Notice to Investors of Class Action Filed by Gilman and Pastor LLP Against ProShares UltraShort Oil and Gas Fund (AMEX: DUG) and

  Gilman and Pastor LLP filed two class
action lawsuits on October 23, 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 Oil and Gas Fund (the "DUG"
Fund) (AMEX: DUG) and Ultra Financials ProShares Fund (the "UYG Fund")
(AMEX: UYG) (collectively "the Funds"), exchange-traded funds ("ETFs")
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 Funds' shares (the "Class").  The
Class is seeking recovery for investors under Sections 11 and 15 of the
Securities Act of 1933 (the "Securities Act").

The complaints name 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 DUG Fund is one of ProShares' UltraShort ETFs. The DUG Fund seeks investment results that correspond to twice (200%) the inverse (opposite) of the daily performance of the Dow Jones Oil and Gas Index ("DJOGI"), which measures the performance of the energy sector of the U.S. equity markets. For example, the DUG Fund is supposed to deliver double the inverse return of the DJOGI, which fell approximately 37 percent from January 2, 2008 through December 17, 2008, ostensibly creating a profit for investors who anticipated a decline in the performance of the U.S. equity markets. In other words, the DUG Fund should have appreciated by 74 percent during this period. However, the DUG Fund actually fell approximately 30 percent during this period.

The UYG Fund is one of ProShares' Ultra ETFs. The UYG Fund seeks investment results that correspond to twice (200%) the daily performance of the Dow Jones U.S. Financials Market Index ("DJUSFI"), which measures the performance of the financials industry of the U.S. equity markets. For example, the UYG Fund is supposed to deliver double the daily return of the DJUSFI, which increased approximately 1.47 percent from January 2, 2009 through July 31, 2009, ostensibly creating a profit for investors who anticipated an increase in the performance of the financial markets. In other words, the UYG Fund should have appreciated by 2.9 percent during this period. However, the UYG Fund actually fell approximately 25 percent during this period.

The complaints allege the Defendants violated the Securities Act by failing to disclose that the Funds are altogether defective as a securities product and as directional investment play. Defendants failed to disclose the following risks in the Registration Statement: (1) if the Funds shares were held for a time period longer than one day, the likelihood of catastrophic losses were substantial; (2) the extent to which performance of the Funds would inevitably diverge from the performance of the Index -- i.e., the probability, if not certainty, of spectacular tracking error; (3) the severe consequences of high market volatility on the Funds' investment objective and performance; and (4) the severe consequences of inherent path dependency in periods of high market volatility on the Funds' performance.

If you purchased or otherwise acquired shares in the DUG Fund or UYG Fund and either lost in excess of $200,000. 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 November 23, 2009. If you have any questions about the lawsuit, please contact Kenneth G. Gilman, Esq. of Gilman and Pastor, at [phone], or via email at [e-mail].

A Lead Plaintiff is a court-appointed representative for absent class members. 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 the class, you can view a copy of the complaints and join this class action online at http://proshares-ultrashort-dug.com and http://proshares-ultra-uyg.com

Plaintiffs are represented by the law firm Gilman and Pastor LLP. Gilman and Pastor LLP 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 30 years and has been recognized for its reputation for excellence by the courts.

CONTACTS: Kenneth G. Gilman, Esq. Attorney Gilman and Pastor, LLP 28100 Bonita Grande Drive Suite 105 Bonita Springs, FL 34135 www.gilmanpastor.com [e-mail] [phone] [phone] Fax