As competition for the ether (ETH) futures fund heats up, VanEck, the $77.8 billion asset management company, is getting ready to launch its Ethereum futures exchange-traded fund (ETF).
According to a statement released by the company on Thursday, the VanEck Ethereum Strategy ETF (EFUT) will invest in standardised, cash-settled ETH futures contracts traded on commodity exchanges registered with the Commodity Futures Trading Commission (CFTC).
The VanEck Bitcoin Strategy ETF (XBTF), the asset manager’s second futures ETF product, will join the ETF when it is launched on CBOE, according to a release.
The action coincides with a flurry of applications for ether futures-based ETFs being submitted to the SEC by TradFi participants in response to the hoopla around bitcoin spot ETFs.
Among the peers that submitted applications for the ETH futures ETF are Bitwise Ethereum Strategy ETF, Roundhill Ether Strategy ETF, ProShares Short Ether Strategy ETF, ProShares Ether Strategy ETF, and Grayscale Ethereum Futures ETF.