The fund is an active ETF published by ProShares, a well-known ETF publishing company in the US stock market. It aims to provide capital appreciation by managing exposure to Bitcoin futures contracts. The fund does not directly invest in Bitcoin and usually holds Bitcoin futures contracts during periods when the value of Bitcoin is stable, declining, and rising. In order to maintain exposure to Bitcoin futures contracts, it will sell them when the futures contracts are about to expire and replace them with new futures contracts with later expiration dates.

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