Applications for the license of the two latest Ethereum-based funds, which are exchange-traded, have been submitted by companies named ProShares and VanEck. Thus, the total number of ETF filings is now 23. Both the companies have disclosed their intentions for Ethereum –based institutional products. The records in the filings submitted to the Securities and Exchange Commission (SEC) of the U.S. on 18th August show that ProShare is interested in releasing an Ether Strategy ETF, whereas VanEck is seeking to propose Ethereum Strategy ETF.
The target of these ETFs is to offer ETH exposure by making investments in the future contracts of Ethereum along with the vehicles of pooled investment as well as the exchange-traded goods that provide an experience of Ethereum trade. The funds will not purchase Ethereum straightly, as the documents describe. Although the companies have filed to have Bitcoin ETFs in advance, the SEC has not approved them yet, and it is delaying in sanctioning them. An application has been submitted by Kryptoin for a trust of Ethereum ETFs, which was the 21st such application during 2021, and these two applications made them 23.
Nate Geraci, the ETF store’s president, stated in a report that it appears to be most likely that the approval will be granted to an ETF of Bitcoin futures before that of an Ethereum futures ETF. He added that it would not be astonishing if an ETF of Bitcoin future gets approved. ProFunds has a branch named ProShares which operates several investment funds containing joint assets which are under management. The worth of these assets is nearly $50B, while VanEck owns a total amount of roughly $65B.
On 7th May, VanEck filed to have an Ethereum ETF. Some two weeks later, on 28th May, Wisdom Tree submitted a request to the SEC to operate a similar fund. It was in June that ProFunds Group filed for an ETF to SEC. On 10th August, It has been reported that Gary Gensler (the SEC chair) signaled that he would be pleased to approve more ETFs that are designed for crypto futures instead of the direct exposure, which is somewhat difficult to experience. On 9th August, another prospectus has been filed by VanEck for an exchange-traded fund based on Bitcoin Strategy.
The post ProShares And VanEck File Applications For Ethereum Futures ETFs appeared first on CryptocyNews.com.
from CryptocyNews.com https://www.cryptocynews.com/proshares-and-vaneck-file-applications-for-ethereum-futures-etfs/
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