty Retail)		155		5,578
Hawkins, Inc. (Chemicals)		211		7,661
HCI Group, Inc. (Insurance)		132		13,263
HealthStream, Inc.* (Health Care Technology)		194		5,667
Heartland Express, Inc. (Road & Rail)		484		8,243
Heska Corp.* (Health Care Equipment & Supplies)		201		48,381
Hibbett, Inc. (Specialty Retail)		329		29,169
Hillenbrand, Inc. (Machinery)		1,009		45,708
Hilltop Holdings, Inc. (Banks)		462		14,636
Ichor Holdings, Ltd.* (Semiconductors & Semiconductor Equipment)		285		14,697
Independence Realty Trust, Inc. (Equity Real Estate Investment Trusts)		1,014		19,550
Independent Bank Corp. (Banks)		241		17,034
Industrial Logistics Properties Trust (Equity Real Estate Investment Trusts)		597		16,179
Innospec, Inc. (Chemicals)		189		16,717
Innovative Industrial Properties, Inc. (Equity Real Estate Investment Trusts)		485		104,269
Innoviva, Inc.* (Pharmaceuticals)		1,275		18,080

See accompanying notes to the financial statements.

July 31, 2021 :: Schedule of Portfolio Investments :: Small-Cap Growth ProFund :: 163

Common Stocks, continued

	Shares		Value
Inogen, Inc.* (Health Care Equipment & Supplies)		159	$	12,683
Installed Building Products, Inc. (Household Durables)		458		54,960
Insteel Industries, Inc. (Building Products)		161		6,252
Integer Holdings Corp.* (Health Care Equipment & Supplies)		269		26,332
Inter Parfums, Inc. (Personal Products)		159		12,222
Invesco Mortgage Capital, Inc. (Mortgage Real Estate Investment Trusts)		2,134		7,341
iRobot Corp.* (Household Durables)		572		50,050
Itron, Inc.* (Electronic Equipment, Instruments & Components)		478		47,140
J & J Snack Foods Corp. (Food Products)		130		21,369
James River Group Holdings, Ltd. (Insurance)		303		11,023
John Bean Technologies Corp. (Machinery)		393		57,606
Kontoor Brands, Inc. (Textiles, Apparel & Luxury Goods)		432		23,924
Korn Ferry (Professional Services)		438		30,108
Kulicke & Soffa Industries, Inc. (Semiconductors & Semiconductor Equipment)		617		33,540
La-Z-Boy, Inc. (Household Durables)		479		16,085
LCI Industries (Auto Components)		513		74,806
Lemaitre Vascular, Inc. (Health Care Equipment & Supplies)		347		18,898
Lexington Realty Trust (Equity Real Estate Investment Trusts)		2,027		26,655
LGI Homes, Inc.* (Household Durables)		445		76,051
Lindsay Corp. (Machinery)		132		21,211
Liquidity Services, Inc.* (Internet & Direct Marketing Retail)		363		7,202
Livent Corp.* (Chemicals)		3,230		63,017
LivePerson, Inc.* (Software)		1,302		82,924
LTC Properties, Inc. (Equity Real Estate Investment Trusts)		312		11,809
Lumber Liquidators Holdings, Inc.* (Specialty Retail)		588		11,219
Lydall, Inc.* (Machinery)		161		9,853
M.D.C Holdings, Inc. (Household Durables)		665		35,458
ManTech International Corp.—Class A (IT Services)		379		33,147
Marcus & Millichap, Inc.* (Real Estate Management & Development)		226		8,993
MarineMax, Inc.* (Specialty Retail)		451		24,259
Marten Transport, Ltd. (Road & Rail)		1,193		18,873
Matador Resources Co. (Oil, Gas & Consumable Fuels)		959		29,633
Materion Corp. (Metals & Mining)		158		11,275
Matson, Inc. (Marine)		883		59,267
MAX Holdings, Inc. (Real Estate Management & Development)		161		5,522
MaxLinear, Inc.*—Class A (Semiconductors & Semiconductor Equipment)		1,392		67,136
Medifast, Inc. (Personal Products)		237		67,666
MEDNAX, Inc.* (Health Care Providers & Services)		683		19,889
Meridian Bioscience, Inc.* (Health Care Equipment & Supplies)		880		18,040
Merit Medical Systems, Inc.* (Health Care Equipment & Supplies)		1,000		70,090
Meritage Homes Corp.* (Household Durables)		768		83,389
Mesa Laboratories, Inc. (Electronic Equipment, Instruments & Components)		100		29,451
Meta Financial Group, Inc. (Thrifts & Mortgage Finance)		364		18,091
Methode Electronics, Inc. (Electronic Equipment, Instruments & Components)		319		15,258
MGP Ingredients, Inc. (Beverages)		141		8,411
MicroStrategy, Inc.*(a)—Class A (Software)		159		99,535
Middlesex Water Co. (Water Utilities)		160		16,278
ModivCare, Inc.* (Health Care Providers & Services)		247		41,990
Monarch Casino & Resort, Inc.* (Hotels, Restaurants & Leisure)		133		8,492
Moog, Inc.—Class A (Aerospace & Defense)		226		17,599
Mr. Cooper Group, Inc.* (Thrifts & Mortgage Finance)		1,382		51,383
Mueller Industries, Inc. (Machinery)		464		20,138
Myers Industries, Inc. (Containers & Packaging)		285		6,036
MYR Group, Inc.* (Construction & Engineering)		191		18,265
National Bank Holdings Corp. (Banks)		394		13,971
National Beverage Corp. (Beverages)		473		21,465
NeoGenomics, Inc.* (Life Sciences Tools & Services)		2,394		110,363
Nexpoint Residential Trust, Inc. (Equity Real Estate Investment Trusts)		262		15,445
NextGen Healthcare, Inc.* (Health Care Technology)		530		8,597
NMI Holdings, Inc.*—Class A (Thrifts & Mortgage Finance)		1,737		38,249
Omnicell, Inc.* (Health Care Technology)		877		128,480
OneSpan, Inc.* (Software)		686		16,924
Onto Innovation, Inc.* (Semiconductors & Semiconductor Equipment)		995		69,730
OraSure Technologies, Inc.* (Health Care Equipment & Supplies)		934		11,012
Organogenesis Holdings, Inc.* (Biotechnology)		638		9,787
Orthofix Medical, Inc.* (Health Care Equipment & Supplies)		142		5,643
OSI Systems, Inc.* (Electronic Equipment, Instruments & Components)		180		18,009
Owens & Minor, Inc. (Health Care Providers & Services)		793		36,676
Pacira BioSciences, Inc.* (Pharmaceuticals)		894		52,701
Palomar Holdings, Inc.* (Insurance)		440		35,829
Park Aerospace Corp. (Aerospace & Defense)		146		2,175
Park National Corp. (Banks)		160		18,226
Patrick Industries, Inc. (Building Products)		454		37,514
PDF Solutions, Inc.* (Semiconductors & Semiconductor Equipment)		365		6,829
Perdoceo Education Corp.* (Diversified Consumer Services)		627		7,437
Perficient, Inc.* (IT Services)		671		63,269
PetMed Express, Inc. (Internet & Direct Marketing Retail)		412		12,933

See accompanying notes to the financial statements.

164 :: Small-Cap Growth ProFund :: Schedule of Portfolio Investments :: July 31, 2021

Common Stocks, continued

	Shares		Value
PGT Innovations, Inc.* (Building Products)		1,208	$	27,277
Photronics, Inc.* (Semiconductors & Semiconductor Equipment)		629		8,410
Piper Sandler Cos. (Capital Markets)		182		22,330
Plantronics, Inc.* (Communications Equipment)		502		15,657
Plexus Corp.* (Electronic Equipment, Instruments & Components)		331		29,896
Power Integrations, Inc. (Semiconductors & Semiconductor Equipment)		1,231		119,394
PRA Group, Inc.* (Consumer Finance)		930		36,075
PriceSmart, Inc. (Food & Staples Retailing)		209		18,756
Progress Software Corp. (Software)		582		26,533
Proto Labs, Inc.* (Machinery)		562		43,943
Quaker Chemical Corp. (Chemicals)		269		67,718
QuinStreet, Inc.* (Interactive Media & Services)		1,001		18,358
RadNet, Inc.* (Health Care Providers & Services)		435		15,982
Rambus, Inc.* (Semiconductors & Semiconductor Equipment)		959		22,690
Range Resources Corp.* (Oil, Gas & Consumable Fuels)		2,998		45,660
Raven Industries, Inc.* (Industrial Conglomerates)		306		17,825
Redwood Trust, Inc. (Mortgage Real Estate Investment Trusts)		846		10,042
REGENXBIO, Inc.* (Biotechnology)		708		22,883
Regis Corp.* (Diversified Consumer Services)		172		1,371
Renewable Energy Group, Inc.* (Oil, Gas & Consumable Fuels)		964		59,046
Rent-A-Center, Inc. (Specialty Retail)		1,210		69,236
Rogers Corp.* (Electronic Equipment, Instruments & Components)		202		38,501
Ruth's Hospitality Group, Inc.* (Hotels, Restaurants & Leisure)		239		4,773
Safehold, Inc. (Equity Real Estate Investment Trusts)		292		26,373
Saia, Inc.* (Road & Rail)		534		120,684
Saul Centers, Inc. (Equity Real Estate Investment Trusts)		107		4,879
Select Medical Holdings Corp. (Health Care Providers & Services)		1,117		44,066
Selectquote, Inc.* (Insurance)		598		10,644
ServisFirst Bancshares, Inc. (Banks)		957		68,024
Shake Shack, Inc.*—Class A (Hotels, Restaurants & Leisure)		738		74,199
Shenandoah Telecommunications Co. (Wireless Telecommunication Services)		659		34,789
Shutterstock, Inc. (Internet & Direct Marketing Retail)		453		49,146
Simulations Plus, Inc. (Health Care Technology)		310		14,629
Sleep Number Corp.* (Specialty Retail)		497		49,307
Southwestern Energy Co.* (Oil, Gas & Consumable Fuels)		7,519		35,414
Spectrum Pharmaceuticals, Inc.* (Biotechnology)		1,804		5,809
SPS Commerce, Inc.* (Software)		728		79,316
SPX Corp.* (Machinery)		533		35,530
SPX FLOW, Inc. (Machinery)		326		26,781
Stamps.com, Inc.* (Internet & Direct Marketing Retail)		372		121,554
Stepan Co. (Chemicals)		234		27,600
Steven Madden, Ltd. (Textiles, Apparel & Luxury Goods)		609		26,692
StoneX Group, Inc.* (Capital Markets)		337		21,747
Sturm Ruger & Co., Inc. (Leisure Products)		222		16,508
Supernus Pharmaceuticals, Inc.* (Pharmaceuticals)		1,076		28,331
Surmodics, Inc.* (Health Care Equipment & Supplies)		180		9,920
Tabula Rasa Healthcare, Inc.* (Health Care Technology)		459		19,719
Tactile Systems Technology, Inc.* (Health Care Equipment & Supplies)		399		19,543
Tanger Factory Outlet Centers, Inc. (Equity Real Estate Investment Trusts)		715		12,277
TechTarget, Inc.* (Media)		480		35,078
Tennant Co. (Machinery)		174		13,767
The Bancorp, Inc.* (Banks)		536		12,526
The Buckle, Inc. (Specialty Retail)		240		10,099
The Cheesecake Factory, Inc.* (Hotels, Restaurants & Leisure)		327		14,800
The Ensign Group, Inc. (Health Care Providers & Services)		1,050		89,323
The Joint Corp.* (Health Care Providers & Services)		269		21,248
The Pennant Group, Inc.* (Health Care Providers & Services)		517		17,692
The Simply Good Foods Co.* (Food Products)		770		28,860
The St Joe Co. (Real Estate Management & Development)		631		28,565
Titan International, Inc.* (Machinery)		461		3,974
Tivity Health, Inc.* (Health Care Providers & Services)		508		12,741
Triumph Bancorp, Inc.* (Banks)		460		35,264
Triumph Group, Inc.* (Aerospace & Defense)		433		8,249
Trupanion, Inc.* (Insurance)		684		78,675
TTEC Holdings, Inc. (IT Services)		371		38,770
Tupperware Brands Corp.* (Household Durables)		1,008		21,057
Two Harbors Investment Corp. (Mortgage Real Estate Investment Trusts)		1,843		11,814
U.S. Ecology, Inc.* (Commercial Services & Supplies)		250		8,750
U.S. Physical Therapy, Inc. (Health Care Providers & Services)		144		17,015
UFP Industries, Inc. (Building Products)		640		47,526
Ultra Clean Holdings, Inc.* (Semiconductors & Semiconductor Equipment)		889		48,015
UniFirst Corp. (Commercial Services & Supplies)		161		35,061
Unisys Corp.* (IT Services)		598		13,365
United Natural Foods, Inc.* (Food & Staples Retailing)		605		20,037
Uniti Group, Inc. (Equity Real Estate Investment Trusts)		3,032		35,505
Universal Electronics, Inc.* (Household Durables)		115		5,375
Universal Health Realty Income Trust (Equity Real Estate Investment Trusts)		120		7,170

See accompanying notes to the financial statements.

July 31, 2021 :: Schedule of Portfolio Investments :: Small-Cap Growth ProFund :: 165

Common Stocks, continued

	Shares		Value
USANA Health Sciences, Inc.* (Personal Products)		149	$	14,195
Vanda Pharmaceuticals, Inc.* (Biotechnology)		575		9,378
Vector Group, Ltd. (Tobacco)		1,299		17,355
Veeco Instruments, Inc.* (Semiconductors & Semiconductor Equipment)		560		12,992
Vericel Corp.* (Biotechnology)		940		49,763
Viad Corp.* (Commercial Services & Supplies)		171		7,840
Viavi Solutions, Inc.* (Communications Equipment)		4,640		77,443
Vicor Corp.* (Electrical Equipment)		432		49,944
Virtus Investment Partners, Inc. (Capital Markets)		145		40,038
Vista Outdoor, Inc.* (Leisure Products)		1,170		47,256
Vonage Holdings Corp.* (Diversified Telecommunication Services)		4,796		68,392
Walker & Dunlop, Inc. (Thrifts & Mortgage Finance)		599		61,984
Watts Water Technologies, Inc.—Class A (Machinery)		364		54,877
WD-40 Co. (Household Products)		278		67,551
Westamerica Bancorp (Banks)		251		13,943
Winnebago Industries, Inc. (Automobiles)		347		24,939
WisdomTree Investments, Inc. (Capital Markets)		955		5,902
Wolverine World Wide, Inc. (Textiles, Apparel & Luxury Goods)		638		21,399
World Acceptance Corp.* (Consumer Finance)		55		10,426
Xencor, Inc.* (Biotechnology)		1,183		36,413
Xperi Holding Corp. (Software)		1,341		27,853
Zumiez, Inc.* (Specialty Retail)		240		10,476
Zynex, Inc.*(a) (Health Care Equipment & Supplies)		395		5,487
TOTAL COMMON STOCKS (Cost $5,687,816)				9,922,663
Collateral for Securities Loaned(b) (1.3%)
BlackRock Liquidity Funds FedFund Portfolio—Institutional Shares, 0.03%(c)		127,895		127,895
TOTAL COLLATERAL FOR SECURITIES LOANED (Cost $127,895)				127,895
TOTAL INVESTMENT SECURITIES (Cost $5,815,711)—101.6%				10,050,558
Net other assets (liabilities)—(1.6)%				(155,464	)
NET ASSETS—100.0%			$	9,895,094

* Non-income producing security.

^(a) All or part of this security was on loan as of July 31, 2021. The total value of securities on loan as of July 31, 2021 was $123,373.

^(b) Securities were purchased with cash collateral held from securities on loan at July 31, 2021.

^(c) Rate periodically changes. Rate disclosed is the daily yield on July 31, 2021.

See accompanying notes to the financial statements.

166 :: Small-Cap Growth ProFund :: Schedule of Portfolio Investments :: July 31, 2021

Small-Cap Growth ProFund invested in the following industries as of July 31, 2021:

	Value			% of Net Assets
Aerospace & Defense	$	106,254			1.1	%
Air Freight & Logistics		57,621			0.6	%
Airlines		24,526			0.2	%
Auto Components		170,312			1.7	%
Automobiles		24,939			0.2	%
Banks		292,754			3.0	%
Beverages		92,085			0.9	%
Biotechnology		218,293			2.2	%
Building Products		233,254			2.4	%
Capital Markets		155,332			1.6	%
Chemicals		336,471			3.4	%
Commercial Services & Supplies		72,703			0.7	%
Communications Equipment		125,903			1.3	%
Construction & Engineering		102,195			1.0	%
Consumer Finance		97,408			1.0	%
Containers & Packaging		6,036			0.1	%
Diversified Consumer Services		15,087			0.2	%
Diversified Telecommunication Services		126,131			1.3	%
Electrical Equipment		65,046			0.7	%
Electronic Equipment, Instruments & Components		319,833			3.2	%
Energy Equipment & Services		12,543			0.1	%
Equity Real Estate Investment Trusts		445,608			4.5	%
Food & Staples Retailing		38,793			0.4	%
Food Products		111,429			1.1	%
Gas Utilities		22,675			0.2	%
Health Care Equipment & Supplies		407,668			4.1	%
Health Care Providers & Services		544,800			5.5	%
Health Care Technology		229,909			2.3	%
Hotels, Restaurants & Leisure		160,151			1.6	%
Household Durables		407,552			4.1	%
Household Products		94,703			1.0	%
Industrial Conglomerates		17,825			0.2	%
Insurance		189,948			1.9	%
Interactive Media & Services		18,358			0.2	%
Internet & Direct Marketing Retail		190,835			1.9	%
IT Services		293,784			3.0	%
Leisure Products		63,764			0.6	%
Life Sciences Tools & Services		110,363			1.1	%
Machinery		695,617			7.0	%
Marine		59,267			0.6	%
Media		35,078			0.4	%
Metals & Mining		60,201			0.6	%
Mortgage Real Estate Investment Trusts		29,197			0.3	%
Multiline Retail		37,274			0.4	%
Oil, Gas & Consumable Fuels		188,415			1.9	%
Personal Products		105,348			1.1	%
Pharmaceuticals		188,311			1.9	%
Professional Services		153,998			1.6	%
Real Estate Management & Development		114,183			1.2	%
Road & Rail		147,800			1.5	%
Semiconductors & Semiconductor Equipment		692,430			7.0	%
Software		523,426			5.3	%
Specialty Retail		338,310			3.4	%
Technology Hardware, Storage & Peripherals		40,649			0.4	%
Textiles, Apparel & Luxury Goods		78,552			0.8	%
Thrifts & Mortgage Finance		246,205			2.5	%
Tobacco		17,355			0.2	%
Trading Companies & Distributors		43,235			0.4	%
Water Utilities		90,132			0.9	%
Wireless Telecommunication Services		34,789			0.3	%
Other**		(27,569	)		(0.3	)%
Total	$	9,895,094			100.0	%

** Includes any non-equity securities and net other assets (liabilities), which includes any receivable for capital shares issued and payable for capital shares redeemed.

See accompanying notes to the financial statements.

July 31, 2021 :: Summary Schedule of Portfolio Investments :: Small-Cap ProFund :: 167

Common Stocks (62.9%)

	Percentage of Net Assets			Shares		Value
AMC Entertainment Holdings, Inc.—Class A* (Entertainment)		0.3	%		874	$	32,356
Arrowhead Pharmaceuticals, Inc.* (Biotechnology)		0.2	%		215		14,896
Biohaven Pharmaceutical Holding Co., Ltd.* (Biotechnology)		0.1	%		116		14,616
BJ's Wholesale Club Holdings, Inc.* (Food & Staples Retailing)		0.1	%		293		14,837
Blackline, Inc.* (Software)		0.1	%		114		13,040
Bridgebio Pharma, Inc.* (Biotechnology)		0.1	%		231		12,347
Chart Industries, Inc.* (Machinery)		0.1	%		78		12,125
Crocs, Inc.* (Textiles, Apparel & Luxury Goods)		0.2	%		137		18,606
EastGroup Properties, Inc. (Equity Real Estate Investment Trusts)		0.2	%		86		15,156
EMCOR Group, Inc. (Construction & Engineering)		0.1	%		116		14,129
Exponent, Inc. (Professional Services)		0.1	%		110		11,781
Fate Therapeutics, Inc.* (Biotechnology)		0.1	%		172		14,241
First Financial Bankshares, Inc. (Banks)		0.1	%		279		13,625
Fox Factory Holding Corp.* (Auto Components)		0.1	%		90		14,540
Halozyme Therapeutics, Inc.* (Biotechnology)		0.1	%		303		12,523
HealthEquity, Inc.* (Health Care Providers & Services)		0.1	%		176		13,020
Helen of Troy, Ltd.* (Household Durables)		0.1	%		52		11,617
II-VI, Inc.* (Electronic Equipment, Instruments & Components)		0.2	%		223		15,567
Intellia Therapeutics, Inc.* (Biotechnology)		0.2	%		145		20,567
Invitae Corp.* (Biotechnology)		0.1	%		430		12,036
j2 Global, Inc.* (Software)		0.1	%		93		13,138
KBR, Inc. (IT Services)		0.1	%		303		11,726
Lattice Semiconductor Corp.* (Semiconductors & Semiconductor Equipment)		0.2	%		291		16,513
LHC Group, Inc.* (Health Care Providers & Services)		0.1	%		67		14,417
MAXIMUS, Inc. (IT Services)		0.1	%		130		11,570
Omnicell, Inc.* (Health Care Technology)		0.1	%		93		13,625
Ovintiv, Inc. (Oil, Gas & Consumable Fuels)		0.1	%		561		14,394
Pacific Biosciences of California, Inc.* (Life Sciences Tools & Services)		0.1	%		416		13,375
Performance Food Group Co.* (Food & Staples Retailing)		0.1	%		283		12,967
Power Integrations, Inc. (Semiconductors & Semiconductor Equipment)		0.1	%		129		12,512
Q2 Holdings, Inc.* (Software)		0.1	%		118		12,191
Rapid7, Inc.* (Software)		0.1	%		118		13,423
RBC Bearings, Inc.* (Machinery)		0.1	%		55		12,925
Redfin Corp.* (Real Estate Management & Development)		0.1	%		218		12,767
Rexnord Corp. (Machinery)		0.1	%		258		14,533
Saia, Inc.* (Road & Rail)		0.1	%		59		13,334
Scientific Games Corp.* (Hotels, Restaurants & Leisure)		0.1	%		206		12,712
Shockwave Medical, Inc.* (Health Care Equipment & Supplies)		0.1	%		70		12,740
Silicon Laboratories, Inc.* (Semiconductors & Semiconductor Equipment)		0.1	%		94		14,004
STAAR Surgical Co.* (Health Care Equipment & Supplies)		0.1	%		100		12,791
STAG Industrial, Inc. (Equity Real Estate Investment Trusts)		0.1	%		344		14,214
Stamps.com, Inc.* (Internet & Direct Marketing Retail)		0.1	%		37		12,089
Tenet Healthcare Corp.* (Health Care Providers & Services)		0.2	%		227		16,309
Tetra Tech, Inc. (Commercial Services & Supplies)		0.2	%		116		15,487
Texas Roadhouse, Inc.— Class A (Hotels, Restaurants & Leisure)		0.1	%		150		13,827
Twist Bioscience Corp.* (Biotechnology)		0.1	%		102		12,550
Upwork, Inc.* (Professional Services)		0.1	%		251		13,000
Varonis Systems, Inc.* (Software)		0.1	%		227		13,891
Workiva, Inc.* (Software)		0.1	%		89		11,550
Other Common Stocks(a)		56.0	%		226,117		5,544,885
TOTAL COMMON STOCKS (Cost $5,072,657)							6,235,084

See accompanying notes to the financial statements.

168 :: Small-Cap ProFund :: Summary Schedule of Portfolio Investments :: July 31, 2021

Trust (0.0%)

	Interest Units		Value
Ferroglobe Representation and Warranty Insurance*+ (Metals & Mining)		290	$	—
TOTAL TRUST (Cost $—)				—

Contingent Escrow Shares (0.0%)

	Shares		Value
Wright Medical Group, Inc.*+(b) (Health Care Equipment & Supplies)		111	$	—
TOTAL CONTINGENT ESCROW SHARES (Cost $—)				—

Repurchase Agreements^(c)(d) (35.7%)

	Principal Amount		Value
Repurchase Agreements with various counterparties, 0.00%, dated 7/30/21, due 8/2/21, total to be received $3,537,000	$	3,537,000	$	3,537,000
TOTAL REPURCHASE AGREEMENTS (Cost $3,537,000)			$	3,537,000

Collateral for Securities Loaned^(e) (0.2%)

	Shares		Value
BlackRock Liquidity Funds FedFund Portfolio—Institutional Shares, 0.03%(f)		15,194	$	15,194
TOTAL COLLATERAL FOR SECURITIES LOANED (Cost $15,194)				15,194
TOTAL INVESTMENT SECURITIES (Cost $8,624,851)—98.8%				9,787,278
Net other assets (liabilities)—1.2%				120,952
NET ASSETS—100.0%			$	9,908,230

* Non-income producing security.

⁺ These securities were fair valued based on procedures approved by the Board of Trustees. As of July 31, 2021, these securities represented 0.00% of the net assets of the Fund.

^(a) All or part of this security was on loan as of July 31, 2021. The total value of securities on loan as of July 31, 2021 was $14,187.

^(b) On November 12, 2020, Stryker Corp. acquired Wright MedicalGroup. As part of the acquisition, $1.85 per acquired share was allocated 1:1 to Escrow Shares, contingent on whether the $1.85 per share is determined to be payable as a withholding of taxes due to the Dutch Government; otherwise, the value of the Escrow Shares will be remitted to preacquisition shareholders of Wright Medical Group.

^(c) The ProFund invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" under Note 2 in the Notes to the Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.

^(d) A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. As of July 31, 2021, the aggregate amount held in a segregated account was $651,000.

^(e) Securities were purchased with cash collateral held from securities on loan at July 31, 2021.

^(f) Rate periodically changes. Rate disclosed is the daily yield on July 31, 2021.

Futures Contracts Purchased

	Number of Contracts		Expiration Date	Notional Amount		Value and Unrealized Appreciation/ (Depreciation)
E-Mini Russell 2000 Index Futures Contracts		1	9/20/21	$	111,080	$	(5,852	)

Total Return Swap Agreements—Long

Underlying Instrument	Counterparty	Termination Date(1)		Rate Paid (Received)(2)			Notional Amount		Value and Unrealized Appreciation/ (Depreciation)
Russell 2000 Index	Goldman Sachs International		8/27/21		0.34	%	$	2,600,260	$	42,869
Russell 2000 Index	UBS AG		8/27/21		0.09	%		959,514		13,033
							$	3,559,774	$	55,902

⁽¹⁾ Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

⁽²⁾ Reflects the floating financing rate, as of July 31, 2021, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

See accompanying notes to the financial statements.

July 31, 2021 :: Summary Schedule of Portfolio Investments :: Small-Cap ProFund :: 169

Small-Cap ProFund invested in the following industries as of July 31, 2021:

	Value		% of Net Assets
Aerospace & Defense	$	44,145		0.4	%
Air Freight & Logistics		19,333		0.2	%
Airlines		21,454		0.2	%
Auto Components		86,156		0.9	%
Automobiles		14,380		0.1	%
Banks		476,080		4.8	%
Beverages		22,271		0.2	%
Biotechnology		591,051		6.1	%
Building Products		74,991		0.8	%
Capital Markets		98,471		1.0	%
Chemicals		117,115		1.2	%
Commercial Services & Supplies		114,107		1.2	%
Communications Equipment		50,851		0.5	%
Construction & Engineering		84,426		0.9	%
Construction Materials		13,091		0.1	%
Consumer Finance		48,665		0.5	%
Containers & Packaging		14,893		0.1	%
Distributors		5,404		0.1	%
Diversified Consumer Services		38,454		0.4	%
Diversified Financial Services		9,674		0.1	%
Diversified Telecommunication Services		44,603		0.4	%
Electric Utilities		36,994		0.4	%
Electrical Equipment		60,464		0.6	%
Electronic Equipment, Instruments & Components		137,530		1.4	%
Energy Equipment & Services		50,332		0.5	%
Entertainment		53,143		0.5	%
Equity Real Estate Investment Trusts		399,636		4.0	%
Food & Staples Retailing		54,646		0.6	%
Food Products		63,591		0.6	%
Gas Utilities		51,460		0.5	%
Health Care Equipment & Supplies		227,005		2.3	%
Health Care Providers & Services		193,499		2.0	%
Health Care Technology		89,134		0.9	%
Hotels, Restaurants & Leisure		138,252		1.4	%
Household Durables		121,590		1.2	%
Household Products		18,433		0.2	%
Independent Power and Renewable Electricity Producers		20,855		0.2	%
Industrial Conglomerates		4,485		NM
Insurance		122,881		1.2	%
Interactive Media & Services		22,643		0.2	%
Internet & Direct Marketing Retail		58,150		0.6	%
IT Services		118,666		1.2	%
Leisure Products		40,508		0.4	%
Life Sciences Tools & Services		63,107		0.6	%
Machinery		249,805		2.5	%
Marine		9,684		0.1	%
Media		72,676		0.7	%
Metals & Mining		83,084		0.8	%
Mortgage Real Estate Investment Trusts		79,608		0.8	%
Multiline Retail		18,453		0.2	%
Multi-Utilities		24,215		0.2	%
Oil, Gas & Consumable Fuels		196,116		2.0	%
Paper & Forest Products		18,458		0.2	%
Personal Products		32,734		0.3	%
Pharmaceuticals		103,289		1.0	%
Professional Services		85,490		0.9	%
Real Estate Management & Development		55,696		0.6	%
Road & Rail		38,400		0.4	%
Semiconductors & Semiconductor Equipment		180,742		1.8	%
Software		385,710		3.9	%
Specialty Retail		159,918		1.6	%
Technology Hardware, Storage & Peripherals		18,329		0.2	%
Textiles, Apparel & Luxury Goods		49,762		0.5	%
Thrifts & Mortgage Finance		104,350		1.1	%
Tobacco		9,524		0.1	%
Trading Companies & Distributors		77,851		0.8	%
Transportation Infrastructure		6,320		0.1	%
Water Utilities		25,449		0.3	%
Wireless Telecommunication Services		12,802		0.1	%
Other**		3,673,146		37.1	%
Total	$	9,908,230		100.0	%

** Includes any non-equity securities and net other assets (liabilities), which includes any receivable for capital shares issued and payable for capital shares redeemed.

^NM Not meaningful, amount is less than 0.05%.

See accompanying notes to the financial statements.

170 :: Small-Cap Value ProFund :: Schedule of Portfolio Investments :: July 31, 2021

Common Stocks (99.2%)

	Shares		Value
3D Systems Corp.* (Technology Hardware, Storage & Peripherals)		1,877	$	51,692
AAR Corp.* (Aerospace & Defense)		941		33,650
Aaron's Co., Inc. (The) (Specialty Retail)		967		27,917
Abercrombie & Fitch Co.*—Class A (Specialty Retail)		1,754		66,319
ABM Industries, Inc. (Commercial Services & Supplies)		1,900		88,331
Acadia Realty Trust (Equity Real Estate Investment Trusts)		2,444		52,302
Adtalem Global Education, Inc.* (Diversified Consumer Services)		1,555		56,509
ADTRAN, Inc. (Communications Equipment)		1,371		30,724
AdvanSix, Inc.* (Chemicals)		795		26,593
Aerojet Rocketdyne Holdings, Inc. (Aerospace & Defense)		1,160		54,728
Agree Realty Corp. (Equity Real Estate Investment Trusts)		964		72,444
Albany International Corp.—Class A (Machinery)		436		37,649
Alexander & Baldwin, Inc. (Equity Real Estate Investment Trusts)		2,050		41,041
Allegheny Technologies, Inc.* (Metals & Mining)		3,602		73,948
Allegiance Bancshares, Inc. (Banks)		526		19,183
Allegiant Travel Co.* (Airlines)		232		44,108
Ambac Financial Group, Inc.* (Insurance)		864		12,545
AMC Networks, Inc.*—Class A (Media)		869		43,485
American Assets Trust, Inc. (Equity Real Estate Investment Trusts)		1,421		52,478
American Axle & Manufacturing Holdings, Inc.* (Auto Components)		3,229		31,289
American Equity Investment Life Holding Co. (Insurance)		2,432		78,042
American Public Education, Inc.* (Diversified Consumer Services)		233		6,901
American States Water Co. (Water Utilities)		482		42,570
American Vanguard Corp. (Chemicals)		423		6,984
American Woodmark Corp.* (Building Products)		227		16,855
America's Car-Mart, Inc.* (Specialty Retail)		62		9,858
Ameris Bancorp (Banks)		1,973		95,908
AMERISAFE, Inc. (Insurance)		344		19,677
AMN Healthcare Services, Inc.* (Health Care Providers & Services)		495		49,777
Amphastar Pharmaceuticals, Inc.* (Pharmaceuticals)		364		7,626
AngioDynamics, Inc.* (Health Care Equipment & Supplies)		701		18,668
ANI Pharmaceuticals, Inc.* (Pharmaceuticals)		180		6,107
Anika Therapeutics, Inc.* (Health Care Equipment & Supplies)		244		9,792
Apogee Enterprises, Inc. (Building Products)		731		28,999
Apollo Commercial Real Estate Finance, Inc. (Mortgage Real Estate Investment Trusts)		3,644		55,461
Apollo Medical Holdings, Inc.* (Health Care Providers & Services)		139		12,283
Applied Industrial Technologies, Inc. (Trading Companies & Distributors)		429		38,481
Applied Optoelectronics, Inc.* (Communications Equipment)		701		5,419
ArcBest Corp. (Road & Rail)		717		42,382
Archrock, Inc. (Energy Equipment & Services)		3,666		31,564
Arconic Corp.* (Metals & Mining)		1,220		43,847
Arcosa, Inc. (Construction & Engineering)		627		34,335
Armada Hoffler Properties, Inc. (Equity Real Estate Investment Trusts)		1,708		22,204
ARMOUR Residential REIT, Inc. (Mortgage Real Estate Investment Trusts)		2,018		20,987
Asbury Automotive Group, Inc.* (Specialty Retail)		547		112,386
Assured Guaranty, Ltd. (Insurance)		2,134		102,026
Astec Industries, Inc. (Machinery)		251		15,389
Atlas Air Worldwide Holdings, Inc.* (Air Freight & Logistics)		781		52,304
ATN International, Inc. (Diversified Telecommunication Services)		311		13,389
Avista Corp. (Multi-Utilities)		1,962		84,032
Axcelis Technologies, Inc.* (Semiconductors & Semiconductor Equipment)		334		12,876
AZZ, Inc. (Electrical Equipment)		312		16,533
B Riley Financial, Inc. (Capital Markets)		160		10,810
Banc of California, Inc. (Banks)		1,264		21,640
BancFirst Corp. (Banks)		270		14,980
BankUnited, Inc. (Banks)		2,640		104,490
Banner Corp. (Banks)		986		52,297
Barnes & Noble Education, Inc.* (Specialty Retail)		905		7,557
Barnes Group, Inc. (Machinery)		1,320		66,884
Bed Bath & Beyond, Inc.* (Specialty Retail)		3,020		86,191
Bel Fuse, Inc.—Class B (Electronic Equipment, Instruments & Components)		288		3,928
Benchmark Electronics, Inc. (Electronic Equipment, Instruments & Components)		1,014		26,770
Berkshire Hills Bancorp, Inc. (Banks)		986		26,661
BJ's Restaurants, Inc.* (Hotels, Restaurants & Leisure)		658		26,702
Bloomin' Brands, Inc.* (Hotels, Restaurants & Leisure)		2,293		57,622
Blucora, Inc.* (Capital Markets)		767		12,932
BM Technologies, Inc.* (IT Services)		123		1,234
Boise Cascade Co. (Paper & Forest Products)		1,114		56,981
Boot Barn Holdings, Inc.* (Specialty Retail)		332		28,691
Bottomline Technologies, Inc.* (Software)		445		17,960
Brady Corp.—Class A (Commercial Services & Supplies)		838		45,822
Brandywine Realty Trust (Equity Real Estate Investment Trusts)		4,839		67,552
Brinker International, Inc.* (Hotels, Restaurants & Leisure)		596		32,387
Bristow Group, Inc.* (Energy Equipment & Services)		656		17,043
Brookline Bancorp, Inc. (Banks)		2,216		31,844
Cadence Bancorp (Banks)		3,532		67,108
CalAmp Corp.* (Communications Equipment)		600		7,278
Calavo Growers, Inc. (Food Products)		278		15,663
Caleres, Inc. (Specialty Retail)		1,084		26,818
California Water Service Group (Water Utilities)		591		37,044
Callon Petroleum Co.* (Oil, Gas & Consumable Fuels)		1,309		51,522
Cal-Maine Foods, Inc. (Food Products)		436		15,212

See accompanying notes to the financial statements.

July 31, 2021 :: Schedule of Portfolio Investments :: Small-Cap Value ProFund :: 171

Common Stocks, continued

	Shares		Value
Capitol Federal Financial, Inc. (Thrifts & Mortgage Finance)		3,656	$	40,545
Capstead Mortgage Corp. (Mortgage Real Estate Investment Trusts)		2,746		17,492
Cara Therapeutics, Inc.* (Biotechnology)		404		4,836
Cardiovascular Systems, Inc.* (Health Care Equipment & Supplies)		557		22,442
CareTrust REIT, Inc. (Equity Real Estate Investment Trusts)		1,343		32,393
Carpenter Technology Corp. (Metals & Mining)		1,360		51,884
Cavco Industries, Inc.* (Household Durables)		102		23,970
Centerspace (Equity Real Estate Investment Trusts)		158		14,220
Central Garden & Pet Co.* (Household Products)		107		5,167
Central Garden & Pet Co.*—Class A (Household Products)		438		18,970
Central Pacific Financial Corp. (Banks)		801		20,506
Century Aluminum Co.* (Metals & Mining)		570		8,299
Chatham Lodging Trust* (Equity Real Estate Investment Trusts)		1,378		16,922
Chefs' Warehouse, Inc.* (Food & Staples Retailing)		924		26,722
Chesapeake Utilities Corp. (Gas Utilities)		244		30,400
Chico's FAS, Inc.* (Specialty Retail)		3,475		21,476
Chuy's Holdings, Inc.* (Hotels, Restaurants & Leisure)		567		18,711
CIRCOR International, Inc.* (Machinery)		368		11,349
City Holding Co. (Banks)		239		18,083
Clearwater Paper Corp.* (Paper & Forest Products)		472		13,919
Coca-Cola Consolidated, Inc. (Beverages)		75		29,937
Cogent Communications Holdings, Inc. (Diversified Telecommunication Services)		443		34,380
Columbia Banking System, Inc. (Banks)		2,031		70,963
Community Bank System, Inc. (Banks)		807		57,813
Computer Programs & Systems, Inc. (Health Care Technology)		193		6,093
Comtech Telecommunications Corp. (Communications Equipment)		738		18,428
CONMED Corp. (Health Care Equipment & Supplies)		362		49,934
Conn's, Inc.* (Specialty Retail)		548		12,188
CONSOL Energy, Inc.* (Oil, Gas & Consumable Fuels)		858		18,027
Consolidated Communications Holdings, Inc.* (Diversified Telecommunication Services)		2,085		16,034
Cooper-Standard Holding, Inc.* (Auto Components)		479		12,478
Core Laboratories N.V. (Energy Equipment & Services)		787		26,254
CoreCivic, Inc.* (Equity Real Estate Investment Trusts)		3,406		35,014
Core-Mark Holding Co., Inc. (Distributors)		1,278		55,005
CorVel Corp.* (Health Care Providers & Services)		93		13,096
Covetrus, Inc.* (Health Care Providers & Services)		1,130		28,770
Cross Country Healthcare, Inc.* (Health Care Providers & Services)		993		16,305
CryoLife, Inc.* (Health Care Equipment & Supplies)		520		14,040
CSG Systems International, Inc. (IT Services)		466		21,138
CTS Corp. (Electronic Equipment, Instruments & Components)		430		15,046
Customers Bancorp, Inc. (Banks)		841		30,461
Cutera, Inc.* (Health Care Equipment & Supplies)		283		14,702
CVB Financial Corp. (Banks)		2,134		40,674
Daktronics, Inc.* (Electronic Equipment, Instruments & Components)		1,047		6,397
Dave & Buster's Entertainment, Inc.* (Hotels, Restaurants & Leisure)		1,354		45,061
Deluxe Corp. (Commercial Services & Supplies)		1,194		52,417
Designer Brands, Inc.* (Specialty Retail)		1,679		24,463
DiamondRock Hospitality Co.* (Equity Real Estate Investment Trusts)		5,956		51,281
Diebold Nixdorf, Inc.* (Technology Hardware, Storage & Peripherals)		1,175		12,232
Digi International, Inc.* (Communications Equipment)		403		8,334
Dime Community Bancshares, Inc. (Banks)		1,000		33,020
Diversified Healthcare Trust (Equity Real Estate Investment Trusts)		6,750		26,325
Domtar Corp.* (Paper & Forest Products)		1,422		78,082
Donnelley Financial Solutions, Inc.* (Capital Markets)		471		15,171
Dorian LPG, Ltd.* (Oil, Gas & Consumable Fuels)		330		3,993
Dril-Quip, Inc.* (Energy Equipment & Services)		1,004		28,694
DSP Group, Inc.* (Semiconductors & Semiconductor Equipment)		306		4,911
DXP Enterprises, Inc.* (Trading Companies & Distributors)		501		16,358
Eagle Bancorp, Inc. (Banks)		904		49,747
Eagle Pharmaceuticals, Inc.* (Biotechnology)		212		9,858
Easterly Government Properties, Inc. (Equity Real Estate Investment Trusts)		1,355		30,759
Echo Global Logistics, Inc.* (Air Freight & Logistics)		370		11,444
Edgewell Personal Care Co. (Personal Products)		1,539		63,223
El Pollo Loco Holdings, Inc.* (Hotels, Restaurants & Leisure)		257		4,783
elf Beauty, Inc.* (Personal Products)		526		14,523
Ellington Financial, Inc. (Mortgage Real Estate Investment Trusts)		1,239		22,525
Employers Holdings, Inc. (Insurance)		807		33,507
Enanta Pharmaceuticals, Inc.* (Biotechnology)		295		12,464
Encore Capital Group, Inc.* (Consumer Finance)		879		41,611
Encore Wire Corp. (Electrical Equipment)		585		45,881
Endo International PLC* (Pharmaceuticals)		2,576		13,035
Enerpac Tool Group Corp. (Machinery)		1,006		25,824
Enova International, Inc.* (Consumer Finance)		1,039		34,381
EnPro Industries, Inc. (Machinery)		585		54,475
ePlus, Inc.* (Electronic Equipment, Instruments & Components)		383		35,412
ESCO Technologies, Inc. (Machinery)		303		28,594
Ethan Allen Interiors, Inc. (Household Durables)		621		14,761

See accompanying notes to the financial statements.

172 :: Small-Cap Value ProFund :: Schedule of Portfolio Investments :: July 31, 2021

Common Stocks, continued

	Shares		Value
Extreme Networks, Inc.* (Communications Equipment)		1,998	$	21,998
EZCORP, Inc.*—Class A (Consumer Finance)		1,499		8,574
Fabrinet* (Electronic Equipment, Instruments & Components)		396		37,430
FARO Technologies, Inc.* (Electronic Equipment, Instruments & Components)		217		15,817
FB Financial Corp. (Banks)		952		35,995
Ferro Corp.* (Chemicals)		1,522		31,658
Fiesta Restaurant Group, Inc.* (Hotels, Restaurants & Leisure)		503		6,735
First Bancorp (Banks)		807		32,280
First Bancorp (Banks)		6,106		74,066
First Commonwealth Financial Corp. (Banks)		2,724		35,875
First Financial Bancorp (Banks)		2,755		61,988
First Hawaiian, Inc. (Banks)		3,692		101,641
First Midwest Bancorp, Inc. (Banks)		3,237		58,072
Flagstar Bancorp, Inc. (Thrifts & Mortgage Finance)		537		24,573
Fossil Group, Inc.* (Textiles, Apparel & Luxury Goods)		619		7,812
Four Corners Property Trust, Inc. (Equity Real Estate Investment Trusts)		950		27,275
Franklin Street Properties Corp. (Equity Real Estate Investment Trusts)		2,741		14,308
Fresh Del Monte Produce, Inc. (Food Products)		861		26,570
FutureFuel Corp. (Chemicals)		425		3,613
GameStop Corp.*—Class A (Specialty Retail)		832		134,051
Gannett Co., Inc.* (Media)		3,826		22,076
GCP Applied Technologies, Inc.* (Chemicals)		658		15,299
Genesco, Inc.* (Specialty Retail)		402		23,095
Gentherm, Inc.* (Auto Components)		320		26,538
Genworth Financial, Inc.* (Insurance)		14,320		47,828
Getty Realty Corp. (Equity Real Estate Investment Trusts)		559		17,659
G-III Apparel Group, Ltd.* (Textiles, Apparel & Luxury Goods)		1,233		36,817
Glatfelter Corp. (Paper & Forest Products)		1,259		19,175
Glaukos Corp.* (Health Care Equipment & Supplies)		469		23,919
Global Net Lease, Inc. (Equity Real Estate Investment Trusts)		2,702		49,906
GMS, Inc.* (Trading Companies & Distributors)		1,213		59,594
Granite Construction, Inc. (Construction & Engineering)		1,297		49,830
Granite Point Mortgage Trust, Inc. (Mortgage Real Estate Investment Trusts)		1,560		22,012
Great Western Bancorp, Inc. (Banks)		1,031		31,755
Green Plains, Inc.* (Oil, Gas & Consumable Fuels)		1,200		42,432
Greenhill & Co., Inc. (Capital Markets)		167		2,675
Griffon Corp. (Building Products)		1,284		29,686
Group 1 Automotive, Inc. (Specialty Retail)		485		84,264
Guess?, Inc. (Specialty Retail)		1,084		24,195
H.B. Fuller Co. (Chemicals)		725		46,849
Hanger, Inc.* (Health Care Providers & Services)		426		10,454
Hanmi Financial Corp. (Banks)		869		15,842
Harmonic, Inc.* (Communications Equipment)		1,491		13,195
Harsco Corp.* (Machinery)		2,243		45,129
Haverty Furniture Cos., Inc. (Specialty Retail)		263		9,465
Hawaiian Holdings, Inc.* (Airlines)		1,447		28,549
Hawkins, Inc. (Chemicals)		241		8,751
Haynes International, Inc. (Metals & Mining)		360		13,583
HealthStream, Inc.* (Health Care Technology)		443		12,940
Heartland Express, Inc. (Road & Rail)		705		12,006
Heidrick & Struggles International, Inc. (Professional Services)		551		23,533
Helix Energy Solutions Group, Inc.* (Energy Equipment & Services)		4,016		16,666
Helmerich & Payne, Inc. (Energy Equipment & Services)		3,054		87,559
Heritage Financial Corp. (Banks)		1,019		24,650
Hersha Hospitality Trust* (Equity Real Estate Investment Trusts)		1,043		9,815
Hillenbrand, Inc. (Machinery)		725		32,843
Hilltop Holdings, Inc. (Banks)		1,197		37,921
HNI Corp. (Commercial Services & Supplies)		1,233		45,991
HomeStreet, Inc. (Thrifts & Mortgage Finance)		605		22,815
Hope Bancorp, Inc. (Banks)		3,501		46,388
Horace Mann Educators Corp. (Insurance)		1,175		46,777
Hub Group, Inc.*—Class A (Air Freight & Logistics)		957		63,430
Ichor Holdings, Ltd.* (Semiconductors & Semiconductor Equipment)		397		20,473
Independence Realty Trust, Inc. (Equity Real Estate Investment Trusts)		1,473		28,399
Independent Bank Corp. (Banks)		600		42,408
Independent Bank Group, Inc. (Banks)		1,040		72,488
Industrial Logistics Properties Trust (Equity Real Estate Investment Trusts)		1,016		27,534
Innospec, Inc. (Chemicals)		432		38,210
Inogen, Inc.* (Health Care Equipment & Supplies)		306		24,410
Insight Enterprises, Inc.* (Electronic Equipment, Instruments & Components)		999		100,280
Insteel Industries, Inc. (Building Products)		323		12,542
Integer Holdings Corp.* (Health Care Equipment & Supplies)		559		54,720
Inter Parfums, Inc. (Personal Products)		281		21,600
InterDigital, Inc. (Communications Equipment)		871		57,390
Interface, Inc. (Commercial Services & Supplies)		1,670		24,081
Invacare Corp.* (Health Care Equipment & Supplies)		991		7,165
Invesco Mortgage Capital, Inc. (Mortgage Real Estate Investment Trusts)		5,072		17,448
Investors Bancorp, Inc. (Banks)		6,383		88,213
iStar, Inc. (Equity Real Estate Investment Trusts)		2,074		50,253
Itron, Inc.* (Electronic Equipment, Instruments & Components)		613		60,454
J & J Snack Foods Corp. (Food Products)		243		39,944
James River Group Holdings, Ltd. (Insurance)		634		23,065
John B Sanfilippo & Son, Inc. (Food Products)		251		23,182
John Bean Technologies Corp. (Machinery)		351		51,450
Kaiser Aluminum Corp. (Metals & Mining)		449		54,634
Kaman Corp.—Class A (Trading Companies & Distributors)		787		34,903
Kelly Services, Inc.*—Class A (Professional Services)		949		20,802

See accompanying notes to the financial statements.

July 31, 2021 :: Schedule of Portfolio Investments :: Small-Cap Value ProFund :: 173

Common Stocks, continued

	Shares		Value
Kite Realty Group Trust (Equity Real Estate Investment Trusts)		2,392	$	48,223
KKR Real Estate Finance Trust, Inc. (Mortgage Real Estate Investment Trusts)		773		16,473
Knowles Corp.* (Electronic Equipment, Instruments & Components)		2,628		52,665
Kontoor Brands, Inc. (Textiles, Apparel & Luxury Goods)		736		40,760
Koppers Holdings, Inc.* (Chemicals)		601		18,457
Korn Ferry (Professional Services)		916		62,966
Kraton Corp.* (Chemicals)		910		34,753
Kulicke & Soffa Industries, Inc. (Semiconductors & Semiconductor Equipment)		896		48,707
Lantheus Holdings, Inc.* (Health Care Equipment & Supplies)		1,912		50,036
Laredo Petroleum, Inc.* (Oil, Gas & Consumable Fuels)		273		15,031
La-Z-Boy, Inc. (Household Durables)		642		21,558
Lexington Realty Trust (Equity Real Estate Investment Trusts)		5,033		66,184
Lindsay Corp. (Machinery)		124		19,926
Liquidity Services, Inc.* (Internet & Direct Marketing Retail)		260		5,158
LTC Properties, Inc. (Equity Real Estate Investment Trusts)		680		25,738
Lydall, Inc.* (Machinery)		261		15,973
M.D.C Holdings, Inc. (Household Durables)		645		34,391
M/I Homes, Inc.* (Household Durables)		826		53,451
Mack-Cali Realty Corp.* (Equity Real Estate Investment Trusts)		2,442		43,956
Macy's, Inc.* (Multiline Retail)		8,821		149,957
Magellan Health, Inc.* (Health Care Providers & Services)		659		62,157
ManTech International Corp.—Class A (IT Services)		248		21,690
Marcus & Millichap, Inc.* (Real Estate Management & Development)		369		14,683
Matador Resources Co. (Oil, Gas & Consumable Fuels)		1,771		54,724
Materion Corp. (Metals & Mining)		357		25,476
Matrix Service Co.* (Energy Equipment & Services)		753		8,215
Matthews International Corp.—Class A (Commercial Services & Supplies)		896		31,002
MAX Holdings, Inc. (Real Estate Management & Development)		311		10,667
MEDNAX, Inc.* (Health Care Providers & Services)		1,488		43,331
Mercer International, Inc. (Paper & Forest Products)		1,122		13,049
Meredith Corp.* (Media)		1,150		50,185
Meritor, Inc.* (Machinery)		2,056		50,022
Meta Financial Group, Inc. (Thrifts & Mortgage Finance)		398		19,781
Methode Electronics, Inc. (Electronic Equipment, Instruments & Components)		642		30,707
MGP Ingredients, Inc. (Beverages)		176		10,498
Middlesex Water Co. (Water Utilities)		275		27,979
Monarch Casino & Resort, Inc.* (Hotels, Restaurants & Leisure)		179		11,429
Monro, Inc. (Specialty Retail)		950		55,100
Moog, Inc.—Class A (Aerospace & Defense)		514		40,025
Motorcar Parts of America, Inc.* (Auto Components)		539		11,987
Movado Group, Inc. (Textiles, Apparel & Luxury Goods)		476		14,313
Mueller Industries, Inc. (Machinery)		970		42,098
Myers Industries, Inc. (Containers & Packaging)		622		13,174
MYR Group, Inc.* (Construction & Engineering)		209		19,987
Myriad Genetics, Inc.* (Biotechnology)		2,182		69,016
Nabors Industries, Ltd.* (Energy Equipment & Services)		185		16,189
National Bank Holdings Corp. (Banks)		322		11,418
National Presto Industries, Inc. (Aerospace & Defense)		147		14,183
Natus Medical, Inc.* (Health Care Equipment & Supplies)		965		25,766
NBT Bancorp, Inc. (Banks)		1,230		42,866
Neenah, Inc. (Paper & Forest Products)		477		23,979
NETGEAR, Inc.* (Communications Equipment)		862		29,524
New York Mortgage Trust, Inc. (Mortgage Real Estate Investment Trusts)		10,745		46,956
Nexpoint Residential Trust, Inc. (Equity Real Estate Investment Trusts)		276		16,270
NextGen Healthcare, Inc.* (Health Care Technology)		835		13,544
Northfield Bancorp, Inc. (Thrifts & Mortgage Finance)		1,307		21,500
Northwest Bancshares, Inc. (Thrifts & Mortgage Finance)		3,605		47,983
Northwest Natural Holding Co. (Gas Utilities)		868		45,388
NOW, Inc.* (Trading Companies & Distributors)		3,125		30,844
Oceaneering International, Inc.* (Energy Equipment & Services)		2,825		37,460
Office Properties Income Trust (Equity Real Estate Investment Trusts)		1,369		39,674
OFG Bancorp (Banks)		1,463		33,795
O-I Glass, Inc.* (Containers & Packaging)		4,471		66,126
Oil States International, Inc.* (Energy Equipment & Services)		1,736		9,826
Old National Bancorp (Banks)		4,693		75,510
Olympic Steel, Inc. (Metals & Mining)		257		7,741
OraSure Technologies, Inc.* (Health Care Equipment & Supplies)		734		8,654
Organogenesis Holdings, Inc.* (Biotechnology)		525		8,054
Orthofix Medical, Inc.* (Health Care Equipment & Supplies)		353		14,028
OSI Systems, Inc.* (Electronic Equipment, Instruments & Components)		223		22,311
Owens & Minor, Inc. (Health Care Providers & Services)		1,022		47,268
Oxford Industries, Inc. (Textiles, Apparel & Luxury Goods)		477		41,466
Pacific Premier Bancorp, Inc. (Banks)		2,680		101,785
Par Pacific Holdings, Inc.* (Oil, Gas & Consumable Fuels)		1,260		20,639
Park Aerospace Corp. (Aerospace & Defense)		324		4,828
Park National Corp. (Banks)		181		20,618

See accompanying notes to the financial statements.

174 :: Small-Cap Value ProFund :: Schedule of Portfolio Investments :: July 31, 2021

Common Stocks, continued

	Shares		Value
Patterson-UTI Energy, Inc. (Energy Equipment & Services)		5,319	$	42,658
PBF Energy, Inc.*—Class A (Oil, Gas & Consumable Fuels)		2,722	��	24,961
PC Connection, Inc. (Electronic Equipment, Instruments & Components)		311		14,791
PDC Energy, Inc. (Oil, Gas & Consumable Fuels)		2,814		111,294
PDF Solutions, Inc.* (Semiconductors & Semiconductor Equipment)		327		6,118
Penn Virginia Corp.* (Oil, Gas & Consumable Fuels)		434		8,025
PennyMac Mortgage Investment Trust (Mortgage Real Estate Investment Trusts)		2,772		54,664
Perdoceo Education Corp.* (Diversified Consumer Services)		1,118		13,259
Phibro Animal Health Corp.—Class A (Pharmaceuticals)		576		13,634
Photronics, Inc.* (Semiconductors & Semiconductor Equipment)		916		12,247
Piper Sandler Cos. (Capital Markets)		155		19,017
Pitney Bowes, Inc. (Commercial Services & Supplies)		4,973		39,784
Plantronics, Inc.* (Communications Equipment)		378		11,790
Plexus Corp.* (Electronic Equipment, Instruments & Components)		347		31,341
Powell Industries, Inc. (Electrical Equipment)		251		7,302
Preferred Bank (Banks)		386		22,766
Prestige Consumer Healthcare, Inc.* (Pharmaceuticals)		1,413		74,253
PriceSmart, Inc. (Food & Staples Retailing)		370		33,203
ProAssurance Corp. (Insurance)		1,529		31,008
Progress Software Corp. (Software)		436		19,877
ProPetro Holding Corp.* (Energy Equipment & Services)		2,319		17,508
Provident Financial Services, Inc. (Thrifts & Mortgage Finance)		2,052		44,323
Quanex Building Products Corp. (Building Products)		952		23,648
RadNet, Inc.* (Health Care Providers & Services)		632		23,220
Rambus, Inc.* (Semiconductors & Semiconductor Equipment)		1,848		43,724
Range Resources Corp.* (Oil, Gas & Consumable Fuels)		3,158		48,096
Raven Industries, Inc.* (Industrial Conglomerates)		590		34,368
Rayonier Advanced Materials, Inc.* (Chemicals)		1,803		12,567
Ready Capital Corp. (Mortgage Real Estate Investment Trusts)		1,634		24,706
Realogy Holdings Corp.* (Real Estate Management & Development)		3,297		58,423
Red Robin Gourmet Burgers, Inc.* (Hotels, Restaurants & Leisure)		443		11,620
Redwood Trust, Inc. (Mortgage Real Estate Investment Trusts)		2,014		23,906
Regis Corp.* (Diversified Consumer Services)		449		3,579
Renasant Corp. (Banks)		1,595		56,112
Resideo Technologies, Inc.* (Building Products)		4,074		120,182
Resources Connection, Inc. (Professional Services)		869		13,461
Retail Opportunity Investments Corp. (Equity Real Estate Investment Trusts)		3,363		59,424
Retail Properties of America, Inc. (Equity Real Estate Investment Trusts)		6,081		76,680
REX American Resources Corp.* (Oil, Gas & Consumable Fuels)		149		12,218
Rogers Corp.* (Electronic Equipment, Instruments & Components)		250		47,650
RPC, Inc.* (Energy Equipment & Services)		1,653		6,943
RPT Realty (Equity Real Estate Investment Trusts)		2,297		29,264
Ruth's Hospitality Group, Inc.* (Hotels, Restaurants & Leisure)		570		11,383
S&T Bancorp, Inc. (Banks)		1,114		32,807
Safety Insurance Group, Inc. (Insurance)		402		30,801
Sally Beauty Holdings, Inc.* (Specialty Retail)		3,198		60,506
Sanmina Corp.* (Electronic Equipment, Instruments & Components)		1,843		70,808
Saul Centers, Inc. (Equity Real Estate Investment Trusts)		217		9,895
ScanSource, Inc.* (Electronic Equipment, Instruments & Components)		720		19,865
Scholastic Corp. (Media)		850		28,569
Schweitzer-Mauduit International, Inc. (Paper & Forest Products)		891		35,043
Seacoast Banking Corp. (Banks)		1,566		47,591
Select Medical Holdings Corp. (Health Care Providers & Services)		1,497		59,057
Selectquote, Inc.* (Insurance)		412		7,334
Seneca Foods Corp.*—Class A (Food Products)		188		10,291
Service Properties Trust (Equity Real Estate Investment Trusts)		4,669		51,966
Shenandoah Telecommunications Co. (Wireless Telecommunication Services)		494		26,079
Shoe Carnival, Inc. (Specialty Retail)		488		16,446
Signet Jewelers, Ltd. (Specialty Retail)		1,482		95,352
Simmons First National Corp.—Class A (Banks)		3,069		83,538
SiriusPoint, Ltd.* (Insurance)		2,152		21,090
SITE Centers Corp. (Equity Real Estate Investment Trusts)		4,780		75,810
SkyWest, Inc.* (Airlines)		1,425		57,698
SM Energy Co. (Oil, Gas & Consumable Fuels)		3,098		57,933
SMART Global Holdings, Inc.* (Semiconductors & Semiconductor Equipment)		473		22,155
Sonic Automotive, Inc.—Class A (Specialty Retail)		662		36,112
South Jersey Industries, Inc. (Gas Utilities)		3,184		80,141
Southside Bancshares, Inc. (Banks)		877		31,607
Southwestern Energy Co.* (Oil, Gas & Consumable Fuels)		7,920		37,303
SpartanNash Co. (Food & Staples Retailing)		1,027		19,975
Spectrum Pharmaceuticals, Inc.* (Biotechnology)		2,060		6,633
Spok Holdings, Inc. (Wireless Telecommunication Services)		506		4,169

See accompanying notes to the financial statements.

July 31, 2021 :: Schedule of Portfolio Investments :: Small-Cap Value ProFund :: 175

Common Stocks, continued

	Shares		Value
SPX Corp.* (Machinery)		538	$	35,863
SPX FLOW, Inc. (Machinery)		742		60,955
Standard Motor Products, Inc. (Auto Components)		566		23,636
Standex International Corp. (Machinery)		346		31,832
Stepan Co. (Chemicals)		279		32,908
Steven Madden, Ltd. (Textiles, Apparel & Luxury Goods)		1,329		58,250
Stewart Information Services Corp. (Insurance)		758		44,730
Sturm Ruger & Co., Inc. (Leisure Products)		188		13,980
Summit Hotel Properties, Inc.* (Equity Real Estate Investment Trusts)		3,008		27,102
SunCoke Energy, Inc. (Metals & Mining)		2,353		18,189
Surmodics, Inc.* (Health Care Equipment & Supplies)		140		7,715
Sykes Enterprises, Inc.* (IT Services)		1,126		60,420
Talos Energy, Inc.* (Oil, Gas & Consumable Fuels)		904		10,432
Tanger Factory Outlet Centers, Inc. (Equity Real Estate Investment Trusts)		1,855		31,850
Team, Inc.* (Commercial Services & Supplies)		877		5,411
Tennant Co. (Machinery)		285		22,549
The Andersons, Inc. (Food & Staples Retailing)		888		23,710
The Bancorp, Inc.* (Banks)		693		16,195
The Buckle, Inc. (Specialty Retail)		483		20,325
The Cato Corp. — Class A (Specialty Retail)		547		9,026
The Cheesecake Factory, Inc.* (Hotels, Restaurants & Leisure)		849		38,426
The Children's Place, Inc.* (Specialty Retail)		417		35,166
The E.W. Scripps Co.—Class A (Media)		1,634		31,177
The GEO Group, Inc. (Equity Real Estate Investment Trusts)		3,446		23,846
The Greenbrier Cos., Inc. (Machinery)		930		39,804
The Marcus Corp.* (Entertainment)		683		10,976
The ODP Corp.* (Specialty Retail)		1,517		71,800
The Simply Good Foods Co.* (Food Products)		1,313		49,211
TimkenSteel Corp.* (Metals & Mining)		1,089		14,516
Titan International, Inc.* (Machinery)		790		6,810
Tivity Health, Inc.* (Health Care Providers & Services)		365		9,154
Tompkins Financial Corp. (Banks)		341		26,172
Tredegar Corp. (Chemicals)		734		9,593
Trinseo SA (Chemicals)		1,097		59,632
Triumph Group, Inc.* (Aerospace & Defense)		1,122		21,374
TrueBlue, Inc.* (Professional Services)		1,006		27,353
TrustCo Bank Corp. (Thrifts & Mortgage Finance)		546		18,362
TTM Technologies, Inc.* (Electronic Equipment, Instruments & Components)		2,823		39,494
Two Harbors Investment Corp. (Mortgage Real Estate Investment Trusts)		6,300		40,383
U.S. Concrete, Inc.* (Construction Materials)		457		33,274
U.S. Ecology, Inc.* (Commercial Services & Supplies)		543		19,005
U.S. Physical Therapy, Inc. (Health Care Providers & Services)		165		19,496
U.S. Silica Holdings, Inc.* (Energy Equipment & Services)		2,107		21,281
UFP Industries, Inc. (Building Products)		857		63,641
Unifi, Inc.* (Textiles, Apparel & Luxury Goods)		423		9,979
UniFirst Corp. (Commercial Services & Supplies)		207		45,078
Unisys Corp.* (IT Services)		1,062		23,736
United Community Banks, Inc. (Banks)		2,458		70,815
United Fire Group, Inc. (Insurance)		611		15,226
United Insurance Holdings Corp. (Insurance)		591		2,589
United Natural Foods, Inc.* (Food & Staples Retailing)		749		24,807
Uniti Group, Inc. (Equity Real Estate Investment Trusts)		2,380		27,870
Unitil Corp. (Multi-Utilities)		426		22,544
Universal Corp. (Tobacco)		694		36,199
Universal Electronics, Inc.* (Household Durables)		231		10,797
Universal Health Realty Income Trust (Equity Real Estate Investment Trusts)		195		11,651
Universal Insurance Holdings, Inc. (Insurance)		805		11,399
Urstadt Biddle Properties, Inc.—Class A (Equity Real Estate Investment Trusts)		853		16,267
USANA Health Sciences, Inc.* (Personal Products)		119		11,337
Vanda Pharmaceuticals, Inc.* (Biotechnology)		771		12,575
Varex Imaging Corp.* (Health Care Equipment & Supplies)		1,114		30,412
Vector Group, Ltd. (Tobacco)		1,813		24,222
Veeco Instruments, Inc.* (Semiconductors & Semiconductor Equipment)		640		14,848
Vera Bradley, Inc.* (Textiles, Apparel & Luxury Goods)		628		6,914
Veritex Holdings, Inc. (Banks)		1,400		46,970
Veritiv Corp.* (Trading Companies & Distributors)		345		21,142
Viad Corp.* (Commercial Services & Supplies)		341		15,635
Wabash National Corp. (Machinery)		1,470		21,521
Warrior Met Coal, Inc. (Metals & Mining)		1,456		27,184
Washington Real Estate Investment Trust (Equity Real Estate Investment Trusts)		2,394		58,150
Watts Water Technologies, Inc.—Class A (Machinery)		272		41,007
Westamerica Bancorp (Banks)		410		22,776
Whitestone REIT (Equity Real Estate Investment Trusts)		1,134		10,036
Winnebago Industries, Inc. (Automobiles)		467		33,563
WisdomTree Investments, Inc. (Capital Markets)		1,845		11,402
Wolverine World Wide, Inc. (Textiles, Apparel & Luxury Goods)		1,454		48,767
World Acceptance Corp.* (Consumer Finance)		36		6,825
WSFS Financial Corp. (Thrifts & Mortgage Finance)		1,346		58,927
Xenia Hotels & Resorts, Inc.* (Equity Real Estate Investment Trusts)		3,223		56,983
Xperi Holding Corp. (Software)		1,099		22,827
Zumiez, Inc.* (Specialty Retail)		263		11,480
TOTAL COMMON STOCKS (Cost $11,187,342)				15,422,043

See accompanying notes to the financial statements.

176 :: Small-Cap Value ProFund :: Schedule of Portfolio Investments :: July 31, 2021

Repurchase Agreements^(a) (0.8%)

	Principal Amount		Value
Repurchase Agreements with various counterparties, 0.00%, dated 7/30/21, due 8/2/21, total to be received $122,000	$	122,000	$	122,000
TOTAL REPURCHASE AGREEMENTS (Cost $122,000)				122,000
TOTAL INVESTMENT SECURITIES (Cost $11,309,342)—100.0%				15,544,043
Net other assets (liabilities)—NM				1,579
NET ASSETS—100.0%			$	15,545,622

* Non-income producing security.

^(a) The ProFund invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" under Note 2 in the Notes to the Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.

Small-Cap Value ProFund invested in the following industries as of July 31, 2021:

	Value		% of Net Assets
Aerospace & Defense	$	168,788		1.1	%
Air Freight & Logistics		127,178		0.8	%
Airlines		130,355		0.8	%
Auto Components		105,928		0.7	%
Automobiles		33,563		0.2	%
Banks		2,258,302		14.6	%
Beverages		40,435		0.3	%
Biotechnology		123,436		0.8	%
Building Products		295,553		1.9	%
Capital Markets		72,007		0.5	%
Chemicals		345,867		2.2	%
Commercial Services & Supplies		412,557		2.7	%
Communications Equipment		204,080		1.3	%
Construction & Engineering		104,152		0.7	%
Construction Materials		33,274		0.2	%
Consumer Finance		91,391		0.6	%
Containers & Packaging		79,300		0.5	%
Distributors		55,005		0.4	%
Diversified Consumer Services		80,248		0.5	%
Diversified Telecommunication Services		63,803		0.4	%
Electrical Equipment		69,716		0.4	%
Electronic Equipment, Instruments & Components		631,166		4.1	%
Energy Equipment & Services		367,860		2.4	%
Entertainment		10,976		0.1	%
Equity Real Estate Investment Trusts		1,546,924		10.0	%
Food & Staples Retailing		128,417		0.8	%
Food Products		180,074		1.2	%
Gas Utilities		155,929		1.0	%
Health Care Equipment & Supplies		376,403		2.4	%
Health Care Providers & Services		394,368		2.5	%
Health Care Technology		32,577		0.2	%
Hotels, Restaurants & Leisure		264,859		1.7	%
Household Durables		158,928		1.0	%
Household Products		24,137		0.2	%
Industrial Conglomerates		34,367		0.2	%
Insurance		527,644		3.4	%
Internet & Direct Marketing Retail		5,158		NM
IT Services		128,218		0.8	%
Leisure Products		13,980		0.1	%
Machinery		757,946		4.9	%
Media		175,492		1.1	%
Metals & Mining		339,301		2.2	%
Mortgage Real Estate Investment Trusts		363,013		2.3	%
Multiline Retail		149,957		1.0	%
Multi-Utilities		106,576		0.7	%
Oil, Gas & Consumable Fuels		516,629		3.3	%
Paper & Forest Products		240,228		1.5	%
Personal Products		110,683		0.7	%
Pharmaceuticals		114,655		0.7	%
Professional Services		148,115		1.0	%
Real Estate Management & Development		83,773		0.5	%
Road & Rail		54,388		0.3	%
Semiconductors & Semiconductor Equipment		186,059		1.2	%
Software		60,664		0.4	%
Specialty Retail		1,110,246		7.1	%
Technology Hardware, Storage & Peripherals		63,924		0.4	%
Textiles, Apparel & Luxury Goods		265,078		1.7	%
Thrifts & Mortgage Finance		298,809		1.9	%
Tobacco		60,421		0.4	%
Trading Companies & Distributors		201,322		1.3	%
Water Utilities		107,593		0.7	%
Wireless Telecommunication Services		30,248		0.2	%
Other**		123,579		0.8	%
Total	$	15,545,622		100.0	%

** Includes any non-equity securities and net other assets (liabilities), which includes any receivable for capital shares issued and payable for capital shares redeemed.

^NM Not meaningful, amount is less than 0.05%.

See accompanying notes to the financial statements.

July 31, 2021 :: Schedule of Portfolio Investments :: Technology UltraSector ProFund :: 177

Common Stocks (73.7%)

	Shares		Value
ACI Worldwide, Inc.* (Software)		713	$	24,456
Adobe, Inc.* (Software)		2,877		1,788,430
Advanced Micro Devices, Inc.* (Semiconductors & Semiconductor Equipment)		7,314		776,674
Akamai Technologies, Inc.* (IT Services)		980		117,522
Allegro MicroSystems, Inc.* (Semiconductors & Semiconductor Equipment)		252		6,907
Alphabet, Inc.*—Class A (Interactive Media & Services)		1,810		4,877,099
Alphabet, Inc.*—Class C (Interactive Media & Services)		1,715		4,638,080
Alteryx, Inc.* (Software)		356		27,554
Amdocs, Ltd. (IT Services)		768		59,220
Analog Devices, Inc. (Semiconductors & Semiconductor Equipment)		2,221		371,840
Anaplan, Inc.* (Software)		871		49,821
Angi, Inc.* (Interactive Media & Services)		496		5,709
ANSYS, Inc.* (Software)		523		192,705
Apple, Inc. (Technology Hardware, Storage & Peripherals)		94,428		13,773,268
Applied Materials, Inc. (Semiconductors & Semiconductor Equipment)		5,524		772,973
Arista Networks, Inc.* (Communications Equipment)		330		125,529
Asana, Inc.*—Class A (Software)		165		11,725
Aspen Technology, Inc.* (Software)		409		59,820
Autodesk, Inc.* (Software)		1,323		424,855
Avalara, Inc.* (Software)		517		86,427
Bentley Systems, Inc.—Class B (Software)		64		3,892
Bill.com Holdings, Inc.* (Software)		374		77,351
Black Knight, Inc.* (IT Services)		943		78,090
Blackbaud, Inc.* (Software)		294		20,971
Broadcom, Inc. (Semiconductors & Semiconductor Equipment)		2,458		1,193,113
Bumble, Inc.*—Class A (Interactive Media & Services)		318		16,180
Cadence Design Systems, Inc.* (Software)		1,676		247,461
Cargurus, Inc.* (Interactive Media & Services)		549		15,701
CDK Global, Inc. (Software)		734		35,225
CDW Corp. (Electronic Equipment, Instruments & Components)		846		155,114
Ceridian HCM Holding, Inc.* (Software)		791		77,834
Cerner Corp. (Health Care Technology)		1,813		145,747
Chewy, Inc.*—Class A (Internet & Direct Marketing Retail)		502		42,017
Ciena Corp.* (Communications Equipment)		933		54,245
Cirrus Logic, Inc.* (Semiconductors & Semiconductor Equipment)		347		28,659
Cisco Systems, Inc. (Communications Equipment)		25,370		1,404,737
Citrix Systems, Inc. (Software)		747		75,260
Cloudflare, Inc.*—Class A (Software)		1,158		137,374
Cognizant Technology Solutions Corp.—Class A (IT Services)		3,174		233,384
Coupa Software, Inc.* (Software)		440		95,480
Cree, Inc.* (Semiconductors & Semiconductor Equipment)		695		64,468
Crowdstrike Holdings, Inc.*—Class A (Software)		1,198		303,825
Datadog, Inc.*—Class A (Software)		1,310		145,017
Dell Technologies, Inc.*—Class C (Technology Hardware, Storage & Peripherals)		1,503		145,220
DocuSign, Inc.* (Software)		1,172		349,303
Dolby Laboratories, Inc.—Class A (Electronic Equipment, Instruments & Components)		393		38,160
DoorDash, Inc.*—Class A (Internet & Direct Marketing Retail)		211		36,775
Dropbox, Inc.* (Software)		1,781		56,084
DXC Technology Co.* (IT Services)		1,534		61,329
Dynatrace, Inc.* (Software)		1,110		70,896
eBay, Inc. (Internet & Direct Marketing Retail)		3,897		265,815
EchoStar Corp.*—Class A (Communications Equipment)		261		5,820
Elastic NV* (Software)		383		56,707
Enphase Energy, Inc.* (Electrical Equipment)		816		154,714
Entegris, Inc. (Semiconductors & Semiconductor Equipment)		815		98,322
EPAM Systems, Inc.* (IT Services)		338		189,212
Etsy, Inc.* (Internet & Direct Marketing Retail)		765		140,386
F5 Networks, Inc.* (Communications Equipment)		358		73,931
Facebook, Inc.*—Class A (Interactive Media & Services)		14,424		5,139,271
Fair Isaac Corp.* (Software)		174		91,160
Fastly, Inc.*—Class A (IT Services)		522		25,093
FireEye, Inc.* (Software)		1,438		29,048
Five9, Inc.* (Software)		404		81,321
Fortinet, Inc.* (Software)		816		222,148
Garmin, Ltd. (Household Durables)		902		141,794
Gartner, Inc.* (IT Services)		518		137,130
GoDaddy, Inc.*—Class A (IT Services)		1,009		84,605
Guidewire Software, Inc.* (Software)		503		57,946
Hewlett Packard Enterprises Co. (Technology Hardware, Storage & Peripherals)		7,863		114,014
HP, Inc. (Technology Hardware, Storage & Peripherals)		7,232		208,788
HubSpot, Inc.* (Software)		265		157,945
IAC/InterActive Corp.* (Interactive Media & Services)		502		68,920
Intel Corp. (Semiconductors & Semiconductor Equipment)		24,306		1,305,718
International Business Machines Corp. (IT Services)		5,383		758,788
Intuit, Inc. (Software)		1,646		872,331
j2 Global, Inc.* (Software)		256		36,165
Juniper Networks, Inc. (Communications Equipment)		1,973		55,520
KLA Corp. (Semiconductors & Semiconductor Equipment)		923		321,352
Lam Research Corp. (Semiconductors & Semiconductor Equipment)		858		546,898
Liberty Global PLC*—Class A (Media)		848		22,769
Liberty Global PLC*—Class C (Media)		2,081		55,895
Lumen Technologies, Inc. (Diversified Telecommunication Services)		5,991		74,708
Lumentum Holdings, Inc.* (Communications Equipment)		456		38,299
Manhattan Associates, Inc.* (Software)		384		61,298
Marvell Technology, Inc. (Semiconductors & Semiconductor Equipment)		4,933		298,496

See accompanying notes to the financial statements.

178 :: Technology UltraSector ProFund :: Schedule of Portfolio Investments :: July 31, 2021

Common Stocks, continued

	Shares		Value
Match Group, Inc.* (Interactive Media & Services)		1,629	$	259,451
Maxim Integrated Products, Inc. (Semiconductors & Semiconductor Equipment)		1,615		161,355
McAfee Corp.—Class A (Software)		220		5,955
Microchip Technology, Inc. (Semiconductors & Semiconductor Equipment)		1,647		235,719
Micron Technology, Inc.* (Semiconductors & Semiconductor Equipment)		6,752		523,820
Microsoft Corp. (Software)		45,339		12,917,533
MKS Instruments, Inc. (Semiconductors & Semiconductor Equipment)		333		52,095
MongoDB, Inc.* (IT Services)		321		115,213
Monolithic Power Systems, Inc. (Semiconductors & Semiconductor Equipment)		260		116,808
Motorola Solutions, Inc. (Communications Equipment)		1,021		228,622
N-Able, Inc.* (Software)		218		3,008
nCino, Inc.* (Software)		92		5,848
NetApp, Inc. (Technology Hardware, Storage & Peripherals)		1,341		106,730
New Relic, Inc.* (Software)		329		22,727
NortonLifelock, Inc. (Software)		3,492		86,671
Nuance Communications, Inc.* (Software)		1,717		94,263
Nutanix, Inc.*—Class A (Software)		1,230		44,305
NVIDIA Corp. (Semiconductors & Semiconductor Equipment)		15,000		2,924,849
NXP Semiconductors N.V. (Semiconductors & Semiconductor Equipment)		1,661		342,814
Okta, Inc.* (IT Services)		752		186,338
ON Semiconductor Corp.* (Semiconductors & Semiconductor Equipment)		2,572		100,462
Oracle Corp. (Software)		10,935		952,876
Palantir Technologies, Inc.*—Class A (Software)		2,718		59,008
Palo Alto Networks, Inc.* (Communications Equipment)		586		233,843
Paycom Software, Inc.* (Software)		296		118,400
Paylocity Holding Corp.* (Software)		228		47,301
Pegasystems, Inc. (Software)		240		30,634
Power Integrations, Inc. (Semiconductors & Semiconductor Equipment)		366		35,498
Proofpoint, Inc.* (Software)		344		60,083
PTC, Inc.* (Software)		632		85,604
Pure Storage, Inc.*—Class A (Technology Hardware, Storage & Peripherals)		1,536		29,983
Qorvo, Inc.* (Semiconductors & Semiconductor Equipment)		677		128,352
Qualcomm, Inc. (Semiconductors & Semiconductor Equipment)		6,790		1,017,142
Qualtrics International, Inc.*—Class A (Software)		346		14,439
RingCentral, Inc.*—Class A (Software)		486		129,893
Salesforce.com, Inc.* (Software)		5,808		1,405,129
Seagate Technology Holdings PLC (Technology Hardware, Storage & Peripherals)		1,199		105,392
Semtech Corp.* (Semiconductors & Semiconductor Equipment)		390		24,145
ServiceNow, Inc.* (Software)		1,189		699,001
Silicon Laboratories, Inc.* (Semiconductors & Semiconductor Equipment)		269		40,078
Skyworks Solutions, Inc. (Semiconductors & Semiconductor Equipment)		994		183,403
Smartsheet, Inc.* (Software)		705		51,148
Snap, Inc.* (Interactive Media & Services)		5,650		420,473
Snowflake, Inc.*—Class A (IT Services)		373		99,114
SolarEdge Technologies, Inc.* (Semiconductors & Semiconductor Equipment)		314		81,477
SolarWinds Corp.* (Software)		438		4,923
Splunk, Inc.* (Software)		986		139,992
SS&C Technologies Holdings, Inc. (Software)		1,340		105,043
SYNNEX Corp. (Electronic Equipment, Instruments & Components)		251		30,005
Synopsys, Inc.* (Software)		919		264,663
Teradyne, Inc. (Semiconductors & Semiconductor Equipment)		1,001		127,127
Texas Instruments, Inc. (Semiconductors & Semiconductor Equipment)		5,559		1,059,657
Trade Desk, Inc. (The)* (Software)		2,596		212,638
Twilio, Inc.* (IT Services)		978		365,371
Twitter, Inc.* (Interactive Media & Services)		4,808		335,358
Tyler Technologies, Inc.* (Software)		246		121,189
Ubiquiti, Inc. (Communications Equipment)		45		14,090
Unity Software, Inc.* (Software)		152		16,282
Universal Display Corp. (Semiconductors & Semiconductor Equipment)		258		60,498
Veeva Systems, Inc.*—Class A (Health Care Technology)		829		275,817
Verint Systems, Inc.* (Software)		392		16,727
VeriSign, Inc.* (IT Services)		598		129,389
Viavi Solutions, Inc.* (Communications Equipment)		1,378		22,999
Vimeo, Inc.* (Interactive Media & Services)		933		41,798
VMware, Inc.*(a)—Class A (Software)		487		74,871
Western Digital Corp.* (Technology Hardware, Storage & Peripherals)		1,845		119,796
Workday, Inc.*—Class A (Software)		1,139		266,982
Xerox Holdings Corp. (Technology Hardware, Storage & Peripherals)		972		23,454
Xilinx, Inc. (Semiconductors & Semiconductor Equipment)		1,480		221,763
Zendesk, Inc.* (Software)		715		93,329
Zillow Group, Inc.*—Class A (Interactive Media & Services)		223		23,890
Zillow Group, Inc.*—Class C (Interactive Media & Services)		965		102,541
Zoom Video Communications, Inc.*—Class A (Software)		1,282		484,724
Zscaler, Inc.* (Software)		449		105,924
TOTAL COMMON STOCKS (Cost $32,449,885)				75,039,695

See accompanying notes to the financial statements.

July 31, 2021 :: Schedule of Portfolio Investments :: Technology UltraSector ProFund :: 179

Repurchase Agreements^(b)(c) (26.9%)

	Principal Amount		Value
Repurchase Agreements with various counterparties, 0.00%, dated 7/30/21, due 8/2/21, total to be received $27,440,000	$	27,440,000	$	27,440,000
TOTAL REPURCHASE AGREEMENTS (Cost $27,440,000)				27,440,000

Collateral for Securities Loaned^(d) (0.1%)

	Shares		Value
BlackRock Liquidity Funds FedFund Portfolio—Institutional Shares, 0.03%(e)		52,614	$	52,614
TOTAL COLLATERAL FOR SECURITIES LOANED (Cost $52,614)				52,614
TOTAL INVESTMENT SECURITIES (Cost $59,942,499)—100.7%				102,532,309
Net other assets (liabilities)—(0.7)%				(694,533	)
NET ASSETS—100.0%			$	101,837,776

* Non-income producing security.

^(a) All or part of this security was on loan as of July 31, 2021. The total value of securities on loan as of July 31, 2021 was $51,195.

^(b) The ProFund invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" under Note 2 in the Notes to the Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.

^(c) A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. As of July 31, 2021, the aggregate amount held in a segregated account was $14,340,000.

^(d) Securities were purchased with cash collateral held from securities on loan at July 31, 2021.

^(e) Rate periodically changes. Rate disclosed is the daily yield on July 31, 2021.

Total Return Swap Agreements—Long

Underlying Instrument	Counterparty	Termination Date(1)	Rate Paid (Received)(2)			Notional Amount		Value and Unrealized Appreciation/ (Depreciation)
Dow Jones U.S. Technology Index	Goldman Sachs International	8/23/21		0.59	%	$	45,967,734	$	(352,281	)
Dow Jones U.S. Technology Index	UBS AG	8/23/21		0.69	%		31,709,837		(233,455	)
						$	77,677,571	$	(585,736	)

⁽¹⁾ Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

⁽²⁾ Reflects the floating financing rate, as of July 31, 2021, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

See accompanying notes to the financial statements.

180 :: Technology UltraSector ProFund :: Schedule of Portfolio Investments :: July 31, 2021

Technology UltraSector ProFund invested in the following industries as of July 31, 2021:

	Value		% of Net Assets
Communications Equipment	$	2,257,635		2.2	%
Diversified Telecommunication Services		74,708		0.1	%
Electrical Equipment		154,714		0.1	%
Electronic Equipment, Instruments & Components		223,279		0.2	%
Health Care Technology		421,564		0.4	%
Household Durables		141,794		0.1	%
Interactive Media & Services		15,944,472		15.7	%
Internet & Direct Marketing Retail		484,992		0.5	%
IT Services		2,639,798		2.6	%
Media		78,664		0.1	%
Semiconductors & Semiconductor Equipment		13,222,482		13.0	%
Software		24,768,949		24.3	%
Technology Hardware, Storage & Peripherals		14,626,644		14.4	%
Other**		26,798,081		26.3	%
Total	$	101,837,776		100.0	%

** Includes any non-equity securities and net other assets (liabilities), which includes any receivable for capital shares issued and payable for capital shares redeemed.

See accompanying notes to the financial statements.

July 31, 2021 :: Schedule of Portfolio Investments :: Telecommunications UltraSector ProFund :: 181

Common Stocks (71.6%)

	Shares			Value
ADTRAN, Inc. (Communications Equipment)		121		$	2,712
Anterix, Inc.* (Diversified Telecommunication Services)		30			1,750
Applied Optoelectronics, Inc.* (Communications Equipment)		63			487
Arista Networks, Inc.* (Communications Equipment)		106			40,321
AT&T, Inc. (Diversified Telecommunication Services)		1,306			36,632
ATN International, Inc. (Diversified Telecommunication Services)		27			1,162
CalAmp Corp.* (Communications Equipment)		89			1,080
Ciena Corp.* (Communications Equipment)		388			22,558
Cincinnati Bell, Inc.* (Diversified Telecommunication Services)		128			1,964
Cisco Systems, Inc. (Communications Equipment)		3,506			194,128
CommScope Holding Co., Inc.* (Communications Equipment)		510			10,792
Comtech Telecommunications Corp. (Communications Equipment)		65			1,623
Consolidated Communications Holdings, Inc.* (Diversified Telecommunication Services)		185			1,423
EchoStar Corp.*—Class A (Communications Equipment)		107			2,386
Extreme Networks, Inc.* (Communications Equipment)		317			3,490
F5 Networks, Inc.* (Communications Equipment)		149			30,770
Garmin, Ltd. (Household Durables)		267			41,972
Globalstar, Inc.* (Diversified Telecommunication Services)		1,665			2,298
Harmonic, Inc.* (Communications Equipment)		254			2,248
Inseego Corp.* (Communications Equipment)		168	��		1,460
Iridium Communications, Inc.* (Diversified Telecommunication Services)		294			12,416
Juniper Networks, Inc. (Communications Equipment)		821			23,103
Liberty Global PLC*—Class A (Media)		352			9,451
Liberty Global PLC*—Class C (Media)		865			23,234
Liberty Latin America, Ltd.*—Class A (Media)		126			1,720
Liberty Latin America, Ltd.*—Class C (Media)		385			5,325
Lumen Technologies, Inc. (Diversified Telecommunication Services)		2,480			30,925
Lumentum Holdings, Inc.* (Communications Equipment)		190			15,958
Motorola Solutions, Inc. (Communications Equipment)		181			40,530
NETGEAR, Inc.* (Communications Equipment)		77			2,637
NetScout Systems, Inc.* (Communications Equipment)		185			5,321
ORBCOMM, Inc.* (Diversified Telecommunication Services)		199			2,247
Plantronics, Inc.* (Communications Equipment)		95			2,963
Radius Global Infrastructure, Inc.*—Class A (Diversified Telecommunication Services)		154			2,361
Ribbon Communications, Inc.* (Communications Equipment)		300			2,073
Shenandoah Telecommunications Co. (Wireless Telecommunication Services)		124			6,546
Spok Holdings, Inc. (Wireless Telecommunication Services)		45			371
Telephone and Data Systems, Inc. (Wireless Telecommunication Services)		249			5,565
T-Mobile U.S., Inc.* (Wireless Telecommunication Services)		257			37,013
U.S. Cellular Corp.* (Wireless Telecommunication Services)		37			1,345
Ubiquiti, Inc. (Communications Equipment)		18			5,636
Verizon Communications, Inc. (Diversified Telecommunication Services)		3,320			185,189
ViaSat, Inc.* (Communications Equipment)		171			8,488
Viavi Solutions, Inc.* (Communications Equipment)		573			9,563
TOTAL COMMON STOCKS (Cost $573,619)					841,236

Repurchase Agreements^(a)(b) (23.2%)

	Principal Amount		Value
Repurchase Agreements with various counterparties, 0.00%, dated 7/30/21, due 8/2/21, total to be received $272,000	$	272,000	$	272,000
TOTAL REPURCHASE AGREEMENTS (Cost $272,000)				272,000
TOTAL INVESTMENT SECURITIES (Cost $845,619)—94.8%				1,113,236
Net other assets (liabilities)—5.2%				61,178
NET ASSETS—100.0%			$	1,174,414

* Non-income producing security.

^(a) The ProFund invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" under Note 2 in the Notes to the Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.

^(b) A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. As of July 31, 2021, the aggregate amount held in a segregated account was $149,000.

See accompanying notes to the financial statements.

182 :: Telecommunications UltraSector ProFund :: Schedule of Portfolio Investments :: July 31, 2021

Total Return Swap Agreements—Long

Underlying Instrument	Counterparty	Termination Date(1)	Rate Paid (Received)(2)		Notional Amount		Value and Unrealized Appreciation/ (Depreciation)
Dow Jones U.S. Select Telecommunications Index	Goldman Sachs International	8/23/21	0.59	%	$	418,078	$	3,015
Dow Jones U.S. Select Telecommunications Index	UBS AG	8/23/21	0.44	%		498,478		2,973
					$	916,556	$	5,988

⁽¹⁾ Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

⁽²⁾ Reflects the floating financing rate, as of July 31, 2021, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

Telecommunications UltraSector ProFund invested in the following industries as of July 31, 2021:

	Value		% of Net Assets
Communications Equipment	$	430,326		36.6	%
Diversified Telecommunication Services		278,368		23.7	%
Household Durables		41,972		3.6	%
Media		39,730		3.4	%
Wireless Telecommunication Services		50,840		4.3	%
Other**		333,178		28.4	%
Total	$	1,174,414		100.0	%

** Includes any non-equity securities and net other assets (liabilities), which includes any receivable for capital shares issued and payable for capital shares redeemed.

See accompanying notes to the financial statements.

July 31, 2021 :: Schedule of Portfolio Investments :: UltraBear ProFund :: 183

Repurchase Agreements^(a)(b) (130.2%)

	Principal Amount		Value
Repurchase Agreements with various counterparties, 0.00%, dated 7/30/21, due 8/2/21, total to be received $7,096,000	$	7,096,000	$	7,096,000
TOTAL REPURCHASE AGREEMENTS (Cost $7,096,000)				7,096,000
TOTAL INVESTMENT SECURITIES (Cost $7,096,000)—130.2%				7,096,000
Net other assets (liabilities)—(30.2)%				(1,644,133	)
NET ASSETS—100.0%			$	5,451,867

^(a) The ProFund invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" under Note 2 in the Notes to the Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.

^(b) A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. As of July 31, 2021, the aggregate amount held in a segregated account was $1,740,000.

Futures Contracts Sold

	Number of Contracts	Expiration Date	Notional Amount			Value and Unrealized Appreciation/ (Depreciation)
E-Mini S&P 500 Futures Contracts	5	9/20/21	$	(1,097,375	)	$	(43,310	)

Total Return Swap Agreements—Short

Underlying Instrument	Counterparty	Termination Date(1)	Rate Paid (Received)(2)			Notional Amount			Value and Unrealized Appreciation/ (Depreciation)
S&P 500	Goldman Sachs International	8/27/21		(0.44	)%	$	(6,553,333	)	$	11,914
S&P 500	UBS AG	8/27/21		(0.24	)%		(3,261,283	)		9,580
						$	(9,814,616	)	$	21,494

⁽¹⁾ Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

⁽²⁾ Reflects the floating financing rate, as of July 31, 2021, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

See accompanying notes to the financial statements.

184 :: UltraBull ProFund :: Summary Schedule of Portfolio Investments :: July 31, 2021

Common Stocks (76.6%)

	Percentage of Net Assets			Shares		Value
Abbott Laboratories (Health Care Equipment & Supplies)		0.4	%		4,789	$	579,373
AbbVie, Inc. (Biotechnology)		0.4	%		4,761		553,705
Accenture PLC—Class A (IT Services)		0.4	%		1,713		544,186
Adobe, Inc.* (Software)		0.6	%		1,288		800,659
Alphabet, Inc.—Class C* (Interactive Media & Services)		1.6	%		767		2,074,290
Alphabet, Inc.—Class A* (Interactive Media & Services)		1.7	%		811		2,185,264
Amazon.com, Inc.* (Internet & Direct Marketing Retail)		2.9	%		1,155		3,843,367
Apple, Inc. (Technology Hardware, Storage & Peripherals)		4.7	%		42,279		6,166,815
AT&T, Inc. (Diversified Telecommunication Services)		0.4	%		19,251		539,991
Bank of America Corp. (Banks)		0.6	%		20,325		779,667
Berkshire Hathaway, Inc.—Class B* (Diversified Financial Services)		1.1	%		5,108		1,421,505
Broadcom, Inc. (Semiconductors & Semiconductor Equipment)		0.4	%		1,100		533,940
Chevron Corp. (Oil, Gas & Consumable Fuels)		0.4	%		5,209		530,328
Cisco Systems, Inc. (Communications Equipment)		0.5	%		11,358		628,892
Comcast Corp.—Class A (Media)		0.6	%		12,357		726,961
Costco Wholesale Corp. (Food & Staples Retailing)		0.4	%		1,191		511,797
Danaher Corp. (Health Care Equipment & Supplies)		0.4	%		1,711		509,005
Eli Lilly & Co. (Pharmaceuticals)		0.4	%		2,145		522,308
Exxon Mobil Corp. (Oil, Gas & Consumable Fuels)		0.5	%		11,411		656,932
Facebook, Inc.—Class A* (Interactive Media & Services)		1.8	%		6,457		2,300,629
Honeywell International, Inc. (Industrial Conglomerates)		0.3	%		1,872		437,655
Intel Corp. (Semiconductors & Semiconductor Equipment)		0.4	%		10,884		584,689
Johnson & Johnson (Pharmaceuticals)		0.9	%		7,098		1,222,275
JPMorgan Chase & Co. (Banks)		0.9	%		8,159		1,238,374
Mastercard, Inc.—Class A (IT Services)		0.7	%		2,358		910,047
McDonald's Corp. (Hotels, Restaurants & Leisure)		0.4	%		2,011		488,090
Medtronic PLC (Health Care Equipment & Supplies)		0.4	%		3,626		476,130
Merck & Co., Inc. (Pharmaceuticals)		0.4	%		6,825		524,638
Microsoft Corp. (Software)		4.4	%		20,300		5,783,674
Netflix, Inc.* (Entertainment)		0.5	%		1,195		618,496
NIKE, Inc.—Class B (Textiles, Apparel & Luxury Goods)		0.4	%		3,437		575,731
NVIDIA Corp. (Semiconductors & Semiconductor Equipment)		1.0	%		6,716		1,309,554
PayPal Holdings, Inc.* (IT Services)		0.7	%		3,166		872,328
PepsiCo, Inc. (Beverages)		0.4	%		3,724		584,481
Pfizer, Inc. (Pharmaceuticals)		0.5	%		15,087		645,874
Qualcomm, Inc. (Semiconductors & Semiconductor Equipment)		0.3	%		3,040		455,392
Salesforce.com, Inc.* (Software)		0.5	%		2,602		629,502
Tesla, Inc.* (Automobiles)		1.1	%		2,077		1,427,314
Texas Instruments, Inc. (Semiconductors & Semiconductor Equipment)		0.4	%		2,489		474,453
The Coca-Cola Co. (Beverages)		0.5	%		10,459		596,476
The Home Depot, Inc. (Specialty Retail)		0.7	%		2,867		940,922
The Procter & Gamble Co. (Household Products)		0.7	%		6,599		938,577
The Walt Disney Co.* (Entertainment)		0.7	%		4,897		861,971
Thermo Fisher Scientific, Inc. (Life Sciences Tools & Services)		0.4	%		1,059		571,871
UnitedHealth Group, Inc. (Health Care Providers & Services)		0.8	%		2,545		1,049,100
Verizon Communications, Inc. (Diversified Telecommunication Services)		0.5	%		11,161		622,560
Visa, Inc.—Class A (IT Services)		0.9	%		4,560		1,123,537
Walmart, Inc. (Food & Staples Retailing)		0.4	%		3,703		527,862
Wells Fargo & Co. (Banks)		0.4	%		11,140		511,772
Other Common Stocks(a)		35.8	%		495,737		46,878,552
TOTAL COMMON STOCKS (Cost $46,290,586)							100,291,511

See accompanying notes to the financial statements.

July 31, 2021 :: Summary Schedule of Portfolio Investments :: UltraBull ProFund :: 185

Repurchase Agreements^(b)(c) (21.7%)

	Principal Amount		Value
Repurchase Agreements with various counterparties, 0.00%, dated 7/30/21, due 8/2/21, total to be received $28,385,000	$	28,385,000	$	28,385,000
TOTAL REPURCHASE AGREEMENTS (Cost $28,385,000)				28,385,000

Collateral for Securities Loaned^(d)(NM)

	Shares		Value
BlackRock Liquidity Funds FedFund Portfolio—Institutional Shares, 0.03%(e)		12,524	$	12,524
TOTAL COLLATERAL FOR SECURITIES LOANED (Cost $12,524)				12,524
TOTAL INVESTMENT SECURITIES (Cost $74,688,110)—98.3%				128,689,035
Net other assets (liabilities)—1.7%				2,175,087
NET ASSETS—100.0%			$	130,864,122

* Non-income producing security.

^(a) All or part of this security was on loan as of July 31, 2021. The total value of securities on loan as of July 31, 2021 was $11,720.

^(b) The ProFund invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" under Note 2 in the Notes to the Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.

^(c) A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. As of July 31, 2021, the aggregate amount held in a segregated account was $20,057,000.

^(d) Securities were purchased with cash collateral held from securities on loan at July 31, 2021.

^(e) Rate periodically changes. Rate disclosed is the daily yield on July 31, 2021.

Futures Contracts Purchased

	Number of Contracts	Expiration Date	Notional Amount		Value and Unrealized Appreciation/ (Depreciation)
E-Mini S&P 500 Futures Contracts	31	9/20/21	$	6,803,725	$	115,056

Total Return Swap Agreements—Long

Underlying Instrument	Counterparty	Termination Date(1)	Rate Paid (Received)(2)			Notional Amount		Value and Unrealized Appreciation/ (Depreciation)
S&P 500	Goldman Sachs International	8/27/21		0.64	%	$	64,966,338	$	(79,820	)
SPDR S&P 500 ETF	Goldman Sachs International	8/27/21		0.54	%		9,510,355		(11,291	)
						$	74,476,693	$	(91,111	)
S&P 500	UBS AG	8/27/21		0.59	%	$	56,038,246	$	(73,970	)
SPDR S&P 500 ETF	UBS AG	8/27/21		0.19	%		23,824,685		(27,591	)
						$	79,862,931	$	(101,561	)
						$	154,339,624	$	(192,672	)

⁽¹⁾ Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

⁽²⁾ Reflects the floating financing rate, as of July 31, 2021, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

See accompanying notes to the financial statements.

186 :: UltraBull ProFund :: Summary Schedule of Portfolio Investments :: July 31, 2021

UltraBull ProFund invested in the following industries as of July 31, 2021:

	Value		% of Net Assets
Aerospace & Defense	$	1,578,268		1.2	%
Air Freight & Logistics		647,636		0.5	%
Airlines		244,791		0.2	%
Auto Components		153,275		0.1	%
Automobiles		1,770,268		1.4	%
Banks		4,076,079		3.1	%
Beverages		1,437,023		1.1	%
Biotechnology		1,923,355		1.5	%
Building Products		526,824		0.4	%
Capital Markets		2,986,937		2.3	%
Chemicals		1,779,919		1.4	%
Commercial Services & Supplies		421,622		0.3	%
Communications Equipment		845,841		0.6	%
Construction & Engineering		81,651		0.1	%
Construction Materials		125,471		0.1	%
Consumer Finance		666,520		0.5	%
Containers & Packaging		322,561		0.2	%
Distributors		139,115		0.1	%
Diversified Financial Services		1,421,505		1.1	%
Diversified Telecommunication Services		1,195,983		0.9	%
Electric Utilities		1,564,566		1.2	%
Electrical Equipment		656,180		0.5	%
Electronic Equipment, Instruments & Components		645,038		0.5	%
Energy Equipment & Services		214,424		0.2	%
Entertainment		1,851,355		1.4	%
Equity Real Estate Investment Trusts		2,549,434		1.9	%
Food & Staples Retailing		1,316,238		1.0	%
Food Products		887,858		0.7	%
Gas Utilities		34,704			NM
Health Care Equipment & Supplies		3,787,972		2.9	%
Health Care Providers & Services		2,635,353		2.0	%
Health Care Technology		65,277			NM
Hotels, Restaurants & Leisure		1,730,168		1.3	%
Household Durables		422,843		0.3	%
Household Products		1,361,168		1.0	%
Independent Power and Renewable Electricity Producers		69,760		0.1	%
Industrial Conglomerates		1,192,788		0.9	%
Insurance		1,827,429		1.4	%
Interactive Media & Services		6,710,146		5.1	%
Internet & Direct Marketing Retail		4,328,347		3.3	%
IT Services		5,230,863		4.0	%
Leisure Products		34,307			NM
Life Sciences Tools & Services		1,331,011		1.0	%
Machinery		1,639,169		1.2	%
Media		1,291,458		1.0	%
Metals & Mining		370,029		0.3	%
Multiline Retail		558,540		0.4	%
Multi-Utilities		739,852		0.6	%
Oil, Gas & Consumable Fuels		2,345,602		1.8	%
Personal Products		208,644		0.2	%
Pharmaceuticals		3,721,215		2.8	%
Professional Services		339,229		0.3	%
Real Estate Management & Development		87,296		0.1	%
Road & Rail		936,241		0.7	%
Semiconductors & Semiconductor Equipment		5,520,310		4.2	%
Software		9,167,172		7.0	%
Specialty Retail		2,193,980		1.7	%
Technology Hardware, Storage & Peripherals		6,459,924		4.9	%
Textiles, Apparel & Luxury Goods		748,776		0.6	%
Tobacco		660,102		0.5	%
Trading Companies & Distributors		201,507		0.2	%
Water Utilities		83,184		0.1	%
Wireless Telecommunication Services		227,408		0.2	%
Other**		30,572,611		23.4	%
Total	$	130,864,122		100.0	%

** Includes any non-equity securities and net other assets (liabilities), which includes any receivable for capital shares issued and payable for capital shares redeemed.

^NM Not meaningful, amount is less than 0.05%.

See accompanying notes to the financial statements.

July 31, 2021 :: Schedule of Portfolio Investments :: UltraChina ProFund :: 187

Common Stocks (81.3%)

	Shares		Value
111, Inc.*ADR (Food & Staples Retailing)		1,410	$	8,305
21Vianet Group, Inc.*ADR (IT Services)		3,604		62,457
360 DigiTech, Inc.*ADR (Consumer Finance)		2,510		53,337
Agora, Inc.*ADR (Software)		1,216		38,402
Alibaba Group Holding, Ltd.*ADR (Internet & Direct Marketing Retail)		16,694		3,258,501
Aluminum Corp. of China, Ltd.*ADR(a) (Metals & Mining)		6,005		90,796
Autohome, Inc.ADR (Interactive Media & Services)		2,176		98,573
Baidu, Inc.*ADR (Interactive Media & Services)		5,554		910,911
Baozun, Inc.*ADR (Internet & Direct Marketing Retail)		2,112		52,209
Beigene, Ltd.*ADR (Biotechnology)		1,503		475,834
Bilibili, Inc.*ADR (Entertainment)		7,486		640,652
BIT Mining, Ltd.*ADR(a) (Hotels, Restaurants & Leisure)		874		4,353
China Life Insurance Co., Ltd.ADR(a) (Insurance)		56,653		472,486
China Petroleum & Chemical Corp.ADR (Oil, Gas & Consumable Fuels)		9,712		444,033
China Southern Airlines Co., Ltd.*ADR (Airlines)		1,302		34,529
Chindata Group Holdings, Ltd.*ADR (IT Services)		1,591		19,856
Daqo New Energy Corp.*ADR (Semiconductors & Semiconductor Equipment)		1,959		116,071
DouYu International Holdings, Ltd.*ADR (Entertainment)		4,075		16,422
FinVolution GroupADR (Consumer Finance)		4,073		26,597
Gaotu Techedu, Inc.*ADR(a) (Diversified Consumer Services)		4,324		13,794
GDS Holdings, Ltd.*ADR (IT Services)		4,349		256,417
Genetron Holdings, Ltd.*ADR (Biotechnology)		609		8,648
Huaneng Power International, Inc.ADR(a) (Independent Power and Renewable Electricity Producers)		3,310		44,718
Huazhu Group, Ltd.*ADR (Hotels, Restaurants & Leisure)		5,558		249,999
HUYA, Inc.*ADR (Entertainment)		2,778		35,531
iClick Interactive Asia Group, Ltd.*ADR (Media)		2,353		13,318
iQIYI, Inc.*ADR (Entertainment)		12,531		139,846
JD.com, Inc.*ADR (Internet & Direct Marketing Retail)		18,282		1,295,828
JinkoSolar Holding Co., Ltd.*ADR (Semiconductors & Semiconductor Equipment)		1,429		77,009
JOYY, Inc.ADR (Interactive Media & Services)		2,049		109,519
KE Holdings, Inc.*ADR (Real Estate Management & Development)		6,091		133,941
Kingsoft Cloud Holdings, Ltd.*ADR (IT Services)		1,275		36,975
Lexinfintech Holdings, Ltd.*ADR (Consumer Finance)		4,173		32,800
MINISO Group Holding, Ltd.*ADR (Multiline Retail)		1,195		20,184
Momo, Inc.ADR (Interactive Media & Services)		6,317		78,268
NetEase, Inc.ADR (Entertainment)		8,157		833,726
New Oriental Education & Technology Group, Inc.*ADR (Diversified Consumer Services)		57,425		124,612
NIO, Inc.*ADR (Automobiles)		27,737		1,239,290
Niu Technologies*ADR (Automobiles)		1,049		26,854
OneConnect Financial Technology Co., Ltd.*ADR (Software)		1,336		10,594
PetroChina Co., Ltd.ADR(a) (Oil, Gas & Consumable Fuels)		8,032		336,059
Pinduoduo, Inc.*ADR (Internet & Direct Marketing Retail)		6,384		584,838
Qudian, Inc.*ADR (Consumer Finance)		6,709		12,143
ReneSola, Ltd.*ADR (Construction & Engineering)		1,829		13,699
Sinopec Shanghai Petrochemical Co., Ltd.ADR (Chemicals)		1,171		24,380
Sohu.com, Ltd.*ADR (Interactive Media & Services)		1,106		21,976
TAL Education Group*ADR (Diversified Consumer Services)		15,158		92,009
Tencent Music Entertainment Group*ADR (Entertainment)		19,707		208,303
Trip.com Group, Ltd.*ADR (Internet & Direct Marketing Retail)		17,576		455,746
Up Fintech Holding, Ltd.*ADR(a) (Capital Markets)		2,522		40,226
Uxin, Ltd.*ADR(a) (Internet & Direct Marketing Retail)		3,546		13,049
Vipshop Holdings, Ltd.*ADR (Internet & Direct Marketing Retail)		15,089		250,930
Weibo Corp.*ADR (Interactive Media & Services)		2,183		123,121
Youdao, Inc.*ADR(a) (Diversified Consumer Services)		715		6,306
Zai Lab, Ltd.*ADR (Biotechnology)		2,798		404,619
ZTO Express Cayman, Inc.ADR (Air Freight & Logistics)		17,967		486,187
TOTAL COMMON STOCKS (Cost $10,797,270)				14,679,786

Repurchase Agreements^(b)(c) (6.9%)

	Principal Amount		Value
Repurchase Agreements with various counterparties, 0.00%, dated 7/30/21, due 8/2/21, total to be received $1,247,000	$	1,247,000	$	1,247,000
TOTAL REPURCHASE AGREEMENTS (Cost $1,247,000)				1,247,000

Collateral for Securities Loaned^(d) (5.0%)

	Shares		Value
BlackRock Liquidity Funds FedFund Portfolio—Institutional Shares, 0.03%(e)		894,632	$	894,632
TOTAL COLLATERAL FOR SECURITIES LOANED (Cost $894,632)				894,632
TOTAL INVESTMENT SECURITIES (Cost $12,938,902)—93.2%				16,821,418
Net other assets (liabilities)—6.8%				1,227,886
NET ASSETS—100.0%			$	18,049,304

See accompanying notes to the financial statements.

188 :: UltraChina ProFund :: Schedule of Portfolio Investments :: July 31, 2021

*	Non-income producing security.
(a)	All or part of this security was on loan as of July 31, 2021. The total value of securities on loan as of July 31, 2021 was $849,214.

(b)	The ProFund invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" under Note 2 in the Notes to the Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.
(c)	A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. As of July 31, 2021, the aggregate amount held in a segregated account was $292,000.
(d)	Securities were purchased with cash collateral held from securities on loan at July 31, 2021.
(e)	Rate periodically changes. Rate disclosed is the daily yield on July 31, 2021.
ADR	American Depositary Receipt

Total Return Swap Agreements—Long

Underlying Instrument	Counterparty	Termination Date(1)	Rate Paid (Received)(2)			Notional Amount		Value and Unrealized Appreciation/ (Depreciation)
S&P/BNY Mellon China Select ADR Index (USD)	Goldman Sachs International	8/27/21		0.54	%	$	9,376,077	$	629,242
S&P/BNY Mellon China Select ADR Index (USD)	UBS AG	8/27/21		0.34	%		11,912,162		728,830
						$	21,288,239	$	1,358,072

(1)	Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.
(2)	Reflects the floating financing rate, as of July 31, 2021, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

UltraChina ProFund invested in the following industries as of July 31, 2021:

	Value		% of Net Assets
Air Freight & Logistics	$	486,187		2.7	%
Airlines		34,529		0.2	%
Automobiles		1,266,144		7.0	%
Biotechnology		889,101		4.9	%
Capital Markets		40,226		0.2	%
Chemicals		24,380		0.1	%
Construction & Engineering		13,699		0.1	%
Consumer Finance		124,877		0.7	%
Diversified Consumer Services		236,721		1.3	%
Entertainment		1,874,481		10.4	%
Food & Staples Retailing		8,305		0.1	%
Hotels, Restaurants & Leisure		254,351		1.4	%
Independent Power and Renewable Electricity Producers		44,718		0.3	%
Insurance		472,486		2.6	%
Interactive Media & Services		1,342,368		7.4	%
Internet & Direct Marketing Retail		5,911,102		32.7	%
IT Services		375,705		2.1	%
Media		13,318		0.1	%
Metals & Mining		90,796		0.5	%
Multiline Retail		20,184		0.1	%
Oil, Gas & Consumable Fuels		780,091		4.3	%
Real Estate Management & Development		133,941		0.7	%
Semiconductors & Semiconductor Equipment		193,080		1.1	%
Software		48,996		0.3	%
Other**		3,369,518		18.7	%
Total	$	18,049,304		100.0	%

UltraChina ProFund invested in securities with exposure to the following countries as of July 31, 2021:

	Value		% of Net Assets
China	$	14,679,786		81.3	%
Other**		3,369,518		18.7	%
Total	$	18,049,304		100.0	%

** Includes any non-equity securities and net other assets (liabilities), which includes any receivable for capital shares issued and payable for capital shares redeemed.

See accompanying notes to the financial statements.

July 31, 2021 :: Schedule of Portfolio Investments :: UltraDow 30 ProFund :: 189

Common Stocks (63.2%)

	Shares		Value
3M Co. (Industrial Conglomerates)		4,814	$	952,883
American Express Co. (Consumer Finance)		4,816		821,272
Amgen, Inc. (Biotechnology)		4,814		1,162,774
Apple, Inc. (Technology Hardware, Storage & Peripherals)		4,816		702,462
Caterpillar, Inc. (Machinery)		4,814		995,295
Chevron Corp. (Oil, Gas & Consumable Fuels)		4,816		490,317
Cisco Systems, Inc. (Communications Equipment)		4,817		266,717
Dow, Inc. (Chemicals)		4,816		299,363
Honeywell International, Inc. (Industrial Conglomerates)		4,814		1,125,464
Intel Corp. (Semiconductors & Semiconductor Equipment)		4,816		258,716
International Business Machines Corp. (IT Services)		4,816		678,863
Johnson & Johnson (Pharmaceuticals)		4,816		829,315
JPMorgan Chase & Co. (Banks)		4,816		730,972
McDonald's Corp. (Hotels, Restaurants & Leisure)		4,814		1,168,406
Merck & Co., Inc. (Pharmaceuticals)		4,816		370,206
Microsoft Corp. (Software)		4,814		1,371,556
NIKE, Inc.—Class B (Textiles, Apparel & Luxury Goods)		4,816		806,728
Salesforce.com, Inc.* (Software)		4,814		1,164,651
The Boeing Co.* (Aerospace & Defense)		4,814		1,090,275
The Coca-Cola Co. (Beverages)		4,815		274,599
The Goldman Sachs Group, Inc. (Capital Markets)		4,814		1,804,673
The Home Depot, Inc. (Specialty Retail)		4,814		1,579,907
The Procter & Gamble Co. (Household Products)		4,816		684,980
The Travelers Cos., Inc. (Insurance)		4,816		717,199
The Walt Disney Co.* (Entertainment)		4,816		847,712
UnitedHealth Group, Inc. (Health Care Providers & Services)		4,814		1,984,427
Verizon Communications, Inc. (Diversified Telecommunication Services)		4,815		268,581
Visa, Inc.—Class A (IT Services)		4,814		1,186,122
Walgreens Boots Alliance, Inc. (Food & Staples Retailing)		4,817		227,122
Walmart, Inc. (Food & Staples Retailing)		4,816		686,520
TOTAL COMMON STOCKS (Cost $11,813,246)				25,548,077

Repurchase Agreements^(a)(b) (37.2%)

	Principal Amount		Value
Repurchase Agreements with various counterparties, 0.00%, dated 7/30/21, due 8/2/21, total to be received $15,022,000	$	15,022,000	$	15,022,000
TOTAL REPURCHASE AGREEMENTS (Cost $15,022,000)				15,022,000
TOTAL INVESTMENT SECURITIES (Cost $26,835,246)—100.4%				40,570,077
Net other assets (liabilities)—(0.4)%				(157,382	)
NET ASSETS—100.0%			$	40,412,695

*	Non-income producing security.
(a)	The ProFund invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" under Note 2 in the Notes to the Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.
(b)	A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. As of July 31, 2021, the aggregate amount held in a segregated account was $6,845,000.

Futures Contracts Purchased

	Number of Contracts	Expiration Date	Notional Amount		Value and Unrealized Appreciation/ (Depreciation)
E-Mini Dow Jones Futures Contracts	14	9/20/21	$	2,438,240	$	35,273

Total Return Swap Agreements—Long

Underlying Instrument	Counterparty	Termination Date(1)	Rate Paid (Received)(2)			Notional Amount		Value and Unrealized Appreciation/ (Depreciation)
Dow Jones Industrial Average	Goldman Sachs International	8/27/21		0.59	%	$	19,101,946	$	(65,675	)
SPDR Dow Jones Industrial Average ETF	Goldman Sachs International	8/27/21		0.44	%		10,852,149		(30,782	)
						$	29,954,095	$	(96,457	)
Dow Jones Industrial Average	UBS AG	8/27/21		0.59	%	$	17,380,180	$	(62,880	)
SPDR Dow Jones Industrial Average ETF	UBS AG	8/27/21		0.39	%		5,421,274		(17,860	)
						$	22,801,454	$	(80,740	)
						$	52,755,549	$	(177,197	)

(1)	Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.
(2)	Reflects the floating financing rate, as of July 31, 2021, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

See accompanying notes to the financial statements.

190 :: UltraDow 30 ProFund :: Schedule of Portfolio Investments :: July 31, 2021

UltraDow 30 ProFund invested in the following industries as of July 31, 2021:

	Value		% of Net Assets
Aerospace & Defense	$	1,090,275		2.7	%
Banks		730,972		1.8	%
Beverages		274,599		0.7	%
Biotechnology		1,162,774		2.9	%
Capital Markets		1,804,672		4.5	%
Chemicals		299,363		0.7	%
Communications Equipment		266,717		0.7	%
Consumer Finance		821,272		2.0	%
Diversified Telecommunication Services		268,581		0.7	%
Entertainment		847,712		2.1	%
Food & Staples Retailing		913,642		2.3	%
Health Care Providers & Services		1,984,427		4.9	%
Hotels, Restaurants & Leisure		1,168,406		2.9	%
Household Products		684,980		1.7	%
Industrial Conglomerates		2,078,348		5.1	%
Insurance		717,199		1.8	%
IT Services		1,864,985		4.6	%
Machinery		995,294		2.5	%
Oil, Gas & Consumable Fuels		490,317		1.2	%
Pharmaceuticals		1,199,521		3.0	%
Semiconductors & Semiconductor Equipment		258,716		0.6	%
Software		2,536,208		6.2	%
Specialty Retail		1,579,907		3.9	%
Technology Hardware, Storage & Peripherals		702,462		1.7	%
Textiles, Apparel & Luxury Goods		806,728		2.0	%
Other**		14,864,618		36.8	%
Total	$	40,412,695		100.0	%

** Includes any non-equity securities and net other assets (liabilities), which includes any receivable for capital shares issued and payable for capital shares redeemed.

See accompanying notes to the financial statements.

July 31, 2021 :: Schedule of Portfolio Investments :: UltraEmerging Markets ProFund :: 191

Common Stocks (86.5%)

	Shares		Value
Alibaba Group Holding, Ltd.*ADR (Internet & Direct Marketing Retail)		8,106	$	1,582,209
Ambev S.A.ADR (Beverages)		20,646		65,448
America Movil S.A.B. de C.V.ADR (Wireless Telecommunication Services)		5,499		91,559
AngloGold Ashanti, Ltd.ADR (Metals & Mining)		1,955		39,198
ASE Technology Holding Co., Ltd.ADR (Semiconductors & Semiconductor Equipment)		8,002		70,978
Baidu, Inc.*ADR (Interactive Media & Services)		1,277		209,441
Banco Bradesco S.A.ADR (Banks)		22,763		106,303
Beigene, Ltd.*ADR (Biotechnology)		185		58,569
Bilibili, Inc.*ADR (Entertainment)		1,018		87,120
Cemex SAB de CV*ADR (Construction Materials)		7,092		57,658
China Life Insurance Co., Ltd.ADR(a) (Insurance)		6,972		58,146
China Petroleum & Chemical Corp.ADR (Oil, Gas & Consumable Fuels)		1,195		54,635
Chunghwa Telecom Co., Ltd.*ADR (Diversified Telecommunication Services)		1,781		73,840
Dr. Reddy's Laboratories, Ltd.ADR (Pharmaceuticals)		569		35,591
Fomento Economico Mexicano S.A.B. de C.V.ADR (Beverages)		871		76,099
GDS Holdings, Ltd.*ADR (IT Services)		535		31,544
Gold Fields, Ltd.ADR (Metals & Mining)		4,158		40,832
HDFC Bank, Ltd.ADR (Banks)		5,982		422,149
Huazhu Group, Ltd.*ADR (Hotels, Restaurants & Leisure)		684		30,766
ICICI Bank, Ltd.ADR (Banks)		11,993		222,950
Infosys Technologies, Ltd.ADR (IT Services)		17,163		379,646
Itau Unibanco Holding S.A.ADR (Banks)		22,722		131,106
JD.com, Inc.*ADR (Internet & Direct Marketing Retail)		4,204		297,980
KB Financial Group, Inc.ADR (Banks)		1,831		81,095
KE Holdings, Inc.*ADR (Real Estate Management & Development)		750		16,493
Natura & Co. Holding SA*ADR (Personal Products)		1,965		40,361
NetEase, Inc.ADR (Entertainment)		1,878		191,951
New Oriental Education & Technology Group, Inc.*ADR (Diversified Consumer Services)		7,067		15,335
NIO, Inc.*ADR (Automobiles)		6,379		285,014
PetroChina Co., Ltd.ADR(a) (Oil, Gas & Consumable Fuels)		988		41,338
Petroleo Brasileiro S.A.ADR (Oil, Gas & Consumable Fuels)		8,717		93,010
Pinduoduo, Inc.*ADR (Internet & Direct Marketing Retail)		1,644		150,607
POSCOADR (Metals & Mining)		1,503		118,722
PT Telekomunikasi Indonesia TbkADR (Diversified Telecommunication Services)		2,228		49,796
Sasol, Ltd.*ADR (Chemicals)		2,706		40,428
Shinhan Financial Group Co., Ltd.ADR (Banks)		2,420		81,578
Sibanye Stillwater, Ltd.ADR (Metals & Mining)		3,253		56,471
SK Telecom Co., Ltd.ADR (Wireless Telecommunication Services)		1,489		43,285
Suzano Papel e Celulose S.A.*ADR (Paper & Forest Products)		3,316		34,586
Taiwan Semiconductor Manufacturing Co., Ltd.ADR (Semiconductors & Semiconductor Equipment)		14,968		1,745,867
TAL Education Group*ADR (Diversified Consumer Services)		1,872		11,363
Tata Motors, Ltd.*ADR (Automobiles)		1,773		34,893
Trip.com Group, Ltd.*ADR (Internet & Direct Marketing Retail)		2,163		56,087
United Microelectronics Corp.ADR (Semiconductors & Semiconductor Equipment)		10,824		113,977
Vale S.A.ADR (Metals & Mining)		16,092		338,254
Vipshop Holdings, Ltd.*ADR (Internet & Direct Marketing Retail)		1,856		30,865
Wipro, Ltd.ADR (IT Services)		6,674		55,594
Zai Lab, Ltd.*ADR (Biotechnology)		344		49,746
ZTO Express Cayman, Inc.ADR (Air Freight & Logistics)		2,211		59,830
TOTAL COMMON STOCKS (Cost $3,544,438)				8,060,313
Preferred Stock (1.2%)
Petroleo Brasileiro S.A.ADR (Oil, Gas & Consumable Fuels)		10,760		110,398
TOTAL PREFERRED STOCK (Cost $12,834)				110,398

Repurchase Agreements^(b)(c) (15.4%)

	Principal Amount		Value
Repurchase Agreements with various counterparties, 0.00%, dated 7/30/21, due 8/2/21, total to be received $1,433,000	$	1,433,000	$	1,433,000
TOTAL REPURCHASE AGREEMENTS (Cost $1,433,000)				1,433,000

Collateral for Securities Loaned^(d) (1.0%)

	Shares		Value
BlackRock Liquidity Funds FedFund Portfolio—Institutional Shares, 0.03%(e)		96,236	$	96,236
TOTAL COLLATERAL FOR SECURITIES LOANED (Cost $96,236)				96,236
TOTAL INVESTMENT SECURITIES (Cost $5,086,508)—104.1%				9,699,947
Net other assets (liabilities)—(4.1)%				(378,165	)
NET ASSETS—100.0%			$	9,321,782

*	Non-income producing security.
(a)	All or part of this security was on loan as of July 31, 2021. The total value of securities on loan as of July 31, 2021 was $90,774.
(b)	The ProFund invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" under Note 2 in the Notes to the Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.
(c)	A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. As of July 31, 2021, the aggregate amount held in a segregated account was $293,000.
(d)	Securities were purchased with cash collateral held from securities on loan at July 31, 2021.
(e)	Rate periodically changes. Rate disclosed is the daily yield on July 31, 2021.
ADR	American Depositary Receipt

See accompanying notes to the financial statements.

192 :: UltraEmerging Markets ProFund :: Schedule of Portfolio Investments :: July 31, 2021

Total Return Swap Agreements—Long

Underlying Instrument	Counterparty	Termination Date(1)	Rate Paid (Received)(2)		Notional Amount		Value and Unrealized Appreciation/ (Depreciation)
S&P/BNY Mellon Emerging 50 ADR Index (USD)	Goldman Sachs International	8/27/21	0.54	%	$	5,926,654	$	209,064
S&P/BNY Mellon Emerging 50 ADR Index (USD)	UBS AG	8/27/21	0.59	%		4,535,107		206,845
					$	10,461,761	$	415,909

(1)	Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.
(2)	Reflects the floating financing rate, as of July 31, 2021, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

UltraEmerging Markets ProFund invested in the following industries as of July 31, 2021:

	Value		% of Net Assets
Air Freight & Logistics	$	59,830		0.7	%
Automobiles		319,906		3.4	%
Banks		1,045,182		11.2	%
Beverages		141,547		1.5	%
Biotechnology		108,315		1.2	%
Chemicals		40,428		0.5	%
Construction Materials		57,658		0.6	%
Diversified Consumer Services		26,698		0.3	%
Diversified Telecommunication Services		123,636		1.3	%
Entertainment		279,071		3.0	%
Hotels, Restaurants & Leisure		30,766		0.3	%
Insurance		58,146		0.6	%
Interactive Media & Services		209,441		2.3	%
Internet & Direct Marketing Retail		2,117,748		22.6	%
IT Services		466,784		5.0	%
Metals & Mining		593,477		6.4	%
Oil, Gas & Consumable Fuels		299,381		3.2	%
Paper & Forest Products		34,586		0.4	%
Personal Products		40,361		0.5	%
Pharmaceuticals		35,591		0.4	%
Real Estate Management & Development		16,493		0.2	%
Semiconductors & Semiconductor Equipment		1,930,822		20.6	%
Wireless Telecommunication Services		134,844		1.5	%
Other**		1,151,071		12.3	%
Total	$	9,321,782		100.0	%

UltraEmerging Markets ProFund invested in securities with exposure to the following countries as of July 31, 2021:

	Value		% of Net Assets
Brazil	$	919,466		9.9	%
China		3,319,039		35.6	%
India		1,150,823		12.4	%
Indonesia		49,796		0.5	%
Mexico		225,316		2.4	%
South Africa		176,929		1.9	%
South Korea		324,680		3.5	%
Taiwan		2,004,662		21.5	%
Other**		1,151,071		12.3	%
Total	$	9,321,782		100.0	%

** Includes any non-equity securities and net other assets (liabilities), which includes any receivable for capital shares issued and payable for capital shares redeemed.

See accompanying notes to the financial statements.

July 31, 2021 :: Schedule of Portfolio Investments :: UltraInternational ProFund :: 193

Repurchase Agreements^(a)(b) (100.0%)

	Principal Amount		Value
Repurchase Agreements with various counterparties, 0.00%, dated 7/30/21, due 8/2/21, total to be received $3,152,000	$	3,152,000	$	3,152,000
TOTAL REPURCHASE AGREEMENTS (Cost $3,152,000)				3,152,000
TOTAL INVESTMENT SECURITIES (Cost $3,152,000)—100.0%				3,152,000
Net other assets (liabilities)—				(452	)
NET ASSETS—100.0%			$	3,151,548

^(a) The ProFund invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" under Note 2 in the Notes to the Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.

^(b) A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. As of July 31, 2021, the aggregate amount held in a segregated account was $338,000.

Total Return Swap Agreements—Long

Underlying Instrument	Counterparty	Termination Date(1)	Rate Paid (Received)(2)		Notional Amount		Value and Unrealized Appreciation/ (Depreciation)
MSCI EAFE Index	Goldman Sachs International	8/27/21	0.39	%	$	3,125,623	$	17,737
MSCI EAFE Index	UBS AG	8/27/21	0.89	%		3,197,962		17,216
					$	6,323,585	$	34,953

⁽¹⁾ Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

⁽²⁾ Reflects the floating financing rate, as of July 31, 2021, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

See accompanying notes to the financial statements.

194 :: UltraJapan ProFund :: Schedule of Portfolio Investments :: July 31, 2021

Repurchase Agreements^(a) (89.0%)

	Principal Amount		Value
Repurchase Agreements with various counterparties, 0.00%, dated 7/30/21, due 8/2/21, total to be received $13,125,000	$	13,125,000	$	13,125,000
TOTAL REPURCHASE AGREEMENTS (Cost $13,125,000)				13,125,000
TOTAL INVESTMENT SECURITIES (Cost $13,125,000)—89.0%				13,125,000
Net other assets (liabilities)—11.0%				1,618,170
NET ASSETS—100.0%			$	14,743,170

^(a) The ProFund invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" under Note 2 in the Notes to the Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.

Futures Contracts Purchased

	Number of Contracts	Expiration Date	Notional Amount		Value and Unrealized Appreciation/ (Depreciation)
Nikkei 225 Futures Contracts	215	9/10/21	$	29,530,250	$	(1,692,027	)

Total Return Swap Agreements—Long

Underlying Instrument	Counterparty	Termination Date(1)	Rate Paid (Received)(2)		Notional Amount		Value and Unrealized Appreciation/ (Depreciation)
Nikkei 225 Stock Average	Goldman Sachs International	8/27/21	0 49	%	$	38,087	$	159

(1)	Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.
(2)	Reflects the floating financing rate, as of July 31, 2021, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

See accompanying notes to the financial statements.

July 31, 2021 :: Schedule of Portfolio Investments :: UltraLatin America ProFund :: 195

Common Stocks (78.5%)

	Shares		Value
Ambev S.A.ADR (Beverages)		172,386	$	546,464
America Movil S.A.B. de C.V.ADR (Wireless Telecommunication Services)		41,246		686,746
Azul S.A.*ADR (Airlines)		4,181		93,780
Banco Bradesco S.A.ADR (Banks)		181,256		846,466
Banco de ChileADR(a) (Banks)		11,255		205,291
Banco Santander Brasil S.A.ADR(a) (Banks)		18,876		146,478
Banco Santander ChileADR (Banks)		6,690		130,723
Bancolombia S.A.ADR (Banks)		5,448		154,996
BRF S.A.*ADR (Food Products)		47,907		233,786
Cemex SAB de CV*ADR (Construction Materials)		77,917		633,465
Centrais Eletricas Brasileiras S.A. (Electrobras)ADR(a) (Electric Utilities)		18,477		144,490
Chemical & Mining Company of Chile, Inc.ADR (Chemicals)		6,802		323,095
Cia Energetica de Minas GeraisADR (Electric Utilities)		54,765		122,674
Cia Siderurgica Nacional SAADR (Metals & Mining)		30,369		270,284
Coca-Cola Femsa S.A.B. de C.V.ADR (Beverages)		3,619		204,727
Companhia de Minas Buenaventura S.A.*ADR (Metals & Mining)		10,474		86,515
Companhia de Saneamento Basico do Estado de Sao Paulo (SABESP)ADR (Water Utilities)		16,962		115,172
Ecopetrol S.A.ADR (Oil, Gas & Consumable Fuels)		10,359		139,950
Enel Americas S.A.ADR(a) (Electric Utilities)		18,707		127,956
Fomento Economico Mexicano S.A.B. de C.V.ADR (Beverages)		7,622		665,934
Gerdau S.A.ADR (Metals & Mining)		56,819		336,937
Grupo Aeroportuario del Pacifico S.A.B. de C.V.ADR (Transportation Infrastructure)		1,720		197,301
Grupo Aeroportuario del Pacifico S.A.B. de C.V.*ADR (Transportation Infrastructure)		1,517		74,212
Grupo Aeroportuario del Surest S.A.B. de C.V.*ADR (Transportation Infrastructure)		1,014		183,757
Grupo Televisa SABADR (Media)		24,490		331,840
Itau Unibanco Holding S.A.ADR (Banks)		184,937		1,067,086
Natura & Co. Holding SA*ADR (Personal Products)		24,156		496,164
Petroleo Brasileiro S.A.ADR (Oil, Gas & Consumable Fuels)		56,908		607,208
Sendas Distribuidora SAADR (Food & Staples Retailing)		5,944		97,838
Suzano Papel e Celulose S.A.*ADR (Paper & Forest Products)		34,400		358,792
Telefonica Brasil SAADR (Diversified Telecommunication Services)		21,924		174,954
Ternium S.A.ADR (Metals & Mining)		2,682		130,452
Ultrapar Participacoes S.A.ADR (Oil, Gas & Consumable Fuels)		40,981		140,155
Vale S.A.ADR (Metals & Mining)		121,732		2,558,806
TOTAL COMMON STOCKS (Cost $6,640,003)				12,634,494

Preferred Stock (5.5%)

	Shares		Value
Petroleo Brasileiro S.A.ADR (Oil, Gas & Consumable Fuels)		86,012	$	882,483
TOTAL PREFERRED STOCK (Cost $220,035)				882,483

Repurchase Agreements^(b)(c) (14.4%)

	Principal Amount		Value
Repurchase Agreements with various counterparties, 0.00%, dated 7/30/21, due 8/2/21, total to be received $2,313,000	$	2,313,000	$	2,313,000
TOTAL REPURCHASE AGREEMENTS (Cost $2,313,000)				2,313,000

Collateral for Securities Loaned^(d) (2.6%)

	Shares		Value
BlackRock Liquidity Funds FedFund Portfolio—Institutional Shares, 0.03%(e)		421,110	$	421,110
TOTAL COLLATERAL FOR SECURITIES LOANED (Cost $421,110)				421,110
TOTAL INVESTMENT SECURITIES (Cost $9,594,148)—101.0%				16,251,087
Net other assets (liabilities)—(1.0)%				(164,445	)
NET ASSETS—100.0%			$	16,086,642

*	Non-income producing security.
(a)	All or part of this security was on loan as of July 31, 2021. The total value of securities on loan as of July 31, 2021 was $373,108.
(b)	The ProFund invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" under Note 2 in the Notes to the Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.
(c)	A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. As of July 31, 2021, the aggregate amount held in a segregated account was $502,000.
(d)	Securities were purchased with cash collateral held from securities on loan at July 31, 2021.
(e)	Rate periodically changes. Rate disclosed is the daily yield on July 31, 2021.
ADR	American Depositary Receipt

See accompanying notes to the financial statements.

196 :: UltraLatin America ProFund :: Schedule of Portfolio Investments :: July 31, 2021

Total Return Swap Agreements—Long

Underlying Instrument	Counterparty	Termination Date(1)	Rate Paid (Received)(2)		Notional Amount		Value and Unrealized Appreciation/ (Depreciation)
S&P/BNY Mellon Latin America 35 ADR Index (USD)	Goldman Sachs International	8/27/21	0.54	%	$	9,389,001	$	(135,249	)
S&P/BNY Mellon Latin America 35 ADR Index (USD)	UBS AG	8/27/21	0.59	%		9,065,993		(181,398	)
					$	18,454,994	$	(316,647	)

⁽¹⁾ Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

⁽²⁾ Reflects the floating financing rate, as of July 31, 2021, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

UltraLatin America ProFund invested in the following industries as of July 31, 2021:

	Value		% of Net Assets
Airlines	$	93,780		0.6	%
Banks		2,551,039		15.9	%
Beverages		1,417,125		8.8	%
Chemicals		323,095		2.0	%
Construction Materials		633,465		3.9	%
Diversified Telecommunication Services		174,954		1.1	%
Electric Utilities		395,120		2.5	%
Food & Staples Retailing		97,838		0.6	%
Food Products		233,786		1.4	%
Media		331,839		2.1	%
Metals & Mining		3,382,995		21.0	%
Oil, Gas & Consumable Fuels		1,769,797		11.0	%
Paper & Forest Products		358,792		2.2	%
Personal Products		496,164		3.1	%
Transportation Infrastructure		455,270		2.8	%
Water Utilities		115,172		0.7	%
Wireless Telecommunication Services		686,746		4.3	%
Other**		2,569,665		16.0	%
Total	$	16,086,642		100.0	%

UltraLatin America ProFund invested in securities with exposure to the following countries as of July 31, 2021:

	Value		% of Net Assets
Brazil	$	9,240,017		57.4	%
Chile		787,065		4.9	%
Colombia		294,946		1.8	%
Luxembourg		130,452		0.8	%
Mexico		2,977,982		18.5	%
Peru		86,515		0.5	%
Other**		2,569,665		16.0	%
Total	$	16,086,642		100.0	%

** Includes any non-equity securities and net other assets (liabilities), which includes any receivable for capital shares issued and payable for capital shares redeemed.

See accompanying notes to the financial statements.

July 31, 2021 :: Schedule of Portfolio Investments :: UltraMid-Cap ProFund :: 197

Common Stocks (81.3%)

	Shares		Value
Acadia Healthcare Co., Inc.* (Health Care Providers & Services)		1,953	$	120,539
ACI Worldwide, Inc.* (Software)		2,573		88,254
Acuity Brands, Inc. (Electrical Equipment)		776		136,095
Adient PLC* (Auto Components)		2,049		86,324
AECOM* (Construction & Engineering)		3,187		200,654
Affiliated Managers Group, Inc. (Capital Markets)		906		143,547
AGCO Corp. (Machinery)		1,346		177,820
Alleghany Corp.* (Insurance)		303		200,919
ALLETE, Inc. (Electric Utilities)		1,136		79,884
Alliance Data Systems Corp. (IT Services)		1,081		100,803
Amedisys, Inc.* (Health Care Providers & Services)		709		184,780
American Campus Communities, Inc. (Equity Real Estate Investment Trusts)		3,002		151,031
American Eagle Outfitters, Inc. (Specialty Retail)		3,288		113,337
American Financial Group, Inc. (Insurance)		1,500		189,735
Amkor Technology, Inc. (Semiconductors & Semiconductor Equipment)		2,338		57,608
Antero Midstream Corp. (Oil, Gas & Consumable Fuels)		6,235		59,233
Apartment Income REIT Corp. (Equity Real Estate Investment Trusts)		3,414		179,713
AptarGroup, Inc. (Containers & Packaging)		1,430		184,355
Arrow Electronics, Inc.* (Electronic Equipment, Instruments & Components)		1,614		191,371
Arrowhead Pharmaceuticals, Inc.* (Biotechnology)		2,262		156,734
ASGN, Inc.* (Professional Services)		1,159		117,210
Ashland Global Holdings, Inc. (Chemicals)		1,189		101,148
Aspen Technology, Inc.* (Software)		1,481		216,611
Associated Banc-Corp. (Banks)		3,327		65,875
AutoNation, Inc.* (Specialty Retail)		1,174		142,441
Avient Corp. (Chemicals)		1,988		96,458
Avis Budget Group, Inc.* (Road & Rail)		1,125		93,116
Avnet, Inc. (Electronic Equipment, Instruments & Components)		2,167		89,540
Axon Enterprise, Inc.* (Aerospace & Defense)		1,407		261,730
BancorpSouth Bank (Banks)		2,101		54,206
Bank of Hawaii Corp. (Banks)		879		73,581
Bank OZK (Banks)		2,630		107,067
Belden, Inc. (Electronic Equipment, Instruments & Components)		971		47,579
Bio-Techne Corp. (Life Sciences Tools & Services)		846		407,975
BJ's Wholesale Club Holdings, Inc.* (Food & Staples Retailing)		2,986		151,211
Black Hills Corp. (Multi-Utilities)		1,367		92,478
Blackbaud, Inc.* (Software)		1,063		75,824
Boyd Gaming Corp.* (Hotels, Restaurants & Leisure)		1,757		100,149
Brighthouse Financial, Inc.* (Insurance)		1,867		80,393
Brixmor Property Group, Inc. (Equity Real Estate Investment Trusts)		6,461		148,732
Brooks Automation, Inc. (Semiconductors & Semiconductor Equipment)		1,617		143,929
Brown & Brown, Inc. (Insurance)		5,091		276,949
Brunswick Corp. (Leisure Products)		1,695		176,957
Builders FirstSource, Inc.* (Building Products)		4,508		200,606
Cable One, Inc. (Media)		118		222,783
Cabot Corp. (Chemicals)		1,233		67,889
CACI International, Inc.*—Class A (IT Services)		513		136,950
Callaway Golf Co.* (Leisure Products)		2,531		80,182
Camden Property Trust (Equity Real Estate Investment Trusts)		2,126		317,604
Capri Holdings, Ltd.* (Textiles, Apparel & Luxury Goods)		3,294		185,485
Carlisle Cos., Inc. (Industrial Conglomerates)		1,136		229,745
Carter's, Inc. (Textiles, Apparel & Luxury Goods)		957		93,537
Casey's General Stores, Inc. (Food & Staples Retailing)		804		158,959
Cathay General Bancorp (Banks)		1,630		61,728
CDK Global, Inc. (Software)		2,650		127,174
Cerence, Inc.* (Software)		822		88,373
Ceridian HCM Holding, Inc.* (Software)		2,859		281,326
ChampionX Corp.* (Energy Equipment & Services)		4,075		94,703
Chemed Corp. (Health Care Providers & Services)		347		165,179
Choice Hotels International, Inc. (Hotels, Restaurants & Leisure)		629		75,417
Churchill Downs, Inc. (Hotels, Restaurants & Leisure)		756		140,465
Ciena Corp.* (Communications Equipment)		3,373		196,106
Cimarex Energy Co. (Oil, Gas & Consumable Fuels)		2,238		145,918
Cinemark Holdings, Inc.* (Entertainment)		2,367		36,760
Cirrus Logic, Inc.* (Semiconductors & Semiconductor Equipment)		1,252		103,403
CIT Group, Inc. (Banks)		2,155		103,957
Clean Harbors, Inc.* (Commercial Services & Supplies)		1,092		103,740
Cleveland-Cliffs, Inc.* (Metals & Mining)		10,000		249,999
CMC Materials, Inc. (Semiconductors & Semiconductor Equipment)		638		92,280
CNO Financial Group, Inc. (Insurance)		2,863		65,391
CNX Resources Corp.* (Oil, Gas & Consumable Fuels)		4,795		58,020
Cognex Corp. (Electronic Equipment, Instruments & Components)		3,843		347,445
Coherent, Inc.* (Electronic Equipment, Instruments & Components)		535		131,578
Colfax Corp.* (Machinery)		2,568		117,820
Columbia Sportswear Co. (Textiles, Apparel & Luxury Goods)		665		66,247
Commerce Bancshares, Inc. (Banks)		2,294		162,255
Commercial Metals Co. (Metals & Mining)		2,622		86,002
CommVault Systems, Inc.* (Software)		1,000		75,590
Compass Minerals International, Inc. (Metals & Mining)		741		50,803
Concentrix Corp.* (IT Services)		906		148,339
CoreSite Realty Corp. (Equity Real Estate Investment Trusts)		936		129,365
Corporate Office Properties Trust (Equity Real Estate Investment Trusts)		2,446		72,010
Coty, Inc.*—Class A (Personal Products)		6,171		53,873

See accompanying notes to the financial statements.

198 :: UltraMid-Cap ProFund :: Schedule of Portfolio Investments :: July 31, 2021

Common Stocks, continued

	Shares		Value
Cousins Properties, Inc. (Equity Real Estate Investment Trusts)		3,236	$	128,534
Cracker Barrel Old Country Store, Inc. (Hotels, Restaurants & Leisure)		517		70,405
Crane Co. (Machinery)		1,079		104,911
Cree, Inc.* (Semiconductors & Semiconductor Equipment)		2,513		233,106
Crocs, Inc.* (Textiles, Apparel & Luxury Goods)		1,420		192,850
Cullen/Frost Bankers, Inc. (Banks)		1,231		132,111
Curtiss-Wright Corp. (Aerospace & Defense)		891		105,405
CyrusOne, Inc. (Equity Real Estate Investment Trusts)		2,667		190,077
Dana, Inc. (Auto Components)		3,159		76,321
Darling Ingredients, Inc.* (Food Products)		3,551		245,267
Deckers Outdoor Corp.* (Textiles, Apparel & Luxury Goods)		605		248,565
Dick's Sporting Goods, Inc. (Specialty Retail)		1,426		148,504
Donaldson Co., Inc. (Machinery)		2,744		181,625
Douglas Emmett, Inc. (Equity Real Estate Investment Trusts)		3,592		119,973
DT Midstream, Inc.* (Oil, Gas & Consumable Fuels)		2,110		89,464
Dycom Industries, Inc.* (Construction & Engineering)		669		46,429
Eagle Materials, Inc. (Construction Materials)		923		130,438
East West Bancorp, Inc. (Banks)		3,089		219,782
EastGroup Properties, Inc. (Equity Real Estate Investment Trusts)		870		153,311
EMCOR Group, Inc. (Construction & Engineering)		1,188		144,710
Emergent BioSolutions, Inc.* (Biotechnology)		990		65,241
Encompass Health Corp. (Health Care  Providers & Services)		2,167		180,403
Energizer Holdings, Inc. (Household Products)		1,266		54,248
EnerSys (Electrical Equipment)		932		91,951
Envestnet, Inc.* (Software)		1,184		89,072
Envista Holdings Corp.* (Health Care Equipment & Supplies)		3,500		150,780
EPR Properties (Equity Real Estate Investment Trusts)		1,628		81,888
EQT Corp.* (Oil, Gas & Consumable Fuels)		6,075		111,719
Equitrans Midstream Corp. (Oil, Gas & Consumable Fuels)		8,849		72,739
Essent Group, Ltd. (Thrifts & Mortgage Finance)		2,456		110,938
Essential Utilities, Inc. (Water Utilities)		4,864		238,920
Evercore Partners, Inc.—Class A (Capital Markets)		891		117,790
Exelixis, Inc.* (Biotechnology)		6,826		115,018
F.N.B. Corp. (Banks)		6,953		79,681
FactSet Research Systems, Inc. (Capital Markets)		824		294,398
Fair Isaac Corp.* (Software)		626		327,968
Federated Hermes, Inc.—Class B (Capital Markets)		2,036		66,048
First American Financial Corp. (Insurance)		2,389		160,804
First Financial Bankshares, Inc. (Banks)		3,098		151,306
First Horizon Corp. (Banks)		12,023		185,755
First Industrial Realty Trust, Inc. (Equity Real  Estate Investment Trusts)		2,809		153,877
First Solar, Inc.* (Semiconductors & Semiconductor Equipment)		1,849		159,088
FirstCash, Inc. (Consumer Finance)		893		70,726
Five Below, Inc.* (Specialty Retail)		1,218		236,804
Flowers Foods, Inc. (Food Products)		4,286		100,978
Flowserve Corp. (Machinery)		2,836		119,367
Fluor Corp.* (Construction & Engineering)		2,740		45,648
Foot Locker, Inc. (Specialty Retail)		2,246		128,157
Fox Factory Holding Corp.* (Auto Components)		913		147,486
FTI Consulting, Inc.* (Professional Services)		745		108,547
Fulton Financial Corp. (Banks)		3,540		54,233
GATX Corp. (Trading Companies & Distributors)		769		70,940
Genpact, Ltd. (IT Services)		3,792		188,880
Gentex Corp. (Auto Components)		5,258		178,930
Glacier Bancorp, Inc. (Banks)		2,079		107,193
Globus Medical, Inc.*—Class A (Health Care  Equipment & Supplies)		1,688		140,391
Graco, Inc. (Machinery)		3,688		287,958
Graham Holdings Co.—Class B (Diversified  Consumer Services)		88		58,490
Grand Canyon Education, Inc.* (Diversified  Consumer Services)		1,008		93,109
Greif, Inc.—Class A (Containers & Packaging)		577		34,978
Grocery Outlet Holding Corp.* (Food & Staples Retailing)		1,895		62,762
H&R Block, Inc. (Diversified Consumer Services)		3,950		96,973
Haemonetics Corp.* (Health Care  Equipment & Supplies)		1,109		67,416
Halozyme Therapeutics, Inc.* (Biotechnology)		2,911		120,312
Hancock Whitney Corp. (Banks)		1,889		82,568
Harley-Davidson, Inc. (Automobiles)		3,344		132,489
Hawaiian Electric Industries, Inc. (Electric  Utilities)		2,376		102,976
Healthcare Realty Trust, Inc. (Equity Real  Estate Investment Trusts)		3,083		98,286
Healthcare Services Group, Inc. (Commercial  Services & Supplies)		1,627		42,465
HealthEquity, Inc.* (Health Care Providers & Services)		1,814		134,200
Helen of Troy, Ltd.* (Household Durables)		533		119,067
Herman Miller, Inc. (Commercial Services & Supplies)		1,605		69,256
Hexcel Corp.* (Aerospace & Defense)		1,823		99,208
Highwoods Properties, Inc. (Equity Real  Estate Investment Trusts)		2,265		108,018
Hill-Rom Holdings, Inc. (Health Care  Equipment & Supplies)		1,447		200,352
HollyFrontier Corp. (Oil, Gas & Consumable  Fuels)		3,252		95,609
Home BancShares, Inc. (Banks)		3,302		69,936
Hubbell, Inc. (Electrical Equipment)		1,182		236,944
Hudson Pacific Properties, Inc. (Equity Real  Estate Investment Trusts)		3,285		89,549
IAA, Inc.* (Commercial Services & Supplies)		2,933		177,387
ICU Medical, Inc.* (Health Care Equipment &  Supplies)		430		87,415
IDACORP, Inc. (Electric Utilities)		1,099		115,890

See accompanying notes to the financial statements.

July 31, 2021 :: Schedule of Portfolio Investments :: UltraMid-Cap ProFund :: 199

Common Stocks, continued

	Shares		Value
II-VI, Inc.* (Electronic Equipment,  Instruments & Components)		2,284	$	159,446
Ingevity Corp.* (Chemicals)		871		73,983
Ingredion, Inc. (Food Products)		1,458		128,027
Insperity, Inc. (Professional Services)		782		77,457
Integra LifeSciences Holdings Corp.* (Health  Care Equipment & Supplies)		1,547		111,987
Interactive Brokers Group, Inc. (Capital Markets)		1,760		108,874
International Bancshares Corp. (Banks)		1,213		47,404
Iridium Communications, Inc.* (Diversified Telecommunication Services)		2,557		107,982
ITT, Inc. (Machinery)		1,874		183,483
j2 Global, Inc.* (Software)		923		130,392
Jabil, Inc. (Electronic Equipment,  Instruments & Components)		2,914		173,500
Jack in the Box, Inc. (Hotels, Restaurants & Leisure)		484		52,688
Janus Henderson Group PLC (Capital Markets)		3,714		155,394
Jazz Pharmaceuticals PLC* (Pharmaceuticals)		1,307		221,562
JBG Smith Properties (Equity Real Estate Investment Trusts)		2,406		78,508
Jefferies Financial Group, Inc. (Diversified Financial Services)		4,354		144,509
JetBlue Airways Corp.* (Airlines)		6,893		101,947
John Wiley & Sons, Inc.—Class A (Media)		948		55,723
Jones Lang LaSalle, Inc.* (Real Estate Management & Development)		1,117		248,611
KAR Auction Services, Inc.* (Commercial Services & Supplies)		2,715		44,743
KB Home (Household Durables)		1,934		82,079
KBR, Inc. (IT Services)		3,078		119,119
Kemper Corp. (Insurance)		1,321		87,199
Kennametal, Inc. (Machinery)		1,819		65,939
Kilroy Realty Corp. (Equity Real Estate  Investment Trusts)		2,305		159,667
Kinsale Capital Group, Inc. (Insurance)		466		83,249
Kirby Corp.* (Marine)		1,308		75,746
Knight-Swift Transportation Holdings, Inc.  (Road & Rail)		2,666		132,474
Kohl's Corp. (Multiline Retail)		3,400		172,720
Lamar Advertising Co.—Class A (Equity  Real Estate Investment Trusts)		1,888		201,261
Lancaster Colony Corp. (Food Products)		426		84,293
Landstar System, Inc. (Road & Rail)		838		131,566
Lattice Semiconductor Corp.* (Semiconductors & Semiconductor Equipment)		2,972		168,661
Lear Corp. (Auto Components)		1,191		208,402
LendingTree, Inc.* (Thrifts & Mortgage Finance)		241		47,048
Lennox International, Inc. (Building Products)		749		246,743
LHC Group, Inc.* (Health Care Providers & Services)		689		148,259
Life Storage, Inc. (Equity Real Estate Investment Trusts)		1,674		196,461
Ligand Pharmaceuticals, Inc.* (Biotechnology)		362		41,091
Lincoln Electric Holdings, Inc. (Machinery)		1,295		180,562
Lithia Motors, Inc.—Class A (Specialty Retail)		648		244,439
Littelfuse, Inc. (Electronic Equipment, Instruments & Components)		535		142,305
LivaNova PLC* (Health Care Equipment & Supplies)		1,064		91,823
LiveRamp Holdings, Inc.* (IT Services)		1,489		59,575
Louisiana-Pacific Corp. (Paper & Forest  Products)		2,224		123,299
Lumentum Holdings, Inc.* (Communications Equipment)		1,653		138,835
Manhattan Associates, Inc.* (Software)		1,384		220,928
ManpowerGroup, Inc. (Professional Services)		1,187		140,754
Marriott Vacations Worldwide Corp.* (Hotels, Restaurants & Leisure)		929		136,907
Masimo Corp.* (Health Care Equipment & Supplies)		1,101		299,902
MasTec, Inc.* (Construction & Engineering)		1,230		124,513
Mattel, Inc.* (Leisure Products)		7,591		164,877
MAXIMUS, Inc. (IT Services)		1,339		119,171
MDU Resources Group, Inc. (Multi-Utilities)		4,378		138,870
Medical Properties Trust, Inc. (Equity Real  Estate Investment Trusts)		12,790		268,974
Medpace Holdings, Inc.* (Life Sciences Tools & Services)		603		106,092
Mercury General Corp. (Insurance)		578		35,160
Mercury Systems, Inc.* (Aerospace & Defense)		1,222		80,652
MGIC Investment Corp. (Thrifts & Mortgage  Finance)		7,386		102,222
Minerals Technologies, Inc. (Chemicals)		735		58,962
MKS Instruments, Inc. (Semiconductors & Semiconductor Equipment)		1,203		188,197
Molina Healthcare, Inc.* (Health Care  Providers & Services)		1,273		347,541
MSA Safety, Inc. (Commercial Services & Supplies)		792		130,268
MSC Industrial Direct Co., Inc. (Trading Companies & Distributors)		1,022		91,132
Murphy Oil Corp. (Oil, Gas & Consumable  Fuels)		3,159		68,582
Murphy USA, Inc. (Specialty Retail)		546		80,540
National Fuel Gas Co. (Gas Utilities)		1,985		102,088
National Instruments Corp. (Electronic  Equipment, Instruments & Components)		2,865		126,375
National Retail Properties, Inc. (Equity Real  Estate Investment Trusts)		3,823		186,830
National Storage Affiliates Trust (Equity Real  Estate Investment Trusts)		1,691		91,601
Navient Corp. (Consumer Finance)		3,908		79,840
NCR Corp.* (Technology Hardware, Storage & Peripherals)		2,848		126,452
Nektar Therapeutics* (Pharmaceuticals)		3,969		62,671
Neogen Corp.* (Health Care Equipment & Supplies)		2,337		101,800
NetScout Systems, Inc.* (Communications  Equipment)		1,602		46,074
Neurocrine Biosciences, Inc.* (Biotechnology)		2,059		191,919
New Jersey Resources Corp. (Gas Utilities)		2,096		80,738
New York Community Bancorp, Inc. (Thrifts & Mortgage Finance)		10,124		119,260
NewMarket Corp. (Chemicals)		159		50,230
Nordson Corp. (Machinery)		1,175		265,702
Nordstrom, Inc.* (Multiline Retail)		2,369		78,414
NorthWestern Corp. (Multi-Utilities)		1,102		68,313

See accompanying notes to the financial statements.

200 :: UltraMid-Cap ProFund :: Schedule of Portfolio Investments :: July 31, 2021

Common Stocks, continued

	Shares		Value
Nu Skin Enterprises, Inc.—Class A (Personal  Products)		1,089	$	58,468
NuVasive, Inc.* (Health Care Equipment & Supplies)		1,124		71,880
nVent Electric PLC (Electrical Equipment)		3,649		115,345
OGE Energy Corp. (Electric Utilities)		4,356		147,014
Old Republic International Corp. (Insurance)		6,170		152,152
Olin Corp. (Chemicals)		3,118		146,639
Ollie's Bargain Outlet Holdings, Inc.* (Multiline Retail)		1,236		115,072
Omega Healthcare Investors, Inc. (Equity  Real Estate Investment Trusts)		5,124		185,899
ONE Gas, Inc. (Gas Utilities)		1,159		85,511
Oshkosh Corp. (Machinery)		1,494		178,608
Owens Corning (Building Products)		2,274		218,668
PacWest Bancorp (Banks)		2,544		101,302
Papa John's International, Inc. (Hotels,  Restaurants & Leisure)		720		82,166
Park Hotels & Resorts, Inc.* (Equity Real  Estate Investment Trusts)		5,148		95,238
Patterson Cos., Inc. (Health Care Providers & Services)		1,894		58,960
Paylocity Holding Corp.* (Software)		818		169,702
Pebblebrook Hotel Trust (Equity Real Estate  Investment Trusts)		2,860		64,321
Penumbra, Inc.* (Health Care Equipment & Supplies)		739		196,744
Physicians Realty Trust (Equity Real Estate  Investment Trusts)		4,690		88,876
Pilgrim's Pride Corp.* (Food Products)		1,062		23,523
Pinnacle Financial Partners, Inc. (Banks)		1,657		148,484
PNM Resources, Inc. (Electric Utilities)		1,868		90,280
Polaris, Inc. (Leisure Products)		1,252		164,100
Post Holdings, Inc.* (Food Products)		1,287		131,712
PotlatchDeltic Corp. (Equity Real Estate  Investment Trusts)		1,460		75,832
Primerica, Inc. (Insurance)		859		125,603
PROG Holdings, Inc.* (Consumer Finance)		1,467		64,211
Progyny, Inc.* (Health Care Providers & Services)		809		45,053
Prosperity Bancshares, Inc. (Banks)		2,021		137,812
PS Business Parks, Inc. (Equity Real Estate  Investment Trusts)		438		67,307
Qualys, Inc.* (Software)		733		74,443
Quidel Corp.* (Health Care Equipment & Supplies)		843		119,259
R1 RCM, Inc.* (Health Care Providers & Services)		3,009		64,423
Rayonier, Inc. (Equity Real Estate Investment  Trusts)		3,025		114,073
Regal Beloit Corp. (Electrical Equipment)		884		130,151
Reinsurance Group of America, Inc.  (Insurance)		1,481		163,177
Reliance Steel & Aluminum Co. (Metals & Mining)		1,386		217,810
RenaissanceRe Holdings, Ltd. (Insurance)		1,079		164,753
Repligen Corp.* (Biotechnology)		1,111		272,972
Rexford Industrial Realty, Inc. (Equity Real  Estate Investment Trusts)		2,918		179,515
RH* (Specialty Retail)		366		243,053
RLI Corp. (Insurance)		867		93,965
Royal Gold, Inc. (Metals & Mining)		1,428		173,531
RPM International, Inc. (Chemicals)		2,818		244,010
Ryder System, Inc. (Road & Rail)		1,173		89,324
Sabra Health Care REIT, Inc. (Equity Real  Estate Investment Trusts)		4,700		87,373
Sabre Corp.* (IT Services)		6,948		81,917
Sailpoint Technologies Holding, Inc.* (Software)		2,009		100,430
Sanderson Farms, Inc. (Food Products)		433		80,902
Science Applications International Corp. (IT Services)		1,263		110,260
Scientific Games Corp.* (Hotels,  Restaurants & Leisure)		1,235		76,212
SEI Investments Co. (Capital Markets)		2,580		156,864
Selective Insurance Group, Inc. (Insurance)		1,305		106,162
Semtech Corp.* (Semiconductors & Semiconductor Equipment)		1,413		87,479
Sensient Technologies Corp. (Chemicals)		920		80,206
Service Corp. International (Diversified  Consumer Services)		3,660		228,712
Signature Bank (Banks)		1,255		284,848
Silgan Holdings, Inc. (Containers & Packaging)		1,707		69,168
Silicon Laboratories, Inc.* (Semiconductors &  Semiconductor Equipment)		973		144,967
Simpson Manufacturing Co., Inc. (Building  Products)		945		106,294
Six Flags Entertainment Corp.* (Hotels,  Restaurants & Leisure)		1,654		68,724
Skechers U.S.A., Inc.*—Class A (Textiles,  Apparel & Luxury Goods)		2,920		156,746
SL Green Realty Corp. (Equity Real Estate  Investment Trusts)		1,509		112,360
SLM Corp. (Consumer Finance)		7,029		132,356
SolarEdge Technologies, Inc.*  (Semiconductors & Semiconductor Equipment)		1,131		293,472
Sonoco Products Co. (Containers &  Packaging)		2,191		139,764
Southwest Gas Holdings, Inc. (Gas Utilities)		1,263		88,322
Spire, Inc. (Gas Utilities)		1,125		79,819
Spirit Realty Capital, Inc. (Equity Real Estate  Investment Trusts)		2,502		125,650
Sprouts Farmers Market, Inc.* (Food &  Staples Retailing)		2,572		63,220
STAAR Surgical Co.* (Health Care  Equipment & Supplies)		1,021		130,606
Steel Dynamics, Inc. (Metals & Mining)		4,366		281,388
Stericycle, Inc.* (Commercial Services &  Supplies)		1,997		140,888
Sterling Bancorp (Banks)		4,192		91,008
Stifel Financial Corp. (Capital Markets)		2,289		152,310
STORE Capital Corp. (Equity Real Estate  Investment Trusts)		5,298		191,735
Strategic Education, Inc. (Diversified  Consumer Services)		537		42,579
Sunrun, Inc.* (Electrical Equipment)		3,507		185,766
Synaptics, Inc.* (Semiconductors & Semiconductor Equipment)		766		116,371
Syneos Health, Inc.* (Life Sciences Tools & Services)		2,204		197,633

See accompanying notes to the financial statements.

July 31, 2021 :: Schedule of Portfolio Investments :: UltraMid-Cap ProFund :: 201

Common Stocks, continued

	Shares		Value
SYNNEX Corp. (Electronic Equipment, Instruments & Components)		903	$	107,945
Synovus Financial Corp. (Banks)		3,234		132,271
Targa Resources Corp. (Oil, Gas & Consumable Fuels)		4,977		209,580
Taylor Morrison Home Corp.* (Household  Durables)		2,808		75,311
TEGNA, Inc. (Media)		4,804		85,127
Telephone and Data Systems, Inc. (Wireless Telecommunication Services)		2,167		48,432
Tempur Sealy International, Inc. (Household Durables)		3,986		172,473
Tenet Healthcare Corp.* (Health Care Providers & Services)		2,323		166,884
Teradata Corp.* (IT Services)		2,385		118,439
Terex Corp. (Machinery)		1,518		72,743
Tetra Tech, Inc. (Commercial Services & Supplies)		1,178		157,287
Texas Capital Bancshares, Inc.* (Banks)		1,100		69,278
Texas Roadhouse, Inc.—Class A (Hotels, Restaurants & Leisure)		1,427		131,527
The Boston Beer Co., Inc.*—Class A  (Beverages)		202		143,420
The Brink's Co. (Commercial Services & Supplies)		1,082		83,271
The Chemours Co. (Chemicals)		3,603		119,800
The Goodyear Tire & Rubber Co.* (Auto  Components)		6,074		95,423
The Hain Celestial Group, Inc.* (Food  Products)		1,781		71,080
The Hanover Insurance Group, Inc.  (Insurance)		781		106,138
The Macerich Co. (Equity Real Estate Investment Trusts)		3,641		59,348
The Middleby Corp.* (Machinery)		1,210		231,703
The New York Times Co.—Class A (Media)		3,161		138,389
The Scotts Miracle-Gro Co.—Class A (Chemicals)		884		156,432
The Timken Co. (Machinery)		1,488		118,296
The Toro Co. (Machinery)		2,330		265,014
The Wendy's Co. (Hotels, Restaurants & Leisure)		3,854		89,451
Thor Industries, Inc. (Automobiles)		1,204		142,506
Toll Brothers, Inc. (Household Durables)		2,443		144,797
Tootsie Roll Industries, Inc. (Food Products)		382		13,137
TopBuild Corp.* (Household Durables)		720		145,937
Travel + Leisure Co. (Hotels, Restaurants & Leisure)		1,876		97,177
TreeHouse Foods, Inc.* (Food Products)		1,224		54,346
Trex Co., Inc.* (Building Products)		2,511		243,818
Tri Pointe Homes, Inc.* (Household Durables)		2,578		62,181
Trinity Industries, Inc. (Machinery)		1,761		47,741
TripAdvisor, Inc.* (Interactive Media & Services)		2,134		80,986
Trustmark Corp. (Banks)		1,381		41,458
UGI Corp. (Gas Utilities)		4,544		208,978
UMB Financial Corp. (Banks)		946		88,546
Umpqua Holdings Corp. (Banks)		4,801		90,595
United Bankshares, Inc. (Banks)		2,920		100,857
United States Steel Corp. (Metals & Mining)		5,870		155,438
United Therapeutics Corp.* (Biotechnology)		974		177,200
Univar Solutions, Inc.* (Trading Companies &  Distributors)		3,691		90,577
Universal Display Corp. (Semiconductors &  Semiconductor Equipment)		934		219,014
Urban Edge Properties (Equity Real Estate Investment Trusts)		2,394		45,486
Urban Outfitters, Inc.* (Specialty Retail)		1,495		55,584
Valley National Bancorp (Banks)		8,834		113,870
Valmont Industries, Inc. (Construction & Engineering)		462		109,471
Valvoline, Inc. (Chemicals)		3,941		120,910
ViaSat, Inc.* (Communications Equipment)		1,481		73,517
Vishay Intertechnology, Inc. (Electronic  Equipment, Instruments & Components)		2,889		63,934
Visteon Corp.* (Auto Components)		608		69,342
Vontier Corp. (Electronic Equipment, Instruments & Components)		3,674		118,854
Washington Federal, Inc. (Thrifts & Mortgage Finance)		1,577		50,890
Watsco, Inc. (Trading Companies &  Distributors)		717		202,510
Webster Financial Corp. (Banks)		1,968		94,661
Weingarten Realty Investors (Equity Real  Estate Investment Trusts)		2,612		84,080
Werner Enterprises, Inc. (Road & Rail)		1,242		56,772
WEX, Inc.* (IT Services)		973		184,607
Williams-Sonoma, Inc. (Specialty Retail)		1,659		251,670
Wingstop, Inc. (Hotels, Restaurants & Leisure)		648		111,009
Wintrust Financial Corp. (Banks)		1,242		88,679
Woodward, Inc. (Machinery)		1,276		155,111
World Fuel Services Corp. (Oil, Gas &  Consumable Fuels)		1,377		47,451
World Wrestling Entertainment, Inc.—Class A  (Entertainment)		984		48,589
Worthington Industries, Inc. (Metals &  Mining)		763		48,809
WW International, Inc.* (Diversified  Consumer Services)		1,044		32,093
Wyndham Hotels & Resorts, Inc. (Hotels,  Restaurants & Leisure)		2,031		146,353
Xerox Holdings Corp. (Technology Hardware,  Storage & Peripherals)		3,510		84,696
XPO Logistics, Inc.* (Air Freight & Logistics)		2,212		306,782
Yelp, Inc.* (Interactive Media & Services)		1,523		56,960
YETI Holdings, Inc.* (Leisure Products)		1,633		157,307
TOTAL COMMON STOCKS (Cost $35,959,010)				51,127,600

See accompanying notes to the financial statements.

202 :: UltraMid-Cap ProFund :: Schedule of Portfolio Investments :: July 31, 2021

Repurchase Agreements^(a)(b) (14.9%)

	Principal  Amount		Value
Repurchase Agreements with various  counterparties, 0.00%, dated 7/30/21,  due 8/2/21, total to be received  $9,394,000	$	9,394,000	$	9,394,000
TOTAL REPURCHASE AGREEMENTS (Cost $9,394,000)				9,394,000
TOTAL INVESTMENT SECURITIES (Cost $45,353,010)—96.2%				60,521,600
Net other assets (liabilities)—3.8%				2,359,550
NET ASSETS—100.0%			$	62,881,150

* Non-income producing security.

^(a) The ProFund invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" under Note 2 in the Notes to the Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.

^(b) A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. As of July 31, 2021, the aggregate amount held in a segregated account was $8,481,000.

Futures Contracts Purchased

	Number of   Contracts	Expiration   Date	Notional Amount		Value and  Unrealized  Appreciation/  (Depreciation)
E-Mini S&P MidCap 400 Futures Contracts	50	9/20/21	$	13,493,500	$	(126,217	)

Total Return Swap Agreements—Long

Underlying Instrument	Counterparty	Termination Date(1)	Rate Paid (Received)(2)			Notional Amount		Value and Unrealized Appreciation/ (Depreciation)
S&P MidCap 400	Goldman Sachs International	8/27/21		0.54	%	$	12,148,671	$	178,597
SPDR S&P MidCap 400 ETF	Goldman Sachs International	8/27/21		0.29	%		7,277,420		114,827
						$	19,426,091	$	293,424
S&P MidCap 400	UBS AG	8/27/21		0.44	%	$	36,218,823	$	572,332
SPDR S&P MidCap 400 ETF	UBS AG	8/27/21		0.39	%		5,125,400		54,171
						$	41,344,223	$	626,503
						$	60,770,314	$	919,927

⁽¹⁾ Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

⁽²⁾ Reflects the floating financing rate, as of July 31, 2021, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

See accompanying notes to the financial statements.

July 31, 2021 :: Schedule of Portfolio Investments :: UltraMid-Cap ProFund :: 203

UltraMid-Cap ProFund invested in the following industries as of July 31, 2021:

	Value		% of  Net Assets
Aerospace & Defense	$	546,995		0.9	%
Air Freight & Logistics		306,782		0.5	%
Airlines		101,947		0.2	%
Auto Components		862,228		1.4	%
Automobiles		274,995		0.4	%
Banks		3,342,307		5.3	%
Beverages		143,420		0.2	%
Biotechnology		1,140,487		1.8	%
Building Products		1,016,129		1.6	%
Capital Markets		1,195,225		1.9	%
Chemicals		1,316,667		2.1	%
Commercial Services & Supplies		949,305		1.5	%
Communications Equipment		454,532		0.7	%
Construction & Engineering		671,425		1.1	%
Construction Materials		130,438		0.2	%
Consumer Finance		347,133		0.5	%
Containers & Packaging		428,265		0.7	%
Diversified Consumer Services		551,956		0.9	%
Diversified Financial Services		144,509		0.2	%
Diversified Telecommunication Services		107,982		0.2	%
Electric Utilities		536,044		0.9	%
Electrical Equipment		896,252		1.4	%
Electronic Equipment, Instruments & Components		1,699,872		2.7	%
Energy Equipment & Services		94,703		0.1	%
Entertainment		85,349		0.1	%
Equity Real Estate Investment Trusts		4,882,364		7.8	%
Food & Staples Retailing		436,152		0.7	%
Food Products		933,264		1.5	%
Gas Utilities		645,456		1.0	%
Health Care Equipment & Supplies		1,770,354		2.8	%
Health Care Providers & Services		1,616,221		2.6	%
Hotels, Restaurants & Leisure		1,378,650		2.2	%
Household Durables		801,845		1.3	%
Household Products		54,248		0.1	%
Industrial Conglomerates		229,745		0.4	%
Insurance		2,091,749		3.3	%
Interactive Media & Services		137,946		0.2	%
IT Services		1,368,060		2.2	%
Leisure Products		743,423		1.2	%
Life Sciences Tools & Services		711,700		1.1	%
Machinery		2,754,404		4.4	%
Marine		75,746		0.1	%
Media		502,022		0.8	%
Metals & Mining		1,263,780		2.0	%
Multiline Retail		366,206		0.6	%
Multi-Utilities		299,661		0.5	%
Oil, Gas & Consumable Fuels		958,315		1.5	%
Paper & Forest Products		123,299		0.2	%
Personal Products		112,341		0.2	%
Pharmaceuticals		284,233		0.4	%
Professional Services		443,968		0.7	%
Real Estate Management & Development		248,611		0.4	%
Road & Rail		503,252		0.8	%
Semiconductors & Semiconductor Equipment		2,007,575		3.2	%
Software		2,066,087		3.3	%
Specialty Retail		1,644,529		2.6	%
Technology Hardware, Storage & Peripherals		211,148		0.3	%
Textiles, Apparel & Luxury Goods		943,430		1.5	%
Thrifts & Mortgage Finance		430,358		0.7	%
Trading Companies & Distributors		455,159		0.7	%
Water Utilities		238,920		0.4	%
Wireless Telecommunication Services		48,432		0.1	%
Other**		11,753,550		18.7	%
Total	$	62,881,150		100.0	%

** Includes any non-equity securities and net other assets (liabilities), which includes any receivable for capital shares issued and payable for capital shares redeemed.

See accompanying notes to the financial statements.

204 :: UltraNasdaq-100 ProFund :: Schedule of Portfolio Investments :: July 31, 2021

Common Stocks (76.0%)

	Shares		Value
Activision Blizzard, Inc. (Entertainment)		46,757	$	3,909,820
Adobe, Inc.* (Software)		28,763		17,879,944
Advanced Micro Devices, Inc.*  (Semiconductors & Semiconductor Equipment)		73,121		7,764,719
Align Technology, Inc.* (Health Care  Equipment & Supplies)		4,762		3,313,400
Alphabet, Inc.*—Class A (Interactive Media & Services)		11,893		32,046,045
Alphabet, Inc.*—Class C (Interactive Media & Services)		12,795		34,603,054
Amazon.com, Inc.* (Internet & Direct Marketing Retail)		19,942		66,358,800
American Electric Power Co., Inc.  (Electric Utilities)		30,072		2,649,945
Amgen, Inc. (Biotechnology)		34,573		8,350,762
Analog Devices, Inc.  (Semiconductors & Semiconductor Equipment)		22,194		3,715,719
ANSYS, Inc.* (Software)		5,244		1,932,204
Apple, Inc. (Technology Hardware, Storage & Peripherals)		659,887		96,251,118
Applied Materials, Inc.  (Semiconductors & Semiconductor Equipment)		54,990		7,694,751
ASML Holding N.V.NYS  (Semiconductors & Semiconductor Equipment)		4,782		3,666,551
Atlassian Corp. PLC*—Class A (Software)		8,140		2,646,477
Autodesk, Inc.* (Software)		13,242		4,252,403
Automatic Data Processing, Inc.  (IT Services)		25,604		5,367,366
Baidu, Inc.*ADR (Interactive Media &  Services)		15,591		2,557,080
Biogen, Inc.* (Biotechnology)		9,059		2,959,847
Booking Holdings, Inc.* (Internet &  Direct Marketing Retail)		2,471		5,382,480
Broadcom, Inc. (Semiconductors &  Semiconductor Equipment)		24,569		11,925,793
Cadence Design Systems, Inc.*  (Software)		16,745		2,472,399
CDW Corp. (Electronic Equipment,  Instruments & Components)		8,437		1,546,924
Cerner Corp. (Health Care Technology)		18,131		1,457,551
Charter Communications, Inc.*—Class A  (Media)		11,357		8,450,176
Check Point Software Technologies, Ltd.*  (Software)		8,140		1,034,594
Cintas Corp. (Commercial Services &  Supplies)		6,322		2,492,006
Cisco Systems, Inc. (Communications  Equipment)		253,586		14,041,057
Cognizant Technology Solutions  Corp.—Class A (IT Services)		31,735		2,333,475
Comcast Corp.—Class A (Media)		275,889		16,230,550
Copart, Inc.* (Commercial Services &  Supplies)		14,236		2,092,692
Costco Wholesale Corp. (Food & Staples  Retailing)		26,629		11,443,014
CSX Corp. (Road & Rail)		136,750		4,419,760
DexCom, Inc.* (Health Care Equipment & Supplies)		5,819		2,999,753
DocuSign, Inc.* (Software)		11,701		3,487,366
Dollar Tree, Inc.* (Multiline Retail)		13,958		1,392,869
eBay, Inc. (Internet & Direct Marketing Retail)		40,994		2,796,201
Electronic Arts, Inc. (Entertainment)		17,221		2,479,135
Exelon Corp. (Electric Utilities)		58,801		2,751,886
Facebook, Inc.*—Class A (Interactive  Media & Services)		94,737		33,754,793
Fastenal Co. (Trading Companies &  Distributors)		34,568		1,893,289
Fiserv, Inc.* (IT Services)		40,123		4,618,559
Fox Corp.—Class A (Media)		19,673		701,539
Fox Corp.—Class B (Media)		15,240		506,578
Gilead Sciences, Inc. (Biotechnology)		75,458		5,153,027
Honeywell International, Inc. (Industrial Conglomerates)		41,438		9,687,790
IDEXX Laboratories, Inc.* (Health Care Equipment & Supplies)		5,132		3,482,216
Illumina, Inc.* (Life Sciences Tools & Services)		8,786		4,355,660
Incyte Corp.* (Biotechnology)		13,233		1,023,573
Intel Corp. (Semiconductors &  Semiconductor Equipment)		242,983		13,053,047
Intuit, Inc. (Software)		16,443		8,714,297
Intuitive Surgical, Inc.* (Health Care Equipment & Supplies)		7,126		7,065,143
JD.com, Inc.*ADR (Internet & Direct Marketing Retail)		48,491		3,437,042
Keurig Dr Pepper, Inc. (Beverages)		85,290		3,003,061
KLA Corp. (Semiconductors &  Semiconductor Equipment)		9,224		3,211,428
Lam Research Corp. (Semiconductors & Semiconductor Equipment)		8,582		5,470,253
Lululemon Athletica, Inc.* (Textiles, Apparel & Luxury Goods)		7,530		3,013,280
Marriott International, Inc.*—Class A (Hotels, Restaurants & Leisure)		19,595		2,860,478
Marvell Technology, Inc.  (Semiconductors & Semiconductor Equipment)		49,299		2,983,082
Match Group, Inc.* (Interactive Media & Services)		16,264		2,590,367
Maxim Integrated Products, Inc.  (Semiconductors & Semiconductor Equipment)		16,149		1,613,447
Mercadolibre, Inc.* (Internet & Direct Marketing Retail)		3,000		4,706,100
Microchip Technology, Inc.  (Semiconductors & Semiconductor Equipment)		16,460		2,355,755
Micron Technology, Inc.*  (Semiconductors & Semiconductor Equipment)		67,480		5,235,098
Microsoft Corp. (Software)		297,825		84,853,320
Moderna, Inc.* (Biotechnology)		24,148		8,538,732
Mondelez International, Inc.—Class A  (Food Products)		84,540		5,348,000
Monster Beverage Corp.* (Beverages)		31,805		2,999,848
NetEase, Inc.ADR (Entertainment)		18,131		1,853,170
Netflix, Inc.* (Entertainment)		26,681		13,809,285
NVIDIA Corp. (Semiconductors &  Semiconductor Equipment)		149,933		29,235,435

See accompanying notes to the financial statements.

July 31, 2021 :: Schedule of Portfolio Investments :: UltraNasdaq-100 ProFund :: 205

Common Stocks, continued

	Shares		Value
NXP Semiconductors N.V.  (Semiconductors & Semiconductor Equipment)		16,592	$	3,424,423
Okta, Inc.* (IT Services)		7,525		1,864,620
O'Reilly Automotive, Inc.*  (Specialty Retail)		4,198		2,534,920
PACCAR, Inc. (Machinery)		20,897		1,734,242
Paychex, Inc. (IT Services)		21,685		2,468,187
PayPal Holdings, Inc.* (IT Services)		70,690		19,477,215
Peloton Interactive, Inc.*—Class A  (Leisure Products)		16,155		1,907,098
PepsiCo, Inc. (Beverages)		83,138		13,048,509
Pinduoduo, Inc.*ADR (Internet & Direct  Marketing Retail)		22,766		2,085,593
Qualcomm, Inc. (Semiconductors & Semiconductor Equipment)		67,876		10,167,825
Regeneron Pharmaceuticals, Inc.*  (Biotechnology)		6,300		3,620,043
Ross Stores, Inc. (Specialty Retail)		21,462		2,633,173
Seagen, Inc.* (Biotechnology)		10,921		1,675,172
Sirius XM Holdings, Inc.(a) (Media)		246,160		1,592,655
Skyworks Solutions, Inc.  (Semiconductors & Semiconductor Equipment)		9,934		1,832,922
Splunk, Inc.* (Software)		9,862		1,400,207
Starbucks Corp. (Hotels, Restaurants & Leisure)		70,902		8,609,630
Synopsys, Inc.* (Software)		9,184		2,644,900
Tesla, Inc.* (Automobiles)		47,149		32,400,793
Texas Instruments, Inc.  (Semiconductors & Semiconductor Equipment)		55,569		10,592,563
The Kraft Heinz Co. (Food Products)		73,602		2,831,469
T-Mobile U.S., Inc.* (Wireless  Telecommunication Services)		75,029		10,805,677
Trip.com Group, Ltd.*ADR (Internet &  Direct Marketing Retail)		31,703		822,059
VeriSign, Inc.* (IT Services)		6,778		1,466,556
Verisk Analytics, Inc.—Class A  (Professional Services)		9,753		1,852,485
Vertex Pharmaceuticals, Inc.* (Biotechnology)		15,577		3,140,012
Walgreens Boots Alliance, Inc.  (Food & Staples Retailing)		52,014		2,452,460
Workday, Inc.*—Class A (Software)		11,374		2,666,066
Xcel Energy, Inc. (Electric Utilities)		32,396		2,211,027
Xilinx, Inc. (Semiconductors &  Semiconductor Equipment)		14,793		2,216,583
Zoom Video Communications,  Inc.*—Class A (Software)		14,217		5,375,448
TOTAL COMMON STOCKS (Cost $406,462,562)				851,830,910

U.S. Treasury Obligation (4.5%)

	Principal  Amount		Value
U.S. Treasury Bill, 0.04%+, 10/14/21	$	50,000,000	$	49,995,478
TOTAL U.S. TREASURY OBLIGATION (Cost $49,998,972)				49,995,478
Repurchase Agreements(b)(c) (15.2%)			��
Repurchase Agreements with  various counterparties, 0.00%,  dated 7/30/21, due 8/2/21, total  to be received $170,324,000		170,324,000		170,324,000
TOTAL REPURCHASE AGREEMENTS (Cost $170,324,000)				170,324,000

Collateral for Securities Loaned^(d)(NM)

	Shares		Value
BlackRock Liquidity Funds FedFund  Portfolio—Institutional Shares, 0.03%(e)		115,500	$	115,500
TOTAL COLLATERAL FOR SECURITIES LOANED (Cost $115,500)				115,500
TOTAL INVESTMENT SECURITIES (Cost $626,901,034)—95.7%				1,072,265,888
Net other assets (liabilities)—4.3%				48,004,597
NET ASSETS—100.0%			$	1,120,270,485

* Non-income producing security.

⁺ Reflects the effective yield or interest rate in effect at July 31, 2021.

^(a) All or part of this security was on loan as of July 31, 2021. The total value of securities on loan as of July 31, 2021 was $106,755.

^(b) The ProFund invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" under Note 2 in the Notes to the Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.

^(c) A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. As of July 31, 2021, the aggregate amount held in a segregated account was $114,819,000.

^(d) Securities were purchased with cash collateral held from securities on loan at July 31, 2021.

^(e) Rate periodically changes. Rate disclosed is the daily yield on July 31, 2021.

^NYS New York Shares

^ADR American Depositary Receipt

^NM Not meaningful, amount is less than 0.05%.

See accompanying notes to the financial statements.

206 :: UltraNasdaq-100 ProFund :: Schedule of Portfolio Investments :: July 31, 2021

Futures Contracts Purchased

	Number of Contracts	Expiration Date	Notional Amount		Value and Unrealized Appreciation/  (Depreciation)
E-Mini Nasdaq-100 Futures Contracts	1	9/20/21	$	299,115	$	23,081

Total Return Swap Agreements—Long

Underlying Instrument	Counterparty	Termination Date(1)	Rate Paid (Received)(2)			Notional Amount		Value and Unrealized Appreciation/ (Depreciation)
Invesco QQQ Trust, Series 1 ETF	Goldman Sachs International	8/27/21		0.44	%	$	240,586,180	$	409,367
Nasdaq-100 Index	Goldman Sachs International	8/27/21		0.64	%		540,163,841		192,811
						$	780,750,021	$	602,178
Invesco QQQ Trust, Series 1 ETF	UBS AG	8/27/21		0.49	%	$	78,316,551	$	26,829
Nasdaq-100 Index	UBS AG	8/27/21		0.89	%		524,419,295		85,728
						$	602,735,846	$	112,557
						$	1,383,485,867	$	714,735

⁽¹⁾ Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

⁽²⁾ Reflects the floating financing rate, as of July 31, 2021, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

UltraNasdaq-100 ProFund invested in the following industries as of July 31, 2021:

	Value		% of  Net Assets
Automobiles	$	32,400,793		2.9	%
Beverages		19,051,418		1.7	%
Biotechnology		34,461,169		3.1	%
Commercial Services & Supplies		4,584,698		0.4	%
Communications Equipment		14,041,057		1.3	%
Electric Utilities		7,612,858		0.7	%
Electronic Equipment, Instruments & Components		1,546,924		0.1	%
Entertainment		22,051,410		2.0	%
Food & Staples Retailing		13,895,474		1.2	%
Food Products		8,179,469		0.7	%
Health Care Equipment & Supplies		16,860,512		1.5	%
Health Care Technology		1,457,551		0.1	%
Hotels, Restaurants & Leisure		11,470,108		1.0	%
Industrial Conglomerates		9,687,790		0.9	%
Interactive Media & Services		105,551,339		9.4	%
Internet & Direct Marketing Retail		85,588,275		7.6	%
IT Services		37,595,978		3.4	%
Leisure Products		1,907,098		0.2	%
Life Sciences Tools & Services		4,355,659		0.4	%
Machinery		1,734,242		0.2	%
Media		27,481,498		2.4	%
Multiline Retail		1,392,869		0.1	%
Professional Services		1,852,485		0.2	%
Road & Rail		4,419,760		0.4	%
Semiconductors & Semiconductor Equipment		126,159,394		11.2	%
Software		139,359,625		12.3	%
Specialty Retail		5,168,093		0.5	%
Technology Hardware, Storage & Peripherals		96,251,118		8.6	%
Textiles, Apparel & Luxury Goods		3,013,280		0.3	%
Trading Companies & Distributors		1,893,289		0.2	%
Wireless Telecommunication Services		10,805,677		1.0	%
Other**		268,439,575		24.0	%
Total	$	1,120,270,485		100.0	%

** Includes any non-equity securities and net other assets (liabilities), which includes any receivable for capital shares issued and payable for capital shares redeemed.

See accompanying notes to the financial statements.

July 31, 2021 :: Schedule of Portfolio Investments :: UltraShort China ProFund :: 207

Repurchase Agreements^(a)(b) (99.6%)

	Principal Amount		Value
Repurchase Agreements with various  counterparties, 0.00%, dated 7/30/21,  due 8/2/21, total to be received $2,338,000	$	2,338,000	$	2,338,000
TOTAL REPURCHASE AGREEMENTS (Cost $2,338,000)				2,338,000
TOTAL INVESTMENT SECURITIES (Cost $2,338,000)—99.6%				2,338,000
Net other assets (liabilities)—0.4%				8,894
NET ASSETS—100.0%			$	2,346,894

^(a) The ProFund invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" under Note 2 in the Notes to the Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.

^(b) A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. As of July 31, 2021, the aggregate amount held in a segregated account was $583,000.

Total Return Swap Agreements—Short

Underlying Instrument	Counterparty	Termination Date(1)	Rate Paid  (Received)(2)			Notional  Amount			Value and Unrealized Appreciation/  (Depreciation)
S&P/BNY Mellon China Select ADR Index (USD)	Goldman Sachs International	8/27/21		0.91	%	$	(1,374,733	)	$	(85,987	)
S&P/BNY Mellon China Select ADR Index (USD)	UBS AG	8/27/21		1.16	%		(3,319,689	)		(312,677	)
						$	(4,694,422	)	$	(398,664	)

⁽¹⁾ Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

⁽²⁾ Reflects the floating financing rate, as of July 31, 2021, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

See accompanying notes to the financial statements.

208 :: UltraShort Dow 30 ProFund :: Schedule of Portfolio Investments :: July 31, 2021

Repurchase Agreements^(a)(b) (113.9%)

	Principal Amount		Value
Repurchase Agreements with various counterparties, 0.00%, dated 7/30/21, due 8/2/21, total to be received $3,446,000	$	3,446,000	$	3,446,000
TOTAL REPURCHASE AGREEMENTS (Cost $3,446,000)				3,446,000
TOTAL INVESTMENT SECURITIES (Cost $3,446,000)—113.9%				3,446,000
Net other assets (liabilities)—(13.9)%				(419,422	)
NET ASSETS—100.0%			$	3,026,578

^(a)       The ProFund invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" under Note 2 in the Notes to the Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.

^(b)       A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. As of July 31, 2021, the aggregate amount held in a segregated account was $929,000.

Futures Contracts Sold

	Number of Contracts	Expiration Date	Notional Amount			Value and Unrealized Appreciation/ (Depreciation)
E-Mini Dow Jones Futures Contracts	1	9/20/21	$	(174,160	)	$	(1,782	)

Total Return Swap Agreements—Short

Underlying Instrument	Counterparty	Termination Date(1)	Rate Paid (Received)(2)			Notional Amount			Value and Unrealized Appreciation/ (Depreciation)
Dow Jones Industrial Average	Goldman Sachs International	8/27/21		(0.29	)%	$	(3,982,644	)	$	14,989
Dow Jones Industrial Average	UBS AG	8/27/21		(0.29	)%		(1,885,188	)		6,650
						$	(5,867,832	)	$	21,639

⁽¹⁾       Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

⁽²⁾       Reflects the floating financing rate, as of July 31, 2021, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

See accompanying notes to the financial statements.

July 31, 2021 :: Schedule of Portfolio Investments :: UltraShort Emerging Markets ProFund :: 209

Repurchase Agreements^(a)(b) (205.3%)

	Principal Amount		Value
Repurchase Agreements with various counterparties, 0.00%, dated 7/30/21, due 8/2/21, total to be received $1,218,000	$	1,218,000	$	1,218,000
TOTAL REPURCHASE AGREEMENTS (Cost $1,218,000)				1,218,000
TOTAL INVESTMENT SECURITIES (Cost $1,218,000)—205.3%				1,218,000
Net other assets (liabilities)—(105.3)%(c)				(624,751	)
NET ASSETS—100.0%			$	593,249

^(a)       The ProFund invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" under Note 2 in the Notes to the Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.

^(b)       A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. As of July 31, 2021, the aggregate amount held in a segregated account was $186,000.

^(c)     Amount includes $583,966 of net capital share redemptions.

Total Return Swap Agreements—Short

Underlying Instrument	Counterparty	Termination Date(1)	Rate Paid (Received)(2)			Notional Amount			Value and Unrealized Appreciation/ (Depreciation)
S&P/BNY Mellon Emerging 50 ADR Index (USD)	Goldman Sachs International	8/27/21		0.41	%	$	(605,121	)	$	(16,141	)
S&P/BNY Mellon Emerging 50 ADR Index (USD)	UBS AG	8/27/21		0.41	%		(539,874	)		(39,496	)
						$	(1,144,995	)	$	(55,637	)

⁽¹⁾       Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

⁽²⁾       Reflects the floating financing rate, as of July 31, 2021, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

See accompanying notes to the financial statements.

210 :: UltraShort International ProFund :: Schedule of Portfolio Investments :: July 31, 2021

Repurchase Agreements^(a)(b) (92.9%)

	Principal Amount		Value
Repurchase Agreements with various counterparties, 0.00%, dated 7/30/21, due 8/2/21, total to be received $1,520,000	$	1,520,000	$	1,520,000
TOTAL REPURCHASE AGREEMENTS (Cost $1,520,000)				1,520,000
TOTAL INVESTMENT SECURITIES (Cost $1,520,000)—92.9%				1,520,000
Net other assets (liabilities)—7.1%				116,645
NET ASSETS—100.0%			$	1,636,645

^(a)       The ProFund invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" under Note 2 in the Notes to the Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.

^(b)       A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. As of July 31, 2021, the aggregate amount held in a segregated account was $182,000.

Total Return Swap Agreements—Short

Underlying Instrument	Counterparty	Termination Date(1)	Rate Paid (Received)(2)			Notional Amount			Value and Unrealized Appreciation/ (Depreciation)
MSCI EAFE Index	Goldman Sachs International	8/27/21		0.31	%	$	(828,755	)	$	(4,751	)
MSCI EAFE Index	UBS AG	8/27/21		0.21	%		(2,440,504	)		(13,272	)
						$	(3,269,259	)	$	(18,023	)

⁽¹⁾       Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

⁽²⁾       Reflects the floating financing rate, as of July 31, 2021, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

See accompanying notes to the financial statements.

July 31, 2021 :: Schedule of Portfolio Investments :: UltraShort Japan ProFund :: 211

Repurchase Agreements^(a) (84.4%)

	Principal Amount		Value
Repurchase Agreements with various counterparties, 0.00%, dated 7/30/21, due 8/2/21, total to be received $221,000	$	221,000	$	221,000
TOTAL REPURCHASE AGREEMENTS (Cost $221,000)				221,000
TOTAL INVESTMENT SECURITIES (Cost $221,000)—84.4%				221,000
Net other assets (liabilities)—15.6%				40,900
NET ASSETS—100.0%			$	261,900

^(a)       The ProFund invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" under Note 2 in the Notes to the Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.

Futures Contracts Sold

	Number of Contracts	Expiration Date	Notional Amount			Value and Unrealized Appreciation/ (Depreciation)
Nikkei 225 Futures Contracts	3	9/10/21	$	(412,050	)	$	23,342

Total Return Swap Agreements—Short

Underlying Instrument	Counterparty	Termination Date(1)	Rate Paid (Received)(2)			Notional Amount			Value and Unrealized Appreciation/ (Depreciation)
Nikkei 225 Stock Average	Goldman Sachs International	8/27/21		(0.29	)%	$	(113,654	)	$	580

⁽¹⁾       Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

⁽²⁾Reflects the floating financing rate, as of July 31, 2021, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

See accompanying notes to the financial statements.

212 :: UltraShort Latin America ProFund :: Schedule of Portfolio Investments :: July 31, 2021

Repurchase Agreements^(a)(b) (130.4%)

	Principal Amount		Value
Repurchase Agreements with various counterparties, 0.00%, dated 7/30/21, due 8/2/21, total to be received $1,059,000	$	1,059,000	$	1,059,000
TOTAL REPURCHASE AGREEMENTS (Cost $1,059,000)				1,059,000
TOTAL INVESTMENT SECURITIES (Cost $1,059,000)—130.4%				1,059,000
Net other assets (liabilities)—(30.4)%				(246,768	)
NET ASSETS—100.0%			$	812,232

^(a)       The ProFund invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" under Note 2 in the Notes to the Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.

^(b)       A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. As of July 31, 2021, the aggregate amount held in a segregated account was $163,000.

Total Return Swap Agreements—Short

Underlying Instrument	Counterparty	Termination Date(1)	Rate Paid (Received)(2)			Notional Amount			Value and Unrealized Appreciation/ (Depreciation)
S&P/BNY Mellon Latin America 35 ADR Index (USD)	Goldman Sachs International	8/27/21		0.51	%	$	(116,650	)	$	1,670
S&P/BNY Mellon Latin America 35 ADR Index (USD)	UBS AG	8/27/21		0.41	%		(1,501,496	)		23,148
						$	(1,618,146	)	$	24,818

⁽¹⁾       Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

⁽²⁾       Reflects the floating financing rate, as of July 31, 2021, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

See accompanying notes to the financial statements.

July 31, 2021 :: Schedule of Portfolio Investments :: UltraShort Mid-Cap ProFund :: 213

Repurchase Agreements^(a)(b) (126.7%)

	Principal Amount		Value
Repurchase Agreements with various counterparties, 0.00%, dated 7/30/21, due 8/2/21, total to be received $1,854,000	$	1,854,000	$	1,854,000
TOTAL REPURCHASE AGREEMENTS (Cost $1,854,000)				1,854,000
TOTAL INVESTMENT SECURITIES (Cost $1,854,000)—126.7%				1,854,000
Net other assets (liabilities)—(26.7)%				(390,905	)
NET ASSETS—100.0%			$	1,463,095

^(a)       The ProFund invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" under Note 2 in the Notes to the Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.

^(b)       A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. As of July 31, 2021, the aggregate amount held in a segregated account was $615,000.

Futures Contracts Sold

	Number of Contracts	Expiration Date	Notional Amount			Value and Unrealized Appreciation/ (Depreciation)
E-Mini S&P MidCap 400 Futures Contracts	1	9/20/21	$	(269,870	)	$	4,438

Total Return Swap Agreements—Short

Underlying Instrument	Counterparty	Termination Date(1)	Rate Paid (Received)(2)			Notional Amount			Value and Unrealized Appreciation/ (Depreciation)
S&P MidCap 400	Goldman Sachs International	8/27/21		(0.14	)%	$	(1,562,721	)	$	(35,050	)
S&P MidCap 400	UBS AG	8/27/21		(0.09	)%		(1,100,394	)		(22,082	)
						$	(2,663,115	)	$	(57,132	)

⁽¹⁾       Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

⁽²⁾Reflects the floating financing rate, as of July 31, 2021, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

See accompanying notes to the financial statements.

214 :: UltraShort Nasdaq-100 ProFund :: Schedule of Portfolio Investments :: July 31, 2021

Repurchase Agreements^(a)(b) (115.3%)

	Principal Amount		Value
Repurchase Agreements with various counterparties, 0.00%, dated 7/30/21, due 8/2/21, total to be received $10,912,000	$	10,912,000	$	10,912,000
TOTAL REPURCHASE AGREEMENTS (Cost $10,912,000)				10,912,000
TOTAL INVESTMENT SECURITIES (Cost $10,912,000)—115.3%				10,912,000
Net other assets (liabilities)—(15.3)%				(1,446,701	)
NET ASSETS—100.0%			$	9,465,299

^(a)       The ProFund invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" under Note 2 in the Notes to the Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.

^(b)A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. As of July 31, 2021, the aggregate amount held in a segregated account was $2,450,000.

Futures Contracts Sold

	Number of Contracts	Expiration Date	Notional Amount			Value and Unrealized Appreciation/ (Depreciation)
E-Mini Nasdaq-100 Futures Contracts	1	9/20/21	$	(299,115	)	$	(23,085	)

Total Return Swap Agreements—Short

Underlying Instrument	Counterparty	Termination Date(1)	Rate Paid (Received)(2)			Notional Amount			Value and Unrealized Appreciation/ (Depreciation)
Nasdaq-100 Index	Goldman Sachs International	8/27/21		(0.39	)%	$	(13,269,431	)	$	6,356
Nasdaq-100 Index	UBS AG	8/27/21		(0.24	)%		(5,355,644	)		(1,166	)
						$	(18,625,075	)	$	5,190

⁽¹⁾Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

⁽²⁾Reflects the floating financing rate, as of July 31, 2021, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

See accompanying notes to the financial statements.

July 31, 2021 :: Schedule of Portfolio Investments :: UltraShort Small-Cap ProFund :: 215

Repurchase Agreements^(a)(b) (108.8%)

	Principal Amount		Value
Repurchase Agreements with various counterparties, 0.00%, dated 7/30/21, due 8/2/21, total to be received $9,344,000	$	9,344,000	$	9,344,000
TOTAL REPURCHASE AGREEMENTS (Cost $9,344,000)				9,344,000
TOTAL INVESTMENT SECURITIES (Cost $9,344,000)—108.8%				9,344,000
Net other assets (liabilities)—(8.8)%				(754,968	)
NET ASSETS—100.0%			$	8,589,032

^(a)       The ProFund invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" under Note 2 in the Notes to the Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.

^(b)A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. As of July 31, 2021, the aggregate amount held in a segregated account was $1,212,000.

Futures Contracts Sold

	Number of Contracts	Expiration Date	Notional Amount			Value and Unrealized Appreciation/ (Depreciation)
E-Mini Russell 2000 Index Futures Contracts	4	9/20/21	$	(444,320	)	$	23,394

Total Return Swap Agreements—Short

Underlying Instrument	Counterparty	Termination Date(1)	Rate Paid (Received)(2)			Notional Amount			Value and Unrealized Appreciation/ (Depreciation)
Russell 2000 Index	Goldman Sachs International	8/27/21		0.16	%	$	(5,160,447	)	$	(82,271	)
Russell 2000 Index	UBS AG	8/27/21		0.41	%		(11,576,500	)		(240,171	)
						$	(16,736,947	)	$	(322,442	)

⁽¹⁾       Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

⁽²⁾       Reflects the floating financing rate, as of July 31, 2021, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

See accompanying notes to the financial statements.

216 :: UltraSmall-Cap ProFund :: Summary Schedule of Portfolio Investments :: July 31, 2021

Common Stocks (56.4%)

	Percentage of Net Assets			Shares		Value
AMC Entertainment Holdings, Inc.—Class A* (Entertainment)		0.3	%		7,997	$	296,049
Arrowhead Pharmaceuticals, Inc.* (Biotechnology)*		0.1	%		1,990		137,886
Biohaven Pharmaceutical Holding Co., Ltd.* (Biotechnology)		0.1	%		1,061		133,696
BJ's Wholesale Club Holdings, Inc.* (Food & Staples Retailing)		0.1	%		2,692		136,322
Blackline, Inc.* (Software)		0.1	%		1,053		120,453
Bridgebio Pharma, Inc.* (Biotechnology)		0.1	%		2,113		112,939
Chart Industries, Inc.* (Machinery)		0.1	%		717		111,458
Crocs, Inc.* (Textiles, Apparel & Luxury Goods)		0.2	%		1,268		172,208
EastGroup Properties, Inc. (Equity Real Estate Investment Trusts)		0.1	%		781		137,629
EMCOR Group, Inc. (Construction & Engineering)		0.1	%		1,062		129,361
Exponent, Inc. (Professional Services)		0.1	%		1,020		109,232
Fate Therapeutics, Inc.* (Biotechnology)		0.1	%		1,574		130,326
First Financial Bankshares, Inc. (Banks)		0.1	%		2,550		124,541
Fox Factory Holding Corp.* (Auto Components)		0.1	%		830		134,078
Halozyme Therapeutics, Inc.* (Biotechnology)		0.1	%		2,767		114,359
HealthEquity, Inc.* (Health Care Providers & Services)		0.1	%		1,606		118,811
Helen of Troy, Ltd.* (Household Durables)		0.1	%		480		107,226
II-VI, Inc.* (Electronic Equipment, Instruments & Components)		0.1	%		2,054		143,389
Intellia Therapeutics, Inc.* (Biotechnology)		0.2	%		1,330		188,660
Invitae Corp.* (Biotechnology)		0.1	%		3,934		110,112
j2 Global, Inc.* (Software)		0.1	%		853		120,503
KBR, Inc. (IT Services)		0.1	%		2,777		107,469
Lattice Semiconductor Corp.* (Semiconductors & Semiconductor Equipment)		0.1	%		2,665		151,238
LHC Group, Inc.* (Health Care Providers & Services)		0.1	%		600		129,107
MAXIMUS, Inc. (IT Services)		0.1	%		1,204		107,155
Omnicell, Inc.* (Health Care Technology)		0.1	%		845		123,793
Ovintiv, Inc. (Oil, Gas & Consumable Fuels)		0.1	%		5,147		132,072
Pacific Biosciences of California, Inc.* (Life Sciences Tools & Services)		0.1	%		3,818		122,748
Performance Food Group Co.* (Food & Staples Retailing)		0.1	%		2,591		118,719
Power Integrations, Inc. (Semiconductors & Semiconductor Equipment)		0.1	%		1,186		115,029
Q2 Holdings, Inc.* (Software)		0.1	%		1,074		110,955
Rapid7, Inc.* (Software)		0.1	%		1,079		122,736
RBC Bearings, Inc.* (Machinery)		0.1	%		486		114,210
Redfin Corp.* (Real Estate Management & Development)		0.1	%		1,998		117,023
Rexnord Corp. (Machinery)		0.1	%		2,356		132,714
Saia, Inc.* (Road & Rail)		0.1	%		521		117,745
Scientific Games Corp.* (Hotels, Restaurants & Leisure)		0.1	%		1,888		116,509
Shockwave Medical, Inc.* (Health Care Equipment & Supplies)		0.1	%		663		120,665
Silicon Laboratories, Inc.* (Semiconductors & Semiconductor Equipment)		0.1	%		872		129,918
STAAR Surgical Co.* (Health Care Equipment & Supplies)		0.1	%		923		118,070
STAG Industrial, Inc. (Equity Real Estate Investment Trusts)		0.1	%		3,160		130,572
Stamps.com, Inc.* (Internet & Direct Marketing Retail)		0.1	%		349		114,039
Tenet Healthcare Corp.* (Health Care Providers & Services)		0.1	%		2,085		149,785
Tetra Tech, Inc. (Commercial Services & Supplies)		0.1	%		1,059		141,399
Texas Roadhouse, Inc.—Class A (Hotels, Restaurants & Leisure)		0.1	%		1,375		126,735
Twist Bioscience Corp.* (Biotechnology)		0.1	%		927		114,066
Upwork, Inc.* (Professional Services)		0.1	%		2,290		118,598
Varonis Systems, Inc.* (Software)		0.1	%		2,080		127,296
Workiva, Inc.* (Software)		0.1	%		825		107,060
Other Common Stocks		50.2	%		2,074,396		50,793,331
TOTAL COMMON STOCKS (Cost $43,759,972)							57,119,994

Trust (0.0%)

	Interest Units		Value
Ferroglobe Representation and Warranty Insurance*+ (Metals & Mining)		1,320	$	—
TOTAL TRUST (Cost $—)				—

See accompanying notes to the financial statements.

July 31, 2021 :: Summary Schedule of Portfolio Investments :: UltraSmall-Cap ProFund :: 217

Contingent Escrow Shares (0.0%)

	Shares		Value
Wright Medical Group, Inc.+*(a) (Health Care Equipment & Supplies)		1,354	$	—
TOTAL CONTINGENT ESCROW SHARES (Cost $—)				—

Repurchase Agreements^(b)(c) (37.3%)

	Principal Amount		Value
Repurchase Agreements with various counterparties, 0.00%, dated 7/30/21, due 8/2/21, total to be received $37,694,000	$	37,694,000	$	37,694,000
TOTAL REPURCHASE AGREEMENTS (Cost $37,694,000)				37,694,000
TOTAL INVESTMENT SECURITIES (Cost $81,453,972)—93.7%				94,813,994
Net other assets (liabilities)—6.3%				6,327,510
NET ASSETS—100.0%			$	101,141,504

*Non-income producing security.

⁺          These securities were fair valued based on procedures approved by the Board of Trustees. As of July 31, 2021, these securities represented 0.00% of the net assets of the Fund.

^(a)       On November 12, 2020, Stryker Corp. acquired Wright Medical Group. As part of the acquisition, $1.85 per acquired share was allocated 1:1 to Escrow Shares, contingent on whether the $1.85 per share is determined to be payable as a withholding of taxes due to the Dutch Government; otherwise, the value of the Escrow Shares will be remitted to pre-acquisition shareholders of Wright Medical Group.

^(b)       The ProFund invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" under Note 2 in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.

^(c)       A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. At July 31, 2021, the aggregate amount held in a segregated account was $17,091,000.

Futures Contracts Purchased

	Number of Contracts	Expiration Date	Notional Amount		Value and Unrealized Appreciation/ (Depreciation)
E-Mini Russell 2000 Index Futures Contracts	20	9/20/21	$	2,221,600	$	15,565

Total Return Swap Agreements—Long

Underlying Instrument	Counterparty	Termination Date(1)	Rate Paid (Received)(2)			Notional Amount		Value and Unrealized Appreciation/ (Depreciation)
iShares Russell 2000 ETF	Goldman Sachs International	8/27/21		0.14	%	$	43,569,144	$	581,911
Russell 2000 Index	Goldman Sachs International	8/27/21		0.34	%		48,935,201		707,563
						$	92,504,345	$	1,289,474
iShares Russell 2000 ETF	UBS AG	8/27/21		(0.11	)%	$	8,867,509	$	247,096
Russell 2000 Index	UBS AG	8/27/21		0.09	%		41,535,146		839,221
						$	50,402,655	$	1,086,317
						$	142,907,000	$	2,375,791

⁽¹⁾       Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

⁽²⁾       Reflects the floating financing rate, as of July 31, 2021, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

See accompanying notes to the financial statements.

218 :: UltraSmall-Cap ProFund :: Summary Schedule of Portfolio Investments :: July 31, 2021

UltraSmall-Cap ProFund invested in the following industries as of July 31, 2021:

	Value		% of Net Assets
Aerospace & Defense	$	402,274		0.4	%
Air Freight & Logistics		177,005		0.2	%
Airlines		195,086		0.2	%
Auto Components		787,396		0.8	%
Automobiles		131,160		0.1	%
Banks		4,353,486		4.3	%
Beverages		200,249		0.2	%
Biotechnology		5,415,343		5.3	%
Building Products		690,166		0.7	%
Capital Markets		902,674		0.9	%
Chemicals		1,073,088		1.1	%
Commercial Services & Supplies		1,041,854		1.0	%
Communications Equipment		465,798		0.5	%
Construction & Engineering		772,156		0.8	%
Construction Materials		119,737		0.1	%
Consumer Finance		447,487		0.4	%
Containers & Packaging		136,639		0.1	%
Distributors		48,607		NM
Diversified Consumer Services		349,260		0.3	%
Diversified Financial Services		87,631		0.1	%
Diversified Telecommunication Services		411,937		0.4	%
Electric Utilities		339,708		0.3	%
Electrical Equipment		555,424		0.5	%
Electronic Equipment, Instruments & Components		1,264,746		1.2	%
Energy Equipment & Services		461,097		0.5	%
Entertainment		486,287		0.5	%
Equity Real Estate Investment Trusts		3,655,341		3.6	%
Food & Staples Retailing		499,258		0.5	%
Food Products		580,762		0.6	%
Gas Utilities		470,809		0.5	%
Health Care Equipment & Supplies		2,083,773		2.1	%
Health Care Providers & Services		1,768,827		1.7	%
Health Care Technology		811,983		0.8	%
Hotels, Restaurants & Leisure		1,259,615		1.2	%
Household Durables		1,114,838		1.1	%
Household Products		169,791		0.2	%
Independent Power and Renewable Electricity Producers		191,095		0.2	%
Industrial Conglomerates		40,775		NM
Insurance		1,122,952		1.1	%
Interactive Media & Services		206,631		0.2	%
Internet & Direct Marketing Retail		532,707		0.5	%
IT Services		1,091,873		1.1	%
Leisure Products		370,008		0.4	%
Life Sciences Tools & Services		576,655		0.6	%
Machinery		2,304,225		2.3	%
Marine		89,435		0.1	%
Media		663,858		0.7	%
Metals & Mining		761,399		0.8	%
Mortgage Real Estate Investment Trusts		730,638		0.7	%
Multiline Retail		166,705		0.2	%
Multi-Utilities		219,289		0.2	%
Oil, Gas & Consumable Fuels		1,796,934		1.8	%
Paper & Forest Products		168,124		0.2	%
Personal Products		300,113		0.3	%
Pharmaceuticals		947,570		0.9	%
Professional Services		785,798		0.8	%
Real Estate Management & Development		510,425		0.5	%
Road & Rail		347,168		0.3	%
Semiconductors & Semiconductor Equipment		1,665,239		1.6	%
Software		3,541,678		3.5	%
Specialty Retail		1,467,077		1.4	%
Technology Hardware, Storage & Peripherals		167,885		0.2	%
Textiles, Apparel & Luxury Goods		457,480		0.5	%
Thrifts & Mortgage Finance		955,313		0.9	%
Tobacco		87,129		0.1	%
Trading Companies & Distributors		715,285		0.7	%
Transportation Infrastructure		57,315		0.1	%
Water Utilities		232,536		0.2	%
Wireless Telecommunication Services		117,388		0.1	%
Other**		44,021,510		43.6	%
Total	$	101,141,504		100.0	%

** Includes any non-equity securities and net other assets (liabilities), which includes any receivable for capital shares issued and payable for capital shares redeemed.

^NM Not meaningful, amount is less than 0.05%.

See accompanying notes to the financial statements.

July 31, 2021 :: Schedule of Portfolio Investments :: U.S. Government Plus ProFund :: 219

Repurchase Agreements^(a)(b) (100.2%)

	Principal Amount		Value
Repurchase Agreements with various counterparties, 0.00%, dated 7/30/21, due 8/2/21, total to be received $26,082,000	$	26,082,000	$	26,082,000
TOTAL REPURCHASE AGREEMENTS (Cost $26,082,000)				26,082,000
TOTAL INVESTMENT SECURITIES (Cost $26,082,000)—100.2%				26,082,000
Net other assets (liabilities)—(0.2)%				(60,950	)
NET ASSETS—100.0%			$	26,021,050

^(a) The ProFund invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" under Note 2 in the Notes to the Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.

^(b) A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. As of July 31, 2021, the aggregate amount held in a segregated account was $170,000.

Total Return Swap Agreements—Long

Underlying Instrument	Counterparty	Termination Date(1)	Rate Paid (Received)(2)			Notional Amount		Value and Unrealized Appreciation/ (Depreciation)
30-Year U.S. Treasury Bond, 2.375%, due 5/15/51	Citibank North America	8/16/21		0.15	%	$	31,595,027	$	308,992
30-Year U.S. Treasury Bond, 2.375%, due 5/15/51	Societe' Generale	8/16/21		0.26	%		776,836		5,713
						$	32,371,863	$	314,705

⁽¹⁾ Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

⁽²⁾ Reflects the floating financing rate, as of July 31, 2021, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

See accompanying notes to the financial statements.

220 :: Utilities UltraSector ProFund :: Schedule of Portfolio Investments :: July 31, 2021

Common Stocks (75.2%)

	Shares		Value
ALLETE, Inc. (Electric Utilities)		334	$	23,487
Alliant Energy Corp. (Electric Utilities)		1,605		93,941
Ameren Corp. (Multi-Utilities)		1,639		137,545
American Electric Power Co., Inc. (Electric Utilities)		3,206		282,513
American Water Works Co., Inc. (Water Utilities)		1,165		198,178
Atmos Energy Corp. (Gas Utilities)		838		82,618
Avangrid, Inc. (Electric Utilities)		447		23,307
Avista Corp. (Multi-Utilities)		444		19,017
Black Hills Corp. (Multi-Utilities)		403		27,263
CenterPoint Energy, Inc. (Multi-Utilities)		3,724		94,813
CMS Energy Corp. (Multi-Utilities)		1,857		114,744
Consolidated Edison, Inc. (Multi-Utilities)		2,199		162,220
Dominion Energy, Inc. (Multi-Utilities)		5,174		387,378
DTE Energy Co. (Multi-Utilities)		1,243		145,829
Duke Energy Corp. (Electric Utilities)		4,935		518,717
Edison International (Electric Utilities)		2,435		132,708
Entergy Corp. (Electric Utilities)		1,287		132,458
Essential Utilities, Inc. (Water Utilities)		1,434		70,438
Evergy, Inc. (Electric Utilities)		1,471		95,939
Eversource Energy (Electric Utilities)		2,204		190,139
Exelon Corp. (Electric Utilities)		6,270		293,436
FirstEnergy Corp. (Electric Utilities)		3,489		133,698
Hawaiian Electric Industries, Inc. (Electric Utilities)		700		30,338
IDACORP, Inc. (Electric Utilities)		324		34,166
MDU Resources Group, Inc. (Multi-Utilities)		1,292		40,982
National Fuel Gas Co. (Gas Utilities)		586		30,138
New Jersey Resources Corp. (Gas Utilities)		617		23,767
NextEra Energy, Inc. (Electric Utilities)		12,584		980,293
NiSource, Inc. (Multi-Utilities)		2,517		62,346
NorthWestern Corp. (Multi-Utilities)		325		20,147
NRG Energy, Inc. (Independent Power and Renewable Electricity Producers)		1,570		64,747
ONE Gas, Inc. (Gas Utilities)		341		25,159
PG&E Corp.* (Electric Utilities)		9,554		83,980
Pinnacle West Capital Corp. (Electric Utilities)		723		60,407
PNM Resources, Inc. (Electric Utilities)		551		26,630
Portland General Electric Co. (Electric Utilities)		574		28,069
PPL Corp. (Electric Utilities)		4,936		140,034
Public Service Enterprise Group, Inc. (Multi-Utilities)		3,241		201,687
Sempra Energy (Multi-Utilities)		2,022		264,174
Southwest Gas Holdings, Inc. (Gas Utilities)		373		26,084
Spire, Inc. (Gas Utilities)		332		23,555
The AES Corp. (Independent Power and Renewable Electricity Producers)		4,275		101,317
The Southern Co. (Electric Utilities)		6,792		433,804
UGI Corp. (Gas Utilities)		1,338		61,535
Vistra Corp. (Independent Power and Renewable Electricity Producers)		3,092		59,212
WEC Energy Group, Inc. (Multi-Utilities)		2,023		190,445
Xcel Energy, Inc. (Electric Utilities)		3,453		235,667
TOTAL COMMON STOCKS (Cost $2,881,385)				6,609,069

Repurchase Agreements^(a)(b) (24.2%)

	Principal Amount		Value
Repurchase Agreements with various counterparties, 0.00%, dated 7/30/21, due 8/2/21, total to be received $2,126,000	$	2,126,000	$	2,126,000
TOTAL REPURCHASE AGREEMENTS (Cost $2,126,000)				2,126,000
TOTAL INVESTMENT SECURITIES (Cost $5,007,385)—99.4%				8,735,069
Net other assets (liabilities)—0.6%				50,776
NET ASSETS—100.0%			$	8,785,845

* Non-income producing security.

^(a) The ProFund invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" under Note 2 in the Notes to the Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.

^(b) A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. As of July 31, 2021, the aggregate amount held in a segregated account was $1,259,000.

Total Return Swap Agreements—Long

Underlying Instrument	Counterparty	Termination Date(1)	Rate Paid (Received)(2)			Notional Amount		Value and Unrealized Appreciation/ (Depreciation)
Dow Jones U.S. Utilities Index	Goldman Sachs International	8/23/21		0.59	%	$	3,134,034	$	3,557
Dow Jones U.S. Utilities Index	UBS AG	8/23/21		0.44	%		3,399,878		9,890
						$	6,533,912	$	13,447

⁽¹⁾ Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

⁽²⁾ Reflects the floating financing rate, as of July 31, 2021, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

See accompanying notes to the financial statements.

July 31, 2021 :: Schedule of Portfolio Investments :: Utilities UltraSector ProFund :: 221

Utilities UltraSector ProFund invested in the following industries as of July 31, 2021:

	Value		% of Net Assets
Electric Utilities	$	3,973,731		45.2	%
Gas Utilities		272,856		3.1	%
Independent Power and Renewable Electricity Producers		225,276		2.6	%
Multi-Utilities		1,868,590		21.3	%
Water Utilities		268,616		3.0	%
Other**		2,176,776		24.8	%
Total	$	8,785,845		100.0	%

** Includes any non-equity securities and net other assets (liabilities), which includes any receivable for capital shares issued and payable for capital shares redeemed.

See accompanying notes to the financial statements.

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Statements of
Assets and Liabilities

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July 31, 2021 :: Statements of Assets and Liabilities :: 225

	Access Flex Bear High Yield ProFund			Access Flex High Yield ProFund
ASSETS:
Total Investment Securities, at cost	$	119,000		$	27,136,410
Securities, at value		—			11,259,832
Repurchase agreements, at value		119,000			15,896,000
Total Investment Securities, at value		119,000			27,155,832
Cash		600			15,895
Segregated cash balances for futures contracts with brokers		2,640			880
Segregated cash balances for credit default swap agreements with brokers		23,888			1,143,674
Receivable for capital shares issued		—			2,247
Receivable for closed swap agreements		6,013			—
Due from Advisor under a Receivables Agreement		293,281			—
Due from Advisor under an expense limitation agreement		3,188			—
Variation margin on futures contracts		—			164
Variation margin on credit default swap agreements		1,533			—
Prepaid expenses		6,547			9,758
TOTAL ASSETS		456,690			28,328,450
LIABILITIES:
Payable for investments purchased		—			11,240,410
Payable for capital shares redeemed		—			201,322
Variation margin on futures contracts		492			—
Variation margin on credit default swap agreements		—			48,646
Advisory fees payable		—			20,713
Management services fees payable		—			4,142
Administration fees payable		28			1,065
Distribution and services fees payable—Service Class		9			3,339
Transfer agency fees payable		41			2,034
Fund accounting fees payable		16			587
Compliance services fees payable		2			88
Service fees payable		2			64
Other accrued expenses		333			26,443
TOTAL LIABILITIES		923			11,548,853
NET ASSETS	$	455,767		$	16,779,597
NET ASSETS CONSIST OF:
Capital	$	5,919,050		$	16,081,419
Total distributable earnings (loss)		(5,463,283	)		698,178
NET ASSETS	$	455,767		$	16,779,597
NET ASSETS:
Investor Class	$	444,906		$	13,252,278
Service Class		10,861			3,527,319
SHARES OF BENEFICIAL INTEREST OUTSTANDING (unlimited number of shares authorized, no par value):
Investor Class		14,864			402,685
Service Class		423			108,418
NET ASSET VALUE (offering and redemption price per share):
Investor Class	$	29.93		$	32.91
Service Class		25.68			32.53

Amounts designated as " – " are $0 or have been rounded to $0.

See accompanying notes to the financial statements.

226 :: Statements of Assets and Liabilities :: July 31, 2021

	Banks UltraSector ProFund		Basic Materials UltraSector ProFund		Bear ProFund			Biotechnology UltraSector ProFund
ASSETS:
Total Investment Securities, at cost	$	115,682,272	$	7,893,541	$	10,467,000		$	90,426,456
Securities, at value(a)		91,668,805		8,813,352		—			131,940,179
Repurchase agreements, at value		28,761,000		2,070,000		10,467,000			43,181,000
Total Investment Securities, at value		120,429,805		10,883,352		10,467,000			175,121,179
Cash		379		601		14			591
Segregated cash balances for futures contracts with brokers		—		—		96,800			—
Segregated cash balances for swap agreements with custodian		—		—		—			—
Dividends and interest receivable		316,696		9,448		—			238,555
Receivable for investments sold		3,938,111		—		—			—
Receivable for capital shares issued		771,792		587,179		20,668			208,159
Due from Advisor under an expense limitation agreement		—		—		—			—
Unrealized appreciation on swap agreements		1,018,457		238,243		9,174			—
Variation margin on futures contracts		—		—		8,920			—
Prepaid expenses		26,733		17,724		9,192			20,959
Receivable for tax reclaims		—		—		—			—
TOTAL ASSETS		126,501,973		11,736,547		10,611,768			175,589,443
LIABILITIES:
Cash overdraft		—		—		—			—
Reverse repurchase agreements, including accrued interest		—		—		—			—
Payable for investments purchased		—		—		—			—
Payable for collateral for securities loaned		—		—		—			—
Payable for capital shares redeemed		2,703,607		10,780		118			724,324
Unrealized depreciation on swap agreements		—		—		—			911,568
Variation margin on futures contracts		—		—		—			—
Due to advisor for expenses paid in advance		—		—		—			—
Advisory fees payable		92,349		14,377		7,292			108,187
Management services fees payable		18,470		2,875		1,459			21,637
Administration fees payable		8,657		881		684			10,179
Distribution and services fees payable—Service Class		771		828		344			4,450
Transfer agency fees payable		8,632		1,310		849			10,359
Fund accounting fees payable		4,787		497		378			5,627
Compliance services fees payable		587		73		69			879
Service fees payable		519		53		41			610
Other accrued expenses		83,823		12,952		12,214			154,381
TOTAL LIABILITIES		2,922,202		44,626		23,448			1,952,201
NET ASSETS	$	123,579,771	$	11,691,921	$	10,588,320		$	173,637,242
NET ASSETS CONSIST OF:
Capital	$	122,298,459	$	6,994,647	$	80,043,520		$	56,341,080
Total distributable earnings (loss)		1,281,312		4,697,274		(69,455,200	)		117,296,162
NET ASSETS	$	123,579,771	$	11,691,921	$	10,588,320		$	173,637,242
NET ASSETS:
Investor Class	$	122,654,837	$	10,709,226	$	9,799,108		$	168,279,505
Service Class		924,934		982,695		789,212			5,357,737
SHARES OF BENEFICIAL INTEREST OUTSTANDING (unlimited number of shares authorized, no par value):
Investor Class		2,162,298		105,553		611,924			1,973,714
Service Class		17,789		11,091		54,189			86,607
NET ASSET VALUE (offering and redemption price per share):
Investor Class	$	56.72	$	101.46	$	16.01		$	85.26
Service Class		51.99		88.60		14.56			61.86
(a) Includes securities on loan valued at:	$	—	$	—	$	—		$	—

*  Consolidated Statement of Assets and Liabilities

Amounts designated as " – " are $0 or have been rounded to $0.

See accompanying notes to the financial statements.

July 31, 2021 :: Statements of Assets and Liabilities :: 227

Bitcoin Strategy ProFund*			Bull ProFund		Communication Services UltraSector ProFund		Consumer Goods UltraSector ProFund		Consumer Services UltraSector ProFund		Europe 30 ProFund
$	354,931		$	22,887,582	$	9,492,723	$	2,539,885	$	48,506,495	$	2,220,199
	354,913			40,513,306		8,608,921		4,158,034		60,408,869	3,495,794
	—			15,520,000		3,669,000		1,243,000		19,296,000	—
	354,913			56,033,306		12,277,921		5,401,034		79,704,869	3,495,794
	274,665			16,615		872		203		—	—
	180,019			217,800		—		—		—	—
	—			—		19		692		—	—
	—			34,288		11,357		3,983		13,292	11,329
	—			—		—		—		—	65,042
	63,850			7,362,836		11,777		13,448		161,916	219,505
	16,082			—		—		—		—	—
	—			—		—		45,924		—	—
	—			—		—		—		—	—
	28,384			17,769		16,011		10,209		12,437	13,337
	—			—		—		—		—	4,846
	917,913			63,682,614		12,317,957		5,475,493		79,892,514	3,809,853
	—			—		—		—		66	22,342
	344,922			—		—		—		—	—
	—			—		—		—		—	69,791
	—			4,960		28,024		—		50,809	97,273
	—			323,921		592,811		73,152		40,136	209,418
	—			12,173		140,748		—		1,767,671	—
	4,969			20,070		—		—		—	—
	28,699			—		—		—		—	—
	—			36,645		9,825		1,608		52,663	3,887
	—			7,329		1,965		322		10,533	777
	1			3,444		669		323		4,947	245
	—			4,598		204		384		1,419	326
	22			6,486		827		475		4,840	425
	1			2,059		377		208		2,769	144
	1			304		56		49		394	26
	1			206		40		19		296	15
	15,772			48,198		10,170		7,873		75,177	3,223
	394,388			470,393		785,716		84,413		2,011,720	407,892
$	523,525		$	63,212,221	$	11,532,241	$	5,391,080	$	77,880,794	$	3,401,961
$	528,624		$	17,402,593	$	7,311,746	$	1,396,758	$	37,558,844	$	6,812,029
	(5,099	)		45,809,628		4,220,495		3,994,322		40,321,950	(3,410,068		)
$	523,525		$	63,212,221	$	11,532,241	$	5,391,080	$	77,880,794	$	3,401,961
$	523,525		$	56,063,961	$	11,326,797	$	4,950,462	$	76,287,081	$	3,189,670
	N/A			7,148,260		205,444		440,618		1,593,713	212,291
	21,198			905,565		65,574		53,896		1,048,357	228,385
	N/A			143,633		1,462		5,396		26,187	13,923
$	24.70		$	61.91	$	172.73	$	91.85	$	72.77	$	13.97
	N/A			49.77		140.52		81.66		60.86	15.25
$	—		$	4,642	$	26,225	$	—	$	47,547	$	92,812

See accompanying notes to the financial statements.

228 :: Statements of Assets and Liabilities :: July 31, 2021

	Falling U.S. Dollar ProFund			Financials UltraSector ProFund		Health Care UltraSector ProFund		Industrials UltraSector ProFund
ASSETS:
Total Investment Securities, at cost	$	1,270,000		$	8,105,560	$	31,046,514	$	14,214,671
Securities, at value(a)		—			9,658,453		31,981,306		11,844,089
Repurchase agreements, at value		1,270,000			2,390,000		9,633,000		6,258,000
Total Investment Securities, at value		1,270,000			12,048,453		41,614,306		18,102,089
Cash		35			580		949		339
Segregated cash balances for swap agreements with custodian		901			792		723		—
Unrealized appreciation on forward currency contracts		7,327			—		—		—
Dividends receivable		—			13,953		27,471		5,591
Receivable for investments sold		—			—		—		—
Receivable for capital shares issued		2,683			91,229		264,122		1,800,181
Unrealized appreciation on swap agreements		—			47,678		99,844		—
Prepaid expenses		10,427			15,968		17,235		10,783
TOTAL ASSETS		1,291,373			12,218,653		42,024,650		19,918,983
LIABILITIES:
Cash overdraft		—			—		—		—
Payable for investments purchased		—			—		—		—
Payable for collateral for securities loaned		—			—		—		3,796
Payable for capital shares redeemed		37,090			9,978		13,343		35,432
Unrealized depreciation on forward currency contracts		269			—		—		—
Unrealized depreciation on swap agreements		—			—		—		65,499
Advisory fees payable		2,274			10,320		15,204		25,387
Management services fees payable		455			2,064		3,041		5,078
Administration fees payable		77			970		1,431		937
Distribution and services fees payable—Service Class		2			568		1,008		380
Transfer agency fees payable		92			1,900		1,527		1,227
Fund accounting fees payable		42			608		829		577
Compliance services fees payable		19			148		107		96
Service fees payable		5			58		86		56
Other accrued expenses		8,820			17,161		21,607		14,441
TOTAL LIABILITIES		49,145			43,775		58,183		152,906
NET ASSETS	$	1,242,228		$	12,174,878	$	41,966,467	$	19,766,077
NET ASSETS CONSIST OF:
Capital	$	3,863,602		$	5,069,419	$	32,369,366	$	14,710,010
Total distributable earnings (loss)		(2,621,374	)		7,105,459		9,597,101		5,056,067
NET ASSETS	$	1,242,228		$	12,174,878	$	41,966,467	$	19,766,077
NET ASSETS:
Investor Class	$	1,239,889		$	11,499,468	$	40,753,145	$	19,362,443
Service Class		2,339			675,410		1,213,322		403,634
SHARES OF BENEFICIAL INTEREST OUTSTANDING (unlimited number of shares authorized, no par value):
Investor Class		76,391			348,587		384,432		317,156
Service Class		159			24,329		14,012		7,728
NET ASSET VALUE (offering and redemption price per share):
Investor Class	$	16.23		$	32.99	$	106.01	$	61.05
Service Class		14.71			27.76		86.59		52.23
(a)    Includes securities on loan valued at:	$	—		$	—	$	—	$	3,466

Amounts designated as " – " are $0 or have been rounded to $0.

See accompanying notes to the financial statements.

July 31, 2021 :: Statements of Assets and Liabilities :: 229

Internet UltraSector ProFund		Large-Cap Growth ProFund		Large-Cap Value ProFund			Mid-Cap Growth ProFund			Mid-Cap ProFund		Mid-Cap Value ProFund
$	143,078,176	$	20,294,500	$	3,844,533		$	2,386,428		$	4,815,298	$	3,619,177
	180,097,179		32,842,184		6,191,624			4,501,432			6,220,099		5,520,120
	65,635,000		—		—			—			770,000		—
	245,732,179		32,842,184		6,191,624			4,501,432			6,990,099		5,520,120
	597		—		—			—			788		—
	—		—		—			—			—		—
	—		—		—			—			—		—
	—		8,887		8,741			753			2,638		3,835
	—		—		260,075			388,265			—		—
	1,196,606		1,948,904		147			115,549			155		—
	—		—		—			—			13,346		—
	25,458		22,752		20,929			21,342			22,350		20,696
	246,954,840		34,822,727		6,481,516			5,027,341			7,029,376		5,544,651
	—		17,882		4,427			33,206			—		25,550
	—		1,750,951		—			115,096			—		—
	—		—		1,643			—			—		—
	339,030		131,690		270,111			361,256			—		4,702
	—		—		—			—			—		—
	7,268,068		—		—			—			—		—
	155,617		15,063		3,846			3,028			4,644		2,303
	31,123		3,013		769			606			929		461
	14,608		1,416		361			285			436		382
	12,444		1,281		1,729			942			685		547
	16,078		1,877		1,428			540			752		688
	8,067		857		336			229			366		307
	1,229		88		79			31			52		42
	875		85		22			17			26		23
	202,036		22,755		7,407			10,873			6,851		4,748
	8,049,175		1,946,958		292,158			526,109			14,741		39,753
$	238,905,665	$	32,875,769	$	6,189,358		$	4,501,232		$	7,014,635	$	5,504,898
$	103,008,342	$	8,070,868	$	6,797,571		$	(5,334,585	)	$	3,401,024	$	3,878,149
	135,897,323		24,804,901		(608,213	)		9,835,817			3,613,611		1,626,749
$	238,905,665	$	32,875,769	$	6,189,358		$	4,501,232		$	7,014,635	$	5,504,898
$	224,716,008	$	31,409,217	$	4,334,072		$	3,719,134		$	6,198,452	$	4,855,888
	14,189,657		1,466,552		1,855,286			782,098			816,183		649,010
	2,816,517		215,070		51,389			28,970			54,943		50,627
	250,495		12,417		25,126			7,516			9,008		8,388
$	79.79	$	146.04	$	84.34		$	128.38		$	112.82	$	95.91
	56.65		118.11		73.84			104.06			90.61		77.37
$	—	$	—	$	1,538		$	—		$	—	$	—

See accompanying notes to the financial statements.

230 :: Statements of Assets and Liabilities :: July 31, 2021

	Nasdaq-100 ProFund		Oil & Gas UltraSector ProFund			Oil Equipment & Services UltraSector ProFund			Pharmaceuticals UltraSector ProFund
ASSETS:
Total Investment Securities, at cost	$	106,827,712	$	24,244,296		$	10,659,684		$	3,629,880
Securities, at value(a)		96,494,526		23,410,936			12,221,561			3,378,935
Repurchase agreements, at value		57,470,000		7,212,000			2,845,000			864,000
Total Investment Securities, at value		153,964,526		30,622,936			15,066,561			4,242,935
Cash		1,536		461			937			217
Segregated cash balances for futures contracts with brokers		35,200		—			—			—
Segregated cash balances for swap agreements with custodian		—		1			—			—
Unrealized appreciation on forward currency contracts		—		—			—			—
Dividends and interest receivable		11,443		35,061			—			7,131
Receivable for capital shares issued		11,985,005		358,248			780,440			9,376
Receivable for closed forward currency contracts		—		—			—			—
Due from Advisor under a Receivables Agreement		—		—			—			—
Unrealized appreciation on swap agreements		26,862		348,740			181,720			11,020
Prepaid expenses		23,356		18,473			17,737			16,673
TOTAL ASSETS		166,047,928		31,383,920			16,047,395			4,287,352
LIABILITIES:
Payable for collateral for securities loaned		—		—			—			—
Payable for capital shares redeemed		4,983,978		172,934			146,526			214
Unrealized depreciation on forward currency contracts		—		—			—			—
Unrealized depreciation on swap agreements		—		—			—			—
Variation margin on futures contracts		3,280		—			—			—
Advisory fees payable		92,381		22,640			18,117			2,361
Management services fees payable		19,796		4,528			3,623			472
Administration fees payable		9,304		2,117			1,688			242
Distribution and services fees payable—Service Class		7,265		1,357			500			265
Transfer agency fees payable		11,705		2,736			2,753			322
Fund accounting fees payable		5,163		1,178			939			148
Compliance services fees payable		672		192			219			22
Service fees payable		557		127			101			14
Other accrued expenses		128,589		27,901			22,430			3,922
TOTAL LIABILITIES		5,262,690		235,710			196,896			7,982
NET ASSETS	$	160,785,238	$	31,148,210		$	15,850,499		$	4,279,370
NET ASSETS CONSIST OF:
Capital	$	73,973,819	$	36,645,278		$	37,370,474		$	2,786,882
Total distributable earnings (loss)		86,811,419		(5,497,068	)		(21,519,975	)		1,492,488
NET ASSETS	$	160,785,238	$	31,148,210		$	15,850,499		$	4,279,370
NET ASSETS:
Investor Class	$	153,312,727	$	29,753,121		$	15,229,336		$	3,960,996
Service Class		7,472,511		1,395,089			621,163			318,374
SHARES OF BENEFICIAL INTEREST OUTSTANDING (unlimited number of shares authorized, no par value):
Investor Class		1,101,355		1,537,676			247,750			129,603
Service Class		67,257		84,583			11,303			12,235
NET ASSET VALUE (offering and redemption price per share):
Investor Class	$	139.20	$	19.35		$	61.47		$	30.56
Service Class		111.10		16.49			54.96			26.02
(a)   Includes securities on loan valued at:	$	—	$	—		$	—		$	—

Amounts designated as " – " are $0 or have been rounded to $0.

See accompanying notes to the financial statements.

July 31, 2021 :: Statements of Assets and Liabilities :: 231

Precious Metals UltraSector ProFund			Real Estate UltraSector ProFund		Rising Rates Opportunity ProFund			Rising Rates Opportunity 10 ProFund			Rising U.S. Dollar ProFund			Semiconductor UltraSector ProFund
$	20,522,997		$	31,793,949	$	9,603,000		$	1,961,000		$	5,718,000		$39,815,331
	25,994,031			27,707,662		—			—			—		63,448,947
	8,265,000			7,932,000		9,603,000			1,961,000			5,718,000		21,354,000
	34,259,031			35,639,662		9,603,000			1,961,000			5,718,000		84,802,947
	411			666		78			223			475		931
	—			—		—			—			—		—
	—			—		—			—			—		643
	—			—		—			—			2,649		—
	153			11,442		—			—			—		27,206
	2,148,121			190,227		341,197			—			69		584,433
	—			—		—			—			13,880		—
	—			—		—			—			676,976		—
	1,452,792			93,686		—			—			—		1,413,448
	18,847			16,615		14,874			9,806			10,526		19,330
	37,879,355			35,952,298		9,959,149			1,971,029			6,422,575		86,848,938
	92,400			—		—			—			—		—
	213,340			44,711		5,009			1,387			20,000		1,460,604
	—			—		—			—			37,366		—
	—			—		153,512			14,085			—		—
	—			—		—			—			—		—
	21,386			35,268		10,522			418			4,577		53,778
	4,277			7,054		2,104			84			916		10,755
	2,012			2,339		909			106			375		5,050
	1,554			950		3,313			104			47		4,081
	3,094			1,855		1,729			193			1,063		5,917
	1,120			1,316		544			63			207		2,794
	179			60		91			15			37		468
	121			140		59			7			22		302
	34,484			17,927		9,668			1,517			41,531		83,933
	373,967			111,620		187,460			17,979			106,141		1,627,682
$	37,505,388		$	35,840,678	$	9,771,689		$	1,953,050		$	6,316,434		$85,221,256
$	87,583,120		$	33,301,872	$	61,029,836		$	6,132,248		$	7,204,080		$24,788,482
	(50,077,732	)		2,538,806		(51,258,147	)		(4,179,198	)		(887,646	)	60,432,774
$	37,505,388		$	35,840,678	$	9,771,689		$	1,953,050		$	6,316,434		$85,221,256
$	35,750,190		$	34,877,104	$	9,091,236		$	1,831,859		$	6,264,311		$79,844,801
	1,755,198			963,574		680,453			121,191			52,123		5,376,455
	544,976			553,416		360,668			148,687			230,650		676,153
	31,497			16,190		30,714			10,687			2,193		60,425
$	65.60		$	63.02	$	25.21		$	12.32		$	27.16		$118.09
	55.73			59.52		22.15			11.34			23.77		88.98
$	88,596		$	—	$	—		$	—		$	—		$—

See accompanying notes to the financial statements.

232 :: Statements of Assets and Liabilities :: July 31, 2021

	Short Nasdaq-100 ProFund			Short Oil & Gas ProFund			Short Precious Metals ProFund			Short Real Estate ProFund
ASSETS:
Total Investment Securities, at cost	$	1,972,000		$	447,000		$	3,260,000		$	438,000
Securities, at value(a)		—			—			—			—
Repurchase agreements, at value		1,972,000			447,000			3,260,000			438,000
Total Investment Securities, at value		1,972,000			447,000			3,260,000			438,000
Cash		785			402			354			230
Segregated cash balances for futures contracts with brokers		17,600			—			—			—
Segregated cash balances for swap agreements with custodian		—			—			—			—
Dividends receivable		—			—			—			—
Receivable for capital shares issued		2,052			23,736			8,334			70,390
Due from Advisor under an expense limitation agreement		219			—			—			1,728
Unrealized appreciation on swap agreements		103			—			—			—
Variation margin on futures contracts		1,640			—			—			—
Prepaid expenses		15,571			21,938			10,051			21,389
TOTAL ASSETS		2,009,970			493,076			3,278,739			531,737
LIABILITIES:
Cash overdraft		—			—			—			—
Payable for investments purchased		—			—			—			—
Payable for collateral for securities loaned		—			—			—			—
Payable for capital shares redeemed		128,706			17,890			971,457			—
Unrealized depreciation on swap agreements		133			30,340			143,652			1,419
Variation margin on futures contracts		—			—			—			—
Advisory fees payable		—			499			2,239			—
Management services fees payable		—			100			448			—
Administration fees payable		256			43			157			27
Distribution and services fees payable—Service Class		132			29			15			12
Transfer agency fees payable		316			83			180			42
Fund accounting fees payable		142			26			94			16
Compliance services fees payable		38			7			11			4
Service fees payable		15			3			10			2
Other accrued expenses		5,327			1,269			2,085			736
TOTAL LIABILITIES		135,065			50,289			1,120,348			2,258
NET ASSETS	$	1,874,905		$	442,787		$	2,158,391		$	529,479
NET ASSETS CONSIST OF:
Capital	$	16,317,134		$	2,008,733		$	12,779,388		$	5,327,040
Total distributable earnings (loss)		(14,442,229	)		(1,565,946	)		(10,620,997	)		(4,797,561	)
NET ASSETS	$	1,874,905		$	442,787		$	2,158,391		$	529,479
NET ASSETS:
Investor Class	$	1,763,844		$	417,883		$	2,143,934		$	515,109
Service Class		111,061			24,904			14,457			14,370
SHARES OF BENEFICIAL INTEREST OUTSTANDING (unlimited number of shares authorized, no par value):
Investor Class		123,448			12,731			144,549			62,887
Service Class		8,760			816			1,002			1,998
NET ASSET VALUE (offering and redemption price per share):
Investor Class	$	14.29		$	32.82		$	14.83		$	8.19
Service Class		12.68			30.52			14.43			7.19
(a)   Includes securities on loan valued at:	$	—		$	—		$	—		$	—

Amounts designated as " – " are $0 or have been rounded to $0.

See accompanying notes to the financial statements.

July 31, 2021 :: Statements of Assets and Liabilities :: 233

Short Small-Cap ProFund			Small-Cap Growth ProFund		Small-Cap ProFund		Small-Cap Value ProFund		Technology UltraSector ProFund		Telecommunications UltraSector ProFund
$	4,558,000		$	5,815,711	$	8,624,851	$	11,309,342	$	59,942,499	$	845,619
	—			10,050,558		6,250,278		15,422,043		75,092,309		841,236
	4,558,000			—		3,537,000		122,000		27,440,000		272,000
	4,558,000			10,050,558		9,787,278		15,544,043		102,532,309		1,113,236
	488			—		799		—		518		554
	7,150			—		7,150		—		—		—
	958			—		159		—		729		95
	—			2,041		763		6,262		4,692		2,624
	—			6,663		2,880,625		19,085		222,910		43,160
	—			—		—		—		—		820
	5,085			—		55,902		—		—		5,988
	795			—		—		—		—		—
	14,776			22,222		22,379		22,346		17,471		13,683
	4,587,252			10,081,484		12,755,055		15,591,736		102,778,629		1,180,160
	—			2,159		—		2,160		—		—
	—			—		2,750,754		—		—		—
	—			127,895		15,194		—		52,614		—
	3,467,237			34,501		61,559		8,187		153,754		4,509
	4,084			—		—		—		585,736		—
	—			—		795		—		—		—
	1,636			6,238		7,541		10,433		51,173		—
	327			1,248		1,508		2,087		10,235		—
	91			586		585		979		4,815		67
	20			696		601		677		4,484		47
	112			1,204		1,096		1,597		5,286		115
	51			427		959		688		2,704		51
	7			89		52		147		363		6
	5			35		35		59		288		4
	1,209			11,312		6,146		19,100		69,401		947
	3,474,779			186,390		2,846,825		46,114		940,853		5,746
$	1,112,473		$	9,895,094	$	9,908,230	$	15,545,622	$	101,837,776	$	1,174,414
$	15,556,379		$	4,666,861	$	8,350,937	$	11,940,845	$	44,471,478	$	6,596,637
	(14,443,906	)		5,228,233		1,557,293		3,604,777		57,366,298		(5,422,223	)
$	1,112,473		$	9,895,094	$	9,908,230	$	15,545,622	$	101,837,776	$	1,174,414
$	1,088,743		$	9,061,997	$	9,240,722	$	14,775,326	$	95,383,750	$	1,118,111
	23,730			833,097		667,508		770,296		6,454,026		56,303
	156,828			71,643		78,983		140,759		764,563		43,970
	3,603			8,241		6,964		9,097		63,398		2,307
$	6.94		$	126.49	$	117.00	$	104.97	$	124.76	$	25.43
	6.59			101.09		95.85		84.68		101.80		24.41
$	—		$	123,373	$	14,187	$	—	$	51,195	$	—

See accompanying notes to the financial statements.

234 :: Statements of Assets and Liabilities :: July 31, 2021

	UltraBear ProFund			UltraBull ProFund		UltraChina ProFund			UltraDow 30 ProFund
ASSETS:
Total Investment Securities, at cost	$	7,096,000		$	74,688,110	$	12,938,902		$	26,835,246
Securities, at value(a)		—			100,304,035		15,574,418			25,548,077
Repurchase agreements, at value		7,096,000			28,385,000		1,247,000			15,022,000
Total Investment Securities, at value		7,096,000			128,689,035		16,821,418			40,570,077
Cash		90,206			322,732		—			10,436
Segregated cash balances for futures contracts with brokers		60,500			375,100		—			138,600
Segregated cash balances for swap agreements with custodian		—			—		—			—
Dividends receivable		—			84,904		36,835			18,959
Receivable for investments sold		—			—		—			—
Receivable for capital shares issued		72,847			4,012,202		985,322			173,838
Receivable from transfer agent		—			—		—			—
Unrealized appreciation on swap agreements		21,494			—		1,358,072			—
Variation margin on futures contracts		5,575			—		—			—
Prepaid expenses		15,275			26,985		11,970			18,561
TOTAL ASSETS		7,361,897			133,510,958		19,213,617			40,930,471
LIABILITIES:
Cash overdraft		—			—		38,535			—
Payable for collateral for securities loaned		—			12,524		894,632			—
Payable for capital shares redeemed		1,896,921			2,183,822		188,303			256,316
Unrealized depreciation on swap agreements		—			192,672		—			177,197
Variation margin on futures contracts		—			34,565		—			9,940
Advisory fees payable		4,021			83,364		13,191			26,656
Management services fees payable		804			16,673		2,638			5,331
Administration fees payable		449			7,841		1,221			2,506
Distribution and services fees payable—Service Class		12			2,634		226			1,050
Transfer agency fees payable		653			10,155		2,079			3,591
Fund accounting fees payable		248			4,483		691			1,392
Compliance services fees payable		44			652		132			208
Service fees payable		27			470		73			150
Other accrued expenses		6,851			96,981		22,592			33,439
TOTAL LIABILITIES		1,910,030			2,646,836		1,164,313			517,776
NET ASSETS	$	5,451,867		$	130,864,122	$	18,049,304		$	40,412,695
NET ASSETS CONSIST OF:
Capital	$	104,122,356		$	54,568,080	$	35,616,387		$	16,965,880
Total distributable earnings (loss)		(98,670,489	)		76,296,042		(17,567,083	)		23,446,815
NET ASSETS	$	5,451,867		$	130,864,122	$	18,049,304		$	40,412,695
NET ASSETS:
Investor Class	$	5,438,278		$	128,078,641	$	17,626,312		$	39,209,553
Service Class		13,589			2,785,481		422,992			1,203,142
SHARES OF BENEFICIAL INTEREST OUTSTANDING (unlimited number of shares authorized, no par value):
Investor Class		253,830			1,133,850		1,493,224			586,098
Service Class		708			30,900		40,797			20,953
NET ASSET VALUE (offering and redemption price per share):
Investor Class	$	21.42		$	112.96	$	11.80		$	66.90
Service Class		19.19			90.15		10.37			57.42
(a)   Includes securities on loan valued at:	$	—		$	11,720	$	849,214		$	—

Amounts designated as " – " are $0 or have been rounded to $0.

See accompanying notes to the financial statements.

July 31, 2021 :: Statements of Assets and Liabilities :: 235

UltraEmerging Markets ProFund			UltraInternational ProFund		UltraJapan ProFund		UltraLatin America ProFund			UltraMid-Cap ProFund		UltraNasdaq-100 ProFund
$	5,086,508		$	3,152,000	$	13,125,000	$	9,594,148		$	45,353,010	$	626,901,034
	8,266,947			—		—		13,938,087			51,127,600		901,941,888
	1,433,000			3,152,000		13,125,000		2,313,000			9,394,000		170,324,000
	9,699,947			3,152,000		13,125,000		16,251,087			60,521,600		1,072,265,888
	223			785		501		863			132,547		873
	—			—		1,900,800		—			742,500		17,600
	—			—		—		—			90		797
	12,863			—		—		25,164			21,735		91,682
	200,317			—		—		399,485			—		—
	129,072			14,722		100,536		513,359			980,786		50,441,550
	5,970			—		—		—			—		—
	415,909			34,953		159		—			919,927		714,735
	—			—		—		—			—		—
	14,572			13,499		12,632		21,966			15,371		51,681
	10,478,873			3,215,959		15,139,628		17,211,924			63,334,556		1,123,584,806
	—			—		—		—			—		—
	96,236			—		—		421,110			—		115,500
	1,035,370			57,115		34,121		352,724			321,790		1,365,634
	—			—		—		316,647			—		—
	—			—		329,378		—			21,500		1,640
	6,987			2,851		14,452		11,024			39,432		683,851
	1,397			570		2,409		2,205			7,886		136,771
	652			193		954		1,031			3,704		64,342
	306			46		146		217			996		20,021
	1,059			459		1,942		2,796			4,727		82,027
	375			115		527		579			2,169		35,521
	81			24		105		110			373		4,981
	39			13		57		62			222		3,854
	14,589			3,025		12,367		16,777			50,607		800,179
	1,157,091			64,411		396,458		1,125,282			453,406		3,314,321
$	9,321,782		$	3,151,548	$	14,743,170	$	16,086,642		$	62,881,150	$	1,120,270,485
$	10,664,722		$	2,253,536	$	13,094,140	$	43,477,159		$	38,108,148	$	433,556,720
	(1,342,940	)		898,012		1,649,030		(27,390,517	)		24,773,002		686,713,765
$	9,321,782		$	3,151,548	$	14,743,170	$	16,086,642		$	62,881,150	$	1,120,270,485
$	8,976,334		$	3,100,638	$	14,600,193	$	15,938,689		$	61,649,686	$	1,096,712,658
	345,448			50,910		142,977		147,953			1,231,464		23,557,827
	112,733			145,854		459,856		835,370			923,108		10,982,402
	4,789			2,730		5,389		8,067			22,982		309,233
$	79.62		$	21.26	$	31.75	$	19.08		$	66.78	$	99.86
	72.13			18.65		26.53		18.34			53.58		76.18
$	90,774		$	—	$	—	$	373,108		$	—	$	106,755

See accompanying notes to the financial statements.

236 :: Statements of Assets and Liabilities :: July 31, 2021

	UltraShort China ProFund			UltraShort Dow 30 ProFund			UltraShort Emerging Markets ProFund			UltraShort International ProFund
ASSETS:
Total Investment Securities, at cost	$	2,338,000		$	3,446,000		$	1,218,000		$	1,520,000
Securities, at value		—			—			—			—
Repurchase agreements, at value		2,338,000			3,446,000			1,218,000			1,520,000
Total Investment Securities, at value		2,338,000			3,446,000			1,218,000			1,520,000
Cash		523			298			771			507
Segregated cash balances for futures contracts with brokers		—			9,900			—			—
Segregated cash balances for swap agreements with custodian		—			—			—			—
Dividends receivable		—			—			—			—
Receivable for capital shares issued		632,921			55,928			15,799			122,317
Due from Advisor under an expense limitation agreement		—			—			1,886			420
Unrealized appreciation on swap agreements		—			21,639			—			—
Variation margin on futures contracts		—			710			—			—
Prepaid expenses		10,064			18,035			13,380			13,217
TOTAL ASSETS		2,981,508			3,552,510			1,249,836			1,656,461
LIABILITIES:
Cash overdraft		—			—			—			—
Payable for capital shares redeemed		234,033			521,209			599,765			272
Unrealized depreciation on swap agreements		398,664			—			55,637			18,023
Variation margin on futures contracts		—			—			—			—
Advisory fees payable		373			368			—			—
Management services fees payable		74			74			—			—
Administration fees payable		76			186			45			84
Distribution and services fees payable—Service Class		5			95			37			4
Transfer agency fees payable		122			219			58			104
Fund accounting fees payable		45			103			27			50
Compliance services fees payable		5			18			3			8
Service fees payable		5			11			3			5
Other accrued expenses		1,212			3,649			1,012			1,266
TOTAL LIABILITIES		634,614			525,932			656,587			19,816
NET ASSETS	$	2,346,894		$	3,026,578		$	593,249		$	1,636,645
NET ASSETS CONSIST OF:
Capital	$	8,437,962		$	26,970,353		$	13,214,315		$	18,663,550
Total distributable earnings (loss)		(6,091,068	)		(23,943,775	)		(12,621,066	)		(17,026,905	)
NET ASSETS	$	2,346,894		$	3,026,578		$	593,249		$	1,636,645
NET ASSETS:
Investor Class	$	2,340,579		$	2,915,722		$	561,873		$	1,631,455
Service Class		6,315			110,856			31,376			5,190
SHARES OF BENEFICIAL INTEREST OUTSTANDING (unlimited number of shares authorized, no par value):
Investor Class		131,521			142,682			24,230			72,907
Service Class		404			6,206			1,499			259
NET ASSET VALUE (offering and redemption price per share):
Investor Class	$	17.80		$	20.44		$	23.19		$	22.38
Service Class		15.63			17.86			20.93			20.04

Amounts designated as " – " or have been rounded to $0.

See accompanying notes to the financial statements.

July 31, 2021 :: Statements of Assets and Liabilities :: 237

UltraShort Japan ProFund			UltraShort Latin America ProFund			UltraShort Mid-Cap ProFund			UltraShort Nasdaq-100 ProFund			UltraShort Small-Cap ProFund			UltraSmall-Cap ProFund
$	221,000		$	1,059,000		$	1,854,000		$	10,912,000		$	9,344,000		$	81,453,972
	—			—			—			—			—		57,119,994
	221,000			1,059,000			1,854,000			10,912,000			9,344,000		37,694,000
	221,000			1,059,000			1,854,000			10,912,000			9,344,000		94,813,994
	773			—			406			284			26		15,398
	26,400			—			14,850			17,600			28,600		143,000
	—			—			—			278			322		498
	—			—			—			—			—		11,907
	1,160			9,427			—			552,442			92,986		4,429,267
	—			1,478			1,578			—			—		—
	580			24,818			—			6,356			—		2,375,791
	4,575			—			430			1,640			3,180		—
	11,678			21,597			9,498			20,234			10,703		14,872
	266,166			1,116,320			1,880,762			11,510,834			9,479,817		101,804,727
	—			186,550			—			—			—		—
	3,599			115,782			358,666			2,019,491			555,427		475,229
	—			—			57,132			1,166			322,442		—
	—			—			—			—			—		15,900
	195			—			—			8,098			4,452		61,482
	33			—			—			1,620			890		12,296
	18			44			86			756			427		5,762
	24			7			17			72			145		919
	38			85			89			952			485		6,655
	11			26			48			418			236		3,814
	2			6			7			102			28		508
	1			3			5			45			26		345
	345			1,585			1,617			12,815			6,227		80,313
	4,266			304,088			417,667			2,045,535			890,785		663,223
$	261,900		$	812,232		$	1,463,095		$	9,465,299		$	8,589,032		$	101,141,504
$	10,784,090		$	16,963,685		$	12,415,952		$	64,666,427		$	63,467,447		$	57,433,018
	(10,522,190	)		(16,151,453	)		(10,952,857	)		(55,201,128	)		(54,878,415	)	43,708,486
$	261,900		$	812,232		$	1,463,095		$	9,465,299		$	8,589,032		$	101,141,504
$	232,578		$	803,679		$	1,443,397		$	9,281,056		$	8,081,229		$	100,147,392
	29,322			8,553			19,698			184,243			507,803		994,112
	18,562			78,291			269,385			591,120			1,110,886		1,118,280
	2,628			950			4,166			12,407			75,711		13,707
$	12.53		$	10.27		$	5.36		$	15.70		$	7.27		$	89.55
	11.16			9.00			4.73			14.85			6.71		72.53

See accompanying notes to the financial statements.

238 :: Statements of Assets and Liabilities :: July 31, 2021

	U.S. Government Plus ProFund			Utilities UltraSector ProFund
ASSETS:
Total Investment Securities, at cost	$	26,082,000		$	5,007,385
Securities, at value		—			6,609,069
Repurchase agreements, at value		26,082,000			2,126,000
Total Investment Securities, at value		26,082,000			8,735,069
Cash		547			622
Segregated cash balances for swap agreements with custodian		—			104
Dividends receivable		—			4,377
Receivable for capital shares issued		611,745			140,055
Unrealized appreciation on swap agreements		314,705			13,447
Prepaid expenses		16,912			16,632
TOTAL ASSETS		27,025,909			8,910,306
LIABILITIES:
Payable for capital shares redeemed		976,451			103,041
Advisory fees payable		7,272			7,595
Management services fees payable		2,182			1,519
Administration fees payable		1,026			479
Distribution and services fees payable—Service Class		1,021			325
Transfer agency fees payable		1,221			619
Fund accounting fees payable		566			279
Compliance services fees payable		64			44
Service fees payable		61			29
Other accrued expenses		14,995			10,531
TOTAL LIABILITIES		1,004,859			124,461
NET ASSETS	$	26,021,050		$	8,785,845
NET ASSETS CONSIST OF:
Capital	$	26,861,647		$	12,597,395
Total distributable earnings (loss)		(840,597	)		(3,811,550	)
NET ASSETS	$	26,021,050		$	8,785,845
NET ASSETS:
Investor Class	$	24,182,390		$	8,418,111
Service Class		1,838,660			367,734
SHARES OF BENEFICIAL INTEREST OUTSTANDING (unlimited number of shares authorized, no par value):
Investor Class		349,243			143,344
Service Class		29,319			6,744
NET ASSET VALUE (offering and redemption price per share):
Investor Class	$	69.24		$	58.73
Service Class		62.71			54.53

Amounts designated as " – " or have been rounded to $0.

See accompanying notes to the financial statements.

Statements of Operations

This Page Intentionally Left Blank

For the Periods Indicated :: Statements of Operations :: 241

	Access Flex Bear High Yield ProFund			Access Flex High Yield ProFund
	Nine Months Ended July 31, 2021			Nine Months Ended July 31, 2021
INVESTMENT INCOME:
Interest	$	10		$	57,294
EXPENSES:
Advisory fees		2,804			110,432
Management services fees		561			22,086
Administration fees		309			11,826
Distribution and services fees—Service Class		122			24,684
Transfer agency fees		204			10,579
Administrative services fees		1,067			34,724
Registration and filing fees		29,704			42,875
Custody fees		51			1,993
Fund accounting fees		162			6,366
Trustee fees		7			263
Compliance services fees		2			106
Service fees		18			719
Legal fees		437			20,548
Other fees		1,756			24,248
Recoupment of prior expenses reduced by the Advisor		—			3,255
Total Gross Expenses before reductions		37,204			314,704
Expenses reduced and reimbursed by the Advisor		(30,428	)		(27,927	)
TOTAL NET EXPENSES		6,776			286,777
NET INVESTMENT INCOME (LOSS)		(6,766	)		(229,483	)
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS:
Net realized gains (losses) on investment securities		—			(157,084	)
Net realized gains (losses) on futures contracts		3,896			(6,424	)
Net realized gains (losses) on swap agreements		(48,850	)		1,342,649
Change in net unrealized appreciation/depreciation on investment securities		—			35,857
Change in net unrealized appreciation/depreciation on futures contracts		(3,534	)		2,610
Change in net unrealized appreciation/depreciation on swap agreements		(8,823	)		308,993
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS		(57,311	)		1,526,601
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	(64,077	)	$	1,297,118

Amounts designated as " – " are $0 or have been rounded to $0.

See accompanying notes to the financial statements.

242 :: Statements of Operations :: For the Periods Indicated

	Banks UltraSector ProFund			Basic Materials UltraSector ProFund			Bear ProFund			Biotechnology UltraSector ProFund
	Year Ended July 31, 2021			Year Ended July 31, 2021			Year Ended July 31, 2021			Year Ended July 31, 2021
INVESTMENT INCOME:
Dividends	$	979,226		$	220,580		$	—		$	1,928,698
Interest		391			398			1,766			4,456
Foreign tax withholding		—			—			—			—
Income from securities lending		15			3,100			—			42
TOTAL INVESTMENT INCOME		979,632			224,078			1,766			1,933,196
EXPENSES:
Advisory fees		374,038			105,903			105,446			1,228,370
Management services fees		74,808			21,181			21,090			245,676
Administration fees		32,999			10,917			11,755			135,485
Distribution and services fees—Service Class		15,134			4,612			4,237			50,621
Transfer agency fees		21,656			6,927			7,014			72,847
Administrative services fees		150,473			41,199			40,546			562,037
Registration and filing fees		33,864			30,596			36,550			47,944
Custody fees		7,491			2,311			2,058			24,698
Fund accounting fees		20,982			6,448			6,315			73,294
Trustee fees		318			329			245			2,706
Compliance services fees		650			172			117			1,476
Service fees		2,332			712			715			8,276
Audit fees		19,896			5,720			4,853			67,438
Licensing fees		11,159			2,845			3,920			32,099
Interest expense		—			—			—			—
Other fees		14,609			4,938			4,710			39,956
Recoupment of prior expenses reduced by the Advisor		348			17,524			—			—
Total Gross Expenses before reductions		780,757			262,334			249,571			2,592,923
Expenses reduced and reimbursed by the Advisor		(348	)		(6,378	)		—			—
TOTAL NET EXPENSES		780,409			255,956			249,571			2,592,923
NET INVESTMENT INCOME (LOSS)		199,223			(31,878	)		(247,805	)		(659,727	)
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS:
Net realized gains (losses) on investment securities		(2,252,500	)		1,736,394			—			10,203,221
Net realized gains (losses) on futures contracts		—			—			(382,698	)		—
Net realized gains (losses) on swap agreements		(141,110	)		3,003,984			(4,483,009	)		17,984,426
Change in net unrealized appreciation/depreciation on investment securities		1,855,718			1,483,069			—			11,345,310
Change in net unrealized appreciation/depreciation on futures contracts		—			—			(46,800	)		—
Change in net unrealized appreciation/depreciation on swap agreements		1,117,192			301,453			172,080			3,589,410
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS		579,300			6,524,900			(4,740,427	)		43,122,367
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	778,523		$	6,493,022		$	(4,988,232	)	$	42,462,640

*	Consolidated Statement of Operations.
**	Period from commencement of operations.

Amounts designated as " – " are $0 or have been rounded to $0.

See accompanying notes to the financial statements.

For the Periods Indicated :: Statements of Operations :: 243

Bitcoin Strategy ProFund*			Bull ProFund			Communication Services UltraSector ProFund			Consumer Goods UltraSector ProFund			Consumer Services UltraSector ProFund			Europe 30 ProFund
Period from July 28, 2021 to July 31, 2021**			Year Ended July 31, 2021			Year Ended July 31, 2021			Year Ended July 31, 2021			Year Ended July 31, 2021			Year Ended July 31, 2021
$	—		$	697,432		$	54,311		$	119,996		$	433,724		$	116,364
	1			1,979			177			234			2,045			—
	—			(25	)		—			—			—			(6,103	)
	—			580			42			7			543			635
	1			699,966			54,530			120,237			436,312			110,896
	17			474,361			62,419			65,245			555,057			29,645
	6			94,873			12,484			13,049			111,012			5,929
	1			52,723			6,550			7,363			59,392			3,133
	—			57,298			2,019			5,353			17,108			3,006
	22			43,816			4,436			5,345			31,753			3,833
	—			159,155			26,049			26,394			248,208			5,535
	315			63,302			30,504			31,163			35,537			27,712
	1			9,382			1,259			1,333			11,153			2,902
	1			30,258			3,781			4,362			33,688			1,825
	—			1,174			122			147			1,231			60
	1			564			83			82			692			42
	1			3,221			416			454			3,750			194
	15,280			24,017			3,331			3,515			30,003			1,397
	329			9,348			4,195			1,751			15,390			—
	2			—			—			—			—			—
	177			16,465			3,468			3,734			20,918			2,952
	—			—			—			—			—			—
	16,153			1,039,957			161,116			169,290			1,174,892			88,165
	(16,105	)		—			(7,303	)		(9,087	)		—			(14,857	)
	48			1,039,957			153,813			160,203			1,174,892			73,308
	(47	)		(339,991	)		(99,283	)		(39,966	)		(738,580	)		37,588
	—			12,248,256			(45,624	)		980,433			1,271,715			249,350
	(65	)		1,676,269			—			—			—			—
	—			3,554,018			2,149,751			1,652,811			13,603,990			—
	(18	)		1,018,335			1,987,165			660,378			10,098,392			559,801
	(4,969	)		(99,467	)		—			—			—			—
	—			(182,057	)		(222,595	)		24,997			(2,457,713	)		—
	(5,052	)		18,215,354			3,868,697			3,318,619			22,516,384			809,151
$	(5,099	)	$	17,875,363		$	3,769,414		$	3,278,653		$	21,777,804		$	846,739

See accompanying notes to the financial statements.

244 :: Statements of Operations :: For the Periods Indicated

	Falling U.S. Dollar ProFund			Financials UltraSector ProFund			Health Care UltraSector ProFund			Industrials UltraSector ProFund
	Year Ended July 31, 2021			Year Ended July 31, 2021			Year Ended July 31, 2021			Year Ended July 31, 2021
INVESTMENT INCOME:
Dividends	$	—		$	208,139		$	234,378		$	125,847
Interest		158			515			604			292
Foreign tax withholding		—			—			—			—
Income from securities lending		—			46			11			46
TOTAL INVESTMENT INCOME		158			208,700			234,993			126,185
EXPENSES:
Advisory fees		17,737			113,850			154,805			101,113
Management services fees		3,547			22,770			30,961			20,223
Administration fees		1,889			10,880			18,104			10,273
Distribution and services fees—Service Class		2,021			5,169			11,297			4,611
Transfer agency fees		1,395			7,281			11,850			6,466
Administrative services fees		7,438			44,153			61,964			40,888
Registration and filing fees		28,121			38,449			48,475			29,893
Custody fees		7,780			2,377			3,104			2,108
Fund accounting fees		1,035			7,450			9,731			6,624
Trustee fees		29			190			375			274
Compliance services fees		25			171			174			203
Service fees		118			740			1,050			670
Other fees		6,600			14,170			16,927			13,449
Recoupment of prior expenses reduced by the Advisor		—			10,252			—			18,500
Total Gross Expenses before reductions		77,735			277,902			368,817			255,295
Expenses reduced and reimbursed by the Advisor		(33,619	)		(6,080	)		—			(10,709	)
TOTAL NET EXPENSES		44,116			271,822			368,817			244,586
NET INVESTMENT INCOME (LOSS)		(43,958	)		(63,122	)		(133,824	)		(118,401	)
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS:
Net realized gains (losses) on investment securities		—			1,850,857			1,732,796			827,550
Net realized gains (losses) on futures contracts		—			—			—			—
Net realized gains (losses) on swap agreements		—			3,630,455			2,976,753			3,008,542
Net realized gains (losses) on forward currency contracts		22,757			—			—			—
Change in net unrealized appreciation/depreciation on investment securities		—			1,672,822			1,490,724			2,056,311
Change in net unrealized appreciation/depreciation on futures contracts		—			—			—			—
Change in net unrealized appreciation/depreciation on swap agreements		—			60,792			430,270			(63,469	)
Change in net unrealized appreciation/depreciation on forward currency contracts		(33,499	)		—			—			—
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS		(10,742	)		7,214,926			6,630,543			5,828,934
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	(54,700	)	$	7,151,804		$	6,496,719		$	5,710,533

Amounts designated as " – " are $0 or have been rounded to $0.

See accompanying notes to the financial statements.

For the Periods Indicated :: Statements of Operations :: 245

Internet UltraSector ProFund			Large-Cap Growth ProFund			Large-Cap Value ProFund			Mid-Cap Growth ProFund			Mid-Cap ProFund			Mid-Cap Value ProFund
Year Ended July 31, 2021			Year Ended July 31, 2021			Year Ended July 31, 2021			Year Ended July 31, 2021			Year Ended July 31, 2021			Year Ended July 31, 2021
$	389,759		$	314,790		$	223,919		$	190,051		$	63,040		$	121,616
	5,776			9			1			5			227			—
	—			(1	)		(35	)		—			—			—
	760			1			176			101			77			217
	396,295			314,799			224,061			190,157			63,344			121,833
	1,637,718			253,557			71,745			149,269			61,111			47,900
	327,546			50,712			14,349			29,854			12,222			9,580
	177,448			29,227			7,205			17,821			6,358			4,967
	107,537			16,840			17,988			9,812			7,816			5,754
	103,712			19,482			9,127			13,701			4,891			5,621
	687,305			93,286			14,018			61,583			20,552			11,119
	53,704			39,462			30,391			33,279			29,702			28,126
	33,018			5,492			1,672			3,479			1,216			1,144
	97,494			16,351			5,690			10,122			4,950			3,827
	3,605			730			120			510			113			96
	2,022			239			105			156			77			61
	11,014			1,753			473			1,056			400			313
	183,649			28,969			8,538			16,550			7,953			6,012
	—			—			60			—			—			—
	3,425,772			556,100			181,481			347,192			157,361			124,520
	—			—			(60	)		—			—			(5,084	)
	3,425,772			556,100			181,421			347,192			157,361			119,436
	(3,029,477	)		(241,301	)		42,640			(157,035	)		(94,017	)		2,397
	18,212,768			14,950,282			444,719			9,710,631			955,911			1,354,027
	—			—			—			—			19,944			—
	51,552,617			—			—			—			1,315,721			—
	—			—			—			—			—			—
	23,159,124			(7,007,476	)		1,074,718			(1,694,970	)		731,361			1,227,070
	—			—			—			—			(2,217	)		—
	(12,845,431	)		—			—			—			15,186			—
	—			—			—			—			—			—
	80,079,078			7,942,806			1,519,437			8,015,661			3,035,906			2,581,097
$	77,049,601		$	7,701,505		$	1,562,077		$	7,858,626		$	2,941,889		$	2,583,494

See accompanying notes to the financial statements.

246 :: Statements of Operations :: For the Periods Indicated

	Nasdaq-100 ProFund			Oil & Gas UltraSector ProFund			Oil Equipment & Services UltraSector ProFund			Pharmaceuticals UltraSector ProFund
	Year Ended July 31, 2021			Year Ended July 31, 2021			Year Ended July 31, 2021			Year Ended July 31, 2021
INVESTMENT INCOME:
Dividends	$	614,984		$	648,333		$	178,359		$	58,611
Interest		6,896			324			283			98
Foreign tax withholding		(487	)		(1	)		(60	)		—
Income from securities lending		188			17			455			169
TOTAL INVESTMENT INCOME		621,581			648,673			179,037			58,878
EXPENSES:
Advisory fees		935,612			161,896			147,486			30,388
Management services fees		200,489			32,379			29,497			6,078
Administration fees		109,412			16,282			14,255			3,343
Distribution and services fees—Service Class		85,530			11,229			4,931			3,330
Transfer agency fees		78,027			11,137			10,614			2,268
Administrative services fees		367,708			66,607			55,993			12,459
Registration and filing fees		53,791			31,775			29,769			29,523
Custody fees		20,371			3,373			3,756			616
Fund accounting fees		60,138			9,533			8,584			1,981
Trustee fees		2,369			269			181			68
Licensing fees		59,302			4,500			4,618			828
Compliance services fees		1,233			248			262			37
Service fees		6,761			1,058			954			206
Other fees		81,548			15,100			13,691			4,181
Recoupment of prior expenses reduced by the Advisor		—			—			19,955			—
Total Gross Expenses before reductions		2,062,291			365,386			344,546			95,306
Expenses reduced and reimbursed by the Advisor		—			—			(3,883	)		(19,856	)
TOTAL NET EXPENSES		2,062,291			365,386			340,663			75,450
NET INVESTMENT INCOME (LOSS)		(1,440,710	)		283,287			(161,626	)		(16,572	)
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS:
Net realized gains (losses) on investment securities		28,162,080			(1,152,526	)		(4,411,130	)		1,128,735
Net realized gains (losses) on futures contracts		3,972,886			—			—			—
Net realized gains (losses) on swap agreements		17,413,453			3,150,023			(1,323,572	)		530,960
Net realized gains (losses) on forward currency contracts		—			—			—			—
Change in net unrealized appreciation/depreciation on investment securities		(386,375	)		4,459,223			3,177,520			(535,414	)
Change in net unrealized appreciation/depreciation on futures contracts		(212,186	)		—			—			—
Change in net unrealized appreciation/depreciation on swap agreements		(541,685	)		772,358			554,804			35,393
Change in net unrealized appreciation/depreciation on forward currency contracts		—			—			—			—
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS		48,408,173			7,229,078			(2,002,378	)		1,159,674
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	46,967,463		$	7,512,365		$	(2,164,004	)	$	1,143,102

Amounts designated as " – " are $0 or have been rounded to $0.

See accompanying notes to the financial statements.

For the Periods Indicated :: Statements of Operations :: 247

Precious Metals UltraSector ProFund			Real Estate UltraSector ProFund			Rising Rates Opportunity ProFund			Rising Rates Opportunity 10 ProFund			Rising U.S. Dollar ProFund			Semiconductor UltraSector ProFund
Year Ended July 31, 2021			Year Ended July 31, 2021			Year Ended July 31, 2021			Year Ended July 31, 2021			Year Ended July 31, 2021			Year Ended July 31, 2021
$	480,972		$	130,177		$	—		$	—		$	—		$	779,871
	1,140			130			970			210			684			1,937
	(48,650	)		—			—			—			—			(2,499	)
	1,754			29			—			—			—			—
	435,216			130,336			970			210			684			779,309
	271,734			66,184			92,996			16,955			49,567			618,997
	54,347			13,237			18,599			3,391			9,914			123,800
	30,466			6,509			8,619			1,617			5,526			66,605
	19,866			4,954			27,346			958			582			41,697
	24,667			5,015			8,616			1,238			7,335			39,636
	89,528			22,979			29,878			6,067			6,911			265,039
	48,339			34,830			32,951			27,121			31,296			58,715
	5,809			1,442			1,798			332			6,755			12,345
	16,668			4,061			5,298			975			2,946			36,957
	645			83			153			35			109			1,352
	7,708			1,581			—			—			14,417			16,081
	309			77			117			21			60			818
	1,872			419			598			110			333			4,169
	25,670			8,148			9,651			2,945			6,051			59,318
	—			—			2,435			—			—			—
	597,628			169,519			239,055			61,765			141,802			1,345,529
	—			(4,800	)		(1,655	)		(20,566	)		(23,580	)		—
	597,628			164,719			237,400			41,199			118,222			1,345,529
	(162,412	)		(34,383	)		(236,430	)		(40,989	)		(117,538	)		(566,220	)
	1,068,056			309,121			—			—			—			5,072,641
	—			—			439			(5,996	)		—			—
	(6,332,733	)		2,055,460			101,283			79,934			—			23,440,535
	—			—			—			—			(356,187	)		—
	(7,392,524	)		1,547,586			—			—			—			20,415,063
	—			—			—			—			—			—
	(462,973	)		(44,080	)		128,697			2,798			—			1,222,895
	—			—			—			—			257,620			—
	(13,120,174	)		3,868,087			230,419			76,736			(98,567	)		50,151,134
$	(13,282,586	)	$	3,833,704		$	(6,011	)	$	35,747		$	(216,105	)	$	49,584,914

See accompanying notes to the financial statements.

248 :: Statements of Operations :: For the Periods Indicated

	Short Nasdaq-100 ProFund			Short Oil & Gas ProFund			Short Precious Metals ProFund			Short Real Estate ProFund
	Year Ended July 31, 2021			Year Ended July 31, 2021			Year Ended July 31, 2021			Year Ended July 31, 2021
INVESTMENT INCOME:
Dividends	$	—		$	—		$	—		$	—
Interest		836			314			265			160
Foreign tax withholding		—			—			—			—
Income from securities lending		—			—			—			—
TOTAL INVESTMENT INCOME		836			314			265			160
EXPENSES:
Advisory fees		47,837			13,768			16,562			7,531
Management services fees		9,568			2,754			3,312			1,506
Administration fees		5,439			1,483			1,634			810
Distribution and services fees—Service Class		1,781			291			386			182
Transfer agency fees		4,032			1,259			1,311			542
Administrative services fees		16,899			5,353			6,089			3,802
Registration and filing fees		31,130			29,095			30,642			29,897
Custody fees		1,506			277			310			156
Fund accounting fees		2,911			853			988			464
Trustee fees		98			38			38			20
Compliance services fees		62			11			20			7
Service fees		329			97			112			53
Other fees		9,195			3,130			2,227			2,398
Recoupment of prior expenses reduced by the Advisor		—			—			—			—
Total Gross Expenses before reductions		130,787			58,409			63,631			47,368
Expenses reduced and reimbursed by the Advisor		(15,472	)		(25,443	)		(23,940	)		(29,312	)
TOTAL NET EXPENSES		115,315			32,966			39,691			18,056
NET INVESTMENT INCOME (LOSS)		(114,479	)		(32,652	)		(39,426	)		(17,896	)
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS:
Net realized gains (losses) on investment securities		—			—			—			—
Net realized gains (losses) on futures contracts		(64,505	)		—			—			—
Net realized gains (losses) on swap agreements		3,070,731			(568,825	)		508,774			(317,484	)
Change in net unrealized appreciation/depreciation on investment securities		—			—			—			—
Change in net unrealized appreciation/depreciation on futures contracts		(23,974	)		—			—			—
Change in net unrealized appreciation/depreciation on swap agreements		616,329			(134,116	)		(33,382	)		58,558
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS		3,598,581			(702,941	)		475,392			(258,926	)
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	3,484,102		$	(735,593	)	$	435,966		$	(276,822	)

Amounts designated as " – " are $0 or have been rounded to $0.

See accompanying notes to the financial statements.

For the Periods Indicated :: Statements of Operations :: 249

Short Small-Cap ProFund			Small-Cap Growth ProFund			Small-Cap ProFund			Small-Cap Value ProFund			Technology UltraSector ProFund			Telecommunications UltraSector ProFund
Year Ended July 31, 2021			Year Ended July 31, 2021			Year Ended July 31, 2021			Year Ended July 31, 2021			Year Ended July 31, 2021			Year Ended July 31, 2021
$	—		$	112,466		$	29,238		$	255,243		$	434,905		$	22,153
	203			3			309			1			2,190			24
	—			(3	)		(57	)		(123	)		(410	)		—
	—			1,978			448			1,827			269			20
	203			114,444			29,938			256,948			436,954			22,197
	11,453			108,123			55,096			111,568			560,321			7,397
	2,291			21,624			11,019			22,314			112,065			1,479
	1,311			11,535			5,516			11,209			62,477			799
	257			8,639			4,276			10,672			43,209			521
	1,105			12,155			5,617			11,343			38,664			660
	3,844			27,601			15,194			30,816			215,050			2,717
	30,785			29,012			32,664			28,751			59,963			28,754
	251			2,437			1,117			2,521			11,285			158
	692			7,627			10,256			8,149			34,321			601
	27			238			105			178			1,310			16
	12			163			82			180			619			9
	78			728			355			731			3,821			50
	3,620			10,586			12,341			11,337			64,366			2,190
	—			—			—			324			—			—
	55,726			240,468			153,638			250,093			1,207,471			45,351
	(28,286	)		—			(16,459	)		(324	)		—			(27,274	)
	27,440			240,468			137,179			249,769			1,207,471			18,077
	(27,237	)		(126,024	)		(107,241	)		7,179			(770,517	)		4,120
	—			4,759,076			283,453			1,345,729			4,521,047			22,178
	(59,771	)		—			177,308			—			—			—
	(877,425	)		—			1,261,619			—			20,491,269			133,111
	—			1,498,090			706,881			3,517,472			13,254,914			94,607
	8,268			—			(9,816	)		—			—			—
	(1,882	)		—			47,570			—			(3,157,076	)		(2,934	)
	(930,810	)		6,257,166			2,467,015			4,863,201			35,110,154			246,962
$	(958,047	)	$	6,131,142		$	2,359,774		$	4,870,380		$	34,339,637		$	251,082

See accompanying notes to the financial statements.

250 :: Statements of Operations :: For the Periods Indicated

	UltraBear ProFund			UltraBull ProFund			UltraChina ProFund			UltraDow 30 ProFund
	Year Ended July 31, 2021			Year Ended July 31, 2021			Year Ended July 31, 2021			Year Ended July 31, 2021
INVESTMENT INCOME:
Dividends	$	—		$	1,097,767		$	139,376		$	377,019
Interest		997			4,148			275			1,242
Foreign tax withholding		—			(63	)		(12,076	)		—
Income from securities lending		—			932			3,024			—
Miscellaneous income		—			—			—			—
TOTAL INVESTMENT INCOME		997			1,102,784			130,599			378,261
EXPENSES:
Advisory fees		62,345			825,549			160,566			248,143
Management services fees		12,469			165,111			32,113			49,629
Administration fees		6,825			87,996			17,099			26,262
Distribution and services fees—Service Class		361			21,943			12,503			10,887
Transfer agency fees		4,735			58,789			15,122			19,901
Administrative services fees		24,817			290,838			55,053			92,808
Registration and filing fees		47,623			82,840			34,002			33,104
Custody fees		1,248			16,527			8,811			4,959
Fund accounting fees		3,706			50,458			9,605			14,685
Trustee fees		127			1,820			320			517
Compliance services fees		70			1,069			203			320
Service fees		419			5,499			1,068			1,645
Other fees		8,482			80,120			22,388			34,270
Recoupment of prior expenses reduced by the Advisor		—			—			—			—
Total Gross Expenses before reductions		173,227			1,688,559			368,853			537,130
Expenses reduced and reimbursed by the Advisor		(24,900	)		—			—			—
TOTAL NET EXPENSES		148,327			1,688,559			368,853			537,130
NET INVESTMENT INCOME (LOSS)		(147,330	)		(585,775	)		(238,254	)		(158,869	)
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS:
Net realized gains (losses) on investment securities		—			(76,217	)		(3,310,193	)		1,436,602
Net realized gains (losses) on futures contracts		(412,528	)		2,271,203			—			627,237
Net realized gains (losses) on swap agreements		(6,143,888	)		38,829,474			(7,949,324	)		11,451,247
Change in net unrealized appreciation/depreciation on investment securities		—			20,455,363			(1,267,841	)		3,721,216
Change in net unrealized appreciation/depreciation on futures contracts		(2,817	)		(151,257	)		—			35,428
Change in net unrealized appreciation/depreciation on swap agreements		189,806			(1,477,748	)		1,226,002			58,831
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS		(6,369,427	)		59,850,818			(11,301,356	)		17,330,561
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	(6,516,757	)	$	59,265,043		$	(11,539,610	)	$	17,171,692

Amounts designated as " – " are $0 or have been rounded to $0.

See accompanying notes to the financial statements.

For the Periods Indicated :: Statements of Operations :: 251

UltraEmerging Markets ProFund			UltraInternational ProFund			UltraJapan ProFund			UltraLatin America ProFund			UltraMid-Cap ProFund			UltraNasdaq-100 ProFund
Year Ended July 31, 2021			Year Ended July 31, 2021			Year Ended July 31, 2021			Year Ended July 31, 2021			Year Ended July 31, 2021			Year Ended July 31, 2021
$	196,997		$	—		$	—		$	509,918		$	464,299		$	3,966,643
	192			408			1,311			227			1,418			38,786
	(23,188	)		—			—			(23,453	)		—			(3,294	)
	277			—			—			4,521			1,161			1,475
	—			—			—			—			—			931
	174,278			408			1,311			491,213			466,878			4,004,541
	116,137			28,044			143,917			125,098			381,321			6,462,925
	23,228			5,609			23,986			25,020			76,265			1,292,594
	12,417			2,666			12,645			13,185			39,221			686,025
	4,520			941			1,761			1,745			9,775			191,485
	10,924			2,563			12,492			15,410			25,967			508,867
	35,772			9,623			34,577			29,184			150,547			2,423,889
	34,362			31,726			30,809			34,056			33,132			142,774
	6,142			563			2,520			17,732			8,821			150,881
	6,995			1,635			7,035			7,462			23,564			381,709
	267			66			247			267			718			13,722
	150			44			163			184			524			8,083
	774			185			795			829			2,498			43,101
	17,000			3,944			12,417			18,474			38,533			917,107
	12,443			—			7,100			—			—			—
	281,131			87,609			290,464			288,646			790,886			13,223,162
	(2,668	)		(20,111	)		(4,066	)		—			—			—
	278,463			67,498			286,398			288,646			790,886			13,223,162
	(104,185	)		(67,090	)		(285,087	)		202,567			(324,008	)		(9,218,621	)
	1,318,947			—			—			401,122			1,873,792			18,801,511
	—			—			6,338,864			—			1,072,057			18,926,398
	1,799,538			1,652,457			15,582			4,799,167			18,607,701			348,151,618
	774,932			—			—			3,187,987			8,363,556			146,533,989
	—			—			(551,284	)		—			(249,165	)		(1,912,298	)
	748,640			278,041			4,349			330,381			988,958			(16,463,807	)
	4,642,057			1,930,498			5,807,511			8,718,657			30,656,899			514,037,411
$	4,537,872		$	1,863,408		$	5,522,424		$	8,921,224		$	30,332,891		$	504,818,790

See accompanying notes to the financial statements.

252 :: Statements of Operations :: For the Periods Indicated

	UltraShort China ProFund			UltraShort Dow 30 ProFund			UltraShort Emerging Markets ProFund			UltraShort International ProFund
	Year Ended July 31, 2021			Year Ended July 31, 2021			Year Ended July 31, 2021			Year Ended July 31, 2021
INVESTMENT INCOME:
Dividends	$	—		$	—		$	—		$	—
Interest		89			567			120			252
Foreign tax withholding		—			—			—			—
TOTAL INVESTMENT INCOME		89			567			120			252
EXPENSES:
Advisory fees		7,356			30,944			6,262			13,865
Management services fees		1,471			6,189			1,252			2,773
Administration fees		721			3,502			666			1,412
Distribution and services fees—Service Class		87			1,645			536			69
Transfer agency fees		725			2,284			643			933
Administrative services fees		2,286			13,322			2,173			5,917
Registration and filing fees		28,892			36,631			30,698			28,628
Custody fees		143			635			121			280
Fund accounting fees		428			1,848			384			812
Trustee fees		13			74			15			32
Compliance services fees		7			34			6			15
Service fees		48			209			43			92
Other fees		2,536			6,037			2,724			3,126
Total Gross Expenses before reductions		44,713			103,354			45,523			57,954
Expenses reduced and reimbursed by the Advisor		(27,169	)		(28,270	)		(30,127	)		(24,978	)
TOTAL NET EXPENSES		17,544			75,084			15,396			32,976
NET INVESTMENT INCOME (LOSS)		(17,455	)		(74,517	)		(15,276	)		(32,724	)
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS:
Net realized gains (losses) on investment securities		—			—			—			—
Net realized gains (losses) on futures contracts		—			(149,886	)		—			—
Net realized gains (losses) on swap agreements		668,372			(2,799,401	)		(471,701	)		(1,120,240	)
Change in net unrealized appreciation/depreciation on investment securities		—			—			—			—
Change in net unrealized appreciation/depreciation on futures contracts		—			(22,087	)		—			—
Change in net unrealized appreciation/depreciation on swap agreements		(388,798	)		(45,616	)		(77,642	)		(175,965	)
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS		279,574			(3,016,990	)		(549,343	)		(1,296,205	)
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	262,119		$	(3,091,507	)	$	(564,619	)	$	(1,328,929	)

See accompanying notes to the financial statements.

For the Periods Indicated :: Statements of Operations :: 253

UltraShort Japan ProFund			UltraShort Latin America ProFund			UltraShort Mid-Cap ProFund			UltraShort Nasdaq-100 ProFund			UltraShort Small-Cap ProFund			UltraSmall-Cap ProFund
Year Ended July 31, 2021			Year Ended July 31, 2021			Year Ended July 31, 2021			Year Ended July 31, 2021			Year Ended July 31, 2021			Year Ended July 31, 2021
$	—		$	—		$	—		$	—		$	—		$	411,365
	53			321			281			2,282			957			2,838
	—			—			—			—			—			(832	)
	53			321			281			2,282			957			413,371
	3,764			14,534			13,645			130,996			49,778			541,703
	627			2,907			2,729			26,199			9,956			108,341
	347			1,554			1,598			14,435			5,695			56,014
	165			335			310			1,622			1,451			10,432
	281			1,207			969			10,993			4,057			38,916
	1,194			5,917			6,368			46,971			16,570			216,095
	29,003			32,350			28,765			46,454			37,916			57,618
	64			290			282			3,857			1,022			11,036
	192			881			841			7,804			3,042			38,909
	9			39			35			266			118			1,037
	3			13			13			169			48			776
	21			100			95			883			344			3,575
	1,793			3,655			3,128			21,811			10,513			95,715
	37,463			63,782			58,778			312,460			140,510			1,180,167
	(29,853	)		(28,953	)		(26,083	)		—			(20,919	)		—
	7,610			34,829			32,695			312,460			119,591			1,180,167
	(7,557	)		(34,508	)		(32,414	)		(310,178	)		(118,634	)		(766,796	)
	—			—			—			—			—			2,677,021
	(96,515	)		—			(91,308	)		5,546			(211,983	)		2,053,946
	(29,018	)		(1,877,375	)		(1,578,093	)		6,361,248			(6,204,325	)		28,859,036
	—			—			—			—			—			8,273,375
	(33,108	)		—			5,550			(28,422	)		30,443			(97,864	)
	(7,228	)		(168,423	)		(53,420	)		1,959,141			(331,708	)		2,402,848
	(165,869	)		(2,045,798	)		(1,717,271	)		8,297,513			(6,717,573	)		44,168,362
$	(173,426	)	$	(2,080,306	)	$	(1,749,685	)	$	7,987,335		$	(6,836,207	)	$	43,401,566

See accompanying notes to the financial statements.

254 :: Statements of Operations :: For the Periods Indicated

	U.S. Government Plus ProFund			Utilities UltraSector ProFund
	Year Ended July 31, 2021			Year Ended July 31, 2021
INVESTMENT INCOME:
Dividends	$	—		$	183,750
Interest		52,697			261
TOTAL INVESTMENT INCOME		52,697			184,011
EXPENSES:
Advisory fees		76,339			62,847
Management services fees		22,902			12,569
Administration fees		13,017			6,961
Distribution and services fees—Service Class		10,451			3,087
Transfer agency fees		11,333			4,540
Administrative services fees		34,155			26,290
Registration and filing fees		49,679			43,458
Custody fees		2,394			1,242
Fund accounting fees		6,935			3,964
Trustee fees		290			146
Compliance services fees		124			74
Service fees		784			429
Other fees		13,274			10,234
Total Gross Expenses before reductions		241,677			175,841
Expenses reduced and reimbursed by the Advisor		—			(3,373	)
TOTAL NET EXPENSES		241,677			172,468
NET INVESTMENT INCOME (LOSS)		(188,980	)		11,543
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS:
Net realized gains (losses) on investment securities		(1,152,361	)		610,158
Net realized gains (losses) on futures contracts		(20,947	)		—
Net realized gains (losses) on swap agreements		(1,919,470	)		616,836
Change in net unrealized appreciation/depreciation on investment securities		(369,969	)		(174,189	)
Change in net unrealized appreciation/depreciation on swap agreements		(91,309	)		18,971
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS		(3,554,056	)		1,071,776
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	(3,743,036	)	$	1,083,319

See accompanying notes to the financial statements.

Statements of Changes in Net Assets

This Page Intentionally Left Blank

For the Periods Indicated :: Statements of Changes in Net Assets :: 257

	Access Flex Bear High Yield ProFund						Access Flex High Yield ProFund
	Nine Months Ended July 31, 2021			Year Ended October 31, 2020			Nine Months Ended July 31, 2021			Year Ended October 31, 2020
FROM INVESTMENT ACTIVITIES:
OPERATIONS:
Net investment income (loss)	$	(6,766	)	$	(14,725	)	$	(229,483	)	$	(295,418	)
Net realized gains (losses) on investments		(44,954	)		(119,631	)		1,179,141			759,149
Change in net unrealized appreciation/depreciation on investments		(12,357	)		8,535			347,460			(496,595	)
Change in net assets resulting from operations		(64,077	)		(125,821	)		1,297,118			(32,864	)
DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions
Investor Class		—			—			(352,208	)		(473,488	)
Service Class		—			—			(58,794	)		(73,610	)
Return of Capital
Investor Class		—			—			—			(51,279	)
Service Class		—			—			—			(7,972	)
Change in net assets resulting from distributions		—			—			(411,002	)		(606,349	)
Change in net assets resulting from capital transactions		(339,063	)		145,189			(4,470,145	)		(3,640,067	)
Change in net assets		(403,140	)		19,368			(3,584,029	)		(4,279,280	)
NET ASSETS:
Beginning of period		858,907			839,539			20,363,626			24,642,906
End of period	$	455,767		$	858,907		$	16,779,597		$	20,363,626
CAPITAL TRANSACTIONS:
Investor Class
Proceeds from shares issued	$	1,430,464		$	5,134,273		$	23,728,782		$	100,359,693
Distributions reinvested		—			—			351,055			510,530
Value of shares redeemed		(1,768,701	)		(4,971,541	)		(29,153,053	)		(103,023,846	)
Service Class
Proceeds from shares issued		29,755			712,479			2,325,033			10,267,023
Distributions reinvested		—			—			58,794			81,582
Value of shares redeemed		(30,581	)		(730,022	)		(1,780,756	)		(11,835,049	)
Change in net assets resulting from capital transactions	$	(339,063	)	$	145,189		$	(4,470,145	)	$	(3,640,067	)
SHARE TRANSACTIONS:
Investor Class
Issued		46,292			146,202			721,737			3,084,990
Reinvested		—			—			10,797			15,586
Redeemed		(56,887	)		(144,619	)		(884,650	)		(3,124,054	)
Service Class
Issued		1,104			24,676			71,651			313,888
Reinvested		—			—			1,825			2,534
Redeemed		(1,158	)		(25,319	)		(54,622	)		(369,466	)
Change in shares		(10,649	)		940			(133,262	)		(76,522	)

Amounts designated as " – " are $0 or have been rounded to $0.

See accompanying notes to the financial statements.

258 :: Statements of Changes in Net Assets :: For the Periods Indicated

	Banks UltraSector ProFund						Basic Materials UltraSector ProFund
	Year Ended July 31, 2021			Year Ended July 31, 2020			Year Ended July 31, 2021			Year Ended July 31, 2020
FROM INVESTMENT ACTIVITIES:
OPERATIONS:
Net investment income (loss)	$	199,223		$	176,535		$	(31,878	)	$	2,478
Net realized gains (losses) on investments		(2,393,610	)		2,025,482			4,740,378			(12,751	)
Change in net unrealized appreciation/depreciation on investments		2,972,910			(3,023,429	)		1,784,522			(408,923	)
Change in net assets resulting from operations		778,523			(821,412	)		6,493,022			(419,196	)
DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions
Investor Class		—			(147,431	)		(90,892	)		—
Service Class		—			—			(1,014	)		—
Change in net assets resulting from distributions		—			(147,431	)		(91,906	)		—
Change in net assets resulting from capital transactions		115,153,415			(1,636,322	)		2,115,676			(1,359,377	)
Change in net assets		115,931,938			(2,605,165	)		8,516,792			(1,778,573	)
NET ASSETS:
Beginning of period		7,647,833			10,252,998			3,175,129			4,953,702
End of period	$	123,579,771		$	7,647,833		$	11,691,921		$	3,175,129
CAPITAL TRANSACTIONS:
Investor Class
Proceeds from shares issued	$	280,573,254		$	89,695,853		$	124,798,999		$	13,619,538
Distributions reinvested		—			146,808			88,159			—
Value of shares redeemed		(164,973,576	)		(91,042,580	)		(123,286,657	)		(14,948,177	)
Service Class
Proceeds from shares issued		7,215,639			8,268,860			1,876,814			835,367
Distributions reinvested		—			—			1,014			—
Value of shares redeemed		(7,661,902	)		(8,705,263	)		(1,362,653	)		(866,105	)
Change in net assets resulting from capital transactions	$	115,153,415		$	(1,636,322	)	$	2,115,676		$	(1,359,377	)
SHARE TRANSACTIONS:
Investor Class
Issued		5,333,883			2,208,465			1,565,960			226,655
Reinvested		—			2,470			1,108			—
Redeemed		(3,429,571	)		(2,141,178	)		(1,507,370	)		(253,284	)
Service Class
Issued		185,428			317,488			24,047			16,023
Reinvested		—			—			15			—
Redeemed		(179,001	)		(322,502	)		(17,963	)		(16,577	)
Change in shares		1,910,739			64,743			65,797			(27,183	)

*  Consolidated Statement of Changes in Net Assets.

**  Period from commencement of operations.

^(a)  As described in Note 9, share amounts adjusted for 3:1 share split that occurred on November 18, 2019.

Amounts designated as " – " are $0 or have been rounded to $0.

See accompanying notes to the financial statements.

For the Periods Indicated :: Statements of Changes in Net Assets :: 259

Bear ProFund						Biotechnology UltraSector ProFund						Bitcoin Strategy ProFund*			Bull ProFund
Year Ended July 31, 2021			Year Ended July 31, 2020			Year Ended July 31, 2021			Year Ended July 31, 2020			Period from July 28, 2021 to July 31, 2021**			Year Ended July 31, 2021			Year Ended July 31, 2020
$	(247,805	)	$	(187,031	)	$	(659,727	)	$	(236,270	)	$	(47	)	$	(339,991	)	$	(56,620	)
	(4,865,707	)		(5,472,380	)		28,187,647			55,508,678			(65	)		17,478,543			5,163,508
	125,280			(374,769	)		14,934,720			3,716,275			(4,987	)		736,811			5,675,609
	(4,988,232	)		(6,034,180	)		42,462,640			58,988,683			(5,099	)		17,875,363			10,782,497
	(8,361	)		(43,064	)		(16,545,172	)		(6,194,963	)		—			(3,644,966	)		(1,066,094	)
	—			—			(765,227	)		(282,054	)		—			(317,434	)		(91,696	)
	(8,361	)		(43,064	)		(17,310,399	)		(6,477,017	)		—			(3,962,400	)		(1,157,790	)
	(790,366	)		2,303,665			(45,579,819	)		(25,976,225	)		528,624			(28,237,189	)		2,558,866
	(5,786,959	)		(3,773,579	)		(20,427,578	)		26,535,441			523,525			(14,324,226	)		12,183,573
	16,375,279			20,148,858			194,064,820			167,529,379			—			77,536,447			65,352,874
$	10,588,320		$	16,375,279		$	173,637,242		$	194,064,820		$	523,525		$	63,212,221		$	77,536,447
$	116,357,625		$	169,384,655		$	123,820,748		$	151,474,960		$	528,624		$	304,201,402		$	375,872,416
	8,006			39,530			16,351,107			6,111,625			—			3,627,957			1,046,363
	(117,431,936	)		(167,465,049	)		(184,572,004	)		(182,213,492	)		—			(336,644,807	)		(375,333,495	)
	2,364,479			8,075,658			1,302,267			3,537,199			—			46,151,147			42,139,182
	—			—			762,453			281,086			—			317,410			61,683
	(2,088,540	)		(7,731,129	)		(3,244,390	)		(5,167,603	)		—			(45,890,298	)		(41,227,283	)
$	(790,366	)	$	2,303,665		$	(45,579,819	)	$	(25,976,225	)	$	528,624		$	(28,237,189	)	$	2,558,866
	6,015,374			6,326,962			1,739,382			2,419,582			21,198			5,535,407	��		8,587,263	(a)
	413			1,522			239,736			96,201			—			69,343			21,620	(a)
	(6,096,192	)		(6,319,606	)		(2,608,978	)		(3,033,083	)		—			(6,175,466	)		(8,481,015	)(a)
	132,226			296,123			23,337			75,250			—			1,003,586			1,108,150	(a)
	—			—			15,320			5,775			—			7,527			1,549	(a)
	(110,578	)		(292,572	)		(61,121	)		(109,923	)		—			(1,000,346	)		(1,089,693	)(a)
	(58,757	)		12,429			(652,324	)		(546,198	)		21,198			(559,949	)		147,874

See accompanying notes to the financial statements.

260 :: Statements of Changes in Net Assets :: For the Periods Indicated

	Communication Services UltraSector ProFund						Consumer Goods UltraSector ProFund
	Year Ended July 31, 2021			Year Ended July 31, 2020			Year Ended July 31, 2021			Year Ended July 31, 2020
FROM INVESTMENT ACTIVITIES:
OPERATIONS:
Net investment income (loss)	$	(99,283	)	$	(75,082	)	$	(39,966	)	$	22,130
Net realized gains (losses) on investments		2,104,127			15,785			2,633,244			(1,102,244	)
Change in net unrealized appreciation/depreciation on investments		1,764,570			472,901			685,375			419,550
Change in net assets resulting from operations		3,769,414			413,604			3,278,653			(660,564	)
DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions
Investor Class		—			(199,038	)		—			(131,877	)
Service Class		—			(3,708	)		—			(10,965	)
Change in net assets resulting from distributions		—			(202,746	)		—			(142,842	)
Change in net assets resulting from capital transactions		2,022,378			(4,745,645	)		(5,940,619	)		3,970,448
Change in net assets		5,791,792			(4,534,787	)		(2,661,966	)		3,167,042
NET ASSETS:
Beginning of period		5,740,449			10,275,236			8,053,046			4,886,004
End of period	$	11,532,241		$	5,740,449		$	5,391,080		$	8,053,046
CAPITAL TRANSACTIONS:
Investor Class
Proceeds from shares issued	$	30,684,530		$	22,985,189		$	34,777,270		$	31,477,028
Distributions reinvested		—			193,461			—			125,656
Value of shares redeemed		(28,621,407	)		(27,890,721	)		(40,487,956	)		(27,650,150	)
Service Class
Proceeds from shares issued		1,727,101			891,729			1,607,150			2,049,348
Distributions reinvested		—			3,708			—			10,965
Value of shares redeemed		(1,767,846	)		(929,011	)		(1,837,083	)		(2,042,399	)
Change in net assets resulting from capital transactions	$	2,022,378		$	(4,745,645	)	$	(5,940,619	)	$	3,970,448
SHARE TRANSACTIONS:
Investor Class
Issued		220,261			247,594			443,836	(a)		587,902	(a)
Reinvested		—			2,004			—			2,182	(a)
Redeemed		(208,067	)		(305,083	)		(518,166	)(a)		(546,520	)(a)
Service Class
Issued		15,664			12,106			23,213	(a)		43,762	(a)
Reinvested		—			46			—			210	(a)
Redeemed		(15,986	)		(12,538	)		(26,403	)(a)		(43,492	)(a)
Change in shares		11,872			(55,871	)		(77,520	)		44,044

^(a)  As described in Note 9, share amounts adjusted for 2:1 share split that occurred on December 14, 2020.

^(b)  As described in Note 9, share amounts adjusted for 3:1 share split that occurred on November 18, 2019.

Amounts designated as " – " are $0 or have been rounded to $0.

See accompanying notes to the financial statements.

For the Periods Indicated :: Statements of Changes in Net Assets :: 261

Consumer Services UltraSector ProFund						Europe 30 ProFund
Year Ended July 31, 2021			Year Ended July 31, 2020			Year Ended July 31, 2021			Year Ended July 31, 2020
$	(738,580	)	$	(264,817	)	$	37,588		$	60,747
	14,875,705			604,046			249,350			(1,342,074	)
	7,640,679			1,960,435			559,801			(297,020	)
	21,777,804			2,299,664			846,739			(1,578,347	)
	(2,913,045	)		—			(102,170	)		(39,836	)
	(78,570	)		—			(2,404	)		—
	(2,991,615	)		—			(104,574	)		(39,836	)
	12,672,462			(48,924,725	)		(1,805,363	)		821,860
	31,458,651			(46,625,061	)		(1,063,198	)		(796,323	)
	46,422,143			93,047,204			4,465,159			5,261,482
$	77,880,794		$	46,422,143		$	3,401,961		$	4,465,159
$	146,724,624		$	78,083,805		$	22,992,718		$	50,853,271
	2,898,482			—			101,979			39,191
	(136,473,754	)		(126,250,046	)		(24,876,373	)		(49,999,176	)
	1,575,841			3,890,598			913,765			173,722
	78,414			—			2,404			—
	(2,131,145	)		(4,649,082	)		(939,856	)		(245,148	)
$	12,672,462		$	(48,924,725	)	$	(1,805,363	)	$	821,860
	2,376,488			1,687,455	(b)		1,869,763			4,257,256
	45,566			—			8,761			2,992
	(2,202,674	)		(2,807,983	)(b)		(2,044,946	)		(4,263,197	)
	30,126			96,876	(b)		67,846			16,088
	1,465			—			188			—
	(40,084	)		(125,481	)(b)		(67,506	)		(21,958	)
	210,887			(1,149,133	)		(165,894	)		(8,819	)

See accompanying notes to the financial statements. 

262 :: Statements of Changes in Net Assets :: For the Periods Indicated

	Falling U.S. Dollar ProFund						Financials UltraSector ProFund
	Year Ended July 31, 2021			Year Ended July 31, 2020			Year Ended July 31, 2021			Year Ended July 31, 2020
FROM INVESTMENT ACTIVITIES:
OPERATIONS:
Net investment income (loss)	$	(43,958	)	$	(9,109	)	$	(63,122	)	$	14,016
Net realized gains (losses) on investments		22,757			(121,722	)		5,481,312			154,060
Change in net unrealized appreciation/depreciation on investments		(33,499	)		59,194			1,733,614			(2,100,258	)
Change in net assets resulting from operations		(54,700	)		(71,637	)		7,151,804			(1,932,182	)
DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions
Investor Class		—			—			—			(183,769	)
Service Class		—			—			—			(3,702	)
Change in net assets resulting from distributions		—			—			—			(187,471	)
Change in net assets resulting from capital transactions		64,936			297,148			340,974			(34,405,322	)
Change in net assets		10,236			225,511			7,492,778			(36,524,975	)
NET ASSETS:
Beginning of period		1,231,992			1,006,481			4,682,100			41,207,075
End of period	$	1,242,228		$	1,231,992		$	12,174,878		$	4,682,100
CAPITAL TRANSACTIONS:
Investor Class
Proceeds from shares issued	$	11,381,120		$	12,046,129		$	122,690,571		$	88,129,365
Distributions reinvested		—			—			—			172,277
Value of shares redeemed		(11,312,004	)		(11,744,496	)		(122,326,144	)		(122,002,391	)
Service Class
Proceeds from shares issued		4,059,152			5,526,912			1,806,419			1,206,566
Distributions reinvested		—			—			—			3,702
Value of shares redeemed		(4,063,332	)		(5,531,397	)		(1,829,872	)		(1,914,841	)
Change in net assets resulting from capital transactions	$	64,936		$	297,148		$	340,974		$	(34,405,322	)
SHARE TRANSACTIONS:
Investor Class
Issued		687,121			760,634			4,796,582			3,777,582
Reinvested		—			—			—			6,404
Redeemed		(685,648	)		(748,334	)		(4,669,063	)		(5,169,697	)
Service Class
Issued		268,443			378,250			72,693			58,720
Reinvested		—			—			—			161
Redeemed		(268,439	)		(378,537	)		(75,520	)		(94,529	)
Change in shares		1,477			12,013			124,692			(1,421,359	)

^(a)  As described in Note 9, share amounts have been adjusted for 3:1 share split that occurred on November 18, 2019.

^(b)  As described in Note 9, share amounts have been adjusted for 2:1 share split that occurred on December 14, 2020.

Amounts designated as " – " are $0 or have been rounded to $0.

See accompanying notes to the financial statements.

For the Periods Indicated :: Statements of Changes in Net Assets :: 263

Health Care UltraSector ProFund						Industrials UltraSector ProFund						Internet UltraSector ProFund
Year Ended July 31, 2021			Year Ended July 31, 2020			Year Ended July 31, 2021			Year Ended July 31, 2020			Year Ended July 31, 2021			Year Ended July 31, 2020
$	(133,824	)	$	(83,935	)	$	(118,401	)	$	(23,894	)	$	(3,029,477	)	$	(1,704,313	)
	4,709,549			1,861,670			3,836,092			15,201			69,765,385			37,918,125
	1,920,994			986,999			1,992,842			(1,243,736	)		10,313,693			6,297,029
	6,496,719			2,764,734			5,710,533			(1,252,429	)		77,049,601			42,510,841
	—			(12,104	)		—			—			(37,381,436	)		(193,857	)
	—			—			—			—			(2,479,730	)		(12,351	)
	—			(12,104	)		—			—			(39,861,166	)		(206,208	)
	(11,713,738	)		28,452,876			9,796,775			(4,970,142	)		(14,417,308	)		(46,226,734	)
	(5,217,019	)		31,205,506			15,507,308			(6,222,571	)		22,771,127			(3,922,101	)
	47,183,486			15,977,980			4,258,769			10,481,340			216,134,538			220,056,639
$	41,966,467		$	47,183,486		$	19,766,077		$	4,258,769		$	238,905,665		$	216,134,538
$	76,399,030		$	125,065,683		$	92,399,594		$	14,637,423		$	104,071,703		$	122,112,309
	—			11,217			—			—			36,225,101			187,936
	(87,769,493	)		(96,225,694	)		(82,571,592	)		(19,076,859	)		(157,879,360	)		(166,047,533	)
	810,998			2,019,921			2,865,454			1,299,027			7,743,927			7,975,610
	—			—			—			—			2,479,730			11,670
	(1,154,273	)		(2,418,251	)		(2,896,681	)		(1,829,733	)		(7,058,409	)		(10,466,726	)
$	(11,713,738	)	$	28,452,876		$	9,796,775		$	(4,970,142	)	$	(14,417,308	)	$	(46,226,734	)
	855,457			1,777,683			1,812,264			407,491	(a)		1,438,627	(b)		2,464,126	(b)
	—			155			—			—			523,938			4,124	(b)
	(1,080,144	)		(1,406,669	)		(1,605,598	)		(540,118	)(a)		(2,261,094	)(b)		(3,571,504	)(b)
	11,846			35,944			66,083			37,640	(a)		140,132	(b)		209,070	(b)
	—			—			—			—			50,207			332	(b)
	(16,776	)		(42,920	)		(65,504	)		(58,631	)(a)		(135,100	)(b)		(281,996	)(b)
	(229,617	)		364,193			207,245			(153,618	)		(243,290	)		(1,175,848	)

See accompanying notes to the financial statements.

264 :: Statements of Changes in Net Assets :: For the Periods Indicated 

	Large-Cap Growth ProFund						Large-Cap Value ProFund
	Year Ended July 31, 2021			Year Ended July 31, 2020			Year Ended July 31, 2021			Year Ended July 31, 2020
FROM INVESTMENT ACTIVITIES:
OPERATIONS:
Net investment income (loss)	$	(241,301	)	$	(134,017	)	$	42,640		$	133,394
Net realized gains (losses) on investments		14,950,282			5,321,782			444,719			(2,513,618	)
Change in net unrealized appreciation/depreciation on investments		(7,007,476	)		8,426,983			1,074,718			(858,051	)
Change in net assets resulting from operations		7,701,505			13,614,748			1,562,077			(3,238,275	)
DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions
Investor Class		(1,318,577	)		(638,805	)		—			—
Service Class		(82,914	)		(195,353	)		—			—
Change in net assets resulting from distributions		(1,401,491	)		(834,158	)		—			—
Change in net assets resulting from capital transactions		(24,583,262	)		12,371,223			(1,497,561	)		(3,679,670	)
Change in net assets		(18,283,248	)		25,151,813			64,516			(6,917,945	)
NET ASSETS:
Beginning of period		51,159,017			26,007,204			6,124,842			13,042,787
End of period	$	32,875,769		$	51,159,017		$	6,189,358		$	6,124,842
CAPITAL TRANSACTIONS:
Investor Class
Proceeds from shares issued	$	128,843,291		$	163,217,400		$	71,075,799		$	83,278,451
Distributions reinvested		1,312,076			637,198			—			—
Value of shares redeemed		(154,858,369	)		(148,656,521	)		(72,513,348	)		(87,261,535	)
Service Class
Proceeds from shares issued		2,025,910			4,665,287			2,531,629			979,995
Distributions reinvested		82,913			195,315			—			—
Value of shares redeemed		(1,989,083	)		(7,687,456	)		(2,591,641	)		(676,581	)
Change in net assets resulting from capital transactions	$	(24,583,262	)	$	12,371,223		$	(1,497,561	)	$	(3,679,670	)
SHARE TRANSACTIONS:
Investor Class
Issued		1,013,486			1,758,708			920,150			1,224,321
Reinvested		10,730			6,506			—			—
Redeemed		(1,257,323	)		(1,547,528	)		(943,098	)		(1,328,099	)
Service Class
Issued		20,130			58,640			37,174			17,876
Reinvested		833			2,408			—			—
Redeemed		(19,559	)		(98,431	)		(37,445	)		(13,295	)
Change in shares		(231,703	)		180,303			(23,219	)		(99,197	)

^(a)    Subsequent to the issuance of the July 31, 2020 financial statements, $3,366 of the distribution for the Investor class was determined to be a return of capital.

Amounts designated as " – " are $0 or have been rounded to $0.

See accompanying notes to the financial statements.

For the Periods Indicated :: Statements of Changes in Net Assets :: 265

Mid-Cap Growth ProFund						Mid-Cap ProFund						Mid-Cap Value ProFund
Year Ended July 31, 2021			Year Ended July 31, 2020			Year Ended July 31, 2021			Year Ended July 31, 2020			Year Ended July 31, 2021			Year Ended July 31, 2020
$	(157,035	)	$	(110,330	)	$	(94,017	)	$	(48,320	)	$	2,397		$	9,950
	9,710,631			1,179,967			2,291,576			22,962			1,354,027			86,069
	(1,694,970	)		761,350			744,330			(723,851	)		1,227,070			(672,790	)
	7,858,626			1,830,987			2,941,889			(749,209	)		2,583,494			(576,771	)
	(900,289	)		—			(11,749	)		(319,135	)		(10,633	)		(21,081	)(a)
	(23,485	)		—			(2,036	)		(43,364	)		—			—
	(923,774	)		—			(13,785	)		(362,499	)		(10,633	)		(21,081	)
	(41,428,888	)		17,057,816			(676,065	)		(3,806,292	)		(1,674,193	)		(936,285	)
	(34,494,036	)		18,888,803			2,252,039			(4,918,000	)		898,668			(1,534,137	)
	38,995,268			20,106,465			4,762,596			9,680,596			4,606,230			6,140,367
$	4,501,232		$	38,995,268		$	7,014,635		$	4,762,596		$	5,504,898		$	4,606,230
$	48,789,648		$	67,611,388		$	28,832,033		$	31,793,248		$	52,039,590		$	15,103,053
	897,373			—			11,464			308,830			10,512			21,075
	(90,908,578	)		(49,055,573	)		(29,590,660	)		(34,085,707	)		(53,728,467	)		(15,981,377	)
	780,534			2,050,653			9,993,910			5,016,324			1,058,114			23,019
	23,485			—			2,036			39,265			—			—
	(1,011,350	)		(3,548,652	)		(9,924,848	)		(6,878,252	)		(1,053,942	)		(102,055	)
$	(41,428,888	)	$	17,057,816		$	(676,065	)	$	(3,806,292	)	$	(1,674,193	)	$	(936,285	)
	460,702			737,713			285,432			392,105			644,678			227,572
	7,893			—			139			3,549			133			272
	(833,624	)		(532,964	)		(284,137	)		(422,536	)		(661,236	)		(236,201	)
	7,750			26,744			111,497			72,067			13,861			402
	253			—			30			553			—			—
	(10,249	)		(46,574	)		(111,221	)		(100,622	)		(13,685	)		(1,931	)
	(367,275	)		184,919			1,740			(54,884	)		(16,249	)		(9,886	)

See accompanying notes to the financial statements.

266 :: Statements of Changes in Net Assets :: For the Periods Indicated

	Nasdaq-100 ProFund						Oil & Gas UltraSector ProFund
	Year Ended July 31, 2021			Year Ended July 31, 2020			Year Ended July 31, 2021			Year Ended July 31, 2020
FROM INVESTMENT ACTIVITIES:
OPERATIONS:
Net investment income (loss)	$	(1,440,710	)	$	(749,918	)	$	283,287		$	186,070
Net realized gains (losses) on investments		49,548,419			30,789,633			1,997,497			(3,450,115	)
Change in net unrealized appreciation/depreciation on investments		(1,140,246	)		12,755,322			5,231,581			(4,221,455	)
Change in net assets resulting from operations		46,967,463			42,795,037			7,512,365			(7,485,500	)
DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions
Investor Class		(1,699,607	)		(796,773	)		(215,825	)		(152,406	)
Service Class		(140,663	)		(89,335	)		(11,849	)		(1,586	)
Change in net assets resulting from distributions		(1,840,270	)		(886,108	)		(227,674	)		(153,992	)
Change in net assets resulting from capital transactions		(1,387,478	)		(32,546,391	)		11,693,861			5,676,777
Change in net assets		43,739,715			9,362,538			18,978,552			(1,962,715	)
NET ASSETS:
Beginning of period		117,045,523			107,682,985			12,169,658			14,132,373
End of period	$	160,785,238		$	117,045,523		$	31,148,210		$	12,169,658
CAPITAL TRANSACTIONS:
Investor Class
Proceeds from shares issued	$	2,010,517,783		$	1,304,129,730		$	152,137,320		$	72,807,079
Distributions reinvested		1,622,688			779,644			213,432			150,199
Value of shares redeemed		(2,010,283,479	)		(1,338,434,871	)		(141,055,955	)		(67,558,943	)
Service Class
Proceeds from shares issued		36,545,794			73,530,225			4,492,764			3,908,226
Distributions reinvested		140,552			89,275			11,844			1,586
Value of shares redeemed		(39,930,816	)		(72,640,394	)		(4,105,544	)		(3,631,370	)
Change in net assets resulting from capital transactions	$	(1,387,478	)	$	(32,546,391	)	$	11,693,861		$	5,676,777
SHARE TRANSACTIONS:
Investor Class
Issued		16,905,892			15,614,517			9,020,144			4,546,408
Reinvested		13,605			9,269			16,317			5,338
Redeemed		(16,860,603	)		(15,906,281	)		(8,462,784	)		(4,045,527	)
Service Class
Issued		370,016			1,086,293			318,482			320,132
Reinvested		1,468			1,305			1,056			65
Redeemed		(404,105	)		(1,081,363	)		(295,922	)		(288,346	)
Change in shares		26,273			(276,260	)		597,293			538,070

^(a)    As described in Note 9, share amounts have been adjusted for 1:4 reverse share split that occurred on December 14, 2020.

^(b)    As described in Note 9, share amounts have been adjusted for 1:8 reverse share split that occurred on November 18, 2019.

Amounts designated as "–" are $0 or have been rounded to $0.

See accompanying notes to the financial statements.

For the Periods Indicated :: Statements of Changes in Net Assets :: 267

Oil Equipment & Services UltraSector ProFund						Pharmaceuticals UltraSector ProFund						Precious Metals UltraSector ProFund
Year Ended July 31, 2021			Year Ended July 31, 2020			Year Ended July 31, 2021			Year Ended July 31, 2020			Year Ended July 31, 2021			Year Ended July 31, 2020
$	(161,626	)	$	42,446		$	(16,572	)	$	(12,582	)	$	(162,412	)	$	(282,548	)
	(5,734,702	)		(6,792,013	)		1,659,695			268,907			(5,264,677	)		7,991,059
	3,732,324			642,935			(500,021	)		215,597			(7,855,497	)		16,033,836
	(2,164,004	)		(6,106,632	)		1,143,102			471,922			(13,282,586	)		23,742,347
	(17,573	)		—			(15,009	)		—			—			—
	—			—			(1,611	)		—			—			—
	(17,573	)		—			(16,620	)		—			—			—
	8,271,097			9,289,827			(882,743	)		(1,909,645	)		5,646,771			(9,517,333	)
	6,089,520			3,183,195			243,739			(1,437,723	)		(7,635,815	)		14,225,014
	9,760,979			6,577,784			4,035,631			5,473,354			45,141,203			30,916,189
$	15,850,499		$	9,760,979		$	4,279,370		$	4,035,631		$	37,505,388		$	45,141,203
$	213,228,688		$	80,772,684		$	10,153,624		$	18,732,807		$	252,174,845		$	285,546,888
	17,324			—			15,008			—			—			—
	(204,879,642	)		(71,735,809	)		(10,985,357	)		(20,503,578	)		(247,454,352	)		(293,728,775	)
	4,404,406			1,832,040			693,776			1,388,470			11,017,939			20,826,718
	—			—			1,611			—			—			—
	(4,499,679	)		(1,579,088	)		(761,405	)		(1,527,344	)		(10,091,661	)		(22,162,164	)
$	8,271,097		$	9,289,827		$	(882,743	)	$	(1,909,645	)	$	5,646,771		$	(9,517,333	)
	3,646,596	(a)		1,584,330	(a)(b)		372,316			865,672			3,550,180			5,404,054
	349			—			558			—			—			—
	(3,657,117	)(a)		(1,363,786	)(a)(b)		(406,076	)		(945,753	)		(3,489,753	)		(5,642,286	)
	89,261	(a)		47,710	(a)(b)		29,385			69,894			185,237			473,245
	—			—			70			—			—			—
	(88,700	)(a)		(39,431	)(a)(b)		(32,423	)		(78,787	)		(173,916	)		(484,740	)
	(9,611	)		228,823			(36,170	)		(88,974	)		71,748			(249,727	)

See accompanying notes to the financial statements.

268 :: Statements of Changes in Net Assets :: For the Periods Indicated

	Real Estate UltraSector ProFund						Rising Rates Opportunity ProFund
	Year Ended July 31, 2021			Year Ended July 31, 2020			Year Ended July 31, 2021			Year Ended July 31, 2020
FROM INVESTMENT ACTIVITIES:
OPERATIONS:
Net investment income (loss)	$	(34,383	)	$	(46,482	)	$	(236,430	)	$	(70,990	)
Net realized gains (losses) on investments		2,364,581			32,827			101,722			(6,624,120	)
Change in net unrealized appreciation/depreciation on investments		1,503,506			(2,955,130	)		128,697			355,386
Change in net assets resulting from operations		3,833,704			(2,968,785	)		(6,011	)		(6,339,724	)
DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions
Investor Class		—			(449,844	)(a)		—			(188,442	)
Service Class		—			(13,108	)(a)		—			—
Change in net assets resulting from distributions		—			(462,952	)		—			(188,442	)
Change in net assets resulting from capital transactions		26,674,837			(17,907,612	)		3,585,749			(17,680,757	)
Change in net assets		30,508,541			(21,339,349	)		3,579,738			(24,208,923	)
NET ASSETS:
Beginning of period		5,332,137			26,671,486			6,191,951			30,400,874
End of period	$	35,840,678		$	5,332,137		$	9,771,689		$	6,191,951
CAPITAL TRANSACTIONS:
Investor Class
Proceeds from shares issued	$	68,460,665		$	104,350,608		$	134,223,972		$	125,549,044
Distributions reinvested		—			433,371			—			172,450
Value of shares redeemed		(42,180,568	)		(122,243,500	)		(131,094,860	)		(143,692,300	)
Service Class
Proceeds from shares issued		2,743,120			2,140,441			6,590,619			6,253,478
Distributions reinvested		—			13,108			—			—
Value of shares redeemed		(2,348,380	)		(2,601,640	)		(6,133,982	)		(5,963,429	)
Change in net assets resulting from capital transactions	$	26,674,837		$	(17,907,612	)	$	3,585,749		$	(17,680,757	)
SHARE TRANSACTIONS:
Investor Class
Issued		1,238,738			2,009,931			5,135,728			4,249,783
Reinvested		—			8,756			—			5,259
Redeemed		(803,514	)		(2,397,861	)		(5,055,063	)		(4,825,787	)
Service Class
Issued		53,496			41,938			293,780			224,534
Reinvested		—			288			—			—
Redeemed		(45,767	)		(54,197	)		(267,583	)		(226,666	)
Change in shares		442,953			(391,145	)		106,862			(572,877	)

^(a) Subsequent to the issuance of the July 31, 2020 financial statements, $179,739 and $5,237 of the distribution for the Investor class and Service class, respectively, was determined to be a return of capital.

Amounts designated as " – " are $0 or have been rounded to $0.

See accompanying notes to the financial statements.

For the Periods Indicated :: Statements of Changes in Net Assets :: 269

Rising Rates Opportunity 10 ProFund						Rising U.S. Dollar ProFund						Semiconductor UltraSector ProFund
Year Ended July 31, 2021			Year Ended July 31, 2020			Year Ended July 31, 2021			Year Ended July 31, 2020			Year Ended July 31, 2021			Year Ended July 31, 2020
$	(40,989	)	$	(21,677	)	$	(117,538	)	$	(113,764	)	$	(566,220	)	$	83,585
	73,938			(429,770	)		(356,187	)		(142,236	)		28,513,176			(15,176,379	)
	2,798			2,382			257,620			(483,968	)		21,637,958			10,270,976
	35,747			(449,065	)		(216,105	)		(739,968	)		49,584,914			(4,821,818	)
	—			(17,678	)		—			(23,144	)		—			(1,021,610	)
	—			—			—			—			—			(60,594	)
	—			(17,678	)		—			(23,144	)		—			(1,082,204	)
	61,539			(648,141	)		(793,351	)		(4,492,557	)		(17,905,379	)		(7,253,041	)
	97,286			(1,114,884	)		(1,009,456	)		(5,255,669	)		31,679,535			(13,157,063	)
	1,855,764			2,970,648			7,325,890			12,581,559			53,541,721			66,698,784
$	1,953,050		$	1,855,764		$	6,316,434		$	7,325,890		$	85,221,256		$	53,541,721
$	5,216,759		$	2,941,383		$	14,185,594		$	55,698,812		$	159,232,200		$	292,446,959
	—			17,565			—			21,856			—			1,008,840
	(5,195,276	)		(3,433,781	)		(14,970,784	)		(60,099,833	)		(178,183,076	)		(300,181,103	)
	116,437			1,084			—			31,357,414			8,845,484			10,732,608
	—			—			—			—			—			55,543
	(76,381	)		(174,392	)		(8,161	)		(31,470,806	)		(7,799,987	)		(11,315,888	)
$	61,539		$	(648,141	)	$	(793,351	)	$	(4,492,557	)	$	(17,905,379	)	$	(7,253,041	)
	414,124			223,048			520,033			1,875,747			1,796,418			5,751,168
	—			1,265			—			749			—			24,619
	(412,947	)		(266,260	)		(548,886	)		(2,037,255	)		(1,927,664	)		(6,371,091	)
	9,910			89			—			1,193,093			119,946			269,806
	—			—			—			—			—			1,810
	(6,591	)		(14,511	)		(339	)		(1,196,032	)		(104,696	)		(281,876	)
	4,496			(56,369	)		(29,192	)		(163,698	)		(115,996	)		(605,564	)

See accompanying notes to the financial statements.

270 :: Statements of Changes in Net Assets :: For the Periods Indicated

	Short Nasdaq-100 ProFund						Short Oil & Gas ProFund
	Year Ended July 31, 2021			Year Ended July 31, 2020			Year Ended July 31, 2021			Year Ended July 31, 2020
FROM INVESTMENT ACTIVITIES:
OPERATIONS:
Net investment income (loss)	$	(114,479	)	$	(81,442	)	$	(32,652	)	$	(21,346	)
Net realized gains (losses) on investments		3,006,226			1,517,096			(568,825	)		662,477
Change in net unrealized appreciation/depreciation on investments		592,355			(661,308	)		(134,116	)		79,730
Change in net assets resulting from operations		3,484,102			774,346			(735,593	)		720,861
DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions
Investor Class		—			(11,298	)		—			(4,714	)
Change in net assets resulting from distributions		—			(11,298	)		—			(4,714	)
Change in net assets resulting from capital transactions		(4,329,078	)		(3,259,623	)		(1,657,382	)		1,591
Change in net assets		(844,976	)		(2,496,575	)		(2,392,975	)		717,738
NET ASSETS:
Beginning of period		2,719,881			5,216,456			2,835,762			2,118,024
End of period	$	1,874,905		$	2,719,881		$	442,787		$	2,835,762
CAPITAL TRANSACTIONS:
Investor Class
Proceeds from shares issued	$	833,805,013		$	738,877,864		$	48,070,943		$	44,063,461
Distributions reinvested		—			11,131			—			4,654
Value of shares redeemed		(837,987,668	)		(741,837,193	)		(49,743,506	)		(44,097,517	)
Service Class
Proceeds from shares issued		3,638,593			13,626,553			903,228			488,982
Value of shares redeemed		(3,785,016	)		(13,937,978	)		(888,047	)		(457,989	)
Change in net assets resulting from capital transactions	$	(4,329,078	)	$	(3,259,623	)	$	(1,657,382	)	$	1,591
SHARE TRANSACTIONS:
Investor Class
Issued		48,540,893			27,395,296	(a)		1,133,846			789,877
Reinvested		—			373	(a)		—			101
Redeemed		(48,532,441	)		(27,413,041	)(a)		(1,171,282	)		(784,973	)
Service Class
Issued		231,819			513,173	(a)		22,237			9,223
Redeemed		(240,186	)		(522,172	)(a)		(22,026	)		(8,688	)
Change in shares		85			(26,371	)		(37,225	)		5,540

^(a)  As described in Note 9, share amounts have been adjusted for 1:4 reverse share split that occurred on November 18, 2019.

Amounts designated as " – " are $0 or have been rounded to $0.

See accompanying notes to the financial statements.

For the Periods Indicated :: Statements of Changes in Net Assets :: 271

Short Precious Metals ProFund						Short Real Estate ProFund						Short Small-Cap ProFund
Year Ended July 31, 2021			Year Ended July 31, 2020			Year Ended July 31, 2021			Year Ended July 31, 2020			Year Ended July 31, 2021			Year Ended July 31, 2020
$	(39,426	)	$	(13,091	)	$	(17,896	)	$	(13,979	)	$	(27,237	)	$	(25,898	)
	508,774			(1,885,009	)		(317,484	)		(500,064	)		(937,196	)		(1,449,070	)
	(33,382	)		(285,920	)		58,558			(51,624	)		6,386			11,604
	435,966			(2,184,020	)		(276,822	)		(565,667	)		(958,047	)		(1,463,364	)
	—			(18,058	)		—			—			—			(7,330	)
	—			(18,058	)		—			—			—			(7,330	)
	92,950			(843,599	)		(933,675	)		1,091,167			235,709			2,134,326
	528,916			(3,045,677	)		(1,210,497	)		525,500			(722,338	)		663,632
	1,629,475			4,675,152			1,739,976			1,214,476			1,834,811			1,171,179
$	2,158,391		$	1,629,475		$	529,479		$	1,739,976		$	1,112,473		$	1,834,811
$	76,406,693		$	135,922,975		$	12,975,678		$	21,901,080		$	70,896,851		$	90,111,866
	—			16,669			—			—			—			7,216
	(76,256,193	)		(136,816,268	)		(13,909,828	)		(20,816,293	)		(70,665,699	)		(87,991,357	)
	204,810			569,542			9,000			10,332			6,638			650,344
	(262,360	)		(536,517	)		(8,525	)		(3,952	)		(2,081	)		(643,743	)
$	92,950		$	(843,599	)	$	(933,675	)	$	1,091,167		$	235,709		$	2,134,326
	4,972,462			5,187,694			1,262,562			1,702,617			8,820,499			6,549,312
	—			632			—			—			—			594
	(4,935,534	)		(5,221,850	)		(1,349,870	)		(1,645,411	)		(8,821,413	)		(6,479,056	)
	14,100			21,748			948			909			847			50,037
	(17,670	)		(17,984	)		(887	)		(314	)		(213	)		(49,694	)
	33,358			(29,760	)		(87,247	)		57,801			(280	)		71,193

See accompanying notes to the financial statements.

272 :: Statements of Changes in Net Assets :: For the Periods Indicated

	Small-Cap Growth ProFund						Small-Cap ProFund
	Year Ended July 31, 2021			Year Ended July 31, 2020			Year Ended July 31, 2021			Year Ended July 31, 2020
FROM INVESTMENT ACTIVITIES:
OPERATIONS:
Net investment income (loss)	$	(126,024	)	$	(98,151	)	$	(107,241	)	$	(49,820	)
Net realized gains (losses) on investments		4,759,076			505,260			1,722,380			(449,627	)
Change in net unrealized appreciation/depreciation on investments		1,498,090			(363,640	)		744,635			(628,504	)
Change in net assets resulting from operations		6,131,142			43,469			2,359,774			(1,127,951	)
DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions
Investor Class		—			—			—			—
Service Class		—			—			—			—
Change in net assets resulting from distributions		—			—			—			—
Change in net assets resulting from capital transactions		(4,885,876	)		(3,419,369	)		4,281,848			(4,273,692	)
Change in net assets		1,245,266			(3,375,900	)		6,641,622			(5,401,643	)
NET ASSETS:
Beginning of period		8,649,828			12,025,728			3,266,608			8,668,251
End of period	$	9,895,094		$	8,649,828		$	9,908,230		$	3,266,608
CAPITAL TRANSACTIONS:
Investor Class
Proceeds from shares issued	$	94,976,082		$	45,398,815		$	245,174,451		$	169,435,482
Distributions reinvested		—			—			—			—
Value of shares redeemed		(99,601,033	)		(47,909,527	)		(241,223,974	)		(173,598,522	)
Service Class
Proceeds from shares issued		1,118,246			3,922,559			888,507			812,056
Distributions reinvested		—			—			—			—
Value of shares redeemed		(1,379,171	)		(4,831,216	)		(557,136	)		(922,708	)
Change in net assets resulting from capital transactions	$	(4,885,876	)	$	(3,419,369	)	$	4,281,848		$	(4,273,692	)
SHARE TRANSACTIONS:
Investor Class
Issued		860,093			538,181			2,291,800			2,086,021
Reinvested		—			—			—			—
Redeemed		(879,712	)		(560,311	)		(2,251,374	)		(2,144,380	)
Service Class
Issued		11,578			56,248			9,653			10,954
Reinvested		—			—			—			—
Redeemed		(14,579	)		(71,183	)		(6,330	)		(13,036	)
Change in shares		(22,620	)		(37,065	)		43,749			(60,441	)

^(a)  As described in Note 9, share amounts have been adjusted for 3:1 share split that occurred on November 18, 2019.

Amounts designated as " – " are $0 or have been rounded to $0.

See accompanying notes to the financial statements.

For the Periods Indicated :: Statements of Changes in Net Assets :: 273

Small-Cap Value ProFund						Technology UltraSector ProFund						Telecommunications UltraSector ProFund
Year Ended July 31, 2021			Year Ended July 31, 2020			Year Ended July 31, 2021			Year Ended July 31, 2020			Year Ended July 31, 2021			Year Ended July 31, 2020
$	7,179		$	(16,960	)	$	(770,517	)	$	(353,456	)	$	4,120		$	6,974
	1,345,729			(1,542,854	)		25,012,316			9,425,878			155,289			314
	3,517,472			(679,005	)		10,097,838			14,096,266			91,673			(111,324	)
	4,870,380			(2,238,819	)		34,339,637			23,168,688			251,082			(104,036	)
	—			(3,975	)		(1,520,272	)		—			(4,660	)		(20,154	)
	—			—			(114,991	)		—			—			(289	)
	—			(3,975	)		(1,635,263	)		—			(4,660	)		(20,443	)
	6,123,236			985,271			(20,712,222	)		(19,517,101	)		22,353			(513,644	)
	10,993,616			(1,257,523	)		11,992,152			3,651,587			268,775			(638,123	)
	4,552,006			5,809,529			89,845,624			86,194,037			905,639			1,543,762
$	15,545,622		$	4,552,006		$	101,837,776		$	89,845,624		$	1,174,414		$	905,639
$	91,814,324		$	41,873,075		$	160,181,638		$	239,079,487		$	7,118,775		$	6,251,349
	—			3,971			1,482,315			—			4,609			20,040
	(85,716,345	)		(40,889,897	)		(183,851,579	)		(257,565,793	)		(7,101,480	)		(6,754,563	)
	3,579,209			459,287			22,132,908			8,864,108			293,551			514,295
	—			—			114,991			—			—			289
	(3,553,952	)		(461,165	)		(20,772,495	)		(9,894,903	)		(293,102	)		(545,054	)
$	6,123,236		$	985,271		$	(20,712,222	)	$	(19,517,101	)	$	22,353		$	(513,644	)
	951,025			561,852			1,707,134			4,165,208	(a)		317,837			314,024
	—			48			15,929			—			219			939
	(875,850	)		(565,009	)		(2,111,447	)		(4,692,225	)(a)		(317,904	)		(338,508	)
	44,632			7,001			274,849			191,659	(a)		12,720			29,286
	—			—			1,505			—			—			14
	(41,616	)		(7,586	)		(258,693	)		(220,394	)(a)		(12,725	)		(30,575	)
	78,191			(3,694	)		(370,723	)		(555,752	)		147			(24,820	)

See accompanying notes to the financial statements.

274 :: Statements of Changes in Net Assets :: For the Periods Indicated

	UltraBear ProFund						UltraBull ProFund
	Year Ended July 31, 2021			Year Ended July 31, 2020			Year Ended July 31, 2021			Year Ended July 31, 2020
FROM INVESTMENT ACTIVITIES:
OPERATIONS:
Net investment income (loss)	$	(147,330	)	$	(94,729	)	$	(585,775	)	$	94,338
Net realized gains (losses) on investments		(6,556,416	)		(8,595,107	)		41,024,460			(1,570,392	)
Change in net unrealized appreciation/depreciation on investments		186,989			(420,334	)		18,826,358			(2,817,676	)
Change in net assets resulting from operations		(6,516,757	)		(9,110,170	)		59,265,043			(4,293,730	)
DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions
Investor Class		(37,071	)		—			(13,488,142	)		(651,715	)
Service Class		—			—			(249,797	)		—
Change in net assets resulting from distributions		(37,071	)		—			(13,737,939	)		(651,715	)
Change in net assets resulting from capital transactions		2,053,106			9,928,116			(16,346,043	)		(69,708,383	)
Change in net assets		(4,500,722	)		817,946			29,181,061			(74,653,828	)
NET ASSETS:
Beginning of period		9,952,589			9,134,643			101,683,061			176,336,889
End of period	$	5,451,867		$	9,952,589		$	130,864,122		$	101,683,061
CAPITAL TRANSACTIONS:
Investor Class
Proceeds from shares issued	$	183,530,963		$	222,344,403		$	780,900,902		$	1,141,185,070
Distributions reinvested		35,894			—			13,341,141			640,510
Value of shares redeemed		(181,492,567	)		(212,309,081	)		(810,534,382	)		(1,211,635,308	)
Service Class
Proceeds from shares issued		797,199			1,382,659			13,591,204			6,313,372
Distributions reinvested		—			—			249,797			—
Value of shares redeemed		(818,383	)		(1,489,865	)		(13,894,705	)		(6,212,027	)
Change in net assets resulting from capital transactions	$	2,053,106		$	9,928,116		$	(16,346,043	)	$	(69,708,383	)
SHARE TRANSACTIONS:
Investor Class
Issued		6,410,429	(a)		3,373,582	(a)		8,603,573			16,722,179
Reinvested		1,140			—			165,070			8,176
Redeemed		(6,384,436	)(a)		(3,262,427	)(a)		(9,021,417	)		(17,919,152	)
Service Class
Issued		30,894	(a)		21,964	(a)		181,682			122,574
Reinvested		—			—			3,871			—
Redeemed		(32,023	)(a)		(23,923	)(a)		(185,084	)		(116,796	)
Change in shares		26,004			109,196			(252,305	)		(1,183,019	)

^(a)  As described in Note 9, share amounts have been adjusted for 1:4 reverse share split that occurred on December 14, 2020.

^(b)  As described in Note 9, share amounts have been adjusted for 3:1 share split that occurred on November 18, 2019.

Amounts designated as " – " are $0 or have been rounded to $0.

See accompanying notes to the financial statements.

For the Periods Indicated :: Statements of Changes in Net Assets :: 275

UltraChina ProFund						UltraDow 30 ProFund						UltraEmerging Markets ProFund
Year Ended July 31, 2021			Year Ended July 31, 2020			Year Ended July 31, 2021			Year Ended July 31, 2020			Year Ended July 31, 2021			Year Ended July 31, 2020
$	(238,254	)	$	(87,065	)	$	(158,869	)	$	70,685		$	(104,185	)	$	(2,168	)
	(11,259,517	)		2,347,812			13,515,086			637,821			3,118,485			2,251,987
	(41,839	)		1,102,307			3,815,475			(3,707,183	)		1,523,572			(581,746	)
	(11,539,610	)		3,363,054			17,171,692			(2,998,677	)		4,537,872			1,668,073
	—			(18,540	)		(610,071	)		(647,779	)		—			—
	—			—			(26,223	)		(12,315	)		—			—
	—			(18,540	)		(636,294	)		(660,094	)		—			—
	11,962,459			(7,846,419	)		(2,894,894	)		(9,225,539	)		(8,744,550	)		(1,198,684	)
	422,849			(4,501,905	)		13,640,504			(12,884,310	)		(4,206,678	)		469,389
	17,626,455			22,128,360			26,772,191			39,656,501			13,528,460			13,059,071
$	18,049,304		$	17,626,455		$	40,412,695		$	26,772,191		$	9,321,782		$	13,528,460
$	176,467,233		$	164,216,210		$	119,605,718		$	132,077,328		$	87,581,394		$	58,922,518
	—			16,996			598,752			627,652			—			—
	(162,647,148	)		(174,392,161	)		(123,129,400	)		(141,959,821	)		(96,255,600	)		(60,150,648	)
	8,950,334			10,513,287			1,698,870			2,397,458			8,619,737			1,487,276
	—			—			25,794			12,012			—			—
	(10,807,960	)		(8,200,751	)		(1,694,628	)		(2,380,168	)		(8,690,081	)		(1,457,830	)
$	11,962,459		$	(7,846,419	)	$	(2,894,894	)	$	(9,225,539	)	$	(8,744,550	)	$	(1,198,684	)
	8,162,546			12,768,952			2,242,739			3,411,969	(b)		989,742			1,110,504
	—			1,217			11,920			11,999	(b)		—			—
	(7,534,296	)		(13,807,352	)		(2,332,914	)		(3,583,484	)(b)		(1,088,821	)		(1,147,766	)
	450,094			894,328			36,918			72,947	(b)		106,783			30,899
	—			—			595			263	(b)		—			—
	(582,082	)		(761,160	)		(35,524	)		(71,964	)(b)		(108,196	)		(29,163	)
	496,262			(904,015	)		(76,266	)		(158,270	)		(100,492	)		(35,526	)

See accompanying notes to the financial statements.

276 :: Statements of Changes in Net Assets :: For the Periods Indicated

	UltraInternational ProFund						UltraJapan ProFund
	Year Ended July 31, 2021			Year Ended July 31, 2020			Year Ended July 31, 2021			Year Ended July 31, 2020
FROM INVESTMENT ACTIVITIES:
OPERATIONS:
Net investment income (loss)	$	(67,090	)	$	(20,826	)	$	(285,087	)	$	(105,607	)
Net realized gains (losses) on investments		1,652,457			205,042			6,354,446			1,245,448
Change in net unrealized appreciation/depreciation on investments		278,041			(143,729	)		(546,935	)		(1,513,486	)
Change in net assets resulting from operations		1,863,408			40,487			5,522,424			(373,645	)
DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions
Investor Class		—			—			—			—
Service Class		—			—			—			—
Change in net assets resulting from distributions		—			—			—			—
Change in net assets resulting from capital transactions		(2,859,836	)		1,071,924			(1,444,184	)		(2,642,748	)
Change in net assets		(996,428	)		1,112,411			4,078,240			(3,016,393	)
NET ASSETS:
Beginning of period		4,147,976			3,035,565			10,664,930			13,681,323
End of period	$	3,151,548		$	4,147,976		$	14,743,170		$	10,664,930
CAPITAL TRANSACTIONS:
Investor Class
Proceeds from shares issued	$	42,509,181		$	29,356,213		$	33,563,243		$	37,049,450
Distributions reinvested		—			—			—			—
Value of shares redeemed		(45,293,025	)		(28,309,877	)		(34,991,209	)		(39,540,913	)
Service Class
Proceeds from shares issued		1,785,704			1,283,053			1,548,374			781,336
Distributions reinvested		—			—			—			—
Value of shares redeemed		(1,861,696	)		(1,257,465	)		(1,564,592	)		(932,621	)
Change in net assets resulting from capital transactions	$	(2,859,836	)	$	1,071,924		$	(1,444,184	)	$	(2,642,748	)
SHARE TRANSACTIONS:
Investor Class
Issued		2,396,960			1,954,198			1,048,723			1,663,038
Reinvested		—			—			—			—
Redeemed		(2,561,061	)		(1,836,095	)		(1,096,149	)		(1,769,558	)
Service Class
Issued		109,259			96,348			55,054			38,775
Reinvested		—			—			—			—
Redeemed		(112,527	)		(93,709	)		(55,878	)		(46,397	)
Change in shares		(167,369	)		120,742			(48,250	)		(114,142	)

^(a)  As described in Note 9, share amounts have been adjusted for 2:1 share split that occurred on December 14, 2020.

Amounts designated as " – " are $0 or have been rounded to $0.

See accompanying notes to the financial statements.

For the Periods Indicated :: Statements of Changes in Net Assets :: 277

UltraLatin America ProFund						UltraMid-Cap ProFund						UltraNasdaq-100 ProFund
Year Ended July 31, 2021			Year Ended July 31, 2020			Year Ended July 31, 2021			Year Ended July 31, 2020			Year Ended July 31, 2021			Year Ended July 31, 2020
$	202,567		$	324,230		$	(324,008	)	$	(74,055	)	$	(9,218,621	)	$	(3,232,377	)
	5,200,289			(15,785,346	)		21,553,550			(10,480,393	)		385,879,527			164,514,477
	3,518,368			(5,136,456	)		9,103,349			(9,438,176	)		128,157,884			125,276,852
	8,921,224			(20,597,572	)		30,332,891			(19,992,624	)		504,818,790			286,558,952
	(103,295	)		(475,022	)		—			(1,648,651	)		(80,801,575	)		(31,939,537	)
	(299	)		—			—			(19,080	)		(2,373,487	)		(891,205	)
	(103,594	)		(475,022	)		—			(1,667,731	)		(83,175,062	)		(32,830,742	)
	(8,553,674	)		5,254,085			1,528,795			(28,570,666	)		55,383,868			(127,276,063	)
	263,956			(15,818,509	)		31,861,686			(50,231,021	)		477,027,596			126,452,147
	15,822,686			31,641,195			31,019,464			81,250,485			643,242,889			516,790,742
$	16,086,642		$	15,822,686		$	62,881,150		$	31,019,464		$	1,120,270,485		$	643,242,889
$	108,526,192		$	137,140,165		$	195,416,035		$	204,052,026		$	5,161,209,021		$	2,977,012,703
	103,129			474,290			—			1,634,259			77,131,534			30,817,276
	(117,130,692	)		(132,442,617	)		(193,740,125	)		(234,235,352	)		(5,182,921,512	)		(3,133,457,767	)
	3,529,666			2,898,523			7,602,041			1,165,927			26,771,308			13,859,721
	299			—			—			18,608			2,359,556			875,193
	(3,582,268	)		(2,816,276	)		(7,749,156	)		(1,206,134	)		(29,166,039	)		(16,383,189	)
$	(8,553,674	)	$	5,254,085		$	1,528,795		$	(28,570,666	)	$	55,383,868		$	(127,276,063	)
	7,675,974			10,361,132			3,588,244			5,322,076			67,509,246	(a)		68,660,390	(a)
	6,172			14,222			—			34,560			1,039,926			688,578	(a)
	(8,328,761	)		(9,884,093	)		(3,590,587	)		(6,248,922	)		(67,646,714	)(a)		(72,106,420	)(a)
	240,359			232,057			156,776			40,621			433,340	(a)		396,980	(a)
	18			—			—			484			41,447			24,546	(a)
	(241,891	)		(225,115	)		(157,725	)		(40,540	)		(478,582	)(a)		(485,228	)(a)
	(648,129	)		498,203			(3,292	)		(891,721	)		898,663			(2,821,154	)

See accompanying notes to the financial statements.

278 :: Statements of Changes in Net Assets :: For the Periods Indicated

	UltraShort China ProFund						UltraShort Dow 30 ProFund
	Year Ended July 31, 2021			Year Ended July 31, 2020			Year Ended July 31, 2021			Year Ended July 31, 2020
FROM INVESTMENT ACTIVITIES:
OPERATIONS:
Net investment income (loss)	$	(17,455	)	$	(10,759	)	$	(74,517	)	$	(64,488	)
Net realized gains (losses) on investments		668,372			(755,718	)		(2,949,287	)		(3,362,654	)
Change in net unrealized appreciation/depreciation on investments		(388,798	)		(128,652	)		(67,703	)		(9,030	)
Change in net assets resulting from operations		262,119			(895,129	)		(3,091,507	)		(3,436,172	)
DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions
Investor Class		—			(14,251	)		—			(13,291	)
Change in net assets resulting from distributions		—			(14,251	)		—			(13,291	)
Change in net assets resulting from capital transactions		1,449,529			(2,033,531	)		509,117			4,388,140
Change in net assets		1,711,648			(2,942,911	)		(2,582,390	)		938,677
NET ASSETS:
Beginning of period		635,246			3,578,157			5,608,968			4,670,291
End of period	$	2,346,894		$	635,246		$	3,026,578		$	5,608,968
CAPITAL TRANSACTIONS:
Investor Class
Proceeds from shares issued	$	51,166,599		$	69,612,623		$	36,931,352		$	89,971,099
Distributions reinvested		—			13,562			—			13,079
Value of shares redeemed		(49,715,951	)		(71,668,763	)		(36,332,238	)		(85,838,508	)
Service Class
Proceeds from shares issued		352,354			1,056,240			101,337			666,646
Value of shares redeemed		(353,473	)		(1,047,193	)		(191,334	)		(424,176	)
Change in net assets resulting from capital transactions	$	1,449,529		$	(2,033,531	)	$	509,117		$	4,388,140
SHARE TRANSACTIONS:
Investor Class
Issued		4,021,641			1,906,608			1,329,209	(a)		1,567,830	(a)
Reinvested		—			388			—			252	(a)
Redeemed		(3,921,183	)		(1,950,890	)		(1,318,722	)(a)		(1,510,561	)(a)
Service Class
Issued		28,903			29,464			3,470	(a)		13,505	(a)
Redeemed		(29,085	)		(29,922	)		(6,215	)(a)		(7,900	)(a)
Change in shares		100,276			(44,352	)		7,742			63,126

^(a)  As described in Note 9, share amounts have been adjusted for 1:4 reverse share split that occurred on December 14, 2020.

Amounts designated as " – " are $0 or have been rounded to $0.

See accompanying notes to the financial statements.

For the Periods Indicated :: Statements of Changes in Net Assets :: 279

UltraShort Emerging Markets ProFund						UltraShort International ProFund						UltraShort Japan ProFund
Year Ended July 31, 2021			Year Ended July 31, 2020			Year Ended July 31, 2021			Year Ended July 31, 2020			Year Ended July 31, 2021			Year Ended July 31, 2020
$	(15,276	)	$	(14,830	)	$	(32,724	)	$	(28,710	)	$	(7,557	)	$	(6,364	)
	(471,701	)		(795,062	)		(1,120,240	)		(1,314,506	)		(125,533	)		(171,974	)
	(77,642	)		(82,742	)		(175,965	)		90,069			(40,336	)		41,288
	(564,619	)		(892,634	)		(1,328,929	)		(1,253,147	)		(173,426	)		(137,050	)
	—			(7,510	)		—			(15,691	)		—			—
	—			(7,510	)		—			(15,691	)		—			—
	121,496			(1,026,941	)		510,533			1,554,284			(409,172	)		(32,304	)
	(443,123	)		(1,927,085	)		(818,396	)		285,446			(582,598	)		(169,354	)
	1,036,372			2,963,457			2,455,041			2,169,595			844,498			1,013,852
$	593,249		$	1,036,372		$	1,636,645		$	2,455,041		$	261,900		$	844,498
$	28,735,607		$	35,326,798		$	12,690,540		$	39,150,132		$	11,695,004		$	24,461,268
	—			7,415			—			15,607			—			—
	(28,628,322	)		(36,364,890	)		(12,180,381	)		(37,611,132	)		(12,134,986	)		(24,464,871	)
	3,098,732			346,806			2,961			60,820			42,167			117,617
	(3,084,521	)		(343,070	)		(2,587	)		(61,143	)		(11,357	)		(146,318	)
$	121,496		$	(1,026,941	)	$	510,533		$	1,554,284		$	(409,172	)	$	(32,304	)
	1,204,840	(a)		529,246	(a)		416,189	(a)		731,507	(a)		826,620			871,045
	—			132	(a)		—			343	(a)		—			—
	(1,205,269	)(a)		(542,542	)(a)		(401,410	)(a)		(713,490	)(a)		(845,940	)		(864,385	)
	129,679	(a)		5,122	(a)		78	(a)		1,197	(a)		3,605			4,749
	(129,914	)(a)		(4,804	)(a)		(79	)(a)		(1,217	)(a)		(1,089	)		(4,776	)
	(664	)		(12,846	)		14,778			18,340			(16,804	)		6,633

See accompanying notes to the financial statements.

280 :: Statements of Changes in Net Assets :: For the Periods Indicated

	UltraShort Latin America ProFund						UltraShort Mid-Cap ProFund
	Year Ended July 31, 2021			Year Ended July 31, 2020			Year Ended July 31, 2021			Year Ended July 31, 2020
FROM INVESTMENT ACTIVITIES:
OPERATIONS:
Net investment income (loss)	$	(34,508	)	$	(41,875	)	$	(32,414	)	$	(24,406	)
Net realized gains (losses) on investments		(1,877,375	)		147,775			(1,669,401	)		(1,337,983	)
Change in net unrealized appreciation/depreciation on investments		(168,423	)		(56,863	)		(47,870	)		(7,051	)
Change in net assets resulting from operations		(2,080,306	)		49,037			(1,749,685	)		(1,369,440	)
DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions
Investor Class		—			(12,538	)		—			(7,614	)
Change in net assets resulting from distributions		—			(12,538	)		—			(7,614	)
Change in net assets resulting from capital transactions		(280,697	)		(1,605,473	)		464,023			2,634,562
Change in net assets		(2,361,003	)		(1,568,974	)		(1,285,662	)		1,257,508
NET ASSETS:
Beginning of period		3,173,235			4,742,209			2,748,757			1,491,249
End of period	$	812,232		$	3,173,235		$	1,463,095		$	2,748,757
CAPITAL TRANSACTIONS:
Investor Class
Proceeds from shares issued	$	45,384,596		$	111,890,023		$	22,831,902		$	36,458,084
Distributions reinvested		—			12,150			—			6,648
Value of shares redeemed		(45,679,802	)		(113,424,970	)		(22,409,510	)		(33,841,841	)
Service Class
Proceeds from shares issued		2,064,965			4,739,111			122,189			33,108
Value of shares redeemed		(2,050,456	)		(4,821,787	)		(80,558	)		(21,437	)
Change in net assets resulting from capital transactions	$	(280,697	)	$	(1,605,473	)	$	464,023		$	2,634,562
SHARE TRANSACTIONS:
Investor Class
Issued		2,656,787			3,035,705			2,849,991			1,815,470
Reinvested		—			507			—			381
Redeemed		(2,691,901	)		(3,091,727	)		(2,787,887	)		(1,683,010	)
Service Class
Issued		159,501			127,712			17,208			1,723
Redeemed		(159,992	)		(128,762	)		(14,815	)		(865	)
Change in shares		(35,605	)		(56,565	)		64,497			133,699

^(a)  As described in Note 9, share amounts have been adjusted for 1:8 reverse share split that occurred on December 14, 2020.

Amounts designated as " – " are $0 or have been rounded to $0.

See accompanying notes to the financial statements.

For the Periods Indicated :: Statements of Changes in Net Assets :: 281

UltraShort Nasdaq-100 ProFund						UltraShort Small-Cap ProFund						UltraSmall-Cap ProFund
Year Ended July 31, 2021			Year Ended July 31, 2020			Year Ended July 31, 2021			Year Ended July 31, 2020			Year Ended July 31, 2021			Year Ended July 31, 2020
$	(310,178	)	$	(160,260	)	$	(118,634	)	$	(83,525	)	$	(766,796	)	$	(208,740	)
	6,366,794			(6,334,728	)		(6,416,308	)		(6,777,254	)		33,590,003			(3,077,247	)
	1,930,719			(2,388,284	)		(301,265	)		69,392			10,578,359			137,733
	7,987,335			(8,883,272	)		(6,836,207	)		(6,791,387	)		43,401,566			(3,148,254	)
	(6,099	)		(48,964	)		—			(17,184	)		—			—
	(6,099	)		(48,964	)		—			(17,184	)		—			—
	(8,144,025	)		3,096,928			7,505,297			10,030,061			23,710,296			(25,384,147	)
	(162,789	)		(5,835,308	)		669,090			3,221,490			67,111,862			(28,532,401	)
	9,628,088			15,463,396			7,919,942			4,698,452			34,029,642			62,562,043
$	9,465,299		$	9,628,088		$	8,589,032		$	7,919,942		$	101,141,504		$	34,029,642
$	1,619,137,898		$	1,189,153,375		$	123,161,547		$	171,975,249		$	819,249,211		$	689,280,004
	5,816			45,737			—			16,370			—			—
	(1,627,463,105	)		(1,186,114,928	)		(116,118,960	)		(161,971,331	)		(795,780,334	)		(714,210,736	)
	5,958,301			8,971,625			2,564,577			4,696,595			24,151,688			9,743,427
	(5,782,935	)		(8,958,881	)		(2,101,867	)		(4,686,822	)		(23,910,269	)		(10,196,842	)
$	(8,144,025	)	$	3,096,928		$	7,505,297		$	10,030,061		$	23,710,296		$	(25,384,147	)
	54,542,505	(a)		20,831,828	(a)		12,182,113			5,680,416			11,497,660			15,031,864
	249			571	(a)		—			617			—			—
	(54,215,707	)(a)		(20,715,520	)(a)		(11,456,203	)		(5,443,583	)		(11,186,978	)		(15,295,847	)
	284,538	(a)		118,913	(a)		328,536			154,433			402,157			288,479
	(277,227	)(a)		(119,101	)(a)		(262,122	)		(150,602	)		(396,141	)		(290,393	)
	334,358			116,691			792,324			241,281			316,698			(265,897	)

See accompanying notes to the financial statements.

282 :: Statements of Changes in Net Assets :: For the Periods Indicated

	U.S. Government Plus ProFund						Utilities UltraSector ProFund
	Year Ended July 31, 2021			Year Ended July 31, 2020			Year Ended July 31, 2021			Year Ended July 31, 2020
FROM INVESTMENT ACTIVITIES:
OPERATIONS:
Net investment income (loss)	$	(188,980	)	$	(11,816	)	$	11,543		$	384,205
Net realized gains (losses) on investments		(3,092,778	)		11,405,620			1,226,994			(5,956,582	)
Change in net unrealized appreciation/depreciation on investments		(461,278	)		(218,202	)		(155,218	)		(1,415,262	)
Change in net assets resulting from operations		(3,743,036	)		11,175,602			1,083,319			(6,987,639	)
DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions
Investor Class		—			(70,487	)		(45,473	)		(471,638	)
Service Class		—			(105	)		—			(18,130	)
Change in net assets resulting from distributions		—			(70,592	)		(45,473	)		(489,768	)
Change in net assets resulting from capital transactions		5,452,355			(13,189,424	)		(1,317,530	)		(16,280,571	)
Change in net assets		1,709,319			(2,084,414	)		(279,684	)		(23,757,978	)
NET ASSETS:
Beginning of period		24,311,731			26,396,145			9,065,529			32,823,507
End of period	$	26,021,050		$	24,311,731		$	8,785,845		$	9,065,529
CAPITAL TRANSACTIONS:
Investor Class
Proceeds from shares issued	$	249,390,358		$	345,348,051		$	30,768,460		$	216,377,740
Distributions reinvested		—			65,522			44,822			469,736
Value of shares redeemed		(243,841,186	)		(357,689,490	)		(32,097,834	)		(232,353,340	)
Service Class
Proceeds from shares issued		5,676,297			59,176,692			1,357,975			3,911,788
Distributions reinvested		—			105			—			17,271
Value of shares redeemed		(5,773,114	)		(60,090,304	)		(1,390,953	)		(4,703,766	)
Change in net assets resulting from capital transactions	$	5,452,355		$	(13,189,424	)	$	(1,317,530	)	$	(16,280,571	)
SHARE TRANSACTIONS:
Investor Class
Issued		3,623,278			4,968,295			565,097			3,626,927
Reinvested		—			974			843			7,881
Redeemed		(3,529,043	)		(5,110,271	)		(592,049	)		(4,048,741	)
Service Class
Issued		86,771			869,026			26,895			71,204
Reinvested		—			2			—			309
Redeemed		(87,768	)		(885,760	)		(27,421	)		(89,152	)
Change in shares		93,238			(157,734	)		(26,635	)		(431,572	)

See accompanying notes to the financial statements.

Consolidated Statement of Cash Flows

284 :: Consolidated Statement of Cash Flows

	Bitcoin Strategy ProFund
	7/28/2021 to 7/31/2021**
Cash Flows from Operating Activities:
Net Increase (Decrease) in Net Assets from Operations	$	(5,099	)
Less: Change in net unrealized appreciation/depreciation of investments		18
Adjustments to reconcile the net increase (decrease) in net assets from operations to net cash provided by (used in) operating activities
Purchases of investments		(354,931	)
(Increase) Decrease in:
Due from Advisor under an expense limitation agreement		(16,082	)
Prepaid Expenses		(28,384	)
Increase (Decrease) in:
Interest payable (on reverse repurchase agreements)		2
Variation margin payable on futures contracts		4,969
Due to advisor for expenses paid in advance		28,699
Administration fees payable		1
Transfer agency fees payable		22
Fund accounting fees payable		1
Compliance services fees payable		1
Service fees payable		1
Other accrued expenses		15,772
Net cash provided by (used in) operating activities	$	(355,010	)
Cash Flow from Financing Activities:
Proceeds from reverse repurchase agreements		689,840
(Repayments of) reverse repurchase agreements		(344,920	)
Proceeds from capital shares issued		464,774
Net cash provided by (used in) financing activities	$	809,694
Net Increase (Decrease) in Cash and Cash Collateral at Brokers		454,684
Cash and segregated cash balances for futures contracts with brokers at the beginning of period		—
Cash and segregated cash balances for futures contracts with brokers at the end of period	$	454,684
The following table provides a reconciliation of cash and cash collateral at brokers to the statement of assets and liabilities:
Cash		274,665
Segregated cash balances for futures contracts with brokers		180,019
Total cash and cash collateral at brokers	$	454,684

**  Period from commencement of operations.

See accompanying notes to the financial statements.

Financial Highlights

286 :: Financial Highlights

ProFunds Financial Highlights FOR THE PERIODS INDICATED

Selected data for a share of beneficial interest outstanding throughout the periods indicated.

	Investment Activities								Distributions to Shareholders From
					Net
					Realized
					and
	Net Asset		Net		Unrealized						In excess
	Value,		Investment		Gains		Total from		Net		of net		Return
	Beginning		Income		(Losses) on		Investment		Investment		Investment		of		Total
	of Period		(Loss)(a)		Investments		Activities		Income		Income		Capital		Distributions
Access Flex Bear High Yield ProFund
Investor Class
Nine Months Ended July 31, 2021	$	33.20	(0.41	)	(2.86	)	(3.27	)	—		—		—		—
Year Ended October 31, 2020	$	33.78	(0.53	)	(0.05	)	(0.58	)	—		—		—		—
Year Ended October 31, 2019	$	37.85	(0.21	)	(3.86	)	(4.07	)	—		—		—		—
Year Ended October 31, 2018	$	38.27	(0.35	)	(0.07	)	(0.42	)	—		—		—		—
Year Ended October 31, 2017(e)	$	40.76	(0.50	)	(1.99	)	(2.49	)	—		—		—		—
Year Ended October 31, 2016(e)	$	45.65	(0.70	)	(4.19	)	(4.89	)	—		—		—		—
Service Class
Nine Months Ended July 31, 2021	$	28.71	(0.61	)	(2.42	)	(3.03	)	—		—		—		—
Year Ended October 31, 2020	$	29.49	(0.82	)	0.04		(0.78	)	—		—		—		—
Year Ended October 31, 2019	$	33.40	(0.53	)	(3.38	)	(3.91	)	—		—		—		—
Year Ended October 31, 2018	$	34.11	(0.69	)	(0.02	)	(0.07	)	—		—		—		—
Year Ended October 31, 2017(e)	$	36.49	(0.85	)	(1.53	)	(2.38	)	—		—		—		—
Year Ended October 31, 2016(e)	$	41.25	(1.10	)	(3.66	)	(4.76	)	—		—		—		—
Access Flex High Yield ProFund
Investor Class
Nine Months Ended July 31, 2021	$	31.65	(0.34	)	2.41		2.07		—		(0.81	)	—		(0.81	)
Year Ended October 31, 2020	$	34.28	(0.39	)	0.98		(1.37	)	—		(1.14	)	(0.12	)	(1.26	)
Year Ended October 31, 2019	$	32.40	0.06		3.20		3.26		(0.06	)	(1.32	)	—		(1.38	)
Year Ended October 31, 2018	$	33.54	0.11		(0.18	)	(0.07	)	(0.11	)	(0.69	)	(0.27	)	(1.07	)
Year Ended October 31, 2017	$	32.66	(0.16	)	2.27		2.11		—		(1.23	)	—		(1.23	)
Year Ended October 31, 2016	$	33.89	(0.26	)	1.94		1.68		—		(2.91	)	—		(2.91	)
Service Class
Nine Months Ended July 31, 2021	$	31.33	(0.59	)	2.40		1.81		—		(0.61	)	—		(0.61	)
Year Ended October 31, 2020	$	33.80	(0.71	)	(0.96	)	(1.67	)	—		(0.72	)	(0.08	)	(0.80	)
Year Ended October 31, 2019	$	32.03	(0.27	)	3.15		2.88		—		(1.11	)	—		(1.11	)
Year Ended October 31, 2018	$	32.80	(0.21	)	(0.17	)	(0.38	)	—		(0.29	)	(0.10	)	(0.39	)
Year Ended October 31, 2017	$	31.89	(0.48	)	2.22		1.74		—		(0.83	)	—		(0.83	)
Year Ended October 31, 2016	$	33.15	(0.57	)	1.90		1.33		—		(2.59	)	—		(2.59	)

						Ratios to				Supplemental
				Average Net Assets						Data
Net										Net
Asset								Net		Assets,
Value,								Investment		End of		Portfolio
End of		Total		Gross		Net		Income		Period		Turnover
Period		Return(b)		Expenses(c)		Expenses(c)		(Loss)(c)		(000’s)		Rate(b)(d)
$	29.93	(9.80	)%	9.92	%	1.78	%	(1.78	)%	$	445	—
$	33.20	(1.72	)%	5.56	%	1.78	%	(1.56	)%	$	845	—
$	33.78	(10.75	)%	5.99	%	1.78	%	(0.60	)%	$	807	—
$	37.85	(1.10	)%	5.42	%	1.78	%	(0.92	)%	$	591	—
$	38.27	(6.09	)%(f)	4.18	%	1.78	%	(1.30	)%	$	671	—
$	40.76	(10.73	)%	4.24	%	1.78	%	(1.63	)%	$	3,028	—
$	25.68	(10.45	)%	10.92	%	2.78	%	(2.78	)%	$	11	—
$	28.71	(2.64	)%	6.56	%	2.78	%	(2.56	)%	$	14	—
$	29.49	(11.70	)%	6.99	%	2.78	%	(1.60	)%	$	33	—
$	33.40	(2.05	)%	6.42	%	2.78	%	(1.92	)%	$	38	—
$	34.11	(6.55	)%(f)	5.18	%	2.78	%	(2.30	)%	$	116	—
$	36.49	(11.62	)%	5.24	%	2.78	%	(2.63	)%	$	169	—
$	32.91	6.63	%	1.97	%	1.78	%	(1.39	)%	$	13,252	944	%
$	31.65	(4.05	)%	2.07	%	1.88	%	(1.17	)%	$	17,557	1,534	%
$	34.28	10.26	%	1.90	%	1.90	%	0.19	%	$	19,823	1,362	%
$	32.40	(0.21	)%	1.77	%	1.77	%	0.35	%	$	25,909	1,334	%
$	33.54	6.58	%(g)	1.81	%	1.81	%	(0.49	)%	$	25,367	1,517	%
$	32.66	5.50	%	1.64	%	1.64	%	(0.80	)%	$	41,517	1,851	%
$	32.53	5.81	%	2.97	%	2.78	%	(2.39	)%	$	3,527	944	%
$	31.33	(4.98	)%	3.07	%	2.88	%	(2.17	)%	$	2,806	1,534	%
$	33.80	9.12	%	2.90	%	2.90	%	(0.81	)%	$	4,820	1,362	%
$	32.03	(1.15	)%	2.77	%	2.77	%	(0.65	)%	$	2,648	1,334	%
$	32.80	5.54	%(g)	2.81	%	2.81	%	(1.49	)%	$	5,326	1,517	%
$	31.89	4.53	%	2.64	%	2.64	%	(1.80	)%	$	8,834	1,851	%

(a) Per share net investment income (loss) has been calculated using the average daily shares method.

(b) Not annualized for periods less than one year.

(c) Annualized for periods less than one year.

(d) Portfolio turnover rate is calculated without regard to instruments having a maturity of less than one year from acquisition or derivative instruments (including swap agreements and futures contracts). The portfolio turnover rate can be high and volatile due to the amount and timing of sales and purchases of fund shares during the period. Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued.

(e) As described in Note 9, adjusted for 1:5 reverse share split that occurred on December 5, 2016.

(f) During the year ended October 31, 2017, the Fund received monies related to certain nonrecurring litigation settlements. The corresponding impact to the total return was an increase of 3.30%.

(g) During the year ended October 31, 2017, the Fund received monies related to certain nonrecurring litigation settlements. The corresponding impact to the total return was an increase of 0.76%.

See accompanying notes to the financial statements.

Financial Highlights :: 287

ProFunds Financial Highlights FOR THE PERIODS INDICATED

Selected data for a share of beneficial interest outstanding throughout the periods indicated.

			Investment Activities						Distributions to Shareholders From
					Net
					Realized
					and
	Net Asset		Net		Unrealized						Net
	Value,		Investment		Gains		Total from		Net		Realized
	Beginning		Income		(Losses) on		Investment		Investment		Gains on		Total
	of Period		(Loss)(a)		Investments		Activities		Income		Investments		Distributions
Banks UltraSector ProFund
Investor Class
Year Ended July 31, 2021	$	28.48	0.23		28.01		28.24		—		—		—
Year Ended July 31, 2020	$	50.38	0.47		(22.14	)	(21.67	)	(0.23	)	—		(0.23	)
Year Ended July 31, 2019	$	54.83	0.42		(4.28	)	(3.86	)	(0.59	)	—		(0.59	)
Year Ended July 31, 2018	$	44.79	0.16		9.88		10.04		—		—		—
Year Ended July 31, 2017	$	27.42	(0.02	)	17.39		17.37		—		—		—
Service Class
Year Ended July 31, 2021	$	26.38	(0.19	)	25.80		25.61		—		—		—
Year Ended July 31, 2020	$	46.98	0.13		(20.73	)	(20.60	)	—		—		—
Year Ended July 31, 2019	$	50.85	(0.03	)	(3.84	)	(3.87	)	—		—		—
Year Ended July 31, 2018	$	41.95	(0.33	)	9.23		8.90		—		—		—
Year Ended July 31, 2017	$	25.94	(0.38	)	16.39		16.01		—		—		—
Basic Materials UltraSector ProFund
Investor Class
Year Ended July 31, 2021	$	63.17	(0.16	)	38.67		38.51		(0.01	)	(0.21	)	(0.22	)
Year Ended July 31, 2020	$	63.98	0.08		(0.89	)	(0.81	)	—		—		—
Year Ended July 31, 2019	$	74.26	0.12		(10.40	)	(10.28	)	—		—		—
Year Ended July 31, 2018	$	63.66	(0.11	)	10.71		10.60		—		—		—
Year Ended July 31, 2017	$	52.40	0.13		11.22		11.35		(0.09	)(e)	—		(0.09	)
Service Class
Year Ended July 31, 2021	$	55.74	(0.92	)	33.99		33.07		—		(0.21	)	(0.21	)
Year Ended July 31, 2020	$	57.02	(0.44	)	(0.84	)	(1.28	)	—		—		—
Year Ended July 31, 2019	$	66.85	(0.45	)	(9.38	)	(9.83	)	—		—		—
Year Ended July 31, 2018	$	57.88	(0.77	)	9.74		8.97		—		—		—
Year Ended July 31, 2017	$	48.03	(0.38	)	10.23		9.85		—		—		—

						Ratios to				Supplemental
				Average Net Assets						Data
Net										Net
Asset								Net		Assets,
Value,								Investment		End of		Portfolio
End of		Total		Gross		Net		Income		Period		Turnover
Period		Return		Expenses		Expenses		(Loss)		(000’s)		Rate(b)
$	56.72	99.16	%	1.53	%	1.53	%	0.43	%	$	122,655	144	%
$	28.48	(43.26	)%	1.72	%	1.72	%	1.00	%	$	7,348	260	%
$	50.38	(6.69	)%	1.80	%	1.80	%	0.88	%	$	9,484	75	%
$	54.83	22.39	%	1.54	%	1.54	%	0.30	%	$	18,887	293	%
$	44.79	63.38	%	1.55	%	1.55	%	(0.06	)%	$	16,953	252	%
$	51.99	97.08	%	2.53	%	2.53	%	(0.57	)%	$	925	144	%
$	26.38	(43.84	)%	2.72	%	2.72	%	—	%(c)	$	300	260	%
$	46.98	(7.63	)%	2.80	%	2.80	%	(0.12	)%	$	769	75	%
$	50.85	21.22	%	2.54	%	2.54	%	(0.70	)%	$	964	293	%
$	41.95	61.66	%	2.55	%	2.55	%	(1.06	)%	$	1,076	252	%
$	101.46	61.04	%	1.82	%	1.78	%	(0.19	)%	$	10,709	698	%
$	63.17	(1.25	)%	2.43	%	1.85	%	0.15	%	$	2,897	62	%
$	63.98	(13.84	)%	2.15	%	2.05	%(d)	0.19	%	$	4,637	179	%
$	74.26	16.65	%	1.67	%	1.67	%	(0.15	)%	$	7,427	460	%
$	63.66	21.68	%	1.67	%	1.61	%	0.23	%	$	8,266	179	%
$	88.60	59.44	%	2.82	%	2.78	%	(1.19	)%	$	983	698	%
$	55.74	(2.24	)%	3.43	%	2.85	%	(0.85	)%	$	278	62	%
$	57.02	(14.72	)%	3.15	%	3.05	%(d)	(0.81	)%	$	316	179	%
$	66.85	15.49	%	2.67	%	2.67	%	(1.15	)%	$	601	460	%
$	57.88	20.50	%	2.66	%	2.60	%	(0.76	)%	$	639	179	%

(a) Per share net investment income (loss) has been calculated using the average daily shares method.

(b) Portfolio turnover rate is calculated without regard to instruments having a maturity of less than one year from acquisition or derivative instruments (including swap agreements and futures contracts). The portfolio turnover rate can be high and volatile due to the amount and timing of sales and purchases of fund shares during the period. Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued.

(c) Amount is less than 0.005%.

(d) The expense ratio does not correlate to the applicable expense limits in place during the period given that the annual contractual expense limitation is applied for the one year periods ended November 30th of each year, instead of coinciding with the July 31st year end. Details of the current expense limitation in effect can be found in Note 4 of the accompanying Notes to Financial Statements.

(e) Subsequent to the issuance of the July 31, 2017 financial statements, $0.09 of the distribution was determined to be a return of capital.

See accompanying notes to the financial statements.

288 :: Financial Highlights

ProFunds Financial Highlights FOR THE PERIODS INDICATED

Selected data for a share of beneficial interest outstanding throughout the periods indicated.

			Investment Activities						Distributions to Shareholders From
					Net
					Realized
					and
	Net Asset		Net		Unrealized						Net
	Value,		Investment		Gains		Total from		Net		Realized
	Beginning		Income		(Losses) on		Investment		Investment		Gains on		Total
	of Period		(Loss)(a)		Investments		Activities		Income		Investments		Distributions
Bear ProFund
Investor Class
Year Ended July 31, 2021	$	22.67	(0.33	)	(6.32	)	(6.65	)	(0.01	)	—		(0.01	)
Year Ended July 31, 2020	$	28.37	(0.25	)	(5.38	)	(5.63	)	(0.07	)	—		(0.07	)
Year Ended July 31, 2019	$	30.45	0.14		(2.22	)	(2.08	)	—		—		—
Year Ended July 31, 2018	$	35.46	(0.11	)	(4.90	)	(5.01	)	—		—		—
Year Ended July 31, 2017(c)	$	41.56	(0.41	)	(5.69	)	(6.10	)	—		—		—
Service Class
Year Ended July 31, 2021	$	20.82	(0.51	)	(5.75	)	(6.26	)	—		—		—
Year Ended July 31, 2020	$	26.23	(0.50	)	(4.91	)	(5.41	)	—		—		—
Year Ended July 31, 2019	$	28.44	(0.14	)	(2.07	)	(2.21	)	—		—		—
Year Ended July 31, 2018	$	33.46	(0.42	)	(4.60	)	(5.02	)	—		—		—
Year Ended July 31, 2017(c)	$	39.62	(0.79	)	(5.37	)	(6.16	)	—		—		—
Biotechnology UltraSector ProFund
Investor Class
Year Ended July 31, 2021	$	72.23	(0.27	)	21.37		21.10		—		(8.07	)	(8.07	)
Year Ended July 31, 2020	$	51.90	(0.06	)	22.42		22.36		—		(2.03	)	(2.03	)
Year Ended July 31, 2019	$	66.16	0.11		(11.50	)	(11.39	)	—		(2.87	)	(2.87	)
Year Ended July 31, 2018	$	63.85	(0.05	)	6.85		6.80		—		(4.49	)	(4.49	)
Year Ended July 31, 2017	$	56.32	(0.15	)	7.68		7.53		—		—		—
Service Class
Year Ended July 31, 2021	$	55.00	(0.80	)	15.73		14.93		—		(8.07	)	(8.07	)
Year Ended July 31, 2020	$	40.29	(0.52	)	17.26		16.74		—		(2.03	)	(2.03	)
Year Ended July 31, 2019	$	52.66	(0.35	)	(9.15	)	(9.50	)	—		(2.87	)	(2.87	)
Year Ended July 31, 2018	$	52.18	(0.58	)	5.55		4.97		—		(4.49	)	(4.49	)
Year Ended July 31, 2017	$	46.48	(0.60	)	6.30		5.70		—		—		—

						Ratios to				Supplemental
				Average Net Assets						Data
Net										Net
Asset								Net		Assets,
Value,								Investment		End of		Portfolio
End of		Total		Gross		Net		Income		Period		Turnover
Period		Return		Expenses		Expenses		(Loss)		(000’s)		Rate(b)
$	16.01	(29.33	)%	1.74	%	1.74	%	(1.73	)%	$	9,799	—
$	22.67	(19.87	)%	1.86	%	1.86	%	(0.95	)%	$	15,698	—
$	28.37	(6.83	)%	1.77	%	1.77	%	0.48	%	$	19,388	—
$	30.45	(14.13	)%	1.59	%	1.59	%	(0.34	)%	$	12,790	—
$	35.46	(14.66	)%	1.63	%	1.63	%	(1.07	)%	$	45,370	—
$	14.56	(30.07	)%	2.74	%	2.74	%	(2.73	)%	$	789	—
$	20.82	(20.63	)%	2.86	%	2.86	%	(1.95	)%	$	677	—
$	26.23	(7.77	)%	2.77	%	2.77	%	(0.52	)%	$	761	—
$	28.44	(15.00	)%	2.59	%	2.59	%	(1.34	)%	$	659	—
$	33.46	(15.51	)%	2.63	%	2.63	%	(2.07	)%	$	2,667	—
$	85.26	32.02	%	1.55	%	1.55	%	(0.37	)%	$	168,280	62	%
$	72.23	43.62	%	1.61	%	1.61	%	(0.10	)%	$	188,065	52	%
$	51.90	(17.10	)%	1.52	%	1.52	%	0.19	%	$	161,970	23	%
$	66.16	10.94	%	1.43	%	1.43	%	(0.08	)%	$	246,238	11	%
$	63.85	13.37	%	1.45	%	1.45	%	(0.28	)%	$	320,937	14	%
$	61.86	30.74	%	2.54	%	2.54	%	(1.36	)%	$	5,358	62	%
$	55.00	42.20	%	2.60	%	2.60	%	(1.09	)%	$	5,999	52	%
$	40.29	(17.93	)%	2.52	%	2.52	%	(0.80	)%	$	5,559	23	%
$	52.66	9.83	%	2.43	%	2.43	%	(1.08	)%	$	9,183	11	%
$	52.18	12.26	%	2.45	%	2.45	%	(1.28	)%	$	12,721	14	%

(a) Per share net investment income (loss) has been calculated using the average daily shares method.

(b) Portfolio turnover rate is calculated without regard to instruments having a maturity of less than one year from acquisition or derivative instruments (including swap agreements and futures contracts). The portfolio turnover rate can be high and volatile due to the amount and timing of sales and purchases of fund shares during the period. Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued.

(c) As described in Note 9, share amounts adjusted for 1:5 reverse share split that occurred on December 5, 2016.

See accompanying notes to the financial statements.

Financial Highlights :: 289

ProFunds Financial Highlights FOR THE PERIODS INDICATED

Selected data for a share of beneficial interest outstanding throughout the periods indicated.

			Investment Activities						Distributions to Shareholders From
					Net
					Realized
					and
	Net Asset		Net		Unrealized						Net
	Value,		Investment		Gains		Total from		Net		Realized
	Beginning		Income		(Losses) on		Investment		Investment		Gains on		Total
	of Period		(Loss)(a)		Investments		Activities		Income		Investments		Distributions
Bitcoin Strategy ProFund(e)
Investor Class
July 28, 2021 through July 31, 2021(f)	$	25.00	—	(g)	(0.30	)	(0.30	)	—		—		—
Bull ProFund
Investor Class
Year Ended July 31, 2021	$	48.91	(0.24	)	16.31		16.07		(0.16	)	(2.91	)	(3.07	)
Year Ended July 31, 2020(i)	$	45.33	(0.01	)	4.39		4.38		(0.18	)	(0.62	)	(0.80	)
Year Ended July 31, 2019(i)	$	42.99	0.23		2.35		2.58		—		(0.24	)	(0.24	)
Year Ended July 31, 2018(i)	$	37.65	0.08		5.26		5.34		—		—		—
Year Ended July 31, 2017(i)	$	33.11	(0.15	)	4.69		4.54		—		—		—
Service Class
Year Ended July 31, 2021	$	40.09	(0.68	)	13.27		12.59		—		(2.91	)	(2.91	)
Year Ended July 31, 2020(i)	$	37.50	(0.38	)	3.59		3.21		—		(0.62	)	(0.62	)
Year Ended July 31, 2019(i)	$	35.96	(0.12	)	1.90		1.78		—		(0.24	)	(0.24	)
Year Ended July 31, 2018(i)	$	31.80	(0.25	)	4.41		4.16		—		—		—
Year Ended July 31, 2017(i)	$	28.25	(0.45	)	4.00		3.55		—		—		—

						Ratios to				Supplemental
				Average Net Assets						Data
Net										Net
Asset								Net		Assets,
Value,								Investment		End of		Portfolio
End of		Total		Gross		Net		Income		Period		Turnover
Period		Return(b)		Expenses(c)		Expenses(c)		(Loss)(c)		(000’s)		Rate(d)
$	24.70	(1.20	)%	24.80	%(h)	1.30	%(h)	(1.28	)%	$	524	—
$	61.91	34.03	%	1.55	%	1.55	%	(0.45	)%	$	56,064	15	%
$	48.91	9.68	%	1.63	%	1.63	%	(0.01	)%	$	72,210	84	%
$	45.33	5.99	%	1.54	%	1.54	%	0.54	%	$	61,121	3	%
$	42.99	14.20	%	1.44	%	1.44	%	0.21	%	$	47,074	26	%
$	37.65	13.68	%	1.58	%	1.58	%	(0.44	)%	$	80,095	4	%
$	49.77	32.73	%	2.55	%	2.55	%	(1.45	)%	$	7,148	15	%
$	40.09	8.57	%	2.63	%	2.63	%	(1.01	)%	$	5,327	84	%
$	37.50	4.93	%	2.54	%	2.54	%	(0.45	)%	$	4,232	3	%
$	35.96	13.08	%	2.43	%	2.43	%	(0.78	)%	$	4,676	26	%
$	31.80	12.55	%	2.58	%	2.58	%	(1.44	)%	$	8,533	4	%

(a) Per share net investment income (loss) has been calculated using the average daily shares method.

(b) Not annualized for periods less than one year.

(c) Annualized for periods less than one year.

(d) Portfolio turnover rate is calculated without regard to instruments having a maturity of less than one year from acquisition or derivative instruments (including swap agreements and futures contracts). The portfolio turnover rate can be high and volatile due to the amount and timing of sales and purchases of fund shares during the period. Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued.

(e) Consolidated Financial Highlights.

(f) Period from commencement of operations.

(g) Amount is less than $0.005.

(h) The expense ratios reflect all interest expense and other costs related to reverse repurchase agreements and trading of Bitcoin futures contracts. Excluding interest expense and these other costs, the net expense ratio would have been 0.84%.

(i) As described in Note 9, share amounts have been adjusted for 3:1 share split that occurred on November 18, 2019.

See accompanying notes to the financial statements.

290 :: Financial Highlights

ProFunds Financial Highlights FOR THE PERIODS INDICATED

Selected data for a share of beneficial interest outstanding throughout the periods indicated.

			Investment Activities						Distributions to Shareholders From
					Net
					Realized
					and
	Net Asset		Net		Unrealized						Net
	Value,		Investment		Gains		Total from		Net		Realized
	Beginning		Income		(Losses) on		Investment		Investment		Gains on		Total
	of Period		(Loss)(a)		Investments		Activities		Income		Investments		Distributions
Communication Services UltraSector ProFund
Investor Class
Year Ended July 31, 2021	$	104.67	(1.61	)	69.67		68.06		—		—		—
Year Ended July 31, 2020	$	92.86	(0.99	)	15.68		14.69		(2.88	)	—		(2.88	)
Year Ended July 31, 2019	$	72.76	2.15		17.95		20.10		—		—		—
Year Ended July 31, 2018	$	72.31	0.03		0.42		0.45		—		—		—
Year Ended July 31, 2017	$	61.09	(1.02	)	12.24		11.22		—		—		—
Service Class
Year Ended July 31, 2021	$	85.98	(2.72	)	57.26		54.54		—		—		—
Year Ended July 31, 2020	$	76.53	(1.74	)	12.99		11.25		(1.80	)	—		(1.80	)
Year Ended July 31, 2019	$	60.55	1.45		14.53		15.98		—		—		—
Year Ended July 31, 2018	$	60.80	(0.54	)	0.29		(0.25	)	—		—		—
Year Ended July 31, 2017	$	51.86	(1.62	)	10.56		8.94		—		—		—
Consumer Goods UltraSector ProFund
Investor Class
Year Ended July 31, 2021(d)	$	59.24	(0.31	)	32.92		32.61		—		—		—
Year Ended July 31, 2020(d)	$	53.09	0.23		7.52	(e)	7.75		—		(1.60	)	(1.60	)
Year Ended July 31, 2019(d)	$	51.20	0.07		2.51		2.58		(0.69	)	—		(0.69	)
Year Ended July 31, 2018(d)	$	53.04	0.23		(1.15	)	(0.92	)	(0.04	)	(0.88	)	(0.92	)
Year Ended July 31, 2017(d)	$	49.21	0.10		3.73		3.83		—		—		—
Service Class
Year Ended July 31, 2021(d)	$	53.19	(1.01	)	29.48		28.47		—		—		—
Year Ended July 31, 2020(d)	$	48.29	(0.25	)	6.75	(e)	6.50		—		(1.60	)	(1.60	)
Year Ended July 31, 2019(d)	$	46.44	(0.37	)	2.36		1.99		(0.14	)	—		(0.14	)
Year Ended July 31, 2018(d)	$	48.62	(0.25	)	(1.05	)	(1.30	)	—		(0.88	)	(0.88	)
Year Ended July 31, 2017(d)	$	45.56	(0.35	)	3.41		3.06		—		—		—

						Ratios to				Supplemental
				Average Net Assets						Data
Net										Net
Asset								Net		Assets,
Value,								Investment		End of		Portfolio
End of		Total		Gross		Net		Income		Period		Turnover
Period		Return		Expenses		Expenses		(Loss)		(000’s)		Rate(b)
$	172.73	65.05	%	1.91	%	1.82	%	(1.17	)%	$	11,327	138	%
$	104.67	16.07	%	2.37	%	2.11	%(c)	(1.08	)%	$	5,587	82	%
$	92.86	27.62	%	1.62	%	1.62	%	2.51	%	$	10,109	805	%
$	72.76	0.62	%	2.22	%	1.78	%	0.05	%	$	5,680	818	%
$	72.31	18.37	%	1.82	%	1.78	%	(1.46	)%	$	7,108	562	%
$	140.52	63.43	%	2.91	%	2.82	%	(2.17	)%	$	205	138	%
$	85.98	14.89	%	3.37	%	3.11	%(c)	(2.08	)%	$	153	82	%
$	76.53	26.35	%	2.62	%	2.62	%	1.51	%	$	166	805	%
$	60.55	(0.38	)%	3.22	%	2.78	%	(0.95	)%	$	123	818	%
$	60.80	17.22	%	2.82	%	2.78	%	(2.46	)%	$	313	562	%
$	91.85	55.06	%	1.88	%	1.78	%	(0.40	)%	$	4,950	209	%
$	59.24	14.68	%	2.08	%	1.78	%	0.44	%	$	7,596	162	%
$	53.09	5.40	%	2.11	%	1.91	%	0.15	%	$	4,495	46	%
$	51.20	(1.87	)%	1.89	%	1.83	%	0.44	%	$	5,321	155	%
$	53.04	7.77	%	1.76	%	1.76	%	0.19	%	$	28,186	199	%
$	81.66	53.53	%	2.88	%	2.78	%	(1.40	)%	$	441	209	%
$	53.19	13.53	%	3.08	%	2.78	%	(0.56	)%	$	457	162	%
$	48.29	4.38	%	3.09	%	2.89	%	(0.83	)%	$	391	46	%
$	46.44	(2.85	)%	2.89	%	2.83	%	(0.56	)%	$	699	155	%
$	48.62	6.72	%	2.76	%	2.76	%	(0.81	)%	$	1,077	199	%

(a) Per share net investment income (loss) has been calculated using the average daily shares method.

(b) Portfolio turnover rate is calculated without regard to instruments having a maturity of less than one year from acquisition or derivative instruments (including swap agreements and futures contracts). The portfolio turnover rate can be high and volatile due to the amount and timing of sales and purchases of fund shares during the period. Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued.

(c) The expense ratio does not correlate to the applicable expense limits in place during the period given that the annual contractual expense limitation is applied for the one year periods ended November 30th of each year, instead of coinciding with the July 31st year end. Details of the current expense limitation in effect can be found in Note 4 of the accompanying Notes to Financial Statements.

(d) As described in Note 9, share amounts adjusted for 2:1 share split that occurred on December 14, 2020.

(e) The amount shown for a share outstanding throughout the period does not accord with the change in aggregate gains and losses in the portfolio of securities during the period because of the timing of sales and purchases of fund shares in relation to fluctuating market values during the period.

See accompanying notes to the financial statements.

Financial Highlights :: 291

ProFunds Financial Highlights FOR THE PERIODS INDICATED

Selected data for a share of beneficial interest outstanding throughout the periods indicated.

			Investment Activities						Distributions to Shareholders From
					Net
					Realized
					and
	Net Asset		Net		Unrealized						Net
	Value,		Investment		Gains		Total from		Net		Realized
	Beginning		Income		(Losses) on		Investment		Investment		Gains on		Total
	of Period		(Loss)(a)		Investments		Activities		Income		Investments		Distributions
Consumer Services UltraSector ProFund
Investor Class
Year Ended July 31, 2021	$	54.08	(0.64	)	21.74		21.10		—		(2.41	)	(2.41	)
Year Ended July 31, 2020(c)	$	46.43	(0.24	)	7.89		7.65		—		—		—
Year Ended July 31, 2019(c)	$	43.14	(0.06	)	5.21		5.15		—		(1.86	)	(1.86	)
Year Ended July 31, 2018(c)	$	34.40	(0.09	)	9.58		9.49		—		(0.75	)	(0.75	)
Year Ended July 31, 2017(c)	$	29.22	(0.10	)	5.28		5.18		—		—		—
Service Class
Year Ended July 31, 2021	$	45.99	(1.19	)	18.47		17.28		—		(2.41	)	(2.41	)
Year Ended July 31, 2020(c)	$	39.89	(0.63	)	6.73		6.10		—		—		—
Year Ended July 31, 2019(c)	$	37.73	(0.43	)	4.45		4.02		—		(1.86	)	(1.86	)
Year Ended July 31, 2018(c)	$	30.47	(0.43	)	8.44		8.01		—		(0.75	)	(0.75	)
Year Ended July 31, 2017(c)	$	26.15	(0.38	)	4.70		4.32		—		—		—
Europe 30 ProFund
Investor Class
Year Ended July 31, 2021	$	10.91	0.13		3.23		3.36		(0.30	)	—		(0.30	)
Year Ended July 31, 2020	$	12.56	0.16		(1.70	)	(1.54	)	(0.11	)	—		(0.11	)
Year Ended July 31, 2019	$	14.58	0.25		(0.86	)	(0.61	)	(1.41	)	—		(1.41	)
Year Ended July 31, 2018	$	13.99	0.17		0.56		0.73		(0.14	)	—		(0.14	)
Year Ended July 31, 2017	$	11.99	0.24		2.15		2.39		(0.39	)	—		(0.39	)
Service Class
Year Ended July 31, 2021	$	11.90	(0.01	)	3.54		3.53		(0.18	)	—		(0.18	)
Year Ended July 31, 2020	$	13.74	0.03		(1.87	)	(1.84	)	—		—		—
Year Ended July 31, 2019	$	15.32	0.11		(0.83	)	(0.72	)	(0.86	)	—		(0.86	)
Year Ended July 31, 2018	$	14.72	0.02		0.58		0.60		—		—		—
Year Ended July 31, 2017	$	12.35	0.10		2.27		2.37		—		—		—

						Ratios to				Supplemental
				Average Net Assets						Data
Net										Net
Asset								Net		Assets,
Value,								Investment		End of		Portfolio
End of		Total		Gross		Net		Income		Period		Turnover
Period		Return		Expenses		Expenses		(Loss)		(000’s)		Rate(b)
$	72.77	39.66	%	1.56	%	1.56	%	(0.97	)%	$	76,287	130	%
$	54.08	16.47	%	1.67	%	1.67	%	(0.53	)%	$	44,827	80	%
$	46.43	13.46	%	1.57	%	1.57	%	(0.13	)%	$	90,523	106	%
$	43.14	27.92	%	1.52	%	1.52	%	(0.22	)%	$	131,835	35	%
$	34.40	17.70	%	1.58	%	1.58	%	(0.32	)%	$	32,182	123	%
$	60.86	38.29	%	2.56	%	2.56	%	(1.97	)%	$	1,594	130	%
$	45.99	15.30	%	2.67	%	2.67	%	(1.53	)%	$	1,595	80	%
$	39.89	12.34	%	2.57	%	2.57	%	(1.13	)%	$	2,524	106	%
$	37.73	26.64	%	2.52	%	2.52	%	(1.22	)%	$	5,163	35	%
$	30.47	16.52	%	2.58	%	2.58	%	(1.32	)%	$	1,077	123	%
$	13.97	31.39	%	2.15	%	1.78	%	1.03	%	$	3,190	522	%
$	10.91	(12.42	)%	2.20	%	1.78	%	1.35	%	$	4,306	1,122	%
$	12.56	(3.95	)%(d)	2.23	%	1.78	%	1.96	%	$	4,997	1,311	%
$	14.58	5.30	%(e)	1.87	%	1.75	%	1.19	%	$	3,109	540	%
$	13.99	20.40	%	1.82	%	1.78	%	1.90	%	$	11,133	1,157	%
$	15.25	30.05	%	3.15	%	2.78	%	0.03	%	$	212	522	%
$	11.90	(13.46	)%	3.20	%	2.78	%	0.35	%	$	159	1,122	%
$	13.74	(4.80	)%(d)	3.23	%	2.78	%	0.96	%	$	265	1,311	%
$	15.32	4.14	%(e)	2.87	%	2.75	%	0.19	%	$	328	540	%
$	14.72	19.19	%	2.82	%	2.78	%	0.90	%	$	477	1,157	%

(a) Per share net investment income (loss) has been calculated using the average daily shares method.

(b) Portfolio turnover rate is calculated without regard to instruments having a maturity of less than one year from acquisition or derivative instruments (including swap agreements and futures contracts). The portfolio turnover rate can be high and volatile due to the amount and timing of sales and purchases of fund shares during the period. Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued.

(c) As described in Note 9, share amounts have been adjusted for 3:1 share split that occurred on November 18, 2019.

(d) During the year ended July 31, 2019, the ProFund received monies related to certain nonrecurring litigation settlements. The corresponding impact to the total return was an increase of 2.65%.

(e) During the year ended July 31, 2018, the ProFund received monies related to certain nonrecurring litigation settlements. The corresponding impact to the total return was an increase of 0.44%.

See accompanying notes to the financial statements.

292 :: Financial Highlights

ProFunds Financial Highlights FOR THE PERIODS INDICATED

Selected data for a share of beneficial interest outstanding throughout the periods indicated.

			Investment Activities									Distributions to Shareholders From
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)(a)			Net Realized and Unrealized Gains (Losses) on Investments			Total from Investment Activities			Net Investment Income			Total Distributions
Falling U.S. Dollar ProFund
Investor Class
Year Ended July 31, 2021	$	16.41		(0.29	)		0.11	(c)		(0.18	)		—			—
Year Ended July 31, 2020	$	15.97		(0.12	)		0.56			0.44			—			—
Year Ended July 31, 2019	$	17.03		0.08			(1.14	)		(1.06	)		—			—
Year Ended July 31, 2018	$	17.77		(0.08	)		(0.66	)		(0.74	)		—			—
Year Ended July 31, 2017	$	17.76		(0.22	)		0.23			0.01			—			—
Service Class
Year Ended July 31, 2021	$	15.05		(0.44	)		0.10	(c)		(0.34	)		—			—
Year Ended July 31, 2020	$	14.81		(0.27	)		0.51			0.24			—			—
Year Ended July 31, 2019	$	15.93		(0.08	)		(1.04	)		(1.12	)		—			—
Year Ended July 31, 2018	$	16.78		(0.24	)		(0.61	)		(0.85	)		—			—
Year Ended July 31, 2017	$	16.92		(0.38	)		0.24			(0.14	)		—			—
Financials UltraSector ProFund
Investor Class
Year Ended July 31, 2021	$	19.18		(0.11	)		13.92			13.81			—			—
Year Ended July 31, 2020	$	24.82		0.03			(5.21	)		(5.18	)		(0.46	)		(0.46	)
Year Ended July 31, 2019	$	23.18		0.13			1.51			1.64			—			—
Year Ended July 31, 2018	$	19.90		0.01			3.27			3.28			—			—
Year Ended July 31, 2017	$	14.65		(0.01	)		5.26			5.25			—			—
Service Class
Year Ended July 31, 2021	$	16.31		(0.33	)		11.78			11.45			—			—
Year Ended July 31, 2020	$	21.11		(0.16	)		(4.48	)		(4.64	)		(0.16	)		(0.16	)
Year Ended July 31, 2019	$	19.91		(0.07	)		1.27			1.20			—			—
Year Ended July 31, 2018	$	17.27		(0.18	)		2.82			2.64			—			—
Year Ended July 31, 2017	$	12.83		(0.16	)		4.60			4.44			—			—

					Ratios to Average Net Assets									Supplemental Data
Net Asset Value, End of Period		Total Return			Gross Expenses			Net Expenses			Net Investment Income (Loss)			Net Assets, End of Period (000's)		Portfolio Turnover Rate(b)
$	16.23		(1.10	)%		3.20	%		1.78	%		(1.77	)%	$	1,240		—
$	16.41		2.76	%(d)		5.66	%		1.78	%		(0.78	)%	$	1,230		—
$	15.97		(6.22	)%		2.98	%		1.78	%		0.48	%	$	1,000		—
$	17.03		(4.16	)%		2.96	%		1.78	%		(0.44	)%	$	1,255		—
$	17.77		0.06	%		3.38	%		1.78	%		(1.33	)%	$	1,965		—
$	14.71		(2.12	)%		4.20	%		2.78	%		(2.77	)%	$	2		—
$	15.05		1.82	%(d)		6.66	%		2.78	%		(1.78	)%	$	2		—
$	14.81		(7.09	)%		3.98	%		2.78	%		(0.52	)%	$	7		—
$	15.93		(5.07	)%		3.96	%		2.78	%		(1.44	)%	$	744		—
$	16.78		(0.89	)%		4.38	%		2.78	%		(2.33	)%	$	487		—
$	32.99		72.00	%		1.79	%		1.75	%		(0.38	)%	$	11,499		650	%
$	19.18		(21.40	)%		1.87	%		1.84	%		0.13	%	$	4,239		271	%
$	24.82		7.07	%		1.72	%		1.72	%		0.56	%	$	39,881		394	%
$	23.18		16.48	%		1.66	%		1.66	%		0.06	%	$	9,238		360	%
$	19.90		35.84	%		1.68	%		1.68	%		(0.03	)%	$	15,981		211	%
$	27.76		70.20	%		2.79	%		2.75	%		(1.38	)%	$	675		650	%
$	16.31		(22.20	)%		2.87	%		2.84	%		(0.87	)%	$	443		271	%
$	21.11		5.97	%		2.72	%		2.72	%		(0.44	)%	$	1,326		394	%
$	19.91		15.34	%		2.66	%		2.66	%		(0.94	)%	$	811		360	%
$	17.27		34.61	%		2.68	%		2.68	%		(1.03	)%	$	1,588		211	%

(a) Per share net investment income (loss) has been calculated using the average daily shares method.

(b) Portfolio turnover rate is calculated without regard to instruments having a maturity of less than one year from acquisition or derivative instruments (including swap agreements and futures contracts). The portfolio turnover rate can be high and volatile due to the amount and timing of sales and purchases of fund shares during the period. Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued.

(c) The amount shown for a share outstanding throughout the period does not accord with the change in aggregate gains and losses in the portfolio of securities during the period because of the timing of sales and purchases of fund shares in relation to fluctuating market values during the period.

(d) During the year ended July 31, 2019, the ProFund received monies related to certain nonrecurring litigation settlements. The corresponding impact to the total return was an increase of 2.65%.

See accompanying notes to the financial statements.

Financial Highlights :: 293

ProFunds Financial Highlights FOR THE PERIODS INDICATED

Selected data for a share of beneficial interest outstanding throughout the periods indicated.

			Investment Activities									Distributions to Shareholders From
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)(a)			Net Realized and Unrealized Gains (Losses) on Investments			Total from Investment Activities			Net Investment Income			Net Realized Gains on Investments			Total Distributions
Health Care UltraSector ProFund
Investor Class
Year Ended July 31, 2021	$	75.52		(0.50	)		30.99			30.49			—			—			—
Year Ended July 31, 2020	$	61.57		(0.19	)		14.17			13.98			(0.03	)		—			(0.03	)
Year Ended July 31, 2019	$	60.66		0.10			0.83			0.93			(0.02	)		—			(0.02	)
Year Ended July 31, 2018	$	56.25		(0.05	)		10.27			10.22			—			(5.81	)		(5.81	)
Year Ended July 31, 2017	$	51.01		(0.14	)		5.38			5.24			—			—			—
Service Class
Year Ended July 31, 2021	$	62.29		(1.19	)		25.49			24.30			—			—			—
Year Ended July 31, 2020	$	51.25		(0.73	)		11.77			11.04			—			—			—
Year Ended July 31, 2019	$	50.97		(0.40	)		0.68			0.28			—			—			—
Year Ended July 31, 2018	$	48.57		(0.53	)		8.74			8.21			—			(5.81	)		(5.81	)
Year Ended July 31, 2017	$	44.49		(0.57	)		4.65			4.08			—			—			—
Industrials UltraSector ProFund
Investor Class
Year Ended July 31, 2021	$	36.50		(0.44	)		24.99			24.55			—			—			—
Year Ended July 31, 2020(c)	$	39.16		(0.09	)		(2.57	)		(2.66	)		—			—			—
Year Ended July 31, 2019(c)	$	36.86		(0.04	)		2.34			2.30			—			—			—
Year Ended July 31, 2018(c)	$	31.94		(0.04	)		6.39			6.35			—			(1.43	)(c)		(1.43	)
Year Ended July 31, 2017(c)	$	25.23		(0.06	)		6.77			6.71			—			—			—
Service Class
Year Ended July 31, 2021	$	31.55		(0.89	)		21.57			20.68			—			—			—
Year Ended July 31, 2020(c)	$	34.18		(0.42	)		(2.21	)		(2.63	)		—			—			—
Year Ended July 31, 2019(c)	$	32.50		(0.35	)		2.03			1.68			—			—			—
Year Ended July 31, 2018(c)	$	28.59		(0.35	)		5.69			5.34			—			(1.43	)(c)		(1.43	)
Year Ended July 31, 2017(c)	$	22.80		(0.31	)		6.10			5.79			—			—			—

					Ratios to Average Net Assets									Supplemental Data
Net Asset Value, End of Period		Total Return			Gross Expenses			Net Expenses			Net Investment Income (Loss)			Net Assets, End of Period (000's)		Portfolio Turnover Rate(b)
$	106.01		40.37	%		1.73	%		1.73	%		(0.59	)%	$	40,753		226	%
$	75.52		22.71	%		1.78	%		1.78	%		(0.28	)%	$	46,004		201	%
$	61.57		1.54	%		1.58	%		1.58	%		0.16	%	$	14,650		226	%
$	60.66		19.30	%		1.56	%		1.56	%		(0.09	)%	$	39,320		151	%
$	56.25		10.25	%		1.58	%		1.58	%		(0.27	)%	$	60,081		215	%
$	86.59		39.03	%		2.71	%		2.71	%		(1.57	)%	$	1,213		226	%
$	62.29		21.54	%		2.74	%		2.74	%		(1.24	)%	$	1,180		201	%
$	51.25		0.55	%		2.55	%		2.55	%		(0.81	)%	$	1,328		226	%
$	50.97		18.14	%		2.55	%		2.55	%		(1.08	)%	$	2,230		151	%
$	48.57		9.17	%		2.58	%		2.58	%		(1.27	)%	$	2,507		215	%
$	61.05		67.26	%		1.86	%		1.78	%		(0.84	)%	$	19,362		427	%
$	36.50		(6.78	)%		2.12	%		1.87	%		(0.23	)%	$	4,033		57	%
$	39.16		6.22	%		1.84	%		1.84	%		(0.10	)%	$	9,520		485	%
$	36.86		20.04	%		1.63	%		1.63	%		(0.12	)%	$	7,850		240	%
$	31.94		26.61	%		1.72	%		1.72	%		(0.21	)%	$	27,147		294	%
$	52.23		65.58	%		2.86	%		2.78	%		(1.84	)%	$	404		427	%
$	31.55		(7.69	)%		3.12	%		2.87	%		(1.23	)%	$	226		57	%
$	34.18		5.16	%		2.84	%		2.84	%		(1.10	)%	$	962		485	%
$	32.50		18.83	%		2.63	%		2.63	%		(1.12	)%	$	510		240	%
$	28.59		25.36	%		2.72	%		2.72	%		(1.21	)%	$	889		294	%

(a) Per share net investment income (loss) has been calculated using the average daily shares method.

(b) Portfolio turnover rate is calculated without regard to instruments having a maturity of less than one year from acquisition or derivative instruments (including swap agreements and futures contracts). The portfolio turnover rate can be high and volatile due to the amount and timing of sales and purchases of fund shares during the period. Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued.

(c) As described in Note 9, share amounts have been adjusted for 3:1 share split that occurred on November 18, 2019.

See accompanying notes to the financial statements.

294 :: Financial Highlights

ProFunds Financial Highlights FOR THE PERIODS INDICATED

Selected data for a share of beneficial interest outstanding throughout the periods indicated.

			Investment Activities							Distributions to Shareholders From
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)(a)			Net Realized and Unrealized Gains (Losses) on Investments		Total from Investment Activities		Net Realized Gains on Investments			Total Distributions
Internet UltraSector ProFund
Investor Class
Year Ended July 31, 2021(c)	$	66.20		(0.95	)		28.88		27.93		(14.34	)		(14.34	)
Year Ended July 31, 2020(c)	$	49.72		(0.46	)		17.00		16.54		(0.06	)		(0.06	)
Year Ended July 31, 2019(c)	$	46.29		(0.34	)		3.78		3.43		—			—
Year Ended July 31, 2018(c)	$	32.50		(0.38	)		17.40		17.02		(3.23	)		(3.23	)
Year Ended July 31, 2017(c)	$	23.08		(0.31	)		9.78		9.47		(0.05	)		(0.05	)
Service Class
Year Ended July 31, 2021(c)	$	50.74		(1.49	)		21.74		20.25		(14.34	)		(14.34	)
Year Ended July 31, 2020(c)	$	38.50		(0.83	)		13.13		12.30		(0.06	)		(0.06	)
Year Ended July 31, 2019(c)	$	36.20		(0.70	)		3.00		2.30		—			—
Year Ended July 31, 2018(c)	$	26.25		(0.70	)		13.88		13.18		(3.23	)		(3.23	)
Year Ended July 31, 2017(c)	$	18.84		(0.53	)		7.99		7.46		(0.05	)		(0.05	)
Large-Cap Growth ProFund
Investor Class
Year Ended July 31, 2021	$	111.89		(0.81	)		39.10		38.29		(4.14	)		(4.14	)
Year Ended July 31, 2020	$	95.94		(0.33	)		20.61		20.28		(4.33	)		(4.33	)
Year Ended July 31, 2019	$	90.85		(0.12	)		6.68		6.56		(1.47	)		(1.47	)
Year Ended July 31, 2018	$	77.09		(0.15	)		15.06		14.91		(1.15	)		(1.15	)
Year Ended July 31, 2017	$	68.05		—	(d)		9.97		9.97		(0.93	)		(0.93	)
Service Class
Year Ended July 31, 2021	$	92.09		(1.83	)		31.99		30.16		(4.14	)		(4.14	)
Year Ended July 31, 2020	$	80.47		(1.14	)		17.09		15.95		(4.33	)		(4.33	)
Year Ended July 31, 2019	$	77.22		(0.89	)		5.61		4.72		(1.47	)		(1.47	)
Year Ended July 31, 2018	$	66.34		(0.85	)		12.88		12.03		(1.15	)		(1.15	)
Year Ended July 31, 2017	$	59.27		(0.62	)		8.62		8.00		(0.93	)		(0.93	)

					Ratios to Average Net Assets									Supplemental Data
Net Asset Value, End of Period		Total Return			Gross Expenses			Net Expenses			Net Investment Income (Loss)			Net Assets, End of Period (000's)		Portfolio Turnover Rate(b)
$	79.79		45.51	%		1.52	%		1.52	%		(1.34	)%	$	224,716		55	%
$	66.20		33.31	%		1.60	%		1.60	%		(0.97	)%	$	206,228		59	%
$	49.72		7.43	%		1.50	%		1.50	%		(0.75	)%	$	209,745		61	%
$	46.29		55.54	%		1.42	%		1.42	%		(0.94	)%	$	275,914		69	%
$	32.50		41.01	%		1.46	%		1.46	%		(1.17	)%	$	139,470		27	%
$	56.65		44.07	%		2.52	%		2.52	%		(2.34	)%	$	14,190		55	%
$	50.74		32.01	%		2.60	%		2.60	%		(1.97	)%	$	9,906		59	%
$	38.50		6.35	%		2.50	%		2.50	%		(1.75	)%	$	10,311		61	%
$	36.20		54.00	%		2.42	%		2.42	%		(1.94	)%	$	16,652		69	%
$	26.25		39.59	%		2.46	%		2.46	%		(2.17	)%	$	8,697		27	%
$	146.04		34.95	%		1.59	%		1.59	%		(0.66	)%	$	31,409		297	%
$	111.89		21.78	%		1.69	%		1.69	%		(0.34	)%	$	50,145		358	%
$	95.94		7.56	%		1.61	%		1.61	%		(0.14	)%	$	22,113		536	%
$	90.85		19.47	%		1.57	%		1.57	%		(0.18	)%	$	33,364		380	%
$	77.09		14.82	%		1.68	%		1.68	%		—	%(e)	$	32,726		592	%
$	118.11		33.61	%		2.58	%		2.58	%		(1.66	)%	$	1,467		297	%
$	92.09		20.53	%		2.69	%		2.69	%		(1.34	)%	$	1,014		358	%
$	80.47		6.50	%		2.61	%		2.61	%		(1.14	)%	$	3,894		536	%
$	77.22		18.28	%		2.57	%		2.57	%		(1.18	)%	$	1,307		380	%
$	66.34		13.68	%		2.68	%		2.68	%		(1.00	)%	$	3,945		592	%

(a) Per share net investment income (loss) has been calculated using the average daily shares method.

(b) Portfolio turnover rate is calculated without regard to instruments having a maturity of less than one year from acquisition or derivative instruments (including swap agreements and futures contracts). The portfolio turnover rate can be high and volatile due to the amount and timing of sales and purchases of fund shares during the period. Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued.

(c) As described in Note 9, share amounts have been adjusted for 2:1 share split that occurred on December 14, 2020.

(d) Amount is less than $0.005.

(e) Amount is less than 0.005%.

See accompanying notes to the financial statements.

Financial Highlights :: 295

ProFunds Financial Highlights FOR THE PERIODS INDICATED

Selected data for a share of beneficial interest outstanding throughout the periods indicated.

			Investment Activities									Distributions to Shareholders From
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)(a)			Net Realized and Unrealized Gains (Losses) on Investments			Total from Investment Activities			Net Investment Income			Net Realized Gains on Investments			Total Distributions
Large-Cap Value ProFund
Investor Class
Year Ended July 31, 2021	$	63.28		0.47			20.59			21.06			—			—			—
Year Ended July 31, 2020	$	66.30		0.64			(3.66	)		(3.02	)		—			—			—
Year Ended July 31, 2019	$	66.02		0.45			2.05			2.50			—			(2.22	)		(2.22	)
Year Ended July 31, 2018	$	61.42		0.40			4.84			5.24			(0.42	)		(0.22	)		(0.64	)
Year Ended July 31, 2017	$	54.89		0.43			6.23			6.66			(0.13	)		—			(0.13	)
Service Class
Year Ended July 31, 2021	$	55.95		(0.19	)		18.08			17.89			—			—			—
Year Ended July 31, 2020	$	59.23		0.05			(3.33	)		(3.28	)		—			—			—
Year Ended July 31, 2019	$	59.82		(0.12	)		1.75			1.63			—			(2.22	)		(2.22	)
Year Ended July 31, 2018	$	55.88		(0.18	)		4.34			4.16			—			(0.22	)		(0.22	)
Year Ended July 31, 2017	$	50.33		(0.10	)		5.65			5.55			—			—			—
Mid-Cap Growth ProFund
Investor Class
Year Ended July 31, 2021	$	96.99		(0.78	)		35.25			34.47			—			(3.08	)		(3.08	)
Year Ended July 31, 2020	$	94.01		(0.79	)		3.77			2.98			—			—			—
Year Ended July 31, 2019	$	93.83		(0.40	)		0.58			0.18			—			—			—
Year Ended July 31, 2018	$	82.27		(0.50	)		12.06			11.56			—			—			—
Year Ended July 31, 2017	$	73.58		(0.44	)		9.13			8.69			—			—			—
Service Class
Year Ended July 31, 2021	$	79.88		(1.74	)		29.00			27.26			—			(3.08	)		(3.08	)
Year Ended July 31, 2020	$	78.22		(1.56	)		3.22			1.66			—			—			—
Year Ended July 31, 2019	$	78.84		(1.15	)		0.53			(0.62	)		—			—			—
Year Ended July 31, 2018	$	69.82		(1.25	)		10.27			9.02			—			—			—
Year Ended July 31, 2017	$	63.07		(1.09	)		7.84			6.75			—			—			—

					Ratios to Average Net Assets									Supplemental Data
Net Asset Value, End of Period		Total Return			Gross Expenses			Net Expenses			Net Investment Income (Loss)			Net Assets, End of Period (000's)		Portfolio Turnover Rate(b)
$	84.34		33.28	%		1.71	%		1.71	%		0.63	%	$	4,334		769	%
$	63.28		(4.55	)%		1.75	%		1.75	%		0.94	%	$	4,704		481	%
$	66.30		4.38	%		1.80	%		1.77	%		0.71	%	$	11,810		1,011	%
$	66.02		8.55	%		1.85	%		1.78	%		0.64	%	$	5,296		788	%
$	61.42		12.12	%		1.85	%		1.78	%		0.75	%	$	6,916		498	%
$	73.84		31.97	%		2.71	%		2.71	%		(0.37	)%	$	1,855		769	%
$	55.95		(5.54	)%		2.75	%		2.75	%		(0.06	)%	$	1,421		481	%
$	59.23		3.37	%		2.80	%		2.77	%		(0.29	)%	$	1,233		1,011	%
$	59.82		7.44	%		2.85	%		2.78	%		(0.36	)%	$	635		788	%
$	55.88		11.01	%		2.85	%		2.78	%		(0.25	)%	$	2,159		498	%
$	128.38		35.95	%		1.69	%		1.69	%		(0.74	)%	$	3,719		233	%
$	96.99		3.17	%		1.77	%		1.77	%		(0.88	)%	$	38,215		457	%
$	94.01		0.19	%		1.73	%		1.73	%		(0.44	)%	$	17,792		385	%
$	93.83		14.05	%		1.70	%		1.70	%		(0.56	)%	$	19,895		384	%
$	82.27		11.81	%		1.80	%		1.78	%		(0.59	)%	$	9,086		242	%
$	104.06		34.61	%		2.69	%		2.69	%		(1.74	)%	$	782		233	%
$	79.88		2.12	%		2.77	%		2.77	%		(1.88	)%	$	780		457	%
$	78.22		(0.79	)%		2.73	%		2.73	%		(1.44	)%	$	2,315		385	%
$	78.84		12.92	%		2.70	%		2.70	%		(1.56	)%	$	950		384	%
$	69.82		10.68	%		2.80	%		2.78	%		(1.59	)%	$	1,305		242	%

(a) Per share net investment income (loss) has been calculated using the average daily shares method.

(b) Portfolio turnover rate is calculated without regard to instruments having a maturity of less than one year from acquisition or derivative instruments (including swap agreements and futures contracts). The portfolio turnover rate can be high and volatile due to the amount and timing of sales and purchases of fund shares during the period. Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued.

See accompanying notes to the financial statements.

296 :: Financial Highlights

ProFunds Financial Highlights FOR THE PERIODS INDICATED

Selected data for a share of beneficial interest outstanding throughout the periods indicated. 

			Investment Activities									Distributions to Shareholders From
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)(a)			Net Realized and Unrealized Gains (Losses) on Investments			Total from Investment Activities			Net Investment Income			Net Realized Gains on Investments			Total Distributions
Mid-Cap ProFund
Investor Class
Year Ended July 31, 2021	$	78.62		(1.05	)		35.48			34.43			—			(0.23	)		(0.23	)
Year Ended July 31, 2020	$	87.39		(0.41	)		(4.01	)		(4.42	)		(0.08	)		(4.27	)		(4.35	)
Year Ended July 31, 2019	$	91.18		0.02			(1.59	)		(1.57	)		(0.05	)		(2.17	)		(2.22	)
Year Ended July 31, 2018	$	87.31		(0.20	)		10.73			10.53			—			(6.66	)		(6.66	)
Year Ended July 31, 2017	$	77.58		(0.42	)		10.15			9.73			—			—			—
Service Class
Year Ended July 31, 2021	$	63.84		(1.86	)		28.86			27.00			—			(0.23	)		(0.23	)
Year Ended July 31, 2020	$	72.34		(1.07	)		(3.16	)		(4.23	)		—			(4.27	)		(4.27	)
Year Ended July 31, 2019	$	76.62		(0.69	)		(1.42	)		(2.11	)		—			(2.17	)		(2.17	)
Year Ended July 31, 2018	$	75.06		(0.96	)		9.18			8.22			—			(6.66	)		(6.66	)
Year Ended July 31, 2017	$	67.36		(1.13	)		8.83			7.70			—			—			—
Mid-Cap Value ProFund
Investor Class
Year Ended July 31, 2021	$	62.48		0.10			33.50			33.60			(0.17	)		—			(0.17	)
Year Ended July 31, 2020	$	73.65		0.20			(11.06	)		(10.86	)		(0.31	)(d)		—			(0.31	)
Year Ended July 31, 2019	$	78.08		0.08			(2.04	)		(1.96	)		(0.11	)		(2.36	)		(2.47	)
Year Ended July 31, 2018	$	78.19		(0.11	)		8.25			8.14			—			(8.25	)		(8.25	)
Year Ended July 31, 2017	$	69.63		(0.01	)		8.99			8.98			(0.18	)		(0.24	)		(0.42	)
Service Class
Year Ended July 31, 2021	$	50.79		(0.57	)		27.15			26.58			—			—			—
Year Ended July 31, 2020	$	60.23		(0.36	)		(9.08	)		(9.44	)		—			—			—
Year Ended July 31, 2019	$	64.88		(0.52	)		(1.77	)		(2.29	)		—			(2.36	)		(2.36	)
Year Ended July 31, 2018	$	66.90		(0.76	)		6.99			6.23			—			(8.25	)		(8.25	)
Year Ended July 31, 2017	$	60.06		(0.64	)		7.72			7.08			—			(0.24	)		(0.24	)

					Ratios to Average Net Assets									Supplemental Data
Net Asset Value, End of Period		Total Return			Gross Expenses			Net Expenses			Net Investment Income (Loss)			Net Assets, End of Period (000's)		Portfolio Turnover Rate(b)
$	112.82		43.91	%		1.83	%		1.83	%		(1.06	)%	$	6,198		107	%
$	78.62		(5.52	)%		1.97	%		1.97	%(c)		(0.52	)%	$	4,207		238	%
$	87.39		(1.25	)%		1.67	%		1.67	%		0.03	%	$	7,025		43	%
$	91.18		12.38	%		1.54	%		1.54	%		(0.23	)%	$	19,933		21	%
$	87.31		12.54	%		1.57	%		1.57	%		(0.51	)%	$	47,686		603	%
$	90.61		42.47	%		2.83	%		2.83	%		(2.06	)%	$	816		107	%
$	63.84		(6.45	)%		2.97	%		2.97	%(c)		(1.52	)%	$	556		238	%
$	72.34		(2.23	)%		2.67	%		2.67	%		(0.97	)%	$	2,655		43	%
$	76.62		11.26	%		2.54	%		2.54	%		(1.23	)%	$	783		21	%
$	75.06		11.41	%		2.57	%		2.57	%		(1.51	)%	$	952		603	%
$	95.91		53.86	%		1.86	%		1.78	%		0.13	%	$	4,856		772	%
$	62.48		(14.82	)%(e)		2.10	%		1.78	%		0.29	%	$	4,189		322	%
$	73.65		(1.94	)%		1.78	%		1.78	%		0.11	%	$	5,554		708	%
$	78.08		10.85	%		1.94	%		1.78	%		(0.15	)%	$	7,731		312	%
$	78.19		12.90	%		1.85	%		1.78	%		(0.01	)%	$	7,609		281	%
$	77.37		52.35	%		2.86	%		2.78	%		(0.87	)%	$	649		772	%
$	50.79		(15.67	)%(e)		3.10	%		2.78	%		(0.71	)%	$	417		322	%
$	60.23		(2.89	)%		2.78	%		2.78	%		(0.89	)%	$	587		708	%
$	64.88		9.73	%		2.94	%		2.78	%		(1.15	)%	$	562		312	%
$	66.90		11.78	%		2.85	%		2.78	%		(1.01	)%	$	626		281	%

(a) Per share net investment income (loss) has been calculated using the average daily shares method.

(b) Portfolio turnover rate is calculated without regard to instruments having a maturity of less than one year from acquisition or derivative instruments (including swap agreements and futures contracts). The portfolio turnover rate can be high and volatile due to the amount and timing of sales and purchases of fund shares during the period. Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued.

(c) The expense ratio does not correlate to the applicable expense limits in place during the period given that the annual contractual expense limitation is applied for the one year periods ended November 30th of each year, instead of coinciding with the July 31st year end. Details of the current expense limitation in effect can be found in Note 4 of the accompanying Notes to Financial Statements.

(d) Subsequent to the issuance of the July 31, 2020 financial statements, $0.05 of the distribution was determined to be a return of capital.

(e) During the year ended July 31, 2020, the ProFund received monies related to certain nonrecurring litigation settlements. The corresponding impact to the total return was 0.22%.

See accompanying notes to the financial statements.

Financial Highlights :: 297

ProFunds Financial Highlights FOR THE PERIODS INDICATED

Selected data for a share of beneficial interest outstanding throughout the periods indicated.

			Investment Activities									Distributions to Shareholders From
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)(a)			Net Realized and Unrealized Gains (Losses) on Investments			Total from Investment Activities			Net Investment Income			Net Realized Gains on Investments			Total Distributions
Nasdaq-100 ProFund
Investor Class
Year Ended July 31, 2021	$	104.21		(1.20	)		37.52			36.32			—			(1.33	)		(1.33	)
Year Ended July 31, 2020	$	76.83		(0.54	)		28.66			28.12			—			(0.74	)		(0.74	)
Year Ended July 31, 2019	$	71.37		0.02			5.44			5.46			—			—			—
Year Ended July 31, 2018	$	58.96		(0.19	)		13.07			12.88			—			(0.47	)		(0.47	)
Year Ended July 31, 2017	$	47.81		(0.33	)		11.48			11.15			—			—			—
Service Class
Year Ended July 31, 2021	$	84.23		(2.15	)		30.35			28.20			—			(1.33	)		(1.33	)
Year Ended July 31, 2020	$	62.84		(1.22	)		23.35			22.13			—			(0.74	)		(0.74	)
Year Ended July 31, 2019	$	58.96		(0.56	)		4.44			3.88			—			—			—
Year Ended July 31, 2018	$	49.27		(0.74	)		10.90			10.16			—			(0.47	)		(0.47	)
Year Ended July 31, 2017	$	40.36		(0.78	)		9.69			8.91			—			—			—
Oil & Gas UltraSector ProFund
Investor Class
Year Ended July 31, 2021	$	11.97		0.23			7.38			7.61			(0.23	)		—			(0.23	)
Year Ended July 31, 2020	$	29.28		0.29			(17.22	)		(16.93	)		(0.38	)		—			(0.38	)
Year Ended July 31, 2019	$	42.24		0.37			(12.87	)		(12.50	)		(0.46	)		—			(0.46	)
Year Ended July 31, 2018	$	33.39		0.29			8.88			9.17			(0.32	)		—			(0.32	)
Year Ended July 31, 2017	$	35.19		0.28			(1.85	)		(1.57	)		(0.23	)		—			(0.23	)
Service Class
Year Ended July 31, 2021	$	10.27		0.09			6.27			6.36			(0.14	)		—			(0.14	)
Year Ended July 31, 2020	$	25.07		0.14			(14.88	)		(14.74	)		(0.06	)		—			(0.06	)
Year Ended July 31, 2019	$	36.03		0.08			(10.96	)		(10.88	)		(0.08	)		—			(0.08	)
Year Ended July 31, 2018	$	28.53		(0.02	)		7.52			7.50			—			—			—
Year Ended July 31, 2017	$	30.19		(0.03	)		(1.63	)		(1.66	)		—			—			—

					Ratios to Average Net Assets									Supplemental Data
Net Asset Value, End of Period		Total Return			Gross Expenses			Net Expenses			Net Investment Income (Loss)			Net Assets, End of Period (000's)		Portfolio Turnover Rate(b)
$	139.20		35.07	%		1.48	%		1.48	%		(1.01	)%	$	153,313		440	%
$	104.21		36.83	%		1.56	%		1.56	%		(0.65	)%	$	108,633		39	%
$	76.83		7.65	%		1.52	%		1.52	%		0.03	%	$	101,799		15	%
$	71.37		21.94	%		1.44	%		1.44	%		(0.30	)%	$	83,056		3	%
$	58.96		23.32	%		1.49	%		1.49	%		(0.64	)%	$	99,069		4	%
$	111.10		33.74	%		2.48	%		2.48	%		(2.01	)%	$	7,473		440	%
$	84.23		35.48	%		2.55	%		2.55	%		(1.64	)%	$	8,412		39	%
$	62.84		6.58	%		2.51	%		2.51	%		(0.96	)%	$	5,884		15	%
$	58.96		20.75	%		2.44	%		2.44	%		(1.30	)%	$	8,137		3	%
$	49.27		22.05	%		2.49	%		2.49	%		(1.64	)%	$	5,022		4	%
$	19.35		64.47	%		1.64	%		1.64	%		1.36	%	$	29,753		239	%
$	11.97		(58.57	)%		1.87	%		1.87	%		1.61	%	$	11,544		40	%
$	29.28		(29.45	)%		1.74	%		1.74	%		1.11	%	$	13,402		53	%
$	42.24		27.56	%		1.56	%		1.56	%		0.78	%	$	43,157		152	%
$	33.39		(4.58	)%		1.60	%		1.60	%		0.79	%	$	20,228		110	%
$	16.49		62.71	%		2.64	%		2.64	%		0.36	%	$	1,395		239	%
$	10.27		(58.92	)%		2.87	%		2.87	%		0.61	%	$	626		40	%
$	25.07		(30.16	)%		2.74	%		2.74	%		0.11	%	$	730		53	%
$	36.03		26.29	%		2.56	%		2.56	%		(0.22	)%	$	1,651		152	%
$	28.53		(5.50	)%		2.60	%		2.60	%		(0.21	)%	$	1,929		110	%

(a) Per share net investment income (loss) has been calculated using the average daily shares method.

(b) Portfolio turnover rate is calculated without regard to instruments having a maturity of less than one year from acquisition or derivative instruments (including swap agreements and futures contracts). The portfolio turnover rate can be high and volatile due to the amount and timing of sales and purchases of fund shares during the period. Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued.

See accompanying notes to the financial statements.

298 :: Financial Highlights

ProFunds Financial Highlights FOR THE PERIODS INDICATED

Selected data for a share of beneficial interest outstanding throughout the periods indicated.

			Investment Activities									Distributions to Shareholders From
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)(a)			Net Realized and Unrealized Gains (Losses) on Investments			Total from Investment Activities			Net Investment Income			Net Realized Gains on Investments			Total Distributions
Oil Equipment & Services UltraSector ProFund
Investor Class
Year Ended July 31, 2021(c)	$	36.47		(0.47	)		25.55	(d)		25.08			(0.08	)		—			(0.08	)
Year Ended July 31, 2020(c)(e)	$	166.00		0.20			(129.73	)		(129.53	)		—			—			—
Year Ended July 31, 2019(c)(e)	$	403.70		(1.28	)		(232.26	)		(233.54	)		(4.16	)		—			(4.16	)
Year Ended July 31, 2018(c)(e)	$	401.13		3.20			8.65			11.85			(9.28	)		—			(9.28	)
Year Ended July 31, 2017(c)(e)	$	430.79		6.72			(36.06	)		(29.34	)		(0.32	)		—			(0.32	)
Service Class
Year Ended July 31, 2021(c)	$	32.90		(0.95	)		23.01	(d)		22.06			—			—			—
Year Ended July 31, 2020(c)(e)	$	151.47		(0.04	)		(118.53	)		(118.57	)		—			—			—
Year Ended July 31, 2019(c)(e)	$	362.87		(3.20	)		(208.20	)		(211.40	)		—	(g)		—			—	(g)
Year Ended July 31, 2018(c)(e)	$	359.98		(0.32	)		7.37			7.05			(4.16	)		—			(4.16	)
Year Ended July 31, 2017(c)(e)	$	389.89		2.24			(32.15	)		(29.91	)		—			—			—
Pharmaceuticals UltraSector ProFund
Investor Class
Year Ended July 31, 2021	$	22.94		(0.09	)		7.81			7.72			—			(0.10	)		(0.10	)
Year Ended July 31, 2020	$	20.75		(0.04	)		2.23			2.19			—			—			—
Year Ended July 31, 2019	$	26.29		0.01			(4.71	)		(4.70	)		(0.04	)		(0.80	)		(0.84	)
Year Ended July 31, 2018	$	25.66		0.12			1.61			1.73			—			(1.10	)		(1.10	)
Year Ended July 31, 2017	$	26.29		0.03			(0.66	)		(0.63	)		—			—			—
Service Class
Year Ended July 31, 2021	$	19.74		(0.32	)		6.70			6.38			—			(0.10	)		(0.10	)
Year Ended July 31, 2020	$	18.03		(0.23	)		1.94			1.71			—			—			—
Year Ended July 31, 2019	$	23.16		(0.20	)		(4.13	)		(4.33	)		—			(0.80	)		(0.80	)
Year Ended July 31, 2018	$	22.96		(0.10	)		1.40			1.30			—			(1.10	)		(1.10	)
Year Ended July 31, 2017	$	23.76		(0.19	)		(0.61	)		(0.80	)		—			—			—

					Ratios to Average Net Assets									Supplemental Data
Net Asset Value, End of Period		Total Return			Gross Expenses			Net Expenses			Net Investment Income (Loss)			Net Assets, End of Period (000's)		Portfolio Turnover Rate(b)
$	61.47		68.77	%		1.73	%		1.71	%		(0.80	)%	$	15,229		727	%
$	36.47		(78.03	)%		2.12	%		1.86	%		0.73	%	$	9,408		396	%
$	166.00		(57.83	)%		2.09	%		2.09	%(f)		(0.61	)%	$	6,205		248	%
$	403.70		3.02	%		1.60	%		1.60	%		0.83	%	$	8,203		316	%
$	401.13		(6.79	)%		1.62	%		1.62	%		1.42	%	$	13,703		201	%
$	54.96		67.15	%		2.73	%		2.71	%		(1.80	)%	$	621		727	%
$	32.90		(78.28	)%		3.12	%		2.86	%		(0.27	)%	$	353		396	%
$	151.47		(58.27	)%		3.09	%		3.09	%(f)		(1.61	)%	$	373		248	%
$	362.87		1.99	%		2.60	%		2.60	%		(0.17	)%	$	318		316	%
$	359.98		(7.71	)%		2.62	%		2.62	%		0.42	%	$	503		201	%
$	30.56		33.74	%		2.27	%		1.78	%		(0.33	)%	$	3,961		204	%
$	22.94		10.55	%		2.32	%		1.84	%		(0.18	)%	$	3,735		137	%
$	20.75		(17.69	)%		1.97	%		1.86	%		0.06	%	$	5,039		223	%
$	26.29		6.97	%		1.78	%		1.78	%		0.48	%	$	7,173		192	%
$	25.66		(2.40	)%		1.75	%		1.75	%		0.13	%	$	9,592		159	%
$	26.02		32.41	%		3.27	%		2.78	%		(1.33	)%	$	318		204	%
$	19.74		9.48	%		3.32	%		2.84	%		(1.18	)%	$	300		137	%
$	18.03		(18.53	)%		2.97	%		2.86	%		(0.94	)%	$	435		223	%
$	23.16		5.88	%		2.78	%		2.78	%		(0.52	)%	$	822		192	%
$	22.96		(3.37	)%		2.75	%		2.75	%		(0.87	)%	$	969		159	%

(a) Per share net investment income (loss) has been calculated using the average daily shares method.

(b) Portfolio turnover rate is calculated without regard to instruments having a maturity of less than one year from acquisition or derivative instruments (including swap agreements and futures contracts). The portfolio turnover rate can be high and volatile due to the amount and timing of sales and purchases of fund shares during the period. Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued.

(c) As described in Note 9, share amounts have been adjusted for 1:4 reverse share split that occurred on December 14, 2020.

(d) The amount shown for a share outstanding throughout the period does not accord with the change in aggregate gains and losses in the portfolio of securities during the period because of the timing of sales and purchases of fund shares in relation to fluctuating market values during the period.

(e) As described in Note 9, share amounts have been adjusted for 1:8 reverse share split that occurred on November 18, 2019.

(f) The expense ratio does not correlate to the applicable expense limits in place during the period given that the annual contractual expense limitation is applied for the one year periods ended November 30th of each year, instead of coinciding with the July 31st year end. Details of the current expense limitation in effect can be found in Note 4 of the accompanying Notes to Financial Statements.

(g) Amount is less than $0.005.

See accompanying notes to the financial statements.

Financial Highlights :: 299

ProFunds Financial Highlights FOR THE PERIODS INDICATED

Selected data for a share of beneficial interest outstanding throughout the periods indicated.

			Investment Activities									Distributions to Shareholders From
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)(a)			Net Realized and Unrealized Gains (Losses) on Investments			Total from Investment Activities			Net Investment Income			Total Distributions
Precious Metals UltraSector ProFund
Investor Class
Year Ended July 31, 2021	$	89.95		(0.28	)		(24.07	)		(24.35	)		—			—
Year Ended July 31, 2020	$	41.21		(0.38	)		49.12			48.74			—			—
Year Ended July 31, 2019	$	32.32		(0.02	)		8.91			8.89			—			—
Year Ended July 31, 2018	$	39.29		(0.22	)		(6.75	)		(6.97	)		—			—
Year Ended July 31, 2017	$	65.02		(0.36	)		(25.37	)		(25.73	)		—			—
Service Class
Year Ended July 31, 2021	$	77.19		(0.88	)		(20.58	)		(21.46	)		—			—
Year Ended July 31, 2020	$	35.72		(0.83	)		42.30			41.47			—			—
Year Ended July 31, 2019	$	28.31		(0.29	)		7.70			7.41			—			—
Year Ended July 31, 2018	$	34.75		(0.54	)		(5.90	)		(6.44	)		—			—
Year Ended July 31, 2017	$	58.09		(0.74	)		(22.60	)		(23.34	)		—			—
Real Estate UltraSector ProFund
Investor Class
Year Ended July 31, 2021	$	42.23		(0.18	)		20.97			20.79			—			—
Year Ended July 31, 2020	$	51.60		(0.10	)		(7.77	)		(7.87	)		(1.50	)(c)		(1.50	)
Year Ended July 31, 2019	$	45.14		0.81			6.47			7.28			(0.82	)		(0.82	)
Year Ended July 31, 2018	$	43.65		0.22			1.27			1.49			—			—
Year Ended July 31, 2017	$	47.55		0.09			(2.52	)		(2.43	)		(1.47	)(d)		(1.47	)
Service Class
Year Ended July 31, 2021	$	40.28		(0.66	)		19.90			19.24			—			—
Year Ended July 31, 2020	$	49.28		(0.58	)		(7.38	)		(7.96	)		(1.04	)(c)		(1.04	)
Year Ended July 31, 2019	$	42.78		0.37			6.19			6.56			(0.06	)		(0.06	)
Year Ended July 31, 2018	$	41.77		(0.18	)		1.19			1.01			—			—
Year Ended July 31, 2017	$	45.73		(0.32	)		(2.44	)		(2.76	)		(1.20	)(d)		(1.20	)

					Ratios to Average Net Assets									Supplemental Data
Net Asset Value, End of Period		Total Return			Gross Expenses			Net Expenses			Net Investment Income (Loss)			Net Assets, End of Period (000's)		Portfolio Turnover Rate(b)
$	65.60		(27.07	)%		1.59	%		1.59	%		(0.39	)%	$	35,750		128	%
$	89.95		118.27	%		1.64	%		1.64	%		(0.73	)%	$	43,584		148	%
$	41.21		27.51	%		1.62	%		1.62	%		(0.07	)%	$	29,785		228	%
$	32.32		(17.74	)%		1.52	%		1.52	%		(0.60	)%	$	23,965		192	%
$	39.29		(39.58	)%		1.52	%		1.52	%		(0.84	)%	$	26,951		309	%
$	55.73		(27.80	)%		2.59	%		2.59	%		(1.39	)%	$	1,755		128	%
$	77.19		116.10	%		2.64	%		2.64	%		(1.73	)%	$	1,557		148	%
$	35.72		26.17	%		2.62	%		2.62	%		(1.07	)%	$	1,131		228	%
$	28.31		(18.53	)%		2.52	%		2.52	%		(1.60	)%	$	1,465		192	%
$	34.75		(40.18	)%		2.52	%		2.52	%		(1.84	)%	$	1,588		309	%
$	63.02		49.23	%		1.86	%		1.81	%		(0.33	)%	$	34,877		175	%
$	42.23		(15.54	)%		1.80	%		1.79	%		(0.20	)%	$	4,991		217	%
$	51.60		16.49	%		1.62	%		1.62	%		1.71	%	$	25,665		345	%
$	45.14		3.41	%		1.92	%		1.89	%		0.52	%	$	6,197		374	%
$	43.65		(4.85	)%		1.68	%		1.68	%		0.21	%	$	10,717		195	%
$	59.52		47.77	%		2.86	%		2.81	%		(1.33	)%	$	964		175	%
$	40.28		(16.39	)%		2.80	%		2.79	%		(0.12	)%	$	341		217	%
$	49.28		15.35	%		2.62	%		2.62	%		0.71	%	$	1,007		345	%
$	42.78		2.42	%		2.92	%		2.89	%		(0.48	)%	$	737		374	%
$	41.77		(5.79	)%		2.68	%		2.68	%		(0.79	)%	$	692		195	%

(a) Per share net investment income (loss) has been calculated using the average daily shares method.

(b) Portfolio turnover rate is calculated without regard to instruments having a maturity of less than one year from acquisition or derivative instruments (including swap agreements and futures contracts). The portfolio turnover rate can be high and volatile due to the amount and timing of sales and purchases of fund shares during the period. Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued.

(c) Subsequent to the issuance of the July 31, 2020 financial statements, $0.60 and $0.42 of the distribution for the Investor class and Service class respectively was determined to be a return of capital.

(d) Subsequent to the issuance of the July 31, 2017 financial statements, $0.11 and $0.09 of the distribution for the Investor class and Service class respectively was determined to be a return of capital.

See accompanying notes to the financial statements.

300 :: Financial Highlights

ProFunds Financial Highlights FOR THE PERIODS INDICATED

Selected data for a share of beneficial interest outstanding throughout the periods indicated.

			Investment Activities									Distributions to Shareholders From
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)(a)			Net Realized and Unrealized Gains (Losses) on Investments			Total from Investment Activities			Net Investment Income			Total Distributions
Rising Rates Opportunity ProFund
Investor Class
Year Ended July 31, 2021	$	21.80		(0.43	)		3.84			3.41			—			—
Year Ended July 31, 2020	$	35.49		(0.17	)		(13.10	)		(13.27	)		(0.42	)		(0.42	)
Year Ended July 31, 2019	$	41.55		0.27			(6.33	)		(6.06	)		—			—
Year Ended July 31, 2018	$	41.26		(0.08	)		0.37			0.29			—			—
Year Ended July 31, 2017(c)	$	36.13		(0.44	)		5.57			5.13			—			—
Service Class
Year Ended July 31, 2021	$	19.35		(0.67	)		3.47			2.80			—			—
Year Ended July 31, 2020	$	31.42		(0.44	)		(11.63	)		(12.07	)		—			—
Year Ended July 31, 2019	$	37.17		(0.09	)		(5.66	)		(5.75	)		—			—
Year Ended July 31, 2018	$	37.27		(0.45	)		0.35			(0.10	)		—			—
Year Ended July 31, 2017(c)	$	32.96		(0.81	)		5.12			4.31			—			—
Rising Rates Opportunity 10 ProFund
Investor Class
Year Ended July 31, 2021	$	12.02		(0.22	)		0.52			0.30			—			—
Year Ended July 31, 2020	$	14.16		(0.09	)		(1.97	)		(2.06	)		(0.08	)		(0.08	)
Year Ended July 31, 2019	$	15.46		0.06			(1.36	)		(1.30	)		—			—
Year Ended July 31, 2018	$	14.91		(0.06	)		0.61			0.55			—			—
Year Ended July 31, 2017	$	14.26		(0.18	)		0.83			0.65			—			—
Service Class
Year Ended July 31, 2021	$	11.18		(0.34	)		0.50			0.16			—			—
Year Ended July 31, 2020	$	13.22		(0.22	)		(1.82	)		(2.04	)		—			—
Year Ended July 31, 2019	$	14.57		(0.08	)		(1.27	)		(1.35	)		—			—
Year Ended July 31, 2018	$	14.20		(0.20	)		0.57			0.37			—			—
Year Ended July 31, 2017	$	13.72		(0.33	)		0.81			0.48			—			—

					Ratios to Average Net Assets									Supplemental Data
Net Asset Value, End of Period		Total Return			Gross Expenses			Net Expenses			Net Investment Income (Loss)			Net Assets, End of Period (000's)		Portfolio Turnover Rate(b)
$	25.21		15.64	%		1.71	%		1.69	%		(1.68	)%	$	9,091		—
$	21.80		(37.79	)%		1.89	%		1.88	%		(0.60	)%	$	6,105		—
$	35.49		(14.58	)%		1.56	%		1.56	%		0.67	%	$	30,192		—
$	41.55		0.70	%		1.50	%		1.50	%		(0.21	)%	$	26,114		—
$	41.26		14.10	%		1.54	%		1.54	%		(1.06	)%	$	32,933		—
$	22.15		14.52	%		2.71	%		2.69	%		(2.68	)%	$	680		—
$	19.35		(38.41	)%		2.89	%		2.88	%		(1.60	)%	$	87		—
$	31.42		(15.47	)%		2.56	%		2.56	%		(0.33	)%	$	209		—
$	37.17		(0.27	)%		2.50	%		2.50	%		(1.21	)%	$	1,031		—
$	37.27		13.08	%		2.54	%		2.54	%		(2.06	)%	$	518		—
$	12.32		2.50	%		2.69	%		1.78	%		(1.77	)%	$	1,832		—
$	12.02		(14.62	)%		2.66	%		1.85	%		(0.71	)%	$	1,773		—
$	14.16		(8.41	)%		1.79	%		1.74	%		0.38	%	$	2,683		—
$	15.46		3.69	%		1.73	%		1.73	%		(0.37	)%	$	16,172		—
$	14.91		4.48	%		1.73	%		1.73	%		(1.22	)%	$	8,677		—
$	11.34		1.43	%		3.69	%		2.78	%		(2.77	)%	$	121		—
$	11.18		(15.43	)%		3.66	%		2.85	%		(1.71	)%	$	82		—
$	13.22		(9.27	)%		2.79	%		2.74	%		(0.62	)%	$	288		—
$	14.57		2.61	%		2.73	%		2.73	%		(1.37	)%	$	350		—
$	14.20		3.50	%		2.73	%		2.73	%		(2.22	)%	$	486		—

(a) Per share net investment income (loss) has been calculated using the average daily shares method.

(b) Portfolio turnover rate is calculated without regard to instruments having a maturity of less than one year from acquisition or derivative instruments (including swap agreements and futures contracts).

(c) As described in Note 9, share amounts adjusted for 1:8 reverse share split that occurred on December 5, 2016.

See accompanying notes to the financial statements.

Financial Highlights :: 301

ProFunds Financial Highlights FOR THE PERIODS INDICATED

Selected data for a share of beneficial interest outstanding throughout the periods indicated.

			Investment Activities									Distributions to Shareholders From
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)(a)			Net Realized and Unrealized Gains (Losses) on Investments			Total from Investment Activities			Net Investment Income			Net Realized Gains on Investments			Total Distributions
Rising U.S. Dollar ProFund
Investor Class
Year Ended July 31, 2021	$	27.99		(0.48	)		(0.35	)		(0.83	)		—			—			—
Year Ended July 31, 2020	$	29.59		(0.24	)		(1.28	)		(1.52	)		(0.08	)		—			(0.08	)
Year Ended July 31, 2019	$	27.81		0.08			1.82			1.90			—			(0.12	)		(0.12	)
Year Ended July 31, 2018	$	27.10		(0.15	)		0.86			0.71			—			—			—
Year Ended July 31, 2017	$	28.06		(0.36	)		(0.60	)		(0.96	)		—			—			—
Service Class
Year Ended July 31, 2021	$	24.74		(0.72	)		(0.25	)		(0.97	)		—			—			—
Year Ended July 31, 2020	$	26.34		(0.50	)		(1.10	)		(1.60	)		—			—			—
Year Ended July 31, 2019	$	25.02		(0.18	)		1.62			1.44			—			(0.12	)		(0.12	)
Year Ended July 31, 2018	$	24.59		(0.40	)		0.83			0.43			—			—			—
Year Ended July 31, 2017	$	25.74		(0.62	)		(0.53	)		(1.15	)		—			—			—
Semiconductor UltraSector ProFund
Investor Class
Year Ended July 31, 2021	$	63.61		(0.58	)		55.06			54.48			—			—			—
Year Ended July 31, 2020	$	46.14		0.06			18.69	(c)		18.75			(0.02	)		(1.26	)		(1.28	)
Year Ended July 31, 2019	$	61.56		0.34			(2.58	)		(2.24	)		(0.53	)		(12.65	)		(13.18	)
Year Ended July 31, 2018	$	48.20		0.04			19.14			19.18			(0.06	)		(5.76	)		(5.82	)
Year Ended July 31, 2017	$	33.02		—	(d)		15.36			15.36			(0.06	)		(0.12	)		(0.18	)
Service Class
Year Ended July 31, 2021	$	48.41		(1.29	)		41.86			40.57			—			—			—
Year Ended July 31, 2020	$	35.79		(0.34	)		14.22	(c)		13.88			—			(1.26	)		(1.26	)
Year Ended July 31, 2019	$	51.46		(0.04	)		(2.98	)		(3.02	)		—			(12.65	)		(12.65	)
Year Ended July 31, 2018	$	41.34		(0.47	)		16.35			15.88			—			(5.76	)		(5.76	)
Year Ended July 31, 2017	$	28.58		(0.35	)		13.23			12.88			—			(0.12	)		(0.12	)

					Ratios to Average Net Assets									Supplemental Data
Net Asset Value, End of Period		Total Return			Gross Expenses			Net Expenses			Net Investment Income (Loss)				Net Assets, End of Period (000's)		Portfolio Turnover Rate(b)
$	27.16		(2.97	)%		2.13	%		1.78	%		(1.77	)%		$	6,264		—
$	27.99		(5.15	)%		1.97	%		1.78	%		(0.82	)%		$	7,263		—
$	29.59		6.85	%		1.87	%		1.81	%		0.28	%		$	12,437		—
$	27.81		2.62	%		1.80	%		1.80	%		(0.57	)%		$	14,793		—
$	27.10		(3.42	)%		1.67	%		1.67	%		(1.25	)%		$	17,956		—
$	23.77		(3.92	)%		3.13	%		2.78	%		(2.77	)%		$	52		—
$	24.74		(6.07	)%		2.97	%		2.78	%		(1.82	)%		$	63		—
$	26.34		5.77	%		2.87	%		2.81	%		(0.72	)%		$	144		—
$	25.02		1.67	%		2.80	%		2.80	%		(1.57	)%		$	1,002		—
$	24.59		(4.39	)%		2.67	%		2.67	%		(2.25	)%		$	4,399		—
$	118.09		85.65	%		1.58	%		1.58	%		(0.63	)%		$	79,845		70	%
$	63.61		42.27	%		1.65	%		1.65	%		0.11	%		$	51,355		169	%
$	46.14		5.55	%		1.55	%		1.55	%		0.69	%		$	64,715		106	%
$	61.56		40.36	%		1.44	%		1.44	%		0.07	%		$	245,143		56	%
$	48.20		46.57	%		1.46	%		1.46	%		—	%(e)		$	176,966		27	%
$	88.98		83.81	%		2.58	%		2.58	%		(1.63	)%		$	5,376		70	%
$	48.41		40.81	%		2.65	%		2.65	%		(0.89	)%		$	2,187		169	%
$	35.79		4.49	%		2.55	%		2.55	%		(0.31	)%		$	1,984		106	%
$	51.46		38.97	%		2.44	%		2.44	%		(0.93	)%		$	4,691		56	%
$	41.34		45.10	%		2.46	%		2.46	%		(1.00	)%		$	4,151		27	%

(a) Per share net investment income (loss) has been calculated using the average daily shares method.

(b) Portfolio turnover rate is calculated without regard to instruments having a maturity of less than one year from acquisition or derivative instruments (including swap agreements and futures contracts). The portfolio turnover rate can be high and volatile due to the amount and timing of sales and purchases of fund shares during the period. Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued.

(c) The amount shown for a share outstanding throughout the period does not accord with the change in aggregate gains and losses in the portfolio of securities during the period because of the timing of sales and purchases of fund shares in relation to fluctuating market values during the period.

(d) Amount is less than $0.005.

(e) Amount is less than 0.005%.

See accompanying notes to the financial statements.

302 :: Financial Highlights

ProFunds Financial Highlights FOR THE PERIODS INDICATED

Selected data for a share of beneficial interest outstanding throughout the periods indicated.

			Investment Activities									Distributions to Shareholders From
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)(a)			Net Realized and Unrealized Gains (Losses) on Investments			Total from Investment Activities				Net Investment Income			Total Distributions
Short Nasdaq-100 ProFund
Investor Class
Year Ended July 31, 2021	$	20.87		(0.31	)		(6.27	)(c)		(6.58	)			—			—
Year Ended July 31, 2020(d)	$	33.46		(0.18	)		(12.32	)(c)		(12.50	)			(0.09	)		(0.09	)
Year Ended July 31, 2019(d)	$	37.30		0.16			(4.00	)		(3.84	)			—			—
Year Ended July 31, 2018(d)	$	47.10		(0.20	)		(9.60	)		(9.80	)			—			—
Year Ended July 31, 2017(d)	$	60.02		(0.76	)		(12.16	)		(12.92	)			—			—
Service Class
Year Ended July 31, 2021	$	18.67		(0.46	)		(5.53	)(c)		(5.99	)			—			—
Year Ended July 31, 2020(d)	$	30.15		(0.33	)		(11.15	)(c)		(11.48	)			—			—
Year Ended July 31, 2019(d)	$	33.96		(0.16	)		(3.65	)		(3.81	)			—			—
Year Ended July 31, 2018(d)	$	43.27		(0.56	)		(8.75	)		(9.31	)			—			—
Year Ended July 31, 2017(d)	$	55.70		(1.28	)		(11.15	)		(12.43	)			—			—
Short Oil & Gas ProFund
Investor Class
Year Ended July 31, 2021	$	55.89		(0.85	)		(22.22	)		(23.07	)			—			—
Year Ended July 31, 2020	$	46.83		(0.46	)		9.65			9.19				(0.13	)		(0.13	)
Year Ended July 31, 2019	$	39.19		0.19			7.45			7.64				—			—
Year Ended July 31, 2018	$	48.45		(0.21	)		(9.05	)		(9.26	)			—			—
Year Ended July 31, 2017(e)	$	50.10		(0.61	)		(1.04	)		(1.65	)			—			—
Service Class
Year Ended July 31, 2021	$	52.45		(1.25	)		(20.68	)		(21.93	)			—			—
Year Ended July 31, 2020	$	44.39		(0.99	)		9.05			8.06				—			—
Year Ended July 31, 2019	$	37.27		(0.24	)		7.36			7.12				—			—
Year Ended July 31, 2018	$	46.66		(0.68	)		(8.71	)		(9.39	)			—			—
Year Ended July 31, 2017(e)	$	48.73		(1.06	)		(1.01	)		(2.07	)			—			—

					Ratios to Average Net Assets									Supplemental Data
Net Asset Value, End of Period		Total Return			Gross Expenses			Net Expenses			Net Investment Income (Loss)			Net Assets, End of Period (000's)		Portfolio Turnover Rate(b)
$	14.29		(31.63	)%		2.02	%		1.78	%		(1.76	)%	$	1,764		—
$	20.87		(37.32	)%		2.01	%		1.78	%		(1.00	)%	$	2,400		—
$	33.46		(10.40	)%		2.37	%		1.78	%		0.46	%	$	4,429		—
$	37.30		(20.66	)%		2.42	%		1.78	%		(0.44	)%	$	2,572		—
$	47.10		(21.65	)%		2.24	%		1.77	%		(1.37	)%	$	2,444		—
$	12.68		(32.26	)%		3.02	%		2.78	%		(2.76	)%	$	111		—
$	18.67		(37.93	)%		3.01	%		2.78	%		(2.00	)%	$	320		—
$	30.15		(11.19	)%		3.37	%		2.78	%		(0.54	)%	$	788		—
$	33.96		(21.46	)%		3.42	%		2.78	%		(1.44	)%	$	360		—
$	43.27		(22.40	)%		3.24	%		2.77	%		(2.37	)%	$	141		—
$	32.82		(41.28	)%		3.16	%		1.78	%		(1.76	)%	$	418		—
$	55.89		19.69	%		2.84	%		1.78	%		(0.84	)%	$	2,804		—
$	46.83		19.49	%		3.34	%		1.78	%		0.43	%	$	2,115		—
$	39.19		(19.11	)%		2.62	%		1.78	%		(0.48	)%	$	1,636		—
$	48.45		(3.25	)%		2.76	%		1.77	%		(1.30	)%	$	2,491		—
$	30.52		(41.81	)%		4.15	%		2.77	%		(2.75	)%	$	25		—
$	52.45		18.63	%		3.84	%		2.78	%		(1.84	)%	$	32		—
$	44.39		18.39	%		4.34	%		2.78	%		(0.57	)%	$	3		—
$	37.27		(19.95	)%		3.62	%		2.78	%		(1.48	)%	$	3		—
$	46.66		(4.21	)%		3.76	%		2.77	%		(2.30	)%	$	139		—

(a) Per share net investment income (loss) has been calculated using the average daily shares method.

(b) Portfolio turnover rate is calculated without regard to instruments having a maturity of less than one year from acquisition or derivative instruments (including swap agreements and futures contracts).

(c) The amount shown for a share outstanding throughout the period does not accord with the change in aggregate gains and losses in the portfolio of securities during the period because of the timing of sales and purchases of fund shares in relation to fluctuating market values during the period.

(d) As described in Note 9, share amounts have been adjusted for 1:4 reverse share split that occurred on November 18, 2019.

(e) As described in Note 9, share amounts have been adjusted for 1:8 reverse share split that occurred on December 5, 2016.

See accompanying notes to the financial statements.

Financial Highlights :: 303

ProFunds Financial Highlights FOR THE PERIODS INDICATED

Selected data for a share of beneficial interest outstanding throughout the periods indicated.

			Investment Activities									Distributions to Shareholders From
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)(a)			Net Realized and Unrealized Gains (Losses) on Investments			Total from Investment Activities			Net Investment Income			Total Distributions
Short Precious Metals ProFund
Investor Class
Year Ended July 31, 2021	$	14.53		(0.27	)		0.57			0.30			—			—
Year Ended July 31, 2020	$	32.94		(0.12	)		(18.02	)		(18.14	)		(0.27	)		(0.27	)
Year Ended July 31, 2019	$	42.91		0.20			(10.17	)		(9.97	)		—			—
Year Ended July 31, 2018	$	40.33		(0.21	)		2.79			2.58			—			—
Year Ended July 31, 2017(c)	$	35.17		(0.57	)		5.73			5.16			—			—
Service Class
Year Ended July 31, 2021	$	14.31		(0.42	)		0.54			0.12			—			—
Year Ended July 31, 2020	$	32.41		(0.36	)		(17.74	)		(18.10	)		—			—
Year Ended July 31, 2019	$	42.65		(0.22	)		(10.02	)		(10.24	)		—			—
Year Ended July 31, 2018	$	40.48		(0.61	)		2.78			2.17			—			—
Year Ended July 31, 2017(c)	$	35.70		(0.97	)		5.75			4.78			—			—
Short Real Estate ProFund
Investor Class
Year Ended July 31, 2021	$	11.45		(0.19	)		(3.07	)		(3.26	)		—			—
Year Ended July 31, 2020	$	12.89		(0.14	)		(1.30	)		(1.44	)		—			—
Year Ended July 31, 2019	$	14.61		0.06			(1.78	)		(1.72	)		—			—
Year Ended July 31, 2018	$	15.43		(0.06	)		(0.76	)		(0.82	)		—			—
Year Ended July 31, 2017	$	15.67		(0.23	)		(0.01	)		(0.24	)		—			—
Service Class
Year Ended July 31, 2021	$	10.15		(0.28	)		(2.68	)		(2.96	)		—			—
Year Ended July 31, 2020	$	11.53		(0.25	)		(1.13	)		(1.38	)		—			—
Year Ended July 31, 2019	$	13.20		(0.07	)		(1.60	)		(1.67	)		—			—
Year Ended July 31, 2018	$	14.08		(0.20	)		(0.68	)		(0.88	)		—			—
Year Ended July 31, 2017	$	14.45		(0.39	)		0.02			(0.37	)		—			—

					Ratios to Average Net Assets									Supplemental Data
Net Asset Value, End of Period		Total Return			Gross Expenses			Net Expenses			Net Investment Income (Loss)			Net Assets, End of Period (000's)		Portfolio Turnover Rate(b)
$	14.83		2.06	%		2.86	%		1.78	%		(1.76	)%	$	2,144		—
$	14.53		(55.43	)%		2.97	%		1.78	%		(0.47	)%	$	1,564		—
$	32.94		(23.23	)%		2.13	%		1.78	%		0.47	%	$	4,649		—
$	42.91		6.40	%		2.18	%		1.78	%		(0.53	)%	$	6,552		—
$	40.33		14.57	%		2.00	%		1.85	%		(1.39	)%	$	3,432		—
$	14.43		0.84	%		3.86	%		2.78	%		(2.76	)%	$	14		—
$	14.31		(55.85	)%		3.97	%		2.78	%		(1.47	)%	$	65		—
$	32.41		(24.01	)%		3.13	%		2.78	%		(0.53	)%	$	26		—
$	42.65		5.36	%		3.18	%		2.78	%		(1.53	)%	$	42		—
$	40.48		13.45	%		3.00	%		2.85	%		(2.39	)%	$	336		—
$	8.19		(28.47	)%		4.69	%		1.78	%		(1.76	)%	$	515		—
$	11.45		(11.17	)%		4.05	%		1.78	%		(1.09	)%	$	1,720		—
$	12.89		(11.77	)%		3.76	%		1.78	%		0.40	%	$	1,199		—
$	14.61		(5.31	)%		3.16	%		1.78	%		(0.38	)%	$	1,453		—
$	15.43		(1.53	)%		3.33	%		1.78	%		(1.39	)%	$	772		—
$	7.19		(29.16	)%		5.69	%		2.78	%		(2.76	)%	$	14		—
$	10.15		(12.05	)%		5.05	%		2.78	%		(2.09	)%	$	20		—
$	11.53		(12.58	)%		4.76	%		2.78	%		(0.60	)%	$	15		—
$	13.20		(6.25	)%		4.16	%		2.78	%		(1.38	)%	$	364		—
$	14.08		(2.56	)%		4.33	%		2.78	%		(2.39	)%	$	10		—

(a)  Per share net investment income (loss) has been calculated using the average daily shares method.

(b) Portfolio turnover rate is calculated without regard to instruments having a maturity of less than one year from acquisition or derivative instruments (including swap agreements and futures contracts).

(c) As described in Note 9, share amounts have been adjusted for 1:8 reverse share split that occurred on December 5, 2016.

See accompanying notes to the financial statements.

304 :: Financial Highlights

ProFunds Financial Highlights FOR THE PERIODS INDICATED

Selected data for a share of beneficial interest outstanding throughout the periods indicated.

			Investment Activities									Distributions to Shareholders From
						Net
						Realized
						and
	Net Asset		Net			Unrealized									Net
	Value,		Investment			Gains			Total from			Net			Realized
	Beginning		Income			(Losses) on			Investment			Investment			Gains on			Total
	of Period		(Loss)(a)			Investments			Activities			Income			Investments			Distributions
Short Small-Cap ProFund
Investor Class
Year Ended July 31, 2021	$	11.43		(0.15	)		(4.34	)		(4.49	)		—			—			—
Year Ended July 31, 2020	$	13.10		(0.13	)		(1.44	)		(1.57	)		(0.10	)		—			(0.10	)
Year Ended July 31, 2019	$	12.68		0.06			0.36			0.42			—			—			—
Year Ended July 31, 2018	$	15.29		(0.09	)		(2.52	)		(2.61	)		—			—			—
Year Ended July 31, 2017	$	18.74		(0.25	)		(3.20	)		(3.45	)		—			—			—
Service Class
Year Ended July 31, 2021	$	10.96		(0.23	)		(4.14	)		(4.37	)		—			—			—
Year Ended July 31, 2020	$	12.60		(0.26	)		(1.38	)		(1.64	)		—			—			—
Year Ended July 31, 2019	$	12.31		(0.07	)		0.36			0.29			—			—			—
Year Ended July 31, 2018	$	15.01		(0.22	)		(2.48	)		(2.70	)		—			—			—
Year Ended July 31, 2017	$	18.58		(0.42	)		(3.15	)		(3.57	)		—			—			—
Small-Cap Growth ProFund
Investor Class
Year Ended July 31, 2021	$	86.21		(0.88	)		41.16			40.28			—			—			—
Year Ended July 31, 2020	$	89.25		(0.66	)		(2.38	)(c)		(3.04	)		—			—			—
Year Ended July 31, 2019	$	99.63		(0.61	)		(6.40	)		(7.01	)		—			(3.37	)		(3.37	)
Year Ended July 31, 2018	$	80.84		(0.72	)		19.51			18.79			—			—			—
Year Ended July 31, 2017	$	69.40		(0.43	)		11.87			11.44			—			—			—
Service Class
Year Ended July 31, 2021	$	69.60		(1.76	)		33.25			31.49			—			—			—
Year Ended July 31, 2020	$	72.78		(1.36	)		(1.82	)(c)		(3.18	)		—			—			—
Year Ended July 31, 2019	$	82.80		(1.37	)		(5.28	)		(6.65	)		—			(3.37	)		(3.37	)
Year Ended July 31, 2018	$	67.86		(1.44	)		16.38			14.94			—			—			—
Year Ended July 31, 2017	$	58.86		(1.08	)		10.08			9.00			—			—			—

					Ratios to Average Net Assets									Supplemental Data
Net Asset Value, End of Period		Total Return			Gross Expenses			Net Expenses			Net Investment Income (Loss)			Net Assets, End of Period (000's)		Portfolio Turnover Rate(b)
$	6.94		(39.23	)%		3.63	%		1.78	%		(1.77	)%	$	1,089		—
$	11.43		(12.09	)%		3.28	%		1.78	%		(0.98	)%	$	1,802		—
$	13.10		3.31	%		2.76	%		1.78	%		0.44	%	$	1,138		—
$	12.68		(17.07	)%		2.73	%		1.86	%		(0.61	)%	$	3,456		—
$	15.29		(18.41	)%		2.09	%		1.85	%		(1.44	)%	$	1,526		—
$	6.59		(39.87	)%		4.63	%		2.78	%		(2.77	)%	$	24		—
$	10.96		(13.02	)%		4.28	%		2.78	%		(1.98	)%	$	33		—
$	12.60		2.27	%		3.75	%		2.77	%		(0.55	)%	$	33		—
$	12.31		(17.92	)%		3.73	%		2.86	%		(1.61	)%	$	155		—
$	15.01		(19.21	)%		3.09	%		2.85	%		(2.44	)%	$	373		—
$	126.49		46.72	%		1.60	%		1.60	%		(0.81	)%	$	9,062		659	%
$	86.21		(3.41	)%		1.83	%		1.83	%		(0.80	)%	$	7,867		442	%
$	89.25		(6.53	)%		1.65	%		1.65	%		(0.67	)%	$	10,121		474	%
$	99.63		23.24	%		1.68	%		1.68	%		(0.81	)%	$	28,543		629	%
$	80.84		16.48	%		1.78	%		1.78	%		(0.57	)%	$	15,569		511	%
$	101.09		45.24	%		2.60	%		2.60	%		(1.81	)%	$	833		659	%
$	69.60		(4.36	)%		2.83	%		2.83	%		(1.80	)%	$	782		442	%
$	72.78		(7.46	)%		2.65	%		2.65	%		(1.67	)%	$	1,905		474	%
$	82.80		22.02	%		2.68	%		2.68	%		(1.81	)%	$	1,751		629	%
$	67.86		15.27	%		2.78	%		2.78	%		(1.57	)%	$	2,651		511	%

(a) Per share net investment income (loss) has been calculated using the average daily shares method.

(b) Portfolio turnover rate is calculated without regard to instruments having a maturity of less than one year from acquisition or derivative instruments (including swap agreements and futures contracts). The portfolio turnover rate can be high and volatile due to the amount and timing of sales and purchases of fund shares during the period. Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued.

(c) The amount shown for a share outstanding throughout the period does not accord with the change in aggregate gains and losses in the portfolio of securities during the period because of the timing of sales and purchases of fund shares in relation to fluctuating market values during the period.

See accompanying notes to the financial statements.

Financial Highlights :: 305

ProFunds Financial Highlights FOR THE PERIODS INDICATED

Selected data for a share of beneficial interest outstanding throughout the periods indicated.

			Investment Activities									Distributions to Shareholders From
						Net
						Realized
						and
	Net Asset		Net			Unrealized									Net
	Value,		Investment			Gains			Total from			Net			Realized
	Beginning		Income			(Losses) on			Investment			Investment			Gains on			Total
	of Period		(Loss)(a)			Investments			Activities			Income			Investments			Distributions
Small-Cap ProFund
Investor Class
Year Ended July 31, 2021	$	78.58		(1.51	)		39.93			38.42			—			—			—
Year Ended July 31, 2020	$	85.23		(0.78	)		(5.87	)		(6.65	)		—			—			—
Year Ended July 31, 2019	$	90.80		(0.04	)		(5.53	)		(5.57	)		—			—			—
Year Ended July 31, 2018	$	78.18		(0.28	)		12.90			12.62			—			—			—
Year Ended July 31, 2017	$	67.60		(0.66	)		11.24			10.58			—			—			—
Service Class
Year Ended July 31, 2021	$	65.02		(2.40	)		33.23			30.83			—			—			—
Year Ended July 31, 2020	$	71.24		(1.45	)		(4.77	)		(6.22	)		—			—			—
Year Ended July 31, 2019	$	76.65		(0.77	)		(4.64	)		(5.41	)		—			—			—
Year Ended July 31, 2018	$	66.62		(1.01	)		11.04			10.03			—			—			—
Year Ended July 31, 2017	$	58.16		(1.29	)		9.75			8.46			—			—			—
Small-Cap Value ProFund
Investor Class
Year Ended July 31, 2021	$	64.53		0.11			40.33			40.44			—			—			—
Year Ended July 31, 2020	$	78.32		(0.16	)		(13.57	)		(13.73	)		(0.06	)		—			(0.06	)
Year Ended July 31, 2019	$	98.51		(0.23	)		(10.96	)		(11.19	)		—			(9.00	)		(9.00	)
Year Ended July 31, 2018	$	83.05		(0.19	)		15.65			15.46			—			—			—
Year Ended July 31, 2017	$	72.53		(0.17	)		10.69			10.52			—			—			—
Service Class
Year Ended July 31, 2021	$	52.57		(0.67	)		32.78			32.11			—			—			—
Year Ended July 31, 2020	$	64.40		(0.74	)		(11.09	)		(11.83	)		—			—			—
Year Ended July 31, 2019	$	83.80		(0.92	)		(9.48	)		(10.40	)		—			(9.00	)		(9.00	)
Year Ended July 31, 2018	$	71.35		(0.96	)		13.41			12.45			—			—			—
Year Ended July 31, 2017	$	62.93		(0.85	)		9.27			8.42			—			—			—

					Ratios to									Supplemental
					Average Net Assets									Data
Net														Net
Asset											Net			Assets,
Value,											Investment			End of		Portfolio
End of		Total			Gross			Net			Income			Period		Turnover
Period		Return			Expenses			Expenses			(Loss)			(000’s)		Rate(b)
$	117.00		48.89	%		2.03	%		1.81	%		(1.40	)%	$	9,241		115	%
$	78.58		(7.80	)%(c)		2.42	%		2.07	%(d)		(0.98	)%	$	3,030		109	%
$	85.23		(6.13	)%		1.77	%		1.77	%		(0.05	)%	$	8,261		11	%
$	90.80		16.14	%		1.58	%		1.58	%		(0.34	)%	$	43,292		63	%
$	78.18		15.65	%		1.79	%		1.76	%		(0.90	)%	$	28,094		401	%
$	95.85		47.43	%		3.03	%		2.81	%		(2.40	)%	$	668		115	%
$	65.02		(8.74	)%(c)		3.42	%		3.07	%(d)		(1.98	)%	$	237		109	%
$	71.24		(7.05	)%		2.77	%		2.77	%		(1.05	)%	$	408		11	%
$	76.65		15.06	%		2.58	%		2.58	%		(1.34	)%	$	2,705		63	%
$	66.62		14.53	%		2.79	%		2.76	%		(1.90	)%	$	1,260		401	%
$	104.97		62.67	%		1.61	%		1.61	%		0.12	%	$	14,775		547	%
$	64.53		(17.55	)%		2.02	%		2.02	%(d)		(0.22	)%	$	4,232		624	%
$	78.32		(9.96	)%		1.74	%		1.74	%		(0.27	)%	$	5,380		427	%
$	98.51		18.61	%		1.75	%		1.75	%		(0.21	)%	$	32,670		447	%
$	83.05		14.49	%		1.78	%		1.78	%		(0.21	)%	$	13,113		393	%
$	84.68		61.08	%		2.61	%		2.61	%		(0.88	)%	$	770		547	%
$	52.57		(18.37	)%		3.02	%		3.02	%(d)		(1.22	)%	$	320		624	%
$	64.40		(10.83	)%		2.74	%		2.74	%		(1.27	)%	$	429		427	%
$	83.80		17.45	%		2.75	%		2.75	%		(1.21	)%	$	480		447	%
$	71.35		13.34	%		2.78	%		2.78	%		(1.21	)%	$	657		393	%

(a) Per share net investment income (loss) has been calculated using the average daily shares method.

(b) Portfolio turnover rate is calculated without regard to instruments having a maturity of less than one year from acquisition or derivative instruments (including swap agreements and futures contracts). The portfolio turnover rate can be high and volatile due to the amount and timing of sales and purchases of fund shares during the period. Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued.

(c) During the year ended July 31, 2020, the Fund received monies related to certain nonrecurring litigation settlements. The corresponding impact to the total return was 0.15%.

(d) The expense ratio does not correlate to the applicable expense limits in place during the period given that the annual contractual expense limitation is applied for one year periods ended April 30th of each year, instead of coinciding with the December 31st year end. Details of the current expense limitation in effect can be found in Note 4 of the accompanying Notes to Financial Statements.

See accompanying notes to the financial statements.

306 :: Financial Highlights

ProFunds Financial Highlights FOR THE PERIODS INDICATED

Selected data for a share of beneficial interest outstanding throughout the periods indicated.

			Investment Activities									Distributions to Shareholders From
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)(a)			Net Realized and Unrealized Gains (Losses) on Investments			Total from Investment Activities			Net Investment Income			Net Realized Gains on Investments			Total Distributions
Technology UltraSector ProFund
Investor Class
Year Ended July 31, 2021	$	75.45		(0.90	)		52.38			51.48			—			(2.17	)		(2.17	)
Year Ended July 31, 2020(c)	$	49.47		(0.29	)		26.27			25.98			—			—			—
Year Ended July 31, 2019(c)	$	42.49		0.03			7.03			7.06			—			(0.08	)		(0.08	)
Year Ended July 31, 2018(c)	$	32.01		(0.07	)		12.23			12.16			—			(1.68	)		(1.68	)
Year Ended July 31, 2017(c)	$	22.57		(0.10	)		9.54			9.44			—			—			—
Service Class
Year Ended July 31, 2021	$	62.48		(1.70	)		43.19			41.49			—			(2.17	)		(2.17	)
Year Ended July 31, 2020(c)	$	41.38		(0.75	)		21.85			21.10			—			—			—
Year Ended July 31, 2019(c)	$	35.92		(0.34	)		5.88			5.54			—			(0.08	)		(0.08	)
Year Ended July 31, 2018(c)	$	27.54		(0.40	)		10.46			10.06			—			(1.68	)		(1.68	)
Year Ended July 31, 2017(c)	$	19.61		(0.34	)		8.27			7.93			—			—			—
Telecommunications UltraSector ProFund
Investor Class
Year Ended July 31, 2021	$	19.67		0.10			5.78			5.88			(0.12	)		—			(0.12	)
Year Ended July 31, 2020	$	21.80		0.12			(1.88	)		(1.76	)		(0.37	)		—			(0.37	)
Year Ended July 31, 2019	$	21.33		0.07			0.92			0.99			(0.52	)		—			(0.52	)
Year Ended July 31, 2018	$	24.17		0.39			(2.30	)		(1.91	)		(0.93	)		—			(0.93	)
Year Ended July 31, 2017	$	27.53		0.20			(3.56	)		(3.36	)		—			—			—
Service Class
Year Ended July 31, 2021	$	18.96		(0.11	)		5.56			5.45			—			—			—
Year Ended July 31, 2020	$	20.99		(0.07	)		(1.86	)		(1.93	)		(0.10	)		—			(0.10	)
Year Ended July 31, 2019	$	20.24		(0.13	)		0.96			0.83			(0.08	)		—			(0.08	)
Year Ended July 31, 2018	$	22.78		0.18			(2.26	)		(2.08	)		(0.46	)		—			(0.46	)
Year Ended July 31, 2017	$	26.20		(0.04	)		(3.38	)		(3.42	)		—			—			—

					Ratios to Average Net Assets									Supplemental Data
Net Asset Value, End of Period		Total Return			Gross Expenses			Net Expenses			Net Investment Income (Loss)			Net Assets, End of Period (000's)		Portfolio Turnover Rate(b)
$	124.76		69.21	%		1.55	%		1.55	%		(0.97	)%	$	95,384		114	%
$	75.45		52.51	%		1.65	%		1.65	%		(0.51	)%	$	86,988		177	%
$	49.47		16.70	%		1.58	%		1.58	%		0.06	%	$	83,112		332	%
$	42.49		38.70	%		1.49	%		1.49	%		(0.19	)%	$	96,683		174	%
$	32.01		41.84	%		1.55	%		1.55	%		(0.35	)%	$	76,225		107	%
$	101.80		67.57	%		2.55	%		2.55	%		(1.97	)%	$	6,454		114	%
$	62.48		50.97	%		2.65	%		2.65	%		(1.51	)%	$	2,858		177	%
$	41.38		15.53	%		2.58	%		2.58	%		(0.94	)%	$	3,082		332	%
$	35.92		37.31	%		2.49	%		2.49	%		(1.19	)%	$	5,780		174	%
$	27.54		40.43	%		2.55	%		2.55	%		(1.35	)%	$	3,631		107	%
$	25.43		30.01	%		4.54	%		1.78	%		0.47	%	$	1,118		286	%
$	19.67		(8.22	)%		5.13	%		1.78	%		0.63	%	$	862		132	%
$	21.80		5.18	%		2.16	%		1.80	%		0.36	%	$	1,468		1,449	%
$	21.33		(8.45	)%		2.64	%		1.95	%		1.74	%	$	1,900		412	%
$	24.17		(12.20	)%		1.78	%		1.65	%		0.78	%	$	3,146		194	%
$	24.41		28.74	%		5.54	%		2.78	%		(0.53	)%	$	56		286	%
$	18.96		(9.22	)%		6.13	%		2.78	%		(0.37	)%	$	44		132	%
$	20.99		4.17	%		3.16	%		2.80	%		(0.64	)%	$	75		1,449	%
$	20.24		(9.41	)%		3.64	%		2.95	%		0.74	%	$	91		412	%
$	22.78		(13.09	)%		2.78	%		2.65	%		(0.22	)%	$	109		194	%

(a) Per share net investment income (loss) has been calculated using the average daily shares method.

(b) Portfolio turnover rate is calculated without regard to instruments having a maturity of less than one year from acquisition or derivative instruments (including swap agreements and futures contracts). The portfolio turnover rate can be high and volatile due to the amount and timing of sales and purchases of fund shares during the period. Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued.

(c) As described in Note 9, share amounts have been adjusted for 3:1 share split that occurred on November 18, 2019.

See accompanying notes to the financial statements.

Financial Highlights :: 307

ProFunds Financial Highlights FOR THE PERIODS INDICATED

Selected data for a share of beneficial interest outstanding throughout the periods indicated.

			Investment Activities									Distributions to Shareholders From
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)(a)			Net Realized and Unrealized Gains (Losses) on Investments			Total from Investment Activities			Net Investment Income			Net Realized Gains on Investments			Total Distributions
UltraBear ProFund
Investor Class
Year Ended July 31, 2021(c)	$	43.58		(0.53	)		(21.48	)		(22.01	)		(0.15	)		—			(0.15	)
Year Ended July 31, 2020(c)	$	76.76		(0.52	)		(32.66	)		(33.18	)		—			—			—
Year Ended July 31, 2019(c)	$	91.23		0.40			(14.87	)		(14.47	)		—			—			—
Year Ended July 31, 2018(c)	$	125.67		(0.56	)		(33.88	)		(34.44	)		—			—			—
Year Ended July 31, 2017(c)(d)	$	171.88		(1.76	)		(44.45	)		(46.21	)		—			—			—
Service Class
Year Ended July 31, 2021(c)	$	39.25		(0.81	)		(19.25	)		(20.06	)		—			—			—
Year Ended July 31, 2020(c)	$	69.86		(1.12	)		(29.49	)		(30.61	)		—			—			—
Year Ended July 31, 2019(c)	$	83.88		(0.44	)		(13.58	)		(14.02	)		—			—			—
Year Ended July 31, 2018(c)	$	116.67		(1.48	)		(31.31	)		(32.79	)		—			—			—
Year Ended July 31, 2017(c)(d)	$	161.16		(3.20	)		(41.29	)		(44.49	)		—			—			—
UltraBull ProFund
Investor Class
Year Ended July 31, 2021	$	72.03		(0.46	)		51.97			51.51			(0.41	)		(10.17	)		(10.58	)
Year Ended July 31, 2020	$	67.93		0.06			4.37	(e)		4.43			(0.33	)		—			(0.33	)
Year Ended July 31, 2019	$	62.85		0.33			5.03			5.36			(0.06	)		(0.22	)		(0.28	)
Year Ended July 31, 2018(f)	$	49.15		0.18			13.52			13.70			—			—			—
Year Ended July 31, 2017(f)	$	37.86		0.03			11.26			11.29			—			—			—
Service Class
Year Ended July 31, 2021	$	59.40		(1.20	)		42.12			40.92			—			(10.17	)		(10.17	)
Year Ended July 31, 2020	$	56.36		(0.49	)		3.53	(e)		3.04			—			—			—
Year Ended July 31, 2019	$	52.65		(0.17	)		4.10			3.93			—			(0.22	)		(0.22	)
Year Ended July 31, 2018(f)	$	41.58		(0.30	)		11.37			11.07			—			—			—
Year Ended July 31, 2017(f)	$	32.35		(0.33	)		9.56			9.23			—			—			—

					Ratios to Average Net Assets									Supplemental Data
Net Asset Value, End of Period		Total Return			Gross Expenses			Net Expenses			Net Investment Income (Loss)			Net Assets, End of Period (000's)		Portfolio Turnover Rate(b)
$	21.42		(50.64	)%		2.08	%		1.78	%		(1.77	)%	$	5,438		—
$	43.58		(43.20	)%		2.04	%		1.78	%		(0.80	)%	$	9,880		—
$	76.76		(15.87	)%		1.95	%		1.84	%		0.44	%	$	8,869		—
$	91.23		(27.40	)%		1.89	%		1.87	%		(0.54	)%	$	8,335		—
$	125.67		(26.93	)%		1.66	%		1.66	%		(1.18	)%	$	11,709		—
$	19.19		(51.07	)%		3.08	%		2.78	%		(2.77	)%	$	14		—
$	39.25		(43.81	)%		3.04	%		2.78	%		(1.80	)%	$	72		—
$	69.86		(16.74	)%		2.95	%		2.84	%		(0.56	)%	$	265		—
$	83.88		(28.11	)%		2.89	%		2.87	%		(1.54	)%	$	3,607		—
$	116.67		(27.62	)%		2.66	%		2.66	%		(2.18	)%	$	204		—
$	112.96		77.44	%		1.51	%		1.51	%		(0.51	)%	$	128,079		31	%
$	72.03		6.48	%		1.60	%		1.60	%		0.09	%	$	99,875		151	%
$	67.93		8.54	%		1.50	%		1.50	%		0.54	%	$	174,947		159	%
$	62.85		27.89	%		1.40	%		1.40	%		0.31	%	$	185,706		174	%
$	49.15		29.79	%		1.42	%		1.42	%		0.08	%	$	132,494		9	%
$	90.15		75.68	%		2.51	%		2.51	%		(1.51	)%	$	2,785		31	%
$	59.40		5.39	%		2.60	%		2.60	%		(0.91	)%	$	1,808		151	%
$	56.36		7.46	%		2.50	%		2.50	%		(0.46	)%	$	1,389		159	%
$	52.65		26.62	%		2.40	%		2.40	%		(0.69	)%	$	1,838		174	%
$	41.58		28.49	%		2.42	%		2.42	%		(0.92	)%	$	3,259		9	%

(a)	Per share net investment income (loss) has been calculated using the average daily shares method.
(b)	Portfolio turnover rate is calculated without regard to instruments having a maturity of less than one year from acquisition or derivative instruments (including swap agreements and futures contracts). The portfolio turnover rate can be high and volatile due to the amount and timing of sales and purchases of fund shares during the period. Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued.
(c)	As described in Note 9, share amounts have been adjusted for 1:4 reverse share split that occurred on December 14, 2020.
(d)	As described in Note 9, share amounts have been adjusted for 1:10 reverse share split that occurred on December 5, 2016.
(e)	The amount shown for a share outstanding throughout the period does not accord with the change in aggregate gains and losses in the portfolio of securities during the period because of the timing of sales and purchases of fund shares in relation to fluctuating market values during the period.
(f)	As described in Note 9, share amounts have been adjusted for 3:1 share split that occurred on January 22, 2018.

See accompanying notes to the financial statements.

308 :: Financial Highlights

ProFunds Financial Highlights FOR THE PERIODS INDICATED

Selected data for a share of beneficial interest outstanding throughout the periods indicated.

			Investment Activities									Distributions to Shareholders From
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)(a)			Net Realized and Unrealized Gains (Losses) on Investments			Total from Investment Activities			Net Investment Income			Net Realized Gains on Investments			Total Distributions
UltraChina ProFund
Investor Class
Year Ended July 31, 2021	$	17.31		(0.23	)		(5.28	)		(5.51	)		—			—			—
Year Ended July 31, 2020	$	11.42		(0.05	)		5.95			5.90			(0.01	)		—			(0.01	)
Year Ended July 31, 2019	$	17.79		(0.01	)		(6.36	)		(6.37	)		—			—			—
Year Ended July 31, 2018	$	16.41		(0.01	)		1.53			1.52			(0.14	)		—			(0.14	)
Year Ended July 31, 2017	$	9.22		(0.08	)		7.27			7.19			—			—			—
Service Class
Year Ended July 31, 2021	$	15.36		(0.42	)		(4.57	)		(4.99	)		—			—			—
Year Ended July 31, 2020	$	10.23		(0.17	)		5.30			5.13			—			—			—
Year Ended July 31, 2019	$	16.11		(0.12	)		(5.76	)		(5.88	)		—			—			—
Year Ended July 31, 2018	$	14.97		(0.19	)		1.41			1.22			(0.08	)		—			(0.08	)
Year Ended July 31, 2017	$	8.49		(0.19	)		6.67			6.48			—			—			—
UltraDow 30 ProFund
Investor Class
Year Ended July 31, 2021	$	39.32		(0.24	)		28.83			28.59			—			(1.01	)		(1.01	)
Year Ended July 31, 2020(c)	$	47.25		0.11			(7.02	)		(6.91	)		(0.30	)		(0.72	)		(1.02	)
Year Ended July 31, 2019(c)	$	43.77		0.30			3.52			3.82			(0.34	)		—			(0.34	)
Year Ended July 31, 2018(c)	$	33.52		0.12			10.90			11.02			(0.01	)		(0.76	)		(0.77	)
Year Ended July 31, 2017(c)	$	23.50		0.03			9.99			10.02			—			—			—
Service Class
Year Ended July 31, 2021	$	34.20		(0.71	)		24.94			24.23			—			(1.01	)		(1.01	)
Year Ended July 31, 2020(c)	$	41.33		(0.27	)		(6.14	)		(6.41	)		—			(0.72	)		(0.72	)
Year Ended July 31, 2019(c)	$	38.31		(0.09	)		3.11			3.02			—			—			—
Year Ended July 31, 2018(c)	$	29.70		(0.24	)		9.61			9.37			—			(0.76	)		(0.76	)
Year Ended July 31, 2017(c)	$	21.02		(0.23	)		8.91			8.68			—			—			—

					Ratios to Average Net Assets									Supplemental Data
Net Asset Value, End of Period		Total Return			Gross Expenses			Net Expenses			Net Investment Income (Loss)			Net Assets, End of Period (000's)		Portfolio Turnover Rate(b)
$	11.80		(31.83	)%		1.67	%		1.67	%		(1.05	)%	$	17,626		255	%
$	17.31		51.69	%		1.79	%		1.79	%		(0.42	)%	$	14,973		314	%
$	11.42		(35.81	)%		1.70	%		1.70	%		(0.05	)%	$	21,723		360	%
$	17.79		9.24	%		1.51	%		1.51	%		(0.07	)%	$	27,453		312	%
$	16.41		77.98	%		1.80	%		1.80	%		(0.68	)%	$	33,637		513	%
$	10.37		(32.49	)%		2.67	%		2.67	%		(2.05	)%	$	423		255	%
$	15.36		50.15	%		2.79	%		2.79	%		(1.42	)%	$	2,654		314	%
$	10.23		(36.50	)%		2.70	%		2.70	%		(1.05	)%	$	405		360	%
$	16.11		8.10	%		2.51	%		2.51	%		(1.07	)%	$	1,006		312	%
$	14.97		76.33	%		2.80	%		2.80	%		(1.68	)%	$	2,434		513	%
$	66.90		73.58	%		1.59	%		1.59	%		(0.45	)%	$	39,210		16	%
$	39.32		(15.15	)%		1.72	%		1.72	%		0.26	%	$	26,124		6	%
$	47.25		8.97	%		1.62	%		1.62	%		0.68	%	$	38,924		1	%
$	43.77		32.94	%		1.51	%		1.51	%		0.29	%	$	37,484		59	%
$	33.52		42.63	%		1.71	%		1.71	%		0.10	%	$	29,931		—	(d)
$	57.42		71.85	%		2.59	%		2.59	%		(1.45	)%	$	1,203		16	%
$	34.20		(15.95	)%		2.72	%		2.72	%		(0.74	)%	$	648		6	%
$	41.33		7.87	%		2.62	%		2.62	%		(0.32	)%	$	732		1	%
$	38.31		31.62	%		2.51	%		2.51	%		(0.71	)%	$	1,584		59	%
$	29.70		41.27	%		2.71	%		2.71	%		(0.90	)%	$	1,291		—	(d)

(a)	Per share net investment income (loss) has been calculated using the average daily shares method.
(b)	Portfolio turnover rate is calculated without regard to instruments having a maturity of less than one year from acquisition or derivative instruments (including swap agreements and futures contracts). The portfolio turnover rate can be high and volatile due to the amount and timing of sales and purchases of fund shares during the period. Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued.
(c)	As described in Note 9, share amounts have been adjusted for 3:1 share split that occurred on November 18, 2019.
(d)	Amount is less than 0.5%.

See accompanying notes to the financial statements.

Financial Highlights :: 309

ProFunds Financial Highlights FOR THE PERIODS INDICATED

Selected data for a share of beneficial interest outstanding throughout the periods indicated.

			Investment Activities									Distributions to Shareholders From
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)(a)			Net Realized and Unrealized Gains (Losses) on Investments			Total from Investment Activities			Net Investment Income			Total Distributions
UltraEmerging Markets ProFund
Investor Class
Year Ended July 31, 2021	$	62.20		(0.56	)		17.98			17.42			—			—
Year Ended July 31, 2020	$	51.58		—	(c)		10.62			10.62			—			—
Year Ended July 31, 2019	$	63.07		0.05			(11.25	)		(11.20	)		(0.29	)		(0.29	)
Year Ended July 31, 2018	$	61.63		0.25			1.30			1.55			(0.11	)		(0.11	)
Year Ended July 31, 2017(f)	$	39.22		(0.02	)		22.43			22.41			—			—
Service Class
Year Ended July 31, 2021	$	56.90		(1.36	)		16.59			15.23			—			—
Year Ended July 31, 2020	$	47.65		(0.47	)		9.72			9.25			—			—
Year Ended July 31, 2019	$	58.50		(0.44	)		(10.41	)		(10.85	)		—			—
Year Ended July 31, 2018	$	57.67		(0.38	)		1.21			0.83			—			—
Year Ended July 31, 2017(f)	$	37.07		(0.46	)		21.06			20.60			—			—
UltraInternational ProFund
Investor Class
Year Ended July 31, 2021	$	13.16		(0.32	)		8.42			8.10			—			—
Year Ended July 31, 2020	$	15.58		(0.09	)		(2.33	)(g)		(2.42	)		—			—
Year Ended July 31, 2019	$	17.99		0.03			(2.44	)		(2.41	)		—			—
Year Ended July 31, 2018	$	17.10		(0.07	)		0.96			0.89			—			—
Year Ended July 31, 2017	$	12.89		(0.17	)		4.38			4.21			—			—
Service Class
Year Ended July 31, 2021	$	11.64		(0.48	)		7.49			7.01			—			—
Year Ended July 31, 2020	$	13.92		(0.22	)		(2.06	)(g)		(2.28	)		—			—
Year Ended July 31, 2019	$	16.23		(0.11	)		(2.20	)		(2.31	)		—			—
Year Ended July 31, 2018	$	15.59		(0.24	)		0.88			0.64			—			—
Year Ended July 31, 2017	$	11.86		(0.31	)		4.04			3.73			—			—

					Ratios to Average Net Assets									Supplemental Data
Net Asset Value, End of Period		Total Return			Gross Expenses			Net Expenses			Net Investment Income (Loss)			Net Assets, End of Period (000's)		Portfolio Turnover Rate(b)
$	79.62		28.02	%		1.78	%		1.77	%		(0.64	)%	$	8,976		211	%
$	62.20		20.59	%(d)		1.94	%		1.85	%		—	%(e)	$	13,176		240	%
$	51.58		(17.70	)%		1.84	%		1.84	%		0.10	%	$	12,846		137	%
$	63.07		2.50	%		1.52	%		1.52	%		0.37	%	$	22,713		125	%
$	61.63		57.02	%		1.62	%		1.62	%		(0.04	)%	$	68,758		225	%
$	72.13		26.78	%		2.78	%		2.77	%		(1.64	)%	$	345		211	%
$	56.90		19.41	%(d)		2.94	%		2.85	%		(1.00	)%	$	353		240	%
$	47.65		(18.55	)%		2.84	%		2.84	%		(0.90	)%	$	213		137	%
$	58.50		1.44	%		2.52	%		2.52	%		(0.63	)%	$	623		125	%
$	57.67		55.65	%		2.62	%		2.62	%		(1.04	)%	$	1,238		225	%
$	21.26		61.55	%		2.31	%		1.78	%		(1.76	)%	$	3,101		—
$	13.16		(15.53	)%		2.61	%		1.87	%		(0.60	)%	$	4,078		—
$	15.58		(13.40	)%		2.30	%		2.04	%(h)		0.16	%	$	2,989		—
$	17.99		5.20	%		1.62	%		1.62	%		(0.40	)%	$	9,114		—
$	17.10		32.66	%		1.78	%		1.78	%		(1.15	)%	$	20,851		—
$	18.65		60.22	%		3.31	%		2.78	%		(2.76	)%	$	51		—
$	11.64		(16.38	)%		3.61	%		2.87	%		(1.60	)%	$	70		—
$	13.92		(14.23	)%		3.29	%		3.03	%(h)		(0.83	)%	$	47		—
$	16.23		4.11	%		2.62	%		2.62	%		(1.40	)%	$	184		—
$	15.59		31.45	%		2.78	%		2.78	%		(2.15	)%	$	1,362		—

(a)	Per share net investment income (loss) has been calculated using the average daily shares method.
(b)	Portfolio turnover rate is calculated without regard to instruments having a maturity of less than one year from acquisition or derivative instruments (including swap agreements and futures contracts). The portfolio turnover rate can be high and volatile due to the amount and timing of sales and purchases of fund shares during the period. Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued.
(c)	Amount is less than $0.005.
(d)	During the year ended July 31, 2020, the Fund received monies related to certain nonrecurring litigation settlements. The corresponding impact to the total return was 1.01%.
(e)	Amount is less than 0.005%.
(f)	As described in Note 9, share amounts have been adjusted for 1:5 reverse share split that occurred on December 5, 2016.
(g)	The amount shown for a share outstanding throughout the period does not accord with the change in aggregate gains and losses in the portfolio of securities during the period because of the timing of sales and purchases of fund shares in relation to fluctuating market values during the period.
(h)	The expense ratio does not correlate to the applicable expense limits in place during the period given that the annual contractual expense limitation is applied for the one year periods ended November 30th of each year, instead of coinciding with the July 31st year end. Details of the current expense limitation in effect can be found in Note 4 of the accompanying Notes to Financial Statements.

See accompanying notes to the financial statements.

310 :: Financial Highlights

ProFunds Financial Highlights FOR THE PERIODS INDICATED

Selected data for a share of beneficial interest outstanding throughout the periods indicated.

			Investment Activities									Distributions to Shareholders From
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)(a)			Net Realized and Unrealized Gains (Losses) on Investments			Total from Investment Activities			Net Investment Income			Net Realized Gains on Investments			Total Distributions
UltraJapan ProFund
Investor Class
Year Ended July 31, 2021	$	20.81		(0.56	)		11.50			10.94			—			—			—
Year Ended July 31, 2020	$	21.87		(0.17	)		(0.89	)		(1.06	)		—			—			—
Year Ended July 31, 2019	$	24.93		0.04			(2.61	)		(2.57	)		—			(0.49	)		(0.49	)
Year Ended July 31, 2018	$	19.76		(0.11	)		5.28			5.17			—			—			—
Year Ended July 31, 2017	$	13.62		(0.22	)		6.36			6.14			—			—			—
Service Class
Year Ended July 31, 2021	$	17.56		(0.82	)		9.79			8.97			—			—			—
Year Ended July 31, 2020	$	18.64		(0.36	)		(0.72	)		(1.08	)		—			—			—
Year Ended July 31, 2019	$	21.52		(0.16	)		(2.23	)		(2.39	)		—			(0.49	)		(0.49	)
Year Ended July 31, 2018	$	17.23		(0.31	)		4.60			4.29			—			—			—
Year Ended July 31, 2017	$	11.99		(0.37	)		5.61			5.24			—			—			—
UltraLatin America ProFund
Investor Class
Year Ended July 31, 2021	$	10.61		0.18			8.38			8.56			(0.09	)		—			(0.09	)
Year Ended July 31, 2020	$	31.86		0.28			(21.10	)		(20.82	)		(0.43	)		—			(0.43	)
Year Ended July 31, 2019	$	33.55		0.44			(1.66	)		(1.22	)		(0.47	)		—			(0.47	)
Year Ended July 31, 2018	$	35.83		0.28			(2.47	)		(2.19	)		(0.09	)		—			(0.09	)
Year Ended July 31, 2017	$	26.71		0.10			9.10			9.20			(0.08	)		—			(0.08	)
Service Class
Year Ended July 31, 2021	$	10.26		0.04			8.06			8.10			(0.02	)		—			(0.02	)
Year Ended July 31, 2020	$	30.71		0.12			(20.57	)		(20.45	)		—			—			—
Year Ended July 31, 2019	$	32.16		0.13			(1.58	)		(1.45	)		—			—			—
Year Ended July 31, 2018	$	34.61		(0.10	)		(2.35	)		(2.45	)		—			—			—
Year Ended July 31, 2017	$	25.98		(0.21	)		8.84			8.63			—			—			—

					Ratios to Average Net Assets									Supplemental Data
Net Asset Value, End of Period		Total Return			Gross Expenses			Net Expenses			Net Investment Income (Loss)			Net Assets, End of Period (000's)		Portfolio Turnover Rate(b)
$	31.75		52.57	%		1.80	%		1.78	%		(1.77	)%	$	14,600		—
$	20.81		(4.85	)%		1.94	%		1.86	%		(0.77	)%	$	10,556		—
$	21.87		(10.75	)%		1.83	%		1.83	%		0.16	%	$	13,423		—
$	24.93		26.16	%		1.66	%		1.66	%		(0.45	)%	$	20,993		—
$	19.76		44.97	%		1.70	%		1.70	%		(1.26	)%	$	19,565		—
$	26.53		51.08	%		2.80	%		2.78	%		(2.77	)%	$	143		—
$	17.56		(5.79	)%		2.94	%		2.86	%		(1.77	)%	$	109		—
$	18.64		(11.63	)%		2.83	%		2.83	%		(0.84	)%	$	258		—
$	21.52		24.90	%		2.66	%		2.66	%		(1.45	)%	$	237		—
$	17.23		43.70	%		2.70	%		2.70	%		(2.26	)%	$	243		—
$	19.08		80.78	%		1.72	%		1.72	%		1.22	%	$	15,939		163	%
$	10.61		(66.27	)%(c)		1.71	%		1.71	%		1.46	%	$	15,724		237	%
$	31.86		(3.51	)%		1.69	%		1.69	%		1.34	%	$	31,560		132	%
$	33.55		(6.15	)%		1.53	%		1.53	%		0.72	%	$	37,611		315	%
$	35.83		34.56	%		1.67	%		1.67	%		0.31	%	$	32,233		228	%
$	18.34		78.96	%		2.72	%		2.72	%		0.22	%	$	148		163	%
$	10.26		(66.59	)%(c)		2.70	%		2.70	%		0.47	%	$	98		237	%
$	30.71		(4.51	)%		2.69	%		2.69	%		0.34	%	$	81		132	%
$	32.16		(7.08	)%		2.53	%		2.53	%		(0.28	)%	$	436		315	%
$	34.61		33.17	%		2.67	%		2.67	%		(0.69	)%	$	419		228	%

(a)	Per share net investment income (loss) has been calculated using the average daily shares method.
(b)	Portfolio turnover rate is calculated without regard to instruments having a maturity of less than one year from acquisition or derivative instruments (including swap agreements and futures contracts). The portfolio turnover rate can be high and volatile due to the amount and timing of sales and purchases of fund shares during the period. Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued.
(c)	During the year ended July 31, 2020, the Fund received monies related to certain nonrecurring litigation settlements. The corresponding impact to the total return was 0.68%.

See accompanying notes to the financial statements.

Financial Highlights :: 311

ProFunds Financial Highlights FOR THE PERIODS INDICATED

Selected data for a share of beneficial interest outstanding throughout the periods indicated.

			Investment Activities									Distributions to Shareholders From
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)(a)			Net Realized and Unrealized Gains (Losses) on Investments			Total from Investment Activities			Net Investment Income			Net Realized Gains on Investments			Total Distributions
UltraMid-Cap ProFund
Investor Class
Year Ended July 31, 2021	$	32.83		(0.33	)		34.28			33.95			—			—			—
Year Ended July 31, 2020	$	44.23		(0.05	)		(10.37	)		(10.42	)		(0.14	)		(0.84	)		(0.98	)
Year Ended July 31, 2019	$	46.93		0.07			(2.72	)		(2.65	)		(0.01	)		(0.04	)		(0.05	)
Year Ended July 31, 2018(c)	$	40.56		(0.01	)		9.46	(d)		9.45			—			(3.08	)(c)		(3.08	)
Year Ended July 31, 2017(c)	$	32.14		(0.11	)		8.53			8.42			—			—			—
Service Class
Year Ended July 31, 2021	$	26.59		(0.75	)		27.74			26.99			—			—			—
Year Ended July 31, 2020	$	36.24		(0.34	)		(8.47	)		(8.81	)		—			(0.84	)		(0.84	)
Year Ended July 31, 2019	$	38.86		(0.28	)		(2.30	)		(2.58	)		—			(0.04	)		(0.04	)
Year Ended July 31, 2018(c)	$	34.37		(0.37	)		7.94	(d)		7.57			—			(3.08	)(c)		(3.08	)
Year Ended July 31, 2017(c)	$	27.49		(0.42	)		7.30			6.88			—			—			—
UltraNasdaq-100 ProFund
Investor Class
Year Ended July 31, 2021(e)	$	62.28		(0.82	)		45.88			45.06			—			(7.48	)		(7.48	)
Year Ended July 31, 2020(e)	$	39.32		(0.26	)		25.83			25.57			—			(2.61	)		(2.61	)
Year Ended July 31, 2019(e)	$	37.54		0.01			3.55			3.56			—			(1.78	)		(1.78	)
Year Ended July 31, 2018(c)(e)	$	26.05		(0.09	)		11.58			11.49			—			—			—
Year Ended July 31, 2017(c)(e)	$	17.20		(0.10	)		8.95			8.85			—			—			—
Service Class
Year Ended July 31, 2021(e)	$	49.32		(1.43	)		35.77			34.34			—			(7.48	)		(7.48	)
Year Ended July 31, 2020(e)	$	31.89		(0.61	)		20.65			20.04			—			(2.61	)		(2.61	)
Year Ended July 31, 2019(e)	$	31.05		(0.28	)		2.90			2.62			—			(1.78	)		(1.78	)
Year Ended July 31, 2018(c)(e)	$	21.76		(0.36	)		9.65			9.29			—			—			—
Year Ended July 31, 2017(c)(e)	$	14.52		(0.27	)		7.51			7.24			—			—			—

					Ratios to Average Net Assets									Supplemental Data
Net Asset Value, End of Period		Total Return			Gross Expenses			Net Expenses			Net Investment Income (Loss)			Net Assets, End of Period (000's)		Portfolio Turnover Rate(b)
$	66.78		103.44	%		1.53	%		1.53	%		(0.62	)%	$	61,650		40	%
$	32.83		(24.24	)%		1.66	%		1.66	%		(0.12	)%	$	30,383		63	%
$	44.23		(5.62	)%		1.53	%		1.53	%		0.16	%	$	80,404		52	%
$	46.93		23.80	%		1.43	%		1.43	%		(0.01	)%	$	91,844		28	%
$	40.56		26.18	%		1.46	%		1.46	%		(0.30	)%	$	98,608		35	%
$	53.58		101.47	%		2.53	%		2.53	%		(1.62	)%	$	1,231		40	%
$	26.59		(24.99	)%		2.66	%		2.66	%		(1.12	)%	$	636		63	%
$	36.24		(6.61	)%		2.53	%		2.53	%		(0.84	)%	$	847		52	%
$	38.86		22.58	%		2.43	%		2.43	%		(1.01	)%	$	2,154		28	%
$	34.37		24.99	%		2.46	%		2.46	%		(1.30	)%	$	3,079		35	%
$	99.86		76.50	%		1.51	%		1.51	%		(1.05	)%	$	1,096,713		29	%
$	62.28		67.62	%		1.59	%		1.59	%		(0.58	)%	$	627,805		20	%
$	39.32		9.42	%		1.50	%		1.50	%		0.01	%	$	504,777		9	%
$	37.54		44.15	%		1.41	%		1.41	%		(0.29	)%	$	497,460		3	%
$	26.05		51.39	%		1.43	%		1.43	%		(0.48	)%	$	379,105		4	%
$	76.18		74.78	%		2.51	%		2.51	%		(2.05	)%	$	23,558		29	%
$	49.32		65.95	%		2.59	%		2.59	%		(1.58	)%	$	15,438		20	%
$	31.89		8.33	%		2.50	%		2.50	%		(0.99	)%	$	12,014		9	%
$	31.05		42.70	%		2.41	%		2.41	%		(1.29	)%	$	14,914		3	%
$	21.76		49.89	%		2.43	%		2.43	%		(1.48	)%	$	11,189		4	%

(a)	Per share net investment income (loss) has been calculated using the average daily shares method.
(b)	Portfolio turnover rate is calculated without regard to instruments having a maturity of less than one year from acquisition or derivative instruments (including swap agreements and futures contracts). The portfolio turnover rate can be high and volatile due to the amount and timing of sales and purchases of fund shares during the period. Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued.
(c)	As described in Note 9, share amounts have been adjusted for 3:1 share split on January 22, 2018.
(d)	Subsequent to the issuance of the July 31, 2018 and 2019 financial statements, it was discovered that the distributions per share of $9.24 from Net Realized Gains on Investments from the year ended July 31, 2018 had not been adjusted for the 3:1 share split on January 22, 2018. The per-share amounts for both "Net Realized and Unrealized Gains (Losses) on Investments" as well as "Distributions to Shareholders from Net Realized Gains on Investments" have been revised to reflect the correct amounts.
(e)	As described in Note 9, share amounts have been adjusted for 2:1 share split that occurred on December 14, 2020.

See accompanying notes to the financial statements.

312 :: Financial Highlights

ProFunds Financial Highlights FOR THE PERIODS INDICATED

Selected data for a share of beneficial interest outstanding throughout the periods indicated.

			Investment Activities									Distributions to Shareholders From
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)(a)			Net Realized and Unrealized Gains (Losses) on Investments			Total from Investment Activities			Net Investment Income			Total Distributions
UltraShort China ProFund
Investor Class
Year Ended July 31, 2021	$	20.11		(0.22	)		(2.09	)(c)		(2.31	)		—			—
Year Ended July 31, 2020	$	47.15		(0.14	)		(26.71	)		(26.85	)		(0.19	)		(0.19	)
Year Ended July 31, 2019	$	40.80		0.24			6.11			6.35			—			—
Year Ended July 31, 2018(d)	$	54.15		(0.14	)		(13.21	)		(13.35	)		—			—
Year Ended July 31, 2017(d)	$	112.44		(1.12	)		(57.17	)		(58.29	)		—			—
Service Class
Year Ended July 31, 2021	$	17.88		(0.34	)		(1.91	)(c)		(2.25	)		—			—
Year Ended July 31, 2020	$	42.12		(0.48	)		(23.76	)		(24.24	)		—			—
Year Ended July 31, 2019	$	36.81		(0.19	)		5.50			5.31			—			—
Year Ended July 31, 2018(d)	$	49.35		(0.52	)		(12.02	)		(12.54	)		—			—
Year Ended July 31, 2017(d)	$	103.50		(1.76	)		(52.39	)		(54.15	)		—			—
UltraShort Dow 30 ProFund
Investor Class
Year Ended July 31, 2021(e)	$	40.04		(0.49	)		(19.11	)		(19.60	)		—			—
Year Ended July 31, 2020(e)	$	60.15		(0.56	)		(19.35	)		(19.91	)		(0.20	)		(0.20	)
Year Ended July 31, 2019(e)	$	71.69		0.32			(11.86	)		(11.54	)		—			—
Year Ended July 31, 2018(e)	$	104.12		(0.36	)		(32.07	)		(32.43	)		—			—
Year Ended July 31, 2017(e)(f)	$	156.79		(1.64	)		(51.03	)		(52.67	)		—			—
Service Class
Year Ended July 31, 2021(e)	$	35.34		(0.74	)		(16.74	)		(17.48	)		—			—
Year Ended July 31, 2020(e)	$	53.45		(1.00	)		(17.11	)		(18.11	)		—			—
Year Ended July 31, 2019(e)	$	64.34		(0.28	)		(10.61	)		(10.89	)		—			—
Year Ended July 31, 2018(e)	$	94.36		(1.12	)		(28.90	)		(30.02	)		—			—
Year Ended July 31, 2017(e)(f)	$	143.54		(2.84	)		(46.34	)		(49.18	)		—			—

						Ratios to Average Net Assets									Supplemental Data
Net Asset Value, End of Period			Total Return			Gross Expenses			Net Expenses			Net Investment Income (Loss)			Net Assets, End of Period (000's)		Portfolio Turnover Rate(b)
$	17.80			(11.49	)%		4.54	%		1.78	%		(1.77	)%	$	2,341		—
$	20.11			(57.12	)%		2.83	%		1.78	%		(0.37	)%	$	625		—
$	47.15			15.56	%		2.45	%		1.78	%		0.50	%	$	3,534		—
$	40.80			(24.67	)%		2.34	%		1.78	%		(0.34	)%	$	2,038		—
$	54.15			(51.85	)%		2.91	%		1.78	%		(1.31	)%	$	1,389		—
$	15.63			(12.52	)%		5.54	%		2.78	%		(2.77	)%	$	6		—
$	17.88			(57.53	)%		3.83	%		2.78	%		(1.37	)%	$	10		—
$	42.12			14.43	%		3.45	%		2.78	%		(0.50	)%	$	44		—
$	36.81			(25.43	)%		3.34	%		2.78	%		(1.34	)%	$	70		—
$	49.35			(52.32	)%		3.91	%		2.78	%		(2.31	)%	$	53		—
$	20.44			(48.95	)%		2.47	%		1.78	%		(1.77	)%	$	2,916		—
$	40.04			(33.21	)%		2.17	%		1.78	%		(1.01	)%	$	5,293		—
$	60.15			(16.07	)%		2.25	%		1.78	%		0.47	%	$	4,491		—
$	71.69			(31.16	)%		2.18	%		1.78	%		(0.44	)%	$	3,874		—
$	104.12			(33.60	)%		2.15	%		1.78	%		(1.29	)%	$	4,865		—
$	17.86			(49.43	)%		3.47	%		2.78	%		(2.77	)%	$	111		—
$	35.34			(33.91	)%		3.17	%		2.78	%		(2.01	)%	$	316		—
$	53.45			(16.92	)%		3.25	%		2.78	%		(0.53	)%	$	179		—
$	64.34			(31.84	)%		3.18	%		2.78	%		(1.44	)%	$	268		—
$	94.36	��		(34.33	)%		3.15	%		2.78	%		(2.29	)%	$	453		—

(a)	Per share net investment income (loss) has been calculated using the average daily shares method.
(b)	Portfolio turnover rate is calculated without regard to instruments having a maturity of less than one year from acquisition or derivative instruments (including swap agreements and futures contracts).
(c)	The amount shown for a share outstanding throughout the period does not accord with the change in aggregate gains and losses in the portfolio of securities during the period because of the timing of sales and purchases of fund shares in relation to fluctuating market values during the period.
(d)	As described in Note 9, share amounts have been adjusted for 1:8 reverse share split that occurred on January 22, 2018.
(e)	As described in Note 9, share amounts have been adjusted for 1:4 reverse share split that occurred on December 14, 2020.
(f)	As described in Note 9, share amounts have been adjusted for 1:8 reverse share split that occurred on December 5, 2016.

See accompanying notes to the financial statements.

Financial Highlights :: 313

ProFunds Financial Highlights FOR THE PERIODS INDICATED

Selected data for a share of beneficial interest outstanding throughout the periods indicated.

			Investment Activities						Distributions to Shareholders From
		Net Asset Value, Beginning of Period	Net Investment Income (Loss)(a)		Net Realized and Unrealized Gains (Losses) on Investments		Total from Investment Activities			Net Investment Income		Total Distributions
UltraShort Emerging Markets ProFund
Investor Class
Year Ended July 31, 2021(c)	$	39.50	(0.45	)	(15.86	)	(16.31	)		—		—
Year Ended July 31, 2020(c)	$	75.75	(0.40	)	(35.57	)	(35.97	)		(0.28	)	(0.28	)
Year Ended July 31, 2019(c)	$	73.65	0.36		1.74		2.10			—		—
Year Ended July 31, 2018(c)	$	86.96	(0.28	)	(13.03	)	(13.31	)		—		—
Year Ended July 31, 2017(c)(d)	$	156.08	(1.60	)	(67.52	)	(69.12	)		—		—
Service Class
Year Ended July 31, 2021(c)	$	35.98	(0.69	)	(14.36	)	(15.05	)		—		—
Year Ended July 31, 2020(c)	$	69.37	(1.00	)	(32.39	)	(33.39	)		—		—
Year Ended July 31, 2019(c)	$	68.11	(0.40	)	1.66		1.26			—		—
Year Ended July 31, 2018(c)	$	81.20	(1.00	)	(12.09	)	(13.09	)		—		—
Year Ended July 31, 2017(c)(d)	$	147.17	(2.80	)	(63.17	)	(65.97	)		—		—
UltraShort International ProFund
Investor Class
Year Ended July 31, 2021(c)	$	42.06	(0.51	)	(19.17	)	(19.68	)		—		—
Year Ended July 31, 2020(c)	$	54.21	(0.48	)	(11.27	)	(11.75	)		(0.40	)	(0.40	)
Year Ended July 31, 2019(c)	$	51.63	0.28		2.30		2.58			—		—
Year Ended July 31, 2018(c)	$	59.47	(0.28	)	(7.56	)	(7.84	)		—		—
Year Ended July 31, 2017(c)	$	86.70	(1.08	)	(26.15	)	(27.23	)		—		—
Service Class
Year Ended July 31, 2021(c)	$	38.07	(0.78	)	(17.25	)	(18.03	)		—		—
Year Ended July 31, 2020(c)	$	49.12	(0.96	)	(10.09	)	(11.05	)		—		—
Year Ended July 31, 2019(c)	$	47.26	(0.24	)	2.10		1.86			—		—
Year Ended July 31, 2018(c)	$	54.95	(0.76	)	(6.93	)	(7.69	)		—		—
Year Ended July 31, 2017(c)	$	80.91	(1.84	)	(24.12	)	(25.96	)		—		—

				Ratios to Average Net Assets							Supplemental Data
Net Asset Value, End of Period		Total Return		Gross Expenses		Net Expenses		Net Investment Income (Loss)			Net Assets, End of Period (000's)	Portfolio Turnover Rate(b)
$	23.19	(41.26	)%	5.39	%	1.78	%	(1.77	)%	$	562	—
$	39.50	(47.64	)%	2.90	%	1.78	%	(0.60	)%	$	974	—
$	75.75	2.88	%	2.70	%	1.78	%	0.43	%	$	2,865	—
$	73.65	(15.32	)%	2.35	%	1.78	%	(0.40	)%	$	2,958	—
$	86.96	(44.33	)%	2.21	%	1.78	%	(1.32	)%	$	2,071	—
$	20.93	(41.89	)%	6.39	%	2.78	%	(2.77	)%	$	31	—
$	35.98	(48.10	)%	3.90	%	2.78	%	(1.60	)%	$	62	—
$	69.37	1.82	%	3.70	%	2.78	%	(0.57	)%	$	98	—
$	68.11	(16.11	)%	3.35	%	2.78	%	(1.40	)%	$	108	—
$	81.20	(44.84	)%	3.21	%	2.78	%	(2.32	)%	$	263	—
$	22.38	(46.82	)%	3.13	%	1.78	%	(1.77	)%	$	1,631	—
$	42.06	(21.67	)%	2.83	%	1.78	%	(0.95	)%	$	2,445	—
$	54.21	4.96	%	2.43	%	1.78	%	0.50	%	$	2,156	—
$	51.63	(13.18	)%	2.53	%	1.84	%	(0.51	)%	$	2,120	—
$	59.47	(31.41	)%	2.26	%	1.85	%	(1.41	)%	$	2,920	—
$	20.04	(47.32	)%	4.14	%	2.79	%	(2.78	)%	$	5	—
$	38.07	(22.48	)%	3.83	%	2.78	%	(1.95	)%	$	10	—
$	49.12	3.89	%	3.42	%	2.77	%	(0.49	)%	$	14	—
$	47.26	(13.97	)%	3.52	%	2.83	%	(1.50	)%	$	29	—
$	54.95	(32.08	)%	3.26	%	2.85	%	(2.41	)%	$	92	—

(a)	Per share net investment income (loss) has been calculated using the average daily shares method.
(b)	Portfolio turnover rate is calculated without regard to instruments having a maturity of less than one year from acquisition or derivative instruments (including swap agreements and futures contracts).
(c)	As described in Note 9, share amounts have been adjusted for 1:4 reverse share split that occurred on December 14, 2020.
(d)	As described in Note 9, share amounts have been adjusted for 1:5 reverse share split that occurred on December 5, 2016.

See accompanying notes to the financial statements.

314 :: Financial Highlights

ProFunds Financial Highlights FOR THE PERIODS INDICATED

Selected data for a share of beneficial interest outstanding throughout the periods indicated.

			Investment Activities									Distributions to Shareholders From
						Net
						Realized
						and
	Net Asset		Net			Unrealized
	Value,		Investment			Gains			Total from			Net
	Beginning		Income			(Losses) on			Investment			Investment			Total
	of Period		(Loss)(a)			Investments			Activities			Income			Distributions
UltraShort Japan ProFund
Investor Class
Year Ended July 31, 2021	$	22.23		(0.26	)		(9.44	)		(9.70	)		—			—
Year Ended July 31, 2020	$	32.34		(0.18	)		(9.93	)		(10.11	)		—			—
Year Ended July 31, 2019	$	32.76		0.06			(0.48	)		(0.42	)		—			—
Year Ended July 31, 2018(c)	$	47.18		(0.23	)		(14.19	)		(14.42	)		—			—
Year Ended July 31, 2017(c)	$	75.55		(0.75	)		(27.62	)		(28.37	)		—			—
Service Class
Year Ended July 31, 2021	$	19.96		(0.37	)		(8.43	)		(8.80	)		—			—
Year Ended July 31, 2020	$	29.45		(0.44	)		(9.05	)		(9.49	)		—			—
Year Ended July 31, 2019	$	30.00		(0.23	)		(0.32	)		(0.55	)		—			—
Year Ended July 31, 2018(c)	$	43.73		(0.61	)		(13.12	)		(13.73	)		—			—
Year Ended July 31, 2017(c)	$	70.74		(1.25	)		(25.76	)		(27.01	)		—			—
UltraShort Latin America ProFund
Investor Class
Year Ended July 31, 2021	$	27.67		(0.32	)		(17.08	)		(17.40	)		—			—
Year Ended July 31, 2020	$	27.71		(0.30	)		0.35			0.05			(0.09	)		(0.09	)
Year Ended July 31, 2019	$	35.01		0.16			(7.46	)		(7.30	)		—			—
Year Ended July 31, 2018(c)	$	40.03		(0.21	)		(4.81	)		(5.02	)		—			—
Year Ended July 31, 2017(c)	$	74.09		(0.70	)		(33.36	)		(34.06	)		—			—
Service Class
Year Ended July 31, 2021	$	24.48		(0.47	)		(15.01	)		(15.48	)		—			—
Year Ended July 31, 2020	$	24.69		(0.69	)		0.48			(0.21	)		—			—
Year Ended July 31, 2019	$	31.51		(0.12	)		(6.70	)		(6.82	)		—			—
Year Ended July 31, 2018(c)	$	36.45		(0.55	)		(4.39	)		(4.94	)		—			—
Year Ended July 31, 2017(c)	$	68.13		(1.15	)		(30.53	)		(31.68	)		—			—

				Ratios to							Supplemental
				Average Net Assets							Data
	Net											Net
	Asset								Net			Assets,
	Value,								Investment			End of	Portfolio
	End of	Total			Gross		Net		Income			Period	Turnover
	Period	Return			Expenses		Expenses		(Loss)			(000’s)	Rate(b)
$	12.53	(43.63	)%		8.91	%	1.78	%	(1.77	)%	$	233	—
$	22.23	(31.26	)%		4.87	%	1.78	%	(0.64	)%	$	842	—
$	32.34	(1.28	)%		5.49	%	1.78	%	0.18	%	$	1,010	—
$	32.76	(30.59	)%		3.66	%	1.78	%	(0.60	)%	$	709	—
$	47.18	(37.52	)%		3.16	%	1.78	%	(1.37	)%	$	1,249	—
$	11.16	(44.23	)%		9.91	%	2.78	%	(2.77	)%	$	29	—
$	19.96	(31.87	)%		5.87	%	2.78	%	(1.64	)%	$	2	—
$	29.45	(2.26	)%		6.49	%	2.78	%	(0.82	)%	$	4	—
$	30.00	(31.31	)%		4.66	%	2.78	%	(1.60	)%	$	5	—
$	43.73	(38.16	)%		4.16	%	2.78	%	(2.37	)%	$	47	—
$	10.27	(62.88	)%		3.28	%	1.78	%	(1.77	)%	$	804	—
$	27.67	0.22	%		2.31	%	1.78	%	(0.87	)%	$	3,138	—
$	27.71	(20.85	)%		2.42	%	1.78	%	0.53	%	$	4,681	—
$	35.01	(12.58	)%		2.05	%	1.78	%	(0.60	)%	$	3,711	—
$	40.03	(45.95	)%		2.29	%	1.78	%	(1.28	)%	$	4,476	—
$	9.00	(63.24	)%		4.28	%	2.78	%	(2.77	)%	$	9	—
$	24.48	(0.85	)%		3.31	%	2.78	%	(1.87	)%	$	35	—
$	24.69	(21.67	)%		3.42	%	2.78	%	(0.47	)%	$	61	—
$	31.51	(13.53	)%		3.05	%	2.78	%	(1.60	)%	$	74	—
$	36.45	(46.52	)%		3.29	%	2.78	%	(2.28	)%	$	6,981	—

(a)	Per share net investment income (loss) has been calculated using the average daily shares method.
(b)	Portfolio turnover rate is calculated without regard to instruments having a maturity of less than one year from acquisition or derivative instruments (including swap agreements and futures contracts).
(c)	As described in Note 9, share amounts have been adjusted for 1:5 reverse share split that occurred on January 22, 2018.

See accompanying notes to the financial statements.

Financial Highlights :: 315

ProFunds Financial Highlights FOR THE PERIODS INDICATED

Selected data for a share of beneficial interest outstanding throughout the periods indicated.

			Investment Activities									Distributions to Shareholders From
						Net
						Realized
						and
	Net Asset		Net			Unrealized
	Value,		Investment			Gains			Total from			Net
	Beginning		Income			(Losses) on			Investment			Investment			Total
	of Period		(Loss)(a)			Investments			Activities			Income			Distributions
UltraShort Mid-Cap ProFund
Investor Class
Year Ended July 31, 2021	$	13.16		(0.14	)		(7.66	)		(7.80	)		—			—
Year Ended July 31, 2020	$	19.82		(0.20	)		(6.38	)		(6.58	)		(0.08	)		(0.08	)
Year Ended July 31, 2019	$	20.73		0.11			(1.02	)		(0.91	)		—			—
Year Ended July 31, 2018	$	27.77		(0.11	)		(6.93	)		(7.04	)		—			—
Year Ended July 31, 2017(c)	$	37.96		(0.41	)		(9.78	)		(10.19	)		—			—
Service Class
Year Ended July 31, 2021	$	11.71		(0.21	)		(6.77	)		(6.98	)		—			—
Year Ended July 31, 2020	$	17.72		(0.37	)		(5.64	)		(6.01	)		—			—
Year Ended July 31, 2019	$	18.73		(0.08	)		(0.93	)		(1.01	)		—			—
Year Ended July 31, 2018	$	25.30		(0.32	)		(6.25	)		(6.57	)		—			—
Year Ended July 31, 2017(c)	$	34.94		(0.70	)		(8.94	)		(9.64	)		—			—
UltraShort Nasdaq-100 ProFund
Investor Class
Year Ended July 31, 2021(d)	$	35.80		(0.41	)		(19.67	)(e)		(20.08	)		(0.02	)		(0.02	)
Year Ended July 31, 2020(d)	$	101.55		(0.56	)		(64.87	)		(65.43	)		(0.32	)		(0.32	)
Year Ended July 31, 2019(d)	$	130.89		0.64			(29.98	)		(29.34	)		—			—
Year Ended July 31, 2018(d)	$	213.53		(0.72	)		(81.92	)		(82.64	)		—			—
Year Ended July 31, 2017(d)(f)	$	349.42		(3.36	)		(132.53	)		(135.89	)		—			—
Service Class
Year Ended July 31, 2021(d)	$	34.20		(0.64	)		(18.71	)(e)		(19.35	)		—			—
Year Ended July 31, 2020(d)	$	97.63		(1.28	)		(62.15	)		(63.43	)		—			—
Year Ended July 31, 2019(d)	$	126.93		(0.48	)		(28.82	)		(29.30	)		—			—
Year Ended July 31, 2018(d)	$	208.94		(2.24	)		(79.77	)		(82.01	)		—			—
Year Ended July 31, 2017(d)(f)	$	345.29		(6.08	)		(130.27	)		(136.35	)		—			—

				Ratios to							Supplemental
				Average Net Assets							Data
	Net											Net
	Asset								Net			Assets,
	Value,								Investment			End of	Portfolio
	End of	Total			Gross		Net		Income			Period	Turnover
	Period	Return			Expenses		Expenses		(Loss)			(000’s)	Rate(b)
$	5.36	(59.27	)%		3.22	%	1.78	%	(1.77	)%	$	1,443	—
$	13.16	(33.28	)%		2.94	%	1.78	%	(1.04	)%	$	2,728	—
$	19.82	(4.39	)%		3.04	%	1.78	%	0.50	%	$	1,475	—
$	20.73	(25.35	)%		3.12	%	1.78	%	(0.45	)%	$	1,067	—
$	27.77	(26.92	)%		2.95	%	1.77	%	(1.28	)%	$	1,670	—
$	4.73	(59.61	)%		4.22	%	2.78	%	(2.77	)%	$	20	—
$	11.71	(33.92	)%		3.94	%	2.78	%	(2.04	)%	$	21	—
$	17.72	(5.39	)%		4.04	%	2.78	%	(0.50	)%	$	16	—
$	18.73	(26.00	)%		4.12	%	2.78	%	(1.45	)%	$	11	—
$	25.30	(27.48	)%		3.95	%	2.77	%	(2.28	)%	$	14	—
$	15.70	(55.87	)%		1.78	%	1.78	%	(1.76	)%	$	9,281	—
$	35.80	(64.81	)%		1.82	%	1.82	%	(0.84	)%	$	9,454	—
$	101.55	(22.43	)%		1.77	%	1.77	%	0.51	%	$	14,948	—
$	130.89	(38.70	)%		1.76	%	1.76	%	(0.44	)%	$	12,427	—
$	213.53	(38.92	)%		1.77	%	1.77	%	(1.22	)%	$	18,170	—
$	14.85	(56.43	)%		2.78	%	2.78	%	(2.76	)%	$	184	—
$	34.20	(65.08	)%		2.82	%	2.82	%	(1.84	)%	$	174	—
$	97.63	(23.13	)%		2.77	%	2.77	%	(0.49	)%	$	516	—
$	126.93	(39.24	)%		2.76	%	2.76	%	(1.44	)%	$	91	—
$	208.94	(39.47	)%		2.77	%	2.77	%	(2.22	)%	$	126	—

(a)	Per share net investment income (loss) has been calculated using the average daily shares method.
(b)	Portfolio turnover rate is calculated without regard to instruments having a maturity of less than one year from acquisition or derivative instruments (including swap agreements and futures contracts).
(c)	As described in Note 9, share amounts have been adjusted for 1:10 reverse share split that occurred on December 5, 2016.
(d)	As described in Note 9, share amounts have been adjusted for 1:8 reverse share split that occurred on December 14, 2020.
(e)	The amount shown for a share outstanding throughout the period does not accord with the change in aggregate gains and losses in the portfolio of securities during the period because of the timing of sales and purchases of fund shares in relation to fluctuating market values during the period.
(f)	As described in Note 9, share amounts have been adjusted for 1:5 reverse share split that occurred on December 5, 2016.

See accompanying notes to the financial statements.

316 :: Financial Highlights

ProFunds Financial Highlights FOR THE PERIODS INDICATED

Selected data for a share of beneficial interest outstanding throughout the periods indicated.

			Investment Activities									Distributions to Shareholders From
						Net
						Realized
						and
	Net Asset		Net			Unrealized									Net
	Value,		Investment			Gains			Total from			Net			Realized
	Beginning		Income			(Losses) on			Investment			Investment			Gains on			Total
	of Period		(Loss)(a)			Investments			Activities			Income			Investments			Distributions
UltraShort Small-Cap ProFund
Investor Class
Year Ended July 31, 2021	$	20.12		(0.18	)		(12.67	)		(12.85	)		—			—			—
Year Ended July 31, 2020	$	30.78		(0.30	)		(10.28	)		(10.58	)		(0.08	)		—			(0.08	)
Year Ended July 31, 2019	$	29.84		0.16			0.78			0.94			—			—			—
Year Ended July 31, 2018(c)	$	43.84		(0.10	)		(13.90	)		(14.00	)		—			—			—
Year Ended July 31, 2017(c)	$	66.19		(0.68	)		(21.67	)		(22.35	)		—			—			—
Service Class
Year Ended July 31, 2021	$	18.74		(0.28	)		(11.75	)		(12.03	)		—			—			—
Year Ended July 31, 2020	$	28.86		(0.57	)		(9.55	)		(10.12	)		—			—			—
Year Ended July 31, 2019	$	28.27		(0.16	)		0.75			0.59			—			—			—
Year Ended July 31, 2018(c)	$	41.92		(0.45	)		(13.20	)		(13.65	)		—			—			—
Year Ended July 31, 2017(c)	$	63.93		(1.16	)		(20.85	)		(22.01	)		—			—			—
UltraSmall-Cap ProFund
Investor Class
Year Ended July 31, 2021	$	41.81		(0.81	)		48.55			47.74			—			—			—
Year Ended July 31, 2020	$	57.95		(0.25	)		(15.89	)		(16.14	)		—			—			—
Year Ended July 31, 2019	$	68.79		0.13			(10.91	)		(10.78	)		(0.05	)		(0.01	)		(0.06	)
Year Ended July 31, 2018	$	52.24		(0.16	)		17.14			16.98			—			(0.43	)		(0.43	)
Year Ended July 31, 2017	$	39.08		(0.31	)		13.47			13.16			—			—			—
Service Class
Year Ended July 31, 2021	$	34.20		(1.46	)		39.79			38.33			—			—			—
Year Ended July 31, 2020	$	47.88		(0.64	)		(13.04	)		(13.68	)		—			—			—
Year Ended July 31, 2019	$	57.34		(0.35	)		(9.10	)		(9.45	)		—			(0.01	)		(0.01	)
Year Ended July 31, 2018	$	44.08		(0.63	)		14.32			13.69			—			(0.43	)		(0.43	)
Year Ended July 31, 2017	$	33.30		(0.70	)		11.48			10.78			—			—			—

				Ratios to							Supplemental
				Average Net Assets							Data
	Net											Net
	Asset								Net			Assets,
	Value,								Investment			End of	Portfolio
	End of	Total			Gross		Net		Income			Period	Turnover
	Period	Return			Expenses		Expenses		(Loss)			(000’s)	Rate(b)
$	7.27	(63.87	)%		2.10	%	1.78	%	(1.77	)%	$	8,081	—
$	20.12	(34.44	)%		2.16	%	1.78	%	(1.04	)%	$	7,746	—
$	30.78	3.22	%		3.14	%	1.78	%	0.50	%	$	4,541	—
$	29.84	(31.98	)%		2.03	%	1.76	%	(0.29	)%	$	4,058	—
$	43.84	(33.78	)%		1.79	%	1.79	%	(1.29	)%	$	8,591	—
$	6.71	(64.19	)%		3.10	%	2.78	%	(2.77	)%	$	508	—
$	18.74	(35.07	)%		3.16	%	2.78	%	(2.04	)%	$	174	—
$	28.86	2.16	%		4.14	%	2.78	%	(0.50	)%	$	158	—
$	28.27	(32.61	)%		3.03	%	2.76	%	(1.29	)%	$	111	—
$	41.92	(34.46	)%		2.79	%	2.79	%	(2.29	)%	$	239	—
$	89.55	114.21	%		1.62	%	1.62	%	(1.04	)%	$	100,147	27	%
$	41.81	(27.85	)%		1.80	%	1.80	%	(0.52	)%	$	33,767	143	%
$	57.95	(15.64	)%		1.60	%	1.60	%	0.23	%	$	62,102	77	%
$	68.79	32.65	%		1.49	%	1.49	%	(0.26	)%	$	68,965	29	%
$	52.24	33.65	%		1.50	%	1.50	%	(0.68	)%	$	90,054	71	%
$	72.53	112.08	%		2.62	%	2.62	%	(2.04	)%	$	994	27	%
$	34.20	(28.57	)%		2.80	%	2.80	%	(1.52	)%	$	263	143	%
$	47.88	(16.47	)%		2.60	%	2.60	%	(0.77	)%	$	460	77	%
$	57.34	31.20	%		2.49	%	2.49	%	(1.26	)%	$	1,847	29	%
$	44.08	32.37	%		2.50	%	2.50	%	(1.68	)%	$	720	71	%

(a) Per share net investment income (loss) has been calculated using the average daily shares method.

(b) Portfolio turnover rate is calculated without regard to instruments having a maturity of less than one year from acquisition or derivative instruments (including swap agreements and futures contracts). The portfolio turnover rate can be high and volatile due to the amount and timing of sales and purchases of fund shares during the period. Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued.

(c) As described in Note 9, share amounts have been adjusted for 1:4 reverse share split that occurred on January 22, 2018.

See accompanying notes to the financial statements.

Financial Highlights :: 317

ProFunds Financial Highlights FOR THE PERIODS INDICATED

Selected data for a share of beneficial interest outstanding throughout the periods indicated.

			Investment Activities									Distributions to Shareholders From
						Net
						Realized
						and
	Net Asset		Net			Unrealized
	Value,		Investment			Gains			Total from			Net
	Beginning		Income			(Losses) on			Investment			Investment			Total
	of Period		(Loss)(a)			Investments			Activities			Income			Distributions
U.S. Government Plus ProFund
Investor Class
Year Ended July 31, 2021	$	85.98		(0.83	)		(15.91	)		(16.74	)		—			—
Year Ended July 31, 2020	$	60.08		0.06			26.01			26.07			(0.17	)		(0.17	)
Year Ended July 31, 2019	$	52.14		0.61			7.94			8.55			(0.61	)		(0.61	)
Year Ended July 31, 2018	$	53.83		0.20			(1.78	)		(1.58	)		(0.11	)		(0.11	)
Year Ended July 31, 2017	$	63.97		(0.33	)		(9.81	)		(10.14	)		—			—
Service Class
Year Ended July 31, 2021	$	78.67		(1.50	)		(14.46	)		(15.96	)		—			—
Year Ended July 31, 2020	$	55.37		(0.62	)		23.92			23.30			—	(c)		—	(c)
Year Ended July 31, 2019	$	48.09		0.12			7.24			7.36			(0.08	)		(0.08	)
Year Ended July 31, 2018	$	50.07		(0.29	)		(1.68	)		(1.97	)		(0.01	)		(0.01	)
Year Ended July 31, 2017	$	60.10		(0.87	)		(9.16	)		(10.03	)		—			—
Utilities UltraSector ProFund
Investor Class
Year Ended July 31, 2021	$	51.44		0.09			7.52			7.61			(0.32	)		(0.32	)
Year Ended July 31, 2020	$	54.09		0.55			(2.16	)		(1.61	)		(1.04	)		(1.04	)
Year Ended July 31, 2019	$	45.64		0.71			8.04			8.75			(0.30	)		(0.30	)
Year Ended July 31, 2018	$	45.01		0.48			0.48			0.96			(0.33	)		(0.33	)
Year Ended July 31, 2017	$	42.70		0.43			2.20			2.63			(0.32	)		(0.32	)
Service Class
Year Ended July 31, 2021	$	47.93		(0.39	)		6.99			6.60			—			—
Year Ended July 31, 2020	$	50.80		0.06			(2.01	)		(1.95	)		(0.92	)		(0.92	)
Year Ended July 31, 2019	$	42.98		0.26			7.56			7.82			—			—
Year Ended July 31, 2018	$	42.79		0.07			0.41			0.48			(0.29	)		(0.29	)
Year Ended July 31, 2017	$	40.67		0.05			2.07			2.12			—			—

					Ratios to							Supplemental
					Average Net Assets							Data
	Net												Net
	Asset									Net			Assets,
	Value,									Investment			End of	Portfolio
	End of		Total			Gross		Net		Income			Period	Turnover
	Period		Return			Expenses		Expenses		(Loss)			(000’s)	Rate(b)
$	69.24		(19.47	)%		1.51	%	1.51	%	(1.17	)%	$	24,182	99	%
$	85.98		43.48	%		1.40	%	1.40	%	0.09	%	$	21,927	392	%
$	60.08		16.53	%		1.34	%	1.34	%	1.14	%	$	23,791	503	%
$	52.14		(2.95	)%		1.35	%	1.35	%	0.38	%	$	14,497	714	%
$	53.83		(15.84	)%		1.28	%	1.28	%	(0.60	)%	$	21,114	397	%
$	62.71		(20.29	)%		2.51	%	2.51	%	(2.17	)%	$	1,839	99	%
$	78.67		42.11	%		2.40	%	2.40	%	(0.91	)%	$	2,385	392	%
$	55.37		15.31	%		2.34	%	2.34	%	0.14	%	$	2,605	503	%
$	48.09		(3.94	)%		2.35	%	2.35	%	(0.62	)%	$	4,374	714	%
$	50.07		(16.70	)%		2.28	%	2.28	%	(1.60	)%	$	794	397	%
$	58.73		14.85	%		2.06	%	2.02	%(d)	0.17	%	$	8,418	95	%
$	51.44		(3.25	)%		1.73	%	1.73	%	0.95	%	$	8,717	368	%
$	54.09		19.30	%		1.72	%	1.72	%	1.41	%	$	31,558	406	%
$	45.64	��	2.15	%		1.69	%	1.69	%	1.07	%	$	8,208	314	%
$	45.01		6.27	%		1.65	%	1.65	%	1.06	%	$	16,755	97	%
$	54.53		13.77	%		3.01	%	2.97	%(d)	(0.78	)%	$	368	95	%
$	47.93		(4.09	)%		2.65	%	2.65	%	0.03	%	$	348	368	%
$	50.80		18.19	%		2.67	%	2.67	%	0.46	%	$	1,265	406	%
$	42.98		1.14	%		2.67	%	2.67	%	0.09	%	$	635	314	%
$	42.79		5.19	%		2.65	%	2.65	%	0.06	%	$	671	97	%

(a) Per share net investment income (loss) has been calculated using the average daily shares method.

(b) Portfolio turnover rate is calculated without regard to instruments having a maturity of less than one year from acquisition or derivative instruments (including swap agreements and futures contracts). The portfolio turnover rate can be high and volatile due to the amount and timing of sales and purchases of fund shares during the period. Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued.

(c) Amount is less than $0.005.

(d) The expense ratio does not correlate to the applicable expense limits in place during the period given that the annual contractual expense limitation is applied for one year periods ended April 30th of each year, instead of coinciding with the December 31st year end. Details of the current expense limitation in effect can be found in Note 4 of the accompanying Notes to Financial Statements.

See accompanying notes to the financial statements.

This Page Intentionally Left Blank

Notes to Financial Statements

320 :: Notes to Financial Statements :: July 31, 2021

1. Organization

ProFunds (the "Trust") consists of 116 separate investment portfolios and is registered as an open-end management investment company under the Investment Company Act of 1940 (the "1940 Act") and thus follows accounting and reporting guidance for investment companies. The Trust is organized as a Delaware statutory trust and is authorized to issue an unlimited number of shares of beneficial interest of no par value which may be issued in more than one class or series.

On December 10, 2020, the Trust's Board of Trustees approved a plan of reorganization and termination pursuant to which each series of Access One Trust (as formerly known), an affiliated investment company, would each reorganize, tax-free, into a corresponding newly created series within ProFunds. Access Flex Bear High Yield Fund and Access Flex High Yield Fund, as formerly known, reorganized into Access Flex Bear High Yield ProFund and Access Flex High Yield ProFund, respectively. The transaction occurred on April 23, 2021. As part of the plan of reorganization and termination, Access Flex Bear High Yield ProFund and Access Flex High Yield ProFund each adopted a fiscal year end of July 31st, a change from the predecessor Funds' October 31st fiscal year end. Each new series retained a tax year end of October 31st.

These accompanying financial statements relate to the following portfolios of the Trust included in this report (collectively, the "ProFunds" and individually, a "ProFund"):

Classic ProFunds:

Bull ProFund

Europe 30 ProFund

Large-Cap Growth ProFund

Large-Cap Value ProFund

Mid-Cap Growth ProFund

Mid-Cap ProFund

Mid-Cap Value ProFund

Nasdaq-100 ProFund

Small-Cap Growth ProFund

Small-Cap ProFund

Small-Cap Value ProFund

Ultra ProFunds:

UltraBull ProFund

UltraChina ProFund

UltraDow 30 ProFund

UltraEmerging Markets ProFund

UltraInternational ProFund

UltraJapan ProFund

UltraLatin America ProFund

UltraMid-Cap ProFund

UltraNasdaq-100 ProFund

UltraSmall-Cap ProFund

Inverse ProFunds:

Bear ProFund

Short Nasdaq-100 ProFund

Short Small-Cap ProFund

UltraBear ProFund

UltraShort China ProFund

UltraShort Dow 30 ProFund

UltraShort Emerging Markets ProFund

UltraShort International ProFund

UltraShort Japan ProFund

UltraShort Latin America ProFund

UltraShort Mid-Cap ProFund

UltraShort Nasdaq-100 ProFund

UltraShort Small-Cap ProFund

UltraSector ProFunds:

Banks UltraSector ProFund

Basic Materials UltraSector ProFund

Biotechnology UltraSector ProFund

Communication Services UltraSector ProFund

Consumer Goods UltraSector ProFund

Consumer Services UltraSector ProFund

Financials UltraSector ProFund

Health Care UltraSector ProFund

Industrials UltraSector ProFund

Internet UltraSector ProFund

Oil & Gas UltraSector ProFund

Oil Equipment & Services UltraSector ProFund

Pharmaceuticals UltraSector ProFund

Precious Metals UltraSector ProFund

Real Estate UltraSector ProFund

Semiconductor UltraSector ProFund

Technology UltraSector ProFund

Telecommunications UltraSector ProFund

Utilities UltraSector ProFund

Inverse Sector ProFunds:

Short Oil & Gas ProFund

Short Precious Metals ProFund

Short Real Estate ProFund

Digital Assets ProFund:

Bitcoin Strategy ProFund

July 31, 2021 :: Notes to Financial Statements :: 321

Non-Equity ProFunds:

Access Flex Bear High Yield ProFund

Access Flex High Yield ProFund

Falling U.S. Dollar ProFund

Rising Rates Opportunity ProFund

Rising Rates Opportunity 10 ProFund

Rising U.S. Dollar ProFund

U.S. Government Plus ProFund

Each ProFund, other than Europe 30 ProFund, Large-Cap Growth ProFund, Large-Cap Value ProFund, Mid-Cap Growth ProFund, Mid-Cap Value ProFund, Small-Cap Growth ProFund, and Small-Cap Value ProFund is classified as non-diversified under the 1940 Act. Each ProFund, with the exception of Bitcoin Strategy ProFund, has two classes of shares outstanding: an Investor Class and a Service Class. The Bitcoin Strategy ProFund, has one class: an Investor Class.

The Large-Cap Growth ProFund may operate as "non-diversified", as defined under the 1940 Act, to the extent necessary to approximate the composition of its index.

Each class of shares has identical rights and privileges except with respect to fees paid under the Distribution and Shareholder Services Plan and voting rights on matters affecting a single class of shares.

Under the Trust's organizational documents, its Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, in the normal course of business, the Trust enters into contracts with its vendors and others that provide for general indemnifications. The Trust and ProFunds' maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the ProFunds.

2. Significant Accounting Policies

The following is a summary of significant accounting policies followed by each ProFund in the preparation of its financial statements. These policies are in conformity with U.S. generally accepted accounting principles ("GAAP"). The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. The actual results could differ from those estimates.

Basis of Consolidation

The accompanying Consolidated Schedule of Portfolio Investments, Consolidated Statement of Assets and Liabilities, Consolidated Statement of Operations, Consolidated Statement of Changes in Net Assets, Consolidated Statement of Cash Flows, and Consolidated Financial Highlights of Bitcoin Strategy ProFund include the accounts of the ProFunds Bitcoin Strategy Portfolio, a wholly-owned subsidiary of the ProFund (the "Subsidiary") organized under the laws of the Cayman Islands, which primarily invests in Bitcoin-related instruments. The Subsidiary enables the ProFund to hold these Bitcoin-related instruments and satisfy regulated investment company tax requirements. The ProFund will invest a significant portion of its total assets in its Subsidiary. As of July 31, 2021, the net assets of ProFunds Bitcoin Strategy Portfolio were 20.8% of the adjusted net assets of Bitcoin Strategy ProFund (as adjusted for reverse repurchase agreements). Intercompany accounts and transactions, if any, have been eliminated. The Subsidiary is subject to the same investment policies and restrictions that apply to Bitcoin Strategy ProFund, except that the Subsidiary may invest without limitation in Bitcoin-related instruments.

Investment in a Subsidiary

The Bitcoin Strategy ProFund intends to achieve commodity exposure through investment in the Subsidiary. The Bitcoin Strategy ProFund's investment in its Subsidiary is intended to provide the ProFund with exposure to commodity and financial markets in accordance with applicable rules and regulations. The Subsidiary may invest in derivatives, including futures, forwards, options and other investments intended to serve as margin or collateral or otherwise support the Subsidiary's derivatives positions. The Subsidiary is not registered under the 1940 Act, and will not have all of the protections offered to investors in RICs. The Board, however, has oversight responsibility for the investment activities of the ProFund, including its investment in its Subsidiary, and the ProFund's role as the sole shareholder of the Subsidiary. Changes in the laws of the United States and/or the Cayman Islands, under which the ProFund and the Subsidiary are organized, respectively, could result in the inability of the ProFund and/or its Subsidiary to operate as described in the ProFund's Statement of Additional Information and could negatively affect the ProFund and its shareholders. For example, the Cayman Islands does not currently impose any income, corporate or capital gains tax, estate duty, inheritance tax, gift tax or withholding tax on the Subsidiary. If Cayman Islands law changes such that the Subsidiary must pay Cayman Islands taxes, ProFund shareholders would likely suffer decreased investment returns. The financial statements of the Subsidiary have been consolidated with the ProFund's financial statements in this report.

Investment Valuation

The ProFunds record their investments at fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The valuation techniques used to determine fair value are further described in Note 3.

322 :: Notes to Financial Statements :: July 31, 2021

Repurchase Agreements

Each ProFund may enter into repurchase agreements with financial institutions in pursuit of its investment objective, as "cover" for the investment techniques it employs, or for liquidity purposes. Repurchase agreements are primarily used by the ProFunds as short-term investments for cash positions. Under a repurchase agreement, a ProFund purchases a debt security and simultaneously agrees to sell the security back to the seller at a mutually agreed-upon future price and date, normally one business day. The resale price is greater than the purchase price, reflecting an agreed-upon market interest rate during the purchaser's holding period. While the maturities of the underlying securities in repurchase transactions may be more than one year, the term of each repurchase agreement will always be less than one year.

The ProFunds follow certain procedures designed to minimize the risks inherent in such agreements. These procedures include effecting repurchase transactions generally with major, global financial institutions whose creditworthiness is continuously monitored by ProFund Advisors LLC (the "Advisor"). In addition, the value of the collateral underlying the repurchase agreement will always be at least equal to the repurchase price, including any accrued interest earned on the repurchase agreement. Funds within the Trust invest in repurchase agreements jointly. Each ProFund, therefore, holds a pro rata share of the collateral and interest income based upon the dollar amount of the repurchase agreements entered into by each ProFund. The collateral underlying the repurchase agreement is held by the ProFund's custodian. In the event of a default or bankruptcy by a selling financial institution, a ProFund will seek to liquidate such collateral which could involve certain costs or delays and, to the extent that proceeds from any sale upon a default of the obligation to repurchase were less than the repurchase price, the ProFund could suffer a loss. A ProFund also may experience difficulties and incur certain costs in exercising its rights to the collateral and may lose the interest the ProFund expected to receive under the repurchase agreement. Repurchase agreements usually are for short periods, such as one week or less, but may be longer. It is the current policy of the ProFunds not to invest in repurchase agreements that do not mature within seven days if any such investment, together with any other illiquid assets held by the ProFund, amounts to more than 15% of the ProFund's total net assets. The investments of each of the ProFunds in repurchase agreements at times may be substantial when, in the view of the Advisor, liquidity, investment, regulatory, or other considerations so warrant. During periods of high demand for repurchase agreements, the ProFunds may be unable to invest available cash in these instruments to the extent desired by the Advisor.

Information concerning the counterparties, value of, collateralization and amounts due under repurchase agreement transactions may be found in the table below.

As of July 31, 2021, the ProFunds had undivided interest in joint repurchase agreements with the following counterparties, for the time periods and rates indicated. Amounts shown in the table below represent principal amount, cost and value for each respective repurchase agreement.

Fund Name	Canadian Imperial Bank of Canada 0.00% dated 7/30/21, due 8/2/21(1)		Credit Agricole CIB, 0.00% dated 7/30/21, due 8/2/21(2)		HSBC Securities (USA), Inc., 0.00% dated 7/30/21, due 8/2/21(3)		RBC Capital Markets, LLC, 0.00% dated 7/30/21, due 8/2/21(4)		Societe' Generale, 0.00% dated 7/30/21, due 8/2/21(5)		UMB Bank N.A., 0.00% dated 7/30/21, due 8/2/21(6)
Access Flex Bear High Yield ProFund	$	5,000	$	28,000	$	11,000	$	11,000	$	56,000	$	8,000
Access Flex High Yield ProFund		756,000		3,784,000		1,513,000		1,513,000		7,568,000		762,000
Banks UltraSector ProFund		1,367,000		6,845,000		2,737,000		2,737,000		13,693,000		1,382,000
Basic Materials UltraSector ProFund		97,000		491,000		196,000		196,000		984,000		106,000
Bear ProFund		498,000		2,490,000		996,000		996,000		4,982,000		505,000
Biotechnology UltraSector ProFund		2,054,000		10,279,000		4,110,000		4,110,000		20,559,000		2,069,000
Bull ProFund		737,000		3,693,000		1,476,000		1,476,000		7,388,000		750,000
Communication Services UltraSector ProFund		173,000		872,000		348,000		348,000		1,745,000		183,000
Consumer Goods UltraSector ProFund		58,000		294,000		117,000		117,000		590,000		67,000
Consumer Services UltraSector ProFund		918,000		4,592,000		1,837,000		1,837,000		9,186,000		926,000
Falling U.S. Dollar ProFund		59,000		301,000		119,000		119,000		603,000		69,000
Financials UltraSector ProFund		112,000		567,000		225,000		225,000		1,136,000		125,000
Health Care UltraSector ProFund		456,000		2,291,000		914,000		914,000		4,584,000		474,000
Industrials UltraSector ProFund		297,000		1,488,000		595,000		595,000		2,978,000		305,000
Internet UltraSector ProFund		3,123,000		15,624,000		6,248,000		6,248,000		31,250,000		3,142,000
Mid-Cap ProFund		35,000		182,000		72,000		72,000		365,000		44,000
Nasdaq-100 ProFund		2,735,000		13,680,000		5,472,000		5,472,000		27,362,000		2,749,000
Oil & Gas UltraSector ProFund		342,000		1,715,000		685,000		685,000		3,432,000		353,000
Oil Equipment & Services UltraSector ProFund		134,000		676,000		269,000		269,000		1,353,000		144,000

July 31, 2021 :: Notes to Financial Statements :: 323

Fund Name	Canadian Imperial Bank of Canada 0.00% dated 7/30/21, due 8/2/21(1)		Credit Agricole CIB, 0.00% dated 7/30/21, due 8/2/21(2)		HSBC Securities (USA), Inc., 0.00% dated 7/30/21, due 8/2/21(3)		RBC Capital Markets, LLC, 0.00% dated 7/30/21, due 8/2/21(4)		Societe' Generale, 0.00% dated 7/30/21, due 8/2/21(5)		UMB Bank N.A., 0.00% dated 7/30/21, due 8/2/21(6)
Pharmaceuticals UltraSector ProFund	$	39,000	$	205,000	$	81,000	$	81,000	$	411,000	$	47,000
Precious Metals UltraSector ProFund		392,000		1,967,000		786,000		786,000		3,934,000		400,000
Real Estate UltraSector ProFund		376,000		1,887,000		754,000		754,000		3,776,000		385,000
Rising Rates Opportunity ProFund		456,000		2,285,000		913,000		913,000		4,571,000		465,000
Rising Rates Opportunity 10 ProFund		92,000		465,000		185,000		185,000		932,000		102,000
Rising U.S. Dollar ProFund		271,000		1,360,000		543,000		543,000		2,721,000		280,000
Semiconductor UltraSector ProFund		1,015,000		5,083,000		2,032,000		2,032,000		10,167,000		1,025,000
Short Nasdaq-100 ProFund		92,000		468,000		186,000		186,000		937,000		103,000
Short Oil & Gas ProFund		20,000		105,000		41,000		41,000		211,000		29,000
Short Precious Metals ProFund		154,000		775,000		310,000		310,000		1,551,000		160,000
Short Real Estate ProFund		19,000		103,000		40,000		40,000		207,000		29,000
Short Small-Cap ProFund		215,000		1,083,000		432,000		432,000		2,169,000		227,000
Small-Cap ProFund		167,000		841,000		335,000		335,000		1,683,000		176,000
Small-Cap Value ProFund		5,000		29,000		11,000		11,000		58,000		8,000
Technology UltraSector ProFund		1,305,000		6,531,000		2,612,000		2,612,000		13,064,000		1,316,000
Telecommunications UltraSector ProFund		11,000		63,000		24,000		24,000		127,000		23,000
UltraBear ProFund		336,000		1,688,000		674,000		674,000		3,378,000		346,000
UltraBull ProFund		1,350,000		6,756,000		2,702,000		2,702,000		13,514,000		1,361,000
UltraChina ProFund		58,000		296,000		117,000		117,000		593,000		66,000
UltraDow 30 ProFund		714,000		3,574,000		1,429,000		1,429,000		7,151,000		725,000
UltraEmerging Markets ProFund		67,000		339,000		135,000		135,000		680,000		77,000
UltraInternational ProFund		148,000		748,000		298,000		298,000		1,499,000		161,000
UltraJapan ProFund		624,000		3,124,000		1,249,000		1,249,000		6,249,000		630,000
UltraLatin America ProFund		109,000		550,000		218,000		218,000		1,100,000		118,000
UltraMid-Cap ProFund		445,000		2,234,000		891,000		891,000		4,470,000		463,000
UltraNasdaq-100 ProFund		8,107,000		40,548,000		16,217,000		16,217,000		81,098,000		8,137,000
UltraShort China ProFund		110,000		554,000		222,000		222,000		1,111,000		119,000
UltraShort Dow 30 ProFund		162,000		819,000		326,000		326,000		1,639,000		174,000
UltraShort Emerging Markets ProFund		56,000		288,000		114,000		114,000		579,000		67,000
UltraShort International ProFund		70,000		361,000		143,000		143,000		723,000		80,000
UltraShort Japan ProFund		10,000		52,000		21,000		21,000		105,000		12,000
UltraShort Latin America ProFund		49,000		251,000		99,000		99,000		503,000		58,000
UltraShort Mid-Cap ProFund		86,000		440,000		174,000		174,000		881,000		99,000
UltraShort Nasdaq-100 ProFund		517,000		2,596,000		1,037,000		1,037,000		5,194,000		531,000
UltraShort Small-Cap ProFund		443,000		2,223,000		888,000		888,000		4,448,000		454,000
UltraSmall-Cap ProFund		1,794,000		8,973,000		3,588,000		3,588,000		17,946,000		1,805,000
U.S. Government Plus ProFund		1,241,000		6,208,000		2,483,000		2,483,000		12,417,000		1,250,000
Utilities UltraSector ProFund		100,000		503,000		201,000		201,000		1,009,000		112,000
	$	35,181,000	$	176,267,000	$	70,451,000	$	70,451,000	$	352,620,000	$	35,783,000

Each repurchase agreement was fully collateralized by U.S. government and/or agency securities as of July 31, 2021 as follows:

⁽¹⁾ U.S. Treasury Notes, 2.875%, due 4/30/25, total value $35,893,766.

⁽²⁾ U.S. Treasury Inflation-Protected Securities (TIPS), 0.125%, due 1/15/22, U.S. Treasury Notes, 3.125%, due 11/15/28, which had an aggregate value of $179,890,943.

⁽³⁾ U.S. Treasury Separate Trading of Registered Interest and Principal of Securities (STRIPS), effective yield or interest rate in effect at July 31, 2021, 1.177%, due 8/15/21, total value of $71,868,470.

⁽⁴⁾ U.S. Treasury Inflation-Protected Securities (TIPS), 0.125%, due 1/15/22, total value $71,870,137.

⁽⁵⁾ U.S. Treasury Notes, 2.50% to 2.875%, due 3/31/23 to 9/30/23, which had an aggregate value of $359,681,473.

⁽⁶⁾ U.S. Treasury Notes, 2.25%, due 1/31/24, Federal Farm Credit Banks, 2.37% to 3.25%, due 12/21/23 to 2/27/24, Federal Home Loan Banks, 1.875% to 3.375%, due 12/8/23 to 3/8/24, which had an aggregate value of $36,622,673.

324 :: Notes to Financial Statements :: July 31, 2021

Reverse Repurchase Agreements

The Bitcoin Strategy ProFund may enter into reverse repurchase agreements as part of its investment strategy, which may be viewed as a form of borrowing. Reverse repurchase agreements involve sales by the ProFund of portfolio assets for cash concurrently with an agreement by the ProFund to repurchase those same assets at a later date at a fixed price. Generally, the effect of such a transaction is that the ProFund can recover all or most of the cash invested in the portfolio securities involved during the term of the reverse repurchase agreement, while the ProFund will be able to keep the interest income associated with those portfolio securities. Such transactions are advantageous only if the interest cost to the ProFund of the reverse repurchase transaction is less than the cost of obtaining the cash otherwise. Opportunities to achieve this advantage may not always be available, and the ProFund intends to use the reverse repurchase technique only when it will be to the ProFund's advantage to do so. The ProFund will segregate with its custodian bank cash or liquid instruments equal in value to the ProFund's obligations with respect to reverse repurchase agreements.

As of July 31, 2021, the ProFunds' outstanding balances on reverse repurchase agreements were as follows:

	Counterparty	Interest Rate			Principal Amount			Maturity		Value			Value & Accrued Interest
Bitcoin Strategy ProFund	UMB Bank N.A.		0.09	%	$	(344,920	)		8/2/21	$	(344,920	)	$	(344,922	)

For the year ended July 31, 2021, the average daily balance outstanding and average interest rate on the ProFunds' reverse repurchase agreements were as follows:

Bitcoin Strategy ProFund⁽¹⁾        

Average daily balance outstanding	$	344,920
Average interest rate		0.09	%

⁽¹⁾  Averages shown are for the period July 28, 2021 (commencement of operations) through July 31, 2021.

The following table presents the reverse repurchase agreements subject to netting agreements and the collateral delivered related to those reverse repurchase agreements.

	Counterparty	Reverse Repurchase Agreements(2)			Collateral Pledged to Counterparty(2)
Bitcoin Strategy ProFund	UMB Bank N.A.	$	(344,922	)	$	344,922

⁽²⁾  Represents gross value and accrued interest for the counterparty as reported in the preceding table.

Investments in Other Investment Companies

Each ProFund may invest in other investment companies, including exchange-traded funds ("ETFs") and unit investment trusts ("UITs"), to the extent that such an investment would be consistent with the requirements of the 1940 Act or any exemptive order issued by the SEC. If the ProFund invests in, and thus, is a shareholder of, another investment company, the ProFund's shareholders will indirectly bear the ProFund's proportionate share of the fees and expenses paid by such other investment company, including advisory fees, in addition to both the management fees payable directly by the Fund to the Fund's own investment adviser and the other expenses that the Fund bears directly in connection with the Fund's own operations. Because most ETFs are investment companies, absent exemptive relief or reliance on an applicable exemptive statute or rule, the ProFund's investments in such investment companies generally would be limited under applicable federal statutory provisions. Those provisions typically restrict the ProFund's investment in the shares of another investment company to up to 5% of its assets (which may represent no more than 3% of the securities of such other investment company) and limit aggregate investments in all investment companies to 10% of assets. The Fund may invest in certain ETFs in excess of the statutory limit in reliance on an exemptive order issued by the SEC to those entities or pursuant to statutory or exemptive relief and pursuant to procedures approved by the Board provided that the ProFund complies with the conditions of the exemptive relief, as they may be amended from time to time, and any other applicable investment limitations.

Depositary Receipts

Each ProFund may invest in American Depositary Receipts ("ADRs"), New York Shares ("NYSs") and Global Depositary Receipts ("GDRs"). ADRs represent the right to receive securities of foreign issuers deposited in a bank or corresponding bank. ADRs are an alternative to purchasing the underlying securities in their national markets and currencies. For many foreign securities, U.S. dollar-denominated ADRs, which are traded in the United States on exchanges or over-the-counter ("OTC"), are issued by domestic banks. NYSs (or "direct shares") are foreign stocks denominated in U.S. dollars that trade on American exchanges without being converted to ADRs. GDRs are receipts for shares in a foreign-based corporation traded in capital markets around the world.

The ProFunds may invest in both sponsored and unsponsored depositary receipts. Certain depositary receipts, typically those designated as "unsponsored", require the holders thereof to bear most of the costs of such facilities, while issuers of "sponsored" facilities normally pay more of the cost thereof. The depositary of an unsponsored facility frequently is under no obligation to distribute shareholder communications received from the issuer

July 31, 2021 :: Notes to Financial Statements :: 325

of the deposited securities or to pass through the voting rights to facility holders with respect to the deposited securities, whereas the depository of a sponsored facility typically distributes shareholder communications and passes through the voting rights.

Real Estate Investment Trusts

Each ProFund (other than the Non-Equity ProFunds) may invest in real estate investment trusts ("REITs") which report information on the source of their distributions annually. Equity REITs invest primarily in real property while mortgage REITs invest in constructions, development and long-term mortgage loans. Their value may be affected by changes in the value of the underlying property of the REITs, the creditworthiness of the issuer, property taxes, interest rates, and tax regulatory requirements, such as those relating to the environment. REITs are dependent upon management skill, are not diversified and are subject to heavy cash flow dependency, default by borrowers, self-liquidation, the possibility of failing to qualify for tax-free pass-through of income under the Internal Revenue Code of 1986, as amended, and the possibility of failing to maintain exempt status under the 1940 Act. Certain distributions received from REITs during the year are recorded as realized gains or return of capital when such information becomes known.

Derivative Instruments

In seeking to achieve each ProFund's investment objective, the Advisor uses a mathematical approach to investing. Using this approach, the Advisor determines the type, quantity and mix of investment positions. Certain ProFunds may obtain investment exposure through derivative instruments such as futures contracts, forward currency contracts and swap agreements, that a ProFund should hold to approximate the daily performance, inverse performance, or multiple thereof, as applicable, of its benchmark. All derivative instruments held during the year ended July 31, 2021, were utilized to gain exposure or inverse exposure to each ProFund's benchmark (e.g., index, etc.) to meet its investment objective.

The Access Flex Bear High Yield ProFund and Access Flex High Yield ProFund maintain exposure to the high yield market (i.e., U.S. corporate high yield debt market), regardless of market conditions. This means these ProFunds do not adopt defensive positions in cash or other instruments in anticipation of an adverse market climate. The Access Flex Bear High Yield ProFund invests primarily in derivatives, money market instruments, and U.S. Treasury obligations that the Advisor believes, in combination, should provide investment results that correspond to the high yield market. The Access Flex High Yield ProFund invests primarily in derivatives, money market instruments, and U.S. Treasury obligations that the Advisor believes, in combination, should provide investment results that correspond to the high yield market. During the period November 1, 2020 through July 31, 2021, the ProFunds held credit default swap agreements for credit exposure to the high yield market and futures contracts and/or treasury notes for interest rate exposure to meet the ProFund's investment objective.

Each ProFund, other than the Classic ProFunds and the Falling U.S. Dollar ProFund, does not seek to achieve its investment objective over a period of time greater than a single day.

All open derivative positions at year end are reflected on each respective ProFund's Schedule of Portfolio Investments. The volume associated with derivative positions varies on a daily basis as each ProFund transacts in derivative contracts in order to achieve the appropriate exposure, as expressed in notional amount (contract value for forward currency contracts), in comparison to net assets consistent with each ProFund's investment objective.

Certain ProFunds utilized a varying level of derivative instruments in conjunction with the investment securities to meet their investment objective during the year ended July 31, 2021. With the exception of the ProFunds listed below, the notional amount of open derivative positions relative to each ProFund's net assets at year end is generally representative of the notional amount of open positions to net assets throughout the year. The volume associated with derivative positions in the Industrials UltraSector ProFund, Mid-Cap ProFund, Small-Cap ProFund, UltraBull ProFund, UltraMid-Cap ProFund, UltraNasdaq-100 ProFund, and U.S. Government Plus ProFund was 77%, 36%, 56%, 133%, 131%, 138%, and 113%, respectively, based on average monthly notional amounts in comparison to net assets during the year ended July 31, 2021. The Bitcoin Strategy ProFund commenced operations on July 28, 2021, and was only operational for the last four days of the fiscal year.

In connection with its management of certain series of the Trust included in this report (Bitcoin Strategy ProFund, UltraBear ProFund, UltraJapan ProFund, UltraShort Dow 30 ProFund, UltraShort Japan ProFund, UltraShort Mid-Cap ProFund, UltraShort Nasdaq-100 ProFund and UltraShort Small-Cap ProFund (the "Commodity Pools")), the Advisor is registered as a commodity pool operator (a "CPO") and the Commodity Pools are commodity pools under the Commodity Exchange Act (the "CEA"). The Advisor also registered as a commodity trading advisor (a "CTA") under the CEA as a result of its role as subadvisor to funds outside the Trust. Accordingly, the Advisor is subject to registration and regulation as a CPO and CTA under the CEA, and must comply with various regulatory requirements under the CEA and the rules and regulations of the Commodity Futures Trading Commission ("CFTC") and the National Futures Association ("NFA"), including investor protection requirements, antifraud provisions, disclosure requirements and reporting and recordkeeping requirements. The Advisor is also subject to periodic inspections and audits by the CFTC and NFA. Compliance with these regulatory requirements could adversely affect the Commodity Pools' total return. In this regard, any further amendment to the CEA or its related regulations that subject the Advisor or the Commodity Pools to additional regulation may have adverse impacts on the Commodity Pools' operations and expenses.

The following is a description of the derivative instruments utilized by the ProFunds, including certain risks related to each instrument type.

Futures Contracts

Each ProFund may purchase or sell futures contracts as a substitute for a comparable market position in the underlying securities or to satisfy regulatory requirements. A cash-settled futures contract obligates the seller to deliver (and the purchaser to accept) an amount of cash equal to a specific dollar amount (the contract multiplier) multiplied by the difference between the final

326 :: Notes to Financial Statements :: July 31, 2021

settlement price of a specific futures contract and the price at which the agreement is made. No physical delivery of the underlying asset is made.

Each ProFund generally engages in closing or offsetting transactions before final settlement of a futures contract, wherein a second identical futures contract is sold to offset a long position (or bought to offset a short position). In such cases, the obligation is to deliver (or take delivery of) cash equal to a specific dollar amount (the contract multiplier) multiplied by the difference between the price of the offsetting transaction and the price at which the original contract was entered into. If the original position entered into is a long position (futures contract purchased), there will be a gain (loss) if the offsetting sell transaction is carried out at a higher (lower) price, inclusive of commissions. If the original position entered into is a short position (futures contract sold), there will be a gain (loss) if the offsetting buy transaction is carried out at a lower (higher) price, inclusive of commissions.

Whether a ProFund realizes a gain or loss from futures activities depends generally upon movements in the underlying currency, commodity, security or index. The extent of a ProFund's loss from an unhedged short position in futures contracts is potentially unlimited and investors may lose the amount that they invest plus any profits recognized on that investment. Each ProFund will engage in transactions in futures contracts that are traded on a U.S. exchange or board of trade or that have been approved for sale in the U.S. by the CFTC.

Upon entering into a futures contract, each ProFund will be required to deposit with the broker an amount of cash or cash equivalents in the range of approximately 5% to 10% of the contract amount for equity index futures and in the range of approximately 1% to 3% of the contract amount for treasury futures (this amount is subject to change by the exchange on which the contract is traded). This amount, known as "initial margin," is in the nature of a performance bond or good faith deposit on the contract and is returned to the ProFund upon termination of the futures contract, assuming all contractual obligations have been satisfied. Subsequent payments, known as "variation margin," to and from the broker will be made daily as the price of the asset underlying the futures contract fluctuates, making the long and short positions in the futures contract more or less valuable, a process known as "marking-to-market." At any time prior to expiration of a futures contract, a ProFund may elect to close its position by taking an opposite position, which will operate to terminate the ProFund's existing position in the contract.

The primary risks associated with the use of futures contracts are imperfect correlation between movements in the price of futures and the market value of the underlying assets, and the possibility of an illiquid market for a futures contract. Although each ProFund intends to sell futures contracts only if there is an active market for such contracts, no assurance can be given that a liquid market will exist for any particular contract at any particular time. Many futures exchanges and boards of trade limit the amount of fluctuation permitted in futures contract prices during a single trading day. Once the daily limit has been reached in a particular contract, no trades may be made that day at a price beyond that limit or trading may be suspended for specified periods during the day. Futures contract prices could move to the limit for several consecutive trading days with little or no trading, thereby preventing prompt liquidation of futures positions and potentially subjecting a ProFund to substantial losses. If trading is not possible, or if a ProFund determines not to close a futures position in anticipation of adverse price movements, the ProFund will be required to make daily cash payments of variation margin. The risk that the ProFund will be unable to close out a futures position will be minimized by entering into such transactions on a national exchange with an active and liquid secondary market. In addition, although the counterparty to a futures contract is often a clearing organization, backed by a group of financial institutions, there may be instances in which the counterparty could fail to perform its obligations, causing significant losses to a ProFund.

Forward Currency Contracts

The Falling U.S. Dollar and Rising U.S. Dollar ProFunds may invest in forward currency contracts for investment or risk management purposes. A forward currency contract is an obligation to buy or sell a specific currency at a future date, which may be any fixed number of days from the date of the contract agreed upon by the parties, at a price set at the time of the contract. These contracts are entered into on the interbank market conducted directly between currency traders (usually large commercial banks) and their customers.

It is possible that, under certain circumstances, these ProFunds may have to limit its currency transactions to qualify as a "regulated investment company" ("RIC") under the Internal Revenue Code. The Falling U.S. Dollar and Rising U.S. Dollar ProFunds do not intend to enter into a forward currency contract with a term of more than one year, or to engage in position hedging with respect to the currency of a particular country to more than the aggregate market value (at the time the hedging transaction is entered into) of their portfolio securities denominated in (or quoted in or currently convertible into or directly related through the use of forward currency contracts in conjunction with money market instruments to) that particular currency.

At or before the maturity of a forward currency contract, the Falling U.S. Dollar and Rising U.S. Dollar ProFunds may either sell a portfolio security and make delivery of the currency, or retain the security and terminate its contractual obligation to deliver the currency by buying an "offsetting" contract obligating it to buy, on the same maturity date, the same amount of the currency. If one of these ProFunds engages in an offsetting transaction, it may later enter into a new forward currency contract to sell the currency.

If the Falling U.S. Dollar and Rising U.S. Dollar ProFunds engage in offsetting transactions it will incur a gain or loss, to the extent that there has been movement in forward currency contract prices. If forward prices go down during the period between the date the Falling U.S. Dollar and Rising U.S. Dollar ProFunds enter into a forward currency contract for the sale of a currency and the date it enters into an offsetting contract for the purchase of the currency, the ProFund will realize a gain to the extent that the price of ProFund currency it has agreed to sell exceeds the price of the

July 31, 2021 :: Notes to Financial Statements :: 327

currency it has agreed to buy. If forward prices go up, the ProFund will suffer a loss to the extent the price of the currency it has agreed to buy exceeds the price of the currency it has agreed to sell.

The Falling U.S. Dollar and Rising U.S. Dollar ProFunds collateralize forward currency contracts with cash and certain securities as indicated on the Statement of Assets and Liabilities and the Schedule of Portfolio Investments, respectively. Such collateral is held for the benefit of the counterparty in a segregated tri-party account at the custodian, to protect the counterparty against non-payment by the respective ProFund. Similarly, the Falling U.S. Dollar and Rising U.S. Dollar ProFunds have has sought to mitigate credit risk by generally requiring that the counterparties to the ProFund post collateral for the benefit of the ProFund in a segregated account at the custodian, marked to market daily, in an amount equal to what the counterparty owes the ProFund, subject to certain minimum thresholds. In the event of a default by the counterparty, each ProFund will seek withdrawal of this collateral from the segregated account and may incur certain costs exercising its right with respect to the collateral. If a counterparty becomes bankrupt or fails to perform its obligations, the Falling U.S. Dollar and Rising U.S. Dollar ProFunds may experience significant delays in obtaining any recovery in a bankruptcy or other reorganization proceeding. The ProFunds may obtain only limited recovery or may obtain no recovery in such circumstances. The Falling U.S. Dollar and Rising U.S. Dollar ProFunds will enter into forward currency contracts only with financial institutions that meet the credit quality standards and monitoring policies established by the Advisor. As of July 31, 2021, there was no collateral posted by counterparties.

Credit Default Swap ("CDS") Agreements

As of July 31, 2021, the Access Flex Bear High Yield ProFund invested in centrally cleared credit default swaps as a substitute for shorting notes in order to gain inverse credit exposure to the high yield market. As of July 31, 2021, the Access Flex High Yield ProFund invested in centrally cleared credit default swaps as a substitute for investing directly in notes in order to gain credit exposure to the high yield market.

In a CDS, the agreement will reference one or more debt securities or reference entities. The protection "buyer" in a credit default contract is generally obligated to pay the protection "seller" a periodic stream of payments over the term of the contract until a credit event, such as a default, on a reference entity has occurred. If a credit event occurs, the seller generally must pay the buyer: a) the full notional value of the swap; or b) the difference between the notional value of the defaulted reference entity and the recovery price/rate for the defaulted reference entity. CDS are designed to reflect changes in credit quality, including events of default. A CDS may require premium (discount) payments as well as daily payments (receipts) related to the interest leg of the swap or to the default or change in price of a reference entity.

The counterparty risk for cleared swap agreements is generally lower than for uncleared over-the-counter swap agreements because, generally, a clearing organization becomes substituted for each counterparty to a cleared swap agreement and, in effect, guarantees each party's performance under the contract as each party to a trade looks only to the clearing organization for performance of financial obligations. However, there can be no assurance that the clearing organization, or its members, will satisfy its obligations to a ProFund.

If a ProFund is a seller of a CDS contract (also referred to as a seller of protection or as a buyer of risk), the ProFund would be required to pay the par (or other agreed upon) value of a referenced obligation to the counterparty in the event of a default or other credit event. In return, the ProFund would receive from the counterparty a daily stream of payments over the term of the contract provided that no event of default has occurred. If no default occurs, the ProFund would keep the stream of payments and would have no payment obligations. As the seller, the ProFund would be subject to investment exposure on the notional amount of the swap.

If a ProFund is a buyer of a CDS contract (also referred to as a buyer of protection or a seller of risk), the ProFund would have the right to deliver a reference obligation and receive the par (or other agreed-upon) value of such obligation from the counterparty in the event of a default or other credit event (such as a credit downgrade). In return, the ProFund would pay the counterparty a daily stream of payments over the term of the contract provided that no event of default has occurred. If no default occurs, the counterparty would keep the stream of payments and would have no further obligations to the ProFund.

The ProFunds enter into a CDS with multiple reference entities, in which case payments and settlements in respect of any defaulting reference entity would typically be dealt with separately from the other reference entities.

Upon entering into a centrally cleared CDS, a ProFund may be required to deposit with the broker an amount of cash or cash equivalents in the range of approximately 3% to 6% of the notional amount for CDS on high yield debt issuers (this amount is subject to change by the clearing organization that clears the trade). This amount, known as "initial margin," is in the nature of a performance bond or good faith deposit on the CDS and is returned to a ProFund upon termination of the CDS, assuming all contractual obligations have been satisfied. Subsequent payments, known as "variation margin," to and from the broker will be made daily as the price of the CDS fluctuates, making the long and short positions in the CDS contract more or less valuable, a process known as "marking-to-market." The premium (discount) payments are built into the daily price of the CDS and thus are amortized through the variation margin. The variation margin payment also includes the daily portion of the periodic payment stream.

Swap Agreements (other than CDS)

Each ProFund may enter into swap agreements to gain exposure to an underlying asset without actually purchasing such asset (or shorting such asset), or to hedge a position, including in circumstances in which direct investment is restricted for legal reasons or is otherwise impracticable. Swap agreements are two-party contracts entered into primarily by institutional investors for periods ranging from a day to more than one year. In a standard "swap" transaction, two parties agree to exchange the return (or differentials in rates of return) earned or realized on particular pre-determined investments or instruments. The gross return to be exchanged or "swapped" between the parties is calculated with

328 :: Notes to Financial Statements :: July 31, 2021

respect to a "notional amount," e.g., the return on or increase in value of a particular dollar amount invested in a "basket" of securities or an ETF representing a particular index or group of securities.

On a typical long swap, the counterparty will generally agree to pay the ProFund the amount, if any, by which the notional amount of the swap agreement would have increased in value had it been invested in the particular underlying assets (e.g., securities comprising the relevant benchmark index), plus the dividends or interest that would have been received on those assets. The ProFund will agree to pay to the counterparty a floating rate of interest on the notional amount of the swap agreement plus the amount, if any, by which the notional amount would have decreased in value had it been invested in such assets, plus, in certain circumstances, commissions or trading spreads on the notional amount. Therefore, the return to the ProFund on any swap agreement should be the gain or loss on the notional amount plus dividends or interest on the assets less the interest paid by the ProFund on the notional amount. As a trading technique, the Advisor may substitute physical securities with a swap agreement having investment characteristics substantially similar to the underlying securities. Some ProFunds may also enter into swap agreements that provide the opposite return of their benchmark or security ("short" the benchmark or security). Their operations are similar to that of the swaps disclosed above except that the counterparty pays interest to each ProFund on the notional amount outstanding and that dividends or interest on the underlying instruments reduce the value of the swap, plus, in certain instances, each ProFund will agree to pay to the counterparty commissions or trading spreads on the notional amount.

Most swap agreements entered into by a ProFund calculate and settle the obligations of the parties to the agreement on a "net basis" with a single payment. Consequently, a ProFund's current obligations (or rights) under a swap agreement will generally be equal only to the net amount to be paid or received under the agreement based on the relative values of the positions held by each party to the agreement (the "net amount"). When investing in index swap agreements, the ProFunds may hold or gain exposure to only a representative sample of securities in the index, or to a component of the index.

A ProFund's current obligations under a swap agreement, will be accrued daily (offset against any amounts owed to the ProFund) and any accrued but unpaid net amounts owed to a swap counterparty will be covered by segregating or earmarking cash and/or securities determined to be liquid, but typically no payments will be made until the settlement date. Each ProFund reserves the right to modify its asset segregation policies in the future, including modifications to comply with any changes in the positions articulated by the SEC or its staff regarding asset segregation. Swap agreements that cannot be terminated of in the ordinary course of business within seven days at approximately the amount a ProFund has valued the asset may be considered to be illiquid for purposes of a ProFund illiquid investment limitations.

A ProFund bears the risk of loss of the amount expected to be received under a swap agreement in the event of the default or bankruptcy of a swap agreement counterparty. If such a default occurs, a ProFund will have contractual remedies pursuant to the swap agreements, but such remedies may be subject to bankruptcy and insolvency laws that could affect the ProFund's rights as a creditor. A ProFund will only enter into swap agreements with counterparties that meet the ProFund's standard of creditworthiness (generally, such counterparties would have to be eligible counterparties under the terms of the ProFund's repurchase agreement guidelines). The counterparty to an uncleared swap agreement will typically be a major, global financial institution.

Payments may be made at the conclusion of a swap agreement. Swap agreements do not involve the delivery of securities or other underlying assets. Accordingly, the risk of loss with respect to swap agreements is limited to the net amount of payments that a ProFund is contractually obligated to make. If the other party to a swap agreement defaults, a ProFund's risk of loss consists of the net amount of payments that such ProFund is contractually entitled to receive, if any. The net amount of the excess, if any, of a ProFund's obligations over its entitlements with respect to each equity swap will be accrued on a daily basis and an amount of cash or liquid assets, having an aggregate NAV at least equal to such accrued excess will be earmarked or segregated by a ProFund's custodian.

In the normal course of business, a ProFund enters into International Swap Dealers Association, Inc. ("ISDA") agreements with certain counterparties for derivative transactions. These agreements contain, among other conditions, events of default and termination events, and various covenants and representations. Certain of the ProFund's ISDA agreements contain provisions that require the ProFund to maintain a pre-determined level of net assets, and/or provide limits regarding the decline of the ProFund's NAV over specific periods of time, which may or may not be exclusive of redemptions. If the ProFund were to trigger such provisions and have open derivative positions, at that time counterparties to the ISDA agreements could elect to terminate such ISDA agreements and request immediate payment in an amount equal to the net liability positions, if any, under the relevant ISDA agreement. Pursuant to the terms of its ISDA agreements, the ProFund will have already collateralized its liability under such agreements, in some cases only in excess of certain threshold amounts. Such collateral is held for the benefit of the counterparty in a segregated tri-party account at the custodian, to protect the counterparty against non-payment by the respective ProFund. The ProFunds seek to mitigate risks by generally requiring that the counterparties for each ProFund agree to post collateral for the benefit of the ProFund, marked to market daily, in an amount approximately equal to what the counterparty owes the ProFund, subject to certain minimum thresholds, although the ProFunds may not always be successful. To the extent any such collateral is insufficient or there are delays in accessing the collateral, the ProFunds will be exposed to the risks described above, including possible delays in recovering amounts as a result of bankruptcy proceedings. As of July 31, 2021, the collateral posted by counterparties consisted of U.S. Treasury securities and cash.

The use of swaps, including CDS, is a highly specialized activity which involves investment techniques and risks in addition to and in some cases different from those associated with ordinary portfolio securities transactions. The primary risks associated with the use of swap agreements are mispricing or improper valuation,

July 31, 2021 :: Notes to Financial Statements :: 329

imperfect correlation between movements in the notional amount and the price of the underlying investments, and the inability of the counterparties to perform. If a counterparty's creditworthiness for an over-the-counter swap declines, the value of the swap would likely decline. The Advisor, under the supervision of the Trust's Board of Trustees, is responsible for determining and monitoring the liquidity of a ProFund's transactions in swap agreements.

Offsetting Assets and Liabilities

The ProFunds are subject to master netting agreements for swap agreements (other than centrally cleared CDS) and forward currency contracts that allow for amounts owed between the ProFund and the counterparty to be netted upon early termination. The party that has the larger payable pays the excess of the larger amount over the smaller amount to the other party. The master netting agreements do not apply to amounts owed to/from different counterparties.

As described above, the ProFunds utilize derivative instruments to achieve their investment objective during the year. The amounts shown in the Statements of Assets and Liabilities generally do not take into consideration the effects of legally enforceable master netting agreements.

Summary of Derivative Instruments

The following table summarizes the fair values of derivative instruments on the ProFund's Statement of Assets and Liabilities, categorized by risk exposure, as of July 31, 2021.

	Assets						Liabilities
Fund	Variation Margin on Futures Contracts*		Unrealized Unrealized Appreciation on Swap Agreements*		Appreciation on Forward Currency Contracts		Variation Margin on Futures Contracts*		Unrealized Depreciation on Swap Agreements*		Unrealized Depreciation on Forward Currency Contracts
Commodity Risk Exposure:
Bitcoin Strategy ProFund	$	—	$	—	$	—	$	4,969	$	—	$	—
Credit Risk Exposure:
Access Flex Bear High Yield ProFund		—		—		—		—		3,278		—
Access Flex High Yield ProFund		—		99,137		—		—		—		—
Equity Risk Exposure:
Banks UltraSector ProFund		—		1,018,457		—		—		—		—
Basic Materials UltraSector ProFund		—		238,243		—		—		—		—
Bear ProFund		—		9,174		—		69,295		—		—
Biotechnology UltraSector ProFund		—		—		—		—		911,568		—
Bull ProFund		96,207		—		—		—		12,173		—
Communication Services UltraSector ProFund		—		—		—		—		140,748		—
Consumer Goods UltraSector ProFund		—		45,924		—		—		—		—
Consumer Services UltraSector ProFund		—		—		—		—		1,767,671		—
Financials UltraSector ProFund		—		47,678		—		—		—		—
Health Care UltraSector ProFund		—		99,844		—		—		—		—
Industrials UltraSector ProFund		—		—		—		—		65,499		—
Internet UltraSector ProFund		—		—		—		—		7,268,068		—
Mid-Cap ProFund		—		13,346		—		—		—		—
Nasdaq-100 ProFund		46,163		26,862		—		—		—		—
Oil & Gas UltraSector ProFund		—		348,740		—		—		—		—
Oil Equipment & Services UltraSector ProFund		—		181,720		—		—		—		—
Pharmaceuticals UltraSector ProFund		—		11,020		—		—		—		—
Precious Metals UltraSector ProFund		—		1,452,792		—		—		—		—
Real Estate UltraSector ProFund		—		93,686		—		—		—		—
Semiconductor UltraSector ProFund		—		1,413,448		—		—		—		—
Short Nasdaq-100 ProFund		—		103		—		23,085		133		—
Short Oil & Gas ProFund		—		—		—		—		30,340		—
Short Precious Metals ProFund		—		—		—		—		143,652		—
Short Real Estate ProFund		—		—		—		—		1,419		—
Short Small-Cap ProFund		5,848		5,085		—		—		4,084		—
Small-Cap ProFund		—		55,902		—		5,852		—		—
Technology UltraSector ProFund		—		—		—		—		585,736		—
Telecommunications UltraSector ProFund		—		5,988		—		—		—		—
UltraBear ProFund		—		21,494		—		43,310		—		—
UltraBull ProFund		115,056		—		—		—		192,672		—
UltraChina ProFund		—		1,358,072		—		—		—		—
UltraDow 30 ProFund		35,273		—		—		—		177,197		—
UltraEmerging Markets ProFund		—		415,909		—		—		—		—

330 :: Notes to Financial Statements :: July 31, 2021

	Assets						Liabilities
Fund	Variation Margin on Futures Contracts*		Unrealized Appreciation on Swap Agreements*		Unrealized Appreciation on Forward Currency Contracts		Variation Margin on Futures Contracts*		Unrealized Depreciation on Swap Agreements*		Unrealized Depreciation on Forward Currency Contracts
UltraInternational ProFund	$	—	$	34,953	$	—	$	—	$	—	$	—
UltraJapan ProFund		—		159		—		1,692,027		—		—
UltraLatin America ProFund		—		—		—		—		316,647		—
UltraMid-Cap ProFund		—		919,927		—		126,217		—		—
UltraNasdaq-100 ProFund		23,081		714,735		—		—		—		—
UltraShort China ProFund		—		—		—		—		398,664		—
UltraShort Dow 30 ProFund		—		21,639		—		1,782		—		—
UltraShort Emerging Markets ProFund		—		—		—		—		55,637		—
UltraShort International ProFund		—		—		—		—		18,023		—
UltraShort Japan ProFund		23,342		580		—		—		—		—
UltraShort Latin America ProFund		—		24,818		—		—		—		—
UltraShort Mid-Cap ProFund		4,438		—		—		—		57,132		—
UltraShort Nasdaq-100 ProFund		—		6,356		—		23,085		1,166		—
UltraShort Small-Cap ProFund		23,394		—		—		—		322,442		—
UltraSmall-Cap ProFund		15,565		2,375,791		—		—		—		—
Utilities UltraSector ProFund		—		13,447		—		—		—		—
Foreign Exchange Rate Risk Exposure:
Falling U.S. Dollar ProFund		—		—		7,327		—		—		269
Rising U.S. Dollar ProFund		—		—		2,649		—		—		37,366
Interest Rate Risk Exposure:
Access Flex Bear High Yield ProFund		—		—		—		1,949		—		—
Access Flex High Yield ProFund		624		—		—		—		—		—
Rising Rates Opportunity ProFund		—		—		—		—		153,512		—
Rising Rates Opportunity 10 ProFund		—		—		—		—		14,085		—
U.S. Government Plus ProFund		—		314,705		—		—		—		—

* Includes cumulative appreciation/depreciation of futures contracts and credit default swap agreements as reported in the Schedules of Portfolio Investments. Only current day's variation margin for both futures contracts and credit default swap agreements are reported within the Statements of Assets and Liabilities.

The following table presents the effect of derivative instruments on the ProFund's Statement of Operations, categorized by risk exposure, for the year ended July 31, 2021.

	Realized Gain (Loss) on Derivatives Recognized as a Result from Operations								Change in Net Unrealized Appreciation Appreciation/Depreciation on Derivatives Recognized as a Result from Operations
Fund	Net Realized Gains (Losses) on Futures Contracts			Net Realized Gains (Losses) on Swap Agreements			Net Realized Gains (Losses) on Forward Currency Contracts		Change in Net Unrealized Appreciation/ Depreciation on Futures Contracts			Change in Net Unrealized Appreciation/ Depreciation on Swap Agreements			Change in Net Unrealized Appreciation/ Depreciation on Forward Currency Contracts
Commodity Risk Exposure:
Bitcoin Strategy ProFund	$	(65	)	$	—		$	—	$	(4,969	)	$	—		$	—
Credit Risk Exposure:
Access Flex Bear High Yield ProFund		—			(48,850	)		—		—			(8,823	)		—
Access Flex High Yield ProFund		—			1,342,649			—		—			308,993			—
Equity Risk Exposure:
Banks UltraSector ProFund		—			(141,110	)		—		—			1,117,192			—
Basic Materials UltraSector ProFund		—			3,003,984			—		—			301,453			—
Bear ProFund		(382,698	)		(4,483,009	)		—		(46,800	)		172,080			—
Biotechnology UltraSector ProFund		—			17,984,426			—		—			3,589,410			—
Bull ProFund		1,676,269			3,554,018			—		(99,467	)		(182,057	)		—
Communication Services UltraSector ProFund		—			2,149,751			—		—			(222,595	)		—
Consumer Goods UltraSector ProFund		—			1,652,811			—		—			24,997			—
Consumer Services UltraSector ProFund		—			13,603,990			—		—			(2,457,713	)		—
Financials UltraSector ProFund		—			3,630,455			—		—			60,792			—

July 31, 2021 :: Notes to Financial Statements :: 331

	Realized Gain (Loss) on Derivatives Recognized as a Result from Operations									Change in Net Unrealized Appreciation Appreciation/Depreciation on Derivatives Recognized as a Result from Operations
Fund	Net Realized Gains (Losses) on Futures Contracts			Net Realized Gains (Losses) on Swap Agreements			Net Realized Gains (Losses) on Forward Currency Contracts			Change in Net Unrealized Appreciation/ Depreciation on Futures Contracts			Change in Net Unrealized Appreciation/ Depreciation on Swap Agreements			Change in Net Unrealized Appreciation/ Depreciation on Forward Currency Contracts
Health Care UltraSector ProFund	$	—		$	2,976,753		$	—		$	—		$	430,270		$	—
Industrials UltraSector ProFund		—			3,008,542			—			—			(63,469	)		—
Internet UltraSector ProFund		—			51,552,617			—			—			(12,845,431	)		—
Mid-Cap ProFund		19,944			1,315,721			—			(2,217	)		15,186			—
Nasdaq-100 ProFund		3,972,886			17,413,453			—			(212,186	)		(541,685	)		—
Oil & Gas UltraSector ProFund		—			3,150,023			—			—			772,358			—
Oil Equipment & Services UltraSector ProFund		—			(1,323,572	)		—			—			554,804			—
Pharmaceuticals UltraSector ProFund		—			530,960			—			—			35,393			—
Precious Metals UltraSector ProFund		—			(6,332,733	)		—			—			(462,973	)		—
Real Estate UltraSector ProFund		—			2,055,460			—			—			(44,080	)		—
Semiconductor UltraSector ProFund		—			23,440,535			—			—			1,222,895			—
Short Nasdaq-100 ProFund		(64,505	)		3,070,731			—			(23,974	)		616,329			—
Short Oil & Gas ProFund		—			(568,825	)		—			—			(134,116	)		—
Short Precious Metals ProFund		—			508,774			—			—			(33,382	)		—
Short Real Estate ProFund		—			(317,484	)		—			—			58,558			—
Short Small-Cap ProFund		(59,771	)		(877,425	)		—			8,268			(1,882	)		—
Small-Cap ProFund		177,308			1,261,619			—			(9,816	)		47,570			—
Technology UltraSector ProFund		—			20,491,269			—			—			(3,157,076	)		—
Telecommunications UltraSector ProFund		—			133,111			—			—			(2,934	)		—
UltraBear ProFund		(412,528	)		(6,143,888	)		—			(2,817	)		189,806			—
UltraBull ProFund		2,271,203			38,829,474			—			(151,257	)		(1,477,748	)		—
UltraChina ProFund		—			(7,949,324	)		—			—			1,226,002			—
UltraDow 30 ProFund		627,237			11,451,247			—			35,428			58,831			—
UltraEmerging Markets ProFund		—			1,799,538			—			—			748,640			—
UltraInternational ProFund		—			1,652,457			—			—			278,041			—
UltraJapan ProFund		6,338,864			15,582			—			(551,284	)		4,349			—
UltraLatin America ProFund		—			4,799,167			—			—			330,381			—
UltraMid-Cap ProFund		1,072,057			18,607,701			—			(249,165	)		988,958			—
UltraNasdaq-100 ProFund		18,926,398			348,151,618			—			(1,912,298	)		(16,463,807	)		—
UltraShort China ProFund		—			668,372			—			—			(388,798	)		—
UltraShort Dow 30 ProFund		(149,886	)		(2,799,401	)		—			(22,087	)		(45,616	)		—
UltraShort Emerging Markets ProFund		—			(471,701	)		—			—			(77,642	)		—
UltraShort International ProFund		—			(1,120,240	)		—			—			(175,965	)		—
UltraShort Japan ProFund		(96,515	)		(29,018	)		—			(33,108	)		(7,228	)		—
UltraShort Latin America ProFund		—			(1,877,375	)		—			—			(168,423	)		—
UltraShort Mid-Cap ProFund		(91,308	)		(1,578,093	)		—			5,550			(53,420	)		—
UltraShort Nasdaq-100 ProFund		5,546			6,361,248			—			(28,422	)		1,959,141			—
UltraShort Small-Cap ProFund		(211,983	)		(6,204,325	)		—			30,443			(331,708	)		—
UltraSmall-Cap ProFund		2,053,946			28,859,036			—			(97,864	)		2,402,848			—
Utilities UltraSector ProFund		—			616,836			—			—			18,971			—
Foreign Exchange Rate Risk Exposure:
Falling U.S. Dollar ProFund		—			—			22,757			—			—			(33,499	)
Rising U.S. Dollar ProFund		—			—			(356,187	)		—			—			257,620
Interest Rate Risk Exposure:
Access Flex Bear High Yield ProFund		3,896			—			—			(3,534	)		—			—
Access Flex High Yield ProFund		(6,424	)		—			—			2,610			—			—
Rising Rates Opportunity ProFund		439			101,283			—			—			128,697			—
Rising Rates Opportunity 10 ProFund		(5,996	)		79,934			—			—			2,798			—
U.S. Government Plus ProFund		(20,947	)		(1,919,470	)		—			—			(91,309	)		—

Asset (Liability) amounts shown in the table below represent amounts owed to (by) the ProFunds for swap agreements (other than centrally cleared CDS) and forward currency contracts as of July 31, 2021. These amounts may be collateralized by cash or financial instruments, segregated for the benefit of the ProFunds or the counterparties, depending on whether the related contracts are in an appreciated or depreciated position at year end. Amounts shown in the column labeled "Net Amount" represent the un-collateralized portions of these amounts at year end. Any un-collateralized amounts are due to timing differences related to market movements or subject to certain minimum thresholds for collateral movement, as further described above.

332 :: Notes to Financial Statements :: July 31, 2021

	Gross Amounts Not Offset in the Statement of Assets and Liabilities*
	Gross Asset (Liability) as presented in the Statement of Assets and Liabilities			Financial Instruments (Received) Pledged**			Cash Collateral (Received) Pledged**			Net Amount
Banks UltraSector ProFund
Swap Agreements — Goldman Sachs International	$	463,244		$	(463,244	)	$	—		$	—
Swap Agreements — UBS AG		555,213			—			(555,213	)		—
Basic Materials UltraSector ProFund
Swap Agreements — Goldman Sachs International		158,032			(144,823	)		—			13,209
Swap Agreements — UBS AG		80,211			—			—			80,211
Bear ProFund
Swap Agreements — Goldman Sachs International		7,070			—			—			7,070
Swap Agreements — UBS AG		2,104			—			—			2,104
Biotechnology UltraSector ProFund
Swap Agreements — Goldman Sachs International		(451,880	)		451,880			—			—
Swap Agreements — UBS AG		(459,688	)		459,688			—			—
Bull ProFund
Swap Agreements — Goldman Sachs International		(6,047	)		6,047			—			—
Swap Agreements — UBS AG		(6,126	)		6,126			—			—
Communication Services UltraSector ProFund
Swap Agreements — Goldman Sachs International		(69,871	)		69,871			—			—
Swap Agreements — UBS AG		(70,877	)		70,877			—			—
Consumer Goods UltraSector ProFund
Swap Agreements — Goldman Sachs International		19,958			—			—			19,958
Swap Agreements — UBS AG		25,966			—			—			25,966
Consumer Services UltraSector ProFund
Swap Agreements — Goldman Sachs International		(839,878	)		839,878			—			—
Swap Agreements — UBS AG		(927,793	)		927,793			—			—
Falling U.S. Dollar ProFund
Forward Currency Contracts — Goldman Sachs International
Appreciation		2,469
(Depreciation)		(269	)
Net Appreciation		2,200			—			—			2,200
Forward Currency Contracts — UBS AG		4,858			—			—			4,858
Financials UltraSector ProFund
Swap Agreements — Goldman Sachs International		11,576			—			—			11,576
Swap Agreements — UBS AG		36,102			—			—			36,102
Health Care UltraSector ProFund
Swap Agreements — Goldman Sachs International		68,031			(68,031	)		—			—
Swap Agreements — UBS AG		31,813			—			—			31,813
Industrials UltraSector ProFund
Swap Agreements — Goldman Sachs International		(27,338	)		27,338			—			—
Swap Agreements — UBS AG		(38,161	)		38,161			—			—
Internet UltraSector ProFund
Swap Agreements — Goldman Sachs International		(3,766,548	)		3,766,548			—			—
Swap Agreements — UBS AG		(3,501,520	)		3,501,520			—			—
Mid-Cap ProFund
Swap Agreements — Goldman Sachs International		435			—			—			435
Swap Agreements — UBS AG		12,911			—			—			12,911
Nasdaq-100 ProFund
Swap Agreements — Goldman Sachs International		18,386			—			—			18,386
Swap Agreements — UBS AG		8,476			—			(8,476	)		—
Oil & Gas UltraSector ProFund
Swap Agreements — Goldman Sachs International		133,247			(133,247	)		—			—
Swap Agreements — UBS AG		215,493			—			(215,493	)		—
Oil Equipment & Services UltraSector ProFund
Swap Agreements — Goldman Sachs International		51,469			(51,469	)		—			—
Swap Agreements — UBS AG		130,251			—			(130,251	)		—
Pharmaceuticals UltraSector ProFund
Swap Agreements — Goldman Sachs International		3,043			—			—			3,043
Swap Agreements — UBS AG		7,977			—			—			7,977

July 31, 2021 :: Notes to Financial Statements :: 333

	Gross Amounts Not Offset in the Statement of Assets and Liabilities*
	Gross Asset (Liability) as presented in the Statement of Assets and Liabilities			Financial Instruments (Received) Pledged**			Cash Collateral (Received) Pledged**			Net Amount
Precious Metals UltraSector ProFund
Swap Agreements — Goldman Sachs International	$	859,120		$	(859,120	)	$	—		$	—
Swap Agreements — UBS AG		593,672			—			(593,672	)		—
Real Estate UltraSector ProFund
Swap Agreements — Goldman Sachs International		49,363			—			—			49,363
Swap Agreements — UBS AG		44,323			—			—			44,323
Rising Rates Opportunity ProFund
Swap Agreements — Citibank North America		(131,693	)		131,693			—			—
Swap Agreements — Societe' Generale		(21,819	)		21,819			—			—
Rising Rates Opportunity 10 ProFund
Swap Agreements — Citibank North America		(1,647	)		1,647			—			—
Swap Agreements — Societe' Generale		(12,438	)		12,438			—			—
Rising U.S. Dollar ProFund
Forward Currency Contracts — Goldman Sachs International
Appreciation		169
(Depreciation)		(15,783	)
Net Appreciation		(15,614	)		15,614			—			—
Forward Currency Contracts — UBS AG
Appreciation		2,480
(Depreciation)		(21,583	)
Net Appreciation		(19,103	)		19,103			—			—
Semiconductor UltraSector ProFund
Swap Agreements — Goldman Sachs International		681,216			(442,380	)		—			238,836
Swap Agreements — UBS AG		732,232			—			(550,000	)		182,232
Short Nasdaq-100 ProFund
Swap Agreements — Goldman Sachs International		103			—			—			103
Swap Agreements — UBS AG		(133	)		133			—			—
Short Oil & Gas ProFund
Swap Agreements — Goldman Sachs International		(6,504	)		6,504			—			—
Swap Agreements — UBS AG		(23,836	)		23,836			—			—
Short Precious Metals ProFund
Swap Agreements — Goldman Sachs International		(105,431	)		105,431			—			—
Swap Agreements — UBS AG		(38,221	)		38,221			—			—
Short Real Estate ProFund
Swap Agreements — Goldman Sachs International		(232	)		232			—			—
Swap Agreements — UBS AG		(1,187	)		1,187			—			—
Short Small-Cap ProFund
Swap Agreements — Goldman Sachs International		(4,084	)		4,084			—			—
Swap Agreements — UBS AG		5,085			—			—			5,085
Small-Cap ProFund
Swap Agreements — Goldman Sachs International		42,869			—			—			42,869
Swap Agreements — UBS AG		13,033			—			—			13,033
Technology UltraSector ProFund
Swap Agreements — Goldman Sachs International		(352,281	)		352,281			—			—
Swap Agreements — UBS AG		(233,455	)		233,455			—			—
Telecommunications UltraSector ProFund
Swap Agreements — Goldman Sachs International		3,015			—			—			3,015
Swap Agreements — UBS AG		2,973			—			—			2,973
UltraBear ProFund
Swap Agreements — Goldman Sachs International		11,914			—			—			11,914
Swap Agreements — UBS AG		9,580			—			—			9,580
UltraBull ProFund
Swap Agreements — Goldman Sachs International		(91,111	)		91,111			—			—
Swap Agreements — UBS AG		(101,561	)		101,561			—			—
UltraChina ProFund
Swap Agreements — Goldman Sachs International		629,242			(629,242	)		—			—
Swap Agreements — UBS AG		728,830			—			(728,830	)		—

334 :: Notes to Financial Statements :: July 31, 2021

	Gross Amounts Not Offset in the Statement of Assets and Liabilities*
	Gross Asset (Liability) as presented in the Statement of Assets and Liabilities			Financial Instruments (Received) Pledged**			Cash Collateral (Received) Pledged**			Net Amount
UltraDow 30 ProFund
Swap Agreements — Goldman Sachs International	$	(96,457	)	$	96,457		$	—		$	—
Swap Agreements — UBS AG		(80,740	)		80,740			—			—
UltraEmerging Markets ProFund
Swap Agreements — Goldman Sachs International		209,064			(209,064	)		—			—
Swap Agreements — UBS AG		206,845			—			(206,845	)		—
UltraInternational ProFund
Swap Agreements — Goldman Sachs International		17,737			—			—			17,737
Swap Agreements — UBS AG		17,216			—			—			17,216
UltraJapan ProFund
Swap Agreements — Goldman Sachs International		159			—			—			159
UltraLatin America ProFund
Swap Agreements — Goldman Sachs International		(135,249	)		135,249			—			—
Swap Agreements — UBS AG		(181,398	)		181,398			—			—
UltraMid-Cap ProFund
Swap Agreements — Goldman Sachs International		293,424			(293,424	)		—			—
Swap Agreements — UBS AG		626,503			—			(626,503	)		—
UltraNasdaq-100 ProFund
Swap Agreements — Goldman Sachs International		602,178			(602,178	)		—			—
Swap Agreements — UBS AG		112,557			—			(112,557	)		—
UltraShort China ProFund
Swap Agreements — Goldman Sachs International		(85,987	)		85,987			—			—
Swap Agreements — UBS AG		(312,677	)		312,677			—			—
UltraShort Dow 30 ProFund
Swap Agreements — Goldman Sachs International		14,989			—			—			14,989
Swap Agreements — UBS AG		6,650			—			—			6,650
UltraShort Emerging Markets ProFund
Swap Agreements — Goldman Sachs International		(16,141	)		16,141			—			—
Swap Agreements — UBS AG		(39,496	)		39,496			—			—
UltraShort International ProFund
Swap Agreements — Goldman Sachs International		(4,751	)		4,751			—			—
Swap Agreements — UBS AG		(13,272	)		13,272			—			—
UltraShort Japan ProFund
Swap Agreements — Goldman Sachs International		580			—			—			580
UltraShort Latin America ProFund
Swap Agreements — Goldman Sachs International		1,670			—			—			1,670
Swap Agreements — UBS AG		23,148			—			—			23,148
UltraShort Mid-Cap ProFund
Swap Agreements — Goldman Sachs International		(35,050	)		35,050			—			—
Swap Agreements — UBS AG		(22,082	)		22,082			—			—
UltraShort Nasdaq-100 ProFund
Swap Agreements — Goldman Sachs International		6,356			—			—			6,356
Swap Agreements — UBS AG		(1,166	)		1,166			—			—
UltraShort Small-Cap ProFund
Swap Agreements — Goldman Sachs International		(82,271	)		82,271			—			—
Swap Agreements — UBS AG		(240,171	)		240,171			—			—
UltraSmall-Cap ProFund
Swap Agreements — Goldman Sachs International		1,289,474			(1,289,474	)		—			—
Swap Agreements — UBS AG		1,086,317			—			(1,086,317	)		—
U.S. Government Plus ProFund
Swap Agreements — Citibank North America		308,992			—			—			308,992
Swap Agreements — Societe' Generale		5,713			—			—			5,713
Utilities UltraSector ProFund
Swap Agreements — Goldman Sachs International		3,557			—			—			3,557
Swap Agreements — UBS AG		9,890			—			—			9,890

* The actual financial instruments and cash collateral (received) pledged may be in excess of the amounts shown in the table. The table only reflects collateral amounts up to the amount of the financial instrument disclosed on the Statement of Assets and Liabilities.

** Financial instruments and cash collateral received are not disclosed on the Statement of Assets and Liabilities because the Fund does not have effective control of the collateral.

July 31, 2021 :: Notes to Financial Statements :: 335

Securities Lending:

Each ProFund may lend securities to brokers, dealers and financial organizations in exchange for initial collateral in the amount of at least 102% of the value of U.S. dollar-denominated securities loaned or at least 105% of the value of non-U.S. dollar-denominated securities loaned, marked to market daily. Each security loaned will be secured continuously by collateral in the form of cash, money market instruments or U.S. Government securities with a market value of at least 100% of the market value of the loaned securities. When a ProFund lends its securities, it continues to receive payments equal to the dividends and interest paid on the securities loaned and simultaneously may earn interest on the reinvestment of the cash collateral. Any cash collateral received by the ProFund in connection with these loans may be reinvested in a variety of short-term investments. Any non-cash collateral received by the ProFund in connection with these loans may not be sold or pledged by the ProFund and, accordingly, is not reflected in the ProFund's assets and liabilities. The ProFunds may incur fees and expenses in connection with the reinvestment of cash collateral. For security loans collateralized by cash, borrowers may be entitled to receive a fee based on the amount of collateral. The ProFunds are typically compensated by the difference between the amount earned on the reinvestment of cash collateral and any fees paid to the borrower. Although voting and other rights attendant to securities loaned pass to the borrower, such loans may be recalled so that the securities may be voted by the ProFund if a material event affecting the ProFund's investment in the securities on loan is to occur. Security loans are subject to termination by the ProFund or the borrower at any time. No securities loan shall be made on behalf of a ProFund if, as a result, the aggregate value of all securities loaned by the particular ProFund exceeds one-third of the value of such ProFund's total assets (including the value of the collateral received).

Securities lending involves exposure to certain risks, including "gap" risk (i.e., the risk of a mismatch between the return on cash collateral reinvestments and any fees a ProFund has agreed to pay a borrower), operational risk (i.e., the risk of losses resulting from problems in the settlement and the accounting process), legal, counterparty and credit risk. If a securities lending counterparty were to default, a ProFund would be subject to the risk of a possible delay in receiving collateral or in recovering the loaned securities, or to a possible loss of rights in the collateral. In the event a borrower does not return a ProFund's securities as agreed, the ProFund may experience losses if the proceeds received from liquidating the collateral do not at least equal the value of the loaned security at the time the collateral is liquidated, plus the transaction costs incurred in purchasing replacement securities. This event could trigger adverse tax consequences for a ProFund. The investment of cash collateral deposited by the borrower is subject to inherent market risks such as interest rate risk, credit risk, liquidity risk, and other risks that are present in the market. A ProFund could lose money if its short-term reinvestment of the collateral declines in value over the period of the loan. The market value of the loaned securities is determined at the close of each business day of the ProFund and any additional required collateral is delivered to the ProFund, or excess collateral returned by the ProFund, on the next business day.

The following table is a summary of the ProFunds securities lending transactions as of July 31, 2021:

	Value of Securities on Loan		Value of Cash Collateral Received*
Bull ProFund	$	4,642	$	4,960
Communication Services UltraSector ProFund		26,225		28,024
Consumer Services UltraSector ProFund		47,547		50,809
Europe 30 ProFund		92,812		97,273
Industrials UltraSector ProFund		3,466		3,796
Large-Cap Value ProFund		1,538		1,643
Precious Metals UltraSector ProFund		88,596		92,400
Small-Cap Growth ProFund		123,373		127,895
Small-Cap ProFund		14,187		15,194
Technology UltraSector ProFund		51,195		52,614
UltraBull ProFund		11,720		12,524
UltraChina ProFund		849,214		894,632
UltraEmerging Markets ProFund		90,774		96,236
UltraLatin America ProFund		373,108		421,110
UltraNasdaq-100 ProFund		106,755		115,500

* Collateral received in the form of cash was reinvested in securities shown in the Collateral for Securities Loaned section of the Schedule of Portfolio Investments.

Investment Transactions and Related Income

Throughout the reporting period, investment transactions are accounted for no later than one business day following the trade date. For financial reporting purposes, investment transactions are accounted for on trade date on the last business day of the reporting period. Interest income is recognized on an accrual basis and includes, where applicable, the amortization of premium or accretion of discount. Dividend income is recorded on the ex- dividend date except in the case of depositary receipts, in which case dividends are recorded as soon as such information becomes available. Pay-in-kind interest income and non-cash dividend income received in the form of securities in-lieu of cash, if any, are recorded at the fair value of the securities received. Gains or losses realized on sales of securities are determined using the specific identification method by comparing the identified cost of the security lot sold with the net sales proceeds.

336 :: Notes to Financial Statements :: July 31, 2021

Allocations

Expenses directly attributable to a ProFund are charged to that ProFund, while expenses which are attributable to more than one fund in the Trust, or jointly with an affiliate, are allocated among the respective funds in the Trust and/or affiliate based upon relative net assets or another reasonable basis.

Distributions to Shareholders

Each of the ProFunds (except Access Flex High Yield ProFund, Bitcoin Strategy ProFund, Real Estate UltraSector ProFund and U.S. Government Plus ProFund) intends to declare and distribute net investment income at least annually, if any. Access Flex High Yield ProFund, Bitcoin Strategy ProFund and Real Estate UltraSector ProFund declare and pay dividends from net investment income quarterly, if any. U.S. Government Plus ProFund declares dividends from net investment income daily and pays dividends on a monthly basis, if any. Net realized capital gains, if any, will be distributed annually.

The amount of distributions from net investment income and net realized gains are determined in accordance with federal income tax regulations which may differ from GAAP. These "book/tax" differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature (e.g., return of capital, net operating loss, distribution reclassification, and equalization), such amounts are reclassified within the composition of net assets based on their federal tax-basis treatment; temporary differences (e.g., wash sales) do not require a reclassification. The ProFunds may utilize equalization accounting for tax purposes and designate earnings and profits, including net realized gains distributed to shareholders on redemption of shares, as a part of the dividends paid deduction for income tax purposes. Distributions which exceed net investment income and net realized capital gains for financial reporting purposes but not for tax purposes are reported as distributions in excess of net investment income or net realized gains. To the extent they exceed net investment income and net realized capital gains for tax purposes, they are reported as distribution of capital.

Federal Income Taxes

Each of the ProFunds intends to continue to qualify each year as a RIC under Subchapter M of the Internal Revenue Code of 1986, as amended. A RIC generally is not subject to federal income tax on income and gains distributed in a timely manner to its shareholders. The ProFunds intend to make timely distributions in order to avoid tax liability. Accordingly, no provision for federal income taxes is required in the financial statements.

The Bear ProFund, Bull ProFund, Europe 30 ProFund, UltraBear ProFund, UltraBull ProFund, UltraJapan ProFund, UltraNasdaq-100 ProFund, and UltraShort Nasdaq-100 ProFund have a calendar tax year end. The remaining ProFunds have a tax year end of October 31st.

Management of the ProFunds has reviewed tax positions taken in tax years that remain subject to examination by all major tax jurisdictions, including federal (i.e., the last four tax year ends and the interim tax period since then, as applicable). Management believes that there is no tax liability resulting from unrecognized tax benefits related to uncertain tax positions taken and the ProFunds are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

Other

Expense offsets to custody fees that arise from credits on cash balances maintained on deposit are reflected on the Statement of Operations, as applicable, as "Fees paid indirectly."

3. Investment Valuation Summary

The valuation techniques employed by the ProFunds, described below, maximize the use of observable inputs and minimize the use of unobservable inputs in determining fair value. These valuation techniques distinguish between market participant assumptions developed based on market data obtained from sources independent of the ProFunds (observable inputs) and the ProFunds' own assumptions about market participant assumptions developed based on the best information available under the circumstances (unobservable inputs). The inputs used for valuing the ProFunds' investments are summarized in the three broad levels listed below:

•  Level 1–quoted prices in active markets for identical assets

•  Level 2–other significant observable inputs (including quoted prices for similar securities, interest rates, prepayments speeds, credit risk, etc.)

•  Level 3–significant unobservable inputs (including the ProFunds' own assumptions in determining the fair value of investments)

The inputs or methodology used for valuing investments are not necessarily an indication of the risk associated with investing in those investments. For example, repurchase agreements are generally valued at amortized cost. Generally, amortized cost approximates the current fair value of a security, but since the valuation is not obtained from a quoted price in an active market, such securities are reflected as Level 2. Fair value measurements may also require additional disclosure when the volume and level of activity for the asset or liability have significantly decreased, as well as when circumstances indicate that a transaction is not orderly. Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy.

Security prices are generally valued at their market value using information provided by a third party pricing service or market quotations or other procedures approved by the Trust's Board of Trustees. The securities in the portfolio of a non-money market ProFund, except as otherwise noted, that are listed or traded on a stock exchange or the Nasdaq National Market System ("Nasdaq/NMS"), are valued at the official closing price, if available, or the last sale price, on the exchange or system where the security is principally traded. If there have been no sales for that day on the exchange or system where the security is principally traded, then the value may be determined with reference to the last sale price, or the official closing price, if applicable, on any other exchange or system. In each of these situations, valuations are typically categorized as a Level 1 in the fair value hierarchy. If there have been no sales for that day on any exchange or system, the security will be valued using fair value procedures in accordance with procedures approved by the Trust's Board of Trustees as described below.

July 31, 2021 :: Notes to Financial Statements :: 337

Securities regularly traded in the OTC markets, including securities listed on an exchange, but that are primarily traded OTC other than those traded on the Nasdaq/NMS, are generally valued on the basis of the mean between the bid and asked quotes furnished by dealers actively trading those instruments. Fixed-income securities are generally valued according to prices as furnished by an independent pricing service, generally at the mean of the bid and asked quotes for those instruments. Short-term fixed-income securities maturing in sixty days or less, and of sufficient credit quality, may be valued at amortized cost, which approximates market value. Under the amortized cost method, premium or discount, if any, is amortized or accreted, respectively, on a constant basis to the maturity of the security. In each of these situations, valuations are typically categorized as Level 2 in the fair value hierarchy.

Derivatives are generally valued using independent pricing services and/or agreements with counterparties or other procedures approved by the Trust's Board of Trustees. Futures contracts are generally valued at their last sale price prior to the time at which the net asset value per share of a ProFund is determined and are typically categorized as Level 1 in the fair value hierarchy. Swap agreements are generally valued using independent sources and/or agreements with counterparties. Forward currency contracts are valued at their quoted daily prices obtained from an independent pricing service. These valuations are typically categorized as Level 2 in the fair value hierarchy. If there was no sale on that day, fair valuation procedures as described below may be applied.

When the Advisor determines that the market price of a security is not readily available or deemed unreliable (e.g., an approved pricing service does not provide a price, a furnished price is in error, certain stale prices, or an event occurs that materially affects the furnished price), it may in good faith establish a fair value for that security in accordance with procedures established by and under the general supervision and responsibility of the Trust's Board of Trustees. Fair value pricing may require subjective determinations about the value of a security. While the Trust's policy is intended to result in a calculation of a ProFund's NAV that fairly reflects security values as of the time of pricing, the Trust cannot ensure that fair values determined by the Advisor or persons acting at their direction would accurately reflect the price that a ProFund could obtain for a security if it were to dispose of that security as of the time of pricing (for instance, in a forced or distressed sale). The prices used by a ProFund may differ from the value that would be realized if the securities were sold and the differences could be material to the financial statements. Depending on the source and relative significance of valuation inputs, these instruments may be classified as Level 2 or Level 3 in the fair value hierarchy.

For the year ended July 31, 2021, there were no Level 3 investments for which significant unobservable inputs were used to determine fair value.

A summary of the valuations as of July 31, 2021, based upon the three levels defined above, is included in the table below while the breakdown, by category, of equity securities is disclosed on the Schedule of Portfolio Investments for each ProFund:

	LEVEL 1 - Quoted Prices					LEVEL 2 - Other Significant Observable Inputs					Total
	Investment Securities		Other Financial Instruments^			Investment Securities		Other Financial Instruments^			Investment Securities		Other Financial Instruments^
Access Flex Bear High Yield ProFund
Repurchase Agreements	$	—	$	—		$	119,000	$	—		$	119,000	$	—
Futures Contracts		—		(1,949	)		—		—			—		(1,949	)
Credit Default Swap Agreements		—		—			—		(3,278	)		—		(3,278	)
Total	$	—	$	(1,949	)	$	119,000	$	(3,278	)	$	119,000	$	(5,227	)
Access Flex High Yield ProFund
U.S. Treasury Obligation	$	—	$	—		$	11,259,832	$	—		$	11,259,832	$	—
Repurchase Agreements		—		—			15,896,000		—			15,896,000		—
Futures Contracts		—		624			—		—			—		624
Credit Default Swap Agreements		—		—			—		99,137			—		99,137
Total	$	—	$	624		$	27,155,832	$	99,137		$	27,155,832	$	99,761
Banks UltraSector ProFund
Common Stocks	$	91,668,805	$	—		$	—	$	—		$	91,668,805	$	—
Repurchase Agreements		—		—			28,761,000		—			28,761,000		—
Swap Agreements		—		—			—		1,018,457			—		1,018,457
Total	$	91,668,805	$	—		$	28,761,000	$	1,018,457		$	120,429,805	$	1,018,457
Basic Materials UltraSector ProFund
Common Stocks	$	8,813,352	$	—		$	—	$	—		$	8,813,352	$	—
Repurchase Agreements		—		—			2,070,000		—			2,070,000		—
Swap Agreements		—		—			—		238,243			—		238,243
Total	$	8,813,352	$	—		$	2,070,000	$	238,243		$	10,883,352	$	238,243

338 :: Notes to Financial Statements :: July 31, 2021

	LEVEL 1 - Quoted Prices					LEVEL 2 - Other Significant Observable Inputs					Total
	Investment Securities		Other Financial Instruments^			Investment Securities		Other Financial Instruments^			Investment Securities		Other Financial Instruments^
Bear ProFund
Repurchase Agreements	$	—	$	—		$	10,467,000	$	—		$	10,467,000	$	—
Futures Contracts		—		(69,295	)		—		—			—		(69,295	)
Swap Agreements		—		—			—		9,174			—		9,174
Total	$	—	$	(69,295	)	$	10,467,000	$	9,174		$	10,467,000	$	(60,121	)
Biotechnology UltraSector ProFund
Common Stocks	$	131,940,179	$	—		$	—	$	—		$	131,940,179	$	—
Repurchase Agreements		—		—			43,181,000		—			43,181,000		—
Swap Agreements		—		—			—		(911,568	)		—		(911,568	)
Total	$	131,940,179	$	—		$	43,181,000	$	(911,568	)	$	175,121,179	$	(911,568	)
Bitcoin Strategy ProFund
U.S. Treasury Obligation	$	—	$	—		$	354,913	$	—		$	354,913	$	—
Futures Contracts		—		(4,969	)		—		—			—		(4,969	)
Total	$	—	$	(4,969	)	$	354,913	$	—		$	354,913	$	(4,969	)
Bull ProFund
Common Stocks	$	40,508,346	$	—		$	—	$	—		$	40,508,346	$	—
Repurchase Agreements		—		—			15,520,000		—			15,520,000		—
Collateral for Securities Loaned		4,960		—			—		—			4,960		—
Futures Contracts		—		96,207			—		—			—		96,207
Swap Agreements		—		—			—		(12,173	)		—		(12,173	)
Total	$	40,513,306	$	96,207		$	15,520,000	$	(12,173	)	$	56,033,306	$	84,034
Communication Services UltraSector ProFund
Common Stocks	$	8,580,897	$	—		$	—	$	—		$	8,580,897	$	—
Repurchase Agreements		—		—			3,669,000		—			3,669,000		—
Collateral for Securities Loaned		28,024		—			—		—			28,024		—
Swap Agreements		—		—			—		(140,748	)		—		(140,748	)
Total	$	8,608,921	$	—		$	3,669,000	$	(140,748	)	$	12,277,921	$	(140,748	)
Consumer Goods UltraSector ProFund
Common Stocks	$	4,158,034	$	—		$	—	$	—		$	4,158,034	$	—
Repurchase Agreements		—		—			1,243,000		—			1,243,000		—
Swap Agreements		—		—			—		45,924			—		45,924
Total	$	4,158,034	$	—		$	1,243,000	$	45,924		$	5,401,034	$	45,924
Consumer Services UltraSector ProFund
Common Stocks	$	60,358,060	$	—		$	—	$	—		$	60,358,060	$	—
Repurchase Agreements		—		—			19,296,000		—			19,296,000		—
Collateral for Securities Loaned		50,809		—			—		—			50,809		—
Swap Agreements		—		—			—		(1,767,671	)		—		(1,767,671	)
Total	$	60,408,869	$	—		$	19,296,000	$	(1,767,671	)	$	79,704,869	$	(1,767,671	)
Europe 30 ProFund
Common Stocks	$	3,398,521	$	—		$	—	$	—		$	3,398,521	$	—
Collateral for Securities Loaned		97,273		—			—		—			97,273		—
Total	$	3,495,794	$	—		$	—	$	—		$	3,495,794	$	—
Falling U.S. Dollar ProFund
Repurchase Agreements	$	—	$	—		$	1,270,000	$	—		$	1,270,000	$	—
Forward Currency Contracts		—		—			—		7,058			—		7,058
Total	$	—	$	—		$	1,270,000	$	7,058		$	1,270,000	$	7,058
Financials UltraSector ProFund
Common Stocks	$	9,658,453	$	—		$	—	$	—		$	9,658,453	$	—
Repurchase Agreements		—		—			2,390,000		—			2,390,000		—
Swap Agreements		—		—			—		47,678			—		47,678
Total	$	9,658,453	$	—		$	2,390,000	$	47,678		$	12,048,453	$	47,678

July 31, 2021 :: Notes to Financial Statements :: 339

	LEVEL 1 - Quoted Prices				LEVEL 2 - Other Significant Observable Inputs					Total
	Investment Securities		Other Financial Instruments^		Investment Securities		Other Financial Instruments^			Investment Securities		Other Financial Instruments^
Health Care UltraSector ProFund
Common Stocks	$	31,981,306	$	—	$	—	$	—		$	31,981,306	$	—
Repurchase Agreements		—		—		9,633,000		—			9,633,000		—
Swap Agreements		—		—		—		99,844			—		99,844
Total	$	31,981,306	$	—	$	9,633,000	$	99,844		$	41,614,306	$	99,844
Industrials UltraSector ProFund
Common Stocks	$	11,840,293	$	—	$	—	$	—		$	11,840,293	$	—
Repurchase Agreements		—		—		6,258,000		—			6,258,000		—
Collateral for Securities Loaned		3,796		—		—		—			3,796		—
Swap Agreements		—		—		—		(65,499	)		—		(65,499	)
Total	$	11,844,089	$	—	$	6,258,000	$	(65,499	)	$	18,102,089	$	(65,499	)
Internet UltraSector ProFund
Common Stocks	$	180,097,179	$	—	$	—	$	—		$	180,097,179	$	—
Repurchase Agreements		—		—		65,635,000		—			65,635,000		—
Swap Agreements		—		—		—		(7,268,068	)		—		(7,268,068	)
Total	$	180,097,179	$	—	$	65,635,000	$	(7,268,068	)	$	245,732,179	$	(7,268,068	)
Large-Cap Growth ProFund
Common Stocks	$	32,842,184	$	—	$	—	$	—		$	32,842,184	$	—
Total	$	32,842,184	$	—	$	—	$	—		$	32,842,184	$	—
Large-Cap Value ProFund
Common Stocks	$	6,189,981	$	—	$	—	$	—		$	6,189,981	$	—
Collateral for Securities Loaned		1,643		—		—		—			1,643		—
Total	$	6,191,624	$	—	$	—	$	—		$	6,191,624	$	—
Mid-Cap Growth ProFund
Common Stocks	$	4,501,432	$	—	$	—	$	—		$	4,501,432	$	—
Total	$	4,501,432	$	—	$	—	$	—		$	4,501,432	$	—
Mid-Cap ProFund
Common Stocks	$	6,220,099	$	—	$	—	$	—		$	6,220,099	$	—
Repurchase Agreements		—		—		770,000		—			770,000		—
Swap Agreements		—		—		—		13,346			—		13,346
Total	$	6,220,099	$	—	$	770,000	$	13,346		$	6,990,099	$	13,346
Mid-Cap Value ProFund
Common Stocks	$	5,520,120	$	—	$	—	$	—		$	5,520,120	$	—
Total	$	5,520,120	$	—	$	—	$	—		$	5,520,120	$	—
Nasdaq-100 ProFund
Common Stocks	$	96,494,526	$	—	$	—	$	—		$	96,494,526	$	—
Repurchase Agreements		—		—		57,470,000		—			57,470,000		—
Futures Contracts		—		46,163		—		—			—		46,163
Swap Agreements		—		—		—		26,862			—		26,862
Total	$	96,494,526	$	46,163	$	57,470,000	$	26,862		$	153,964,526	$	73,025
Oil & Gas UltraSector ProFund
Common Stocks	$	23,410,936	$	—	$	—	$	—		$	23,410,936	$	—
Repurchase Agreements		—		—		7,212,000		—			7,212,000		—
Swap Agreements		—		—		—		348,740			—		348,740
Total	$	23,410,936	$	—	$	7,212,000	$	348,740		$	30,622,936	$	348,740
Oil Equipment & Services UltraSector ProFund
Common Stocks	$	12,221,561	$	—	$	—	$	—		$	12,221,561	$	—
Repurchase Agreements		—		—		2,845,000		—			2,845,000		—
Swap Agreements		—		—		—		181,720			—		181,720
Total	$	12,221,561	$	—	$	2,845,000	$	181,720		$	15,066,561	$	181,720

340 :: Notes to Financial Statements :: July 31, 2021

	LEVEL 1 - Quoted Prices					LEVEL 2 - Other Significant Observable Inputs					Total
	Investment Securities		Other Financial Instruments^			Investment Securities		Other Financial Instruments^			Investment Securities		Other Financial Instruments^
Pharmaceuticals UltraSector ProFund
Common Stocks	$	3,378,935	$	—		$	—	$	—		$	3,378,935	$	—
Repurchase Agreements		—		—			864,000		—			864,000		—
Swap Agreements		—		—			—		11,020			—		11,020
Total	$	3,378,935	$	—		$	864,000	$	11,020		$	4,242,935	$	11,020
Precious Metals UltraSector ProFund
Common Stocks	$	25,901,631	$	—		$	—	$	—		$	25,901,631	$	—
Repurchase Agreements		—		—			8,265,000		—			8,265,000		—
Collateral for Securities Loaned		92,400		—			—		—			92,400		—
Swap Agreements		—		—			—		1,452,792			—		1,452,792
Total	$	25,994,031	$	—		$	8,265,000	$	1,452,792		$	34,259,031	$	1,452,792
Real Estate UltraSector ProFund
Common Stocks	$	27,707,662	$	—		$	—	$	—		$	27,707,662	$	—
Repurchase Agreements		—		—			7,932,000		—			7,932,000		—
Swap Agreements		—		—			—		93,686			—		93,686
Total	$	27,707,662	$	—		$	7,932,000	$	93,686		$	35,639,662	$	93,686
Rising Rates Opportunity ProFund
Repurchase Agreements	$	—	$	—		$	9,603,000	$	—		$	9,603,000	$	—
Swap Agreements		—		—			—		(153,512	)		—		(153,512	)
Total	$	—	$	—		$	9,603,000	$	(153,512	)	$	9,603,000	$	(153,512	)
Rising Rates Opportunity 10 ProFund
Repurchase Agreements	$	—	$	—		$	1,961,000	$	—		$	1,961,000	$	—
Swap Agreements		—		—			—		(14,085	)		—		(14,085	)
Total	$	—	$	—		$	1,961,000	$	(14,085	)	$	1,961,000	$	(14,085	)
Rising U.S. Dollar ProFund
Repurchase Agreements	$	—	$	—		$	5,718,000	$	—		$	5,718,000	$	—
Forward Currency Contracts		—		—			—		(34,717	)		—		(34,717	)
Total	$	—	$	—		$	5,718,000	$	(34,717	)	$	5,718,000	$	(34,717	)
Semiconductor UltraSector ProFund
Common Stocks	$	63,448,947	$	—		$	—	$	—		$	63,448,947	$	—
Repurchase Agreements		—		—			21,354,000		—			21,354,000		—
Swap Agreements		—		—			—		1,413,448			—		1,413,448
Total	$	63,448,947	$	—		$	21,354,000	$	1,413,448		$	84,802,947	$	1,413,448
Short Nasdaq-100 ProFund
Repurchase Agreements	$	—	$	—		$	1,972,000	$	—		$	1,972,000	$	—
Futures Contracts		—		(23,085	)		—		—			—		(23,085	)
Swap Agreements		—		—			—		(30	)		—		(30	)
Total	$	—	$	(23,085	)	$	1,972,000	$	(30	)	$	1,972,000	$	(23,115	)
Short Oil & Gas ProFund
Repurchase Agreements	$	—	$	—		$	447,000	$	—		$	447,000	$	—
Swap Agreements		—		—			—		(30,340	)		—		(30,340	)
Total	$	—	$	—		$	447,000	$	(30,340	)	$	447,000	$	(30,340	)
Short Precious Metals ProFund
Repurchase Agreements	$	—	$	—		$	3,260,000	$	—		$	3,260,000	$	—
Swap Agreements		—		—			—		(143,652	)		—		(143,652	)
Total	$	—	$	—		$	3,260,000	$	(143,652	)	$	3,260,000	$	(143,652	)
Short Real Estate ProFund
Repurchase Agreements	$	—	$	—		$	438,000	$	—		$	438,000	$	—
Swap Agreements		—		—			—		(1,419	)		—		(1,419	)
Total	$	—	$	—		$	438,000	$	(1,419	)	$	438,000	$	(1,419	)

July 31, 2021 :: Notes to Financial Statements :: 341

	LEVEL 1 - Quoted Prices					LEVEL 2 - Other Significant Observable Inputs					Total
	Investment Securities		Other Financial Instruments^			Investment Securities		Other Financial Instruments^			Investment Securities		Other Financial Instruments^
Short Small-Cap ProFund
Repurchase Agreements	$	—	$	—		$	4,558,000	$	—		$	4,558,000	$	—
Futures Contracts		—		5,848			—		—			—		5,848
Swap Agreements		—		—			—		1,001			—		1,001
Total	$	—	$	5,848		$	4,558,000	$	1,001		$	4,558,000	$	6,849
Small-Cap Growth ProFund
Common Stocks	$	9,922,663	$	—		$	—	$	—		$	9,922,663	$	—
Collateral for Securities Loaned		127,895		—			—		—			127,895		—
Total	$	10,050,558	$	—		$	—	$	—		$	10,050,558	$	—
Small-Cap ProFund
Common Stocks	$	6,235,084	$	—		$	—	$	—		$	6,235,084	$	—
Trust*		—		—			—		—			—		—
Contingent Escrow Shares**		—		—			—		—			—		—
Repurchase Agreements		—		—			3,537,000		—			3,537,000		—
Collateral for Securities Loaned		15,194		—			—		—			15,194		—
Futures Contracts		—		(5,852	)		—		—			—		(5,852	)
Swap Agreements		—		—			—		55,902			—		55,902
Total	$	6,250,278	$	(5,852	)	$	3,537,000	$	55,902		$	9,787,278	$	50,050
Small-Cap Value ProFund
Common Stocks	$	15,422,043	$	—		$	—	$	—		$	15,422,043	$	—
Repurchase Agreements		—		—			122,000		—			122,000		—
Total	$	15,422,043	$	—		$	122,000	$	—		$	15,544,043	$	—
Technology UltraSector ProFund
Common Stocks	$	75,039,695	$	—		$	—	$	—		$	75,039,695	$	—
Repurchase Agreements		—		—			27,440,000		—			27,440,000		—
Collateral for Securities Loaned		52,614		—			—		—			52,614		—
Swap Agreements		—		—			—		(585,736	)		—		(585,736	)
Total	$	75,092,309	$	—		$	27,440,000	$	(585,736	)	$	102,532,309	$	(585,736	)
Telecommunications UltraSector ProFund
Common Stocks	$	841,236	$	—		$	—	$	—		$	841,236	$	—
Repurchase Agreements		—		—			272,000		—			272,000		—
Swap Agreements		—		—			—		5,988			—		5,988
Total	$	841,236	$	—		$	272,000	$	5,988		$	1,113,236	$	5,988
UltraBear ProFund
Repurchase Agreements	$	—	$	—		$	7,096,000	$	—		$	7,096,000	$	—
Futures Contracts		—		(43,310	)		—		—			—		(43,310	)
Swap Agreements		—		—			—		21,494			—		21,494
Total	$	—	$	(43,310	)	$	7,096,000	$	21,494		$	7,096,000	$	(21,816	)
UltraBull ProFund
Common Stocks	$	100,291,511	$	—		$	—	$	—		$	100,291,511	$	—
Repurchase Agreements		—		—			28,385,000		—			28,385,000		—
Collateral for Securities Loaned		12,524		—			—		—			12,524		—
Futures Contracts		—		115,056			—		—			—		115,056
Swap Agreements		—		—			—		(192,672	)		—		(192,672	)
Total	$	100,304,035	$	115,056		$	28,385,000	$	(192,672	)	$	128,689,035	$	(77,616	)
UltraChina ProFund
Common Stocks	$	14,679,786	$	—		$	—	$	—		$	14,679,786	$	—
Repurchase Agreements		—		—			1,247,000		—			1,247,000		—
Collateral for Securities Loaned		894,632		—			—		—			894,632		—
Swap Agreements		—		—			—		1,358,072			—		1,358,072
Total	$	15,574,418	$	—		$	1,247,000	$	1,358,072		$	16,821,418	$	1,358,072

342 :: Notes to Financial Statements :: July 31, 2021

	LEVEL 1 - Quoted Prices					LEVEL 2 - Other Significant Observable Inputs					Total
	Investment Securities		Other Financial Instruments^			Investment Securities		Other Financial Instruments^			Investment Securities			Other Financial Instruments^
UltraDow 30 ProFund
Common Stocks	$	25,548,077	$	—		$	—	$	—		$	25,548,077		$	—
Repurchase Agreements		—		—			15,022,000		—			15,022,000			—
Futures Contracts		—		35,273			—		—			—			35,273
Swap Agreements		—		—			—		(177,197	)		—			(177,197	)
Total	$	25,548,077	$	35,273		$	15,022,000	$	(177,197	)	$	40,570,077		$	(141,924	)
UltraEmerging Markets ProFund
Common Stocks	$	8,060,313	$	—		$	—	$	—		$	8,060,313		$	—
Preferred Stock		110,398		—			—		—			110,398			—
Repurchase Agreements		—		—			1,433,000		—			1,433,000			—
Collateral for Securities Loaned		96,236		—			—		—			96,236			—
Swap Agreements		—		—			—		415,909			—			415,909
Total	$	8,266,947	$	—		$	1,433,000	$	415,909		$	9,699,947		$	415,909
UltraInternational ProFund
Repurchase Agreements	$	—	$	—		$	3,152,000	$	—		$	3,152,000		$	—
Swap Agreements		—		—			—		34,953			—			34,953
Total	$	—	$	—		$	3,152,000	$	34,953		$	3,152,000		$	34,953
UltraJapan ProFund
Repurchase Agreements	$	—	$	—		$	13,125,000	$	—		$	13,125,000		$	—
Futures Contracts		—		(1,692,027	)		—		—			—			(1,692,027	)
Swap Agreement		—		—			—		159			—			159
Total	$	—	$	(1,692,027	)	$	13,125,000	$	159		$	13,125,000		$	(1,691,868	)
UltraLatin America ProFund
Common Stocks	$	12,634,494	$	—		$	—	$	—		$	12,634,494		$	—
Preferred Stock		882,483		—			—		—			882,483			—
Repurchase Agreements		—		—			2,313,000		—			2,313,000			—
Collateral for Securities Loaned		421,110		—			—		—			421,110			—
Swap Agreements		—		—			—		(316,647	)		—	��		(316,647	)
Total	$	13,938,087	$	—		$	2,313,000	$	(316,647	)	$	16,251,087		$	(316,647	)
UltraMid-Cap ProFund
Common Stocks	$	51,127,600	$	—		$	—	$	—		$	51,127,600		$	—
Repurchase Agreements		—		—			9,394,000		—			9,394,000			—
Futures Contracts		—		(126,217	)		—		—			—			(126,217	)
Swap Agreements		—		—			—		919,927			—			919,927
Total	$	51,127,600	$	(126,217	)	$	9,394,000	$	919,927		$	60,521,600		$	793,710
UltraNasdaq-100 ProFund
Common Stocks	$	851,830,910	$	—		$	—	$	—		$	851,830,910		$	—
U.S. Treasury Obligation		—		—			49,995,478		—			49,995,478			—
Repurchase Agreements		—		—			170,324,000		—			170,324,000			—
Collateral for Securities Loaned		115,500		—			—		—			115,500			—
Futures Contracts		—		23,081			—		—			—			23,081
Swap Agreements		—		—			—		714,735			—			714,735
Total	$	851,946,410	$	23,081		$	220,319,478	$	714,735		$	1,072,265,888		$	737,816
UltraShort China ProFund
Repurchase Agreements	$	—	$	—		$	2,338,000	$	—		$	2,338,000		$	—
Swap Agreements		—		—			—		(398,664	)		—			(398,664	)
Total	$	—	$	—		$	2,338,000	$	(398,664	)	$	2,338,000		$	(398,664	)
UltraShort Dow 30 ProFund
Repurchase Agreements	$	—	$	—		$	3,446,000	$	—		$	3,446,000		$	—
Futures Contracts		—		(1,782	)		—		—			—			(1,782	)
Swap Agreements		—		—			—		21,639			—			21,639
Total	$	—	$	(1,782	)	$	3,446,000	$	21,639		$	3,446,000		$	19,857

July 31, 2021 :: Notes to Financial Statements :: 343

	LEVEL 1 - Quoted Prices					LEVEL 2 - Other Significant Observable Inputs					Total
	Investment Securities		Other Financial Instruments^			Investment Securities		Other Financial Instruments^			Investment Securities		Other Financial Instruments^
UltraShort Emerging Markets ProFund
Repurchase Agreements	$	—	$	—		$	1,218,000	$	—		$	1,218,000	$	—
Swap Agreements		—		—			—		(55,637	)		—		(55,637	)
Total	$	—	$	—		$	1,218,000	$	(55,637	)	$	1,218,000	$	(55,637	)
UltraShort International ProFund
Repurchase Agreements	$	—	$	—		$	1,520,000	$	—		$	1,520,000	$	—
Swap Agreements		—		—			—		(18,023	)		—		(18,023	)
Total	$	—	$	—		$	1,520,000	$	(18,023	)	$	1,520,000	$	(18,023	)
UltraShort Japan ProFund
Repurchase Agreements	$	—	$	—		$	221,000	$	—		$	221,000	$	—
Futures Contracts		—		23,342			—		—			—		23,342
Swap Agreement		—		—			—		580			—		580
Total	$	—	$	23,342		$	221,000	$	580		$	221,000	$	23,922
UltraShort Latin America ProFund
Repurchase Agreements	$	—	$	—		$	1,059,000	$	—		$	1,059,000	$	—
Swap Agreements		—		—			—		24,818			—		24,818
Total	$	—	$	—		$	1,059,000	$	24,818		$	1,059,000	$	24,818
UltraShort Mid-Cap ProFund
Repurchase Agreements	$	—	$	—		$	1,854,000	$	—		$	1,854,000	$	—
Futures Contracts		—		4,438			—		—			—		4,438
Swap Agreements		—		—			—		(57,132	)		—		(57,132	)
Total	$	—	$	4,438		$	1,854,000	$	(57,132	)	$	1,854,000	$	(52,694	)
UltraShort Nasdaq-100 ProFund
Repurchase Agreements	$	—	$	—		$	10,912,000	$	—		$	10,912,000	$	—
Futures Contracts		—		(23,085	)		—		—			—		(23,085	)
Swap Agreements		—		—			—		5,190			—		5,190
Total	$	—	$	(23,085	)	$	10,912,000	$	5,190		$	10,912,000	$	(17,895	)
UltraShort Small-Cap ProFund
Repurchase Agreements	$	—	$	—		$	9,344,000	$	—		$	9,344,000	$	—
Futures Contracts		—		23,394			—		—			—		23,394
Swap Agreements		—		—			—		(322,442	)		—		(322,442	)
Total	$	—	$	23,394		$	9,344,000	$	(322,442	)	$	9,344,000	$	(299,048	)
UltraSmall-Cap ProFund
Common Stocks	$	57,119,994	$	—		$	—	$	—		$	57,119,994	$	—
Trust*		—		—			—		—			—		—
Contingent Escrow Shares **		—		—			—		—			—		—
Repurchase Agreements		—		—			37,694,000		—			37,694,000		—
Futures Contracts		—		15,565			—		—			—		15,565
Swap Agreements		—		—			—		2,375,791			—		2,375,791
Total	$	57,119,994	$	15,565		$	37,694,000	$	2,375,791		$	94,813,994	$	2,391,356
U.S. Government Plus ProFund
Repurchase Agreements	$	—	$	—		$	26,082,000	$	—		$	26,082,000	$	—
Swap Agreements		—		—			—		314,705			—		314,705
Total	$	—	$	—		$	26,082,000	$	314,705		$	26,082,000	$	314,705

344 :: Notes to Financial Statements :: July 31, 2021

	LEVEL 1 - Quoted Prices				LEVEL 2 - Other Significant Observable Inputs				Total
	Investment Securities		Other Financial Instruments^		Investment Securities		Other Financial Instruments^		Investment Securities		Other Financial Instruments^
Utilities UltraSector ProFund
Common Stocks	$	6,609,069	$	—	$	—	$	—	$	6,609,069	$	—
Repurchase Agreements		—		—		2,126,000		—		2,126,000		—
Swap Agreements		—		—		—		13,447		—		13,447
Total	$	6,609,069	$	—	$	2,126,000	$	13,447	$	8,735,069	$	13,447

^ Other financial instruments include any derivative instruments not reflected in the Schedule of Portfolio Investments as Investment Securities, such as futures contracts, forward currency contracts, and swap agreements (including credit default swap agreements). These instruments are generally recorded in the financial statements at the unrealized appreciation/(depreciation) on the investment.

* Ferroglobe Representation and Warranty Insurance trust was valued at $0 and categorized as Level 2 within the fair value hierarchy.

** Wright Medical Group, Inc. contingent escrow shares were valued at $0 and categorized as Level 2 within the fair value hierarchy.

4. Fees and Transactions with Affiliates and Other Parties

The ProFunds have entered into an Investment Advisory Agreement with the Advisor. Under this agreement, the ProFunds (excluding Bitcoin Strategy ProFund, Nasdaq-100 ProFund, UltraJapan ProFund, UltraShort Japan ProFund and U.S. Government Plus ProFund) each pay the Advisor a fee at an annualized rate of 0.75% of the average daily net assets of each respective ProFund. The Bitcoin Strategy ProFund, Nasdaq-100 ProFund, UltraJapan ProFund, UltraShort Japan ProFund and U.S. Government Plus ProFund pay the Advisor a fee at an annualized rate of 0.45%, 0.70%, 0.90%, 0.90% and 0.50%, respectively, of their average daily net assets.

The Advisor has assumed the responsibility for payment of the Bitcoin Strategy ProFund's organizational and offering costs which are estimated to be $104,000. The Advisor will not seek reimbursement from the ProFund with respect to these organizational and offering costs.

In addition, subject to the condition that the aggregate daily net assets of the Trust be equal to or greater than $10 billion, the Advisor has agreed to the following fee reductions with respect to each individual ProFund: 0.025% of the ProFund's daily net assets in excess of $500 million to $1 billion, 0.05% of the ProFund's daily net assets in excess of $1 billion to $2 billion, and 0.075% of the ProFund's net assets in excess of $2 billion. During the year ended July 31, 2021, no Fund's annual investment advisory fee was subject to such reductions.

Citi Fund Services Ohio, Inc. ("Citi") acts as the Trust's administrator (the "Administrator"). For its services as Administrator, the Trust paid Citi an annual fee based on the Trust's aggregate average net assets at a tier rate ranging from 0.00375% to 0.05%, and a base fee for certain filings. Administration fees also include additional fees paid to Citi by the Trust for additional services provided, including support of the Trust's compliance program.

Citi also acts as fund accounting agent for the Trust. For these services, the Trust pays Citi an annual fee based on the Trust's aggregate average net assets at a tier rate ranging from 0.00375% to 0.03%, a base fee, and reimbursement of certain expenses.

FIS Investor Services LLC ("FIS") acts as transfer agent for the Trust. For these services, the Trust pays FIS a base fee, account and service charges, and reimbursement of certain expenses.

ProFunds Distributors, Inc. (the "Distributor"), a wholly owned subsidiary of the Advisor, serves as the Trust's distributor. Under a Distribution and Shareholder Services Plan, adopted by the Board of Trustees pursuant to Rule 12b-1 under the 1940 Act, each ProFund may pay financial intermediaries such as broker-dealers, investment advisors and the Distributor up to 1.00%, on an annualized basis, of the average daily net assets attributable to Service Class shares as compensation for service and distribution-related activities and/or shareholder services with respect to Service Class shares. In addition, the Bitcoin Strategy Profund may pay financial intermediaries such as broker-dealers, investment advisors and the Distributor up to 0.25%, on an annualized basis, of the average daily net assets attributable to Investor Class shares as compensation for service and distribution-related activities and/or shareholder services with respect to Investor Class shares. For the period July 28, 2021 (commencement of operations) through July 31, 2021, the Bitcoin Strategy ProFund did not make any payments under this plan. DWS Investment Management Americas, Inc. ("DIMA") is the investment advisor to the Government Cash Management Portfolio in which the Government Money Market ProFund, another portfolio in the Trust, invests its assets.

The Advisor, pursuant to a separate Management Services Agreement, performs certain client support services and other administrative services on behalf of the ProFunds. For these services, each ProFund pays the Advisor a fee at the annual rate of 0.15% of its average daily net assets.

The Advisor, pursuant to a separate Services Agreement, performs certain services related to the operation and maintenance of a shareholder trading platform. For these services, the Trust pays the Advisor a monthly base fee as reflected on the Statements of Operations as "Service fees."

The ProFunds pay fees to certain intermediaries or financial institutions for record keeping, sub-accounting services, transfer agency and other administrative services as reflected on the Statements of Operations as "Administrative services fees."

Certain Officers and a Trustee of the Trust are affiliated with the Advisor or the Administrator. Except as noted below with respect to the Trust's Chief Compliance Officer, such Officers and Trustee receive no compensation from the ProFunds for serving in their respective roles. The Trust, together with affiliated Trusts, pays each Independent Trustees compensation for his services at an annual rate of $185,000. Independent Trustees also receive $10,000 for attending each regular quarterly in-person meeting, $3,000 for attending each special meeting, and $3,000 for attending each telephonic meeting. During the year ended July 31, 2021, actual

July 31, 2021 :: Notes to Financial Statements :: 345

Trustee compensation was $684,000 in aggregate from the Trust and affiliated trusts. There are certain employees of the Advisor, such as the Trust's Chief Compliance Officer and staff who administer the Trust's compliance program, in which the ProFunds reimburse the Advisor for their related compensation and certain other expenses incurred as reflected on the Statement of Operations as "Compliance services fees."

The Advisor has contractually agreed to waive advisory and management services fees, and if necessary, reimburse certain other expenses of the ProFunds for the periods listed below in order to limit the annual operating expenses (exclusive of brokerage costs, interest, taxes, dividends (including dividend expenses on securities sold short), litigation, indemnification, and extraordinary expenses) as follows:

	For the Period March 1, 2020 through February 28, 2021						For the Period March 1, 2021 through November 30, 2022
	Investor Class			Service Class			Investor Class			Service Class
Access Flex Bear High Yield ProFund*		1.78	%		2.78	%		1.78	%		2.78	%
Access Flex High Yield ProFund*		1.78	%		2.78	%		1.78	%		2.78	%

	For the Period July 28, 2021 through November 30, 2022
	Investor Class
Bitcoin Strategy ProFund**		0.84	%

	For the Period December 1, 2019 through November 30, 2020						For the Period December 1, 2020 through November 30, 2021
	Investor Class			Service Class			Investor Class			Service Class
Banks UltraSector ProFund		1.78	%		2.78	%		1.95	%		2.95	%
Basic Materials UltraSector ProFund		1.78	%		2.78	%		1.78	%		2.78	%
Bear ProFund		1.95	%		2.95	%		1.78	%		2.78	%
Biotechnology UltraSector ProFund		1.95	%		2.95	%		1.95	%		2.95	%
Bull ProFund		1.95	%		2.95	%		1.95	%		2.95	%
Communication Services UltraSector ProFund		1.95	%		2.95	%		1.78	%		2.78	%
Consumer Goods UltraSector ProFund		1.78	%		2.78	%		1.78	%		2.78	%
Consumer Services UltraSector ProFund		1.95	%		2.95	%		1.95	%		2.95	%
Europe 30 ProFund		1.78	%		2.78	%		1.78	%		2.78	%
Falling U.S. Dollar ProFund		1.78	%		2.78	%		1.78	%		2.78	%
Financials UltraSector ProFund		1.95	%		2.95	%		1.78	%		2.78	%
Health Care UltraSector ProFund		1.95	%		2.95	%		1.95	%		2.95	%
Industrials UltraSector ProFund		1.78	%		2.78	%		1.78	%		2.78	%
Internet UltraSector ProFund		1.95	%		2.95	%		1.95	%		2.95	%
Large-Cap Growth ProFund		1.95	%		2.95	%		1.95	%		2.95	%
Large-Cap Value ProFund		1.78	%		2.78	%		1.95	%		2.95	%
Mid-Cap Growth ProFund		1.95	%		2.95	%		1.95	%		2.95	%
Mid-Cap ProFund		1.95	%		2.95	%		1.78	%		2.78	%
Mid-Cap Value ProFund		1.78	%		2.78	%		1.78	%		2.78	%
Nasdaq-100 ProFund		1.95	%		2.95	%		1.95	%		2.95	%
Oil & Gas UltraSector ProFund		1.95	%		2.95	%		1.78	%		2.78	%
Oil Equipment & Services UltraSector ProFund		1.78	%		2.78	%		1.78	%		2.78	%
Pharmaceuticals UltraSector ProFund		1.78	%		2.78	%		1.78	%		2.78	%
Precious Metals UltraSector ProFund		1.95	%		2.95	%		1.95	%		2.95	%
Real Estate UltraSector ProFund		1.95	%		2.95	%		1.78	%		2.78	%
Rising Rates Opportunity ProFund		1.95	%		2.95	%		1.78	%		2.78	%
Rising Rates Opportunity 10 ProFund		1.78	%		2.78	%		1.78	%		2.78	%
Rising U.S. Dollar ProFund		1.78	%		2.78	%		1.78	%		2.78	%
Semiconductor UltraSector ProFund		1.95	%		2.95	%		1.95	%		2.95	%
Short Nasdaq-100 ProFund		1.78	%		2.78	%		1.78	%		2.78	%
Short Oil & Gas ProFund		1.78	%		2.78	%		1.78	%		2.78	%
Short Precious Metals ProFund		1.78	%		2.78	%		1.78	%		2.78	%
Short Real Estate ProFund		1.78	%		2.78	%		1.78	%		2.78	%
Short Small-Cap ProFund		1.78	%		2.78	%		1.78	%		2.78	%
Small-Cap Growth ProFund		1.95	%		2.95	%		1.78	%		2.78	%
Small-Cap ProFund		1.95	%		2.95	%		1.78	%		2.78	%
Small-Cap Value ProFund		1.95	%		2.95	%		1.78	%		2.78	%
Technology UltraSector ProFund		1.95	%		2.95	%		1.95	%		2.95	%
Telecommunications UltraSector ProFund		1.78	%		2.78	%		1.78	%		2.78	%
UltraBear ProFund		1.78	%		2.78	%		1.78	%		2.78	%
UltraBull ProFund		1.95	%		2.95	%		1.95	%		2.95	%
UltraChina ProFund		1.95	%		2.95	%		1.78	%		2.78	%

346 :: Notes to Financial Statements :: July 31, 2021

	For the Period December 1, 2019 through November 30, 2020						For the Period December 1, 2020 through November 30, 2021
	Investor Class			Service Class			Investor Class			Service Class
UltraDow 30 ProFund		1.95	%		2.95	%		1.95	%		2.95	%
UltraEmerging Markets ProFund		1.78	%		2.78	%		1.78	%		2.78	%
UltraInternational ProFund		1.78	%		2.78	%		1.78	%		2.78	%
UltraJapan ProFund		1.78	%		2.78	%		1.78	%		2.78	%
UltraLatin America ProFund		1.95	%		2.95	%		1.95	%		2.95	%
UltraMid-Cap ProFund		1.95	%		2.95	%		1.95	%		2.95	%
UltraNasdaq-100 ProFund		1.95	%		2.95	%		1.95	%		2.95	%
UltraShort China ProFund		1.78	%		2.78	%		1.78	%		2.78	%
UltraShort Dow 30 ProFund		1.78	%		2.78	%		1.78	%		2.78	%
UltraShort Emerging Markets ProFund		1.78	%		2.78	%		1.78	%		2.78	%
UltraShort International ProFund		1.78	%		2.78	%		1.78	%		2.78	%
UltraShort Japan ProFund		1.78	%		2.78	%		1.78	%		2.78	%
UltraShort Latin America ProFund		1.78	%		2.78	%		1.78	%		2.78	%
UltraShort Mid-Cap ProFund		1.78	%		2.78	%		1.78	%		2.78	%
UltraShort Nasdaq-100 ProFund		1.95	%		2.95	%		1.78	%		2.78	%
UltraShort Small-Cap ProFund		1.78	%		2.78	%		1.78	%		2.78	%
UltraSmall-Cap ProFund		1.95	%		2.95	%		1.78	%		2.78	%
U.S. Government Plus ProFund		1.70	%		2.70	%		1.70	%		2.70	%
Utilities UltraSector ProFund		1.95	%		2.95	%		1.95	%		2.95	%

* On April 23, 2021, Access Flex High Yield Fund and Access Flex Bear High Yield Fund reorganized into Access Flex High Yield ProFund and Access Flex Bear High Yield ProFund, respectively, through a plan of reorganization and termination that was approved by the Board of Trustees on December 10, 2020. The expense limitation for for each Fund's Investor Class and Service Class Shares was 1.78% and 2.78% both before and after this reorganization.

**  Bitcoin Strategy ProFund commenced operations on July 28, 2021.

The Advisor may recoup the advisory and management services fees contractually waived or limited and other expenses reimbursed by it within three years of the end of the contractual period; however, such recoupment will be limited to the lesser of any expense limitation in place at the time of recoupment or the expense limitation in place at the time of waiver or reimbursement. Any amounts recouped by the Advisor during the period are reflected on the Statement of Operations as "Recoupment of prior expenses reduced by the Advisor." As of July 31, 2021, the recoupments that may potentially be made by the ProFunds are as follows:

	Expires 2/28/22		Expires 2/28/23		Expires 2/28/24		Expires 11/30/24		Total
Access Flex Bear High Yield ProFund	$	28,419	$	30,929	$	42,649	$	12,830	$	114,827
Access Flex High Yield ProFund		—		—		68,776		—		68,776

	Expires 11/30/21		Expires 11/30/22		Expires 11/30/23		Expires 11/30/24		Total
Basic Materials UltraSector ProFund	$	—	$	10,140	$	—	$	6,378	$	16,518
Bitcoin Strategy ProFund		—		—		—		16,105		16,105
Communication Services UltraSector ProFund		12,234		—		3,277		5,387		20,898
Consumer Goods UltraSector ProFund		—		17,697		15,495		4,711		37,903
Europe 30 ProFund		21,134		21,547		20,637		6,772		70,090
Falling U.S. Dollar ProFund		37,906		58,781		23,352		15,246		135,285
Industrials UltraSector ProFund		—		—		12,506		—		12,506
Mid-Cap Value ProFund		2,811		3,030		16,008		2,111		23,960
Pharmaceuticals UltraSector ProFund		—		15,038		20,327		12,454		47,819
Real Estate UltraSector ProFund		—		—		5,655		729		6,384
Rising Rates Opportunity 10 ProFund		—		11,583		23,054		13,322		47,959
Rising U.S. Dollar ProFund		—		27,305		17,542		14,139		58,986
Short Nasdaq 100 ProFund		20,518		23,679		15,973		10,610		70,780
Short Oil & Gas ProFund		21,626		34,181		20,934		18,719		95,460
Short Precious Metals ProFund		26,832		27,268		37,670		8,622		100,392
Short Real Estate ProFund		20,084		25,295		32,302		18,823		96,504
Short Small Cap ProFund		28,002		27,437		39,153		18,200		112,792
Small-Cap ProFund		—		—		23,176		10,280		33,456
Telecommunications UltraSector ProFund		16,381		24,863		36,454		21,370		99,068
UltraBear ProFund		13,813		3,557		30,161		17,377		64,908
UltraInternational ProFund		—		12,789		30,332		12,896		56,017
UltraJapan ProFund		—		—		7,881		—		7,881
UltraShort China ProFund		10,413		26,295		30,877		19,724		87,309
UltraShort Dow 30 ProFund		16,346		24,097		20,771		22,353		83,567
UltraShort Emerging Markets ProFund		12,691		29,588		27,317		20,054		89,650

July 31, 2021 :: Notes to Financial Statements :: 347

	Expires 11/30/21		Expires 11/30/22		Expires 11/30/23		Expires 11/30/24		Total
UltraShort International ProFund	$	10,764	$	35,034	$	29,189	$	15,097	$	90,084
UltraShort Japan ProFund		33,225		39,480		29,550		19,654		121,909
UltraShort Latin America ProFund		31,376		27,687		23,861		19,226		102,150
UltraShort Mid-Cap ProFund		24,407		23,943		23,952		20,231		92,533
UltraShort Small-Cap ProFund		61,787		50,543		31,634		12,558		156,522
Utilities UltraSector ProFund		—		—		2,060		1,313		3,373

5. Securities Transactions

The cost of security purchases and the proceeds from the sale of securities (excluding securities maturing less than one year from acquisition) during the year ended July 31, 2021 were as follows:

	Purchases		Sales
Banks UltraSector ProFund	$	137,405,661	$	50,851,634
Basic Materials UltraSector ProFund		68,923,797		65,673,915
Biotechnology UltraSector ProFund		76,941,466		109,536,261
Bull ProFund		6,849,636		32,588,089
Communication Services UltraSector ProFund		10,706,435		8,485,939
Consumer Goods UltraSector ProFund		13,192,673		16,748,867
Consumer Services UltraSector ProFund		84,568,029		68,599,493
Europe 30 ProFund		19,328,226		21,213,612
Financials UltraSector ProFund		70,705,727		68,042,942
Health Care UltraSector ProFund		37,687,481		42,345,739
Industrials UltraSector ProFund		46,306,248		40,424,336
Internet UltraSector ProFund		89,987,772		108,372,216
Large-Cap Growth ProFund		106,050,390		132,063,959
Large-Cap Value ProFund		63,911,636		65,388,133
Mid-Cap Growth ProFund		47,473,126		89,851,308
Mid-Cap ProFund		6,252,065		5,077,990
Mid-Cap Value ProFund		48,145,213		49,766,940
Nasdaq-100 ProFund		359,981,368		372,770,816
Oil & Gas UltraSector ProFund		46,907,612		36,608,388
Oil Equipment & Services UltraSector ProFund		96,095,564		90,327,674
Pharmaceuticals UltraSector ProFund		6,279,003		6,692,674
Precious Metals UltraSector ProFund		34,013,699		36,592,113
Real Estate UltraSector ProFund		34,930,930		12,706,511
Semiconductor UltraSector ProFund		42,503,111		46,803,729
Small-Cap Growth ProFund		91,652,914		96,634,117
Small-Cap ProFund		7,366,130		3,716,487
Small-Cap Value ProFund		80,082,261		73,957,458
Technology UltraSector ProFund		64,812,445		73,911,044
Telecommunications UltraSector ProFund		2,094,517		2,022,357
UltraBull ProFund		47,640,258		21,995,002
UltraChina ProFund		49,777,700		45,843,292
UltraDow 30 ProFund		7,659,683		3,234,950
UltraEmerging Markets ProFund		26,433,783		32,712,301
UltraLatin America ProFund		21,984,711		25,607,616
UltraMid-Cap ProFund		37,002,381		14,304,020
UltraNasdaq-100 ProFund		457,943,164		160,002,804
UltraSmall-Cap ProFund		37,808,099		11,078,176
Utilities UltraSector ProFund		5,876,293		6,056,256

The cost of U.S. government security purchases and the proceeds from the sale of U.S. government securities (excluding securities maturing less than one year from acquisition) during the year ended July 31, 2021 were as follows:

	Purchases		Sales
Access Flex High Yield ProFund	$	117,190,182	$	118,482,893
U.S. Government Plus ProFund		14,926,275		29,215,575

6. Investment Risks

Some risks apply to all ProFunds, while others are specific to the investment strategy of certain ProFunds. Each ProFund may be subject to other risks in addition to these identified risks. This section discusses certain common principal risks encountered by the ProFunds. The risks are presented in an order intended to facilitate readability, and their order does not imply that the realization of one risk is likely to occur more frequently than another risk, nor does it imply that the realization of one risk is likely to have a greater adverse impact than another risk.

348 :: Notes to Financial Statements :: July 31, 2021

Risks Associated with the Use of Derivatives

Certain ProFunds may obtain investment exposure through derivatives. Investing in derivatives may be considered aggressive and may expose the ProFund to greater risks and may result in larger losses or smaller gains than investing directly in the reference asset(s) underlying those derivatives (e.g., securities in the Index). These risks include counterparty risk, liquidity risk and increased correlation risk. When the ProFund uses derivatives, there may be imperfect correlation between the value of the reference asset(s) underlying the derivative (e.g., securities in the Index) and the derivative, which may prevent the ProFund from achieving its investment objective. Because derivatives often require only a limited initial investment, the use of derivatives also may expose the ProFund to losses in excess of those amounts initially invested.

Certain ProFunds may use a combination of swaps on the Index and swaps on an ETF that is designed to track the performance of the Index. The performance of an ETF may not track the performance of the Index due to embedded costs and other factors. Thus, to the extent the Fund invests in swaps that use an ETF as the reference asset, each Fund may be subject to greater correlation risk and may not achieve as high a degree of correlation with the Index as it would if the Fund only used swaps on the Index.

Moreover, with respect to the use of swap agreements, if the Index has a dramatic intraday move that causes a material decline in a ProFund's net assets, the terms of a swap agreement between the ProFund and its counterparty may permit the counterparty to immediately close out the transaction with the ProFund. In that event, the ProFund may be unable to enter into another swap agreement or invest in other derivatives to achieve the desired exposure consistent with the ProFund's investment objective. This, in turn, may prevent the ProFund from achieving its investment objective, even if the Index reverses all or a portion of its intraday move by the end of the day. As a result, the value of an investment in the ProFund may change quickly and without warning. Any costs associated with using derivatives will also have the effect of lowering the ProFund's return.

The Bitcoin Futures Contracts market futures may be less developed, and potentially less liquid and more volatile, than more established futures markets. While the Bitcoin futures market has grown substantially since Bitcoin futures commenced trading, there can be no assurance that this growth will continue. Bitcoin futures are subject to collateral requirements and daily limits that may limit the Fund's ability to achieve the desired exposure. If the Fund is unable to meet its investment objective, the Fund's returns may be lower than expected. Additionally, these collateral requirements may require the Fund to liquidate its position when it otherwise would not do so.

Compounding Risk

Most of the ProFunds are "geared" funds ("Geared Funds") in the sense that the ProFund has an investment objective to match a multiple, the inverse, or an inverse multiple of the performance of a benchmark on a single day, not for any other period. A "single day" is measured from the time a ProFund calculates its net asset value ("NAV") to the time of the ProFund's next NAV calculation. These Geared Funds are subject to all of the correlation risks described below. In addition, because the ProFunds have a single day investment objective, for periods greater than one day, the effect of compounding may cause the performance of a ProFund to vary from the benchmark performance (or the inverse of the benchmark performance) times the stated multiple in the ProFund objective, as applicable, before accounting for fees and ProFund expenses. As explained in greater detail in their Prospectuses, as a result of compounding, Geared Funds are unlikely to provide a simple multiple (e.g. -1x, 2x, or -2x) of a benchmark's return over periods longer than a single day.

Leverage Risk

Certain ProFunds utilize leverage (i.e., obtain investment exposure in excess of their assets) in seeking to achieve their investment objective and will lose more money in market environments adverse to their daily objective than similar funds that do not employ leverage.

Because the ProFunds that utilize leverage include multipliers of 2x, 1.5x, or 1.25x (or sometimes the inverse thereof), a single day adverse price movement of more than 50%, 67% or 80%, respectively, in a relevant benchmark, could result in the total loss of an investor's investment.

Active Investor Risk

Each ProFund permits short-term trading of its securities. In addition, the Advisor expects a significant portion of the assets invested in a ProFund to come from professional money managers and investors who use the ProFund as part of active trading or tactical asset allocation strategies. These strategies often call for frequent trading to take advantage of anticipated changes in market conditions, which could increase portfolio turnover, and may result in additional costs for the ProFund. In addition, large movements of assets into and out of the ProFund may have a negative impact on the ProFund's ability to achieve its investment objective or maintain a consistent level of operating expenses. In certain circumstances, the ProFund's expense ratio may vary from current estimates or the historical ratio disclosed in the ProFund's prospectus.

Bitcoin Risk

The Bitcoin Strategy ProFund does not invest directly in Bitcoin. The Fund invests primarily in Bitcoin futures.

Bitcoin is a relatively new innovation and the market for Bitcoin is subject to rapid price swings, changes and uncertainty. The further development of the Bitcoin Network and the acceptance and use of Bitcoin are subject to a variety of factors that are difficult to evaluate. The slowing, stopping or reversing of the development of the Bitcoin Network or the acceptance of Bitcoin may adversely affect the price of Bitcoin. Bitcoin is subject to the risk of fraud, theft, manipulation or security failures, operational or other problems that impact Bitcoin trading venues. Additionally, if one or a coordinated group of miners were to gain control of 51% of the Bitcoin Network, they would have the ability to manipulate transactions, halt payments and fraudulently obtain Bitcoin. A significant portion of Bitcoin is held by a small number of holders sometimes referred to as "whales". These holders have the ability to manipulate the price of Bitcoin. Unlike the exchanges for more traditional assets, such as equity securities and futures contracts, Bitcoin and Bitcoin trading venues are largely unregulated. As a result of the lack of regulation, individuals or groups may engage in fraud or market manipulation and investors may be more

July 31, 2021 :: Notes to Financial Statements :: 349

exposed to the risk of theft, fraud and market manipulation than when investing in more traditional asset classes. Over the past several years, a number of Bitcoin trading venues have been closed due to fraud, failure or security breaches. Investors in Bitcoin may have little or no recourse should such theft, fraud or manipulation occur and could suffer significant losses. Legal or regulatory changes may negatively impact the operation of the Bitcoin Network or restrict the use of Bitcoin. The realization of any of these risks could result in a decline in the acceptance of Bitcoin and consequently a reduction in the value of Bitcoin, Bitcoin futures, and the Fund. The Bitcoin Network is collectively maintained by (1) a decentralized group of participants who run computer software that results in the recording and validation of transactions (commonly referred to as "miners"), (2) developers who propose improvements to the Bitcoin Protocol and the software that enforces the protocol and (3) users who choose which version of the bitcoin software to run. From time to time, the developers suggest changes to the bitcoin software. If a sufficient number of users and miners elect not to adopt the changes, a new digital asset, operating on the earlier version of the bitcoin software, may be created. This is often referred to as a "fork." The creation of a "fork" or a substantial giveaway of Bitcoin (sometimes referred to as an "air drop") may result in a significant and unexpected declines in the value of Bitcoin, Bitcoin futures, and the Fund.

Bitcoin Futures Risk

The market for bitcoin futures may be less developed, and potentially less liquid and more volatile, than more established futures markets. While the bitcoin futures market has grown substantially since bitcoin futures commenced trading, there can be no assurance that this growth will continue. Bitcoin futures are subject to collateral requirements and daily limits that may limit the Fund's ability to achieve the desired exposure. If the Fund is unable to meet its investment objective, the Fund's returns may be lower than expected. Additionally, these collateral requirements may require the Fund to liquidate its position when it otherwise would not do so.

When a bitcoin futures contract is nearing expiration, the Fund will generally sell it and use the proceeds to buy a bitcoin futures contract with a later expiration date. This is commonly referred to as "rolling". The costs associated with rolling bitcoin futures typically are substantially higher than the costs associated with other futures contracts and may have a significant adverse impact on the performance of the Fund.

Borrowing Risk

The Bitcoin Strategy ProFund may borrow for investment purposes using reverse repurchase agreements. The cost of borrowing may reduce the Fund's return. Borrowing may cause a Fund to liquidate positions under adverse market conditions to satisfy its repayment obligations. Borrowing increases the risk of loss and may increase the volatility of the Fund.

Active Management Risk

Access Flex Bear High Yield ProFund, Access Flex High Yield ProFund, and Bitcoin Strategy ProFund are actively managed, and their performance reflect the investment decisions that ProFund Advisors make for the Funds. ProFund Advisors' judgements about the Funds' investments may prove to be incorrect. If the investments selected and strategies employed by the Funds fail to produce the intended results, the Funds could underperform or have negative returns as compared to other funds with a similar investment objective and/ or strategies.

Concentration Risk

Concentration risk results from maintaining concentrated exposure to certain types of issuers, industries, market sectors, countries or geographical regions. A ProFund that concentrates its investments will be more susceptible to risks associated with that concentration. With respect to the UltraSector and Inverse Sector ProFunds, a ProFund may have significant exposure to an individual industry that constitutes a significant portion of that ProFund's benchmark. Such a ProFund will be more susceptible to the risks associated with that specific industry, which may be different from the risks generally associated with other benchmarks. Each ProFund will concentrate its investments in a particular industry or group of industries to approximately the same extent as its benchmark, up to the extent permitted by applicable regulatory guidance. Additionally, certain ProFunds that focus their investments in particular countries or geographic regions may be particularly susceptible to economic, political or regulatory events affecting those countries or regions. These ProFunds may be more volatile than a more geographically diversified ProFund. The Schedule of Portfolio Investments includes information on each ProFund's holdings, including industry and/or geographical composition, as relevant.

Correlation Risk

There is no guarantee that a ProFund will achieve a high degree of correlation with its benchmark. Failure to achieve a high degree of correlation may prevent a ProFund from achieving its investment objective, and the percentage change of the ProFund's NAV each day may differ, perhaps significantly, from the percentage change of the ProFund's benchmark on such day. This may be due, among other reasons, to the impact of a limited trading market in the underlying component securities on the calculation of the benchmark.

In order to achieve a high degree of correlation with the Index, a ProFund seeks to rebalance its portfolio daily to keep exposure consistent with its investment objective. Being materially under- or overexposed to the Index may prevent the ProFund from achieving a high degree of correlation with the Index. Market disruptions or closure, regulatory restrictions, market volatility and other factors will adversely affect the ProFund's ability to adjust exposure to requisite levels. The target amount of portfolio exposure is impacted dynamically by the Index's movements. Because of this, it is unlikely that the ProFund will have perfect leveraged exposure at the end of each day and the likelihood of being materially under- or overexposed is higher on days when the Index level is volatile at or near the close of the trading day.

A number of other factors may adversely affect a ProFund's correlation with its benchmark, including material over- or underexposure, fees, expenses, transaction costs, financing costs associated with the use of derivatives, income items, valuation methodology, accounting standards and disruptions or illiquidity in the markets for the securities or financial instruments in which a ProFund invests. A ProFund may not have investment exposure to all securities in its benchmark, or its weighting of investment exposure to stocks or industries may be different from that of the benchmark. In addition, a ProFund may invest in securities not included in the benchmark or in financial instruments. Each

350 :: Notes to Financial Statements :: July 31, 2021

ProFund may take or refrain from taking positions in order to improve tax efficiency or comply with regulatory restrictions, either of which may negatively affect the ProFund's correlation with its benchmark. A ProFund may also be subject to large movements of assets into and out of the ProFund, potentially resulting in the ProFund being over- or underexposed to its benchmark, and may be impacted by index reconstitutions and index rebalancing events. Additionally, a ProFund's underlying holdings or reference assets may trade on markets that may or may not be open on the same day as the ProFund. Each ProFund (other than the Classic ProFunds and the Falling U.S. Dollar ProFund) seeks to rebalance its portfolio daily to keep its leveraged, inverse or inverse leveraged exposure to the benchmark consistent with its investment objective. Any of these factors could decrease correlation between the performance of a ProFund and may hinder a ProFund's ability to meet its investment objective on or around that day.

Credit Default Swaps ("CDS") Risk

While the Access Flex Bear High Yield ProFund will normally be a net "buyer" of CDS and the Access Flex High Yield ProFund will normally be a net "seller" of CDS, at times the Access Flex Bear High Yield ProFund may be a net "seller" and the Access Flex High Yield ProFund may be a net "buyer" of CDS. When a ProFund is a seller of credit protection, upon the occurrence of a credit event, the ProFund will have an obligation to pay the full notional value of a defaulted reference entity less recovery value. When a ProFund is a buyer of credit protection, upon the occurrence of a credit event, the counterparty to the ProFund will have an obligation to pay the full notional value of a defaulted reference entity less recovery value. Recovery values for CDS are generally determined via an auction process to determine the final price for a given reference entity. Although, each ProFund intends, as practicable, to obtain exposure through centrally cleared CDS, an active market may not exist for any of the CDS in which a ProFund invests or in the reference entities subject to the CDS. As a result, a ProFund's ability to maximize returns or minimize losses on such CDS may be impaired. Other risks of CDS include difficulty in valuation due to the lack of pricing transparency and the risk that changes in the value of the CDS do not reflect changes in the credit quality of the underlying reference entities or may otherwise perform differently than expected given market conditions. Because a ProFund may use a single counterparty or a small number of counterparties, certain CDS involve many reference entities and there are no limitations on the notional amount established for the CDS. As a result, counterparty risk may be amplified.

Counterparty Risk

A ProFund that will invest in financial instruments involving third parties (i.e., counterparties) is subject to counterparty risk. The use of financial instruments, such as swap agreements or futures contracts, involves risks that are different from those associated with ordinary portfolio securities transactions. Certain ProFunds will be subject to credit risk (i.e., the risk that a counterparty is unwilling or unable to make timely payments to meet its contractual obligations) with respect to the amount they expect to receive from counterparties to financial instruments and repurchase agreements entered into by the ProFunds. Each ProFund generally structures the agreement such that either party can terminate the contract without penalty prior to the termination date. A ProFund may be negatively impacted if a counterparty becomes bankrupt or otherwise fails to perform its obligations, the value of an investment in each ProFund may decline. A ProFund may experience significant delays in obtaining any recovery in a bankruptcy or other reorganization proceeding and a ProFund may obtain only limited recovery or may obtain no recovery in such circumstances.

The ProFunds typically enter into transactions with counterparties whose credit rating at the time of the transaction is investment grade, as determined by a nationally recognized statistical rating organization, or, if unrated, judged by the Advisor to be of comparable quality. These are usually major, global financial institutions. Although the counterparty to an exchange-traded futures contract is often backed by a futures commission merchant ("FCM") or clearing organization that is further backed by a group of financial institutions, there may be instances in which the FCM or the clearing organization could fail to perform its obligations, causing significant losses to the ProFund. For example, a ProFund could lose margin payments it has deposited with a clearing organization as well as gains owed but not paid to the ProFund if the clearing organization becomes insolvent or otherwise fails to perform its obligations.

Under current CFTC regulations, a FCM maintains customers' assets in a bulk segregated account. If a FCM fails to do so, or is unable to satisfy a substantial deficit in a customer account, its other customers may be subject to risk of loss of their funds in the event of that FCM's bankruptcy. In that event, in the case of futures, the FCM's customers are entitled to recover, even in respect of property specifically traceable to them, only a proportional share of all property available for distribution to all of that FCM's customers. In the case of cleared swaps, customers of a FCM in bankruptcy are entitled to recover assets specifically attributable to them pursuant to new CFTC regulations, but may nevertheless risk loss of some or all of their assets due to accounting or operational issues or due to legal risk in connection with the application of bankruptcy law to cleared swaps.

Natural Disaster/Epidemic Risk

Natural or environmental disasters, such as earthquakes, fires, floods, hurricanes, tsunamis and other severe weather-related phenomena generally, and widespread disease, including pandemics and epidemics (for example, the novel coronavirus (COVID-19)), have been and can be highly disruptive to economies and markets and have recently led, and may continue to lead, to increased market volatility and significant market losses. Such as natural disaster and health crises could exacerbate political, social, and economic risks previously mentioned, and result in significant breakdowns, delays, shutdowns, social isolation, and other disruptions to important global, local and regional supply chains affected, with potential corresponding results on the operating performance of the Fund and its investments. A climate of uncertainty and panic, including the contagion of infectious viruses or diseases, may adversely affect global, regional, and local economies and reduce the availability of potential investment opportunities, and increases the difficulty of performing due diligence and modeling market conditions, potentially reducing the accuracy of financial projections. Under these circumstances, the Fund may have difficulty achieving its investment objective which may adversely impact performance. Further, such events can be highly disruptive to economies and markets, significantly disrupt the operations of individual companies (including, but not limited to, the Fund's investment advisor and third party service providers), sectors, industries, markets, securities and commodity exchanges, currencies, interest and inflation rates, credit ratings, investor sentiment, and other factors affecting the value of the Fund's investments. These factors can cause substantial market volatility, exchange trading suspensions and closures and can impact the ability of the Fund to complete redemptions and

July 31, 2021 :: Notes to Financial Statements :: 351

otherwise affect Fund performance and Fund trading in the secondary market. A widespread crisis may also affect the global economy in ways that cannot necessarily be foreseen at the current time. How long such events will last and whether they will continue or recur cannot be predicted. Impacts from these events could have significant impact on the Fund's performance, resulting in losses to your investment.

Risk that Current Assumptions and Expectations Could Become Outdated As a Result of Global Economic Shocks

In March 2020, U.S. equity markets entered a bear market in the fastest such move in the history of U.S. financial markets. During much of 2020, the unemployment rate in the U.S. was extremely high by historical standards. It is not possible to predict when unemployment and market conditions will return to more normal levels. Contemporaneous with the onset of the COVID-19 pandemic in the U.S., crude oil markets experienced shocks to the supply of and demand for crude oil. This led to an oversupply of crude oil, which impacted the price of crude oil and issuers in related markets. The global economic shocks being experienced as of the date hereof may cause the underlying assumptions and expectations of the Fund to quickly become outdated or inaccurate, resulting in significant losses.

Debt Instruments Risk

The ProFunds may invest in, or seek exposure to, debt instruments. 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 fixed income market. Additionally, the credit quality of the issuer of a debt instrument (including the risk of a potential default) can also affect the price of a debt instrument. The perceived or actual inability of issuers, guarantors, or liquidity providers of debt instruments to make scheduled interest payments can negatively impact the performance of the ProFund. Debt instruments may have varying levels of sensitivity to changes in interest rates and other factors. Typically, the price of outstanding debt instruments falls when interest rates rise. Without taking into account other factors, the prices of debt instruments with longer maturities may fluctuate more in response to interest rate changes than those of debt instruments with shorter maturities. In addition, changes in the credit quality of the issuer of a debt instrument (including a default) can also affect the price of a debt instrument. Many types of debt instruments are subject to prepayment risk, which is the risk that the issuer of the security will repay principal (in part or in whole) prior to the maturity date. Debt instruments allowing prepayment may offer less potential for gains during a period of declining interest rates, as a ProFund may be required to reinvest the proceeds received at lower interest rates. These factors may cause the value of an investment in the ProFund to change. Also, the securities of certain U.S. government agencies, authorities or instrumentalities are neither issued by nor guaranteed as to principal and interest by the U.S. government, and may be exposed to more credit risk than those issued by and guaranteed as to principal and interest by the U.S. government. All U.S. government securities are subject to credit risk. 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. Such a credit event may also adversely impact the financial markets. Certain ProFunds are inversely correlated to bond prices and will typically respond differently to the above factors than would a ProFund positively correlated to bond prices.

High Yield Risk

Investment in or exposure to high yield (lower rated) debt instruments (also known as "junk bonds") may involve greater levels of interest rate, credit, 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 predominantly 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. An economic downturn or period of rising interest rates could adversely affect the market for these securities and reduce market liquidity (liquidity risk). Less active markets may diminish a ProFund's ability to obtain accurate market quotations when valuing the portfolio securities and thereby give rise to valuation risk. High yield debt instruments may also present risks based on payment expectations. For example, these instruments may contain redemption or call provisions. If an issuer exercises these provisions in a declining interest rate market, the ProFund would have to replace the security with a lower yielding security, resulting in a decreased return for investors. If the issuer of a security is in default with respect to interest or principal payments, the issuer's security could lose its entire value. 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 a ProFund's performance. While the realization of certain of these risks may benefit the Access Flex Bear High Yield ProFund because it seeks investment results that correspond to the inverse of the high yield market, such occurrences may introduce more volatility to the ProFund.

Index Performance Risk

Certain ProFunds linked to an index will be subject to index performance risk. There is no guarantee or assurance that the methodology used by the third-party provider to create the Index will result in the ProFund achieving high, or even positive, returns. Further, there can be no guarantee that the methodology underlying the Index or the daily calculation of the Index will be free from error. It is also possible that the value of the Index may be subject to intentional manipulation by third-party market participants. The Index may underperform, and the ProFund could lose value, while other indices or measures of market performance increase in value.

Investment Capacity Risk

The Bitcoin Strategy ProFund's ability to obtain exposure to Bitcoin futures contracts consistent with its investment objective is disrupted for any reason including, limited liquidity in the Bitcoin futures market, a disruption to the Bitcoin futures market, or as a result of margin requirements or position limits imposed by the Fund's futures commission merchants ("FCMs"), the CME, or the CFTC, the Fund would not be able to achieve its investment objective and may experience significant losses. The Adviser may, in its sole discretion and without prior notice, limit or reject purchases of Fund shares. This is often referred to as "closing" the Fund. The Adviser may re-open the Fund in its sole discretion and without prior notice.

352 :: Notes to Financial Statements :: July 31, 2021

LIBOR Risk

The terms of many investments, financings or other transactions to which a Fund may be a party have been historically tied to the London Interbank Offered Rate, or "LIBOR." LIBOR is the offered rate at which major international banks can obtain wholesale, unsecured funding, and LIBOR may be available for different durations (e.g., 1 month or 3 months) and for different currencies. LIBOR may be a significant factor in determining a Fund's payment obligations under a derivative investment, the cost of financing to a Fund or an investment's value or return to a Fund, and may be used in other ways that affect a Fund's investment performance. In July 2017, the Financial Conduct Authority (the "FCA"), the United Kingdom's financial regulatory body, announced that after 2021 it will cease its active encouragement of banks to provide the quotations needed to sustain LIBOR. On March 5, 2021, the FCA and LIBOR's administrator, ICE Benchmark Administration ("IBA"), announced that most LIBOR settings will no longer be published after the end of 2021 and a majority of U.S. dollar LIBOR settings will no longer be published after June 30, 2023. It is possible that the FCA may compel the IBA to publish a subset of LIBOR settings after these dates on a "synthetic" basis, but any such publications would be considered non-representative of the underlying market. Actions by regulators have resulted in the establishment of alternative reference rates to LIBOR in most major currencies (e.g., the Secured Overnight Financing Rate, which is intended to replace the U.S. dollar LIBOR). Alternative reference rates can differ significantly from LIBOR – both in the actual rate and how it is calculated – and it is unclear whether and when markets will adopt these rates as a widely accepted replacement for LIBOR. Various financial industry groups have begun planning for transition away from LIBOR, but there are also obstacles to converting certain securities and transactions to new reference rates. Markets are developing slowly and questions around liquidity in these rates and how to appropriately adjust these rates to mitigate any economic value transfer at the time of transition remain a significant concern. Neither the effect of the transition process nor its ultimate success can yet be known. The transition process might lead to increased volatility and illiquidity in markets for instruments whose terms currently include LIBOR. It could also lead to a reduction in the value of some LIBOR based investments and reduce the effectiveness of new hedges placed against existing LIBOR-based investments. While some LIBOR-based instruments may contemplate a scenario where LIBOR is no longer available by providing for an alternative rate-setting methodology and/or increased costs for certain LIBOR-related instruments or financing transactions, not all may have such provisions and there may be significant uncertainty regarding the effectiveness of any such alternative methodologies, resulting in prolonged adverse market conditions for a Fund. Since the usefulness of LIBOR as a benchmark could deteriorate during the transition period, these effects could occur prior to the end of 2021. There also remains uncertainty and risk regarding the willingness and ability of issuers to include enhanced provisions in new and existing contracts or instruments. All of the aforementioned may adversely affect a Fund's performance or NAV.

Liquidity Risk

In certain circumstances, such as the disruption of the orderly markets for the securities or financial instruments in which a ProFund invests, the ProFunds might not be able to acquire or dispose of certain holdings quickly or at prices that represent true fair value in the judgment of the Advisor. Markets for the securities or financial instruments in which a ProFund invests may be disrupted by a number of events, including but not limited to economic crises, natural disasters, 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 securities would likely reduce the liquidity of those securities. These situations may prevent a ProFund from limiting losses, realizing gains, or from achieving a high correlation (or inverse correlation) with its underlying benchmark.

The market for the Bitcoin futures contracts is still developing and may be subject to periods of illiquidity. During such times it may be difficult or impossible to buy or sell a position at the desired price. Market disruptions or volatility can also make it difficult to find a counterparty willing to transact at a reasonable price and sufficient size. Illiquid markets may cause losses, which could be significant. The large size of the positions which the Fund may acquire increases the risk of illiquidity, may make its positions more difficult to liquidate, and increase the losses incurred while trying to do so.

7. Federal Income Tax Information

The tax character of distributions paid to shareholders during the applicable tax years ended as noted below, were as follows:

	Year Ended 2020										Year Ended 2019
	Distributions Paid from Ordinary Income		Distributions Paid from Net Long-Term Capital Gains		Taxable Overdistribution		Tax Return of Capital		Total Distributions Paid		Distributions Paid from Ordinary Income		Distributions Paid from Net Long-Term Capital Gains		Tax Return of Capital		Total Distributions Paid
December 31
Bear ProFund	$	8,361	$	—	$	—	$	—	$	8,361	$	43,064	$	—	$	—	$	43,064
Bull ProFund		3,962,399		—		—		—		3,962,399		1,081,038		76,752		—		1,157,790
Europe 30 ProFund		104,574		—		—		—		104,574		39,836		—		—		39,836
UltraBear ProFund		37,071		—		—		—		37,071		—		—		—		—
UltraBull ProFund		9,602,431		4,135,538		—		—		13,737,969		651,715		—		—		651,715
UltraNasdaq-100 ProFund		74,202,741		8,972,321		—		—		83,175,062		32,830,742		—		—		32,830,742
UltraShort Nasdaq-100 ProFund		6,099		—		—		—		6,099		48,964		—		—		48,964
October 31
Access Flex High Yield ProFund		547,098		—		—		59,251		606,349		1,173,721		—		—		1,173,721

July 31, 2021 :: Notes to Financial Statements :: 353

	Year Ended 2020										Year Ended 2019
	Distributions Paid from Ordinary Income		Distributions Paid from Net Long-Term Capital Gains		Taxable Overdistribution		Tax Return of Capital		Total Distributions Paid		Distributions Paid from Ordinary Income		Distributions Paid from Net Long-Term Capital Gains		Tax Return of Capital		Total Distributions Paid
Banks UltraSector ProFund	$	147,431	$	—	$	—	$	—	$	147,431	$	119,956	$	—	$	—	$	119,956
Biotechnology UltraSector ProFund		—		6,477,017		—		—		6,477,017		—		10,305,610		—		10,305,610
Communication Services UltraSector ProFund		202,746		—		—		—		202,746		—		—		—		—
Consumer Goods UltraSector ProFund		80,976		61,866		—		—		142,842		66,178		—		—		66,178
Consumer Services UltraSector ProFund		—		—		—		—		—		1,852,834		210,263		—		2,063,097
Financials UltraSector ProFund		153,234		—		34,237		—		187,471		—		—		—		—
Health Care UltraSector ProFund		12,104		—		—		—		12,104		14,197		—		—		14,197
Internet UltraSector ProFund		177,930		28,278		—		—		206,208		—		—		—		—
Large-Cap Growth ProFund		341,415		492,743		—		—		834,158		394,294		61,365		—		455,659
Large-Cap Value ProFund		—		—		—		—		—		175,168		10,206		—		185,374
Mid-Cap ProFund		—		358,894		—		—		358,894		108,018		368,562		—		476,580
Mid-Cap Value ProFund		17,715		—		—		3,366		21,081		55,224		102,228		—		157,452
Nasdaq-100 ProFund		498,352		387,756		—		—		886,108		—		—		—		—
Oil & Gas UltraSector ProFund		153,992		—		—		—		153,992		268,584		—		—		268,584
Oil Equipment & Services UltraSector ProFund		—		—		—		—		—		107,482		—		—		107,482
Pharmaceuticals UltraSector ProFund		—		—		—		—		—		10,251		223,297		751		234,299
Real Estate UltraSector ProFund		101,880		80,388		—		184,976		367,244		727,007		—		—		727,007
Rising Rates Opportunity ProFund		188,442		—		—		—		188,442		—		—		—		—
Rising Rates Opportunity 10 ProFund		17,678		—		—		—		17,678		—		—		—		—
Rising U.S. Dollar ProFund		23,144		—		—		—		23,144		4,667		99,020		—		103,687
Semiconductor UltraSector ProFund		88,463		—		—		—		88,463		3,476,900		9,999,137		—		13,476,037
Short Nasdaq-100 ProFund		11,298		—		—		—		11,298		—		—		—		—
Short Oil & Gas ProFund		4,714		—		—		—		4,714		—		—		—		—

354 :: Notes to Financial Statements :: July 31, 2021

	Year Ended 2020										Year Ended 2019
	Distributions Paid from Ordinary Income		Distributions Paid from Net Long-Term Capital Gains		Taxable Overdistribution		Tax Return of Capital		Total Distributions Paid		Distributions Paid from Ordinary Income		Distributions Paid from Net Long-Term Capital Gains		Tax Return of Capital		Total Distributions Paid
Short Precious Metals ProFund	$	18,058	$	—	$	—	$	—	$	18,058	$	—	$	—	$	—	$	—
Short Small-Cap ProFund		7,330		—		—		—		7,330		—		—		—		—
Small-Cap Growth ProFund		—		—		—		—		—		329,395		638,299		—		967,694
Small-Cap Value ProFund		—		—		3,975		—		3,975		182,542		199,434		—		381,976
Technology UltraSector ProFund		—		—		—		—		—		60,390		—		—		60,390
Telecommunications UltraSector ProFund		20,443		—		—		—		20,443		37,414		—		—		37,414
UltraChina ProFund		18,540		—		—		—		18,540		—		—		—		—
UltraDow 30 ProFund		660,094		—		—		—		660,094		250,371		—		—		250,371
UltraEmerging Markets ProFund		—		—		—		—		—		73,918		—		—		73,918
UltraLatin America ProFund		475,022		—		—		—		475,022		455,847		—		—		455,847
UltraMid-Cap ProFund		899,431		679,608		88,692		—		1,667,731		64,061		—		—		64,061
UltraShort China ProFund		14,251		—		—		—		14,251		—		—		—		—
UltraShort Dow 30 ProFund		13,291		—		—		—		13,291		—		—		—		—
UltraShort Emerging Markets ProFund		7,510		—		—		—		7,510		—		—		—		—
UltraShort International ProFund		15,691		—		—		—		15,691		—		—		—		—
UltraShort Latin America ProFund		12,538		—		—		—		12,538		—		—		—		—
UltraShort Mid-Cap ProFund		7,614		—		—		—		7,614		—		—		—		—
UltraShort Small-Cap ProFund		17,184		—		—		—		17,184		—		—		—		—
UltraSmall-Cap ProFund		—		—		—		—		—		37,378		—		—		37,378
U.S. Government Plus ProFund		35,572		—		—		—		35,572		287,057		—		—		287,057
Utilities UltraSector ProFund		489,768		—		—		—		489,768		270,878		—		—		270,878

As of the latest tax year ended, as noted below, the components of accumulated earnings (deficit) on a tax basis were as follows:

	Undistributed Ordinary Income		Undistributed Long-Term Capital Gains		Distributions Payable		Accumulated Capital and Other Losses			Unrealized Appreciation (Depreciation)			Total Accumulated Earnings (Deficit)
December 31
Bear ProFund	$	—	$	—	$	—	$	(66,920,287	)	$	(68,224	)	$	(66,988,511	)
Bull ProFund		1,995,004		1,412,029		—		—			34,463,802			37,870,835
Europe 30 ProFund		33,014		—		—		(4,229,774	)		82,998			(4,113,762	)
UltraBear ProFund		—		—		—		(94,866,711	)		(76,942	)		(94,943,653	)
UltraBull ProFund		5,070,936		2,554,659		—		—			35,924,550			43,550,145
UltraJapan ProFund		675,944		1,304,962		—		—			917			1,981,823

July 31, 2021 :: Notes to Financial Statements :: 355

	Undistributed Ordinary Income		Undistributed Long-Term Capital Gains		Distributions Payable		Accumulated Capital and Other Losses			Unrealized Appreciation (Depreciation)			Total Accumulated Earnings (Deficit)
UltraNasdaq-100 ProFund	$	71,389,359	$	16,381,904	$	—	$	—		$	334,375,912		$	422,147,175
UltraShort Nasdaq-100 ProFund		—		—		—		(48,771,641	)		(72,717	)		(48,844,358	)
October 31
Access Flex Bear High Yield ProFund		—		—		—		(5,399,206	)		—			(5,399,206	)
Access Flex High Yield ProFund		—		—		—		(171,502	)		(16,436	)		(187,938	)
Banks UltraSector ProFund		—		—		—		—			381,837			381,837
Basic Materials UltraSector ProFund		62,732		4,525		—		—			664,526			731,783
Biotechnology UltraSector ProFund		17,310,398		—		—		—			51,597,537			68,907,935
Communication Services UltraSector ProFund		—		—		—		—			416,744			416,744
Consumer Goods UltraSector ProFund		—		—		—		(471,165	)		1,734,859			1,263,694
Consumer Services UltraSector ProFund		1,939,814		1,051,800		—		—			14,129,238			17,120,852
Falling U.S. Dollar ProFund		—		—		—		(2,583,884	)		—			(2,583,884	)
Financials UltraSector ProFund		—		—		—		(316,383	)		412,430			96,047
Health Care UltraSector ProFund		—		—		—		(3,557,374	)		6,090,512			2,533,138
Industrials UltraSector ProFund		—		—		—		(2,007,969	)		1,526,491			(481,478	)
Internet UltraSector ProFund		27,272,745		12,588,417		—		—			60,166,971			100,028,133
Large-Cap Growth ProFund		750,825		650,090		—		—			16,533,335			17,934,250
Large-Cap Value ProFund		—		—		—		(2,242,218	)		11,032			(2,231,186	)
Mid-Cap Growth ProFund		288,094		613,001		—		—			2,625,742			3,526,837
Mid-Cap ProFund		—		—		—		(51,062	)		1,013,337			962,275
Mid-Cap Value ProFund		—		—		—		(826,382	)		(30,904	)		(857,286	)
Nasdaq-100 ProFund		1,491,583		348,686		—		—			45,399,021			47,239,290
Oil & Gas UltraSector ProFund		113,935		—		—		(15,518,284	)		(1,160,302	)		(16,564,651	)
Oil Equipment & Services UltraSector ProFund		17,573		—		—		(17,409,459	)		(4,886,532	)		(22,278,418	)
Pharmaceuticals UltraSector ProFund		—		16,620		—		(29,796	)		458,813			445,637
Precious Metals UltraSector ProFund		—		—		—		(55,484,356	)		10,183,372			(45,300,984	)
Real Estate UltraSector ProFund		—		—		—		(2,882,133	)		1,445,332			(1,436,801	)
Rising Rates Opportunity ProFund		—		—		—		(50,807,262	)		289,968			(50,517,294	)
Rising Rates Opportunity 10 ProFund		—		—		—		(4,197,124	)		23,253			(4,173,871	)
Rising U.S. Dollar ProFund		—		—		—		(667,755	)		—			(667,755	)
Semiconductor UltraSector ProFund		—		—		—		(5,238,389	)		22,088,008			16,849,619
Short Nasdaq-100 ProFund		—		—		—		(14,576,472	)		1,183,093			(13,393,379	)
Short Oil & Gas ProFund		—		—		—		(529,892	)		244,414			(285,478	)
Short Precious Metals ProFund		—		—		—		(10,902,460	)		28,551			(10,873,909	)
Short Real Estate ProFund		—		—		—		(4,537,148	)		85,447			(4,451,701	)
Short Small-Cap ProFund		—		—		—		(13,322,103	)		38,668			(13,283,435	)
Small-Cap Growth ProFund		—		—		—		(2,339,464	)		1,439,975			(899,489	)
Small-Cap ProFund		—		—		—		(982,468	)		387,155			(595,313	)
Small-Cap Value ProFund		—		—		—		(760,136	)		(375,892	)		(1,136,028	)
Technology UltraSector ProFund		1,627,121		8,141		—		—			21,288,563			22,923,825
Telecommunications UltraSector ProFund		4,660		—		—		(5,733,937	)		(29,485	)		(5,758,762	)
UltraChina ProFund		—		—		—		(7,179,341	)		4,046,072			(3,133,269	)
UltraDow 30 ProFund		55,323		580,970		—		—			6,884,548			7,520,841
UltraEmerging Markets ProFund		—		—		—		(7,117,182	)		2,629,455			(4,487,727	)
UltraInternational ProFund		—		—		—		(784,647	)		(102,109	)		(886,756	)
UltraLatin America ProFund		95,461		—		—		(34,297,226	)		(5,518,609	)		(39,720,374	)
UltraMid-Cap ProFund		—		—		—		(8,417,820	)		3,818,981			(4,598,839	)
UltraShort China ProFund		—		—		—		(6,557,052	)		43,090			(6,513,962	)
UltraShort Dow 30 ProFund		—		—		—		(21,319,772	)		479,016			(20,840,756	)
UltraShort Emerging Markets ProFund		—		—		—		(12,379,764	)		75,885			(12,303,879	)
UltraShort International ProFund		—		—		—		(15,840,098	)		174,567			(15,665,531	)
UltraShort Japan ProFund		—		—		—		(10,423,298	)		1,864			(10,421,434	)
UltraShort Latin America ProFund		—		—		—		(14,121,729	)		316,198			(13,805,531	)
UltraShort Mid-Cap ProFund		—		—		—		(9,530,653	)		91,960			(9,438,693	)
UltraShort Small-Cap ProFund		—		—		—		(49,928,543	)		631,993			(49,296,550	)
UltraSmall-Cap ProFund		—		—		—		—			2,060,874			2,060,874
U.S. Government Plus ProFund		—		—		—		—			(337,479	)		(337,479	)
Utilities UltraSector ProFund		9,521		—		—		(7,768,370	)		3,171,881			(4,586,968	)

356 :: Notes to Financial Statements :: July 31, 2021

Under current tax law, capital and specific ordinary losses realized after October 31 may be deferred and treated as occurring on the first business day of the following tax fiscal year. As of the end of their respective tax years ended October 31, 2020 and December 31, 2020, the following ProFunds had deferred losses, which will be treated as arising on the first day of the tax fiscal years ending in October 31, 2020 and December 31, 2020:

	Qualified Late Year Ordinary Losses
October 31 tax year end ProFunds
Access Flex Bear High Yield ProFund	$	57,187
Falling U.S. Dollar ProFund		13,793
Health Care UltraSector ProFund		110,906
Industrials UltraSector ProFund		15,547
Mid-Cap ProFund		51,062
Pharmaceuticals UltraSector ProFund		29,796
Precious Metals UltraSector ProFund		306,630
Rising Rates Opportunity ProFund		106,926
Rising Rates Opportunity 10 ProFund		26,632
Rising U.S. Dollar ProFund		134,025
Semiconductor UltraSector ProFund		191,830
Short Oil & Gas ProFund		37,173
Short Precious Metals ProFund		23,918
Short Real Estate ProFund		21,419
Short Small-Cap ProFund		35,518
Small-Cap Growth ProFund		172,597
Small-Cap ProFund		36,069
Small-Cap Value ProFund		14,022
UltraChina ProFund		25,170
UltraEmerging Markets ProFund		21,696
UltraInternational ProFund		26,930
UltraMid-Cap ProFund		145,231
UltraShort China ProFund		14,900
UltraShort Dow 30 ProFund		86,320
UltraShort Emerging Markets ProFund		20,250
UltraShort International ProFund		38,991
UltraShort Japan ProFund		8,437
UltraShort Latin America ProFund		56,268
UltraShort Mid-Cap ProFund		36,703
UltraShort Small-Cap ProFund		126,521

As of the end of their respective tax years ended October 31, 2020 and December 31, 2020, the following ProFunds have capital loss carry forwards ("CLCFs") as summarized in the table below. CLCFs subject to expiration are applied as short-term capital loss regardless of whether the originating capital loss was short-term or long-term. CLCFs that are not subject to expiration must be utilized before those that are subject to expiration.

Fund	No Expiration Date
Access Flex Bear High Yield ProFund	$	5,342,019
Access Flex High Yield ProFund		171,502
Bear ProFund		66,920,287
Consumer Goods UltraSector ProFund		471,165
Europe 30 ProFund		4,229,774
Falling U.S. Dollar ProFund		2,570,091
Financials UltraSector ProFund		316,383
Health Care UltraSector ProFund		3,446,468
Industrials UltraSector ProFund		1,992,422
Large-Cap Value ProFund		2,242,218
Mid-Cap Value ProFund		826,382
Oil & Gas UltraSector ProFund		15,518,284
Oil Equipment & Services UltraSector ProFund		17,409,459
Precious Metals UltraSector ProFund		55,177,726
Real Estate UltraSector ProFund		2,882,133
Rising Rates Opportunity ProFund		50,700,336
Rising Rates Opportunity 10 ProFund		4,170,492
Rising U.S. Dollar ProFund		533,730

July 31, 2021 :: Notes to Financial Statements :: 357

Fund	No Expiration Date
Semiconductor UltraSector ProFund	$	5,046,559
Short Nasdaq-100 ProFund		14,576,472
Short Oil & Gas ProFund		492,719
Short Precious Metals ProFund		10,878,542
Short Real Estate ProFund		4,515,729
Short Small-Cap ProFund		13,286,585
Small-Cap Growth ProFund		2,166,867
Small-Cap ProFund		946,399
Small-Cap Value ProFund		746,114
Telecommunications UltraSector ProFund		5,733,937
UltraBear ProFund		94,866,711
UltraChina ProFund		7,154,171
UltraEmerging Markets ProFund		7,095,486
UltraInternational ProFund		757,717
UltraLatin America ProFund		34,297,226
UltraMid-Cap ProFund		8,272,589
UltraShort China ProFund		6,542,152
UltraShort Dow 30 ProFund		21,233,452
UltraShort Emerging Markets ProFund		12,359,514
UltraShort International ProFund		15,801,107
UltraShort Japan ProFund		10,414,861
UltraShort Latin America ProFund		14,065,461
UltraShort Mid-Cap ProFund		9,493,950
UltraShort Nasdaq-100 ProFund		48,771,641
UltraShort Small-Cap ProFund		49,802,022
Utilities UltraSector ProFund		7,768,370

Unused limitations accumulate and increase limited CLCFs available for use in offsetting net capital gains. The tax character of current year distributions paid and the tax basis of the current components of accumulated earnings (deficit) and any CLCFs will be determined at the end of the current tax years. The Trust's Board of Trustees does not intend to authorize a distribution of any realized gain for a ProFund until any applicable CLCF has been offset or expires.

As of the end of their respective tax years ended October 31, 2020 and December 31, 2020, the cost, gross unrealized appreciation and gross unrealized depreciation on investment securities and derivative instruments, for federal income tax purposes, were as follows:

	Tax Cost		Tax Unrealized Appreciation		Tax Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
December 31
Bear ProFund	$	13,298,000	$	—	$	(68,224	)	$	(68,224	)
Bull ProFund		36,227,498		38,027,075		(3,563,273	)		34,463,802
Europe 30 ProFund		4,132,956		774,459		(691,461	)		82,998
UltraBear ProFund		7,261,000		—		(76,942	)		(76,942	)
UltraBull ProFund		78,886,500		42,206,190		(6,281,640	)		35,924,550
UltraJapan ProFund		14,188,000		917		—			917
UltraNasdaq-100 ProFund		587,084,062		356,156,210		(21,780,298	)		334,375,912
UltraShort Nasdaq-100 ProFund		9,411,000		—		(72,717	)		(72,717	)
October 31
Access Flex Bear High Yield ProFund		488,000		—		—			—
Access Flex High Yield ProFund		31,371,266		—		(16,436	)		(16,436	)
Banks UltraSector ProFund		7,132,914		2,893,263		(2,511,426	)		381,837
Basic Materials UltraSector ProFund		4,790,502		1,552,997		(888,471	)		664,526
Biotechnology UltraSector ProFund		83,081,553		58,582,730		(6,985,193	)		51,597,537
Communication Services UltraSector ProFund		5,661,525		970,417		(553,673	)		416,744
Consumer Goods UltraSector ProFund		4,703,195		2,344,195		(609,336	)		1,734,859
Consumer Services UltraSector ProFund		77,958,434		20,578,870		(6,449,632	)		14,129,238
Falling U.S. Dollar ProFund		1,023,000		—		—			—
Financials UltraSector ProFund		3,265,555		1,848,662		(1,436,232	)		412,430
Health Care UltraSector ProFund		8,446,352		7,316,459		(1,225,947	)		6,090,512
Industrials UltraSector ProFund		4,070,220		1,931,505		(405,014	)		1,526,491
Internet UltraSector ProFund		119,352,016		77,366,152		(17,199,181	)		60,166,971
Large-Cap Growth ProFund		30,280,462		18,268,935		(1,735,600	)		16,533,335
Large-Cap Value ProFund		3,205,619		1,084,995		(1,073,963	)		11,032
Mid-Cap Growth ProFund		31,567,229		4,567,126		(1,941,384	)		2,625,742
Mid-Cap ProFund		3,125,252		1,400,257		(386,920	)		1,013,337

358 :: Notes to Financial Statements :: July 31, 2021

	Tax Cost		Tax Unrealized Appreciation		Tax Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Mid-Cap Value ProFund	$	5,190,524	$	883,310	$	(914,214	)	$	(30,904	)
Nasdaq-100 ProFund		55,379,628		48,666,487		(3,267,466	)		45,399,021
Oil & Gas UltraSector ProFund		9,884,789		1,281,580		(2,441,882	)		(1,160,302	)
Oil Equipment & Services UltraSector ProFund		12,660,092		373,143		(5,259,675	)		(4,886,532	)
Pharmaceuticals UltraSector ProFund		3,052,330		1,161,281		(702,468	)		458,813
Precious Metals UltraSector ProFund		30,680,056		17,313,074		(7,129,702	)		10,183,372
Real Estate UltraSector ProFund		2,501,034		1,870,765		(425,433	)		1,445,332
Rising Rates Opportunity ProFund		7,161,000		289,968		—			289,968
Rising Rates Opportunity 10 ProFund		1,869,000		23,253		—			23,253
Rising U.S. Dollar ProFund		6,325,000		—		—			—
Semiconductor UltraSector ProFund		51,129,162		26,227,876		(4,139,868	)		22,088,008
Short Nasdaq-100 ProFund		43,615,000		1,183,093		—			1,183,093
Short Oil & Gas ProFund		5,028,000		244,414		—			244,414
Short Precious Metals ProFund		2,168,000		28,551		—			28,551
Short Real Estate ProFund		2,245,000		85,447		—			85,447
Short Small-Cap ProFund		1,298,000		38,668		—			38,668
Small-Cap Growth ProFund		6,444,202		2,475,174		(1,035,199	)		1,439,975
Small-Cap ProFund		2,435,950		629,952		(242,797	)		387,155
Small-Cap Value ProFund		3,055,118		692,404		(1,068,296	)		(375,892	)
Technology UltraSector ProFund		64,999,486		27,450,555		(6,161,992	)		21,288,563
Telecommunications UltraSector ProFund		759,359		136,452		(165,937	)		(29,485	)
UltraChina ProFund		11,030,004		6,620,247		(2,574,175	)		4,046,072
UltraDow 30 ProFund		16,105,833		9,129,556		(2,245,008	)		6,884,548
UltraEmerging Markets ProFund		12,151,322		4,651,388		(2,021,933	)		2,629,455
UltraInternational ProFund		2,316,000		—		(102,109	)		(102,109	)
UltraLatin America ProFund		15,988,720		2,176,256		(7,694,865	)		(5,518,609	)
UltraMid-Cap ProFund		26,873,832		7,723,051		(3,904,070	)		3,818,981
UltraShort China ProFund		853,000		43,090		—			43,090
UltraShort Dow 30 ProFund		7,259,000		479,016		—			479,016
UltraShort Emerging Markets ProFund		869,000		75,885		—			75,885
UltraShort International ProFund		3,053,000		174,567		—			174,567
UltraShort Japan ProFund		1,002,000		1,864		—			1,864
UltraShort Latin America ProFund		3,893,000		316,198		—			316,198
UltraShort Mid-Cap ProFund		5,319,000		91,960		—			91,960
UltraShort Small-Cap ProFund		9,206,000		631,993		—			631,993
UltraSmall-Cap ProFund		32,326,706		6,565,170		(4,504,296	)		2,060,874
U.S. Government Plus ProFund		19,890,000		—		(337,479	)		(337,479	)
Utilities UltraSector ProFund		6,418,363		3,840,208		(668,327	)		3,171,881

The Bitcoin Strategy ProFund commenced operations on July 28, 2021. The tax character of distributions paid, the tax basis of the components of accumulated earnings (deficit) and any CLCFs, and the cost, gross unrealized appreciation and gross unrealized depreciation on investment securities and derivative instruments, for federal income tax purposes will be determined at the end of the Bitcoin Strategy ProFund's first tax year.

8. Transactions with Lehman Brothers Holdings, Inc.

On September 15, 2008, Lehman Brothers Holdings, Inc. filed a petition for Chapter 11 bankruptcy. Prior thereto, the ProFunds transacted business with subsidiaries of Lehman Brothers Holdings, Inc. (altogether, "Lehman") whereby Lehman acted as a counterparty to certain derivative transactions. All derivatives transactions with Lehman were terminated prior to September 15, 2008, but certain settlement payments relating to such transactions were not due to be made until on or after that date. Settlement of these transactions has been delayed due to Lehman's bankruptcy proceedings.

As of July 31, 2021, Access Flex Bear High Yield ProFund was owed $299,294 and the Rising U.S. Dollar ProFund was owed $ 690,856 of the original amount owed, as of September 15, 2008, of $925,069 and $2,135,323, respectively, from over-the-counter derivatives transactions with Lehman. To the extent Lehman fails to fully pay the Access Flex Bear High Yield ProFund and the Rising U.S Dollar ProFund by the conclusion of the bankruptcy in connection with the settlement of such transactions, the Advisor, an affiliate of the Trust, has entered into a Receivables Agreement dated September 15, 2008 to reimburse each ProFund for any shortfall in payments from Lehman. Specifically, the Receivables Agreement among the Advisor, ProShare Advisors LLC (an investment adviser affiliated with the Advisor) and ProFunds Trust, ProShares Trust and the Trust (collectively, the "PF Trusts") (each affiliated and under common controls with the other PF Trusts) provides that the investment adviser to specified funds of the PF Trusts will contribute cash to any such fund, equal to the amounts owed to the fund from Lehman for brokerage transactions written over-the-counter derivatives agreements as of September 15, 2008 (the "Lehman Obligations"). The Receivable Agreement will not terminate until all Lehman Obligations are paid. Payments are triggered if any specified fund of a PF Trust, including the Access

July 31, 2021 :: Notes to Financial Statements :: 359

Flex Bear High Yield ProFund and the Rising U.S. Dollar ProFund, does not recover the full amounts owed to it by Lehman following the conclusion of all bankruptcy, liquidation and Securities Investor Protection Corporation proceedings related to Lehman. Accordingly, no loss is expected to be realized by either the Access Flex Bear High Yield ProFund the Rising U.S. Dollar ProFund. Lehman has made payments on the original amount owed to the Access Flex Bear High Yield ProFund and the Rising U.S. Dollar ProFund. The fair values of the remaining claims due from Lehman are $6,013 and $13,880, respectively, and are included in "Receivable for closed swap positions" and "Receivable for closed forward currency contracts", respectively, on the Statements of Assets and Liabilities. The fair value of the amounts that are estimated to be paid by the Advisor are $293,281 and $676,976, respectively, and are included in "Due from Advisor under a Receivables Agreement" on the Statements of Assets and Liabilities. All other outstanding balances due from (or to) Lehman have been substantially relieved as of July 31, 2021.

9. Share Splits and Reverse Share Splits

Effective December 14, 2020, the Consumer Goods UltraSector ProFund, the Internet UltraSector ProFund, and the UltraNasdaq-100 ProFund underwent a 2-for-1 share split, the Oil Equipment & Services UltraSector ProFund, the UltraBear ProFund, the UltraShort Dow 30 ProFund, the UltraShort Emerging Markets ProFund, and the UltraShort International ProFund underwent a 1-for-4 reverse share split, and the UltraShort Nasdaq-100 ProFund undersent a 1-for-8 reverse share split.

Effective November 18, 2019, the Bull ProFund, the Consumer Services UltraSector ProFund, the Industrials UltraSector ProFund, the Technology UltraSector ProFund, and the UltraDow 30 ProFund underwent a 3-for-1 share split, the Oil Equipment & Services UltraSector ProFund underwent a 1-for-4 reverse share split, and the Short Nasdaq-100 ProFund underwent a 1-for-8 reverse share split.

Effective January 22, 2018, the UltraBull ProFund, the UltraMid-Cap ProFund, and the UltraNasdaq-100 ProFund underwent a 3-for-1 share split, the UltraShort China ProFund underwent a 1-for-8 reverse share split; the UltraShort Japan ProFund and the UltraShort Latin America ProFund underwent a 1-for-5 reverse share split, and the UltraShort Small-Cap ProFund underwent a 1-for-4 reverse share split.

Effective December 5, 2016, the Access Flex Bear High Yield ProFund, Bear ProFund, UltraEmerging Markets ProFund, UltraShort Nasdaq-100 ProFund, and UltraShort Emerging Markets ProFund underwent a 1-for-5 reverse share split, the UltraShort Dow 30 ProFund, Short Oil & Gas ProFund, Short Precious Metals ProFund, and Rising Rates Opportunity ProFund underwent a 1-for-8 reverse share split, and the UltraBear ProFund and UltraShort Mid-Cap ProFund underwent a 1-for-10 reverse share split.

The effect of the share split transactions was to multiply the number of outstanding shares of the ProFunds by the respective split factor, with a corresponding decrease in net asset value per share; and the effect of the reverse share split transactions was to divide the number of outstanding shares of the ProFunds by the respective reverse split factor, with a corresponding increase in the net asset value per share. These transactions did not change the net assets of these ProFunds or the value of a shareholder's investment.

The historical share transactions presented in the Statements of Changes in Net Assets and per share data presented in the Financial Highlights have been adjusted retroactively to give effect to the share splits and reverse share splits. Additionally, when the application of reverse share splits resulted in fractional shares for beneficial shareholders, a portion of the cost of shares redeemed as presented in the Statements of Changes in Net Assets, reflects payment of fractional share balances on beneficial shareholder accounts.

10. Shareholder Concentration

Ownership of more than 25% of the voting securities for a fund creates presumptions of control of the fund, under Section 2(a)(9) of the 1940Act. As of July 31, 2021, the following shareholders were deemed a significant shareholder of the following ProFunds:

	Shareholder Name	% of Fund Owned
Bitcoin Strategy ProFund	ProFund Advisors LLC		77	%
Rising U.S. Dollar ProFund	SEI Private Trust Company c/o Pacific Premier Trust		67	%
Small-Cap ProFund	Meridian Capital Partners		28	%
UltraJapan ProFund	Robert Ronus		30	%
UltraLatin America ProFund	Warren M. Merguerian		35	%

11. Subsequent Events

The ProFunds have evaluated the need for additional disclosures or adjustments resulting from subsequent events through the date these financial statements were issued. Based on this evaluation, there were no subsequent events to report that would have a material impact on the ProFunds' financial statements.

360 :: Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Trustees
ProFunds:

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities and consolidated statement of assets and liabilities of the Funds listed in the Appendix that comprise ProFunds (each a Fund and collectively, the Funds), including the schedule of portfolio investments and consolidated schedule of portfolio investments (the summary schedule of portfolio investments for the Bull ProFund, Small-Cap ProFund, UltraBull ProFund, and UltraSmall-Cap ProFund), as of July 31, 2021, the related statements of operations and consolidated statement of operations (and consolidated statement of cash flows for Bitcoin Strategy ProFund) for the year or period listed in the Appendix, the statements of changes in net assets and consolidated statement of changes in net assets for each of the years or periods listed in the Appendix, and the related notes (collectively, the financial statements) and the financial highlights and consolidated financial highlights (collectively, the financial highlights) for each of the years or periods in the five-year period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of each Fund as of July 31, 2021, the results of its operations (and cash flows for Bitcoin Strategy ProFund) for the year or period listed in the Appendix, the changes in its net assets for each of the years or periods listed in the Appendix, and the financial highlights for each of the years or periods in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Funds' management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of July 31, 2021, by correspondence with custodians and brokers or by other appropriate auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

 

We have served as the auditor of one or more ProFunds investment companies since 2010.

Columbus, Ohio
September 28, 2021

Report of Independent Registered Public Accounting Firm :: 361

Appendix

Statement of assets and liabilities, including the schedule of portfolio investments (the summary schedule of portfolio investments for the Bull ProFund, Small-Cap ProFund, UltraBull ProFund, and UltraSmall-Cap ProFund), as of July 31, 2021, the related statement of operations for the year then ended, and the statements of changes in net assets for each of the years in the two-year period then ended.

Banks UltraSector ProFund

Basic Materials UltraSector ProFund

Bear ProFund

Biotechnology UltraSector ProFund

Bull ProFund

Communication Services Ultrasector ProFund

Consumer Goods UltraSector ProFund

Consumer Services UltraSector ProFund

Europe 30 ProFund

Falling U.S. Dollar ProFund

Financials UltraSector ProFund

Health Care UltraSector ProFund

Industrials UltraSector ProFund

Internet UltraSector ProFund

Large-Cap Growth ProFund

Large-Cap Value ProFund

Mid-Cap ProFund

Mid-Cap Growth ProFund

Mid-Cap Value ProFund

Nasdaq-100 ProFund

Oil & Gas UltraSector ProFund

Oil Equipment & Services UltraSector ProFund

Pharmaceuticals UltraSector ProFund

Precious Metals UltraSector ProFund

Real Estate UltraSector ProFund

Rising Rates Opportunity ProFund

Rising Rates Opportunity 10 ProFund

Rising U.S. Dollar ProFund

Semiconductor UltraSector ProFund

Short Nasdaq-100 ProFund

Short Oil & Gas ProFund

Short Precious Metals ProFund

Short Real Estate ProFund

Short Small-Cap ProFund

Small-Cap ProFund

Small-Cap Growth ProFund

Small-Cap Value ProFund

Technology UltraSector ProFund

Telecommunications UltraSector ProFund

UltraBear ProFund

UltraBull ProFund

UltraChina ProFund

UltraDow 30 ProFund

UltraEmerging Markets ProFund

UltraInternational ProFund

UltraJapan ProFund

UltraLatin America ProFund

UltraMid-Cap ProFund

UltraNasdaq-100 ProFund

UltraShort China ProFund

UltraShort Dow 30 ProFund

UltraShort Emerging Markets ProFund

UltraShort International ProFund

UltraShort Japan ProFund

UltraShort Latin America ProFund

UltraShort Mid-Cap ProFund

UltraShort Nasdaq-100 ProFund

UltraShort Small-Cap ProFund

UltraSmall-Cap ProFund

U.S. Government Plus ProFund

Utilities UltraSector ProFund

Statement of assets and liabilities, including the schedule of portfolio investments, as of July 31, 2021, the related statement of operations for the period November 1, 2020 through July 31, 2021, and the statements of changes in net assets for the period November 1, 2020 through July 31, 2021 and the year ended October 31, 2020.

Access Flex Bear High Yield ProFund

Access Flex High Yield ProFund

Consolidated statement of assets and liabilities, including the consolidated schedule of portfolio investments, as of July 31, 2021, the related consolidated statements of operations, cash flows, and changes in net assets for the period July 28, 2021 (commencement of operations) through July 31, 2021.

Bitcoin Strategy ProFund

362 :: Board Approval of Investment Advisory Agreement :: July 31, 2021 (unaudited)

At a meeting held on December 10, 2020, the Board of Trustees considered the approval of the Investment Advisory Agreement between ProFund Advisors LLC (the "Advisor") and the Trust, on behalf of Access Flex Bear High Yield ProFund and Access Flex High Yield ProFund (the "New Funds").

The New Funds were approved in connection with an Agreement and Plan of Reorganization and Termination (the "Reorganization") that provides for the transfer of all of the assets of the Access Flex Bear High Yield Fund and Access Flex High Yield Fund, each series of Access One Trust (an affiliated Trust) (the "Existing Funds") into corresponding New Funds within ProFunds.

The Board noted that New Funds would (1) have the same cost and share class structures as the Existing Funds, including the same advisory and distribution fees; (2) pursue the same investment programs and investment objectives as the Existing Funds, managed by the same portfolio management team; and (3) have a substantially similar name as the Existing Funds. The Board noted that the Reorganization will not result in a material change or diminution in the level of services or resources that have been provided historically to the Existing Funds. The Board also noted that the New Funds will have no operations or public shareholders prior to the Reorganization and they will adopt the performance and accounting histories of the Existing Funds.

During its review, the Board relied on materials that the Advisor had previously provided in connection with the Board's annual consideration of the investment advisory and related agreements with respect to the Existing Funds at its September 14-15, 2020 Meeting, where there had been no material change in response.

The Board did not identify any particular information that was most relevant to its consideration to approve the Advisory Agreement and each Trustee may have afforded different weight to the various factors.

The Board received a memorandum from independent legal counsel to the Independent Trustees regarding the Board's responsibilities under state and federal law with respect to the Board's consideration of the approval of investment advisory agreements. The Independent Trustees were advised by their independent legal counsel throughout the process, including about the legal standards applicable to their review. In response to a request from the Independent Trustees, the Advisor provided information for the Board to consider relating to the continuation of the Advisory Agreement, including information that addressed, among other things:

(i) the nature, extent and quality of the services that were provided or proposed to be provided by the Advisor;

(ii) the costs of the services to be provided and the profits to be realized by the Advisor;

(iii) the investment performance of the Existing Funds and the Advisor;

(iv) the extent to which economies of scale might be realized as the New Funds grow and whether fee levels reflect economies of scale, if any, for the benefit of Fund shareholders; and

(v) other benefits to the Advisor and/or its affiliates from the relationship to the New Funds.

It was noted that the Independent Trustees requested, and received, information from the Advisor concerning the Existing Funds and the New Funds. In response to the request from the Independent Trustees, the Advisor provided information and reports relevant to the approval of the Investment Advisory Agreement, including among other things:

(i) information about the advisory services that were being provided by the Advisor with respect to the Existing Funds and were proposed to be provided to the New Funds;

(ii) the Advisor's Form ADV;

(iii) biographies of the employees of the Advisor who are primarily responsible for providing investment advisory services to the Existing Funds, who will also serve in the same capacity for the New Funds;

(iv) information regarding each component of the contractual fee rates and actual fee rates for the prior fiscal year for the Existing Funds;

(v) information regarding advisory fees earned versus advisory fees waived for previous periods with respect to the Existing Funds;

(vi) performance information for prior periods with respect to the Existing Funds;

(vii) comparative industry fee data with respect to the Existing Funds;

(viii) information about fees and other amounts that were received by the Advisor and its affiliates for non-advisory services with respect to the Existing Funds;

(ix) information regarding the Advisor's trade allocation and best execution policies and procedures with respect to the Existing Funds;

(x) information about the financial condition of the Advisor;

(xi) information regarding how the Advisor monitors each Existing Fund's compliance with regulatory requirements and Trust procedures; and

(xii) the Advisor's reputation, expertise and resources.

In addition to the information provided and discussions that occurred at the meeting, the Board also considered information they received throughout the year as part of their regular oversight of the Existing Funds.

Nature, Extent and Quality of the Advisor's Services

The Board reviewed the nature, extent and quality of the investment advisory services performed by the Advisor with respect to the Existing Funds. The Board noted there would be no significant differences between the scope of services provided by the Advisor to the Existing Funds and those to be provided to the New Funds. The Board focused on the quality of the personnel and operations at the Advisor and the systems and processes required to manage the Existing Funds effectively, which are expected to be identical for the New Funds. In particular, the Board considered the following:

(i) the investment objective of each Existing Fund, the Advisor's description of skills needed to manage each Existing Fund, and the Advisor's success in achieving the investment objectives of each Existing Fund;

(ii) the size and experience of the Advisor's portfolio staff and the Advisor's ability to recruit, train and retain personnel

July 31, 2021 (unaudited) :: Board Approval of Investment Advisory Agreement :: 363

with relevant experience and the specific expertise necessary to manage the Existing Funds;

(iii) the structure of the portfolio staff compensation program and the incentives it is intended to provide;

(iv) the collateral, credit and cash management functions at the Advisor and the enhancements made in these areas;

(v) the Advisor's development of investment strategies, including those involving the use of complex financial instruments and processes that maximize the Existing Funds' ability to meet their stated investment objectives and minimize counterparty risk;

(vi) information regarding allocation of Existing Fund brokerage and the selection of counterparties for Existing Fund portfolio transactions;

(vii) a significant investment in personnel and state-of-the-art technology that the Advisor has made over the course of several years and its recent institution of several technological upgrades that would generally improve capacity and document production capabilities as well as technological upgrades that have contributed to successful remote working conditions during the COVID-19 pandemic; and

(viii) information regarding the selection of counterparties for Existing Fund portfolio transactions, as well as favorable terms of derivatives transactions the Advisor was able to negotiate with swap counterparties on behalf of the Existing Funds.

The Board considered that the Advisor oversees the operations of the Existing Funds and provides compliance services to the Existing Funds, which are expected to be identical for the New Funds. The Board also reviewed the Advisor's compliance program, including specific activities associated with the Existing Funds.

Based upon its review, the Board, including all of the Independent Trustees, concluded that (i) the investment advisory services provided by the Advisor with respect to the New Funds were expected to be of high quality, (ii) the Advisor has successfully achieved the investment goals of the Existing Funds, (iii) the Advisor's services benefited the Existing Funds' shareholders, particularly in light of the nature of the Existing Funds and the services required to support them and (iv) it was generally satisfied with the nature, quality and extent of services provided to the Existing Funds and expected to be provided to the New Funds by the Advisor.

Comparison of Services and Fees

The Advisor presented information about the fairness and reasonableness of the investment advisory fees payable to the Advisor in light of the investment advisory services provided, the costs of these services and the comparability to the fees paid by other investment companies, including mutual funds offering strategies similar in nature and extent to the Existing Funds, noting that the New Funds are expected to be similarly situated. This information included information prepared by an independent consultant, comparing management fee and expense information for the Existing Funds to that of a peer group of Funds (the "Peer Group") determined by the consultant. Board discussed the methodology used to prepare the comparative fee data for each Existing Fund and the potential limitations of such data. The Board discussed the difficulty in compiling the comparative data and Peer Group information because the Existing Funds are unique and few fund complexes with funds offering substantially similar investment objectives and strategies exist. The Board considered the Advisor's representation that it found the Peer Group compiled by the independent consultant to be appropriate, but acknowledged the existence of certain differences between the Existing Funds and their peers. The Board noted that the methodology used to compile the Peer Group and comparative data were identical to that used in prior years. Notwithstanding the challenge associated with Peer Group and data compilation, the Board found the comparative information it received to be useful in its evaluation of the reasonableness of the Advisor's fees. The Advisor presented information about the significant drivers of cost and also examined the costs to investors to achieve the objectives of the Existing Funds on their own, and noted that it would be more expensive or impractical to do so.

The Board reviewed information prepared by the independent consultant, comparing management and expense information for each Existing Fund to that of the Peer Group. The Board reviewed Peer Group information prepared by the consultant comparing the contractual advisory fee rate paid by the Existing Funds to other funds with investment objectives most similar to the Existing Funds. The Board also considered the fee waiver and/or expense reimbursement arrangements currently in place for each Existing Fund and considered the net advisory fees paid by each Existing Fund after taking waivers and reimbursements into account.

The Board noted that the advisory fee paid by each Existing Fund compared favorably to its Peer Group and universe average, and that the New Funds' proposed advisory fees are identical.

The Board considered and discussed the sub-advisory fees charged and the services provided by the Advisor to the one mutual fund it serves as sub-advisor. The Board recognized that the scope of services provided by the Advisor to the mutual fund is narrower than the services provided to the Existing Funds for several reasons, including that the Advisor performs only services delegated to it by the investment adviser to the mutual fund and does not provide other services like daily cash management, collateral management and counterparty management. The Board noted that for these reasons it is difficult to make comparisons of fees charged to the sub-advised mutual fund and the Existing Funds.

The Board also recognized that it is difficult to make comparisons of fees across fund complexes because there may be variations in services that are included in the fees paid by other mutual funds.

The Board, including all of the Independent Trustees, concluded that, with respect to each New Fund, the proposed investment advisory fees and any other compensation payable to the Advisor were reasonable in relation to the nature and quality of the services proposed to be provided.

Investment Performance of the Funds and the Advisor

The Board noted that the New Funds had not yet started operations and therefore had no performance history, but determined that, as the New Funds will have the same investment strategies and objectives as the Existing Funds, it was reasonable to consider the performance of the Existing Funds. The Board considered total return information for each Existing Fund and focused on the

364 :: Board Approval of Investment Advisory Agreement :: July 31, 2021 (unaudited)

correlation of returns with the high yield market (or inverse thereof, as applicable) for each Fund for the 3-month, 1-year, 3-year, 5-year, 10-year and since inception periods ended September 30, 2020. The Board also considered performance information provided at regular Board meetings throughout the year. The Board noted that correlation of returns with the high yield market (or inverse thereof, as applicable) for each Existing Fund remained strong during the applicable periods and Fund performance versus target performance was generally within expected ranges.

In regard to the Access Flex Bear High Yield Fund, the Board considered that for each of the one-year, three-year, five-year and ten-year periods ended September 30, 2020, the Fund closely tracked its Peer Group, index and universe. In regard to the Access Flex High Yield Fund, the Board considered that for each of the one-year, three-year, five-year and ten-year periods ended September 30, 2020, the Fund closely tracked its Peer Group. The Board also considered that the Fund underperformed its benchmark index for the one-year, five-year and ten-year periods and for the quarter ended September 30, 2020.

After reviewing the performance of the Existing Funds, the Board, including all of the Independent Trustees, concluded, in light of the foregoing factors, that the performance of the Existing Funds was satisfactory.

Profitability

The Board noted that the New Funds had not yet started operations, so that it could not yet evaluate the Advisor's profitability related to the New Funds. The Board considered and discussed with representatives of the Advisor the significant drivers of cost incurred by the Advisor in managing the Existing Funds, or expected to be incurred in managing the New Funds, including, but not limited to, intellectual capital, regulatory compliance and entrepreneurial risk, and considered the costs that investors likely would incur if they independently sought to achieve the objectives of the Existing Funds. The Board considered and discussed with representatives of the Advisor the profitability to the Advisor of its management of each of the Existing Funds. The Board also discussed the Advisor's profit margin, including the expense allocation methodology used in the Advisor's profitability analysis. It was noted that the methodology for determining profitability was conducted in a similar fashion for prior reviews.

The Independent Trustees met in executive session to discuss and evaluate the information provided by the Advisor and the independent consultant.

Based on its review, the Board, including all of the Independent Trustees, concluded that the profitability to the Advisor of the Investment Advisory Agreement was reasonable in light of the services and benefits provided to each Existing Fund and expected to be provided to each New Fund.

Economies of Scale

The Board discussed with representatives of the Advisor potential economies of scale in connection with the management and operation of each Existing Fund as well as the effect of the contractual expense limitations undertaken by the Advisor. The Board considered that each Existing Fund and New Fund covered by the Investment Advisory Agreement pays the Advisor an annual investment advisory fee of 0.75% of average daily net assets.

The Board considered that the Advisor has agreed to reduce each New Fund's annual investment advisory fee by 0.025% on assets in excess of $500 million up to $1 billion, 0.05% on assets in excess of $1 billion up to $2 billion and 0.075% on assets in excess of $2 billion.

The Board indicated to the Advisor that it will continue to consider and evaluate on an ongoing basis potential economies of scale and how New Fund shareholders might benefit from those economies of scale.

Other Benefits

The Board also considered the Advisor's non-advisory services, including those performed under a separate Management Services Agreement. The Independent Trustees also considered any indirect, or "fall-out," benefits that the Advisor or its affiliates derived from their relationship to the Existing Funds, or to be realized from their relationship to the New Funds, but concluded that such benefits were not material to their considerations. The Board considered that ProFund Distributors, Inc., a wholly-owned subsidiary of the Advisor, earns fees from the Existing Funds for providing services under a Distribution and Shareholder Services Plan, and will earn similar fees for the New Funds.

Conclusions

The Board, including all of the Independent Trustees, concluded that it was in the best interests of the New Funds and their prospective shareholders to approve the Investment Advisory Agreement and that the terms of the Investment Advisory Agreement for each New Fund were fair and reasonable.

July 31, 2021 (unaudited) :: Board Approval of Investment Advisory Agreement :: 365

At a meeting held on July 15-16, 2021 and July 26, 2021, the Board of Trustees (the "Board") of ProFunds (the "Trust") considered the initial approval of the Investment Advisory Agreement (the "Investment Advisory Agreement") between the Trust and ProFund Advisors LLC (the "Advisor") on behalf of the Bitcoin Strategy ProFund (the "New Fund").

In response to a request from the Independent Trustees, the Advisor provided information for the Board to consider relating to the approval of the Investment Advisory Agreement, including information that addressed, among other things: (i) the nature, extent, and quality of the services that were proposed to be provided by the Advisor; (ii) the costs of the services to be provided and the profits expected to be realized by the Advisor; (iii) the investment performance of the Advisor in managing existing Funds; (iv) the extent to which economies of scale might be realized as the New Fund grows and whether fee levels reflect economies of scale, if any, for the benefit of the New Fund's shareholders; and (v) other benefits to the Advisor and/or its affiliates from the relationship to the New Fund. It was noted that certain of this information had previously been provided to the Trustees in connection with the renewal of the Investment Advisory Agreement relating to the existing series of the Trust at the September 14-15, 2020 Meeting and the Advisor has referred to that information where there have been no material updates since that time.

It was noted that the Independent Trustees requested, and received, from the Advisor information and reports relevant to the approval of the Investment Advisory Agreement, including, among other things: (i) information about the advisory services to be provided by the Advisor with respect to the New Fund; (ii) the Advisor's Form ADV; (iii) biographies of the employees of the Advisor who will be primarily responsible for providing investment advisory services to the New Fund; (iv) information regarding the proposed contractual fees with respect to the New Fund; (v) comparative industry fee data; (vi) information regarding the Advisor's trade allocation and best execution policies and procedures; (vii) information about the financial condition of the Advisor; (viii) information regarding how the Advisor expects to monitor the New Fund's compliance with regulatory requirements and Trust procedures; (ix) the Advisor's reputation, expertise and resources; and (x) information regarding the New Fund's exposure to Bitcoin and the Advisor's familiarity with digital assets and Bitcoin in particular, as well as processes related to assessing risk and liquidity with respect to investments in Bitcoin futures, among other things.

The Independent Trustees consulted with Independent Trustee Counsel concerning their responsibilities under state and federal law with respect to their consideration of the approval of the Investment Advisory Agreement and other agreements with respect to the New Fund. It was noted that the Independent Trustees requested, and received, information from the Advisor concerning the New Fund.

In considering the Investment Advisory Agreement for the New Fund, the Board did not identify any particular factor that was most relevant to its consideration to approve the Investment Advisory Agreement and each Trustee may have afforded different weight to the various factors.

Nature, Extent and Quality of the Advisor's Services

In response to a request of the members of the Board who are not "interested persons" of the New Fund (the "Independent Trustees"), the Advisor presented information about the services to be provided by the Advisor and its affiliates and the proposed contractual arrangements relating to those services.

The Board reviewed the nature, extent and quality of the investment advisory services to be performed by the Advisor with respect to the New Fund. The Board focused on the quality of the personnel and operations at the Advisor and the systems and processes required to manage the New Fund effectively. In particular, the Board considered the following:

• the investment objective of the New Fund and the Advisor's description of the skills needed to manage the New Fund;

• the key features of the New Fund, including investment strategies of the New Fund;

• the size and experience of the Advisor's portfolio staff and the Advisor's ability to recruit, train and retain personnel with relevant experience and the specific expertise necessary to manage the New Fund;

• the structure of the portfolio staff compensation program and the incentives it is intended to provide;

• the collateral, credit and cash management functions at the Advisor;

• the Advisor's familiarity with digital assets and Bitcoin in particular, as well as processes related to assessing risk and liquidity with respect to investments in Bitcoin futures;

• the Advisor's ability to monitor compliance with the liquidity rule, derivatives rule and valuation requirements, among other things;

• significant investment in personnel and state-of-the-art technology that the Advisor has made over the course of several years;

• the Advisor's ability to monitor and avoid potential fraud or manipulation of the underlying Bitcoin markets and its potential influence on the market for Bitcoin futures, and

• information regarding allocation of brokerage on behalf of other funds managed by the Advisor and the Advisor's practices regarding the selection of counterparties for the fund's portfolio transactions.

The Board considered that the Advisor will oversee the operations of the New Fund, including oversight of the New Fund's service providers, and will provide compliance services to the New Fund.

Based upon its review, the Board, including all of the Independent Trustees, concluded that (i) the investment advisory services to be provided by the Advisor with respect to the New Fund were expected to be of high quality, (ii) the Advisor has successfully achieved the investment goals of the existing operational Funds in the Trust, and (iii) it was generally satisfied with the nature, quality and extent of services expected to be provided to the New Fund.

Comparison of Services and Fees

At the request of the Independent Trustees, the Advisor presented information about the fairness and reasonableness of the investment advisory fees payable to the Advisor in light of the investment advisory services to be provided to the New Fund by

366 :: Board Approval of Investment Advisory Agreement :: July 31, 2021 (unaudited)

or at the expense of the Advisor, the costs of these services and the comparability to the fees paid by other investment companies that gain portfolio exposure by investing a portion of their respective assets in wholly-owned subsidiaries organized under the laws of the Cayman Islands and share similar pricing characteristics to the New Fund. This information included comparative fee information prepared by an independent consultant. The Board discussed the methodology used to prepare the comparative fee data for the New Fund and the potential limitations of such data, noting that the New Fund is one of the first of its kind, making comparisons difficult.

The Board reviewed information prepared by the independent consultant comparing management fee and expense information for the New Fund to that of a peer group of funds (the "Peer Group") determined by the consultant as well as to the relevant fund category determined by the consultant. The Board noted the difficulty in compiling the Peer Group because the New Fund is one of the first of its kind, with only one fund with substantially similar objectives and strategies available for comparison. Notwithstanding this difficulty, the Board found the comparative information it received to be useful in its evaluation of the reasonableness of the Advisor's proposed fees. The Board also considered the fee waiver and/or expense reimbursement arrangements in place for the New Fund.

The Board recognized that it is difficult to make comparisons of fees across fund complexes because there may be variations in the services that are included in the fees paid by other funds. The Board concluded that the New Fund's advisory fee rates were reasonable given the services proposed to be provided and the fees charged by other funds in the Peer Group.

Profitability

The Board noted that the New Fund had not yet started operations, so that it could not yet evaluate the Advisor's profitability related to the New Fund. It was noted that each year, as part of its annual contract renewal process, the Trustees discuss the Advisor's profit margin, including the methodology used in the Advisor's profitability analysis, and receive information provided by the Advisor relating to its financial condition and overall profitability related to its management of the funds in the fund complex.

The Independent Trustees met in Executive Session with Independent Trustee Counsel to discuss and evaluate the information provided by the Advisor and the independent consultant.

The Board considered and discussed with representatives of the Advisor the significant drivers of cost incurred by or expected to be incurred by the Advisor in managing the New Fund, including, but not limited to, intellectual capital, regulatory compliance and entrepreneurial risk, and considered the costs that investors likely would incur if they independently sought to achieve the objectives of the New Fund.

Investment Performance of the Fund and the Advisor

The Trustees noted that the New Fund had not yet commenced operations and, as such, there was no performance information for the New Fund to consider. The Trustees notes, however, the Advisor's performance record in managing other Funds that seek to track the performance of a benchmark index.

Economies of Scale

The Board considered the New Fund's fee arrangements with the Advisor. The Board considered that the New Fund will pay the Advisor an annual investment advisory fee of 0.45% of average daily net assets, and that, pursuant to a contractual three year waiver, the Advisor has agreed to reduce the Fund's annual investment advisory fee, subject to the condition that the aggregate daily net assets of the Trust be equal to or greater than $10 billion, by 0.025% of the Fund's daily net assets in excess of $500 million to $1 billion, 0.05% of the Fund's daily net assets in excess of $1 billion to $2 billion, and 0.075% of the Fund's net assets in excess of $2 billion.

Other Benefits

The Board also considered the Advisor's non-advisory services, including those to be performed under a separate Management Services Agreement. The Board also considered any indirect, or "fall-out," benefits of the Advisor or its affiliates to be derived from the relationship to the New Fund but concluded that such benefits were not material to their considerations.

Conclusions

The Board, including all of the Independent Trustees, concluded that it was in the best interests of the New Fund and its prospective shareholders to approve the Investment Advisory Agreement and that the terms of the Investment Advisory Agreement for the New Fund were fair and reasonable.

Trustees and Executive Officers (unaudited) :: 367

Name, Address, and Birth Date	Position(s) Held with the Trust	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Operational Portfolios in Fund Complex Overseen by Trustee*	Other Directorships Held by Trustee During Past 5 Years
Independent Trustees
William D. Fertig c/o ProFunds Trust 7501 Wisconsin Avenue, East Tower, 10th Floor Bethesda, MD 20814 Birth Date: 9/56	Trustee	Indefinite; June 2011 to present	Context Capital Management (Alternative Asset Management): Chief Investment Officer (September 2002 to present).	ProFunds (116); ProShares Trust (116)	Context Capital
Russell S. Reynolds, III c/o ProFunds Trust 7501 Wisconsin Avenue, East Tower, 10th Floor Bethesda, MD 20814 Birth Date: 7/57	Trustee	Indefinite; October 1997 to present	RSR Partners, Inc. (Executive Recruitment and Corporate Governance Consulting): Managing Director (February 1993 to present).	ProFunds (116); ProShares Trust (116)	RSR Partners, Inc.
Michael C. Wachs c/o ProFunds Trust 7501 Wisconsin Avenue, East Tower, 10th Floor Bethesda, MD 20814 Birth Date: 10/61	Trustee	Indefinite; October 1997 to present	Linden Lane Capital Partners LLC (Real Estate Investment and Development): Managing Principal (2010 to present).	ProFunds (116); ProShares Trust (116)	NAIOP (the Commercial Real Estate Development Association)
Interested Trustee
Michael L. Sapir** 7501 Wisconsin Avenue, East Tower, 10th Floor Bethesda, MD 20814 Birth Date: 5/58	Trustee and Chairman of the Board	Indefinite; April 1997 to present	Chairman and Chief Executive Officer of the Advisor (April 1997 to present); ProShare Advisors LLC (November 2005 to present); ProShare Capital Management LLC (June 2008 to present).	ProFunds (116); ProShares Trust (116)

* The "Fund Complex" consists of all operational registered investment companies under the 1940 Act that are advised by ProFund Advisors LLC and any operational registered investment companies that have an investment adviser that is an affiliated person of ProFund Advisors LLC. Investment companies that are non-operational (and therefore, not publicly offered) as of the date of this report are excluded from these figures.

** Mr. Sapir is an "interested person," as defined by the 1940 Act, because of his ownership interest in the Advisor.

Name, Address, and Birth Date	Position(s) Held with the Trust	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years
Executive Officers
Todd B. Johnson 7501 Wisconsin Avenue, East Tower, 10th Floor Bethesda, MD 20814 Birth Date: 1/64	President	Indefinite; January 2014 to present	Chief Investment Officer of the Advisor and ProShare Advisors LLC (December 2008 to present); and ProShare Capital Management LLC (February 2009 to present).
Victor M. Frye, Esq. 7501 Wisconsin Avenue, East Tower, 10th Floor Bethesda, MD 20814 Birth Date: 10/58	Chief Compliance Officer and Anti-Money Laundering Officer	Indefinite; September 2004 to present	Counsel and Chief Compliance Officer of the Advisor (October 2002 to present) and ProShare Advisors LLC (December 2004 to present); Secretary of ProFunds Distributors, Inc. (April 2008 to present); Chief Compliance Officer of ProFunds Distributors, Inc. (July 2015 to present).
Richard F. Morris 7501 Wisconsin Avenue, East Tower, 10th Floor Bethesda, MD 20814 Birth Date: 8/67	Chief Legal Officer and Secretary	Indefinite; December 2015 to present	General Counsel of the Advisor, ProShare Advisors, and ProShare Capital Management LLC (December 2015 to present); Chief Legal Officer of ProFunds Distributors, Inc. (December 2015 to present); Partner at Morgan Lewis & Bockius, LLP (October 2012 to November 2015).
Christopher E. Sabato 4400 Easton Commons, Suite 200 Columbus, OH 43219 Birth Date: 12/68	Treasurer	Indefinite; September 2009 to present	Senior Vice President, Fund Administration, Citi Fund Services Ohio, Inc. (2007 to present)

The Funds' Statement of Additional Information includes additional information about the Funds' Trustees and Officers. To receive your free copy of the Statement of Additional Information, call toll-free 888-776-3637.

 

P.O. Box 182800

Columbus, OH 43218-2800

ProFunds^®

Post Office Mailing Address for Investments

P.O. Box 182800
Columbus, OH 43218-2800

Phone Numbers

For Individual Investors Only: 888-776-3637 Or: 614-470-8122
Institutions and Financial Professionals Only: 888-776-5717 Or: 240-497-6552
Fax Number: (800) 782-4797
Website Address: ProFunds.com

This report is submitted for the general information of the shareholders of the ProFunds. It is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus. To receive the most recent month end performance information for each Fund, please call toll-free 888-776-5717.

A description of the policies and procedures that the ProFunds uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, by calling toll-free 888-776-3637; and on the Securities and Exchange Commission's website at sec.gov. Information regarding how the ProFund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available. (i) without change by calling toll-free 888-776-3637; (ii) on the ProFunds' website at ProFunds.com; and (iii) on the Commission's website at sec.gov.

ProFunds files complete lists of portfolio holdings with the Commission for the first and third quarters of each fiscal year on Form N-PORT (and successor Forms). Schedules of Portfolio Holding for the Funds in this report are available without charge on the Commission's website at sec.gov, or may be reviewed and copied at the Commission's Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330.

07/21

Item 2. Code of Ethics.

The registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. This code of ethics is included as Exhibit 13(a)(1).

During the period covered by the report, with respect to the registrant’s code of ethics that applies to its principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions; there have been no amendments to, nor any waivers granted from, a provision that relates to any element of the code of ethics definition enumerated in paragraph (b) of this Item 2.

Item 3. Audit Committee Financial Expert.

3(a)(1) The registrant’s board of directors has determined that the registrant has at least one audit committee financial expert serving on its audit committee.

3(a)(2) The audit committee financial experts are Michael C. Wachs and William D. Fertig, who are “independent” for purposes of this Item 3 of Form N-CSR.

Item 4. Principal Accountant Fees and Services.

(a)	Audit Fees:
	2020 $698,500
	2021 $741,650

The fees relate to the audit of the registrant’s annual financial statements and the review of the annual post-effective registration statements paid to KPMG LLP.

(b) Audit-Related Fees:

2020 $0

2021 $0

(c) Tax Fees:

2020 $294,000

2021 $294,000

The fees relate to the preparation of the registrant’s tax returns and review of income and capital gain distribution calculations paid to KPMG LLP.

(d) All Other Fees:

2020 $0

2021 $0

(e)(1)	The Audit Committee may pre-approve at any regularly scheduled Audit Committee meeting audit, audit-related, tax and other non-audit services to be rendered or that may be rendered by the Auditor to the Trust and certain non-audit services to be rendered by the Auditor to the Advisor which require pre-approval by the Audit Committee. In connection with such pre-approvals, the Auditor, or a Trust officer, with the assistance of the Auditor, shall provide the Audit Committee with a report containing information about each type of service to be pre-approved at the meeting.
	The Trust will use a combination of the two approaches for pre-approving proposed services: (1) the proposed service be specifically pre-approved by the Audit Committee (“specific pre-approval”) or (2) may be pre-approved without consideration of specific case-by-case services by the audit committee (“general pre-approval”). Unless a type of service has received general pre-approval, it will require specific pre-approval by the Audit Committee. Additionally, any proposed services exceeding pre-approved cost levels will also require specific pre-approval by the Audit Committee.
(e)(2)	No Services included in (b)-(d) above were approved pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
(f)	Not applicable as less than 50%.
(g)	2020 $294,000
	2021 $294,000
	These aggregate fees were billed in the Reporting Periods for non-audit services by the principal accountant to the Registrant and Fund Management.
(h)	Not applicable.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Schedule of Investments.

(a)

Bull ProFund :: Schedule of Portfolio Investments :: July 31, 2021

Common Stocks (64.0%)

	Shares		Value
3M Co. (Industrial Conglomerates)		631	$	124,900
A.O. Smith Corp. (Building Products)		146		10,268
Abbott Laboratories (Health Care Equipment & Supplies)		1,934		233,976
AbbVie, Inc. (Biotechnology)		1,923		223,644
ABIOMED, Inc.* (Health Care Equipment & Supplies)		49		16,030
Accenture PLC - Class A (IT Services)		692		219,835
Activision Blizzard, Inc. (Entertainment)		846		70,743
Adobe, Inc.* (Software)		520		323,249
Advance Auto Parts, Inc. (Specialty Retail)		71		15,056
Advanced Micro Devices, Inc.* (Semiconductors & Semiconductor Equipment)		1,323		140,489
Aflac, Inc. (Insurance)		688		37,840
Agilent Technologies, Inc. (Life Sciences Tools & Services)		330		50,566
Air Products & Chemicals, Inc. (Chemicals)		241		70,138
Akamai Technologies, Inc.* (IT Services)		177		21,226
Alaska Air Group, Inc.* (Airlines)		135		7,834
Albemarle Corp. (Chemicals)		127		26,167
Alexandria Real Estate Equities, Inc. (Equity Real Estate Investment Trusts)		149		30,000
Align Technology, Inc.* (Health Care Equipment & Supplies)		78		54,272
Allegion PLC (Building Products)		98		13,387
Alliant Energy Corp. (Electric Utilities)		272		15,920
Alphabet, Inc.* - Class A (Interactive Media & Services)		327		881,111
Alphabet, Inc.* - Class C (Interactive Media & Services)		310		838,370
Altria Group, Inc. (Tobacco)		2,014		96,753
Amazon.com, Inc.* (Internet & Direct Marketing Retail)		467		1,553,984
Amcor PLC (Containers & Packaging)		1,678		19,398
Ameren Corp. (Multi-Utilities)		278		23,330
American Airlines Group, Inc.* (Airlines)		698		14,225
American Electric Power Co., Inc. (Electric Utilities)		544		47,937
American Express Co. (Consumer Finance)		708		120,735
American International Group, Inc. (Insurance)		934		44,225
American Tower Corp. (Equity Real Estate Investment Trusts)		495		139,985
American Water Works Co., Inc. (Water Utilities)		198		33,682
Ameriprise Financial, Inc. (Capital Markets)		126		32,453
AmerisourceBergen Corp. (Health Care Providers & Services)		161		19,669
AMETEK, Inc. (Electrical Equipment)		251		34,902
Amgen, Inc. (Biotechnology)		625		150,962
Amphenol Corp. - Class A (Electronic Equipment, Instruments & Components)		651		47,190
Analog Devices, Inc. (Semiconductors & Semiconductor Equipment)		401		67,135
ANSYS, Inc.* (Software)		95		35,004
Anthem, Inc. (Health Care Providers & Services)		267		102,531
Aon PLC (Insurance)		246		63,967
APA Corp. (Oil, Gas & Consumable Fuels)		411		7,706
Apple, Inc. (Technology Hardware, Storage & Peripherals)		17,075		2,490,559
Applied Materials, Inc. (Semiconductors & Semiconductor Equipment)		999		139,790
Aptiv PLC* (Auto Components)		294		49,054
Archer-Daniels-Midland Co. (Food Products)		608		36,310
Arista Networks, Inc.* (Communications Equipment)		60		22,823
Arthur J. Gallagher & Co. (Insurance)		223		31,066
Assurant, Inc. (Insurance)		66		10,415
AT&T, Inc. (Diversified Telecommunication Services)		7,775		218,089
Atmos Energy Corp. (Gas Utilities)		142		14,000
Autodesk, Inc.* (Software)		239		76,750
Automatic Data Processing, Inc. (IT Services)		463		97,059
AutoZone, Inc.* (Specialty Retail)		24		38,966
AvalonBay Communities, Inc. (Equity Real Estate Investment Trusts)		152		34,630
Avery Dennison Corp. (Containers & Packaging)		90		18,961
Baker Hughes Co. - Class A (Energy Equipment & Services)		792		16,822
Ball Corp. (Containers & Packaging)		357		28,873
Bank of America Corp. (Banks)		8,208		314,859
Baxter International, Inc. (Health Care Equipment & Supplies)		547		42,310
Becton, Dickinson & Co. (Health Care Equipment & Supplies)		317		81,073
Berkshire Hathaway, Inc.* - Class B (Diversified Financial Services)		2,063		574,112
Best Buy Co., Inc. (Specialty Retail)		243		27,301
Biogen, Inc.* (Biotechnology)		164		53,584
Bio-Rad Laboratories, Inc.* - Class A (Life Sciences Tools & Services)		23		17,009
BlackRock, Inc. - Class A (Capital Markets)		154		133,543
Booking Holdings, Inc.* (Internet & Direct Marketing Retail)		45		98,022
BorgWarner, Inc. (Auto Components)		261		12,784
Boston Properties, Inc. (Equity Real Estate Investment Trusts)		155		18,194
Boston Scientific Corp.* (Health Care Equipment & Supplies)		1,547		70,543
Bristol-Myers Squibb Co. (Pharmaceuticals)		2,432		165,060
Broadcom, Inc. (Semiconductors & Semiconductor Equipment)		444		215,518
Broadridge Financial Solutions, Inc. (IT Services)		126		21,860
Brown-Forman Corp. - Class B (Beverages)		199		14,113
C.H. Robinson Worldwide, Inc. (Air Freight & Logistics)		145		12,930
Cabot Oil & Gas Corp. (Oil, Gas & Consumable Fuels)		435		6,960
Cadence Design Systems, Inc.* (Software)		303		44,738
Caesars Entertainment, Inc.* (Hotels, Restaurants & Leisure)		227		19,831
Campbell Soup Co. (Food Products)		221		9,662
Capital One Financial Corp. (Consumer Finance)		491		79,395

Additional financial disclosures are included in the notes to financial statements of the funds’ annual report and should be read in conjunction with this report.

Bull ProFund :: Schedule of Portfolio Investments :: July 31, 2021

Common Stocks, continued

	Shares		Value
Cardinal Health, Inc. (Health Care Providers & Services)		316	$	18,764
CarMax, Inc.* (Specialty Retail)		178		23,843
Carnival Corp.* - Class A (Hotels, Restaurants & Leisure)		869		18,814
Carrier Global Corp. (Building Products)		889		49,117
Catalent, Inc.* (Pharmaceuticals)		185		22,165
Caterpillar, Inc. (Machinery)		596		123,222
Cboe Global Markets, Inc. (Capital Markets)		116		13,743
CBRE Group, Inc.* - Class A (Real Estate Management & Development)		365		35,208
CDW Corp. (Electronic Equipment, Instruments & Components)		153		28,053
Celanese Corp. (Chemicals)		123		19,160
Centene Corp.* (Health Care Providers & Services)		634		43,499
CenterPoint Energy, Inc. (Multi-Utilities)		632		16,091
Cerner Corp. (Health Care Technology)		328		26,368
CF Industries Holdings, Inc. (Chemicals)		234		11,057
Charles River Laboratories International, Inc.* (Life Sciences Tools & Services)		55		22,381
Charter Communications, Inc.* - Class A (Media)		150		111,608
Chevron Corp. (Oil, Gas & Consumable Fuels)		2,104		214,208
Chipotle Mexican Grill, Inc.* (Hotels, Restaurants & Leisure)		31		57,767
Chubb, Ltd. (Insurance)		489		82,515
Church & Dwight Co., Inc. (Household Products)		267		23,117
Cigna Corp. (Health Care Providers & Services)		373		85,600
Cincinnati Financial Corp. (Insurance)		163		19,214
Cintas Corp. (Commercial Services & Supplies)		96		37,841
Cisco Systems, Inc. (Communications Equipment)		4,587		253,983
Citigroup, Inc. (Banks)		2,250		152,145
Citizens Financial Group, Inc. (Banks)		464		19,562
Citrix Systems, Inc. (Software)		135		13,601
CME Group, Inc. (Capital Markets)		391		82,943
CMS Energy Corp. (Multi-Utilities)		315		19,464
Cognizant Technology Solutions Corp. - Class A (IT Services)		574		42,206
Colgate-Palmolive Co. (Household Products)		921		73,220
Comcast Corp. - Class A (Media)		4,991		293,620
Comerica, Inc. (Banks)		152		10,436
Conagra Brands, Inc. (Food Products)		522		17,482
ConocoPhillips (Oil, Gas & Consumable Fuels)		1,469		82,352
Consolidated Edison, Inc. (Multi-Utilities)		373		27,516
Constellation Brands, Inc. - Class A (Beverages)		184		41,279
Copart, Inc.* (Commercial Services & Supplies)		227		33,369
Corning, Inc. (Electronic Equipment, Instruments & Components)		843		35,288
Corteva, Inc. (Chemicals)		802		34,310
Costco Wholesale Corp. (Food & Staples Retailing)		481		206,695
Crown Castle International Corp. (Equity Real Estate Investment Trusts)		471		90,945
CSX Corp. (Road & Rail)		2,475		79,992
Cummins, Inc. (Machinery)		159		36,904
CVS Health Corp. (Health Care Providers & Services)		1,433		118,022
D.R. Horton, Inc. (Household Durables)		357		34,068
Danaher Corp. (Health Care Equipment & Supplies)		691		205,566
Darden Restaurants, Inc. (Hotels, Restaurants & Leisure)		142		20,715
DaVita, Inc.* (Health Care Providers & Services)		76		9,139
Deere & Co. (Machinery)		340		122,941
Delta Air Lines, Inc.* (Airlines)		696		27,770
DENTSPLY SIRONA, Inc. (Health Care Equipment & Supplies)		238		15,718
Devon Energy Corp. (Oil, Gas & Consumable Fuels)		648		16,744
DexCom, Inc.* (Health Care Equipment & Supplies)		105		54,129
Diamondback Energy, Inc. (Oil, Gas & Consumable Fuels)		197		15,195
Digital Realty Trust, Inc. (Equity Real Estate Investment Trusts)		307		47,327
Discover Financial Services (Consumer Finance)		332		41,274
Discovery, Inc.*(a) (Media)		184		5,338
Discovery, Inc.* - Class C (Media)		327		8,865
DISH Network Corp.* - Class A (Media)		270		11,310
Dollar General Corp. (Multiline Retail)		257		59,788
Dollar Tree, Inc.* (Multiline Retail)		252		25,147
Dominion Energy, Inc. (Multi-Utilities)		878		65,735
Domino's Pizza, Inc. (Hotels, Restaurants & Leisure)		42		22,071
Dover Corp. (Machinery)		157		26,238
Dow, Inc. (Chemicals)		813		50,536
DTE Energy Co. (Multi-Utilities)		211		24,755
Duke Energy Corp. (Electric Utilities)		837		87,977
Duke Realty Corp. (Equity Real Estate Investment Trusts)		408		20,759
DuPont de Nemours, Inc. (Chemicals)		579		43,454
DXC Technology Co.* (IT Services)		277		11,074
Eastman Chemical Co. (Chemicals)		149		16,795
Eaton Corp. PLC (Electrical Equipment)		434		68,593
eBay, Inc. (Internet & Direct Marketing Retail)		704		48,020
Ecolab, Inc. (Chemicals)		271		59,845
Edison International (Electric Utilities)		413		22,509
Edwards Lifesciences Corp.* (Health Care Equipment & Supplies)		677		76,007
Electronic Arts, Inc. (Entertainment)		312		44,916
Eli Lilly & Co. (Pharmaceuticals)		866		210,871
Emerson Electric Co. (Electrical Equipment)		653		65,881
Enphase Energy, Inc.* (Electrical Equipment)		148		28,061
Entergy Corp. (Electric Utilities)		218		22,437

Additional financial disclosures are included in the notes to financial statements of the funds’ annual report and should be read in conjunction with this report.

Bull ProFund :: Schedule of Portfolio Investments :: July 31, 2021

Common Stocks, continued

	Shares			Value
EOG Resources, Inc. (Oil, Gas & Consumable Fuels)		635		$	46,266
Equifax, Inc. (Professional Services)		132			34,399
Equinix, Inc. (Equity Real Estate Investment Trusts)		98			80,400
Equity Residential (Equity Real Estate Investment Trusts)		375			31,549
Essex Property Trust, Inc. (Equity Real Estate Investment Trusts)		71			23,295
Etsy, Inc.* (Internet & Direct Marketing Retail)		138			25,324
Everest Re Group, Ltd. (Insurance)		44			11,125
Evergy, Inc. (Electric Utilities)		250			16,305
Eversource Energy (Electric Utilities)		374			32,265
Exelon Corp. (Electric Utilities)		1,064			49,795
Expedia Group, Inc.* (Internet & Direct Marketing Retail)		154			24,774
Expeditors International of Washington, Inc. (Air Freight & Logistics)		184			23,598
Extra Space Storage, Inc. (Equity Real Estate Investment Trusts)		146			25,424
Exxon Mobil Corp. (Oil, Gas & Consumable Fuels)		4,608			265,284
F5 Networks, Inc.* (Communications Equipment)		65			13,423
Facebook, Inc.* - Class A (Interactive Media & Services)		2,608			929,230
Fastenal Co. (Trading Companies & Distributors)		625			34,232
Federal Realty Investment Trust (Equity Real Estate Investment Trusts)		77			9,050
FedEx Corp. (Air Freight & Logistics)		266			74,467
Fidelity National Information Services, Inc. (IT Services)		675			100,609
Fifth Third Bancorp (Banks)		766			27,798
First Horizon Corp. (Banks)		–	†		6
First Republic Bank (Banks)		192			37,444
FirstEnergy Corp. (Electric Utilities)		592			22,685
Fiserv, Inc.* (IT Services)		648			74,591
FleetCor Technologies, Inc.* (IT Services)		91			23,498
FMC Corp. (Chemicals)		140			14,973
Ford Motor Co.* (Automobiles)		4,268			59,539
Fortinet, Inc.* (Software)		148			40,292
Fortive Corp. (Machinery)		368			26,739
Fortune Brands Home & Security, Inc. (Building Products)		151			14,718
Fox Corp. - Class A (Media)		356			12,695
Fox Corp. - Class B (Media)		165			5,485
Franklin Resources, Inc. (Capital Markets)		296			8,747
Freeport-McMoRan, Inc. (Metals & Mining)		1,595			60,769
Garmin, Ltd. (Household Durables)		163			25,624
Gartner, Inc.* (IT Services)		94			24,885
Generac Holdings, Inc.* (Electrical Equipment)		69			28,936
General Dynamics Corp. (Aerospace & Defense)		249			48,811
General Electric Co. (Industrial Conglomerates)		9,556			123,750
General Mills, Inc. (Food Products)		664			39,083
General Motors Co.* (Automobiles)		1,389			78,951
Genuine Parts Co. (Distributors)		157			19,926
Gilead Sciences, Inc. (Biotechnology)		1,365			93,216
Global Payments, Inc. (IT Services)		321			62,085
Globe Life, Inc. (Insurance)		103			9,590
Halliburton Co. (Energy Equipment & Services)		968			20,018
Hanesbrands, Inc. (Textiles, Apparel & Luxury Goods)		380			6,939
Hartford Financial Services Group, Inc. (Insurance)		389			24,748
Hasbro, Inc. (Leisure Products)		139			13,822
HCA Healthcare, Inc. (Health Care Providers & Services)		286			70,985
Healthpeak Properties, Inc. (Equity Real Estate Investment Trusts)		587			21,701
Henry Schein, Inc.* (Health Care Providers & Services)		153			12,263
Hess Corp. (Oil, Gas & Consumable Fuels)		299			22,856
Hewlett Packard Enterprises Co. (Technology Hardware, Storage & Peripherals)		1,422			20,619
Hilton Worldwide Holdings, Inc.* (Hotels, Restaurants & Leisure)		303			39,829
Hologic, Inc.* (Health Care Equipment & Supplies)		279			20,936
Honeywell International, Inc. (Industrial Conglomerates)		756			176,746
Hormel Foods Corp. (Food Products)		307			14,239
Host Hotels & Resorts, Inc.* (Equity Real Estate Investment Trusts)		769			12,250
Howmet Aerospace, Inc.* (Aerospace & Defense)		425			13,949
HP, Inc. (Technology Hardware, Storage & Peripherals)		1,308			37,762
Humana, Inc. (Health Care Providers & Services)		140			59,620
Huntington Bancshares, Inc. (Banks)		1,604			22,584
Huntington Ingalls Industries, Inc. (Aerospace & Defense)		44			9,026
IDEX Corp. (Machinery)		83			18,815
IDEXX Laboratories, Inc.* (Health Care Equipment & Supplies)		93			63,103
IHS Markit, Ltd. (Professional Services)		408			47,671
Illinois Tool Works, Inc. (Machinery)		313			70,948
Illumina, Inc.* (Life Sciences Tools & Services)		159			78,824
Incyte Corp.* (Biotechnology)		203			15,702
Ingersoll Rand, Inc.* (Machinery)		406			19,841
Intel Corp. (Semiconductors & Semiconductor Equipment)		4,395			236,099
Intercontinental Exchange, Inc. (Capital Markets)		613			73,456
International Business Machines Corp. (IT Services)		973			137,154
International Flavors & Fragrances, Inc. (Chemicals)		271			40,823
International Paper Co. (Containers & Packaging)		426			24,606
Intuit, Inc. (Software)		297			157,401

Additional financial disclosures are included in the notes to financial statements of the funds’ annual report and should be read in conjunction with this report.

Bull ProFund :: Schedule of Portfolio Investments :: July 31, 2021

Common Stocks, continued

	Shares		Value
Intuitive Surgical, Inc.* (Health Care Equipment & Supplies)		129	$	127,898
Invesco, Ltd. (Capital Markets)		412		10,045
IPG Photonics Corp.* (Electronic Equipment, Instruments & Components)		39		8,508
IQVIA Holdings, Inc.* (Life Sciences Tools & Services)		209		51,769
Iron Mountain, Inc. (Equity Real Estate Investment Trusts)		314		13,741
J.B. Hunt Transport Services, Inc. (Road & Rail)		91		15,329
Jack Henry & Associates, Inc. (IT Services)		81		14,101
Jacobs Engineering Group, Inc. (Construction & Engineering)		142		19,205
Johnson & Johnson (Pharmaceuticals)		2,866		493,525
Johnson Controls International PLC (Building Products)		780		55,707
JPMorgan Chase & Co. (Banks)		3,295		500,115
Juniper Networks, Inc. (Communications Equipment)		357		10,046
Kansas City Southern (Road & Rail)		99		26,512
Kellogg Co. (Food Products)		274		17,361
KeyCorp (Banks)		1,056		20,761
Keysight Technologies, Inc.* (Electronic Equipment, Instruments & Components)		201		33,075
Kimberly-Clark Corp. (Household Products)		367		49,809
Kimco Realty Corp. (Equity Real Estate Investment Trusts)		472		10,068
Kinder Morgan, Inc. (Oil, Gas & Consumable Fuels)		2,120		36,846
KLA Corp. (Semiconductors & Semiconductor Equipment)		167		58,143
L Brands, Inc. (Specialty Retail)		255		20,418
L3Harris Technologies, Inc. (Aerospace & Defense)		223		50,563
Laboratory Corp. of America Holdings* (Health Care Providers & Services)		106		31,392
Lam Research Corp. (Semiconductors & Semiconductor Equipment)		155		98,799
Lamb Weston Holding, Inc. (Food Products)		159		10,616
Las Vegas Sands Corp.* (Hotels, Restaurants & Leisure)		357		15,119
Leggett & Platt, Inc. (Household Durables)		145		6,964
Leidos Holdings, Inc. (IT Services)		145		15,431
Lennar Corp. - Class A (Household Durables)		300		31,545
Lincoln National Corp. (Insurance)		195		12,016
Linde PLC (Chemicals)		566		173,983
Live Nation Entertainment, Inc.* (Entertainment)		157		12,386
LKQ Corp.* (Distributors)		303		15,377
Lockheed Martin Corp. (Aerospace & Defense)		266		98,864
Loews Corp. (Insurance)		243		13,032
Lowe's Cos., Inc. (Specialty Retail)		769		148,179
Lumen Technologies, Inc. (Diversified Telecommunication Services)		1,083		13,505
LyondellBasell Industries N.V. - Class A (Chemicals)		280		27,812
M&T Bank Corp. (Banks)		140		18,739
Marathon Oil Corp. (Oil, Gas & Consumable Fuels)		858		9,944
Marathon Petroleum Corp. (Oil, Gas & Consumable Fuels)		710		39,206
MarketAxess Holdings, Inc. (Capital Markets)		41		19,482
Marriott International, Inc.* - Class A (Hotels, Restaurants & Leisure)		292		42,569
Marsh & McLennan Cos., Inc. (Insurance)		554		81,560
Martin Marietta Materials, Inc. (Construction Materials)		68		24,704
Masco Corp. (Building Products)		276		16,480
Mastercard, Inc. - Class A (IT Services)		952		367,415
Maxim Integrated Products, Inc. (Semiconductors & Semiconductor Equipment)		292		29,174
McCormick & Co., Inc. (Food Products)		271		22,810
McDonald's Corp. (Hotels, Restaurants & Leisure)		812		197,080
McKesson Corp. (Health Care Providers & Services)		172		35,059
Medtronic PLC (Health Care Equipment & Supplies)		1,464		192,238
Merck & Co., Inc. (Pharmaceuticals)		2,756		211,854
MetLife, Inc. (Insurance)		810		46,737
Mettler-Toledo International, Inc.* (Life Sciences Tools & Services)		25		36,843
MGM Resorts International (Hotels, Restaurants & Leisure)		443		16,626
Microchip Technology, Inc. (Semiconductors & Semiconductor Equipment)		298		42,650
Micron Technology, Inc.* (Semiconductors & Semiconductor Equipment)		1,221		94,725
Microsoft Corp. (Software)		8,198		2,335,693
Mid-America Apartment Communities, Inc. (Equity Real Estate Investment Trusts)		125		24,138
Moderna, Inc.* (Biotechnology)		332		117,395
Mohawk Industries, Inc.* (Household Durables)		64		12,474
Molson Coors Beverage Co.* - Class B (Beverages)		205		10,022
Mondelez International, Inc. - Class A (Food Products)		1,529		96,724
Monolithic Power Systems, Inc. (Semiconductors & Semiconductor Equipment)		47		21,115
Monster Beverage Corp.* (Beverages)		403		38,011
Moody's Corp. (Capital Markets)		175		65,800
Morgan Stanley (Capital Markets)		1,620		155,487
Motorola Solutions, Inc. (Communications Equipment)		185		41,425
MSCI, Inc. - Class A (Capital Markets)		90		53,636
Nasdaq, Inc. (Capital Markets)		125		23,341
NetApp, Inc. (Technology Hardware, Storage & Peripherals)		242		19,261
Netflix, Inc.* (Entertainment)		483		249,986
Newell Brands, Inc. (Household Durables)		412		10,197
Newmont Corp. (Metals & Mining)		872		54,779
News Corp. - Class A (Media)		426		10,492
News Corp. - Class B (Media)		133		3,127

Additional financial disclosures are included in the notes to financial statements of the funds’ annual report and should be read in conjunction with this report.

Bull ProFund :: Schedule of Portfolio Investments :: July 31, 2021

Common Stocks, continued

	Shares		Value
NextEra Energy, Inc. (Electric Utilities)		2,135	$	166,316
Nielsen Holdings PLC (Professional Services)		390		9,239
NIKE, Inc. - Class B (Textiles, Apparel & Luxury Goods)		1,388		232,504
NiSource, Inc. (Multi-Utilities)		427		10,577
Norfolk Southern Corp. (Road & Rail)		273		70,388
Northern Trust Corp. (Capital Markets)		227		25,617
Northrop Grumman Corp. (Aerospace & Defense)		163		59,172
NortonLifelock, Inc. (Software)		631		15,661
Norwegian Cruise Line Holdings, Ltd.* (Hotels, Restaurants & Leisure)		403		9,684
NOV, Inc.* (Energy Equipment & Services)		425		5,869
NRG Energy, Inc. (Independent Power and Renewable Electricity Producers)		266		10,970
Nucor Corp. (Metals & Mining)		326		33,911
NVIDIA Corp. (Semiconductors & Semiconductor Equipment)		2,712		528,813
NVR, Inc.* (Household Durables)		4		20,890
NXP Semiconductors N.V. (Semiconductors & Semiconductor Equipment)		300		61,917
Occidental Petroleum Corp. (Oil, Gas & Consumable Fuels)		914		23,855
Old Dominion Freight Line, Inc. (Road & Rail)		104		27,992
Omnicom Group, Inc. (Media)		234		17,040
ONEOK, Inc. (Oil, Gas & Consumable Fuels)		485		25,205
Oracle Corp. (Software)		1,977		172,276
O'Reilly Automotive, Inc.* (Specialty Retail)		76		45,892
Organon & Co.* (Pharmaceuticals)		275		7,978
Otis Worldwide Corp. (Machinery)		439		39,312
PACCAR, Inc. (Machinery)		378		31,370
Packaging Corp. of America (Containers & Packaging)		103		14,575
Parker-Hannifin Corp. (Machinery)		140		43,684
Paychex, Inc. (IT Services)		349		39,723
Paycom Software, Inc.* (Software)		53		21,200
PayPal Holdings, Inc.* (IT Services)		1,279		352,403
Penn National Gaming, Inc.* (Hotels, Restaurants & Leisure)		162		11,078
Pentair PLC (Machinery)		181		13,334
People's United Financial, Inc. (Banks)		465		7,301
PepsiCo, Inc. (Beverages)		1,504		236,053
PerkinElmer, Inc. (Life Sciences Tools & Services)		122		22,232
Perrigo Co. PLC (Pharmaceuticals)		145		6,964
Pfizer, Inc. (Pharmaceuticals)		6,093		260,841
Philip Morris International, Inc. (Tobacco)		1,697		169,852
Phillips 66 (Oil, Gas & Consumable Fuels)		477		35,026
Pinnacle West Capital Corp. (Electric Utilities)		123		10,277
Pioneer Natural Resources Co. (Oil, Gas & Consumable Fuels)		252		36,633
Pool Corp. (Distributors)		44		21,025
PPG Industries, Inc. (Chemicals)		258		42,188
PPL Corp. (Electric Utilities)		838		23,774
Principal Financial Group, Inc. (Insurance)		275		17,086
Prologis, Inc. (Equity Real Estate Investment Trusts)		805		103,072
Prudential Financial, Inc. (Insurance)		429		43,020
PTC, Inc.* (Software)		114		15,441
Public Service Enterprise Group, Inc. (Multi-Utilities)		550		34,227
Public Storage (Equity Real Estate Investment Trusts)		166		51,872
PulteGroup, Inc. (Household Durables)		288		15,803
PVH Corp.* (Textiles, Apparel & Luxury Goods)		78		8,160
Qorvo, Inc.* (Semiconductors & Semiconductor Equipment)		123		23,320
Qualcomm, Inc. (Semiconductors & Semiconductor Equipment)		1,228		183,954
Quanta Services, Inc. (Construction & Engineering)		152		13,817
Quest Diagnostics, Inc. (Health Care Providers & Services)		142		20,136
Ralph Lauren Corp. (Textiles, Apparel & Luxury Goods)		53		6,017
Raymond James Financial, Inc. (Capital Markets)		133		17,221
Raytheon Technologies Corp. (Aerospace & Defense)		1,649		143,382
Realty Income Corp. (Equity Real Estate Investment Trusts)		407		28,608
Regency Centers Corp. (Equity Real Estate Investment Trusts)		172		11,251
Regeneron Pharmaceuticals, Inc.* (Biotechnology)		114		65,506
Regions Financial Corp. (Banks)		1,046		20,136
Republic Services, Inc. - Class A (Commercial Services & Supplies)		229		27,104
ResMed, Inc. (Health Care Equipment & Supplies)		158		42,944
Robert Half International, Inc. (Professional Services)		123		12,080
Rockwell Automation, Inc. (Electrical Equipment)		126		38,735
Rollins, Inc. (Commercial Services & Supplies)		241		9,238
Roper Technologies, Inc. (Industrial Conglomerates)		115		56,504
Ross Stores, Inc. (Specialty Retail)		388		47,604
Royal Caribbean Cruises, Ltd.* (Hotels, Restaurants & Leisure)		238		18,295
S&P Global, Inc. (Capital Markets)		262		112,325
Salesforce.com, Inc.* (Software)		1,051		254,268
SBA Communications Corp. (Equity Real Estate Investment Trusts)		119		40,578
Schlumberger, Ltd. (Energy Equipment & Services)		1,522		43,880
Seagate Technology Holdings PLC (Technology Hardware, Storage & Peripherals)		217		19,074
Sealed Air Corp. (Containers & Packaging)		165		9,364
Sempra Energy (Multi-Utilities)		343		44,812
ServiceNow, Inc.* (Software)		215		126,396

Additional financial disclosures are included in the notes to financial statements of the funds’ annual report and should be read in conjunction with this report.

Bull ProFund :: Schedule of Portfolio Investments :: July 31, 2021

Common Stocks, continued

	Shares		Value
Simon Property Group, Inc. (Equity Real Estate Investment Trusts)		358	$	45,294
Skyworks Solutions, Inc. (Semiconductors & Semiconductor Equipment)		180		33,212
Snap-on, Inc. (Machinery)		59		12,861
Southwest Airlines Co.* (Airlines)		644		32,536
Stanley Black & Decker, Inc. (Machinery)		176		34,681
Starbucks Corp. (Hotels, Restaurants & Leisure)		1,283		155,794
State Street Corp. (Capital Markets)		379		33,026
STERIS PLC (Health Care Equipment & Supplies)		106		23,103
Stryker Corp. (Health Care Equipment & Supplies)		357		96,726
SVB Financial Group* (Banks)		59		32,448
Synchrony Financial (Consumer Finance)		589		27,695
Synopsys, Inc.* (Software)		166		47,806
Sysco Corp. (Food & Staples Retailing)		557		41,329
T. Rowe Price Group, Inc. (Capital Markets)		247		50,428
Take-Two Interactive Software, Inc.* (Entertainment)		126		21,851
Tapestry, Inc.* (Textiles, Apparel & Luxury Goods)		304		12,859
Target Corp. (Multiline Retail)		539		140,707
TE Connectivity, Ltd. (Electronic Equipment, Instruments & Components)		359		52,941
Teledyne Technologies, Inc.* (Aerospace & Defense)		51		23,091
Teleflex, Inc. (Health Care Equipment & Supplies)		51		20,269
Teradyne, Inc. (Semiconductors & Semiconductor Equipment)		181		22,987
Tesla, Inc.* (Automobiles)		839		576,560
Texas Instruments, Inc. (Semiconductors & Semiconductor Equipment)		1,005		191,573
Textron, Inc. (Aerospace & Defense)		246		16,976
The AES Corp. (Independent Power and Renewable Electricity Producers)		725		17,182
The Allstate Corp. (Insurance)		326		42,396
The Bank of New York Mellon Corp. (Capital Markets)		878		45,068
The Boeing Co.* (Aerospace & Defense)		598		135,435
The Charles Schwab Corp. (Capital Markets)		1,633		110,962
The Clorox Co. (Household Products)		135		24,420
The Coca-Cola Co. (Beverages)		4,224		240,894
The Cooper Cos., Inc. (Health Care Equipment & Supplies)		54		22,776
The Estee Lauder Co., Inc. (Personal Products)		252		84,125
The Gap, Inc. (Specialty Retail)		226		6,592
The Goldman Sachs Group, Inc. (Capital Markets)		370		138,705
The Hershey Co. (Food Products)		159		28,442
The Home Depot, Inc. (Specialty Retail)		1,158		380,043
The Interpublic Group of Cos., Inc. (Media)		428		15,134
The JM Smucker Co. - Class A (Food Products)		119		15,602
The Kraft Heinz Co. (Food Products)		706		27,160
The Kroger Co. (Food & Staples Retailing)		824		33,537
The Mosaic Co. (Chemicals)		376		11,742
The PNC Financial Services Group, Inc. (Banks)		462		84,273
The Procter & Gamble Co. (Household Products)		2,665		379,043
The Progressive Corp. (Insurance)		637		60,617
The Sherwin-Williams Co. (Chemicals)		261		75,959
The Southern Co. (Electric Utilities)		1,152		73,578
The TJX Cos., Inc. (Specialty Retail)		1,313		90,348
The Travelers Cos., Inc. (Insurance)		274		40,804
The Walt Disney Co.* (Entertainment)		1,978		348,167
The Western Union Co. (IT Services)		445		10,328
The Williams Cos., Inc. (Oil, Gas & Consumable Fuels)		1,322		33,116
Thermo Fisher Scientific, Inc. (Life Sciences Tools & Services)		428		231,124
T-Mobile U.S., Inc.* (Wireless Telecommunication Services)		638		91,885
Tractor Supply Co. (Specialty Retail)		125		22,616
Trane Technologies PLC (Building Products)		260		52,939
TransDigm Group, Inc.* (Aerospace & Defense)		60		38,465
Trimble, Inc.* (Electronic Equipment, Instruments & Components)		273		23,342
Truist Financial Corp. (Banks)		1,464		79,686
Twitter, Inc.* (Interactive Media & Services)		868		60,543
Tyler Technologies, Inc.* (Software)		44		21,676
Tyson Foods, Inc. - Class A (Food Products)		321		22,939
U.S. Bancorp (Banks)		1,476		81,977
UDR, Inc. (Equity Real Estate Investment Trusts)		323		17,762
Ulta Beauty, Inc.* (Specialty Retail)		60		20,148
Under Armour, Inc.* - Class A (Textiles, Apparel & Luxury Goods)		205		4,192
Under Armour, Inc.* - Class C (Textiles, Apparel & Luxury Goods)		214		3,749
Union Pacific Corp. (Road & Rail)		723		158,163
United Airlines Holdings , Inc.* (Airlines)		352		16,445
United Parcel Service, Inc. - Class B (Air Freight & Logistics)		787		150,600
United Rentals, Inc.* (Trading Companies & Distributors)		79		26,034
UnitedHealth Group, Inc. (Health Care Providers & Services)		1,028		423,761
Universal Health Services, Inc. - Class B (Health Care Providers & Services)		85		13,635
Unum Group (Insurance)		222		6,083
Valero Energy Corp. (Oil, Gas & Consumable Fuels)		445		29,802
Ventas, Inc. (Equity Real Estate Investment Trusts)		408		24,390
VeriSign, Inc.* (IT Services)		108		23,368
Verisk Analytics, Inc. - Class A (Professional Services)		176		33,429
Verizon Communications, Inc. (Diversified Telecommunication Services)		4,507		251,400

Additional financial disclosures are included in the notes to financial statements of the funds’ annual report and should be read in conjunction with this report.

Bull ProFund :: Schedule of Portfolio Investments :: July 31, 2021

Common Stocks, continued 

	Shares		Value
Vertex Pharmaceuticals, Inc.* (Biotechnology)	282	$	56,846
VF Corp. (Textiles, Apparel & Luxury Goods)	350		28,070
ViacomCBS, Inc. - Class B (Media)	659		26,973
Viatris, Inc. (Pharmaceuticals)	1,318		18,544
Visa, Inc. - Class A (IT Services)	1,842		453,850
Vornado Realty Trust (Equity Real Estate Investment Trusts)	171		7,439
Vulcan Materials Co. (Construction Materials)	144		25,919
W.R. Berkley Corp. (Insurance)	153		11,195
W.W. Grainger, Inc. (Trading Companies & Distributors)	48		21,340
Walgreens Boots Alliance, Inc. (Food & Staples Retailing)	781		36,824
Walmart, Inc. (Food & Staples Retailing)	1,495		213,113
Waste Management, Inc. (Commercial Services & Supplies)	423		62,714
Waters Corp.* (Life Sciences Tools & Services)	67		26,117
WEC Energy Group, Inc. (Multi-Utilities)	343		32,290
Wells Fargo & Co. (Banks)	4,499		206,684
Welltower, Inc. (Equity Real Estate Investment Trusts)	454		39,434
West Pharmaceutical Services, Inc. (Health Care Equipment & Supplies)	80		32,938
Western Digital Corp.* (Technology Hardware, Storage & Peripherals)	334		21,687
Westinghouse Air Brake Technologies Corp. (Machinery)	193		16,380
WestRock Co. (Containers & Packaging)	290		14,271
Weyerhaeuser Co. (Equity Real Estate Investment Trusts)	816		27,524
Whirlpool Corp. (Household Durables)	68		15,065
Willis Towers Watson PLC (Insurance)	140		28,851
Wynn Resorts, Ltd.* (Hotels, Restaurants & Leisure)	115		11,308
Xcel Energy, Inc. (Electric Utilities)	586		39,995
Xilinx, Inc. (Semiconductors & Semiconductor Equipment)	268		40,157
Xylem, Inc. (Machinery)	196		24,667
Yum! Brands, Inc. (Hotels, Restaurants & Leisure)	324		42,570
Zebra Technologies Corp.* (Electronic Equipment, Instruments & Components)	58		32,044
Zimmer Biomet Holdings, Inc. (Health Care Equipment & Supplies)	227		37,096
Zions Bancorp (Banks)	178		9,283
Zoetis, Inc. (Pharmaceuticals)	517		104,796
TOTAL COMMON STOCKS
(Cost  $7,362,622)			40,508,346
Repurchase Agreements(b)(c) (24.6%)

		Principal Amount		Value
Repurchase Agreements with various counterparties, 0.00%, dated 7/30/21, due 8/2/21, total to be received $15,520,000	$	15,520,000	$	15,520,000
TOTAL REPURCHASE AGREEMENTS
(Cost $15,520,000)				15,520,000
Collateral for Securities Loaned(d)(NM)

	Shares		Value
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares, 0.03%(e)	4,960	$	4,960
TOTAL COLLATERAL FOR SECURITIES LOANED (Cost $4,960)			4,960
TOTAL INVESTMENT SECURITIES
(Cost $22,887,582) - 88.6%			56,033,306
Net other assets (liabilities) - 11.4%			7,178,915
NET ASSETS - 100.0%		$	63,212,221

†	Number of shares is less than 0.50.
*	Non-income producing security.
(a)	All or part of this security was on loan as of July 31, 2021. The total value of securities on loan as of July 31, 2021 was $4,642.
(b)	The ProFund invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" under Note 2 in the Notes to the Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.
(c)	A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. As of July 31, 2021, the aggregate amount held in a segregated account was $1,824,000.
(d)	Securities were purchased with cash collateral held from securities on loan at July 31, 2021.
(e)	Rate periodically changes. Rate disclosed is the daily yield on July 31, 2021.

Additional financial disclosures are included in the notes to financial statements of the funds’ annual report and should be read in conjunction with this report.

Bull ProFund :: Schedule of Portfolio Investments :: July 31, 2021

Futures Contracts Purchased

	Number of Contracts		Expiration Date	Notional Amount		Value and Unrealized Appreciation/ (Depreciation)
E-Mini S&P 500 Futures Contracts		18	9/20/21	$	3,950,550	$	96,207

Total Return Swap Agreements — Long

Underlying Instrument	Counterparty	Termination Date(1)	Rate Paid (Received)(2)			Notional Amount		Value and Unrealized Appreciation/ (Depreciation)
S&P 500	Goldman Sachs International	8/27/21		0 .64	%	$	11,256,261	$	(6,047	)
S&P 500	UBS AG	8/27/21		0 .59	%		7,498,314		(6,126	)
						$	18,754,575	$	(12,173	)

(1)	Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.
(2)	Reflects the floating financing rate, as of July 31, 2021, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

Additional financial disclosures are included in the notes to financial statements of the funds’ annual report and should be read in conjunction with this report.

Bull ProFund :: Schedule of Portfolio Investments :: July 31, 2021

Bull ProFund invested in the following industries as of July 31, 2021:

	Value		% of Net Assets
Aerospace & Defense	$	637,734		1.0	%
Air Freight & Logistics		261,595		0.4	%
Airlines		98,810		0.2	%
Auto Components		61,838		0.1	%
Automobiles		715,050		1.1	%
Banks		1,646,236		2.6	%
Beverages		580,373		0.9	%
Biotechnology		776,855		1.2	%
Building Products		212,616		0.3	%
Capital Markets		1,206,028		1.9	%
Chemicals		718,942		1.1	%
Commercial Services & Supplies		170,266		0.3	%
Communications Equipment		341,700		0.5	%
Construction & Engineering		33,022		0.1	%
Construction Materials		50,623		0.1	%
Consumer Finance		269,099		0.4	%
Containers & Packaging		130,048		0.2	%
Distributors		56,328		0.1	%
Diversified Financial Services		574,112		0.9	%
Diversified Telecommunication Services		482,994		0.8	%
Electric Utilities		631,770		1.0	%
Electrical Equipment		265,108		0.4	%
Electronic Equipment, Instruments & Components		260,441		0.4	%
Energy Equipment & Services		86,589		0.1	%
Entertainment		748,049		1.2	%
Equity Real Estate Investment Trusts		1,030,680		1.6	%
Food & Staples Retailing		531,498		0.8	%
Food Products		358,430		0.6	%
Gas Utilities		14,000			NM
Health Care Equipment & Supplies		1,529,650		2.4	%
Health Care Providers & Services		1,064,075		1.7	%
Health Care Technology		26,368			NM
Hotels, Restaurants & Leisure		699,150		1.1	%
Household Durables		172,630		0.3	%
Household Products		549,609		0.9	%
Independent Power and Renewable Electricity Producers		28,152			NM
Industrial Conglomerates		481,900		0.8	%
Insurance		738,102		1.2	%
Interactive Media & Services		2,709,255		4.3	%
Internet & Direct Marketing Retail		1,750,124		2.8	%
IT Services		2,112,701		3.3	%
Leisure Products		13,822			NM
Life Sciences Tools & Services		536,865		0.9	%
Machinery		661,938		1.1	%
Media		521,687		0.8	%
Metals & Mining		149,459		0.2	%
Multiline Retail		225,642		0.4	%
Multi-Utilities		298,797		0.5	%
Oil, Gas & Consumable Fuels		947,204		1.5	%
Personal Products		84,125		0.1	%
Pharmaceuticals		1,502,598		2.4	%
Professional Services		136,818		0.2	%
Real Estate Management & Development		35,208		0.1	%
Road & Rail		378,376		0.6	%
Semiconductors & Semiconductor Equipment		2,229,570		3.5	%
Software		3,701,451		5.8	%
Specialty Retail		887,006		1.4	%
Technology Hardware, Storage & Peripherals		2,608,962		4.1	%
Textiles, Apparel & Luxury Goods		302,490		0.5	%
Tobacco		266,605		0.4	%
Trading Companies & Distributors		81,606		0.1	%
Water Utilities		33,682		0.1	%
Wireless Telecommunication Services		91,885		0.2	%
Other **		22,703,875		36.0	%
Total	$	63,212,221		100.0	%

**	Includes any non-equity securities and net other assets (liabilities), which includes any receivable for capital shares issued and payable for capital shares redeemed.
NM	Not meaningful, amount is less than 0.05%.

Additional financial disclosures are included in the notes to financial statements of the funds’ annual report and should be read in conjunction with this report. 

Small-Cap ProFund:: Schedule of Portfolio Investments :: July 31, 2021

Common Stocks (62.9%)

	Shares		Value
1-800-Flowers.com, Inc.* - Class A (Internet & Direct Marketing Retail)		59	$	1,800
1Life Healthcare, Inc.* (Health Care Providers & Services)		251		6,787
1st Source Corp. (Banks)		36		1,648
22nd Century Group, Inc.* (Tobacco)		324		1,040
2U, Inc.* (Software)		154		6,684
3D Systems Corp.* (Technology Hardware, Storage & Peripherals)		259		7,133
4D Molecular Therapeutics, Inc.* (Biotechnology)		21		522
89bio, Inc.* (Biotechnology)		21		329
8x8, Inc.* (Software)		229		5,853
9 Meters Biopharma, Inc.* (Pharmaceuticals)		457		494
908 Devices, Inc.* (Electronic Equipment, Instruments & Components)		16		500
A10 Networks, Inc.* (Software)		129		1,647
AAON, Inc. (Building Products)		89		5,531
AAR Corp.* (Aerospace & Defense)		73		2,610
Aaron's Co., Inc. (The) (Specialty Retail)		73		2,108
Abercrombie & Fitch Co.* - Class A (Specialty Retail)		133		5,029
ABM Industries, Inc. (Commercial Services & Supplies)		145		6,741
Acacia Research Corp.* (Professional Services)		104		587
Academy Sports & Outdoors, Inc.* (Leisure Products)		133		4,928
ACADIA Pharmaceuticals, Inc.* (Biotechnology)		255		5,516
Acadia Realty Trust (Equity Real Estate Investment Trusts)		184		3,938
Accel Entertainment, Inc.* (Hotels, Restaurants & Leisure)		120		1,327
Accelerate Diagnostics, Inc.* (Life Sciences Tools & Services)		71		530
ACCO Brands Corp. (Commercial Services & Supplies)		201		1,797
Accolade, Inc.* (Health Care Technology)		108		5,055
Accuray, Inc.* (Health Care Equipment & Supplies)		197		808
ACI Worldwide, Inc.* (Software)		253		8,678
Aclaris Therapeutics, Inc.* (Pharmaceuticals)		93		1,388
Acushnet Holdings Corp. (Leisure Products)		73		3,740
Acutus Medical, Inc.* (Health Care Equipment & Supplies)		35		539
AdaptHealth Corp.* (Health Care Providers & Services)		168		3,762
Addus Homecare Corp.* (Health Care Providers & Services)		33		2,864
Adicet Bio, Inc.* (Pharmaceuticals)		45		333
Adient PLC* (Auto Components)		202		8,510
Adtalem Global Education, Inc.* (Diversified Consumer Services)		106		3,852
ADTRAN, Inc. (Communications Equipment)		104		2,331
Advanced Energy Industries, Inc. (Semiconductors & Semiconductor Equipment)		82		8,508
AdvanSix, Inc.* (Chemicals)		59		1,974
Advantage Solutions, Inc.* (Media)		165		1,614
Advent Technologies Holdings, Inc.* (Electrical Equipment)		35		273
Adverum Biotechnologies, Inc.* (Biotechnology)		185		420
Aeglea BioTherapeutics, Inc.* (Biotechnology)		86		527
Aemetis, Inc.* (Oil, Gas & Consumable Fuels)		49		430
Aerie Pharmaceuticals, Inc.* (Pharmaceuticals)		90		1,420
Aerojet Rocketdyne Holdings, Inc. (Aerospace & Defense)		162		7,642
AeroVironment, Inc.* (Aerospace & Defense)		48		4,853
AerSale Corp.* (Aerospace & Defense)		18		205
Aeva Technologies, Inc.*(a) (Electronic Equipment, Instruments & Components)		53		464
AFC Gamma, Inc. (Mortgage Real Estate Investment Trusts)		16		340
Affimed NV* (Biotechnology)		248		1,649
AgEagle Aerial Systems, Inc.* (Machinery)		143		569
Agenus, Inc.* (Biotechnology)		422		2,186
Agiliti, Inc.* (Health Care Providers & Services)		48		940
Agilysys, Inc.* (Software)		41		2,278
Agios Pharmaceuticals, Inc.* (Biotechnology)		133		6,396
Agree Realty Corp. (Equity Real Estate Investment Trusts)		145		10,897
Air Transport Services Group, Inc.* (Air Freight & Logistics)		126		3,049
Akebia Therapeutics, Inc.* (Biotechnology)		342		845
Akero Therapeutics, Inc.* (Biotechnology)		56		1,201
Akouos, Inc.* (Biotechnology)		52		565
Akoustis Technologies, Inc.* (Electronic Equipment, Instruments & Components)		93		900
Akoya Biosciences, Inc.* (Life Sciences Tools & Services)		16		277
Alamo Group, Inc. (Machinery)		21		3,082
Alarm.com Holdings, Inc.* (Software)		102		8,488
Albany International Corp. - Class A (Machinery)		67		5,785
Albireo Pharma, Inc.* (Biotechnology)		36		1,030
Aldeyra Therapeutics, Inc.* (Biotechnology)		103		917
Alector, Inc.* (Biotechnology)		122		2,932
Alerus Financial Corp. (Diversified Financial Services)		33		922
Alexander & Baldwin, Inc. (Equity Real Estate Investment Trusts)		157		3,143
Alexander's, Inc. (Equity Real Estate Investment Trusts)		7		1,952
Alignment Healthcare, Inc.* (Health Care Providers & Services)		59		1,229
Aligos Therapeutics, Inc.* (Biotechnology)		39		568
Alkami Technology, Inc.* (Software)		15		469
Alkermes PLC* (Biotechnology)		344		8,899
Allakos, Inc.* (Biotechnology)		74		5,887
Allegheny Technologies, Inc.* (Metals & Mining)		274		5,625

Additional financial disclosures are included in the notes to financial statements of the funds’ annual report and should be read in conjunction with this report.

Small-Cap ProFund :: Schedule of Portfolio Investments :: July 31, 2021

Common Stocks, continued 

	Shares		Value
Allegiance Bancshares, Inc. (Banks)	41	$	1,495
Allegiant Travel Co.* (Airlines)	33		6,274
ALLETE, Inc. (Electric Utilities)	112		7,876
Allied Motion Technologies, Inc. (Electrical Equipment)	25		823
Allogene Therapeutics, Inc.* (Biotechnology)	145		3,183
Allovir, Inc.* (Biotechnology)	63		1,206
Allscripts Healthcare Solutions, Inc.* (Health Care Technology)	301		5,141
Alpha & Omega Semiconductor, Ltd.* (Semiconductors & Semiconductor Equipment)	45		1,170
Alphatec Holdings, Inc.* (Health Care Equipment & Supplies)	146		2,152
Alpine Immune Sciences, Inc.* (Biotechnology)	25		221
Alta Equipment Group, Inc.* (Trading Companies & Distributors)	41		516
Altabancorp (Banks)	39		1,575
Altair Engineering, Inc.* - Class A (Software)	97		6,767
Altimmune, Inc.* (Biotechnology)	69		626
Alto Ingredients, Inc.* (Oil, Gas & Consumable Fuels)	153		811
Altra Industrial Motion Corp. (Machinery)	138		8,650
Altus Midstream Co. - Class A (Oil, Gas & Consumable Fuels)	7		447
ALX Oncology Holdings, Inc.* (Biotechnology)	37		2,167
Amalgamated Financial Corp. (Banks)	29		445
A-Mark Precious Metals, Inc. (Diversified Financial Services)	19		968
Ambac Financial Group, Inc.* (Insurance)	98		1,423
Ambarella, Inc.* (Semiconductors & Semiconductor Equipment)	74		7,288
AMC Entertainment Holdings, Inc.* - Class A (Entertainment)	874		32,356
AMC Networks, Inc.* - Class A (Media)	63		3,153
Amerant Bancorp, Inc.* (Banks)	45		997
Ameresco, Inc.* - Class A (Construction & Engineering)	67		4,592
American Assets Trust, Inc. (Equity Real Estate Investment Trusts)	108		3,988
American Axle & Manufacturing Holdings, Inc.* (Auto Components)	242		2,345
American Eagle Outfitters, Inc. (Specialty Retail)	326		11,236
American Equity Investment Life Holding Co. (Insurance)	184		5,905
American Finance Trust, Inc. (Equity Real Estate Investment Trusts)	234		1,982
American National Bankshares, Inc. (Banks)	23		727
American National Group, Inc. (Insurance)	16		2,640
American Outdoor Brands, Inc.* (Leisure Products)	31		836
American Public Education, Inc.* (Diversified Consumer Services)	39		1,155
American Software, Inc. - Class A (Software)	67		1,474
American States Water Co. (Water Utilities)	78		6,888
American Superconductor Corp.* (Electrical Equipment)	58		815
American Vanguard Corp. (Chemicals)	63		1,040
American Well Corp.* - Class A (Health Care Technology)	416		4,846
American Woodmark Corp.* (Building Products)	36		2,673
America's Car-Mart, Inc.* (Specialty Retail)	12		1,908
Ameris Bancorp (Banks)	142		6,903
AMERISAFE, Inc. (Insurance)	41		2,345
Amicus Therapeutics, Inc.* (Biotechnology)	564		5,240
Amkor Technology, Inc. (Semiconductors & Semiconductor Equipment)	218		5,372
AMMO, Inc.* (Leisure Products)	140		948
AMN Healthcare Services, Inc.* (Health Care Providers & Services)	100		10,056
Amneal Pharmaceuticals, Inc.* (Pharmaceuticals)	212		1,045
Amphastar Pharmaceuticals, Inc.* (Pharmaceuticals)	78		1,634
Ampio Pharmaceuticals, Inc.* (Pharmaceuticals)	409		577
Amyris, Inc.* (Oil, Gas & Consumable Fuels)	358		5,220
AnaptysBio, Inc.* (Biotechnology)	41		942
Anavex Life Sciences Corp.* (Biotechnology)	133		2,387
AngioDynamics, Inc.* (Health Care Equipment & Supplies)	78		2,077
Angion Biomedica Corp.* (Pharmaceuticals)	13		138
ANI Pharmaceuticals, Inc.* (Pharmaceuticals)	21		713
Anika Therapeutics, Inc.* (Health Care Equipment & Supplies)	31		1,244
Annexon, Inc.* (Biotechnology)	67		1,411
Antares Pharma, Inc.* (Health Care Equipment & Supplies)	358		1,575
Anterix, Inc.* (Diversified Telecommunication Services)	23		1,341
Antero Resources Corp.* (Oil, Gas & Consumable Fuels)	614		8,349
Apartment Investment and Management Co. (Equity Real Estate Investment Trusts)	319		2,220
Apellis Pharmaceuticals, Inc.* (Biotechnology)	138		8,831
API Group Corp.* (Construction & Engineering)	387		8,870
Apogee Enterprises, Inc. (Building Products)	55		2,182
Apollo Commercial Real Estate Finance, Inc. (Mortgage Real Estate Investment Trusts)	301		4,581
Apollo Medical Holdings, Inc.* (Health Care Providers & Services)	77		6,804
Appfolio, Inc.* (Software)	39		5,522
AppHarvest, Inc.*(a) (Food Products)	102		1,216
Appian Corp.* (Software)	85		9,897
Apple Hospitality REIT, Inc. (Equity Real Estate Investment Trusts)	451		6,742
Applied Industrial Technologies, Inc. (Trading Companies & Distributors)	82		7,355
Applied Molecular Transport, Inc.* (Biotechnology)	52		1,458

Additional financial disclosures are included in the notes to financial statements of the funds’ annual report and should be read in conjunction with this report.

Small-Cap ProFund:: Schedule of Portfolio Investments :: July 31, 2021

Common Stocks, continued

	Shares		Value
Applied Therapeutics, Inc.* (Biotechnology)	37	$	637
Apria, Inc.* (Health Care Providers & Services)	16		504
Apyx Medical Corp.* (Health Care Equipment & Supplies)	66		594
AquaBounty Technologies, Inc.* (Biotechnology)	112		554
Arbor Realty Trust, Inc. (Mortgage Real Estate Investment Trusts)	271		4,954
Arbutus Biopharma Corp.* (Biotechnology)	168		452
ArcBest Corp. (Road & Rail)	55		3,251
Arch Resources, Inc.* (Oil, Gas & Consumable Fuels)	33		2,169
Archrock, Inc. (Energy Equipment & Services)	290		2,497
Arcimoto, Inc.* (Automobiles)	59		965
Arconic Corp.* (Metals & Mining)	237		8,517
Arcosa, Inc. (Construction & Engineering)	104		5,695
Arcturus Therapeutics Holdings, Inc.* (Biotechnology)	45		1,409
Arcus Biosciences, Inc.* (Biotechnology)	97		3,047
Arcutis Biotherapeutics, Inc.* (Biotechnology)	59		1,376
Ardelyx, Inc.* (Biotechnology)	181		315
Arena Pharmaceuticals, Inc.* (Biotechnology)	130		8,042
Ares Commercial Real Estate Corp. (Mortgage Real Estate Investment Trusts)	81		1,221
Argan, Inc. (Construction & Engineering)	33		1,483
Argo Group International Holdings, Ltd. (Insurance)	68		3,545
Arko Corp.* (Specialty Retail)	45		374
Arlo Technologies, Inc.* (Electronic Equipment, Instruments & Components)	175		1,069
Armada Hoffler Properties, Inc. (Equity Real Estate Investment Trusts)	129		1,677
ARMOUR Residential REIT, Inc. (Mortgage Real Estate Investment Trusts)	151		1,570
Array Technologies, Inc.* (Electrical Equipment)	274		3,710
Arrow Financial Corp. (Banks)	29		1,045
Arrowhead Pharmaceuticals, Inc.* (Biotechnology)	215		14,896
Artesian Resources Corp. - Class A (Water Utilities)	19		743
Artisan Partners Asset Management, Inc. (Capital Markets)	125		6,011
Arvinas, Inc.* (Pharmaceuticals)	93		9,403
Asana, Inc.* - Class A (Software)	160		11,370
Asbury Automotive Group, Inc.* (Specialty Retail)	41		8,424
Asensus Surgical, Inc.* (Health Care Equipment & Supplies)	500		1,170
ASGN, Inc.* (Professional Services)	110		11,124
Ashford Hospitality Trust, Inc.* (Equity Real Estate Investment Trusts)	23		373
Aspen Aerogels, Inc.* (Energy Equipment & Services)	47		1,770
Aspira Women's Health, Inc.* (Health Care Equipment & Supplies)	155		694
Assetmark Financial Holdings, Inc.* (Capital Markets)	37		966
Associated Banc-Corp. (Banks)	325		6,435
Associated Capital Group, Inc. - Class A (Capital Markets)	4		151
Astec Industries, Inc. (Machinery)	48		2,943
Astronics Corp.* (Aerospace & Defense)	52		888
Atara Biotherapeutics, Inc.* (Biotechnology)	177		2,257
Atea Pharmaceuticals, Inc.* (Biotechnology)	137		3,430
Aterian, Inc.* (Household Durables)	44		397
Athenex, Inc.* (Biotechnology)	185		697
Athersys, Inc.* (Biotechnology)	431		703
Athira Pharma, Inc.* (Pharmaceuticals)	69		663
Atkore, Inc.* (Electrical Equipment)	100		7,511
Atlantic Capital Bancshares, Inc.* (Banks)	43		1,032
Atlantic Union Bankshares (Banks)	168		5,959
Atlanticus Holdings Corp.* (Consumer Finance)	11		478
Atlas Air Worldwide Holdings, Inc.* (Air Freight & Logistics)	61		4,085
Atlas Technical Consultants, Inc.* (Professional Services)	29		261
ATN International, Inc. (Diversified Telecommunication Services)	23		990
Atomera, Inc.* (Semiconductors & Semiconductor Equipment)	43		759
Atossa Therapeutics, Inc.*(a) (Health Care Equipment & Supplies)	250		748
Atreca, Inc.* - Class A (Biotechnology)	55		302
AtriCure, Inc.* (Health Care Equipment & Supplies)	97		8,193
Atrion Corp. (Health Care Equipment & Supplies)	4		2,516
Avanos Medical, Inc.* (Health Care Equipment & Supplies)	104		3,946
Avaya Holdings Corp.* - Class C (Software)	177		4,287
Aveanna Healthcare Holdings, Inc.* (Health Care Providers & Services)	82		848
Aviat Networks, Inc.* (Communications Equipment)	21		783
Avid Bioservices, Inc.* (Biotechnology)	129		3,309
Avid Technology, Inc.* (Technology Hardware, Storage & Peripherals)	77		2,879
Avidity Biosciences, Inc.* (Biotechnology)	64		1,236
Avient Corp. (Chemicals)	196		9,511
Avis Budget Group, Inc.* (Road & Rail)	110		9,105
Avista Corp. (Multi-Utilities)	149		6,382
Avita Medical, Inc.* (Biotechnology)	52		964
Avrobio, Inc.* (Biotechnology)	75		552
Axcelis Technologies, Inc.* (Semiconductors & Semiconductor Equipment)	70		2,699
AxoGen, Inc.* (Health Care Equipment & Supplies)	82		1,670
Axonics, Inc.* (Health Care Equipment & Supplies)	89		6,048
Axos Financial, Inc.* - Class I (Thrifts & Mortgage Finance)	122		5,838
Axsome Therapeutics, Inc.* (Pharmaceuticals)	59		2,867

Additional financial disclosures are included in the notes to financial statements of the funds' annual report and should be read in conjunction with this report.

Small-Cap ProFund:: Schedule of Portfolio Investments :: July 31, 2021

Common Stocks, continued

	Shares		Value
AXT, Inc.* (Semiconductors & Semiconductor Equipment)		85	$	867
AZZ, Inc. (Electrical Equipment)		55		2,914
B Riley Financial, Inc. (Capital Markets)		43		2,905
B&G Foods, Inc.(a) - Class A (Food Products)		137		3,935
Babcock & Wilcox Enterprises, Inc.* (Electrical Equipment)		118		845
Badger Meter, Inc. (Electronic Equipment, Instruments & Components)		63		6,365
Balchem Corp. (Chemicals)		70		9,442
Bally's Corp.* (Hotels, Restaurants & Leisure)		70		3,448
Banc of California, Inc. (Banks)		97		1,661
BancFirst Corp. (Banks)		37		2,053
Banco Latinoamericano de Comercio Exterior S.A. - Class E (Diversified Financial Services)		67		1,104
BancorpSouth Bank (Banks)		218		5,624
Bandwidth, Inc.* (Diversified Telecommunication Services)		48		6,224
Bank First Corp. (Banks)		15		1,050
Bank of Marin Bancorp (Banks)		27		937
BankUnited, Inc. (Banks)		201		7,956
Banner Corp. (Banks)		74		3,925
Bar Harbor Bankshares (Banks)		33		945
Barnes & Noble Education, Inc.* (Specialty Retail)		82		685
Barnes Group, Inc. (Machinery)		102		5,168
Barrett Business Services, Inc. (Professional Services)		16		1,171
Bassett Furniture Industries, Inc. (Household Durables)		19		433
Beacon Roofing Supply, Inc.* (Trading Companies & Distributors)		120		6,418
Beam Global* (Electrical Equipment)		19		581
Beam Therapeutics, Inc.* (Biotechnology)		100		9,200
Beauty Health Co. (The)* (Personal Products)		100		1,756
Beazer Homes USA, Inc.* (Household Durables)		63		1,150
Bed Bath & Beyond, Inc.* (Specialty Retail)		237		6,764
Belden, Inc. (Electronic Equipment, Instruments & Components)		94		4,606
BellRing Brands, Inc.* - Class A (Personal Products)		86		2,844
Benchmark Electronics, Inc. (Electronic Equipment, Instruments & Components)		77		2,033
Benefitfocus, Inc.* (Software)		54		711
Berkeley Lights, Inc.* (Life Sciences Tools & Services)		102		4,649
Berkshire Hills Bancorp, Inc. (Banks)		110		2,974
Berry Corp. (Oil, Gas & Consumable Fuels)		144		799
Beyondspring, Inc.* (Biotechnology)		48		457
BGC Partners, Inc. - Class A (Capital Markets)		709		3,793
Big 5 Sporting Goods Corp.(a) (Specialty Retail)		45		986
Big Lots, Inc. (Multiline Retail)		74		4,263
BigCommerce Holdings, Inc.* (IT Services)		100		6,476
Biglari Holdings, Inc.* - Class B (Hotels, Restaurants & Leisure)		3		493
BioAtla, Inc.* (Biotechnology)		27		1,107
BioCryst Pharmaceuticals, Inc.* (Biotechnology)		382		6,158
BioDelivery Sciences International, Inc.* (Pharmaceuticals)		200		752
Biodesix, Inc.* (Health Care Providers & Services)		26		244
Biohaven Pharmaceutical Holding Co., Ltd.* (Biotechnology)		116		14,616
Biolife Solutions, Inc.* (Health Care Equipment & Supplies)		52		2,439
Biomea Fusion, Inc.* (Biotechnology)		19		251
Bionano Genomics, Inc.* (Life Sciences Tools & Services)		602		3,570
Bioventus, Inc.* - Class A (Health Care Equipment & Supplies)		19		296
Bioxcel Therapeutics, Inc.* (Biotechnology)		33		844
BJ's Restaurants, Inc.* (Hotels, Restaurants & Leisure)		48		1,948
BJ's Wholesale Club Holdings, Inc.* (Food & Staples Retailing)		293		14,837
Black Diamond Therapeutics, Inc.* (Biotechnology)		48		459
Black Hills Corp. (Multi-Utilities)		137		9,268
Blackbaud, Inc.* (Software)		104		7,418
Blackline, Inc.* (Software)		114		13,040
Blackstone Mortgage Trust, Inc. - Class A (Mortgage Real Estate Investment Trusts)		297		9,629
Blink Charging Co.*(a) (Specialty Retail)		78		2,693
Bloom Energy Corp.* (Electrical Equipment)		299		6,518
Bloomin' Brands, Inc.* (Hotels, Restaurants & Leisure)		189		4,750
Blucora, Inc.* (Capital Markets)		104		1,753
Blue Bird Corp.* (Machinery)		35		875
Blue Ridge Bankshares, Inc. (Banks)		37		634
Bluebird Bio, Inc.* (Biotechnology)		145		3,684
Bluegreen Vacations Holding Corp.* (Hotels, Restaurants & Leisure)		33		571
BlueLinx Holdings, Inc.* (Trading Companies & Distributors)		19		816
Blueprint Medicines Corp.* (Biotechnology)		125		10,984
BM Technologies, Inc.* (IT Services)		3		30
Boise Cascade Co. (Paper & Forest Products)		85		4,348
Bolt Biotherapeutics, Inc.* (Biotechnology)		25		279
Bonanza Creek Energy, Inc. (Oil, Gas & Consumable Fuels)		67		2,577
Boot Barn Holdings, Inc.* (Specialty Retail)		61		5,272
Boston Omaha Corp.* - Class A (Media)		37		1,210
Bottomline Technologies, Inc.* (Software)		94		3,794
Box, Inc.* - Class A (Software)		315		7,535
Brady Corp. - Class A (Commercial Services & Supplies)		102		5,577
Braemar Hotels & Resorts, Inc.* (Equity Real Estate Investment Trusts)		93		474
Brandywine Realty Trust (Equity Real Estate Investment Trusts)		363		5,067

Additional financial disclosures are included in the notes to financial statements of the funds’ annual report and should be read in conjunction with this report.

Small-Cap ProFund:: Schedule of Portfolio Investments :: July 31, 2021

Common Stocks, continued

	Shares		Value
Bridgebio Pharma, Inc.* (Biotechnology)		231	$	12,347
Bridgewater Bancshares, Inc.* (Thrifts & Mortgage Finance)		45		730
Brigham Minerals, Inc. (Oil, Gas & Consumable Fuels)		93		1,827
Brightcove, Inc.* (IT Services)		86		986
Brightsphere Investment Group, Inc. (Capital Markets)		122		3,049
BrightSpire Capital, Inc. (Mortgage Real Estate Investment Trusts)		181		1,721
BrightView Holdings, Inc.* (Commercial Services & Supplies)		86		1,379
Brinker International, Inc.* (Hotels, Restaurants & Leisure)		97		5,271
Bristow Group, Inc.* (Energy Equipment & Services)		15		390
Broadmark Realty Capital, Inc. (Mortgage Real Estate Investment Trusts)		275		2,852
Broadstone Net Lease, Inc. (Equity Real Estate Investment Trusts)		305		7,936
Brookdale Senior Living, Inc.* (Health Care Providers & Services)		397		2,985
Brookfield Infrastructure Corp. - Class A (Gas Utilities)		78		5,051
Brookline Bancorp, Inc. (Banks)		164		2,357
Brooklyn ImmunoTherapeutics, Inc.* (Entertainment)		52		597
BRP Group, Inc.* - Class A (Insurance)		98		2,671
BRT Apartments Corp. (Equity Real Estate Investment Trusts)		23		404
Bryn Mawr Bank Corp. (Banks)		43		1,683
BTRS Holdings, Inc.* (Software)		102		1,194
Business First Bancshares, Inc. (Banks)		41		956
Butterfly Network, Inc.* (Health Care Equipment & Supplies)		69		741
Byline Bancorp, Inc. (Banks)		56		1,378
Byrna Technologies, Inc.* (Aerospace & Defense)		23		552
C4 Therapeutics, Inc.* (Biotechnology)		73		3,149
Cabot Corp. (Chemicals)		120		6,607
Cactus, Inc. - Class A (Energy Equipment & Services)		116		4,181
Cadence Bancorp (Banks)		263		4,997
Cadiz, Inc.* (Water Utilities)		43		583
Caesarstone, Ltd. (Building Products)		48		637
CAI International, Inc. (Trading Companies & Distributors)		35		1,953
CalAmp Corp.* (Communications Equipment)		74		898
Calavo Growers, Inc. (Food Products)		37		2,085
Caleres, Inc. (Specialty Retail)		78		1,930
California Resources Corp.* (Oil, Gas & Consumable Fuels)		181		5,088
California Water Service Group (Water Utilities)		110		6,894
Calix, Inc.* (Communications Equipment)		116		5,425
Callaway Golf Co.* (Leisure Products)		249		7,888
Callon Petroleum Co.* (Oil, Gas & Consumable Fuels)		86		3,385
Cal-Maine Foods, Inc. (Food Products)		77		2,687
Cambium Networks Corp.* (Communications Equipment)		19		837
Cambridge Bancorp (Banks)		15		1,284
Camden National Corp. (Banks)		33		1,477
Camping World Holdings, Inc. - Class A (Specialty Retail)		90		3,542
Cannae Holdings, Inc.* (Diversified Financial Services)		188		6,251
Canoo, Inc.* (Automobiles)		171		1,390
Cantaloupe, Inc.* (IT Services)		125		1,293
Capital Bancorp, Inc. (Banks)		16		364
Capital City Bank Group, Inc. (Banks)		29		706
Capitol Federal Financial, Inc. (Thrifts & Mortgage Finance)		279		3,094
Capstar Financial Holdings, Inc. (Banks)		45		954
Capstead Mortgage Corp. (Mortgage Real Estate Investment Trusts)		203		1,293
Cara Therapeutics, Inc.* (Biotechnology)		94		1,125
Cardiff Oncology, Inc.* (Biotechnology)		76		404
Cardiovascular Systems, Inc.* (Health Care Equipment & Supplies)		85		3,425
Cardlytics, Inc.* (Media)		68		8,565
CareDx, Inc.* (Biotechnology)		108		9,076
CareTrust REIT, Inc. (Equity Real Estate Investment Trusts)		207		4,993
Cargurus, Inc.* (Interactive Media & Services)		200		5,720
CarLotz, Inc.* (Specialty Retail)		92		408
CarParts.com, Inc.* (Internet & Direct Marketing Retail)		102		1,796
Carpenter Technology Corp. (Metals & Mining)		102		3,891
Carriage Services, Inc. (Diversified Consumer Services)		36		1,338
Carrols Restaurant Group, Inc.* (Hotels, Restaurants & Leisure)		71		349
Cars.com, Inc.* (Interactive Media & Services)		146		1,764
Carter Bankshares, Inc.* (Banks)		56		642
Casa Systems, Inc.* (Communications Equipment)		67		503
Casella Waste Systems, Inc.* - Class A (Commercial Services & Supplies)		106		7,291
Casper Sleep, Inc.* (Household Durables)		62		428
Cass Information Systems, Inc. (IT Services)		31		1,367
Cassava Sciences, Inc.* (Pharmaceuticals)		82		5,701
Castle Biosciences, Inc.* (Biotechnology)		47		3,283
Castlight Health, Inc.* - Class B (Health Care Technology)		256		596
Catalyst Pharmaceuticals, Inc.* (Biotechnology)		207		1,209
CatchMark Timber Trust, Inc. - Class A (Equity Real Estate Investment Trusts)		106		1,239
Cathay General Bancorp (Banks)		164		6,211
Cavco Industries, Inc.* (Household Durables)		19		4,465
CBIZ, Inc.* (Professional Services)		108		3,493
CBTX, Inc. (Banks)		39		1,026
CECO Environmental Corp.* (Commercial Services & Supplies)		66		465

Additional financial disclosures are included in the notes to financial statements of the funds’ annual report and should be read in conjunction with this report.

Small-Cap ProFund:: Schedule of Portfolio Investments :: July 31, 2021

Common Stocks, continued

	Shares		Value
Celcuity, Inc.* (Biotechnology)		19	$	374
Celldex Therapeutics, Inc.* (Biotechnology)		85		3,719
CEL-SCI Corp.* (Biotechnology)		77		618
Celsius Holdings, Inc.* (Beverages)		97		6,657
Centennial Resource Development, Inc.* - Class A (Oil, Gas & Consumable Fuels)		387		2,016
Centerspace (Equity Real Estate Investment Trusts)		29		2,610
Central Garden & Pet Co.* (Household Products)		21		1,014
Central Garden & Pet Co.* - Class A (Household Products)		86		3,725
Central Pacific Financial Corp. (Banks)		59		1,510
Centrus Energy Corp.* - Class A (Oil, Gas & Consumable Fuels)		19		441
Century Aluminum Co.* (Metals & Mining)		110		1,602
Century Bancorp, Inc. - Class A (Banks)		7		801
Century Casinos, Inc.* (Hotels, Restaurants & Leisure)		58		650
Century Communities, Inc. (Household Durables)		64		4,445
Cerecor, Inc.* (Pharmaceuticals)		112		298
Cerence, Inc.* (Software)		81		8,708
Cerevel Therapeutics Holdings, Inc.* (Biotechnology)		74		1,823
Cerus Corp.* (Health Care Equipment & Supplies)		358		1,804
CEVA, Inc.* (Semiconductors & Semiconductor Equipment)		48		2,383
ChampionX Corp.* (Energy Equipment & Services)		436		10,132
ChannelAdvisor Corp.* (Software)		63		1,467
Chart Industries, Inc.* (Machinery)		78		12,125
Chase Corp. (Chemicals)		16		1,864
Chatham Lodging Trust* (Equity Real Estate Investment Trusts)		102		1,253
Chefs' Warehouse, Inc.* (Food & Staples Retailing)		68		1,967
ChemoCentryx, Inc.* (Biotechnology)		116		1,714
Chesapeake Energy Corp. (Oil, Gas & Consumable Fuels)		211		11,404
Chesapeake Utilities Corp. (Gas Utilities)		37		4,610
Chicken Soup For The Soul Entertainment, Inc.* (Entertainment)		25		897
Chico's FAS, Inc.* (Specialty Retail)		256		1,582
Chimera Investment Corp. (Mortgage Real Estate Investment Trusts)		493		7,257
Chimerix, Inc.* (Biotechnology)		155		1,028
Chinook Therapeutics, Inc.* (Biotechnology)		68		886
ChromaDex Corp.* (Life Sciences Tools & Services)		99		860
Chuy's Holdings, Inc.* (Hotels, Restaurants & Leisure)		43		1,419
Cimpress PLC* (Commercial Services & Supplies)		37		3,783
Cincinnati Bell, Inc.* (Diversified Telecommunication Services)		108		1,657
Cinemark Holdings, Inc.* (Entertainment)		231		3,588
CIRCOR International, Inc.* (Machinery)		39		1,203
CIT Group, Inc. (Banks)		213		10,275
Citi Trends, Inc.* (Specialty Retail)		19		1,515
Citius Pharmaceuticals, Inc.* (Pharmaceuticals)		242		457
Citizens & Northern Corp. (Banks)		35		865
Citizens, Inc.* (Insurance)		106		568
City Holding Co. (Banks)		35		2,648
City Office REIT, Inc. (Equity Real Estate Investment Trusts)		90		1,158
Civista Bancshares, Inc. (Banks)		35		801
Clarus Corp. (Leisure Products)		52		1,483
Clean Energy Fuels Corp.* (Oil, Gas & Consumable Fuels)		297		2,230
Cleanspark, Inc.* (Software)		70		945
Clear Channel Outdoor Holdings, Inc.* (Media)		778		2,069
Clearfield, Inc.* (Communications Equipment)		25		1,088
ClearPoint Neuro, Inc.* (Health Care Equipment & Supplies)		41		911
Clearwater Paper Corp.* (Paper & Forest Products)		36		1,062
Clearway Energy, Inc. - Class A (Independent Power and Renewable Electricity Producers)		74		1,994
Clearway Energy, Inc. - Class C (Independent Power and Renewable Electricity Producers)		176		5,048
Clene, Inc.* (Biotechnology)		48		413
Clipper Realty, Inc. (Equity Real Estate Investment Trusts)		26		216
Cloudera, Inc.* (Software)		496		7,872
Clovis Oncology, Inc.* (Biotechnology)		212		1,024
CMC Materials, Inc. (Semiconductors & Semiconductor Equipment)		63		9,112
CNB Financial Corp. (Banks)		35		807
CNO Financial Group, Inc. (Insurance)		281		6,418
CNX Resources Corp.* (Oil, Gas & Consumable Fuels)		468		5,663
Coastal Financial Corp.* (Banks)		19		555
Coca-Cola Consolidated, Inc. (Beverages)		11		4,391
Codexis, Inc.* (Life Sciences Tools & Services)		129		2,730
Codiak Biosciences, Inc.* (Biotechnology)		35		606
Coeur Mining, Inc.* (Metals & Mining)		518		3,906
Cogent Biosciences, Inc.* (Biotechnology)		79		474
Cogent Communications Holdings, Inc. (Diversified Telecommunication Services)		90		6,985
Cohen & Steers, Inc. (Capital Markets)		55		4,577
Coherus Biosciences, Inc.* (Biotechnology)		138		1,801
Cohu, Inc.* (Semiconductors & Semiconductor Equipment)		102		3,612
Collegium Pharmaceutical, Inc.* (Pharmaceuticals)		74		1,842
Columbia Banking System, Inc. (Banks)		154		5,381
Columbia Financial, Inc.* (Thrifts & Mortgage Finance)		86		1,551
Columbia Property Trust, Inc. (Equity Real Estate Investment Trusts)		245		4,084

Additional financial disclosures are included in the notes to financial statements of the funds’ annual report and should be read in conjunction with this report.

Small-Cap ProFund:: Schedule of Portfolio Investments :: July 31, 2021

Common Stocks, continued

	Shares		Value
Columbus McKinnon Corp. (Machinery)		59	$	2,738
Comfort Systems USA, Inc. (Construction & Engineering)		77		5,756
Commercial Metals Co. (Metals & Mining)		258		8,461
Commercial Vehicle Group, Inc.* (Machinery)		69		631
Community Bank System, Inc. (Banks)		114		8,167
Community Health Systems, Inc.* (Health Care Providers & Services)		266		3,543
Community Healthcare Trust, Inc. (Equity Real Estate Investment Trusts)		51		2,541
Community Trust Bancorp, Inc. (Banks)		35		1,392
CommVault Systems, Inc.* (Software)		90		6,803
Compass Minerals International, Inc. (Metals & Mining)		73		5,005
Computer Programs & Systems, Inc. (Health Care Technology)		31		979
CompX International, Inc. (Commercial Services & Supplies)		4		74
comScore, Inc.* (Media)		145		581
Comstock Resources, Inc.* (Oil, Gas & Consumable Fuels)		196		1,192
Comtech Telecommunications Corp. (Communications Equipment)		56		1,398
Concrete Pumping Holdings, Inc.* (Construction & Engineering)		56		487
Conduent, Inc.* (IT Services)		359		2,409
CONMED Corp. (Health Care Equipment & Supplies)		63		8,690
ConnectOne Bancorp, Inc. (Banks)		81		2,130
Conn's, Inc.* (Specialty Retail)		37		823
CONSOL Energy, Inc.* (Oil, Gas & Consumable Fuels)		73		1,534
Consolidated Communications Holdings, Inc.* (Diversified Telecommunication Services)		155		1,192
Constellium SE* (Metals & Mining)		263		4,963
Construction Partners, Inc.* - Class A (Construction & Engineering)		61		2,048
Contango Oil & Gas Co.* (Oil, Gas & Consumable Fuels)		314		1,199
Cooper-Standard Holding, Inc.* (Auto Components)		36		938
Corcept Therapeutics, Inc.* (Pharmaceuticals)		207		4,299
CoreCivic, Inc.* (Equity Real Estate Investment Trusts)		258		2,652
Core-Mark Holding Co., Inc. (Distributors)		97		4,175
CorePoint Lodging, Inc.* (Equity Real Estate Investment Trusts)		85		1,142
CorMedix, Inc.* (Pharmaceuticals)		79		459
Cornerstone Building Brands, Inc.* (Building Products)		118		1,985
Cornerstone OnDemand, Inc.* (Software)		134		6,424
Corporate Office Properties Trust (Equity Real Estate Investment Trusts)		241		7,095
Corsair Gaming, Inc.* (Technology Hardware, Storage & Peripherals)		59		1,722
Cortexyme, Inc.* (Biotechnology)		43		2,430
CorVel Corp.* (Health Care Providers & Services)		19		2,676
Costamare, Inc. (Marine)		113		1,225
Coursera, Inc.* (Diversified Consumer Services)		25		890
Covanta Holding Corp. (Commercial Services & Supplies)		258		5,186
Covenant Logistics Group, Inc.* - Class A (Road & Rail)		27		567
Covetrus, Inc.* (Health Care Providers & Services)		222		5,652
Cowen, Inc. - Class A (Capital Markets)		56		2,239
CRA International, Inc. (Professional Services)		16		1,372
Cracker Barrel Old Country Store, Inc. (Hotels, Restaurants & Leisure)		51		6,945
Crawford & Co. - Class A (Insurance)		36		381
Crinetics Pharmaceuticals, Inc.* (Biotechnology)		78		1,402
Crocs, Inc.* (Textiles, Apparel & Luxury Goods)		137		18,606
Cross Country Healthcare, Inc.* (Health Care Providers & Services)		77		1,264
CrossFirst Bankshares, Inc.* (Banks)		102		1,409
CryoLife, Inc.* (Health Care Equipment & Supplies)		82		2,214
CryoPort, Inc.* (Health Care Equipment & Supplies)		86		5,308
CSG Systems International, Inc. (IT Services)		70		3,175
CSW Industrials, Inc. (Building Products)		29		3,430
CTO Realty Growth, Inc. (Equity Real Estate Investment Trusts)		12		674
CTS Corp. (Electronic Equipment, Instruments & Components)		68		2,379
Cue BioPharma, Inc.* (Biotechnology)		65		677
Cullinan Oncology, Inc.* (Biotechnology)		29		665
CuriosityStream, Inc.* (Entertainment)		56		615
Curis, Inc.* (Biotechnology)		186		1,412
Curo Group Holdings Corp. (Consumer Finance)		45		710
Cushman & Wakefield PLC* (Real Estate Management & Development)		253		4,724
Custom Truck One Source, Inc.* (Trading Companies & Distributors)		27		210
Customers Bancorp, Inc. (Banks)		64		2,318
Cutera, Inc.* (Health Care Equipment & Supplies)		37		1,922
CVB Financial Corp. (Banks)		278		5,299
CVR Energy, Inc. (Oil, Gas & Consumable Fuels)		62		847
Cymabay Therapeutics, Inc.* (Pharmaceuticals)		148		583
Cytokinetics, Inc.* (Biotechnology)		146		4,333
CytomX Therapeutics, Inc.* (Biotechnology)		139		752
CytoSorbents Corp.* (Health Care Equipment & Supplies)		87		662
Daily Journal Corp.* (Media)		3		999
Daktronics, Inc.* (Electronic Equipment, Instruments & Components)		78		477
Dana, Inc. (Auto Components)		313		7,562

Additional financial disclosures are included in the notes to financial statements of the funds’ annual report and should be read in conjunction with this report.

Small-Cap ProFund:: Schedule of Portfolio Investments :: July 31, 2021

Common Stocks, continued

	Shares		Value
Danimer Scientific, Inc.* (Chemicals)		146	$	2,435
DarioHealth Corp.* (Health Care Equipment & Supplies)		29		430
Daseke, Inc.* (Road & Rail)		89		615
Dave & Buster's Entertainment, Inc.* (Hotels, Restaurants & Leisure)		93		3,095
Deciphera Pharmaceuticals, Inc.* (Biotechnology)		85		2,592
Del Taco Restaurants, Inc. (Hotels, Restaurants & Leisure)		65		553
Delek US Holdings, Inc. (Oil, Gas & Consumable Fuels)		141		2,451
Deluxe Corp. (Commercial Services & Supplies)		89		3,907
Denali Therapeutics, Inc.* (Biotechnology)		196		10,002
Denbury, Inc.* (Oil, Gas & Consumable Fuels)		108		7,097
Denny's Corp.* (Hotels, Restaurants & Leisure)		134		1,885
DermTech, Inc.* (Biotechnology)		51		1,717
Design Therapeutics, Inc.* (Biotechnology)		29		449
Designer Brands, Inc.* (Specialty Retail)		129		1,880
Desktop Metal, Inc.* - Class A (Machinery)		178		1,602
DHT Holdings, Inc. (Oil, Gas & Consumable Fuels)		308		1,786
Diamond Hill Investment Group, Inc. (Capital Markets)		7		1,206
DiamondRock Hospitality Co.* (Equity Real Estate Investment Trusts)		448		3,857
Dicerna Pharmaceuticals, Inc.* (Biotechnology)		146		5,476
Diebold Nixdorf, Inc.* (Technology Hardware, Storage & Peripherals)		154		1,603
Digi International, Inc.* (Communications Equipment)		73		1,510
Digimarc Corp.* (Software)		27		775
Digital Media Solutions, Inc.* - Class A (Media)		6		48
Digital Turbine, Inc.* (Software)		181		11,394
DigitalBridge Group, Inc.* (Equity Real Estate Investment Trusts)		1,025		7,134
DigitalOcean Holdings, Inc.* (IT Services)		27		1,391
Dillard's, Inc. - Class A (Multiline Retail)		15		2,749
Dime Community Bancshares, Inc. (Banks)		74		2,443
Dine Brands Global, Inc.* (Hotels, Restaurants & Leisure)		36		2,789
Diodes, Inc.* (Semiconductors & Semiconductor Equipment)		93		7,626
Diversified Healthcare Trust (Equity Real Estate Investment Trusts)		507		1,977
DMC Global, Inc.* (Machinery)		39		1,707
Domo, Inc.* (Software)		59		5,211
Domtar Corp.* (Paper & Forest Products)		108		5,931
Donegal Group, Inc. - Class A (Insurance)		31		480
Donnelley Financial Solutions, Inc.* (Capital Markets)		63		2,029
Dorian LPG, Ltd.* (Oil, Gas & Consumable Fuels)		64		774
Dorman Products, Inc.* (Auto Components)		59		5,968
Douglas Dynamics, Inc. (Machinery)		48		1,915
Dril-Quip, Inc.* (Energy Equipment & Services)		74		2,115
Drive Shack, Inc.* (Hotels, Restaurants & Leisure)		177		446
DSP Group, Inc.* (Semiconductors & Semiconductor Equipment)		48		770
Duckhorn Portfolio, Inc. (The)* (Beverages)		43		945
Ducommun, Inc.* (Aerospace & Defense)		23		1,241
Duluth Holdings, Inc.* - Class B (Internet & Direct Marketing Retail)		27		404
Durect Corp.* (Pharmaceuticals)		484		682
DXP Enterprises, Inc.* (Trading Companies & Distributors)		37		1,208
Dycom Industries, Inc.* (Construction & Engineering)		64		4,442
Dynavax Technologies Corp.* (Biotechnology)		230		2,148
Dyne Therapeutics, Inc.* (Biotechnology)		64		1,156
Dynex Capital, Inc. (Mortgage Real Estate Investment Trusts)		64		1,117
DZS, Inc.* (Communications Equipment)		36		711
E2open Parent Holdings, Inc.* (Software)		89		894
Eagle Bancorp, Inc. (Banks)		68		3,742
Eagle Bulk Shipping, Inc.* (Marine)		20		834
Eagle Pharmaceuticals, Inc.* (Biotechnology)		25		1,163
Eargo, Inc.* (Health Care Equipment & Supplies)		41		1,476
Earthstone Energy, Inc.* - Class A (Oil, Gas & Consumable Fuels)		52		511
Easterly Government Properties, Inc. (Equity Real Estate Investment Trusts)		181		4,109
Eastern Bankshares, Inc. (Banks)		368		6,716
EastGroup Properties, Inc. (Equity Real Estate Investment Trusts)		86		15,156
Eastman Kodak Co.* (Technology Hardware, Storage & Peripherals)		97		716
Ebix, Inc. (Software)		59		1,783
Echo Global Logistics, Inc.* (Air Freight & Logistics)		59		1,825
EchoStar Corp.* - Class A (Communications Equipment)		89		1,985
Edgewell Personal Care Co. (Personal Products)		116		4,765
Edgewise Therapeutics, Inc.* (Pharmaceuticals)		27		473
Editas Medicine, Inc.* (Biotechnology)		146		6,112
eGain Corp.* (Software)		42		490
eHealth, Inc.* (Insurance)		52		2,705
Eiger Biopharmaceuticals, Inc.* (Biotechnology)		67		533
El Pollo Loco Holdings, Inc.* (Hotels, Restaurants & Leisure)		41		763
elf Beauty, Inc.* (Personal Products)		98		2,706
Ellington Financial, Inc. (Mortgage Real Estate Investment Trusts)		86		1,563
EMCOR Group, Inc. (Construction & Engineering)		116		14,129
EMCORE Corp.* (Communications Equipment)		78		682

Additional financial disclosures are included in the notes to financial statements of the funds’ annual report and should be read in conjunction with this report.

Small-Cap ProFund:: Schedule of Portfolio Investments :: July 31, 2021

Common Stocks, continued

	Shares		Value
Emerald Holding, Inc.* (Media)		52	$	205
Emergent BioSolutions, Inc.* (Biotechnology)		106		6,985
Empire State Realty Trust, Inc. (Equity Real Estate Investment Trusts)		306		3,498
Employers Holdings, Inc. (Insurance)		61		2,533
Enanta Pharmaceuticals, Inc.* (Biotechnology)		41		1,732
Encore Capital Group, Inc.* (Consumer Finance)		67		3,172
Encore Wire Corp. (Electrical Equipment)		43		3,372
Endo International PLC* (Pharmaceuticals)		491		2,484
Energizer Holdings, Inc. (Household Products)		146		6,256
Energy Fuels, Inc.* (Oil, Gas & Consumable Fuels)		302		1,586
Energy Recovery, Inc.* (Machinery)		90		1,904
Enerpac Tool Group Corp. (Machinery)		129		3,311
EnerSys (Electrical Equipment)		90		8,879
Ennis, Inc. (Commercial Services & Supplies)		56		1,107
Enova International, Inc.* (Consumer Finance)		77		2,548
EnPro Industries, Inc. (Machinery)		45		4,190
Enstar Group, Ltd.* (Insurance)		29		7,454
Entercom Communications Corp.* (Media)		252		900
Enterprise Bancorp, Inc. (Banks)		19		621
Enterprise Financial Services Corp. (Banks)		77		3,432
Entravision Communications Corp. - Class A (Media)		127		781
Envestnet, Inc.* (Software)		116		8,727
Eos Energy Enterprises, Inc.* (Electrical Equipment)		37		574
Epizyme, Inc.* (Biotechnology)		192		1,273
ePlus, Inc.* (Electronic Equipment, Instruments & Components)		29		2,681
Equitrans Midstream Corp. (Oil, Gas & Consumable Fuels)		876		7,201
Equity Bancshares, Inc.* - Class A (Banks)		29		854
Equity Commonwealth (Equity Real Estate Investment Trusts)		253		6,651
Eros STX Global Corp.* (Entertainment)		681		742
Escalade, Inc. (Leisure Products)		21		477
ESCO Technologies, Inc. (Machinery)		56		5,285
Esperion Therapeutics, Inc.*(a) (Biotechnology)		56		862
Esports Technologies, Inc.* (Hotels, Restaurants & Leisure)		7		159
Essent Group, Ltd. (Thrifts & Mortgage Finance)		238		10,749
Essential Properties Realty Trust, Inc. (Real Estate Management & Development)		251		7,480
Ethan Allen Interiors, Inc. (Household Durables)		48		1,141
Evelo Biosciences, Inc.* (Biotechnology)		65		599
Eventbrite, Inc.* (Interactive Media & Services)		162		2,879
Everi Holdings, Inc.* (IT Services)		180		4,084
EverQuote, Inc.* - Class A (Interactive Media & Services)		41		1,237
EVERTEC, Inc. (IT Services)		130		5,681
EVI Industries, Inc.* (Trading Companies & Distributors)		12		323
Evo Payments, Inc.* (IT Services)		100		2,920
Evolent Health, Inc.* (Health Care Technology)		166		3,808
Evolus, Inc.* (Pharmaceuticals)		69		747
Evoqua Water Technologies Corp.* (Machinery)		249		8,219
Exagen, Inc.* (Health Care Providers & Services)		23		274
ExlService Holdings, Inc.* (IT Services)		70		7,925
eXp World Holdings, Inc.* (Real Estate Management & Development)		133		4,777
Exponent, Inc. (Professional Services)		110		11,781
Extraction Oil & Gas, Inc.* (Oil, Gas & Consumable Fuels)		35		1,557
Extreme Networks, Inc.* (Communications Equipment)		265		2,918
EyePoint Pharmaceuticals, Inc.* (Pharmaceuticals)		45		370
EZCORP, Inc.* - Class A (Consumer Finance)		104		595
Fabrinet* (Electronic Equipment, Instruments & Components)		78		7,373
Falcon Minerals Corp. (Oil, Gas & Consumable Fuels)		84		401
Farmers National Bancorp (Banks)		56		860
Farmland Partners, Inc. (Equity Real Estate Investment Trusts)		58		731
FARO Technologies, Inc.* (Electronic Equipment, Instruments & Components)		39		2,843
Fate Therapeutics, Inc.* (Biotechnology)		172		14,241
Fathom Holdings, Inc.* (Real Estate Management & Development)		11		278
FB Financial Corp. (Banks)		70		2,647
Federal Agricultural Mortgage Corp. (Thrifts & Mortgage Finance)		19		1,853
Federal Signal Corp. (Machinery)		129		5,110
Federated Hermes, Inc. - Class B (Capital Markets)		202		6,553
Ferro Corp.* (Chemicals)		176		3,661
FibroGen, Inc.* (Biotechnology)		185		2,405
Fidelity D&D Bancorp, Inc. (Banks)		9		459
Fiesta Restaurant Group, Inc.* (Hotels, Restaurants & Leisure)		39		522
Finance Of America Cos., Inc.* - Class A (Thrifts & Mortgage Finance)		71		458
Financial Institutions, Inc. (Banks)		35		1,030
Finch Therapeutics Group, Inc.* (Biotechnology)		9		119
First Bancorp (Banks)		461		5,592
First Bancorp (Banks)		61		2,440
First Bancshares, Inc. (Banks)		43		1,659
First Bank/Hamilton NJ (Banks)		35		466
First Busey Corp. (Banks)		110		2,596
First Commonwealth Financial Corp. (Banks)		203		2,674

Additional financial disclosures are included in the notes to financial statements of the funds’ annual report and should be read in conjunction with this report.

Small-Cap ProFund:: Schedule of Portfolio Investments :: July 31, 2021

Common Stocks, continued

	Shares		Value
First Community Bancshares, Inc. (Banks)		37	$	1,080
First Financial Bancorp (Banks)		206		4,635
First Financial Bankshares, Inc. (Banks)		279		13,625
First Financial Corp. (Banks)		25		1,001
First Foundation, Inc. (Banks)		86		2,027
First Internet Bancorp (Banks)		19		575
First Interstate BancSystem - Class A (Banks)		86		3,605
First Merchants Corp. (Banks)		116		4,725
First Mid Bancshares, Inc. (Banks)		36		1,465
First Midwest Bancorp, Inc. (Banks)		243		4,359
First of Long Island Corp. (Banks)		48		1,034
FirstCash, Inc. (Consumer Finance)		86		6,810
Fisker, Inc.* (Automobiles)		341		5,496
Five Star Bancorp (Banks)		11		268
Flagstar Bancorp, Inc. (Thrifts & Mortgage Finance)		110		5,034
Flexion Therapeutics, Inc.* (Biotechnology)		103		611
Flexsteel Industries, Inc. (Household Durables)		15		518
Fluent, Inc.* (Media)		92		229
Fluidigm Corp.* (Life Sciences Tools & Services)		160		1,186
Fluor Corp.* (Construction & Engineering)		305		5,081
Flushing Financial Corp. (Banks)		63		1,389
Focus Financial Partners, Inc.* (Capital Markets)		110		5,646
Foghorn Therapeutics, Inc.* (Pharmaceuticals)		41		372
Forestar Group, Inc.* (Real Estate Management & Development)		36		737
Forian, Inc.* (Health Care Technology)		40		427
Forma Therapeutics Holdings, Inc.* (Biotechnology)		70		1,602
FormFactor, Inc.* (Semiconductors & Semiconductor Equipment)		166		6,185
Forrester Research, Inc.* (Professional Services)		25		1,171
Forte Biosciences, Inc.* (Biotechnology)		25		749
Forterra, Inc.* (Construction Materials)		63		1,486
Fortress Biotech, Inc.* (Biotechnology)		153		476
Forward Air Corp. (Air Freight & Logistics)		59		5,218
Fossil Group, Inc.* (Textiles, Apparel & Luxury Goods)		100		1,262
Four Corners Property Trust, Inc. (Equity Real Estate Investment Trusts)		162		4,651
Fox Factory Holding Corp.* (Auto Components)		90		14,540
Franchise Group, Inc. (Diversified Consumer Services)		61		2,072
Franklin Covey Co.* (Professional Services)		27		988
Franklin Electric Co., Inc. (Machinery)		100		8,176
Franklin Street Properties Corp. (Equity Real Estate Investment Trusts)		221		1,154
Frank's International N.V.* (Energy Equipment & Services)		357		982
Frequency Therapeutics, Inc.* (Biotechnology)		69		575
Fresh Del Monte Produce, Inc. (Food Products)		70		2,160
Frontier Group Holdings, Inc.* (Airlines)		74		1,091
Frontline, Ltd. (Oil, Gas & Consumable Fuels)		255		2,030
FRP Holdings, Inc.* (Real Estate Management & Development)		15		902
FS Bancorp, Inc. (Thrifts & Mortgage Finance)		15		522
FTC Solar, Inc.* (Electrical Equipment)		41		416
FTS International, Inc.* - Class A (Energy Equipment & Services)		19		371
fuboTV, Inc.* (Software)		283		7,369
FuelCell Energy, Inc.* (Electrical Equipment)		698		4,418
Fulcrum Therapeutics, Inc.* (Pharmaceuticals)		47		344
Fulgent Genetics, Inc.* (Health Care Providers & Services)		43		3,967
Full House Resorts, Inc.* (Hotels, Restaurants & Leisure)		70		579
Fulton Financial Corp. (Banks)		341		5,224
Funko, Inc.* (Distributors)		59		1,101
FutureFuel Corp. (Chemicals)		55		468
G1 Therapeutics, Inc.* (Biotechnology)		85		1,471
GAMCO Investors, Inc. - Class A (Capital Markets)		11		296
GAN, Ltd.* (Hotels, Restaurants & Leisure)		86		1,316
Gannett Co., Inc.* (Media)		302		1,743
Gatos Silver, Inc.* (Metals & Mining)		73		996
GATX Corp. (Trading Companies & Distributors)		74		6,827
GCM Grosvenor, Inc. - Class A (Capital Markets)		69		687
GCP Applied Technologies, Inc.* (Chemicals)		106		2,465
Gemini Therapeutics, Inc.* (Biotechnology)		46		187
Genco Shipping & Trading, Ltd. (Marine)		68		1,193
Generation Bio Co.* (Biotechnology)		93		2,022
Genesco, Inc.* (Specialty Retail)		33		1,896
Genius Brands International, Inc.* (Leisure Products)		604		948
Gentherm, Inc.* (Auto Components)		70		5,805
Genworth Financial, Inc.* (Insurance)		1,086		3,627
German American Bancorp, Inc. (Banks)		55		2,074
Geron Corp.* (Biotechnology)		645		787
Getty Realty Corp. (Equity Real Estate Investment Trusts)		86		2,717
Gevo, Inc.* (Oil, Gas & Consumable Fuels)		418		2,546
Gibraltar Industries, Inc.* (Building Products)		70		5,228
G-III Apparel Group, Ltd.* (Textiles, Apparel & Luxury Goods)		94		2,807
Glacier Bancorp, Inc. (Banks)		206		10,621
Gladstone Commercial Corp. (Equity Real Estate Investment Trusts)		77		1,785
Gladstone Land Corp. (Equity Real Estate Investment Trusts)		55		1,283
Glatfelter Corp. (Paper & Forest Products)		93		1,416
Glaukos Corp.* (Health Care Equipment & Supplies)		97		4,947

Additional financial disclosures are included in the notes to financial statements of the funds' annual report and should be read in conjunction with this report.

Small-Cap ProFund:: Schedule of Portfolio Investments :: July 31, 2021

Common Stocks, continued

	Shares		Value
Global Blood Therapeutics, Inc.* (Biotechnology)		129	$	3,526
Global Industrial Co. (Trading Companies & Distributors)		27		1,067
Global Medical REIT, Inc. (Equity Real Estate Investment Trusts)		122		1,898
Global Net Lease, Inc. (Equity Real Estate Investment Trusts)		206		3,805
Global Water Resources, Inc. (Water Utilities)		27		476
Globalstar, Inc.* (Diversified Telecommunication Services)		1,301		1,795
GMS, Inc.* (Trading Companies & Distributors)		90		4,422
Gogo, Inc.* (Wireless Telecommunication Services)		126		1,307
Golar LNG, Ltd.* (Oil, Gas & Consumable Fuels)		219		2,444
Golden Entertainment, Inc.* (Hotels, Restaurants & Leisure)		36		1,638
Golden Nugget Online Gaming, Inc.* (Hotels, Restaurants & Leisure)		68		779
Goosehead Insurance, Inc. (Insurance)		37		4,447
GoPro, Inc.* - Class A (Household Durables)		267		2,734
Gorman-Rupp Co. (Machinery)		48		1,713
Gossamer Bio, Inc.* (Biotechnology)		133		1,045
GP Strategies Corp.* (Professional Services)		27		549
GrafTech International, Ltd. (Electrical Equipment)		364		4,139
Graham Holdings Co. - Class B (Diversified Consumer Services)		9		5,981
Granite Construction, Inc. (Construction & Engineering)		98		3,765
Granite Point Mortgage Trust, Inc. (Mortgage Real Estate Investment Trusts)		118		1,665
Gray Television, Inc. (Media)		184		4,079
Great Ajax Corp. (Mortgage Real Estate Investment Trusts)		46		583
Great Lakes Dredge & Dock Corp.* (Construction & Engineering)		138		2,125
Great Southern Bancorp, Inc. (Banks)		23		1,197
Great Western Bancorp, Inc. (Banks)		118		3,634
Green Brick Partners, Inc.* (Household Durables)		67		1,680
Green Dot Corp.* - Class A (Consumer Finance)		114		5,252
Green Plains, Inc.* (Oil, Gas & Consumable Fuels)		90		3,182
GreenBox POS* (IT Services)		37		327
Greenhill & Co., Inc. (Capital Markets)		33		529
Greenlane Holdings, Inc.* - Class A (Distributors)		36		128
Greenlight Capital Re, Ltd.* - Class A (Insurance)		58		510
GreenSky, Inc.* - Class A (IT Services)		152		999
Greenwich Lifesciences, Inc.* (Biotechnology)		9		355
Greif, Inc. - Class A (Containers & Packaging)		56		3,394
Greif, Inc. - Class B (Containers & Packaging)		12		731
Grid Dynamics Holdings, Inc.* (IT Services)		67		1,410
Griffon Corp. (Building Products)		100		2,312
Gritstone bio, Inc.* (Biotechnology)		86		574
Group 1 Automotive, Inc. (Specialty Retail)		37		6,428
Groupon, Inc.* (Internet & Direct Marketing Retail)		51		1,855
GrowGeneration Corp.* (Specialty Retail)		116		4,718
GT Biopharma, Inc.* (Biotechnology)		52		517
GTY Technology Holdings, Inc.* (Software)		70		484
Guaranty Bancshares, Inc. (Banks)		19		636
Guess?, Inc. (Specialty Retail)		86		1,920
H&E Equipment Services, Inc. (Trading Companies & Distributors)		70		2,382
H.B. Fuller Co. (Chemicals)		110		7,108
Haemonetics Corp.* (Health Care Equipment & Supplies)		108		6,565
Hall of Fame Resort & Entertainment Co.* (Hotels, Restaurants & Leisure)		117		346
Halozyme Therapeutics, Inc.* (Biotechnology)		303		12,523
Hamilton Beach Brands Holding Co. - Class A (Household Durables)		16		299
Hamilton Lane, Inc. (Capital Markets)		73		6,789
Hancock Whitney Corp. (Banks)		188		8,217
Hanger, Inc.* (Health Care Providers & Services)		81		1,988
Hanmi Financial Corp. (Banks)		67		1,221
Hannon Armstrong Sustainable Infrastructure Capital, Inc. - Class I (Mortgage Real Estate Investment Trusts)		164		9,315
HarborOne Bancorp, Inc. (Banks)		110		1,497
Harmonic, Inc.* (Communications Equipment)		191		1,690
Harmony Biosciences Holdings, Inc.* (Pharmaceuticals)		48		1,256
Harpoon Therapeutics, Inc.* (Biotechnology)		40		392
Harsco Corp.* (Machinery)		168		3,380
Harvard Bioscience, Inc.* (Life Sciences Tools & Services)		82		647
Haverty Furniture Cos., Inc. (Specialty Retail)		36		1,296
Hawaiian Holdings, Inc.* (Airlines)		110		2,170
Hawkins, Inc. (Chemicals)		41		1,489
Haynes International, Inc. (Metals & Mining)		27		1,019
HBT Financial, Inc. (Banks)		19		310
HC2 Holdings, Inc.* (Construction & Engineering)		101		372
HCI Group, Inc. (Insurance)		12		1,206
Health Catalyst, Inc.* (Health Care Technology)		97		5,632
Healthcare Realty Trust, Inc. (Equity Real Estate Investment Trusts)		305		9,723
Healthcare Services Group, Inc. (Commercial Services & Supplies)		162		4,228
HealthEquity, Inc.* (Health Care Providers & Services)		176		13,020
HealthStream, Inc.* (Health Care Technology)		55		1,607

Additional financial disclosures are included in the notes to financial statements of the funds’ annual report and should be read in conjunction with this report.

Small-Cap ProFund:: Schedule of Portfolio Investments :: July 31, 2021

Common Stocks, continued

	Shares		Value
Heartland Express, Inc. (Road & Rail)		102	$	1,737
Heartland Financial USA, Inc. (Banks)		86		3,923
Hecla Mining Co. (Metals & Mining)		1,139		7,620
Heidrick & Struggles International, Inc. (Professional Services)		41		1,751
Helen of Troy, Ltd.* (Household Durables)		52		11,617
Helios Technologies, Inc. (Machinery)		70		5,660
Helix Energy Solutions Group, Inc.* (Energy Equipment & Services)		306		1,270
Helmerich & Payne, Inc. (Energy Equipment & Services)		226		6,478
Hemisphere Media Group, Inc.* (Media)		35		445
Herc Holdings, Inc.* (Trading Companies & Distributors)		55		6,822
Heritage Commerce Corp. (Banks)		125		1,355
Heritage Financial Corp. (Banks)		77		1,863
Heritage Insurance Holdings, Inc. (Insurance)		55		404
Heritage-Crystal Clean, Inc.* (Commercial Services & Supplies)		35		986
Herman Miller, Inc. (Commercial Services & Supplies)		160		6,904
Heron Therapeutics, Inc.* (Biotechnology)		199		2,460
Hersha Hospitality Trust* (Equity Real Estate Investment Trusts)		69		649
Heska Corp.* (Health Care Equipment & Supplies)		19		4,573
HF Foods Group, Inc.* (Food & Staples Retailing)		76		393
Hibbett, Inc. (Specialty Retail)		35		3,103
HighPeak Energy, Inc. (Oil, Gas & Consumable Fuels)		10		109
Hillenbrand, Inc. (Machinery)		162		7,339
Hilltop Holdings, Inc. (Banks)		137		4,340
Hilton Grand Vacations, Inc.* (Hotels, Restaurants & Leisure)		185		7,524
Hingham Institution For Savings The (Thrifts & Mortgage Finance)		4		1,196
HireQuest, Inc. (Professional Services)		11		201
HNI Corp. (Commercial Services & Supplies)		93		3,469
Home Bancorp, Inc. (Thrifts & Mortgage Finance)		16		562
Home BancShares, Inc. (Banks)		329		6,968
Home Point Capital, Inc.* (Thrifts & Mortgage Finance)		15		75
HomeStreet, Inc. (Thrifts & Mortgage Finance)		45		1,697
HomeTrust Bancshares, Inc. (Banks)		33		869
Homology Medicines, Inc.* (Biotechnology)		88		560
Honest Co., Inc. (The)* (Personal Products)		55		790
Hooker Furniture Corp. (Household Durables)		25		830
Hookipa Pharma, Inc.* (Biotechnology)		41		317
Hope Bancorp, Inc. (Banks)		254		3,366
Horace Mann Educators Corp. (Insurance)		89		3,543
Horizon Bancorp, Inc. (Banks)		90		1,504
Hostess Brands, Inc.* (Food Products)		281		4,521
Houghton Mifflin Harcourt Co.* (Diversified Consumer Services)		271		3,068
Houlihan Lokey, Inc. (Capital Markets)		110		9,801
Hovnanian Enterprises, Inc.* - Class A (Household Durables)		11		1,148
Howard Bancorp, Inc.* (Banks)		29		571
Hub Group, Inc.* - Class A (Air Freight & Logistics)		70		4,640
Humanigen, Inc.* (Biotechnology)		97		1,564
Huron Consulting Group, Inc.* (Professional Services)		48		2,358
Hydrofarm Holdings Group, Inc.* (Machinery)		25		1,234
Hyliion Holdings Corp.* (Machinery)		250		2,425
HyreCar, Inc.* (Diversified Consumer Services)		37		647
Hyster-Yale Materials Handling, Inc. (Machinery)		21		1,504
I3 Verticals, Inc.* - Class A (IT Services)		45		1,436
IBEX, Ltd.* (Commercial Services & Supplies)		12		248
iBio, Inc.* (Biotechnology)		463		574
iCAD, Inc.* (Health Care Technology)		47		689
ICF International, Inc. (Professional Services)		39		3,571
Ichor Holdings, Ltd.* (Semiconductors & Semiconductor Equipment)		59		3,043
Ideanomics, Inc.*(a) (Software)		876		2,076
Ideaya Biosciences, Inc.* (Biotechnology)		61		1,495
Identiv, Inc.* (Electronic Equipment, Instruments & Components)		45		733
IDT Corp.* - Class B (Diversified Telecommunication Services)		43		2,141
IES Holdings, Inc.* (Construction & Engineering)		19		1,034
IGM Biosciences, Inc.* (Biotechnology)		19		1,292
iHeartMedia, Inc.* - Class A (Media)		239		6,178
II-VI, Inc.* (Electronic Equipment, Instruments & Components)		223		15,567
Ikena Oncology, Inc.* (Biotechnology)		18		178
IMAX Corp.* (Entertainment)		108		1,743
Immunic, Inc.* (Biotechnology)		33		291
ImmunityBio, Inc.* (Biotechnology)		142		1,556
ImmunoGen, Inc.* (Biotechnology)		418		2,345
Immunovant, Inc.* (Biotechnology)		81		847
Impel Neuropharma, Inc.* (Biotechnology)		11		155
Impinj, Inc.* (Semiconductors & Semiconductor Equipment)		39		1,794
Inari Medical, Inc.* (Health Care Equipment & Supplies)		73		6,555
Independence Holding Co. (Insurance)		9		403
Independence Realty Trust, Inc. (Equity Real Estate Investment Trusts)		218		4,203
Independent Bank Corp. (Banks)		45		946
Independent Bank Corp. (Banks)		70		4,948
Independent Bank Group, Inc. (Banks)		81		5,646
Indus Realty Trust, Inc. (Real Estate Management & Development)		9		608
Industrial Logistics Properties Trust (Equity Real Estate Investment Trusts)		138		3,740

Additional financial disclosures are included in the notes to financial statements of the funds' annual report and should be read in conjunction with this report.

Small-Cap ProFund:: Schedule of Portfolio Investments :: July 31, 2021

Common Stocks, continued

	Shares		Value
Infinera Corp.* (Communications Equipment)		381	$	3,776
Infinity Pharmaceuticals, Inc.* (Biotechnology)		188		399
Infrastructure and Energy Alternatives, Inc.* (Construction & Engineering)		45		543
InfuSystem Holdings, Inc.* (Health Care Providers & Services)		37		675
Ingevity Corp.* (Chemicals)		86		7,305
Ingles Markets, Inc. (Food & Staples Retailing)		31		1,853
Inhibrx, Inc.* (Biotechnology)		59		1,679
Innospec, Inc. (Chemicals)		52		4,599
Innovage Holding Corp.* (Health Care Providers & Services)		39		658
Innovative Industrial Properties, Inc. (Equity Real Estate Investment Trusts)		51		10,964
Innoviva, Inc.* (Pharmaceuticals)		137		1,943
Inogen, Inc.* (Health Care Equipment & Supplies)		41		3,271
Inotiv, Inc.* (Life Sciences Tools & Services)		29		757
Inovalon Holdings, Inc.* (Health Care Technology)		162		6,137
Inovio Pharmaceuticals, Inc.* (Biotechnology)		444		3,730
Inozyme Pharma, Inc.* (Biotechnology)		31		520
Inseego Corp.* (Communications Equipment)		178		1,547
Insight Enterprises, Inc.* (Electronic Equipment, Instruments & Components)		74		7,428
Insmed, Inc.* (Biotechnology)		222		5,461
Insperity, Inc. (Professional Services)		78		7,726
Inspire Medical Systems, Inc.* (Health Care Technology)		59		10,806
Installed Building Products, Inc. (Household Durables)		51		6,120
Insteel Industries, Inc. (Building Products)		39		1,514
Instil Bio, Inc.* (Biotechnology)		37		557
Integer Holdings Corp.* (Health Care Equipment & Supplies)		70		6,852
Intellia Therapeutics, Inc.* (Biotechnology)		145		20,567
Intelligent Systems Corp.* (Software)		16		541
Inter Parfums, Inc. (Personal Products)		37		2,844
Intercept Pharmaceuticals, Inc.* (Biotechnology)		61		1,054
InterDigital, Inc. (Communications Equipment)		67		4,415
Interface, Inc. (Commercial Services & Supplies)		125		1,803
International Bancshares Corp. (Banks)		114		4,455
International Game Technology PLC* (Hotels, Restaurants & Leisure)		214		4,013
International Money Express, Inc.* (IT Services)		68		1,101
International Seaways, Inc. (Oil, Gas & Consumable Fuels)		86		1,415
Intersect ENT, Inc.* (Pharmaceuticals)		70		1,635
Intra-Cellular Therapies, Inc.* (Pharmaceuticals)		152		5,218
Intrepid Potash, Inc.* (Chemicals)		21		636
Invacare Corp.* (Health Care Equipment & Supplies)		71		513
Invesco Mortgage Capital, Inc. (Mortgage Real Estate Investment Trusts)		531		1,827
Investors Bancorp, Inc. (Banks)		489		6,758
Investors Title Co. (Insurance)		4		666
Invitae Corp.* (Biotechnology)		430		12,036
iRadimed Corp.* (Health Care Equipment & Supplies)		15		505
iRhythm Technologies, Inc.* (Health Care Equipment & Supplies)		63		3,221
Iridium Communications, Inc.* (Diversified Telecommunication Services)		255		10,769
iRobot Corp.* (Household Durables)		61		5,338
Ironwood Pharmaceuticals, Inc.* (Biotechnology)		313		4,154
iStar, Inc. (Equity Real Estate Investment Trusts)		152		3,683
iTeos Therapeutics, Inc.* (Biotechnology)		43		1,033
Iteris, Inc.* (Electronic Equipment, Instruments & Components)		88		548
Itron, Inc.* (Electronic Equipment, Instruments & Components)		97		9,566
IVERIC bio, Inc.* (Biotechnology)		194		1,674
J & J Snack Foods Corp. (Food Products)		33		5,425
j2 Global, Inc.* (Software)		93		13,138
Jack in the Box, Inc. (Hotels, Restaurants & Leisure)		51		5,552
James River Group Holdings, Ltd. (Insurance)		77		2,801
JELD-WEN Holding, Inc.* (Building Products)		181		4,793
JFrog, Ltd.* (Software)		110		4,820
JOANN, Inc. (Specialty Retail)		25		387
John B Sanfilippo & Son, Inc. (Food Products)		19		1,755
John Bean Technologies Corp. (Machinery)		68		9,967
John Wiley & Sons, Inc. - Class A (Media)		93		5,467
Johnson Outdoors, Inc. - Class A (Leisure Products)		11		1,302
Jounce Therapeutics, Inc.* (Biotechnology)		68		343
Kadant, Inc. (Machinery)		25		4,503
Kadmon Holdings, Inc.* (Biotechnology)		371		1,395
Kaiser Aluminum Corp. (Metals & Mining)		35		4,259
Kala Pharmaceuticals, Inc.* (Pharmaceuticals)		104		359
Kaleido Biosciences, Inc.* (Pharmaceuticals)		40		217
KalVista Pharmaceuticals, Inc.* (Biotechnology)		43		866
Kaman Corp. - Class A (Trading Companies & Distributors)		59		2,617
KAR Auction Services, Inc.* (Commercial Services & Supplies)		266		4,384
Karat Packaging, Inc.* (Trading Companies & Distributors)		9		200
Karuna Therapeutics, Inc.* (Biotechnology)		48		5,483
Karyopharm Therapeutics, Inc.* (Biotechnology)		153		1,274

Additional financial disclosures are included in the notes to financial statements of the funds’ annual report and should be read in conjunction with this report.

Small-Cap ProFund:: Schedule of Portfolio Investments :: July 31, 2021

Common Stocks, continued

	Shares		Value
KB Home (Household Durables)	192	$	8,148
KBR, Inc. (IT Services)	303		11,726
Kearny Financial Corp. (Thrifts & Mortgage Finance)	158		1,901
Kelly Services, Inc.* - Class A (Professional Services)	74		1,622
KemPharm, Inc.* (Pharmaceuticals)	61		615
Kennametal, Inc. (Machinery)	180		6,525
Kennedy-Wilson Holdings, Inc. (Real Estate Management & Development)	258		5,209
Keros Therapeutics, Inc.* (Biotechnology)	35		1,288
Kezar Life Sciences, Inc.* (Biotechnology)	72		351
Kforce, Inc. (Professional Services)	45		2,809
Kimball Electronics, Inc.* (Electronic Equipment, Instruments & Components)	52		1,060
Kimball International, Inc. - Class B (Commercial Services & Supplies)	77		953
Kiniksa Pharmaceuticals, Ltd.* - Class A (Biotechnology)	63		966
Kinnate Biopharma, Inc.* (Biotechnology)	29		626
Kinsale Capital Group, Inc. (Insurance)	47		8,396
Kirkland's, Inc.* (Specialty Retail)	31		603
Kite Realty Group Trust (Equity Real Estate Investment Trusts)	180		3,629
KKR Real Estate Finance Trust, Inc. (Mortgage Real Estate Investment Trusts)	70		1,492
Knowles Corp.* (Electronic Equipment, Instruments & Components)	192		3,848
Kodiak Sciences, Inc.* (Biotechnology)	70	��	5,869
Kontoor Brands, Inc. (Textiles, Apparel & Luxury Goods)	110		6,092
Kopin Corp.* (Semiconductors & Semiconductor Equipment)	166		1,119
Koppers Holdings, Inc.* (Chemicals)	45		1,382
Korn Ferry (Professional Services)	114		7,836
Kosmos Energy, Ltd.* (Oil, Gas & Consumable Fuels)	868		2,005
Kraton Corp.* (Chemicals)	68		2,597
Kratos Defense & Security Solutions, Inc.* (Aerospace & Defense)	263		7,154
Kronos Bio, Inc.* (Chemicals)	85		1,738
Kronos Worldwide, Inc. (Chemicals)	48		668
Krystal Biotech, Inc.* (Biotechnology)	37		2,162
Kulicke & Soffa Industries, Inc. (Semiconductors & Semiconductor Equipment)	130		7,067
Kura Oncology, Inc.* (Biotechnology)	137		2,595
Kura Sushi USA, Inc.* - Class A (Hotels, Restaurants & Leisure)	7		340
KVH Industries, Inc.* (Communications Equipment)	33		374
Kymera Therapeutics, Inc.* (Biotechnology)	63		3,791
Ladder Capital Corp. (Mortgage Real Estate Investment Trusts)	243		2,775
Laird Superfood, Inc.* (Food Products)	12		335
Lakeland Bancorp, Inc. (Banks)	106		1,735
Lakeland Financial Corp. (Banks)	52		3,477
Lancaster Colony Corp. (Food Products)	41		8,112
Landec Corp.* (Food Products)	56		613
Landos Biopharma, Inc.* (Pharmaceuticals)	14		154
Lands' End, Inc.* (Internet & Direct Marketing Retail)	31		1,188
Landsea Homes Corp.* (Household Durables)	12		101
Lantheus Holdings, Inc.* (Health Care Equipment & Supplies)	145		3,795
Laredo Petroleum, Inc.* (Oil, Gas & Consumable Fuels)	27		1,487
Latham Group, Inc.* (Leisure Products)	51		1,391
Lattice Semiconductor Corp.* (Semiconductors & Semiconductor Equipment)	291		16,513
Laureate Education, Inc.* - Class A (Diversified Consumer Services)	227		3,362
Lawson Products, Inc.* (Trading Companies & Distributors)	11		577
La-Z-Boy, Inc. (Household Durables)	98		3,291
Lazydays Holdings, Inc.* (Specialty Retail)	16		334
LCI Industries (Auto Components)	55		8,020
Legacy Housing Corp.* (Household Durables)	19		335
Lemaitre Vascular, Inc. (Health Care Equipment & Supplies)	39		2,124
LendingClub Corp.* (Consumer Finance)	207		5,051
LendingTree, Inc.* (Thrifts & Mortgage Finance)	25		4,881
Lexicon Pharmaceuticals, Inc.* (Biotechnology)	144		510
Lexington Realty Trust (Equity Real Estate Investment Trusts)	589		7,745
LGI Homes, Inc.* (Household Durables)	48		8,203
LHC Group, Inc.* (Health Care Providers & Services)	67		14,417
Liberty Latin America, Ltd.* - Class A (Media)	90		1,229
Liberty Latin America, Ltd.* - Class C (Media)	332		4,592
Liberty Media Corp-Liberty Braves* - Class A (Entertainment)	21		557
Liberty Media Corp-Liberty Braves* - Class C (Entertainment)	78		2,063
Liberty Oilfield Services, Inc.* (Energy Equipment & Services)	186		1,895
Liberty TripAdvisor Holdings, Inc.* - Class A (Interactive Media & Services)	156		652
Lifetime Brands, Inc. (Household Durables)	27		407
Ligand Pharmaceuticals, Inc.* (Biotechnology)	33		3,746
Limelight Networks, Inc.* (IT Services)	268		753
Limoneira Co. (Food Products)	35		627
Lindblad Expeditions Holdings, Inc.* (Hotels, Restaurants & Leisure)	66		904
Lindsay Corp. (Machinery)	23		3,696
Lineage Cell Therapeutics, Inc.* (Biotechnology)	260		684
Lions Gate Entertainment Corp.* - Class A (Entertainment)	125		1,879
Lions Gate Entertainment Corp.* - Class B (Entertainment)	247		3,300

Additional financial disclosures are included in the notes to financial statements of the funds’ annual report and should be read in conjunction with this report.

Small-Cap ProFund:: Schedule of Portfolio Investments :: July 31, 2021

Common Stocks, continued

	Shares		Value
Liquidity Services, Inc.* (Internet & Direct Marketing Retail)	59	$	1,171
LivaNova PLC* (Health Care Equipment & Supplies)	106		9,148
Live Oak Bancshares, Inc. (Banks)	68		4,093
Livent Corp.* (Chemicals)	315		6,146
LivePerson, Inc.* (Software)	137		8,726
LiveRamp Holdings, Inc.* (IT Services)	138		5,521
LiveXLive Media, Inc.* (Entertainment)	112		396
Loral Space & Communications, Inc. (Media)	27		956
Lordstown Motors Corp.* - Class A (Automobiles)	240		1,498
LTC Properties, Inc. (Equity Real Estate Investment Trusts)	85		3,217
Lumber Liquidators Holdings, Inc.* (Specialty Retail)	61		1,164
Luna Innovations, Inc.* (Electronic Equipment, Instruments & Components)	64		789
Luther Burbank Corp. (Thrifts & Mortgage Finance)	35		454
Luxfer Holdings PLC (Machinery)	61		1,272
Lydall, Inc.* (Machinery)	37		2,264
M.D.C Holdings, Inc. (Household Durables)	122		6,505
M/I Homes, Inc.* (Household Durables)	61		3,947
Macatawa Bank Corp. (Banks)	55		458
Mack-Cali Realty Corp.* (Equity Real Estate Investment Trusts)	188		3,384
MACOM Technology Solutions Holdings, Inc.* (Semiconductors & Semiconductor Equipment)	104		6,419
Macquarie Infrastructure Corp. (Transportation Infrastructure)	160		6,320
MacroGenics, Inc.* (Biotechnology)	126		3,145
Macy's, Inc.* (Multiline Retail)	673		11,441
Madison Square Garden Entertainment Corp.* (Entertainment)	52		3,639
Madrigal Pharmaceuticals, Inc.* (Biotechnology)	25		2,183
Magellan Health, Inc.* (Health Care Providers & Services)	51		4,810
Magenta Therapeutics, Inc.* (Biotechnology)	63		449
Magnite, Inc.* (Internet & Direct Marketing Retail)	226		6,847
Magnolia Oil & Gas Corp.* (Oil, Gas & Consumable Fuels)	299		4,186
Maiden Holdings, Ltd.* (Insurance)	148		500
Malibu Boats, Inc.* (Leisure Products)	45		3,765
MannKind Corp.* (Biotechnology)	530		2,173
ManTech International Corp. - Class A (IT Services)	59		5,160
Marathon Digital Holdings, Inc.* (IT Services)	204		5,637
Marcus & Millichap, Inc.* (Real Estate Management & Development)	51		2,029
Marine Products Corp. (Leisure Products)	19		311
MarineMax, Inc.* (Specialty Retail)	47		2,528
Marinus Pharmaceuticals, Inc.* (Pharmaceuticals)	78		1,147
Marlin Business Services Corp. (Diversified Financial Services)	19		429
Marrone Bio Innovations, Inc.* (Chemicals)	213		266
Marten Transport, Ltd. (Road & Rail)	126		1,993
Masonite International Corp.* (Building Products)	52		5,884
MasterCraft Boat Holdings, Inc.* (Leisure Products)	41		1,093
Matador Resources Co. (Oil, Gas & Consumable Fuels)	238		7,353
Materion Corp. (Metals & Mining)	43		3,068
Matrix Service Co.* (Energy Equipment & Services)	56		611
Matson, Inc. (Marine)	90		6,041
Matthews International Corp. - Class A (Commercial Services & Supplies)	67		2,318
MAX Holdings, Inc. (Real Estate Management & Development)	39		1,338
Maxar Technologies, Inc. (Aerospace & Defense)	154		5,586
MAXIMUS, Inc. (IT Services)	130		11,570
MaxLinear, Inc.* - Class A (Semiconductors & Semiconductor Equipment)	150		7,235
Mayville Engineering Co., Inc.* (Metals & Mining)	19		334
MBIA, Inc.* (Insurance)	102		1,331
McGrath RentCorp (Commercial Services & Supplies)	52		4,078
MDC Partners, Inc.* - Class A (Media)	134		752
MedAvail Holdings, Inc.* (Food & Staples Retailing)	24		203
MediaAlpha, Inc.* - Class A (Interactive Media & Services)	45		1,503
Medifast, Inc. (Personal Products)	25		7,138
MEDNAX, Inc.* (Health Care Providers & Services)	162		4,717
Medpace Holdings, Inc.* (Life Sciences Tools & Services)	63		11,084
MEI Pharma, Inc.* (Biotechnology)	233		629
MeiraGTx Holdings PLC* (Biotechnology)	64		895
Mercantile Bank Corp. (Banks)	35		1,094
Merchants Bancorp (Thrifts & Mortgage Finance)	21		769
Meredith Corp.* (Media)	86		3,753
Meridian Bancorp, Inc. (Thrifts & Mortgage Finance)	100		1,911
Meridian Bioscience, Inc.* (Health Care Equipment & Supplies)	90		1,845
Merit Medical Systems, Inc.* (Health Care Equipment & Supplies)	110		7,710
Meritage Homes Corp.* (Household Durables)	81		8,795
Meritor, Inc.* (Machinery)	150		3,650
Mersana Therapeutics, Inc.* (Biotechnology)	146		1,606
Mesa Air Group, Inc.* (Airlines)	73		651
Mesa Laboratories, Inc. (Electronic Equipment, Instruments & Components)	11		3,240
Meta Financial Group, Inc. (Thrifts & Mortgage Finance)	68		3,380
Meta Materials, Inc.* (Oil, Gas & Consumable Fuels)	131		459

Additional financial disclosures are included in the notes to financial statements of the funds’ annual report and should be read in conjunction with this report.

Small-Cap ProFund:: Schedule of Portfolio Investments :: July 31, 2021 

Common Stocks, continued

	Shares		Value
Methode Electronics, Inc. (Electronic Equipment, Instruments & Components)	82	$	3,922
Metrocity Bankshares, Inc. (Banks)	41		819
MetroMile, Inc.* (Insurance)	78		553
Metropolitan Bank Holding Corp.* (Banks)	16		1,136
MFA Financial, Inc. (Mortgage Real Estate Investment Trusts)	947		4,422
MGE Energy, Inc. (Electric Utilities)	78		6,093
MGP Ingredients, Inc. (Beverages)	31		1,849
MicroStrategy, Inc.* - Class A (Software)	16		10,016
MicroVision, Inc.* (Electronic Equipment, Instruments & Components)	340		4,682
Mid Penn Bancorp, Inc. (Banks)	21		547
Middlesex Water Co. (Water Utilities)	37		3,764
Midland States Bancorp, Inc. (Banks)	47		1,157
MidwestOne Financial Group, Inc. (Banks)	31		903
Miller Industries, Inc. (Machinery)	23		863
Mimecast, Ltd.* (Software)	126		6,999
MiMedx Group, Inc.* (Biotechnology)	239		2,930
Mind Medicine MindMed, Inc.* (Pharmaceuticals)	691		2,114
Minerals Technologies, Inc. (Chemicals)	70		5,615
Mirum Pharmaceuticals, Inc.* (Biotechnology)	7		101
Misonix, Inc.* (Health Care Equipment & Supplies)	27		717
Mission Produce, Inc.* (Food Products)	78		1,511
Mistras Group, Inc.* (Professional Services)	42		441
Mitek System, Inc.* (Software)	89		1,968
Model N, Inc.* (Software)	74		2,395
Modine Manufacturing Co.* (Auto Components)	108		1,807
ModivCare, Inc.* (Health Care Providers & Services)	27		4,590
Moelis & Co. (Capital Markets)	130		7,703
Molecular Templates, Inc.* (Biotechnology)	78		546
Momentive Global, Inc.* (Software)	275		5,775
Monarch Casino & Resort, Inc.* (Hotels, Restaurants & Leisure)	29		1,852
MoneyGram International, Inc.* (IT Services)	166		1,716
Monmouth Real Estate Investment Corp. - Class A (Equity Real Estate Investment Trusts)	204		3,884
Monro, Inc. (Specialty Retail)	70		4,060
Montrose Environmental Group, Inc.* (Commercial Services & Supplies)	48		2,577
Moog, Inc. - Class A (Aerospace & Defense)	63		4,906
Morphic Holding, Inc.* (Biotechnology)	45		2,593
Motorcar Parts of America, Inc.* (Auto Components)	39		867
Movado Group, Inc. (Textiles, Apparel & Luxury Goods)	35		1,052
MP Materials Corp.* (Metals & Mining)	156		5,869
Mr. Cooper Group, Inc.* (Thrifts & Mortgage Finance)	152		5,651
MRC Global, Inc.* (Trading Companies & Distributors)	171		1,568
Mueller Industries, Inc. (Machinery)	120		5,208
Mueller Water Products, Inc. - Class A (Machinery)	338		5,009
Multiplan Corp.* (Health Care Technology)	855		6,883
Murphy Oil Corp. (Oil, Gas & Consumable Fuels)	315		6,839
Murphy USA, Inc. (Specialty Retail)	55		8,113
Mustang Bio, Inc.* (Biotechnology)	149		431
MVB Financial Corp. (Banks)	21		870
Myers Industries, Inc. (Containers & Packaging)	77		1,631
MYR Group, Inc.* (Construction & Engineering)	36		3,443
Myriad Genetics, Inc.* (Biotechnology)	164		5,187
Nabors Industries, Ltd.* (Energy Equipment & Services)	15		1,313
NanoString Technologies, Inc.* (Life Sciences Tools & Services)	97		6,008
Nanthealth, Inc.* (Health Care Technology)	58		116
Napco Security Technologies, Inc.* (Electronic Equipment, Instruments & Components)	31		1,096
Nathan's Famous, Inc. (Hotels, Restaurants & Leisure)	7		450
National Bank Holdings Corp. (Banks)	63		2,234
National Beverage Corp. (Beverages)	51		2,314
National CineMedia, Inc. (Media)	124		432
National Energy Services Reunited Corp.* (Energy Equipment & Services)	64		826
National Health Investors, Inc. (Equity Real Estate Investment Trusts)	93		6,345
National Healthcare Corp. (Health Care Providers & Services)	27		2,097
National Presto Industries, Inc. (Aerospace & Defense)	11		1,061
National Research Corp. (Health Care Providers & Services)	31		1,636
National Storage Affiliates Trust (Equity Real Estate Investment Trusts)	150		8,126
National Vision Holdings, Inc.* (Specialty Retail)	176		9,499
National Western Life Group, Inc. - Class A (Insurance)	7		1,455
Natural Grocers by Vitamin Cottage, Inc. (Food & Staples Retailing)	18		201
Nature's Sunshine Products, Inc. (Personal Products)	25		440
Natus Medical, Inc.* (Health Care Equipment & Supplies)	70		1,869
Nautilus, Inc.* (Leisure Products)	64		925
Navient Corp. (Consumer Finance)	378		7,722
NBT Bancorp, Inc. (Banks)	90		3,137
Neenah, Inc. (Paper & Forest Products)	36		1,810
Nelnet, Inc. - Class A (Consumer Finance)	36		2,711
NEOGAMES SA* (Hotels, Restaurants & Leisure)	12		579
Neogen Corp.* (Health Care Equipment & Supplies)	231		10,062
NeoGenomics, Inc.* (Life Sciences Tools & Services)	243		11,203
Neoleukin Therapeutics, Inc.* (Biotechnology)	74		517

Additional financial disclosures are included in the notes to financial statements of the funds’ annual report and should be read in conjunction with this report. 

Small-Cap ProFund:: Schedule of Portfolio Investments :: July 31, 2021

Common Stocks, continued

	Shares		Value
NeoPhotonics Corp.* (Semiconductors & Semiconductor Equipment)		107	$	1,038
NETGEAR, Inc.* (Communications Equipment)		64		2,192
NetScout Systems, Inc.* (Communications Equipment)		150		4,314
NETSTREIT Corp. (Equity Real Estate Investment Trusts)		86		2,232
Neuronetics, Inc.* (Health Care Equipment & Supplies)		54		716
NeuroPace, Inc.* (Health Care Equipment & Supplies)		15		320
Nevro Corp.* (Health Care Equipment & Supplies)		73		11,315
New Jersey Resources Corp. (Gas Utilities)		207		7,974
New Senior Investment Group, Inc. (Equity Real Estate Investment Trusts)		174		1,604
New York Mortgage Trust, Inc. (Mortgage Real Estate Investment Trusts)		813		3,553
NewAge, Inc.* (Beverages)		285		544
Newmark Group, Inc. (Real Estate Management & Development)		320		4,122
Newpark Resources, Inc.* (Energy Equipment & Services)		191		617
NexImmune, Inc.* (Biotechnology)		14		150
Nexpoint Residential Trust, Inc. (Equity Real Estate Investment Trusts)		48		2,830
NextGen Healthcare, Inc.* (Health Care Technology)		120		1,946
NexTier Oilfield Solutions, Inc.* (Energy Equipment & Services)		370		1,413
NGM Biopharmaceuticals, Inc.* (Pharmaceuticals)		68		1,387
NI Holdings, Inc.* (Insurance)		19		376
Nicolet Bankshares, Inc.* (Banks)		19		1,375
Nikola Corp.*(a) (Machinery)		240		2,849
Nkarta, Inc.* (Biotechnology)		31		985
NL Industries, Inc. (Commercial Services & Supplies)		18		109
nLight, Inc.* (Electronic Equipment, Instruments & Components)		90		3,122
NMI Holdings, Inc.* - Class A (Thrifts & Mortgage Finance)		181		3,986
NN, Inc.* (Machinery)		91		622
Noodles & Co.* (Hotels, Restaurants & Leisure)		88		1,051
Nordic American Tankers, Ltd. (Oil, Gas & Consumable Fuels)		324		846
Northern Oil And Gas, Inc. (Oil, Gas & Consumable Fuels)		102		1,762
Northfield Bancorp, Inc. (Thrifts & Mortgage Finance)		98		1,612
Northrim Bancorp, Inc. (Banks)		12		490
Northwest Bancshares, Inc. (Thrifts & Mortgage Finance)		263		3,501
Northwest Natural Holding Co. (Gas Utilities)		67		3,503
Northwest Pipe Co.* (Construction & Engineering)		21		597
NorthWestern Corp. (Multi-Utilities)		110		6,819
Novagold Resources, Inc.* (Metals & Mining)		508		3,973
Novanta, Inc.* (Electronic Equipment, Instruments & Components)		74		10,389
NOW, Inc.* (Trading Companies & Distributors)		237		2,339
Nu Skin Enterprises, Inc. - Class A (Personal Products)		108		5,799
Nurix Therapeutics, Inc.* (Biotechnology)		68		2,090
NuVasive, Inc.* (Health Care Equipment & Supplies)		110		7,035
Nuvation Bio, Inc.* (Pharmaceuticals)		74		639
NV5 Global, Inc.* (Construction & Engineering)		27		2,565
NVE Corp. (Semiconductors & Semiconductor Equipment)		11		826
Oasis Petroleum, Inc. (Oil, Gas & Consumable Fuels)		43		3,944
Oceaneering International, Inc.* (Energy Equipment & Services)		213		2,824
Oceanfirst Financial Corp. (Thrifts & Mortgage Finance)		126		2,457
Ocugen, Inc.*(a) (Biotechnology)		396		2,657
Ocular Therapeutix, Inc.* (Pharmaceuticals)		165		1,817
Ocwen Financial Corp.* (Thrifts & Mortgage Finance)		19		497
Office Properties Income Trust (Equity Real Estate Investment Trusts)		102		2,956
OFG Bancorp (Banks)		110		2,541
O-I Glass, Inc.* (Containers & Packaging)		338		4,998
Oil States International, Inc.* (Energy Equipment & Services)		130		736
Oil-Dri Corp. of America (Household Products)		11		391
Old National Bancorp (Banks)		355		5,712
Old Second Bancorp, Inc. (Banks)		58		672
Olema Pharmaceuticals, Inc.* (Biotechnology)		27		634
Olympic Steel, Inc. (Metals & Mining)		19		572
Omega Flex, Inc. (Machinery)		7		1,098
Omeros Corp.* (Pharmaceuticals)		129		1,871
Omnicell, Inc.* (Health Care Technology)		93		13,625
ON24, Inc.* (Software)		19		694
Oncocyte Corp.* (Biotechnology)		152		781
Oncorus, Inc.* (Biotechnology)		42		538
Oncternal Therapeutics, Inc.* (Biotechnology)		93		363
ONE Gas, Inc. (Gas Utilities)		112		8,263
ONE Group Hospitality, Inc. (The)* (Hotels, Restaurants & Leisure)		41		375
One Liberty Properties, Inc. (Equity Real Estate Investment Trusts)		35		1,071
OneSpan, Inc.* (Software)		74		1,826
OneSpaWorld Holdings, Ltd.* (Diversified Consumer Services)		113		1,116
Onewater Marine, Inc. (Specialty Retail)		21		987
Onto Innovation, Inc.* (Semiconductors & Semiconductor Equipment)		104		7,288
Ontrak, Inc.* (Health Care Providers & Services)		19		513

Additional financial disclosures are included in the notes to financial statements of the funds’ annual report and should be read in conjunction with this report.

Small-Cap ProFund:: Schedule of Portfolio Investments :: July 31, 2021

Common Stocks, continued

	Shares		Value
Ooma, Inc.* (Diversified Telecommunication Services)		47	$	872
Open Lending Corp.* - Class A (Capital Markets)		223		8,474
OPKO Health, Inc.* (Biotechnology)		842		2,896
Oportun Financial Corp.* (Consumer Finance)		45		949
Oppenheimer Holdings, Inc. - Class A (Capital Markets)		19		854
OptimizeRx Corp.* (Health Care Technology)		36		1,990
Option Care Health, Inc.* (Health Care Providers & Services)		238		4,931
Oramed Pharmaceuticals, Inc.* (Pharmaceuticals)		59		837
OraSure Technologies, Inc.* (Health Care Equipment & Supplies)		154		1,816
ORBCOMM, Inc.* (Diversified Telecommunication Services)		159		1,795
Orchid Island Capital, Inc.(a) (Mortgage Real Estate Investment Trusts)		204		1,010
Organogenesis Holdings, Inc.* (Biotechnology)		82		1,258
ORIC Pharmaceuticals, Inc.* (Biotechnology)		63		1,049
Origin Bancorp, Inc. (Banks)		48		1,953
Orion Engineered Carbons SA* (Chemicals)		130		2,350
Ormat Technologies, Inc. (Independent Power and Renewable Electricity Producers)		97		6,765
Orrstown Financial Services, Inc. (Banks)		23		530
Ortho Clinical Diagnostics Holdings PLC* (Health Care Equipment & Supplies)		189		4,247
Orthofix Medical, Inc.* (Health Care Equipment & Supplies)		41		1,629
OrthoPediatrics Corp.* (Health Care Equipment & Supplies)		31		1,948
OSI Systems, Inc.* (Electronic Equipment, Instruments & Components)		36		3,602
Otter Tail Corp. (Electric Utilities)		86		4,368
Ouster, Inc.* (Electronic Equipment, Instruments & Components)		62		570
Outfront Media, Inc.* (Equity Real Estate Investment Trusts)		313		7,478
Outlook Therapeutics, Inc.* (Biotechnology)		188		425
Outset Medical, Inc.* (Health Care Equipment & Supplies)		98		4,014
Overstock.com, Inc.* (Internet & Direct Marketing Retail)		93		6,477
Ovintiv, Inc. (Oil, Gas & Consumable Fuels)		561		14,394
Owens & Minor, Inc. (Health Care Providers & Services)		156		7,215
Oxford Industries, Inc. (Textiles, Apparel & Luxury Goods)		35		3,043
Oyster Point Pharma, Inc.* (Biotechnology)		23		328
Pacific Biosciences of California, Inc.* (Life Sciences Tools & Services)		416		13,375
Pacific Premier Bancorp, Inc. (Banks)		201		7,634
Pacira BioSciences, Inc.* (Pharmaceuticals)		93		5,482
Pactiv Evergreen, Inc. (Containers & Packaging)		93		1,346
PAE, Inc.* (Aerospace & Defense)		149		1,329
PagerDuty, Inc.* (Software)		174		7,063
Palomar Holdings, Inc.* (Insurance)		52		4,234
PAM Transportation Services, Inc.* (Road & Rail)		4		250
Papa John's International, Inc. (Hotels, Restaurants & Leisure)		70		7,988
Par Pacific Holdings, Inc.* (Oil, Gas & Consumable Fuels)		97		1,589
PAR Technology Corp.* (Electronic Equipment, Instruments & Components)		51		3,114
Paramount Group, Inc. (Equity Real Estate Investment Trusts)		400		3,904
Paratek Pharmaceuticals, Inc.* (Pharmaceuticals)		98		510
Park Aerospace Corp. (Aerospace & Defense)		41		611
Park National Corp. (Banks)		31		3,531
Park-Ohio Holdings Corp. (Machinery)		19		553
Parsons Corp.* (Aerospace & Defense)		59		2,279
Party City Holdco, Inc.* (Specialty Retail)		236		2,015
Passage Bio, Inc.* (Biotechnology)		78		920
Patrick Industries, Inc. (Building Products)		48		3,966
Patterson Cos., Inc. (Health Care Providers & Services)		185		5,759
Patterson-UTI Energy, Inc. (Energy Equipment & Services)		399		3,200
PAVmed, Inc.* (Health Care Equipment & Supplies)		152		1,044
Paya Holdings, Inc.* (IT Services)		174		1,999
PBF Energy, Inc.* - Class A (Oil, Gas & Consumable Fuels)		206		1,889
PC Connection, Inc. (Electronic Equipment, Instruments & Components)		23		1,094
PCSB Financial Corp. (Thrifts & Mortgage Finance)		29		523
PDC Energy, Inc. (Oil, Gas & Consumable Fuels)		213		8,423
PDF Solutions, Inc.* (Semiconductors & Semiconductor Equipment)		64		1,197
Peabody Energy Corp.* (Oil, Gas & Consumable Fuels)		149		1,745
Peapack Gladstone Financial Corp. (Banks)		39		1,256
Pebblebrook Hotel Trust (Equity Real Estate Investment Trusts)		279		6,275
Penn Virginia Corp.* (Oil, Gas & Consumable Fuels)		33		610
Pennymac Financial Services, Inc. (Thrifts & Mortgage Finance)		74		4,654
PennyMac Mortgage Investment Trust (Mortgage Real Estate Investment Trusts)		210		4,141
Peoples Bancorp, Inc. (Banks)		39		1,150
Peoples Financial Services Corp. (Banks)		15		644
Perdoceo Education Corp.* (Diversified Consumer Services)		150		1,779
Perficient, Inc.* (IT Services)		70		6,600
Performance Food Group Co.* (Food & Staples Retailing)		283		12,967

Additional financial disclosures are included in the notes to financial statements of the funds’ annual report and should be read in conjunction with this report.

Small-Cap ProFund:: Schedule of Portfolio Investments :: July 31, 2021

Common Stocks, continued

	Shares		Value
Perpetua Resources Corp.* (Metals & Mining)		56	$	319
Personalis, Inc.* (Life Sciences Tools & Services)		77		1,616
Petiq, Inc.* (Health Care Providers & Services)		59		2,086
PetMed Express, Inc. (Internet & Direct Marketing Retail)		43		1,350
PGT Innovations, Inc.* (Building Products)		125		2,823
Phathom Pharmaceuticals, Inc.* (Pharmaceuticals)		43		1,380
Phibro Animal Health Corp. - Class A (Pharmaceuticals)		43		1,018
Photronics, Inc.* (Semiconductors & Semiconductor Equipment)		133		1,778
Phreesia, Inc.* (Health Care Technology)		82		5,605
Physicians Realty Trust (Equity Real Estate Investment Trusts)		462		8,755
Piedmont Office Realty Trust, Inc. - Class A (Equity Real Estate Investment Trusts)		266		5,059
Ping Identity Holding Corp.* (Software)		93		2,053
Pioneer Bancorp, Inc.* (Thrifts & Mortgage Finance)		25		289
Piper Sandler Cos. (Capital Markets)		37		4,540
Pitney Bowes, Inc. (Commercial Services & Supplies)		377		3,016
PJT Partners, Inc. - Class A (Capital Markets)		52		4,065
Plantronics, Inc.* (Communications Equipment)		73		2,277
PlayAGS, Inc.* (Hotels, Restaurants & Leisure)		59		458
PLBY Group, Inc.* (Textiles, Apparel & Luxury Goods)		23		648
Plexus Corp.* (Electronic Equipment, Instruments & Components)		61		5,510
Pliant Therapeutics, Inc.* (Pharmaceuticals)		52		1,050
Plymouth Industrial REIT, Inc. (Equity Real Estate Investment Trusts)		63		1,454
PMV Pharmaceuticals, Inc.* (Pharmaceuticals)		56		1,905
PNM Resources, Inc. (Electric Utilities)		185		8,941
PolyMet Mining Corp.* (Metals & Mining)		62		190
Porch Group, Inc.* (Internet & Direct Marketing Retail)		35		649
Portage Biotech, Inc.* (Biotechnology)		7		106
Portland General Electric Co. (Electric Utilities)		193		9,438
Poseida Therapeutics, Inc.* (Biotechnology)		61		495
Postal Realty Trust, Inc. - Class A (Equity Real Estate Investment Trusts)		25		481
PotlatchDeltic Corp. (Equity Real Estate Investment Trusts)		141		7,324
Powell Industries, Inc. (Electrical Equipment)		19		553
Power Integrations, Inc. (Semiconductors & Semiconductor Equipment)		129		12,512
PQ Group Holdings, Inc. (Chemicals)		110		1,712
PRA Group, Inc.* (Consumer Finance)		97		3,763
Praxis Precision Medicines, Inc.* (Biotechnology)		52		811
Precigen, Inc.* (Biotechnology)		204		1,120
Precision BioSciences, Inc.* (Biotechnology)		101		996
Preferred Apartment Communities, Inc. - Class A (Equity Real Estate Investment Trusts)		108		1,138
Preferred Bank (Banks)		31		1,828
Preformed Line Products Co. (Electrical Equipment)		7		480
Prelude Therapeutics, Inc.* (Biotechnology)		23		737
Premier Financial Bancorp, Inc. (Banks)		27		460
Premier Financial Corp. (Thrifts & Mortgage Finance)		78		2,089
Prestige Consumer Healthcare, Inc.* (Pharmaceuticals)		108		5,675
PriceSmart, Inc. (Food & Staples Retailing)		51		4,577
Primis Financial Corp. (Banks)		52		809
Primo Water Corp. (Beverages)		337		5,571
Primoris Services Corp. (Construction & Engineering)		114		3,409
Priority Technology Holdings, Inc.* (IT Services)		22		135
Privia Health Group, Inc.* (Health Care Providers & Services)		41		1,702
ProAssurance Corp. (Insurance)		114		2,312
PROG Holdings, Inc.* (Consumer Finance)		142		6,215
Progress Software Corp. (Software)		94		4,285
Progyny, Inc.* (Health Care Providers & Services)		137		7,630
Prometheus Biosciences, Inc.* (Biotechnology)		25		524
ProPetro Holding Corp.* (Energy Equipment & Services)		182		1,374
PROS Holdings, Inc.* (Software)		86		3,734
ProSight Global, Inc.* (Insurance)		19		242
Protagonist Therapeutics, Inc.* (Biotechnology)		89		4,399
Prothena Corp. PLC* (Biotechnology)		73		3,657
Proto Labs, Inc.* (Machinery)		59		4,613
Provention Bio, Inc.* (Pharmaceuticals)		118		716
Provident BanCorp, Inc. (Thrifts & Mortgage Finance)		35		552
Provident Financial Services, Inc. (Thrifts & Mortgage Finance)		162		3,499
PS Business Parks, Inc. (Equity Real Estate Investment Trusts)		43		6,608
PTC Therapeutics, Inc.* (Biotechnology)		149		5,711
Pulmonx Corp.* (Health Care Equipment & Supplies)		55		2,181
Pulse Biosciences, Inc.* (Health Care Equipment & Supplies)		31		636
Puma Biotechnology, Inc.* (Biotechnology)		67		504
Pure Cycle Corp.* (Water Utilities)		41		634
PureCycle Technologies, Inc.* (Chemicals)		70		1,037
Purple Innovation, Inc.* (Household Durables)		108		2,845
Pzena Investment Management, Inc. - Class A (Capital Markets)		36		412
Q2 Holdings, Inc.* (Software)		118		12,191
QAD, Inc. (Software)		25		2,169
QCR Holdings, Inc. (Banks)		33		1,620

Additional financial disclosures are included in the notes to financial statements of the funds’ annual report and should be read in conjunction with this report.

Small-Cap ProFund:: Schedule of Portfolio Investments :: July 31, 2021

Common Stocks, continued

	Shares		Value
QTS Realty Trust, Inc. - Class A (Equity Real Estate Investment Trusts)		146	$	11,346
Quaker Chemical Corp. (Chemicals)		29		7,300
Qualys, Inc.* (Software)		73		7,414
Quanex Building Products Corp. (Building Products)		70		1,739
Quanterix Corp.* (Life Sciences Tools & Services)		67		3,561
Quantum Corp.* (Technology Hardware, Storage & Peripherals)		119		738
QuinStreet, Inc.* (Interactive Media & Services)		106		1,944
Quotient Technology, Inc.* (Internet & Direct Marketing Retail)		190		2,063
Quotient, Ltd.* (Health Care Equipment & Supplies)		168		573
R. R. Donnelley & Sons Co.* (Commercial Services & Supplies)		151		924
R1 RCM, Inc.* (Health Care Providers & Services)		283		6,059
Rackspace Technology, Inc.* (IT Services)		114		2,024
Radian Group, Inc. (Thrifts & Mortgage Finance)		411		9,279
Radiant Logistics, Inc.* (Air Freight & Logistics)		83		516
Radius Global Infrastructure, Inc.* - Class A (Diversified Telecommunication Services)		94		1,441
Radius Health, Inc.* (Biotechnology)		100		1,513
RadNet, Inc.* (Health Care Providers & Services)		97		3,564
Rafael Holdings, Inc.* - Class B (Real Estate Management & Development)		21		1,063
Rain Therapeutics, Inc.* (Biotechnology)		16		266
Rambus, Inc.* (Semiconductors & Semiconductor Equipment)		239		5,655
Range Resources Corp.* (Oil, Gas & Consumable Fuels)		512		7,797
Ranpak Holdings Corp.* (Containers & Packaging)		74		1,896
Rapid7, Inc.* (Software)		118		13,423
RAPT Therapeutics, Inc.* (Biotechnology)		39		1,196
Raven Industries, Inc.* (Industrial Conglomerates)		77		4,485
Rayonier Advanced Materials, Inc.* (Chemicals)		131		913
RBB Bancorp (Banks)		31		742
RBC Bearings, Inc.* (Machinery)		55		12,925
RCI Hospitality Holdings, Inc. (Hotels, Restaurants & Leisure)		19		1,192
Ready Capital Corp. (Mortgage Real Estate Investment Trusts)		123		1,860
Realogy Holdings Corp.* (Real Estate Management & Development)		247		4,377
Reata Pharmaceuticals, Inc.* - Class A (Pharmaceuticals)		59		7,393
Recursion Pharmaceuticals, Inc.* - Class A (Biotechnology)		45		1,366
Red River Bancshares, Inc. (Banks)		9		459
Red Robin Gourmet Burgers, Inc.* (Hotels, Restaurants & Leisure)		35		918
Red Rock Resorts, Inc.* - Class A (Hotels, Restaurants & Leisure)		133		5,240
Redfin Corp.* (Real Estate Management & Development)		218		12,767
Redwood Trust, Inc. (Mortgage Real Estate Investment Trusts)		241		2,861
REGENXBIO, Inc.* (Biotechnology)		85		2,747
Regional Management Corp. (Consumer Finance)		19		983
Regis Corp.* (Diversified Consumer Services)		49		391
Rekor Systems, Inc.* (Professional Services)		67		528
Relay Therapeutics, Inc.* (Biotechnology)		125		4,055
Reliant Bancorp, Inc. (Banks)		33		917
Relmada Therapeutics, Inc.* (Pharmaceuticals)		33		858
Renasant Corp. (Banks)		118		4,151
Reneo Pharmaceuticals, Inc.* (Biotechnology)		14		115
Renewable Energy Group, Inc.* (Oil, Gas & Consumable Fuels)		97		5,941
Rent-A-Center, Inc. (Specialty Retail)		141		8,068
Repay Holdings Corp.* (IT Services)		164		4,085
Replimune Group, Inc.* (Biotechnology)		59		1,931
Republic Bancorp, Inc. - Class A (Banks)		21		1,024
Republic First Bancorp, Inc.* (Banks)		96		354
Resideo Technologies, Inc.* (Building Products)		310		9,145
Resources Connection, Inc. (Professional Services)		68		1,053
Retail Opportunity Investments Corp. (Equity Real Estate Investment Trusts)		249		4,400
Retail Properties of America, Inc. (Equity Real Estate Investment Trusts)		460		5,801
Retail Value, Inc. (Equity Real Estate Investment Trusts)		37		904
Retractable Technologies, Inc.* (Health Care Equipment & Supplies)		37		435
REV Group, Inc. (Machinery)		61		922
Revance Therapeutics, Inc.* (Pharmaceuticals)		150		4,362
Revlon, Inc.* - Class A (Personal Products)		14		153
REVOLUTION Medicines, Inc.* (Biotechnology)		126		3,609
Revolve Group, Inc.* (Internet & Direct Marketing Retail)		77		5,360
REX American Resources Corp.* (Oil, Gas & Consumable Fuels)		11		902
Rexnord Corp. (Machinery)		258		14,533
Rhythm Pharmaceuticals, Inc.* (Biotechnology)		94		1,625
Ribbon Communications, Inc.* (Communications Equipment)		150		1,037
Rigel Pharmaceuticals, Inc.* (Biotechnology)		366		1,464
Riley Exploration Permian, Inc. (Oil, Gas & Consumable Fuels)		19		410
Rimini Street, Inc.* (Software)		94		817
Riot Blockchain, Inc.* (Software)		181		5,964
Rite Aid Corp.* (Food & Staples Retailing)		118		1,794
RLI Corp. (Insurance)		86		9,321

Additional financial disclosures are included in the notes to financial statements of the funds’ annual report and should be read in conjunction with this report.

Small-Cap ProFund:: Schedule of Portfolio Investments :: July 31, 2021

Common Stocks, continued

	Shares		Value
RLJ Lodging Trust (Equity Real Estate Investment Trusts)		351	$	5,037
Rocket Pharmaceuticals, Inc.* (Biotechnology)		86		3,081
Rocky Brands, Inc. (Textiles, Apparel & Luxury Goods)		15		816
Rogers Corp.* (Electronic Equipment, Instruments & Components)		39		7,433
Romeo Power, Inc.* (Electrical Equipment)		89		627
RPC, Inc.* (Energy Equipment & Services)		144		605
RPT Realty (Equity Real Estate Investment Trusts)		174		2,217
Rubius Therapeutics, Inc.* (Biotechnology)		97		2,085
Rush Enterprises, Inc. - Class A (Trading Companies & Distributors)		90		4,229
Rush Enterprises, Inc. - Class B (Trading Companies & Distributors)		15		658
Rush Street Interactive, Inc.* (Hotels, Restaurants & Leisure)		113		1,113
Ruth's Hospitality Group, Inc.* (Hotels, Restaurants & Leisure)		70		1,398
Ryerson Holding Corp.* (Metals & Mining)		36		566
Ryman Hospitality Properties, Inc.* - Class I (Equity Real Estate Investment Trusts)		114		8,744
S&T Bancorp, Inc. (Banks)		82		2,415
Sabra Health Care REIT, Inc. (Equity Real Estate Investment Trusts)		462		8,589
Safe Bulkers, Inc.* (Marine)		117		391
Safehold, Inc. (Equity Real Estate Investment Trusts)		37		3,342
Safety Insurance Group, Inc. (Insurance)		31		2,375
Saia, Inc.* (Road & Rail)		59		13,334
Sailpoint Technologies Holding, Inc.* (Software)		193		9,648
Sally Beauty Holdings, Inc.* (Specialty Retail)		241		4,560
Sana Biotechnology, Inc.* (Biotechnology)		59		961
Sanderson Farms, Inc. (Food Products)		43		8,033
Sandy Spring Bancorp, Inc. (Banks)		100		4,159
Sangamo Therapeutics, Inc.* (Biotechnology)		252		2,414
Sanmina Corp.* (Electronic Equipment, Instruments & Components)		137		5,264
Sapiens International Corp. N.V. (Software)		67		1,689
Saul Centers, Inc. (Equity Real Estate Investment Trusts)		25		1,140
ScanSource, Inc.* (Electronic Equipment, Instruments & Components)		55		1,517
Schnitzer Steel Industries, Inc. - Class A (Metals & Mining)		56		2,936
Scholar Rock Holding Corp.* (Biotechnology)		59		1,844
Scholastic Corp. (Media)		63		2,117
Schrodinger, Inc.* (Health Care Technology)		97		6,564
Schweitzer-Mauduit International, Inc. (Paper & Forest Products)		68		2,674
Scientific Games Corp.* (Hotels, Restaurants & Leisure)		206		12,712
Scorpio Tankers, Inc. (Oil, Gas & Consumable Fuels)		104		1,700
Sculptor Capital Management, Inc. (Capital Markets)		47		1,091
Seacoast Banking Corp. (Banks)		116		3,525
SeaSpine Holdings Corp.* (Health Care Equipment & Supplies)		68		1,332
SeaWorld Entertainment, Inc.* (Hotels, Restaurants & Leisure)		110		5,215
SecureWorks Corp.* - Class A (Software)		19		381
Seelos Therapeutics, Inc.* (Pharmaceuticals)		161		362
Seer, Inc.* (Life Sciences Tools & Services)		33		1,054
Select Energy Services, Inc.* (Energy Equipment & Services)		127		756
Select Medical Holdings Corp. (Health Care Providers & Services)		237		9,350
Selecta Biosciences, Inc.* (Biotechnology)		191		661
Selective Insurance Group, Inc. (Insurance)		126		10,250
Selectquote, Inc.* (Insurance)		287		5,109
Semtech Corp.* (Semiconductors & Semiconductor Equipment)		137		8,482
Seneca Foods Corp.* - Class A (Food Products)		15		821
Sensei Biotherapeutics, Inc.* (Biotechnology)		16		126
Senseonics Holdings, Inc.*(a) (Health Care Equipment & Supplies)		890		2,732
Sensient Technologies Corp. (Chemicals)		90		7,846
Seres Therapeutics, Inc.* (Biotechnology)		148		1,051
Seritage Growth Properties* - Class A (Equity Real Estate Investment Trusts)		78		1,238
Service Properties Trust (Equity Real Estate Investment Trusts)		352		3,918
ServisFirst Bancshares, Inc. (Banks)		108		7,677
Sesen Bio, Inc.* (Biotechnology)		366		1,365
SFL Corp., Ltd. (Oil, Gas & Consumable Fuels)		224		1,539
Shake Shack, Inc.* - Class A (Hotels, Restaurants & Leisure)		81		8,144
Sharps Compliance Corp.* (Health Care Providers & Services)		30		299
Shattuck Labs, Inc.* (Biotechnology)		59		1,300
Shenandoah Telecommunications Co. (Wireless Telecommunication Services)		104		5,490
Shift Technologies, Inc.* (Specialty Retail)		133		1,124
Shockwave Medical, Inc.* (Health Care Equipment & Supplies)		70		12,740
Shoe Carnival, Inc. (Specialty Retail)		39		1,314
ShotSpotter, Inc.* (Software)		19		868
Shutterstock, Inc. (Internet & Direct Marketing Retail)		51		5,533
SI-BONE, Inc.* (Health Care Equipment & Supplies)		68		2,063
Sientra, Inc.* (Health Care Equipment & Supplies)		123		1,015
Sierra Bancorp (Banks)		31		748
SIGA Technologies, Inc.* (Pharmaceuticals)		104		662
Sigilon Therapeutics, Inc.* (Biotechnology)		15		76
Signet Jewelers, Ltd. (Specialty Retail)		110		7,077
Silicon Laboratories, Inc.* (Semiconductors & Semiconductor Equipment)		94		14,004

Additional financial disclosures are included in the notes to financial statements of the funds' annual report and should be read in conjunction with this report.

Small-Cap ProFund:: Schedule of Portfolio Investments :: July 31, 2021

Common Stocks, continued

	Shares		Value
Silk Road Medical, Inc.* (Health Care Equipment & Supplies)		73	$	3,663
Silverback Therapeutics, Inc.* (Biotechnology)		27		818
Silvergate Capital Corp.* - Class A (Banks)		48		4,934
Simmons First National Corp. - Class A (Banks)		231		6,288
Simpson Manufacturing Co., Inc. (Building Products)		93		10,461
Simulations Plus, Inc. (Health Care Technology)		33		1,557
Sinclair Broadcast Group, Inc. - Class A (Media)		98		2,772
SiriusPoint, Ltd.* (Insurance)		190		1,862
SITE Centers Corp. (Equity Real Estate Investment Trusts)		372		5,900
SiTime Corp.* (Semiconductors & Semiconductor Equipment)		27		3,662
SJW Corp. (Water Utilities)		59		4,067
Skyline Champion Corp.* (Household Durables)		112		6,317
SkyWater Technology, Inc.* (Semiconductors & Semiconductor Equipment)		16		276
SkyWest, Inc.* (Airlines)		108		4,373
Sleep Number Corp.* (Specialty Retail)		52		5,159
SM Energy Co. (Oil, Gas & Consumable Fuels)		251		4,694
SMART Global Holdings, Inc.* (Semiconductors & Semiconductor Equipment)		31		1,452
SmartFinancial, Inc. (Banks)		31		755
Smith & Wesson Brands, Inc. (Leisure Products)		114		2,673
Smith Micro Software, Inc.* (Software)		94		532
SOC Telemed, Inc.* (Health Care Providers & Services)		87		399
Solaris Oilfield Infrastructure, Inc. (Energy Equipment & Services)		66		574
Solid Biosciences, Inc.* (Biotechnology)		127		354
Soliton, Inc.* (Health Care Equipment & Supplies)		19		417
Sonic Automotive, Inc. - Class A (Specialty Retail)		47		2,564
Sonos, Inc.* (Household Durables)		258		8,612
Sorrento Therapeutics, Inc.*(a) (Biotechnology)		585		4,803
South Jersey Industries, Inc. (Gas Utilities)		219		5,512
South Plains Financial, Inc. (Banks)		23		529
South State Corp. (Banks)		152		10,464
Southern First Bancshares, Inc.* (Banks)		16		792
Southern Missouri Bancorp, Inc. (Thrifts & Mortgage Finance)		16		718
Southside Bancshares, Inc. (Banks)		67		2,415
Southwest Gas Holdings, Inc. (Gas Utilities)		125		8,742
Southwestern Energy Co.* (Oil, Gas & Consumable Fuels)		1,453		6,844
SP Plus Corp.* (Commercial Services & Supplies)		51		1,672
Spark Energy, Inc. - Class A (Electric Utilities)		25		278
SpartanNash Co. (Food & Staples Retailing)		77		1,498
Spectrum Pharmaceuticals, Inc.* (Biotechnology)		330		1,063
Spero Therapeutics, Inc.* (Biotechnology)		52		694
Spire, Inc. (Gas Utilities)		110		7,805
Spirit Airlines, Inc.* (Airlines)		211		5,693
Spirit of Texas Bancshares, Inc. (Banks)		27		629
Sportsman's Warehouse Holdings, Inc.* (Specialty Retail)		93		1,643
SpringWorks Therapeutics, Inc.* (Biotechnology)		63		5,399
Sprout Social, Inc.* - Class A (Software)		94		8,351
Sprouts Farmers Market, Inc.* (Food & Staples Retailing)		254		6,243
Spruce Biosciences, Inc.* (Biotechnology)		18		166
SPS Commerce, Inc.* (Software)		77		8,389
SPX Corp.* (Machinery)		94		6,266
SPX FLOW, Inc. (Machinery)		89		7,311
SQZ Biotechnologies Co.* (Biotechnology)		48		581
STAAR Surgical Co.* (Health Care Equipment & Supplies)		100		12,791
STAG Industrial, Inc. (Equity Real Estate Investment Trusts)		344		14,214
Stamps.com, Inc.* (Internet & Direct Marketing Retail)		37		12,089
Standard Motor Products, Inc. (Auto Components)		45		1,879
Standex International Corp. (Machinery)		25		2,300
Startek, Inc.* (IT Services)		35		246
State Auto Financial Corp. (Insurance)		37		1,850
Steelcase, Inc. - Class A (Commercial Services & Supplies)		189		2,599
Stem, Inc.* (Electrical Equipment)		134		3,633
Stepan Co. (Chemicals)		47		5,544
StepStone Group, Inc. - Class A (Capital Markets)		81		3,686
Stereotaxis, Inc.* (Health Care Equipment & Supplies)		105		957
Sterling Construction Co., Inc.* (Construction & Engineering)		59		1,296
Steven Madden, Ltd. (Textiles, Apparel & Luxury Goods)		176		7,714
Stewart Information Services Corp. (Insurance)		59		3,482
Stitch Fix, Inc.* (Internet & Direct Marketing Retail)		126		6,794
Stock Yards Bancorp, Inc. (Banks)		45		2,144
Stoke Therapeutics, Inc.* (Biotechnology)		41		1,174
StoneMor, Inc.* (Diversified Consumer Services)		69		183
Stoneridge, Inc.* (Auto Components)		56		1,621
StoneX Group, Inc.* (Capital Markets)		36		2,323
Strategic Education, Inc. (Diversified Consumer Services)		52		4,123
Stride, Inc.* (Diversified Consumer Services)		86		2,637
Sturm Ruger & Co., Inc. (Leisure Products)		37		2,751
Summit Financial Group, Inc. (Banks)		25		581

Additional financial disclosures are included in the notes to financial statements of the funds' annual report and should be read in conjunction with this report.

Small-Cap ProFund:: Schedule of Portfolio Investments :: July 31, 2021

Common Stocks, continued

	Shares		Value
Summit Hotel Properties, Inc.* (Equity Real Estate Investment Trusts)		222	$	2,000
Summit Materials, Inc.* - Class A (Construction Materials)		253		8,501
Summit Therapeutics, Inc.* (Biotechnology)		47		345
Sumo Logic, Inc.* (Software)		176		3,634
Sun Country Airlines Holdings, Inc.* (Airlines)		37		1,202
SunCoke Energy, Inc. (Metals & Mining)		178		1,376
Sunnova Energy International, Inc.* (Independent Power and Renewable Electricity Producers)		185		7,048
SunPower Corp.* (Semiconductors & Semiconductor Equipment)		172		4,260
Sunstone Hotel Investors, Inc.* (Equity Real Estate Investment Trusts)		461		5,320
Super Micro Computer, Inc.* (Technology Hardware, Storage & Peripherals)		93		3,538
Superior Group of Cos., Inc. (Textiles, Apparel & Luxury Goods)		25		585
Supernus Pharmaceuticals, Inc.* (Pharmaceuticals)		106		2,791
Surface Oncology, Inc.* (Biotechnology)		71		427
Surgery Partners, Inc.* (Health Care Providers & Services)		68		3,710
Surmodics, Inc.* (Health Care Equipment & Supplies)		29		1,598
Sutro BioPharma, Inc.* (Biotechnology)		93		1,584
Sykes Enterprises, Inc.* (IT Services)		82		4,400
Synaptics, Inc.* (Semiconductors & Semiconductor Equipment)		74		11,242
Syndax Pharmaceuticals, Inc.* (Biotechnology)		97		1,414
Syros Pharmaceuticals, Inc.* (Biotechnology)		123		568
Tabula Rasa Healthcare, Inc.* (Health Care Technology)		48		2,062
Tactile Systems Technology, Inc.* (Health Care Equipment & Supplies)		41		2,008
Talaris Therapeutics, Inc.* (Biotechnology)		19		262
Talis Biomedical Corp.* (Health Care Equipment & Supplies)		30		309
Talos Energy, Inc.* (Oil, Gas & Consumable Fuels)		78		900
Tanger Factory Outlet Centers, Inc. (Equity Real Estate Investment Trusts)		213		3,657
Target Hospitality Corp.* (Hotels, Restaurants & Leisure)		54		193
Tarsus Pharmaceuticals, Inc.* (Pharmaceuticals)		19		429
Tattooed Chef, Inc.* (Food Products)		100		1,972
Taylor Morrison Home Corp.* (Household Durables)		267		7,161
Taysha Gene Therapies, Inc.* (Biotechnology)		48		830
TCR2 Therapeutics, Inc.* (Biotechnology)		66		821
Team, Inc.* (Commercial Services & Supplies)		57		352
TechTarget, Inc.* (Media)		56		4,092
Teekay Corp.* (Oil, Gas & Consumable Fuels)		149		446
Teekay Tankers, Ltd.* - Class A (Oil, Gas & Consumable Fuels)		52		658
TEGNA, Inc. (Media)		474		8,399
Tejon Ranch Co.* (Real Estate Management & Development)		45		820
Telephone and Data Systems, Inc. (Wireless Telecommunication Services)		215		4,805
Tellurian, Inc.* (Oil, Gas & Consumable Fuels)		680		2,564
Telos Corp.* (Software)		37		1,037
Tenable Holdings, Inc.* (Software)		196		8,389
Tenet Healthcare Corp.* (Health Care Providers & Services)		227		16,309
Tennant Co. (Machinery)		39		3,086
Tenneco, Inc.* (Auto Components)		152		2,646
Terex Corp. (Machinery)		146		6,996
Terns Pharmaceuticals, Inc.* (Pharmaceuticals)		18		135
Terreno Realty Corp. (Equity Real Estate Investment Trusts)		146		9,981
Tetra Tech, Inc. (Commercial Services & Supplies)		116		15,487
TETRA Technologies, Inc.* (Energy Equipment & Services)		262		810
Texas Capital Bancshares, Inc.* (Banks)		110		6,928
Texas Roadhouse, Inc. - Class A (Hotels, Restaurants & Leisure)		150		13,827
Textainer Group Holdings, Ltd.* (Trading Companies & Distributors)		102		3,293
TG Therapeutics, Inc.* (Biotechnology)		275		9,622
The Andersons, Inc. (Food & Staples Retailing)		68		1,816
The Bancorp, Inc.* (Banks)		112		2,617
The Bank of Nt Butterfield & Son, Ltd. (Banks)		108		3,579
The Brink's Co. (Commercial Services & Supplies)		104		8,004
The Buckle, Inc. (Specialty Retail)		64		2,693
The Cato Corp. - Class A (Specialty Retail)		43		710
The Cheesecake Factory, Inc.* (Hotels, Restaurants & Leisure)		93		4,209
The Children's Place, Inc.* (Specialty Retail)		31		2,614
The Container Store Group, Inc.* (Specialty Retail)		68		715
The E.W. Scripps Co. - Class A (Media)		122		2,328
The Ensign Group, Inc. (Health Care Providers & Services)		112		9,528
The ExOne Co.* (Machinery)		36		598
The First Bancorp, Inc. (Banks)		21		610
The GEO Group, Inc. (Equity Real Estate Investment Trusts)		252		1,744
The Goodyear Tire & Rubber Co.* (Auto Components)		592		9,301
The Greenbrier Cos., Inc. (Machinery)		70		2,996
The Hackett Group, Inc. (IT Services)		55		986
The Joint Corp.* (Health Care Providers & Services)		29		2,291
The Lovesac Co.* (Household Durables)		27		1,639

Additional financial disclosures are included in the notes to financial statements of the funds' annual report and should be read in conjunction with this report.

Small-Cap ProFund:: Schedule of Portfolio Investments :: July 31, 2021

Common Stocks, continued

	Shares		Value
The Macerich Co. (Equity Real Estate Investment Trusts)		424	$	6,911
The Manitowoc Co., Inc.* (Machinery)		73		1,690
The Marcus Corp.* (Entertainment)		48		771
The ODP Corp.* (Specialty Retail)		106		5,017
The Pennant Group, Inc.* (Health Care Providers & Services)		56		1,916
The RealReal, Inc.* (Internet & Direct Marketing Retail)		168		2,774
The RMR Group, Inc. - Class A (Real Estate Management & Development)		33		1,295
The Shyft Group, Inc. (Machinery)		73		2,879
The Simply Good Foods Co.* (Food Products)		184		6,895
The St Joe Co. (Real Estate Management & Development)		70		3,169
TherapeuticsMD, Inc.* (Pharmaceuticals)		774		774
Theravance Biopharma, Inc.* (Pharmaceuticals)		114		1,480
Thermon Group Holdings, Inc.* (Electrical Equipment)		70		1,166
Thryv Holdings, Inc.* (Media)		15		498
Tidewater, Inc.* (Energy Equipment & Services)		88		996
Tilly's, Inc. - Class A (Specialty Retail)		48		712
TimkenSteel Corp.* (Metals & Mining)		97		1,293
Tiptree, Inc. (Insurance)		48		461
Titan International, Inc.* (Machinery)		107		922
Titan Machinery, Inc.* (Trading Companies & Distributors)		41		1,170
Tivity Health, Inc.* (Health Care Providers & Services)		94		2,358
Tompkins Financial Corp. (Banks)		31		2,379
Tonix Pharmaceuticals Holding Corp.* (Biotechnology)		699		500
Tootsie Roll Industries, Inc. (Food Products)		35		1,204
TowneBank (Banks)		142		4,233
TPG RE Finance Trust, Inc. - Class T (Mortgage Real Estate Investment Trusts)		129		1,698
TPI Composites, Inc.* (Electrical Equipment)		77		3,014
Transcat, Inc.* (Trading Companies & Distributors)		15		958
Translate Bio, Inc.* (Biotechnology)		142		3,925
TransMedics Group, Inc.* (Health Care Equipment & Supplies)		56		1,597
TravelCenters of America, Inc.* (Specialty Retail)		27		781
Travere Therapeutics, Inc.* (Biotechnology)		125		1,719
Treace Medical Concepts, Inc.* (Health Care Equipment & Supplies)		23		696
Trean Insurance Group, Inc.* (Insurance)		39		526
Tredegar Corp. (Chemicals)		56		732
TreeHouse Foods, Inc.* (Food Products)		110		4,884
Trevena, Inc.* (Biotechnology)		350		466
Tri Pointe Homes, Inc.* (Household Durables)		253		6,102
TriCo Bancshares (Banks)		59		2,326
Trillium Therapeutics, Inc.* (Biotechnology)		208		1,358
TriMas Corp.* (Machinery)		93		3,043
TriNet Group, Inc.* (Professional Services)		86		7,136
Trinity Industries, Inc. (Machinery)		188		5,097
Trinseo SA (Chemicals)		85		4,621
Triple-S Management Corp.* (Health Care Providers & Services)		48		1,168
TriState Capital Holdings, Inc.* (Banks)		63		1,280
Triton International, Ltd. (Trading Companies & Distributors)		142		7,496
Triumph Bancorp, Inc.* (Banks)		51		3,910
Triumph Group, Inc.* (Aerospace & Defense)		110		2,096
Tronox Holdings PLC - Class A (Chemicals)		245		4,515
TrueBlue, Inc.* (Professional Services)		74		2,012
TrueCar, Inc.* (Interactive Media & Services)		211		1,110
Trupanion, Inc.* (Insurance)		82		9,432
TrustCo Bank Corp. (Thrifts & Mortgage Finance)		41		1,379
Trustmark Corp. (Banks)		137		4,113
TTEC Holdings, Inc. (IT Services)		39		4,076
TTM Technologies, Inc.* (Electronic Equipment, Instruments & Components)		229		3,204
Tucows, Inc.* (IT Services)		19		1,477
Tupperware Brands Corp.* (Household Durables)		106		2,214
Turning Point Brands, Inc. (Tobacco)		31		1,644
Turning Point Therapeutics, Inc.* (Biotechnology)		98		6,254
Turtle Beach Corp.* (Household Durables)		33		1,020
Tutor Perini Corp.* (Construction & Engineering)		86		1,210
Twist Bioscience Corp.* (Biotechnology)		102		12,550
Two Harbors Investment Corp. (Mortgage Real Estate Investment Trusts)		672		4,308
U.S. Cellular Corp.* (Wireless Telecommunication Services)		33		1,200
U.S. Concrete, Inc.* (Construction Materials)		35		2,548
U.S. Ecology, Inc.* (Commercial Services & Supplies)		68		2,380
U.S. Lime & Minerals, Inc. (Construction Materials)		4		556
U.S. Physical Therapy, Inc. (Health Care Providers & Services)		27		3,190
U.S. Silica Holdings, Inc.* (Energy Equipment & Services)		158		1,596
UFP Industries, Inc. (Building Products)		129		9,580
UFP Technologies, Inc.* (Containers & Packaging)		15		897
Ultra Clean Holdings, Inc.* (Semiconductors & Semiconductor Equipment)		93		5,023
UMB Financial Corp. (Banks)		93		8,705
UMH Properties, Inc. (Equity Real Estate Investment Trusts)		86		2,002
Unifi, Inc.* (Textiles, Apparel & Luxury Goods)		29		684
UniFirst Corp. (Commercial Services & Supplies)		33		7,186
Unisys Corp.* (IT Services)		141		3,151
United Bankshares, Inc. (Banks)		267		9,222
United Community Banks, Inc. (Banks)		188		5,416

Additional financial disclosures are included in the notes to financial statements of the funds' annual report and should be read in conjunction with this report.

Small-Cap ProFund:: Schedule of Portfolio Investments :: July 31, 2021

Common Stocks, continued

	Shares		Value
United Fire Group, Inc. (Insurance)		45	$	1,121
United Insurance Holdings Corp. (Insurance)		42		184
United Natural Foods, Inc.* (Food & Staples Retailing)		120		3,974
Uniti Group, Inc. (Equity Real Estate Investment Trusts)		416		4,871
Unitil Corp. (Multi-Utilities)		33		1,746
Universal Corp. (Tobacco)		52		2,712
Universal Electronics, Inc.* (Household Durables)		29		1,355
Universal Health Realty Income Trust (Equity Real Estate Investment Trusts)		27		1,613
Universal Insurance Holdings, Inc. (Insurance)		59		835
Universal Logistics Holdings, Inc. (Road & Rail)		16		369
Univest Financial Corp. (Banks)		63		1,724
Upland Software, Inc.* (Software)		61		2,196
Upwork, Inc.* (Professional Services)		251		13,000
Uranium Energy Corp.* (Oil, Gas & Consumable Fuels)		455		987
Urban Edge Properties (Equity Real Estate Investment Trusts)		249		4,731
Urban Outfitters, Inc.* (Specialty Retail)		146		5,428
Ur-Energy, Inc.*(a) (Oil, Gas & Consumable Fuels)		389		440
UroGen Pharma, Ltd.* (Biotechnology)		41		636
Urstadt Biddle Properties, Inc. - Class A (Equity Real Estate Investment Trusts)		64		1,220
US Xpress Enterprises, Inc.* - Class A (Road & Rail)		57		498
USANA Health Sciences, Inc.* (Personal Products)		27		2,572
Utah Medical Products, Inc. (Health Care Equipment & Supplies)		7		626
Utz Brands, Inc. (Food Products)		126		2,853
Valhi, Inc. (Chemicals)		7		172
Valley National Bancorp (Banks)		859		11,073
Value Line, Inc. (Capital Markets)		3		96
Vanda Pharmaceuticals, Inc.* (Biotechnology)		118		1,925
Vapotherm, Inc.* (Health Care Equipment & Supplies)		48		1,241
Varex Imaging Corp.* (Health Care Equipment & Supplies)		82		2,239
Varonis Systems, Inc.* (Software)		227		13,891
Vaxart, Inc.* (Biotechnology)		255		1,833
Vaxcyte, Inc.* (Pharmaceuticals)		86		1,864
VBI Vaccines, Inc.* (Biotechnology)		398		1,186
Vector Group, Ltd. (Tobacco)		309		4,128
Vectrus, Inc.* (Aerospace & Defense)		25		1,132
Veeco Instruments, Inc.* (Semiconductors & Semiconductor Equipment)		108		2,506
Velocity Financial, Inc.* (Thrifts & Mortgage Finance)		17		215
Velodyne Lidar, Inc.*(a) (Electronic Equipment, Instruments & Components)		151		1,210
Vera Bradley, Inc.* (Textiles, Apparel & Luxury Goods)		56		617
Veracyte, Inc.* (Biotechnology)		145		6,461
Verastem, Inc.* (Biotechnology)		367		1,185
Vericel Corp.* (Biotechnology)		100		5,294
Verint Systems, Inc.* (Software)		137		5,846
Veritex Holdings, Inc. (Banks)		102		3,422
Veritiv Corp.* (Trading Companies & Distributors)		33		2,022
Veritone, Inc.* (Software)		61		1,261
Verra Mobility Corp.* - Class C (IT Services)		287		4,394
Verrica Pharmaceuticals, Inc.* (Pharmaceuticals)		29		310
Verso Corp. - Class A (Paper & Forest Products)		64		1,217
Veru, Inc.* (Personal Products)		135		927
Viad Corp.* (Commercial Services & Supplies)		43		1,972
Viant Technology, Inc.* - Class A (Software)		23		398
Viavi Solutions, Inc.* (Communications Equipment)		489		8,160
Vicor Corp.* (Electrical Equipment)		45		5,202
Viemed Healthcare, Inc.* (Health Care Providers & Services)		74		515
View, Inc.* (Building Products)		182		1,108
ViewRay, Inc.* (Health Care Equipment & Supplies)		292		1,939
Viking Therapeutics, Inc.* (Biotechnology)		147		904
Village Super Market, Inc. - Class A (Food & Staples Retailing)		19		428
Vincerx Pharma, Inc.* (Biotechnology)		11		146
Vine Energy, Inc.* - Class A (Oil, Gas & Consumable Fuels)		45		630
Vir Biotechnology, Inc.* (Biotechnology)		129		4,599
Viracta Therapeutics, Inc.* (Biotechnology)		77		810
VirnetX Holding Corp.* (Software)		137		562
Virtus Investment Partners, Inc. (Capital Markets)		16		4,418
Vishay Intertechnology, Inc. (Electronic Equipment, Instruments & Components)		287		6,351
Vishay Precision Group, Inc.* (Electronic Equipment, Instruments & Components)		27		981
Vista Outdoor, Inc.* (Leisure Products)		125		5,049
VistaGen Therapeutics, Inc.* (Biotechnology)		411		1,093
Visteon Corp.* (Auto Components)		59		6,729
Vital Farms, Inc.* (Food Products)		52		905
Vivint Smart Home, Inc.* (Diversified Consumer Services)		197		2,417
Vocera Communications, Inc.* (Health Care Technology)		73		3,063
Vonage Holdings Corp.* (Diversified Telecommunication Services)		519		7,401
Vor BioPharma, Inc.* (Biotechnology)		25		313
VOXX International Corp.* (Auto Components)		33		377
VSE Corp. (Commercial Services & Supplies)		23		1,151
Vuzix Corp.* (Household Durables)		125		1,850
W&T Offshore, Inc.* (Oil, Gas & Consumable Fuels)		200		810
Wabash National Corp. (Machinery)		110		1,610

Additional financial disclosures are included in the notes to financial statements of the funds' annual report and should be read in conjunction with this report.

Small-Cap ProFund:: Schedule of Portfolio Investments :: July 31, 2021

Common Stocks, continued

	Shares		Value
Walker & Dunlop, Inc. (Thrifts & Mortgage Finance)		63	$	6,519
Warrior Met Coal, Inc. (Metals & Mining)		110		2,054
Washington Federal, Inc. (Thrifts & Mortgage Finance)		154		4,970
Washington Real Estate Investment Trust (Equity Real Estate Investment Trusts)		181		4,396
Washington Trust Bancorp, Inc. (Banks)		37		1,804
Waterstone Financial, Inc. (Thrifts & Mortgage Finance)		47		927
Watts Water Technologies, Inc. - Class A (Machinery)		59		8,895
WaVe Life Sciences, Ltd.* (Pharmaceuticals)		80		441
WD-40 Co. (Household Products)		29		7,047
Weis Markets, Inc. (Food & Staples Retailing)		36		1,895
Welbilt, Inc.* (Machinery)		281		6,601
Werewolf Therapeutics, Inc.* (Biotechnology)		16		279
Werner Enterprises, Inc. (Road & Rail)		134		6,125
WesBanco, Inc. (Banks)		138		4,455
WESCO International, Inc.* (Trading Companies & Distributors)		95		10,114
West Bancorp, Inc. (Banks)		35		1,032
Westamerica Bancorp (Banks)		56		3,111
Whitestone REIT (Equity Real Estate Investment Trusts)		85		752
Whiting Petroleum Corp.* (Oil, Gas & Consumable Fuels)		85		3,987
Whole Earth Brands, Inc.* (Food Products)		81		1,042
WideOpenWest, Inc.* (Media)		112		2,491
Willdan Group, Inc.* (Professional Services)		23		949
Willis Lease Finance Corp.* (Trading Companies & Distributors)		7		291
WillScot Mobile Mini Holdings Corp.* (Construction & Engineering)		400		11,484
Wingstop, Inc. (Hotels, Restaurants & Leisure)		64		10,964
Winmark Corp. (Specialty Retail)		7		1,476
Winnebago Industries, Inc. (Automobiles)		70		5,031
WisdomTree Investments, Inc. (Capital Markets)		296		1,829
Wolverine World Wide, Inc. (Textiles, Apparel & Luxury Goods)		174		5,836
Workhorse Group, Inc.*(a) (Auto Components)		265		3,058
Workiva, Inc.* (Software)		89		11,550
World Acceptance Corp.* (Consumer Finance)		9		1,706
World Fuel Services Corp. (Oil, Gas & Consumable Fuels)		134		4,618
Worthington Industries, Inc. (Metals & Mining)		73		4,670
WSFS Financial Corp. (Thrifts & Mortgage Finance)		100		4,378
WW International, Inc.* (Diversified Consumer Services)		112		3,443
XBiotech, Inc. (Biotechnology)		33		535
Xencor, Inc.* (Biotechnology)		122		3,755
Xenia Hotels & Resorts, Inc.* (Equity Real Estate Investment Trusts)		245		4,332
XL Fleet Corp.* (Auto Components)		82		572
XOMA Corp.* (Biotechnology)		12		389
XPEL, Inc.* (Auto Components)		39		3,611
Xperi Holding Corp. (Software)		226		4,694
Yellow Corp.* (Road & Rail)		107		556
Yelp, Inc.* (Interactive Media & Services)		156		5,834
Yext, Inc.* (Software)		238		3,101
Y-mAbs Therapeutics, Inc.* (Biotechnology)		74		2,449
York Water Co. (Water Utilities)		29		1,400
Zentalis Pharmaceuticals, Inc.* (Biotechnology)		70		3,725
ZIOPHARM Oncology, Inc.* (Biotechnology)		450		1,022
Zix Corp.* (Software)		114		845
Zogenix, Inc.* (Pharmaceuticals)		120		1,945
Zumiez, Inc.* (Specialty Retail)		47		2,052
Zuora, Inc.* - Class A (Software)		226		3,908
Zymergen, Inc.* (Chemicals)		39		1,357
Zynex, Inc.*(a) (Health Care Equipment & Supplies)		41		569
TOTAL COMMON STOCKS
(Cost  $5,072,657)				6,235,084

	Interest Units		Value
Trust (0.0%)
Ferroglobe Representation and Warranty Insurance*+  (Metals & Mining)		290	$	—
TOTAL TRUST
(Cost  $–)				–

	Shares		Value
Contingent Escrow Shares (0.0%)
Wright Medical Group, Inc.*+(b) (Health Care Equipment & Supplies)	111	$	–
TOTAL CONTINGENT ESCROW SHARES
(Cost  $–)			–

	Principal Amount		Value
Repurchase Agreements(c)(d) (35.7%)
Repurchase Agreements with various counterparties, 0.00%, dated 7/30/21, due 8/2/21, total to be received $3,537,000	$	3,537,000	$	3,537,000
TOTAL REPURCHASE AGREEMENTS
(Cost $3,537,000)				3,537,000

Additional financial disclosures are included in the notes to financial statements of the funds' annual report and should be read in conjunction with this report.

Small-Cap ProFund:: Schedule of Portfolio Investments :: July 31, 2021

	Shares		Value
Collateral for Securities Loaned(e) (0.2%)
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares, 0.03%(f)		15,194	$	15,194
TOTAL COLLATERAL FOR SECURITIES LOANED (Cost $15,194)				15,194
TOTAL INVESTMENT SECURITIES
(Cost $8,624,851) - 98.8%				9,787,278
Net other assets (liabilities) - 1.2%				120,952
NET ASSETS - 100.0%			$	9,908,230

*	Non-income producing security.
+	These securities were fair valued based on procedures approved by the Board of Trustees.  As of July 31, 2021, these securities represented 0.00% of the net assets of the Fund.
(a)	All or part of this security was on loan as of July 31, 2021. The total value of securities on loan as of July 31, 2021 was $14,187.
(b)	On November 12, 2020, Stryker Corp. acquired Wright MedicalGroup. As part of the acquisition, $1.85 per acquired share was allocated 1:1 to Escrow Shares, contingent on whether the $1.85 per share is determined to be payable as a withholding of taxes due to the Dutch Government; otherwise, the value of the Escrow Shares will be remitted to preacquisition shareholders of Wright Medical Group.
(c)	The ProFund invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" under Note 2 in the Notes to the Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.
(d)	A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. As of July 31, 2021, the aggregate amount held in a segregated account was $651,000.
(e)	Securities were purchased with cash collateral held from securities on loan at July 31, 2021.

^(f) Rate periodically changes. Rate disclosed is the daily yield on July 31, 2021.

Additional financial disclosures are included in the notes to financial statements of the funds' annual report and should be read in conjunction with this report.

Small-Cap ProFund:: Schedule of Portfolio Investments :: July 31, 2021

Futures Contracts Purchased

	Number of Contracts		Expiration Date	Notional Amount		Value and Unrealized Appreciation/ (Depreciation)
E-Mini Russell 2000 Index Futures Contracts		1	9/20/21	$	111,080	$	(5,852	)

Total Return Swap Agreements — Long

Underlying Instrument	Counterparty	Termination Date(1)		Rate Paid (Received)(2)			Notional Amount		Value and Unrealized Appreciation/ (Depreciation)
Russell 2000 Index	Goldman Sachs International		8/27/21		0 .34	%	$	2,600,260	$	42,869
Russell 2000 Index	UBS AG		8/27/21		0 .09	%		959,514		13,033
							$	3,559,774	$	55,902

(1)	Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.
(2)	Reflects the floating financing rate, as of July 31, 2021, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

Additional financial disclosures are included in the notes to financial statements of the funds' annual report and should be read in conjunction with this report.

Small-Cap ProFund:: Schedule of Portfolio Investments :: July 31, 2021

Small-Cap ProFund invested in the following industries as of July 31, 2021:

	Value		% of Net Assets
Aerospace & Defense	$	44,145		0.4	%
Air Freight & Logistics		19,333		0.2	%
Airlines		21,454		0.2	%
Auto Components		86,156		0.9	%
Automobiles		14,380		0.1	%
Banks		476,080		4.8	%
Beverages		22,271		0.2	%
Biotechnology		591,051		6.1	%
Building Products		74,991		0.8	%
Capital Markets		98,471		1.0	%
Chemicals		117,115		1.2	%
Commercial Services & Supplies		114,107		1.2	%
Communications Equipment		50,851		0.5	%
Construction & Engineering		84,426		0.9	%
Construction Materials		13,091		0.1	%
Consumer Finance		48,665		0.5	%
Containers & Packaging		14,893		0.1	%
Distributors		5,404		0.1	%
Diversified Consumer Services		38,454		0.4	%
Diversified Financial Services		9,674		0.1	%
Diversified Telecommunication Services		44,603		0.4	%
Electric Utilities		36,994		0.4	%
Electrical Equipment		60,464		0.6	%
Electronic Equipment, Instruments & Components		137,530		1.4	%
Energy Equipment & Services		50,332		0.5	%
Entertainment		53,143		0.5	%
Equity Real Estate Investment Trusts		399,636		4.0	%
Food & Staples Retailing		54,646		0.6	%
Food Products		63,591		0.6	%
Gas Utilities		51,460		0.5	%
Health Care Equipment & Supplies		227,005		2.3	%
Health Care Providers & Services		193,499		2.0	%
Health Care Technology		89,134		0.9	%
Hotels, Restaurants & Leisure		138,252		1.4	%
Household Durables		121,590		1.2	%
Household Products		18,433		0.2	%
Independent Power and Renewable Electricity Producers		20,855		0.2	%
Industrial Conglomerates		4,485		NM
Insurance		122,881		1.2	%
Interactive Media & Services		22,643		0.2	%
Internet & Direct Marketing Retail		58,150		0.6	%
IT Services		118,666		1.2	%
Leisure Products		40,508		0.4	%
Life Sciences Tools & Services		63,107		0.6	%
Machinery		249,805		2.5	%
Marine		9,684		0.1	%
Media		72,676		0.7	%
Metals & Mining		83,084		0.8	%
Mortgage Real Estate Investment Trusts		79,608		0.8	%
Multiline Retail		18,453		0.2	%
Multi-Utilities		24,215		0.2	%
Oil, Gas & Consumable Fuels		196,116		2.0	%
Paper & Forest Products		18,458		0.2	%
Personal Products		32,734		0.3	%
Pharmaceuticals		103,289		1.0	%
Professional Services		85,490		0.9	%
Real Estate Management & Development		55,696		0.6	%
Road & Rail		38,400		0.4	%
Semiconductors & Semiconductor Equipment		180,742		1.8	%
Software		385,710		3.9	%
Specialty Retail		159,918		1.6	%
Technology Hardware, Storage & Peripherals		18,329		0.2	%
Textiles, Apparel & Luxury Goods		49,762		0.5	%
Thrifts & Mortgage Finance		104,350		1.1	%
Tobacco		9,524		0.1	%
Trading Companies & Distributors		77,851		0.8	%
Transportation Infrastructure		6,320		0.1	%
Water Utilities		25,449		0.3	%
Wireless Telecommunication Services	$	12,802		0.1	%
Other **		3,673,146		37.1	%
Total	$	9,908,230		100.0	%

**	Includes any non-equity securities and net other assets (liabilities), which includes any receivable for capital shares issued and payable for capital shares redeemed.
NM	Not meaningful, amount is less than 0.05%.

Additional financial disclosures are included in the notes to financial statements of the funds' annual report and should be read in conjunction with this report.

UltraBull ProFund :: Schedule of Portfolio Investments :: July 31, 2021

Common Stocks (76.6%)

	Shares		Value
3M Co. (Industrial Conglomerates)		1,562	$	309,182
A.O. Smith Corp. (Building Products)		362		25,459
Abbott Laboratories (Health Care Equipment & Supplies)		4,789		579,373
AbbVie, Inc. (Biotechnology)		4,761		553,705
ABIOMED, Inc.* (Health Care Equipment & Supplies)		122		39,911
Accenture PLC - Class A (IT Services)		1,713		544,186
Activision Blizzard, Inc. (Entertainment)		2,094		175,100
Adobe, Inc.* (Software)		1,288		800,659
Advance Auto Parts, Inc. (Specialty Retail)		176		37,323
Advanced Micro Devices, Inc.* (Semiconductors & Semiconductor Equipment)		3,275		347,772
Aflac, Inc. (Insurance)		1,704		93,720
Agilent Technologies, Inc. (Life Sciences Tools & Services)		818		125,342
Air Products & Chemicals, Inc. (Chemicals)		597		173,745
Akamai Technologies, Inc.* (IT Services)		439		52,645
Alaska Air Group, Inc.* (Airlines)		336		19,498
Albemarle Corp. (Chemicals)		315		64,903
Alexandria Real Estate Equities, Inc. (Equity Real Estate Investment Trusts)		370		74,496
Align Technology, Inc.* (Health Care Equipment & Supplies)		194		134,985
Allegion PLC (Building Products)		243		33,194
Alliant Energy Corp. (Electric Utilities)		674		39,449
Alphabet, Inc.* - Class A (Interactive Media & Services)		811		2,185,264
Alphabet, Inc.* - Class C (Interactive Media & Services)		767		2,074,290
Altria Group, Inc. (Tobacco)		4,988		239,624
Amazon.com, Inc.* (Internet & Direct Marketing Retail)		1,155		3,843,367
Amcor PLC (Containers & Packaging)		4,154		48,020
Ameren Corp. (Multi-Utilities)		689		57,821
American Airlines Group, Inc.* (Airlines)		1,729		35,237
American Electric Power Co., Inc. (Electric Utilities)		1,347		118,698
American Express Co. (Consumer Finance)		1,754		299,109
American International Group, Inc. (Insurance)		2,313		109,521
American Tower Corp. (Equity Real Estate Investment Trusts)		1,226		346,712
American Water Works Co., Inc. (Water Utilities)		489		83,184
Ameriprise Financial, Inc. (Capital Markets)		312		80,359
AmerisourceBergen Corp. (Health Care Providers & Services)		399		48,746
AMETEK, Inc. (Electrical Equipment)		622		86,489
Amgen, Inc. (Biotechnology)		1,549		374,145
Amphenol Corp. - Class A (Electronic Equipment, Instruments & Components)		1,611		116,781
Analog Devices, Inc. (Semiconductors & Semiconductor Equipment)		994		166,415
ANSYS, Inc.* (Software)		235		86,588
Anthem, Inc. (Health Care Providers & Services)		660		253,447
Aon PLC (Insurance)		608		158,098
APA Corp. (Oil, Gas & Consumable Fuels)		1,019		19,106
Apple, Inc. (Technology Hardware, Storage & Peripherals)		42,279		6,166,815
Applied Materials, Inc. (Semiconductors & Semiconductor Equipment)		2,473		346,047
Aptiv PLC* (Auto Components)		729		121,634
Archer-Daniels-Midland Co. (Food Products)		1,506		89,938
Arista Networks, Inc.* (Communications Equipment)		148		56,298
Arthur J. Gallagher & Co. (Insurance)		552		76,899
Assurant, Inc. (Insurance)		163		25,723
AT&T, Inc. (Diversified Telecommunication Services)		19,251		539,991
Atmos Energy Corp. (Gas Utilities)		352		34,704
Autodesk, Inc.* (Software)		593		190,430
Automatic Data Processing, Inc. (IT Services)		1,147		240,446
AutoZone, Inc.* (Specialty Retail)		58		94,167
AvalonBay Communities, Inc. (Equity Real Estate Investment Trusts)		376		85,664
Avery Dennison Corp. (Containers & Packaging)		224		47,192
Baker Hughes Co. - Class A (Energy Equipment & Services)		1,961		41,652
Ball Corp. (Containers & Packaging)		885		71,578
Bank of America Corp. (Banks)		20,325		779,667
Baxter International, Inc. (Health Care Equipment & Supplies)		1,355		104,809
Becton, Dickinson & Co. (Health Care Equipment & Supplies)		784		200,508
Berkshire Hathaway, Inc.* - Class B (Diversified Financial Services)		5,108		1,421,505
Best Buy Co., Inc. (Specialty Retail)		601		67,522
Biogen, Inc.* (Biotechnology)		406		132,652
Bio-Rad Laboratories, Inc.* - Class A (Life Sciences Tools & Services)		58		42,892
BlackRock, Inc. - Class A (Capital Markets)		382		331,259
Booking Holdings, Inc.* (Internet & Direct Marketing Retail)		111		241,787
BorgWarner, Inc. (Auto Components)		646		31,641
Boston Properties, Inc. (Equity Real Estate Investment Trusts)		383		44,957
Boston Scientific Corp.* (Health Care Equipment & Supplies)		3,830		174,648
Bristol-Myers Squibb Co. (Pharmaceuticals)		6,022		408,713
Broadcom, Inc. (Semiconductors & Semiconductor Equipment)		1,100		533,940
Broadridge Financial Solutions, Inc. (IT Services)		313		54,302
Brown-Forman Corp. - Class B (Beverages)		492		34,893
C.H. Robinson Worldwide, Inc. (Air Freight & Logistics)		358		31,923
Cabot Oil & Gas Corp. (Oil, Gas & Consumable Fuels)		1,077		17,232
Cadence Design Systems, Inc.* (Software)		750		110,738

Additional financial disclosures are included in the notes to financial statements of the funds’ annual report and should be read in conjunction with this report.

UltraBull ProFund :: Schedule of Portfolio Investments :: July 31, 2021

Common Stocks, continued

	Shares		Value
Caesars Entertainment, Inc.* (Hotels, Restaurants & Leisure)		562	$	49,096
Campbell Soup Co. (Food Products)		547		23,915
Capital One Financial Corp. (Consumer Finance)		1,217		196,789
Cardinal Health, Inc. (Health Care Providers & Services)		782		46,435
CarMax, Inc.* (Specialty Retail)		440		58,938
Carnival Corp.* - Class A (Hotels, Restaurants & Leisure)		2,152		46,591
Carrier Global Corp. (Building Products)		2,202		121,661
Catalent, Inc.* (Pharmaceuticals)		459		54,993
Caterpillar, Inc. (Machinery)		1,477		305,370
Cboe Global Markets, Inc. (Capital Markets)		288		34,119
CBRE Group, Inc.* - Class A (Real Estate Management & Development)		905		87,296
CDW Corp. (Electronic Equipment, Instruments & Components)		378		69,306
Celanese Corp. (Chemicals)		304		47,354
Centene Corp.* (Health Care Providers & Services)		1,571		107,786
CenterPoint Energy, Inc. (Multi-Utilities)		1,565		39,845
Cerner Corp. (Health Care Technology)		812		65,277
CF Industries Holdings, Inc. (Chemicals)		578		27,311
Charles River Laboratories International, Inc.* (Life Sciences Tools & Services)		135		54,934
Charter Communications, Inc.* - Class A (Media)		371		276,043
Chevron Corp. (Oil, Gas & Consumable Fuels)		5,209		530,328
Chipotle Mexican Grill, Inc.* (Hotels, Restaurants & Leisure)		76		141,621
Chubb, Ltd. (Insurance)		1,212		204,512
Church & Dwight Co., Inc. (Household Products)		661		57,229
Cigna Corp. (Health Care Providers & Services)		925		212,278
Cincinnati Financial Corp. (Insurance)		404		47,624
Cintas Corp. (Commercial Services & Supplies)		238		93,815
Cisco Systems, Inc. (Communications Equipment)		11,358		628,892
Citigroup, Inc. (Banks)		5,571		376,711
Citizens Financial Group, Inc. (Banks)		1,148		48,400
Citrix Systems, Inc. (Software)		335		33,751
CME Group, Inc. (Capital Markets)		968		205,342
CMS Energy Corp. (Multi-Utilities)		780		48,196
Cognizant Technology Solutions Corp. - Class A (IT Services)		1,422		104,560
Colgate-Palmolive Co. (Household Products)		2,280		181,260
Comcast Corp. - Class A (Media)		12,357		726,961
Comerica, Inc. (Banks)		376		25,816
Conagra Brands, Inc. (Food Products)		1,294		43,336
ConocoPhillips (Oil, Gas & Consumable Fuels)		3,637		203,890
Consolidated Edison, Inc. (Multi-Utilities)		924		68,163
Constellation Brands, Inc. - Class A (Beverages)		456		102,299
Copart, Inc.* (Commercial Services & Supplies)		561		82,467
Corning, Inc. (Electronic Equipment, Instruments & Components)		2,088		87,404
Corteva, Inc. (Chemicals)		1,986		84,961
Costco Wholesale Corp. (Food & Staples Retailing)		1,191		511,797
Crown Castle International Corp. (Equity Real Estate Investment Trusts)		1,165		224,950
CSX Corp. (Road & Rail)		6,126		197,992
Cummins, Inc. (Machinery)		394		91,447
CVS Health Corp. (Health Care Providers & Services)		3,548		292,213
D.R. Horton, Inc. (Household Durables)		884		84,361
Danaher Corp. (Health Care Equipment & Supplies)		1,711		509,005
Darden Restaurants, Inc. (Hotels, Restaurants & Leisure)		353		51,496
DaVita, Inc.* (Health Care Providers & Services)		189		22,727
Deere & Co. (Machinery)		841		304,097
Delta Air Lines, Inc.* (Airlines)		1,724		68,788
DENTSPLY SIRONA, Inc. (Health Care Equipment & Supplies)		588		38,832
Devon Energy Corp. (Oil, Gas & Consumable Fuels)		1,606		41,499
DexCom, Inc.* (Health Care Equipment & Supplies)		261		134,548
Diamondback Energy, Inc. (Oil, Gas & Consumable Fuels)		488		37,639
Digital Realty Trust, Inc. (Equity Real Estate Investment Trusts)		759		117,007
Discover Financial Services (Consumer Finance)		821		102,067
Discovery, Inc.*(a) (Media)		455		13,200
Discovery, Inc.* - Class C (Media)		809		21,932
DISH Network Corp.* - Class A (Media)		670		28,066
Dollar General Corp. (Multiline Retail)		637		148,192
Dollar Tree, Inc.* (Multiline Retail)		625		62,369
Dominion Energy, Inc. (Multi-Utilities)		2,174		162,768
Domino's Pizza, Inc. (Hotels, Restaurants & Leisure)		105		55,176
Dover Corp. (Machinery)		388		64,843
Dow, Inc. (Chemicals)		2,014		125,190
DTE Energy Co. (Multi-Utilities)		522		61,241
Duke Energy Corp. (Electric Utilities)		2,074		217,998
Duke Realty Corp. (Equity Real Estate Investment Trusts)		1,011		51,440
DuPont de Nemours, Inc. (Chemicals)		1,434		107,622
DXC Technology Co.* (IT Services)		687		27,466
Eastman Chemical Co. (Chemicals)		368		41,481
Eaton Corp. PLC (Electrical Equipment)		1,074		169,746
eBay, Inc. (Internet & Direct Marketing Retail)		1,744		118,958
Ecolab, Inc. (Chemicals)		670		147,956
Edison International (Electric Utilities)		1,023		55,754
Edwards Lifesciences Corp.* (Health Care Equipment & Supplies)		1,675		188,052

Additional financial disclosures are included in the notes to financial statements of the funds’ annual report and should be read in conjunction with this report.

UltraBull ProFund :: Schedule of Portfolio Investments :: July 31, 2021

Common Stocks, continued

	Shares			Value
Electronic Arts, Inc. (Entertainment)		771		$	110,993
Eli Lilly & Co. (Pharmaceuticals)		2,145			522,308
Emerson Electric Co. (Electrical Equipment)		1,616			163,038
Enphase Energy, Inc.* (Electrical Equipment)		366			69,394
Entergy Corp. (Electric Utilities)		541			55,680
EOG Resources, Inc. (Oil, Gas & Consumable Fuels)		1,573			114,609
Equifax, Inc. (Professional Services)		328			85,477
Equinix, Inc. (Equity Real Estate Investment Trusts)		241			197,719
Equity Residential (Equity Real Estate Investment Trusts)		927			77,989
Essex Property Trust, Inc. (Equity Real Estate Investment Trusts)		175			57,418
Etsy, Inc.* (Internet & Direct Marketing Retail)		343			62,944
Everest Re Group, Ltd. (Insurance)		108			27,306
Evergy, Inc. (Electric Utilities)		618			40,306
Eversource Energy (Electric Utilities)		926			79,886
Exelon Corp. (Electric Utilities)		2,634			123,271
Expedia Group, Inc.* (Internet & Direct Marketing Retail)		381			61,291
Expeditors International of Washington, Inc. (Air Freight & Logistics)		455			58,354
Extra Space Storage, Inc. (Equity Real Estate Investment Trusts)		360			62,690
Exxon Mobil Corp. (Oil, Gas & Consumable Fuels)		11,411			656,932
F5 Networks, Inc.* (Communications Equipment)		161			33,248
Facebook, Inc.* - Class A (Interactive Media & Services)		6,457			2,300,629
Fastenal Co. (Trading Companies & Distributors)		1,548			84,785
Federal Realty Investment Trust (Equity Real Estate Investment Trusts)		191			22,448
FedEx Corp. (Air Freight & Logistics)		658			184,207
Fidelity National Information Services, Inc. (IT Services)		1,671			249,063
Fifth Third Bancorp (Banks)		1,897			68,842
First Horizon Corp. (Banks)		–	†		4
First Republic Bank (Banks)		474			92,439
FirstEnergy Corp. (Electric Utilities)		1,466			56,177
Fiserv, Inc.* (IT Services)		1,605			184,752
FleetCor Technologies, Inc.* (IT Services)		225			58,100
FMC Corp. (Chemicals)		347			37,112
Ford Motor Co.* (Automobiles)		10,568			147,424
Fortinet, Inc.* (Software)		365			99,368
Fortive Corp. (Machinery)		912			66,266
Fortune Brands Home & Security, Inc. (Building Products)		373			36,356
Fox Corp. - Class A (Media)		881			31,416
Fox Corp. - Class B (Media)		410			13,628
Franklin Resources, Inc. (Capital Markets)		734			21,690
Freeport-McMoRan, Inc. (Metals & Mining)		3,949			150,457
Garmin, Ltd. (Household Durables)		404			63,509
Gartner, Inc.* (IT Services)		232			61,417
Generac Holdings, Inc.* (Electrical Equipment)		170			71,291
General Dynamics Corp. (Aerospace & Defense)		617			120,951
General Electric Co. (Industrial Conglomerates)		23,661			306,410
General Mills, Inc. (Food Products)		1,644			96,766
General Motors Co.* (Automobiles)		3,440			195,530
Genuine Parts Co. (Distributors)		390			49,499
Gilead Sciences, Inc. (Biotechnology)		3,380			230,820
Global Payments, Inc. (IT Services)		796			153,954
Globe Life, Inc. (Insurance)		256			23,836
Halliburton Co. (Energy Equipment & Services)		2,397			49,570
Hanesbrands, Inc. (Textiles, Apparel & Luxury Goods)		941			17,183
Hartford Financial Services Group, Inc. (Insurance)		963			61,266
Hasbro, Inc. (Leisure Products)		345			34,307
HCA Healthcare, Inc. (Health Care Providers & Services)		708			175,726
Healthpeak Properties, Inc. (Equity Real Estate Investment Trusts)		1,453			53,717
Henry Schein, Inc.* (Health Care Providers & Services)		379			30,377
Hess Corp. (Oil, Gas & Consumable Fuels)		740			56,566
Hewlett Packard Enterprises Co. (Technology Hardware, Storage & Peripherals)		3,520			51,040
Hilton Worldwide Holdings, Inc.* (Hotels, Restaurants & Leisure)		750			98,588
Hologic, Inc.* (Health Care Equipment & Supplies)		690			51,778
Honeywell International, Inc. (Industrial Conglomerates)		1,872			437,655
Hormel Foods Corp. (Food Products)		760			35,249
Host Hotels & Resorts, Inc.* (Equity Real Estate Investment Trusts)		1,903			30,315
Howmet Aerospace, Inc.* (Aerospace & Defense)		1,054			34,592
HP, Inc. (Technology Hardware, Storage & Peripherals)		3,238			93,481
Humana, Inc. (Health Care Providers & Services)		348			148,199
Huntington Bancshares, Inc. (Banks)		3,972			55,926
Huntington Ingalls Industries, Inc. (Aerospace & Defense)		108			22,154
IDEX Corp. (Machinery)		205			46,471
IDEXX Laboratories, Inc.* (Health Care Equipment & Supplies)		230			156,062
IHS Markit, Ltd. (Professional Services)		1,010			118,007
Illinois Tool Works, Inc. (Machinery)		775			175,669
Illumina, Inc.* (Life Sciences Tools & Services)		394			195,326
Incyte Corp.* (Biotechnology)		504			38,984
Ingersoll Rand, Inc.* (Machinery)		1,006			49,163
Intel Corp. (Semiconductors & Semiconductor Equipment)		10,884			584,689
Intercontinental Exchange, Inc. (Capital Markets)		1,517			181,782

Additional financial disclosures are included in the notes to financial statements of the funds’ annual report and should be read in conjunction with this report.

UltraBull ProFund :: Schedule of Portfolio Investments :: July 31, 2021

Common Stocks, continued

	Shares		Value
International Business Machines Corp. (IT Services)		2,408	$	339,432
International Flavors & Fragrances, Inc. (Chemicals)		671		101,079
International Paper Co. (Containers & Packaging)		1,056		60,995
Intuit, Inc. (Software)		737		390,588
Intuitive Surgical, Inc.* (Health Care Equipment & Supplies)		319		316,276
Invesco, Ltd. (Capital Markets)		1,020		24,868
IPG Photonics Corp.* (Electronic Equipment, Instruments & Components)		97		21,162
IQVIA Holdings, Inc.* (Life Sciences Tools & Services)		517		128,061
Iron Mountain, Inc. (Equity Real Estate Investment Trusts)		778		34,045
J.B. Hunt Transport Services, Inc. (Road & Rail)		225		37,901
Jack Henry & Associates, Inc. (IT Services)		200		34,818
Jacobs Engineering Group, Inc. (Construction & Engineering)		351		47,473
Johnson & Johnson (Pharmaceuticals)		7,098		1,222,275
Johnson Controls International PLC (Building Products)		1,932		137,984
JPMorgan Chase & Co. (Banks)		8,159		1,238,374
Juniper Networks, Inc. (Communications Equipment)		883		24,848
Kansas City Southern (Road & Rail)		245		65,611
Kellogg Co. (Food Products)		679		43,021
KeyCorp (Banks)		2,616		51,431
Keysight Technologies, Inc.* (Electronic Equipment, Instruments & Components)		497		81,781
Kimberly-Clark Corp. (Household Products)		910		123,505
Kimco Realty Corp. (Equity Real Estate Investment Trusts)		1,168		24,913
Kinder Morgan, Inc. (Oil, Gas & Consumable Fuels)		5,249		91,228
KLA Corp. (Semiconductors & Semiconductor Equipment)		413		143,790
L Brands, Inc. (Specialty Retail)		632		50,604
L3Harris Technologies, Inc. (Aerospace & Defense)		552		125,160
Laboratory Corp. of America Holdings* (Health Care Providers & Services)		263		77,887
Lam Research Corp. (Semiconductors & Semiconductor Equipment)		384		244,765
Lamb Weston Holding, Inc. (Food Products)		394		26,307
Las Vegas Sands Corp.* (Hotels, Restaurants & Leisure)		885		37,480
Leggett & Platt, Inc. (Household Durables)		359		17,243
Leidos Holdings, Inc. (IT Services)		358		38,098
Lennar Corp. - Class A (Household Durables)		743		78,126
Lincoln National Corp. (Insurance)		482		29,701
Linde PLC (Chemicals)		1,402		430,961
Live Nation Entertainment, Inc.* (Entertainment)		389		30,688
LKQ Corp.* (Distributors)		749		38,012
Lockheed Martin Corp. (Aerospace & Defense)		659		244,931
Loews Corp. (Insurance)		603		32,339
Lowe's Cos., Inc. (Specialty Retail)		1,905		367,075
Lumen Technologies, Inc. (Diversified Telecommunication Services)		2,681		33,432
LyondellBasell Industries N.V. - Class A (Chemicals)		694		68,935
M&T Bank Corp. (Banks)		347		46,446
Marathon Oil Corp. (Oil, Gas & Consumable Fuels)		2,124		24,617
Marathon Petroleum Corp. (Oil, Gas & Consumable Fuels)		1,759		97,132
MarketAxess Holdings, Inc. (Capital Markets)		102		48,467
Marriott International, Inc.* - Class A (Hotels, Restaurants & Leisure)		721		105,180
Marsh & McLennan Cos., Inc. (Insurance)		1,371		201,839
Martin Marietta Materials, Inc. (Construction Materials)		168		61,034
Masco Corp. (Building Products)		684		40,842
Mastercard, Inc. - Class A (IT Services)		2,358		910,047
Maxim Integrated Products, Inc. (Semiconductors & Semiconductor Equipment)		723		72,235
McCormick & Co., Inc. (Food Products)		671		56,478
McDonald's Corp. (Hotels, Restaurants & Leisure)		2,011		488,090
McKesson Corp. (Health Care Providers & Services)		426		86,832
Medtronic PLC (Health Care Equipment & Supplies)		3,626		476,130
Merck & Co., Inc. (Pharmaceuticals)		6,825		524,638
MetLife, Inc. (Insurance)		2,006		115,746
Mettler-Toledo International, Inc.* (Life Sciences Tools & Services)		63		92,844
MGM Resorts International (Hotels, Restaurants & Leisure)		1,097		41,170
Microchip Technology, Inc. (Semiconductors & Semiconductor Equipment)		737		105,479
Micron Technology, Inc.* (Semiconductors & Semiconductor Equipment)		3,023		234,524
Microsoft Corp. (Software)		20,300		5,783,674
Mid-America Apartment Communities, Inc. (Equity Real Estate Investment Trusts)		309		59,668
Moderna, Inc.* (Biotechnology)		821		290,306
Mohawk Industries, Inc.* (Household Durables)		158		30,794
Molson Coors Beverage Co.* - Class B (Beverages)		508		24,836
Mondelez International, Inc. - Class A (Food Products)		3,787		239,567
Monolithic Power Systems, Inc. (Semiconductors & Semiconductor Equipment)		116		52,114
Monster Beverage Corp.* (Beverages)		997		94,037
Moody's Corp. (Capital Markets)		434		163,184

Additional financial disclosures are included in the notes to financial statements of the funds’ annual report and should be read in conjunction with this report.

UltraBull ProFund :: Schedule of Portfolio Investments :: July 31, 2021

Common Stocks, continued

	Shares		Value
Morgan Stanley (Capital Markets)		4,010	$	384,880
Motorola Solutions, Inc. (Communications Equipment)		458		102,555
MSCI, Inc. - Class A (Capital Markets)		222		132,303
Nasdaq, Inc. (Capital Markets)		310		57,886
NetApp, Inc. (Technology Hardware, Storage & Peripherals)		600		47,754
Netflix, Inc.* (Entertainment)		1,195		618,496
Newell Brands, Inc. (Household Durables)		1,020		25,245
Newmont Corp. (Metals & Mining)		2,159		135,628
News Corp. - Class A (Media)		1,055		25,985
News Corp. - Class B (Media)		328		7,711
NextEra Energy, Inc. (Electric Utilities)		5,287		411,856
Nielsen Holdings PLC (Professional Services)		966		22,885
NIKE, Inc. - Class B (Textiles, Apparel & Luxury Goods)		3,437		575,731
NiSource, Inc. (Multi-Utilities)		1,057		26,182
Norfolk Southern Corp. (Road & Rail)		675		174,035
Northern Trust Corp. (Capital Markets)		561		63,309
Northrop Grumman Corp. (Aerospace & Defense)		403		146,297
NortonLifelock, Inc. (Software)		1,563		38,794
Norwegian Cruise Line Holdings, Ltd.* (Hotels, Restaurants & Leisure)		997		23,958
NOV, Inc.* (Energy Equipment & Services)		1,053		14,542
NRG Energy, Inc. (Independent Power and Renewable Electricity Producers)		660		27,218
Nucor Corp. (Metals & Mining)		807		83,944
NVIDIA Corp. (Semiconductors & Semiconductor Equipment)		6,716		1,309,554
NVR, Inc.* (Household Durables)		9		47,003
NXP Semiconductors N.V. (Semiconductors & Semiconductor Equipment)		743		153,348
Occidental Petroleum Corp. (Oil, Gas & Consumable Fuels)		2,264		59,090
Old Dominion Freight Line, Inc. (Road & Rail)		256		68,902
Omnicom Group, Inc. (Media)		580		42,236
ONEOK, Inc. (Oil, Gas & Consumable Fuels)		1,201		62,416
Oracle Corp. (Software)		4,896		426,637
O'Reilly Automotive, Inc.* (Specialty Retail)		188		113,522
Organon & Co.* (Pharmaceuticals)		682		19,785
Otis Worldwide Corp. (Machinery)		1,087		97,341
PACCAR, Inc. (Machinery)		936		77,679
Packaging Corp. of America (Containers & Packaging)		256		36,224
Parker-Hannifin Corp. (Machinery)		348		108,586
Paychex, Inc. (IT Services)		864		98,340
Paycom Software, Inc.* (Software)		132		52,800
PayPal Holdings, Inc.* (IT Services)		3,166		872,328
Penn National Gaming, Inc.* (Hotels, Restaurants & Leisure)		400		27,352
Pentair PLC (Machinery)		448		33,004
People's United Financial, Inc. (Banks)		1,153		18,102
PepsiCo, Inc. (Beverages)		3,724		584,481
PerkinElmer, Inc. (Life Sciences Tools & Services)		302		55,033
Perrigo Co. PLC (Pharmaceuticals)		360		17,291
Pfizer, Inc. (Pharmaceuticals)		15,087		645,874
Philip Morris International, Inc. (Tobacco)		4,201		420,478
Phillips 66 (Oil, Gas & Consumable Fuels)		1,180		86,647
Pinnacle West Capital Corp. (Electric Utilities)		304		25,399
Pioneer Natural Resources Co. (Oil, Gas & Consumable Fuels)		625		90,856
Pool Corp. (Distributors)		108		51,604
PPG Industries, Inc. (Chemicals)		639		104,489
PPL Corp. (Electric Utilities)		2,074		58,839
Principal Financial Group, Inc. (Insurance)		682		42,373
Prologis, Inc. (Equity Real Estate Investment Trusts)		1,994		255,311
Prudential Financial, Inc. (Insurance)		1,062		106,497
PTC, Inc.* (Software)		283		38,332
Public Service Enterprise Group, Inc. (Multi-Utilities)		1,361		84,695
Public Storage (Equity Real Estate Investment Trusts)		410		128,117
PulteGroup, Inc. (Household Durables)		713		39,122
PVH Corp.* (Textiles, Apparel & Luxury Goods)		192		20,087
Qorvo, Inc.* (Semiconductors & Semiconductor Equipment)		303		57,446
Qualcomm, Inc. (Semiconductors & Semiconductor Equipment)		3,040		455,392
Quanta Services, Inc. (Construction & Engineering)		376		34,178
Quest Diagnostics, Inc. (Health Care Providers & Services)		352		49,914
Ralph Lauren Corp. (Textiles, Apparel & Luxury Goods)		130		14,758
Raymond James Financial, Inc. (Capital Markets)		330		42,728
Raytheon Technologies Corp. (Aerospace & Defense)		4,084		355,105
Realty Income Corp. (Equity Real Estate Investment Trusts)		1,007		70,782
Regency Centers Corp. (Equity Real Estate Investment Trusts)		426		27,865
Regeneron Pharmaceuticals, Inc.* (Biotechnology)		282		162,040
Regions Financial Corp. (Banks)		2,591		49,877
Republic Services, Inc. - Class A (Commercial Services & Supplies)		568		67,228
ResMed, Inc. (Health Care Equipment & Supplies)		392		106,546
Robert Half International, Inc. (Professional Services)		304		29,856
Rockwell Automation, Inc. (Electrical Equipment)		313		96,222
Rollins, Inc. (Commercial Services & Supplies)		597		22,883
Roper Technologies, Inc. (Industrial Conglomerates)		284		139,541
Ross Stores, Inc. (Specialty Retail)		961		117,905
Royal Caribbean Cruises, Ltd.* (Hotels, Restaurants & Leisure)		589		45,276

Additional financial disclosures are included in the notes to financial statements of the funds' annual report and should be read in conjunction with this report.

UltraBull ProFund :: Schedule of Portfolio Investments :: July 31, 2021

Common Stocks, continued

	Shares		Value
S&P Global, Inc. (Capital Markets)		649	$	278,239
Salesforce.com, Inc.* (Software)		2,602		629,502
SBA Communications Corp. (Equity Real Estate Investment Trusts)		295		100,592
Schlumberger, Ltd. (Energy Equipment & Services)		3,769		108,660
Seagate Technology Holdings PLC (Technology Hardware, Storage & Peripherals)		537		47,202
Sealed Air Corp. (Containers & Packaging)		410		23,268
Sempra Energy (Multi-Utilities)		849		110,922
ServiceNow, Inc.* (Software)		532		312,757
Simon Property Group, Inc. (Equity Real Estate Investment Trusts)		885		111,970
Skyworks Solutions, Inc. (Semiconductors & Semiconductor Equipment)		445		82,107
Snap-on, Inc. (Machinery)		146		31,825
Southwest Airlines Co.* (Airlines)		1,594		80,528
Stanley Black & Decker, Inc. (Machinery)		435		85,717
Starbucks Corp. (Hotels, Restaurants & Leisure)		3,176		385,662
State Street Corp. (Capital Markets)		937		81,650
STERIS PLC (Health Care Equipment & Supplies)		263		57,321
Stryker Corp. (Health Care Equipment & Supplies)		883		239,240
SVB Financial Group* (Banks)		146		80,294
Synchrony Financial (Consumer Finance)		1,458		68,555
Synopsys, Inc.* (Software)		411		118,364
Sysco Corp. (Food & Staples Retailing)		1,379		102,322
T. Rowe Price Group, Inc. (Capital Markets)		611		124,742
Take-Two Interactive Software, Inc.* (Entertainment)		312		54,107
Tapestry, Inc.* (Textiles, Apparel & Luxury Goods)		752		31,810
Target Corp. (Multiline Retail)		1,333		347,979
TE Connectivity, Ltd. (Electronic Equipment, Instruments & Components)		890		131,249
Teledyne Technologies, Inc.* (Aerospace & Defense)		125		56,596
Teleflex, Inc. (Health Care Equipment & Supplies)		126		50,076
Teradyne, Inc. (Semiconductors & Semiconductor Equipment)		448		56,896
Tesla, Inc.* (Automobiles)		2,077		1,427,314
Texas Instruments, Inc. (Semiconductors & Semiconductor Equipment)		2,489		474,453
Textron, Inc. (Aerospace & Defense)		608		41,958
The AES Corp. (Independent Power and Renewable Electricity Producers)		1,795		42,542
The Allstate Corp. (Insurance)		807		104,950
The Bank of New York Mellon Corp. (Capital Markets)		2,175		111,643
The Boeing Co.* (Aerospace & Defense)		1,482		335,643
The Charles Schwab Corp. (Capital Markets)		4,043		274,722
The Clorox Co. (Household Products)		335		60,598
The Coca-Cola Co. (Beverages)		10,459		596,476
The Cooper Cos., Inc. (Health Care Equipment & Supplies)		133		56,095
The Estee Lauder Co., Inc. (Personal Products)		625		208,644
The Gap, Inc. (Specialty Retail)		560		16,335
The Goldman Sachs Group, Inc. (Capital Markets)		917		343,765
The Hershey Co. (Food Products)		395		70,658
The Home Depot, Inc. (Specialty Retail)		2,867		940,922
The Interpublic Group of Cos., Inc. (Media)		1,060		37,482
The JM Smucker Co. - Class A (Food Products)		295		38,677
The Kraft Heinz Co. (Food Products)		1,747		67,207
The Kroger Co. (Food & Staples Retailing)		2,041		83,069
The Mosaic Co. (Chemicals)		932		29,106
The PNC Financial Services Group, Inc. (Banks)		1,144		208,677
The Procter & Gamble Co. (Household Products)		6,599		938,577
The Progressive Corp. (Insurance)		1,577		150,067
The Sherwin-Williams Co. (Chemicals)		645		187,714
The Southern Co. (Electric Utilities)		2,853		182,221
The TJX Cos., Inc. (Specialty Retail)		3,251		223,701
The Travelers Cos., Inc. (Insurance)		678		100,968
The Walt Disney Co.* (Entertainment)		4,897		861,971
The Western Union Co. (IT Services)		1,103		25,601
The Williams Cos., Inc. (Oil, Gas & Consumable Fuels)		3,274		82,014
Thermo Fisher Scientific, Inc. (Life Sciences Tools & Services)		1,059		571,871
T-Mobile U.S., Inc.* (Wireless Telecommunication Services)		1,579		227,408
Tractor Supply Co. (Specialty Retail)		311		56,269
Trane Technologies PLC (Building Products)		645		131,328
TransDigm Group, Inc.* (Aerospace & Defense)		148		94,881
Trimble, Inc.* (Electronic Equipment, Instruments & Components)		676		57,798
Truist Financial Corp. (Banks)		3,625		197,309
Twitter, Inc.* (Interactive Media & Services)		2,150		149,963
Tyler Technologies, Inc.* (Software)		110		54,190
Tyson Foods, Inc. - Class A (Food Products)		794		56,739
U.S. Bancorp (Banks)		3,654		202,943
UDR, Inc. (Equity Real Estate Investment Trusts)		800		43,992
Ulta Beauty, Inc.* (Specialty Retail)		148		49,698
Under Armour, Inc.* - Class A (Textiles, Apparel & Luxury Goods)		508		10,389
Under Armour, Inc.* - Class C (Textiles, Apparel & Luxury Goods)		530		9,286
Union Pacific Corp. (Road & Rail)		1,791		391,800
United Airlines Holdings , Inc.* (Airlines)		872	��	40,740
United Parcel Service, Inc. - Class B (Air Freight & Logistics)		1,950		373,152
United Rentals, Inc.* (Trading Companies & Distributors)		195		64,262

Additional financial disclosures are included in the notes to financial statements of the funds' annual report and should be read in conjunction with this report.

UltraBull ProFund :: Schedule of Portfolio Investments :: July 31, 2021

Common Stocks, continued

	Shares		Value
UnitedHealth Group, Inc. (Health Care Providers & Services)		2,545	$	1,049,100
Universal Health Services, Inc. - Class B (Health Care Providers & Services)		210		33,686
Unum Group (Insurance)		550		15,070
Valero Energy Corp. (Oil, Gas & Consumable Fuels)		1,102		73,801
Ventas, Inc. (Equity Real Estate Investment Trusts)		1,011		60,438
VeriSign, Inc.* (IT Services)		267		57,771
Verisk Analytics, Inc. - Class A (Professional Services)		437		83,004
Verizon Communications, Inc. (Diversified Telecommunication Services)		11,161		622,560
Vertex Pharmaceuticals, Inc.* (Biotechnology)		698		140,703
VF Corp. (Textiles, Apparel & Luxury Goods)		867		69,532
ViacomCBS, Inc. - Class B (Media)		1,632		66,798
Viatris, Inc. (Pharmaceuticals)		3,261		45,882
Visa, Inc. - Class A (IT Services)		4,560		1,123,537
Vornado Realty Trust (Equity Real Estate Investment Trusts)		423		18,401
Vulcan Materials Co. (Construction Materials)		358		64,437
W.R. Berkley Corp. (Insurance)		378		27,658
W.W. Grainger, Inc. (Trading Companies & Distributors)		118		52,460
Walgreens Boots Alliance, Inc. (Food & Staples Retailing)		1,934		91,188
Walmart, Inc. (Food & Staples Retailing)		3,703		527,862
Waste Management, Inc. (Commercial Services & Supplies)		1,047		155,229
Waters Corp.* (Life Sciences Tools & Services)		166		64,708
WEC Energy Group, Inc. (Multi-Utilities)		850		80,019
Wells Fargo & Co. (Banks)		11,140		511,772
Welltower, Inc. (Equity Real Estate Investment Trusts)		1,125		97,718
West Pharmaceutical Services, Inc. (Health Care Equipment & Supplies)		199		81,934
Western Digital Corp.* (Technology Hardware, Storage & Peripherals)		826		53,632
Westinghouse Air Brake Technologies Corp. (Machinery)		479		40,653
WestRock Co. (Containers & Packaging)		717		35,284
Weyerhaeuser Co. (Equity Real Estate Investment Trusts)		2,019		68,101
Whirlpool Corp. (Household Durables)		169		37,440
Willis Towers Watson PLC (Insurance)		348		71,716
Wynn Resorts, Ltd.* (Hotels, Restaurants & Leisure)		284		27,926
Xcel Energy, Inc. (Electric Utilities)		1,451		99,031
Xilinx, Inc. (Semiconductors & Semiconductor Equipment)		663		99,344
Xylem, Inc. (Machinery)		485		61,037
Yum! Brands, Inc. (Hotels, Restaurants & Leisure)		803		105,506
Zebra Technologies Corp.* (Electronic Equipment, Instruments & Components)		144	$	79,557
Zimmer Biomet Holdings, Inc. (Health Care Equipment & Supplies)		562		91,842
Zions Bancorp (Banks)		442		23,050
Zoetis, Inc. (Pharmaceuticals)		1,280		259,456
TOTAL COMMON STOCKS
(Cost  $46,290,586)				100,291,511

Repurchase Agreements^(b)(c) (21.7%)

	Principal Amount		Value
Repurchase Agreements with various counterparties, 0.00%, dated 7/30/21, due 8/2/21, total to be received $28,385,000	$	28,385,000	$	28,385,000
TOTAL REPURCHASE AGREEMENTS
(Cost $28,385,000)				28,385,000

Collateral for Securities Loaned^(d)(NM)

	Shares		Value
BlackRock Liquidity Funds FedFund Portfolio - Institutional Shares, 0.03%(e)		12,524	$	12,524
TOTAL COLLATERAL FOR SECURITIES LOANED (Cost $12,524)				12,524
TOTAL INVESTMENT SECURITIES
(Cost $74,688,110) - 98.3%				128,689,035
Net other assets (liabilities) - 1.7%				2,175,087
NET ASSETS - 100.0%			$	130,864,122

†	Number of shares is less than 0.50.
*	Non-income producing security.
(a)	All or part of this security was on loan as of July 31, 2021. The total value of securities on loan as of July 31, 2021 was $11,720.
(b)	The ProFund invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" under Note 2 in the Notes to the Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.
(c)	A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. As of July 31, 2021, the aggregate amount held in a segregated account was $20,057,000.
(d)	Securities were purchased with cash collateral held from securities on loan at July 31, 2021.
(e)	Rate periodically changes. Rate disclosed is the daily yield on July 31, 2021.

Additional financial disclosures are included in the notes to financial statements of the funds' annual report and should be read in conjunction with this report. 

UltraBull ProFund :: Schedule of Portfolio Investments :: July 31, 2021

Futures Contracts Purchased

	Number of Contracts	Expiration Date		Notional Amount		Value and Unrealized Appreciation/ (Depreciation)
E-Mini S&P 500 Futures Contracts	31	9/20/21	$	6,803,725	$	115,056

Total Return Swap Agreements — Long

Underlying Instrument	Counterparty	Termination Date(1)	Rate Paid (Received)(2)		Notional Amount		Value and Unrealized Appreciation/ (Depreciation)
S&P 500	Goldman Sachs International	8/27/21		0 .64%	$	64,966,338	$	(79,820	)
SPDR S&P 500 ETF	Goldman Sachs International	8/27/21		0 .54%	��	9,510,355		(11,291	)
					$	74,476,693	$	(91,111	)
S&P 500	UBS AG	8/27/21		0 .59%	$	56,038,246	$	(73,970	)
SPDR S&P 500 ETF	UBS AG	8/27/21		0 .19%		23,824,685		(27,591	)
					$	79,862,931	$	(101,561	)
					$	154,339,624	$	(192,672	)

(1)	Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.
(2)	Reflects the floating financing rate, as of July 31, 2021, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

Additional financial disclosures are included in the notes to financial statements of the funds' annual report and should be read in conjunction with this report.

UltraBull ProFund :: Schedule of Portfolio Investments :: July 31, 2021

UltraBull ProFund invested in the following industries as of July 31, 2021:

		Value	% of Net Assets
Aerospace & Defense	$	1,578,268	1.2	%
Air Freight & Logistics		647,636	0.5	%
Airlines		244,791	0.2	%
Auto Components		153,275	0.1	%
Automobiles		1,770,268	1.4	%
Banks		4,076,079	3.1	%
Beverages		1,437,023	1.1	%
Biotechnology		1,923,355	1.5	%
Building Products		526,824	0.4	%
Capital Markets		2,986,937	2.3	%
Chemicals		1,779,919	1.4	%
Commercial Services & Supplies		421,622	0.3	%
Communications Equipment		845,841	0.6	%
Construction & Engineering		81,651	0.1	%
Construction Materials		125,471	0.1	%
Consumer Finance		666,520	0.5	%
Containers & Packaging		322,561	0.2	%
Distributors		139,115	0.1	%
Diversified Financial Services		1,421,505	1.1	%
Diversified Telecommunication Services		1,195,983	0.9	%
Electric Utilities		1,564,566	1.2	%
Electrical Equipment		656,180	0.5	%
Electronic Equipment, Instruments & Components		645,038	0.5	%
Energy Equipment & Services		214,424	0.2	%
Entertainment		1,851,355	1.4	%
Equity Real Estate Investment Trusts		2,549,434	1.9	%
Food & Staples Retailing		1,316,238	1.0	%
Food Products		887,858	0.7	%
Gas Utilities		34,704	NM
Health Care Equipment & Supplies		3,787,972	2.9	%
Health Care Providers & Services		2,635,353	2.0	%
Health Care Technology		65,277	NM
Hotels, Restaurants & Leisure		1,730,168	1.3	%
Household Durables		422,843	0.3	%
Household Products		1,361,168	1.0	%
Independent Power and Renewable Electricity Producers		69,760	0.1	%
Industrial Conglomerates		1,192,788	0.9	%
Insurance		1,827,429	1.4	%
Interactive Media & Services		6,710,146	5.1	%
Internet & Direct Marketing Retail		4,328,347	3.3	%
IT Services		5,230,863	4.0	%
Leisure Products		34,307	NM
Life Sciences Tools & Services		1,331,011	1.0	%
Machinery		1,639,169	1.2	%
Media		1,291,458	1.0	%
Metals & Mining		370,029	0.3	%
Multiline Retail		558,540	0.4	%
Multi-Utilities		739,852	0.6	%
Oil, Gas & Consumable Fuels		2,345,602	1.8	%
Personal Products		208,644	0.2	%
Pharmaceuticals		3,721,215	2.8	%
Professional Services		339,229	0.3	%
Real Estate Management & Development		87,296	0.1	%
Road & Rail		936,241	0.7	%
Semiconductors & Semiconductor Equipment		5,520,310	4.2	%
Software		9,167,172	7.0	%
Specialty Retail		2,193,980	1.7	%
Technology Hardware, Storage & Peripherals		6,459,924	4.9	%
Textiles, Apparel & Luxury Goods		748,776	0.6	%
Tobacco		660,102	0.5	%
Trading Companies & Distributors		201,507	0.2	%
Water Utilities		83,184	0.1	%
Wireless Telecommunication Services		227,408	0.2	%
Other **		30,572,611	23.4	%
Total	$	130,864,122	100.0	%

**	Includes any non-equity securities and net other assets (liabilities), which includes any receivable for capital shares issued and payable for capital shares redeemed.
NM	Not meaningful, amount is less than 0.05%.

Additional financial disclosures are included in the notes to financial statements of the funds' annual report and should be read in conjunction with this report.

UltraSmall-Cap ProFund :: Schedule of Portfolio Investments :: July 31, 2021

Common Stocks (56.4%)

	Shares		Value
1-800-Flowers.com, Inc.* - Class A (Internet & Direct Marketing Retail)		523	$	15,952
1Life Healthcare, Inc.* (Health Care Providers & Services)		2,288		61,868
1st Source Corp. (Banks)		336		15,385
22nd Century Group, Inc.* (Tobacco)		2,964		9,514
2U, Inc.* (Software)		1,409		61,151
3D Systems Corp.* (Technology Hardware, Storage & Peripherals)		2,384		65,656
4D Molecular Therapeutics, Inc.* (Biotechnology)		193		4,800
89bio, Inc.* (Biotechnology)		191		2,991
8x8, Inc.* (Software)		2,090		53,420
9 Meters Biopharma, Inc.* (Pharmaceuticals)		4,173		4,507
908 Devices, Inc.* (Electronic Equipment, Instruments & Components)		142		4,438
A10 Networks, Inc.* (Software)		1,180		15,069
AAON, Inc. (Building Products)		823		51,149
AAR Corp.* (Aerospace & Defense)		668		23,888
Aaron's Co., Inc. (The) (Specialty Retail)		666		19,227
Abercrombie & Fitch Co.* - Class A (Specialty Retail)		1,205		45,561
ABM Industries, Inc. (Commercial Services & Supplies)		1,323		61,506
Acacia Research Corp.* (Professional Services)		963		5,431
Academy Sports & Outdoors, Inc.* (Leisure Products)		1,214		44,979
ACADIA Pharmaceuticals, Inc.* (Biotechnology)		2,350		50,831
Acadia Realty Trust (Equity Real Estate Investment Trusts)		1,664		35,610
Accel Entertainment, Inc.* (Hotels, Restaurants & Leisure)		1,106		12,232
Accelerate Diagnostics, Inc.* (Life Sciences Tools & Services)		648		4,834
ACCO Brands Corp. (Commercial Services & Supplies)		1,830		16,360
Accolade, Inc.* (Health Care Technology)		988		46,248
Accuray, Inc.* (Health Care Equipment & Supplies)		1,816		7,446
ACI Worldwide, Inc.* (Software)		2,317		79,473
Aclaris Therapeutics, Inc.* (Pharmaceuticals)		852		12,720
Acushnet Holdings Corp. (Leisure Products)		673		34,478
Acutus Medical, Inc.* (Health Care Equipment & Supplies)		305		4,697
AdaptHealth Corp.* (Health Care Providers & Services)		1,548		34,660
Addus Homecare Corp.* (Health Care Providers & Services)		302		26,211
Adicet Bio, Inc.* (Pharmaceuticals)		411		3,041
Adient PLC* (Auto Components)		1,860		78,362
Adtalem Global Education, Inc.* (Diversified Consumer Services)		972		35,322
ADTRAN, Inc. (Communications Equipment)		947		21,222
Advanced Energy Industries, Inc. (Semiconductors & Semiconductor Equipment)		756		78,435
AdvanSix, Inc.* (Chemicals)		536		17,929
Advantage Solutions, Inc.* (Media)		1,500		14,670
Advent Technologies Holdings, Inc.* (Electrical Equipment)		335		2,610
Adverum Biotechnologies, Inc.* (Biotechnology)		1,706		3,873
Aeglea BioTherapeutics, Inc.* (Biotechnology)		793		4,861
Aemetis, Inc.* (Oil, Gas & Consumable Fuels)		456		3,999
Aerie Pharmaceuticals, Inc.* (Pharmaceuticals)		831		13,113
Aerojet Rocketdyne Holdings, Inc. (Aerospace & Defense)		1,470		69,354
AeroVironment, Inc.* (Aerospace & Defense)		441		44,585
AerSale Corp.* (Aerospace & Defense)		177		2,014
Aeva Technologies, Inc.* (Electronic Equipment, Instruments & Components)		488		4,275
AFC Gamma, Inc. (Mortgage Real Estate Investment Trusts)		142		3,022
Affimed NV* (Biotechnology)		2,279		15,155
AgEagle Aerial Systems, Inc.* (Machinery)		1,310		5,214
Agenus, Inc.* (Biotechnology)		3,870		20,047
Agiliti, Inc.* (Health Care Providers & Services)		444		8,698
Agilysys, Inc.* (Software)		374		20,779
Agios Pharmaceuticals, Inc.* (Biotechnology)		1,210		58,189
Agree Realty Corp. (Equity Real Estate Investment Trusts)		1,321		99,274
Air Transport Services Group, Inc.* (Air Freight & Logistics)		1,160		28,072
Akebia Therapeutics, Inc.* (Biotechnology)		3,137		7,748
Akero Therapeutics, Inc.* (Biotechnology)		505		10,827
Akouos, Inc.* (Biotechnology)		471		5,120
Akoustis Technologies, Inc.* (Electronic Equipment, Instruments & Components)		853		8,257
Akoya Biosciences, Inc.* (Life Sciences Tools & Services)		150		2,601
Alamo Group, Inc. (Machinery)		195		28,620
Alarm.com Holdings, Inc.* (Software)		929		77,311
Albany International Corp. - Class A (Machinery)		604		52,155
Albireo Pharma, Inc.* (Biotechnology)		331		9,470
Aldeyra Therapeutics, Inc.* (Biotechnology)		953		8,482
Alector, Inc.* (Biotechnology)		1,131		27,184
Alerus Financial Corp. (Diversified Financial Services)		296		8,273
Alexander & Baldwin, Inc. (Equity Real Estate Investment Trusts)		1,423		28,488
Alexander's, Inc. (Equity Real Estate Investment Trusts)		42		11,711
Alignment Healthcare, Inc.* (Health Care Providers & Services)		517		10,769
Aligos Therapeutics, Inc.* (Biotechnology)		368		5,362
Alkami Technology, Inc.* (Software)		137		4,287

Additional financial disclosures are included in the notes to financial statements of the funds' annual report and should be read in conjunction with this report.

UltraSmall-Cap ProFund :: Schedule of Portfolio Investments :: July 31, 2021

Common Stocks, continued

	Shares		Value
Alkermes PLC* (Biotechnology)	3,150	$	81,491
Allakos, Inc.* (Biotechnology)	686		54,578
Allegheny Technologies, Inc.* (Metals & Mining)	2,501		51,346
Allegiance Bancshares, Inc. (Banks)	374		13,640
Allegiant Travel Co.* (Airlines)	298		56,656
ALLETE, Inc. (Electric Utilities)	1,031		72,500
Allied Motion Technologies, Inc. (Electrical Equipment)	228		7,503
Allogene Therapeutics, Inc.* (Biotechnology)	1,335		29,303
Allovir, Inc.* (Biotechnology)	579		11,082
Allscripts Healthcare Solutions, Inc.* (Health Care Technology)	2,748		46,936
Alpha & Omega Semiconductor, Ltd.* (Semiconductors & Semiconductor Equipment)	415		10,786
Alphatec Holdings, Inc.* (Health Care Equipment & Supplies)	1,352		19,928
Alpine Immune Sciences, Inc.* (Biotechnology)	228		2,016
Alta Equipment Group, Inc.* (Trading Companies & Distributors)	371		4,671
Altabancorp (Banks)	354		14,298
Altair Engineering, Inc.* - Class A (Software)	891		62,156
Altimmune, Inc.* (Biotechnology)	638		5,787
Alto Ingredients, Inc.* (Oil, Gas & Consumable Fuels)	1,404		7,441
Altra Industrial Motion Corp. (Machinery)	1,272		79,729
Altus Midstream Co. - Class A (Oil, Gas & Consumable Fuels)	64		4,086
ALX Oncology Holdings, Inc.* (Biotechnology)	348		20,379
Amalgamated Financial Corp. (Banks)	268		4,116
A-Mark Precious Metals, Inc. (Diversified Financial Services)	171		8,711
Ambac Financial Group, Inc.* (Insurance)	893		12,966
Ambarella, Inc.* (Semiconductors & Semiconductor Equipment)	686		67,564
AMC Entertainment Holdings, Inc.* - Class A (Entertainment)	7,997		296,049
AMC Networks, Inc.* - Class A (Media)	571		28,573
Amerant Bancorp, Inc.* (Banks)	412		9,126
Ameresco, Inc.* - Class A (Construction & Engineering)	607		41,598
American Assets Trust, Inc. (Equity Real Estate Investment Trusts)	981		36,228
American Axle & Manufacturing Holdings, Inc.* (Auto Components)	2,215		21,463
American Eagle Outfitters, Inc. (Specialty Retail)	2,989		103,030
American Equity Investment Life Holding Co. (Insurance)	1,676		53,783
American Finance Trust, Inc. (Equity Real Estate Investment Trusts)	2,149		18,202
American National Bankshares, Inc. (Banks)	208		6,571
American National Group, Inc. (Insurance)	146		24,087
American Outdoor Brands, Inc.* (Leisure Products)	277		7,473
American Public Education, Inc.* (Diversified Consumer Services)	365		10,811
American Software, Inc. - Class A (Software)	607		13,354
American States Water Co. (Water Utilities)	724		63,943
American Superconductor Corp.* (Electrical Equipment)	528		7,418
American Vanguard Corp. (Chemicals)	576		9,510
American Well Corp.* - Class A (Health Care Technology)	3,822		44,526
American Woodmark Corp.* (Building Products)	334		24,800
America's Car-Mart, Inc.* (Specialty Retail)	119		18,921
Ameris Bancorp (Banks)	1,306		63,485
AMERISAFE, Inc. (Insurance)	376		21,507
Amicus Therapeutics, Inc.* (Biotechnology)	5,163		47,964
Amkor Technology, Inc. (Semiconductors & Semiconductor Equipment)	2,005		49,403
AMMO, Inc.* (Leisure Products)	1,294		8,760
AMN Healthcare Services, Inc.* (Health Care Providers & Services)	926		93,119
Amneal Pharmaceuticals, Inc.* (Pharmaceuticals)	1,958		9,653
Amphastar Pharmaceuticals, Inc.* (Pharmaceuticals)	727		15,231
Ampio Pharmaceuticals, Inc.* (Pharmaceuticals)	3,735		5,266
Amyris, Inc.* (Oil, Gas & Consumable Fuels)	3,283		47,866
AnaptysBio, Inc.* (Biotechnology)	379		8,709
Anavex Life Sciences Corp.* (Biotechnology)	1,218		21,863
AngioDynamics, Inc.* (Health Care Equipment & Supplies)	727		19,360
Angion Biomedica Corp.* (Pharmaceuticals)	114		1,212
ANI Pharmaceuticals, Inc.* (Pharmaceuticals)	192		6,515
Anika Therapeutics, Inc.* (Health Care Equipment & Supplies)	283		11,357
Annexon, Inc.* (Biotechnology)	612		12,889
Antares Pharma, Inc.* (Health Care Equipment & Supplies)	3,277		14,419
Anterix, Inc.* (Diversified Telecommunication Services)	219		12,772
Antero Resources Corp.* (Oil, Gas & Consumable Fuels)	5,619		76,418
Apartment Investment and Management Co. (Equity Real Estate Investment Trusts)	2,925		20,358
Apellis Pharmaceuticals, Inc.* (Biotechnology)	1,275		81,587
API Group Corp.* (Construction & Engineering)	3,542		81,183
Apogee Enterprises, Inc. (Building Products)	497		19,716

Additional financial disclosures are included in the notes to financial statements of the funds' annual report and should be read in conjunction with this report.

UltraSmall-Cap ProFund :: Schedule of Portfolio Investments :: July 31, 2021

Common Stocks, continued

	Shares		Value
Apollo Commercial Real Estate Finance, Inc. (Mortgage Real Estate Investment Trusts)	2,755	$	41,931
Apollo Medical Holdings, Inc.* (Health Care Providers & Services)	712		62,919
Appfolio, Inc.* (Software)	368		52,109
AppHarvest, Inc.* (Food Products)	941		11,217
Appian Corp.* (Software)	772		89,884
Apple Hospitality REIT, Inc. (Equity Real Estate Investment Trusts)	4,124		61,654
Applied Industrial Technologies, Inc. (Trading Companies & Distributors)	762		68,351
Applied Molecular Transport, Inc.* (Biotechnology)	483		13,538
Applied Therapeutics, Inc.* (Biotechnology)	348		5,989
Apria, Inc.* (Health Care Providers & Services)	149		4,698
Apyx Medical Corp.* (Health Care Equipment & Supplies)	612		5,508
AquaBounty Technologies, Inc.* (Biotechnology)	1,030		5,099
Arbor Realty Trust, Inc. (Mortgage Real Estate Investment Trusts)	2,498		45,663
Arbutus Biopharma Corp.* (Biotechnology)	1,533		4,124
ArcBest Corp. (Road & Rail)	497		29,378
Arch Resources, Inc.* (Oil, Gas & Consumable Fuels)	297		19,519
Archrock, Inc. (Energy Equipment & Services)	2,648		22,799
Arcimoto, Inc.* (Automobiles)	538		8,796
Arconic Corp.* (Metals & Mining)	2,168		77,917
Arcosa, Inc. (Construction & Engineering)	951		52,077
Arcturus Therapeutics Holdings, Inc.* (Biotechnology)	414		12,962
Arcus Biosciences, Inc.* (Biotechnology)	890		27,955
Arcutis Biotherapeutics, Inc.* (Biotechnology)	543		12,668
Ardelyx, Inc.* (Biotechnology)	1,661		2,890
Arena Pharmaceuticals, Inc.* (Biotechnology)	1,201		74,294
Ares Commercial Real Estate Corp. (Mortgage Real Estate Investment Trusts)	740		11,159
Argan, Inc. (Construction & Engineering)	293		13,170
Argo Group International Holdings, Ltd. (Insurance)	623		32,477
Arko Corp.* (Specialty Retail)	403		3,345
Arlo Technologies, Inc.* (Electronic Equipment, Instruments & Components)	1,599		9,770
Armada Hoffler Properties, Inc. (Equity Real Estate Investment Trusts)	1,173		15,249
ARMOUR Residential REIT, Inc. (Mortgage Real Estate Investment Trusts)	1,389		14,446
Array Technologies, Inc.* (Electrical Equipment)	2,508		33,958
Arrow Financial Corp. (Banks)	263		9,481
Arrowhead Pharmaceuticals, Inc.* (Biotechnology)	1,990		137,886
Artesian Resources Corp. - Class A (Water Utilities)	160		6,253
Artisan Partners Asset Management, Inc. (Capital Markets)	1,149		55,255
Arvinas, Inc.* (Pharmaceuticals)	857		86,644
Asana, Inc.* - Class A (Software)	1,452		103,179
Asbury Automotive Group, Inc.* (Specialty Retail)	380		78,075
Asensus Surgical, Inc.* (Health Care Equipment & Supplies)	4,594		10,750
ASGN, Inc.* (Professional Services)	1,021		103,254
Ashford Hospitality Trust, Inc.* (Equity Real Estate Investment Trusts)	215		3,483
Aspen Aerogels, Inc.* (Energy Equipment & Services)	424		15,964
Aspira Women's Health, Inc.* (Health Care Equipment & Supplies)	1,427		6,393
Assetmark Financial Holdings, Inc.* (Capital Markets)	352		9,187
Associated Banc-Corp. (Banks)	2,973		58,865
Associated Capital Group, Inc. - Class A (Capital Markets)	34		1,281
Astec Industries, Inc. (Machinery)	445		27,283
Astronics Corp.* (Aerospace & Defense)	471		8,045
Atara Biotherapeutics, Inc.* (Biotechnology)	1,623		20,693
Atea Pharmaceuticals, Inc.* (Biotechnology)	1,268		31,751
Aterian, Inc.* (Household Durables)	389		3,513
Athenex, Inc.* (Biotechnology)	1,698		6,401
Athersys, Inc.* (Biotechnology)	3,947		6,434
Athira Pharma, Inc.* (Pharmaceuticals)	633		6,083
Atkore, Inc.* (Electrical Equipment)	923		69,328
Atlantic Capital Bancshares, Inc.* (Banks)	386		9,264
Atlantic Union Bankshares (Banks)	1,548		54,908
Atlanticus Holdings Corp.* (Consumer Finance)	105		4,565
Atlas Air Worldwide Holdings, Inc.* (Air Freight & Logistics)	565		37,838
Atlas Technical Consultants, Inc.* (Professional Services)	264		2,373
ATN International, Inc. (Diversified Telecommunication Services)	218		9,385
Atomera, Inc.* (Semiconductors & Semiconductor Equipment)	399		7,042
Atossa Therapeutics, Inc.* (Health Care Equipment & Supplies)	2,297		6,868
Atreca, Inc.* - Class A (Biotechnology)	510		2,800
AtriCure, Inc.* (Health Care Equipment & Supplies)	880		74,325
Atrion Corp. (Health Care Equipment & Supplies)	28		17,610
Avanos Medical, Inc.* (Health Care Equipment & Supplies)	945		35,853
Avaya Holdings Corp.* - Class C (Software)	1,620		39,236
Aveanna Healthcare Holdings, Inc.* (Health Care Providers & Services)	758		7,838
Aviat Networks, Inc.* (Communications Equipment)	189		7,046
Avid Bioservices, Inc.* (Biotechnology)	1,186		30,421

Additional financial disclosures are included in the notes to financial statements of the funds' annual report and should be read in conjunction with this report.

UltraSmall-Cap ProFund :: Schedule of Portfolio Investments :: July 31, 2021

Common Stocks, continued

	Shares		Value
Avid Technology, Inc.* (Technology Hardware, Storage & Peripherals)	710	$	26,547
Avidity Biosciences, Inc.* (Biotechnology)	594		11,470
Avient Corp. (Chemicals)	1,788		86,753
Avis Budget Group, Inc.* (Road & Rail)	1,004		83,101
Avista Corp. (Multi-Utilities)	1,362		58,334
Avita Medical, Inc.* (Biotechnology)	469		8,691
Avrobio, Inc.* (Biotechnology)	712		5,240
Axcelis Technologies, Inc.* (Semiconductors & Semiconductor Equipment)	654		25,212
AxoGen, Inc.* (Health Care Equipment & Supplies)	749		15,257
Axonics, Inc.* (Health Care Equipment & Supplies)	817		55,515
Axos Financial, Inc.* - Class I (Thrifts & Mortgage Finance)	1,120		53,591
Axsome Therapeutics, Inc.* (Pharmaceuticals)	546		26,530
AXT, Inc.* (Semiconductors & Semiconductor Equipment)	784		7,997
AZZ, Inc. (Electrical Equipment)	488		25,859
B Riley Financial, Inc. (Capital Markets)	392		26,484
B&G Foods, Inc. - Class A (Food Products)	1,257		36,101
Babcock & Wilcox Enterprises, Inc.* (Electrical Equipment)	1,090		7,804
Badger Meter, Inc. (Electronic Equipment, Instruments & Components)	573		57,890
Balchem Corp. (Chemicals)	633		85,384
Bally's Corp.* (Hotels, Restaurants & Leisure)	641		31,569
Banc of California, Inc. (Banks)	886		15,168
BancFirst Corp. (Banks)	337		18,697
Banco Latinoamericano de Comercio Exterior S.A. - Class E (Diversified Financial Services)	609		10,036
BancorpSouth Bank (Banks)	2,001		51,626
Bandwidth, Inc.* (Diversified Telecommunication Services)	448		58,088
Bank First Corp. (Banks)	131		9,169
Bank of Marin Bancorp (Banks)	253		8,779
BankUnited, Inc. (Banks)	1,829		72,392
Banner Corp. (Banks)	681		36,120
Bar Harbor Bankshares (Banks)	290		8,306
Barnes & Noble Education, Inc.* (Specialty Retail)	755		6,304
Barnes Group, Inc. (Machinery)	930		47,123
Barrett Business Services, Inc. (Professional Services)	147		10,762
Bassett Furniture Industries, Inc. (Household Durables)	183		4,169
Beacon Roofing Supply, Inc.* (Trading Companies & Distributors)	1,096		58,614
Beam Global* (Electrical Equipment)	173		5,289
Beam Therapeutics, Inc.* (Biotechnology)	922		84,824
Beauty Health Co. (The)* (Personal Products)	912		16,015
Beazer Homes USA, Inc.* (Household Durables)	575		10,500
Bed Bath & Beyond, Inc.* (Specialty Retail)	2,155		61,504
Belden, Inc. (Electronic Equipment, Instruments & Components)	869		42,581
BellRing Brands, Inc.* - Class A (Personal Products)	782		25,861
Benchmark Electronics, Inc. (Electronic Equipment, Instruments & Components)	703		18,559
Benefitfocus, Inc.* (Software)	490		6,448
Berkeley Lights, Inc.* (Life Sciences Tools & Services)	941		42,891
Berkshire Hills Bancorp, Inc. (Banks)	1,001		27,067
Berry Corp. (Oil, Gas & Consumable Fuels)	1,324		7,348
Beyondspring, Inc.* (Biotechnology)	440		4,189
BGC Partners, Inc. - Class A (Capital Markets)	6,512		34,839
Big 5 Sporting Goods Corp. (Specialty Retail)	409		8,965
Big Lots, Inc. (Multiline Retail)	682		39,290
BigCommerce Holdings, Inc.* (IT Services)	923		59,773
Biglari Holdings, Inc.* - Class B (Hotels, Restaurants & Leisure)	16		2,631
BioAtla, Inc.* (Biotechnology)	239		9,797
BioCryst Pharmaceuticals, Inc.* (Biotechnology)	3,491		56,275
BioDelivery Sciences International, Inc.* (Pharmaceuticals)	1,829		6,877
Biodesix, Inc.* (Health Care Providers & Services)	241		2,263
Biohaven Pharmaceutical Holding Co., Ltd.* (Biotechnology)	1,061		133,696
Biolife Solutions, Inc.* (Health Care Equipment & Supplies)	479		22,465
Biomea Fusion, Inc.* (Biotechnology)	169		2,229
Bionano Genomics, Inc.* (Life Sciences Tools & Services)	5,523		32,751
Bioventus, Inc.* - Class A (Health Care Equipment & Supplies)	163		2,541
Bioxcel Therapeutics, Inc.* (Biotechnology)	300		7,677
BJ's Restaurants, Inc.* (Hotels, Restaurants & Leisure)	442		17,936
BJ's Wholesale Club Holdings, Inc.* (Food & Staples Retailing)	2,692		136,322
Black Diamond Therapeutics, Inc.* (Biotechnology)	447		4,273
Black Hills Corp. (Multi-Utilities)	1,238		83,751
Blackbaud, Inc.* (Software)	950		67,764
Blackline, Inc.* (Software)	1,053		120,453
Blackstone Mortgage Trust, Inc. - Class A (Mortgage Real Estate Investment Trusts)	2,719		88,151
Blink Charging Co.* (Specialty Retail)	717		24,758
Bloom Energy Corp.* (Electrical Equipment)	2,734		59,601
Bloomin' Brands, Inc.* (Hotels, Restaurants & Leisure)	1,740		43,726

Additional financial disclosures are included in the notes to financial statements of the funds' annual report and should be read in conjunction with this report.

UltraSmall-Cap ProFund :: Schedule of Portfolio Investments :: July 31, 2021

Common Stocks, continued

	Shares		Value
Blucora, Inc.* (Capital Markets)	955	$	16,101
Blue Bird Corp.* (Machinery)	310		7,750
Blue Ridge Bankshares, Inc. (Banks)	341		5,841
Bluebird Bio, Inc.* (Biotechnology)	1,326		33,694
Bluegreen Vacations Holding Corp.* (Hotels, Restaurants & Leisure)	297		5,141
BlueLinx Holdings, Inc.* (Trading Companies & Distributors)	176		7,561
Blueprint Medicines Corp.* (Biotechnology)	1,149		100,962
BM Technologies, Inc.* (IT Services)	94		943
Boise Cascade Co. (Paper & Forest Products)	773		39,539
Bolt Biotherapeutics, Inc.* (Biotechnology)	228		2,542
Bonanza Creek Energy, Inc. (Oil, Gas & Consumable Fuels)	606		23,313
Boot Barn Holdings, Inc.* (Specialty Retail)	564		48,741
Boston Omaha Corp.* - Class A (Media)	342		11,187
Bottomline Technologies, Inc.* (Software)	869		35,073
Box, Inc.* - Class A (Software)	2,891		69,153
Brady Corp. - Class A (Commercial Services & Supplies)	926		50,634
Braemar Hotels & Resorts, Inc.* (Equity Real Estate Investment Trusts)	874		4,457
Brandywine Realty Trust (Equity Real Estate Investment Trusts)	3,332		46,515
Bridgebio Pharma, Inc.* (Biotechnology)	2,113		112,939
Bridgewater Bancshares, Inc.* (Thrifts & Mortgage Finance)	413		6,699
Brigham Minerals, Inc. (Oil, Gas & Consumable Fuels)	857		16,831
Brightcove, Inc.* (IT Services)	790		9,061
Brightsphere Investment Group, Inc. (Capital Markets)	1,139		28,464
BrightSpire Capital, Inc. (Mortgage Real Estate Investment Trusts)	1,658		15,768
BrightView Holdings, Inc.* (Commercial Services & Supplies)	804		12,888
Brinker International, Inc.* (Hotels, Restaurants & Leisure)	892		48,471
Bristow Group, Inc.* (Energy Equipment & Services)	127		3,299
Broadmark Realty Capital, Inc. (Mortgage Real Estate Investment Trusts)	2,522		26,153
Broadstone Net Lease, Inc. (Equity Real Estate Investment Trusts)	2,794		72,700
Brookdale Senior Living, Inc.* (Health Care Providers & Services)	3,634		27,328
Brookfield Infrastructure Corp. - Class A (Gas Utilities)	719		46,562
Brookline Bancorp, Inc. (Banks)	1,508		21,670
Brooklyn ImmunoTherapeutics, Inc.* (Entertainment)	467		5,366
BRP Group, Inc.* - Class A (Insurance)	906		24,698
BRT Apartments Corp. (Equity Real Estate Investment Trusts)	216		3,795
Bryn Mawr Bank Corp. (Banks)	388		15,182
BTRS Holdings, Inc.* (Software)	931		10,902
Business First Bancshares, Inc. (Banks)	381		8,881
Butterfly Network, Inc.* (Health Care Equipment & Supplies)	638		6,852
Byline Bancorp, Inc. (Banks)	501		12,330
Byrna Technologies, Inc.* (Aerospace & Defense)	208		4,992
C4 Therapeutics, Inc.* (Biotechnology)	676		29,163
Cabot Corp. (Chemicals)	1,102		60,676
Cactus, Inc. - Class A (Energy Equipment & Services)	1,072		38,635
Cadence Bancorp (Banks)	2,416		45,904
Cadiz, Inc.* (Water Utilities)	391		5,298
Caesarstone, Ltd. (Building Products)	444		5,892
CAI International, Inc. (Trading Companies & Distributors)	319		17,803
CalAmp Corp.* (Communications Equipment)	685		8,309
Calavo Growers, Inc. (Food Products)	336		18,930
Caleres, Inc. (Specialty Retail)	724		17,912
California Resources Corp.* (Oil, Gas & Consumable Fuels)	1,651		46,410
California Water Service Group (Water Utilities)	998		62,554
Calix, Inc.* (Communications Equipment)	1,073		50,195
Callaway Golf Co.* (Leisure Products)	2,273		72,008
Callon Petroleum Co.* (Oil, Gas & Consumable Fuels)	783		30,819
Cal-Maine Foods, Inc. (Food Products)	701		24,458
Cambium Networks Corp.* (Communications Equipment)	176		7,753
Cambridge Bancorp (Banks)	134		11,468
Camden National Corp. (Banks)	289		12,939
Camping World Holdings, Inc. - Class A (Specialty Retail)	838		32,984
Cannae Holdings, Inc.* (Diversified Financial Services)	1,715		57,024
Canoo, Inc.* (Automobiles)	1,567		12,740
Cantaloupe, Inc.* (IT Services)	1,144		11,829
Capital Bancorp, Inc. (Banks)	152		3,453
Capital City Bank Group, Inc. (Banks)	264		6,426
Capitol Federal Financial, Inc. (Thrifts & Mortgage Finance)	2,552		28,302
Capstar Financial Holdings, Inc. (Banks)	402		8,522
Capstead Mortgage Corp. (Mortgage Real Estate Investment Trusts)	1,873		11,931
Cara Therapeutics, Inc.* (Biotechnology)	872		10,438
Cardiff Oncology, Inc.* (Biotechnology)	710		3,777
Cardiovascular Systems, Inc.* (Health Care Equipment & Supplies)	772		31,104
Cardlytics, Inc.* (Media)	628		79,102
CareDx, Inc.* (Biotechnology)	983		82,611
CareTrust REIT, Inc. (Equity Real Estate Investment Trusts)	1,895		45,707
Cargurus, Inc.* (Interactive Media & Services)	1,824		52,166
CarLotz, Inc.* (Specialty Retail)	854		3,792
CarParts.com, Inc.* (Internet & Direct Marketing Retail)	930		16,377
Carpenter Technology Corp. (Metals & Mining)	936		35,708

Additional financial disclosures are included in the notes to financial statements of the funds' annual report and should be read in conjunction with this report.

UltraSmall-Cap ProFund :: Schedule of Portfolio Investments :: July 31, 2021

Common Stocks, continued

	Shares		Value
Carriage Services, Inc. (Diversified Consumer Services)	327	$	12,158
Carrols Restaurant Group, Inc.* (Hotels, Restaurants & Leisure)	656		3,221
Cars.com, Inc.* (Interactive Media & Services)	1,344		16,236
Carter Bankshares, Inc.* (Banks)	509		5,838
Casa Systems, Inc.* (Communications Equipment)	616		4,626
Casella Waste Systems, Inc.* - Class A (Commercial Services & Supplies)	966		66,441
Casper Sleep, Inc.* (Household Durables)	570		3,939
Cass Information Systems, Inc. (IT Services)	279		12,301
Cassava Sciences, Inc.* (Pharmaceuticals)	751		52,217
Castle Biosciences, Inc.* (Biotechnology)	418		29,197
Castlight Health, Inc.* - Class B (Health Care Technology)	2,345		5,464
Catalyst Pharmaceuticals, Inc.* (Biotechnology)	1,906		11,131
CatchMark Timber Trust, Inc. - Class A (Equity Real Estate Investment Trusts)	960		11,222
Cathay General Bancorp (Banks)	1,502		56,881
Cavco Industries, Inc.* (Household Durables)	181		42,535
CBIZ, Inc.* (Professional Services)	982		31,758
CBTX, Inc. (Banks)	361		9,494
CECO Environmental Corp.* (Commercial Services & Supplies)	611		4,301
Celcuity, Inc.* (Biotechnology)	157		3,093
Celldex Therapeutics, Inc.* (Biotechnology)	770		33,688
CEL-SCI Corp.* (Biotechnology)	697		5,597
Celsius Holdings, Inc.* (Beverages)	893		61,286
Centennial Resource Development, Inc.* - Class A (Oil, Gas & Consumable Fuels)	3,555		18,522
Centerspace (Equity Real Estate Investment Trusts)	260		23,400
Central Garden & Pet Co.* (Household Products)	193		9,320
Central Garden & Pet Co.* - Class A (Household Products)	795		34,431
Central Pacific Financial Corp. (Banks)	543		13,901
Centrus Energy Corp.* - Class A (Oil, Gas & Consumable Fuels)	186		4,313
Century Aluminum Co.* (Metals & Mining)	1,009		14,691
Century Bancorp, Inc. - Class A (Banks)	54		6,177
Century Casinos, Inc.* (Hotels, Restaurants & Leisure)	535		5,997
Century Communities, Inc. (Household Durables)	590		40,976
Cerecor, Inc.* (Pharmaceuticals)	1,040		2,766
Cerence, Inc.* (Software)	743		79,880
Cerevel Therapeutics Holdings, Inc.* (Biotechnology)	692		17,051
Cerus Corp.* (Health Care Equipment & Supplies)	3,303		16,647
CEVA, Inc.* (Semiconductors & Semiconductor Equipment)	442		21,941
ChampionX Corp.* (Energy Equipment & Services)	3,983		92,564
ChannelAdvisor Corp.* (Software)	573		13,345
Chart Industries, Inc.* (Machinery)	717		111,458
Chase Corp. (Chemicals)	146		17,013
Chatham Lodging Trust* (Equity Real Estate Investment Trusts)	939		11,531
Chefs' Warehouse, Inc.* (Food & Staples Retailing)	617		17,844
ChemoCentryx, Inc.* (Biotechnology)	1,060		15,667
Chesapeake Energy Corp. (Oil, Gas & Consumable Fuels)	1,940		104,857
Chesapeake Utilities Corp. (Gas Utilities)	338		42,111
Chicken Soup For The Soul Entertainment, Inc.* (Entertainment)	226		8,109
Chico's FAS, Inc.* (Specialty Retail)	2,362		14,597
Chimera Investment Corp. (Mortgage Real Estate Investment Trusts)	4,521		66,549
Chimerix, Inc.* (Biotechnology)	1,433		9,501
Chinook Therapeutics, Inc.* (Biotechnology)	617		8,040
ChromaDex Corp.* (Life Sciences Tools & Services)	920		7,995
Chuy's Holdings, Inc.* (Hotels, Restaurants & Leisure)	391		12,903
Cimpress PLC* (Commercial Services & Supplies)	344		35,174
Cincinnati Bell, Inc.* (Diversified Telecommunication Services)	991		15,202
Cinemark Holdings, Inc.* (Entertainment)	2,122		32,955
CIRCOR International, Inc.* (Machinery)	362		11,164
CIT Group, Inc. (Banks)	1,950		94,068
Citi Trends, Inc.* (Specialty Retail)	175		13,956
Citius Pharmaceuticals, Inc.* (Pharmaceuticals)	2,229		4,213
Citizens & Northern Corp. (Banks)	305		7,534
Citizens, Inc.* (Insurance)	980		5,253
City Holding Co. (Banks)	304		23,001
City Office REIT, Inc. (Equity Real Estate Investment Trusts)	839		10,798
Civista Bancshares, Inc. (Banks)	305		6,981
Clarus Corp. (Leisure Products)	475		13,547
Clean Energy Fuels Corp.* (Oil, Gas & Consumable Fuels)	2,731		20,510
Cleanspark, Inc.* (Software)	643		8,681
Clear Channel Outdoor Holdings, Inc.* (Media)	7,131		18,968
Clearfield, Inc.* (Communications Equipment)	224		9,748
ClearPoint Neuro, Inc.* (Health Care Equipment & Supplies)	369		8,203
Clearwater Paper Corp.* (Paper & Forest Products)	324		9,555
Clearway Energy, Inc. - Class A (Independent Power and Renewable Electricity Producers)	684		18,434
Clearway Energy, Inc. - Class C (Independent Power and Renewable Electricity Producers)	1,611		46,203

Additional financial disclosures are included in the notes to financial statements of the funds' annual report and should be read in conjunction with this report.

UltraSmall-Cap ProFund :: Schedule of Portfolio Investments :: July 31, 2021

Common Stocks, continued

	Shares		Value
Clene, Inc.* (Biotechnology)	449	$	3,861
Clipper Realty, Inc. (Equity Real Estate Investment Trusts)	240		1,997
Cloudera, Inc.* (Software)	4,545		72,129
Clovis Oncology, Inc.* (Biotechnology)	1,956		9,447
CMC Materials, Inc. (Semiconductors & Semiconductor Equipment)	573		82,879
CNB Financial Corp. (Banks)	316		7,287
CNO Financial Group, Inc. (Insurance)	2,579		58,904
CNX Resources Corp.* (Oil, Gas & Consumable Fuels)	4,296		51,982
Coastal Financial Corp.* (Banks)	186		5,435
Coca-Cola Consolidated, Inc. (Beverages)	92		36,722
Codexis, Inc.* (Life Sciences Tools & Services)	1,182		25,011
Codiak Biosciences, Inc.* (Biotechnology)	308		5,328
Coeur Mining, Inc.* (Metals & Mining)	4,759		35,883
Cogent Biosciences, Inc.* (Biotechnology)	730		4,380
Cogent Communications Holdings, Inc. (Diversified Telecommunication Services)	837		64,960
Cohen & Steers, Inc. (Capital Markets)	488		40,606
Coherus Biosciences, Inc.* (Biotechnology)	1,259		16,430
Cohu, Inc.* (Semiconductors & Semiconductor Equipment)	941		33,321
Collegium Pharmaceutical, Inc.* (Pharmaceuticals)	691		17,199
Columbia Banking System, Inc. (Banks)	1,413		49,370
Columbia Financial, Inc.* (Thrifts & Mortgage Finance)	788		14,216
Columbia Property Trust, Inc. (Equity Real Estate Investment Trusts)	2,252		37,541
Columbus McKinnon Corp. (Machinery)	547		25,381
Comfort Systems USA, Inc. (Construction & Engineering)	700		52,325
Commercial Metals Co. (Metals & Mining)	2,358		77,342
Commercial Vehicle Group, Inc.* (Machinery)	629		5,749
Community Bank System, Inc. (Banks)	1,052		75,365
Community Health Systems, Inc.* (Health Care Providers & Services)	2,440		32,501
Community Healthcare Trust, Inc. (Equity Real Estate Investment Trusts)	458		22,822
Community Trust Bancorp, Inc. (Banks)	305		12,127
CommVault Systems, Inc.* (Software)	829		62,664
Compass Minerals International, Inc. (Metals & Mining)	672		46,072
Computer Programs & Systems, Inc. (Health Care Technology)	277		8,745
CompX International, Inc. (Commercial Services & Supplies)	31		577
comScore, Inc.* (Media)	1,350		5,414
Comstock Resources, Inc.* (Oil, Gas & Consumable Fuels)	1,798		10,932
Comtech Telecommunications Corp. (Communications Equipment)	501		12,510
Concrete Pumping Holdings, Inc.* (Construction & Engineering)	507		4,411
Conduent, Inc.* (IT Services)	3,290		22,076
CONMED Corp. (Health Care Equipment & Supplies)	570		78,626
ConnectOne Bancorp, Inc. (Banks)	732		19,252
Conn's, Inc.* (Specialty Retail)	351		7,806
CONSOL Energy, Inc.* (Oil, Gas & Consumable Fuels)	673		14,140
Consolidated Communications Holdings, Inc.* (Diversified Telecommunication Services)	1,432		11,012
Constellium SE* (Metals & Mining)	2,411		45,496
Construction Partners, Inc.* - Class A (Construction & Engineering)	559		18,771
Contango Oil & Gas Co.* (Oil, Gas & Consumable Fuels)	2,884		11,017
Cooper-Standard Holding, Inc.* (Auto Components)	330		8,597
Corcept Therapeutics, Inc.* (Pharmaceuticals)	1,898		39,421
CoreCivic, Inc.* (Equity Real Estate Investment Trusts)	2,355		24,209
Core-Mark Holding Co., Inc. (Distributors)	877		37,746
CorePoint Lodging, Inc.* (Equity Real Estate Investment Trusts)	773		10,389
CorMedix, Inc.* (Pharmaceuticals)	744		4,323
Cornerstone Building Brands, Inc.* (Building Products)	1,075		18,082
Cornerstone OnDemand, Inc.* (Software)	1,237		59,302
Corporate Office Properties Trust (Equity Real Estate Investment Trusts)	2,218		65,298
Corsair Gaming, Inc.* (Technology Hardware, Storage & Peripherals)	528		15,412
Cortexyme, Inc.* (Biotechnology)	392		22,152
CorVel Corp.* (Health Care Providers & Services)	173		24,362
Costamare, Inc. (Marine)	1,036		11,230
Coursera, Inc.* (Diversified Consumer Services)	237		8,435
Covanta Holding Corp. (Commercial Services & Supplies)	2,352		47,275
Covenant Logistics Group, Inc.* - Class A (Road & Rail)	241		5,063
Covetrus, Inc.* (Health Care Providers & Services)	2,032		51,735
Cowen, Inc. - Class A (Capital Markets)	510		20,390
CRA International, Inc. (Professional Services)	140		12,002
Cracker Barrel Old Country Store, Inc. (Hotels, Restaurants & Leisure)	466		63,460
Crawford & Co. - Class A (Insurance)	320		3,382
Crinetics Pharmaceuticals, Inc.* (Biotechnology)	716		12,874
Crocs, Inc.* (Textiles, Apparel & Luxury Goods)	1,268		172,208
Cross Country Healthcare, Inc.* (Health Care Providers & Services)	705		11,576
CrossFirst Bankshares, Inc.* (Banks)	926		12,788
CryoLife, Inc.* (Health Care Equipment & Supplies)	747		20,169

Additional financial disclosures are included in the notes to financial statements of the funds' annual report and should be read in conjunction with this report.

UltraSmall-Cap ProFund :: Schedule of Portfolio Investments :: July 31, 2021

Common Stocks, continued

	Shares		Value
CryoPort, Inc.* (Health Care Equipment & Supplies)	796	$	49,129
CSG Systems International, Inc. (IT Services)	639		28,985
CSW Industrials, Inc. (Building Products)	269		31,820
CTO Realty Growth, Inc. (Equity Real Estate Investment Trusts)	115		6,462
CTS Corp. (Electronic Equipment, Instruments & Components)	627		21,939
Cue BioPharma, Inc.* (Biotechnology)	585		6,096
Cullinan Oncology, Inc.* (Biotechnology)	260		5,962
CuriosityStream, Inc.* (Entertainment)	511		5,616
Curis, Inc.* (Biotechnology)	1,700		12,903
Curo Group Holdings Corp. (Consumer Finance)	414		6,529
Cushman & Wakefield PLC* (Real Estate Management & Development)	2,304		43,016
Custom Truck One Source, Inc.* (Trading Companies & Distributors)	255		1,986
Customers Bancorp, Inc. (Banks)	587		21,261
Cutera, Inc.* (Health Care Equipment & Supplies)	345		17,923
CVB Financial Corp. (Banks)	2,538		48,374
CVR Energy, Inc. (Oil, Gas & Consumable Fuels)	581		7,936
Cymabay Therapeutics, Inc.* (Pharmaceuticals)	1,361		5,362
Cytokinetics, Inc.* (Biotechnology)	1,337		39,682
CytomX Therapeutics, Inc.* (Biotechnology)	1,273		6,887
CytoSorbents Corp.* (Health Care Equipment & Supplies)	810		6,164
Daily Journal Corp.* (Media)	24		7,992
Daktronics, Inc.* (Electronic Equipment, Instruments & Components)	721		4,405
Dana, Inc. (Auto Components)	2,855		68,977
Danimer Scientific, Inc.* (Chemicals)	1,350		22,518
DarioHealth Corp.* (Health Care Equipment & Supplies)	265		3,933
Daseke, Inc.* (Road & Rail)	825		5,701
Dave & Buster's Entertainment, Inc.* (Hotels, Restaurants & Leisure)	849		28,255
Deciphera Pharmaceuticals, Inc.* (Biotechnology)	773		23,569
Del Taco Restaurants, Inc. (Hotels, Restaurants & Leisure)	586		4,987
Delek US Holdings, Inc. (Oil, Gas & Consumable Fuels)	1,289		22,403
Deluxe Corp. (Commercial Services & Supplies)	827		36,305
Denali Therapeutics, Inc.* (Biotechnology)	1,786		91,140
Denbury, Inc.* (Oil, Gas & Consumable Fuels)	991		65,119
Denny's Corp.* (Hotels, Restaurants & Leisure)	1,230		17,306
DermTech, Inc.* (Biotechnology)	465		15,652
Design Therapeutics, Inc.* (Biotechnology)	265		4,102
Designer Brands, Inc.* (Specialty Retail)	1,180		17,193
Desktop Metal, Inc.* - Class A (Machinery)	1,641		14,769
DHT Holdings, Inc. (Oil, Gas & Consumable Fuels)	2,843		16,489
Diamond Hill Investment Group, Inc. (Capital Markets)	60		10,335
DiamondRock Hospitality Co.* (Equity Real Estate Investment Trusts)	4,107		35,361
Dicerna Pharmaceuticals, Inc.* (Biotechnology)	1,352		50,714
Diebold Nixdorf, Inc.* (Technology Hardware, Storage & Peripherals)	1,413		14,709
Digi International, Inc.* (Communications Equipment)	664		13,732
Digimarc Corp.* (Software)	250		7,175
Digital Media Solutions, Inc.* - Class A (Media)	59		470
Digital Turbine, Inc.* (Software)	1,659		104,434
DigitalBridge Group, Inc.* (Equity Real Estate Investment Trusts)	9,389		65,347
DigitalOcean Holdings, Inc.* (IT Services)	253		13,030
Dillard's, Inc. - Class A (Multiline Retail)	123		22,542
Dime Community Bancshares, Inc. (Banks)	689		22,751
Dine Brands Global, Inc.* (Hotels, Restaurants & Leisure)	320		24,790
Diodes, Inc.* (Semiconductors & Semiconductor Equipment)	856		70,192
Diversified Healthcare Trust (Equity Real Estate Investment Trusts)	4,660		18,174
DMC Global, Inc.* (Machinery)	365		15,976
Domo, Inc.* (Software)	541		47,787
Domtar Corp.* (Paper & Forest Products)	982		53,921
Donegal Group, Inc. - Class A (Insurance)	286		4,424
Donnelley Financial Solutions, Inc.* (Capital Markets)	578		18,617
Dorian LPG, Ltd.* (Oil, Gas & Consumable Fuels)	587		7,103
Dorman Products, Inc.* (Auto Components)	525		53,104
Douglas Dynamics, Inc. (Machinery)	444		17,716
Dril-Quip, Inc.* (Energy Equipment & Services)	689		19,692
Drive Shack, Inc.* (Hotels, Restaurants & Leisure)	1,622		4,087
DSP Group, Inc.* (Semiconductors & Semiconductor Equipment)	443		7,110
Duckhorn Portfolio, Inc. (The)* (Beverages)	396		8,700
Ducommun, Inc.* (Aerospace & Defense)	214		11,545
Duluth Holdings, Inc.* - Class B (Internet & Direct Marketing Retail)	238		3,563
Durect Corp.* (Pharmaceuticals)	4,442		6,263
DXP Enterprises, Inc.* (Trading Companies & Distributors)	350		11,428
Dycom Industries, Inc.* (Construction & Engineering)	587		40,738
Dynavax Technologies Corp.* (Biotechnology)	2,117		19,773
Dyne Therapeutics, Inc.* (Biotechnology)	590		10,661
Dynex Capital, Inc. (Mortgage Real Estate Investment Trusts)	597		10,418
DZS, Inc.* (Communications Equipment)	330		6,518

Additional financial disclosures are included in the notes to financial statements of the funds' annual report and should be read in conjunction with this report.

UltraSmall-Cap ProFund :: Schedule of Portfolio Investments :: July 31, 2021

Common Stocks, continued

	Shares		Value
E2open Parent Holdings, Inc.* (Software)		820	$	8,241
Eagle Bancorp, Inc. (Banks)		621		34,174
Eagle Bulk Shipping, Inc.* (Marine)		165		6,881
Eagle Pharmaceuticals, Inc.* (Biotechnology)		228		10,602
Eargo, Inc.* (Health Care Equipment & Supplies)		379		13,644
Earthstone Energy, Inc.* - Class A (Oil, Gas & Consumable Fuels)		471		4,630
Easterly Government Properties, Inc. (Equity Real Estate Investment Trusts)		1,656		37,591
Eastern Bankshares, Inc. (Banks)		3,373		61,557
EastGroup Properties, Inc. (Equity Real Estate Investment Trusts)		781		137,629
Eastman Kodak Co.* (Technology Hardware, Storage & Peripherals)		881		6,502
Ebix, Inc. (Software)		521		15,745
Echo Global Logistics, Inc.* (Air Freight & Logistics)		517		15,991
EchoStar Corp.* - Class A (Communications Equipment)		812		18,108
Edgewell Personal Care Co. (Personal Products)		1,067		43,832
Edgewise Therapeutics, Inc.* (Pharmaceuticals)		242		4,237
Editas Medicine, Inc.* (Biotechnology)		1,343		56,218
eGain Corp.* (Software)		401		4,680
eHealth, Inc.* (Insurance)		479		24,913
Eiger Biopharmaceuticals, Inc.* (Biotechnology)		629		5,007
El Pollo Loco Holdings, Inc.* (Hotels, Restaurants & Leisure)		374		6,960
elf Beauty, Inc.* (Personal Products)		897		24,766
Ellington Financial, Inc. (Mortgage Real Estate Investment Trusts)		806		14,653
EMCOR Group, Inc. (Construction & Engineering)		1,062		129,361
EMCORE Corp.* (Communications Equipment)		717		6,267
Emerald Holding, Inc.* (Media)		475		1,876
Emergent BioSolutions, Inc.* (Biotechnology)		962		63,396
Empire State Realty Trust, Inc. (Equity Real Estate Investment Trusts)		2,808		32,095
Employers Holdings, Inc. (Insurance)		559		23,210
Enanta Pharmaceuticals, Inc.* (Biotechnology)		378		15,971
Encore Capital Group, Inc.* (Consumer Finance)		607		28,735
Encore Wire Corp. (Electrical Equipment)		395		30,980
Endo International PLC* (Pharmaceuticals)		4,500		22,770
Energizer Holdings, Inc. (Household Products)		1,337		57,290
Energy Fuels, Inc.* (Oil, Gas & Consumable Fuels)		2,769		14,537
Energy Recovery, Inc.* (Machinery)		828		17,512
Enerpac Tool Group Corp. (Machinery)		1,186		30,445
EnerSys (Electrical Equipment)		842		83,073
Ennis, Inc. (Commercial Services & Supplies)		501		9,905
Enova International, Inc.* (Consumer Finance)		712		23,560
EnPro Industries, Inc. (Machinery)		405		37,714
Enstar Group, Ltd.* (Insurance)		270		69,395
Entercom Communications Corp.* (Media)		2,316		8,268
Enterprise Bancorp, Inc. (Banks)		182		5,951
Enterprise Financial Services Corp. (Banks)		703		31,333
Entravision Communications Corp. - Class A (Media)		1,166		7,171
Envestnet, Inc.* (Software)		1,067		80,270
Eos Energy Enterprises, Inc.* (Electrical Equipment)		345		5,354
Epizyme, Inc.* (Biotechnology)		1,763		11,689
ePlus, Inc.* (Electronic Equipment, Instruments & Components)		261		24,132
Equitrans Midstream Corp. (Oil, Gas & Consumable Fuels)		8,031		66,015
Equity Bancshares, Inc.* - Class A (Banks)		265		7,807
Equity Commonwealth (Equity Real Estate Investment Trusts)		2,303		60,546
Eros STX Global Corp.* (Entertainment)		6,237		6,798
Escalade, Inc. (Leisure Products)		201		4,563
ESCO Technologies, Inc. (Machinery)		502		47,374
Esperion Therapeutics, Inc.* (Biotechnology)		515		7,926
Esports Technologies, Inc.* (Hotels, Restaurants & Leisure)		48		1,092
Essent Group, Ltd. (Thrifts & Mortgage Finance)		2,174		98,199
Essential Properties Realty Trust, Inc. (Real Estate Management & Development)		2,299		68,510
Ethan Allen Interiors, Inc. (Household Durables)		442		10,506
Evelo Biosciences, Inc.* (Biotechnology)		596		5,489
Eventbrite, Inc.* (Interactive Media & Services)		1,474		26,193
Everi Holdings, Inc.* (IT Services)		1,641		37,234
EverQuote, Inc.* - Class A (Interactive Media & Services)		371		11,197
EVERTEC, Inc. (IT Services)		1,189		51,959
EVI Industries, Inc.* (Trading Companies & Distributors)		112		3,017
Evo Payments, Inc.* (IT Services)		921		26,893
Evolent Health, Inc.* (Health Care Technology)		1,522		34,915
Evolus, Inc.* (Pharmaceuticals)		633		6,849
Evoqua Water Technologies Corp.* (Machinery)		2,273		75,032
Exagen, Inc.* (Health Care Providers & Services)		213		2,539
ExlService Holdings, Inc.* (IT Services)		645		73,026
eXp World Holdings, Inc.* (Real Estate Management & Development)		1,219		43,786
Exponent, Inc. (Professional Services)		1,020		109,232
Extraction Oil & Gas, Inc.* (Oil, Gas & Consumable Fuels)		307		13,658

Additional financial disclosures are included in the notes to financial statements of the funds' annual report and should be read in conjunction with this report.

UltraSmall-Cap ProFund :: Schedule of Portfolio Investments :: July 31, 2021

Common Stocks, continued

	Shares		Value
Extreme Networks, Inc.* (Communications Equipment)		2,424	$	26,688
EyePoint Pharmaceuticals, Inc.* (Pharmaceuticals)		415		3,411
EZCORP, Inc.* - Class A (Consumer Finance)		968		5,537
Fabrinet* (Electronic Equipment, Instruments & Components)		726		68,622
Falcon Minerals Corp. (Oil, Gas & Consumable Fuels)		782		3,730
Farmers National Bancorp (Banks)		511		7,844
Farmland Partners, Inc. (Equity Real Estate Investment Trusts)		526		6,628
FARO Technologies, Inc.* (Electronic Equipment, Instruments & Components)		357		26,022
Fate Therapeutics, Inc.* (Biotechnology)		1,574		130,326
Fathom Holdings, Inc.* (Real Estate Management & Development)		101		2,555
FB Financial Corp. (Banks)		654		24,728
Federal Agricultural Mortgage Corp. (Thrifts & Mortgage Finance)		180		17,550
Federal Signal Corp. (Machinery)		1,183		46,859
Federated Hermes, Inc. - Class B (Capital Markets)		1,859		60,306
Ferro Corp.* (Chemicals)		1,613		33,550
FibroGen, Inc.* (Biotechnology)		1,691		21,983
Fidelity D&D Bancorp, Inc. (Banks)		79		4,029
Fiesta Restaurant Group, Inc.* (Hotels, Restaurants & Leisure)		347		4,646
Finance Of America Cos., Inc.* - Class A (Thrifts & Mortgage Finance)		656		4,231
Financial Institutions, Inc. (Banks)		308		9,068
Finch Therapeutics Group, Inc.* (Biotechnology)		149		1,962
First Bancorp (Banks)		553		22,120
First Bancorp (Banks)		4,232		51,334
First Bancshares, Inc. (Banks)		398		15,351
First Bank/Hamilton NJ (Banks)		306		4,077
First Busey Corp. (Banks)		998		23,553
First Commonwealth Financial Corp. (Banks)		1,874		24,681
First Community Bancshares, Inc. (Banks)		337		9,840
First Financial Bancorp (Banks)		1,889		42,503
First Financial Bankshares, Inc. (Banks)		2,550		124,541
First Financial Corp. (Banks)		237		9,492
First Foundation, Inc. (Banks)		780		18,385
First Internet Bancorp (Banks)		183		5,541
First Interstate BancSystem - Class A (Banks)		804		33,704
First Merchants Corp. (Banks)		1,063		43,296
First Mid Bancshares, Inc. (Banks)		327		13,306
First Midwest Bancorp, Inc. (Banks)		2,237		40,132
First of Long Island Corp. (Banks)		449		9,676
FirstCash, Inc. (Consumer Finance)		791		62,647
Fisker, Inc.* (Automobiles)		3,117		50,247
Five Star Bancorp (Banks)		104		2,534
Flagstar Bancorp, Inc. (Thrifts & Mortgage Finance)		1,024		46,858
Flexion Therapeutics, Inc.* (Biotechnology)		945		5,604
Flexsteel Industries, Inc. (Household Durables)		130		4,485
Fluent, Inc.* (Media)		851		2,119
Fluidigm Corp.* (Life Sciences Tools & Services)		1,472		10,908
Fluor Corp.* (Construction & Engineering)		2,789		46,465
Flushing Financial Corp. (Banks)		579		12,767
Focus Financial Partners, Inc.* (Capital Markets)		1,015		52,100
Foghorn Therapeutics, Inc.* (Pharmaceuticals)		384		3,483
Forestar Group, Inc.* (Real Estate Management & Development)		335		6,857
Forian, Inc.* (Health Care Technology)		356		3,802
Forma Therapeutics Holdings, Inc.* (Biotechnology)		631		14,444
FormFactor, Inc.* (Semiconductors & Semiconductor Equipment)		1,527		56,896
Forrester Research, Inc.* (Professional Services)		222		10,401
Forte Biosciences, Inc.* (Biotechnology)		221		6,621
Forterra, Inc.* (Construction Materials)		571		13,470
Fortress Biotech, Inc.* (Biotechnology)		1,406		4,373
Forward Air Corp. (Air Freight & Logistics)		534		47,226
Fossil Group, Inc.* (Textiles, Apparel & Luxury Goods)		926		11,686
Four Corners Property Trust, Inc. (Equity Real Estate Investment Trusts)		1,494		42,893
Fox Factory Holding Corp.* (Auto Components)		830		134,078
Franchise Group, Inc. (Diversified Consumer Services)		556		18,882
Franklin Covey Co.* (Professional Services)		245		8,965
Franklin Electric Co., Inc. (Machinery)		911		74,483
Franklin Street Properties Corp. (Equity Real Estate Investment Trusts)		2,026		10,576
Frank's International N.V.* (Energy Equipment & Services)		3,261		8,968
Frequency Therapeutics, Inc.* (Biotechnology)		628		5,231
Fresh Del Monte Produce, Inc. (Food Products)		659		20,337
Frontier Group Holdings, Inc.* (Airlines)		684		10,082
Frontline, Ltd. (Oil, Gas & Consumable Fuels)		2,345		18,666
FRP Holdings, Inc.* (Real Estate Management & Development)		131		7,877
FS Bancorp, Inc. (Thrifts & Mortgage Finance)		144		5,008
FTC Solar, Inc.* (Electrical Equipment)		373		3,782
FTS International, Inc.* - Class A (Energy Equipment & Services)		175		3,420
fuboTV, Inc.* (Software)		2,582		67,235
FuelCell Energy, Inc.* (Electrical Equipment)		6,385		40,417
Fulcrum Therapeutics, Inc.* (Pharmaceuticals)		435		3,180

Additional financial disclosures are included in the notes to financial statements of the funds' annual report and should be read in conjunction with this report.

UltraSmall-Cap ProFund :: Schedule of Portfolio Investments :: July 31, 2021

Common Stocks, continued

	Shares		Value
Fulgent Genetics, Inc.* (Health Care Providers & Services)		398	$	36,716
Full House Resorts, Inc.* (Hotels, Restaurants & Leisure)		642		5,309
Fulton Financial Corp. (Banks)		3,122		47,829
Funko, Inc.* (Distributors)		521		9,722
FutureFuel Corp. (Chemicals)		507		4,310
G1 Therapeutics, Inc.* (Biotechnology)		770		13,329
GAMCO Investors, Inc. - Class A (Capital Markets)		104		2,802
GAN, Ltd.* (Hotels, Restaurants & Leisure)		788		12,056
Gannett Co., Inc.* (Media)		2,763		15,943
Gatos Silver, Inc.* (Metals & Mining)		680		9,275
GATX Corp. (Trading Companies & Distributors)		693		63,929
GCM Grosvenor, Inc. - Class A (Capital Markets)		642		6,394
GCP Applied Technologies, Inc.* (Chemicals)		966		22,460
Gemini Therapeutics, Inc.* (Biotechnology)		430		1,750
Genco Shipping & Trading, Ltd. (Marine)		631		11,074
Generation Bio Co.* (Biotechnology)		860		18,696
Genesco, Inc.* (Specialty Retail)		288		16,546
Genius Brands International, Inc.* (Leisure Products)		5,542		8,701
Gentherm, Inc.* (Auto Components)		653		54,153
Genworth Financial, Inc.* (Insurance)		9,956		33,253
German American Bancorp, Inc. (Banks)		485		18,285
Geron Corp.* (Biotechnology)		5,920		7,222
Getty Realty Corp. (Equity Real Estate Investment Trusts)		783		24,735
Gevo, Inc.* (Oil, Gas & Consumable Fuels)		3,832		23,337
Gibraltar Industries, Inc.* (Building Products)		644		48,094
G-III Apparel Group, Ltd.* (Textiles, Apparel & Luxury Goods)		867		25,889
Glacier Bancorp, Inc. (Banks)		1,882		97,036
Gladstone Commercial Corp. (Equity Real Estate Investment Trusts)		708		16,411
Gladstone Land Corp. (Equity Real Estate Investment Trusts)		495		11,543
Glatfelter Corp. (Paper & Forest Products)		860		13,098
Glaukos Corp.* (Health Care Equipment & Supplies)		882		44,982
Global Blood Therapeutics, Inc.* (Biotechnology)		1,175		32,113
Global Industrial Co. (Trading Companies & Distributors)		250		9,880
Global Medical REIT, Inc. (Equity Real Estate Investment Trusts)		1,113		17,318
Global Net Lease, Inc. (Equity Real Estate Investment Trusts)		1,886		34,834
Global Water Resources, Inc. (Water Utilities)		248		4,370
Globalstar, Inc.* (Diversified Telecommunication Services)		11,920		16,450
GMS, Inc.* (Trading Companies & Distributors)		839		41,220
Gogo, Inc.* (Wireless Telecommunication Services)		1,161		12,040
Golar LNG, Ltd.* (Oil, Gas & Consumable Fuels)		2,019		22,532
Golden Entertainment, Inc.* (Hotels, Restaurants & Leisure)		332		15,109
Golden Nugget Online Gaming, Inc.* (Hotels, Restaurants & Leisure)		627		7,185
Goosehead Insurance, Inc. (Insurance)		348		41,826
GoPro, Inc.* - Class A (Household Durables)		2,452		25,108
Gorman-Rupp Co. (Machinery)		446		15,918
Gossamer Bio, Inc.* (Biotechnology)		1,221		9,597
GP Strategies Corp.* (Professional Services)		247		5,026
GrafTech International, Ltd. (Electrical Equipment)		3,347		38,055
Graham Holdings Co. - Class B (Diversified Consumer Services)		76		50,514
Granite Construction, Inc. (Construction & Engineering)		898		34,501
Granite Point Mortgage Trust, Inc. (Mortgage Real Estate Investment Trusts)		1,075		15,168
Gray Television, Inc. (Media)		1,678		37,201
Great Ajax Corp. (Mortgage Real Estate Investment Trusts)		426		5,402
Great Lakes Dredge & Dock Corp.* (Construction & Engineering)		1,272		19,589
Great Southern Bancorp, Inc. (Banks)		208		10,822
Great Western Bancorp, Inc. (Banks)		1,088		33,510
Green Brick Partners, Inc.* (Household Durables)		604		15,142
Green Dot Corp.* - Class A (Consumer Finance)		1,050		48,374
Green Plains, Inc.* (Oil, Gas & Consumable Fuels)		842		29,773
GreenBox POS* (IT Services)		341		3,011
Greenhill & Co., Inc. (Capital Markets)		288		4,614
Greenlane Holdings, Inc.* - Class A (Distributors)		320		1,139
Greenlight Capital Re, Ltd.* - Class A (Insurance)		535		4,708
GreenSky, Inc.* - Class A (IT Services)		1,409		9,257
Greenwich Lifesciences, Inc.* (Biotechnology)		79		3,118
Greif, Inc. - Class A (Containers & Packaging)		507		30,734
Greif, Inc. - Class B (Containers & Packaging)		116		7,062
Grid Dynamics Holdings, Inc.* (IT Services)		601		12,651
Griffon Corp. (Building Products)		913		21,109
Gritstone bio, Inc.* (Biotechnology)		793		5,297
Group 1 Automotive, Inc. (Specialty Retail)		345		59,940
Groupon, Inc.* (Internet & Direct Marketing Retail)		456		16,585
GrowGeneration Corp.* (Specialty Retail)		1,062		43,192
GT Biopharma, Inc.* (Biotechnology)		468		4,657

Additional financial disclosures are included in the notes to financial statements of the funds' annual report and should be read in conjunction with this report.

UltraSmall-Cap ProFund :: Schedule of Portfolio Investments :: July 31, 2021

Common Stocks, continued

	Shares		Value
GTY Technology Holdings, Inc.* (Software)		632	$	4,373
Guaranty Bancshares, Inc. (Banks)		157		5,252
Guess?, Inc. (Specialty Retail)		790		17,633
H&E Equipment Services, Inc. (Trading Companies & Distributors)		632		21,507
H.B. Fuller Co. (Chemicals)		1,024		66,171
Haemonetics Corp.* (Health Care Equipment & Supplies)		991		60,243
Hall of Fame Resort & Entertainment Co.* (Hotels, Restaurants & Leisure)		1,080		3,197
Halozyme Therapeutics, Inc.* (Biotechnology)		2,767		114,359
Hamilton Beach Brands Holding Co. - Class A (Household Durables)		146		2,729
Hamilton Lane, Inc. (Capital Markets)		668		62,124
Hancock Whitney Corp. (Banks)		1,699		74,263
Hanger, Inc.* (Health Care Providers & Services)		737		18,086
Hanmi Financial Corp. (Banks)		599		10,920
Hannon Armstrong Sustainable Infrastructure Capital, Inc. - Class I (Mortgage Real Estate Investment Trusts)		1,506		85,541
HarborOne Bancorp, Inc. (Banks)		992		13,501
Harmonic, Inc.* (Communications Equipment)		1,754		15,523
Harmony Biosciences Holdings, Inc.* (Pharmaceuticals)		439		11,484
Harpoon Therapeutics, Inc.* (Biotechnology)		367		3,593
Harsco Corp.* (Machinery)		1,538		30,945
Harvard Bioscience, Inc.* (Life Sciences Tools & Services)		756		5,965
Haverty Furniture Cos., Inc. (Specialty Retail)		328		11,805
Hawaiian Holdings, Inc.* (Airlines)		993		19,592
Hawkins, Inc. (Chemicals)		377		13,689
Haynes International, Inc. (Metals & Mining)		245		9,244
HBT Financial, Inc. (Banks)		188		3,072
HC2 Holdings, Inc.* (Construction & Engineering)		930		3,422
HCI Group, Inc. (Insurance)		111		11,153
Health Catalyst, Inc.* (Health Care Technology)		878		50,977
Healthcare Realty Trust, Inc. (Equity Real Estate Investment Trusts)		2,782		88,690
Healthcare Services Group, Inc. (Commercial Services & Supplies)		1,472		38,419
HealthEquity, Inc.* (Health Care Providers & Services)		1,606		118,811
HealthStream, Inc.* (Health Care Technology)		497		14,517
Heartland Express, Inc. (Road & Rail)		937		15,957
Heartland Financial USA, Inc. (Banks)		792		36,131
Hecla Mining Co. (Metals & Mining)		10,439		69,837
Heidrick & Struggles International, Inc. (Professional Services)		380		16,230
Helen of Troy, Ltd.* (Household Durables)		480		107,226
Helios Technologies, Inc. (Machinery)		635		51,340
Helix Energy Solutions Group, Inc.* (Energy Equipment & Services)		2,810		11,662
Helmerich & Payne, Inc. (Energy Equipment & Services)		2,068		59,289
Hemisphere Media Group, Inc.* (Media)		312		3,966
Herc Holdings, Inc.* (Trading Companies & Distributors)		490		60,780
Heritage Commerce Corp. (Banks)		1,148		12,444
Heritage Financial Corp. (Banks)		697		16,860
Heritage Insurance Holdings, Inc. (Insurance)		507		3,721
Heritage-Crystal Clean, Inc.* (Commercial Services & Supplies)		307		8,651
Herman Miller, Inc. (Commercial Services & Supplies)		1,461		63,042
Heron Therapeutics, Inc.* (Biotechnology)		1,814		22,421
Hersha Hospitality Trust* (Equity Real Estate Investment Trusts)		634		5,966
Heska Corp.* (Health Care Equipment & Supplies)		188		45,252
HF Foods Group, Inc.* (Food & Staples Retailing)		711		3,676
Hibbett, Inc. (Specialty Retail)		319		28,283
HighPeak Energy, Inc. (Oil, Gas & Consumable Fuels)		98		1,068
Hillenbrand, Inc. (Machinery)		1,476		66,863
Hilltop Holdings, Inc. (Banks)		1,268		40,170
Hilton Grand Vacations, Inc.* (Hotels, Restaurants & Leisure)		1,680		68,326
Hingham Institution For Savings The (Thrifts & Mortgage Finance)		28		8,372
HireQuest, Inc. (Professional Services)		100		1,830
HNI Corp. (Commercial Services & Supplies)		855		31,892
Home Bancorp, Inc. (Thrifts & Mortgage Finance)		150		5,268
Home BancShares, Inc. (Banks)		2,995		63,434
Home Point Capital, Inc.* (Thrifts & Mortgage Finance)		144		717
HomeStreet, Inc. (Thrifts & Mortgage Finance)		408		15,386
HomeTrust Bancshares, Inc. (Banks)		298		7,846
Homology Medicines, Inc.* (Biotechnology)		824		5,241
Honest Co., Inc. (The)* (Personal Products)		488		7,013
Hooker Furniture Corp. (Household Durables)		230		7,634
Hookipa Pharma, Inc.* (Biotechnology)		377		2,914
Hope Bancorp, Inc. (Banks)		2,336		30,952
Horace Mann Educators Corp. (Insurance)		819		32,604
Horizon Bancorp, Inc. (Banks)		841		14,053
Hostess Brands, Inc.* (Food Products)		2,573		41,400
Houghton Mifflin Harcourt Co.* (Diversified Consumer Services)		2,496		28,255
Houlihan Lokey, Inc. (Capital Markets)		1,020		90,883
Hovnanian Enterprises, Inc.* - Class A (Household Durables)		100		10,439
Howard Bancorp, Inc.* (Banks)		259		5,102

Additional financial disclosures are included in the notes to financial statements of the funds' annual report and should be read in conjunction with this report.

UltraSmall-Cap ProFund :: Schedule of Portfolio Investments :: July 31, 2021

Common Stocks, continued

	Shares		Value
Hub Group, Inc.* - Class A (Air Freight & Logistics)		650	$	43,082
Humanigen, Inc.* (Biotechnology)		881		14,202
Huron Consulting Group, Inc.* (Professional Services)		439		21,568
Hydrofarm Holdings Group, Inc.* (Machinery)		222		10,953
Hyliion Holdings Corp.* (Machinery)		2,302		22,329
HyreCar, Inc.* (Diversified Consumer Services)		344		6,013
Hyster-Yale Materials Handling, Inc. (Machinery)		196		14,041
I3 Verticals, Inc.* - Class A (IT Services)		406		12,960
IBEX, Ltd.* (Commercial Services & Supplies)		111		2,290
iBio, Inc.* (Biotechnology)		4,243		5,261
iCAD, Inc.* (Health Care Technology)		430		6,304
ICF International, Inc. (Professional Services)		363		33,240
Ichor Holdings, Ltd.* (Semiconductors & Semiconductor Equipment)		545		28,106
Ideanomics, Inc.* (Software)		8,022		19,012
Ideaya Biosciences, Inc.* (Biotechnology)		551		13,500
Identiv, Inc.* (Electronic Equipment, Instruments & Components)		406		6,610
IDT Corp.* - Class B (Diversified Telecommunication Services)		393		19,571
IES Holdings, Inc.* (Construction & Engineering)		170		9,250
IGM Biosciences, Inc.* (Biotechnology)		158		10,746
iHeartMedia, Inc.* - Class A (Media)		2,199		56,844
II-VI, Inc.* (Electronic Equipment, Instruments & Components)		2,054		143,389
Ikena Oncology, Inc.* (Biotechnology)		178		1,764
IMAX Corp.* (Entertainment)		979		15,801
Immunic, Inc.* (Biotechnology)		305		2,693
ImmunityBio, Inc.* (Biotechnology)		1,313		14,390
ImmunoGen, Inc.* (Biotechnology)		3,836		21,520
Immunovant, Inc.* (Biotechnology)		737		7,709
Impel Neuropharma, Inc.* (Biotechnology)		106		1,490
Impinj, Inc.* (Semiconductors & Semiconductor Equipment)		366		16,836
Inari Medical, Inc.* (Health Care Equipment & Supplies)		667		59,890
Independence Holding Co. (Insurance)		84		3,758
Independence Realty Trust, Inc. (Equity Real Estate Investment Trusts)		2,006		38,676
Independent Bank Corp. (Banks)		647		45,730
Independent Bank Corp. (Banks)		410		8,622
Independent Bank Group, Inc. (Banks)		739		51,508
Indus Realty Trust, Inc. (Real Estate Management & Development)		87		5,877
Industrial Logistics Properties Trust (Equity Real Estate Investment Trusts)		1,276		34,580
Infinera Corp.* (Communications Equipment)		3,494		34,626
Infinity Pharmaceuticals, Inc.* (Biotechnology)		1,719		3,644
Infrastructure and Energy Alternatives, Inc.* (Construction & Engineering)		410		4,949
InfuSystem Holdings, Inc.* (Health Care Providers & Services)		352		6,424
Ingevity Corp.* (Chemicals)		790		67,103
Ingles Markets, Inc. (Food & Staples Retailing)		276		16,494
Inhibrx, Inc.* (Biotechnology)		548		15,596
Innospec, Inc. (Chemicals)		482		42,633
Innovage Holding Corp.* (Health Care Providers & Services)		360		6,070
Innovative Industrial Properties, Inc. (Equity Real Estate Investment Trusts)		465		99,971
Innoviva, Inc.* (Pharmaceuticals)		1,242		17,612
Inogen, Inc.* (Health Care Equipment & Supplies)		384		30,632
Inotiv, Inc.* (Life Sciences Tools & Services)		254		6,634
Inovalon Holdings, Inc.* (Health Care Technology)		1,483		56,176
Inovio Pharmaceuticals, Inc.* (Biotechnology)		4,059		34,096
Inozyme Pharma, Inc.* (Biotechnology)		283		4,746
Inseego Corp.* (Communications Equipment)		1,637		14,226
Insight Enterprises, Inc.* (Electronic Equipment, Instruments & Components)		686		68,861
Insmed, Inc.* (Biotechnology)		2,027		49,864
Insperity, Inc. (Professional Services)		713		70,623
Inspire Medical Systems, Inc.* (Health Care Technology)		528		96,708
Installed Building Products, Inc. (Household Durables)		466		55,920
Insteel Industries, Inc. (Building Products)		366		14,212
Instil Bio, Inc.* (Biotechnology)		342		5,147
Integer Holdings Corp.* (Health Care Equipment & Supplies)		645		63,139
Intellia Therapeutics, Inc.* (Biotechnology)		1,330		188,660
Intelligent Systems Corp.* (Software)		145		4,900
Inter Parfums, Inc. (Personal Products)		351		26,981
Intercept Pharmaceuticals, Inc.* (Biotechnology)		550		9,504
InterDigital, Inc. (Communications Equipment)		608		40,061
Interface, Inc. (Commercial Services & Supplies)		1,141		16,453
International Bancshares Corp. (Banks)		1,056		41,268
International Game Technology PLC* (Hotels, Restaurants & Leisure)		1,963		36,806
International Money Express, Inc.* (IT Services)		629		10,184
International Seaways, Inc. (Oil, Gas & Consumable Fuels)		808		13,292
Intersect ENT, Inc.* (Pharmaceuticals)		654		15,271
Intra-Cellular Therapies, Inc.* (Pharmaceuticals)		1,388		47,650
Intrepid Potash, Inc.* (Chemicals)		195		5,909
Invacare Corp.* (Health Care Equipment & Supplies)		661		4,779
Invesco Mortgage Capital, Inc. (Mortgage Real Estate Investment Trusts)		4,873		16,763

Additional financial disclosures are included in the notes to financial statements of the funds' annual report and should be read in conjunction with this report.

UltraSmall-Cap ProFund :: Schedule of Portfolio Investments :: July 31, 2021

Common Stocks, continued

	Shares		Value
Investors Bancorp, Inc. (Banks)		4,493	$	62,093
Investors Title Co. (Insurance)		26		4,330
Invitae Corp.* (Biotechnology)		3,934		110,112
iRadimed Corp.* (Health Care Equipment & Supplies)		125		4,208
iRhythm Technologies, Inc.* (Health Care Equipment & Supplies)		579		29,598
Iridium Communications, Inc.* (Diversified Telecommunication Services)		2,347		99,113
iRobot Corp.* (Household Durables)		549		48,038
Ironwood Pharmaceuticals, Inc.* (Biotechnology)		2,852		37,846
iStar, Inc. (Equity Real Estate Investment Trusts)		1,390		33,680
iTeos Therapeutics, Inc.* (Biotechnology)		397		9,540
Iteris, Inc.* (Electronic Equipment, Instruments & Components)		819		5,102
Itron, Inc.* (Electronic Equipment, Instruments & Components)		888		87,575
IVERIC bio, Inc.* (Biotechnology)		1,778		15,344
J & J Snack Foods Corp. (Food Products)		290		47,670
j2 Global, Inc.* (Software)		853		120,503
Jack in the Box, Inc. (Hotels, Restaurants & Leisure)		451		49,096
James River Group Holdings, Ltd. (Insurance)		703		25,575
JELD-WEN Holding, Inc.* (Building Products)		1,649		43,666
JFrog, Ltd.* (Software)		1,013		44,390
JOANN, Inc. (Specialty Retail)		228		3,525
John B Sanfilippo & Son, Inc. (Food Products)		174		16,071
John Bean Technologies Corp. (Machinery)		616		90,293
John Wiley & Sons, Inc. - Class A (Media)		847		49,787
Johnson Outdoors, Inc. - Class A (Leisure Products)		103		12,192
Jounce Therapeutics, Inc.* (Biotechnology)		647		3,261
Kadant, Inc. (Machinery)		226		40,709
Kadmon Holdings, Inc.* (Biotechnology)		3,403		12,795
Kaiser Aluminum Corp. (Metals & Mining)		310		37,721
Kala Pharmaceuticals, Inc.* (Pharmaceuticals)		949		3,274
Kaleido Biosciences, Inc.* (Pharmaceuticals)		380		2,063
KalVista Pharmaceuticals, Inc.* (Biotechnology)		390		7,855
Kaman Corp. - Class A (Trading Companies & Distributors)		543		24,082
KAR Auction Services, Inc.* (Commercial Services & Supplies)		2,444		40,277
Karat Packaging, Inc.* (Trading Companies & Distributors)		90		2,003
Karuna Therapeutics, Inc.* (Biotechnology)		436		49,800
Karyopharm Therapeutics, Inc.* (Biotechnology)		1,414		11,779
KB Home (Household Durables)		1,761		74,737
KBR, Inc. (IT Services)		2,777		107,469
Kearny Financial Corp. (Thrifts & Mortgage Finance)		1,434		17,251
Kelly Services, Inc.* - Class A (Professional Services)		691		15,147
KemPharm, Inc.* (Pharmaceuticals)		561		5,660
Kennametal, Inc. (Machinery)		1,642		59,523
Kennedy-Wilson Holdings, Inc. (Real Estate Management & Development)		2,358		47,608
Keros Therapeutics, Inc.* (Biotechnology)		306		11,261
Kezar Life Sciences, Inc.* (Biotechnology)		672		3,273
Kforce, Inc. (Professional Services)		403		25,159
Kimball Electronics, Inc.* (Electronic Equipment, Instruments & Components)		473		9,644
Kimball International, Inc. - Class B (Commercial Services & Supplies)		709		8,777
Kiniksa Pharmaceuticals, Ltd.* - Class A (Biotechnology)		573		8,784
Kinnate Biopharma, Inc.* (Biotechnology)		266		5,740
Kinsale Capital Group, Inc. (Insurance)		422		75,388
Kirkland's, Inc.* (Specialty Retail)		275		5,352
Kite Realty Group Trust (Equity Real Estate Investment Trusts)		1,638		33,022
KKR Real Estate Finance Trust, Inc. (Mortgage Real Estate Investment Trusts)		635		13,532
Knowles Corp.* (Electronic Equipment, Instruments & Components)		1,748		35,030
Kodiak Sciences, Inc.* (Biotechnology)		658		55,167
Kontoor Brands, Inc. (Textiles, Apparel & Luxury Goods)		1,019		56,432
Kopin Corp.* (Semiconductors & Semiconductor Equipment)		1,524		10,272
Koppers Holdings, Inc.* (Chemicals)		408		12,530
Korn Ferry (Professional Services)		1,048		72,040
Kosmos Energy, Ltd.* (Oil, Gas & Consumable Fuels)		7,956		18,378
Kraton Corp.* (Chemicals)		617		23,563
Kratos Defense & Security Solutions, Inc.* (Aerospace & Defense)		2,409		65,524
Kronos Bio, Inc.* (Chemicals)		762		15,583
Kronos Worldwide, Inc. (Chemicals)		437		6,079
Krystal Biotech, Inc.* (Biotechnology)		352		20,571
Kulicke & Soffa Industries, Inc. (Semiconductors & Semiconductor Equipment)		1,202		65,341
Kura Oncology, Inc.* (Biotechnology)		1,248		23,637
Kura Sushi USA, Inc.* - Class A (Hotels, Restaurants & Leisure)		67		3,258
KVH Industries, Inc.* (Communications Equipment)		298		3,373
Kymera Therapeutics, Inc.* (Biotechnology)		568		34,182
Ladder Capital Corp. (Mortgage Real Estate Investment Trusts)		2,232		25,489
Laird Superfood, Inc.* (Food Products)		122		3,404
Lakeland Bancorp, Inc. (Banks)		960		15,715
Lakeland Financial Corp. (Banks)		479		32,031
Lancaster Colony Corp. (Food Products)		373		73,806
Landec Corp.* (Food Products)		513		5,612

Additional financial disclosures are included in the notes to financial statements of the funds’ annual report and should be read in conjunction with this report.

UltraSmall-Cap ProFund :: Schedule of Portfolio Investments :: July 31, 2021

Common Stocks, continued

	Shares		Value
Landos Biopharma, Inc.* (Pharmaceuticals)		127	$	1,394
Lands' End, Inc.* (Internet & Direct Marketing Retail)		282		10,809
Landsea Homes Corp.* (Household Durables)		118		992
Lantheus Holdings, Inc.* (Health Care Equipment & Supplies)		1,323		34,623
Laredo Petroleum, Inc.* (Oil, Gas & Consumable Fuels)		247		13,600
Latham Group, Inc.* (Leisure Products)		456		12,440
Lattice Semiconductor Corp.* (Semiconductors & Semiconductor Equipment)		2,665		151,238
Laureate Education, Inc.* - Class A (Diversified Consumer Services)		2,077		30,760
Lawson Products, Inc.* (Trading Companies & Distributors)		93		4,882
La-Z-Boy, Inc. (Household Durables)		903		30,323
Lazydays Holdings, Inc.* (Specialty Retail)		144		3,005
LCI Industries (Auto Components)		487		71,014
Legacy Housing Corp.* (Household Durables)		158		2,787
Lemaitre Vascular, Inc. (Health Care Equipment & Supplies)		353		19,224
LendingClub Corp.* (Consumer Finance)		1,894		46,214
LendingTree, Inc.* (Thrifts & Mortgage Finance)		228		44,510
Lexicon Pharmaceuticals, Inc.* (Biotechnology)		1,333		4,719
Lexington Realty Trust (Equity Real Estate Investment Trusts)		5,388		70,852
LGI Homes, Inc.* (Household Durables)		436		74,512
LHC Group, Inc.* (Health Care Providers & Services)		600		129,107
Liberty Latin America, Ltd.* - Class A (Media)		842		11,493
Liberty Latin America, Ltd.* - Class C (Media)		3,035		41,974
Liberty Media Corp-Liberty Braves* - Class A (Entertainment)		197		5,228
Liberty Media Corp-Liberty Braves* - Class C (Entertainment)		717		18,965
Liberty Oilfield Services, Inc.* (Energy Equipment & Services)		1,700		17,323
Liberty TripAdvisor Holdings, Inc.* - Class A (Interactive Media & Services)		1,431		5,982
Lifetime Brands, Inc. (Household Durables)		249		3,752
Ligand Pharmaceuticals, Inc.* (Biotechnology)		296		33,599
Limelight Networks, Inc.* (IT Services)		2,454		6,896
Limoneira Co. (Food Products)		308		5,516
Lindblad Expeditions Holdings, Inc.* (Hotels, Restaurants & Leisure)		602		8,241
Lindsay Corp. (Machinery)		214		34,388
Lineage Cell Therapeutics, Inc.* (Biotechnology)		2,381		6,262
Lions Gate Entertainment Corp.* - Class A (Entertainment)		1,144		17,194
Lions Gate Entertainment Corp.* - Class B (Entertainment)		2,263		30,234
Liquidity Services, Inc.* (Internet & Direct Marketing Retail)		521		10,337
LivaNova PLC* (Health Care Equipment & Supplies)		965		83,280
Live Oak Bancshares, Inc. (Banks)		619		37,258
Livent Corp.* (Chemicals)		2,887		56,325
LivePerson, Inc.* (Software)		1,258		80,122
LiveRamp Holdings, Inc.* (IT Services)		1,278		51,133
LiveXLive Media, Inc.* (Entertainment)		1,040		3,682
Loral Space & Communications, Inc. (Media)		252		8,918
Lordstown Motors Corp.* - Class A (Automobiles)		2,202		13,740
LTC Properties, Inc. (Equity Real Estate Investment Trusts)		764		28,917
Lumber Liquidators Holdings, Inc.* (Specialty Retail)		563		10,742
Luna Innovations, Inc.* (Electronic Equipment, Instruments & Components)		598		7,373
Luther Burbank Corp. (Thrifts & Mortgage Finance)		307		3,979
Luxfer Holdings PLC (Machinery)		558		11,634
Lydall, Inc.* (Machinery)		343		20,992
M.D.C Holdings, Inc. (Household Durables)		1,123		59,878
M/I Homes, Inc.* (Household Durables)		561		36,302
Macatawa Bank Corp. (Banks)		516		4,293
Mack-Cali Realty Corp.* (Equity Real Estate Investment Trusts)		1,725		31,050
MACOM Technology Solutions Holdings, Inc.* (Semiconductors & Semiconductor Equipment)		956		59,004
Macquarie Infrastructure Corp. (Transportation Infrastructure)		1,451		57,315
MacroGenics, Inc.* (Biotechnology)		1,158		28,904
Macy's, Inc.* (Multiline Retail)		6,169		104,873
Madison Square Garden Entertainment Corp.* (Entertainment)		473		33,091
Madrigal Pharmaceuticals, Inc.* (Biotechnology)		223		19,472
Magellan Health, Inc.* (Health Care Providers & Services)		466		43,953
Magenta Therapeutics, Inc.* (Biotechnology)		587		4,179
Magnite, Inc.* (Internet & Direct Marketing Retail)		2,062		62,479
Magnolia Oil & Gas Corp.* (Oil, Gas & Consumable Fuels)		2,734		38,276
Maiden Holdings, Ltd.* (Insurance)		1,365		4,614
Malibu Boats, Inc.* (Leisure Products)		407		34,050
MannKind Corp.* (Biotechnology)		4,848		19,877
ManTech International Corp. - Class A (IT Services)		538		47,053
Marathon Digital Holdings, Inc.* (IT Services)		1,874		51,779
Marcus & Millichap, Inc.* (Real Estate Management & Development)		466		18,542
Marine Products Corp. (Leisure Products)		160		2,618
MarineMax, Inc.* (Specialty Retail)		422		22,699

Additional financial disclosures are included in the notes to financial statements of the funds’ annual report and should be read in conjunction with this report.

UltraSmall-Cap ProFund :: Schedule of Portfolio Investments :: July 31, 2021

Common Stocks, continued

	Shares		Value
Marinus Pharmaceuticals, Inc.* (Pharmaceuticals)		725	$	10,658
Marlin Business Services Corp. (Diversified Financial Services)		159		3,587
Marrone Bio Innovations, Inc.* (Chemicals)		1,967		2,459
Marten Transport, Ltd. (Road & Rail)		1,169		18,494
Masonite International Corp.* (Building Products)		482		54,543
MasterCraft Boat Holdings, Inc.* (Leisure Products)		369		9,838
Matador Resources Co. (Oil, Gas & Consumable Fuels)		2,175		67,208
Materion Corp. (Metals & Mining)		400		28,544
Matrix Service Co.* (Energy Equipment & Services)		511		5,575
Matson, Inc. (Marine)		844		56,649
Matthews International Corp. - Class A (Commercial Services & Supplies)		608		21,037
MAX Holdings, Inc. (Real Estate Management & Development)		363		12,451
Maxar Technologies, Inc. (Aerospace & Defense)		1,408		51,068
MAXIMUS, Inc. (IT Services)		1,204		107,155
MaxLinear, Inc.* - Class A (Semiconductors & Semiconductor Equipment)		1,373		66,220
Mayville Engineering Co., Inc.* (Metals & Mining)		176		3,092
MBIA, Inc.* (Insurance)		941		12,280
McGrath RentCorp (Commercial Services & Supplies)		474		37,171
MDC Partners, Inc.* - Class A (Media)		1,227		6,883
MedAvail Holdings, Inc.* (Food & Staples Retailing)		230		1,941
MediaAlpha, Inc.* - Class A (Interactive Media & Services)		407		13,594
Medifast, Inc. (Personal Products)		229		65,383
MEDNAX, Inc.* (Health Care Providers & Services)		1,495		43,534
Medpace Holdings, Inc.* (Life Sciences Tools & Services)		569		100,110
MEI Pharma, Inc.* (Biotechnology)		2,128		5,746
MeiraGTx Holdings PLC* (Biotechnology)		585		8,184
Mercantile Bank Corp. (Banks)		311		9,719
Merchants Bancorp (Thrifts & Mortgage Finance)		193		7,072
Meredith Corp.* (Media)		783		34,170
Meridian Bancorp, Inc. (Thrifts & Mortgage Finance)		918		17,543
Meridian Bioscience, Inc.* (Health Care Equipment & Supplies)		837		17,159
Merit Medical Systems, Inc.* (Health Care Equipment & Supplies)		1,008		70,651
Meritage Homes Corp.* (Household Durables)		736		79,915
Meritor, Inc.* (Machinery)		1,379		33,551
Mersana Therapeutics, Inc.* (Biotechnology)		1,352		14,872
Mesa Air Group, Inc.* (Airlines)		674		6,012
Mesa Laboratories, Inc. (Electronic Equipment, Instruments & Components)		96		28,273
Meta Financial Group, Inc. (Thrifts & Mortgage Finance)		617		30,665
Meta Materials, Inc.* (Oil, Gas & Consumable Fuels)		1,208		4,228
Methode Electronics, Inc. (Electronic Equipment, Instruments & Components)		750		35,873
Metrocity Bankshares, Inc. (Banks)		373		7,449
MetroMile, Inc.* (Insurance)		721		5,112
Metropolitan Bank Holding Corp.* (Banks)		151		10,726
MFA Financial, Inc. (Mortgage Real Estate Investment Trusts)		8,693		40,596
MGE Energy, Inc. (Electric Utilities)		715		55,856
MGP Ingredients, Inc. (Beverages)		278		16,583
MicroStrategy, Inc.* - Class A (Software)		154		96,406
MicroVision, Inc.* (Electronic Equipment, Instruments & Components)		3,109		42,811
Mid Penn Bancorp, Inc. (Banks)		193		5,028
Middlesex Water Co. (Water Utilities)		339		34,490
Midland States Bancorp, Inc. (Banks)		426		10,484
MidwestOne Financial Group, Inc. (Banks)		284		8,273
Miller Industries, Inc. (Machinery)		218		8,177
Mimecast, Ltd.* (Software)		1,171		65,049
MiMedx Group, Inc.* (Biotechnology)		2,181		26,739
Mind Medicine MindMed, Inc.* (Pharmaceuticals)		6,323		19,348
Minerals Technologies, Inc. (Chemicals)		660		52,945
Mirum Pharmaceuticals, Inc.* (Biotechnology)		71		1,026
Misonix, Inc.* (Health Care Equipment & Supplies)		240		6,370
Mission Produce, Inc.* (Food Products)		728		14,101
Mistras Group, Inc.* (Professional Services)		392		4,116
Mitek System, Inc.* (Software)		824		18,219
Model N, Inc.* (Software)		683		22,109
Modine Manufacturing Co.* (Auto Components)		982		16,429
ModivCare, Inc.* (Health Care Providers & Services)		244		41,480
Moelis & Co. (Capital Markets)		1,201		71,159
Molecular Templates, Inc.* (Biotechnology)		726		5,082
Momentive Global, Inc.* (Software)		2,516		52,836
Monarch Casino & Resort, Inc.* (Hotels, Restaurants & Leisure)		255		16,282
MoneyGram International, Inc.* (IT Services)		1,531		15,831
Monmouth Real Estate Investment Corp. - Class A (Equity Real Estate Investment Trusts)		1,871		35,624
Monro, Inc. (Specialty Retail)		652		37,816
Montrose Environmental Group, Inc.* (Commercial Services & Supplies)		439		23,570
Moog, Inc. - Class A (Aerospace & Defense)		568		44,230
Morphic Holding, Inc.* (Biotechnology)		407		23,451
Motorcar Parts of America, Inc.* (Auto Components)		369		8,207

Additional financial disclosures are included in the notes to financial statements of the funds’ annual report and should be read in conjunction with this report.

UltraSmall-Cap ProFund :: Schedule of Portfolio Investments :: July 31, 2021

Common Stocks, continued

	Shares		Value
Movado Group, Inc. (Textiles, Apparel & Luxury Goods)		309	$	9,292
MP Materials Corp.* (Metals & Mining)		1,432		53,872
Mr. Cooper Group, Inc.* (Thrifts & Mortgage Finance)		1,393		51,792
MRC Global, Inc.* (Trading Companies & Distributors)		1,581		14,498
Mueller Industries, Inc. (Machinery)		1,103		47,870
Mueller Water Products, Inc. - Class A (Machinery)		3,093		45,838
Multiplan Corp.* (Health Care Technology)		7,836		63,080
Murphy Oil Corp. (Oil, Gas & Consumable Fuels)		2,878		62,481
Murphy USA, Inc. (Specialty Retail)		495		73,017
Mustang Bio, Inc.* (Biotechnology)		1,366		3,948
MVB Financial Corp. (Banks)		193		8,000
Myers Industries, Inc. (Containers & Packaging)		709		15,017
MYR Group, Inc.* (Construction & Engineering)		324		30,984
Myriad Genetics, Inc.* (Biotechnology)		1,503		47,540
Nabors Industries, Ltd.* (Energy Equipment & Services)		139		12,164
NanoString Technologies, Inc.* (Life Sciences Tools & Services)		891		55,189
Nanthealth, Inc.* (Health Care Technology)		520		1,040
Napco Security Technologies, Inc.* (Electronic Equipment, Instruments & Components)		285		10,075
Nathan's Famous, Inc. (Hotels, Restaurants & Leisure)		56		3,598
National Bank Holdings Corp. (Banks)		580		20,567
National Beverage Corp. (Beverages)		461		20,920
National CineMedia, Inc. (Media)		1,155		4,019
National Energy Services Reunited Corp.* (Energy Equipment & Services)		585		7,547
National Health Investors, Inc. (Equity Real Estate Investment Trusts)		859		58,610
National Healthcare Corp. (Health Care Providers & Services)		247		19,180
National Presto Industries, Inc. (Aerospace & Defense)		100		9,648
National Research Corp. (Health Care Providers & Services)		275		14,515
National Storage Affiliates Trust (Equity Real Estate Investment Trusts)		1,379		74,700
National Vision Holdings, Inc.* (Specialty Retail)		1,603		86,529
National Western Life Group, Inc. - Class A (Insurance)		50		10,395
Natural Grocers by Vitamin Cottage, Inc. (Food & Staples Retailing)		181		2,024
Nature's Sunshine Products, Inc. (Personal Products)		233		4,098
Natus Medical, Inc.* (Health Care Equipment & Supplies)		662		17,675
Nautilus, Inc.* (Leisure Products)		585		8,453
Navient Corp. (Consumer Finance)		3,461		70,707
NBT Bancorp, Inc. (Banks)		829		28,891
Neenah, Inc. (Paper & Forest Products)		331		16,639
Nelnet, Inc. - Class A (Consumer Finance)		333		25,075
NEOGAMES SA* (Hotels, Restaurants & Leisure)		109		5,259
Neogen Corp.* (Health Care Equipment & Supplies)		2,114		92,086
NeoGenomics, Inc.* (Life Sciences Tools & Services)		2,226		102,619
Neoleukin Therapeutics, Inc.* (Biotechnology)		691		4,830
NeoPhotonics Corp.* (Semiconductors & Semiconductor Equipment)		990		9,603
NETGEAR, Inc.* (Communications Equipment)		592		20,276
NetScout Systems, Inc.* (Communications Equipment)		1,378		39,631
NETSTREIT Corp. (Equity Real Estate Investment Trusts)		779		20,215
Neuronetics, Inc.* (Health Care Equipment & Supplies)		490		6,497
NeuroPace, Inc.* (Health Care Equipment & Supplies)		137		2,918
Nevro Corp.* (Health Care Equipment & Supplies)		679		105,245
New Jersey Resources Corp. (Gas Utilities)		1,897		73,072
New Senior Investment Group, Inc. (Equity Real Estate Investment Trusts)		1,608		14,826
New York Mortgage Trust, Inc. (Mortgage Real Estate Investment Trusts)		7,455		32,578
NewAge, Inc.* (Beverages)		2,614		4,993
Newmark Group, Inc. (Real Estate Management & Development)		2,930		37,738
Newpark Resources, Inc.* (Energy Equipment & Services)		1,752		5,659
NexImmune, Inc.* (Biotechnology)		133		1,420
Nexpoint Residential Trust, Inc. (Equity Real Estate Investment Trusts)		437		25,761
NextGen Healthcare, Inc.* (Health Care Technology)		1,103		17,891
NexTier Oilfield Solutions, Inc.* (Energy Equipment & Services)		3,396		12,973
NGM Biopharmaceuticals, Inc.* (Pharmaceuticals)		619		12,621
NI Holdings, Inc.* (Insurance)		168		3,321
Nicolet Bankshares, Inc.* (Banks)		175		12,668
Nikola Corp.* (Machinery)		3,937		46,732
Nkarta, Inc.* (Biotechnology)		277		8,798
NL Industries, Inc. (Commercial Services & Supplies)		164		989
nLight, Inc.* (Electronic Equipment, Instruments & Components)		835		28,966
NMI Holdings, Inc.* - Class A (Thrifts & Mortgage Finance)		1,649		36,311
NN, Inc.* (Machinery)		839		5,739
Noodles & Co.* (Hotels, Restaurants & Leisure)		798		9,528
Nordic American Tankers, Ltd. (Oil, Gas & Consumable Fuels)		2,965		7,739

Additional financial disclosures are included in the notes to financial statements of the funds’ annual report and should be read in conjunction with this report.

UltraSmall-Cap ProFund :: Schedule of Portfolio Investments :: July 31, 2021

Common Stocks, continued

	Shares		Value
Northern Oil And Gas, Inc. (Oil, Gas & Consumable Fuels)		939	$	16,217
Northfield Bancorp, Inc. (Thrifts & Mortgage Finance)		898		14,772
Northrim Bancorp, Inc. (Banks)		119		4,858
Northwest Bancshares, Inc. (Thrifts & Mortgage Finance)		2,404		31,997
Northwest Natural Holding Co. (Gas Utilities)		599		31,322
Northwest Pipe Co.* (Construction & Engineering)		190		5,398
NorthWestern Corp. (Multi-Utilities)		997		61,804
Novagold Resources, Inc.* (Metals & Mining)		4,658		36,426
Novanta, Inc.* (Electronic Equipment, Instruments & Components)		693		97,303
NOW, Inc.* (Trading Companies & Distributors)		2,165		21,369
Nu Skin Enterprises, Inc. - Class A (Personal Products)		976		52,401
Nurix Therapeutics, Inc.* (Biotechnology)		615		18,905
NuVasive, Inc.* (Health Care Equipment & Supplies)		1,017		65,037
Nuvation Bio, Inc.* (Pharmaceuticals)		695		6,005
NV5 Global, Inc.* (Construction & Engineering)		251		23,845
NVE Corp. (Semiconductors & Semiconductor Equipment)		94		7,057
Oasis Petroleum, Inc. (Oil, Gas & Consumable Fuels)		396		36,317
Oceaneering International, Inc.* (Energy Equipment & Services)		1,956		25,937
Oceanfirst Financial Corp. (Thrifts & Mortgage Finance)		1,161		22,640
Ocugen, Inc.* (Biotechnology)		3,626		24,330
Ocular Therapeutix, Inc.* (Pharmaceuticals)		1,505		16,570
Ocwen Financial Corp.* (Thrifts & Mortgage Finance)		160		4,184
Office Properties Income Trust (Equity Real Estate Investment Trusts)		940		27,241
OFG Bancorp (Banks)		998		23,054
O-I Glass, Inc.* (Containers & Packaging)		3,103		45,894
Oil States International, Inc.* (Energy Equipment & Services)		1,190		6,735
Oil-Dri Corp. of America (Household Products)		102		3,628
Old National Bancorp (Banks)		3,245		52,212
Old Second Bancorp, Inc. (Banks)		545		6,311
Olema Pharmaceuticals, Inc.* (Biotechnology)		238		5,588
Olympic Steel, Inc. (Metals & Mining)		184		5,542
Omega Flex, Inc. (Machinery)		61		9,566
Omeros Corp.* (Pharmaceuticals)		1,184		17,168
Omnicell, Inc.* (Health Care Technology)		845		123,793
ON24, Inc.* (Software)		177		6,464
Oncocyte Corp.* (Biotechnology)		1,391		7,150
Oncorus, Inc.* (Biotechnology)		401		5,141
Oncternal Therapeutics, Inc.* (Biotechnology)		869		3,389
ONE Gas, Inc. (Gas Utilities)		1,036		76,436
ONE Group Hospitality, Inc. (The)* (Hotels, Restaurants & Leisure)		384		3,514
One Liberty Properties, Inc. (Equity Real Estate Investment Trusts)		316		9,666
OneSpan, Inc.* (Software)		692		17,072
OneSpaWorld Holdings, Ltd.* (Diversified Consumer Services)		1,038		10,255
Onewater Marine, Inc. (Specialty Retail)		201		9,443
Onto Innovation, Inc.* (Semiconductors & Semiconductor Equipment)		956		66,996
Ontrak, Inc.* (Health Care Providers & Services)		169		4,565
Ooma, Inc.* (Diversified Telecommunication Services)		427		7,921
Open Lending Corp.* - Class A (Capital Markets)		2,047		77,786
OPKO Health, Inc.* (Biotechnology)		7,718		26,550
Oportun Financial Corp.* (Consumer Finance)		409		8,622
Oppenheimer Holdings, Inc. - Class A (Capital Markets)		181		8,136
OptimizeRx Corp.* (Health Care Technology)		331		18,294
Option Care Health, Inc.* (Health Care Providers & Services)		2,172		45,004
Oramed Pharmaceuticals, Inc.* (Pharmaceuticals)		524		7,436
OraSure Technologies, Inc.* (Health Care Equipment & Supplies)		1,405		16,565
ORBCOMM, Inc.* (Diversified Telecommunication Services)		1,465		16,540
Orchid Island Capital, Inc. (Mortgage Real Estate Investment Trusts)		1,862		9,217
Organogenesis Holdings, Inc.* (Biotechnology)		749		11,490
ORIC Pharmaceuticals, Inc.* (Biotechnology)		579		9,640
Origin Bancorp, Inc. (Banks)		434		17,655
Orion Engineered Carbons SA* (Chemicals)		1,190		21,515
Ormat Technologies, Inc. (Independent Power and Renewable Electricity Producers)		890		62,069
Orrstown Financial Services, Inc. (Banks)		214		4,933
Ortho Clinical Diagnostics Holdings PLC* (Health Care Equipment & Supplies)		1,737		39,030
Orthofix Medical, Inc.* (Health Care Equipment & Supplies)		372		14,783
OrthoPediatrics Corp.* (Health Care Equipment & Supplies)		272		17,092
OSI Systems, Inc.* (Electronic Equipment, Instruments & Components)		333		33,317
Otter Tail Corp. (Electric Utilities)		808		41,038
Ouster, Inc.* (Electronic Equipment, Instruments & Components)		570		5,238
Outfront Media, Inc.* (Equity Real Estate Investment Trusts)		2,858		68,278
Outlook Therapeutics, Inc.* (Biotechnology)		1,719		3,885
Outset Medical, Inc.* (Health Care Equipment & Supplies)		898		36,782

Additional financial disclosures are included in the notes to financial statements of the funds’ annual report and should be read in conjunction with this report.

UltraSmall-Cap ProFund :: Schedule of Portfolio Investments :: July 31, 2021

Common Stocks, continued

	Shares		Value
Overstock.com, Inc.* (Internet & Direct Marketing Retail)		844	$	58,776
Ovintiv, Inc. (Oil, Gas & Consumable Fuels)		5,147		132,072
Owens & Minor, Inc. (Health Care Providers & Services)		1,424		65,860
Oxford Industries, Inc. (Textiles, Apparel & Luxury Goods)		316		27,470
Oyster Point Pharma, Inc.* (Biotechnology)		218		3,107
Pacific Biosciences of California, Inc.* (Life Sciences Tools & Services)		3,818		122,748
Pacific Premier Bancorp, Inc. (Banks)		1,841		69,921
Pacira BioSciences, Inc.* (Pharmaceuticals)		857		50,520
Pactiv Evergreen, Inc. (Containers & Packaging)		845		12,227
PAE, Inc.* (Aerospace & Defense)		1,363		12,158
PagerDuty, Inc.* (Software)		1,585		64,335
Palomar Holdings, Inc.* (Insurance)		483		39,331
PAM Transportation Services, Inc.* (Road & Rail)		36		2,250
Papa John's International, Inc. (Hotels, Restaurants & Leisure)		650		74,178
Par Pacific Holdings, Inc.* (Oil, Gas & Consumable Fuels)		879		14,398
PAR Technology Corp.* (Electronic Equipment, Instruments & Components)		466		28,449
Paramount Group, Inc. (Equity Real Estate Investment Trusts)		3,666		35,780
Paratek Pharmaceuticals, Inc.* (Pharmaceuticals)		899		4,675
Park Aerospace Corp. (Aerospace & Defense)		384		5,722
Park National Corp. (Banks)		283		32,237
Park-Ohio Holdings Corp. (Machinery)		167		4,858
Parsons Corp.* (Aerospace & Defense)		517		19,967
Party City Holdco, Inc.* (Specialty Retail)		2,170		18,532
Passage Bio, Inc.* (Biotechnology)		728		8,590
Patrick Industries, Inc. (Building Products)		446		36,853
Patterson Cos., Inc. (Health Care Providers & Services)		1,683		52,392
Patterson-UTI Energy, Inc. (Energy Equipment & Services)		3,663		29,377
PAVmed, Inc.* (Health Care Equipment & Supplies)		1,411		9,694
Paya Holdings, Inc.* (IT Services)		1,614		18,545
PBF Energy, Inc.* - Class A (Oil, Gas & Consumable Fuels)		1,891		17,340
PC Connection, Inc. (Electronic Equipment, Instruments & Components)		218		10,368
PCSB Financial Corp. (Thrifts & Mortgage Finance)		267		4,817
PDC Energy, Inc. (Oil, Gas & Consumable Fuels)		1,952		77,202
PDF Solutions, Inc.* (Semiconductors & Semiconductor Equipment)		583		10,908
Peabody Energy Corp.* (Oil, Gas & Consumable Fuels)		1,360		15,926
Peapack Gladstone Financial Corp. (Banks)		360		11,596
Pebblebrook Hotel Trust (Equity Real Estate Investment Trusts)		2,553		57,417
Penn Virginia Corp.* (Oil, Gas & Consumable Fuels)		303		5,602
Pennymac Financial Services, Inc. (Thrifts & Mortgage Finance)		694		43,646
PennyMac Mortgage Investment Trust (Mortgage Real Estate Investment Trusts)		1,924		37,941
Peoples Bancorp, Inc. (Banks)		354		10,439
Peoples Financial Services Corp. (Banks)		138		5,920
Perdoceo Education Corp.* (Diversified Consumer Services)		1,382		16,391
Perficient, Inc.* (IT Services)		639		60,251
Performance Food Group Co.* (Food & Staples Retailing)		2,591		118,719
Perpetua Resources Corp.* (Metals & Mining)		526		2,993
Personalis, Inc.* (Life Sciences Tools & Services)		699		14,672
Petiq, Inc.* (Health Care Providers & Services)		518		18,316
PetMed Express, Inc. (Internet & Direct Marketing Retail)		387		12,148
PGT Innovations, Inc.* (Building Products)		1,149		25,944
Phathom Pharmaceuticals, Inc.* (Pharmaceuticals)		398		12,776
Phibro Animal Health Corp. - Class A (Pharmaceuticals)		401		9,492
Photronics, Inc.* (Semiconductors & Semiconductor Equipment)		1,210		16,178
Phreesia, Inc.* (Health Care Technology)		748		51,126
Physicians Realty Trust (Equity Real Estate Investment Trusts)		4,235		80,253
Piedmont Office Realty Trust, Inc. - Class A (Equity Real Estate Investment Trusts)		2,435		46,314
Ping Identity Holding Corp.* (Software)		854		18,848
Pioneer Bancorp, Inc.* (Thrifts & Mortgage Finance)		228		2,638
Piper Sandler Cos. (Capital Markets)		348		42,696
Pitney Bowes, Inc. (Commercial Services & Supplies)		3,453		27,624
PJT Partners, Inc. - Class A (Capital Markets)		472		36,896
Plantronics, Inc.* (Communications Equipment)		670		20,897
PlayAGS, Inc.* (Hotels, Restaurants & Leisure)		539		4,183
PLBY Group, Inc.* (Textiles, Apparel & Luxury Goods)		213		6,002
Plexus Corp.* (Electronic Equipment, Instruments & Components)		556		50,218
Pliant Therapeutics, Inc.* (Pharmaceuticals)		472		9,534
Plymouth Industrial REIT, Inc. (Equity Real Estate Investment Trusts)		575		13,271
PMV Pharmaceuticals, Inc.* (Pharmaceuticals)		515		17,515
PNM Resources, Inc. (Electric Utilities)		1,681		81,243

Additional financial disclosures are included in the notes to financial statements of the funds’ annual report and should be read in conjunction with this report.

UltraSmall-Cap ProFund :: Schedule of Portfolio Investments :: July 31, 2021 

Common Stocks, continued

	Shares		Value
PolyMet Mining Corp.* (Metals & Mining)		567	$	1,741
Porch Group, Inc.* (Internet & Direct Marketing Retail)		312		5,781
Portage Biotech, Inc.* (Biotechnology)		71		1,075
Portland General Electric Co. (Electric Utilities)		1,768		86,455
Poseida Therapeutics, Inc.* (Biotechnology)		565		4,582
Postal Realty Trust, Inc. - Class A (Equity Real Estate Investment Trusts)		237		4,555
PotlatchDeltic Corp. (Equity Real Estate Investment Trusts)		1,297		67,366
Powell Industries, Inc. (Electrical Equipment)		179		5,207
Power Integrations, Inc. (Semiconductors & Semiconductor Equipment)		1,186		115,029
PQ Group Holdings, Inc. (Chemicals)		1,008		15,684
PRA Group, Inc.* (Consumer Finance)		892		34,601
Praxis Precision Medicines, Inc.* (Biotechnology)		479		7,472
Precigen, Inc.* (Biotechnology)		1,862		10,222
Precision BioSciences, Inc.* (Biotechnology)		933		9,199
Preferred Apartment Communities, Inc. - Class A (Equity Real Estate Investment Trusts)		984		10,371
Preferred Bank (Banks)	��	271		15,984
Preformed Line Products Co. (Electrical Equipment)		58		3,974
Prelude Therapeutics, Inc.* (Biotechnology)		212		6,792
Premier Financial Bancorp, Inc. (Banks)		248		4,221
Premier Financial Corp. (Thrifts & Mortgage Finance)		726		19,442
Prestige Consumer Healthcare, Inc.* (Pharmaceuticals)		983		51,657
PriceSmart, Inc. (Food & Staples Retailing)		460		41,280
Primis Financial Corp. (Banks)		474		7,371
Primo Water Corp. (Beverages)		3,088		51,045
Primoris Services Corp. (Construction & Engineering)		1,050		31,395
Priority Technology Holdings, Inc.* (IT Services)		196		1,200
Privia Health Group, Inc.* (Health Care Providers & Services)		385		15,978
ProAssurance Corp. (Insurance)		1,055		21,395
PROG Holdings, Inc.* (Consumer Finance)		1,318		57,689
Progress Software Corp. (Software)		863		39,344
Progyny, Inc.* (Health Care Providers & Services)		1,239		69,000
Prometheus Biosciences, Inc.* (Biotechnology)		222		4,655
ProPetro Holding Corp.* (Energy Equipment & Services)		1,676		12,654
PROS Holdings, Inc.* (Software)		785		34,085
ProSight Global, Inc.* (Insurance)		185		2,361
Protagonist Therapeutics, Inc.* (Biotechnology)		812		40,137
Prothena Corp. PLC* (Biotechnology)		669		33,517
Proto Labs, Inc.* (Machinery)		546		42,692
Provention Bio, Inc.* (Pharmaceuticals)		1,089		6,610
Provident BanCorp, Inc. (Thrifts & Mortgage Finance)		310		4,892
Provident Financial Services, Inc. (Thrifts & Mortgage Finance)		1,490		32,184
PS Business Parks, Inc. (Equity Real Estate Investment Trusts)		395		60,700
PTC Therapeutics, Inc.* (Biotechnology)		1,364		52,282
Pulmonx Corp.* (Health Care Equipment & Supplies)		499		19,790
Pulse Biosciences, Inc.* (Health Care Equipment & Supplies)		273		5,597
Puma Biotechnology, Inc.* (Biotechnology)		627		4,715
Pure Cycle Corp.* (Water Utilities)		378		5,844
PureCycle Technologies, Inc.* (Chemicals)		647		9,582
Purple Innovation, Inc.* (Household Durables)		986		25,971
Pzena Investment Management, Inc. - Class A (Capital Markets)		332		3,801
Q2 Holdings, Inc.* (Software)		1,074		110,955
QAD, Inc. (Software)		233		20,213
QCR Holdings, Inc. (Banks)		302		14,825
QTS Realty Trust, Inc. - Class A (Equity Real Estate Investment Trusts)		1,350		104,910
Quaker Chemical Corp. (Chemicals)		265		66,711
Qualys, Inc.* (Software)		669		67,944
Quanex Building Products Corp. (Building Products)		658		16,345
Quanterix Corp.* (Life Sciences Tools & Services)		606		32,209
Quantum Corp.* (Technology Hardware, Storage & Peripherals)		1,097		6,801
QuinStreet, Inc.* (Interactive Media & Services)		975		17,882
Quotient Technology, Inc.* (Internet & Direct Marketing Retail)		1,745		18,951
Quotient, Ltd.* (Health Care Equipment & Supplies)		1,541		5,255
R. R. Donnelley & Sons Co.* (Commercial Services & Supplies)		1,391		8,513
R1 RCM, Inc.* (Health Care Providers & Services)		2,584		55,323
Rackspace Technology, Inc.* (IT Services)		1,056		18,744
Radian Group, Inc. (Thrifts & Mortgage Finance)		3,775		85,239
Radiant Logistics, Inc.* (Air Freight & Logistics)		771		4,796
Radius Global Infrastructure, Inc.* - Class A (Diversified Telecommunication Services)		864		13,245
Radius Health, Inc.* (Biotechnology)		919		13,904
RadNet, Inc.* (Health Care Providers & Services)		879		32,294
Rafael Holdings, Inc.* - Class B (Real Estate Management & Development)		191		9,667
Rain Therapeutics, Inc.* (Biotechnology)		146		2,431
Rambus, Inc.* (Semiconductors & Semiconductor Equipment)		2,201		52,076

Additional financial disclosures are included in the notes to financial statements of the funds' annual report and should be read in conjunction with this report.

UltraSmall-Cap ProFund :: Schedule of Portfolio Investments :: July 31, 2021 

Common Stocks, continued

	Shares		Value
Range Resources Corp.* (Oil, Gas & Consumable Fuels)		4,695	$	71,505
Ranpak Holdings Corp.* (Containers & Packaging)		686		17,575
Rapid7, Inc.* (Software)		1,079		122,736
RAPT Therapeutics, Inc.* (Biotechnology)		353		10,827
Raven Industries, Inc.* (Industrial Conglomerates)		700		40,775
Rayonier Advanced Materials, Inc.* (Chemicals)		1,213		8,455
RBB Bancorp (Banks)		279		6,676
RBC Bearings, Inc.* (Machinery)		486		114,210
RCI Hospitality Holdings, Inc. (Hotels, Restaurants & Leisure)		164		10,293
Ready Capital Corp. (Mortgage Real Estate Investment Trusts)		1,136		17,176
Realogy Holdings Corp.* (Real Estate Management & Development)		2,262		40,083
Reata Pharmaceuticals, Inc.* - Class A (Pharmaceuticals)		539		67,543
Recursion Pharmaceuticals, Inc.* - Class A (Biotechnology)		415		12,595
Red River Bancshares, Inc. (Banks)		89		4,535
Red Robin Gourmet Burgers, Inc.* (Hotels, Restaurants & Leisure)		306		8,026
Red Rock Resorts, Inc.* - Class A (Hotels, Restaurants & Leisure)		1,211		47,713
Redfin Corp.* (Real Estate Management & Development)		1,998		117,023
Redwood Trust, Inc. (Mortgage Real Estate Investment Trusts)		2,220		26,351
REGENXBIO, Inc.* (Biotechnology)		775		25,048
Regional Management Corp. (Consumer Finance)		161		8,329
Regis Corp.* (Diversified Consumer Services)		464		3,698
Rekor Systems, Inc.* (Professional Services)		616		4,854
Relay Therapeutics, Inc.* (Biotechnology)		1,149		37,274
Reliant Bancorp, Inc. (Banks)		299		8,312
Relmada Therapeutics, Inc.* (Pharmaceuticals)		295		7,670
Renasant Corp. (Banks)		1,085		38,170
Reneo Pharmaceuticals, Inc.* (Biotechnology)		124		1,016
Renewable Energy Group, Inc.* (Oil, Gas & Consumable Fuels)		879		53,839
Rent-A-Center, Inc. (Specialty Retail)		1,295		74,100
Repay Holdings Corp.* (IT Services)		1,512		37,664
Replimune Group, Inc.* (Biotechnology)		526		17,216
Republic Bancorp, Inc. - Class A (Banks)		189		9,216
Republic First Bancorp, Inc.* (Banks)		878		3,240
Resideo Technologies, Inc.* (Building Products)		2,839		83,751
Resources Connection, Inc. (Professional Services)		619		9,588
Retail Opportunity Investments Corp. (Equity Real Estate Investment Trusts)		2,283		40,341
Retail Properties of America, Inc. (Equity Real Estate Investment Trusts)		4,213		53,126
Retail Value, Inc. (Equity Real Estate Investment Trusts)		342		8,358
Retractable Technologies, Inc.* (Health Care Equipment & Supplies)		340		4,002
REV Group, Inc. (Machinery)		559		8,446
Revance Therapeutics, Inc.* (Pharmaceuticals)		1,378		40,072
Revlon, Inc.* - Class A (Personal Products)		139		1,515
REVOLUTION Medicines, Inc.* (Biotechnology)		1,166		33,394
Revolve Group, Inc.* (Internet & Direct Marketing Retail)		705		49,075
REX American Resources Corp.* (Oil, Gas & Consumable Fuels)		104		8,528
Rexnord Corp. (Machinery)		2,356		132,714
Rhythm Pharmaceuticals, Inc.* (Biotechnology)		865		14,956
Ribbon Communications, Inc.* (Communications Equipment)		1,381		9,543
Rigel Pharmaceuticals, Inc.* (Biotechnology)		3,355		13,420
Riley Exploration Permian, Inc. (Oil, Gas & Consumable Fuels)		173		3,735
Rimini Street, Inc.* (Software)		861		7,482
Riot Blockchain, Inc.* (Software)		1,655		54,532
Rite Aid Corp.* (Food & Staples Retailing)		1,080		16,416
RLI Corp. (Insurance)		786		85,187
RLJ Lodging Trust (Equity Real Estate Investment Trusts)		3,215		46,135
Rocket Pharmaceuticals, Inc.* (Biotechnology)		780		27,940
Rocky Brands, Inc. (Textiles, Apparel & Luxury Goods)		135		7,344
Rogers Corp.* (Electronic Equipment, Instruments & Components)		367		69,950
Romeo Power, Inc.* (Electrical Equipment)		821		5,788
RPC, Inc.* (Energy Equipment & Services)		1,327		5,573
RPT Realty (Equity Real Estate Investment Trusts)		1,583		20,167
Rubius Therapeutics, Inc.* (Biotechnology)		885		19,019
Rush Enterprises, Inc. - Class A (Trading Companies & Distributors)		829		38,955
Rush Enterprises, Inc. - Class B (Trading Companies & Distributors)		129		5,661
Rush Street Interactive, Inc.* (Hotels, Restaurants & Leisure)		1,027		10,116
Ruth's Hospitality Group, Inc.* (Hotels, Restaurants & Leisure)		661		13,200
Ryerson Holding Corp.* (Metals & Mining)		323		5,081
Ryman Hospitality Properties, Inc.* - Class I (Equity Real Estate Investment Trusts)		1,056		80,995
S&T Bancorp, Inc. (Banks)		761		22,411
Sabra Health Care REIT, Inc. (Equity Real Estate Investment Trusts)		4,235		78,729
Safe Bulkers, Inc.* (Marine)		1,078		3,601
Safehold, Inc. (Equity Real Estate Investment Trusts)		351		31,702
Safety Insurance Group, Inc. (Insurance)		284		21,760
Saia, Inc.* (Road & Rail)		521		117,745

Additional financial disclosures are included in the notes to financial statements of the funds' annual report and should be read in conjunction with this report.

UltraSmall-Cap ProFund :: Schedule of Portfolio Investments :: July 31, 2021 

Common Stocks, continued

	Shares		Value
Sailpoint Technologies Holding, Inc.* (Software)		1,778	$	88,882
Sally Beauty Holdings, Inc.* (Specialty Retail)		2,213		41,870
Sana Biotechnology, Inc.* (Biotechnology)		527		8,585
Sanderson Farms, Inc. (Food Products)		399		74,548
Sandy Spring Bancorp, Inc. (Banks)		911		37,888
Sangamo Therapeutics, Inc.* (Biotechnology)		2,308		22,111
Sanmina Corp.* (Electronic Equipment, Instruments & Components)		1,261		48,448
Sapiens International Corp. N.V. (Software)		607		15,302
Saul Centers, Inc. (Equity Real Estate Investment Trusts)		232		10,579
ScanSource, Inc.* (Electronic Equipment, Instruments & Components)		494		13,629
Schnitzer Steel Industries, Inc. - Class A (Metals & Mining)		509		26,682
Scholar Rock Holding Corp.* (Biotechnology)		543		16,969
Scholastic Corp. (Media)		571		19,191
Schrodinger, Inc.* (Health Care Technology)		890		60,226
Schweitzer-Mauduit International, Inc. (Paper & Forest Products)		615		24,188
Scientific Games Corp.* (Hotels, Restaurants & Leisure)		1,888		116,509
Scorpio Tankers, Inc. (Oil, Gas & Consumable Fuels)		958		15,663
Sculptor Capital Management, Inc. (Capital Markets)		423		9,822
Seacoast Banking Corp. (Banks)		1,072		32,578
SeaSpine Holdings Corp.* (Health Care Equipment & Supplies)		623		12,205
SeaWorld Entertainment, Inc.* (Hotels, Restaurants & Leisure)		1,011		47,932
SecureWorks Corp.* - Class A (Software)		188		3,771
Seelos Therapeutics, Inc.* (Pharmaceuticals)		1,488		3,348
Seer, Inc.* (Life Sciences Tools & Services)		298		9,518
Select Energy Services, Inc.* (Energy Equipment & Services)		1,160		6,902
Select Medical Holdings Corp. (Health Care Providers & Services)		2,170		85,607
Selecta Biosciences, Inc.* (Biotechnology)		1,754		6,069
Selective Insurance Group, Inc. (Insurance)		1,167		94,936
Selectquote, Inc.* (Insurance)		2,632		46,850
Semtech Corp.* (Semiconductors & Semiconductor Equipment)		1,270		78,626
Seneca Foods Corp.* - Class A (Food Products)		127		6,952
Sensei Biotherapeutics, Inc.* (Biotechnology)		149		1,176
Senseonics Holdings, Inc.* (Health Care Equipment & Supplies)		8,156		25,039
Sensient Technologies Corp. (Chemicals)		831		72,447
Seres Therapeutics, Inc.* (Biotechnology)		1,366		9,699
Seritage Growth Properties* - Class A (Equity Real Estate Investment Trusts)		719		11,411
Service Properties Trust (Equity Real Estate Investment Trusts)		3,223		35,872
ServisFirst Bancshares, Inc. (Banks)		980		69,658
Sesen Bio, Inc.* (Biotechnology)		3,356		12,518
SFL Corp., Ltd. (Oil, Gas & Consumable Fuels)		2,053		14,104
Shake Shack, Inc.* - Class A (Hotels, Restaurants & Leisure)		735		73,897
Sharps Compliance Corp.* (Health Care Providers & Services)		283		2,824
Shattuck Labs, Inc.* (Biotechnology)		522		11,505
Shenandoah Telecommunications Co. (Wireless Telecommunication Services)		949		50,098
Shift Technologies, Inc.* (Specialty Retail)		1,219		10,301
Shockwave Medical, Inc.* (Health Care Equipment & Supplies)		663		120,665
Shoe Carnival, Inc. (Specialty Retail)		346		11,660
ShotSpotter, Inc.* (Software)		166		7,586
Shutterstock, Inc. (Internet & Direct Marketing Retail)		459		49,797
SI-BONE, Inc.* (Health Care Equipment & Supplies)		631		19,145
Sientra, Inc.* (Health Care Equipment & Supplies)		1,128		9,306
Sierra Bancorp (Banks)		276		6,660
SIGA Technologies, Inc.* (Pharmaceuticals)		972		6,192
Sigilon Therapeutics, Inc.* (Biotechnology)		145		731
Signet Jewelers, Ltd. (Specialty Retail)		1,024		65,884
Silicon Laboratories, Inc.* (Semiconductors & Semiconductor Equipment)		872		129,918
Silk Road Medical, Inc.* (Health Care Equipment & Supplies)		666		33,420
Silverback Therapeutics, Inc.* (Biotechnology)		250		7,570
Silvergate Capital Corp.* - Class A (Banks)		450		46,260
Simmons First National Corp. - Class A (Banks)		2,109		57,407
Simpson Manufacturing Co., Inc. (Building Products)		856		96,282
Simulations Plus, Inc. (Health Care Technology)		300		14,157
Sinclair Broadcast Group, Inc. - Class A (Media)		902		25,518
SiriusPoint, Ltd.* (Insurance)		1,738		17,032
SITE Centers Corp. (Equity Real Estate Investment Trusts)		3,403		53,972
SiTime Corp.* (Semiconductors & Semiconductor Equipment)		253		34,317
SJW Corp. (Water Utilities)		543		37,429
Skyline Champion Corp.* (Household Durables)		1,032		58,205
SkyWater Technology, Inc.* (Semiconductors & Semiconductor Equipment)		154		2,658
SkyWest, Inc.* (Airlines)		978		39,599
Sleep Number Corp.* (Specialty Retail)		470		46,629

Additional financial disclosures are included in the notes to financial statements of the funds' annual report and should be read in conjunction with this report.

UltraSmall-Cap ProFund :: Schedule of Portfolio Investments :: July 31, 2021 

Common Stocks, continued

		Shares		Value
SM Energy Co. (Oil, Gas & Consumable Fuels)			2,289	$	42,804
SMART Global Holdings, Inc.* (Semiconductors & Semiconductor Equipment)			279		13,068
SmartFinancial, Inc. (Banks)			272		6,629
Smith & Wesson Brands, Inc. (Leisure Products)			1,044		24,482
Smith Micro Software, Inc.* (Software)			873		4,941
SOC Telemed, Inc.* (Health Care Providers & Services)			804		3,690
Solaris Oilfield Infrastructure, Inc. (Energy Equipment & Services)			614		5,342
Solid Biosciences, Inc.* (Biotechnology)			1,171		3,267
Soliton, Inc.* (Health Care Equipment & Supplies)			182		3,991
Sonic Automotive, Inc. - Class A (Specialty Retail)			430		23,457
Sonos, Inc.* (Household Durables)			2,361		78,810
Sorrento Therapeutics, Inc.* (Biotechnology)			5,353		43,948
South Jersey Industries, Inc. (Gas Utilities)			2,023		50,919
South Plains Financial, Inc. (Banks)			209		4,807
South State Corp. (Banks)			1,392		95,825
Southern First Bancshares, Inc.* (Banks)			146		7,231
Southern Missouri Bancorp, Inc. (Thrifts & Mortgage Finance)			152		6,822
Southside Bancshares, Inc. (Banks)			612		22,056
Southwest Gas Holdings, Inc. (Gas Utilities)			1,140		79,721
Southwestern Energy Co.* (Oil, Gas & Consumable Fuels)			13,308		62,681
SP Plus Corp.* (Commercial Services & Supplies)			454		14,887
Spark Energy, Inc. - Class A (Electric Utilities)			235		2,616
SpartanNash Co. (Food & Staples Retailing)			703		13,673
Spectrum Pharmaceuticals, Inc.* (Biotechnology)	��		3,037		9,779
Spero Therapeutics, Inc.* (Biotechnology)			475		6,337
Spire, Inc. (Gas Utilities)			996		70,666
Spirit Airlines, Inc.* (Airlines)			1,931		52,098
Spirit of Texas Bancshares, Inc. (Banks)			252		5,867
Sportsman's Warehouse Holdings, Inc.* (Specialty Retail)			855		15,108
SpringWorks Therapeutics, Inc.* (Biotechnology)			573		49,106
Sprout Social, Inc.* - Class A (Software)			867		77,024
Sprouts Farmers Market, Inc.* (Food & Staples Retailing)			2,331		57,296
Spruce Biosciences, Inc.* (Biotechnology)			171		1,575
SPS Commerce, Inc.* (Software)			708		77,137
SPX Corp.* (Machinery)			861		57,394
SPX FLOW, Inc. (Machinery)			828		68,020
SQZ Biotechnologies Co.* (Biotechnology)			447		5,409
STAAR Surgical Co.* (Health Care Equipment & Supplies)			923		118,070
STAG Industrial, Inc. (Equity Real Estate Investment Trusts)			3,160		130,572
Stamps.com, Inc.* (Internet & Direct Marketing Retail)			349		114,039
Standard Motor Products, Inc. (Auto Components)			411		17,163
Standex International Corp. (Machinery)			237		21,804
Startek, Inc.* (IT Services)			330		2,317
State Auto Financial Corp. (Insurance)			347		17,350
Steelcase, Inc. - Class A (Commercial Services & Supplies)			1,741		23,939
Stem, Inc.* (Electrical Equipment)			1,230		33,345
Stepan Co. (Chemicals)			423		49,893
StepStone Group, Inc. - Class A (Capital Markets)			733		33,359
Stereotaxis, Inc.* (Health Care Equipment & Supplies)			974		8,873
Sterling Construction Co., Inc.* (Construction & Engineering)			546		11,990
Steven Madden, Ltd. (Textiles, Apparel & Luxury Goods)			1,611		70,610
Stewart Information Services Corp. (Insurance)			524		30,921
Stitch Fix, Inc.* (Internet & Direct Marketing Retail)			1,160		62,547
Stock Yards Bancorp, Inc. (Banks)			405		19,294
Stoke Therapeutics, Inc.* (Biotechnology)			375		10,736
StoneMor, Inc.* (Diversified Consumer Services)			632		1,675
Stoneridge, Inc.* (Auto Components)			512		14,822
StoneX Group, Inc.* (Capital Markets)			330		21,295
Strategic Education, Inc. (Diversified Consumer Services)			479		37,980
Stride, Inc.* (Diversified Consumer Services)			791		24,252
Sturm Ruger & Co., Inc. (Leisure Products)			337		25,059
Summit Financial Group, Inc. (Banks)			223		5,185
Summit Hotel Properties, Inc.* (Equity Real Estate Investment Trusts)			2,037		18,353
Summit Materials, Inc.* - Class A (Construction Materials)			2,304		77,414
Summit Therapeutics, Inc.* (Biotechnology)			441		3,233
Sumo Logic, Inc.* (Software)			1,602		33,081
Sun Country Airlines Holdings, Inc.* (Airlines)			340		11,047
SunCoke Energy, Inc. (Metals & Mining)			1,632		12,615
Sunnova Energy International, Inc.* (Independent Power and Renewable Electricity Producers)			1,690		64,389
SunPower Corp.* (Semiconductors & Semiconductor Equipment)			1,571		38,914
Sunstone Hotel Investors, Inc.* (Equity Real Estate Investment Trusts)			4,221		48,710
Super Micro Computer, Inc.* (Technology Hardware, Storage & Peripherals)			848		32,258
Superior Group of Cos., Inc. (Textiles, Apparel & Luxury Goods)			226		5,291
Supernus Pharmaceuticals, Inc.* (Pharmaceuticals)			964		25,382

Additional financial disclosures are included in the notes to financial statements of the funds' annual report and should be read in conjunction with this report.

UltraSmall-Cap ProFund :: Schedule of Portfolio Investments :: July 31, 2021 

Common Stocks, continued

	Shares		Value
Surface Oncology, Inc.* (Biotechnology)		653	$	3,925
Surgery Partners, Inc.* (Health Care Providers & Services)		622		33,936
Surmodics, Inc.* (Health Care Equipment & Supplies)		266		14,659
Sutro BioPharma, Inc.* (Biotechnology)		851		14,493
Sykes Enterprises, Inc.* (IT Services)		754		40,460
Synaptics, Inc.* (Semiconductors & Semiconductor Equipment)		693		105,281
Syndax Pharmaceuticals, Inc.* (Biotechnology)		883		12,874
Syros Pharmaceuticals, Inc.* (Biotechnology)		1,130		5,221
Tabula Rasa Healthcare, Inc.* (Health Care Technology)		441		18,945
Tactile Systems Technology, Inc.* (Health Care Equipment & Supplies)		378		18,514
Talaris Therapeutics, Inc.* (Biotechnology)		175		2,417
Talis Biomedical Corp.* (Health Care Equipment & Supplies)		284		2,925
Talos Energy, Inc.* (Oil, Gas & Consumable Fuels)		724		8,355
Tanger Factory Outlet Centers, Inc. (Equity Real Estate Investment Trusts)		1,948		33,447
Target Hospitality Corp.* (Hotels, Restaurants & Leisure)		490		1,754
Tarsus Pharmaceuticals, Inc.* (Pharmaceuticals)		166		3,747
Tattooed Chef, Inc.* (Food Products)		918		18,103
Taylor Morrison Home Corp.* (Household Durables)		2,466		66,138
Taysha Gene Therapies, Inc.* (Biotechnology)		437		7,556
TCR2 Therapeutics, Inc.* (Biotechnology)		599		7,452
Team, Inc.* (Commercial Services & Supplies)		517		3,190
TechTarget, Inc.* (Media)		501		36,613
Teekay Corp.* (Oil, Gas & Consumable Fuels)		1,364		4,078
Teekay Tankers, Ltd.* - Class A (Oil, Gas & Consumable Fuels)		468		5,920
TEGNA, Inc. (Media)		4,343		76,958

Tejon Ranch Co.* (Real Estate Management & Development)	409	7,456
Telephone and Data Systems, Inc. (Wireless Telecommunication Services)	1,984	44,342
Tellurian, Inc.* (Oil, Gas & Consumable Fuels)	6,224	23,464
Telos Corp.* (Software)	339	9,499
Tenable Holdings, Inc.* (Software)	1,782	76,270
Tenet Healthcare Corp.* (Health Care Providers & Services)	2,085	149,785
Tennant Co. (Machinery)	363	28,721
Tenneco, Inc.* (Auto Components)	1,388	24,165
Terex Corp. (Machinery)	1,344	64,404
Terns Pharmaceuticals, Inc.* (Pharmaceuticals)	171	1,283
Terreno Realty Corp. (Equity Real Estate Investment Trusts)	1,346	92,013
Tetra Tech, Inc. (Commercial Services & Supplies)	1,059	141,399
TETRA Technologies, Inc.* (Energy Equipment & Services)	2,410	7,447
Texas Capital Bancshares, Inc.* (Banks)	996	62,728
Texas Roadhouse, Inc. - Class A (Hotels, Restaurants & Leisure)	1,375	126,735
Textainer Group Holdings, Ltd.* (Trading Companies & Distributors)	941	30,375
TG Therapeutics, Inc.* (Biotechnology)	2,517	88,070
The Andersons, Inc. (Food & Staples Retailing)	618	16,501
The Bancorp, Inc.* (Banks)	1,027	24,001
The Bank of Nt Butterfield & Son, Ltd. (Banks)	985	32,643
The Brink's Co. (Commercial Services & Supplies)	956	73,574
The Buckle, Inc. (Specialty Retail)	584	24,575
The Cato Corp. - Class A (Specialty Retail)	388	6,402
The Cheesecake Factory, Inc.* (Hotels, Restaurants & Leisure)	851	38,516
The Children's Place, Inc.* (Specialty Retail)	276	23,275
The Container Store Group, Inc.* (Specialty Retail)	624	6,564
The E.W. Scripps Co. - Class A (Media)	1,125	21,465
The Ensign Group, Inc. (Health Care Providers & Services)	1,032	87,792
The ExOne Co.* (Machinery)	335	5,561
The First Bancorp, Inc. (Banks)	203	5,899
The GEO Group, Inc. (Equity Real Estate Investment Trusts)	2,313	16,006
The Goodyear Tire & Rubber Co.* (Auto Components)	5,427	85,258
The Greenbrier Cos., Inc. (Machinery)	635	27,178
The Hackett Group, Inc. (IT Services)	489	8,763
The Joint Corp.* (Health Care Providers & Services)	269	21,248
The Lovesac Co.* (Household Durables)	251	15,236
The Macerich Co. (Equity Real Estate Investment Trusts)	3,881	63,260
The Manitowoc Co., Inc.* (Machinery)	674	15,603
The Marcus Corp.* (Entertainment)	448	7,199
The ODP Corp.* (Specialty Retail)	961	45,484
The Pennant Group, Inc.* (Health Care Providers & Services)	503	17,213
The RealReal, Inc.* (Internet & Direct Marketing Retail)	1,544	25,491
The RMR Group, Inc. - Class A (Real Estate Management & Development)	300	11,772
The Shyft Group, Inc. (Machinery)	677	26,701
The Simply Good Foods Co.* (Food Products)	1,672	62,667
The St Joe Co. (Real Estate Management & Development)	654	29,607
TherapeuticsMD, Inc.* (Pharmaceuticals)	7,102	7,102
Theravance Biopharma, Inc.* (Pharmaceuticals)	1,047	13,590
Thermon Group Holdings, Inc.* (Electrical Equipment)	647	10,779

Additional financial disclosures are included in the notes to financial statements of the funds' annual report and should be read in conjunction with this report.

UltraSmall-Cap ProFund :: Schedule of Portfolio Investments :: July 31, 2021 

Common Stocks, continued

	Shares		Value
Thryv Holdings, Inc.* (Media)		127	$	4,219
Tidewater, Inc.* (Energy Equipment & Services)		798		9,033
Tilly's, Inc. - Class A (Specialty Retail)		445		6,599
TimkenSteel Corp.* (Metals & Mining)		893		11,904
Tiptree, Inc. (Insurance)		446		4,286
Titan International, Inc.* (Machinery)		991		8,542
Titan Machinery, Inc.* (Trading Companies & Distributors)		380		10,841
Tivity Health, Inc.* (Health Care Providers & Services)		864		21,669
Tompkins Financial Corp. (Banks)		281		21,567
Tonix Pharmaceuticals Holding Corp.* (Biotechnology)		6,414		4,592
Tootsie Roll Industries, Inc. (Food Products)		305		10,489
TowneBank (Banks)		1,319		39,319
TPG RE Finance Trust, Inc. - Class T (Mortgage Real Estate Investment Trusts)		1,179		15,516
TPI Composites, Inc.* (Electrical Equipment)		701		27,437
Transcat, Inc.* (Trading Companies & Distributors)		139		8,875
Translate Bio, Inc.* (Biotechnology)		1,316		36,374
TransMedics Group, Inc.* (Health Care Equipment & Supplies)		509		14,517
TravelCenters of America, Inc.* (Specialty Retail)		245		7,085
Travere Therapeutics, Inc.* (Biotechnology)		1,145		15,744
Treace Medical Concepts, Inc.* (Health Care Equipment & Supplies)		215		6,506
Trean Insurance Group, Inc.* (Insurance)		346		4,668
Tredegar Corp. (Chemicals)		515		6,731
TreeHouse Foods, Inc.* (Food Products)		1,021		45,332
Trevena, Inc.* (Biotechnology)		3,211		4,271
Tri Pointe Homes, Inc.* (Household Durables)		2,309		55,693
TriCo Bancshares (Banks)		541		21,332
Trillium Therapeutics, Inc.* (Biotechnology)		1,921		12,544
TriMas Corp.* (Machinery)		849		27,779
TriNet Group, Inc.* (Professional Services)		796		66,052
Trinity Industries, Inc. (Machinery)		1,704		46,195
Trinseo SA (Chemicals)		764		41,531
Triple-S Management Corp.* (Health Care Providers & Services)		447		10,876
TriState Capital Holdings, Inc.* (Banks)		568		11,536
Triton International, Ltd. (Trading Companies & Distributors)		1,311		69,208
Triumph Bancorp, Inc.* (Banks)		462		35,417
Triumph Group, Inc.* (Aerospace & Defense)		1,013		19,298
Tronox Holdings PLC - Class A (Chemicals)		2,251		41,486
TrueBlue, Inc.* (Professional Services)		687		18,680
TrueCar, Inc.* (Interactive Media & Services)		1,932		10,162
Trupanion, Inc.* (Insurance)		750		86,265
TrustCo Bank Corp. (Thrifts & Mortgage Finance)		371		12,477
Trustmark Corp. (Banks)		1,239		37,195
TTEC Holdings, Inc. (IT Services)		363		37,934
TTM Technologies, Inc.* (Electronic Equipment, Instruments & Components)		2,104		29,435
Tucows, Inc.* (IT Services)		185		14,386
Tupperware Brands Corp.* (Household Durables)		974		20,347
Turning Point Brands, Inc. (Tobacco)		286		15,164
Turning Point Therapeutics, Inc.* (Biotechnology)		903		57,629
Turtle Beach Corp.* (Household Durables)		294		9,085
Tutor Perini Corp.* (Construction & Engineering)		810		11,397
Twist Bioscience Corp.* (Biotechnology)		927		114,066
Two Harbors Investment Corp. (Mortgage Real Estate Investment Trusts)		6,166		39,524
U.S. Cellular Corp.* (Wireless Telecommunication Services)		300		10,908
U.S. Concrete, Inc.* (Construction Materials)		318		23,154
U.S. Ecology, Inc.* (Commercial Services & Supplies)		618		21,630
U.S. Lime & Minerals, Inc. (Construction Materials)		41		5,699
U.S. Physical Therapy, Inc. (Health Care Providers & Services)		251		29,658
U.S. Silica Holdings, Inc.* (Energy Equipment & Services)		1,442		14,564
UFP Industries, Inc. (Building Products)		1,182		87,774
UFP Technologies, Inc.* (Containers & Packaging)		136		8,130
Ultra Clean Holdings, Inc.* (Semiconductors & Semiconductor Equipment)		854		46,125
UMB Financial Corp. (Banks)		860		80,496
UMH Properties, Inc. (Equity Real Estate Investment Trusts)		794		18,484
Unifi, Inc.* (Textiles, Apparel & Luxury Goods)		260		6,133
UniFirst Corp. (Commercial Services & Supplies)		296		64,460
Unisys Corp.* (IT Services)		1,289		28,809
United Bankshares, Inc. (Banks)		2,454		84,761
United Community Banks, Inc. (Banks)		1,709		49,236
United Fire Group, Inc. (Insurance)		413		10,292
United Insurance Holdings Corp. (Insurance)		399		1,748
United Natural Foods, Inc.* (Food & Staples Retailing)		1,096		36,300
Uniti Group, Inc. (Equity Real Estate Investment Trusts)		3,819		44,720
Unitil Corp. (Multi-Utilities)		291		15,400
Universal Corp. (Tobacco)		475		24,776
Universal Electronics, Inc.* (Household Durables)		262		12,246

Additional financial disclosures are included in the notes to financial statements of the funds' annual report and should be read in conjunction with this report.

UltraSmall-Cap ProFund :: Schedule of Portfolio Investments :: July 31, 2021

Common Stocks, continued

	Shares		Value
Universal Health Realty Income Trust (Equity Real Estate Investment Trusts)		252	$	15,057
Universal Insurance Holdings, Inc. (Insurance)		532		7,533
Universal Logistics Holdings, Inc. (Road & Rail)		150		3,458
Univest Financial Corp. (Banks)		568		15,540
Upland Software, Inc.* (Software)		562		20,232
Upwork, Inc.* (Professional Services)		2,290		118,598
Uranium Energy Corp.* (Oil, Gas & Consumable Fuels)		4,167		9,042
Urban Edge Properties (Equity Real Estate Investment Trusts)		2,274		43,206
Urban Outfitters, Inc.* (Specialty Retail)		1,347		50,081
Ur-Energy, Inc.* (Oil, Gas & Consumable Fuels)		3,553		4,015
UroGen Pharma, Ltd.* (Biotechnology)		383		5,937
Urstadt Biddle Properties, Inc. - Class A (Equity Real Estate Investment Trusts)		585		11,156
US Xpress Enterprises, Inc.* - Class A (Road & Rail)		528		4,609
USANA Health Sciences, Inc.* (Personal Products)		249		23,722
Utah Medical Products, Inc. (Health Care Equipment & Supplies)		67		5,990
Utz Brands, Inc. (Food Products)		1,158		26,217
Valhi, Inc. (Chemicals)		47		1,158
Valley National Bancorp (Banks)		7,866		101,392
Value Line, Inc. (Capital Markets)		19		608
Vanda Pharmaceuticals, Inc.* (Biotechnology)		1,074		17,517
Vapotherm, Inc.* (Health Care Equipment & Supplies)		447		11,559
Varex Imaging Corp.* (Health Care Equipment & Supplies)		753		20,557
Varonis Systems, Inc.* (Software)		2,080		127,296
Vaxart, Inc.* (Biotechnology)		2,345		16,861
Vaxcyte, Inc.* (Pharmaceuticals)		780		16,910
VBI Vaccines, Inc.* (Biotechnology)		3,656		10,895
Vector Group, Ltd. (Tobacco)		2,820		37,675
Vectrus, Inc.* (Aerospace & Defense)		226		10,236
Veeco Instruments, Inc.* (Semiconductors & Semiconductor Equipment)		978		22,690
Velocity Financial, Inc.* (Thrifts & Mortgage Finance)		168		2,125
Velodyne Lidar, Inc.* (Electronic Equipment, Instruments & Components)		1,388		11,118
Vera Bradley, Inc.* (Textiles, Apparel & Luxury Goods)		505		5,560
Veracyte, Inc.* (Biotechnology)		1,325		59,042
Verastem, Inc.* (Biotechnology)		3,384		10,930
Vericel Corp.* (Biotechnology)		913		48,334
Verint Systems, Inc.* (Software)		1,265		53,978
Veritex Holdings, Inc. (Banks)		934		31,336
Veritiv Corp.* (Trading Companies & Distributors)		302		18,507
Veritone, Inc.* (Software)		558		11,539
Verra Mobility Corp.* - Class C (IT Services)		2,633		40,311
Verrica Pharmaceuticals, Inc.* (Pharmaceuticals)		257		2,750
Verso Corp. - Class A (Paper & Forest Products)		588		11,184
Veru, Inc.* (Personal Products)		1,241		8,526
Viad Corp.* (Commercial Services & Supplies)		399		18,294
Viant Technology, Inc.* - Class A (Software)		211		3,648
Viavi Solutions, Inc.* (Communications Equipment)		4,489		74,920
Vicor Corp.* (Electrical Equipment)		414		47,863
Viemed Healthcare, Inc.* (Health Care Providers & Services)		695		4,837
View, Inc.* (Building Products)		1,664		10,134
ViewRay, Inc.* (Health Care Equipment & Supplies)		2,675		17,762
Viking Therapeutics, Inc.* (Biotechnology)		1,343		8,259
Village Super Market, Inc. - Class A (Food & Staples Retailing)		167		3,766
Vincerx Pharma, Inc.* (Biotechnology)		92		1,219
Vine Energy, Inc.* - Class A (Oil, Gas & Consumable Fuels)		405		5,674
Vir Biotechnology, Inc.* (Biotechnology)		1,180		42,067
Viracta Therapeutics, Inc.* (Biotechnology)		712		7,490
VirnetX Holding Corp.* (Software)		1,245		5,105
Virtus Investment Partners, Inc. (Capital Markets)		143		39,487
Vishay Intertechnology, Inc. (Electronic Equipment, Instruments & Components)		2,618		57,936
Vishay Precision Group, Inc.* (Electronic Equipment, Instruments & Components)		244		8,865
Vista Outdoor, Inc.* (Leisure Products)		1,148		46,367
VistaGen Therapeutics, Inc.* (Biotechnology)		3,756		9,991
Visteon Corp.* (Auto Components)		545		62,157
Vital Farms, Inc.* (Food Products)		482		8,392
Vivint Smart Home, Inc.* (Diversified Consumer Services)		1,799		22,074
Vocera Communications, Inc.* (Health Care Technology)		670		28,113
Vonage Holdings Corp.* (Diversified Telecommunication Services)		4,746		67,678
Vor BioPharma, Inc.* (Biotechnology)		224		2,804
VOXX International Corp.* (Auto Components)		306		3,495
VSE Corp. (Commercial Services & Supplies)		208		10,410
Vuzix Corp.* (Household Durables)		1,152		17,050
W&T Offshore, Inc.* (Oil, Gas & Consumable Fuels)		1,843		7,464
Wabash National Corp. (Machinery)		1,010		14,786
Walker & Dunlop, Inc. (Thrifts & Mortgage Finance)		574		59,397
Warrior Met Coal, Inc. (Metals & Mining)		1,011		18,875
Washington Federal, Inc. (Thrifts & Mortgage Finance)		1,417		45,727
Washington Real Estate Investment Trust (Equity Real Estate Investment Trusts)		1,663		40,394
Washington Trust Bancorp, Inc. (Banks)		336		16,380

Additional financial disclosures are included in the notes to financial statements of the funds' annual report and should be read in conjunction with this report.

UltraSmall-Cap ProFund :: Schedule of Portfolio Investments :: July 31, 2021

Common Stocks, continued

	Shares		Value
Waterstone Financial, Inc. (Thrifts & Mortgage Finance)		425	$	8,385
Watts Water Technologies, Inc. - Class A (Machinery)		540		81,410
WaVe Life Sciences, Ltd.* (Pharmaceuticals)		736		4,055
WD-40 Co. (Household Products)		268		65,122
Weis Markets, Inc. (Food & Staples Retailing)		323		17,006
Welbilt, Inc.* (Machinery)		2,567		60,299
Werewolf Therapeutics, Inc.* (Biotechnology)		149		2,596
Werner Enterprises, Inc. (Road & Rail)		1,231		56,269
WesBanco, Inc. (Banks)		1,283		41,415
WESCO International, Inc.* (Trading Companies & Distributors)		874		93,036
West Bancorp, Inc. (Banks)		316		9,316
Westamerica Bancorp (Banks)		512		28,442
Whitestone REIT (Equity Real Estate Investment Trusts)		787		6,965
Whiting Petroleum Corp.* (Oil, Gas & Consumable Fuels)		773		36,254
Whole Earth Brands, Inc.* (Food Products)		734		9,439
WideOpenWest, Inc.* (Media)		1,029		22,885
Willdan Group, Inc.* (Professional Services)		215		8,869
Willis Lease Finance Corp.* (Trading Companies & Distributors)		54		2,246
WillScot Mobile Mini Holdings Corp.* (Construction & Engineering)		3,669		105,337
Wingstop, Inc. (Hotels, Restaurants & Leisure)		586		100,389
Winmark Corp. (Specialty Retail)		69		14,547
Winnebago Industries, Inc. (Automobiles)		635		45,637
WisdomTree Investments, Inc. (Capital Markets)		2,726		16,847
Wolverine World Wide, Inc. (Textiles, Apparel & Luxury Goods)		1,597		53,563
Workhorse Group, Inc.* (Auto Components)		2,427		28,008
Workiva, Inc.* (Software)		825		107,060
World Acceptance Corp.* (Consumer Finance)		86		16,303
World Fuel Services Corp. (Oil, Gas & Consumable Fuels)		1,225		42,214
Worthington Industries, Inc. (Metals & Mining)		680		43,500
WSFS Financial Corp. (Thrifts & Mortgage Finance)		923		40,409
WW International, Inc.* (Diversified Consumer Services)		1,034		31,785
XBiotech, Inc. (Biotechnology)		295		4,779
Xencor, Inc.* (Biotechnology)		1,110		34,166
Xenia Hotels & Resorts, Inc.* (Equity Real Estate Investment Trusts)		2,238		39,568
XL Fleet Corp.* (Auto Components)		753		5,256
XOMA Corp.* (Biotechnology)		118		3,823
XPEL, Inc.* (Auto Components)		353		32,688
Xperi Holding Corp. (Software)		2,061		42,807
Yellow Corp.* (Road & Rail)		989		5,143
Yelp, Inc.* (Interactive Media & Services)		1,423		53,219
Yext, Inc.* (Software)		2,181		28,418
Y-mAbs Therapeutics, Inc.* (Biotechnology)		686		22,707
York Water Co. (Water Utilities)		256		12,355
Zentalis Pharmaceuticals, Inc.* (Biotechnology)		653		34,746
ZIOPHARM Oncology, Inc.* (Biotechnology)		4,116		9,343
Zix Corp.* (Software)		1,051		7,788
Zogenix, Inc.* (Pharmaceuticals)		1,101		17,847
Zumiez, Inc.* (Specialty Retail)		429		18,726
Zuora, Inc.* - Class A (Software)		2,060		35,617
Zymergen, Inc.* (Chemicals)		368		12,803
Zynex, Inc.* (Health Care Equipment & Supplies)		382		5,306
TOTAL COMMON STOCKS
(Cost  $43,759,972)				57,119,994

	Interest Units		Value
Trust (0.0%)
Ferroglobe Representation and Warranty Insurance*+  (Metals & Mining)		1,320	$	—
TOTAL TRUST
(Cost  $–)				–

	Shares		Value
Contingent Escrow Shares (0.0%)
Wright Medical Group, Inc.*+(a) (Health Care Equipment & Supplies)		1,354	$	–
TOTAL CONTINGENT ESCROW SHARES
(Cost  $–)				–

	Principal Amount		Value
Repurchase Agreements(b)(c) (37.3%)
Repurchase Agreements with various counterparties, 0.00%, dated 7/30/21, due 8/2/21, total to be received $37,694,000	$	37,694,000	$	37,694,000
TOTAL REPURCHASE AGREEMENTS
(Cost $37,694,000)				37,694,000
TOTAL INVESTMENT SECURITIES
(Cost $81,453,972) - 93.7%				94,813,994
Net other assets (liabilities) - 6.3%				6,327,510
NET ASSETS - 100.0%			$	101,141,504

*	Non-income producing security.
+	These securities were fair valued based on procedures approved by the Board of Trustees.  As of July 31, 2021, these securities represented 0.00% of the net assets of the Fund.

Additional financial disclosures are included in the notes to financial statements of the funds’ annual report and should be read in conjunction with this report.

UltraSmall-Cap ProFund :: Schedule of Portfolio Investments :: July 31, 2021

(a)	On November 12, 2020, Stryker Corp. acquired Wright MedicalGroup. As part of the acquisition, $1.85 per acquired share was allocated 1:1 to Escrow Shares, contingent on whether the $1.85 per share is determined to be payable as a withholding of taxes due to the Dutch Government; otherwise, the value of the Escrow Shares will be remitted to preacquisition shareholders of Wright Medical Group.
(b)	The ProFund invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" under Note 2 in the Notes to the Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.
(c)	A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. As of July 31, 2021, the aggregate amount held in a segregated account was $17,091,000.

Additional financial disclosures are included in the notes to financial statements of the funds’ annual report and should be read in conjunction with this report.

UltraSmall-Cap ProFund :: Schedule of Portfolio Investments :: July 31, 2021

Futures Contracts Purchased

	Number of Contracts		Expiration Date	Notional Amount		Value and Unrealized Appreciation/ (Depreciation)
E-Mini Russell 2000 Index Futures Contracts		20	9/20/21	$	2,221,600	$	15,565

Total Return Swap Agreements — Long

Underlying Instrument	Counterparty	Termination Date(1)	Rate Paid (Received)(2)			Notional Amount		Value and Unrealized Appreciation/ (Depreciation)
iShares Russell 2000 ETF	Goldman Sachs International	8/27/21		0 .14	%	$	43,569,144	$	581,911
Russell 2000 Index	Goldman Sachs International	8/27/21		0 .34	%		48,935,201		707,563
						$	92,504,345	$	1,289,474
iShares Russell 2000 ETF	UBS AG	8/27/21		(0 .11	)%	$	8,867,509	$	247,096
Russell 2000 Index	UBS AG	8/27/21		0 .09	%		41,535,146		839,221
						$	50,402,655	$	1,086,317
						$	142,907,000	$	2,375,791

(1)	Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.
(2)	Reflects the floating financing rate, as of July 31, 2021, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

Additional financial disclosures are included in the notes to financial statements of the funds’ annual report and should be read in conjunction with this report.

UltraSmall-Cap ProFund :: Schedule of Portfolio Investments :: July 31, 2021

UltraSmall-Cap ProFund invested in the following industries as of July 31, 2021:

	Value		% of Net Assets
Aerospace & Defense	$	402,274		0.4	%
Air Freight & Logistics		177,005		0.2	%
Airlines		195,086		0.2	%
Auto Components		787,396		0.8	%
Automobiles		131,160		0.1	%
Banks		4,353,486		4.3	%
Beverages		200,249		0.2	%
Biotechnology		5,415,343		5.3	%
Building Products		690,166		0.7	%
Capital Markets		902,674		0.9	%
Chemicals		1,073,088		1.1	%
Commercial Services & Supplies		1,041,854		1.0	%
Communications Equipment		465,798		0.5	%
Construction & Engineering		772,156		0.8	%
Construction Materials		119,737		0.1	%
Consumer Finance		447,487		0.4	%
Containers & Packaging		136,639		0.1	%
Distributors		48,607			NM
Diversified Consumer Services		349,260		0.3	%
Diversified Financial Services		87,631		0.1	%
Diversified Telecommunication Services		411,937		0.4	%
Electric Utilities		339,708		0.3	%
Electrical Equipment		555,424		0.5	%
Electronic Equipment, Instruments & Components		1,264,746		1.2	%
Energy Equipment & Services		461,097		0.5	%
Entertainment		486,287		0.5	%
Equity Real Estate Investment Trusts		3,655,341		3.6	%
Food & Staples Retailing		499,258		0.5	%
Food Products		580,762		0.6	%
Gas Utilities		470,809		0.5	%
Health Care Equipment & Supplies		2,083,773		2.1	%
Health Care Providers & Services		1,768,827		1.7	%
Health Care Technology		811,983		0.8	%
Hotels, Restaurants & Leisure		1,259,615		1.2	%
Household Durables		1,114,838		1.1	%
Household Products		169,791		0.2	%
Independent Power and Renewable Electricity Producers		191,095		0.2	%
Industrial Conglomerates		40,775			NM
Insurance		1,122,952		1.1	%
Interactive Media & Services		206,631		0.2	%
Internet & Direct Marketing Retail		532,707		0.5	%
IT Services		1,091,873		1.1	%
Leisure Products		370,008		0.4	%
Life Sciences Tools & Services		576,655		0.6	%
Machinery		2,304,225		2.3	%
Marine		89,435		0.1	%
Media		663,858		0.7	%
Metals & Mining		761,399		0.8	%
Mortgage Real Estate Investment Trusts		730,638		0.7	%
Multiline Retail		166,705		0.2	%
Multi-Utilities		219,289		0.2	%
Oil, Gas & Consumable Fuels		1,796,934		1.8	%
Paper & Forest Products		168,124		0.2	%
Personal Products		300,113		0.3	%
Pharmaceuticals		947,570		0.9	%
Professional Services		785,798		0.8	%
Real Estate Management & Development		510,425		0.5	%
Road & Rail		347,168		0.3	%
Semiconductors & Semiconductor Equipment		1,665,239		1.6	%
Software		3,541,678		3.5	%
Specialty Retail		1,467,077		1.4	%
Technology Hardware, Storage & Peripherals		167,885		0.2	%
Textiles, Apparel & Luxury Goods		457,480		0.5	%
Thrifts & Mortgage Finance		955,313		0.9	%
Tobacco		87,129		0.1	%
Trading Companies & Distributors		715,285		0.7	%
Transportation Infrastructure		57,315		0.1	%
Water Utilities		232,536		0.2	%
Wireless Telecommunication Services	$	117,388		0.1	%
Other **		44,021,510		43.6	%
Total	$	101,141,504		100.0	%

**	Includes any non-equity securities and net other assets (liabilities), which includes any receivable for capital shares issued and payable for capital shares redeemed.
NM	Not meaningful, amount is less than 0.05%.

Additional financial disclosures are included in the notes to financial statements of the funds’ annual report and should be read in conjunction with this report.

Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Trustees
ProFunds:

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities of ProFunds (the Funds) (comprised of the Bull ProFund, Small-Cap ProFund, UltraBull ProFund, and UltraSmall-Cap ProFund), including the summary schedules of portfolio investments, as of July 31, 2021, the related statements of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the related notes (collectively, the financial statements) and the financial highlights for each of the years in the five-year period then ended (the financial statements and financial highlights are included in Item 1 of this Form N-CSR) and the schedules of portfolio investments as of July 31, 2021 (included in Item 6 of this Form N-CSR). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Funds as of July 31, 2021, the results of their operations for the year then ended, the changes in their net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements, financial highlights and schedules of portfolio investments are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements, financial highlights and schedules of portfolio investments based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements, financial highlights and schedules of portfolio investments are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, financial highlights and schedules of portfolio investments, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements, financial highlights and schedules of portfolio investments. Such procedures also included confirmation of securities owned as of July 31, 2021, by correspondence with custodians and brokers or by other appropriate auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements, financial highlights and schedules of portfolio investments. We believe that our audits provide a reasonable basis for our opinion.

/s/ KPMG LLP

We have served as the auditor of one or more ProFunds investment companies since 2010.

Columbus, Ohio
September 28, 2021

(b)            Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

Not applicable.

Item 11. Controls and Procedures.

(a) The registrant’s principal executive officer and principal financial officer have concluded, based on their evaluation of the registrant’s disclosure controls and procedures as conducted within 90 days of the filing date of this report, that those disclosure controls and procedures provide reasonable assurance that material information required to be disclosed by the registrant on this report is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms.

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17CFR 270.30a-3(d)) that occurred during the period covered by this report that have materially affected or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 13. Exhibits.

(a)(1)  The code of ethics that is the subject of the disclosure required by Item 2 is attached hereto.

(a)(2)  Certifications pursuant to Rule 30a-2(a) are attached hereto.

(a)(3)  Not applicable.

(a)(4)  Not applicable.

(b)  Certifications pursuant to Rule 30a-2(b) are furnished hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant)  ProFunds

By (Signature and Title)*	/s/ Denise Lewis
	Denise Lewis, Treasurer and Principal Financial Officer

Date       October 24, 2022

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title)*	/s/ Todd B. Johnson
	Todd B. Johnson, President and Principal Executive Officer

Date October 24, 2022

By (Signature and Title)*	/s/ Denise Lewis
	Denise Lewis, Treasurer and Principal Financial Officer

Date       October 24, 2022

* Print the name and title of each signing officer under his or her signature.