ProShares has submitted a request to the U.S. Securities and Exchange Commission (SEC) for the registration of five new Bitcoin ETFs. Among them, there are both leveraged and reverse funds.
The list is as follows:
- ProShares Plus Bitcoin ETF - A fund tracking the Bloomberg Galaxy Bitcoin Index with a leverage of 1.5x.
- ProShares Ultra Bitcoin ETF - A similar product with some differences in terms and a leverage of 2x.
- ProShares UltraShort Bitcoin ETF - A reverse fund tracking the Bloomberg Galaxy Bitcoin Index with a leverage of 2x.
- ProShares ShortPlus Bitcoin ETF - A reverse fund based on the same index but with a leverage of 1.5x.
- ProShares Short Bitcoin ETF - A reverse fund without leverage.
It's important to note that none of these products directly invest in Bitcoin.
A reverse ETF changes its value in proportion to the price of the underlying asset. On the other hand, leveraged ETFs are structured to increase daily returns through borrowed funds without the risk of position liquidation.
Previously, ProShares also launched a reverse exchange-traded fund based on Ethereum and manages one of the oldest and largest Bitcoin futures ETFs, BITO, with assets exceeding $2 billion.
