ProShares today announced that its mutual fund affiliate, ProFunds, has launched the Ether ProFund (ETHFX). ETHFX is the first U.S. mutual fund to target the performance of ether, the world’s second-largest cryptocurrency and the native currency of the Ethereum platform. This launch follows the success of the Bitcoin ProFund (BTCFX), the first and only U.S. mutual fund targeting the performance of bitcoin, which has grown to nearly $500 million in assets.1
ETHFX provides a convenient option for investors who prefer mutual funds, may be restricted from buying ETFs, or wish to avoid direct ownership of ether through a cryptocurrency exchange or digital wallet. Investors can buy and sell shares of ETHFX in a brokerage account or directly from ProFunds.
“We’ve seen strong demand from investors looking to target cryptocurrency returns through a mutual fund, as proven by the success of our Bitcoin ProFund,” said Michael L. Sapir, CEO of ProShares and ProFunds. “Now, with the launch of our Ether ProFund, investors wanting to target the performance of ether in a mutual fund will not need to wait.”
The introduction of ETHFX expands ProFunds’ lineup of crypto-linked mutual funds, which in addition to BTCFX, includes the Short Bitcoin ProFund (BITIX). ProFunds’ affiliate company, ProShares, also offers the largest lineup of crypto-linked ETFs in the U.S. by number of listings.
ETHFX invests in ether futures and does not invest directly in ether.
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