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ProShares to reverse share split ten ETFs

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ProShares, a provider of alternative exchange traded funds (ETFs), is to make reverse share splits on ten of its funds.

The reverse splits will not change the value of a shareholder’s investment.
 
The following six ETFs will reverse split shares 1-for-4:
 
ProShares UltraShort Telecommunications
ProShares UltraShort Financials
ProShares VIX Mid-Term Futures ETF
ProShares UltraShort Technology
ProShares UltraShort Utilities
ProShares Short QQQ
 
The following four ETFs will reverse split shares 1-for-5:
 
ProShares UltraShort Semiconductors
ProShares UltraShort Nasdaq Biotechnology
ProShares UltraShort Russell MidCap Value
ProShares UltraShort Russell MidCap Growth
 
All reverse splits will be effective at the market open on 6 November 2014, when the funds will begin trading at their post-split price. 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 1-for-4 reverse split, every four pre-split shares will result in the receipt of one post-split share, which will be priced four times higher than the NAV of a pre-split share.
 
For shareholders who hold quantities of shares that are not an exact multiple of the reverse split ratio (for example, not a multiple of 4 for a 1-to-4 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.

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