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’ Ultra Basic Materials fund (NYSE: UYM) (the “UYM Fund”). The deadline to move for lead plaintiff in the action concerning the UYM Fund is March 15, 2010.

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.

Bernstein Liebhard LLP is also investigating claims on behalf of investors in all other ProShares leveraged funds (see list below).

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 Health CareNYSE: RXD
UltraShort IndustrialsNYSE: SIJ
UltraShort Real EstateNYSE: SKF
UltraShort SemiconductorsNYSE: SSG
UltraShort TechnologyNYSE: REW
UltraShort TelecommunicationsNYSE: TLL
UltraShort UtilitiesNYSE: SDP
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 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 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 Emerging MarketsNYSE: EET
Ultra FTSE/Xinhua China 25NYSE: XPP

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

Bernstein Liebhard LLP 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.