Investment management firm VanEck will launch its Ethereum Strategy ETF on October 2, and the product is now available on its website The stock symbol is EFUT and trades on the Chicago Board Options Exchange (CBOE).
The VanEck Ethereum Strategy Exchange Traded Fund (ETF) will seek to accumulate capital by investing in Ethereum (ETH) futures contracts and will have no direct exposure to ETH. The Fund will expose cash-settled ETH futures contracts on commodity exchanges regulated by the Commodity Futures Trading Commission.
Van Eyck also tout The product utilizes the benefits of a “C-Corp” structure, which include tax benefits for long-term investors compared to a registered investment company structure.
When you’re ready, enter the ether. VanEck Ethereum Strategy ETF ($EFUT) is launching soon. Read our press release: pic.twitter.com/vSF3HzMuvC
— VanEck (@vaneck_us) September 28, 2023
The investment manager has been promoting the launch of the ETH spot ETF on its social media accounts over the past few days, and has aired two “Getting into Ethereum” themed TV ads to promote the upcoming product.
VanEck also announced its intention to donate 10% of all profits from the upcoming Ethereum futures ETF to Ethereum core developers over the next 10 years.
According to Cointelegraph, as of the end of September 2023, 15 different Ethereum futures ETFs from 9 issuers were awaiting approval from the U.S. Securities and Exchange Commission. Citing sources within the SEC, analysts say the regulator wants to approve the closure of the Ethereum futures ETF ahead of a potential U.S. government.
Meanwhile, Bitwise Asset Management confirmed Trading of its two Ethereum ETH futures ETFs will also begin on October 2, and investors can trade ETH futures on the Chicago Mercantile Exchange.
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