BTF Fees and Costs — Valkyrie Bitcoin and Ether Strategy ETF
Data updated: 2026-08-25
The net expense ratio is 1.27%. There are no sales loads or redemption fees. In fiscal 2024 the fund paid $99K in broker commissions, 0.2306% of average net assets, and portfolio turnover was 0%.
BTF Fees and Expenses
Annual operating expenses and sales charges of BTF. Prospectus, as of January 27, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.95% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.29% |
| Gross expense ratio | 1.27% |
| Fee waiver | — |
| Net expense ratio | 1.27% |
| 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 |
BTF Costs Over Time
On $10,000 invested in BTF, assuming 5% a year before costs, total costs come to $929 over 5 years, cutting the return by 1.58% 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 1.27%) | $133 | $414 | $714 |
| Trading costs (broker commissions) | $24 | $75 | $130 |
| Lost growth on money paid in costs | $0 | $24 | $86 |
| Total costs | $158 | $513 | $929 |
| Value after costs | $10,342 | $11,063 | $11,834 |
| Impact on return, per year | 1.58% | 1.58% | 1.58% |
BTF Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending September 30, 2024.
- Explicit cost rate (commissions ÷ average net assets): 0.2306%
- Total broker commissions: $99K
- Bought from dealers (principal trades, not a cost): $219.3M
- Portfolio turnover (prospectus): 0%
- Securities lending: none during the year
BTF Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Marex Capital Markets, Inc. | $99K | 100.00% |
BTF Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| Morgan Stanley & Co. LLC | $111.7M | 50.92% |
| StoneX Financial, Inc. | $86.9M | 39.60% |
| Goldman Sachs & Co., LLC | $20.8M | 9.48% |
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 Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date.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.