the ETFs in question are structured as "btc hedged ETFs," which means they are designed to provide returns in Bitcoin terms rather than in USD. Here’s how it works:

Long Position in Underlying Assets: These ETFs take long positions in stocks (S&P 500, Nasdaq-100) or gold. If these assets increase in value in USD terms, the ETF would gain value.

Short USD/Long BTC Position: Simultaneously, these ETFs use Bitcoin futures to short the US dollar and go long on Bitcoin. This aspect of the strategy aims to hedge against the fluctuations in the USD value relative to Bitcoin. If Bitcoin appreciates against the USD, this part of the strategy would increase in value.