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Proshares Ultrashort S&P 500 Fund

NEW YORK (BUSINESSWIRE) -- Murray, Frank & Sailer LLP has filed a class action complaint, in the Southern District of New York on behalf of all individuals and institutions who purchased shares in the UltraShort S&P 500 Fund (the "SDS Fund") offered by ProShares Trust ("ProShares"), pursuant or traceable to ProShares's false and misleading Registration Statement, Prospectuses, and Statements of Additional Information (collectively, the "Registration Statement") issued in connection with shares of the SDS Fund (the "Class"). The Class is seeking to pursue remedies under Sections 11 and 15 of the Securities Act of 1933 (the "Securities Act").

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The complaint names ProShares, ProShare Advisors LLC, SEI Investments Distribution Co., Michael L. Sapir, Louis M. Mayberg, Russell S. Reynolds, III, Michael Wachs, and Simon D. Collier, as defendants (collectively, "Defendants"). The SDS Fund is one of ProShares's UltraShort ETFs, which ProShares claims are designed to go up when markets go down. Specifically, the SDS Fund seeks investment results that correspond to twice the inverse of the daily performance of the S&P 500 Index (the "Index"). However, although the Index gained approximately 6 percent from January 2, 2009, through July 31, 2009, the SDS Fund fell approximately 29 percent during this period, generating much greater losses than ProShares claimed.

The complaint alleges that Defendants violated the Securities Act by failing to disclose that if SDS Fund shares are held for a time period longer than one day, the performance of those shares does not track the performance of the Index. In addition, the complaint alleges that if SDS Fund shares are held for a time period longer than one day, there is a significant likelihood of catastrophic losses.

Murray, Frank & Sailer LLP is also investigating claims on behalf of investors in all other ProShares leveraged funds (the "Funds"), including:

Fund

Ticker

UltraShort QQQ

NYSE: QID

UltraShort Dow30

NYSE: DXD

UltraShort Russell3000

NYSE: TWQ

UltraShort MidCap400

NYSE: MZZ

UltraShort SmallCap600

NYSE: SDD

UltraShort Russell2000

NYSE: TWM

UltraPro Short S&P500

NYSE: SPXU

UltraShort Russell1000 Value

NYSE: SJF

UltraShort Russell1000 Growth

NYSE: SFK

UltraShort Russell MidCap Value

NYSE: SJL

UltraShort Russell MidCap Growth

NYSE: SDK

UltraShort Russell2000 Value

NYSE: SJH

UltraShort Russell2000 Growth

NYSE: SKK

UltraShort Basic Materials

NYSE: SMN

UltraShort Consumer Goods

NYSE: SZK

UltraShort Consumer Services

NYSE: SCC

UltraShort Health Care

NYSE: RXD

UltraShort Industrials

NYSE: SIJ

UltraShort Semiconductors

NYSE: SSG

UltraShort Technology

NYSE: REW

UltraShort Telecommunications

NYSE: TLL

UltraShort Utilities

NYSE: SDP

UltraShort MSCI EAFE

NYSE: EFU

UltraShort MSCI Emerging Markets

NYSE: EEV

UltraShort MSCI Europe

NYSE: EPV

UltraShort MSCI Pacific ex-Japan

NYSE: JPX

UltraShort MSCI Brazil

NYSE: BZQ

UltraShort FTSE/Xinhua China 25

NYSE: FXP

UltraShort MSCI Japan

NYSE: EWV

UltraShort MSCI Mexico Investable Market

NYSE: SMK

UltraShort 7-10 Year Treasury

NYSE: PST

UltraShort 20+ Year Treasury

NYSE: TBT

UltraShort DJ-UBS Commodity

NYSE: CMD

UltraShort DJ-UBS Crude Oil

NYSE: SCO

UltraShort Gold

NYSE: GLL

UltraShort Silver

NYSE: ZSL

UltraShort Euro

NYSE: EUO

UltraShort Yen

NYSE: YCS

Ultra QQQ

NYSE: QLD

Ultra Dow30

NYSE: DDM

Ultra S&P500

NYSE: SSO

Ultra Russell3000

NYSE: UWC

Ultra MidCap400

NYSE: MVV

Ultra SmallCap600

NYSE: SAA

Ultra Russell2000

NYSE: UWM

UltraPro S&P500

NYSE: UPRO

Ultra Russell1000 Value

NYSE: UVG

Ultra Russell1000 Growth

NYSE: UKF

Ultra Russell MidCap Value

NYSE: UVU

Ultra Russell MidCap Growth

NYSE: UKW

Ultra Russell2000 Value

NYSE: UVT

Ultra Russell2000 Growth

NYSE: UKK

Ultra Basic Materials

NYSE: UYM

Ultra Consumer Goods

NYSE: UGE

Ultra Consumer Services

NYSE: UCC

Ultra Financials

NYSE: UYG

Ultra Health Care

NYSE: RXL

Ultra Industrials

NYSE: UXI

Ultra Oil & Gas

NYSE: DIG

Ultra Real Estate

NYSE: URE

Ultra Semiconductors

NYSE: USD

Ultra Technology

NYSE: ROM

Ultra Telecommunications

NYSE: LTL

Ultra Utilities

NYSE: UPW

Ultra DJ-UBS Commodity

NYSE: UCD

Ultra DJ-UBS Crude Oil

NYSE: UCO

Ultra Gold

NYSE: UGL

Ultra Silver

NYSE: AGQ

Ultra Euro

NYSE: ULE

Ultra Yen

NYSE: YCL

Ultra MSCI EAFE

NYSE: EFO

Ultra MSCI Emerging Markets

NYSE: EET

Ultra FTSE/Xinhua China 25

NYSE: XPP

Ultra MSCI Japan

NYSE: EZJ

Ultra FTSE/Xinhua China 25

NYSE: XPP

Ultra MSCI Japan

NYSE: EZJ

If you are a member of the class described above, you may move the Court, not later than January 4, 2009, to serve as Lead Plaintiff for the Class. A Lead Plaintiff is a representative chosen by the Court who acts on behalf of other class members in directing the litigation. You do not need to be a Lead Plaintiff to be included in the class. If you purchased SDS Fund shares, or any of the Fund shares listed above, and wish to discuss this litigation, or have any questions concerning this Notice or your rights or interests with respect to these matters, please contact us.

Contact:

Murray, Frank & Sailer LLP

Bridget Hamill

212-682-1818

800-497-8076

[email protected]

http://www.murrayfrank.com/

MURRAY, FRANK & SAILER LLP
275 Madison Avenue, Suite 801
New York, NY 10016
Phone: (212) 682-1818
Toll-Free: (800) 497-8076

Fax: (212) 682-1892
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