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ProShares Goes Short On Ethereum With New ETF Launch
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ProShares Goes Short On Ethereum With New ETF Launch

Scott Matherson
Scott Matherson
1 year ago
3 mins read
Ethereum

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ProShares, one of the biggest issuers of exchange-traded funds (ETFs), has added another Ethereum-related ETF to its growing offerings following the launch of the “world’s first Short Ether-Linked ETF” on November 2. 

ProShares Short Ethereum Strategy ETF

In its announcement, the asset manager mentioned that the ProShares Short Ether Strategy ETF trading under the ticker ‘SETH’ will provide an avenue for investors to profit from declines in the price of the second largest cryptocurrency, Ether. 

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With the launch of this Ethereum investment vehicle, the company believes that its clients have an opportunity to “profit both on days when Ether increases and when it drops.” It is worth mentioning that the asset manager was one of those who recently launched their Ethereum futures ETF, offering investors the chance to bet on the prices of the crypto token.

The Asset manager mentioned that the Short Ether Strategy ETF will be listed on the New York Stock Exchange and will deliver the opposite of the daily performance of the S&P CME Ether Futures Index. As to exposure, SETH, like other ProShares crypto-related ETFs, will gain exposure through Ether futures contracts. 

Ethereum price chart from Tradingview.com

ETH price falls below $1,800 | Source: ETHUSD on Tradingview.com

How ProShares Has Blazed The Trail So Far

ProShares is no newcomer when it comes to offering crypto-related ETFs and can even be said to be a trailblazer in that regard. The firm was the first to launch a Bitcoin futures ETF and the first US Bitcoin-linked ETF (ProShares Bitcoin Strategy ETF) back in 2021. 

It also launched the first US short Bitcoin-Linked ETF (ProShares Short Bitcoin Strategy ETF) in June 2022. Similar to the SETH, the Short Bitcoin Strategy provides investors an avenue to make profits off declines in the price of the flagship cryptocurrency, Bitcoin. 

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ProShares has also enjoyed immense success in its ventures thanks in a big way to the first-mover advantage by being the first to launch funds. The ProShares Bitcoin Strategy ETF (BITO) and the ProShares Short Bitcoin Strategy ETF (BITI) are reported to be the two largest Bitcoin ETFs with $1.1 billion and $80 million assets under management (AuM) respectively. 

Other crypto-linked ETFs offered by the firm include ProShares Ether Strategy ETF (EETH), which is said to be “the first US ETF that targets the performance of Ether,” and the Bitcoin & Ether Market Cap Weight Strategy ETF and Bitcoin & Ether Equal Weight Strategy ETF which tracks both the performance of Bitcoin and Ether. 

Considering how bullish the firm seems to be on crypto-related ETFs, it is surprising that it isn’t part of the asset managers that have filed to offer a Spot Bitcoin ETF. 

Featured image from iStock, chart from Tradingview.com
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Scott Matherson
Scott Matherson

Scott Matherson

Scott Matherson is a prominent crypto writer at NewsBTC with a knack for capturing the pulse of the market, covering pivotal shifts, technological advancements, and regulatory changes with precision. Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers.

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Scott’s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott’s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life.

With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others.

Scott’s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott’s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry.

Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors.
In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else.

Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies.

Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.

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Reason to trust

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