ETF Education Report: ProShares On-Demand ETF (OND)

What this ETF is trying to do

The ProShares On-Demand ETF (ticker: OND) is an exchange-traded fund that holds a variety of different companies. Based on its top holdings, the fund includes companies involved in technology, delivery services, and entertainment. Because the list of holdings provided is partial, we can only see some of the companies it owns.

Top Holdings

As of September 27, 2026, some of the largest companies in this portfolio include:

• DoorDash Inc (6.76%)

• Spotify Technology SA (5.02%)

• NVIDIA Corp (4.92%)

• Uber Technologies Inc (4.89%)

• Grab Holdings Ltd (4.85%)

What the numbers show

When looking at an ETF, it is important to distinguish between "price return" (how much the share price changed) and "total return" (which includes dividends or distributions).

For OND, the data shows:

• Year-to-Date (YTD): The price return and total return are both approximately -19.14%.

• One-Year: The price return and total return are both approximately -30.43%.

• Three-Year: The price return is approximately 53.88%, while the total return is higher at approximately 55.08%.

To give you an idea of the recent price change, the current price is $33.27. The estimated price from roughly one year ago was approximately $47.82.

Income and distribution explanation

Some investors look for ETFs that pay them regular cash, known as distributions. For this ETF, no distributions were detected over the last 12 months. The distribution yield is 0%.

NAV erosion explanation

"NAV erosion" refers to a decline in the Net Asset Value (the actual value of the assets held by the fund). While a falling share price does not always mean the NAV has dropped, this ETF has specific risk indicators.

The fund has a "significant" erosion-risk score of 30, which is labeled as "Significant price erosion." Additionally, a severe erosion-risk flag has been triggered. This means that the split-adjusted price trend and the erosion score have met certain criteria used to warn investors about substantial price deterioration.

Pros

• The fund has shown a positive total return of approximately 55.08% over a three-year period.

Cons

• The fund has experienced a significant share-price decline over the last year.

• There is a severe erosion-risk flag and a significant erosion-risk score.

• The fund currently provides no distribution income.

Beginner takeaway

When studying an ETF, it is important to look at more than just one number. While this fund had strong returns over three years, it has faced a significant share-price decline recently. Investors should also pay attention to erosion-risk flags, which serve as warnings about the stability of the fund's price.