Investors have filed a class action complaint against Proshares Advisors LLC and others for violating anti-fraud provisions of the federal securities laws by misrepresenting and failing to disclose material risks associated with an inverse leveraged exchange traded fund (“ETF”), reported Evan Weinberger in his recent 360Law article entitled “Class Alleges ProShares ETF Is ‘Defective Product.'” That fund is the UltraShort Real Estate ProShares fund offered by ProShares Trust. The Complaint notes that sales of such products have “exploded in popularity” in recent years, that ProShares Trust is the fifth largest provider of ETFs in the United States and managed 99% of the inverse and leveraged ETFs in the country.