As a researcher with experience in the ETF industry and a keen interest in digital assets, I’m closely following the latest developments regarding spot Ethereum (ETH) ETF applications. Franklin Templeton’s recent move to set a competitive 0.19% sponsor fee for its ETF offering is a significant one, marking the beginning of what could be an intense fee war among providers in this space.
The SEC received revised S-1 filings from Franklin Templeton, VanEck, and Invesco Galaxy as they seek approval for their Ethereum (ETH) exchange-traded funds (ETFs) with the Securities and Exchange Commission.
To draw in investors, Franklin Templeton has declared a low sponsor fee of 0.19% for its Ethereum ETF application, potentially igniting a fee battle amongst other Ethereum ETF providers. This move makes Franklin Templeton’s spot ETF the most affordably priced option among competitors.
As an analyst at Bloomberg, I’d like to draw your attention to Franklin Templeton’s recent announcement. They’ve kicked off the competition in the ETF market for lowest fees on Ethereum funds with a 19 basis point expense ratio.
The opening shot in the Eth ETF fee war has been fired from Franklin. 19bps. 💥
— Eric Balchunas (@EricBalchunas) May 31, 2024
The Securities and Exchange Commission (SEC) has established today as the cut-off date for Ethereum spot ETF applicants to submit amended S-1 forms. Nevertheless, it might take several weeks for these applications to be approved and for trading of the new financial products to commence.
VanEck and BlackRock have recently submitted updated reports. BlackRock revealed a seed investment of $10 million for its ETF, while VanEck disclosed a more modest seed investment of $100,000.
The updated S-1 filing from Invesco Galaxy revealed that Bank of New York Mellon is responsible for holding the cash, while Coinbase Custody Trust Company LLC will look after the ether in the fund.
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2024-06-01 02:45