![]() When you're buying a futures ETF, there are other factors at play that lead the price of the shares to diverge from the asset. When you buy a regular ETF, the value of the shares is based entirely on the price of the underlying asset-be it Bitcoin or gold or oil or a basket of S&P stocks. What this means is the new fund, which is being packaged by a firm called ProShares, won't give you shares backed by Bitcoin, but shares tied a bundle of contracts to buy Bitcoin in the future. Instead, the agency allowed a Bitcoin futures ETF. The SEC allowed an ETF (exchange-traded fund), but not one pegged to the price of Bitcoin, the kind most people wanted. First, let's recap what exactly happened here. ![]() The occasion has already produced winners and losers, which we'll get to in a moment.
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