Crypto asset-backed securities provider ETC Group is continuing its dependence on Ethereum’s original proof-of-work (PoW) consensus for the existing current Ethereum exchange-traded product (ETP).

Specifically, ETC Group reportedly issued an official announcement of the introduction for a new Ethereum ETP as a response to the anticipating Ethereum Merge. 

Set to take place in mid-September, the Ethereum Merge is a long-awaited consensus upgrade with an aim of transitioning the Ethereum blockchain from mining-based PoW to mining-free proof-of-stake (PoS).

ETC Group’s new Ethereum ETP will reportedly be dependent on a forked PoW Ethereum chain, representing a group of miners opposing Ethereum’s switch to PoS. The PoW chain will have a new token dubbed “ETHW”, which will offer a basis for ETC Group’s new physically-backed ETP called ETC Group Physical EthereumPoW (ETHWetc).

Per the announcement, ETHWetc shares an expectation of listing on Deutsche Boerse’s electronic trading platform, Xetra, under the ticker symbol ZETW. ETC Group claimed that the entity forecasts the listing to take place not long after following the fork event on Sept. 16.

The firm said that holders of ETC Group Physical Ethereum (ZETH) will automatically receive ZETW on a 1:1 unit basis on brokerage accounts.

Bradley Duke, founder and co-CEO of ETC Group, reportedly mentioned that taking advantage of hard forks to the underlying cryptocurrencies is the original vision and commitment of the firm. 

“In line with this […] any holders of our Ethereum-based ETP will receive, at no cost, matching units of the new Ethereum PoW ETP soon after the Ethereum hard fork occurs,” he noted. 

“We believe that it is only right that investors in our products should receive the proceeds of this fork.”

The update reportedly surfaced following the crypto sphere actively gearing up for the upcoming Ethereum Merge, with numerous firms looking for new mining alternatives or releasing Ethereum staking.