VanEck, the $77.8 billion asset under management firm, is preparing to roll out its Ethereum futures exchange-traded fund (ETF) as the race for ether (ETH) futures fund heats up.

The fund, called VanEck Ethereum Strategy ETF (EFUT), will invest in standardized, cash-settled ETH futures contracts traded on commodity exchanges registered with the Commodity Futures Trading Commission (CFTC), the firm said in a statement on Thursday.

The ETF will be listed on CBOE and will be joining the asset manager's other futures ETF product, the VanEck Bitcoin Strategy ETF (XBTF), the statement said.

The move comes as many TradFi players have filed applications with the U.S. Securities and Exchange (SEC) for ether futures-based ETFs, following the bitcoin spot ETF hype.

Some of the peers that filed for ETH futures ETF include Bitwise Ethereum Strategy ETF, Roundhill Ether Strategy ETF, ProShares Short Ether Strategy ETF, ProShares Ether Strategy ETF and Grayscale Ethereum Futures ETF.