BTCC Fees and Costs — Grayscale Bitcoin Covered Call ETF
Data updated: 2026-08-31
The net expense ratio is 0.65%. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $372K in broker commissions, 1.8504% of average net assets, and portfolio turnover was 0%.
BTCC Fees and Expenses
Annual operating expenses and sales charges of BTCC. Prospectus, as of December 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.65% |
| 12b-1 fee | — |
| Other expenses | 0.00% |
| Gross expense ratio | 0.65% |
| Fee waiver | — |
| Net expense ratio | 0.65% |
| Sales charges | |
|---|---|
| Max front load | — |
| Max deferred load | — |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | No |
| Fees waived or reduced during the year | No |
| Waived fees subject to recoupment | No |
BTCC Costs Over Time
On $10,000 invested in BTCC, assuming 5% a year before costs, total costs come to $1,518 over 5 years, cutting the return by 2.63% 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 0.65%) | $68 | $210 | $358 |
| Trading costs (broker commissions) | $194 | $597 | $1,019 |
| Lost growth on money paid in costs | $0 | $40 | $141 |
| Total costs | $263 | $847 | $1,518 |
| Value after costs | $10,237 | $10,729 | $11,245 |
| Impact on return, per year | 2.63% | 2.63% | 2.63% |
BTCC 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): 1.8504%
- Total broker commissions: $372K
- Bought from dealers (principal trades, not a cost): $281.3M
- Portfolio turnover (prospectus): 0%
- Securities lending: none during the year
BTCC Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| WILLIAM BLAIR & COMPANY L.L.C. | $265K | 71.16% |
| MAREX CAPITAL MARKETS INC. | $107K | 28.84% |
BTCC Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| MORGAN STANLEY & CO. LLC | $138.9M | 49.39% |
| GOLDMAN SACHS & CO. LLC | $127.9M | 45.46% |
| CITADEL SECURITIES LLC | $14.5M | 5.15% |
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 Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date.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.