The thematic ETF firm just lately filed for a brand new ETF that seeks to double inverse MicroStrategy efficiency.
Defiance ETFs, a US exchange-traded fund (ETF) sponsor and registered funding advisor, has filed an utility with the US Securities and Change Fee (SEC) to launch a 2x leveraged Ethereum futures ETF.
In keeping with Bloomberg ETF analyst James Seyffart, if authorized, the ETF may begin buying and selling as early as the tip of June below the ticker “ETHL.”
Defiance ETFs simply filed for a 2x leveraged #ethereum futures ETF. Will probably commerce below the ticker $ETHL pic.twitter.com/9Z6M6tcQ3V
— James Seyffart (@JSeyff) April 8, 2024
The proposed ETF, referred to as the Defiance 2X Ether Technique ETF, goals to ship two occasions the day by day return of the CF Rolling CME Ether Futures Index. The ETF is designed to offer traders with extra aggressive publicity to the worth actions of Ethereum. On the similar time, “it’s also riskier than alternate options that don’t use leverage.”
Defiance said within the submitting that the fund “seeks to profit from will increase in the worth of Ethereum Futures Contracts.”
The submitting comes a couple of days after Defiance submitted an utility to the SEC to supply a 2x leveraged ETF to quick MSTR inventory. Tidal Investments LLC has been appointed as funding adviser for each funds.
As of April 2024, Defiance ETFs has 9 ETFs traded on US markets, with complete property below administration of round $1.4 billion, in keeping with knowledge from VettaFi.
Defiance ETFs’ merchandise are targeted on modern and disruptive sectors, reminiscent of next-gen connectivity, quantum computing, next-gen H2, treasury different yield, and S&P 500 goal earnings, amongst others.
The submitting comes amid rising debate over the SEC’s potential approval of a spot Ethereum ETF. With a Might deadline looming, business insiders are skeptical about the possibilities of a inexperienced gentle.
On the time of writing, Ethereum is buying and selling at round $3,700, up round 8% within the final 24 hours, CoinGecko’s knowledge exhibits.
