🔥🔥🔥 Defiance files for 2x leveraged #Ethereum futures #ETF

Thematic ETF firm, Defiance ETFs, has recently submitted an application to the US Securities and Exchange Commission (SEC) for the launch of a 2x leveraged Ethereum futures ETF.

According to Bloomberg ETF analyst James Seyffart, pending approval, the ETF could commence trading by the end of June, with the proposed ticker symbol "ETHL." The new ETF, named the Defiance 2X Ether Strategy ETF, seeks to provide investors with double the daily return of the CF Rolling CME Ether Futures Index, offering a more aggressive exposure to Ethereum's price movements. However, it's important to note that such leveraged ETFs carry higher risk compared to non-leveraged alternatives.

Defiance outlined in the filing that the fund aims to capitalize on the price increases of Ethereum Futures Contracts. This filing follows closely on the heels of Defiance's application to the SEC for a 2x leveraged ETF to short MSTR stock. Tidal Investments LLC has been appointed as the investment advisor for both funds.

As of April 2024, Defiance ETFs manages nine ETFs traded on US markets, boasting total assets under management of approximately $1.4 billion, as per data from VettaFi. The firm's ETF offerings are focused on innovative and disruptive sectors such as next-gen connectivity, quantum computing, next-gen H2, treasury alternative yield, and S&P 500 target income, among others.

The filing arrives amidst ongoing discussions surrounding the SEC's potential approval of a spot Ethereum ETF, with industry insiders expressing skepticism about the likelihood of approval ahead of the May deadline.

At present, Ethereum is trading around $3,700, exhibiting an approximately 8% increase over the last 24 hours, according to data from #CoinGecko .

Source - cryptobriefing.com

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