Renowned Exchange Traded Funds provider, Global X, has reportedly dropped fees for two of its offered crypto exchange-traded products (ETPs) to zero as part of its commitment to the European market and investors.
According to a recent report by The Financial Times, the United States-based company controlled by the South Korea-based multinational financial services Mirae Asset Financial Group will remove its Global X Bitcoin and Global X Ethereum ETPs until January 2025. However, after the set date, the fees will be raised by 0.29%.
Recall that the two aforementioned products were first listed on the stock exchanges in Frankfurt and Zurich in March 2022 with a 0.65% fee, however, with the latest update, investors will enjoy a no-fee service for the next seven months.
Speaking on this development, the head of Global X ETFs in Europe, Rob Oliver pointed out that the waiver of the fees is part of a broader strategy and underscores its commitment to the European market and investors.
Global X Drops Fees Amid WisdomTree and 21Shares Product Debut on the London Stock Exchange
Meanwhile, the reduction in fees for Global X’s cryptocurrency ETPs follows the introduction of comparable Ethereum and Bitcoin products by WisdomTree and 21Shares on the London Stock Exchange. Note that the UK Financial Conduct Authority (FCA) must approve entry to the exchange’s primary market, and only qualified investors will be able to access the products.
In March, the financial regulators announced that even though it would allow the sales of crypto exchange-traded notes to institutional investors, it would still maintain the ban on retail investments.
At 0.35 percent for the management expense ratio, the two WisdomTree ETPs are among the lowest fees for institutional-grade Bitcoin and Ethereum ETPs that are fully backed by the underlying assets, according to the business. However, with the temporary elimination of fees by Global X, the company offers a more attractive investment.
The post ETF Provider Global X Temporarily Cuts European Crypto ETPs Fees to Zero appeared first on Coinfomania.