ETHD -2x ProShares UltraShort Ether ETF

BEAR ETF standard · Issuer ProShares · Tracks Ethereum (ETHA) · Listed 2024-06-06

Quote & options All leveraged ETFs

Implied AUM

$57.1M

shares out × price

Last close

$24.15

20261001

30-day avg volume

836,577

options listed →

ETHD realized

—

what holders actually earned

Theoretical -2x

—

-2x × Ethereum's return

Decay gap

—

realized minus theoretical

Realized vs theoretical -2x Ethereum

Cumulative return of ETHD against a clean -2x of Ethereum's return over the same window; the red line (right axis) is the gap between them.

Pair counterpart: ETHT (+2x bull, ProShares Ultra Ether ETF)

Shorting both legs of a daily-reset bull/bear pair captures their combined decay over time. It isn't free money — the edge depends on borrow rates (often punitive on the bear leg) and assignment risk on hard-to-borrow shares.

Other leveraged products on Ethereum

Symbol	Factor	Direction	Issuer	Name	Implied AUM	30d volume	Options
ETHT	+2x	BULL	ProShares	ProShares Ultra Ether ETF	$297.9M	2,100,000	✓
ETU	+2x	BULL	T-Rex	T-Rex 2X Long Ether Daily Target ETF	$17.6M	103,202	✓
EVMU	+2x	BULL	Direxion	DIREXION DAILY ETHER BULL 2X ETF	—	5,257
ETQ	-2x	BEAR	T-Rex	T-Rex 2X Inverse Ether Daily Target ETF	$1.6M	14,764	✓

How ETHD works

ETHD targets -2x the daily return of Ethereum — not the return over longer windows. It rebalances every day, so over weeks and months its result drifts away from -2x × the index, usually downward when the market chops around.

The maths: the drag is roughly −½ × N × (N−1) × σ² per period (N = leverage, σ = the index's volatility). For a -2x fund on an index with 25% annual volatility that is several percent a year before fees — the red line above is that drag measured.

Short-term trades (a day or a few) are what these funds are built for. Premium sellers like their rich option IV — see the quote page. Multi-day directional bets work in strong trends and get eaten in chop.

Not investment advice.