The “Bitcoin Investment Trust” recently started by Second Market has grown by 155 percent over the last 30 days.
I recommend looking at the Investor Presentation found here. On page 8 it lists several advantages of buying bitcoins over the trust (these advantages are the reason they are charging fees).
The first one reads:
Direct Bitcoin Ownership Issues: Unregulated Sources of Bitcoin. Buying Bitcoin in volume involves dealing with potentially unregulated and newly established entities around the world.
BIT Solution: The BIT is marketed and distributed by SecondMarket Inc., a US-based FINRA-registered broker-dealer, in a manner that we believe complies with all relevant federal and state regulations.
I guess they would run into some problems with the Financial Industry Regulatory Authority (FINRA) if they did not disclose these basics in a proper way.