An index-based mutual fund complex said this week that it has altered the objective of a mutual fund that invests in European interests and has adopted a new benchmark index for the fund.
Profunds, of Bethesda, Md., also renamed the product, calling it the Europe 30 ProFund. It will now be gauged by the ProFunds Europe 30 Index and its objective will shift from seeking leveraged investment returns to garnering returns that correspond to the new benchmark. Previously, the fund sought leveraged returns, according to a statement from the company.
Altering the objective to reflect the new index provides shareholders "with exposure to large-cap European companies, but with a more diversified number of countries and at an anticipated lower cost," said ProFunds chairman Michael Sapir.