| ETF | Fee | Ending Value | Fee Drag $ | Fee Drag % | vs Cheapest |
|---|
Fee drag calculation: each year the fund deducts its expense ratio from assets, so ending value = Investment × ((1 + BTC Return) × (1 − Fee))^Years. No-Fee Benchmark assumes direct BTC exposure with zero friction. MSTR ★ is a treasury company with no expense ratio but carries equity risk, leverage, and dilution not captured here — compare with caution. This is illustrative only and not financial advice.