According to TechFlow, Cathie Wood's asset management company Ark was the first company to seek permission to create a spot Ethereum exchange-traded fund (ETF) in September, but withdrew from the competition last week.
Experts say this is due to the fierce competition for low-fee cryptocurrency ETFs to attract customers. Although ETF issuers charge investor fees to compensate for managing the funds, many investors try to minimize this fee because it can affect returns.