Share-split context: A reverse split was recorded on May 28, 2026 with coefficient 0.5. A reverse split combines multiple old shares into fewer new shares and mechanically raises the quoted price per share. That mechanical increase does not restore lost investment value. The returns in this report are already split-adjusted, while reverse-split history remains a separate structural warning.

ETF Education Report: ProShares UltraShort Nasdaq Biotechnology -2x Shares (BIS)

What this ETF is trying to do

The BIS ETF is a specialized tool known as an "inverse" and "leveraged" ETF. This means it is designed to move in the opposite direction of the Nasdaq Biotechnology index. Because it is "leveraged," it aims to provide twice the opposite performance of that index.

What the numbers show

The data shows significant share-price declines over different time periods. It is important to understand the difference between "price return" (the change in the share price) and "total return" (which includes distributions).

• Year-to-Date (YTD): The price return is approximately -37.00%, while the total return is approximately -35.17%.

• One Year: The price return is approximately -50.54%, while the total return is approximately -48.52%.

• Three Years: The price return is approximately -73.28%, while the total return is approximately -70.07%.

Because this ETF has a history of reverse splits, we cannot provide an estimated price from one year ago. In a reverse split, multiple old shares are combined into fewer new shares, which causes the per-share price to rise mechanically. This mechanical increase does not restore lost investment value.

Income and distribution explanation

This ETF has a distribution yield of approximately 3.74%. Over the last 12 months, it made four distributions totaling approximately $0.45 per share. These payments usually happen quarterly.

It is important to remember that a high distribution yield does not mean an investor earned that percentage as their total return. High yields can exist even when the share price is falling.

NAV erosion explanation

This ETF has a severe erosion-risk flag. This means StockValueFinder's rules detected significant price deterioration. The fund has an erosion score of 10, which is labeled as "Severe price erosion."

"NAV erosion" refers to a decline in the Net Asset Value (the actual value of the fund's assets). While a falling market price is a share-price decline, the severe erosion-risk flag and low erosion score serve as measurements of high risk regarding the stability of the fund's value.

Pros

• The ETF provides a way to seek returns that move in the opposite direction of biotechnology stocks.

• It provides regular cash distributions (usually quarterly).

Cons

• The ETF has experienced very large share-price declines over the last one, three, and five years.

• It carries a severe erosion-risk flag.

• The fund has a history of reverse splits.

Beginner takeaway

This is a highly complex, leveraged, inverse ETF. The data shows significant declines in both share price and total return over long periods. Investors should be aware that high distribution yields do not protect against the risk of significant price declines or severe erosion-risk.