ProShares is on the brink of launching its Short Ether Strategy ETF, following the green light given to the first-ever Ethereum futures ETFs.
ProShares recently unveiled a trio of Ethereum futures exchange-traded funds (ETFs), with their latest offering, the ProShares Short Ether Strategy ETF (SETH), poised to enter the market this November. Scheduled for listing on the NYSE Arca exchange, this ETF is designed to achieve daily investment outcomes that mirror the inverse performance of the daily S&P CME Ether Futures Index. This development comes in the wake of a filing made on Friday, October 13.
Unlike direct shorting of Ether, the fund aims to capitalize on price fluctuations. As of last Friday, the price of ETH hovered around $1,540, marking a decrease of approximately 6% over the past week.
ProShares is optimistic that the registration statement for the ETF will become effective on October 15, paving the way for the fund’s introduction early in November, as reported by Blockworks.
It’s worth noting that ProShares introduced three Ether futures funds previously, two of which invest in both Ether and Bitcoin futures contracts, alongside similar offerings from VanEck and Bitwise. Remarkably, the U.S. Securities and Exchange Commission greenlit Ether futures ETFs nearly two years after the debut of the first Bitcoin futures ETF, the ProShares Bitcoin Strategy ETF, which entered the market in October 2021.
The ProShares family has continued to expand its suite of Bitcoin futures ETFs, with the Short Bitcoin Strategy ETF launched in June 2022. Currently, the ProShares Bitcoin Strategy ETF boasts an impressive $850 million in assets, while the Short Bitcoin Strategy ETF stands at around $75 million in assets.
