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:

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.