Hassan Maishera
TL;DR
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ProShares has launched a short Ether futures, targeting bearish traders.
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The asset management firm now has more than five ETFs for cryptocurrency traders.
ProShares Launches SETH for Bearish Traders
Asset manager ProShares has launched the ProShares Short Ether Strategy ETF (SETH). This product is designed for investors who are bearish on the price of Ethereum’s ether.
While commenting about this latest development, " ProShares CEO Michael L. Sapir said,
"SETH is designed to address the challenge of acquiring short exposure to ether, which can be onerous and expensive. 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.”
SETH has become the latest crypto-linked exchange-traded fund launched by ProShares. The asset management currently has a few crypto-focused ETFs, including BITO, the first U.S. bitcoin-linked futures ETF launched in 2021.
The other crypto-focused ETFs by ProShares include BITI, the first U.S. short bitcoin-linked ETF, EETH, the first U.S. ETF investing in ether futures, BETH and BETE, two futures ETF products focusing on the blended performance of bitcoin and ether.
SETH is listed on the New York Stock Exchange, and it seeks to deliver the inverse of the daily performance of the S&P CME Ether Futures Index.
Ether has underperformed recently compared to other major cryptocurrencies like Bitcoin and Solana. ETH continues to struggle to stay above the $1,800 mark and is up by less than 1% over the last seven days.
