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.
Fund Basics
| Fund sponsor | Exchange Traded Concepts |
| Category | Global Equities |
| Asset class | Equity |
| Website | link... |
| Inception date | May 12, 2021 |
| Assets (mns) | $72 |
| 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
| APPLIED BLOCKCHAIN INC | 11.2 % |
| GALAXY DIGITAL HOLDINGS LTD. | 8.9 % |
| MICROSTRATEGY INC-CL A | 8.7 % |
| COINBASE GLOBAL, INC. CLASS A | 7.1 % |
| NORTHERN DATA AG | 6.7 % |
| RIOT BLOCKCHAIN INC | 5.9 % |
| CLEANSPARK, INC. | 5.2 % |
| BIT DIGITAL, INC. | 5.2 % |
| MARATHON DIGITAL HOLDINGS INC | 5.0 % |
| BITFARMS LTD. | 4.4 % |
Constituent Breakdown
| Number of holdings | 27 |
| Herfindahl-Hirschman Index | 570 |
| Wgt avg mkt cap (mns) | $15,732 |
| Large cap (>$10bn) | 16.1% |
| Mid cap ($2-10bn) | 9.9% |
| Small cap (<$2bn) | 62.7% |
| Developed mkts. | 96.4% |
| Emerging mkts. | 3.6% |
Country Exposure
 |
UNITED STATES | 70.2 % |
 |
CANADA | 12.5 % |
 |
GERMANY | 6.7 % |
 |
AUSTRALIA | 3.0 % |
 |
CHINA | 2.4 % |
 |
CAYMAN ISLANDS | 1.6 % |
 |
BRITAIN | 1.1 % |
 |
ARGENTINA | 1.1 % |
 |
SINGAPORE | 1.0 % |
Historical Performance
Standardized Annual Returns (as of 05/31/2023)
| YTD | 1 YR | 2 YR | 3 YR | 5 YR | 10 YR | Incep. |
|---|---|---|---|---|---|---|
| 108.3% | -20.0% | -42.9% | -- | -- | -- | -42.9% |
Market Correlations
| versus... | Beta | R-squared |
| S&P 500 | 2.69 | 38% |
| MSCI EAFE | 1.86 | 16% |
| MSCI Emg Mkts | 1.12 | 6% |
Liquidity Measures
| Avg. volume (000) | 89 |
| Turnover | 0.8% |
| Avg. Bid/Ask (% of price) | 0.47% |
| ADV of underlying (mns) | $8,961 |
Technical Indicators
| Recent close | $6.70 |
| 30d moving avg. | $6.58 |
| Annualized volatility | 83.1% |
| Relative strength (RSI) | 56 |
| Short interest (ETF) | 1.8% |
| 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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Comparable ETFs Based on Overlap
| Ticker | Fund Name | Overlap vs. BITQ |
Expenses vs. BITQ |
ALTAR Score™ vs. BITQ |
|---|---|---|---|---|
| BKCH | Global X Blockchain ETF | 63.8% | -35 bp | -13.0% |
| DAPP | VanEck Digital Transformation ETF | 62.5% | -35 bp | -44.8% |
| SATO | Invesco Alerian Galaxy Crypto Economy ETF | 57.4% | -25 bp | +4.8% |
| GFOF | Grayscale Future of Finance ETF | 56.5% | -15 bp | +22.6% |
| CRPT | First Trust SkyBridge Crypto Industry and Digital Economy ET | 43.0% | 0 bp | +25.3% |
| BLOK | Amplify Transformational Data Sharing ETF | 39.4% | -14 bp | +22.9% |
| WGMI | Valkyrie Bitcoin Miners ETF | 38.1% | -10 bp | -112.2% |
| IBLC | iShares Blockchain and Tech ETF | 34.2% | -38 bp | +6.2% |
| STCE | Schwab Crypto Thematic ETF | 30.4% | -55 bp | +20.2% |
| FDIG | Fidelity Crypto Industry and Digital Payments ETF | 30.0% | -46 bp | +23.9% |
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
| 2018 | 2019 | 2020 | 2021 | 2022 | 2023E | 2024E | ||
|---|---|---|---|---|---|---|---|---|
| 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
| 2022 | 2023E | Fwd Est | 2024E | |
| 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 6/7/2023
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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
-24.6%
Cat. Avg
3.9%
Fund Category: Global Equities
| Avg. Return on Equity | --% |
| Divided by: Fwd. P/BV | --x |
| Less: Expenses | -- bp |
| Equals: ALTAR Score™ | -24.6% |
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 343 funds in the Global Equities category, with an average ALTAR Score™
of 3.9% and a standard deviation of
4.9%. BITQ's ALTAR Score™ is approximately
5.8 standard deviations
below
the category average. This places BITQ in the 1st 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
Market Activity
| Latest price | |
| Change | |
| Volume | |
| Bid/Ask Spread | |
| Update |
Today's Trading
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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 | 46.5 | 131.5 |
| Peer Avg. | -- | -- | -- |
For a detailed cost analysis of this and any other ETF use the TCO Comparison Tool .