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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.

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Why 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. 

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Directional 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 04/24/2025

Ticker

BTOP

Net Assets (AUM)

$3,335,215

SEC Yield†

3.34%

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

125,004

* 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 Mar 30, 2025.

Fund Materials

PDF

Fact Sheet

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PDF

Investment Case

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PDF

Prospectus

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PDF

Summary Prospectus

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PDF

SAI

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Link

SEC Filings

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PDF

Bitwise Regional Contacts

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Fund Holdings

Data as of 04/24/2025

Name
Security ID
Shares/Contracts
Notional Value
Market Value
Futures
Exposure Weight (%)
CME Ether Future May25
DCRK5 CUR
18
$1,636,650.00
49.73%
CME Bitcoin Fut May25
BTCK5 CUR
3
$1,443,000.00
43.84%
CME MICRO BITCOIN MAY25
BMRK5 CUR
22
$211,640.00
6.43%
TREASURY BILL 0 7/10/2025
912797LW5
1,500,000
$1,487,285.84
CASH
CASH
$1,847,928.90

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

Premium / Discount

Data as of 04/23/2025

NAV
Market Price
Difference
Premium/ Discount
$26.15
$26.16
$0.01
0.03%
Q2 2025
2025
Days Traded at NAV
Q2 20252
20252
Days Traded at Premium
Q2 20256
20256
Days Traded at Discount
Q2 20253
20253

BTOP Quarter-End Performance

Data as of 03/30/2025

3 Months
YTD
1 Year
Since Inception
NAV
3 Months-26.80%
YTD-26.80%
1 Year-22.61%
Since Inception73.05%
Market Price
3 Months-26.73%
YTD-26.73%
1 Year-22.55%
Since Inception73.09%

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.

Distributions

Month
Notice Date
Ex Date
Record Date
Pay Date
Ordinary Income
Long-term Capital Gains
Short-term Capital Gains
MonthDecember
Notice Date
Ex Date12/22/23
Record Date12/26/23
Pay Date12/28/23
Ordinary Income$1.988
Long-term Capital Gains
Short-term Capital Gains
MonthDecember
Notice Date
Ex Date12/26/24
Record Date12/26/24
Pay Date12/30/24
Ordinary Income$20.816
Long-term Capital Gains
Short-term Capital Gains

Learn more about BTOP today.

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