ProShares, the world's largest provider of leveraged and inverse funds, will do 1-for-3 reverse share splits on three of its double-exposure inverse funds, effective Oct. 13, the New York Stock Exchange said.
The funds are:
- ProShares UltraShort Real Estate ETF (NYSEArca:SRS - News)
- ProShares UltraShort Utilities ETF (NYSEArca:SDP - News)
- ProShares UltraShort Yen ETF (NYSEArca:YCS - News)
Reverse share splits are designed to raise the per-share prices on each security. On Monday morning, SRS and YCS were trading at $16.68 and $12.50 per share, respectively; SDP was trading at $13.60 per share.
In the reverse splits, outstanding shares of each ETF will be exchanged for new shares at the 1-for-3 ratios, Arca, the NYSE’s electronic trading platform, said in an email.
Open orders on the ETFs at the close of business on Wednesday, Oct. 12 will be canceled, Arca said.
Each fund’s ticker will remain the same after the split, Arca said.
Officials at ProShares weren’t immediately available to comment.
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