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CoinShares Valkyrie Bitcoin Futures Leveraged Strategy ETF

The Fund seeks daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the S&P CME Bitcoin Futures Excess Return Index. The Fund does not seek to achieve its stated investment objective over a period of time greater than a single day.

  • 01 – Product
  • 02 – Fund Summary
  • 03 – Performance
  • 04 – Details
01Product

Why invest in BTFX?

Daily 2x Leveraged Exposure

BTFX offers leveraged exposure, specifically aiming to deliver twice the daily performance (not the performance of any other period) of the S&P CME Bitcoin Futures Index Excess Return. This provides investors with a potent tool for capitalizing on daily market movements of Bitcoin futures.

Regulated and Accessible

As a traditional ETF structured within a regulated framework, BTFX allows investors to gain daily leveraged exposure to Bitcoin futures markets through a conventional and familiar investment product, traded on Nasdaq.

Managed by specialists

Actively managed since 2014 by a team with hybrid expertise in traditional and digital assets. Supported by CoinShares, creators of the first regulated bitcoin hedge fund and Europe's leading crypto ETP platform.

Product Identity

  • Ticker
  • ISIN

Key Information

    Documents Available

    • Prospectus
    • SAI
    • Quarterly Investment Schedule
    • Proxy Voting Record
    • Semi Annual Report
    • Annual Report
    02 FUND SUMMARY

    BTFX Investment Objective

    BTFX seeks to provide daily investment results, before fees and expenses, that correspond generally to twice the performance of the S&P CME Bitcoin Futures Index Excess Return (BBG Ticker: SPBTCFUE) for a single day, not for any other period. The fund does not invest directly in bitcoin. Instead, the Fund seeks to benefit from increases in the price of Bitcoin Futures Contracts for a single day.

    The S&P CME Bitcoin Futures Index measures the performance of the front-month Bitcoin Futures Contract trading on the CME. The Index is constructed from futures contracts and includes a provision for the replacement of the Index futures contracts as the contracts approach maturity.

    BTFX Holdings

    Data as of:

    BTFX holds the following assets:

    BTFX Performance

    03 PERFORMANCE

    Premium/Discount

    Ex-date
    Days Traded at NAV
    Days Traded at Premium
    Days Traded at Discount

    Key risks

    Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. All results are historical and assume the reinvestment of dividends and capital gains. Shares of ETFs are bought and sold at market price (not NAV) and are not individually redeemed from the Trust. Any applicable brokerage fees and commissions will reduce returns. Read our full disclosure

    04Details

    Key service providers

    AdministratorUS Bancorp Fund Services LLC
    DistributorALPS Distributors, Inc
    CustodianU.S. Bank, N.A.
    AdvisorValkyrie Funds LLC
    SubAdvisorVident Asset Management

    Buy

    Buy BTFX through your favourite broker

    CoinShares Valkyrie ETFs are available through various channels. Reach out to your Financial Advisor for more information.

    CoinShares Valkyrie, CoinShares Co. and CoinShares Valkyrie ETFs are not affiliated with these financial services firms. Their listing should not be viewed as a recommendation or endorsement. Neither ALPS Distributors Inc. or Paralel Distributors LLC are affiliated with any of the companies listed above.

    People Also Ask

    FAQ

    What does BTFX aim to achieve?

    BTFX seeks to provide daily investment results, before fees and expenses, that correspond to twice (2x) the daily performance of the S&P CME Bitcoin Futures Index Excess Return for a single day.

    Does BTFX invest directly in Bitcoin?

    No, BTFX does not invest directly in Bitcoin. It invests in Bitcoin Futures Contracts that are settled in cash and aims to benefit from daily price increases of these contracts.

    Where do the Bitcoin Futures Contracts in BTFX trade?

    The Bitcoin Futures Contracts invested by BTFX trade on the Chicago Mercantile Exchange (CME), which is registered with the Commodity Futures Trading Commission (CFTC).

    How does the fund manage its investments?

    The fund primarily invests in cash-settled Bitcoin Futures Contracts and cash or high-quality securities as collateral. Investments are managed through a subsidiary to optimize tax treatment and compliance with regulatory frameworks.

    Disclosures & Risks

    Investing involves significant risks. The loss of principal is possible. The Fund’s investment objectives, risks, charges and expenses should be considered before investing. The Fund may not be suitable for all investors. The Fund’s prospectus contains this and other important information and can be found at this link:​​
    https://coinshares.com/en/d/etf/prospectus/btfx/. Read it carefully before investing.​​​

    • Leverage Risk. The Fund presents different risks than other types of funds. The Fund is not suitable for all investors and should be used only by knowledgeable investors who understand the consequences of seeking daily leveraged (2x) investment results, including the impact of compounding on Fund performance. The Fund is intended to be used as a short-term trading vehicle. Investors in the Fund should actively manage and monitor their investments, as frequently as daily. The Fund is not intended to be used by, and is not appropriate for, investors who do not actively monitor and manage their portfolio. An investor in the Fund could potentially lose the full value of their investment within a single day. The Fund does not invest directly in Bitcoin. Instead, the Fund seeks to benefit from increases in the price of Bitcoin futures contracts for a single day.

    • Daily Rebalancing Risk. Daily rebalancing and the compounding of each day’s return over time means that the return of the Fund for a period longer than a single day will be the result of each day’s returns compounded over the period. This will very likely differ in amount, and possibly even direction, from twice the return of the Index for the same period. The Fund will lose money if the Index’s performance is flat over time. The Fund can lose money regardless of the performance of the Index, as a result of daily rebalancing, the Index’s volatility, compounding of each day’s return and other factors.

    • Volatility Risk. Bitcoin and Bitcoin futures are a relatively new asset class. They are subject to unique and substantial risks, and historically, have been subject to significant price volatility. The value of an investment in the Fund could decline significantly and without warning, including to zero. You should be prepared to lose your entire investment. The shares in the Fund will change in value, and you could lose money by investing in the Fund. The Fund may not achieve its investment objective.

    • Market Risk. The prices of Bitcoin and Bitcoin futures have historically been highly volatile. The value of the Fund’s investments in Bitcoin futures and other instruments that provide exposure to Bitcoin and Bitcoin futures – and therefore the value of an investment in the Fund – could decline significantly and without warning, including to zero. If you are not prepared to accept significant and unexpected changes in the value of the Fund and the possibility that you could lose your entire investment in the Fund, you should not invest in the Fund. The price and performance of cryptocurrency futures and cryptocurrency-linked instruments or assets should be expected to differ from the current “spot” prices (the prices at which the cryptocurrency can be purchased immediately) of those same currencies. These differences could be significant. Cryptocurrency futures are subject to costs, margin requirements, collateral requirements, and other limits that may negatively impact their performance or the performance of an investment vehicle which utilizes them. Cryptocurrencies are largely unregulated and cryptocurrency-linked investments may be more susceptible to fraud and manipulation than more regulated investments. Cryptocurrencies and cryptocurrency futures are subject to rapid price swings including as a result of actions and statements by influencers and the media, changes in the supply and demand for the cryptocurrency or their futures, and other factors. If a fund’s ability to obtain exposure to cryptocurrency-linked investments consistent with their investment objectives is disrupted for any reason, including as a result of a lack of liquidity, volatility, or a disruption in the cryptocurrency or cryptocurrency futures market, or as a result of margin requirements, position limits, or other conditions, factors, or limitations of a particular fund, the fund may not be able to achieve its investment objective and may experience significant losses. Cryptocurrencies are subject to unique and substantial risks, including significant price volatility and lack of liquidity. The value of a cryptocurrency may decline significantly without warning, including to zero. Cryptocurrencies are largely unregulated and cryptocurrency-linked investments may be more susceptible to fraud and manipulation than more regulated investments. If a fund’s ability to obtain exposure to cryptocurrency-linked investments consistent with their investment objectives is disrupted for any reason, including as a result of a lack of liquidity, volatility, or a disruption in the cryptocurrency or cryptocurrency futures market, or as a result of margin requirements, position limits, or other conditions, factors, or limitations of a particular fund, the fund may not be able to achieve its investment objective and may experience significant losses.