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ProShares Set to Launch ProShares Short Ether Strategy ETF (SETH) in November

ProShares plans to introduce a new Ether-focused ETF in November, adding to its growing crypto ETF lineup.

Mon, 16 Oct 2023, 08:13 am UTC

ProShares has rolled out a new addition to its exchange-traded fund (ETF) offerings. This time, they're focusing on Ether (ETH) with their soon-to-launch ProShares Short Ether Strategy ETF (SETH). This ETF, set to make its trading debut in November, will be listed on the NYSE Arca exchange.

Unlike traditional investment avenues, this particular ETF has its sights on the S&P CME Ether Futures Index. More specifically, it aims to reflect the opposite, or inverse, of the index's daily performance, as stated in the announcement from Friday, October 13.

It's worth noting that the fund won't be directly shorting Ether. Instead, it will leverage price declines to benefit its investors. As a point of reference, on the same Friday of the announcement, the price of ETH had seen a drop to around $1,520. This represents a slide of about 6% over the preceding week.

Official sources expect the registration statement for this ETF to be finalized by October 15. Following this, the actual introduction of the fund to the market is slated for the beginning of November. This was further confirmed by reports from Blockworks.

Adding to ProShares' portfolio are three other Ether futures funds, which made their first appearance on October 2. Among them, two funds also have investments in Bitcoin (BTC) futures contracts. It's interesting to observe that these product introductions came in tandem with similar launches from competitors like VanEck and Bitwise.

For some context, it was only in October 2021 that the U.S. Securities and Exchange Commission gave the green light for an Ether futures ETF. This decision followed almost two years after the inauguration of the Bitcoin futures ETF – the ProShares Bitcoin Strategy ETF.

Expanding its Bitcoin offerings, ProShares then unveiled the Short Bitcoin Strategy ETF in June of 2022. As it stands now, the ProShares Bitcoin Strategy ETF boasts a commendable sum of nearly $850 million in assets.

On the other hand, the Short Bitcoin Strategy ETF has garnered a respectable amount of close to $75 million.

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