Stock fact sheet · data as of
ProShares - Ultra Ether ETF (ETHT): fair value, margin of safety and Wheel Score
Ticker symbol ETHT · Financial Services · Asset Management - Leveraged · United States · Fund / Note
Is ETHT undervalued?
ETHT closed at 15.29 on 5 Nov 2026, more than 30% above the GLS average fair value of 1.78. Only 0 of the 2 models that produced a value sit above the price. By our models the shares are priced well beyond what the filed earnings, cash flow and book value support; the "below fair value" Wheel Trade Filter keeps names like this under 70.
The average is built from just 2 models (DCF, DDM) - the rest returned nothing because an input they need (dividends, free cash flow, book value) is zero or negative - so treat it with more caution than usual.
ETHT looks like a fund, note or preferred share rather than an operating company, so the nightly engine files it under Fund / Note: the valuation models are not built for it, and its Wheel Score is capped at 45.
Nine valuation models for ETHT
Each model turns the latest filed numbers into a value per share; the GLS fair value is the simple average of the ones that produce a positive number. The last two rows are shown for reference and never enter the average. The Quote page lets you switch any model off and add your own margin of safety.
| Model | Value | vs price | What it measures |
|---|---|---|---|
| DCF | 0.1244 | -99% | Present value of the projected free cash flows, discounted at the cost of capital |
| Graham Number | - | - | The most a defensive investor pays for the earnings and book value per share; no value tonight |
| Graham Growth | - | - | Graham's growth formula: EPS × (8.5 + 2 × growth), adjusted for bond yields; no value tonight |
| Lynch | - | - | EPS × the earnings growth rate (PEG of 1), growth capped at 25%; no value tonight |
| GLS Growth | - | - | EPS compounded ten years at the blended growth rate, discounted back at 15% a year; no value tonight |
| 10 Cap | - | - | Owner's earnings (operating cash flow less maintenance capex) capitalised at 10%; no value tonight |
| Payback Time | - | - | Eight years of compounded free cash flow: the price at which the business pays for itself; no value tonight |
| DDM | 3.43 | -78% | Dividend discount model: next year's dividend ÷ (10% − 3% growth); needs a dividend |
| EPV | - | - | Earnings power value: current EPS capitalised at 9% with no growth; no value tonight |
| Zombie (liquidation) | 1.64 | -89% | Current assets less all liabilities, per share: the balance-sheet floor. Not in the average |
| Wall St target | 0.0000 | -100% | Analysts' average 12-month price target. Not in the average |
Quality and financial health
ProShares - Ultra Ether ETF scores only 3 of 9 on the Piotroski F-score, which fails the "Piotroski 6 or more" Wheel Trade Filter. A reading this low means several of the basic tests - positive earnings, positive operating cash flow, falling debt, no new share issuance - are not met. There is no GLS Moat score for ETHT: funds, notes and second share lines get none, and so does a company with fewer than two years of accounts on file. The Moat part of the Wheel Score is zero.
Returns on capital are thin or negative - ROIC -27.6%, ROE -27.6%, ROA -27.0% - with debt at 0.00 times equity and negative free cash flow.
The dividend yield is 1.52% at a payout ratio of 0%; for a wheel trader holding assigned shares the dividend adds to the covered-call premium, and the ex-dividend date is worth knowing before a call is sold.
Institutional ownership scores 1/10, insider activity 5/10 and Congressional trading 5/10 on the GLS smart-money scales.
| Piotroski F-score | 3 / 9 | ROIC | -27.6% |
|---|---|---|---|
| GLS Moat | - / 10 | ROE | -27.6% |
| Debt / equity | 0.00 | ROA | -27.0% |
| Free-cash-flow yield | -2.9% | Payout ratio | 0% |
| Institutions | 1 / 10 | Insiders · Congress | 5 · 5 / 10 |
Wheel Score 10: Weak
With a Wheel Score of 10 ProShares - Ultra Ether ETF sits in the Weak band. It fails filter 2, a real business, not a gamble - a fund or note, not a company; and filter 3, below fair value - trades 761% above our fair value; and filter 4, financially healthy - Piotroski 3/9 (under 6); and filter 7, a premium worth selling - implied volatility 106% (over 80%); and filter 8, big enough - market cap $112M (under $1.0B); Value (weak) is its weakest part.
Implied volatility is 106%, above the 80% ceiling of the Wheel Trade Filter on premium. The premium looks generous, but moves of that size can blow through any strike. Chain open interest is 2,180 contracts across all expiries - enough for the wheel at normal size.
Volume runs at 1.6M shares a day on a market cap of $112M, with a beta of 5.41 - a high beta, so the stock tends to move more than the market and a strike can be gapped through; the Stability part of the Wheel Score rates that weak.
| Filter | Wheel Trade Filter | Result | Detail |
|---|---|---|---|
| 1 | Options that actually trade | Passes | Listed options with 1,000+ contracts of open interest and 100+ traded a day |
| 2 | A real business, not a gamble | Fails | a fund or note, not a company |
| 3 | Below fair value | Fails | trades 761% above our fair value |
| 4 | Financially healthy | Fails | Piotroski 3/9 (under 6) |
| 5 | Can repay its debt | Passes | Long-term debt repaid from 3 years of operating cash flow or less (6 for real estate and utilities; banks and insurers are not judged on it) |
| 6 | No serious red flags | Passes | Red Flags score 60 or more out of 100 (earnings, margins, debt, analysts, filings and price checked the same way for every stock) |
| 7 | A premium worth selling | Fails | implied volatility 106% (over 80%) |
| 8 | Big enough | Fails | market cap $112M (under $1.0B) |
| 9 | Not a penny stock | Passes | Share price $5 or more |
| How it ranks | Rating | From | |
|---|---|---|---|
| Value | Weak | 761% above fair value | |
| Premium | Weak | implied volatility 106% | |
| Moat | Weak | no moat score | |
| Health | Weak | Piotroski 3/9 | |
| Red Flags | Fair | Red Flags score 75/100 | |
| Option trading | Weak | 298 contracts a day, 2,180 open interest | |
| Stability | Weak | beta 5.41, $112M company |
The Wheel Score ranks ~7,400 US stocks for selling cash-secured puts and covered calls: a stock must pass all 9 Wheel Trade Filters to score 70, and the score then ranks the ones that pass; the Sunday Scan is the top 10. It is updated nightly and is not a recommendation. How the Wheel Score works · the walkthrough lesson shows how it fits into a trade, start to finish.
Upcoming events
No upcoming earnings date is recorded for ETHT in the nightly calendar.
Earnings, dividend, IPO, split and economic calendars for the whole market, filterable to your watchlists.
Similar stocks in Asset Management - Leveraged
The 9 companies below are the closest to ProShares - Ultra Ether ETF by market cap within the Asset Management - Leveraged industry, each with its own fact sheet; the Compare page puts up to eight of them side by side.
| Stock | Close | Fair value | MoS | Wheel | Mkt cap |
|---|---|---|---|---|---|
| BPLSX Boston Partners Long/Short Equity Fund | 18.83 | 16.97 | -11% | 13No options | $137M |
| MSTX Daily Target 2X Long MSTR ETF | 14.64 | - | - | 10Weak | $46M |
| SDS ProShares - UltraShort S&P500 | 54.28 | 41.68 | -30% | 25Weak | $281M |
| EXMAX Eaton Vance Short Duration Muni Opps A | 9.82 | 4.64 | -112% | 14No options | $807M |
| XOMX Direxion Daily XOM Bull 2X ETF | 50.88 | 77.17 | +34% | 26No options | $5M |
| CONX Direxion Daily COIN Bull 2X ETF | 4.35 | 62.46 | +93% | 21No options | $3M |
| ASBFX American Funds Short-Term Bond Fund of America;F1 | 9.41 | 54.41 | +83% | 27No options | $12.9B |
| MPG Leverage Shares 2x Long MP Daily ETF | 2.02 | 24.35 | +92% | 24Weak | $657K |
| USX Corgi Total U.S. Market 2x Daily ETF | 23.71 | - | - | 10No options | $474K |
⚖ Compare ETHT with 7 of them All Financial Services stocks →
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Start free See the Sunday ScanQuestions about ETHT
Is ETHT undervalued right now?
No: at 15.29 the stock trades 761% above the GLS average fair value of 1.78 (data as of 5 Nov 2026), well beyond what trailing earnings, cash flow and book value support.
What is the Wheel Score of ETHT and what does it mean?
ETHT scores 10 out of 100 (Weak) - it fails Wheel Trade Filters 2, 3, 4, 7, 8. The Wheel Score ranks stocks for the wheel strategy - selling cash-secured puts, then covered calls if assigned - in two parts: the 9 pass/fail Wheel Trade Filters (busy options, a real business, below fair value, Piotroski 6 or more, debt it can repay, a Red Flags score of 60 or more, implied volatility of 25-80%, a $1 billion company, $5 a share) and a ranking of how strongly a stock passes on value, premium, moat, health, red flags, option trading and stability. A stock that fails any filter stays under 70; 70-84 is Good, 85 and above is Prime. The Sunday Scan is the top 10 that pass, sorted by Wheel Score.
What is the GLS fair value for ETHT?
1.78 per share as of 5 Nov 2026 - the simple average of the 2 valuation models (out of nine: DCF, Graham Number, Graham Growth, Lynch, GLS Growth, 10 Cap, Payback Time, DDM and EPV) that produced a positive value. The models run every night on the latest filings; the Quote page lets you switch any of them off and add a margin of safety of your own.
When does ProShares - Ultra Ether ETF report earnings next?
No upcoming earnings date is recorded for ETHT in our calendar as of 5 Nov 2026; the Calendars page is refreshed every morning.
Does ETHT have listed options, and how liquid are they?
Yes. The nightly snapshot found 44 listed contracts with 2,180 open interest across all expiries and implied volatility of 106% on the near-the-money contracts. The Options scanner lists the cash-secured put and covered call set-ups with premium and annualised yield worked out.