ProShares Introduces Short Ether Strategy ETF
ProShares has recently launched a series of Ethereum futures exchange-traded funds (ETFs), and now the company is preparing to offer a unique product. The Short Ether Strategy ETF (SETH) is set to begin trading soon, following the introduction of the initial Ethereum futures ETFs by approximately two weeks.
What is SETH?
SETH is scheduled to be listed on the NYSE Arca exchange and aims to achieve daily investment outcomes that mirror the inverse performance of the daily S&P CME Ether Futures Index. However, it does not directly short ether (ETH). Instead, it seeks to capitalize on potential declines in the asset’s value.
Launching Date and Price
The registration statement for SETH is expected to become effective on October 15, with plans to introduce the fund in early November. As of Friday, October 13, the price of ETH was approximately $1,540, reflecting a decrease of about 6% over the past week.
Existing ProShares Ether Futures Funds
The three existing ProShares ether futures funds debuted on October 2, along with similar offerings from VanEck and Bitwise. These funds include two that invest in both ether and bitcoin futures contracts.
Approval by US Securities and Exchange Commission
The US Securities and Exchange Commission approved ether futures ETFs two years after the introduction of the first bitcoin futures ETF, ProShares Bitcoin Strategy ETF (BITO), which entered the market in October 2021.
The Success of ProShares Bitcoin Futures ETFs
ProShares has also released bitcoin futures ETFs, including the Short Bitcoin Strategy ETF (BITI) in June 2022. Currently, BITO has amassed around $850 million in assets, while BITI has approximately $75 million.
Hot Take: ProShares Expands its Crypto ETF Offerings
ProShares continues to expand its cryptocurrency ETF offerings with the introduction of the Short Ether Strategy ETF (SETH). This new fund aims to provide investors with a way to profit from potential declines in the value of ether without engaging in direct shorting. With the approval of ether futures ETFs by the US Securities and Exchange Commission, ProShares is building on its success in the crypto market, which includes the popular ProShares Bitcoin Strategy ETF (BITO) and Short Bitcoin Strategy ETF (BITI). The launch of SETH further solidifies ProShares’ position as a leading provider of cryptocurrency investment products.
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