This is a segment from the Forward Guidance newsletter. To read full editions, subscribe . A fund issuer has adjusted several of its crypto ETFs to accommodate those seeking a different type of exposure to the space. They’re crypto futures funds that had lost some luster when spot products became available — but now feature a twist. Bitwise officially converted three of its futures-based ETFs to “Trendwise” products that rotate between crypto and US Treasurys based on crypto market price trends. Essentially the funds will stick to investing in crypto futures when the 10-day exponential moving average of the price of BTC or ETH is above the 20-day EMA (when prices are gaining momentum), the company said Tuesday. They would rotate into Treasurys when the opposite is occurring. In other words, the strategies consider price momentum in an effort to boost risk-adjusted returns while reducing downside risk. Bitwise launched its BTC futures ETF in March 2023. It brought to market an ETH futures offering (and one holding both BTC and ETH futures contracts) in October 2023. A year later from the latter launches (just weeks ago), the firm then revealed these planned adjustments. The fund strategy changes are a few of the latest examples of crypto ETF innovation. As we’ve written about previously, a number of issuers have filed for so-called buffer or covered call strategies, for example, after the listing of bitcoin ETF options . Others seek to bring new crypto assets ( solana , XRP , etc .) into the ETF wrapper. WisdomTree published plans for a planned XRP fund on Monday — following Bitwise , 21Shares and Canary Capital. Though US spot bitcoin ETFs have been the category’s chief asset gatherers — with $31 billion of net inflows since their January launches — the crypto space appears poised to evolve and grow as more investors come in (and potentially under the oversight of more crypto-friendly regulators). With that, there should be plenty of demand for more nuanced products, and those with a focus beyond the largest crypto asset. Start your day with top crypto insights from David Canellis and Katherine Ross. Subscribe to the Empire newsletter . Explore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. Subscribe to the Forward Guidance newsletter . Get alpha directly in your inbox with the 0xResearch newsletter — market highlights, charts, degen trade ideas, governance updates, and more. The Lightspeed newsletter is all things Solana, in your inbox, every day. Subscribe to daily Solana news from Jack Kubinec and Jeff Albus.