, Columnist
The Winklevosses Have Cracked ETF Fees
As managing pays ever less, make it up with trading.
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People in finance are often creative. But lately they've been unable to crack a phenomenon that's changing the investment landscape: Low-cost exchange-traded funds that simply replicate an index have undercut fees everywhere.
Tyler and Cameron Winklevoss may have just solved the equation -- make the fees from the trades, not the management. Their Bitcoin Trust, which applied to list a bitcoin ETF on the Bats exchange in the summer, may execute most of its trades through Gemini, the digital currency exchange that the brothers own.