Share-split context: A forward split was recorded on Nov 20, 2025 with coefficient 4. A forward split turns each old share into multiple new shares and lowers the quoted price per share proportionally. Proportional ownership is unchanged at the split moment, so the split itself creates neither a gain nor a loss. The price-return figures in this report are already split-adjusted.

ETF Education Report: ProShares Ultra Communication Services (LTL)

What this ETF is trying to do

The ProShares Ultra Communication Services (LTL) is an ETF that focuses on the communication services industry. It is a leveraged ETF, which means it uses financial tools to try to amplify the performance of its target sector. This ETF holds various companies, including major tech and media names.

What the numbers show

The current price of LTL is $23.98. When looking at how the ETF has performed, it is important to distinguish between "price return" and "total return."

• Price Return: This measures only the change in the share price.

• Total Return: This includes both the share price changes and any cash distributions (dividends) paid out.

For the year-to-date (YTD) period, the price return is approximately -15.59%, while the total return is approximately -14.93%. Over the last year, the price return was about -14.26%, and the total return was about -13.33%.

Looking at a longer timeframe, the three-year price return was approximately 118.58%, and the three-year total return was approximately 122.67%. This ETF also has a history of forward splits. In a forward split, each old share becomes multiple new shares. This causes the per-share price to fall proportionally, but it does not change how much of the fund you own.

Income and distribution explanation

LTL pays out cash distributions to investors. The distribution yield is approximately 1.16%. This number describes the cash paid out relative to the ETF's price. These payments usually happen quarterly, with four payouts recorded over the last 12 months. It is important to remember that a distribution yield is not the same as total return.

NAV erosion explanation

"NAV erosion" refers to a decline in the Net Asset Value (the actual value of the fund's assets). While a falling share price can sometimes be related to erosion, they are not the same thing. For LTL, the erosion-risk score is 75, which is labeled as "mild price erosion." There is no severe erosion-risk flag for this ETF.

Top Holdings

The following are the top holdings in the portfolio (note that this list is partial):

• CASH: 21.14%

• META PLATFORMS INC CLASS A: 9.79%

• ALPHABET INC CLASS A: 6.16%

• ALPHABET INC CLASS C: 4.92%

• AT&T INC: 3.06%

• VERIZON COMMUNICATIONS INC: 2.95%

• THE WALT DISNEY CO: 2.92%

• COMCAST CORP CLASS A: 2.90%

• NETFLIX INC: 2.89%

• WARNER BROS. DISCOVERY INC CLASS A: 2.76%

Pros

• The ETF has shown strong total returns over a three-year period.

• It provides regular cash distributions.

Cons

• The ETF has experienced share-price declines in both the one-year and year-to-date periods.

• It is a leveraged ETF, which involves different risk levels than standard ETFs.

Beginner takeaway

When looking at LTL, remember that price returns and total returns are different. While the ETF provides some cash income through distributions, the share price has recently been declining. Always look at the total return to see how much value was actually gained or lost over time.