PROSHARES ULTRA FINANCIALS
SymbolUYG

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ProShares Ultra Financials Fund (Symbol: UYG) Class Action Filed by Bernstein Liebhard LLP

2009-10-13 15:31 ET - News Release

NEW YORK, NY -- (MARKET WIRE) -- 10/13/09

Bernstein Liebhard LLP filed a class action lawsuit on October 13, 2009 in the United States District Court for the Southern District of New York, on behalf of all persons who purchased or otherwise acquired shares in the Ultra Financials Fund (the "UYG Fund") (NYSE: UYG), an exchange-traded fund ("ETF") offered by ProShares Trust ("ProShares"), pursuant or traceable to ProShares' false and misleading Registration Statement, Prospectuses, and Statements of Additional Information (collectively, the "Registration Statement") issued in connection with shares of the UYG 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"). ProShares sells its Ultra and UltraShort ETFs as "simple" directional plays. As marketed by ProShares, Ultra ETFs are designed to go up when markets go up; UltraShort ETFs are designed to go up when markets go down. The UYG Fund is one of ProShares' Ultra ETFs. The UYG Fund seeks investment results that correspond to twice (+200%) the daily performance of the Dow Jones U.S. Financial Index ("DJUSFI"). Accordingly, the UYG Fund is supposed to deliver double the return of the DJUSFI, which, from January 1, 2009 through July 30, 2009, increased approximately 1.47 percent. Rather than increase approximately 2.9 percent (double), the UYG Fund has fallen approximately 25 percent.

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