Experience the future of crypto investing with competitive risk-adjusted returns. Leveraging a hedged strategy designed to manage risk amid market volatility, HBTC aims to provide downside protection while seeking to capture growth.
Bitcoin exposure, redefined.
The Fortuna Hedged Bitcoin Fund seeks to achieve long-term capital appreciation. The Fund is an actively managed exchange-traded fund (“ETF”) that seeks to achieve its investment objective primarily through its investments in Bitcoin-related securities. The Fund does not invest directly in Bitcoin.
Navigate Volatility with Confidence
Strategic Market Participation
Invest with Confidence
The Fortuna Hedged Bitcoin Fund involves investments in Bitcoin-related securities combined with an option strategy overlay aiming to reduce downside exposure while retaining most of the upside potential. This option overlay involves purchasing a put below the current price of Bitcoin to hedge against downside risk and selling a call spread above the market price of Bitcoin, offsetting the cost of buying the put without capping the upside potential. Our expertise in option trading allows us to identify areas where low-cost hedges can be used to mitigate risk associated with Bitcoin’s volatility but still retain the core exposure to the asset. The monthly repositioning of the portfolio’s hedging ensures that option strikes remain appropriately placed relative to the Bitcoin price, adapting to market conditions.
Some reasons to invest in HBTC versus Bitcoin directly include, but are not limited to, no digital wallet, no private keys, reduced theft risks, beneficial hedging opportunities, and regulation through the various security exchanges.
HBTC is actively managed and strives to mitigate volatility risk by utilizing a hedged options strategy overlay to offer superior risk-adjusted returns compared to the spot price of Bitcoin. Some other Bitcoin ETFs in our competitive landscape simply strive to mirror the spot price of Bitcoin, with some of those funds employing leverage.
HBTC will be one of the first publicly traded hedged Bitcoin ETFs to market. We can offer this fund now because the options market allows us to provide indirect exposure to Bitcoin while reducing the downside exposure and retaining most of the upside potential. We also see the very recent maturation of the cryptocurrency space coming to a point where there is broader appeal for exposure to Bitcoin but still a degree of apprehension in the asset class. HBTC offers access to Bitcoin but with a hedged strategy designed for risk mitigation.
HBTC is available to purchase through your online brokerage account. HBTC is also available on many wealth management platforms, where clients can request the purchase of HBTC with their financial advisor. HBTC trades on the New York Stock Exchange (NYSE), allowing the fund to be purchased and sold in shares, much like a stock listed on the exchange.
Inception Date: 3/18/2025
| Date | Account | StockTicker | CUSIP | SecurityName | Shares | Price | MarketValue | Weightings | NetAssets | SharesOutstanding | CreationUnits | MoneyMarketFlag |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 05/20/2025 | HBTC | FXFXX | 31846V328 | First American Treasury Obligations Fund 01/01/2040 | 199,990 | $100.00 | $199,990.18 | 34.04% | 587542.000000 | 20,000 | 2.000000000000 | Y |
| 05/20/2025 | HBTC | IBIT 250620C00062000 | IBIT 250620C00062000 | IBIT US 06/20/25 C62 | -100 | $2.44 | $-24,350.00 | -4.14% | 587542.000000 | 20,000 | 2.000000000000 | |
| 05/20/2025 | HBTC | IBIT 250620C00064000 | IBIT 250620C00064000 | IBIT US 06/20/25 C64 | 100 | $1.79 | $17,900.00 | 3.05% | 587542.000000 | 20,000 | 2.000000000000 | |
| 05/20/2025 | HBTC | IBIT 250620P00054000 | IBIT 250620P00054000 | IBIT US 06/20/25 P54 | 100 | $0.85 | $8,500.00 | 1.45% | 587542.000000 | 20,000 | 2.000000000000 | |
| 05/20/2025 | HBTC | IBIT 250919C00040000 | IBIT 250919C00040000 | IBIT US 09/19/25 C40 | 100 | $21.58 | $215,750.00 | 36.72% | 587542.000000 | 20,000 | 2.000000000000 | |
| 05/20/2025 | HBTC | IBIT 250919P00040000 | IBIT 250919P00040000 | IBIT US 09/19/25 P40 | -100 | $0.79 | $-7,850.00 | -1.34% | 587542.000000 | 20,000 | 2.000000000000 | |
| 05/20/2025 | HBTC | Cash&Other | Cash&Other | Cash & Other | 177,597 | $1.00 | $177,596.76 | 30.23% | 587542.000000 | 20,000 | 2.000000000000 | Y |
** Contract prices are displayed according to each market/exchange specification. The market price column reflects the notional value of each position priced in dollars. Data is subject to change.
Download Full Fund HoldingsThe performance data quoted represents past performance and is no guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. For the most recent month-end performance, please visit the Fund's website at www.fortunafunds.com.
| Date | Fund Name | Fund Ticker | 1 Month | 3 Month | 6 Month | YTD | Since Inception Cumulative | Since Inception Annualized |
|---|---|---|---|---|---|---|---|---|
| 04/30/2025 | Fortuna Hedged Bitcoin Fund ETF | HBTC MKT | 9.36 | - | - | - | 6.69 | - |
| 04/30/2025 | Fortuna Hedged Bitcoin Fund ETF | HBTC NAV | 9.42 | - | - | - | 6.71 | - |
| 04/30/2025 | S&P 500 TR | SPTR2 | -0.68 | - | - | - | -0.69 |
*subject to change
| Fund Name | Fortuna Hedged Bitcoin Fund ETF |
| Fund Ticker | HBTC |
| CUSIP | 53656G233 |
| Net Assets | $587,541.69 |
| Shares Outstanding | 20,000 |
| NAV | $29.38 |
| NAV Change Dollars | $0.14 |
| Market Price | $29.61 |
| Market Price Change Dollars | $0.38 |
| Premium/Discount Percentage | 0.78% |
| Rate Date | 05/19/2025 |
| Median 30 Day Spread Percentage | 0.41% |
^ The Fund has registered an indeterminate number of shares of the Fund pursuant to Rule 456(d) under the Securities Act of 1933.
Investments are not FDIC-insured, nor are they deposits of or guaranteed by a bank or any other entity, so they may lose value. Investors should carefully consider investment objectives, risks, charges, and expenses. This and other important information is contained in the fund prospectus and summary prospectus, which should be read carefully before investing. All Fortuna trademarks mentioned are owned by Fortuna Funds, LLC. All other company and product names mentioned are the property of their respective companies. Use of this website is intended for U.S. residents only.
Important Risk Information
There can be no assurance that the fund will achieve its investment objective.
Bitcoin and Bitcoin-related securities are relatively new investments. They are subject to unique and substantial risks and historically have been subject to significant price volatility. The value of an investment in the Fund could decline significantly and without warning, including to $0. You should be prepared for the possibility of losing your entire investment. The performance of Bitcoin-related securities, and therefore the performance of the Fund, may differ significantly from the performance of Bitcoin.
Bitcoin Exposure Risk. The Fund seeks to have significant exposure to Bitcoin. As a result, the Fund’s performance may be disproportionately and significantly impacted by the poor performance of Bitcoin or events materially affecting the Bitcoin ecosystem. The Fund’s exposure to Bitcoin makes it more susceptible to any single occurrence affecting Bitcoin and may subject the Fund to greater market risk than more diversified funds.
Derivatives Risk. The Fund will obtain exposure to Bitcoin through Bitcoin-related securities. The derivatives used by the Fund may give rise to a form of leverage, which magnifies the potential for gain and may result in greater losses. In some cases, this may cause the Fund to liquidate other portfolio investments at inopportune times. Certain of the Fund’s transactions in derivatives could also affect the amount, timing, and character of distributions to shareholders, which may result in the Fund realizing more short-term capital gain and ordinary income subject to tax at ordinary income tax rates than it would if it did not engage in such transactions. Such distributions may adversely impact the Fund’s after-tax returns.
New Fund Risk. The Fund is a recently organized investment company with no operating history. As a result, prospective investors have no track record or history on which to base their investment decision. Moreover, investors will not be able to evaluate the Fund against one or more comparable funds on the basis of relative performance until the Fund has established a track record.
Investors should consider the investment objectives, risks, charges, and expenses carefully before investing. For a prospectus or summary prospectus with this and other information about the Fund, visit our website at www.fortunafunds.com/hbtc-fund/. Read the prospectus or summary prospectus carefully before investing.
Foreside Fund Services, LLC, distributor.
This content, developed by Fortuna Funds, LLC, should not be used as a primary basis for investment decisions and is not intended to serve as impartial investment or fiduciary advice.
