SBIT -2x ProShares UltraShort Bitcoin ETF

BEAR ETF standard · Issuer ProShares · Tracks Bitcoin (IBIT) · Listed 2024-04-01

Quote & options All leveraged ETFs

Implied AUM

$126.5M

shares out × price

Last close

$29.62

20261001

30-day avg volume

1,222,500

options listed →

SBIT realized

—

what holders actually earned

Theoretical -2x

—

-2x × Bitcoin's return

Decay gap

—

realized minus theoretical

Realized vs theoretical -2x Bitcoin

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

Pair counterpart: BITU (+2x bull, ProShares Ultra Bitcoin 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 Bitcoin

Symbol	Factor	Direction	Issuer	Name	Implied AUM	30d volume	Options
BITU	+2x	BULL	ProShares	ProShares Ultra Bitcoin ETF	$614.1M	5,270,022	✓
BTCL	+2x	BULL	T-Rex	T-Rex 2X Long Bitcoin Daily Target ETF	$38.2M	98,470	✓
BTCU	+2x	BULL	Direxion	DIREXION DAILY BITCOIN BULL 2X ETF	—	43,685
BTCZ	-2x	BEAR	T-Rex	T-Rex 2X Inverse Bitcoin Daily Target ETF	$18.3M	18,835,289	✓

How SBIT works

SBIT targets -2x the daily return of Bitcoin — 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.