Guess what? They’ve reinvented CDOs—this time with Bitcoin flair!

ETF filing left under the Christmas tree today: MicroStrategy $MSTR convertible bonds ETF:

Strive Bitcoin Bond ETF
ticker/fees to be announced
effective date: March 11, 2025

Invests in convertible securities of companies that use those proceeds of the convertibles for… pic.twitter.com/1Lc4R7drAJ

— ETF Hearsay by Henry Jim (@ETFhearsay) December 26, 2024

https://www.sec.gov/Archives/edgar/data/1592900/000159290024002726/strivebitcoinbondetf485a.htm#if4d9d597075948f9b53e5fa50ac9dcb7_10

• Asset Pooling: Both pool financial instruments—convertible bonds in the ETF and loans or mortgages in CDOs.
• Indirect Exposure: Investors gain indirect exposure to underlying assets (Bitcoin vs. loans).
• Risk Packaging: Both repackage volatile assets into “investable” products for broader markets.
• Speculative Nature: Both attract investors seeking high returns in volatile or risky markets.
• Complexity: Both mask underlying risks under a more marketable structure (ETF or tranches).