Investment manager VanEck has recently submitted an application to offer ETFs related to Ethereum Strategy that sought to track ETH Futures in the United States.
According to its filing to the SEC, VanEck seeks to offer investments in Ether Futures contracts, Canada’s approved Ether ETFs, ETFs that provide exposure to ETH, and others. The company clarified that it would not directly invest in Ethereum or any other cryptocurrencies.
The filing said:
“The Fund seeks to invest in ETH Investments so that the total value of the ETH to which the Fund has economic exposure is approximately 100% of the net assets of the Fund (the “Target Exposure”). To the extent that the Fund’s economic exposure to ETH exceeds 100% of the net assets of the Fund, the Fund will generally have leveraged exposure to the value of ETH. There can be no assurance that the Fund will be able to achieve or maintain the Target Exposure.”
VanEck first submitted its first filing for Ethereum ETF to the SEC in May. However, with many Bitcoin ETF applications already waiting for approval, the outcome for an Ethereum ETF hasn’t been decided.
As of yet, the SEC has postponed Bitcoin ETF applications under review. It was reported that SEC Chair Gary Gensler might ask the staff to review applications for Bitcoin ETFs on the CME (Chicago Mercantile Exchange) at the August symposium. Soon after the reports, many companies, including VanEck, raced to file for ETFs linked to Bitcoin Futures.