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.

* 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. 
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Fund Summary

About the BITC Fund

Fund Details

Data as of 05/26/2023
Ticker

BITC

Fund Type

ETF

CUSIP

091748202

ISIN

US0917482020

Exchange

NYSE Arca

Net Assets (AUM)

$591,072

Expense Ratio

0.85%

Inception Date

March 20, 2023

Adviser

Bitwise Investment Manager, LLC

Sub-Adviser

Vident Investment Advisory, LLC

SEC Yield*

1.37%

Legal Counsel

Chapman and Cutler, LLP

Administrator

The Bank of New York Mellon

Distributor

Foreside Fund Services

Custodian

The Bank of New York Mellon

*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.

Fund Materials

PDF
Fact Sheet
View
PDF
SAI
View
PDF
Prospectus
View
PDF
Summary Prospectus
View
PDF
Bitwise Regional Contacts
View

ETF Holdings

Data as of 05/26/2023
Name
Security ID
Shares/Contracts
Notional Value
Market Value
Futures
Exposure Weight (%)
CASH
CASH
$246,937.50
TREASURY BILL DN 9/23
912797GT8
350,000
$344,370.45
CME Bitcoin Fut Sep23
BTCU3 CUR
4
$546,800.00
92.59%
CME Micro Bitcoin Sep23
BMRU3 CUR
16
$43,744.00
7.41%

Holdings are subject to change. Current and future holdings are subject to risk.

Premium / Discount

Data as of 05/25/2023
NAV
Market Price
Difference
Premium/ Discount
$23.35
$23.35
-0.01%
Q1 2023
2023
Q2 2023
Days Traded at NAV
Q1 20231
20237
Q2 20236
Days Traded at Premium
Q1 20236
202328
Q2 202322
Days Traded at Discount
Q1 20232
202312
Q2 202310

Net Asset Value (NAV) and Market Price

Data as of 05/25/2023
NAV: $23.35
Market Price: $23.35
NAV Change: $0.12 / 0.52%
Market Price Change: $0.11 / 0.47%
Median Bid-Ask Spread (30-Day): 0.23%
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 03/31/2023

3 Months
YTD
1 Year
Since Inception
NAV
3 Months
YTD
1 Year
Since Inception2.04%
Market Price
YTD
3 Months
1 Year
Since Inception2.13%

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.

Distributions

Month
Notice Date
Ex Date
Record Date
Pay Date
Ordinary Income
Long-term Capital Gains
Short-term Capital Gains
No Distributions

Learn more about the Bitwise Bitcoin Strategy Optimum Roll ETF (BITC) today.

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