ProShares Launches SETH, a Short Ether-Linked ETF, on NYSE Arca
Summary:
ProShares, the exchange-traded funds (ETF) issuer, has launched its short Ether-linked ETF, known as SETH, on the New York Stock Exchange (NYSE). Similar to other ProShares’ crypto ETFs, SETH will garner exposure via Ether futures contracts; providing investors with opportunities to profit from Ether's price fluctuations. The introduction of SETH now extends investors' choices to gain both on days when Ether's value increases and when it drops. This news follows on from ProShares' launch of several other cryptocurrency related ETFs, including BITO, BITI, EETH, BETH and BETE.
The renowned exchange-traded funds (ETF) issuer, ProShares, has officially inaugurated its short Ether-linked ETF. The Short Ether Strategy ETF was established on November 2 and is set to commence trading on the Arca platform of the New York Stock Exchange (NYSE), trading under the moniker SETH. This new cryptocurrency ETF aims to extend opportunities to investors to take advantage of Ether's price fluctuations. Like other crypto-related ETFs by ProShares, SETH endeavors to gain exposure through Ether futures contracts, as mentioned in their announcement. ProShares CEO Michael Sapir has articulated that SETH is devised to solve the issue of gaining short exposure to ETH, which can often be burdensome and costly. He added that the advent of SETH allows investors to profit on the rise or fall of Ether, all within the convenience of a regular brokerage account. SETH adds to ProShares' roster of ETFs linked to digital currencies like Bitcoin and Ether. In October 2021, the firm launched the Bitcoin Strategy ETF (BITO), making it one of the inaugural Bitcoin-linked ETFs in America. Following this, in June 2022, the Short Bitcoin Strategy ETF (BITI) was unveiled, targeting shorting Bitcoin as BTC fell below $20,000. Other ETFs by ProShares include the ProShares Ether Strategy ETF (EETH), the Bitcoin and Ether Market Cap Weight Strategy ETF (BETH), and the Bitcoin & Ether Equal Weight Strategy ETF (BETE).
Published At
11/2/2023 1:06:16 PM
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