Share-split context: A reverse split was recorded on May 20, 2015 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 Ultra Yen 2x Shares (YCL) is a leveraged ETF. This means it uses financial tools to try and multiply the daily movement of the Japanese Yen. Specifically, it aims for 2x the return of its target. It is not designed to be a traditional long-term investment like a standard index fund.

What the numbers show

As of October 7, 2026, the share price is $18.11. The data shows a downward trend in price over several timeframes:

• Year-to-Date (YTD): The price return and total return are both approximately -4.98%.

• One Year: The price return and total return are both approximately -11.92%.

• Three Year: The price return and total return are both approximately -27.73%.

• Five Year: The total return is approximately -64.17%.

Because this ETF has a history of share splits, the returns listed above are "split-adjusted." This means they account for changes in the number of shares to show the actual percentage change in value.

Income and distribution explanation

This ETF does not provide regular income. The distribution yield is 0%, and there have been no payouts in the last 12 months. For investors who look for ETFs to provide cash payments, this fund does not fit that goal.

NAV erosion explanation

"NAV erosion" happens when the value of an ETF's underlying assets declines over time, often seen in leveraged funds. StockValueFinder provides an erosion-risk score to measure this.

YCL has an erosion score of 75, which is labeled as "Mild price erosion." While there is a mild risk, the "severe erosion-risk flag" is currently false, meaning it has not triggered the most serious warning level.

Share Split History

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 restore any lost investment value. The most recent reverse split occurred on May 20, 2015.

Pros

• It provides a way to get leveraged exposure to the Japanese Yen without needing a complex trading account.

Cons

• It has shown significant price declines over one, three, and five-year periods.

• It provides no cash distributions or income.

• It carries a "mild" erosion-risk rating.

Beginner takeaway

YCL is a high-risk, leveraged tool, not a savings account. It has lost a large portion of its value over the last five years. New investors should remember that leveraged ETFs are often used for short-term trades rather than long-term holding because of the risk of price erosion.