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HBTCFortuna Hedged Bitcoin Fund

Get income1y track recordRanked #1,588 of 1,622 in this goal

Seeks to achieve long-term capital appreciation.

By Fortuna Funds, LLC · Launched 2025

Annual Cost

1.97%

#5,513 of 5,562 · expensive

Fund Size

$0.8M

#5,486 of 5,562 · small

Dividend YieldGoal

0.30%

Track Record

1 year

#4,252 of 5,562 · young

Performance

Total-return NAV · USD
Growth of $10,000
$6,511-34.9%

Total-return NAV, USD. Net of fund fees, before tax.

Classification

How Beacon categorizes this fund

Asset class

Cryptocurrency

Strategy

Option income

What it actually holds

By weight

Concentration

Top 6 holdings = 34.7% of fund✓ well diversified

First American Treasury Obliga
63.8%
N/AIBIT 12 C52
4.3%
N/AIBIT 12 P43
0.6%
N/AIBIT 12 C65
0.2%
N/AIBIT 12 C50
-6.5%
N/AIBIT 12 P65
-27.7%

Asset allocation

Cash
48.9%
Other
45.5%
Stocks
5.5%

Risk profile

Last 12 months · Sharpe & Sortino need 3+ years
Volatility (1Y)
28.7%High

Year-on-year price swings

Max drawdown
-42.1%Severe

Worst peak-to-trough loss

Sharpe (3Y)
Unavailable

Needs 3+ years of history

Sortino (3Y)
Not yet

Needs 3+ years of history

Where to buy

Listing

Exchange
Cboe BZX

Full fund details

Objective
Seeks to achieve long-term capital appreciation.
Strategy
Actively managed ETF investing primarily in options on equity securities of bitcoin-related companies. Uses call and put options to create synthetic long exposure, providing indirect investment exposure to bitcoin-related securities.
Inception date
March 18, 2025
Fund family
Fortuna Funds, LLC

Our take

Structural notes on how this fund behaves. Read our guide on the 6 warning signs.

Covered call
Warning

Covered call ETF — yield ≠ total return

The high distribution yield is not free income — it comes from selling upside via call options. Research finds these strategies systematically underperform their underlying index over full cycles, typically by 100–300 basis points per year depending on the option-overlay design. The monthly distributions make the shortfall hard to see in return summaries.

Source: Israelov & Ndong, 'A Devil's Bargain: When Generating Income Undermines Investment Returns' (NDVR, 2023)

Why we flagged this: strategy=option_income + option_income_strategy

Educational analysis of structural product characteristics. Not investment advice. Always read the fund prospectus and consult a qualified advisor before investing. More

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Data updated on 2026-06-19