At a glance
SBIT charges 0.95% a year, below the 1.03% average of the 1 funds most like it. It has $152.6M in assets; it paid 9.35% of its price in distributions over the past 12 months, monthly. Over the past year it returned +22.6% with distributions reinvested (S&P 500: +11.5%).
The short version
ProShares UltraShort Bitcoin ETF (SBIT) aims to return two times the inverse (-2x) of the Bloomberg Bitcoin Index's daily move. It mainly uses swaps tied to spot bitcoin ETFs and sometimes bitcoin futures. It gains when bitcoin falls, loses about twice bitcoin's daily gain when it rises, and resets its exposure every day. It charges 0.95% a year, a little less than the 1.03% for the -1x ProShares Short Bitcoin ETF (BITI).
Price history
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SBIT +22.6% 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 | |
|---|---|---|---|---|---|---|
| SBIT official prospectus, to Dec 31, 2025 | — | -24.91% | — | — | — | -57.68% |
| SBIT price data to Oct 27, 2026 | -22.1% | +22.6% | — | — | — | -50.9% |
- Over the year to Oct 27, 2026, SBIT returned +22.6%.
- Its worst full calendar year was 2025 (-24.2%); its best was 2025 (-24.2%).
- The deepest fall in its price history was 91.2% (May 1, 2024 to Oct 6, 2025), not yet recovered.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | -22.1% | — |
| 2025 | -24.2% | — |
| 2024 | — | -24.91% |
| 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) | $2.9600 | |
| 2025 | $0.8485 |
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 6 swap and futures positions rather than from owning the stocks outright.
| Holding | Weight | |
|---|---|---|
| Repurchase Agreement RA | 9.02% | |
| Repurchase Agreement RA | 6.00% | |
| Repurchase Agreement RA | 3.60% | |
| Repurchase Agreement RA | 1.92% | |
| Repurchase Agreement RA | 1.20% |
By country
United States 21.74%By asset type
RA 21.74%What changed recently
- Over the three months to Aug 31, 2026, investors withdrew a net $23.1M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +48.46%, -14.65%, -38.90%.
How it works
The fund aims for -2x the daily return of the Bloomberg Bitcoin Index. Bloomberg Index Services Limited builds this index to track the US dollar price of one bitcoin. The index price blends trading from selected crypto platforms, which are judged on oversight, liquidity and data integrity and reviewed every quarter. The fund does not short bitcoin directly. It puts at least 80% of its assets into instruments that ProShare Advisors expects to deliver the daily target.
Its main tool is the swap: a contract with a large financial institution that pays the fund based on the change in a reference asset. Here, that asset is a US-traded ETF that holds spot bitcoin. As of August 31, 2026, the fund held total return swaps on IBIT and FBTC, a CME bitcoin futures contract, and repurchase agreements (short-term loans backed by securities) worth about 22% of net assets. If swaps aren't available, the fund uses front-month bitcoin futures. These must be "rolled" into later contracts before they expire, which can add costs.
The fund resets its exposure every day. Over longer periods, compounding can push results far from -2x, usually for the worse when prices swing back and forth. Financing costs also reduce returns. If the index nears a 50% gain within a single day, holders could lose their entire investment.
What it really costs
- SBIT charges 0.95% a year, versus an average of 1.03% for the similar funds below.
- 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 |
|---|---|---|---|---|
| SBIT | $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 bitcoin futures contracts rather than holding bitcoin 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
The prospectus says results over periods longer than one day will likely differ from the -2x target, and the fund's price history shows losses that have not recovered.
SBIT launched in April 2024, so it has no record in the 2008, 2020 or 2022 downturns. Its own history is harsh. From May 1, 2024, to October 6, 2025, it fell 91.2%, and it had not recovered as of October 27, 2026. It lost 24.2% in 2025, its only full calendar year. Single quarters ranged from a 51.97% gain to a 47.14% loss. Anyone forced to sell during a bad stretch could lock in deep losses. The trailing yield was 9.35% as of October 27, 2026, paid monthly, but those payouts were far smaller than the price drop since launch. In the SEC's standard example, the 0.95% expense ratio costs $1,166 over 10 years on $10,000. Past results don't predict future returns, and a retirement plan needs to look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Short-term traders who want to profit from a one-day bitcoin decline and can monitor positions every trading day.
- Experienced traders hedging bitcoin exposure briefly, who accept that a 50% one-day rise in bitcoin could wipe out the investment.
- Traders who want double inverse bitcoin exposure at 0.95% a year, slightly below the 1.03% charged by the -1x BITI.
Look elsewhere if
- Buy-and-hold and retirement investors: daily resets make long-term results drift, and shares fell 50.9% from launch through October 27, 2026.
- Income seekers: the 9.35% trailing monthly yield came alongside a 91.2% peak-to-trough drop that had not recovered by October 27, 2026.
- Anyone uneasy with 91.4% one-year volatility as of October 27, 2026, or with counterparty risk from swap agreements with financial institutions.
Close alternatives
Matched by leveraged/inverse funds on the same index (bitcoin), same direction.
| Fund | Exposure | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| SBIT this fund | -2× | 0.95% | $152.6M | +22.6% | — |
| BITI ProShares Short Bitcoin ETF | -1× | 1.03% | $81.3M | +25.4% | -34.1% |
Questions investors ask
Is SBIT a good long-term investment?
SBIT is built for short-term trading, not long-term holding. Because its -2x exposure resets daily, the prospectus warns that returns over longer periods will likely differ from the target, sometimes by a lot. Based on price, the fund lost 50.9% from launch through October 27, 2026. Its official average annual return since inception was -57.68% as of December 31, 2025. Its deepest drop was 91.2%, and it had not recovered.
What's the difference between SBIT and BITI?
Both are ProShares funds that bet against bitcoin, but SBIT targets -2x the daily move and BITI targets -1x. SBIT charges 0.95% a year and BITI charges 1.03%. As of October 27, 2026, SBIT's one-year return was 22.6% versus 25.4% for BITI. So doubling the exposure did not double the result over that period, which shows how daily resets and volatility can erode leveraged returns.
Does SBIT pay monthly dividends?
Yes, SBIT pays distributions monthly. Over the 12 months to October 27, 2026, it paid $3.03 per share, a trailing yield of 9.35%. That yield did not offset the fund's price losses. Shares fell 22.1% in 2026 through October 27 and 50.9% since launch. Payouts from a fund like this can vary a lot, so the trailing yield may not predict future distributions.
How does SBIT short bitcoin?
SBIT does not short bitcoin directly. It mostly uses swap agreements with large financial institutions that reference US-traded spot bitcoin ETFs. As of August 31, 2026, it held swaps on IBIT and FBTC. It can also use cash-settled front-month bitcoin futures traded on CME, and it held one such contract on that date. Its cash sits in repurchase agreements and similar short-term instruments, which made up about 22% of net assets.
Can you lose all your money in SBIT?
Yes. The prospectus says that if the Bloomberg Bitcoin Index nears a 50% gain within a single day, investors could lose their entire investment. Even without a jump that large, losses have been severe. From May 1, 2024, to October 6, 2025, the fund fell 91.2%. Its one-year volatility was 91.4% as of October 27, 2026. The fund also carries counterparty risk if a swap partner fails to pay.