The ProShares UltraShort Ether ETF (ETHD) has emerged as the top-performing exchange-traded fund (ETF) in 2025, boasting a year-to-date gain of 247%. This -2x inverse ETF is designed to deliver twice the inverse of Ethereum's daily performance. Following ETHD, another -2x Ether ETF ranks second, while the 2x VIX ETF, $UVIX, comes in third. The surge in performance for these inverse Ethereum ETFs has been attributed to the decline in Ethereum's value, leading to increased interest in shorting the cryptocurrency. Analysts have noted that the BTC spot ETF remains the most successful ETF in history, but the ETHD has carved out its own niche in the market with impressive returns.