Proshares is an ETF management firm that launched in 2006 and offers over 140 alternative funds that cover a broad spectrum of investments. The company has products listed on the NYSE, Chicago Board of Options Exchange (CBOE), Nasdaq, and other mainstream trading platforms. Now the Maryland-based business is creating its “Proshares Trust II” a bitcoin ETF that derives its Net Asset Value (NAV) from derivatives rather than holding the currency in reserves. Proshares further states in its Form S-1 filing that the Bitcoin-based funds are not appropriate for all investors and investing in the shares involves significant “risks.” “The funds are not appropriate for all investors and present many different risks than other types of funds, including risks relating to investing in bitcoin futures contracts, exposure to bitcoin, and, in the case of the Inverse Fund, risks associated with the use of leverage,” explains Proshares S-1. “The performance of the bitcoin futures...