UCITS legislation doesnât allow ETFs with single-asset portfolios, thatâs why there arenât EU-domiciled single-asset ETFs in EU space for retail investors.
From a crypto ETP issuer leader:
ETFs are subject to the EUâs Undertakings for Collective Investment in Transferable Securities (UCITS) regulation because theyâre typically funds holding diversified portfolios. ETCs arenât classified as funds, so they can track a single underlying asset like bitcoin, and they donât fall under the UCITS framework.
So far FCA doesnât allow crypto indirect vehicles for UK-resident retail investors, such as ETNs and derivatives. There are recent rumors (including FCA proposals) on possible changes on lifting the FCA position on crypto ETNs and derivatives, but are just that, rumors. No official changes until now.
Trading 212, at the moment, only offers crypto ETNs on their EU platform for non-UK residents (and non-Trading 212 UK platform customers).
About the mentioned âBitcoin ETFâ, their site shows the following warning:
page 6 - Prospectus (Scheme Particulars) As of 03/06/25
â So according the ETP distributor âJacobi Asset Managementâ own information, this ETP isnât allowed to UK and EU retail residents investors and not allowed to US residents. It is only allowed to Professional Clients.
Morningstar, the world-leader research platform for funds mentions that this ETP is structured as âLegal Structure Collateralized Debt Instrumentâ, the same structure for the other crypto ETNs. Probably a Morningstar typo or not?
After some Due Diligence, this ETP manager/advisor âSigma Asset Management (Guernsey) Ltdâ lack a bit of transparency to say the leastâŚ
After just seeing some information about this ETP and the legal entities related to it, my answer will be just this one:
Caveat Emptor!
â Bottom-line: No need to update the topic âStocks & ETFs requests Help, due that there arenât any official modification.