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Six companies updated their ethereum ETF S-1 spot registration filings on May 31, with 21 stocks notably removing Ark Invest from their filing.
The relevant filing renames the “Ark 21Shares ethereum ETF” to “21Shares Core ethereum ETF.” It also removes all mention of Ark Invest from its text, while previous filings described Ark Invest as the fund's sub-advisor.
Ark Invest has not commented on the change.
Other details of the amendment
Bitwise, Fidelity, Invesco Galaxy, VanEck and Franklin Templeton also filed amendments.
Franklin Templeton's amendment includes a 0.19% sponsor fee, making it the first issuer to include a percentage-based sponsor fee.
Bloomberg ETF analyst Eric Balchunas noted the absence of a “fee war” among applicants compared to the competitively reduced fees and temporary discounts offered for spot bitcoin ETFs before launch.
The amended filings state that the companies involved in each fund will not engage in betting. The filings also initially prohibit in-kind creations and redemptions, but acknowledge the possibility that such transactions may depend on future regulatory approval.
Some filings state or restate initial income from seed sales. Many state symbols for the first time.
Previous amendments
The SEC's approval of 19-b4 filings on May 23 has brought ethereum spot ETFs closer to reality, with experts predicting a late June launch.
BlackRock was the first to file an amendment to its iShares fund on May 29. He added several details, such as seed purchase amounts, additional partners, and fixed maximum fees for backers. Grayscale filed an amendment to its S-3 filing on May 30.
The latest amendments mean that all potential eth ETF spot issuers have met the SEC's end-of-month deadline. The regulator will now comment on the applications, which may require further amendments before the funds can finally be launched.
Balchunas expects the process to take a few weeks and the funds are expected to be released no later than July 4.
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