HBTC ETF — Fortuna Hedged Bitcoin Fund

Fortuna Hedged Bitcoin Fund (HBTC)

Updated October 16, 2026.

HBTC is an ETF. its trailing-12-month yield is 7.47%, its expense ratio is 1.97%. Dividend Vision Distribution Safety Score™ is 28/100 (Unproven). Total return is -9.2% over the past 1.6 years, 46.4 points behind SPY at 37.2%.

Fortuna Hedged Bitcoin Fund is an actively managed ETF that seeks exposure to bitcoin primarily through options on bitcoin exchange-traded products, maintaining at least 80% of net assets in bitcoin-related investments. The fund carries a high expense ratio of 1.97% and distributes annually; note that its latest distribution was special and may not recur on a regular basis. The fund appeals to investors seeking bitcoin exposure through a traditional fund structure, though its small asset base and non-diversified focus on a single asset class present concentration risk.

HBTC performance versus SPY

Price and return data through 2026-10-16.

Total return is -9.2% over the past 1.6 years, 46.4 points behind SPY at 37.2%. Over the past year its total return — price change plus distributions reinvested — is -23.2%. Its deepest 1-year drawdown was 40.6%.

HBTC key facts

Distribution Safety Score™

28 · Unproven

Issuer

Fortuna Funds

Asset type

ETF

Asset class

Crypto

Expense ratio

1.97%

Distribution frequency

Annual

Trailing yield

7.47%

Last close

$21.31 (as of 2026-10-16)

AUM

$878,311

Average volume

6.0

Dividend

$1.591

Ex-dividend date

12/17/2025

Payment date

12/18/2025

Beta

1.0266

How Dividend Vision calculates yield and returns

Distribution rate (the posted rate) uses calculation basis unavailable. Issuer rates can use a different denominator and date, including ex-date NAV. Trailing-12-month yield (7.47%) is the sum of split-adjusted cash distributions with ex-dates in the last 12 months, divided by the published price. It lags a recent raise or cut. Total return uses split-adjusted close with distributions reinvested on the ex-dividend date (a modeling convention, not the cash-settlement date) from the first stored bar on or after inception through the latest bar, compared with the same window on the benchmark. That is the security's total return, not your personal gain/loss.

Yield and safety methodology · Distribution rate methodology · Distribution Safety Score methodology

Sources and review

Primary sources: Fortuna Funds; prices and distributions from Dividend Vision, derived from vendor EOD data.

Reviewed by Bert Sweet, CEO and Co-owner of Dividend Vision. Methodology: Distribution Safety Score.

HBTC risks and drawbacks

Payments are annual, so cash flow is lumpy versus a monthly fund. Total return has trailed SPY over the available window. The deepest 1-year drawdown on record here is 40.6%.

Who may consider HBTC — and who may not

It is a weaker fit for investors who need monthly cash flow (HBTC pays annual); investors whose main goal is matching SPY total return. This is educational context, not a recommendation to buy or sell.

More on HBTC

• All tickers starting with H

Tagged: Crypto.

Frequently asked questions

More securities from Fortuna Funds.