ProShares' new Short Ether Strategy ETF will begin trading on the NYSE Arca under the ticker symbol SETH.
On November 2, ProShares, a major issuer of exchange-traded funds (ETF), announced the launch of the short Ether-linked ETF.
ProShares' new Short Ether Strategy ETF is set to begin trading on the New York Stock Exchange's Arca under the ticker symbol SETH and is designed to provide investors with an opportunity to profit from Ether's ETH volatility ETH $1,793 price.
SETH, like other ProShares crypto-linked ETFs, seeks exposure via Ether futures contracts, according to the announcement.
Michael Sapir, CEO of ProShares, says that SETH seeks to solve the difficulty of obtaining brief exposure to ETH, "which can be onerous and expensive."
"With today's SETH launch, ProShares now gives investors the chance to profit through the ease of a traditional brokerage account—on days when Ether increases and on days when it drops."
SETH now includes other ETFs from ProShares that are connected to cryptocurrencies such as Bitcoin BTC. BTC $34,457 and Ether. One of the first ETFs in the US linked to Bitcoin was ProShares' Bitcoin Strategy ETF, which debuted in October 2021. The company then introduced the Short Bitcoin Strategy ETF in June 2022 with the intention of shorting Bitcoin after it fell below $20,000.
The ProShares Ether Strategy ETF, Bitcoin and Ether Market Cap Weight Strategy ETF, and Bitcoin & Ether Equal Weight Strategy ETF are some of the other cryptocurrency ETFs offered by ProShares.
ProShares' announcement of the Short Ether-Linked ETF is a noteworthy development in the cryptocurrency investment space. It provides investors with a new avenue to manage their exposure to Ethereum and reflects the ongoing efforts to expand the range of crypto investment products. As the market continues to evolve and mature, investors are presented with a growing array of tools to navigate the digital asset landscape, and this latest offering adds to that diversity while also highlighting the importance of risk management in the volatile world of cryptocurrencies.