ProShares announced the launch of the ProShares Short Ether Strategy ETF (NYSE Arca: SETH), the world’s first short ether-linked ETF. SETH provides investors with an opportunity to profit from declines in the price of ether.
SETH is designed to deliver the inverse (opposite) of the daily performance of the S&P CME Ether Futures Index. Like other ProShares crypto-linked ETFs, SETH seeks to obtain exposure through ether futures contracts.
“SETH is designed to address the challenge of acquiring short exposure to ether, which can be onerous and expensive,” said ProShares CEO Michael Sapir. “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.”
VettaFi’s Head of Research Todd Rosenbluth said: “While sentiment toward cryptocurrencies has improved in 2023, some investors have skepticism. This new ETF gives them an alternative to staying on the sidelines. ProShares has built a strong lineup of crypto-linked ETFs.”
A Growing Lineup of Crypto-Linked ETFs
SETH joins ProShares’ comprehensive lineup of crypto-linked ETFs. In 2021, the issuer launched the ProShares Bitcoin Strategy ETF (BITO), the first U.S. bitcoin-linked ETF. Then, in 2022, The firm introduced the ProShares Short Bitcoin Strategy ETF (BITI), the first U.S. short bitcoin-linked ETF.
In October, the firm launched three crypto ETFs. The ProShares Ether Strategy ETF (EETH) is a pure play on ether. Meanwhile, the ProShares Bitcoin & Ether Market Cap Weight Strategy ETF (BETH) and the ProShares Bitcoin & Ether Equal Weight Strategy ETF (BETE) use a mix of ether and bitcoin.
“They all use ether and bitcoin futures to target their performance,” said ProShares Head of Investment Strategy Simeon Hyman.
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