The sheer popularity of betting on the bitcoin-buying juggernaut MicroStrategy has led to rare growing pains in a corner of the $15tn global exchange traded fund industry.
The rapid growth of the ETF sector — with assets surging by 30 per cent in the past year alone — has thus far led to precious few structural problems, with the vast majority of funds working entirely as planned.
However, investors in two US-listed leveraged MicroStrategy ETFs targeting twice the daily return of the white-hot software company — which has raised almost $20bn from investors this year to buy bitcoin — have often received returns markedly at variance from what they might have expected in recent weeks.
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