ProShares, the largest issuer of inverse and leveraged exchange traded funds, said Friday it split five of its leveraged funds and reverse split 17 inverse and leveraged products.
Maryland-based ProShares issued a statement after the close of U.S. markets Friday.
The firm will split on a 2-for-1 basis the following ETFs: The ProShares Ultra Nasdaq Biotechnology (NasdaqGS: BIB), the Ultra MidCap400 ProShares (NYSEArca: MVV), the ProShares UltraPro 3x Financial (NYSEArca: FINU), the ProShares UltraPro QQQ (NasdaqGS: TQQQ) and the ProShares Short VIX Short-Term Futures (NYSEArca: SVXY). All of those ETFs carry triple-digit price tags.
All splits will apply to shareholders of record as of the close of the markets on January 21, 2014, payable after the close of the markets on January 23, 2014. The ETFs will trade at their post-split price on January 24, 2014, ProShares said in the statement.
The ProShares ETFs that will be reverse split are included below. Click to enlarge.
All reverse splits will be effective at the market open on January 24, 2014, when the ETFs will begin trading at their post-split price. The ticker symbol for the ETFs will not change. All ETFs undergoing a reverse split will be issued a new CUSIP number, according to the statement.
ProShares has recently been bolstering its offerings of non-leveraged fare with new launches such as the ProShares Investment Grade-Interest Rate Hedged ETF (BATS: IGHG), ProShares Investment Grade—Interest Rate Hedged (BATS: IGHG) and the ProShares S&P 500 Aristocrats ETF (NYSEArca: NOBL).
The opinions and forecasts expressed herein are solely those of Tom Lydon, and may not actually come to pass. Information on this site should not be used or construed as an offer to sell, a solicitation of an offer to buy, or a recommendation for any product.