Two key terms the novice investor might need to know are “contango" and "backwardation." The former is a condition where the futures price is above the expected future spot price, while the latter refers to the reverse (the spot price is above the futures price).

Taken together, it means investors will sometimes gain or lose value longer term by owning the futures-based BTC ETF, even while the price of Bitcoin won’t fluctuate the same way.

That's what we need to pay attention to. $ProShares Bitcoin Strategy ETF(BITO)$