ProShares Announces ETF Share Splits

BETHESDA, Md.–(BUSINESS WIRE)–ProShares, a premier provider of ETFs, announced today reverse share
splits on four of its ETFs. The splits will not change the total value
of a shareholder’s investment.

Reverse Splits

Four ETFs will reverse split shares at the following split ratios:






ProShares ETF



Split Ratio








SDOW       ProShares UltraPro Short Dow30       1:4       74348A178       74347G309
SQQQ       ProShares UltraPro Short QQQ       1:4       74348A160       74347G408
REW       ProShares UltraShort Technology       1:2       74347B730       74347G101

ProShares UltraShort Semiconductors

      1:2       74347B219       74347G200

All reverse splits will be effective prior to market open on May 24,
2019, when the funds will begin trading at their post-split price. The
ticker symbols for the funds will not change. All funds undergoing a
reverse split will be issued new CUSIP numbers, listed above.

The reverse splits will increase the price per share of each fund with a
proportionate decrease in the number of shares outstanding. For example,
for a 1-for-4 reverse split, every four pre-split shares will result in
the receipt of one post-split share, which will be priced four times
higher than the NAV of a pre-split share.

Illustration of a Reverse Split

The following table shows the effect of a hypothetical 1-for-4 reverse




# of Shares Owned


Hypothetical NAV


Value of Shares

Pre-Split       1,000       $10.00       $10,000.00
Post-Split       250       $40.00       $10,000.00

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 4
for a 1-for-4 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, with more than
$32 billion in assets. The company is the 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.

May 10, 2019

Geared (leveraged or short) ProShares ETFs seek returns that are a
multiple of (e.g., 2x or -2x) the return of an index or other benchmark
(target) for a single day, as measured from one NAV
calculation to the next. Due to the compounding of daily returns,
ProShares’ returns over periods other than one day will likely differ in
amount and possibly direction from the target return for the same
period. These effects may be more pronounced in funds with larger or
inverse multiples and in funds with volatile benchmarks. Investors
should monitor their ProShares holdings consistent with their
strategies, as frequently as daily. For more on correlation, leverage
and other risks, please read the prospectus.

Investing involves risk, including the possible loss of principal. ProShares
ETFs are generally non-diversified, and each entails certain risks,
which may include risk associated with the use of derivatives (swap
agreements, futures contracts and similar instruments), imperfect
benchmark correlation, leverage and market price variance, all of which
can increase volatility and decrease performance. Short positions lose
value as security prices increase. Narrowly focused investments
typically exhibit higher volatility. Investments in smaller companies
typically exhibit higher volatility. Smaller company stocks also may
trade at greater spreads or lower trading volumes and may be less liquid
than stocks of larger companies. Please see summary and full
prospectuses for a more complete description of risks. There is no
guarantee any ProShares ETF will achieve its investment objective.

Carefully consider the investment objectives, risks, charges and
expenses of ProShares before investing. This and other information can
be found in their summary and full prospectuses. Read them carefully
before investing.

ProShares are distributed by SEI Investments Distribution Co., which is
not affiliated with the funds’ advisor or sponsor.


Tucker Hewes, Hewes Communications, Inc.,
212.207.9451, [email protected]

ProShares, 866.776.5125, ProShares.com


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