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VanEck Ethereum Strategy ETF
Active ETF
EFUT
Payout Change
Pending
Price as of:
$26.43
-0.7
-2.58%
primary theme
N/A
EFUT (ETF)
VanEck Ethereum Strategy ETF
Payout Change
Pending
Price as of:
$26.43
-0.7
-2.58%
primary theme
N/A
EFUT (ETF)
VanEck Ethereum Strategy ETF
Payout Change
Pending
Price as of:
$26.43
-0.7
-2.58%
primary theme
N/A
Name
As of 07/24/2024Price
Aum/Mkt Cap
YIELD
Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.
Exp Ratio
Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.
Watchlist
Vitals
YTD Return
31.9%
1 yr return
N/A
3 Yr Avg Return
N/A
5 Yr Avg Return
N/A
Net Assets
$27.6 M
Holdings in Top 10
57.5%
52 WEEK LOW AND HIGH
$27.1
$15.28
$31.58
Expenses
OPERATING FEES
Expense Ratio 0.73%
SALES FEES
Front Load N/A
Deferred Load N/A
TRADING FEES
Turnover N/A
Redemption Fee N/A
Min Investment
Standard (Taxable)
N/A
IRA
N/A
Fund Classification
Fund Type
Exchange Traded Fund
Name
As of 07/24/2024Price
Aum/Mkt Cap
YIELD
Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.
Exp Ratio
Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.
Watchlist
EFUT - Profile
Distributions
- YTD Total Return 31.9%
- 3 Yr Annualized Total Return N/A
- 5 Yr Annualized Total Return N/A
- Capital Gain Distribution Frequency N/A
- Net Income Ratio N/A
- Dividend Yield 4.7%
- Dividend Distribution Frequency Annual
Fund Details
-
Legal NameVanEck Ethereum Strategy ETF
-
Fund Family NameVANECKFUND
-
Inception DateOct 02, 2023
-
Shares OutstandingN/A
-
Share ClassN/A
-
CurrencyUSD
-
Domiciled CountryUS
Fund Description
The Fund is an actively managed exchange-traded fund (“ETF”) that seeks to achieve its investment objective by investing, under normal circumstances, in standardized, cash-settled Ether (“ETH”) futures contracts (“ETH Futures”) traded on commodity exchanges registered with the Commodity Futures Trading Commission (“CFTC”). Currently, the only ETH Futures the Fund intends to invest in are those traded on the Chicago Mercantile Exchange (the “CME”).The Fund does not invest in ETH or other digital assets directly.
The Fund seeks to invest in ETH Futures so that the total value of the ETH to which the Fund has economic exposure is approximately 100% of the total assets of the Fund (the “Target Exposure”). If the Fund reaches the Target Exposure, based on current estimates, approximately 100% to 125% of the Fund’s net assets (which are the total assets of the Fund less the sum of the Fund’s accrued liabilities) will have economic exposure to ETH in order to account for the Fund’s accrued tax liabilities. The Fund is not seeking a levered return to ETH. To the extent that the Fund’s economic exposure to ETH exceeds 100% of the net assets of the Fund, the Fund will generally have leveraged exposure to the value of ETH. This means that any changes in the value of ETH will generally result in proportionally larger changes in the Fund’s net asset value, including the potential for greater losses than if the Fund’s exposure to the value of ETH were unleveraged.There can be no assurance that the Fund will be able to achieve or maintain the Target Exposure.
The Fund seeks to achieve and maintain the Target Exposure by using leverage inherent in ETH Futures, and may also obtain leverage in the form of borrowings, which would typically be in the form of loans from banks, and may be on a secured or unsecured basis and at fixed or variable rates of interest. Therefore, the Fund is subject to leverage risk as described further below.
The Fund expects to invest its remaining assets in any one or more of the following to provide liquidity, serve as margin or collateralize the Fund’s investments in ETH Futures: U.S. Treasuries, other U.S. government obligations, money market funds and funds that invest in short-term bonds, cash and cash-like equivalents (e.g., high quality commercial paper and similar instruments that are rated investment grade or, if unrated, of comparable quality, as the Adviser determines), mortgage-backed securities issued or guaranteed by U.S. government agencies, instrumentalities or sponsored enterprises of the U.S. government (whether or not the securities are U.S. government securities) (together, "Agency MBS"), municipal debt securities, Treasury inflation-protected securities, sovereign debt obligations of non-U.S. countries, and repurchase agreements (the "Cash and Fixed Income Investments").
The Fund is classified as a non-diversified fund under the Investment Company Act of 1940, as amended, and, therefore, may invest a greater percentage of its assets in a particular issuer.
ETH and ETH Futures are relatively new asset classes and therefore the Fund’s investments in ETH Futures are subject to unique and substantial risks, including the risk that the value of the Fund’s investments could decline rapidly, including to zero. ETH and ETH Futures have historically been more volatile than traditional asset classes. You should be prepared to lose your entire investment.
If the Fund is unable to achieve the Target Exposure because it is approaching or has exceeded position limits or because of liquidity or other constraints (e.g., due to limits imposed by FCMs), the Fund may invest in equity securities of “ETH-related companies.” For these purposes, ETH-related companies are companies, including investment companies, listed on a U.S. stock exchange that the Adviser believes provide returns that generally correspond, or are closely related, to the performance of ETH or ETH Futures. For example, the Fund may invest in U.S. listed companies offering digital asset trading platforms.
The Fund may engage in active and frequent trading of portfolio holdings.
Ether
ETH is a digital asset that is created and transmitted through the operations of the peer-to-peer Ethereum network, a dispersed network of computers that operates on cryptographic software protocols based on open source code. It is widely understood that no single intermediary or entity operates or controls the Ethereum network (referred to as “decentralization”), the transaction validation and recordkeeping infrastructure of which is collectively maintained by a disparate user base. The Ethereum network allows people to exchange tokens of value, or ETH, which are recorded on a distributed public recordkeeping system or ledger known as a blockchain (the “Ethereum Blockchain”), and which can be used to pay for goods and services, including
computational power on the Ethereum network, or converted to fiat currencies, such as the U.S. dollar, at rates determined on digital asset trading platforms or in individual peer-to-peer transactions. Furthermore, by combining the recordkeeping system of the Ethereum Blockchain with a flexible scripting language that is programmable and can be used to implement sophisticated logic and execute a wide variety of instructions, the Ethereum network is intended to act as a foundational infrastructure layer that users can build their own custom software programs on top of (instead of using centralized web servers), with users paying fees in ETH for the computational resources consumed by running their programs. In theory, anyone can build their own custom software programs on the Ethereum network. In this way, the Ethereum network represents a project to potentially expand blockchain deployment beyond just a limited-purpose, peer-to-peer private money system into a flexible, distributed alternative computing infrastructure that is resistant to censorship and available to all.
The Ethereum network was originally described in a 2013 white paper by Vitalik Buterin, a programmer involved with Bitcoin, with the goal of creating a global platform for decentralized applications powered by smart contracts. While bitcoin is used as a medium of exchange and store of value, ETH is used to interact with applications on the Ethereum network. Paying for transactions, creating smart contracts and using decentralized applications all require users to pay fees in ETH. The formal development of the Ethereum network began through a Swiss firm called Ethereum Switzerland GmbH in conjunction with several other entities. Subsequently, the Ethereum Foundation, a Swiss non-profit organization, was set up to oversee the protocol’s development. The Ethereum network went live on July 30, 2015. Unlike other digital assets, such as Bitcoin, which are solely created through a progressive mining process, 72.0 million ETH were created in connection with the launch of the Ethereum network. Coinciding with the network launch, the Ethereum Foundation was designated as the sole organization dedicated to protocol development.
ETH Futures
Futures contracts are financial contracts the value of which depends on, or is derived from, the underlying reference asset. In the case of ETH Futures, the underlying reference asset is ETH. Futures contracts may be physically-settled or cash-settled. The only futures contracts in which the Fund invests are cash-settled ETH Futures traded on commodity exchanges registered with the CFTC. “Cash-settled” means that when the relevant futures contract expires, if the value of the underlying asset exceeds the futures contract price, the seller pays to the purchaser cash in the amount of that excess, and if the futures contract price exceeds the value of the underlying asset, the purchaser pays to the seller cash in the amount of that excess. In a cash-settled futures contract on ETH, the amount of cash to be paid is equal to the difference between the value of the ETH underlying the futures contract at the close of the last trading day of the contract and the futures contract price specified in the agreement. The CME has specified that the value of ETH underlying ETH Futures traded on the CME will be determined by reference to a volume-weighted average of ETH trading prices on multiple digital asset trading platforms, as discussed below.
Futures contracts exhibit “futures basis,” which refers to the difference between the current market value of the underlying ETH (the “spot” price) and the price of the cash-settled futures contracts. A negative futures basis exists when cash-settled ETH Futures generally trade at a premium to the current market value of ETH. If a negative futures basis exists, the Fund’s investments in ETH Futures will generally underperform a direct investment in ETH, and, therefore, it may be more difficult for the Fund to maintain the Target Exposure.
Futures contracts expire on a designated date, referred to as the “expiration date.” The Fund generally seeks to invest in “front month” ETH Futures. “Front month” contracts are the monthly contracts with the nearest expiration date. ETH Futures are cash-settled on their expiration date unless they are “rolled” prior to expiration. The Fund intends to “roll” its ETH Futures prior to expiration. Typically, the Fund will roll to the next “nearby” ETH Futures. The “nearby” contracts are those contracts with the next closest expiration date.
Cash and Fixed Income Investments
In addition to the Fund’s ETH Futures, the Fund expects to have significant holdings of Cash and Fixed Income Investments. The Cash and Fixed Income Investments are intended to provide liquidity and to serve as collateral for the Fund’s ETH Futures. The amount of Cash and Fixed Income Investments held by the Fund may change over time and will be determined primarily by the amount needed to seek to achieve or maintain the Target Exposure.
EFUT - Performance
Return Ranking - Trailing
| Period | EFUT Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 31.9% | N/A | N/A | N/A |
| 1 Yr | N/A | N/A | N/A | N/A |
| 3 Yr | N/A* | N/A | N/A | N/A |
| 5 Yr | N/A* | N/A | N/A | N/A |
| 10 Yr | N/A* | N/A | N/A | N/A |
* Annualized
Return Ranking - Calendar
| Period | EFUT Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | N/A | N/A | N/A | N/A |
| 2022 | N/A | N/A | N/A | N/A |
| 2021 | N/A | N/A | N/A | N/A |
| 2020 | N/A | N/A | N/A | N/A |
| 2019 | N/A | N/A | N/A | N/A |
Total Return Ranking - Trailing
| Period | EFUT Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 31.9% | N/A | N/A | N/A |
| 1 Yr | N/A | N/A | N/A | N/A |
| 3 Yr | N/A* | N/A | N/A | N/A |
| 5 Yr | N/A* | N/A | N/A | N/A |
| 10 Yr | N/A* | N/A | N/A | N/A |
* Annualized
Total Return Ranking - Calendar
| Period | EFUT Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | N/A | N/A | N/A | N/A |
| 2022 | N/A | N/A | N/A | N/A |
| 2021 | N/A | N/A | N/A | N/A |
| 2020 | N/A | N/A | N/A | N/A |
| 2019 | N/A | N/A | N/A | N/A |
EFUT - Holdings
Concentration Analysis
| EFUT | Category Low | Category High | EFUT % Rank | |
|---|---|---|---|---|
| Net Assets | 27.6 M | N/A | N/A | N/A |
| Number of Holdings | 5 | N/A | N/A | N/A |
| Net Assets in Top 10 | 17.8 M | N/A | N/A | N/A |
| Weighting of Top 10 | 57.46% | N/A | N/A | N/A |
Top 10 Holdings
- U.S. Treasury Bills 15.96%
- U.S. Treasury Bills 15.92%
- U.S. Treasury Bills 12.80%
- U.S. Treasury Bills 12.78%
- CME ETHER FUTURE APR24 0.00%
Asset Allocation
| Weighting | Return Low | Return High | EFUT % Rank | |
|---|---|---|---|---|
| Cash | 100.00% | N/A | N/A | N/A |
| Stocks | 0.00% | N/A | N/A | N/A |
| Preferred Stocks | 0.00% | N/A | N/A | N/A |
| Convertible Bonds | 0.00% | N/A | N/A | N/A |
| Bonds | 0.00% | N/A | N/A | N/A |
| Other | 0.00% | N/A | N/A | N/A |
EFUT - Expenses
Operational Fees
| EFUT Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Expense Ratio | 0.73% | N/A | N/A | N/A |
| Management Fee | 0.65% | N/A | N/A | N/A |
| 12b-1 Fee | N/A | N/A | N/A | N/A |
| Administrative Fee | N/A | N/A | N/A | N/A |
Sales Fees
| EFUT Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Front Load | N/A | N/A | N/A | N/A |
| Deferred Load | N/A | N/A | N/A | N/A |
Trading Fees
| EFUT Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Max Redemption Fee | N/A | N/A | N/A | N/A |
Related Fees
Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.
| EFUT Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Turnover | N/A | N/A | N/A | N/A |
EFUT - Distributions
Dividend Yield Analysis
| EFUT | Category Low | Category High | EFUT % Rank | |
|---|---|---|---|---|
| Dividend Yield | 4.71% | N/A | N/A | N/A |
Dividend Distribution Analysis
| EFUT | Category Low | Category High | Category Mod | |
|---|---|---|---|---|
| Dividend Distribution Frequency | Annual |
Net Income Ratio Analysis
| EFUT | Category Low | Category High | EFUT % Rank | |
|---|---|---|---|---|
| Net Income Ratio | N/A | N/A | N/A | N/A |
Capital Gain Distribution Analysis
| EFUT | Category Low | Category High | Capital Mode | |
|---|---|---|---|---|
| Capital Gain Distribution Frequency |
