Avoid this crypto investment from JP Morgan Bank

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JP Morgan is about to launch their new crypto investment. There is $5.8 trillion dollars in the ETF space, roughly 6 times the size of Bitcoin’s entire market cap but Bitcoin is volatile, it’s scary, it can be lost, it can be stolen so one of the ways to solve that problem while still investing your money in Bitcoin / crypto is what’s called an ETF, an exchange traded fund. The SEC has told the US we are not going to get one anytime soon due to market illiquidity and market manipulation. Along comes JP Morgan Bank with their crypto investment product. Here’s what’s in it.

It’s called J.P. Morgan Basket of Companies with Exposure to Cryptocurrency. It’s not an ETF, it’s what’s called a “Note” aka a derivative or JPM’s promise to pay us the profits of 11 companies that it says have heavy exposure to crypto within a specified time frame. That time frame is not supposed to be short term but it doesn’t really specify beyond that. JP Morgan wants to discourage any trading of it.

But here’s the difference, unlike an ETF, an individual stock or even Bitcoin, when you buy this “note”, you need to invest in multiples of $1,000. $1K equals 1 note. When you buy it, it’s going to lock the price in, and while you hold it calculates the profit and loss of the stocks within the basket, and then at the end of the expiration date the net result is calculated with a formula of $1,000 x (1 + Basket Return – Basket Deduction).

What it’s in it? 11 companies are inside of this note. This investment is 100% stocks in the following companies Microstrategy, Square, Riot, Nvidia, PayPal, AMD, TSM, ICE, CME, Overstock, and Silvergate. Great companies, why is it bad? Here’s what I dislike about this note.

Reason 1: It has a management fee of 1.5%. This is outrageously high, if JP Morgan was taking the risk of managing and holding custody over your coins that might be worth the cost but they aren’t, these are stocks not crypto coins. If you have $100000 invested in this note, after the expiration date you’re giving them $1,500 for free – why? Cathy Wood’s ARKK ETF has an expense ratio of .75% (half of this one for a similar amount of stocks).

Reason 2: The CEO dislikes crypto and has negatively spoken about it. He said “Anyone who buys Bitcoin is stupid and someday they’ll pay the price”. This is Jamie Dimon (the CEO of JP Morgan). Why would anyone trust him or his institution to make moral, due diligent and forward thinking decisions in this space? They shouldn’t.

Reason 3: You’re not fundamentally exposed to Bitcoin as much as you are to 5 stocks because almost 80% of this note’s performance is tied to 5 stocks.

Reason 4: “YOU WILL NOT RECEIVE DIVIDENDS ON ANY REFERENCE STOCK”. But it doesn’t end there – it says “Investors should be willing to forgo interest and dividend payments and, if the basket is flat, declines or does not increase by at least 1.50%, be willing to lose some or all of their principal amount at maturity.” Aka, at the end of the expiration – if these stocks don’t do well, JP Morgan still gets their fee.

Reason 5: You miss out on any shareholder rights and privileges. “Notwithstanding the name of the Basket, the notes do not provide direct exposure to cryptocurrencies and the performance of the Basket may not be correlated with the price of any particular cryptocurrency, such as bitcoin.”

The solution: you can recreate this note’s entire performance by distributing $1,000 to the following companies in the exact denomination. $200 of MicroStrategy (MSTR), $180 of Square (SQ), $150 of RIOT (RIOT), $150 of (NVDA), $100 of (PYPL), $50 of AMD, $50 of TSM, $40 of ICE, $40 CME, $20 of Overstock and $20 of Silvergate. Boom there goes your $1,000 and you just recreated this entire ETF dollar for dollar – for free without any management fees. You’re welcome.

*None of this is meant to be construed as investment advice, it’s for entertainment purposes only. Links above include affiliate commission or referrals. I’m part of an affiliate network and I receive compensation from partnering websites. The video is accurate as of the posting date but may not be accurate in the future.


What do you think?


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