ProShares Launches Six Ether Futures ETFs, Expanding Crypto ETF Market
Investment management firm ProShares Advisors has introduced six new futures products for Ether, marking the cryptocurrency's debut in the ETF market.
The newly launched ETFs, released on Monday, offer investors exposure to Ether through futures contracts rather than direct investment in the cryptocurrency.
Among the new ETFs, ProShares Advisors is behind three: Ether Strategy ETF (EETH), Bitcoin & Ether Equal Weight Strategy ETF (BETE), and Bitcoin & Ether Market Cap Weight Strategy ETF (BETH).
By tracking the performance of Ether futures contracts, these ETFs bring regulated exposure to the cryptocurrency market.
“What we know is the futures ETFs are here today and what’s important about that is that the regulated futures market resolves a lot of the challenges as the spot market is maturing,” Simeon Hyman, ProShares’ global investment strategist, told CNBC’s “ETF Edge” on Monday.
The U.S. Securities and Exchange Commission (SEC) is currently reviewing the potential approval of a spot bitcoin ETF.
This comes after a judge ruled against the SEC's argument to prevent the conversion of a Grayscale Bitcoin Trust (GBTC) into an ETF.
Previously, the SEC had consistently rejected similar products in recent years.
In contrast, ProShares manages the Bitcoin Strategy ETF (BITO), the largest bitcoin futures ETF available, which has shown impressive growth of over 37% year to date.
“We have a full suite of crypto solutions,” said Hyman. “We’re the largest crypto ETF provider.”
The BETE and BETH ETFs offer exposure to two of the most prominent cryptocurrencies, making them logical additions to ProShares' product lineup.
Last month, London-based Jacobi Asset Management announced the release of Europe’s first spot Bitcoin ETF, which will be
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