ProShares Says Bitcoin ETF Has Well Matched BTC Price, ‘Roll Cost’ Concerns Unwarranted

From the outset, observers predicted that BITO and other futures-based ETFs would underperform due to the costs associated with rolling over bitcoin, or selling expiring futures contracts and buying the next set. Typically, futures contracts with longer durations trade at a premium to contracts closer to expiration, a situation known as contango. The pace of contango intensifies during a bull run, and the more intense the contango, the higher the cost, and the more so-called contango bleeds.