ProShares, a strategic investment fund management company, has announced the launch of a short Ether-linked #ETF .
The new ProShares ETF is set to trade on the New York Stock Exchange Arca (NYSE) under the ticker symbol SETH. This strategic fund is designed to offer investors an opportunity to profit from the volatility of #ETH.
Similar to other cryptocurrency-linked ETFs, SETH seeks market exposure through Ether futures contracts.
Michael Sapir, CEO of ProShares, stated that SETH addresses the challenges of short-term access to ETH, which can be difficult and costly for investors. #ProShares aims to provide profit opportunities even when Ether is rising or falling, through the convenience of traditional brokerage accounts.
ProShares announced this news as #ETH experienced a slight decline after a period of growth. At the end of "Optober," ETH was trading at $1,798, a 3.93% decrease over the past 24 hours. #BTC fell below $35,000 after reaching a new record on November 2. Currently, BTC is trading at $34,666, representing a 2.96% decrease.
SETH is the latest investment product to join ProShares' list of ETFs related to Bitcoin and Ether.
In October 2021, ProShares introduced a #Bitcoin Strategy ETF, one of the first Bitcoin-related ETFs in the United States. In June 2022, the company continued its expansion with a Short Bitcoin Strategy ETF, aiming to provide short-term investments in Bitcoin when prices drop below $20,000.
