Skip to content
etf.net

BITO vs HBTC

ProShares Bitcoin ETF

BITOBNYSE Arca

Fortuna Hedged Bitcoin ETF

HBTCFCboe

Overlap

Expense ratio

BITO −1.02pt a year

BITO0.95%HBTC1.97%

Avg volume · 30D

BITO 860790.6×the volume

BITO172MHBTC200

BITO vs HBTC Performance

Oct 31, 2025 – Oct 30, 2026

−32.3%BITO−28.5%HBTC

Oct 31, 2025 to Oct 30, 2026. BITO −32.3%. HBTC −28.5%. Use the arrow keys to read each point.−40%−20%−10%0%Oct 2025Apr 2026Oct 2026
Expense ratio
BITO 0.95%, better
HBTC 1.97%
Fund size
BITO $1.49B
HBTC $1M
1Y total return
BITO −32.3%
HBTC −28.5%, better
Yield (12M)
BITO 24.14%
HBTC No data
Holdings
BITO 3
HBTC 5
Avg volume (30D)
BITO 172M sh, better
HBTC 200 sh
NAV per share
BITO $10.23
HBTC $19.87
52W range

ETF.net Grade

BITO: Cost 51, Risk 46, Mission not scored, Tradability 73, Holdings 50, Durability 91. HBTC: Cost 8, Risk 39, Mission not scored, Tradability 27, Holdings not scored, Durability 21.
Pillar letters and Scores for BITO, HBTC, with each pillar’s weight
PillarBITOHBTC
Cost30% weightC51HigherF8
Mission25% weightNot scoredNot scored
Risk15% weightC46HigherD39
Tradability15% weightA73HigherD27
Holdings10% weightC50Not scored
Durability5% weightA91HigherF21

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. BITO 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 ›

BITO ranks 1st 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 4DNGHTNicholas Bitcoin and Treasuries AfterDark ETFScore 35
  4. Rank 5FHBTCFortuna Hedged Bitcoin ETFScore 20
  5. HBITNot yet graded

Our read on each fund

ETF.net Research

BITOBProShares Bitcoin ETF

HBTCFFortuna Hedged Bitcoin ETF

In short

BITO The derivatives route to bitcoin: futures and swaps held inside a regular 1940 Act fund, no exchange account, no wallet, no keys. Trading since 2021, heavily traded, and it pushes futures-related gains out as a monthly distribution.

HBTC No data

Stated mandate

BITO The fund seeks capital appreciation through exposure to bitcoin, primarily using bitcoin futures and swaps rather than holding bitcoin directly.

HBTC No data

Why people hold it

  • BITO Bitcoin exposure bought like any stock. The fund uses bitcoin futures and swaps inside a 1940 Act fund wrapper instead of holding coins, so there is no crypto exchange account or private key to manage.proshares.com
  • At 0.95% a year it undercuts the typical fee in its bitcoin-derivatives group, and it stands among the stronger implementations in that small cohort.
  • One of the busiest tickers in the bitcoin-derivatives corner, and a multi-billion-dollar fund. Liquidity like that usually means you get in and out without fighting the spread.
  • A 2021 launch, which makes it one of the longer-running bitcoin funds on a US exchange. ProShares also runs the inverse version, BITI, if you want the other side of the trade.

HBTC No data

Worth knowing

  • BITO You own futures and swaps, not bitcoin. Results follow the futures market, and the cost of rolling contracts forward can leave the fund behind spot bitcoin over long stretches.
  • The monthly payout comes from futures-related gains, not from an interest-paying asset, so the amount moves around with the futures book rather than arriving on a set schedule of size.
  • Bitcoin-linked swings are severe, and roughly 1% a year in fees compounds on top of that. This is the sharp end of the risk spectrum, not a core holding by design.

HBTC No data

Full BITO profile⁠

Full HBTC profile⁠

BITO vs 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.

BITO vs HBTC Cost

Overpaying HBTC vs BITO

$14,662

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

  • BITO 0.95%

    $17,869

  • HBTC 1.97%

    $32,531

$10,000
30 years

Cost over time

  • BITO 0.95%
  • 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 $32,531BITO $17,869

Year by year

YearBITOHBTCOverpaying
10$1,678$3,336$1,658
20$6,322$12,012$5,690
30$17,869$32,531$14,662

Expense ratio

  • 0.95%BITO, cheaper
  • 1.97%HBTC
  • Middle half of Bitcoin Derivatives funds
  • Median 0.96%

BITO 3rd cheapest of 6 funds

HBTC 6th cheapest of 6 funds

BITO vs HBTC Dividends

Last 12 months to Oct 30, 2026
Yield (12M)
BITO 24.14%
HBTC No data
Payout (12M)
BITO $2.47
HBTC No data
Last payment
BITO $0.02
HBTC $1.59
Ex-dividend
BITO Oct 1, 2026
HBTC Dec 17, 2025
Paid on
BITO Oct 7, 2026
HBTC Dec 18, 2025
Frequency
BITO Monthly
HBTC Irregular

Distribution history

Per share, 2023 to 2026, same scale for both

BITOMonthly · 45 paymentsAll BITO payments⁠
One bar per payment. 45 payments from 2023 to 2026 YTD. Feb 1, 2023 $0.15; Mar 1, 2023 $0.10; Apr 3, 2023 $0.46; May 1, 2023 $0.42; Jun 1, 2023 $0.43; Jul 3, 2023 $0.66; Aug 1, 2023 $0.38; Sep 1, 2023 $0.0053; Oct 2, 2023 $0.07; Nov 1, 2023 $0.14; Dec 1, 2023 $0.13; Dec 20, 2023 $0.15; Feb 1, 2024 $0.36; Mar 1, 2024 $0.73; Apr 1, 2024 $1.14; May 1, 2024 $1.68; Jun 3, 2024 $1.77; Jul 1, 2024 $1.50; Aug 1, 2024 $1.45; Sep 3, 2024 $1.21; Oct 1, 2024 $1.09; Nov 1, 2024 $0.99; Dec 2, 2024 $1.00; Dec 23, 2024 $1.11; Feb 3, 2025 $0.94; Mar 3, 2025 $0.72; Apr 1, 2025 $0.36; May 1, 2025 $0.54; Jun 2, 2025 $1.00; Jul 1, 2025 $0.78; Aug 1, 2025 $1.21; Sep 2, 2025 $0.86; Oct 1, 2025 $0.76; Nov 3, 2025 $0.84; Dec 1, 2025 $0.78; Dec 24, 2025 $0.74; Feb 2, 2026 $0.0097; Mar 2, 2026 $0.01; Apr 1, 2026 $0.0061; May 1, 2026 $0.02; Jun 1, 2026 $0.01; Jul 1, 2026 $0.01; Aug 3, 2026 $0.01; Sep 1, 2026 $0.01; Oct 1, 2026 $0.02. Use the arrow keys to read each point.$0$220232026YTD
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$220232026YTD

BITO vs HBTC Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years
BITO 51.1%HBTC 28.6%since Apr 2025
Return per unit of riskSharpe ratio, 3 years
BITO 0.55HBTC −0.31since Apr 2025
Worst fallMax drawdown, 5 years
BITO −77.9%HBTC −42.5%since Mar 2025
Market sensitivityBeta, 5 years
BITO 1.74HBTC 0.85

Popular comparisons

  • BITOBvsBITIC

    ProShares Bitcoin ETF · ProShares Short Bitcoin ETF

    Expense ratio
    0.95% · 1.02%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • HBTCFvsBITIC

    Fortuna Hedged Bitcoin ETF · ProShares Short Bitcoin ETF

    Expense ratio
    1.97% · 1.02%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • BITOBvsBNAVC

    ProShares Bitcoin ETF · Amplify Fairlead Tactical Bitcoin ETF

    Expense ratio
    0.95% · 0.74%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • HBTCFvsBNAVC

    Fortuna Hedged Bitcoin ETF · Amplify Fairlead Tactical Bitcoin ETF

    Expense ratio
    1.97% · 0.74%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • BITOBvsNGHTD

    ProShares Bitcoin ETF · Nicholas Bitcoin and Treasuries AfterDark ETF

    Expense ratio
    0.95% · 0.97%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • HBTCFvsNGHTD

    Fortuna Hedged Bitcoin ETF · Nicholas Bitcoin and Treasuries AfterDark ETF

    Expense ratio
    1.97% · 0.97%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.