Bitwise Trendwise Bitcoin and Treasuries Rotation Strategy 

BITC provides an actively managed exposure to standardized bitcoin futures contracts and US Treasurys. It uses a long-flat trend-following investment strategy where the funds exposure is rotated between 100% bitcoin futures contracts and 100% US Treasurys. This is based on a proprietary signal dependent on bitcoin's 10-day and 20-day exponential moving average price. During upward trends, the fund will invest 100% in cash-settled CME bitcoin futures contracts. The contracts are rolled monthly as they near expiration which may also lead to a higher-than-normal portfolio turnover. This is through a wholly owned subsidiary organized under the laws of the Cayman Islands and is capped at 25% at each quarter end. During downward trends, it will move 100% of its position to US Treasurys. The remaining assets (up to 75%) are invested in short-term debt securities to provide liquidity and serve as collateral. Prior to December 3, 2024, the fund was named Bitwise Bitcoin Strategy Optimum Roll ETF.