ProShares, the Bethesda, Md.-based fund provider known for its extensive roster of leveraged and inverse funds, said it will serve up a 1-for-10 reverse split on the ProShares Ultra VIX Short-Term Futures ETF (NYSEArca: UVXY) in September.

The reverse split will shrink the number of UVXY shares on the market while pumping up the share price 10 times. However, the reverse split won’t change the value of a shareholder’s investment, the company said in a statement.

The ETF was trading at $5.70 a share midday Thursday, up 4.2 percent on the day. That means that at today’s price, UVXY would be trading at $57 a share after the reverse split—a price at which bid/ask spreads would amount to a lot less for a given dollar value of an investment than if the shares remained at their current value.

UVXY is the only ETF on the market to offer leveraged exposure to VIX futures by delivering twice the daily return of its underlying S&P index. The fund is a hedging tool against equities risk, but it may also help investors gain on volatility spikes one month into the future, according to the company.

The split can lead to fractional shares for investors who are not holding an exact multiple of the reverse split. Such fractional shares will be redeemed for cash, which can mean an investor might realize gains or losses and be taxed on those, the company said.

Outstanding shares of the fund will be exchanged for new shares on Sept. 6, with post-split shares first trading on Sept. 7.

UVXY has gathered just over $305 million since it came to market in October 2011. Ticker, symbol and underlying index will not change, but UVXY will get a new CUSIP.