BITC
Bitwise Bitcoin Strategy Optimum Roll ETF
BITC is a new type of bitcoin-linked ETF designed specifically for long-term investors. The fund provides directional exposure to bitcoin via regulated futures contracts and seeks to maximize potential roll returns through a selective analysis of bitcoin futures beyond front- or near-month contracts. The fund does not invest directly in bitcoin.
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Why Invest in BITC
BITC offers strategic directional exposure to bitcoin, whose unique return pattern and low correlation to traditional assets has the potential to enhance a portfolio’s risk-adjusted returns over the long term.
Regulated Bitcoin Exposure
There are limited options today for investors to gain bitcoin exposure in a traditional brokerage or advisory account. BITC aims to meet this need by providing access to regulated bitcoin futures in a familiar ETF wrapper.
Designed for Long-Term Investors
BITC seeks to generate long-term outperformance versus existing bitcoin futures ETFs by selecting contracts with the highest level of backwardation or the lowest level of contango.* Optimum yield strategies in other commodities, such as oil and natural gas futures, have tended to substantially outperform the front-month strategy over long-term horizons.**
Crafted and Supported by Crypto Experts
BITC leverages the deep expertise of the Bitwise team, featuring industry leaders in ETFs, technology, asset management, and law. This includes more than 60 professionals, including a team of dedicated relationship managers nationwide whose sole mission is helping investors understand the fast-evolving crypto space.
* Contango refers to a scenario in which the futures price of a commodity is higher than the spot price, while backwardation is the opposite: when the futures price is lower than the spot price.
** See, for example, Gomes, M., “Harvesting Commodity Curve Premiums Through Roll-Yield Differentials” Journal of Alternative Investments, 2015, 18 (2), pp.51-60; Erb, C., and C. Harvey, “The Strategic and Tactical Value of Commodity Futures,” Financial Analysts Journal, 62 (2), (2006), pp. 69-97.
Learn MoreFund Summary
About the BITC Fund
Fund Details
Data as of 12/05/2023
Ticker
BITC
Fund Type
ETF
CUSIP
091748202
ISIN
US0917482020
Exchange
NYSE Arca
Net Assets (AUM)
$3,710,959
Net Expense Ratio*
0.85%
Gross Expense Ratio*
0.92%
Inception Date
March 20, 2023
Adviser
Bitwise Investment Manager, LLC
Sub-Adviser
Vident Investment Advisory, LLC
SEC Yield**
2.39%
Legal Counsel
Chapman and Cutler, LLP
Administrator
The Bank of New York Mellon
Distributor
Foreside Fund Services
Custodian
The Bank of New York Mellon
* The total annual fund operating expenses are 0.92%. The Fund's investment adviser has contractually agreed to waive its advisory fees and/or assume as its own expense certain expenses otherwise payable by the Fund to the extent necessary to ensure that total annual fund operating expenses do not exceed 0.85% of average net daily assets until February 6, 2025.
**30-Day SEC Yield – Reflects the dividends and interest earned during the previous month, after the deduction of the fund’s expenses. This is also referred to as the “standardized yield.” Data as of previous month-end.
ETF Holdings
Data as of 12/05/2023
Exposure Weight (%)
Holdings are subject to change. Current and future holdings are subject to risk.
Premium / Discount
Data as of 12/04/2023
Net Asset Value (NAV) and Market Price
Data as of 12/04/2023
To
30 Day Median Bid-Ask Spread: The spread is calculated from (i) sampling the ETF's NBBO as of the end of each 10-second interval during each trading day of the last 30 calendar days; (ii) dividing the difference between each such bid and offer by the midpoint of the NBBO; and (iii) identifying the median of those values.
BITC Quarter-End Performance
Data as of 09/30/2023
Performance data quoted represents past performance and is no guarantee of future results. Short-term performance, in particular, is not a good indication of the fund's future performance, and an investment should not be made based solely on returns. Investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than the original cost. Returns for periods of one year or less are not annualized. For the most recent month-end performance, please call 1-866-880-7228.
Performance of one year or less is not annualized. NAV performance is calculated based on the official closing values as of 4:00 p.m. ET. Market Price performance reflects the midpoint of the bid-ask spread as of 4:00 p.m. ET, and does not represent the returns an investor would receive if shares were traded at other times. Fund returns are calculated net of expenses. Shares are subject to a 0.85% Expense Ratio that includes the management fee, custody charges for holding the fund’s assets charged by the custodian, and customary fees and expenses of the fund administrator and auditor.