At a glance
OWNB charges 0.85% a year. It has $15.1M in assets; it paid 1.0% of its price in distributions over the past 12 months, annual. Over the past year it returned −47.4% with distributions reinvested (S&P 500: +11.5%). Its ten largest positions make up 66.2% of the fund, out of 26 in all.
The short version
Bitwise Bitcoin Standard Corporations ETF (OWNB) tracks an index of companies that hold at least 1,000 bitcoin on their balance sheets, such as Strategy Inc, MARA Holdings and Metaplanet. It owns their shares, not bitcoin, and weights each company by the value of its bitcoin rather than by its stock market value. It charges 0.85% a year and has been extremely volatile, falling 47.4% in the year to October 27, 2026.
Price history
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OWNB -47.4% 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 | |
|---|---|---|---|---|---|---|
| OWNB price data to Oct 27, 2026 | -11.1% | -47.4% | — | — | — | -9.0% |
- Over the year to Oct 27, 2026, OWNB returned -47.4%.
- The deepest fall in its price history was 59.5% (Oct 15, 2025 to Mar 30, 2026), not yet recovered.
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -11.1% |
| 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
No distribution history is available for this fund.
Distributions through Oct 27, 2026.What's inside
As of Jun 30, 2026, the fund held 26 securities; the ten largest made up 66.17% of assets. It also reported 7.72% in a money-market fund, most likely cash collateral from lending out shares rather than uninvested money.
| Holding | Weight | |
|---|---|---|
| STRATEGY INC | 15.79% | |
| MARA HOLDINGS INC | 9.16% | |
| TWENTY ONE CAPITAL INC | 6.41% | |
| METAPLANET INC | 5.88% | |
| RIOT PLATFORMS INC | 5.49% | |
| HUT 8 CORP | 5.02% | |
| REMIXPOINT INC | 4.94% | |
| CLEANSPARK INC | 4.61% | |
| EMPERY DIGITAL INC | 4.56% | |
| BULLISH | 4.30% | |
| AMERICAN BITCOIN CORP | 3.63% | |
| BOYAA INTERACTIVE INTERNATIONAL LTD | 3.58% | |
| BLOCKCHAIN GROUP (THE) | 3.58% | |
| STRIVE INC | 3.00% | |
| KEEL INFRASTRUCTURE CORP | 1.84% |
By country
United States 74.87%Japan 12.35%Cayman Islands 9.19%France 3.58%By asset type
Stocks 99.99%What changed recently
- Over the three months to Jun 30, 2026, investors withdrew a net $3.9M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +26.31%, +10.48%, -21.78%.
How it works
OWNB tracks the Bitwise Bitcoin Standard Corporations Index, run by Bitwise Index Services LLC, an affiliate of the fund's adviser, Bitwise Investment Manager. To qualify, a company must hold at least 1,000 bitcoin, based on its quarterly and annual reports. It must pass screens for size (a market value of at least $250 million), trading activity (at least $500,000 traded daily on average over three months), free float (shares available to public investors) and share price. Holdings can be US or foreign stocks of any size, including emerging-market companies.
Each company is weighted by the value of the bitcoin it holds, not by the company's market value. At each quarterly rebalance, the largest holding is capped at 20%, the second largest at 12% and all others at 10%, with excess weight spread equally among the rest. The fund uses full replication, meaning it holds every stock in the index, and trades shortly after each quarterly change is announced. Trading is heavy, with 101% portfolio turnover reported in the April 30, 2026 prospectus.
The fund holds no bitcoin, bitcoin derivatives or bitcoin trusts. Its returns come from company shares, which can swing more or less than bitcoin because of factors such as debt, other business lines and investor mood. As a non-diversified fund, it can concentrate in fewer companies.
What it really costs
- OWNB charges 0.85% a year.
- Using the prospectus's standard example, $10,000 invested would cost about $87 in the first year and $1,049 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| OWNB | $87 | $271 | $471 | $1,049 |
In a retirement portfolio
Its narrow focus on stocks of bitcoin-holding companies and its very large price swings make it a small, higher-risk add-on rather than a portfolio's foundation.
OWNB launched March 11, 2025, so it has no record from the 2008 financial crisis, the 2020 COVID crash or the 2022 bear market, and no full calendar year of returns. It fell 59.5% from October 15, 2025 to March 30, 2026, and had not recovered by October 27, 2026. Over the year to that date it lost 47.4%, with annualized volatility (how widely returns swing) of 61.7%. Tapping these shares in a bad year could lock in a deep loss.
Income is small: a trailing 12-month yield of about 1% ($0.19 per share) as of October 27, 2026, paid once a year. The 0.85% annual expense ratio costs $87 in year one and $1,049 over 10 years on $10,000 in the SEC's standard example, which assumes a 5% annual return. 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 stock-market exposure to bitcoin-holding companies, such as Strategy Inc and Metaplanet, rather than owning bitcoin itself.
- Investors able to hold a small, high-risk position through extreme swings: annualized volatility was 61.7% in the year to October 27, 2026.
- Those who prefer a rules-based index that weights companies by bitcoin held, capping any single company at 20% at each quarterly rebalance.
Look elsewhere if
- Retirees seeking income: the trailing 12-month yield was about 1% as of October 27, 2026, paid once a year.
- Cost-conscious investors: the 0.85% expense ratio is far above many broad index funds, and 101% portfolio turnover can add trading costs.
- Investors who can't afford deep losses: OWNB fell 59.5% after its October 15, 2025 peak and hadn't recovered by October 27, 2026.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
No close alternatives found.
Questions investors ask
Is OWNB the same as a bitcoin ETF?
No. Funds that hold bitcoin itself aim to follow its price, but OWNB owns company stocks. Its prospectus rules out investing in bitcoin, bitcoin derivatives or trusts that simply hold bitcoin. Instead it holds shares of companies with at least 1,000 bitcoin on their balance sheets, led by Strategy Inc (15.8% of assets as of June 30, 2026), MARA Holdings (9.2%) and Twenty One Capital (6.4%). Those stocks also reflect factors such as debt, other business lines and investor mood, so they can move differently from bitcoin.
What is the expense ratio of OWNB?
OWNB's expense ratio, the annual fee taken from fund assets, is 0.85%, per its prospectus filed April 30, 2026, with no fee waiver. In the SEC's standard example, which assumes $10,000 invested and a 5% annual return, costs total about $87 after one year, $471 after five years and $1,049 after 10 years. Portfolio turnover of 101% means the fund trades heavily, which can add costs not included in the expense ratio.
Does OWNB pay dividends?
Yes, but the payout is small and comes once a year. OWNB paid $0.19 per share over the 12 months to October 27, 2026, a trailing yield of about 1%. Bitcoin itself pays no income, and the fund is designed to track bitcoin-holding stocks rather than to produce cash flow. For retirees who rely on regular income, it adds little; its appeal is potential growth, with high risk.
Is OWNB a risky ETF?
Yes, by the usual measures. OWNB lost 47.4% in the year to October 27, 2026, with annualized volatility (how widely returns swing) of 61.7%. Its deepest fall was 59.5%, from October 15, 2025 to March 30, 2026, and it had not recovered by October 27, 2026. Since launching on March 11, 2025, it was down about 9% in total. The fund is non-diversified, focused on companies tied to one asset, and its prospectus warns that bitcoin prices have been highly volatile and driven by speculation.
Why is Strategy Inc the biggest holding in OWNB?
Because OWNB's index weights each company by the market value of the bitcoin it holds, not by the company's stock market value. Strategy Inc was the top position at 15.8% of assets as of June 30, 2026, and the top 10 holdings made up 66.2%. At each quarterly rebalance, the index caps the largest company at 20%, the second largest at 12% and all others at 10%; weights then drift as prices move. About 12% of assets were in Japanese companies such as Metaplanet.