Grayscale Investments is set to convert its Grayscale Ethereum Trust into a spot Ether exchange-traded fund (ETF) following the approval of the first Ether (ETH) futures ETF. The New York Stock Exchange Arca filed for the conversion with the US Securities and Exchange Commission on Oct. 2. Grayscale's existing trust invested in Ether futures contracts, while a spot ETF will invest in the underlying asset itself. The Grayscale Ethereum Trust, launched in March 2019, is valued at $4.9 billion and accounts for around 2.5% of circulating ETH. Grayscale offers 17 different cryptocurrency investment products.