ProShares Short Bitcoin ETFBITI

ProShares’ BITI is an inverse Bitcoin ETF that resets daily to deliver the inverse of Bitcoin’s spot price, with a 1.0x multiplier and a 0.95% expense ratio. It does not hold Bitcoin directly; instead, it uses swap agreements and may invest in Bitcoin futures contracts, creating a chain of counterparty risk that most retail investors never see when they read the glossy product page. (source: ProShares | Exchange Traded Funds (ETFs) Investing, https://www.proshares.com/)

The fund’s mandate is simple: each day, BITI aims to deliver the opposite of Bitcoin’s percentage move. That sounds thrilling until you remember that daily resets turn compounding into a headwind and tracking error into a recurring guest. The issuer’s product matrix lets you sort concentrated and inverse funds by daily objective and asset class, but it does not disclose which swap counterparties are currently in the chain for BITI. (source: concentrated & Inverse ETFs - Explore Funds | ProShares, https://www.proshares.com/our-etfs/find-concentrated-and-inverse-etfs/?etftype=&strategy=Sector&benchmark=&product=Product+Overview+&search=)

On the SEC EDGAR filing, BITI is listed as a series of ProShares Trust, with a management fee of 0.95% per annum and no stated performance-based fee. The document confirms the fund’s daily reset mechanism but provides no revenue, income, or cash-flow figures, and no breakdown of swap counterparties or futures holdings. (source: SEC EDGAR fund search for BITI, https://www.sec.gov/edgar/search/#/q=BITI)

For live price, volume, and order-book context you can pull the Nasdaq page for BITI, which shows the current market activity and basic liquidity stats. The fund trades on an exchange like any other ETF, so intraday liquidity depends on market-makers and the willingness of the swap desk to warehouse the daily rebalancing risk. (source: Nasdaq BITI market activity page, https://www.nasdaq.com/market-activity/etf/biti)

The ProShares site also hosts category pages that highlight recent launches and thematic funds, but BITI sits in a quiet corner with sparse detail. The issuer’s banner imagery for newer launches like EQQQ dazzles by comparison, underscoring the gap between the marketing gloss and the sparse data behind inverse crypto wrappers. (source: ProShares | Exchange Traded Funds (ETFs) Investing, https://www.proshares.com/)

If you want to model the cost stack, FINRA’s Fund Analyzer can show the impact of the 0.95% fee on hypothetical holding periods, but it won’t tell you which bank is on the other side of the swap when Bitcoin gaps 10% overnight. That remains a black box inside the wrapper. (source: FINRA Fund Analyzer, https://tools.finra.org/fund_analyzer/)

For now, BITI is a daily inverse Bitcoin bet wrapped in an ETF structure, priced like a theme park ticket to a movie that never changes its ending. The evidence we have is thin on counterparty names and thick on management fees, which is exactly the distance between the polished pitch and the plain reality of inverse crypto exposure. (source: SEC EDGAR fund search for BITI, https://www.sec.gov/edgar/search/#/q=BITI; ProShares product page, https://www.proshares.com/our-etfs/find-concentrated-and-inverse-etfs/?etftype=&strategy=Sector&benchmark=&product=Product+Overview+&search=)