Bernstein Liebhard LLP filed an action (the “SRS Action”) on behalf of investors (the “Class”) in ProShares Ultrashort Real Estate ProShares Fund (“ProShares SRS”) on August 27, 2009.

In addition to filing claims concerning Proshares SRS (NYSE: SRS), Bernstein Liebhard is also looking into claims on behalf of investors in ProShares Trust (“ProShares”) leveraged funds (the “Funds”) (see list below), such as whether ProShares failed to disclose in its registration statements: (i) that if shares of the Funds were held for a time period longer than one day, the likelihood of massive losses was huge; and (ii) the extent to which performance of the Funds would invariably diverge from the performance of the benchmark.

FundTicker
UltraShort QQQNYSE: QID
UltraShort Dow30NYSE: DXD
UltraShort S&P500NYSE: SDS
UltraShort Russell3000NYSE: TWQ
UltraShort MidCap400NYSE: MZZ
UltraShort SmallCap600NYSE: SDD
UltraShort Russell2000NYSE: TWM
UltraPro Short S&P500NYSE: SPXU
UltraShort Russell1000 ValueNYSE: SJF
UltraShort Russell1000 GrowthNYSE: SFK
UltraShort Russell MidCap ValueNYSE: SJL
UltraShort Russell MidCap GrowthNYSE: SDK
UltraShort Russell2000 ValueNYSE: SJH
UltraShort Russell2000 GrowthNYSE: SKK
UltraShort Basic MaterialsNYSE: SMN
UltraShort Consumer GoodsNYSE: SZK
UltraShort Consumer ServicesNYSE: SCC
UltraShort FinancialsNYSE: SKF
UltraShort Health CareNYSE: RXD
UltraShort IndustrialsNYSE: SIJ
UltraShort Oil & GasNYSE: DUG
UltraShort Real EstateNYSE: SRS
UltraShort SemiconductorsNYSE: SSG
UltraShort TechnologyNYSE: REW
UltraShort TelecommunicationsNYSE: TLL
UltraShort UtilitiesNYSE: SDP
UltraShort MSCI EAFENYSE: EFU
UltraShort MSCI Emerging MarketsNYSE: EEV
UltraShort MSCI EuropeNYSE: EPV
UltraShort MSCI Pacific ex-JapanNYSE: JPX
UltraShort MSCI BrazilNYSE: BZQ
UltraShort FTSE/Xinhua China 25NYSE: FXP
UltraShort MSCI JapanNYSE: EWV
UltraShort MSCI Mexico Investable MarketNYSE: SMK
UltraShort 7-10 Year TreasuryNYSE: PST
UltraShort 20+ Year TreasuryNYSE: TBT
UltraShort DJ-UBS CommodityNYSE: CMD
UltraShort DJ-UBS Crude OilNYSE: SCO
UltraShort GoldNYSE: GLL
UltraShort SilverNYSE: ZSL
UltraShort EuroNYSE: EUO
UltraShort YenNYSE: YCS
Ultra QQQNYSE: QLD
Ultra Dow30NYSE: DDM
Ultra S&P500NYSE: SSO
Ultra Russell3000NYSE: UWC
Ultra MidCap400NYSE: MVV
Ultra SmallCap600NYSE: SAA
Ultra Russell2000NYSE: UWM
UltraPro S&P500NYSE: UPRO
Ultra Russell1000 ValueNYSE: UVG
Ultra Russell1000 GrowthNYSE: UKF
Ultra Russell MidCap ValueNYSE: UVU
Ultra Russell MidCap GrowthNYSE: UKW
Ultra Russell2000 ValueNYSE: UVT
Ultra Russell2000 GrowthNYSE: UKK
Ultra Basic MaterialsNYSE: UYM
Ultra Consumer GoodsNYSE: UGE
Ultra Consumer ServicesNYSE: UCC
Ultra FinancialsNYSE: UYG
Ultra Health CareNYSE: RXL
Ultra IndustrialsNYSE: UXI
Ultra Oil & GasNYSE: DIG
Ultra Real EstateNYSE: URE
Ultra SemiconductorsNYSE: USD
Ultra TechnologyNYSE: ROM
Ultra TelecommunicationsNYSE: LTL
Ultra UtilitiesNYSE: UPW
Ultra DJ-UBS CommodityNYSE: UCD
Ultra DJ-UBS Crude OilNYSE: UCO
Ultra GoldNYSE: UGL
Ultra SilverNYSE: AGQ
Ultra EuroNYSE: ULE
Ultra YenNYSE: YCL
Ultra MSCI EAFENYSE: EFO
Ultra MSCI Emerging MarketsNYSE: EET
Ultra FTSE/Xinhua China 25NYSE: XPP
Ultra MSCI JapanNYSE: EZJ

Plaintiff in the SRS Action seeks to recover damages on behalf of all Class members who purchased or otherwise acquired shares of ProShares SRS.  If you purchased or otherwise acquired ProShares SRS shares, and either lost money on the transaction or still hold the shares, you may wish to join in the action to serve as lead plaintiff. In order to do so, you must meet certain requirements set forth in the applicable law and file appropriate papers no later than October 5, 2009.

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 any of the Funds listed above, and either lost money on the transaction or still hold the shares, please call our office to discuss your rights.

If you would like to discuss the SRS Action, claims concerning the Funds, or if you have any questions concerning this Notice, please contact Christian Siebott or Joseph R. Seidman, Jr. at (877) 779-1414.

You can view a copy of the SRS Action complaint here.