ProShares Short Bitcoin ETF

Overview: The ProShares Short Bitcoin Strategy ETF (BITI) is an actively managed ETF listed on NYSE Arca, launched on June 19, 2022, aiming to provide inverse (-1x) exposure to bitcoin’s daily price movements.

Investment Objective: Seeks to deliver daily returns that are the opposite of the Bloomberg Bitcoin Index by investing in cash-settled bitcoin futures contracts traded on the CME, not directly in bitcoin.

Expense Ratio: Charges a 0.95% management fee, reflecting costs for managing futures contracts and other operational expenses, with no promotional fee waivers reported.

Holdings and Structure: Invests in bitcoin futures through a wholly-owned Cayman Islands subsidiary, with ProShare Advisors LLC managing the portfolio to achieve inverse daily performance.

Risk Profile: High volatility due to bitcoin’s price swings and the use of futures; not suitable for all investors, with potential for significant or total loss, and not registered under the Investment Company Act of 1940.

Performance: As of July 15, 2025, BITI trades at approximately $17.62, with a 52-week range of $17.27 to $47.95 and a dividend yield of 2.26%, reflecting its inverse correlation to bitcoin’s price.investing.com

Background: ProShares is one of the largest providers of leveraged and inverse ETFs in the world, with over $65 billion in AUM.

Expertise: Pioneered geared (leveraged/inverse) ETFs since 2006, providing sophisticated trading tools for active investors.

Bitcoin ETFs: Launched the first U.S. Bitcoin-linked ETF (BITO) in October 2021 via futures, and later added the ProShares Ultra Bitcoin ETF (BITU, 2x leveraged) and ProShares Short Bitcoin ETF (BITI, inverse).

Strategy: Uses Bitcoin futures contracts rather than holding spot Bitcoin directly, suitable for short-term tactical trading.

Regulation: All products are SEC-registered and trade on major U.S. exchanges.