ETF Opportunities Trust makes T-Strive preferred-income ETF effective at 0.95%
On Friday, September 11, 2026, ETF Opportunities Trust filed a Rule 485(b) amendment for T-Strive Digital Credit Preferred Income ETF, ticker DCAP, at a 0.95% net expense ratio.
T-Strive Digital Credit Preferred Income ETF seeks current income from preferred securities issued by Bitcoin treasury companies, issuers that generally keep at least 5% of assets in bitcoin or bitcoin-linked instruments, or derive at least 5% of income from them. Net expenses are 0.95% after a contractual waiver. ETF Opportunities Trust made a Rule 485(b) post-effective amendment for the Tuttle Capital series effective Friday, September 11, naming Cboe BZX Exchange as the listing venue. The class ticker on the filing is DCAP.
What the prospectus commits to
Under normal market conditions, the fund invests at least 80% of net assets, plus borrowings for investment, in preferred securities issued by Bitcoin treasury companies and in derivatives that provide that exposure. It may use leverage tactically through borrowings, including reverse repurchase agreements and a credit facility, and through total return swaps. It does not seek a stated daily multiple of any security or benchmark. Other expenses, labeled as interest expense, are estimated at 0.30%, taking total annual fund operating expenses to 1.05% before the waiver.
At inception, the fund expects to focus on Strategy Inc. Variable Rate Series A Perpetual Stretch Preferred Stock (STRC) and Strive, Inc. Variable Rate Series A Perpetual Preferred Stock (SATA), and generally to keep similar economic exposure to each. It may hold those preferreds directly or obtain exposure through total return swaps and other derivatives. Tuttle Capital Management is the adviser. Strive Asset Management is the sub-adviser. The prospectus discloses that Strive Asset Management is an affiliate of Strive, Inc., the issuer of SATA, and that if the fund invests in SATA, the sub-adviser and Strive may derive a benefit. Strive’s role is limited to research on potential investments other than SATA, and it has no authority to make investment decisions for the fund.
The management fee is 0.75%. Distribution (12b-1) fees are 0.00%. Tuttle has contractually agreed to waive its management fee to an annual rate of 0.65% of average daily net assets through September 30, 2027, an arrangement the adviser may not terminate early. After that 0.10 percentage point waiver, net expenses are 0.95%. Interest expense sits outside the waiver, which is why the net figure is 0.95% rather than 0.65%.
EDGAR accepted the amendment after the close on Friday, with an effectiveness date of the same day. Tuttle and Strive first put a digital-credit preferred ETF in registration in March, under a different name and ticker, with the fee and exchange lines still blank. Friday’s 485(b) is the version that is effective.
EDGAR’s class table files DCAP against a different class name, T-Strive Digital Credit Preferred Credit ETF. A lookup of that symbol still surfaces Unity Wealth Partners Dynamic Capital Appreciation & Options ETF, which Tidal Trust III set to cease Nasdaq trading on June 13, 2025. Those quotes are not this series.
The waiver expires September 30, 2027. Absent a renewal, net expenses go back to 1.05%. The September 11 prospectus says the fund has not commenced operations.
Frequently asked
What does the fund actually buy?
It invests at least 80% of net assets in preferred securities issued by Bitcoin treasury companies and in derivatives giving that exposure.
Why is the net expense ratio 0.95% and not 0.65%?
The adviser's waiver cuts the management fee to 0.65%, but estimated interest expense sits outside the waiver and lifts net expenses to 0.95%.
What happens when the waiver expires?
Absent a renewal, net expenses return to 1.05%.
Is there a conflict of interest in the lineup?
The sub-adviser is an affiliate of Strive, Inc., whose preferred stock the fund expects to hold, so the prospectus discloses that both may derive a benefit; Strive's role is limited to research on investments other than that security and it makes no investment decisions.
Is the fund trading yet?
No: the prospectus says the fund has not commenced operations, and quotes that surface under the DCAP symbol belong to an unrelated, delisted fund.