Vanguard Introduces Cryptocurrency Index Fund

First Trust Launches Bitcoin Strategy ETFs

First Trust, a leading provider of exchange-traded funds (ETFs), has launched two new ETFs that track the performance of bitcoin. The First Trust Indxx Bitcoin Strategy ETF and the First Trust Indxx Bitcoin Strategy ETF II (BITI and BITI2) are designed to provide investors with exposure to the price of bitcoin, without the need to purchase and store the cryptocurrency directly.

According to a press release, the new ETFs will track the performance of the Indxx Bitcoin Index, which is designed to measure the performance of the largest and most liquid bitcoin assets. The Indxx Bitcoin Index is calculated and maintained by Indxx, a leading provider of cryptocurrency indices.

The First Trust Indxx Bitcoin Strategy ETF and the First Trust Indxx Bitcoin Strategy ETF II will be listed on the NYSE Arca and will trade under the ticker symbols BITI and BITI2, respectively. The ETFs will have a total expense ratio (TER) of 0.95% and 0.85%, respectively.

"We are excited to offer these new ETFs, which provide investors with a convenient and cost-effective way to gain exposure to the price of bitcoin," said Ryan Issakainen, Chief Investment Officer of First Trust. "These ETFs are designed to provide investors with a way to diversify their portfolios and potentially benefit from the growth of the bitcoin market."

The launch of the First Trust Indxx Bitcoin Strategy ETF and the First Trust Indxx Bitcoin Strategy ETF II marks the latest development in the rapidly growing market for bitcoin ETFs. Several other firms have launched or announced plans to launch bitcoin ETFs in recent months, as investors continue to show interest in the cryptocurrency.

The new ETFs are expected to be attractive to investors who are looking for a way to gain exposure to the price of bitcoin without the need to purchase and store the cryptocurrency directly. The ETFs will be traded on the NYSE Arca and will be subject to the same trading rules and regulations as other ETFs listed on the exchange.