Management companies ProShares and VanEck have filed applications with the SEC to launch Ethereum futures-based exchange-traded funds Ether Strategy ETF and Ethereum Strategy ETF, respectively.
The applications meet the requirements of the Investment Company Act of 1940. According to SEC head Gary Gensler, it provides stronger protections than the Securities Act of 1933.
Both structures do not involve a direct purchase of the second most capitalised cryptocurrency.
In addition to Ethereum futures, ETFs can invest in pooled investment funds and other exchange traded products with a focus on ETH.
Earlier, Kryptoin Investment Advisors filed a similar application for an Ethereum-ETF.
Recall that Valkyrie Investments, VanEck, Invesco, ProShares and Galaxy Digital have applied to launch bitcoin-based exchange-traded funds in line with SEC guidelines.
According to Bloomberg analysts, the SEC is likely to approve them.
In July, Coinbase experts described the imminent adoption of a bitcoin-ETF as inevitable.