ETF

Beginner

更新済 Oct 2, 2026

What Is an ETF?

An ETF (exchange-traded fund) is a type of investment fund that holds a collection of assets, such as stocks, bonds, commodities, or cryptocurrencies, and is traded on a stock exchange throughout the trading day.

ETFs typically aim to replicate the performance of a specific index or asset class rather than actively picking individual securities. This passive approach generally results in lower management fees compared to actively managed funds, and it offers a straightforward way to gain diversified market exposure without needing to purchase each underlying asset separately.

Spot ETFs vs. Futures ETFs

ETFs fall into two main categories.

Spot ETFs: Each share in the fund corresponds to the actual asset held in custody.
Futures ETFs: Investors gain exposure through futures contracts rather than holding the asset itself.

The below table summarizes key differences between spot and futures ETFs.

Feature	Spot ETF	Futures ETF
Underlying asset	Actual asset (e.g. gold, Bitcoin)	Derivative contracts
Price tracking	Direct price tracking	Tracking errors may occur
Costs	Management fees	Contango impact and roll costs (fund must periodically sell expiring contracts and buy new ones)
Most suitable investing strategy	Long-term, buy-and-hold	Short-term, swing trading, or hedging

ETFs in Crypto Markets

Cryptocurrency ETFs allow investors to gain exposure to digital assets without directly holding them. This makes them particularly relevant for institutional investors and individuals who prefer to access crypto markets through regulated, exchange-listed products rather than managing wallets and private keys.

In January 2024, the US Securities and Exchange Commission (SEC) approved the first batch of spot BlackRock Bitcoin ETFs in the United States, ending more than a decade of rejected applications. Eleven funds launched shortly after approval, with products from BlackRock and Fidelity attracting significant interest.

Source: US Library of Congress

By June 2025, spot Bitcoin ETFs collectively held more than 1.2 million BTC, with total index funds exceeding $126 billion. Spot Ethereum ETFs received SEC approval in July 2024, further broadening the range of regulated crypto investment products.

Benefits and Considerations

The main benefits include diversification across multiple assets or sectors through a single instrument, lower costs than many actively managed funds due to passive index-tracking strategies, accessibility for investors who prefer regulated exchange-listed vehicles over direct crypto ownership, and liquidity through intraday trading on stock exchanges.

There are also important considerations. ETF investors do not directly own the underlying assets. Rather, they hold shares in the fund. Expense ratios and management fees, though often low, still apply.

ETF performance may also diverge slightly from the underlying asset depending on the fund structure and market conditions. Regulatory frameworks may vary by jurisdiction, which can affect the availability of specific products.

Learn more: What Is a Bitcoin ETF?

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