The BTCK ETF is a commodity pool designed to track the price performance of the 7RCC KIKO Bitcoin Carbon Credit Index. The core structure combines spot Bitcoin exposure with regulated carbon credit futures exposure within a single listed product.

It is suited to investors who understand both Bitcoin price risk and carbon credit futures market risk, and who can tolerate high volatility.

The ETF is managed passively (index-tracking) by Tidal.

This product tracks an index composed of Bitcoin and regulated carbon credit futures. Carbon credit futures reflect regulated emissions markets in Europe and the United States, and the futures contract rollover process and cash collateral management can affect tracking performance.

• Combines spot Bitcoin and regulated carbon credit futures within a single structure
• Rollover and collateral management effects from carbon credit futures may be reflected in performance

Assets under management (AUM) stand at $2.0M, and the total expense ratio is 0.44% annually.

Asset size and trading liquidity can vary with market conditions, so quotes and volume should be checked individually before trading. Because the structure includes futures contracts, tracking differences may differ from those of simple spot products.

Performance can be highly sensitive to Bitcoin price movements, and also reflects supply-demand dynamics and the policy environment in the carbon credit futures market. When the two underlying markets move in opposite directions, return patterns may differ from those of single-asset products.

Fund flows for this product can be influenced by risk appetite for digital assets, expectations for the regulated emissions market, and liquidity conditions for the listed product. When market volatility rises, it is also worth reviewing trading costs and any premium or discount of the market price relative to net asset value.

The structure combining two asset classes within a single product is distinctive, but it requires absorbing the combined risks of Bitcoin and the futures market.

Because the BTCK ETF combines spot Bitcoin exposure with regulated carbon credit futures, when comparing it directly with single-asset products, both the underlying composition and futures contract rollover risk should be considered. The currently available data does not include comparable listed fund candidates, so specific product tickers are not presented. Instead, before investing, it is appropriate to check separately whether the product provides single Bitcoin exposure, the role of carbon credit futures, and the liquidity and cost structure.

When reviewing the BTCK ETF, do not look only at Bitcoin prices; the structure and trading conditions of carbon credit futures should be examined together. While the accessibility of a listed product is a benefit, volatility arising from the underlying assets and futures contracts needs to be managed separately.

Bitcoin price movements, digital asset custody and regulatory changes, and liquidity and contract rollover risk in the carbon credit futures market can all act simultaneously. During sharp market moves, the possibility that the gap between net asset value and trading price widens should also be considered.

The 7RCC Spot Bitcoin and Carbon Credit Futures ETF combines Bitcoin exposure with regulated carbon credit futures exposure. The appropriate approach is to determine whether you want simple Bitcoin exposure or the multi-asset structure that includes carbon credit futures, and then review the risks and costs accordingly.