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ProShares presented prospectus materials for five leveraged and inverse exchange-traded funds (ETFs) on Tuesday, just days after bitcoin spot ETFs began trading in the US.
“Quickly going wild” saying northate Geraci, president of the investment advisor The ETF Store, in reference to aggressive products. “Vanguard definitely won't have them on their platform,” she added, referring to the fund manager's decision to block access to bitcoin ETF.
ProShares Filing Comes Days After btc ETF Launch
The filing shows that the ProShares funds are called Proshares Plus bitcoin ETF, ProShares UltraShort bitcoin ETF, ProShares Ultra bitcoin ETF, ProShares ShortPlus bitcoin ETF, and ProShares Short bitcoin ETF.
Prospectus materials revealed that one of the funds “seeks daily investment results, before fees and expenses, corresponding to twice (2x) the daily performance of the Bloomberg Galaxy bitcoin Index.”
The documents also indicated that two of the funds will not invest directly in bitcoin, while the remaining three will not directly short the leading cryptocurrency. ProShares Filing Follows Launch of 11 Commercials bitcoin ETFs in the United States, which began trading on January 11.
Collectively, these ETFs have already generated billions in trading volume.
Vanguard Not Interested in Spot bitcoin ETFs
Vanguard, the $7.2 trillion asset manager, the world's second-largest asset manager behind BlackRock, told the bitcoin-etfs-on-its-platform-ZTqcqY5ISZsOZkjiJnxC”>Wall Street Journal on January 11 that it has no interest in offering ETFs to its clients.
The investment product does not align with the company's focus on “asset classes such as stocks, bonds and cash, which Vanguard views as the building blocks of a well-balanced long-term investment portfolio,” he said.
Wow. It's worse than she thought. I called and the response I received was “We are not currently allowing them to be purchased because it does not fit with Vanguard's investment philosophy.”
Me: “Okay, but you let me buy GBTC in the past.”
Him: “Yeah, I think you can only sell that now.”
—Tony Spencer (@notsleepy) January 11, 2024
Vanguard decision sparked criticism from customers. Coinbase engineer Yuga Cohler was one of the customers outraged by the asset manager's decision. Cohler later saying that he will move his eight years of 401K savings from Vanguard to Fidelity, calling Vanguard's decision “paternalistic.”
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