In the grand theater of financial markets, where fortunes are made and lost with the capriciousness of a summer storm, the two most triumphant exchange-traded funds (ETFs) in the United States have emerged as unlikely heroes. Their secret? A leveraged bet against ether, a cryptocurrency that has stumbled and fallen like a drunkard on a cobblestone street.
Ethereum’s ether (ETH) has endured a year of relentless decline, plummeting nearly 51% since January. Yet, in this tale of woe, there are those who have found opportunity. The Proshares Ultrashort Ether ETF (ETHD), a vessel of high-risk ambition, has delivered a year-to-date return of almost 250%, a figure so staggering it might make even the most stoic investor weep with joy. According to Bloomberg ETF analyst Eric Balchunas, this is no mere fluke but the result of a strategy as cunning as it is ruthless.
ETHD, a member of the perilous class of leveraged ETFs, is designed to return double the inverse performance of Bloomberg’s Ethereum Index on a daily basis. This year, as ether has tumbled like a stone into a well, ETHD has soared, doubling the cryptocurrency’s misery. It is a dance of destruction, a waltz of wealth built on the ruins of another’s despair.
But wait, there is more. The T-REX 2X Inverse Ether Daily Target ETF, a sibling in strategy though not in name, has also reaped the rewards of ether’s downfall. With year-to-date returns of roughly 220%, it stands as the second-best performing ETF in the U.S. this year. Together, these funds have turned the act of shorting ETH into a veritable gold mine, a testament to the adage that in the world of finance, one man’s loss is another man’s gain.
“The best performing ETF this year is the -2x Ether ETF ETHD, up 247%,” Balchunas declared in a Friday post on X. “Number two is the other -2x Ether ETF,” he added, with a touch of grim humor. “Brutal.”
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2025-04-15 07:57