BITU +2x ProShares Ultra Bitcoin ETF

BITU

ETF +2x BULL standard
ProShares Ultra Bitcoin ETF
Issuer: ProShares · Tracks: Bitcoin (IBIT) · Listed: 2024-04-01
Implied AUM
$366.4M
Last Close
$9.80
20260720
30d Avg Vol
4,991,861
Options
available
Realized return vs theoretical +2x Bitcoin
Pair counterpart found: SBIT (-2x bear, ProShares UltraShort Bitcoin ETF)
Shorting both legs of a daily-reset bull/bear pair captures combined decay drift over time. Theoretical "free money" — actual edge depends on borrow rates (often punitive on the bear leg) and assignment risk on hard-to-borrow products.
Other leveraged products tracking Bitcoin
Symbol Factor Direction Issuer Name Implied AUM 30d Vol Options
BTCL +2x BULL T-Rex T-Rex 2X Long Bitcoin Daily Target ETF $23.4M 99,039
BTCU +2x BULL Direxion DIREXION DAILY BITCOIN BULL 2X ETF $3.5M 17,705
SBIT -2x BEAR ProShares ProShares UltraShort Bitcoin ETF $158.6M 867,332
BTCZ -2x BEAR T-Rex T-Rex 2X Inverse Bitcoin Daily Target ETF $21.8M 27,695,066

How BITU works

BITU targets +2x the daily return of Bitcoin — not the cumulative return over multi-day windows. The fund rebalances at the close each day using swaps or futures, which is what creates the volatility drag the chart above visualizes.

Mathematical headline: drag ≈ −0.5 × N × (N−1) × σ² per period. For a +2x product on an underlying with 25% annualized vol, expected annual drag is around 6.2%. Add expense ratio and the realized number is typically worse.

  • Short-term tactical: daily and intraday holds are where these products were designed to live.
  • Premium selling: options on BITU carry very rich IV — see the quote page for IV rank and straddle pricing.
  • Multi-day directional: works in strong trends; gets eaten alive in chop. Use the chart above to gauge the realized vs theoretical track record.