The Securities and Exchange Commission (SEC) has given specific instructions to asset managers who are preparing to launch Ether exchange-traded funds (ETFs).
These instructions include submitting final S-1 filings by July 16 and targeting a launch for the new funds on July 23.
The final filings must also include the fees that will be charged by the issuers in their new crypto funds, according to Bloomberg’s analyst Eric Balchunas.
On May 23, the SEC approved issuers’ 19-b form which proposed rule changes allowing for the creation of crypto-based investment vehicles. Now, asset managers need to get approval for their initial securities registration S-1 forms.
In response to regulatory concerns, some issuers such as ARK Investments and Fidelity have recently removed staking from their Ether ETF plans. These ETFs will have different fee structures, with Invesco and Galaxy setting management fees at 0.25%, slightly higher than VanEck and Franklin Templeton’s fees of 0.20% and 0.19%, respectively.
