SETH vs SVXY: Grades, Fees and Holdings Compared

ProShares Short Ether ETF

SETHCNYSE Arca

ProShares Short VIX Short-Term Futures ETF

SVXYBCboe

Overlap

40.3%by weight

Expense ratio

SETH0.95%SVXY0.95%

Avg volume · 30D

SVXY 55.6×the volume

SETH26.8KSVXY1.49M

SETH vs SVXY Performance

Oct 31, 2025 – Oct 30, 2026

+26.4%SETH+21.9%SVXY

Expense ratio: SETH 0.95%; SVXY 0.95%
Fund size: SETH $8M; SVXY $201M
1Y total return: SETH +26.4%, better; SVXY +21.9%
Yield (12M): SETH 27.56%; SVXY No data
Holdings: SETH 2; SVXY 1
Avg volume (30D): SETH 26.8K sh; SVXY 1.49M sh, better
NAV per share: SETH $36.06; SVXY $60.55
52W range

ETF.net Grade

Pillar letters and Scores for SETH, SVXY, with each pillar’s weight
Pillar	SETH	SVXY
Cost30% weight	C50	C50
Mission25% weight	Not scored	Not scored
Risk15% weight	C42	A75Higher
Tradability15% weight	A73	A84Higher
Holdings10% weight	Not scored	Not scored
Durability5% weight	C51	A76Higher

Rank among Leveraged Inverse (2x & Other) funds

How we build Categories ›

Same Category. SETH and SVXY are both graded against the same 53 Leveraged Inverse (2x & Other) funds, so their Grades compare head to head.

Leveraged Inverse (2x & Other)⁠

Category · 53 funds

See all 53 ›

SVXY ranks 1st and SETH 15th of 53 funds in the Leveraged Inverse (2x & Other) Category.

Rank 1BDOGProShares Short Dow30Score 65
Rank 1BSVXYProShares Short VIX Short-Term Futures ETFScore 65
Rank 3BPSQProShares Short QQQScore 64
Rank 15CSARKTradr 1X Short Innovation Daily ETFScore 53
Rank 15CSETHProShares Short Ether ETFScore 53
Rank 17CSBITProShares UltraShort Bitcoin ETFScore 52

Our read on each fund

ETF.net Research

SETHCProShares Short Ether ETF

SVXYBProShares Short VIX Short-Term Futures ETF

In short

SETH The world's first short ether ETF, listed in November 2023. It targets -1x ether's daily move through cash-settled CME futures rather than an actual short position. 0.95% net of a waiver through September 30, 2027.

SVXY Short volatility, half dose. SVXY targets one-half the inverse of a VIX short-term futures index each day, a deliberately de-tuned take on the short-vol trade, and it has run that mandate since 2011.

Stated mandate

SETH The fund seeks daily results, before fees and expenses, that correspond to the inverse (-1x) of the Bloomberg Ethereum Index.

SVXY SVXY seeks daily results equal to one-half the inverse of the S&P 500 VIX Short-Term Futures Index. Its objective is measured daily, so returns over longer periods can differ from the stated daily target.

Why people hold it

SETH ProShares got here first: SETH launched in November 2023 as the world's first short ether-linked ETF, and it still holds the -1x slot in the lineup.proshares.com
No margin account, no coin borrow: one-day inverse ether exposure in an ordinary brokerage account, built on cash-settled ether futures traded on CME.proshares.com proshares.com 2
Cost sits near the typical leveraged-and-inverse fund: 0.95% net of a waiver through September 30, 2027, against a 1.03% gross ratio.
Single-speed by design. Stablemate ETHD targets twice the inverse daily move at the same 0.95% (no waiver attached), so SETH is the gentler dial.proshares.com

SVXY The half-strength design is the whole idea: a -0.5x daily target rather than full inverse, so a jump in VIX futures lands with half the force of a one-for-one short.proshares.com
0.95% a year sits below the typical leveraged and inverse fund, and among that crowd this is one of the stronger implementations in its peer group.
Launched in 2011 and actively traded, so it has a long operating history and a working market for getting in and out.

Worth knowing

SETH Daily reset: over longer holds, compounding and ether's volatility can pull results away from -1x of the period's move.proshares.com
Futures-based, not spot: the shape of the ether futures curve and the cost of rolling contracts feed into what you actually get.proshares.com
A small fund that trades lightly, so spreads can run wider than on ProShares' heavily traded index shorts like PSQ or DOG.

SVXY The objective resets daily. Hold longer and compounding takes over, so results over weeks or months can look nothing like half the inverse of the index.proshares.com
It is a commodity pool holding VIX futures, not a basket of stocks. Reporting and tax treatment follow different rules than a standard equity ETF.proshares.com
Pure price vehicle with no distribution stream, and volatility spikes arrive fast, which is exactly what a short-vol position is on the wrong side of.

Full SETH profile⁠

Full SVXY profile⁠

SETH vs SVXY Holdings

How SETH and SVXY differ

Overlap by weight

40.3%

Shared holdings make up 100% of SVXY and 40.3% of SETH.

Level by level

Holdings0 in both40.3%
Asset classAlternatives100%

Sector

No Sector split for SETH and SVXY.

Country, concentration and asset class

Country by domicile

No country split for SETH and SVXY.

Concentration

Weight in the 10 largest Holdings

SETH100.0%
SVXY100.0%

Securities held

SETH1
SVXY0

Asset class

SETH: Alternatives
SVXY: Alternatives

Holdings

Only in SETH1
In both0
Only in SVXY0

Only in SETH

1 security, 59.7% of SETH by weight

TREASURY BILL, 0%, due 2026-11-0559.68%

Only in SVXY

0 securities, 0.0% of SVXY by weight

Weight gaps

SETH and SVXY share no securities.

All 3 SETH holdings⁠All 3 SVXY holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

SETH vs SVXY Cost

Same expense ratio

$17,869

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

SETH 0.95%
$17,869
SVXY 0.95%
$17,869

Amount$10,000

Years30 years

Cost over time

SETH 0.95%
SVXY 0.95%

Year by year

Year	SETH	SVXY
10	$1,678	$1,678
20	$6,322	$6,322
30	$17,869	$17,869

Expense ratio

0.95%SETH
0.95%SVXY

SETH0.95%SVXY0.95%

0.50%1.47%

Middle half of Leveraged Inverse (2x & Other) funds
Median 0.95%

SETH 6th cheapest of 53 funds

SVXY 6th cheapest of 53 funds

SETH vs SVXY Dividends

Last 12 months to Oct 30, 2026

Yield (12M): SETH 27.56%; SVXY No data
Payout (12M): SETH $9.93; SVXY None
Last payment: SETH $0.04; SVXY No data
Ex-dividend: SETH Oct 1, 2026; SVXY No data
Paid on: SETH Oct 7, 2026; SVXY No data
Frequency: SETH Monthly; SVXY No data

Distribution history

Per share, 2023 to 2026, same scale for both

SETHMonthly · 35 paymentsAll SETH payments⁠

SVXYAll SVXY payments⁠

No distribution history available.

SETH vs SVXY Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: SETH 66.6%since Dec 2023SVXY 26.5%
Return per unit of riskSharpe ratio, 3 years: SETH −0.29since Dec 2023SVXY 0.42
Worst fallMax drawdown, 5 years: SETH −80.7%since Nov 2023SVXY −46.4%
Market sensitivityBeta, 5 years: SETH −2.62SVXY 1.32; Market = 1

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