These 2 Crypto/Blockchain Funds Are Head & Shoulders Above All The Others

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In a previous post on the subject (see here) I identified 31 cryptocurrency ETFs, funds and trusts that are currently trading on U.S. and Canadian stock exchanges. There's a great deal of similarity among them and in their stock performances except for 2 that stand out head and shoulders above the others. They are identified in this article with their performances YTD. 

As of June 6th, 2022, the price of Bitcoin had declined by 36.2% (and Ethereum by 51.6%) and all but two of the 30 non-inverse cryptocurrency ETFs, mutual funds and trusts have declined YTD by those percentages, or more. The two remaining ETFs highlighted in this article have declined by less than half those amounts primarily because they are ETFs that almost exclusively own the stocks of companies that use or develop blockchain technology rather than focusing narrowly on tracking the price of individual cryptocurrencies.

The 2 top performers YTD (as of June 6th) and from their 52-week highs are highlighted below:

  1. First Trust Indxx Innovative Transaction & Process ETF (LEGR): -13.6% YTD as of June 6th; -17.3% from its 52-week high
    • LEGR is a passively managed fund that first launched in January 2018. It tracks the performance of the Indxx Blockchain Index.
    • It only invest in companies that have devoted real resources to actually using blockchain technology - either by currently deploying blockchain technology or actively developing and, as such, excludes companies that are merely exploring this new technology.
    • It is highly diversified with 102 holdings, with no single holding weighted at more than 1.5% of net assets. As of February 2022, it
    • concentrates on the following sectors:
      • Financials (39.4%), Technology (27.3%), Telecommunications (9.3%) and Consumer Services (6.9%)
    • with its top ten holdings being:
      • (JD), Mastercard (MA), China CITIC Bank (CHBJF), ICICI Bank (IBN), IBM (IBM), Deutsche Telekom (DTEGF), Capgemini (CAPMF), Honeywell (HON), Alibaba (BABA), and the Industrial and Commercial Bank of China (IDCBF)
    • It has an expense ratio of 0.65%.
    • Go here for a chart of the most recent pricing.
  2. Simplify US Equity PLUS GBTC ETF (SPBC): -17.5% YTD; -22.1% from its 52-week high
    • SPBC seeks to provide capital appreciation by providing an efficient way for asset allocators to add Bitcoin exposure to portfolios.
      • It targets a 100% investment in the US equities
      • while simultaneously providing a 10% exposure to Bitcoin via the Grayscale Bitcoin Trust (GBTC).
    • The Fund does not invest directly in bitcoin, bitcoin futures, or other cryptocurrencies and, as such, does not track the price movements of cryptocurrencies.
    • As of June 6th, its holdings consisted of:
      • iShares S&P 500 Index Fund (IVV): 87.5%
      • Grayscale Bitcoin Trust (GBTC): 7.5%
      • Futures: 15.8%
      • Cash: -10.8%
    • The index has an expense ratio of 0.74%.
    • Go here for a chart of the most recent pricing.

On average, the above two ETFs have performed three times (3X) better (albeit negatively) than the other 28 cryptocurrency ETFs, funds and trusts. They are DOWN 15.5% YTD and DOWN 19.6% from their 52-week highs compared to the 28 others that are DOWN 46.7% YTD and DOWN 64.9% from their 52-week highs, on average.

Bitcoin and Ethereum

Below are the performances of Bitcoin and Ethereum since the end of December, in descending order, in comparison to the two ETFs highlighted above:

  1. Bitcoin: -36.2% YTD
  2. Ethereum: -51.6% YTD

Inverse Cryptocurrency ETF

For the contrarians among you who want to invest in the inverse (opposite) performance of the sector consider:

  • BetaPro Inverse Bitcoin ETF (BITI.U): +25.7% YTD; -35.7% from its 52-week high
    • Launched in April 2021
    • Designed to provide daily investment results through short investments in bitcoin futures that endeavor to correspond to the single inverse (opposite) performance of an index that replicates the returns generated over time through long notional investments in Bitcoin Futures.
    • Go here for chart of most recent pricing.

Perhaps one of the above ETFs is right for you depending on the results of your own due diligence.

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