ETF Evaluator:
ProShares Bitcoin ETF (BITO)
Follow This ETF
(as of Jul 31)
Best Performing in Digital Assets Over the Last Year
| 899.4% | Grayscale Zcash Trust (ZEC) () |
| 108.9% | ProShares UltraShort Bitcoin ETF (SBIT) |
| 14.8% | Simplify US Equity PLUS Bitcoin Stgy ETF (SPBC) |
| 6.7% | ProShares Short Ether ETF (SETH) |
| 5.6% | Nicholas Crypto Income ETF (BLOX) |
Risk
Index
Risk
Index
ETF Details
ProShares Bitcoin ETF Overview
ProShares Bitcoin ETF (BITO) is an actively managed Miscellaneous Digital Assets exchange-traded fund (ETF). ProShares launched the ETF in 2021.
The investment seeks investment results,before fees and expenses,that correspond to the performance of bitcoin.
The fund adviser seeks to achieve its investment objective primarily through managed exposure to bitcoin futures contracts. The fund does not invest directly in bitcoin. The fund adviser will generally hold its bitcoin futures contracts during periods in which the value of bitcoin and bitcoin futures are flat or declining as well as during periods in which the value of bitcoin or bitcoin futures is rising. It is non-diversified.
About ProShares Bitcoin ETF (BITO)
There are 2 members of the management team with an average tenure of 4.50 years: Alexander Ilyasov (2021) 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 Bitcoin ETF has 4 securities in its portfolio. The top 10 holdings constitute 99.6% 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 Bitcoin ETF is part of the Other global asset class and is within the Miscellaneous ETF group. ProShares 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 Bitcoin ETF has 67.5% of the portfolio in cash.
Assets Under Management
The fund has $1 billion in total assets, which is above the $522 million average for the Digital Assets 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.
BITO 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 Bitcoin ETF expense ratio is high compared to funds in the Digital Assets category. ProShares Bitcoin ETF has an expense ratio of 0.95%, which is 5% lower than its category average, making the fund expense ratio grade a C. 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 Bitcoin ETF has a portfolio turnover rate of 232%, which indicates that it holds its assets around / 0.0 years. By way of comparison, the average portfolio turnover is 85% for the Digital Assets category.
Recently, in the month of June 2026, ProShares Bitcoin ETF returned -20.3%, which earned it a grade of C, as the Digital Assets category had an average return of -18.3%. 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 Bitcoin ETF has a trailing yield of 75.49%, which is above the 17.02% 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 Bitcoin ETF Grades
Year to date, the ETF has returned -34.0%, 1.6 percentage points worse than the category, which translates into a grade of C. The fund has returned -47.3% over the past year (grade of D) and 16.8% over the past three years (grade of B).
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BITO Trailing NAV Total Returns Data as of 6/30/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| BITO Return (NAV) | -20.3% | -14.2% | -47.3% | 16.8% | na | na |
| BITO Return (Price) | -20.2% | -14.0% | -47.3% | 16.9% | na | na |
| NAV +/- Price Return | -0.074% | -0.178% | -0.047% | -0.085% | na | na |
| Digital Assets Avg | -18.3% | -15.1% | -30.3% | 3.0% | -19.1% | 53.7% |
| BITO Grade (NAV) | C | C | D | B | na | na |
| +/- Category (NAV) | -2.0% | 1.0% | -17.0% | 13.8% | na | na |
| BITO Tax-Cost Ratio | na | na | 13.2% | 15.1% | na | na |
BITO Annual NAV Total ReturnsData as of 6/30/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| BITO Return (NAV) | -34.0% | -10.9% | 105.3% | 137.2% | -63.9% | na | na | na | na | na | na |
| BITO Return (Price) | -34.0% | -10.8% | 105.4% | 137.3% | -63.9% | na | na | na | na | na | na |
| NAV +/- Price Ret | -0.001% | -0.002% | 0.001% | 0.001% | 0.000% | na | na | na | na | na | na |
| Digital Assets Avg | -32.4% | -11.3% | 63.4% | 159.0% | -73.9% | 199.4% | 175.1% | 11.8% | -81.4% | 1391.4% | 119.9% |
| BITO Grade (NAV) | C | C | B | B | B | na | na | na | na | na | na |
| +/- Category | -1.6% | 0.4% | 41.9% | -21.8% | 10.0% | na | na | na | na | na | na |
| Risk Measures | |
| Beta: | na |
| R-Squared: | na |
| Standard Deviation: | 52.1% |
| Category Risk Index: | 0.58 |
| Category Risk Rating: | Low |
| Total Risk Index: | 4.28 |
| Total Risk Rating: | High |
| Portfolio Characteristics | |
| Yield: | 75.5% |
| Total Assets: | $ 1,333 Mil |
| Share Class Assets: | $ 1,333 Mil |
| Turnover: | 232.0% |
| Expense Ratio: | 0.95% |
| Index Fund: | No |
| 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: 4.7 years | |||
| Average Tenure: 4.5 years | |||
| Managers (Year): Ilyasov Alexander (2021), Banian George (2022) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 4 |
| % in Top 10 Holdings: | 99.6% |
| 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: | 32.5% |
| Cash: | 67.5% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | ProShares |
| Phone Number: | 866-776-5125 |
| Website: | www.proshares.com |
| Inception Date: | October 18, 2021 |
Expenses and Fees
| Expense Ratio (%): | 0.95% (Rating: High) |
| Category Average Expense Ratio (%): | 1.00% |
