ProShares, a serious issuer of exchange-traded funds (ETF), announced the launch of the short Ether-linked ETF on Nov. 2.
ProShares’s new Short Ether Strategy ETF is about to begin buying and selling on the New York Stock Exchange’s Arca beneath the ticker image SETH and is designed to supply buyers with a possibility to revenue from the volatility of Ether’s (ETH) worth.
Similar to different ProShares crypto-linked ETFs, SETH seeks to acquire publicity by way of Ether futures contracts, the announcement notes.
According to ProShares CEO Michael Sapir, SETH goals to handle the problem of buying short publicity to ETH, “which can be onerous and expensive.”
“With today’s launch of SETH, ProShares now offers investors opportunities to profit both on days when Ether increases and when it drops — all through the convenience of a traditional brokerage account,” the CEO famous.
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SETH joins ProShares’ sequence of different ETFs linked to cryptocurrencies like Bitcoin (BTC) and Ether. In October 2021, ProShares launched its Bitcoin Strategy ETF, one of the primary Bitcoin-linked ETFs within the United States. The agency subsequently launched the Short Bitcoin Strategy ETF in June 2022, aimed toward shorting Bitcoin following its drop under $20,000.
Other ProShares’ crypto ETFs embrace the ProShares Ether Strategy ETF, Bitcoin and Ether Market Cap Weight Strategy ETF and Bitcoin & Ether Equal Weight Strategy ETF.
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