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

What this ETF is trying to do

The ProShares UltraShort FTSE China 50 -2x Shares (FXP) is a specialized fund. It is both "inverse" and "leveraged." This means it is designed to move in the opposite direction of the FTSE China 50 index. Specifically, it aims for a -2x return, meaning if the index goes down, this ETF is designed to go up by twice that amount.

What the numbers show

The current price of the ETF is $22.67 as of October 7, 2026. Because this fund has a history of share splits, we look at split-adjusted returns to see how it has performed.

• Short-Term: The year-to-date (YTD) price return is 23.87%. The one-year price return is 36.31%.

• Long-Term: The three-year price return is -68.14%, and the five-year total return is -64.51%.

The data also provides "total return," which includes the share price change plus distributions. The one-year total return is 39.71%, while the three-year total return is -63.76%.

Income and distribution explanation

This ETF pays out cash to investors. It usually does this quarterly and has made 4 payouts in the last 12 months. The distribution yield is approximately 2.23%.

It is important for beginners to know that a distribution yield is not the same as a total return. A fund can pay out cash even if the share price is falling. High yields alone can be misleading because they do not guarantee that your original investment is safe.

NAV erosion explanation

"NAV erosion" happens when the value of the fund's underlying assets wears away over time. StockValueFinder uses an erosion-risk score to measure this. FXP has an erosion score of 100, and the erosion severity is listed as "good." The data states "No price erosion detected," and the severe erosion-risk flag is false.

Share Split History

This ETF has a history of reverse splits, with 4 events in total. The most recent occurred on November 20, 2025. In a reverse split, multiple old shares are combined into fewer new shares. This causes the quoted per-share price to rise mechanically, but it does not restore any lost investment value.

Pros

• Positive price and total returns over the last year.

• No price erosion detected according to the erosion-risk score.

Cons

• Significant price declines over the three-year and five-year periods.

• A history of reverse splits.

Beginner takeaway

FXP is a complex tool used to bet against a specific group of Chinese stocks. While it has seen growth over the last year, its long-term history shows large price declines. Investors should remember that leveraged and inverse ETFs are different from traditional stocks and can be very volatile.