Influx of Ether ETF Applications Hits SEC as ProShares Submits the 11th Filing

The United States Securities and Exchange Commission (SEC) is experiencing a surge in applications for Ether futures exchange-traded funds (ETFs), with an astonishing 11 filings submitted in a span of less than a week.

The latest filing, submitted on August 3, comes from ProShares, proposing an equal weight Bitcoin and Ether ETF. The proposed fund is designed to track the performance of holding long positions in the nearest maturing monthly bitcoin and ether futures contracts.

ProShares has been particularly active in filing for Ether-based ETFs, with a total of four separate filings in recent days. These filings include a dual Bitcoin and Ether futures strategy ETF, a short Ether strategy ETF, and an Ether strategy ETF.

The trend of Ether-related ETF filings started on July 28 when Volatility Shares lodged its filing for the Volatility Shares Ether Strategy ETF. Subsequently, other major players in the asset management industry, such as Bitwise Asset Management, Roundhill Financial, Van Eck, ProShares, and Grayscale Investments, followed suit by filing new Ether futures applications on August 1.

It’s worth noting that the SEC has not yet approved any ETF that tracks Ether futures contracts, while Bitcoin futures ETFs have been available since October 2021.

Assuming the SEC doesn’t reject any of the applications, the Ether ETFs will launch approximately 75 days after their respective filing dates. The first to launch would be the Volatility Shares ETF, scheduled for October 12.

One key distinction between futures and spot ETF products is that futures ETFs track the price of futures contracts, while spot ETFs involve the issuer purchasing the actual underlying asset. As a result, spot ETFs are often considered more legitimate as they involve direct ownership and holding of the underlying asset.

The wave of Ether-focused ETF applications comes amid a flurry of filings from major asset management firms seeking to launch spot Bitcoin ETFs. Among these firms is BlackRock, the world’s largest asset manager, which is looking to offer what would be the first spot Bitcoin ETF in the United States. These developments signify a growing interest in expanding the accessibility of digital assets to mainstream investors through ETF products.

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