QR Capital, the holding company tied to QR Asset Management, announced today that Brazil’s Comissão de Valores Mobiliários (CVM), a securities regulatory agency in the country, has approved the application for an Ether ($ETH) exchange-traded fund (ETF).CVM’s approval of the ETF follows two other crypto ETFs issued earlier this year. Both of the ETF products are traded on Brazil’s B3 stock exchange, while one of the two products, a Bitcoin-only ETF which started trading with the QBTC11 ticker in June, is also managed by QR Asset Management.

The fund will be trading under the QETH11 ticker on Brazil’s B3 stock exchange, a platform that operates as a regional exchange with worldwide reach. The QETH11 exchange-traded fund is licensed to operate and reference the same Ether index used by the Chicago Mercantile Exchange (CME) Group, an American global markets based in Chicago, Illinois.

In recent news, FTX CEO Sam Bankman-Fried has disclosed that their exchange has plans in the pipeline to purchase both Goldman Sachs and CME. Such a move will likely boost adoption for exchange-traded funds such as QETH11.

According to QR Capital’s announcement, the QETH11 exchange-traded fund will make use of custodial services provided by Gemini, a U.S.-based cryptocurrency exchange founded and managed by the Winklevoss brothers.

As its issuer, QR Asset Management says that the ETF product will provide direct exposure to Ethereum for investors.

QETH11 is “a simple, safe and regulated option for any investor to gain direct exposure to Ethereum through their preferred brokerage, without worrying about registrations in exchanges, wallets or private keys.” claimed QR Asset Management.

In the meantime, the U.S. Securities and Exchange Commission is yet to approve a crypto ETF despite the overwhelming demand for such a product from investors based in the U.S. Canada’s Ontario Securities Commission has already provided approval for the world’s first physically settled Bitcoin ETF.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.