BWEB

Bitwise Web3 ETF

BWEB tracks a tier-weighted index of companies connected to the global Web 3.0 industry. The selection process is overseen by a committee.


Rules-Based, Concentrated

MANAGEMENT MATRIX

METV

CLOSEST COMP

FACTOR SCORECARD

SIZE
VALUE
YIELD
MOMENTUM
VOLATILITY
QUALITY
Fund Basics
Fund sponsorBitwise Asset Management, Inc.
CategoryUS Equities
Asset classEquity
Websitelink...
Inception dateOct 04, 2022
Assets (mns)$2
Expense ratio85 bp
CurrencyUSD
Sector Breakdown
Fund Structure
RegulationOpen-Ended Fund
DistributionsAnnually
Taxation1099
Stock selectionCommittee
WeightingTiered
Holdings TransparencyFull
Derivatives-basedNo
Options availableNo
Currency hedgedNo
Fund of fundsNo
Top 10 Holdings Complete list  + 
EQUINIX INC 9.5 %
ROBLOX CORP. CLASS A 8.8 %
COINBASE GLOBAL, INC. CLASS A 8.0 %
UNITY SOFTWARE, INC. 7.3 %
SHOPIFY, INC. CLASS A 6.7 %
META PLATFORMS INC 6.4 %
BLOCK INC. 5.5 %
ELECTRONIC ARTS INC 5.4 %
AKAMAI TECHNOLOGIES 4.7 %
CLOUDFLARE INC CLASS A 4.7 %
Constituent Breakdown
Number of holdings32
Herfindahl-Hirschman Index 544
Wgt avg mkt cap (mns)$118,855
Large cap (>$10bn)88.0%
Mid cap ($2-10bn)4.2%
Small cap (<$2bn)6.0%
Developed mkts.95.4%
Emerging mkts.4.6%
Country Exposure
UNITED STATES 89.0 %
CANADA 7.4 %
CHINA 2.1 %
TAIWAN 1.6 %
Historical Performance


Standardized Annual Returns (as of 01/31/2023)
YTD1 YR2 YR3 YR5 YR10 YRIncep.
25.0% -- -- -- -- -- 35.7%
Market Correlations
versus...BetaR-squared
S&P 5000.000%
MSCI EAFE0.000%
MSCI Emg Mkts0.000%
Liquidity Measures
Avg. volume (000)0
Turnover0.0%
Avg. Bid/Ask (% of price)0.37%
ADV of underlying (mns)$27,333
Technical Indicators
Recent close$30.80
30d moving avg.$24.46
Annualized volatility0.0%
Relative strength (RSI)69
Short interest (ETF)2.7%
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: BWEB 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 -- -- -- -- -- -- --
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Book value 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
  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 --%
3.9 174.5 4.5 0.4% --
Based on closing prices from 2/2/2023
Historical Valuation Trends Sample data. Subscribe for access.

SHOWING:
Price-to-Earnings
BWEB



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™

BWEB

2.0%

Cat. Avg

5.8%

Fund Category: US Equities

Avg. Return on Equity--%
Divided by: Fwd. P/BV--x
Less: Expenses-- bp
Equals: ALTAR Score™2.0%
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 872 funds in the US Equities category, with an average ALTAR Score™ of 5.8% and a standard deviation of 2.7%. BWEB's ALTAR Score™ is approximately 1.4 standard deviations below the category average. This places BWEB in the 8th percentile among funds in the category.
Consensus Recommendation

Sell-side recommendations on the ETF's individual constituents

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



Recent Trends


Breakdown

 

Market Activity
Latest price
Change
Volume
Bid/Ask Spread
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Total Cost of Ownership (TCO) Comparison
Expense (bp)
(A)
Avg. Bid/Ask (bp)
(B)
TCO (bp)
(A)+(B)
BWEB 85.0 36.7 121.7
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.