International funding agency VanEck is getting ready to roll out an Ethereum (ETH) futures exchange-traded fund (ETF) amid an optimistic outlook for the first-ever US futures ETF based mostly on the second-largest crypto asset by market cap.
In a statement revealed on Thursday, the agency says the VanEck Ethereum Technique ETF (EFUT) is not going to immediately spend money on 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 might be listed on the Chicago Board Choices Alternate (CBOE), presently intends to take a position solely in ETH futures traded on the Chicago Mercantile Alternate. VanEck’s assertion didn’t specify a timeline for launch.
The announcement comes amid reports that the U.S. Securities and Alternate 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 based mostly on Bitcoin (BTC).
Bloomberg ETF analysts James Seyffart and Eric Balchunas estimated in August that there was a 75% likelihood that an ETH futures ETF would get accepted this 12 months amid a flood of functions to the SEC.
“The SEC seems to be altering its posture towards crypto, based mostly on stories 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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