Investment firm Kelly Strategic Management filed paperwork Monday for a proposed exchange-traded fund (ETF) that will be tied to ether futures.
Definition: A futures ETF allows investors to get exposure to ether without having the buy the actual asset. Some investors favor this type of deal, whereas others want to actually own the cryptocurrency.
Details: Kelly Strategic Management’s ETF will be actively managed and focus on cash-settled ether futures contracts traded on commodity exchanges registered with the Commodity Futures Trading Commission, according to paperwork filed with the U.S. Securities and Exchange Commission.
Background: ProShares and VanEck withdrew their SEC applications a few months ago for similar ETFs. Meanwhile, two bitcoin futures-based ETFs went public in October.
Final Thoughts: If approved, this would be the first ether futures ETF in the United States. However, it wouldn’t be the first in the world. There’s already an ether futures ETF in Canada on the Toronto Stock Exchange.
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