BITA vs NEHI

BITAAThe iShares Bitcoin Premium Income ETF

NEHICNEOS Ethereum High Income ETF

In short

BITA BlackRock's take on the bitcoin income trade: own actual bitcoin, then sell calls on only a quarter to a third of it. Most crypto covered-call funds hand over the upside to buy the yield. This one is built to leave most of it on the table.

NEHI Crypto income shelves are stacked with Bitcoin. NEHI aims the same covered-call machinery at Ether: hold Ether-linked exchange-traded products, sell calls against them, convert part of the upside into monthly cash.

Stated mandate

BITA The Trust seeks to reflect the performance of bitcoin while generating premium income through an actively managed strategy of selling call options primarily on IBIT shares and, from time to time, on ETP indices.

NEHI The Fund seeks high monthly income and potential appreciation through ETPs with direct exposure to Ether, using a call-option strategy that converts part of potential Ether upside into current income.

Why people hold it

• BITA Holds spot bitcoin and IBIT shares directly, and the sponsor aims to write calls on a predetermined 25% to 35% of notional value, leaving the majority of the position unwritten.sec.gov
• 0.65% expense ratio, below the 0.85% typical of crypto options-income funds and at the low end of the category's strongest implementations (BTCC 0.66%, CEPI 0.85%, YBTC 0.96%).
• The partnership wrapper earns its keep: IBIT options are Section 1256 contracts eligible for 60/40 blended rates, and partnerships skip forced year-end capital gain distributions.ishares.com
• Among the better-built options in a crowded crypto income shelf, with the calls written on IBIT, the deepest-traded bitcoin ETP options market.ishares.com

• NEHI The Ether entry in a group built mostly on Bitcoin. Its highest-graded peers (SPBC, CEPI, BTCC, BAGY, DFII) all reference Bitcoin; NEHI's reference asset is Ether.
• The mechanism is plain: own ETPs with direct Ether exposure, write calls on top, pay monthly. Upside is traded for current income by design, not by drift.
• A registered 1940 Act fund, not a crypto account. Ether exposure arrives through an ETF ticker instead of wallets, keys or an exchange login.

Worth knowing

• BITA That same partnership structure means a Schedule K-1 instead of a 1099, which lands later in tax season and can add filing steps.ishares.com
• Calls written on part of the book cap gains on that slice. The premium income is paid for with upside, not conjured from thin air.sec.gov
• Launched in 2026 and structured as a trust outside the Investment Company Act, so the record is short and it trades lighter than the category's biggest names.sec.gov

• NEHI At 0.98%, the fee sits at the upper end of the crypto-income group, above the cohort's typical charge. Options overlays bill for the work.
• Selling calls clips Ether's sharpest rallies while leaving downside largely intact. That asymmetry is the price of the income.
• Launched December 2025, so the payout record is thin, and the fund discloses that monthly distributions can include return of capital.

Full BITA profile⁠

Full NEHI profile⁠