Kelly ETFs, the issuer of exchange-traded funds (ETFs), have filed for the launch of the US Ether Futures ETF with the Securities and Exchange Commission (SEC).
The company has filedForm N-1A by investment companies that want to set up an open-end mutual fund (Open–end fund) and registered products under the Securities Act of 1933 and the Investment Company Act of 1940.
Gary Gensler, Chairman of the US SEC saidHe is interested in considering crypto products proposed under the ’40 law, particularly those holding futures traded on the Chicago Mercantile Exchange, where the SEC has approved several bitcoin futures ETFs. Ether-based products have not yet received a green light.
The Kelly Ethereum Ether Strategy ETF will hold Ether futures contracts traded on federally regulated exchanges. For now, that means the only CME Ether futures. The fund does not offer direct access to ETH prices and is structured similar to an approved bitcoin futures ETF.
The filing will take effect 75 days from today, with Bloomberg ETF analysts Eric Balchunas and James Seyffart saying the SEC is unlikely to approve Balchunas.Tweetthat both put an estimated approval rate at around 20% for now.
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