Category Review
The median crypto option-income fund lost more than bitcoin over the year and trailed its rebound
FT Vest Bitcoin Strategy & Target Income ETF
CThis fund gets its cryptocurrency exposure through futures contracts rather than holding coins directly. Futures-based returns can differ from the spot price of the coin.
$13.98+0.05 (+0.34%)
- 0.85%
- $21M
- −30.0%
- 19.34%
- 0M sh
- $13.86
- low $10.91high $24.00
The ETF.net DFII Grade
C
Score 51 out of 100
- 7 of 22
Score 51 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.C50 out of 100Rank 11 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.C45 out of 100Rank 14 of 22Tradability
How easy the fund is to trade: daily volume, and how far its price strays from net asset value.B62 out of 100Rank 6 of 22Holdings
How concentrated the fund is, and how complete and current its disclosed holdings are.D37 out of 100Rank 14 of 14Durability
Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.A72 out of 100Rank 4 of 22
Our read on DFII
CA bitcoin income fund that never owns a coin. First Trust's Vest team sells options on bitcoin ETPs to fund a monthly payout targeted 15% above one-month Treasury rates, trading away part of bitcoin's upside for cash flow.
The Fund seeks partial participation in bitcoin returns while generating a high level of income. It uses options referencing Bitcoin Exposure Instruments rather than investing directly in bitcoin.
Why people hold it
- The payout policy is written down, not improvised: a target income level 15% above the one-month Treasury distribution rate, paid monthly.ftportfolios.com
- No coins, keys, or exchange accounts. Exposure runs through options on bitcoin ETPs held inside an ordinary 1940 Act fund you buy in a brokerage account.sec.gov
- 0.85% a year, which sits below the median fee in its crypto options-income peer group.sec.gov
- Part of First Trust Vest's target-income lineup, the firm's options-overlay machinery aimed at bitcoin instead of an equity index.ftportfolios.com
Worth knowing
- Partial participation is the bargain. The options that fund the income also clip the upside, so the fund is built to lag bitcoin in a strong run.ftportfolios.com
- Distributions can include return of capital, meaning some of a payout may be your own principal handed back rather than income the fund earned.ftportfolios.com
- Launched in 2025 and small, so it trades lightly next to bigger crypto-income names and carries a short record through a full crypto cycle.
DFII Holdings
- Other
- 4
- 1784%
- 2026-12-31 S&P 500® Mini Index P 3,060.60
DFII 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.
DFII$7,000
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 | DFII |
|---|---|
| Year to date | −9.2% |
| 1 month | +6.0% |
| 3 months | +23.8% |
| 1 year | −30.0% |
| 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 | DFII |
|---|---|---|
| 2026 YTD | −9.2% | |
| 2025 | +5.8% |
DFII in the news
DFII Dividends
- 19.34%
- $2.70
- $0.22 per share
- Monthly
Distribution history
DFII Risk
- 38.3%
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.
- −0.20
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.
- −51.0%
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.
DFII Cost
0.85%
DFII0.85%
- The middle half of Crypto Option Income funds
- Median 0.85%
9 of the 21 Crypto Option Income funds charge less.
Other funds in Crypto Option Income
- 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 —
- CBTCINEOS Bitcoin High Income ETFExpense ratio 0.99%1 year return −27.5%
- 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 —