ETN

rtreffer

ETF(US) or ETP/ETN(EU). You want an 18 year safeguard. That will cost you less than 10% over these years. Yes, this has all the downsides of a fund managing the asset. But there is a good chance it will be around when you aren't, and all questions around inheritance are solved.

octplex

In UK it's an ETN (not ETF) and available only to investment firms, credit institutions, pensions funds and insurance companies

NoJob1123

The issuer of an ETN would go out and hedge their exposure using futures or spot bitcoin… otherwise they would essentially be short bitcoin and any financial institution offering these products wouldn’t want exorbitant exposure so they will hedge it.. that’s the pegging process you are referring to.

Life-Duty-965

Then it might not be able to pay out. It is a riskier product on an already risky investment. Whilst I might consider an ETF if one comes to the UK, I won't be going near an ETN. Of course this is a risk with bitcoin too. Where does the liquidity come from if the buying community of today isn't replaced? Not just replaced, but grown. In 20 years or so the current community will overwhelming switch over our monthly buys to monthly sells. If the price doesn't hold, buyers will drop away quickly when they see how well our retirement is going. On the other hand, if the buyers are there, they'll see out success and our futures are secured. It is a risk though. Easily mitigated with some investment diversity. Just not an ETN lol

daemonpenguin

It is likely the issuer will buy the asset to cover their debts/layout. Otherwise they would be in tough shape if Bitcoin's price shoots up. However, the ETN itself doesn't hold Bitcoin, it isn't technically backed by anything. I suspect this will end up working, in practise, like an ETF of an ETF.

messisleftbuttcheek

How does that work? If I buy $100 worth of this ETN and bitcoin's price 5x, does that mean my holdings 5x? Where doea the money come from if the operator isn't holding any Bitcoin?

Outrageous_Word_999

It is an ETN, which means they won't buy any bitcoin, just absorb people's capital and peg based on the asset's price, which they won't directly affect in a positive way, since they are not going to buy bitcoin. Instead, they're removing capital that could directly go into bitcoin and into holding bitcoin. ETN's are a scourge.

doinkdoink786

What happened to Morgan Stanley Bitcoin etf? There’s also uk offering ETN on May 28th

riplin

UK ETN's don't have any bitcoin backing them. They're irrelevant.

Financial_Design_801

UK ETN's (May), Hong Kong ETFs, Australia Spot ETFs, US options on Bitcoin spot ETFs (Sept?) First inning still

Real_Crab_7396

I use a normal investment broker to buy bitcoin ETF, in Europe (on my broker) the best one is Wisdomtree bitcoin ETN (WBIT). I haven't bought/owned real bitcoin, but the ETF's are easy for me and give me less taxes in my country.

5tu

Yes, that’s all perfectly fine in UK (although they have only allowed the unsecured ETN and not the more ETF which requires the broker to own the asset) The problem with the white paper is some guy claimed he invented bitcoin and threatened legal action to those in the UK who published the whitepaper. The UK high court has now confirmed he is not the inventor and therefore has no claim over that whitepaper so should be free and open source to all again.

Real_Crab_7396

I use the wisdomtree bitcoin ETN WBIT, I don't think there's a buying limit.

heinzmoleman

They're doing an ETN. The difference here is that those funds won't actually own any Bitcoin. It's an unsecured debt similar to a bond. It won't do anything for BTC price action.

CryptoBelalang

Blackrock, Fidelity, Microstrstegy, HK ETF, UK ETN, Korea ETF... think about iy..

Long_Measurement3999

Yeah we also dont talk about the fact that US ETF’s don’t have options yet. UK ETN’s, Hong Kong ETFs, Australia Spot ETFs, US options on Bitcoin spot ETFs

doinkdoink786

In the ETN like etf? Do they buy spot BTC?

5tu

UK has not issued an ETF, it issued an ETN... essentially the ETN is "an unsecured bond" i.e. a legalised form of worthless notes that carry's the name but is not actually backed by bitcoin. Just wanting to clarify because I'm still surprised an ETN was allowed over an ETF.

uncapchad

yep I know but as this article was about a Deutsche Bank whose main arena of operation is Europe, it is not surprising that their survey yielded those results. You will note in my comment that I specifically said Europe Within the EU you cannot directly buy crypto ETFS because standard Ucits structure adopted by mass-market European ETFs cannot be used to hold cryptocurrencies. It's similar in the UK, retail cannot buy into any crypto ETFS. Best they can come up with is an ETN rumoured to be coming this summer

ammo_john

I believe you have an ETN or ETP for bitcoin as well in Scandinavia? MSTR sounds quite risky for his retirement checks. Definitely don't keep it on exchanges or Conbase.

Revolutionary-Ebb-26

Yeah thats what he's saying. "wait til you can buy the UK ETN". The UK version of the ETF will be an "ETN", or Exchange Traded Note. This is a different legal structure that means the fund itself will not be holding the underlying asset but instead be holding debt obligations with another entity that holds the underlying asset as collateral. I'm not well versed in these things so I don't know the implications but it sounds a bit too "paper Bitcoin" for me. I'm sure it will drive more demand in the direction of Bitcoin but if I was in the UK I would still try to get my hands on actual Bitcoin and self custody it.

whoeva11

From what I read the UK ETF is not an ETF. It is to be an ETN which means they do NOT have to hold the underlying asset. Utter nonsense and another hypocritical own goal of the UK govt whilst claiming they want the UK to be an international crypto hub

daemonpenguin

I think it will blow up, but not because of the halving. I think the new ETF and ETN regulations in Hong Kong and London, respectively, will be a bigger boost to Bitcoin's price and adoption than the halving.

MaMu_1701

„Here in Germany you can buy BTC from German banks, hold it legally and sell it legally.“ Really? Which bank? I’m aware of ETF‘s (ETN‘s) but BTC itself? (also German btw)…

JeopardyQBot

Yeah I dunno about this. "Still around" in the sense they didn't go way the way of BitConnect, but there are so many 2017 projects that are essentially dead and treading water and are only purchased by bag holders or people who left and came back years later. When was the last time you heard someone talk about Verge? or DASH, NEM, PPT, OMG, NEO, LSK, STRAT, MONA, KMD, SALT, EMC2, ETN.. etc etc those were all top 500 coins at the peak of the bull in december 2017

gosumofo

Last cycle in 2021, the drop still happened mainly to crypto degens. But this time, it’s the World that’s going to get into it through these ETF’s, ETN’s, etc. Most people in stocks will sell the fuck out of a stock dips more than 30-40% in a day or a week. They’re just not used to the level of volatility. They can’t risk losing that much when they’re so old and basically retired.

reddit4485

This is actually bad because you're just betting on the price of bitcoin but it doesn't actually buy any. Like bitcoin futures, this is bad for bitcoin/ethereum because it allows investment in both without effecting supply. https://www.investopedia.com/financial-edge/0213/etf-or-etn-whats-the-difference.aspx An ETN also tracks an index, and the returns it pays out are based on the performance of that index. Like an ETF, an ETN can be bought or sold on an exchange. However, the ETN does not own the underlying assets. An ETN is an investment in debt, similar to a bond. It's an unsecured debt note issued by a bank.

M0neyMaker21

Dont know whats an ETPs but its actually a ETN. anyway bullish one way or another.

ResponsibilitySea327

It is paper BTC, but it is likely the exchange will require providers to hold BTC equivalents to the value of the ETN. Most likely BTC itself and not derivatives. Need to see the actual listings.

ResponsibilitySea327

The main difference will be that ETFs impact availability of shares since they need to be bought/sold. ETN, only track the underlying price and do not own the underlying asset (BTC). So ETN providers do not need to purchase to rebalance each day -- that also makes ETNs a bit riskier as the provider is essentially ensuring the value of the ETN. With a highly volatile asset like BTC, it will be interesting how providers will fund market risk and how that will impact BTC liquidity and volatility.

barnsligpark

Can anyone explain the difference between an ETF and ETN?

ammo_john

Don't you have any European ETN/ETPs tracking bitcoin as well? MSTR is a leveraged trade on Bitcoin so expect a lot more volatility and you would be buying in at a premium right now. You won't be owning bitcoin ofc, you'll be owning a paper claim and should probably diversify that risk as soon as you get a chance. If you make the MSTR purchase, which will be sensible for some, I'd still advice you to get $50-$100 in real bitcoin and play around with it (wallets, keys, lightning), the better you know the asset you are holding the better financial decisions you will make with your holdings in the future. So play around with it while the stakes are low, before the shit hits the fan. There will come a time - with fiat collapsing - when no paper claims are safe.

crscali

ETN’s don’t buy the security instead they promise to payout the amount of the tracked index at maturity

snkrjoyboy

On top of the scarcity, the newly added ETF’s and ETN’s along with all of the institutional/retail investors who will add a HUGE amount of demand will eat up the remaining supply which will inevitably drive BTC Prices soaring. However, stay focused if you are planning on selling. Be happy with how much you sold BTC for otherwise keep it locked up.

r66yprometheus

What the hell is an "ETN"?

snkrjoyboy

The UK also opening up their ETN’s for investors only. They’re definitely going to hork up BTC’s

bla_blah_bla

Depending on your school of thought the safest investments are gold or short term gov bonds from "solid" states (whatever "solid" means). But gold doesn't guarantee anything from keeping it. Bonds instead, at the actual rates, have coupons that reward the holders with around 1-5% yearly of their capital. Are all these investors stupid not investing all their money in crypto? Crypto isn't safe. Except for the BTC ETF-ETN, crypto markets are mostly unregulated. And highly volatile. You can wake up in november with 3 times your capital or half of it. Either you do your research, understand the field and learn how to invest, or you're risking to lose your money. But if you're still convinced the odds are on your side, pick BTC. It's the least likely to completely fall apart with a huge number of almost religious followers.

gosumofo

AND, Michael Saylor definitely going to buyin more. AND, the United Kingdom going to be opening up ETN’s for their investors to get in on this action. Also, the mania hasn’t even happened yet

snkrjoyboy

And when UK starts to let their investors buy into ETN. Also, before BlackRock buys up more IBIT.

MrAccountant213

London stock exchange are accepting Bitcoin and Ethereum ETN applications… ETN are for professional investors it looks like, but damn

gosumofo

There are people who wait to buy and those who are actually buying now because they believe it’ll go up further. The ones waiting will be the ones who don’t have much to gain. With ETF’s and in April, ETN…Bitcoin will definitely see intense gains and drop

-AgitoMakishima-

Give me a Polkadot ETN with staking rewards!

Tkldsphincter

Apparently Europe is looking to get applications for BTC ETN come Q3. So by Q4 it's likely we see BTC ETFs in USA, Europe, and China. 

gosumofo

Also, The UK opening up to get ETN and buy up Bitcoin as well. Not open to the public but to the investors. I’m sure BTC going to be a wild ride but stay focused on your exit point.

miscfiles

In the UK we're apparently looking at ETF's dodgy cousin, ETN. Still very bullish.

Electronic_Ad_3058

With the upcoming approval of BTC AND ETH ETN'S in the UK and Mudrex offering of US bases ETF'S in India skies the limit 🚀

Independent_Row_Goes

FWIW I feel the need to remind everyone to read the prospectus on each and every new crypto ETF/ETN and look for the particular statement that documents whether the fund is based on the coin’s futures contract or the actual physical coin. Volmageddon was an event a decade ago where another “strategy” linked to VIX futures went broke. If your ETF/ETN is tied to the coin’s future’s contract, consider this your warning just to stay away all together

Real_Crab_7396

Not that much, I've bought 3000 euros of bitcoin trackers on Degiro. I'm 18 and in Europe, so these trackers are easiest for me. I have found out today that WBIT (wisdomtree bitcoin ETN) is the cheapest for me so I'll be buying more of that.

lexwolfe

dead in terms of investment opportunities still alive in [development](https://medium.com/@ETN-Network/project-aurelius-what-does-it-take-to-implement-evm-into-a-blockchain-6f39d9d0c572) but isn't this the kind of thing we wanted? You can earn it and spend it.

lexwolfe

Electroneum 3million users, 2318 merchants in 177 countries accepting ETN including major brands like Apple, Amazon, Vodafone. Pi Network will blow this out of the water.

CapableHair429

BTW….an ETP …..HAS TO be further classified as either an ETF, ETC, or ETN….so, which is Bitcoin ETF then? (Hint…it’s in the title of the Exchange-Traded product. “Bitcoin ETF” just because the announcement on the SEC.GOV website keeps on saying that Bitcoin was approved as a product, doesn’t mean what you think it means. A ETP HAS TO BE one of 3 things, either an ETF, ETC, or ETN. Reading comprehension my guy….try it.

Defusion55

lots of people did. There were several posts warning people of this exact scenario playing out after their ETN was converted.

CapableHair429

I think you are confusing ETP’s with ETC’s. ETC’s are not necessarily trades funds, but rather financial instruments which don’t necessarily have to have backing. ETP’s are the main set of trades instruments; of which ETF’s, ETN’s, and ETC’s are PART OF. If you want to think of it in terms of food. Steak (ETF’s) are red meat, chicken (ETN’s) are poultry, and fish (ETC’s) is seafood….however they are all protein (ETP’s) So….did the SEC approve Bitcoin as an ETP? Yes…absolutely. Did they approve Bitcoin as an ETF? Yes…absolutely. They approved Bitcoin as an ETF; which by natural logic means it is ALSO an ETP. https://leverageshares.com/en/insights/what-is-the-difference-between-etf-and-etp/#:~:text=ETPs%20are%20a%20broader%20category,are%20a%20subset%20of%20ETPs.

Major-Front

I was going to signup to HL because they have a Bitcoin ETN or something. Can I still buy that? I was going to put some pension funds into it

begemotik228

ETF is neither a derivative nor an ETN The actual reason they're not allowed is that the ETFs are not UCITS compliant (European regulations for ETFs)

kettu1

ETP is the blanket term that covers all exchange-traded products. Exchange-traded funds (ETF) is just one type of ETP. Other example would be exchange-traded notes (ETN) and exchange-traded commodities (ETC). Basically all the spot bitcoin products offered will work in the same way as ETFs work, that's why people talk about them as spot bitcoin ETFs, but you could also call them spot bitcoin ETPs without making any notable difference in what you're talking about.

Friendly-Western-677

What is an ETN?

Independent_Row_Goes

Again, you are going to have to read the prospectus on all these ETFs and potential ETNs separately. Make sure the funds are made up of actual coins and not futures contracts. This was a big shock to many who invested in VIX ETFs/ETNs particularly XIV and woke up one morning to see the ETN went from 150 to close to 0 in a day because the fund couldn’t buy anymore futures contracts. These funds and the banks that create these funds are in it for themselves and will screw you in the long run.

martinsoderholm

Antar att du inte syftar på XBT (en ETN) eller liknande certifikat? Ge mig en länk till en spot ETF, tack.

consumZ

Wisdomtree fortunately has a ETN which is kind of like a fund. In it there is of course BTC and ETH, but also SOL, ADA and a few others. That should be a pretty good and easy diversification investment.

e200

If you are afraid of self custody, there are multiple ETN/ETP (something like ETF) listed on European exchanges and you can buy their shares through a borker like IBKR (that is what I do). You pay a yearly fee (about 1%) for their service to custody bitcoin for you. You can spread your investment between several. https://www.justetf.com/en/how-to/invest-in-bitcoin.html https://www.investing.com/etfs/bitcoin-tracker-eur-xbt-provider-advanced-chart

Anthracitation

I also don’t quite understand the hype. You can already buy Bitcoin ETN!

Vegas_42

Dad of two here. I hope your parents know you're interacting with Reddit. Talk to your parents about Reddit and Bitcoin. If they allow you to buy Bitcoin, they can do it for you. Depending on your age, learn about self custody or let them open a junior depot e.g. at the ING for you. Then they can buy an ETF/ETN (available in Germany through the ING) in your name to get you some exposure to Bitcoin. But again: talk to your parents if you're under 18! My daughter is 10 years old and we talk about money and what investing is from time to time. I already opened a junior Depot to her name and for her little brother as well. She is interested in Bitcoin, but I'm the one holding it for the family. Don't get this wrong. Involve your parents.

FieserKiller

The BTC ETN I'm invested in prices 1:1000

predatarian

Yes and while we are at the topic... Can somebody explain what the difference is between these 2 ETN's? [https://www.justetf.com/de/etf-profile.html?isin=CH1199067674#uebersicht](https://www.justetf.com/de/etf-profile.html?isin=CH1199067674#uebersicht) TER of 0,21% [https://www.justetf.com/de/etf-profile.html?isin=CH0454664001&from=search#uebersicht](https://www.justetf.com/de/etf-profile.html?isin=CH0454664001&from=search#uebersicht) TER of 1,49% What's the difference besides the TER?

fadetes28

ETN?? Is this some new coin or you just mistype the ETH here? Never the less if you ask me the choice other than these coins then i would say Matic is something that is really great and i want to fill my bags with that coin

meatforsale

What’s a coin you want to fill your bags with when the bull comes? Excluding BTC, ETN, and moons of course. And why?

Ai_Art_Bug

A very old project, ETN, not sure it still exists. It promised to let user earn it through tasks, be mined on mobiles etc... There were rumours of a task board were people could post their tasks and users could fulfil them, all run on ETN. Did anyone ever hear from Electroneum ETN?

TheFlamingoPower

My first investment, and at the same time a mistake, was ETN. Firstly, nothing happened as promised, secondly, the currency exchange at the time was hacked. Today I work much smarter, first a lot of research and only then investing in alts. Of some that I have researched and invested in, I would highlight ACH, UTK, AIOZ and EOS. Some new ones yet to come out, I only see FLD from FluidAI as a serious potential, especially after the latest news on the project. For some excellent coins, I regret that I missed them due to lack of courage and mistakes from the past. I won't miss the train this time. Tell me your favorites?

Snjordo

It was not the first one EU's definition of ETF consist the word 'diversified' so it can't be a single asset like BTC So it's not really an ETF (exchange traded fund), it's an ETP (exchange traded product) or ETN (exchange traded note) And there have been several of those for couple of years in EU. Some of them are 100% backed by BTC so it's pretty much the thing people refer to when talking about spot BTC ETF

Snjordo

Yep, pretty hefty fees But europeans can also buy BTC ETNs for a couple of years now VanEck BTC ETN has 1% management fee https://www.vaneck.com/ch/en/vbtc/overview/

Snjordo

They can already buy BTC ETNs for several years now Here's a link to VanEck BTC ETN https://www.vaneck.com/ch/en/vbtc/overview/

Snjordo

There are BTC ETNs in europe for years now They are also 100% collateralilized Here's a link to VanEck BTC ETN https://www.vaneck.com/ch/en/vbtc/overview/

evoxyseah

Totally forgotten about the name until you mention it. Same as NEM, ETN, etc., those were the days.

trrntsjppie

I now have a bitcoin ETN in Europe, do I need to swap it for the ETF?

kron98_

Spaniard here that has access to this ETN. Basically, they are like bonds. Price is at the moment 2,78€ per title and fluctuates based on Bitcoin price per the ETN price in the Frankfurt exchange.

Ne0nbeams

Nope POE, KMD, VTC, ETN, all never broke out from anywhere near the previous cycle all time highs. Its a shitcoin casino.

_Stealthy

Quick looksie at their Crypto Leaders ETN tells us that they don't really crypto.

_Stealthy

VanEck doesn't even have a Cardano ETN but has Solana and other crap. They should be avoided.

labvilla

I would say almost all of them, and, trust me, I am the shitcoin king.I have too many to mention, but a definite shoutout to ELECTRONIUM, ETN.

economist_kinda

ETN. I'm so glad I left it long ago. I'd have been down on my investment by 99.6% if I continued to HODL. DCA'ing wouldn't have done much help either.

Supreme-Serf

LOL they downvote you when they can't explain. So many posters here belong to r/conspiracy. Yeah, I will be downvoted too. Most people here have zero investment knowledge. Accreditation actually does protect investors. Hedge funds can go bust and regulations are in place to ensure that people don't end up with zero. That is why only high net worth individuals can invest with hedge funds. Plus eventually some investment bank will come out with a retail friendly product (ETF/ETN) that is tied to crypto if there is demand. The advice that rich people have better opportunities is really outdated. There is far more corruption/insider dealing at the municipal level in Canada and the US.

economist_kinda

Electroneum (ETN). The smartest thing I did was to sell everything and put the money into other projects.

economist_kinda

1. Shitcoin (SHT) 2. Bitconnect (BCC) 3. Prodeum (PDE) 4. Bitpetite (BPP) 5. Confido (CFD) 6. Pincoin (PIN) 7. BitconnectX (BCCX) 8. Bitcoiin2Gen (B2G) 9. Provenance (PROV) 10. Electroneum (ETN)

AcademicMistake

Shitcoin (SHT) Bitconnect (BCC) Prodeum (PDE) Bitpetite (BPP) Confido (CFD) Pincoin (PIN) BitconnectX (BCCX) Bitcoiin2Gen (B2G) Provenance (PROV) Electroneum (ETN)

Rocka2

TLDR: 1. Shitcoin (SHT) 2. Bitconnect (BCC) 3. Prodeum (PDE) 4. Bitpetite (BPP) 5. Confido (CFD) 6. Pincoin (PIN) 7. BitconnectX (BCCX) 8. Bitcoiin2Gen (B2G) 9. Provenance (PROV) 10. Electroneum (ETN)

Barchelonio

Shitcoin (SHT) Bitconnect (BCC) Prodeum (PDE) Bitpetite (BPP) Confido (CFD) Pincoin (PIN) BitconnectX (BCCX) Bitcoiin2Gen (B2G) Provenance (PROV) Electroneum (ETN)

AverageCadian

ETN Oldie but a goodie. All the shit that Richard Ellis did. The guy is an absolute scum bag. Really botched KYC and did the typical "helping Africa" scam.

economist_kinda

ETN - Electroneum

Delicious-Ask-463

Electroneum (ETN)

Backrus

Grayscale is not a hedge fund, 3AC wasn't hedge fund either. They're just asset management company, one of the shadiest thing in the space. SEC must have had a good reason to deny them ETN to ETF conversation multiple times. What reason? They most likely don't have that BTC so there is nothing to sell. If they had had customers' btc, they would have given wallets addresses instead of BS security concerns excuse. Coinbase is in on it as well since its only goal - IPO - was accomplished. Fk traffic, we don't need them in this space. Defi works as expected, even during bear and none of the OG protocols (which were around during crypto Black Thursday) went tits up.

AU-n-Time

It has nothing to do with hope. It has to do with the fact that BTC has become a mainstream asset. We have institutional money invested in the asset BTC, more than ever before. BTC continues to become more and more relevant as a legitimate, mainstream asset, that can be a part of an investment portfolio. Examples of BTC ETF's in other countries are as follows: Canada: 3IQ Coinshares, Purpose Bitcoin and CI Galaxy Bitcoin, Europe: 21Shares Bitcoin ETP, BTCetc - ETC Group Physical Bitcoin, VanEck Bitcoin ETN, Iconic Funds Physical Bitcoin ETP and Bitpanda Bitcoin ETC, Brazil: QR Capital's Bitcoin ETF, Jersey: WisdomTree Bitcoin. It is just a matter of time before the SEC will be under enough pressure from commercial and high net worth investors to establish a BTC ETF. GBTC just happens to be very well positioned for that first spot. Once a BTC ETF gets approved in the US, other legitimate companies seeking a BTC ETF will also get approved. It is not a matter of if, it's is simply when.

Farquea

Apart from all the obvious ones, from way out left field.... Electroneum (ETN) followed it since ICO just for the bantz

economist_kinda

I thought it would really get into the top 10 or something like that. Now I don't hold any at all. I still like it though. It was my first introduction to crypto. I made some money with ETN, then decided to diversify into BTC, ETH, LINK, CAKE.

economist_kinda

I once used Electroneum $ETN to load up my mobile data. I don't hold it anymore. But it was the first time I actually used crypto to get something in real life without having to convert it to fiat first.

Ispan

I use to "mine" ETN for awhile on my phone, was only useful for transaction fees on cex

SaneLad

Please OP stop making a fool of yourself. UVXY is an ETN for volatility hedging by derivative traders.

coinfeeds-bot

tldr; German financial services company EQONEX has launched a physically backed bitcoin ETN for German investors. The ETN will allow free bitcoin redemption and low management fees. Physical bitcoin will be custodied by Digivault in a segregated account. The company intends to build out more investor products internationally. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*

yldf

You have some point, but diversification over a handful of exchanges is not the solution, because if you lose 20% of your stuff that’s still pretty bad. The best solutions would CEX that are regulated like banks and traditional brokers. As long as we don’t have that: for users technically savvy enough to secure and back up their wallets and not lose access to them, they should do that. And everyone else should invest only in derivatives on crypto, such as a physically-backed ETN on BTC or ETH. Does this defeat the original purpose of crypto? Sure but so do CEX. Is it safer than CEX? Yes! Because you have decent regulation with that solution. Diversification among unregulated CEX is an inferior solution, because there are at most 3-4 trustworthy ones and there is a better solution with ETNs in traditional bank-based brokerage.

MoSalahsChestHair

Calling it an ETF is not true at all. It’s a closed-end fund that operates as an ETN more than anything.