YCS, UCO, DIG, UYM, KOLD, SCO, BZQ, And SCC ETF Share Splits Go Into Effect

By Amit Chowdhry ● May 27, 2022
  • A couple of weeks ago, ProShares announced a set of forward and reverse share splits on 8 of its ETFs. These are the details.

A couple of weeks ago, ProShares announced a set of forward and reverse share splits on 8 of its ETFs. These splits will not change the total value of a shareholder’s investment and will be effective on 2 separate dates.

Forward Splits – Phase One

ProShares will implement forward splits for four ETFs in 2 phases, on 2 separate dates. Two ETFs will forward split shares at the following split ratios:

YCS – ProShares UltraShort Yen – 2:1 Split Ratio

UCO – ProShares Ultra Bloomberg Crude Oil – 4:1 Split

All forward splits in phase one will apply to shareholders of record as of market close on May 24, 2022, payable after market close on May 25, 2022. And all forward splits will be effective prior to the market opening on May 26 when the funds will begin trading at their post-split prices.

Forward Splits – Phase Two

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

DIG – ProShares Ultra Oil & Gas – 4:1 Split Ratio

UYM – ProShares Ultra Basic Materials – 4:1 Split Ratio

The forward splits in phase two will apply to shareholders of record as of market close on May 25, 2022, payable after market close on May 26, 2022. All forward splits will be effective prior to the market opening today when the funds will begin trading at their post-split prices.

The forward splits will decrease the price per share of each fund with a proportionate increase in the number of shares outstanding. For example, for a four-for-one split, every pre-split share will result in the receipt of four post-split shares, which will be priced at one-fourth the net asset value (NAV) of a pre-split share.

Reverse Splits – Phase One

ProShares will implement reverse splits for four ETFs in two phases, on two separate dates. Two ETFs will reverse split shares at the following split ratios:

KOLD – ProShares UltraShort Bloomberg Natural Gas – 1:4 Split Ratio

SCO – ProShares UltraShort Bloomberg Crude Oil – 1:5 Split Ratio

All reverse splits for phase one will be effective prior to the market opening on May 26, when the funds will begin trading at their post-split prices. The ticker symbols for the funds will not change.

Reverse Splits – Phase Two

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

BZQ – ProShares UltraShort MSCI Brazil Capped – 1:2 Split Ratio

SCC – ProShares UltraShort Consumer Services – 1:2 Split Ratio

All reverse splits for phase two will be effective prior to the market opening on May 27, 2022, when the funds will begin trading at their post-split price. The ticker symbols for the funds will not change.

The reverse split will increase the price per share of each fund with a proportionate decrease in the number of shares outstanding. For example, for a one-for-two reverse split, every two pre-split shares will result in the receipt of one post-split share, which will be priced two times higher than the NAV of a pre-split share.