21Shares drops Ark from ETH ETF as remaining applicants meet SEC deadline


Six
companies
updated
their
spot

Ethereum
ETF
S-1
registration
statements
on
May
31,
with

21
Shares
notably
dropping

Ark
Invest
from
its
filing.

The
relevant
filing
renames
the
“Ark
21Shares
Ethereum
ETF”
to
the
“21Shares
Core
Ethereum
ETF.”
It
also
removes
all
mention
of
Ark
Invest
from
its
text,
whereas
previous
submissions
described
Ark
Invest
as
the
fund’s
subadvisor.

Ark
Invest
has
not
commented
on
the
change.

Other
amendment
details

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
list
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
the
spot
Bitcoin
ETFs
before
launch.

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The
amended
filings
affirm
that
companies
involved
in
each
fund
will
not
engage
in
staking.
The
filings
also
initially
prohibit
in-kind
creations
and
redemptions
but
acknowledge
the
possibility
of
such
transactions
depending
on
future
regulatory
approval.

Some
filings
newly
state
or
restate
initial
seed
sale
proceeds.
Many
state
ticker
symbols
for
the
first
time.

Earlier
amendments

The
SEC’s
approval
of
19-b4
filings
on
May
23
has
brought
spot
Ethereum
ETFs
closer
to
reality,
with
experts
predicting
a
June-end
launch.

BlackRock
was
the
first
to

file
an
amendment
to
its
iShares
fund
on
May
29.
It
added
several
details,
such
as
seed
purchase
amounts,
additional
partners,
and
flat
sponsor
fee
maximums.

Grayscale
filed
an
amendment
to
its
S-3
statement
on
May
30.

The
latest
amendments
mean
that
all
prospective
spot
ETH
ETF
issuers
have
satisfied
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
launch.

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Balchunas
expects
the
process
to
take
a
few
weeks,
with
the
funds
projected
to
launch
by

July
4
at
the
latest.

Mentioned
in
this
article

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Author: Mike Dalton


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