ProShares announced it is to close and liquidate the ProShares Ultra Australian Dollar (GDAY). The ETF trades on NYSE Arca.
“We continually review our lineup of ETFs to ensure our products meet the changing needs of investors,” says Steve Cohen, managing director and head of strategy for ProShare Advisors, LLC. “This fund has lacked the demand necessary to remain open.”
After the close of business on 18 June, 2015, the fund will no longer accept creation orders. Trading in the fund on NYSE Arca will be suspended prior to market open on 19 June, 2015. Fund holdings will be liquidated by June 19 or shortly thereafter. Beginning 19 June, the fund will not be traded on NYSE Arca and there will be no secondary market for the shares. Once the fund is in the process of liquidating its portfolio, it will not be managed in accordance with its investment objective. Proceeds of the liquidation are scheduled to be distributed to shareholders on or about 29 June, 2015.
Any shareholders remaining in the fund on the distribution date will automatically have their shares redeemed for cash at the net asset value as of the liquidation date. The cash distribution will be deposited into their brokerage accounts. These cash distributions are taxable events, and shareholders should consult their tax advisors about potential tax consequences.