"The Trust’s investment objective is to reflect the performance of the MVIS® CryptoCompare Ethereum Benchmark Rate less the expenses of the Trust’s operations. In seeking to achieve its investment objective, the Trust will hold Ether (“ETH”) and will value its Shares daily based on the reported MVIS® CryptoCompare Ethereum Benchmark Rate, which is calculated based on prices contributed by exchanges that the Sponsor’s (as defined below) affiliate, MV Index Solutions GmbH (“MVIS”), believes represent the top five Ethereum exchanges based on the industry leading CryptoCompare Exchange Benchmark review report."
The move comes months after VanEck renewed its efforts to create a bitcoin ETF. The Securities and Exchange Commission (SEC) recently extended its review period for that proposed product, a development that mirrored how the U.S. securities regulator has weighed bitcoin-centric ETFs in the past. To date, no bitcoin ETF has been approved in the U.S.
Meanwhile, several ETH-focused ETFs have gone live in Canada after winning approval from regulators in that country.