Since its inception in October 2021, ProShare's $BITO ETF has returned -54.5% compared to -51.5% for bitcoin. reports godbole17.
According to Hyman, BITO continues to closely track the spot price as the fund's interest income from cash holdings compensates for the roll costs, which are closely tied to the level of interest rates in the U.S. economy.
"Here's the key piece of the puzzle. BITO earns interest on its cash balances which are driven by those same term-equivalent interest rates, which offset the roll costs. The result is close tracking to the price movements of spot bitcoin," Hyman added. BITO earns interest from its cash holdings. The interest income is paid out in monthly dividends and covers the roll decay in the fund. BITO has paid dividendsAs of July 20, ProShares held Treasury bills, along with other assets and CME futures contracts expiring on July 28 and Aug 25.
"BITO’s track record of performance and flows are a testament to the effectiveness of a bitcoin futures strategy within an ETF and investor interest," Hyman noted.
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