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The United States Securities and Exchange Commission has recently been overwhelmed with submissions for Ether (ETH) futures exchange-traded funds (ETFs), with a total of 11 Ether-related applications being filed in under a week.
The most recent application from ProShares was submitted on Aug. 3 and suggests an equal weight Bitcoin (BTC) and Ether ETF. The filing indicates that the fund will monitor “the performance of holding long positions in 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 one is an equal weight #Bitcoin & #Ethereum ETF just like Bitwise's filing which dropped an hour ago. https://t.co/vB05Wvt33e pic.twitter.com/u3I3LzznGZ
— James Seyffart (@JSeyff) August 3, 2023
As reported by Bloomberg ETF analyst James Seyffart, ProShares has now submitted a total of four distinct filings for Ether-based ETFs in recent days, which include a dual Bitcoin and Ether futures strategy ETF, a short Ether strategy ETF, and an Ether strategy ETF.
In the past week, there have been a total of 11 Ether-related ETF filings, all of which pertain to futures ETFs. This surge of Ether-based ETF applications began when Volatility Shares submitted its filing for the Volatility Shares Ether Strategy ETF on July 28.
Following closely behind Volatility Shares were Bitwise Asset Management, Roundhill Financial, Van Eck, ProShares, and Grayscale Investments, all of which filed new Ether futures applications on Aug. 1.
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We have 7 #Ethereum Futures ETF filings from 6 Issuers. All of them are behind Volatility Shares. Key aspect here is that they are the same firm that managed to get a 2X #Bitcoin Futures ETF ( $BITX) through this SEC. https://t.co/dVpBkmtWwv pic.twitter.com/m615PS8Ssc
— James Seyffart (@JSeyff) August 2, 2023
It is important to note that the SEC has yet to approve any ETF that tracks Ether futures contracts. Conversely, Bitcoin futures ETFs have been available since October 2021.
If the SEC does not reject any of the applications, the Ether ETFs are set to launch 75 days from their respective filing dates, with the Volatility Shares ETF being the first to debut on Oct. 12.
Related: Ether ETFs pending — Grayscale, VanEck and others file SEC applications
The primary distinction between futures and spot ETF products is that the former tracks the price of futures contracts, while the latter entails the issuer acquiring the underlying asset. Spot ETFs are generally regarded as more legitimate since they involve the fund manager purchasing and holding the underlying asset.
The surge in Ether-focused applications follows a wave of filings from prominent asset management firms aiming to introduce spot Bitcoin ETFs. Among those seeking to launch what would be the first spot Bitcoin ETF in the United States is the world’s largest asset manager, BlackRock.
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