Franklin Templeton Files for Crypto Index ETF That Would Initially Hold BTC & ETH

Franklin Templeton, one of the first companies to issue a spot Bitcoin exchange-traded fund (ETF) in the United States, is pushing deeper into digital

Franklin Templeton, a pioneer in launching a spot Bitcoin exchange-traded fund (ETF) in the United States, is expanding its presence in the digital asset market with a new ETF structured as a diversified crypto portfolio.

The asset management giant has filed an S-1 registration statement with the US Securities and Exchange Commission (SEC) for a crypto index ETF, to be listed under the ticker EZPZ and designed to track the performance of the CF Institutional Digital Asset Index.

Franklin Templeton’s Crypto ETF Awaits SEC Approval

According to the filing on Aug. 16, the EZPZ ETF will initially hold Bitcoin (BTC) and Ethereum (ETH).

“The Fund will seek to achieve its investment objective by investing in the Digital Assets in approximately the same weights as they represent in the Underlying Index,” Franklin Templeton explained, adding that the index fund may also hold other types of cryptocurrencies in the future, subject to approval.

Franklin Templeton files for Crypto Index ETF…Would initially hold btc & eth.Here we go. pic.twitter.com/K3o8qI2QZq

The ETF aims to provide investors with a diversified entry point into the world of digital assets, while also leveraging Franklin Templeton’s recognized institutional strength. The filing also notes that the Chicago Board Options Exchange (CBOE) is awaiting regulatory approval to permit the in-kind creation and redemption of shares using cryptocurrencies.

Coinbase, the largest crypto exchange in the US, will serve as the custodian for Franklin’s proposed fund, a role it has also undertaken for other top fund managers that have launched crypto ETFs on Wall Street. Bank of New York Mellon will handle cash administration and act as the fund administrator and transfer agent.

It’s worth noting that Franklin Templeton is among the early movers in the market for crypto index ETFs, which are now emerging as the next area of focus for crypto ETF providers following the successful launch of spot BTC and Ether ETFs earlier this year.

Franklin's product will face competition from the Hashdex Nasdaq Crypto Index US ETF, which became the first dual Bitcoin and Ethereum ETF to seek regulatory approval in June. However, earlier this month, the SEC announced that it will require additional time to decide whether Hashdex’s proposed ETF can be listed on the Nasdaq exchange.

The latest filing comes as Franklin Templeton is reportedly eyeing Solana for its next spot crypto ETF offering.

Atas ialah kandungan terperinci Franklin Templeton Files for Crypto Index ETF That Would Initially Hold BTC & ETH. Untuk maklumat lanjut, sila ikut artikel berkaitan lain di laman web China PHP!