Cathie Wood 的以太 ETF 回檔可能是由於費用戰

該資產管理公司的名字從最近向美國證券交易委員會提交的準備啟動的文件中被刪除，後來證實它退出了競爭。

Cathie Wood's asset management firm has withdrawn its application to launch a spot ether ETF, according to a recent filing with the Securities and Exchange Commission, making it clear that ARK will not be launching the first ether ETF.

根據最近向美國證券交易委員會提交的一份文件，Cathie Wood 的資產管理公司已撤回推出現貨以太坊 ETF 的申請，明確表示 ARK 不會推出第一隻以太坊 ETF。

Cathie Wood's Ark Invest has dropped out of the race to launch a spot ether ETF, according to a recent filing with the Securities and Exchange Commission (SEC).

根據最近向美國證券交易委員會 (SEC) 提交的一份文件，Cathie Wood 的 Ark Invest 已退出推出現貨以太 ETF 的競賽。

The asset manager's name was notably absent from a recent document filed with the SEC in preparation for the launch, and a representative for ARK later confirmed that it had dropped out.

最近向美國證券交易委員會提交的準備啟動的文件中明顯沒有該資產管理公司的名字，ARK 的一名代表後來證實該公司已退出。

Cathie Wood's firm has been a vocal proponent of cryptocurrencies for several years and is among the firms that already offer a spot bitcoin ETF. It joined with other firms applying to offer ether ETFs in the U.S. But then, within the past week, it bowed out without explaining why.

Cathie Wood 的公司多年來一直是加密貨幣的大力支持者，並且是已經提供現貨比特幣 ETF 的公司之一。它與其他公司一起申請在美國提供以太坊 ETF，但在過去的一周內，它退出了，但沒有解釋原因。

According to experts, the intense battle to lure customers with low fees for crypto ETFs may be to blame.

專家認為，以低費用吸引加密 ETF 客戶的激烈鬥爭可能是罪魁禍首。

During a fireside chat at CoinDesk's Consensus conference in Austin, Texas, last week, Wood said ARK's spot bitcoin ETF, launched earlier this year, wasn’t making the firm any money because it charges investors such a low fee: 0.21%. While that's comparable to what other bitcoin ETF issuers charge, it's significantly lower than what non-crypto ETFs typically charge.

上週在德州奧斯汀舉行的CoinDesk 共識會議上的爐邊談話中，伍德表示，今年稍早推出的ARK 現貨比特幣ETF 並沒有為公司帶來任何利潤，因為它向投資者收取的費用非常低：0.21%。雖然這與其他比特幣 ETF 發行人的收費相當，但它明顯低於非加密 ETF 的通常收費。

“Perhaps this is a simple business decision,” said Nate Geraci, president of the ETF Store. “If Ark 21Shares Bitcoin ETF (ARKB) can eclipse $3.5 billion in less than five months and Ark can't make any money, that's obviously an issue.”

「也許這是一個簡單的商業決策，」ETF Store 總裁 Nate Geraci 說。 “如果 Ark 21Shares 比特幣 ETF (ARKB) 在不到五個月的時間內突破 35 億美元，而 Ark 卻無法賺到任何錢，那顯然是一個問題。”

ETF issuers charge investors a fee to compensate for managing the fund. Many investors seek to minimize that fee since it cuts into returns.

ETF 發行人向投資者收取一定費用，以補償管理基金的費用。許多投資者尋求盡量減少這筆費用，因為它會降低迴報。

In the race to launch a spot bitcoin ETF, Grayscale set its fee significantly higher than its competitors, at 1.5%, which appears to be one of the main reasons why investors have pulled billions of dollars out of the fund and the fund lost its early lead, in terms of assets, to BlackRock.

在推出現貨比特幣 ETF 的競賽中，Grayscale 將其費用設定為 1.5%，明顯高於競爭對手，這似乎是投資者從該基金撤資數十億美元以及該基金早期失利的主要原因之一。就資產而言，領先貝萊德。

“I don't think anyone truly expected the fee war to get that aggressive before we even saw launches,” said James Seyffart, ETF analyst at Bloomberg Intelligence.

彭博資訊 (Bloomberg Intelligence) 的 ETF 分析師詹姆斯·塞法特 (James Seyffart) 表示：“我認為，在我們看到產品推出之前，沒有人真正預料到費用戰會變得如此激烈。”

Seyffart also believes that Ark made the decision based on the low fees. “It's possible that the partnership made a ton of sense, particularly with the demand for bitcoin ETFs,” he said. “But after the fees got so low right off the bat, there might simply not have been enough money from fees to go around for both firms, particularly on an Ethereum ETF if they are expecting less demand versus bitcoin ETFs.”

Seyffart也認為Ark是基於低廉的費用而做出的決定。 「這種合作關係可能非常有意義，特別是考慮到對比特幣 ETF 的需求，」他說。 「但在費用立即變得如此之低之後，兩家公司可能根本沒有足夠的費用資金來週轉，特別是在以太坊 ETF 上，如果他們預計需求比比特幣 ETF 少的話。”

Only one wannabe issuer, Franklin Templeton, has revealed the fee for its fund so far, which it set at 0.19% according to a filing, the same amount it charges for the Franklin Bitcoin ETF.

到目前為止，只有一家想要發行的機構富蘭克林鄧普頓 (Franklin Templeton) 透露了其基金的費用，根據一份文件，該費用定為 0.19%，與富蘭克林比特幣 ETF 的收費金額相同。

Despite the low fee structure of the ETFs, Ark's departure from the race came as a shock, given the asset manager's strong footing in the industry and its offering of multiple other ether-related funds.

儘管 ETF 的費用結構較低，但考慮到該資產管理公司在行業中的牢固地位以及其提供的多個其他與以太坊相關的基金，Ark 的退出還是令人震驚。

“This is a surprising move from my perspective,” said Geraci. “From a longer-term branding perspective, I'm surprised Ark wouldn't find value in being involved in the spot ether ETF category. Ark has been much more forward-thinking around crypto than many of their competitors, so it's odd to see them sit this one out.”

「從我的角度來看，這是一個令人驚訝的舉動，」傑拉奇說。 「從長遠的品牌角度來看，我很驚訝 Ark 沒有發現參與現貨以太 ETF 類別的價值。 Ark 在加密貨幣方面比許多競爭對手更具前瞻性，因此看到他們對這一問題置之不理很奇怪。

A representative for Ark Invest could not be reached for comment.

記者未能聯繫到方舟投資公司的代表置評。

CORRECTION (June 6, 2024, 15:48 UTC): Corrects to remove reference to Ark being the first to apply for an ether ETF.

更正（世界標準時間 2024 年 6 月 6 日 15:48）：更正以刪除對 Ark 是第一個申請以太 ETF 的提及。

Helene is a New York-based reporter covering Wall Street, the rise of the spot bitcoin ETFs and crypto exchanges. She is also the co-host of CoinDesk's Markets Daily show. Helene is a graduate of New York University's business and economic reporting program and has appeared on CBS News, YahooFinance and Nasdaq TradeTalks. She holds BTC and ETH.

Helene 是一位駐紐約記者，並報道華爾街、現貨比特幣 ETF 和加密貨幣交易所的崛起。她也是 CoinDesk 市場日報節目的聯合主持人。 Helene 畢業於紐約大學商業和經濟報道項目，曾出現在哥倫比亞廣播公司新聞、雅虎財經和納斯達克貿易談話節目。她持有 BTC 和 ETH。