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Trending ETFs

Name

As of 06/21/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

$9.08

$21.1 M

7.30%

$0.66

4.44%

Vitals

YTD Return

27.7%

1 yr return

52.9%

3 Yr Avg Return

N/A

5 Yr Avg Return

N/A

Net Assets

$21.1 M

Holdings in Top 10

72.6%

52 WEEK LOW AND HIGH

$9.1
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 4.44%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover N/A

Redemption Fee N/A


Min Investment

Standard (Taxable)

$10,000

IRA

N/A


Fund Classification

Fund Type

Open End Mutual Fund


Name

As of 06/21/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

$9.08

$21.1 M

7.30%

$0.66

4.44%

BTIDX - Profile

Distributions

  • YTD Total Return 27.7%
  • 3 Yr Annualized Total Return N/A
  • 5 Yr Annualized Total Return N/A
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio -3.07%
DIVIDENDS
  • Dividend Yield 7.3%
  • Dividend Distribution Frequency Annual

Fund Details

  • Legal Name
    IDX Risk-Managed Bitcoin Strategy Fund
  • Fund Family Name
    IDX funds
  • Inception Date
    Nov 01, 2021
  • Shares Outstanding
    N/A
  • Share Class
    Instl
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Benjamin McMillan

Fund Description

The Fund seeks long-term capital appreciation. The Fund pursues its investment strategy through actively managed exposure to bitcoin futures contracts. The Fund does not invest in bitcoin or other digital assets directly or in the Grayscale® Bitcoin Trust or any other over-the-counter (“OTC”) Trusts. Additionally, the Fund does not invest in, or seek exposure to, the current “spot” or cash price of bitcoin. Investors seeking direct exposure to the price of bitcoin should consider an investment other than the Fund.

Bitcoin is a digital asset, sometimes referred to as a digital currency or “cryptocurrency.” The ownership and operation of bitcoin is determined by participants in an online, peer-to-peer network. The network connects computers that run publicly accessible, or “open source,” software that follows the rules and procedures governing the Bitcoin Network. This is commonly referred to as the Bitcoin Protocol (and is described in more detail in the section entitled “The Bitcoin Protocol” in the Fund’s Prospectus). The value of bitcoin is not backed by any government, corporation, or other identified body. Instead, its value is determined in part by the supply and demand in markets created to facilitate the trading of bitcoin.

Futures contracts are financial contracts, the value of which depends on, or is derived from, the underlying reference asset. In the case of bitcoin futures contracts, the underlying reference asset is bitcoin. Futures contracts may be physically-settled or cash-settled. The Fund currently invests only in cash-settled bitcoin futures contracts traded on the Chicago Mercantile Exchange (“CME”). The value of bitcoin futures contracts is determined by reference to the CME CF Bitcoin Reference Rate (“BBR”), which provides an indication of the price of bitcoin across certain cash bitcoin exchanges. The Fund seeks to invest in front and near-month bitcoin futures. The Fund does not expect to hold any futures contracts with longer than 90 days to maturity. A high degree of leverage is typical of a futures trading account. As a result, a relatively small price movement in a futures contract may result in substantial losses to the Fund, exceeding the amount of the margin paid.

Over time, the Fund seeks to capture most of the upside participation in bitcoin futures while limiting the downside by managing its bitcoin futures exposure to between 25% and 100% of the Fund’s net assets, depending on the market conditions. While investments in bitcoin futures is a form of leverage, the Fund will not have bitcoin futures exposure greater than 100% of its net assets. Under normal market conditions, the Fund expects to maintain bitcoin futures exposure of between 50% and 100%. During stressed or abnormal market conditions, including periods when IDX Advisors (the “Adviser”) believes it is prudent to take a temporary defensive position, the Fund will reduce its bitcoin futures exposure significantly, but in no situation will it be less than 25% of the Fund’s net assets. The Fund defines stressed or abnormal market conditions as a significant drop in the price of bitcoin or bitcoin futures over a short trading period.

The Fund will gain exposure to bitcoin by investing a portion of its assets in a wholly-owned subsidiary organized under the laws of the Cayman Islands and managed by the Adviser. The Fund generally expects to invest approximately 25% of its total assets in this subsidiary, but it may exceed this amount if the Adviser believes doing so is in the best interest of the Fund, such as to help the Fund achieve its investment objective or manage its tax efficiency. Exceeding this amount may have tax consequences, see the section entitled “Tax Risk” in the Fund’s Prospectus for more information. References to investments by the Fund should be read to mean investments by either the Fund or the subsidiary. Because the subsidiary invests in bitcoin futures, considered a form of leverage, the Fund’s exposure to bitcoin price volatility exceeds the 25% of the Fund’s assets allocated to the subsidiary.

In addition to bitcoin futures contracts, the Fund may invest in exchange-traded funds (“ETFs”), including Canadian ETFs, in limited circumstances, for example, to manage inflows and outflows or respond to unusual market conditions (“bitcoin-related investments”). Except for the Fund’s subsidiary, the Fund will limit investments in other bitcoin-related investments to 10% or less of the Fund’s assets. The shares of these ETFs will have direct or indirect exposure to bitcoin. The Fund expects to have significant holdings of cash and U.S. government securities, money market funds, repurchase agreements, and investment grade fixed-income securities (the “Cash and Fixed Income Investments”). The Fund does not target a specific maturity but will generally have an average portfolio duration of one year or less. Each debt security held by the fund must be high quality at the time of purchase, which is defined as being rated no lower than the A category by Standard & Poor’s Ratings Group, Moody’s Investors Service, or Fitch Ratings, Inc. The Cash and Fixed Income Investments are intended to provide liquidity, to serve as collateral for the Fund’s futures contracts, and to support its use of leverage.

The Adviser uses a proprietary quantitative model that statistically gauges the strength of price trends in bitcoin. The model uses publicly available daily price information to systematically allocate Fund assets to bitcoin futures contracts according to a pre-defined ruleset. Specifically, the model measures the price behavior of bitcoin over multiple periods to determine three expected risk/return environments: unfavorable, favorable, and very favorable. Based on these environments, the Adviser will adjust the Fund’s bitcoin futures exposure from 25% to 100% of the Fund’s net assets.

The Fund generally does not intend to close out, sell, or redeem its futures contracts except (i) to meet redemptions or (ii) when a bitcoin futures contract is nearing expiration, at which point the Fund will generally sell it and use the proceeds to buy a bitcoin futures contract with a later expiration date to maintain its bitcoin futures exposure. This is commonly referred to as “rolling.” Currently, most of the open interest in CME bitcoin futures is in front-month contracts (i.e., contracts that expire in 30 days); therefore, the Fund expects to mostly invest in such contracts over the foreseeable future. Over time, as the CME bitcoin futures market expands, the Fund will use a multi-day, laddered roll process. Because of this rolling, the Fund engages in frequent trading to achieve its investment objective, resulting in portfolio turnover greater than 100%.

As part of its risk-managed approach to bitcoin exposure, the Adviser actively manages the Fund’s exposure and limits exposure during unfavorable market conditions, which includes limiting rolls into potentially unfavorable periods. During stressed or abnormal market conditions, including periods when the Adviser believes it is prudent to take a temporary defensive position, the Fund will reduce its bitcoin futures exposure significantly, but in no situation will the Fund’s exposure be less than 25% of the Fund’s net assets.

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BTIDX - Performance

Return Ranking - Trailing

Period BTIDX Return Category Return Low Category Return High Rank in Category (%)
YTD 27.7% -62.5% 107.1% N/A
1 Yr 52.9% -89.0% 245.9% N/A
3 Yr N/A* -83.6% 168.8% N/A
5 Yr N/A* -80.0% 108.2% N/A
10 Yr N/A* -100.0% 7.0% N/A

* Annualized

Return Ranking - Calendar

Period BTIDX Return Category Return Low Category Return High Rank in Category (%)
2023 18.2% -94.4% 48.5% N/A
2022 -35.2% -58.5% 72.8% N/A
2021 N/A -84.2% 86.0% N/A
2020 N/A -67.0% 1180.0% N/A
2019 N/A -50.0% 90.5% N/A

Total Return Ranking - Trailing

Period BTIDX Return Category Return Low Category Return High Rank in Category (%)
YTD 27.7% -70.3% 78.6% N/A
1 Yr 52.9% -89.0% 245.9% N/A
3 Yr N/A* -83.6% 168.8% N/A
5 Yr N/A* -80.0% 108.2% N/A
10 Yr N/A* -100.0% 7.0% N/A

* Annualized

Total Return Ranking - Calendar

Period BTIDX Return Category Return Low Category Return High Rank in Category (%)
2023 28.4% -94.4% 48.5% N/A
2022 -35.2% -58.5% 72.8% N/A
2021 N/A -84.2% 86.0% N/A
2020 N/A -91.8% 12699.6% N/A
2019 N/A -94.2% 483.4% N/A

NAV & Total Return History


BTIDX - Holdings

Concentration Analysis

BTIDX Category Low Category High BTIDX % Rank
Net Assets 21.1 M 161 K 29.3 B 20.59%
Number of Holdings 2 1 34 N/A
Net Assets in Top 10 21.2 M 0 1.2 B N/A
Weighting of Top 10 72.63% 38.4% 100.0% N/A

Top 10 Holdings

  1. First American Government Obligations Fund, Class X 66.90%
  2. CME Bitcoin Futures 5.73%

Asset Allocation

Weighting Return Low Return High BTIDX % Rank
Cash
94.27% -121.66% 150.05% N/A
Other
5.73% -50.05% 149.96% N/A
Stocks
0.00% -0.18% 100.00% N/A
Preferred Stocks
0.00% 0.00% 0.00% N/A
Convertible Bonds
0.00% 0.00% 0.32% N/A
Bonds
0.00% 0.00% 158.15% N/A

BTIDX - Expenses

Operational Fees

BTIDX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 4.44% 0.50% 3.00% 16.42%
Management Fee 1.99% 0.00% 3.00% 91.18%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee N/A 0.05% 0.25% N/A

Sales Fees

BTIDX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 3.00% 4.75% N/A
Deferred Load N/A 1.00% 1.00% N/A

Trading Fees

BTIDX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 2.00% 2.00% N/A

Related Fees

Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

BTIDX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover N/A 0.00% 55.00% N/A

BTIDX - Distributions

Dividend Yield Analysis

BTIDX Category Low Category High BTIDX % Rank
Dividend Yield 7.30% 0.00% 18.14% 50.00%

Dividend Distribution Analysis

BTIDX Category Low Category High Category Mod
Dividend Distribution Frequency Annual Annually Quarterly Annually

Net Income Ratio Analysis

BTIDX Category Low Category High BTIDX % Rank
Net Income Ratio -3.07% -3.07% 1.41% 100.00%

Capital Gain Distribution Analysis

BTIDX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Annually Annually

Distributions History

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BTIDX - Fund Manager Analysis

Managers

Benjamin McMillan


Start Date

Tenure

Tenure Rank

Oct 27, 2021

0.59

0.6%

Mr. McMillan is Chief Investment Officer of IDX Advisors, LLC. He is a principal and founder of IDX Advisors, LLC, IDX Insights, LLC, a research and indexing company from 2015, and IDX Digital Assets, LLC. He is also a founder of RG Liquid Alts, LP and serves as the Portfolio Manager of the RG Tactical Market Neutral Fund. Between 2015 and 2017, Mr. McMillan served as a portfolio manager at Ramsey Quantitative Systems Inc. (RQSI), where he launched the RQSI Small Cap Hedged Equity Fund. Between July 2012 and 2015, Mr. McMillan served as a co-portfolio manager (and co-creator) of the Van Eck Long/Short Equity Index Fund. Prior to joining Van Eck Global, Mr. McMillan worked at Lyster Watson & Co. where he developed and launched the Lyster Watson Long/Short Equity Replication strategy in 2009. Additionally, between 2007 and 2012, Mr. McMillan served as a co-founder of the cloud-based 13F analytics platform, AlphaStratus, which was acquired by eVestment in 2012. Mr. McMillan holds an MSc in Econometrics from the London School of Economics as well as an MA and BA in Economics from Boston University.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.04 16.86 3.85 0.05