ProShares is launching the first exchange-traded fund that enables investors to profit from declines in the price of ethereum (ETH-USD), the firm said on Thursday.

The ProShares Short Ether Strategy ETF (SETH), listed on the New York Stock Exchange, is designed to deliver the inverse of the daily performance of the S&P's CME Ether Futures Index. So, all else equal, a 1% decline in the index would imply a 1% rise in the ETF.

Like other ProShares crypto-linked ETF, including (BITO), (BITI), (EETH), (BETH) and (BETE), SETH seeks to obtain exposure through ether futures contracts.

SETH aims to address the challenge of acquiring short exposure to ether, which can be onerous and expensive,” said ProShares CEO Michael L. Sapir.