ProShares has announced share splits on two of its exchange-traded funds and reverse share splits on a further nine ETFs.
The splits and reverse splits will not change the value of a shareholder’s investment.
Two ETFs will split shares two-for-one:
ProShares Ultra Nasdaq Biotechnology (BIB)
ProShares Short VIX Short-Term Futures ETF (SVXY)
All splits will apply to shareholders of record as of the close of the markets on 2 October 2012, payable after the close of the markets on 4 October 2012. The funds will trade at their post-split price on 5 October. The ticker symbol and CUSIP numbers for the funds will not change.
The splits will decrease the price per share of each fund with a proportionate increase in the number of shares outstanding. For example, for the two-for-one splits, 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 of a pre-split share.
The nine ETFs to reverse split one-for-four are:
ProShares UltraShort 20+ Year Treasury (TBT)
ProShares UltraShort S&P500 (SDS)
ProShares UltraShort Gold (GLL)
ProShares UltraPro Short Dow30 (SDOW)
ProShares UltraShort Basic Materials (SMN)
ProShares Ultra MSCI Brazil (UBR)
ProShares UltraShort Health Care (RXD)
ProShares UltraShort Nasdaq Biotechnology (BIS)
ProShares UltraShort Consumer Goods (SZK)
All reverse splits will apply to shareholders of record as of the close of the markets on 4 October. The funds will trade at their post-split price on 5 October. The ticker symbol for the funds will not change. All funds undergoing a reverse split will be issued a new CUSIP number.
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 a one-for-four reverse split, every four pre-split shares held by a shareholder will result in the receipt of one post-split share, which will be priced four times higher than the net asset value of a pre-split share.
