ETFs
Global X cuts fees on European crypto ETPs to zero
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US-based exchange-traded fund provider Global X ETFs has temporarily reduced fees on two physically-backed cryptocurrency exchange-traded products to zero.
The $57 billion (€52.4 billion) asset manager, owned by South Korean firm Mirae Asset, says it will not charge any fees for its Global January 3, 2025, when fees will increase to 0.29 per year. hundred.
Both products were listed for the first time on the Xetra in Frankfurt and the Six Swiss Exchange in Zurich in March 2022 with a total expense ratio of 0.65 percent.
Rob Oliver, head of Global X ETFs in Europe, said the fee reduction demonstrated Global
The two ETPs domiciled in Jersey are still small.
According to the Global X website, the Bitcoin vehicle managed around $4.3 million in assets as of May 24, while the Ethereum product managed around $5.7 million.
News of the temporary no fees for the two ETPs came as WisdomTree and 21Shares launched products on the London Stock Exchange that invest in physically-backed Bitcoin and Ethereum.
Admission to the exchange’s main market is subject to approval by the UK’s Financial Conduct Authority, although access to the products is restricted to professional investors.
The FCA announcement in March, it would authorize the sale of exchange-traded notes to professional investors, but it would maintain its ban on retail investments.
Both WisdomTree ETPs launched with a management fee ratio of 0.35 percent, which the company says represents “one of the lowest fee levels for institutional-grade Bitcoin and Ethereum ETPs, 100 percent backed by the underlying assets.
*Ignites Europe is a news service published by FT Specialist aimed at professionals working in the asset management sector. Trials and subscriptions are available at igniteseurope.com.