ProShares, a Bethesda, Md.-based firm, has expanded its focus on the cryptocurrency market by launching three new ETFs. One of them, the ProShares Ether Strategy ETF (EETH), is the first fund of its kind to track the performance of Ethereum, the second-largest cryptocurrency. The other two ETFs are the ProShares Bitcoin & Ether Equal Weight Strategy ETF (BETE) and ProShares Bitcoin & Ether Market Cap Weight Strategy ETF (BETH).

Michael Sapir, CEO of ProShares, said: “We believe that BETE and BETH are 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. We are offering two weightings depending on an investor’s desired exposure.”

The firm launched the ProShares Bitcoin Strategy ETF (BITO) two years ago. It tracks the bitcoin market and has amassed more than $850 million in assets since then, according to Morningstar. ProShares also launched the ProShares Short Bitcoin Strategy ETF (BITI) last year, which is the first U.S. short bitcoin-linked ETF. It has more than $75 million in assets, according to Morningstar.

Simeon Hyman, global investment strategist at ProShares, commented that adding both bitcoin and ethereum exposures to a portfolio can enhance its efficiency, as long as advisors maintain their investment into those funds to a modest level. He also noted that “the resilience of these two cryptocurrencies is certainly duly noted”.

The three ETFs launched by ProShares all have a 95-basis point expense ratio and are available through most major brokerage firms.