Two more cryptocurrency exchange-traded funds (ETFs) were launched on Cboe Australia on June 7, bringing the total number of cryptocurrency ETFs available to Australian traders to six.

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Canadian digital asset management company 3iQ (3iQ) launched two spot ETFs: 3iQ CoinShares Bitcoin (BTC) Feeder ETF and 3iQ CoinShares Ether (ETH) Feeder ETF.

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Both Australian funds are powered by the firm’s Canadian ETFs listed on the Toronto Stock Exchange (TSX), 3iQ CoinShares Bitcoin ETF and 3iQ CoinShares Ether ETF. The underlying assets of Canadian ETFs are BTC and ETH held in cold storage on the Gemini cryptocurrency exchange.

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3iQs funds join Bitcoin and Ethereum-backed funds from 21Shares and Cosmos Asset Management, the latter of which had its launch delayed in April due to the as-yet-unnamed service provider taking time to support the launch.

The three ETFs, 21Shares’ Bitcoin and Ethereum ETF and Cosmos’ Bitcoin ETF eventually opened for trading in early May, becoming Australia’s first cryptocurrency ETFs. Later, on May 31, Cosmos released an Ethereum-backed fund.

As with 3iQ funds, the Cosmos ETF’s underlying assets are direct investments in Canadian Bitcoin and Ethereum ETFs, while funds issued by 21Shares are backed by Bitcoin and Ethereum reserves held in Coinbase’s cold storage.

The difference is that 3iQ boasts the lowest expense ratio of the six, at 1.2%, which is 0.05% lower than the 21Shares and Cosmos ETFs, which each have an expense ratio of 1.25%.

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The three initial funds 21Shares and Cosmos had a sluggish start to trading, with trading volume of just $1.3 million on launch day, well below the expected inflow of $1 billion. The two 21Shares funds received a total of about $936,500 in total inflows, while the Cosmos Bitcoin fund received just over $398,000.

According to Cboe at the time of writing, the two 3iQ ETFs traded 13,592 and 9,754 shares of bitcoin and ethereum ETFs, totaling around $73,415 and $73,605 respectively, totaling over $147,000, which is much less. than its competitors.