ProShares Announces ETF Share Splits

BETHESDA, MD – 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:

All forward splits in phase one will apply to shareholders of record as of market close on May 24, 2022, payable after market close on May 25, 2022. All forward splits 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 and CUSIP numbers for the funds will not change.

Forward Splits – Phase Two

Two ETFs will forward split shares at the following split ratios:

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:

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:

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:

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 a new CUSIP number, 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 post-split share, which will be priced two times higher than the NAV of a pre-split share.

Illustration of a Reverse Split

The following table shows the effect of a hypothetical one-for-two reverse split:

Fractional Shares from Reverse Splits

For shareholders who hold quantities of shares that are not an exact multiple of the reverse split ratio (for example, not a multiple of two for a one-for-two reverse split), the reverse split will result in the creation of a fractional share. Post-reverse split fractional shares will be redeemed for cash and sent to your broker of record. This redemption may cause some shareholders to realize gains or losses, which could be a taxable event for those shareholders.

About ProShares

ProShares has been at the forefront of the ETF revolution since 2006. ProShares now offers one of the largest lineups of ETFs, and along with its affiliates, manages more than $60 billion in assets. The company is a leader in strategies such as dividend growth, interest rate hedged bond and geared (leveraged and inverse) ETF investing. ProShares continues to innovate with products that provide strategic and tactical opportunities for investors to manage risk and enhance returns.