Applicants striving to issue exchange-traded funds linked to Ethereum have now submitted their final documents necessary to launch the funds, potentially as early as next week.

Asset managers such as BlackRock, Fidelity, 21Shares, Grayscale, Bitwise, and Invesco Galaxy—all vying to debut ether ETFs in the U.S.—submitted amended S-1 filings on Wednesday.

Two industry insiders previously conveyed to CoinDesk that U.S. Securities and Exchange Commission staff had advised them to file final amendments by Wednesday, with the applications possibly being approved by Monday and trading commencing Tuesday.

In the filings, the prospective issuers disclosed the final details of the fund structures, including management fees, which are pivotal for investors selecting which spot Bitcoin ETF to invest in, as observed during their early year debut. Experts anticipate a similar fee competition landscape in this round of launches, with issuers continually lowering fees to outdo their rivals.

Grayscale remains conspicuously distinct from its competitors, opting to charge a substantially higher fee of 2.5% on its principal product. Its Mini Ethereum Trust, however, is set at 0.25%, aligning with others.

“I’m uncertain about Grayscale’s strategy here,” remarked industry commentator Scott Johnson in an X post. “It appears they began with a sound strategy, which then faltered. Investors liquidating ETHE are unlikely to be lenient with your mid-price mini option after imposing a 10x fee and compelling them to realize gains.”

“Frankly, they might have worsened their position more than GBTC. I didn’t think that was conceivable,” he wrote, referring to the Grayscale Bitcoin Trust (GBTC) experiencing billions in outflows since its ETF conversion in January amidst other Bitcoin ETFs trading.

BlackRock and Fidelity will also charge 0.25%, while 21Shares set its fee at 0.21%. Bitwise, VanEck, and Invesco Galaxy are at the lower spectrum at 0.2%, with Franklin Templeton charging 0.19%. ProShares had not disclosed its fee amendment at the time of writing.

Mini ETF Launch on the Horizon?

The SEC also approved 19b-4 forms for applications from Grayscale to introduce a mini Ethereum exchange-traded product and ProShares to launch a spot Ethereum ETF on Wednesday.

Both firms are collaborating with NYSE Arca as their exchange partner for listing the products. The SEC had previously approved 19b-4 forms from NYSE Arca, Cboe, and Nasdaq for various spot ether ETF applications in late May, overcoming a procedural hurdle and strongly indicating eventual approval of the spot ether ETF applications.

The timing of Wednesday’s 19b-4 approvals suggests that Grayscale and ProShares may launch their products concurrently with other applicants. Industry sources had previously informed CoinDesk that these products were expected to launch next Tuesday.

Should Grayscale launch its mini ether ETF on Tuesday, it will do so before obtaining approval to launch a mini Bitcoin ETF. The company had filed for a mini Bitcoin ETF in April, revealing it would charge a 0.15% fee—compared to the mini ether product’s 0.25%.