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ProShares to close TLL ETF

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ProShares announced its planning to close and liquidate ProShares UltraShort Telecommunications (TLL), an exchange traded fund that trades on NYSE Arca.

“The fund is being closed because of limited investor interest,” says Steve Cohen (pictured), managing director and head of strategy for ProShare Advisors, LLC, the advisor to ProShares.

After the close of business on 14 September, 2015, the fund will no longer accept creation orders. Trading in the fund will be suspended prior to market open on September 15, 2015. Fund holdings will be liquidated at close of business on 14 September or shortly thereafter. Beginning 15 September, 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 30 September, 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.

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