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ProShares launched three ether futures ETFs earlier this month. Now, the firm is preparing to offer something a bit different.\u00a0<\/p>\n
The fund group\u2019s Short Ether Strategy ETF (SETH) appears set to start trading in the coming days, about two weeks after the first ether futures ETFs arrived on the market.<\/p>\n
To be listed on the NYSE Arca exchange, SETH seeks daily investment results that correspond to the inverse of the daily performance of the S&P CME Ether Futures Index, according to a Friday filing<\/a>.\u00a0<\/p>\n The fund does not directly short ether (ETH<\/a>). Instead, it aims to benefit from decreases in the asset\u2019s price, the prospectus notes.<\/p>\n The price of ETH was about $1,540 at 4 pm ET on Friday \u2014 down roughly 6% from seven days ago.\u00a0\u00a0<\/p>\n ProShares<\/a> expects the registration statement for SETH \u201cto go effective\u201d on Oct. 15 and intends to launch the fund in early November, a spokesperson told Blockworks.<\/p>\n The three existing ProShares ether futures funds \u2014 including two that invest in both ether and bitcoin futures contracts \u2014 debuted on Oct. 2<\/a> alongside similar products by VanEck and Bitwise.<\/p>\n Read more: <\/strong>Underwhelming: week-one demand stays soft for ETH futures ETFs<\/a>\u00a0<\/p>\n The US Securities and Exchange Commission greenlit ether futures ETFs<\/a> two years after the first bitcoin futures ETF \u2014 the ProShares Bitcoin Strategy ETF (BITO) \u2014 came to market in October 2021.\u00a0<\/p>\n ProShares followed up its bitcoin futures ETF launch with that of its Short Bitcoin Strategy ETF (BITI) in June 2022. BITO and BITI have about $850 million and $75 million in assets, respectively.<\/p>\n Don\u2019t miss the next big story \u2013 join our\u00a0free daily newsletter<\/a>.<\/strong><\/p>\n
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