Share-split context: A reverse split was recorded on Nov 7, 2024 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.

What this ETF is trying to do

The ProShares Short S&P500 -1x Shares (SH) is an "inverse" ETF. This means it is designed to move in the opposite direction of the S&P 500 index. If the S&P 500 goes down, this ETF is designed to go up.

What the numbers show

As of October 7, 2026, the share price is $31.82. Because this ETF has a history of share splits, we look at split-adjusted returns to see how it has performed.

• Year-to-Date (YTD): The price return is -11.68%, while the total return is -9.59%.

• One Year: The price return is -13.63%, and the total return is -10.40%.

• Three Year: The price return is -44.87%, and the total return is -36.49%.

Price return only measures the change in the share price. Total return is a different measure that includes the distributions paid out to investors.

Income and distribution explanation

This ETF usually pays distributions quarterly. Over the last 12 months, it has made 4 payouts totaling $1.27 per share. This results in a distribution yield of approximately 4.00%.

It is important for beginners to know that a high distribution yield can be misleading. A yield tells you how much cash was paid relative to the price, but it does not guarantee that your original investment is safe. In this case, the share price has declined even while the ETF paid distributions.

NAV erosion explanation

"NAV erosion" happens when the value of the fund's underlying assets wears away over time. StockValueFinder uses an erosion-risk score to track this. This ETF has an erosion score of 75, which is labeled as "mild price erosion."

Additionally, this ETF has a history of reverse splits. In a reverse split, multiple old shares are combined into fewer new shares, which mechanically raises the share price. This increase does not restore lost investment value. The most recent reverse split happened on November 7, 2024.

Pros

• Provides a way to bet against the S&P 500.

• Provides regular quarterly cash distributions.

Cons

• Has seen significant price declines over the last three years.

• Has a history of reverse splits.

• Has an income rating grade of "D."

Beginner takeaway

This is an inverse ETF, meaning it behaves differently than a standard stock fund. While it pays a distribution yield of about 4.00%, the total returns over one and three years have been negative. Investors often care about "principal stability," which means keeping the original amount of money they invested. When an ETF has a history of reverse splits and mild price erosion, it shows that the share price has struggled to maintain its value over time.