SEC gave new deadline to file comments as ETF Delay continues at SEC as October 26 emerges

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Steve Anderrson
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain. Join the official channel of thecoinrepublic, For the latest news updates: https://t.me/thecoinrepublic

ETF delays continue at SEC as the world is waiting for the Bitcoin approval, then another deadline has been given t

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hat would make the wait just a little longer. According to the latest filing released by SEC, a second amendment has been filed by Cboe BZX Exchange, Inc for a proposed rule change to list GraniteShares Bitcoin ETF application for which SEC has asked people to file a statement in support of, or in opposition to the proposed amendment. The due date for filing comments is set for October 26, 2018.

GraniteShares ETF to invest in Bitcoin Futures and not Bitcoin Granite shares had also proposed to list and trade shares two ETF ’s: GraniteShares(long) Bitcoin ETF and the GraniteShares Short Bitcoin ETF to take make the best use of the market volatility and also to mitigate the risk that arises due to trends in the market.  Graniteshares and Cboe BZX Exchange, Inc had filed certain changes and clarifications regarding this model of operation of the Bitcoin ETF in Amendment 1 that it filed with the SEC on August 21, 2018. Now with Amendment 2, The Cboe BZX Exchange, Inc amends and replaces in its entirety Amendment No. 1 to the proposal as submitted on August 21, 2018, which had future amended and replaced in its entirety the proposal as originally submitted on January 5, 2018. The Exchange submits this Amendment No. 2 in order to clarify certain points and add additional details about the Fund. Important excerpts from amendment 2

The Exchange proposes to list and trade shares of the GraniteShares Bitcoin ETF (the “Long Fund”) and the GraniteShares Short Bitcoin ETF (the “Short Fund”) under Rule 14.11(f)(4), which governs the listing and trading of Trust Issued Receipts on the Exchange. The Shares will be offered by the Trust, which was established as a Delaware statutory trust on November 7, 2016. The Trust will not be registered as an investment company under the Investment Company Act of 1940 and is not required to register under such act”

The amendment also states,

“The Funds are not actively managed by traditional methods (e.g., by effecting changes in the composition of a portfolio on the basis of judgments relating to economic, financial and market considerations with a view toward obtaining positive results under all market conditions) other than for cash management purposes and the rolling methodology employed by the Sponsor.”

  

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