A second batch of spot cryptocurrency exchange-traded products (ETPs) have arrived, 194 days after the first ones launched back in January.

Abigail Pierrepont "Abby" Johnson FMR (dba Fidelity Investments) Chair, President, CEO

The nine U.S. spot ether ETPs are debuting on exchanges today. (One is converting from a different structure, while the others are brand new funds.) All nine are powered by firms who launch spot bitcoin ETFs in that first batch earlier this year.

Today's launches come two months after the spot ether ETPs cleared one of their final SEC hurdles. The funds reportedly cleared their last SEC hurdle yesterday. (Note that, like the spot bitcoin ETPs, the spot ether ETPs are registerd under the Securities Act of 1933, not the Investment Company Act of 1940, and thus are not traditional ETFs that fall under the broader mutual fund category.)

The nine new spot ether ETPs are: the 21Shares Core Ethereum ETF (CETH on the Cboe BZX)), the Bitwise Ethereum ETF (ETHW on the NYSE Arca), the Fidelity Ethereum Fund (FETH on the Cboe), the Franklin Ethereum Trust (EZET on the Cboe), the Grayscale Ethereum Mini Trust (ETH on the NYSE), the Grayscale Ethereum Trust (ETHE on the NYSE), the iShares Ethereum Trust ETF (ETHA on the Nasdaq), the Invesco Galaxy Ethereum ETF (QETH on the Cboe), and the VanEck Ethereum ETF (ETHV on the Cboe).

Here's how the new spot ether ETPs compare so far:

Fund Firms

Instead of having "investment advisors," the spot ether ETPs have "sponsors.

21Shares US LLC sponsors CETH.

Bitwise Investment Advisers, LLC sponsors ETHW.

Fidelity's FD Funds Management LLC sponsors FETH.

Franklin Holdings sponsors EZET.

Grayscale Investments, LLC sponsors ETH and ETHE.

Invesco Capital Management LLC sponsors QETH.

BlackRock's iShares Delaware Trust Sponsor LLC sponsors ETHA.

VanEck Digital Assets, LLC sponsors ETHV.

AUM

ETHE launched under a different structure on December 14, 2017, and it is now converting into an ETP (just as Grayscale did earlier this year with their flagship bitcoin fund). The Grayscale team lays claim to ETHE being the world's largest ethereum fund by AUM; as of yesterday, it had $9.199 billion in AUM.

ETH had $1.022 billion in AUM as of yesterday.

ETHA had $10.56 million in AUM as of yesterday.

ETHV had $10.21 million in AUM as of yesterday.

FETH had $4.36 million in AUM yesterday.

ETHW had $2.5 million in AUM yesterday.

CETH had $2.27 million in AUM yesterday.

Fees

ETH's expense ratio is 15 basis points. That fee is waived for six months on the first $2 billion in AUM.

EZET's expense ratio is 19bps. That fee is waived through January 31, 2025 on the first $10 billion in AUM.

ETHV's and ETHW's expense ratios are 20bps. ETHW's fee is waived for 6 months or until the fund reaches $500 million in AUM. ETHV's is waived for a year on the first $1.5 billion in AUM.

CETH's expense ratio is 21bps. That fee is waived until January 23, 2025, or until the fund reaches $500 million in AUM.

ETHA's, FETH's, and QETH's expense ratios are 25bps. FETH's fee is waived through December 31, 2024, while ETHA's is reduced to 12bps for the first 12 months on the first $2.5 billion in AUM.

ETHE's expense ratio is 250bps.

Distribution

ACA's Foreside serves as marketing agent to CETH, ETH, ETHE, and ETHW.

Fidelity Distributors Company LLC serves as distributor to FETH.

Franklin Distributors serves as marketing agent to EZET.

Invesco Distributors, Inc. serves as marketing agent to QETH.

Van Eck Securities Corporation serves as marketing agent to ETHV.

Trustee

CSC Delaware Trust Company serves as trustee to CETH, ETH, ETHE, ETHV, ETHW, EZET, FETH, and QETH.

Wilmington Trust, National Association and BlackRock Fund Advisors serve as trustees to ETHA.

Custody

Coinbase Custody Trust Company, LLC serves as ether custodian to CETH, ETH, ETHA, ETHE, ETHW, EZET, and QETH.

Fidelity Digital Asset Services, LLC serves as ether custodian to FETH.

Gemini Trust Company, LLC serves as custodian to ETHV.

Bank of New York Mellon serves as cash custodian to CETH, ETHA, ETHW, EZET, and QETH.

State Street Bank and Trust Company serves as cash custodian to ETHV and FETH.

Administration

BNY Mellon serves as administrator to CETH, ETH, ETHA, ETHE, ETHW, EZET, and QETH.

Fidelity Service Company, Inc. serves as administrator to FETH.

State Street serves as administrator to ETHV.

Transfer Agency

BNY Mellon serves as transfer agent to CETH, ETHE, ETHW, EZET, and QETH.

State Street serves as transfer agent to ETHV and FETH. 

Edited by: Neil Anderson, Managing Editor


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