Share-split context: A reverse split was recorded on Nov 20, 2025 with coefficient 0.25. 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 Short Ether ETF (SETH)

What this ETF is trying to do

The ProShares Short Ether ETF (SETH) is an "inverse" ETF. This means it is designed to move in the opposite direction of Ether, which is a type of cryptocurrency. Because it is an inverse fund, it is often used by people who believe the price of Ether will go down.

What the numbers show

It is important to understand that "price return" and "total return" tell different stories. Price return only tracks the change in the share price. Total return includes both the price change and any cash distributions paid out to investors.

• Year-to-Date (YTD): The price return is approximately -24.80%. However, the YTD total return is approximately -8.41%.

• One Year: The one-year price return is approximately 1.89%. When you include distributions, the one-year total return is much higher at approximately 24.35%.

This ETF has a history of reverse splits. In a reverse split, multiple old shares are combined into fewer new shares. This causes the price per share to rise mechanically, but it does not increase the actual value of your investment. Because this ETF has a split history, we do not use an estimated price from one year ago; instead, we look at these split-adjusted percentage returns.

Income and distribution explanation

This ETF has a high distribution yield of approximately 31.45%. This represents the cash paid out relative to the ETF's price. These distributions usually happen monthly, with Monday being the most common day for a payout.

While a high yield can provide cash income, it is important to remember that a high distribution yield does not mean the investor earned that same percentage as total return. You should always look at the "total return" figure to see how the investment performed overall.

NAV erosion explanation

"NAV erosion" refers to a decline in the Net Asset Value (the actual value of the fund's underlying assets). While falling share prices can sometimes be a sign of erosion, they are not the same thing.

StockValueFinder uses an "erosion-risk score" to measure this risk. This ETF has an erosion score of 94, which is labeled as "Stable / sideways." There is no severe erosion-risk flag for this ETF.

Pros

• The one-year total return is positive at approximately 24.35%.

• It provides regular cash distributions (usually monthly).

Cons

• The year-to-date price return is significantly negative at approximately -24.80%.

• The income rating grade is a "D."

Beginner takeaway

When looking at ETFs like SETH, high yields can be misleading if the share price is falling. Always distinguish between the share-price movement (price return) and the overall performance including cash payouts (total return). Because this is an inverse crypto-related ETF, its value moves differently than standard stocks or coins.