ProShares - Bitcoin & Ether Market Cap Weight ETF
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- ProShares Bitcoin & Ether Market Cap Weight ETF (BETH) is an actively managed exchange-traded fund that seeks to provide investment results corresponding to a market-capitalization weighted basket of bitcoin and ether through investments in futures contracts rather than direct holdings of the underlying cryptocurrencies; it offers monthly distributions and operates with a net expense ratio of 0.95% under a contractual waiver through September 30, 2026. The fund invests primarily in front-month CME bitcoin and ether futures contracts via a wholly-owned Cayman Islands subsidiary, with current holdings including CME Bitcoin Futures (approximately 84% weight) and CME Ether Futures (approximately 16% weight), alongside cash equivalents such as Treasury bills; it trades on NYSE Arca under ticker BETH (CUSIP 74349Y308) with intraday indicative value BETH.IV. Launched on October 2, 2023, BETH provides investors convenient access to crypto exposure through standard brokerage accounts without the need for cryptocurrency wallets or exchanges, while benefiting from Investment Company Act protections absent in spot bitcoin or ether ETFs. ProShares Bitcoin & Ether Market Cap Weight ETF is issued by ProShares Trust and managed by ProShare Advisors LLC, a Bethesda, Maryland-based firm founded in 1999 that oversees more than $95 billion in assets across over 150 ETFs, including the largest lineup of crypto-linked products in the U.S. targeting bitcoin, ether, Solana, and XRP strategies. The ETF targets institutional and retail investors seeking diversified cryptocurrency exposure amid growing demand for regulated futures-based products, with geographic operations centered in the United States and principal trading on NYSE Arca. In recent developments, ProShares has expanded its crypto ETF offerings with launches including Ultra Solana ETF (SLON) and Ultra XRP ETF (UXRP) in July 2025, alongside single-stock leveraged ETFs targeting 2x daily returns of Coinbase, Nvidia, Palantir, Tesla, and Circle Internet Financial; the firm strengthened distribution in September 2025 by hiring three regional vice presidents and announced ETF share splits across 22 funds in November 2025. BETH itself has maintained stable operations with ongoing monthly distributions, such as $2.578648 per share declared recently, and continues to reflect market cap weighting adjustments based on bitcoin and ether dominance amid heightened institutional interest in Ethereum's deflationary dynamics. ProShares relocated to a new 54,000 sq. ft. headquarters in Bethesda, Maryland, underscoring its growth trajectory with assets more than doubling in recent years.