ProShares, a premier provider of ETFs, announced today forward
and reverse share splits on seventeen of its ETFs. The splits will
not change the total value of a shareholder’s investment and will
be effective on two separate dates.
Forward Splits
Seven ETFs will forward split shares at the following split
ratios:
Ticker
ProShares ETF
Split Ratio
CSM
ProShares Large Cap Core Plus
2:1
ROM
ProShares Ultra Technology
2:1
SSO
ProShares Ultra S&P500
2:1
TQQQ
ProShares UltraPro QQQ
2:1
UCC
ProShares Ultra Consumer Services
2:1
UPRO
ProShares UltraPro S&P500
2:1
UGE
ProShares Ultra Consumer Goods
4:1
All forward splits will apply to shareholders of record as of
market close on January 11, 2022, payable after market close on
January 12, 2022. All forward splits will be effective prior to
market open on January 13, 2022, when the funds will begin trading
at their post-split prices. The ticker symbols and CUSIP numbers
for the funds will not change.
The forward splits will decrease the price per share of each
fund with a proportionate increase in the number of shares
outstanding. For example, for a two-for-one split, every pre-split
share will result in the receipt of two post-split shares, which
will be priced at one-half the net asset value (“NAV”) of a
pre-split share.
Illustration of a Forward Split
The following table shows the effect of a hypothetical
two-for-one forward split:
Period
# of Shares Owned
Hypothetical NAV
Value of Shares
Pre-Split
100
$120.00
$12,000.00
Post-Split
200
$60.00
$12,000.00
Reverse Splits – Phase 1
ProShares will implement reverse splits for ten ETFs in two
phases, on two separate dates. Nine ETFs will reverse split shares
at the following split ratios:
Ticker
ProShares ETF
Split Ratio
Old CUSIP
New CUSIP
REK
ProShares Short Real Estate
1:2
74347X641
74347G366
REW
ProShares UltraShort Technology
1:2
74347G853
74347G424
SKF
ProShares UltraShort Financials
1:2
74347G713
74347G382
DUG
ProShares UltraShort Oil & Gas
1:5
74348A525
74347G358
DXD
ProShares UltraShort Dow30
1:5
74347B276
74347G374
SBM
ProShares Short Basic Materials
1:5
74347X559
74347G341
SDS
ProShares UltraShort S&P500
1:5
74347B383
74347G416
SQQQ
ProShares UltraPro Short QQQ
1:5
74347G861
74347G432
SRTY
ProShares UltraPro Short Russell2000
1:5
74347G747
74347G390
All reverse splits for Phase 1 will be effective prior to market
open on January 13, 2022, when the funds will begin trading at
their post-split prices. The ticker symbols for the funds will not
change. All funds undergoing a reverse split will be issued new
CUSIP numbers, listed above.
Reverse Splits – Phase 2
One ETF will reverse split shares at the following split
ratio:
Ticker
ProShares ETF
Split Ratio
Old CUSIP
New CUSIP
KOLD
ProShares UltraShort Bloomberg Natural
Gas
1:5
74347W387
74347Y821
All reverse splits for Phase 2 will be effective prior to market
open on January 14, 2022, when the fund will begin trading at its
post-split price. The ticker symbol for the fund will not change.
The fund undergoing a reverse split will be issued a new CUSIP
number, listed above.
The reverse split will increase the price per share of each fund
with a proportionate decrease in the number of shares outstanding.
For example, for a one-for-five reverse split, every five pre-split
shares will result in the receipt of one post-split share, which
will be priced five times higher than the NAV of a pre-split
share.
Illustration of a Reverse Split
The following table shows the effect of a hypothetical
one-for-five reverse split:
Period
# of Shares Owned
Hypothetical NAV
Value of Shares
Pre-Split
1,000
$10.00
$10,000.00
Post-Split
200
$50.00
$10,000.00
Fractional Shares from Reverse Splits
For shareholders who hold quantities of shares that are not an
exact multiple of the reverse split ratio (for example, not a
multiple of five for a one-for-five reverse split), the reverse
split will result in the creation of a fractional share.
Post-reverse split fractional shares will be redeemed for cash and
sent to your broker of record. This redemption may cause some
shareholders to realize gains or losses, which could be a taxable
event for those shareholders.
About ProShares
ProShares has been at the forefront of the ETF revolution since
2006. ProShares now offers one of the largest lineups of ETFs, and
along with its affiliates, manages approximately $75 billion in
assets. The company is the leader in strategies such as dividend
growth, interest rate hedged bond, thematics and geared (leveraged
and inverse) ETF investing. ProShares continues to innovate with
products that provide strategic and tactical opportunities for
investors to manage risk and enhance returns.
December 22, 2021
Geared (leveraged or short) ProShares ETFs seek returns that are
a multiple of (e.g., 2x or -2x) the return of an index or other
benchmark (target) for a single day, as measured from one
NAV calculation to the next. Due to the compounding of daily
returns, ProShares' returns over periods other than one day will
likely differ in amount and possibly direction from the target
return for the same period. These effects may be more pronounced in
funds with larger or inverse multiples and in funds with volatile
benchmarks. Investors should monitor their ProShares holdings
consistent with their strategies, as frequently as daily. For more
on correlation, leverage and other risks, please read the
prospectus.
Investing involves risk, including the possible loss of
principal. ProShares ETFs are generally non-diversified, and
each entails certain risks, which may include risk associated with
the use of derivatives (swap agreements, futures contracts and
similar instruments), imperfect benchmark correlation, leverage and
market price variance, all of which can increase volatility and
decrease performance. Short positions lose value as security prices
increase. Narrowly focused investments typically exhibit higher
volatility. Investments in smaller companies typically exhibit
higher volatility. Smaller company stocks also may trade at greater
spreads or lower trading volumes and may be less liquid than stocks
of larger companies. Please see summary and full prospectuses for a
more complete description of risks. There is no guarantee any
ProShares ETF will achieve its investment objective.
Carefully consider the investment objectives, risks, charges and
expenses of ProShares before investing. This and other information
can be found in their summary and full prospectuses. Read
them carefully before investing. Separate ProShares Trust II
prospectuses available for Volatility, Commodity, and Currency
ProShares.
ProShares are distributed by SEI Investments Distribution Co.,
which is not affiliated with the funds' advisor or sponsor.
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version on businesswire.com: https://www.businesswire.com/news/home/20211222005470/en/
For media inquiries, please contact: Tucker Hewes, Hewes
Communications, Inc., 212.207.9451, tucker@hewescomm.com
For Investor and Financial Professional inquiries, please
contact: ProShares, 866.776.5125, info@proshares.com or
visit us at ProShares.com
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