Proshares Ultrashort Dow 30 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 Dow 30 Fund (the "DXD 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 DXD Fund (the "Class"). The Class is seeking to pursue remedies under Sections 11 and 15 of the Securities Act of 1933 (the "Securities Act").

Read the Complaint

Join the Case

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 DXD Fund is one of ProShares's UltraShort ETFs, which ProShares claims are designed to go up when markets go down. Specifically, the DXD Fund seeks investment results that correspond to twice the inverse of the daily performance of the Dow Jones Industrial Average ("DJIA"). However, although the DJIA fell approximately 34 percent from January 2, 2008 through December 31, 2008, the DXD Fund rose only 7 percent during this period, falling far short of ProShares's claims.

The complaint alleges that Defendants violated the Securities Act by failing to disclose that if DXD Fund shares are held for a time period longer than one day, the performance of those shares does not track the performance of the DJIA. In addition, the complaint alleges that if DXD 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:

If you are a member of the class described above, you may move the Court, not later than November 30, 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 DXD 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]

www.murrayfrank.com