ProShares Trust II (NYSEARCA:BOIL) Files An 8-K Other Events
Item 8.01 Other Events
On June27, 2017, ProShare Capital Management LLC on behalf of
ProShares Trust II (the Trust) issued a press release announcing
a share split (the Split) on one of the Trusts series,
specifically ProShares Short VIX Short-Term Futures ETF (NYSE
Arca symbol SVXY), and reverse share splits (each, a Reverse
Split) on two of the Trusts series, specifically ProShares VIX
Short-Term Futures ETF (NYSE Arca symbol VIXY) and ProShares
Ultra VIX Short-Term Futures ETF (NYSE Arca symbol UVXY). The
Split and the Reverse Splits will not change the value of a
shareholders investment.
The Split will split shares 2-for-1 and apply to shareholders of
record as of the close of the markets on July12, 2017, payable
after the close of the markets on July14, 2017. ProShares Short
VIX Short-Term Futures ETF will trade at its post-Split price on
July17, 2017. The ticker symbol and CUSIP number for ProShares
Short VIX Short-Term Futures ETF will not change. ProShares VIX
Short-Term Futures ETF and ProShares Ultra VIX Short-Term Futures
ETF will each execute a 1-for-4 Reverse Split of its
shares. The Reverse Splits will be effective at the market open
on July17, 2017, when ProShares VIX Short-Term Futures ETF and
ProShares Ultra VIX Short-Term Futures ETF will begin trading at
their respective post-Reverse Split prices. The ticker symbols
for ProShares VIX Short-Term Futures ETF and ProShares Ultra VIX
Short-Term Futures ETF will not change, but the Funds will be
issued new CUSIP numbers: ProShares VIX Short-Term Futures ETF
(new CUSIP number 74347W171) and ProShares Ultra VIX Short-Term
Futures ETF (new CUSIP number 74347W163).
The Split will
decrease the price per share of ProShares Short VIX Short-Term
Futures ETF with a proportionate increase in the number of shares
outstanding. Specifically, every pre-Split share held by a
ProShares Short VIX Short-Term Futures ETF shareholder will
result in the receipt of two post- Split shares, which will be
priced one-half of the net asset value of a pre-Split
share.
The Reverse Splits
will increase the price per share of each of ProShares VIX
Short-Term Futures ETF and ProShares Ultra VIX Short-Term Futures
ETF with a proportionate decrease in the number of shares
outstanding. Specifically, every four pre-Reverse Split shares held
by a ProShares VIX Short-Term Futures ETF or ProShares Ultra VIX
Short-Term Futures ETF shareholder will result in the receipt of
one post-Reverse Split share, which will be priced four times
higher than the net asset value of a pre-Reverse Split
share.
For ProShares VIX Short-Term
Futures ETF and ProShares Ultra VIX Short-Term Futures ETF
shareholders who hold quantities of shares that are not an exact
multiple of the Reverse Split ratio (i.e., not a multiple of 4),
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 the shareholders broker of record. This
redemption may cause some shareholders to realize gains or
losses, which could be a taxable event for those
shareholders.
The press release includes
information relating to additional funds, none of which are
series of the Trust.
Item9.01 Financial
Statements and Exhibits
(d) Exhibits
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| 99.1 | Press Release dated June27, 2017 |
ProShares Trust II ExhibitEX-99.1 2 d401362dex991.htm EX-99.1 EX-99.1 Exhibit 99.1 ProShares Announces ETF Share Splits Bethesda,…To view the full exhibit click here
