BTOP
Bitwise Trendwise BTC/ETH and Treasuries Rotation Strategy ETF
BTOP takes a balanced approach to the two biggest assets in crypto, seeking to provide exposure to the upside potential of bitcoin and ether with an emphasis on managing downside risk. The Fund’s proprietary, rules-based strategy invests in equal-weighted bitcoin and ether futures when prices are gaining momentum and rotates fully into U.S. Treasuries when the reverse is true. The Fund does not invest directly in bitcoin or ether.
Contact UsWhy invest in BTOP?
Bitcoin and ether are the world's most important crypto asssets. BTOP offers a way for investors to gain directional exposure to these assets when crypto markets are gathering momentum while seeking to manage downside risk when markets are in retreat.
Learn MoreDirectional Exposure to Crypto, Managed for Downside Risk
Bitcoin and ether have historically made up 60 to 80% of the global crypto market. BTOP's strategy seeks to provide exposure to the growth potential of bitcoin and ether while managing downside risk.
Proprietary Research-Based Approach
Depending on market momentum, the fund invests entirely in either an equal mix of CME Bitcoin and Ether Futures or U.S. Treasuries. This proprietary rotational strategy aims to provide higher risk-adjusted returns than a traditional buy-and-hold strategy by participating in sustained rallies while prioritizing capital preservation in uncertain markets.
Professionally Managed Exposure From a Crypto Specialist
For more than seven years, Bitwise has helped leading investors understand and access crypto’s opportunities while managing its risks. Our team of over 90 professionals manages your investment using systems built for institutions, from custody and trading to regulation and compliance.
Fund Summary
About the BTOP Fund
Fund Details
Data as of 04/01/2025
Ticker
BTOP
Net Assets (AUM)
$3,858,370
SEC Yield†
3.22%
Fund Type
ETF
Net Expense Ratio*
0.90%
Legal Counsel
Chapman and Cutler, LLP
CUSIP
091748400
Gross Expense Ratio*
1.36%
Administrator
Bank of New York Mellon
ISIN
US0917484000
Inception Date**
September 29, 2023
Distributor
Foreside Fund Services, LLC
Exchange
NYSE Arca
Adviser
Bitwise Investment Manager, LLC
Custodian
Bank of New York Mellon
Shares Outstanding
150,004
* 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 daily net assets until May 1, 2027.
** The Fund adopted its current investment strategy on December 3, 2024.
† 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 February 28, 2025.
Fund Holdings
Data as of 04/01/2025
Exposure Weight (%)
Holdings are subject to change. Current and future holdings are subject to risk.
Premium / Discount
Data as of 03/31/2025
BTOP Quarter-End Performance
Data as of 12/31/2024
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 1-415-707-3663.
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.