BTFX Fees and Costs — Valkyrie Bitcoin Futures Leveraged Strategy ETF
Data updated: 2025-11-28
The net expense ratio is 1.86%: a 1.85% management fee plus 0.40% other expenses, less a 0.40% fee waiver. There are no sales loads or redemption fees. In fiscal 2024 the fund paid $73K in broker commissions, 0.2374% of average net assets, and portfolio turnover was 0%.
BTFX Fees and Expenses
Annual operating expenses and sales charges of BTFX. Prospectus, as of January 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 1.85% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.40% |
| Gross expense ratio | 2.26% |
| Fee waiver | −0.40% |
| Net expense ratio | 1.86% |
| 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 |
BTFX Costs Over Time
On $10,000 invested in BTFX, assuming 5% a year before costs, total costs come to $1,283 over 5 years, cutting the return by 2.20% 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 1.86%) | $195 | $602 | $1,033 |
| Trading costs (broker commissions) | $25 | $77 | $132 |
| Lost growth on money paid in costs | $0 | $34 | $119 |
| Total costs | $220 | $713 | $1,283 |
| Value after costs | $10,280 | $10,863 | $11,479 |
| Impact on return, per year | 2.20% | 2.20% | 2.20% |
BTFX 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): 0.2374%
- Total broker commissions: $73K
- Bought from dealers (principal trades, not a cost): $68.4M
- Portfolio turnover (prospectus): 0%
- Securities lending: none during the year
BTFX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Marex Capital Markets, Inc. | $73K | 100.00% |
BTFX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| Goldman Sachs & Co., LLC | $23.9M | 35.01% |
| StoneX Financial, Inc. | $22.5M | 32.88% |
| Morgan Stanley & Co. LLC | $21.0M | 30.65% |
| Marex Capital Markets, Inc. | $997K | 1.46% |
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.