HBTC Fees and Costs — Fortuna Hedged Bitcoin ETF
Data updated: 2026-07-30
The net expense ratio is 1.97%: a 1.75% management fee plus 0.22% other expenses. There are no sales loads or redemption fees. In fiscal 2026 the fund paid $20K in broker commissions, 2.4017% of average net assets, and portfolio turnover was 0%.
HBTC Fees and Expenses
Annual operating expenses and sales charges of HBTC. Prospectus, as of May 1, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 1.75% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.22% |
| Gross expense ratio | 1.97% |
| Fee waiver | — |
| Net expense ratio | 1.97% |
| 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 |
HBTC Costs Over Time
On $10,000 invested in HBTC, assuming 5% a year before costs, total costs come to $2,556 over 5 years, cutting the return by 4.59% 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 1.97%) | $207 | $623 | $1,043 |
| Trading costs (broker commissions) | $252 | $760 | $1,271 |
| Lost growth on money paid in costs | $0 | $70 | $242 |
| Total costs | $459 | $1,453 | $2,556 |
| Value after costs | $10,041 | $10,123 | $10,207 |
| Impact on return, per year | 4.59% | 4.59% | 4.59% |
HBTC Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending February 28, 2026.
- Explicit cost rate (commissions ÷ average net assets): 2.4017%
- Total broker commissions: $20K
- Bought from dealers (principal trades, not a cost): —
- Portfolio turnover (prospectus): 0%
- Securities lending: none during the year
HBTC Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Goldman Sachs & Co | $12K | 60.26% |
| WOLVERINE EXECUTION SERVICES LLC | $7K | 36.08% |
| STONEX FINANCIAL INC. | $738 | 3.67% |
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 Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date.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.