A new filing for a crypto-based exchange-traded fund (ETF) has been sent to the U.S. Securities and Exchange Commission (SEC), which is yet to approve any crypto ETFs.
Commodity pool operator United States Commodity Funds LLC (USCF) will sponsor the ETF alongside Crescent Crypto, a New Jersey-based hedge-fund. The USCF Crescent Crypto Index Fund will “track the performance of a market capitalization weighted portfolio of Bitcoin and Ether,” offering investors “cryptocurrency exposure through a public vehicle.”
Though it could be a long wait until it gets accepted – if at all- the co-sponsors expect the ETF’s shares to break even within a year, pitching the initial offering price at $20.00.
The filing notes that the ETF, dubbed XBET, will trade “like other publicly traded securities,” brought and sold daily by investors placing “orders through their brokers and may incur customary brokerage commissions and charges.”
Two separately filed, pure-bitcoin ETF applications are still pending with the SEC.