Share-split context: A reverse split was recorded on Nov 20, 2025 with coefficient 0.1. 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.

Understanding the ProShares UltraShort Ether ETF (ETHD)

The ProShares UltraShort Ether ETF (ETHD) is a crypto-related fund designed to be both leveraged and inverse. This means it is built to move in the opposite direction of Ether, often with a magnified effect. As of October 7, 2026, the ETF is trading at $26.54.

What the Numbers Show

The performance of ETHD has been negative over the recent periods measured. The year-to-date (YTD) price return is -46.39%, and the one-year price return is -14.39%.

When looking at total return—which includes distributions—the numbers are slightly different. The YTD total return is -40.40%, and the one-year total return is -4.70%. This shows that while the share price fell, the distributions helped reduce the overall loss for the period.

Income and Distribution Explanation

ETHD provides a high distribution yield of approximately 23.50%. It usually pays out monthly, with 11 payouts recorded over the last 12 months. The trailing distributions total 6.24 per share.

It is important for new investors to remember that a high distribution yield alone can be misleading. A fund can pay out a large amount of cash even while its share price is falling. In this case, the distribution yield has not been enough to create a positive total return over the last year.

Price and NAV Erosion

ETHD has a history of a reverse split, most recently on November 20, 2025, with a coefficient of 0.1. In a reverse split, multiple old shares are combined into fewer new shares, which mechanically raises the per-share price. This increase does not restore lost investment value.

The fund has an erosion score of 75, which is labeled as "Mild price erosion." The supplied data is sufficient to evaluate price erosion, but it does not include enough historical NAV-per-share data to confirm or rule out NAV erosion.

Pros

• High Income Potential: The fund offers a high distribution yield for those seeking cash flow.

• Hedging Tool: Because it is an inverse ETF, it can be used by investors who believe the price of Ether will go down.

Cons

• Price Decline: The fund has seen a significant share-price decline year-to-date.

• Complexity: As a leveraged and inverse fund, it is more complex than a standard ETF.

• Income Grade: The fund has an income rating grade of "D."

Beginner Takeaway

ETHD is a specialized tool for investors who want to bet against Ether. While it pays out a high amount of cash monthly, the share price has declined significantly recently. Investors should be aware that high distributions do not guarantee that the original investment (the principal) is being preserved.