At a glance
ARKA charges 0.7% a year. It has $12.7M in assets. Over the past year it returned +0.0% with distributions reinvested (S&P 500: +11.5%).
The short version
ARK 21Shares Active Bitcoin Futures Strategy ETF (ARKA) seeks growth from bitcoin's price through cash-settled bitcoin futures on the Chicago Mercantile Exchange, held via a Cayman Islands subsidiary, rather than owning bitcoin itself. Managers pick contracts for cost and liquidity, and rolling them into later ones can pull returns away from bitcoin's price. It charges 0.70% a year and is small: about $12.7 million in net assets as of June 30, 2025.
Price history
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ARKA 0.0% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| ARKA price data to Oct 27, 2026 | 0.0% | 0.0% | — | — | — | +37.5% |
- Over the year to Oct 27, 2026, ARKA returned 0.0%.
- Its worst full calendar year was 2025 (+13.6%); its best was 2024 (+101.5%).
- The deepest fall in its price history was 30.3% (Mar 13, 2024 to Sep 6, 2024), recovered by Nov 11, 2024.
Show as a table
| Year | Price data |
|---|---|
| 2025 | +13.6% |
| 2024 | +101.5% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2025 | $0.8400 | -95.2% |
| 2024 | $17.3600 |
What's inside
As of Jun 30, 2025, the fund held 4 securities; the ten largest made up 16.01% of assets, and 42.28% sat in cash and money-market holdings.
| Holding | Weight | |
|---|---|---|
| United States Treasury Bill Bonds and notes | 25.81% | |
| United States Treasury Bill Bonds and notes | 24.63% | |
| 912797PG6 FCSTONE RE 5.750% 7/31/25 RA | -16.06% | |
| 912797MH7 FCSTONE RE 5.750% 9/04/25 RA | -18.37% |
By country
United States 16.01%By issuer
US Treasury 50.44%Companies -34.43%The bonds mature in 0.1 years on average (weighted by size), with an average coupon of 0%.
Source: N-PORT holdings report as of Jun 30, 2025. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to Jun 30, 2025, investors withdrew a net $1.2M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +13.28%, +10.50%, +2.53%.
How it works
ARKA is actively managed and follows no index. Its managers seek growth by holding bitcoin futures: exchange-traded contracts that fix a bitcoin price for a later date. They settle in US dollars, so no bitcoin changes hands. The January 2025 prospectus says the fund will use only Chicago Mercantile Exchange (CME) contracts, standard and micro, and won't own bitcoin directly.
The futures are held through a Cayman Islands subsidiary expected to take about 25% of investable assets; the prospectus warns more could hurt the fund's tax treatment. As of June 30, 2025, two US Treasury bills made up 25.8% and 24.6% of net assets and cash 42.3%. The July 2025 CME futures were listed at about 3% combined, reflecting gains or losses rather than full bitcoin exposure. Repurchase agreements, short-term deals secured by those bills, carried negative weights totaling about 34%, which generally signals money owed.
Futures expire, so the managers swap contracts nearing expiration for later-dated ones. This step, called rolling, carries trading costs. They favor contracts with attractive cost and ease of trading, but when later contracts are pricier than expiring ones, each roll chips away at returns. Over time, the fund can drift well away from bitcoin's spot, or current, price. The prospectus warns the fund may not reach or keep its target bitcoin exposure.
What it really costs
- ARKA charges 0.7% a year.
- The fee includes a 0.07% waiver from the adviser, which may end.
- Using the prospectus's standard example, $10,000 invested would cost about $72 in the first year and $948 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| ARKA | $72 | $239 | $421 | $948 |
Structure and tax notes
- Uses bitcoin futures contracts rather than holding bitcoin directly. Expiring contracts must be rolled into later ones, and the price gap between them adds to or takes from returns, so over time it can drift well away from the spot price of what it tracks. Crypto prices can swing far more than stocks.
In a retirement portfolio
Bitcoin futures exposure with sharp swings, no income and a track record starting only in November 2023 points to a small, higher-risk slice rather than a core position.
ARKA could add bitcoin price exposure, but its record is short. It launched November 13, 2023, too late to face the 2008 financial crisis, the 2020 COVID crash or the 2022 bear market. Its deepest drop, about 30%, ran from March 13 to September 6, 2024; it regained that peak by November 11, 2024. The weaker of its two calendar years, 2025, still gained 13.6%, which says little. Anyone cashing out in a slump could lock in such a loss.
It paid no income in the year to October 27, 2026. It costs 0.70% a year; the SEC's $10,000 example shows $72 in costs after one year and $948 after ten. Net assets were about $12.7 million as of June 30, 2025, after $1.24 million flowed out over three months. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want bitcoin price exposure through cash-settled CME futures on a federally registered exchange, without owning bitcoin directly.
- People who can stomach swings like a 64% gain and a 17% loss in back-to-back 2024 quarters, within a small slice of their portfolio.
- Those comfortable paying a 0.70% expense ratio for active managers who pick and roll futures contracts based on cost and liquidity.
Look elsewhere if
- People who want returns that closely match bitcoin's price; the prospectus directs those seeking direct bitcoin exposure to other investments.
- Retirees who need regular income, since the fund paid no distributions in the year to October 27, 2026.
- Investors wary of small funds: net assets were about $12.7 million as of June 30, 2025, after $1.24 million in outflows over three months.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
No close alternatives found.
Questions investors ask
Does ARKA hold real bitcoin?
No. ARKA gets its bitcoin exposure from cash-settled CME bitcoin futures held through a Cayman Islands subsidiary; as of June 30, 2025, the rest of the portfolio was mostly Treasury bills and cash. Its prospectus, filed January 28, 2025, says the fund does not invest directly in bitcoin or hold “spot” bitcoin, meaning the coins themselves. Because futures expire and must be rolled into later contracts, ARKA's returns can drift well away from bitcoin's price over time.
How has ARKA performed since launch?
ARKA gained about 101.5% in 2024 and 13.6% in 2025, based on prices through October 27, 2026, but the ride was rough. Its prospectus shows a 64.04% gain in the quarter ended March 31, 2024, then a 17.27% loss the next quarter. Its deepest drop, about 30.3%, ran from March 13 to September 6, 2024; it regained that peak by November 11, 2024. Annualized volatility, a gauge of how widely returns swing, was about 43.6% over its history. Two calendar years is a short record.
What is ARKA's expense ratio?
ARKA's expense ratio, the yearly fee taken from fund assets, is 0.70%, according to its prospectus filed January 28, 2025; that figure reflects a 0.07% fee waiver. In the SEC's standard example, which assumes $10,000 invested, a 5% annual return and shares cashed in at the end of each period, costs total about $72 after one year, $239 after three, $421 after five and $948 after ten. The fee is worth comparing with other bitcoin funds.
Does ARKA pay dividends?
No. ARKA paid no distributions in the year to October 27, 2026, so its yield for that period was 0%. The fund's stated goal is capital appreciation, and its results depend mainly on bitcoin futures prices. That limits its use as an income source: anyone wanting cash from it would have to part with shares, possibly after a drop like its roughly 30% decline in 2024.
What's the difference between ARKA and a spot bitcoin ETF?
The main difference is what each fund holds. A spot bitcoin ETF holds bitcoin itself, so its price generally tracks bitcoin's, minus fees. ARKA holds CME bitcoin futures that must be rolled into later contracts before they expire, and the price gap between contracts can add to or subtract from returns, so ARKA can drift well away from bitcoin's price. ARKA's own prospectus directs investors who want direct bitcoin exposure to other investments. Costs, size and tracking are worth comparing side by side.