Bitwise MARA Option Income Strategy ETF

Frequently Asked Questions About IMRA

What does IMRA invest in?

This actively managed exchange-traded fund, IMRA, offered by Bitwise, is crafted to generate consistent monthly income. Concurrently, it provides investors with a capped potential for gains linked to the share price performance of Marathon Digital Holdings, Inc. (MARA). The fund's methodology involves a synthetic covered call strategy, implemented using both standard exchange-traded and bespoke FLEX options. To back these derivative positions, it maintains U.S. Treasuries as collateral. It is crucial to note that the fund does not hold direct investments in MARA stock.

What is the expense ratio of IMRA?

Bitwise MARA Option Income Strategy ETF (IMRA) charges an expense ratio of 0.96%. This is the annual fee deducted from fund assets to cover management and operations.

What is IMRA's distribution yield?

IMRA's trailing-twelve-month yield is —, calculated from the sum of distributions over the past year divided by the current price.

How does IMRA's covered-call strategy work?

IMRA sells call options against the stocks (or index) it holds, collecting premium income that gets passed through to shareholders as distributions. The strategy generates above-market income in flat or rising markets but caps upside — when the underlying rallies past the strike, the gains above the strike go to the option buyer, not the fund.

How big is IMRA?

Bitwise MARA Option Income Strategy ETF (IMRA) manages $1.9M in total assets. AUM determines bid-ask liquidity and the fund's vulnerability to closure — funds below ~$50M are at higher risk of liquidation.

Is IMRA actively managed or an index fund?

IMRA's management style is described in the fund's prospectus. See the description on the Summary tab for the published strategy.