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.


Rules-Based, Concentrated

MANAGEMENT MATRIX

BKCH

CLOSEST COMP

FACTOR SCORECARD

SIZE
VALUE
YIELD
MOMENTUM
VOLATILITY
QUALITY
Fund Basics
Fund sponsorExchange Traded Concepts
CategoryGlobal Equities
Asset classEquity
Websitelink...
Inception dateMay 12, 2021
Assets (mns)$138
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
MICROSTRATEGY INC-CL A 15.2 %
MARATHON DIGITAL HOLDINGS INC 14.6 %
COINBASE GLOBAL, INC. CLASS A 11.4 %
BITFARMS LTD. 5.8 %
GALAXY DIGITAL HOLDINGS LTD. 5.1 %
NORTHERN DATA AG 4.1 %
RIOT BLOCKCHAIN INC 3.5 %
CLEANSPARK, INC. 3.2 %
HIVE BLOCKCHAIN TECHNOLOGIES LTD 2.7 %
HUT 8 MINING CORP. 2.6 %
Constituent Breakdown
Number of holdings35
Herfindahl-Hirschman Index 737
Wgt avg mkt cap (mns)$27,298
Large cap (>$10bn)40.5%
Mid cap ($2-10bn)20.5%
Small cap (<$2bn)39.0%
Developed mkts.93.9%
Emerging mkts.6.1%
Country Exposure
UNITED STATES 68.6 %
CANADA 11.2 %
GERMANY 5.3 %
CHINA 4.8 %
AUSTRALIA 2.5 %
CAYMAN ISLANDS 1.5 %
SINGAPORE 1.2 %
ARGENTINA 1.1 %
Historical Performance


Standardized Annual Returns (as of 02/29/2024)
YTD1 YR2 YR3 YR5 YR10 YRIncep.
0.0% 120.3% -15.8% -- -- -- -19.9%
Market Correlations
versus...BetaR-squared
S&P 5002.9343%
MSCI EAFE2.3225%
MSCI Emg Mkts1.7515%
Liquidity Measures
Avg. volume (000)271
Turnover2.6%
Avg. Bid/Ask (% of price)0.49%
ADV of underlying (mns)$13,464
Technical Indicators
Recent close$13.08
30d moving avg.$8.36
Annualized volatility82.6%
Relative strength (RSI)68
Short interest (ETF)1.6%
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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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 --%
3.3 -103.6 3.5 0.4% --
Based on closing prices from 3/27/2024
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 Fund Rating

Our measure of an ETF's overall investment merit

ALTAR Score™

BITQ

-4.2%

Cat. Avg

3.6%

Fund Category: Global Equities

Avg. Return on Equity--%
Divided by: Fwd. P/BV--x
Less: Expenses-- bp
Equals: ALTAR Score™-4.2%
Recommendation

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.

Category Overview
There are 340 funds in the Global Equities category, with an average ALTAR Score™ of 3.6% and a standard deviation of 4.7%. BITQ's ALTAR Score™ is approximately 1.7 standard deviations below the category average. This places BITQ in the 5th percentile among funds in the category.
Consensus Recommendation

Sell-side recommendations on the ETF's individual constituents

Composite
BITQ
Peer Average
SELL
U/W
HOLD
O/W
BUY



Recent Trends


Breakdown

 

Market Activity
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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. -- -- --
  For a detailed cost analysis of this and any other ETF use the TCO Comparison Tool .
Fundamental data for individual fund constituents sourced from FactSet Research Systems.