BITA vs YBIT

BITAAThe iShares Bitcoin Premium Income ETF

YBITDYieldMax Bitcoin Option Income Strategy 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.

YBIT Bitcoin income without the coins. It sells call spreads on a spot bitcoin ETF, aiming to turn crypto's volatility into weekly income. The spread, not a plain covered call, is the signature move: the ceiling is a band, not a lid.

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.

YBIT The fund seeks weekly current income by selling call spreads on the iShares Bitcoin Trust ETF (IBIT), while retaining exposure to that underlying's price movements.

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

• YBIT Sells call spreads rather than plain covered calls, so upside is given away inside a band and participation picks back up above the upper strike.yieldmaxetfs.com
• Bitcoin-linked exposure through options on the iShares Bitcoin Trust ETF inside a 1940 Act fund. No wallet, no keys, no crypto exchange account.yieldmaxetfs.com
• Income is premium-driven and paid on a weekly cadence, with no fixed payout rate declared. The premium harvested rises and falls with bitcoin's volatility.yieldmaxetfs.com
• Launched in 2024, one of the earlier options-income funds written directly on a spot bitcoin ETF rather than on futures.

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

• YBIT The 1.02% expense ratio sits above several crypto-income peers, including BAGY at 0.65% and CEPI at 0.85%.
• One reference, one risk: the entire strategy rides on a single bitcoin ETP, with no diversification to cushion it.
• A small fund that trades lightly, so bid-ask spreads can be wider than in the big option-income names. Limit orders matter here.

Full BITA profile⁠

Full YBIT profile⁠