An investor has filed a lawsuit in the United States District Court for the District of Maryland, on behalf of Plaintiffs and all persons who purchased or otherwise acquired shares in the following ProShares Funds: UltraShort Real Estate Fund (AMEX: SRS), UltraShort Financials (AMEX: SKF), UltraShort Oil and Gas (AMEX: DUG), Ultra Financials (AMEX: UYG), UltraShort S&P 500 (AMEX: SDS), UltraShort Emerging Markets (AMEX: EEV), UltraShort FTSE/Xinhua (AMEX: FXP), UltraShort DJ - AIG - Crude Oil (AMEX: SCO) against ProShares Trust, ProShare Advisors LLC and others over alleged violations of federal securities laws. The above stated ProShares Funds are exchange-traded funds ( ETF ) offered by ProShares Trust. According to the complaint the plaintiff alleges that investors in those funds were damaged pursuant or traceable to ProShares Trust' false and misleading Registration Statement, Prospectuses, and Statements of Additional Information and defendants violated the Sections 11 and 15 of the Securities Act of 1933 by failing to disclose that these funds were altogether defective as a securities product and as directional investment play.