Nasdaq has filed an application with the Securities and Exchange Commission (SEC) to list an Ethereum exchange-traded fund (ETF) that combines spot ether holdings and futures contracts.
The ETF, known as the Hashdex Nasdaq Ethereum ETF, is being offered by Brazilian asset management firm Hashdex and managed by Toroso Investments LLC. It aims to track the daily fluctuations in the Nasdaq Ether Reference Price, which is based on a combination of spot ether prices and Ether futures contracts traded on the Chicago Mercantile Exchange (CME).
The ETF is significant because it is one of the first to combine spot ether holdings and futures contracts. This approach is designed to reduce the ETF's reliance on the spot market, which is known for its volatility. It may also help to make the ETF more attractive to institutional investors, who are often reluctant to invest in ETFs that track spot ether.
The SEC is currently reviewing the application for the Hashdex Nasdaq Ethereum ETF. It is unclear when the SEC will make a decision, but if it is approved, it would be the first Ethereum ETF to list on a major US stock exchange.