ProShares is getting ready to launch a new kind of investment fund that deals with Ether, a type of cryptocurrency. It’s called the ProShares Short Ether Strategy ETF, and it will be available for trading soon. This comes after the approval of the first Ethereum futures ETFs.
ProShares has already introduced three other investment funds related to Ether in the past few weeks. The latest one, called SETH, is set to start trading in November on the NYSE Arca exchange. The goal of this fund is to achieve results that go in the opposite direction of the S&P CME Ether Futures Index on a daily basis.
It’s interesting to note that this fund doesn’t directly bet against Ether but aims to make money when the price of Ether goes down. As of last Friday, the price of Ether was around $1,540, which was a decrease of about 6% over the past week.
ProShares expects the fund to be approved and ready to go by October 15, with plans to launch it in early November. This follows the debut of three other ProShares Ether futures funds, including two that invest in both Ether and Bitcoin futures contracts, on October 2.
The U.S. Securities and Exchange Commission (SEC) approved Ether futures ETFs almost two years after the first Bitcoin futures ETF, which was the ProShares Bitcoin Strategy ETF launched in October 2021. ProShares also released the Short Bitcoin Strategy ETF in June 2022. Currently, the ProShares Bitcoin Strategy ETF has around $850 million in assets, while the Short Bitcoin Strategy ETF has about $75 million.