Asset manager ProShares announced the launch of its new exchange-traded fund (ETF) based on futures of Ethereum's cryptocurrency, ether (ETH). This allows you to make money if the price of the asset drops.

The financial instrument, called the ProShares Short Ether Strategy ETF (SETH), began trading on the New York Stock Exchange (NYSE) under the ticker SET.IV., today, Nov. 2, the company said in a statement.

Its price will rise roughly as much as the Standard & Poor's CME ETH futures index falls on any given day. On the contrary, its price will decrease as much as the index rises.

"SETH is designed to address the challenge of acquiring short exposure to ETH, which can be onerous and costly," said ProShares CEO Michael Sapir. This new ETF is the first to offer "inverse" (opposite) performance to the S&P CME Ether Futures Index.

The firm ProShares has a track record of crypto-asset-related ETFs that can be categorized as successful. In 2021 it launched BITO, the first bitcoin futures ETF in the United States. On the day of its launch, it surpassed 1,000 million dollars traded on the first day of its trading on Wall Street, a fact reported by CriptoNoticias. This figure placed it as the second-highest-raising ETF on its first day of trading.

Earlier in October this year, ProShares also launched the Ether Strategy ETF (EETH) which is based only on ETH price futures, then did the same with Bitcoin & Ether Equal Wight Strategy ETF (BETE) and Bitcoin & Ether Market Cap Weight Strategy ETF (BETH). The second follows the price in tandem with BTC and the third is governed by the capitalization of both crypto assets.

SEC's launch comes at a time when ETFs are booming, led by the 12 spot bitcoin ETF proposals awaiting a response from the Securities and Exchange Commission (SEC).