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.

ETF Education Report: ProShares UltraShort Gold -2x Shares (GLL)

What this ETF is trying to do

The ProShares UltraShort Gold -2x Shares (GLL) is a specialized type of fund. It is both "leveraged" and "inverse." This means it is designed to move in the opposite direction of gold prices, and it aims to multiply that movement by two. Because it is an inverse fund, if the price of gold goes down, this ETF is designed to go up. If the price of gold goes up, this ETF is designed to go down.

What the numbers show

The current price of GLL is $25.65. When looking at how the share price has changed over time, we see the following:

• Year-to-Date (YTD) Price Return: Approximately -1.91%

• One-Year Price Return: Approximately -18.16%

• Three-Year Price Return: Approximately -80.52%

Because this ETF does not pay out dividends, the "price return" and the "total return" are the same. The total return reflects the overall change in value for an investor.

It is important to note that this ETF has a history of "reverse splits." A reverse split happens when multiple old shares are combined into fewer new shares. When this happens, the price per share rises mechanically, but it does not increase the actual value of your investment. This ETF has had four reverse split events in its history.

Income and distribution explanation

Some investors look for ETFs that pay them cash regularly, known as distributions. For GLL, the distribution yield is 0%. No distributions were detected over the last 12 months.

NAV erosion explanation

"NAV erosion" is a term used to describe a decline in the value of the fund's underlying assets. While a falling share price is not the same thing as NAV erosion, we use "erosion scores" to measure risk.

GLL has an erosion score of 55, which is labeled as "moderate price erosion." This means the fund has shown a moderate level of price deterioration over time.

Pros

• The ETF provides a way to bet against the price of gold using leverage.

Cons

• The fund has experienced significant share-price declines over the one-year and three-year periods.

• The fund has a history of reverse splits.

• There is no income or distribution yield provided by this ETF.

Beginner takeaway

GLL is a complex, leveraged, inverse ETF. It is designed to move in the opposite direction of gold prices by a factor of two. Because it is an inverse fund, its value can change very quickly. Investors should be aware that this fund has shown moderate price erosion and a history of reverse splits, which are structural changes to the number of shares available.