Bloomberg ETF analyst Eric Balchunas wrote on X that Grayscale has not reduced fees at all, noting that the firm's ETF will be about 10 times more expensive than its competitors. There may be some outrage. This compares to BlackRock and Fidelity Investments' Ethereum ETF offering fees of 0.25%, VanEck and Bitwise fees of 0.2%, and Franklin Templeton fees of 0.19%. Instead of starting a new fund from scratch, Grayscale is converting its existing Ethereum trust (code ETHE, holding nearly $10 billion in assets) into an ETF. Designed in such a way that investors can create new shares but not redeem them, the trust has long been popular because it is one of the only ways for Wall Street investors to access Ethereum.