At a glance
BITI charges 1.02% a year. It has $122.6M in assets; it paid 30.51% of its price in distributions over the past 12 months, monthly. Over the past year it returned +25.4% with distributions reinvested (S&P 500: +11.5%); over three years it returned −34.1% a year.
The short version
ProShares Short Bitcoin ETF (BITI) aims to deliver the opposite (-1x) of the Bloomberg Bitcoin Index's return for a single day. It uses bitcoin futures and swaps instead of shorting bitcoin itself. Because its exposure resets daily, results over weeks or years can drift far from -1x bitcoin. It charges 1.02% a year, and it fell 92.2% from its November 2022 peak to its October 2025 low.
Price history
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BITI +25.4% 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 | |
|---|---|---|---|---|---|---|
| BITI official prospectus, to Dec 31, 2025 | — | -1.58% | — | — | — | -44.84% |
| BITI price data to Oct 27, 2026 | -2.1% | +25.4% | -34.1% | — | — | -38.9% |
- Over the year to Oct 27, 2026, BITI returned +25.4%.
- Its worst full calendar year was 2023 (-66.2%); its best was 2025 (-1.8%).
- The deepest fall in its price history was 92.2% (Nov 9, 2022 to Oct 6, 2025), not yet recovered.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | -2.1% | — |
| 2025 | -1.8% | — |
| 2024 | -62.6% | -1.58% |
| 2023 | -66.2% | -62.62% |
| 2022 | — | -66.18% |
| 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) | $5.4881 | |
| 2025 | $0.3600 | -63.3% |
| 2024 | $0.9800 | -56.4% |
| 2023 | $2.2500 |
What's inside
As of Aug 31, 2026, most of the fund sat in cash, Treasury bills and money-market holdings (20.42% of net assets), with its inverse exposure coming from 1 swap and futures positions rather than from owning the stocks outright.
| Holding | Weight | |
|---|---|---|
| Repurchase Agreement RA | 21.40% | |
| Repurchase Agreement RA | 14.23% | |
| Repurchase Agreement RA | 8.54% | |
| Repurchase Agreement RA | 4.55% | |
| Repurchase Agreement RA | 2.85% |
By country
United States 51.56%By asset type
RA 51.56%What changed recently
- Over the three months to Aug 31, 2026, investors withdrew a net $40.4M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +23.30%, -6.92%, -20.91%.
How it works
BITI is an inverse fund. It seeks daily results, before fees, equal to -1x the daily performance of the Bloomberg Bitcoin Index. Bloomberg Index Services Limited builds that index from US dollar bitcoin prices on selected trading platforms, and it reviews those platforms every quarter. The fund does not borrow and sell bitcoin. Instead, ProShare Advisors uses a mathematical approach to pick a mix of derivatives (contracts whose value comes from another asset) that together should move opposite to bitcoin each day.
Its main tool is cash-settled, front-month bitcoin futures traded on exchanges regulated by the Commodity Futures Trading Commission. The fund takes the seller's side, so it gains when futures prices fall and pays out when they rise. It may also use swap agreements with major financial institutions. When contracts near expiry, the fund "rolls" them into later ones, and price gaps between contracts can add to or reduce returns. Most of the money sits as collateral. As of August 31, 2026, repurchase agreements made up 51.56% of assets and cash made up 20.42%, alongside a short position in CME bitcoin futures.
Exposure resets every day. Over longer periods, compounding can push returns far from -1x bitcoin, usually for the worse when prices swing back and forth. If bitcoin's price got close to doubling in a single day, holders could lose their entire investment.
What it really costs
- BITI charges 1.02% a year.
- Of that, 0.95% is the management fee; the rest covers other fund expenses.
- Using the prospectus's standard example, $10,000 invested would cost about $104 in the first year and $1,248 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| BITI | $104 | $325 | $563 | $1,248 |
Structure and tax notes
- Resets its inverse exposure every day. Over periods longer than a day, compounding means returns can differ sharply from -2× the index — usually worse in choppy markets. Built for short-term trading, not buy-and-hold.
- Uses bitcoin futures contracts rather than holding bitcoin 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
BITI targets -1x bitcoin's return for one day only, so daily resets and futures costs make results over long holding periods unpredictable.
BITI launched in June 2022, so it has no record from the 2008 crisis or the 2020 COVID crash, and it missed most of the 2022 bear market. The record it does have is harsh. Its worst calendar year was 2023, at -66.2%. It fell 92.2% between November 9, 2022, and October 6, 2025, and it had not recovered as of October 27, 2026. Its average annual return since inception was -44.84% as of December 31, 2025. Anyone who had to cash out after a bitcoin rally could lock in deep losses. Over the 12 months to October 27, 2026, its payouts came to a yield of about 30.5%. That reflects past distributions and is not a reliable income stream. Costs are 1.02% a year, or $1,248 over 10 years on $10,000 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
- Active traders who want a one-day bet against bitcoin's price at -1x, without shorting bitcoin or opening a futures account.
- Bitcoin holders seeking a short-term hedge against a drop over days, not years, who can check the position every day.
- Investors who understand daily resets, futures rolls and swap counterparty risk, and accept a 1.02% annual expense ratio.
Look elsewhere if
- Retirement savers wanting a long-term holding: BITI fell 92.2% from November 2022 to October 2025 and hadn't recovered by October 27, 2026.
- Anyone expecting -1x bitcoin over months: daily compounding and futures roll costs can push long-run results far from that.
- Income seekers: the roughly 30.5% trailing yield as of October 27, 2026, reflects past distributions, not a steady or guaranteed payout.
Close alternatives
Matched by leveraged/inverse funds on the same index (bitcoin), same direction.
| Fund | Exposure | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| BITI this fund | -2× | 1.02% | $122.6M | +25.4% | -34.1% |
| SBIT ProShares UltraShort Bitcoin ETF | -2× | — | $71.1M | +22.6% | — |
Questions investors ask
Is BITI a good long-term investment?
BITI is built for single-day results, not long holding periods. ProShares warns that returns over periods longer than a day will likely differ from the daily target, and the gap may be large. Its average annual return since its June 2022 launch was -44.84% as of December 31, 2025. Its cumulative three-year return was -71% as of October 27, 2026. It also fell 92.2% from its November 2022 peak to its October 2025 low.
What's the difference between BITI and SBIT?
Both are ProShares funds that gain when bitcoin falls. BITI targets -1x the daily return of the Bloomberg Bitcoin Index. SBIT, the ProShares UltraShort Bitcoin ETF, targets -2x. That makes SBIT's daily moves about twice as large and its long-run compounding drift greater. Over the year to October 27, 2026, BITI returned 25.4% and SBIT returned 22.6%. BITI had $122.6 million in net assets as of August 31, 2026, compared with about $71.1 million listed for SBIT.
Does BITI pay dividends?
Yes. BITI pays distributions, and its payout schedule is listed as monthly. Payouts over the 12 months to October 27, 2026, totaled about $5.57 per share, a trailing yield of roughly 30.5%. That figure looks back at past payments and doesn't promise future ones. Distributions from a fund like this depend on its trading results and the interest earned on its collateral. They can change sharply, and they may not make up for losses in the share price.
Does BITI actually short bitcoin?
No. The prospectus says the fund does not directly short bitcoin. Instead, it takes the seller's side of cash-settled, front-month bitcoin futures traded on regulated US exchanges, and it may use swap agreements with large financial institutions. As of August 31, 2026, its holdings were mostly repurchase agreements (51.56%) and cash (20.42%), held as backing for a short CME bitcoin futures position. Futures prices can drift from bitcoin's spot price, and rolling contracts can add gains or costs.
What is BITI's expense ratio?
BITI's expense ratio is 1.02%, according to its prospectus filed September 25, 2026. That includes a 0.95% management fee. In the SEC's standard example, $10,000 invested with a 5% yearly return would pay about $104 in costs after one year, $325 after three years, $563 after five years and $1,248 after ten. The prospectus also says the financing and other costs of getting short exposure through derivatives lower returns.