Category Review
The median crypto option-income fund lost more than bitcoin over the year and trailed its rebound
Amplify Bitcoin Max Income Covered Call ETF
BThis fund concentrates its exposure in one company, using derivatives rather than holding the shares directly. Its results depend on that single stock.
$23.23+0.16 (+0.71%)
- 0.65%
- $10M
- −37.4%
- 47.36%
- 0M sh
- $22.91
- low $21.30high $51.96
The ETF.net BAGY Grade
B
Score 65 out of 100
- 3 of 22
Score 65 of 100 falls in the B band. A is 70 or higher, B 55 to under 70, C 40 to under 55, D 25 to under 40, F under 25.
Cost
The fund’s net expense ratio, ranked against its category.A90 out of 100Rank 1 of 22Mission
Whether the fund did what it promised, tested against its stated mandate.Risk
How the fund held up when markets fell: downside volatility, drawdowns and tail loss.D35 out of 100Rank 15 of 22Tradability
How easy the fund is to trade: daily volume, and how far its price strays from net asset value.B60 out of 100Rank 8 of 22Holdings
How concentrated the fund is, and how complete and current its disclosed holdings are.C52 out of 100Rank 8 of 14Durability
Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.B55 out of 100Rank 12 of 22
Our read on BAGY
BMost bitcoin income funds sell calls on futures or on crypto-adjacent stocks. BAGY works off bitcoin ETPs and options on them, harvesting premium and paying it out monthly.
The Fund seeks to maximize current income through a covered-call strategy tied to Bitcoin price-return exposure. It uses Bitcoin ETPs and Bitcoin ETP Options to obtain exposure and generate option-premium income.
Why people hold it
- A 0.65% expense ratio, under the typical fee in its crypto option-income cohort and below peers like CEPI and DFII at 0.85%.
- Clean plumbing: bitcoin price exposure via ETPs, income via options on those ETPs, all inside a standard 1940 Act fund rather than a commodity partnership.amplifyetfs.com
- Income is the stated mission, not a side effect: the fund targets option premium and distributes monthly.amplifyetfs.com
- Among the stronger builds in a crowded field of crypto covered-call funds, helped by cost discipline.
Worth knowing
- Selling calls trades away part of bitcoin's upside for premium. Downside moves in bitcoin still come through.amplifyetfs.com
- The monthly payout is not all investment income: the fund discloses that distributions can include return of capital, which chips at your cost basis.amplifyetfs.com
- Launched in 2025 and still small, with lighter trading than the category's biggest names, so bid-ask spreads can run wider.
BAGY Holdings
- Other
- 4
- 102%
- AGPXX
Sectors
- Financials100.0%
Geography
- United States100.00%
BAGY Performance
Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.
Not enough history yet.Not enough history yet.Not enough history yet.
BAGY$6,255
Returns run to the Oct 12, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.
| Period | BAGY |
|---|---|
| Year to date | −18.9% |
| 1 month | −0.4% |
| 3 months | +8.0% |
| 1 year | −37.4% |
| 3 years | — |
| 5 years | — |
| 10 years | — |
Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.
| Year | Return bar | BAGY |
|---|---|---|
| 2026 YTD | −18.9% | |
| 2025 | −10.3% |
BAGY in the news
BAGY Dividends
- 47.36%
- $10.88
- $0.64 per share
- Monthly
Distribution history
BAGY Risk
- 37.2%
How it’s calculated: standard deviation
The sample standard deviation of monthly total returns, multiplied by the square root of 12.
Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.
- −0.71
How it’s calculated: Sharpe ratio
Subtract each month’s Treasury-bill return from the fund’s monthly total return.
Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.
Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.
- −50.6%
How it’s calculated: maximum drawdown
The largest percentage decline from an earlier peak, using total returns with reinvested distributions.
Uses up to five years through the last close, with at least 12 months required.
- 1.36
How it’s calculated: beta
The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.
BAGY Cost
0.65%
BAGY0.65%
- The middle half of Crypto Option Income funds
- Median 0.85%
No Crypto Option Income fund charges less.
Other funds in Crypto Option Income
- ABITAThe iShares Bitcoin Premium Income ETFExpense ratio 0.65%1 year return —
- BBTCCGrayscale Funds TrustExpense ratio 0.66%1 year return −27.6%
- BCEPIREX Crypto Equity Premium Income ETFExpense ratio 0.85%1 year return +10.3%
- BYBTCRoundhill Investments - Bitcoin Covered Call Strategy ETFExpense ratio 0.95%1 year return −31.0%
- CXBCINEOS Boosted Bitcoin High Income ETFExpense ratio 0.98%1 year return —