The following Terms of Site Access govern your use of this Internet web site of ProFunds and Access One Trust (collectively referred to herein as "ProFunds"). After reading the Terms of Site Access please click on the "I accept the terms of the user agreement" checkbox. This checkbox is located on this page immediately below the Terms of Site Access.
Terms of Site AccessBy using or conducting transactions through this web site, you agree to the following Terms of Site Access:
Privacy
ProFunds is committed to respecting the privacy of personal information. You may access the ProFunds Privacy Policy at http://www.proshares.com/privacy/index.html.
Investment Decisions
As with all financial matters, you should exercise great care in using the information provided on this web site or available through links from this web site. You should research the facts and opinions contained in this information, including speaking to your financial professional, before making any financial decisions. The information provided on this web site is provided to you for information purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any product that may be referenced on the web site. The information about your account available on this web site is not the official record of your account. Nothing on this web site should be construed as rendering tax, legal, investment, or accounting advice. The posting of any prospectus or any other information on this web site is for informational purposes only and should not be interpreted as a recommendation or opinion that you should make any purchase or sale or participate in any transaction.
Instructions for Transactions
An instruction for a transaction placed via the web site will not be treated as having been received by ProFunds for purposes of pricing a transaction until the instruction has actually been received by ProFunds, without regard to the time of day that you transmitted the instruction. You hereby acknowledge that receipt by ProFunds of your instructions may be delayed or prevented by a system error, omission, interruption, deletion, defect, delay in operation of transmission, computer virus or worm, communications line failure or other factor that may affect communication via the Internet and that ProFunds will not be liable for any such delay or failure to receive your instructions. When acting on Internet instructions believed to be genuine, ProFunds will not be liable for any loss resulting from a fraudulent Internet transaction instruction, and the investor will bear the risk of any such loss. ProFunds will employ reasonable procedures to confirm that the Internet instructions are genuine; and if ProFunds does not employ such procedures, ProFunds may be liable for any losses due to unauthorized or fraudulent instructions. ProFunds will follow specific procedures for preventing fraudulent transactions via the Internet, including, among others, requiring the use of an identifying password prior to acting upon instructions received via the Internet, providing written confirmation not later than five business days after such transaction and/or retaining electronic records of Internet instructions.
Investors also should be aware that Internet transactions may be difficult to implement in a timely manner during periods of significant economic or market changes. If such conditions occur, transaction orders can be made by mail or by telephone. Internet and transaction privileges may be terminated or modified by ProFunds at any time, without notice.
Transaction Processing
The system allows users to place orders in a variety of ways. This section describes some of the processing logic.
Target allocations and Model Trades
The Target Allocation screen allows you to place orders by entering an End of Day Allocation. The system rebalances each account based on the target percentages provided. You may select one of two methods for the rebalance:
1) Minimize the number of transactions
This method seeks to reduce the overall number of transactions within each account while attempting to closely, but not exactly, match the user provided target weights. This exchange is affected by market movement due to the fact that it performs calculations based on the current dollar amounts in each fund. The trade amounts are derived using the current Net Asset Values (NAVs) and thus are subject to "drift" when the NAVs used to calculate the trade differ from the actually NAVs.
2) Exact Restructure
The Exact Restructure ensures that the end balances are not affected by market movement. This method creates a separate exchange from each fund that you are moving out of to all of the funds that you are moving in to. The number of transactions required to create the exact restructure can be significant. For example, if there is no overlap between the funds in the current allocation and the new allocation, the number of trades generated is equal to the number of funds that you are selling times the number of funds you are buying. If for example you are trading out of two positions and moving to four different positions, the system would generate eight trades (two funds out * four funds in = eight).
There are a number of other factors that may prevent an Exact Restructure from being "exact" including but not limited to Accrued interest in daily accrual funds such as Money Market or U.S. Government Plus, Redemptions, Purchases, Transfers, etc.
Minimum Trade Threshold
Users can enter minimum trade thresholds on Asset Allocation and Model Trade orders by specifying a minimum Dollar Amount or Percentage. If a percentage is entered, the system converts the minimum to a Dollar Amount by multiplying the percentage times the total account balance at the time of the trade. The system compares the dollar minimum to the proposed trade amounts to determine if a particular fund should participate in the trade. Because the generated orders are share based, the actual trade may execute for an amount below your specified minimum.
Note: If the target allocation for a position is zero, the position will participate in the trade regardless of the minimum trade threshold. Additionally, if a position is within one share of the target, the system will not generate a trade.
Trades leaving less than one share:
If an exchange out order would result in an ending position of less than one share, the system will update the order to close out the position.
Security
For your protection, ProFunds uses Secure Socket Layer technology to encrypt the transmission of information. While we provide this technology to protect confidential information and provide suitable security, ProFunds does not guarantee or warrant that information transmitted through the Internet is secure or that such transmissions will be free from delay, interruption, interception or error. You understand that you are responsible for securing the confidentiality and use of your user name, password, and other methods of securing access to your account(s). You will be solely responsible for all transactions that are sent electronically using your user name and password. Notify ProFunds immediately if you become aware of any disclosure, loss, theft or unauthorized use of your user name or password. While ProFunds has taken reasonable measures to keep your information secure, we are not liable if your data and communications are intercepted or for any breach of security. Should someone intercept a transmission of your information, you agree that you will not hold ProFunds or its affiliates liable for any type of damages. This includes any liabilities or damages resulting from viruses that may infect your or our computer(s) or third-party Internet facilities.
Ownership and Use of Content
All of the information and content on this web site, including but not limited to all text, graphics, software applications, video and audio files and photos ("Content") is owned or licensed by ProFunds, ProFund Advisors, LLC or an affiliate (collectively referred to herein as "ProFunds Entities"), and is protected by worldwide copyright laws and treaty provisions, unless otherwise indicated. You may make and use printouts of the Content for your personal, non-commercial use only, provided that the printouts retain all copyright, trademark and other proprietary notices. The use of the Content on any other medium, including another web site or in a networked computer environment, for any purpose, or any other republication or redistribution of the Content, including, without limitation, framing the Content within another web site, is expressly prohibited without the prior written permission of the appropriate ProFunds Entities.
Permitted Use of Marks
ProFunds is a registered trademark of ProFund Advisors LLC. ProFund Advisors LLC retains all right, title and interest in and to its trademarks, service marks and trade names worldwide. Except when included in any authorized printouts of the Content, you are not authorized to make any other use of the marks of ProFund Advisors LLC or its affiliates.
Disclaimers
All information and services furnished via the web site are provided on an "as is" and "as available" basis. ProFunds makes no implied or expressed warranties of any kind, including, but not limited to, implied warranties of merchantability, fitness for a particular purpose or non-infringement in connection with the provision of such services or information. Although ProFunds will employ procedures to insure that all information provided via the web site is accurate and error-free and that all services furnished by ProFunds via the Internet are reliable and uninterrupted, ProFunds makes no warranty that such information is accurate or error-free or that such services will be error-free, continuously available or free from viruses, worms, programming errors or other harmful components.
Limitation of Liability
In no event shall ProFunds be liable to you or any party for any direct, incidental or consequential damages, including but not limited to, (i) loss of anticipated profits, benefits, use, or data, or (ii) injury caused by any performance, failure of performance, error, omission, interruption, deletion, defect, delay in operation of transmission, computer virus or worm, communications line failure, theft or destruction or unauthorized access to, alteration of, or use of information, resulting from the use of or access to the web site. In the event that ProFunds is held liable to you for any damages, losses or causes of action, the total liability of ProFunds to you shall not exceed the amount paid by you, if any, for access to the web site. It is possible that all or a portion of the forgoing disclaimers or limitations of liability may not be enforceable in the jurisdiction in which you reside.
Applicable Law and Jurisdiction
The web site is controlled and operated from within the State of Maryland in the United States of America. Those who choose to access the web site from other locations do so on their own initiative and are responsible for compliance with local laws. These Terms of Site Access shall be construed and enforced in accordance with the laws of the state of Maryland, without regard to the conflicts or choice of law provisions of such State. Any legal action taken relating to these Terms of Site Access shall be brought in the federal or state courts located in Maryland and you consent and submit to the personal jurisdiction of those courts for the purpose of any such action.
Changes to Web Site and Terms
ProFunds may, at any time and without notice, modify, add to or delete any portion of the information contained on the web site or discontinue any portion of the services provided on the web site. ProFunds may also modify, add to or delete any of the provisions of these Terms of Site Access. If ProFunds elects to modify, add to or delete any portion of these Terms of Site Access, you will be deemed to have accepted such terms, as modified, by your continued use of the web site. After your initial acceptance of the Terms of Site Access, ProFunds recommends that you periodically review the Terms of the Site Access for changes.
Termination of Access to Web Site
You understand that, if at any time you no longer agree with these Terms of Site Access, your sole remedy shall be to cease using the web site. In addition, upon receipt of written instructions from you, ProFunds will take action to prevent access to the web site by you or other persons previously authorized by you to access the web site on your behalf.