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 UltraShort Semiconductors -2x Shares (SSG)

What this ETF is trying to do

The SSG 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 semiconductor companies. Because it is a "-2x" fund, it aims to provide double the opposite performance of its target index.

What the numbers show

The data shows significant declines in share prices over different time periods. Because this ETF has a history of reverse splits, we use split-adjusted returns to understand its performance.

• Year-to-Date (YTD): The price return is approximately -68.17%. The total return is approximately -67.32%.

• One-Year: The price return is approximately -72.83%. The total return is approximately -71.65%.

• Three-Year: The price return is approximately -98.66%. The total return is approximately -98.45%.

It is important to know the difference between these two numbers. The price return only tracks how much the share price changed. The total return includes the impact of distributions.

Income and distribution explanation

This ETF has a distribution yield of approximately 9.09%. Over the last 12 months, it made four distributions. While a high yield might look attractive, it is important to remember that a high distribution rate does not guarantee your original investment will stay safe. In this case, the share price has declined significantly even while paying distributions.

NAV erosion explanation

This ETF has a severe erosion-risk flag. This means the split-adjusted price trend and the erosion score triggered a high-level warning.

The fund has an erosion score of 10, which is labeled as "Severe price erosion." Additionally, the fund 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, but it does not restore lost investment value.

Pros

• The fund provides a distribution yield of approximately 9.09%.

• It offers a way to bet against the semiconductor sector using leverage.

Cons

• The fund has experienced very large share-price declines over the last one, three, and five years.

• It carries a severe erosion-risk flag.

• The income rating grade is an "F."

Beginner takeaway

When looking at ETFs, a high distribution yield can sometimes be misleading. If the share price is falling quickly, the "income" may not make up for the loss in the value of your initial investment. This specific ETF shows a pattern of severe price deterioration and carries high erosion risk.