VanEck has launched its Wealth Builder ETF, ticker WBMO, which provides exposure to bitcoin alongside stocks, bonds, and physical assets, with a net annual expense ratio of 0.26%.
- WBMO combines global equities, bonds, real assets, and indirect Bitcoin exposure into a single actively managed fund.
A Cayman subsidiary holds a portion of the investments, typically limiting asset allocation to 25% at the end of each quarter.
The fee waiver reduces the fund's annual expense ratio from 0.33% to 0.26%.
- VanEck's other fund, NODE, held a 16.8% exposure to bitcoin ETPs at the end of September.
VanEck announced the launch of the fund on October 27, describing WBMO as an actively managed portfolio that consolidates multiple asset classes into a single holding. According to the company’s announcement, the fund gains exposure to cryptocurrencies through digital asset exchange-traded products and does not invest directly in digital assets.
The asset management company stated that, as of September 30, its assets under management amounted to $244.1 billion, encompassing mutual funds, ETFs, and institutional accounts.
VanEck integrates its Wealth Builder strategy into an ETF.
WBMO is built upon the company’s existing Wealth Builder model portfolio. Previously, this investment approach was offered to financial advisors through third-party wealth management platforms; it is now available to the public in ETF form. VanEck is responsible for selecting the underlying investments, managing allocations, and rebalancing the portfolio.
The issuance announcement states that this is an open architecture, utilizing both VanEck’s own funds and third-party ETFs. Its portfolio combines global equities and fixed income with physical assets, including gold, while targeting long-term investment themes such as technological change, fiscal trends, and inflation trends.
David Schassler, Portfolio Manager and Head of Multi-Asset Solutions, stated in the announcement: “Our Wealth Builder strategy brings together asset classes we believe are most likely to perform well over the next decade, managed with a disciplined approach to how they work together.”
Bitcoin exposure is achieved through underlying investment products.
The prospectus dated October 14 lists NYSE Arca as WBMO's primary U.S. listing exchange and identifies long-term capital appreciation and current income as its investment objectives.
A portion of the investment will be held through a wholly owned Cayman Islands subsidiary. According to the filing, this subsidiary typically provides exposure to digital assets, commodities, and related instruments via ETPs and is subject to federal tax law restrictions. The fund’s investment in this subsidiary is generally limited to no more than 25% of its total assets at the end of each fiscal quarter.
The document states that this subsidiary's restrictions cover multiple investment categories and do not set a 25% Bitcoin target. Portfolio allocation is determined based on macroeconomic analysis, capital market expectations, and evaluations of each underlying product’s strategy, liquidity, fees, and risk-adjusted returns.
WBMO will not directly invest in futures, options, or swaps, but its underlying ETP may use derivatives, according to the prospectus.
The fee schedule shows a management fee of 0.15% and an expected fund fee of 0.18%, resulting in a total expense ratio of 0.33%. A waiver of 0.07% reduces the net rate to 0.26%. The advisor will waive the management fee corresponding to any fees received by it or its affiliates from the underlying funds.
VanEck increased its Bitcoin holdings in another NODE fund.
VanEck’s other actively managed products have previously combined traditional securities with cryptocurrency-related investments. Crypto.news previously reported that VanEck’s NODE fund, launched in May 2025, targets blockchain-related companies, including mining firms, exchanges, data centers, and fintech companies utilizing digital asset technologies.
NODE's initial strategy involved selecting 30 to 60 companies from over 130 firms. Its offering materials also noted that it would gain indirect exposure to cryptocurrencies through a Cayman Islands subsidiary while investing in publicly traded companies.
In its September 2026 NODE review, released on October 6, VanEck stated that Bitcoin ETP exposure increased from approximately 7% at the end of June to 16.8% by the end of September. Combined ETP exposure across all cryptocurrencies reached 22.1%, including Ethereum, Solana, Zcash, and Hyperliquid. The above data describes NODE’s portfolio, not WBMO’s allocation.
September comments noted that NODE's correlation coefficient with Bitcoin was 0.70, up from 0.42 in August, attributing this change to its larger ETP allocation. The manager stated that the average year-to-date correlation coefficient between its mining holdings and Bitcoin is 0.46.
The same comment also stated that the team prefers spot ETPs when increasing cryptocurrency exposure and continues to underweight digital asset treasury companies due to leverage and dilution risks in their financing structures.
Earlier, on August 19, a review of VanEck’s Bitcoin research showed that eight out of twelve tracked indicators were in surrender signal territory. Over the past three months, all twelve indicators had previously entered the surrender zone. The company’s cycle analysis suggests a possible accumulation period between September and November, but does not specify an exact bottom date.
U.S. Bitcoin funds saw mixed capital inflows in October
A report dated October 22 documented the fund flows for U.S. Bitcoin ETFs: According to Farside Investors, $526.7 million flowed in on October 19, $23.2 million on October 20, and $524.8 million on October 21, totaling $1.0747 billion over the three days.
Earlier trading days in October saw capital outflows. According to a report on October 22, Bitcoin funds experienced outflows of $228.4 million between October 12 and 16, following outflows of $678.9 million between October 5 and 9.
On October 21, BlackRock’s IBIT attracted $235 million in inflows, while Fidelity’s FBTC drew $212.7 million in inflows. The same data showed that Grayscale’s GBTC and Bitcoin Mini Trust recorded inflows of $32.6 million and $8.2 million, respectively.
Among VanEck’s other products, a report on October 15 detailed the company’s withdrawal of its proposed Lido Staked Ethereum ETF. The filing on October 14 stated that the registration never became effective and no shares were issued or sold.
The proposed Ethereum product was originally intended to track the benchmark developed by MarketVector, an affiliate of VanEck, which tracks stETH. Its prospectus listed validator penalties, smart contract failures, and liquidity as investment risks.
The fund was initially filed on October 16, 2025, with the intention of holding stETH—the token representing Ethereum deposited through Lido—and accumulating applicable staking rewards. VanEck’s withdrawal request did not specify the reason for abandoning the product or mention any alternative.