Bitcoin Spot ETF (Physical ETF):

1. A Bitcoin Spot ETF holds physical Bitcoin as its underlying asset.
2. The fund purchases and holds actual Bitcoin in custody, representing the value of the ETF.
3. The price of a Bitcoin Spot ETF is determined by the spot price of Bitcoin in the market.
4. Investors in a Bitcoin Spot ETF own a share of the underlying Bitcoin held by the fund.
5. Spot ETFs are considered to provide direct exposure to the price movements of Bitcoin.
6. The fund's value changes as the value of Bitcoin fluctuates.

Bitcoin Futures ETF:

1. A Bitcoin Futures ETF holds Bitcoin futures contracts as its underlying asset.
2. Futures contracts are derivative financial instruments that allow investors to speculate on the future price of Bitcoin.
3. The fund does not own physical Bitcoin but rather holds positions in futures contracts.
4. The price of a Bitcoin Futures ETF is based on the anticipated future price of Bitcoin in the futures market.
5. Investors in a Bitcoin Futures ETF do not directly own Bitcoin but invest in the performance of the futures contracts.
6. Futures ETFs are considered to provide indirect exposure to the price movements of Bitcoin.
7. The fund's value changes based on the performance of the futures contracts.

In summary, a Bitcoin Spot ETF provides direct exposure to the spot price of Bitcoin by holding physical Bitcoin, whereas a Bitcoin Futures ETF provides exposure to the expected future price of Bitcoin through futures contracts.