Cointelegraph Team
Cointelegraph
ProShares, a major issuer of exchange-traded funds (ETF), announced the launch of the short Ether-linked ETF on Nov. 2.
ProShares’s new Short Ether Strategy ETF is set to start trading on the New York Stock Exchange’s Arca under the ticker symbol SETH and is designed to provide investors with an opportunity to profit from the volatility of Ether’s (ETH $1,811) price.
Similar to other ProShares crypto-linked ETFs, SETH seeks to obtain exposure through Ether futures contracts, the announcement notes.
According to ProShares CEO Michael Sapir, SETH aims to address the challenge of acquiring short exposure to ETH, “which can be onerous and expensive.”
“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,” the CEO noted.
SETH joins ProShares’ series of other ETFs linked to cryptocurrencies like Bitcoin (BTC $34,769) and Ether. In October 2021, ProShares launched its Bitcoin Strategy ETF, one of the first Bitcoin-linked ETFs in the United States. The firm subsequently launched the Short Bitcoin Strategy ETF in June 2022, aimed at shorting Bitcoin following its drop below $20,000.
Other ProShares’ crypto ETFs include the ProShares Ether Strategy ETF, Bitcoin and Ether Market Cap Weight Strategy ETF and Bitcoin & Ether Equal Weight Strategy ETF.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.
Recommended Content
Editors’ Picks
VanEck sees Bitcoin reaching $61 trillion market cap, Marathon buys $100 million BTC
Bitcoin declined by 1% on Thursday following asset manager VanEck's forecast that the top digital asset will reach a $61 trillion market capitalization by 2050.
Ethereum Classic price sets for a rally following retest of key support
ETC edges higher by 2.3% and trades around $22.60 at the time of writing on Friday after testing a key support area the day before. On-chain data showing increased account growth suggests a bullish move ahead. Ethereum Classic price faced rejection by the daily resistance level of $25.13 earlier this week.
Celebrity meme coins lose their shine
Celebrity meme coins report by Jupiter Slorg on Thursday shows that these tokens have been in deep waters since early July after experiencing heavy growth in June. In a recent analysis, Jupiter Slorg revealed that celebrity meme coins are down by an average of 94% from their all-time highs.
Ripple gains 5%, Mark Cuban says Kamala Harris’ nomination could affect SEC lawsuit
Ripple (XRP) made a comeback above key psychological resistance early on Wednesday. Crypto traders are optimistic after the Ethereum Exchange Traded Fund (ETF) launch. Entrepreneur and investor Mark Cuban recently shared his comments on how Kamala Harris’ nomination to the Presidential elections could influence crypto regulation.
Bitcoin: Will BTC manage to recover from recent market turmoil?
Bitcoin recovers to $67,000 on Friday after finding support around $63,500 a day before. Still, BTC losses over 1.50% on the week as Mt. Gox persists in transferring Bitcoin to exchanges.