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BTOP

Bitwise Bitcoin and Ether Equal Weight Strategy ETF

BTOP takes a balanced approach to the two biggest assets in crypto. Crafted by the crypto experts at Bitwise, the ETF provides directional exposure to Bitcoin and Ethereum by investing equally in regulated CME futures contracts for each asset. Available in traditional brokerage accounts. The fund does not invest directly in Bitcoin or Ethereum.

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Why Invest in BTOP

Many investors take an either/or approach to Bitcoin and Ethereum despite the distinct strengths, weaknesses, and use cases of each. BTOP provides a both/and alternative, offering equal exposure to Bitcoin and Ethereum via regulated futures contracts in a single, regulated ETF—all backed by one of the world's leading crypto specialists. The fund does not invest directly in Bitcoin or Ethereum.

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Directional Exposure to the Larger Crypto Market

BTOP offers directional exposure to two assets that have historically made up 60-80% of the global crypto market: Bitcoin, the original and most valuable crypto asset (by market cap); and Ethereum, the “smart-contract” platform powering NFTs, stablecoins, DeFi, and other applications.

Equal Weighting for a Balanced Approach

Both Bitcoin and Ethereum have strong track records, unique investment characteristics, and significant growth potential—not to mention uncertain futures. The fund’s equal-weighting strategy lets investors avoid having to pick a winner by seeking balanced exposure to both themes.

Professionally Managed Exposure From a Crypto Specialist

For more than six years, Bitwise has helped leading investors understand and access crypto’s opportunities while managing its risks. We manage 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 07/19/2024

Ticker

BTOP

Net Assets (AUM)

$10,030,462

SEC Yield**

3.13%

Fund Type

ETF

Net Expense Ratio*

0.85%

Legal Counsel

Chapman and Cutler, LLP

CUSIP

091748400

Gross Expense Ratio*

0.95%

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

* The total annual fund operating expenses are 0.95%. 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 October 2, 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 June 30, 2024.

Fund Details

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Fact Sheet

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PDF

Investment Case

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PDF

Bitwise Regional Contacts

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PDF

Prospectus

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PDF

Summary Prospectus

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PDF

SAI

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ETF Holdings

Data as of 07/19/2024

Name
Security ID
Shares/Contracts
Notional Value
Market Value
Futures
Exposure Weight (%)
CME BITCOIN FUT JUL24
BTCN4 CUR
15
$5,061,000.00
50.62%
CME ETHER FUTURE JUL24
DCRN4 CUR
27
$4,775,625.00
47.77%
CME MICRO BITCOIN JUL24
BMRN4 CUR
16
$107,968.00
1.08%
CME Micro Ether Jul24
MERN4 CUR
150
$53,062.50
0.53%
TREASURY BILL DN 7/24
912797KR7
5,100,000
$5,094,076.04
CASH
CASH
$4,936,386.27

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

Premium / Discount

Data as of 07/18/2024

NAV
Market Price
Difference
Premium/ Discount
$47.82
$47.90
$0.08
0.17%
Q4 2023
2023
Q1 2024
Q2 2024
Q3 2024
2024
Days Traded at NAV
Q4 20239
20239
Q1 20244
Q2 20248
Q3 20240
202412
Days Traded at Premium
Q4 202329
202329
Q1 202437
Q2 202421
Q3 20247
202465
Days Traded at Discount
Q4 202325
202325
Q1 202420
Q2 202434
Q3 20246
202460

Net Asset Value (NAV) and Market Price

Data as of 07/18/2024

NAV: $47.82
Market Price: $47.90
NAV Change: -$0.51 / -1.06%
Market Price Change: -$0.50 / -1.03%
Median Bid-Ask Spread (30-Day): 0.21%
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.

BTOP Quarter-End Performance

Data as of 06/30/2024

3 Months
YTD
1 Year
Since Inception
NAV
3 Months-12.49%
YTD35.55%
1 Year
Since Inception95.67%
Market Price
3 Months-12.47%
YTD35.45%
1 Year
Since Inception95.61%

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
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

Learn more about the Bitwise Bitcoin and Ether Equal Weight Strategy ETF (BTOP) today.

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