BITO: An Opportunity To Capture Bitcoin Returns?

Leading the Way Among Bitcoin-Linked Investments

BITO, the world's largest cryptocurrency ETF, offers investors an opportunity to capture returns that have been very similar to spot bitcoin—and access the built-in advantages of the regulated structure of an ETF. Here’s a closer look at some of the main reasons why investors are buying BITO:

Returns Have Been Very Similar to Spot Bitcoin

BITO has closely tracked spot bitcoin ever since its October 2021 launch, one of the most successful ETF launches in history.


Source: ProShares and Bloomberg. Bitcoin returns are measured using Bloomberg Galaxy Bitcoin Index (BTC Index). Standardized performance as of 6/30/22 for BITO: since inception (10/18/21): -70.97% (NAV)/-70.98% (Market Price). The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor's shares, when sold or redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than the performance quoted. For standardized returns and performance data current to the most recent month end, see above. Index performance does not reflect any management fees, transaction costs or expenses. Indexes are unmanaged and one cannot invest directly in any index.

Built-in Advantages of a Regulated Vehicle

Recent events have highlighted some important advantages that arise from obtaining exposure to bitcoin through a futures-based ETF, like BITO. Among them:


Ease and Convenience of an ETF

BITO offers investors a way to obtain bitcoin-linked exposure in a familiar, cost-effective and liquid ETF format:



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Bitcoin Strategy ETF

Since inception, the fund has closely tracked the performance of spot bitcoin.*

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Investing involves risk, including the possible loss of principal. Bitcoin and bitcoin futures are a relatively new asset class and the market for bitcoin is subject to rapid changes and uncertainty. Bitcoin and bitcoin futures are subject to unique and substantial risks, including significant price volatility and lack of liquidity. The value of an investment in the ETF could decline significantly and without warning, including to zero. You should be prepared to lose your entire investment.

This ETF is actively managed and invests in bitcoin futures contracts. The ETF does not invest directly in or hold bitcoin. The price and performance of bitcoin futures should be expected to differ from the current “spot” price of bitcoin. These differences could be significant. Bitcoin futures are subject to margin requirements, collateral requirements and other limits that may prevent the ETF from achieving its objective. Margin requirements for futures and costs associated with rolling (buying and selling)
futures may have a negative impact on the fund’s performance and its ability to achieve its investment

Bitcoin is largely unregulated and bitcoin investments may be more susceptible to fraud and manipulation than more regulated investments. Bitcoin and bitcoin futures are subject to rapid price swings, including as a result of actions and statements by influencers and the media, changes in the supply of and demand for bitcoin and bitcoin futures contracts, and other factors.

This ETF is non-diversified and concentrates its investments. Non-diversified and narrowly focused investments typically exhibit higher volatility.

Carefully consider the investment objectives, risks, charges and expenses of ProShares before investing. This and other information can be found in the ETF’s summary and full prospectuses on Read them carefully before investing.

“Spot” price refers to the price of bitcoin that can be purchased immediately.

Shares of any ETF are generally bought and sold at market price (not NAV) and are not individually redeemed from the fund. Brokerage commissions will reduce returns.

ProShares ETFs (ProShares Trust and ProShares Trust II) are distributed by SEI Investments Distribution Co., which is not affiliated with the funds' advisor or sponsor.

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