All of this is a moot point anyway. I don't see this ever getting past the SEC.
If the SEC allows
Direxion's 3x leveraged ETFs (and they
do), why on earth wouldn't they allow an ETF that follows bitcoin?
One of their prospectuses says they invest in futures contracts; opens on securities, indices and futures contracts; equity caps, floors and collars; swap agreements; forward contracts; short positions; reverse repurchases agreements; ETFs and
other financial instruments.
Recognize those names? Some of them are the derivatives that caused the financial meltdown in 2008. Now you can meltdown too.
Or you can invest in bitcoin.