BlackRock's IBIT (iShares Bitcoin Trust) product does not use leverage. It is a spot ETF that aims to directly reflect the price of bitcoin via physical holdings, without recourse to borrowed funds or amplified exposure. BlackRock generates revenue and results with IBIT mainly via management fees integrated into the fund's fee structure. The total expense ratio is 0.25%, which consists entirely of the management fee of 0.25%. There are no funds acquisition fees or other additional expenses mentioned, and no refunds or fee reductions are indicated. These fees are levied on the assets under management (AUM) of the fund, which allows BlackRock to monetize the product according to the size and overall performance of the ETF. #Bitcoin #ETF #IBIT #BlackRock