BITO’s 0.95% Fee Is Only Half the Problem. Here’s Why Bitcoin Futures Cost You 2.9% Annually - Yahoo Finance

BITO’s 0.95% management fee understates true investor cost—futures roll costs and persistent contango push the effective drag to roughly 2.9% annually. That materially increases tracking error versus spot BTC and makes futures-based ETFs a costly, diluted proxy for Bitcoin exposure. The gap raises incentive for investors to seek direct or spot-based exposure and may constrain long-term inflows into futures ETFs while influencing futures-curve dynamics and liquidity.