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ProShares Ultrashort Russell2000 Growth Fund Class Action Filed By Murray, Frank & Sailer LLP

Murray, Frank & Sailer LLP has filed a class action complaint in the United States District Court for the Southern District of New York on behalf of all individuals and institutions who purchased shares in the ProShares Ultrashort Russell2000 Growth Fund (the “SKK Fund”) (NYSE: SKK) 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 SKK 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 SKK Fund is one of ProShares’s UltraShort ETFs, which ProShares claims are designed to go up when markets go down. Specifically, the SKK Fund seeks investment results that correspond to twice the inverse of the daily performance of the Russell MidCap Value Index (the “Index”). However, although the Index gained approximately 27 percent from January 2, 2009, through February 2, 2010, the SKK Fund fell approximately 66 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 SKK 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 SKK 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:

UltraShort Russell3000 NYSE: TWQ
UltraShort SmallCap600 NYSE: SDD
UltraPro Short S&P500 NYSE: SPXU
UltraShort Russell1000 Value NYSE: SJF
UltraShort Russell1000 Growth NYSE: SFK
UltraShort Russell MidCap Growth NYSE: SDK
UltraShort Russell2000 Value NYSE: SJH
UltraShort Consumer Goods NYSE: SZK
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 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 Gold NYSE: GLL
UltraShort Silver NYSE: ZSL
UltraShort Euro NYSE: EUO
UltraShort Yen NYSE: YCS
Ultra Dow30 NYSE: DDM
Ultra S&P500 NYSE: SSO
Ultra Russell3000 NYSE: UWC
Ultra MidCap400 NYSE: MVV
Ultra SmallCap600 NYSE: SAA
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 Health Care NYSE: RXL
Ultra Industrials NYSE: UXI
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 Emerging Markets NYSE: EET
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 April 14, 2010, 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 SKK 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.


Murray, Frank & Sailer LLP
Brian D. Brooks, 212-682-1818 / 800-497-8076

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