<h1>Derivative exposure without custody: trackers offer spot-like crypto exposure with lower fees and specific tax treatment.</h1> Trackers are derivative contracts that replicate spot crypto price movements without transfer of underlying assets, providing investors price exposure while eliminating custody risk. The product offers deeper liquidity, tighter spreads, lower slippage, and platform-based execution. Delta Exchange markets Trackers with a reduced fee structure and states they fall under speculative business income for tax purposes, which may allow loss offsetting. The instrument therefore delivers custody risk mitigation, cost advantages, and a defined tax characterization within the exchange trading framework.