At a glance
ETHT charges 0.96% a year. It has $256.6M in assets; it paid 1.54% of its price in distributions over the past 12 months, monthly. Over the past year it returned −83.2% with distributions reinvested (S&P 500: +11.5%).
The short version
ProShares Ultra Ether ETF (ETHT) aims to deliver two times (2x) the daily move of the Bloomberg Ethereum Index. It gets that exposure through swaps and ether futures and does not hold ether itself. Its leverage resets every day, so returns over weeks or months can differ sharply from twice ether's move: the fund lost 83.2% in the year to October 27, 2026. It charges 0.96% a year and is built for short-term trading.
Price history
The interactive chart needs JavaScript.
ETHT -83.2% 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 | |
|---|---|---|---|---|---|---|
| ETHT official prospectus, to Dec 31, 2025 | — | -64.95% | — | — | — | -64.95% |
| ETHT price data to Oct 27, 2026 | -61.1% | -83.2% | — | — | — | -65.3% |
- Over the year to Oct 27, 2026, ETHT returned -83.2%.
- Its worst full calendar year was 2025 (-64.8%); its best was 2025 (-64.8%).
- The deepest fall in its price history was 96% (Jun 7, 2024 to Jun 25, 2026), not yet recovered.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | -61.1% | — |
| 2025 | -64.8% | — |
| 2024 | — | -64.95% |
| 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) | $0.1040 | |
| 2025 | $1.7200 |
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 4 swap and futures positions rather than from owning the stocks outright.
| Holding | Weight | |
|---|---|---|
| Repurchase Agreement RA | 6.56% | |
| Repurchase Agreement RA | 4.36% | |
| Repurchase Agreement RA | 2.62% | |
| Repurchase Agreement RA | 1.40% | |
| Repurchase Agreement RA | 0.87% |
By country
United States 15.81%By asset type
RA 15.81%What changed recently
- Over the three months to Aug 31, 2026, investors withdrew a net $20.6M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -42.65%, +34.86%, +70.90%.
How it works
The fund's goal is twice the daily performance of the Bloomberg Ethereum Index, before fees and expenses. Bloomberg Index Services Limited builds the index from US dollar prices for one ether on a group of crypto trading platforms. Those platforms are chosen for their oversight, liquidity and data quality, and the list is reviewed quarterly. ProShare Advisors does not pick or weight holdings the way a stock fund does. It uses derivatives, which are contracts whose value comes from another asset, to get exposure equal to about twice the fund's assets.
Two tools do most of the work. Total return swaps with large financial institutions pay the fund the return of a spot ether ETF. As of August 31, 2026, the swaps referenced the ETF with the ticker ETHA. The fund also holds cash-settled CME ether futures. Before they expire, these contracts must be replaced with later ones, which is called rolling. Rolling costs money when the later contracts are priced higher, a situation known as contango. The cash behind these positions sat in repurchase agreements, which are short-term loans backed by securities.
The fund's exposure resets each day. As a result, returns over longer periods can drift far from 2x ether, usually for the worse when prices swing up and down. The prospectus warns that if the index nears a 50% loss within a single day, holders could lose their entire investment.
What it really costs
- ETHT charges 0.96% 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 $98 in the first year and $1,178 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| ETHT | $98 | $306 | $531 | $1,178 |
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.
- 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
ETHT is a 2x leveraged bet on ether that resets daily, and it lost 96% from its launch to its June 2026 low, so it is built for short-term trading rather than long-term savings.
ETHT launched in June 2024, so it has no record through the 2008 financial crisis, the 2020 COVID crash or the 2022 bear market. Its own history is severe. Shares lost 64.8% in 2025, the fund's worst calendar year. They fell 96% from launch on June 7, 2024, to a low on June 25, 2026, and had not recovered as of October 27, 2026. Someone who needed to cash out during a stretch like that would lock in losses that would take an enormous gain to make back. The trailing 12-month yield was 1.54% as of October 27, 2026, paid monthly. That income is small next to the price swings, and the 0.96% expense ratio adds to the drag. Past results don't predict future ones, 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 twice ether's daily price move for short periods and can watch their positions every day.
- Traders who are comfortable with derivatives. The fund uses swaps on the ETHA spot ether ETF and CME ether futures instead of holding ether.
- Short-term speculators who accept the risk of near-total loss. Shares fell 96% from their June 2024 launch to their June 2026 low.
Look elsewhere if
- Retirement savers looking for buy-and-hold growth. Because exposure resets daily, the fund lost 83.2% in the year to October 27, 2026.
- Investors who want to own ether itself. This fund holds swaps and futures, not ether, and its returns can drift away from twice ether's move.
- Anyone looking for income or low costs. The 1.54% trailing yield is small next to the price swings, and fees are 0.96% a year.
Close alternatives
Matched by leveraged/inverse funds on the same index (ether), same direction.
| Fund | Exposure | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| ETHT this fund | 2× | 0.96% | $256.6M | -83.2% | — |
| ETHU 2x Ether ETF | 2× | — | $412.3M | -81.8% | — |
Questions investors ask
Is ETHT good for long-term investing?
No, ETHT is not designed to be held for the long term. ProShares aims for twice the daily move of the Bloomberg Ethereum Index. The prospectus warns that results over periods longer than a day will likely differ from that target, sometimes by a lot. The fund lost 64.8% in 2025 and 83.2% in the year to October 27, 2026. It also fell 96% from its June 2024 launch to its low on June 25, 2026.
What's the difference between ETHT and ETHU?
Both funds seek twice the daily return of ether, so they are close alternatives. ETHT is run by ProShares, charges 0.96% a year and had about $257 million in net assets as of August 31, 2026. ETHU is a separate 2x Ether ETF. In the year to October 27, 2026, ETHU lost 81.8% and ETHT lost 83.2%. When comparing them, it's worth looking at costs, fund size, trading volume and how each fund gets its ether exposure.
Does ETHT actually own ether?
No. ETHT holds no ether directly. As of August 31, 2026, most of its exposure came from total return swaps that referenced ETHA, a US-traded spot ether ETF, plus a small position in CME ether futures. The rest of its assets sat in repurchase agreements, which are short-term cash investments. Because of this setup, its returns can differ from ether's. It also carries counterparty risk: the chance that a bank on the other side of a swap fails to pay.
Does ETHT pay monthly dividends?
Yes, ETHT's distributions are listed as monthly. As of October 27, 2026, its trailing 12-month yield was 1.54%, or about $0.22 per share. That income is small next to the fund's price swings. Shares fell 26.1% in the single month to October 27, 2026. Leveraged funds like this are not generally built for income, and their distributions can vary from month to month.
What is ETHT's expense ratio?
ETHT's expense ratio is 0.96% a year, which includes a 0.95% management fee, according to the prospectus filed September 25, 2026. The SEC's standard example assumes $10,000 invested, a 5% yearly return and shares cashed out at the end of each period. On that basis, costs would total about $98 after one year, $306 after three, $531 after five and $1,178 after ten. Financing and trading costs on the fund's derivatives also reduce returns.