Sign in Subscribe
Announcement Featured

ProFunds launches First U.S. Bitcoin Mutual Fund – with CF Benchmarks-powered Performance Index

BTCFX instantly becomes the first widely available U.S. cryptocurrency fund – distinct from numerous crypto funds that are only available to accredited investors. This fact alone makes the news a true watershed moment for Bitcoin and crypto.

Ken Odeluga

• 2 min read
ProFunds launches First U.S. Bitcoin Mutual Fund – with CF Benchmarks-powered Performance Index

The first Bitcoin fund available to all U.S. investors is powered by CF Benchmarks' regulated CF Bitcoin US Settlement Price

ProFunds, the diversified mutual funds group with $60bn in assets under management that is parent company to leading ETF provider ProShares, has launched the first U.S. Bitcoin mutual fund. Bitcoin Strategy ProFund (exchange ticker: BTCFX). BTCFX will use one of CF Benchmarks’ regulated Bitcoin indices as its Performance Index.

BTCFX instantly becomes the first and only widely available U.S. cryptocurrency fund – distinct from numerous crypto funds that are only available to accredited investors (for example, Grayscale Bitcoin Trust). This fact alone makes the news a true watershed moment for Bitcoin and crypto.

As ProFunds co-founder and CEO Michael Sapir said:

“Cryptocurrency has become a significant asset class, and our new Bitcoin Strategy ProFund provides investors access to a bitcoin strategy through a mutual fund investment…a form and investment method that tens of millions of investors are familiar with.”

The news is all the more remarkable given that ProFunds has opted to utilise CF Benchmarks’ regulated CF Bitcoin US Settlement Price as its Performance Benchmark. Note that as an actively managed fund, BTCFX is not obligated to track any performance benchmark and most crypto hedge funds eschew this level of transparency on their relative performance. Therefore, ProFunds’ decision to license CF Bitcoin US Settlement Price as its Performance Benchmark is a significant endorsement of our benchmark methodology.

Key details about Bitcoin Strategy ProFund (BTCFX)

  • BTCFX is designed to provide investment results, before fees and expenses, that generally correspond to the performance of Bitcoin
  • Performance history will be available for the fund after it has been in operation for a full calendar year. When a full calendar year of performance information is available, performance information will be shown on an annual basis. The fund’s performance will be determined by comparison with its Performance Benchmark the CF Bitcoin US Settlement Price (Bloomberg Ticker: CFXBTUSN)
  • The fund seeks to provide capital appreciation by investing all or substantially all of its assets through actively managed exposure to exclusively front-month bitcoin futures contracts traded on the CME. (Note that CME Group Bitcoin Futures also utilise CF Benchmarks’ Benchmark Methodology by settling to the CME CF Bitcoin Reference Rate)
  • Upon the expiry of each front-month CME Bitcoin Future contract, the fund plans to roll the proceeds into the next available contract of the same tenor
  • The fund does not invest directly in Bitcoin
  • BTCFX eliminates the need for investors and financial professionals to separately manage their bitcoin exposure through unregulated exchanges or wallets and offers investors a convenient way to incorporate a rapidly growing digital asset into their portfolios
  • The minimum initial investment amounts, which may be waived at the discretion of the fund, are: $1,000 for accounts that list a financial professional; $1,000 for self-directed accounts

Find out more:
ProFunds Bitcoin Strategy ProFund
BTCFX Summary Prospectus
CF Bitcoin-Dollar US Settlement Price

The information contained within is for educational and informational purposes ONLY. It is not intended nor should it be considered an invitation or inducement to buy or sell any of the underlying instruments cited including but not limited to cryptoassets, financial instruments or any instruments that reference any index provided by CF Benchmarks Ltd. This communication is not intended to persuade or incite you to buy or sell security or securities noted within. Any commentary provided is the opinion of the author and should not be considered a personalised recommendation. Please contact your financial adviser or professional before making an investment decision.

CF Benchmarks Ltd (“CF Benchmarks”), a company registered in England and Wales with company number 11654816 and authorised and regulated by the Financial Conduct Authority. Information about us can be found on the Financial Services Register (register number 847100).

Registered Office: 6th Floor One London Wall, London, United Kingdom, EC2Y 5EB.

You agree not to, and have no rights to, use the CF Benchmarks Data to create, calculate, issue, settle, maintain, support or develop any financial instruments (including but, without limitation exchange traded products, certificates, warrants, contracts for difference, swaps, binary options, structured products), indices, products, services (including but without limitation, portfolio management services, pre- and post-trade risk management services, or valuation services) or any other derivative works without the express written consent of CF Benchmarrks.

You agree not to analyze, reverse-engineer or disassemble any CF Benchmarks data and not to insert any code or product to manipulate the Website content in any way that affects any user’s experience. Unless CF Benchmarks gives you prior written permission, use of any Web browsers (other than generally available third-party browsers), engines, scripts, software, spiders, robots, avatars, agents, tools or other devices or mechanisms (such as crawlers, browser plug-ins and add-ons, or other technology) to navigate, access, copy in bulk, retrieve, harvest, index, search or analyse any portion of the Website is strictly prohibited.

No part of this information may be reproduced, stored in a retrieval system or transmitted in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, without prior written permission of CF Benchmarks Ltd. Use and distribution of the CF Benchmarks data requires a license from CF Benchmarks or its authorized licensing agents.

All information is provided for information purposes only. All information and data contained on this website is obtained by CF Benchmarks, from sources believed by it to be accurate and reliable. Such information and data is provided "as is" without warranty of any kind.

CF Benchmarks, nor its directors, officers, employees, partners or licensors make any claim, prediction, warranty or representation whatsoever, expressly or implied, either as to the accuracy, timeliness, completeness or merchantability of any information or of results to be obtained from the use of the CF Benchmarks indices or the fitness or suitability of the same indices for any particular purpose to which they might be put. Any representation of historical data accessible through CF Benchmarks indices is provided for information purposes only and is not a reliable indicator of future performance.

No responsibility or liability can be accepted by CF Benchmarks nor their respective directors, officers, employees, partners or licensors for any loss or damage in whole or in part caused by, resulting from, or relating to any error (negligent or otherwise) or other circumstance involved in procuring, collecting, compiling, interpreting, analysing, editing, transcribing, transmitting, communicating or delivering any such information or data or from use of this website or links to this website.

CF Benchmarks and its respective directors, officers, employees, partners or licensors do not provide investment advice and nothing accessible through CF Benchmarks, should be taken as constituting financial or investment advice or a financial promotion. Charts and graphs are provided for illustrative purposes only. Index returns shown may not represent the results of the actual trading of any assets.

CF Benchmarks is a member of the Crypto Facilities group of companies which is in turn a member of the Payward, Inc. group of companies. Payward, Inc. is the owner and operator of the Kraken Exchange, a venue that facilitates the trading of cryptocurrencies. The Kraken Exchange is a source of input data for certain CF Benchmarks indices. Payward, Inc. is the owner and operator of the Staked, a venue that operates the block production nodes for decentralized PoS protocols on behalf of institutional investors. Staked.us is a source of input data for certain CF Benchmarks indices.

Please refer to the individual product family documentation for more information about applicable input data sources.