Israel to debut Bitcoin mutual funds tracking BlackRock's IBIT and other indices - Understanding Null Hypothesis in Financial Analysis

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Israel will debut six Bitcoin mutual funds through major fund managers like Meitav and IBI.
The mutual funds will track various indices, such as BlackRock’s IBIT and S&P, trading on the Tel Aviv Stock Exchange.

Israeli fund managers are set to debut six Bitcoin mutual funds on December 31 after securing approval from the Israel Securities Authority, according to a local news report.

The funds, which will trade on the Tel Aviv Stock Exchange, will track various Bitcoin indices including BlackRock’s IBIT, S&P, and Chicago Stock Exchange benchmarks. Fund managers include Meitav, Migdal Capital Markets, IBI, and Ayalon.

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While the report mentions the iShares Bitcoin Trust, it is unclear which specific fund will track this index.

IBI and Meitav will each charge a 0.25% management fee, with their funds tracking the S&P Bitcoin index and CME CF Bitcoin Reference Rate, respectively.

Migdal Capital Markets, one of the largest and oldest investment houses in Israel, will offer a fund that tracks the Indxx Bitcoin Reference with a 0.25% fee, while Ayalon’s actively managed Bitcoin Exposure fund will charge 0.8%.

“It is impossible to argue that the SEC’s approval was one of the reasons that pushed the price of Bitcoin up. As soon as they started making the product available to the public, it changed the game,” said Eyal Goren, deputy CEO of IBI Funds.

The approval comes after two years of industry requests to Israeli regulators, who mandated all approved funds launch simultaneously. Bitcoin is trading at approximately $98,000, up 126% since the start of 2024, per CoinGecko.

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Industry executives expressed regret over the timing, suggesting earlier approval could have captured more of Bitcoin’s price appreciation.

The fund provides investors with convenience. It’s purchased in shekels within the client’s existing investment portfolio, eliminating the need for currency conversion, digital wallets, or foreign exchange, according to Eyal Haim, VP of Ayalon Mutual Funds.

“We have recently witnessed a growing demand from the investing public to invest in digital currencies in a supervised manner through the capital market, and we thank the Israel Securities Authority for promoting the product through a supervised instrument,” said Lior Kagan, CEO of Meitav Mutual Funds.

The funds will be available through banks and investment houses, though they primarily provide exposure to Bitcoin-related index products rather than direct Bitcoin investment. This means fund returns may not mirror Bitcoin’s performance.

Lior Kasharian, Migdal Mutual Funds CEO, said the shekel-denominated mutual fund launch is positive news for Israeli investors, allowing them to easily track this digital asset.