Crypto ETF Filed

May 10, 2019

USCF has filed for an ETF that will track an index comprising the ether and bitcoin cryptocurrencies. The USCF Crescent Crypto Index Fund (XBET) will hold the cryptocurrencies in question rather than futures contracts.

The filing did not include an expense ratio, but it notes the new fund is slated to trade on the NYSE Arca.

XBET’s underlying index, the Crescent Crypto Core II Index, is weighted by market capitalization, with the market capitalization determined based on data provided by cryptocurrency exchanges and liquidity providers. Currently, bitcoin represents roughly 55% of the total cryptocurrency market, while ether is roughly 10%, the prospectus says.

Index provider Crescent Crypto will serve as a co-manager of the fund alongside USCF.

The possibility of a U.S.-listed cryptocurrency ETF, especially one based on bitcoin, has been dangling in front of investors for years, but so far none has been approved to trade. According to USCF President and CEO John Love, the combination of bitcoin and ether exposure that will be provided by the fund offers better diversification for investors than bitcoin alone.

Prior to today’s filing, there were two bitcoin ETF applications awaiting SEC approval, filed by VanEck and Bitwise. 

Contact Heather Bell at [email protected]

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