Bitwise Trendwise Ether and Treasuries Rotation Strategy ETF
Key Statistics
Historical Performance
Total return including reinvested distributions, from adjusted closing prices.
Price History
Price history is being compiled for this fund.
Top Holdings
Top 2 holdings as of Mar 31, 2026 · source: SEC N-PORT. Full holdings & prospectus →
About AETH
The Fund seeks to achieve its investment objectivethrough managed exposure to ether futures contracts (“Ether Futures Contracts”) and investments in U.S. Treasury securities.Under normal market conditions, the Fund will invest at least 80% of its assets in Ether Futures Contracts and U.S. Treasury securities.For purposes of compliance with this investment policy, derivative contracts (such as Ether Futures Contracts) will be valued at theirnotional value. The Fund does not invest directly in ether. Bitwise Investment Manager, LLC serves as the Fund’s investmentadviser (“BIM” or the “Adviser”). The Fund utilizes a “long-flat” trend-followinginvesting strategy pursuant to which the Adviser rotates the Fund’s exposure between 100% exposure to Ether Futures Contracts and100% exposure to U.S. Treasury securities. A long-flat strategy, like the one utilized by the Fund, takes a long position when a trendis detected, seeking to take advantage of an anticipated increase in an asset’s value. However, when a downward trend is detected,instead of shorting the downtrend, the strategy exits the position and remains in cash or cash equivalents. The Fund’s strategyis based upon a proprietary signal that is based upon an observation and comparison of ether’s 10-day and 20-day exponential movingaverage price. An exponential moving average applies a weighting factor to each price point, giving exponentially more weight to recentdata, making it a useful tool for identifying trends as it is more responsive to new price changes and trends. This signal is completelyquantitative in nature and is based solely on the price movement of ether. The trend-following strategy utilized by the Fund seeks toenhance risk-adjusted returns and decrease the downside risk associated with investments in ether-linked instruments, such as Ether FuturesContracts. Due to the nature of the Fund’s trend-following investment strategy, there will be periods – and perhaps extendedperiods – when the Fund has no exposure to Ether Futures Contracts, as the entirety of its assets will be invested in U.S. Treasurysecurities. Even during periods when the Fund has 100% notionalexposure to Ether Futures Contracts, it will still invest up to 75% of its remaining assets in U.S. Treasuries, other U.S. governmentobligations, money market funds, cash and cashlike equivalents (e.g., high quality commercial paper and similar instruments thatare rated investment grade or, if unrated, of comparable quality, as the Adviser determines) to provide liquidity, serve as margin orcollateralize the Fund’s investments in Ether Futures Contracts. Due to the high margin requirements that are unique to Ether FuturesContracts and certain tests that must be met in order to qualify as a RIC, the Fund may also utilize reverse repurchase agreements duringcertain times of the year to help maintain the desired level of exposure to Ether Futures Contracts. The use of reverse repurchase agreementsconstitutes a form of borrowing. During periods when the Fund has 100% notionalexposure to Ether Futures Contracts, the Fund may enter into swap agreements that provide exposure to ether or Ether Futures Contracts.Swap agreements are derivative contracts entered into primarily with major global financial institutions for a specified period rangingfrom a day to more than one year. In a typical swap transaction, two parties agree to exchange, or “swap”, payments basedon the change in value of an underlying asset or benchmark. For example, two parties may agree to exchange the return (or differentialsin rates of returns) earned or realized on a particular investment or instrument. It is currently contemplated that the Fund would primarilyutilize swap agreements to provide exposure to movements occurring in the price of ether during times when Ether Futures Contracts arenot trading (such as over the weekend). However, the Fund may utilize such swap agreements under other circumstances as well, such asif the Fund is not able to obtain exposure to Ether Futures Contracts. To the extent the Fund utilizes swap agreements, such instrumentswill be cash-settled uncleared and non-exchange traded. Additional Information Relating to EtherFutures Contracts When the Fund has exposure to Ether Futures Contracts,the Fund generally seeks to invest in cash-settled, front-month Ether Futures Contracts. The Fund may also invest in back-month, cash-settledEther Futures Contracts. Front-month Ether Futures Contracts are those contracts with the shortest time to maturity. Back-month EtherFutures Contracts are those with longer times to maturity. Ether Futures Contracts are standardized, cash-settledfutures contracts traded on commodity exchanges registered with the CFTC that use ether as the reference asset. In general, a futurescontract is a legal agreement to buy or sell a standardized asset on a specific date or during a specific month that is facilitated througha futures exchange. When a futures contract reaches its expiration, the holder of a futures contract (such as the Fund) must sell thatfutures contract and replace it with a new futures contract with a later expiration date. This is called “rolling.” EtherFutures Contracts are cash settled on their expiration date, unless they are “rolled” prior to expiration. The Fund intendsto “roll” its futures positions in the week prior to expiration and will typically roll to the next available contract (i.e.,the contract with the next upcoming expiration date). However, the Fund is not required to roll the contracts at any specific time andthe Adviser may roll the contracts at any time of its choosing, depending upon prevailing market conditions and other factors. The Fund’sregular purchases and sales of individual Ether Futures Contracts throughout the year may cause the Fund to experience higher than normalportfolio turnover. Before an Ether Futures Contract’s expiration,it may trade at a value that is higher or lower than the spot price of ether. When an Ether Futures Contract is trading at a price thatis greater than the spot price of ether, the market is said to be in “contango.” If the Ether Futures Contract is tradingat a price that is lower than the spot price of ether, the market is said to be in “backwardation.” As the time to expiryof the Ether Futures Contract decreases, the price will trend towards the spot price of ether. When an Ether Futures Contract is in contango,this will cause the return of the contract to underperform the spot price of ether. When an Ether Futures Contract is in backwardation,this will cause the return of the contract to overperform the spot price of ether. The performance of Ether Futures Contracts and ethermay not be precisely correlated, over short or long periods of time. To the extent the Fund has investments in back-month Ether FuturesContracts, the Fund’s performance can be expected to be less correlated with the price of ether than if it held front-month EtherFutures Contracts. The Fund invests in Ether Futures Contracts primarilythrough a wholly-owned subsidiary of the Fund organized under the laws of the Cayman Islands (the “Subsidiary”). The Fund’sinvestment in the Subsidiary is intended to provide the Fund with exposure to the Ether Futures Contracts markets in accordance with applicablerules and regulations. The Subsidiary and the Fund have the same investment adviser and investment objective. The Subsidiary also followsthe same general investment policies and restrictions as the Fund. Except as noted herein, for purposes of this Prospectus, referencesto the Fund’s investment strategies and risks include those of the Subsidiary. The Fund complies with the provisions of the 1940Act governing investment policies and capital structure and leverage on an aggregate basis with the Subsidiary. Furthermore, Bitwise InvestmentManager, LLC, as the investment adviser to the Subsidiary, complies with the provisions of the 1940 Act relating to investment advisorycontracts as it relates to its advisory agreement with the Subsidiary. The Subsidiary also complies with the provisions of the 1940 Actrelating to affiliated transactions and custody. Because the Fund intends to qualify for treatment as a regulated investment company (“RIC”)under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”), the size of the Fund’s investmentin the Subsidiary will not exceed 25% of the Fund’s total assets at each quarter end of the Fund’s fiscal year. The Fund is classified as “non-diversified”under the Investment Company Act of 1940 (the “1940 Act”).
AETH News
Data for AETH is aggregated from third-party providers (Tiingo, Nasdaq, Finnhub) and SEC filings, may be delayed at least 20 minutes, and may be incomplete or contain errors. Nothing here is investment advice. Verify with the official prospectus before investing.