Jan 12 (Reuters) - A raft of investment managers launched the first U.S. spot bitcoin exchange-traded funds (ETF) Jan. 11, in a milestone for the cryptocurrency industry that kicked off a fierce competition for market share.

The U.S. Securities and Exchange Commission approved 11 applications for spot bitcoin ETFs from BlackRock (BLK.N), VanEck, Ark Investments/21Shares and Bitwise, among others, on Jan. 10 after a decade-long tussle with the digital asset industry.

Most of the ETFs significantly undercut the average market rate for U.S. ETFs, which is 0.54%, according to Morningstar, and several issuers have already slashed fees multiple times. Many are also offering to completely waive fees for a certain period of time, or until their product breaches a certain value of assets under management.

Here's where the fees stand for each of the spot bitcoin ETFs that are currently trading:

Source: Regulatory filings with the U.S. SEC

https://www.reuters.com/technology/companies-disclose-expected-fees-spot-bitcoin-etfs-ahead-sec-decision-2024-01-08/