IBIT is iShares' spot Bitcoin ETF, holding actual Bitcoin. It's an entirely different asset class from stocks or bonds, with a -28.7% one-year return and a -51.5% max drawdown — by far the most volatile fund in this entire batch.

Given that nearly half its value can evaporate at times, it should be treated as a small, risk-tolerant satellite position rather than a core portfolio holding. Its price is driven by Bitcoin's own volatility and regulatory headlines, and it's worth recognizing that traditional factor analysis (value, growth, etc.) simply doesn't apply to this asset.