The Brazilian Securities Commission (CVM) has approved the launch of an exchange traded fund (ETF) based on the second most capitalised cryptocurrency.
BREAKING: CVM aprova o 1º ETF de Ethereum da América Latina, o QETH11. O ETF da QR Asset Management, gestora do grupo QR Capital, será listado na B3, que se torna a 1ª bolsa na América Latina a ter um ETF 100% Ethereum.
An investment product from asset manager QR Asset Management tracks Ethereum quotes based on the CME CF Ether Reference Rate index from the Chicago Mercantile Exchange (CME Group).
The crypto-asset custodian is Winklevoss Brothers' Gemini Custody service.
Ethereum-ETF under ticker symbol QETH11 will be listed on São Paulo's B3 stock exchange. It will be the first Latin American exchange-traded fund based on the second most capitalised cryptocurrency.
QR Asset Management is part of the QR Capital group. According to its website, the firm has R$594 million (~$115 million) in digital assets under management and has more than 20,000 clients.
Brazil became the second country in the world with registered Ethereum-ETFs - Canadian regulators approved the launch of such investment vehicles in April 2021.
Canada is also ahead of the South American country with bitcoin-based exchange-traded funds. The North American country registered its first digital gold ETF in February.
Recall that CVM approved the launch of a bitcoin ETF from QR Asset Management in March.