Investment company Kelly Strategic Management has applied to the SEC to register an exchange-traded fund (ETF) based on ETH futures.
Statement complies with the 1933 Securities Act and 1940 Investment Company Acts.
The Kelly Ethereum Ether Strategy ETF aims to acquire CME-traded futures for the second-largest cryptocurrency.
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If the trading floor reaches the limit of 8000 contracts (50 ETH each), the structure will switch to buying futures with a long-term maturity. The investment declaration also permits the purchase of fixed-income instruments.
Bloomberg analysts Eric Balchunas and James Seyffart put the ETF at a 20% chance of being approved.