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 Video: What is a Stock Split?
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| ProShares UltraShort Telecommunications is an open-end management investment company. The Fund seeks daily investment results that correspond to twice the inverse daily performance of the Dow Jones U.S. Select Telecommunications Index (the Index). The Dow Jones U.S. Technology Index measures providers of fixed-line and mobile telephone services. Fixed-line includes regional and long-distance carriers. Mobile includes cellular, satellite and paging services. As of May 31 2013, the Fund's total assets and investment portfolio totaled $1,845,627 and $1,825,216, respectively. According to our TLL split history records, TLL has had 3 splits. | |
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TLL (TLL) has 3 splits in our TLL split history database. The first split for TLL took place on June 26, 1998. This was a 2 for 3
reverse split, meaning for each 3
shares of TLL owned pre-split, the shareholder now owned 2 shares. For example, a 1000 share position pre-split, became a 666.666666666667 share position following the split. TLL's second split took place on February 25, 2011. This was a 1 for 5 reverse split, meaning for each 5 shares of TLL owned pre-split, the shareholder now owned 1 share. For example, a 666.666666666667 share position pre-split, became a 133.333333333333 share position following the split. TLL's third split took place on November 06, 2014. This was a 1 for 4 reverse split, meaning for each 4 shares of TLL owned pre-split, the shareholder now owned 1 share. For example, a 133.333333333333 share position pre-split, became a 33.3333333333333 share position following the split.
When a company such as TLL conducts a reverse share split, it is usually because shares have fallen to a lower per-share pricepoint than the company would like. This can be important because, for example, certain types of mutual funds might have a limit governing which stocks they may buy, based upon per-share price. The $5 and $10 pricepoints tend to be important in this regard. Stock exchanges also tend to look at per-share price, setting a lower limit for listing eligibility. So when a company does a reverse split, it is looking mathematically at the market capitalization before and after the reverse split takes place, and concluding that if the market capitilization remains stable, the reduced share count should result in a higher price per share.
Looking at the TLL split history from start to finish, an original position size of 1000 shares would have turned into 33.3333333333333 today. Below, we examine the compound annual growth rate — CAGR for short — of an investment into TLL shares, starting with a $10,000 purchase of TLL, presented on a split-history-adjusted basis factoring in the complete TLL split history.
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| Date |
Ratio |
| 06/26/1998 | 2 for 3
| | 02/25/2011 | 1 for 5 | | 11/06/2014 | 1 for 4 |
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