Investment Product and Service Launches

Franklin Templeton, Valkyrie, WisdomTree Launch Bitcoin ETFs

Franklin Templeton launched its first digital assets-backed exchange-traded fund, the Franklin Bitcoin ETF, under the ticker EZBC. The fund is a spot bitcoin ETF available for U.S. investors and seeks to reflect the performance of the price of bitcoin, less the expense of fund operations. It is offered on the Cboe BZX Exchange Inc. and priced at 29 basis points.

In addition, Valkyrie Investments Inc., a specialized digital asset investment management company, is launched the Valkyrie Bitcoin Fund, sponsored by Valkyrie’s subsidiary, Valkyrie Digital Assets LLC. The Valkyrie Bitcoin Fund gives investors “sophisticated but simplified access to the digital commodity without the hassle that comes with accessing bitcoin via other methods,” according to a company statement.

WisdomTree Inc., an ETF and exchange-traded product sponsor and asset manager, also announced the launch of its bitcoin ETF, the WisdomTree Bitcoin Fund. The WisdomTree Bitcoin Fund’s investment objective is to gain exposure to the price of bitcoin, less expenses and liabilities of the fund’s operations.

The wave of new bitcoin offering comes after the Securities and Exchange Commission on Wednesday approved applications for a “number of spot bitcoin exchange-traded product shares.” SEC Chairman Gary Gensler, in his statement about the approval of spot bitcoin ETPs, said, “Commission staff is separately completing the review of registration statements for 10 spot bitcoin ETPs simultaneously, which will help create a level playing field for issuers and promote fairness and competition, benefiting investors and the broader market.”

Prism Benefits Officially Launches 

Ryan McDermott and Joshua O’Gara launched Prism Benefits Inc. on January 3. Prism is a public benefits corporation based in Needham, Massachusetts.

The platform deviates from the traditional method of allowing employees to select from non-customized, company-wide benefits offerings. Instead, employees sit down one-on-one with a Prism team member and select the specific benefits’ options that best serve the needs of them and their families. In addition, Prism will bring compliance support and benefits administration solutions to HR and finance professionals.

“Through the vision of Prism, we are developing ways to adapt to the needs of employees and the workforce today,” O’Gara said in a statement. “We bring a nimbleness and a flexibility that larger companies can’t offer. We’re doing this work to promote financial education at a high level, but we’re also here to offer detail-oriented support that employees may need along the way.” 

O’Gara has been working in the financial services industry since 2006 and is currently president and chairman of the board of directors of the National Association of Insurance and Financial Advisors. McDermott has been working in the industry since 2004 and serves on NAIFA’s board.

ALM’s Judy Diamond Associates Introduces Small Group Markets Database to Insurance Industry

Judy Diamond Associates, a unit of ALM Global, LLC, announced its new small group markets database for employee benefits brokers and insurance carriers.

“This new tool has been a long time coming,” said Eric Ryles, vice president of customer solutions at Judy Diamond Associates, in a statement. “Over my twenty years in the employee benefits prospecting industry, ‘how do I find small groups’ is probably the question I’ve been asked most often. I’m glad to finally have an answer!”

Subscribers of the online platform can access information on active businesses, including contact info for plan decisionmakers, address, telephone number and estimated revenue. Customers can refine their results by filtering for geography, company stability score, employee longevity and estimated years in business.

“The 2-99 employee segment has been difficult to parse for independent brokers, carriers, and others in the industry because they do not file ERISA paperwork,” according to a company statement. “Judy Diamond’s Small Group Markets database uncovers this lucrative hidden market and delivers much needed lead generation support to anyone trying to prospect in the small group market.”