Hashdex, a digital asset manager, has recently filed an application with the US Securities and Exchange Commission (SEC) to launch a spot ETF based on Ethereum.
Notably, the product, dubbed the Hashdex Nasdaq Ethereum ETF, would be launched on Nasdaq if the application is approved.
The product is sponsored by NFA member and CFTC-licensed Toroso Investments, which is controlled by Hashdex.
According to the release, the price of the instrument will follow the Nasdaq Ether reference price.
The document reads:
"By holding Ether Futures Contracts and cash in addition to Spot Ether, the Fund reduces its dependence on the spot market, thereby mitigating concerns about potential manipulation in unregulated Ether spot exchanges."
ARK Invest and 21Shares filed in August to launch two ETFs based on Ethereum futures.
This came after several firms, including Grayscale, ProShares, Bitwise and VanEck, applied to the SEC for approval of similar products.