哪裡買？買哪支？一文為你釐清即將到來的以太坊 ETF

原標題：Ethereum ETFs are coming — Here’s what you need to know

原作者：ALEX O’DONNELL

原作者：ALEX O’DONNELL

Are you ready for the launch of 9 Ethereum spot ETFs on July 23rd? Here's what you need to know to start trading.

After years of regulatory pushback and countless revised registration documents, Spot Ethereum Exchange Traded Funds (ETFs) are finally entering the market.

Publicly traded Ethereum (ETH) ETF shares will be listed on some of the most popular brokerage platforms in the U.S. for the first time, joining stocks like Apple (AAPL) and SPDR S&P 500 ETF Trust (SPY).

The highly anticipated listing is a defining moment for the cryptocurrency market and an opportunity for millions of U.S. institutional and retail investors. Here's what you need to know to get the most out of it.

When will the Spot Ethereum ETF be available?

CBOE confirms July 23 launch date for five ETFs trading on its platform: 21Shares Core Ethereum ETF, Fidelity Ethereum Fund, Invesco Galaxy Ethereum ETF, VanEck Ethereum ETF and Franklin Ethereum ETF .

The other four spot ETH ETFs will trade on Nasdaq or New York Stock Exchange (NYSE) Arca. While no official announcement has been made by these exchanges, they are widely expected to list on July 23 as well.

Where can I buy Ethereum ETF shares?

Short answer: Almost any major brokerage platform. Every ETH spot ETF listed in the last week of July has received regulatory approval to trade on at least one major U.S. exchange — specifically Nasdaq, New York Stock Exchange (NYSE) Arca, or Cboe BZX.

Everyday investors do not trade directly on these exchanges. Instead, they rely on brokerage platforms—household names like Fidelity, E*TRADE, Robinhood, Charles Schwab, and TD Ameritrade—to serve as intermediaries.

Once the ETH ETF shares are listed on a public exchange, it is expected that all reputable brokerage firms and other institutions will be able to facilitate trading.

What are my options and how do I know which one is best?

Nine spot Ethereum ETFs are about to start trading. In terms of the underlying mechanics, these funds are nearly identical. Each ETF is sponsored by a reputable fund manager, holds spot ETH through a qualified custodian, and relies on a core group of professional market makers to create and redeem shares. They also all have the same standard investor protections, including insurance against broker insolvency and cybersecurity risks.

For most investors, the deciding factor comes down to fees. Eight of the nine ETFs have management fees between 0.15% and 0.25%. The only exception is Grayscale Ethereum Trust (ETHE), which began trading under a different fund structure in 2017 but still has a 2.5% management fee.

Top nine spot Ethereum ETFs compared

Most (but not all) Ethereum ETFs are temporarily waiving or reducing fees to attract investors. Greyscale Ethereum Trust is once again the leader in this space, joining the Invesco Galaxy Ethereum ETF (QETH).

Ironically, the clear leader in the toll race is also a Grayscale product. The Grayscale Ethereum Mini Trust (ETH) is a new fund created specifically to be listed as an ETF, with a management fee of just 0.15%. These fees will be fully waived for the first six months after listing or until the fund reaches $2 billion in assets under management (AUM).

Another compelling option is Franklin Templeton’s Franklin Ethereum ETF (EZET). Its management fees are 0.19%, the second-lowest in its category, and they will be waived entirely until January 2025 or until the fund reaches $10 billion in AUM.

Will the spot Ethereum ETF provide staking services?

The short answer is “no”. The longer answer is: "Maybe, but not anytime soon."

To recap, staking involves depositing ETH into a validator node on the Ethereum beacon chain. Staked ETH earns a percentage of network fees and other rewards, but it is also possible for validators to be “slashed” — or have their staked collateral confiscated — if they misbehave or fail.

Staking is attractive because it can significantly increase returns. As of July 19, the annualized yield was about 3.7%, according to StakingRewards.com.

Earlier this year, several issuers including Fidelity, BlackRock, and Franklin Templeton sought regulatory approval to add staking functionality to spot ETH ETFs. The SEC denied these requests.

According to several negotiators who spoke to Cointelegraph on condition of anonymity, the issue comes down to liquidity. It usually takes several days for staked ETH to be withdrawn from the Beacon chain. This is a problem for issuers because they need to redeem ETF shares in a timely manner upon request to access the underlying fund assets.

Informed sources told Cointelegraph that the issuer is still exploring ways to add staking functionality to existing ETH spot ETFs — possibly by maintaining a “cushion” of liquid spot ETH — but a viable plan is at least months away time. Currently, ETH ETF cannot be staked

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