ProShares Plans Reverse Splits On 3 ETFs

By
October 10, 2011
Share:


ProShares, the world's largest provider of leveraged and inverse funds, will do 1-for-3 reverse share splits on three of its double-exposure inverse funds, effective Oct. 13, the New York Stock Exchange said.

The funds are:

  • ProShares UltraShort Real Estate ETF (NYSEArca: SRS)
  • ProShares UltraShort Utilities ETF (NYSEArca: SDP)
  • ProShares UltraShort Yen ETF (NYSEArca: YCS)

 

Reverse share splits are designed to raise the per-share prices on each security. On Monday morning, SRS and YCS were trading at $16.68 and $12.50 per share, respectively; SDP was trading at $13.60 per share.

In the reverse splits, outstanding shares of each ETF will be exchanged for new shares at the 1-for-3 ratios, Arca, the NYSE’s electronic trading platform, said in an email.

Open orders on the ETFs at the close of business on Wednesday, Oct. 12 will be canceled, Arca said.

Each fund’s ticker will remain the same after the split, Arca said.

Officials at ProShares weren’t immediately available to comment.

ETF.COM CHANNELS

Want to learn more about smart-beta ETFs? Check out our smart-beta guide, essentials library and ETF screener!

ETF DAILY DATA

REIT fund 'VNQ' topped net creations Thursday, July 30, with inflows of $313 million. The least popular ETF of the day was small-cap 'IWM', which lost about 1.6% of its total assets.

'SPY' and 'DIA' paced State Street's issuer-leading inflows Thursday, July 30. Total U.S.-listed ETF assets ended the day at $2.141 trillion.

ETF.COM ANALYST BLOGS

By Matt Hougan

The median ETF tracks its index perfectly excluding expenses. But different firms and funds perform quite differently.

By Paul Britt

Toss and turn about whether to hedge currency risk, but don’t lose sleep over the derivatives themselves.

By Dave Nadig

With the China A-share market half-broken, ETF investors should be very, very cautious.

By Drew Voros

Price depreciation and continued outflows have made for a tough few years.

ETF INDUSTRY PERSPECTIVE

By Invesco PowerShares

A more in-depth look at the smart-beta survey's results.

By Invesco PowerShares

Smart beta appears to be poised for further growth.