ETHD -2x ProShares UltraShort Ether ETF

ETHD

ETF -2x BEAR standard
ProShares UltraShort Ether ETF
Issuer: ProShares · Tracks: Ethereum (ETHA) · Listed: 2024-06-06
Implied AUM
$48.2M
Last Close
$60.84
20260720
30d Avg Vol
328,764
Options
available
Realized return vs theoretical -2x Ethereum
Pair counterpart found: ETHT (+2x bull, ProShares Ultra Ether 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 Ethereum
Symbol Factor Direction Issuer Name Implied AUM 30d Vol Options
ETHT +2x BULL ProShares ProShares Ultra Ether ETF $207.3M 2,150,496
ETU +2x BULL T-Rex T-Rex 2X Long Ether Daily Target ETF $11.3M 120,454
EVMU +2x BULL Direxion DIREXION DAILY ETHER BULL 2X ETF $2.4M 9,142
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 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 ETHD 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.