Etymology of symbols $\in$ and $\varnothing$

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I read many years ago in somewhere (I don't remember where) that the symbol $\in$ for membership of sets comes from Greek word "$\epsilon\sigma\tau\iota$" meaning "is in". So $a\in A$ means $a$ is in $A$.

It it right? If is so, then what about symbol of empty set "$\varnothing$" which looks like letter $\phi$?

Thanks.