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.
Fund Basics
| Fund sponsor | Valkyrie Funds LLC |
| Category | Global Equities |
| Asset class | Equity |
| Website | link... |
| Inception date | Feb 07, 2022 |
| Assets (mns) | $10 |
| 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
| MARATHON DIGITAL HOLDINGS INC | 10.1 % |
| CLEANSPARK, INC. | 9.9 % |
| RIOT BLOCKCHAIN INC | 9.9 % |
| AEROHIVE NETWORKS INC | 8.6 % |
| BITFARMS LTD. | 8.4 % |
| BIT DIGITAL, INC. | 7.8 % |
| HUT 8 MINING CORP. | 5.4 % |
| APPLIED BLOCKCHAIN INC | 5.1 % |
| TERAWULF INC. | 4.6 % |
| CIPHER MINING INC | 4.3 % |
Constituent Breakdown
| Number of holdings | 19 |
| Herfindahl-Hirschman Index | 655 |
| Wgt avg mkt cap (mns) | $42,514 |
| Large cap (>$10bn) | 6.6% |
| Mid cap ($2-10bn) | 0.0% |
| Small cap (<$2bn) | 85.1% |
| Developed mkts. | 96.9% |
| Emerging mkts. | 3.1% |
Country Exposure
 |
UNITED STATES | 65.9 % |
 |
CANADA | 17.1 % |
 |
AUSTRALIA | 6.9 % |
 |
BRITAIN | 3.3 % |
 |
SOUTH KOREA | 1.6 % |
 |
TAIWAN | 1.3 % |
Historical Performance
Standardized Annual Returns (as of 05/31/2023)
| YTD | 1 YR | 2 YR | 3 YR | 5 YR | 10 YR | Incep. |
|---|---|---|---|---|---|---|
| 147.0% | -22.2% | -- | -- | -- | -- | -50.0% |
Market Correlations
| versus... | Beta | R-squared |
| S&P 500 | 3.06 | 33% |
| MSCI EAFE | 2.72 | 25% |
| MSCI Emg Mkts | 2.09 | 16% |
Liquidity Measures
| Avg. volume (000) | 77 |
| Turnover | 8.1% |
| Avg. Bid/Ask (% of price) | 0.36% |
| ADV of underlying (mns) | $19,466 |
Technical Indicators
| Recent close | $11.02 |
| 30d moving avg. | $10.37 |
| Annualized volatility | 115.7% |
| Relative strength (RSI) | 55 |
| Short interest (ETF) | 10.0% |
| 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. WGMI |
Expenses vs. WGMI |
ALTAR Score™ vs. WGMI |
|---|---|---|---|---|
| BKCH | Global X Blockchain ETF | 55.5% | -25 bp | +93.3% |
| DAPP | VanEck Digital Transformation ETF | 45.0% | -25 bp | +62.5% |
| GFOF | Grayscale Future of Finance ETF | 43.7% | -5 bp | +126.1% |
| SATO | Invesco Alerian Galaxy Crypto Economy ETF | 40.9% | -15 bp | +109.3% |
| BITQ | Bitwise Crypto Industry Innovators ETF | 38.1% | +10 bp | +104.9% |
| IBLC | iShares Blockchain and Tech ETF | 32.3% | -28 bp | +110.9% |
| CRPT | First Trust SkyBridge Crypto Industry and Digital Economy ET | 26.9% | +10 bp | +128.6% |
| FDIG | Fidelity Crypto Industry and Digital Payments ETF | 23.6% | -36 bp | +127.3% |
| STCE | Schwab Crypto Thematic ETF | 21.9% | -45 bp | +123.7% |
| BLOK | Amplify Transformational Data Sharing ETF | 21.4% | -4 bp | +126.3% |
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
| 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 6/2/2023
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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
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
-128.0%
Cat. Avg
3.9%
Fund Category: Global Equities
| Avg. Return on Equity | --% |
| Divided by: Fwd. P/BV | --x |
| Less: Expenses | -- bp |
| Equals: ALTAR Score™ | -128.0% |
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 343 funds in the Global Equities category, with an average ALTAR Score™
of 3.9% and a standard deviation of
4.9%. WGMI's ALTAR Score™ is approximately
26.9 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
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) |
|
|---|---|---|---|
| WGMI | 75.0 | 36.1 | 111.1 |
| Peer Avg. | -- | -- | -- |
For a detailed cost analysis of this and any other ETF use the TCO Comparison Tool .