ProShares has announced the launch of a short ether-linked ETF
ProShares, a major exchange-traded fund (ETF) issuer, has announced the launch of a short Ether-linked ETF on November 2.
ProShares' new Short Ether Strategy ETF is set to begin trading on the New York Stock Exchange under the ticker symbol SETH and is designed to give investors the opportunity to profit from Ether (ETH) price volatility.
Similar to ProShares' other crypto-linked ETFs, SETH seeks to gain exposure through Ether futures contracts, the announcement notes.
According to ProShares CEO Michael Sapir, SETH aims to solve the challenge of getting short exposure to ETH, which can be “difficult and expensive.”
“With today's launch of SETH, Proshares now offers investors opportunities when Ether rises and falls – all from the convenience of a traditional brokerage account,” said the CEO.
Related: Spot ETF-Induced Bitcoin Rally Not Guaranteed to Post: Analysts
SETH joins ProShares' other series of ETFs linked to cryptocurrencies such as Bitcoin (BTC) and Ether. In October 2021, ProShares launched the Bitcoin Strategy ETF, one of the first Bitcoin-linked ETFs in the United States. The company then launched a short bitcoin strategy ETF in June 2022 following bitcoin's fall below $20,000.
Other ProShares' crypto ETFs include the ProShares Ether Strategy ETF, the Bitcoin and Ether Market Cap Weight Strategy ETF, and the Bitcoin and Ether Equal Weight Strategy ETF.
Magazine: How to protect your crypto in a volatile market — Bitcoin OGs and experts weigh in.
