Reality Shares Trusts, a division of Blockforce Capital, is withdrawing an exchange-traded fund proposal that, if approved, would have included exposure to futures.
The move comes just days after the proposal for the Reality Shares Blockforce Global Currency Strategy was first submitted to the Securities and Exchange Commission (). According to submitted to the on Tuesday, the company withdrew its proposal at the request of agency staffers.
A lawyer for Reality Shares confirmed the move when reached for comment by CoinDesk, stating:
“I can confirm that we did withdraw it and it was withdrawn because the staff are still taking the position that it’s not appropriate to file a registered 40 Act fund with exposure at this time.”
The lawyer added that the Investment Company Act of 1940 – which the proposal was filed under – would have resulted in the proposal becoming automatically approved within 75 days, which is a specific aspect with which staffers took issue.
Blockforce Capital could not be reached for comment.
The proposal would have invested in a , alongside futures products from the CME and Cboe exchanges. Reality Shares also left the door open to investing in other futures products after the began .
image via Shutterstock
Published at Wed, 13 Feb 2019 20:12:17 +0000
