ProFunds Announces Mutual Fund and VP Fund Share Splits

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Jan 27, 2023 04:30 pm
BETHESDA, Md. -- 

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 benchmarks. Together 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.

Geared (leveraged or inverse) ProFunds seek daily returns that correspond to a multiple (e.g., 2x or -2x) of the daily return of an index or other benchmark, as measured from one NAV calculation to the next, before fees and expenses. ProFunds' returns over periods other than one day generally will differ from the fund multiple times the index 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 consider monitoring their ProFunds 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. ProFunds are generally non-diversified, and each entails certain risks, which may include risk 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. Short positions lose value as security prices increase. Narrowly focused investments typically exhibit higher volatility. Investments in smaller companies typically exhibit higher volatility. Smaller company stocks also may trade at greater spreads or lower trading volumes and may be less liquid than stocks of larger companies. Please see summary and full prospectus for a more complete description of risks. There is no guarantee any ProFunds fund will achieve its investment objective.

Carefully consider the investment objectives, risks, charges and expenses of ProFunds before investing. This and other information can be found in their summary and full prospectuses. Read them carefully before investing.

ProFunds are distributed by ProFunds Distributors, Inc.

Media Contact
Tucker Hewes, Hewes Communications, Inc., (212) 207-9451, [email protected]

Investor Contact
(888) 776-3637, [email protected]

Financial Professional
(888) 776-5717, [email protected]

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