At a glance
BETE charges 0.95% a year. It has $8.9M in assets; it paid 29.93% of its price in distributions over the past 12 months, monthly. Over the past year it returned −39.3% with distributions reinvested (S&P 500: +11.5%); over three years it returned +16.7% a year.
The short version
ProShares Bitcoin & Ether Equal Weight ETF (BETE) aims to track an equal-weight mix of bitcoin and ether by holding futures contracts on them, not the coins themselves. It offers both cryptocurrencies in one ETF, resetting to equal halves each month, for 0.95% a year. Swings are extreme: it fell 61.4% from October 6, 2025, to June 25, 2026, and had not recovered as of October 27, 2026.
Price history
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BETE -39.3% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| BETE official prospectus, to Dec 31, 2024 | — | +66.49% | — | — | — | +100.23% |
| BETE price data to Oct 27, 2026 | -17.5% | -39.3% | +16.7% | — | — | +20.9% |
- Over the year to Oct 27, 2026, BETE returned -39.3%.
- Its worst full calendar year was 2025 (-6.8%); its best was 2024 (+66.1%).
- The deepest fall in its price history was 61.4% (Oct 6, 2025 to Jun 25, 2026), not yet recovered.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | -17.5% | — |
| 2025 | -6.8% | — |
| 2024 | +66.1% | +66.49% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.2700 | |
| 2025 | $31.3700 | +158.4% |
| 2024 | $12.1400 |
What's inside
As of Aug 31, 2026, the fund held 5 securities; the ten largest made up 50.96% of assets.
| Holding | Weight | |
|---|---|---|
| Repurchase Agreement RA | 21.15% | |
| Repurchase Agreement RA | 14.06% | |
| Repurchase Agreement RA | 8.44% | |
| Repurchase Agreement RA | 4.50% | |
| Repurchase Agreement RA | 2.81% |
By country
United States 50.96%By asset type
RA 50.96%What changed recently
- Over the three months to Aug 31, 2026, investors withdrew a net $649K (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -21.02%, +12.31%, +29.10%.
How it works
BETE follows no published index. ProShare Advisors aims to match, before fees, an equal mix of bitcoin and ether. Each month it splits its exposure evenly between bitcoin and ether futures, then lets the weights drift until the next reset. Futures are contracts that set a price for a future date; BETE's settle in dollars, not coins. On August 31, 2026, it held CME contracts on both.
Futures expire, so each month the fund replaces its nearest-dated contracts with later ones, a step called rolling. When later contracts cost more than expiring ones, a pattern called contango, each roll chips away at returns; in the reverse pattern, backwardation, rolling adds to them. Over time, this can pull returns well away from the prices of bitcoin and ether.
Futures require only part of their value as collateral, so much of the money sits in short-term instruments such as Treasury bills and repurchase agreements, short loans backed by government securities. As of August 31, 2026, repurchase agreements were about 51% of net assets; the futures showed small negative figures, reflecting gains or losses, not exposure. Part of the exposure runs through a Cayman Islands subsidiary, which helps the fund meet tax rules for regulated investment companies. It may also borrow through reverse repurchase agreements near tax quarter-ends, which can add costs.
What it really costs
- BETE charges 0.95% a year.
- The fee includes a 0.08% waiver from the adviser, which may end.
- Using the prospectus's standard example, $10,000 invested would cost about $97 in the first year and $1,252 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| BETE | $97 | $320 | $561 | $1,252 |
Structure and tax notes
- Uses bitcoin and ether futures contracts rather than holding bitcoin and ether directly. Expiring contracts must be rolled into later ones, and the price gap between them adds to or takes from returns, so over time it can drift well away from the spot price of what it tracks. Crypto prices can swing far more than stocks.
In a retirement portfolio
It concentrates on bitcoin and ether futures, whose prices can swing far more than stocks, so it may fit only as a small, high-risk slice beside broader holdings.
BETE could add bitcoin and ether exposure as a small, high-risk slice. It launched on October 2, 2023, so it has no record from the 2008, 2020 or 2022 declines. It fell 61.4% from October 6, 2025, to June 25, 2026, and had not recovered as of October 27, 2026. Its worst calendar year, 2025, was a 6.8% loss, which understates the risk: the slide began that October and ran into 2026. Anyone forced to cash out shares mid-slide would lock in losses.
Distributions are monthly; the trailing 12-month yield was 29.93% as of October 27, 2026, but futures-fund payouts can swing widely, and each lowers the share price by the amount paid. Costs are 0.95% a year, or $97 on $10,000 after one year in the SEC's standard example. Past results don't predict future ones, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors wanting bitcoin and ether in one ETF, split equally and reset monthly using CME futures, without holding either coin directly.
- Those keeping crypto to a small, speculative slice who accept swings like 2024's 66.5% gain and a 61.4% fall from October 2025 to June 2026.
- Investors comfortable paying a 0.95% yearly fee (expense ratio), about $97 on $10,000 in year one under the SEC's standard example, for packaged crypto exposure.
Look elsewhere if
- Investors wanting to own bitcoin or ether directly: the fund holds futures, and rolling into pricier later-dated contracts can drag returns below the coins' prices.
- Retirees relying on steady income: the fund lost 39.3% in the year to October 27, 2026, and its 29.93% past-year payout rate may not repeat.
- Investors wary of tiny funds, which can close: net assets were about $8.9 million as of August 31, 2026, with more money leaving than arriving.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
No close alternatives found.
Questions investors ask
Does BETE hold actual bitcoin and ether?
No. BETE holds bitcoin and ether futures contracts, not the coins, and its prospectus says investors seeking direct ownership should consider a different investment. As of August 31, 2026, it held CME bitcoin and ether futures, while repurchase agreements, short loans backed by government securities, made up about 51% of net assets. Because expiring futures must be rolled into later contracts each month, BETE's returns can drift away from the prices of bitcoin and ether over time.
What is BETE's expense ratio?
BETE's expense ratio is 0.95% a year, according to its prospectus filed September 23, 2025. In the SEC's standard example, which assumes $10,000 invested, a 5% annual return and shares sold at the end of each period, costs total $97 after one year, $320 after three years, $561 after five years and $1,252 after 10 years. The fee comes out of the fund's assets, so it lowers returns rather than showing up as a separate bill.
BETE vs a spot bitcoin ETF: what's the difference?
The main difference is what the fund holds. A spot bitcoin ETF owns bitcoin itself, while BETE holds futures on bitcoin and ether, rebalanced to equal weights each month. That means a slump in ether hits BETE but not a bitcoin-only fund, and BETE also bears the cost or benefit of rolling futures. When later contracts cost more than expiring ones, a pattern called contango, each monthly roll trims returns. BETE's expense ratio is 0.95%, worth comparing with any spot fund under consideration.
Is BETE good for retirement?
BETE is a high-risk fund that, at most, may suit a small slice of a retirement portfolio. It fell 61.4% from October 6, 2025, to June 25, 2026, and had not recovered as of October 27, 2026, when its one-year loss stood at 39.3%. It also gained 66.49% in 2024, showing how far it can swing both ways. Because it launched in October 2023, it has no record from the 2008, 2020 or 2022 downturns. Past results don't predict future ones.
Does BETE pay monthly dividends?
Yes. BETE pays distributions on a monthly schedule, and its trailing 12-month payouts totaled $11.27 a share, a 29.93% yield as of October 27, 2026. Those payouts aren't like a company's dividend. A futures fund's distributions can come from trading gains and interest on its cash holdings, so they can vary sharply and may not repeat. Each payout also lowers the share price by the amount paid, so a high yield doesn't mean the fund made money overall.