At a glance
SETH charges 0.95% a year. It has $11.6M in assets; it paid 29.01% of its price in distributions over the past 12 months, monthly. Over the past year it returned +29.5% with distributions reinvested (S&P 500: +11.5%).
The short version
ProShares Short Ether ETF (SETH) aims to return the opposite (-1x) of ether's daily move, as measured by the Bloomberg Ethereum Index, using ether futures rather than shorting ether itself. It carries half the exposure of its -2x sibling, ProShares UltraShort Ether ETF (ETHD), and charges 0.95% a year. Because it resets daily, it is built for short-term bets against ether; results over months can stray far from ether's inverse.
Price history
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SETH +29.5% 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 | |
|---|---|---|---|---|---|---|
| SETH official prospectus, to Dec 31, 2025 | — | -29.26% | — | — | — | -44.52% |
| SETH price data to Oct 27, 2026 | -0.3% | +29.5% | — | — | — | -28.6% |
- Over the year to Oct 27, 2026, SETH returned +29.5%.
- Its worst full calendar year was 2024 (-49.6%); its best was 2025 (-5.5%).
- The deepest fall in its price history was 74.3% (Nov 2, 2023 to Oct 6, 2025), not yet recovered.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | -0.3% | — |
| 2025 | -5.5% | — |
| 2024 | -49.6% | -29.26% |
| 2023 | — | -49.68% |
| 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) | $9.8400 | |
| 2025 | $2.3940 | +53.5% |
| 2024 | $1.5600 |
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 1 swap and futures positions rather than from owning the stocks outright.
| Holding | Weight | |
|---|---|---|
| Repurchase Agreement RA | 24.08% | |
| Repurchase Agreement RA | 16.01% | |
| Repurchase Agreement RA | 9.61% | |
| Repurchase Agreement RA | 5.12% | |
| Repurchase Agreement RA | 3.20% |
By country
United States 58.02%By asset type
RA 58.02%What changed recently
- Over the three months to Aug 31, 2026, investors withdrew a net $2.4M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +23.00%, -16.62%, -26.41%.
How it works
SETH's benchmark is the Bloomberg Ethereum Index, maintained by Bloomberg Index Services Limited. It tracks the US dollar price of one ether, blending prices from crypto trading platforms screened for oversight, liquidity and data quality and reviewed each quarter. The fund aims to return -1x the index each day, measured from one daily valuation of its holdings to the next.
ProShare Advisors doesn't short ether itself. Instead, the fund takes short positions in cash-settled ether futures, mainly front-month contracts (those closest to expiring) on exchanges regulated by the Commodity Futures Trading Commission. It gains when futures prices fall and pays out when they rise. Near expiry, it rolls into later contracts, and the price gap between them can add to or subtract from returns. Cash backing these positions is typically held in Treasury bills and repurchase agreements (short-term loans backed by government securities); as of August 31, 2026, repurchase agreements were about 58% of its $11.6 million in net assets.
The fund rebalances daily so its short exposure matches its net assets. Because of this reset, returns over longer stretches compound and can differ sharply from -1x ether's move, often for the worse when prices swing back and forth. If the index nears a 100% gain in a single day, holders could lose everything.
What it really costs
- SETH charges 0.95% a year.
- The fee includes a 0.08% waiver from the adviser, which may end.
- Using the prospectus's standard example, $10,000 invested would cost about $97 in the first year and $1,252 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| SETH | $97 | $320 | $561 | $1,252 |
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
SETH's -1x target applies to single days, its daily reset makes results over long holding periods unpredictable, and it lost 74.3% at its deepest point.
At most, SETH could cushion losses on ether holdings over short periods. It launched on November 2, 2023, so it has no record in the 2008, 2020 or 2022 downturns. It fell nearly 50% in 2024, its worst calendar year, and lost 29.26% over the year ended December 31, 2025. From launch to October 6, 2025, it dropped 74.3% and had not recovered as of October 27, 2026. Anyone forced to sell or draw income in a bad stretch could lock in heavy losses.
As of October 27, 2026, the trailing yield was about 29%, paid monthly, but payouts come out of the fund's value and can swing sharply, so they aren't dependable income. Costs run 0.95% a year, or $97 on $10,000 in the first year 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 a one-day bet against ether's price, as measured by the Bloomberg Ethereum Index, and check their positions daily.
- Ether holders seeking a short-term cushion against falling prices through a brokerage account, without borrowing ether or trading futures themselves.
- Traders who prefer -1x exposure to the doubled swings of ProShares UltraShort Ether ETF (ETHD), and accept a 0.95% annual expense ratio.
Look elsewhere if
- Long-term holders and retirement investors: SETH fell 74.3% from launch to October 6, 2025, and had not recovered as of October 27, 2026.
- Income seekers: its roughly 29% trailing yield as of October 27, 2026, reflects payouts that reduce share value and may not repeat.
- Anyone wanting to short ether itself: the fund uses futures, and rolling them can pull results away from ether's spot price over time.
Close alternatives
Matched by leveraged/inverse funds on the same index (ether), same direction.
| Fund | Exposure | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| SETH this fund | -2× | 0.95% | $11.6M | +29.5% | — |
| ETHD ProShares UltraShort Ether ETF | -2× | — | $11.9M | +4.7% | — |
Questions investors ask
Can you hold SETH long term?
It isn't designed for that. SETH targets -1x the daily return of the Bloomberg Ethereum Index and resets every day, so over longer periods compounding can push results far from the inverse of ether's move. The prospectus warns this difference may be significant. The record shows the risk: SETH lost 74.3% from its November 2, 2023 launch to October 6, 2025, and had not recovered as of October 27, 2026.
What's the difference between SETH and ETHD?
The main difference is the size of the bet. Both are ProShares funds that use ether futures to profit when ether falls, but SETH targets -1x the daily return while ProShares UltraShort Ether ETF (ETHD) targets -2x. ETHD magnifies gains, losses and the drag from daily compounding. Based on price, SETH returned 29.5% in the year to October 27, 2026, while ETHD returned 4.7%, so doubling the exposure did not double the result.
Does SETH pay monthly dividends?
Yes, SETH has paid distributions monthly, totaling about $9.96 per share over the 12 months to October 27, 2026, for a trailing yield of about 29%. That doesn't make it an income fund. Payouts from a futures-based fund like this can rise or fall sharply from year to year, and each one lowers the share price by the amount paid. Total return, not yield, shows how holders actually fared.
What is SETH's expense ratio?
SETH's expense ratio is 0.95% a year, according to its prospectus filed September 25, 2026. In the SEC's standard example, which assumes $10,000 invested, a 5% annual return and shares sold at the end of each period, costs would total about $97 after one year, $320 after three years and $561 after five. The prospectus also notes that the costs of obtaining short exposure through derivatives lower returns.
Does SETH short ether directly?
No. SETH takes short positions in cash-settled ether futures, mainly front-month contracts, and held CME ether futures as of August 31, 2026. Its cash backing sits in short-term holdings; repurchase agreements made up about 58% of its $11.6 million in net assets on that date. Because expiring futures must be rolled into later ones, results can drift from the inverse of ether's spot price. The prospectus points investors who want to short ether directly toward other investments.