Franklin Templeton Lowers Bitcoin ETF Fee to Become Cheapest Among New Investment Products

According to CoinDesk, Franklin Templeton has reduced the fee of its bitcoin (BTC) exchange-traded fund (ETF) to become the cheapest among the new investment products that debuted on U.S. exchanges on Thursday. The San Mateo, California-based company has lowered 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. This 10 basis-point reduction makes Franklin Templeton's fund fee the lowest, replacing that of Bitwise, which charges 0.2%. Until August 2, 2024, the fund manager will also waive fees for its ETF until the fund reaches assets under management (AUM) of $10 billion. After initially revealing their fees on Monday, several providers quickly reduced their fees in anticipation of the impending battle for market share that would start once the funds were approved. Bitcoin ETFs recorded $4.6 billion in trading volume on Thursday, with Franklin Templeton accounting for around $65 million of the total figure.