BITC Fees and Costs — Bitwise Trendwise Bitcoin and Treasuries Rotation Strategy ETF
Data updated: 2026-08-24
The net expense ratio is 0.88% (1.12% before fee waivers). There are no sales loads or redemption fees. In fiscal 2025 the fund paid $15K in broker commissions, 0.0763% of average net assets, and portfolio turnover was 0%.
BITC Fees and Expenses
Annual operating expenses and sales charges of BITC. Prospectus, as of December 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.85% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.24% |
| Gross expense ratio | 1.12% |
| Fee waiver | −0.24% |
| Net expense ratio | 0.88% |
| Sales charges | |
|---|---|
| Max front load | — |
| Max deferred load | — |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | No |
BITC Costs Over Time
On $10,000 invested in BITC, assuming 5% a year before costs, total costs come to $599 over 5 years, cutting the return by 1.00% a year. Illustration, not a forecast: it assumes today's net expense ratio throughout (a fee waiver may end).
| $10,000 invested | Sell after 1 year | Sell after 3 years | Sell after 5 years |
|---|---|---|---|
| Value before costs | $10,500 | $11,576 | $12,763 |
| Fund expenses (net expense ratio 0.88%) | $92 | $288 | $500 |
| Trading costs (broker commissions) | $8 | $25 | $43 |
| Lost growth on money paid in costs | $0 | $16 | $55 |
| Total costs | $100 | $329 | $599 |
| Value after costs | $10,400 | $11,247 | $12,164 |
| Impact on return, per year | 1.00% | 1.00% | 1.00% |
BITC Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending December 31, 2025.
- Explicit cost rate (commissions ÷ average net assets): 0.0763%
- Total broker commissions: $15K
- Bought from dealers (principal trades, not a cost): $410.1M
- Portfolio turnover (prospectus): 0%
- Securities lending: none during the year
BITC Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| MAREX CAPITAL MARKETS INC. | $15K | 100.00% |
BITC Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| BNY MELLON CAPITAL MARKETS, LLC | $295.0M | 71.95% |
| GOLDMAN SACHS & CO. LLC | $61.5M | 15.01% |
| MORGAN STANLEY & CO. LLC | $26.8M | 6.53% |
| CITADEL SECURITIES LLC | $14.9M | 3.63% |
| STONEX FINANCIAL INC. | $6.8M | 1.67% |
| BOFA SECURITIES, INC. | $5.0M | 1.21% |
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.