At a glance
ETHU charges 2.97% a year. It has $1.12B in assets; it paid 2.08% of its price in distributions over the past 12 months, monthly. Over the past year it returned −81.8% with distributions reinvested.
The short version
2x Ether ETF (ETHU), from Volatility Shares, aims to deliver twice the daily return of ether, the digital currency of the Ethereum Network. It uses ether futures traded on the CME instead of holding ether. Its leverage resets every day, so over longer periods its returns can stray far from 2x. It is much larger than its closest rival, ProShares Ultra Ether ETF, but it charges 2.97% a year and fell 81.8% in the year to October 27, 2026.
Price history
The interactive chart needs JavaScript.
ETHU -81.8% 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 | |
|---|---|---|---|---|---|---|
| ETHU official prospectus, to Dec 31, 2025 | — | -64.33% | — | — | — | -65.78% |
| ETHU price data to Oct 27, 2026 | -58.3% | -81.8% | — | — | — | -65.0% |
- Over the year to Oct 27, 2026, ETHU returned -81.8%.
- Its worst full calendar year was 2025 (-63.5%); its best was 2025 (-63.5%).
- The deepest fall in its price history was 96.2% (Jun 5, 2024 to Jun 25, 2026), not yet recovered.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | -58.3% | — |
| 2025 | -63.5% | -64.33% |
| 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) | $0.2000 | |
| 2025 | $2.9860 |
What's inside
As of Aug 31, 2026, most of the fund sat in cash, Treasury bills and money-market holdings (21.06% of net assets), with its exposure coming from 1 swap and futures positions rather than from owning the stocks outright.
| Holding | Weight | |
|---|---|---|
| TREASURY BILL Bonds and notes | 133.11% | |
| TREASURY BILL Bonds and notes | 132.71% | |
| TREASURY BILL Bonds and notes | 52.87% | |
| Clear Street RA | -52.29% | |
| Clear Street RA | -130.40% | |
| Clear Street RA | -131.40% |
By country
United States 4.6%By issuer
US Treasury 318.69%Companies -314.09%The bonds mature in 0.1 years on average (weighted by size), with an average coupon of 0%.
Source: N-PORT holdings report as of Aug 31, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to Aug 31, 2026, investors withdrew a net $14.0M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -42.02%, +36.46%, +71.81%.
How it works
ETHU does not track an index. Its goal is to return twice ether's performance for a single day, before fees. Its adviser, Volatility Shares, says it does no conventional research and makes no market forecasts. It simply keeps the exposure on target. Through a subsidiary, the fund mainly holds ether futures on the Chicago Mercantile Exchange (CME). A futures contract is an agreement to buy an asset at a set price on a future date. The fund measures ether by the price of the next or second-to-next contract to expire. When a contract nears expiry, the fund rolls it into a later one, and price gaps between months can add to or cut returns. At least 80% of net assets go into ether-linked instruments, which may also include swaps, options and other ether funds.
Futures need only a fraction of their value up front, so the rest of the money is held as collateral. As of August 31, 2026, the fund's filing showed three US Treasury bill positions, reverse repurchase agreements with Clear Street (a form of short-term borrowing backed by securities) and a CME ether futures contract expiring in September 2026.
The fund aims for 200% exposure each day. Because daily returns compound, choppy markets can wear down its value even if ether ends a period flat. Around each tax quarter-end it may also cut its futures exposure to pass tax tests, so it can miss gains during those days.
What it really costs
- ETHU charges 2.97% a year.
- Of that, 1.85% is the management fee; the rest covers other fund expenses.
- Using the prospectus's standard example, $10,000 invested would cost about $300 in the first year and $3,290 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| ETHU | $300 | $918 | $1,562 | $3,290 |
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.
- Bond prices move opposite to interest rates; the longer the maturities it holds, the more its price reacts to rate changes.
In a retirement portfolio
Its leverage resets daily, and the prospectus warns that holding it longer than a day can produce results far from 2x ether, including total loss.
ETHU launched on June 4, 2024, so it has no record from the 2008, 2020 or 2022 sell-offs. Its own record is severe. It lost 64.33% in 2025, its worst calendar year. From June 5, 2024 to June 25, 2026 it fell 96.2% from peak to trough, and it had not recovered as of October 27, 2026. Anyone who had to sell during a stretch like that would have locked in most of the loss. The fund paid distributions monthly, with a trailing yield of 2.08% as of October 27, 2026. That is small next to its price swings. Costs are high: 2.97% a year, or about $300 in the first year on $10,000 under the SEC's standard example. 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
- Active traders who want twice ether's daily move for short periods and can watch their position every day.
- Traders who want leveraged ether exposure inside a regulated ETF using CME futures, without buying or storing ether themselves.
- Short-term traders who value a large fund: net assets were about $1.12 billion as of August 31, 2026.
Look elsewhere if
- Buy-and-hold and retirement investors: the daily reset can pull long-run results far from 2x ether, and the fund once fell 96.2% from its peak.
- Cost-conscious investors: the 2.97% expense ratio works out to about $300 in the first year on $10,000 under the SEC's example.
- Income seekers: monthly payouts yielded 2.08% as of October 27, 2026, small next to an 81.8% one-year price loss.
Close alternatives
Matched by leveraged/inverse funds on the same index (ether), same direction.
| Fund | Exposure | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| ETHU this fund | 2× | 2.97% | $1.12B | -81.8% | — |
| ETHT ProShares Ultra Ether ETF | 2× | — | $70.9M | -83.2% | — |
Questions investors ask
Is ETHU good for long-term investing?
ETHU is built for daily trading, not long-term holding. It aims to return twice ether's move for one day, and its prospectus warns that results over longer periods will very likely differ from 2x, possibly even in direction. The fund lost 64.33% in 2025 and had fallen 96.2% from its peak by June 25, 2026. It had not recovered that loss as of October 27, 2026.
What's the difference between ETHU and ETHT?
Both ETHU and ProShares Ultra Ether ETF (ETHT) seek twice the daily return of ether. The main difference is size. ETHU had about $1.12 billion in net assets as of August 31, 2026, against roughly $70.9 million for ETHT. Their returns have been close: over the year to October 27, 2026, ETHU fell 81.8% and ETHT fell 83.2%. ETHU charges 2.97% a year. ETHT's fee is worth checking in its own prospectus.
Does ETHU hold actual ether?
No. ETHU never holds ether directly. It gets its exposure mainly through ether futures contracts on the Chicago Mercantile Exchange, held through a subsidiary. Most of its money sits in collateral such as US Treasury bills. Futures prices can differ from ether's cash price, and the cost of rolling expiring contracts into later ones means the fund can drift away from ether's actual price over time.
What is ETHU's expense ratio?
ETHU's expense ratio is 2.97% a year, according to its prospectus filed June 26, 2026, and that includes a 1.85% management fee. In the SEC's standard example, $10,000 invested with a 5% yearly return would cost about $300 after one year, $918 after three years, $1,562 after five years and $3,290 after ten years. That is very expensive by ETF standards.
Does ETHU pay monthly dividends?
Yes. ETHU pays distributions monthly. Over the 12 months to October 27, 2026, it paid about $0.47 per share, a trailing yield of 2.08%. Its collateral is mostly short-term Treasury bills, which earn interest. Payouts like these are small next to the fund's swings: it fell 81.8% over the same year, so the distributions did little to offset price losses.