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
85 bp
EXPENSES
$145.2 M
ASSETS UNDER MGMT
Fund Basics
| Fund sponsor | Exchange Traded Concepts |
| Category | Global |
| Asset class | Equity |
| Website | link... |
| Inception date | May 12, 2021 |
| Assets (mns) | $145 |
| Expense ratio | 85 bp |
| Currency | USD |
Sector Breakdown
Fund Structure
| Regulation | Open-Ended Fund |
| Distributions | Annually |
| Taxation | 1099 |
| Stock selection | Committee |
| Weighting | Tiered |
| Holdings Transparency | Full |
| Derivatives-based | No |
| Options available | Yes |
| Currency hedged | No |
| Fund of funds | No |
Top 10 Holdings
| MICROSTRATEGY INC-CL A | 12.0 % |
| COINBASE GLOBAL, INC. CLASS A | 10.3 % |
| MARATHON DIGITAL HOLDINGS INC | 6.3 % |
| IRIS ENERGY LTD. | 4.8 % |
| CIPHER MINING INC | 4.3 % |
| GALAXY DIGITAL HOLDINGS LTD. | 4.2 % |
| CLEANSPARK, INC. | 3.9 % |
| BITFARMS LTD. | 3.9 % |
| TERAWULF INC. | 3.7 % |
| RIOT BLOCKCHAIN INC | 2.9 % |
Constituent Breakdown
| Number of holdings | 35 |
| Herfindahl-Hirschman Index | 572 |
| Wgt avg mkt cap (mns) | $26,124 |
| Large cap (>$10bn) | 42.6% |
| Mid cap ($2-10bn) | 5.6% |
| Small cap (<$2bn) | 51.8% |
| Developed mkts. | 94.3% |
| Emerging mkts. | 5.7% |
Country Exposure
 |
UNITED STATES | 60.5 % |
 |
AUSTRALIA | 4.8 % |
 |
GERMANY | 4.5 % |
 |
CANADA | 3.9 % |
 |
CHINA | 3.1 % |
 |
SINGAPORE | 1.5 % |
 |
CAYMAN ISLANDS | 1.4 % |
 |
ARGENTINA | 1.3 % |
Historical Performance
Standardized Performance (as of 06/30/2024)
| YTD | 1 YR | 2 YR | 3 YR | 5 YR | 10 YR | Incep. | |
|---|---|---|---|---|---|---|---|
| Total Returns | 2.0% | 49.1% | 47.0% | -19.8% | -- | -- | -17.5% | Volatility | 69.3% | 65.2% | 70.8% | 70.3% | -- | -- | -- |
Market Correlations
| versus... | Beta | R-squared |
| S&P 500 | 3.03 | 44% |
| MSCI EAFE | 2.41 | 26% |
| MSCI Emg Mkts | 1.96 | 18% |
Liquidity Measures
| Avg. volume (000) | 94 |
| Turnover | 0.9% |
| Avg. Bid/Ask (% of price) | 0.49% |
| ADV of underlying (mns) | $21,002 |
Technical Indicators
| Recent close | $13.86 |
| 30d moving avg. | $14.26 |
| Annualized volatility | 82.5% |
| Relative strength (RSI) | 61 |
| Short interest (ETF) | 1.0% |
| 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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Comparable ETFs Based on Overlap
| Ticker | Fund Name | Overlap vs. BITQ |
Expenses vs. BITQ |
ALTAR Score™ vs. BITQ |
|---|---|---|---|---|
| DAPP | VanEck Digital Transformation ETF | 55.5% | -35 bp | -0.1% |
| BKCH | Global X Blockchain ETF | 54.2% | -35 bp | -2.1% |
| CRPT | First Trust SkyBridge Crypto Industry & Digital Economy ETF | 51.6% | 0 bp | +0.5% |
| GFOF | Grayscale Future of Finance ETF | 51.1% | -15 bp | +1.8% |
| SATO | Invesco Alerian Galaxy Crypto Economy ETF | 46.6% | -24 bp | +0.5% |
| IBLC | iShares Blockchain and Tech ETF | 44.6% | -38 bp | +0.6% |
| FDIG | Fidelity Crypto Industry and Digital Payments ETF | 43.8% | -46 bp | +0.9% |
| BLOK | Amplify Transformational Data Sharing ETF | 36.5% | -10 bp | +2.5% |
| WGMI | Valkyrie Bitcoin Miners ETF | 32.2% | -10 bp | -5.5% |
| STCE | Schwab Crypto Thematic ETF | 28.0% | -55 bp | +3.6% |
Risk and Returns: BITQ vs. Comps (1 YR)
Notes: Top 10 overlapping ETFs. Funds with insufficient history not shown. Some funds may overlap. Hover over data point for ticker symbol.
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Results & Estimates
| 2019 | 2020 | 2021 | 2022 | 2023 | 2024E | 2025E | ||
|---|---|---|---|---|---|---|---|---|
| Sales per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Earnings per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Dividends per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Book value per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- |
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 | --% |
Based on closing prices from 7/25/2024
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Price-to-Earnings
Price-to-Sales
Price-to-Book Value
Price-to-Cash Flow
Price-to-Growth
Dividend Yield
Historical Valuation Trends Sample data. Subscribe for access.
SHOWING:
Price-to-Earnings
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
-1.5%
Cat. Avg
4.0%
Fund Category: Global
| Avg. Return on Equity | --% |
| Divided by: Fwd. P/BV | --x |
| Less: Expenses | -- bp |
| Equals: ALTAR Score™ | -1.5% |
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 352 funds in the Global category, with an average ALTAR Score™
of 4.0% and a standard deviation of
4.8%. BITQ's ALTAR Score™ is approximately
1.2 standard deviations
below
the category average. This places BITQ in the 13rd percentile among funds in the category.
Consensus Recommendation
Sell-side recommendations on the ETF's individual constituents
Composite
BITQ
Peer Average
Recent Trends
SELL
U/W
HOLD
O/W
BUY
Recent Trends
Breakdown
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. | 56.7 | 40.3 | 97.0 |
For a detailed cost analysis of this and any other ETF use the TCO Comparison Tool .