đ°ProShares launched the first ETF that allows investors to take a bearish view on ETH.
The ProShares Short Ether Strategy is designed to provide the inverse of the daily performance of the Standard & Poor's CME Ether Futures Index. In other words, if the index falls 1%, the ETF will attempt to return 1%.
Like other cryptocurrency ETFs, the new product is tied to ether futures contracts, not the token's spot price. The market is still waiting for the US Securities and Exchange Commission to give the green light to recognize a bitcoin ETF.
The first ether ETFs debuted as a group in early October, with Proshares launching three of the nine new vehicles. The ProShares Ether Strategy ETF only offers exposure to ether; the other two combine exposure to ether and bitcoin.
The debut was disappointing, especially when compared with the success of the ProShares Bitcoin Strategy ETF, which attracted about $1 billion in assets in its first few days of trading. In contrast, the largest new ether futures ETF has assets under $10 million .
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