SPOT CHECK

What this is. Crypto trades around the clock, but crypto ETFs only trade during US market hours. Whenever the market is closed, every ETF’s last price goes stale while its asset keeps moving. Spot Check shows what each fund is actually worth right now: at every market close we record the fund’s price against its asset’s spot price, and from then on implied fair value = that ratio × live spot. The ratio re-calibrates every close, so fees and tracking drift never accumulate.

How to read it. The big number per fund is its implied fair value right now. The gap next to it is how far that sits from the fund’s last actual close — green means the fund should open higher than it last traded, red lower. All funds on the same asset gap together; the differences between them are pennies of premium and fee noise.

The honest caveat. Implied fair value is a gravity read, not a guaranteed open. Funds can open at small premiums or discounts, and big weekend moves sometimes partially retrace before Monday. Use it to know where the anchor is, not as a promise.