SOURCE: Bernstein Liebhard LLP

February 10, 2010 12:17 ET

ProShares UltraShort Russell MidCap Value ProShares Fund (SJL) Submission Deadline for Investors Announced by Bernstein Liebhard LLP

NEW YORK, NY--(Marketwire - February 10, 2010) - Bernstein Liebhard LLP has filed cases (the "Complaints") against ProShares Trust ("ProShares") concerning ProShares' SRS, SKF, UYG, DUG, DXD, and SMN funds (the "Funds"). These complaints allege that ProShares, as well as others, violated the Securities Act of 1933 by failing to disclose the following risks, inter alia, in the Registration Statement, Prospectuses, and Statements of Additional Information issued in connection with shares of the Funds: (1) if shares of the Funds were held for a time period longer than one day, the likelihood of catastrophic losses was huge; and (2) the extent to which performance of the Funds would inevitably diverge from the performance of its benchmark -- i.e., the overwhelming probability, if not certainty, of spectacular divergence.

A case has also been filed concerning ProShares' UltraShort Russell MidCap Value Proshares Fund (NYSE: SJL) (the "SJL Fund"). The deadline to move for lead plaintiff in the action concerning the SJL Fund is April 12, 2010.

There is also a deadline of March 15, 2010 to move for lead plaintiff in the Ultra Basic Materials fund (the UYM fund).

A "lead plaintiff" is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as lead plaintiff. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Bernstein Liebhard LLP, or other counsel of your choice, to serve as your counsel in this action.

If you purchased or otherwise acquired shares in the SJL or UYM Funds, and either lost money on the transaction or still hold the shares, please contact Joseph R. Seidman, Jr. at (877) 779-1414.

Bernstein Liebhard has pursued hundreds of securities and consumer cases and recovered approximately $2 billion for its clients. It has been named to The National Law Journal's "Plaintiffs' Hot List" in each of the last seven years.

You can view a copy of the Complaints online at http://www.bernlieb.com, or obtain a copy from the clerk of the court for the United States District Court for the Southern District of New York.

Bernstein Liebhard LLP
10 East 40th Street
New York, New York 10016
(877) 779-1414
www.bernlieb.com

ATTORNEY ADVERTISING. © 2010 Bernstein Liebhard LLP. The law firm responsible for this advertisement is Bernstein Liebhard LLP, 10 East 40th Street, New York, New York 10016, (212) 779-1414. Prior results do not guarantee or predict a similar outcome with respect to any future matter.

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