The exchange-traded fund will be named QETH11 and will be managed by QR Asset Management
The Brazilian Securities Commission (CVM) approved South America’s first exchange-traded fund based on Ethereum, which will be managed by QR Asset Management. The Ethereum-ETF will have a ticker symbol QETH11 and will be traded on the Brazilian stock exchange B3 (formerly BM&FBOVESPA). QR Asset Management stressed that it will use the services of Gemini, a U.S. cryptocurrency exchange owned by the Winklevoss brothers, to store the cryptocurrency.
This is the second cryptocurrency-based exchange-traded fund that has been approved by CVM. In June, the regulator gave QR Asset Management permission to create a bitcoin-ETF.
The SEC is currently reviewing applications for bitcoin-ETFs from ARK Invest, One River, VanEck and Fidelity. The U.S. regulator has yet to approve any cryptocurrency-based exchange-traded fund.
In April of this year, the Canadian regulator approved the launch of three exchange-traded funds based on Ethereum – Purpose Ether ETF, CI Galaxy Ethereum ETF and Evolves Ether ETF. Cryptocurrency storage for these funds is also handled by U.S. cryptocurrency exchange Gemini.
