Author: Isabelle Lee, Vildana Hajric, Bloomberg; Translated by: Deng Tong, Golden Finance

Although these funds have yet to launch, the battle for potential Ethereum ETF assets has already begun.

Issuers including BlackRock, Fidelity, Invesco and Bitwise filed documents with the U.S. Securities and Exchange Commission on Wednesday outlining how much they will charge for their respective Ethereum ETFs, which will directly hold the second-largest cryptocurrency. The filings anticipate the funds will debut next week; the companies are still awaiting final approval from regulators.

BlackRock said it will charge a 0.25% fee for its yet-to-launch product, though it will waive the fee in the first 12 months or $2.5 billion in assets. Fidelity said it will also charge a 0.25% fee, though it will also waive that fee by the end of the year. The company did not impose a limit on assets. Crypto-native firms 21Shares and Bitwise charge 0.21% and 0.2%, respectively, with additional fees tacked on.

All told, the proposed fees range from 0.19% proposed by Franklin to 2.5% proposed by Grayscale, which is considering converting an existing fund into an Ethereum ETF while also potentially launching another version with a lower expense ratio.

“Seven out of 10 new ETFs are offering fee waivers, and some are eliminating fees entirely for six to 10 months,” said James Seyffart, an analyst at Bloomberg Intelligence. “This suggests these issuers expect competition to be intense — it’s going to be a battle.”

Seifat added that many issuers in the Ethereum race have already gone through similar trials with bitcoin funds launched earlier this year. These ETFs attracted widespread attention when they debuted in January, garnering a combined $16.5 billion in net inflows, according to data compiled by Bloomberg. BlackRock’s bitcoin ETF, which trades under the ticker IBIT and currently has about $21 billion in assets, has been a standout.