ProShares Bitcoin Strategy ETF (BITO) - Futures-Based Bitcoin ETF

The original Bitcoin futures ETF from ProShares – launched before spot products. Legacy option with high volume as of December 18, 2025.

Key Facts (December 2025)

Issuer	ProShares
Ticker	BITO (NYSE Arca)
Expense Ratio	0.95%
Approx. AUM	$2.3B+
Holdings	Bitcoin Futures Contracts (CME)
Inception Date	October 2021
Official Site	ProShares BITO Page

Recent Performance & Flows

• BITO maintains ~$2.3 billion in AUM, the largest futures-based Bitcoin product.
• December 2025 flows: Generally neutral to outflows, as capital shifts to lower-fee spot ETFs.
• Year-to-date: Underperformed spot peers due to roll costs in contango markets.
• Highest daily volume among Bitcoin ETPs – excellent liquidity for traders.

Data approximate; sources include issuer reports, ETF.com, SoSoValue (as of mid-December 2025).

Pros

• Longest track record (since 2021) and highest trading volume.
• Excellent liquidity – ideal for short-term trading and options.
• Established product from major issuer ProShares.
• Still significant AUM despite spot competition.

Cons

• Higher expense ratio (0.95%) compared to spot ETFs (0.19–0.25%).
• Futures roll costs cause tracking drift in contango – underperforms spot over time.
• Ongoing outflows as investors migrate to spot products.
• No direct Bitcoin exposure – futures-based structure only.

How to Buy BITO

Available on all major brokers including Fidelity, Vanguard, Charles Schwab, Robinhood, and interactive brokers. Search ticker "BITO". Popular among active traders for its volume and options chain.

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Not financial advice. Investments in crypto ETFs involve high risk, including potential loss of principal. Futures-based products may underperform spot in contango markets. Data approximate as of December 18, 2025; always verify with official sources.