The financial services firm First Trust is the latest company to file for a Bitcoin (BTC) exchange-traded fund (ETF), and not for a spot one.
First Trust on Dec. 14 submitted a Form N1-A filing with the United States Securities and Exchange Commission (SEC) to launch a new Bitcoin-linked product called the First Trust Bitcoin Buffer ETF.
According to the prospectus, the fund is designed to participate in the positive price returns — before fees and expenses — of the Grayscale Bitcoin Trust or another exchange-traded product (ETP) that seeks to provide exposure to the performance of Bitcoin.
Unlike a spot Bitcoin ETF, which is linked to the performance of Bitcoin, a buffer ETF uses…
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