ProFunds of Bethesda, Md., which plans to introduce a line of six new exchange-traded funds, five of which will track the Standard & Poor's 500 Index, does not have the right to do so, according to Bill Jordan, a spokesperson for McGraw-Hill Companies of New York, Standard & Poor's parent company.

But, Michael Sapir, CEO of ProFunds, said ProFunds has licenses to offer funds based on the S&P 400 and 500 and that enables the company to offer exchange-traded funds based on the indexes as well.

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