Among the new investment products that made their debut on U.S. exchanges on Thursday, Franklin Templeton’s bitcoin (BTC) exchange-traded fund (ETF) now boasts the lowest cost. The cost for the San Mateo, California-based company’s Bitcoin ETF (EZBC) has been reduced from 0.29% to 0.19%, as per a filing made on Friday with the Securities and Exchange Commission (SEC). Franklin Templeton’s fund fee, which was Bitwise’s 0.2% cost, is now the lowest after this 10 basis-point cut.
Until August 2, 2024, the fund manager will also waive fees for its ETF until the fund hits assets under management (AUM) of $10 billion. Several providers promptly lowered their prices after first disclosing them on Monday, likely anticipating the inevitable competition for market share that would ensue if the funds were approved. On Thursday, trading volume for Bitcoin ETFs was $4.6 billion, of which approximately $65 million came from Franklin Templeton.