SBIT -2x ProShares UltraShort Bitcoin ETF

SBIT

ETF -2x BEAR standard
ProShares UltraShort Bitcoin ETF
Issuer: ProShares · Tracks: Bitcoin (IBIT) · Listed: 2024-04-01
Implied AUM
$158.6M
Last Close
$55.42
20260720
30d Avg Vol
867,332
Options
available
Realized return vs theoretical -2x Bitcoin
Pair counterpart found: BITU (+2x bull, ProShares Ultra 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
BITU +2x BULL ProShares ProShares Ultra Bitcoin ETF $366.4M 4,991,861
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
BTCZ -2x BEAR T-Rex T-Rex 2X Inverse Bitcoin Daily Target ETF $21.8M 27,695,066

How SBIT works

SBIT 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 SBIT 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.