According to the announcement on Friday, the Vaneck Ethereum Strategy exchange-traded fund (EFUT) will officially cease operations following a resolution by the Board of Trustees of the Vaneck ETF Trust. Shareholders can sell shares until market close on September 16, 2024, after which the fund will be delisted.

Vaneck disclosed that the final liquidation will occur on or about September 23, 2024, when shareholders will receive a cash distribution equal to the net asset value of their shares. The asset manager cited an analysis of performance, liquidity, and assets under management as the main reasons for the decision to close the exchange-traded fund (ETF).

Prior to the decision, Vaneck rolled out its spot ethereum ETF on July 23, following its earlier debut of the spot bitcoin ETF, HODL, on Jan. 11. Since launching, the spot bitcoin ETF has attracted $574.32 million in total inflows and holds $605 million worth of BTC reserves.

Meanwhile, Vaneck’s spot ether ETF, ETHV, has brought in $63.06 million in inflows and holds approximately $55.56 million in ether reserves. After the futures ETF delisting, no creation orders will be accepted, and shareholders who continue to hold the fund will receive a final distribution, which could include undistributed income or capital gains.

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