Cathie Wood 的以太 ETF 回调可能是由于费用战

该资产管理公司的名字从最近向美国证券交易委员会提交的准备启动的文件中被删除，后来证实它退出了竞争。

Cathie Wood's asset management firm has withdrawn its application to launch a spot ether ETF, according to a recent filing with the Securities and Exchange Commission, making it clear that ARK will not be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

根据最近向美国证券交易委员会提交的一份文件，Cathie Wood 的资产管理公司已撤回推出现货以太坊 ETF 的申请，明确表示 ARK 不会推出第一只以太坊 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).

根据最近向美国证券交易委员会 (SEC) 提交的一份文件，Cathie Wood 的 Ark Invest 已退出推出现货以太 ETF 的竞赛。

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.

最近向美国证券交易委员会提交的准备启动的文件中明显没有该资产管理公司的名字，ARK 的一名代表后来证实该公司已退出。

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 的公司多年来一直是加密货币的大力支持者，并且是已经提供现货比特币 ETF 的公司之一。它与其他公司一起申请在美国提供以太坊 ETF，但在过去的一周内，它退出了，但没有解释原因。

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

专家认为，以低费用吸引加密 ETF 客户的激烈斗争可能是罪魁祸首。

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.

上周在得克萨斯州奥斯汀举行的 CoinDesk 共识会议上的炉边谈话中，伍德表示，今年早些时候推出的 ARK 现货比特币 ETF 并没有给公司带来任何利润，因为它向投资者收取的费用非常低：0.21%。虽然这与其他比特币 ETF 发行人的收费相当，但它明显低于非加密 ETF 的通常收费。

“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.”

“也许这是一个简单的商业决策，”ETF Store 总裁 Nate Geraci 说。 “如果 Ark 21Shares 比特币 ETF (ARKB) 在不到 5 个月的时间内突破 35 亿美元，而 Ark 却无法赚到任何钱，那显然是一个问题。”

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 发行人向投资者收取一定费用，以补偿管理基金的费用。许多投资者寻求尽量减少这笔费用，因为它会降低回报。

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.

在推出现货比特币 ETF 的竞赛中，Grayscale 将其费用设定为 1.5%，明显高于竞争对手，这似乎是投资者从该基金撤资数十亿美元以及该基金早期失利的主要原因之一。就资产而言，领先于贝莱德。

“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.

彭博资讯 (Bloomberg Intelligence) 的 ETF 分析师詹姆斯·塞法特 (James Seyffart) 表示：“我认为，在我们看到产品推出之前，没有人真正预料到费用战会变得如此激烈。”

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也认为Ark是基于低廉的费用而做出的决定。 “这种合作关系可能非常有意义，特别是考虑到对比特币 ETF 的需求，”他说。 “但在费用立即变得如此之低之后，两家公司可能根本没有足够的费用资金来周转，特别是在以太坊 ETF 上，如果他们预计需求比比特币 ETF 少的话。”

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.

迄今为止，只有一家想要发行的机构富兰克林邓普顿 (Franklin Templeton) 透露了其基金的费用，根据一份文件，该费用定为 0.19%，与富兰克林比特币 ETF 的收费金额相同。

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.

尽管 ETF 的费用结构较低，但考虑到该资产管理公司在行业中的牢固地位以及其提供的多个其他与以太坊相关的基金，Ark 的退出还是令人震惊。

“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.”

“从我的角度来看，这是一个令人惊讶的举动，”杰拉奇说。 “从长远的品牌角度来看，我很惊讶 Ark 没有发现参与现货以太 ETF 类别的价值。 Ark 在加密货币方面比许多竞争对手更具前瞻性，因此看到他们对这一问题置之不理很奇怪。”

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

记者未能联系到方舟投资公司的代表置评。

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

更正（世界标准时间 2024 年 6 月 6 日 15:48）：更正以删除对 Ark 是第一个申请以太 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 是一位驻纽约记者，报道华尔街、现货比特币 ETF 和加密货币交易所的崛起。她还是 CoinDesk 市场日报节目的联合主持人。 Helene 毕业于纽约大学商业和经济报道项目，曾出现在哥伦比亚广播公司新闻、雅虎财经和纳斯达克贸易谈话节目上。她持有 BTC 和 ETH。