According to @business, Bloomberg reports that James Fishback’s ETFs SPXM and TSLV are being liquidated against his will, highlighting issuer-control and governance risk in ETF operations for traders. Source: Bloomberg (@business) tweet on Oct 17, 2025; Bloomberg News newsletter. During ETF closures, funds generally announce a final trading day, liquidate portfolio holdings, and return cash at net asset value, while creations typically stop, which can widen spreads and lead to price-to-NAV dislocations. Source: FINRA Investor Insights, What Happens When an ETF Shuts Down?; SEC Office of Investor Education and Advocacy, Exchange-Traded Funds Investor Bulletin. Traders holding SPXM or TSLV should monitor issuer and exchange notices for last trading dates, creation/redemption cutoffs, and distribution timelines to manage execution, settlement, and tax outcomes during the wind-down. Source: FINRA Investor Insights, What Happens When an ETF Shuts Down? For crypto markets, the same creation/redemption plumbing and market-making dynamics support U.S. spot Bitcoin ETFs (BTC) approved in January 2024, making ETF operational resilience a relevant risk lens for crypto ETF liquidity and spreads. Source: U.S. SEC approval orders for spot Bitcoin ETF listings dated Jan 10, 2024; SEC Office of Investor Education and Advocacy, Exchange-Traded Funds Investor Bulletin.

According to @deanmlittle, futarchy markets present three payoff cases for traders: buying and the proposal fails makes late buyers exit liquidity for others. Source: @deanmlittle on X, Sep 3, 2025, https://twitter.com/deanmlittle/status/1963090336697536732 According to @deanmlittle, if the proposal passes while the asset trades below NAV, buyers profit as the discount converges to net asset value. Source: @deanmlittle on X, Sep 3, 2025, https://twitter.com/deanmlittle/status/1963090336697536732 According to @deanmlittle, if the proposal passes while trading above NAV, buyers effectively pay a premium to recoup investment, indicating adverse entry pricing. Source: @deanmlittle on X, Sep 3, 2025, https://twitter.com/deanmlittle/status/1963090336697536732 According to @deanmlittle, this framing centers trading decisions on NAV discount or premium relative to pass or fail probabilities in on-chain governance markets, and he asks whether an alternative rational thesis exists. Source: @deanmlittle on X, Sep 3, 2025, https://twitter.com/deanmlittle/status/1963090336697536732

According to @adriannewman21, DATs should price at a discount to spot, or at best at par, because additional layers and opacity versus the underlying asset warrant cheaper pricing for the product (source: @adriannewman21 on X). According to @adriannewman21, this discount dynamic should be especially relevant for BTC and ETH DATs due to access considerations, guiding traders to anchor expectations to spot and anticipate potential NAV discounts (source: @adriannewman21 on X).