Confusing action in the ProShares index ETFs
Well ... I was quite surprised this morning by the double digit declines in the ProShares ETFs which I track on very low volume. For a moment, I thought maybe something had burst structurally within the funds in terms of their derivative contracts,... but in case anyone else is as perplexed as I was, the following news piece (which I clearly overlooked) makes all the difference: :)
BETHESDA, Md.--(BUSINESS WIRE)--ProFunds Group, the world’s largest manager of short and leveraged funds,1 has announced fourth quarter income dividend distribution declarations for its ProShares ETFs. The firm expects dividend distributions for 52 of its 76 ETFs. Capital gain distributions for 35 of the firm’s ETFs were announced earlier today. The amounts to be distributed per share are listed below.
Distributions reduce the net assets of each of the affected ETFs as of the close of business today and the ETFs will trade ex-dividend tomorrow. Each portfolio’s exposure to its benchmark index will be adjusted today to reflect this reduction in assets.