ProShares, one of many greatest issuers of exchange-traded funds (ETFs), has added one other Ethereum-related ETF to its rising choices following the launch of the “world’s first Short Ether-Linked ETF” on November 2.
ProShares Short Ethereum Strategy ETF
In its announcement, the asset supervisor talked about that the ProShares Short Ether Strategy ETF buying and selling underneath the ticker ‘SETH’ will present an avenue for buyers to revenue from declines within the worth of the second largest cryptocurrency, Ether.
With the launch of this Ethereum funding automobile, the corporate believes that its shoppers have a chance to “profit both on days when Ether increases and when it drops.” It is price mentioning that the asset supervisor was a kind of who lately launched their Ethereum futures ETF, providing buyers the prospect to guess on the costs of the crypto token.
The Asset supervisor talked about that the Short Ether Strategy ETF will likely be listed on the New York Stock Exchange and can ship the alternative of the each day efficiency of the S&P CME Ether Futures Index. As to publicity, SETH, like different ProShares crypto-related ETFs, will achieve publicity by way of Ether futures contracts.
ETH worth falls under $1,800 | Source: ETHUSD on Tradingview.com
How ProShares Has Blazed The Trail So Far
ProShares is not any newcomer in terms of providing crypto-related ETFs and may even be mentioned to be a trailblazer in that regard. The agency was the first to launch a Bitcoin futures ETF and the primary US Bitcoin-linked ETF (ProShares Bitcoin Strategy ETF) again in 2021.
It additionally launched the first US quick Bitcoin-Linked ETF (ProShares Short Bitcoin Strategy ETF) in June 2022. Similar to the SETH, the Short Bitcoin Strategy supplies buyers an avenue to make income off declines within the worth of the flagship cryptocurrency, Bitcoin.
ProShares has additionally loved immense success in its ventures thanks in a giant option to the first-mover benefit by being the primary to launch funds. The ProShares Bitcoin Strategy ETF (BITO) and the ProShares Short Bitcoin Strategy ETF (BITI) are reported to be the 2 largest Bitcoin ETFs with $1.1 billion and $80 million property underneath administration (AuM) respectively.
Other crypto-linked ETFs supplied by the agency embody ProShares Ether Strategy ETF (EETH), which is alleged to be “the first US ETF that targets the performance of Ether,” and the Bitcoin & Ether Market Cap Weight Strategy ETF and Bitcoin & Ether Equal Weight Strategy ETF which tracks each the efficiency of Bitcoin and Ether.
Considering how bullish the agency appears to be on crypto-related ETFs, it’s shocking that it isn’t a part of the asset managers which have filed to supply a Spot Bitcoin ETF.
Featured picture from iStock, chart from Tradingview.com