Investment company ProShares announced about the launch of a futures Ethereum-ETF. The press release states that this is the first ETF that allows investors to profit from the decline in the value of Ethereum.
According to the data provided, the new product is listed on the Arca New York Stock Exchange under the ticker SETH.
Commenting on the launch of the ProShares Short Bitcoin Strategy ETF, the company’s CEO Michael Sapir said that SETH is designed to solve the problem of acquiring short-term access to Ethereum, which can be “burdensome and expensive.”
Note that a reverse or short ETF is a fund whose value changes inversely with the price of the underlying asset. The new product from ProShares will be tied to the S&P CME Ether Futures Index. SETH will allow you to benefit from the fall in the price of the asset, the company emphasized.
In October 2023, we reported that ProShares had filed to launch an Ethereum-based reverse exchange-traded fund. In addition, nine Ethereum futures ETFs were launched on October 2. It is noteworthy that on the first day of work they showed a low trading volume.
Source: Cryptocurrency
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