VanEck to close Ethereum futures ETF by late September

VanEck has announced its decision to close and liquidate its Ethereum Strategy ETF, listed on the CBOE under the ticker symbol ‘EFUT.’ Trading for the fund will cease after the market closes on September 16, with liquidation expected to be completed around September 23.

Shareholders holding EFUT shares on the liquidation date will receive a cash distribution based on the net asset value of their holdings. The closure follows VanEck’s routine assessment of factors such as performance, liquidity, assets under management, and investor interest, all of which contributed to the decision.

This move comes in the wake of the approval of a spot Ethereum exchange-traded product (ETP), which may have influenced VanEck’s choice to discontinue the futures-based ETF. Unlike futures ETFs, which track the price of futures contracts for indirect exposure, spot ETPs directly hold the asset or its equivalent.

Investors may also receive a final distribution of any remaining net income or capital gains prior to the fund’s dissolution. VanEck will provide a year-end report detailing any capital gains or losses resulting from the liquidation for tax purposes.

This is not the first such decision by VanEck; in January, the company announced the liquidation of its Bitcoin Strategy ETF, citing similar concerns regarding performance, liquidity, and low investor interest. That ETF, focused on Bitcoin futures, was scheduled for delisting after January 30.