The ProShares Ultra Ether ETF (ETHT) seeks to provide 2x leveraged daily returns on Ether price through financial derivatives, raising significant Shariah compliance concerns due to elements of speculation (maysir) and uncertainty (gharar). Financial ratios indicate no debt or impermissible income based on available data, but the core business activity disqualifies it under major standards. Index exclusion across all major Shariah benchmarks confirms non-compliance, though the ETF's structure avoids traditional riba. Purification is not required due to zero non-compliant income, but investors should avoid due to qualitative issues. Overall, this report recommends non-investment for Shariah-conscious portfolios.