ETF Evaluator:
Bitwise Trendwise Bitcoin&TreasRotaStrat (BITC)
Follow This ETF
(as of Aug 05)
Best Performing in Digital Assets Over the Last Year
| 1090.2% | Grayscale Zcash Trust (ZEC) (ZCSH) |
| 112.1% | ProShares UltraShort Bitcoin ETF (SBIT) |
| 35.7% | ProShares Short Ether ETF (SETH) |
| 12.3% | Simplify US Equity PLUS Bitcoin Stgy ETF (SPBC) |
| 10.8% | Proshares UltraShort Ether ETF (ETHD) |
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ETF Details
Bitwise Trendwise Bitcoin&TreasRotaStrat Overview
Bitwise Trendwise Bitcoin&TreasRotaStrat (BITC) is an actively managed Miscellaneous Digital Assets exchange-traded fund (ETF). Bitwise Investments launched the ETF in 2023.
The investment seeks to provide investors with capital appreciation.
The fund seeks to achieve its investment objective through managed exposure to bitcoin futures contracts (“bitcoin futures contracts”) and investments in U.S. Treasury securities. Under normal market conditions, it will invest at least 80% of its assets in Bitcoin Futures Contracts and U.S. Treasury securities. For purposes of compliance with this investment policy, derivative contracts (such as Bitcoin Futures Contracts) will be valued at their notional value. The fund is non-diversified.
About Bitwise Trendwise Bitcoin&TreasRotaStrat (BITC)
There are 2 members of the management team with an average tenure of 1.81 years: Jennifer Thornton (2023) and Daniela Padilla (2026). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 1 primary benchmark: S&P 500 (TR) (1970) index with a weighting of 100%. Bitwise Trendwise Bitcoin&TreasRotaStrat has 4 securities in its portfolio. The top 10 holdings constitute 71.2% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a nondiversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
Bitwise Trendwise Bitcoin&TreasRotaStrat is part of the Other global asset class and is within the Miscellaneous ETF group. Bitwise Trendwise Bitcoin&TreasRotaStrat has 0.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0% There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Bitwise Trendwise Bitcoin&TreasRotaStrat has 71.2% of the portfolio in cash.
Assets Under Management
The fund has $14 million in total assets, which is below the $564 million average for the Digital Assets category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
BITC Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Bitwise Trendwise Bitcoin&TreasRotaStrat expense ratio is high compared to funds in the Digital Assets category. Bitwise Trendwise Bitcoin&TreasRotaStrat has an expense ratio of 0.88%, which is 9% lower than its category average, making the fund expense ratio grade a C. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Bitwise Trendwise Bitcoin&TreasRotaStrat has a portfolio turnover rate of 0%, which indicates that it holds its assets around /years. By way of comparison, the average portfolio turnover is 82% for the Digital Assets category.
Recently, in the month of July 2026, Bitwise Trendwise Bitcoin&TreasRotaStrat returned -1.3%, which earned it a grade of D, as the Digital Assets category had an average return of 2.9%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.
Bitwise Trendwise Bitcoin&TreasRotaStrat has a trailing yield of 3.42%, which is below the 15.12% category average.
The fund normally distributes its income annually and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Bitwise Trendwise Bitcoin&TreasRotaStrat Grades
Year to date, the ETF has returned -1.8%, 28.9 percentage points better than the category, which translates into a grade of A. The fund has returned -24.6% over the past year (grade of A) and 30.0% over the past three years (grade of A).
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BITC Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| BITC Return (NAV) | -1.3% | -7.9% | -24.6% | 30.0% | na | na |
| BITC Return (Price) | -1.3% | -7.9% | -24.6% | 29.8% | na | na |
| NAV +/- Price Return | -0.008% | 0.002% | 0.038% | 0.150% | na | na |
| Digital Assets Avg | 2.9% | -16.7% | -32.2% | 6.2% | -17.1% | 54.9% |
| BITC Grade (NAV) | D | B | A | A | na | na |
| +/- Category (NAV) | -4.3% | 8.9% | 7.6% | 23.8% | na | na |
| BITC Tax-Cost Ratio | na | na | 1.3% | 5.3% | na | na |
BITC Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| BITC Return (NAV) | -1.8% | -20.6% | 103.1% | na | na | na | na | na | na | na | na |
| BITC Return (Price) | -1.8% | -20.5% | 102.8% | na | na | na | na | na | na | na | na |
| NAV +/- Price Ret | -0.026% | -0.006% | -0.003% | na | na | na | na | na | na | na | na |
| Digital Assets Avg | -30.7% | -9.9% | 65.8% | 127.8% | -72.3% | 199.4% | 175.1% | 11.8% | -81.4% | 1391.4% | 119.9% |
| BITC Grade (NAV) | A | D | B | na | na | na | na | na | na | na | na |
| +/- Category | 28.9% | -10.7% | 37.3% | na | na | na | na | na | na | na | na |
| Risk Measures | |
| Beta: | na |
| R-Squared: | na |
| Standard Deviation: | na |
| Category Risk Index: | na |
| Category Risk Rating: | |
| Total Risk Index: | na |
| Total Risk Rating: | |
| Portfolio Characteristics | |
| Yield: | 3.4% |
| Total Assets: | $ 14 Mil |
| Share Class Assets: | $ 14 Mil |
| Turnover: | 0.0% |
| Expense Ratio: | 0.88% |
| Index Fund: | No |
| Index Tracked: | S&P 500 (TR) (1970) |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | Annually |
| Income Distribution Frequency: | Annually |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 3.4 years | |||
| Average Tenure: 1.8 years | |||
| Managers (Year): Thornton Jennifer (2023), Padilla Daniela (2026) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 4 |
| % in Top 10 Holdings: | 71.2% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 0.0% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 28.8% |
| Cash: | 71.2% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | Bitwise Investments |
| Phone Number: | 415-707-3663 |
| Website: | |
| Inception Date: | March 20, 2023 |
Expenses and Fees
| Expense Ratio (%): | 0.88% (Rating: High) |
| Category Average Expense Ratio (%): | 0.97% |
