With the launch of bitcoin futures, there has been a raft of filings for bitcoin ETFs, some retreads of previously withdrawn documents and others fresh. REX, VanEck and First Trust have all made filings in the last few weeks.
A group of firms had filed for bitcoin ETFs earlier this year, but the SEC asked them to withdraw the filings due to a backlog and the fact that bitcoin futures were not yet trading. Now, after the futures have launched, the moratorium on bitcoin filings has been lifted.
First Trust has made its first filings in the bitcoin space, with four proposed funds:
- The First Trust Bitcoin Strategy ETF will seek to provide long exposure to the price movements of bitcoin-based instruments, including futures, options on futures and swaps, among other vehicles.
- The First Trust Inverse Bitcoin Strategy ETF, in contrast, will seek to provide short exposure to the movements in bitcoin-based instruments.
- The First Trust Bitcoin Plus Strategy ETF is similar to the bitcoin strategy fund, but its total notional exposure to bitcoin instruments is capped at 30% of the portfolio. It also includes an allocation to short-term U.S. Treasurys.
- The First Trust Inverse Bitcoin Plus Strategy ETF will essentially do the same thing, but its bitcoin exposure will be short rather than long.
The First Trust filings indicate that the funds will list on the Cboe exchange. Cboe Global Markets is the parent company of ETF.com. However, they did not include tickers or expense ratios.
REX was the first firm to resubmit its bitcoin ETF filings, and VanEck quickly followed. Its filing for the VanEck Vectors Bitcoin Strategy ETF outlines plans for an actively managed fund that will invest in bitcoin futures and other bitcoin-related instruments. The filing did not include an expense ratio or ticker, but it did indicate the fund will list on the Nasdaq.
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