Hashdex is considering launching a new fund which would include both bitcoins and ETH.
This would be another first in a year that has already seen a number of crypto funds approved.
The Securities and Exchange Commission granted the long-awaited blessing to US bitcoin spot ETFs in January. The launch of a spot ether ETF is imminent, as the Securities and Exchange Commission works closely with fund issuers on finalizing the registration statements for the funds.
A filing shows that the Hashdex Nasdaq Crypto Index US ETF, as proposed by Hashdex Nasdaq, would only invest in BTC or ETH. “crypto securities, tokenized assets or stablecoins.”
On May 27th, the fund’s index had a BTC weight of approximately 70% and ETH weight of 30%.
Crypto assets meeting certain criteria could be added to the index — such as being listed on a US-regulated platform or serving as the underlying asset for a derivative instrument listed on such a venue.
Hashdex plans to change the strategy of its fund in this case “with only bitcoin and ether in the same proportions determined by the index, and determine whether a filing with the commission under Rule 19b-4 of the Act will be required.”
As of May 27, the index used to track this fund had a weighting roughly 70 percent BTC, and 30 percent ETH.
“The sponsor will employ a passive investment strategy that is intended to track the changes in the index regardless of whether the index goes up or goes down, meaning that the sponsor will not try to ‘beat’ the Index,” The filing state.
The Monday proposal was submitted by Nasdaq — the exchange on which the product would trade. Hashdex appears to have not submitted an S-1 registration statement for its planned ETF.
Hashdex’s spokesperson refused to provide any additional information beyond what was filed.
Hashdex tried to change its bitcoin ETF from one which held BTC and futures to one holding BTC in direct exchange in anticipation of US BTC spot fund launches. It was not able to do so when its rivals debuted spot products on Jan. 11 — only later gaining that capability.
Asset manager does not plan to launch a US ETF which would invest only in Ether.
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