Share-split context: A reverse split was recorded on May 28, 2026 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 Technology -2x Shares (ticker: REW) is an ETF designed to move in the opposite direction of technology stocks. Because it is both "inverse" and "leveraged," it aims to provide twice the inverse performance of its target index. This means if the technology sector goes down, this ETF is designed to go up by roughly twice that amount.

What the numbers show

The historical data shows a significant share-price decline over several timeframes. For example:

• Year-to-Date (YTD): The price return is approximately -55.70%, while the total return is approximately -54.37%.

• One Year: The one-year price return was about -57.52%, and the one-year total return was about -55.54%.

• Three Years: The three-year price return was approximately -88.60%, while the three-year total return was about -86.77%.

This ETF has a history of reverse splits. In a reverse split, multiple old shares are combined into fewer new shares. This causes the per-share price to rise mechanically, but this increase does not restore lost investment value.

Income and distribution explanation

REW provides cash distributions, which have a trailing amount of $0.52. The distribution yield is approximately 5.34%. These payments are usually made on a quarterly basis. It is important to understand that a high distribution yield is not the same as total return. While these payments provide cash, they do not guarantee that your original investment will stay at the same value.

NAV erosion explanation

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.

However, the data shows a severe erosion-risk flag. This flag was triggered by the split-adjusted price trend and a low erosion score of 10, which is labeled as "Severe price erosion."

Pros

• Provides an inverse way to track technology stocks.

• Offers a distribution yield of approximately 5.34%.

Cons

• Shows a history of significant share-price decline.

• Carries a severe erosion-risk flag and a high erosion-risk score.

• Has a history of multiple reverse splits.

Beginner takeaway

REW is a specialized tool used to bet against technology stocks with leverage. While it pays a distribution yield, the fund has experienced very large share-price declines and carries a severe erosion-risk warning. Investors should remember that high yields can exist even when the share price is falling significantly.