Bitwise MSTR Option Income 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 4 holdings as of Mar 31, 2026 · source: SEC N-PORT. Full holdings & prospectus →
About IMST
The Fund is an actively managedETF that seeks to provide current income while providing exposure to the share price (i.e., the price returns) of MSTR, subjectto a limit on potential investment gains. The Fund seeks to achieve these investment objectives through the use of a synthetic coveredcall strategy. The Fund seeks to provide its synthetic exposure to the price return of MSTR through the purchase and sale of a combinationof call and put option contracts that utilize MSTR as the reference asset. The Fund will also sell call options that utilize MSTR as thereference asset to generate income in the form of option premiums, but will also limit the degree to which the Fund will participate ininvestment gains experienced by MSTR. The Fund will invest at least80% of its net assets plus borrowings in options contracts that utilize MSTR as the reference asset. For purposes of compliance with thisinvestment policy, derivative contracts will be valued at their notional value. Inimplementing its investment strategy, the Fund will invest in traditional exchange-traded options contracts and/or FLexible EXchange® options (“FLEX Options”) that utilize MSTR as the reference asset. The Fund will only invest in options contracts that arelisted for trading on regulated U.S. exchanges. Traditional exchange-traded options have standardized terms, such as the type (call orput), the reference asset, the strike price and expiration date. Exchange-listed options contracts are guaranteed for settlement by theOptions Clearing Corporation (“OCC”). FLEX Options are a type of exchange-listed options contract with uniquely customizableterms that allow investors to customize key terms like type, strike price and expiration date that are standardized in a typical optionscontract. FLEX Options are also guaranteed for settlement by the OCC. It is anticipated that the Fund will invest primarily in FLEX Options.The FLEX Options held by the Fund may be either physical or cash settled. In general, an option is a contractthat gives the purchaser (holder) of the option, in return for a premium, the right to buy from (call) or sell to (put) the seller (writer)of the option the security or currency underlying (in this case, MSTR) the option at a specified exercise price. The writer of an optionhas the obligation upon exercise of the option to deliver the underlying security or currency upon payment of the exercise price (call)or to pay the exercise price upon delivery of the underlying security or currency (put). The Fund may utilize both European and Americanstyle options. An option is said to be “European Style” when it can be exercised only at expiration whereas an “AmericanStyle” option can be exercised at any time prior to expiration. In a traditional covered callstrategy, an investor (such as the Fund) sells a call option on a security it already owns. However, the Fund will derive its exposureto MSTR through the use of options contracts that use MSTR as the reference asset. It is this distinction that causes the Fund’sstrategy to be properly termed as a “synthetic covered call strategy,” as opposed to a traditional covered call strategy,because the Fund primarily has synthetic exposure to MSTR. The Fund’s synthetic exposure to MSTR is achieved through the combinationof purchasing call options and selling put options generally at the same strike price, which synthetically creates the upside and downsideparticipation in the price returns of MSTR. The Fund will primarily gain exposure to increases in value experienced by MSTR through thepurchase of call options. As a buyer of these options, the Fund pays a premium to the seller of the options. The Fund will primarily gainexposure to decreases in value experienced by MSTR through the sale of put options. As the seller of these options, the Fund receivesa premium from the buyer of the options. In combination, the purchased call and sold put options generally provide exposure to price returnsof MSTR both on the upside and downside. The Fund intends to continuously maintain exposure to MSTR through the use of options. When suchoptions expire or are exercised, the Fund will enter into new options. This is a practice referred to as “rolling.” The Fund’spractice of rolling options may result in higher levels of portfolio turnover. As the primary means by whichthe Fund intends to generate income, the Fund will sell call options that reference MSTR at a strike price that is expected to be approximatelybetween 0% and 15% above the then-current share price of MSTR. It is important to note that the sale of these call options to generateincome will limit the Fund’s ability to participate in increases in value of MSTR’s share price beyond a certain point. Ifthe share price of MSTR increases, the above-referenced synthetic long exposure would allow the Fund to experience similar percentagegains. However, if MSTR’s share price appreciates in value beyond the strike price of one or more of the call option contracts thatthe Fund has sold to generate income, the Fund will lose money on those short call positions, and the losses will, in turn, limit theupside return of the Fund’s synthetic long exposure. As a result, the Fund’s overall strategy (i.e., the combinationof the synthetic long exposure to MSTR and the sold MSTR call positions) will limit the Fund’s participation in gains of MSTR’sshare price beyond a certain point. This strategy effectively converts a portion of the potential upside price return growth of MSTR intocurrent income. Such income may be less than the upside return of MSTR. It is expected that the call options the Fund will sell to generateoptions premiums will generally have expirations of approximately one year or less and will be held to or close to expiration. In addition to the options contracts,the Fund will also invest in cash and short-term U.S. Treasury securities, which will serve to collateralize the Fund’s optionspositions and provide additional income. The market value of the cash and short-term U.S. Treasury securities held by the Fund is expectedto be between 50% and 100% of the Fund’s net assets and the market value of the options package is expected to be between 0% and50% of the Fund’s net assets. In terms of notional value, the combination of these investment instruments provides indirect investmentexposure to MSTR equal to at least 100% of the Fund’s total assets. As a result of its investmentstrategies, the Fund will be concentrated in the industry or group of industries to which MSTR is assigned (i.e., hold 25% or moreof its total assets in investments that provide exposure to the industry or group of industries to which MSTR is assigned). As of March1, 2026, MSTR is assigned to the “software & services” industry group of the information technology sector. The Fund is classified as “non-diversified”under the Investment Company Act of 1940 (the “1940 Act”). It is critical that investorsunderstand the following: 1.An investment in the Fund is not an investment in MSTR. 2.The Fund’s strategy is subject to all potential losses if shares of MSTR decrease in value, whichmay not be offset by income received by the Fund. 3.The Fund does not invest directly in shares of MSTR. 4.Fund shareholders are not entitled to any MSTR dividends. Additional InformationAbout MSTR Strategy Inc develops enterpriseanalytics software solutions. It is also an operating company committed to the continued development of the Bitcoin network through itsactivities in the financial markets, advocacy and technology innovation. A primary source of MSTR’s value is the amount of bitcoinit holds. MSTR is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information providedto or filed with the Securities and Exchange Commission by Strategy Inc pursuant to the Exchange Act, including financial reports, proxyand information statements, and other information regarding Strategy Inc can be located by reference to the Securities and Exchange Commissionfile number 001-42509 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regardingStrategy Inc may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminateddocuments. The Fund has derived all disclosures containedin this document regarding Strategy Inc from the publicly available documents described above. Neither the Fund, the Trust, the Advisernor any affiliate has participated in the preparation of such documents. Neither the Fund, the Trust, the Adviser nor any affiliate makesany representation that such publicly available documents or any other publicly available information regarding Strategy Inc is accurateor complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date of the prospectus (includingevents that would affect the accuracy or completeness of the publicly available documents described above) that would affect the tradingprice of MSTR have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, materialfuture events concerning Strategy Inc could affect the value of the Fund’s investments with respect to MSTR and therefore the valueof the Fund. Lastly, neither the Fund, the Trust, the Adviser nor any of their respective affiliates, make any representations to investorsas to the performance of MSTR.
IMST News
Data for IMST 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.