STKd 100% Bitcoin & 100% Gold ETF (Ticker: BTGD) — Annual Shareholder Report Summary (Period Ending March 31, 2025)
Fund Overview
- Inception: October 15, 2024
- Investment Objective: Seeks long-term capital appreciation by maintaining an approximate 100% exposure to both Bitcoin and Gold via ETFs and futures.
- Total Net Assets: $24.1 million
- Shares Outstanding: 900,000
- Expense Ratio: 0.99% (annualized)
- Portfolio Turnover: 107% (not annualized)
Performance
- Since Inception (10/15/2024 – 03/31/2025):
- BTGD NAV Return: +34.06%
- S&P 500 Total Return (for comparison): -2.91%
- NAV per Share (End of Period): $26.76 (up from $20.00 at inception)
- Hypothetical $10,000 Investment Cost: $53
Portfolio Composition (as of 3/31/2025)
-
Top Holdings:
- First American Government Obligations Fund - Class X: 40.4%
- ProShares Bitcoin ETF: 18.0%
- iShares Bitcoin Trust ETF: 7.7%
- SPDR Gold MiniShares Trust: 7.5%
- Gold & Bitcoin futures exposure present, with some negative/unrealized positioning.
-
Number of Holdings: 9
-
Exposure: Maintained close to 100% allocation to both Bitcoin and Gold during the reporting period.
Expenses and Distributions
- Total Advisory Fee Paid: $93,080
- Distributions Paid to Shareholders: $43,414 (from ordinary income)
- Net Investment Income (for period): $235,981
Management Discussion & Factors Affecting Performance
-
Drivers of Returns:
- Bitcoin: Benefited from institutional adoption and continued spot ETF speculation.
- Gold: Maintained its traditional role as a risk-off asset; performance mixed with market volatility.
- The fund’s approach of combining both assets led to robust positive returns despite broader market softness.
-
Portfolio Positioning:
- Flexibly adjusted weights to maintain 100% exposure (Bitcoin: 98.6%–102.8%, Gold: 98.2%–102.6%).
Key Risks
- Bitcoin/Digital Asset Risks:
- Extreme price volatility, possible market manipulation, security breaches/theft/fraud, and regulatory changes.
- Risks of blockchain forks, protocol changes, concentration of mining power, and competition from alternative blockchains.
- Gold Exposure Risks:
- Affected by macroeconomic conditions, interest rate changes, inflation, and derivatives market dynamics.
- Derivatives Risks:
- Imperfect correlation between underlying asset and futures, leverage, liquidity, and potential for large losses.
- General Market Risks:
- Significant ongoing market volatility both in digital assets and globally, as noted in management’s assessment.
Fees & Governance
- Unitary Management Fee: Adviser compensated from a single fee (0.99%), covers most expenses.
- No Performance Fee.
- No 12b-1 Distribution Fees Currently.
- Audit & Tax Fees (FY 2025): $17,000 (audit), $6,500 (tax).
- Affiliated Service Providers: Tidal ETF Services (administrator); Quantify as sub-adviser.
Notable Events
- Fund Renamed: Effective February 18, 2025, now "STKd 100% Bitcoin & 100% Gold ETF."
- No Changes in Accountants or Major Governance Issues Reported.
Investor Takeaway:
This ETF delivered strong inaugural-period results, with significant outperformance versus broad equities. Investors should note the high-risk exposure from both Bitcoin and gold, compounded by derivative and digital asset market risks. Portfolio management has maintained targeted exposures, but volatility in asset prices and regulatory/environmental factors could materially impact future returns. The total expense ratio is in line with thematic/alternative ETFs.
Recommended for: Risk-tolerant investors seeking leveraged exposure to both Bitcoin and Gold as non-correlated assets, with the understanding of associated volatility and digital asset-specific risks.
For more granular insights and analysis check out Publicview AI here
No comments:
Post a Comment