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Global X reduces commissions on European crypto ETPs to zero
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US-based exchange-traded fund provider Global
The $57 billion (€52.4 billion) asset manager, owned by South Korea’s Mirae Asset, says it will not charge any fees for its Global X Bitcoin and Global X Ethereum ETPs until January 3, 2025, when the commission will go to 0.29 per day. hundred.
The two products they were listed first at Xetra in Frankfurt and at the Six Swiss Exchange in Zurich in March 2022 with a total spend rate of 0.65%.
Rob Oliver, head of Global
Both Jersey-domiciled ETPs are still small in size.
According to Global
The news of the temporary zero 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 stock exchange’s main market is subject to approval from the UK’s Financial Conduct Authority, although access to the products will be limited to professional investors.
The FCA announced in March it would allow the sale of cryptocurrency-traded securities to professional investors, but maintain a ban on retail investments.
The two WisdomTree ETPs launched with a management expense ratio of 0.35%, which the firm says represents “one of the lowest fee levels for institutional-grade bitcoin and ethereum ETPs that are 100% collateralized from the underlying assets”.
*Ignites Europe is a news service published by FT Specialist for professionals working in the wealth management sector. Trials and subscriptions are available at igniteseurope.com.