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BTF

GradeCNASDAQ

CoinShares Bitcoin and Ether ETF

Crypto derivatives · Crypto · CoinShares · Inception 2021-10-21 · SEC filings

This fund gets its cryptocurrency exposure through futures contracts rather than holding coins directly. Futures-based returns can differ from the spot price of the coin.

$23.65−0.43 (−1.78%)

As of Sep 23, 2026, 3:08 PM EDT

History starts Oct 22, 2021.
Intraday session: down, 60 prints from 24.08 to 23.65. Range 23.19 to 24.30. Use the arrow keys to read each point.$23.25$23.50$24.00$24.2510 AM12 PM2 PM4 PM
Expense ratio
1.27%
Fund size
$18M
1Y return
−29.8%
Yield · Last 12 months
155.70%
Holdings
5
Volume · 30D
0M sh
NAV per share
$24.24
52W range
low $15.00high $97.10

The ETF.net BTF Grade

C

38/ 100

Rank 9 of 11 in Crypto Derivatives⁠

Confidence Low

Six-pillar profile for BTF. Scores out of 100: Cost 30, Risk 47, Mission not scored, Tradability 39, Holdings not scored, Durability 61. Strongest: Durability (61). Weakest: Cost (30). Based on 4 of 6 pillars.
F< 25
D≥ 25
C≥ 40
B≥ 55
A≥ 70

Score 38 of 100 sits in the C band. Bands: A ≥ 70, B ≥ 55, C ≥ 40, D ≥ 25, F < 25; the scale skips E.

  • Cost

    What you pay to own it — the expense ratio plus trading frictions, ranked within its category.
    DScore 30
    Category rank8/11 · mid-pack

  • Mission

    How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.
    Not scored
    —

  • Risk

    How violently it can move — volatility, drawdown depth, and downside capture versus its category.
    CScore 47
    Category rank7/11 · mid-pack

  • Tradability

    How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.
    DScore 39
    Category rank7/11 · mid-pack

  • Holdings

    What it actually owns — the quality, breadth, and concentration of the underlying portfolio.
    Not scored
    —

  • Durability

    Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.
    BScore 61
    Category rank7/11 · mid-pack

Graded as of Sep 22, 2026 · Based on 4 of 6 pillars

Our read on BTF

ETF.net Research

CBitcoin and ether in one ticker, the futures way: BTF takes its exposure through futures held in a subsidiary rather than owning the coins. Trading since 2021, and it charges a premium for the convenience.

Stated mandate

The Fund seeks exposure to bitcoin and ether futures markets through an investment in a subsidiary rather than by directly investing in bitcoin or ether.

Why people hold it

  1. 01Two majors, one line item: the fund seeks bitcoin and ether futures exposure, so you skip wallets, keys and crypto exchange accounts.
  2. 02Gets there through an investment in a subsidiary instead of buying coins directly, a structure spelled out in the fund's own registration filings.
  3. 03Launched in October 2021, so it carries a multi-year operating record in a cohort where many products are far newer.
  4. 04Distributions run on a quarterly cadence, and the fund comes from a crypto-native issuer rather than a generalist shop.

Worth knowing

  1. 01Fee is 1.27% a year, above the median for futures-based crypto funds. ProShares' bitcoin and ether futures products (BETE, BETH, EETH) sit at the cheaper end of the same cohort.
  2. 02Futures, not spot: pricing follows the futures market, which can sit above or below the coin price, so results can diverge from bitcoin and ether themselves.
  3. 03A small fund that trades lightly, so spreads can be wider than at the bigger names in the category. Limit orders matter more here.

BTF Holdings

As of Sep 21, 2026, 4:21 AM
Asset class
Other
Holdings
5
Top-10 weight
100%
Largest holding
CME Bitcoin Fut Sep2625.2%
The fund’s holdings, weight-ordered — page 1 of 1.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001—CME Bitcoin Fut Sep2625.23%21$8M4
002—CME Ether Future Sep2624.60%64$8M3
003—Cash & Other24.01%7,656,806$8M674
004—United States Treasury Bill 10/29/202623.42%7,500,000$7M35
005—First American Treasury Obligations Fund 01/01/20402.74%874,561$875K147

Showing 1–5 of 5 holdings

BTF Performance

Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.

BTF$7,020
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,723
Sep 22, 2025 to Sep 22, 2026. BTF $7,020. SPY $11,723. Use the arrow keys to read each point.$3,847$8,097$12,348Sep 2025Mar 2026Sep 2026

Sep 22, 2025 – Sep 22, 2026

Returns run to the Sep 22, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.

Trailing total return for BTF. Periods over one year show the average yearly return.
PeriodBTF
Year to date−6.9%
1 month+12.9%
3 months+43.9%
1 year−29.8%
3 years+22.6%per year
5 yearsFund is under 5 years old—per year
10 yearsFund is under 10 years old—per year

As of the close, with distributions reinvested.

Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.

Annual total returns for BTF
YearReturn barBTF
2026 YTD−6.9%
2025−10.8%
2024+63.3%
2023+102.4%
2022−63.1%
2021−26.4%

History from Oct 22, 2021

BTF in the news

BTF Dividends

Adds up every distribution paid per share over the last 12 months, divided by the last completed close. Distributions are counted by ex-date. Data through Sep 22, 2026.
155.70%Last 12 months
Payout per share
$37.49Last 12 months
Last payment
$0.05 per share
Paid on
Shares bought on or after this date do not qualify for this distribution.
Frequency
Quarterly

Distribution history

2024–2026

One bar per payment. 9 payments from 2024 to 2026 YTD. Sep 19, 2024 $0.60; Dec 24, 2024 $37.15; Mar 19, 2025 $0.25; Jun 17, 2025 $0.25; Sep 18, 2025 $0.30; Dec 17, 2025 $37.32; Mar 19, 2026 $0.06; Jun 17, 2026 $0.06; Sep 17, 2026 $0.05. Use the arrow keys to read each point.202420252026YTD
Ex-datePay dateAmount per share
Sep 17, 2026Sep 18, 2026$0.05
Jun 17, 2026Jun 18, 2026$0.06
Mar 19, 2026Mar 20, 2026$0.06
Dec 17, 2025Dec 18, 2025$37.32
Sep 18, 2025Sep 19, 2025$0.30
Jun 17, 2025Jun 18, 2025$0.25
Mar 19, 2025Mar 20, 2025$0.25
Dec 24, 2024Dec 31, 2024$37.15
Sep 19, 2024Sep 26, 2024$0.60
Jun 20, 2024Jun 27, 2024Data unavailable
Mar 20, 2024Mar 27, 2024Data unavailable
Dec 20, 2023Dec 27, 2023Data unavailable

BTF Risk

How much the fund’s monthly returns vary, scaled to a year.
60.4%
Annualised · 36 months to Aug 2026
How it’s calculated: standard deviation

The sample standard deviation of monthly total returns, multiplied by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.

Return above 3-month US Treasury bills per unit of volatility.
0.49
vs 3-month T-bills · to Aug 2026
How it’s calculated: Sharpe ratio

Subtract each month’s Treasury-bill return from the fund’s monthly total return.

Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.

The largest fall from a peak to the low that followed.
−77.5%
59 months · trough Nov 2022
How it’s calculated: maximum drawdown

The largest percentage decline from an earlier peak, using total returns with reinvested distributions.

Uses up to five years through the last close, with at least 12 months required.

How strongly the fund’s returns move with its asset-class index.
2.02
vs its asset-class index
How it’s calculated: beta

The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.

BTF Cost

Expense ratio1.27%
  • The middle half of Crypto Derivatives funds
  • Median 1.08%

4 of the 7 Crypto Derivatives funds charge less.

BTF costs $127.00 a year on $10,000. The median Crypto Derivatives fund costs $108.00.