ProShares, the issuer of the first US bitcoin-linked exchange-traded fund (ETF), said concerns that costs associated with trading derivatives would lead to tracking errors are unfounded. The ProShares Bitcoin Strategy Fund began trading on the New York Stock Exchange in October 2021, allowing investors to gain exposure to bitcoin (BTC) without actually owning the cryptocurrency. The ETF, the world’s largest crypto fund, invests in cash-settled, regulated bitcoin futures listed on the Chicago Mercantile Exchange (CME). From the start, observers speculated that BITO and other futures-based ETFs would underperform bitcoin because of the costs associated with rolling back or selling expiring futures contracts and buying the next batch. “Worries about spin costs are misplaced; BITO has closely followed the price of bitcoin since its inception,” Simeon Hyman, global investment strategist at ProShares, told CoinDesk in an email interview.