ProShares aims to bolster its exchange traded fund lineup as the issuer filed a prospectus for the ProShares Ultra Bitcoin Strategy ETF which will act as a 2X leveraged Bitcoin futures focused fund. The leveraged ETF aims to provide investors two times the daily performance of the return of the S&P CME Bitcoin Futures Index for a single day and not for any other period. ProShares' fund would end up trading in tandem with their ProShares Bitcoin Strategy ETF ( NYSEARCA: BITO ) which achieves its investment objective by investing in standardized, cash-settled bitcoin futures contracts. The leveraged fund looks to launch as Bitcoin ( BTC-USD ) prices have rebounded in 2023, climbing 71% and topping a year-to-date high of $29,178. Moreover, according to the filing with the U.S. Securities and Exchange Commission, the ETF has no listed ticker symbol or expense ratio at this time. The filing also stated : “The fund does not invest directly in bitcoin nor does it directly short bitcoin. Instead, the fund seeks to benefit from increases in the price of bitcoin futures contracts for a single day.” In other crypto related news, crypto and blockchain focused exchange traded topped the first quarter leaderboard as the segment proved to provide investors with the best returns amongst all other ETFs in 2023.
