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ProShares is preparing to launch a distinctive product in the market. The company has recently introduced three Ethereum futures ETFs and is now set to unveil the ProShares Short Ether Strategy ETF (SETH).
This new ETF is expected to be launched in early November, shortly after the initial Ethereum futures ETFs were released.
ProShares Expands Its Crypto ETF Portfolio with SETH
As per a recent filing, SETH will be available on the NYSE Arca exchange. It is structured to provide daily investment outcomes that correspond with the inverse performance of the S&P CME Ether Futures Index.
It is important to highlight that SETH does not directly short Ethereum (ETH) but instead seeks to benefit from decreases in the asset’s value, as specified in the prospectus.
Bloomberg ETF analyst James Seyffart has indicated that ProShares expects the registration statement for SETH to be effective on Oct. 15, with the official launch of the ETF planned for early November.
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This initiative follows ProShares’ launch of three Ethereum futures funds earlier this month. Among these, two ETFs invest in both Ethereum and Bitcoin futures contracts. The trio of Ethereum ETFs was introduced on Oct. 2, joining similar offerings from VanEck and Bitwise in a rapidly growing market.
Significantly, the U.S. Securities and Exchange Commission’s approval of Ethereum futures ETFs came nearly two years after the debut of the first Bitcoin futures ETF, the ProShares Bitcoin Strategy ETF, which was launched in October 2021.
ProShares Explores the Crypto ETF Market
ProShares has been a pioneer in the cryptocurrency ETF sector, having previously launched Bitcoin futures ETFs, including the Short Bitcoin Strategy ETF, in June 2022. The ProShares Bitcoin Strategy ETF has garnered approximately $850 million in assets, while the Short Bitcoin Strategy ETF holds around $75 million in assets.
The increasing interest in cryptocurrency-based ETFs is apparent, with investment firms progressively aiming to leverage this trend. Following BlackRock’s filing for a Bitcoin ETF, many other firms have rallied to introduce their Bitcoin-related investment products. Currently, these firms are redirecting their attention to Ethereum, with a significant rise in interest in developing Ethereum ETFs.
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