ProShares is gearing up for the imminent launch of its innovative Short Ether Strategy ETF, marking a significant development in the world of cryptocurrency investment. This comes hot on the heels of the recent approval of the inaugural Ethereum futures ETFs, signaling a growing acceptance of digital assets in traditional financial markets.
In recent weeks, ProShares unveiled a trio of Ether futures exchange-traded funds (ETFs), but the spotlight now shines on their latest offering, the ProShares Short Ether Strategy ETF (SETH). Scheduled to commence trading in November, this ETF is destined for listing on the NYSE Arca exchange.
ProShares’ Short Ether Strategy ETF has a distinctive approach, as it aims to replicate the inverse performance of the daily S&P CME Ether Futures Index. However, it doesn’t directly short Ether; instead, it seeks to profit from downward price movements. As of Friday, October 13, the price of Ether (ETH) was approximately $1,540, reflecting a decline of about 6% over the past week.
The ETF’s registration statement is expected to become effective on October 15, with the fund’s official introduction slated for early November, according to information obtained by Blockworks.
Notably, this development follows the launch of three ProShares Ether futures funds on October 2, along with similar offerings from VanEck and Bitwise. The U.S. Securities and Exchange Commission’s approval of Ether futures ETFs comes nearly two years after the introduction of the first Bitcoin futures ETF, the ProShares Bitcoin Strategy ETF, which debuted in October 2021.
ProShares’ continued foray into Bitcoin futures ETFs, including the Short Bitcoin Strategy ETF in June 2022, underscores the growing interest in cryptocurrency investments. Currently, the ProShares Bitcoin Strategy ETF holds around $850 million in assets, while the Short Bitcoin Strategy ETF has amassed approximately $75 million in assets under management.