ProShares Launches 3 Cryptocurrency ETFs, Including 1st to Target Ether
It’s Moving Day for cryptocurrency ETFs. ProShares has launched three crypto ETFs, including the first fund correlated to the performance of the ether.
The ProShares Ether Strategy ETF (EETH) targets the performance of the cryptocurrency ether. It is the first ETF to seek results that correspond to the performance of ether. Ether, the native currency of the Ethereum platform, is the second largest cryptocurrency.
ProShares also launched two ETFs that look to provide performance that corresponds to a blended return of bitcoin and ether. The ProShares Bitcoin & Ether Equal Weight Strategy ETF (BETE) rebalances monthly to a 50/50 weighting between the two cryptocurrencies. The ProShares Bitcoin & Ether Market Cap Weight Strategy ETF (BETH) rebalances monthly based on the market capitalization of bitcoin and ether.
See more: “SEC Opens Floodgates to Ethereum Futures ETFs”
Substantial Investor Demand for Cryptocurrency ETFs
ProShares CEO Michael Sapir said the firm has seen success with the bitcoin-linked ProShares Bitcoin Strategy ETF (BITO). Since then, the firm has “seen substantial demand from investors for access to the performance of cryptocurrencies through ETFs.”
These ETFs will be available to investors through brokerage accounts with no need for a crypto custodian, exchange account, or wallet. These ETFs will be listed on the New York Stock Exchange.