Spot Ethereum exchange-traded funds (ETFs), including those from Fidelity and VanEck, will start trading on July 23, according to the exchange Cboe.
Cboe, where many of these Ethereum ETFs will be listed, confirmed that trading will start next week. The ETFs set to launch include the Fidelity Ethereum Fund, the Franklin Ethereum ETF, the Invesco Galaxy Ethereum ETF, the VanEck Ethereum ETF, and the 21Shares Core Ethereum ETF.
In an effort to gain an early market advantage, virtually all of the ETH ETF issuers have announced plans to temporarily waive or discount fees to compete for market share once the products begin trading.
“We are pleased to announce that 1 Exchange Traded Product (‘ETP’) will be listed on Cboe and will begin trading as a new issue on July 23, 2024,” the exchange said in a new issue notification. These notices are procedural ahead of product launches.
Firms looking to launch their spot Ethereum ETFs received the U.S. Securities and Exchange Commission’s approval of 19b-4 forms in May, but they still need their registration statements to become effective before launching.
Bloomberg Senior ETF Analyst Eric Balchunas previously said that he heard firms would “request effectiveness” on Monday. Balchunas and other sources have also said they expect the ETFs to begin trading on July 23.
Firms disclosed fee amounts in amended registration statements on Wednesday. Fidelity set its fee at 0.25% and said it would waive it through the end of 2024. Franklin Templeton said it will waive its fee until Jan. 31, 2025, on the first $10 billion of the fund’s assets.
VanEck said it will waive its fee for a year after the fund is listed on the exchange for the first $1.5 billion. ETF issuer 21Shares set a 0.21% fee, which will be waived for six months starting on the day the shares are listed or during the first $500 million, whichever comes first, according to its amended S-1 registration statement.
The Franklin Ethereum exchange-traded fund (ETF) will begin trading on the Chicago Board Options Exchange on July 23, “pending regulatory effectiveness,” Cboe announced on July 19.
On May 23, the United States Securities and Exchange Commission (SEC) approved rule changes permitting the listing of several spot Ether ETFs. However, before the new products could begin trading, the regulator still had to sign off on each fund issuer’s respective S-1 registration statements.
