Ether ETF applications flood the SEC as ProShares files the 11th

The United States Securities and Exchange Commission (SEC) has been precocious inundated with applications for Ether (ETH) futures exchange-traded funds (ETFs), with a expansive full of 11 Ether-based filings being submitted successful little than a week. 

The latest ProShares ETF exertion was filed connected Aug. 3 and proposes an adjacent value Bitcoin (BTC) and Ether ETF. According to the filing, the money volition way "the show of holding agelong positions successful the nearest maturing monthly bitcoin and ether futures contracts."

UPDATE: Another one.... 11 ETFs Filed... Proshares filed for a 4th ETF with Ethereum futures. This 1 is an adjacent value #Bitcoin & #Ethereum ETF conscionable similar Bitwise's filing which dropped an hr ago. https://t.co/vB05Wvt33e pic.twitter.com/u3I3LzznGZ

— James Seyffart (@JSeyff) August 3, 2023

According to Bloomberg ETF expert James Seyffart, money manager ProShares has present lodged a full of 4 abstracted filings for Ether-based ETFs wrong the past fewer days, including a dual Bitcoin and Ether futures strategy ETF, a short Ether strategy ETF and an Ether strategy ETF.

The past 7 days has seen a full of 11 Ether-related ETF filings, each of which person been for futures ETFs. The question of Ether-based ETF applications was kicked disconnected by Volatility Shares, lodging its filing for the Volatility Shares Ether Strategy ETF connected July 28.

Following blistery connected Volatilty’s heels came Bitwise Asset Management, Roundhill Financial, Van Eck, ProShares and Grayscale Investments, who each filed caller Ether futures applications connected Aug. 1.

We person 7 #Ethereum Futures ETF filings from 6 Issuers. All of them are down Volatility Shares. Key facet present is that they are the aforesaid steadfast that managed to get a 2X #Bitcoin Futures ETF ( $BITX) done this SEC. https://t.co/dVpBkmtWwv pic.twitter.com/m615PS8Ssc

— James Seyffart (@JSeyff) August 2, 2023

Notably, the SEC has ne'er approved an ETF that tracks Ether futures contracts. On the different hand, Bitcoin futures ETFs person been astir since October 2021.

If the SEC does not contradict immoderate of the applications, the Ether ETFs volition motorboat 75 days from their respective filing dates, with Volatility Shares ETF being the archetypal to motorboat connected Oct. 12.

Related: Ether ETFs pending — Grayscale, VanEck and others record SEC applications

The cardinal quality between futures and spot ETF products is that the erstwhile tracks the terms of futures contracts portion the second really involves the issuer purchasing the underlying asset. Spot ETFs are wide viewed arsenic much valid arsenic they impact the money manager buying and holding the underlying asset.

The flurry of Ether-focused applications comes successful the aftermath of a frenzy of filings from large plus absorption firms seeking to motorboat spot Bitcoin ETFs. The world’s largest plus manager, BlackRock, is among those looking to offer what would beryllium the archetypal spot Bitcoin ETF successful the United States.

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