At a glance
BITU charges 0.95% a year. It has $514.3M in assets; it paid 47.92% of its price in distributions over the past 12 months, monthly. Over the past year it returned −65.2% with distributions reinvested (S&P 500: +11.5%).
The short version
ProShares Ultra Bitcoin ETF (BITU) seeks two times (2x) the daily return of the Bloomberg Bitcoin Index. It uses swaps and, if needed, bitcoin futures to do this, and it does not own bitcoin. It may appeal to short-term traders who want a magnified bet on bitcoin's daily moves. The leverage resets every day, so returns over longer periods can differ sharply from 2x. The fund returned -65.2% in the year to October 27, 2026, and charges 0.95% a year.
Price history
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BITU -65.2% 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 | |
|---|---|---|---|---|---|---|
| BITU official prospectus, to Dec 31, 2025 | — | -36.81% | — | — | — | -13.08% |
| BITU price data to Oct 27, 2026 | -36.1% | -65.2% | — | — | — | -20.4% |
- Over the year to Oct 27, 2026, BITU returned -65.2%.
- Its worst full calendar year was 2025 (-36.8%); its best was 2025 (-36.8%).
- The deepest fall in its price history was 83.4% (Oct 6, 2025 to Jun 30, 2026), not yet recovered.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | -36.1% | — |
| 2025 | -36.8% | — |
| 2024 | — | -36.81% |
| 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) | $0.1300 | |
| 2025 | $11.1100 |
What's inside
As of Aug 31, 2026, most of the fund sat in cash, Treasury bills and money-market holdings (0% of net assets), with its exposure coming from 8 swap and futures positions rather than from owning the stocks outright.
| Holding | Weight | |
|---|---|---|
| Repurchase Agreement RA | 1.59% | |
| Repurchase Agreement RA | 1.06% | |
| Repurchase Agreement RA | 0.63% | |
| Repurchase Agreement RA | 0.34% | |
| Repurchase Agreement RA | 0.21% |
By country
United States 3.83%By asset type
RA 3.83%What changed recently
- Over the three months to Aug 31, 2026, investors added a net $29.5M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -38.20%, +12.10%, +53.45%.
How it works
BITU aims to deliver twice the one-day return of the Bloomberg Bitcoin Index, before fees. Bloomberg Index Services Limited builds the index to track the US dollar price of one bitcoin. It combines prices from trading platforms that it screens for oversight, liquidity and data integrity, and it reviews those platforms every quarter. The fund does not buy bitcoin. It mainly uses total return swaps. These are contracts with large financial institutions that pay the fund the gain or loss on a reference asset, here US spot bitcoin ETFs. As of August 31, 2026, its eight swap contracts referenced ETFs trading as IBIT and FBTC. If swaps aren't available, it can use cash-settled front-month bitcoin futures, which are the contracts closest to expiring. It also uses a subsidiary organized in the Cayman Islands.
Cash that supports the swaps sits in Treasury bills and repurchase agreements, which are short-term loans backed by government securities. Repurchase agreements made up 3.83% of net assets as of August 31, 2026. If a swap partner fails to pay, the fund can lose money.
The fund resets its exposure every day, so over longer periods compounding can push results far from 2x. The prospectus gives an example: if the index fell 20% over a year with 100% volatility, the fund's estimated loss would be 76.5%, not 40%. If the index drops close to 50% in a single day, holders could lose everything.
What it really costs
- BITU 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 |
|---|---|---|---|---|
| BITU | $97 | $303 | $525 | $1,166 |
Structure and tax notes
- Resets its 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.
In a retirement portfolio
The prospectus says the fund targets 2x returns for a single day only, and over longer periods its daily reset and bitcoin's swings have led to heavy losses.
BITU launched in April 2024, so it has no record from the 2008, 2020 or 2022 downturns. Its only full calendar year, 2025, ended down 36.8%. From October 6, 2025, to June 30, 2026, it fell 83.4%, and it had not regained that peak as of October 27, 2026. Anyone forced to sell during a slump like that would lock in deep losses. The fund paid monthly distributions totaling $6.69 per share over the 12 months to October 27, 2026, a 47.92% trailing yield. Bitcoin itself earns no income, so these payouts likely reflect the fund's trading results and may not repeat. The fund costs 0.95% a year, or $97 in the first year on $10,000 under the SEC's standard example. Past results don't predict future returns, and any plan should weigh the whole portfolio rather than one fund.
Who it may suit — and who should look elsewhere
May suit
- Active traders who want twice bitcoin's daily move for a day or a few days and can watch their positions closely.
- Traders who want leveraged bitcoin exposure in a brokerage account without handling bitcoin futures or swaps directly.
- People who can accept losing most or all of their money: the fund fell 83.4% between October 2025 and June 2026.
Look elsewhere if
- Retirees who need steady value or dependable income, since the 47.92% trailing yield isn't backed by any income from bitcoin.
- Buy-and-hold investors, because the daily reset contributed to a -65.2% one-year return through October 27, 2026.
- Those who want to own bitcoin itself; the fund holds swaps tied to spot bitcoin ETFs such as IBIT and FBTC, not coins.
Close alternatives
Matched by leveraged/inverse funds on the same index (bitcoin), same direction.
| Fund | Exposure | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| BITU this fund | 2× | 0.95% | $514.3M | -65.2% | — |
| BITX 2x Bitcoin Strategy ETF | 2× | — | $1.90B | -64.4% | +14.3% |
Questions investors ask
Is BITU good for long-term investing?
No, it isn't built for long holding periods. ProShares designed BITU to deliver 2x bitcoin's return for a single day, and it resets its leverage every day. Over longer periods, compounding and bitcoin's swings can wipe out much of the gain. The fund lost 65.2% in the year to October 27, 2026, and its one-year volatility was 91.5%. It also charges 0.95% a year.
What's the difference between BITU and BITX?
Both seek twice bitcoin's daily return, so they work in similar ways. BITX, the 2x Bitcoin Strategy ETF, is larger, with about $1.9 billion in assets. BITU had $514 million as of August 31, 2026. Their returns have been close: -65.2% for BITU and -64.4% for BITX over the year to October 27, 2026. BITU charges 0.95%. Comparing fees means checking BITX's own prospectus.
Does BITU actually own bitcoin?
No. BITU holds total return swaps, contracts with large financial institutions that pay the fund the return of US spot bitcoin ETFs. As of August 31, 2026, those swaps referenced ETFs trading as IBIT and FBTC. The fund can switch to cash-settled bitcoin futures if swaps aren't available. Its cash sits in Treasury bills and repurchase agreements. Owning no coins means holders also depend on the swap partners paying what they owe.
Does BITU pay monthly dividends?
Yes, it has paid monthly distributions, totaling $6.69 per share over the 12 months to October 27, 2026. That is a 47.92% trailing yield. Bitcoin earns no interest or dividends, so these payouts likely come from the fund's trading results rather than steady income. They can change sharply or stop. In a taxable account, fund distributions are generally taxable even if they are reinvested.
Can BITU go to zero?
Yes. The prospectus warns that if the Bloomberg Bitcoin Index nears a 50% loss in a single day, investors could lose their entire investment. Bitcoin's price can also fall sharply without warning. BITU has already dropped 83.4% from its October 6, 2025, peak to its June 30, 2026, low, and it had not recovered as of October 27, 2026.