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ProShares, a premier provider of alternative exchange traded funds (ETFs), announced today a share split on one of its ETFs and reverse share splits on three of its ETFs. The split and reverse splits will not change the value of a shareholder's investment.
One fund will split shares 2-for-1.
The split will apply to shareholders of record as of the close of the markets on October 10, 2011, payable after the close of the markets on October 12, 2011. The fund will trade at its post-split price on October 13, 2011. The ticker symbol and CUSIP number for the fund will not change.
The split will decrease the price per share of the fund with a proportionate increase in the number of shares outstanding. For example, for a 2-for-1 split, every pre-split share held by a shareholder will result in the receipt of two post-split shares, which will be priced at half of the net asset value ("NAV") of a pre-split share.
Illustration of a Split
The following table shows the effect of a hypothetical 2-for-1 split:
# of Shares Owned
Value of Shares
Three funds will reverse split shares 1-for-3.
ProShares UltraShort Real Estate
ProShares UltraShort Yen*
ProShares UltraShort Utilities
All reverse splits will apply to shareholders of record as of the close of the markets on October 12, 2011. The funds will trade at their post-split prices on October 13, 2011. The ticker symbols for the funds will not change. All funds undergoing a reverse split will be issued a new CUSIP number.