ProShares, a prominent ETF producer, has announced the introduction of a short Ether-linked exchange-traded fund (ETF).
Short Ether Strategy Exchange Traded Fund (ETF) from ProShares is launching on NYSE Arca under the ticker code SETH on November 2. The purpose of the new cryptocurrency ETF is to provide investors exposure to the ups and downs of the Ether price.
Similarly to other ProShares crypto-linked ETFs, SETH attempts to get exposure via Ether futures contracts, the statement states.
According to Michael Sapir, CEO of ProShares, gaining short exposure to ETH “can be onerous and expensive.” SETH intends to remedy this problem.
With the introduction of SETH today, ProShares is providing investors with “opportunities to profit both on days when Ether rises and on days when Ether drops — all through the simple use of a traditional brokerage account,” as the company’s CEO put it.
The SETH exchange-traded fund is the latest in a line of cryptocurrency-related ETFs offered by ProShares. The first exchange-traded fund (ETF) tied to Bitcoin was introduced by ProShares in October 2021; it was called Bitcoin Strategy ETF (BITO). When Bitcoin’s price dropped below $20,000 in June 2022, the company established the Short Bitcoin Strategy ETF (BITI) to capitalize on the situation.
ProShares also offers the Bitcoin & Ether Equal Weight Strategy ETF (BETE) and the Bitcoin & Ether Market Cap Weight Strategy ETF (BETH).
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