Global X Dives Deeper into Crypto with Ethereum Covered Call ETF

Global X Management is stepping up its crypto game with the launch of the Global X Ethereum Covered Call ETF, or EHCC. Announced on April 2, 2026, this fund is designed to generate weekly income by writing call options on Ether-related exchange-traded products (ETPs). It carries a 0.75% expense ratio and strategically targets the often volatile Ether market, a move that mirrors its previous Bitcoin ETF strategy.

EHCC, with its 80% allocation in U.S.-listed Ether ETPs, avoids directly holding the digital asset. Instead, it rides on option premiums for weekly distributions. But here's the kicker: while the strategy cushions downside risk with income from options, it caps gains beyond a set strike price. This structure isn't new. Amplify's EHY, launched in October 2025, uses a similar strategy, already setting a benchmark in this niche market.

The Ethereum ETF space is heating up, with EHCC joining a market that's not only crowded but quickly evolving. The SEC's previous approval of spot Ether ETFs in 2024 laid the groundwork for these types of funds. The big question, will Global X's strong distribution network and $78.1 billion AUM pull enough interest to make EHCC a success?

If EHCC can ride Ether's notorious volatility while drawing investors from Amplify's established offerings, it could reshape how crypto income funds operate. But if inflows lag, it might be a sign that Amplify holds the first-mover advantage. Watch how the market responds in Q2 2026 to see which way the balances tip.