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Milberg LLP is investigating certain funds offered by ProShares in connection with allegations that those funds may have been improperly marketed to investors. Certain leveraged ETF funds in the ProShares Short, Ultra, and UltraShort families were marketed to investors as “simple” and were held out as having returns that correlated, directly or inversely, to various benchmarks.
In June 2009, securities regulator FINRA issued Regulatory Notice 09-31, which cautioned that leveraged ETFs are “highly complex financial instruments,” designed for use in “sophisticated trading strategies.” FINRA also cautioned that leveraged ETFs are typically unsuitable for retail investors. On July 15, 2009, the Massachusetts Secretary of State announced that Massachusetts had begun a probe into the sales practices of certain sellers of leveraged ETFs, including ProShares.
The ProShares funds which Milberg is currently investigating are listed on the left panel. If you or a family member purchased shares in any of these funds and would like more information you may contact us to discuss the situation.
For over 40 years Milberg LLP has been prosecuting claims on behalf of individual and institutional investors in actions seeking to recover for fraud, breach of fiduciary duty, and negligence. Milberg currently serves as lead counsel in federal and state courts throughout the United States in numerous securities fraud class actions. Recent class action securities fraud recoveries in which Milberg was Lead or Co-Lead Counsel for the class include, among others, Tyco ($3.2 billion court approved settlement); CMS ($200 million court approved settlement); and Amex ($100 million court approved settlement).
ProShares Funds Under Investigation
ProShares Funds Under Investigation
| Fund | Symbol |
| Short QQQ | PSQ |
| Short Dow30 | DOG |
| Short S&P500 | SH |
| Short MidCap400 | MYY |
| Short SmallCap600 | SBB |
| Short Russell2000 | RWM |
| UltraShort QQQ | QID |
| UltraShort Dow30 | DXD |
| UltraShort S&P500 | SDS |
| UltraShort MidCap400 | MZZ |
| UltraShort SmallCap600 | SDD |
| UltraShort Russell2000 | TWM |
| UltraShort Russell3000 | TWQ |
| UltraPro Short S&P500 | SPXU |
| UltraShort Russell1000 Value | SJF |
| UltraShort Russell1000 Growth | SFK |
| UltraShort Russell MidCap Value | SJL |
| UltraShort Russell MidCap Growth | SDK |
| UltraShort Russell2000 Value | SJH |
| UltraShort Russell2000 Growth | SKK |
| Short Financials | SEF |
| Short Oil & Gas | DDG |
| UltraShort Basic Materials | SMN |
| UltraShort Consumer Goods | SZK |
| UltraShort Consumer Services | SCC |
| UltraShort Financials | SKF |
| UltraShort Health Care | RXD |
| UltraShort Industrials | SIJ |
| UltraShort Oil & Gas | DUG |
| UltraShort Real Estate | SRS |
| UltraShort Semiconductors | SSG |
| UltraShort Technology | REW |
| UltraShort Telecommunications | TLL |
| UltraShort Utilities | SDP |
| Short MSCI EAFE | EFZ |
| Short MSCI Emerging Markets | EUM |
| UltraShort MSCI EAFE | EFU |
| UltraShort MSCI Emerging Markets | EEV |
| UltraShort MSCI Europe | EPV |
| UltraShort MSCI Pacific ex-Japan | JPX |
| UltraShort MSCI Brazil | BZQ |
| UltraShort FTSE/Xinhua China 25 | FXP |
| UltraShort MSCI Japan | EWV |
| UltraShort MSCI Mexico Investable Market | SMK |
| Short 20+ Year Treasury | TBF |
| UltraShort 7-10 Year Treasury | PST |
| UltraShort 20+ Year Treasury | TBT |
| UltraShort DJ-UBS Commodity | CMD |
| UltraShort DJ-UBS Crude Oil | SCO |
| UltraShort Gold | GLL |
| UltraShort Silver ZSL | |
| UltraShort Euro | EUO |
| UltraShort Yen | YCS |
| Ultra QQQ | QLD |
| Ultra Dow30 | DDM |
| Ultra S&P500 | SSO |
| Ultra Russell3000 | UWC |
| Ultra MidCap400 | MVV |
| Ultra SmallCap600 | SAA |
| Ultra Russell2000 | UWM |
| UltraPro S&P500 | UPRO |
| Ultra Russell1000 Value | UVG |
| Ultra Russell1000 Growth | UKF |
| Ultra Russell MidCap Value | UVU |
| Ultra Russell MidCap Growth | UKW |
| Ultra Russell2000 Value | UVT |
| Ultra Russell2000 Growth | UKK |
| Ultra Basic Materials | UYM |
| Ultra Consumer Goods | UGE |
| Ultra Consumer Services | UCC |
| Ultra Financials | UYG |
| Ultra Health Care | RXL |
| Ultra Industrials | UXI |
| Ultra Oil & Gas | DIG |
| Ultra Real Estate | URE |
| Ultra Semiconductors | USD |
| Ultra Technology | ROM |
| Ultra Telecommunications | LTL |
| Ultra Utilities | UPW |
| Ultra MSCI EAFE | EFO |
| Ultra MSCI Emerging Markets | EET |
| Ultra FTSE/Xinhua China 25 | XPP |
| Ultra MSCI Japan | EZJ |
| Ultra DJ-UBS Commodity | UCD |
| Ultra DJ-UBS Crude Oil | UCO |
| Ultra Gold | UGL |
| Ultra Silver AGQ | |
| Ultra Euro | ULE |
| Ultra Yen | YCL |
If you wish to discuss this matter with us please contact the following attorney:
Andrei Rado, Esq.
Milberg LLP
One Pennsylvania Plaza, 49th Fl.
New York, NY 10119-0165
Phone number: (800) 320-5081
Email: contactus@milberg.com
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