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VanEck's Waived-Fee Bitcoin ETF Lags IBIT’s $49B AUM

6/21/2026

Summary

VanEck Waives Fees

VanEck Bitcoin ETF (CBOE:HODL) charges 0.20% with a fee waiver through July 31 2026, while iShares Bitcoin Trust ETF (IBIT) charges 0.25%.
IBIT holds $49.5 billion AUM versus HODL’s $1.1 billion, providing deeper trading depth and, as of June 17 2026, one-year returns of –38.9% versus –38.7%, turning $1,000 into $957 and $241.
HODL’s drawdown hit –93.7% while IBIT’s was –52.1%, indicating long-term investors may favor lower cost and active traders higher liquidity.

Summary

ETFs Outflows Drop

ETF outflows fell 87% from $1.72 billion (week ending June 5) to $226 million (week ending June 20, 2026).
IBIT recorded the largest weekly net outflow, shedding $1.34 billion in the week ending June 6, 2026.
From May 15 to June 3, 2026 ETFs lost $4.33 billion over 13 consecutive days, about 59,400 BTC.
ETF assets fell to $80.40 billion from $104.29 billion, with holdings at 1.277 million BTC, 7.2% below the October 2025 peak.

Summary

Franklin Templeton Files

Franklin Templeton filed for ETFs that divert 5% of dividends into bitcoin, capped at 20% exposure.
The ETFs track VettaFi indexes, hold 95% U.S. equities and 5% bitcoin, trimming bitcoin to 4.5% if it exceeds 5%.
Franklin Templeton’s Payward (Kraken) deal lets its BENJI money-market fund be collateral on Kraken and swapped for USDC or USDT via MoonPay.
Morgan Stanley’s spot Bitcoin ETF generated roughly $34 million in first-day trading volume.

History

Historical Context

ETFs began in 1989 with index participation shares and expanded after the 1993 launch of SPDRs, while ProShares issued the first leveraged ETF in 2006. Building on that legacy, the SEC approved ProShares’ Bitcoin Strategy ETF in October 2021, drawing $1.5 billion in inflows and prompting VanEck and iShares to file competing spot-bitcoin ETFs.

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VanEck Waives Fees

VanEck Bitcoin ETF (CBOE:HODL) charges 0.20% with a fee waiver through July 31 2026, while iShares Bitcoin Trust ETF (IBIT) charges 0.25%.
IBIT holds $49.5 billion AUM versus HODL’s $1.1 billion, providing deeper trading depth and, as of June 17 2026, one-year returns of –38.9% versus –38.7%, turning $1,000 into $957 and $241.
HODL’s drawdown hit –93.7% while IBIT’s was –52.1%, indicating long-term investors may favor lower cost and active traders higher liquidity.

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