Stull, Stull & Brody today announced that it has commenced a class action lawsuit 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 ProShares UltraShort SmallCap 600 Fund (NYSE Arca: SDD) (the “SDD Fund”), an exchange-traded fund (“ETF”) offered by ProShares Trust (“ProShares”), pursuant or traceable to ProShares’ allegedly false and misleading Registration Statement, Prospectuses, and Statements of Additional Information (collectively, the “Registration Statement”) issued in connection with shares of the SDD Fund (the “Class”). The Class is seeking to pursue remedies under Sections 11 and 15 of the Securities Act of 1933 (the “Securities Act”). 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 Collier as defendants. The complaint alleges that 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 SDD Fund is one of ProShares’ UltraShort ETFs. The SDD Fund seeks daily investment results that correspond to twice (200%) the inverse (opposite) of the daily performance of the S&P SmallCap 600 Index (the “Index”). The Complaint alleges that the SDD Fund is not a simple investment vehicle, did not track twice the inverse of the Index, and did not perform as described over a period longer than one trading day. The complaint alleges that ProShares and the other defendants violated the Securities Act by failing to disclose the following risks, among others, in the Registration Statement: (1) if the SDD Fund shares were held for a time period longer than one day there is a likelihood of losses; and (2) the extent to which performance of the SDD Fund would inevitably diverge from the performance of the Index.