ProShares Announces 11 Reverse Splits

Maryland-based ProShares, the largest issuer of inverse and leveraged ETFs and sixth-largest U.S. issuer overall, announced share splits for six of its funds and reverse splits for 11 of its products. ProShares will split four of its ETFs on a 2-for-1 basis. Those funds are as follows: The ProShares Ultra QQQ QLD, the double-leveraged equivalent of the PowerShares QQQ QQQ, the ProShares UltraPro QQQ TQQQ, which is the triple-leveraged answer to QQQ, the ProShares Ultra 20+ Year Treasury UBT and the ProShares Ultra 7-10 Year Treasury UST. The ProShares UltraPro Dow30 UDOW and the ProShares UltraShort DJ-UBS Natural Gas KOLD will be split on a 3-for-1 basis, ProShares said in the statement. All splits will apply to shareholders of record as of the close of the markets on May 8, 2012, payable after the close of the markets on May 10, 2012, the firm said. Tickers and CUSIPs will remain the same. Six bearish ProShares funds will be split on a 1-for-4 basis. They are as follows: The ProShares UltraShort Brazil BZQ, the ProShares UltraShort Dow30 DXD, the ProShares UltraPro Short QQQ SQQQ, the ProShares UltraPro Short MidCap400 SMDD, the ProShares UltraShort Consumer Services SCC and the ProShares UltraShort Russell1000 Growth SFK. The following five funds will be split on a 1-for-5 basis: The ProShares UltraPro Short S&P500 SPXU, the ProShares UltraShort Silver ZSL, the ProShares UltraPro Short Russell2000 SRTY, the ProShares Ultra DJ-UBS Natural Gas BOIL and the ProShares UltraShort Russell3000 TWQ. In the case of BOIL, that product has plunged more than 69% year-to-date and more than 83% in the past six months amid slumping natural gas prices. All reverse splits will apply to shareholders of record as of the close of the markets on May 10, 2012. The funds will trade at their post-split prices on May 11, 2012, ProShares said in the statement. Tickers and CUSIPS will remain the same. ProShares had over $23.5 billion in assets under management at the end of March, according to data from the ETF Industry Association.