Defiance has submitted an application with the U.S. Securities and Exchange Commission to list two exchange-traded funds structured around basis trading, each linked to Bitcoin and Ethereum. Reported by CryptoSlate via COINOTAG News on Sept. 18, the proposed ETFs aim to capture the spread between the spot market and futures contracts, employing basis strategies to mitigate exposure to large directional moves. The filing outlines a rules-based approach that emphasizes price-convergence dynamics, portfolio construction, and risk controls intended to manage basis risk and roll-related costs. This submission highlights ongoing product innovation among regulated crypto issuers seeking diversified, non-directional exposure within an SEC oversight framework.