Market Overview

ProShares Announces ETF Share Splits


ProShares, a premier provider of ETFs, announced today reverse share
splits on two of its ProShares Trust II ETFs. The splits will not change
the total value of a shareholder's investment.

Reverse Splits

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

Ticker     ProShares ETF    


    Old CUSIP     New CUSIP
UVXY ProShares Ultra VIX Short-Term Futures ETF 1:5 74347W163 74347W148
SVXY ProShares Short VIX Short-Term Futures ETF 1:4 74347W627 74347W130

All reverse splits will be effective prior to market open on September
18, 2018, when the funds will begin trading at their post-split price.
The ticker symbols for the funds will not change. The funds 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

Period     # 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. Proceeds will be 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
$30 billion in assets. The company is the leader in strategies such as
dividend growth, alternative and geared (leveraged and inverse).
ProShares continues to innovate with products that provide strategic and
tactical opportunities for investors to manage risk and enhance returns.

ProShares is the leader in dividend growth, alternative and geared
(leveraged and inverse) strategies. Source: ProShares, Strategic Insight
and Lipper, based on number of funds and/or assets, as of 12/31/16.

Geared (leveraged or short) ProShares ETFs seek returns that are a
multiple of (e.g., 1.5x or -0.5x) 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
Volatility ETFs are non-diversified and each entails certain risks,
including risks 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. 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.

Investing in ETFs involves a substantial risk of loss. SVXY and UVXY
are not investment companies regulated under the Investment Company Act
of 1940 and are not afforded its protections. Please read the prospectus
carefully before investing. 
These ETFs generate a K-1 tax form.
These funds are generally intended for short-term investment horizons,
and investors holding shares over longer-term periods may be subject to
increased risk of loss. The assets these ETFs invest in can be highly
volatile, and the funds may experience large losses. There have been
potential negative impacts from rolling futures positions and extended
periods where the strategies utilized by the ETFs have caused
significant and sustained losses. The value of the shares of the funds
relate directly to the value of, and realized profit or loss from, the
financial instruments and other assets held by the funds. Fluctuations
in the price of those assets could adversely affect an investment in the
shares. The level of the VIX has historically reverted to a long-term
mean (i.e., average), and any change in the VIX will likely continue to
be constrained. As such, the potential upside of exposure to VIX futures
may be limited and any gains subject to significant and unexpected
reversals. Several factors may affect the price and/or liquidity of VIX
futures and other assets, including: economic, financial, political,
regulatory, geographical, biological or judicial events that affect the
level of VIX futures indexes or prevailing market prices and forward
volatility levels in U.S. stock markets, the S&P 500 or its securities,
and prevailing market prices of options on the S&P 500 and the VIX, the
VIX itself, relevant VIX futures contracts, or any other financial
instruments related to the S&P 500, VIX, or VIX futures; interest rates;
inflation rates and investors' expectations concerning inflation;
supply, demand, and hedging activities in the listed and OTC equity
derivatives markets; disruptions in trading of the S&P 500, its futures
or options; and contango or backwardation in the VIX futures market.

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
Read them carefully before investing.

This information must be accompanied or preceded by a current ProShares
Trust II prospectus

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

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