Investment firm Franklin Templeton has taken a crucial step toward launching an Ethereum (ETH) exchange-traded fund, thereby joining other asset managers seeking approval from the US Securities and Exchange Commission (SEC).
The company has filed the S-1 registration statement for the Franklin Ethereum ETF, which will generally track the price of Ethereum.
The fund's Ethereum and cash holdings will be managed by Coinbase Custody Trust Company and Bank of New York Mellon, respectively.
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According to the filing, the ETF's shares will be listed and traded on Cboe BZX Exchange, Inc. The goal of the shares is to offer investors a convenient and simplified way to gain exposure to Ethereum, without the complications of buying the crypto directly.
Other companies intending to launch Ethereum ETFs include BlackRock, VanEck, Fidelity, Invesco Galaxy, Grayscale and Hashdex.