New ETFs Target Double the Daily Return of Bitcoin -- WSJ

Dow Jones04-03

By Jack Pitcher

Investors can now use exchange-traded funds to magnify their exposure to bitcoin prices.

The ProShares Ultra Bitcoin ETF (ticker: BITU) and ProShares UltraShort Bitcoin ETF (SBIT) began trading Tuesday. They aim to produce double the daily return of bitcoinor, in the case of the short fund, double the inverse return.

The new ETFs "are designed to address the challenge of acquiring leveraged or short exposure to bitcoin, which can be onerous and expensive, said ProShares chief executive Michael Sapir in a statement.

The funds have an expense ratio of 0.95% annually.

The new funds are the first attempting to double spot bitcoin returns. Previously launched ETFs offer leveraged exposure to bitcoin using futures.

This item is part of a Wall Street Journal live coverage event. The full stream can be found by searching P/WSJL (WSJ Live Coverage).

(END) Dow Jones Newswires

April 02, 2024 15:30 ET (19:30 GMT)

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