At a glance
BITC charges 0.88% a year, below the 1.22% average of the 1 funds most like it. It has $14.5M in assets; it paid 3.27% of its price in distributions over the past 12 months, annual. Over the past year it returned −7.7% with distributions reinvested; over three years it returned +26.8% a year.
The short version
Bitwise Trendwise Bitcoin and Treasuries Rotation Strategy ETF (BITC) is an actively managed fund that switches between full exposure to bitcoin futures and U.S. Treasury securities; it does not hold bitcoin itself. A price-based trend signal decides the switch, aiming to capture bitcoin's uptrends and sit in Treasuries during downtrends, though the fund still fell 33.1% from December 17, 2024, to July 8, 2026. It charges 0.88% a year.
Price history
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BITC -7.7% 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 | |
|---|---|---|---|---|---|---|
| BITC official prospectus, to Dec 31, 2025 | — | -20.56% | — | — | — | +34.19% |
| BITC price data to Oct 27, 2026 | +3.2% | -7.7% | +26.8% | — | — | +26.2% |
- Over the year to Oct 27, 2026, BITC returned -7.7%.
- Its worst full calendar year was 2025 (-20.4%); its best was 2024 (+97.9%).
- The deepest fall in its price history was 33.1% (Dec 17, 2024 to Jul 8, 2026), not yet recovered.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +3.2% | — |
| 2025 | -20.4% | -20.56% |
| 2024 | +97.9% | +103.09% |
| 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 | $1.2300 | -93.9% |
| 2024 | $20.2200 |
What's inside
As of Jun 30, 2026, the fund held 1 securities; the ten largest made up 92.67% of assets, and 7.37% sat in cash and money-market holdings.
| Holding | Weight | |
|---|---|---|
| UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT Bonds and notes | 92.67% |
By country
United States 92.67%By issuer
US Treasury 92.67%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, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to Jun 30, 2026, investors withdrew a net $920K (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +6.91%, +0.36%, -6.95%.
How it works
BITC tracks no index. Bitwise Investment Manager, with sub-adviser Vident Advisory, runs a “long-flat” trend rule that compares bitcoin's 10-day and 20-day exponential moving averages (averages that weight recent prices more heavily). When the signal shows an uptrend, the fund takes 100% exposure to bitcoin futures. When it shows a downtrend, the fund does not bet against bitcoin; it moves fully into U.S. Treasury securities, possibly for long stretches. The signal uses bitcoin's price alone.
The fund never holds bitcoin directly. A futures contract is an agreement to buy or sell an asset on a set future date. BITC generally holds the nearest-dated cash-settled bitcoin futures and usually rolls them into the next contract in the week before expiry. When later contracts cost more, rolling eats into returns, so the fund can trail bitcoin's market price. Futures require only a margin deposit, so even at full bitcoin exposure a large share of assets stays in Treasuries, money market funds and cash. The fund may also use swaps to cover weekend price moves and borrow through reverse repurchase agreements, which adds risk.
As of June 30, 2026, BITC held no futures: one Treasury bill maturing July 30, 2026, made up 92.67% of its $14.5 million in net assets, with the rest in cash.
What it really costs
- BITC charges 0.88% a year, versus an average of 1.22% for the similar funds below.
- Of that, 0.85% is the management fee; the rest covers other fund expenses.
- The fee includes a 0.24% waiver from the adviser, which may end.
- Using the prospectus's standard example, $10,000 invested would cost about $90 in the first year and $1,342 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| BITC | $90 | $332 | $594 | $1,342 |
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.
- Bond prices move opposite to interest rates; the longer the maturities it holds, the more its price reacts to rate changes.
In a retirement portfolio
Even with its trend signal, BITC has moved sharply with bitcoin, falling 33.1% from December 2024 to July 2026, which points to a small, higher-risk position rather than a core one.
BITC launched on March 21, 2023, so it has no record in the 2008, 2020 or 2022 downturns. Its short history swings widely: it returned 103.09% in 2024, then lost 20.56% in 2025, its worst calendar year. Its deepest drop, 33.1%, ran from December 17, 2024, to July 8, 2026, and had not recovered as of October 27, 2026. The trend signal aims to limit losses but did not prevent that slide, so anyone selling to cover spending then could have sold well below the peak.
Income arrives once a year; the yield over the past 12 months was 3.27% as of October 27, 2026. Annual costs are 0.88%, about $90 in the first year on $10,000 in the SEC's standard example. 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 futures exposure but prefer a rules-based signal, using bitcoin's 10-day and 20-day average prices, to shift fully into US Treasuries.
- Patient investors comfortable with long spells out of bitcoin: as of June 30, 2026, about 93% of assets sat in one short-term Treasury bill.
- Investors who can stomach big swings in a small slice of a portfolio: it returned 103% in 2024 and lost 21% in 2025.
Look elsewhere if
- Anyone wanting to own actual bitcoin: the fund uses futures, and replacing expiring contracts can make returns drift from bitcoin's spot, or cash, price.
- Investors who can't tolerate deep, lasting losses: it fell 33% from December 17, 2024, to July 8, 2026, and hadn't recovered by October 27, 2026.
- Income seekers: the 12-month yield was 3.27% as of October 27, 2026, paid annually, and the 0.88% expense ratio applies even during all-Treasury stretches.
Close alternatives
Matched by bond funds with the closest average maturity and issuer mix (N-PORT).
| Fund | Avg. maturity | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| BITC this fund | 0.1 yrs | 0.88% | $14.5M | -7.7% | +26.8% |
| CONY YieldMax COIN Option Income Strategy ETF | 0.2 yrs | 1.22% | $326.1M | -51.3% | -5.1% |
Questions investors ask
Does BITC hold actual bitcoin?
No. BITC never holds bitcoin directly. When its trend signal is positive, it gets bitcoin exposure through cash-settled bitcoin futures traded on exchanges registered with the Commodity Futures Trading Commission, and it may use swaps to capture weekend price moves when futures aren't trading. Futures must be rolled into later contracts before they expire, and later contracts can cost more, so returns can differ noticeably from bitcoin's market price. When the signal turns negative, the fund holds U.S. Treasury securities instead.
How does BITC's trend signal work?
BITC uses a purely quantitative signal that compares bitcoin's 10-day and 20-day exponential moving averages, a type of average that gives more weight to recent prices. When the signal detects an uptrend, the fund moves to 100% exposure to bitcoin futures. When it detects a downtrend, it moves fully into U.S. Treasury securities rather than betting against bitcoin. Short-term signals like this can flip often in choppy markets, and the fund may spend long stretches holding only Treasuries.
Does BITC pay a dividend?
Yes, but only once a year. Over the 12 months to October 27, 2026, it paid $1.23 per share, a yield of 3.27%. Income isn't the fund's goal; its stated objective is capital appreciation. Anyone counting on regular cash flow would need other sources between payments, and the amount isn't fixed from one year to the next.
Is BITC a good investment for retirees?
It is a high-risk fund that may suit only a small slice of a retirement portfolio. From launch through December 31, 2025, it returned an average of 34.19% a year, but that included a 103.09% gain in 2024 and a 20.56% loss in 2025. Its price fell 33.1% between December 17, 2024, and July 8, 2026, and had not recovered as of October 27, 2026. Past results don't predict future returns.
How much does BITC cost compared with similar funds?
BITC's expense ratio is 0.88% a year, per its prospectus filed April 30, 2026. In the SEC's standard example, $10,000 earning 5% a year would incur about $90 in costs over one year, $594 over five and $1,342 over ten. The only fund flagged as similar, YieldMax COIN Option Income Strategy ETF (CONY), charges 1.22%, but it was matched only on the maturity and issuer mix of its bond holdings and runs an options-income strategy, so it is not a close alternative.