ProShares, a premier provider of ETFs, announced today forward and reverse share splits on eight of its ETFs. The splits will not change the total value of a shareholder’s investment and will be effective on two separate dates.
Forward Splits – Phase One
ProShares will implement forward splits for four ETFs in two phases, on two separate dates. Two ETFs will forward split shares at the following split ratios:
| Ticker | ProShares ETF | Split Ratio | ||
| YCS | ProShares UltraShort Yen | 2:1 | ||
| UCO | ProShares Ultra Bloomberg Crude Oil | 4:1 |
Forward Splits – Phase Two
Two ETFs will forward split shares at the following split ratios:
| Ticker | ProShares ETF | Split Ratio | ||
| DIG | ProShares Ultra Oil & Gas | 4:1 | ||
| UYM | ProShares Ultra Basic Materials | 4:1 |
Forward splits in phase two will apply to shareholders of record as of market close on May 25, 2022, payable after market close on May 26, 2022. All forward splits will be effective prior to market open on May 27, 2022, when the funds will begin trading at their post-split prices. The ticker symbols 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. For example, for a four-for-one split, every pre-split share will result in the receipt of four post-split shares, which will be priced at one-fourth the net asset value (“NAV”) of a pre-split share.
Illustration of a Forward Split
The following table shows the effect of a hypothetical four-for-one forward split:
| Period | # of Shares Owned | Hypothetical NAV | Value of Shares | |||
| Pre-Split | 100 | $120.00 | $12,000.00 | |||
| Post-Split | 400 | $30.00 | $12,000.00 |
Reverse Splits – Phase One
ProShares will implement reverse splits for four ETFs in two phases, on two separate dates. Two ETFs will reverse split shares at the following split ratios:
| Ticker | ProShares ETF | Split Ratio | Old CUSIP | New CUSIP | ||||
| KOLD | ProShares UltraShort Bloomberg Natural Gas | 1:4 | 74347Y821 | 74347Y813 | ||||
| SCO | ProShares UltraShort Bloomberg Crude Oil | 1:5 | 74347Y862 | 74347Y797 |
All reverse splits for phase one will be effective prior to market open on May 26, 2022, when the funds will begin trading at their post-split prices. The ticker symbols for the funds will not change. All funds undergoing a reverse split will be issued new CUSIP numbers, listed above.
Reverse Splits – Phase Two
Two ETFs will reverse split shares at the following split ratio:
| Ticker | ProShares ETF | Split Ratio | Old CUSIP | New CUSIP | ||||
| BZQ | ProShares UltraShort MSCI Brazil Capped | 1:2 | 74347G655 | 74347G283 | ||||
| SCC | ProShares UltraShort Consumer Services | 1:2 | 74347G812 | 74347G275 |
All reverse splits for phase two will be effective prior to market open on May 27, 2022, when the funds will begin trading at their post-split price. The ticker symbols for the funds will not change. The funds undergoing a reverse split will be issued new CUSIP numbers, listed above.
The reverse split will increase the price per share of each fund with a proportionate decrease in the number of shares outstanding. For example, for a one-for-two reverse split, every two pre-split shares will result in the receipt of one…
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