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ProShares on Tuesday filed prospectus materials for 5 leveraged and inverse bitcoin exchange-traded funds, simply days after spot bitcoin ETFs started buying and selling.
The names of the funds are ProShares Plus Bitcoin ETF, ProShares Extremely Bitcoin ETF, ProShares UltraShort Bitcoin ETF, Proshares Quick Bitcoin ETF and ProShares ShortPlus Bitcoin ETF.
One of many funds “seeks day by day funding outcomes, earlier than charges and bills, that correspond to 2 instances (2x) of the day by day efficiency of the Bloomberg Galaxy Bitcoin Index,” in accordance with the prospectus supplies.
Two of the funds do not immediately spend money on bitcoin, and three don’t immediately quick bitcoin, ProShares stated within the submitting.
ProShares’ submitting comes days after the Securities and Alternate Fee approved 11 spot bitcoin ETFs, which started buying and selling on Jan. 11 and has since generated billions of {dollars} in buying and selling quantity.
“Rapidly getting wild,” Nate Geraci, president of funding advisor The ETF Retailer, stated, commenting on ProShares’ prospectus on Tuesday in a post on X. “Vanguard undoubtedly will not have these on their platform.”
Vanguard has stated it will not supply spot bitcoin ETFs on its brokerage platform, citing concerns over bitcoin’s excessive volatility.
Others file parallel spot bitcoin merchandise
The New York Inventory Alternate, in the meantime, filed a 19b-4 to permit for the itemizing and buying and selling of choices “on Commodity-Primarily based Belief Shares.”
Bloomberg Intelligence senior ETF analyst Eric Balchunas stated the submitting is for with the ability to checklist choices on spot bitcoin ETFs.
“All three exchanges needed to file a 19b-4 (right here we go once more lol). Earliest approval in 2mo-ish,” Balchunas stated on Tuesday in a Twitter post.
Grayscale Investments filed for a so-called covered call ETF that seeks to generate earnings from a place in its transformed GBTC final week.
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