ETF Evaluator:
Proshares UltraShort Ether ETF ()
Follow This ETF
(as of Aug 26)
Best Performing in Digital Assets Over the Last Year
| 1090.2% | Grayscale Zcash Trust (ZEC) (ZCSH) |
| 112.1% | ProShares UltraShort Bitcoin ETF (SBIT) |
| 35.7% | ProShares Short Ether ETF (SETH) |
| 12.3% | Simplify US Equity PLUS Bitcoin Stgy ETF (SPBC) |
| 10.8% | Proshares UltraShort Ether ETF (ETHD) |
Risk
Index
Risk
Index
ETF Details
Proshares UltraShort Ether ETF Overview
Proshares UltraShort Ether ETF (ETHD) is an actively managed Miscellaneous Digital Assets exchange-traded fund (ETF). ProShares launched the ETF in 2024.
The investment seeks daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the Bloomberg Ethereum Index.
The fund invests in financial instruments that ProShare Advisors believes, in combination, should produce daily returns consistent with the Daily Target. In this manner, the fund seeks daily returns that correspond to two times the inverse (-2x) of the price of ether. The fund does not directly short ether.
About Proshares UltraShort Ether ETF (ETHD)
There are 2 members of the management team with an average tenure of 2.15 years: Alexander Ilyasov (2024) and George Banian (2024). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 1 primary benchmark: Bloomberg Ethereum TR USD index with a weighting of -200%. Proshares UltraShort Ether ETF has 6 securities in its portfolio. The top 10 holdings constitute 24.4% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a diversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
Proshares UltraShort Ether ETF is part of the Other global asset class and is within the Miscellaneous ETF group. Proshares UltraShort Ether 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 UltraShort Ether ETF has 77.1% of the portfolio in cash.
Assets Under Management
The fund has $60 million in total assets, which is below the $564 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.
ETHD 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 UltraShort Ether ETF expense ratio is high compared to funds in the Digital Assets category. Proshares UltraShort Ether ETF has an expense ratio of 0.99%, which is 2% higher than its category average, making the fund expense ratio grade a D. 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 UltraShort Ether 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 82% for the Digital Assets category.
Recently, in the month of July 2026, Proshares UltraShort Ether ETF returned -32.5%, which earned it a grade of F, as the Digital Assets category had an average return of 2.9%. 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 UltraShort Ether ETF has a trailing yield of 5.66%, which is below the 15.12% 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 UltraShort Ether ETF Grades
Year to date, the ETF has returned 29.8%, 60.5 percentage points better than the category, which translates into a grade of A. The fund has returned 10.8% over the past year (grade of A).
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ETHD 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 |
|
| ETHD Return (NAV) | -32.5% | 21.0% | 10.8% | na | na | na |
| ETHD Return (Price) | -32.5% | 20.5% | 10.6% | na | na | na |
| NAV +/- Price Return | 0.017% | 0.484% | 0.283% | na | na | na |
| Digital Assets Avg | 2.9% | -16.7% | -32.2% | 6.2% | -17.1% | 54.9% |
| ETHD Grade (NAV) | F | A | A | na | na | na |
| +/- Category (NAV) | -35.5% | 37.7% | 43.0% | na | na | na |
| ETHD Tax-Cost Ratio | na | na | 1.8% | na | na | na |
ETHD Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| ETHD Return (NAV) | 29.8% | -72.2% | na | na | na | na | na | na | na | na | na |
| ETHD Return (Price) | 29.6% | -72.3% | na | na | na | na | na | na | na | na | na |
| NAV +/- Price Ret | -0.005% | 0.001% | na | na | na | na | na | na | na | na | na |
| Digital Assets Avg | -30.7% | -9.9% | 65.8% | 127.8% | -72.3% | 199.4% | 175.1% | 11.8% | -81.4% | 1391.4% | 119.9% |
| ETHD Grade (NAV) | A | F | na | na | na | na | na | na | na | na | na |
| +/- Category | 60.5% | -62.4% | na | na | na | na | na | na | na | na | na |
| Risk Measures | |
| Beta: | na |
| R-Squared: | na |
| Standard Deviation: | na |
| Category Risk Index: | na |
| Category Risk Rating: | |
| Total Risk Index: | na |
| Total Risk Rating: | |
| Portfolio Characteristics | |
| Yield: | 5.7% |
| Total Assets: | $ 61 Mil |
| Share Class Assets: | $ 61 Mil |
| Turnover: | na |
| Expense Ratio: | 0.99% |
| Index Fund: | No |
| Index Tracked: | Bloomberg Ethereum TR USD |
| Index Weighting: | -200% |
| Leveraged: | Yes |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | Annually |
| Income Distribution Frequency: | Monthly |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 2.2 years | |||
| Average Tenure: 2.2 years | |||
| Managers (Year): Ilyasov Alexander (2024), Banian George (2024) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 6 |
| % in Top 10 Holdings: | 24.4% |
| Fund is Non-Diversified: | No |
| % 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: | 22.9% |
| Cash: | 77.1% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | ProShares |
| Phone Number: | 866-776-5125 |
| Website: | www.proshares.com |
| Inception Date: | June 6, 2024 |
Expenses and Fees
| Expense Ratio (%): | 0.99% (Rating: High) |
| Category Average Expense Ratio (%): | 0.97% |
