Yes, its important for tracking that authorized participants are able to both create and redeem the ETFs for the underlying. This is why the Grayscale family do

Yes, its important for tracking that authorized participants are able to both create and redeem the ETFs for the underlying. This is why the Grayscale family does such a god-awful job of tracking the underlying. Check out the premium over time. [1] I suspect these are more like perpetual futures or CFDs? [1] https://ycharts.com/companies/GBTC/discount_or_premium_to_nav https://ycharts.com/companies/GBTC/discount_or_premium_to_na...