Shorting the NASDAQ has generally been a poor strategy for the vast majority of its existence.
The fund likely needs to reverse split because it has performed so poorly they need to boost the unit value.
I do not suggest anyone short anything. Plenty of money to be made from stocks going up. No need to cap your upside and make your losses unlimited with a short, especially on a volatile index like the NASDAQ.
The reason you short is you expect the price to go down. There is no other reason to hold that fund rather than you think the NASDAQ will go down. It would not be an index that I would look to short.