A trading firm that made its fortune front-running crypto markets launched an ETF so that you can also participate, in paying them fees

GSR, which is to say one of the oldest and most sophistocated market making operations in digital assets, a firm that hath spent the better part of a decade knowing exactly what price things are about to be before thou dost, hath graciously decided to package Bitcoin, Ethereum and Solana into an actively managed ETF called BESO so that the common investor may gain exposure to the very assets GSR hath been trading around with considerably more information and considerably less latency than thou wilt ever possess.

This is called democratization. I am told it is a positive development.

The “активно управляемый” is where it gets truly poetic. For an index fund simply holds the assets and charges thee a small fee for the privilege of not thinking too hard. An actively managed fund holds the assets, charges thee a larger fee, and also makes decisions on thy behalf using the same market intelligence that a firm like GSR has spent years and considerable resources accumulating.

Thou art not buying exposure to Bitcoin Ethereum and Solana. Thou art buying exposure to GSR’s opinion about Bitcoin Ethereum and Solana, filtered through a regulatory wrapper, at a markup.

Nobody could’ve anticipated knowledge would belong entirely to fund managers and the interest would be paid entirely by us.