There are two types of exchange traded funds (ETFs) that provide investors with indirect exposure to price changes in bitcoin—spot bitcoin ETFs and bitcoin futures ETFs. The price at which the spot bitcoin ETF trades is based on the price of bitcoin at any given time. On the other hand, a bitcoin futures ETF invests in, and trades based on, the price of bitcoin futures. The first bitcoin futures ETF was approved by the US SEC in October 2021, and several others have been approved and begun trading since. However, to date, the SEC has not approved a spot bitcoin ETF (though several have applied). Outside of the United States, several countries (such as Canada, Germany and Switzerland) have approved spot bitcoin ETFs.