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

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.

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.