Category Review
The median crypto option-income fund lost more than bitcoin over the year and trailed its rebound
NEOS Bitcoin High Income ETF
$33.59+0.21 (+0.63%)
- 0.99%
- $1.4B
- −27.5%
- 30.37%
- 0.6M sh
- $33.25
- low $26.52high $60.24
The ETF.net BTCI Grade
C
Score 49 out of 100
- 8 of 22
Score 49 of 100 falls in the C 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.F24 out of 100Rank 17 of 22Mission
Whether the fund did what it promised, tested against its stated mandate.A70 out of 100Rank 1 of 4Risk
How the fund held up when markets fell: downside volatility, drawdowns and tail loss.C48 out of 100Rank 12 of 22Tradability
How easy the fund is to trade: daily volume, and how far its price strays from net asset value.A85 out of 100Rank 2 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.A91 out of 100Rank 1 of 22
Our read on BTCI
CBitcoin with a paycheck attached. BTCI holds spot bitcoin ETPs plus synthetic bitcoin exposure built from options, then writes calls against it to turn crypto's famous volatility into monthly cash.
The Fund seeks high monthly income and potential appreciation through exposure to exchange-traded products with direct Bitcoin exposure. It combines spot Bitcoin ETPs, synthetic Bitcoin options exposure, and written call options.
Why people hold it
- The income comes from bitcoin's own volatility: spot bitcoin ETPs and synthetic options exposure, with written calls harvesting premium on top. Pays monthly.
- Actively managed rather than a fixed calendar of strikes, so the manager can adjust the call-writing as bitcoin's option premiums swing.
- A billion-dollar-plus fund that trades actively, which is rare air in the young crypto-income aisle and generally means easier fills.
- Sits in the upper half of its crypto option-income peer group on our overall read, one of the sturdier builds in a category full of experiments.
Worth knowing
- Written calls trade away part of a big bitcoin run-up for premium today. This is an income vehicle first, not full exposure to bitcoin's moves.
- The fund discloses that distributions can include return of capital, meaning part of a payout may be your own money coming back rather than earnings.
- At 0.99% the fee runs above the crypto-income median of 0.96%, and above peers like CEPI (0.85%) and BAGY (0.65%). Launched in 2024, so the track record is short.
BTCI Holdings
- Other
- 6
- 107%
- 912797VP9
BTCI 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.
BTCI$7,247
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 | BTCI |
|---|---|
| Year to date | −7.3% |
| 1 month | +6.3% |
| 3 months | +23.6% |
| 1 year | −27.5% |
| 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 | BTCI |
|---|---|---|
| 2026 YTD | −7.3% | |
| 2025 | −1.0% | |
| 2024 | +28.1% |
BTCI in the news
BTCI Dividends
- 30.37%
- $10.14
- $0.72 per share
- Monthly
Distribution history
BTCI Risk
- 41.9%
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.
- 0.27
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.
- −48.4%
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.
- 1.42
How it’s calculated: beta
The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.
BTCI Cost
0.99%
BTCI0.99%
- The middle half of Crypto Option Income funds
- Median 0.85%
15 of the 21 Crypto Option Income funds charge less.
Other funds in Crypto Option Income
- CXBCINEOS Boosted Bitcoin High Income ETFExpense ratio 0.98%1 year return —
- CDFIIFT Vest Bitcoin Strategy & Target Income ETFExpense ratio 0.85%1 year return −30.0%
- CNEHINEOS Ethereum High Income ETFExpense ratio 0.98%1 year return —
- CXRPMAmplify ETF Trust - Amplify XRP 3% Monthly Option Income ETFExpense ratio 0.75%1 year return —
- CLFGYYieldMax Crypto Industry & Tech Portfolio Option Income ETFExpense ratio 1.02%1 year return −13.2%