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Franklin Templeton's Bitcoin ETF Now the Cheapest After 10 Basis Point Reduction
After initially revealing their fees on Monday, several providers then reduced them spying the impending battle for market share that would ensue once the funds were approved
Franklin Templeton reduced the fee of its bitcoin [BTC] exchange-traded fund (ETF) to become the cheapest amongst the new investment products, which debuted on U.S. exchanges on Thursday.
San Mateo, California-headquartered Franklin Templeton has reduced the fee for its Bitcoin ETF (EZBC) from 0.29% to 0.19%, according to a filing with the Securities and Exchange Commission (SEC) on Friday. Franklin Templeton's 10 basis-point reduction makes its fund's fee the lowest, replacing that of Bitwise, which charges 0.2%.
STORY CONTINUES BELOW
Until Aug. 2, 2024, the fund manager will also waive off fees for its ETF till the fund reaches assets under management (AUM) of $10 billion.
After initially revealing their fees on Monday, several providers then quickly reduced their fees in anticipation of the impending battle for market share that would start once the funds were approved.
Bitcoin ETFs clocked up $4.6 billion in trading volume on Thursday, with Franklin Templeton accounting for around $65 million of the total figure.
Read More: CoinShares Exercises Option to Buy Bitcoin ETF Provider Valkyrie to Add U.S. Arm
Jamie Crawley
Jamie has been part of CoinDesk's news team since February 2021, focusing on breaking news, Bitcoin tech and protocols and crypto VC. He holds BTC, ETH and DOGE.
