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BNAV — Amplify Fairlead Tactical Bitcoin ETF

Amplify Fairlead Tactical Bitcoin ETF (BNAV)

BNAV carries a 0.74% expense ratio.

BNAV is the Amplify Fairlead Tactical Bitcoin ETF, which listed on Cboe BZX on July 29, 2026. The fund is actively managed by Katie Stockton, CMT of Fairlead Asset Management (sub-adviser to Amplify Investments) and uses a rules-based technical framework to toggle bitcoin exposure between roughly 70% and 150% of net assets — holding a 70% core at all times, levering up to 150% when daily, weekly, and monthly trend signals align, and reverting to the core when the long-term trend weakens. BNAV does not hold bitcoin directly; exposure comes from bitcoin ETPs, bitcoin ETP options (including FLEX options), and bitcoin futures, and its opening book was a synthetic long built from IBIT calls and short puts. The 0.74% expense ratio buys active technical management rather than passive spot exposure, and the leverage sleeve means drawdowns can exceed bitcoin's own. This is a capital-appreciation vehicle, not an income one — the fund schedules a single annual distribution in December and has none on record yet.

BNAV key facts

Issuer
Amplify ETFs
Asset type
ETF
Asset class
Equity
Inception date
07/29/2026
Expense ratio
0.74%
Distribution frequency
Annual
Last close
$24.48
AUM
$1,958,031
Average volume
1153.0