ProShares, an asset management firm, has introduced the ProShares Short Ether Strategy ETF (SETH), offering investors a means to profit from declines in the price of ether.
According to Michael L. Sapir, CEO of ProShares, “SETH is designed to address the challenge of acquiring short exposure to ether, which can be onerous and expensive.” He further stated, “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 is distinct from sETH, a synthetic ether token enabled by the Synthetix protocol. It joins ProShares’ existing range of crypto-linked exchange-traded funds, including BITO, the first U.S. bitcoin-linked futures ETF launched in 2021, BITI, the first U.S. short bitcoin-linked ETF, and EETH, the first U.S. ETF investing in ether futures. ProShares also provides BETH and BETE, two futures ETF products that focus on the blended performance of bitcoin and ether, providing market cap-weighted and equal-weighted exposure, respectively.
SETH, listed on the New York Stock Exchange, aims to provide the inverse of the daily performance of the S&P CME Ether Futures Index. Like its counterparts in the ProShares suite, SETH achieves its exposure through ether futures contracts.
Although ether has not seen the same price rally as Bitcoin and other altcoins, with the second-largest cryptocurrency by market capitalization up approximately 10% over the last 30 days, it is currently trading at $1,825 according to CoinGecko data.