48.5% VIX Jump Fuels 61% Year-to-Date Ether Leveraged ETF Drop
ProShares Ultra Ether ETF has plunged 61% year-to-date to $14.63, after sliding from its June 2024 inception level of $182.83. Ethereum’s price slump from $4,759 in late 2025 to $2,013 and a 48.5% weekly surge in the VIX to 29.49 exacerbate the fund’s volatility-decay losses.
1. Performance Decline Overview
ETHT launched in June 2024 at $182.83 and has tumbled to $14.63, reflecting a 61% year-to-date loss driven by both Ethereum’s downturn and leveraged compounding effects.
2. VIX Surge Impact
The VIX jumped 48.5% over the past week to 29.49, marking the 94.6th percentile of readings and signaling elevated market fear that typically drives capital away from cryptocurrencies.
3. Volatility Decay Mechanism
As a 2x daily leveraged product, ETHT resets its leverage each trading day, causing volatility decay that amplifies losses in choppy or sideways markets through compounded swings.
4. Outlook for Recovery
A sustained VIX retreat below 20 and a clear directional trend in Ethereum would historically reduce volatility decay and improve leveraged returns, while continued choppiness prolongs NAV erosion.