this is a big day its been a long and come in what kind of take up do you expect were really excited to bring the ceo the first bitcoin linked etf to investors as an important opportunity for them conveniently to invest in bitcoin in their regular brokerage account and its with belts and suspenders if you will in the regulated futures market and in a plain old etf wrapper so we think this is going to allow many people whove been waiting for an easy way to do this in a robust way to do this to now be involved and have it in their portfolios do you think the average investor is going to understand the difference between a cash settled futures etf and a etf based on the underlying ie this is going to come with road costs do you think the average investor the investor that youre talking about is this the right product for them well we want to understand because in fact we think theres some key advantages there have been several and in fact a growing group of experts who have been writing that the futures market is one of the best places for price discovery in bitcoin you know you see this in other asset classes as an example in credit default swaps you know reflect price more quickly than cash bonds so to some extent its a feature not a bug and theres tremendous volume here too as well the cma futures market trades 40 percent more volume than the largest us bitcoin exchange so its not a second order choice we think its quite a robust one some etf some track futures have gotten into some trouble particularly when you have to roll over some of the futures contracts et cetera because theres a lot of selling on the front month did you guys structure it is in any way that kind of helps that issue so we are focused on the front month because that has historically had very good tracking to bid to spot bitcoin high beta high correlation to give you contextualize it in the month of september the average difference between the near month and the next month contracts on any given day was about 20 basis points that would annualize to about two and a half percent which we think compares really favorable to lots of other ways you would get exposure and we run a mutual fund btc affects running the futures based approach to bitcoin that we launched in july and through last friday as an example the bitcoin reference rate that amalgam meets a few exchange prices was up 51 percent our mutual fund running the futures strategy was up 50 to btc the grace sale trust was up thirty seven in that period so we really do think this is the first a first class way to have exposure to bitcoin in addition to being a convenient what do you think most people that use it though are going to be using it for price action either traders rather than investors because a lot of people are certainly buying bitcoin for trading purposes they like the volatility they like the price action you are building here a perfect vehicle for them why do they need bitcoins when theyve got you and if they got you is there a danger that the underlying actually becomes affected negatively as a result of that a couple of key points here to make this will absolutely be a vehicle that will be attracted to both we think folks who will use it longer term in their portfolio but also to the trading community but this again is a really important and valuable feature of the etf market if you think about this you buy and hold this for whatever it may be 3 6 9 12 24 36 months one day you need to monetize it youre going to be really happy that there are traders involved in the space to to make sure that the trading is really efficient so we think this is a landmark in the broader bitcoin ecosystem thats going to bring even more liquidity to the marketplace in the evolution and maturation of it