Digital Assets: ProShares Files For Short Ether ETF
After recently expanding its exchange-traded fund (ETF) offerings by introducing three ether futures ETFs, ProShares is now gearing up to present an innovative product in the form of the Short Ether Strategy ETF (SETH). The new ETF is expected to hit the market shortly, approximately two weeks after the debut of the initial ether futures ETFs. The registration filing was submitted to the U.S. Securities and Exchange Commission on October 13.
SETH is poised to be listed on the NYSE Arca exchange, with its primary objective being to achieve daily investment results inversely correlated to the daily performance of the S&P CME Ether Futures Index.
It is important to note that the fund doesn’t directly short ether (ETH). Instead, it seeks to capitalize on declines in the asset’s price, as specified in the prospectus.
At the time of this report, the price of ETH stood at around $1,540, marking a 6% decrease compared to its value seven days ago. ProShares has indicated that the registration statement for SETH is expected to become effective on October 15, with plans to launch the fund in early November, as revealed by a source with knowledge of the filing to Blockworks.
These developments come on the heels of the introduction of three existing ProShares ether futures funds, which made their debut on October 2, alongside similar offerings from VanEck and Bitwise. Notably, the U.S. Securities and Exchange Commission’s approval of ether futures ETFs arrived two years after the first bitcoin futures ETF, ProShares Bitcoin Strategy ETF (BITO), came to the market in October 2021.
Furthermore, ProShares followed up its bitcoin futures ETF launch with the introduction of its Short Bitcoin Strategy ETF (BITI) in June 2022.
Currently, BITO and BITI boast approximately $850 million and $75 million in assets, respectively.
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