Morgan Stanley’s Europe Opportunity Fund has opened the door to investing in spot bitcoin ETFs.

The fund may gain exposure to spot bitcoin ETFs, according to a form N-1A filed on Tuesday, although this must remain less than 25% of the fund’s assets. However, the core purpose of the fund is to invest primarily in companies in Europe, something that wouldn’t naturally lean toward investments like bitcoin.

Eric Balchunas, senior ETF analyst at Bloomberg, said that the fund may be adding this disclosure language as a risk mitigation strategy in case the fund ever got any exposure to bitcoin ETFs. “They're playing preventative defense. They'd rather not make any mistakes,” he said.

However, Balchunas noted that the fund has had low inflows over the last few years and while its performance …