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ProShares announces reverse share split for ProShares Short S&P 500 ETF


ProShares, the largest provider of geared ETFs, has announced a 1:2 reverse share split for the ProShares Short S&P 500 (SH) exchange traded fund.

SH is the largest geared fund in the United States with approximately USD3 billion in assets. The fund has an average daily volume of about 7 million shares.

The reverse split will be effective on 24 June, 2016, when the fund will begin trading at its post-split price. The ticker symbol for the fund will not change. The fund will be issued a new CUSIP number, listed above.

The reverse split will increase the price per share of the fund with a proportionate decrease in the number of shares outstanding. Every two pre-split shares will result in the receipt of one post-split share, which will be priced two times higher than the NAV of a pre-split share.

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