QR Capital, the parent company for QR Asset Management, stated today that the proposal for an Ether ($ETH) exchange-traded fund had been authorized by Brazil’s Comisso de Valores Mobiliários (CVM), the country’s securities regulating agency (ETF).

CVM approved the ETF after two other cryptos ETFs were launched earlier this year. Both ETFs are traded on the B3 stock exchange in Brazil, and one of them, a Bitcoin-only ETF that began trading with the QBTC11 ticker in June, is also managed by QR Asset Management.

The fund will trade on Brazil’s B3 stock exchange under the QETH11 ticker, which acts as a regional exchange with a global reach. In addition, the Chicago Mercantile Exchange (CME) Group, an American global markets firm based in Chicago, Illinois, has licensed the QETH11 exchange-traded fund to operate and reference the same Ether index.

In recent news, FTX CEO Sam Bankman-Fried revealed that the exchange is in the process of buying both Goldman Sachs and CME. As a result, the adoption of exchange-traded funds like QETH11 will almost certainly increase due to this decision.

ACCORDING TO QR CAPITAL’S RELEASE, the QETH11 exchange-traded fund will leverage custodial services offered by Gemini, a U.S.-based cryptocurrency exchange created and operated by the Winklevoss brothers.

QR Asset Management, the ETF’s sponsor, claims that the ETF would provide investors with direct exposure to Ethereum.

QETH11 is described as a “simple, safe, and regulated way for any investor to acquire direct exposure to Ethereum through their favorite brokerage without bothering with exchange registrations, wallets, or private keys.” QR Asset Management asserted.

Meanwhile, the Securities and Exchange Commission of the United States has failed to approve a crypto ETF, despite huge demand from American investors. On the other hand, Canada’s Ontario Securities Commission has already approved the world’s first physically settled Bitcoin ETF.

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