The MFWire
Manage Email Alerts | Sponsorships | About MFWire | Who We Are

Subscribe to MFWire.com's News Alerts [click]

Rating:A 68-Year-Old Fund Firm Targets Ether Not Rated 0.0 Email Routing List Email & Route  Print Print
Tuesday, October 3, 2023

A 68-Year-Old Fund Firm Targets Ether

Reported by Neil Anderson, Managing Editor

The folks at an $80.8-billion-AUM (as of August 31), 68-year-old asset manager in Gotham are expanding their cryptocurrency-focused offerings by rolling out an actively managed fund that invests in ether futures.

Gregory F. "Greg" Krenzer
Head of Active Trading, Co-Chief Operating Officer of Active Business
Yesterday, Kyle DaCruz, director of digital asset product at VanEck [profile], and Ed Lopez, head of product management, unveiled the launch of the VanEck Ethereum Strategy ETF (EFUT on the Cboe BZC Exchange, Inc.). The new fund is a series of the VanEck ETF Trust.

Like the VanEck Bitcoin Strategy ETF (XBTF, which launched in 2021 and now has $46 million in AUM), EFUT is structured as a C-Corp. According to the VanEck team, that structure makes EFUT unique compared to other ether-focused ETFs and may offer greater tax efficiency to long-term investors.

EFUT's inception date was yesterday, and by the end of yesterday it had $840,000 in AUM. The new fund comes with an expense ratio of 66 basis points, which includes a seven-bps expense reimbursement promised through May 1, 2025. (EFUT's expense ratio is 29bps lower than those of a trio of ether-futures-related ETFs launched yesterday by another fund firm.)

VanEck Absolute Return Advisers Corporation will serve as investment advisor to EFUT, while VanEck Associates Corporation will serve as administrator and Van Eck Securities Corporation will serve as distributor. Greg Krenzer, head of active trading and co-chief operating officer of active business at VanEck, will PM the new ETF.

The VanEck team also promised via a tweet on X, donate 10 percent of EFUT's profits over the next decade. Those donations have specifically been promised to Protocol Guild, a non-profit group of developers that help with the construction and upkeep of Ethereum's core protocol.

DaCruz calls ethereum "the layer 1 building block of the decentralized applications ecosystem, driving innovations in digital currencies, global payments, smart contracts and much more."

"While investors still do not have the means to gain exposure to digital assets here in the U.S. via a spot ETF product, we're very pleased to be launching EFUT as a means to access the robust futures market that has developed around ETH itself," DaCruz states.

Lopez puts the launch of EFUT in the context of VanEck's "long history of investing across global markets and through different market cycles." He adds that the new ETF will provide "a key building block for a diversified digital assets portfolio."

EFUT's other service providers will include: Dechert LLP as counsel; PricewaterhouseCoopers LLP as independent accounting firm; and State Street Bank and Trust Company as custodian, fund accountant, securities lending agent, and transfer agent. 

Stay ahead of the news ... Sign up for our email alerts now

 Do You Recommend This Story?

Return to Top
 News Archives
2023: Q4Q3Q2Q1
2022: Q4Q3Q2Q1
2021: Q4Q3Q2Q1
2020: Q4Q3Q2Q1
2019: Q4Q3Q2Q1
2018: Q4Q3Q2Q1
2017: Q4Q3Q2Q1
2016: Q4Q3Q2Q1
2015: Q4Q3Q2Q1
2014: Q4Q3Q2Q1
2013: Q4Q3Q2Q1
2012: Q4Q3Q2Q1
2011: Q4Q3Q2Q1
2010: Q4Q3Q2Q1
2009: Q4Q3Q2Q1
2008: Q4Q3Q2Q1
2007: Q4Q3Q2Q1
2006: Q4Q3Q2Q1
2005: Q4Q3Q2Q1
2004: Q4Q3Q2Q1
2003: Q4Q3Q2Q1
2002: Q4Q3Q2Q1
 Subscribe via RSS:
Add to My Yahoo!
follow us in feedly

  1. WE Pacific NW - Year-End Holiday Social and Chapter Leadership Drive, December 5
  2. WE South - A Deep Dive Into the Offshore Ecosystem, December 6
  3. MFDF webinar - Unique Oversight Considerations For ETFs, December 6
  4. Stradley Ronon's Financial Services Regulatory Workshop, December 6
  5. MMI webinar - From an Idea to a Movement: Choosing Self-Confidence + Finding Our Strengths, December 7
  6. SEC Investor Advisory Committee Meeting, December 7
  7. MMI webinar - Make Your Money Work For You, December 12
  8. MFDF In Focus: Impacts of SCOTUS Affirmative Action Decision on Fund Boards and Industry Diversity Efforts, December 12
  9. P&I Best Places to Work In Money Management - The Future of Asset Management, December 12
  10. MFDF webinar - Investment Valuation and Governance: Deloitte's 21st Annual Fair Valuation Pricing Survey, December 13
  11. MFDF Director Discussion Series - Open Forum via Zoom, December 14
  12. MFDF 2024 Directors' Institute, January 22 - 24, 2024
  13. 2024 ICI Innovate, February 6 - 8, 2024
  14. The Advyzon Conference, February 20 - 22, 2024
  15. Raymond James 2024 Annual Shareholders Meeting, February 22, 2024
  16. MFDF 2024 Fund Governance & Regulatory Insights Conference, March 7 - 8, 2024
  17. Nicsa 2024 Strategic Leadership Forum, March 13 - 15, 2024
  18. 2024 MMI Summit, March 13 - 14, 2024
  19. Women In ETFs 10-Year Anniversary Celebration, March 14, 2024
  20. Wealth Management Edge 2024, May 13 - 16, 2024
  21. MFDF Conference of Fund Leaders Forum, June 5, 2024
  22. MFDF Director Discussion Series - Open Forum (Philadelphia), June 20, 2024
  23. Morningstar Investment Conference Conference 2024, June 26 - 27, 2024
  24. 2024 MMI Annual Conference, October 15 - 17, 2024

©All rights reserved to InvestmentWires, Inc. 1997-2023
14 Wall Street | 20th Floor | New York, NY 10005 | P: 212-331-8968 | F: 212-331-8998
Privacy Policy :: Terms of Use