Brazil Becomes the first country in Latin America to approve Ethereum ETF (QETH11).
The Brazilian Securities Commission (CVM) has approved the first-ever Ethereum (ETH) exchange-traded fund (ETF) just a few months after the approval of the Bitcoin ETF.
Ethereum (ETF) will track the performance of the second-largest cryptocurrency. QR Asset Management will manage the fund.
QR Asset Management announced:
“Expanding the horizons for diversification, QETH11 has become an easy, secure, and regulated option for any investor to gain direct Ethereum access through their preferred brokerage firm.”
Local media reports claim that CVM approved a second cryptocurrency-focused, exchange-traded fund. The ticker QETH11 will be used for the Ethereum ETF, and it will appear on the country’s stock exchange B3. It will use the CME CF Ethereum reference rates used by CME Group.
This is Brazil’s second-approved cryptocurrency exchange fund. The Bitcoin ETF was approved by the Brazilian securities regulator in March. Canada has three BTC ETFs that are active within its borders. All of them were approved since the start of this year.
On the other hand, US SEC continues to reject ETF applications and postpones the last attempts by VanEck Capital and SkyBridge Capital.