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ProShares, spot bitcoin ETFs that started trading on January 10th, submitted presentation materials for an inverse bitcoin exchange-traded fund.
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Click here to access the SEC content.
The names of the funds applied are as follows:
- ProShares Plus Bitcoin ETF
- ProShares Ultra Bitcoin ETF
- ProShares UltraShort Bitcoin ETF
- ProShares Short Bitcoin ETF
- ProShares ShortPlus Bitcoin ETF
One of these 5 funds is explained as follows:
Seeks daily investment results that correspond to two times (2x) the daily performance of the Bloomberg Galaxy Bitcoin Index, before fees and expenses. Two of the funds do not invest directly in bitcoin, and three do not directly short bitcoin.
The approval of 11 spot bitcoin ETFs on January 11th by the Securities and Exchange Commission (SEC), including ProShares, gave rise to billions of dollars in trading volume. The application came a few days after this approval.
Investment advisor and president of The ETF Store, Nate Geraci, posted a post via X. In the content of the post, he commented on the application and said the following:
Vanguard definitely won’t have these on their platforms.
ProShares files for leveraged & inverse bitcoin ETFs…
+1.5X, +2X, -1X, -1.5X, and -2X
Quickly getting wild.
Vanguard definitely won't have these on their platform. pic.twitter.com/8unjgNfSVZ
— Nate Geraci (@NateGeraci) January 16, 2024
Vanguard said it would not offer spot Bitcoin ETFs on its brokerage platform, expressing concerns about Bitcoin’s high volatility.
Other Companies Also Moving in Parallel to Spot Bitcoin (ProShares)
The New York Stock Exchange filed a 19b-4 application to allow the listing and trading of options on “Equity-Based Trust Securities”.
Bloomberg Intelligence senior ETF analyst Eric Balchunas said the application was to be able to list options on spot bitcoin ETFs.
Grayscale Investments filed for a closed-end call ETF that aims to generate income from a position in the GBTC that was converted last week.