According to online reports, according to documents filed by Defiance ETFs, LLC with the U.S. Securities and Exchange Commission (SEC), the agency has applied for four new exchange-traded funds, including: 1. Bitcoin vs. Ethereum ETF: long BTC, short ETH; 2. Ethereum vs. Bitcoin ETF: short BTC, short ETH; 3. Bitcoin vs. Gold ETF: short BTC, short gold; 4. Gold vs. Bitcoin ETF: short BTC, long gold. It is reported that each fund tracks the leverage performance of one asset relative to another through derivatives, and adopts an active management model to seek total returns through synthetic exposure to the underlying asset. These funds do not hold spot assets, but use a combination of futures contracts, swaps, options, and U.S. -listed ETFs or exchange-traded products (ETPs) to establish leverage exposure.