
Asset management firms looking to get their spot Ethereum exchange-traded funds (ETFs) trading in the United States have submitted amended registration statements late Friday, providing fresh details on fees and seed investments.
BlackRock, VanEck, Franklin Templeton, Grayscale Investments, Invesco Galaxy and 21Shares all submitted their updated filings on Friday afternoon. Two of the issuers have disclosed their management fees, with Franklin Templeton setting the bar in May at 0.19% for its spot Ethereum ETF, while VanEck followed suit on Friday, announcing a fee of 0.20%.
Eric Balchunas, senior Bloomberg ETF analyst, said on social media that VanEck’s fee is low, right around Franklin Templeton’s low fee, which adds a “touch of pressure on BlackRock to stay under 30bps at least.” To the analyst it appears spot Ether ETFs are going have low or “even lower” fees than spot BTC ETFs.
The U.S. Securities and Exchange Commission (SEC) approved 19b-4 forms for eight Ethereum ETFs last month, but these firms’ registration statements, known as S-1s, still need to be approved for the funds to start trading. SEC Chair Gary Gensler has said these are on track to be approved in the summer.
Friday’s filings also shed light on seed investments from the sponsoring firms. Franklin Templeton disclosed a $100,000 seed investment in its amended filing for the Franklin Ethereum ETF and Grayscale, along with other issuers, included additional disclosures regarding Ethereum and the associated risks within their filings.
An amended registration statement was also submitted on Friday for the Invesco Galaxy Ethereum ETF, which revealed a $100,000 seed investment from Invesco Ltd.
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- Source: https://www.cryptocompare.com/email-updates/daily/2024/jun/24/
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