Class action filed against ProShares UltraShort Oil and Gas fund

The complaint, filed by US law firm Pomerantz Haudek Grossman & Gross, cites "false and misleading registration statement, prospectuses, and statements of additional information" issued in connection with the fund's shares. The fund is an inverse leveraged ETF that seeks investment returns that are two times the inverse performance of the Dow Jones US Oil and Gas index. The law firm alleges that ProShares' registration statement failed to adequately disclose that the fund's shares should not be held more than a single trading day and were not an appropriate hedge against a decline in ...