ProShares Announces ETF Share Splits

ProShares announced today share splits on seven of its ETFs. The splits will not change the value of a shareholder's investment. Forward Splits Two ETFs will forward split shares 2-for-1: Ticker ProShares ETF Split Ratio BZQ UltraShort MSCI Brazil Capped 2:1 ZSL UltraShort Silver 2:1 All splits will apply to shareholders of record as of the close of the markets on November 10, 2015, payable after the close of the markets on November 12, 2015. The funds will trade at their post-split price on November 13, 2015. The ticker symbol 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. Every pre-split share will result in the receipt of two post-split shares, which will be priced at half the net asset value ("NAV") of a pre-split share. Illustration of a Forward Split The following table shows the effect of a hypothetical 2-for-1 split: Period # of Shares Owned Hypothetical NAV Value of Shares Pre-Split 100 $100.00 $10,000.00 Post-Split 200 $50.00 $10,000.00 Reverse Splits Four ETFs will reverse split shares 1-to-3, and one will reverse split 1-to-5: Ticker ProShares ETF Split Ratio Old CUSIP New CUSIP GDXX Ultra Gold Miners 1:3 74348A251 74347B482 GDJJ Ultra Junior Miners 1:3 74348A277 74347B466 UOP Ultra Oil & Gas Exploration & Production 1:3 74347B672 74347B458 UBR Ultra MSCI Brazil Capped 1:3 74347X120 74347B490 UBIO UltraPro Nasdaq Biotechnology 1:5 74347B631 74347B474 All reverse splits will be effective at the market open on November 13, 2015 when the funds will begin trading at their post-split price. The ticker symbol for the funds will not change. All funds undergoing a reverse split will be issued a new CUSIP number, 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-3 reverse split, every three pre-split shares will result in the receipt of one post-split share, which will be priced three 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-3 reverse split: Period # of Shares Owned Hypothetical NAV Value of Shares Pre-Split 300 $10.00 $3,000.00 Post-Split 100 $30.00 $3,000.00 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 3 for a 1-to-3 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.