At a glance
BETH charges 0.95% a year. It has $11.9M in assets; it paid 20.03% of its price in distributions over the past 12 months, monthly. Over the past year it returned −35.1% with distributions reinvested (S&P 500: +11.5%); over three years it returned +20.9% a year.
The short version
ProShares Bitcoin & Ether Market Cap Weight ETF (BETH) tracks bitcoin and ether, weighted by market value, using futures (contracts tied to each coin's future price) instead of the coins. It may suit investors wanting both coins in one ETF, tilted heavily to bitcoin (88% as of May 31, 2025). Trade-offs include a 0.95% expense ratio, possible costs from monthly futures rolls, and a 56.9% fall from October 2025 to June 2026.
Price history
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BETH -35.1% 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 | |
|---|---|---|---|---|---|---|
| BETH official prospectus, to Dec 31, 2024 | — | +85.35% | — | — | — | +122.86% |
| BETH price data to Oct 27, 2026 | -13.2% | -35.1% | +20.9% | — | — | +26.4% |
- Over the year to Oct 27, 2026, BETH returned -35.1%.
- Its worst full calendar year was 2025 (-10.6%); its best was 2024 (+85.2%).
- The deepest fall in its price history was 56.9% (Oct 6, 2025 to Jun 30, 2026), not yet recovered.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | -13.2% | — |
| 2025 | -10.6% | — |
| 2024 | +85.2% | +85.35% |
| 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) | $0.3600 | |
| 2025 | $29.4500 | +74.2% |
| 2024 | $16.9100 |
What's inside
As of Aug 31, 2026, the fund held 5 securities; the ten largest made up 55.78% of assets.
| Holding | Weight | |
|---|---|---|
| Repurchase Agreement RA | 23.15% | |
| Repurchase Agreement RA | 15.39% | |
| Repurchase Agreement RA | 9.24% | |
| Repurchase Agreement RA | 4.93% | |
| Repurchase Agreement RA | 3.08% |
By country
United States 55.78%By asset type
RA 55.78%What changed recently
- Over the three months to Aug 31, 2026, investors withdrew a net $1.1M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -20.52%, +8.23%, +26.25%.
How it works
BETH aims to match, before fees and expenses, a basket of bitcoin and ether weighted by market capitalization: each coin's price multiplied by the amount in circulation. Each month, adviser ProShare Advisors resets the mix to the coins' relative sizes. As of May 31, 2025, that meant 88% bitcoin and 12% ether, so bitcoin drives most of the results.
Rather than holding bitcoin or ether, it owns cash-settled futures, contracts that pay out changes in a coin's price rather than delivering coins; as of August 31, 2026, these were CME bitcoin and ether futures. It mainly uses front-month contracts, those nearest expiry, and replaces them with the next month's contract before expiry, a step called rolling. If later contracts cost more (contango), each roll drags on returns; if they cost less (backwardation), rolling helps. Over time this can pull results away from the coins' own prices.
Because futures require only a small deposit, most assets sit in cash-like holdings. As of August 31, 2026, repurchase agreements (short-term loans backed by U.S. government securities) made up about 56% of the fund's $11.9 million in net assets. It may also hold Treasury bills, borrow through reverse repurchase agreements near tax quarter-ends, use a Cayman Islands subsidiary, and, in limited cases, own other crypto futures ETFs.
What it really costs
- BETH 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 $1,263 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| BETH | $97 | $322 | $565 | $1,263 |
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
With annualized volatility of about 50% over the three years to October 27, 2026, and a 56.9% peak-to-trough fall, this bitcoin-heavy futures fund is a small, high-risk add-on rather than a foundation.
BETH launched on October 2, 2023, so it has no record through the 2008, 2020 or 2022 market downturns. Its deepest drop was 56.9%, from October 6, 2025, to June 30, 2026, and it had not recovered by October 27, 2026. Its worst calendar year, 2025, lost 10.6%, after an 85.35% gain in 2024. A retiree drawing cash after such a drop would lock in steep losses.
BETH pays distributions monthly; they totaled $8.80 per share over the 12 months to October 27, 2026, a yield of about 20%. The coins pay no income, so payouts depend on interest and futures gains and can shrink sharply. The 0.95% expense ratio means costs of $97 on $10,000 after one year in the SEC's standard example. Past results don't predict the future, 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, reweighted monthly by market value (88% bitcoin, 12% ether as of May 31, 2025).
- People who can keep crypto to a small slice and hold through drops like the 56.9% fall from October 2025 to June 2026.
- Investors who prefer an ETF using futures on US-regulated exchanges over storing coins themselves in a crypto wallet.
Look elsewhere if
- Anyone seeking dependable income: payouts depend on futures gains and interest, and the fund lost 35.1% in the year to October 27, 2026.
- Investors wanting direct ownership of bitcoin or ether; the prospectus points them elsewhere, and futures rolls can pull returns away from coin prices.
- Investors wanting a low-cost, sizable fund: it charges 0.95% a year and had about $11.9 million in net assets as of August 31, 2026.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
No close alternatives found.
Questions investors ask
Does BETH hold actual bitcoin and ether?
No. BETH holds cash-settled bitcoin and ether futures, contracts that track each coin's price without delivering any coins, plus cash-like holdings such as repurchase agreements. As of August 31, 2026, its futures were CME Bitcoin and CME Ether contracts. The prospectus says the fund does not invest directly in either coin and points investors who want direct exposure to other investments. Because futures must be rolled each month, returns can drift away from the coins' own prices.
How much bitcoin vs ether does BETH hold?
Mostly bitcoin: the split was 88% bitcoin and 12% ether as of May 31, 2025. BETH weights the two coins by market capitalization, meaning each coin's price times the amount in circulation. It resets the weights each month when it rolls its futures, so the split shifts as the coins' relative values change. As a result, the fund's returns depend far more on bitcoin than on ether.
What is BETH's expense ratio?
BETH's expense ratio, the yearly fee taken from fund assets, is 0.95%, after a 0.08% fee waiver, 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 cashed out at the end of each period, costs come to $97 after one year, $322 after three, $565 after five and $1,263 after 10. Gains or losses from rolling futures show up in returns, not in the expense ratio.
Does BETH pay monthly dividends?
Yes, BETH pays distributions monthly, but they are not a dependable income stream. It paid $8.80 per share over the 12 months to October 27, 2026, a trailing yield of about 20% (the past year's payouts divided by the share price). Bitcoin and ether pay no interest or dividends, so payouts from a fund like this generally come from interest on cash-like holdings and gains on futures, which can vary widely. Each payout also reduces the fund's share value by the amount paid.
Is BETH good for retirement?
BETH is a high-risk fund that could play only a small, satellite role in a retirement portfolio. Its annualized volatility, a measure of how widely returns swing, was about 50% over the three years to October 27, 2026. It returned 85.35% in 2024, then fell 56.9% from October 6, 2025, to June 30, 2026, and had not recovered by October 27, 2026. Launched in October 2023, it has no record through the 2008, 2020 or 2022 downturns.