ProShares Goes Short On Ethereum With New ETF Launch
03 Novembro 2023 - 6:15AM
NEWSBTC
ProShares, one of the biggest issuers of exchange-traded funds
(ETFs), has added another Ethereum-related ETF to its growing
offerings 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 manager mentioned that
the ProShares Short Ether Strategy ETF trading under the ticker
‘SETH’ will provide an avenue for investors to profit from declines
in the price of the second largest cryptocurrency, Ether.
Related Reading: Shiba Inu Whales Are Moving SHIB Again, Bearish Or
Bullish? With the launch of this Ethereum investment vehicle, the
company believes that its clients have an opportunity to “profit
both on days when Ether increases and when it drops.” It is worth
mentioning that the asset manager was one of those who recently
launched their Ethereum futures ETF, offering investors the chance
to bet on the prices of the crypto token. The Asset manager
mentioned that the Short Ether Strategy ETF will be listed on the
New York Stock Exchange and will deliver the opposite of the daily
performance of the S&P CME Ether Futures Index. As to exposure,
SETH, like other ProShares crypto-related ETFs, will gain exposure
through Ether futures contracts. ETH price falls below $1,800
| Source: ETHUSD on Tradingview.com How ProShares Has Blazed The
Trail So Far ProShares is no newcomer when it comes to offering
crypto-related ETFs and can even be said to be a trailblazer in
that regard. The firm was the first to launch a Bitcoin futures ETF
and the first US Bitcoin-linked ETF (ProShares Bitcoin Strategy
ETF) back in 2021. It also launched the first US short
Bitcoin-Linked ETF (ProShares Short Bitcoin Strategy ETF) in June
2022. Similar to the SETH, the Short Bitcoin Strategy provides
investors an avenue to make profits off declines in the price of
the flagship cryptocurrency, Bitcoin. Related Reading:
Bitcoin Cash Rally Threatened As Exchange Drops BCH Following XRP
Listing Rumors ProShares has also enjoyed immense success in its
ventures thanks in a big way to the first-mover advantage by being
the first to launch funds. The ProShares Bitcoin Strategy ETF
(BITO) and the ProShares Short Bitcoin Strategy ETF (BITI) are
reported to be the two largest Bitcoin ETFs with $1.1 billion and
$80 million assets under management (AuM) respectively. Other
crypto-linked ETFs offered by the firm include ProShares Ether
Strategy ETF (EETH), which is said 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 both the performance of Bitcoin and
Ether. Considering how bullish the firm seems to be on
crypto-related ETFs, it is surprising that it isn’t part of the
asset managers that have filed to offer a Spot Bitcoin ETF.
Featured image from iStock, chart from Tradingview.com
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