Всё, что нужно знать о ETF на Ethereum: руководство для новичков

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Spot ETFs and Futures ETFs

There are two types of Ethereum ETFs: spot ETFs and futures ETFs.

A spot ETH ETF tracks the price of Ethereum directly while holding the actual cryptocurrency in reserves. Investors buy shares of the ETF representing a fraction of the Ethereum held by the fund rather than actual tokens. They can also access Ethereum’s real-time price and make their investment decisions on the go. This type of Ethereum ETF is usually the go-to option for traditional investors who are familiar with the stock market rather than with cryptocurrencies​​. In this case, they can get the benefits of cryptocurrency trading in a more familiar environment.

In the case of a futures ETF, investors buy futures contracts of Ethereum rather than shares in a fund. Just like in the case of traditional finance, those futures contracts are agreements on buying or selling ETH on a specific date for a specific price. Using them, investors can speculate on the future price of Ethereum without actually owning the tokens. This kind of Ethereum ETF, however, has its own set of complexities and risks like the rollover of futures contracts. On the other hand, they tackle some of the risks associated with owning cryptocurrency, like security risks or the risk of losing access to the crypto wallet for whatever reasons. 

Choosing one of those types of Ethereum ETFs depends on the investor’s preferences, strategy, and risk appetite. 

The main conceptual significance of such ETFs is that they establish an understandable connection between traditional finance and the cryptocurrency industry while increasing the liquidity for both markets. Particular Ethereum ETFs, however, can vary in terms of their characteristics and specific offerings. It’s also important to remember that Ethereum ETFs are not globally regulated, so the specifics heavily depend on the jurisdiction or region.

Success of Bitcoin ETFs Is A Catch-22

Lastly the very success that the multiple spot bitcoin ETFs have experienced has reignited a storm of criticism and pushback from U.S. policymakers. Renewed efforts to crack down on the energy consumption of bitcoin miners, reviving the possibility of a targeted 30% tax on said miners, and concerns about price volatility continue to add to the public debate undermining the need for more crypto ETFs.

Even as crypto investors and advocates cheer higher prices, increasing flows and trading volumes, and more users onboarding into the space, these very same positive trends are being used against further such developments.

The crypto industry has had a lot to celebrate in 2024, but these same successes might actually forestall more positive news.

Does Ethereum Have an ETF?

The Ethereum network is a decentralized platform that enables smart contracts and decentralized applications (DApps) to be built and run without any interference from third parties. Ethereum is often described as a “world computer”, and its blockchain has been used to create a wide variety of applications.

One of the most popular applications built on the Ethereum network is the ERC20 token. ERC20 is a standard that defines a certain set of rules for tokens built on the Ethereum network. There are currently over 1,500 ERC20 tokens in circulation, and the total market cap of all ERC20 tokens is over $21 billion.

The popularity of ERC20 tokens has led to a growing demand for ETFs that track the performance of Ethereum and other cryptocurrencies. In March of this year, the SEC rejected a proposal for the first Ethereum ETF. However, the SEC is currently reviewing a new proposal for an Ethereum ETF, and a decision is expected in the near future.

If the SEC decides to approve the new proposal for an Ethereum ETF, it will be a major milestone for the cryptocurrency industry. An Ethereum ETF would provide investors with a way to gain exposure to the performance of Ethereum without having to purchase and store the underlying cryptocurrency.

The SEC has been reluctant to approve proposals for cryptocurrency ETFs in the past, but the growing popularity of Ethereum and other cryptocurrencies may lead to a change of heart. If an Ethereum ETF is approved, it could pave the way for other cryptocurrency ETFs to be approved in the future.

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Key Takeaways

• Ethereum ETFs offer a way to invest in Ethereum without directly buying and storing the cryptocurrency. This can be appealing to investors who are unfamiliar with cryptocurrencies or who want a more regulated investment.
• There are two main types of Ethereum ETFs: spot ETFs and futures ETFs. Spot ETFs track the price of Ethereum directly, while futures ETFs track the price of futures contracts for Ethereum.
• Ethereum ETFs have both advantages and risks. Advantages include accessibility, regulation, diversification, and liquidity. Risks include market volatility, costs and fees, regulatory risks, counterparty risks, and limited history.
• The legal status of Ethereum ETFs varies worldwide. Some countries, such as Canada and Australia, have already approved spot ETFs, while others, such as the United States, only allow futures ETFs for now.
• There are several alternatives to Ethereum ETFs, such as blockchain ETFs, direct cryptocurrency investments, Grayscale Trusts, individual blockchain stocks, and other cryptocurrency ETFs.
• The future prospects of Ethereum ETFs are uncertain. Regulatory developments, market sentiment, and technological advancements within the Ethereum network will all play a role in determining the future of these products.

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An Ethereum ETF (Exchange-Traded Fund) is a financial product that allows investors to access Ethereum’s price movement without the need to directly purchase, store, or manage the underlying cryptocurrency. 

This article explores the two kinds of Ethereum ETFs, their legal status among some OECD countries, the product’s advantages and risks, as well as its prospects for the future.

How Does an Ether Futures ETF Work?

ETFs buy securities that become their holdings. They then sell fractionalized shares on exchanges representing shares of their portfolios. In this case, they hold ether futures contracts, which are based on the expected price moves of the cryptocurrency native to the Ethereum blockchain. Ether futures are standardized agreements to buy or sell ether at a preset price on a future date and trade on regulated exchanges like the CME Globex.

These ETFs roll over contracts as they expire to maintain their holdings in ether futures. Shares in them trade on regulated stock exchanges, making them accessible to retail and institutional investors.

One important trait of ether futures ETF, common to all such funds, is the expense ratio. This is a fee charged by the ETF provider, which can be higher than the costs of directly buying and holding ether yourself.

The Ethereum blockchain plays a crucial role in decentralized finance (DeFi) and non-fungible tokens. Its digital tokens serve several purposes within the ETH ecosystem, including enabling transactions and powering smart contracts. The network has transitioned to a proof-of-stake (PoS)consensus model, which means it uses far less energy than Bitcoin. While bitcoin miners must outcompete one another, «validators» on the ETH platform are randomly selected to confirm and validate transactions. This system randomizes who gets to collect fees rather than using a competitive rewards-based mechanism like proof-of-work.

Though that might be better for the climate, it could make ether more like a security, in which case ETH would have to meet the same transparency and other regulations companies face when listing their shares. ETFs in the U.S. can’t yet hold ether, although funds holding ether trade on Canadian exchanges. In January 2024, the SEC approved the first 11 Bitcoin spot ETFs for the U.S. market but hasn’t approved comparable ETFs for ether.

BlackRock (BLK) and Fidelity are among the major investment firms that have applied to create spot ether ETFs. However, as we have reported, these applications will not likely be approved soon. The SEC was notoriously skittish in approving bitcoin ETFs—a 2023 appeals court ruling seemed to force its hand—having turned down many applications before 2024. Ether’s PoS model gives the SEC further reason not to allow spot ether ETFs for now, beyond concerns over the crypto world’s propensity for major frauds and market manipulation.

Can you buy an Ethereum ETF in the US?

The possibility of buying an Ethereum ETF in the US has been a hot topic of discussion lately. So, can investors in the US purchase an Ethereum ETF?

The answer is not a straightforward one. The US Securities and Exchange Commission (SEC) has not yet approved an Ethereum ETF, and it is unclear if and when they will do so. There are a few Ethereum ETFs that are currently being reviewed by the SEC, but no decision has been made yet.

If an Ethereum ETF is approved, it will likely be a popular investment choice for US investors. Ethereum is a rapidly growing cryptocurrency, and an ETF would provide a way to invest in it without having to purchase and store the currency yourself.

However, there is no guarantee that an Ethereum ETF will be approved, so investors should be aware of the risks involved. The SEC has been hesitant to approve cryptocurrency ETFs in the past, and there is no guarantee that they will change their stance on Ethereum.

If you are interested in investing in Ethereum, the best option for now is to purchase the currency yourself. There are a number of exchanges where you can buy Ethereum, and it can be stored in a digital wallet.

If you are unsure of how to purchase Ethereum or where to store it, there are a number of online tutorials that can help you get started. Ethereum is still a new currency, so there is a lot of information available online to help you get started.

Overall, it is still unclear if US investors can buy an Ethereum ETF. The SEC has not yet made a decision, and it is possible that they will not approve any ETFs related to Ethereum. However, if an ETF is approved, it is likely to be a popular investment choice for US investors.

How Would a Spot Ethereum ETF Affect the ETH Markets?

A Spot Ethereum ETF could impact the ETH markets by increasing liquidity, stability and accessibility for investors. The approval of Spot Ethereum ETFs could lead to a surge in demand for ETH as more buyers and sellers participate, resulting in more stable prices and reduced volatility.

Additionally, the ETF could attract institutional investors who may have been previously restricted from directly trading cryptocurrencies, potentially leading to an influx of institutional money into the Ethereum market.

Overall, a Spot Ethereum ETF could enhance the market dynamics of ETH, making it more attractive and accessible to a broader range of investors.

For investors looking to participate in the Ethereum market, here are some crypto exchanges that support Ethereum.

• Binance
• Coinbase
• Kraken
• Bitfinex

These exchanges provide a platform for buying, selling and trading Ethereum, offering a range of features and services to cater to different investor needs and preferences.

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The Appeal and Risks of Ethereum ETFs

There are many reasons why professional investors and brokers may turn their gaze to Ethereum ETFs.

Accessibility

Investors familiar with stock markets can access Ethereum through traditional brokerage accounts instead of dealing with cryptocurrency exchanges or digital wallets that they may not know. This also simplifies the experience by removing the technical complexities associated with buying and selling ETH directly.

Regulation

If fully legal in the selected jurisdiction, Ethereum ETFs are regulated financial products. This sets them apart from many other crypto-related products that lack the same institutional protection and compliance with financial standards.

Diversification 

Despite being a traditional financial product under the hood, Ethereum ETFs give investors access to a new class of assets, which may be beneficial for diversifying and hedging against investment risks.

Liquidity

All ETFs are inherently liquid, which means that investors can buy and sell the underlying asset (in this case, ETH) easily. This slightly mitigates the effects of volatility that the crypto market is well-known for.

That being said, Ethereum ETFs have their downsides as well, which potential investors should keep in mind.

Market volatility

Despite the liquidity that comes with ETFs as products, the effects of volatility can’t be fully eradicated. The ETF’s value can experience massive fluctuations, which can greatly impact the investment’s value in the short term.

Costs and fees

Ethereum ETFs are not free to use. They have management fees that, depending on the particular product, may seriously change the net returns. In the case of Ethereum ETFs, such fees can be higher than in traditional ones due to the unique features of crypto as an asset class.

Regulatory risks

Even if we’re talking about a jurisdiction where Ethereum ETFs are completely legal, local crypto policies tend to change more often compared to traditional ones. When investing in an Ethereum ETF, one must always heed the chances of regulatory environment changes.

Counterparty risks

Futures-based Ethereum ETFs carry an additional risk since any default or changes in the counterparty’s financial health can have a massive impact on the ETF’s value.

Limited history

Ethereum ETFs are relatively nascent, so they don’t have a long-term track record that could provide potential investors with a tentative roadmap or help them come up with a strategy. 

Emphasizing Security in the Web3 Space#

At the heart of the anticipation for an Ethereum ETF is the critical importance of security and protection of funds. An approved ETH ETF could serve as a catalyst for growth, innovation, and increased adoption of blockchain technology and cryptocurrencies.With more users joining the Web3 space, it will bring more funds, which will invite the threats prevalent in the space. Malicious actors in Web3 are always looking to exploit weaknesses, such as smart contract vulnerabilities, and steal users’ funds. They can also target users with sophisticated attacks like phishing, flash loan attacks, front-running attacks, rug pulls, and so on.Staying alert to these dangers is essential, but it’s not sufficient on its own. It’s crucial for users to conduct in-depth research on projects and only interact with those that have a good reputation. While smart contract audits can greatly lower the risks, they don’t offer complete protection from these threats.DeFi insurance has become an important instrument for reducing the risks associated with DeFi threats. It could be your lifeline in the upcoming bull market, considering the inevitable threats that lurk behind the market booming with market depth and trading volume.With that in mind, let’s delve into Neptune Mutual, a coverage solution made for protecting digital assets.

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Can I buy an ETH ETF?

An ETH ETF, or an Exchange Traded Fund for Ethereum, is a security that allows investors to hold Ethereum assets without having to worry about buying and storing the underlying currency. ETH ETFs are available on a few exchanges, and can be a great way to get exposure to the Ethereum market without having to worry about buying and storing the currency yourself.

There are a few things to consider before buying an ETH ETF. First, make sure that the ETF is available on a reputable exchange. Second, be sure to read the fund’s prospectus carefully to make sure you understand the risks involved. Finally, be sure to monitor the fund’s performance and make sure it meets your investment goals.

ETH ETFs can be a great way to get exposure to the Ethereum market, but be sure to do your research before buying one.

Ethereum ETF’s Future Prospects

Several factors, including regulatory developments, market sentiment, and technological advancements within the Ethereum network, influence the prospects for Ethereum ETFs in 2024 and beyond.

The recent approval of spot Bitcoin ETFs in the U.S. has sparked optimism among investors and analysts about the potential approval of spot Ethereum ETFs. The product seems to be greatly anticipated on the local market, which is partially based on Ethereum’s performance after the Merge. That said, given the inherent volatility of crypto, those anticipations remain purely speculative. Still, based on prior instances, such an approval is likely to give the Ethereum price a major boost. Combined with the recent Dencun upgrade, this draws a positive outlook for the entire Ethereum ecosystem and may increase the general attractiveness of Ethereum ETFs where available.

Still, as cryptocurrency market regulations are still far from being set in stone, there is no guarantee that such an ETF will be approved in the U.S. Moreover, the performance of Ethereum and activities in its vast ecosystem may have a direct effect on the regulator’s decision-making. 

The prospects of Ethereum ETFs also directly depend on the broader economic environment. Considering the recession caused by the increasing political unrest across the globe, as well as high inflation rates in numerous developed economies, it becomes difficult to cast a prediction on the performance and legal status of crypto-powered ETFs, including Ethereum, even in the medium term. 

Still, taking into account the general market sentiment, the emergence of a legal framework for crypto in the European Union, the upcoming bitcoin halving, and other events surrounding the crypto scene in early 2024, the prospects for Ethereum ETFs can be estimated with cautious optimism. As more regulatory approvals are anticipated and more technological advancements in Ethereum are announced, the products that offer access to Ethereum’s broader ecosystem to those unfamiliar with it are likely to gain more steam and up their general appeal.

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This article shall not be construed as investment advice, nor does it offer any recommendations pertaining to investment. The article’s goal is to provide an overview of and general information on Ethereum ETFs and other financial products mentioned therein, and, as such, the article shall be construed solely as a source of general information. One must conduct thorough research and make a fully informed decision before making any investment.

What does an Ethereum ETF mean?

What does an Ethereum ETF mean?

An Ethereum ETF, or exchange traded fund, is a financial security that tracks the price of Ethereum. It is a type of investment that allows people to invest in Ethereum without having to buy and store the cryptocurrency themselves.

ETFs are popular among investors because they offer a way to invest in a basket of assets, rather than just one. This reduces the risk of investing in a single asset.

When an ETF is created, it is listed on an exchange like a stock. This means that investors can buy and sell it just like they would any other stock.

The Ethereum ETF proposal was first announced in July of 2018 by the Chicago Board Options Exchange (CBOE). The proposal is still pending approval by the United States Securities and Exchange Commission (SEC).

If the Ethereum ETF is approved, it will be the first of its kind. The SEC has not yet approved a cryptocurrency ETF, but they have indicated that they are open to the idea.

There are a few different Ethereum ETF proposals that are currently pending approval. The CBOE proposal is the most well-known, but there are also proposals from Bitwise Asset Management and SolidX.

If an Ethereum ETF is approved, it could have a major impact on the price of Ethereum. It could also make it easier for people to invest in Ethereum, which could lead to increased adoption of the cryptocurrency.

Staked Versus Non-Staked Ether

While it is true that the staking services offered by some exchanges have both led to lawsuits and added fuel to the SEC case that ether should be classified as security, this also could be a factor that reduces that appeal of a spot ether ETF. With average staking yields for staked ETH averaging just under 4% this opportunity has become an attractive one for retail investors, but would be of even greater interest for institutional pools of capital that have to manage returns for investors used to consistency. Given the reality that inflation remains elevated above levels seen prior to 2020, the yield generated by ETH continues to attract attention.

On the other hand the very appeal of this yield, and staking in general, is one of the core arguments that has been used by the SEC to construct its most recent efforts to classify ETH as a security. Since staked ETH involves centralization (whether via a centralized exchange or decentralized protocol), common efforts to pursue profits, and limited direct involvement from most staking participants, the argument is not entirely without merit.

The very development that continues to attract investors to ETH may also prove another obstacle to a spot ETF approval.

Pros and Cons of Investing in Ether Futures ETFs

Pros

• Regulatory compliance

• Diversification

• Accessibility

• Lower operational risks

Cons

• Liquidity concerns

• Price volatility

• Higher expense ratios

Investors should be aware of the pros and cons before buying shares in ether futures ETFs.

Pros

• Regulatory compliance: Ether futures ETFs are offered within regulated exchanges, making them more palatable to institutional investors.
• Diversification: When reviewing your portfolio and its asset classes, cryptocurrencies like ether could offer some diversification.
• Accessibility: Ether futures ETFs are easily accessible to retail and institutional investors on traditional exchanges.
• Lower operational risks: You don’t need to negotiate the complexities of holding and securing ether directly.

Cons

• Liquidity concerns: Given their relatively low assets under management, these ETFs are less likely to always have enough liquidity.
• Crypto’s unregulated platforms: While ether futures ETFs are regulated, the crypto tokens whose value they track are traded on exchanges that are not.
• Price volatility: The underlying cryptocurrency, ether, is more volatile than traditional asset classes.
• Expense ratios: These ETFs often have higher expense ratios than other non-crypto ETFs.