WGMI
Valkyrie Bitcoin Miners ETF
WGMI provides active exposure to companies that derive at least 50% of their revenue from bitcoin mining operations and/or services related to bitcoin mining.
Global
EQUITY
Active
MANAGEMENT STYLE
75 bp
EXPENSES
$131.6 M
ASSETS UNDER MGMT
Fund Basics
| Fund sponsor | Valkyrie Funds LLC |
| Category | Global |
| Asset class | Equity |
| Website | link... |
| Inception date | Feb 07, 2022 |
| Assets (mns) | $132 |
| Expense ratio | 75 bp |
| Currency | USD |
Sector Breakdown
Fund Structure
| Regulation | Open-Ended Fund |
| Distributions | Annually |
| Taxation | 1099 |
| Stock selection | Proprietary |
| Weighting | Proprietary |
| Holdings Transparency | Full |
| Derivatives-based | No |
| Options available | Yes |
| Currency hedged | No |
| Fund of funds | No |
Top 10 Holdings
| IRIS ENERGY LTD. | 15.0 % |
| CLEANSPARK, INC. | 12.7 % |
| CIPHER MINING INC | 11.1 % |
| CORE SCIENTIFIC, INC. | 9.8 % |
| AEROHIVE NETWORKS INC | 5.6 % |
| RIOT BLOCKCHAIN INC | 5.3 % |
| TERAWULF INC. | 5.1 % |
| HUT 8 CORP | 5.1 % |
| MARATHON DIGITAL HOLDINGS INC | 5.0 % |
| BIT DIGITAL, INC. | 4.8 % |
Constituent Breakdown
| Number of holdings | 17 |
| Herfindahl-Hirschman Index | 934 |
| Wgt avg mkt cap (mns) | $16,826 |
| Large cap (>$10bn) | 5.0% |
| Mid cap ($2-10bn) | 0.0% |
| Small cap (<$2bn) | 95.0% |
| Developed mkts. | 99.3% |
| Emerging mkts. | 0.7% |
Country Exposure
 |
UNITED STATES | 64.8 % |
 |
AUSTRALIA | 15.7 % |
 |
CANADA | 10.4 % |
 |
BRITAIN | 1.8 % |
Historical Performance
Standardized Performance (as of 06/30/2024)
| YTD | 1 YR | 2 YR | 3 YR | 5 YR | 10 YR | Incep. | |
|---|---|---|---|---|---|---|---|
| Total Returns | 9.5% | 52.0% | 49.3% | -- | -- | -- | -11.5% | Volatility | 90.0% | 84.6% | 83.4% | -- | -- | -- | -- |
Market Correlations
| versus... | Beta | R-squared |
| S&P 500 | 3.60 | 40% |
| MSCI EAFE | 3.18 | 31% |
| MSCI Emg Mkts | 2.97 | 28% |
Liquidity Measures
| Avg. volume (000) | 409 |
| Turnover | 6.7% |
| Avg. Bid/Ask (% of price) | 0.31% |
| ADV of underlying (mns) | $41,866 |
Technical Indicators
| Recent close | $21.57 |
| 30d moving avg. | $23.05 |
| Annualized volatility | 107.3% |
| Relative strength (RSI) | 64 |
| Short interest (ETF) | 7.6% |
| 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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Comparable ETFs Based on Overlap
| Ticker | Fund Name | Overlap vs. WGMI |
Expenses vs. WGMI |
ALTAR Score™ vs. WGMI |
|---|---|---|---|---|
| BKCH | Global X Blockchain ETF | 53.9% | -25 bp | +3.3% |
| IBLC | iShares Blockchain and Tech ETF | 46.0% | -28 bp | +6.1% |
| DAPP | VanEck Digital Transformation ETF | 41.6% | -25 bp | +5.4% |
| GFOF | Grayscale Future of Finance ETF | 37.0% | -5 bp | +7.2% |
| FDIG | Fidelity Crypto Industry and Digital Payments ETF | 33.9% | -36 bp | +6.3% |
| CRPT | First Trust SkyBridge Crypto Industry & Digital Economy ETF | 32.4% | +10 bp | +6.0% |
| BITQ | Bitwise Crypto Industry Innovators ETF | 32.2% | +10 bp | +5.5% |
| SATO | Invesco Alerian Galaxy Crypto Economy ETF | 30.9% | -14 bp | +6.0% |
| BLOK | Amplify Transformational Data Sharing ETF | 26.8% | 0 bp | +7.9% |
| BLKC | Invesco Alerian Galaxy Blockchain Users and Decentralized Co | 15.6% | -14 bp | +9.7% |
Risk and Returns: WGMI 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
WGMI
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™
WGMI
-7.0%
Cat. Avg
4.0%
Fund Category: Global
| Avg. Return on Equity | --% |
| Divided by: Fwd. P/BV | --x |
| Less: Expenses | -- bp |
| Equals: ALTAR Score™ | -7.0% |
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 352 funds in the Global category, with an average ALTAR Score™
of 4.0% and a standard deviation of
4.8%. WGMI's ALTAR Score™ is approximately
2.3 standard deviations
below
the category average. This places WGMI in the 1st percentile among funds in the category.
Consensus Recommendation
Sell-side recommendations on the ETF's individual constituents
Composite
WGMI
Peer Average
Recent Trends
SELL
U/W
HOLD
O/W
BUY
Recent Trends
Breakdown
Expense Analysis
| Peer Group | Active Global Equity ETFs |
| # of ETFs | 118 |
| Avg. Expense Ratio | 73.5 bp |
| Std. Deviation | 29.8 bp |
| WGMI (75 bp) Percentile rank | 52 |
Peer Group Expense Ratio Distribution
Total Cost of Ownership (TCO) Comparison
| Expense (bp) (A) |
Avg. Bid/Ask (bp) (B) |
TCO (bp) (A)+(B) |
|
|---|---|---|---|
| WGMI | 75.0 | 30.9 | 105.9 |
| Peer Avg. | 77.1 | 49.6 | 126.6 |
For a detailed cost analysis of this and any other ETF use the TCO Comparison Tool .