ProShares Launches First ETF to Target 2x Daily Bitcoin Returns
Apr 02, 2024
Also launches first ETF to target -2x daily bitcoin returns
BETHESDA, Md. — Today, ProShares, a premier provider of ETFs, is launching ProShares Ultra Bitcoin ETF (BITU), the first ETF to target 2x daily bitcoin returns. At the same time, ProShares is also launching ProShares UltraShort Bitcoin ETF (SBIT), the first ETF to target -2x daily bitcoin returns.
“BITU and SBIT are designed to address the challenge of acquiring leveraged or short exposure to bitcoin, which can be onerous and expensive,” said ProShares CEO Michael L. Sapir. “BITU offers investors the opportunity to pursue magnified bitcoin returns or target a level of exposure with less money at risk. SBIT allows investors to seek to profit when the price of bitcoin drops or hedge their bitcoin exposure.”
BITU and SBIT, listed on the New York Stock Exchange, are designed for investors who want to target leveraged or short bitcoin exposure with the accessibility, convenience and efficiency of an ETF.
ProShares is the world’s leader in geared (leveraged and inverse) ETFs. ProShares is also a leader in crypto-linked ETFs, having launched the first U.S. bitcoin-linked ETF (BITO) in October 2021. Since then, ProShares has launched the first U.S. short bitcoin-linked ETF (BITI), the first U.S. ETF that targets the performance of ether (EETH) and the first short ether-linked ETF (SETH), as well as ETFs targeting the combined performance of bitcoin and ether in equal weight (BETE) and market cap weight (BETH). These ETFs, including BITU and SBIT, do not invest directly in cryptocurrencies.
About ProShares
ProShares has been at the forefront of the ETF revolution since 2006. ProShares now offers one of the largest lineups of ETFs, with over $70 billion in assets. The company is a leader in strategies such as crypto-linked, dividend growth, interest rate hedged bond and geared (leveraged and inverse) ETF investing. ProShares continues to innovate with products that provide strategic and tactical opportunities for investors to manage risk and enhance returns.