ProFunds Announces Mutual Fund and VP Fund Share Splits
Jan 27, 2023
ProFunds Announces Mutual Fund and VP Fund Share Splits
Learn more: Splits and Reverse Splits FAQs
Bethesda, MD – January 27, 2023 – ProFunds, the premier provider of leveraged and inverse funds, announced today reverse splits for the ProFunds and VP fund listed below. The reverse splits will not change the total value of a shareholder’s investment.
ProFunds will implement the reverse splits in two phases, on two separate dates.
Reverse Splits – Phase One
The following three ProFunds will reverse split at the ratios indicated:
|
Fund Name |
Investor Class Ticker |
Service Class Ticker |
Split Ratio |
|
UltraChina |
UGPIX |
UGPSX |
1:10 |
|
UltraShort Mid-Cap |
UIPIX |
UIPSX |
1:10 |
|
Short Small-Cap |
SHPIX |
SHPSX |
1:5 |
All reverse splits in Phase One will apply to shareholders of record as of market close on March 3, 2023. The funds will trade at the post-split prices on March 6, 2023. The ticker symbols and CUSIP numbers for the funds will not change.
Reverse Splits – Phase Two
The following two ProFunds will reverse split at the ratios indicated:
|
Fund Name |
Investor Class Ticker |
Service Class Ticker |
Split Ratio |
|
Short Nasdaq-100 |
SOPIX |
SOPSX |
1:5 |
|
UltraShort Nasdaq-100 |
USPIX |
USPSX |
1:5 |
The following VP ProFund will reverse split at the ratio indicated:
|
Fund Name |
Split Ratio |
CUSIP |
|
VP UltraShort Nasdaq-100 |
1:5 |
743185613 |
All reverse splits in Phase Two will apply to shareholders of record as of market close on March 10, 2023. The funds will trade at the post-split prices on March 13, 2023. The ticker symbols and CUSIP numbers for the funds will not change.
Reverse splits increase the price per share of each fund with a proportionate decrease in the number of shares outstanding. For example, for a 1-for-5 reverse split, every five pre-split shares held by a shareholder will result in the receipt of one post-split share, which will be priced at five times the net NAV of a pre-split share. Thus, the total value of a shareholder’s investment is not affected.
Illustration of a Reverse Split
The following table shows an example of the effect of a hypothetical 1-for-5 split:
|
|
# of Shares Owned |
Hypothetical NAV per Share |
Total Value of Shares Held |
|
Pre-Split |
1,000 |
$6.00 |
$6,000.00 |
|
Post-Split |
200 |
$30.00 |
$6,000.00 |
About ProFunds
Founded in 1997, ProFunds has 25 years of experience managing a diverse lineup of some of the most innovative funds in the financial industry and offers trading flexibility to all shareholders. In addition to broad-market index funds, ProFunds offers leveraged and inverse funds that track a variety of assets, including broad-market and sector-based domestic and international equity, fixed income, crypto, currency, CDS and other benchmarksTogether with ProShares, which launched the first U.S. leveraged and inverse exchange traded funds (ETFs) in 2006, ProFunds and its affiliates manage approximately $60 billion in assets for investors worldwide.