Franklin Templeton Fund Company was the first to announce a sponsorship fee rate of 0.19% for its ETF product.
On May 31, six companies filed updated S-1 registration statements for their spot Ethereum ETFs, in which 21 Shares specifically removed its partnership with Ark Invest.
The relevant documents have renamed the fund formerly known as the "Ark 21Shares Ethereum ETF" to the "21 Shares Core Ethereum ETF" and no longer mention Ark Invest. In previous documents, Ark Invest was described as a sub-advisor to the fund.
Ark Invest has yet to comment on the changes.
Other modification details
Bitwise, Fidelity, Invesco Galaxy, VanEck and Franklin Templeton also reportedly submitted their revised documents.
Franklin Templeton Funds Inc. clarified for the first time in its revised documents a sponsorship fee rate of 0.19%, a move that made it the first fund issuer to disclose sponsorship fees calculated as a percentage.
Bloomberg ETF analyst Eric Balchunas observed that there was no “fee war” among applicants, unlike previous Bitcoin spot ETF launches that saw competitive fee reductions and temporary discounts. The so-called “price war” for sponsorship rates did not occur.
The revised document explicitly states that the companies involved in each fund will not engage in pledge business. At the same time, the document preliminarily prohibits fund creation and redemption operations in the form of spot, but also mentions that such transactions may be allowed if approved by regulators in the future.
Some of the filings mentioned or restated for the first time the revenue from initial seed sales. Also, many of the filings disclosed their stock trading symbols for the first time.
Previous Amendments
The U.S. Securities and Exchange Commission (SEC) approved the 19-b4 filing on May 23, bringing the launch of the spot Ethereum ETF one step closer, with some experts predicting that it may be officially launched at the end of June.
BlackRock was the first to file an amendment for its iShares fund on May 29, which included details such as seed purchase amounts, new partners, and a fixed maximum sponsorship fee. Grayscale followed suit on May 30 with an amendment to its S-3 statement.
The recent revisions indicate that all prospective Ethereum spot ETF issuers have complied with the month-end deadline set by the U.S. Securities and Exchange Commission (SEC). The SEC will then review the applications and may request further revisions before the funds can be officially launched.
Balchunas expects the entire process to take several weeks and expects the fund to be launched by July 4 at the latest.
Conclusion:
With 21 Shares adjusting the ETH ETF and multiple companies updating their S-1 registration statements, the issuance of spot Ethereum ETFs is gradually progressing. Although Ark Invest's withdrawal has attracted market attention, overall, all parties involved are actively meeting the SEC's regulatory requirements.
At the same time, analyst Balchunas's forecast provides the market with an expected timeline, and it is expected that the final launch of the fund will be just around the corner. This progress not only provides investors with new investment channels, but may also become a sign of further maturity of the cryptocurrency market. #以太坊ETF #SEC
