Share-split context: A reverse split was recorded on May 28, 2026 with coefficient 0.2. 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 Ultra XRP ETF (UXRP) is a leveraged ETF. This means it is designed to use borrowed money to try to amplify the movements of its underlying target. Because it is leveraged, it carries higher risk than a standard ETF.

What the numbers show

As of October 7, 2026, the current price of UXRP is $15.38. The recent performance shows a significant decline in share price:

• Year-to-Date (YTD) Price Return: -66.01%

• One-Year Price Return: -89.05%

• One-Year Total Return: -89.05%

The one-year price return measures how much the share price changed. The one-year total return includes both price changes and any distributions (cash payments). In this case, the two numbers are almost identical, meaning most of the movement came from the change in the share price itself.

Because this ETF has a history of share splits, we cannot provide an estimated price from roughly one year ago. Instead, we look at these split-adjusted percentage returns to see how the value has changed.

On May 28, 2026, the fund had a reverse split. In a reverse split, multiple old shares are combined into fewer new shares. This causes the quoted per-share price to rise mechanically, but this increase does not restore lost investment value.

Income and distribution explanation

UXRP has a very low distribution yield of 0.0026%. Over the last 12 months, there was only one distribution payment. The frequency of these payments is described as "irregular" or "less frequent." For investors looking for regular cash income, this fund's distribution history is limited.

NAV erosion explanation

The supplied data is sufficient to evaluate price erosion, but it does not include enough historical NAV-per-share data to confirm or rule out NAV erosion.

However, the data does show significant price-based risks. The fund has an erosion score of 10, which is labeled as "Severe price erosion." Because of this low score and the recent split-adjusted price trends, a severe erosion-risk flag has been triggered.

Pros

• The ETF provides a leveraged strategy for investors seeking amplified exposure.

Cons

• Significant Price Decline: The fund has seen very large losses over the last year and year-to-date.

• Severe Erosion Risk: The fund carries a severe erosion-risk flag and a high erosion score.

• Low Income: The distribution yield is very low, and payments are irregular.

Beginner takeaway

UXRP is a leveraged ETF that has experienced a major decline in its share price recently. It also shows signs of severe price erosion and has a history of reverse splits. Investors should be aware that high-risk, leveraged funds can experience rapid changes in value.