Cryptocurrency exchange-traded funds (ETFs) account for five for the worst seven debuts in ETF history, according to Morningstar Direct data, the Financial Times reported on Friday.
The five funds were all linked to the performance of crypto or blockchain. The worst performer was France-based Melanion BTC Equities Universe fund, which invests in companies such as bitcoin miners Marathon Digital Holdings (MARA) and Riot Blockchain (RIOT). The fund, which launched October 2021, has seen its value slide 76.9% in the past 12 months.
Many ETFs started during the heady days of the last crypto bull market, enjoying an initial boom at the end of 2021 before crashing as valuations tanked this year.
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