At a glance
EETH charges 0.95% a year. It has $69.6M in assets; it paid 33.83% of its price in distributions over the past 12 months, monthly. Over the past year it returned −45.7% with distributions reinvested (S&P 500: +11.5%); over three years it returned +3.1% a year.
The short version
ProShares Ether ETF (EETH) aims to track the price of ether, the digital asset of the Ethereum Network, but it holds cash-settled ether futures contracts rather than ether itself. Because of that futures structure, its returns can drift away from ether's market price as contracts are replaced. It charges 0.95% a year, and its price has swung sharply: it fell 68.8% between August 22, 2025 and June 25, 2026.
Price history
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EETH -45.7% 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 | |
|---|---|---|---|---|---|---|
| EETH official prospectus, to Dec 31, 2024 | — | +33.60% | — | — | — | +61.02% |
| EETH price data to Oct 27, 2026 | -23.6% | -45.7% | +3.1% | — | — | +5.1% |
- Over the year to Oct 27, 2026, EETH returned -45.7%.
- Its worst full calendar year was 2025 (-15.5%); its best was 2024 (+33.3%).
- The deepest fall in its price history was 68.8% (Aug 22, 2025 to Jun 25, 2026), not yet recovered.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | -23.6% | — |
| 2025 | -15.5% | — |
| 2024 | +33.3% | +33.60% |
| 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) | $0.2100 | |
| 2025 | $21.2000 | +198.6% |
| 2024 | $7.1000 |
What's inside
As of Aug 31, 2026, the fund held 5 securities; the ten largest made up 47.65% of assets.
| Holding | Weight | |
|---|---|---|
| Repurchase Agreement RA | 19.77% | |
| Repurchase Agreement RA | 13.15% | |
| Repurchase Agreement RA | 7.89% | |
| Repurchase Agreement RA | 4.21% | |
| Repurchase Agreement RA | 2.63% |
By country
United States 47.65%By asset type
RA 47.65%What changed recently
- Over the three months to Aug 31, 2026, investors withdrew a net $4.1M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -22.03%, +18.09%, +32.76%.
How it works
EETH, run by ProShare Advisors, does not follow an index. Its prospectus says it seeks results, before fees and expenses, that correspond to the performance of ether. It gets there mainly through standardized, cash-settled ether futures traded on exchanges regulated by the Commodity Futures Trading Commission. A futures contract is an agreement to buy or sell at a set price on a future date. Cash-settled means no ether ever changes hands. The fund aims to hold front-month contracts, the ones closest to expiring, and may also use later-dated ones.
Contracts expire, so the fund keeps selling expiring ones and buying later ones. This is called rolling. When later contracts cost more (contango), rolling drags on returns. When they cost less (backwardation), it helps. Over time this can pull results well away from ether's market price.
The cash behind the futures is held in Treasury bills and repurchase agreements, which are short-term loans backed by securities. As of August 31, 2026, the largest reported holdings were five repurchase agreements totaling about 48% of the fund's $69.6 million in net assets, plus a CME ether futures position. The fund may also borrow through reverse repurchase agreements, especially near tax quarter-ends. Part of its exposure runs through a Cayman Islands subsidiary, which for tax reasons is capped at 25% of total assets at each quarter end.
What it really costs
- EETH 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 |
|---|---|---|---|---|
| EETH | $97 | $320 | $561 | $1,252 |
Structure and tax notes
- Uses ether futures contracts rather than holding 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 offers concentrated, very volatile exposure to a single digital asset through futures, so any place it has in a retirement portfolio would be small and optional.
EETH launched on October 2, 2023, so it has no record through the 2008, 2020 or 2022 downturns. Its own short history has been rough. It fell 68.8% from August 22, 2025 to June 25, 2026 and had not recovered as of October 27, 2026. After gaining 33.3% in 2024, it lost 15.5% in 2025 and 23.6% in 2026 through October 27. Anyone forced to sell shares in a slump like that could lock in deep losses. Its trailing 12-month yield was 33.8% as of October 27, 2026, paid monthly. The fund holds no dividend-paying stocks or interest-paying bonds at that rate, though, so these payouts may vary widely and are not a steady income stream. Under the SEC's standard example, the 0.95% expense ratio costs $97 in the first year on $10,000. 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 who want exposure to ether's price in a regular brokerage account, through regulated futures instead of holding digital assets themselves.
- People who can keep a small slice in an asset that fell 68.8% between August 2025 and June 2026, and hold on through drops like that.
- Investors who understand futures mechanics, including rolling costs, a Cayman Islands subsidiary and short-term borrowing through reverse repurchase agreements.
Look elsewhere if
- Anyone who wants to own actual ether. The prospectus says investors seeking a direct investment in ether should consider a different investment.
- Retirees who may need to sell during slumps. Three-year volatility was 67.4%, and the fund lost 45.7% in the year to October 27, 2026.
- Cost-focused investors. The 0.95% expense ratio adds up to $1,252 over 10 years on $10,000 under the SEC's standard example.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
No close alternatives found.
Questions investors ask
Does EETH actually own ether?
No. ProShares Ether ETF does not invest directly in ether. It gets its exposure mainly through cash-settled ether futures traded on CFTC-regulated exchanges, with the cash behind them held in Treasury bills and repurchase agreements. Some of that exposure runs through a Cayman Islands subsidiary. The prospectus itself says investors seeking a direct investment in ether should consider an investment other than this fund.
Does EETH pay monthly dividends?
Yes, EETH pays distributions monthly. Over the 12 months to October 27, 2026, it paid $9.54 per share, a trailing yield of 33.8%. That figure needs care. The fund owns futures and short-term cash instruments, not dividend stocks or high-coupon bonds, so its payouts may vary widely from year to year. A high trailing yield like this is not a promise of steady future income.
What is the expense ratio of EETH?
EETH's expense ratio is 0.95% a year, according to its prospectus filed September 23, 2025. The SEC's standard example assumes $10,000 invested, a 5% annual return and shares sold at the end of each period. On that basis, total costs would be about $97 after one year, $320 after three years, $561 after five years and $1,252 after ten years.
How has EETH performed since it launched?
EETH's results have been mixed and extremely volatile. Its prospectus shows a 33.6% return in 2024 and an average of 61.02% a year from its October 2, 2023 launch through December 31, 2024. Then the trend reversed: it lost 15.5% in 2025 and 23.6% in 2026 through October 27. As of October 27, 2026, its one-year return was -45.7% and its three-year annualized return was 3.1%.
Why doesn't EETH match the price of ether?
EETH holds ether futures, not ether, so its returns can differ from ether's market price. As contracts near expiration, the fund sells them and buys later-dated ones. When later contracts cost more (contango), each roll means selling low and buying high, which drags on returns. When later contracts cost less (backwardation), rolling helps. Fees of 0.95% a year and the cost of any borrowing also widen the gap.