Founded in 1997 by Michael Sapir and Louis Mayberg, ProFunds started out as one of a handful of mutual funds firms specializing in leveraged and inverse products. (Mayberg and Sapir both previously worked with a similarly focused firm: Rydex.)
In June of 2006, the ProFunds team claimed an industry first with the launch of their first short and leveraged ETFs under their new ProShares affiliate. Sapir describes this as the beginning of the second phase of the company's history, and he notes that "ProShares quickly overtook ProFunds in size."
Phase three, Sapir says, began in 2015, when the ProShares team "got serious about offering buy-and-hold ETFs" (in contrast with most of the prior ProShares ETFs and ProFunds mutual funds, which were favored by active traders). In 2021, ProShares entered the thematic ETF space.
Michael Sapir Chairman, CEO, Co-Founder, ProFunds Group
Louis Mayberg Co-Founder, ProFunds Group
Ben Fulton Managing Member, Elkhorn Consulting, LLC
Annette Lege Chief Financial Officer, ProShares
Joanne Hill ProFunds Group
Amy Doberman General Counsel, ProFunds Group
William Seale Chief Economist, ProFunds Group
Don Roberson Managing Director, Distribution, ProFund Advisors, LLC
Steve Cohen Managing Director, Strategy and Marketing, ProFunds Group
Rick Kendrick Marketing SVP, Neuberger Berman Management Inc.