At a glance
ETHD charges 0.95% a year. It has $53.1M in assets; it paid 20.08% of its price in distributions over the past 12 months, monthly. Over the past year it returned +4.7% with distributions reinvested (S&P 500: +11.5%).
The short version
ProShares UltraShort Ether ETF (ETHD) aims to return two times the inverse (-2x) of the daily move in the Bloomberg Ethereum Index. It does this with swaps and ether futures and does not short ether directly. Its exposure resets every day, so returns over weeks or months can differ sharply from -2x ether's move. It charges 0.95% a year and is built for short-term bets against ether, not for long-term holding.
Price history
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ETHD +4.7% 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 | |
|---|---|---|---|---|---|---|
| ETHD official prospectus, to Dec 31, 2025 | — | -72.25% | — | — | — | -67.85% |
| ETHD price data to Oct 27, 2026 | -29.9% | +4.7% | — | — | — | -74.1% |
- Over the year to Oct 27, 2026, ETHD returned +4.7%.
- The deepest fall in its price history was 89.9% (May 8, 2025 to Sep 21, 2026), not yet recovered.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | -29.9% | — |
| 2024 | — | -72.25% |
| 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) | $6.2200 |
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 inverse exposure coming from 4 swap and futures positions rather than from owning the stocks outright.
| Holding | Weight | |
|---|---|---|
| Repurchase Agreement RA | 9.75% | |
| Repurchase Agreement RA | 6.48% | |
| Repurchase Agreement RA | 3.89% | |
| Repurchase Agreement RA | 2.07% | |
| Repurchase Agreement RA | 1.30% |
By country
United States 23.49%By asset type
RA 23.49%What changed recently
- Over the three months to Aug 31, 2026, investors withdrew a net $12.1M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +44.60%, -32.50%, -47.93%.
How it works
ETHD follows the Bloomberg Ethereum Index, which Bloomberg Index Services Limited runs. The index measures the US-dollar price of one ether. It blends trading from digital asset platforms that are picked for their oversight, liquidity and data quality, and the platforms are reviewed every quarter. Before fees, the fund aims to return -2x the index's move each day. It does not own or short ether directly.
Instead, ProShare Advisors uses derivatives, which are contracts whose value comes from another asset. The main tools are total return swaps and CME ether futures. In a swap, the fund and a large financial institution trade the returns of an asset. Here the swaps are tied to a US-traded spot ether ETF, which was ETHA as of August 31, 2026. The fund sells the futures to bet against ether. As futures near expiry, the fund "rolls" them into later contracts, and the price gap between contracts can add to or take from returns. Spare cash goes into Treasury bills and repurchase agreements, which are short-term loans backed by collateral. Repurchase agreements made up about 23.5% of net assets as of August 31, 2026.
The fund's exposure resets every day. Over longer periods, compounding can pull returns far from -2x the index, usually for the worse when ether swings up and down. If ether rises close to 50% in a single day, holders could lose their entire investment. The cost of financing the short exposure also lowers returns.
What it really costs
- ETHD 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 |
|---|---|---|---|---|
| ETHD | $97 | $303 | $525 | $1,166 |
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 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
ETHD targets -2x ether's one-day move, resets daily and has lost most of its value over the price history available.
ETHD offers little to a long-term or retirement portfolio. It launched in June 2024, so it has no record through the 2008, 2020 or 2022 downturns. Over the price history available, it fell 89.9% from May 8, 2025, to September 21, 2026, and it had not recovered as of October 27, 2026. Its one-year return was -72.25% as of December 31, 2025. Anyone who has to sell during a bad stretch could lock in deep losses. An ether gain close to 50% in one day could wipe out the investment entirely.
Its trailing yield was 20.08% as of October 27, 2026, paid monthly. Those payouts came alongside steep price declines, so they are not dependable income. Fees are 0.95% a year. In the SEC's standard example, that comes to $1,166 over 10 years on a $10,000 investment. Past results don't predict the future, and a plan needs to look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Active traders who want a magnified one-day bet against ether and can check the position every day.
- Traders hedging ether holdings for a few days who accept the 0.95% yearly fee plus swap financing and futures roll costs.
- People who understand that a near-50% one-day rise in ether could erase the whole investment, and who size positions with that in mind.
Look elsewhere if
- Buy-and-hold or retirement savers: the fund fell 89.9% from May 2025 to September 2026 and had not recovered by October 27, 2026.
- Income seekers drawn by the 20.08% trailing yield, because the monthly payouts came alongside steep price losses.
- Anyone wanting a milder short-ether position, who may compare ProShares Short Ether ETF (SETH), which targets -1x daily instead of -2x.
Close alternatives
Matched by leveraged/inverse funds on the same index (ether), same direction.
| Fund | Exposure | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| ETHD this fund | -2× | 0.95% | $53.1M | +4.7% | — |
| SETH ProShares Short Ether ETF | -1× | — | $2.5M | +29.5% | — |
Questions investors ask
Is ETHD a good long-term investment?
It isn't designed to be one. ETHD aims to return -2x the Bloomberg Ethereum Index for a single day, and its exposure resets daily. ProShares warns that returns over periods longer than one day will likely differ from that target, sometimes by a lot. The fund's average annual return since inception was -67.85% as of December 31, 2025. Its share price fell 89.9% from May 8, 2025, to September 21, 2026.
What's the difference between ETHD and SETH?
Both are ProShares funds that bet against ether. ETHD aims for -2x the Bloomberg Ethereum Index's daily return, while ProShares Short Ether ETF (SETH) aims for -1x. Doubling the exposure did not double the result. As of October 27, 2026, ETHD's one-year price return was 4.7%, compared with 29.5% for SETH. Daily resets during ether's large swings tend to wear down leveraged returns over time, which helps explain the gap.
Does ETHD pay monthly dividends?
Yes, ETHD pays distributions monthly. They totaled $6.27 per share over the trailing 12 months, a yield of 20.08% as of October 27, 2026. That looks high, but it is not steady income in the usual sense. The share price fell 29.9% from the start of 2026 through October 27, 2026. A fund this volatile can also see its payouts change sharply from one period to the next.
What is ETHD's expense ratio?
ETHD's expense ratio is 0.95% a year, all of it a management fee, according to its prospectus filed September 25, 2026. In the SEC's standard example, $10,000 invested at a 5% annual return would cost about $97 after one year, $303 after three years, $525 after five and $1,166 after 10. Swap financing and futures roll costs come on top of that and also cut returns. The prospectus says these costs are expected to be significant.
Can you lose all your money in ETHD?
Yes. Because ETHD targets -2x ether's daily move, its prospectus warns that an investor could lose everything if the Bloomberg Ethereum Index nears a 50% gain at any point in a single day. Losses can also build up over time: the share price fell 89.9% from May 8, 2025, to September 21, 2026. The fund also depends on swaps with financial institutions, so a counterparty that fails to pay could cause further losses.