The Brazilian Securities and Exchanges Commission (CVM) has authorized the first Ethereum ETF not only of the country but of all of Latin America. The asset class is to be administrated by QR Asset Management which is also the largest crypto asset manager of Latin America.
The Ethereum ETF will be listed under the ticker QETH11, on the Brazilian stock exchange, B3. The asset will follow the CME CF Ether-Dollar Reference Rate that is used by the CME Group.
“Expanding the horizon of diversification, QETH11 becomes a simple, safe, and regulated option for any investor to gain direct exposure to Ethereum through their preferred brokerage,” according to QR Asset Management.
It was also mentioned that the Ethereum ETF will enjoy a “secure institutional custody.” The custodian, in this case, will be Gemini Trust Company LLC.
This represents the second crypto ETF approved by the CVM, after a Bitcoin ETF which received the needed approval in March of this year.
The CEO of QR Capital, Fernando Carvalho, declared this to be a “historic moment for both the crypto and conventional financial markets.”
As for other countries in the Americas, Canada already has three approved Bitcoin ETFs, while the US SEC continues to postpone making a decision regarding one.