ProShares Ultra Ether ETF Down 61% YTD as VIX Surges 48.5%
ProShares Ultra Ether ETF has plunged 61% year-to-date and roughly 92% since its June 2024 launch due to a sustained Ethereum correction and leveraged volatility decay. A 48.5% weekly jump in the VIX, now near its 94.6th percentile, signals ongoing headwinds for leveraged Ether exposure.
1. ETHT Performance Overview
ProShares Ultra Ether ETF launched in June 2024 at $182.83 and has tumbled to $14.63, marking a 92% decline since inception and a 61% year-to-date loss as Ethereum slid from its late-2025 peak of $4,759 to about $2,013.
2. Macro Factor: VIX Spike
The CBOE Volatility Index climbed 48.5% in the past week to 29.49, landing in the 94.6th percentile of readings over the last year. Such elevated volatility readings have historically driven capital away from risk assets and intensified Ether corrections.
3. Volatility Decay and Daily Rebalancing
ETHT’s 2× daily leverage resets each trading session, which amplifies returns in trending markets but erodes value through volatility decay in choppy or sideways conditions. Recent swings between roughly $1,911 and $2,200 on Ethereum have accelerated slippage against the fund’s stated 2× objective.
4. Key Watchpoints for Investors
Investors should track the VIX’s move back below 20 as a signal of returning risk appetite and monitor Ethereum’s establishment of a clear directional trend. Sustained declines in market volatility and a trending Ether price would historically ease pressure on leveraged ETF performance.