Jake Chervinsky, a securities law expert and General Counsel of Compound, explained the difference between ETFs and trust funds: "Basically, ETFs are listed on open exchanges for institutions, retail investors, investment advisers, etc.. Private investment trusts. The fund's share is for qualified investors and may be listed on the exchange one day (but probably not). Chervinsky further said: "If you read rule 144A, you will find it almost in line with the standards applicable to ETFs. It has nothing to do with regulation. Just because you can find a law that allows different investment instruments to exist does not mean that these investment tools are similar in any aspect or form.” Note: It was reported that VanEck and Solidx plans to launch directly. The 'restricted version' of the Bitcoin ETF, Chervinsky believes that they are not launching ETFs.