ProSharesone of the largest issuers of exchange-traded funds (ETFs), has added another ethereum-futures-etf/” rel=”nofollow”>ethereum-related ETF to its growing offerings following the launch of the “world’s first short Ether-linked ETF” on November 2.
ProShares ethereum Short Strategy ETF
In its advertisementThe asset manager mentioned that the ProShares Short Ether Strategy ETF trading under the symbol ‘SETH’ will provide an avenue for investors to profit from drops in the price of the the second largest cryptocurrency, Ether.
With the bitcoin-etf-approval-end-month/” rel=”nofollow”>launch From this ethereum investment vehicle, the company believes that its clients have the opportunity to “make profits on both the days when Ether rises and the days it falls.” It is worth mentioning that the asset manager was one of those who recently eth-futures-etf-debut-how-the-1st-day-played-out/” rel=”nofollow”>launched its ethereum futures ETFoffering investors the ability to bet on crypto token prices.
The asset manager mentioned that the Short Ether Strategy ETF will be listed on the New York Stock Exchange and will offer the opposite daily performance of the S&P CME Ether Futures Index. As for exposure, SETH, like other ProShares cryptocurrency-related ETFs, will gain exposure through Ether futures contracts.
<img decoding="async" class="aligncenter size-medium" src="https://technicalterrence.com/wp-content/uploads/2023/11/ProShares-Goes-Short-on-Ethereum-with-New-ETF-Launch" alt="Tradingview.com ethereum Price Chart” width=”2650″ height=”1758″ loading=”lazy”/>
eth price falls below $1,800 | Source: ETHUSD on Tradingview.com
How ProShares has led the way so far
ProShares is no newcomer when it comes to offering cryptocurrency-related ETFs and can even be said to be a pioneer in that regard. The signature was first to launch a bitcoin futures ETF and the first US bitcoin-linked ETF (ProShares bitcoin Strategy ETF) in 2021.
He also launched the bitcoin-fund/” rel=”nofollow”>first US short ETF linked to bitcoin (ProShares Short bitcoin Strategy ETF) in June 2022. Like SETH, the Short bitcoin Strategy offers investors an avenue to profit bitcoin-futures-cme-q3-breaks-all-time-highs/” rel=”nofollow”>price drops of the flagship cryptocurrency, bitcoin.
ProShares has also enjoyed immense success in its ventures thanks largely to its first-mover advantage. The ProShares bitcoin Strategy ETF (BITO) and the ProShares Short bitcoin Strategy ETF (BITI) are bitcoin-etfs/” rel=”nofollow”>reported They are the two largest bitcoin ETFs with $1.1 billion and $80 million in assets under management (AuM), respectively.
Other crypto-linked ETFs offered by the company include the ProShares Ether Strategy ETF (EETH), which is said to be “the first US ETF targeting Ether performance,” and the bitcoin & Ether Market Cap Weight Strategy ETF and bitcoin & Ether. Equal Weight Strategy ETF that tracks both the performance of bitcoin-and-ether-etf/” rel=”nofollow”>bitcoin and ether.
Considering how bullish the company appears to be on cryptocurrency-related ETFs, it’s surprising that it isn’t among the asset managers that have come forward to offer a bitcoin Spot ETF.
Featured image from iStock, chart from Tradingview.com
