The first U.S. exchange-traded funds tied to the price of ether, the world’s second-largest cryptocurrency after bitcoin, began trading on Tuesday, in another watershed event for the crypto industry’s push to go mainstream.
The agency was forced to green-light the ETFs after losing a court challenge brought by digital asset manager Grayscale Investments, although it warned when approving them that the products were still highly risky. The ether ETF fees range from 0.19% for Franklin Templeton’s ether ETF to a high of 2.5% for Grayscale’s ethereum trust, which it is converting into an ETF, according to their public offering documents. The rest cluster around 0.25%.
Issuers began filing for the ether ETFs in September. Executives initially had low hopes that the SEC would approve the products after discouraging meetings with officials.
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