On November 2, ProShares, a prominent provider of exchange-traded funds (ETFs), unveiled its new ETF linked to short positions in Ether. This fund, dubbed the Short Ether Strategy ETF, is scheduled to begin trading on the Arca platform of the New York Stock Exchange under the ticker “SETH.” It is engineered to allow investors to potentially capitalize on the downward movements in the price of Ether, which is currently valued at $1,794.
The Short Ether Strategy ETF by ProShares operates similarly to its other cryptocurrency-related ETFs, aiming to achieve its investment objectives through the use of Ether futures contracts, as highlighted in the press release.
Michael Sapir, CEO of ProShares, pointed out that SETH is designed to simplify the process for investors looking to take a short position on ETH, a strategy which he described as typically burdensome and costly.
Sapir expressed that with the introduction of SETH, ProShares expands its offerings, enabling investors to potentially gain not just when Ether’s value climbs, but also when it declines, using the familiar framework of a conventional brokerage account.
SETH joins ProShares’ suite of ETFs that track cryptocurrencies, including Bitcoin, with a price currently at $34,495, and Ether. Previously, in October 2021, ProShares launched one of the pioneering Bitcoin-linked ETFs in the U.S., the Bitcoin Strategy ETF. This was followed by the debut of the Short Bitcoin Strategy ETF in June 2022, targeting investors looking to short Bitcoin after it fell below the $20,000 mark.
ProShares’ array of cryptocurrency ETFs also comprises the ProShares Ether Strategy ETF, the Bitcoin and Ether Market Cap Weight Strategy ETF, and the Bitcoin & Ether Equal Weight Strategy ETF.
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