Key stats
About Bitwise Trendwise BTC/ETH and Treasuries Rotation Strategy ETF
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Inception date
Oct 2, 2023
Structure
Open-Ended Fund
Distributes
Capital Gains
Max ST capital gains rate
39.60%
Max LT capital gains rate
20.00%
Tax on distributions
No distributions
BTOP provides exposure to bitcoin, ether, and US Treasurys. It uses a long-flat trend-following investing strategy where the funds exposure is rotated between 100% bitcoin and ether futures contracts and 100% US Treasurys. This is based on a proprietary signal dependent on bitcoins 10-day and 20-day exponential moving average price. During upward trends, the fund will equally invest in cash-settled CME bitcoin and ether futures contracts. The contracts are rolled monthly as they near expiration which may also lead to a higher-than-normal portfolio turnover. This is exclusively through a wholly owned subsidiary organized under the laws of the Cayman Islands and is capped at 25% at each quarter end. During downward trends, it will move 100% of its position to US Treasurys. To provide liquidity and collateral, up to 75% of its remaining assets will be invested in money market instruments. Prior to December 3, 2024, the fund was named Bitwise Bitcoin and Ether Equal Weight Strategy ETF.
Classification
What's in the fund
Exposure type
Government
Mutual fund
Bonds, Cash & Other100.00%
Government50.70%
Mutual fund49.30%
Displays a symbol's price movements over previous years to identify recurring trends.