Market Overview

ProShares Announces Change to ETF Lineup

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BETHESDA, Md.--(BUSINESS WIRE)--

ProShares announced today that it plans to close and liquidate ProShares UltraShort Telecommunications (TLL). The ETF trades on NYSE Arca.

"The fund is being closed because of limited investor interest," said Steve Cohen, managing director and head of strategy for ProShare Advisors, LLC, the advisor to ProShares.

After the close of business on September 14, 2015, the fund will no longer accept creation orders. Trading in the fund will be suspended prior to market open on September 15, 2015. Fund holdings will be liquidated at close of business on September 14 or shortly thereafter. Beginning September 15, the fund will not be traded on NYSE Arca and there will be no secondary market for the shares. Once the fund is in the process of liquidating its portfolio, it will not be managed in accordance with its investment objective. Proceeds of the liquidation are scheduled to be distributed to shareholders on or about September 30, 2015.

Any shareholders remaining in the fund on the distribution date will automatically have their shares redeemed for cash at the net asset value as of the liquidation date. The cash distribution will be deposited into their brokerage accounts. These cash distributions are taxable events and shareholders should consult their tax advisors about potential tax consequences.

About ProShares

ProShares offers the nation's largest lineup of alternative ETFs. We help investors to go beyond the limitations of conventional investing and face today's market challenges. ProShares helps investors build better portfolios by providing access to alternative investments delivered with the liquidity, transparency and cost effectiveness of ETFs. Our wide array of alternative ETFs can help you reduce volatility, manage risk and enhance returns.

ProShares has the largest lineup of alternative ETFs in the United States according to Strategic Insight, based on analysis of all the known alternative ETF providers (as defined by Strategic Insight) by their number of funds and assets (as of 1/31/2015).

Investing involves risk, including the possible loss of principal. Short ProShares are non-diversified and should lose value when their market indexes or benchmarks rise—a result that is opposite from traditional ETFs—and they entail certain risks including 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. Narrowly focused investments typically exhibit higher volatility. Please see their 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.

Media Contact:
Hewes Communications, Inc.
Tucker Hewes, 212-207-9451
tucker@hewescomm.com
or
Investor Contact:
ProShares, 866-776-5125
ProShares.com

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