ETF Evaluator: Fortuna Hedged Bitcoin (HBTC) Follow This ETF

Fortuna Hedged Bitcoin Overview

Fortuna Hedged Bitcoin (HBTC) is an actively managed Miscellaneous Digital Assets exchange-traded fund (ETF). Fortuna Funds, LLC launched the ETF in 2025.

The investment seeks to achieve long-term capital appreciation. The fund is an actively managed exchange-traded fund (“ETF”) that seeks to achieve its investment objective primarily through its options on exchange-traded products that hold bitcoin directly (“bitcoin ETPs”). Under normal circumstances, the fund will invest at least 80% of its net assets (plus the amount of borrowings for investment purposes), directly or indirectly, in investments that provide exposure to bitcoin and/or bitcoin-related investments. The fund is non-diversified.

About Fortuna Hedged Bitcoin (HBTC)

There are 1 members of the management team with an average tenure of 1.37 years: Mark Adams (2025). Management tenure is more important for actively managed ETFs than passive index ETFs.

Fortuna Hedged Bitcoin has 8 securities in its portfolio. The top 10 holdings constitute 96.0% 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.

Fortuna Hedged Bitcoin is part of the Other global asset class and is within the Miscellaneous ETF group. Fortuna Hedged Bitcoin has 0.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 6.5% 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). Fortuna Hedged Bitcoin has 51.8% of the portfolio in cash.

Assets Under Management

The fund has $704 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.

HBTC 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 Fortuna Hedged Bitcoin expense ratio is high compared to funds in the Digital Assets category. Fortuna Hedged Bitcoin has an expense ratio of 1.97%, which is 103% higher than its category average, making the fund expense ratio grade a F. 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. Fortuna Hedged Bitcoin 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, Fortuna Hedged Bitcoin returned 2.0%, which earned it a grade of C, 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.

Fortuna Hedged Bitcoin has a trailing yield of 0.33%, 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.

Fortuna Hedged Bitcoin Grades

Year to date, the ETF has returned -23.0%, 7.8 percentage points better than the category, which translates into a grade of B. The fund has returned -36.3% over the past year (grade of B).

Fortuna Hedged Bitcoin Risk

A basic investment concept is that risk should be rewarded. Standard deviation measures the degree of variation in return experienced relative to the average return for an ETF. It notes the recent volatility of the ETF but does not explain the elements impacting the volatility. For example, portfolio concentration or exposure to foreign investments can impact the volatility and should be examined to gain an understanding of the ETF.

The total risk index relates the volatility of the ETF to the volatility of all ETFs. It can help you understand the volatility of an ETF across all categories. Ratios above 1.00 indicate higher risk than average. Fortuna Hedged Bitcoin has a high total risk index of 0.00 because of its standard deviation of 0.0%.

The category risk index relates the volatility of an ETF to the average volatility for ETFs in the same investment category. Fortuna Hedged Bitcoin has a high category risk of 0.00, giving it a category risk grade of NA. Letter grades of A, B, C, D and F are based upon these relative rankings.