Listed Funds Trust - Fortuna Hedged Bitcoin ETF
HBTC
Chicago Board Options Exchange- -
USD
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- -
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- Sector
- Financial Services
- Industry
- Asset Management
- Address
- 615 East Michigan Street Milwaukee WI United States of America 53202
- IPO Date
- Mar 19, 2025
- CIK
- 0001683471
- Similar Companies
- Business
- Listed Funds Trust – Fortuna Hedged Bitcoin ETF (HBTC) is a U.S.-domiciled, non-diversified, actively managed exchange-traded fund series of Listed Funds Trust that seeks long-term capital appreciation through indirect, hedged exposure to Bitcoin-related securities. The Fund offers publicly traded ETF shares under the HBTC ticker; portfolio exposure to Bitcoin-related equity securities and related instruments; exchange-traded options strategies, including purchased and written calls and puts on Bitcoin-related exchange-traded products; a monthly repositioned hedging overlay intended to mitigate downside volatility while retaining participation in Bitcoin-related market appreciation; and cash and money-market investments used for liquidity and collateral management. HBTC does not invest directly in Bitcoin, require investors to maintain digital wallets or private keys, or provide direct ownership of digital assets. The Fund is marketed to U.S. retail investors, wealth-management clients, financial advisers and institutional investors seeking exchange-traded, risk-managed Bitcoin-related exposure through brokerage and advisory platforms. The Fund commenced operations on March 18, 2025, and began trading on Cboe on March 19, 2025. It is advised by Fortuna Funds, LLC, a Dallas, Texas-based investment management company founded in 2024, while Listed Funds Trust, organized as a Delaware statutory trust in 2016 and headquartered in Milwaukee, Wisconsin, serves as the registered investment-company trust. Foreside Fund Services, LLC, a subsidiary of ACA Group, acts as distributor. HBTC is offered in the United States and its shares trade on U.S. securities exchanges. Recent strategic and operational changes include the Fund’s January 21, 2026 renaming from Fortuna Hedged Bitcoin Fund to Fortuna Hedged Bitcoin ETF and the April 19, 2026 removal of futures contracts as a principal investment strategy and principal risk. Following that shift, the Fund’s strategy centers on options on equity securities of Bitcoin-related companies and products, creating synthetic long exposure alongside an options-based downside hedge; as of September 2026, reported holdings included options on the iShares Bitcoin Trust ETF, First American Treasury Obligations Fund shares, and cash and other assets. The Fund charges a 1.75% annual unified management fee to Fortuna Funds, LLC, excluding specified expenses such as interest, taxes, brokerage and extraordinary costs.