ProShares Trust - ProShares Bitcoin Strategy ETF

The asset described appears to match the ProShares Bitcoin ETF that ordinarily trades under the ticker BITO in the United States and also has listings on certain European venues, where a local market code such as PROA can be used on exchanges like Hamburg (Börse Hamburg). ## Asset overview - Name: ProShares Bitcoin ETF. - Primary U.S. ticker: BITO (listed on NYSE Arca in USD). - European trading: The same ETF or related share classes can trade on European exchanges (including Hamburg) under local symbols such as PROA, typically quoted in EUR. ## Structure and objective - Fund type: Exchange-traded fund (ETF) offering exchange-traded exposure to bitcoin price movements via the regulated securities markets. - Strategy: Seeks to provide returns that correspond to the performance of bitcoin by investing primarily in standardized, cash‑settled bitcoin futures contracts, rather than holding spot bitcoin directly. - Management: Actively managed exposure to bitcoin futures, with portfolio decisions (such as futures contract selection and rolling) made by ProShare Advisors LLC. ## Key characteristics - Underlying exposure: Bitcoin futures, generally front‑month CME bitcoin futures, and ancillary cash instruments such as U.S. Treasury bills and other money‑market instruments for collateral and liquidity management. - Benchmark / reference: Designed so its performance broadly tracks bitcoin or a bitcoin index (for example, a Bloomberg or Galaxy bitcoin index), subject to tracking differences from using futures instead of spot. - Currency of primary listing: USD in the U.S.; local cross‑listings (such as Hamburg) are typically quoted in EUR even though the underlying fund is U.S.‑domiciled. ## Important considerations - Futures vs. spot: Because it uses futures, performance can differ materially from holding spot bitcoin, especially over longer periods due to effects such as contango or backwardation when rolling contracts. - Risk profile: The ETF is subject to high volatility, market risk of bitcoin, futures‑specific risks (including margin requirements and position limits), and ETF‑specific risks like premium/discount to NAV and bid‑ask spreads. - Costs: The stated annual expense ratio is about 0.95% for the ProShares Bitcoin ETF, which directly reduces net returns to investors. If you share what you need (for example: basic specs, suitability for an investment plan, or a comparison with another bitcoin product), more targeted details can be given.