BTCO ETF — Holdings & Analysis

With an expense ratio of 0.25%, it aims to provide a straightforward way for investors to participate in the Bitcoin market without directly holding the cryptocurrency. BTCO's structure as an exchange-traded product allows for trading on the Cboe BZX exchange, providing liquidity and accessibility.

Invesco Galaxy Bitcoin ETF (BTCO) ETF — Price, Holdings & Analysis

The Invesco Galaxy Bitcoin ETF (BTCO) offers exposure to the spot price of Bitcoin, tracking the Lukka Prime Reference Rate. Launched in January 2024, BTCO has amassed $0.48 billion in assets under management. With an expense ratio of 0.25%, it aims to provide a straightforward way for investors to participate in the Bitcoin market without directly holding the cryptocurrency. BTCO's structure as an exchange-traded product allows for trading on the Cboe BZX exchange, providing liquidity and accessibility.

ETF Overview

Invesco Galaxy Bitcoin ETF (the “Trust”) is an exchange-traded product that issues common shares of beneficial interest (the “Shares”) that trade on Cboe BZX (the “Exchange”) under the ticker symbol “BTCO”. The Trust’s investment objective is to reflect the performance of the spot price of bitcoin as measured using Lukka Prime Reference Rate (the “Benchmark”), less the Trust’s expenses and other liabilities.

The Invesco Galaxy Bitcoin ETF (BTCO) seeks to mirror the performance of the spot price of Bitcoin, utilizing the Lukka Prime Reference Rate as its benchmark. This ETF is designed for investors looking for direct exposure to Bitcoin without the complexities of digital wallets or cryptocurrency exchanges. BTCO holds Bitcoin, with 100% of its exposure in 'Other' which represents its Bitcoin holdings. The fund's strategy is purely passive, aiming to replicate the benchmark's returns, less expenses and liabilities. BTCO differentiates itself by providing a regulated and accessible avenue for investors to gain exposure to Bitcoin within a traditional investment framework. It's important to note that the value of Bitcoin can be highly volatile and is subject to market fluctuations.

Risk Metrics

BTCO, being a single-asset ETF focused on Bitcoin, carries significant concentration risk. Its performance is entirely dependent on the price of Bitcoin, making it susceptible to the cryptocurrency's volatile price swings. The fund's beta is currently 0.00, but this may not accurately reflect its future volatility relative to broader market indices, as Bitcoin's price movements are often independent of traditional assets. The expense ratio of 0.25% will create a slight drag on performance compared to the underlying Bitcoin price. Investing in BTCO involves risks associated with cryptocurrency markets, including regulatory changes, security breaches, and market manipulation. Investors should carefully consider their risk tolerance before investing. Past performance does not guarantee future results.

Expense Ratio

0.25%

How Is the Fund Allocated?

Country	Weight
Other	100.0%

Dividend Yield

0.00%

Virtus Real Asset Income ETF (VRAI) — 0.55% expense ratio
AGF U.S. Market Neutral Anti-Beta Fund (BTAL) — 1.43% expense ratio
Leatherback Long/Short Alternative Yield ETF (LBAY) — 1.27% expense ratio
WisdomTree Efficient Gold Plus Gold Miners Strategy Fund (GDMN) — 0.45% expense ratio
WisdomTree Private Credit & Alternative Income Fund (HYIN) — 4.34% expense ratio
ProShares - UltraShort Yen (YCS) — 0.95% expense ratio
Simplify Currency Strategy ETF (FOXY) — 0.81% expense ratio
Simplify Bitcoin Strategy PLUS Income ETF (MAXI) — 1.00% expense ratio

Invesco QQQ Trust, Series 1 (QQQ) (Equity) — 0.18% expense ratio
Invesco RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN) (Equity) — 0.47% expense ratio
Invesco ESG S&P 500 Equal Weight ETF (RSPE) (Equity) — 0.20% expense ratio
Invesco Taxable Municipal Bond ETF (BAB) (Fixed Income) — 0.28% expense ratio
Invesco Dividend Achievers ETF (PFM) (Equity) — 0.52% expense ratio
Invesco Russell 2000 Dynamic Multifactor ETF (OMFS) (Equity) — 0.39% expense ratio

Risk Metrics

Beta: 0.00

Questions & Answers

What is BTCO and what does it track?

The Invesco Galaxy Bitcoin ETF (BTCO) is an exchange-traded fund that aims to reflect the performance of the spot price of Bitcoin. It tracks the Lukka Prime Reference Rate, which serves as its benchmark for Bitcoin pricing.

BTCO offers investors a way to gain exposure to Bitcoin without directly purchasing and managing the cryptocurrency themselves.

What is the expense ratio for BTCO?

The expense ratio for the Invesco Galaxy Bitcoin ETF (BTCO) is 0.25%. This means that for every $1000 invested in the fund, $2.50 is used to cover the fund's operating expenses.

While there isn't a direct 'Alternatives' category average for Bitcoin ETFs specifically, this expense ratio is generally competitive within the broader landscape of specialty ETFs.

What are the top holdings in BTCO?

As a Bitcoin ETF, the primary holding of the Invesco Galaxy Bitcoin ETF (BTCO) is Bitcoin itself. The fund's portfolio consists of Bitcoin, representing 100% of its holdings.

While the fund may hold small amounts of cash for operational purposes, its investment strategy is centered on holding Bitcoin to mirror the performance of the Lukka Prime Reference Rate.

Is BTCO a good long-term investment?

Whether BTCO is a suitable long-term investment depends on an individual's investment goals, risk tolerance, and belief in the long-term viability of Bitcoin.

BTCO provides a regulated and accessible way to gain exposure to Bitcoin, but it also carries the inherent risks associated with cryptocurrency markets, including volatility and regulatory uncertainty.

How does BTCO compare to similar ETFs?

BTCO competes with other Bitcoin ETFs in the market, primarily on factors such as expense ratio, assets under management (AUM), and trading volume. BTCO has an expense ratio of 0.25% and AUM of $0.48 billion.

Some competing ETFs may have slightly lower or higher expense ratios, which can impact long-term returns.

Does BTCO pay dividends?

The Invesco Galaxy Bitcoin ETF (BTCO) does not currently pay dividends. With a dividend yield of 0.00%, the fund's investment strategy is focused on tracking the price of Bitcoin rather than generating income.

Investors seeking dividend income should consider other investment options. BTCO is designed for investors who are primarily interested in capital appreciation through exposure to Bitcoin's price movements.