Asset manager ProShares submitted applications for five new leveraged and inverse Bitcoin exchange-traded funds (ETF) with the U.S. Securities and Exchange Commission on Jan. 16.
ProShares ETFs
According to a Jan. 16 filing with the financial regulator, the new ProShares applications consist of the ProShares Plus Bitcoin ETF, ProShares Ultra Bitcoin ETF, ProShares UltraShort Bitcoin ETF, ProShares Short Bitcoin ETF, and ProShares ShortPlus Bitcoin ETF.
The ProShares Plus Bitcoin ETF does not directly invest in Bitcoin. Instead, it aims to achieve daily investment results exceeding one and one-half times the daily performance of the Bloomberg Galaxy Bitcoin Index. Similarly, the ProShares Ultra Bitcoin ETF targets twice the daily performance of the same index.
In contrast, the ProShares UltraShort Bitcoin ETF seeks daily investment results reflecting two times the inverse (-2x) of the daily performance, intending to capitalize on declines in Bitcoin’s price without direct shorting.
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