---
ticker: "HBTC"
name: "Listed Funds Trust - Fortuna Hedged Bitcoin ETF"
url: "https://etf.net/etf/HBTC"
grade: "F"
score: 21
graded_at: "2026-10-12"
category: "Bitcoin Derivatives"
category_rank: "5 of 7"
methodology: "https://etf.net/methodology"
---

# HBTC: Listed Funds Trust - Fortuna Hedged Bitcoin ETF

Grade **F**, Score 21 of 100. Rank 5 of 7 in Bitcoin Derivatives.

Graded Oct 12, 2026.

## Grade pillars

| Pillar | Score | Category rank |
| --- | --- | --- |
| Cost | 8 | 7 of 7 |
| Mission | Not scored | — |
| Risk | 45 | 4 of 5 |
| Tradability | 27 | 7 of 7 |
| Holdings | Not scored | — |
| Durability | 21 | 7 of 7 |

## Top holdings

The fund holds 5 positions. These are the largest 5, by weight.

| # | Ticker | Name | Weight |
| --- | --- | --- | --- |
| 1 | — | Cash & Other | 56.48% |
| 2 | — | First American Treasury Obligations Fund 01/01/2040 | 44.38% |
| 3 | — | Ibit 12/31/2026 47.6 C | 6.74% |
| 4 | — | Ibit 10/30/2026 43.1 P | 0.87% |
| 5 | — | Ibit 10/30/2026 51.25 C | 0.55% |

Source: etf.net, https://etf.net/etf/HBTC. Please cite the page URL.