ProShares, the largest issuer of inverse and leveraged exchange traded funds, is planning to split 21 of its ETFs. Twelve ProShares ETFs will be split on a forward basis while nine will be reverse split.
“All splits will apply to shareholders of record as of the close of the markets on May 18, 2015, payable after the close of the markets on May 19, 2015. The funds will trade at their post-split price on May 20, 2015. The ticker symbol and CUSIP numbers for the funds will not change,” according to a statement from Maryland-based ProShares.
Among the ETFs being forward split by ProShares are the ProShares UltraPro MidCap400 (NYSEArca: UMDD), ProShares UltraPro S&P500 (NYSEArca: UPRO), ProShares Ultra Nasdaq Biotechnology (NasdaqGM: BIB) and the ProShares Ultra S&P 500 ETF (NYSEArca: SSO). [How Leveraged ETFs Work]
All of the ProShares forward splits will be on a 2-for-1 basis.
“All reverse splits will be effective at the market open on May 20, 2015, when the funds will begin trading at their post-split price. The ticker symbol for the funds will not change. All funds undergoing a reverse split will be issued a new CUSIP number, listed above,” said ProShares.