Charted: Ether ETF fees

Ether fund fees are in, and deals abound.

The big picture: The eight issuers poised to launch their spot ether funds showed how low they were willing to go as amended filings were submitted to the SEC late Wednesday.

• As with the bitcoin ETFs, the real deal on fees was not in the sticker price, but in the initial waivers offered by some issuers with varying conditions.

Between the lines: Two funds do not appear to have a waiver. Invesco Galaxy is one, but it could still offer it later.

• Grayscale's ETHE is the other.

The intrigue: Grayscale did not move on its existing to-be converted ether fund's 2.5% fee, and seemed to want to charge 0.25% on the new mini, which initially had industry observers reeling.

• (Did they want a repeat of the spot bitcoin ETF outflows seen after the January launch — was the question.)

Yes, but: While there is still no waiver on its main fund, Grayscale revealed yesterday that it will initially charge 0.15% on its mini ether ETF over six months, which recently got the go-ahead from the SEC. (It's pretty wild that ether will get the mini treatment, before bitcoin)

💭 Our thought bubble: Grayscale's mini ether ETF is the wild card in this horse race. 🃏

• It will start with some assets spun out from its big brother ETHE, and because it's a mini, offering a fraction of the ether per share, will show a lower buy-in price.
• We'll say it again — retail loves a low buy-in and may be willing to pay relatively more for that.