Brazil’s Securities Commission approved the first Ethereum ETF in Latin America as we can see more in our latest ethereum news today.
The Brazilian Securities Commission approved the first exchange-traded fund tracking the ETH performance in Latin America. A few months after giving a green light to a Bitcoin ETF, Brazil’s Securities Commission did the same for Ethereum and now the funds will be managed by QR Asset Management. The CVM gave a nod of approval for the second crypto-oriented exchange-traded fund and the ethereum ETF will have the QETH11 ticker and will appear on the country’s stock exchange called B3 following the CME CF Ether Reference Rate used by the CME Group. QR Asset Management said in the announcement:
“Expanding the horizon of diversification, QETH11 becomes a simple, safe, and regulated option for any investor to gain direct exposure to Ethereum through their preferred brokerage.”
QR also added that the new ETF will use secure institutional custody provided by the US Exchange Gemini that is owned and operated by the Winklevoss brothers. It is worth noting that this is the second approved exchange-traded fund in brazil as the nation’s securities regulator already gave a green light for a Bitcoin ETF. Furthermore, Canada has three operational BTC ETFs in its borders and they all got approved since the year started. At the same time, the US SEC still rejects most applications while delaying the latest attempts by VanEck and SkyBridge Capital.
As recently reported, When ARK invest as the New York-based investment management firm by Cathie wood, filed for a bitcoin ETF a week ago, it joined the ranks of a few other US firms that hope to convince the Securities and Exchange Commission to allow the launch of the ETF tracking the price of Bitcoin. However, there’s one thing about the application that stands out among the crowded field so according to the report by the Financial Times, Ark Invest is the first asset manager to reveal an actual fee for the proposed bitcoin ETF offering.
According to a disclosure form filed with the SEC, Ark Invest partnered with Swiss-based ETF provider 21shares AG to offer the ARK 21 Shares bitcoin ETF which if approved will trade on Cboe’s bZX exchange under ARKB. In addition, the filing indicates that a planned fee of 0.95% payable to 21Shares with the latter to use the money to cover operating expenses.