ProShares, a serious issuer of exchange-traded funds (ETF), has formally announced the launch of the quick Ether-linked ETF.
Incepted on Nov. 2, ProShares’s new Brief Ether Technique ETF is about to begin buying and selling on the New York Inventory Change’s (NYSE) Arca below the ticker image SETH. The brand new crypto ETF is designed to offer traders with a possibility to revenue from the volatility of the Ether value.
Equally to different ProShares crypto-linked ETFs, SETH seeks to acquire publicity by means of Ether futures contracts, the announcement notes.
In accordance with ProShares CEO Michael Sapir, SETH goals to handle the problem of buying quick publicity to ETH, “which may be onerous and costly.”
“With right this moment’s launch of SETH, ProShares now gives traders alternatives to revenue each on days when Ether will increase and when it drops — all by means of the comfort of a standard brokerage account,” the CEO famous.
SETH joins ProShares’ sequence of different ETFs linked to cryptocurrencies like Bitcoin (BTC) and Ether. In October 2021, ProShares launched its Bitcoin Strategy ETF (BITO), one of many first Bitcoin-linked ETFs in the US. The agency subsequently launched the Short Bitcoin Strategy ETF (BITI) in June 2022, aimed toward shorting Bitcoin amid BTC dropping beneath $20,000.
Amongst different ProShares’ crypto ETFs are the ProShares Ether Technique ETF (EETH), Bitcoin and Ether Market Cap Weight Technique ETF (BETH) and Bitcoin & Ether Equal Weight Technique ETF (BETE).