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Submission: On June 06 via api from US — Scanned from DE
Submission: On June 06 via api from US — Scanned from DE
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* Materials * About Bitwise * Press * Contact Us 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. Contact Us * Why BITC * Fund Summary * Holdings 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. Learn More FUND SUMMARY ABOUT THE BITC FUND FUND DETAILS DATA AS OF 06/05/2023 TICKER BITC FUND TYPE ETF CUSIP 091748202 ISIN US0917482020 EXCHANGE NYSE Arca NET ASSETS (AUM) $564,985 EXPENSE RATIO 0.85% INCEPTION DATE March 20, 2023 ADVISER Bitwise Investment Manager, LLC SUB-ADVISER Vident Investment Advisory, LLC SEC YIELD* 2.28% 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 06/05/2023 Name Security ID Shares/Contracts Notional Value Market Value Futures Exposure Weight (%) CASH CASH — — $220,264.75 — TREASURY BILL DN 9/23 912797GT8 350,000 — $344,759.04 — CME Bitcoin Fut Sep23 BTCU3 CUR 4 $522,500.00 — 92.59% CME Micro Bitcoin Sep23 BMRU3 CUR 16 $41,800.00 — 7.41% Holdings are subject to change. Current and future holdings are subject to risk. PREMIUM / DISCOUNT DATA AS OF 06/05/2023 Created with Highcharts 10.3.3Premium or Discount (bps)Mar 27, 2023Apr 10, 2023Apr 24, 2023May 08, 2023May 22, 2023Jun 05, 2023Jun 05, …-250-200-150-100-50050100150200250 NAV Market Price Difference Premium/ Discount $22.60 $22.58 $0.02 -0.01% Q1 2023 2023 Q2 2023 Days Traded at NAV Q1 20231 20238 Q2 20237 Days Traded at Premium Q1 20236 202331 Q2 202325 Days Traded at Discount Q1 20232 202314 Q2 202312 NET ASSET VALUE (NAV) AND MARKET PRICE DATA AS OF 06/05/2023 NAV: $22.60 Market Price: $22.58 NAV Change: -$1.47 / -6.11% Market Price Change: -$1.58 / -6.54% Median Bid-Ask Spread (30-Day): 0.25% 7d1m3m1yYTDALL March 21 2023 TO June 6 2023 Created with Highcharts 10.3.3Apr 03, 2023Apr 17, 2023May 01, 2023May 15, 2023May 29, 2023$0$5$10$15$20$25$30$35$40$45$50 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. Contact Us SIGN UP FOR BITWISE PRODUCT UPDATES AND ORIGINAL MARKET RESEARCH. Email Address Sign Up * Materials * About Bitwise * Press * Contact Us * 1-866-880-7228 investors@bitwiseinvestments.com * Media Inquires Dukas Linden Public Relations Bitwise@DLPR.com Carefully consider the investment objectives, risk factors, charges, and expenses of the Bitwise Bitcoin Strategy Optimum Roll ETF (BITC) before investing. This and additional information can be found in the Fund’s full or summary prospectus, which may be obtained by visiting https://www.bitcetf.com/materials. Investors should read it carefully before investing. Investing involves risk, including the possible loss of principal. There is no guarantee or assurance that the Fund’s methodology will result in the Fund achieving positive investment returns or outperforming other investment products. The Fund invests in Bitcoin Futures Contracts. The Fund does not invest directly in or hold bitcoin. As a result, the price of Bitcoin Futures Contracts should be expected to differ from the current cash price of bitcoin, which is sometimes referred to as the “spot” price of bitcoin. Consequently, the performance of the Fund should be expected to perform differently from the spot price of bitcoin. These differences could be significant. Shares of ETFs are bought and sold at market price (not NAV) and are not individually redeemed from the Fund. Brokerage commissions will reduce returns. Risk of Loss. The market for bitcoin futures contracts is still developing and may be subject to periods of illiquidity. During such times it may be difficult or impossible to buy or sell a position at the desired price. Investors in the fund should be willing to accept a high degree of volatility in the price of the Fund’s shares and the possibility of significant losses. An investment in the fund involves a substantial degree of risk. Blockchain Technology Risk. Certain of the Fund’s investments may be subject to the risks associated with investing in blockchain technology. The risks associated with blockchain technology may not fully emerge until the technology is widely used. Blockchain systems could be vulnerable to fraud, particularly if a significant minority of participants colluded to defraud the rest. Because blockchain technology systems may operate across many national boundaries and regulatory jurisdictions, it is possible that blockchain technology may be subject to widespread and inconsistent regulation. Borrowing Risk. The Fund may borrow for investment purposes using reverse repurchase agreements. The cost of borrowing may reduce the Fund’s return. Borrowing may cause a Fund to liquidate positions under adverse market conditions to satisfy its repayment obligations. Frequent Trading Risk. The Fund regularly purchases and subsequently sells (i.e., “rolls”) individual futures contracts throughout the year so as to maintain a fully invested position. As the contracts near their expiration dates, the Fund rolls them over into new contracts. This frequent trading of contracts may increase the amount of commissions or mark-ups to broker-dealers that the Fund pays when it buys and sells contracts, which may detract from the Fund’s performance. Leverage Risk. The Fund seeks to achieve and maintain the exposure to the spot price of bitcoin by using leverage inherent in futures contracts. Therefore, the Fund is subject to leverage risk. Non-Diversification Risk. As a nondiversified fund, the Fund may hold a smaller number of portfolio securities than many other funds. To the extent the Fund invests in a relatively small number of issuers, a decline in the market value of a particular security held by the Fund may affect its value more than if it invested in a larger number of issuers. Recency Risk. The Fund is recently organized, giving prospective investors a limited track record on which to base their investment decision. Bitwise Investment Manager, LLC serves as the investment advisor of the fund. The Fund is distributed by Foreside Fund Services, which is not affiliated with Bitwise Investment Manager LLC, Bitwise, or any of its affiliates.