At a glance
BITO charges 0.95% a year. It has $1.66B in assets; it paid 22.89% of its price in distributions over the past 12 months, monthly. Over the past year it returned −31.8% with distributions reinvested (S&P 500: +11.5%); over three years it returned +26.2% a year. At its worst it fell 61.9% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 17 months after the low.
The short version
ProShares Bitcoin ETF (BITO) aims to track the price of bitcoin. It does not hold bitcoin itself. Instead it holds cash-settled bitcoin futures contracts, which are agreements to settle on bitcoin's price at a future date, plus cash-like holdings. It charges 0.95% a year. Its swings have been extreme: it fell 63.91% in 2022, then gained 137.18% in 2023. Its monthly payouts gave it a trailing yield of 22.89% as of October 27, 2026.
Price history
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BITO -31.8% 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 | |
|---|---|---|---|---|---|---|
| BITO official prospectus, to Dec 31, 2024 | — | +105.27% | — | — | — | +7.76% |
| BITO price data to Oct 27, 2026 | -10.3% | -31.8% | +26.2% | +1.3% | — | -1.2% |
- Over the year to Oct 27, 2026, BITO returned -31.8%.
- Its 5-year annualized return was +1.3%.
- Its worst full calendar year was 2022 (-63.9%); its best was 2023 (+137.3%).
- The deepest fall in its price history was 77.9% (Nov 9, 2021 to Nov 21, 2022), recovered by Nov 11, 2024.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | -10.3% | — |
| 2025 | -10.8% | — |
| 2024 | +105.4% | +105.27% |
| 2023 | +137.3% | +137.18% |
| 2022 | -63.9% | -63.91% |
| 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 | Lost 59.3% over that stretch · deepest drop along the way 61.9%, back to its old high 17.3 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.1100 | |
| 2025 | $9.5300 | -32.1% |
| 2024 | $14.0300 | +352.6% |
| 2023 | $3.1000 |
What's inside
As of Aug 31, 2026, the fund held 5 securities; the ten largest made up 1.56% of assets, and 67.95% sat in cash and money-market holdings.
| Holding | Weight | |
|---|---|---|
| Repurchase Agreement RA | 0.65% | |
| Repurchase Agreement RA | 0.43% | |
| Repurchase Agreement RA | 0.26% | |
| Repurchase Agreement RA | 0.14% | |
| Repurchase Agreement RA | 0.09% |
By country
United States 1.56%By asset type
RA 1.56%What changed recently
- Over the three months to Aug 31, 2026, investors withdrew a net $130.0M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -20.32%, +6.95%, +25.08%.
How it works
BITO doesn't follow an index. ProShare Advisors manages it with one goal: returns, before fees, that match the performance of bitcoin. Under normal conditions, at least 80% of total assets go into instruments that give exposure to bitcoin. Mostly these are front-month bitcoin futures, meaning the contracts closest to expiring, traded on exchanges regulated by the Commodity Futures Trading Commission. If the fund can't get enough futures exposure, it may use swap agreements with major financial institutions. As of August 31, 2026, its holdings included CME bitcoin futures, a total return swap and several repurchase agreements, and about 68% of assets sat in cash.
Futures expire, so the fund must keep "rolling" them. It closes each contract as it nears expiration and moves into one that expires later. When later contracts cost more (called contango), every roll eats into returns. When they cost less (backwardation), rolls help. Because of this, the prospectus warns that BITO's results can differ from bitcoin's, with larger losses or smaller gains.
Futures need only part of the money up front, so most assets sit in Treasury bills and repurchase agreements. Some exposure runs through a wholly owned subsidiary in the Cayman Islands. This helps the fund keep its tax status as a regulated investment company. The fund may also borrow through reverse repurchase agreements near its tax quarter-ends, and that borrowing costs money, which can lower returns.
What it really costs
- BITO charges 0.95% a year.
- Using the prospectus's standard example, $10,000 invested would cost about $97 in the first year and $1,166 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| BITO | $97 | $303 | $525 | $1,166 |
Structure and tax notes
- 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
BITO offers concentrated, highly volatile exposure to a single digital asset through futures, so at most it fits as a small add-on to a broader portfolio.
BITO adds bitcoin exposure without holding bitcoin directly, but its record is short and rough. It launched in October 2021, so it was not around for the 2008 or 2020 crashes. In the 2022 bear market it fell 61.9% between March and September 2022 and didn't recover until February 2024. Its worst calendar year was 2022, down 63.9%. Its deepest drop was 77.9%, from November 2021 to November 2022, and it didn't recover until November 2024. Anyone who had to sell during that stretch would have locked in heavy losses. As of October 27, 2026, its trailing yield was 22.89%, paid monthly. These payouts can change a lot, and each one lowers the share price, so they aren't steady income. In the SEC's standard $10,000 example, the 0.95% fee costs $97 over one year and $1,166 over ten. Past results don't predict future returns, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want bitcoin price exposure inside a regular brokerage or retirement account and accept that it comes through futures rather than actual bitcoin.
- People holding a small, high-risk slice who can live with drops like the fund's 77.9% fall from November 2021 to November 2022.
- Investors who accept monthly payouts that changed a lot, with a trailing yield of 22.89% as of October 27, 2026, as a side effect of the fund's structure.
Look elsewhere if
- Investors who want to own bitcoin directly. The prospectus itself says direct investors should consider a different investment than this futures-based fund.
- Retirees who may need to sell shares in a downturn. The fund took until February 2024 to recover from its 2022 losses.
- Cost-conscious investors. The 0.95% expense ratio costs $1,166 over ten years in the SEC's $10,000 example, and futures roll costs can drag on returns too.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
No close alternatives found.
Questions investors ask
Does BITO actually own bitcoin?
No. BITO does not invest directly in bitcoin. It gets exposure mainly through cash-settled, front-month bitcoin futures traded on regulated exchanges, and it may use swap agreements when futures are hard to get. As of August 31, 2026, its holdings included CME bitcoin futures, a total return swap and repurchase agreements, with about 68% of assets in cash. The prospectus says investors seeking a direct investment in bitcoin should consider a different investment.
Does BITO pay monthly dividends?
Yes, BITO pays distributions monthly. Over the 12 months to October 27, 2026, it paid $2.47 per share, a trailing yield of 22.89%. These payouts are not like steady stock dividends. A futures fund's distributions can rise or fall sharply from year to year, and the share price drops by the amount paid out. A high yield doesn't add to the fund's total return.
Why doesn't BITO match the price of bitcoin?
Mostly because of futures rolling. BITO holds bitcoin futures that expire, so it keeps swapping expiring contracts for later ones. When later contracts cost more, a pattern called contango, each roll costs money. Add the 0.95% expense ratio and occasional borrowing costs, and BITO's returns can drift away from bitcoin's. The prospectus warns this can mean larger losses or smaller gains than owning bitcoin directly.
Is BITO a good long-term investment for retirement?
BITO's long-term record has been very volatile, so at most it fits as a small, high-risk holding. As of December 31, 2024, its average annual return since its October 2021 launch was 7.76%. Over the same short history it fell 77.9% at its worst and needed until November 2024 to recover. Returns swung from a 63.91% loss in 2022 to a 137.18% gain in 2023. Past results don't predict future returns.
What is BITO's expense ratio?
BITO's expense ratio is 0.95% a year, all of it management fee, according to the prospectus filed September 23, 2025. In the SEC's standard example, $10,000 invested with a 5% annual return costs about $97 in fees after one year, $303 after three, $525 after five and $1,166 after ten. Roll costs from the fund's futures contracts come on top of this and aren't included in the expense ratio.