Michael Sapir and his team are further expanding their suite of digital-asset-related funds, this time with a new leveraged single-stock fund focused on a giant stablecoin network operator.

Michael Lynn Sapir ProShare Advisors, ProFund Advisors CEO

This morning, Sapir, CEO of Bethesda, Maryland-based ProShares [profile] and ProFunds, unveiled the launch of ProShares Ultra CRCL (CRCA on the NYSE Arca). Bethesda, Maryland-based ProShare Advisors serves as investment advisor to the new ETF. The ProShares team now offers more than 150 ETFs and has more than $90 billion in AUM.

The ProShares team lays claim to CRCA being the first single-stock ETF to offer twice the daily returns of Circle Internet Group (CRCL). CRCL IPOed back in June, raising more than $1 billion.

CRCA's inception date was yesterday (August 6). The new fund comes with an expense ratio of 95 basis points, which bakes in a 13bps fee waiver promised through September 30, 2026.

The PM team for CRCA includes:

Alexander Ilyasvo, senior portfolio manager; and

Eric Silverthorne, PM.

"CRCA offers investors a new way to magnify a bullish view on one of the most innovative companies in digital finance — without borrowing on margin," Sapir states.

CRCA is a series of ProShares Trust. The new ETF's other service providers include:

ACA Group as provider of a principal financial officer and treasurer;

Dechert LLP as counsel;

JPMorgan Chase Bank, N.A. as administrator, custodian, index receipt agent, securities lending agent, and transfer agent;

PricewaterhouseCoopers LLP as independent accounting firm;

SEI Investments Distribution Co. as distributor; and

Ultimus Fund Solutions, LLC as legal administrator.

 

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