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 UltraShort Financials -2x Shares (ticker: SKF) is an ETF that is both "leveraged" and "inverse." This means it is designed to move in the opposite direction of financial stocks. Because it is "2x," it aims to move about twice as much as its target index moves in the opposite direction.

What the numbers show

As of October 7, 2026, the current price of one share is $25.88.

When looking at how this ETF has performed, it is important to look at two different numbers: price return (the change in the share price) and total return (which includes the money paid out as distributions).

• Year-to-Date (YTD): The price return is up approximately 1.81%. When you include distributions, the total return is higher at approximately 3.96%.

• One Year: The price return was down approximately 2.89%, but the total return was actually up by approximately 0.59%.

• Three Years: Both numbers show a significant decline. The price return was down approximately 66.30%, and the total return was down approximately 60.99%.

This ETF has a history of "reverse splits." In a reverse split, multiple old shares are combined into fewer new shares. This makes the price per share go up mechanically. However, this mechanical increase does not restore lost investment value.

Income and distribution explanation

This ETF pays out cash to investors, which is called a distribution. The distribution yield is approximately 3.52%. Over the last year, it paid out a total of $0.91 per share across four payments. These payments usually happen every quarter.

It is important to remember that a high distribution yield does not mean an investor earned that same percentage as their total return. Distributions are cash payments, but they do not guarantee that your original investment will stay the same value.

NAV erosion explanation

"NAV erosion" refers to a decline in the actual value of the assets held by the ETF. StockValueFinder uses an erosion-risk score to measure this risk.

For SKF, the erosion-risk score is 94. This is labeled as "Stable / sideways," and the severity is described as "good." There is no severe erosion-risk flag for this ETF.

Pros

• The ETF has a positive total return so far this year (YTD).

• It provides regular cash distributions, usually four times a year.

Cons

• The three-year price return shows a large decline of approximately 66.30%.

• Because it is an inverse and leveraged ETF, its value can change very quickly.

Beginner takeaway

When looking at SKF, remember that the share price and the total return are different things. While the share price might go down, distributions can help the total return look different. Also, be aware that reverse splits change the number of shares you own and the price per share, but they do not change the total value of your investment at the moment they happen.