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The Fund invests in financial instruments that ProShare Advisors believes, in combination, should produce daily returns consistent with the Daily Target. The Index is constructed and maintained by S&P Dow Jones Indices LLC. The Index is a measure of mid-size company U.S. stock market performance. It is a market capitalization-weighted index of 400 U.S. operating companies and real estate investment trusts selected through a process that factors in criteria such as liquidity, price, market capitalization, financial viability and public float.

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PVH Earnings Preview: Double-Digit EPS and Sales Growth Expected

ProShares, the largest sponsor of leveraged ETFs, said seven of its ETFs will undergo traditional, forward splits while another eight will be subject to reverse splits. 

Maryland-based ProShares made the announcement <a href="http://www.dailyfinance.com/2013/05/24/proshares-announces-etf-share-splits/">in a statement</a> released after the close of U.S. markets Friday.

The seven ProShares ETFs that will be split on a forward basis are the following: The ProShares Ultra Consumer Goods (NYSE: <a class="ticker" href="/stock/uge#NYSE">UGE</a>), ProShares UltraPro S&amp;P500 (NYSE: <a class="ticker" href="/stock/upro#NYSE">UPRO</a>), ProShares UltraPro MidCap400 (NYSE: <a class="ticker" href="/stock/umdd#NYSE">UMDD</a>), ProShares Ultra Russell3000 (NYSE: <a class="ticker" href="/stock/uwc#NYSE">UWC</a>), ProShares Ultra Health Care (NYSE: <a class="ticker" href="/stock/rxl#NYSE">RXL</a>), ProShares Ultra Consumer Services (NYSE: <a class="ticker" href="/stock/ucc#NYSE">UCC</a>) and the ProShares UltraPro Russell2000 (NYSE: <a class="ticker" href="/stock/urty#NYSE">URTY</a>).

All of those ETFs will be split two-for-one and begin trading at their split-adjusted prices on June 10.

The eight ProShares ETFs that will be reverse split are the following: The ProShares UltraShort DJ-UBS Natural Gas (NYSE: <a class="ticker" href="/stock/kold#NYSE">KOLD</a>), the ProShares VIX Short-Term Futures ETF (NYSE: <a class="ticker" href="/stock/vixy#NYSE">VIXY</a>), ProShares Ultra VIX Short-Term Futures ETF (NYSE: <a class="ticker" href="/stock/uvxy#NYSE">UVXY</a>), ProShares UltraShort Oil &amp; Gas (NYSE: <a class="ticker" href="/stock/dug#NYSE">DUG</a>), ProShares UltraPro Short Financials (NYSE: <a class="ticker" href="/stock/finz#NYSE">FINZ</a>), ProShares UltraPro Short 20+ Year Treasury (NYSE: <a class="ticker" href="/stock/ttt#NYSE">TTT</a>), ProShares UltraShort Russell1000 Value (NYSE: <a class="ticker" href="/stock/sjf#NYSE">SJF</a>) and the ProShares UltraShort MSCI EAFE (NYSE: <a class="ticker" href="/stock/efu#NYSE">EFU</a>).

All of those ETFs will be reverse split on a one-for-four basis except VIXY and UVXY. VIXY will be split one-for-five and UVXY will be split one-for-10. The reverse split ETFs will also begin trading at their post-split prices on June 10.

For more on ETFs, click <a href="http://www.benzinga.com/etfs">here</a>.

PVH (NYSE: <a class="ticker" href="/stock/pvh#NYSE">PVH</a>), formerly Phillips-Van Heusen, is scheduled to report fourth-quarter fiscal 2011 results tomorrow, March 27, after the closing bell.

The company reaffirmed its earnings guidance back in February, saying it expects its fourth-quarter and full-year results to come in at the high end of its previously announced range. And investors can be pleased that revenue has now gone up for three straight quarters and hope that the trend continues. But the company's gross margin shrank by 2.2 percentage points in the previous quarter.

Expectations

Analysts predict that PVH will post per-share earnings of $1.09 for the quarter and say that revenue totaled $1.5 billion. In the same quarter of last year, the company reported $0.93 per share and $1.4 billion in sales. That EPS estimate is unchanged over the past 60 days. Note that analysts have underestimated PVH's EPS for more than eight quarters.

Back in the third-quarter report, PVH said its net income grew to $112.2 million, or $1.54 a share. That was up from $1.39 a share in the same quarter of the previous year. Revenue rose 9% year over year to $1.6 billion. Management credited continued momentum in its Tommy Hilfiger and Calvin Klein businesses for the strong results.

See also: <a href="http://www.benzinga.com/news/earnings/11/12/2169417/pvh-corp-pops-on-q3-beat">PVH Corp. Pops on Q3 Beat</a>

For the full fiscal year, analysts expect to see earnings of $5.29 per share and revenue of $5.9 billion. That would be up from $4.26 and $4.6 billion in the previous year. That EPS estimate is up a penny from 60 days ago and in line with previously released guidance.

The Company

New York-based PVH is one of the world's largest apparel companies. Its brands include Van Heusen, Calvin Klein, Tommy Hilfiger and IZOD. Its licensed brands include Kenneth Cole New York, Sean John, Donald J. Trump Signature Collection and DKNY. The company changed its name from Phillips-Van Heusen to PVH in June 2011. The company was founded in 1881 and it now has a market cap of $6.1 billion.

Competitors include Liz Claiborne (NYSE: <a class="ticker" href="/stock/liz#NYSE">LIZ</a>), Ralph Lauren (NYSE: <a class="ticker" href="/stock/rl#NYSE">RL</a>) and Oxford Industries (NYSE: <a class="ticker" href="/stock/oxm#NYSE">OXM</a>). Liz Claiborne swung to a fourth-quarter profit due to the sale of its namesake brands but revenues fell short of consensus estimates. Ralph Lauren posted better-than-expected EPS in the most recent quarter and raised its fiscal-year sales forecast. Oxford Industries is also on tap to report earnings Tuesday, and analysts are looking for EPS to be up 35.1% year over year and sales up 21.9%. 

See also: <a href="http://www.benzinga.com/news/earnings/12/02/2328095/ralph-lauren-is-surging-after-q3-earnings-stock-up-10">Ralph Lauren Is Surging After Q3 Earnings</a> and <a href="http://www.benzinga.com/news/earnings/12/03/2446187/oxford-industries-earnings-preview-q4-eps-expected-to-be-35-2-higher">Oxford Industries Earnings Preview</a>

During the three months that ended in January, PVH boosted its profit guidance for the fourth quarter and full year, and the CEO and the COO of Tommy Hilfiger sold some shares.

Performance

PVH's long-term earnings per share growth forecast is 15.2%. Sales increased 19.4% over the past five years. The P/E is higher than the industry average, but so is the operating margin. PVH has a dividend yield of 0.2%. Eleven of 16 analysts who follow the stock rate it a Buy or Strong Buy; none recommend selling shares. But their mean price target on the shares now is about the same as the current share price.

See also: <a href="http://www.benzinga.com/analyst-ratings/analyst-color/12/03/2442806/update-deutsche-bank-upgrades-pvh-corporation-to-buy">Deutsche Bank Upgrades PVH Corporation to Buy</a>

The stock is about 27% higher than at the beginning of the year, as well as about 52% higher than a year ago. Shares are trading near the 52-week high. The price has been above the 50-day and 200-day moving averages since before the beginning of the year. Over the past six months, the stock has outperformed Ralph Lauren, Oxford Industries and Perry Ellis (NASDAQ: <a class="ticker" href="/stock/pery#NASDAQ">PERY</a>), as well as the broader markets.

<div id="action-items">ACTION ITEMS

Bullish: Investors interested in exchange traded funds invested in PVH might want to consider the following trades:

<ul><li>ProShares UltraPro MidCap400 (NYSE: <a class="ticker" href="/stock/umdd#NYSE">UMDD</a>) is about 43% higher year to date.</li>
<li>Guggenheim Sector Rotation (NYSE: <a class="ticker" href="/stock/xro#NYSE">XRO</a>) is more than 16% higher year to date.</li>
<li>First Trust Consumer Discretionary AlphaDEX (NYSE: <a class="ticker" href="/stock/fxd#NYSE">FXD</a>) is more than 15% higher year to date.</li>
<li>Vanguard Mid-Cap Growth ETF (NYSE: <a class="ticker" href="/stock/vot#NYSE">VOT</a>) is more than 15% higher year to date.</li>
</ul>Bearish: Traders may prefer to consider these alternative positions in the same industry:

<ul><li>Lululemon Athletica (NASDAQ: <a class="ticker" href="/stock/lulu#NASDAQ">LULU</a>) is up more than 62% year to date.</li>
<li>Liz Claiborne (NYSE: <a class="ticker" href="/stock/liz#NYSE">LIZ</a>) is up more than 38% year to date.</li>
<li>Under Armour (NYSE: <a class="ticker" href="/stock/ua#NYSE">UA</a>) is up more than 35% year to date.</li>
</ul>Neither Benzinga nor its staff recommend that you buy, sell, or hold any security. We do not offer investment advice, personalized or otherwise. Benzinga recommends that you conduct your own due diligence and consult a certified financial professional for personalized advice about your financial situation.</div>

ProShares, the largest sponsor of leveraged ETFs, said seven of its ETFs will undergo traditional, forward splits while another eight will be subject to reverse splits. 

Maryland-based ProShares made the announcement <a href="http://www.dailyfinance.com/2013/05/24/proshares-announces-etf-share-splits/">in a statement</a> released after the close of U.S. markets Friday.

The seven ProShares ETFs that will be split on a forward basis are the following: The ProShares Ultra Consumer Goods (NYSE: <a class="ticker" href="/stock/uge#NYSE">UGE</a>), ProShares UltraPro S&P500 (NYSE: <a class="ticker" href="/stock/upro#NYSE">UPRO</a>), ProShares UltraPro MidCap400 (NYSE: <a class="ticker" href="/stock/umdd#NYSE">UMDD</a>), ProShares Ultra Russell3000 (NYSE: <a class="ticker" href="/stock/uwc#NYSE">UWC</a>), ProShares Ultra Health Care (NYSE: <a class="ticker" href="/stock/rxl#NYSE">RXL</a>), ProShares Ultra Consumer Services (NYSE: <a class="ticker" href="/stock/ucc#NYSE">UCC</a>) and the ProShares UltraPro Russell2000 (NYSE: <a class="ticker" href="/stock/urty#NYSE">URTY</a>).

All of those ETFs will be split two-for-one and begin trading at their split-adjusted prices on June 10.

The eight ProShares ETFs that will be reverse split are the following: The ProShares UltraShort DJ-UBS Natural Gas (NYSE: <a class="ticker" href="/stock/kold#NYSE">KOLD</a>), the ProShares VIX Short-Term Futures ETF (NYSE: <a class="ticker" href="/stock/vixy#NYSE">VIXY</a>), ProShares Ultra VIX Short-Term Futures ETF (NYSE: <a class="ticker" href="/stock/uvxy#NYSE">UVXY</a>), ProShares UltraShort Oil & Gas (NYSE: <a class="ticker" href="/stock/dug#NYSE">DUG</a>), ProShares UltraPro Short Financials (NYSE: <a class="ticker" href="/stock/finz#NYSE">FINZ</a>), ProShares UltraPro Short 20+ Year Treasury (NYSE: <a class="ticker" href="/stock/ttt#NYSE">TTT</a>), ProShares UltraShort Russell1000 Value (NYSE: <a class="ticker" href="/stock/sjf#NYSE">SJF</a>) and the ProShares UltraShort MSCI EAFE (NYSE: <a class="ticker" href="/stock/efu#NYSE">EFU</a>).

All of those ETFs will be reverse split on a one-for-four basis except VIXY and UVXY. VIXY will be split one-for-five and UVXY will be split one-for-10. The reverse split ETFs will also begin trading at their post-split prices on June 10.

For more on ETFs, click <a href="http://www.benzinga.com/etfs">here</a>.

PVH (NYSE: <a class="ticker" href="/stock/pvh#NYSE">PVH</a>), formerly Phillips-Van Heusen, is scheduled to report fourth-quarter fiscal 2011 results tomorrow, March 27, after the closing bell.

The company reaffirmed its earnings guidance back in February, saying it expects its fourth-quarter and full-year results to come in at the high end of its previously announced range. And investors can be pleased that revenue has now gone up for three straight quarters and hope that the trend continues. But the company's gross margin shrank by 2.2 percentage points in the previous quarter.

Expectations

Analysts predict that PVH will post per-share earnings of $1.09 for the quarter and say that revenue totaled $1.5 billion. In the same quarter of last year, the company reported $0.93 per share and $1.4 billion in sales. That EPS estimate is unchanged over the past 60 days. Note that analysts have underestimated PVH's EPS for more than eight quarters.

Back in the third-quarter report, PVH said its net income grew to $112.2 million, or $1.54 a share. That was up from $1.39 a share in the same quarter of the previous year. Revenue rose 9% year over year to $1.6 billion. Management credited continued momentum in its Tommy Hilfiger and Calvin Klein businesses for the strong results.

See also: <a href="http://www.benzinga.com/news/earnings/11/12/2169417/pvh-corp-pops-on-q3-beat">PVH Corp. Pops on Q3 Beat</a>

For the full fiscal year, analysts expect to see earnings of $5.29 per share and revenue of $5.9 billion. That would be up from $4.26 and $4.6 billion in the previous year. That EPS estimate is up a penny from 60 days ago and in line with previously released guidance.

The Company

New York-based PVH is one of the world's largest apparel companies. Its brands include Van Heusen, Calvin Klein, Tommy Hilfiger and IZOD. Its licensed brands include Kenneth Cole New York, Sean John, Donald J. Trump Signature Collection and DKNY. The company changed its name from Phillips-Van Heusen to PVH in June 2011. The company was founded in 1881 and it now has a market cap of $6.1 billion.

Competitors include Liz Claiborne (NYSE: <a class="ticker" href="/stock/liz#NYSE">LIZ</a>), Ralph Lauren (NYSE: <a class="ticker" href="/stock/rl#NYSE">RL</a>) and Oxford Industries (NYSE: <a class="ticker" href="/stock/oxm#NYSE">OXM</a>). Liz Claiborne swung to a fourth-quarter profit due to the sale of its namesake brands but revenues fell short of consensus estimates. Ralph Lauren posted better-than-expected EPS in the most recent quarter and raised its fiscal-year sales forecast. Oxford Industries is also on tap to report earnings Tuesday, and analysts are looking for EPS to be up 35.1% year over year and sales up 21.9%. 

See also: <a href="http://www.benzinga.com/news/earnings/12/02/2328095/ralph-lauren-is-surging-after-q3-earnings-stock-up-10">Ralph Lauren Is Surging After Q3 Earnings</a> and <a href="http://www.benzinga.com/news/earnings/12/03/2446187/oxford-industries-earnings-preview-q4-eps-expected-to-be-35-2-higher">Oxford Industries Earnings Preview</a>

During the three months that ended in January, PVH boosted its profit guidance for the fourth quarter and full year, and the CEO and the COO of Tommy Hilfiger sold some shares.

Performance

PVH's long-term earnings per share growth forecast is 15.2%. Sales increased 19.4% over the past five years. The P/E is higher than the industry average, but so is the operating margin. PVH has a dividend yield of 0.2%. Eleven of 16 analysts who follow the stock rate it a Buy or Strong Buy; none recommend selling shares. But their mean price target on the shares now is about the same as the current share price.

See also: <a href="http://www.benzinga.com/analyst-ratings/analyst-color/12/03/2442806/update-deutsche-bank-upgrades-pvh-corporation-to-buy">Deutsche Bank Upgrades PVH Corporation to Buy</a>

The stock is about 27% higher than at the beginning of the year, as well as about 52% higher than a year ago. Shares are trading near the 52-week high. The price has been above the 50-day and 200-day moving averages since before the beginning of the year. Over the past six months, the stock has outperformed Ralph Lauren, Oxford Industries and Perry Ellis (NASDAQ: <a class="ticker" href="/stock/pery#NASDAQ">PERY</a>), as well as the broader markets.

<div id="action-items">ACTION ITEMS

Bullish: Investors interested in exchange traded funds invested in PVH might want to consider the following trades:

<ul>
<li>ProShares UltraPro MidCap400 (NYSE: <a class="ticker" href="/stock/umdd#NYSE">UMDD</a>) is about 43% higher year to date.</li>
<li>Guggenheim Sector Rotation (NYSE: <a class="ticker" href="/stock/xro#NYSE">XRO</a>) is more than 16% higher year to date.</li>
<li>First Trust Consumer Discretionary AlphaDEX (NYSE: <a class="ticker" href="/stock/fxd#NYSE">FXD</a>) is more than 15% higher year to date.</li>
<li>Vanguard Mid-Cap Growth ETF (NYSE: <a class="ticker" href="/stock/vot#NYSE">VOT</a>) is more than 15% higher year to date.</li>
</ul>

Bearish: Traders may prefer to consider these alternative positions in the same industry:

<ul>
<li>Lululemon Athletica (NASDAQ: <a class="ticker" href="/stock/lulu#NASDAQ">LULU</a>) is up more than 62% year to date.</li>
<li>Liz Claiborne (NYSE: <a class="ticker" href="/stock/liz#NYSE">LIZ</a>) is up more than 38% year to date.</li>
<li>Under Armour (NYSE: <a class="ticker" href="/stock/ua#NYSE">UA</a>) is up more than 35% year to date.</li>
</ul>

Neither Benzinga nor its staff recommend that you buy, sell, or hold any security. We do not offer investment advice, personalized or otherwise. Benzinga recommends that you conduct your own due diligence and consult a certified financial professional for personalized advice about your financial situation.</div>

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