Nasdaq has submitted an application to the Securities and Exchange Commission (SEC) to list an Ethereum Exchange-Traded Fund (ETF) offered by Hashdex. This ETF, named the Hashdex Nasdaq Ethereum ETF, takes a unique approach by including a combination of spot ether holdings and futures contracts in its portfolio. It marks the first ’33 Act Ethereum futures filing and is supervised by Toroso Investments, which is registered as a commodity pool operator with the Commodity Futures Trading Commission (CFTC) and a member of the National Futures Association.
The surge in cryptocurrency ETF applications has prompted fund managers to explore various approaches, including combining futures contracts and spot assets, to navigate the regulatory landscape. The Hashdex ETF aims to mirror the daily fluctuations in the Nasdaq Ether Reference Price by allocating its assets to ether, ether futures contracts traded on the CME, and cash and cash equivalents. This approach aims to reduce reliance on the spot market and address concerns about potential price manipulation in unregulated Ether spot exchanges.