ETF Evaluator:
ProShares Shrt Bitcoin ETF (BITI)
Follow This ETF
(as of Sep 02)
Best Performing in Trading--Miscellaneous Over the Last Year
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| 64.3% | ProShares Shrt Bitcoin ETF (BITI) |
| 54.4% | Roundhill AAPL WeeklyPay ETF (AAPW) |
Risk
Index
Risk
Index
ETF Details
ProShares Shrt Bitcoin ETF Overview
ProShares Shrt Bitcoin ETF (BITI) is a passively managed Miscellaneous Trading--Miscellaneous exchange-traded fund (ETF). ProShares launched the ETF in 2022.
The investment seeks daily investment results, before fees and expenses, that correspond to the inverse (-1x) of the daily performance of the Bloomberg Bitcoin Index.
The fund invests in financial instruments that ProShare Advisors believes, in combination, should produce daily returns consistent with the daily target. It seeks to benefit from decreases in the price of bitcoin futures contracts for a single day. The index is designed to measure the performance of a single bitcoin traded in USD and seeks to provide a proxy for the bitcoin market. It is non-diversified.
About ProShares Shrt Bitcoin ETF (BITI)
There are 2 members of the management team with an average tenure of 4.11 years: Alexander Ilyasov (2022) and George Banian (2022). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 2 primary benchmarks: S&P 500 (TR) (1970) index with a weighting of 100% and Bloomberg Bitcoin TR USD index with a weighting of -100%. ProShares Shrt Bitcoin ETF has 6 securities in its portfolio. The top 10 holdings constitute 151.8% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a nondiversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
ProShares Shrt Bitcoin ETF is part of the Other global asset class and is within the Miscellaneous ETF group. ProShares Shrt Bitcoin ETF has 0.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0% There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). ProShares Shrt Bitcoin ETF has 70.4% of the portfolio in cash.
Assets Under Management
The fund has $129 million in total assets, which is above the $78 million average for the Trading--Miscellaneous category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
BITI Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The ProShares Shrt Bitcoin ETF expense ratio is high compared to funds in the Trading--Miscellaneous category. ProShares Shrt Bitcoin ETF has an expense ratio of 1.01%, which is 3% lower than its category average, making the fund expense ratio grade a F. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. ProShares Shrt Bitcoin ETF has a portfolio turnover rate of 0%, which indicates that it holds its assets around /years. By way of comparison, the average portfolio turnover is 46% for the Trading--Miscellaneous category.
Recently, in the month of July 2026, ProShares Shrt Bitcoin ETF returned -6.9%, which earned it a grade of F, as the Trading--Miscellaneous category had an average return of 0.1%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.
ProShares Shrt Bitcoin ETF has a trailing yield of 15.29%, which is below the 68.32% category average.
The fund normally distributes its income monthly and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
ProShares Shrt Bitcoin ETF Grades
Year to date, the ETF has returned 27.4%, 32.3 percentage points better than the category, which translates into a grade of A. The fund has returned 64.3% over the past year (grade of A) and -31.8% over the past three years (grade of F).
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BITI Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| BITI Return (NAV) | -6.9% | 19.3% | 64.3% | -31.8% | na | na |
| BITI Return (Price) | -7.0% | 19.2% | 64.1% | -31.8% | na | na |
| NAV +/- Price Return | 0.046% | 0.119% | 0.204% | -0.007% | na | na |
| Trading--Miscellaneous Avg | 0.1% | -8.5% | -7.5% | -8.9% | -10.7% | -11.3% |
| BITI Grade (NAV) | F | A | A | F | na | na |
| +/- Category (NAV) | -7.0% | 27.9% | 71.8% | -22.9% | na | na |
| BITI Tax-Cost Ratio | na | na | 5.9% | 2.6% | na | na |
BITI Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| BITI Return (NAV) | 27.4% | -1.6% | -62.6% | -66.2% | na | na | na | na | na | na | na |
| BITI Return (Price) | 27.4% | -1.8% | -62.6% | -66.2% | na | na | na | na | na | na | na |
| NAV +/- Price Ret | 0.000% | 0.114% | -0.000% | -0.000% | na | na | na | na | na | na | na |
| Trading--Miscellaneous Avg | -4.9% | -8.8% | -5.4% | -17.0% | -10.3% | -12.4% | 6.5% | -12.0% | 5.8% | -4.1% | -10.4% |
| BITI Grade (NAV) | A | C | F | F | na | na | na | na | na | na | na |
| +/- Category | 32.3% | 7.2% | -57.2% | -49.2% | na | na | na | na | na | na | na |
| Risk Measures | |
| Beta: | -31.92 |
| R-Squared: | 0% |
| Standard Deviation: | 46.9% |
| Category Risk Index: | 1.97 |
| Category Risk Rating: | High |
| Total Risk Index: | 3.83 |
| Total Risk Rating: | High |
| Portfolio Characteristics | |
| Yield: | 15.3% |
| Total Assets: | $ 130 Mil |
| Share Class Assets: | $ 130 Mil |
| Turnover: | na |
| Expense Ratio: | 1.01% |
| Index Fund: | Yes |
| Index Tracked: | S&P 500 (TR) (1970) |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | Annually |
| Income Distribution Frequency: | Monthly |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 4.1 years | |||
| Average Tenure: 4.1 years | |||
| Managers (Year): Ilyasov Alexander (2022), Banian George (2022) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 6 |
| % in Top 10 Holdings: | 151.8% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 0.0% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 29.6% |
| Cash: | 70.4% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | ProShares |
| Phone Number: | 866-776-5125 |
| Website: | www.proshares.com |
| Inception Date: | June 21, 2022 |
Expenses and Fees
| Expense Ratio (%): | 1.01% (Rating: High) |
| Category Average Expense Ratio (%): | 1.04% |
