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Invesco Joins Bitwise in Blaming the SEC for Decision to Withdraw ETFs
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The American exchange-traded fund (ETF) issuer Invesco has for the first time revealed the reason for its surprise decision to pull out of the race to bring a bitcoin (BTC) futures-backed ETF to the market - and just like its competitor Bitwise Asset Management, the firm has blamed the rules from the US Securities and Exchange Commission (SEC).
According to Invesco, the main problem is the SEC's requirement that an ETF only holds bitcoin futures contracts traded on the Chicago Mercantile Exchange (CME). Futures contracts must be rolled over each month as they expire, which adds complexity and costs to the management of the ETF.
“We ran a number of simulations and the cost of rolling the futures, produced a drag of 60-80 basis points [a
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