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BITI vs HBTC

ProShares Short Bitcoin ETF

BITICNYSE Arca

Fortuna Hedged Bitcoin ETF

HBTCFCboe

Overlap

0.0%by weight

Expense ratio

BITI −0.95pt a year

BITI1.02%HBTC1.97%

Avg volume · 30D

BITI 6747.5×the volume

BITI1.35MHBTC200

BITI vs HBTC Performance

Oct 31, 2025 – Oct 30, 2026

+25.9%BITI−28.5%HBTC

Oct 31, 2025 to Oct 30, 2026. BITI +25.9%. HBTC −28.5%. Use the arrow keys to read each point.0%40%60%Oct 2025Apr 2026Oct 2026
Expense ratio
BITI 1.02%, better
HBTC 1.97%
Fund size
BITI $73M
HBTC $1M
1Y total return
BITI +25.9%, better
HBTC −28.5%
Yield (12M)
BITI 29.08%
HBTC No data
Holdings
BITI 3
HBTC 5
Avg volume (30D)
BITI 1.35M sh, better
HBTC 200 sh
NAV per share
BITI $19.17
HBTC $19.87
52W range

ETF.net Grade

BITI: Cost 22, Risk 39, Mission not scored, Tradability 79, Holdings 50, Durability 81. HBTC: Cost 8, Risk 39, Mission not scored, Tradability 27, Holdings not scored, Durability 21.
Pillar letters and Scores for BITI, HBTC, with each pillar’s weight
PillarBITIHBTC
Cost30% weightF22HigherF8
Mission25% weightNot scoredNot scored
Risk15% weightD39D39
Tradability15% weightA79HigherD27
Holdings10% weightC50Not scored
Durability5% weightA81HigherF21

Rank among Bitcoin Derivatives funds

How we build Categories ›
Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

Same Category. BITI and HBTC are both graded against the same 6 Bitcoin Derivatives funds, so their Grades compare head to head.

Bitcoin Derivatives⁠

Category · 6 funds
See all 6 ›

BITI ranks 2nd and HBTC 5th of 6 funds in the Bitcoin Derivatives Category.

  1. Rank 1BBITOProShares Bitcoin ETFScore 56
  2. Rank 2CBITIProShares Short Bitcoin ETFScore 44
  3. Rank 3CBNAVAmplify Fairlead Tactical Bitcoin ETFScore 40
  4. Rank 4DNGHTNicholas Bitcoin and Treasuries AfterDark ETFScore 35
  5. Rank 5FHBTCFortuna Hedged Bitcoin ETFScore 20
  6. HBITNot yet graded

Our read on each fund

ETF.net Research

BITICProShares Short Bitcoin ETF

HBTCFFortuna Hedged Bitcoin ETF

In short

BITI The original US short-bitcoin fund. Live since 2022, BITI targets -1x the daily move of the Bloomberg Bitcoin Index without directly shorting any coin, and it resets every day. Cost: 1.02% a year, above the category norm.

HBTC No data

Stated mandate

BITI The Fund seeks daily results, before fees and expenses, that correspond to the inverse of the daily performance of the Bloomberg Bitcoin Index.

HBTC No data

Why people hold it

  • BITI The first US ETF built to go short bitcoin, trading since 2022, so there is a multi-year public record behind the mechanism rather than a brand-new launch.businesswire.com
  • Short exposure inside an ordinary brokerage account: no margin agreement, no coin borrow, no wallet. The fund uses derivatives and does not directly short bitcoin.proshares.comproshares.com 2
  • Actively traded for an inverse crypto product, and it stands in the upper half of its bitcoin-derivatives peer group.
  • The collateral behind the position throws off income: the fund intends to distribute income, if any, monthly, and capital gains at least annually.sec.gov

HBTC No data

Worth knowing

  • BITI Daily reset. Over longer stretches the result is each day's return compounded, which can differ in size and even direction from -1x the index over that same span.sec.gov
  • The prospectus is blunt about the edges: a flat index over time still loses money here, and the full value of an investment can be lost within a single day.sec.govproshares.com
  • At 1.02% a year it costs above the typical fund in its category, and more than its long-side sibling BITO at 0.95%.

HBTC No data

Full BITI profile⁠

Full HBTC profile⁠

BITI vs HBTC Holdings

How BITI and HBTC differ

Overlap by weight

0.0%

Shared holdings make up 0.0% of BITI and 0.0% of HBTC.

Level by level

  • Asset classAlternatives, Equity0.0%
  • Holdings0 in both0.0%
  • Countryby domicile100%

Sector

No Sector split for BITI and HBTC.

Country, concentration and asset class

Country by domicile

Country weights in BITI and HBTC, widest gap first
CountryMore in BITIMore in HBTC
United StatesSame weight

Concentration

Weight in the 10 largest Holdings

  • BITI100.0%
  • HBTC115.1%

Securities held

  • BITI2
  • HBTC4

Asset class

BITI
Alternatives
HBTC
Equity

Holdings

  • Only in BITI2
  • In both0
  • Only in HBTC4

Only in BITI

2 securities, 59.3% of BITI by weight

  • Proshares Genius Mny Mkt Etf39.96%
  • TREASURY BILL, 0%, due 2026-11-0519.31%

Only in HBTC

4 securities, 54.5% of HBTC by weight

  • First American Treasury Obligations Fund 01/01/204048.04%
  • Ibit 12/31/2026 47.6 C3.02%
  • Ibit 11/30/2026 46.6 C1.98%

Weight gaps

BITI and HBTC share no securities.

All 3 BITI holdings⁠All HBTC holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

BITI vs HBTC Cost

Overpaying HBTC vs BITI

$13,519

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • BITI 1.02%

    $19,012

  • HBTC 1.97%

    $32,531

$10,000
30 years

Cost over time

  • BITI 1.02%
  • HBTC 1.97%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$10K$20K$30K$40K051015202530HBTC $32,531BITI $19,012

Year by year

YearBITIHBTCOverpaying
10$1,797$3,336$1,539
20$6,746$12,012$5,266
30$19,012$32,531$13,519

Expense ratio

  • 1.02%BITI, cheaper
  • 1.97%HBTC
  • Middle half of Bitcoin Derivatives funds
  • Median 0.96%

BITI 5th cheapest of 6 funds

HBTC 6th cheapest of 6 funds

BITI vs HBTC Dividends

Last 12 months to Oct 30, 2026
Yield (12M)
BITI 29.08%
HBTC No data
Payout (12M)
BITI $5.57
HBTC No data
Last payment
BITI $0.04
HBTC $1.59
Ex-dividend
BITI Oct 1, 2026
HBTC Dec 17, 2025
Paid on
BITI Oct 7, 2026
HBTC Dec 18, 2025
Frequency
BITI Monthly
HBTC Irregular

Distribution history

Per share, 2023 to 2026, same scale for both

BITIMonthly · 45 paymentsAll BITI payments⁠
One bar per payment. 45 payments from 2023 to 2026 YTD. Feb 1, 2023 $0.07; Mar 1, 2023 $0.04; Apr 3, 2023 $0.05; May 1, 2023 $0.14; Jun 1, 2023 $0.33; Jul 3, 2023 $0.26; Aug 1, 2023 $0.23; Sep 1, 2023 $0.29; Oct 2, 2023 $0.23; Nov 1, 2023 $0.17; Dec 1, 2023 $0.20; Dec 20, 2023 $0.19; Feb 1, 2024 $0.09; Mar 1, 2024 $0.09; Apr 1, 2024 $0.08; May 1, 2024 $0.10; Jun 3, 2024 $0.10; Jul 1, 2024 $0.08; Aug 1, 2024 $0.10; Sep 3, 2024 $0.09; Oct 1, 2024 $0.07; Nov 1, 2024 $0.06; Dec 2, 2024 $0.03; Dec 23, 2024 $0.05; Feb 3, 2025 $0.03; Mar 3, 2025 $0.03; Apr 1, 2025 $0.04; May 1, 2025 $0.03; Jun 2, 2025 $0.03; Jul 1, 2025 $0.03; Aug 1, 2025 $0.03; Sep 2, 2025 $0.03; Oct 1, 2025 $0.03; Nov 3, 2025 $0.02; Dec 1, 2025 $0.02; Dec 24, 2025 $0.04; Feb 2, 2026 $0.31; Mar 2, 2026 $0.95; Apr 1, 2026 $0.59; May 1, 2026 $0.20; Jun 1, 2026 $0.24; Jul 1, 2026 $1.45; Aug 3, 2026 $1.33; Sep 1, 2026 $0.38; Oct 1, 2026 $0.04. Use the arrow keys to read each point.$0$120232026YTD
HBTCIrregular · 1 paymentAll HBTC payments⁠
One bar per payment. 1 payment from 2023 to 2026 YTD. Dec 17, 2025 $1.59. Use the arrow keys to read each point.$0$120232026YTD

BITI vs HBTC Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years
BITI 46.4%HBTC 28.6%since Apr 2025
Return per unit of riskSharpe ratio, 3 years
BITI −0.69HBTC −0.31since Apr 2025
Worst fallMax drawdown, 5 years
BITI −92.2%since Jun 2022HBTC −42.5%since Mar 2025
Market sensitivityBeta, 5 years
BITI −1.41HBTC 0.85

BITI and HBTC in the news

All news⁠

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