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Rating:A $60B-AUM Firm's Crypto-Linked ETF Lineup Quadruples Not Rated 0.0 Email Routing List Email & Route  Print Print
Monday, October 2, 2023

A $60B-AUM Firm's Crypto-Linked ETF Lineup Quadruples

Reported by Neil Anderson, Managing Editor

The team at a $60-billion-AUM fund firm is quadrupling their crypto-linked ETF lineup.

Michael Lynn Sapir
ProShare Advisors, ProFund Advisors
On Friday, Michael Sapir, CEO of ProShares [profile], unveiled a trio of new ETFs. The ProShares Bitcoin & Ether Equal Weight Strategy ETF (BETE on the NYSE Arca), the ProShares Bitcoin & Ether Market Cap Weight Strategy ETF (BETH), and the ProShares Ether Strategy ETF (EETH) are each series of the ProShares Trust.

EETH, BETH, and BETE are actively managed, and their inception date is today. All three new funds come with the same expense ratio of 95 basis points (which includes a 38bps fee waiver promised through October 31, 2024).

ProShares Advisors serves as investment advisor to BETE, BETH, and EETH. Alexander Ilyasov, senior portfolio manager, and Georgie Banian, portfolio manager, will PM the three new funds. The ETFs invest in bitcoin futures and ether futures, not directly in ether and bitcoin.

The ProShares team lays claim to EETH being the first ETF "to seek results that correspond to the performance of ether ... the native currency of the Ethereum platform." BETH and BETE, meanwhile, offer investors exposure to both ether and bitcoin, the two biggest cryptocurrencies.

Sapir describes BETE and BETH as "groundbreaking in that they offer investors the opportunity to target the performance of the two leading cryptocurrencies in their brokerage accounts through one transaction with a single ticker." And he puts the launch of EETH in the context of ProShares' October 2021 launch of a bitcoin-focused ETF, the ProShares Bitcoin Strategy ETF (BITO), which now has more than $952 million in AUM.

The three new funds' other service providers include: Citi Fund Services Ohio, Inc. as regulatory administration services provider; JPMorgan Chase Bank, N.A. as administrator, custodian, and index receipt agent; PricewaterhouseCoopers LLP (PwC) as independent accounting firm; Ropes & Gray LLP as counsel; and SEI Investments Distribution Co. as distributor and principal underwriter. 

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