Key stats
About Bitwise Trendwise BTC/ETH and Treasuries Rotation Strategy ETF
Home page
Inception date
Oct 2, 2023
Structure
Open-Ended Fund
Dividend treatment
Distributes
Distribution tax treatment
No distributions
Income tax type
Capital Gains
Max ST capital gains rate
39.60%
Max LT capital gains rate
20.00%
Primary advisor
Bitwise Investment Manager LLC
Distributor
Foreside Fund Services LLC
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
Returns
| 1 month | 3 months | Year to date | 1 year | 3 years | 5 years | |
|---|---|---|---|---|---|---|
| Price performance | — | — | — | — | — | — |
| NAV total return | — | — | — | — | — | — |
What's in the fund
Exposure type
Government
Mutual fund
Bonds, Cash & Other100.00%
Government50.60%
Mutual fund49.40%
Top 10 holdings
Symbol
Assets
U
United States Treasury Bills 0.0% 17-APR-2025
50.60%
M
MUTUAL FUND (OTHER)
29.54%
D
Deutsche DWS Money Market Trust Institutional Shs DWS Government Money Market Series
19.87%
Top 10 weight100.00%
3 total holdings
Dividends
Dividend payout history