After recently unveiling a trio of Ethereum futures ETFs, ProShares is getting ready to introduce its Short Ether Strategy ETF (SETH). The SETH fund is scheduled to start trading soon, roughly two weeks after the original Ethereum futures ETFs. According to a filing issued on Friday, October 13, the ETF, which will be traded on the NYSE Arca platform, aspires to attain daily investment results that mirror the opposite of the daily performance of the S&P CME Ether Futures Index.
According to the prospectus, the fund does not directly short ether (ETH); instead, it looks to profit from possible drops in the asset’s value. The price of ETH was approximately $1,540 on Friday, down almost 6% from the previous week. According to Blockworks, ProShares anticipates the registration statement for SETH to go into effect on October 15 and intends to launch the fund in early November.
The three current ProShares ether futures funds, two of which invest in ether and bitcoin futures contracts, made their debut on October 2 alongside related VanEck and Bitwise offerings. Two years after the launch of the first bitcoin futures ETF, the ProShares Bitcoin Strategy ETF (BITO), which hit the market in October 2021, the US Securities and Exchange Commission permitted ether futures ETFs. In June 2022, ProShares added the Short Bitcoin Strategy ETF (BITI) to their lineup of bitcoin futures ETFs. BITO currently has assets of about $850 million, whereas BITI has about $75 million.