VanEck shifts focus to spot Ethereum ETF, phases out futures fund EFUT
VanEck plans to close and liquidate its Ethereum futures ETF, EFUT, due to performance, liquidity, assets under management (AUM), and investor interest. The approval of its spot Ethereum ETP, ETHV, by the SEC influenced this decision. EFUT shareholders can sell their shares until market close on September 16, 2024, after which the ETF will be delisted. Liquidation is expected by September 23, 2024, with cash distributions based on net asset value (NAV) for remaining shareholders. EFUT launched on October 2, 2023, with $21.24 million in net assets and an NAV of $20.23 as of September 5. Analysts from JPMorgan noted that the AUM of Ethereum ETFs is comparable to Bitcoin ETFs at a similar stage, with Ethereum ETFs accounting for about 2.3% of Ethereum's market cap versus 3.0% for Bitcoin ETFs. However, Ethereum ETFs have experienced over $500 million in negative outflows since launch, contrasting with Bitcoin ETFs' record inflows.
