Michael Sapir and his team are preparing to expand their cryptocurrency-focused fund lineup by doubling their lineup of ether-focused ETFs later this week.

Michael Lynn Sapir ProShare Advisors, ProFund Advisors CEO

This morning, Sapir, CEO of ProShares [profile], revealed that his team expects to launch the ProShares Ultra Ether ETF (ETHT) and the ProShares Ultra Ether ETF (ETHD) on the NYSE this Friday, June 7. The two new ETFs will be series of ProShares Trust.

According to the team at the Bethesda, Maryland-based fund firm, ETHD and ETHT will be the first ETFs to target twice the daily returns of ether, the native cryptocurrency of the Ethereum blockchain. ETHT is designed to offer twice the daily performance of the Bloomberg Ethereum Index, while ETHD is designed to offer twice the inverse of that index's daily performance. Unlike many current and proposed spot cryptocurrency ETPs, ETHD and ETHT will be '40 Act products, and they not directly short or invest in ether.

The ProShares team has not yet revealed the expense ratios for ETHT and ETHD. According to the funds' April 8 registration statement with the SEC, ProShare Advisors will serve as the funds' investment advisor, and the funds' PM team will include: George Banian, portfolio manager; and Alexander Ilyasov, senior PM.

"These new ETFs are designed to address the challenging of acquired leveraged or short exposure to ether, which can be onerous and expensive," Sapir states. "ETHT offers investors the opportunity to pursue magnified ether returns or target a level of exposure with less money at risk. ETHD allows investors to seek a profit when the price of ether drops or hedge their exposure."

ETHD and ETHT's other service providers, per the April filing, will include: ACA Group as provider of a principal financial officer and treasurer; Citi Fund Services Ohio, Inc. as regulatory administration services provider; JPMorgan Chase Bank, N.A. as administrator, custodian, index receipt agent, and securities lending agent; PricewaterhouseCoopers LLP as independent accounting firm; Ropes & Gray LLP as counsel; and SEI Investments Distribution Co. as distributor. 

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