Labaton Sucharow LLP Files Class Action Lawsuit Against ProShares' UltraShort Real...

Labaton Sucharow LLP Files Class Action Lawsuit Against ProShares' UltraShort
Real Estate ProShares Fund -- SRS

NEW YORK, Aug. 6, 2009 (GLOBE NEWSWIRE) -- Labaton Sucharow LLP filed a class
action lawsuit on August 5, 2009 in the United States District Court for the
Southern District of New York, on behalf of all persons who purchased or
otherwise acquired shares in the UltraShort Real Estate ProShares fund (the "SRS
Fund") (NYSE:SRS), an exchange-traded fund ("ETF") offered by ProShares Trust
("ProShares"), pursuant or traceable to ProShares' false and misleading
Registration Statement, Prospectuses, and Statements of Additional Information
(collectively, the "Registration Statement") issued in connection with the SRS
Fund's shares (the "Class"). The Class is seeking to pursue remedies under
Sections 11 and 15 of the Securities Act of 1933 (the "Securities Act").

If you bought shares in the SRS Fund pursuant to the Registration Statement and
would like to consider serving as lead plaintiff or have any questions about the
lawsuit, please contact Stefanie J. Sundel, Esq. of Labaton Sucharow, at
800-321-0476 or (212) 907-0700, or via email at ssundel@labaton.com. Lead
Plaintiff motion papers must be filed with the United States District Court for
the Southern District of New York no later than October 5, 2009. A Lead
Plaintiff is a court-appointed representative for absent class members. You do
not need to seek appointment as Lead Plaintiff to share in any class recovery in
this action. If you are a class member and there is a recovery for the class,
you can share in that recovery as an absent class member. You may retain counsel
of your choice to represent you in this action.

If you are a member of this class you can view a copy of the complaint and join
this class action online at
http://www.labaton.com/en/cases/Newly-Filed-Cases.cfm

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").
ProShares sells its Ultra and UltraShort ETFs as "simple" directional plays. As
marketed by ProShares, Ultra ETFs are designed to go up when markets go up;
UltraShort ETFs are designed to go up when markets go down. The SRS Fund is one
of ProShares' UltraShort ETFs. The SRS Fund seeks investment results that
correspond to twice the inverse (-200%) daily performance of the Dow Jones U.S.
Real Estate Index ("DJREI"), which measures the performance of the real estate
sector of the U.S. equity market. Accordingly, the SRS Fund is supposed to
deliver double the inverse return of the DJREI, which fell approximately 39.2
percent from January 2, 2008 through December 17, 2008, ostensibly creating a
profit for investors who anticipated a decline in the U.S. real estate market.
In other words, the SRS Fund should have appreciated by 78.4 percent during this
period. However, the SRS Fund actually fell approximately 48.2 percent during
this period -- the antithesis of a directional play.

The complaint alleges the Defendants violated the Securities Act by failing to
disclose that the SRS Fund is altogether defective as a directional investment
play. Defendants failed to disclose the following risks in the Registration
Statement: (1) inverse correlation between the SRS Fund and the DJREI over time
would only happen in the rarest of circumstances, and inadvertently if at all;
(2) the extent to which performance of the SRS Fund would inevitably diverge
from the performance of the DJREI -- i.e., the probability, if not certainty, of
spectacular tracking error; (3) the severe consequences of high market
volatility on the SRS Fund's investment objective and performance; (4) the
severe consequences of inherent path dependency in periods of high market
volatility on the SRS Fund's performance; (5) the role the SRS Fund plays in
increasing market volatility, particularly in the last hour of trading; (6) the
consequences of the SRS Fund's daily hedge adjustment always going in the same
direction as the movement of the underlying index, notwithstanding that it is an
inverse leveraged ETF; (7) the SRS Fund causes dislocations in the stock market;
(8) the SRS Fund offers a seemingly straightforward way to obtain desired
exposure, but such exposure is not attainable through the SRS Fund.

Plaintiff is represented by the law firm Labaton Sucharow LLP. Labaton Sucharow
is one of the country's premier national law firms that represent institutional
and individual investors in class action, complex securities and corporate
governance litigation. The firm has been a champion of investor rights for over
40 years and has been recognized for its reputation for excellence by the
courts. More information about Labaton Sucharow is available at www.labaton.com.

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CONTACT: Labaton Sucharow LLP
800-321-0476
(212) 907-0700