PROSHARES ULTRASHORT S&P500
			Symbol			SDS

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ProShares UltraShort S&P 500 Fund (Symbol: SDS) Class Action Filed By Murray, Frank & Sailer LLP

2009-11-12 18:01 ET - News Release

NEW YORK -- (Business Wire)

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”).

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.

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