The Nasdaq stock exchange has filed with the U.S. Securities and Exchange Commission (SEC) to launch an Ethereum ETF from Brazilian asset manager Hashdex, with the product encompassing both spot ether and futures contracts.
The ETF, bearing the moniker ‘Hashdex Nasdaq Ethereum ETF’, falls under the management purview of Toroso Investments. The firm is registered as a commodity pool operator with the Commodity Futures Trading Commission and a member of the National Futures Association.
The Hashdex ETF is meant to reflect daily changes in the price of the Nasdaq Ether Reference Plan, and will invest in Ether, Ether futures contracts on the CME, cash, and cash equivalents. Nasdaq wrote:
“Instead of holding 100% spot Ether, which could make it more susceptible to price manipulation in the spot market, the Fund will hold a mix of Spot Ether, Ether Futures Contracts, and cash.”
The firm added that by holding Ether fuutres contracts in addition to spot Ether, the fund “redices its dependence on the spot market, thereby mitigating concerns about potential manipulation in unregulated Ether spot exchanges.”
The inclusion of futures contracts as a way to mitigate concerns about potential market manipulation is important, as the SEC has so far rejected spot Bitcoin ETFs over these concerns, but allowed futures ETFs to be listed.
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- Source: https://www.cryptocompare.com/email-updates/daily/2023/sep/13/
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