ProFunds Announces Mutual Fund and VP Fund Share Splits
November 04 2016 - 4:15PM
Business Wire
ProFunds announced today reverse splits on the ProFunds mutual
funds and VP funds listed below. The reverse splits will not change
the value of a shareholder’s investment.
ProFunds Mutual Fund Reverse Splits
Eleven funds will reverse split shares at the following split
ratios:
ProFund Investor Class
Service Class Split
Ratio Access Flex Bear High Yield AFBIX
AFBSX 1:5 Bear
BRPIX BRPSX
1:5 UltraEmerging Markets UUPIX
UUPSX 1:5 UltraShort Emerging Markets
UVPIX UVPSX
1:5 UltraShort NASDAQ-100 USPIX
USPSX 1:5 Rising Rates
Opportunity RRPIX RRPSX
1:8 Short Precious Metals
SPPIX SPPSX 1:8 Short Oil
and Gas SNPIX SNPSX
1:8 UltraShort Dow 30
UWPIX UWPSX 1:8
UltraShort Mid-Cap UIPIX
UIPSX 1:10 UltraBear
URPIX URPSX 1:10
ProFunds VP Fund Reverse Splits
Five funds will reverse split shares at the following split
ratios:
ProFund VP Split Ratio
CUSIP Telecommunications
1:4 74318A778 Japan 1:4
743185118 Bear 1:5
743185688 Short Mid-Cap 1:8
74318A232 Rising Rates Opportunity
1:10 74318A653
All reverse splits will apply to shareholders of record as of
the close of the markets on Dec. 2, 2016. The funds will trade at
the post-split prices on Dec. 5, 2016. The ticker symbols and CUSIP
numbers for the funds will not change.
The reverse splits will increase the price per share of each
fund with a proportionate decrease in the number of shares
outstanding. For example, for the 1-for-5 reverse split, every five
pre-split shares held by a shareholder will result in the receipt
of one post-split share, which will be priced at five times the NAV
of a pre-split share.
Illustration of a Reverse Split
The following table shows the effect of a hypothetical 1-for-5
reverse split:
# of Shares Owned
Hypothetical NAV Value of
Shares Pre-Split 1,000
$6.00 $6,000.00 Post-Split
200 $30.00
$6,000.00
About ProFunds
ProFunds offers more than 100 mutual funds and VP funds. ProFund
Advisors was founded in 1997 and, together with its affiliates,
ProShare Advisors and ProShare Capital Management, has over $31
billion of assets under management.1
1 As of 9/30/2016
Many ProFunds routinely employ leveraged investment techniques
that magnify gains and losses, and result in greater volatility in
value. Each geared (leveraged or inverse) ProFund seeks a return
that is a multiple (e.g., 2x, -1x) of the return of an index or
other benchmark (target) for a single day. Due to the compounding
of daily returns, geared ProFunds' 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 ProFunds
holdings consistent with their strategies, as frequently as daily.
For more on risks, please read the prospectus.
ProFunds are not suitable for all investors because of the
sophisticated techniques the funds employ. Investing involves risk,
including the possible loss of principal. ProFunds entail certain
risks, including 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. For more on
correlation, leverage and other risks, please read the prospectus.
There is no guarantee any ProFund will achieve its investment
objective.
All ProFunds are subject to active investor risk. There are no
restrictions on the size and frequency of trades and no transaction
fees. The frequent exchanges our policies permit can decrease
performance, increase expenses and cause investors to incur tax
consequences.
Carefully consider the investment objectives, risks, charges
and expenses of ProFunds before investing. This and other
information can be found in their summary and full
prospectuses. Read them carefully before investing.
Obtain them from your financial advisor or broker-dealer
representative or visit ProFunds.com.
ProFunds are distributed by ProFunds Distributors, Inc.
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