Crypto-Linked
FUND HIGHLIGHT

BITI

Short Bitcoin ETF

BITI, the first short bitcoin ETF, offers investors the potential to profit on days when bitcoin drops.

BITI invests in bitcoin futures and does not invest directly in bitcoin.

Short strategies from a global leader in crypto-linked ETFs
ABOUT BITI

A short bitcoin-linked solution in the form of an ETF

An opportunity to gain short bitcoin-linked exposure in an ETF through a traditional brokerage account

Avoid the significant costs and fees typically required to short bitcoin

INVESTMENT OPPORTUNITY

Avoid the hassle of obtaining short exposure

Take a closer look at BITI

BITI Fund Details

View BITI Fund Details

Learn more about the fund, how it works and how investors can purchase BITI through their brokerage accounts.

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Investors could potentially lose the full value of their investment within a single day.

The ProShares Short Bitcoin ETF seeks a return that is -1x the return of its underlying benchmark – the Bloomberg Galaxy Bitcoin Index (“target”) for a single day, as measured from one NAV calculation to the next, and not for any other period. Due to the compounding of daily returns, holding periods of greater than one day can result in returns that are significantly different than the target return. The Fund’s returns over periods other than one day will likely differ in amount and possibly direction from the target return for the same period. These effects may be more pronounced due to the high volatility associated with this Fund’s benchmark. Investors should monitor their holdings as frequently as daily. Investors should consult the prospectus for further details on the calculation of the returns and the risks associated with investing in this product.

There is no guarantee the Fund will achieve its investment objective. This Fund may not be suitable for all investors.

Investing involves risk, including the possible loss of principal. The Fund is non-diversified and entails certain risks, including risk associated with the use of derivatives (e.g., futures contracts and similar instruments), imperfect benchmark correlation, leverage and market price variance, all of which can increase volatility and decrease performance. The Fund should lose money when the daily price of bitcoin futures rises. Please see the summary and full prospectus for a more complete description of risks.

Bitcoin and bitcoin futures are a relatively new asset class and the market for bitcoin is subject to rapid changes and uncertainty. Bitcoin and bitcoin futures are subject to unique and substantial risks, including significant price volatility and lack of liquidity. The value of an investment in the ETF could decline significantly and without warning, including to zero.

The ETF does not invest directly in or hold bitcoin. The price and performance of bitcoin futures should be expected to differ from the current “spot” prices of bitcoin (the prices of bitcoin that can be purchased immediately). These differences could be significant. Bitcoin futures are subject to margin requirements, collateral requirements and other limits that may prevent the ETF from achieving its objective. Margin requirements for futures and costs associated with rolling (buying and selling) futures may have a negative impact on the Fund's performance and its ability to achieve its investment objective.

Bitcoin is largely unregulated and bitcoin investments may be more susceptible to fraud and manipulation than more regulated investments. Bitcoin and bitcoin futures are subject to rapid price swings, including as a result of actions and statements by influencers and the media, changes in the supply of and demand for bitcoin and bitcoin futures contracts and other factors.

Carefully consider the investment objectives, risks, charges and expenses of ProShares before investing. This and other information can be found in the ETF’s summary and full prospectuses. Read them carefully before investing.

Shares of any ETF are generally bought and sold at market price (not NAV) and are not individually redeemed from the fund. Your brokerage commissions will reduce returns

“Bloomberg®” and the indices referenced herein (the “Indices”, and each such index, an “Index”) are trademarks or service marks of Bloomberg Finance L.P. and its affiliates, including Bloomberg Index Services Limited (“BISL”), the administrator of the Index (collectively, “Bloomberg”) and/or one or more third-party providers (each such provider, a “Third-Party Provider,”) and have been licensed for use for certain purposes to ProShare Advisors LLC (the “Licensee”). To the extent a Third-Party Provider contributes intellectual property in connection with the Index, such third- party products, company names and logos are trademarks or service marks, and remain the property, of such Third-Party Provider. Bloomberg is not affiliated with the Licensee or a Third-Party Provider, and Bloomberg does not approve, endorse, review, or recommend the financial products referenced herein (the “Financial Products”). Bloomberg does not guarantee the timeliness, accurateness, or completeness of any data or information relating to the Indices or the Financial Products.THESE ENTITIES AND THEIR AFFILIATES MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO PROSHARES.

ProShares are distributed by SEI Investments Distribution Co., which is not affiliated with the funds’ advisor or sponsor.

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