According to the Complaint, ProShares Ultra Bloomberg Crude Oil (“UCO”) is an exchange traded fund purportedly designed to reflect the performance of crude oil as measured by the price of West Texas Intermediate (“WTI”) sweet, light crude oil futures contracts traded on the New York Mercantile Exchange. ETFs like UCO provide one of the primary means investors can gain exposure to fluctuations in oil prices.

This is a federal securities class action on behalf of all investors who purchased or otherwise acquired UCO securities from March 6, 2020 and April 27, 2020, inclusive. The Complaint alleges that during the Class Period, Defendants (i) made false and misleading statements and (ii) failed to disclose adverse facts known to them about UCO, and that as a result of Defendants’ material misrepresentations and omissions during the Class Period, Plaintiff and members of the Class suffered billions of dollars in losses.