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The first stock traded product to officially be labeled an ETF is set to launch on the Toronto Stock Exchange (TSX) following a filing of a prospectus by CI Global Asset Management.
“Cryptocurrencies are transforming the financial world, and we are excited to launch the world’s first ETF investing directly in Ether, one of the most highly valued cryptocurrencies,” said Kurt MacAlpine, Chief Executive Officer of CI Financial, the parent company of CI GAM.
The new ETF will trade under the ticker of ETHX once approved with it investing directly in eth.
Its holdings are to be priced using the Bloomberg Galaxy Ethereum Index (“ETH Index”) in USD.
“Ethereum is the leading candidate to be the base layer of Web 3.0, and Ether is a growth asset that provides investors exposure to the explosion of decentralized applications,” said Mike Novogratz, Chairman and Chief Executive Officer of Galaxy Digital Holdings.
The debut of this official ETF will likely increase pressure on SEC as it would have proven there’s no undue risk to listing it.
If SEC does approve an ETF, then it would effectively amount to an upgrade listing as it would trade on the far bigger stock markets in US.