Yes and no, the asset manager (for example. Blackrock) will either have the own the asset (buy bitcoin) or if he don’t wanna do that, he can buy a swap (another financial instrument that allows you to swap the performance of a asset A with the performance B) that can give him the performance of bitcoin.
This just sounds like that bit in "Always Sunny" where they keep passing fish back and forth .
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I don’t get the analogy since I’ve never watched « it’s always sunny » 😭😭