Less than two days after filing separate filings with the United States Securities and Exchange Commission (SEC), asset managers VanEck and ProShares have apparently decided not to operate any exchange traded funds (EFTs) with exposure to Ether.
In individual Friday filings with the SEC, legal representatives for VanEck and ProShares said the companies had chosen not to proceed with the registration of their respective ether-based exchange-traded funds. VanEck had filed an application for the introduction of an “Ethereum Strategy ETF” with the SEC on Wednesday, while ProShares filed an “Ether Strategy ETF” on the same day.
Both products appeared to have aimed to provide exposure to Ether (ETH) by investing in futures contracts as well as pooled investment vehicles and other exchange-traded products. It’s unclear why both asset managers apparently filed and withdrew similar applications for Ether ETFs on the same days, but the two firms said they did not sell any securities in connection with the potential offering.
Related: SEC opens for comments on approval of VanEck Bitcoin ETF
SEC chairman Gary Gensler said earlier this month that he would be more open to accepting ETFs based on crypto futures rather than direct exposure. At this point, VanEck had already reviewed Bitcoin (BTC) and ETH exchange-traded funds by the agency, but the company later filed a separate prospectus for a Bitcoin “strategy” ETF, a fund with exposure to BTC futures contracts.