ProShares Trust II 8-K

What Happened
ProShares Trust II (filed via ProShare Capital Management LLC) announced on May 11, 2026 (8-K filed May 12, 2026) that two of its funds will implement reverse share splits effective prior to market open on May 28, 2026. ProShares Ultra Bloomberg Natural Gas (NYSE Arca ticker BOIL) will do a 1-for-2 reverse split; ProShares UltraShort Bloomberg Crude Oil (NYSE Arca ticker SCO) will do a 1-for-4 reverse split. Ticker symbols will remain the same, but each fund will receive a new CUSIP.

Key Details

• BOIL: 1-for-2 reverse split, new CUSIP 74347Y664; post-split shares will trade at 2× the pre-split NAV per share.
• SCO: 1-for-4 reverse split, new CUSIP 74347Y656; post-split shares will trade at 4× the pre-split NAV per share.
• Effective date: prior to market open on May 28, 2026 (post-split trading begins that day).
• Fractional shares from the splits will be cash‑redeemed and sent to shareholders’ brokers; such redemptions may trigger realized gains or losses and could be taxable events.
• The announcement was made via a press release dated May 11, 2026 (attached as Exhibit 99.1 to the 8-K).

Why It Matters
Reverse splits do not change a shareholder’s proportional ownership or the total value of the fund’s assets, but they increase the per‑share price and reduce the number of shares outstanding. Investors should note the new CUSIPs for recordkeeping and expect any non‑whole share holdings to be cashed out by brokers, which may create taxable events. No ticker changes were made; shareholders do not need to trade to effect the split but should check brokerage statements after May 28, 2026 for post‑split holdings and any cash redemption details.