ProShares has launched two new exchange-traded funds (ETFs) aimed at investors seeking leveraged and inverse exposures to Ether, the cryptocurrency native to the Ethereum blockchain.
The new ETFs are the ProShares Ultra Ether ETF (ETHT) and ProShares UltraShort Ether ETF (ETHD).
The ETHT seeks to deliver twice (2x) the daily return of Ether, providing investors with a leveraged avenue to capitalize on the potential upswings of Ether’s price. Conversely, the ETHD is designed to offer twice the inverse (-2x) daily return, allowing investors an opportunity to profit from Ether’s price declines or to hedge existing Ether positions.
These ETFs are among the first of their kind in terms of their specific leverage targets in the cryptocurrency space and are listed on the New York Stock Exchange.
Michael L. Sapir, CEO of ProShares, said: “With ETHT and ETHD, we are addressing the significant challenges investors face when seeking leveraged or short exposure to Ether. These ETFs not only enhance our robust lineup of crypto-linked investment solutions but also streamline the process, reducing the complexity and cost typically associated with such strategies.”
With over $70 billion in assets across its ETFs, ProShares has been a pioneer in the ETF industry, particularly in the crypto-linked sector. Since launching the first U.S. bitcoin-linked ETF in October 2021, the firm has aggressively expanded its crypto offerings. ProShares’ earlier initiatives include the debut of the first U.S. short bitcoin-linked ETF and a suite of other ether and bitcoin-related products.
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