Share-split context: A reverse split was recorded on Apr 21, 2020 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 UltraPro Short 20+ Year Treasury -3x Shares (TTT)

What this ETF is trying to do

This ETF, known by its ticker symbol TTT, is a specialized type of investment. It is both "leveraged" and "inverse." This means it is designed to move in the opposite direction of long-term Treasury bonds, and it aims to multiply those movements by three times. Because it uses these advanced strategies, it is generally considered a complex tool for investors.

What the numbers show

The current price of TTT is $90.40. When looking at how this ETF has performed, it is important to look at two different types of numbers: price return and total return.

• Price Return: This measures only the change in the share price.

• Year-to-date (YTD) price return: approximately 35.05%

• One-year price return: approximately 32.34%

• Three-year price return: approximately -20.19%

• Total Return: This includes the price changes plus any cash distributions paid out.

• Year-to-date (YTD) total return: approximately 37.13%

• One-year total return: approximately 45.18%

• Three-year total return: approximately 4.33%

Note that this ETF has a history of "reverse splits." In a reverse split, 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. Because this ETF has a split history, we use split-adjusted returns to show how the value has changed over time.

Income and distribution explanation

TTT pays out cash to investors, which is called a distribution. The distribution yield is approximately 6.94%. This number tells you how much cash was paid out relative to the current share price. Over the last 12 months, there were 4 distributions. These usually happen on a quarterly basis, often on Wednesdays.

It is important to remember that a high distribution yield does not mean the investor earned that same percentage as total return. Total return is the most complete way to see how much value was actually gained or lost.

NAV erosion explanation

"NAV erosion" refers to a situation where the underlying value of the ETF's assets decreases over time. StockValueFinder uses an erosion-risk score to measure this risk. For TTT, the erosion score is 100, which is labeled as "No price erosion detected." There is no severe erosion-risk flag for this ETF.

Pros

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

• It provides a regular distribution of cash to investors.

Cons

• The ETF is leveraged and inverse, which makes it more complex than a standard fund.

• The three-year price return has been negative, even though the total return was positive.

Beginner takeaway

When looking at TTT, it is vital to distinguish between the share price and the total return. While the share price might move one way, the cash distributions can change your overall result. Always remember that high yields are not a guarantee of total profit, and complex tools like leveraged inverse ETFs behave very differently than traditional investments.