JUST IN: The first bitcoin futures ETF begins trading on the NYSE. SEC Chair Gary Gensler joins BobPisani to discuss.
It's meant to allow market participants to have access the bitcoin market and hedge and direct exposure to bitcoin pricing.
"The fund seeks to provide capital appreciation primarily through managed exposure to bitcoin futures contracts. The fund does not invest directly in bitcoin," states ProShares website on the fund. The fund has an expense ratio of 0.95%. The crypto industry has been longing for a bitcoin-related ETF for many years. In about 2017, asset managers began applying to launch spot bitcoin ETFs but their proposals were rejected by the Securities and Exchange Commission, which maintained none were able to prove market resistance to manipulation. The rush of applications for futures-based ETFs came this year shortly after Chairman Gary Gensler took the helm at the agency.
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