Crypto asset manager Grayscale has recently submitted a request for regulatory approval to turn its trust that follows the token of the decentralized lending platform Aave into an exchange-traded fund (ETF).

The company has filed a Form S-1 registration statement with the Securities and Exchange Commission (SEC), indicating its intent to convert the trust and rename it as the Grayscale Aave Trust ETF.

Grayscale aims to list this ETF on NYSE Arca, a prominent exchange for ETF trading, under the ticker symbol “GAVE.” The fund will charge a 2.5% fee, with Coinbase acting as its custodian and prime broker.

With this filing, Grayscale becomes the second company following Bitwise to seek U.S. regulatory approval for an ETF linked to Aave. Both ETFs would be the first in the U.S. to provide direct exposure to Aave, joining a limited selection of overseas products already tracking this token.

The AAVE token has recently seen a decline of 1.6% to $126 and remains more than 80% lower than its all-time high of nearly $662 reached back in May 2021.