Why doesn't a bitcoin fund dollar equal real coins, and what fees cause it?

"The number of Bitcoin represented by a Share will decline each time the Trust pays the Sponsors Fee or any Additional Trust Expenses by transferring or selling Bitcoin."

"The Trust pays an unitary Sponsor Fee of 0.20% per annum of the Trust’s bitcoin holdings."

"utilize an exchange-traded price from the Trust’s principal market for bitcoin as of 11:59 p.m. Eastern Time (“ET”) on the Trust’s financial statement measurement date."

"the Sponsor will instruct the Custodian to withdraw from the Trusts Vault Balance (as defined below) the number of Bitcoin equal to the accrued but unpaid Sponsors Fee"

"Such delays could cause the execution price associated with such trades to materially deviate from the Index price used to determine the NAV."

"The rate at which the Sponsor converts such Bitcoin to U.S. dollars may differ from the rate at which the relevant Sponsors Fee was determined."

"If the arbitrage mechanism is not effective, purchases or sales of Shares on the secondary market could occur at a premium or discount to NAV, which could harm Shareholders by causing them buy Shares at a price higher than the value of the underlying bitcoin held by the Trust or sell Shares at a price lower than the value of the underlying bitcoin held by the Trust, causing Shareholders to suffer "

"On or about the last day of each month, an amount of bitcoin will be transferred from the Trust Bitcoin Account to the Sponsor Bitcoin Account equal to the sum of all daily Sponsor Fees accrued for the month in U.S. dollars divided by the BRRNY on the last day of the month."

"from July 1, 2023 to September 30, 2023, the average discount of the closing price of the Shares quoted on OTCQX below the value of the Trusts NAV per Share was 24%, with a maximum discount of 30%."

"For a twelve -month period, starting January 11, 2024, the Sponsor will waive a portion of the Sponsor’s fee so that the Sponsor’s fee after the fee waiver will be equal to 0.12 % of the net asset value of the Trust for the first $ 5.0 billion of the Trust’s assets."

"The Trust may incur certain extraordinary, non-recurring expenses that are not assumed by the Sponsor, including but not limited to, taxes and governmental charges, any applicable brokerage commissions, financing fees, Bitcoin network fees and similar transaction fees"

"As of January 4, 2024, the closing price of the Shares quoted on OTCQX was $37.25 and the Trusts Shares were quoted on OTCQX at a discount of 6% to the Trusts NAV per Share."

"For the period ended September 30, 2024, the amount waived was $ 4,324,550 ."

"The Sponsor contractually waived the Sponsor Fee on the first $1 billion of the Trust assets through July 10, 2024, and has been accruing at an annual rate of 0.20% of the Trust’s net assets since then."

"Shares (based on BTC per Share) are designed to reflect the value of NTC held by the Trust. determined by reference to the Inclex Price, less the Trust's expenses and other liabilities."

"At an expense ratio of 0.15%, BTC has one of the lowest costs of ownership2 of all spot Bitcoin ETPs available on the market. Brokerage fees and other expenses may still apply."

"30D avg. bid ask spread premium/discount net flows since 7/31"

"Fee Waiver Amount: 0.03 Waiver End Date: 1/12/2025"

"The spot price of Bitcoin is determined by market participants across multiple constituent tracing platforms. Each constituent trading platform is weighted proportionally to its trailing 24-hour liquidity with adjustments for price variance and inactivity."

"CME states that standard Bitcoin and Micro Bitcoin futures settle to BRR, while Bitcoin Friday futures settle to BRRNY."

"An investment in the Fund is not a direct investment in Bitcoin."

"*Low-fee based on gross expense ratio at 0.15%."

"Brokerage fees and other expenses may still apply."

"Cboe Vest has contractually agreed to limit the Fund’s annual operating expenses to an annual rate of 1.45% of the average daily net asset value of each class of shares of the Fund, except for the Class Y shares where the Adviser has agreed to limit the total expenses to 1.25%, until February 28, 2023."

"cash-settled in U.S. dollars (“Bitcoin Futures”) and any one or more of the following: U.S. Treasuries, other U.S. government obligations, money market funds, cash and cash-like equivalents"

"During the period from the Fund’s inception on August 13, 2021 through October 31, 2021 the percentage of the Fund’s net assets allocated to Bitcoin Futures ranged from approximately 58% to 73% which contributed to the majority of the Fund’s performance during that period."

"The Trustees considered that this 1.45% expense ratio was higher than the 1.41% median net expense ratio of the peer group of funds selected by Broadridge from Morningstar’s Systematic Trend category but lower than the 1.47% median net expense ratio of the category overall."