🟡The Hong Kong Stock Exchange (HKEX) plans to launch the first fund in Asia that will track the inverse daily movement of the S&P Bitcoin Futures Index. The CSOP Bitcoin Futures Daily (-1x) Inverse Product (7376: HK) is designed to provide an inverse correlation to the price movement of BTC.
🟡The product will invest in the nearest monthly Bitcoin futures contracts expiring on the Chicago Mercantile Exchange (CME). Investors will be able to speculate on the price changes of Bitcoin futures contracts without actually owning the cryptocurrency.
🟡HSBC Institutional Trust Services Limited’s Asian division will act as the trustee overseeing the fund.