What this ETF is trying to do

The ProShares Short High Yield (SJB) is an inverse ETF. This means it is designed to move in the opposite direction of a specific market index. While most ETFs try to make money when their assets go up, an inverse ETF like this one is built to provide a return when the value of high-yield bonds goes down.

What the numbers show

As of October 2, 2026, the share price was $15.49. To understand how the price has changed, we look at "price return" (the change in share price) and "total return" (which includes distributions).

• Year-to-Date (YTD): The price return is 1.47%, while the total return is 3.69%.

• One Year: The price return is 0.88%, and the total return is 4.21%.

• Three Year: The price return is -16.61%, and the total return is -4.92%.

For a simple example, if you had invested $10,000 in this ETF roughly one year ago at the estimated price of $15.35, the price-only growth would have resulted in a value of approximately $10,087.95.

Income and distribution explanation

This ETF pays out cash to investors, usually every quarter. Over the last 12 months, it has made 4 payouts. The distribution yield is approximately 3.22%.

It is important for beginners to know that a high distribution yield does not guarantee a profit. An investor can receive cash payments even if the share price of the ETF is falling.

NAV erosion explanation

"NAV erosion" happens when the underlying value of an ETF's assets steadily declines over time. Investors who want steady income care about "principal stability," which means they want the original amount they invested to stay intact.

SJB has an erosion-risk score of 94, which is labeled as "Stable / sideways" with "good" severity. The severe erosion-risk flag is false, meaning the current price trends did not trigger a severe warning.

Pros

• The ETF has shown positive total returns over the last year and year-to-date.

• The erosion-risk score suggests the price has been relatively stable or sideways recently.

• It provides regular quarterly cash distributions.

Cons

• The three-year total return is negative (-4.92%).

• The three-year price return shows a significant decline of -16.61%.

• It is an inverse fund, which behaves differently than traditional investments.

Beginner takeaway

SJB is a specialized tool used to bet against high-yield bonds. While it has provided some positive returns over the last year, its long-term three-year performance is negative. Always remember that distribution yields are separate from price returns; receiving a payout does not mean the investment is growing in value.