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ProShares Submits 11th Ether ETF Application, Overwhelming the SEC

ProShares Submits 11th Ether ETF Application, Overwhelming the SEC

ProShares has submitted an application for an equal-weight Bitcoin and Ether exchange-traded fund (ETF), making it the 11th Ether ETF application in less than a week. The filing proposes a fund that tracks the performance of holding long positions in the nearest maturing monthly Bitcoin and Ether futures contracts. This is the fourth Ether-based ETF filing from ProShares in recent days, including a dual Bitcoin and Ether futures strategy ETF, a short Ether strategy ETF, and an Ether strategy ETF.

In the past seven days, a total of 11 Ether-related ETF filings have been submitted, all of which are for futures ETFs. The wave of applications began with Volatility Shares filing for the Volatility Shares Ether Strategy ETF on July 28, followed by filings from Bitwise Asset Management, Roundhill Financial, Van Eck, ProShares, and Grayscale Investments on August 1.

It is important to note that the Securities and Exchange Commission (SEC) has never approved an ETF that tracks Ether futures contracts, while Bitcoin futures ETFs have been available since October 2021. If none of the applications are denied by the SEC, the Ether ETFs will launch 75 days from their respective filing dates, with the Volatility Shares ETF being the first to launch on October 12.

The key difference between futures and spot ETF products is that futures ETFs track the price of futures contracts, while spot ETFs involve the issuer purchasing the underlying asset. Spot ETFs are generally considered more valid as they involve the fund manager buying and holding the underlying asset. This surge in Ether-focused applications follows a flurry of filings from major asset management firms seeking to launch spot Bitcoin ETFs, with BlackRock among those looking to offer the first spot Bitcoin ETF in the United States.

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