ProShares has filed with the Securities and Exchange Commission for a new fund that tracks the opposing performance of the bitcoin futures index.
ProShares Short Bitcoin Strategy ETF aims to enable investors to speculate against the price of bitcoin. The firm adds that the fund will not achieve its objective beyond a single day.
The investment company notes that the fund looks at the daily investment results inclusive of fees and expenses aligned to the inverse of the index’s daily performance.
ProShares was the first to launch a bitcoin futures ETF, but the SEC is yet to approve its application for spot bitcoin ETFs, having declined similar proposals from multiple companies.
A senior ETF analyst at Bloomberg, Eric Balchunas, says that the application was likely to succeed due to the commission’s leniency on the futures ETF.