23 and Counting: VanEck and ProShares File for ETH Futures ETFs

Two more Ethereum-based exchange-traded funds have been filed this week bringing the total to 23 crypto ETF filings so far in 2021.

VanEck and ProShares are the latest two firms to reveal plans for institutional products focused on Ethereum. According to filings with the U.S. Securities and Exchange Commission on Aug. 18, VanEck is seeking to launch an “Ethereum Strategy ETF”, while ProShares is calling its proposed product the “Ether Strategy ETF”.

Both ETFs aim to provide exposure to Ethereum by investing in ETH futures contracts in addition to pooled investment vehicles and other exchange-traded products that have ETH exposure. The funds will not be buying Ethereum directly according to the documents.

Both firms have already filed for Bitcoin ETFs however the SEC is still dragging its feet and is yet to approve any. Earlier this month, Kryptoin filed for an ‘Ethereum ETF Trust’ marking the 21st application in 2021, and the latest two bring that total up to 23.

Speaking to Blockworks, president of the ETF Store, Nate Geraci, said, “Given the most recent messaging from the SEC … it seems highly likely a Bitcoin futures ETF will be approved before an Ether futures product,” before adding:

“It’s not unreasonable to think a Bitcoin futures ETF could be approved before the end of the year.”
ProShares is a division of ProFunds Group which manages various investment funds with combined assets under management of around $50 billion while VanEck has a total AUM of around $65 billion.

Source: cointelegraph.com