A US-based money manager wants to launch an exchange-traded fund (ETF) tied to the price of bitcoin.

VanEck, which is headquartered in New York, is seeking to create the “VanEck Vectors Bitcoin Strategy ETF”. The goal, SEC filings reveal, is to have the ETF listed on the Nasdaq exchange.

According to a preliminary prospectus published on August 11, the fund won’t directly invest in bitcoin as is case with other ETFs tied to the cryptocurrency. Rather, it will purchase stakes in derivatives and financial products that offer exposure to bitcoin market developments.

As explained in the filing:

“The Fund seeks to achieve its investment objective by investing, under normal circumstances, in U.S. exchange-traded bitcoin-linked derivative instruments (“Bitcoin Instruments”) and pooled investment vehicles and exchange-traded products that provide exposure to bitcoin (together with Bitcoin Instruments, “Bitcoin Investments”).”

The ETF won’t be limited to just bitcoin-tied securities, however. Beyond that, the fund will also invest in US Treasury bonds, money market funds and cash, among other possible assets, according to the prospectus.

The latest ETF bid comes on the heels of growing activity on the cryptocurrency derivatives front.

Last month, the US Commodity Futures Trading Commission granted a derivatives clearing organization license to startup LedgerX, and options exchange CBOE plans to launch such products later this year.

Whether the SEC will approve the ETF remains to be seen, given that it’s an area that the regulator has resisted in the past.

SEC officials shot down two separate bids in March, including one spearheaded by investors Cameron and Tyler Winklevoss. In the latter case, the agency has since moved to launch a review of that decision, the results of which are expected later this year.

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