In Likely Precursor to Ether ETF Approval, Most Applicants Have Submitted Their Final Forms

Applicants seeking to issue exchange-traded funds tied to Ethereum's ether (ETH) have now submitted their final documents needed to launch the funds

Asset managers including BlackRock, Fidelity, 21Shares, Grayscale, Bitwise and Invesco Galaxy submitted their final filings on Wednesday to launch ether exchange-traded funds in the U.S.

Two industry sources previously told CoinDesk that U.S. Securities and Exchange Commission staff advised them to file final amendments by Wednesday and that the applications may be deemed effective – essentially, approved – by Monday, with trading to begin Tuesday.

In the filings, the prospective issuers revealed the final details of the fund structures, including management fees, which turned out to be relevant for investors when choosing which spot bitcoin ETF they would invest in when they debuted early this year. Experts have said that the fee war in this round of launches would be similar to the competitive landscape then, when issuers kept lowering their fees to compete with other funds.

Grayscale, for instance, decided to charge a significantly higher fee of 2.5% on its main product (its Mini Ethereum Trust is set at 0.25%), while BlackRock and Fidelity will also charge 0.25%. 21Shares set its fee at 0.21%, while Bitwise, VanEck and Invesco Galaxy are at the lower end of the spectrum at 0.2%. Franklin Templeton will charge 0.19%.

ProShares had not filed an amendment revealing its fee as of press time.

The SEC also approved 19b-4 forms for applications from Grayscale to launch a mini mini ethereum exchange-traded product and ProShares to launch a spot ethereum ETF on Wednesday. Both companies are working with NYSE Arca as their exchange partner that will actually list the products.

The timing of Wednesday's 19b-4 approvals suggests that Grayscale and ProShares may also be able to launch their products at the same time as the other applicants. Industry sources previously told CoinDesk they expected these products to launch next Tuesday.

If Grayscale can launch its mini ether ETF on Tuesday, it'll do so before it receives approval to launch a mini bitcoin ETF. The company filed to launch a mini bitcoin ETF in April, revealing earlier this year it would charge a 0.15% fee – in contrast to the mini ether product's 0.25%.

The above is the detailed content of In Likely Precursor to Ether ETF Approval, Most Applicants Have Submitted Their Final Forms. For more information, please follow other related articles on the PHP Chinese website!