According to Cointelegraph, ProShares is preparing to launch its Short Ether Strategy ETF (SETH) after recently introducing a trio of Ethereum futures ETFs. The SETH fund is set to begin trading soon, following the debut of the initial Ethereum futures ETFs by about two weeks. The ETF, which will be listed on the NYSE Arca exchange, aims to achieve daily investment outcomes that mirror the inverse of the daily S&P CME Ether Futures Index performance, as indicated in a filing made on Friday, Oct. 13.

The fund does not engage in direct shorting of ether (ETH); instead, it seeks to capitalize on potential declines in the asset's value, as stated in the prospectus. On Friday, the price of ETH stood at approximately $1,540, reflecting a decrease of around 6% over the past week. ProShares expects the registration statement for SETH to become effective on Oct. 15 and plans to introduce the fund in early November, as reported by Blockworks.

The three existing ProShares ether futures funds, including two that invest in both ether and bitcoin futures contracts, debuted on Oct. 2 alongside similar products by VanEck and Bitwise. The US Securities and Exchange Commission approved ether futures ETFs two years after the introduction of the initial bitcoin futures ETF, the ProShares Bitcoin Strategy ETF (BITO), which entered the market in Oct. 2021. ProShares continued its release of bitcoin futures ETFs with the Short Bitcoin Strategy ETF (BITI) in June 2022. Currently, BITO has accumulated around $850 million in assets, while BITI has approximately $75 million.