Defiance Launches Four ETFs, Tracking Long and Short Positions in Bitcoin, Ethereum, and Gold

According to a filing with the Securities Exchange Commission (SEC), Defiance ETFs, LLC has filed for four new exchange-traded funds, including:
1. Bitcoin vs. Ethereum ETF: long BTC, short ETH;
2. Ethereum vs. Bitcoin ETF: short BTC, long ETH;
3. Bitcoin vs. Gold ETF: long BTC, short gold;
4. Gold vs. Bitcoin ETF: short BTC and long gold.
Each fund tracks the leveraged performance of one asset relative to another through derivatives and uses an active management model to seek total returns through synthetic exposure to underlying assets, which do not hold spot assets but instead build leveraged exposure using a combination of futures contracts, swaps, options, and U.S.-listed ETFs or exchange-traded products (ETPs).