CoinShares Valkyrie Bitcoin and Ether Strategy ETF

CoinShares Valkyrie Bitcoin and Ether Strategy ETF (BTF) is an actively managed fund that holds bitcoin and ether futures contracts, reset to roughly equal weights each month, rather than the coins themselves. It puts both cryptocurrencies in one ticker, but at a 1.27% yearly expense ratio, with possible extra costs from replacing expiring contracts. Its swings are extreme: it lost 63.08% in 2022, then gained 136.95% in 2023.

• Over the year to Oct 22, 2026, BTF returned -31.5%.
• Its worst full calendar year was 2025 (-10.8%); its best was 2023 (+136.0%).
• The deepest fall in its price history was 67.9% (Mar 28, 2022 to Nov 9, 2022), recovered by Feb 14, 2024.

As of Jun 30, 2026, the fund held 2 securities; the ten largest made up 22.77% of assets, and 47.45% sat in cash and money-market holdings.

The bonds mature in 0.1 years on average (weighted by size), with an average coupon of 0%.

• Over the three months to Jun 30, 2026, investors withdrew a net $1.5M (creations minus redemptions, per the N-PORT report).
• Monthly total returns reported for that quarter: +9.79%, -7.65%, -21.11%.

BTF is actively managed and does not track an index. Seeking capital growth, it invests in exchange-traded, cash-settled bitcoin and ether futures. A futures contract is an agreement to trade an asset at a set price on a later date; cash-settled means no coins change hands. Normally at least 80% of net assets, measured by the contracts' full face value, is in these futures. Bitcoin and ether positions are reset to roughly equal weights each month, though the fund may lean one way during rebalancing or temporary defensive moves.

It holds them through a wholly owned Cayman Islands subsidiary, a common setup that helps futures-based ETFs meet fund tax rules. Futures need only a fraction of their value up front, so most assets sit in collateral: as of June 30, 2026, a US Treasury bill made up about 66% of net assets, alongside July 2026 CME bitcoin and ether futures. The fund is “non-diversified,” so it may concentrate in few positions.

As contracts near expiration, the fund sells them and buys later-dated ones, a step called rolling. When later contracts cost more, each roll chips away at returns; the prospectus warns rolling costs for these futures are typically substantial. Futures prices can differ, sometimes significantly, from the spot (current cash) price, so results can stray from the coins' returns.

• BTF charges 1.27% a year, versus an average of 1.22% for the similar funds below.
• Of that, 0.95% is the management fee; the rest covers other fund expenses.
• Using the prospectus's standard example, $10,000 invested would cost about $129 in the first year and $1,534 over 10 years (assuming a 5% annual return).

Its annualized volatility, a measure of how widely its price swings, was 55.3% over the three years to October 22, 2026, which suits it to a small, high-risk side position rather than a portfolio's foundation.

BTF launched in October 2021, so it has no record in the 2008 or 2020 crashes. It lost 63.08% in 2022, its worst calendar year. Its deepest drop, 67.9%, ran from March 28 to November 9, 2022, and it took until February 14, 2024, about 15 months after the low, to recover. Selling during a stretch like that would lock in steep losses.

Payouts, made quarterly, totaled $37.50 per share over the 12 months to October 22, 2026, about 171% of the share price. Futures pay no dividends, though, so a fund like this distributes mainly Treasury bill interest and realized trading gains, which can swing widely or vanish. The 1.27% expense ratio adds up to $1,534 over 10 years 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.

Matched by bond funds with the closest average maturity and issuer mix (N-PORT).