When a company such as ProShares Trust - ProShares Ultra MSCI EAFE splits its shares, the market capitalization before and after the split takes place remains stable, meaning the shareholder now owns more shares but each are valued at a lower price per share. Often, however, a lower priced stock on a per-share basis can attract a wider range of buyers. If that increased demand causes the share price to appreciate, then the total market capitalization rises post-split. This does not always happen, however, often depending on the underlying fundamentals of the business.

Looking at the EFO split history from start to finish, an original position size of 1000 shares would have turned into 3000 today. Below, we examine the compound annual growth rate — CAGR for short — of an investment into ProShares Trust - ProShares Ultra MSCI EAFE shares, starting with a $10,000 purchase of EFO, presented on a split-history-adjusted basis factoring in the complete EFO split history.

About ProShares Trust - ProShares Ultra MSCI EAFE

ProShares Ultra MSCI EAFE ETF (the "Fund") is an open-end management investment company. The Fund seeks daily investment results that correspond to two times (2x) the daily performance of the MSCI EAFE Index®. The fund invests in securities and derivatives that ProShare Advisors believes, in combination, should have similar daily return characteristics as two times (2x) the daily return of the index. The index includes 85% of free float-adjusted, market capitalization in each industry group in developed market countries, excluding the U.S. and Canada. As of May 31 2013, the Fund's total assets were $8,744,968 and the Fund's investment portfolio was valued at $4,211,304. According to our EFO split history records, ProShares Trust - ProShares Ultra MSCI EAFE has had 1 split.

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