International funding agency VanEck is making ready to roll out an Ethereum (ETH) futures exchange-traded fund (ETF) amid an optimistic outlook for the first-ever US futures ETF primarily based on the second-largest crypto asset by market cap.
In a press release revealed on Thursday, the agency says the VanEck Ethereum Technique ETF (EFUT) won’t immediately put money into Ethereum or different crypto belongings, however in standardized, cash-settled ETH futures contracts traded on registered commodity exchanges.
“VanEck Ethereum Technique ETF (EFUT) [is] an actively managed ETF designed to hunt capital appreciation by investing in Ether (ETH) futures contracts.”
The fund, which will likely be listed on the Chicago Board Choices Trade (CBOE), at present intends to take a position solely in ETH futures traded on the Chicago Mercantile Trade. VanEck’s assertion didn’t specify a timeline for launch.
The announcement comes amid studies that the U.S. Securities and Trade Fee (SEC) is able to give its approval to the primary ETH futures exchange-traded fund two years after giving the nod to a futures ETF primarily based on Bitcoin (BTC).
Bloomberg ETF analysts James Seyffart and Eric Balchunas estimated in August that there was a 75% probability that an ETH futures ETF would get authorised this yr amid a flood of purposes to the SEC.
“The SEC seems to be altering its posture towards crypto, primarily based on studies of its back-channel messaging to ETF issuers. Additionally, we consider the SEC would have a tough time in court docket defending the denial of Ethereum futures ETFs after approving commonplace and leveraged Bitcoin futures ETFs.”
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