# SETH (ProShares Short Ether ETF)

ProShares · Leveraged ETFs · data as of Sep 30, 2026

Three months to Sep 30, 2026: SETH returned −42.0% where its own daily promise gave −43.1%, 1.0 points over.

## Key facts

- SETH, what ETHA did: +65.0%, as of Sep 30, 2026.
- SETH, what −1 times a day gives: −43.1%, as of Sep 30, 2026.
- SETH, what the fund returned: −42.0%, as of Sep 30, 2026.
- SETH, the fund itself added: +1.0 pts, as of Sep 30, 2026.
- SETH, net assets: $9m (issuer page, as of Sep 30, 2026).
- SETH, expense ratio: 0.95% (485BPOS XBRL, Sep 25, 2026).

## SETH over each window to Sep 30, 2026

| Window | Fund | ETHA | -1x the move | Difference | ETHA moved about |
| --- | --- | --- | --- | --- | --- |
| 1 month | −7.9% | +7.5% | −7.5% | −0.4 pts | 46% |
| 3 months | −42.0% | +65.0% | −65.0% | +23.0 pts | 48% |
| 6 months | −27.0% | +24.5% | −24.5% | −2.5 pts | 51% |
| 1 year | +10.2% | −36.1% | +36.1% | −25.9 pts | 64% |
| Since launch | −46.1% | −23.3% | +23.3% | −69.4 pts | 70% |

## Every published field

| Field | Value | Source |
| --- | --- | --- |
| Sets out to return | -1 times the daily move of ETHA, reset daily | ETFIQ |
| Multiple a holder actually got over the window | -0.65 times, against -1 stated | ETFIQ |
| Underlying | ETHA | ETFIQ |
| Segment | asset class, crypto | ETFIQ |
| Net assets | $9m | issuer page, as of Sep 30, 2026 |
| Expense ratio | 0.95% | 485BPOS XBRL, Sep 25, 2026 |
| Launched | Nov 2, 2023 | ETFIQ |
| Underlying volatility over the window | 48% annualized | ETFIQ |

## Questions

### Did SETH return -1 times ETHA?

Over the window to Sep 30, 2026, ETHA moved +65.0% and SETH returned −42.0%. −1 times that move is −65.0%, so the fund came out 23.0 points ahead of it.

### Why does SETH not return -1 times over a year?

Because it resets daily. SETH aims at -1 times each day's move, and daily results compound. Over a run where the underlying falls and comes back, compounding a levered daily return leaves a holder behind what -1 times the period move would suggest; over a steady run in one direction it can leave them ahead. The longer the holding, and the more the underlying moves about, the further apart the two figures get.


## Cite this page

ETFIQ, SETH, data as of Sep 30, 2026. https://etfiq.com/funds/seth
Free to use with attribution; the underlying files are at https://etfiq.com/data/.

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