Recently, the theme ETF company applied for a new ETF to double the performance of inverse MicroStrategy.
The US Securities and Exchange Commission (SEC) has received an application from Defiance ETFs, a US registered financial advisor and exchange-traded fund (ETF) sponsor, to introduce a 2x leveraged Ethereum futures ETF.
If it is approved, the ETF may begin trading as early as the end of June under the ticker "ETHL," according to Bloomberg ETF analyst James Seyffart.
Defiance 2X Ether Strategy ETF is a proposed exchange-traded fund that seeks to provide twice the daily return of the CF Rolling CME Ether Futures Index. The ETF aims to give investors a more aggressive exposure to Ethereum's price fluctuations. "It is also riskier than alternatives that do not use leverage," the statement goes on.
The fund "seeks to benefit from increases in the price of Ethereum Futures Contracts," according to Defiance's application.
A few days prior, Defiance applied to the SEC to provide a 2x leveraged ETF for shorting MSTR shares, and that application was received. For both funds, Tidal Investments LLC has been designated as the investment adviser.
With nine ETFs traded on US exchanges as of April 2024, Defiance ETFs managed around $1.4 billion in total assets.
The creative and disruptive industries that Defiance ETFs focus on include next-generation connectivity, quantum computing, next-generation H2, treasury alternative yield, and S&P 500 target income, among others.
The submission coincides with an intensifying discussion around the SEC's possible approval of a spot Ethereum ETF; industry observers are pessimistic about the prospect of a green light given the approaching May deadline.
According to CoinGecko's data, Ethereum is selling at about $3,700, up about 8% over the previous day.
April 2024, Cryptoniteuae