VanEck announced that it plans to close and liquidate its Ethereum futures ETF (EFUT).
On September 5, 2024, the Board of Trustees of VanEck ETF Trust approved the liquidation and dissolution of the following fund (the “Fund”):
| ETF Name | Ticker | Exchange |
| VanEck Ethereum Strategy ETF | EFUT | CBOE |
Now that our spot ethereum ETP has been approved, we are closing our ETF that invested in ethereum futures. https://t.co/xYfK6StoWS
— VanEck (@vaneck_us) September 6, 2024
As the sponsor of VanEck ETFs, VanEck continuously monitors and evaluates its ETF offerings across a number of factors, including performance, liquidity, assets under management, and investor interest, among others. The decision was made to liquidate the Fund based on an analysis of these factors and other operational considerations.
Shareholders of the Fund may sell their shares on the Fund’s listing exchange until market close on September 16, 2024 (transaction fees from their broker-dealer may be incurred). The Fund’s shares will no longer trade on the listing exchange after market close on September 16, 2024, and the shares will subsequently be de-listed. Shareholders who continue to hold shares of the Fund on the Fund’s liquidation date, which is expected to be on or about September 23, 2024, will receive a liquidating distribution of cash in the cash portion of their brokerage accounts equal to the amount of the net asset value of their shares. Proceeds from the liquidation are currently scheduled to be sent to shareholders on or about September 23, 2024. For tax purposes, shareholders will generally recognize a capital gain or loss equal to the amount received for their shares over their adjusted basis in such shares. The Fund will stop accepting creation orders from Authorized Participants on September 16, 2024.
In addition, shareholders who hold shares of the Fund may receive a final distribution of net income and capital gains earned by the Fund and not previously distributed prior to liquidation.
The final tax status of distributions made by the Fund, including the liquidating distribution, will be provided to shareholders with the year-end tax reporting for the Fund (including any portion which may be treated as a return of capital for tax purposes, reducing a shareholder’s basis in such shares).
Source: VanEck
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