The Securities and Exchange Commission in the US has received another filing for a cryptocurrency ETF to add to the two Bitcoin ETFs currently awaiting approval. The United States Commodity Index Funds (USCF) has filed for the approval of the USCF Crypto Index Fund (XBET).

VanEck and Solid X filed for a Bitcoin ETF back in February, following the pulling of their previous application which conflicted with the US government shutdown.

Bitwise Asset Management were the second firm to file an application with the SEC but has similarly received numerous extensions from the federal agency. Both applications are expected to receive their verdict later this month.

XBET tracks the Crescent Crypto Core II Index (CCMIX) which is market capitalisation weighted portfolio comprised of the leading cryptocurrencies.

The index has 12 holdings, dominated by Bitcoin which has a weight of 62.2%, similar to most digital asset indices and products. XBET’s prospectus says USCF may choose to invest in assets which differ from the index and therefore the performances may differ between the two.

USCF has not disclosed XBET’s fees.

CCMIX and Bitcoin’s year-to-date performance - Source: Crescent Crypto

CCMIX has a positive performance year-to-date following a bear run since Bitcoin’s $20,000 peak back in early 2017. YTD, CCMIX is up 50.5% just behind the Bitcoin which is up 68.5% over the same period. Bitcoin broke through the $6,000 barrier for the first time since November last year which was during the coin’s downward run.