The introduction of an Ethereum futures exchange-traded fund by VanEck is a development that investors and the market have long anticipated.
According to the website of investment firm VanEck, today, October 2, 2023, is the official launch date for the Ethereum Futures ETF.
According to Businesswire, VanEck has just launched their new Ethereum Strategy ETF (EFUT), a first-of-its-kind, actively managed exchange-traded fund designed to generate capital gains by investing in Ether (ETH) futures contracts.
The Director of Product for VanEck Digital Assets, Kyle DaCruz, made the following assertions in his statement:
“Ethereum is the layer 1 building block of the decentralized application ecosystem, driving innovation in digital currencies, global payments, smart contracts and much more, with Ethereum as the platform’s method of exchange.”
“At this point, we are delighted to launch digital assets through a spot ETF product in the US as a way to access the strong futures market that has developed around ETH.”
“Experience is crucial when deciding on a fund manager. VanEck has a long history of investing in global markets and across numerous market cycles, which gives them a substantial advantage.
Ed Lopez, Head of Product Management at VanEck, explained that with the introduction of EFUT, we are continuing our long-standing tradition of providing investors with access to significant new segments of the capital markets.
“We are delighted to present the new ETF EFUT to the market and provide a fundamental building block for a diversified digital asset portfolio for individuals and advisers,” she stated. We are thrilled to introduce the new ETF EFUT to the market.
After the announcement, it was observed that the price of Ethereum (ETH) did not substantially change. Since yesterday, the cost of ETH has remained at $1,732 at the time of writing.