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In recent weeks, ProShares, which opened trading for three Ethereum (ETH) futures-based ETFs after receiving approval from the US Securities and Exchange Commission (SEC), is now preparing to introduce a unique exchange-traded fund for Ethereum. The unique Ethereum exchange-traded fund from ProShares is expected to start trading in November.
Short Ether Strategy ETF Could Launch in November
ProShares’ Short Ether Strategy ETF (SETH) is expected to be launched shortly after the release of the first Ethereum futures-based ETFs, which were launched approximately two weeks ago. Planned to be listed on the NYSE Arca exchange, SETH aims to achieve daily investment results that reflect the opposite performance of the S&P CME Ether Futures Index.
As stated in the prospectus, the exchange-traded fund does not aim to directly short ETH’s price; instead, it seeks to capitalize on potential declines in the asset’s value.
According to Blockworks, ProShares expects the registration statement for SETH to go into effect on October 15. With this projection, the exchange-traded fund is expected to start trading in early November.
Previously Launched Short Bitcoin Strategy ETF (BITI)
ProShares’ three Ethereum futures-based ETFs, along with similar exchange-traded products from VanEck and Bitwise (both investing in both ETH and BTC futures contracts), were launched on October 2.
The US Securities and Exchange Commission approved ProShares’ Ethereum futures-based ETFs two years after the launch of the first Bitcoin futures-based ETF, ProShares Bitcoin Strategy ETF (BITO), which started trading in October 2021.
After receiving approval from the SEC, ProShares launched various Bitcoin futures-based ETFs, including the Bitcoin version of the investment product, the Short Bitcoin Strategy ETF (BITI), which started trading in June 2022. Currently, BITO has approximately $850 million in assets under management, while BITI has approximately $75 million.
