ProShares announces launch of short Ether-linked ETF

ProShares, a large issuer of exchange-traded funds (ETF), has officially announced the motorboat of the abbreviated Ether-linked ETF.

Incepted connected Nov. 2, ProShares’s caller Short Ether Strategy ETF is acceptable to commencement trading connected the New York Stock Exchange’s (NYSE) Arca nether the ticker awesome SETH. The caller crypto ETF is designed to supply investors with an accidental to nett from the volatility of the Ether price.

Similarly to different ProShares crypto-linked ETFs, SETH seeks to get vulnerability done Ether futures contracts, the announcement notes.

According to ProShares CEO Michael Sapir, SETH aims to code the situation of acquiring abbreviated vulnerability to ETH, “which tin beryllium onerous and expensive.”

“With today’s motorboat of SETH, ProShares present offers investors opportunities to nett some connected days erstwhile Ether increases and erstwhile it drops — each done the convenience of a accepted brokerage account,” the CEO noted.

Related: Spot ETF-induced Bitcoin rally isn’t guaranteed to stick: Analysts

SETH joins ProShares’ bid of different ETFs linked to cryptocurrencies similar Bitcoin (BTC) and Ether. In October 2021, ProShares launched its Bitcoin Strategy ETF (BITO), 1 of the archetypal Bitcoin-linked ETFs successful the United States. The steadfast subsequently launched the Short Bitcoin Strategy ETF (BITI) successful June 2022, aimed astatine shorting Bitcoin amid BTC dropping beneath $20,000.

Among different ProShares’ crypto ETFs are the ProShares Ether Strategy ETF (EETH), Bitcoin and Ether Market Cap Weight Strategy ETF (BETH) and Bitcoin & Ether Equal Weight Strategy ETF (BETE).

Magazine: How to support your crypto successful a volatile marketplace — Bitcoin OGs and experts measurement in