BITW vs TXBC

BITWBBitwise 10 Crypto Index ETF

TXBCC21Shares FTSE Crypto 10 ex-BTC Index ETF

In short

BITW Crypto's original index fund. Live since 2017, first as a private placement and now as an ETF, it holds the ten largest crypto assets and rebalances monthly. That long history carries a 0.75% fee.

TXBC Most crypto baskets are really a bitcoin fund with sprinkles. TXBC removes bitcoin outright and tracks FTSE's next 10 coins by market cap, in a 1940 Act ETF wrapper crypto rarely gets. Fee: 1.34%, no waiver.

Stated mandate

BITW The fund seeks to invest in a broad portfolio of crypto assets that tracks the Bitwise 10 Large Cap Crypto Index, with monthly rebalancing to reflect index changes.

TXBC The Fund seeks to track the price performance of the FTSE Crypto 10 ex Bitcoin Select Index before fees and expenses. It uses a passive indexing strategy and does not seek to outperform the Index.

Why people hold it

• BITW Longevity is the edge: operations began in November 2017, one of the longest continuous records among multi-coin crypto baskets, spanning several boom-and-bust cycles.sec.gov
• One ticker, ten coins: the portfolio mirrors the Bitwise 10 Large Cap Crypto Index and rebalances monthly as the index changes, so you skip wallets, keys and coin-picking.
• No style drift. The fund holds what its index says it holds, one of the tighter mandate implementations among the ten funds in its category.
• Reports like a public company: annual 10-K and quarterly 10-Q filings with the SEC put holdings and audited financials on the record.sec.govsec.gov 2

• TXBC The whole point is the subtraction: it tracks the FTSE Crypto 10 ex Bitcoin Select Index, so ether and the rest of the field set the pace instead of trailing behind BTC's gravity.21shares.com
• One of the first crypto index ETFs to launch under the Investment Company Act of 1940, the framework behind conventional ETFs rather than the commodity-trust route.cbs42.com
• A literal mandate: 21Shares states it tracks the index and does not seek to outperform it. No manager hand-picking tokens, no drift from what the name promises.21shares.com

Worth knowing

• BITW Cost is the trade-off: 0.75% sits above the category median, and cheaper broad crypto baskets exist (EZPZ at 0.19%, NCIQ at 0.25%).
• Crypto sits at the volatile end of the shelf. A ten-asset basket blunts single-coin blowups, but not the asset class's deep drawdowns.
• It trades lighter than the category's busiest names, so spreads can run wider, and the trust makes no distributions: price is the whole return story.

• TXBC At 1.34% with no fee waiver in place, it sits above the typical cost in its peer group: Franklin's EZPZ charges 0.19%, Grayscale's GDLC 0.59%, Bitwise's BITW 0.75%.
• Small and thinly traded next to the category's heavyweights, so spreads and limit orders carry more weight here.
• Exposure comes through crypto ETPs and derivatives rather than coins held directly, and the fund is non-diversified with no distributions paid.

Full BITW profile⁠

Full TXBC profile⁠