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Name

As of 01/30/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

VanEck Bitcoin Strategy ETF

XBTF | Active ETF

$39.22

$44.5 M

0.17%

$0.07

0.83%

Vitals

YTD Return

1.1%

1 yr return

67.5%

3 Yr Avg Return

N/A

5 Yr Avg Return

N/A

Net Assets

$44.5 M

Holdings in Top 10

78.3%

52 WEEK LOW AND HIGH

$39.1
$19.98
$42.28

Expenses

OPERATING FEES

Expense Ratio 0.83%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover N/A

Redemption Fee N/A

Min Investment

Standard (Taxable)

N/A

IRA

N/A

Fund Classification

Fund Type

Exchange Traded Fund

Name

As of 01/30/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

VanEck Bitcoin Strategy ETF

XBTF | Active ETF

$39.22

$44.5 M

0.17%

$0.07

0.83%

XBTF - Profile

Distributions

  • YTD Total Return 1.1%
  • 3 Yr Annualized Total Return N/A
  • 5 Yr Annualized Total Return N/A
  • Capital Gain Distribution Frequency N/A
  • Net Income Ratio N/A
DIVIDENDS
  • Dividend Yield 0.2%
  • Dividend Distribution Frequency Annual

Fund Details

  • Legal Name
    VanEck Bitcoin Strategy ETF
  • Fund Family Name
    VANECKFUND
  • Inception Date
    Nov 16, 2021
  • Shares Outstanding
    N/A
  • Share Class
    N/A
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Gregory Krenzer

Fund Description

The Fund is an actively managed exchange-traded fund (“ETF”) that seeks to achieve its investment objective by investing, under normal circumstances, in standardized, cash-settled bitcoin futures contracts (“Bitcoin Futures”) traded on commodity exchanges registered with the Commodity Futures Trading Commission (“CFTC”), such as the Chicago Mercantile Exchange (the “CME”). The Fund does not invest in bitcoin or other digital assets directly.
The Fund seeks to invest in Bitcoin Futures so that the total value of the bitcoin to which the Fund has economic exposure is approximately 100% of the total assets of the Fund (the “Target Exposure”). To the extent that the Fund’s economic exposure to bitcoin exceeds 100% of the net assets of the Fund, the Fund will generally have leveraged exposure to the value of bitcoin. This means that any changes in the value of bitcoin will generally result in proportionally larger changes in the Fund’s net asset value (“NAV”), including the potential for greater losses than if the Fund’s exposure to the value of bitcoin were unleveraged. There can be no assurance that the Fund will be able to achieve or maintain the Target Exposure.
The Fund seeks to achieve and maintain the Target Exposure by using leverage inherent in Bitcoin Futures, and may also obtain leverage in the form of borrowings, which would typically be in the form of loans from banks, and may be on a secured or unsecured basis and at fixed or variable rates of interest. Therefore, the Fund is subject to leverage risk as described further below.
The Adviser may determine to modify the Fund’s exposure to bitcoin in response to extreme market conditions, as determined in the sole discretion of the Adviser, and to avoid exceeding any position limits applicable to Bitcoin Futures established by the CME, another futures exchange or the CFTC. The position limits by a futures exchange prevent any single investor, such as the Fund (together with all other accounts managed by the Adviser required to be aggregated), from holding more than a specified number of Bitcoin Futures. The CME’s current Bitcoin Futures spot-month net position limit is 4,000 contracts and position accountability level is 5,000 contracts. These position limits may prevent the Fund from entering into the desired amount of Bitcoin Futures at times. Because the Fund is new, it does not anticipate that the CME’s and any other futures exchange’s position limits will adversely affect the Fund’s ability to achieve the Target Exposure until the Fund’s assets under management grow significantly. Any modification to the Fund’s exposure to bitcoin may cause the Fund to exit its Bitcoin Futures at disadvantageous times or prices, potentially subjecting the Fund to substantial losses, and prevent the Fund from achieving its investment objective. The Fund may not succeed in achieving or maintaining its Target Exposure, possibly maintaining substantially lower exposure for extended periods of time.
The Fund expects to invest its remaining assets in any one or more of the following to provide liquidity, serve as margin or collateralize the Fund’s investments in Bitcoin Futures: U.S. Treasuries, other U.S. government obligations, money market funds, cash and cash-like equivalents (e.g., high quality commercial paper and similar instruments that are rated investment grade or, if unrated, of comparable quality, as the Adviser determines), mortgage-backed securities issued or guaranteed by U.S. government agencies, instrumentalities or sponsored enterprises of the U.S. government (whether or not the securities are U.S. government securities) (together, “Agency MBS”), municipal debt securities, Treasury inflation-protected securities, sovereign debt obligations of non-U.S. countries, and repurchase agreements (the “Cash and Fixed Income Investments”).
The Fund is classified as a non-diversified fund under the Investment Company Act of 1940, as amended (the “Investment Company Act of 1940”), and, therefore, may invest a greater percentage of its assets in a particular issuer.
Bitcoin and Bitcoin Futures are relatively new asset classes and therefore the Fund’s investments in Bitcoin Futures are subject to unique and substantial risks, including the risk that the value of the Fund’s investments could decline rapidly, including to zero. Bitcoin and Bitcoin Futures have historically been more volatile than traditional asset classes. You should be prepared to lose your entire investment.
The Fund may engage in active and frequent trading of portfolio holdings.
Bitcoin
Bitcoin is a digital asset, the ownership and behavior of which are determined by participants in an online, peer-to-peer network that connects computers that run publicly accessible, or “open source,” software that follows the rules and procedures governing the Bitcoin network, commonly referred to as the Bitcoin protocol. The value of bitcoin and Bitcoin Futures, like the value of other digital assets, and related derivatives, are not backed by any government, corporation or other identified body. Ownership and the ability to transfer or take other actions with respect to bitcoin is protected through public-key cryptography. The supply of bitcoin is constrained formulaically by the Bitcoin protocol instead of being explicitly delegated to an identified body (e.g., a central bank or corporate treasury) to control. Units of bitcoin are treated as fungible, meaning they can be traded or exchanged for one another. Bitcoin and certain other types of digital assets are sometimes referred to as digital currencies or cryptocurrencies. No single entity owns or operates the Bitcoin network, the infrastructure of which is collectively maintained by (1) a decentralized group of participants who run computer software that results in the recording and validation of transactions (commonly referred to as
“miners”), (2) developers who propose improvements to the Bitcoin protocol and the software that enforces the protocol and (3) users who choose what Bitcoin software to run. Bitcoin was released in 2009 and, as a result, there is little data on its long-term investment potential. Bitcoin and Bitcoin Futures are not backed by a government-issued legal tender or other assets or currency.
Bitcoin Futures
Futures contracts are financial contracts the value of which depends on, or is derived from, the underlying reference asset. In the case of Bitcoin Futures, the underlying reference asset is bitcoin. Futures contracts may be physically-settled or cash-settled. The only futures contracts in which the Fund invests are cash-settled Bitcoin Futures traded on commodity exchanges registered with the CFTC, such as the CME. “Cash-settled” means that when the relevant futures contract expires, if the value of the underlying asset exceeds the futures contract price, the seller pays to the purchaser cash in the amount of that excess, and if the futures contract price exceeds the value of the underlying asset, the purchaser pays to the seller cash in the amount of that excess. In a cash-settled futures contract on bitcoin, the amount of cash to be paid is equal to the difference between the value of the bitcoin underlying the futures contract at the close of the last trading day of the contract and the futures contract price specified in the agreement. The CME has specified that the value of bitcoin underlying Bitcoin Futures traded on the CME will be determined by reference to a volume-weighted average of bitcoin trading prices on multiple bitcoin trading venues, as discussed below.
Futures contracts exhibit “futures basis,” which refers to the difference between the current market value of the underlying bitcoin (the “spot” price) and the price of the cash-settled futures contracts. A negative futures basis exists when cash-settled Bitcoin Futures generally trade at a premium to the current market value of bitcoin. If a negative futures basis exists, the Fund’s investments in Bitcoin Futures will generally underperform a direct investment in bitcoin, and, therefore, it may be more difficult for the Fund to maintain the Target Exposure.
Cash and Fixed Income Investments
In addition to the Fund’s Bitcoin Futures, the Fund expects to have significant holdings of Cash and Fixed Income Investments. The Cash and Fixed Income Investments are intended to provide liquidity and to serve as collateral for the Fund’s Bitcoin Futures. The amount of Cash and Fixed Income Investments held by the Fund may change over time and will be determined primarily by the amount needed to seek to achieve or maintain the Target Exposure.
Read More

XBTF - Performance

Return Ranking - Trailing

Period XBTF Return Category Return Low Category Return High Rank in Category (%)
YTD 1.1% -62.5% 107.1% 86.54%
1 Yr 67.5% -89.0% 245.9% N/A
3 Yr N/A* -83.6% 168.8% N/A
5 Yr N/A* -80.0% 108.2% N/A
10 Yr N/A* -100.0% 7.0% N/A

* Annualized

Return Ranking - Calendar

Period XBTF Return Category Return Low Category Return High Rank in Category (%)
2023 130.5% -94.4% 48.5% N/A
2022 -64.7% -58.5% 72.8% N/A
2021 N/A -84.2% 86.0% N/A
2020 N/A -67.0% 1180.0% N/A
2019 N/A -50.0% 90.5% N/A

Total Return Ranking - Trailing

Period XBTF Return Category Return Low Category Return High Rank in Category (%)
YTD 1.1% -70.3% 78.6% 84.62%
1 Yr 67.5% -89.0% 245.9% N/A
3 Yr N/A* -83.6% 168.8% N/A
5 Yr N/A* -80.0% 108.2% N/A
10 Yr N/A* -100.0% 7.0% N/A

* Annualized

Total Return Ranking - Calendar

Period XBTF Return Category Return Low Category Return High Rank in Category (%)
2023 131.2% -94.4% 48.5% N/A
2022 -64.7% -58.5% 72.8% N/A
2021 N/A -84.2% 86.0% N/A
2020 N/A -91.8% 12699.6% N/A
2019 N/A -94.2% 483.4% N/A

XBTF - Holdings

Concentration Analysis

XBTF Category Low Category High XBTF % Rank
Net Assets 44.5 M 161 K 29.3 B 35.29%
Number of Holdings 12 1 34 25.00%
Net Assets in Top 10 34.8 M 0 1.2 B 15.38%
Weighting of Top 10 78.35% 38.4% 100.0% 100.00%

Top 10 Holdings

  1. United States Treasury Bill 11.21%
  2. United States Treasury Bill 8.98%
  3. United States Treasury Bill 8.97%
  4. United States Treasury Bill 8.91%
  5. United States Treasury Bill 8.90%
  6. United States Treasury Bill 6.74%
  7. United States Treasury Bill 6.73%
  8. United States Treasury Bill 6.72%
  9. United States Treasury Bill 6.71%
  10. United States Treasury Bill 4.47%

Asset Allocation

Weighting Return Low Return High XBTF % Rank
Cash 		97.62% -121.66% 150.05% 69.57%
Other 		2.38% -50.05% 149.96% 13.04%
Stocks 		0.00% -0.18% 100.00% 76.60%
Preferred Stocks 		0.00% 0.00% 0.00% 73.91%
Convertible Bonds 		0.00% 0.00% 0.32% 78.26%
Bonds 		0.00% 0.00% 158.15% 25.53%

XBTF - Expenses

Operational Fees

XBTF Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.83% 0.50% 3.00% 98.51%
Management Fee 0.65% 0.00% 3.00% 11.76%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee N/A 0.05% 0.25% N/A

Sales Fees

XBTF Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 3.00% 4.75% N/A
Deferred Load N/A 1.00% 1.00% N/A

Trading Fees

XBTF Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 2.00% 2.00% N/A

Related Fees

Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

XBTF Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover N/A 0.00% 55.00% N/A

XBTF - Distributions

Dividend Yield Analysis

XBTF Category Low Category High XBTF % Rank
Dividend Yield 0.17% 0.00% 18.14% 86.36%

Dividend Distribution Analysis

XBTF Category Low Category High Category Mod
Dividend Distribution Frequency Annual Annually Quarterly Annually

Net Income Ratio Analysis

XBTF Category Low Category High XBTF % Rank
Net Income Ratio N/A -3.07% 1.41% 10.00%

Capital Gain Distribution Analysis

XBTF Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Annually

Distributions History

View More +

XBTF - Fund Manager Analysis

Managers

Gregory Krenzer

Start Date

Tenure

Tenure Rank

Nov 15, 2021

0.54

0.5%

Mr. Krenzer joined VanEck in 1994. He serves as Deputy Portfolio Manager for VanEck’s CM Commodity Index Strategy and Head of Active Equity Trading for VanEck’s Emerging Markets Equity Strategy, Global Hard Assets Strategy and Gold Strategies, specializing in trade construction and execution. Mr. Krenzer is also Deputy Portfolio Manager for VanEck Morningstar Wide Moat Fund. He has over 20 years of experience in investing in commodities, natural resource equities, and global fixed income. Mr. Krenzer is a CFA Charterholder and a member of the CFA Society New York. He earned a BS in Finance with a minor in Economics (Beta Gamma Sigma) from Syracuse University.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.04 16.86 3.85 0.05

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