VanEck launched the Wealth Builder ETF (WBMO) on the NYSE, an actively managed fund that bundles stocks, bonds, gold and indirect bitcoin exposure into a single product with a net expense ratio of 0.26% after fee waivers.
The fund packages VanEck's Wealth Builder model portfolios, which advisers previously accessed through third-party platforms, into a product available to anyone with a brokerage account. VanEck, which oversees about $244 billion in assets, selects holdings, sets weights and rebalances the portfolio.
WBMO owns no bitcoin directly. A wholly owned Cayman Islands subsidiary holds certain investments and gains digital asset exposure through exchange-traded products that hold or track bitcoin. The subsidiary is generally capped at 25% of total assets at each quarter-end, though this limit covers several asset categories and the prospectus sets no specific bitcoin target. Investors do not need a wallet, seed phrase or exchange account to hold the bitcoin portion, nor can they control the bitcoin position directly.
The fund's gross expense ratio is 0.33%. A 0.07% fee waiver brings the net ratio to 0.26%. The underlying bitcoin products charge their own fees.
The allocation limits volatility swings. If bitcoin rises sharply, WBMO captures only part of the gain. If it falls, bonds and gold should cushion some losses, though not prevent them.
VanEck warned that digital asset ETPs can be extremely volatile and that some lack certain investor protections under the Investment Company Act of 1940.
VanEck's other crypto fund, NODE, raised its bitcoin ETP exposure from about 7% at the end of June to 16.8% at the end of September. NODE holds blockchain companies rather than WBMO's diversified mix.