Share-split context: This ETF has both forward- and reverse-split history. The most recent recorded event was on Feb 26, 2026 with coefficient 0.1. Current price-return figures are already split-adjusted. Forward splits receive no automatic performance penalty; reverse-split history remains a separate structural warning.

Understanding ProShares UltraShort Silver -2x Shares (ZSL)

ZSL is a leveraged and inverse ETF designed to provide a return that is the opposite of the daily movement of silver. Specifically, it aims for a -2x return, meaning if the price of silver goes down, this ETF is designed to go up by twice that amount.

What the Numbers Show

The recent performance of ZSL shows a significant decline in share price. Because this ETF has a history of share splits, we look at split-adjusted returns to see how it has performed:

• Year-to-Date (YTD): The price return and total return are both -46.95%.

• One Year: The price return and total return are both -80.83%.

• Three Year: The price return and total return are both -96.88%.

• Five Year: The total return is -97.61%.

The current price as of October 7, 2026, is $28.33.

Income and Distribution Explanation

ZSL is not designed to provide regular income. The data shows a distribution yield of 0%, and no distributions have been detected in the last 12 months. Because there are no payouts, the price return and the total return are identical.

Price and 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 price-based evidence shows a severe trend. ZSL has a severe erosion-risk flag and an erosion score of 10, which is labeled as "Severe price erosion." This means the split-adjusted price has dropped substantially over time.

ZSL also has a "mixed" split history with seven total events. This means it has had both forward splits (where one share becomes many) and reverse splits (where many shares are combined into fewer). The most recent event on February 26, 2026, had a coefficient of 0.1, which was a reverse split. In a reverse split, the share price rises mechanically, but this does not restore lost investment value.

Pros

• Provides a way for investors to bet against the price of silver with extra leverage.

Cons

• Has experienced severe price erosion over the last one, three, and five years.

• Provides no cash income or distributions.

• High risk of significant capital loss.

Beginner Takeaway

ZSL is a complex tool used for short-term trading, not a traditional long-term investment. It is an "inverse" and "leveraged" fund, which can lead to very fast losses if the market moves the wrong way. The historical data shows a severe decline in value over several years, and it does not pay dividends to help offset those losses.