In the midst of the U.S. Securities and Exchange Commission’s approval for spot Ether exchange-traded funds (ETFs), VanEck has introduced its Ethereum Strategy ETF, causing a stir in the financial landscape.

VanEck, a well-established investment management firm, is ready to launch its Ethereum Strategy ETF on October 2nd. The product has been officially announced on the company’s website, with the ticker symbol EFUT, and will be available for trading on the Chicago Board Options Exchange (CBOE).

VanEck’s Ethereum Strategy ETF will seek to accumulate capital by investing in Ether futures contracts, while avoiding direct exposure to ETH. The fund will actively participate in cash-settled ETH futures contracts through commodities exchanges regulated by the Commodity Futures Trading Commission.

It is worth noting that VanEck highlights the advantageous “C-Corp” structure of the product, emphasizing the tax benefits it offers to long-term investors compared to registered investment company structures.

Prior to its imminent launch, the investment manager has been actively promoting the ETH spot ETF on its social media platforms, teasing its audience with two TV commercials under the slogan “Enter the Ether.” Additionally, VanEck has committed to allocating 10% of the future profits from its Ether futures ETF to support Ethereum core developers over the next decade.

According to reports from Cointelegraph, there were 15 Ether futures ETFs from nine different issuers awaiting approval from the U.S. Securities and Exchange Commission as of the end of September 2023. Interestingly, insider sources within the SEC have hinted at a rush to approve Ether futures ETFs ahead of a potential U.S. government shutdown.

Meanwhile, Bitwise Asset Management has confirmed the commencement of trading for its two Ether ETH futures ETFs on the same date of October 2nd, inviting investors to participate in the exciting world of ETH futures trading on the Chicago Mercantile Exchange.