VanEck’s Bitcoin futures ETF finally launched Tuesday after a multiweek wait and a rejection by regulators of a physically backed product.
The VanEck Bitcoin Strategy ETF (XBTF) began trading with a management fee of 0.65%, the lowest expense ratio among the three such funds available, according to a press release.
VanEck’s ETF had been expected to debut in October, but heavy demand for the ProShares Bitcoin Strategy ETF (BITO) -- one of the most successful debuts of all time -- stretched capacity among futures commission merchants, according to a person familiar with the matter.
The launch comes days after the Securities and Exchange Commission rejected the firm’s proposal for an ETF that would directly hold Bitcoin. Up to this point, SEC Chair Gary Gensler has said he’s comfortable with futures-based ETFs because Bitcoin futures trade on highly regulated exchanges.
XBTF began trading on a rocky day for the world’s largest cryptocurrency. Bitcoin dropped as much as 8.2% to break below $60,000 before trimming its losses to about 5%.
A private partnership, Edward Jones is a giant in the retail brokerage industry with more than 20,000 financial advisors.
Meanwhile, Raymond James and Tritonpoint Partners separately welcomed father-son teams, including a breakaway from UBS in Missouri.
Paul Atkins has asked staff to solicit public comment on novel ETFs, pausing the clock on as many as 24 filings linked to the booming event contracts market.
From 401(k)s to retail funds, Deloitte sees private equity and credit crossing into mainstream investing on two fronts at once.
Big-name defections from Morgan Stanley, UBS, and Merrill Lynch headline a busy two weeks of recruiting for the wirehouse.
Wellington explores how multi strategy hedge funds may enhance diversification
As technical expertise becomes increasingly commoditized, advisors who can integrate strategy, relationships, and specialized expertise into a cohesive client experience will define the next era of wealth management
