ProFunds of Bethesda, Md. launched six index funds today, bringing its total index-based mutual offerings to 39, the company announced. ProFunds offers the largest number of index funds of any U.S. mutual fund company, according to Michael Sapir, CEO of ProFunds Advisors.
While the majority of ProFunds funds seek to double the return or double the inverse of their respective indices, the new funds will seek to match their indices return, according to a spokeswoman.
All of the new funds are small or mid-cap offerings. Two are growth style funds, two are value style, and two are broad-based, according to the company. The growth and value specific funds are based on S&P/ BARRA indices. The broad small-cap is based on the Russell 2000 Index and the broad-based Mid-Cap is based on the S&P MidCap 400 Index.
"We believe that S&P/BARRA indexes are more transparent, liquid, and widely followed than comparable indexes," said Sapir.
As with all ProFunds offerings, the new funds cater to active investors and allow them to transfer money from one ProFunds product to another with no transaction or exit fees.