WisdomTree has filed for an exchange-traded fund (ETF) based on ether, according to a new S-1 filed with the Securities and Exchange Commission.
The so-called WisdomTree Ethereum Trust plans to list on Cboe BZX Exchange, the same venue it plans to list shares of its proposed bitcoin ETF. The proposal will be updated as it goes forward, but so far it’s yet to settle on a ticker or a custodian. Delaware Trust Company is the proposed trustee.
The ETF is a vehicle for gaining exposure to the price of ether with shares priced by the CF-Ether-Dollar US Settlement Price. As the filing notes:
“As the Shares are listed on the Exchange, investors can indirectly invest in a portfolio comprised of ether through a traditional brokerage account. The Trust provides investors with the opportunity to access the market for ether through a traditional brokerage account without the potential barriers to entry or risks involved with holding or transferring ether directly, acquiring it from an ether exchange, or mining it.”
WisdomTree is the second to apply for an ETH ETF, following VanEck’s submission earlier this month. Both entities plan to list on Cboe and have bitcoin ETF proposals before the regulator that they also plan to list on Cboe. Still, the SEC has yet to approve any crypto ETF offering, and many bitcoin ETFs have been stopped short of approval by the agency.
But multiple ETH ETFs have already gone live in Canada. Those approvals came just weeks after Canadian regulators first gave bitcoin ETFs the green light.
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