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.

ETF Education Report: ProShares UltraShort Industrials -2x Shares (SIJ)

What this ETF is trying to do

The SIJ ETF is a specialized tool used by some investors. It is both "leveraged" and "inverse." This means it is designed to move in the opposite direction of industrial companies, often by twice the amount. Because it uses leverage, its price movements can be much larger than the regular market.

What the numbers show

The current price of SIJ is $18.79. When looking at how this ETF has performed, it is important to look at two different numbers: the price return and the total return.

• Price Return: This only tracks how the share price changes.

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

According to the data:

• Year-to-Date (YTD): The price return is approximately -17.00%, while the total return is approximately -15.52%.

• One Year: The price return is approximately -18.72%, while the total return is approximately -16.16%.

• Three Years: The price return is approximately -67.92%, while the total return is approximately -63.21%.

This ETF has a history of reverse splits. A reverse split happens when 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.

Income and distribution explanation

SIJ pays out cash distributions, which usually happen quarterly. Over the last 12 months, there were 4 payouts. The distribution yield is approximately 2.31%. While this provides some cash, it is important to remember that a high yield does not mean the investor earned that much in total return. In this case, the total returns have been negative.

NAV erosion explanation

"NAV erosion" refers to a decline in the Net Asset Value, or the actual underlying value of the fund. While a falling share price is not the same thing as NAV erosion, this ETF has an erosion-risk score of 55, which is labeled as "Moderate price erosion." This means there is a moderate risk regarding the stability of its value.

Pros

• The ETF provides regular cash distributions (usually quarterly).

• It offers a way to bet against industrial sectors using leverage.

Cons

• The ETF has experienced significant share-price declines over the last one, three, and five years.

• It has a history of reverse splits.

• The income rating is an "F" grade.

Beginner takeaway

SIJ is a complex, leveraged, and inverse ETF. It is designed to move opposite to industrial stocks. Because it is leveraged, its price can drop quickly. Investors should distinguish between the cash they receive from distributions and the actual total return of their investment, especially when the share price is falling.