According to Cointelegraph, ProShares, a major issuer of exchange-traded funds (ETF), has officially launched the Short Ether Strategy ETF. Incepted on Nov. 2, the new ETF is set to start trading on the New York Stock Exchange's (NYSE) Arca under the ticker symbol SETH. The crypto ETF is designed to provide investors with an opportunity to profit from the volatility of the Ether price. SETH seeks to obtain exposure through Ether futures contracts, as noted in the announcement.
ProShares CEO Michael Sapir stated that SETH aims to address the challenge of acquiring short exposure to ETH, which can be onerous and expensive. He added, '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.' 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. Other ProShares' crypto ETFs include the ProShares Ether Strategy ETF (EETH), Bitcoin and Ether Market Cap Weight Strategy ETF (BETH), and Bitcoin & Ether Equal Weight Strategy ETF (BETE).
