VanEck Launches Multi-Asset Fund With 0.26% Net Expense Ratio and Bitcoin Exposure
Key Facts
VanEck launched the Wealth Builder ETF, ticker WBMO, an actively managed fund combining stocks, bonds, real assets and Bitcoin exposure in one product, according to the company’s announcement. The fund began operations on October 26, 2026, and was listed on NYSE Arca, according to its official product page. It seeks long-term capital appreciation and current income, according to the fund’s prospectus filed with the U.S. Securities and Exchange Commission. The launch comes as the company advances an approach that brings multiple asset classes together in a single fund. But the fund is newly established and had not begun operations when the prospectus was prepared, so it has no historical performance record.
The fund had net assets of $251.64 thousand on October 26, the day it began operations, according to VanEck data. The VanEck Bitcoin ETF, which trades under the ticker HODL, accounted for 1.89% of net assets on that date. That means Bitcoin exposure comes not from the fund buying the currency directly, but through an underlying exchange-traded product. SPYM accounted for 17.54% of net assets, followed by QQQM at 11.65% and IEF at 9.67%. The portfolio held 37 positions on launch day, including stocks, bonds, gold, Bitcoin and products tied to thematic sectors.
Among thematic holdings, the gold fund OUNZ had a 3.63% weight and the semiconductor fund SMH a 3.01% weight, compared with 1.89% for HODL, according to holdings data as of October 26. The strategy typically invests in exchange-traded products that provide exposure to stocks, fixed-income instruments and real assets, and its underlying products may include digital assets. VanEck sets target allocations across asset classes based on macroeconomic analysis and capital-market expectations, then selects products and periodically rebalances the portfolio. Criteria for selecting underlying products include investment strategy, cost, liquidity and risk-adjusted return. The fund does not invest directly in derivatives, but some of the products it holds may use them.
Estimated gross annual expenses are 0.33%, falling to 0.26% after a 0.07% waiver, according to the SEC prospectus. The gross figure consists of a 0.15% management fee and 0.18% in acquired fund fees and expenses. The adviser has agreed to cover offering costs through at least February 1, 2028. The 0.26% figure cited in the offering therefore reflects expenses after the waiver, while the estimated gross ratio remains higher. The fund’s webpage says distributions are scheduled quarterly, while yield data were not yet available.
Portfolio manager David Schassler framed the launch as part of a reassessment of the traditional portfolio model, saying that "the traditional 60/40 portfolio was designed for a different investment environment." Including real assets could allow performance across a wider range of economic conditions and market regimes, he added, according to VanEck’s announcement. The company’s description says the actively managed fund sets target allocations for asset classes and then periodically rebalances, rather than relying solely on a fixed allocation disclosed in these facts. At the same time, the disclosure says the fund is legally classified as non-diversified, allowing it to invest a larger share of its assets in a single issuer. In adverse market conditions, it may also shift temporarily into cash, gold or short-term fixed-income instruments.
VanEck warned that investing involves a high degree of volatility and the potential for significant losses, and that digital-asset products may experience extreme volatility with limited investor protections. The fund’s structure allows it to gain exposure to digital assets, commodities and futures through a Cayman Islands subsidiary, with such investments typically remaining below 25% of total assets at the end of each fiscal quarter. The fund may also incur transaction costs when buying and selling securities; those costs are excluded from the annual expense ratio and the prospectus’s expense example. Portfolio turnover figures were unavailable because the fund was newly established. Published return data for the comparative index, composed of 60% ACWI and 40% of the broad U.S. bond market index, showed 5.90% year to date and 8.26% for one year through October 26; these are index returns, not fund performance.