Cboe Global Markets has announced that five spot Ethereum (ETH) exchange-traded funds (ETFs), including those from Fidelity and VanEck, will begin trading on July 23. This marks a significant development in the cryptocurrency market, as these ETFs will provide investors with a new avenue to gain exposure to Ethereum.
The upcoming ETFs include the Fidelity Ethereum Fund, Franklin Ethereum ETF, Invesco Galaxy Ethereum ETF, VanEck Ethereum ETF, and 21Shares Core Ethereum ETF. “We are excited to announce that an Exchange Traded Product (ETP) will be listed on Cboe and start trading as a new issue on July 23, 2024,” Cboe stated in a notification. These announcements are procedural steps leading up to the product launches.
These firms had received approval from the U.S. Securities and Exchange Commission (SEC) for their 19b-4 forms in May. However, their registration statements must become effective before the ETFs can launch. Bloomberg Senior ETF Analyst Eric Balchunas mentioned that firms are expected to request the effectiveness of these statements on Monday, with the ETFs anticipated to start trading on July 23.
The ETFs’ issuers have also disclosed fee amounts in amended registration statements. Fidelity set its fee at 0.25%, which will be waived through the end of 2024. Franklin Templeton will waive its fee until January 31, 2025, on the first $10 billion of the fund’s assets. VanEck will waive its fee for the first year on the initial $1.5 billion. ETF issuer 21Shares has set a 0.21% fee, which will be waived for six months or for the first $500 million, whichever comes first.
This launch represents a pivotal moment for Ethereum and the broader cryptocurrency market, offering new investment opportunities and potentially driving increased interest and adoption of Ethereum-based products.