ProShares Unveils World's First Short Ether-Linked ETF

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Bethesda-based financial giant, ProShares, has once again taken a pioneering step in the crypto-linked ETF domain with the launch of the world’s first short ether-linked ETF, named ProShares Short Ether Strategy ETF (SETH), according to BusinessWire. This innovative ETF is engineered to give investors a lucrative avenue on days when Ether’s value descends. The announcement came on November 2, 2023, further solidifying ProShares' standing as a trailblazer in the crypto-linked ETF landscape.

SETH is meticulously crafted to simplify the once arduous and costly task of acquiring short exposure to ether. ProShares CEO, Michael L. Sapir, elucidated that SETH is a beacon for investors aiming to gain on both the ups and downs of ether pricing, all within the familiar framework of a conventional brokerage account. This newly launched ETF not only broadens ProShares’ crypto-focused offerings but also addresses a market demand for straightforward short exposure to ether.

This is not ProShares’ first foray into the crypto realm. The firm had previously set the stage by launching the first U.S. bitcoin-linked ETF, BITO, in 2021, which quickly climbed the ranks to become the largest crypto-linked ETF globally. Following BITO, ProShares introduced BITI, the first U.S. short bitcoin-linked ETF, EETH, targeting ether’s performance, and two blended bitcoin and ether performance-oriented ETFs, BETH and BETE. The advent of SETH is a significant addition to this already robust lineup of crypto-linked ETFs, demonstrating ProShares' commitment to catering to the evolving investor preferences in the cryptocurrency space.

SETH is listed on the New York Stock Exchange and is structured to deliver the inverse of the daily performance of the S&P