(Bloomberg) — U.S. exchange-traded funds investing in Bitcoin futures may struggle to track the digital currency’s performance over time, if past precedents are any guide. Take the United States Oil Fund, which invests in crude futures, as an example. The ETF seeks to have an average daily percentage change that’s within 10% of the comparable move in benchmark oil contracts over 30 trading days, according to its prospectus. Monday’s close was about 90% lower than the first-day price in April 2006, according to data compiled by Bloomberg. West Texas Intermediate crude rose 20% in New York trading during the same period. For a related commentary, click here.
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