Bank Fees Are ‘Significantly Eroding’ Russia ETF, VanEck Warns
- Depository-receipt fees costing at least 20% of RSX’s assets
- VanEck urges banks to ‘do the fair thing’ and waive fees
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The money manager behind a Russia-focused ETF that collapsed after the country invaded Ukraine is warning that bank fees are “significantly eroding” what little of the fund’s value remains.
VanEck said Citigroup Inc., JPMorgan Chase & Co. and Bank of New York Mellon are charging fees on Russian depository receipts that its Russia ETF (ticker RSX) primarily holds, costing at least 20% of the product’s assets, which have slumped to about $37 million.