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Investment management firm VanEck is poised to initiate trading of its Ethereum (ETH) Strategy ETF on October 2, with the product now available on its website under the ticker EFUT and scheduled for trading on the Chicago Board Options Exchange (CBOE).
The VanEck Ethereum Strategy exchange-traded fund (ETF) aims to generate capital by investing in ether futures contracts and does not possess any direct exposure to ETH. The fund will provide access to cash-settled ETH futures contracts traded on CFTC-regulated commodities exchanges.
VanEck also highlights the advantages of the product being structured as a C-Corp, which includes tax benefits for long-term investors compared to registered investment company structures.
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When you’re ready, ENTER THE ETHER. The VanEck Ethereum Strategy ETF ($EFUT) is coming soon. Read our press release: https://t.co/4QPOVd5nB2 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 platforms over the past few days, featuring two “Enter the Ether”-themed television commercials to advertise the forthcoming launch.
VanEck also revealed its plan to allocate 10% of all profits from its upcoming Ether futures ETF to Ethereum core developers over the next decade.
As Cointelegraph previously reported, 15 distinct Ether futures ETFs from nine issuers were awaiting approval from the SEC at the end of September 2023. Analysts referenced sources within the SEC indicating that the regulator aimed to approve Ether futures ETFs prior to a potential U.S. government shutdown.
In the meantime, Bitwise Asset Management confirmed late last week that trading for its two Ether ETH futures ETFs would also begin on October 2, allowing investors to access ETH futures trading on the Chicago Mercantile Exchange.
