Ether Trading Fund Registers with the SEC – CCN: Financial Bitcoin …

Ether Trading Fund Registers with the SEC – CCN: Financial Bitcoin …

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EtherIndex LLC, a Wilmington, Del.-based corporation, has registered a trust called the EtherIndex Ether Trust with the Securities and Exchange Commission (SEC), marking the first ether-based trading fund.

The trust’s purpose is to give shareholders exposure to the daily change in the U.S. dollar price of ether, minus expenses and liabilities, according to its prospectus. Ether is a digital commodity based on the value token of the Ethereum computer network blockchain.

The trust is not actively managed.

The trust marks the most recent in a string of digital currency based trading funds. Last week, SolidX Partners Inc. registered the SolildX Bitcoin Trust,  CCN reported, while the Winkelvoss Bitcoin Trust, which filed with the SEC in 2014, filed to switch its listing from Nasdaq to BATS Global Markets.

The EtherIndex Ether Trust will issue and redeem shares in one or more whole blocks (known as baskets) to and from registered broker-dealers or other authorized securities market participants on an ongoing basis. The trust will distribute baskets in exchange for an appropriate amount of ether.

On redemption, the trust will distribute ether equal

Read more ... source: TheBitcoinNews

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