Seconding fillippone, 2% is absolutely obscene for a passive fund. Also, over time a 2% decay vs a 1% decay is a massive difference for long term shareholders.
My guess is that US ETF's, whenever they come, will have fees less than 1% and more than 0.25%, just because they will have to factor in the cost for safe custody of bitcoins.
Absolutely.
Something must change in order to have a 0.25% fee on a BTC ETF.
At the moment I think the cost of custody of professional solutions, the only viable option for an institutional investor (TLSA and MSRT are doing differently, but they are not financial investors), is in the 0.5%-1%.
This is massive, and ample space to decrease to to the peculiar feature of BTC: contrary to everything else in the world, storage cost are not proportional to the quantity of the gold, oil or soybean to be delivered, but it has a flat cost: securely storing 1 bitcoin cost exactly as much as storing 10,000.
And as you said, cost of storage is the “floor”, the minimum fee amount for any financial product.