At a glance
ION charges 0.58% a year, above the 0.52% average of the 2 funds most like it (the 2nd cheapest of 3). It has $13.4M in assets, the 2nd largest of that group; it paid 2.07% of its price in distributions over the past 12 months, semiannual. Over the past year it returned −0.4% with distributions reinvested (S&P 500: +11.5%), 2nd of those 3 funds; over three years it returned +12.6% a year. Its ten largest positions make up 34.2% of the fund, out of 53 in all.
The short version
ProShares S&P Global Core Battery Metals ETF (ION) tracks the S&P Global Core Battery Metals Index, made up of companies worldwide that mine lithium, nickel and cobalt. Weights depend partly on each company's revenue share from those metals, and about 30% of assets were in Chinese companies as of August 31, 2026. It costs 0.58% a year and swings hard: it fell about 20% in 2024, then more than doubled in 2025.
Price history
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ION -0.4% 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 | |
|---|---|---|---|---|---|---|
| ION official prospectus, to Dec 31, 2025 | — | +107.29% | — | — | — | +10.87% |
| ION price data to Oct 27, 2026 | -21.6% | -0.4% | +12.6% | — | — | +0.6% |
- Over the year to Oct 27, 2026, ION returned -0.4%, 2nd of 3 among similar funds.
- Its worst full calendar year was 2024 (-20.0%); its best was 2025 (+108.4%).
- The deepest fall in its price history was 52.1% (Feb 1, 2023 to Apr 8, 2025), recovered by Oct 30, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | -21.6% | — |
| 2025 | +108.4% | — |
| 2024 | -20.0% | +107.29% |
| 2023 | -14.1% | -19.32% |
| 2022 | — | -14.28% |
| 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) | $0.4900 | |
| 2025 | $0.8500 | +88.9% |
| 2024 | $0.4500 | -36.6% |
| 2023 | $0.7100 |
What's inside
As of Aug 31, 2026, the fund held 53 securities; the ten largest made up 34.16% of assets, and 2.65% sat in cash and money-market holdings.
| Holding | Weight | |
|---|---|---|
| IGO Ltd. | 4.40% | |
| Pacific Metals Co. Ltd. | 4.23% | |
| Sigma Lithium Corp. | 3.65% | |
| Vale Indonesia Tbk. PT | 3.63% | |
| PLS Group Ltd. | 3.57% | |
| Sociedad Quimica y Minera de Chile SA | 3.21% | |
| Elevra Lithium Ltd. | 2.92% | |
| Tibet Mineral Development Co. Ltd. | 2.87% | |
| Albemarle Corp. | 2.85% | |
| African Rainbow Minerals Ltd. | 2.83% | |
| Liontown Ltd. | 2.77% | |
| Mineral Resources Ltd. | 2.73% | |
| PT TIMAH Persero Tbk. | 2.65% | |
| Eramet SA | 2.64% | |
| Zangge Mining Co. Ltd. | 2.55% |
By country
China 29.78%Australia 16.9%South Africa 9.53%Canada 9.3%Indonesia 8.54%By asset type
Stocks 99.5%What changed recently
- Over the three months to Aug 31, 2026, investors withdrew a net $1.2M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -15.72%, -6.29%, +12.82%.
How it works
ION aims to track, before fees and expenses, the S&P Global Core Battery Metals Index, run by S&P Dow Jones Indices. The index starts from the S&P Global Broad Market Index, which covers large, mid-sized and small companies in developed and emerging markets, and keeps those that mine cobalt, lithium and nickel. As of May 31, 2026, its companies came from countries including Australia, Chile, China, Indonesia and South Africa.
Each company's weight is based on its liquidity (how easily its shares trade) and the percentage of its revenue from cobalt, lithium and nickel. Some companies also have large businesses unrelated to battery metals, which can drive their share prices. The index's makeup and weights are reviewed each July, with weight adjustments in January, April and October. The prospectus lists portfolio turnover of 60%; trading costs come on top of the expense ratio.
ProShare Advisors generally holds every index stock in roughly the index's proportions, but it may use a representative sample, a subset that mimics it, when some stocks are illiquid, costly to trade or restricted. Normally, at least 80% of assets go to index stocks or similar instruments, including depositary receipts (certificates representing foreign shares). As of August 31, 2026, the fund had 53 holdings and no derivatives, and it uses no leverage.
What it really costs
- ION charges 0.58% a year, versus an average of 0.52% for the similar funds below (2nd of 3, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $59 in the first year and $726 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| ION | $59 | $186 | $324 | $726 |
In a retirement portfolio
It is a single-industry bet on global battery-metal miners, with one-year volatility (a gauge of price swings) of 38.8% as of October 27, 2026, so it suits only a small slice of a portfolio.
ION could add a focused stake in lithium, nickel and cobalt miners, but it is narrow and volatile. It launched in November 2022, after the 2008, 2020 and 2022 downturns, so it has no record from them. Its record includes a 52% drop from February 2023 to April 2025; it then took about 6.7 months from the low to recover. Its worst calendar year was 2024, a loss of about 20%, and it was down 21.6% year to date through October 27, 2026. Someone drawing on it in a bad year could be cashing out after a deep fall.
Its trailing yield was 2.07% as of October 27, 2026, paid twice a year, and the 0.58% expense ratio comes to $59 in year one on $10,000 under the SEC's standard example. Past results don't predict future ones, and a plan should weigh the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors wanting a small, targeted stake in lithium, nickel and cobalt miners such as IGO, Pacific Metals and Sigma Lithium, alongside broader core funds.
- People who can stomach big swings: ION fell 52% from February 2023 to April 2025, then recovered the loss by October 2025.
- Investors comfortable with emerging-market risk: China (about 30%), South Africa and Indonesia were large country weights as of August 31, 2026.
Look elsewhere if
- Anyone who may need this money soon: ION was down 21.6% year to date through October 27, 2026, after falling about 20% in 2024.
- Income seekers: the trailing yield was 2.07% as of October 27, 2026, paid only twice a year.
- Investors wanting a cheaper, larger fund: ION charges 0.58% versus a 0.52% peer average and had $13.4 million in assets as of August 31, 2026.
Close alternatives
Matched by closest holdings overlap from the latest N-PORT reports (no similar fund shares 20% or more of its holdings).
Net assets from each fund's latest N-PORT or annual report where available. Returns through Oct 27, 2026.Questions investors ask
Is ION a good investment for retirement?
ION is a narrow, volatile fund that may suit only a small side role in a retirement portfolio. It owns battery-metal miners only. It fell 52% from February 2023 to April 2025 and was down 21.6% year to date through October 27, 2026. It launched in November 2022, so it has no record through the 2008, 2020 or 2022 downturns. Past results don't predict future ones, and the whole portfolio matters more than any one fund.
What stocks does ION hold?
ION holds stocks of companies that mine lithium, nickel and cobalt. As of August 31, 2026, it had 53 holdings, and the top 10 made up 34% of assets. The largest were IGO (4.4%), Pacific Metals (4.2%), Sigma Lithium (3.7%), Vale Indonesia (3.6%) and PLS Group (3.6%). US-based Albemarle (2.9%) also ranked in the top 10. By country, China led at about 30%, followed by Australia at about 17%.
What's the difference between ION and BATT?
The two funds own largely different stocks. BATT, the Amplify Lithium & Battery Technology ETF, is ION's closest match by holdings, yet only about 15% of their holdings overlap. Costs are nearly identical at 0.58% for ION and 0.59% for BATT. As of October 27, 2026, both lost 0.4% over one year, and over three years ION returned 12.6% a year versus 12.4% for BATT. BATT is far larger: $125.5 million in net assets (June 30, 2026) versus ION's $13.4 million (August 31, 2026).
Does ION pay dividends?
Yes. ION pays dividends twice a year. In the year ended October 27, 2026, it paid $0.83 per share, a trailing yield of 2.07%. The payouts pass through dividends from the mining companies it owns, which can rise or fall with metal prices and company profits, so the amount may vary from one payment to the next. The fund is built for exposure to battery metals, not for steady income.
What is ION's expense ratio?
ION's expense ratio is 0.58% a year, according to its prospectus filed September 25, 2026. In the SEC's standard example ($10,000 invested, a 5% annual return and shares sold at the end of each period), costs total about $59 after one year, $186 after three years, $324 after five and $726 after 10. That is above the 0.52% average of the two closest similar funds, though just below BATT's 0.59%; WBAT charges 0.45%.