Hashdex has amended its S-1 application for the Hashdex Nasdaq Crypto Index US exchange-traded fund for the second time.

According to the Nov. 25 filing with the Securities and Exchange Commission, this revised submission follows the SEC’s earlier request in August for more time to evaluate the proposal. Hashdex initially submitted its S-1 registration statement on June 24.

To those unfamiliar, a crypto index ETF is a fund that tracks the performance of a basket of cryptocurrencies, providing diversified exposure to the digital asset market. It aims to replicate the performance of an underlying index by holding the same assets in similar proportions.

The NCIUS ETF’s portfolio will exclusively include Bitcoin (BTC) and Ether (ETH), avoiding investments in other cryptocurrencies, tokenized assets, stablecoins, or crypto-related securities. However, more assets may be included in the future.

If approved, it would become the first diversified spot cryptocurrency ETF in the United States, offering exposure to multiple digital assets within a single fund.

Other issuers have also filed for similar crypto index ETFs. Notably, Franklin Templeton submitted a filing for its Franklin Crypto Index ETF in August, which aims to track the CF Institutional Digital Asset Index. Like Hashdex’s proposal, it is initially limited to Bitcoin and Ether due to regulatory constraints but has the potential to expand in the future.

On Nov. 20, the United States Securities and Exchange Commission delayed the approval decision for the Franklin Templeton Crypto Index ETF until January 6, 2025, citing that it had received no public comments on the proposed rule change since its publication on Oct. 8.

Crypto index funds seem to be the next big focus for the industry after the success of Bitcoin and Ether spot ETFs. The ETF Store President, Nate Geraci, recently highlighted that major players like Grayscale and Bitwise are now exploring diversified crypto fund offerings. 

The developments come as the SEC is poised for significant leadership changes after Chair Gary Gensler announced his resignation, which will be effective January 20, 2025. 

Gensler, known for his stringent regulatory approach toward cryptocurrencies, will be succeeded by a new appointee under the incoming pro-crypto administration led by Donald Trump, potentially bringing a shift toward more industry-friendly policies.