BITQ

Bitwise Crypto Industry Innovators ETF

BITQ is passively managed to track a modified market-cap-weighted index of global companies supporting a crypto-asset-enabled decentralized economy.


Global

EQUITY

Rules-Based

MANAGEMENT STYLE

197.1 M

ASSETS UNDER MGMT

85 bp

EXPENSES
Fund Basics
Fund sponsorExchange Traded Concepts
CategoryGlobal
Asset classEquity
Websitelink...
Inception dateMay 12, 2021
Assets (mns)$197
Expense ratio85 bp
CurrencyUSD
Sector Breakdown
Fund Structure
RegulationOpen-Ended Fund
DistributionsAnnually
Taxation1099
Stock selectionCommittee
WeightingTiered
Holdings TransparencyFull
Derivatives-basedNo
Options availableYes
Currency hedgedNo
Fund of fundsNo
Top 10 Holdings
MARATHON DIGITAL HOLDINGS INC 10.4 %
MICROSTRATEGY INC-CL A 10.2 %
COINBASE GLOBAL, INC. CLASS A 9.3 %
CIPHER MINING INC 5.8 %
TERAWULF INC. 5.4 %
RIOT BLOCKCHAIN INC 4.8 %
BITFARMS LTD. 4.7 %
CLEANSPARK, INC. 4.6 %
GALAXY DIGITAL HOLDINGS LTD. 4.1 %
NORTHERN DATA AG 3.9 %
Constituent Breakdown
Number of holdings35
Herfindahl-Hirschman Index 561
Wgt avg mkt cap (mns)$33,397
Large cap (>$10bn)26.9%
Mid cap ($2-10bn)24.6%
Small cap (<$2bn)48.5%
Developed mkts.94.0%
Emerging mkts.6.0%
Country Exposure
UNITED STATES 69.0 %
CANADA 7.6 %
GERMANY 5.1 %
AUSTRALIA 3.8 %
CHINA 3.1 %
CAYMAN ISLANDS 1.5 %
ARGENTINA 1.4 %
SINGAPORE 1.4 %
Historical Performance


Standardized Performance (as of 11/30/2024)
 YTD1 YR2 YR3 YR5 YR10 YRIncep.
Total Returns 59.0% 126.4% 106.9% -12.9% -- -- -4.1%
Volatility 65.0% 66.4% 67.1% 71.0% -- -- --
Market Correlations
versus...BetaR-squared
S&P 5003.0541%
MSCI EAFE2.1220%
MSCI Emg Mkts1.7213%
Liquidity Measures
Avg. volume (000)288
Turnover2.8%
Avg. Bid/Ask (% of price)0.49%
ADV of underlying (mns)$28,025
Technical Indicators
Recent close$18.86
30d moving avg.$20.51
Annualized volatility83.6%
Relative strength (RSI)55
Short interest (ETF)0.8%
Short interest (underlying)0.0%
Distributions
Assets Under Management (mns)

Money Flows (mns)

Short Interest (as % of shares outstanding)

Long Money Flows (mns)

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Risk and Returns: BITQ vs. Comps (1 YR)

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Results & Estimates
  2019 2020 2021 2022 2023 2024E 2025E  
Sales per share -- -- -- -- -- -- --
  change (%) -- -- -- -- -- -- --
Earnings per share -- -- -- -- -- -- --
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Dividends per share -- -- -- -- -- -- --
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Book value per share -- -- -- -- -- -- --
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Return on Equity
Net Margins
EPS Revision Activity (6 mo. ago = 100%)
Compound Annual Growth Rates

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Valuation Metrics
  2023 2024E Fwd Est 2025E
Price-to-sales --x --x --x --x
Price-to-earnings --x --x --x --x
Price-to-cash flow --x --x --x --x
Price-to-growth --x --x --x --x
Price-to-book value --x --x --x --x
Yield --% --% --x --%
2.5 38.9 2.8 0.8% --
Based on closing prices from 12/20/2024
Historical Valuation Trends Sample data. Subscribe for access.

SHOWING:
Price-to-Earnings
BITQ



Notes: Based on adjusted historical results for current fund constituents. May differ from results achieved by past fund constituents. Max P/E of 100x.

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ETF Research Center Rating

AVOID

Not worthwhile for most investors. A rating of AVOID is assigned to ETFs with ALTAR Scores in the lowest quintile (the bottom 20%) of their category. Often, funds in this category consist of stocks with little if any history or expectation of profitability, and as a result our fundamentally-driven analysis may be less relevant.

ALTAR Score™

BITQ

-2.0%

Cat. Avg

4.2%


ALTAR Score™ Calculation

Category Overview
There are 374 funds in the Global Equity category, with an average ALTAR Score™ of 4.2% and a standard deviation of 4.8%. BITQ's ALTAR Score™ is approximately 1.3 standard deviations below the category average. This places BITQ in the 10st percentile among funds in the category.
Sell Side Consensus Rating

Sell-side recommendations on the ETF's individual constituents

BITQ
Peer Average
SELL
U/W
HOLD
O/W
BUY
Factor Scorecard

SIZE
VALUE
YIELD
MOMENTUM
VOLATILITY
QUALITY
Expense Analysis

Peer Group Rules-Based
Global Equity ETFs
# of ETFs 191
Avg. Expense Ratio 55.4 bp
Std. Deviation 17.5 bp
BITQ (85 bp) Percentile rank 95
Peer Group Expense Ratio Distribution


Total Cost of Ownership (TCO) Comparison
Expense (bp)
(A)
Avg. Bid/Ask (bp)
(B)
TCO (bp)
(A)+(B)
BITQ 85.0 48.8 133.8
Peer Avg. 57.0 39.6 96.6
  For a detailed cost analysis of this and any other ETF use the TCO Comparison Tool .