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ProShares announces share splits for seven ETFs

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ProShares has announced share splits on seven of its exchange traded funds (ETFs). The splits will not change the value of a shareholder’s investment.

Two ETFs will forward split shares 2-for-1 – UltraShort MSCI Brazil Capped (BZQ) and UltraShort Silver (ZSL).

All splits will apply to shareholders of record as of the close of the markets on 10 November, 2015, payable after the close of the markets on 12 November, 2015. The funds will trade at their post-split price on 13 November, 2015. The ticker symbol and CUSIP numbers for the funds will not change.

The forward splits will decrease the price per share of each fund with a proportionate increase in the number of shares outstanding. Every pre-split share will result in the receipt of two post-split shares, which will be priced at half the net asset value (NAV) of a pre-split share.

An additional four ETFs – Ultra Gold Miners (GDXX), Ultra Junior Miners (GDJJ), Ultra Oil & Gas Exploration & Production (UOP) and Ultra MSCI Brazil Capped (UBR) – will reverse split shares 1-to-3, and one – UltraPor Nasdaq Biotechnology (UBIO) – will reverse split 1-to-5.

All reverse splits will be effective at the market open on 13 November, 2015 when the funds will begin trading at their post-split price. The ticker symbol for the funds will not change. 

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-3 reverse split, every three pre-split shares will result in the receipt of one post-split share, which will be priced three times higher than the NAV of a pre-split share.

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