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.
US
EQUITY
Rules-Based
MANAGEMENT STYLE
3.2 M
ASSETS UNDER MGMT
85 bp
EXPENSES
Fund Basics
| Fund sponsor | Bitwise Asset Management, Inc. |
| Category | US |
| Asset class | Equity |
| Website | link... |
| Inception date | Oct 04, 2022 |
| Assets (mns) | $3 |
| 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 | No |
| Currency hedged | No |
| Fund of funds | No |
Top 10 Holdings
Complete list +
| ROBLOX CORP. CLASS A | 9.1 % |
| EQUINIX INC | 8.2 % |
| COINBASE GLOBAL, INC. CLASS A | 8.0 % |
| SHOPIFY, INC. CLASS A | 7.8 % |
| META PLATFORMS INC | 7.6 % |
| CLOUDFLARE INC CLASS A | 4.8 % |
| ELECTRONIC ARTS INC | 4.8 % |
| MARATHON DIGITAL HOLDINGS INC | 4.3 % |
| BLOCK INC. | 4.2 % |
| TAKE-TWO INTERACTIVE SOFTWRE | 4.1 % |
Constituent Breakdown
| Number of holdings | 43 |
| Herfindahl-Hirschman Index | 509 |
| Wgt avg mkt cap (mns) | $281,308 |
| Large cap (>$10bn) | 80.9% |
| Mid cap ($2-10bn) | 8.1% |
| Small cap (<$2bn) | 11.0% |
| Developed mkts. | 96.4% |
| Emerging mkts. | 3.6% |
Country Exposure
 |
UNITED STATES | 83.4 % |
 |
CANADA | 8.9 % |
 |
FRANCE | 2.6 % |
 |
CHINA | 1.8 % |
 |
TAIWAN | 1.5 % |
 |
GERMANY | 1.1 % |
 |
AUSTRALIA | 0.9 % |
Historical Performance
Standardized Performance (as of 09/30/2024)
| YTD | 1 YR | 2 YR | 3 YR | 5 YR | 10 YR | Incep. | |
|---|---|---|---|---|---|---|---|
| Total Returns | 4.5% | 48.9% | -- | -- | -- | -- | 38.6% | Volatility | 31.7% | 30.9% | -- | -- | -- | -- | -- |
Market Correlations
| versus... | Beta | R-squared |
| S&P 500 | 2.46 | 71% |
| MSCI EAFE | 2.00 | 50% |
| MSCI Emg Mkts | 2.38 | 71% |
Liquidity Measures
| Avg. volume (000) | 0 |
| Turnover | 0.0% |
| Avg. Bid/Ask (% of price) | 0.21% |
| ADV of underlying (mns) | $62,579 |
Technical Indicators
| Recent close | $49.56 |
| 30d moving avg. | $44.27 |
| Annualized volatility | 40.3% |
| Relative strength (RSI) | 55 |
| Short interest (ETF) | 0.0% |
| 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. BWEB |
Expenses vs. BWEB |
ALTAR Score™ vs. BWEB |
|---|---|---|---|---|
| ARKW | ARK Next Generation Internet ETF | 34.9% | +2 bp | -1.6% |
| GFOF | Grayscale Future of Finance ETF | 32.6% | -15 bp | -0.8% |
| BKCH | Global X Blockchain ETF | 32.5% | -35 bp | -4.1% |
| ARKK | ARK Innovation ETF | 30.7% | -10 bp | -4.5% |
| ARKF | ARK Fintech Innovation ETF | 30.4% | -10 bp | -1.3% |
| BLOK | Amplify Transformational Data Sharing ETF | 30.0% | -10 bp | -0.8% |
| METV | Roundhill Ball Metaverse ETF | 29.9% | -26 bp | +3.3% |
| IBLC | iShares Blockchain and Tech ETF | 29.2% | -38 bp | -2.8% |
| DAPP | VanEck Digital Transformation ETF | 29.2% | -35 bp | -4.5% |
| CRPT | First Trust SkyBridge Crypto Industry & Digital Economy ETF | 27.9% | 0 bp | -4.5% |
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
| 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 10/22/2024
Peer Group Comparison Sample data. Subscribe for access.
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
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 Rating
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.
ALTAR Score™
BWEB
0.9%
Cat. Avg
5.5%
ALTAR Score™ Calculation
Category Overview
There are 933 funds in the US Equity category, with an average ALTAR Score™
of 5.5% and a standard deviation of
2.4%. BWEB's ALTAR Score™ is approximately
1.9 standard deviations
below
the category average. This places BWEB in the 3rd percentile among funds in the category.
Sell Side Consensus Rating
Sell-side recommendations on the ETF's individual constituents
BWEBSELL
U/W
HOLD
O/W
BUY
Expense Analysis
| Peer Group | Rules-Based US Equity ETFs |
| # of ETFs | 609 |
| Avg. Expense Ratio | 46.6 bp |
| Std. Deviation | 32.9 bp |
| BWEB (85 bp) Percentile rank | 88 |
Peer Group Expense Ratio Distribution
Total Cost of Ownership (TCO) Comparison
| Expense (bp) (A) |
Avg. Bid/Ask (bp) (B) |
TCO (bp) (A)+(B) |
|
|---|---|---|---|
| BWEB | 85.0 | 20.5 | 105.5 |
| Peer Avg. | 44.1 | 16.7 | 60.9 |
For a detailed cost analysis of this and any other ETF use the TCO Comparison Tool .