None of the two funds will directly own the bitcoin, but rather will trade standardized futures on the bitcoin. Since the fund will deal with futures rather than bitcoin, its performance may differ considerably from that of the bitcoin price.
According to the file:. Therefore, each ETF should have us firm proshares files for two bitcoin etfs very different return than the bitcoin or us firm proshares files for two bitcoin etfs opposite of that return. The company has also filed an application for listing of the ProShares Short Bitcoin, a reverse fund that will seek to track, the inverse -1x of the fund's benchmark. As the value of this fund increases as the futures price falls, it will allow investors to guard against falling prices.
It is unclear whether ProShares will be able to overcome regulatory barriers that have prevented other companies, such as Winklevoss Capital and SolidX, from registering their funds on the New York Stock Exchange. Although the funds that follow the price of standardized futures on bitcoin are available in Europe, the SEC has not yet approved an ETF on cryptomonials for US investors. The SEC recognizes that there is a market for these investment vehicles, fund providers continue to apply to be the first company to list an ETF based on the cryptomontex.
Many analysts, including Dave Nadig, predict that the SEC will approve a Bitcoin ETF in the near future and most likely us firm proshares files for two bitcoin etfs ETF that will deal with futures contracts rather than the cryptomony itself, and may even be before the end of year.
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