US investors now have the opportunity to access funds that track double the daily movement of Ethereum, offering both bullish and bearish exposure to the cryptocurrency's price swings. However, regulatory approval for spot Ether ETFs is still pending.

Volatility Shares launched ETHU, a 2x Ether ETF, on June 4th, aiming to provide daily returns that are twice the daily movements of Ethereum, before fees of 0.94%.

In addition, ProShares announced plans to list two new ETFs on the New York Stock Exchange on June 7th. One (ETHT) will target double the daily gains of Ethereum, while the other (ETHD) will seek to capitalize on double the daily price drops of Ethereum.

These ETFs utilize derivatives such as futures contracts instead of directly investing in Ether, allowing them to achieve their investment objectives.

Spot Ether ETFs Await Final Regulatory Approval

The launch of ETHU follows the Securities and Exchange Commission's (SEC) initial endorsement for eight spot ETFs that directly invest in Ether. This approval marks a significant shift in the regulatory stance, coming just four months after the approval of the first Bitcoin ETFs. Notably, Hashdex was the only applicant not approved in this recent wave.

However, before these Ether ETFs can be traded, the exchanges and providers must complete a final step. They need to file registration statements with the SEC, providing investors with essential details about the product.

Bloomberg ETF analyst Eric Balchunas predicts a potential mid-June launch for these Ether ETFs, anticipating a streamlined approval process similar to the recent Bitcoin ETFs, with just one round of regulatory feedback needed.