ETF Evaluator:
ProShares UltraShort Bitcoin 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 Bitcoin ETF Overview
ProShares UltraShort Bitcoin ETF (SBIT) is a passively 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 Galaxy Bitcoin Index.
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. Under normal circumstances, the fund will invest at least 80% of the fund’s assets in, or provide exposure to, financial instruments that ProShare Advisors believes, in combination, should produce daily returns consistent with the daily target. The fund is non-diversified.
About ProShares UltraShort Bitcoin ETF (SBIT)
There are 2 members of the management team with an average tenure of 2.33 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 Bitcoin USD index with a weighting of -200%. ProShares UltraShort Bitcoin ETF has 8 securities in its portfolio. The top 10 holdings constitute 25.5% 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 UltraShort Bitcoin ETF is part of the Other global asset class and is within the Miscellaneous ETF group. ProShares UltraShort 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 UltraShort Bitcoin ETF has 74.5% of the portfolio in cash.
Assets Under Management
The fund has $176 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.
SBIT 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 Bitcoin ETF expense ratio is high compared to funds in the Digital Assets category. ProShares UltraShort Bitcoin ETF has an expense ratio of 0.97%, which is the same as 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 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 82% for the Digital Assets category.
Recently, in the month of July 2026, ProShares UltraShort Bitcoin ETF returned -14.7%, 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 Bitcoin ETF has a trailing yield of 4.10%, 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 Bitcoin ETF Grades
Year to date, the ETF has returned 39.5%, 70.2 percentage points better than the category, which translates into a grade of A. The fund has returned 112.1% over the past year (grade of A).
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SBIT 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 |
|
| SBIT Return (NAV) | -14.7% | 35.7% | 112.1% | na | na | na |
| SBIT Return (Price) | -14.7% | 35.5% | 112.2% | na | na | na |
| NAV +/- Price Return | 0.060% | 0.160% | -0.186% | na | na | na |
| Digital Assets Avg | 2.9% | -16.7% | -32.2% | 6.2% | -17.1% | 54.9% |
| SBIT Grade (NAV) | F | A | A | na | na | na |
| +/- Category (NAV) | -17.6% | 52.4% | 144.2% | na | na | na |
| SBIT Tax-Cost Ratio | na | na | 1.8% | na | na | na |
SBIT Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| SBIT Return (NAV) | 39.5% | -24.9% | na | na | na | na | na | na | na | na | na |
| SBIT Return (Price) | 39.6% | -25.1% | na | na | na | na | na | na | na | na | na |
| NAV +/- Price Ret | 0.003% | 0.008% | 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% |
| SBIT Grade (NAV) | A | D | na | na | na | na | na | na | na | na | na |
| +/- Category | 70.2% | -15.1% | 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: | 4.1% |
| Total Assets: | $ 177 Mil |
| Share Class Assets: | $ 177 Mil |
| Turnover: | na |
| Expense Ratio: | 0.97% |
| Index Fund: | Yes |
| Index Tracked: | Bloomberg Bitcoin 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: 2.3 years | |||
| Average Tenure: 2.3 years | |||
| Managers (Year): Ilyasov Alexander (2024), Banian George (2024) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 8 |
| % in Top 10 Holdings: | 25.5% |
| 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: | 25.5% |
| Cash: | 74.5% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | ProShares |
| Phone Number: | 866-776-5125 |
| Website: | www.proshares.com |
| Inception Date: | April 1, 2024 |
Expenses and Fees
| Expense Ratio (%): | 0.97% (Rating: High) |
| Category Average Expense Ratio (%): | 0.97% |
