ProShares, a major issuer of exchange-traded funds (ETF), has officially announced the launch of the short Ether-linked ETF.
Incepted on Nov. 2, ProShares’s new Short Ether Strategy ETF is set to start trading on the New York Stock Exchange’s (NYSE) Arca under the ticker symbol SETH. The new crypto ETF is designed to provide investors with an opportunity to profit from the volatility of the Ether price.
Similarly to other ProShares crypto-linked ETFs, SETH seeks to obtain exposure through Ether futures contracts, the announcement notes.
According to ProShares CEO Michael Sapir, SETH aims to address the challenge of acquiring short exposure to ETH, “which can be onerous and expensive.”
“With today’s launch of SETH, ProShares now offers investors opportunities to profit both on days when Ether increases and when it drops — all through the convenience of a traditional brokerage account,” the CEO noted.
SETH joins ProShares’ series of other ETFs linked to cryptocurrencies like Bitcoin (BTC) and Ether. In October 2021, ProShares launched its Bitcoin Strategy ETF (BITO), one of the first Bitcoin-linked ETFs in the United States. The firm subsequently launched the Short Bitcoin Strategy ETF (BITI) in June 2022, aimed at shorting Bitcoin amid BTC dropping below $20,000.
Among other ProShares’ crypto ETFs are the ProShares Ether Strategy ETF (EETH), Bitcoin and Ether Market Cap Weight Strategy ETF (BETH) and Bitcoin & Ether Equal Weight Strategy ETF (BETE).