Kelly ETFs files for Ether futures ETF

advertisement

Kelly ETFs, an issuer of exchange-traded funds (ETFs), has filed for a U.S. Ether futures ETF. 

The firm filed a Form N-1A dated today with the Securities and Exchange Commission (SEC). The N1-A is used by investment companies seeking to form open-end mutual funds, and registers a product under both the Securities Act of 1933 and the Investment Company Act of 1940.

SEC Chair Gary Gensler previously said he was interested in taking a closer look at proposed crypto products under the '40 Act, especially those holding futures traded on the Chicago Mercantile Exchange. Since those comments, the SEC has approved multiple bitcoin futures ETFs, though an Ether-based product has yet to get the green light. 

The Kelly Ethereum Ether Strategy ETF would hold Ether futures contracts that trade on federally regulated exchanges. For now, that means only CME Ether futures. The fund won't enable direct exposure to ETH price, and is structured similarly to the approved bitcoin futures ETFs. Currently, it's the only Ether futures ETF before the SEC.

The filing will take effect 75 days from today pending no SEC action. Approval seems unlikely, according to Bloomberg ETF analysts Eric Balchunas and James Seyffart. Balchunas tweeted that the two put the rough odds of approval at about 20% for now. 

Trending Stories

Get Your Crypto
Daily Brief

Delivered daily, straight to your inbox.

Will Sanctions Drive Russia into the Arms of Cryptocurrencies?

From the removal of many Russian banks from SWIFT to a seemingly constant flow of new sanctions, Russia’s invasion of Ukraine has left many to wonder: Is the country likely to lurch towards cryptocurrencies? And if so, what does this mean for businesses that are holding and/or using crypto? Crypto and sanctions evasion Although crypto […]
Read Full Story
Sponsored Post

Layer-2 Scaling Solutions: A Framework for Comparison - Commissioned by Polygon

Ethereum had a breakout year in 2021. It’s native asset, ETH’s, market capitalization surpassed $500 billion for the first time. Its network facilitated upwards of $7 trillion value transfer. Non-fungible tokens (NFTs) emerged as another “killer application” that have put its technology on the global stage and caught the attention of the masses.
Read Full Story
May 5, 2022, 3:17PM UTC
More