ProShares, a key player in the ever-evolving crypto-linked exchange-traded fund [ETF] market, has recently unveiled a comprehensive suite of ETF offerings. The submission of a five-filed prospectus has introduced materials for leveraged and inverse bitcoin ETFs, encompassing ProShares Plus BTC ETF, Ultra BTC ETF, UltraShort BTC ETF, Short BTC ETF, and ProShares ShortPlus BTC ETF. It is noteworthy that two of these funds do not directly invest in Bitcoin, while three do not directly engage in shorting Bitcoin.
The community’s response to the filing has been notably positive, with one commentator expressing, “ProShares just filed a prospectus with the SEC for an ultrashort Bitcoin ETF that corresponds to -2X the daily performance of BTC.”
Delving into the specifics, one of the funds, as outlined in the prospectus, “seeks daily investment results, before fees and expenses, that correspond to two times [2x] of the daily performance of the Bloomberg Galaxy Bitcoin Index.”
Aligned with the daily performance of the Bloomberg Galaxy Bitcoin Index, the ProShares offerings include UltraShort Bitcoin ETF [-2x], ShortPlus Bitcoin ETF [-1.5x], Short Bitcoin ETF [-1x], Plus Bitcoin ETF [+1.5x], and Ultra Bitcoin ETF [+2x]. Ticker symbols and fees are yet to be announced, with an effective date of April 1 [no joke intended].
A Bloomberg ETF analyst anticipates a surge in similar filings, stating, “RexShares also filed for a bunch a few weeks ago too. There could be up to a dozen of these on the market in a few months.”
ProShares ETF Pioneer
ProShares, a trailblazer in the crypto-linked ETF landscape since 2006, has consistently led the charge in the ETF revolution. With one of the most diverse ETF lineups, the firm manages over $60 billion in assets, including those of its affiliates. The introduction of its first short bitcoin-linked ETF, BITI, in June, showcased its commitment to innovation.
Furthermore, the historic launch of BITO in October 2021, the first US bitcoin-linked ETF, underscored ProShares’ influential position. In July 2021, the company pioneered the creation of the first BTC-linked mutual fund, BTCFX, further solidifying its reputation as a pioneering force in cryptocurrency investments.