ProShares has launched a new ETF to shorter visit second cryptocurrency on the market. Ethereum has underperformed Bitcoin this year.
The supplier of financial products ProShares announced this Thursday the launch of its exchange-traded fund Short Ether Strategy (SETH) linked to Ethereum futures contracts on the New York Stock Exchange.
As the name suggests, the ETF, which is exposed to the index S&P CME Ether Futures Indexallows you to short Ethereum (ETH), i.e. to place a bearish bet on the asset’s price.
With today’s launch of SETH, ProShares now offers investors the opportunity to profit both on days when ETH is rising and when it is falling, while enjoying the convenience of a traditional brokerage account,” said Michael L. Sapir, head of ProShares.
The issuer already offered the Short Bitcoin Strategy, a futures ETF for shorting Bitcoin (BTC).
Since its merger in the autumn, Ethereum has underperformed Bitcoin. This trend is said to be due in particular to “the continued impact of the bear market”, which has historically driven investors and traders to the queen of cryptocurrencies, Kaiko recently reported.
At the end of September, US regulator SEC authorized several issuers to launch ETFs on Ethereum futures.
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