After years of anticipation, the United States’ first Ethereum (ETH) exchange-traded fund now appears primed to hit the US market, making its way past heretofore strict and scrupulous market regulators.

On Thursday, $80 billion asset manager VanEck confirmed the “upcoming launch” of its VanEck Ethereum Strategy ETF (EFUT) – an actively managed fund that will invest in futures contracts for the world’s second-largest cryptocurrency.

“The Fund will invest in standardized, cash-settled ETH futures contracts traded on commodity exchanges registered with the Commodity Futures Trading Commission (CFTC),” wrote VanEck in a press release.

Shares for EFUT will trade on the Chicago Board Options Exchange (CBOE), though VanEck did not specify when exactly they would be listed. Bloomberg ETF analysts Eric Balchunas and James Seyffart have predicted that a related product could go live by October 2 or 3.

“Van Eck may not sell these securities until the registration statement filed with the Securities and Exchange Commission (the “SEC”) becomes effective,” the firm stated.

VanEck did not immediately respond to Decrypt’s request for comment.

VanEck has fought for years to register crypto ETF products in the U.S., only to be stonewalled by the SEC. Thus far, the agency has only shown a willingness to permit various Bitcoin futures ETF products, such as the VanEck Bitcoin Strategy ETF.

Since launching in November 2021, the fund has raked in just $43.4 million—a far cry from ProShares’ over $800 million holdings. The latter fund was the first of its kind to reach the market, absorbing nearly all capital in the market over competitors that launched just days later.

With its Ethereum ETF, VanEck may be the one to benefit from a first-mover advantage, leading a pack of fourteen recent proposals to the SEC to launch a similar product.

Crypto spot ETFs, which are backed directly by crypto assets rather than futures contracts, remain inaccessible to American investors. VanEck’s own proposals for The SEC delayed making decisions on Bitcoin and Ethereum spot ETFs in late August and late September, respectively.

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